TCREUR_Public/141014.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, October 14, 2014, Vol. 15, No. 203

                            Headlines

A L B A N I A

ALBANIA REPUBLIC: S&P Revises Outlook to Pos. & Affirms B Rating


A U S T R I A

RAIFFEISEN BANK: Moody's Affirms D+ Financial Strength Rating


B E L A R U S

BELARUS REPUBLIC: S&P Affirms 'B-' Sovereign Credit Ratings


F R A N C E

CONSTELLIUM NV: S&P Puts 'BB-' CCR on CreditWatch Negative
PEUGEOT SA: Fitch Revises Outlook to Pos. & Affirms 'B+' IDR


G E R M A N Y

PROVENTUS EUROPEAN: Fitch Affirms 'CC' Ratings on 2 Note Classes


G R E E C E

GLITNIR BANK: Iceland Nears Bank Creditor Deal, Gudmundsson Says
GREECE: Needs Precautionary Credit Line, IMF Head Says


I R E L A N D

ANDERSON VALLEY II: S&P Cuts Ratings on 3 Note Classes to 'D'


L A T V I A

TRASTA KOMERCBANKA: Moody's Withdraws 'E+' Fin'l Strength Rating


L U X E M B O U R G

ALTICE SA: S&P Assigns 'B+' Corp. Credit Rating; Outlook Stable


N E T H E R L A N D S

DECO 14 - PAN EUROPE: S&P Affirms 'D' Ratings on 4 Note Classes
E-MAC PROGRAM 2007-I: S&P Lowers Rating on Class D Notes to 'B'


P O R T U G A L

BANCO ESPIRITO: Novo Banco May Struggle to Attract EUR4.9BB Bid
PORTUGAL: Fitch Affirms 'BB+' Issuer Default Rating; Outlook Pos.


R U S S I A

DZERZHINSK CITY: S&P Raises ICR to 'BB-' on Prudent Debt Policies
KALUGA REGION: Fitch Affirms 'BB' LT Issuer Default Rating
LIPETSK REGION: Fitch Affirms 'BB' LT Issuer Default Rating
ORENBURG REGION: Fitch Affirms 'BB' Long-Term IDR; Outlook Stable
OTP BANK: Moody's Lowers Long-Term Deposit Ratings to 'Ba3'

TULA REGION: Fitch Affirms 'BB' LT Issuer Default Rating
VORONEZH REGION: Fitch Affirms BB+ LT Issuer Default Rating


S E R B I A

SERBIA REPUBLIC: S&P Puts 'BB-' Rating on CreditWatch Negative


S P A I N

AYT GENOVA VIII: Moody's Raises Rating on Class C Notes to 'B2'
AYT GENOVA X: Fitch Affirms 'Bsf' Rating on Class D Notes
BANCO GRUPO: Fitch Affirms & Withdraws 'BB+' Long-Term IDR
CAJA INGENIEROS 2: Moody's Hikes Rating on EUR67.5MM Notes to Ba1
TRANSHOTEL: Enters Three-Month Voluntary Administration Period


U K R A I N E

CREATIVE GROUP: Fitch Lowers Issuer Default Rating to 'CC'
KYIV CITY: Moody's Affirms 'Caa3' Issuer & Sr. Unsecured Ratings
KYIV CITY: Fitch Affirms 'CC' Issuer Default Rating; Outlook Neg.
UKRAINE: S&P Raises National Scale Ratings From 'uaBB+'
VAB BANK: Moody's Puts 'Caa3' Rating on Review for Downgrade


U N I T E D   K I N G D O M

DTZ UK GUARANTOR: Moody's Assigns 'B2' Corporate Family Rating
HONOURS PLC: Fitch Affirms 'BBsf' Rating on Class D Notes
PUNCH TAVERN A: Fitch Withdraws 'D' Ratings on 7 Note Classes
PUNCH TAVERN B: Fitch Withdraws 'D' Ratings on 3 Note Classes
RANGERS FOOTBALL: Mike Ashley Calls for Removal of Two Bosses


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            *********


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A L B A N I A
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ALBANIA REPUBLIC: S&P Revises Outlook to Pos. & Affirms B Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Republic of Albania to positive from stable.  At the same time,
S&P affirmed its 'B/B' long- and short-term foreign and local
currency sovereign credit ratings on Albania.

RATIONALE

The outlook revision reflects S&P's projection that Albania's
general government deficit is set to shrink to 2% of GDP by 2017.
S&P has also slightly adjusted its growth forecast upward for
2015 and 2016.  S&P could revise up its assessment of the
government's fiscal performance if Albania meets S&P's deficit
estimates.

At the same time, the new government in office since fall 2013 is
moving forward on its ambitious reform agenda, aiming to
strengthen fiscal institutions and public sector financial
management, and mitigate fiscal risks.  After recently passing a
pension reform, the government now faces the key task of shaping
a comprehensive energy sector reform over the coming months.  The
agreed arrangement with the International Monetary Fund (IMF) in
early 2014 provides the government with a policy anchor for
needed reforms, while supporting its financing needs.

Still, S&P has maintained its assumption that net general
government debt will start to decline relative to GDP, decreasing
to 61% by 2017 from 66% in 2015.  S&P continues to consider
Albania's current net debt at 66% of GDP as high, but near-term
refinancing pressures have abated somewhat, in S&P's view.

Further efforts and a sustained track record of tackling
structural reforms, particularly in strengthening of property
rights and rule of law, could over time prompt S&P to improve its
assessment of weaknesses in institutional and governance
effectiveness.  Weak rule of law and widespread corruption
continue to weigh on the business climate, and unresolved real
estate property rights can be a deterrent for foreign investors.

S&P thinks Albania is increasingly committed to structural
reforms, especially in its legal system, after the EU decided in
June 2014 to grant EU candidate status to Albania.  Moreover,
making inroads on reforms should help to unlock Albania's growth
potential.

S&P expects real GDP growth to pick up to 2% in 2014 -- after a
sharp dip to just 0.4% in 2013 -- on the back of sound export
performance and supported by the government's clearance of
arrears.  With domestic demand slowly recovering, S&P expects
growth to accelerate to an average of 3.9% in 2015-2017.  The
primary growth engine will likely be exports -- mainly textiles,
along with minerals and fuels -- over the next several years.  In
addition, S&P expects investment, fuelled by high foreign direct
investment (FDI) inflows in 2015-2017, to further strengthen
Albania's export potential.

S&P projects significant net FDI inflows, especially into
extractive industries (for example, minerals and oil) and related
to the Trans-Adriatic Pipeline project.  FDI inflows will likely
fund most of Albania's large current account deficit, which S&P
projects will widen until 2016 and then improve slightly
thereafter.  Remittances, on the other hand, have declined
significantly in recent years due to Albania's close economic
links with Greece and Italy, where substantial Albanian
populations reside.  S&P projects remittances to remain sizable
but subdued in the area of 7% of GDP in the next few years.
While gross external financing needs are significant, Albania's
external indebtedness is relatively low.  S&P foresees narrow net
external debt improving markedly to well below 10% of current
account receipts over S&P's 2014-2017 forecast horizon.

General government debt has increased noticeably, with the
recognition of arrears of 5.3% of GDP in 2013.  The government is
progressing decisively with regard to the arrears clearance
process, in S&P's opinion, and could accelerate the process once
agreed oversight and auditing mechanisms are in place.  S&P
projects that the general government deficit will decrease to
below 5% of GDP in 2015, including clearance of arrears worth
slightly below 2% of GDP, and then drop to 2% of GDP in 2017, at
which point all arrears will have been cleared.  S&P anticipates
that several measures to increase tax revenues will support the
2015 budget, as was the case in 2014, including the recently
passed value-added tax (VAT) law effective from January 2015.
S&P nevertheless continues to assess the government's revenue
raising ability as constrained by tax collection weaknesses and
the large informal sector in Albania.  That said, S&P thinks
budget consolidation is on track in the first eight months of
2014.  The cash deficit is significantly better than targeted,
underpinned by above-budget revenues (for instance, on VAT), and
owing to lower-than-planned capital expenditures.  S&P
anticipates, however, some pick-up in capital spending between
now and year-end 2014.

On the back of narrowing deficits -- and resumed economic
Growth -- S&P forecasts that net general government debt will
decrease to 61% of GDP by 2017 from the current 66%. General
government interest payments will likely average approximately
13% of revenues in 2014-2017.

The government has extended its average debt maturity, but it
remains short -- at about 580 days currently -- for the domestic
portion of debt, which accounts for about 60% of total debt.  S&P
continues to consider links between the sovereign, banks, and
investment funds as potentially risk-bearing for the government's
refinancing ability because the Albanian banking system holds the
largest share of domestic debt and over one-third of total
banking system assets are government securities.

The high level of nonperforming loans in the financial sector --
at 24% of total loans in first-quarter 2014 (based on IMF data)--
also hampers lending and slows economic recovery.  Measures
aiming to reduce non-performing loans, in conjunction with
renewed demand for loans as uncertainties diminish, could help
turn around the negative trend in credit growth.

S&P projects that the financial sector will remain in a small net
external creditor position over the next few years.  The
estimated loan-to-deposit ratio is about 55%, and capital buffers
in the banking system are well above minimum capital
requirements.  While the sector's net external creditor position
and low loan-to-deposit ratio point to sizable liquidity in the
system, the continuous net export of deposits out of Albania
since 2008, rather than being employed domestically, also
represents a drag on Albania's economy.

Monetary flexibility benefits from the adjustment buffer provided
by Albania's floating exchange rate.  However, the high share of
foreign currency loans and deposits, like for most of Albania's
Balkan peers, is hindering the effectiveness of the Bank of
Albania's monetary policy.  Still, S&P anticipates that current
personnel replacement processes at the central bank, notably the
removal of long-standing governor Ardian Fullani on charges of
negligence, will not undermine the bank's independence and
effectiveness.

OUTLOOK

The positive outlook reflects the possibility that S&P could
raise the ratings on Albania over the next 12 months if steady
fiscal consolidation reduces general government deficits further
during the period.  A resumption in real GDP growth, supported by
the government's ongoing structural reform efforts, particularly
in the areas of energy, the judiciary, property rights, and rule
of law, could also support an upgrade.

S&P could revise the outlook to stable if:

   -- Albania's refinancing risks re-emerged or its commitment to
      and compliance with the IMF program were called into
      question; or

   -- Growth indicators weakened or debt relative to GDP
      continued to rise markedly over the next 12 months.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that all key rating factors were unchanged.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.

RATINGS LIST

Ratings Affirmed; Outlook Action
                                        To                 From
Albania (Republic of)
Sovereign Credit Rating                B/Positive/B   B/Stable/B
Transfer & Convertibility Assessment   BB-
Senior Unsecured                       B



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A U S T R I A
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RAIFFEISEN BANK: Moody's Affirms D+ Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed Raiffeisen Bank
International AG's (RBI) A3 long-term debt and deposit ratings
with negative outlook. At the same time, it affirmed RBI's
standalone D+ bank financial strength rating (BFSR),
corresponding to a baseline credit assessment (BCA) of ba1 and
changed the outlook to negative from stable. Moody's also
affirmed RBI's subordinated debt ratings at Baa3 with negative
outlook, as well as the bank's short-term Prime-2 debt and
deposit ratings.

These rating actions were triggered by RBI's profit warning on
September 22, 2014. RBI's announcement highlights the potential
for lower earnings and capital generation over the medium term
from key markets in Eastern Europe. Such declines will hurt the
group's ability to withstand further volatility in these markets
and diminish its resilience against related tail risk.

Moody's also affirmed the Baa1 long-term deposit ratings and
issuer rating on Raiffeisen Zentralbank Oesterreich AG (RZB),
RBI's parent company, as well as certain backed ratings that
benefit from an unconditional and irrevocable guarantee from RBI,
such that RBI's ratings pass through to the eligible securities.
The outlook for these ratings remains negative. The rating agency
also affirmed RZB's short-term Prime-2 deposit ratings.

Ratings Rationale

--- AFFIRMATION OF RBI'S BFSR WITH NEGATIVE OUTLOOK

The affirmation of RBI's D+ standalone BFSR reflects (1) the
moderate asset quality of the bank's exposures in Central &
Eastern Europe (CEE) and the Commonwealth of Independent States
(CIS) and (2) its still satisfactory capitalization relative to
the increased risks from the bank's Russian and Ukrainian
activities.

The outlook change to negative from stable reflects the increase
in RBI's tail risks, given the bank's significant exposure to the
more volatile operating environments in CEE and the CIS, as well
as the possibility of lower earnings and capital generation over
the medium term. RBI's recently revised earnings outlook
highlights the economic challenges the bank is facing in some of
these countries, as a result of which RBI expects, for the first
time, a net loss for fiscal year 2014.

Overall, Moody's expects RBI's earnings strength to weaken over
the medium term. Given the economic difficulties in its key
markets, a decline in earnings could diminish RBI's capacity to
withstand a prolonged period of economic weakness or to preserve
or build up sufficient financial buffers against unforeseen
shocks and tail events in those markets.

As a result of its expected net loss in 2014, RBI's fully loaded
Basel III common equity Tier 1 (CET1) ratio, which it had
reported at 10.4% at end-June 2014, is likely to decline between
5 and 20 basis points, which is, however, still in line with the
ratios of its similarly rated peers. The recent repayment of the
private investor tranche of outstanding participation capital
diminishes RBI's overall loss absorption capacity but does not
affect the regulatory fully loaded CET1 capital ratio.

--- AFFIRMATION OF RBI'S AND RZB'S LONG-TERM RATINGS

The affirmation of RBI's A3 long-term ratings with negative
outlook follows the affirmation of its D+ BFSR. Based on Moody's
unchanged support assumptions, RBI's long-term ratings still
benefit from two notches of sector support uplift from Raiffeisen
Bankengruppe Austria (RBG; unrated) and two notches of systemic
support uplift from the bank's ba1 standalone BCA, based on the
rating agency's current assumptions of a high likelihood of
Austrian government support.

The negative outlook for RBI's long-term debt and deposit ratings
reflects (1) the negative outlook for RBI's standalone credit
assessment, as well as (2) the possibility that adoption of the
Bank Recovery and Resolution Directive (BRRD) and the Single
Resolution Mechanism (SRM) regulation in the EU will have
negative consequences for Austrian banks' creditors.

The negative outlook for RBI's subordinated debt ratings also
reflects Moody's view about RBG's constrained capacity to extend
capital support to all of its group members in the event of
stress.

The affirmation of RZB's long-term ratings with negative outlook
follows the affirmation of RBI's long-term ratings. RZB's long-
term senior ratings are notched off RBI's and incorporate the
structural subordination of the senior obligations of the holding
company, RZB, to those of its major operating entity, RBI.

What Could Change The Rating -- UP/DOWN

An upgrade to either RBI's or RZB's ratings is unlikely, as the
negative outlooks indicate.

A downgrade to RBI's standalone D+ BSFR is possible if further
deterioration in its Russian and Ukrainian activities lead to (1)
substantial additional credit charges beyond those Moody's
currently expects; (2) an extended period of further declining
earnings and internal capital generation; or (3) a decline in
capitalization and regulatory capital.

A downgrade to RBI's long-term ratings could result from (1) a
weakening of RBI's intrinsic financial strength; (2) the lack of
a credible credit strengthening plan for the 'Raiffeisen' sector
in Austria and the potential impact on RBI; and (3) a decline in
the prospects for systemic support in Austria and in the EU, in
light of developments associated with resolution mechanisms and
burden-sharing for European banks.

A downgrade to RZB's long-term ratings could result from a
downgrade to RBI's long-term debt and deposit ratings. In
addition, wider notching between RZB's rating and RBI's rating
could result from (1) any incidence of double leverage at the
holding company or (2) a multi-notch downgrade or series of
downgrades to RBI's ratings to the lower investment-grade range.

List of Affected Ratings

The following ratings of RBI were affirmed:

-- Standalone BFSR at D+, equivalent to a BCA of ba1, with
    negative outlook (formerly stable)

-- Long-term debt and deposits ratings at A3 with negative
    outlook

-- Subordinate debt ratings at Baa3 with negative outlook

-- Short-term debt and deposit ratings at Prime-2

The following ratings of RZB were affirmed:

-- Long-term deposits ratings and issuer rating at Baa1 with
    negative outlook

-- Backed senior unsecured debt ratings at A3 with negative
    outlook

-- Backed subordinated debt ratings at Baa3 with negative
    outlook

-- Backed preferred security notes at Ba2(hyb) issued by two
    funding trusts, RZB Finance (Jersey) III Limited and RZB
    Finance (Jersey) IV Limited with negative outlook

-- Short-term deposit ratings at Prime-2

Principal Methodology

The principal methodology used in these ratings was Global Banks
published in July 2014.



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B E L A R U S
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BELARUS REPUBLIC: S&P Affirms 'B-' Sovereign Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
and 'B' short-term sovereign credit ratings on the Republic of
Belarus.  The outlook is stable.

Rationale

S&P's ratings on Belarus are constrained by its view of low
institutional predictability and effectiveness, high government
financing needs, and very high reliance on external funding.
S&P's view of the government's high foreign currency refinancing
needs by year-end 2014 as well as in 2015, alongside the
possibility of expansionary fiscal policy and monetary policies
in the run-up to the presidential elections in 2015, also
detracts from Belarus' creditworthiness.

However, the country's relatively high GDP per capita and a
highly educated workforce support the ratings.  Belarus also
benefits from the government's demonstrated commitment to post
balanced budgets and its relatively low debt.

In S&P's view, policy predictability is weak in Belarus.  Final
decision-making is in the hands of the president, who controls
all branches of power.  The president's administration controls
all strategic decisions and sets the policy agenda, whereas the
government is a technocratic body that implements his decisions.
S&P considers accountability, checks, and balances to be weak.
Heavy dependence on Russia for financial, economic, and political
support also poses risks for Belarus, in S&P's opinion.  Some
policy effectiveness exists, however, as shown by a relatively
high ranking on the U.N.'s human development index.

Belarus' GDP per capita, estimated at $7,591 for 2013, is high
compared with that of peers.  This is partly thanks to relatively
high human capital reflected in high human development indicators
and past rapid growth of the Belarusian industrial sector, namely
machinery, which relies heavily on the external demand from
fellow members of the Commonwealth of Independent States.

However, despite the government's efforts to boost consumption
and investment, Belarus' economic performance has been weak since
2012, especially compared with the period of rapid economic
growth in the 2000s.  S&P believes that the weak external
environment (particularly in Russia and Ukraine), weak price
competitiveness, and the lack of progress in reforms will
continue to structurally suppress economic growth in the next
three to four years.  Despite a moderate acceleration of growth
in the first eight months of 2014 to 1.5% (against 0.9% in 2013),
S&P do not expect GDP growth rates to exceed 2% on average
between 2015 and 2017.

Belarus has consistently been in a large net external liability
position.  By S&P's estimates, it will likely stay above 100% of
current account receipts (CARs) over the next three to four
years. At the same time, net external debt will likely exceed 70%
by 2017, from 53% in 2013.

External financing pressure remains a key credit constraint for
Belarus.  S&P expects the current account deficit to average
about 6% of GDP in 2014-2017.  This is notwithstanding the
ongoing depreciation of the Belarusian ruble, which in S&P's
view, will not be sufficient to substantially improve the
competiveness of Belarusian goods among its key trading partners.
S&P also expects a slightly lower current transfer deficit,
following the May 2014 agreement between Russia and Belarus on
the lower size of oil-refinery-export duties Belarus pays to the
Russian budget from 2015.  Belarus is a member of the Eurasian
customs union along with Kazakhstan, with the plan to gradually
phase out export duties between member states.

In addition to the current account deficit, the country is going
through a peak in its external government debt service.  Belarus'
obligations total about 4.5% of GDP in 2014 (with 3.4% already
repaid in Jan.-Sept.) and will likely remain high at 4% in 2015.
In the fourth quarter of 2014 and in 2015, about 25% of debt
service is accounted for by a Eurobond, and another 12% by the
International Monetary Fund.  Government debt in foreign currency
makes up almost 90% of the total.

S&P estimates Belarus' gross external financing needs at 145% of
CARs plus usable reserves, on average, for 2014-2017.  According
to S&P's estimates, the country's international reserves will
likely cover only about one month of current account payments on
average through year-end 2017, compared with 1.5 months at year-
end 2013.  For this forecast, we exclude from reserves about $2
billion in foreign currency swaps that the National Bank of
Belarus owes to commercial banks.

Despite the arrival of the US$2 billion official long-term loan
from Russia in the first nine months of 2014, Belarus still has
to refinance or repay US$0.75 billion by the year's end, and US$3
billion in 2015 (excluding interest payments, for which the
central government budgets).

With very slow progress on the government's privatization
program, foreign-currency-denominated debt repayment plans for
the rest of 2014 rely on domestic bonds and the final tranche of
a loan from the Anti-Crisis Fund of the Eurasian Economic
Community.  In 2015, we understand that the government intends to
apply fiscal consolidation measures, which would save US$2
billion.  However, in S&P's view, these plans might be
constrained by election-spending pressures and weaker revenues
due to lower export duties and weaker profits of the oil-refinery
industry expected in 2015.  In this context, the issuance of
foreign currency debt in the domestic market (which Belarus
started in 2013 and continued in 2014) and, more importantly, the
timely arrival of adequate support from the Russian Federation,
will likely represent a more realistic refinancing scenario.  S&P
highlights that, so far, the track-record of such support has
been positive.

The Belarusian government's stance on general government headline
balance has been strong.  General government accounts have posted
moderate surpluses since 2011.  Nevertheless, due to off-budget
support for state-owned enterprises and state banks, general
government debt increased by an average 4% of GDP annually,
except in 2011, when the currency depreciated 178% against the
dollar.  As a result of further currency weakness and off-budget
support, S&P expects the government's debt to increase by about
four percentage points of GDP by 2017, but to remain below a
relatively low 30% of GDP.  According to S&P's criteria, it
estimates contingent liabilities from the banking system, the
state-owned enterprises that produce more than 50% of GDP and
which the government is willing to support if necessary, and
government-guaranteed debt as moderate.

In S&P's view, the national bank has the complex challenge of
encouraging both growth and price stability.  In the first eight
months of 2014, the monetary policy track record continued to be
weak.  The national bank lowered the policy rate and reserve
requirements for banks. In the context of ongoing gradual
devaluation, raising of excises, and administrative price
liberalization, this has resulted in a consumer price index that
already exceeded the official annual limit of 11% in July 2014.
Assuming a continuation of this trend, S&P believes that the
willingness of the government to stimulate economic growth and
continue with directed lending will keep inflation in Belarus in
the double digits through 2017.

Despite the national bank's recent measures to contain foreign
currency lending, weak transmission channels continue to
translate into high dollarization of loans and deposits in the
banking system.  The share of both exceeded 55% of the total as
of Sept. 1, 2014.  Lending in foreign currency heightens the
banking system's exposure to exchange rate risk and could
increase the country's contingent liabilities, particularly if
combined with deterioration of asset quality.

OUTLOOK

The stable outlook reflects S&P's expectation that despite weak
external liquidity and an inflexible monetary policy, Belarus'
government will likely secure refinancing by issuing debt on
domestic markets and receiving timely financial support from the
Russian Federation.

S&P could take a negative rating action on Belarus if delays in
support from the Russian Federation or capital market conditions
impede the government's plans to refinance, especially in the
absence of alternative debt-repayment scenarios.  S&P could also
lower the ratings if, in the run-up to the presidential elections
in 2015, the government were to significantly relax its fiscal
policy, including off-budget spending, leading to faster debt
accumulation.

S&P could consider raising the ratings if it observed an
improvement in Belarus' external balances, as indicated by lower
external financing needs, improved current account balances, and
increased availability of foreign currency.  In this regard,
policies that resulted in improved economic competitiveness or
benefits from the customs union with Russia could support higher
ratings.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that all key rating factors were unchanged.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.

RATINGS LIST

Ratings Affirmed

Belarus (Republic of)
Sovereign Credit Rating                   B-/Stable/B
Transfer & Convertibility Assessment      B-
Senior Unsecured                          B-



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F R A N C E
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CONSTELLIUM NV: S&P Puts 'BB-' CCR on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BB-' long-term corporate credit rating on France-based aluminum
producer Constellium N.V. on CreditWatch with negative
implications.

At the same time, S&P placed its 'BB-' rating on the EUR300
million bond maturing 2021 and its 'BB-' rating the US$400
million bond maturing 2024 on CreditWatch with negative
implications.  The recovery rating on these bonds is '4'.

The CreditWatch placement follows Constellium's announced plans
to acquire U.S.-based aluminum can sheet producer Wise Metals for
an enterprise value of US$1.4 billion (EUR1.1 billion).  The
CreditWatch reflects the possibility that S&P could lower
Constellium's corporate credit rating to 'B+' from 'BB-' on the
back of higher leverage after the transaction, depending on the
financing structure.

Pro forma the acquisition, Constellium's adjusted funds from
operations (FFO)-to-debt ratio will likely decline below the
level of 20% that S&P views as commensurate with the current 'BB-
' rating.

S&P thinks the acquisition will moderately strengthen
Constellium's "fair" business risk profile.  Wise Metals is a
producer of can sheet serving brewers, soft drink bottlers, and
can manufacturers, with 450,000 metric tons of hot mill
capacities.  It is the third-largest player in the North American
beverage can sheet market.

The integration of Wise Metals will further improve Constellium's
end-market and geographic diversity.  Pro forma the acquisition,
Constellium's presence in North America should double to 30%,
while the incremental EBITDA in the first years will fully
contribute to the group's packaging segment exposure, which S&P
perceives as resilient, though competitive.

S&P intends to resolve the CreditWatch once the transaction is
closed and once the financing structure is finalized, which S&P
expects within the next several months.

If Constellium's adjusted FFO to debt declines materially below
20%, S&P would likely lower the rating by one notch to 'B+'
following the transaction.  S&P also expects liquidity to remain
"adequate."

Conversely, S&P may affirm the rating if the company funds the
transaction in a way that limits the increase in leverage,
including a more sizable capital increase, so that the ratio of
FFO to debt remains at about 20%, or adjusted debt to EBITDA
below 4.0x pro forma the acquisition.


PEUGEOT SA: Fitch Revises Outlook to Pos. & Affirms 'B+' IDR
------------------------------------------------------------
Fitch Ratings has revised the Outlook on Peugeot SA's (PSA) Long-
term Issuer Default Rating (IDR) to Positive from Stable and
affirmed the IDR at 'B+'.  Fitch has also affirmed the senior
unsecured rating at 'BB-' with a Recovery Rating (RR) of 'RR3'.

The Outlook revision reflects Fitch's projections that PSA's core
automotive operations' profitability will increase to around
breakeven in 2014 and improve further to above 1% in 2015 and 2%
in 2016, from a negative 2.9% in 2013 and a negative 3.9% in
2012. The Positive Outlook also reflects our expectations that
industrial free cash flow (FCF) will become positive in 2014,
following three years of substantial free cash absorption.

However, Fitch believes that the improvement remains fragile and
could be derailed if the operating environment deteriorates more
than expected, notably outside of Europe where the group is
trying to diversify further, and sales do not increase as Fitch
assumes. The benefits of cost-cutting actions could also be
absorbed by higher-than-planned investments or higher-than-
expected working capital needs.  Fitch currently projects group
revenue to increase by 2.5% in 2015 and more than 5% in 2016,
which should benefit operating leverage and, in turn,
profitability.

Nonetheless, the recovery in profitability and FCF in 1H14,
notably at the group's automotive operations which returned to
breakeven in the period, confirms that the group is on the right
track with its restructuring and cost-saving measures.  Fitch
also believes that the current recovery of the European
automotive market, to which PSA remains highly exposed, will
mitigate the weakness in other markets and will support a gradual
rebound of earnings and cash generation.

KEY RATING DRIVERS

Expected Sales Recovery

Fitch expects revenue growth in 2014 to be supported by the
combination of a strengthening product portfolio, due to the
renewal of key models in 2013 and 2014, and the gradual recovery
of the European market.  Fitch's expectations for further growth
in China, together with PSA's increasing market share in this
market, should offset weakening market conditions in other
markets including Latin America and Russia.

Progress in Restructuring

The group's measures to streamline its product portfolio and
brand strategy, and profitably expand further its international
operations make sense to Fitch but will take time and carry
significant execution risk.  In Europe, Fitch expects PSA's cash-
preservation and cost-reduction measures, including plant
closures, workforce reduction and renegotiated labour conditions,
to improve the cost base and hence bolster profitability in 2014
and 2015, although it will likely remain low.

Recovering but Weak Profitability, FCF

The group's operating margin improved to 1.9% in 1H14 from a
negative 0.3% in 2013, including the automotive division at
breakeven.  Fitch expects earnings to benefit from the improved
cost structure and recovering sales in 2014, albeit burdened by
further FX volatility and continuously challenging market
conditions.  Fitch projects PSA's automotive operating margin to
improve to 0.2% in 2014 under current market assumptions and to
increase to between 1% and 2% in 2015-2016.

FCF was robust in 1H14, following EUR1.1bn cash absorption in
2013, but should partly reverse in 2H14 because of working
capital outflows.  Part of the cash inflow from the capital
increase in May 2014 and stronger FFO will be absorbed by higher
capex and hence will limit deleveraging by 2016.

Capital Increase

PSA increased its capital by EUR3bn in May 2014, including
EUR800m each from the French State and Dongfeng Motor.  As a
result, they will become the majority shareholders, in line with
the Peugeot family, each with a stake of 14.1%.  The cash inflow
has benefited the financial profile but the new shareholding
structure may present some renewed challenges to coordinate the
various shareholders' interests, which could be divergent.

Weak Competitive Position

Despite continuous recent improvement, PSA sales remain biased
toward the European market and the mass-market small and medium
car segments, where competition and price pressure are fiercest.
Competition is also intensifying in foreign markets where PSA has
diversified to, including Latin America, Russia and China.

Sound Liquidity

PSA's liquidity remains healthy, including EUR9.9bn of readily
available cash for its industrial operations at end-June 2014,
according to Fitch's adjustments for minimum operational cash of
EUR1.3bn and non-readily available financial assets.  In
addition, committed credit lines of EUR3bn at PSA maturing in
2017 and 2019, EUR1.15bn at Faurecia and EUR5.7bn at Banque PSA
Finance (BPF) were undrawn at end-June 2014.  The group's
revolving credit facility was renegotiated in April 2014 and
includes a EUR2bn, five-year tranche and a EUR1bn, three-year
tranche with two optional one-year extensions.

The current French State guarantee for up to EUR7bn and the
projected partnership with Santander Consumer Finance in Europe
help secure the refinancing of Banque PSA Finance, which is
critical to support the group's sales.

RATING SENSITIVITIES

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

   -- Automotive operating margin improving above 1% on a
      sustained basis (2013: negative 2.9%, 2014E: 0.2%)

   -- FCF increasing towards 1% (2013: negative 2.5%, 2014E:
      0.4%)

   -- Funds from operations (FFO)-adjusted net leverage remaining
      below 2x (2013: 4.9x, 2014E: 1.7x)

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

   -- Further revenue decline and continuous negative operating
      margins, actual or expected, at the automotive division

   -- Further negative FCF (2013: negative EUR1.3bn, 2014E:
      EUR200m)

   -- Deteriorating liquidity



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


PROVENTUS EUROPEAN: Fitch Affirms 'CC' Ratings on 2 Note Classes
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Proventus European ABS
CDO's senior notes to Stable from Negative and affirmed all
ratings:

EUR12 million class A notes (XS0283671716): affirmed at 'BB-sf';
Outlook revised to Stable from Negative

EUR28 million class B notes (XS0283673415): affirmed at 'B-sf',
Outlook revised to Stable from Negative

EUR20 million class C notes (XS0283674223): affirmed at 'CCCsf'

EUR25 million class D notes (XS0283674819): affirmed at 'CCCsf'

EUR20 million class E notes (XS0283675626): affirmed at 'CCsf'

EUR10 million class F notes (XS0283676434): affirmed at 'CCsf'

The transaction is a synthetic securitization of primarily
mezzanine structured finance assets.

KEY RATING DRIVERS

The Outlook revision reflects the stabilizing credit quality of
the underlying portfolio.  Rating migration of the underlying
assets over the past 12 months was balanced between upgrades and
downgrades, compared with net negative rating migration the year
before.  Around one third of the portfolio experienced saw rating
migration, of which 60% were upgraded.

In addition, increased credit enhancement due to natural
portfolio amortization has reduced the transaction's sensitivity
to potential credit deterioration or further credit events.  Over
the last 12 months, one Spanish ABS asset has defaulted, with
recoveries at over 85% of its principal.

The affirmation reflects the stable performance of the underlying
portfolio over the last 12 months.  Since then, the 'CCC' and
below bucket decreased to 5% from 9% and the performing portfolio
balance was deleveraged by EUR240 million.  Over 50% of the
amortization came from CMBS assets.  Forty per cent of repayment
came from German assets and 23% from UK assets.

European peripheral exposure decreased marginally over the past
year to 17% from 19% and is represented by Spain, Italy and
Portugal.  Portuguese exposure is less than 1% of the overall
portfolio balance.  The largest country exposure is the UK with
44%, up from 38% a year ago, followed by Germany with 16%, down
from 22%, and the Netherlands with 15%, up from 13%.

The largest industry represented is RMBS with over 70%, followed
by CMBS.  CMBS assets exceeded the maximum concentration bucket
of 20% a year ago, but have since dropped below the threshold
amount.

RATING SENSITIVITIES

In its sensitivity analysis, Fitch found that the ratings are not
affected by stressing the default probability and recovery
assumptions each by 25%.



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


GLITNIR BANK: Iceland Nears Bank Creditor Deal, Gudmundsson Says
----------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Iceland is
getting closer to settling a bank creditor dispute that started
in 2008 as the central bank signals an agreement may come in a
matter of months.

"Everything indicates that we're getting closer to the final
stop," Bloomberg quotes central bank Governor Mar Gudmundsson as
saying on Oct. 7 in an interview in Reykjavik.  "We've had
foreign specialists working for us so this could happen in the
next months.  But I'm not going to announce anything right now."

The island has been working with external advisers to help find a
model that allows creditors in the failed banks to be paid
without undermining the exchange rate, Bloomberg relates.
Failure to strike an agreement that protects Iceland's balance of
payments would delay any removal of capital controls "for years,"
the central bank, as cited by Bloomberg, said.  The central bank
said that to avoid that outcome, creditors will need to accept
debt writedowns, Bloomberg notes.

Finance MinisterBjarni Benediktsson said last month that the
government is stress testing how settling claims against
Kaupthing Bank hf, Glitnir Bank hf, and Landsbanki Islands hf
will affect the island's capital account, Bloomberg recounts.
Mr. Gudmundsson said that Iceland may need to come up with
individual models for each bank to expedite the process,
Bloomberg notes.

Iceland's krona controls, enforced at the end of 2008 to stop the
economy hemorrhaging capital after its biggest banks defaulted on
US$85 billion in debt, are blocking about US$6.6 billion in
assets from being offloaded, or more than one-third of Iceland's
gross domestic product,  Bloomberg recounts.

The administrators of Glitnir said last month that they presented
a model to the central bank that enabled creditor repayment
without affecting the exchange rate, Bloomberg relates.  The
proposal would allow the bank to tap $4.55 billion in foreign
exchange held in offshore accounts, Bloomberg states.

According to Bloomberg, Steinunn Gudbjartsdottir, the head of
Glitnir's winding up committee, said that the plan was sent to
the central bank in November.  A similar proposal by Kaupthing
Bank hf would bring the total amount that can be paid out to
US$7.8 billion, Bloomberg notes.

Creditors that have bought claims against Iceland's failed banks
include hedge funds Davidson Kempner Capital Management LLC and
Taconic Capital Advisors LP, Bloomberg discloses.

Mr. Gudmundsson said that even if Iceland does strike a deal with
creditors in the failed banks, the island is likely to continue
enforcing some form of currency controls to prevent market
distortion, Bloomberg relates.

                      About Glitnir Banki

Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services
to corporation, financial institutions, investors and
individuals.

Judge Stuart Bernstein of the U.S. Bankruptcy Court for
the Southern District Court of New York granted Glitnir
permission to enter into a proceeding under Chapter 15 of the
U.S. bankruptcy code on January 6, 2008.


GREECE: Needs Precautionary Credit Line, IMF Head Says
------------------------------------------------------
Ian Talley and Alkman Granitsas at The Wall Street Journal report
that International Monetary Fund Managing Director Christine
Lagarde said Greece should have a precautionary credit line to
help it regain normal access to bond markets.

The idea is to use the remaining US$16 billion in the current
program as a backstop facility, the Journal says.  If it didn't
draw on the facility, the move would slim its debt load and
repayment costs, the Journal notes.

According to the Journal, it might also help Greece to
potentially tap the European Central Bank's program to buy asset-
backed securities of member countries as a way to ease financial
conditions.

ECB President Mario Draghi said that Greece needs to be in a
monitored financing program to win access to the central bank's
purchase operations, the Journal relates.

Although the existing IMF program doesn't end for another 18
months, Greece's two party coalition government -- made up of the
conservative New Democracy and socialist Pasok parties -- has
said it hopes the country will soon be able to free itself from
the onerous oversight of its troika of international creditors,
who have pledged some EUR240 billion (US$304 billion) over the
past five years to bail out the country, the Journal relays.

According to the Journal, the IMF said Greece's funding needs for
2015 amount to EUR18.7 billion and to EUR8.6 billion the year
after that, something Greece hopes to plug with existing bailout
money, better budget performance and financing from the debt
markets.



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


ANDERSON VALLEY II: S&P Cuts Ratings on 3 Note Classes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from
'CC (sf)' its credit ratings on Anderson Valley II CDO PLC's
class B-1, C-1, and D-1 notes.

The rating actions follow the notes' payment defaults after the
transaction was terminated following the June 2014 payment date.
In S&P's last review, the portfolio had experienced further
credit events, which reduced the available collateral for
repaying the notes.  According to the June 20, 2014 payment date
report, published before the structure was terminated, the class
S-1 and A-1 notes fully repaid.

However, the class B-1, C-1, and D-1 notes remained outstanding
after the sale of all of the collateral held in the transaction.
The class B-1 notes received partial principal payments, while
the class C-1 and D-1 notes did not receive any.

S&P has therefore lowered to 'D (sf)' from 'CC (sf)' its ratings
on these classes of notes.

Anderson Valley II CDO is a 2007-vintage cash flow synthetic
collateralized debt obligation (CDO) securitization containing
both cash and synthetic assets (credit default swaps).

RATINGS LIST

Ratings Lowered

Anderson Valley II CDO PLC
EUR86.4 Million Floating-Rate Notes

Class               Rating
            To                From

B-1         D (sf)            CC (sf)
C-1         D (sf)            CC (sf)
D-1         D (sf)            CC (sf)



===========
L A T V I A
===========


TRASTA KOMERCBANKA: Moody's Withdraws 'E+' Fin'l Strength Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn Trasta Komercbanka's
standalone bank financial strength rating (BFSR) of E+,
equivalent to a b3 baseline credit assessment (BCA), and the long
and short-term deposit ratings of B3/NP.

Ratings Rationale

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

Based in Riga, Latvia, Trasta Komercbanka reported total assets
of EUR480 million at end-June 2014.



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


ALTICE SA: S&P Assigns 'B+' Corp. Credit Rating; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
long-term corporate credit rating to Luxembourg-based cable and
telecommunications holding company Altice S.A.  The outlook is
stable.

At the same time, S&P assigned its 'B' issue rating to Altice's
EUR4.15 billion equivalent senior secured notes.

The rating on Altice reflects S&P's assessment of its financial
risk profile as "highly leveraged" and S&P's view of its business
risk profile as "satisfactory."  Altice has successfully issued
EUR4.15 billion equivalent of senior secured notes to fund its
participation in a new rights issue at Numericable Group, as part
of the expected merger between Numericable Group and Societe
Fran‡aise du Radiotelephone (SFR), Vivendi's telecom business, a
transaction that will be primarily debt-funded.  S&P anticipates
that this transaction will close over the short term, at which
point Altice will be the majority shareholder of the merged
Numericable-SFR entity, with a 60% stake, and Numericable-SFR
will contribute about three-quarters of the group's revenues and
about two-thirds of its EBITDA on a proportional consolidation
basis.

"Our view of Altice's business risk profile as "satisfactory"
reflects our view of the company's scale and solid market
positions across its main markets of operations -- primarily
France, Israel, and the Dominican Republic -- as the No. 2
telecom operator in its markets.  Altice has significant
subscriber market shares and the capability to offer fixed and
mobile integrated services, as well as access to content in its
main assets.  Altice's business risk profile also benefits from
superior fiber networks across most of its markets and a
significant degree of geographic diversification in its
international operations.  We also acknowledge the company's
solid operating efficiency, as evidenced by its track record of
greatly improving its subsidiaries' cost structures, as well as
the meaningful synergies between Numericable and SFR, as further
strengths to the business risk profile.  We believe these
synergies should support future growth in the company's EBITDA
margins," S&P said.

"The business risk profile is constrained by our view of the
intense competition in France -- Altice's key operating market --
with substantial price pressures in the wireless market (where
SFR is the No. 2 player) and a competitive pricing environment in
its fixed-line business.  We also think that the integration of
Numericable and SFR will pose significant operational challenges
given the size of the acquisition, including the integration of
the companies' respective networks, as well as the need to
rebrand.  We view Altice's competition with larger and better-
capitalized incumbent telecom operators across all of its key
markets as a limiting factor in our evaluation of the company's
business risk profile.  It is further constrained by our
assessment of increased operating risks in some of Altice's
international assets, including increased competition in the
Israeli fixed-line and pay-TV markets, an oversupplied Israeli
wireless market, and operating exposure to weak currency in the
Dominican Republic, since these factors may dampen the company's
growth prospects," S&P added.

"We assess Altice's financial risk profile as "highly leveraged"
due to the group's high debt burden after the Numericable-SFR
transaction, which will lead to adjusted leverage of more than 5x
pro forma for 2014 and 2015.  We adjust our forecast for
Numericable's results and liabilities on a proportional basis to
reflect Altice's partial ownership (which can lead to significant
cash-flow leakage), as well as our view of the group's actual
leverage if debt were pushed down to Numericable's level.  Due to
our anticipation of improved operating margins thanks to merger-
related synergies, we believe the company has good deleveraging
prospects in the first 18-24 months after the transaction closes,
assuming wireless profits stabilize beyond 2014.  But we expect
continued top-line pressure in the French mobile unit, which
could offset some of the benefits of cost-reduction arising from
the merger," S&P noted.

There are some uncertainties regarding the group's long-term
financial policy, though, because S&P thinks its deleveraging may
be skewed by further acquisition opportunities, including the
potential for Altice to boost its stake in Numericable Group, and
additional expansion of the group's international operations.
S&P believes, however, that the group's debt-funded growth will
be limited by its incurrence covenants.  The highly leveraged
financial risk profile also reflects the group's weak debt
coverage ratios, notably free cash flow to debt, which S&P
expects to be at less than 5% over the next 18-24 months.  S&P
bases its forecast on Altice's continued significant capital
expenditure (capex) as it invests in fiber networks and the
limited tax relief on the group's interest expenses stemming, to
a large degree, from the debt raised at the holding companies'
level.

S&P's base-case operating scenario for Altice pro forma the
consolidation of SFR assumes:

   -- Revenue declines of about 3% in 2014 and 1%-2% in 2015
      resulting mainly from the continued impact of repricing in
      SFR's mobile division and, to a smaller extent, from top-
      line revenues from its Israeli asset, HOT, following
      increased competition in the fixed-line and pay-TV market;

   -- A stable group EBITDA margin of about 31% (unadjusted) in
      2014 and 2015 ; and

   -- A capex-to-sales ratio of about 17%.

Based on these assumptions, S&P arrives at these credit measures
pro forma the consolidation of SFR:

   -- Funds from operations (FFO) to debt of 12% in 2014 and
      2015;

   -- Debt to EBITDA of about 5x-2x pro forma for 2014, declining
      to about 5.1x in 2015;

   -- Adjusted interest coverage of about 3.0x; and

   -- Adjusted free operating cash flow (FOCF) to debt of 3%-4%.

The stable outlook reflects S&P's view of Altice's significant
deleveraging potential from organic debt reduction and earnings
growth over the next two to three years as merger synergies build
up.  This is largely offset by releveraging risks, because S&P
anticipates that Altice will seek to boost its level of
participation in Numericable (for example, by acquiring some or
all of Vivendi's 20% stake).  S&P also expects Numericable to pay
Vivendi a EUR750 million earn-out over the medium term (when the
company reaches EUR2.0 billion EBITDA minus capex).  S&P do not
expect Altice to deleverage below the adjusted 5x level in the
next 18 months, and anticipate that its relatively weak free
operating cash flow (FOCF) to debt generation will be about 3%-
4%.

S&P could raise the rating in the next two to three years if it
sees Altice's adjusted leverage fall below 5x, with EBITDA
interest coverage remaining at or above 3x, and adjusted FOCF to
debt growing to 4%-5%.  This would also require adjusted EBIDA
margin growth closer to 35%.

S&P could take a negative rating action if it sees the company's
releveraging rising higher than its post-acquisition levels.  S&P
will closely monitor the group's cash-flow generation,
particularly if its FOCF to debt erodes toward 2.5%.



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


DECO 14 - PAN EUROPE: S&P Affirms 'D' Ratings on 4 Note Classes
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
DECO 14 - Pan Europe 5 B.V.'s class A-2 and A-3 notes.  At the
same time, S&P has affirmed its ratings on the class B, C, D, E,
F, and G notes.

The rating actions follow S&P's review of the credit quality of
the seven remaining loans under its European commercial mortgage-
backed securities (CMBS) criteria.  S&P's review follows note
principal payments totaling EUR205.7 million since the Jan. 2014
interest payment date (IPD).  This includes the full repayment of
the Woodsford MF, Capital & Regional, and Puma MF loans.

Of the seven remaining loans, four are in special servicing and
one was in special servicing but has since been restructured.

THE ARMILLA CLARICE 2 LOAN (27.1% OF THE POOL)

The Armilla Clarice 2 loan is the largest loan in the
transaction, and has a current securitized loan balance of
EUR126.7 million. The loan matures in Oct. 2016.

A portfolio of 14 office premises in Italy secures the loan.  The
portfolio is let in its entirety to Telecom Italia.  The July
2014 servicer report states a remaining weighted-average
unexpired lease term (WAULT) of 7.42 years.

In the July 2014 investor report, the servicer reported a 2.76x
loan interest coverage ratio (ICR) and a 52.3% loan-to-value
(LTV) ratio, based on a Sept. 2006 valuation of EUR242.5 million.

S&P has not assumed losses on the loan in its expected-case
scenario.

ARCADIA LOAN (22.8% OF THE POOL)

The Arcadia loan is nonperforming and transferred into special
servicing in March 2010, due to an ICR covenant default.  The
loan failed to repay at maturity in Jan. 2014.  However, there is
a standstill agreement that expires in Dec. 2014.  The loan has a
current securitized loan balance of EUR106.2 million.

The loan is secured by 24 retail warehouse properties (down from
28 at closing) located throughout Germany.  The assets are
located in small- and medium-size towns near Frankfurt, Hannover,
Hamburg, and Dusseldorf.  The current portfolio occupancy is
89.54%, with a WAULT of 4.97 years.

In the July 2014 investor report, the servicer reported a 4.43x
loan ICR and a securitized LTV ratio of 214.8%, based on a June
2013 valuation of EUR49.5 million.

The special servicer is undertaking an asset-by-asset approach to
the workout of the loan, which includes certain capital
improvement works, together with individual property sales.  The
special servicer has advised that it anticipates to sell a
further two assets by the end of 2014.

S&P has assumed losses on the loan in its expected-case scenario.

CGG - TAMBELLE REDO 3 LOAN (20.2% OF LOAN POOL)

The CGG loan transferred into special servicing in July 2013
following an LTV ratio covenant breach.  The loan matured in Jan.
2014 and has a current securitized balance of EUR94.6 million.
The loan is secured by 14 properties comprising a mix of retail,
office, and residential accommodation.

In the July 2014 investor report, the servicer reported an ICR of
5.15x.  Based on the April 2014 portfolio valuation of EUR77.4
million, the current LTV ratio for the securitized loan is
122.2%.

The special servicer is continuing negotiations with the borrower
regarding the workout of the loan.  The current proposal reflects
a discounted pay off for the portfolio or consensual sale.

S&P has assumed losses on the loan in its expected-case scenario.

OTHER LOANS (29.8% OF POOL)

The remaining four loans are the Sofia Business Park loan, the
Mansford Nord Bayern loan, the Cottbus Shopping Centre loan, and
the DD Karstadt loan.  The contribution to the transaction's
overall securitized balance of these remaining loans varies
between 10.8% (Sofia Business Park) and 1.1% (DD Karstadt).

The Mansford Nord Bayern and the DD Karstadt loans are currently
in default and are specially serviced.  Both loans are secured by
retail premises in regional German locations.  S&P has assumed
losses on these loans in its expected-case scenario.

A modern office business park development outside Sofia,
Bulgaria, comprising 11 properties, secures the Sofia Business
Park loan. Following the special servicer's restructuring of the
loan, it is currently performing.  The servicer has extended the
loan maturity date until Oct. 2015.  S&P currently anticipates
losses on this loan under its expected-case scenario.

The Cottbus Shopping Centre loan is secured by a secondary retail
shopping center asset in Cottbus, Germany. Kaufland discount
hypermarkets anchor the center.  The loan is currently
performing. However, the underlying asset has not been revalued
since 2006.  S&P has assumed losses on the loan in its expected-
case scenario.

INTEREST SHORTFALLS

The class D to G notes have experienced interest shortfalls in
the past.

S&P understands that the excess spread in this transaction, which
is distributed to the unrated class X notes, is not available to
mitigate interest shortfalls resulting from partial interest
collections on the underlying pool of loans or from the payment
of certain prior-ranking expenses.  The issuer relies on the
liquidity facility to address timely payment of interest on the
notes.  However, under the transaction documents, the liquidity
facility provider is not allowed to make drawings to cover
interest shortfalls under the notes if such shortfalls have
resulted from special servicing fees, special servicing expenses,
or the reduction of liquidity facility drawings following the
determination of an appraisal-reduction amount.  The appraisal-
reduction mechanism was structured to prevent drawings on the
portion of the securitized loans that represents more than 90% of
the appraised value.

Given the number of loans in special servicing and the potential
for more to be transferred, S&P's analysis indicates that the
class D to G notes remain vulnerable to interest shortfalls.

RATING ACTIONS

S&P's ratings in the transaction address the timely payment of
interest and the ultimate payment of principal no later than the
Oct. 2020 legal final maturity date of the notes.  S&P has
assumed losses on six of the seven remaining loans in its
expected-case scenario.

Following note principal payments totaling EUR205.7 million since
the Jan. 2014 IPD, the available credit enhancement for the class
A2 and A3 notes has increased.

While the class A-2 and A-3 notes could achieve a higher rating
on a strict principal recovery basis, concerns regarding the
number of loans in special servicing and our concern regarding
future costs and further cash flow disruptions have led S&P to
constrain the ratings on these classes of notes.  S&P has
therefore raised to 'A (sf)' from 'BBB+ (sf)' its rating on the
class A-2 notes, and to 'BBB+ (sf)' from 'BBB- (sf)' our rating
on the class A-3 notes.

In S&P's view, the potential cash flow risks to the class B and C
notes remain unchanged as a result of the interest shortfalls to
the classes below.  S&P has therefore affirmed its 'B (sf)' and
'CCC- (sf)' ratings on the class B and C notes, respectively.

S&P has also affirmed its 'D (sf)' ratings on the class D, E, F,
and G notes as they experienced interest shortfalls on prior
interest payment dates and are highly vulnerable to principal
losses.

DECO 14 - Pan Europe 5 is a European CMBS transaction that closed
in March 2007.  It is currently secured on seven European
commercial real estate loans.  Four of the seven remaining loans
are in special servicing.

RATINGS LIST

DECO 14 - Pan Europe 5 B.V.
EUR1.491 bil commercial mortgage-backed floating-rate notes

                               Rating           Rating
Class        Identifier        To               From
A-2          233181AJ5         A (sf)           BBB+ (sf)
A-3          233181AK2         BBB+ (sf)        BBB- (sf)
B            233181AC0         B (sf)           B (sf)
C            233181AD8         CCC- (sf)        CCC- (sf)
D            233181AE6         D (sf)           D (sf)
E            233181AF3         D (sf)           D (sf)
F            233181AG1         D (sf)           D (sf)
G            233181AH9         D (sf)           D (sf)


E-MAC PROGRAM 2007-I: S&P Lowers Rating on Class D Notes to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
E-MAC Program B.V. Compartment NL 2007-I's class B, C, and D
notes.  At the same time, S&P has affirmed its ratings on the
class A2 and E notes.

The rating actions follow S&P's performance review, in which it
conducted its credit and cash flow analysis using information
from the servicer as of July 2014, and applied its criteria for
Dutch residential mortgage-backed securities.

The underlying collateral comprises Dutch residential mortgage
loans that GMAC RFC Nederland originated. CMIS Nederland is the
servicer.

While severe arrears of more than 90 days remain higher than
S&P's Dutch RMBS index and other E-MAC transactions, they have
decreased over the past two interest payment dates (IPDs) to
1.95% in July 2014 from 2.27% in April 2014.

Furthermore, Dutch macroeconomic indicators remain weak, despite
an increase in GDP.  After five years of decline, the Dutch
housing has started to recover in recent months, reflecting an
improving economic environment.  House sale increased to 128,000
over the past year -- the highest volume since Sept. 2010.  House
prices have increased by 1.2% since Q2 2013, although average
prices remain about 20% below their Aug. 2008 peak.

The Dutch house price decline is a key factor in S&P's analysis.
Although it has slowed down in recent months, house prices still
fell by 1.7% year-on-year in the first quarter of 2014.  S&P's
calculations show that the transaction's weighted-average indexed
loan-to-value (LTV) ratio has increased since S&P's previous
Feb. 12, 2013 review.  This has increased S&P's weighted-average
loss severity (WALS) estimates.

On the July 2014 IPD, net losses spiked to EUR898,000 from
EUR455,000 on the April 2014 IPD, reducing excess spread.  The
issuer subsequently drew on the reserve fund, which in turn
reduced the class A2, B, C and D notes' available credit
enhancement.  The reserve fund is now at 97% of its documented
required level.

The drawing of the reserve fund, coupled with the pool's high
percentage of interest-only mortgages, has curbed available
credit enhancement overall.  However, the class A2, B, C, and D
notes' credit enhancement has nonetheless increased since our
previous review, due to the transaction's sequential
amortization.

S&P's cash flow analysis shows that the available credit
enhancement for the class A2 and E notes is commensurate with
S&P's currently assigned ratings.  S&P has therefore affirmed its
ratings on these classes of notes.

S&P has lowered its ratings on the class B, C, and D notes based
on the results of its cash flow analysis.  The downgrades also
reflect the transaction's deteriorating performance and the
effect of falling Dutch house prices.

Rating    WAFF (%)     WALS (%)

AAA       18.68        48.16
AA        14.55        44.76
A         10.37        39.76
BBB       6.36         36.51
BB        4.30         31.02

WAFF--Weighted-average foreclosure frequency.

The Royal Bank of Scotland is the transaction's swap provider.
Although the swap documentation is more in line with S&P's
current counterparty criteria after having been amended, the
notes' highest achievable rating is 'A+ (sf)' because the
documentation only stipulates volatility buffers that, under
S&P's criteria, support this rating level.

RATINGS LIST

Class       Rating           Rating
            To               From

E-MAC Program B.V. Compartment NL 2007-I
EUR602.7 Million Residential Mortgage-Backed Floating-Rate
and Excess Spread-Backed Floating-Rate Notes

Ratings Lowered

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

Ratings Affirmed

A2          A (sf)
E           CCC (sf)



===============
P O R T U G A L
===============


BANCO ESPIRITO: Novo Banco May Struggle to Attract EUR4.9BB Bid
---------------------------------------------------------------
Martin Arnold and Peter Wise at The Financial Times report that
the new managers of Portugal's Novo Banco have been warned they
will struggle to attract takeover bids worth more than half the
EUR4.9 billion injected to rescue the lender from the wreckage of
Banco Espirito Santo.

Several rivals have indicated an interest in acquiring Novo
Banco, the good bank separated from the toxic assets of the
Espirito Santo family's failed banking empire in August, the FT
discloses.  Likely bidders include Portugal's Banco BPI and
Spain's Santander, the FT notes.

The bank has been put up for sale in an auction being arranged on
behalf of Portugal's central bank by France's BNP Paribas, the FT
relates.  The Portuguese government is pushing for a deal to be
agreed, if not completed, before next October's election, the FT
states.

However, one investment banker who recently met Novo Banco's new
management team said they "would be lucky to get half the book
value" of EUR4.9 billion because of the risks still hanging over
the bank and Portugal's weak economic prospects, according to the
FT.

Another specialist in banking deals in southern Europe said the
auction could even fall apart if the bank fails to attract high
enough offers, the FT notes.  The other Portuguese banks are on
the hook for any losses if the bank is sold for less than EUR4.9
billion, the FT says.

Bankers expect Novo Banco to recoup part of a EUR3.3 billion
credit line to BES Angola, which was transferred to the "good
bank" already full provisioned, the FT states.  Any amount
recovered would go straight to equity and could make a crucial
difference to the value of the bank, the FT discloses.

According to the FT, there may be "residual fears" about
potential hidden liabilities, the banker said, but Novo Banco had
been cleared of EUR7 billion in toxic assets shifted into its
"bad bank" and it was difficult to imagine that "any big problems
remained undiscovered".

However, analysts fear there have been significant outflows of
deposits from Novo Banco since it was split off from BES,
particularly as purchases of state savings certificates have hit
record highs over the past two months, the FT notes.

Potential losses from exposure to parts of the collapsed Esp¡rito
Santo business empire also add to the difficulty in assessing the
bank's fair value, the FT states.

                    About Banco Espirito Santo

Banco Espirito Santo is a private Portuguese bank based in
Lisbon, Portugal.  It is 20% owned by Espirito Santo Financial
Group.

In August 2014, Banco Espirito Santo had been split into "good"
and "bad" banks as part of a EUR4.9 billion rescue of the
distressed Portuguese lender that protects taxpayers and senior
creditors but leaves shareholders and junior bondholders holding
only toxic assets.  A total of EUR4.9 billion in fresh capital is
being injected into this "good bank", which will subsequently be
offered for sale.  It has been renamed "Novo Banco", meaning new
bank, and will include all BES's branches, workers, deposits and
healthy credit portfolios.

In August 2014, Espirito Santo Financial Portugal, a unit fully
owned by Espirito Santo Financial Group, filed under Portuguese
corporate insolvency and recovery code.

Also in August 2014, Espirito Santo Financiere SA, another entity
of troubled Portuguese conglomerate Espirito Santo International
SA, filed for creditor protection in Luxembourg.

In July 2014, Portuguese conglomerate Espirito Santo
International SA filed for creditor protection in a Luxembourg
court, saying it is unable to meet its debt obligations.

                        *     *     *

On Aug. 15, 2014, The Troubled Company Reporter reported that
Standard & Poor's Ratings Services affirmed and then suspended
its 'C' ratings on two short-term certificate of deposit programs
and one commercial paper program originally issued by Portugal-
based Banco Espirito Santo S.A. (BES).  As S&P publically
communicated on Aug. 8, 2014, most of BES' senior unsecured debt
has been transferred to newly formed Novo Banco S.A. (not rated)
as part of BES' resolution proceedings.  S&P currently does not
have satisfactory information to perform its ratings analysis on
these debt instruments, and S&P is therefore suspending its
ratings on them.

The TCR, on Aug. 14, 2014, also reported that Moody's Investors
Service has assigned debt, deposit ratings and a standalone bank
financial strength rating (BFSR) to the newly established
Portuguese entity Novo Banco, S.A., in response to the transfer
of the majority of assets, liabilities and off-balance sheet
items from Banco Espirito Santo, S.A. (BES), together with the
banking activities of this bank. The following ratings have been
assigned: (1) long- and short-term deposit ratings of B2/Not-
Prime; (2) a standalone BFSR of E (equivalent to a ca baseline
credit assessment [BCA]).


PORTUGAL: Fitch Affirms 'BB+' Issuer Default Rating; Outlook Pos.
-----------------------------------------------------------------
Fitch Ratings has affirmed Portugal's Long-term foreign and local
currency Issuer Default Rating (IDRs) at 'BB+'.  The Outlook is
Positive.  The issue ratings on Portugal's unsecured foreign and
local currency bonds have also been affirmed at 'BB+'.  The
agency has also affirmed Portugal's Short-term foreign-currency
IDR at 'B' and the Country Ceiling at 'A+'.

KEY RATING DRIVERS

The affirmation and the Positive Outlook reflect the following
key rating drivers:

The rebalancing of the Portuguese economy remains on track, with
the economy expected to return to positive GDP growth in 2014.
The current account swung from a deficit of 12.2% of GDP in 2008
into a small surplus in 2013.  On a flow basis, the economy was
in a net lending position of 1.6% of GDP in 2Q14.  Household debt
has declined to 94.3% of GDP from over 100% in 2010 and the
sector is in a net lending position.  The general government
deficit (GGD) declined to 4.9 % of GDP in 2013 from 11.2% in
2010.

The labor market is markedly improving.  The seasonally adjusted
unemployment rate declined to 14% in August 2014 from a peak of
17.4% in early 2013, according to Eurostat data.  Both employment
growth and a fall in the labor supply, partly through emigration,
have contributed to the decline in the unemployment rate, with
employment growth being the main driver in 2014.

Financing conditions further improved over the past six months.
The yield curve has flattened significantly and the government
plans to reduce its cash buffer to EUR9.4 billion (5.4% of GDP)
by end-2014, reflecting its much improved access to market
financing at affordable yields over the past several months.
Portugal's reserve currency flexibility score has been increased
to '1' from '0' in Fitch's Sovereign Rating Model in light of its
track record of favorable market access since the end of the
Troika program.

Balancing these positive developments, since the previous rating
review in April 2014, the following fiscal and economic risks
have emerged:

Budget execution has been challenging in 2014.  The
Constitutional Court rulings (in Dec. 2013 and May 2014)
effectively prevented the implementation of a large part of the
2014 measures.  However, the slippage on the expenditure side has
been offset by revenue over-performance.  The government has
therefore confirmed the GGD target of 4% of GDP (excluding one-
off factors) for 2014 without adopting additional consolidation
measures.

According to UTAO, the parliamentary technical unit for budget
support, in order to meet the 2014 budget deficit target of 4%,
the deficit in 2H14 would have to improve by 1.5% of GDP relative
to the same period last year.  This implies a stronger budget
performance relative to 1H14 when the deficit declined by 0.8% of
GDP.  In Fitch's view, this is realistic but relies on stronger
GDP growth performance in H214 and revenue growth.  In this
respect, the good tourist season and August retail sales figures
(+2.3%mom) appear supportive.

For 2015, the government targets a GGD of 2.5% of GDP.  Part of
the expenditure cuts underpinning the 2015 target (and envisaged
in the Fiscal Strategy 2014-18) will be difficult to implement.
Fitch expects some slippage in 2015 (GGD of 3% of GDP), based on
GDP growth of 1.2%.  However, Fitch has no information about the
2015 budget at present.  Fitch's assessment could change after
the budget is presented next week.

In 1H14, the pace of economic activity eased.  High-frequency
indicators give mixed messages regarding the evolution of
economic activity in 2H14.  Confidence indicators have stabilized
somewhat since June 2014.  Conversely, retail sales were buoyant
and industrial production grew by 3% mom in August 2014.  Fitch
has revised slightly downwards its projections for the Portuguese
economy.  The agency forecasts real GDP growth of 1% in 2014 and
1.2% in 2015 (from 1.3% and 1.5% previously).

Portugal has experienced negative rates of consumer price
inflation since Feb. 2014.  In July, HICP inflation reached
negative 0.7% yoy from positive 0.8% a year earlier.  Recent
outturns have provided some upside with HICP inflation coming in
at 0% in Sept.  Excluding unprocessed food and energy, HICP
inflation was positive in August 2014 (0.7%).  An extended period
of deflation, resulting in no growth in nominal GDP could hamper
public and private debt dynamics, although this is not our base
case expectation.

Banco Espirito Santo (BES), the third-largest bank by assets,
needed a bail-out and was split into a "good" and "bad" bank in
August.  Although the resolution of BES was handled in a smooth
manner, it has raised doubts about the underlying strength of the
banking sector and the effectiveness of monitoring by national
authorities.  Fitch's view is that this was idiosyncratic and
spillover risks from BES (to the real economy and the rest of the
banking sector) will be contained.  The ECB's comprehensive
assessment may help dissipate any concerns of wider risks in the
banking sector.

The establishment of the new bank "Novo Banco" has reduced the
cash buffer set aside for Portuguese banks to EUR2.5bn, which may
limit its effectiveness.  There could consequently be a fiscal
impact for the sovereign if other banks needed support after the
completion of the ECB's comprehensive assessment - although this
is not our base case assumption.  The BES operation has also
resulted in an increase in net general government debt of 2.3% of
GDP.

Fitch expects gross general government debt (under ESA2010) to
peak this year at 128.6% of GDP and to gradually decline to 116%
of GDP by 2020 based on the assumption of an average primary
surplus of 2.8% of GDP between 2015 and 2020.  Ensuring a
declining debt path requires a substantial primary surplus,
relative to historical out-turns, given the combination of high
debt and the subdued expected nominal growth of the economy over
the medium term.

RATING SENSITIVITIES

Future developments that could individually or collectively
result in an upgrade to investment grade include:

   -- Deficit reduction remaining on track and consistent with
      the public debt ratio being placed on a firm downward path.

   -- Evidence that the banking sector is sufficiently
      capitalized in the aftermath of the BES resolution and able
      to support the economic recovery.  In this respect, the
      outcome of the ECB comprehensive assessment is important.

   -- Continued economic recovery and evidence that private debt
      peaks and starts to gradually decline.

   -- Sustained current account surpluses consistent with a
      reduction in external debt ratios.

The Outlook is Positive.  Consequently, Fitch's sensitivity
analysis does not currently anticipate developments with a high
likelihood of leading to a negative rating change.

Future development that could individually or collectively result
in a stabilization of the Outlook includes:

   -- Material divergence from the fiscal consolidation path,
      resulting in a higher debt ratio.

   -- Significant recapitalization needs of the financial sector
      by the Portuguese sovereign, for example in the context of
      the ECB's comprehensive assessment exercise.

   -- Adverse shocks from domestic politics and/or market
      financing.

KEY ASSUMPTIONS

Fitch assumes that fiscal consolidation efforts will continue in
2015 to ensure the exit from the EDP by 2015 in line with the
government's recent stability program and the original IMF-EU
program.

Fitch assumes the eurozone will avoid long-lasting deflation,
such as that experienced by Japan from the 1990s.  Fitch also
assumes the gradual progress in deepening fiscal and financial
integration at the eurozone level will continue; key
macroeconomic imbalances within the currency union will be slowly
unwound; and eurozone governments will tighten fiscal policy over
the medium term.  It also assumes that the risk of fragmentation
of the eurozone remains low.



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


DZERZHINSK CITY: S&P Raises ICR to 'BB-' on Prudent Debt Policies
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on the City of Dzerzhinsk to 'BB-' from 'B+'.  The
outlook is stable.

At the same time, S&P raised the Russia national scale rating to
'ruAA-' from 'ruA'.

RATIONALE

The upgrade reflects the reduced volatility of Dzerzhinsk's
liquidity, thanks to the city's success in attracting a sizable
amount of longer-term committed bank lines.  This has led S&P to
revise up its view of the city's liquidity position to adequate
from less than adequate.  S&P has also revised its assessment of
Dzerzhinsk's contingent liabilities to very low from low.

The ratings are constrained by what S&P sees as Dzerzhinsk's
concentrated and very weak economy and Russia's volatile and
unbalanced institutional framework, which results in very weak
budgetary flexibility for the city.  These constraints are
mitigated by city's adequate liquidity, very low debt, and very
low contingent liabilities. In addition, we assess Dzerzhinsk's
budgetary performance as average and city's management as weak in
an international context.

The issuer credit rating on Dzerzhinsk is equal to its stand-
alone credit profile.

Dzerzhinsk's economy is dominated by the chemical industry, which
relies heavily on external markets.  This industry provides about
40% of the city's output and 20% of employment.  S&P expects
economic growth in Dzerzhinsk to be very modest over the next
three years, in line with the national economy, and to remain
highly dependent on demand from international markets and Russian
state enterprises.

The city's budgetary flexibility is very weak, due to Russia's
volatile and unbalanced public finance system.  About 75% of the
city's revenues come from shared taxes -- which the oblast
unilaterally controls through annual changes to the city's share
of personal income tax (PIT) and the size of transfers to the
city.

In 2014, federal legislation transferred certain spending
responsibilities -- in particular for preschool education -- to
the regional governments from the municipal governments, and
redistributed some tax revenues in favor of the regions.  For
this reason, Dzerzhinsk is now responsible for less spending and
will receive a lower share of PIT: 33.2% in 2015 compared with
56% in 2013.

Based on recent financial results in 2014, however, these changes
have left the city somewhat better off and have supported its
efforts to consolidate operating fiscal performance, evident in
2012-2013 when it posted a surplus of 0.6% of operating revenues
on average after a 5% deficit in 2009-2011.  S&P forecasts that
Dzerzhinsk will deliver a surplus of about 2.5% of operating
revenues on average in 2014-2017.  This scenario is based on
cautious spending control and continuing support from Nizhny
Novgorod Oblast, despite some weakening of the oblast's financial
performance.

S&P expects that, over the next three years, the balance after
capital accounts will remain moderate thanks to cofinancing from
the Nizhny Novgorod Oblast.  In 2012, Dzerzhinsk became a major
target of the federal government's environmental remedial action
program, under which it was allocated about Russian ruble (RUB) 4
billion (about $105 million).  There is uncertainty about the
disbursement of these funds, given delays in procurement
procedures, which has led the federal government to shift funds
to the oblast's budget.  Therefore, S&P assumes in its base case
a reduction of both capital transfers from the oblast and capital
expenditures, leading to only moderate deficits after capital
accounts at about 2% of total revenues on average in 2014-2017,
almost the same as the average level in 2011-2013.

Owing to modest deficits, the city's tax-supported debt will
likely stay below 20% of operating revenues through 2016.  This
includes committed bank lines only, because the city doesn't
provide guarantees and its municipal enterprises have zero debt.

Dzerzhinsk's limited involvement in the local economy and its
government-related entities' relatively stable financial
positions have led S&P to assess the city's contingent
liabilities as very low, based on S&P's updated criteria.

S&P regards the city's financial management as weak, in an
international context, as it do for most of its Russian peers.
Clear improvements in debt and liquidity policies have so far not
outweighed the only emerging level of long-term financial
planning and weak revenue and spending management.

Liquidity

"We have changed our assessment of Dzerzhinsk's liquidity to
adequate from less than adequate.  We consider that the city's
debt service coverage is strong, as free cash and bank lines
exceed debt service over the next 12 months by more than 300%.
At the same time, we view Dzerzhinsk's access to external
liquidity as limited, given the weaknesses of the domestic
capital market," S&P said.

Dzerzhinsk's cash reserves have historically been low, comprising
just 2% of operating spending in 2010-2013 and well below debt
service needs.  However Dzerzhinsk's management has consistently
attracted committed bank lines, which have supported the city's
debt service coverage ratio at more than 120%.  Moreover, over
the last three years, the city has managed to continuously extend
the average debt maturity profile.  By year-end 2014, the average
maturity of the city's committed bank lines will amount to three
years, compared with only one year in 2012.

As of Sept. 1, 2014, availability under committed and undrawn
bank lines exceeded the city's debt service for the next 12
months and the forecast deficit after capital accounts by more
than 3x, compared with 1.5x on March 1, 2014.  Moreover in 2013-
2014, the city was able to significantly reduce the debt service
for 2014-2017 to an average of 6%, from 16% in 2012.

OUTLOOK

The stable outlook reflects S&P's view that, in 2014-2016,
Dzerzhinsk will counterbalance sluggish revenue growth, given
support from the Nizhny Novgorod Oblast, and maintain average
budgetary performance with positive operating surpluses and
moderate deficits after capital accounts of less than 5% total
revenues.  The outlook also assumes that the city will maintain
adequate liquidity by organizing sufficient amounts in committed
bank lines and relying on medium-term borrowing.

S&P could take a positive rating action if, within the next 12
months, the city posted operating surpluses of over 5% or
surpluses after capital accounts thanks to larger amounts of
transfers from the oblast and a tight spending policy.  This
could allow us to revise our assessment of the city's budgetary
performance upward.

Conversely, S&P could take a negative rating action if, over the
next 12 months, negative operating margins or reliance on short-
term debt resulted in weaker liquidity.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.

RATINGS LIST

Upgraded
                                  To                 From
Dzerzhinsk (City of)
Issuer Credit Rating             BB-/Stable/--      B+/Stable/--
Russia National Scale            ruAA-              ruA


KALUGA REGION: Fitch Affirms 'BB' LT Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has affirmed Russian Kaluga Region's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'BB',
with Stable Outlooks, and its Short-term foreign currency IDR at
'B'.

The agency has also affirmed the region's National Long-term
rating at 'AA-(rus)' with Stable Outlook.  Kaluga's outstanding
senior unsecured domestic bonds (ISIN RU000A0JRHN7) have also
been affirmed at 'BB' and 'AA-(rus)'.

KEY RATING DRIVERS

The ratings reflect the administration's efficient and proactive
management, the region's rapid economic development and sound
budgetary performance.  The ratings also factor in increasing
pressure on operating expenditure and a growing debt burden,
including contingent risk stemming from the liabilities of public
sector entities (PSEs), although the maturity profile of these
liabilities is long-term.

Fitch expects Kaluga to continue to demonstrate solid operating
performance, supported by further expansion of its tax base.  The
agency expects full-year operating balance to be at 10%-12% of
operating revenue in 2014-2016, in line with the 11% reported in
2013.  This was down slightly from an average of 15.4% during
2010-2012, due to increasing operating expenditure pressure and
decline in corporate income tax (CIT) proceeds in 2013.
Operating spending will remain under pressure as a result of the
national government's decision to increase public sector salaries
and reduce transfers from the federal budget.  However, the
administration expects CIT to recover in 2014 on growing
industrial output.

Fitch expects Kaluga's direct risk, including the liabilities of
the Development Corporation of Kaluga Region (DCKR), to increase
16% to RUB28 billion in 2014, fuelled by a forecast deficit
before debt variation of RUB3.7 billion.  Over the medium term
the region intends to narrow the budget deficit and limit debt
growth.  Fitch therefore forecasts direct risk to stabilize in
absolute terms during 2015-2016, while operating revenue growth
should allow the overall debt burden to gradually decline to 60%
by end-2016, from 70% in 2014.

Fitch expects debt coverage (direct debt to current balance) to
be five to six years in 2014-2016, which is higher than the
region's average direct debt maturity profile of three years.
This would be similar to the 5.5 years reported in 2013 but down
from a strong two years in 2012.

Kaluga is not exposed to high immediate refinancing risk as it
has only RUB400 million (about 2% of direct risk) due by year-
end.  However, the region will need to repay about 70% of its
direct risk (RUB19.3 billion) in 2015-2017, mostly bank loans.
Fitch expects the region will substitute part of bank loans with
the loans from the federation and roll over the remaining
maturing liabilities with the same banks.

The regional government is focused on local economic development
and on expanding the tax base.  Kaluga has been successful in
attracting foreign investments, promoting industrial production
and innovation.  These policies have allowed the local economy to
grow at a cumulative 25.9% in 2011-2013, well above the 9.3%
average for the Russian Federation.  The government forecasts
economic growth of 7% p.a. in 2014-2015.

Kaluga actively uses PSEs to finance local investment projects.
It established DCKR, which at end-2013 borrowed RUB6.8bn to
finance the development of regional industrial zones.  Two other
regional public companies incurred a combined RUB1bn debt at end-
2013 to finance various investment projects.  The region provides
subsidies to cover the principal and interest on the debt of
these PSEs.  Consequently, Fitch considers the liabilities of
those PSEs as the region's direct risk.  Positively, PSEs'
liabilities have a long-term maturity profile till 2022.

RATING SENSITIVITIES

Maintenance of sound operating performance with operating margins
of 12%-14%, and restoration of strong direct debt coverage in
line with the region's average debt maturity, would lead to an
upgrade.

Continued deficit before debt variation leading to direct risk
increasing above 75% of current revenue and deterioration in
direct debt coverage beyond 10 years would lead to a downgrade.


LIPETSK REGION: Fitch Affirms 'BB' LT Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Russian Lipetsk Region's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'BB',
with Stable Outlooks, and its Short-term foreign currency IDR at
'B'.  The agency has also affirmed the region's National Long-
term rating at 'AA-(rus)' with a Stable Outlook.

The region's outstanding senior unsecured domestic bonds' ratings
(ISIN RU000A0JS8T1, RU000A0JUNK5 and RU000A0JTVZ8) have been
affirmed at 'BB' and 'AA-(rus)'.

KEY RATING DRIVERS

The affirmation reflects Lipetsk's satisfactory operating
performance, moderate, albeit increasing, direct risk and prudent
financial management.  The ratings also factor in the high
concentration of the local economy and continuous pressure on
operating expenditure.

Fitch expects the region's operating performance to remain
satisfactory with an operating balance sufficient to cover
interest payments in 2014-2016.  This will be supported by the
region's strong tax base and the ability of the administration to
control operating expenditure growth.

Higher salaries for public employees in the education and
healthcare sectors mandated by the federal government led to a
weaker, but still satisfactory, operating balance at 5.9% of
operating revenue in 2013 (2012: 8.5%).  This, together with high
capex, led to a widening of the region's deficit before debt
variation to 13.5% of total revenue (2012: 7%).

Fitch believes the deficit before debt variation will narrow to
below 10% of total revenue in 2014, with no large-scale
investment projects in the pipeline over the medium term
following the completed construction of several sports venues in
its municipalities in 2013.

Fitch expects that the region's direct risk will continue to
increase, but remain moderate in the medium term and will not
exceed 60% of current revenue (2013: 41.4%).  The region's
maturity profile is stronger than for most of its national peers.
The region's direct risk is dominated by medium-term bank loans
and issued debt with amortizing repayments, providing a smooth
maturity profile.  Lipetsk was among a few Russian regions that
were able to issue debt at acceptable interest rates before
western sanctions were introduced.  It issued a RUB5bn domestic
bond in 2014 with a final maturity in 2019.  The region has no
repayments till year-end, following an early repayment of its
RUB1.15bn of bank loans due in November-December 2014.

The region's economy is developed but concentrated as it hosts of
one of the largest Russian metallurgic plants, OJSK Novolipetsk
Steel (BBB-/Negative/F3).  Ferrous metallurgy contributed 56% of
the region's industrial output in 2013, making it vulnerable to
fluctuations in the domestic and international steel markets.  In
2013 the regional economy grew 1.1% yoy following weak national
growth of 1.3%.

The administration's strategic objective is to diversify the
local economy by developing a network of special economic zones
(SEZs). Since mid-2000, Lipetsk has created ten regional SEZs,
comprising four industrial, three agricultural, one technological
and two tourist-recreational zones in the historical cities of
Zadonsk and Elets.  Hence investment into non-metallurgy
activities increased to 86% of total investment in 2013 from 63%
in 2004.

RATING SENSITIVITIES

Inability to narrow the deficit before debt variation, leading to
an increase in direct risk to above 60% of current revenue will
lead to a negative rating action.

An operating balance improvement to above 10% of operating
revenue and debt coverage (direct risk to current balance) below
eight years (2013: 14.7 years) would lead to positive rating
action.


ORENBURG REGION: Fitch Affirms 'BB' Long-Term IDR; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed the Russian Orenburg Region's Long-
term foreign and local currency Issuer Default Ratings (IDRs) at
'BB', with Stable Outlooks and its Short-term foreign currency
IDR at 'B'.  The agency has also affirmed the region's National
Long-term rating at 'AA-(rus)' with Stable Outlook.

Fitch has also affirmed the local currency long-term rating of
Orenburg Region's senior unsecured domestic bonds and JSC
Orenburg Housing Mortgage Corporation's (OHMC) senior unsecured
bond, guaranteed by the region, at 'BB' and National Long-term
rating at 'AA-(rus)'.

KEY RATING DRIVERS

The affirmation reflects Fitch's unchanged baseline scenario
regarding the region's moderate debt with low refinancing risk,
satisfactory cash position, and expected recovery in fiscal
performance.  The ratings also factor in the concentrated nature
of the region's tax base to the prime sector of the local economy
(oil and gas companies).

Fitch expects Orenburg region to gradually restore its operating
performance in 2014, with operating surplus close to 4% in 2014
and 5%-6% in 2015-2016.  The region is likely to decrease its
deficit before debt variation to 3%-5% of total revenue in the
medium term (2013: 16.9%).  This would be possible due to
increased restated tax proceeds and containment of operating
expenditure from 2014 onwards.

In Fitch's view, Orenburg region's direct risk is likely to
increase to up to 41% of current revenue in 2014 (2013: 36%) and
to 45% in 2015-2016 to fund expected budget deficits.  Direct
risk comprised 41% domestic bonds, 41% federal government loans
and 18% bank loans.  The region's expected payback period - as
measured by direct debt/current balance -- is likely to be six to
seven years in the medium term in line with expectations.

The region's interim cash position has improved, with cash held
on accounts totaling RUB4.8bn by end-August 2014 (2013:
RUB0.6bn), or 6x expected interest payments in 2014.  The region
also maintains untapped standby credit lines up to RUB6bn.

The region's contingent risk is limited to three guarantees
issued to local companies and self-serviced debt of its public
entities. The region guaranteed OHMC's domestic bond issued in
2012.  None of the guarantees have been called by the lenders and
the region is likely to issue several new guarantees in 2014-
2016.

The administration expects slow growth in the region's economy,
with a likely increase in GRP of less than 1% yoy by end-2014 and
about 2%-3% yoy in 2015-2016.  The economy is dominated by oil
and gas companies, which provide a sustainable tax base.
However, the concentrated tax base exposes Orenburg region to
potential changes in the fiscal regime, business cycles or price
fluctuations in the sector.

RATING SENSITIVITIES

The ratings could be positively affected by a sustainable debt
payback ratio of below four years of current balance and direct
risk remaining below 40% of current revenue.

The ratings could be negatively affected by consistently weaker
budgetary performance leading to insufficient debt service
coverage of the region.


OTP BANK: Moody's Lowers Long-Term Deposit Ratings to 'Ba3'
-----------------------------------------------------------
Moody's Investors Service has downgraded to Ba3 from Ba2 the
long-term foreign and local-currency deposit ratings of OTP Bank
Russia. The rating action is driven by (1) its asset quality
deterioration against the background of weak performance in
Russia's (Baa1 negative) consumer lending market; and (2) loss-
making performance in H1 2014 that mainly stemmed from growing
credit costs.

Concurrently, Moody's downgraded the bank's standalone bank
financial strength rating (BFSR) to E+ from D-, which now
corresponds to a baseline credit assessment (BCA) of b1. The
bank's Not Prime short-term foreign and local-currency ratings
were affirmed. The outlook on all the bank's long-term debt and
deposit ratings is negative, reflecting anticipated pressure on
the bank's asset quality, profitability and capital metrics over
next 12-18 months. The BFSR carries a stable outlook.

Moody's assessment of OTP Bank Russia's ratings is largely based
on the issuer's audited financial statements for 2013 prepared
under IFRS as well as information received from the bank.

Ratings Rationale

The rating action reflects Moody's expectation that (1) the
bank's asset quality might deteriorate further over next 12-18
months, putting pressure on the bank's profitability; and (2)
pressure on the bank's capitalization will develop because
additional provisioning charges will persist.

OTP Bank Russia's asset quality has been eroded against the
background of general weakening in the quality of retail
portfolios of Russian banks in H1 2014. This erosion is driven by
(1) the rapid growth of household indebtedness in recent years;
and (2) the country's currently weak macroeconomic outlook, which
suppresses the population's net income and hence debt-servicing
capacity. The bank's problem loans that are overdue by more than
90 days increased to 24% of its total loan portfolio in H1 from
19% reported at year-end 2013.

As a result of the aforementioned pressure, OTP Bank Russia's
cost of risk remained high at 14.8% in H1 2014 (year-end 2013:
15.3%). Given high cost of risk, the bank has become loss-making
in 1H 2014 with return on average assets of -1.8% (year-end 2013:
0.6%). As the consumer market and household incomes remain
subdued, Moody's expects a further pressure in full-year 2014
cost of risk and thus bottom-line profitability. Although the
bank's capital levels are still adequate given its risk profile
as a consumer lender (its regulatory capital adequacy ratio was
11.7% in H1 2014, which was in line with 2013 levels), Moody's
expects the provisioning charges to pressurize the bank's capital
over next 6-to-12 months.

Moody's does not expect OTP Bank Russia's losses to be remediated
in 2014, because any major reduction in credit costs is unlikely
to materialize in the short-to-medium term, despite the bank's
efforts to tighten its underwriting standards and cut costs. The
rating agency notes that pressure will be exerted on the bank's
revenue generation capacity as a result of the contraction of the
loan portfolio together with the diminishing proportion of
performing loans and increasing funding costs.

What Could Move the Ratings Up/Down

The downgrade of OTP Bank Russia's long-term ratings implies that
upward rating pressure is limited. The outlook on the long-term
ratings could be changed to stable if the bank improves its
profitability and asset quality metrics, while maintaining
adequate capital levels.

Downward pressure could be exerted on OTP Bank Russia's ratings
as a result of any of the following: (1) continued loss-making
performance caused by further asset quality erosion; (2) a
further deterioration in the bank's capitalization or (3) if the
rating of the parent -- Hungary's OTP Bank NyRt -- was
downgraded.

Principal Methodology

The principal methodology used in this rating was Global Banks
published in July 2014.

Headquartered in Moscow, Russia, OTP Bank Russia reported total
assets of RUB128.6 billion (US$3.8 billion) and net loss of
RUB1.2 billion (US$37 million), according to unaudited IFRS at
end-H1 2014.


TULA REGION: Fitch Affirms 'BB' LT Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed Russian Tula Region's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'BB',
with Stable Outlooks, and its Short-term foreign currency IDR at
'B'. The agency has also affirmed the region's National Long-term
rating at 'AA-(rus)' with Stable Outlook.  The region's
outstanding senior unsecured domestic bonds' (ISIN RU000A0JT1G2
and RU000A0JUAC9) ratings have also been affirmed at 'BB' and
'AA-(rus)'.

KEY RATING DRIVERS

The ratings reflect Tula's satisfactory operating performance,
moderate albeit increasing direct risk and a well-diversified
economy.  They also reflect weak debt coverage exceeding its debt
maturity profile and the overall modest scale of its economy.

Fitch expects Tula's operating balance will be supported by
further expansion of the region's tax base and will remain
sufficient to cover interest expenses in 2014-2016.  In 2013, the
operating balance improved to 5.4% of operating revenue from 3%
in 2012, due to increases in taxes and current transfers from the
federal budget.  Fitch assumes the budget deficit before debt
variation will gradually decline over the medium term to 5%-6% of
total revenue in 2015-2016 after peaking at almost 11% of total
revenue in 2013 driven by high capex.

Fitch expects Tula's direct risk to remain moderate in 2014-2016
in the range of 35%-40% of current revenue (2013: 30%).  The
region's direct risk maturity profile, which stretches to 2017,
was shorter than its debt payback ratio of 7.5 years in 2013.
Fitch does not expect the debt payback to match the region's
average maturity profile over the medium term, leaving it exposed
to refinancing risk.  However, the region is free of contingent
liabilities, which is credit positive.

Refinancing needs in 2014 are limited to the repayment of a RUB2
billion short-term budget loan, which could be covered by
unutilized credit line the region has with a commercial bank.  It
is highly likely that the maturing budget loan will be
refinanced, at least partially, by a new medium-term subsidized
budget loan at 0.1% interest rate.  If this is the case, the
region will save on future interest payments.

The administration has decided not to issue new domestic bonds in
2014 amid the unfavorable economic and geopolitical situation,
and will rely on bank loans with two to three year maturities for
budget-deficit financing.  Fitch expects that the contraction of
medium-term debt obligations will gradually even out the region's
maturity profile.

The region has a modest but growing economy.  The regional
economy is diversified and has a well-developed processing
industry. Nevertheless, the region's economic profile is still
modest, with GRP per capita at 82% of the national median.  At
the same time, Tula's economic growth of 5.1% outpaced national
growth of 1.3% in 2013.  The administration expects the regional
economy will continue to outperform the national average in 2014.

The ratings are weighed down by the evolving nature of the
institutional framework for local and regional governments (LRGs)
in Russia.  It has a shorter track record of stable development
than many of its international peers.  The predictability of
Russian LRGs' budgetary policy is constrained by the continuous
reallocation of revenue and expenditure responsibilities within
government tiers.

RATING SENSITIVITIES

An improvement in the operating balance close to 10% of operating
revenue for two consecutive years accompanied by debt payback
being in line with debt maturity would lead to positive rating
action.

Conversely, inability to maintain stable operating performance
with an operating margin above 5% resulting in weak debt payback
exceeding 10 years would lead to a downgrade.


VORONEZH REGION: Fitch Affirms BB+ LT Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Russian Voronezh Region's Long-term
foreign and local currency Issuer Default Ratings (IDR) at 'BB+'
and its Short-term foreign currency IDR at 'B'.  The National
Long-term rating has been also affirmed at 'AA(rus)'.  The
Outlooks on the Long-term ratings are Stable.

Voronezh Region's outstanding senior unsecured domestic bonds
ratings (ISIN RU000A0JTG34 and RU000A0JU823) were also affirmed
at 'BB+' and 'AA(rus)'.

KEY RATING DRIVERS

The rating affirmation reflects Fitch's expectations that
Voronezh region's fiscal performance will stabilize with a
forecast operating balance at 10% of operating revenue in 2014-
2016 that will fully cover interest expenses and principal
repayment.  The region's deficit before debt variation is likely
to narrow to 6% of total revenue in 2014, after a sharp rise to
10.7% in 2013.

Voronezh Region's operating balance deteriorated in 2013 to 8.8%
of operating revenue, following a strong 13.8% in 2012.  This was
attributed to a 9.7% yoy increase in operating expenditure,
driven mostly by staff cost, which offset a slower 3.8% growth in
operating revenue as current transfers from the federal budget
declined.  Fitch believes that the federal government's pledge to
raise public sector salaries will continue to fuel growth of
operating expenditure in the medium term, making a repeat of the
strong 2011-2012 performance unlikely.

Fitch expects the region's direct risk to increase to 30% of
current revenue in 2014 and to 33% by end-2016, from 28.3% in
2013, to fund its expected budget deficit in the medium term.
The region's direct risk is forecast to increase to RUB22.6
billion by end-2014 from RUB11.4 billion as of Jan. 1, 2013, but
remains moderate by international standards.

Fitch expects debt coverage (direct risk/current balance) to
remain under four years in 2014-2016, which is in line with the
maturity of the region's debt portfolio.  Debt coverage
deteriorated in 2013 to 3.7 years from a strong coverage of below
two years in 2011-2012.  However, the region's debt maturity
profile is smooth, and there are no refinancing peaks.

The region's cash position remains sound with cash reserves
totaling RUB8.8 billion as of Sept. 1, 2014, (2013: RUB4.7
billion).  Fitch expects the region will use part of this
liquidity to limit debt growth in 4Q14.  However, the cash
position should remain strong at RUB3 billion at end-2014.  In
addition to available cash, the region has untapped stand-by
credit lines of RUB3.1 billion, available on a first-demand
basis.

Voronezh economy is robust and diversified, supporting a solid
tax base.  The region's administration expects GRP to grow 3%-4%
in 2014-2016, which remains higher than the national average.
The region's economy expanded 5.1% in 2013 (vs. national GDP
growth of 1.3%), after the double-digit growth seen in 2011-2012.

RATING SENSITIVITIES

Sound budgetary performance on a sustained basis with an
operating margin of 15% and direct risk below 45% of current
revenue could lead to an upgrade.

Deterioration of the operating margin to below 5% for two
consecutive years, leading to a significantly weakened debt
coverage ratio far above the average maturity of the region's
debt portfolio could lead to a downgrade.



===========
S E R B I A
===========


SERBIA REPUBLIC: S&P Puts 'BB-' Rating on CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
sovereign credit ratings on the Republic of Serbia on CreditWatch
with negative implications.

Rationale

S&P's CreditWatch placement reflects Serbia's deteriorating
general government debt metrics.  Favorable market access is
currently masking the potential for refinancing risks, which are
exacerbated by the high share of foreign currency borrowing and a
structural current account deficit that remains elevated, despite
narrowing substantially in recent years.

The ratings are constrained by Serbia's moderate GDP per capita
and limited monetary policy flexibility, owing to the high
euroization of the economy.  Serbia's long-term economic growth
potential remains supportive of the ratings.

Serbia's political situation is more stable than in most post-
Yugoslavia republics.  The Serbian Progressive Party (SNS) not
only has a comfortable majority of 63% in parliament, it also
enjoys widespread popular support and has a coalition partner
supporting a broader consensus.  This has helped increase public
acceptance of difficult and politically sensitive reforms and
austerity measures, which had been on previous governments'
agendas.

Major policy initiatives have been delayed again so far this
year, partly due to severe flooding in May and also the
resignation of the finance minister and the government's
hesitation over which austerity measures to implement.  That
said, S&P notes the recent passage of laws regarding pensions,
the labor market, bankruptcy, privatization, and the
restructuring of state-owned enterprises (SOEs).  The sell-off or
dissolution of 502 non-strategic SOEs will free up assets for
better economic use by private-sector actors, and reduce indirect
burdens on the state.  Together with expected public
administration reforms, this could reduce the distorting use of
resources across the economy and promote competitive businesses
that could, in turn, generate sustainable employment.  Serbia's
challenges are comparable to other post-Communist Central and
Eastern European states.  The difference is that Serbia now faces
a weaker global economy and has a dual legacy as a state and
federal center.

The government's main challenge is fiscal consolidation.  S&P
remains doubtful whether consolidation will occur unless there is
an IMF agreement acting as a policy anchor.  In its absence, the
government has only announced partial steps toward reducing the
budget deficit.  Notably, these have included various cuts to
pensions and public wages for those earning more than Serbian
dinar 25,000.  These cuts should generate the approximate savings
needed for the total fiscal adjustment: a headline figure of
EUR1.5 billion over three years has been mentioned in the context
of an IMF agreement.  The remaining measures are supposed to be
drawn from a mix of subsidy cuts, public expenditure savings, and
revenue enhancements.  To date, S&P has no details about this
portion of the consolidation plan.

The credibility of these saving measures will be key to S&P's
overall view of Serbia's medium-term fiscal framework.  If the
majority of the fiscal adjustment succeeded, S&P calculates it
would reduce the general government deficit to 6.0% of GDP in
2015 and 4.5% in 2016, from an estimated 8.1% in 2014.

Failed SOEs have forced the government to service large chunks of
its guaranteed debt portfolio, which S&P now considers equal to
general government debt.  As a result, net general government
debt (gross debt minus liquid assets) has soared to above 60% of
GDP from just 25% in 2009.  Consequently, general government
interest payments as a share of general government revenues have
jumped to nearly 9% in 2015 from less than 2% in 2009.  S&P
forecasts full fiscal consolidation to lead public debt to
gradually stabilize at these high levels by 2016-2017.

By then, some of the structural reforms should have helped revive
growth even if there is a recession.  S&P estimates Serbia's
economy will contract by 0.7% in real terms this year, but grow
again by 1.2% in 2015 before accelerating to an average of 2.7%
annually thereafter.  In per capita terms, this equates to an
average of 2.0% growth over 2014-2017, though this figure is
flattered by the population shrinking at an estimated 0.5% per
year.  Given the current strength of the U.S. dollar, this
translates into GDP per capita of roughly US$6,000, lower than
any EU neighbors and Montenegro.

Serbia's economic potential could lie in the recent development
of new export facilities.  The growth in automotive production
shows that foreign investment can be channeled into transforming
industrial assets formerly belonging to the state and leveraging
Serbia's lower cost structures to build competitive industries.
As an EU accession country, Serbia's expected public- and
private-investment inflows will be channeled into exports, in
particular. Together with compressed import demand due to the
weak economy, S&P believes the current account deficit will
remain roughly flat, averaging 5.5% of GDP in 2014-2017.

S&P's conservative assumption is that FDI inflows should finance
at least half of Serbia's annual current account deficit.  This
should limit the need to raise large external debts.  Given the
already high gross external debt stock (90% of GDP in 2015),
however, external financing remains a key vulnerability to
Serbia's creditworthiness.  Gross external financing needs should
remain roughly equal to 100% of current account receipts (CARs)
plus usable reserves.  In dollar terms, S&P estimates Serbia's
2015 gross external financing need at $11.5 billion (44% of
CARs). S&P projects that 85% (US$6.2 billion) of the current
portion of external debt will be refinanced, all short-term
external debt (US$2.0 billion) will be rolled over, and FDI will
remain at 2013-2014 levels (US$1.5 billion).  S&P forecasts that
the public sector will raise the remaining requirement (US$1.8
billion), half through official borrowing and half via Eurobond
issuance, portfolio flows to the domestic government bond market,
and, if needed, a drawdown of external fiscal assets.

Another external vulnerability is that 77% of the general
government debt is denominated in foreign currency, and about 60%
of commercial debt is held by nonresidents.  This makes the
fiscal debt-to-GDP ratio sensitive to exchange-rate fluctuations.
Such fluctuations have prompted the National Bank of Serbia to
pursue a more restrictive monetary policy than its inflation
targeting would suggest.  As a floating currency, the dinar
provides a flexible adjustment mechanism.  Recent inflation at
the lower end of the central bank's target range (2.5%-5.5%)
should not detract from Serbia's history of exceeding its
inflation targets. Furthermore, political challenges to central
bank independence limit the credibility of monetary policy, in
our opinion.

CREDITWATCH

S&P will resolve the CreditWatch in early 2015 once it has
assessed whether the budgetary laws passed by the end of 2014
offer a credible consolidation of public finances.

In the absence of legislated fiscal plans leading to the
stabilization of the government's debt burden, S&P would lower
the ratings to 'B+/B'.  S&P could also lower the ratings further
if external financing becomes more costly, either because bank
rollover rates fall below our expectations or because the public
sector's access to markets weakens, or if the central bank adopts
a significantly more interventionist foreign exchange policy.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that the debt burden had deteriorated.  All
other key rating factors were unchanged.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.

RATINGS LIST

Ratings Affirmed; CreditWatch/Outlook Action

                                Rating             Rating
                                To                 From
Serbia (Republic of)
Sovereign Credit Rating        BB-/Watch Neg/B    BB-/Negative/B
Senior Unsecured               BB-/Watch Neg      BB-
Transfer & Convertibility
Assessment                      BB                 BB



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


AYT GENOVA VIII: Moody's Raises Rating on Class C Notes to 'B2'
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 9 notes,
confirmed the rating of 1 note and affirmed the rating of 1 note
in 4 Spanish residential mortgage-backed securities (RMBS)
transactions: AyT GENOVA HIPOTECARIO II, FTH; AyT GENOVA
HIPOTECARIO III, FTH; AyT GENOVA HIPOTECARIO VII, FTH and AyT
GENOVA HIPOTECARIO VIII, FTH.

The rating action concludes the review of 10 notes placed on
review on 17 March 2014, following the upgrade of the Spanish
sovereign rating to Baa2 from Baa3 and the resulting increase of
the local-currency country ceiling to A1 from A3. The sovereign
rating upgrade reflected improvements in institutional strength
and reduced susceptibility to event risk associated with lower
government liquidity and banking sector risks.

Ratings Rationale

The rating action reflects (1) the increase in the Spanish local-
currency country ceiling to A1 and (2) sufficiency of credit
enhancement in the affected transactions.

For AyT GENOVA HIPOTECARIO II, FTH, the rating action also
reflects the correction of a model input error. In prior rating
actions, the recovery rate input in the model was inconsistent
with the MILAN input, therefore the tail of the asset loss
distribution was generated incorrectly. The model has now been
adjusted, and the rating action reflects this change.

-- Reduced Sovereign Risk

The Spanish sovereign rating was upgraded to Baa2 in February
2014, which resulted in an increase in the local-currency country
ceiling to A1. The Spanish country ceiling, and therefore the
maximum rating that Moody's will assign to a domestic Spanish
issuer including structured finance transactions backed by
Spanish receivables, is A1 (sf).

-- Key collateral assumptions

The key collateral assumptions have not been updated as part of
this review. The performance of the underlying asset portfolios
remain in line with Moody's assumptions. Moody's also has a
stable outlook for Spanish ABS and RMBS transactions.

-- Exposure to Counterparties

The conclusion of Moody's rating review also takes into
consideration the exposure to Barclays Bank, S.A. (not rated),
which acts as Servicer and Issuer Account Bank in all GEnova
transactions. The deals include Issuer Account Bank replacement
triggers in case Barclays Bank PLC owns less than 51% of Barclays
Bank, S.A. (not rated) or is downgraded below P-1, however there
is not an explicit guarantee of the amounts deposited in these
accounts. Moody's has assessed the probability and effect of a
default of the issuer account bank on the ability of the issuer
to meet its obligations under the transactions, and determined
this risk has some impact on the ratings on the notes.

Principal Methodology

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2014.

Factors that would lead to an upgrade or downgrade of the
ratings:

Factors or circumstances that could lead to an upgrade of the
ratings include (1) further reduction in sovereign risk, (2)
performance of the underlying collateral that is better than
Moody's expected, (3) deleveraging of the capital structure and
(4) improvements in the credit quality of the transaction
counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2)
performance of the underlying collateral that is worse than
Moody's expects, (3) deterioration in the notes' available credit
enhancement and (4) deterioration in the credit quality of the
transaction counterparties.

List of Affected Ratings:

Issuer: AYT GENOVA HIPOTECARIO II, FTH

EUR776 million Class A Notes, Upgraded to A2 (sf); previously on
Mar 17, 2014 Baa2 (sf) Placed Under Review for Possible Upgrade

EUR24 million Class B Notes, Upgraded to Ba3 (sf); previously on
Mar 17, 2014 B1 (sf) Placed Under Review for Possible Upgrade

Issuer: AYT GENOVA HIPOTECARIO III, FTH

EUR776 million Class A Notes, Upgraded to A3 (sf); previously on
Mar 17, 2014 Baa2 (sf) Placed Under Review for Possible Upgrade

EUR24 million Class B Notes, Upgraded to Ba3 (sf); previously on
Mar 17, 2014 B1 (sf) Placed Under Review for Possible Upgrade

Issuer: AYT GENOVA HIPOTECARIO VII, FTH

EUR1048.45 million Class A2 Notes, Upgraded to A2 (sf);
previously on Mar 17, 2014 Baa2 (sf) Placed Under Review for
Possible Upgrade

EUR22.4 million Class B Notes, Upgraded to Ba2 (sf); previously
on Mar 17, 2014 Ba3 (sf) Placed Under Review for Possible
Upgrade

EUR21.15 million Class C Notes, Upgraded to B2 (sf); previously
on Mar 17, 2014 B3 (sf) Placed Under Review for Possible Upgrade

Issuer: AYT GENOVA HIPOTECARIO VIII FONDO DE TITULIZACION

EUR1,575 million Class A2 Notes, Upgraded to Baa1 (sf);
previously on Mar 17, 2014 Baa3 (sf) Placed Under Review for
Possible Upgrade

EUR21 million Class B Notes, Upgraded to Ba3 (sf); previously on
Mar 17, 2014 B2 (sf) Placed Under Review for Possible Upgrade

EUR21 million Class C Notes, Confirmed at B3 (sf); previously on
Mar 17, 2014 B3 (sf) Placed Under Review for Possible Upgrade

EUR21 million Class D Notes, Affirmed Caa1 (sf); previously on
May 10, 2013 Downgraded to Caa1 (sf)


AYT GENOVA X: Fitch Affirms 'Bsf' Rating on Class D Notes
---------------------------------------------------------
Fitch Ratings has upgraded 11 and affirmed 11 tranches of nine
AyT Genova Hipotecario transactions, a series of Spanish prime
RMBS comprising loans originated by Barclays Bank S.A., a Spanish
subsidiary of Barclays Bank Plc (A/Stable/F1).  Fitch has also
placed four tranches on Rating Watch Evolving (RWE), three on
Rating Watch Negative (RWN) and revised the Outlooks on two
tranches to Stable from Negative.

KEY RATING DRIVERS

Rating Cap Revision

Fitch placed the class A notes of all nine transactions on Rating
Watch Positive following the revision of Spain's Country Ceiling
and structured finance rating cap to 'AA+' and 'AA+sf',
respectively, six notches above its sovereign Issuer Default
Rating (IDR) of 'BBB+'.

With the publication of its updated criteria assumptions for
Spanish RMBS on June 5, 2014, Fitch set its assumptions for
'AA+sf' rating stresses used to analyse the ability of some
senior tranches to withstand higher rating scenarios.  The
analysis showed that the credit enhancement (CE) available to
senior notes of AyT Genova III, IV, VI, VII, VII and IX is
sufficient to warrant a two-notch upgrade.

RWE and RWN Driven by Barlcays Bank S.A. Sale

Barclays Bank, S.A. performs the role of issuer account bank in
all nine transactions.  According to the documentation, Barclays
Bank Plc share capital in Barclays Bank, S.A. must remain above
51% (90% in AyT Genova XI) so that the ratings of the parent
company can be deemed applicable to those of the Spanish branch.
On 1 September 2014, Barclays Bank Plc announced the sale of its
Spanish subsidiary to CaixaBank, S.A. (BBB/Positive/F2).  With
the sale of Spanish branch of Barclays, CaixaBank will assume all
the responsibilities under the transaction documentation for
these transactions.

Fitch understands that upon the completion of the sale (end of
2014), an appropriate entity (rated A/F1) will be appointed as
the issuer account bank in the publicly placed transactions - AyT
Genova III, IV, VI, VII, VIII and IX.  However, there is some
uncertainty as to whether the same will be applicable for the
transactions (AyT Genova X, XI and XII) held by the Barclays Bank
group.  Under Fitch's criteria, the ratings of those three deals
would be linked to the rating of CaixaBank (BBBsf).  For this
reason, we have placed the class A2 and B notes of AyT Genova X,
and class B notes of AyT Genova XII on RWN, and the class A2, B
and C notes of AyT Genova XI and class A notes of AyT Genova XII
on RWE.

The RWN on the class A2 and B notes of AyT Genova X and class B
notes of AyT Genova XII imply that failure to comply with the
transaction documentation would result in a downgrade of the
notes to the rating of the bank; otherwise the ratings would be
affirmed.  The RWE on the notes of AyT Genova XI and XII
indicates that the tranches have sufficient credit enhancement to
support higher ratings provided the bank mitigates the increased
counterparty exposure risk.  Fitch expects to resolve the Rating
Watches in the next six months.

Improved Arrears Performance

The upgrades and affirmations in AyT Genova III, IV, VI, VII,
VIII, IX, X and XI reflect the robust performance of the
underlying assets.  As of the latest reporting periods, three-
month plus arrears (excluding defaults) ranged from 0.2% (AyT
Genova III) to 0.9% (AyT Genova XII) of the current pool
balances, well below Fitch's three-month plus arrears Spanish
RMBS index of 1.9%.  Meanwhile, cumulative gross defaults
(defined as loans in arrears by more than 18 months) ranged
between 0.1% (AyT Genova IV) and 1.3% (AyT Genova XI) of the
initial portfolio balance. These levels are also well below the
average (4.7%) for other Fitch-rated prime Spanish RMBS.  Fitch
expects this strong performance to persist due to the more stable
macroeconomic environment.

Low Excess Spread

The structures of the Genova transactions generate limited gross
excess spread, which is on average 13bp (per annum) of the
outstanding portfolio balance.  While the cash flows generated by
the structures have thus far been sufficient to fully provision
for defaulted loans and ensure reserve fund draws remain limited,
if any, in the more seasoned deals (AyT Genova III, IV, VI, VII
and VIII), this has not been the case in the more recent
transactions.  The reserve funds of AyT Genova IX, X, XI and XII
are presently between 69% and 89% of their target amounts.

Fitch has taken into account the gross excess spread available in
each transaction when assessing the overall credit profile of the
rated notes.  The agency has maintained Negative Outlooks on the
junior tranche of AyT Genova IX and the mezzanine and junior
tranche of AyT Genova X reflecting its expectations of future
reserve fund draws.

Loan Modifications

The Genova portfolios comprise loans that have been subject to
modifications, ranging between 0.2% and 4% of the current
portfolio.  To account for the weaker credit profile of these
borrowers, particularly those that have received maturity
extensions in excess of two years (on average 87% of total
modifications), Fitch has applied additional default probability
stresses.  The analysis showed that available credit enhancement
is sufficient to withstand such stresses.  The agency notes that
AyT Genova X is exposed to the largest shares of modified loans
(4%) and has therefore maintained a Negative Outlook on the class
C and D notes.

RATING SENSITIVITIES

Deterioration in asset performance may result from economic
factors.  An increase in new defaults and associated pressure on
excess spread levels and reserve funds beyond Fitch's
expectations could result in negative rating actions.

The rating actions are:

AyT Genova Hipotecario III

Class A (ES0370143002) upgraded to 'AA+sf' from 'AA-sf'; off
  RWP, Outlook Stable
Class B (ES0370143010) affirmed at 'AA-sf'; Outlook Stable

AyT Genova Hipotecario IV

Class A (ES0370150007) upgraded to 'AA+sf' from 'AA-sf'; off
  RWP, Outlook Stable
Class B (ES0370150015) affirmed at 'AA-sf'; Outlook Stable

AyT Genova Hipotecario VI

Class A2 (ES0312349014) upgraded to 'AA+sf' from 'AA-sf'; off
  RWP, Outlook Stable
Class B (ES0312349022) upgraded to 'AAsf' from 'AA-sf'; Outlook
  Stable
Class C (ES0312349030) upgraded to 'A+sf' from 'Asf'; Outlook
  Stable
Class D (ES0312349048) affirmed at 'BBBsf'; Outlook revised to
  Stable from Negative

AyT Genova Hipotecario VII

Class A2 (ES0312343017) upgraded to 'AA+sf' from 'AA-sf'; off
  RWP, Outlook Stable
Class B (ES0312343025) upgraded to 'AAsf' from 'AA-sf'; Outlook
  Stable
Class B (ES0312343033) affirmed at 'A-sf'; Outlook Stable

AyT Genova Hipotecario VIII

Class A2 (ES0312344015) upgraded to 'AA+sf' from 'AA-sf'; off
  RWP, Outlook Stable
Class B (ES0312344023) upgraded to 'AAsf' from 'AA-sf'; Outlook
  Stable
Class C (ES0312344031) affirmed at 'Asf'; Outlook Stable
Class D (ES0312344049) affirmed at 'BB+sf'; Outlook revised to
  Stable from Negative

AyT Genova Hipotecario IX

Class A2 (ES0312300017) upgraded to 'AA+sf' from 'AA-sf'; off
  RWP, Outlook Stable
Class B (ES0312300025) affirmed at 'AA-sf'; Outlook Stable
Class C (ES0312300033) affirmed at 'BBB+sf'; Outlook Stable
Class D (ES0312300041) affirmed at 'BBsf'; Outlook Negative

AyT Genova Hipotecario X

Class A2 (ES0312301015) 'AA-sf'; Rating Watch revised to
  Negative from Positive
Class B (ES0312301023) 'A+sf'; placed on RWN
Class C (ES0312301031) affirmed at 'BBB-sf'; Outlook Negative
Class D (ES0312301049) affirmed at 'Bsf'; Outlook Negative

AyT Genova Hipotecario XI

Class A2 (ES0312302013) 'AA-sf'; Rating Watch revised to
  Evolving from Positive
Class B (ES0312302021) 'Asf'; placed on RWE
Class C (ES0312302039) 'BBB+sf'; placed on RWE
Class D (ES0312302047) upgraded to 'BBBsf' from 'BBsf'; Outlook
  Stable

AyT Genova Hipotecario XII

Class A (ES0312285002) 'AA-sf'; Rating Watch revised to Evolving
  from Positive
Class B (ES0312285010) 'Asf'; placed on RWN


BANCO GRUPO: Fitch Affirms & Withdraws 'BB+' Long-Term IDR
----------------------------------------------------------
Fitch Ratings has affirmed Spain-based Banco Grupo Cajatres,
S.A.'s (BCaja3) Long-term Issuer Default Rating (IDR) at 'BB+',
Short-term IDR at 'B' and Support Rating at '3'.  Fitch has
subsequently withdrawn all ratings.

The withdrawal follows the announcement that BCaja3 was legally
merged into its parent bank, Ibercaja Banco S.A. (BB+/Stable) on
October 1, 2014.  As a result, BCaja3 has ceased to exist as a
separate legal entity.  BCaja3's IDRs have been driven solely by
parental support since its acquisition by Ibercaja Banco on
July 23, 2013.


CAJA INGENIEROS 2: Moody's Hikes Rating on EUR67.5MM Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of seven
notes, confirmed the ratings of one note and affirmed the ratings
of three notes in four Spanish residential mortgage-backed
securities (RMBS) transactions: Caja Ingenieros AyT 2, FTA, Caja
Ingenieros TDA 1, FTA, FTA Santander Hipotecario 1 and FTA
Santander Hipotecario 8.

The rating action concludes the review of eight notes placed on
review on March 17, 2014, following the upgrade of the Spanish
sovereign rating to Baa2 from Baa3 and the resulting increase of
the local-currency country ceiling to A1 from A3. The sovereign
rating upgrade reflected improvements in institutional strength
and reduced susceptibility to event risk associated with lower
government liquidity and banking sector risks.

Ratings Rationale

The rating actions reflect (1) the increase in the Spanish local-
currency country ceiling to A1 and (2) sufficiency of credit
enhancement in the affected transactions; for the revised rating
levels.

For FTA Santander Hipotecario 8, the rating action also reflects
the correction of a model input error. In prior rating actions,
the recovery rate input in the model was inconsistent with the
MILAN input, therefore the tail of the asset loss distribution
was generated incorrectly. The model has now been adjusted, and
the rating action reflects this change.

-- Reduced Sovereign Risk

The Spanish sovereign rating was upgraded to Baa2 in February
2014, which resulted in an increase in the local-currency country
ceiling to A1. The Spanish country ceiling, and therefore the
maximum rating that Moody's assigns to a domestic Spanish issuer
including structured finance transactions backed by Spanish
receivables, is A1 (sf).

-- Key collateral assumptions

The key collateral assumptions for Caja Ingenieros AyT 2, FTA and
Caja Ingenieros TDA 1, FTA have not been updated as part of this
review. The performance of the underlying asset portfolios remain
in line with Moody's assumptions. Moody's also has a stable
outlook for Spanish ABS and RMBS transactions.

For FTA Santander Hipotecario 1 and FTA Santander Hipotecario 8,
Moody's has reassessed its lifetime loss expectation taking into
account the collateral performance of the transactions to date.
FTA Santander Hipotecario 1 has shown a deteriorating growth rate
in defaults where the cumulative defaults as a percentage of the
original pool balance reached 0.65% versus 0.43% in January 2013.
As a result, Moody's increased its key expected loss (EL)
assumption as a percentage of the original pool balance from
0.70% to 0.95%. For FTA Santander Hipotecario 8, the portfolio
has shown improving growth rate in delinquencies. The 90 days
delinquencies as a percentage of the current pool balance reached
1.28% versus 5.86% in February 2013. As a result, Moody's reduced
its key expected loss (EL) assumption as a percentage of the
original pool balance from 10.00% to 8.80%.

-- Exposure to Counterparties

Moody's rating analysis also took into consideration the exposure
to key transaction counterparties. Including the roles of
servicer, account bank, and swap provider.

The rating action takes into account servicer commingling
exposure to Caja de Ingenieros for Caja Ingenieros AyT 2, FTA and
Caja Ingenieros TDA 1, to Banco Santander S.A. (Spain) for FTA
Santander Hipotecario 1 and FTA Santander Hipotecario 8 and
account bank exposure to Banco Santander S.A. (Spain) for FTA
Santander Hipotecario 8.

Moody's also assessed the exposure to Banco Santander S.A.
(Spain) acting as swap counterparty in FTA Santander Hipotecario
1 and FTA Santander Hipotecario 8 when revising ratings.

Principal Methodology

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2014.

Factors that would lead to an upgrade or downgrade of the rating:

Factors or circumstances that could lead to an upgrade of the
ratings include (1) further reduction in sovereign risk, (2)
performance of the underlying collateral that is better than
Moody's expected, (3) deleveraging of the capital structure and
(4) improvements in the credit quality of the transaction
counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2)
performance of the underlying collateral that is worse than
Moody's expects, (3) deterioration in the notes' available credit
enhancement and (4) deterioration in the credit quality of the
transaction counterparties.

List of Affected Ratings

Issuer: Caja Ingenieros AyT 2, FTA

EUR382.5M A Notes, Upgraded to A1 (sf); previously on Mar 17,
2014 A3 (sf) Placed Under Review for Possible Upgrade

EUR67.5M B Notes, Upgraded to Ba1 (sf); previously on Mar 17,
2014 B1 (sf) Placed Under Review for Possible Upgrade

Issuer: Caja Ingenieros TDA 1, FTA

EUR257.2M A2 Notes, Upgraded to A1 (sf); previously on Mar 17,
2014 A3 (sf) Placed Under Review for Possible Upgrade

EUR5.4M B Notes, Upgraded to A3 (sf); previously on Mar 17, 2014
Baa2 (sf) Placed Under Review for Possible Upgrade

EUR5.4M C Notes, Upgraded to Baa2 (sf); previously on Mar 17,
2014 Ba1 (sf) Placed Under Review for Possible Upgrade

Issuer: FTA SANTANDER HIPOTECARIO 1

EUR1718.4M A Notes, Affirmed A1 (sf); previously on Mar 17, 2014
Upgraded to A1 (sf)

EUR53.4M B Notes, Affirmed A1 (sf); previously on Mar 17, 2014
Upgraded to A1 (sf)

EUR46.9M C Notes, Upgraded to A2 (sf); previously on Mar 17,
2014 Baa1 (sf) Placed Under Review for Possible Upgrade

EUR56.3M D Notes, Upgraded to Ba1 (sf); previously on Mar 17,
2014 Ba2 (sf) Placed Under Review for Possible Upgrade

Issuer: FTA SANTANDER HIPOTECARIO 8

EUR640M A Notes, Affirmed A1 (sf); previously on Mar 17, 2014
Upgraded to A1 (sf)

EUR160M B Notes, Confirmed at Ba1 (sf); previously on Mar 17,
2014 Ba1 (sf) Placed Under Review for Possible Upgrade


TRANSHOTEL: Enters Three-Month Voluntary Administration Period
--------------------------------------------------------------
Juliet Dennis at travelweekly reports that Transhotel has entered
a three-month voluntary administration period as it seeks a buyer
to resolve cash-flow issues.

According to travelweekly, the company continues to trade and
will honor bookings.  It is in the process of contacting all
travel agents and supplier partners to reassure them bookings are
safe and to avoid any "knee-jerk reaction" in the trade,
travelweekly relates.

Under Spanish law, a company can put itself into voluntary
administration for three months to get its finances back in order
or prior to closing down, travelweekly discloses.  The company
applied to the Spanish courts and was put into voluntary
administration on Oct. 7, travelweekly relays.

It is understood Transhotel, which works with agents including
Advantage, Hays Travel and Worldchoice in the UK and has offices
worldwide, has been looking for a buyer for some time,
travelweekly notes.

Transhotel is a trade-only bed bank based in Spain.  The company
employs 900 people and works with 60,000 hotels and 78,200 travel
agencies in the 24 countries in which it operates.



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


CREATIVE GROUP: Fitch Lowers Issuer Default Rating to 'CC'
----------------------------------------------------------
Fitch Ratings has downgraded OJSC Creative Group Public Limited's
(Creative) foreign and local currency Issuer Default Ratings
(IDR) to 'CC' from 'CCC'.  Fitch has also downgraded Creative's
National Long-term rating to 'B-(ukr)' from 'A-(ukr)'.  All the
ratings have been placed on Rating Watch Evolving (RWE).

The downgrade reflects Creative's high exposure to banking lines
renewal.  In particular, Fitch became aware of a non-payment
event on its pre-export financing (PXF) line and of a negotiated
standstill with its syndicate of banks.  The company is currently
in negotiations with these banks on the terms of renewing its PXF
line for the new marketing season and expects to downsize the
facility.

While the non-payment event is commensurate with a 'C' IDR, Fitch
believes there is a high likelihood that negotiations with banks
will be successfully finalized in the coming weeks.  This, along
with Creative's export-oriented business, is reflected in the
'CC' IDR.  Creative is currently facing near-term liquidity
issues, largely prompted by the difficult operating environment
in which it operates, as opposed to a solvency problem.  As a
result, Fitch consider that a 'CC' IDR reflects the balance of
risks.  The inability to procure a new PXF line, potentially
translating into a wider liquidity problem, or cross-default with
other bank lines could accelerate a default situation.  However,
if Creative successfully negotiates new terms for its PXF line
Fitch expects to upgrade the IDR back to 'CCC'.

KEY RATING DRIVERS

High Dependence on Working Capital Funding

As a sunflower seed processor, Creative strongly depends on the
availability of working capital financing, which is usually
extended for one year.  This leads to a high proportion of short-
term debt and high refinancing risks, which the company typically
faces between August and October.  The existing problems with the
renewal of the PXF facility, which is required to cover the
company's needs for the 2014-15 marketing season, highlight high
refinancing and liquidity risks.  In Fitch's view, the current
standstill agreement with its PXF lenders and reported non-
payment event for USD81m under this line is mitigated by the
advanced negotiations with banks for new financing.

Weak Operating Environment

Creative's ratings reflect the ongoing heightened uncertainty
regarding the political and economic situation in the Ukraine,
which may ultimately threaten the ability of Ukrainian corporates
to meet their debt obligations.  Maintaining zero exposure to
Crimea, Donetsk and Lugansk regions, Creative stays outside the
military conflict in the Eastern part of the country and Ukraine-
Russia tensions.

Weak Liquidity

Creative's liquidity position for the next 12 months will be
subject to its ability to successfully renegotiate its short-term
bank lines and generate at least USD70 million-USD100 million in
FCF in 2014-15, which could be supported by reduced and more
effective working capital management and expected improvement in
EBITDA margin in 2014-15.  Fitch evaluates the current liquidity
profile as weak, which is captured by the existing rating.

Lower Capex Plans

Fitch understands that Creative is currently focused on working
capital financing and debt reduction in the medium term.
Consequently, Fitch expects the company to grow organically and
through higher utilization of recently added capacity (in soybean
crushing and spreads segments) with capex at about 2%-3% of
revenues, which we consider sustainable given the high capex in
2011/2012.

Improving Cash Flow Generation

Fitch expects revenues to decline by more than 20% in 2014 due to
sharp decline in soft commodity prices.  This will translate into
a less severe reduction in EBITDA thanks to large supply of
sunflower seeds in Ukraine this year and the dilution of hryvnia
costs (when translated into US dollars).  Fitch estimates that
interest burden on mostly US dollar-denominated debt will remain
significant for the company.

Better profitability combined with reduced working capital
requirements and lower capex should translate into positive FCF
from 2014.  However, profit margins may be volatile driven by
future input/selling prices, local currency trends and capacity
utilization rates based on the availability of sunflower seeds in
the key procurement season.

Sound Business Model

Despite its near-term liquidity constraints, Creative remains the
second-largest sunflower seed processor in Ukraine, after Kernel.
Access to foreign currency driven by a primarily export-oriented
revenue base from its sunflower crushing business (around 78% of
group FY13 revenues and 68% of EBITDA) helps insulate it from
further depreciation of the local currency.  Ukraine is a strong
net exporter of sunflower oil in bulk and Fitch expects this
situation to continue if sunflower seed availability remains.

Some degree of business diversification by product and export
destinations, as well as Creative's vertically-integrated
business model, which translate into healthy group operating
margins, further support the sound business model.

RATING SENSITIVITIES

Negative: Future developments that could lead to negative rating
action and resolution of RWE include:

   -- A liquidity shortage caused by inability to procure new PXF
      lines for new season prompting a permanent standstill
      situation, possibly exacerbated by uncured covenant
      breaches.

   -- Cross-default with other bank lines triggering wider
      restructuring talks with banks.

Positive: Future developments that could lead to positive rating
actions, including resolution of RWE and an upgrade of the local
currency and foreign currency IDRs to 'CCC', include:

   -- Ability to procure new working capital lines (PXF) at
      reasonable terms supporting liquidity needs for at least
      the next six to nine months.

   -- Stabilization of free cash flow generation in 2014 turning
      strongly positive in 2015 (at least mid to high single
      digits of sales) shoring up liquidity beyond 12 months;

Future positive rating actions will remain subject to a sustained
improvement in the issuer's operating environment in Ukraine.


KYIV CITY: Moody's Affirms 'Caa3' Issuer & Sr. Unsecured Ratings
----------------------------------------------------------------
Moody's Investors Service has affirmed its foreign and local
currency issuer ratings and foreign-currency senior unsecured
rating on the City of Kyiv at Caa3, following the city's
repayment of its UAH1.125 billion (around US$85 million) senior
unsecured bonds, which matured on October 6, 2014. The outlook
for the ratings is negative.

The city repaid the bonds within the established cure period
using proceeds from a private placement of new senior unsecured
bonds worth UAH2.625 billion (about $200 million) set to mature
in October 2015.

Moody's understands that the city intends to use the remaining
funds from the placement, which is currently in process, to repay
the series 2C, 2D and 2E bonds (totaling UAH1.5 billion, or
around US$115 million), maturing in October and November 2014.

Ratings Rationale

The rating affirmation reflects Moody's view that the current
Caa3 rating properly reflects the risks related to the city's
ability to repay its obligations and of potential losses for
investors. The proceeds from the new bonds will ease some of the
immediate refinancing risk pressure; however, Kyiv's refinancing
risk remains very high.

In 2014-2015, the city has to repay US$250 million of Eurobonds
and more than UAH5.4 billion of local currency bonds (about
US$415 million), which amount to more than 50% of its annual
operating revenues. The city's poor fiscal performance will
constrain its ability to accumulate the cash it will need to
repay the bonds. As a result, to make the payments, Kyiv will
have to rely on refinancing the bonds, which could be difficult
given its limited access to financial markets.

Negative Outlook

Moody's negative outlook reflects primarily the very high
refinancing risk of outstanding debt that could materialize in
the short to medium term. The outlook is aligned with Moody's
negative outlook for Ukraine's government bond rating.

What Could Move the Rating Down/Up

A downgrade is possible in the event of any of the following: (1)
a default or restructuring of the existing debt, which would lead
to higher investor losses than Moody's current expectations; (2)
another downgrade to the sovereign rating; (3) a material
shortfall in the city's own-source revenue, resulting in a
significant financing deficit; and (4) an increase in debt.

Although unlikely, upward rating pressure could arise in the
event of structural improvements in the city's debt and liquidity
metrics and upward action to the sovereign rating.

Specific economic indicators as required by EU regulation are not
applicable for this entity.

On October 9, 2014, a rating committee was called to discuss the
rating of the Kyiv, City of. The main points raised during the
discussion were: The issuer has become increasingly susceptible
to event risks.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.


KYIV CITY: Fitch Affirms 'CC' Issuer Default Rating; Outlook Neg.
-----------------------------------------------------------------
Fitch Ratings has affirmed the City of Kyiv's Long-term foreign
and local currency Issuer Default Ratings (IDRs) at 'CC' and its
National Long-term rating at 'BB(ukr)'.  The agency has also
affirmed the city's Short-term foreign currency IDR at 'C'.  The
Outlook on the National Long-term rating is Negative.

KEY RATING DRIVERS

The affirmation follows the timely remedy of the overdue bond
repayment (UA4000142707) within its grace period.  The repayment
became possible following the issuance of a new domestic bond on
October 8, 2014.  Fitch treats the transaction as timely
repayment of the debt obligation, having previously stated that
this debt could be subject to distressed debt exchange (DDE)
criteria.

The ratings also factor in prevailing material refinancing risk,
significant exposure to forex risk, weak macro-economic forecast,
low propensity of the state support amidst weakened Ukraine's
institutional framework and continued political uncertainty.

Kyiv issued series H senior unsecured domestic bonds of UAH2.625
billion (UA4000186878) with 360 calendar days to maturity.
Simultaneously the city repaid its UAH1.125 billion domestic
bond, which matured on October 6, 2014.

The city plans to repay domestic bonds (UA4000142715,
UA4000142723 and UA4000142731) maturing in October-November 2014
with proceeds from the new bonds.  In Fitch's view, the city's
cash holdings of UAH570 million at end-August 2014 (2013: UAH333
million) should be sufficient to honor coupon payments on bonds
maturing until end-2014.

Nonetheless, Fitch considers Kyiv's exposure to refinancing risk
as material.  The domestic capital markets remain weak, while the
peak of the city's repayments will be in 12-15 months.  The city
will be refinancing its outstanding USD250 million eurobonds and
domestic bonds coming due in 2H15.

Additionally, the city remains exposed to unhedged forex risk,
exacerbated by the Ukranian hryvnia's depreciation by 39% against
the dollar since end-2013.

The macro-economic forecast is negatively affecting the city's
ratings.  Fitch expects Ukraine's real GDP to shrink by at least
6.5% in 2014, and assumes zero growth in 2015 and 2016 given
political uncertainty.  The negative recession impact will be
partially mitigated by the well-diversified economy.

Fitch expects volatility in Kyiv's budgetary performance due to
the lower predictability of potential fiscal changes as national
parliamentary elections are scheduled on Oct. 26, 2014.

Fitch assesses Ukraine's ability to support Kyiv as having low
propensity to materialize in 2014-2015, considering the national
government's limited financial flexibility.  Fitch previously
viewed Kyiv's status as Ukraine's capital and the
administration's integration with the central government as a
supporting factor for the city's ratings.

RATING SENSITIVITIES

Any adverse change leading to partial or full containment of the
city's ability and/or willingness to service its debt would lead
to a downgrade.

Sustainable restoration of the city's financial flexibility
leading to withdrawal of material downside credit risks would
lead to an upgrade.

The rating actions are:

   -- Long-term foreign and local currency IDRs: affirmed at 'CC'
   -- National Long-term ratings: affirmed at 'BB(ukr)'/Negative
   -- Short-term foreign currency IDR: affirmed at C
   -- UAH4.275bn senior unsecured domestic bonds: affirmed at
      'CC'/'BB(ukr)'
   -- UAH2.625bn senior unsecured domestic bonds: rated at
      'CC'/'BB(ukr)'
   -- Senior unsecured eurobonds: affirmed at 'CC'


UKRAINE: S&P Raises National Scale Ratings From 'uaBB+'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its national scale
ratings on Ukraine to 'uaBBB-' from 'uaBB+'.

As a "sovereign rating" (as defined in EU CRA Regulation
1060/2009 [EU CRA Regulation]), the ratings on Ukraine are
subject to certain publication restrictions set out in Art 8a of
the EU CRA Regulation, including publication in accordance with a
pre-established calendar.  Under the EU CRA Regulation,
deviations from the announced calendar are allowed only in
limited circumstances and must be accompanied by a detailed
explanation of the reasons for the deviation.  In this case, the
reason for the deviation is the publication of new national scale
rating criteria on Sept. 22, 2014.

RATIONALE

The raising of the national scale rating on Ukraine follows S&P's
review of the rating under its new national scale rating
criteria, which it published on Sept. 22, 2014.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that the key rating factors were unchanged.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.

RATINGS LIST

                                   To                 From
Ukraine
Ukraine National Scale            uaBBB-/--/--       uaBB+/--/--


VAB BANK: Moody's Puts 'Caa3' Rating on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade VAB
Bank's Caa3 local currency deposit rating and the bank's National
Scale Rating (NSR) of Caa3.ua. Concurrently, the rating agency
has affirmed the standalone E bank financial strength rating
(BFSR), which is now equivalent to a baseline credit assessment
(BCA) of ca (formerly caa3), the Not-Prime short-term local- and
foreign-currency deposit ratings, and the Ca long-term foreign-
currency deposit rating.

Ratings Rationale

The rating action was driven by a material deterioration of VAB
Bank's standalone credit profile and the bank's recent failure to
pay interest on its US$88 million Loan Participation Notes due
2019 (not rated by Moody's), prompting the rating agency to lower
the bank's BCA to ca from caa3.

Rationale for Review

Moody's placed VAB Bank's Caa3 global local currency deposit
rating and Caa3.ua National scale rating on review for downgrade
because the rating agency believes that, without access to
additional external liquidity and capital support, VAB Bank's
unsecured depositors will incur heavier losses than implied by
the current deposit rating of Caa3.

The review will therefore focus on the bank's ability to obtain
external support in the coming weeks, in accordance with its
recently announced rehabilitation plan, under which VAB Bank
expects to stabilize its weak liquidity profile with the help of
foreign investors and the National Bank of Ukraine.

Moody's says that the increasingly challenging economic
conditions and volatile operating environment in Ukraine has been
adversely affected by heightened geopolitical tensions that
exerted significantly more pressure on overall economic activity,
the local currency, and depositor confidence. VAB Bank's
liquidity profile has been severely affected both by an increased
level of problem loans and by a substantial deposit outflow
during 2014.

Moody's also notes that a large portion of VAB Bank's loan book
(around 30% at year-end 2013) was denominated in foreign
currency, and the material devaluation of the hryvna (around 37%
since year-end 2013) reduced the debt-servicing capacity of those
borrowers that are exposed to foreign-currency loans but have no
(or limited) foreign-currency income, thus exerting significant
pressure on VAB Bank's asset quality.

What Could Move the Ratings Up/Down

Considering the review for downgrade, there is limited upwards
pressure on VAB Bank's ratings; however, the review could be
concluded with a confirmation of the ratings if the bank
stabilizes its weak liquidity profile. At the same time, VAB
Bank's ratings could be downgraded if the bank fails to stabilize
its liquidity profile, thus increasing the risk of heavier losses
for its uninsured depositors than currently anticipated.

The principal methodology used in this rating was Global Banks
published in July 2014.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".za" for South Africa.
For further information on Moody's approach to national scale
credit ratings, please refer to Moody's Credit rating Methodology
published in June 2014 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings".

Headquartered in Kyiv, Ukraine, VAB Bank reported total assets of
UAH23.5 billion (US$2.0 billion) as of July 1, 2014 (in
accordance with unaudited local GAAP financials).



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


DTZ UK GUARANTOR: Moody's Assigns 'B2' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating to DTZ and assigned ratings to its prospective secured
credit facilities, which include two first lien term loans (each
rated B1), a second lien term loan (rated B3), and a first lien
revolver (rated B1). The B1 first lien debt ratings (one notch
above the CFR) reflect the significant amount of second lien debt
and unsecured obligations in the company's capital structure. The
B3 second lien debt rating reflects the large proportion of first
lien debt in the capital structure. The rating outlook is stable.

DTZ is a global property services business that provides a full
array of real estate solutions to occupiers, owners, investors,
and developers worldwide. The company's primary services include
facilities management, property management, leasing, capital
markets, and other advisory and property services.

The following ratings were assigned with a stable outlook:

DTZ UK Guarantor Limited

-- Corporate family rating at B2

DTZ U.S. Borrower, LLC co-issuing with DTZ Aus Holdco Pty
Limited

  -- $470mm first lien term loan at B1, $280mm first lien delayed
     draw term loan at B1, $200mm first lien revolver at B1,
     $210mm second lien term loan at B3

Ratings Rationale

DTZ is currently a division of ASX-listed UGL Limited, but will
soon be acquired by a consortium comprised of TPG Capital, PAG
Asia Capital, and Ontario Teachers' Pension Plan Board for about
$1 billion (expected closing in Nov 2014). In turn, a consortium-
backed entity has also announced plans to acquire Cassidy Turley
(CT), a US-based commercial real estate services provider
(expected closing in Dec 2014). The proposed bank financing
package will be used, in combination with equity, to help fund
these two acquisitions.

DTZ's B2 corporate family rating reflects its strong market
position, as the combined company will be the third largest
global property services provider and well-positioned to grow
within its highly fragmented industry. The company is led by a
strong and experienced management team that includes Brett White,
former CEO and President of CBRE, with deep industry experience
and vast customer relationships.

Moody's notes as a key positive that DTZ derives a high
proportion of earnings from contractual property management and
facilities management businesses. Customer retention rates have
traditionally been very high, providing DTZ with a strong base of
recurring income, while modest capex requirements in turn help it
to generate substantial free cash flow. We view the company's
transaction based businesses, such as capital markets, as an
important component of its integrated platform, although these
revenues are more volatile (with the exception of leasing
revenues which tend to be relatively stable) and expected to
remain a modest and manageable component of its overall cash
flows.

DTZ's key credit challenge is a pro forma capital structure that
is highly levered, as well as its private ownership structure
that limits transparency and capital markets access. Moody's also
expects DTZ will be managed with relatively aggressive financial
policies as it seeks growth amidst a consolidating industry. We
believe that DTZ's combination with CT offers the potential for
substantial revenue synergies, as CT will help DTZ penetrate the
important US commercial real estate market via cross-selling of
its offerings. However, it will take time to execute on this
strategy. Moreover, even though DTZ and CT have a strong track
record of successfully integrating acquisitions, integration
risks remain.

The stable outlook reflects Moody's expectation that DTZ will
successfully integrate the CT acquisition, with gradual
improvement in market share and margins across its businesses.
The outlook also anticipates that leverage will decline from peak
levels over the course of 2015.

DTZ's ratings could be upgraded if the company were to
permanently reduce leverage as defined by Net Debt/Recurring
EBITDA (including Moody's standard adjustments for pensions and
operating leases), demonstrate growth in free cash flow and
retained cash flow as % of debt, and grow operating margins.

The ratings could be downgraded should leverage increase
meaningfully from pro forma levels or if operating margins were
to decline. Alternatively, a large levered acquisition or
integration issues associated with CT would also result in a
ratings downgrade.

This is the first time Moody's has assigned ratings to DTZ.

DTZ, currently a division of ASX-listed UGL Limited, is a global
property services business that provides a full array of real
estate solutions to occupiers, owners, investors, and developers
worldwide. The company's primary services include facilities
management, property management, leasing, capital markets, and
other advisory and property services.

DTZ UK Guarantor Limited's ratings were assigned by evaluating
factors that Moody's considers relevant to the credit profile of
the issuer, such as the company's (i) business risk and
competitive position compared with others within the industry;
(ii) capital structure and financial risk; (iii) projected
performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's
compared these attributes against other issuers both within and
outside DTZ UK Guarantor Limited's core industry and believes DTZ
UK Guarantor Limited's ratings are comparable to those of other
issuers with similar credit risk.


HONOURS PLC: Fitch Affirms 'BBsf' Rating on Class D Notes
---------------------------------------------------------
Fitch Ratings has affirmed Honours Plc;s notes:

Class A1 notes affirmed at 'AA+sf'; Outlook Stable
Class A2 notes affirmed at 'AA+sf'; Outlook Stable
Class B notes affirmed at 'Asf'; Outlook Stable
Class C notes affirmed at 'BBBsf'; Outlook Stable
Class D notes affirmed at 'BBsf'; Outlook Stable

The transaction is a securitization of UK not-for-profit student
loans originated by the UK government.  The loans were originated
to individuals who commenced higher education courses prior to
September 1998.

KEY RATING DRIVERS

Cumulative defaults to date have remained in line with Fitch's
expectations, and all notes deficiencies have been cleared with
excess spread.

In Fitch's opinion, the ratings are consistent with the credit
enhancement (CE) as of Sept. 2014, which was 34.5% for the class
A1 and A2 notes, 18.5% for the class B notes, 9.9% for the class
C notes and 4.1% for the class D notes.  Pro-rata redemption,
which started in August 2013 following the fulfillment of the
relevant note amortization condition, does not affect the notes'
ratings and will mean credit enhancement remains stable at
current levels.

A significant percentage of the pool remains in deferment status
(85.6% of the non-defaulted loan portfolio) as they do not
currently qualify for repayment.  The UK sovereign is committed
to indemnify the transaction for any such loans still outstanding
25 years after origination at the principal outstanding amount
and any unpaid interest, provided that they are not in arrears.
In effect, the transaction would be exposed to the credit of
these borrowers only if these loans become due for repayment.

The transaction also benefits from significant excess spread as
the yield on the loans after the subsidy netting (a swap of the
loans' RPI for the notes' Libor provided by the UK government) is
2.69% over Libor, either in the form of cash collections from
repayment loans or capitalization of unpaid interest on deferred
loans.  In Fitch's opinion, the full repayment of the class D
notes in particular is reliant on this large excess spread.

Fitch considers the risk of portfolio collections falling short
of the interest due under the notes is now remote, despite the
small size (5.6%) of the non-defaulted portfolio in repayment
status.  This is because indemnities to be paid by the UK
government in relation to cancelled loans, already largely
complementing portfolio receipts, will become more substantial
from 2017 onwards.  At the same time, the reset of the RPI-index
of the loans (which could increase the subsidy netting to be paid
to the UK government if it rises) will not take place before
September 2015.  The GBP20 million liquidity reserve in an
account with Deutsche Bank (A+/Stable/F1) provides further
support for the timely payment of interest on the class A and B
notes, if an unexpected significant hike in RPI was to take place
by March 2015.

RATING SENSITIVITIES

Fitch estimates that over the past year, around 5% of loans in
deferred status have become due for repayment, or 'reinstated'.
Based on the assumption that deferred loans will be reinstated at
a pace of 5% per year, Fitch calculated that the class D notes
would sustain 20% defaults among these reinstated loans.  The
corresponding figures for the class C and B notes are 32% and
54%, respectively.  This analysis is also made on the
conservative assumption that, while historically slowing down as
the portfolio ages, the pace of reinstatement deferred loans will
remain stable.

On the basis of this analysis, Fitch sees the current ratings as
adequately reflecting the resilience of each class of notes.  The
notes 'ratings, particularly the class D notes, may be negatively
impacted by an acceleration in the reinstatement of deferred
loans, as this could mean more delinquencies, defaults as well as
a shorter portfolio duration and less excess spread.


PUNCH TAVERN A: Fitch Withdraws 'D' Ratings on 7 Note Classes
-------------------------------------------------------------
Fitch Ratings has assigned ratings to Punch Tavern Finance plc's
(Punch A) newly issued super senior hedge (SSHN), A1(V), A2(V),
and M3 notes.  It has also affirmed the A1(R) and A2(R) notes,
which have been redesignated as A1(F) and A2(F) notes and
downgraded and withdrawn the ratings of the existing junior
notes:

GBP123.4 million floating-rate SSHN due 2021: assigned 'BB+';
Outlook Stable

GBP67.5 million Class A1(V) fixed-rate notes due 2026: assigned
'BB'; Outlook Stable

GBP45.8 million Class A2(V) fixed-rate notes due 2025: assigned
'BB'; Outlook Stable

GBP300 million Class M3 floating-rate notes due 2027: assigned
'B-'; Outlook Stable

GBP202.5 million Class A1(F) fixed-rate notes due 2026: affirmed
at 'BB'; Outlook Stable

GBP137.4 million Class A2(F) fixed-rate notes due 2025: affirmed
at 'BB'; Outlook Stable

GBP96.7 million Class M1 fixed-rate notes due 2026: downgraded to
'D' from 'C'; removed from Rating Watch Negative (RWN) and
withdrawn

GBP398.7 million class M2(N) floating-rate notes due 2029:
downgraded to 'D' from 'C'; removed from RWN, and withdrawn

GBP79.5 million class B1 fixed-rate notes due 2026: downgraded to
'D' from 'C'; removed from RWN, and withdrawn

GBP83.7 million class B2 fixed-rate notes due 2029: downgraded to
'D' from 'C'; removed from RWN, and withdrawn

GBP134 million class B3 floating-rate notes due 2031: downgraded
to 'D' from 'C'; removed from RWN, and withdrawn

GBP85.1 million class C(R) fixed-rate notes due 2033: downgraded
to 'D' from 'C'; removed from RWN, and withdrawn

GBP67.8 million class D1 floating-rate notes 2032: downgraded to
'D' from 'C'; removed from RWN, and withdrawn

The rating actions reflect the restructuring of the Punch A
transaction, which involves the amendment of the maturity dates
for the remaining class A notes, and new amortization profiles
and covenants, among others.

The restructuring further involves a partial debt for equity swap
and nominal debt haircuts for the existing class M1, M2(N), B1,
B2, B3, C(R) and D1 notes.  Such junior notes cease to exist and
have been partly replaced by the newly issued class M3 and
unrated class B4 notes.  Consequently the class M1, M2(N), B1,
B2, B3, C(R) and D1 notes were downgraded to 'D', removed from
Rating Watch Negative and the ratings were subsequently
withdrawn.

As part of the restructuring, some interest rate swaps have been
broken, resulting in the crystallization of material mark-to-
market swap liabilities.  To finance such payment obligations,
the SSHN have been issued, ranking pari passu to the swap
payments in the priority of payments.

The ratings of the A(F) notes and the A(V) are aligned given that
a failure to pay interest (or final principal) on the more junior
ranking A(V) notes would result in an issuer event of default due
to the A(V) notes' non-deferability.  Typically UK whole business
securitizations allow debt tranches ranking below the most senior
notes to defer interest and scheduled principal payments if
available cash is insufficient to cover debt service.

The most senior ranking notes in Punch A -- the SSHN -- are rated
one notch above the non-deferrable subordinate ranking class A(F)
and A(V) notes due to their earlier maturity in 2021 and lower
refinance risk compared with the class A notes.  Because the SSHN
mature in 2021 they are therefore not exposed to a potential
inability of the subordinate ranking class A notes to refinance
at their respective maturities in 2025 and 2026.  However, a
payment default under the class A notes prior to the SSHN's full
repayment would still trigger an issuer event of default,
affecting the then outstanding SSHN.  Consequently, the rating
uplift of the SSHN is limited to only one notch despite its
favorable credit metrics.

Fitch believes that in case of an issuer event of default, the
note trustee at its sole discretion shall, and if so directed by
the class A noteholders, give a notice to the security trustee
stating that the notes are immediately due and payable.

KEY RATING DRIVERS (KRDs)

Industry Profile -- Midrange

While the pub sector in the UK has a long history, trading
performance for some assets has shown significant weakness in the
past with the sector being considered in a structural decline for
the last three decades due to demographic shifts, greater health
awareness and the growing presence of competing offerings.
Exposure to discretionary spending is high and revenues are
therefore inherently linked to the broader economic cycle.
Competition is viewed as high including off-trade alternatives
and barriers to entry are low notwithstanding increasingly more
demanding licensing laws and regulations applicable to the
sector. Despite the on-going contraction, the eating- and
drinking-out market is viewed as sustainable in the long-term
supported by the strong pub culture in the UK.

Sub-KRDs: Operating environment: Weaker; Barriers to entry:
Midrange; Sustainability: Midrange

Company Profile -- Midrange

The Punch securitizations have underperformed comparable pub
transactions during the last five years, partly due to poor
operational performance of its pubs and its over-leveraged
capital structure, requiring repeated financial support and
covenant waivers to avoid a borrower event of default.

EBITDA per pub has stabilized over the last two years mainly as a
result of extensive disposals of poorly performing non-core pubs
and increased investments in the core estate following years of
capex underspend.  The leased/tenanted business model makes it
more challenging for the Punch group to adapt to the growing
importance of the eating-out market in the UK.  Furthermore, less
visibility with respect to the tenants' profitability means that
the sustainability of the cash flows generated by tenanted pubs
is more difficult to estimate.  However, the continued disposals
of non-core pubs, combined with increased capex invested in the
core estate, are expected to result in an improved overall
quality of the estate in the foreseeable future.

Sub-KRDs: Financial performance: Weaker; Company operations:
Midrange; Transparency: Weaker; Dependence on operator: Midrange;
Asset quality: Weaker

Debt Structure - Midrange (SSHN, A1(F), A2(F), A1(V), A2(V)) and
Weaker (M3)

The Midrange assessment of the debt structure in respect to the
senior debt is a reflection of the partial repayment from cash
sweep (SSHN, A1(V), A2(V)) and scheduled amortization (A1(F) and
A2(F)), which contributes to some de-leveraging.  This therefore
mitigates -- to some extent -- concerns about the ability to
refinance debt (or the reliance on core pub disposal proceeds) at
or prior to legal maturity.

Untypically for UK whole business securitizations, only the most
junior class M3 and B4 notes can defer interest payments.  A
failure to pay interest and scheduled amortization (or final
principal) on the A(F) and A(V) notes would result in an issuer
event of default due to the A notes' non-deferability.  This
aligns the probability of default of the SSHN and the class A(F)
as well as class A(V) notes much closer together than in other
tranched UK whole business securitizations.

The risk of rising interest rates, owing to the unheged floating-
rate SSHN instrument, has been taken into account in Fitch base
case assumptions.  The junior ranking class M3 notes are not
expected to benefit from any amortization prior to maturity.  The
security package remains largely unchanged for the rated debt
instruments.  Operational and financial covenants are
satisfactory, although Fitch notes the exclusion of the bullet
repayments for the purpose of calculating the free cash flow debt
service coverage ratio (FCF DSCR) as well as the possibility to
prevent a covenant breach through the availability of disposal
proceeds, which are part of the free cash flow definition.  The
inclusion of a leverage covenant is, however, seen as mitigating
this relative weakness.

The group's ability to upstream cash from the securitized group
by way tax payments due on the accrual of interest on
subordinated loans has been addressed given that the new
subordinated loans will not bear interest.  Hence, only a group
service payment of up to 2% of EBITDA can be upstreamed (i.e.
paid to outside the securitized group) if a) no borrower event of
default has occurred and b) the net senior leverage is below the
closing level.  A reduced liquidity facility is structured to
cover 18 months of peak debt service, however, this represents
effectively only interest payments on the rated notes and
scheduled amortization with regard to the class A1(F) and A2(F)
notes (excluding final bullets).

Sub-KRDs: Debt profile: Midrange (SSHN, classes A1(F), A2(F),
A1(V), A2(V)) and Weaker (class M3); Security package: Stronger
(SSHN) and Midrange (classes A1(F), A2(F), A1(V), A2(V), M3);
Structural features: Midrange

RATING SENSITIVITIES

The ratings could change if the transaction performs materially
above or below Fitch' base case, especially in respect of
disposal proceeds from the non-core estate.  Furthermore, the
anticipation of a failure to refinance maturing debt tranches
would lead to negative rating actions.

SUMMARY OF CREDIT

This transaction is a restructuring of the existing Punch A
securitization.  As of June 2014 the transaction consists of
2,210 pubs (1,751 pubs in the core estate and 459 in the non-core
estate).  After severe declines in EBITDA since 2008, over the
last three years, EBITDA per pub has stabilized (CAGR of 1.5%
since 2011), helped by continuously disposing of poorly
performing non-core assets (23% by number of pubs since 2011).

Fitch forecasts FCF DSCRs (the smaller of the average and the
median) to be 5.5x (SSHN), 2.6x (class A1(F) and A2(F)), 1.6x
(class A1(V) and A2(V)) and 0.8x (class M3) calculated over a
hypothetical 25-year period.  Fitch's base case incorporates
average disposal proceeds of GBP230,000 per non-core pub, around
20% less than assumed by management.

It should be noted that our FCF DSCR calculation is different to
the calculation as per the bond documentation.  As the rated
notes are not expected to fully amortize from operating cash flow
on a fixed schedule by their respective legal maturities, Fitch
calculated a synthetic debt service based on a 25-year annuity-
debt profile.  At each interest payment date the annuity is
updated to reflect the then current debt outstanding and the
remaining years left (until year 25) to better compare FCF DSCRs
with those of other (fully amortizing) pub securitizations.

While the FCF DSCR of the SSHN and the class A(F) notes appear
very high, the ratings are affected by Fitch's assessment of the
industry and company profile containing weaker assessments for a
number of sub-KRDs as well as the close alignment with the
probability of default of the class A(V) notes.

Fitch expects gross debt to EBITDA multiples (taking the swap
mark-to-market into account) to decline to 1.3x (SSHN), 3x (A1(F)
and A2(F)), 4x (A1(V) and A2(V)) and 6.7x (M3) by 2021 (the
maturity of SSHN) from initially 2x (SSHN), 4.7x (A1(F) and
A2(F)), 5.6x (A1(V) and A2(V)) and 8x (M3).  Hence, Fitch assumes
in its base case that even the senior ranking SSHN cannot be
fully repaid out of excess cash flow, and partly rely on being
refinanced (or on core pub disposal proceeds).  Further
refinancing needs arise when the class A notes reach maturity in
2025 and 2026.

Restructuring

As a result of the restructuring, existing junior notes (debt
tranches ranking below class A notes) ceased to exist and have
been replaced by newly issued M3 and B4 notes.  The existing
A1(R) and A2(R) notes (together the A(R) notes) were split into
A(F) (75%) and A(V) (25%) notes whereas the A(R) notes have been
redesignated as the new A1(F) and A2(F) notes.  The A(V) notes
rank below the A(F) notes in priority of payments.

While the floating-rate class M3 notes are fully hedged to
mitigate the risk of potentially rising interest rates, the SSHN
does not benefit from any interest rate hedging.  Fitch has
assumed interest rate up-stresses in its base case to test the
structure's resilience in this respect.

New leverage covenants have been introduced which incentivize the
borrower to deleverage the transaction, also using core pub
disposals if necessary (up to a maximum of 20% of all core pubs
are permitted to be disposed of).  Fitch expects in its base case
that the anticipated deleveraging profile (as per the decreasing
net senior leverage covenant profile) cannot be met without
further core pub disposals.

The liquidity facility was reduced to GBP135.3m to cover 18
months of peak debt interest in respect of the SSHN, the class A
notes and the class M3 notes as well as scheduled amortization on
the class A(F) notes (excluding the final maturity bullet
repayments). The sub-limit available for the class M3 notes is
GBP38.5m.

Furthermore, the AMBAC guarantee in respect of class A2(R), M2(N)
and B3 notes has been released as a condition of the
restructuring.

The class B4 (most) junior notes have been issued in part in
consideration of the extinguished class M1, M2(N), B1, B2, B3,
C(R) and D1 notes.  Such new B4 notes will not benefit from fixed
and floating charges over the borrower's assets as typically seen
in UK whole business securitizations but just feature security
over the shares in the Punch A holding company.  Furthermore,
their coupon is only paid in cash to a small part (1.5% p.a.) and
may be fully paid in kind upon a borrower event of default (and
if so directed by the controlling class).


PUNCH TAVERN B: Fitch Withdraws 'D' Ratings on 3 Note Classes
-------------------------------------------------------------
Fitch Ratings has assigned Punch Tavern Finance B Ltd's (Punch B)
newly issued swap loan, affirmed its senior debt (A3, A6 and A7
notes) and downgraded and withdrawn the ratings of the existing
junior debt (B1, B2 and C1 notes):

GBP49 million floating-rate swap loan due 2019: assigned 'BB',
Outlook Stable

GBP146.9 million Class A3 fixed-rate notes due 2021: affirmed at
'B+'; Outlook Stable

GBP220 million Class A6 fixed-rate notes due 2022: affirmed at
'B+'; Outlook Stable

GBP149.1 million Class A7 fixed-rate notes due 2024: affirmed at
'B+'; Outlook Stable

GBP61.5 million Class B1 fixed-rate notes due 2025: downgraded to
'D' from 'C'; removed from Rating Watch Negative (RWN); and
withdrawn

GBP99.4 million Class B2 fixed-rate notes due 2028: downgraded to
'D' from 'C'; removed from RWN and withdrawn

GBP125 million Class C1 floating-rate notes due 2035: downgraded
to 'D' from 'C'; removed from RWN and withdrawn

The rating actions reflect the restructuring of the Punch B
securitization debt, which involves the amendment of the maturity
date for the senior debt, new amortization profiles and
covenants, among others.

The restructuring further involves a partial debt-for-equity swap
and nominal debt haircuts for the junior tranches.  The existing
junior tranches have ceased to exist and are replaced by newly
issued unrated class B3 notes.  Consequently the Class B1, B2 and
C1 tranches were downgraded to 'D', removed from RWN and
withdrawn.

As part of the restructuring, some interest rate swaps pertaining
to the floating rate A8 (redeemed in full on the closing date)
and C1 (fully extinguished at the closing date) have been broken,
resulting in the crystallization of material mark-to-market swap
liabilities.  To finance such payment obligations, a new super
senior tranche (the swap loan) has been issued ranking senior in
the waterfall to the class A notes.

The most senior ranking note in Punch B - the swap loan - is
rated two notches above the non-deferrable subordinate-ranking
class A notes.  This is a reflection of the rapid repayment of
the swap loan with transaction cash flow within four years of the
financial close.  As the swap loan is due in 2019, it is not
exposed to a potential inability of the subordinate-ranking class
A notes to refinance at their respective maturities in 2021, 2022
and 2024. However, a payment default under the class A notes
prior to the swap loan's full repayment would still trigger an
issuer event of default, affecting the then outstanding swap
loan.  Consequently, the rating uplift of the swap loan is
limited to two notches despite its favorable credit metrics.

Fitch believes that in case of an issuer event of default, the
note trustee at its sole discretion shall, and if so directed by
the class A noteholders, give a notice to the security trustee
stating that the notes are immediately due and payable.

KEY RATING DRIVERS

Industry Profile -- Midrange

While the pub sector in the UK has a long history, trading
performance for some assets has shown significant weakness in the
past, with the sector being in a structural decline for the last
three decades due to demographics shifts, greater health
awareness and the presence of a larger variety of competing
offerings. Exposure to discretionary spending is high and
revenues are, therefore, inherently linked to the broader
economic cycle. Competition is viewed as high, including off-
trade alternatives, and barriers to entry are low,
notwithstanding increasingly more demanding licensing laws and
regulations applicable to the sector. Despite the on-going
contraction, the eating- and drinking-out market is viewed as
sustainable in the long-term, supported by the strong pub culture
in the UK.

Sub-KRDs: Operating environment: Weaker; Barriers to entry:
Midrange; Sustainability: Midrange

Company Profile -- Midrange

The Punch securitizations have underperformed comparable pub
transactions during the last few years, partly due to poor
operational performance of its pubs and its over-leveraged
capital structure, requiring repeated financial support and
covenant waivers to avoid a borrower event of default.

EBITDA per pub has stabilized over the last two years mainly as a
result of extensive disposals of poorly performing non-core pubs
and increased investments in the core estate following years of
capex underspend.  The leased / tenanted business model makes it
more challenging for the Punch group to adapt the growing
importance of the eating-out market in the UK.

Furthermore, less visibility with respect to the tenants'
profitability means that the sustainability of the cash flows
generated by tenanted pubs is more difficult to estimate.  The
continued disposals of non-core pubs, combined with increased
capex in the core estate, should result in an improved overall
quality of the estate in the foreseeable future.

Sub-KRDs: Financial performance: Weaker; Company operations:
Midrange; Transparency: Weaker; Dependence on operator: Midrange;
Asset quality: Weaker

Debt Structure -- Midrange (swap loan)/Midrange (class A)

The "Midrange" assessment of the debt structure in respect to the
swap loan is a reflection of the favorable repayment profile due
to the combination of front-loaded scheduled amortization and the
cash sweep mechanism.  Untypically for UK whole business
securitizations, only the most junior class B3 notes can defer
interest payments.  Failure to pay interest and scheduled
amortization (or final principal) on the A notes would result in
an issuer event of default due to the A notes' non-deferability.
This aligns the probability of default of the swap loan and the
class A much closer together than in other tranched UK whole
business securitizations.

The interest rate exposure of the floating-rate swap loan is
deemed immaterial given its small size and quick repayment.

The "Weaker" debt profile assessment for the class A notes
reflects the partially amortizing and the large bullet maturities
in 2021, 2022 and 2024, which cannot be met out of excess cash
flows in Fitch' base case, requiring either a debt refinancing or
significant disposals of core pubs.

The security package remains largely unchanged for the rated debt
instruments.  Operational and financial covenants are
satisfactory, although Fitch notes the exclusion of the bullet
repayments for the purpose of calculating the free cash flow debt
service coverage ratio (FCF DSCR) as well as the possibility to
prevent a covenant breach through the availability of disposal
proceeds as part of the free cash flow definition.  The inclusion
of a leverage covenant is, however, seen as mitigating this
relative weakness.  A reduced liquidity facility is structured to
cover 18 months of peak debt service; however, this is
effectively only interest payments and scheduled principal
(excluding final bullets).

Sub-KRDs: Debt profile: Midrange (swap loan)/Weaker (class A);
Security package: Stronger; Structural features: Midrange

RATING SENSITIVITIES

The ratings could change if the transaction performs materially
above or below Fitch' base case, especially in respect of
disposal proceeds from the non-core estate.  Furthermore, a
failure to refinance maturing debt tranches would lead to a
negative rating action.

SUMMARY OF CREDIT

This transaction is a restructuring of the existing Punch B
securitization.  As of June 2014 the transaction consisted of
1,561 pubs (1,144 pubs in the core estate and 417 in the non-core
estate).  After severe declines in EBITDA since 2008, over the
last three years, EBITDA per pub has stabilized (CAGR of 1.1%
since 2011), helped by continuously disposing of poorly
performing non-core assets (24% by number of pubs since 2011).

The forecast FCF DSCR of the swap loan appears high with annual
coverage in Fitch base case at above 7x in the four years to the
swap loan's repayment.  However, the more relevant metric to
reflect the close alignment of the probability of default of the
swap loan with that of the class A notes would be an average
coverage of 1.3x during the first four years in relation to the
combined debt service of the swap loan and class A notes.

Fitch forecasts FCF DSCRs (the smaller of the average and the
median) to be around 1.14x in relation to the class A notes
calculated over a hypothetical 25-year period.  Fitch's base case
incorporates average disposal proceeds of GBP220 per non-core
pub, around 20% less than that assumed by management.

It should be noted that our FCF DSCR calculation is different to
the calculation as per the bond documentation.  As the class A
notes are not expected to fully amortize out of operating cash
flow by their respective legal maturities, Fitch calculated a
synthetic debt service based on a 25-year annuity-debt profile.
At each interest payment date the annuity is updated to reflect
the then current debt outstanding and the remaining years left
(until year 25) to better compare FCF DSCRs with that of typical
fully amortizing pub securitizations.

Fitch expects senior leverage to decline to 6.5x prior to the
final maturity of class A3 in 2021 from 7.4x currently.  Taking
into account accrued cash within the securitization, senior
leverage would be further reduced to 5.7x.  Nevertheless, in the
Fitch base case GBP14m of class A3 notional are expected to
remain after the application of cash flow and excess spread,
which necessitates a refinancing or repayment through proceeds
from disposal of core pubs.  Further refinancing needs will arise
as the final maturities of class A6 and A7 are reached in 2022
and 2024 and the repayment amounts of GBP190m and GBP96m become
due.

Restructuring

As a result of the restructuring the A8 notes have been fully
redeemed at the closing date.  The legal maturity of the
remaining tranches have been brought forward to 2021 (A3), 2022
(A6) and 2024 (A7) and the amortization schedule has been re-
profiled introducing (partial) bullet maturities.

A senior ranking swap loan has been issued to finance the
crystallization of swap breakage costs.  The swap loan will be
repaid via cash-sweep and scheduled amortization and is expected
to be fully repaid by 2018 in Fitch' base case.  Once the swap
loan has been repaid, excess cash will be trapped.  As the fixed
amortization schedule of the class A notes entails sizeable
bullets at maturity (58%, 86%, 63% for the A3, A6, A7 notes,
respectively), the cash trap becomes an important feature to
mitigate refinance risk.

New leverage covenants have been introduced which incentivize the
borrower to deleverage the transaction, also using core pub
disposals if necessary (up to a maximum of 20% of all core pubs
are permitted to be disposed of).

The liquidity facility was reduced to GBP89.3 million to cover 18
months of peak interest and scheduled amortization (excluding the
bullet repayments at final maturity) in respect of the swap loan
and the class A notes.

Furthermore, the MBIA guarantee in respect of class A7 and class
A8 notes has been released as a condition of the restructuring.
Coupons on the class A7 notes increased by the respective
guarantee fee, which would otherwise have been payable to MBIA.

As part of the restructuring, class B1 and B2 were exchanged for
new class B3 notes and equity.  The exchange took place below
par, i.e. accounting for 95% of the class B1 and B2 outstanding
notional.  Similarly class C1 was swapped into equity at below
par, albeit with a more severe haircut of 45%.  Consequently,
from a ratings standpoint the B1, B2 and C1 notes are deemed to
have defaulted.  The new B3 notes do not benefit from fixed and
floating charges over the borrower's assets as typically seen in
UK whole business securitizations, but just benefit from security
over the Punch B holding company shares.  In addition, the B3
coupon may fully pay in kind upon a borrower event of default and
if so directed by the controlling class.


RANGERS FOOTBALL: Mike Ashley Calls for Removal of Two Bosses
-------------------------------------------------------------
Roddy Forsyth at The Telegraph reports that Mike Ashley has
called for the removal of Rangers Football Club's two top bosses
amid financial turmoil at the Scottish football club.

According to The Telegraph, the retail tycoon, who recently
doubled the size of his Rangers stake to 8.92%, has called for a
shareholder vote on the removal of chief executive Graham Wallace
and finance boss Philip Nash.

It comes only six days after the Telegraph predicted that the
Sports Direct owner would use his increased shareholding -- he
became the second largest owner of club stock -- to make a move
on the Ibrox club, The Telegraph notes.

Rangers, as cited by The Telegraph, said it would try to get the
motion thrown out, saying its board "is united in its support of
the executive team".

The club said it would resist his maneuver on the grounds that an
annual general meeting is due to be held before Dec 31,
suggesting Mr. Ashley's call for an extraordinary general meeting
is wasteful and needless, The Telegraph relates.

Should Mr. Ashley succeed in having an EGM called, it would have
to be held within 28 days, The Telegraph states.

Rangers managed to secure backers for a crucial GBP3.1 million
share offer last month, which allowed it to pay its creditors,
The Telegraph recounts.  However the open offer was
undersubscribed by around GBP800,000, meaning the club must
launch yet another share issue by the end of the year to meet
December's wage bill, The Telegraph relates.

Mr. Ashley did not partake in the emergency open offer, but did
splash out on buying more than four million existing shares from
investment group Hargreave Hale six days ago, The Telegraph
notes.  The purchase nearly doubled his stake from 5% to 8.9%,
according to The Telegraph.

                 About Rangers Football Club

Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club.  The Company has launched its own
Internet television station, RANGERSTV.tv.  The station combines
the use of Internet television programming alongside traditional
Web-based services.  Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary.  The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action.  Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.



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


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

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

AA LTD             2968492Z LN     -1456621510     4737064769
AA PLC             AA/GBX EO       -1456621510     4737064769
AA PLC             AA/ LN          -1456621510     4737064769
AA PLC             AA/GBX EU       -1456621510     4737064769
AA PLC             AA/ IX          -1456621510     4737064769
AA PLC             AA/ EB          -1456621510     4737064769
AA PLC             AAAAL S1        -1456621510     4737064769
AA PLC             1023859D SW     -1456621510     4737064769
AA PLC             2XA GR          -1456621510     4737064769
AA PLC             AA/ TQ          -1456621510     4737064769
AARDVARK TMC LTD   1768297Z LN    -1779177.627    149732584.7
ABBOTT MEAD VICK   648824Q LN      -1685905.65    168264096.2
ABF GRAIN PRODUC   1276922Z LN    -48465868.55    670357516.4
ACCIONA INMOBILI   4029797Z SM       -49405609     1695566442
ACEROS PARA LA     1656Z SM       -263940.0005    119468482.1
ACIS GROUP LTD     4159557Z LN    -21335866.02    133912152.4
ACS AIRCRAFT FIN   4491555Z ID    -11819999.97    131524997.4
ACTUACIONES ACTI   AGR SM         -102379482.8    427577243.8
ADDASTA HOLDING    3814224Z NA    -223750.1218    117273756.7
ADRIA AIRWAYS      54757Z SV      -51862326.31      134757004
ADRIA CABLE BV     4044453Z NA    -62348693.94    188829025.3
ADVANCE DISPLAY    ADTP PZ         -3015579018     2590008061
AEA TECHNOLO-FPR   AATF LN          -251538429    142000079.4
AEA TECHNOLO-FPR   AATF PZ          -251538429    142000079.4
AEA TECHNOLO-NPR   AATN LN          -251538429    142000079.4
AEA TECHNOLO-NPR   AATN PZ          -251538429    142000079.4
AEA TECHNOLOGY     AAT PO           -251538429    142000079.4
AEA TECHNOLOGY     AAT VX           -251538429    142000079.4
AEA TECHNOLOGY     EAETF US         -251538429    142000079.4
AEA TECHNOLOGY     AAT IX           -251538429    142000079.4
AEA TECHNOLOGY G   AAT PZ           -251538429    142000079.4
AEA TECHNOLOGY G   1005182D GR      -251538429    142000079.4
AEA TECHNOLOGY G   AEATF US         -251538429    142000079.4
AEA TECHNOLOGY G   AATGBP EO        -251538429    142000079.4
AEA TECHNOLOGY G   AAT LN           -251538429    142000079.4
AEA TECHNOLOGY G   0884037D EO      -251538429    142000079.4
AEA TECHNOLOGY G   0884036D EU      -251538429    142000079.4
AEGEK              AEGEK EU       -107572284.1    366319845.1
AEGEK              AEGEK EO       -107572284.1    366319845.1
AEGEK              AEGEK GA       -107572284.1    366319845.1
AEGEK              AGEKF US       -107572284.1    366319845.1
AEGEK              AEGEK PZ       -107572284.1    366319845.1
AEGEK              AGK GR         -107572284.1    366319845.1
AEGEK S.A.         AEGEKY L3      -107572284.1    366319845.1
AEGEK S.A.         AEGEKY S2      -107572284.1    366319845.1
AEGEK S.A.         AEGEKY B3      -107572284.1    366319845.1
AEGEK S.A. - RTS   989399Q GA     -107572284.1    366319845.1
AEGEK S.A.-RTS     AEGEPR GA      -107572284.1    366319845.1
AEGEK S.A.-RTS     AEGEKR GA      -107572284.1    366319845.1
AEGEK SA-AUCTION   AEGEKE GA      -107572284.1    366319845.1
AEGEK-PFD          2733073Q EU    -107572284.1    366319845.1
AEGEK-PFD          2733077Q EO    -107572284.1    366319845.1
AEGEK-PFD          AEGEP PZ       -107572284.1    366319845.1
AEGEK-PFD          AEGEP GA       -107572284.1    366319845.1
AEGEK-PFD AUCTIO   AEGEPE GA      -107572284.1    366319845.1
AFFINITI INTEGRA   1651064Z LN    -436307727.6    341755295.2
AFIRMA GRUPO INM   AFR EO         -33301815.13    950532329.1
AFIRMA GRUPO INM   AFR TQ         -33301815.13    950532329.1
AFIRMA GRUPO INM   AFRGBX EO      -33301815.13    950532329.1
AFIRMA GRUPO INM   AFRGBX EU      -33301815.13    950532329.1
AFIRMA GRUPO INM   AFR EU         -33301815.13    950532329.1
AFIRMA GRUPO INM   AFR SM         -33301815.13    950532329.1
AFIRMA GRUPO INM   AGISF US       -33301815.13    950532329.1
AFIRMA GRUPO INM   AFRGBP EO      -33301815.13    950532329.1
AFIRMA GRUPO-RTS   AFR/D SM       -33301815.13    950532329.1
AFRICA OFFSHORE    AOSA NO          -280249984      357512992
AG PETZETAKIS SA   PETZK PZ       -110809481.9    206423169.8
AG PETZETAKIS SA   PTZ1 GR        -110809481.9    206423169.8
AG PETZETAKIS SA   PETZK EO       -110809481.9    206423169.8
AG PETZETAKIS SA   PZETF US       -110809481.9    206423169.8
AG PETZETAKIS SA   PTZ GR         -110809481.9    206423169.8
AG PETZETAKIS SA   PETZK GA       -110809481.9    206423169.8
AG PETZETAKIS SA   PETZK EU       -110809481.9    206423169.8
AGOR AG            DOOG IX        -482467.0522    144438127.4
AGOR AG            DOO GR         -482467.0522    144438127.4
AGOR AG            DOOD PZ        -482467.0522    144438127.4
AGOR AG            DOO S1         -482467.0522    144438127.4
AGOR AG            DOO EU         -482467.0522    144438127.4
AGOR AG            NDAGF US       -482467.0522    144438127.4
AGOR AG            DOO EO         -482467.0522    144438127.4
AGOR AG-RTS        2301918Z GR    -482467.0522    144438127.4
AGORA SHOPPING C   214766Z LN     -50701197.21    252336526.8
AGRUPACIO - RT     AGR/D SM       -102379482.8    427577243.8
AIMIA COALITION    2555794Z LN    -94460222.81    621037214.8
AIR BERLIN PLC     AB1 BQ           -549668067     2798718267
AIR BERLIN PLC     AB1 TQ           -549668067     2798718267
AIR BERLIN PLC     AB1GBX EO        -549668067     2798718267
AIR BERLIN PLC     AB1 GR           -549668067     2798718267
AIR BERLIN PLC     AB1 S1           -549668067     2798718267
AIR BERLIN PLC     AB1 PZ           -549668067     2798718267
AIR BERLIN PLC     AIBEF US         -549668067     2798718267
AIR BERLIN PLC     AB1 EB           -549668067     2798718267
AIR BERLIN PLC     AB1 EO           -549668067     2798718267
AIR BERLIN PLC     AB1GBP EO        -549668067     2798718267
AIR BERLIN PLC     AB1 EU           -549668067     2798718267
AIR BERLIN PLC     AB1D B3          -549668067     2798718267
AIR BERLIN PLC     AB1 IX           -549668067     2798718267
AIR BERLIN PLC     AB1GBX EU        -549668067     2798718267
AIR BERLIN PLC     AB1 NQ           -549668067     2798718267
AIR BERLIN PLC     AB1 SW           -549668067     2798718267
AIR BERLIN PLC     AB1 QM           -549668067     2798718267
AIR BERLIN PLC     AB1 TH           -549668067     2798718267
AIR BERLIN PLC     AB1D L3          -549668067     2798718267
AIR BERLIN PLC     ABOG IX          -549668067     2798718267
AIR BERLIN PLC     AB1D S2          -549668067     2798718267
AIR COMMAND SYST   4470055Z FP    -30657158.94    217998392.9
AIRBUS MILITARY    4456697Z SM     -48974067.1     2049792335
AIRBUS OPERATION   4435153Z LN    -622881599.4     5619187195
AIRTOURS PLC       ATORF US         -379731744     1817560463
AIRTOURS PLC       AIR VX           -379731744     1817560463
AIRTOURS PLC       AIR LN           -379731744     1817560463
AKER BRYGGE AS     4447369Z NO    -48154701.45    699923492.2
AKER ELEKTRO AS    4389353Z NO    -35849851.01    136482190.9
AKER FLOATING PR   AKFP PZ           -16100000      765200000
AKER FLOATING PR   AKFP EO           -16100000      765200000
AKER FLOATING PR   AKFP NO           -16100000      765200000
AKER FLOATING PR   AKFPEUR EU        -16100000      765200000
AKER FLOATING PR   AKFP BY           -16100000      765200000
AKER FLOATING PR   AKFPEUR EO        -16100000      765200000
AKER FLOATING PR   AKNO IX           -16100000      765200000
AKER FLOATING PR   AKFP EU           -16100000      765200000
AKER MARINE CONT   4414377Z NO    -58718358.92      165264364
AKER STORD A/S     4498875Z NO    -216314138.2    694523053.4
AKER SUBSEA AS     4394593Z NO     -4078325.72     1050122582
AKERYS SERVICES    4685937Z FP    -20015987.82    123238682.9
AKZO NOBEL POWDE   1472346Z LN    -45561469.76    146392085.3
ALAPIS HOLDIN-RT   ALAPISR GA      -1446551773    135183840.6
ALAPIS HOLDING     3385874Q GA     -1446551773    135183840.6
ALAPIS HOLDING I   V2R GR          -1446551773    135183840.6
ALAPIS HOLDING I   FFEFD B3        -1446551773    135183840.6
ALAPIS HOLDING I   FFEFD L3        -1446551773    135183840.6
ALAPIS HOLDING I   FFEFD S2        -1446551773    135183840.6
ALAPIS HOLDING I   VETER GA        -1446551773    135183840.6
ALAPIS HOLDING I   ALAPIS EU       -1446551773    135183840.6
ALAPIS HOLDING I   VTERF US        -1446551773    135183840.6
ALAPIS HOLDING I   FFE GR          -1446551773    135183840.6
ALAPIS R-R         ALAPV10 GA      -1446551773    135183840.6
ALAPIS REPO        ALAPL10 GA      -1446551773    135183840.6
ALAPIS SA          ALAPIS GA       -1446551773    135183840.6
ALAPIS SA          APSHF US        -1446551773    135183840.6
ALAPIS SA          FFEF GR         -1446551773    135183840.6
ALAPIS SA          ALAPI EO        -1446551773    135183840.6
ALAPIS SA          ALAPI EU        -1446551773    135183840.6
ALAPIS SA          FFEB GR         -1446551773    135183840.6
ALAPIS SA          ALAPIS PZ       -1446551773    135183840.6
ALBERTO MARTINS    4488947Z PL    -25419628.18    123489526.4
ALCATEL LUCENT N   4043757Z NA    -21653637.64    116356629.5
ALCATEL-LUCENT F   3647063Z FP      -794545837     4984810705
ALCHEVSKIY         ALMK UZ        -29316769.49     2251428423
ALELUIA-CERAMICA   4764457Z PL    -10079314.35    104807491.4
ALL3MEDIA HOLDIN   4500027Z LN    -566620870.4    782620326.9
ALLDAYS PLC        ALDYF US         -120493900    252232072.9
ALLDAYS PLC        317056Q LN       -120493900    252232072.9
ALLEGION PLC       ALLE US           -11200000     1968099968
ALLEGION PLC       60A GR            -11200000     1968099968
ALLEGION PLC       0628915D US       -11200000     1968099968
ALLEGION PLC-W/I   ALLE-W US         -11200000     1968099968
ALLIANCE & LEICE   1603082Z LN    -362201146.6     3707343539
ALLIANCE FILMS U   1774537Z LN    -15721068.24    102608688.7
ALLIANCE RUSSIAN   ALRT RU        -15214268.73      144581794
ALNO AG            ANOD L3        -25345561.84    250227602.3
ALNO AG            ANO TQ         -25345561.84    250227602.3
ALNO AG            ANO EU         -25345561.84    250227602.3
ALNO AG            ANO EO         -25345561.84    250227602.3
ALNO AG            ANO PZ         -25345561.84    250227602.3
ALNO AG            ANOD B3        -25345561.84    250227602.3
ALNO AG            ALNO IX        -25345561.84    250227602.3
ALNO AG            ANOD S2        -25345561.84    250227602.3
ALNO AG            ANO TH         -25345561.84    250227602.3
ALNO AG            ANO GR         -25345561.84    250227602.3
ALNO AG            ANO S1         -25345561.84    250227602.3
ALNO AG - RTS      ANO2 GR        -25345561.84    250227602.3
ALNO AG-NEW        ANO1 GR        -25345561.84    250227602.3
ALNO AG-RTS        ANOB GR        -25345561.84    250227602.3
ALNO AG-RTS        4123912Z GR    -25345561.84    250227602.3
ALNO AG-RTS        8174351Z GR    -25345561.84    250227602.3
ALNO AG-RTS        2259765Z GR    -25345561.84    250227602.3
ALPHA CREDIT GRP   2398Z LN       -128161721.8     6765275654
ALPOS DD           APOG PZ        -67350276.85    175193779.3
ALPOS DD           APOG EU        -67350276.85    175193779.3
ALPOS DD           APOG SV        -67350276.85    175193779.3
ALPOS DD           APOG EO        -67350276.85    175193779.3
ALSTOM WIND SLU    1009322Z SM    -34872511.82    509075734.9
ALTOS HORNOS VIZ   AHV SM         -115822618.8     1283089189
ALUMINIUM PECHIN   3650903Z FP    -613513792.8    958725015.9
AMARIN CORP -ADR   EH3A TH           -33856000      252476000
AMARIN CORP -ADR   EH3 GR            -33856000      252476000
AMARIN CORP -ADR   AMRND US          -33856000      252476000
AMARIN CORP -ADR   AMRN US           -33856000      252476000
AMARIN CORP -ADR   EH3A GR           -33856000      252476000
AMARIN CORP PLC    AMRN PO           -33856000      252476000
AMARIN CORP PLC    AMRN LN           -33856000      252476000
AMARIN CORP PLC    AMRNF EO          -33856000      252476000
AMARIN CORP PLC    H2E GR            -33856000      252476000
AMARIN CORP PLC    H2EA GR           -33856000      252476000
AMARIN CORP PLC    AMRN ID           -33856000      252476000
AMARIN CORP PLC    AMRJF US          -33856000      252476000
AMARIN CORP PLC    H2E PZ            -33856000      252476000
AMARIN CORP PLC    AMRNF EU          -33856000      252476000
AMARIN CORP PLC    AMRNF US          -33856000      252476000
AMER BUS SYS       ARB LN           -497126976      121439000
AMEY PLC           AMY LN         -48862569.33    931527720.5
AMEY PLC           AMY VX         -48862569.33    931527720.5
AMEY PLC           AMEYF US       -48862569.33    931527720.5
AMEY PLC-ASSENT    AMYA LN        -48862569.33    931527720.5
AMEY PLC-NEW       AMYN LN        -48862569.33    931527720.5
AMO ZIL-CLS        ZILL* RU       -313328054.5    427801545.9
AMO ZIL-CLS        ZILLG RU       -313328054.5    427801545.9
AMO ZIL-CLS        ZILL RM        -313328054.5    427801545.9
AMO ZIL-CLS        ZILL RU        -313328054.5    427801545.9
AMPER SA           AMP1 EO        -84389307.66    440201335.4
AMPER SA           AMPE B3        -84389307.66    440201335.4
AMPER SA           APR GR         -84389307.66    440201335.4
AMPER SA           AMPE S2        -84389307.66    440201335.4
AMPER SA           AMP1 IX        -84389307.66    440201335.4
AMPER SA           AMP1 EU        -84389307.66    440201335.4
AMPER SA           AMPS PZ        -84389307.66    440201335.4
AMPER SA           AMP SM         -84389307.66    440201335.4
AMPER SA           APMRF US       -84389307.66    440201335.4
AMPER SA           AMPE L3        -84389307.66    440201335.4
AMPER SA           AMP1 S1        -84389307.66    440201335.4
AMPER SA           AMP1 TQ        -84389307.66    440201335.4
AMPER SA           AMP1 EB        -84389307.66    440201335.4
AMPER SA - RTS     0881324D SM    -84389307.66    440201335.4
AMPER SA - RTS     AMP/D SM       -84389307.66    440201335.4
AMPER SA - RTS     APRA GR        -84389307.66    440201335.4
AMTEL-POVOLZ-BRD   KIRT* RU       -17984240.01    104831160.6
AMTEL-POVOLZ-BRD   KIRT RU        -17984240.01    104831160.6
ANKER PLC          ANK LN         -21861359.81      115463159
ANKER PLC          DW14 GR        -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
ANTWERP GATEWAY    496769Z BB     -73080114.22    225706170.5
APK OGO OAO        AOGO RU        -5163579.316    164058148.4
AQUIRIS SA         559158Z BB     -361572.7264    256156811.1
ARCADE PROPERTY    4461121Z ID    -271769574.6    854837506.8
ARCADIA PETROLEU   645232Z LN        -24184000      185991008
ARCELORMITTAL      PTRO RO         -61078989.5    178664384.2
ARCELORMITTAL ZA   3745088Z SM    -140524021.2    177225469.5
ARCHIMEDES PHARM   533073Z LN     -77549052.55    124667094.2
ARDAGH GLASS FIN   3489820Z ID    -425707082.8     5124657810
ARGEK SA-PFD RTS   989391Q GA     -107572284.1    366319845.1
ARGENTA UNDERWRI   2619614Z LN    -3429270.883      137134947
ARNOTTS HOLDINGS   4462545Z ID    -366474765.3      152226036
ARTICON-INTE-NEW   AAG3 GR        -7312306.971    180437345.1
ARTICON-INTE-NEW   AAG1 GR        -7312306.971    180437345.1
ARTICON-INTE-RTS   AAG8 GR        -7312306.971    180437345.1
ARTICON-INTE-RTS   AAG8 NM        -7312306.971    180437345.1
ARTICON-INTEGR-N   AAG2 GR        -7312306.971    180437345.1
ARTICON-INTEGRAL   AAG NM         -7312306.971    180437345.1
ARTICON-INTEGRAL   229071Q LN     -7312306.971    180437345.1
ARTICON-INTEGRAL   AAGN NM        -7312306.971    180437345.1
ARTICON-INTEGRAL   AAG GR         -7312306.971    180437345.1
ARTICON-INTEGRAL   AIT LI         -7312306.971    180437345.1
AS ROMA SPA        RO9 GR         -85788785.33    226242789.1
AS ROMA SPA        ASR IM         -85788785.33    226242789.1
AS ROMA SPA        ASRM L3        -85788785.33    226242789.1
AS ROMA SPA        ASR EB         -85788785.33    226242789.1
AS ROMA SPA        ASRO IX        -85788785.33    226242789.1
AS ROMA SPA        ASR S1         -85788785.33    226242789.1
AS ROMA SPA        ASR IX         -85788785.33    226242789.1
AS ROMA SPA        ASR TQ         -85788785.33    226242789.1
AS ROMA SPA        ASR PZ         -85788785.33    226242789.1
AS ROMA SPA        ASR QM         -85788785.33    226242789.1
AS ROMA SPA        ASR EO         -85788785.33    226242789.1
AS ROMA SPA        ASRM B3        -85788785.33    226242789.1
AS ROMA SPA        ASR BQ         -85788785.33    226242789.1
AS ROMA SPA        ASRAF US       -85788785.33    226242789.1
AS ROMA SPA        ASR EU         -85788785.33    226242789.1
AS ROMA SPA        ASRM S2        -85788785.33    226242789.1
AS ROMA SPA RTS    ASRAXM IX      -85788785.33    226242789.1
AS ROMA SPA RTS    ASRAZM TQ      -85788785.33    226242789.1
AS ROMA SPA RTS    ASRAZEUR EU    -85788785.33    226242789.1
AS ROMA SPA RTS    ASRAZEUR EO    -85788785.33    226242789.1
AS ROMA SPA RTS    ASRAZA IM      -85788785.33    226242789.1
AS ROMA SPA RTS    ASRAXM EB      -85788785.33    226242789.1
AS ROMA SPA-RTS    ASRAA IM       -85788785.33    226242789.1
ASCOT RACECOURSE   1965934Z LN    -58031041.32    242491446.8
ASHWELL PROPERTY   4165857Z LN    -192048023.3    200163088.3
ASITO DIENSTENGR   743813Z NA     -2494804.851    220704023.7
ASPIS BANK SA      ASEUF US       -46224213.41     3486115450
ASPIS BANK-RIGHT   365673Q GA     -46224213.41     3486115450
ASPIS BANK-RTS     839325Q GA     -46224213.41     3486115450
ASPIS BANK-RTS     ASPTR GA       -46224213.41     3486115450
ASPIS BANK-RTS     3558423Q GA    -46224213.41     3486115450
ASPIS MORT-RTS     ASPTD GA       -46224213.41     3486115450
ASPIS PRON-PF RT   ASASPR GA      -189911036.1    896550129.3
ASPIS PRONIA -PF   ASAPR GA       -189911036.1    896550129.3
ASPIS PRONIA GE    ASASK EU       -189911036.1    896550129.3
ASPIS PRONIA GE    ASASK PZ       -189911036.1    896550129.3
ASPIS PRONIA GE    AISQF US       -189911036.1    896550129.3
ASPIS PRONIA GE    ASASK EO       -189911036.1    896550129.3
ASPIS PRONIA GE    ASASK GA       -189911036.1    896550129.3
ASPIS PRONIA-PF    ASASP GA       -189911036.1    896550129.3
ASPIS PRONIA-PF    APGV GR        -189911036.1    896550129.3
ASPIS PRONIA-RT    ASASKR GA      -189911036.1    896550129.3
ASPIS PRONOIA GE   APG GR         -189911036.1    896550129.3
ASPIS PRONOIA GE   APGG IX        -189911036.1    896550129.3
ASR VASTGOED ONT   4039981Z NA    -24447897.91    292472974.2
ASTON VILLA FOOT   1768569Z LN    -211955267.1    117946484.4
ASTROC MEDITERRA   ATRYF US       -33301815.13    950532329.1
ASTROC MEDITERRA   AST SM         -33301815.13    950532329.1
ATENTO SA          0978340D US      -133966000     1842179968
ATENTO SA          ATTO US          -133966000     1842179968
ATLANTIC COPPER    4512291Z SM    -21013583.14     1043171373
ATLANTIC SUPERMA   ATLA PZ        -76261648.16    315891294.2
ATLANTIC SUPERMA   ATLA GA        -76261648.16    315891294.2
ATLANTIC SUPERMA   ATLA1 EU       -76261648.16    315891294.2
ATLANTIC SUPERMA   ATLA1 EO       -76261648.16    315891294.2
ATTENDO AB         4452873Z SS     -58148254.8     1244996881
ATTI-KAT           ATTIK PZ       -31783119.44    219443228.5
ATTI-KAT           XTT GR         -31783119.44    219443228.5
ATTI-KAT           ATTIK EU       -31783119.44    219443228.5
ATTI-KAT           ATTIK EO       -31783119.44    219443228.5
ATTI-KAT           ATTIK GA       -31783119.44    219443228.5
ATTI-KAT RTS       ATTID GA       -31783119.44    219443228.5
ATTI-KAT SA-AUCT   ATIKE GA       -31783119.44    219443228.5
ATTIKAT S.A.       ATTIKY L3      -31783119.44    219443228.5
ATTIKAT S.A.       ATTIKY S2      -31783119.44    219443228.5
ATTIKAT S.A.       ATTIKY B3      -31783119.44    219443228.5
ATTIKAT-AUCTION    ATTIKE GA      -31783119.44    219443228.5
ATU AUTO-TEILE-U   3486988Z GR    -571062299.6    546297842.8
AUBURN ACQUISITI   4453705Z LN      -437104257     1605290465
AURIGACROWN CAR    3791672Z SM    -9696676.632    319021086.5
AUTOMOBILE ASSOC   1479490Z LN    -66197518.85    595410613.4
AUTOMOTIVE LIGHT   3895734Z IM    -8707502.577    163886427.3
AUTOROUTES PARIS   ARR FP         -67014542.48    11134617648
AUTOROUTES PARIS   ARR EB         -67014542.48    11134617648
AUTOROUTES PARIS   RK9 TH         -67014542.48    11134617648
AUTOROUTES PARIS   ARR EU         -67014542.48    11134617648
AUTOROUTES PARIS   ARRGBX EU      -67014542.48    11134617648
AUTOROUTES PARIS   ARR S1         -67014542.48    11134617648
AUTOROUTES PARIS   ARR TQ         -67014542.48    11134617648
AUTOROUTES PARIS   ARR EO         -67014542.48    11134617648
AUTOROUTES PARIS   ARR LI         -67014542.48    11134617648
AUTOROUTES PARIS   ARR QM         -67014542.48    11134617648
AUTOROUTES PARIS   ARR1 BQ        -67014542.48    11134617648
AUTOROUTES PARIS   ARR IX         -67014542.48    11134617648
AVANZIT SA         AVZ TQ         -14372275.23    222306266.2
AVANZIT SA         AVZ EO         -14372275.23    222306266.2
AVANZIT SA         AVZ SM         -14372275.23    222306266.2
AVANZIT SA         AVZ EU         -14372275.23    222306266.2
AVANZIT SA         AVZGBX EO      -14372275.23    222306266.2
AVANZIT SA         AVZGBP EO      -14372275.23    222306266.2
AVANZIT SA         AVZGBX EU      -14372275.23    222306266.2
AVANZIT SA - RTS   AVZ/D SM       -14372275.23    222306266.2
AVANZIT SA-RIGHT   1109551Q SM    -14372275.23    222306266.2
AVANZIT SA-RTS     3185404Q SM    -14372275.23    222306266.2
AVAST SOFTWARE B   0112793D US       -15842000      132342000
AVAST SOFTWARE N   AVST US           -15842000      132342000
AVAYA HOLDINGS L   4491803Z ID    -568474058.1    240668187.2
AVAYA UK           1700688Z LN    -108636476.4    372961487.6
AVIS ALQUILE UN    3753296Z SM    -21373936.47    271716792.1
AVIVA CENTRAL SE   4503755Z LN    -66592199.44      842959793
AXON SA HOLDING    AXON GA        -127941241.2    833080402.6
AXON SA HOLDING    AYW GR         -127941241.2    833080402.6
AXON SA HOLDING    AXONY S2       -127941241.2    833080402.6
AXON SA HOLDING    AXONY L3       -127941241.2    833080402.6
AXON SA HOLDING    AXON EU        -127941241.2    833080402.6
AXON SA HOLDING    AXONR GA       -127941241.2    833080402.6
AXON SA HOLDING    AXONY B3       -127941241.2    833080402.6
AXON SA HOLDING    AXON EO        -127941241.2    833080402.6
AXON SA HOLDING    AXON PZ        -127941241.2    833080402.6
AXON SA HOLDING    AYW1 GR        -127941241.2    833080402.6
AYCO GRUPO INMOB   ACZ2 EU        -44550881.75    109378488.8
AYCO GRUPO INMOB   ACZ EU         -44550881.75    109378488.8
AYCO GRUPO INMOB   AYCE B3        -44550881.75    109378488.8
AYCO GRUPO INMOB   AYCE L3        -44550881.75    109378488.8
AYCO GRUPO INMOB   AYCE S2        -44550881.75    109378488.8
AYCO GRUPO INMOB   AYC EU         -44550881.75    109378488.8
AYCO GRUPO INMOB   AYC SM         -44550881.75    109378488.8
AYCO GRUPO INMOB   ACZ SM         -44550881.75    109378488.8
AYCO GRUPO INMOB   ACZ PZ         -44550881.75    109378488.8
AYCO GRUPO INMOB   ACZ EO         -44550881.75    109378488.8
AZOVZAGALMASH MA   AZGM UZ        -201003976.4    323492277.6
B&M EUROPEAN       BMN GR          -31468050.5     2018470277
B&M EUROPEAN       BME1 S1         -31468050.5     2018470277
B&M EUROPEAN       BME LN          -31468050.5     2018470277
B&M EUROPEAN       BMEL TQ         -31468050.5     2018470277
B&M EUROPEAN       BME1GBX EO      -31468050.5     2018470277
B&M EUROPEAN       BME1GBP EU      -31468050.5     2018470277
B&M EUROPEAN       BME1GBX EU      -31468050.5     2018470277
B&M EUROPEAN       BME1GBP EO      -31468050.5     2018470277
B&M EUROPEAN       BMEL IX         -31468050.5     2018470277
B&M EUROPEAN       BMEL EB         -31468050.5     2018470277
B&M EUROPEAN VAL   0994508D LN     -31468050.5     2018470277
BA CITYFLYER LIM   1619354Z LN    -2913814.776    565315772.9
BAAN CO NV-ASSEN   BAANA NA       -7854715.264    609871188.9
BAAN COMPANY NV    BAAN EO        -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 PZ        -7854715.264    609871188.9
BAAN COMPANY NV    BAAN NA        -7854715.264    609871188.9
BAAN COMPANY NV    BAAN EU        -7854715.264    609871188.9
BAAN COMPANY NV    BAAN GR        -7854715.264    609871188.9
BAAN COMPANY-NY    BAANF US       -7854715.264    609871188.9
BADEL 1862 DD      BD62RHRK EU    -1401798.171      126449360
BADEL 1862 DD      BD62RHRK EO    -1401798.171      126449360
BADEL 1862 DD      BD62RA CZ      -1401798.171      126449360
BAE SYSTEMS        1538746Z LN    -27870638.37    135571174.1
BAE SYSTEMS GLOB   1111359Z LN    -185158798.5    505126195.8
BAE SYSTEMS INTE   2344987Z LN    -150699245.3    591701047.7
BAE SYSTEMS MARI   1290786Z LN    -49863659.95    723768539.3
BAE SYSTEMS PROP   1151751Z LN    -80424616.73     1099382736
BAKERS AS          4527631Z NO    -21452603.39    110897168.6
BALLYMORE PROPER   162707Z ID     -777968838.1    565184085.1
BALTIYSKY-$BRD     BALZ RU        -41477621.55    203076774.8
BALTIYSKY-$BRD     BALZ* RU       -41477621.55    203076774.8
BALTIYSKY-BRD      BALZ$ RU       -41477621.55    203076774.8
BANK OF SCOTLAND   1419810Z LN    -9546369.495    527923743.6
BANQ COLBERT       BD FP          -36259931.33     1574292181
BANQ NAT SUISS-N   BNS SW          -4267161939       5.52E+11
BARINA CONSTRUCT   3800988Z ID    -15711770.45    142567457.5
BAS HOLDING BV     3775792Z NA    -9652.300358    125821871.9
BCH GROUP PLC      BCH LN         -5728447.595    187998896.2
BEGAR CONSTRUCCI   4413073Z SM    -154089924.8    215029526.1
BELEGGINGSMAATSC   801105Z NA     -4352370.609    279285472.2
BELGES -SERIES B   BELB SW        -893745521.6    37018974117
BEMOG HOLDING BV   3782400Z NA    -36867.13928    131874844.6
BENFICA            SLBE IX        -30964161.95    541880910.3
BENFICA            SLBEN EU       -30964161.95    541880910.3
BENFICA            SLBEN TQ       -30964161.95    541880910.3
BENFICA            SLBEN PL       -30964161.95    541880910.3
BENFICA            SLBEN BQ       -30964161.95    541880910.3
BENFICA            SLBENX PX      -30964161.95    541880910.3
BENFICA            SLBEN PZ       -30964161.95    541880910.3
BENFICA            SLBEN EO       -30964161.95    541880910.3
BENFICA            SLBEN EB       -30964161.95    541880910.3
BENTLEY MOTORS L   1376666Z LN    -231095699.8    952710712.1
BERIEV AIRCR-BRD   TAKB* RU       -12753038.74    551276144.5
BERIEV AIRCR-BRD   TAKB RU        -12753038.74    551276144.5
BETFAIR LTD        83844Z LN      -78396193.01    470492129.2
BGE UK LTD         1653368Z LN    -31957706.96    460423898.3
BHFS ONE LTD       3804484Z LN    -26084071.94    186362551.5
BIMBO SA           3632779Z SM    -4161906.226    258795662.1
BIOTER             BIOTG PZ        -9837036.58    184426179.8
BIOTER             BIOT1 EO        -9837036.58    184426179.8
BIOTER             BIOT GA         -9837036.58    184426179.8
BIOTER             BIOT1 EU        -9837036.58    184426179.8
BIOTER S.A.        BIOTY B3        -9837036.58    184426179.8
BIOTER S.A.        BIOTY S2        -9837036.58    184426179.8
BIOTER S.A.        BIOTY L3        -9837036.58    184426179.8
BIRMINGHAM MAILB   1781057Z LN    -6609169.513    116470467.1
BIRSE CIVILS LTD   1333506Z LN    -19911067.63    131366919.1
BKK VARME AS       4445833Z NO    -1073759.829    155465572.1
BL SP PROPERTIES   1255Q LN       -23486399.53    257455674.9
BL SP PROPERTIES   STPPF US       -23486399.53    257455674.9
BLACK & EDGINGTO   BLE LN           -104472798    111306047.8
BLACK HORSE LTD    1336426Z LN    -106973288.3     4066187621
BLENHEIM GROUP     1062Q FP       -152635588.1    197883920.7
BLENHEIM GROUP     BEXE GR        -152635588.1    197883920.7
BLENHEIM GRP-ADR   BHEHY US       -152635588.1    197883920.7
BLENHEIM GRP-ADR   BEH$ LN        -152635588.1    197883920.7
BLENHEIM SHIPPIN   1225303Z LN    -33448690.06    323403866.7
BLUE SOLUTIONS     BLUE IX        -42690975.39      221040502
BLUE SOLUTIONS     BLUE EB        -42690975.39      221040502
BLUE SOLUTIONS     BLUEEUR EO     -42690975.39      221040502
BLUE SOLUTIONS     18B GR         -42690975.39      221040502
BLUE SOLUTIONS     BLUE FP        -42690975.39      221040502
BLUE SOLUTIONS     BLUEP L3       -42690975.39      221040502
BLUE SOLUTIONS     BSOLF US       -42690975.39      221040502
BLUE SOLUTIONS     BLUEEUR EU     -42690975.39      221040502
BLUE SOLUTIONS     BLUEP S2       -42690975.39      221040502
BLUE SOLUTIONS     BLUE S1        -42690975.39      221040502
BLUE SOLUTIONS     BLUEP B3       -42690975.39      221040502
BLUEWATER HOLDIN   3487556Z NA     -1119182968     1240432021
BMW NORGE AS       4413913Z NO    -6669664.505    124748386.4
BNB RECRUITMENT    BNB LN         -10242626.17    103637711.2
BNB RECRUITMENT    BNBRF US       -10242626.17    103637711.2
BNB RECRUITMENT    BQX GR         -10242626.17    103637711.2
BNB RECRUITMENT    BNB PO         -10242626.17    103637711.2
BNB RECRUITMENT    BNB IX         -10242626.17    103637711.2
BNP GUYANE         BNPG FP        -40559116.42    352047398.5
BORGELD MANAGEME   4778257Z NA    -81821.40017      246378742
BPM IRELAND PLC    4471855Z ID    -4595616.014      844447724
BRADSTOCK GROUP    BSKGF US       -1855503.819    268572388.5
BRADSTOCK GROUP    BDK LN         -1855503.819    268572388.5
BRENT WALKER GRO   754087Q LN      -1774306283    867084131.8
BRENT WALKER GRP   BWKGF US        -1774306283    867084131.8
BRIT ENERGY LTD    523362Q LN      -5823025538     4921229312
BRIT ENERGY PLC    BEN1 GR         -5823025538     4921229312
BRIT ENERGY PLC    BGYEF US        -5823025538     4921229312
BRIT ENERGY PLC    555140Q VX      -5823025538     4921229312
BRIT ENERGY PLC    BHEGF US        -5823025538     4921229312
BRIT ENERGY-A      BENA GR         -5823025538     4921229312
BRIT ENERGY-ADR    BHEFF US        -5823025538     4921229312
BRIT TELECOM       BTE GR         -613961782.8    42524120825
BRIT TELECOM       9484 JP        -613961782.8    42524120825
BRIT TELECOM PLC   BTPWF US       -613961782.8    42524120825
BRIT TELECOM PLC   BT/A VX        -613961782.8    42524120825
BRIT TELECOM PLC   BTPLF US       -613961782.8    42524120825
BRIT TELECOM-ADR   1481Q CN       -613961782.8    42524120825
BRIT TELECOM-ADR   BTEA GR        -613961782.8    42524120825
BRIT TELECOM-RTS   BTY-R US       -613961782.8    42524120825
BRITISH ENER-$US   BGYD AR         -5823025538     4921229312
BRITISH ENER-$US   BGYNYD AR       -5823025538     4921229312
BRITISH ENER-ADR   BGYNY US        -5823025538     4921229312
BRITISH ENER-BLK   BGYNYB AR       -5823025538     4921229312
BRITISH ENER-BLK   BGYB AR         -5823025538     4921229312
BRITISH ENER-C/E   BGYC AR         -5823025538     4921229312
BRITISH ENER-C/E   BGYNYC AR       -5823025538     4921229312
BRITISH ENER-CED   BGY AR          -5823025538     4921229312
BRITISH ENER-CED   BGYNY AR        -5823025538     4921229312
BRITISH ENERGY-A   BGYGF US        -5823025538     4921229312
BRITISH ENERGY-A   BHEAF US        -5823025538     4921229312
BRITISH ENERGY-A   BGYA VX         -5823025538     4921229312
BRITISH ENERGY-A   3012442Q LN     -5823025538     4921229312
BRITISH ENERGY-A   BGYA PO         -5823025538     4921229312
BRITISH TELE-FP    BT/F LN        -613961782.8    42524120825
BRITISH TELE-NP    BTPXF US       -613961782.8    42524120825
BRITISH TELE-NP    BT/N LN        -613961782.8    42524120825
BRIXTON GREAT WE   1242343Z LN    -23721762.06    160921160.6
BROKAT AG          BROAF US       -27134800.92    143511443.1
BROKAT AG          BRKAF US       -27134800.92    143511443.1
BROKAT AG          BKISF US       -27134800.92    143511443.1
BROKAT AG          BROFQ US       -27134800.92    143511443.1
BROKAT AG -NEW     BRJ1 GR        -27134800.92    143511443.1
BROKAT AG -NEW     BRJ1 NM        -27134800.92    143511443.1
BROKAT AG-ADR      BROA US        -27134800.92    143511443.1
BROKAT TECH -ADR   BROAQ US       -27134800.92    143511443.1
BROKAT TECH AG     BRJ NM         -27134800.92    143511443.1
BROKAT TECH AG     BSA LN         -27134800.92    143511443.1
BROKAT TECH AG     BRJ GR         -27134800.92    143511443.1
BROKAT TECH-ADR    BRJA GR        -27134800.92    143511443.1
BROSTROM TANKERS   3641643Z FP    -12737653.37    103954574.6
BRUESA CONSTRUCC   4283093Z SM    -19748118.51    423960563.7
BSKYB LLU ASSETS   ESY LN         -13323427.13    573001458.7
BT GROUP PLC       BT/A TQ        -613961782.8    42524120825
BT GROUP PLC       BTQ GR         -613961782.8    42524120825
BT GROUP PLC       BT/A QM        -613961782.8    42524120825
BT GROUP PLC       BT/A S1        -613961782.8    42524120825
BT GROUP PLC       BT QX          -613961782.8    42524120825
BT GROUP PLC       BT/ EO         -613961782.8    42524120825
BT GROUP PLC       BT/AUSD EU     -613961782.8    42524120825
BT GROUP PLC       BT/A5 EO       -613961782.8    42524120825
BT GROUP PLC       BT/A LN        -613961782.8    42524120825
BT GROUP PLC       BT/A6 EO       -613961782.8    42524120825
BT GROUP PLC       BT/AGBP EO     -613961782.8    42524120825
BT GROUP PLC       BTQ TH         -613961782.8    42524120825
BT GROUP PLC       BT/A7 EO       -613961782.8    42524120825
BT GROUP PLC       BTQD S2        -613961782.8    42524120825
BT GROUP PLC       BTL S2         -613961782.8    42524120825
BT GROUP PLC       BT/A3 EO       -613961782.8    42524120825
BT GROUP PLC       BT/A9 EO       -613961782.8    42524120825
BT GROUP PLC       BTEG IX        -613961782.8    42524120825
BT GROUP PLC       BTQ GK         -613961782.8    42524120825
BT GROUP PLC       BT/APEN EU     -613961782.8    42524120825
BT GROUP PLC       BT/AUSD EO     -613961782.8    42524120825
BT GROUP PLC       BT/A NR        -613961782.8    42524120825
BT GROUP PLC       BT/A1 EO       -613961782.8    42524120825
BT GROUP PLC       BT/A2 EO       -613961782.8    42524120825
BT GROUP PLC       BT/A8 EO       -613961782.8    42524120825
BT GROUP PLC       BT/A NQ        -613961782.8    42524120825
BT GROUP PLC       BT/A BQ        -613961782.8    42524120825
BT GROUP PLC       BT IX          -613961782.8    42524120825
BT GROUP PLC       BT/APEN EO     -613961782.8    42524120825
BT GROUP PLC       BTGOF US       -613961782.8    42524120825
BT GROUP PLC       BT/A4 EO       -613961782.8    42524120825
BT GROUP PLC       BT/ VX         -613961782.8    42524120825
BT GROUP PLC       BT/A PO        -613961782.8    42524120825
BT GROUP PLC       BT/AEUR EU     -613961782.8    42524120825
BT GROUP PLC       BTL B3         -613961782.8    42524120825
BT GROUP PLC       BT/AEUR EO     -613961782.8    42524120825
BT GROUP PLC       BTQD B3        -613961782.8    42524120825
BT GROUP PLC       BT/A EO        -613961782.8    42524120825
BT GROUP PLC       BTQD L3        -613961782.8    42524120825
BT GROUP PLC       BTL L3         -613961782.8    42524120825
BT GROUP PLC       BT/A EU        -613961782.8    42524120825
BT GROUP PLC       BT PZ          -613961782.8    42524120825
BT GROUP PLC       BT/A EB        -613961782.8    42524120825
BT GROUP PLC-ADR   BT/$ LN        -613961782.8    42524120825
BT GROUP PLC-W/I   BTWI LN        -613961782.8    42524120825
BT GROUP-ADR WI    BTY-W US       -613961782.8    42524120825
BT GROUP-CED BLK   BTYB AR        -613961782.8    42524120825
BT GROUP-CEDEAR    BTD AR         -613961782.8    42524120825
BT GROUP-CEDEAR    BTYC AR        -613961782.8    42524120825
BT GROUP-CEDEAR    BTY AR         -613961782.8    42524120825
BT GROUP-CEDEAR    BTC AR         -613961782.8    42524120825
BT GROUP-CEDEAR    BTB AR         -613961782.8    42524120825
BT GROUP-CEDEAR    BTYD AR        -613961782.8    42524120825
BT GROUP-CEDEAR    BT AR          -613961782.8    42524120825
BT GROUP-SPON AD   BTYN MM        -613961782.8    42524120825
BT GROUP-SPON AD   BTN MM         -613961782.8    42524120825
BT GROUP-SPON AD   BT US          -613961782.8    42524120825
BT GROUP-SPON AD   BT MM          -613961782.8    42524120825
BT GROUP-SPON AD   BTQA GR        -613961782.8    42524120825
BT GROUP-SPON AD   BTY US         -613961782.8    42524120825
BUMMASH OJSC-BRD   BUMM RU        -69176738.75    114087108.1
BUMMASH OJSC-BRD   BUMM* RU       -69176738.75    114087108.1
CAFIMA UK LTD      3795756Z LN    -25305047.16    327713869.7
CAISSE D'AMORTIS   211430Z FP        -1.85E+11    25139275408
CAJA ESPANA DE I   8245420Z SM     -1379128733    50004534301
CALEDONIAN ENVIR   3784Z LN       -18835847.24    122355857.6
CALOR SAS          4517071Z FP    -2511518.436    108318885.8
CALSONIC KANSEI    1541442Z LN    -13552420.65      264873165
CALSONIC KANSEI    2730264Z LN    -55236864.62    299341503.4
CANARY WHARF FIN   1198063Z LN    -458463527.9     3975720989
CANDYKING HOLDIN   CANDYSEK EO    -3740065.558    255290651.5
CANDYKING HOLDIN   3124019Z SS    -3740065.558    255290651.5
CANDYKING HOLDIN   CANDY BY       -3740065.558    255290651.5
CANDYKING HOLDIN   CANDYNOK EO    -3740065.558    255290651.5
CANDYKING HOLDIN   CANDYNOK EU    -3740065.558    255290651.5
CANDYKING HOLDIN   CANDYSEK EU    -3740065.558    255290651.5
CANDYKING-W/I      CANDY SS       -3740065.558    255290651.5
CANTIERI DI PISA   4313125Z IM    -2612001.657    105470729.3
CAPITAL HOME LOA   3809804Z LN    -290874097.5     9582592884
CARCOOP FRANCE     4690569Z FP    -531946.3216    185619805.2
CARGONET           81784Z NO      -108989727.1    131082417.2
CARISBROOKE ANGL   3815488Z LN    -67890027.38      125400359
CARLISLE GROUP L   506819Q LN     -11904731.18    203553741.8
CARLSBERG IT A/S   4503891Z DC    -102665678.1    387242342.2
CARREFOUR HYPERM   3897338Z FP    -298103085.1     3834434516
CARRERE GROUP      CRGP IX        -9829883.833    279916720.4
CARRERE GROUP      CRRHF US       -9829883.833    279916720.4
CARRERE GROUP      CAR2 EU        -9829883.833    279916720.4
CARRERE GROUP      CARG FP        -9829883.833    279916720.4
CARRERE GROUP      CAR2 EO        -9829883.833    279916720.4
CARRERE GROUP      CARF PZ        -9829883.833    279916720.4
CARRERE GROUP      XRR GR         -9829883.833    279916720.4
CARRERE GROUP SA   CAR FP         -9829883.833    279916720.4
CARRIER1 INT-AD+   CONE ES           -94729000      472360992
CARRIER1 INT-ADR   CONEE US          -94729000      472360992
CARRIER1 INT-ADR   CONEQ US          -94729000      472360992
CARRIER1 INTL      CJN NM            -94729000      472360992
CARRIER1 INTL      8133893Q GR       -94729000      472360992
CARRIER1 INTL      CJNA GR           -94729000      472360992
CARRIER1 INTL SA   CONEF US          -94729000      472360992
CARRIER1 INTL SA   1253Z SW          -94729000      472360992
CATTLES PLC        CZS GR         -599615492.2     3880885246
CATTLES PLC        CTTUSD EU      -599615492.2     3880885246
CATTLES PLC        CTT NR         -599615492.2     3880885246
CATTLES PLC        CTT NQ         -599615492.2     3880885246
CATTLES PLC        CTTUSD EO      -599615492.2     3880885246
CATTLES PLC        0960894D BQ    -599615492.2     3880885246
CATTLES PLC        CTTEUR EU      -599615492.2     3880885246
CATTLES PLC        CTT VX         -599615492.2     3880885246
CATTLES PLC        CTT PO         -599615492.2     3880885246
CATTLES PLC        CTTSEK EU      -599615492.2     3880885246
CATTLES PLC        0915790D EB    -599615492.2     3880885246
CATTLES PLC        CTT LN         -599615492.2     3880885246
CATTLES PLC        CTT QM         -599615492.2     3880885246
CATTLES PLC        0963776D TQ    -599615492.2     3880885246
CATTLES PLC        CTTGBP EO      -599615492.2     3880885246
CATTLES PLC        CTT EO         -599615492.2     3880885246
CATTLES PLC        CTT EU         -599615492.2     3880885246
CATTLES PLC        CTTEUR EO      -599615492.2     3880885246
CATTLES PLC        CTT PZ         -599615492.2     3880885246
CATTLES PLC        CTTSEK EO      -599615492.2     3880885246
CATTLES PLC        0915787D IX    -599615492.2     3880885246
CATTLES PLC        CHOXF US       -599615492.2     3880885246
CATTLES PLC-ADR    CHOXY US       -599615492.2     3880885246
CATTLES PLC-FPR    CTTF PZ        -599615492.2     3880885246
CATTLES PLC-FPR    CTTF LN        -599615492.2     3880885246
CATTLES PLC-NPR    2843730Q EU    -599615492.2     3880885246
CATTLES PLC-NPR    CTTN PZ        -599615492.2     3880885246
CATTLES PLC-NPR    CCTN PZ        -599615492.2     3880885246
CATTLES PLC-NPR    CTTN IX        -599615492.2     3880885246
CATTLES PLC-NPR    2843726Q EO    -599615492.2     3880885246
CATTLES PLC-NPR    2843734Q EO    -599615492.2     3880885246
CATTLES PLC-NPR    CTTN LN        -599615492.2     3880885246
CATTLES PLC-RFD    CTTR PZ        -599615492.2     3880885246
CATTLES PLC-RFD    CTTR LN        -599615492.2     3880885246
CATTLES PLC-RFD    CTTR IX        -599615492.2     3880885246
CDISCOUNT SA       4690913Z FP    -14710509.37      442569172
CELAYA EMPARANZA   3642467Z SM    -46370880.14    210371904.6
CELSA MANUFACTUR   2011751Z LN    -364451.9997    509121207.7
CENTAR BANKA D.D   CEBAPHRK EO    -3853841.592    180958181.1
CENTAR BANKA D.D   CEBAPA CZ      -3853841.592    180958181.1
CENTAR BANKA D.D   CEBAPHRK EU    -3853841.592    180958181.1
CENTAR BANKA DD    CEBARHRK EO    -3853841.592    180958181.1
CENTAR BANKA DD    CEBARA CZ      -3853841.592    180958181.1
CENTAR BANKA DD    CEBARHRK EU    -3853841.592    180958181.1
CENTER PARCS EUR   235619Z NA     -6141720.638    682887891.2
CENTRAL EUROPEAN   3276402Z NA    -4838847.523    186866740.9
CENTROSOLAR GR-N   C3ON GR        -16015657.93    146354372.5
CENTROSOLAR GROU   C3O EU         -16015657.93    146354372.5
CENTROSOLAR GROU   CEOLF US       -16015657.93    146354372.5
CENTROSOLAR GROU   C3OA TH        -16015657.93    146354372.5
CENTROSOLAR GROU   CSOG IX        -16015657.93    146354372.5
CENTROSOLAR GROU   C3OUSD EO      -16015657.93    146354372.5
CENTROSOLAR GROU   C3OAD L3       -16015657.93    146354372.5
CENTROSOLAR GROU   C3O TQ         -16015657.93    146354372.5
CENTROSOLAR GROU   C3OUSD EU      -16015657.93    146354372.5
CENTROSOLAR GROU   C3OA BQ        -16015657.93    146354372.5
CENTROSOLAR GROU   C3OA TQ        -16015657.93    146354372.5
CENTROSOLAR GROU   C3O S1         -16015657.93    146354372.5
CENTROSOLAR GROU   C3O TH         -16015657.93    146354372.5
CENTROSOLAR GROU   C3OA GR        -16015657.93    146354372.5
CENTROSOLAR GROU   C3OAD B3       -16015657.93    146354372.5
CENTROSOLAR GROU   C3OAD S2       -16015657.93    146354372.5
CENTROSOLAR GROU   C3O GR         -16015657.93    146354372.5
CENTROSOLAR GROU   C3O BQ         -16015657.93    146354372.5
CENTROSOLAR GROU   C3O PZ         -16015657.93    146354372.5
CENTROSOLAR GROU   C3O EO         -16015657.93    146354372.5
CENTROSOLAR-RTS    3434314Z GR    -16015657.93    146354372.5
CEREP INVESTMENT   3638887Z SM    -70598386.38    288951995.8
CEVA GROUP PLC     976811Z LN      -1222932646     4466139768
CHATZIIOANNOU AV   HATZC GA       -54973436.99    102255716.8
CHATZIIONNOU HLD   HZI GR         -54973436.99    102255716.8
CHELSEA FOOTBALL   1508858Z LN    -849005432.9    522910649.8
CHEMOIL EUROPE B   3898634Z NA       -34470000      425707008
CHERNIGIVS M-GDR   CKU GR            -19979000      106551872
CHERNIGIVS MAN-M   CHIM UZ           -19979000      106551872
CHRIST WATER TEC   CWT EU         -5754093.459    165990091.1
CHRIST WATER TEC   CWT EO         -5754093.459    165990091.1
CHRIST WATER TEC   8131204Q GR    -5754093.459    165990091.1
CHRIST WATER TEC   CRSWF US       -5754093.459    165990091.1
CHRIST WATER TEC   CWT AV         -5754093.459    165990091.1
CHRIST WATER TEC   CWT PZ         -5754093.459    165990091.1
CHRIST WATER TEC   CWTE IX        -5754093.459    165990091.1
CHRIST WATER-ADR   CRSWY US       -5754093.459    165990091.1
CHRYSALIS GROUP    CHS EU         -16399586.02    124836284.8
CHRYSALIS GROUP    CHS PO         -16399586.02    124836284.8
CHRYSALIS GROUP    HR4 GR         -16399586.02    124836284.8
CHRYSALIS GROUP    CYGUF US       -16399586.02    124836284.8
CHRYSALIS GROUP    CHSEUR EU      -16399586.02    124836284.8
CHRYSALIS GROUP    5CY GR         -16399586.02    124836284.8
CHRYSALIS GROUP    CHS EO         -16399586.02    124836284.8
CHRYSALIS GROUP    CLYSF US       -16399586.02    124836284.8
CHRYSALIS GROUP    CHS PZ         -16399586.02    124836284.8
CHRYSALIS GROUP    CHS VX         -16399586.02    124836284.8
CHRYSALIS GROUP    CHS IX         -16399586.02    124836284.8
CHRYSALIS GROUP    CHSUSD EU      -16399586.02    124836284.8
CHRYSALIS GROUP    CHSGBP EO      -16399586.02    124836284.8
CHRYSALIS GROUP    CHSUSD EO      -16399586.02    124836284.8
CHRYSALIS GROUP    CHS LN         -16399586.02    124836284.8
CHRYSALIS GROUP    CHSEUR EO      -16399586.02    124836284.8
CIA LA GOMERA AS   4401057Z NO    -14188999.71    111542579.2
CICCOLELLA SPA     CUCI IX        -27122576.95    360991665.9
CICCOLELLA SPA     CCIM PZ        -27122576.95    360991665.9
CICCOLELLA SPA     CC1 EU         -27122576.95    360991665.9
CICCOLELLA SPA     CC BQ          -27122576.95    360991665.9
CICCOLELLA SPA     CCM S2         -27122576.95    360991665.9
CICCOLELLA SPA     CC1 TQ         -27122576.95    360991665.9
CICCOLELLA SPA     CC IM          -27122576.95    360991665.9
CICCOLELLA SPA     CC1 EO         -27122576.95    360991665.9
CICCOLELLA SPA     CCM B3         -27122576.95    360991665.9
CICCOLELLA SPA     CCM L3         -27122576.95    360991665.9
CIMBER STERLING    CIMBE EO       -5227729.207    192575891.8
CIMBER STERLING    CIMBER DC      -5227729.207    192575891.8
CIMBER STERLING    CIMBE EU       -5227729.207    192575891.8
CIMBER STERLING    CIMBER BY      -5227729.207    192575891.8
CIRIO FINANZIARI   CRO IM         -422095936.7     1583083044
CIRIO FINANZIARI   FIY GR         -422095936.7     1583083044
CITY INN LTD       2196980Z LN    -38681609.96     1015295311
CLARANET GROUP L   4157581Z LN     -5642745.89    165416275.8
CLIPPER WINDPOWE   CWPA LN          -168322000      436419008
CLIPPER WINDPOWE   CWP PG           -168322000      436419008
CLIPPER WINDPOWE   C2W GR           -168322000      436419008
CLIPPER WINDPOWE   CRPWF US         -168322000      436419008
CLIPPER WINDPOWE   CWP EU           -168322000      436419008
CLIPPER WINDPOWE   CWP LN           -168322000      436419008
CLIPPER WINDPOWE   3470635Q LN      -168322000      436419008
CLIPPER WINDPOWE   CWP PZ           -168322000      436419008
CLIPPER WINDPOWE   CWP EO           -168322000      436419008
CLIPPER WINDPOWE   CWP IX           -168322000      436419008
CLUB CO HOLDINGS   4500035Z LN    -20732376.26    115484262.4
CMA CGM AGENCES    4746849Z FP    -10638831.52    162545865.7
CO DAS ENERGIAS    3794880Z PL    -2542665.906    115837812.1
CO-OPERATIVE PHA   3951852Z LN    -44451069.53    168682695.3
CODERE SA          CODEF US       -360688681.9     2177904180
CODERE SA          CDR EU         -360688681.9     2177904180
CODERE SA          CDRUSD EU      -360688681.9     2177904180
CODERE SA          CDRE S2        -360688681.9     2177904180
CODERE SA          CDR EB         -360688681.9     2177904180
CODERE SA          CDRE PZ        -360688681.9     2177904180
CODERE SA          CDR EO         -360688681.9     2177904180
CODERE SA          CDRE B3        -360688681.9     2177904180
CODERE SA          CDRE L3        -360688681.9     2177904180
CODERE SA          CDRUSD EO      -360688681.9     2177904180
CODERE SA          CDR IX         -360688681.9     2177904180
CODERE SA          CDR TQ         -360688681.9     2177904180
CODERE SA          CDR S1         -360688681.9     2177904180
CODERE SA          CDR SM         -360688681.9     2177904180
CODERE SA          4CD GR         -360688681.9     2177904180
CODIREP SNC        4517439Z FP    -9550583.139      127897311
COGNIS GMBH        575202Z GR     -745013993.7     3306935972
COIN SPA           965089Q GR     -154063920.1    800559778.4
COIN SPA           GUCIF US       -154063920.1    800559778.4
COIN SPA           GC IX          -154063920.1    800559778.4
COIN SPA-RTS       GCAA IM        -154063920.1    800559778.4
COIN SPA/OLD       GC IM          -154063920.1    800559778.4
COLT TELECOM BV    4511515Z NA    -15997403.43    123548994.5
COMMUNICORP GROU   1027859Z ID    -10254069.02    202942157.3
COMPAGNIA ITALIA   CGLUF US       -137731671.1    527392123.8
COMPAGNIA ITALIA   CITU IX        -137731671.1    527392123.8
COMPAGNIA ITALIA   ICT IM         -137731671.1    527392123.8
COMPASS GROU-OLD   1259Q LN       -668101173.9     2972459078
COMPASS GROUP      QOP GR         -668101173.9     2972459078
COMPASS GRP-ADR    CMSGY US       -668101173.9     2972459078
COMPASS GRP-ADR    CMSJY US       -668101173.9     2972459078
CONERGY AG         CGY BQ         -123446974.6    312014471.7
CONERGY AG         CGYGBX EO      -123446974.6    312014471.7
CONERGY AG         CGYK EB        -123446974.6    312014471.7
CONERGY AG         CGY EB         -123446974.6    312014471.7
CONERGY AG         CGY NQ         -123446974.6    312014471.7
CONERGY AG         CGYKUSD EU     -123446974.6    312014471.7
CONERGY AG         CGY TH         -123446974.6    312014471.7
CONERGY AG         CGYK EU        -123446974.6    312014471.7
CONERGY AG         CGYK PZ        -123446974.6    312014471.7
CONERGY AG         CGY IX         -123446974.6    312014471.7
CONERGY AG         CGYK S1        -123446974.6    312014471.7
CONERGY AG         CGYK QM        -123446974.6    312014471.7
CONERGY AG         CGY QM         -123446974.6    312014471.7
CONERGY AG         CEYHF US       -123446974.6    312014471.7
CONERGY AG         CGY EO         -123446974.6    312014471.7
CONERGY AG         CGY TQ         -123446974.6    312014471.7
CONERGY AG         CGYKGBX EO     -123446974.6    312014471.7
CONERGY AG         CGYKUSD EO     -123446974.6    312014471.7
CONERGY AG         CGYUSD EU      -123446974.6    312014471.7
CONERGY AG         CGYUSD EO      -123446974.6    312014471.7
CONERGY AG         CGY S1         -123446974.6    312014471.7
CONERGY AG         CGYK EO        -123446974.6    312014471.7
CONERGY AG         CGYGBP EO      -123446974.6    312014471.7
CONERGY AG         CGYK BQ        -123446974.6    312014471.7
CONERGY AG         CGYK GR        -123446974.6    312014471.7
CONERGY AG         CGYK TH        -123446974.6    312014471.7
CONERGY AG         CGYKGBP EO     -123446974.6    312014471.7
CONERGY AG         CGY PZ         -123446974.6    312014471.7
CONERGY AG         CGYK IX        -123446974.6    312014471.7
CONERGY AG         CGY EU         -123446974.6    312014471.7
CONERGY AG         CGY GR         -123446974.6    312014471.7
CONERGY AG         CGYK TQ        -123446974.6    312014471.7
CONERGY AG -RTS    CGYB GR        -123446974.6    312014471.7
CONERGY AG-ALTAK   CGY2 GR        -123446974.6    312014471.7
CONERGY AG-RTS     9274362Z GR    -123446974.6    312014471.7
CONNECT GROU-ADR   SMWPY US        -88064132.7    447285313.7
CONNECT GROUP PL   NWS1 BQ         -88064132.7    447285313.7
CONNECT GROUP PL   CNCT IX         -88064132.7    447285313.7
CONNECT GROUP PL   NWS EB          -88064132.7    447285313.7
CONNECT GROUP PL   NWS2 TQ         -88064132.7    447285313.7
CONNECT GROUP PL   NWS S1          -88064132.7    447285313.7
CONNECT GROUP PL   CNCT EB         -88064132.7    447285313.7
CONNECT GROUP PL   CNCTL B3        -88064132.7    447285313.7
CONNECT GROUP PL   CNCT PZ         -88064132.7    447285313.7
CONNECT GROUP PL   CNCTGBP EO      -88064132.7    447285313.7
CONNECT GROUP PL   CNCT TQ         -88064132.7    447285313.7
CONNECT GROUP PL   CNCTGBP EU      -88064132.7    447285313.7
CONNECT GROUP PL   CNCT LN         -88064132.7    447285313.7
CONNECT GROUP PL   CNCTL L3        -88064132.7    447285313.7
CONNECT GROUP PL   CNCT BQ         -88064132.7    447285313.7
CONNECT GROUP PL   CNCTL S2        -88064132.7    447285313.7
CONNECT GROUP PL   CNCT S1         -88064132.7    447285313.7
CONNECT GROUP PL   CNCTEUR EU      -88064132.7    447285313.7
CONNECT GROUP PL   CNCTEUR EO      -88064132.7    447285313.7
CONNECT GROUP PL   CNCT1GBP EO     -88064132.7    447285313.7
CONNECT UTILITIE   2112683Z LN    -8340151.746    137723814.6
CONOCOPHILLIPS I   4526671Z ID    -170674999.4    628206992.2
CONOCOPHILLIPS W   3894318Z ID      -178050000      436843008
CONTENTFILM INTE   2532058Z LN     -9300904.46    126058510.9
CONVENIENCE FOOD   1555794Z LN    -134874451.3    765640046.7
COOPERATIE VOEDI   4378105Z NA    -142026.7053      639612430
COPERFIL GROUP     704457Z SM     -3700821.321    403822614.4
CORAL ESTATES LT   1077210Z LN    -3811477.291    130784942.2
COSMOS SHIPPING    4174421Z NA    -1136567.873      304070874
CP - COMBOIOS DE   1005Z PL        -4195211526     1509194227
CPI MORTARS LTD    1751696Z LN    -29967019.24    109083038.2
CRAEGMOOR LTD      1652880Z LN    -13908471.04    565526373.2
CREDITO FOND-RTS   CRFSA IM       -200209050.3     4213063202
CREDITO FONDIARI   CRF IM         -200209050.3     4213063202
CRESPI SPA         LG5 GR         -31539726.86    283701481.7
CRESPI SPA         CRE BQ         -31539726.86    283701481.7
CRESPI SPA         CRE IM         -31539726.86    283701481.7
CRESPI SPA         CRE1 TQ        -31539726.86    283701481.7
CRESPI SPA         CRE1 EO        -31539726.86    283701481.7
CRESPI SPA         GVCIF US       -31539726.86    283701481.7
CRESPI SPA         CRE1 PZ        -31539726.86    283701481.7
CRESPI SPA         CRE1 EU        -31539726.86    283701481.7
CRESPI SPA         CRE1 IX        -31539726.86    283701481.7
CRESPI SPA         CRE EB         -31539726.86    283701481.7
CSC COMPUTER SCI   3894278Z LN    -153050119.7     2920396956
CUCINA LUX INVES   4503083Z LN    -823469393.1     3170276006
D/S TORM           3424559Q IX      -103200000     1720099968
D/S TORM           ADSSF US         -103200000     1720099968
D/S TORM           TORDF US         -103200000     1720099968
D/S TORM           TORM NR          -103200000     1720099968
DAGESTAN ENERGY    DASB RU        -270759989.2    115660592.8
DAGESTAN ENERGY    DASBG RU       -270759989.2    115660592.8
DAGESTAN ENERGY    DASB RM        -270759989.2    115660592.8
DAGESTAN ENERGY    DASB* RU       -270759989.2    115660592.8
DANA PETROLEUM N   ENER NO        -49442800.46    261409223.6
DANIILIDIS PA-RT   DANILR GA      -60522431.53    735697511.6
DANIILIDIS PANAG   DANIL GA       -60522431.53    735697511.6
DANKA BUS SYSTEM   3205287Q EU      -497126976      121439000
DANKA BUS SYSTEM   3205283Q EO      -497126976      121439000
DANKA BUS SYSTEM   DANKF US         -497126976      121439000
DANKA BUS SYSTEM   DNK PZ           -497126976      121439000
DANKA BUS SYSTEM   3205291Q EO      -497126976      121439000
DANKA BUS SYSTEM   DNK IX           -497126976      121439000
DANKA BUS SYSTEM   DNK VX           -497126976      121439000
DANKA BUS SYSTEM   DNK PO           -497126976      121439000
DANKA BUS SYSTEM   DNK LN           -497126976      121439000
DANKA BUS-$US CE   DANKD AR         -497126976      121439000
DANKA BUS-ADR      DB6 GR           -497126976      121439000
DANKA BUS-ADR      DANKE US         -497126976      121439000
DANKA BUS-ADR      AP39 LI          -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
DANNEMORA MI-NEW   DMABBTA1 SS    -3793151.343    188258194.6
DANNEMORA MI-RTS   DMABTRB SS     -3793151.343    188258194.6
DANNEMORA MINE-A   0122312D SS    -3793151.343    188258194.6
DANNEMORA MINERA   DMABBNOK EO    -3793151.343    188258194.6
DANNEMORA MINERA   DMABB BY       -3793151.343    188258194.6
DANNEMORA MINERA   DMAB SS        -3793151.343    188258194.6
DANNEMORA MINERA   DMABBO B3      -3793151.343    188258194.6
DANNEMORA MINERA   DMABB EU       -3793151.343    188258194.6
DANNEMORA MINERA   DMABB EO       -3793151.343    188258194.6
DANNEMORA MINERA   DMABBNOK BY    -3793151.343    188258194.6
DANNEMORA MINERA   DMABNOK SS     -3793151.343    188258194.6
DANNEMORA MINERA   59P GR         -3793151.343    188258194.6
DANNEMORA MINERA   DMABBO L3      -3793151.343    188258194.6
DANNEMORA MINERA   DMABBO S2      -3793151.343    188258194.6
DANNEMORA MINERA   DMABB NO       -3793151.343    188258194.6
DANNEMORA MINERA   DMABB SS       -3793151.343    188258194.6
DANNEMORA MINERA   DMABBNOK EU    -3793151.343    188258194.6
DANNEMORA MINERA   DMABB PZ       -3793151.343    188258194.6
DARTY PLC          DRTY1 EB       -438442925.5     1678340661
DARTY PLC          DRTYUSD EO     -438442925.5     1678340661
DARTY PLC          DRTY EU        -438442925.5     1678340661
DARTY PLC          DRTYEUR EU     -438442925.5     1678340661
DARTY PLC          DRTYI GR       -438442925.5     1678340661
DARTY PLC          KESA9 EO       -438442925.5     1678340661
DARTY PLC          KESA NR        -438442925.5     1678340661
DARTY PLC          KES1 EO        -438442925.5     1678340661
DARTY PLC          DRTYUSD EU     -438442925.5     1678340661
DARTY PLC          DRTY TQ        -438442925.5     1678340661
DARTY PLC          DRTYP S2       -438442925.5     1678340661
DARTY PLC          KESA5 EO       -438442925.5     1678340661
DARTY PLC          KESAF US       -438442925.5     1678340661
DARTY PLC          DRTY EO        -438442925.5     1678340661
DARTY PLC          KE4 GK         -438442925.5     1678340661
DARTY PLC          KESA QM        -438442925.5     1678340661
DARTY PLC          KESA NQ        -438442925.5     1678340661
DARTY PLC          DRTY QM        -438442925.5     1678340661
DARTY PLC          DRTY IX        -438442925.5     1678340661
DARTY PLC          KESA4 EO       -438442925.5     1678340661
DARTY PLC          KESA IX        -438442925.5     1678340661
DARTY PLC          DRTYP B3       -438442925.5     1678340661
DARTY PLC          DRTY1 IX       -438442925.5     1678340661
DARTY PLC          KESA8 EO       -438442925.5     1678340661
DARTY PLC          DRTYL L3       -438442925.5     1678340661
DARTY PLC          DRTYP L3       -438442925.5     1678340661
DARTY PLC          KESA S1        -438442925.5     1678340661
DARTY PLC          DRTYGBP EO     -438442925.5     1678340661
DARTY PLC          KESA EO        -438442925.5     1678340661
DARTY PLC          DRTY FP        -438442925.5     1678340661
DARTY PLC          DRTYL S2       -438442925.5     1678340661
DARTY PLC          KESA7 EO       -438442925.5     1678340661
DARTY PLC          DRTYEUR EO     -438442925.5     1678340661
DARTY PLC          KESA BQ        -438442925.5     1678340661
DARTY PLC          DRTY1 TQ       -438442925.5     1678340661
DARTY PLC          KESA6 EO       -438442925.5     1678340661
DARTY PLC          KESA3 EO       -438442925.5     1678340661
DARTY PLC          KSA FP         -438442925.5     1678340661
DARTY PLC          KE4 GR         -438442925.5     1678340661
DARTY PLC          DRTYL B3       -438442925.5     1678340661
DARTY PLC          DRTY LN        -438442925.5     1678340661
DARTY PLC          DRTY EB        -438442925.5     1678340661
DARTY PLC          KESA2 EO       -438442925.5     1678340661
DARTY PLC          KESA TQ        -438442925.5     1678340661
DARTY PLC          KESA EB        -438442925.5     1678340661
DAVENHAM GROUP P   DAV PZ         -57318753.57    114702989.3
DAVENHAM GROUP P   DAVEUR EO      -57318753.57    114702989.3
DAVENHAM GROUP P   DAH TH         -57318753.57    114702989.3
DAVENHAM GROUP P   DAV PG         -57318753.57    114702989.3
DAVENHAM GROUP P   DAV EO         -57318753.57    114702989.3
DAVENHAM GROUP P   DAV LN         -57318753.57    114702989.3
DAVENHAM GROUP P   DAH GR         -57318753.57    114702989.3
DAVENHAM GROUP P   DAV EU         -57318753.57    114702989.3
DE LA RUE PLC      DL1C GR        -117201923.4    803931943.1
DE LA RUE PLC      DLARL B3       -117201923.4    803931943.1
DE LA RUE PLC      DLARUSD EO     -117201923.4    803931943.1
DE LA RUE PLC      DLAR6 EO       -117201923.4    803931943.1
DE LA RUE PLC      DLAR BQ        -117201923.4    803931943.1
DE LA RUE PLC      DL1C GK        -117201923.4    803931943.1
DE LA RUE PLC      DLAR LN        -117201923.4    803931943.1
DE LA RUE PLC      DLA EO         -117201923.4    803931943.1
DE LA RUE PLC      DL1B GR        -117201923.4    803931943.1
DE LA RUE PLC      DLAR IX        -117201923.4    803931943.1
DE LA RUE PLC      DLAR3 EO       -117201923.4    803931943.1
DE LA RUE PLC      DLAR VX        -117201923.4    803931943.1
DE LA RUE PLC      DLAR PZ        -117201923.4    803931943.1
DE LA RUE PLC      DLAR7 EO       -117201923.4    803931943.1
DE LA RUE PLC      DLAR QX        -117201923.4    803931943.1
DE LA RUE PLC      DLAR NR        -117201923.4    803931943.1
DE LA RUE PLC      DLAR4 EO       -117201923.4    803931943.1
DE LA RUE PLC      DLRUF US       -117201923.4    803931943.1
DE LA RUE PLC      DLAREUR EU     -117201923.4    803931943.1
DE LA RUE PLC      DLAR TQ        -117201923.4    803931943.1
DE LA RUE PLC      DELRF US       -117201923.4    803931943.1
DE LA RUE PLC      DLAR EB        -117201923.4    803931943.1
DE LA RUE PLC      DLAR2 EO       -117201923.4    803931943.1
DE LA RUE PLC      DLARL S2       -117201923.4    803931943.1
DE LA RUE PLC      DLAREUR EO     -117201923.4    803931943.1
DE LA RUE PLC      DLAR EU        -117201923.4    803931943.1
DE LA RUE PLC      DLAR NQ        -117201923.4    803931943.1
DE LA RUE PLC      DL1A GR        -117201923.4    803931943.1
DE LA RUE PLC      DLAR PO        -117201923.4    803931943.1
DE LA RUE PLC      DLAR QM        -117201923.4    803931943.1
DE LA RUE PLC      DLARGBP EO     -117201923.4    803931943.1
DE LA RUE PLC      DLAR8 EO       -117201923.4    803931943.1
DE LA RUE PLC      DLARCHF EO     -117201923.4    803931943.1
DE LA RUE PLC      DLARF US       -117201923.4    803931943.1
DE LA RUE PLC      DLARL L3       -117201923.4    803931943.1
DE LA RUE PLC      DLAR9 EO       -117201923.4    803931943.1
DE LA RUE PLC      DL1 GR         -117201923.4    803931943.1
DE LA RUE PLC      DLAR EO        -117201923.4    803931943.1
DE LA RUE PLC      DLARUSD EU     -117201923.4    803931943.1
DE LA RUE PLC      DLAR1 EO       -117201923.4    803931943.1
DE LA RUE PLC      DLARCHF EU     -117201923.4    803931943.1
DE LA RUE PLC      DLAR5 EO       -117201923.4    803931943.1
DE LA RUE PLC      DLAR S1        -117201923.4    803931943.1
DE LA RUE-ADR      DERUY US       -117201923.4    803931943.1
DE LA RUE-ADR      DLUEY US       -117201923.4    803931943.1
DE LA RUE-PREF     DLAP LN        -117201923.4    803931943.1
DE LA RUE-PREF     3115438Q EU    -117201923.4    803931943.1
DE LA RUE-PREF     DLAP PZ        -117201923.4    803931943.1
DE STEFANO INVES   3814768Z LN     -1732230.02      173800412
DESMET BALLESTRA   2850262Z BB    -53278497.25    285006991.6
DEVELICA DEUTSCH   DDE LN         -79827494.88     1139643575
DEVELICA DEUTSCH   D4B GR         -79827494.88     1139643575
DEVELICA DEUTSCH   DDE PZ         -79827494.88     1139643575
DEVELICA DEUTSCH   DDE IX         -79827494.88     1139643575
DEVELICA DEUTSCH   DDE PG         -79827494.88     1139643575
DIAMOND RESORT H   1710824Z LN    -56236300.33    207842375.5
DIAMOND RESORTS    1578906Z LN     -9597397.72    221635081.8
DIAS AQUA-R REPO   DIFFV11 GA     -91570508.17    151745904.4
DIAS AQUACU-REPO   DIFFL11 GA     -91570508.17    151745904.4
DIAS AQUACULTURE   DIFF EO        -91570508.17    151745904.4
DIAS AQUACULTURE   DIFF GA        -91570508.17    151745904.4
DIAS AQUACULTURE   DIFF EU        -91570508.17    151745904.4
DIAS AQUACULTURE   DIFFY B3       -91570508.17    151745904.4
DIAS AQUACULTURE   DIFFY S2       -91570508.17    151745904.4
DIAS AQUACULTURE   DIFF PZ        -91570508.17    151745904.4
DIAS AQUACULTURE   DIFFY L3       -91570508.17    151745904.4
DIBAQ DIPROTEG     937530Z SM     -6314112.019    147817872.4
DIMA COSTRUZIONI   4526911Z IM     -14681477.1    426157772.4
DIMAFIN SPA        2727163Z IM    -63237310.55    270853808.6
DIOKI DD           DIOKRA CZ      -38207781.04    346383251.3
DIOKI DD           DIOKRHRK EO    -38207781.04    346383251.3
DIOKI DD           DIOKRHRK EU    -38207781.04    346383251.3
DIRECT ENERGIE     ALDIR FP       -44827553.48     1104547436
DIRECT ENERGIE     ALPWO EU       -44827553.48     1104547436
DIRECT ENERGIE     4PO GR         -44827553.48     1104547436
DIRECT ENERGIE     ALPWO EO       -44827553.48     1104547436
DISENOS URBANOS    4367969Z SM    -2536463.405    337554175.8
DISPOSABLE SOFT    1124335Z LN    -55495561.19    182341357.2
DLJ UK HOLDING     1774497Z LN       -96350000    13366606848
DNEPROPETROVSK     DMZP UZ          -135620115    517236634.7
DNIP METAL-Y Z-D   DMZK UZ        -5182981.244    100742357.9
DNIPROVSKY IRON    DMKD UZ          -377295526     1251619779
DONCASTERS GROUP   996146Z LN     -520880935.7     1738381297
DRIVE ASSIST HOL   3641135Z LN    -526668613.4    370637648.1
DSS                DSS EO           -166261774    117382164.4
DSS                DSS PW           -166261774    117382164.4
DSS                DSS EU           -166261774    117382164.4
DSS SA             DSSW S2          -166261774    117382164.4
DSS SA             DSSW L3          -166261774    117382164.4
DSS SA             DSSW B3          -166261774    117382164.4
DSS-PDA            DSSA PW          -166261774    117382164.4
DTZ DEBENHAM TIE   1637608Z LN    -127198668.5    136733329.8
DUFERCO LA LOUVI   4169149Z BB    -102578634.2    322222513.5
DUNLOP OIL & MAR   1787361Z LN    -901430.9925    178852029.9
E ON UK CHP LTD    2642428Z LN    -549915134.6    296660127.5
EAST LONDON BUS    4453289Z LN    -25646993.29    493649937.7
EAST-SIBERIA-BRD   VSNK* RU       -92283731.58    299863617.2
EAST-SIBERIA-BRD   VSNK RU        -92283731.58    299863617.2
EAST-SIBERIAN-BD   VSNK$ RU       -92283731.58    299863617.2
EASYDIS SAS        4470559Z FP    -7560619.382    256995570.2
EASYNET GROUP      ESY VX         -13323427.13    573001458.7
EASYNET GROUP      EAY GR         -13323427.13    573001458.7
EASYNET GROUP      ESY PO         -13323427.13    573001458.7
EASYNET GROUP      EZNGF US       -13323427.13    573001458.7
EASYNET GROUP-CV   91009Z LN      -13323427.13    573001458.7
EATON ELECTRIC B   2017671Z NA    -1841796.041      130595897
ECONOMIST NEWSPA   6888Z LN        -17266078.7    388318853.7
ECS COMPUTER SYS   ECS FP         -109890400.7    681800759.1
EDENRED            EDENP B3        -1922075941     5280232751
EDENRED            QSV TH          -1922075941     5280232751
EDENRED            EDENUSD EO      -1922075941     5280232751
EDENRED            EDEN QM         -1922075941     5280232751
EDENRED            EDENP S2        -1922075941     5280232751
EDENRED            EDEN EO         -1922075941     5280232751
EDENRED            QSV GR          -1922075941     5280232751
EDENRED            EDEN FP         -1922075941     5280232751
EDENRED            EDEN EB         -1922075941     5280232751
EDENRED            EDEN BQ         -1922075941     5280232751
EDENRED            EDEN TQ         -1922075941     5280232751
EDENRED            EDENP L3        -1922075941     5280232751
EDENRED            EDEN EU         -1922075941     5280232751
EDENRED            EDEN PZ         -1922075941     5280232751
EDENRED            EDEN S1         -1922075941     5280232751
EDENRED            EDEN IX         -1922075941     5280232751
EDENRED            EDEN QX         -1922075941     5280232751
EDENRED            EDENUSD EU      -1922075941     5280232751
EDENRED            EDNMF US        -1922075941     5280232751
EDENRED - NEW      EDENV EU        -1922075941     5280232751
EDENRED - NEW      EDENV FP        -1922075941     5280232751
EDENRED - NEW      EDENVEUR EO     -1922075941     5280232751
EDENRED - NEW      09317EUR EO     -1922075941     5280232751
EDENRED - NEW      09317EUR EU     -1922075941     5280232751
EDENRED - NEW      0931985D FP     -1922075941     5280232751
EDENRED SA-ADR     EDNMY US        -1922075941     5280232751
EDENRED-NEW        0931986D FP     -1922075941     5280232751
EDENRED-NEW        0675161D FP     -1922075941     5280232751
EDF EN OUTRE MER   4679713Z FP    -10380130.59      110553300
EDF ENERGY 1 LTD   1201287Z LN    -176604137.1    557591129.7
EDRASIS C. PSALL   EDRAR GA       -114527235.1    168611130.1
EDRASIS PSALIDAS   EDRA PZ        -114527235.1    168611130.1
EDRASIS PSALIDAS   EDRA EU        -114527235.1    168611130.1
EDRASIS PSALIDAS   EPP GR         -114527235.1    168611130.1
EDRASIS PSALIDAS   EDRA EO        -114527235.1    168611130.1
EDRASIS PSALIDAS   EDRA GA        -114527235.1    168611130.1
EDRASIS-AUCTION    EDRAE GA       -114527235.1    168611130.1
EITZEN CHEMI-ADR   EITZY US         -132635000      865660992
EITZEN CHEMICAL    ECHEM PZ         -132635000      865660992
EITZEN CHEMICAL    ECHEM TQ         -132635000      865660992
EITZEN CHEMICAL    ECHEM SS         -132635000      865660992
EITZEN CHEMICAL    CHEM NO          -132635000      865660992
EITZEN CHEMICAL    ECHEMO B3        -132635000      865660992
EITZEN CHEMICAL    ECHM IX          -132635000      865660992
EITZEN CHEMICAL    ECHEMEUR EO      -132635000      865660992
EITZEN CHEMICAL    ECHEMO S2        -132635000      865660992
EITZEN CHEMICAL    ECHEM NO         -132635000      865660992
EITZEN CHEMICAL    ECHEM EU         -132635000      865660992
EITZEN CHEMICAL    E8H GR           -132635000      865660992
EITZEN CHEMICAL    ECHEMEUR EU      -132635000      865660992
EITZEN CHEMICAL    ECHEMO L3        -132635000      865660992
EITZEN CHEMICAL    ECHEM EO         -132635000      865660992
EITZEN CHEMICAL    ECHEM BY         -132635000      865660992
EITZEN CHEMICAL    EITZF US         -132635000      865660992
ELITE HOTELS ROT   3818480Z LN    -9353175.991    160453512.8
ELITE SHIPPING     ELSP DC        -27715992.18    100892901.9
ELLERSTON GEMS O   4781417Z ID     -4056745.81    195867216.9
EM.TV & MERC-NEW   ETV1 NM        -22067243.56    849175624.7
EM.TV & MERC-NEW   ETV1 GR        -22067243.56    849175624.7
EM.TV & MERC-RTS   ETV8 GR        -22067243.56    849175624.7
EM.TV & MERC-RTS   ETV8 NM        -22067243.56    849175624.7
EM.TV & MERCHAND   985403Q GR     -22067243.56    849175624.7
EM.TV & MERCHAND   ETV LN         -22067243.56    849175624.7
EM.TV & MERCHAND   ETV NM         -22067243.56    849175624.7
EM.TV & MERCHAND   0881480D US    -22067243.56    849175624.7
EM.TV & MERCHAND   ETV VX         -22067243.56    849175624.7
EM.TV & MERCHAND   EMTVF US       -22067243.56    849175624.7
EMCOR GROUP UK P   376717Z LN     -6538600.194      173540446
EMI GROUP -ASSD    EMIA LN         -2265973885     2950096964
EMI GROUP LTD      EMI LN          -2265973885     2950096964
EMI GROUP PLC      EMI PO          -2265973885     2950096964
EMI GROUP PLC      EMI VX          -2265973885     2950096964
EMI GROUP PLC      3020138Q GR     -2265973885     2950096964
EMI GROUP PLC      EMIPF US        -2265973885     2950096964
EMI GROUP PLC      EMI IX          -2265973885     2950096964
EMI GROUP PLC-B    1019425Q LN     -2265973885     2950096964
EMI GROUP-ADR      EMI$ LN         -2265973885     2950096964
EMI GROUP-ADR      38IS LN         -2265973885     2950096964
EMI GROUP-ADR      EMIPY US        -2265973885     2950096964
EMPEDOS SA         EMPED GA       -33637669.62    174742646.9
EMPEDOS SA-RTS     EMPEDR GA      -33637669.62    174742646.9
EMPRESA DE DESEN   3635623Z PL    -474057586.2    908088594.2
ENER PETROLEUM A   ENEPF US       -49442800.46    261409223.6
ENERGY POWER RES   510443Z LN     -44526127.81    138151227.6
EQUINITI LTD       977621Z LN     -190266907.4    912192915.6
EQUITY INSURANCE   1675200Z LN    -111525678.8    387274841.6
ERM GROUP HOLDIN   3125976Z LN      -175924992      616248000
ESPORTA HEALTH &   1689624Z LN    -27473342.77    278556794.5
ESTALEIROS NAVAI   4507307Z PL      -182902840      188576452
ETHEL AUSTIN INV   1089202Z LN    -38259689.04    225745160.1
ETHICAL HLDG-ADR   ETHCY US          -33856000      252476000
EUPHONY HOLDINGS   4449041Z LN    -22471921.86    112865190.8
EURCO FINANCE      3799980Z ID    -48644964.48    679151283.8
EURO DISNEY SCA    EDIS CN        -285631281.5     2901760504
EURO DISNEY SCA    EUDI LI        -285631281.5     2901760504
EURO DISNEY SCA    EDLP S2        -285631281.5     2901760504
EURO DISNEY SCA    EDLB BB        -285631281.5     2901760504
EURO DISNEY SCA    EDIS BB        -285631281.5     2901760504
EURO DISNEY SCA    EDLP L3        -285631281.5     2901760504
EURO DISNEY SCA    EDLP B3        -285631281.5     2901760504
EURO DISNEY-ADR    1800P US       -285631281.5     2901760504
EURO DISNEY-NEW    EDLN FP        -285631281.5     2901760504
EURO DISNEY-NONR   2862678Q EU    -285631281.5     2901760504
EURO DISNEY-NONR   3663498Q PZ    -285631281.5     2901760504
EURO DISNEY-NONR   EDIG IX        -285631281.5     2901760504
EURO DISNEY-NONR   EDLNR FP       -285631281.5     2901760504
EURO DISNEY-NONR   EDI GR         -285631281.5     2901760504
EURO DISNEY-NONR   EDLY IX        -285631281.5     2901760504
EURO DISNEY-NONR   ERDBF US       -285631281.5     2901760504
EURO DISNEY-NONR   2862682Q EO    -285631281.5     2901760504
EURO DISNEY-NP     EUDN LN        -285631281.5     2901760504
EURO DISNEY-OLD    EURD BB        -285631281.5     2901760504
EURO DISNEY-RCPT   EUD VX         -285631281.5     2901760504
EURO DISNEY-RCPT   ERDDF US       -285631281.5     2901760504
EURO DISNEY-RCPT   EUD PO         -285631281.5     2901760504
EURO DISNEY-RCPT   EUD LN         -285631281.5     2901760504
EURO DISNEY-REGR   EDL IX         -285631281.5     2901760504
EURO DISNEY-REGR   EDIA GR        -285631281.5     2901760504
EURO DISNEY-REGR   EDL QM         -285631281.5     2901760504
EURO DISNEY-REGR   EDL1 TH        -285631281.5     2901760504
EURO DISNEY-REGR   EDLP IX        -285631281.5     2901760504
EURO DISNEY-REGR   EDL EU         -285631281.5     2901760504
EURO DISNEY-REGR   EUDSF US       -285631281.5     2901760504
EURO DISNEY-REGR   EDL TQ         -285631281.5     2901760504
EURO DISNEY-REGR   EDIA TH        -285631281.5     2901760504
EURO DISNEY-REGR   EDLP PZ        -285631281.5     2901760504
EURO DISNEY-REGR   EDL BQ         -285631281.5     2901760504
EURO DISNEY-REGR   EDL EB         -285631281.5     2901760504
EURO DISNEY-REGR   EDL S1         -285631281.5     2901760504
EURO DISNEY-REGR   EDL EO         -285631281.5     2901760504
EURO DISNEY-REGR   EDL FP         -285631281.5     2901760504
EURO DISNEY-RGT    EDI1 GR        -285631281.5     2901760504
EURO DISNEY-RGT    EDLDS FP       -285631281.5     2901760504
EURO DISNEY-RTS    2761245Q FP    -285631281.5     2901760504
EURO DISNEY-RTS    EDISS5 BB      -285631281.5     2901760504
EUROCEANICA UK L   3640775Z LN       -59513000      127740000
EUROCOMMERCE HOL   4174085Z NA    -1476.300001     1442043983
EURODEP            4680905Z FP    -20980092.52    199599003.5
EUROMEDICA         EUMED GA       -127941241.2    833080402.6
EUROMEDICA SA      DNX GR         -60522431.53    735697511.6
EUROMEDICA SA      EUROMY S2      -60522431.53    735697511.6
EUROMEDICA SA      EUROM EU       -60522431.53    735697511.6
EUROMEDICA SA      DNXA GR        -60522431.53    735697511.6
EUROMEDICA SA      EUMDF US       -127941241.2    833080402.6
EUROMEDICA SA      EUROM EO       -60522431.53    735697511.6
EUROMEDICA SA      EUROMY L3      -60522431.53    735697511.6
EUROMEDICA SA      EUROMY B3      -60522431.53    735697511.6
EUROMEDICA SA      EUROM PZ       -60522431.53    735697511.6
EUROMEDICA SA      EUROM GA       -60522431.53    735697511.6
EUROPEAN HOME      EHREUR EU      -14328734.27    110864074.5
EUROPEAN HOME      EHR7 EO        -14328734.27    110864074.5
EUROPEAN HOME      EHREUR EO      -14328734.27    110864074.5
EUROPEAN HOME      EHR EU         -14328734.27    110864074.5
EUROPEAN HOME      EHR LN         -14328734.27    110864074.5
EUROPEAN HOME      EHR PZ         -14328734.27    110864074.5
EUROPEAN HOME      EHR3 EO        -14328734.27    110864074.5
EUROPEAN HOME      EHR8 EO        -14328734.27    110864074.5
EUROPEAN HOME      EHRGBP EO      -14328734.27    110864074.5
EUROPEAN HOME      EHR6 EO        -14328734.27    110864074.5
EUROPEAN HOME      KLZ VX         -14328734.27    110864074.5
EUROPEAN HOME      EHR2 EO        -14328734.27    110864074.5
EUROPEAN HOME      FPAKF US       -14328734.27    110864074.5
EUROPEAN HOME      EHR1 EO        -14328734.27    110864074.5
EUROPEAN HOME      EHR PO         -14328734.27    110864074.5
EUROPEAN HOME      EHR10 EO       -14328734.27    110864074.5
EUROPEAN HOME      EHR9 EO        -14328734.27    110864074.5
EUROPEAN HOME      EHR5 EO        -14328734.27    110864074.5
EUROPEAN HOME      EHR4 EO        -14328734.27    110864074.5
EUROPEAN HOME      EHR EO         -14328734.27    110864074.5
EUROPEAN HOME      KLZ PO         -14328734.27    110864074.5
EUROPEAN HOME      EHR VX         -14328734.27    110864074.5
EUROPEAN MARITIM   4523543Z NA    -34804363.97    347312502.4
EXOVA GROUP L-WI   0276626D LN    -197135399.8    847847879.2
EXOVA GROUP PLC    EXO1 IX        -197135399.8    847847879.2
EXOVA GROUP PLC    EXOL S1        -197135399.8    847847879.2
EXOVA GROUP PLC    EXOGBX EO      -197135399.8    847847879.2
EXOVA GROUP PLC    219 GR         -197135399.8    847847879.2
EXOVA GROUP PLC    EXOL TQ        -197135399.8    847847879.2
EXOVA GROUP PLC    EXO1 EB        -197135399.8    847847879.2
EXOVA GROUP PLC    EXOGBX EU      -197135399.8    847847879.2
EXOVA GROUP PLC    EXOL B3        -197135399.8    847847879.2
EXOVA GROUP PLC    EXOL L3        -197135399.8    847847879.2
EXOVA GROUP PLC    EXOL S2        -197135399.8    847847879.2
EXOVA GROUP PLC    EXO1 BQ        -197135399.8    847847879.2
EXOVA GROUP PLC    EXO LN         -197135399.8    847847879.2
EXOVA PLC          4507835Z LN    -23478995.65    727816532.4
EXPERT NORGE AS    4444681Z NO    -7915470.255      138176736
EXPLORER NV        4289181Z BB    -30272569.33    247298625.7
EXXONMOBIL MARIN   1196527Z LN    -11135515.11    247074913.1
F.C. PORTO         FCP PL         -42858205.32    244984137.8
F.C. PORTO         FBC GR         -42858205.32    244984137.8
F.C. PORTO         FCP EO         -42858205.32    244984137.8
F.C. PORTO         FCP EB         -42858205.32    244984137.8
F.C. PORTO         FCP IX         -42858205.32    244984137.8
F.C. PORTO         FCP TQ         -42858205.32    244984137.8
F.C. PORTO         FCP PZ         -42858205.32    244984137.8
F.C. PORTO         0967973D TQ    -42858205.32    244984137.8
F.C. PORTO         FCP EU         -42858205.32    244984137.8
F.C. PORTO         FCPX PX        -42858205.32    244984137.8
F.C.PORTO          FCPA PL        -42858205.32    244984137.8
FACEO FM           4690137Z FP    -1109089.079    243429434.2
FACONNABLE SA      226782Z FP     -89346646.31    148629491.9
FAR EASTERN GENE   DVGC RU        -287701852.5     1300213857
FAREPAK PLC        FPK LN         -14328734.27    110864074.5
FBEX PROMO INMOB   3745024Z SM    -820030.3857     1142978438
FENERBAHCE         FEBHF US       -100650956.7    166259494.6
FENERBAHCE FUTBO   FENER TI       -100650956.7    166259494.6
FERDINAND STINGE   4040837Z NA    -197824.2002     1420305383
FERGO AISA -RTS    AISA/D SM      -102379482.8    427577243.8
FERGO AISA SA      AISA EO        -102379482.8    427577243.8
FERGO AISA SA      AISA SM        -102379482.8    427577243.8
FERGO AISA SA      AISA PZ        -102379482.8    427577243.8
FERGO AISA SA      AISA EU        -102379482.8    427577243.8
FERGO AISA SA      AISA TQ        -102379482.8    427577243.8
FINAN ST FIACRE    STFI FP        -1274873.644    111191494.1
FINANCIAL LEASIN   137282Z RU     -223005888.9    203003201.1
FINANCIAL LEASIN   FLKO RU        -223005888.9    203003201.1
FINANCIAL LEASIN   FLKO* RU       -223005888.9    203003201.1
FINANCIAL LEASIN   FLKO RM        -223005888.9    203003201.1
FINANCIAL SERVIC   2630281Z LN    -105700509.6    414966448.4
FINANCIETOREN NV   3729210Z BB    -62644343.22      728523980
FINANSIERINGSSEL   3977156Z DC    -2410330.413    110737438.4
FINMATICA SPA      FIN IM         -126386016.2    281256000.7
FINMATICA SPA      0882440D GR    -126386016.2    281256000.7
FINMATICA SPA      FIN NM         -126386016.2    281256000.7
FINMATICA SPA      FMTAF US       -126386016.2    281256000.7
FIRST CHOICE HOL   1098394Z LN    -599861682.6    608849393.2
FIRST HYDRO HOLD   3640695Z LN    -138234986.9    787284226.6
FIRST MILK CHEES   2747070Z LN    -2831489.514    219885072.7
FLAMEL TECH-ADR    FL3 GR             -9512000      116252000
FLAMEL TECH-ADR    FLML US            -9512000      116252000
FLAMEL TECH-ADR    FLMLY US           -9512000      116252000
FLAMEL TECH-ADR+   FLML ES            -9512000      116252000
FLAMEL TECHNOLOG   223386Z FP         -9512000      116252000
FLECTAT LTD        1160967Z LN    -63473735.47     1370214089
FLOWTECH FLUIDPO   FLO LN         -21847240.78    106259293.7
FLOWTECH FLUIDPO   0984685D LN    -21847240.78    106259293.7
FLOWTECH FLUIDPO   FLOGBX EO      -21847240.78    106259293.7
FLOWTECH FLUIDPO   FLOL B3        -21847240.78    106259293.7
FLOWTECH FLUIDPO   FLOGBX EU      -21847240.78    106259293.7
FLOWTECH FLUIDPO   FLOL S2        -21847240.78    106259293.7
FLOWTECH FLUIDPO   FLOL L3        -21847240.78    106259293.7
FLOWTECH LTD       499847Z LN     -18077345.85    100846577.2
FLYBE LTD          6621Z LN       -49079850.55    583184106.6
FNAC DIRECT SA     4517575Z FP    -1415497.026    186135619.4
FNAC PARIS SA      4517559Z FP    -17638041.28    142283698.6
FOL INTERNATIONA   4513251Z ID    -58270033.92    351871611.7
FORD MOTOR CO LT   1291306Z LN     -1778499089     4554256762
FORTHNET R-R       FORTV10 GA     -131226101.1    813393945.9
FORTHNET REPO      FORTL10 GA     -131226101.1    813393945.9
FORTHNET SA        FORTH GA       -131226101.1    813393945.9
FORTHNET SA        FRHNF US       -131226101.1    813393945.9
FORTHNET SA        FN6 GR         -131226101.1    813393945.9
FORTHNET SA        FORTH EU       -131226101.1    813393945.9
FORTHNET SA        FNETF US       -131226101.1    813393945.9
FORTHNET SA        FORTHY S2      -131226101.1    813393945.9
FORTHNET SA        FORTHY B3      -131226101.1    813393945.9
FORTHNET SA        FORTH EO       -131226101.1    813393945.9
FORTHNET SA        FORTHY L3      -131226101.1    813393945.9
FORTHNET SA        FN61 GR        -131226101.1    813393945.9
FORTHNET SA        FORTH PZ       -131226101.1    813393945.9
FORTHNET SA- RTS   FORTHR GA      -131226101.1    813393945.9
FORTHNET SA- RTS   FORTHEUR EO    -131226101.1    813393945.9
FORTHNET SA- RTS   FORTHEUR EU    -131226101.1    813393945.9
FORTHNET SA-RT     2905043Q GA    -131226101.1    813393945.9
FORTHNET SA-RTS    0918102D GA    -131226101.1    813393945.9
FORTHNET-AUCTION   FORTHE GA      -131226101.1    813393945.9
FOTOVISTA          666680Z FP     -164906523.7    144423244.8
FOUR SEASONS HEA   1865450Z LN     -84016616.9    292940709.6
FRANFINANCE LOCA   4689993Z FP    -69780272.15     1638836238
FREE RECORD SHOP   776709Q US     -1845202.816    135750172.5
FREE RECORD SHOP   FRSHN NA       -1845202.816    135750172.5
FREE RECORD-NEW    2922Q US       -1845202.816    135750172.5
FREE RECORD-STK    FREES NA       -1845202.816    135750172.5
FRENCH CONNECTIO   1092170Z LN    -40929520.56    129544535.9
FRESHWATER FINAN   699575Z ID     -356859861.6     2117171097
FRUIT OF THE LOO   4459361Z ID      -129450693    366080811.1
FUGRO-GEOTEAM AS   4777049Z NO    -26835943.96    280819059.2
FUND FOR ORDERED   3451402Z SM     -2411855924    12405762920
FUNDING CORP LTD   4157637Z LN    -10945761.45    110862719.6
FUTEBOL CLUBE DO   FCPU B3        -42858205.32    244984137.8
FUTEBOL CLUBE DO   FCPU L3        -42858205.32    244984137.8
FUTEBOL CLUBE DO   FCPU S2        -42858205.32    244984137.8
FW FARNSWORTH LT   1293386Z LN    -65739932.28    107240946.6
G4S SECURE SOL     1383954Z LN    -98910616.11    439870371.2
GALATASARAY SPOR   GSRAY TI        -22365114.5    326484624.9
GALATASARAY SPOR   GSY GR          -22365114.5    326484624.9
GALATASARAY SPOR   GATSF US        -22365114.5    326484624.9
GALATASARAY SPOR   GALA IX         -22365114.5    326484624.9
GALATASARAY SPOR   GSRAYR TI       -22365114.5    326484624.9
GALATASARAY-NEW    GSRAYY TI       -22365114.5    326484624.9
GALIFORM CORPORA   1478794Z LN     -42240607.6    356838258.9
GALLAGHER UK LTD   4422897Z LN    -8986482.825    196569821.2
GARTLAND WHALLEY   GWB LN         -10987103.36    145356463.2
GAZ-FINANS OOO     GAZF RU        -56134.51002    232319894.6
GCE CAR LEASE      4702065Z FP     -7806755.31    182812509.2
GE POWER CONTROL   3744144Z SM     -96711575.3    106573693.4
GENERAL MOTORS     1062338Z LN     -1338828101     1405907508
GENERAL MOTORS E   4286805Z SM    -130164650.7     1247917529
GENERAL MOTORS N   3894534Z NA    -3395588.107    324227866.3
GEOBAN UK LTD      1207967Z LN    -151608.7187    126736022.7
GERIMEX BV         3820372Z NA    -944079.0697    121833289.5
GESTESA DESARROL   3797476Z SM     -17369623.2    398147084.9
GFI SOFTWARE S.A   0620577D US      -102039000      369868992
GFI SOFTWARE S.A   GFIX US          -102039000      369868992
GFI SOFTWARE S.A   GFIS US          -102039000      369868992
GGT GROUP PLC      500970Q LN       -156372272    408211200.9
GGT GROUP-ADR      GGTRY US         -156372272    408211200.9
GLAXOSMITHKLINE    1426Z LN       -4969083.544    12826999154
GLENCORE ESPANA    3752336Z SM    -113656.5233    446394459.3
GLOBAL CROSSING    3629883Z LN    -557337702.6    411789919.4
GONDOLA GROUP LT   4499995Z LN      -566856039     1428301072
GOODYEAR DUNLOP    3894550Z LN    -22810264.61    231945503.3
GRANDE PAROISSE    GAPA FP        -927267926.9      629287290
GRANDE PAROISSE    GDPA FP        -927267926.9      629287290
GRANDE PAROISSE    GDPXF US       -927267926.9      629287290
GRANDES ALMACENE   4376721Z SM    -6342478.213    162039364.8
GRANDS MOU PARIS   2034Q FP       -11018592.03      208032635
GRAZHDANSKIE SAM   GSSU RU          -275658016     2386185984
GREAT EASTERN HO   1708272Z LN    -2658815.378      146098413
GREEN WIND ENERG   GW DC          -11320362.36      176234024
GREEN WIND ENERG   GWEUR EO       -11320362.36      176234024
GREEN WIND ENERG   G7W1 GR        -11320362.36      176234024
GREEN WIND ENERG   GW EO          -11320362.36      176234024
GREEN WIND ENERG   GW PZ          -11320362.36      176234024
GREEN WIND ENERG   GW BY          -11320362.36      176234024
GREEN WIND ENERG   GW EU          -11320362.36      176234024
GREEN WIND ENERG   GWEUR EU       -11320362.36      176234024
GROUPE PROGRES S   4734137Z FP    -128396484.9    136275389.6
GRUPO EZENTIS SA   AVZ NR         -14372275.23    222306266.2
GRUPO EZENTIS SA   EZEGBX EO      -14372275.23    222306266.2
GRUPO EZENTIS SA   0678040D SM    -14372275.23    222306266.2
GRUPO EZENTIS SA   RDT GR         -14372275.23    222306266.2
GRUPO EZENTIS SA   EZE IX         -14372275.23    222306266.2
GRUPO EZENTIS SA   EZEGBP EO      -14372275.23    222306266.2
GRUPO EZENTIS SA   EZE SM         -14372275.23    222306266.2
GRUPO EZENTIS SA   1003287D SM    -14372275.23    222306266.2
GRUPO EZENTIS SA   AVZ PZ         -14372275.23    222306266.2
GRUPO EZENTIS SA   EZE EU         -14372275.23    222306266.2
GRUPO EZENTIS SA   EZED EB        -14372275.23    222306266.2
GRUPO EZENTIS SA   EZED IX        -14372275.23    222306266.2
GRUPO EZENTIS SA   EZE EO         -14372275.23    222306266.2
GRUPO EZENTIS SA   EZE TQ         -14372275.23    222306266.2
GRUPO EZENTIS SA   AVZTF US       -14372275.23    222306266.2
GRUPO EZENTIS SA   EZED TQ        -14372275.23    222306266.2
GRUPO EZENTIS SA   EZE EB         -14372275.23    222306266.2
GRUPO EZENTIS SA   EZE PZ         -14372275.23    222306266.2
GRUPO EZENTIS SA   EZEGBX EU      -14372275.23    222306266.2
GRUPO EZENTIS SA   EZE/DEUR EU    -14372275.23    222306266.2
GRUPO EZENTIS SA   EZE/DEUR EO    -14372275.23    222306266.2
GRUPO EZENTIS SA   EZE/D SM       -14372275.23    222306266.2
GRUPO EZENTIS SA   EZE S1         -14372275.23    222306266.2
GRUPO EZENTIS SA   EZEE B3        -14372275.23    222306266.2
GRUPO EZENTIS SA   EZEE L3        -14372275.23    222306266.2
GRUPO EZENTIS SA   EZEE S2        -14372275.23    222306266.2
GRUPO PICKING PA   GPP SM         -92173952.82    105149402.3
GRUPO PICKING PA   GPPKF US       -92173952.82    105149402.3
GRUPO PICKING PA   GPP VX         -92173952.82    105149402.3
GRUPO PICKING-RT   GPP/D SM       -92173952.82    105149402.3
GRUPO TAVEX SA     TVX IX         -10622070.67      655950832
GRUPO TAVEX SA     TVX SM         -10622070.67      655950832
GRUPO TAVEX SA     TVXAF US       -10622070.67      655950832
GRUPO TAVEX SA     TV3 GR         -10622070.67      655950832
GRUPO TAVEX SA     TVXE B3        -10622070.67      655950832
GRUPO TAVEX SA     TVX TQ         -10622070.67      655950832
GRUPO TAVEX SA     TVXE L3        -10622070.67      655950832
GRUPO TAVEX SA     TVX EU         -10622070.67      655950832
GRUPO TAVEX SA     TVXE S2        -10622070.67      655950832
GRUPO TAVEX SA     TVX EB         -10622070.67      655950832
GRUPO TAVEX SA     TVX S1         -10622070.67      655950832
GRUPO TAVEX SA     TVX EO         -10622070.67      655950832
GS MULTI-CURRENC   4780921Z ID    -218031502.7     1766463253
GUENTHER & SOHN    GUS EU         -9612095.264      130075209
GUENTHER & SOHN    GUS EO         -9612095.264      130075209
GUENTHER & SOHN    0876248D PZ    -9612095.264      130075209
GUENTHER & SOHN    GUS GR         -9612095.264      130075209
GUERRINO PIVATO    4292565Z IM    -41218066.44    397216267.9
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
GURIEVSKY-BRD      GUMZ* RU       -21861848.05    194042457.9
GURIEVSKY-BRD      GUMZ RU        -21861848.05    194042457.9
HALCROW HOLDINGS   3892894Z LN    -450918508.2      264786827
HARMSWORTH PRINT   1552314Z LN    -5997756.143    101541044.1
HARMSWORTH QUAYS   1552378Z LN    -98887198.25    199544701.9
HARVEY NORMAN HO   4781809Z ID      -119046067    111163663.4
HATZIOANNOU        HATZK PZ       -54973436.99    102255716.8
HATZIOANNOU        HATZK GA       -54973436.99    102255716.8
HATZIOANNOU        HZI1 GR        -54973436.99    102255716.8
HATZIOANNOU        HATZK EO       -54973436.99    102255716.8
HATZIOANNOU        HATZK EU       -54973436.99    102255716.8
HATZIOANNOU ANON   HATZP PZ       -54973436.99    102255716.8
HATZIOANNOU ANON   HATZP EO       -54973436.99    102255716.8
HATZIOANNOU ANON   HATZP EU       -54973436.99    102255716.8
HATZIOANNOU ANON   HATZP GA       -54973436.99    102255716.8
HATZIOANNOU-RTS    HATZKR GA      -54973436.99    102255716.8
HAYMARKET GROUP    4158941Z LN     -72068008.6    252361040.7
HBPOLSKA           HBP LI         -239476687.5    175703330.6
HBPOLSKA           HBP EO         -239476687.5    175703330.6
HBPOLSKA           HBP EU         -239476687.5    175703330.6
HBPOLSKA           HBPEUR EU      -239476687.5    175703330.6
HBPOLSKA           HBW PW         -239476687.5    175703330.6
HBPOLSKA           HBPEUR EO      -239476687.5    175703330.6
HBPOLSKA           HBWL PZ        -239476687.5    175703330.6
HBPOLSKA           HBP PW         -239476687.5    175703330.6
HBPOLSKA-PD-ALLT   HBPA PW        -239476687.5    175703330.6
HEEGH AUTOLINERS   4389209Z NO    -812350.1488    537484504.9
HELI-ONE NORWAY    4632761Z NO    -79370156.68      663779418
HELLAS ONLIN-RTS   HOLR GA        -14593256.38    387577431.6
HELLAS ONLINE SA   HOLY L3        -14593256.38    387577431.6
HELLAS ONLINE SA   HOL GA         -14593256.38    387577431.6
HELLAS ONLINE SA   HOLY S2        -14593256.38    387577431.6
HELLAS ONLINE SA   BRAIN PZ       -14593256.38    387577431.6
HELLAS ONLINE SA   0394471Q GA    -14593256.38    387577431.6
HELLAS ONLINE SA   HOLY B3        -14593256.38    387577431.6
HELLAS ONLINE SA   BRAIN EO       -14593256.38    387577431.6
HELLAS ONLINE SA   BRAIN EU       -14593256.38    387577431.6
HELLAS ONLINE SA   BRAIN GA       -14593256.38    387577431.6
HELLAS ONLINE SA   UN5 GR         -14593256.38    387577431.6
HELLENIC FAB-RTS   ELYFD GA       -17797878.31    143247083.6
HELLENIC FABRICS   ELYFY S2       -17797878.31    143247083.6
HELLENIC FABRICS   ELYF EU        -17797878.31    143247083.6
HELLENIC FABRICS   ELYFY L3       -17797878.31    143247083.6
HELLENIC FABRICS   ELYFY B3       -17797878.31    143247083.6
HELLENIC FABRICS   ELYF PZ        -17797878.31    143247083.6
HELLENIC FABRICS   ELYF EO        -17797878.31    143247083.6
HELLENIC FABRICS   ELYF GA        -17797878.31    143247083.6
HELLENIC FISH FA   ELFISY L3        -5132660.7    111346543.2
HELLENIC FISH FA   ELFIS GA         -5132660.7    111346543.2
HELLENIC FISH FA   ELFISY S2        -5132660.7    111346543.2
HELLENIC FISH FA   ELFISY B3        -5132660.7    111346543.2
HELLENIC FISH FA   ELFIS EO         -5132660.7    111346543.2
HELLENIC FISH FA   ELFIS PZ         -5132660.7    111346543.2
HELLENIC FISH FA   ELFIS EU         -5132660.7    111346543.2
HERSAL-INVESTIME   4764577Z PL    -25242472.01    595266653.4
HESS INDONESIA P   1705776Z LN       -22193000      816726976
HEWLETT-PACKARD    4470239Z FP    -124782071.4     1142068103
HEWLETT-PACKARD    1963382Z LN    -909454604.5     4585176328
HIBU PLC           YELL7 EO        -2257521127     2120614224
HIBU PLC           HIBU EB         -2257521127     2120614224
HIBU PLC           HIBUEUR EU      -2257521127     2120614224
HIBU PLC           YELL6 EO        -2257521127     2120614224
HIBU PLC           HIBU LN         -2257521127     2120614224
HIBU PLC           HIBU IX         -2257521127     2120614224
HIBU PLC           YELL2 EO        -2257521127     2120614224
HIBU PLC           YELL8 EO        -2257521127     2120614224
HIBU PLC           YELLEUR EO      -2257521127     2120614224
HIBU PLC           YEL EO          -2257521127     2120614224
HIBU PLC           YELL EU         -2257521127     2120614224
HIBU PLC           YELLEUR EU      -2257521127     2120614224
HIBU PLC           YELLUSD EU      -2257521127     2120614224
HIBU PLC           YELLGBP EO      -2257521127     2120614224
HIBU PLC           YELL EO         -2257521127     2120614224
HIBU PLC           YELL IX         -2257521127     2120614224
HIBU PLC           YELL BQ         -2257521127     2120614224
HIBU PLC           YELL EB         -2257521127     2120614224
HIBU PLC           YELL QM         -2257521127     2120614224
HIBU PLC           YELL TQ         -2257521127     2120614224
HIBU PLC           YE1 GR          -2257521127     2120614224
HIBU PLC           YELL NR         -2257521127     2120614224
HIBU PLC           HIBU1 EO        -2257521127     2120614224
HIBU PLC           HIBU PZ         -2257521127     2120614224
HIBU PLC           HIBUGBP EO      -2257521127     2120614224
HIBU PLC           HIBU EU         -2257521127     2120614224
HIBU PLC           HIBU QM         -2257521127     2120614224
HIBU PLC           YE1 GK          -2257521127     2120614224
HIBU PLC           YELGF US        -2257521127     2120614224
HIBU PLC           HIBUI GR        -2257521127     2120614224
HIBU PLC           YELL9 EO        -2257521127     2120614224
HIBU PLC           HIBU EO         -2257521127     2120614224
HIBU PLC           YELL S1         -2257521127     2120614224
HIBU PLC           YELL3 EO        -2257521127     2120614224
HIBU PLC           YELL5 EO        -2257521127     2120614224
HIBU PLC           YELL1 EO        -2257521127     2120614224
HIBU PLC           YELLUSD EO      -2257521127     2120614224
HIBU PLC           HIBU BQ         -2257521127     2120614224
HIBU PLC           YELL4 EO        -2257521127     2120614224
HIBU PLC           HIBU TQ         -2257521127     2120614224
HIBU PLC           HIBUUSD EU      -2257521127     2120614224
HIBU PLC-ADR       YELGY US        -2257521127     2120614224
HIDRODATA SA       3635591Z SM    -25880106.23    316307850.4
HIGHLANDS & ISLA   3965324Z LN     -17267598.2    151175056.7
HIPPO GESTION ET   4732841Z FP     -10616040.3    103203918.6
HISPAVIC IBERICA   4369473Z SM    -7466862.615    129050823.9
HMV GROUP -GDR     276960Q GR     -218494079.6    415854059.2
HMV GROUP -GDR     29362Z US      -218494079.6    415854059.2
HMV GROUP PLC      HMV S1         -218494079.6    415854059.2
HMV GROUP PLC      HMV EO         -218494079.6    415854059.2
HMV GROUP PLC      HMV TQ         -218494079.6    415854059.2
HMV GROUP PLC      HMV EU         -218494079.6    415854059.2
HMV GROUP PLC      HMV1 EO        -218494079.6    415854059.2
HMV GROUP PLC      HMV NR         -218494079.6    415854059.2
HMV GROUP PLC      HMV2 EO        -218494079.6    415854059.2
HMV GROUP PLC      HMV PO         -218494079.6    415854059.2
HMV GROUP PLC      HM4 GK         -218494079.6    415854059.2
HMV GROUP PLC      HMV3 EO        -218494079.6    415854059.2
HMV GROUP PLC      HMV NQ         -218494079.6    415854059.2
HMV GROUP PLC      HMV PZ         -218494079.6    415854059.2
HMV GROUP PLC      HMV IX         -218494079.6    415854059.2
HMV GROUP PLC      HMV BQ         -218494079.6    415854059.2
HMV GROUP PLC      HMV9 EO        -218494079.6    415854059.2
HMV GROUP PLC      HMV LN         -218494079.6    415854059.2
HMV GROUP PLC      HMVEUR EU      -218494079.6    415854059.2
HMV GROUP PLC      HMV EB         -218494079.6    415854059.2
HMV GROUP PLC      HMV VX         -218494079.6    415854059.2
HMV GROUP PLC      HMVUSD EU      -218494079.6    415854059.2
HMV GROUP PLC      HM4 GR         -218494079.6    415854059.2
HMV GROUP PLC      HMVEUR EO      -218494079.6    415854059.2
HMV GROUP PLC      HMV QM         -218494079.6    415854059.2
HMV GROUP PLC      HMV7 EO        -218494079.6    415854059.2
HMV GROUP PLC      HMV5 EO        -218494079.6    415854059.2
HMV GROUP PLC      HMVGBP EO      -218494079.6    415854059.2
HMV GROUP PLC      HMVMF US       -218494079.6    415854059.2
HMV GROUP PLC      HMVUSD EO      -218494079.6    415854059.2
HMV GROUP PLC      HMV6 EO        -218494079.6    415854059.2
HMV GROUP PLC      HMV4 EO        -218494079.6    415854059.2
HMV GROUP PLC      HMV8 EO        -218494079.6    415854059.2
HMV GROUP PLC      HMV10 EO       -218494079.6    415854059.2
HOEGH AUTOLINERS   4288645Z NO     -79685780.8     1940832344
HOGG ROBINSON GR   HRG11 EO       -31233189.25    701856693.1
HOGG ROBINSON GR   HRG S1         -31233189.25    701856693.1
HOGG ROBINSON GR   HRG PZ         -31233189.25    701856693.1
HOGG ROBINSON GR   HRG8 EO        -31233189.25    701856693.1
HOGG ROBINSON GR   HRG6 EO        -31233189.25    701856693.1
HOGG ROBINSON GR   HRG2 EO        -31233189.25    701856693.1
HOGG ROBINSON GR   HRG IX         -31233189.25    701856693.1
HOGG ROBINSON GR   HRG EU         -31233189.25    701856693.1
HOGG ROBINSON GR   HRGEUR EO      -31233189.25    701856693.1
HOGG ROBINSON GR   HRG7 EO        -31233189.25    701856693.1
HOGG ROBINSON GR   HRG9 EO        -31233189.25    701856693.1
HOGG ROBINSON GR   HRGL L3        -31233189.25    701856693.1
HOGG ROBINSON GR   HRG5 EO        -31233189.25    701856693.1
HOGG ROBINSON GR   HRG4 EO        -31233189.25    701856693.1
HOGG ROBINSON GR   HRG3 EO        -31233189.25    701856693.1
HOGG ROBINSON GR   HOGGF US       -31233189.25    701856693.1
HOGG ROBINSON GR   HRGEUR EU      -31233189.25    701856693.1
HOGG ROBINSON GR   HRG10 EO       -31233189.25    701856693.1
HOGG ROBINSON GR   HRGGBP EO      -31233189.25    701856693.1
HOGG ROBINSON GR   HRGL S2        -31233189.25    701856693.1
HOGG ROBINSON GR   HRG EO         -31233189.25    701856693.1
HOGG ROBINSON GR   DQX GR         -31233189.25    701856693.1
HOGG ROBINSON GR   HRG LN         -31233189.25    701856693.1
HOGG ROBINSON GR   HRG VX         -31233189.25    701856693.1
HOGG ROBINSON GR   HRGL B3        -31233189.25    701856693.1
HOLCIM ARIDOS SL   4371033Z SM    -11196144.03    158669280.5
HOLDINGSELSKABET   BODIL DC       -11320362.36      176234024
HOLDINGSELSKABET   BOHC IX        -11320362.36      176234024
HOMEFIELD PVT UK   4501835Z LN    -137159188.5    565018471.7
HOOGE RAEDT GROE   4173317Z NA    -2184.103504    215791305.5
HOSPITAL DE FARO   3789880Z PL    -39940408.05    525339055.1
HOSPITAL DO DIVI   3789932Z PL      -185292405    172409324.6
HOTEL CORP PLC     HCP PO         -234301624.4    370818125.8
HOTEL CORP PLC     HCP PZ         -234301624.4    370818125.8
HOTEL CORP PLC     HHA GR         -234301624.4    370818125.8
HOTEL CORP PLC     HCP LN         -234301624.4    370818125.8
HOTEL CORP PLC     HCP EU         -234301624.4    370818125.8
HOTEL CORP PLC     HHA TH         -234301624.4    370818125.8
HOTEL CORP PLC     HCPEUR EO      -234301624.4    370818125.8
HOTEL CORP PLC     HCP EO         -234301624.4    370818125.8
HOTEL CORP PLC     HCP PG         -234301624.4    370818125.8
HOTEL CORP PLC/T   HCPL B3        -234301624.4    370818125.8
HOTEL CORP PLC/T   HCPL L3        -234301624.4    370818125.8
HOTEL CORP PLC/T   HCPL S2        -234301624.4    370818125.8
HOTEL CORP-RFD     HCPA LN        -234301624.4    370818125.8
HUISVUILCENTRALE   4777713Z NA    -89739.60018     1385912033
HUNE PLATAFORMAS   4284309Z SM    -34729091.55    417373379.8
HUNGARIAN TELEPH   HUGC IX           -73723992      827192000
HUNGARIAN TELEPH   HUC EX            -73723992      827192000
HUTCHISON 3G UK    265923Z LN      -2558478023    10215382954
HYDREX HOLDINGS    4156949Z LN    -150851800.9    145586068.7
HZIAM OAO          HZAM UZ          -541299968      170562496
I VIAGGI DEL VEN   VVE TQ         -209432168.7      202700610
I VIAGGI DEL VEN   IV7 GR         -209432168.7      202700610
I VIAGGI DEL VEN   VVE IM         -209432168.7      202700610
I VIAGGI DEL VEN   VVE IX         -209432168.7      202700610
I VIAGGI DEL VEN   IVGIF US       -209432168.7      202700610
I VIAGGI DEL VEN   VVE PZ         -209432168.7      202700610
I VIAGGI DEL VEN   VVE EU         -209432168.7      202700610
I VIAGGI DEL VEN   VVE EO         -209432168.7      202700610
I VIAGGI-RTS       VVEAA IM       -209432168.7      202700610
ICA NORGE AS       4511499Z NO    -10597581.14    609028093.3
IDEAL STANDARD I   0288212Z LX     -1224021795     1698321891
IDEAL STANDARD I   4492755Z BB    -676586892.7     1579994753
IG GROUP LTD       IGI LN          -1338038148    453218507.9
IG GROUP PLC       IGGPF US        -1338038148    453218507.9
IG GROUP-ASSD      IGIA LN         -1338038148    453218507.9
IKON OFFICE SOLU   ERHI LN        -5243199.076    130041029.9
INCISIVE MED-ASD   INMA LN        -86381452.08    110502446.1
INCISIVE MEDIA     4030Z LN       -86381452.08    110502446.1
INCISIVE MEDIA     INM PO         -86381452.08    110502446.1
INCISIVE MEDIA     2290657Q LN    -86381452.08    110502446.1
INCISIVE MEDIA     2290661Q PZ    -86381452.08    110502446.1
INCISIVE MEDIA     2292912Q VX    -86381452.08    110502446.1
INCISIVE MEDIA     997071Q GR     -86381452.08    110502446.1
INCISIVE MEDIA     INM IX         -86381452.08    110502446.1
INDUSTRIBO-B       FRMHB DC       -49485067.68    159639319.3
INDUSTRIBO-B       INBOB DC       -49485067.68    159639319.3
INDUSTRIE FINCUO   4270053Z IM    -15676157.12    111118283.9
INFRAESTRUCTURAS   3639039Z SM    -14511951.75    257249100.4
INFRASERV GMBH &   3999Z GR       -1643026.503     1298455493
INFRATEK ENTREPR   4402489Z NO    -8851664.805    122555001.7
ING LEASE FRANCE   4699881Z FP    -40970505.14    342324424.9
ING RE DORTMUND/   3819456Z NA    -89466987.51      138523135
ING REIM DEVELOP   3811140Z NA    -224924377.7      373174398
INTEGRALIS AG      AAGN PZ        -7312306.971    180437345.1
INTEGRALIS AG      AAGN TH        -7312306.971    180437345.1
INTEGRALIS AG      ACIRF US       -7312306.971    180437345.1
INTEGRALIS AG      AAGN IX        -7312306.971    180437345.1
INTEGRALIS-NEW     AAGM GR        -7312306.971    180437345.1
INTEGRALIS-NEW     AAGM EO        -7312306.971    180437345.1
INTEGRALIS-NEW     AAGM EU        -7312306.971    180437345.1
INTELSAT GLOBAL    0440101D US      -782483008    16716809216
INTELSAT SA        I US             -782483008    16716809216
INTELSAT SA        IJSA GR          -782483008    16716809216
INTERCONTIN-ADR    IC1C GR           -89000000     3047000064
INTERCONTIN-ADR    IHGA LN           -89000000     3047000064
INTERCONTIN-ADR    IHG US            -89000000     3047000064
INTERCONTIN-ADR    IHG-W US          -89000000     3047000064
INTERCONTIN-ADR    IC1E GR           -89000000     3047000064
INTERCONTINENTAL   IHGL L3           -89000000     3047000064
INTERCONTINENTAL   IHG7 EO           -89000000     3047000064
INTERCONTINENTAL   IHGOF US          -89000000     3047000064
INTERCONTINENTAL   IHG S1            -89000000     3047000064
INTERCONTINENTAL   IHGPEN EO         -89000000     3047000064
INTERCONTINENTAL   IHG TQ            -89000000     3047000064
INTERCONTINENTAL   IHG PZ            -89000000     3047000064
INTERCONTINENTAL   IHG11 EO          -89000000     3047000064
INTERCONTINENTAL   IHG EB            -89000000     3047000064
INTERCONTINENTAL   IHGUSD EO         -89000000     3047000064
INTERCONTINENTAL   IHG EO            -89000000     3047000064
INTERCONTINENTAL   IHG5 EO           -89000000     3047000064
INTERCONTINENTAL   IC1B GR           -89000000     3047000064
INTERCONTINENTAL   IHG QM            -89000000     3047000064
INTERCONTINENTAL   IHG8 EO           -89000000     3047000064
INTERCONTINENTAL   IHG VX            -89000000     3047000064
INTERCONTINENTAL   IC1A GK           -89000000     3047000064
INTERCONTINENTAL   IC1 GR            -89000000     3047000064
INTERCONTINENTAL   IHG PO            -89000000     3047000064
INTERCONTINENTAL   IHGL S2           -89000000     3047000064
INTERCONTINENTAL   IHG QX            -89000000     3047000064
INTERCONTINENTAL   IHG10 EO          -89000000     3047000064
INTERCONTINENTAL   IHGCHF EO         -89000000     3047000064
INTERCONTINENTAL   IHG6 EO           -89000000     3047000064
INTERCONTINENTAL   0615615D GR       -89000000     3047000064
INTERCONTINENTAL   ICHGD US          -89000000     3047000064
INTERCONTINENTAL   IHGGBP EO         -89000000     3047000064
INTERCONTINENTAL   IHGCHF EU         -89000000     3047000064
INTERCONTINENTAL   IHG EU            -89000000     3047000064
INTERCONTINENTAL   IHG2 EO           -89000000     3047000064
INTERCONTINENTAL   INCNF US          -89000000     3047000064
INTERCONTINENTAL   IHG NR            -89000000     3047000064
INTERCONTINENTAL   IHG3 EO           -89000000     3047000064
INTERCONTINENTAL   IC1A GR           -89000000     3047000064
INTERCONTINENTAL   IHGL B3           -89000000     3047000064
INTERCONTINENTAL   IHGUSD EU         -89000000     3047000064
INTERCONTINENTAL   IHGEUR EU         -89000000     3047000064
INTERCONTINENTAL   IHG4 EO           -89000000     3047000064
INTERCONTINENTAL   IHG NQ            -89000000     3047000064
INTERCONTINENTAL   IHG IX            -89000000     3047000064
INTERCONTINENTAL   IHG9 EO           -89000000     3047000064
INTERCONTINENTAL   IHGPEN EU         -89000000     3047000064
INTERCONTINENTAL   ICHGF US          -89000000     3047000064
INTERCONTINENTAL   0616112D NR       -89000000     3047000064
INTERCONTINENTAL   IHG BQ            -89000000     3047000064
INTERCONTINENTAL   IHG LN            -89000000     3047000064
INTERCONTINENTAL   988082Q GR        -89000000     3047000064
INTERCONTINENTAL   IHGEUR EO         -89000000     3047000064
INTERCONTINENTAL   IC1D GR           -89000000     3047000064
INTU METROCENTRE   1203663Z LN    -177523497.7      231888247
INVITEL HOLD-ADR   0IN GR            -73723992      827192000
INVITEL HOLD-ADR   INVHY US          -73723992      827192000
INVITEL HOLD-ADR   IHO US            -73723992      827192000
INVITEL HOLDINGS   3212873Z HB       -73723992      827192000
IRANIAN OIL CO U   1380570Z LN    -202472920.8    279941193.8
IRISH NATIONWIDE   1020Z ID       -24459779.01    16215363311
IRUS ZWEIBRUCKEN   3738979Z BB    -241717.0423    109895201.2
ISTRABENZ          ITBG EO        -72101031.26    270907162.5
ISTRABENZ          ITBGT S2       -72101031.26    270907162.5
ISTRABENZ          ITBGT B3       -72101031.26    270907162.5
ISTRABENZ          ITBG SV        -72101031.26    270907162.5
ISTRABENZ          ITBG EU        -72101031.26    270907162.5
ISTRABENZ          ITBG PZ        -72101031.26    270907162.5
ISTRABENZ          ITBGT L3       -72101031.26    270907162.5
ITM REGION PARIS   4681817Z FP    -49661385.76    124319348.6
IZHAVTO OAO        IZAV RU        -94100838.46    443610350.5
JACOBS UK HOLDIN   3638823Z LN    -21104249.79    705658066.8
JAMES HARDIE -CD   JHXCD AU         -199000000     2106499968
JAMES HARDIE IND   HAH NZ           -199000000     2106499968
JAMES HARDIE IND   726824Z NA       -199000000     2106499968
JAMES HARDIE IND   600241Q GR       -199000000     2106499968
JAMES HARDIE IND   HAH AU           -199000000     2106499968
JAMES HARDIE NV    JHXCC AU         -199000000     2106499968
JAMES HARDIE-ADR   JHX SP           -199000000     2106499968
JAMES HARDIE-ADR   JHX US           -199000000     2106499968
JAMES HARDIE-ADR   JHINY US         -199000000     2106499968
JAMES HARDIE-CDI   JHX AU           -199000000     2106499968
JAMES HARDIE-CDI   JHXEUR EO        -199000000     2106499968
JAMES HARDIE-CDI   JHIUF US         -199000000     2106499968
JAMES HARDIE-CDI   JHXEUR EU        -199000000     2106499968
JAMES HARDIE-CDI   JHA GR           -199000000     2106499968
JAMES HARDIE-CDI   JHA TH           -199000000     2106499968
JARVIS PLC         JRVS9 EO       -64738078.31    130947476.6
JARVIS PLC         JRVS6 EO       -64738078.31    130947476.6
JARVIS PLC         JRVS IX        -64738078.31    130947476.6
JARVIS PLC         JRVS7 EO       -64738078.31    130947476.6
JARVIS PLC         JRVS4 EO       -64738078.31    130947476.6
JARVIS PLC         JRVS EO        -64738078.31    130947476.6
JARVIS PLC         JRVS2 EO       -64738078.31    130947476.6
JARVIS PLC         JRVSGBP EO     -64738078.31    130947476.6
JARVIS PLC         JRVS PZ        -64738078.31    130947476.6
JARVIS PLC         JRVSEUR EO     -64738078.31    130947476.6
JARVIS PLC         JRVS5 EO       -64738078.31    130947476.6
JARVIS PLC         JRVS3 EO       -64738078.31    130947476.6
JARVIS PLC         JVR GR         -64738078.31    130947476.6
JARVIS PLC         JRVS LN        -64738078.31    130947476.6
JARVIS PLC         JRVS1 EO       -64738078.31    130947476.6
JARVIS PLC         JRV EO         -64738078.31    130947476.6
JARVIS PLC         JRVS PO        -64738078.31    130947476.6
JARVIS PLC         JRVS8 EO       -64738078.31    130947476.6
JARVIS PLC         JRVS VX        -64738078.31    130947476.6
JARVIS PLC         JRVSEUR EU     -64738078.31    130947476.6
JARVIS PLC         JRVS EU        -64738078.31    130947476.6
JARVIS PLC         JVSPF US       -64738078.31    130947476.6
JDR ENTERPRISES    3947788Z LN    -49810965.18    161039428.7
JESSOPS PLC        JS4 GR         -42703065.53    112966830.6
JESSOPS PLC        JSP PO         -42703065.53    112966830.6
JESSOPS PLC        JSP LN         -42703065.53    112966830.6
JESSOPS PLC        JSP EU         -42703065.53    112966830.6
JESSOPS PLC        JSP PZ         -42703065.53    112966830.6
JESSOPS PLC        JSP IX         -42703065.53    112966830.6
JESSOPS PLC        JSP EO         -42703065.53    112966830.6
JESSOPS PLC        JSPGBP EO      -42703065.53    112966830.6
JESSOPS PLC        JSPEUR EU      -42703065.53    112966830.6
JESSOPS PLC        JSP VX         -42703065.53    112966830.6
JESSOPS PLC        JSPEUR EO      -42703065.53    112966830.6
JEUDAN III A/S     3986972Z DC    -80338193.89    277838976.7
JP MCDOUGALL & C   1293298Z LN    -59332025.51    108780794.1
JPMORGAN CAZENOV   1076890Z LN    -3273441.597    147502007.3
JULIE LH BVBA      3739923Z BB    -65462971.58    119397670.6
JVC EUROPE LTD     2667041Z LN    -2824796.147    131998340.5
KABEL DEUT-ASST    KD8V GR         -2342985645     3448036454
KABEL DEUTS-CW10   DB7KWG GR       -2342985645     3448036454
KABEL DEUTSC-ADR   KBDHY US        -2342985645     3448036454
KABEL DEUTSC-NEW   KD8VEUR EO      -2342985645     3448036454
KABEL DEUTSC-NEW   KD8VEUR EU      -2342985645     3448036454
KABEL DEUTSCHLAN   KD8 QM          -2342985645     3448036454
KABEL DEUTSCHLAN   KD8 NR          -2342985645     3448036454
KABEL DEUTSCHLAN   KD8 BQ          -2342985645     3448036454
KABEL DEUTSCHLAN   KD8 PZ          -2342985645     3448036454
KABEL DEUTSCHLAN   KD8 QX          -2342985645     3448036454
KABEL DEUTSCHLAN   KD8 EB          -2342985645     3448036454
KABEL DEUTSCHLAN   KD8D B3         -2342985645     3448036454
KABEL DEUTSCHLAN   KD8 TQ          -2342985645     3448036454
KABEL DEUTSCHLAN   KD8 SW          -2342985645     3448036454
KABEL DEUTSCHLAN   KD8 GR          -2342985645     3448036454
KABEL DEUTSCHLAN   KD8 TH          -2342985645     3448036454
KABEL DEUTSCHLAN   KD8 IX          -2342985645     3448036454
KABEL DEUTSCHLAN   KD8 EO          -2342985645     3448036454
KABEL DEUTSCHLAN   KD8USD EO       -2342985645     3448036454
KABEL DEUTSCHLAN   KD8 S1          -2342985645     3448036454
KABEL DEUTSCHLAN   KD8 EU          -2342985645     3448036454
KABEL DEUTSCHLAN   KD8GBP EO       -2342985645     3448036454
KABEL DEUTSCHLAN   KD8USD EU       -2342985645     3448036454
KABEL DEUTSCHLAN   KD8D S2         -2342985645     3448036454
KABEL DEUTSCHLAN   KD8D L3         -2342985645     3448036454
KABEL DEUTSCHLAN   KBDHF US        -2342985645     3448036454
KARENI BV          3140496Z NA    -22200.29082    127062363.4
KAUFRING AG        KFR EO         -19296489.56    150995473.8
KAUFRING AG        KFR EU         -19296489.56    150995473.8
KAUFRING AG        KAUG IX        -19296489.56    150995473.8
KAUFRING AG        KFR GR         -19296489.56    150995473.8
KAUFRING AG        KFR PZ         -19296489.56    150995473.8
KCA DEUTAG DRILL   2173132Z LN    -40951514.04    214072287.9
KEREVITAS GIDA     KERVT TI       -13266347.68    177912535.2
KEREVITAS GIDA     KVTGF US       -13266347.68    177912535.2
KERLING PLC        3537299Z LN    -110412955.5     2082150198
KESA ELECTRI-ADR   KESAY US       -438442925.5     1678340661
KESA ELECTRICALS   KESA LN        -438442925.5     1678340661
KESA ELECTRICALS   KESAEUR EU     -438442925.5     1678340661
KESA ELECTRICALS   KES EO         -438442925.5     1678340661
KESA ELECTRICALS   KESA PO        -438442925.5     1678340661
KESA ELECTRICALS   KESA EU        -438442925.5     1678340661
KESA ELECTRICALS   KESAUSD EU     -438442925.5     1678340661
KESA ELECTRICALS   KESA VX        -438442925.5     1678340661
KESA ELECTRICALS   KESAI IX       -438442925.5     1678340661
KESA ELECTRICALS   KESAEUR EO     -438442925.5     1678340661
KESA ELECTRICALS   KESAUSD EO     -438442925.5     1678340661
KESA ELECTRICALS   KESA PZ        -438442925.5     1678340661
KESA ELECTRICALS   KESAGBP EO     -438442925.5     1678340661
KESTREL HOLDINGS   4499515Z LN    -256353316.2    592639967.4
KILMARTIN HOLDIN   3589161Z LN    -32468603.82    576745598.9
KIMBERLY - CLARK   1298434Z LN    -97807698.98    891995975.8
KIROV TIRE PLANT   KIRT$ RU       -17984240.01    104831160.6
KLEENEZE PLC       KLZ LN         -14328734.27    110864074.5
KME FRANCE SAS     4714545Z FP    -16294335.93    135361629.3
KONINKLIJKE BOON   4173173Z NA    -22200.29082    129620421.6
KONINKLIJKE HASK   4037221Z NA    -69259.20141    230145390.9
KONINKLIJKE JOH    4041093Z NA    -294192.0009    113260032.3
KRONOS EUROPE SA   3643983Z BB    -6946196.597    143876670.7
KROSNO             KRS1EUR EU     -2241576.868    111836250.4
KROSNO             KRS PW         -2241576.868    111836250.4
KROSNO             KRS LI         -2241576.868    111836250.4
KROSNO             KRS1EUR EO     -2241576.868    111836250.4
KROSNO             KROS IX        -2241576.868    111836250.4
KROSNO SA          KROSNO PW      -2241576.868    111836250.4
KROSNO SA          KRNFF US       -2241576.868    111836250.4
KROSNO SA          KRS1 EU        -2241576.868    111836250.4
KROSNO SA          KRS1 EO        -2241576.868    111836250.4
KROSNO SA          KRS PZ         -2241576.868    111836250.4
KROSNO SA-RTS      KRSP PW        -2241576.868    111836250.4
KROSNO-PDA-ALLT    KRSA PW        -2241576.868    111836250.4
KRUINENBORGH BEH   4377225Z NA    -614989.4228    234051736.9
KUIPER GROEP BV    3821988Z NA    -3688.420875    101931401.5
KUZNETSOV-BRD      MTST* RU       -1447901.309    550023663.4
KUZNETSOV-BRD      MTSTP* RU      -1447901.309    550023663.4
KUZNETSOV-BRD      MTST RU        -1447901.309    550023663.4
KUZNETSOV-BRD      MTSTP RU       -1447901.309    550023663.4
LA GIOVANNI-RTS    CREAXA IM      -31539726.86    283701481.7
LA HALLE SA        4681697Z FP    -9779394.712    506881489.8
LA SEDA DE B-RTS   SED/B SM         -716967355      694658120
LA SEDA DE BA-RT   1015153Q SM      -716967355      694658120
LA SEDA DE BARCE   3687081Q SM      -716967355      694658120
LA SEDA DE BARCE   SEDE L3          -716967355      694658120
LA SEDA DE BARCE   SEDE B3          -716967355      694658120
LA SEDA DE BARCE   0543025D SM      -716967355      694658120
LA SEDA DE BARCE   SEDE S2          -716967355      694658120
LA SEDA DE BARCE   SED/D SM         -716967355      694658120
LAB DOLISOS        DOLI FP        -27753198.79    110489533.6
LAB DOLISOS        LADL FP        -27753198.79    110489533.6
LABORDE GESTION    4518583Z FP    -7674864.492    146438008.6
LAMBRAKIS PR -RT   DOLD GA        -96141268.95    196197413.3
LAMBRAKIS PRESS    DOL PZ         -96141268.95    196197413.3
LAMBRAKIS PRESS    DOL GA         -96141268.95    196197413.3
LAMBRAKIS PRESS    LMBKF US       -96141268.95    196197413.3
LAMBRAKIS PRESS    DOL EO         -96141268.95    196197413.3
LAMBRAKIS PRESS    DOLR GA        -96141268.95    196197413.3
LAMBRAKIS PRESS    LA3 GR         -96141268.95    196197413.3
LAMBRAKIS PRESS    DOL EU         -96141268.95    196197413.3
LAMBRAKIS PRESS    LA3A GR        -96141268.95    196197413.3
LAMBRAKIS R-R      DOLV10 GA      -96141268.95    196197413.3
LAMBRAKIS REPO     DOLL10 GA      -96141268.95    196197413.3
LAMBRAKIS-AUC      DOLE GA        -96141268.95    196197413.3
LANCASTER INVEST   1575538Z LN    -87465972.36    102198480.6
LANCELOT LAND BV   4044589Z NA     -97554863.6    159989870.7
LAND VAN HOP NV    3727898Z BB    -4232246.124    117433048.7
LAPSENT LTD        203678Z LN     -52500640.36    290374473.6
LAST MINUTE NETW   1180895Z LN    -783648895.1    392455442.7
LASTAS A/S-A       0122306D DC    -49485067.68    159639319.3
LASTAS A/S-B SHS   LASTB EU       -49485067.68    159639319.3
LASTAS A/S-B SHS   LASTB BY       -49485067.68    159639319.3
LASTAS A/S-B SHS   LAST/B PZ      -49485067.68    159639319.3
LASTAS A/S-B SHS   LASTB DC       -49485067.68    159639319.3
LASTAS A/S-B SHS   LASTB EO       -49485067.68    159639319.3
LASTAS A/S-B SHS   INBO IX        -49485067.68    159639319.3
LASTAS A/S-B SHS   LASTBEUR EO    -49485067.68    159639319.3
LASTAS A/S-B SHS   LASTBEUR EU    -49485067.68    159639319.3
LATIMER GROUP LT   4089809Z LN    -879564577.7    791552405.4
LAVIPHARM S.A.     LAVIY S2       -20633860.36    148970845.9
LAVIPHARM S.A.     LAVIY B3       -20633860.36    148970845.9
LAVIPHARM S.A.     LAVIY L3       -20633860.36    148970845.9
LAVIPHARM SA       LAVI EO        -20633860.36    148970845.9
LAVIPHARM SA       BXA GR         -20633860.36    148970845.9
LAVIPHARM SA       LVIXF US       -20633860.36    148970845.9
LAVIPHARM SA       LVP GR         -20633860.36    148970845.9
LAVIPHARM SA       LAVI GA        -20633860.36    148970845.9
LAVIPHARM SA       LAVI PZ        -20633860.36    148970845.9
LAVIPHARM SA       LAVI EU        -20633860.36    148970845.9
LAVIPHARM SA-RTS   LAVIR GA       -20633860.36    148970845.9
LAVIPHARM SA-RTS   LAVID GA       -20633860.36    148970845.9
LAVIPHARM-AUC      LAVIE GA       -20633860.36    148970845.9
LEEDS SPORTING     LEDPF US        -73166148.8    143762193.7
LEEDS SPORTING     LES LN          -73166148.8    143762193.7
LEEDS UNITED PLC   LDSUF US        -73166148.8    143762193.7
LEEDS UNITED PLC   LUFC LN         -73166148.8    143762193.7
LEEDS UNITED PLC   889687Q GR      -73166148.8    143762193.7
LENOVO BELGIUM S   3740171Z BB    -104525176.2     1113548956
LIBERTY GL EU-A    UPC NA          -5505478850     5112616630
LIBRA GROUP PLC    LHGCYP EU      -39648682.41    209021322.6
LIBRA GROUP PLC    LHG EU         -39648682.41    209021322.6
LIBRA GROUP PLC    LHG CY         -39648682.41    209021322.6
LIBRA GROUP PLC    LHG EO         -39648682.41    209021322.6
LIBRA GROUP PLC    LHGCYP EO      -39648682.41    209021322.6
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     LHGR CY        -39648682.41    209021322.6
LIBRA HOLIDAYS G   LHG PZ         -39648682.41    209021322.6
LIBRA HOLIDAYS-P   LBHG PZ        -39648682.41    209021322.6
LIBRA HOLIDAYS-P   LBHG CY        -39648682.41    209021322.6
LIBRO AG           LIB AV         -110486313.8      174004185
LIBRO AG           LIBR AV        -110486313.8      174004185
LIBRO AG           LB6 GR         -110486313.8      174004185
LIBRO AG           LBROF US       -110486313.8      174004185
LINO MANAGEMENT    3774416Z NA    -394579184.5    685321652.6
LIONCOVER INSURA   1120431Z LN    -221634.5078    741448932.8
LIVERPOOL FOOTBA   1273434Z LN    -67663901.97    349487574.1
LKAB NORGE AS      4401353Z NO    -460925.3937    430135628.2
LLOYDS BANK EQUI   1214495Z LN    -661502.0787    334567903.1
LLOYDS BANK EQUI   1238423Z LN    -1919497.182    270431461.4
LLOYDS BANK FINA   1427642Z LN    -29419134.35     7131680126
LOEWE AG           LOEK GR        -2861100.078    140584053.8
LOEWE AG           LOE TQ         -2861100.078    140584053.8
LOEWE AG           LOE TH         -2861100.078    140584053.8
LOEWE AG           LOE GR         -2861100.078    140584053.8
LOEWE AG           LOEG IX        -2861100.078    140584053.8
LOEWE AG           LOE S1         -2861100.078    140584053.8
LOEWE AG           LOEEF US       -2861100.078    140584053.8
LOEWE AG           LOEK BQ        -2861100.078    140584053.8
LOEWE AG           LOEK TQ        -2861100.078    140584053.8
LOEWE AG           LOE EO         -2861100.078    140584053.8
LOEWE AG           LOE EU         -2861100.078    140584053.8
LOEWE AG           LOE PZ         -2861100.078    140584053.8
LOEWE AG           LOE BQ         -2861100.078    140584053.8
LOFTUS ROAD PLC    LFURF US       -193935862.6    120047585.7
LOMBARD CORPORAT   1162975Z LN    -7309362.404    198951662.4
LONDON TOWN PLC    LOU GR         -21897636.36    175672299.2
LONDON TOWN PLC    LTW PZ         -21897636.36    175672299.2
LONDON TOWN PLC    LTW IX         -21897636.36    175672299.2
LONDON TOWN PLC    LTW PG         -21897636.36    175672299.2
LONDON TOWN PLC    LTW EO         -21897636.36    175672299.2
LONDON TOWN PLC    LTW EU         -21897636.36    175672299.2
LONDON TOWN PLC    LTW PO         -21897636.36    175672299.2
LONDON TOWN PLC    LTWR LN        -21897636.36    175672299.2
LONDON TOWN PLC    LTW LN         -21897636.36    175672299.2
LONDON TOWN PLC    LTWX LN        -21897636.36    175672299.2
LTR FINANCE NO 8   3816616Z ID    -5725709.873    192004847.4
LUGANSKOBLENERGO   LOEN UZ        -15333824.91    193193520.1
LUNDBECK SAS       4690609Z FP    -22481947.35    112816360.1
M 2003 PLC         203055Q LN      -2203513803     7204891602
M 2003 PLC         MTWOF US        -2203513803     7204891602
M 2003 PLC-ADR     MTWOE US        -2203513803     7204891602
M 2003 PLC-ADR     MTWOY US        -2203513803     7204891602
M-INDUSTRIYA       SOMI RU        -1939922.304    224642713.4
MAGMA DD           MGMARHRK EU     -14866764.5    104029160.5
MAGMA DD           MGMARHRK EO     -14866764.5    104029160.5
MAGMA DD           MGMARA CZ       -14866764.5    104029160.5
MAGNETI MARELLI    3643903Z SM    -249160.3447    256260168.7
MAGNETI MARELLI    4470247Z FP    -6937148.231    258493334.7
MAGYAR TELECOM B   363945Z HB     -143800696.4    397462304.9
MAILLIS            MLISF US       -108664218.5    343500549.5
MAILLIS -RTS       MAIKR GA       -108664218.5    343500549.5
MAILLIS-SPON ADR   MJMSY US       -108664218.5    343500549.5
MAINAU FUNDING L   4460161Z ID    -210886395.2     1273830985
MAKRO CASH & CAR   4281845Z PL    -5353005.422    208082462.7
MAKRO SELF SERVI   1373618Z LN    -60067907.22    319992553.1
MAN LAST OG BUSS   4521719Z NO    -670202.3737    175532977.5
MAN VEHICULOS IN   3634127Z SM    -6234511.698    332429019.1
MANIA TECHNOLOGI   MNI NM         -35060806.41    107465704.6
MANIA TECHNOLOGI   MNI S1         -35060806.41    107465704.6
MANIA TECHNOLOGI   MIAVF US       -35060806.41    107465704.6
MANIA TECHNOLOGI   MNI1 EO        -35060806.41    107465704.6
MANIA TECHNOLOGI   MNI TH         -35060806.41    107465704.6
MANIA TECHNOLOGI   MNI GR         -35060806.41    107465704.6
MANIA TECHNOLOGI   2260970Z GR    -35060806.41    107465704.6
MANIA TECHNOLOGI   MNI1 EU        -35060806.41    107465704.6
MANIA TECHNOLOGI   MNI PZ         -35060806.41    107465704.6
MANIA TECHNOLOGI   MNIG IX        -35060806.41    107465704.6
MAPELEY STEPS CO   1914846Z LN    -43332031.44    121423566.8
MARCONI PLC        MRCQF US        -2203513803     7204891602
MARCONI PLC        MONI BB         -2203513803     7204891602
MARCONI PLC        MY2 GR          -2203513803     7204891602
MARCONI PLC        MNI LN          -2203513803     7204891602
MARCONI PLC        203083Q VX      -2203513803     7204891602
MARCONI PLC        MNI BB          -2203513803     7204891602
MARCONI PLC-ADR    MCBA GR         -2203513803     7204891602
MARCONI PLC-ADR    MY2A GR         -2203513803     7204891602
MARCONI PLC-ADR    MONIE US        -2203513803     7204891602
MARCONI PLC-ADR    QUQMON AU       -2203513803     7204891602
MARCONI PLC-ADR    MCONY US        -2203513803     7204891602
MARCONI PLC-ADR    MONI US         -2203513803     7204891602
MARCONI PLC-ADR    MONIY US        -2203513803     7204891602
MARCONI PLC-ADR    MRCQY US        -2203513803     7204891602
MARINE SUBSEA AS   MSAS NO          -280249984      357512992
MARINOTEIS-SOCIE   4753761Z PL    -14953194.76    133756219.5
MARITIME CO -RTS   2749585Q GA    -106982273.2    179470608.3
MARITIME CO LESB   NELD GA        -106982273.2    179470608.3
MARITIME CO LESB   MEKD CH        -106982273.2    179470608.3
MARITIME CO LESV   NEL EO         -106982273.2    179470608.3
MARITIME CO LESV   MCV GR         -106982273.2    179470608.3
MARITIME CO LESV   NEL GA         -106982273.2    179470608.3
MARITIME CO LESV   NEL EU         -106982273.2    179470608.3
MARITIME CO LESV   MTMLF US       -106982273.2    179470608.3
MARITIME CO LESV   NEL PZ         -106982273.2    179470608.3
MARITIME CO-RTS    5078509Q GA    -106982273.2    179470608.3
MARITIME COM-RTS   NELR GA        -106982273.2    179470608.3
MARITIME COMPANY   NELY B3        -106982273.2    179470608.3
MARITIME COMPANY   NELY L3        -106982273.2    179470608.3
MARITIME COMPANY   NELE GA        -106982273.2    179470608.3
MARITIME COMPANY   NELY S2        -106982273.2    179470608.3
MARITIME LESV-RT   NELBR GA       -106982273.2    179470608.3
MARTINSA FADESA    4PU GR          -5913566026     3756927517
MARTINSA FADESA    MTF1 LI         -5913566026     3756927517
MARTINSA FADESA    MTF EO          -5913566026     3756927517
MARTINSA FADESA    MTF EU          -5913566026     3756927517
MARTINSA FADESA    MTF SM          -5913566026     3756927517
MARTINSA FADESA    MFAD PZ         -5913566026     3756927517
MARTINSA-FADESA    MTF NR          -5913566026     3756927517
MATERNUS KLINI-N   MAK1 GR        -44477800.05    168038275.8
MATERNUS-KLINIKE   MNUKF US       -44477800.05    168038275.8
MATERNUS-KLINIKE   MAK GR         -44477800.05    168038275.8
MATERNUS-KLINIKE   MAKD S2        -44477800.05    168038275.8
MATERNUS-KLINIKE   MAK PZ         -44477800.05    168038275.8
MATERNUS-KLINIKE   MAKG IX        -44477800.05    168038275.8
MATERNUS-KLINIKE   MAK S1         -44477800.05    168038275.8
MATERNUS-KLINIKE   MAK TH         -44477800.05    168038275.8
MATERNUS-KLINIKE   MAK EU         -44477800.05    168038275.8
MATERNUS-KLINIKE   MAKD L3        -44477800.05    168038275.8
MATERNUS-KLINIKE   MAK EO         -44477800.05    168038275.8
MATERNUS-KLINIKE   MAKD B3        -44477800.05    168038275.8
MATUSSIERE & FOR   MTUSF US       -77899559.39    293879179.1
MATUSSIERE & FOR   1007765Q FP    -77899559.39    293879179.1
MAYBOURNE HOTELS   1824362Z LN    -8957462.925    417749122.1
MCGRAW-HILL INTE   1275642Z LN    -397583.9996    122720927.9
MCINERNEY -RT FP   MCIF LN        -137972148.5    304108432.2
MCINERNEY -RT FP   MCIF ID        -137972148.5    304108432.2
MCINERNEY -RT NP   MCIN ID        -137972148.5    304108432.2
MCINERNEY -RT NP   MCIN LN        -137972148.5    304108432.2
MCINERNEY HLDGS    MCIGBX EU      -137972148.5    304108432.2
MCINERNEY HLDGS    MCI EU         -137972148.5    304108432.2
MCINERNEY HLDGS    MK9 PO         -137972148.5    304108432.2
MCINERNEY HLDGS    MCI ID         -137972148.5    304108432.2
MCINERNEY HLDGS    MCI LN         -137972148.5    304108432.2
MCINERNEY HLDGS    MK9 GR         -137972148.5    304108432.2
MCINERNEY HLDGS    MNEYF US       -137972148.5    304108432.2
MCINERNEY HLDGS    MCIGBP EO      -137972148.5    304108432.2
MCINERNEY HLDGS    MCII IX        -137972148.5    304108432.2
MCINERNEY HLDGS    MCI EO         -137972148.5    304108432.2
MCINERNEY HLDGS    MCIGBX EO      -137972148.5    304108432.2
MCINERNEY HLDGS    MK9C PZ        -137972148.5    304108432.2
MCINERNEY HLDGS    MCI PO         -137972148.5    304108432.2
MCINERNEY HLDGS    MCI IX         -137972148.5    304108432.2
MCINERNEY HLDGS    MCI VX         -137972148.5    304108432.2
MCINERNEY PROP-A   MCIYF US       -137972148.5    304108432.2
MCINERNEY PROP-A   MYP LN         -137972148.5    304108432.2
MCINERNEY PROP-A   MYP ID         -137972148.5    304108432.2
MCINERNEY-ADR      MNEYY US       -137972148.5    304108432.2
MEADOWHALL FINAN   3560793Z LN    -6035585.406     1318976857
MECHANGROEP BV     4501491Z NA    -154404.9003      124805349
MEDIAEDGE CIA UK   1912470Z LN    -12672443.58      247008178
MEDIMMUNE LTD      1596402Z LN    -753144808.1    392707180.7
MERIDIANA SPA      1163Z IM       -4509241.938    181803591.5
MERLIN PROPERTIE   MRL SM         -153310244.4     1466403680
MERLIN PROPERTIE   MRLE IX        -153310244.4     1466403680
MERLIN PROPERTIE   MRLE S1        -153310244.4     1466403680
MERLIN PROPERTIE   1008762D SM    -153310244.4     1466403680
MERLIN PROPERTIE   MRLEUR EO      -153310244.4     1466403680
MERLIN PROPERTIE   MRLEUR EU      -153310244.4     1466403680
MERLIN PROPERTIE   MEQA GR        -153310244.4     1466403680
MERLIN PROPERTIE   MRLE EB        -153310244.4     1466403680
MERLIN PROPERTIE   MEQ GR         -153310244.4     1466403680
METALLURGIC-BRD    METZ RU        -1136275.166    384654426.2
METALLURGIC-BRD    METZ* RU       -1136275.166    384654426.2
METALLURGIC-PFD    METZP RU       -1136275.166    384654426.2
METALLURGIC-PFD    METZP* RU      -1136275.166    384654426.2
METRO DO PORTO S   4473963Z PL     -1539365046     3027538897
METROPOLITANO DE   1009Z PL        -1208063687     6484900913
MICRO FOCUS INTE   MCROL B3          -16251000      605017024
MICRO FOCUS INTE   MCROL L3          -16251000      605017024
MICRO FOCUS INTE   MCROL S2          -16251000      605017024
MICRO FOCUS INTL   MCRO NR           -16251000      605017024
MICRO FOCUS INTL   MCRO3 EO          -16251000      605017024
MICRO FOCUS INTL   M7Q GK            -16251000      605017024
MICRO FOCUS INTL   MCRO EO           -16251000      605017024
MICRO FOCUS INTL   MCROEUR EU        -16251000      605017024
MICRO FOCUS INTL   MCRO2 EO          -16251000      605017024
MICRO FOCUS INTL   MCFUF US          -16251000      605017024
MICRO FOCUS INTL   MCRO5 EO          -16251000      605017024
MICRO FOCUS INTL   MCROEUR EO        -16251000      605017024
MICRO FOCUS INTL   MCRO8 EO          -16251000      605017024
MICRO FOCUS INTL   MCROUSD EU        -16251000      605017024
MICRO FOCUS INTL   MCRO6 EO          -16251000      605017024
MICRO FOCUS INTL   MCROUSD EO        -16251000      605017024
MICRO FOCUS INTL   MCRO VX           -16251000      605017024
MICRO FOCUS INTL   MCRO EB           -16251000      605017024
MICRO FOCUS INTL   MCRO S1           -16251000      605017024
MICRO FOCUS INTL   MCRO LN           -16251000      605017024
MICRO FOCUS INTL   MCRO QM           -16251000      605017024
MICRO FOCUS INTL   MCFUD US          -16251000      605017024
MICRO FOCUS INTL   MCROPEN EO        -16251000      605017024
MICRO FOCUS INTL   M7Q2 GR           -16251000      605017024
MICRO FOCUS INTL   MCRO PO           -16251000      605017024
MICRO FOCUS INTL   MCRO EU           -16251000      605017024
MICRO FOCUS INTL   M7Q1 GR           -16251000      605017024
MICRO FOCUS INTL   MCRO9 EO          -16251000      605017024
MICRO FOCUS INTL   MCRO QX           -16251000      605017024
MICRO FOCUS INTL   MCRO NQ           -16251000      605017024
MICRO FOCUS INTL   M7Q3 GR           -16251000      605017024
MICRO FOCUS INTL   MCRO TQ           -16251000      605017024
MICRO FOCUS INTL   MCROGBP EO        -16251000      605017024
MICRO FOCUS INTL   MCR2 EO           -16251000      605017024
MICRO FOCUS INTL   MCRO1 EO          -16251000      605017024
MICRO FOCUS INTL   MCRO4 EO          -16251000      605017024
MICRO FOCUS INTL   MCRO7 EO          -16251000      605017024
MICRO FOCUS INTL   MCROPEN EU        -16251000      605017024
MICRO FOCUS INTL   MCRO PZ           -16251000      605017024
MICRO FOCUS INTL   MCRO BQ           -16251000      605017024
MICRO FOCUS INTL   MCRO IX           -16251000      605017024
MICRO FOCUS INTL   M7Q GR            -16251000      605017024
MICRO FOCUS-ADR    MCFUY US          -16251000      605017024
MIDLAND EXPRESSW   583730Z LN     -228268314.5     1057402943
MIKRON-BRD         MKRO RU        -6366526.768    704144845.5
MIKRON-BRD         MKRO* RU       -6366526.768    704144845.5
MILLENNIUM STADI   1727672Z LN     -35927709.3    143590875.7
MILLER FREEMAN W   9595335Q LN    -152635588.1    197883920.7
MILLIMAGES         MILT FP         -1006036.19    113452793.4
MILLIMAGES         MLMG IX         -1006036.19    113452793.4
MILLIMAGES         8131905Q FP     -1006036.19    113452793.4
MILLIMAGES         MILI FP         -1006036.19    113452793.4
MILLIMAGES         MLIGF US        -1006036.19    113452793.4
MILLIMAGES         MIL S1          -1006036.19    113452793.4
MILLIMAGES         MIL1 EU         -1006036.19    113452793.4
MILLIMAGES         MILF PZ         -1006036.19    113452793.4
MILLIMAGES         MG6 GR          -1006036.19    113452793.4
MILLIMAGES         MIL1 PZ         -1006036.19    113452793.4
MILLIMAGES         MIL1 EO         -1006036.19    113452793.4
MILLIMAGES - RTS   0134468D FP     -1006036.19    113452793.4
MILLIMAGES -NREG   MILNR FP        -1006036.19    113452793.4
MILLIMAGES -NREG   MILNREUR EO     -1006036.19    113452793.4
MILLIMAGES -NREG   MILNREUR EU     -1006036.19    113452793.4
MILLIMAGES -REGR   MIL1EUR EO      -1006036.19    113452793.4
MILLIMAGES -REGR   MIL FP          -1006036.19    113452793.4
MILLIMAGES -REGR   MIL TQ          -1006036.19    113452793.4
MILLIMAGES -REGR   MIL1EUR EU      -1006036.19    113452793.4
MILLIMAGES -REGR   MIL EB          -1006036.19    113452793.4
MILLIMAGES -REGR   MIL IX          -1006036.19    113452793.4
MILLIMAGES NR -    MILNRP B3       -1006036.19    113452793.4
MILLIMAGES NR -    MILP B3         -1006036.19    113452793.4
MILLIMAGES NR -    MILNRP L3       -1006036.19    113452793.4
MILLIMAGES NR -    MILP S2         -1006036.19    113452793.4
MILLIMAGES NR -    MILNRP S2       -1006036.19    113452793.4
MILLIMAGES NR -    MILP L3         -1006036.19    113452793.4
MILLIMAGES-RTS     760037Q FP      -1006036.19    113452793.4
MILLIMAGES-RTS     MILDS FP        -1006036.19    113452793.4
MJ MAILLIS S.A.    MJL GR         -108664218.5    343500549.5
MJ MAILLIS S.A.    MAIK EU        -108664218.5    343500549.5
MJ MAILLIS S.A.    MAIKY B3       -108664218.5    343500549.5
MJ MAILLIS S.A.    MAIK GA        -108664218.5    343500549.5
MJ MAILLIS S.A.    MAIK EO        -108664218.5    343500549.5
MJ MAILLIS S.A.    MAIKY L3       -108664218.5    343500549.5
MJ MAILLIS S.A.    MAIKY S2       -108664218.5    343500549.5
MJ MAILLIS S.A.    MAIK PZ        -108664218.5    343500549.5
MOBILE TELESYSTE   4115696Z LX      -348018999    808519791.7
MONARCH HOLDINGS   4502027Z LN    -249731094.1    658980214.4
MONTE MARE GRADO   4359985Z IM    -535795.2118    100538343.7
MOSPROMSTROY-BRD   MPSM RU        -40317492.82    257095111.4
MOSPROMSTROY-BRD   MPSM* RU       -40317492.82    257095111.4
MOSPROMSTROY-PFD   MPSMP RU       -40317492.82    257095111.4
MOSPROMSTROY-PFD   MPSMP* RU      -40317492.82    257095111.4
MOTO HOSPITALITY   1344378Z LN      -139041358     1143143841
MOUCHEL GROUP PL   MCHL TQ        -62838511.24    491368809.7
MOUCHEL GROUP PL   MCHL EO        -62838511.24    491368809.7
MOUCHEL GROUP PL   MCHL NR        -62838511.24    491368809.7
MOUCHEL GROUP PL   MO6 GR         -62838511.24    491368809.7
MOUCHEL GROUP PL   MCHL EB        -62838511.24    491368809.7
MOUCHEL GROUP PL   MCHL BQ        -62838511.24    491368809.7
MOUCHEL GROUP PL   MCHL EU        -62838511.24    491368809.7
MOUCHEL GROUP PL   MCHL PZ        -62838511.24    491368809.7
MOUCHEL GROUP PL   MCHL VX        -62838511.24    491368809.7
MOUCHEL GROUP PL   MCHL LN        -62838511.24    491368809.7
MOUCHEL GROUP PL   MOUCF US       -62838511.24    491368809.7
MOUCHEL GROUP PL   MCHL S1        -62838511.24    491368809.7
MOUCHEL GROUP PL   MCHL NQ        -62838511.24    491368809.7
MOUCHEL GROUP PL   MCHLEUR EO     -62838511.24    491368809.7
MOUCHEL GROUP PL   MCHLGBP EO     -62838511.24    491368809.7
MOUCHEL GROUP PL   MCHLEUR EU     -62838511.24    491368809.7
MOUCHEL GROUP PL   MCHL QM        -62838511.24    491368809.7
MOUCHEL GROUP PL   MCHL IX        -62838511.24    491368809.7
MOUCHEL PARKMAN    MCHL PO        -62838511.24    491368809.7
MSREF ELBA BV      4043045Z NA    -87419.09909    568916342.9
MVCI HOLIDAYS FR   4524959Z FP      -108431736    225667433.5
MYRMIDON CMBS PR   3819292Z ID    -106451277.7    274185088.8
MYTRAVEL GROUP     MT/S PO          -379731744     1817560463
MYTRAVEL GROUP     MYTPF US         -379731744     1817560463
MYTRAVEL GROUP     MT/S VX          -379731744     1817560463
MYTRAVEL GROUP     MT/S LN          -379731744     1817560463
MYTRAVEL GROUP     3544280Q IX      -379731744     1817560463
MYTRAVEL GROUP     ARO2 GR          -379731744     1817560463
MYTRAVEL GROUP P   MYTGF US         -379731744     1817560463
MYTRAVEL GROUP P   MT/ LN           -379731744     1817560463
MYTRAVEL GROUP P   1018144Q GR      -379731744     1817560463
MYTRAVEL GROUP P   MT/ VX           -379731744     1817560463
MYTRAVEL GROUP-A   MYTVF US         -379731744     1817560463
MYTRAVEL GROUP-A   2281919Q GR      -379731744     1817560463
MYTRAVEL TOUR OP   1190295Z LN     -2772041051    706177528.1
NAFTOKHIMIK PRIC   NAFP UZ        -15122638.98    167861356.9
NAFTOKHIMIK-GDR    N3ZA GR        -15122638.98    167861356.9
NAOUSSA SPIN -RT   NAOYD GA       -163112562.6    286535432.7
NAOUSSA SPIN-AUC   NAOYKE GA      -163112562.6    286535432.7
NAOUSSA SPIN-RTS   NAOYKR GA      -163112562.6    286535432.7
NAOUSSA SPINNING   NML GR         -163112562.6    286535432.7
NATURGAS ENERGIA   4365797Z SM    -14710105.75      418158346
NCC CONSTRUCTION   4389745Z NO    -7109783.015    480936679.5
NCC ROADS AS       4401305Z NO    -15956764.57    169875159.1
NCR FRANCE SNC     4525407Z FP    -1685809.858    259305615.3
NCR LTD            3083521Z LN    -374259543.3    431632783.6
NDS GROUP HOLDIN   0112196D US      -720982016      649305984
NDS GROUP HOLDIN   NDSG US          -720982016      649305984
NERVACERO SA       4469951Z SM    -82189596.47    625780626.1
NESTLE UK LTD      1274562Z LN    -392617862.7     4269323540
NESTLE WATERS SU   3634887Z FP     -21571029.7    180359767.6
NEW LOOK RETAIL    2711544Z LN    -651436258.7     2033386885
NEW STAR ASSET     3226439Q EU    -397728016.9    292980082.9
NEW STAR ASSET     NSAM PO        -397728016.9    292980082.9
NEW STAR ASSET     NSAM IX        -397728016.9    292980082.9
NEW STAR ASSET     3226443Q EO    -397728016.9    292980082.9
NEW STAR ASSET     NSAM PZ        -397728016.9    292980082.9
NEW STAR ASSET     NSAA LN        -397728016.9    292980082.9
NEW STAR ASSET     3226447Q EO    -397728016.9    292980082.9
NEW STAR ASSET     NWSAF US       -397728016.9    292980082.9
NEW STAR ASSET     N6S GR         -397728016.9    292980082.9
NEW STAR ASSET     NSAM TQ        -397728016.9    292980082.9
NEW STAR ASSET     3226431Q EU    -397728016.9    292980082.9
NEW STAR ASSET     3226435Q EO    -397728016.9    292980082.9
NEW STAR ASSET M   NSAM LN        -397728016.9    292980082.9
NEW WORLD R-A SH   NWR NR         -422677842.5     1206255068
NEW WORLD R-A SH   NWR TQ         -422677842.5     1206255068
NEW WORLD R-A SH   NWR EO         -422677842.5     1206255068
NEW WORLD R-A SH   NWR BQ         -422677842.5     1206255068
NEW WORLD R-A SH   NWR EU         -422677842.5     1206255068
NEW WORLD R-A SH   NWR1 TQ        -422677842.5     1206255068
NEW WORLD R-A SH   NWR QM         -422677842.5     1206255068
NEW WORLD R-A SH   NWR S1         -422677842.5     1206255068
NEW WORLD R-A SH   NWRUK TQ       -422677842.5     1206255068
NEW WORLD R-A SH   NWR EB         -422677842.5     1206255068
NEW WORLD R-A SH   NWR IX         -422677842.5     1206255068
NEW WORLD R-A SH   NWR PW         -422677842.5     1206255068
NEW WORLD R-A SH   NWR CP         -422677842.5     1206255068
NEW WORLD R-A SH   NWR PZ         -422677842.5     1206255068
NEW WORLD R-A SH   NW5 GR         -422677842.5     1206255068
NEW WORLD R-A SH   NWR LN         -422677842.5     1206255068
NEW WORLD R-B      0743168D LN    -422677842.5     1206255068
NEW WORLD RESOUR   NWRUKK L3      -422677842.5     1206255068
NEW WORLD RESOUR   NWRL L3        -422677842.5     1206255068
NEW WORLD RESOUR   NWRW L3        -422677842.5     1206255068
NEW WORLD RESOUR   NW5D S2        -422677842.5     1206255068
NEW WORLD RESOUR   NWRUKK S2      -422677842.5     1206255068
NEW WORLD RESOUR   NWRL S2        -422677842.5     1206255068
NEW WORLD RESOUR   NW5D L3        -422677842.5     1206255068
NEW WORLD RESOUR   NWRW S2        -422677842.5     1206255068
NEW WORLD RESOUR   NWRW B3        -422677842.5     1206255068
NEW WORLD RESOUR   NWRL B3        -422677842.5     1206255068
NEW WORLD RESOUR   NWRUKK B3      -422677842.5     1206255068
NEW WORLD RESOUR   NW5D B3        -422677842.5     1206255068
NEWCASTLE UNITED   1060322Z LN    -49091585.54    238073462.4
NEWCASTLE UNITED   4380361Z LN    -33690958.84    234612813.1
NEXANS COPPER FR   4744809Z FP    -22661844.26    308623822.2
NIKAS SA - RTS     NIKAR GA       -20069595.16    104893930.7
NISSAN FORKLIFT    4507803Z NA    -13548401.61    114988998.1
NIZHMASHZAVO-BRD   NMSZ* RU       -41368012.16    574396318.4
NIZHMASHZAVO-BRD   NMSZ RU        -41368012.16    574396318.4
NIZHMASHZAVO-PFD   NMSZP* RU      -41368012.16    574396318.4
NIZHMASHZAVO-PFD   NMSZP RU       -41368012.16    574396318.4
NIZHMASHZAVOD-BD   NMSZ$ RU       -41368012.16    574396318.4
NORBAIN GROUP LT   4007676Z LN    -18880913.74    122682534.9
NORDAG AG          DOO1 GR        -482467.0522    144438127.4
NORDAG AG-PFD      DOO3 GR        -482467.0522    144438127.4
NORDAG AG-RTS      DOO8 GR        -482467.0522    144438127.4
NORDENIA INTERNA   NOD GR         -74469671.73    729606340.7
NORDENIA INTL AG   NOD8 GR        -74469671.73    729606340.7
NORDIC SHIPHOLDI   NORDI TQ          -43100000      135400000
NORDIC SHIPHOLDI   NORDIEUR EU       -43100000      135400000
NORDIC SHIPHOLDI   NORDI EU          -43100000      135400000
NORDIC SHIPHOLDI   NORDIC IX         -43100000      135400000
NORDIC SHIPHOLDI   NORDIC S2         -43100000      135400000
NORDIC SHIPHOLDI   DTQ GR            -43100000      135400000
NORDIC SHIPHOLDI   NORDI BY          -43100000      135400000
NORDIC SHIPHOLDI   NORDIC EB         -43100000      135400000
NORDIC SHIPHOLDI   NORDI EO          -43100000      135400000
NORDIC SHIPHOLDI   NORDIEUR EO       -43100000      135400000
NORDIC SHIPHOLDI   NORDIC B3         -43100000      135400000
NORDIC SHIPHOLDI   NORDIC L3         -43100000      135400000
NORDIC SHIPHOLDI   NORDIC DC         -43100000      135400000
NORDIC TANKE-NEW   NORDICN DC        -43100000      135400000
NORDIC TANKE-RTS   NORDICT DC        -43100000      135400000
NORDIC TANKERS A   NORDIC PZ         -43100000      135400000
NORDICOM A/S       NRDCC S2       -27413160.84    501988437.8
NORDICOM A/S       NRDCC L3       -27413160.84    501988437.8
NORDICOM A/S       NRDCC B3       -27413160.84    501988437.8
NORDICOM A/S-RTS   NRDCT DC       -27413160.84    501988437.8
NORDICOM AS        NRDCC EB       -27413160.84    501988437.8
NORDICOM AS        NRDCEUR EO     -27413160.84    501988437.8
NORDICOM AS        NRDC DC        -27413160.84    501988437.8
NORDICOM AS        NRDC EU        -27413160.84    501988437.8
NORDICOM AS        NRDC BY        -27413160.84    501988437.8
NORDICOM AS        CEPH DC        -27413160.84    501988437.8
NORDICOM AS        NRDC PZ        -27413160.84    501988437.8
NORDICOM AS        NRDC TQ        -27413160.84    501988437.8
NORDICOM AS        NRDC IX        -27413160.84    501988437.8
NORDICOM AS        NRDCEUR EU     -27413160.84    501988437.8
NORDICOM AS        NRDC EO        -27413160.84    501988437.8
NORDICOM AS-NEW    NORN DC        -27413160.84    501988437.8
NORDSEE AG         533061Q GR      -8200576.76    194617530.6
NORDSEE GMBH       3988724Z GR    -81591772.37    201788718.4
NORFOLK HOLDINGS   779151Z NA      -192035.398    782945491.9
NORSK STEIN AS     4394889Z NO    -1237127.989    254760725.7
NORTHCLIFFE MEDI   1294954Z LN    -231086140.5    141497063.7
NORTHERN FO-ASSD   NFDA LN        -70166768.88    924680805.3
NORTHERN FOO-NEW   NFDN LN        -70166768.88    924680805.3
NORTHERN FOO-RFD   650060Q LN     -70166768.88    924680805.3
NORTHERN FOODS     NFO GK         -70166768.88    924680805.3
NORTHERN FOODS     NFDSUSD EU     -70166768.88    924680805.3
NORTHERN FOODS     NFDS VX        -70166768.88    924680805.3
NORTHERN FOODS     NFDS QM        -70166768.88    924680805.3
NORTHERN FOODS     NFDS PZ        -70166768.88    924680805.3
NORTHERN FOODS     NFO GR         -70166768.88    924680805.3
NORTHERN FOODS     NFDS EO        -70166768.88    924680805.3
NORTHERN FOODS     NFDS EB        -70166768.88    924680805.3
NORTHERN FOODS     NFDS NR        -70166768.88    924680805.3
NORTHERN FOODS     NFDSGBP EO     -70166768.88    924680805.3
NORTHERN FOODS     NFDS BQ        -70166768.88    924680805.3
NORTHERN FOODS     NFDSEUR EU     -70166768.88    924680805.3
NORTHERN FOODS     NFDSEUR EO     -70166768.88    924680805.3
NORTHERN FOODS     NFDS PO        -70166768.88    924680805.3
NORTHERN FOODS     NFDS S1        -70166768.88    924680805.3
NORTHERN FOODS     NFDS EU        -70166768.88    924680805.3
NORTHERN FOODS     NFDS TQ        -70166768.88    924680805.3
NORTHERN FOODS     NFDS IX        -70166768.88    924680805.3
NORTHERN FOODS     NTFOF US       -70166768.88    924680805.3
NORTHERN FOODS     NFDS NQ        -70166768.88    924680805.3
NORTHERN FOODS     NFDSUSD EO     -70166768.88    924680805.3
NORTHERN FOODS L   NFDS LN        -70166768.88    924680805.3
NORTHERN FOODS P   NFDR LN        -70166768.88    924680805.3
NOVAR ED&S LTD     1286578Z LN    -62804565.08    129403261.3
NOVELIS FOIL FRA   4678593Z FP    -49448141.87    103051804.1
NPIL HOLDCO LTD    3641071Z LN    -174439226.7    865153864.4
NPOWER GAS LTD     1689816Z LN    -356242279.8    692311995.8
NPOWER LTD         1185599Z LN    -280336917.7     4234776781
NRJ 12             4681713Z FP    -7657615.259    104653825.6
NTT COM SECURITY   AAGN GR        -7312306.971    180437345.1
NTT COM SECURITY   AAGND S1       -7312306.971    180437345.1
NTT COM SECURITY   AAGN EO        -7312306.971    180437345.1
NTT COM SECURITY   AAGN EU        -7312306.971    180437345.1
NTT COM SECURITY   AAGND L3       -7312306.971    180437345.1
NTT COM SECURITY   AAGN TQ        -7312306.971    180437345.1
NTT COM SECURITY   AAGND B3       -7312306.971    180437345.1
NTT COM SECURITY   AAGND S2       -7312306.971    180437345.1
NTT COM SECURITY   AAGN S1        -7312306.971    180437345.1
NUERNB HYPO-RTS    NUE8 GR         -2104112446       5.86E+11
NUERNB HYPOTHEK    0478131D GR     -2104112446       5.86E+11
NUTRIBIO SAS       4508451Z FP    -1696894.018    126986380.2
NYESA VALORES CO   BES EU         -208568793.8    658498551.2
NYESA VALORES CO   BES EO         -208568793.8    658498551.2
NYESA VALORES CO   7NY GR         -208568793.8    658498551.2
NYESA VALORES CO   BES TQ         -208568793.8    658498551.2
NYESA VALORES CO   NYE SM         -208568793.8    658498551.2
NYESA VALORES CO   NYE EO         -208568793.8    658498551.2
NYESA VALORES CO   NYE TQ         -208568793.8    658498551.2
NYESA VALORES CO   NYE EU         -208568793.8    658498551.2
NYESA VALORES CO   BESS PZ        -208568793.8    658498551.2
NYESA VALORES CO   BES SM         -208568793.8    658498551.2
O'KANE & DEVINE    3803556Z LN    -4358107.011    464658271.9
O-I MANUFACTURIN   1320610Z LN    -12628154.89      101145430
OBTEC              OBTEC DC       -15214157.39    146307717.3
OBTEC              OBT DC         -15214157.39    146307717.3
OBTEC-NEW SHARES   OBTECN DC      -15214157.39    146307717.3
OBTEC-OLD          OBTN DC        -15214157.39    146307717.3
ODEON & UCI CINE   3489372Z LN    -830950559.2     1305400799
ODESSA OIL REFIN   ONPZ UZ        -389476260.1    147828436.7
OESIA NETWORKS S   4369433Z SM    -23680696.85    179103096.4
OKI EUROPE LTD     3912252Z LN    -391269747.1    204284621.3
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
OMRON EUROPE BV/   4489339Z NA     -309562.197    569956799.6
OPTIMUM CARE LTD   3951796Z LN    -33380376.38    106846682.7
ORACLE FRANCE SA   4525191Z FP    -4835581.451    722616022.4
ORANGE LTD         951641Q LN     -593935104.1     2902299502
ORANGE PLC         ORNGF US       -593935104.1     2902299502
ORANGE PLC         1460Q GR       -593935104.1     2902299502
ORANGE PLC-ADR     ORNGY US       -593935104.1     2902299502
ORANGE PLC-ADR     0212530D GR    -593935104.1     2902299502
ORANGE PLC-ADR     ORA$ LN        -593935104.1     2902299502
ORBIS PLC          OBS IX           -4168493.8    127701679.5
ORBIS PLC          OBS LN           -4168493.8    127701679.5
ORBIS PLC          OBS PO           -4168493.8    127701679.5
ORBIS PLC          OBS PZ           -4168493.8    127701679.5
ORBIS PLC          OBG PO           -4168493.8    127701679.5
ORBIS PLC          ORBSF US         -4168493.8    127701679.5
ORBIS PLC          RLP GR           -4168493.8    127701679.5
OROSDI             OROSP L3       -51388258.12    181261665.1
OROSDI             OROS EO        -51388258.12    181261665.1
OROSDI             OROSP B3       -51388258.12    181261665.1
OROSDI             OROS PZ        -51388258.12    181261665.1
OROSDI             OROS EU        -51388258.12    181261665.1
OROSDI             OROSP S2       -51388258.12    181261665.1
OROSDI             OROS S1        -51388258.12    181261665.1
OROSDI             OROS EB        -51388258.12    181261665.1
OROSDI             OROS FP        -51388258.12    181261665.1
OROSDI             OROS IX        -51388258.12    181261665.1
OROSDI-BACK        BACK IX        -51388258.12    181261665.1
OROSDI-BACK        ORBA FP        -51388258.12    181261665.1
OROSDI-RTS         ORODS FP       -51388258.12    181261665.1
OT OPTIMA TELEKO   2299892Z CZ    -113047998.1    107299044.1
OT-OPTIMA TELEKO   OPTERA CZ      -113047998.1    107299044.1
OT-OPTIMA TELEKO   OPTERHRK EU    -113047998.1    107299044.1
OT-OPTIMA TELEKO   OPTERHRK EO    -113047998.1    107299044.1
OUTDOOR GROUP LT   1318338Z LN    -31904183.63    118196315.8
OXEA SARL          3682535Z LX    -24721940.15    956415604.2
OXEA SARL          3682535Z GR    -24721940.15    956415604.2
P.G. NIKAS SA      NIKASY S2      -20069595.16    104893930.7
P.G. NIKAS SA      NIKASY L3      -20069595.16    104893930.7
P.G. NIKAS SA      NIKASY B3      -20069595.16    104893930.7
PAGESJAUNES GRP    PGJUF US        -2574016244     1103160018
PAGESJAUNES GRP    PAJ LI          -2574016244     1103160018
PAGESJAUNES GRP    PAJ NQ          -2574016244     1103160018
PAGESJAUNES GRP    PAJ VX          -2574016244     1103160018
PAGESJAUNES GRP    PAJ PZ          -2574016244     1103160018
PAGESJAUNES GRP    PAJ FP          -2574016244     1103160018
PAGESJAUNES GRP    PAJP IX         -2574016244     1103160018
PANAXIA AB         PAXA EO        -13977243.64    102375892.6
PANAXIA AB         PAXAEUR EU     -13977243.64    102375892.6
PANAXIA AB         PAXA BY        -13977243.64    102375892.6
PANAXIA AB         PAXA SS        -13977243.64    102375892.6
PANAXIA AB         PAXA EU        -13977243.64    102375892.6
PANAXIA AB         PAXA PZ        -13977243.64    102375892.6
PANAXIA AB         PAXAEUR EO     -13977243.64    102375892.6
PANAXIA AB-NEW     PAXABT SS      -13977243.64    102375892.6
PANAXIA AB-NEW     PAXABT BY      -13977243.64    102375892.6
PANAXIA AB-RTS     PAXATR BY      -13977243.64    102375892.6
PANAXIA AB-RTS     PAXATR SS      -13977243.64    102375892.6
PANAXIA-NEW        8292193Q SS    -13977243.64    102375892.6
PANAXIA-RTS        8292189Q SS    -13977243.64    102375892.6
PARAGON HOTELS L   4452665Z LN    -3769909.891    107328514.4
PARAGON MORTGAGE   2002551Z LN    -750891.1819    737656750.8
PARK FOOD GROUP    PKFD LN        -20141361.32    279211765.5
PARK GROUP PLC     PKGL L3        -20141361.32    279211765.5
PARK GROUP PLC     PKG LN         -20141361.32    279211765.5
PARK GROUP PLC     PKGL B3        -20141361.32    279211765.5
PARK GROUP PLC     PRKGF US       -20141361.32    279211765.5
PARK GROUP PLC     PKG VX         -20141361.32    279211765.5
PARK GROUP PLC     PKG EO         -20141361.32    279211765.5
PARK GROUP PLC     PRKG IX        -20141361.32    279211765.5
PARK GROUP PLC     PKG PO         -20141361.32    279211765.5
PARK GROUP PLC     PKGGBP EO      -20141361.32    279211765.5
PARK GROUP PLC     PKGL S2        -20141361.32    279211765.5
PARK GROUP PLC     PKG EU         -20141361.32    279211765.5
PARK GROUP PLC     PKG PZ         -20141361.32    279211765.5
PARMALAT FINA-RT   PRFR AV        -18420075679     4120839723
PARMALAT FINANZI   FICN AV        -18420075679     4120839723
PARMALAT FINANZI   PRF IM         -18420075679     4120839723
PARMALAT FINANZI   PARAF US       -18420075679     4120839723
PARMALAT FINANZI   PRFI VX        -18420075679     4120839723
PARMALAT FINANZI   PMLFF US       -18420075679     4120839723
PARMALAT FINANZI   PMT LI         -18420075679     4120839723
PARMALAT FINANZI   PAF GR         -18420075679     4120839723
PARQUES REUN-RTS   PQR/D SM       -36793493.63     2314365176
PARQUES REUNIDOS   PQR SM         -36793493.63     2314365176
PARQUES REUNIDOS   PQR GR         -36793493.63     2314365176
PATIENTLINE PLC    PTL PO         -54678675.23    124951423.6
PATIENTLINE PLC    2928903Q EU    -54678675.23    124951423.6
PATIENTLINE PLC    PTL IX         -54678675.23    124951423.6
PATIENTLINE PLC    2928907Q EO    -54678675.23    124951423.6
PATIENTLINE PLC    2928899Q EO    -54678675.23    124951423.6
PATIENTLINE PLC    PTL LN         -54678675.23    124951423.6
PATIENTLINE PLC    PTL PZ         -54678675.23    124951423.6
PATIENTLINE PLC    PTL VX         -54678675.23    124951423.6
PAYZONE PLC        PAYZ EU        -138034037.7      510021617
PAYZONE PLC        PAYZ PZ        -138034037.7      510021617
PAYZONE PLC        PAYZ LN        -138034037.7      510021617
PAYZONE PLC        PAYZ PG        -138034037.7      510021617
PAYZONE PLC        PAYZ EO        -138034037.7      510021617
PAYZONE PLC        4P6 GR         -138034037.7      510021617
PAYZONE PLC        PAYZ IX        -138034037.7      510021617
PBG                PBG LI         -248138966.9    850379428.1
PBG                PBG1 EO        -248138966.9    850379428.1
PBG                PBG1EUR EO     -248138966.9    850379428.1
PBG                PBG1USD EO     -248138966.9    850379428.1
PBG                PBG PW         -248138966.9    850379428.1
PBG                PBG1EUR EU     -248138966.9    850379428.1
PBG                PBG PZ         -248138966.9    850379428.1
PBG                PBG1 EU        -248138966.9    850379428.1
PBG                PBGZF US       -248138966.9    850379428.1
PBG                PBG1USD EU     -248138966.9    850379428.1
PBG S.A.           887076Q PW     -248138966.9    850379428.1
PBG SA             PBGW S2        -248138966.9    850379428.1
PBG SA             PBGG IX        -248138966.9    850379428.1
PBG SA             PBGW L3        -248138966.9    850379428.1
PBG SA             PBGW B3        -248138966.9    850379428.1
PBG SA - ADR       PBGZY US       -248138966.9    850379428.1
PBG SA - CERT A    899644Z PW     -248138966.9    850379428.1
PBG SA -CERT A     PBGA PW        -248138966.9    850379428.1
PBG SA-A           0122073D PW    -248138966.9    850379428.1
PBG SA-ALLOT CE    903059Q PW     -248138966.9    850379428.1
PBG SA-ALLOT CER   685728Q PW     -248138966.9    850379428.1
PBG SA-RTS         PBGP PW        -248138966.9    850379428.1
PD PORT SERVICES   1407442Z LN    -64613923.86    170018006.2
PD PORTCO LTD      3233785Z LN      -286512126     1076498649
PEGASUS PUB-RTS    PEGASR GA       -84903492.7    221907245.7
PEGASUS PUBLISHI   PEGASY S2       -84903492.7    221907245.7
PEGASUS PUBLISHI   PEGASY B3       -84903492.7    221907245.7
PEGASUS PUBLISHI   PEGA1 EU        -84903492.7    221907245.7
PEGASUS PUBLISHI   PGPBF US        -84903492.7    221907245.7
PEGASUS PUBLISHI   PEGASY L3       -84903492.7    221907245.7
PEGASUS PUBLISHI   PEGA1 EO        -84903492.7    221907245.7
PEGASUS PUBLISHI   PEGAS PZ        -84903492.7    221907245.7
PEGASUS PUBLISHI   PEGAS GA        -84903492.7    221907245.7
PEGASUS PUBLISHI   JE5 GR          -84903492.7    221907245.7
PEGUFORM IBERICA   4512107Z SM    -25951900.55    189870518.2
PENOPLEX-FINANS    PNPF RU        -776342.4125      143683074
PESCANOVA          PVA EO          -1962474395     3604665666
PESCANOVA          PVA SM          -1962474395     3604665666
PESCANOVA          PVA EB          -1962474395     3604665666
PESCANOVA          PVA TQ          -1962474395     3604665666
PESCANOVA          PNV GR          -1962474395     3604665666
PESCANOVA          PVA IX          -1962474395     3604665666
PESCANOVA          PVA S1          -1962474395     3604665666
PESCANOVA          PVA PZ          -1962474395     3604665666
PESCANOVA          PVA NR          -1962474395     3604665666
PESCANOVA          PVA QM          -1962474395     3604665666
PESCANOVA          PNVAF US        -1962474395     3604665666
PESCANOVA          PVA EU          -1962474395     3604665666
PESCANOVA SA       0572074D SM     -1962474395     3604665666
PESCANOVA SA       PCV/P SM        -1962474395     3604665666
PESCANOVA SA       PVAE L3         -1962474395     3604665666
PESCANOVA SA       PVAE S2         -1962474395     3604665666
PESCANOVA SA       PVAE B3         -1962474395     3604665666
PESCANOVA SA-RTS   PVA/D SM        -1962474395     3604665666
PESCANOVA SA-RTS   0561516D SM     -1962474395     3604665666
PESCANOVA SA-RTS   3414736Q SM     -1962474395     3604665666
PESCANOVA-OLD RT   1004Q SM        -1962474395     3604665666
PETRO GEO-SERV     PGS VX         -18066142.02    399710319.4
PETRO GEO-SERV     PGS GR         -18066142.02    399710319.4
PETRO GEO-SERV     265143Q NO     -18066142.02    399710319.4
PETRO GEO-SERV-N   PGSN NO        -18066142.02    399710319.4
PETRO GEO-SV-ADR   PGSA GR        -18066142.02    399710319.4
PETRO GEO-SV-ADR   PGOGY US       -18066142.02    399710319.4
PETROJACK AS       JACO IX           -54932000      191586000
PETROJACK AS       JACK NO           -54932000      191586000
PETROJACK AS       JACKEUR EU        -54932000      191586000
PETROJACK AS       P3J GR            -54932000      191586000
PETROJACK AS       JACK EO           -54932000      191586000
PETROJACK AS       POJKF US          -54932000      191586000
PETROJACK AS       JACK PZ           -54932000      191586000
PETROJACK AS       JACK EU           -54932000      191586000
PETROJACK AS       JACK BY           -54932000      191586000
PETROJACK AS       JACKEUR EO        -54932000      191586000
PETROMARINE SA     3652071Z FP    -23734181.65    320658299.5
PETZET - PFD-RTS   PETZPD GA      -110809481.9    206423169.8
PETZETAKIS - RTS   PETZKD GA      -110809481.9    206423169.8
PETZETAKIS-AUC     PETZKE GA      -110809481.9    206423169.8
PETZETAKIS-PFD     PTZ3 GR        -110809481.9    206423169.8
PETZETAKIS-PFD     PETZP GA       -110809481.9    206423169.8
PEUGEOT CITROEN    1974702Z LN    -80701624.73    849472808.9
PEUGEOT CITROEN    3652807Z FP    -253020802.7    19788050597
PEUGEOT CITROEN    3637183Z FP    -387705605.4    308658679.1
PG NIKAS SA        NIKAS PZ       -20069595.16    104893930.7
PG NIKAS SA        NKS GR         -20069595.16    104893930.7
PG NIKAS SA        NIKAS EO       -20069595.16    104893930.7
PG NIKAS SA        NIKAS GA       -20069595.16    104893930.7
PG NIKAS SA        NIKAS EU       -20069595.16    104893930.7
PHILIPS GMBH       2645Z GR         -967234526     2127723302
PHS GROUP HOLDIN   3173182Z LN    -451952499.8     1982894328
PIRELLI & C REAL   PRS1 NQ        -109148609.4    827830825.9
PIRELLI RE AXA     PRSAXA IM      -109148609.4    827830825.9
PLACES FOR PEOPL   1914158Z LN    -89782697.51    596233572.7
PLANES E INVERSI   3795524Z SM    -167827051.7    107554336.1
PLANNED MAINTENA   1344714Z LN    -135825348.1    149134042.8
PLANOFORM VASTGO   4047197Z NA    -119232.0004      209987003
PLANTASJEN NORGE   4398073Z NO    -940365.3882    110815351.7
PORTO F.C.-B       FCPB PL        -42858205.32    244984137.8
POST OFFICE LTD    1542650Z LN    -196775599.5     1694809196
POSTAL SERVICES    3900202Z LN     -2013775993     9943515171
POSTNL NV          PNL2GBX EU     -837827974.3     3354049722
POSTNL NV          TNT PZ         -837827974.3     3354049722
POSTNL NV          PNL NA         -837827974.3     3354049722
POSTNL NV          PNL2USD EO     -837827974.3     3354049722
POSTNL NV          PNLA L3        -837827974.3     3354049722
POSTNL NV          PNL2NOK EO     -837827974.3     3354049722
POSTNL NV          PNL2CHF EU     -837827974.3     3354049722
POSTNL NV          PNL TQ         -837827974.3     3354049722
POSTNL NV          PNL2USD EU     -837827974.3     3354049722
POSTNL NV          PNL2AUD EU     -837827974.3     3354049722
POSTNL NV          PNL2NOK EU     -837827974.3     3354049722
POSTNL NV          PNL2PLN EU     -837827974.3     3354049722
POSTNL NV          PNL QM         -837827974.3     3354049722
POSTNL NV          PNLA B3        -837827974.3     3354049722
POSTNL NV          PNL2GBP EO     -837827974.3     3354049722
POSTNL NV          PNL BQ         -837827974.3     3354049722
POSTNL NV          PNL2 EO        -837827974.3     3354049722
POSTNL NV          TNTC GR        -837827974.3     3354049722
POSTNL NV          TNT LI         -837827974.3     3354049722
POSTNL NV          PNL QX         -837827974.3     3354049722
POSTNL NV          PNL2PLN EO     -837827974.3     3354049722
POSTNL NV          TNTFF US       -837827974.3     3354049722
POSTNL NV          TNTC TH        -837827974.3     3354049722
POSTNL NV          PNL MT         -837827974.3     3354049722
POSTNL NV          PNL1 IX        -837827974.3     3354049722
POSTNL NV          PNL1 S1        -837827974.3     3354049722
POSTNL NV          PNL GK         -837827974.3     3354049722
POSTNL NV          PNL2 EU        -837827974.3     3354049722
POSTNL NV          PNL2GBX EO     -837827974.3     3354049722
POSTNL NV          PNL EB         -837827974.3     3354049722
POSTNL NV          PNL2AUD EO     -837827974.3     3354049722
POSTNL NV          PNL2CHF EO     -837827974.3     3354049722
POSTNL NV          PNL SW         -837827974.3     3354049722
POSTNL NV          PNLA S2        -837827974.3     3354049722
POSTNL NV-ADR      PNLYY US       -837827974.3     3354049722
POSTNL NV-ADR      TNTTY US       -837827974.3     3354049722
POWEO              ALPF IX        -44827553.48     1104547436
POWEO              MLPWO FP       -44827553.48     1104547436
POWEO              PWOPF US       -44827553.48     1104547436
POWEO - RTS        PWODS FP       -44827553.48     1104547436
POWEO - RTS        POWDS FP       -44827553.48     1104547436
POWEO DIRECT ENE   ALPWO FP       -44827553.48     1104547436
POWEO-ADR          PWOPY US       -44827553.48     1104547436
POWER LEISURE BO   1855610Z LN    -56174112.96    131926215.6
POWERCORP INTERN   4449033Z LN    -9367275.229    129789167.8
PPG METRO 500 LT   2224564Z LN    -15545472.43    116336000.6
PRAMAC SPA         6PA GR         -87225984.26    314937083.3
PRAMAC SPA         PRAM IX        -87225984.26    314937083.3
PRAMAC SPA         PRA2 EO        -87225984.26    314937083.3
PRAMAC SPA         PRAM PZ        -87225984.26    314937083.3
PRAMAC SPA         PRA2 EU        -87225984.26    314937083.3
PRAMAC SPA         PRA IM         -87225984.26    314937083.3
PRELIOS SPA        PIE1 GR        -109148609.4    827830825.9
PRELIOS SPA        PRS BQ         -109148609.4    827830825.9
PRELIOS SPA        PLLRF US       -109148609.4    827830825.9
PRELIOS SPA        PRSI PZ        -109148609.4    827830825.9
PRELIOS SPA        PRS EB         -109148609.4    827830825.9
PRELIOS SPA        PRS1GBX EU     -109148609.4    827830825.9
PRELIOS SPA        PRSM S2        -109148609.4    827830825.9
PRELIOS SPA        PIE GR         -109148609.4    827830825.9
PRELIOS SPA        PRS1USD EU     -109148609.4    827830825.9
PRELIOS SPA        PRS2 S1        -109148609.4    827830825.9
PRELIOS SPA        PRS1 TQ        -109148609.4    827830825.9
PRELIOS SPA        PRSM L3        -109148609.4    827830825.9
PRELIOS SPA        PRSM B3        -109148609.4    827830825.9
PRELIOS SPA        PRS1 EO        -109148609.4    827830825.9
PRELIOS SPA        PRS1USD EO     -109148609.4    827830825.9
PRELIOS SPA        PRS1 IX        -109148609.4    827830825.9
PRELIOS SPA        PRS1GBX EO     -109148609.4    827830825.9
PRELIOS SPA        PRS1 QM        -109148609.4    827830825.9
PRELIOS SPA        PRS1 NR        -109148609.4    827830825.9
PRELIOS SPA        PRS1 EU        -109148609.4    827830825.9
PRELIOS SPA        PRS IM         -109148609.4    827830825.9
PRELIOS SPA        PRS1GBP EO     -109148609.4    827830825.9
PRELIOS SPA-RTS    PRSAZA IM      -109148609.4    827830825.9
PRELIOS SPA-RTS    PLLSF US       -109148609.4    827830825.9
PREMIER PROPERTY   4006740Z LN    -383762892.9    196967668.2
PRESTBURY HOTELS   397501Z LN     -140719863.3    732561072.1
PRESTBURY WENTWO   3814856Z LN    -113574624.2      682578779
PRISA              PRS2 VX        -780193119.9     6162139632
PRISA              0557149D LN    -780193119.9     6162139632
PRISA              PRS NR         -780193119.9     6162139632
PRISA - A          GPOPF US       -780193119.9     6162139632
PRISA - A          PRSGBP EO      -780193119.9     6162139632
PRISA - A          PRSE B3        -780193119.9     6162139632
PRISA - A          PRSE L3        -780193119.9     6162139632
PRISA - A          PRSGBX EU      -780193119.9     6162139632
PRISA - A          PRS TQ         -780193119.9     6162139632
PRISA - A          PRSE S2        -780193119.9     6162139632
PRISA - A          PRS1 S1        -780193119.9     6162139632
PRISA - A          PRS1 EB        -780193119.9     6162139632
PRISA - A          PRSUSD EU      -780193119.9     6162139632
PRISA - A          PRS EO         -780193119.9     6162139632
PRISA - A          PZ4 GR         -780193119.9     6162139632
PRISA - A          PRSS PZ        -780193119.9     6162139632
PRISA - A          PRSE S1        -780193119.9     6162139632
PRISA - A          PRSGBX EO      -780193119.9     6162139632
PRISA - A          PRS EU         -780193119.9     6162139632
PRISA - A          PRSUSD EO      -780193119.9     6162139632
PRISA - A          PRS2 IX        -780193119.9     6162139632
PRISA - A          PRS SM         -780193119.9     6162139632
PRISA - B          PRSP EB        -780193119.9     6162139632
PRISA - B          PRS/P SM       -780193119.9     6162139632
PRISA - B          PRSP IX        -780193119.9     6162139632
PRISA - B          PRS/P EO       -780193119.9     6162139632
PRISA - B          PRS/P TQ       -780193119.9     6162139632
PRISA A-ADR        PRIS US        -780193119.9     6162139632
PRISA B-ADR        PRIS/B US      -780193119.9     6162139632
PRISA B-RTS        PRS/EEUR EU    -780193119.9     6162139632
PRISA B-RTS        PRS/EEUR EO    -780193119.9     6162139632
PRISA B-RTS        PRS/E SM       -780193119.9     6162139632
PRISA-A RTS        PRS/DEUR EO    -780193119.9     6162139632
PRISA-A RTS        PRS/D SM       -780193119.9     6162139632
PRISA-A RTS        PRS/DEUR EU    -780193119.9     6162139632
PRISA-A RTS        PRSD TQ        -780193119.9     6162139632
PRISA-UNSP ADR     GPOPY US       -780193119.9     6162139632
PRITCHARD GROUP    3805716Z LN    -40198600.41    187982923.5
PROCTER & GAMBLE   4525303Z FP    -65885750.72    335937615.8
PRODRIVE HOLDING   3776836Z NA    -286440.2865    111639311.2
PROMOTORA DE INF   0852003D SM    -780193119.9     6162139632
PROMOTORA DE INF   1003328D SM    -780193119.9     6162139632
PROMOTORA DE-ADR   PTRSV US       -780193119.9     6162139632
PROMOTORA DE-ADR   PRIS-W US      -780193119.9     6162139632
PROMOTORA DE-ADR   PRIS/B-W US    -780193119.9     6162139632
PROMOTORA DE-NEW   0096859D SM    -780193119.9     6162139632
PROMTRACTOR-FINA   PTRF RU        -57517044.18      208661031
PROSTRAKAN GROUP   PSK EU         -9666420.197    134082602.7
PROSTRAKAN GROUP   PSKEUR EU      -9666420.197    134082602.7
PROSTRAKAN GROUP   PSK EO         -9666420.197    134082602.7
PROSTRAKAN GROUP   PSK IX         -9666420.197    134082602.7
PROSTRAKAN GROUP   PSK LN         -9666420.197    134082602.7
PROSTRAKAN GROUP   PSKGBP EO      -9666420.197    134082602.7
PROSTRAKAN GROUP   PSK S1         -9666420.197    134082602.7
PROSTRAKAN GROUP   PSK PZ         -9666420.197    134082602.7
PROSTRAKAN GROUP   PSKEUR EO      -9666420.197    134082602.7
PROSTRAKAN GROUP   PSK PO         -9666420.197    134082602.7
PROSTRAKAN GROUP   PKNGF US       -9666420.197    134082602.7
PROSTRAKAN GROUP   PSK VX         -9666420.197    134082602.7
PULLMANTUR SA      301590Z SM     -120068945.6    200674891.5
PUMA PREMIER LTD   2111827Z LN    -1724900.386    187562614.4
Q-PARK LTD         1471762Z LN    -13998966.69    211684232.1
QMH LTD            QMOT LN        -39143219.67    831590393.1
QPR HOLDINGS LTD   LFT LN         -193935862.6    120047585.7
QUABIT INMOBILIA   QBT IX         -33301815.13    950532329.1
QUABIT INMOBILIA   QBTGBP EO      -33301815.13    950532329.1
QUABIT INMOBILIA   QBT TQ         -33301815.13    950532329.1
QUABIT INMOBILIA   QBT PZ         -33301815.13    950532329.1
QUABIT INMOBILIA   ZVY GR         -33301815.13    950532329.1
QUABIT INMOBILIA   QBMMF US       -33301815.13    950532329.1
QUABIT INMOBILIA   QBT EU         -33301815.13    950532329.1
QUABIT INMOBILIA   QBTGBX EO      -33301815.13    950532329.1
QUABIT INMOBILIA   ASTS PZ        -33301815.13    950532329.1
QUABIT INMOBILIA   QBTE L3        -33301815.13    950532329.1
QUABIT INMOBILIA   QBTGBX EU      -33301815.13    950532329.1
QUABIT INMOBILIA   QBT EB         -33301815.13    950532329.1
QUABIT INMOBILIA   QBTE B3        -33301815.13    950532329.1
QUABIT INMOBILIA   QBT EO         -33301815.13    950532329.1
QUABIT INMOBILIA   QBT S1         -33301815.13    950532329.1
QUABIT INMOBILIA   QBT SM         -33301815.13    950532329.1
QUABIT INMOBILIA   QBTE S2        -33301815.13    950532329.1
QUEENS MOAT HSES   QMTHF US       -39143219.67    831590393.1
QUINN BUILDING P   3949900Z LN    -18251135.25    238239265.2
QUINN GROUP LTD    166771Z ID     -228834929.2     2504377123
R&R ICE CREAM LT   3624280Z LN    -218326760.7    959915732.9
RADIO E TELEVISA   1227Z PL       -109978276.6    477215725.6
RADIO KORASS-RTS   KORAR GA       -100972173.9    244951680.3
RADIO KORASSI-RT   KORAD GA       -100972173.9    244951680.3
RADIO KORASSIDIS   RAKOF US       -100972173.9    244951680.3
RADIO KORASSIDIS   KORA GA        -100972173.9    244951680.3
RADIO KORASSIDIS   RKC GR         -100972173.9    244951680.3
RADIOTRONICA SA    RAD SM         -14372275.23    222306266.2
RADIOTRONICA SA    RDNTF US       -14372275.23    222306266.2
RADIOTRONICA-RTS   RAD/D SM       -14372275.23    222306266.2
RAG ABWICKL-REG    ROS S1         -1744186.284    217783877.8
RAG ABWICKL-REG    RSTHF US       -1744186.284    217783877.8
RAG ABWICKL-REG    ROS1 EU        -1744186.284    217783877.8
RAG ABWICKL-REG    ROS GR         -1744186.284    217783877.8
RAG ABWICKL-REG    ROS1 EO        -1744186.284    217783877.8
RAG ABWICKL-REG    ROSG PZ        -1744186.284    217783877.8
RAMBO A LTD        4501843Z LN     -2076739509    891693401.1
RANDSTAD EMPLOYM   1585810Z LN    -33905632.17    105871649.3
RBS MEZZANINE LT   2198564Z LN    -111641535.2    344709233.7
RDB SPA            RDBI IX        -143727976.4    142633893.2
RDB SPA            RDB EO         -143727976.4    142633893.2
RDB SPA            RDB TQ         -143727976.4    142633893.2
RDB SPA            RDB IM         -143727976.4    142633893.2
RDB SPA            RDB EU         -143727976.4    142633893.2
RDB SPA            RDB BQ         -143727976.4    142633893.2
RDB SPA            AZN GR         -143727976.4    142633893.2
RDB SPA            RDB PZ         -143727976.4    142633893.2
REAL ESTATE OP-O   REO VX          -1109587250     1668412128
REAL ESTATE OP-O   REO EU          -1109587250     1668412128
REAL ESTATE OP-O   REO EO          -1109587250     1668412128
REAL ESTATE OP-O   REO ID          -1109587250     1668412128
REAL ESTATE OP-O   REOGBP EO       -1109587250     1668412128
REAL ESTATE OP-O   REA GR          -1109587250     1668412128
REAL ESTATE OP-O   REO PZ          -1109587250     1668412128
REAL ESTATE OP-O   REO IX          -1109587250     1668412128
REAL ESTATE OP-O   REO LN          -1109587250     1668412128
REAL ZARAGOZA SA   4285533Z SM    -29195361.56    191997001.6
REDE FERROVIARIA   1250Z PL        -2486654844     6950137352
REGARD HOLDINGS    4157517Z LN    -2986461.558    138603527.1
REGUS LTD          273187Q LN     -46111832.15      367181111
REGUS PLC          REGSF US       -46111832.15      367181111
REGUS PLC          273195Q VX     -46111832.15      367181111
REGUS PLC          RGU GR         -46111832.15      367181111
REGUS PLC          2296Z LN       -46111832.15      367181111
REGUS PLC-ADS      REGS US        -46111832.15      367181111
REGUS PLC-ADS      RGUA GR        -46111832.15      367181111
REGUS PLC-ADS      REGSV US       -46111832.15      367181111
REGUS PLC-ADS      REGSY US       -46111832.15      367181111
RENTA CORP         REN1 TQ         -45668469.6    171969667.7
RENTA CORP         REN1USD EO      -45668469.6    171969667.7
RENTA CORP         REN1 EU         -45668469.6    171969667.7
RENTA CORP         REN1GBX EU      -45668469.6    171969667.7
RENTA CORP         REN1GBX EO      -45668469.6    171969667.7
RENTA CORP         REN1 EO         -45668469.6    171969667.7
RENTA CORP         REN1USD EU      -45668469.6    171969667.7
RENTA CORP         REN SM          -45668469.6    171969667.7
RENTA CORP         RENS PZ         -45668469.6    171969667.7
RENTA CORP         REN1 S1         -45668469.6    171969667.7
RENTA CORP         REN1GBP EO      -45668469.6    171969667.7
RENTA CORP         RTACF US        -45668469.6    171969667.7
RENTA CORP REAL    RENE B3         -45668469.6    171969667.7
RENTA CORP REAL    REN/D SM        -45668469.6    171969667.7
RENTA CORP REAL    RENE S2         -45668469.6    171969667.7
RENTA CORP REAL    RENE L3         -45668469.6    171969667.7
RESEAU FERRE FRA   224063Z FP      -1502193646    75168386409
RETAIL GROUP       RTGR UZ        -32256396.75    252571056.9
REXAM BEVERAGE C   1120903Z LN    -22213349.38    126325689.5
REYAL URBIS SA     REY1 EU         -3401133138     2718536405
REYAL URBIS SA     REY SM          -3401133138     2718536405
REYAL URBIS SA     REYU PZ         -3401133138     2718536405
REYAL URBIS SA     REY EB          -3401133138     2718536405
REYAL URBIS SA     REY1 IX         -3401133138     2718536405
REYAL URBIS SA     REY S1          -3401133138     2718536405
REYAL URBIS SA     REY1 TQ         -3401133138     2718536405
REYAL URBIS SA     REY1 EO         -3401133138     2718536405
RHODIA SA          RHA BQ         -72549998.76     7951479864
RHODIA SA          RHAGBX EU      -72549998.76     7951479864
RHODIA SA          RHA EB         -72549998.76     7951479864
RHODIA SA          2324015Q EO    -72549998.76     7951479864
RHODIA SA          RHA VX         -72549998.76     7951479864
RHODIA SA          RHA TQ         -72549998.76     7951479864
RHODIA SA          RHA NQ         -72549998.76     7951479864
RHODIA SA          RHAUSD EU      -72549998.76     7951479864
RHODIA SA          RHDI TH        -72549998.76     7951479864
RHODIA SA          RHA EU         -72549998.76     7951479864
RHODIA SA          RHD GR         -72549998.76     7951479864
RHODIA SA          RHA EO         -72549998.76     7951479864
RHODIA SA          RHA QM         -72549998.76     7951479864
RHODIA SA          RHAGBX EO      -72549998.76     7951479864
RHODIA SA          RHA IX         -72549998.76     7951479864
RHODIA SA          RHADF US       -72549998.76     7951479864
RHODIA SA          RHAY IX        -72549998.76     7951479864
RHODIA SA          RHDI GR        -72549998.76     7951479864
RHODIA SA          2324011Q EU    -72549998.76     7951479864
RHODIA SA          RHAUSD EO      -72549998.76     7951479864
RHODIA SA          RHDAF US       -72549998.76     7951479864
RHODIA SA          RHANR PZ       -72549998.76     7951479864
RHODIA SA          RHA FP         -72549998.76     7951479864
RHODIA SA          RHAGBP EO      -72549998.76     7951479864
RHODIA SA          RHA S1         -72549998.76     7951479864
RHODIA SA          RHA PZ         -72549998.76     7951479864
RHODIA SA          RHA GK         -72549998.76     7951479864
RHODIA SA          3218857Q IX    -72549998.76     7951479864
RHODIA SA - NEW    3506266Q FP    -72549998.76     7951479864
RHODIA SA - NEW    RHANV FP       -72549998.76     7951479864
RHODIA SA - NEW    2335921Q FP    -72549998.76     7951479864
RHODIA SA - NEW    3156011Q FP    -72549998.76     7951479864
RHODIA SA - NEW    8125782Q FP    -72549998.76     7951479864
RHODIA SA-ADR      RHAYY US       -72549998.76     7951479864
RHODIA SA-NON RE   RHANR FP       -72549998.76     7951479864
RHODIA SA-RIGHTS   RHADS FP       -72549998.76     7951479864
RHODIA SA-RIGHTS   653447Q FP     -72549998.76     7951479864
RINOL AG           RILBD B3            -1.1716      168101243
RINOL AG           RIL GR              -1.1716      168101243
RINOL AG           RILBD L3            -1.1716      168101243
RINOL AG           RILB PZ             -1.1716      168101243
RINOL AG           RILBD S2            -1.1716      168101243
RINOL AG           RILB EO             -1.1716      168101243
RINOL AG           RILB S1             -1.1716      168101243
RINOL AG           RILB EU             -1.1716      168101243
RINOL AG           RNLAF US            -1.1716      168101243
RINOL AG           RILB GR             -1.1716      168101243
RINOL AG           RILB IX             -1.1716      168101243
RISANAMEN-RNC OP   RNROPA IM      -319999944.9     2467223105
RISANAMENTO -OPA   RNOPA IM       -319999944.9     2467223105
RISANAMENTO -RNC   RNR IM         -319999944.9     2467223105
RISANAMENTO SPA    RNM S2         -319999944.9     2467223105
RISANAMENTO SPA    RNGBX EU       -319999944.9     2467223105
RISANAMENTO SPA    RNM B3         -319999944.9     2467223105
RISANAMENTO SPA    RN IM          -319999944.9     2467223105
RISANAMENTO SPA    RN5 GR         -319999944.9     2467223105
RISANAMENTO SPA    RNM L3         -319999944.9     2467223105
RISANAMENTO SPA    RN EU          -319999944.9     2467223105
RISANAMENTO SPA    RSMNF US       -319999944.9     2467223105
RISANAMENTO SPA    RN EO          -319999944.9     2467223105
RISANAMENTO SPA    RN EB          -319999944.9     2467223105
RISANAMENTO SPA    RN TQ          -319999944.9     2467223105
RISANAMENTO SPA    RN IX          -319999944.9     2467223105
RISANAMENTO SPA    RNGBX EO       -319999944.9     2467223105
RISANAMENTO SPA    RNGBP EO       -319999944.9     2467223105
RISANAMENTO SPA    RN BQ          -319999944.9     2467223105
RISANAMENTO SPA    RN PZ          -319999944.9     2467223105
RISANAMENTO-RTS    RNAXA IM       -319999944.9     2467223105
RISANAMENTO-RTS    RNAA IM        -319999944.9     2467223105
RISANAMENTO-RTS    RNAXO IM       -319999944.9     2467223105
RITZ HOTEL LTD/T   1274338Z LN    -28035315.97    274954318.9
RIVNEAZOT          RAZT UZ        -144037013.2    625895879.8
ROAD MGMT CONS     1239Z LN       -24814.39972    315566259.7
ROBINS & DAY LTD   1280922Z LN    -5192567.357    147402645.6
ROSENTHAL AG       2644179Q GR    -1744186.284    217783877.8
ROSENTHAL AG-ACC   ROS4 GR        -1744186.284    217783877.8
ROSENTHAL AG-ADR   RSTHY US       -1744186.284    217783877.8
ROSENTHAL AG-REG   ROSG IX        -1744186.284    217783877.8
ROSKILDE BAN-NEW   ROSKN DC       -532863325.9     7876605869
ROSKILDE BAN-RTS   ROSKT DC       -532863325.9     7876605869
ROSKILDE BANK      ROSK EU        -532863325.9     7876605869
ROSKILDE BANK      ROSK DC        -532863325.9     7876605869
ROSKILDE BANK      ROSKF US       -532863325.9     7876605869
ROSKILDE BANK      ROSK PZ        -532863325.9     7876605869
ROSKILDE BANK      ROSBF US       -532863325.9     7876605869
ROSKILDE BANK      RKI GR         -532863325.9     7876605869
ROSKILDE BANK      RSKC IX        -532863325.9     7876605869
ROSKILDE BANK      ROSK EO        -532863325.9     7876605869
ROSKILDE BANK-RT   916603Q DC     -532863325.9     7876605869
ROSYTH ROYAL DOC   2184524Z LN    -63165615.71    165882297.4
ROTTERDAM LEISUR   3822680Z NA    -121031.0998    120401466.1
RUSSIAN TEXT-CLS   ALRT* RU       -15214268.73      144581794
RUSSIAN TEXT-CLS   ALRTG RU       -15214268.73      144581794
S&T SYSTEM I-ADR   STSQY US       -38840367.34    182827447.9
S&T SYSTEM INTEG   STSQF US       -38840367.34    182827447.9
S&T SYSTEM INTEG   SNT AV         -38840367.34    182827447.9
S&T SYSTEM INTEG   SYA EX         -38840367.34    182827447.9
S&T SYSTEM INTEG   SLSYF US       -38840367.34    182827447.9
S&T SYSTEM INTEG   0960262D GR    -38840367.34    182827447.9
S&T SYSTEM INTEG   SNTS ES        -38840367.34    182827447.9
S&T SYSTEM INTEG   SNTS IX        -38840367.34    182827447.9
S&T SYSTEM INTEG   SYAG IX        -38840367.34    182827447.9
S&T SYSTEM INTEG   SNTA PZ        -38840367.34    182827447.9
S&T SYSTEM INTEG   SNT EU         -38840367.34    182827447.9
S&T SYSTEM INTEG   SNT EO         -38840367.34    182827447.9
SA DE SUPERMERCA   4373489Z SM    -24371663.66    162581700.7
SABENA SA          SABA BB        -85494497.66     2215341060
SAPPI EUROPE SA    3732894Z BB    -122111348.6    156331971.4
SCANDINAVIAN BRA   SBS1EUR EO     -15214157.39    146307717.3
SCANDINAVIAN BRA   SBS1 EO        -15214157.39    146307717.3
SCANDINAVIAN BRA   SBSD PZ        -15214157.39    146307717.3
SCANDINAVIAN BRA   SBS1 BY        -15214157.39    146307717.3
SCANDINAVIAN BRA   SBS1 TQ        -15214157.39    146307717.3
SCANDINAVIAN BRA   SBS1 EU        -15214157.39    146307717.3
SCANDINAVIAN BRA   SBSC B3        -15214157.39    146307717.3
SCANDINAVIAN BRA   SBS1EUR EU     -15214157.39    146307717.3
SCANDINAVIAN BRA   SBSC IX        -15214157.39    146307717.3
SCANDINAVIAN BRA   SBSC L3        -15214157.39    146307717.3
SCANDINAVIAN BRA   SBSC S2        -15214157.39    146307717.3
SCANDINAVIAN BRA   SBSC EB        -15214157.39    146307717.3
SCANDINAVIAN BRA   SBS DC         -15214157.39    146307717.3
SCHWEIZ NATB-REG   SWZNF US        -4267161939       5.52E+11
SCHWEIZ NATB-REG   SNBN IX         -4267161939       5.52E+11
SCHWEIZ NATB-REG   SNBN EB         -4267161939       5.52E+11
SCHWEIZ NATB-REG   SNBN TQ         -4267161939       5.52E+11
SCHWEIZ NATB-REG   SNBN EU         -4267161939       5.52E+11
SCHWEIZ NATB-REG   SNBN EO         -4267161939       5.52E+11
SCHWEIZ NATB-REG   SNBN SW         -4267161939       5.52E+11
SCHWEIZERISCH NA   SNBNZ S2        -4267161939       5.52E+11
SCHWEIZERISCH NA   SNBNZ B3        -4267161939       5.52E+11
SCHWEIZERISCH NA   SNBNZ L3        -4267161939       5.52E+11
SCOTTISHPOWER EN   2211292Z LN    -1949039.984     1678935474
SDR CENTREST       117241Q FP       -132420129    252176016.3
SDR PICARDIE       44428Q FP      -135351884.3    413398133.1
SEAFRANCE SA       1707464Z FP    -1015369.615    247030885.4
SEAT PAGINE        SEEA LN         -1824874893     1089606820
SEAT PAGINE        PG1 QM          -1824874893     1089606820
SEAT PAGINE        PG1 EO          -1824874893     1089606820
SEAT PAGINE        PG VX           -1824874893     1089606820
SEAT PAGINE        283147Q IM      -1824874893     1089606820
SEAT PAGINE        PG1GBP EO       -1824874893     1089606820
SEAT PAGINE        PGI1 IX         -1824874893     1089606820
SEAT PAGINE        PG1USD EO       -1824874893     1089606820
SEAT PAGINE        PG BQ           -1824874893     1089606820
SEAT PAGINE        PG PZ           -1824874893     1089606820
SEAT PAGINE        PG1GBX EO       -1824874893     1089606820
SEAT PAGINE        SP7 GR          -1824874893     1089606820
SEAT PAGINE        PG1USD EU       -1824874893     1089606820
SEAT PAGINE        PG1 EU          -1824874893     1089606820
SEAT PAGINE        PG IM           -1824874893     1089606820
SEAT PAGINE        PG1 NQ          -1824874893     1089606820
SEAT PAGINE        SPGMF US        -1824874893     1089606820
SEAT PAGINE        PG S1           -1824874893     1089606820
SEAT PAGINE        PG1 TQ          -1824874893     1089606820
SEAT PAGINE        PG1 EB          -1824874893     1089606820
SEAT PAGINE        PG1 NR          -1824874893     1089606820
SEAT PAGINE        SP7A GR         -1824874893     1089606820
SEAT PAGINE GIAL   PGM B3          -1824874893     1089606820
SEAT PAGINE GIAL   PGM S2          -1824874893     1089606820
SEAT PAGINE GIAL   PGM L3          -1824874893     1089606820
SEAT PAGINE-ADR    SPGMY US        -1824874893     1089606820
SEAT PAGINE-RSP    PGR EO          -1824874893     1089606820
SEAT PAGINE-RSP    0746311D PZ     -1824874893     1089606820
SEAT PAGINE-RSP    PGR IX          -1824874893     1089606820
SEAT PAGINE-RSP    SPGBF US        -1824874893     1089606820
SEAT PAGINE-RSP    PGRM L3         -1824874893     1089606820
SEAT PAGINE-RSP    PGRM S2         -1824874893     1089606820
SEAT PAGINE-RSP    PGRM B3         -1824874893     1089606820
SEAT PAGINE-RSP    PGR TQ          -1824874893     1089606820
SEAT PAGINE-RSP    PGR IM          -1824874893     1089606820
SEAT PAGINE-RSP    PGR EU          -1824874893     1089606820
SEAT-PAGINE GIAL   PGAP GR        -84834143.26    355814760.1
SEAT-PAGINE GIAL   SGLSF US       -84834143.26    355814760.1
SEAT-PAGINE GIAL   SPG FP         -84834143.26    355814760.1
SEAT-PAGINE GIAL   SPG IM         -84834143.26    355814760.1
SEAT-PAGINE-RNC    SPGR IM        -84834143.26    355814760.1
SEATPG AXA         PGAXA IM        -1824874893     1089606820
SECURE INCOME RE   0991780D LN    -182956902.1     2427346370
SECURE INCOME RE   SIR LN         -182956902.1     2427346370
SECURE INCOME RE   SIRGBX EU      -182956902.1     2427346370
SECURE INCOME RE   SIRGBX EO      -182956902.1     2427346370
SEDA DE BARCEL     SEDGBX EO        -716967355      694658120
SEDA DE BARCEL     SED IX           -716967355      694658120
SEDA DE BARCEL     SDY1 GR          -716967355      694658120
SEDA DE BARCEL     SED TQ           -716967355      694658120
SEDA DE BARCEL     SEDGBX EU        -716967355      694658120
SEDA DE BARCEL     SED EO           -716967355      694658120
SEDA DE BARCEL     SED EB           -716967355      694658120
SEDA DE BARCEL     SED EU           -716967355      694658120
SEDA DE BARCEL     SED S1           -716967355      694658120
SEDA DE BARCEL     SED SM           -716967355      694658120
SEDA DE BARCEL     SEDGBP EO        -716967355      694658120
SEDA DE BARCEL-A   SDB SM           -716967355      694658120
SEDA DE BARCEL-B   SED NR           -716967355      694658120
SEDA DE BARCEL-B   SDY GR           -716967355      694658120
SEDA DE BARCEL-B   SEDS PZ          -716967355      694658120
SEDA DE BARCEL-B   LSDBF US         -716967355      694658120
SEDA DE BARCEL-B   0882460D TQ      -716967355      694658120
SELONDA AQU-AUCT   SELOE GA       -52954130.32    290994550.7
SELONDA AQUACULT   SELO EO        -52954130.32    290994550.7
SELONDA AQUACULT   SELOY B3       -52954130.32    290994550.7
SELONDA AQUACULT   SELO EU        -52954130.32    290994550.7
SELONDA AQUACULT   SELOY S2       -52954130.32    290994550.7
SELONDA AQUACULT   SELO PZ        -52954130.32    290994550.7
SELONDA AQUACULT   SELO GA        -52954130.32    290994550.7
SELONDA AQUACULT   SELOY L3       -52954130.32    290994550.7
SELONDA FISHERIE   SELOR GA       -52954130.32    290994550.7
SERVICE POI-RTS    3452211Q SM    -92173952.82    105149402.3
SERVICE POINT      SPS TQ         -92173952.82    105149402.3
SERVICE POINT      SPS IX         -92173952.82    105149402.3
SERVICE POINT      SPS EO         -92173952.82    105149402.3
SERVICE POINT      SPS S1         -92173952.82    105149402.3
SERVICE POINT      SPS EU         -92173952.82    105149402.3
SERVICE POINT      SPS EB         -92173952.82    105149402.3
SERVICE POINT      SPS1 PZ        -92173952.82    105149402.3
SERVICE POINT      GPPA GR        -92173952.82    105149402.3
SERVICE POINT      SPS SM         -92173952.82    105149402.3
SERVICE POINT SO   GPCKF US       -92173952.82    105149402.3
SERVICE POINT SO   SPSE L3        -92173952.82    105149402.3
SERVICE POINT SO   SPSL VX        -92173952.82    105149402.3
SERVICE POINT SO   SPSE S2        -92173952.82    105149402.3
SERVICE POINT SO   SPSE B3        -92173952.82    105149402.3
SERVICE POINT SO   GPP GR         -92173952.82    105149402.3
SERVICE POINT SO   8230641Q SM    -92173952.82    105149402.3
SERVICE POINT-N    SPS/N SM       -92173952.82    105149402.3
SERVICE POINT-RT   SPS/B SM       -92173952.82    105149402.3
SERVICE POINT-RT   2670737Q SM    -92173952.82    105149402.3
SERVICE POINT-RT   SVPUF US       -92173952.82    105149402.3
SERVICE POINT-RT   SPS/D SM       -92173952.82    105149402.3
SERVICO DE SAUDE   3790200Z PL    -196629155.9    607613361.3
SETON HEALTHCARE   2290Z LN       -10585505.26    156827663.2
SETUZA AS          2994763Q EU    -61453559.45    138581811.9
SETUZA AS          2994755Q EU    -61453559.45    138581811.9
SETUZA AS          2994759Q EO    -61453559.45    138581811.9
SETUZA AS          SETUZA PZ      -61453559.45    138581811.9
SETUZA AS          2994767Q EO    -61453559.45    138581811.9
SETUZA AS          SZA EX         -61453559.45    138581811.9
SETUZA AS          SZA GR         -61453559.45    138581811.9
SETUZA AS          SETU IX        -61453559.45    138581811.9
SETUZA AS          SETUZA CP      -61453559.45    138581811.9
SEVERNAYA KAZNA    SVKB* RU       -65841683.17    279147737.1
SEVERNAYA KAZNA    SVKB RU        -65841683.17    279147737.1
SEVKABEL-FINANS    SVKF RU        -83036.45789    102680368.9
SFAKIANAKIS S.A.   SFAY S2        -39267918.53    463104354.4
SFAKIANAKIS S.A.   SFAY L3        -39267918.53    463104354.4
SFAKIANAKIS S.A.   SFAY B3        -39267918.53    463104354.4
SFAKIANAKIS SA     SFA GA         -39267918.53    463104354.4
SFAKIANAKIS SA     SFAG PZ        -39267918.53    463104354.4
SFAKIANAKIS SA     SFA EU         -39267918.53    463104354.4
SFAKIANAKIS SA     SFA EO         -39267918.53    463104354.4
SFAKIANAKIS-AUC    SFAE GA        -39267918.53    463104354.4
SFI GROUP PLC      SUF LN         -108070418.7    177652965.6
SFI GROUP PLC      SUYFF US       -108070418.7    177652965.6
SGAL-SOCIEDADE G   4473915Z PL    -121711881.8      518682472
SHEET ANCHOR FRA   4745417Z FP    -1306930.585    146330806.8
SHELL ESPANA SA    4514247Z SM    -293761250.9    183588746.2
SHELMAN            SWH GR         -8106820.918    269503085.6
SHELMAN            SELMK GA       -8106820.918    269503085.6
SHELMAN            3001167Q GR    -8106820.918    269503085.6
SHELMAN            SELMK EO       -8106820.918    269503085.6
SHELMAN            SELMK PZ       -8106820.918    269503085.6
SHELMAN            SELMK EU       -8106820.918    269503085.6
SHELMAN -RTS       4466796Q GA    -8106820.918    269503085.6
SHELMAN HELLENIC   SELMKY B3      -8106820.918    269503085.6
SHELMAN HELLENIC   SELMKY S2      -8106820.918    269503085.6
SHELMAN HELLENIC   SELMKY L3      -8106820.918    269503085.6
SHELMAN-PFD        SELMP GA       -8106820.918    269503085.6
SHELMAN-PFD        SWH3 GR        -8106820.918    269503085.6
SHELMAN-RTS        SELMKR GA      -8106820.918    269503085.6
SIDMA SA           SIDMA EU       -6013172.151    182480246.2
SIDMA SA           SIDMAY B3      -6013172.151    182480246.2
SIDMA SA           SIDMA PZ       -6013172.151    182480246.2
SIDMA SA           SIDMAY S2      -6013172.151    182480246.2
SIDMA SA           SIDMA EO       -6013172.151    182480246.2
SIDMA SA           SIDMA GA       -6013172.151    182480246.2
SIDMA SA           SIDMAY L3      -6013172.151    182480246.2
SIEMENS TRANSMIS   4678865Z FP    -30490786.14    344619846.7
SIEMENS VAI META   4634441Z FP     -1582460.45    139901607.2
SIFAS              SIFAS TI       -15438691.22    130603844.8
SIMED HEALTH CAR   3775544Z NA    -34197.38617    130252722.2
SINNLEFFERS AG     WHG GR         -4491635.615    453887060.1
SIS INTL           SIS DC         -31099624.83    338785645.1
SIS INTL           SK DC          -31099624.83    338785645.1
SIS INTL-NEW       SKN DC         -31099624.83    338785645.1
SISAL GROUP SPA    0775998D IM    -69603688.38     2259110767
SITA NV            4037469Z NA    -13967000.11     1071182037
SITROL CONC-ADR    STRLY US       -119433664.7    940394639.1
SITROL CONC-ADR    SVX EX         -119433664.7    940394639.1
SKANDIA LIFE BUS   1451642Z LN    -8125872.532    125021169.8
SKYEPHAR-RTS F/P   SKPF VX          -104472798    111306047.8
SKYEPHAR-RTS F/P   SKPF LN          -104472798    111306047.8
SKYEPHAR-RTS N/P   SKPN LN          -104472798    111306047.8
SKYEPHAR-RTS N/P   SKPN VX          -104472798    111306047.8
SKYEPHAR-SUB SHS   0966322D LN      -104472798    111306047.8
SKYEPHARMA -SUB    2976665Z LN      -104472798    111306047.8
SKYEPHARMA PLC     SKP8 EO          -104472798    111306047.8
SKYEPHARMA PLC     SKP VX           -104472798    111306047.8
SKYEPHARMA PLC     SKP1 EO          -104472798    111306047.8
SKYEPHARMA PLC     SKP PO           -104472798    111306047.8
SKYEPHARMA PLC     SKPL B3          -104472798    111306047.8
SKYEPHARMA PLC     SKP4 EO          -104472798    111306047.8
SKYEPHARMA PLC     SKP3 EO          -104472798    111306047.8
SKYEPHARMA PLC     SKP TQ           -104472798    111306047.8
SKYEPHARMA PLC     SKP7 EO          -104472798    111306047.8
SKYEPHARMA PLC     SKPL S1          -104472798    111306047.8
SKYEPHARMA PLC     SKP IX           -104472798    111306047.8
SKYEPHARMA PLC     SKP6 EO          -104472798    111306047.8
SKYEPHARMA PLC     SKP LN           -104472798    111306047.8
SKYEPHARMA PLC     SKP EU           -104472798    111306047.8
SKYEPHARMA PLC     SKP2 EO          -104472798    111306047.8
SKYEPHARMA PLC     SKPGBP EO        -104472798    111306047.8
SKYEPHARMA PLC     SKPEUR EU        -104472798    111306047.8
SKYEPHARMA PLC     SKP PZ           -104472798    111306047.8
SKYEPHARMA PLC     SKP9 EO          -104472798    111306047.8
SKYEPHARMA PLC     0746133D PZ      -104472798    111306047.8
SKYEPHARMA PLC     SK8C GR          -104472798    111306047.8
SKYEPHARMA PLC     SKPEUR EO        -104472798    111306047.8
SKYEPHARMA PLC     SKP BQ           -104472798    111306047.8
SKYEPHARMA PLC     SKPL S2          -104472798    111306047.8
SKYEPHARMA PLC     SK8A GR          -104472798    111306047.8
SKYEPHARMA PLC     SKP EO           -104472798    111306047.8
SKYEPHARMA PLC     SKP10 EO         -104472798    111306047.8
SKYEPHARMA PLC     SKYEF US         -104472798    111306047.8
SKYEPHARMA PLC     SKP1 VX          -104472798    111306047.8
SKYEPHARMA PLC     SKP5 EO          -104472798    111306047.8
SKYEPHARMA PLC     SKPL L3          -104472798    111306047.8
SKYEPHARMA-ADR     SKYE US          -104472798    111306047.8
SKYEPHARMA-ADR     SKYEY US         -104472798    111306047.8
SKYEPHARMA-ADR     SKYPY US         -104472798    111306047.8
SKYEPHARMA-ADR     SK8 GR           -104472798    111306047.8
SKYEPHARMA-ADR     AP80 LI          -104472798    111306047.8
SKYEPHARMA-ADR     SK8N GR          -104472798    111306047.8
SKYEUROPE          SKYP PW        -89483677.73      159082240
SKYEUROPE          SKY PW         -89483677.73      159082240
SKYEUROPE HLDG     0619064D GR    -89483677.73      159082240
SKYEUROPE HLDG     SKY AV         -89483677.73      159082240
SKYEUROPE HLDG     SKY EO         -89483677.73      159082240
SKYEUROPE HLDG     SKYPLN EU      -89483677.73      159082240
SKYEUROPE HLDG     SKY LI         -89483677.73      159082240
SKYEUROPE HLDG     SKYV IX        -89483677.73      159082240
SKYEUROPE HLDG     SKYA PZ        -89483677.73      159082240
SKYEUROPE HLDG     SKURF US       -89483677.73      159082240
SKYEUROPE HLDG     SKYPLN EO      -89483677.73      159082240
SKYEUROPE HLDG     SKY EU         -89483677.73      159082240
SKYEUROPE HOL-RT   SK1 AV         -89483677.73      159082240
SLOVENSKE ENERGE   SES EU         -23148900.63    177594994.7
SLOVENSKE ENERGE   SES SK         -23148900.63    177594994.7
SLOVENSKE ENERGE   1SES2T L3      -23148900.63    177594994.7
SLOVENSKE ENERGE   SES02 SK       -23148900.63    177594994.7
SLOVENSKE ENERGE   1SES2T B3      -23148900.63    177594994.7
SLOVENSKE ENERGE   1SES1T B3      -23148900.63    177594994.7
SLOVENSKE ENERGE   1SES2T S2      -23148900.63    177594994.7
SLOVENSKE ENERGE   1SES1T S2      -23148900.63    177594994.7
SLOVENSKE ENERGE   1SES01A PZ     -23148900.63    177594994.7
SLOVENSKE ENERGE   SES02 EO       -23148900.63    177594994.7
SLOVENSKE ENERGE   SES02 EU       -23148900.63    177594994.7
SLOVENSKE ENERGE   1SES1T L3      -23148900.63    177594994.7
SLOVENSKE ENERGE   SES EO         -23148900.63    177594994.7
SMITHS HEIMANN S   4513283Z FP    -19134635.11    123528857.5
SMITHS NEWS PLC    NWS1 EU         -88064132.7    447285313.7
SMITHS NEWS PLC    NWS1 EO         -88064132.7    447285313.7
SMITHS NEWS PLC    NWS4 EO         -88064132.7    447285313.7
SMITHS NEWS PLC    NWS1GBP EO      -88064132.7    447285313.7
SMITHS NEWS PLC    NWS LN          -88064132.7    447285313.7
SMITHS NEWS PLC    NWS PO          -88064132.7    447285313.7
SMITHS NEWS PLC    NWS11 EO        -88064132.7    447285313.7
SMITHS NEWS PLC    SMWPF US        -88064132.7    447285313.7
SMITHS NEWS PLC    NWS2 EO         -88064132.7    447285313.7
SMITHS NEWS PLC    NWS PZ          -88064132.7    447285313.7
SMITHS NEWS PLC    NWS7 EO         -88064132.7    447285313.7
SMITHS NEWS PLC    NWS2EUR EO      -88064132.7    447285313.7
SMITHS NEWS PLC    NWS13 EO        -88064132.7    447285313.7
SMITHS NEWS PLC    NWS VX          -88064132.7    447285313.7
SMITHS NEWS PLC    NWS5 EO         -88064132.7    447285313.7
SMITHS NEWS PLC    NWS10 EO        -88064132.7    447285313.7
SMITHS NEWS PLC    NWS8 EO         -88064132.7    447285313.7
SMITHS NEWS PLC    NWS2GBP EO      -88064132.7    447285313.7
SMITHS NEWS PLC    NWS9 EO         -88064132.7    447285313.7
SMITHS NEWS PLC    NWS IX          -88064132.7    447285313.7
SMITHS NEWS PLC    NWS12 EO        -88064132.7    447285313.7
SMITHS NEWS PLC    NWS6 EO         -88064132.7    447285313.7
SMITHS NEWS PLC    NWS2EUR EU      -88064132.7    447285313.7
SNC L EQUIPE       4698761Z FP     -20855303.6    128912614.3
SNCB HOLDING       SNCBPD BB      -893745521.6    37018974117
SNCB HOLDING       SNCVP BB       -893745521.6    37018974117
SNCB HOLDING-1     0742715D BB    -893745521.6    37018974117
SNCB HOLDING-2     0742716D BB    -893745521.6    37018974117
SNCB HOLDING-DVD   0742717D BB    -893745521.6    37018974117
SNCB HOLDING-ORD   0742718D BB    -893745521.6    37018974117
SNCB-JOUISSANCE    146453Z BB     -893745521.6    37018974117
SNCB-PRIV HOLLAN   SNCBPB BB      -893745521.6    37018974117
SNCB-PRIV SUISSE   SNCBPA BB      -893745521.6    37018974117
SNIA BPD           SN GR          -141935918.3    150447396.9
SNIA BPD-ADR       SBPDY US       -141935918.3    150447396.9
SNIA SPA           SN EU          -141935918.3    150447396.9
SNIA SPA           SIAI IX        -141935918.3    150447396.9
SNIA SPA           SN EO          -141935918.3    150447396.9
SNIA SPA           SNIXF US       -141935918.3    150447396.9
SNIA SPA           SNIB GR        -141935918.3    150447396.9
SNIA SPA           SN TQ          -141935918.3    150447396.9
SNIA SPA           SNIA GR        -141935918.3    150447396.9
SNIA SPA           SBPDF US       -141935918.3    150447396.9
SNIA SPA           SSMLF US       -141935918.3    150447396.9
SNIA SPA           SN IM          -141935918.3    150447396.9
SNIA SPA           SIAI PZ        -141935918.3    150447396.9
SNIA SPA - RTS     SNAAW IM       -141935918.3    150447396.9
SNIA SPA- RTS      SNAXW IM       -141935918.3    150447396.9
SNIA SPA-2003 SH   SN03 IM        -141935918.3    150447396.9
SNIA SPA-CONV SA   SPBDF US       -141935918.3    150447396.9
SNIA SPA-DRC       SNR00 IM       -141935918.3    150447396.9
SNIA SPA-NEW       SN00 IM        -141935918.3    150447396.9
SNIA SPA-NON CON   SPBNF US       -141935918.3    150447396.9
SNIA SPA-RCV       SNIVF US       -141935918.3    150447396.9
SNIA SPA-RCV       SNR IM         -141935918.3    150447396.9
SNIA SPA-RIGHTS    SNAW IM        -141935918.3    150447396.9
SNIA SPA-RNC       SNIWF US       -141935918.3    150447396.9
SNIA SPA-RNC       SNRNC IM       -141935918.3    150447396.9
SNIA SPA-RTS       SNSO IM        -141935918.3    150447396.9
SNIA SPA-RTS       SNAA IM        -141935918.3    150447396.9
SOCIEDADE DE CON   3903002Z PL    -18190940.15    130209277.6
SOCIEDADE DE TRA   1253Z PL       -583270000.3    125409558.7
SOCIETE D'AGENCE   4741441Z FP    -43587917.41    235960903.5
SOCIETE DES AUTO   ARR1 VX        -67014542.48    11134617648
SOCIETE DES AUTO   ARR1 PZ        -67014542.48    11134617648
SOCIETE DES AUTO   ARRGBX EO      -67014542.48    11134617648
SOCIETE DES AUTO   ARR BQ         -67014542.48    11134617648
SOCIETE DES AUTO   RK9 GR         -67014542.48    11134617648
SOCIETE DES AUTO   SEAUF US       -67014542.48    11134617648
SOCIETE DES AUTO   ARRGBP EO      -67014542.48    11134617648
SOCIETE DES-ADR    SEAUY US       -67014542.48    11134617648
SOCIETE FINANCIE   SFAL FP        -304909149.1     6618643415
SODERAG            SDRA FP        -2861533.316    404179878.4
SODERAG-NEW        SDRN FP        -2861533.316    404179878.4
SOGARA FRANCE      4674897Z FP    -112661311.2    297852595.4
SOLOCAL GROU-RTS   LOCDSEUR EU     -2574016244     1103160018
SOLOCAL GROU-RTS   LOCDS FP        -2574016244     1103160018
SOLOCAL GROU-RTS   LOCDSEUR EO     -2574016244     1103160018
SOLOCAL GROU-RTS   LOCDS TQ        -2574016244     1103160018
SOLOCAL GROUP      PAJ QM          -2574016244     1103160018
SOLOCAL GROUP      LOCALP L3       -2574016244     1103160018
SOLOCAL GROUP      QS3 TH          -2574016244     1103160018
SOLOCAL GROUP      PAJ EO          -2574016244     1103160018
SOLOCAL GROUP      LOCAL TQ        -2574016244     1103160018
SOLOCAL GROUP      LOCAL FP        -2574016244     1103160018
SOLOCAL GROUP      PAJGBX EU       -2574016244     1103160018
SOLOCAL GROUP      PAJUSD EO       -2574016244     1103160018
SOLOCAL GROUP      QS3 GR          -2574016244     1103160018
SOLOCAL GROUP      PAJ GK          -2574016244     1103160018
SOLOCAL GROUP      LOCAL EU        -2574016244     1103160018
SOLOCAL GROUP      LOCALP S2       -2574016244     1103160018
SOLOCAL GROUP      PAJGBX EO       -2574016244     1103160018
SOLOCAL GROUP      PAJUSD EU       -2574016244     1103160018
SOLOCAL GROUP      LOCAL IX        -2574016244     1103160018
SOLOCAL GROUP      PAJ BQ          -2574016244     1103160018
SOLOCAL GROUP      PAJ EU          -2574016244     1103160018
SOLOCAL GROUP      PAJ EB          -2574016244     1103160018
SOLOCAL GROUP      PAJ TQ          -2574016244     1103160018
SOLOCAL GROUP      PAJ IX          -2574016244     1103160018
SOLOCAL GROUP      LOCAL EB        -2574016244     1103160018
SOLOCAL GROUP      LOCALP B3       -2574016244     1103160018
SOLOCAL GROUP      LOCAL QX        -2574016244     1103160018
SOLOCAL GROUP      PAJ S1          -2574016244     1103160018
SOLOCAL GROUP      PAJGBP EO       -2574016244     1103160018
SOLON AG FU-MEW    532564Q GR     -138663225.9    627116116.4
SOLON AG FUE-NEW   SOO4 GR        -138663225.9    627116116.4
SOLON AG FUE-NEW   SOO3 GR        -138663225.9    627116116.4
SOLON AG FUE-NEW   SOOJ GR        -138663225.9    627116116.4
SOLON AG FUE-RTS   2292896Z GR    -138663225.9    627116116.4
SOLON AG FUER SO   SOO GR         -138663225.9    627116116.4
SOLON AG FUER SO   SOOG IX        -138663225.9    627116116.4
SOLON SE           SOO1 EO        -138663225.9    627116116.4
SOLON SE           SOON EU        -138663225.9    627116116.4
SOLON SE           SOO1USD EU     -138663225.9    627116116.4
SOLON SE           SGFRF US       -138663225.9    627116116.4
SOLON SE           SNBZF US       -138663225.9    627116116.4
SOLON SE           SOO1 GR        -138663225.9    627116116.4
SOLON SE           SOO1 BQ        -138663225.9    627116116.4
SOLON SE           SOO1 TQ        -138663225.9    627116116.4
SOLON SE           SOO1 PZ        -138663225.9    627116116.4
SOLON SE           SOO1USD EO     -138663225.9    627116116.4
SOLON SE           SOO1 EU        -138663225.9    627116116.4
SOLON SE           SOON GR        -138663225.9    627116116.4
SOLON SE           SOO1 TH        -138663225.9    627116116.4
SOLON SE           SOO1 S1        -138663225.9    627116116.4
SOLON SE           SOON EO        -138663225.9    627116116.4
SOLON SE-RTS       3664247Z GR    -138663225.9    627116116.4
SOMERSTON HOTELS   1231735Z LN    -41262222.44    103352288.9
SOMERSTON HOTELS   1167535Z LN    -189322116.8    379519378.5
SONY COMPUTER EN   3893902Z LN    -484038262.1     1249348085
SONY EUROPE LTD    1591658Z LN     -1422571087     1480717806
SOPAF SPA          SSZ HK            -24220244    153759286.6
SOPAF SPA          SOCAF US          -24220244    153759286.6
SOPAF SPA          SPF EB            -24220244    153759286.6
SOPAF SPA          SPF EO            -24220244    153759286.6
SOPAF SPA          SPF TQ            -24220244    153759286.6
SOPAF SPA          SOPAF US          -24220244    153759286.6
SOPAF SPA          SPF EU            -24220244    153759286.6
SOPAF SPA          SPF QM            -24220244    153759286.6
SOPAF SPA          SPF PZ            -24220244    153759286.6
SOPAF SPA          SPF IM            -24220244    153759286.6
SOPAF SPA          SPF BQ            -24220244    153759286.6
SOPAF SPA          SPFI IX           -24220244    153759286.6
SOPAF SPA-NEW 97   SPF97 IM          -24220244    153759286.6
SOPAF SPA-RNC      SOPCF US          -24220244    153759286.6
SOPAF SPA-RNC      SPFN IM           -24220244    153759286.6
SOPAF SPA-RT       SPFOB IM          -24220244    153759286.6
SOUTHERN CROSS     SCHE EO        -456945463.9      226544692
SOUTHERN CROSS     SCHE VX        -456945463.9      226544692
SOUTHERN CROSS     SCHE EU        -456945463.9      226544692
SOUTHERN CROSS     SCHEUSD EO     -456945463.9      226544692
SOUTHERN CROSS     SCHEGBP EO     -456945463.9      226544692
SOUTHERN CROSS     SCHE PO        -456945463.9      226544692
SOUTHERN CROSS     SCHE IX        -456945463.9      226544692
SOUTHERN CROSS     SCHE LN        -456945463.9      226544692
SOUTHERN CROSS     SCH4 EO        -456945463.9      226544692
SOUTHERN CROSS     SCHE8 EO       -456945463.9      226544692
SOUTHERN CROSS     SCHEEUR EO     -456945463.9      226544692
SOUTHERN CROSS     F2Z TH         -456945463.9      226544692
SOUTHERN CROSS     SCHE BQ        -456945463.9      226544692
SOUTHERN CROSS     SCHE6 EO       -456945463.9      226544692
SOUTHERN CROSS     SCHE NQ        -456945463.9      226544692
SOUTHERN CROSS     SCHE S1        -456945463.9      226544692
SOUTHERN CROSS     SCH3 EO        -456945463.9      226544692
SOUTHERN CROSS     SCHE4 EO       -456945463.9      226544692
SOUTHERN CROSS     SCHE5 EO       -456945463.9      226544692
SOUTHERN CROSS     SCHE EB        -456945463.9      226544692
SOUTHERN CROSS     SCHE7 EO       -456945463.9      226544692
SOUTHERN CROSS     SCHE NR        -456945463.9      226544692
SOUTHERN CROSS     SOCHF US       -456945463.9      226544692
SOUTHERN CROSS     SCHE2 EO       -456945463.9      226544692
SOUTHERN CROSS     SCHE TQ        -456945463.9      226544692
SOUTHERN CROSS     F2Z GR         -456945463.9      226544692
SOUTHERN CROSS     SCH5 EO        -456945463.9      226544692
SOUTHERN CROSS     SCHEUSD EU     -456945463.9      226544692
SOUTHERN CROSS     SCHE QM        -456945463.9      226544692
SOUTHERN CROSS     SCHEEUR EU     -456945463.9      226544692
SOUTHERN CROSS     SCHE3 EO       -456945463.9      226544692
SOUTHERN CROSS     SCHE PZ        -456945463.9      226544692
SOUTHERN ELE-ADR   SOELY US         -267583953     1807293418
SOUTHERN ELEC      619136Q LN       -267583953     1807293418
SOUTHERN ELEC-B    SELB LN          -267583953     1807293418
SPANAIR            1174Z SM       -224908325.6    350100970.3
SPAR HAND-PFD NV   SPA3 GR        -442426239.7     1433020961
SPAR HANDELS-AG    773844Q GR     -442426239.7     1433020961
SPAR HANDELS-AG    SPHFF US       -442426239.7     1433020961
SPENCER DOCK DEV   3813908Z ID       -87906519      773958702
SPIE BATIGNOLLES   SPIE FP        -15843540.88     5280931385
SPIRE HEALTHC PL   SPI1GBX EO     -424420919.6     2675077678
SPIRE HEALTHC PL   SPI1GBX EU     -424420919.6     2675077678
SPIRE HEALTHC PL   SPIL TQ        -424420919.6     2675077678
SPIRE HEALTHC PL   SPIL IX        -424420919.6     2675077678
SPIRE HEALTHC PL   S00 GR         -424420919.6     2675077678
SPIRE HEALTHC PL   SPIL EB        -424420919.6     2675077678
SPIRE HEALTHC PL   SPI LN         -424420919.6     2675077678
SPIRE HEALTHCARE   1025367D LN    -424420919.6     2675077678
SPORT LISBOA E B   1249Z PL       -30964161.95    541880910.3
SPORT LISBOA E B   SLBENU S2      -30964161.95    541880910.3
SPORT LISBOA E B   SLBENU L3      -30964161.95    541880910.3
SPORT LISBOA E B   SLBENU B3      -30964161.95    541880910.3
SPRINGER SCIENCE   648808Z GR     -664638301.8     3767996594
SQUARE ENIX LTD    1826770Z LN    -332218913.1    298496661.4
SSP GROUP LTD      3566446Z LN    -315730322.4     1992289134
SSP GROUP PLC      SSPGL EB       -315730322.4     1992289134
SSP GROUP PLC      SSPGGBX EO     -315730322.4     1992289134
SSP GROUP PLC      SSPG LN        -315730322.4     1992289134
SSP GROUP PLC      SSPGGBX EU     -315730322.4     1992289134
SSP GROUP PLC      83S GR         -315730322.4     1992289134
SSP GROUP PLC      SSPGL S1       -315730322.4     1992289134
SSP GROUP PLC      SSPGL IX       -315730322.4     1992289134
ST FIACRE (FIN)    132143Q FP     -1274873.644    111191494.1
ST GOBAIN SEKURI   3737571Z BB    -71323279.72    142248917.8
STAGECOACH SERVI   1584258Z LN    -10812732.14    260459727.4
STAPLES UK RETAI   1592994Z LN    -80237154.66      170116799
START FUNDING NO   3816392Z ID    -49647004.37    505142087.3
STEMCOR UK LTD     1071106Z LN      -139791008      244452000
STIROL CONC -ADR   SVX GR         -119433664.7    940394639.1
STIROL CONC -ADR   STIR009 RU     -119433664.7    940394639.1
STIROL CONC -ADR   SRLLY US       -119433664.7    940394639.1
STIROL CONC -ADR   SVXF IX        -119433664.7    940394639.1
STIROL CONCERN     STRLF US       -119433664.7    940394639.1
STIROL CONCERN     STIR UZ        -119433664.7    940394639.1
STIROL CONCERN     SRLLF US       -119433664.7    940394639.1
STJAMES'S PLACE    4451825Z LN    -69492713.34    762546232.1
STOREBRAND EIEND   4288341Z NO     -1122201535     3712340671
SUMITOMO ELECTRI   4512059Z LN    -20488938.23      502804063
SUN CHEMICAL LTD   2569274Z LN    -7896860.334    228952115.7
SUN VALLEY FOODS   2346003Z LN    -10931349.79    194740084.6
SUNDERLAND ASSOC   1274418Z LN    -55274632.43    153207257.5
SUSQUEHANNA EURO   4459081Z ID     -1526322048     6118562816
SUZLON WIND ENER   3985532Z DC    -50030921.82    151671945.3
SUZLON WIND ENER   3809140Z SM    -4604655.096    154658232.2
SVOBODNY SOKOL     LMZSS RU       -41208689.47    113787633.5
SWEDBANK OJSC      SWED UZ        -44198510.26    336243971.2
SWEDISH M-UN ADR   SWMAY US       -121242024.4     2205528534
SWEDISH MA-RE RT   SWMASR SS      -121242024.4     2205528534
SWEDISH MAT-ADR    3053566Q US    -121242024.4     2205528534
SWEDISH MAT-ADR    SWMA GR        -121242024.4     2205528534
SWEDISH MAT-RTS    SWMYR US       -121242024.4     2205528534
SWEDISH MATCH      SWD LI         -121242024.4     2205528534
SWEDISH MATCH AB   SWMA EU        -121242024.4     2205528534
SWEDISH MATCH AB   SWMA NQ        -121242024.4     2205528534
SWEDISH MATCH AB   SWMD L3        -121242024.4     2205528534
SWEDISH MATCH AB   SWMA LI        -121242024.4     2205528534
SWEDISH MATCH AB   SWMD S2        -121242024.4     2205528534
SWEDISH MATCH AB   SWMA EB        -121242024.4     2205528534
SWEDISH MATCH AB   SWMA SS        -121242024.4     2205528534
SWEDISH MATCH AB   SWMAUSD EO     -121242024.4     2205528534
SWEDISH MATCH AB   SWMA EO        -121242024.4     2205528534
SWEDISH MATCH AB   SWMA NR        -121242024.4     2205528534
SWEDISH MATCH AB   SWMAS S2       -121242024.4     2205528534
SWEDISH MATCH AB   SWMDF US       -121242024.4     2205528534
SWEDISH MATCH AB   SWMA QM        -121242024.4     2205528534
SWEDISH MATCH AB   SWMA PZ        -121242024.4     2205528534
SWEDISH MATCH AB   SWM TH         -121242024.4     2205528534
SWEDISH MATCH AB   SWMA IX        -121242024.4     2205528534
SWEDISH MATCH AB   SWMAF US       -121242024.4     2205528534
SWEDISH MATCH AB   SWMD B3        -121242024.4     2205528534
SWEDISH MATCH AB   SWMA S1        -121242024.4     2205528534
SWEDISH MATCH AB   SWMA TQ        -121242024.4     2205528534
SWEDISH MATCH AB   SWM VX         -121242024.4     2205528534
SWEDISH MATCH AB   SWMAGBX EU     -121242024.4     2205528534
SWEDISH MATCH AB   SWMAGBX EO     -121242024.4     2205528534
SWEDISH MATCH AB   SWMA GK        -121242024.4     2205528534
SWEDISH MATCH AB   SWMAS L3       -121242024.4     2205528534
SWEDISH MATCH AB   SWMA BY        -121242024.4     2205528534
SWEDISH MATCH AB   SWMAS B3       -121242024.4     2205528534
SWEDISH MATCH AB   SWMA BQ        -121242024.4     2205528534
SWEDISH MATCH AB   SWMAEUR EO     -121242024.4     2205528534
SWEDISH MATCH AB   SWM GR         -121242024.4     2205528534
SWEDISH MATCH AB   SWMAUSD EU     -121242024.4     2205528534
SWEDISH MATCH AB   SWMAEUR EU     -121242024.4     2205528534
SWEDISH MATCH AB   SWMA QX        -121242024.4     2205528534
SWEDISH MATCH AB   SWMA SW        -121242024.4     2205528534
SWEDISH MATCH AB   SWMAGBP EO     -121242024.4     2205528534
SWEDISH MATCH- B   SWMWF US       -121242024.4     2205528534
SWEDISH MATCH-B    3033P US       -121242024.4     2205528534
SWIFT TECHNICAL    4287133Z LN    -30630787.54    151146426.5
SWISS NATIONBANK   SN SW           -4267161939       5.52E+11
T BANK             TBANK GA       -46224213.41     3486115450
T BANK             TBANK EO       -46224213.41     3486115450
T BANK             ASPT EU        -46224213.41     3486115450
T BANK             ASPT GA        -46224213.41     3486115450
T BANK             TBANK EU       -46224213.41     3486115450
T BANK             ASPT EO        -46224213.41     3486115450
T BANK             ASPT PZ        -46224213.41     3486115450
TA TRIUMPH-A-RTS   1018916Z GR    -124531131.9    313411495.3
TA TRIUMPH-ACQ     TWNA GR        -124531131.9    313411495.3
TA TRIUMPH-ACQ     TWNA EU        -124531131.9    313411495.3
TA TRIUMPH-ADLER   TWNG IX        -124531131.9    313411495.3
TA TRIUMPH-ADLER   TWN EO         -124531131.9    313411495.3
TA TRIUMPH-ADLER   0292922D GR    -124531131.9    313411495.3
TA TRIUMPH-ADLER   TWN EU         -124531131.9    313411495.3
TA TRIUMPH-ADLER   TWN PZ         -124531131.9    313411495.3
TA TRIUMPH-ADLER   TTZAF US       -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
TABASA INFRAESTR   3747640Z SM      -174949990    118045845.5
TABLEROS DE FI-N   TFI/N SM       -3977144.266    206497154.6
TABLEROS DE FI-R   TFI/D SM       -3977144.266    206497154.6
TABLEROS DE FIBR   TRFSF US       -3977144.266    206497154.6
TAFISA             TFI SM         -3977144.266    206497154.6
TAKEDA IRELAND L   4506443Z ID    -223676175.6    345943597.1
TAKEDA PHARMA IR   4460049Z ID    -553964898.1    178556098.5
TAKKER EUROPA AP   3972332Z DC    -83653640.05    206327420.9
TALISMAN ENERGY    3641763Z NO    -331083562.7     2451136755
TAP SGPS           TAP PL           -502548349     2178435425
TATA CHEMICALS     1626874Z LN    -6488265.073    183288170.1
TATA CMMNCTNS UK   2534722Z LN       -75280704      149990416
TAVEX - RTS        ASA/D SM       -10622070.67      655950832
TAVEX ALGODO-RTS   613781Q SM     -10622070.67      655950832
TAVEX ALGODO-RTS   2773473Q SM    -10622070.67      655950832
TAVEX ALGODON-NE   ASA/N SM       -10622070.67      655950832
TAVEX ALGODONERA   ASA PZ         -10622070.67      655950832
TAVEX ALGODONERA   ASA EU         -10622070.67      655950832
TAVEX ALGODONERA   ASA EO         -10622070.67      655950832
TAVEX ALGODONERA   ASA SM         -10622070.67      655950832
TEAM PARTNER-RTS   633323Q FP     -13557467.93      129831049
TEAM PARTNER-RTS   2841653Q FP    -13557467.93      129831049
TEAM PARTNERS      TIP PZ         -13557467.93      129831049
TEAM PARTNERS      2347985Q EO    -13557467.93      129831049
TEAM PARTNERS      2347981Q EU    -13557467.93      129831049
TEAM PARTNERS      TIP FP         -13557467.93      129831049
TEAM PARTNERS      TPTRF US       -13557467.93      129831049
TEAM PARTNERS      TPGY IX        -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   TIPA FP        -13557467.93      129831049
TEAM PARTNERS GR   TIPDS FP       -13557467.93      129831049
TEAM PARTNERS GR   TPGP IX        -13557467.93      129831049
TEAM PARTNERS GR   TPGP PZ        -13557467.93      129831049
TEAM PARTNERS-N    TIPN FP        -13557467.93      129831049
TECNODIFF ITALIA   0965585D GR    -89894162.82    152045757.5
TECNODIFF ITALIA   TDIFF US       -89894162.82    152045757.5
TECNODIFF ITALIA   TDI NM         -89894162.82    152045757.5
TECNODIFF ITALIA   TDI IM         -89894162.82    152045757.5
TECNODIFF-RTS      TDIAOW NM      -89894162.82    152045757.5
TECNODIFFUSIONE    TDIAAW IM      -89894162.82    152045757.5
TEL IT MEDIA-RTS   TMERAA IM      -84834143.26    355814760.1
TELECOM IT-RTS     TMEAA IM       -84834143.26    355814760.1
TELECOM ITAL RSP   TMERM S2       -84834143.26    355814760.1
TELECOM ITAL RSP   TMER EO        -84834143.26    355814760.1
TELECOM ITAL RSP   TMER PZ        -84834143.26    355814760.1
TELECOM ITAL RSP   TMERM L3       -84834143.26    355814760.1
TELECOM ITAL RSP   TMERM B3       -84834143.26    355814760.1
TELECOM ITAL RSP   TMER EU        -84834143.26    355814760.1
TELECOM ITAL RSP   TMER TQ        -84834143.26    355814760.1
TELECOM ITAL RSP   TMER IM        -84834143.26    355814760.1
TELECOM ITAL RSP   TCMN IX        -84834143.26    355814760.1
TELECOM ITAL RSP   TIAZF US       -84834143.26    355814760.1
TELECOM ITAL-ADR   TIAMY US       -84834143.26    355814760.1
TELECOM ITAL-RTS   TMIDS FP       -84834143.26    355814760.1
TELECOM ITALIA M   TME IX         -84834143.26    355814760.1
TELECOM ITALIA M   TME EU         -84834143.26    355814760.1
TELECOM ITALIA M   TCM IX         -84834143.26    355814760.1
TELECOM ITALIA M   TME TQ         -84834143.26    355814760.1
TELECOM ITALIA M   TME S1         -84834143.26    355814760.1
TELECOM ITALIA M   TME QM         -84834143.26    355814760.1
TELECOM ITALIA M   PGA VX         -84834143.26    355814760.1
TELECOM ITALIA M   PGA GR         -84834143.26    355814760.1
TELECOM ITALIA M   TME EB         -84834143.26    355814760.1
TELECOM ITALIA M   TMEM S2        -84834143.26    355814760.1
TELECOM ITALIA M   TMEM B3        -84834143.26    355814760.1
TELECOM ITALIA M   TME NR         -84834143.26    355814760.1
TELECOM ITALIA M   TME IM         -84834143.26    355814760.1
TELECOM ITALIA M   TMI FP         -84834143.26    355814760.1
TELECOM ITALIA M   TME PZ         -84834143.26    355814760.1
TELECOM ITALIA M   TME EO         -84834143.26    355814760.1
TELECOM ITALIA M   TMEM L3        -84834143.26    355814760.1
TELECOM ITALIA M   TMEGBX EO      -84834143.26    355814760.1
TELECOM ITALIA M   TCLM LN        -84834143.26    355814760.1
TELECOM ITALIA M   TME BQ         -84834143.26    355814760.1
TELECOM ITALIA M   PGA1 GR        -84834143.26    355814760.1
TELECOM ITALIA M   TIAMF US       -84834143.26    355814760.1
TELECOM ITALIA M   TME NQ         -84834143.26    355814760.1
TELECOM ITALIA M   PGA2 GR        -84834143.26    355814760.1
TELECOM ITALIA M   TMEAZA IM      -84834143.26    355814760.1
TELEFONICA CABLE   4374649Z SM    -13714272.04    108786240.3
TELENET GRP HLDG   TNET PZ         -1963967252     4661718482
TELENET GRP HLDG   TNET SW         -1963967252     4661718482
TELENET GRP HLDG   TNETB S2        -1963967252     4661718482
TELENET GRP HLDG   TNETB B3        -1963967252     4661718482
TELENET GRP HLDG   TNET BQ         -1963967252     4661718482
TELENET GRP HLDG   TNET QX         -1963967252     4661718482
TELENET GRP HLDG   TNET EU         -1963967252     4661718482
TELENET GRP HLDG   TNET TQ         -1963967252     4661718482
TELENET GRP HLDG   TNET GK         -1963967252     4661718482
TELENET GRP HLDG   TNETUSD EU      -1963967252     4661718482
TELENET GRP HLDG   TNETGBX EO      -1963967252     4661718482
TELENET GRP HLDG   T4I TH          -1963967252     4661718482
TELENET GRP HLDG   TNET IX         -1963967252     4661718482
TELENET GRP HLDG   TNETGBX EU      -1963967252     4661718482
TELENET GRP HLDG   TNETUSD EO      -1963967252     4661718482
TELENET GRP HLDG   TNET EO         -1963967252     4661718482
TELENET GRP HLDG   TNETGBP EO      -1963967252     4661718482
TELENET GRP HLDG   TNETB L3        -1963967252     4661718482
TELENET GRP HLDG   TNET S1         -1963967252     4661718482
TELENET GRP HLDG   3218105Q IX     -1963967252     4661718482
TELENET GRP HLDG   T4I GR          -1963967252     4661718482
TELENET GRP HLDG   TNET EB         -1963967252     4661718482
TELENET GRP HLDG   TNET MT         -1963967252     4661718482
TELENET GRP HLDG   TNET QM         -1963967252     4661718482
TELENET GRP HLDG   TNET BB         -1963967252     4661718482
TELENET GRP HLDG   TNET NQ         -1963967252     4661718482
TELENET GRP HLDG   TLGHF US        -1963967252     4661718482
TELENET GRP HLDG   TNET LI         -1963967252     4661718482
TELENET-STRP       TNETS BB        -1963967252     4661718482
TELENET-UNS ADR    TLGHY US        -1963967252     4661718482
TELEWEST COM-ADR   TWT$ LN         -3702338522     7581233764
TELEWEST COM-ADR   940767Q GR      -3702338522     7581233764
TELEWEST COM-ADR   TWSTD US        -3702338522     7581233764
TELEWEST COM-ADR   TWSTY US        -3702338522     7581233764
TELEWEST COMM      TWT VX          -3702338522     7581233764
TELEWEST COMM      604296Q GR      -3702338522     7581233764
TELEWEST COMM      TWSTF US        -3702338522     7581233764
TELEWEST COMM      715382Q LN      -3702338522     7581233764
TELEWEST COMMUNI   1608194Z LN    -231755458.9     7589121370
TELEWEST COMMUNI   2188148Z LN    -134462644.3    131792459.5
TELEWEST COMMUNI   1646328Z LN      -411234443    843091340.2
TEMENOS UK LTD     1510258Z LN    -45594601.76    174643741.6
TF1 VIDEO SASU     4516855Z FP    -18656465.65    113026097.4
THALES CORPORATE   4633289Z FP    -7172516.727    191896690.5
THALES CORPORATE   1083706Z LN    -214805320.8     1108687019
THALES RAIL SIGN   2812334Z LN    -63902524.27    110625885.3
THALES SECURITY    4701729Z FP    -426153529.7    822653430.4
THALES TRANSPORT   1163839Z LN    -10173988.72    253071459.5
THARISA PLC        THA SJ            -71816000      369281984
THEMELIODOMI       THEME GA       -55751173.78    232036822.6
THEMELIODOMI-AUC   THEMEE GA      -55751173.78    232036822.6
THEMELIODOMI-RTS   THEMED GA      -55751173.78    232036822.6
THEMELIODOMI-RTS   THEMER GA      -55751173.78    232036822.6
THOMSON REUTERS    4777193Z NO    -130942490.2    119378624.6
THORN EMI PLC      THNE FP         -2265973885     2950096964
THORN EMI-ADR      THN$ LN         -2265973885     2950096964
THORN EMI-ADR      TORNY US        -2265973885     2950096964
THORN EMI-CDR      THN NA          -2265973885     2950096964
THORN EMI-REGD     1772Q GR        -2265973885     2950096964
TISCALI - RTS      TISAAW IM      -195929423.4    324115820.8
TISCALI - RTS      TIQA GR        -195929423.4    324115820.8
TISCALI SPA        TISN FP        -195929423.4    324115820.8
TISCALI SPA        TISM L3        -195929423.4    324115820.8
TISCALI SPA        TISGBX EU      -195929423.4    324115820.8
TISCALI SPA        TIS BQ         -195929423.4    324115820.8
TISCALI SPA        TISM IX        -195929423.4    324115820.8
TISCALI SPA        TIS IX         -195929423.4    324115820.8
TISCALI SPA        TIS NQ         -195929423.4    324115820.8
TISCALI SPA        TIS VX         -195929423.4    324115820.8
TISCALI SPA        TIS NR         -195929423.4    324115820.8
TISCALI SPA        TISM B3        -195929423.4    324115820.8
TISCALI SPA        TIQ1 GR        -195929423.4    324115820.8
TISCALI SPA        TISN NA        -195929423.4    324115820.8
TISCALI SPA        TIS EO         -195929423.4    324115820.8
TISCALI SPA        TIS IM         -195929423.4    324115820.8
TISCALI SPA        TISGBP EO      -195929423.4    324115820.8
TISCALI SPA        TISM S2        -195929423.4    324115820.8
TISCALI SPA        TISN VX        -195929423.4    324115820.8
TISCALI SPA        TISN IM        -195929423.4    324115820.8
TISCALI SPA        TIQ GR         -195929423.4    324115820.8
TISCALI SPA        TSCXF US       -195929423.4    324115820.8
TISCALI SPA        TISGBX EO      -195929423.4    324115820.8
TISCALI SPA        TIS EB         -195929423.4    324115820.8
TISCALI SPA        TIS1 S1        -195929423.4    324115820.8
TISCALI SPA        TISN IX        -195929423.4    324115820.8
TISCALI SPA        TIS NA         -195929423.4    324115820.8
TISCALI SPA        TIS TQ         -195929423.4    324115820.8
TISCALI SPA        TIS PZ         -195929423.4    324115820.8
TISCALI SPA        TIS EU         -195929423.4    324115820.8
TISCALI SPA        TIS FP         -195929423.4    324115820.8
TISCALI SPA        TIS QM         -195929423.4    324115820.8
TISCALI SPA        TIQG IX        -195929423.4    324115820.8
TISCALI SPA- RTS   TISAXA IM      -195929423.4    324115820.8
TISCALI SPA- RTS   3391621Q GR    -195929423.4    324115820.8
TIUTA PLC          3814936Z LN    -56307814.14    182365274.9
TNT NV             TNT TQ         -837827974.3     3354049722
TNT NV             TNTCHF EU      -837827974.3     3354049722
TNT NV             TNT EO         -837827974.3     3354049722
TNT NV             TNTUSD EU      -837827974.3     3354049722
TNT NV             TNTPLN EO      -837827974.3     3354049722
TNT NV             TNT EU         -837827974.3     3354049722
TNT NV             TNT EB         -837827974.3     3354049722
TNT NV             TPG NA         -837827974.3     3354049722
TNT NV             TPG VX         -837827974.3     3354049722
TNT NV             TPG GR         -837827974.3     3354049722
TNT NV             TNT GK         -837827974.3     3354049722
TNT NV             TNT VX         -837827974.3     3354049722
TNT NV             TNT S1         -837827974.3     3354049722
TNT NV             TNT NQ         -837827974.3     3354049722
TNT NV             TNT BQ         -837827974.3     3354049722
TNT NV             TNTP IX        -837827974.3     3354049722
TNT NV             TNT QM         -837827974.3     3354049722
TNT NV             TNT NA         -837827974.3     3354049722
TNT NV             TNTGBX EU      -837827974.3     3354049722
TNT NV             TNTGBP EO      -837827974.3     3354049722
TNT NV             TNTAUD EU      -837827974.3     3354049722
TNT NV             TPGNF US       -837827974.3     3354049722
TNT NV             TNTPLN EU      -837827974.3     3354049722
TNT NV             TNT GR         -837827974.3     3354049722
TNT NV             TPG LN         -837827974.3     3354049722
TNT NV             TNTGBX EO      -837827974.3     3354049722
TNT NV             TPG LI         -837827974.3     3354049722
TNT NV             TNTAUD EO      -837827974.3     3354049722
TNT NV             TNTNOK EU      -837827974.3     3354049722
TNT NV             TNTCHF EO      -837827974.3     3354049722
TNT NV             TNTUSD EO      -837827974.3     3354049722
TNT NV             TNTNOK EO      -837827974.3     3354049722
TNT NV-ADR         TP US          -837827974.3     3354049722
TNT NV-ADR         TNT US         -837827974.3     3354049722
TNT NV-ADR         TPGA GR        -837827974.3     3354049722
TNT POST GRP-STK   TPGS NA        -837827974.3     3354049722
TOORA              2916661Q EO    -288811.9236      147001663
TOORA              TOR PW         -288811.9236      147001663
TOORA              TOR PZ         -288811.9236      147001663
TOORA              2916665Q EU    -288811.9236      147001663
TOORA-ALLOT CERT   1025366D PW    -288811.9236      147001663
TOPAZ ENERGY GRO   4508643Z ID    -61682466.52    512166489.3
TOPLAND PORTFOLI   1939134Z LN    -70350009.57    188623384.4
TOPPS TILES PLC    TPT LN         -8870544.083    142382125.3
TOPPS TILES PLC    TPT6 EO        -8870544.083    142382125.3
TOPPS TILES PLC    TPT S1         -8870544.083    142382125.3
TOPPS TILES PLC    TPTEUR EO      -8870544.083    142382125.3
TOPPS TILES PLC    TPT3 EO        -8870544.083    142382125.3
TOPPS TILES PLC    TPT7 EO        -8870544.083    142382125.3
TOPPS TILES PLC    TPTL L3        -8870544.083    142382125.3
TOPPS TILES PLC    TPTGBP EO      -8870544.083    142382125.3
TOPPS TILES PLC    TPTJY US       -8870544.083    142382125.3
TOPPS TILES PLC    TPTEUR EU      -8870544.083    142382125.3
TOPPS TILES PLC    TPT PO         -8870544.083    142382125.3
TOPPS TILES PLC    TPT EB         -8870544.083    142382125.3
TOPPS TILES PLC    TPT9 EO        -8870544.083    142382125.3
TOPPS TILES PLC    TPT EO         -8870544.083    142382125.3
TOPPS TILES PLC    TPTJF US       -8870544.083    142382125.3
TOPPS TILES PLC    TPT PZ         -8870544.083    142382125.3
TOPPS TILES PLC    TPT2 EO        -8870544.083    142382125.3
TOPPS TILES PLC    TPTL S2        -8870544.083    142382125.3
TOPPS TILES PLC    TPT BQ         -8870544.083    142382125.3
TOPPS TILES PLC    TPT IX         -8870544.083    142382125.3
TOPPS TILES PLC    TPT4 EO        -8870544.083    142382125.3
TOPPS TILES PLC    TPTL B3        -8870544.083    142382125.3
TOPPS TILES PLC    TPT5 EO        -8870544.083    142382125.3
TOPPS TILES PLC    TPT TQ         -8870544.083    142382125.3
TOPPS TILES PLC    TPT1 EO        -8870544.083    142382125.3
TOPPS TILES PLC    TPT VX         -8870544.083    142382125.3
TOPPS TILES PLC    TPT EU         -8870544.083    142382125.3
TOPPS TILES PLC    TPT10 EO       -8870544.083    142382125.3
TOPPS TILES PLC    TPT8 EO        -8870544.083    142382125.3
TOPPS TILES-NEW    TPTN LN        -8870544.083    142382125.3
TORM A/S           TORM PZ          -103200000     1720099968
TORM A/S           TORM S1          -103200000     1720099968
TORM A/S           TORMEUR EO       -103200000     1720099968
TORM A/S           DSKBF US         -103200000     1720099968
TORM A/S           TORMC S2         -103200000     1720099968
TORM A/S           TORM BY          -103200000     1720099968
TORM A/S           TORMGBP EO       -103200000     1720099968
TORM A/S           TORM EB          -103200000     1720099968
TORM A/S           TORMC L3         -103200000     1720099968
TORM A/S           TORM NQ          -103200000     1720099968
TORM A/S           TORM DC          -103200000     1720099968
TORM A/S           TORM IX          -103200000     1720099968
TORM A/S           TORMUSD EO       -103200000     1720099968
TORM A/S           TORM BQ          -103200000     1720099968
TORM A/S           TORM QM          -103200000     1720099968
TORM A/S           TORM EO          -103200000     1720099968
TORM A/S           TORMUSD EU       -103200000     1720099968
TORM A/S           TORMC B3         -103200000     1720099968
TORM A/S           TORMEUR EU       -103200000     1720099968
TORM A/S           TORMCHF EU       -103200000     1720099968
TORM A/S           TORM TQ          -103200000     1720099968
TORM A/S           D8D GR           -103200000     1720099968
TORM A/S           TORM EU          -103200000     1720099968
TORM A/S           TORMCHF EO       -103200000     1720099968
TORM A/S-ADR       TRMD US          -103200000     1720099968
TORM A/S-ADR       D8DA GR          -103200000     1720099968
TORM A/S-ADR       D8DB GR          -103200000     1720099968
TOUGHER'S OIL DI   3807844Z ID       -36877649    104267886.6
TOWER GROUP A/S    TOWER EU       -31099624.83    338785645.1
TOWER GROUP A/S    TOWEREUR EO    -31099624.83    338785645.1
TOWER GROUP A/S    TOWEREUR EU    -31099624.83    338785645.1
TOWER GROUP A/S    TOWER BY       -31099624.83    338785645.1
TOWER GROUP A/S    TOWER DC       -31099624.83    338785645.1
TOWER GROUP A/S    SICC IX        -31099624.83    338785645.1
TOWER GROUP A/S    TOWER EO       -31099624.83    338785645.1
TOWER GROUP A/S    TOWER PZ       -31099624.83    338785645.1
TOWER GROUP-NEW    TOWERN DC      -31099624.83    338785645.1
TOWER GROUP-RTS    3536132Q DC    -31099624.83    338785645.1
TOWER GROUP-RTS    TOWERT DC      -31099624.83    338785645.1
TPG NV             TNT LN         -837827974.3     3354049722
TRADER MEDIA COR   1809857Z LN    -68377500.77     1067600712
TRANSGAS SA        3794668Z PL    -13556500.82    194101307.5
TRANSPORT D-NEW    TNLN FP        -1572304.543      109252407
TRANSPORT D-RTS    TNLR FP        -1572304.543      109252407
TRAVELEX HOLDING   2917958Z LN     -1199322153     2381975765
TRINITY MIRROR P   1511258Z LN    -132394036.6    576545175.1
TROUVAY CAUVIN     ETEC FP        -396977.8818    133986439.7
TROUVAY CAUVIN     TVYCF US       -396977.8818    133986439.7
TUBE LINES FINAN   1241207Z LN    -2914999.962     2408518672
TUI UK LTD         1653824Z LN      -207142395     3158921524
TUILERIES FINANC   4701769Z FP    -3956981.588    125941142.6
TURKINGTON HOLDI   3801364Z LN    -15589164.43    119397179.6
TUTUNBANK          TUT TI         -948074542.1    622746433.4
TYCZKA TOTALGAZ    4167649Z GR    -19820668.04      135795251
ULSTERBUS LTD      3820392Z LN    -10764138.12    304076265.4
UMBRO INTERNATIO   UMBROZ HK      -23446865.21    108386366.5
UNEDIC             220055Z FP     -13751596343     9133559737
UNILEVER UK CENT   1273034Z LN     -2756213843    12331717140
UNITEC UNION TIE   3801344Z SM    -23208240.29    131217999.9
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   UPCEF US        -5505478850     5112616630
UNITED PAN-EUROP   UPCOF US        -5505478850     5112616630
UNITED PAN-EUROP   UPC VX          -5505478850     5112616630
UNITED PAN-EUROP   UPE1 GR         -5505478850     5112616630
UNITED TEXTILES    NML1 GR        -163112562.6    286535432.7
UNITED TEXTILES    UTEX GA        -163112562.6    286535432.7
UNITED TEXTILES    UTEX EU        -163112562.6    286535432.7
UNITED TEXTILES    NAOYK GA       -163112562.6    286535432.7
UNITED TEXTILES    UTEX PZ        -163112562.6    286535432.7
UNITED TEXTILES    NAOSF US       -163112562.6    286535432.7
UNITED TEXTILES    UTEX EO        -163112562.6    286535432.7
UNIVEG BELGIUM     3734462Z BB     -11873866.5    120521250.8
UNIVERSAL LEASIN   2581586Z LN    -28689717.99    155124932.2
UNIVERSAL PICTUR   1083202Z LN     -2532348.67    192370246.4
UPC HOLDING BV     3590264Z NA    -14797906248    15074616529
UPP NOTTINGHAM L   1958934Z LN    -41006312.76    172101149.9
URBAN SPLASH GRO   4286109Z LN    -54469749.91      294837811
URBAS GRUPO FINA   UBS EB         -53065589.57    121242544.8
URBAS GRUPO FINA   UBS S1         -53065589.57    121242544.8
URBAS GRUPO FINA   UBS EO         -53065589.57    121242544.8
URBAS GRUPO FINA   UZY GR         -53065589.57    121242544.8
URBAS GRUPO FINA   UBSE B3        -53065589.57    121242544.8
URBAS GRUPO FINA   UBS NR         -53065589.57    121242544.8
URBAS GRUPO FINA   UBSE L3        -53065589.57    121242544.8
URBAS GRUPO FINA   UBS TQ         -53065589.57    121242544.8
URBAS GRUPO FINA   UBS EU         -53065589.57    121242544.8
URBAS GRUPO FINA   UBS SM         -53065589.57    121242544.8
URBAS GRUPO FINA   UBSE S2        -53065589.57    121242544.8
URBAS GRUPO FINA   UBS IX         -53065589.57    121242544.8
URBAS GUADAHERMO   URBZF US       -53065589.57    121242544.8
URBAS GUADAHERMO   UBSS PZ        -53065589.57    121242544.8
URBAS SA - RT      UBS/D SM       -53065589.57    121242544.8
US JUNCTION LTD    4448681Z LN    -34382425.75    143550635.9
USINES CHAUSSO-B   USCH FP        -23067631.26    249374198.4
USINES CHAUSSON    USCS FP        -23067631.26    249374198.4
UTC GROUP          UGR LN         -11904731.18    203553741.8
UTKILEN SHIPPING   4446161Z NO    -1914233.387    153603650.5
VALE DO LOBO - R   4764257Z PL    -77564257.57    440086474.5
VECTURA AS         4414505Z NO    -7960396.671    246417342.6
VEOLIA ES LANDFI   1377362Z LN    -21590467.78    361889226.2
VEOLIA TRANSPORT   4030437Z NA    -12976610.13    100639002.5
VERNEUIL PARTICI   VRNL S1        -1572304.543      109252407
VERNEUIL PARTICI   VRNL EB        -1572304.543      109252407
VERNEUIL PARTICI   VRNL IX        -1572304.543      109252407
VERNEUIL PARTICI   TCNP IX        -1572304.543      109252407
VERNEUIL PARTICI   VRNLP B3       -1572304.543      109252407
VERNEUIL PARTICI   VEPA FP        -1572304.543      109252407
VERNEUIL PARTICI   VRNL PZ        -1572304.543      109252407
VERNEUIL PARTICI   VRNLP L3       -1572304.543      109252407
VERNEUIL PARTICI   VRNL EU        -1572304.543      109252407
VERNEUIL PARTICI   VRNL FP        -1572304.543      109252407
VERNEUIL PARTICI   VRNL TQ        -1572304.543      109252407
VERNEUIL PARTICI   VRNL EO        -1572304.543      109252407
VERNEUIL PARTICI   VRNLP S2       -1572304.543      109252407
VESTAS TECHNOLOG   1665752Z LN    -9443098.721      125412602
VETERIN - RIGHTS   VETR GA         -1446551773    135183840.6
VIA CAVOUR SRL     3997892Z IM     -1947582.88    168856438.8
VIALTIS            4730449Z FP    -2969942.626    141404113.3
VINK HOLDINGS LT   4380233Z LN    -13477512.44    132006628.3
VION FOOD GROUP    661873Z NA     -34576140.07     2937603388
VION HOLDING NV    3899346Z NA    -34576140.07     2937603388
VIOTER             VIOTF US        -9837036.58    184426179.8
VIOTER S.A.-RTS    BIOTR GA        -9837036.58    184426179.8
VIOTER SA-AUCTIO   BIOTE GA        -9837036.58    184426179.8
VIRGIN HOTELS GR   4288389Z LN     -30191617.1    109996972.6
VIRGIN MOB-ASSD    VMOC LN        -392176531.7    166074713.7
VIRGIN MOB-ASSD    VMOA LN        -392176531.7    166074713.7
VIRGIN MOBILE      VMOB PO        -392176531.7    166074713.7
VIRGIN MOBILE      VGMHF US       -392176531.7    166074713.7
VIRGIN MOBILE      UEM GR         -392176531.7    166074713.7
VIRGIN MOBILE      VMOB VX        -392176531.7    166074713.7
VIRGIN MOBILE HO   VMOB LN        -392176531.7    166074713.7
VIRIDOR WASTE EX   1428546Z LN    -22087452.25    120614872.4
VNG NORGE AS       4513147Z NO    -87651824.24    256963958.9
VOLGOGAZ-BRD       VLGG RU         -7710563.18    198473012.5
VOLGOGAZ-BRD       VLGG* RU        -7710563.18    198473012.5
VOLGOGRAD - PFD    VGSBP RU       -23680279.45    368752507.8
VOLGOGRAD - PFD    VGSBP RM       -23680279.45    368752507.8
VOLGOGRAD - PFD    VGSBP* RU      -23680279.45    368752507.8
VOLGOGRAD - PFD    VGSBPG RU      -23680279.45    368752507.8
VOLGOGRAD ENERGO   VGSB RU        -23680279.45    368752507.8
VOLGOGRAD ENERGO   VGSB RM        -23680279.45    368752507.8
VOLGOGRAD ENERGO   VGSB* RU       -23680279.45    368752507.8
VOLGOGRAD ENERGO   VGSBG RU       -23680279.45    368752507.8
VOLGOGRAD KHIM     VHIM RU        -126558518.8    153595253.5
VOLGOGRAD KHIM     VHIM* RU       -126558518.8    153595253.5
VOLKERWESSELS BO   4062101Z NA     -47509.2001    172069084.8
VOLUTION GROUP     FANGBX EU      -38034452.35    359782466.5
VOLUTION GROUP     FANL EB        -38034452.35    359782466.5
VOLUTION GROUP     FANL S1        -38034452.35    359782466.5
VOLUTION GROUP     VO1 GR         -38034452.35    359782466.5
VOLUTION GROUP     FANGBX EO      -38034452.35    359782466.5
VOLUTION GROUP     FANL IX        -38034452.35    359782466.5
VOLUTION GROUP     FAN LN         -38034452.35    359782466.5
VOLUTION GROUP P   4453393Z LN    -38034452.35    359782466.5
VORWERK & CO KG    VORW GR        -1423024.853     5009284697
VOYAGE GROUP LTD   4168725Z LN    -89544630.84    572211682.5
VT SUPPORT SERVI   1761897Z LN    -3791466.085    345328841.8
VUE ENTERTAINMEN   4514631Z LN      -116156914    894935082.8
W2005 W2007 CARN   3824100Z NA    -90774192.62    313655754.3
WARNER CHILCOT-A   G3LA TH          -427000000     3832000000
WARNER CHILCOT-A   WCRX US          -427000000     3832000000
WARNER CHILCOT-A   G3L GR           -427000000     3832000000
WARNER CHILCOT-A   G3LA GR          -427000000     3832000000
WARNER MUSIC GRO   3809048Z ID    -104416.9967    209719016.9
WATERFORD - RTS    WWWA GR        -505729895.2      820803256
WATERFORD - RTS    WWWB ID        -505729895.2      820803256
WATERFORD - RTS    508523Q LN     -505729895.2      820803256
WATERFORD - RTS    WWWB GR        -505729895.2      820803256
WATERFORD - RTS    WWWA ID        -505729895.2      820803256
WATERFORD - RTS    508519Q LN     -505729895.2      820803256
WATERFORD CRYSTA   4459209Z ID    -150437387.1    114109583.5
WATERFORD W-ADR    WATWY US       -505729895.2      820803256
WATERFORD WDGEWD   WATFF US       -505729895.2      820803256
WATERFORD WDGEWD   WATWF US       -505729895.2      820803256
WATERFORD WE-RTS   WTFN ID        -505729895.2      820803256
WATERFORD WE-RTS   WTFF LN        -505729895.2      820803256
WATERFORD WE-RTS   WTFN VX        -505729895.2      820803256
WATERFORD WE-RTS   WTFN LN        -505729895.2      820803256
WATERFORD WE-RTS   WTFF ID        -505729895.2      820803256
WATERFORD WED-RT   WWWC ID        -505729895.2      820803256
WATERFORD WED-RT   WWWD ID        -505729895.2      820803256
WATERFORD WED-RT   WTFR LN        -505729895.2      820803256
WATERFORD WED-RT   WWWC GR        -505729895.2      820803256
WATERFORD WED-RT   WWWD GR        -505729895.2      820803256
WATERFORD WED-RT   586552Q LN     -505729895.2      820803256
WATERFORD WED-RT   586556Q LN     -505729895.2      820803256
WATERFORD WED-UT   WTFU LN        -505729895.2      820803256
WATERFORD WED-UT   WTFU IX        -505729895.2      820803256
WATERFORD WED-UT   WWWD PZ        -505729895.2      820803256
WATERFORD WED-UT   WTFUGBX EU     -505729895.2      820803256
WATERFORD WED-UT   WTFU VX        -505729895.2      820803256
WATERFORD WED-UT   WTFUGBX EO     -505729895.2      820803256
WATERFORD WED-UT   WWW GR         -505729895.2      820803256
WATERFORD WED-UT   WTFU EO        -505729895.2      820803256
WATERFORD WED-UT   WTFU ID        -505729895.2      820803256
WATERFORD WED-UT   WWW PO         -505729895.2      820803256
WATERFORD WED-UT   WTFU PO        -505729895.2      820803256
WATERFORD WED-UT   WTFU EU        -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
WATSON & PHILIP    WTSN LN          -120493900    252232072.9
WEPA LILLE SAS     4752385Z FP    -2548678.548    108654870.9
WESCOT TOPCO LTD   4007020Z LN    -24133448.87    109740838.3
WEST HAM UNITED    1275834Z LN    -180012199.9    135176063.9
WESTA INTERNATIO   WESW S2           -58977000      246270000
WESTA INTERNATIO   WESW L3           -58977000      246270000
WESTA INTERNATIO   WESW B3           -58977000      246270000
WESTAISIC          WESPLN EO         -58977000      246270000
WESTAISIC          WES PW            -58977000      246270000
WHELCO HOLDINGS    2741744Z LN    -1295294.241    100785295.7
WHITE HART LANE    2004631Z LN    -1123372.612    151053464.8
WILLIAM HILL CRE   1068754Z LN    -1909844.938    260315941.5
WILLIAM HILL-W/I   101001Q LN     -59180694.37     1343662688
WILLIAM HILL-W/I   605547Q US     -59180694.37     1343662688
WINCANTON PL-ADR   WNCNY US       -445194319.3    781800711.2
WINCANTON PLC      WIN1USD EO     -445194319.3    781800711.2
WINCANTON PLC      WINL S2        -445194319.3    781800711.2
WINCANTON PLC      WIN1USD EU     -445194319.3    781800711.2
WINCANTON PLC      WIN1 BQ        -445194319.3    781800711.2
WINCANTON PLC      WIN1 EO        -445194319.3    781800711.2
WINCANTON PLC      WIN1EUR EO     -445194319.3    781800711.2
WINCANTON PLC      WNCNF US       -445194319.3    781800711.2
WINCANTON PLC      WIN IX         -445194319.3    781800711.2
WINCANTON PLC      WIN PZ         -445194319.3    781800711.2
WINCANTON PLC      WIN1 TQ        -445194319.3    781800711.2
WINCANTON PLC      WIN PO         -445194319.3    781800711.2
WINCANTON PLC      WIN VX         -445194319.3    781800711.2
WINCANTON PLC      WIN1 S1        -445194319.3    781800711.2
WINCANTON PLC      WIN8 EO        -445194319.3    781800711.2
WINCANTON PLC      WIN10 EO       -445194319.3    781800711.2
WINCANTON PLC      WINL B3        -445194319.3    781800711.2
WINCANTON PLC      WIN9 EO        -445194319.3    781800711.2
WINCANTON PLC      WIN7 EO        -445194319.3    781800711.2
WINCANTON PLC      WIN5 EO        -445194319.3    781800711.2
WINCANTON PLC      WIN1GBP EO     -445194319.3    781800711.2
WINCANTON PLC      WIN4 EO        -445194319.3    781800711.2
WINCANTON PLC      WIN1EUR EU     -445194319.3    781800711.2
WINCANTON PLC      WINL L3        -445194319.3    781800711.2
WINCANTON PLC      WIN11 EO       -445194319.3    781800711.2
WINCANTON PLC      WIN1 NQ        -445194319.3    781800711.2
WINCANTON PLC      WIN1 QM        -445194319.3    781800711.2
WINCANTON PLC      WIN1 EU        -445194319.3    781800711.2
WINCANTON PLC      WIN LN         -445194319.3    781800711.2
WINCANTON PLC      WIN1 EB        -445194319.3    781800711.2
WINCANTON PLC      WIN6 EO        -445194319.3    781800711.2
WINCANTON PLC      WIN13 EO       -445194319.3    781800711.2
WINCANTON PLC      WIN12 EO       -445194319.3    781800711.2
WINDSOR TELEVISI   1475394Z LN    -285930662.4    328647122.1
XCHANGING UK LTD   1814130Z LN    -63394768.74    447098103.7
XFERA MOVILE SA    1236Z SM       -136161367.5     1448667759
XSTRATA SERVICES   1975918Z LN    -2581782.821    151944610.4
YANG MING UK LTD   1756777Z LN    -82951196.78    273789409.4
YASARBANK          YABNK TI       -948074542.1    622746433.4
YELL GROUP PLC     YELL NQ         -2257521127     2120614224
YELL GROUP PLC     YELL PO         -2257521127     2120614224
YELL GROUP PLC     YELL VX         -2257521127     2120614224
YELL GROUP PLC     YELL PZ         -2257521127     2120614224
YELL GROUP PLC     YELL LN         -2257521127     2120614224
YELL GROUP- SUB    3449192Z LN     -2257521127     2120614224
YELL LTD           1941670Z LN    -910931167.6     1175550564
YORK REFRIGERATI   1846666Z LN    -33510192.51     1093012767
YPSO FRANCE SAS    711227Z FP     -603437932.8     3840966218
YUASA BATTERY UK   1449090Z LN    -7606058.565    109145700.5
ZERNOVAYA KOMPAN   ONAST RU       -27299614.73    611985879.9
ZIL AUTO PLANT     ZILL$ RU       -313328054.5    427801545.9
ZIL AUTO PLANT-P   ZILLP* RU      -313328054.5    427801545.9
ZIL AUTO PLANT-P   ZILLP RU       -313328054.5    427801545.9
ZIL AUTO PLANT-P   ZILLP RM       -313328054.5    427801545.9
ZINVEST FASHION    3775412Z NA    -296493.9562    180637333.9
ZKD-BRD            ZKRD RU        -21744775.12    136822054.1
ZKD-BRD            ZKRD* RU       -21744775.12    136822054.1
ZURICH EMPLOYMEN   1292298Z LN      -571647918    152143800.5
ZVON ENA HOLDING   ZVHR PZ        -304033160.5    774883403.9
ZVON ENA HOLDING   ZVHR EU        -304033160.5    774883403.9
ZVON ENA HOLDING   ZVHR SV        -304033160.5    774883403.9
ZVON ENA HOLDING   ZVHR EO        -304033160.5    774883403.9
ZWINGER OPCO 6 B   3821644Z NA    -103722296.7    611138495.1


                            *********

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.

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., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2014.  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$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


                 * * * End of Transmission * * *