TCREUR_Public/141111.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Tuesday, November 11, 2014, Vol. 15, No. 223



HUVEPHARMA AD: S&P Assigns BB- Corp. Credit Rating, Outlook Pos.


OW BUNKER: Declares Bankruptcy; Sues Two Employees Over Fraud


HUNGARY: Moody's Revises Ba1 Gov't Bond Rating Outlook to Stable


CREGSTAR BIDCO: S&P Assigns Preliminary 'B' CCR; Outlook Stable


EUROHOME MORTGAGES: S&P Cuts Rating on Class A Notes to 'BB-'
TAURUS CMBS 2: S&P Lowers Rating on Class F Notes to 'CCC-'


KAZAKHSTAN ELECTRICITY: S&P Revises Outlook & Affirms 'BB+' CCR
SAMRUK-ENERGY JSC: Fitch Lowers Foreign Currency IDR to 'BB+'


APERAM SA: S&P Raises CCR to 'BB-' on Strong Cash Flows
ARCELORMITTAL: S&P Affirms 'BB+' CCR; Outlook Negative


E-MAC DE 2006-II: Moody's Cuts Ratings on 2 Note Classes to 'Ca'
GAS NATURAL: S&P Assigns 'BB+' Rating to Proposed Sub. Securities
GRESHAM CLO III: Moody's Raises Rating on Cl. F Notes to 'Caa1'
SAMVARDHANA MOTHERSON: S&P Assigns 'BB+' CCR; Outlook Stable


DOURO MORTGAGES No.2: Moody's Lifts Rating on Cl. D Notes to Caa1
PORTUGAL: S&P Affirms 'BB/B' Sovereign Ratings; Outlook Stable
SAGRES SOCIEDADE: Moody's Lifts Rating on Class C Notes to 'Caa1'


MECHEL OAO: Russian Government to Discuss Debt Restructuring
ROSDORBANK: Moody's Changes 'B3' Deposit Rating Outlook to Stable
ROSSIYSKIY KREDIT: Moody's Cuts Nat'l Scale Rating to ''
ROSSIYSKIY KREDIT: Moody's Cuts Long-Term Deposit Ratings to Caa3
SUDOSTROITELNY BANK: S&P Lowers Ratings to 'B-/C'; Outlook Stable


CAMPOFRIO FOOD: S&P Raises Corp. Credit Rating to 'BB+'
FTA RMBS SANTANDER 3: Moody's Rates EUR975-Mil. C Notes '(P)Ca'
HIPOTOTTA NO. 5: Moody's Lifts Rating on Class E Notes to 'Caa1'

U N I T E D   K I N G D O M

ALIZE MIDCO: Moody's Assigns 'B1' Corporate Family Rating
ALIZE MIDCO: S&P Assigns Preliminary 'B+' CCR; Outlook Stable
ALL3MEDIA FINANCE: S&P Withdraws 'B+' Corporate Credit Rating
ANGLO INTERIORS: In Administration, 120 Jobs at Risk
CABLE & WIRELESS: S&P Puts BB CCR on Watch Neg Over Columbus Deal

CATERHAM FORMULA ONE: Crowdfunding Project Raises GBP1MM in 48Hrs
GHERKIN: Safra Group Buys Tower for About GBP726 Million
HENDERSON'S TRAVEL: McGill's Buses Buy 20 Routes
MARUSSIA F1: Ceases Trading, Cuts 200 Jobs
SERCO GROUP: Mulls GBP550MM Rights Issue; May Breach Covenant

TITAN EUROPE 2007-1: Moody's Cuts Rating on Cl. A Notes to Caa1


* S&P Takes Various Rating Actions on European CDO Tranches
* Large Companies with Insolvent Balance Sheets



HUVEPHARMA AD: S&P Assigns BB- Corp. Credit Rating, Outlook Pos.
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Bulgaria-based Huvepharma AD, a
pharmaceutical company with a focus on developing, manufacturing,
and marketing animal health products and feed additives.  The
outlook is positive.

At the same time, S&P assigned its 'BB-' issue rating to
Huvepharma's EUR275 million senior secured credit facilities
(including a EUR20 million revolving credit facility).

The ratings on Huvepharma reflect S&P's assessment of the
company's business risk profile as "weak" and its financial risk
profile as "significant."  Together, these assessments lead S&P
to derive an anchor of 'bb-', which is S&P's starting point for
assigning an issuer credit rating under our corporate criteria.
None of the analytical modifiers have an impact the anchor,
resulting in S&P's 'BB-' long-term corporate credit rating.

S&P equalizes the issue rating on Huvepharma's senior secured
debt with the long-term corporate credit rating to reflect that
only a small amount of liabilities would rank ahead of the senior
secured debt in a potential default scenario.

Huvepharma's majority shareholder is a family-owned holding
company called Advance Properties.  S&P believes Advance
Properties' other industrial activities do not affect
Huvepharma's business risk profile.  In line with S&P's group
rating methodology, it also take in account Advance Properties'
exposure to additional debt.  If this is consolidated with
Huvepharma's debt, however, it does not materially change the
group's credit metrics.

S&P's view of Huvepharma's "weak" business risk profile reflects
its assessments of "intermediate" country risk for companies
operating in Bulgaria and "low" industry risk for the animal
pharmaceutical sector.  S&P's business risk profile assessment
mainly incorporates its opinion of the company's "weak"
competitive position, based on its relatively small size.
Huvepharma generates annual revenues of about EUR250 million in a
fragmented and competitive underlying market, dominated by large
multinational players like Zoetis Inc. (BBB-/Stable/A-3) and
Elanco (not rated).

S&P believes these negatives are partly offset by Huvepharma's
substantial organic growth and rising EBITDA margins over the
past five years, and its limited exposure to volatility.  In
addition, S&P believes Huvepharma is well diversified
geographically, with a notable international presence outside
Bulgaria, such as in Western Europe and North America.

In S&P's base-case scenario, it projects a further increase in
the company's EBITDA margin to 24%-26% in the next three years,
from about 23% in 2013.  S&P assumes this increase would stem
from a strong rise in revenues, which S&P forecasts at 15%-25%,
due to significant organic growth from the introduction of new
products. Specifically, this is the case at Huvepharma's large
core divisions Anticoccidials, Enzymes, and Veterinary Products,
which together accounted for about 70% of the group's
consolidated sales in 2013.

S&P assess Huvepharma's financial risk profile as "significant"
because S&P forecasts debt to EBITDA to exceed 4x in 2014, owing
to the buyout of minority shareholder The Rohatyn Group, which
owned 36.6%.  The company's new capital structure after
recapitalization will comprise a EUR75 million five-year term
loan A and a EUR180 million term loan B maturing in 2020.  In
addition, there will be a EUR20 million revolving credit facility
(RCF), which is to remain undrawn.

"Based on our perception of company management's relatively
conservative financial policy as part of a family-owned business,
our assumption that the company will aim to deleverage in the
near future supports the ratings.  We therefore expect the ratio
of debt to EBITDA to decrease to about 3.5x in 2015 and to 3.0x
in 2016.  Our calculation for 2014 includes financial debt of
EUR255 million and operating-lease-adjusted debt of about EUR1
million. In our view, Huvepharma's financial risk profile
supports the ratings.  We consider both the company's solid track
record of very low historical debt to EBITDA of between 1x and 2x
from 2011 to 2013, as well as its ability to generate free cash
to reduce the leverage ratio of more than 4x that we expect in
2014.  In addition, we believe family ownership further underpins
the ratings because the motivation to decrease debt should be
strong. However, we note that the spike in leverage, which far
exceeds levels in recent years, resulted from management's
financial policy," S&P said.

Under S&P's base case, it assumes:

   -- Global GDP growth of 3.4% in 2014 and 3.5% in 2015; The
      global pharmaceutical industry to expand by 3%-5% per year;

   -- A relatively minimal impact from global macroeconomic
      cycles, because the animal health industry is noncyclical
      in nature;

   -- Growth of the $24 billion animal health market by about 6%
      per year, supported by secular trends, such as population
      growth; improving standards of living, resulting in higher
      meat consumption; further industrialization of food
      production, leading to increased use of medications; and
      bacterial and other disease pressures and increasingly
      scarce natural resources to support livestock, driving a
      need for better efficiency and productivity from livestock

   -- Huvepharma to expand significantly faster than GDP and
      industry growth rates--at between 15% and 25%--for the next
      three years, based on innovation and new products;  A
      further increase in EBITDA margins to about 26% by 2016;

   -- Sustained free cash flow generation of about EUR20 million

Based on these assumptions, S&P arrives at these credit measures:

   -- Debt to EBITDA of 4.3x in 2014, reducing to about 3.5x in
      2015 to 3.0x in 2016; and

   -- A ratio of funds from operations to debt of about 20% in
      2014, increasing to 22% in 2015.

S&P considers Huvepharma's liquidity to be "adequate" under its
criteria, assuming the debt placement is executed as planned.
The company's liquidity sources will likely exceed uses by about
1.2x in 2014.  In addition, if EBITDA were to decline by 30%, S&P
believes net liquidity sources would remain positive.

S&P estimates that the company has the following principal
liquidity sources over the next 12-18 months:

   -- The undrawn RCF of EUR20 million;

   -- Cash on the balance sheet of about EUR10 million-EUR20
      million per year;

   -- About EUR50 million of annual funds from operations; and

   -- Approximately EUR255 million from the term loans.

S&P estimates that the company has these uses of liquidity over
the same period:

   -- The buyout of minority shares and refinancing of existing
      debt for a total of EUR255 million;

   -- Capital expenditures of about EUR22 million;

   -- Bolt-on acquisitions costing about EUR22 million; and

   -- Working capital cash outflow of about EUR7 million.

S&P forecasts that Huvepharma will maintain headroom of more than
15% under its RCF covenant.

The positive outlook reflects the possibility of an upgrade if
Huvepharma uses sustained free cash flow to reduce debt quickly,
so that debt to EBITDA improves to 3x-4x as of 2015 from more
than 4x in 2014, in line with S&P's base case.

A positive rating action hinges on two main developments:

   -- Huvepharma's ability to sustain leverage below 3x; and

   -- The second is an improvement of Huvepharma's business risk
      profile that led S&P to revise its assessment to "fair"
      from "weak."  This could occur, for example, if the company
      achieved its strong projected growth rates over the next
      two years while maintaining its operating margins.

A negative rating action could follow if Huvepharma is unable to
deleverage or its business risk profile weakens, for instance,
because of the company's inability to expand or due to a loss of
market share in core segments.  This scenario could also be the
consequence of a sizable debt-funded acquisition, which S&P don't
foresee at this stage.


OW BUNKER: Declares Bankruptcy; Sues Two Employees Over Fraud
Peter Levring at Bloomberg News reports that OW Bunker A/S, which
went public in March, has declared bankruptcy and reported two
employees at its Singapore unit to the police following
allegations of fraud.

"The board of directors and management deeply regret to inform
that it has not been possible to find a sustainable solution,"
Bloomberg quotes the company as saying on Nov. 7 in a statement.
The company, as cited by Bloomberg, said as a consequence, OW
Bunker A/S, O.W. Bunker & Trading A/S and O.W. Supply & Trading
A/S will file for bankruptcy.

OW Bunker said on Nov. 5 shortly before midnight it had lost
US$275 million through a combination of fraud committed by senior
executives at its Singapore office and poor risk management,
Bloomberg relates.  Trading in its shares was suspended on Nov. 5
and the company said its banks had refused to provide more
credit, Bloomberg recounts.

Inspector Michael Kjeldgaard on Nov. 7 said police in Denmark are
still trying to establish the jurisdiction of the case and
whether fraud was actually committed, Bloomberg relays.

According to Bloomberg, the company said it lost $125 million
through the alleged fraud at its Singapore office.  Separately
from that, it said it also lost $150 million following a
"significant risk management loss" and has as a result fired its
head of risk management, Jane Dahl Christensen, Bloomberg notes.

OW Bunker A/S is a Danish shipping fuel provider.


HUNGARY: Moody's Revises Ba1 Gov't Bond Rating Outlook to Stable
Moody's Investors Service has changed the outlook on the Ba1
government bond rating of Hungary to stable from negative.
Concurrently, Moody's has affirmed Hungary's Ba1 rating.

The key drivers of the outlook change are:

1. The improving medium-term economic outlook. After many years
of economy-wide deleveraging, Hungary's growth is beginning to
respond to government policy measures resulting in an improvement
in investment and consumption trends, which Moody's believes will
persist. As a result, growth should be more broad based, which
will help offset headwinds from slowdowns in the EU and in
Russia, Hungary's important trading partners.

2. The government's commitment to maintaining the headline
government deficit below 3% of GDP, which has helped stabilize
the government debt ratio, albeit at the high level of 77% of
GDP. Moody's expects the debt-to-GDP ratio to fall, very
gradually, over the medium term on the back of healthier growth
and moderate deficits.

3. Improved resilience to external shocks, as reflected in
persistent current account surpluses, high external liquidity and
the performance of the currency relative to other emerging
markets during times of market turmoil. Hungary's external debt
has fallen over the past four years, as has its vulnerability to
external risks as reflected in the reduction in the external
vulnerability indicator.

Concurrently, Moody's also affirmed the Ba1 bond rating for the
National Bank of Hungary (NBH) and changed the outlook to stable
from negative, as Hungary's government is legally responsible for
the payments on NBH's bonds.

Hungary's long-term local-currency bond and deposit ceilings
remain unchanged at Baa2. The long-term foreign-currency bond
ceiling and short-term foreign currency bond ceiling remain
unchanged at Baa2 and P-2, respectively. The long-term and short-
term foreign currency bank deposit ceilings remain unchanged at
Ba2 and Not Prime (NP), respectively.

Ratings Rationale

Rationale for Outlook Change

--- First Driver: Stronger Growth Prospects Than Expected

The first driver behind Moody's decision to change Hungary's
rating outlook to stable is its economy showing signs of
stabilization after seven years of extremely low growth,
averaging -0.4% between 2007 and 2013. Moody's expects Hungary's
real GDP growth to be around 3% in 2014 before falling slightly
to 2.4% in 2015.

Over the next three years, Moody's expects that growth will
average around 2.2%. While that is still low compared to regional
peers such as Poland, Slovakia and the Czech Republic, Hungary is
likely to be able to effectively balance risks emanating from a
slowdown in the EU and risks related to Russia-Ukraine with the
rebalancing of the economy towards domestic demand offsetting
weaker external demand.

In addition, the country's negative investment trend, which
lasted 4.5 years, began to reverse in early 2013, and now shows
signs of durability as a result of the government's low interest
rate policy, as well as the funding-for-growth scheme, which
encourages lending to small and medium-sized enterprises (SMEs).
Moreover, public investment has grown significantly due to the
higher absorption rate of EU funds.

--- Second Driver: Budget Deficit Expected to Remain Low,
General Government Debt Stabilizing

The second driver behind the outlook change is the government's
continued commitment to maintaining a budget deficit below 3% of
GDP. Based on the government's budget execution record up until
September, this year's budget deficit of 2.9% of GDP (under the
ESA2010 calculations) is within reach. Moreover, the risks to the
draft budget presented to the Parliament, which has a target of
2.4% of GDP are balanced. Notwithstanding the government's
acquisition of a number of utility companies this year, Moody's
expects overall debt-to-GDP to remain around 77% of GDP for 2014
and 2015, with debt-to-GDP ratio falling over the medium term,
but very gradually, on the back of healthier growth and moderate

That being said the debt ratio remains vulnerable to exchange
rate fluctuations, because approximately 40% of the total debt
stock is denominated in foreign currencies. However, Moody's
notes that the debt ratio's exposure to adverse foreign-currency
movements is likely to diminish gradually as the government
redirects borrowing to the domestic market as part of the self-
financing plan, announced earlier this year.

--- Third Driver: Improved Resilience to External Shocks

The third driver supporting the outlook change is Hungary's
improved resilience to external shocks, which has allowed the
economy to withstand market turmoil related to the normalization
of US monetary policy that began late last year. Several years of
current account surpluses have generated a large foreign-exchange
buffer that as of end September stands at EUR36 billion,
representing 35% of GDP. Moreover, external debt as a proportion
of GDP has also fallen, mainly due to corporate, banking and
household sector deleveraging, and Moody's estimates that by the
end of 2014, external debt % of GDP will stand at 128% (falling
by 58 percentage points from the peak in 2009). The external
vulnerability indicator (short term debt+ currently maturing long
term debt+ non-resident deposits/foreign exchange reserves) has
also been declining, estimated to stand at 139% at the end of
2014, falling from a high 203% in 2011 reflecting the improved
resiliency in the economy.

What Could Move the Rating UP/DOWN

Moody's could consider upgrading the government bond rating if
there were signs of stronger growth prospects supported by
greater policy stability, particularly with regard to the banking
sector. Moreover, evidence of debt trending on a continued
downward path could also provide support to an upgrade.

Downward pressure on the government bond rating could arise in
the case of a reduction in policymakers' commitment to contain
the budget deficit to less than 3% of GDP and/or policy measures
that would significantly impact the outlook for growth lower than
Moody's expectation. The latter could also trigger severe
exchange-rate pressures, capital outflows and higher financing
costs, all of which could lead to an increase in the government's
debt burden.

GDP per capita (PPP basis, US$): 23,236 (2013 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 1.5% (2013 Actual) (also known as GDP

Inflation Rate (CPI, % change Dec/Dec): 0.4% (2013 Actual)

Gen. Gov. Financial Balance/GDP: -2.4% (2013 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: 4.7% (2013 Actual) (also known as
External Balance)

External debt/GDP: 149.8% (2013 Actual)

Level of economic development: Moderate level of economic

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On November 4, 2014, a rating committee was called to discuss the
rating of Hungary, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially increased. The
issuer's fiscal or financial strength, including its debt
profile, is stabilizing. The issuer has become less susceptible
to event risks.

The principal methodology used in these ratings was Sovereign
Bond Ratings published in September 2013.


CREGSTAR BIDCO: S&P Assigns Preliminary 'B' CCR; Outlook Stable
Standard & Poor's Ratings Services assigned its preliminary 'B'
long-term corporate credit rating to Ireland-based medical
devices manufacturer Cregstar Bidco Limited.  The outlook is

At the same time, S&P assigned a preliminary 'B' issue rating to
the proposed $25 million credit facility and US$185 million
first-lien term loan to be issued by Cregstar Finco Ltd.  S&P has
assigned preliminary recovery ratings of '3' to the first-lien
term loan and credit facility, indicating its expectation of
meaningful (50%-70%) recovery prospects in the event of a payment

S&P also assigned a 'CCC+' preliminary issue rating to the
proposed US$90 million second-lien term loan to be issued by
Cregstar Finco Ltd.  The preliminary recovery rating on the notes
is '6', indicating S&P's expectation of negligible (0%-10%)
recovery in the event of a payment default.

The final ratings and credit metrics will be subject to the
successful closing of the transaction under terms similar to
those currently indicated, and will depend on S&P's receipt and
satisfactory review of all final transaction documentation.
Accordingly, the preliminary ratings should not be construed as
evidence of the final ratings.  If the terms and conditions of
the final transaction depart from the material S&P has already
reviewed, including the terms under the group's shareholder
loans, or if the transaction does not close within what S&P
considers to be a reasonable timeframe, S&P reserves the right to
withdraw or revise its ratings.

Creganna is a contract manufacturer for the medical device
industry, focused on surgical systems for minimally invasive
procedures.  The ratings on Creganna are constrained by its small
size, product concentration and the presence of contract
cancellation risk, reflected in S&P's business risk profile
assessment of "weak."  The group's financial sponsor ownership,
with adjusted leverage of around 9x pro-forma the transaction,
underpins S&P's "highly leveraged" financial risk profile
assessment.  S&P expects Creganna's FFO cash interest coverage to
be close to 3x, which supports S&P's 'b' anchor rating.

S&P's business risk profile assessment is constrained by
Creganna's small size and narrow focus.  The combined group will
be the largest player in metals fabrication for medical devices
for minimally-invasive procedures.  However, it will remain small
in the overall contract manufacturing space, with revenues of
about US$250 million in 2014.  Although Creganna will offer
products supporting multiple therapeutic areas and surgical
procedures, their addressable market remains small and 80% of
revenues stem from the vascular end-market.  The group also has
significant product concentration, in that a material proportion
of revenues will be derived from its top product, hypotubes
(hypodermic tubing).  Contract manufacturers often lack any
pricing power, which is often influenced by the stronger
bargaining position of its customers.  S&P expects pricing
pressure to continue in Creganna's main markets in the U.S. and
Europe, which account for the majority of group revenues, as
medical devices companies continue to focus on cost savings amid
a tough reimbursement environment.  Although the acquisition will
improve Creganna's manufacturing footprint, S&P notes that the
Galway facility will still contribute a significant proportion of
the group's manufacturing capacity.  However, S&P expects some of
this to be transferred to Precision Wire Components' (PWC')s
lower-cost Costa Rica facility over the medium term.

These negatives are partially offset by Creganna's strong
position in the provision of outsourced surgical systems for
minimally invasive procedures, for which the company is often the
sole supplier.  While the threat of customer in-sourcing remains,
S&P anticipates that outsourcing will continue to grow over the
next few years as medical device companies increasingly focus on
developing complex and customized products.  The rise of
outsourcing is also supported by the growing shift toward
minimally invasive procedures, with proven medical benefits such
as reduced risk of trauma and faster recovery.  S&P also
considers the group to have good earnings visibility provided by
the contracted nature of the majority of group revenues,
benefiting from established relationships with the largest
medical devices companies.  This is somewhat protected by high
switching costs for customers posed by regulation and
manufacturing expertise. Furthermore, S&P views Creganna's
customer diversity as adequate, with no single customer
accounting for more than 15% of revenues. However, S&P notes the
presence of contract cancellation risk, which can have
potentially negative effects on group earnings given the small
size of the company.

"The financial risk profile is underpinned by Creganna's
ownership by financial sponsor, Permira, and our expectation that
its adjusted leverage will remain around 9x over the next 12-18
months.  Our calculation includes US$275 million of financial
debt in the form of the proposed term loans, about US$20 million-
US$25 million of capitalized operating leases, and about US$145
million in the form of shareholder loans.  Although we view these
latter instruments as debt-like under our criteria, we recognize
their cash-preserving function.  Excluding the shareholder loans
from our debt calculation results in a debt-to-EBITDA ratio of
about 6x, still "highly leveraged."  Despite some mandatory
payments under the terms of the first-lien term loan, we expect
leverage to remain high over the near term.  This is partially
offset by our view of the group's relatively strong cash flow
protection, as we expect FFO cash interest coverage to remain at
close to 3x over the next two years," S&P said.

S&P's base-case assumes:

   -- Revenue growth of 3%-4% over the near term, mainly driven
      by increasing volumes;

   -- Stable EBITDA margins in the high teens to low 20s;

   -- Capital expenditure (capex) of 3%-4% of revenues per year;

   -- Limited acquisitions in the near term, with the group
      focusing on integrating PWC and improving operational

Based on these assumptions, S&P arrives at these credit measures:

   -- Adjusted debt to EBITDA of around 9x in 2014 and 2015; and

   -- FFO cash interest coverage of 2.7x in 2014 2.8x in 2015.

The stable outlook reflects S&P's expectation that Creganna will
be able to successfully integrate the acquisition of PWC and
improve its profitability as planned.  The outlook also reflects
S&P's view that the company will maintain "adequate" liquidity
and FFO cash interest coverage comfortably above 2x over the next
12 months.

S&P could lower the rating if the group's operating performance
deteriorates significantly, such that FFO cash interest coverage
falls below 2x.  This could constrain the group's ability to
generate free cash flow.  Such a scenario could arise if Creganna
is unable to integrate the PWC acquisition or if the group loses
one or more of its major contracts/customers.  S&P could also
consider a downgrade if the group faces liquidity issues and
fails to maintain adequate headroom under its covenants.

S&P considers an upgrade as highly unlikely, due to Creganna's
high adjusted leverage and small size.  That said, S&P could
consider a higher rating if the group were able to sustain
adjusted leverage below 5x.  This would most likely be as a
result of a change in financial policy.


Standard & Poor's Ratings Services said that it has affirmed its
'BB/B' corporate credit ratings on Italy-based holding company
CIR-Compagnie Industriali Riunite SpA (CIR).

S&P subsequently withdrew the ratings at the company's request.
At the time of the withdrawal, the outlook was stable.

At the time of withdrawal, the ratings on CIR reflected S&P's
view of its business risk profile as "weak" and its financial
risk profile as "intermediate."

S&P's assessment of CIR's business risk profile reflects its view
of the poor credit quality of its portfolio, with its core assets
having actual or estimated ratings in the speculative-grade
category.  The presence of controlled core listed subsidiaries in
the portfolio also reduces its liquidity.  In addition, CIR has
high exposure to Italy country risk and its portfolio of core
assets has generally been static, with no marked changes over the
past few years.

In July 2014, CIR signed a term-sheet agreement with the bank
creditors of Sorgenia, one of CIR's portfolio's core assets.
Based on this agreement, the banks will convert part of their
loans provided to Sorgenia into equity.  CIR excluded any
participation in the capital increase, and its stake will
therefore be diluted in favor of the banks.  When approving its
2013 annual report, CIR completely wrote off the investment in
Sorgenia.  S&P expects the Milan court to approve Sorgenia's
restructuring plan in the next few months, after which the plan
will become effective.

S&P's assessment of CIR's financial risk profile reflects its
view of the company's moderate financial policy and its limited
appetite for leverage at the holding company level.  S&P assess
CIR's liquidity as "adequate," underpinned by the sizable cash
balances held at the parent company.  In Oct. 2014, CIR fully
redeemed its EUR300 million bond maturing in 2024.  As a result,
CIR's capital structure displays no gross debt at the parent

At the time of withdrawal, the stable outlook reflected S&P's
view that CIR has retained some financial flexibility, after
early redemption of its EUR300 million bond.  This is consistent
with the track record of good financial headroom at the holding
company level.  The stable outlook also reflected S&P's
expectation that the overall credit quality of CIR's core assets
will remain at least stable over the next 12-18 months.

EUROHOME MORTGAGES: S&P Cuts Rating on Class A Notes to 'BB-'
Standard & Poor's Ratings Services lowered to 'BB- (sf)' from
'BBB (sf)' and removed from CreditWatch negative its credit
rating on Eurohome (Italy) Mortgages S.r.l.'s class A notes.  At
the same time, S&P has affirmed its 'D (sf)' ratings on the class
B, C, and D notes.

On March 6, 2014, S&P placed its rating on the class A notes on
CreditWatch negative following the transaction's weak performance
and decreasing credit enhancement.

Upon publishing S&P's updated criteria for Italian residential
mortgage-backed securities (RMBS criteria) and its updated
criteria for rating single-jurisdiction securitizations above the
sovereign foreign currency rating (RAS criteria), S&P placed
those ratings that could potentially be affected "under criteria

Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.

The downgrade follows S&P's credit and cash flow analysis of the
most recent transaction information that S&P has received as of
Nov. 2014.  S&P's analysis reflects the application of its RMBS
criteria.  S&P's RAS criteria do not apply to this transaction as
the ratings in this transaction are below S&P's 'BBB' long-term
unsolicited rating on the Republic of Italy.

Credit enhancement, considering performing collateral only, has
been constantly decreasing for all classes of notes.  Available
credit enhancement for the class A notes was 0.60% in Nov. 2014,
compared with 3.43% in Feb. 2014, and down from 4.98% in Nov.

The unpaid principal deficiency ledger (PDL) balance has
continued to increase reaching EUR46,253,896, compared with
EUR42,265,162 in February 2014 and EUR40,132,387 in Nov. 2013.
S&P expects this PDL increase to continue on subsequent interest
payment dates.

This transaction features a reserve fund, which was fully drawn
in May 2009 and was never replenished.

Severe delinquencies of more than 90 days at 9.84% are on average
higher for this transaction than S&P's Italian RMBS index.
Defaults are defined as mortgage loans in arrears for more than
12 months in this transaction.  Cumulative defaults, at 27.51%,
are also considerably higher than in other RMBS transactions that
S&P rates.  Prepayment levels remain low and the transaction is
unlikely to pay down significantly in the near term, in S&P's

After applying S&P's RMBS criteria to this transaction, its
credit analysis results show an increase in both the weighted-
average foreclosure frequency (WAFF) and in the weighted-average
loss severity (WALS) for each rating level.

Rating level    WAFF (%)    WALS (%)
AAA                56.83       37.66
AA                 49.27       33.93
A                  39.82       27.08
BBB                32.60       23.65
BB                 26.31       21.29
B                  18.91       19.11

The increase in the WAFF is mainly due to higher adjustments
applied, due to the criteria update, for the many nonarchetypical
features of the pool:  The entire pool was broker-originated;
there is a significant proportion of loans granted to non-Italian
citizens; a high proportion of loans granted for cash-out
reasons; there are some loans secured over commercial properties
(for the consolidation of existing liabilities; and about a third
of the outstanding pool is to self-employed borrowers.

The increase in the WALS is mainly due to the application of
S&P's revised market value decline assumptions.  The overall
effect is an increase in the required credit coverage for each
rating level.

Taking into account the results of S&P's updated credit and cash
flow analysis, and the transaction's performance, it considers
that the available credit enhancement for the class A notes is
now commensurate with a lower rating than previously assigned.
S&P has therefore lowered to 'BB- (sf)' from 'BBB (sf)' and
removed from CreditWatch negative its rating on the class A

The transaction has an interest deferral mechanism for the class
B, C, D, and E notes, based on the cumulative default level.
This mechanism provides additional protection to the class A
notes.  If an interest deferral trigger is breached, the interest
on that class of notes is deferred until the PDL is cleared and
the principal borrowed under the principal priority of payments
is repaid.  The class B, C, D, and unrated class E notes have
already breached this trigger and are not paying any interest.
S&P has therefore affirmed its 'D (sf)' ratings on the class B,
C, and D notes

In S&P's opinion, the outlook for the Italian residential
mortgage and real estate market is not benign and S&P has
therefore increased its expected 'B' foreclosure frequency
assumption to 2.55% from 1.50%, when it applies its RMBS
criteria, to reflect this view.  S&P bases these assumptions on
its expectation of modest economic growth, continuing high
unemployment, and sluggish house price appreciation for the
remainder of 2014 and 2015.

On the back of the weak macroeconomic conditions, S&P don't
expect the performance of the transactions in its Italian RMBS
index to significantly improve in 2014.

S&P expects severe arrears in the portfolio to remain at their
current levels, as there are a number of downside risks.  These
include weak economic growth, high unemployment, and fiscal
tightening.  On the positive side, S&P expects interest rates to
remain low for the foreseeable future.

Eurohome Italy Mortgages is an Italian RMBS transaction, which
closed in Dec. 2007.  The transaction securitizes a pool of
first-ranking mortgage loans that Deutsche BAnk Mutui SpA


Class       Rating            Rating
            To                From

Eurohome (Italy) Mortgages S.r.l.
EUR260.85 Million Mortgage-Backed Floating-Rate Notes

Rating Lowered and Removed from CreditWatch Negative

A           BB- (sf)          BBB (sf)/Watch Neg

Ratings Affirmed

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

TAURUS CMBS 2: S&P Lowers Rating on Class F Notes to 'CCC-'
Standard & Poor's ratings Services lowered its credit ratings on
Taurus CMBS No. 2 S.r.l.'s class E, F, and G notes.  At the same
time, S&P has withdrawn its ratings on the class C and D notes.

The transaction originally securitized four loans.  Three loans
have repaid since closing in Dec. 2005.  The transaction is now
only secured on one loan, the Berenice loan.  The transaction's
legal final maturity date is in July 2019.

The securitized Berenice loan comprises one-third of a syndicated
loan facility, which totaled EUR450.0 million at closing, with a
EUR40.0 million capital expenditure facility.  The securitized
loan has decreased to EUR34.7 million from EUR150.0 million at
closing, which includes a capital expenditure facility of EUR13.3
million (EUR8.8 million remains undrawn within this facility).

The loan was originally secured on 54 properties.  Following some
asset sales, 21 properties currently back the sole outstanding
loan.  The reported loan-to-value (LTV) ratio is 27.1%, based on
a June 2013 valuation of EUR287 million.

S&P has assumed the loan would fully repay under a 'B' rating
stress scenario.

With an outstanding securitized note balance of EUR34.7 million,
Taurus CMBS No.2 has amortized by 91% since closing.  As a
result, the notes' weighted-average margin now exceeds that of
the Berenice loan. Combined with senior expenses payable, this
has reduced the amounts available for interest payments.

S&P's cash flow analysis indicates that the class E and F notes
continue to become more vulnerable to cash flow disruptions, as a
result of loan prepayments.

The class G notes are subject to an available funds cap (AFC).
As such, under the transaction documents, the class G notes are
only entitled to receive interest up to an amount available from
loan interest, provided that the shortfall is solely attributable
to prepayments.

S&P's ratings in this transaction address the timely payment of
interest, payable quarterly in arrears, and the payment of
principal by the July 2019 legal final maturity date.

S&P has withdrawn its ratings on the class C and D notes
following its receipt of the Oct. 2014 cash manager's report,
which confirms that they fully repaid on the Oct. 2014 interest
payment date.

Although S&P considers the class E and F notes' available credit
enhancement to be adequate to mitigate the risk of principal
losses from the underlying loan in higher stress scenarios, S&P
has lowered to 'B- (sf)' from 'B (sf)' and to 'CCC- (sf)' from
'CCC (sf)' its ratings on these classes of notes, respectively.
This is because their exposure to cash flow disruptions continues
to increase, as a result of loan prepayments.  In accordance with
S&P's relevant criteria, it has not lowered to 'D (sf)' its
ratings on these classes of notes because the issuer may repay
the accrued interest shortfalls by maturity.  However, in S&P's
opinion, this is becoming less likely for the class F notes.

S&P has lowered to 'B- (sf)' from 'B (sf)' its rating on the
class G notes because it considers that they are becoming more
vulnerable to principal losses, if the issuer were to divert some
of its principal receipts to repay accrued interest for the
senior tranches.


Taurus CMBS No. 2 S.r.l.
EUR403.9 mil commercial mortgage-backed floating-rate notes
                               Rating          Rating
Class       Identifier         To              From
C           IT0003957021       NR              A (sf)
D           IT0003957039       NR              BBB (sf)
E           IT0003957047       B- (sf)         B (sf)
F           IT0003957054       CCC- (sf)       CCC (sf)
G           IT0003957062       B- (sf)         B (sf)

NR -- Not Rated.


KAZAKHSTAN ELECTRICITY: S&P Revises Outlook & Affirms 'BB+' CCR
Standard & Poor's Ratings Services said that it has revised its
outlook on Kazakhstan-based state-owned electricity transmission
monopoly Kazakhstan Electricity Grid Operating Co. (JSC) (KEGOC)
to positive from stable.  At the same time, S&P affirmed its
'BB+' long-term corporate credit rating.

S&P also affirmed the 'BB+' rating on KEGOC's senior unsecured
bank loan from the European Bank for Reconstruction and
Development (EBRD).  The recovery rating is unchanged at '4',
indicating S&P's expectation of average (30%-50%) recovery in the
event of a payment default.

The outlook change reflects S&P's view that KEGOC's credit ratios
might strengthen in the next 12 months following a tariff uplift
in Nov. 2014.  As S&P understands, the government has approved a
beneficial tariff uplift for KEGOC's services, including a 50%
rise for transmission services.  S&P thinks that this will result
in boosted cash flow generation and stronger leverage ratios,
which could lead us to positively reassess the company's
financial risk profile, putting it in the "significant" category.

S&P also notes that there is a possibility of a parallel rise in
capital expenditure or a requirement to pay a superdividend to
its parent, 100% state-owned national welfare fund Samruk-Kazyna,
which would cancel the benefits of improved cash flow generation
and hinder positive development of the financial profile.

KEGOC's ratings are constrained by its short-term (one year)
cost-plus-based tariff system, which lacks predictability and
transparency and does not guarantee either full or timely cost
recovery, as well as its aged asset portfolio, high country risk,
high financial leverage with 100% of debt denominated in euros or
U.S. dollars, and large investment program.

Supportive factors include strong ongoing support from the state,
a monopoly position in the stable electricity transmission
business, which S&P considers to have fairly low operating risk
because of its regulated earnings profile, as well as minimal
dividend pressure and a long-term maturity profile.

S&P regards KEGOC as a government-related entity (GRE).  S&P's
rating on KEGOC incorporates its assessment of a "very high"
likelihood of timely and sufficient extraordinary government
support for the company, based on S&P's assessment of KEGOC's:

   -- "Very important" role for Kazakhstan's government, given
      the company's strategic importance as a monopoly provider
      of essential electricity infrastructure; and

   -- "Very strong" link with the government, which fully owns
      KEGOC, currently guarantees about 42% of KEGOC's debt (and
      possibly any new debt), and has a history of injecting
      equity to cover the company's liquidity shortfalls.

S&P currently don't expect any deterioration in the likelihood of
extraordinary government support for KEGOC following the partial
IPO planned for Dec. 2014.  S&P assumes that only a minor stake
(10%-15%) will be placed, and the government will retain
incentives and instruments to financially support KEGOC in case
of need.

The positive outlook reflects S&P's expectation that positive
tariff adjustments will boost KEGOC's cash flow generation.  This
could lead S&P to reassess the company's financial risk profile
to "significant," raising its stand-alone credit profile (SACP)
to 'b+', if S&P believed that KEGOC's main credit metrics would
improve on a sustainable basis.

In accordance with S&P's criteria for GREs, a revision of the
SACP to 'b+' would result in a one-notch upgrade, all else being

S&P could raise the ratings within the next 12 months if it
believes that KEGOC's financial metrics will improve to a level
S&P considers in line with a "significant" financial risk profile
for the company, including debt to EBITDA below 4.0x and FFO to
debt above 20% on a sustainable basis.  An upgrade would also
rely on KEGOC maintaining an "adequate" liquidity position, and
no downward changes in S&P's assessment of a "very high"
likelihood of extraordinary state support for KEGOC or our
sovereign rating on Kazakhstan.

S&P could revise the outlook to stable if KEGOC fails to achieve
stronger cash flow generation and leverage ratios, or if a higher
level of capex or excessive dividends mitigate the positive
developments in tariffs.  A downgrade of Kazakhstan by one notch
or the likelihood of support falling to "high" would also
eliminate the positives stemming from the strengthening of the
financial risk profile.

SAMRUK-ENERGY JSC: Fitch Lowers Foreign Currency IDR to 'BB+'
Fitch Ratings has downgraded Kazakhstan-based JSC Samruk-Energy's
ratings, including its Long-term foreign currency Issuer Default
Rating (IDR) to 'BBB-' from 'BBB' and foreign currency senior
unsecured rating to 'BB+' from 'BBB-'.  The Outlooks on the Long-
term ratings are Stable.

The downgrade reflects the weakened legal ties between Samruk-
Energy and its sole, indirect shareholder -- the Kazakh State
(BBB+/Stable) -- due to a decline in the share of state-
guaranteed debt.  The share of state-guaranteed debt had been the
key driver of the previous one-notch differential between their
ratings. Following the downgrade, the company's Long-term IDRs
are two notches lower than the sovereign's.

Fitch continues to apply a one-notch difference between the
senior unsecured ratings and the Long-term IDRs, due to evolving
financial and debt management policies and expected changes to
the group structure, as a result of planned asset disposals and
the company's acquisitive strategy.


Weakened Legal Ties

The downgrade reflects the widening of rating differential to two
notches from a single notch between Samruk-Energy and its sole
direct shareholder JSC Sovereign Wealth Fund Samruk-Kazyna
(BBB+/Stable) and, ultimately, the State that owns 100% of
Samruk-Kazyna.  This reflects Fitch's reassessment of the
strength of legal, operational and strategic ties between the
company and its sole shareholder.

While Fitch continues to view the operational and strategic ties
as strong, the legal ties have weakened as the share of fully
state-guaranteed debt (directly by the state or via Samruk-
Kazyna) in Samruk-Energy's gross debt declined to 9% as of
October 2014 from 19% as of end-1H12, due to an increase in
unguaranteed debt, including debt from Samruk-Kazyna.
Furthermore, the company's debt does not carry any cross default
provisions.  Fitch views robust legal ties as a key factor for
either aligning the company's rating with, or rating it one notch
lower than, that of its shareholder.

State Support Underpins Top-Down Approach

Fitch continues to view the operational and strategic links
between Samruk-Energy and Samruk-Kazyna and, ultimately, the
State as strong, which supports the application of the top-down
rating approach.  The strength of the ties is underpinned by the
company's strategic importance to the Kazakh economy as the
company controls about a half of total installed electric power
capacity in the country, by the State's approval of its strategy
and capex programme as well as by sizeable tangible financial
support from the State in the form of equity injections, assets
contribution, subordinated loans and subsidies.  Samruk-Energy
received equity injections from the State of KZT111bn over 2008-
2013, KZT121bn in 2014 for funding the Ekibastuzskaya GRES-1
acquisition and expects to receive around KZT82bn over 2015-2018
for the modernization of the Almaty and Balkhash power stations.
It also received about KZT134bn over 2008-2013 in the form of
assets contribution.

Limited Impact from Planned IPO

Samruk-Kazyna plans to offer a minority stake in JSC Samruk-
Energy to the local public in a so-called People's IPO over 2015.
However, Samruk-Kazyna and thereby the government, are expected
to retain a majority stake in Samruk-Energy and continue to
support Samruk-Energy, at least within rating horizon.

Acquisition Financing

The recent acquisition of a 50% stake in LLP Ekibastuzskaya GRES-
1 for KZT236.7 billion (USD1.3 billion) by Samruk-Energy was
initially financed via a shareholder loan received from Samruk-
Kazyna for the total consideration.  The company is in the
process of refinancing this shareholder loan through an equity
contribution for KZT121bn received from the State by October 2014
and an issue of subordinated bonds for KZT100bn by the end-2014 -
early 2015 to be purchased by Samruk-Kazyna.  As documentation
for subordinated bonds has not yet been finalized, Fitch is
currently treating them as 100% debt in our financial analysis.
Fitch expects a substantial contribution of Ekibastuzskaya GRES-1
to the group's EBITDA from 2014 and the conversion of about half
of the acquisition loan into equity to result in a largely
neutral effect on group's credit metrics.

'B' Category Standalone Profile

Fitch views Samruk-Energy's standalone profile to be commensurate
with the mid-'B' rating category, which is reflective of its weak
credit metrics that are balanced with a solid business profile.
Fitch forecasts Samruk-Energy's funds from operations (FFO)
adjusted gross leverage in 2015 to be in line with 2013's 5.2x
and to remain well above 5x over 2015-2018, and its FFO fixed
charge cover to deteriorate to below 3x by 2016 (6.3x in 2013).
This is due to an intensive capex program of KZT486 billion
(USD2.7 billion) over 2014-2018.  The forecast is also based on
Fitch's treatment of the planned subordinated bond issue for the
Ekibastuzskaya GRES-1 acquisition as 100% debt.

Tight Leverage Covenant

Fitch considers the financial covenant of debt/EBITDA below 4.5x
from 2014 set in the loan agreement with EBRD as tight given
Samruk-Energy's weak financials.  Fitch estimates that its
EBITDA-based leverage metrics are likely to test this covenant in
2014, before breaching it during 2015-2018.  Therefore, if the
covenant level is not reset or if the company does not receive
additional financial support from the State to improve its
financial profile, Samruk-Energy is likely to be in a recurring
breach of this leverage covenant.  This will be more reflective
of the company's standalone mid-B category profile than of an
investment grade rating.

Prior-ranking Debt

The ratio of secured and prior-ranking debt at the operating
companies level improved to below Fitch's threshold of 2x of
EBITDA, at above 1x of group's 2014 EBITDA.  However, Fitch
continues to notch the foreign and local currency senior
unsecured ratings down by one level from Samruk-Energy's Long-
term foreign and local currency IDRs, respectively, due to the
lack of clarity and consistency in its financial policy and group
debt management as these policies are currently under review
along with the company's long-term strategy as well as expected
changes in the group structure due to planned assets disposals
and the company's acquisitive strategy.

Generation Dominates Despite Integration

Samruk-Energy's standalone ratings benefit from the company's
gradual shift towards vertically integrated operations, with
activities ranging from coal mining to generation, transmission
and distribution of power and heat.  Fitch expects the generation
segment to remain the main cash flow driver for the group.  The
Ekibastuzskaya GRES-1 acquisition is expected to increase the
share of generation in Samruk-Energy's EBITDA to 84% (excluding
income from associates) in 2014, from around 60% in 2013.

Potential Assets Disposal

In April 2014 Kazakhstan's government approved the list of 106
companies earmarked for privatization over 2014-2016.  The terms
and pricing details of these assets sales are not yet disclosed.
Nine of these companies are owned by Samruk-Energy.  Based on
Fitch's estimates, these assets contribute on average 68% to the
group's revenue and 31% to EBITDA annually in 2014-2018 while
they accounted for 6.3% of total group debt at end-2013.  Fitch's
financial forecasts do not take into account potential disposals.

Supportive Tariffs at Present

Since 2013 electricity grid companies in Kazakhstan have been
operating under three-year tariffs that are approved until 2016
and are determined by a benchmarking mechanism.  Fitch believes
that longer-term tariffs establish a foundation for clearer rules
and a more stable operating environment, and the introduction of
a benchmarking mechanism should motivate companies to increase
efficiency, supporting their operational performance.  A shift to
the competitive, de-regulated market for generating companies is
unlikely to happen before 2016.  The Kazakh authorities expect to
implement an electricity capacity market, which should ensure
economically sound returns on investments and provide incentives
for the construction of new generation assets or for expanding
current capacity.


At end-1H14 Samruk-Energy's readily available cash position stood
at KZT59.2 billion (excluding cash held at Alliance Bank (RD)),
which was sufficient to cover short-term maturities of KZT28
billion.  The company has a fairly balanced debt maturity profile
with a repayment peak only in 2017 of around KZT93 billion, which
is the repayment of USD500 million eurobond.  However, Fitch
expects negative free cash flow over 2014-2018, driven by a
substantial investment program.

Almost all of the group's cash position is held at domestic
banks. While Fitch believes that the company's access to
liquidity for daily operations is likely to be adequate, its full
access to all the cash held at Kazakh banks may be limited.  As a
result, Fitch focuses on gross leverage ratios in our analysis
rather than on net figures. At end-2013, 98% of the group's cash
position was held at the holding company level.

Samruk-Energy is exposed to currency risk as about 29% of total
debt at 1H14 was raised in USD, while the remaining debt is
denominated in KZT.  Samruk-Energy's revenue and operating
expenses are mainly denominated in KZT.


Positive: Future developments that could lead to positive rating
actions include:

   -- Positive sovereign rating action
   -- Strengthening of legal ties (e.g. state guarantees for a
      larger portion of the company's debt and/or cross default

   -- A clearly defined debt management policy that provides for
      a centralized debt management function, which would be
      positive for senior unsecured ratings

Negative: Future developments that could lead to negative rating
action include:

   -- Negative sovereign rating action
   -- Diminishing State support

For the sovereign rating of Kazakhstan, Samruk-Energy's ultimate
parent, Fitch outlined the following sensitivities in its rating
action commentary of Nov. 7, 2014:

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently well-balanced.  The
main factors that individually or collectively might lead to
rating action are:


   -- Steps to reduce the vulnerability of public finances to oil
      price shocks, for example by narrowing the non-oil fiscal
   -- Effective restructuring of bank balance sheets
   -- Entrenching low and stable inflation under a more flexible
      exchange rate regime
   -- Substantial improvements in governance and institutional


   -- Policy management leading to a sustained decline in
      sovereign assets or reduced economic or financial stability
   -- A sustained commodity price shock
   -- Renewed weakness in the banking sector and crystallisation
      of contingent liabilities-
   -- A political risk event


  Long-term foreign currency IDR: downgraded to 'BBB-' from
  'BBB'; removed from RWN, Outlook Stable

  Long-term local currency IDR: downgraded to 'BBB' from 'BBB+';
  removed from RWN, Outlook Stable

  Short-term foreign currency IDR: affirmed at 'F3'; removed from

  National Long-term rating: downgraded to 'AA+(kaz)' from
  'AAA(kaz)'; removed from RWN, Outlook Stable

  Foreign currency senior unsecured rating: downgraded to 'BB+'
  from 'BBB-'; removed from RWN

  Local currency senior unsecured rating: downgraded to 'BBB-'
  from 'BBB'; removed from RWN

  National senior unsecured rating: downgraded to 'AA(kaz)' from
  'AA+(kaz)'; removed from RWN


APERAM SA: S&P Raises CCR to 'BB-' on Strong Cash Flows
Standard & Poor's Ratings Services said that it has raised its
long-term corporate credit rating on Aperam S.A. to 'BB-' from
'B+'.  The outlook is stable.

At the same time, S&P raised to 'BB-' from 'B+' its issue ratings
on Aperam's senior unsecured instruments, including its US$200
million convertible notes maturing 2020 and its US$250 million
notes maturing 2018.  The recovery rating on these instruments
remains unchanged, at '4'.

S&P assigned its 'BB-' issue ratings to the US$300 million senior
unsecured convertible notes issued in July 2014 and maturing in
2021, with a recovery rating of '4'.  Last, S&P withdrew its 'B+'
issue rating and '4' recovery rating on the US$250 million senior
unsecured notes maturing 2016, as these have now been repaid.

The upgrade reflects S&P's revised forecast for Aperam's 2014
performance.  S&P now expects EBITDA of more than Us$500 million
under its updated base case, of which US$430 million has already
been realized.  This compares with S&P's previous forecast of
US$350 million-US$370 million.  The subsequent strong free cash
flow generation has enabled Aperam to reduce leverage and S&P now
expects adjusted FFO to debt approaching 35% by year end.  S&P
views this level as commensurate with a "significant" financial
risk profile, after adjusting for the industry's track record of
high volatility, which S&P expects to continue.

Industry conditions have been favorable this year, including
continued good demand in Aperam's main end markets in both Europe
and Brazil, despite traditional seasonality in the third quarter.
Nickel prices remained strong on average in the first nine
months, driving up volumes.  S&P don't expect nickel prices to
contract going forward, after their decline over the past two
months. Improvements in the supply and demand balance for
stainless steel in Europe are also supporting Aperam's profits,
as significant excess capacity -- 20% of total according to
management -- has been shut down in recent years, and more
closures have been announced.

Aperam has delivered consistently as planned under its cost
savings program, targeting a further US$60 million by end-2015,
bringing cumulated efficiencies since 2010 to US$475 million, on
an annualized basis.  Utilization rates have improved, with a
favorable impact on profitability, as Aperam optimized its
production base in Europe through rationalization,
debottlenecking, and plant closures.  Also supporting
profitability, anti-dumping duties on Asian products in Brazil
have been extended for five years from 2013.

The stable outlook reflects S&P's expectation of continued good
operating performance in 2015, despite the industry's high
volatility and the limited predictability of profits.  S&P
expects Aperam to continue to benefit from the restructuring
measures it has already undertaken and from the structurally
improved market environment.  S&P would view adjusted FFO to debt
of above 30% under favorable industry conditions, as is currently
the case, and above 20% under depressed market conditions, as
commensurate with the 'BB-' rating.

Rating downside could arise from deteriorating market
fundamentals without prospects of recovery.  This includes a drop
in nickel prices, a change in the regulatory environment
surrounding antidumping measures, or increased competition in
Europe from Asian imports.  Deterioration in adjusted FFO to debt
to below 20% would be likely to lead to a downgrade.  A more
aggressive financial policy that could push FFO to debt below 30%
under current industry conditions could also put pressure on the

Rating upside is limited by the industry's high volatility and
subsequent EBITDA swings seen in recent years.  However, S&P
could raise the rating if further deleveraging and conservative
financial policies, together with supportive market fundamentals,
led to FFO to debt approaching 45%.

ARCELORMITTAL: S&P Affirms 'BB+' CCR; Outlook Negative
Standard & Poor's Ratings Services said that it has affirmed its
'BB+' long-term corporate credit rating on Luxembourg-registered
steel group ArcelorMittal and its 'BB+' long-term rating on the
group's senior unsecured debt.  S&P removed the ratings from
CreditWatch negative where it placed them on Oct. 3, 2014.  The
'4' recovery rating on the senior unsecured debt is unchanged.
The outlook is negative.

At the same time, S&P affirmed its 'B' short-term corporate
credit rating on the company.

The affirmation follows solid third-quarter results, with
reported EBITDA of US$1.9 billion, supported by strong
performance of steel segments globally, and despite the drop in
profits at ArcelorMittal's iron ore division.  S&P now expects
2014 EBITDA to be about US$7.5 billion -- at the top of its
previously expected range of US$7.0 billion-US$7.5 billion.  S&P
also anticipates that ArcelorMittal should be able to achieve
EBITDA of at least US$8 billion or higher in 2015, despite the
drop in iron ore price. This assumes the absence of negative
nonrecurring items that affected U.S. operations earlier this
year, and also assumes a more solid performance in Europe and
Brazil than S&P previously anticipated.  In combination with
management's commitment to further debt reduction, this should
lead to a ratio of funds from operations (FFO) to debt of about
20% in 2015, which S&P sees as rating commensurate.

The above-mentioned upward revisions take into account supportive
automotive steel end markets, notably in Europe, where the major
part of ArcelorMittal's steel shipments is to the auto industry.
Given S&P's expectation for further growth in auto production for
2015 in Europe, S&P believes sales to the auto industry should
offset the overall weaker growth in the region.  S&P also expects
the positive impact of the continued weakening of the Brazilian
real to partly offset lower steel demand in that country.
Finally, S&P assumes that management will continue to improve the
efficiency of operations.  On the other hand, S&P has assumed
EBITDA at the iron ore segment to decline year on year by US$0.4
billion-US$0.5 billion in 2015, as a result of lower iron ore
prices.  S&P also believes that prevailing high spreads between
steel end-prices and strongly decreased raw material input costs
will not be lasting in 2015.

The negative outlook on ArcelorMittal balances the company's
improving steel profits with metrics that are still weak for the
rating.  Downside could therefore come from a larger slowdown in
2015 in steel demand in Europe and Brazil than S&P currently
anticipates, or from iron ore price declining further to $75 per
ton or below for a prolonged period.

S&P could lower the rating in the first half of 2015 if steel
industry conditions worsen materially and the company's EBITDA
stagnates at about $7.5 billion, or if debt doesn't continue to
decline in line with management's commitment.

S&P could revise the outlook to stable in the first half of 2015
if it sees further EBITDA improvement and sufficiently supportive
industry conditions in 2015, such that the company's adjusted FFO
to debt trends upward to the 20% level that S&P sees as
commensurate with the rating.


E-MAC DE 2006-II: Moody's Cuts Ratings on 2 Note Classes to 'Ca'
Moody's Investors Service has downgraded the ratings of 6 notes
and affirmed the ratings of 2 notes in 2 RMBS transactions of the
E-MAC DE German RMBS series: E-MAC DE 2006-II B.V. and E-MAC DE
2007-I B.V. The worse than expected collateral performance has
prompted the downgrade actions.

Ratings Rationale

The downgrade action takes into consideration increased portfolio
Expected Loss (EL) assumptions due to worse than expected
collateral performance and the deterioration in the level of
available credit enhancement since the last rating action.
Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to withstand the increase in the expected loss

Key Collateral Assumptions

E-MAC DE 2006-II B.V. and E-MAC DE 2007-I B.V. are backed by
portfolios of first-ranking mortgage loans originated by GMAC RFC
Bank GmbH and secured on residential properties located in West
and East Germany (70.8% and 29.2% respectively in E-MAC DE 2006-
II B.V. and 61.4% and 38.6% respectively in E-MAC DE 2007-I
B.V.). The collateral consisted, at closing, of loans with a high
loan-to-foreclosure- value (LTFV), with an average current LTFV
of 104% and 106% in E-MAC DE 2006-II B.V. and E-MAC DE 2007-1
B.V. respectively. The pools also have a material exposure to
buy-to-let mortgages, representing 23.3% and 34.6% of E-MAC DE
2006-II B.V. and E-MAC DE 2007-I B.V., respectively, as of August

The performance of the E-MAC DE 2006-II B.V. and E-MAC DE 2007-I
B.V. has continued to deteriorate since the last rating action in
December 2013. Total delinquencies have risen in the past year.
Cumulative losses rose sharply from 3.86% and 3.34% in E-MAC DE
2006-II B.V. and E-MAC DE 2007-I B.V. in November-2013 to 5.75%
and 5.13% in August 2014 in both transactions respectively. The
increase in realized losses contributed to the build-up in
principal deficiency in both transaction: EUR3.16m in E-MAC DE
2006-II B.V. and EUR12.03m in E-MAC DE 2007-I B.V.

After considering the current amounts of realised losses and
completing a delinquency roll rate and analysis for the
portfolio, Moody's increased its lifetime EL assumptions to 14.6%
and 14%.0 in E-MAC DE 2006-II B.V. and E-MAC DE 2007-I B.V.
respectively, from 12% of original pool balance.

Moody's has not revised MILAN CE assumption for the deals, which
remains at 28% for both transactions.

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. CMIS Investment B.V.
(NR) acts as servicer and cash manager in both transactions.
Intertrust Administrative Services B.V. (NR) acts as back-up
issuer administrator in both transactions. Collections are made
via direct debit into the issuer account bank held at Deutsche
Bank AG (A3/P2). The exposure to CMIS Investment B.V. (NR) in
both transactions does not constrain the ratings of the notes.

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

Factors or circumstances that could lead to an upgrade of the
ratings are better performance of the underlying assets than
Moody's expects and a decline in operational risk.

Factors or circumstances that could lead to a downgrade of the
ratings are higher delinquencies and realized losses on the
underlying assets than Moody's expects and a decline in the
credit quality of key transaction parties.

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

List of Affected Ratings

Issuer: E-MAC DE 2006-II B.V.

EUR465.7 million A2 Notes, Downgraded to Baa3 (sf); previously
on Dec 4, 2013 Affirmed Baa1 (sf)

EUR35 million B Notes, Downgraded to Caa3 (sf); previously on
Dec 20, 2013 Downgraded to Ba3 (sf)

EUR24.5 million C Notes, Downgraded to Ca (sf); previously on
Dec 20, 2013 Downgraded to Caa2 (sf)

EUR14 million D Notes, Downgraded to Ca (sf); previously on Dec
4, 2013 Affirmed Caa3 (sf)

Issuer: E-MAC DE 2007-I B.V.

EUR19.5 million A1 Notes, Affirmed A3 (sf); previously on Dec 4,
2013 Affirmed A3 (sf)

EUR443.3 million A2 Notes, Affirmed A3 (sf); previously on Dec
4, 2013 Affirmed A3 (sf)

EUR39.1 million B Notes, Downgraded to Caa1 (sf); previously on
Dec 4, 2013 Downgraded to Ba3 (sf)

EUR33.5 million C Notes, Downgraded to Ca (sf); previously on
Dec 4, 2013 Downgraded to Caa3 (sf)

GAS NATURAL: S&P Assigns 'BB+' Rating to Proposed Sub. Securities
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issue rating to the proposed long-dated, optionally deferrable,
and subordinated hybrid capital securities to be issued by Gas
Natural Fenosa Finance B.V., a subsidiary of Gas Natural SDG S.A.
(BBB/Stable/A-2), Spain's gas and electricity utility.  Gas
Natural will guarantee the securities.  The transaction remains
subject to market conditions.

S&P considers the proposed securities to have intermediate equity
content until their first call date, which falls eight years
after issuance, because they meet S&P's hybrid capital criteria
in terms of their subordination, permanence, and optional
deferability during this period.

S&P arrives at its 'BB+' issue rating on the proposed securities
by notching down from its corporate credit rating on the
guarantor, Gas Natural.  The two-notch differential between the
issue rating and the stand-alone credit profile reflects S&P's
notching methodology, which calls for:

   -- A one-notch deduction for subordination because S&P's
      corporate credit rating on Gas Natural is investment grade
      (that is, 'BBB-' or above); and

   -- An additional one-notch deduction for payment flexibility
      to reflect that the deferral of interest is optional.

The notching of the proposed securities reflects S&P's view that
there is a relatively low likelihood that the issuer will defer
interest.  Should S&P's view change, it may increase the number
of downward notches that it applies to the issue rating.

In addition, to reflect S&P's view of the intermediate equity
content of the proposed securities, S&P allocates 50% of the
related payments on these securities as a fixed charge and 50% as
equivalent to a common dividend, in line with S&P's hybrid
capital criteria.  The 50% treatment of principal and accrued
interest also applies to S&P's adjustment of debt.


Although the proposed securities are perpetual, they can be
called at any time for tax, gross-up, rating, or accounting
events. Furthermore, Gas Natural Fenosa can redeem the proposed
securities as of the first call date, and every interest payment
date thereafter.  If such event occurs, the company intends to
replace the proposed instrument, although it is not obliged to do
so.  In S&P's view, this statement of intent mitigates the
issuer's ability to repurchase the notes on the open market.
Moreover, S&P sees the repurchase as unlikely due to Gas
Natural's commitment to deleveraging.

S&P understands that the interest to be paid on the proposed
securities will increase by 25 basis points 10 years from
issuance, and by a further 75 basis points 20 years after the
respective first call date.  S&P considers the cumulative 100
basis points as a material step-up, which is currently
unmitigated by any commitment to replace the respective
instruments at that time.  This step-up provides an incentive for
the issuer to redeem the instruments on their respective first
call dates.

Consequently, in accordance with S&P's criteria, it will no
longer recognize the instruments as having intermediate equity
content after the respective first call dates for the different
tranches because the remaining periods until their economic
maturity would, by then, be less than 20 years.  However, S&P
classifies the instrument's equity content as intermediate until
its first call date, as long as S&P believes that the loss of the
beneficial intermediate equity content treatment will not cause
the issuer to call the instrument at that point.  The issuer's
willingness to maintain or replace the instrument in the event of
a reclassification of equity content to minimal is underpinned by
its statement of intent.


In S&P's view, the issuer's option to defer payment on the
proposed securities is discretionary.  This means that the issuer
may elect not to pay accrued interest on an interest payment date
because it has no obligation to do so.  However, any outstanding
deferred interest payment will have to be settled in cash if Gas
Natural declares or pays an equity dividend or interest on
equally ranking securities (excluding a payment under its
existing preferred shares, issued by Union Fenosa in 2003 and in
2005) and if Gas Natural or its subsidiaries redeem or repurchase
shares or equally ranking securities.  S&P sees this as a
negative factor. That said, this condition remains acceptable
under S&P's methodology because once the issuer has settled the
deferred amount, it can still choose to defer on the next
interest payment date.


The proposed securities (and coupons) are intended to constitute
direct, unsecured, and subordinated obligations of the issuer and
guarantor, ranking senior to share capital.

GRESHAM CLO III: Moody's Raises Rating on Cl. F Notes to 'Caa1'
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by Gresham CLO III B.V.:

EUR34 million Class C Senior Secured Deferrable Floating Rate
Notes due 2027, Upgraded to Aa1 (sf); previously on Mar 31, 2014
Upgraded to A1 (sf)

EUR31 million Class D Senior Secured Deferrable Floating Rate
Notes due 2027, Upgraded to A3 (sf); previously on Mar 31, 2014
Upgraded to Baa3 (sf)

EUR33 million Class E Senior Secured Deferrable Floating Rate
Notes due 2027, Upgraded to Ba2 (sf); previously on Mar 31, 2014
Upgraded to Ba3 (sf)

EUR12 million Class F Senior Secured Deferrable Floating Rate
Notes due 2027, Upgraded to Caa1 (sf); previously on Mar 31,
2014 Upgraded to Caa3 (sf)

Moody's also affirmed the ratings on the following notes issued
by Gresham CLO III B.V.:

EUR150 million (current outstanding balance EUR1.3M) Class A-1R
Senior Secured Revolving Floating Rate Notes due 2027, Affirmed
Aaa (sf); previously on Mar 31, 2014 Affirmed Aaa (sf)

EUR60 million (current outstanding balance EUR1.0M) Class A-1S
Senior Secured Floating Rate Notes due 2027, Affirmed Aaa (sf);
previously on Mar 31, 2014 Affirmed Aaa (sf)

EUR60 million Class A-2 Senior Secured Floating Rate Notes due
2027, Affirmed Aaa (sf); previously on Mar 31, 2014 Upgraded to
Aaa (sf)

EUR51 million Class B Senior Secured Floating Rate Notes due
2027, Affirmed Aaa (sf); previously on Mar 31, 2014 Upgraded to
Aaa (sf)

Gresham CLO III B.V issued in December 2006, is a collateralized
loan obligation (CLO) backed by a portfolio of mostly leveraged
senior secured European loans. The portfolio is managed by
Investec Bank UK Ltd. The transaction ended its reinvestment
period in March 2012.

Ratings Rationale

The rating actions on the notes are primarily a result of the
improvement of their over-collateralization ("OC") ratios
following the September 2014 payment date, when Class A-1E notes
fully redeemed and Class A-1S and A-1R notes amortized in
aggregate by EUR87.8M or 41.8% of their original aggregate

As of the trustee's October 2014 report, Class A/B, Class C,
Class D, Class E and Class F had OC ratios of 209.06%, 160.70%,
132.71%, 111.95% and 105.92% compared with 156.13%, 134.29%,
119.10%, 106.8% and 101.49% respectively, as of the trustee's
April 2014 report.

The key model inputs Moody's uses, such as par, weighted average
rating factor, diversity score and the weighted average recovery
rate, are based on its published methodology and could differ
from the trustee's reported numbers. In its base case, Moody's
analyzed the underlying collateral pool as having a performing
par and principal proceeds balance of EUR164.24M and GBP61.71M,
defaulted par of EUR17.7M, a weighted average default probability
of 22.8% (consistent with a WARF of 3,338), a weighted average
recovery rate upon default of 46.88% for a Aaa liability target
rating, a diversity score of 24 and a weighted average spread of
3.96%. The GBP denominated liabilities are naturally hedged by
the GBP assets.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 92.07% of the portfolio exposed to first
lien senior secured corporate assets would recover 50% upon
default, while the 7.93% of the remaining structured finance
assets would recover 10.64%. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.

Factors that Would Lead to an Upgrade or Downgrade of the Rating:

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it lowered the weighted average spread by 30 basis
points; the model generated outputs that were within one notch
with the base-case results.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.

Additional Uncertainty about Performance is due to the following:

Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.

Around 36.3% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit

Foreign currency exposure: The deal has a significant exposure to
non-EUR denominated assets. Volatility in foreign exchange rates
will have a direct impact on interest and principal proceeds
available to the transaction, which can affect the expected loss
of rated tranches.

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

SAMVARDHANA MOTHERSON: S&P Assigns 'BB+' CCR; Outlook Stable
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating to The Netherlands-based automotive
supplier Samvardhana Motherson Automotive Systems Group B.V.
(SMRP), the subsidiary of Motherson Sumi Systems Ltd. (MSSL).
The outlook is stable.

At the same time, S&P assigned its 'BB+' issue rating to SMRP's
EUR500 million senior secured notes.  The recovery rating on
these instruments is '4', indicating S&P's expectation of average
(30%-50%) recovery in the event of a payment default.

The rating reflects S&P's assessment of SMRP's stand-alone credit
profile (SACP) of 'bb' and one notch of uplift to reflect its
higher group credit profile of 'bb+' for SMRP's parent MSSL.

SMRP is a global Tier-1 automotive component supplier, mainly to
large European automotive manufacturers.  The company is divided
into two divisions: Samvardhana Motherson Reflectec (SMR),
acquired in March 2009; and Samvardhana Motherson Peguform (SMP),
acquired in Nov. 2011.  SMR is a leading manufacturer of
automotive exterior and interior mirror systems.  SMP makes
polymer-based automotive modules and specializes in interior and
exterior car components, such as bumpers, instrument panels, and
door panels.  In the fiscal year ended March 31, 2014, SMRP
reported total revenues of EUR3.0 billion.

S&P's assessment of SMRP's SACP at 'bb' reflects its assessments
of its "fair" business risk profile and its "significant"
financial risk profile.  In S&P's view, the group's business risk
profile is supported by SMRP's solid market positions for mirror
systems, bumpers, door, and instrument panels, longstanding
relationships with car manufacturers, and existing order backlog
for different automotive platforms.  These strengths are offset
by high customer concentration -- SMRP generates about 60% of
revenues with German carmaker Volkswagen group -- and no after-
market business.

SMRP's main shareholder, with a stake of 51%, is MSSL (not
rated). Samvardhana Motherson International Ltd. (not rated)
holds the remaining 49%.  As a result of the shareholder
structure, S&P applies its group rating methodology to determine
the issuer credit rating on SMRP.  Under S&P's criteria, it
classifies SMRP as a "core" entity of MSSL.  S&P bases this
classification on its view that SMRP is unlikely to be sold, has
MSSL's long-term commitment, constitutes a material proportion of
the consolidated MSSL group, and shares a brand with the main
group.  Given that S&P's requirements for SMRP's treatment as a
"core" entity are satisfied, the rating on SMRP is equal to our
'bb+' group credit profile for MSSL.

Under S&P's base case for SMRP, it assumes:

   -- Single-digit-percentage revenue growth in fiscal years 2015
      and 2016.  Revenue growth is closely tied to global light
      vehicle production schedules of various auto manufacturers.

   -- An EBITDA margin of about 7% in the same period.

   -- Substantial capital expenditures (capex) of about EUR200
      million in the same period, primarily related to
      expansionary capex.

   -- Present value of operating lease obligations, discounted at
      7%, added to debt of EUR37 million under S&P's adjustments.
      Pension obligations of EUR7 million and EUR140 million sale
      of receivables are treated as debt-like under S&P's

Based on these assumptions, S&P arrives at these credit measures
for fiscal years 2015 and 2016:

   -- Funds from operations (FFO) to debt of about 20%; and

   -- Debt to EBITDA of about 3.0x.

The stable outlook on SMRP reflects S&P's view that its operating
performance will remain resilient in the coming years, with
stable operating profitability.  S&P expects that this will lead
to stable credit metrics, with FFO to debt of about 20% and debt
to EBITDA of about 3x.

An upgrade of SMRP is unlikely in the next few years, in S&P's
view, unless it revises upward its assessment of MSSL's group
credit profile.  S&P would revise up its group credit profile on
MSSL by one notch if it observed improvements in MSSL's financial
risk profile.  However, S&P considers this scenario unlikely,
given that SMRP constitutes a significant part of MSSL's overall
financial performance and that S&P do not envisage stronger
financials for SMRP over the next few years.

A significant weakening of SMRP's credit metrics may put pressure
on the ratings.  However, S&P is unlikely to lower the ratings on
SMRP as a result of weakening credit metrics, provided the
declines are offset by resilient performance of MSSL's other
activities.  This is because S&P would factor additional parental
support from MSSL into the ratings.  Any negative change in
MSSL's group credit profile could negatively influence the rating
on SMRP.

Rating pressure might also arise if S&P was to reassess SMRP's
"core" status within the MSSL group, which could occur, for
example, if MSSL sold some of its shares in SMRP, ultimately
resulting in MSSL no longer having a controlling stake in SMRP.
Any loss of business from the Volkswagen group -- on which SMRP
relies heavily -- could have significant repercussions for SMRP.


DOURO MORTGAGES No.2: Moody's Lifts Rating on Cl. D Notes to Caa1
Moody's Investors Service has upgraded the ratings of 10 classes
of notes in 3 Portuguese residential mortgage-backed securities
(RMBS) transactions: Douro Mortgages No.1, Douro Mortgages No.2
and Douro Mortgages No.3.

The rating upgrades follow the upgrade of the Portuguese
sovereign rating to Ba1 from Ba2 on July 25, 2014 and the
resulting increase of the local-currency country ceiling to A3
from Baa1 which reflects the strong government commitment to
fiscal consolidation and the reduced susceptibility to even risk
associated with lower government liquidity and banking sector

The rating action concludes the review of the notes placed on
review for upgrade, following either the first upgrade of the
Portuguese sovereign rating this year to Ba2 on 9 May 2014 or the
second upgrade to Ba1 on 25 July 2014.

Ratings Rationale

The rating action reflects (1) the increase in the Portuguese
local-currency country ceiling to A3 and (2) sufficiency of
credit enhancement in the affected transactions.

For Douro Mortgages No.2 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 Portuguese sovereign rating was upgraded to Ba1 in July 2014,
which resulted in an increase in the local-currency country
ceiling to A3. The Portuguese country ceiling, and therefore the
maximum rating that Moody's will assign to a domestic Portuguese
issuer including structured finance transactions backed by
Portuguese receivables, is A3 (sf).

The sufficiency of credit enhancement combined with stable
performance and the reduction in sovereign risk has prompted the
upgrade of the notes.

-- 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 Portuguese RMBS transactions.

-- 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 set-off exposure to Banco
BPI S.A. (rated Ba3/NP) for the three transactions.

Moody's also assessed the exposure to Banco BPI S.A. acting as
swap counterparty for Douro Mortgages No.1 and Douro Mortgages
No.3 and the Royal Bank of Scotland plc (rated Baa1/P-2) acting
as swap counterparty for Douro Mortgages No.2 when revising

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

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

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:


EUR1434 million Class A Notes, Upgraded to Baa2 (sf); previously
on Aug 7, 2014 Ba1 (sf) Placed Under Review for Possible Upgrade

EUR24.75 million Class B Notes, Upgraded to B1 (sf); previously
on Jul 11, 2013 Downgraded to B3 (sf)

EUR22.5 million Class C Notes, Upgraded to B2 (sf); previously
on Jul 11, 2013 Downgraded to Caa1 (sf)

EUR18.75 million Class D Notes, Upgraded to B3 (sf); previously
on Jul 11, 2013 Downgraded to Caa2 (sf)


EUR315 million Class A1 Notes, Upgraded to A3 (sf); previously
on May 29, 2014 Baa3 (sf) Placed Under Review for Possible

EUR1125 million Class A2 Notes, Upgraded to Baa2 (sf);
previously on Jul 11, 2013 Confirmed at Ba2 (sf)

EUR27.75 million Class B Notes, Upgraded to B2 (sf); previously
on Jul 11, 2013 Downgraded to B3 (sf)

EUR18 million Class C Notes, Upgraded to B3 (sf); previously on
Jul 11, 2013 Downgraded to Caa1 (sf)

EUR14.25 million Class D Notes, Upgraded to Caa1 (sf);
previously on Jul 11, 2013 Downgraded to Caa2 (sf)


EUR1441.5 million Class A Notes, Upgraded to Baa3 (sf);
previously on May 29, 2014 Ba2 (sf) Placed Under Review for
Possible Upgrade

PORTUGAL: S&P Affirms 'BB/B' Sovereign Ratings; Outlook Stable
Standard & Poor's Ratings Services affirmed its unsolicited
'BB/B' long- and short-term foreign and local currency sovereign
credit ratings on the Republic of Portugal.  The outlook is


The ratings are supported by Portugal's relatively prosperous
economy compared with peers, expenditure-led budgetary
consolidation, improved government debt maturity profile, and
execution of important reforms.  The ratings remain constrained
by what S&P considers to be very high private and public sector
indebtedness, a weak external economic balance sheet, and a weak
monetary transmission mechanism that appears to prevent parts of
Portugal's corporate sector from further improvement in cost
competitiveness, coupled with deflationary pressures.

S&P now believes that Portugal's real GDP will likely grow on
average about 1.1% annually during 2014-2015, slightly less than
S&P projected in May 2014.  S&P believes that the current
weakening of eurozone (European Economic and Monetary Union)
growth prospects will affect the external demand for Portuguese
goods and services, lowering the contribution of net exports to
GDP growth.  At the same time, domestic demand is recovering and
will likely contribute positively to economic growth during
2014 -- for the first time since 2010.  The resumed demand should
drive imports, primarily of investment goods, but also of
consumer durables and services.  Demand is increasing due to an
improved labor market.

The unemployment rate fell to 13.1% in third-quarter 2014 from
16.4% in second-quarter 2013, with absolute levels of employment
increasing by 2.1% year on year.  The recent increase in
Portugal's minimum wage has also underpinned consumer confidence.
In S&P's opinion, better-than-expected employment growth reflects
labor reform measures that the government has implemented since
2011.  These have raised demand for labor faster than S&P had
projected.  S&P also considers that positive investment trends --
reflected in spending growth on equipment and machinery -- will
support Portugal's growth prospects in the next few years in key
sectors, such as tourism and manufacturing.

S&P believes that risks to real and nominal GDP performance
persist, however, largely due to external factors.  External
demand has been weakening in most key trading partners, both
outside and inside the euro area.  In S&P's view, high private
sector leverage is likely to dampen a strengthening of demand
over the coming years.  Data from the Portuguese central bank,
Banco de Portugal, indicate that non-consolidated resident public
and private non-financial sector gross debt was still at a very
high 401% of nominal GDP at midyear 2014, albeit declining from
409% at the end of 2013.

S&P considers that high indebtedness may not decrease fast in
Portugal, partly because of its very low inflation.  Headline
Portuguese inflation has been negative for eight consecutive
months including Sept. 2014, while average hourly earnings have
stagnated since 2011.

The deleveraging process has been accompanied by an improvement
in Portugal's current account, which ended 2013 in surplus -- the
first surplus since 1989.  Given the weakening in external demand
and strengthening in domestic demand, S&P believes that the
surplus will decline somewhat this year before gradually
strengthening in the coming years, especially if the eurozone's
economic recovery moves onto a sustained track.  More sizable
current account surpluses would gradually reduce the current
external vulnerabilities, with narrow net external debt S&P
currently estimates at about 300% of current account receipts
(CARs) during 2014-2015.  A portion of this comes from official
Eurosystem financing to Portuguese banks.

External borrowing costs for the Portuguese economy's private
sector are still relatively high.  According to European Central
Bank data, Portuguese corporate borrowers pay significantly more
on new loans than the eurozone average, pointing in S&P's view to
an impaired monetary transmission mechanism.  The difficult and
expensive funding conditions for the real economy, combined with
deflationary pressures, are constraints that appear unlikely to
subside in the near term.

Falling prices and stagnating private sector wages are partly
related to the ongoing substantial adjustment in the economy,
fostered by the implementation of structural reforms contributing
to the restoration of Portugal's cost competitiveness.  In
Portugal's case, this important internal devaluation process has
not been facilitated by a parallel internal revaluation in key
euro area trading partners.  In short, nearly all of Portugal's
competitiveness gains since April 2007 have occurred via its very
low inflation rates, compared with its most important non-euro-
area trading partners.

Non-cost competitiveness is also reviving.  Since 2009, labor
productivity gains in Portugal have been a far more important
driver of unit labor cost declines compared with wage cuts
(although much of the labor productivity gains were achieved
through higher unemployment).  The Portuguese government remains
committed to further reforms to improve the business environment,
in addition to facilitating corporate debt restructuring and the
development of instruments that would support capitalization of
the corporate sector.

"We project that following the second supplementary budget
adopted by the government in late August, the Portuguese
government will likely meet its 2014 budgetary target.  Although
the economic recovery, especially helped by the improving labor
market, will help reduce the deficit during this period, we think
the government may not meet its more ambitious deficit targets of
2.7% in 2015 and 2.1% in 2016.  The cyclical increase in revenues
from consumption income taxes, and gradually decreased
unemployment transfers, should contribute to deficit reduction,
but at the same time we forecast slightly lower 2015 GDP growth
compared with the government, along with a low inflation
environment.  We also expect that with the upcoming 2015 general
elections, ongoing socio-economic challenges, and substantially
eased capital market pressure could lead to fiscal and structural
policy slippages. This could jeopardize the government's deficit
trajectory and economic growth targets over the next few years.

For the 2015 budget, S&P understands the government has decided
to consult the Constitutional Court ahead of the submission of
the draft budget regarding public servants' pay cuts and pensions
in order to stave off constitutional risks.  Moreover, S&P
believes that in the event of any future potential Constitutional
Court rulings, the government will seek offsetting measures.

S&P expects Portugal's net general government debt at about
121.6% of GDP in 2014-2015, before declining to about 119% of GDP
in 2017, excluding the guarantees related to the European
Financial Stability Facility.  At the same time, average general
government interest payments will likely represent slightly less
than 11% of general government revenues during 2014-2017.

The government has already fully financed its funding needs for
2014 and S&P expects it will pre-finance more than half of its
funding needs for 2015.  S&P thinks it will gradually reduce its
currently sizable cash buffer over the coming year, although the
government has ring-fenced EUR2.5 billion for potential
additional fiscal costs linked to banks' recapitalization in the
future.  S&P understands the Portuguese government has negotiated
with the EU and IMF that the ring-fenced funds would be freed up
now that the European Central Bank announced its stress test
results in Oct. 2014 and if no Portuguese bank needs to tap them.

Over the past three years, Portugal's debt profile has
significantly improved.  S&P understands the average maturity of
the Portuguese government's debt stock is 8.2 years, including
the extension of loans by the European Financial Stabilisation
Mechanism (EFSM).  Moreover, the exact final maturity date of
each EFSM loan to Portugal will be defined when the original
loans are rolled over, and the Portuguese authorities anticipate
that Portugal will not have to refinance any of its EFSM loans
before 2026 (currently totaling EUR24 billion, or about 11% of
estimated general government debt in 2014).

Portugal's banking sector has undergone a substantial
restructuring.  S&P sees the sector as stronger based on an
increase in the capital adequacy ratio to 12% in second-quarter
2014 from 10.2% in third-quarter 2011, as well as on a reduction
in the loan-to-deposit ratio to about 117% in first-quarter 2014
from its peak of 167% in second-quarter 2010.  The rapid
reduction of net banking sector external debt to about 100% end-
2013 from its peak at 170% of CARs in 2009, which includes
official Eurosystem financing, partially reflects that domestic
credit to non-government sector was reduced by almost 20% of GDP
over the same period to 148% of GDP in 2013, hurting economic
growth performance.  Nevertheless, S&P sees persistent challenges
in the banking sector, following the Bank of Portugal's Aug. 2014
resolution plan for Banco Espirito Santo S.A., and the Oct. 2014
results of the ECB's stress tests, indicating a capital shortfall
at Banco Comercial Portugues S.A. under the ECB's adverse
scenario.  S&P notes, however, the government's liquidity
position includes EUR2.5 billion, earmarked for potential further
bank recapitalization as part of Portugal's recent EU-
International Monetary Fund economic adjustment program.


The stable outlook balances S&P's projections of improvements in
the labor market and public finances against the risks of lower
external demand, protracted private sector deleveraging, and
persistent deflationary pressures.

S&P could raise the ratings on Portugal if it observed that:

   -- The government continues to implement structural reforms to
      boost the economy's growth potential and contribute to its

   -- Budgetary consolidation brings the budget deficit down in
      line with S&P's forecasts; and

   -- Orderly private sector deleveraging is accelerated by a
      pronounced and sustained improvement in credit conditions,
      coupled with a restoration of an effective monetary
      transmission mechanism.

S&P could lower the ratings if, all other things being equal, S&P
observed that:

   -- Reform implementation wanes, for example due to policy
      complacency ahead of the 2015 general elections;

   -- Eurozone policies fail to support -- directly or
      indirectly -- government borrowing costs at sustainable
      levels and to stem potential capital outflows; and

   -- The government's budgetary position deviates significantly
      from S&P's current expectations on the back of weakening
      nominal economic growth or currently unexpected one-off
      expenses that would push up debt.

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

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 Affirmed

Portugal (Republic of) (Unsolicited Ratings)
Sovereign Credit Rating                    BB/Stable/B
Transfer & Convertibility Assessment       AAA

Comboios de Portugal E.P.E
Metropolitano de Lisboa E.P.
Caixa Geral de Depositos S.A.
Banco Espirito Santo S.A.
Senior Unsecured*                          BB

*Guaranteed by the Republic of Portugal.

SAGRES SOCIEDADE: Moody's Lifts Rating on Class C Notes to 'Caa1'
Moody's Investors Service has upgraded the ratings of six notes
and affirmed the ratings of four notes in three Portuguese
residential mortgage-backed securities (RMBS) transactions:

The rating action concludes the review of five notes placed on
review on May 29, 2014, following the upgrade of the Portuguese
sovereign rating to Ba2 on review for upgrade from Ba3 and the
resulting increase of the local-currency country ceiling to Baa1
from Baa3. The sovereign rating upgrade reflected improvements in
institutional strength and reduced susceptibility to event risk
associated with lower government liquidity and banking sector
risks. The Portuguese sovereign rating was further upgraded to
Ba1 from Ba2 on 25 July 2014 and as a result the local-currency
ceiling was increased to A3 from Baa1, but no action was taken on
the notes in these deals which were already on review.

Ratings Rationale

The rating actions reflect (1) the increase in the Portuguese
local-currency country ceiling to A3 and (2) sufficiency of
credit enhancement.

MORTGAGES NO. 3 PUBLIC LIMITED COMPANY, 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 Portuguese sovereign rating was upgraded to Ba1 in July 2014,
which resulted in an increase in the local-currency country
ceiling to A3. The Portuguese country ceiling, and therefore the
maximum rating that Moody's will assign to a domestic Portuguese
issuer including structured finance transactions backed by
Portuguese receivables, is A3 (sf).

The sufficiency of credit enhancement combined with the reduction
in sovereign risk has prompted the upgrade of the notes.

-- Key collateral assumptions

COMPANY lifetime loss expectation, taking into account the
collateral performance of the transaction to date. The portfolios
show deteriorating growth rate in delinquencies and defaults. The
90 days delinquencies as a percentage of the current pool balance
reached 2.33% versus 1.90% in December 2013, while the 60 days
delinquencies over current balance increased to 2.67% up from
1.97% over the same period. As a result, Moody's increased its
Expected Loss to 1.40% up from 0.90% of the original pool
balance. Milan CE assumption was maintained at 12.5%.

The key collateral assumptions for PELICAN MORTGAGES NO. 2 PUBLIC
COMPANY 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
Portuguese RMBS transactions.

-- 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 and
set-off exposure to Caixa Economica Montepio Geral (B2/NP) for
all three transactions.

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

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

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:


EUR611 million Class A Notes, Affirmed A3 (sf); previously on
Aug 7, 2014 Upgraded to A3 (sf)

EUR16.25 million Class B Notes, Affirmed A3 (sf); previously on
Aug 7, 2014 Upgraded to A3 (sf)

EUR22.75 million Class C Notes, Upgraded to Baa2 (sf);
previously on May 29, 2014 Ba2 (sf) Placed Under Review for
Possible Upgrade


EUR659.75 million Class A Notes, Affirmed A3 (sf); previously on
Aug 7, 2014 Upgraded to A3 (sf)

EUR17.5 million Class B Notes, Upgraded to Baa1 (sf); previously
on May 29, 2014 Ba1 (sf) Placed Under Review for Possible Upgrade

EUR22.75 million Class C Notes, Upgraded to Ba3 (sf); previously
on May 29, 2014 B2 (sf) Placed Under Review for Possible Upgrade


EUR717.375 million Class A Notes, Upgraded to Baa3 (sf);
previously on May 29, 2014 Ba2 (sf) Placed Under Review for
Possible Upgrade

EUR14.25 million Class B Notes, Upgraded to B2 (sf); previously
on May 29, 2014 B3 (sf) Placed Under Review for Possible Upgrade

EUR12 million Class C Notes, Upgraded to Caa1 (sf); previously
on Jul 17, 2013 Downgraded to Caa2 (sf)

EUR6.375 million Class D Notes, Affirmed Caa3 (sf); previously
on Jul 17, 2013 Downgraded to Caa3 (sf)


MECHEL OAO: Russian Government to Discuss Debt Restructuring
RAPSI, citing RIA Novosti, reports that VTB Bank head Andrey
Kostin confirmed on Nov. 10 that the Russian government will
discuss Mechel OAO's debt restructuring.

Acccording to RAPSI, Kommersant daily said the government's
agenda includes two primary options.  One, spearheaded by the
banks, is to convert the US$3 billion debt into 75% of capital
through additional stock emissions, RAPSI discloses.  The other
suggests debt restructuration through a contract with the
creditors, who will take over the company, RAPSI relays.

As of February 2014, Mechel's net debt amounted to over US$8
billion, RAPSI states.  Its net loss for the first nine months of
2013, calculated under US GAAP, reached US$2.2 billion, RAPSI

In early October, Mechel ceased paying off its debts, after which
VTB and Sberbank turned to court, RAPSI recounts.

Mechel OAO is a Russian steel and coking coal producer.

As reported by the Troubled Company Reporter-Europe on October 3,
2014, Moody's Interfax Rating Agency downgraded Mechel OAO's
national scale rating (NSR) to from The outlook
on the rating is negative. Moody's Interfax is majority-owned by
Moody's Investors Service (MIS).  Moody's Interfax's downgrade of
the NSR of Mechel follows MIS's downgrade of the company's
corporate family rating to Caa3 with a negative outlook.

ROSDORBANK: Moody's Changes 'B3' Deposit Rating Outlook to Stable
Moody's Investors Service has changed to stable from negative the
outlook on Rosdorbank's B3 long-term global foreign currency
deposit rating and its standalone E+ bank financial strength
rating ("BFSR").

Concurrently, Moody's affirmed Rosdorbank's E+ standalone BFSR,
corresponding to baseline credit assessment (BCA) of b3, and its
B3 long-term and Not Prime short-term deposit ratings.

Moody's assessment of Rosdorbank's ratings is largely based on
its audited financial statements for 2013 -- prepared under
IFRS -- as well as unaudited local GAAP financial statements for
the first nine months of 2014, and information received from the

Ratings Rationale

The action on Rosdorbank's ratings reflects recent improvement of
the bank's capital position coupled by stabilization of its
pre-provision profitability and asset quality. Moody's notes that
challenging credit conditions in Russia could exert pressure on
the bank's credit standing; however, the rating agency believes
that -- together with an anticipated RUB200 million Tier 1
capital injection from its shareholders -- Rosdorbank will be
able to absorb potential losses.

Rosdorbank reported a total regulatory capital adequacy ratio at
a comfortable 12.7% as of 1 October 2014, up from modest 10.7% as
of year-end 2013. This improvement was mainly supported by a
RUB300 million Tier 2 capital injection in 1H 2014.The bank has
also announced plans to attract an additional RUR200 million Tier
1 capital from its minority shareholders by year-end 2014, which
will provide a more ample safety cushion against potential
crystallization of problem loans in the currently challenging
credit conditions in Russia. Moody's notes that the bank's
capital flexibility is suppressed by sizeable credit risk
concentrations, with the top-20 borrowers accounting for 371% of
Tier 1 capital as at 1 July 2014, which is comparable with other
B3 rated Russian banks.

At the same time, Rosdorbank stabilized its moderate pre-
provision profitability metrics, which, however, remains
constrained by a high operating expenses burden. Aided by the re-
channelling of increased cost of funding to its borrowers, the
bank's net interest margin has improved to an annualized 4.3% in
January-September 2014, compared to 3.3% at year-end 2013,
contributing to a still modest annualized pre-provision income-
to-average assets ratio of 0.8% in Q1-Q3 2014.

Moody's notes heightened risks for Rosdorbank's satisfactory (to
date) asset quality profile. As at July 1, 2014, 90+ day overdue
credit facilities accounted for 6.2% of Rosdorbank's total loan
book (slight improvement from 7% as at year-end 2013), which --
taking into account available collateral -- were by 65% covered
by respective provisions. For the same period, the bank's
restructured portfolio accounted for an additional 4.2% (year-end
2013: 4.4%) of gross credit exposures and lacked provisioning. In
Moody's opinion, the bank's problem loans could require more
provisioning under current credit conditions, resulting in
erosion of bottom-line profitability.

What Could Move the Ratings Up/Down

Challenging credit conditions in Russia provides limited room for
positive rating adjustment. A significant strengthening of
Rosdorbank's capitalization coupled with a reduction in its
borrower concentration and business diversifications outside its
niche clientele, may result in rating upgrade.

A material weakening in Rosdorbank's capital adequacy and
profitability, or a weakening of its liquidity profile could
warrant a downgrade of the bank's ratings. A further
deterioration of the economic environment in Russia -- resulting
in larger-than-expected credit losses for the bank --may also
lead to a negative adjustment of the bank's ratings.

Principal Methodologies

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

Headquartered in Moscow, Russia, Rosdorbank reported total assets
of RUB14 billion, as at October 1, 2014, according to the bank's
unaudited local GAAP financial statements.

ROSSIYSKIY KREDIT: Moody's Cuts Nat'l Scale Rating to ''
Moody's Interfax Rating Agency has downgraded national scale
ratings (NSR) of Rossiyskiy Kredit Bank to from
The NSRs carry no specific outlooks.

Ratings Rationale

The downgrade of Rossiyskiy Kredit Bank's long-term ratings
reflects its rapid loan book growth that continued in H1 2014,
i.e., amid Russia's deteriorating operating environment which
could reinforce negative trends in the bank's asset quality
performance. In H1 2014, the bank's loan book rapidly expanded
and, as at mid-2014, gross loans amounted to RUB79.4 billion, a
279% year-on-year increase. Moody's Interfax also notes that this
rapid growth was not associated with the corresponding increase
in capital, and that loans granted to borrowers in the financial
and real estate sectors accounted for 54% of the bank's gross
loans, i.e., segments that Moody's Interfax considers to be the
most vulnerable amid the deteriorating operating environment.

The significant increase in the volume of impaired and overdue
loans -- indicative of the bank's asset quality deterioration and
its exposure to the heightened risk of capital erosion -- was the
main reason for the downgrade of the bank's ratings.

According to the bank's H1 2014 report, impaired and overdue
loans totaled RUB34.4 billion and accounted for 43% of gross
loans as at end-June of 2014, representing a material increase
compared with RUB810 million or 1.7% reported at year-end 2013.
This asset quality deterioration has triggered a material
increase in the bank's loan loss reserves that rose to 6.0% of
gross loans at end-June of 2014 from 1.8% at year-end 2013.

Moody's Interfax also notes that Rossiyskiy Kredit Bank's capital
buffers are very low and might be insufficient to mitigate the
above-mentioned risks, which could result in a further downward
rating adjustment to fully reflect the continued presence of such
risks. As at end-September 2014, the bank's total regulatory
capital adequacy ratio stood at 11.12%, marginally above the 10%
regulatory minimum. Although the bank reported net income of RUB2
billion in H1 2014, Moody's Interfax notes that absent the one-
off RUB5.1 billion foreign-currency trading gain, the bank would
have been loss-making for that period and would have reported a
substantial decline in capital. The rating agency also notes
that, although the bank recognized this RUB5.1 billion trading
gain in its profits, it also reported a significant increase in
other assets (trade receivables accounted for the bulk of the
aforementioned gain) that stood at RUB6.7 billion as at mid-2014.

What Could Move the Ratings Up/Down

Rossiyskiy Kredit Bank's rating have limited upside potential.

Rossiyskiy Kredit Bank's rating could be further downgraded in
the event of any further deterioration in its capital adequacy
metrics or liquidity profile.

Principal Methodologies

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

Headquartered in Moscow, Russia, Rossiyskiy Kredit Bank reported
total (unaudited IFRS) assets of RUB110.4 billion and shareholder
equity of RUB12.3 billion as at June 30, 2014.

Moody's Interfax Rating Agency's National Scale 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 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 ".ru" for Russia. For
further information on Moody's approach to national scale
ratings, please refer to Moody's Rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".

                About Moody's and Moody's Interfax

Moody's Interfax Credit rating Agency (MIRA) specializes in
credit risk analysis in Russia. MIRA is a joint-venture between
Moody's Investors Service, a leading provider of credit ratings,
research and analysis covering debt instruments and securities in
the global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation (NYSE: MCO).

ROSSIYSKIY KREDIT: Moody's Cuts Long-Term Deposit Ratings to Caa3
Moody's Investors Service has downgraded Rossiyskiy Kredit Bank's
long-term deposit ratings to Caa3 from Caa1. The bank's
standalone bank financial strength rating (BFSR) was affirmed at
E, but the corresponding baseline credit assessment (BCA) was
lowered to caa3 (from caa1). Moody's has also affirmed the bank's
Not-Prime short-term deposit ratings. The outlook on the bank's
long-term ratings is negative while the standalone E BFSR carries
a stable outlook.

The downgrade of the long-term ratings reflects Rossiyskiy Kredit
Bank's asset quality erosion in H1 2014 associated with its rapid
loan book growth.

Moody's assessment is largely based on Rossiyskiy Kredit Bank's
audited IFRS financial statements for 2013 and unaudited IFRS
report for the first six months of 2014.

Ratings Rationale

The downgrade of Rossiyskiy Kredit Bank's long-term ratings
reflects its rapid loan book growth that continued in H1 2014,
i.e., amid Russia's deteriorating operating environment which
could reinforce negative trends in the bank's asset quality
performance. In H1 2014, the bank's loan book rapidly expanded
and, as at mid-2014, gross loans amounted to RUB79.4 billion, a
279% year-on-year increase. Moody's also notes that this rapid
growth was not associated with the corresponding increase in
capital, and that loans granted to borrowers in the financial and
real estate sectors accounted for 54% of the bank's gross loans,
i.e., segments that Moody's considers to be the most vulnerable
amid the deteriorating operating environment.

The significant increase in the volume of impaired and overdue
loans -- indicative of the bank's asset quality deterioration and
its exposure to the heightened risk of capital erosion -- was the
main reason for Moody's downward adjustment of the BCA to caa3.

According to the bank's H1 2014 report, impaired and overdue
loans totaled RUB34.4 billion and accounted for 43% of gross
loans as at end-June of 2014, representing a material increase
compared with RUB810 million or 1.7% reported at year-end 2013.
This asset quality deterioration has triggered a material
increase in the bank's loan loss reserves that rose to 6.0% of
gross loans at end-June of 2014 from 1.8% at year-end 2013.

Moody's also notes that Rossiyskiy Kredit Bank's capital buffers
are very low and might be insufficient to mitigate the above-
mentioned risks, which could result in a further downward
adjustment of the BCA to fully reflect the continued presence of
such risks. As at end-September 2014, the bank's total regulatory
capital adequacy ratio stood at 11.12%, marginally above the 10%
regulatory minimum. Although the bank reported net income of RUB2
billion in H1 2014, Moody's notes that absent the one-off RUB5.1
billion foreign-currency trading gain, the bank would have been
loss-making for that period and would have reported a substantial
decline in capital. The rating agency also notes that, although
the bank recognized this RUB5.1 billion trading gain in its
profits, it also reported a significant increase in other assets
(trade receivables accounted for the bulk of the aforementioned
gain) that stood at RUB6.7 billion as at mid-2014.

What Could Move the Ratings Up/Down

Rossiyskiy Kredit Bank's long-term deposit ratings have limited
upside potential, as captured in the negative outlook. The rating
outlook could be changed to stable if the bank eliminates risks
of capital erosion by improving its asset quality.

Rossiyskiy Kredit Bank's ratings could be further downgraded in
the event of any further deterioration in its capital adequacy
metrics or liquidity profile.

Principal Methodologies

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

Headquartered in Moscow, Russia, Rossiyskiy Kredit Bank reported
total (unaudited IFRS) assets of RUB110.4 billion and shareholder
equity of RUB12.3 billion as at 30 June 2014.

SUDOSTROITELNY BANK: S&P Lowers Ratings to 'B-/C'; Outlook Stable
Standard & Poor's Ratings Services lowered its long- and short-
term counterparty credit ratings on Russia-based Commercial Bank
Sudostroitelny Bank LLC (SB Bank) to 'B-/C' from 'B/B'.  The
outlook is stable.

At the same time, S&P lowered its Russia national scale rating on
SB Bank to 'ruBBB' from 'ruBBB+'.

The downgrade reflects S&P's view that SB Bank's funding profile
has structurally weakened.  S&P now assess funding as "below
average" versus its previous "average" assessment.

The bank's funding base is deteriorating, in S&P's view, with its
stable funding ratio declining to 87% at midyear 2014 from 107%
at year-end 2012, which is below its peers' average ratio of
120%.  In addition, the funding profile of the bank has not
become more balanced over 2014, as S&P expected a year ago, and
its loan-to-deposit ratio has deteriorated to 135% at midyear
2014 from 118% at year-end 2012.

S&P also notes SB Bank's increasing dependence on Russian central
bank funding, which comprised almost 20% of its total liabilities
as of midyear 2014 versus 13% on Dec. 31, 2013, which is more
than the system average.  Although this increase in funding from
the central bank supports the bank's liquidity position
temporarily, it indicates a weakening of the bank's funding

S&P notes that the bank managed to repay its Russian ruble (RUB)
3 billion bond maturities in 2014 (approximately US$76 million).
However, the bank may find it difficult to replace the repaid
bonds within the next six months, owing to unfavorable conditions
in the domestic debt and capital markets.  As a result, S&P
thinks that its funding profile is unlikely to improve in the
next 12 months.

Moreover, customer accounts slightly reduced from 54% of total
liabilities at year-end 2013, to 52% at midyear 2014.  S&P views
positively the increase of the share of individual accounts to
56% of total clients' funds as of midyear 2014 from 46% as of
year-end 2013, which offsets the reduction of corporate client
funds. Concentrations are also improving, with the top 20
depositors accounting for 17% of total customer funds as of June
30, 2014, down from 24% as of year-end 2013.  However, this
concentration still makes the bank somewhat vulnerable to
potential larger client withdrawals.  This is partially offset
though by the bank's longstanding relationship with some of its
larger clients.

S&P believes that SB Bank's liquidity cushion is adequate, with
broad liquid assets constituting about 27% of the balance sheet.
The bank should be able to obtain additional liquidity by
pledging or selling its securities portfolio, although S&P notes
that the bank had already used about 74% of its securities
portfolio for repos as of June 30, 2014.  Moreover, S&P views
positively shareholder support in terms of subordinated loans and
cash donations, which S&P expects to be converted to subordinated
debt by end-2014.  S&P assumes that the bank will make no
substantial changes to its current liquidity management in 2014.

S&P's assessment of SB Bank's business position remains weak and
is based on S&P's view of its limited market share and customer
franchise, with quite significant concentrations in the loan

S&P's assessment of SB Bank's capital and earnings as moderate
reflects S&P's view of the bank's gradually declining capital
position, as its earnings capacity is lower than most peers' and
prevents internal capital buildup.  This assessment is based
primarily on S&P's expectations that the risk-adjusted capital
(RAC) ratio before adjustments for concentration and
diversification will remain at 5.0%-5.5% over the next 18 months,
down from 6.1% at the end of 2013.

In S&P's view, SB Bank's overall risk position is "moderate,"
given its focus on the more risky SME segment and a likely
increase in cost of risk on the one hand, and its moderate growth
rates and reasonable risk management practice on the other.  SB
Bank aims to continue focus on the SME segment, which S&P
believes is a riskier segment in Russia, with clients less
willing to pay their debt compared with other sectors.  This risk
is partly mitigated by the short-term profile of the loan book
(around 80% of the loan book consists of loans of less than one
year), which reflects the bank's focus on financing clients'
working capital needs.  This enables the bank to minimize losses
resulting from default, as it can cut exposures relatively
rapidly and in turn reduce risk.

The bank's nonperforming loans (NPLs) are still lower than the
system average but are likely to increase to about 4% over the
next year.  S&P considers positively the ample coverage of NPLs
by reserves, which S&P expects to remain at about 160% for 2014-
2015. Still, S&P believes the bank's exposure to the risky SME
segment could impair its credit risk profile, especially if the
economic slowdown intensifies in Russia.

The stable outlook on SB Bank reflects S&P's view that the bank
will continue to focus on the SME segment while maintaining its
capitalization and risk profile at, or only marginally below,
current levels.  S&P also expects the bank will be able to
maintain adequate liquidity.

S&P could consider a negative rating action if capitalization
fell, as reflected in a RAC ratio before adjustments of less than
5%.  S&P could also lower the rating if NPLs increased
significantly above the system average.

Although unlikely within the next 12 months, S&P could consider a
positive rating action if it observed improvement in the Russian
banking sector's operating environment and, as a result, the bank
was able to structurally improve its funding profile by reducing
its dependence on central bank funding and making its funding
base more sustainably balanced.


CAMPOFRIO FOOD: S&P Raises Corp. Credit Rating to 'BB+'
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Spanish meat processor Campofrio Food Group S.A.
(CFG) to 'BB+' from 'BB-'.  The outlook is stable.

S&P also raised its ratings on CFG's existing EUR500 million
senior unsecured notes due 2016 to 'BB+' from 'BB-'.  The '4'
recovery rating on this instrument remains unchanged, reflecting
S&P's expectation of average (30%-50%) recovery in the event of a
payment default.

Mexico-based processed food producer Sigma Alimentos S.A. de C.V.
(foreign and local currency ratings BBB/Negative/--; Mexico
national scale rating mxAA+/--/--) has become the majority
stakeholder in CFG, increasing its shares to 62% from 48%.  S&P's
upgrade of CFG reflects our views that the company is
"strategically important" for Sigma Alimentos, versus our initial
assessment that CFG was "moderately strategic" for its parent.
S&P's review of Sigma Alimentos' debt documentation has revealed
the existence of cross default provisions--a strong incentive for
Sigma Alimentos to provide financial support to CFG if needed.

S&P therefore thinks that CFG meets the four characteristics of a
"strategically important" subsidiary, as defined by S&P's
criteria.  S&P bases its opinion on these:

   -- Sigma Alimentos is unlikely to sell CFG; CFG is important
      to Sigma Alimentos' long-term strategy;

   -- CFG benefits from the long-term commitment of its parent;

   -- CFG has realistic medium-term prospects of success relative
      to group management's specific expectations or group
      earnings norms.

In addition, S&P understands that CFG's No. 2 shareholder, China-
based company WH Group Limited (formerly Shanghui International;
not rated), does not intend to increase its 37% stake.

S&P now classifies CFG as a "strategically important" subsidiary
for Sigma Alimentos, under S&P's group rating methodology, and
consequently factor in three additional notches from S&P's 'b+'
stand-alone credit profile (SACP) for CFG into our long-term
rating on the company.  The long-term issuer credit rating on CFG
meets S&P's criteria of a cap of one notch below the group credit
profile for Sigma Alimentos, which S&P assess at 'bbb'.

The rating on CFG reflects S&P's assessments of the company's
"weak" business risk profile and "aggressive" financial risk
profile.  Together, S&P's assessments lead it to apply an anchor
of 'b+' to CFG.  The anchor is S&P's starting point for assigning
an issuer credit rating to a company under its corporate
criteria. S&P's 'b+' SACP on CFG is at the same level as S&P's
anchor, because its other modifiers have a neutral impact on
CFG's credit quality.

In S&P's base case, it assumes:

   -- Flat-to-slightly positive revenue growth year on year,
      reflecting S&P's forecast of stabilizing consumer demand in
      Europe and CFG's stable market shares.  Slight improvement
      in Standard & Poor's adjusted EBITDA margin, from 7.8% in
      2013 to 8.5% in 2015, reflecting deflation in meat price,
      increasing volumes and CFG's cost-optimization program.
      About EUR140 million in capital expenditures over 2014 and
      2015, to account for extraordinary investment projects.
      S&P anticipates that capital expenditures will decrease to
      approximately EUR50 million annually thereafter.
      Shareholder returns and acquisitions of less than EUR50
      million annually.

Based on these assumptions, S&P arrives at these credit metrics,
using a weighted average over 2012-2016, as per S&P's criteria:

   -- Standard & Poor's adjusted debt to EBITDA of 4.4x.

   -- Standard & Poor's adjusted funds from operations (FFO) to
      debt of 14%.

The stable outlook reflects S&P's view that CFG will maintain
fairly stable revenues and slightly improving EBITDA, while
keeping adjusted debt to EBITDA at 4x-5x and FFO to debt at 12%
or higher.

S&P could raise the ratings if it was to revise upward its
assessment of CFG's SACP.  This could occur if CFG improved its
performance beyond S&P's current base-case expectation.  In
particular, S&P could revise its assessment of the company's
business risk profile to "fair" from "weak" if CFG's EBITDA
margin widened to close to 10% or more on a sustainable basis.

S&P could also upgrade CFG if S&P revised upward its assessment
of the company's subsidiary status to "highly strategic" from"
strategically important."  Such a revision would mean that S&P
could rate CFG one notch below Sigma Alimentos.

S&P could lower the ratings if it revised downward CFG's SACP.
This could occur if CFG's performance deteriorated, causing its
credit metrics to weaken, with a debt-to-EBITDA ratio exceeding
5x or an FFO-to-debt ratio of below 12%, on a sustainable basis.

In addition, S&P could downgrade CFG if it revised downward its
assessment of the company's subsidiary status of "strategically
important," which would lead us to remove the three notches of
uplift we currently include to reflect support from Sigma

FTA RMBS SANTANDER 3: Moody's Rates EUR975-Mil. C Notes '(P)Ca'
Moody's Investors Service has assigned provisional ratings to
three classes of notes to be issued by Fondo de Titulizacion de
Activos, RMBS Santander 3:

EUR5,395 million Serie A Notes, Assigned (P)A3 (sf)

EUR1,105 million Serie B Notes, Assigned (P)B2 (sf)

EUR975 million Serie C Notes, Assigned (P)Ca (sf)

The transaction is a securitisation of Spanish prime mortgage
loans originated by Banco Santander S.A. (Spain) (Baa1/P-2) and
Banco Espanol de Credito S.A (Banesto) to obligors located in
Spain. The portfolio consists of high Loan To Value ("LTV")
mortgage loans secured by residential properties, including a
high percentage of renegotiated loans (20%).

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

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinion. Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes. A definitive rating
may differ from a provisional rating. Moody's will disseminate
the assignment of any definitive ratings through its Client
Service Desk. Moody's will monitor this transaction on an ongoing
basis. For updated monitoring information, please contact

Ratings Rationale

FTA RMBS Santander 3 is a securitization of loans granted by
Banco Santander S.A. (Spain) (Banco Santander, Baa1 / P-2) to
Spanish individuals. Banco Santander is acting as Servicer of the
loans while Santander de Titulizacion S.G.F.T., S.A. is the
Management Company ("Gestora").

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

The key drivers for the portfolio expected loss of 13% are (i)
benchmarking with comparable transactions in the Spanish market
via analysis of book data provided by the seller, (ii) the very
high proportion of renegotiated loans in the pool (20%), and
(iii) Moody's outlook on Spanish RMBS in combination with
historic recovery data of foreclosures received from the seller.

The key drivers for the 33% MILAN Credit Enhancement number,
which is higher than other Spanish HLTV RMBS transactions, are
(i) renegotiated loans represent 20.3% of the portfolio and 5% of
the pool corresponds to loans in principal grace periods; (ii)
the proportion of HLTV loans in the pool (21.1% with current LTV
> 80% based on original valuations) with Current Weighted Average
LTV of 102.1% (based on revaluations as of 2013); (iii)
approximately 13.4% of the portfolio correspond to self employed
debtors; (iv) 45% of the loans have been in arrears less than 90
days at least once since the loans was granted (v) weighted
average seasoning of 6.5 years and (vi) the geographical
concentration in Madrid (19.8%) and Andalusia (24.4%).

According to Moody's, the deal has the following credit
strengths: (i) sequential amortization of the notes (ii) a
reserve fund fully funded upfront equal to 15% of the Serie A and
B notes to cover potential shortfall in interest and principal.
The reserve fund may amortize if certain conditions are met.

The portfolio mainly contains floating-rate loans linked to 12-
month EURIBOR, and most of them reset annually; whereas the notes
are linked to three-month EURIBOR and reset quarterly. There is
no interest rate swap in place to cover this interest rate risk.
Moody's takes into account the potential interest rate exposure
as part of its cash flow analysis when determining the ratings of
the notes.

Stress Scenarios:

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed.

The analysis assumes that the deal has not aged and is not
intended to measure how the rating of the security might migrate
over time, but rather how the initial rating of the security
might have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.

At the time the rating was assigned, the model output indicated
that the Serie A notes would have achieved an A3 even if the
expected loss was as high as 15% and the MILAN CE was 33% and all
other factors were constant.

The principal methodology used in this rating 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 that may lead to an upgrade of the rating include a
significantly better than expected performance of the pool,
together with an increase in credit enhancement for the notes.

Factors that may cause a downgrade of the rating include
significantly different loss assumptions compared with Moody's
expectations at close due to either a change in economic
conditions from Moody's central scenario forecast or
idiosyncratic performance factors would lead to rating actions.
Finally, a change in Spain's sovereign risk may also result in
subsequent upgrade or downgrade of the notes.

HIPOTOTTA NO. 5: Moody's Lifts Rating on Class E Notes to 'Caa1'
Moody's Investors Service has upgraded the ratings of eight
notes, and affirmed the rating of one note in two Portuguese
residential mortgage-backed securities (RMBS) transactions:
Hipototta No. 1 plc and Hipototta No. 5 plc.

The rating action concludes the review of seven notes placed on
review on May 29, 2014, following the upgrade of the Portuguese
sovereign rating to Ba2 on review for upgrade from Ba3 and the
resulting increase of the local-currency country ceiling to Baa1
from Baa3. The sovereign rating upgrade reflected improvements in
institutional strength and reduced susceptibility to event risk
associated with lower government liquidity and banking sector
risks. The Portuguese sovereign rating was further upgraded to
Ba1 from Ba2 on July 25, 2014 and as a result the local-currency
ceiling was increased to A3 from Baa1.

Ratings Rationale

The rating actions reflect (1) the increase in the Portuguese
local-currency country ceiling to A3 and (2) sufficiency of
credit enhancement in the affected transactions; for the revised
rating levels.

For Hipototta No. 1 plc, 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 Portuguese sovereign rating was upgraded to Ba1 in July 2014,
which resulted in an increase in the local-currency country
ceiling to A3. The Portuguese country ceiling, and therefore the
maximum rating that Moody's will assign to a domestic Portuguese
issuer including structured finance transactions backed by
Portuguese receivables, is A3 (sf).

The sufficiency of credit enhancement combined with the reduction
in sovereign risk has prompted the upgrade of the notes.

-- Key collateral assumptions

The key collateral assumptions for Hipototta No. 1 plc and
Hipototta No. 5 plc 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
Portuguese RMBS transactions.

-- 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 and
set-off exposure to Banco Santander Totta, S.A. for both

Moody's also assessed the exposure to Banco Santander S.A.
(Spain) acting as a swap counterparty in both transactions when
revising the 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

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 expects, (3) deleveraging of the capital structure and
(4) improvements in the credit quality of the transaction

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:


EUR1053.2 million Class A Notes, Upgraded to A3 (sf); previously
on May 29, 2014 Baa3 (sf) Placed Under Review for Possible

EUR32.5 million Class B Notes, Upgraded to Baa3 (sf); previously
on May 29, 2014 Ba1 (sf) Placed Under Review for Possible

EUR14.3 million Class C Notes, Upgraded to Ba1 (sf); previously
on May 29, 2014 Ba2 (sf) Placed Under Review for Possible


EUR1693 million Class A2 Notes, Upgraded to Baa1 (sf);
previously on May 29, 2014 Baa3 (sf) Placed Under Review for
Possible Upgrade

EUR26 million Class B Notes, Upgraded to Ba2 (sf); previously on
May 29, 2014 Ba3 (sf) Placed Under Review for Possible Upgrade

EUR24 million Class C Notes, Upgraded to Ba3 (sf); previously on
May 29, 2014 B2 (sf) Placed Under Review for Possible Upgrade

EUR26 million Class D Notes, Upgraded to B2 (sf); previously on
May 29, 2014 B3 (sf) Placed Under Review for Possible Upgrade

EUR31 million Class E Notes, Upgraded to Caa1 (sf); previously
on Jul 12, 2013 Confirmed at Caa2 (sf)

EUR10 million Class F Notes, Affirmed Ca (sf); previously on Mar
23, 2007 Definitive Rating Assigned Ca (sf)

U N I T E D   K I N G D O M

ALIZE MIDCO: Moody's Assigns 'B1' Corporate Family Rating
Moody's Investors Service has assigned a B1 corporate family
rating (CFR) and B1-PD probability of default rating to Alize
Midco Limited (a holding company of the Alliance Automotive
Group, or "the company" or "AAG"). Concurrently, Moody's has
assigned a provisional (P)B2 rating to the proposed EUR325
million floating and fixed rate senior secured notes due 2021 to
be issued by Alize Finco plc in support of the acquisition of AAG
by funds controlled by Blackstone. The outlook on all ratings is
stable. The transaction is expected to close on early December
2014, subject to approval by competition authorities. The
proceeds from the notes issuance will be held in escrow until
that date.

The proceeds would be used to refinance existing debt and fund a
portion of the purchase price.

Moody's issues provisional ratings in advance of the final sale
of securities and these reflect Moody's credit opinion regarding
the transaction only. Upon a conclusive review of the final
documentation and terms and conditions, Moody's will endeavor to
assign definitive ratings. A definitive rating may differ from a
provisional rating.

Ratings Rationale

AAG's B1 Corporate Family Rating (CFR) reflects the company's:
(1) opening Moody's adjusted financial leverage of 5.0x with
limited near-term deleveraging prospects; (2) high geographic
concentration, with France accounting for 78% of sales in the
first 6 month to June 2014; (3) competitive environment with
pressure on margins, especially in the UK, (4) continued
acquisitive growth, limiting deleveraging prospects.

The CFR also reflects AAG's: (1) strong market position as one of
the leading spare parts distributors in France and the UK, with a
strong brand portfolio; (2) lower cyclicality of the automotive
aftermarket sector compared to the automotive industry; (3)
current EU legislation and economic environment (diminished
spending power and the increasing age of the car park) favoring
players in the Independent Automotive Aftermarket; (3) track-
record of successful acquisitions integration and resilient
results throughout the recent economic cycle; (4) vertically
integrated business model and extensive distribution network
allowing timely and multiple deliveries per day (5) diversified
customer base and broad product portfolio; (6) solid interest
cover and liquidity profile, despite the fairly high leverage.

The company has a proven track record of resilient financial
performance through the difficult recent years on the back of (1)
its active external growth strategy with on average three
acquisitions per annum over the last 15 years, (2) an established
business model with a large integrated distribution network,
direct access to spare parts manufacturers, large product range,
established relationships with a broad and diversified customer
base and economies of scale.

AAG's historical acquisitive growth, combined with a modest but
positive like-for-like growth of c.1.5% per annum, have
contributed to the company's significant revenue and EBITDA
growth of approximately 10% CAGR in the period between 2008 and
2013 pro forma for two large acquisitions made in FY 2013.
Synergies achieved as a result of these acquisitions, including
purchasing power and savings on central and supporting functions,
have improved AAG's reported EBITDA margin from 5.5% to 5.7% over
the period.

With the French and UK automotive aftermarket expected to show
limited near-term growth, competition will remain high and a
constant focus will be required to keep customer loyalty high
with timely service quality and through an attractive package of
training and support to affiliated clients. The company's growth
plans will therefore depend on the ability of the company to
continue to acquire businesses.

Starting with an opening Moody's-adjusted leverage of 5.0x at the
end of fiscal year 2014, and in the absence of any amortizing
debt, Moody's expects limited room for near-term deleveraging. In
addition, given the fragmented nature of the industry, Moody's
believe the company will continue to grow through small bolt-on
acquisitions, which may be financed by drawings under its EUR 50
million revolving credit facility (RCF).

Moody's considers AAG's near-term liquidity position, pro forma
for the transaction, to be good. Opening cash balance is about
EUR38 million, with additional liquidity for working capital and
acquisitions stemming from its EUR50 million RCF, which is
expected to be undrawn at closing. The capital structure will
benefit from a springing utilization ratio covenant test on the
RCF that will be triggered when more than 30% of the RCF is
drawn. The first test will occur three full quarters after

The proposed capital structure includes EUR325 million seven year
fixed and floating rate senior secured notes due 2021, and a
EUR50 million super-senior RCF maturing in 2020.

The (P)B2 rating on the senior secured notes, one notch below the
CFR, reflects the limited amount of guarantees from operational
entities for the notes, and Moody's view that the liabilities
(RCF and trade payables) rank ahead of the notes in the new
capital structure. Both the notes and RCF will benefit from first
ranking security and will be guaranteed by part of the
subsidiaries which, for the six months ended June 30 2014,
represented 41.7% and 72.8% of AAG the group's EBITDA and total
assets, respectively.


Moody's views AAG as solidly positioned in the B1 category. The
stable outlook reflects Moody's view that the company's operating
performance will benefit from its acquisition growth strategy,
and will maintain or improve its market position while generating
modest, but positive free cash flow.

What Could Change the Ratings Up

Upward pressure on the rating could develop if Moody's adjusted
gross Debt/EBITDA ratio sustainably falls towards 4.5x and
(EBITDA-Capex) / Interest ratio stays above 3.0x.

What Could Change the Ratings Down

Downward pressure on the rating could develop if AAG's liquidity
position deteriorates, Moody's adjusted gross Debt/EBITDA ratio
trends towards 5.5x, or (EBITDA-Capex) / Interest ratio falls
below 2.0x.

Principal Methodologies

The principal methodology used in these ratings was Global
Distribution & Supply Chain Services published in November 2011.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Founded in 1990 and headquartered in the UK, Alliance Automotive
Group is a leading player in the sale and distribution of parts
and services to the independent automotive aftermarket both in
France and the UK. The company operates as a supply link between
large automotive manufacturers and smaller garages. The company
serves a variety of customers (mainly garages,) through its
network of distributors (subsidiaries or affiliates). Alongside
its distribution activities, the group also provides services
(including branding and technical support) to a network of
approximately 2,800 independent garages in France and the United
Kingdom that use one of the company's banners. The company
employs more than 3,300 FTE and reported sales of EUR 1,155
million for the twelve months ended December 2013 pro forma for
the acquisition of Precisium (third largest spare parts trading
group in France) and TPA (second largest affiliated distributor).
AAG generated slightly over 75% of revenues in France, with the
remainder derived from the company's presence in the UK.

ALIZE MIDCO: S&P Assigns Preliminary 'B+' CCR; Outlook Stable
Standard & Poor's Ratings Services assigned its preliminary 'B+'
long-term corporate credit rating to U.K.-based Alize Midco PLC
(Alliance Automotive Group; AAG).  The outlook is stable.

At the same time, S&P assigned its preliminary 'B+' issue rating
to the EUR325 million fixed and floating rate notes to be issued
by subsidiary Alize Finco PLC.  The preliminary recovery rating
is '4', indicating S&P's expectation of average (30%-50%)
recovery in the event of a payment default.

S&P also assigned its preliminary 'BB' issue rating to the
proposed EUR50 million revolving credit facility (RCF) to be held
at Alize Bidco PLC.  The preliminary recovery rating on this
facility is '1', indicating S&P's expectation of very high (90%-
100%) recovery in the event of a payment default.

All the ratings depend on S&P's review of the final transaction
documentation.  If S&P do not receive the final documentation
within a reasonable time frame, or if the final documentation
departs from materials S&P has reviewed, it reserves the right to
withdraw or revise its ratings.  Potential changes include, but
are not limited to, utilization of loan proceeds, maturity, size,
and conditions of the term loan, financial and other covenants,
security, and debt ranking.

The preliminary ratings on AAG are based on S&P's assumption that
these steps will be completed in the next few months:

   -- Funds advised and managed by the private equity firm
      Blackstone, along with AAG's founding shareholders, will
      acquire all of AAG's share capital.  AAG announced on
      Aug. 8, 2014, that it expects the buyout to close around
      Dec. 1, 2014.

   -- After completion of the transaction, Blackstone will own
      69% of the AAG group and management will own the remaining
      31%.  Alize Finco will issue the EUR325 million seven-year
      fixed and floating rate senior secured notes and negotiate
      a EUR50 million RCF.

   -- From the proceeds, the company will repay all its debt and
      pay EUR264 million to its previous owners.

The stable outlook reflects S&P's view that AAG will continue to
expand mainly through acquisitions, while maintaining stable
profitability.  It also factors in S&P's opinion that financial
policy decisions will not weaken AAG's credit ratios below their
post-refinancing level.  S&P views an adjusted debt-to-EBITDA
ratio lower than 5x as commensurate with the current ratings.

S&P could lower the ratings if the company demonstrated a more
aggressive financial policy than S&P currently assumes, either
through large debt-funded acquisitions or significant dividend
distributions.  In this case, S&P could reassess AAG's financial
policy to "Financial sponsor-6" and the financial risk profile to
"highly leveraged," leading to a downgrade of one or several

S&P could also downgrade AAG if the documentation for
Blackstone's PECs did not satisfy S&P's requirements for equity
treatment, or if AAG's operating performance deteriorated,
leading to an increase in adjusted debt to EBITDA above 5x
without near-term prospects of reduction.

S&P sees the possibility of an upgrade as remote, given AAG's
private-equity ownership.

ALL3MEDIA FINANCE: S&P Withdraws 'B+' Corporate Credit Rating
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on All3Media Finance Ltd. (All3Media) to 'B+' from
'B'.  S&P subsequently withdrew the rating as the entity has
become an operating subsidiary of DLG.

At the same time, S&P assigned its 'B+' long-term final corporate
credit rating to DLG.  The outlook on this entity is stable.

In addition, S&P raised the issue rating on the GBP282 million
first-lien term loan to 'B+' from 'B'.  The recovery rating on
this loan is '3', indicating S&P's expectation of meaningful
(50%-70%) recovery prospects in the event of a payment default.

Finally, S&P assigned a 'B-' issue rating to the EUR100 million
second-lien term loan issued by DLG.  The recovery rating on this
loan is '6', indicating S&P's expectation of negligible (0%-10%)
recovery in the event of a payment default.

The rating on DLG reflects S&P's view of its "highly leveraged"
financial risk profile and "fair" business risk profile.

Post-acquisition, DLG's capital structure includes the GBP282
million first-lien term loan (which was moved up to DLG from
All3Media Finance Ltd.), a EUR100 million second-lien term loan,
and GBP8 million drawn under the GBP38 million revolving credit
facility (RCF).  Meanwhile, S&P understands that the GBP516
million of subordinated preference certificates (SPCs) at the
level of All3Media Finance Ltd. were retired as part of these

S&P estimates that DLG runs a Standard & Poor's-adjusted debt-to-
EBITDA ratio of 6.1x and an adjusted funds from operations (FFO)-
to-debt ratio of 9.6%.  These ratios, combined with modest free
operating cash flow (FOCF) generation, are consistent with a
"highly leveraged" financial risk profile.

S&P's assessment of DLG's "fair" business risk profile reflects
the group's leading position in the U.K., ongoing growth in the
U.S. and Germany, and its balanced mix of more than 300
television programs a year from 18 independent production
studios.  These positives are tempered by the group's sole
exposure to the TV program production market and its relatively
modest size. Moreover, in S&P's view, the group operates in a
highly competitive and fragmented industry.

The combination of a "fair" business risk profile and a "highly
leveraged" financial risk profile results in an anchor of 'b' and
a stand-alone credit profile of 'b', in accordance with S&P's

The notch-up of the stand-alone credit profile to the 'B+' issuer
credit rating is in line with S&P's group rating methodology.
S&P assess that DLG is a "moderately strategic" subsidiary to its
new owners.  S&P understands that DLG is unlikely to be sold in
the near term by its new shareholders and that there is potential
for some limited support from its parents, should it fall into
financial difficulty.

S&P's base case, pro forma the successful completion of the
acquisition, assumes:

   -- About 10% revenue decline in financial 2014, due to
      production revenue declines associated with lost drama
      program commissions and the timing of production, as the
      group is still at an early stage of the drama series
      production cycle.

   -- Financial 2015-2016 revenue to increase by 4% due to newly
      commissioned shows and a larger digital income stream from
      secondary market opportunities.

   -- An increase in the EBITDA margin owing to larger production
      of higher-margin recommissioned shows.

   -- Capital expenditures (capex) of about GBP4 million in
      financial 2015.

   -- An acquisition spend (partly deferred considerations) of
      GBP25 million in financial 2015.  S&P assumes that this
      amount will steadily decrease in the years following the

Based on these assumptions, S&P arrives at these credit measures
for 2015:

   -- Standard & Poor's-adjusted debt to EBITDA of 5.7x and FFO
      to debt of 10.1% at the end of financial 2015.

   -- EBITDA cash interest coverage of about 3.1x.

   -- FOCF of about GBP25 million.

The stable outlook reflects S&P's expectation that DLG will
demonstrate a moderate operating performance over the next 12
months, while maintaining its market position and profitability.
S&P views EBITDA interest coverage of more than 2x alongside
positive FOCF generation as commensurate with the rating on DLG.

S&P could lower the rating if adjusted EBITDA to interest
coverage drops to less than 2x, or if the group fails to generate
positive FOCF.  This would most likely be caused by deteriorating
operating margins due to the company's inability to adjust the
cost base to market pricing.  This scenario could also occur due
to stress on working capital following delays of a number of
commissioned shows, and weak growth of the TV program production

S&P could raise the rating on DLG if strong operating
performance, cash generation, and debt reduction lead to adjusted
debt to EBITDA of less than 5x, and if S&P believes that
releveraging risks are low.  This would have to be coupled with
S&P's view that DLG will maintain "adequate" liquidity.

ANGLO INTERIORS: In Administration, 120 Jobs at Risk
Insider Media Limited reports that a shop-fitting and retail
interior design business in Cambridgeshire has entered into
administration, potentially placing more than 120 jobs at risk.

Jason Daniel Baker and Paul David Allen from FRP Advisory were
appointed as joint administrators of Anglo Interiors Ltd on
October 2, 2014.

Since the appointment, recovery and insolvency support group
Winterhill has revealed it is putting some of the company's
assets up for sale by auction, according to Insider Media

High-tech woodworking equipment, machine tools and metal
fabrication equipment from the company's factory will be included
in an online auction, the report notes.

The report relates that Simon Creber, director of machinery and
business assets at Winterhill, said: "Anglia Interiors was a
major employer in St Neots and the firm's collapse is
tremendously sad for the whole area and no doubt a symptom of the
wider financial troubles faced by the retail sector."

However, FRP said the items being sold are under the control of a
finance company and not the administrators, the report notes.

An FRP Advisory spokesman told Insider: "The joint administrators
are continuing with their statutory duties and also continuing to
realise the assets of the company in administration.

"The items to be auctioned do not form an asset of the company
and are under the direct control of a finance company," the
spokesman added.

St Neots-based Anglo Interiors Ltd, which employed 120 permanent
staff and dozens of contract workers, had a 130,000 sq ft
manufacturing unit in the town.  Its list of high-profile retail
clients included Next, Gap, Arcadia and Hotel Chocolat.

CABLE & WIRELESS: S&P Puts BB CCR on Watch Neg Over Columbus Deal
Standard & Poor's Ratings Services said it placed its ratings,
including the 'BB' corporate credit rating, on U.K.-based Cable &
Wireless Communications PLC on CreditWatch with negative

"The CreditWatch listing is based on our expectation for a one-
notch downgrade of the company to 'BB-' from 'BB' following the
close of the proposed acquisition of Columbus due to the
weakening of the company's financial risk profile as a result of
this transaction," said Standard & Poor's credit analyst
Catherine Cosentino.

Upon close of the transaction, S&P expects to lower the corporate
credit rating on Cable & Wireless to 'BB-' from 'BB'.  S&P also
expects to lower the rating on the senior secured debt at funding
conduit Sable International Finance Ltd. to 'BB-' from 'BB' and
lower the rating on unsecured debt at Cable & Wireless
International Finance to 'B' from 'B+'.

S&P's expected downgrade of the company is based on the
anticipated increase in the company's leverage pro forma for the
transaction, despite longer-term business benefits.

CATERHAM FORMULA ONE: Crowdfunding Project Raises GBP1MM in 48Hrs
BBC News reports that a crowdfunding project to raise funds for
the stricken Caterham Formula One racing team has surpassed GBP1
million in 48 hours.

According to BBC, the administrator to the team also said that an
unnamed "new financially-sound interested party" was considering
acquiring Caterham.

Finbarr O'Connell launched the crowdfunding to raise GBP2.35
million in time for Caterham to race in the final grand prix of
the season on Nov. 23, BBC relates.

Mr. O'Connell, as cited by BBC, said the possible buyer emerged
because of the fundraising.

Crowdfunding works by people pledging donations or buying items
linked to the company.

Caterham is selling earplugs and badges and is offering people
the chance to enter a competition to have their name on a racing
car at the Abu Dhabi Grand Prix on Nov. 23 -- assuming the team
finds enough money to compete, BBC discloses.

As of late Nov. 9, Caterham's crowdfunding website showed that it
had raised GBP1.075 million from 2,199 backers, BBC relays.

The fundraising campaign closes on Nov. 14, BBC notes.

GHERKIN: Safra Group Buys Tower for About GBP726 Million
Patrick Gower at Bloomberg News reports that the London tower
known as the Gherkin is being bought by the Safra Group, the
banking empire controlled by billionaire Joseph Safra.

According to Bloomberg, a person with knowledge of the deal said
the price is about GBP726 million (US$1.2 billion).

A statement on Nov. 10 said the Safra Group agreed to acquire the
180-meter (590-foot) building, the second tallest in the City of
London financial district, from receiver Deloitte LLP, Bloomberg
relates.  The person, as cited by Bloomberg, said the price is
equivalent to a yield of about 3.8%.

The tower at 30 St. Mary Axe has become one of London's best-
known landmarks since it opened a decade ago, Bloomberg notes.
Deloitte was hired by the building's lenders to sell the property
in July to end years of defaults, Bloomberg relays.

A fund managed by IVG Immobilien AG, once Germany's biggest real
estate company, and London-based Evans Randall Ltd. bought the
Gherkin from reinsurer Swiss Re for GBP600 million in 2007,
Bloomberg recounts.  Deloitte took control of the building in
April after the Swiss franc's appreciation caused some of the
debt payments to balloon, Bloomberg discloses.

HENDERSON'S TRAVEL: McGill's Buses Buy 20 Routes
Daily Record reports that a lifeline bus service linking
Cambuslang with East Kilbride has been secured.

The 172 service had looked under threat when its operator,
Henderson's Travel, went into administration, according to Daily

But Greenock-based McGill's Buses has stepped in to take over all
20 of Henderson's Strathclyde Passenger Transport-subsidized
routes, the report notes.

The report relates that they will also take over the running of
the 165 linking Cairns with Rutherglen Main Street.

However, it is believed the number seven service between
Rutherglen and Fernhill is a commercial route and will not be
taken on, the report notes.

Travellers were left bemused when the 172 failed to arrive as
scheduled, the report recalls.

Some passengers were left stranded in East Kilbride after some
services ran in the morning, but no return bus came to take them
back to Cambuslang, the report discloses.

The 172 has previously been under threat several times, most
recently this year when SPT had to step in to subsidies the
service when Henderson's said it was no longer commercially
viable, the report relays.

The report notes that Ralph Roberts, Managing Director of
McGill's, said the move would secure jobs at Henderson's Blantyre
base and said McGill's would pick up the bill for unpaid wages
after staff found out on Thursday they had not been paid for the
previous fortnights work.

MARUSSIA F1: Ceases Trading, Cuts 200 Jobs
Oxford Mail reports that Banbury-based Marussia Formula One Team
has ceased trading, it has been confirmed, with the loss of up to
200 staff.

Administrators FRP Advisory LLP announced the news.

In a statement, the company said that since the appointment of
administrators, no investment had been secured in the limited
time available to continue the company in its present form,
according to Oxford Mail.

The report notes that the statement added with no sustainable
operational or financial structure in place to maintain the group
as a going concern, the joint administrators have now ceased
trading Marussia F1 Team and unfortunately have had to make the
remaining staff redundant.

Marussia's 200 workers had been paid in full up until the end of

The report relays Geoff Rowley, joint administrator, and partner
at FRP Advisory, said:  "It goes without saying that it is deeply
regrettable that a business with such a great following in
British and world motorsport has had to cease trading and close
its doors.

"While the team made significant progress during its relatively
short period of operation, operating a F1 team requires
significant ongoing investment," the report quoted Mr. Rowley as

"The group was put into administration last month following a
shortfall in on-going funding and the administration process
provided a moratorium to allow for attempts to secure a long term
viable solution for the Company within in a very limited time-
frame," Mr. Rowley said.

"Sadly no solution could be achieved to allow for the business to
continue in its current form.  We would like to thank all the
staff for their support during this difficult process," Mr.
Rowley added.

SERCO GROUP: Mulls GBP550MM Rights Issue; May Breach Covenant
John Aglionby at The Financial Times reports that troubled
outsourcing company Serco is planning a GBP550 million rights
issue after lowering its profit forecast for this year and next,
and identifying GBP1.5 billion of impairments.

According to the FT, Serco released the preliminary conclusions
of its strategy review and said it had found "two strategic
missteps": diversifying away from its core competencies and
concentrating too much on winning new business.

"[The company] has failed to manage effectively the fact that
over recent years there have been significant advances in public
sector contracting, particularly in the UK, with new models that
transfer substantially more risk to suppliers," the FT quotes
Serco as saying.  "As a consequence, we now have a number of
contracts which are making large losses."

According to the FT, about half of the planned impairments are
related to goodwill and intangibles and GBP450 million to onerous
contract provisions, of which "a significant proportion will have
associated cash outflows over the next eight years".

Serco lowered its forecast for adjusted operating profit this
year by GBP20 million to GBP130 million-GBP140 million and
lowered its outlook for 2015, the FT discloses.  That will push
the company into a breach of its debt-to-profit covenant on a
private placement loan, so it plans to hold talks with its
lenders to amend the conditions, the FT says.   It will also not
pay a final dividend for the 2014 financial year, the FT states.

The GBP550 million rights issue, which has been set for the first
quarter of 2015, is fully underwritten by Bank of America Merrill
Lynch and JPMorgan Cazenove, the FT notes.

Serco Group plc is a British outsourcing company based in Hook,
Hampshire.  It operates public and private transport and traffic
control, aviation, military and nuclear weapons, detention
centers, prisons and schools on behalf of the UK government.

TITAN EUROPE 2007-1: Moody's Cuts Rating on Cl. A Notes to Caa1
Moody's Investors Service has downgraded the ratings of the Class
A Notes issued by Titan Europe 2007-1 (NHP) Limited.

Moody's rating action is as follows:

GBP435.85 million (current outstanding balance of GBP408M) A
Notes, Downgraded to Caa1 (sf); previously on Feb 12, 2013
Downgraded to Ba3 (sf)

Moody's does not rate the Class B, Class C, Class D, Class E,
Class V and the Class X Notes.

Ratings Rationale

The downgrade reflects the recent notices relating to the
enforcement of the loan security and the execution of a sale and
purchase agreement (SPA) as well as the uncertainty around the
ultimate recovery for the Class A Notes. The ultimate recovery
will depend on the ranking and the ultimate amount of swap
arrears in the transaction. Moody's notes that a determination
that the arrears rank junior will result in zero losses to the
Class A Notes, but significant losses if the full Issuer level
unpaid swap amounts plus potential accruing interest was to rank
senior to the Class A.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was Moody's
Approach to Rating EMEA CMBS Transactions published in December

Other factors used in this rating are described in European CMBS:
2014-16 Central Scenarios published in March 2014.

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

Main factors or circumstances that could lead to a downgrade of
the rating are generally a reduction in the anticipated recovery
rate for the Class A Noteholders, driven by an unsuccessful
completion of the borrower group sale or a determination that the
full Issuer level swap arrears rank ahead of the Class A Notes
including some accruing interest thereon.

Main factors or circumstances that could lead to an upgrade of
the rating are generally an increase in the anticipated recovery
rate for the Class A Notes, driven by a determination that the
swap arrears rank junior to the Class A Noteholders.


As pointed out above, the ultimate loss for Class A can be zero
if the swap arrears rank junior, but the losses can be
significant if the full Issuer level unpaid swap amounts plus
potential accruing interest was to rank senior to the Class A.

Moody's Portfolio Analysis

Titan Europe 2007-1 (NHP) Limited represents a true-sale
securitization of a GBP 610 million Senior A Loan extended to The
Libra Borrower, and secured by a portfolio of initially around
300 care homes located across the UK. Additionally, a GBP534
million Junior B Loan was provided to The Libra Borrower that has
not been securitized in this transaction, but is secured by the
same portfolio. HC-One Limited, a recently formed wholly-owned
subsidiary of the Libra Borrower that was created in 2011 prior
to the collapse of Southern Cross Healthcare, operates the
majority of care homes in the property portfolio. A mix of third
party tenants operate the remaining care homes.

On Nov. 3 and 5, the Issuer and the Special Servicer gave notices
relating to the enforcement of the loan security and the
execution of a SPA relating to the disposal of the shares in the
borrower group. As a consequence, the properties and the
operating company will be sold with a target date of November 12.
Out of the gross sales proceeds of GBP477.7 million, an estimated
GBP 457.6 million is expected to be available to the Issuer in
its Collection Account. Moreover, another GBP17.4 million are
expected to be available stemming mostly from formerly trapped
sales proceeds.

The uncertainty on the ultimate recovery of the Class A notes
centers around the amount payable to the swap counterparty on
swap arrears and the ranking of these payments. First and
foremost, the ranking of the swap arrears is still subject to a
discussion between the parties, and the Cash Manager may seek for
court direction with respect to the ranking of the payments to
the Forward Swap Provider. We have assumed swap arrears to rank
senior in Moody's analysis, even though the documentation is not
clear in Moody's view.

A November 5 notice quantified the projected Issuer level unpaid
periodic swap payments to be approximately GBP 133.1 million on
the January 2015 IPD. In case the full unpaid periodic swap
amount ranks ahead of the Class A Notes, the total loss of the
Class A can amount to just below 20% of the current outstanding
principal. This takes into account that the existing servicing
advance and accrued interest of GBP 14.9 million will rank ahead
of the Class A Notes. If the unpaid period swap amounts rank
junior, the Class A Notes will likely not experience a principal
loss. Consequently -- assuming the sale will be executed as
expected per SPA- the ultimate loss (or non loss) will depend on
the outcome of the discussions of the parties re swap ranking and
potentially sizing, or the ultimate view of the court with this


* S&P Takes Various Rating Actions on European CDO Tranches
After running its month-end SROC (synthetic rated
overcollateralization) figures, Standard & Poor's Ratings
Services took various credit rating actions on 17 European
synthetic collateralized debt obligation (CDO) tranches.

Specifically, S&P has:

   -- Raised its ratings on three tranches;

   -- Raised and removed from CreditWatch positive its ratings on
      four tranches;

   -- Placed on CreditWatch positive its ratings on six tranches;

   -- Affirmed its ratings on four tranches.

The rating actions are part of S&P's regular monthly review of
European synthetic CDOs.  The actions incorporate, among other
things, the effect of recent rating migration within reference
portfolios and recent credit events on corporate entities.


The SROC (synthetic rated overcollateralization) has fallen below
100% during the Sept. 2014 month-end run.  This indicates to S&P
that the current credit enhancement may not be sufficient to
maintain the current tranche rating.


The SROC has risen above 100% during the Sept. 2014 month-end
run. This indicates to S&P that the current credit enhancement is
sufficient to maintain the current tranche rating.


The tranche's current SROC exceeds 100%, which indicates to S&P
that the tranche's credit enhancement is greater than that
required to maintain the current rating.  Additionally, S&P's
analysis indicates that the current SROC would be greater than
100% at a higher rating level than currently assigned.


S&P has run SROC for the current portfolio and has projected SROC
90 days into the future, while assuming no asset rating

S&P has lowered its ratings to the level at which SROC is above
or equal to 100%.  However, if the SROC is below 100% at a
certain rating level but greater than 100% in the projected 90-
day run, S&P may leave the rating on CreditWatch negative at the
revised rating level.


S&P has raised its ratings to the level at which SROC exceeds
100% and meets its minimum cushion requirement.


S&P has affirmed its ratings on those tranches for which credit
enhancement is, in S&P's opinion, still at a level commensurate
with their current ratings.


S&P has lowered its ratings to 'CC' where losses in a portfolio
have already exceeded the available credit enhancement or where,
in S&P's opinion, it is highly likely that this will occur once
S&P knows final valuations.  S&P has done so as it considers that
it is highly likely that the noteholders will not receive their
full principal.


S&P has lowered its ratings to 'D' where it has received
confirmation that losses from credit events in the underlying
portfolio have exceeded the available credit enhancement and
partially reduced the notes principal amount.  This means the
noteholders did not receive interest based on the full notional
of the notes.


For all of S&P's European synthetic CDO transactions, it applies
its corporate CDO criteria.  Therefore, S&P has run its analysis
on CDO Evaluator model 6.0.1, which includes the top obligor and
industry test SROCs.

In addition to the obligor and industry tests, and the Monte
Carlo default simulation results, S&P may consider certain
factors such as credit stability and rating sensitivity to
modeling parameters when assigning ratings to CDO tranches.  S&P
assess these factors case-by-case and may adjust the ratings to a
rating level that is different to that indicated by the
quantitative results alone.


One of the main steps in our rating analysis is the review of the
credit quality of the portfolio referenced assets.  SROC is one
of the tools S&P uses when surveilling its ratings on synthetic
CDO tranches with reference portfolios.

SROC is a measure of the degree by which the credit enhancement
(or attachment point) of a tranche exceeds the stressed loss rate
assumed for a given rating scenario.  SROC helps capture what S&P
considers to be the major influences on portfolio performance:
Credit events, asset rating migration, asset amortization, and
time to maturity.  It is a comparable measure across different
tranches of the same rating.

* Large Companies with Insolvent Balance Sheets

                                   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.

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

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  Go to 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,

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

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