TCREUR_Public/151013.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Tuesday, October 13, 2015, Vol. 16, No. 202



ALBANIA: S&P Affirms 'B/B' Sovereign Ratings, Outlook Positive


* AUSTRIA: Finance Ministry Mulls Tweaks to Bank-Resolution Law


BELARUS: S&P Affirms 'B-' Sovereign Ratings, Outlook Stable


BANK OF CYPRUS: Fitch Hikes Viability Rating to 'ccc'


DECO 15 - PAN EUROPE: Moody's Affirms 'CCsf' Rating on Cl. E Debt
SCHAEFFLER AG: Moody's Raises CFR to Ba2, Outlook Stable
WITTUR HOLDCO: S&P Affirms 'B' Long-Term Corporate Credit Rating


KERESKEDELMI ES HITELBANK: Fitch Raises Viability Rating to 'b-'


ADAGIO II: S&P Affirms 'B+' Rating on Class E Notes
ANGLO IRISH: Set to Appear in Court Today for Extradition Hearing
CELTIC RESIDENTIAL 9: S&P Raises Rating on Class B Notes to B+
CELTIC RESIDENTIAL 10: S&P Raises Rating on Class A2 Notes to BB
CELTIC RESIDENTIAL 12: S&P Affirms B- Rating on Class C Notes

KILDARE SECURITIES: S&P Affirms B- Ratings on 2 Note Classes
PRECISION TIMING: Creditors Meeting Set For October 16


WASTE ITALIA: Moody's Cuts LT Issuer Default Rating to 'CCC'


ABN AMRO BANK: Moody's Rates High-Trigger AT1 Secs. 'Ba2'
CAIRN CLO III: Moody's Assigns (P)B2(sf) Rating to Cl. F Debt
DUCHESS VI CLO: S&P Raises Rating on Class E Notes to BB+
GARFUNKELUX HOLDCO 2: S&P Assigns 'B+' ICR, Outlook Stable
GROSVENOR PLACE CLO: Moody's Affirms Ba1 Rating on Cl. D Notes

MARFRIG HOLDINGS: Fitch Affirms 'B+' Foreign Currency IDR


EURASIA DRILLING: Fitch Puts 'BB' Long-Term IDR on Watch Negative
EXIMBANK OF RUSSIA: Moody's Assigns Ba2 LT FC Deposit Ratings
GRAND INSURANCE: Bank of Russia Suspends Insurance License
TAURUS BANK: Liabilities Exceed Assets, Investigation Shows
TRANSAERO AIRLINES: Creditor Banks Impose Moratorium on Suits

URALKALI PJSC: Moody's Lowers CFR to Ba2, Outlook Stable


CATALONIA: S&P Lowers Issuer Credit Rating to 'BB-', Outlook Neg.
LICO LEASING: Moody's Raises Ratings to Caa2; Outlook Positive
OBRASCON HUARTE: Moody's Confirms B1 CFR, Outlook Stable
SEKERBANK: Moody's Says Ba2 Rating Unaffected by Servicer Removal

U N I T E D   K I N G D O M

COGNITA BONDCO: S&P Assigns 'B' Corporate Credit Rating
EPHIOS HOLDCO: Moody's Assigns Definitive B2 CFR, Outlook Stable
GTEC: Expert Print Buys Firm Assets Following Liquidation
INTERSTAR MILLENNIUM: Fitch Assigns 'Bsf' Rating on Class B Notes
PINNACLES (UK): Director Gets 10-Yr Ban for Filing False VAT Doc

USC: Sports Direct Chief Exec To Face Charges Over Administration


* Large Companies with Insolvent Balance Sheets



ALBANIA: S&P Affirms 'B/B' Sovereign Ratings, Outlook Positive
Standard & Poor's Ratings Services affirmed its 'B/B' long- and
short-term foreign and local currency sovereign credit ratings on
the Republic of Albania.  The outlook is positive.


The affirmation indicates that S&P believes Albania's sovereign
credit factors are broadly intact.  The positive outlook reflects
the upside potential S&P sees in Albania's fiscal performance.

Since the government led by Edi Rama took office in late 2013, S&P
considers that revenue performance has been lackluster,
particularly on indirect taxes in 2015.  In response -- and to
remain compliant with its International Monetary Fund Extended
Fund Facility (IMF EFF) -- the government has taken measures to
bring a greater share of output into the official (taxed) economy
and to reduce tax evasion.  In addition, the government is
strengthening fiscal institutions and public-sector financial
management.  So far, the reforms have targeted the pension system,
local government, tax administration, and the energy sector.
Efforts in the energy sector have been particularly successful in
raising revenues and thus easing pressure on the central
government's budget.

Assuming that Albania's economic growth continues to pick up
(albeit from a weak base) as it has in the first half of 2015, S&P
expects the annual change in Albania's general government debt as
a percentage of GDP to improve to 2% on average in 2015-2018
compared with almost 5% on average in 2012-2014.  Similarly, S&P
assumes that net general government debt will decrease to about
62% of GDP by 2018 from just over 70% in 2015, including
guaranteed debt and commercial arrears.  S&P still regards
Albania's net debt as high, but believe near-term refinancing
pressures have abated.  S&P expects that the government will
successfully refinance its Eurobond maturing in November 2015.
Even if the government decides to stay out of the market, it has
obtained significant amounts of external official financing to
boost reserves.  General government interest payments will likely
average just over 10% of revenues in 2015-2018.

General government debt increased noticeably after the recognition
of arrears, representing 5.3% of GDP in 2013.  The government is
taking action to reduce the arrears in accordance with the IMF
arrangement, and S&P anticipates that they will all be cleared in
2016 at the latest.

Fiscal improvements hinge on higher economic growth rates from
2015.  At the same time, slowing reform momentum could hinder
growth, and vice versa.  After real GDP growth of 2.1% in 2014,
S&P expects growth to accelerate to an average of 3.7% in 2015-
2017.  S&P forecasts that exports -- mainly of textiles, minerals,
and fuels -- will remain a primary growth engine over the next
several years, increasingly supported by investment and
consumption as domestic demand picks up.  In addition, S&P expects
investment, fueled by high foreign direct investment (FDI) in
2015-2017, to further strengthen Albania's export potential.

S&P projects significant net FDI, especially in the hydropower
sector and the Trans-Adriatic Pipeline project in 2016-2018.  FDI
inflows, in S&P's view, will likely fund most of Albania's large
current account deficit, which S&P projects will widen until 2016
and then close slightly thereafter on improved export potential
and further decreasing energy import needs. Given Albania's links
with Greece, home to a substantial Albanian population,
developments there could further depress remittances, which have
declined materially in recent years.  S&P currently projects
remittances to remain subdued at less than 7% of GDP in the next
few years, as Albanian workers are leaving Greece.  Their onward
migration will, however, contribute to further diversifying
remittance sources.

Although Albania's gross external financing needs are significant,
its external debt is comparably low, which is a strong point in
the country's credit profile.  While narrow net external debt, by
S&P's measures, increased in 2014-2015, we project that it will
decrease relative to current account receipts from 2016, due to an
increase in exports.

The government has extended its debt maturities considerably over
the past three years.  However, the average maturity of the debt
remains short (673 days as of mid-year 2015) for the domestic
portion of debt, which currently accounts for about 60% of total
debt.  Although Albania markedly reduced its financing in the
domestic market in 2015 in favor of external borrowing, S&P still
views the links between the government, banks, and investment
funds as a potential refinancing risk.  Albania's banking system
still holds the largest share of domestic debt, and about 30% of
the banking system's assets are government securities.

A sustained track record of tackling structural reforms,
particularly to strengthen property rights and the rule of law,
could eventually lead S&P to revise its assessment of
institutional and governance effectiveness upward.  In that
regard, S&P believes that implementation of the judiciary reform,
currently under preparation, and a successful track record in that
area would also improve the business climate and could help
Albania progress toward opening EU accession negotiations
following the granting of candidate status in 2014.

Improvements in the legal system are also important in order to
reduce nonperforming loans (NPLs).  The high level of NPLs in the
financial sector (slightly above 20% of system loans) hampers
lending and constrains economic recovery.  The government is
planning a new strategy, in coordination with the IMF, to write
off NPLs and improve the realization of collateral.  Cleaner loan
books combined with renewed loan demand could accentuate the
recently improving credit growth trend.

S&P projects that the financial sector will remain in a net
external creditor position over the next few years.  The estimated
loan-to-deposit ratio is about 55%, and capital buffers in the
banking system are well above minimum capital requirements.  While
these factors indicate sizable liquidity in the system, the
increase of the financial sector's net foreign assets mirrors the
weak growth performance in recent years. Subsidiaries of Greek
banks maintain a sizable presence in Albania.  Although the
authorities have taken preemptive measures when necessary, should
conditions deteriorate further in Greece, depositor confidence
could suffer and the stability of these subsidiaries with it.
That said, Albanian subsidiaries of Greek banks upstream
comparatively little funds to their parents.

The central bank's policy of monetary easing will likely continue
in 2015.  However, the high share of foreign currency loans and
deposits is hindering the effectiveness of Albania's monetary
policy, as it does in most Balkan countries.

S&P notes that Albania's central bank intervened only marginally
in the foreign exchange market in 2014-2015 to increase its
foreign currency reserves in line with its targets and otherwise
maintains a free-floating exchange rate regime.

Although Albania's monetary flexibility benefits from this regime,
S&P notes the comparably low turnover of the Albanian lek in the
spot market.  In S&P's opinion, Albania's monetary flexibility
will improve as its foreign exchange and capital markets deepen.
Conversely, governance at the Bank of Albania has improved in
recent months.  A new central bank governor was appointed this
year, after the former governor and other officials were removed
in 2014 due to inadequate internal controls.


The positive outlook reflects the possibility that S&P could raise
its ratings on Albania over the next six months if it continues to
comply with its IMF EFF program, incoming data confirm Albania's
fiscal consolidation, and S&P concludes that general government
debt to GDP is on a downward trend.

If the abovementioned conditions for an upgrade do not
materialize, or if there is deterioration in external financing
conditions or of the structural reform agenda, S&P could revise
the outlook to stable.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that the monetary assessment had
deteriorated.  All other key rating factors were unchanged.

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


                                        To             From
Albania (Republic of)
Sovereign credit rating
  Foreign and Local Currency            B/Pos./B       B/Pos./B
Transfer & Convertibility Assessment   BB-            BB-
Senior Unsecured
  Foreign Currency                      B              B


* AUSTRIA: Finance Ministry Mulls Tweaks to Bank-Resolution Law
Boris Groendahl at Bloomberg News reports that Austria plans to
close a potential loophole that could allow authorities to renege
on legacy bank debt guarantees in cases where creditors of failing
banks are forced to share losses.

The Finance Ministry in Vienna, struggling with EUR11 billion
(US$12.4 billion) of guaranteed debt at "bad bank" Heta Asset
Resolution AG, is proposing tweaks to Austria's bank-resolution
law to clarify that holders of bonds with a deficiency guarantee
can demand compensation if losses are imposed on them during a
wind-down, Bloomberg relates.

The current law on bank resolution leaves too much room for
interpretation, according to a draft reform published on the
website of Austria's parliament as part of a public consultation,
Bloomberg notes.

"Voiding the guarantee promise by a third party would constitute
an inappropriate infringement on property because it wouldn't be
directly linked to the resolution," Bloomberg quotes the
explanatory notes to the bill as saying.  "The legal relationship
between creditor and guarantor shall not be infringed by the
application of the bail-in instrument, and isn't intended."

Austrian state-owned banks relied on guarantees to raise cheap
funding until 2007, when the European Union outlawed the practice
as unfair state aid, Bloomberg discloses.  Most of the legacy
guaranteed debt expires in 2017, Bloomberg states.  The issue has
become relevant because of Heta, which is managing the remnants of
Hypo Alpe-Adria-Bank International AG, one of the most damaging
Austrian bank failures after the 2008 financial crisis, according
to Bloomberg.


BELARUS: S&P Affirms 'B-' Sovereign Ratings, Outlook Stable
Standard & Poor's Ratings Services affirmed its 'B-' long-term and
'B' short-term sovereign credit ratings on the Republic of
Belarus.  The outlook is stable.


The ratings on Belarus are constrained by S&P's view of its low
institutional predictability and effectiveness, weak external
position, and its only modestly flexible monetary policies.  The
ratings are supported by the relatively wealthy Belarusian
economy, the general government's relatively low debt burden, as
well as a strong track-record of financial support from the
Russian Federation.

Given depressed economic conditions in Ukraine and Russia, which
together receive 60% of Belarus' exports, the government and the
National Bank of the Republic of Belarus (NBRB, the central bank)
have embarked on compensating adjustment measures since early
2015.  Among other policies, the authorities have contained public
salary growth, curtailed directed lending, tightened monetary
policies, allowed for a more flexible exchange rate (with the
Belarusian ruble losing more than 30% of its value against the
U.S. dollar since January), and imposed nontariff barriers on
imports.  Given this and taking into account Russia's waiver of
duties on refined oil products, representing about 2% of GDP
(which Belarus had previously paid to Russia), S&P forecasts that
this will allow Belarus to reduce its current account deficit to
on average 4% of GDP in 2015-2019, down from about 9% of GDP in
the past five years.

Despite this duty waiver, the country's external position will
remain weak.  Because of the lower value of current account
receipts (CARs) in U.S. dollar terms due to the Belarusian ruble
depreciation, S&P now anticipates that Belarus' external debt, net
of financial and public sector external assets ("narrow net
external debt," S&P's preferred measure of external indebtedness)
will consistently exceed the sum of its CARs and usable reserves
in 2015-2019.

At the same time, gross external financing needs will likely stay
at a material 140% of CARs plus usable reserves, on average, for
the same period.  In addition to current account payments, over
one-third of external refinancing needs are accounted for by
external debt service, including that of the government.

S&P still believes that Belarus' external funding gap is likely to
be covered by official loans and other credit, principally from
Russia.  In the first nine months of 2015, loans from the Russian
Federation (US$870 million) and a Russian state-owned bank (EUR550
million) allowed Belarus to meet over a half of its external
government debt repayment needs scheduled for 2015, including a
US$1 billion eurobond, which was repaid in July.  S&P regards this
as evidence of Russia's continued willingness to provide timely
support to Belarus, and S&P assumes such support will continue.
S&P understands Belarus has also applied for the new $3 billion
credit facility from the Russia-backed Eurasian Stabilization
Fund, portions of which it might receive in late 2015 and early
2016.  (This fund, formerly the EurAsEC Anti-Crisis Fund, has been
sourced through direct charges to its members' budgets,
principally Russia's.)  Lastly, if the country's leaders viewed it
as in their interest, Belarus could turn to the International
Monetary Fund for support.  In addition to official external
funding, S&P expects the government will continue its foreign
currency borrowing from the domestic market to meet its remaining
2015 and 2016 borrowing requirements.  However, S&P notes that the
local financial markets are shallow and their appetite for dollar-
denominated assets depends on the stability of their own dollar
sources of funds.

In S&P's view, a combination of funding from the above sources
will enable Belarus to make timely government foreign currency
debt service over the coming year.  S&P also expects Belarus to
maintain its usable reserves near current levels of about $4
billion, of which approximately one-third is held in gold.  S&P
excludes from reserves about $730 million in foreign currency
swaps that the NBRB has undertaken with commercial banks.

On the fiscal side, the reported general government balance has
been relatively strong.  General government accounts have posted
moderate surpluses since 2011.  S&P expects the government will
continue to report surpluses, thanks to new export taxes, mainly
on potash and crude oil, as well as displayed cost containment
measures, despite the run-up to the presidential elections.  In
the first seven months of 2015, the general government reported a
fiscal surplus of 3.3% of GDP.  S&P also notes that the government
has more clearly formulated its debt management policy,
implementing a framework that sets internal limits on government
debt to GDP at 45% and annual foreign currency debt service to
international reserves at 45%.

Still, due to the depreciation of the Belarusian ruble and off-
budget support for state-owned enterprises and state banks, S&P
expects government debt will increase annually by 5% of GDP on
average through 2019, including a hike of close to 14% in 2015
owing to the sharp exchange-rate adjustment.  Although S&P expects
general government debt, net of liquid assets, will remain
relatively low at slightly above 30% of GDP over the same period,
S&P incorporates into its assessment the fiscal vulnerabilities
linked to the 85% of government debt denominated in foreign
currency, the relatively short-term maturity profile, and the
contingent liabilities posed by the state-dominated banking system
and its directed lending activity.

The upcoming presidential elections are unlikely to challenge
President Alexander Lukashenko's control of all branches of power,
in our view.  The president's administration controls all
strategic decisions and sets the policy agenda, whereas the
government is a technocratic body that implements decisions.
Thus, S&P detects few checks and balances in Belarus'
institutional arrangements.  Belarus also depends heavily on
Russia for financial, economic, and political support, which S&P
find carries attendant risks.  That said, Belarus' past policies
have delivered some results, as shown by Belarus' relatively high
ranking in the U.N.'s Human Development index (53 out of 187 in

Although S&P forecasts a decline in GDP per capita to about $6,200
in 2015 from over $8,100 in 2014 due to a weaker exchange rate,
wealth levels in Belarus are relatively high compared with
similarly rated peers'.  This is partly due to productivity,
relatively high human capital, and rapid growth reported over the

However, Belarus' economic prospects will likely be depressed in
the next few years.  S&P thinks that the weak external environment
(chiefly the recessions in Russia and Ukraine) and the so-far
modest progress on structural reforms will suppress GDP growth
rates, which are unlikely to exceed 1% on average by 2017.

Belarus' 10-year trailing average annual per capita growth fell
below 1% this year.

S&P thinks that the announced and so far implemented changes to
monetary policy, such as the shift to a more flexible exchange
rate, could increase the NBRB's room to maneuver to respond to
domestic financial conditions.  However, annual inflation averaged
over 30% in 2010-2014, which weighs on S&P's assessment of the
NBRB's credibility and effectiveness.  In the context of currency
depreciation and administrative price liberalization, inflation is
likely to stay in the double digits in the next few years.  In
addition, high dollarization of loans and deposits in the banking
system weakens S&P's assessment of Belarus' monetary policy
transmission mechanisms.  The share of dollar-denominated loans
and deposits exceeded 60% of the total as of end-September 2015.
Lending in foreign currency heightens the banking system's
exposure to exchange-rate risk and could increase the country's
contingent liabilities, particularly if combined with
deteriorating asset quality.


The stable outlook reflects S&P's expectation that Belarus'
external vulnerability will be counterbalanced by continued
financial support from Russia.

S&P could lower its ratings on Belarus if S&P believed that it
depended upon favorable business, financial, and economic
conditions to meet its financial commitments.  S&P could lower the
ratings if the government's adjustment program was derailed or S&P
perceived Russia less willing to provide financial support to
Belarus.  Negative rating actions could also follow if the
government loosened its fiscal stance, leading in turn to
materially weaker public finances.

S&P could consider a positive rating action if it observed an
improvement in external balances, as indicated by improved current
account balances, lower external financing needs, and a sustained
increase in foreign currency reserves.  In this regard, policies
that result in improved economic competitiveness and higher
monetary policy flexibility could support higher ratings.

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

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

The committee agreed that the economic and the external factors
had deteriorated.  All other key rating factors were unchanged.

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


                                        To            From
Belarus (Republic of)
Sovereign credit rating
  Foreign and Local Currency            B-/Stable/B   B-/Stable/B
Transfer & Convertibility Assessment   B-            B-
Senior Unsecured
  Foreign and Local Currency            B-            B-


BANK OF CYPRUS: Fitch Hikes Viability Rating to 'ccc'
Fitch Ratings has upgraded Bank of Cyprus Public Company Ltd's
(BoC, CCC/C, Viability Rating: ccc) mortgage covered bonds to 'B'
from 'B-'. The rating action follows the restructuring to a
conditional pass-through (CPT) from a soft bullet liability
structure on September 29, 2015. The Outlook is Stable.


The 'B' rating is based on BoC's Long-term Issuer Default Rating
(IDR) of 'CCC', an unchanged IDR uplift of 1, a revised
Discontinuity Cap (D-Cap) of 8 notches (Minimal Discontinuity)
from 0 (Full Discontinuity) and the 47% committed
overcollateralization (OC). The Outlook on the covered bond rating
remains Stable and reflects the slower pace of underlying asset
quality deterioration, compared with 2013 trends, despite
continued economic pressure.

The 47% OC that the issuer will publicly commit to in its investor
report allows for at least 71% stressed recoveries on the covered
bonds assumed to be in default in a 'B' rating scenario. However,
it does not sustain timely payments above the 'CCC+' tested rating
on a probability of default basis, which is also the floor for the
covered bonds rating.

Fitch has revised the D-Cap to 8 from 0 notches to reflect Fitch's
minimal discontinuity (from full discontinuity) risk assessment
related to the liquidity gap and systemic risk component following
the restructuring. Fitch recognizes that the CPT structure removes
refinancing needs via a forced sale of assets, should the recourse
switch from the issuer to the cover pool. It also factors in the
mandatory principal coverage and six-month interest provisions; in
Fitch's view this further contributes to reducing liquidity risk
in the aftermath of a cover pool enforcement event.

Fitch has also revised its assessment of the cover-pool specific
alternative management to moderate from moderate high; in Fitch's
view the pass-through nature of the structure combined with the
pool composition are expected to contribute to a smoother
transition to an alternative manager. In its D-Cap assessment
Fitch also considered the strong oversight and commitment by the
Central Bank of Cyprus in the supervision of covered bonds'
issuers and its involvement in protecting covered bonds holders
once the cover pool is enforced as a source of payments, as
reflected in the low assessment of the systemic alternative
management component.

The other D-Cap components, namely asset segregation (very low),
and privileged derivatives (very low), remain unchanged.

In its cash flow analysis, Fitch has calculated a 'B' breakeven OC
of 31%. The greatest contributor to the breakeven OC is the asset
disposal loss of 58.9%. This component, driven by the refinancing
spreads that Fitch applies to Cypriot residential assets (1500bps
at 'B'), represents a stressed evaluation of the entire cover pool
should the covered bonds default in a 'B' rating scenario.

The cover pool credit loss of 22.2% reflects Fitch's 'B' weighted
average (WA) foreclosure frequency of 57.2% and the 'B' WA
recovery rate of 68.3%. The cash flow valuation component of 3.0%
is driven by limited open interest rate positions (87.6% floating-
rate assets vs 100% floating-rate covered bonds) between assets
and liabilities.


All else being equal, the 'B' covered bonds rating would be
vulnerable to downgrade if any of the following occurs: (i) the
Issuer Default Rating (IDR) of Bank of Cyprus Public Company Ltd
is downgraded by one notch or more to 'CC' or below; or (ii) the
number of notches of IDR uplift and Discontinuity Cap is reduced
to zero; or (iii) the overcollateralization (OC) that Fitch
considers in its analysis decreases below the Fitch's 'B'
breakeven level of 31%.

The Fitch breakeven AP for the covered bond rating will be
affected, among others, by the profile of the cover assets
relative to outstanding covered bonds, which can change over time,
even in the absence of new issuance. Therefore the breakeven AP to
maintain the covered bond rating cannot be assumed to remain
stable over time.


DECO 15 - PAN EUROPE: Moody's Affirms 'CCsf' Rating on Cl. E Debt
Fitch Ratings has downgraded Deco 15 - Pan Europe 6 Ltd. (DECO
15)'s class A3 notes and affirmed the other tranches as follows:

EUR18.0 million class A3 (XS0307400506) downgraded to 'Asf' from
'AAsf'; Outlook Negative

EUR52.0 million class B (XS0307401140) affirmed at 'BBBsf';
Outlook Stable

EUR53.5 million class C (XS0307405133) affirmed at 'BBsf'; Outlook

EUR41.3 million class D (XS0307405729) affirmed at 'CCCsf';
Recovery Estimate (RE) 75%

EUR15.7 million class E (XS0307406453) affirmed at 'CCsf'; RE0%

The transaction was originally the securitization of 10 commercial
mortgage loans secured on assets located in Germany, Austria and
Switzerland. In July 2015, three loans remained, all in special
servicing after defaulting at their maturities. All surplus income
is being trapped and used for repayment, capital expenditure and
marketing for sale of the underlying collateral (predominantly
retail warehouses in Germany).


Following the repayment of the last performing loan (EUR75.5
million Freiburg), all remaining loans are in special servicing.
Fitch expects the three senior tranches to be repaid. However,
while still remote, the growing risk that either of the larger
loans remains unresolved at bond maturity in April 2018 means note
repayment is more exposed to the recovery rate on the other loans.
This risk is no longer commensurate with a rating above 'Asf',
reflected in the downgrade of the class A3 notes.

The Negative Outlook signals that this risk will grow over time
unless the larger loans are resolved. In Fitch's view the class B
and C notes' ratings adequately reflect this risk. The class D and
E notes' ratings reflect Fitch's expectations of ultimate losses.

Since the last rating action in October 2014, the EUR75.5 million
Freiburg loan repaid in full in line with Fitch's expectations.
The principal proceeds, combined with payments from the EUR134.8
million Mansford OBI Large loan, were allocated to the notes
sequentially, repaying the entire class A2 notes and the majority
of the class A3 notes as of the July 2015 interest payment date
(IPD). The improved credit enhancement/advance rates contributed
to the affirmations.

There has also been an attempt by the controlling class to replace
the special servicer (Hatfield Philips International). This has
been unsuccessful so far, although a recent court ruling has been
appealed by the controlling class representative.

Mansford OBI Large defaulted at its scheduled maturity in July
2014 and entered special servicing. A standstill agreement was
signed and following commencement of marketing, initial bids for
the collateral have been received. The special servicer stated
that final bids and subsequent sale are expected in late 2015.
Meanwhile, a EUR1.1 million reserve covers property expenses and
regular principal payments (EUR7.1 million over the past year).

The underlying 10 retail warehouses located in Berlin and various
mid-sized German towns are fully let, with German DIY chain OBI
accounting for 98% of the rent. A collateral revaluation in
September 2014 confirmed that no equity remains. Fitch estimated
the effective loan-to-value (LTV) in excess of 100% in its 2014
review and continues to expect a significant loss.

EUR68.6 million Main has been in special servicing since its
scheduled maturity in 2011. A hold strategy is in place, aimed at
extending existing leases and reletting of vacant space prior to
sales. The disposal strategy envisages creating a more homogeneous
portfolio by selling off individual assets with development
opportunities. The collateral comprises 31 retail warehouses and
one office property. The sales process is scheduled to commence
this year, with one asset sale reportedly finalised by the October

Since entering special servicing, EUR13.3 million of surplus
income was used to amortize the loan. However, over the last three
collection periods, the reserve has been built up instead (to
EUR2.2 million in July 2015), leaving the loan balance unchanged
since October 2014. Given the high LTV (138.4% at the July IPD),
Fitch expects a significant loss.

The smallest loan, EUR11.8 million Plus Retail, has been in
special servicing since 2012. After negotiations regarding a
consensual sale failed, the special servicer filed for insolvency
in relation to the borrowers estates. Preliminary insolvency
proceedings commenced and an administrator has been appointed. The
loan missed its interest payment in July 2015 as no funds were
released (not uncommon for insolvent loans). A EUR0.04m liquidity
drawing was made and is expected to be repaid prior to principal
once the loan workout is completed.

Surplus income continues to be trapped, with EUR1.2 million
standing by for reletting expenses. The collateral comprises five
retail warehouses, anchored by German retailer PLUS (accounting
for some 60% of the rent). The assets are fully let to 16 tenants
on leases expiring on average in 4.9 years. With an LTV of 137.8%,
Fitch expects a significant loss.


Should the class A3 notes remain outstanding for more than 12
months (e.g. in the event of the Mansford OBI Large sale falling
through), a downgrade to 'BBBsf' would likely occur, as reflected
by the Negative Outlook on this tranche.


No third party due diligence was provided or reviewed in relation
to this rating action.


Fitch has checked the consistency and plausibility of the
information it has received about the
performance of the asset pool and the transaction. There were no
findings that were material to this analysis. Fitch has not
reviewed the results of any third party assessment of the asset
portfolio information or conducted a review of origination files
as part of its ongoing monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pool ahead of the transaction's initial
closing. The subsequent performance of the transaction over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

SCHAEFFLER AG: Moody's Raises CFR to Ba2, Outlook Stable
Moody's Investors Service has upgraded Schaeffler AG's corporate
family rating to Ba2 from Ba3 and probability of default rating
(PDR) to Ba2-PD from Ba3-PD.  Concurrently, Moody's confirmed
Schaeffler's and Schaeffler Finance B.V.'s senior secured debt
ratings of Ba2 and senior unsecured debt ratings of B1 and
upgraded the junior (secured PIK notes) debt ratings of Schaeffler
Holding Finance B.V. to Ba3 from B1.  The outlook on ratings is
now stable.  The rating action concludes the review process
initiated on Sept. 21, 2015.


"The upgrade of CFR and PDR reflects improved leverage enabled by
the IPO as well as potential and management's commitment for
further deleveraging", says Martin Fujerik, lead analyst for
Schaeffler.  As a part of the IPO Schaeffler has placed 66 million
new shares issued by Schaeffler AG and 9 million secondary shares
held by Schaeffler Verwaltungs GmbH, a holding entity that
currently owns a stake of about 14% in Schaeffler AG, at a price
of EUR12.5 a share.  This leads to a free float of approximately
11%, with gross cash proceeds of EUR938 million, most of which
will be used to reduce debt at operating level after deducting
transaction costs.  As a result, Moody's adjusted pro forma
debt/EBITDA for the Schaeffler group (which would include debt at
both the operating and holding level) improves to around 4.4x from
around 4.6x for the 12 months to June 2015.

Even though 4.4x leverage is still somewhat high for the rating
category, Moody's recognizes further potential for deleveraging
from this level.  Upon the expiration of a six-month lockup period
following the initial transaction, Schaeffler can sell further
secondary shares held by Schaeffler Verwaltungs GmbH up to
targeted free float of 25%.  Under such a scenario, the company
would also use the proceeds to reduce debt, most likely at holding
level in the rating agency's view.  In addition to the placement,
Schaeffler AG remains committed to repaying EUR1 billion of debt
from operating cash flow until 2018.  A moderate dividend policy,
which is now set at 25%-35% of net income, supports further debt
reduction from internal sources.

The upgrade also reflects Schaeffler's solid business profile and
increased flexibility driven by healthy share price development at
Continental AG (Baa1, stable) over the last two years.  Based on
current share prices, the value of Schaeffler's 46% stake is
almost EUR20 billion, which is well above the reported debt level
at around EUR10 billion prior the IPO.

Moody's continues to base the rating approach on one corporate
family for the Schaeffler group (at Schaeffler AG level), that
comprises senior debt at the operating level as well as junior
debt at holding level.  That is because the cross default language
in Schaeffler's holding credit facilities agreement, which does
not completely ring-fence Schaeffler AG and its subsidiaries from
the holding level, remain in place for the time being.  Moody's
will continue monitoring this interrelationship and splitting of
CFRs (one for operating Schaeffler at Schaeffler AG level looking
only at senior debt and one for Schaeffler holding level looking
only at junior debt) cannot be excluded in future as the structure
further evolves.


Confirmation of the instruments ratings at operating level (i.e
Ba2 senior secured debt rating and B1 senior unsecured debt
rating) balances lower debt amount at operating level following
the IPO with the instruments losing access to Continental shares,
as the guarantee by Schaeffler Verwaltung Zwei GmbH in favor of
the debt at operating level now falls away.

Even though initial deleveraging at holding level is limited, the
upgrade of junior debt to Ba3 from B1 reflects its improved
relative positioning in the loss given default waterfall as debt
holders at holding level now become sole beneficiaries of the
Schaeffler's stake in Continental, which is supported by further
improvement in market value leverage.  Further debt reduction at
holding level, for instance through a sale of secondary shares
held by Schaeffler Verwaltungs GmbH, may put further upward
pressure on the junior debt rating.


The stable outlook reflects Moody's expectation that Schaeffler
will maintain conservative financial policies aimed at further
deleveraging, which would move Moody's adjusted debt/EBITDA
towards below 4.0x in the next 12-18 months, while maintaining
positive free cash flow and Moody's adjusted EBITA margins broadly
around 12% even if positive market dynamics slows down somewhat.


Schaeffler's CFR could be upgraded should Schaeffler be able to
(1) generate sustainably positive free cash flows; and (2) improve
Moody's-adjusted debt/EBITDA to 3.5x, either from internally
generated cash flows or from proceeds received from assets sales
or equity increases.

The Ba2 CFR could come under pressure following a significant
weakening of Schaeffler's operating performance, as indicated by
Moody's-adjusted EBITA margins below 10%, or Moody's-adjusted
debt/EBITDA sustainably above 4.5x, assuming no material
deterioration in the economic environment.  Material negative free
cash flow and weakening liquidity, for instance owing to
tightening headroom under its financial covenants, could also lead
to a downgrade.

The principal methodology used in these ratings was Global
Automotive Supplier Industry published in May 2013.

List of Affected Ratings


Issuer: Schaeffler AG
  Corporate Family Rating, Upgraded to Ba2 from Ba3
  Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD

Issuer: Schaeffler Holding Finance B.V.
  Backed Senior Secured Regular Bond/Debenture, Upgraded to Ba3
   from B1

Issuer: Schaeffler AG
  Backed Senior Secured Bank Credit Facility, Confirmed at Ba2

Issuer: Schaeffler Finance B.V.
  Backed Senior Secured Regular Bond/Debenture, Confirmed at Ba2
  Backed Senior Unsecured Regular Bond/Debenture, Confirmed at B1
   Outlook Actions:

Issuer: Schaeffler AG
  Outlook, Changed To Stable From Rating Under Review

Issuer: Schaeffler Finance B.V.
  Outlook, Changed To Stable From Rating Under Review

Issuer: Schaeffler Holding Finance B.V.
  Outlook, Changed To Stable From Rating Under Review

Headquartered in Herzogenaurach, Germany, Schaeffler AG is among
leading manufacturers of rolling bearings and linear products
worldwide, primarily to automotive industry.  It operates under
three main brands -- INA, FAG and LuK.  In 2014 Schaeffler
generated revenues of EUR12.1 billion, with workforce of more than
80 thousands employees.  As of Oct. 9, 2015, the founding
Schaeffler family members owned around 89% of share capital and
100% of voting rights through holding entities.

WITTUR HOLDCO: S&P Affirms 'B' Long-Term Corporate Credit Rating
Standard & Poor's Ratings Services said it affirmed its 'B' long-
term corporate credit rating on Paternoster Holding III GmbH
(Pater III), the parent holding company of Germany-based elevator
component manufacturer Wittur.  S&P removed the rating from
CreditWatch negative, where it had initially placed it on Aug. 13,
2015.  The outlook is stable.

Following S&P's review of Wittur's proposed transaction structure
for financing the Sematic SpA acquisition, S&P believes that the
proposed capital structure and earnings profile of the combined
entity will remain comparable to 'B' rated capital goods peers
with similar business risk profiles.  Although credit metrics will
initially be slightly weaker than in S&P's previous base case, it
still considers these metrics to be in line with the current
rating level, and importantly, S&P expects credit metrics to
improve over the near term.  S&P's base case does not factor in
any further material debt-financed acquisitions.

S&P expects the group to finance the total consideration of
EUR210 million through a EUR180 million upsizing of its senior
secured first-lien bank loan, EUR20 million of drawings under its
revolving credit facility (RCF), and EUR10 million of on-balance-
sheet cash.  S&P also expects the RCF to be increased to EUR80
million to support the larger business and anticipated sales
growth.  The proposed capital structure will increase total
adjusted debt, on our measures, to around EUR700 million from
around EUR480 million pre-acquisition, resulting in adjusted FFO
to debt of around 6.5%-7.5%, adjusted debt to EBITDA of around
5.5x-6.5x, and adjusted EBITDA interest coverage above 2x.

S&P expects Wittur to support the increased debt burden with
continued solid operating performance, additional earnings from
Sematic, the achievement of planned synergies through
restructuring over the next three years, and ongoing operational
efficiency initiatives.  S&P's credit metrics are based on average
ratios over 2016 and 2017 to fully reflect the post-acquisition
capital structure and combined operations.

"Our base case assumes that the group's 2016 reported revenues
will be around EUR760 million-EUR780 million, reflecting Wittur's
strong current trading trends of around 15% sales growth year-on-
year, and additional revenues from Sematic of around EUR150
million, based on International Financial Reporting Standards
accounting estimates.  Thereafter, we expect revenue growth of at
least 3%-5% per year based on solid long-term fundamentals,
including emerging market urbanization.  While medium-term growth
could be constrained by the slowdown in China, we believe that
Wittur's business should continue to benefit from Chinese domestic
housing needs.  Our base case assumes that synergies and
restructuring should lead to adjusted EBITDA margins of around 14%
over 2016 and 2017," S&P said.

While the acquisition will improve Wittur's scale and business
diversity, S&P has not reassessed its view of the group's "weak"
business risk profile because S&P still considers its business to
be concentrated in terms of scope, end-markets, and customers
relative to peers.  The group's sales exposure to its top four
customers will remain around 65%-70% after the acquisition.
Moderating some of these weaknesses is the group's leadership
position in its addressable markets, well-established
relationships with its key customers, and good geographic

The stable outlook reflects S&P's expectation that, after the
close of the transaction, the group's adjusted FFO to debt will be
around 6.5%-7.5%, adjusted debt to EBITDA will be around 5.5x-
6.5x, adjusted EBITDA interest coverage will remain above 2x, and
credit metrics will improve over the near term.

S&P could lower the ratings if adjusted EBITDA interest coverage
falls below 2x and leverage ratios deteriorate outside of S&P's
base case.  S&P could also take a negative rating action if
liquidity is not maintained in line with its "adequate"
assessment.  These scenarios could materialize if operating
performance weakens, if synergies are not successfully realized,
or if the group makes another material debt-financed acquisition.

Based on the proposed capital structure, S&P considers the
potential for an upgrade to be limited.


KERESKEDELMI ES HITELBANK: Fitch Raises Viability Rating to 'b-'
Fitch Ratings has affirmed Kereskedelmi es Hitelbank Zrt's (K&H),
Erste Bank Hungary Zrt's (EBH) and CIB Bank Zrt's (CIB) Long-term
Issuer Default Ratings (IDRs) at 'BBB-'. The Outlook is Positive
on K&H, Stable on CIB and has been revised to Positive from Stable
on EBH. Fitch has also upgraded the Viability Ratings (VR) of CIB,
EBH and K&H by one notch to 'b-', 'b' and 'bb', respectively. All
other ratings have been affirmed.

The affirmation of the support-driven IDRs and Support Ratings of
K&H, CIB and EBH reflects Fitch's opinion that there is a high
probability that they would be supported, if required, by their
respective sole shareholders: KBC Bank (A-/Stable/a-), Intesa
Sanpaolo (BBB+/Stable/bbb+) and Erste Group Bank AG (Erste,

The upgrade of the VRs mainly reflects the improved operating
environment for banks in Hungary, and as a result, Fitch's
reassessment of the balance of risks at the three institutions.



In Fitch's view, KBC, Intesa and Erste will continue to have a
high propensity to support their Hungarian subsidiaries because
the Central and Eastern European region remains strategically
important for each of them. However, Fitch has capped Hungarian
banks' foreign currency ratings at one notch above the sovereign
(BB+/Positive) to reflect the amplified country risks due to the
numerous state interventions in the banking sector. In case of a
sovereign default these risks could limit the banks' ability to
service their debt or their parents' propensity to continue
providing support, or both.

Fitch maintains a two-notch difference between the ratings of
Intesa and CIB, as in our view there is some uncertainty with
respect to the long-term strategic importance of the Hungarian
market for Intesa, given CIB's weak performance and prospects. The
Outlook on CIB's Long-term IDRs is therefore Stable.

K&H and EBH could be rated within one notch of their respective
parents, if country risks allow, and therefore have Positive
Outlooks, in line with the Hungarian sovereign. This reflects
better long-term prospects for K&H (due to its notably stronger
financial position) and the recent tangible evidence of Erste's
commitment to the Hungarian market. The latter includes the
attraction of the EBRD and the Hungarian state as minority
shareholders of EBH, with planned 15% stakes each, and the
acquisition of Citibank's local consumer business. In assessing
support, Fitch also considers the high strategic importance of the
broader Central and Eastern European region for Erste.

Erste, Intesa and KBC have sufficient resources to support their
(relatively small) Hungarian subsidiaries (if needed), either
through liquidity or capital injections. Between end-2009 and end-
1H15, EBH received HUF314bn (about EUR1bn) and CIB HUF367bn (about
EUR1.2bn) of new equity from their owners. K&H was one of the few
foreign-owned banks in Hungary that did not require extraordinary
support from its parent over the same period.


The VRs of CIB (b-) and EBH (b) reflect their weak credit risk
profiles, which are constrained by poor asset quality and
profitability. Both banks have reported large annual losses since
2010 and CIB remains unprofitable on an operating basis. The VRs
of EBH and CIB also reflect their moderate capital buffers,
comfortable funding and liquidity. K&H's much stronger standalone
creditworthiness (bb) mainly reflects its relatively resilient
asset quality and more moderate risk appetite through the cycle,
ample liquidity and stable funding. However, K&H's VR also
reflects a fairly high impaired loans ratio and only adequate

Fitch believes that the operating environment in Hungary has
improved due to positive developments in the economy and the
government's intention to achieve a gradual normalization of the
banking business environment. The latter particularly reflects the
government's commitment to the EBRD (in February 2015) to refrain
from implementing new onerous banking legislation and its decision
to reduce the bank levy in 2016 (and then further in 2017).

The inflows of impaired loans at all three banks materially
subsided in 1H15 due to the relatively supportive operating
environment and already seasoned legacy loan portfolios. However,
a material improvement in loan portfolio quality will be a lengthy
process due to muted demand for new credit and the very slow
workout of defaulted loans. In 1H15, credit risks in the retail
portfolios were significantly reduced by the conversion of foreign
currency (FC) residential mortgages into forint and lowered
monthly loan installments. The latter was driven by the Act on
Settlements coupled with the new rules on loan pricing.

At end-1H15, the reported asset quality ratios equalled 16% (K&H),
13% (EBH) and 19% (CIB). The ratios for EBH and CIB comprised only
loans overdue by 90 days, while the ratio for K&H was based on a
broader and more conservative definition. In 1H15, the ratios at
EBH and CIB were somewhat reduced as a result of converted
impaired mortgages being booked on a net basis in IFRS accounts.
Since 2014, CIB and EBH have also accelerated loan book cleaning.
All three banks' moderate reserve coverage of impaired loans
reflects their largely collateralized lending, which should be
viewed against the low liquidity of local real estate market and
largely ineffective foreclosure of residential mortgages.

All three banks' performance is likely to continue to suffer from
thin margins (driven by a low interest rate environment) and muted
credit growth. The stabilization in risk costs, coupled with the
reduced bank levy, should more than offset the potential increase
in contributions to the deposit and investor protection funds in
2016. K&H's through-the-cycle resilient revenue generation
capacity, reasonable cost efficiency and low risk costs bode well
for its future performance. EBH plans to return to profitability
in 2016 (after five years of losses), which is realistic in
Fitch's opinion. CIB is likely to remain unprofitable (even net of
the bank levy) in 2015 and 2016 due to the high share of assets
not generating income, costly workout activities and only limited
new lending.

Comfortable liquidity and improved funding structures are a rating
strength for all three banks. In 1H15, the conversion of FC
mortgages substantially reduced FC refinancing needs and improved
self-financing capacity. The ratio of gross loans to deposits
shrank to 76% (K&H), 109% (CIB) and 99% (EBH) at end-1H15. The
largely stable deposit bases, coupled with loan deleveraging,
mitigate risks related to growing maturity mismatches due to
accelerated repayment of (medium- and long-term) parental funding
at CIB and EBH.

CIB's and EBH's capitalization is relatively weak, while it is
only adequate at K&H, due to high legacy impaired loans, moderate
reserve coverage and subdued pre-impairment operating
profitability. K&H's capitalization is sounder than peers due to
its lower net impaired loans, relatively stronger pre-impairment
profitability and lower exposure to risky sectors. However, K&H's
capital ratios could be moderately constrained by the bank's
policy to upstream all distributable profit to KBC. CIB's
inability to generate capital internally weighs on Fitch's
assessment of the bank's capital position.

At end-1H15, CET1 ratios equalled 11.7% (K&H, standalone ratio),
13.7% (CIB) and 12.1% (EBH). EBH's capitalization could
significantly strengthen as a result of the planned equity
injections by the EBRD and the Hungarian state. All three banks'
capital ratios should be viewed in light of quite high regulatory
capital requirements under Pillar 2 and the central bank's plan to
introduce three new capital buffers in 2016 (no final details
available yet) in line with CRD IV and recent EBA guidelines.
Fitch's base case expectation is that owners will continue to
recapitalize their subsidiaries to ensure compliance with
regulatory capital requirements (if ever required).



The Positive Outlooks on K&H and EBH reflect that on the Hungarian
sovereign, while the Stable Outlook on CIB mirrors that on its
parent. An upgrade of the banks' IDRs would require an upgrade of
the sovereign rating (all three banks) and (for CIB) an upgrade of

The IDRs of all three banks could be downgraded if i) there was a
downgrade of the Hungarian sovereign rating; ii) parental support
is delayed when needed, or iii) new onerous domestic bank
regulation and weak market prospects make shareholders' commitment
to their subsidiaries less certain. CIB's IDRs and Support Rating
would also likely be downgraded if Intesa is downgraded.


All three banks' VRs could be upgraded following an extended track
record of problem loan recoveries coupled with improved
profitability. A positive rating action for K&H's VR would likely
also require a further improvement in the operating environment in

Conversely, the banks' VRs could come under pressure in case of a
worsening of the operating environment and capital pressure from
additional credit losses on legacy problem exposures or new
impaired loans generation.

The rating actions are as follows:


Long-term IDR: affirmed at 'BBB-', Outlook Positive
Short-term IDR: affirmed at 'F3'
Viability Rating: upgraded to 'bb' from 'bb-'
Support Rating: affirmed at '2',


Long-term IDR: affirmed at 'BBB-', Outlook revised to Positive
from Stable
Short-term IDR: affirmed at 'F3'
Viability Rating: upgraded to 'b' from 'b-'
Support Rating: affirmed at '2',


Long-term IDR: affirmed at 'BBB-', Outlook Stable
Short-term IDR: affirmed at 'F3'
Viability Rating: upgraded to 'b-' from 'ccc'
Support Rating: affirmed at '2'


ADAGIO II: S&P Affirms 'B+' Rating on Class E Notes
Standard & Poor's Ratings Services raised its credit ratings on
Adagio II CLO PLC's class P and Q combination notes.  At the same
time, S&P has affirmed its ratings on all other classes of notes.

The rating actions follow S&P's analysis of the transaction, using
data from the trustee report dated Aug. 28, 2015, and the
application of S&P's relevant criteria.

Since S&P's June 13, 2014 review, the transaction's credit quality
has benefited from the further deleveraging of the class A-1 and
A-2A notes.  Defaulted assets have also decreased to EUR52,500
from EUR7.79 million.  At the same time, the portfolio's weighted-
average spread has decreased to 3.78% from 4.27% and
overcollateralization has fallen moderately for all of the rated
classes of notes (except for the class A and B notes, where
overcollateralization has remained unchanged since S&P's previous

As a result of these developments and the application of S&P's
relevant criteria, it considers the available credit enhancement
for the class A-1, A-2A, A-2B, B, C-1, C-2, D-1, and D-2 notes to
be commensurate with their currently assigned ratings.  S&P has
therefore affirmed its ratings on these classes of notes.

S&P has affirmed its 'B+ (sf)' rating on the class E notes because
the application of the largest obligor default test has
constrained S&P's rating at this level.  This test measures the
effect of several of the largest obligors defaulting
simultaneously.  S&P introduced this supplemental stress test in
its revised criteria for corporate collateralized debt

The transaction also has four rated classes of combination notes:

   -- Class P Comb notes: Current rated balance is EUR3.97
      million, down from EUR5.25 million as of S&P's previous

   -- Class Q Comb notes: Current rated balance is EUR3.36
      million, down from EUR5.17 million as of S&P's previous

   -- Class R Comb notes: Current rated balance is EUR2.52
      million, down from EUR2.68 million as of S&P's previous

   -- Class S Comb notes: Current rated balance is EUR0.70
      million, down from EUR0.72 million as of S&P's previous

S&P defines a combination note's rated balance as its initial
principal amount minus all the distributions that its components
have made.  S&P's ratings on the class P, Q, R, and S combination
notes address the ultimate repayment of the rated balance.

S&P's credit and cash flow analysis suggests that the ratings on
the class P and Q combination notes can support higher ratings
than those previously assigned.

S&P has therefore raised its ratings on these classes of notes to
'AAp (sf)' and 'BBB+p (sf)' from 'A-p (sf)' and 'BBB-p (sf)',
respectively.  S&P considers the available credit enhancement for
the class R and S combination notes to be commensurate with their
currently assigned ratings.  S&P has therefore affirmed its
ratings on these classes of notes.

Adagio II CLO is a cash flow collateralized loan obligation (CLO)
transaction that AXA Investment Managers Paris S.A. manages.  It
is backed by a portfolio of loans to speculative-grade corporate
firms.  The transaction closed in December 2005 and entered its
post-reinvestment period in January 2013.


EUR413.99 mil senior and subordinated deferrable fixed- and
floating-rate notes

Class            Identifier             To            From
A-1              00534MAC0              AAA (sf)      AAA (sf)
A-2A             00534MAB2              AAA (sf)      AAA (sf)
A-2B             00534MAG1              AAA (sf)      AAA (sf)
B                00534MAJ5              AA+ (sf)      AA+ (sf)
C-1              00534MAA4              BBB+ (sf)     BBB+ (sf)
C-2              00534MAH9              BBB+ (sf)     BBB+ (sf)
D-1              00534MAD8              BB+ (sf)      BB+ (sf)
D-2              00534MAE6              BB+ (sf)      BB+ (sf)
E                00534MAF3              B+ (sf)       B+ (sf)
P Comb           XS0237525497           AAp (sf)      A-p (sf)
Q Comb           XS0237525737           BBB+p (sf)    BBB-p (sf)
R Comb           XS0237526115           AAAp (sf)     AAAp (sf)
S Comb           XS0237526388           AA+p (sf)     AA+p (sf)

ANGLO IRISH: Set to Appear in Court Today for Extradition Hearing
Vincent Boland at The Financial Times reports that David Drumm,
the former chief executive of the bank at the center of Ireland's
financial crisis, is to appear in court in the US today, Oct. 13,
for an extradition hearing on charges linked to the biggest-ever
Irish corporate collapse.

Mr. Drumm was chief executive of Anglo Irish Bank between 2005 and
2008, when the bank collapsed during the global financial crisis
with losses of EUR34 billion after its biggest customers among
Ireland's property developers got into financial difficulties, the
FT discloses.

The collapse of Anglo -- known as "the bank that broke
Ireland" -- triggered the fall of other Irish financial
institutions and tore a EUR64 billion hole in the national
finances, the FT notes.  The country was eventually forced to seek
a EUR67 billion bailout from a troika of global creditors led by
the International Monetary Fund, the FT recounts.

According to the FT, Mr. Drumm was arrested in Massachusetts on
Oct. 10 by US marshalls acting on an extradition warrant issued by
the Irish government.  The US attorney's office for the District
of Massachusetts, as cited by the FT, said he would remain in
custody until he appeared in federal court in Boston on Oct. 13.

Mr. Drumm could face up to 30 charges in Ireland related to
Anglo's collapse following a joint criminal investigation by the
Irish police and the office of the director of corporate
enforcement, the FT says.

He moved with his family to the US in 2009 and sought to be
declared bankrupt there to avoid having to repay EUR10.5 million
to Irish creditors, the FT recounts.  That application was opposed
by the liquidators of Anglo, which argued that he had put assets
fraudulently beyond their reach, the FT relays.

A US court rejected Mr. Drumm's bankruptcy request in January, the
FT relates.  According to the FT, in his judgment, Judge Frank
Bailey of the United States Bankruptcy Court for the District of
Massachusetts said Mr. Drumm was "not remotely credible".

                       About Anglo Irish

Anglo Irish Bank was an Irish bank headquartered in Dublin from
1964 to 2011.  It went into wind-down mode after nationalization
in 2009.  In July 2011, Anglo Irish merged with the Irish
Nationwide Building Society, with the new company being named the
Irish Bank Resolution Corporation (IBRC).

The former Irish bank sought protection from creditors under
Chapter 15 of the U.S. Bankruptcy Code on Aug. 26, 2013 (Bankr. D.
Del. Case No. 13-12159).  The former bank's Foreign
Representatives are Kieran Wallace and Eamonn Richardson.  Its
U.S. bankruptcy counsel are Mark D. Collins, Esq., and Jason M.
Madron, Esq., at Richards, Layton & Finger, P.A., in Wilmington,

CELTIC RESIDENTIAL 9: S&P Raises Rating on Class B Notes to B+
Upon publishing S&P's updated criteria for Irish residential
mortgage-backed securities (RMBS criteria), it 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 upgrades follow S&P's credit and cash flow analysis of the
transaction information that S&P has received as of August 2015.
S&P's analysis reflects the application of its RMBS criteria.

"In our opinion, although the current outlook for the Irish market
is relatively positive, our outlook for the Irish residential
mortgage market calls for starting conditions that are not benign.
We have therefore increased our expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when we apply our RMBS criteria,
to reflect this view.  We base these assumptions on the fact that
although the Irish economy has significantly improved in terms of
house price appreciation and a fall in unemployment, we do not
think the revival will remain as strong in 2016 and 2017," S&P

Credit enhancement for the class A2 notes, excluding loans with
arrears greater than nine monthly payments, has increased to
3.73%, from being undercollateralized in S&P's previous review.

Class         Available credit
               enhancement (%)
A2                        3.73
B                        (6.17)

This transaction features a nonamortizing reserve fund, which
currently represents 7.33% of the outstanding performing balance
of the mortgage assets.

In S&P's analysis, it has assumed that all loans that are
delinquent for more than nine monthly payments have defaulted.
Recoveries on such defaulted loans -- which vary according to the
rating level -- are only realized at the end of the 42-month
foreclosure period.

Severe delinquencies of more than 90 days, at 19.09%, are on
average higher for this transaction than for other Irish RMBS
transactions that S&P rates.  Generally, severe delinquencies have
been decreasing over the past two years as the macroeconomic
environment in Ireland improves.

After applying S&P's RMBS criteria to this transaction, its credit
analysis results show a decrease 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                27.85       29.82
AA                 22.16       26.97
A                  17.70       21.46
BBB                13.97       18.65
BB                 9.88        16.75
B                  8.09        15.00

The decrease in the WAFF is mainly due to the use of the original
loan-to-value (OLTV) ratio in the WAFF calculation (as opposed to
the current loan-to-value ratio), seasoning credit for performing
loans greater than six years being higher than previously applied,
and lower arrears levels.  The decrease in the WALS is mainly due
to the application of S&P's updated indexation methodology,
coupled with the recent appreciation in house prices in Ireland.
The overall effect is a decrease in the required credit coverage
for each rating level.

Following the application of S&P's RMBS criteria and considering
its criteria for rating single-jurisdiction securitizations above
the sovereign foreign currency rating (RAS criteria), S&P has
determined that its assigned rating on each class of notes in this
transaction should be the lower of (i) the rating as capped by
S&P's RAS criteria and (ii) the rating that the class of notes can
attain under S&P's RMBS criteria.

"Under our current counterparty criteria, our ratings in this
transaction are constrained by the long-term issuer credit rating
(ICR) on the guaranteed investment contract account provider, The
Royal Bank of Scotland PLC (RBS; BBB+/Stable/A-2).  The
transaction documents outline remedies of a replacement of the
account provider when the short-term rating on the counterparty is
lower than 'A-1'.  As the issuer has not implemented a remedy
within the specified timeframe, we cannot rely on this replacement
framework.  Our current counterparty criteria therefore cap the
maximum potential rating that we can assign to the notes in this
transaction at our long-term 'BBB+' ICR on RBS," S&P said.

S&P's ratings in this transaction are not constrained by its long-
term rating on the Republic of Ireland (A+/Stable/A-1).

Taking into account the results of S&P's updated credit and cash
flow analysis and the transaction's recent positive performance,
S&P considers the available credit enhancement for the class A2
and B notes to be commensurate with higher ratings than those
currently assigned.  S&P has therefore raised to 'BBB+ (sf)' from
'B+ (sf)' its rating on the class A2 notes and to 'B+ (sf)' from
B- (sf)' its rating on the class B notes.

S&P also considers credit stability in its analysis.  To reflect
moderate stress conditions, S&P adjusted its WAFF assumptions by
assuming additional arrears of 16% for one-year and three-year
horizons.  This did not result in S&P's rating deteriorating below
the maximum projected deterioration that it would associate with
each relevant rating level, as outlined in S&P's credit stability

S&P expects severe arrears in the portfolio to decline slowly
alongside economic growth, high but diminishing unemployment, and
uncertainty surrounding repossessions.  On the positive side, S&P
expects interest rates to remain low and house prices to continue
increasing (albeit at a reduced rate).

Celtic 9 is an Irish RMBS transaction, which closed in November
2005 and securitizes first-ranking mortgage loans originated by
First Active PLC.


Class              Rating
            To                From

Celtic Residential Irish Mortgage Securitisation No. 9 PLC
EUR1.75 Billion Residential Mortgage-Backed Floating-Rate Notes

Ratings Raised

A2          BBB+ (sf)         B+ (sf)
B           B+ (sf)           B- (sf)

CELTIC RESIDENTIAL 10: S&P Raises Rating on Class A2 Notes to BB
Standard & Poor's Ratings Services raised to 'BB (sf)' from
'B (sf)' its credit rating on Celtic Residential Irish Mortgage
Securitisation No. 10 PLC's class A2 notes.  At the same time, S&P
has affirmed its 'B- (sf)' rating on the class B notes.

Upon publishing S&P's updated criteria for Irish residential
mortgage-backed securities (RMBS criteria), it 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 rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received as
of June 2015.  S&P's analysis reflects the application of its RMBS

In S&P's opinion, although the current outlook for the Irish
market is relatively positive, its outlook for the Irish
residential mortgage market calls for starting conditions that are
not benign.  S&P has therefore increased its expected 'B'
foreclosure frequency assumption to 3.33% from 2.00%, when S&P
applies its RMBS criteria, to reflect this view.  S&P bases these
assumptions on the fact that although the Irish economy has
significantly improved in terms of house price appreciation and a
fall in unemployment, the stock of nonperforming loans remains
high, restructuring arrangements are increasing, and unemployment
levels, though expected to fall further, remain high.

Credit enhancement for the class A2 notes, excluding loans with
arrears greater than nine monthly payments, has increased to
0.90%.  The transaction had negative credit enhancement at S&P's
Oct. 3, 2012 review as it was undercollateralized.

The reserve fund is dynamically sized, based on the balance of
nonperforming loans.  It was topped up to its target amount in
2013.  The reserve fund is currently providing 6.00% of credit
enhancement to the rated notes outstanding.

In S&P's analysis, it has assumed that all loans that are
delinquent for more than nine monthly payments have defaulted.
Recoveries on such defaulted loans--which vary according to the
rating level--are only realized at the end of the 42-month
foreclosure period.

Severe delinquencies of more than 90 days, at 15.89%, are on
average in line with other Irish RMBS transactions that S&P rates.
Generally, severe delinquencies have been decreasing over the past
two years as the macroeconomic environment in Ireland improves.

After applying S&P's RMBS criteria to this transaction, its credit
analysis results show a decrease 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                27.73       41.83
AA                 21.79       39.09
A                  17.12       33.62
BBB                13.69       30.70
BB                  9.73       28.65
B                   7.92       26.72

The decrease in the WAFF is mainly due to the use of original
loan-to-value (LTV) ratio in the WAFF calculation (as opposed to
current LTV ratio), increased benefit for performing loans with
greater than six years' seasoning (100% of loan pool), and lower
arrears levels.  The decrease in the WALS is mainly due to the
application of S&P's updated indexation methodology, coupled with
a marked appreciation in house prices in Ireland since S&P's
October 2012 review (almost 23% across the country).  The overall
effect is a decrease in the required credit coverage for each
rating level.

In March 2011, the transaction's collection account moved to
Ulster Bank Ireland Ltd. from Bank of Ireland.  In S&P's view, the
related transaction documents are not in line with its current
counterparty criteria.  S&P therefore stress commingling risk as a
loss in this transaction at all rating levels.

The Royal Bank of Scotland PLC (RBS; BBB+/Stable/A-2) acts as the
guaranteed investment contract (GIC) account provider and swap
counterparty.  The documented rating trigger on the GIC account
has been breached, and none of the documented remedies have yet
been taken.  Consequently, S&P's current counterparty criteria cap
the ratings in this transaction at its long-term issuer credit
rating (ICR) on RBS.  Additionally, given that the swap documents
are in line with a previous version of S&P's counterparty
criteria, the maximum potential rating based on this counterparty
obligation is the long-term ICR on RBS plus one notch, or 'A-
(sf)'. RBS is currently posting collateral under the swap.

Under S&P's current counterparty criteria the maximum potential
rating in this transaction is 'BBB+' (sf)'.  However, following
S&P's credit and cash flow analysis and the application of its
Irish RMBS criteria, S&P's updated analysis shows that the class
A2 notes only have sufficient available credit enhancement to
support a 'BB (sf)' rating.  S&P has therefore raised to
'BB (sf)' from 'B (sf)' its rating on the class A2 notes.

Taking into account the results of S&P's credit and cash flow
analysis, it considers the available credit enhancement for the
class B notes to be commensurate with S&P's currently assigned
rating.  S&P has therefore affirmed its 'B- (sf)' rating on the
class B notes.

S&P also considers credit stability in its analysis.  To reflect
moderate stress conditions, S&P adjusted its WAFF assumptions by
assuming additional arrears of 16% for one- and three-year
horizons.  This did not result in S&P's rating deteriorating below
the maximum projected deterioration that it would associate with
each relevant rating level, as outlined in its credit stability

S&P expects severe arrears in the portfolio to decline slowly
alongside economic growth, high but diminishing unemployment, and
uncertainty surrounding repossessions.  On the positive side, S&P
expects interest rates to remain low and house prices to continue
increasing (albeit at a reduced rate).

Celtic 10 is an Irish RMBS transaction, which closed in August
2006.  Celtic 10 securitizes a pool of first-ranking mortgage
loans originated by First Active.  The mortgage loans are mainly
located outside Dublin and the transaction comprises primarily
owner-occupied loans.


Class              Rating
            To                From

Celtic Residential Irish Mortgage Securitisation No. 10 PLC
EUR1.79 Billion Residential Mortgage-Backed Floating-Rate Notes

Rating Raised

A2          BB (sf)           B (sf)

Rating Affirmed

B           B- (sf)

CELTIC RESIDENTIAL 12: S&P Affirms B- Rating on Class C Notes
Standard & Poor's Ratings Services raised its credit rating on
Celtic Residential Irish Mortgage Securitisation No. 12 Ltd.'s
(Celtic 12) class A3 notes.  At the same time, S&P has affirmed
its ratings on the class B and C notes.

Upon publishing S&P's updated criteria for Irish residential
mortgage-backed securities (RMBS criteria), it 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 rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that it has received as of
May 2015.  S&P's analysis reflects the application of its RMBS

In S&P's opinion, although the current outlook for the Irish
market is relatively positive, its outlook for the Irish
residential mortgage market calls for starting conditions that are
not benign.  S&P has therefore increased its expected 'B'
foreclosure frequency assumption to 3.33% from 2.00%, when it
applies its RMBS criteria, to reflect this view.  S&P bases these
assumptions on the fact that although the Irish economy has
significantly improved in terms of house price appreciation and a
fall in unemployment, the stock of nonperforming loans remains
high, restructuring arrangements are increasing, and unemployment
levels, though expected to fall further, remain high.

Credit enhancement for the class A3 notes, excluding loans with
arrears greater than nine monthly payments, has increased to 4.88%
since S&P's Oct. 23, 2012 review.  The transaction was
undercollateralized in our previous review.

The reserve fund is dynamically sized, based on the balance of
nonperforming loans.  It has been topped up to its target amount
since the second quarter of 2014.  The reserve fund is currently
providing 4.90% of credit enhancement to the outstanding classes
of rated notes.

In S&P's analysis, it has assumed that all loans that are
delinquent for more than nine monthly payments have defaulted.
Recoveries on such defaulted loans -- which vary according to the
rating level -- are only realized at the end of the 42-month
foreclosure period.

Severe delinquencies of more than 90 days, at 16.28%, are on
average in line with other Irish RMBS transactions that S&P rates.
Generally, severe delinquencies have been decreasing over the past
two years as the macroeconomic environment in Ireland improves.

After applying S&P's RMBS criteria to this transaction, its credit
analysis results show a decrease 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                30.76       44.30
AA                 24.26       41.73
A                  19.49       36.52
BBB                15.22       33.70
BB                 10.59       31.70
B                   8.68       29.84

The decrease in the WAFF is mainly due to the use of the original
loan-to-value (OLTV) ratio in the WAFF calculation (as opposed to
the current loan-to-value ratio), increased benefit for performing
loans with greater than six years' seasoning (100% of the loan
pool), and lower arrears levels.  The decrease in the WALS is
mainly due to the application of S&P's updated indexation
methodology, coupled with a marked appreciation in house prices in
Ireland since S&P's October 2012 review (almost 23% across the
country).  The overall effect is a decrease in the required credit
coverage for each rating level.

In this transaction the collection account is in the name of
Ulster Bank Ltd. and held with Ulster Bank Ireland Ltd.  The Royal
Bank of Scotland PLC (RBS) is the guaranteed investment contract
(GIC) and swap counterparty.  The replacement triggers for both
the collection account and the GIC account have been breached,
with none of the documented remedy actions being taken.
Therefore, S&P's current counterparty criteria cap the maximum
potential rating for the notes at the lower of the issuer credit
ratings (ICRs) on Ulster Bank Ireland and RBS.  Additionally,
given that the swap documents reflect a previous version of S&P's
counterparty criteria, the maximum potential rating based on this
counterparty obligation is the long-term ICR on RBS plus one

Following S&P's credit and cash flow analysis and the application
of its Irish RMBS criteria, S&P's updated analysis shows that the
available credit enhancement for the class A3 notes is
commensurate with a 'BBB (sf)' rating.  S&P has therefore raised
to 'BBB (sf)' from 'B+ (sf)' its rating on this class of notes.

S&P considers the available credit enhancement for the class B and
C notes to be commensurate with our currently assigned ratings.
S&P has therefore affirmed its 'B (sf)' and 'B- (sf)' ratings on
the class B and C notes, respectively.

S&P also considers credit stability in its analysis.  To reflect
moderate stress conditions, S&P adjusted its WAFF assumptions by
assuming additional arrears of 16% for one- and three-year
horizons.  This did not result in S&P's rating deteriorating below
the maximum projected deterioration that it would associate with
each relevant rating level, as outlined in S&P's credit stability

S&P expects severe arrears in the portfolio to decline slowly
alongside economic growth, high but diminishing unemployment, and
uncertainty surrounding repossessions.  On the positive side, S&P
expects interest rates to remain low and house prices to continue
increasing (albeit at a reduced rate).

Celtic 12 is an Irish RMBS transaction, which closed in June 2007.
The transaction securitizes a pool of first-ranking mortgage loans
originated by First Active.  The mortgage loans (owner-occupied)
are mainly located outside Dublin.


Class              Rating
            To                From

Celtic Residential Irish Mortgage Securitisation No. 12 Ltd.
EUR1.95 Billion Residential Mortgage-Backed Floating-Rate Notes

Rating Raised

A3          BBB (sf)          B+ (sf)

Ratings Affirmed

B           B (sf)
C           B- (sf)

KILDARE SECURITIES: S&P Affirms B- Ratings on 2 Note Classes
Standard & Poor's Ratings Services raised its credit ratings on
Kildare Securities Ltd.'s class A3 and B notes.  At the same time,
S&P has affirmed its ratings on the class C and D notes.

Upon publishing S&P's updated criteria for Irish residential
mortgage-backed securities (RMBS 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 rating actions follow S&P's credit and cash flow analysis of
the transaction information that it has received as of August
2015.  S&P's analysis reflects the application of its RMBS

In S&P's opinion, although the current outlook for the Irish
market is relatively positive, its outlook for the Irish
residential mortgage market calls for starting conditions that are
not benign.  S&P has therefore increased its expected 'B'
foreclosure frequency assumption to 3.33% from 2.00%, when it
applies its RMBS criteria, to reflect this view.  S&P bases these
assumptions on the fact that although the Irish economy has
significantly improved in terms of house price appreciation and a
fall in unemployment, the stock of nonperforming loans remains
high, restructuring arrangements are increasing, and unemployment
levels, though expected to fall further, remain high.

Credit enhancement for the class A3 notes, excluding loans with
arrears greater than nine monthly payments, has increased to
16.26%, from 12.07% in S&P's Oct. 23, 2012 review.  The class D
notes are still undercollateralized.

Class         Available credit
               enhancement (%)
A3                        16.2
B                          8.2
C                          0.8

This transaction features a nonamortizing reserve fund, which
currently represents 3.25% of the outstanding notes' balance.

In S&P's analysis, it has assumed that all loans that are
delinquent for more than nine monthly payments have defaulted.
Recoveries on such defaulted loans -- which vary according to the
rating level -- are only realized at the end of the 42-month
foreclosure period.

Severe delinquencies of more than 90 days, at 6.5%, are on average
lower for this transaction than for other Irish RMBS transactions
that S&P rates.  Generally, severe delinquencies have been
decreasing over the past two years as the macroeconomic
environment in Ireland improves.

After applying S&P's RMBS criteria to this transaction, its credit
analysis results show a decrease 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                21.47       32.66
AA                 16.76       29.81
A                  14.10       24.26
BBB                10.52       21.38
BB                  7.39       19.39
B                   6.41       17.56

The decrease in the WAFF is mainly due to the use of the original
loan-to-value (OLTV) ratio in the WAFF calculation (as opposed to
the current LTV ratio), seasoning credit for performing loans
greater than six years being higher than previously applied, and
lower arrears levels.  The decrease in the WALS is mainly due to
the application of S&P's updated indexation methodology, coupled
with the recent appreciation in house prices in Ireland.  The
overall effect is a decrease in the required credit coverage for
each rating level.

Following the application of S&P's RMBS criteria and considering
its criteria for rating single-jurisdiction securitizations above
the sovereign foreign currency rating (RAS criteria), S&P has
determined that its assigned rating on each class of notes in this
transaction should be the lower of (i) the rating as capped by
S&P's RAS criteria and (ii) the rating that the class of notes can
attain under its RMBS criteria.

In this transaction, none of S&P's ratings are constrained by its
long-term rating on the Republic of Ireland (A+/Stable/A-1).

Taking into account the results of S&P's updated credit and cash
flow analysis and the recent positive performance, it considers
the available credit enhancement for the class A3 and B notes to
be commensurate with higher ratings than those currently assigned.
S&P has therefore raised to 'A- (sf)' from 'BB (sf)' its rating on
the class A3 notes and to 'BBB- (sf)' from 'B (sf)' its rating on
the class B notes.

Taking into account the results of S&P's credit and cash flow
analysis, it considers the available credit enhancement for the
class C and D notes to be commensurate with S&P's currently
assigned ratings.  S&P has therefore affirmed its 'B- (sf)'
ratings on the class C and D notes.  The presence of a fully
funded reserve fund and current levels of excess spread should be
sufficient to mitigate any interest shortfalls in the next 12
months, in S&P's view.

S&P also considers credit stability in its analysis.  To reflect
moderate stress conditions, S&P adjusted its WAFF assumptions by
assuming additional arrears of 16% for one- and three-year
horizons.  This did not result in S&P's rating deteriorating below
the maximum projected deterioration that it would associate with
each relevant rating level, as outlined in S&P's credit stability

S&P expects severe arrears in the portfolio to decline slowly
alongside economic growth, high but diminishing unemployment, and
uncertainty surrounding repossessions.  On the positive side, S&P'
expects interest rates to remain low and house prices to continue
increasing (albeit at a reduced rate).

Kildare Securities is an Irish RMBS transaction backed by loans
originated and serviced by ICS Building Society, a wholly owned
subsidiary of Bank of Ireland.  The transaction closed in March


Class              Rating
            To                From

Kildare Securities Ltd.
EUR1.276 Billion, US$2.176 Billion Mortgage-Backed Floating-Rate
Notes Series 1

Ratings Raised

A3          A- (sf)           BB (sf)
B           BBB- (sf)         B (sf)

Ratings Affirmed

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

PRECISION TIMING: Creditors Meeting Set For October 16
Ryan Bailey at The42 reports that Athletics clubs and race
organisers around Ireland are facing the prospect of losing
thousands of euro after one of Ireland's leading race management
companies confirmed it's going into liquidation.

Precision Timing Limited provides an online registration, payment
processing and electronic timing solution for marathons,
triathlons and cycling events, the report discloses.  The company,
formed in 2007 and based in Clare, times more than 160 events
every year, including national races such as the Cork city

The42 relates that as well as providing timing systems on the day
of a race, Precision also supplies clubs with an online
registration portal for athletes to pay their entry fee.  That
money is held by Precision and is then paid back to the club after
their fees are deducted.

A creditors' meeting has been scheduled for October 16 and
Richard Maguire of Maguire Caulfield Brown will be nominated as a
liquidator, according to the report.

The42 says some clubs have been waiting for payments as far back
as June.

In a statement released to The42, Athletics Ireland acknowledged
they are aware of the situation but because of the nature of the
proceedings are reluctant to comment further.

"Athletics Ireland has regrettably learned that Precision Timing
has ceased trading," it read.

"Precision Timing has supplied services to Athletics Ireland for
events for electronic timing systems and results. Athletics clubs,
and other sports clubs, have also used Precision Timing's services
for their own individual events.

"We have been made aware that a creditors' meeting has been
scheduled for 16 October. We will await the outcome of that
meeting before commenting further."

At least 30 clubs are believed to be affected with some owed up to
EUR5,000, adds The42.


WASTE ITALIA: Moody's Cuts LT Issuer Default Rating to 'CCC'
Fitch Ratings has downgraded Waste Italia SpA's (WI) Long- term
Issuer Default Rating (IDR) and senior secured notes' rating of to
'CCC' from 'B-'. The Recovery Rating of the notes is 'RR4'.

The downgrade reflects the company's tight liquidity, particularly
into 2016, lower EBITDA estimates based on operating issues in
landfill in 2015 and a combination of resumed price pressure for
2016 and delay of capacity entering service longer term. Changes
in senior management have also affected execution of the company's
business plan.


Strained Liquidity

Based on information given by management relating to the cash
position as at September 30, 2015, undrawn factoring facilities
and bank overdraft lines, collection of receivables and our
estimate of WI's cash generation, Fitch believes that WI has
sufficient liquidity to cover the EUR10.5 million coupon payment
due on November 15, 2015. Parent company Kinexia S.p.A has
indicated that it will provide WI with bridge financing to cover
its needs if necessary, although there are no written commitments
to this effect.

However, liquidity into 2016 is likely to remain strained with
additional coupon payment and mandatory cash repayment of EUR10.5
million and EUR5 million respectively, both due in May 2016. Fitch
also notes that the fully drawn EUR15 million revolving credit
facility (RCF) is subject to a 5.1x net debt /EBITDA covenant test
at the end of each quarter. Breaches do not constitute an event of
default but lead to a draw-stop and reimbursement at the end of
the drawing period of six months for each line. The last
compliance certificate sent to the lending bank shows net debt /
EBITDA of 4.48x at end-June 2015.

Weak Operating Performance

WI reported a 13% fall in its 1H15 headline EBITDA to EUR21.2
million, reflecting weaker volumes and pricing, particularly in
landfill. While this was partly caused by one-off factors, WI has
had environmental and operational issues at Cavenago and Albonese,
respectively and some one-offs will recur in 2H15. Prices have
stabilized in collection and landfill, based on a law in late 2014
allowing waste to be transported from one region to the other,
absorbing excess capacity.

"However, Fitch believes that in a low-growth, low-inflation
macroeconomic environment, stable pricing may not persist in
future. We have lowered our 2015-18 annual EBITDA estimates by an
average of 15% compared with last year. This also reflects delay
of capacity coming into service in sorting and treatment at
Wastend to 2017, previously expected in 2016 and landfill at Verde
Imagna to 2018, previously expected in 2017. We estimate average
2015-17 funds from operations (FFO) interest coverage of around
1.8x and FFO adjusted net leverage of around 5.1x, weaker than our
guidelines for the previous rating," Fitch said.

Corporate Governance, Management Change

Kinexia announced plans to merge with Biancamano, aimed at
creating a leading group in Italian waste management, in August
2015. The merger will not trigger the change of control covenant
in WI's senior secured notes. Although there is no immediate
effect on WI, the scope for commercial synergies raises the
possibility of a closer relationship in future. Biancamano's debt,
currently being restructured, of EUR115 million in 2014 was more
than 16x EBITDA. Kinexia, which reported net debt of EUR275
million in 1H15 and EBITDA of EUR22.3m, is undergoing a complex
reorganization of its own to focus mainly on waste management.

The CEO position at WI vacated by Chirico in February 2015 was
filled by Enrico Friz (ex- A2A), leading to some strategic changes
and impact on 1H15 results. A new CFO, Alessandro Gregotti, was
appointed in September 2015. However, new management has yet to
engage with investors.


Fitch's key assumptions within the rating case for WI include:
-- Stronger volume growth, of 8.2% total over the next three
    years versus 6.4% previously, based on higher Fitch GDP
    forecasts for Italy in 2017-18 (1.5% vs 1% previously)
-- Weaker pricing, notably in collection and landfill, from 2016
    and lower Fitch inflation forecasts for Italy in 2017-18
   (1.4% vs 2% previously)
-- Adjusted EBITDA margins to fall 2% in 2015 (1H15 headline -
    3%) and to fall further, as high- margin landfill capacity
    falls, until 2018 when Verde Imagna comes onstream, restoring
    margins to 2014 levels of 36-37%.


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

-- Improved liquidity and recurring earnings leading to a more
    sustainable capital structure.

-- FFO adjusted net leverage sustainably below 5.0x and FFO
    interest coverage above 2.5x on a sustained basis.

-- Sustained operational improvement, including receipt of
    landfill permits as planned.

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

-- Further weakening of the liquidity position, expectation of
    failure to service debt.

-- Significantly weaker-than-expected operating performance.

-- Substantial delay to grants of landfill permits, resulting in
    remaining useful life of 3.5 years or less.


ABN AMRO BANK: Moody's Rates High-Trigger AT1 Secs. 'Ba2'
Moody's Investors Service has assigned a Ba2(hyb) rating to 'high
trigger' additional tier 1 securities (AT1) issued by ABN AMRO
Bank N.V. (A2/A2 stable; BCA/Adj BCA baa2).

The perpetual non-cumulative AT1 securities rank junior to Tier 2
capital, pari passu with other deeply subordinated debt
securities.  Coupons may be cancelled in full or in part on a non-
cumulative basis at the issuer's discretion or mandatorily in case
the distributable items or maximum distributable amount were not
sufficient.  The principal of the securities is partially or fully
written down if ABN AMRO Group N.V.'s Common Equity Tier 1 (CET 1)
ratio falls below 7% or if ABN AMRO Bank's CET 1 ratio falls below

The rating of these AT1 securities was initiated by Moody's and
was not requested by the entity.  While ABN AMRO Bank is a
participating issuer, subject to Moody's definition of
participation as referring to the relationship that Moody's
maintains with the rated entity, Moody's and ABN AMRO Bank did not
exchange information regarding this specific rating action on
these securities.


The Ba2(hyb) rating is assigned on the basis of the likelihood of
ABN AMRO Group's capital ratio reaching the 7% write-down trigger,
the probability of a bank-wide failure and loss severity, if
either or both of these events occur.  Moody's based its rating
assessment on the highest trigger, namely 7% CET1 at the level of
the group rather than the 5.125% CET1 trigger applied at the bank
level.  This is because Moody's believes that the 7% trigger is
likely to be reached before the 5.125% trigger since the group's
activities are currently limited to the bank's and are unlikely to
diverge in the foreseeable future.  Moody's assess this
probability based on a model incorporating the group and the
bank's creditworthiness -- as reflected by the bank's baseline
credit assessment (BCA), the group's most recent CET1 ratio, and
qualitative considerations, particularly with regard to how the
firm may manage its CET1 ratio, on a forward-looking basis.

The model is based on ABN AMRO Bank's BCA of baa2.  Moody's do not
assign a baseline credit assessment (BCA) to ABN AMRO Group
because it is not an operating entity.  However, ABN AMRO Bank
being currently the sole operating entity and asset of ABN AMRO
Group, the group's intrinsic financial strength is reflected in
the baa2 BCA of ABN AMRO Bank.  The other input to our model is
ABN AMRO Group's last reported phased-in CET1 ratio of 14.2%, the
same as ABN AMRO Bank's, as at end-June 2015.  Using these inputs,
the model-based outcome is Ba1(hyb).

Moody's rates these securities to the lower of the model output
and the bank's non-viability AT1 rating, which if such a security
were to be issued, would be positioned based on Moody's Advanced
Loss Given Failure (LGF) analysis and would also capture the risk
of coupon suspension on a non-cumulative basis as well as the
probability of a bank failure.  Since the model outcome is
Ba1(hyb), the high trigger security rating is constrained by the
rating on a hypothetical non-viability security, leading to the
assignment of a Ba2(hyb) rating to ABN AMRO Bank's AT1 'high
trigger' securities.

The outcome of Moody's model sensitivity analysis, which considers
changes to the group-level CET1 ratio, confirms that the Ba2(hyb)
rating is resilient under the most plausible scenarios.


The rating of this instrument could be upgraded if ABN AMRO Bank's
BCA is upgraded while ABN AMRO Group's CET1 ratio remains stable.

Conversely, downward pressure on the rating of this instrument
could materialize if ABN AMRO Bank's baa2 BCA were adjusted
downwards, or if ABN AMRO Group's CET1 ratio fell substantially.
In addition, Moody's would also reconsider the rating if the
probability of a coupon suspension increased.

CAIRN CLO III: Moody's Assigns (P)B2(sf) Rating to Cl. F Debt
Moody's Investors Service assigned the following provisional
ratings to two new classes of notes to be issued by Cairn CLO III
B.V. (the "Issuer" or "Cairn III CLO") and has downgraded the
rating of three classes of existing notes, following a
restructuring of the transaction which closed on March 20, 2013:

  EUR28,000,000 Class B Senior Secured Floating Rate Notes due
  2028, Downgraded to Aa2 (sf); previously on Jun 26, 2015
  Upgraded to Aa1 (sf)

  EUR20,000,000 Class C Senior Secured Deferrable Floating Rate
  Notes due 2028, Downgraded to A2 (sf); previously on Jun 26,
  2015 Upgraded to A1 (sf)

  EUR16,500,000 Class D Senior Secured Deferrable Floating Rate
  Notes due 2028, Downgraded to Baa2 (sf); previously on Jun 26,
  2015 Upgraded to Baa1 (sf)

  EUR22,000,000 Class E Senior Secured Deferrable Floating Rate
  Notes due 2028, Assigned (P)Ba2 (sf)

  EUR8,000,000 Class F Senior Secured Deferrable Floating Rate
  Notes due 2028, Assigned (P)B2 (sf)

Moody's has also affirmed the ratings on the following notes:

  EUR181,500,000 Class A Senior Secured Floating Rate Notes due
  2028, Affirmed Aaa (sf); previously on Jun 26, 2015 Affirmed Aaa

Moody's issues provisional ratings in advance of the final sale of
financial instruments, but these ratings only represent Moody's
preliminary credit opinions. Upon a conclusive review of a
transaction and associated documentation, Moody's will endeavor to
assign definitive ratings. A definitive rating (if any) may differ
from a provisional rating.


The transaction restructuring includes extensive amendments to the
original deal. Some of the main changes are 1) modification of the
maturity date and spreads on existing Classes A, B, C and D, 2)
Class D size increased by EUR5.5 million, 3) two new junior
Classes E and F added, 4) collateral manager substitution, 5)
extension of the reinvestment period and 6) bonds excluded in the
eligibility criteria.

Moody's ratings addresses the expected loss posed to noteholders
by the legal final maturity of the notes in 2028. The ratings
reflect the risks due to defaults on the underlying portfolio of
loans given the characteristics and eligibility criteria of the
constituent assets, the relevant portfolio tests and covenants as
well as the transaction's capital and legal structure.
Furthermore, Moody's is of the opinion that the collateral
manager, Cairn Loan Investments LLP ("CLI"), has sufficient
experience and operational capacity and is capable of managing
this CLO.

Before this restructuring, in June 2015, Class D, B and C initial
ratings were upgraded by one notch respectively due to the short
period of time remaining before the end of the initial
reinvestment period and relatively good credit quality of the
collateral pool. The downgrade rating actions on these classes are
exclusively a result of the extensive amendments to the original
deal structure.

Cairn III CLO is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans and senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, mezzanine obligations and high
yield bonds. The portfolio is expected to be around 89% ramped up
as of the restructuring date as the bonds sub-pool, currently
representing around 11%, will be sold prior such date due to bonds
not being eligible any longer according to the updated eligibility

CLI will manage the CLO. It will direct the selection, acquisition
and disposition of collateral on behalf of the Issuer and may
engage in trading activity, including discretionary trading,
during the reinstated transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, and are subject to certain

In addition to the six classes of notes rated by Moody's, the
Issuer will issue EUR 30.0m of subordinated notes which will not
be rated.

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to pay
down the notes in order of seniority.

Loss and Cash Flow Analysis:

Moody's modelled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in Section of the "Moody's Global Approach to Rating Collateralized
Loan Obligations" rating methodology published in September 2015.
The cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of the binomial
distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and noteholders. Therefore,
the expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario and (ii)
the loss derived from the cash flow model in each default scenario
for each tranche. As such, Moody's encompasses the assessment of
stressed scenarios.

Moody's used the following base-case modeling assumptions:

Par amount: EUR300,000,000

Diversity Score: 36

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 3.95%

Weighted Average Coupon (WAC): 5.50%

Weighted Average Recovery Rate (WARR): 43.00%

Weighted Average Life (WAL): 8 years.

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the rating assigned to the rated notes.
This sensitivity analysis includes increased default probability
relative to the base case. Below is a summary of the impact of an
increase in default probability (expressed in terms of WARF level)
on each of the rated notes (shown in terms of the number of notch
difference versus the current model output, whereby a negative
difference corresponds to higher expected losses), holding all
other factors equal:

Percentage Change in WARF: WARF + 15% (to 3220 from 2800)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: 0

Class B Senior Secured Floating Rate Notes: -1

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: -1

Percentage Change in WARF: WARF +30% (to 3640 from 2800)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: -1

Class B Senior Secured Floating Rate Notes: -3

Class C Senior Secured Deferrable Floating Rate Notes: -3

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -2

Class F Senior Secured Deferrable Floating Rate Notes: -2

Further details regarding Moody's analysis of this transaction may
be found in the upcoming New Issue report, available soon on

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. CLI 's investment decisions and management of the
transaction will also affect the notes' performance.

Classes B, C and D ratings would be upgraded to their levels prior
today's rating action if the proposed restructuring was not
finally completed.

DUCHESS VI CLO: S&P Raises Rating on Class E Notes to BB+
Standard & Poor's Ratings Services raised its credit ratings on
all of Duchess VI CLO B.V.'s classes of notes.

The upgrades follow S&P's credit and cash flow analysis of the
transaction using data from the latest trustee report and the
application of its relevant criteria.

Duchess VI CLO is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily speculative-grade
corporate firms.  The transaction closed in August 2006.  Since
the end of the reinvestment period in July 2013, the issuer has
used all scheduled principal proceeds to redeem the notes in the
transaction's documented order of priority.

According to S&P's analysis, since our July 11, 2012 review, the
rated liabilities have significantly deleveraged, which has raised
the available credit enhancement for all classes of notes.  The
class A1 and revolving loan facility (Rev ln fac) notes have
reduced by approximately EUR199.41 million, in aggregate,
representing a more than 64% aggregate reduction in the principal
amount outstanding of these classes of notes.

S&P has analyzed the derivative counterparties' exposure to the
transaction under its current counterparty criteria, and S&P has
concluded that the counterparty exposure is currently sufficiently
limited so as not to affect S&P's ratings in this transaction.

S&P factored in the above observations and subjected the capital
structure to its cash flow analysis, based on the methodology and
assumptions outlined in S&P's criteria, to determine the break-
even default rate (BDR).  S&P used the reported portfolio balance
that it considered to be performing, the principal cash balance,
the current weighted-average spread, and the weighted-average
recovery rates that we considered to be appropriate.  S&P
incorporated various cash flow stress scenarios using various
default patterns, levels, and timings for each liability rating
category, in conjunction with different interest rate stress

In S&P's view, the available credit enhancement for the class A1,
Rev ln fac, and B notes is now commensurate with higher ratings
than those previously assigned.  S&P has therefore raised to
'AAA (sf)' from 'A+ (sf)' its ratings on these classes of notes.

In S&P's opinion, the deleveraging of the senior classes of notes
has resulted in improvements in credit enhancement levels for the
class C, D, and E notes, where S&P's credit and cash flow analysis
indicates that all notes are now able to achieve higher ratings
that those currently assigned.  S&P has therefore raised its
ratings on these classes of notes.


Class                 Rating
                To              From

Duchess VI CLO B.V.
EUR500 Million Senior Secured And Deferrable Floating-Rate Notes

Ratings Raised

A               AAA (sf)        A+ (sf)
Rev ln fac      AAA (sf)        A+ (sf)
B               AAA (sf)        A+ (sf)
C               AA+ (sf)        BBB+ (sf)
D               BBB+ (sf)       BB+ (sf)
E               BB+ (sf)        BB- (sf)

GARFUNKELUX HOLDCO 2: S&P Assigns 'B+' ICR, Outlook Stable
Standard & Poor's Ratings Services said that it assigned its 'B+'
long-term and 'B' short-term issuer credit ratings to Luxembourg-
based Garfunkelux Holdco 2 S.A., the parent of U.K.-based debt
collection agency Lowell Group Ltd.  Garfunkelux Holdco 2 S.A. is
an intermediate holding company owned by Permira funds,
consolidating Garfunkelux Holdco 3 S.A., special-purpose entities
Garfunkel Holding GmbH and Simon Bidco Ltd., and primary operating
companies GFKL Financial Services AG (GFKL) and Lowell.  S&P
lowered its long-term rating on Lowell to 'B+' from 'BB-', and
removed it from CreditWatch, where S&P had placed it with negative
implications on Aug. 13, 2015.  The outlook on the above entities
is stable.

S&P also affirmed its long- and short-term ratings on wholly owned
subsidiary Garfunkelux Holdco 3 at 'B+/B', and removed the long-
term rating from CreditWatch negative.

S&P assigned a 'BB' issue rating to the proposed EUR200 million
revolving credit facility (RCF; upsizing the outstanding EUR60
million RCF) issued by Garfunkel Holding GmbH and Simon Bidco
Ltd., with a recovery rating of '1', indicating S&P's expectation
of very high (90%-100%) recovery in the event of a default.

S&P also assigned a 'B+' issue rating to the proposed GBP555
million senior secured notes to be issued by Garfunkelux Holdco 3
S.A., with a recovery rating of '3', indicating S&P's expectation
of meaningful recovery in the lower half of the 50%-70% range.
S&P affirmed the existing 'B+' issue rating on the EUR365 million
senior secured notes issued by Garfunkelux Holdco 3 S.A.  In
addition, S&P assigned a 'B-' issue rating to the proposed GBP240
million senior unsecured note to be issued by Garfunkelux Holdco 2
S.A., with a recovery rating of '6', indicating S&P's expectation
of negligible (0%-10%) recovery prospects in the event of a

S&P also lowered its issue ratings on the existing senior secured
notes issued by Lowell Group Financing PLC to 'BB-' from 'BB' and
removed them from CreditWatch negative.

On Aug. 7, 2015, private equity firm Permira announced that a
company backed by the Permira funds has agreed to acquire Lowell
from majority shareholder TDR Capital, and subsequently merge
Lowell with another company in Permira's portfolio, Germany-based
debt collection agency GFKL Financial Services AG (GFKL).  Permira
has a broad range of international holdings across industries and
S&P considers it to be a financial sponsor to the combined entity
under Standard & Poor's group ratings methodology.  On completion
of the acquisition, the group will issue three debt instruments: a
GBP240 million senior unsecured note, a GBP555 million senior
secured note (alongside the existing EUR365 million senior secured
note), and a EUR200 million RCF. These issues will replace the
existing debt instruments issued by Lowell Group Financing PLC (a
special-purpose entity operating under Lowell Group Ltd.) and the
existing RCF issued by Garfunkel Holding GmbH, and significantly
increase the combined entity's leverage at the time of closing.
S&P expects that there will be no material additional debt in the
capital structure by the end of 2015.

Garfunkelux Holdco 2 S.A. is an intermediate holding company owned
by Permira funds, consolidating Garfunkelux Holdco 3 S.A.,
special-purpose entities Garfunkel Holding GmbH and Simon Bidco
Ltd., primary operating companies GFKL and Lowell, and all of the
operating subsidiaries and companies that form the group.

The ratings reflect S&P's view of the combined entity,
consolidated under Garfunkelux Holdco 2, which combines the
consolidated subsidiaries and debt-issuing holding companies upon
completion of the merger.  S&P do not perceive any material
barriers to cash flows within the group or any significant issues
regarding fungibility of capital between the parent company, the
debt-issuing holding companies, or the key subsidiaries under the
new structure.

Lowell's existing business profile is concentrated on the U.K.,
purchasing portfolios of distressed debt across various asset
classes and maximizing recovery on these portfolios.  The company
also has a relatively small third-party collections business,
which historically makes up around 5%-10% of revenues.  GFKL
currently derives around 60% of revenues from its core focus on
third-party collections, risk management services for retailers,
and collection outsourcing for German corporates and financial
services companies.  In addition, GFKL manages its own debt-
purchase portfolio, which it acquires on a future flow basis from
existing clients, as well as on a one-off basis from a number of

"We assess the combined entity's business risk profile as "fair,"
reflecting our view that completion of the transaction would
create an enlarged credit management business operating across two
large European markets.  We acknowledge that the combination of
Lowell's existing monoline focus on purchasing portfolios of
distressed debt in the U.K., and GFKL's top-tier position in
credit services and debt purchasing in Germany, will benefit the
combined entity's future revenue diversification.  In our view,
this has the potential to partially reduce the group's future
earnings volatility, which can arise through price competition or
aggressive actions by competitors.  We also note that the primary
operating companies' limited client overlap creates opportunities
to expand the business profile and further strengthen
relationships with vendors in the European market," S&P said.

"However, the combined entity will still be relatively
concentrated in the debt recovery industry and susceptible to
aggressive actions by competitors in the U.K. and German markets.
We also consider regulatory and operational risk to be
significant, although we note that each operating company has
implemented a robust framework to manage these risks and we expect
it will maintain continuity of management despite the ownership
change.  The risks arise from the regulatory system, the
importance that vendors attach to the reputation of potential debt
purchasers and collectors, the reliance on the continuation of key
client relationships, and heavy reliance on IT platforms and data
analysis.  GFKL is supervised by the Higher Regional Court
("Oberlandesgericht") and governed by the German Legal Services
Act, the Introductory Act to the German Legal Services Act, and
the Implementing Regulations to the German Legal Services Act.
Lowell is regulated by the U.K.'s financial services regulatory
body, the Financial Conduct Authority (FCA), which in our view,
has the power to apply a more stringent, conduct-focused risk
agenda and enforce closer regulations and tougher sanctions, if
deemed necessary," S&P noted.

In S&P's view, over the next 12-24 months, the merger faces
increased transition risks related to operational integration, the
realization of synergies, and making the local businesses across
the two companies work as a cohesive enterprise.

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

   -- A strengthening regulatory framework and rising barriers to
      entry, which, although presenting some risks, will likely
      reinforce the combined entity's position in the top tier of
      credit service providers in Europe.

   -- Around 80% of adjusted revenues to be generated from the
      combined entity's debt purchase portfolio, reflecting its
      relative strength in its information technology and data

   -- A continued focus on domestic receivables in the U.K. and
      German markets.

   -- Continued steady growth in portfolio purchases and

In S&P's financial risk profile assessment for the combined
entity, it considers the merger as a transformational event, and
therefore S&P applies a weighting of 50% to the current financial
year (ending December) and 50% to its projections for the next
financial year.  S&P's calculations assume that the proceeds from
the issued debt instruments will be used to redeem the outstanding
debt instruments issued by Lowell Group Financing PLC.

S&P's "aggressive" financial risk profile assessment reflects its
expectation of the combined entity's following core ratios:

   -- Gross debt to Standard & Poor's-adjusted EBITDA between 4x-

   -- Adjusted EBITDA to interest expense between 3x-6x (EBITDA
      for both credit measures is gross of portfolio amortization
      [a noncash item]).

Within S&P's financial risk profile, it acknowledges the potential
risks arising from further consolidation of the industry, for
example through raising additional debt to fund a large
acquisition.  S&P also recognizes the potential for future
issuance to expand the combined entity's debt purchase portfolio,
which may increase leverage in the short term.

S&P's 'b+' group credit profile (GCP) for the combined entity
incorporates a downward adjustment of one notch under S&P's
negative comparable rating analysis modifier.  This reflects some
of the risks associated with the combined entity, particularly the
risk that, as a financial sponsor, Permira may dictate an increase
in risk appetite for the combined entity.  S&P also highlights
Permira's short track record for corporate governance and policies
regarding risk-taking and financial management in relation to debt
recovery businesses (it only acquired GFKL in May 2015).
Moreover, S&P believes that regulatory and operational risks
remain, somewhat mitigated by the increased business and
geographical diversification.

S&P lowered its long-term issuer credit rating on Lowell to align
it with the one S&P has assigned to Garfunkelux Holdco 2 S.A.
This reflects S&P's assessment of Lowell's status as a core entity
within the wider Garfunkelux Holdco 2 S.A. group, as per S&P's
group rating methodology.  The lowering of S&P's issue ratings on
the existing senior secured notes issued by Lowell Group Financing
PLC reflects the lower rating on Lowell Group Ltd.  S&P's recovery
rating on these bonds remains '2', with recovery expectations at
the lower end of the 70%-90% range.  Upon completion of the
transaction and the redemption of these notes, S&P expects to
withdraw its issuer credit rating on Lowell and the issue rating
on Lowell's senior secured notes.

S&P views the combined entity's liquidity as "adequate" under its
criteria.  In S&P's base-case scenario, it anticipates liquidity
sources will cover uses by at least 1.3x over the next 12 months.

Principal liquidity sources for these 12 months are:

   -- The undrawn portion of a committed senior revolving credit
      facility (RCF) of EUR200 million;
   -- Cash generated by the group's activities; and
   -- Approximately GBP90 million of cash on the balance sheet at

The principal liquidity uses will be portfolio acquisitions, which
are the main cash outflow.  There are no near-term debt

In S&P's view, the combined entity also has the flexibility to
reduce cash outflows by postponing future debt portfolio

The stable outlook reflects S&P's expectation that Garfunkelux
Holdco 2's leverage and debt-servicing metrics will remain in line
with S&P's current assessment of the financial risk profile.
S&P's base case is also predicated on the creation of an enlarged
credit management business, which in its view will strengthen its
position in both debt-purchasing and collection outsourcing,
improving the post-transaction leverage profile over the next two

S&P could raise the rating if the combined entity demonstrates
sustainable deleveraging beyond its existing expectations,
combined with:

   -- A longer track record of management and governance under
      the new structure;

   -- Diminishing integration risks associated with the merger;

   -- Evidence that Permira's strategy as a financial sponsor for
      the combined entity will not hinder its debt-servicing

S&P could consider lowering the ratings if it witness a material
increase in the combined entity's leverage that weakens the
group's credit and debt-servicing metrics, such that:

   -- The ratio of gross debt to Standard & Poor's-adjusted
      EBITDA plus portfolio amortization (a noncash item) rises
      above 5x; or

   -- Adjusted EBITDA coverage of gross cash interest expenses
      falls below 3x.

Such a scenario could unfold if S&P saw signs of an aggressive
financial policy, for example the raising of additional debt to
fund a large acquisition.  A material unanticipated rise in costs
or decline in total collections could also lead S&P to lower the

GROSVENOR PLACE CLO: Moody's Affirms Ba1 Rating on Cl. D Notes
Moody's Investors Service has upgraded the ratings on the
following notes issued by Grosvenor Place CLO III B.V.:

  EUR36,500,000 Class B Deferrable Interest Floating Rate Notes
  due 2023, Upgraded to Aaa (sf); previously on Mar 18, 2015
  Upgraded to Aa1 (sf)

  EUR20,000,000 Class C Deferrable Interest Floating Rate Notes
  due 2023, Upgraded to Aa3 (sf); previously on Mar 18, 2015
  Upgraded to A2 (sf)

Moody's also affirmed the ratings on the following notes:

  EUR128,500,000 (outstanding balance of EUR12.3M) Class A-1
  Senior Floating Rate Notes due 2023, Affirmed Aaa (sf);
  previously on Mar 18, 2015 Affirmed Aaa (sf)

  Up to EUR120,000,000 (outstanding balance of EUR13.9M) Class A-2
  Senior Revolving Floating Rate Notes due 2023, Affirmed Aaa
  (sf); previously on Mar 18, 2015 Affirmed Aaa (sf)

  EUR62,000,000 Class A-3 Senior Floating Rate Notes due 2023,
  Affirmed Aaa (sf); previously on Mar 18, 2015 Upgraded to Aaa

  EUR28,500,000 Class D Deferrable Interest Floating Rate Notes
  due 2023, Affirmed Ba1 (sf); previously on Mar 18, 2015 Affirmed
  Ba1 (sf)

  EUR14,000,000 Class E Deferrable Interest Floating Rate Notes
  due 2023, Affirmed Ba3 (sf); previously on Mar 18, 2015 Affirmed
  Ba3 (sf)

Grosvenor Place CLO III B.V., issued in August 2007, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by CQS Cayman Limited Partnership. The transaction's
reinvestment period ended in October 2013.


The rating actions on the notes are primarily the result of the
deleveraging that has occurred since last rating action in March

The Class A notes have amortized by approximately EUR49.2 million
over the last two payment dates. As a result of deleveraging,
over-collateralization (OC) ratios have increased. According to
the August 2015 trustee report the OC ratios of Classes A, B, C, D
and E are 234.0%, 165.7%, 142.8%, 119.4%, 110.5% compared to
188.7%, 148.9%, 133.4%, 116.3%,109.4 % respectively in January

The key model inputs Moody's uses in its analysis, 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 EUR163.6 million,
GBP 6.6 million and USD39.0 million, a weighted average default
probability of 22.2% (consistent with a WARF of 2980), a weighted
average recovery rate upon default of 47.9% for a Aaa liability
target rating, a diversity score of 15 and a weighted average
spread of 4.2% and weighted average coupon of 5.1%. The GBP and
USD-denominated liabilities are naturally hedged by the GBP and
USD 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. 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 analyzing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in September 2015.

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average recovery rate for
the portfolio. Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
were unchanged for the Class A and Class B and within one notch of
the base-case results for rest of the classes.

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 because of 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 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.

Around 9.86% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates. As part of its base case, Moody's has stressed large
concentrations of single obligors bearing a credit estimate as
described in "Updated Approach to the Usage of Credit Estimates in
Rated Transactions," published in October 2009 and available at

Foreign currency exposure: The deal has a significant exposures 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.

MARFRIG HOLDINGS: Fitch Affirms 'B+' Foreign Currency IDR
Fitch Ratings has affirmed Marfrig Global Foods S.A.'s (Marfrig)
Issuer Default Rating (IDR) and senior unsecured notes at 'B+'.
The Outlook is revised to Positive from Stable.

The Positive Outlook revision reflects the acceleration of
Marfrig's deleveraging process following the divestment of Moy
Park Holding Europe Ltd. (Moy Park) in September 2015 and the
expectation that the company will improve free cash flow (FCF)
over the next 24 months.


Simplified Business Profile:

Marfrig's ratings incorporate its broad product and geographic
diversification, which help to reduce risks related to disease,
trade restrictions and currency fluctuation. Following recent
divestitures, the company is structured into two business units:
Marfrig Beef (61% of EBITDA), one of the world's largest beef
producers, and Keystone Foods (39% of EBITDA), which processes
food for major restaurant chains, notably McDonald's. These
divestitures have allowed Marfrig to simplify its organizational
structure and decrease execution risks associated with the
turnaround of Seara Brazil, which was sold in 2013 to JBS S.A
(JBS); Moy Park was also sold to JBS in September 2015. Marfrig
will remain a global company after the transaction as 58% of its
consolidated net revenue will come from international operations.
Marfrig is implementing a strategy called 'Focus to Win,' which
aims to increase revenue and improve profitability by focusing its
commercial strategy on the development of its food service and
retail channels.

Improved Credit Metrics:

Marfrig's pro forma net debt/EBITDA ratio is expected to fall
towards 4.0x by year end 2015 as a result of satisfactory
performance and the divestment of Moy Park to JBS in September
2015; net debt/EBITDA LTM was 4.8x at June 30, 2015. The
divestment of Moy Park for a total of USD1.5 billion (USD1.2
billion paid in cash) accelerates the deleveraging process. Given
the deleveraging process, Fitch expects Marfrig to report positive
free cash flow in 2015 and 2016, as it has since 2014 after
several years of negative FCF generation. The company is expected
to focus on reducing leverage via increased EBITDA, better asset
and logistics management, steady capex, and lower interest expense
associated with liability management.

Challenging Domestic Operating Environment:

The operating environment in 2015-16 is expected to be more
difficult for the Brazilian protein sector due to the weak
economic environment, high inflation, increased interest and
unemployment rates, and declining consumer confidence. The beef
industry is responding to these challenges by reducing processing
capacity in the country, and Brazilian exporters are benefitting
from the depreciation of the reais along with growing demand for
beef worldwide. Exports accounted for 48% of Marfrig Beef net
revenue and around one-third of consolidated revenues. Asia and
the Middle East remain the positive growth drivers for Marfrig. In
May 2015, mainland China approved Brazilian beef imports, and in
June 2015, the U.S. announced the opening of its market to
Brazilian beef.

No Major Acquisitions Anticipated:

Marfrig is not expected to execute any major acquisitions over the
next 18 months given management's focus on deleveraging its
balance sheet, improving cash flow generation and reducing
interest expense. Key initiatives will be the optimization of
plants and distribution by Marfrig Beef and the geographic
expansion of Keystone.


Fitch's expectations are based on the agency's internally
produced, base case rating forecasts. They do not represent the
forecasts of rated issuers individually or in aggregate. Key Fitch
forecast assumptions include:

-- Double-digit net revenue growth of continuing operations in
    2015 due to price increases at Marfrig Beef and the
    devaluation of real against the U.S. dollar
-- EBITDA margin of approximately 8 - 9%
-- Capex/sales of approximately 2.6% in 2015
-- Positive free cash flow
-- Pro forma net debt/EBITDA at about 4.0x in FY2015.


Negative: A negative rating action could be precipitated by
Marfrig's inability to improve FCF over the next 24 months and
maintain net leverage above 4.5 - 5.0x on a sustainable basis.

An upgrade could result from a combination of the company building
a track record of generating positive FCF, demonstrating the
resilience of its group's operating margin in its beef business in
Brazil, while a sustained net leverage ratio near 3.5x also would
be viewed positively.


Marfrig's liquidity is adequate. As of June 2015, the group held
BRL2.6 billion of cash and marketable securities, which includes
BRL731 million of credit-linked notes which Fitch consider as
restricted cash. This level of liquidity compares with short-term
debt of BRL1.9 billion. Marfrig's largest refinancing requirement
will be in 2018 (BRL3 billion), as the company has redeemed most
of its 2016 bond. The company continues to be actively engaged in
liability management to reduce debt and interest expense. Marfrig
is using part of cash proceeds of the divestment of Moy Park to
buy back outstanding bonds. Almost 92% of the company's debt is in
U.S. dollars and foreign currencies (excluding the real); 78% of
net revenue is pegged to currencies other than the BRL.


Fitch has affirmed the following ratings:


-- Foreign & local currency IDR at 'B+';
-- National scale rating at 'BBB+ (bra)'.

Marfrig Holdings Europe B.V.:

-- Foreign currency IDR at 'B+';
-- Notes due 2017, 2018, 2019, 2021 at 'B+/RR4'.

Marfrig Overseas Ltd:

-- Notes due 2016, 2020 at 'B+/RR4'.

The Rating Outlook is Positive.


EURASIA DRILLING: Fitch Puts 'BB' Long-Term IDR on Watch Negative
Fitch Ratings has placed Russia-based Eurasia Drilling Company
Limited's (EDC) Long-term foreign and local currency Issuer
Default Ratings (IDR) of 'BB' on Rating Watch Negative (RWN). The
RWN follows EDC's announcement that it received an offer for a
potential merger with the intention of taking EDC private.

"We aim to resolve the RWN once the offer either fails, or, on the
assumption it does not, when we obtain clarity on EDC's post-deal
financial policies, specifically on dividend payouts and leverage.
We expect this to take place over the next four-to-six months.
Furthermore, we will assess the impact of the proposed de-listing
from the London Stock Exchange on EDC's creditworthiness, ie, on
its financial transparency and timeliness and completeness of
information disclosures."

"On October 8, 2015, EDC announced that its board received an
offer of USD10 per share, following the failure of the proposed
transaction with Schlumberger Limited announced at end-September
2015. We understand from the company that certain of EDC's
management and core shareholders plan to take the company private,
in order to undertake significant rationalization of its

Should the proposed transaction be completed, higher-than-
anticipated dividends may be up-streamed from EDC by shareholders
to help service the shareholder debt raised for the buyout, or EDC
may potentially assume or guarantee the debt itself. As a result,
EDC's financial metrics may exceed our guidance for a negative
rating action. At present, there is significant uncertainty around
the deal structure and its effect on EDC's financial profile.


Weaker 2015 Performance

In January to August 2015, EDC's horizontal meters drilled
increased 29% yoy, while the vertical footage declined 32% yoy, on
weaker orders from PJSC LUKOIL (BBB-/Negative), EDC's main
customer. EDC's total revenue from drilling and related services
was down 41% in 1H15 yoy to USD918 million, on weaker rouble and
lower total drilling meters.

LUKOIL accounted for 63% of EDC's total 1H15 revenues, down from
72% in 1H14, while JSC Gazprom Neft (BBB-/Negative) accounted for
nearly 14% of EDC's total 1H15 revenues, up from 7% in 1H14. We
have incorporated lower 2015 onshore drilling volumes into our
rating case for EDC and do not expect any pressure on EDC's
ratings from weaker 2015 operating results.

Leading Russian Onshore Driller

With a 21% market share in January-August 2015, EDC is one of
Russia's leading drilling companies by onshore metres drilled.
Despite competitive pressures, we expect EDC to remain the largest
onshore driller in the country over the medium term. Its ratings
are constrained in the 'BB' category due to high customer
concentration and limited geographical diversification. LUKOIL
contributed 75% to EDC's revenues in 2014, up from 66% in 2013,
while the share of OJSC OC Rosneft, EDC's second-largest customer
in 2013, fell to 6% in 2014, from 19%.


Fitch's key assumptions within the rating case for EDC include:

-- USD480 million buyout transaction consideration.

-- EDC will either significantly increase dividends and
    potentially provide substantial financial guarantees, or
    assume the acquisition debt after the transaction.

-- Drop in onshore drilling volumes in 2015 and moderate
    increase thereafter.

-- Increases in RUB-denominated onshore drilling tariffs in line
    with changes in Russia's producer price index.

-- The share of offshore drilling volumes increasing to 11% in
    2016 from 7% in 2014.

-- Stable EBITDA margin averaging 25% in 2015-2018.

-- Average annual USD/RUB exchange rate of RUB60/USD in 2015,
    RUB60/USD in 2016 and RUB55/USD and RUB47.5/USD thereafter.

-- Capex for 2015-2018 in line with the management guidance
    adjusted for RUB/USD exchange rate forecasts.


Positive: Future developments that may, individually or
collectively, lead to a resolution of the RWN and stabilization of
the rating outlook:

-- Failure of the buyout offer.

-- Confirmation of the status quo for EDC's post-transaction
    dividend and leverage policies.

-- FFO adjusted net leverage below 2.5x (2014: 1.0x) and FFO
    interest cover above 8x (2014: 13.9x) on a sustained basis.

-- Positive free cash flows from 2015 onward.

-- Better diversified customer base.

Negative: Future developments that may, individually or
collectively, lead to a Negative rating outlook or a downgrade to

-- FFO adjusted net leverage above 2.5x on a sustained basis due
    to high dividend payout, M&A or weak operating performance.

-- Material weakening of corporate governance or transparency to
    a level worse than that of the average rated Russian company


Strong Mid-Year Liquidity

At end-June 2015, EDC's cash balance of USD370 million covered its
total short-term debt of USD323 million. Rouble balances accounted
for 55% of EDC's cash at that date, with US dollars accounting for
the rest. For 2015, Fitch forecast EDC to generate free cash flow
of USD32 million and we estimate that it will be able to maintain
sufficient liquidity over the medium term.

Large Repayments Over 2015-2017

As of December 31, 2014, EDC needed to repay or refinance USD511
million in 2015-2017, including payments for long-term liabilities
for fixed assets and excluding interest, or 46% of its borrowings,
of which USD126 million falls due in 2015 and another USD248
million in 2016. It then has negligible repayments until 2020 when
its USD600 million eurobond is due.

While EDC's currently low leverage and strong track record mean it
should be able to refinance or repay its obligations when due, a
possible escalation of Western sanctions on Russia may hamper its
refinancing activities or make new borrowings significantly more
expensive, while Russian banks and capital markets provide only
limited liquidity options.


Eurasia Drilling Company Limited

Long-term foreign and local currency IDRs of 'BB': placed on RWN

Short-term foreign and local IDRs: affirmed at 'B'

National Long-term rating of 'AA-(rus)': placed on RWN

OOO Burovaya Kompaniya Eurasia

Senior unsecured rating of 'BB': placed on RWN

National senior unsecured rating of 'AA-(rus)': placed on RWN

EDC Finance Limited

Senior unsecured rating of 'BB': placed on RWN

EXIMBANK OF RUSSIA: Moody's Assigns Ba2 LT FC Deposit Ratings
Moody's Investors Service assigned the following first-time
ratings to Eximbank of Russia (Roseximbank): Ba2 long-term local-
and foreign-currency deposit ratings; Not Prime short-term local-
and foreign-currency deposit ratings, a baseline credit assessment
(BCA) of b2 and adjusted BCA of ba2. All the bank's long-term
ratings carry a negative outlook. Moody's has also assigned a
Counterparty Risk Assessment (CR Assessment) of Ba1(cr) / Not-
Prime(cr) to Roseximbank.

According to Moody's, Roseximbank's ratings benefit from (1) the
bank's status as a fully owned subsidiary of Vnesheconombank (VEB,
Ba1 negative); (2) its strategic importance for the Russian
government as an exports-focused lender; and (3) a track record of
support from the Russian government and VEB.

Roseximbank's b2 BCA takes into account (1) the bank's
substantial, albeit rapidly decreasing levels of problem loans;
(2) still high, albeit decreasing concentrations in the loan
portfolio; (3) significant capital support from the Russian
government provided in 2014-15; and (4) strengthening funding and
liquidity positions.


Roseximbank's status as the government's owned and specialised
lender is essential to the bank's credit profile. The Russian
government executes control over the bank through VEB and the
Export Insurance Agency of Russia (EXIAR), which combined own 100%
of Roseximbank's shares, and maintain a strong presence on the
bank's Board. Roseximbank's ratings also benefit from its
increasing importance to the Russian government as reflected in
its recently changed policy mandate. The bank has become an
important part of the government's Centre for Credit and Guarantee
Support of Exports, which was established on the basis of VEB
Group including VEB's subsidiary EXIAR, in 2014. In its new role
as a specialized lender, Roseximbank is responsible for lending
aimed to facilitate non-energy exports across a wide range of
Russian industries.

The bank's policy mandate as the conduit for the government's
export support ensures ample capital support from the Russian
authorities and VEB. As a result of recent capital injections in
2014-2015, the bank posted a 21.7% total capital adequacy ratio
(CAR, Basel I) as of year-end 2014, while its regulatory CAR was
74.2% (the regulatory minimum is 10%) as at end-August 2015.
Although the bank will substantially increase new lending in 2015-
2017, Moody's expects that the bank's capital will be maintained
at adequate levels in the medium term. This will be supported by
new government's capital injections, which will likely total RUB20
billion in 2016-2017.

The bank's credit profile reflects a still substantial, albeit
diluting, level of problem loans (defined in line with Moody's
standard definition as all corporate impaired loans and 90 days
overdue retail loans) largely inherited from the bank's lending
activities before the recent change in its status. The bank has
posted problem loans-to-gross loans ratio of 36% as of year-end
2014 (2013: 31%). The bank's loan book has been highly
concentrated with the 20 largest borrowers accounting for around
90% of Tier 1 capital as of H1 2015. Nevertheless, these problem
loans were adequately provisioned, because the bank's loan loss
reserves-to-problem loans ratio accounted for around 76% as of
year-end 2014, while around 44% of the problem loans were covered
by government guarantees.

The aforementioned pressures will be mitigated by the anticipated
substantial growth in the loan book in 2015-2017, which will help
to dilute the problem loans and decrease single-name
concentrations. Roseximbank's medium-term development strategy
envisages significant levels of new lending over the next three
years, largely to Russian non-energy exporting enterprises from
the secondary sector. However, the rapid growth in new lending
will likely lead to a growth in problem loans over the next 2-3
years, as soon as the new loan portfolio is seasoned. A
substantial part of new lending will be under EXIAR insurance
and/or guaranteed by the government, providing some reassurance
regarding the repayment of potential problem loans.

Moody's believes that the bank's recent loss-making performance
will be addressed by improving loan book quality and an increasing
net interest margin over the next 12-18 months.
In 2014, the bank's return on average assets stood at -17.4%
(2013: -2.9%), according to IFRS statements, which resulted from
recognition and provisioning of its abovementioned inherited
problem loans. The bank expects to return to marginal
profitability in 2015 and to maintain these levels in the years to
come, because the bank is largely considered to be the government
operative arm supporting export-oriented industries, rather than
an income-generating commercial bank.

As of September 1, 2015, the bank's liabilities were largely
represented by financing provided by other banks, which accounted
for 57% of non-equity funding. The bank is not considered a retail
deposit-taking institution and does not have a license to operate
in the foreign-currency exchange retail market. Going forward, the
bank will increasingly rely on the government's stable funding
provided directly and indirectly, via VEB and other sources.
Nevertheless, the bank is considering an increase in its public
debt in the medium term, which may pose interest risks as a result
of vulnerable Russian market conditions, while its access to
global markets is hampered owing to recent US and EU sanctions
imposed on VEB and its subsidiaries, including Roseximbank, in
connection with the crisis in Ukraine.

The bank's liquidity position is strong, with liquid assets-to-
total assets ratio accounting for around 46% as of end-August
2015. However, Moody's anticipates that the bank's liquidity
cushion will be utilized to increase the loan portfolio until
year-end 2015. As such, the bank's reliance on liquidity support
from parental VEB and the Central Bank will likely grow.


The negative outlook on Roseximbank's deposit ratings takes into
account the negative outlook on its parental VEB issuer ratings
and the sovereign debt rating, reflecting also adverse operating
environment in which the bank currently operates.


Upward rating pressure is unlikely in the near term owing to the
deterioration in the Russian operating environment, which puts
pressure on VEB's affiliate support levels. The rating outlook
could stabilize in case of stabilization of VEB rating outlook and
the sovereign debt rating.

Downward pressure could arise from a downgrade of the government
debt rating and a consequent downgrade of VEB ratings, given the
strong linkages with Roseximbank. Downward pressure could also be
exerted on the ratings in the event of the bank's inability to
meet the targets under its new strategy aims to boost government-
supported exports, which could lead to further weakening of the
bank's asset quality and deteriorating capitalization metrics.


The rating action is based on Roseximbank's audited IFRS accounts
for 2014, 2013 and 2012, statutory accounts as at August 2015, and
information provided by the bank's management.

Headquartered in, Moscow, Russia, Eximbank of Russia reported
(audited IFRS) total assets of RUB14.7 billion (approximately
USD260 million) and shareholder equity of RUB3.9 billion (USD70
million) as at end-December 2014. The bank's net losses totalled
RUB2.3 billion (USD41 million) in 2014.

GRAND INSURANCE: Bank of Russia Suspends Insurance License
The Bank of Russia, by its Order No. OD-2698, dated October 7,
2015, suspended the insurance license of Grand Insurance Company,

The decision is taken due to the insurer's failure to execute a
Bank of Russia instruction, namely, due to its non-compliance with
financial sustainability and solvency requirements with respect to
securing insurance reserves, procedure and conditions to invest
capital and reserve funds.  The decision becomes effective the day
it is published in the Bank of Russia Bulletin.

Suspended license shall mean a prohibition on entering into new
insurance contracts and also on amending respective contracts
resulting in increase in the existing obligations.

The insurance agent shall accept applications on the occurrence of
insured events and perform obligations.

TAURUS BANK: Liabilities Exceed Assets, Investigation Shows
The provisional administration of Taurus Bank (JSC) appointed by
Bank of Russia Order No. OD-887 dated April 24, 2015, due to the
revocation of its banking license encountered an obstruction of
its activity starting the first day of performing its functions.
The management of Taurus Bank avoided passing over to the
provisional administration right-establishing documents on the
loans on the bank balance sheet worth RUR1.9 billion that could
bear the evidence of the attempt to conceal documentary
confirmation of the facts of diverting assets from the bank.
Besides, the provisional administration has established facts of
moving out assets from the bank through acquiring known illiquid
shares worth RUR1.6 billion.

The examination launched by the provisional administration
revealed that the asset value of the bank did not exceed
RUR981 million, while its liabilities to creditors amounted to
RUR4,684.6 million.  On June 30, 2015, the Court of Arbitration of
the city of Moscow took a decision to recognize Taurus Bank (JSC)
insolvent (bankrupt) and to initiate bankruptcy proceedings with
the state corporation Deposit Insurance Agency appointed as a

The Bank of Russia has submitted the information on the financial
transactions bearing the evidence of criminal offences conducted
by the former management and owners of Taurus Bank to the
Prosecutor General's Office of the Russian Federation, the Russian
Ministry of Internal Affairs and the Investigation Committee of
the Russian Federation for consideration and procedural decision

TRANSAERO AIRLINES: Creditor Banks Impose Moratorium on Suits
PRIME reports that several creditor banks of troubled Russian
airline Transaero have imposed a moratorium on filing suits
against the company and plan to work out an efficient model of its

"There is a consolidated position of some creditor banks which
have agreed to establish a creditor committee to take joint
actions to prevent Transaero's bankruptcy," PRIME quotes a
representative for Absolut Bank, one of the creditors, as saying,
adding that the bankruptcy will lead to social tensions, a
decrease of competition and an increase of ticket fares.

The representative, as cited by PRIME, said the bulk of creditor
banks is interested in an independent financial audit of
Transaero, the results of which will allow the committee to work
out an efficient bailout model.

A representative for Credit Bank of Moscow confirmed that the
committee held a meeting and confirmed the bank's participation in
the committee without disclosing any further details,
PRIME relates.

Sberbank, Gazprombank and Alfa-Bank had notified Transaero of
their intent to file bankruptcy claims. But International
Financial Club Bank (IFC Bank) stood against bankruptcy and
offered to transfer the company under creditor banks' management,
PRIME discloses.  The bank said then this position was supported
by Credit Bank of Moscow, Moscow Industrial Bank, Novikombank,
Globexbank, Otkritie Financial Corporation Bank, BFA Bank and
Absolut Bank,
PRIME notes.

A source familiar with the matter told PRIME that Alfa-Bank is not
in the creditor committee and did not participate in the meeting.

OJSC Transaero Airlines is a Russian airline with its head office
in Saint Petersburg.  It operates scheduled and charter flights to
103 domestic and international destinations.

URALKALI PJSC: Moody's Lowers CFR to Ba2, Outlook Stable
Moody's Investors Service has downgraded Uralkali PJSC's corporate
family rating to Ba2 from Ba1, its probability of default rating
to Ba2-PD from Ba1-PD and the senior unsecured rating of its
subsidiary Uralkali Finance Limited to Ba2 from Ba1.

The downgrades reflect the increased risks in Uralkali's corporate
governance and financial policies, and Moody's assessment that the
company's financial profile is no longer commensurate with the Ba1

The ratings outlook is stable.


The rating actions reflect Moody's assessment that Uralkali's
corporate governance risks have increased following two share
buybacks in June and September 2015 (both of which were not
anticipated by Moody's), and that the company has shifted towards
a more aggressive financial policy.  Following the buybacks,
Moody's expects the company's deleveraging to slow down to around
3x adjusted debt/EBITDA over the next 1-2 years, which is no
longer in line with its previous Ba1 rating.

In addition, the two buybacks, totaling Us$3.13 billion,
transformed Uralkali's diversified shareholder structure into a
very concentrated one, dominated by only two major shareholders:
URALCHEM (unrated) and ONEXIM Group (unrated).  Such a
shareholding structure is more common for a privately-held company
and is associated with higher corporate governance risks and lower
visibility into the company's financial policies in a longer term.

As a result of the buybacks, the company's free-float is now down
to around 14% from around 28% before the buybacks, while treasury
shares account for more than 40%.  A major portfolio investor,
Chengdong Investment Corporation (unrated), also sold its 12.5%
stake during second buyback in September.  Following these changes
to its shareholding structure, the company will likely delist from
the London Stock Exchange.

Moody's notes that the size and scale of the buybacks were also
not in line with Uralkali's previously stated conservative
financial policy.

Under its previously policy, Uralkali had targeted to lower its
leverage -- as measured by net debt/EBITDA -- to 2.0x, against the
backdrop of uncertain conditions in the global potash market and
accelerated capex to restore production capacity following the
Solikamsk-2 mine accident in November 2014.  However, the buybacks
-- funded by a combination of debt and cash reserves -- have
increased Uralkali's leverage to above this target and reduced its
cash reserves, signaling the company's shift towards a more
aggressive financial policy and its tolerance for higher leverage.

Given these increased corporate governance risks and shift in
financial policy, Moody's believes the company's shareholder
structure and financial policies may be subject to alterations.
Further buybacks cannot be ruled out in the medium term, which may
cause the company to further revise its tolerance for leverage.

As a result, and subject to the RUB/USD exchange rate, Moody's
believes Uralkali's adjusted gross leverage (adjusted total
debt/EBITDA) could increase to around 3.7x by end-2015 from about
3.1x as of June 2015, before falling slightly to 3.0x by 2016-17.
These levels are above Moody's guidance for the Ba1 rating.
Moody's assumption also factors in Uralkali's accelerated capex, a
potential decline in potash prices, the economic slowdown in
China, and country risks in Russia.

Uralkali's Ba2 ratings continue to reflect its strong position as
a global major potash producer with sufficient financial
flexibility, underpinned by cost leadership (with adjusted EBITDA
margins for the 12 months to June 2015 at 58.5%) and strong cash
flow generation leveraged by the weak rouble.

Moody's particularly notes that following the buybacks, the
company's liquidity remains good.  Uralkali has sufficient cash to
cover its debt obligations through the end of 2016.  The company's
liquidity is supported by its strong cash generation capacity and
benefits from confirmed access to Russian and western banks'
committed facilities.


The stable outlook reflects Moody's expectation that its strong
market and very competitive cost positions will help Uralkali
maintain sufficient headroom within the parameters of its Ba2
ratings and support its good liquidity.


The ratings could be downgraded if (1) the company's liquidity
profile deteriorates; (2) adjusted debt/EBITDA exceeds 3.5x on a
sustained basis; and (3) its cash flow generation weakens, with
retained cash flow (RCF)/net debt falling below 25% on a sustained


Upward ratings pressure could emerge if, in Moody's view, the
company is able to deleverage, with adjusted debt/EBITDA below
2.5x and RCF/net debt above 40% on a sustained basis, while
maintaining good liquidity.

The current guidance does not factor in the event risk, which will
be assessed separately.

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.

Uralkali PJSC is one of the largest potash producers by capacity
globally.  In the 12 months to June 2015, Uralkali generated
revenue of US$3.4 billion and adjusted EBITDA of around
US$2.0 billion.


CATALONIA: S&P Lowers Issuer Credit Rating to 'BB-', Outlook Neg.
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on the Autonomous Community of Catalonia to 'BB-'
from 'BB'.  At the same time, S&P affirmed its 'B' short-term
issuer credit rating on Catalonia.  The outlook is negative.

S&P also lowered its long-term issue ratings on Catalonia's debt
to 'BB-' from 'BB'.


The downgrade of Catalonia reflects S&P's expectation of
increasing political tension between Catalonia and Spain's central
government following Sept. 27 regional elections in Catalonia, and
the risk that Catalonia's smooth coordination with the central
government to service the region's debt might be compromised.  S&P
continues to view Catalonia's management as very weak, and, in
line with S&P's criteria, are placing greater weight on this
factor in its rating analysis.

Junts Pel Si (JPS) -- a secessionist platform made up of political
parties and civic organizations -- won the election, with 62 seats
in Catalonia's Parliament and 39.6% of votes.  In S&P's view,
Candidatura d'Unitat Popular (CUP) (10 seats and 8.2% of votes) is
likely to support JPS to form the government.  The majority is 68
seats out of 135.

Despite S&P's perception of increased risk, its rating on
Catalonia continues to reflect its base-case expectation that,
despite a pro-independence majority of seats in the Catalan
parliament, Catalonia will remain part of Spain over S&P's
forecast horizon to 2017.  At this stage, S&P do not expect a
secession of Catalonia, considering that:

   -- Spain's central government has expressed its intention to
      use all legal means to prevent a declaration of
      independence by Catalonia.  S&P understands that the
      central government could ultimately suspend Catalonia's
      autonomy, according to the Spanish Constitution.

   -- The lack of a majority of votes in the Sept. 27 election,
      in S&P's view, weakens the claim of the pro-secession
      parties to have won a mandate for independence.

   -- Given these electoral results, S&P do not expect a
      unilateral declaration of independence, which could have a
      severe impact on Catalonia's economy, in S&P's view.

S&P expects the Spanish central government will remain willing to
provide financial aid to Catalonia, and that, despite the
possibility of increased political tensions, the Catalan
government will continue to accept it.  However, S&P's downgrade
reflects its opinion of a higher risk of a disruption in the
communication and complete coordination between the two
governments, which are required to give the central government
full visibility on Catalonia's funding needs, allowing timely and
sufficient disbursement of financial support.  S&P expects
Catalonia to continue with its fiscal consolidation path, albeit
with some deviations from official targets.

The ratings also reflect S&P's view of Catalonia's very weak
budgetary performance, very high debt burden, and S&P's assessment
of its financial management as very weak, as such qualitative
terms are used in S&P's criteria.  S&P also assess Catalonia's
liquidity as less than adequate.  S&P bases its opinion on
Catalonia's dependency on the central government's liquidity
support, given Catalonia's very low intrinsic capacity to generate
cash.  S&P expects the central government will continue servicing
Catalonia's debt as it has been doing since 2012.

S&P assess Catalonia's budgetary flexibility as weak, given the
low leeway to cut expenditures, and S&P views its contingent
liabilities as moderate.

The ratings are underpinned by S&P's view of Catalonia's strong
economy and the evolving but balanced institutional framework for
Spanish normal-status regions.  The framework is strongly
supportive of regions, and S&P believes the central government is
strongly committed to prevent financial stress at the regional

The 'BB-' long-term rating is at the same level as S&P's
assessment of Catalonia's stand-alone credit profile.

Spanish regions reached a highly unbalanced financial position
following the Spanish economic crisis that started in 2008.  This
prompted significant reforms in the Spanish local and regional
governments' institutional framework, which S&P believes were
aimed at promoting fiscal discipline and increasing transparency
and accountability.  The 2012 Budgetary Stability Law gives the
central government the means to demand and enforce budgetary
discipline at the regional level, in marked contrast with more
indulgent rules prior to this point.

As a result of these reforms, since 2012 Spanish regions have
embarked on a path of budgetary consolidation, although their
relative ability to comply with deficit targets has been very
different.  The central government has so far not applied some of
the toughest measures of the Budgetary Stability Law for
noncompliant regions.  In S&P's opinion, this lenient approach is
recognition of the difficulties that regions face in their
budgetary consolidation path.  In particular, the fact that some
regions are structurally underfunded and, at the same time, most
of their expenditures depend on the central government's basic
legislation.  In S&P's view, the full range of measures of the
Budgetary Stability Law will likely only be applied after a
comprehensive reform in regional financing, which should help
regions to overcome such difficulties in adjusting their budgets.

Despite the improvements introduced by the Budgetary Stability
Law, the revenues and expenditures of normal-status regions remain
unbalanced.  The overhaul of the regional financing system--a key
reform for regional financial sustainability--is still pending.
S&P understands the government has postponed this reform for
economic and political reasons with the intention to tackle it
after the December 2015 general elections.

While demanding budgetary adjustment, the central government has
sponsored a set of liquidity facilities to help regions fund their
financial needs and clear or reduce their arrears, requiring them
to adhere to a financial and fiscal conditionality program.
Liquidity support has proven to be reliable, timely, and
sufficient.  S&P expects the central government's support will
cover virtually all funding needs of normal-status regions as of
2016.  The central government's ability and willingness to provide
systemic extraordinary support to regions is strong, in S&P's
view, supporting its overall view of the institutional framework
for normal-status regions as evolving but balanced.

Catalonia's economy is wealthier than most other Spanish regions'.
In 2014, it represented 19% of Spain's GDP and 25% of national
export value.  Catalonia's GDP per capita is 118.5% of the Spanish
average, or about 111% of the EU average, according to the
national statistics office.  However, Catalonia cannot take full
advantage of its relatively wealthy economy and large tax bases
because it is a net contributor to equalization transfers under
Spain's public-finance system.

Catalonia's budgetary performance remains very weak, in S&P's
view.  Catalonia posted an operating deficit of 17.9% of operating
revenues, and a deficit after capital accounts of 22.4% of total
revenues in 2014, compared with 11.6% and 17.7% in 2013.  Despite
this setback in 2014, Catalonia has reduced its deficit
significantly in the past four years, from 4.48% of GDP in 2010 to
2.58% of GDP in 2014.

In S&P's base case, it has revised down its projections of
operating revenues and capital revenues in 2015, in light of
budget execution figures as of June 30, 2015.  S&P believes that
both Catalonia's budget and its economic and financial plan
contain unrealistic assumptions on revenues from administrative
concessions, the sale of assets, and central government capital

S&P anticipates that Catalonia's operating revenues will grow by
1.3% in 2015 compared with S&P's previous estimate of 2.2%.
Revenues from the regional financing system (including advances
and settlements corresponding to previous years) will increase by
3.3%, owing to Spain's improved economic environment.  For 2016,
S&P expects operating revenues to increase by 10.1%, based on an
increase of 12.1% of revenues from the financing system, according
to preliminary data released by the central government.
Thereafter, S&P expects revenues (excluding settlements for the
regional financing system corresponding to previous years) to grow
in line with nominal GDP.

"In our base-case scenario, we anticipate that exceptional
financial conditions attached to the central government's
liquidity facilities should help Catalonia reduce its operating
expenditures in 2015.  Thereafter, we expect Catalonia's operating
expenditures to grow at a lower rate than its operating revenues.
We also anticipate that Catalonia will stabilize its capital
expenditures at about EUR1.7 billion-EUR1.8 billion yearly over
2015-2017.  However, given our lowered projection on capital
revenues, the net capital program will increase compared with our
previous base case," S&P said.

As a consequence, S&P currently expects a more gradual
consolidation path for Catalonia than under its last review.  S&P
anticipates that Catalonia will post an operating deficit of 14.6%
of operating revenues in 2015 in contrast with S&P's previous
expectation of 13.6%.  Still, for 2016 S&P expects a lower
operating deficit of 6.2% compared with its previous expectation
of 7.4%, due to higher revenues from the financing system.  Also,
S&P's base case points toward a slower reduction of budgetary
deficit after capital accounts to 13.1% of total revenues in 2016,
compared with S&P's previous estimate of 11.7%.

S&P views Catalonia's budgetary flexibility as weak in an
international context, given its limited ability to cut
expenditures and the current political environment in the region.
Given that Catalonia's budgetary performance is substantially
worse than most of its Spanish peers', stabilizing its accounts
requires deeper cost cuts.  Another round of cost-cutting could
weaken Catalonia's welfare services to below the minimum national
standards.  Such a step may therefore be rejected by Catalonia's
government.  S&P believes Catalonia's flexibility lies in
additional revenues from potential system reform rather than
political willingness to cut spending further.  However, in the
absence of a clear plan for reform, S&P do not factor potential
benefits into the ratings.

Continued deficits will likely push up Catalonia's already
extremely high tax-supported debt in nominal terms, in S&P's
opinion, albeit at a slowing pace.

However, S&P expects lower tax-supported debt in relative terms
compared with its previous base case, based on its expectation of
higher operating revenues.

As a result, S&P anticipates Catalonia's tax-supported debt to
near 320% of consolidated operating revenues by year-end 2017.
This debt level surpasses S&P's highest debt benchmark--270% of
consolidated operating revenues--under S&P's criteria.  S&P also
expects that the central government will finance the unfunded
deficit of previous years over our forecast horizon through 2017.

Catalonia has moderately high contingent liabilities under S&P's
criteria, related to its large and complex, fully and partly owned
public-sector companies.  S&P also takes into account the current
litigation regarding the administrative concession of Aigues del
Ter-Llobregat.  S&P understands that Catalonia's Hight Court ruled
that the award was invalid and that Catalonia has appealed to the
Supreme Court.


The short-term rating is 'B'.  S&P considers Catalonia's liquidity
as less than adequate, based on S&P's view of its weak debt
service coverage ratio, mitigated by what S&P views as strong
access to external liquidity.

In S&P's assessment of its debt service coverage ratio, it factors
in its estimate of Catalonia's internal cash generation capacity
and available credit lines.  S&P's main liquidity ratio reflects
its base-case scenario of average cash over the next 12 months and
available credit lines.  In S&P's base case, these sources will
cover about 25% of Catalonia's debt service for the next 12 months
(from October 2015 to September 2016).  S&P estimates Catalonia's
debt service for the same period at EUR3.6 billion.

S&P's view of Catalonia's strong access to external liquidity
takes into account the central government's ability to continue
providing strong liquidity support to the Spanish regional tier
through the Fondo de Financiacion de las Comunidades Autonomas.
S&P expects this fund to be sufficiently financed in the central
government's 2016 budget to cover the regions' debt service.  This
support by the fund underpins S&P's ratings on Spanish normal-
status regions, including Catalonia.


The negative outlook reflects S&P's view that, over the next 12
months, political tensions between the new Catalan government and
the Spanish government may interfere with the continuation of the
agreement with the central government that allows Catalonia to
service its debt.  This scenario could possibly unfold should
Catalonia decide not to sign the needed agreements with the
central government to secure funding to cover the region's debt
service in 2016.  In S&P's view, such a scenario would reflect a
prioritization of political agendas over debt service.  S&P would
reflect this concern through its reassessment of the regional
government's credit culture, which S&P could view as weak.  If
this scenario transpired, S&P would downgrade Catalonia to 'B+' or

S&P could affirm the rating and revise the outlook to stable in
the next 12 months if S&P was of the view that there was no
appreciable increase in political tensions between Catalonia and
the Spanish central government compared with the current
situation.  In this case, S&P would not expect any increase in the
likelihood that Catalonia's actions could disrupt the timely
receipt of financial support from the central government, which
allows the region to honor its debt service obligations.  An
affirmation and outlook revision to stable would also require
Catalonia's budgetary and economic performance to remain in line
with S&P's base case over 2015-2017.

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

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

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

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


                                    To                From
Catalonia (Autonomous Community of)
Issuer credit rating
  Foreign and Local Currency        BB-/Neg./B         BB/Stable/B
Senior Unsecured
  Foreign and Local Currency        BB-               BB
  Foreign and Local Currency        B                 B
Commercial Paper
  Local Currency                    B                 B

LICO LEASING: Moody's Raises Ratings to Caa2; Outlook Positive
Moody's Investors Service has upgraded the long-term local and
foreign currency deposit ratings of Lico Leasing, S.A. to Caa2
from Ca.  The outlook on these ratings is positive.  The short-
term Not-Prime local and foreign currency deposit ratings are
unaffected by the action.

The upgrade of the long-term deposit ratings follows Moody's
assessment of the recovery expectation on Lico's rated
liabilities, pointing to a recovery rate in the range of 80% to
90%.  The institution has been in run-off since 2012.

This rating action concludes the review for the upgrade of Lico's
long-term deposit ratings, which Moody's initiated on May 29,

Subsequent to today's rating action, Moody's has withdrawn Lico's
long-term and short-term deposit ratings for its own business



The upgrade of Lico's deposit ratings to Caa2 from Ca is triggered
by the loss-given-default analysis carried out on the firm's rated
liabilities based on the 2014 audited, annual report.  Moody's
assessment of the potential recovery on the firm's assets and the
application of the recovery proceeds to the firm's liabilities,
according to the rules whereby the resolution of the institution
will be carried out -- as agreed by the firm's shareholders and
creditors -- indicate that the expected recovery rate on rated
liabilities is most likely to be in the range of 80% to 90%, which
is commensurate with a Caa2 rating level.


Moody's view is that there is a high degree of uncertainty over
the recovery rate, and the positive outlook on Lico's deposit
rating reflects the probability that the eventual recovery rate
over rated liabilities may be above 90% - which is consistent with
a deposit rating in the Caa1 level.  Within the uncertainty
surrounding the recovery expectation, Moody's scenario analysis
assigns a very low probability to recovery rates below 80%.


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


The principal methodology used in these ratings was Finance
Company Global Rating Methodology published in March 2012.

OBRASCON HUARTE: Moody's Confirms B1 CFR, Outlook Stable
Moody's Investors Service has confirmed the B1 corporate family
rating and B1-PD probability of default rating of Obrascon Huarte
Lain S.A.  In addition, Moody's has confirmed the B1 ratings on
the group's senior unsecured debt instruments.  Concurrently,
Moody's changed the outlook for OHL's ratings to stable.  This
concludes the review of the rating that was initiated on May 12,


The rating confirmation takes into account the company's
announcement that it has launched its capital increase of
approximately EUR1.0 billion.  Inmobiliaria Espacio, S.A., the
parent company of OHL's core shareholder, Grupo Villar Mir,
S.A.U., has irrevocably subscribed to participate in the capital
increase, targeting to hold more than 50% of OHL's shares
following the rights issue.  The remaining volume of the capital
increase has been underwritten by a consortium of seven banks,
reducing execution risk.  The rating action also reflects that in
July 2015 the company signed a new syndicated credit facility of
EUR250 million for a term of three years and announced a plan to
sell EUR250 million of assets to reduce the company's recourse

These actions help to bolster OHL's liquidity profile as the
company seeks to implement actions to stabilize operating
performance and restore cash flow generation in its core business,
such as by focusing on priority markets and sectors and
strengthening risk control mechanisms.  Furthermore, the rating
action considers the recent conclusion of an investigation of the
Spanish stock market regulator CNMV on OHL's accounting treatment
of guaranteed returns on its Mexican concession assets.  This
conclusion was closed without any legal claims against OHL Mexico.
Moody's also notes the publication of several external audits by
OHL Mexico which somewhat alleviate concerns about its business

Moody's continues to believe that there are risks related to the
outcome of the Mexican government investigations.  In addition,
these investigations might have negative implications on OHL's
operations, especially in Mexico, and, hence on the company's
overall operating performance, and notably its ability to generate
positive free cash flows on both recourse and consolidated levels.
Over the past five years, OHL has recorded substantial negative
free cash flows (on a Moody's adjusted basis) and Moody's notes
that the optimization of cash flow generation is a key priority of
OHL's current strategic plan.  Positive free cash flows are, in
our view, key to sustaining the positive deleveraging effect that
is expected to result from the proposed capital increase.

OHL's gross recourse debt/recourse EBITDA (recourse EBITDA defined
as consolidated EBITDA minus EBITDA from Concessions) as of year-
end 2014 stood at 7.0x (and at 8.5x as of 30 June 2015), well
above our guidance for the B1 rating of 4.5x - 5.5x.  Taking the
positive impact of the capital increase into consideration,
however, we expect the leverage metric to decline to a level that
will be within our trigger range to maintain the current rating,
and thus becoming comfortably positioned as per year-end 2015.
The reduction of the company's own leverage target to below 2.0x
net recourse debt to recourse EBITDA (down from the previous
target of below 3.0x) evidences the company's commitment to
sustain the de-leveraging effect of the capital increase going

Moody's expects OHL's liquidity situation to improve from previous
weak levels going forward, mainly due to the newly signed credit
facility, as well as the planned asset disposals.  Moreover,
Moody's now considers the risk of further cash margin calls
relating to the covenants of OHL Concesiones' margin loans on its
shares in Abertis and OHL Mexico to be better manageable for OHL
mainly owing to the new long-term credit facility.

Moody's do not see evidence of illegal practices at OHL Mexico.
CNMV has concluded an investigation on the accounting treatment of
guaranteed returns for OHL's Mexican concession assets and Moody's
also note OHL's publication of several external audits on OHL
Mexico's operations that confirm the company's compliance with
applicable legislation in Mexico.  Furthermore, Moody's
understands that OHL Mexico is evaluating specific measures to
improve the company's corporate governance practices.  At this
stage, Mexican authorities are conducting two internal
investigations, one at the level of the Secretaria de
Comunicaciones y Transportes (SCT) of the State Government of
Mexico, the other one at the level of the Secretaria de la Funcion
Publica (SFP) of the Federal Mexican Government.  Moody's
understands that these investigations are focused on internal
governmental procedures but can, at this stage, not rule out
potential negative implications on OHL.


The stable outlook assumes the successful execution of the already
underwritten capital increase and the asset disposal plan, which
will position the company's gross recourse leverage comfortably
within our guidance range for OHL's B1 rating.  Furthermore, the
improvement of OHL's liquidity profile to adequate levels supports
our stable outlook.  The outlook also assumes that the company
will manage to achieve positive free cash flows on a recourse and
also consolidated level, as per its current strategy.


Positive pressure could develop if OHL's credit metrics improve on
a sustainable basis such that gross recourse debt/recourse EBITDA
remains below 4.5x, with the maintenance of a solid liquidity
profile, including positive free cash flow generation.

Conversely, there could be negative rating pressure if the company
fails to de-lever as expected, with gross recourse debt/recourse
EBITDA remaining above 5.5x, although this is not our current
expectation.  Negative rating pressure could also emerge if
performance does not enable a return to positive free cash flow
generation on a recourse and consolidated basis and if recourse
EBITDA deteriorated further from currently already low levels.
Finally, the rating could come under downward pressure if OHL had
to pay substantial cash margin calls on the loans, which are
backed by its equity stakes in Abertis and OHL Mexico.


The principal methodology used in these ratings was Construction
Industry published in November 2014.

Headquartered in Madrid, OHL is one of Spain's leading
construction/concessions groups.  The company owns a 56.14% equity
stake in OHL Mexico, a large concessions operator in Mexico, and a
13.93% equity stake in Spanish infrastructure operator Abertis.
In 2014, OHL reported sales of EUR3.7 billion and EBITDA of EUR1.1

SEKERBANK: Moody's Says Ba2 Rating Unaffected by Servicer Removal
Moody's announced that the proposed removal of the replacement
servicer from the documentation of Sekerbank SME - Covered Bonds
would not, in and of itself and as of this time, result in the
downgrade or withdrawal of the ratings on the covered bonds issued
by Sekerbank T.A.S. (the issuer, long-term deposit rating Ba2
negative, adjusted baseline credit assessment (BCA) ba3,
Counterparty Risk (CR) Assessment Ba1(cr).

In Moody's view, the removal of the replacement servicer does not
have an impact on the rating, given that (i) a replacement
servicer facilitator is appointed, which will commence its work
upon a servicer transfer event; and (ii) following the amendment
of Turkish Covered Bonds Law in September 2014 (the CommuniquÇ No.
III-59.1a on covered bonds) and in the event that (a) the
management or supervision of the issuer is transferred to the
public institutions, (b) the operation license of the issuer is
cancelled, or (c) the issuer goes bankrupt, the Capital Market
Board may appoint another entity in order to manage the cover

Moody's has determined that the removal of the replacement
servicer from the documentation, in and of itself and at this
time, will not result in the downgrade or withdrawal of the rating
currently assigned to the SME covered bonds issued by the Issuer.
However, Moody's opinion addresses only the credit impact
associated with the proposed amendment, and Moody's is not
expressing any opinion as to whether the amendment has, or could
have, other non-credit related effects that may have a detrimental
impact on the interests of note holders and/or counterparties.

U N I T E D   K I N G D O M

COGNITA BONDCO: S&P Assigns 'B' Corporate Credit Rating
Standard & Poor's Ratings Services said that it had assigned its
'B' long-term corporate credit rating to U.K.-based independent
school operator Cognita Bondco Parent Ltd.  The outlook is stable.

At the same time, S&P assigned its 'BB-' issue rating to Cognita's
GBP60 million RCF and a 'B' issue rating to the company's GBP280
million senior secured notes.  The recovery rating on the RCF is
'1', indicating S&P's expectation of very high (90%-100%) recovery
prospects.  The recovery rating on the senior secured notes is
'4', reflecting S&P's expectation of average recovery for
creditors in the event of a payment default, in the lower half of
the 30%-50% range.

These ratings are in line with the preliminary ratings S&P
assigned on July 28, 2015.

The ratings reflect S&P's view of Cognita's scale of operations
across seven countries in Europe, Asia, and Latin America; its
fast expansion in Asia; and good visibility on revenues.  S&P also
incorporates the group's high leverage and its private-equity
ownership since 2004.

S&P's "fair" business risk assessment for Cognita takes into
consideration the group's strong retention rate of pupils (about
85%) and high visibility on revenues, with almost 90% of
enrollments for fiscal 2016 (year ending Aug. 31) already secured
as of June 2015.

S&P's assessment also reflects favorable dynamics for markets
where Cognita operates, and the group's solid capacity utilization
and broad diversification.  Cognita is a private junior and senior
schools operator of 66 schools, with more than 30,000 full-time-
equivalent pupils in the U.K., Spain, Singapore, Vietnam,
Thailand, Chile, and Brazil.  It offers diversified curricula,
including British, American, and Australian curricula, as well as
a national curriculum combined with English in Chile and Brazil,
and the International Baccalaureate.  S&P views positively the
group's lack of exposure to government funding, since parents pay
the tuition fees.

Although Cognita is a leading private school operator, its
business risk profile is constrained, in S&P's view, by its
relatively small share in a highly fragmented private education
market.  S&P regards the group's profitability as average and view
favorably Cognita's track record of raising tuition fees.  For
instance, the group increased fees by at least 4% over fiscals
2012-2015.  However, S&P still views Cognita's profitability as
somewhat lower than that of rated peers.  S&P notes that, despite
price increases, average revenue per pupil decreased in 2014 after
the group acquired schools in Latin America in 2013.

S&P's assessment of Cognita's financial risk profile as "highly
leveraged" is constrained by the group's high debt, financial
sponsor ownership, and acquisitive strategy owing to the highly
fragmented market.  Cognita is jointly owned by two private-equity
sponsors, Bregal Capital since 2004 and KKR since 2013.  After the
proposed refinancing and anticipated transformation of deep
discount loans and loan notes of shareholders into equity, S&P
calculates credit ratios (both weighted averages over fiscals
2016-2017) of adjusted debt to EBITDA of 6.4x and funds from
operations to debt below 7%, which are commensurate with a "highly
leveraged" financial risk profile.  S&P expects Cognita's ratio of
EBITDA interest coverage will be about 2.1x over the same period.

"We expect that Cognita's credit metrics will remain in the
"highly leveraged" category over the next few years, with the
debt-to-EBITDA ratio slightly improving.  Owing to capacity
expansion projects in Singapore, we anticipate that the group's
free operating cash flow (FOCF) will remain negative over 2015-
2017, which further constrains our assessment of the financial
risk profile.  However, we understand that Cognita has some
flexibility relating to development capital expenditures (capex)
that are not fully committed over 2016-2017.  Additionally, we
think execution risks with regard to capacity expansion projects
are partly offset by management's track record with similar
projects," S&P said.

The stable outlook reflects S&P's expectation that Cognita will
achieve high-single-digit percentage growth in revenues in 2015-
2017, owing to increases in tuition fees and improving utilization
of current capacity.  S&P also anticipates some EBITDA margin
improvement to 18% on average, thanks to revenue growth outpacing
operating cost growth.

The stable outlook also takes into account management's track
record, which to some extent mitigates execution risks related to
capacity extension projects in Singapore.  Additionally, S&P
understands that management has some flexibility on an uncommitted
portion of development capex related to the capacity extension
projects.  S&P forecasts an adjusted leverage ratio of about 6.5x
and EBITDA interest coverage remaining higher than 2.0x.  In
addition, S&P anticipates that the group's post-refinancing
liquidity will remain "adequate," with sufficient headroom under
its covenants.

S&P could consider lowering the ratings if Cognita's management's
growth and investment plan does not translate into profit growth,
resulting in EBITDA interest coverage weakening to below 2x.
Moreover, a negative rating action could follow if execution risks
related to capacity extension projects in Singapore were to
increase, and persistently high capex--and therefore negative
FOCF--caused the liquidity position to weaken.  A more aggressive
financial policy could also lead S&P to downgrade Cognita, for
example, as a result of shareholder remuneration or a large

At this stage, an upgrade is remote, since S&P already factors in
satisfactory execution of management's growth plan and EBITDA
growth in its base-case scenario.  However, S&P could consider an
upgrade if Cognita's leverage ratio improved to below 5x and FOCF
turned positive on a sustainable basis.

EPHIOS HOLDCO: Moody's Assigns Definitive B2 CFR, Outlook Stable
Moody's Investors Service has assigned a definitive B2 corporate
family rating to Ephios Holdco II PLC, which has become the
leading European clinical laboratory services group after the
acquisitions of Labco S.A. and synlab Holding GmbH.  Concurrently,
Moody's has assigned a definitive Caa1 rating to the EUR375
million senior unsecured notes issued by Ephios Holdco II PLC and
a definitive B2 rating to the EUR1,485 million senior secured
notes issued by Ephios Bondco PLC.  Moody's has also assigned a
B2-PD probability of default rating (PDR) to Ephios Holdco II PLC.
The rating outlook is stable.

The rating action follows the announcement on Oct. 1, 2015, that
Ephios completed the acquisition of Synlab and repaid Synlab's
banking facilities after it had obtained regulatory approval from
the European Commission on Sept. 10, 2015.  Ephios also completed
the acquisition of Labco on Aug. 7, 2015, and repaid Labco's
senior secured notes on Aug. 12, 2015, after it had obtained
regulatory approval from the European Commission on 28 July 2015.
The acquisitions have been completed in line with Moody's
expectations at the time of the assignment of provisional ratings
to Ephios.


The B2 corporate family rating (CFR) assigned to Ephios primarily
reflects (1) its high expected leverage in 2015 as measured by
Moody's Adjusted Gross Debt-to-EBITDA of 6.6x; (2) its acquisition
driven strategy within the backdrop of a consolidating market for
clinical laboratory services; (3) continued pricing pressures from
government cuts to tariffs and health care spend.

However, the B2 CFR also positively reflects (1) Ephios leading
market position in the European clinical laboratory services
market with some barriers to entry resulting from complex
logistics and Ephios' already dense networks of laboratories,
particularly, in Germany, (2) Ephios' presence in a variety of
European markets, which provides greater geographical diversity
compared to its European peers; (3) its high Moody's Adjusted
EBITDA margins of around 22% with favorable demographic and
industry trends supporting volumes.

The rating also reflects an adequate liquidity profile supported
by 7 and 8-year maturities of the senior secured and unsecured
notes, expected positive free cash flows and a sizable largely
undrawn EUR250 million super senior revolving credit facility
(RCF) with good covenant headroom.  The RCF leverage covenant of
7.5x acts only as a draw-stop and only when the RCF is more than
35% drawn.

Ephios Bondco PLC, the issuer of the senior secured notes, is
directly 100% owned by Ephios Holdco II PLC, the issuer of senior
unsecured notes.  The probability of default rating B2-PD is based
on the mixture of notes and bank debt in the capital structure.
The B2 rating with a loss given default assessment of LGD3 on
Ephios Bondco PLC's EUR1,485 million senior secured notes is in
line with the B2 CFR.  The Caa1 rating with a loss given default
assessment of LGD6 on Ephios Holdco II PLC's EUR375 million senior
unsecured notes reflects their structural subordination to sizable
senior secured notes and RCF.  Senior secured and senior unsecured
notes benefit from the same guarantees -- from subsidiaries
representing not less than 50% of consolidated EBITDA -- and
security package, the latter consisting of pledges over shares of
certain group entities and certain intercompany loans subject to
certain limitations as customary under local laws.  Based on the
terms of the intercreditor agreement the RCF ranks ahead of the
notes upon enforcement.


The stable outlook reflects Moody's expectation that Ephios will
generate positive free cash flows and achieve Moody's Adjusted
Gross Debt-to-EBITDA below 6.0x within the next 12-18 months.


Positive pressure could be exerted on Ephios' ratings if (1)
Moody's Adjusted Gross Debt-to-EBITDA were to improve sustainably
below 5.5x; and (2) Ephios were able to continue to demonstrate
sustained free cash flow generation and improved profitability.

Negative pressure on Ephios' ratings could arise if (1) Moody's
Adjusted Gross Debt-to-EBITDA were to exceed 6.5x; (2) its
liquidity profile were to weaken; or (3) its profitability were to
significantly deteriorate due to competitive or pricing pressures.

Headquartered in London, UK, Ephios Holdco II PLC is the largest
clinical laboratory services group in Europe.  Ephios operates a
pan-European network of 465 clinical laboratories in 28 countries
after the acquisitions of Labco SA and synlab Holding GmbH in
2015.  Based on the 2014's pro forma of Labco and Synlab combined,
Ephios' revenue of c.EUR1.4 billion could be broken down by
geography as follows: Germany, 29%; France, 24%; Italy, 12%;
Spain, 8%; Switzerland, 8%; and the rest of the world for 19%.

Ephios' main shareholders are the funds advised and managed by the
European private equity company Cinven (c.80%) and previous
shareholders and management of Labco and Synlab (c.20%).  Cinven
acquired Labco on 7 August 2015 and Synlab on 1 October 2015. The
combined enterprise value of c.EUR3,094 million represented c.10.1
times the combined management pro forma EBITDA of EUR305.6
million.  The indirect cash contribution from Cinven for the
acquisitions of Labco and Synlab was c.EUR1,182 million in the
form of common equity.

GTEC: Expert Print Buys Firm Assets Following Liquidation
PrintWeek News reports that commercial printer Expert Print has
continued its rapid expansion after taking on a range of assets
and 10 staff from GTEC, which fell into liquidation.

Oldham-based GTEC had a turnover of GBP2.5 million and primarily
served print management companies, according to PrintWeek News.

"I was offered a range of machinery from the liquidator, which I
purchased, and I offered some of the staff some jobs," said Barry
Pearson, managing director of Doncaster-based Expert Print, the
report notes.

The report relates that expert Print purchased a range of GTEC's
finishing kit including a large Screen CTP device, an MBO B30
folder, a Stahlfolder, a Polar 115 guillotine and a Heidelberg

The business also took on 10 of GTEC's 25 staff, including sales
staff and press minders, along with its ledger, the report notes.
Mr. Pearson said he has retained 90% of the firm's customers.

The press operators from GTEC will move across to work in
Doncaster while the office staff will operate in a new Expert
Print office based in Oldham, the report relays.  Expert Print did
not buy GTEC's premises, which have now closed, the report notes.

Expert Print has also opened a new additional 557sqm leased unit
in Doncaster in the past few weeks, the report relays.  The
business now has more than 1,858sqm space between its units in
total and Pearson said the firm is next planning to build a new
3,716sqm factory in Doncaster after Christmas, the report

Pearson said the latest round of investment over the course of the
past few weeks, which has topped GBP1 million in total, has opened
the company up to new opportunities, the report notes.

Expert Print, which was established five years ago, now has 40
staff and is anticipating a turnover of GBP7 million for the
current financial year, the report adds.

INTERSTAR MILLENNIUM: Fitch Assigns 'Bsf' Rating on Class B Notes
Fitch Ratings placed three notes issued under Interstar Millennium
Series 2005-3E Trust on Rating Watch Negative (RWN) on June 19,
2015 due to the downgrade of The Royal Bank of Scotland plc (RBS,
BBB+/Stable/F2) on May 19, 2015. RBS is a currency swap provider
for the transaction.

Fitch's rating action commentary on June 19, 2015 stated that RBS
had not complied with its obligations to take remedial action
within 30 days of the downgrade, which was based on the
information Fitch had at the time. Fitch has subsequently become
aware that RBS did take remedial action within 30 days and
therefore complied with its obligations under the transaction's
swap documentation. RBS is collateralizing in accordance with the
transaction documents, which reflect Fitch's counterparty criteria
at the time of the transaction's closing.

As Fitch always applies its current criteria in assessing
transactions, the notes remain on RWN. Discussions between RBS and
the trust manager are continuing in relation to collateralizing in
accordance with Fitch's current counterparty criteria. Fitch
expects to resolve the RWN in upcoming weeks.

The ratings are as follows:

GBP46.8 million Class A2 notes (ISIN XS0232803709) 'AAAsf'; RWN
AUD37.0 million Class AB notes (ISIN AU300INTD010) 'AAAsf'; RWN
AUD44.5 million Class B notes (ISIN AU300INTD028) 'Bsf'; RWN

PINNACLES (UK): Director Gets 10-Yr Ban for Filing False VAT Doc
Gurvinder Luthra, director of a restaurant in London's Covent
Garden, has been disqualified from acting as a director for 10
years for submitting false VAT returns, failing to keep records
and filing incorrect accounts.

Mr. Luthra's disqualification follows an investigation by the
Insolvency Service.

Pinnacles (UK) Limited began trading as a restaurant in Covent
Garden in 2006. In 2010, the company opened a second restaurant in
London. Sales were lower than anticipated and the company
struggled to pay high overheads. In November 2013, the company
ceased to trade, and on Feb. 18, 2014, it entered into

The investigation found:

   * following an inspection of the Company's records in 2012,
     HMRC discovered the company had deliberately under-declared
     the amount of VAT due on returns between September 2010 and
     May 2012

   * Pinnacles failed to file any further returns and did not
     make any payments to HMRC

   * From Sept. 1, 2010, to liquidation Pinnacles received at
     least GBP334,456 (including VAT refunds totalling GBP97,687)
     and expended GBP334,461 of which no payments were made to

   * Mr. Luthra filed dormant accounts from 2007 to which he knew
     were inaccurate given that the Company started trading in
     November 2006.

Mr. Luthra also failed to ensure that Pinnacles maintained
adequate accounting records, and failed to deliver them up to the
Liquidator despite requests that he should do so. As a
consequence, amongst other things, it has not been possible to
establish the recipients of, and reasons for, payments totalling
GBP23,900 from the Company's bank account and the reasons for
payments made to a former company director totalling GBP28,183. At
the date of Liquidation HMRC were owed at least GBP155,980.

Commenting on the disqualification, Cheryl Lambert, Chief
Investigator at the Insolvency Service, said:

"Directors who submit false information to HMRC and don't pay
their tax bills can expect to be investigated by the Insolvency
Service and enforcement action taken to remove them from the
market place.

"Mr. Luthra caused HMRC to lose nearly GBP156,000, by filing false
returns and not making payments. He also filed false accounts and
did not maintain records.

"Taking action against Mr. Luthra is a warning to directors that
they need to consider and take seriously, their duties and

USC: Sports Direct Chief Exec To Face Charges Over Administration
North East News reports that the chief executive of retailer
Sports Direct, which is controlled by Newcastle United owner Mike
Ashley, has been charged with a criminal offence relating to the
administration of fashion retailer USC.

David Forsey has been charged with an offence contrary to section
194 of the Trade Union and Labor Relations (Consolidation) Act
1992, according to North East News.  Mr. Forsey is accused of
failing to notify authorities of plans to lay off warehouse staff
in Scotland, the report relays.

West Coast Capital (USC) Ltd, which traded as USC, called in
administrators from Duff & Phelps in January 2015 after one of its
creditors issued a statutory demand for outstanding invoices, the
report notes.

A pre-pack deal was struck whereby retailer Republic, also owned
by Sports Direct, bought certain assets of USC for GBP1.65
million, the report discloses.

The deal saved more than 600 jobs, although 84 permanent staff
lost their jobs following the closure of a Scottish warehouse, the
report relays.  About 200 employees worked at the facility,
although most were agency staff, the report notes.

A statement from the Insolvency Service confirmed that criminal
proceedings have now commenced against Sports Direct chief
executive David Forsey, the report discloses.

"He is charged with an offence contrary to section 194 of the
Trade Union and Labor Relations (Consolidation) Act 1992," it
said, the report relays.

"The investigation into the conduct of the directors is ongoing.
The enquiries are at an early stage and given the criminal
proceedings it is not possible nor would it be appropriate to
comment any further," the statement added, the report notes.

A hearing was initially scheduled for Chesterfield Magistrates
Courton August 15, 2015, but was adjourned.  A hearing will now be
held on October 14, the report adds.


* Large Companies with Insolvent Balance Sheets

                                       Shareholders   Total
                                       Equity         Assets
Company             Ticker            (US$MM)        (US$MM
-------             ------             ------         ------
AA LTD             2968492Z LN       -3387310342   2941216446
AA PLC             AA/GBX EU         -3387310342   2941216446
AA PLC             2XA GR            -3387310342   2941216446
AA PLC             AA/GBX EO         -3387310342   2941216446
AA PLC             AA/ LN            -3387310342   2941216446
AA PLC             AAL BQ            -3387310342   2941216446
AA PLC             AA/ EB            -3387310342   2941216446
AA PLC             AAL PO            -3387310342   2941216446
AA PLC             AAAAL S1          -3387310342   2941216446
AA PLC             AA/ IX            -3387310342   2941216446
AA PLC             AA/EUR EO         -3387310342   2941216446
AA PLC             AA/EUR EU         -3387310342   2941216446
AA PLC             1023859D SW       -3387310342   2941216446
AA PLC             AAL S2            -3387310342   2941216446
AA PLC             AAL B3            -3387310342   2941216446
AA PLC             AA/ TQ            -3387310342   2941216446
AA PLC             AAL L3            -3387310342   2941216446
AA PLC-SUB SHS     1253131D LN       -3387310342   2941216446
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      -201626913.2   1629582757
ACEROS PARA LA     1656Z SM         -263940.0005  119468482.1
ACTUACIONES ACTI   AGR SM           -102379482.8  427577243.8
ADRIA CABLE BV     4044453Z NA      -62348693.94  188829025.3
ADVANCE DISPLAY    ADTPEUR EU        -3015579018   2590008061
ADVANCE DISPLAY    ADTPEUR EO        -3015579018   2590008061
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 VX             -251538429  142000079.4
AEA TECHNOLOGY     AAT IX             -251538429  142000079.4
AEA TECHNOLOGY     EAETF US           -251538429  142000079.4
AEA TECHNOLOGY     AAT PO             -251538429  142000079.4
AEA TECHNOLOGY G   AATGBP EO          -251538429  142000079.4
AEA TECHNOLOGY G   AAT PZ             -251538429  142000079.4
AEA TECHNOLOGY G   1005182D GR        -251538429  142000079.4
AEA TECHNOLOGY G   0884037D EO        -251538429  142000079.4
AEA TECHNOLOGY G   0884036D EU        -251538429  142000079.4
AEA TECHNOLOGY G   AAT LN             -251538429  142000079.4
AEA TECHNOLOGY G   AEATF US           -251538429  142000079.4
AEGEK              AEGEK GA         -122731139.6  256074709.1
AEGEK              AEGEK EU         -122731139.6  256074709.1
AEGEK              AEGEKY PO        -122731139.6  256074709.1
AEGEK              AEGEKY S2        -122731139.6  256074709.1
AEGEK              AEGEK PZ         -122731139.6  256074709.1
AEGEK              AGEKF US         -122731139.6  256074709.1
AEGEK              AEGEKY B3        -122731139.6  256074709.1
AEGEK              AEGEKY L3        -122731139.6  256074709.1
AEGEK              AGK GR           -122731139.6  256074709.1
AEGEK              AEGEK EO         -122731139.6  256074709.1
AEGEK S.A. - RTS   989399Q GA       -122731139.6  256074709.1
AEGEK S.A.-RTS     AEGEKR GA        -122731139.6  256074709.1
AEGEK S.A.-RTS     AEGEPR GA        -122731139.6  256074709.1
AEGEK SA-AUCTION   AEGEKE GA        -122731139.6  256074709.1
AEGEK-PFD          AEGEP PZ         -122731139.6  256074709.1
AEGEK-PFD          AEGEP GA         -122731139.6  256074709.1
AEGEK-PFD          2733077Q EO      -122731139.6  256074709.1
AEGEK-PFD          2733073Q EU      -122731139.6  256074709.1
AEGEK-PFD AUCTIO   AEGEPE GA        -122731139.6  256074709.1
AFFINITI INTEGRA   1651064Z LN      -436307727.6  341755295.2
AFRICA OFFSHORE    AOSA NO            -280249984    357512992
AG PETZETAKIS SA   PTZ1 GR          -110809481.9  206423169.8
AG PETZETAKIS SA   PTZ GR           -110809481.9  206423169.8
AG PETZETAKIS SA   PETZK PZ         -110809481.9  206423169.8
AG PETZETAKIS SA   PETZK GA         -110809481.9  206423169.8
AG PETZETAKIS SA   PZETF US         -110809481.9  206423169.8
AG PETZETAKIS SA   PETZK EU         -110809481.9  206423169.8
AG PETZETAKIS SA   PETZK EO         -110809481.9  206423169.8
AGOR AG            DOO S1           -482467.0522  144438127.4
AGOR AG            DOOD PZ          -482467.0522  144438127.4
AGOR AG            NDAGF US         -482467.0522  144438127.4
AGOR AG            DOO GR           -482467.0522  144438127.4
AGOR AG            DOOG IX          -482467.0522  144438127.4
AGOR AG            DOO EU           -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
AGRANA JUICE DEN   3982636Z DC       -1461937345   1061499325
AGRUPACIO - RT     AGR/D SM         -102379482.8  427577243.8
AIR BERLIN PLC     AB1 NQ           -641657784.9   1996004514
AIR BERLIN PLC     AB1 QM           -641657784.9   1996004514
AIR BERLIN PLC     AB1D L3          -641657784.9   1996004514
AIR BERLIN PLC     AB1 QT           -641657784.9   1996004514
AIR BERLIN PLC     AB1 EU           -641657784.9   1996004514
AIR BERLIN PLC     AB1GBX EO        -641657784.9   1996004514
AIR BERLIN PLC     AB1 IX           -641657784.9   1996004514
AIR BERLIN PLC     ABOG IX          -641657784.9   1996004514
AIR BERLIN PLC     AB1 EO           -641657784.9   1996004514
AIR BERLIN PLC     AB1D S2          -641657784.9   1996004514
AIR BERLIN PLC     AB1 S1           -641657784.9   1996004514
AIR BERLIN PLC     AB1 EB           -641657784.9   1996004514
AIR BERLIN PLC     AB1D B3          -641657784.9   1996004514
AIR BERLIN PLC     AB1GBP EO        -641657784.9   1996004514
AIR BERLIN PLC     AB1GBX EU        -641657784.9   1996004514
AIR BERLIN PLC     AB1 SW           -641657784.9   1996004514
AIR BERLIN PLC     AB1 TH           -641657784.9   1996004514
AIR BERLIN PLC     AB1 TQ           -641657784.9   1996004514
AIR BERLIN PLC     AB1 GR           -641657784.9   1996004514
AIR BERLIN PLC     AB1D PO          -641657784.9   1996004514
AIR BERLIN PLC     AIBEF US         -641657784.9   1996004514
AIR BERLIN PLC     AB1 PZ           -641657784.9   1996004514
AIR BERLIN PLC     AB1 BQ           -641657784.9   1996004514
AIR COMMAND SYST   4470055Z FP      -30657158.94  217998392.9
AIR FRA-KLM-ADR    AFLYY US         -186255109.9  27118521870
AIR FRA-KLM-ADR    FQZ GR           -186255109.9  27118521870
AIR FRA-KLM-ADR    AKH US           -186255109.9  27118521870
AIR FRAN-PAR ENT   2246976Z US      -186255109.9  27118521870
AIR FRANCE         AIFRF US         -186255109.9  27118521870
AIR FRANCE-ADR W   AKH-W US         -186255109.9  27118521870
AIR FRANCE-KLM     AFR TH           -186255109.9  27118521870
AIR FRANCE-KLM     AF BQ            -186255109.9  27118521870
AIR FRANCE-KLM     AF S1            -186255109.9  27118521870
AIR FRANCE-KLM     AFR GR           -186255109.9  27118521870
AIR FRANCE-KLM     AFUSD EU         -186255109.9  27118521870
AIR FRANCE-KLM     AF FP            -186255109.9  27118521870
AIR FRANCE-KLM     AFGBP EO         -186255109.9  27118521870
AIR FRANCE-KLM     AF EO            -186255109.9  27118521870
AIR FRANCE-KLM     AFUSD EO         -186255109.9  27118521870
AIR FRANCE-KLM     AF QM            -186255109.9  27118521870
AIR FRANCE-KLM     AF VX            -186255109.9  27118521870
AIR FRANCE-KLM     AIKL IX          -186255109.9  27118521870
AIR FRANCE-KLM     AF QX            -186255109.9  27118521870
AIR FRANCE-KLM     AFP B3           -186255109.9  27118521870
AIR FRANCE-KLM     AF EB            -186255109.9  27118521870
AIR FRANCE-KLM     AFGBX EU         -186255109.9  27118521870
AIR FRANCE-KLM     AFA NA           -186255109.9  27118521870
AIR FRANCE-KLM     AFP S2           -186255109.9  27118521870
AIR FRANCE-KLM     AF TE            -186255109.9  27118521870
AIR FRANCE-KLM     AFP L3           -186255109.9  27118521870
AIR FRANCE-KLM     AFCHF EU         -186255109.9  27118521870
AIR FRANCE-KLM     AFCHF EO         -186255109.9  27118521870
AIR FRANCE-KLM     AFR QT           -186255109.9  27118521870
AIR FRANCE-KLM     AFP PO           -186255109.9  27118521870
AIR FRANCE-KLM     AF NQ            -186255109.9  27118521870
AIR FRANCE-KLM     AF GK            -186255109.9  27118521870
AIR FRANCE-KLM     AF PZ            -186255109.9  27118521870
AIR FRANCE-KLM     AF MT            -186255109.9  27118521870
AIR FRANCE-KLM     AFRAF US         -186255109.9  27118521870
AIR FRANCE-KLM     AFNV FP          -186255109.9  27118521870
AIR FRANCE-KLM     AIRF LI          -186255109.9  27118521870
AIR FRANCE-KLM     AF TQ            -186255109.9  27118521870
AIR FRANCE-KLM     AFGBX EO         -186255109.9  27118521870
AIR FRANCE-KLM     AIRF IX          -186255109.9  27118521870
AIR FRANCE-KLM     AF EU            -186255109.9  27118521870
AIR FRANCE-KLM     AF SW            -186255109.9  27118521870
AIR FRANCE-NEW     AFNN FP          -186255109.9  27118521870
AIR FRANCE-OLD     1010Q FP         -186255109.9  27118521870
AIRBUS MILITARY    4456697Z SM       -48974067.1   2049792335
AIRBUS OPERATION   4435153Z LN      -622881599.4   5619187195
AIRTOURS PLC       AIR VX             -379731744   1817560463
AIRTOURS PLC       ATORF US           -379731744   1817560463
AKER BRYGGE AS     4447369Z NO      -48154701.45  699923492.2
AKER ELEKTRO AS    4389353Z NO      -35849851.01  136482190.9
AKER ENGINEERING   4446705Z NO      -37946476.54  236556791.7
AKER FLOATING PR   AKFPEUR EU          -16100000    765200000
AKER FLOATING PR   AKFP BY             -16100000    765200000
AKER FLOATING PR   AKFP NO             -16100000    765200000
AKER FLOATING PR   AKFP EO             -16100000    765200000
AKER FLOATING PR   AKFP EU             -16100000    765200000
AKER FLOATING PR   AKFP PZ             -16100000    765200000
AKER FLOATING PR   AKNO IX             -16100000    765200000
AKER FLOATING PR   AKFPEUR EO          -16100000    765200000
AKER MARINE CONT   4414377Z NO      -58718358.92    165264364
AKER STORD A/S     4498875Z NO      -216314138.2  694523053.4
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   VETER GA          -1446551773  135183840.6
ALAPIS HOLDING I   VTERF US          -1446551773  135183840.6
ALAPIS HOLDING I   FFEFD L3          -1446551773  135183840.6
ALAPIS HOLDING I   FFEFD B3          -1446551773  135183840.6
ALAPIS HOLDING I   FFE GR            -1446551773  135183840.6
ALAPIS HOLDING I   V2R GR            -1446551773  135183840.6
ALAPIS HOLDING I   FFEFD S2          -1446551773  135183840.6
ALAPIS HOLDING I   ALAPIS EU         -1446551773  135183840.6
ALAPIS R-R         ALAPV10 GA        -1446551773  135183840.6
ALAPIS REPO        ALAPL10 GA        -1446551773  135183840.6
ALAPIS SA          ALAPI EO          -1446551773  135183840.6
ALAPIS SA          FFEB GR           -1446551773  135183840.6
ALAPIS SA          ALAPIS PZ         -1446551773  135183840.6
ALAPIS SA          ALAPI EU          -1446551773  135183840.6
ALAPIS SA          FFEF GR           -1446551773  135183840.6
ALAPIS SA          APSHF US          -1446551773  135183840.6
ALAPIS SA          ALAPIS GA         -1446551773  135183840.6
ALBERTO MARTINS    4488947Z PL      -25419628.18  123489526.4
ALCATEL-LUCENT E   3642975Z FP      -11149272.86  424795289.8
ALCATEL-LUCENT F   3647063Z FP        -794545837   4984810705
ALCATEL-LUCENT N   4043757Z NA      -21653637.64  116356629.5
ALCHEVSKIY         ALMK UZ           -1402329708   1786021739
ALCHEVSKIY KOKS    ALKZ UZ          -141456961.5  340493761.3
ALECTRA FINANCE    4505075Z ID      -12800137.51   1082862962
ALL LEISURE GROU   3LR GR           -3718495.142  114891532.8
ALL LEISURE GROU   ALLG LN          -3718495.142  114891532.8
ALL LEISURE GROU   ALLGL PO         -3718495.142  114891532.8
ALL LEISURE GROU   ALLGL B3         -3718495.142  114891532.8
ALL LEISURE GROU   ALLG PZ          -3718495.142  114891532.8
ALL LEISURE GROU   3LR TH           -3718495.142  114891532.8
ALL LEISURE GROU   ALLGL S2         -3718495.142  114891532.8
ALL LEISURE GROU   ALLGEUR EO       -3718495.142  114891532.8
ALL LEISURE GROU   ALLG EO          -3718495.142  114891532.8
ALL LEISURE GROU   ALLG EU          -3718495.142  114891532.8
ALL LEISURE GROU   ALLG PG          -3718495.142  114891532.8
ALL LEISURE GROU   ALLGGBP EO       -3718495.142  114891532.8
ALL LEISURE GROU   ALLGL L3         -3718495.142  114891532.8
ALLDAYS PLC        317056Q LN         -120493900  252232072.9
ALLDAYS PLC        ALDYF US           -120493900  252232072.9
ALLIANCE & LEICE   1603082Z LN      -362201146.6   3707343539
ALLIANCE FILMS U   1774537Z LN      -15721068.24  102608688.7
ALLIANCE RUSSIAN   ALRT RU          -15214267.61    144581794
ALNO AG            ANOD EB          -33888471.07  344300651.5
ALNO AG            ALNO IX          -33888471.07  344300651.5
ALNO AG            ANO EU           -33888471.07  344300651.5
ALNO AG            ANO EO           -33888471.07  344300651.5
ALNO AG            ANOD IX          -33888471.07  344300651.5
ALNO AG            ANO TQ           -33888471.07  344300651.5
ALNO AG            ANO TH           -33888471.07  344300651.5
ALNO AG            ANOD L3          -33888471.07  344300651.5
ALNO AG            ANO QT           -33888471.07  344300651.5
ALNO AG            ANO S1           -33888471.07  344300651.5
ALNO AG            ANO PZ           -33888471.07  344300651.5
ALNO AG            ANOD S2          -33888471.07  344300651.5
ALNO AG            ANOD B3          -33888471.07  344300651.5
ALNO AG            ANOD BQ          -33888471.07  344300651.5
ALNO AG            ANO GR           -33888471.07  344300651.5
ALNO AG            ANOD PO          -33888471.07  344300651.5
ALNO AG - RTS      ANO2 GR          -33888471.07  344300651.5
ALNO AG-NEW        ANOJEUR EU       -33888471.07  344300651.5
ALNO AG-NEW        ANO1 GR          -33888471.07  344300651.5
ALNO AG-NEW        ANOJEUR EO       -33888471.07  344300651.5
ALNO AG-NEW        ANOJ GR          -33888471.07  344300651.5
ALNO AG-RTS        4123912Z GR      -33888471.07  344300651.5
ALNO AG-RTS        8174351Z GR      -33888471.07  344300651.5
ALNO AG-RTS        2259765Z GR      -33888471.07  344300651.5
ALNO AG-RTS        ANOB GR          -33888471.07  344300651.5
ALPHA CREDIT GRP   2398Z LN         -128161721.8   6765275654
ALPOS DD           APOG EO          -67350276.85  175193779.3
ALPOS DD           APOG EU          -67350276.85  175193779.3
ALPOS DD           APOG SV          -67350276.85  175193779.3
ALPOS DD           APOG PZ          -67350276.85  175193779.3
ALSTOM HYDRO ESP   4375881Z SM      -42000468.63  613243761.9
ALSTOM WIND SLU    1009322Z SM      -34872511.82  509075734.9
ALTAIR ISSY SAS    4682609Z FP      -567399.4453  270262865.7
ALTOS HORNOS VIZ   AHV SM           -115822618.8   1283089189
ALUMINIUM PECHIN   3650903Z FP      -831091697.8  722884358.5
AMARIN CORP -ADR   EH3 GR              -88448000    171107008
AMARIN CORP -ADR   AMRN US             -88448000    171107008
AMARIN CORP -ADR   EH3A TH             -88448000    171107008
AMARIN CORP -ADR   AMRND US            -88448000    171107008
AMARIN CORP -ADR   EH3A GR             -88448000    171107008
AMARIN CORP PLC    AMRN ID             -88448000    171107008
AMARIN CORP PLC    AMRN PO             -88448000    171107008
AMARIN CORP PLC    H2E PZ              -88448000    171107008
AMARIN CORP PLC    AMRNF EU            -88448000    171107008
AMARIN CORP PLC    AMRNF US            -88448000    171107008
AMARIN CORP PLC    AMRNF EO            -88448000    171107008
AMARIN CORP PLC    AMRN LN             -88448000    171107008
AMARIN CORP PLC    H2E GR              -88448000    171107008
AMARIN CORP PLC    AMRJF US            -88448000    171107008
AMARIN CORP PLC    H2EA GR             -88448000    171107008
AMER BUS SYS       ARB LN             -497126976    121439000
AMEY PLC           AMY VX           -48862569.33  931527720.5
AMEY PLC           AMEYF US         -48862569.33  931527720.5
AMEY PLC           AMY LN           -48862569.33  931527720.5
AMEY PLC-ASSENT    AMYA LN          -48862569.33  931527720.5
AMEY PLC-NEW       AMYN LN          -48862569.33  931527720.5
AMPER SA           APR GR           -134651291.5  213092584.2
AMPER SA           AMPE PO          -134651291.5  213092584.2
AMPER SA           AMPS PZ          -134651291.5  213092584.2
AMPER SA           AMP1 IX          -134651291.5  213092584.2
AMPER SA           AMP1 S1          -134651291.5  213092584.2
AMPER SA           APMRF US         -134651291.5  213092584.2
AMPER SA           AMPE B3          -134651291.5  213092584.2
AMPER SA           AMP1 EU          -134651291.5  213092584.2
AMPER SA           AMP1 EB          -134651291.5  213092584.2
AMPER SA           AMP1 TQ          -134651291.5  213092584.2
AMPER SA           AMP SM           -134651291.5  213092584.2
AMPER SA           AMP1 EO          -134651291.5  213092584.2
AMPER SA           AMPE L3          -134651291.5  213092584.2
AMPER SA           AMPE S2          -134651291.5  213092584.2
AMPER SA - RTS     APRA GR          -134651291.5  213092584.2
AMPER SA - RTS     0881324D SM      -134651291.5  213092584.2
AMPER SA - RTS     1280552D SM      -134651291.5  213092584.2
AMPER SA-RTS       AMP/DEUR EO      -134651291.5  213092584.2
AMPER SA-RTS       AMP/DEUR EU      -134651291.5  213092584.2
AMPER SA-RTS       AMPRF US         -134651291.5  213092584.2
AMPER SA-RTS       1294963D SM      -134651291.5  213092584.2
AMPER SA-RTS       AMP/D SM         -134651291.5  213092584.2
AMPER SA-RTS       AMPDE IX         -134651291.5  213092584.2
AMPER SA-RTS       AMPDE EB         -134651291.5  213092584.2
AMPER SA-RTS       AMPDE TQ         -134651291.5  213092584.2
AMPER SA-RTS       AMP/1EUR EO      -134651291.5  213092584.2
AMPER SA-RTS       AMP/1EUR EU      -134651291.5  213092584.2
AMPER SA-RTS       AMPDE S2         -134651291.5  213092584.2
AMPER SA-RTS       AMPDE L3         -134651291.5  213092584.2
AMPER SA-RTS       AMPDE B3         -134651291.5  213092584.2
AMPER SA-RTS       APRSF US         -134651291.5  213092584.2
AMPER SA-RTS       1295275D TQ      -134651291.5  213092584.2
AMTEL-POVOLZ-BRD   KIRT* RU         -17984240.01  104831160.6
AMTEL-POVOLZ-BRD   KIRT RU          -17984240.01  104831160.6
ANEK LINES P-RTS   ANEPOR GA        -19542125.53  387556515.6
ANEK LINES P-RTS   ANEPR GA         -19542125.53  387556515.6
ANEK LINES R-R     ANEKV10 GA       -19542125.53  387556515.6
ANEK LINES REPO    ANEKL10 GA       -19542125.53  387556515.6
ANEK LINES S-RTS   ANEKR GA         -19542125.53  387556515.6
ANEK LINES SA      ANEK PZ          -19542125.53  387556515.6
ANEK LINES SA      ANEK EO          -19542125.53  387556515.6
ANEK LINES SA      ANEK EU          -19542125.53  387556515.6
ANEK LINES SA      ANEKY S2         -19542125.53  387556515.6
ANEK LINES SA      ANKZF US         -19542125.53  387556515.6
ANEK LINES SA      AKLP GR          -19542125.53  387556515.6
ANEK LINES SA      ANEKY B3         -19542125.53  387556515.6
ANEK LINES SA      ANEKY L3         -19542125.53  387556515.6
ANEK LINES SA      ANEK GA          -19542125.53  387556515.6
ANEK LINES SA      AKL GR           -19542125.53  387556515.6
ANEK LINES SA      ANEKY PO         -19542125.53  387556515.6
ANEK LINES SA-R    ANEKV13 GA       -19542125.53  387556515.6
ANEK LINES SA-RE   ANEKL13 GA       -19542125.53  387556515.6
ANEK LINES SA-RT   8207309Q GA      -19542125.53  387556515.6
ANEK LINES-PF RT   8207313Q GA      -19542125.53  387556515.6
ANEK LINES-PF RT   ANPOR GA         -19542125.53  387556515.6
ANEK LINES-PFD     ANEPO GA         -19542125.53  387556515.6
ANEK LINES-PFD     ANEPY PO         -19542125.53  387556515.6
ANEK LINES-PFD     ANEP EU          -19542125.53  387556515.6
ANEK LINES-PFD     ANEP GA          -19542125.53  387556515.6
ANEK LINES-PFD     ANEPY L3         -19542125.53  387556515.6
ANEK LINES-PFD     ANEPOY L3        -19542125.53  387556515.6
ANEK LINES-PFD     ANEPOY PO        -19542125.53  387556515.6
ANEK LINES-PFD     ANEPOY S2        -19542125.53  387556515.6
ANEK LINES-PFD     ANEP EO          -19542125.53  387556515.6
ANEK LINES-PFD     ANEPY S2         -19542125.53  387556515.6
ANEK LINES-PFD     ANEP PZ          -19542125.53  387556515.6
ANEK LINES-PFD     ANEPO EU         -19542125.53  387556515.6
ANEK LINES-PFD     ANEPO EO         -19542125.53  387556515.6
ANEK LINES-PFD     ANEPY B3         -19542125.53  387556515.6
ANEK LINES-PFD     ANEPOY B3        -19542125.53  387556515.6
ANKER PLC          DW14 GR          -21861359.81    115463159
ANKER PLC          ANK PO           -21861359.81    115463159
ANKER PLC          ANK LN           -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
APERAM STAINLESS   4783273Z FP       -5965310.53  552964689.4
APK OGO OAO        AOGO RU          -5163579.316  164058148.4
AQUIRIS SA         559158Z BB       -2420703.165  256094171.2
ARCADE PROPERTY    4461121Z ID      -271769574.6  854837506.8
ARCADIA PETROLEU   645232Z LN          -56648000    258746000
ARCELORMITTAL      PTRO RO           -61078989.5  178664384.2
ARDAGH GLASS FIN   3489820Z ID      -425707082.8   5124657810
AREMZO BV          3772972Z NA      -34197.38617  140093566.7
AREVA              A9RB QT          -248711913.2  33399891804
AREVA              AREVAUSD EU      -248711913.2  33399891804
AREVA              AREVAP B3        -248711913.2  33399891804
AREVA              A9R TH           -248711913.2  33399891804
AREVA              AREVA S1         -248711913.2  33399891804
AREVA              A9RB TH          -248711913.2  33399891804
AREVA              AREVAP L3        -248711913.2  33399891804
AREVA              AREVA EU         -248711913.2  33399891804
AREVA              AREVA TQ         -248711913.2  33399891804
AREVA              AREVA QX         -248711913.2  33399891804
AREVA              ARVCF US         -248711913.2  33399891804
AREVA              CEI EO           -248711913.2  33399891804
AREVA              AREVAP PO        -248711913.2  33399891804
AREVA              AREVA QM         -248711913.2  33399891804
AREVA              A9RB GR          -248711913.2  33399891804
AREVA              AREVAGBX EU      -248711913.2  33399891804
AREVA              AREVAGBP EO      -248711913.2  33399891804
AREVA              AREVAUSD EO      -248711913.2  33399891804
AREVA              CEI PZ           -248711913.2  33399891804
AREVA              AREVA EB         -248711913.2  33399891804
AREVA              AREVA BQ         -248711913.2  33399891804
AREVA              AREVA IX         -248711913.2  33399891804
AREVA              AREVA GK         -248711913.2  33399891804
AREVA              AREVA FP         -248711913.2  33399891804
AREVA              AREVAP S2        -248711913.2  33399891804
AREVA              CEI LI           -248711913.2  33399891804
AREVA              AREVAGBX EO      -248711913.2  33399891804
AREVA - CI - RTS   CEIDS FP         -248711913.2  33399891804
AREVA - CI - RTS   8285157Q GR      -248711913.2  33399891804
AREVA CIP-UN ADR   ARVCY US         -248711913.2  33399891804
AREVA SA - PREF    CEIAP FP         -248711913.2  33399891804
AREVA-CI           CEI GK           -248711913.2  33399891804
AREVA-CI           CEIGBP EO        -248711913.2  33399891804
AREVA-CI           CEI EU           -248711913.2  33399891804
AREVA-CI           CEI IX           -248711913.2  33399891804
AREVA-CI           CEI QM           -248711913.2  33399891804
AREVA-CI           A9R GR           -248711913.2  33399891804
AREVA-CI           CEI FP           -248711913.2  33399891804
AREVA-CI           CEIGBX EO        -248711913.2  33399891804
AREVA-CI           CEIUSD EU        -248711913.2  33399891804
AREVA-CI           CEIGBX EU        -248711913.2  33399891804
AREVA-CI           CEI EB           -248711913.2  33399891804
AREVA-CI           CEI TQ           -248711913.2  33399891804
AREVA-CI           CEI BQ           -248711913.2  33399891804
AREVA-CI           CEPF IX          -248711913.2  33399891804
AREVA-CI           CEI NQ           -248711913.2  33399891804
AREVA-CI           CEIUSD EO        -248711913.2  33399891804
AREVA-CI           CEI S1           -248711913.2  33399891804
AREVA-ORDINARY     8381831Q GR      -248711913.2  33399891804
ARGEK SA-PFD RTS   989391Q GA       -122731139.6  256074709.1
ARGENTA UNDERWRI   2619614Z LN      -3429270.883    137134947
ARMAJARO TRADING   3900922Z LN      -35780000.42  948870011.7
ARNOTTS HOLDINGS   4462545Z ID      -366474765.3    152226036
ARTICON-INTE-NEW   AAG3 GR          -30518620.96  237456447.8
ARTICON-INTE-NEW   AAG1 GR          -30518620.96  237456447.8
ARTICON-INTE-RTS   AAG8 NM          -30518620.96  237456447.8
ARTICON-INTE-RTS   AAG8 GR          -30518620.96  237456447.8
ARTICON-INTEGR-N   AAG2 GR          -30518620.96  237456447.8
ARTICON-INTEGRAL   AAGN NM          -30518620.96  237456447.8
ARTICON-INTEGRAL   AIT LI           -30518620.96  237456447.8
ARTICON-INTEGRAL   229071Q LN       -30518620.96  237456447.8
ARTICON-INTEGRAL   AAG NM           -30518620.96  237456447.8
ARTICON-INTEGRAL   AAG GR           -30518620.96  237456447.8
AS ROMA SPA        RO9 GR           -63960602.02  292542928.9
AS ROMA SPA        ASR IM           -63960602.02  292542928.9
AS ROMA SPA        ASR PZ           -63960602.02  292542928.9
AS ROMA SPA        ASR S1           -63960602.02  292542928.9
AS ROMA SPA        ASR QM           -63960602.02  292542928.9
AS ROMA SPA        ASRAF US         -63960602.02  292542928.9
AS ROMA SPA        ASRM PO          -63960602.02  292542928.9
AS ROMA SPA        ASRO IX          -63960602.02  292542928.9
AS ROMA SPA        ASR EU           -63960602.02  292542928.9
AS ROMA SPA        ASR TQ           -63960602.02  292542928.9
AS ROMA SPA        ASR EO           -63960602.02  292542928.9
AS ROMA SPA        ASR EB           -63960602.02  292542928.9
AS ROMA SPA        ASR BQ           -63960602.02  292542928.9
AS ROMA SPA        ASRM L3          -63960602.02  292542928.9
AS ROMA SPA        ASRM S2          -63960602.02  292542928.9
AS ROMA SPA        ASR IX           -63960602.02  292542928.9
AS ROMA SPA        ASRM B3          -63960602.02  292542928.9
AS ROMA SPA RTS    ASRAXM EB        -63960602.02  292542928.9
AS ROMA SPA RTS    ASRAXM IX        -63960602.02  292542928.9
AS ROMA SPA RTS    ASRAZM TQ        -63960602.02  292542928.9
AS ROMA SPA RTS    ASRAZEUR EU      -63960602.02  292542928.9
AS ROMA SPA RTS    ASRAZEUR EO      -63960602.02  292542928.9
AS ROMA SPA RTS    ASRAZA IM        -63960602.02  292542928.9
AS ROMA SPA-RTS    ASRAA IM         -63960602.02  292542928.9
ASCOT RACECOURSE   1965934Z LN      -75993211.73  229117719.4
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 PZ         -189911036.1  896550129.3
ASPIS PRONIA GE    ASASK GA         -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 EU         -189911036.1  896550129.3
ASPIS PRONIA-PF    APGV GR          -189911036.1  896550129.3
ASPIS PRONIA-PF    ASASP GA         -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
ATLANTIC COPPER    4512291Z SM      -21013583.14   1043171373
ATLANTIC SUPERMA   ATLA GA          -76261648.16  315891294.2
ATLANTIC SUPERMA   ATLA1 EO         -76261648.16  315891294.2
ATLANTIC SUPERMA   ATLA1 EU         -76261648.16  315891294.2
ATLANTIC SUPERMA   ATLA PZ          -76261648.16  315891294.2
ATOS ORIGIN INTE   4519607Z FP      -17395808.68  356910606.2
ATRONIC INTERNAT   504688Z GR       -146541726.5  113528301.3
ATTI-KAT           XTT GR           -64923868.53  167582604.6
ATTI-KAT           ATTIK PZ         -64923868.53  167582604.6
ATTI-KAT RTS       ATTID GA         -64923868.53  167582604.6
ATTI-KAT SA        ATTIK EO         -64923868.53  167582604.6
ATTI-KAT SA        ATTIKY PO        -64923868.53  167582604.6
ATTI-KAT SA        ATTIKY S2        -64923868.53  167582604.6
ATTI-KAT SA        ATTIKY B3        -64923868.53  167582604.6
ATTI-KAT SA        ATTIK GA         -64923868.53  167582604.6
ATTI-KAT SA        ATTIK EU         -64923868.53  167582604.6
ATTI-KAT SA        ATTIKY L3        -64923868.53  167582604.6
ATTI-KAT SA-AUCT   ATIKE GA         -64923868.53  167582604.6
ATTIKAT-AUCTION    ATTIKE GA        -64923868.53  167582604.6
ATU AUTO-TEILE-U   3486988Z GR      -571062299.6  546297842.8
AUBURN ACQUISITI   4453705Z LN        -437104257   1605290465
AURIGACROWN CAR    3791672Z SM      -9696676.632  319021086.5
AUTO TRADER        AUTOL IX         -262036806.2  616776014.6
AUTO TRADER        AUTOL L3         -262036806.2  616776014.6
AUTO TRADER        AUTOL S2         -262036806.2  616776014.6
AUTO TRADER        AUTOL B3         -262036806.2  616776014.6
AUTO TRADER        AUTOEUR EO       -262036806.2  616776014.6
AUTO TRADER        AUTOEUR EU       -262036806.2  616776014.6
AUTO TRADER        AUTOAL S1        -262036806.2  616776014.6
AUTO TRADER        AUTO LN          -262036806.2  616776014.6
AUTO TRADER        AUTOL EB         -262036806.2  616776014.6
AUTO TRADER        AUTOGBX EU       -262036806.2  616776014.6
AUTO TRADER        AUTOGBX EO       -262036806.2  616776014.6
AUTO TRADER        AUTOL PO         -262036806.2  616776014.6
AUTO TRADER        2UA GR           -262036806.2  616776014.6
AUTO TRADER        AUTOUSD EU       -262036806.2  616776014.6
AUTO TRADER        AUTOUSD EO       -262036806.2  616776014.6
AUTO TRADER        AUTOL TQ         -262036806.2  616776014.6
AUTO TRADER        AUTOL BQ         -262036806.2  616776014.6
AUTO TRADER GROU   1239634D LN      -262036806.2  616776014.6
AUTO TRADER-ADR    ATDRY US         -262036806.2  616776014.6
AUTO-INDUSTRIAL    3482374Z PL      -3916462.237  125097850.1
AUTOMOBILE ASSOC   1479490Z LN      -75794419.73  215975911.6
AUTOMOBILE CO BO   0850360D US      -40392193.75  187829464.3
AUTOMOBILES CITR   3648863Z FP      -125854259.5   1955037586
AUTOMOTIVE LIGHT   3895734Z IM      -8707502.577  163886427.3
AUTOROUTES PARIS   ARR EU           -87241002.75  11567116520
AUTOROUTES PARIS   ARR TQ           -87241002.75  11567116520
AUTOROUTES PARIS   ARR FP           -87241002.75  11567116520
AUTOROUTES PARIS   RK9 TH           -87241002.75  11567116520
AUTOROUTES PARIS   ARR EO           -87241002.75  11567116520
AUTOROUTES PARIS   ARR1 BQ          -87241002.75  11567116520
AUTOROUTES PARIS   ARR EB           -87241002.75  11567116520
AUTOROUTES PARIS   ARR IX           -87241002.75  11567116520
AUTOROUTES PARIS   ARR S1           -87241002.75  11567116520
AUTOROUTES PARIS   ARR LI           -87241002.75  11567116520
AUTOROUTES PARIS   ARRGBX EU        -87241002.75  11567116520
AUTOROUTES PARIS   ARR QM           -87241002.75  11567116520
AUTRONICA FIRE A   4446841Z NO      -588446.4961  126533132.4
AVAST SOFTWARE B   0112793D US         -15842000    132342000
AVAST SOFTWARE N   AVST US             -15842000    132342000
AVAYA HOLDINGS L   4491803Z ID      -621072180.7    411838418
AVAYA UK           1700688Z LN      -108636476.4  372961487.6
AVIS ALQUILE UN    3753296Z SM      -21373936.47  271716792.1
AVIS BUDGET UK L   4503067Z LN      -5383949.995  452091122.6
AVIVA CENTRAL SE   4503755Z LN      -77860199.93  856462199.2
AXON SA HOLDING    AXONY PO         -196057417.2  571503101.7
AXON SA HOLDING    AXON PZ          -196057417.2  571503101.7
AXON SA HOLDING    AXON EU          -196057417.2  571503101.7
AXON SA HOLDING    AYW GR           -196057417.2  571503101.7
AXON SA HOLDING    AXON EO          -196057417.2  571503101.7
AXON SA HOLDING    AXON GA          -196057417.2  571503101.7
AXON SA HOLDING    AXONR GA         -196057417.2  571503101.7
AXON SA HOLDING    AYW1 GR          -196057417.2  571503101.7
AXON SA HOLDING    AXONY B3         -196057417.2  571503101.7
AXON SA HOLDING    AXONY S2         -196057417.2  571503101.7
AXON SA HOLDING    AXONY L3         -196057417.2  571503101.7
AZOT CHERKASY      AZOT UZ          -640047522.8  230509103.8
AZOT CHERKASY      AZCYF US         -640047522.8  230509103.8
AZOT OPEN-GDR      A9T GR           -640047522.8  230509103.8
AZOVZAGALMASH MA   AZGM UZ          -201003976.4  323492277.6
AZZURRI GROUP LT   4499995Z LN        -617655808   1510184565
BAAN CO NV-ASSEN   BAANA NA         -7854715.264  609871188.9
BAAN COMPANY NV    BNCG IX          -7854715.264  609871188.9
BAAN COMPANY NV    BAAN PZ          -7854715.264  609871188.9
BAAN COMPANY NV    BAAVF US         -7854715.264  609871188.9
BAAN COMPANY NV    BAAN EO          -7854715.264  609871188.9
BAAN COMPANY NV    BAAN GR          -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 IX          -7854715.264  609871188.9
BAAN COMPANY-NY    BAANF US         -7854715.264  609871188.9
BABIS VOV REPO     VOVOL10 GA       -473432013.2  276788847.2
BABIS VOVOS INTL   VOVOSUSD EU      -473432013.2  276788847.2
BABIS VOVOS INTL   VOVOS EO         -473432013.2  276788847.2
BABIS VOVOS INTL   VOVOS EU         -473432013.2  276788847.2
BABIS VOVOS INTL   VOVOS GA         -473432013.2  276788847.2
BABIS VOVOS INTL   BBVSF US         -473432013.2  276788847.2
BABIS VOVOS INTL   UM4 GR           -473432013.2  276788847.2
BABIS VOVOS INTL   VOVOSUSD EO      -473432013.2  276788847.2
BABIS VOVOS INTL   VOVOS PZ         -473432013.2  276788847.2
BABIS VOVOS R-R    VOVOV10 GA       -473432013.2  276788847.2
BABIS VOVOS R-R    VOVOSV11 GA      -473432013.2  276788847.2
BABIS VOVOS-R      VOVOSL11 GA      -473432013.2  276788847.2
BADEL 1862 DD      BD62REUR EO      -2714794.449  100311569.6
BADEL 1862 DD      BD62RA CZ        -2714794.449  100311569.6
BADEL 1862 DD      BD62RHRK EU      -2714794.449  100311569.6
BADEL 1862 DD      BD62REUR EU      -2714794.449  100311569.6
BADEL 1862 DD      BD62RHRK EO      -2714794.449  100311569.6
BAE SYSTEMS        1538746Z LN      -27870638.37  135571174.1
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
BALLAST - RTS      BALCR NA         -1115300.059    602262032
BALLAST - RTS      BALCREUR EO      -1115300.059    602262032
BALLAST - RTS      BALCRA TQ        -1115300.059    602262032
BALLAST - RTS      BALCREUR EU      -1115300.059    602262032
BALLAST NEDA-CVA   BALN1 EB         -1115300.059    602262032
BALLAST NEDA-CVA   BNZ GR           -1115300.059    602262032
BALLAST NEDA-CVA   BALA IX          -1115300.059    602262032
BALLAST NEDA-CVA   BALN1 EU         -1115300.059    602262032
BALLAST NEDA-CVA   BALNE S1         -1115300.059    602262032
BALLAST NEDA-CVA   BLSNF US         -1115300.059    602262032
BALLAST NEDA-CVA   BALN NA          -1115300.059    602262032
BALLAST NEDA-CVA   BALN1 EO         -1115300.059    602262032
BALLAST NEDA-CVA   BALN BQ          -1115300.059    602262032
BALLAST NEDA-CVA   BALN1 TQ         -1115300.059    602262032
BALLAST NEDA-CVA   BALNE NA         -1115300.059    602262032
BALLAST NEDA-CVA   BALN1 QM         -1115300.059    602262032
BALLAST NEDA-CVA   BALNE PZ         -1115300.059    602262032
BALLAST NEDA-CVA   BALNEA PO        -1115300.059    602262032
BALLAST NEDAM      77266Z NA        -1115300.059    602262032
BALLAST NEDAM NV   BALNEA B3        -1115300.059    602262032
BALLAST NEDAM NV   BALNEA L3        -1115300.059    602262032
BALLAST NEDAM NV   BALNEA S2        -1115300.059    602262032
BALLYMORE PROPER   162707Z ID       -811238718.9  594756063.8
BALTIYSKY ZAVOD    BALZ RU          -31241371.93  131337790.2
BALTIYSKY-$BRD     BALZ* RU         -31241371.93  131337790.2
BALTIYSKY-BRD      BALZ$ RU         -31241371.93  131337790.2
BANK OF SCOTLAND   1419810Z LN      -9546369.495  527923743.6
BANQ COLBERT       BD FP            -36259931.33   1574292181
BARINA CONSTRUCT   3800988Z ID      -15711770.45  142567457.5
BAS HOLDING BV     3775792Z NA      -9652.300358  125821871.9
BASF PERFORMANCE   1598Z LN         -35298832.77   1084597595
BCH GROUP PLC      BCH LN           -5728447.595  187998896.2
BEGAR CONSTRUCCI   4413073Z SM      -154089924.8  215029526.1
BELGES -SERIES B   BELB SW           -1724401131  40075565311
BEMOG HOLDING BV   3782400Z NA      -36867.13927  131874844.6
BENTLEY MOTORS L   1376666Z LN      -231095699.8  952710712.1
BETFAIR LTD        83844Z LN        -78396193.01  470492129.2
BGE UK LTD         1653368Z LN      -31957706.96  460423898.3
BHFS ONE LTD       3804484Z LN      -28127755.95  259846721.7
BIANCAMANO SPA     BCM TQ           -5679740.179    381217772
BIANCAMANO SPA     BCMM S2          -5679740.179    381217772
BIANCAMANO SPA     BCMM L3          -5679740.179    381217772
BIANCAMANO SPA     BCM EO           -5679740.179    381217772
BIANCAMANO SPA     0882469D TQ      -5679740.179    381217772
BIANCAMANO SPA     BCM BQ           -5679740.179    381217772
BIANCAMANO SPA     BCM EU           -5679740.179    381217772
BIANCAMANO SPA     BCM IM           -5679740.179    381217772
BIANCAMANO SPA     BCMM B3          -5679740.179    381217772
BIANCAMANO SPA     BCM EB           -5679740.179    381217772
BIANCAMANO SPA     BCMM PO          -5679740.179    381217772
BIANCAMANO SPA     BCMI PZ          -5679740.179    381217772
BIANCAMANO SPA     BCMI IX          -5679740.179    381217772
BIOTER             BIOT1 EO          -29217709.1  127556997.6
BIOTER             BIOT1 EU          -29217709.1  127556997.6
BIOTER             BIOT GA           -29217709.1  127556997.6
BIOTER             BIOTY L3          -29217709.1  127556997.6
BIOTER             BIOTY PO          -29217709.1  127556997.6
BIOTER             BIOTY S2          -29217709.1  127556997.6
BIOTER             BIOTY B3          -29217709.1  127556997.6
BIOTER             BIOTG PZ          -29217709.1  127556997.6
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 HORSE LTD    1336426Z LN      -106973288.3   4066187621
BLENHEIM SHIPPIN   1225303Z LN      -33448690.06  323403866.7
BLUEWATER HOLDIN   3487556Z NA       -1656102998   2014770213
BMS ASSOCIATES L   4471719Z LN      -2791370.997    401417372
BNB RECRUITMENT    BQX GR           -10242626.17  103637711.2
BNB RECRUITMENT    BNB IX           -10242626.17  103637711.2
BNB RECRUITMENT    BNB LN           -10242626.17  103637711.2
BNB RECRUITMENT    BNBRF US         -10242626.17  103637711.2
BNB RECRUITMENT    BNB PO           -10242626.17  103637711.2
BNP GUYANE         BNPG FP          -40559116.42  352047398.5
BOGDAN MOTORS      LUAZ UZ          -40392193.75  187829464.3
BOPARAN HOLDINGS   3595032Z LN      -258233565.4   2499848944
BORGELD MANAGEME   4778257Z NA      -81821.40017    246378742
BPM IRELAND PLC    4471855Z ID      -4595616.014    844447724
BRADSTOCK GROUP    BDK LN           -1855503.819  268572388.5
BRADSTOCK GROUP    BSKGF US         -1855503.819  268572388.5
BRENT WALKER GRO   754087Q LN        -1774306283  867084131.8
BRENT WALKER GRP   BWKGF US          -1774306283  867084131.8
BRIT BROADCAST     1517Z LN         -90866101.03   6000657566
BRIXTON GREAT WE   1242343Z LN      -23721760.45  160921160.6
BROKAT AG          BROAF US         -27134800.92  143511443.1
BROKAT AG          BROFQ US         -27134800.92  143511443.1
BROKAT AG          BKISF US         -27134800.92  143511443.1
BROKAT AG          BRKAF US         -27134800.92  143511443.1
BROKAT AG -NEW     BRJ1 NM          -27134800.92  143511443.1
BROKAT AG -NEW     BRJ1 GR          -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     1304750D GR      -27134800.92  143511443.1
BROKAT TECH AG     BSA LN           -27134800.92  143511443.1
BROKAT TECH-ADR    BRJA GR          -27134800.92  143511443.1
BRUESA CONSTRUCC   4283093Z SM      -19748118.51  423960563.7
BSKYB LLU ASSETS   ESY LN           -13323427.13  573001458.7
BUMMASH OJSC-BRD   BUMM* RU         -72781463.79  101116053.8
BUMMASH OJSC-BRD   BUMM RU          -72781463.79  101116053.8
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         -22697076.58  118884242.3
CALSONIC KANSEI    2730264Z LN      -55236864.62  299341503.4
CALSONIC KANSEI    1541442Z LN      -13552420.65    264873165
CANARY WHARF FIN   1198063Z LN      -499884844.3   2860300620
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
CARRERE GROUP      XRR GR           -9829883.833  279916720.4
CARRERE GROUP      CARF PZ          -9829883.833  279916720.4
CARRERE GROUP      CAR2 EO          -9829883.833  279916720.4
CARRERE GROUP      CAR2 EU          -9829883.833  279916720.4
CARRERE GROUP      CRGP IX          -9829883.833  279916720.4
CARRERE GROUP      CRRHF US         -9829883.833  279916720.4
CARRERE GROUP      CARG FP          -9829883.833  279916720.4
CARRERE GROUP SA   CAR FP           -9829883.833  279916720.4
CARRIER1 INT-AD+   CONE ES             -94729000    472360992
CARRIER1 INT-ADR   CONEQ US            -94729000    472360992
CARRIER1 INT-ADR   CONEE US            -94729000    472360992
CARRIER1 INTL      8133893Q GR         -94729000    472360992
CARRIER1 INTL      CJN NM              -94729000    472360992
CARRIER1 INTL      CJNA GR             -94729000    472360992
CARRIER1 INTL SA   1253Z SW            -94729000    472360992
CARRIER1 INTL SA   CONEF US            -94729000    472360992
CATTLES PLC        CTTSEK EU        -599615492.2   3880885246
CATTLES PLC        CTT NQ           -599615492.2   3880885246
CATTLES PLC        CTT EO           -599615492.2   3880885246
CATTLES PLC        CHOXF US         -599615492.2   3880885246
CATTLES PLC        CTTUSD EU        -599615492.2   3880885246
CATTLES PLC        CTT QM           -599615492.2   3880885246
CATTLES PLC        CTT LN           -599615492.2   3880885246
CATTLES PLC        CTT VX           -599615492.2   3880885246
CATTLES PLC        0963776D TQ      -599615492.2   3880885246
CATTLES PLC        CTT NR           -599615492.2   3880885246
CATTLES PLC        CZS GR           -599615492.2   3880885246
CATTLES PLC        CTTEUR EO        -599615492.2   3880885246
CATTLES PLC        CTTEUR EU        -599615492.2   3880885246
CATTLES PLC        CTT PO           -599615492.2   3880885246
CATTLES PLC        CTTSEK EO        -599615492.2   3880885246
CATTLES PLC        CTTUSD EO        -599615492.2   3880885246
CATTLES PLC        0915787D IX      -599615492.2   3880885246
CATTLES PLC        0915790D EB      -599615492.2   3880885246
CATTLES PLC        CTT PZ           -599615492.2   3880885246
CATTLES PLC        CTT EU           -599615492.2   3880885246
CATTLES PLC        0960894D BQ      -599615492.2   3880885246
CATTLES PLC        CTTGBP EO        -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    2843734Q EO      -599615492.2   3880885246
CATTLES PLC-NPR    2843726Q EO      -599615492.2   3880885246
CATTLES PLC-NPR    CTTN PZ          -599615492.2   3880885246
CATTLES PLC-NPR    CTTN IX          -599615492.2   3880885246
CATTLES PLC-NPR    CTTN LN          -599615492.2   3880885246
CATTLES PLC-NPR    CCTN PZ          -599615492.2   3880885246
CATTLES PLC-NPR    2843730Q EU      -599615492.2   3880885246
CATTLES PLC-RFD    CTTR LN          -599615492.2   3880885246
CATTLES PLC-RFD    CTTR PZ          -599615492.2   3880885246
CATTLES PLC-RFD    CTTR IX          -599615492.2   3880885246
CB RICHARD ELLIS   1984326Z LN      -15005194.54  101088170.4
CDISCOUNT SA       4690913Z FP      -14710509.37    442569172
CEA INDUS-CIP      CDSEF US         -248711913.2  33399891804
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 EU      -3853841.592  180958181.1
CENTAR BANKA DD    CEBARHRK EO      -3853841.592  180958181.1
CENTAR BANKA DD    CEBARA CZ        -3853841.592  180958181.1
CENTER PARCS EUR   235619Z NA       -6141720.638  682887891.2
CENTRAL EURO DIS   CEDC EU            -419220000    840558976
CENTRAL EURO DIS   CEDCPLN EU         -419220000    840558976
CENTRAL EURO DIS   CDC PZ             -419220000    840558976
CENTRAL EURO DIS   CTL LI             -419220000    840558976
CENTRAL EURO DIS   CDC PW             -419220000    840558976
CENTRAL EURO DIS   CEDC LI            -419220000    840558976
CENTRAL EURO DIS   CEDCPLN EO         -419220000    840558976
CENTRAL EURO DIS   CEDC US            -419220000    840558976
CENTRAL EURO DIS   CEDCEUR EU         -419220000    840558976
CENTRAL EURO DIS   CEDCEUR EO         -419220000    840558976
CENTRAL EURO DIS   CEM GR             -419220000    840558976
CENTRAL EURO DIS   CEDC EO            -419220000    840558976
CENTRAL EUROPEAN   3276402Z NA      -4838847.523  186866740.9
CENTROSOLAR GR-N   C3ON GR          -16015657.93  146354372.5
CENTROSOLAR GROU   C3OA QT          -16015657.93  146354372.5
CENTROSOLAR GROU   C3OA GR          -16015657.93  146354372.5
CENTROSOLAR GROU   C3O EO           -16015657.93  146354372.5
CENTROSOLAR GROU   C3O TH           -16015657.93  146354372.5
CENTROSOLAR GROU   C3OUSD EU        -16015657.93  146354372.5
CENTROSOLAR GROU   C3OAD B3         -16015657.93  146354372.5
CENTROSOLAR GROU   C3OAD S2         -16015657.93  146354372.5
CENTROSOLAR GROU   C3OAD L3         -16015657.93  146354372.5
CENTROSOLAR GROU   C3O PZ           -16015657.93  146354372.5
CENTROSOLAR GROU   C3O EU           -16015657.93  146354372.5
CENTROSOLAR GROU   C3OA TQ          -16015657.93  146354372.5
CENTROSOLAR GROU   C3OA TH          -16015657.93  146354372.5
CENTROSOLAR GROU   C3O S1           -16015657.93  146354372.5
CENTROSOLAR GROU   CSOG IX          -16015657.93  146354372.5
CENTROSOLAR GROU   C3O TQ           -16015657.93  146354372.5
CENTROSOLAR GROU   C3OUSD EO        -16015657.93  146354372.5
CENTROSOLAR GROU   C3O GR           -16015657.93  146354372.5
CENTROSOLAR GROU   CEOLF US         -16015657.93  146354372.5
CENTROSOLAR GROU   C3OA BQ          -16015657.93  146354372.5
CENTROSOLAR GROU   C3O BQ           -16015657.93  146354372.5
CENTROSOLAR-RTS    3434314Z GR      -16015657.93  146354372.5
CEREP INVESTMENT   3638887Z SM      -70598386.38  288951995.8
CEVA LOGISTICS H   882197Z NA       -538649778.2   5318331271
CHATZIIOANNOU AV   HATZC GA         -54973436.99  102255716.8
CHATZIIONNOU HLD   HZI GR           -54973436.99  102255716.8
CHEBOKSARY-BRD     PRTA RU          -7702381.177  261528540.6
CHEBOKSARY-BRD     CHAZ* RU         -22675437.07  211391512.5
CHEBOKSARY-BRD     CHAZ RU          -22675437.07  211391512.5
CHEBOKSARY-BRD     PRTA* RU         -7702381.177  261528540.6
CHEBOKSARY-PFD     PRTAP RU         -7702381.177  261528540.6
CHEBOKSARY-PFD     PRTAP* RU        -7702381.177  261528540.6
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
CHERNISHEVA        MPCH RM          -235787468.2  695367571.1
CHERNISHEVA        MPCH RU          -235787468.2  695367571.1
CHERNISHEVA        MPCH* RU         -235787468.2  695367571.1
CHRIST WATER TEC   1269618D US      -5754096.165  165990091.1
CHRIST WATER TEC   8131204Q GR      -5754096.165  165990091.1
CHRIST WATER TEC   CWT EU           -5754096.165  165990091.1
CHRIST WATER TEC   CWT PZ           -5754096.165  165990091.1
CHRIST WATER TEC   CWT AV           -5754096.165  165990091.1
CHRIST WATER TEC   CWT EO           -5754096.165  165990091.1
CHRIST WATER TEC   CWTE IX          -5754096.165  165990091.1
CHRIST WATER-ADR   CRSWY US         -5754096.165  165990091.1
CHRYSALIS GROUP    CLYSF US         -16399586.02  124836284.8
CHRYSALIS GROUP    CHSUSD EO        -16399586.02  124836284.8
CHRYSALIS GROUP    CHS PZ           -16399586.02  124836284.8
CHRYSALIS GROUP    CHS IX           -16399586.02  124836284.8
CHRYSALIS GROUP    CHS VX           -16399586.02  124836284.8
CHRYSALIS GROUP    CYGUF US         -16399586.02  124836284.8
CHRYSALIS GROUP    CHSUSD EU        -16399586.02  124836284.8
CHRYSALIS GROUP    HR4 GR           -16399586.02  124836284.8
CHRYSALIS GROUP    CHS PO           -16399586.02  124836284.8
CHRYSALIS GROUP    CHSGBP EO        -16399586.02  124836284.8
CHRYSALIS GROUP    CHS EO           -16399586.02  124836284.8
CHRYSALIS GROUP    5CY GR           -16399586.02  124836284.8
CHRYSALIS GROUP    CHSEUR EO        -16399586.02  124836284.8
CHRYSALIS GROUP    CHS LN           -16399586.02  124836284.8
CHRYSALIS GROUP    CHSEUR EU        -16399586.02  124836284.8
CHRYSALIS GROUP    CHS EU           -16399586.02  124836284.8
CIMBER STERLING    CIMBE EO         -5227729.207  192575891.8
CIMBER STERLING    CIMBER BY        -5227729.207  192575891.8
CIMBER STERLING    CIMBER DC        -5227729.207  192575891.8
CIMBER STERLING    CIMBE EU         -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
CLIFFORD CHANCE    1768609Z LN      -218753378.8  119651502.5
CLIPPER WINDPOWE   CWPA LN            -168322000    436419008
CLIPPER WINDPOWE   CRPWF US           -168322000    436419008
CLIPPER WINDPOWE   34706EUR EU        -168322000    436419008
CLIPPER WINDPOWE   CWP EU             -168322000    436419008
CLIPPER WINDPOWE   CWP IX             -168322000    436419008
CLIPPER WINDPOWE   CWPEUR EO          -168322000    436419008
CLIPPER WINDPOWE   CWP PG             -168322000    436419008
CLIPPER WINDPOWE   CWPEUR EU          -168322000    436419008
CLIPPER WINDPOWE   3470635Q LN        -168322000    436419008
CLIPPER WINDPOWE   CWP PZ             -168322000    436419008
CLIPPER WINDPOWE   34706EUR EO        -168322000    436419008
CLIPPER WINDPOWE   CWP LN             -168322000    436419008
CLIPPER WINDPOWE   C2W GR             -168322000    436419008
CLIPPER WINDPOWE   CWP EO             -168322000    436419008
CLUB CO HOLDINGS   4500035Z LN      -23743697.03  109720737.4
CMA CGM AGENCES    4746849Z FP      -10638831.52  162545865.7
CO DAS ENERGIAS    3794880Z PL      -2542665.906  115837812.1
CO-OPERATIVE PHA   3951852Z LN      -63197952.74    199515766
CODERE SA          CDRUSD EO        -534574489.3   1759330061
CODERE SA          CDRUSD EU        -534574489.3   1759330061
CODERE SA          CDRE S2          -534574489.3   1759330061
CODERE SA          CDRE PZ          -534574489.3   1759330061
CODERE SA          4CD GR           -534574489.3   1759330061
CODERE SA          CDR TQ           -534574489.3   1759330061
CODERE SA          CDRE B3          -534574489.3   1759330061
CODERE SA          CODEF US         -534574489.3   1759330061
CODERE SA          CDRE PO          -534574489.3   1759330061
CODERE SA          CDR EU           -534574489.3   1759330061
CODERE SA          CDR EB           -534574489.3   1759330061
CODERE SA          CDR IX           -534574489.3   1759330061
CODERE SA          CDRE L3          -534574489.3   1759330061
CODERE SA          CDR S1           -534574489.3   1759330061
CODERE SA          CDR SM           -534574489.3   1759330061
CODERE SA          CDR EO           -534574489.3   1759330061
COGNIS GMBH        575202Z GR       -745013993.7   3306935972
COIN SPA           GC IX            -154063920.1  800559778.4
COIN SPA           GUCIF US         -154063920.1  800559778.4
COIN SPA           965089Q GR       -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   CITU IX          -137731671.1  527392123.8
COMPAGNIA ITALIA   ICT IM           -137731671.1  527392123.8
COMPAGNIA ITALIA   CGLUF US         -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         CGYKUSD EO       -123446974.6  312014471.7
CONERGY AG         CGY TQ           -123446974.6  312014471.7
CONERGY AG         CGYK BQ          -123446974.6  312014471.7
CONERGY AG         CGY GR           -123446974.6  312014471.7
CONERGY AG         CGYK EU          -123446974.6  312014471.7
CONERGY AG         CGYK TH          -123446974.6  312014471.7
CONERGY AG         CEYHF US         -123446974.6  312014471.7
CONERGY AG         CGY BQ           -123446974.6  312014471.7
CONERGY AG         CGYGBX EO        -123446974.6  312014471.7
CONERGY AG         CGY EB           -123446974.6  312014471.7
CONERGY AG         CGYKGBP EO       -123446974.6  312014471.7
CONERGY AG         CGYK S1          -123446974.6  312014471.7
CONERGY AG         CGYGBP EO        -123446974.6  312014471.7
CONERGY AG         CGYUSD EU        -123446974.6  312014471.7
CONERGY AG         CGY S1           -123446974.6  312014471.7
CONERGY AG         CGYK GR          -123446974.6  312014471.7
CONERGY AG         CGY PZ           -123446974.6  312014471.7
CONERGY AG         CGYK IX          -123446974.6  312014471.7
CONERGY AG         CGYKUSD EU       -123446974.6  312014471.7
CONERGY AG         CGY QM           -123446974.6  312014471.7
CONERGY AG         CGY TH           -123446974.6  312014471.7
CONERGY AG         CGYK TQ          -123446974.6  312014471.7
CONERGY AG         CGY EO           -123446974.6  312014471.7
CONERGY AG         CGY EU           -123446974.6  312014471.7
CONERGY AG         CGYK QM          -123446974.6  312014471.7
CONERGY AG         CGY NQ           -123446974.6  312014471.7
CONERGY AG         CGYK EO          -123446974.6  312014471.7
CONERGY AG         CGY IX           -123446974.6  312014471.7
CONERGY AG         CGYK PZ          -123446974.6  312014471.7
CONERGY AG         CGYKGBX EO       -123446974.6  312014471.7
CONERGY AG         CGYUSD EO        -123446974.6  312014471.7
CONERGY AG         CGYK EB          -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 UTILITIE   2112683Z LN      -8340151.746  137723814.6
CONOCOPHILLIPS I   4526671Z ID      -216839004.8  609834013.3
CONOCOPHILLIPS W   3894318Z ID        -230298000    528524992
CONS NEWEN ENT     CWETF US           -347363008    314752992
CONS NEWEN ENT     CWE/T CN           -347363008    314752992
CONSTELLIUM HOLD   0616528D FP      -97031105.16   4632956304
CONSTELLIUM HOLD   0777811D US      -97031105.16   4632956304
CONSTELLIUM NV-A   C9O GR           -97031105.16   4632956304
CONSTELLIUM NV-A   CSTMEUR EO       -97031105.16   4632956304
CONSTELLIUM NV-A   CSTMEUR EU       -97031105.16   4632956304
CONSTELLIUM NV-A   CSTM US          -97031105.16   4632956304
CONSTELLIUM NV-A   CSTMUSD EO       -97031105.16   4632956304
CONSTELLIUM NV-A   CSTMP S2         -97031105.16   4632956304
CONSTELLIUM NV-A   CSTMUSD EU       -97031105.16   4632956304
CONSTELLIUM NV-A   CSTM FP          -97031105.16   4632956304
CONSTELLIUM NV-A   CSTMP PO         -97031105.16   4632956304
CONSTELLIUM NV-A   CSTMP B3         -97031105.16   4632956304
CONSTELLIUM NV-A   CSTMP L3         -97031105.16   4632956304
CONSTELLIUM NV-B   1222203D US      -97031105.16   4632956304
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
CORAM INTERNATIO   3819084Z NA      -10476.88259  106710835.6
CORRAL PETROLEUM   3490956Z SS      -49068657.88   3016336099
CORUS TUBES BV     4044829Z NA      -15669781.68  108585334.6
COSMOS SHIPPING    4174421Z NA      -1136567.873    304070874
CP - COMBOIOS DE   1005Z PL          -4195211526   1509194227
CPI MORTARS LTD    1751696Z LN      -30390399.86  115400452.3
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         CRE1 IX          -42072998.36  291988991.4
CRESPI SPA         GVCIF US         -42072998.36  291988991.4
CRESPI SPA         LG5 GR           -42072998.36  291988991.4
CRESPI SPA         CRE1 EO          -42072998.36  291988991.4
CRESPI SPA         CRE IM           -42072998.36  291988991.4
CRESPI SPA         CRE BQ           -42072998.36  291988991.4
CRESPI SPA         CRE EB           -42072998.36  291988991.4
CRESPI SPA         CRE1 PZ          -42072998.36  291988991.4
CRESPI SPA         CRE1 TQ          -42072998.36  291988991.4
CRESPI SPA         CRE1 EU          -42072998.36  291988991.4
CSC COMPUTER SCI   3894278Z LN      -153050119.7   2920396956
CUCINA LUX INVES   4503083Z LN      -978222246.1   3210325190
D/S TORM           TORDF US           -151600000   1397400064
D/S TORM           TORM NR            -151600000   1397400064
D/S TORM           ADSSF US           -151600000   1397400064
D/S TORM           3424559Q IX        -151600000   1397400064
DANA PETROLEUM N   ENER NO          -49442800.46  261409223.6
DANIILIDIS PA-RT   DANILR GA        -133733107.4  505560228.8
DANIILIDIS PANAG   DANIL GA         -133733107.4  505560228.8
DANKA BUS SYSTEM   DANKF US           -497126976    121439000
DANKA BUS SYSTEM   3205287Q EU        -497126976    121439000
DANKA BUS SYSTEM   DNK PZ             -497126976    121439000
DANKA BUS SYSTEM   3205291Q EO        -497126976    121439000
DANKA BUS SYSTEM   DNK LN             -497126976    121439000
DANKA BUS SYSTEM   DNK VX             -497126976    121439000
DANKA BUS SYSTEM   DNK PO             -497126976    121439000
DANKA BUS SYSTEM   DNK IX             -497126976    121439000
DANKA BUS SYSTEM   3205283Q EO        -497126976    121439000
DANKA BUS-$US CE   DANKD AR           -497126976    121439000
DANKA BUS-ADR      AP39 LI            -497126976    121439000
DANKA BUS-ADR      DB6 GR             -497126976    121439000
DANKA BUS-ADR      DANKE US           -497126976    121439000
DANKA BUS-ADR      DANKY US           -497126976    121439000
DANKA BUS-BLK CE   DANKB AR           -497126976    121439000
DANKA BUS-C/E CE   DANKC AR           -497126976    121439000
DANKA BUS-CEDEAR   DANK AR            -497126976    121439000
DANNEMORA MI-NEW   DMABBTA1 SS       -44638010.5  159769983.1
DANNEMORA MI-RTS   DMABTRB SS        -44638010.5  159769983.1
DANNEMORA MINE-A   0122312D SS       -44638010.5  159769983.1
DANNEMORA MINERA   DMABBO S2         -44638010.5  159769983.1
DANNEMORA MINERA   DMABB EO          -44638010.5  159769983.1
DANNEMORA MINERA   DMABB BY          -44638010.5  159769983.1
DANNEMORA MINERA   DMABBNOK EO       -44638010.5  159769983.1
DANNEMORA MINERA   DMAB SS           -44638010.5  159769983.1
DANNEMORA MINERA   59P GR            -44638010.5  159769983.1
DANNEMORA MINERA   DMABB SS          -44638010.5  159769983.1
DANNEMORA MINERA   DMABNOK SS        -44638010.5  159769983.1
DANNEMORA MINERA   DMABB EU          -44638010.5  159769983.1
DANNEMORA MINERA   DMABBNOK BY       -44638010.5  159769983.1
DANNEMORA MINERA   DMABBO L3         -44638010.5  159769983.1
DANNEMORA MINERA   DMABBO B3         -44638010.5  159769983.1
DANNEMORA MINERA   DMABB PZ          -44638010.5  159769983.1
DANNEMORA MINERA   DMABB NO          -44638010.5  159769983.1
DANNEMORA MINERA   DMABBNOK EU       -44638010.5  159769983.1
DARTY PLC          KESA BQ          -363221459.6   1331326078
DARTY PLC          KESA S1          -363221459.6   1331326078
DARTY PLC          DRTY QM          -363221459.6   1331326078
DARTY PLC          DRTYP PO         -363221459.6   1331326078
DARTY PLC          DRTY FP          -363221459.6   1331326078
DARTY PLC          KE4 GK           -363221459.6   1331326078
DARTY PLC          KESA TQ          -363221459.6   1331326078
DARTY PLC          DRTYL PO         -363221459.6   1331326078
DARTY PLC          KESA QM          -363221459.6   1331326078
DARTY PLC          DRTY1 TQ         -363221459.6   1331326078
DARTY PLC          KESA EB          -363221459.6   1331326078
DARTY PLC          KESA6 EO         -363221459.6   1331326078
DARTY PLC          KE4 GR           -363221459.6   1331326078
DARTY PLC          KESA7 EO         -363221459.6   1331326078
DARTY PLC          KESA3 EO         -363221459.6   1331326078
DARTY PLC          DRTY1 EB         -363221459.6   1331326078
DARTY PLC          DRTY1 IX         -363221459.6   1331326078
DARTY PLC          KESAFN PO        -363221459.6   1331326078
DARTY PLC          DRTY EB          -363221459.6   1331326078
DARTY PLC          DRTYEUR EU       -363221459.6   1331326078
DARTY PLC          KESA2 EO         -363221459.6   1331326078
DARTY PLC          DRTY LN          -363221459.6   1331326078
DARTY PLC          KSA FP           -363221459.6   1331326078
DARTY PLC          DRTYP L3         -363221459.6   1331326078
DARTY PLC          KESAF US         -363221459.6   1331326078
DARTY PLC          DRTY TQ          -363221459.6   1331326078
DARTY PLC          DRTYL L3         -363221459.6   1331326078
DARTY PLC          KESA4 EO         -363221459.6   1331326078
DARTY PLC          DRTYEUR EO       -363221459.6   1331326078
DARTY PLC          KESA EO          -363221459.6   1331326078
DARTY PLC          KESA9 EO         -363221459.6   1331326078
DARTY PLC          DRTYUSD EO       -363221459.6   1331326078
DARTY PLC          DRTYUSD EU       -363221459.6   1331326078
DARTY PLC          DRTY IX          -363221459.6   1331326078
DARTY PLC          KESA NR          -363221459.6   1331326078
DARTY PLC          KESA IX          -363221459.6   1331326078
DARTY PLC          KESA PO          -363221459.6   1331326078
DARTY PLC          DRTYI GR         -363221459.6   1331326078
DARTY PLC          KESAFN B3        -363221459.6   1331326078
DARTY PLC          KES1 EO          -363221459.6   1331326078
DARTY PLC          DRTY EO          -363221459.6   1331326078
DARTY PLC          DRTYGBP EO       -363221459.6   1331326078
DARTY PLC          KESA NQ          -363221459.6   1331326078
DARTY PLC          KESAFN L3        -363221459.6   1331326078
DARTY PLC          KESA5 EO         -363221459.6   1331326078
DARTY PLC          KESA8 EO         -363221459.6   1331326078
DARTY PLC          DRTYP B3         -363221459.6   1331326078
DARTY PLC          DRTYP S2         -363221459.6   1331326078
DARTY PLC          DRTYL B3         -363221459.6   1331326078
DARTY PLC          DRTY EU          -363221459.6   1331326078
DARTY PLC          DRTYL S2         -363221459.6   1331326078
DAVENHAM GROUP P   DAV PG           -57318753.57  114702989.3
DAVENHAM GROUP P   DAH TH           -57318753.57  114702989.3
DAVENHAM GROUP P   DAV EU           -57318753.57  114702989.3
DAVENHAM GROUP P   DAVEUR EU        -57318753.57  114702989.3
DAVENHAM GROUP P   DAV PZ           -57318753.57  114702989.3
DAVENHAM GROUP P   DAH GR           -57318753.57  114702989.3
DAVENHAM GROUP P   DAV LN           -57318753.57  114702989.3
DAVENHAM GROUP P   DAVEUR EO        -57318753.57  114702989.3
DAVENHAM GROUP P   DAV EO           -57318753.57  114702989.3
DE LA RUE PLC      DLARL L3         -218587205.2  686563216.3
DE LA RUE PLC      DL1C GK          -218587205.2  686563216.3
DE LA RUE PLC      DLAR6 EO         -218587205.2  686563216.3
DE LA RUE PLC      DLAR PO          -218587205.2  686563216.3
DE LA RUE PLC      DLAR TQ          -218587205.2  686563216.3
DE LA RUE PLC      DL1 GR           -218587205.2  686563216.3
DE LA RUE PLC      DLAR IX          -218587205.2  686563216.3
DE LA RUE PLC      DLAR7 EO         -218587205.2  686563216.3
DE LA RUE PLC      DLAR EB          -218587205.2  686563216.3
DE LA RUE PLC      DLAR EU          -218587205.2  686563216.3
DE LA RUE PLC      DLAR5 EO         -218587205.2  686563216.3
DE LA RUE PLC      DLRUF US         -218587205.2  686563216.3
DE LA RUE PLC      DLARL S2         -218587205.2  686563216.3
DE LA RUE PLC      DELRF US         -218587205.2  686563216.3
DE LA RUE PLC      DLAR NR          -218587205.2  686563216.3
DE LA RUE PLC      DL1B GR          -218587205.2  686563216.3
DE LA RUE PLC      DLARGBP EO       -218587205.2  686563216.3
DE LA RUE PLC      DLAR S1          -218587205.2  686563216.3
DE LA RUE PLC      DLAREUR EO       -218587205.2  686563216.3
DE LA RUE PLC      DLAR VX          -218587205.2  686563216.3
DE LA RUE PLC      DLARUSD EO       -218587205.2  686563216.3
DE LA RUE PLC      DLAREUR EU       -218587205.2  686563216.3
DE LA RUE PLC      DLAR QM          -218587205.2  686563216.3
DE LA RUE PLC      DLAR LN          -218587205.2  686563216.3
DE LA RUE PLC      DLAR3 EO         -218587205.2  686563216.3
DE LA RUE PLC      DLA EO           -218587205.2  686563216.3
DE LA RUE PLC      DLAR NQ          -218587205.2  686563216.3
DE LA RUE PLC      DLARL B3         -218587205.2  686563216.3
DE LA RUE PLC      DLARL PO         -218587205.2  686563216.3
DE LA RUE PLC      DLAR1 EO         -218587205.2  686563216.3
DE LA RUE PLC      DLAR8 EO         -218587205.2  686563216.3
DE LA RUE PLC      DLARF US         -218587205.2  686563216.3
DE LA RUE PLC      DLAR2 EO         -218587205.2  686563216.3
DE LA RUE PLC      DLAR QX          -218587205.2  686563216.3
DE LA RUE PLC      DLAR BQ          -218587205.2  686563216.3
DE LA RUE PLC      DLARCHF EU       -218587205.2  686563216.3
DE LA RUE PLC      DL1A GR          -218587205.2  686563216.3
DE LA RUE PLC      DLARUSD EU       -218587205.2  686563216.3
DE LA RUE PLC      DLARCHF EO       -218587205.2  686563216.3
DE LA RUE PLC      DL1C GR          -218587205.2  686563216.3
DE LA RUE PLC      DLAR PZ          -218587205.2  686563216.3
DE LA RUE PLC      DLAR EO          -218587205.2  686563216.3
DE LA RUE PLC      DLAR4 EO         -218587205.2  686563216.3
DE LA RUE PLC      DLAR9 EO         -218587205.2  686563216.3
DE LA RUE-ADR      DERUY US         -218587205.2  686563216.3
DE LA RUE-ADR      DLUEY US         -218587205.2  686563216.3
DE LA RUE-PREF     DLAP PZ          -218587205.2  686563216.3
DE LA RUE-PREF     3115438Q EU      -218587205.2  686563216.3
DE LA RUE-PREF     DLAP LN          -218587205.2  686563216.3
DE STEFANO INVES   3814768Z LN       -1732230.02    173800412
DELOITTE AS        4447205Z NO      -904608.8335  103086702.7
DELTA BANK         DELT UZ            -909225929   2648114539
DESMET BALLESTRA   2850262Z BB      -53278497.25  285006991.6
DEVELICA DEUTSCH   DDE PZ           -79827494.88   1139643575
DEVELICA DEUTSCH   D4B GR           -79827494.88   1139643575
DEVELICA DEUTSCH   DDE PG           -79827494.88   1139643575
DEVELICA DEUTSCH   DDE LN           -79827494.88   1139643575
DEVELICA DEUTSCH   DDE IX           -79827494.88   1139643575
DFS FURNITURE      DF0 GR           -126318197.8  996126382.9
DFS FURNITURE      DFS LN           -126318197.8  996126382.9
DFS FURNITURE      DFSGBX EU        -126318197.8  996126382.9
DFS FURNITURE      DFSGBX EO        -126318197.8  996126382.9
DFS FURNITURE      DFSL IX          -126318197.8  996126382.9
DFS FURNITURE      DFSL PO          -126318197.8  996126382.9
DFS FURNITURE      DFSL EB          -126318197.8  996126382.9
DFS FURNITURE      DFSL TQ          -126318197.8  996126382.9
DFS FURNITURE      DFSL S1          -126318197.8  996126382.9
DFS FURNITURE LT   1236466D LN      -126318197.8  996126382.9
DIAMOND RESORT H   1710824Z LN      -59240015.95  230240894.2
DIBAQ DIPROTEG     937530Z SM       -6314112.019  147817872.4
DIGNITY PLC        DTY6 EO          -95983502.27   1023247125
DIGNITY PLC        DTYL S1          -95983502.27   1023247125
DIGNITY PLC        DTY BQ           -95983502.27   1023247125
DIGNITY PLC        DTYEUR EU        -95983502.27   1023247125
DIGNITY PLC        DTY EU           -95983502.27   1023247125
DIGNITY PLC        DTY LN           -95983502.27   1023247125
DIGNITY PLC        DTYUSD EU        -95983502.27   1023247125
DIGNITY PLC        DTY EO           -95983502.27   1023247125
DIGNITY PLC        DN8A GK          -95983502.27   1023247125
DIGNITY PLC        DTYL B3          -95983502.27   1023247125
DIGNITY PLC        DTY PZ           -95983502.27   1023247125
DIGNITY PLC        DTY8 EO          -95983502.27   1023247125
DIGNITY PLC        DTY9 EO          -95983502.27   1023247125
DIGNITY PLC        DTY NR           -95983502.27   1023247125
DIGNITY PLC        DTYL L3          -95983502.27   1023247125
DIGNITY PLC        DTY2 EO          -95983502.27   1023247125
DIGNITY PLC        DTYGBP EO        -95983502.27   1023247125
DIGNITY PLC        DTYL PO          -95983502.27   1023247125
DIGNITY PLC        DN8 GR           -95983502.27   1023247125
DIGNITY PLC        DN8B GR          -95983502.27   1023247125
DIGNITY PLC        DN8E GR          -95983502.27   1023247125
DIGNITY PLC        DTY NQ           -95983502.27   1023247125
DIGNITY PLC        DN8D GR          -95983502.27   1023247125
DIGNITY PLC        DTY3 EO          -95983502.27   1023247125
DIGNITY PLC        DTY EB           -95983502.27   1023247125
DIGNITY PLC        DTY IX           -95983502.27   1023247125
DIGNITY PLC        DTY TQ           -95983502.27   1023247125
DIGNITY PLC        DTY S1           -95983502.27   1023247125
DIGNITY PLC        DTY PO           -95983502.27   1023247125
DIGNITY PLC        DTY7 EO          -95983502.27   1023247125
DIGNITY PLC        DTY10 EO         -95983502.27   1023247125
DIGNITY PLC        DTYEUR EO        -95983502.27   1023247125
DIGNITY PLC        DN8A GR          -95983502.27   1023247125
DIGNITY PLC        DTY4 EO          -95983502.27   1023247125
DIGNITY PLC        DTY1 EO          -95983502.27   1023247125
DIGNITY PLC        DTY VX           -95983502.27   1023247125
DIGNITY PLC        DTY5 EO          -95983502.27   1023247125
DIGNITY PLC        DTY QM           -95983502.27   1023247125
DIGNITY PLC        DGNYF US         -95983502.27   1023247125
DIGNITY PLC        DTYL S2          -95983502.27   1023247125
DIGNITY PLC        DTYUSD EO        -95983502.27   1023247125
DIGNITY-UNSP ADR   DGNTY US         -95983502.27   1023247125
DIMA COSTRUZIONI   4526911Z IM       -14681477.1  426157772.4
DIMAFIN SPA        2727163Z IM      -63237310.55  270853808.6
DIOKI DD           DIOKRHRK EU      -38207781.04  346383251.3
DIOKI DD           DIOKRHRK EO      -38207781.04  346383251.3
DIOKI DD           DIOKRA CZ        -38207781.04  346383251.3
DISENOS URBANOS    4367969Z SM      -2536463.405  337554175.8
DLJ UK HOLDING     1774497Z LN        -105638000   4363095040
DNIPROVSKY IRON    DMKD UZ          -439551976.1  546096297.8
DONCASTERS GROUP   996146Z LN         -415233646   1572901985
DOUX SA            3102738Z FP      -158236168.9  870523700.3
DRIVE ASSIST HOL   3641135Z LN      -526668613.4  370637648.1
DTEK DONETSKOBLE   DOON UZ          -46282009.21  142664448.5
DTZ DEBENHAM TIE   1637608Z LN      -127198668.5  136733329.8
DUFERCO LA LOUVI   4169149Z BB      -102578634.2  322222513.5
DYNAMOBEL          828524Z SM       -6654013.893  118562072.6
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      EAY GR           -13323427.13  573001458.7
EASYNET GROUP      EZNGF US         -13323427.13  573001458.7
EASYNET GROUP      ESY PO           -13323427.13  573001458.7
EASYNET GROUP      ESY VX           -13323427.13  573001458.7
EASYNET GROUP-CV   91009Z LN        -13323427.13  573001458.7
EATON ELECTRIC B   2017671Z NA      -1841796.041    130595897
EATON ELECTRIC L   2342667Z LN      -54667.79995  196611914.2
ECONOMIST NEWSPA   6888Z LN          -17266078.7  388318853.7
ECS COMPUTER SYS   ECS FP           -109890400.7  681800759.1
EDENRED            EDENP B3          -1584841313   4512504183
EDENRED            QSV QT            -1584841313   4512504183
EDENRED            EDENUSD EU        -1584841313   4512504183
EDENRED            QSV GR            -1584841313   4512504183
EDENRED            EDENP S2          -1584841313   4512504183
EDENRED            EDEN LI           -1584841313   4512504183
EDENRED            EDEN QM           -1584841313   4512504183
EDENRED            EDEN EO           -1584841313   4512504183
EDENRED            EDEN EU           -1584841313   4512504183
EDENRED            EDEN S1           -1584841313   4512504183
EDENRED            EDEN QX           -1584841313   4512504183
EDENRED            EDENUSD EO        -1584841313   4512504183
EDENRED            EDNMF US          -1584841313   4512504183
EDENRED            EDEN BQ           -1584841313   4512504183
EDENRED            EDEN EB           -1584841313   4512504183
EDENRED            EDENP L3          -1584841313   4512504183
EDENRED            EDENP PO          -1584841313   4512504183
EDENRED            EDEN FP           -1584841313   4512504183
EDENRED            EDEN IX           -1584841313   4512504183
EDENRED            QSV TH            -1584841313   4512504183
EDENRED            EDEN PZ           -1584841313   4512504183
EDENRED            EDEN TQ           -1584841313   4512504183
EDENRED - NEW      09317EUR EU       -1584841313   4512504183
EDENRED - NEW      09317EUR EO       -1584841313   4512504183
EDENRED - NEW      0931985D FP       -1584841313   4512504183
EDENRED - NEW      1274857D FP       -1584841313   4512504183
EDENRED - NEW      EDENV EU          -1584841313   4512504183
EDENRED - NEW      EDENVEUR EO       -1584841313   4512504183
EDENRED SA-ADR     EDNMY US          -1584841313   4512504183
EDENRED-NEW        EDEN1EUR EU       -1584841313   4512504183
EDENRED-NEW        EDEN1EUR EO       -1584841313   4512504183
EDENRED-NEW        EDENV FP          -1584841313   4512504183
EDENRED-NEW        0931986D FP       -1584841313   4512504183
EDENRED-NEW        0675161D FP       -1584841313   4512504183
EDF EN OUTRE MER   4679713Z FP      -10380130.59    110553300
EDRASIS C. PSALL   EDRAR GA         -130082368.9  127166498.4
EDRASIS PSALIDAS   EDRA GA          -130082368.9  127166498.4
EDRASIS PSALIDAS   EPP GR           -130082368.9  127166498.4
EDRASIS PSALIDAS   EDRA PZ          -130082368.9  127166498.4
EDRASIS PSALIDAS   EDRA EU          -130082368.9  127166498.4
EDRASIS PSALIDAS   EDRA EO          -130082368.9  127166498.4
EDRASIS-AUCTION    EDRAE GA         -130082368.9  127166498.4
EIRCOM LTD         EIRCF US         -641146517.4   2926124913
EIRCOM LTD         91174Q GR        -641146517.4   2926124913
EIRCOM LTD         378739Q VX       -641146517.4   2926124913
EIRCOM LTD OLD     EIR ID           -641146517.4   2926124913
EIRCOM LTD-ADR     3327279Q US      -641146517.4   2926124913
EIRCOM LTD/OLD     314787Q LN       -641146517.4   2926124913
EITZEN CHEMI-ADR   EITZY US           -295420992    742657024
EITZEN CHEMICAL    1235289D NO        -295420992    742657024
EITZEN CHEMICAL    ECHEMO S2          -295420992    742657024
EITZEN CHEMICAL    CHEM NO            -295420992    742657024
EITZEN CHEMICAL    ECHEM EU           -295420992    742657024
EITZEN CHEMICAL    E8H GR             -295420992    742657024
EITZEN CHEMICAL    ECHEM BY           -295420992    742657024
EITZEN CHEMICAL    ECHEMO B3          -295420992    742657024
EITZEN CHEMICAL    ECHEM SS           -295420992    742657024
EITZEN CHEMICAL    ECHEM PZ           -295420992    742657024
EITZEN CHEMICAL    ECHEMEUR EU        -295420992    742657024
EITZEN CHEMICAL    ECHEMEUR EO        -295420992    742657024
EITZEN CHEMICAL    ECHM IX            -295420992    742657024
EITZEN CHEMICAL    ECHEM NO           -295420992    742657024
EITZEN CHEMICAL    ECHEM TQ           -295420992    742657024
EITZEN CHEMICAL    ECHEM EO           -295420992    742657024
EITZEN CHEMICAL    ECHEMO L3          -295420992    742657024
EITZEN CHEMICAL    EITZF US           -295420992    742657024
ELECTRABEL CUSTO   4469455Z AV      -24033524.65   3127573353
ELECTRAWINDS S-B   0699494D GR      -99949570.21  504294062.4
ELECTRAWINDS SE    EWID PO          -99949570.21  504294062.4
ELECTRAWINDS SE    ECT2 EO          -99949570.21  504294062.4
ELECTRAWINDS SE    EWI GR           -99949570.21  504294062.4
ELECTRAWINDS SE    ECT2 EU          -99949570.21  504294062.4
ELECTRAWINDS SE    EWID B3          -99949570.21  504294062.4
ELECTRAWINDS SE    EWID L3          -99949570.21  504294062.4
ELECTRAWINDS SE    EPNTF US         -99949570.21  504294062.4
ELECTRAWINDS SE    EWID S2          -99949570.21  504294062.4
ELEKTROSKANDIA N   4445033Z NO      -17035901.39  116343179.1
ELITE HOTELS ROT   3818480Z LN      -14885480.51    169830462
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 NM          -22067243.56  849175624.7
EM.TV & MERC-RTS   ETV8 GR          -22067243.56  849175624.7
EM.TV & MERCHAND   EMTVF US         -22067243.56  849175624.7
EM.TV & MERCHAND   ETV VX           -22067243.56  849175624.7
EM.TV & MERCHAND   985403Q GR       -22067243.56  849175624.7
EM.TV & MERCHAND   ETV NM           -22067243.56  849175624.7
EM.TV & MERCHAND   ETV LN           -22067243.56  849175624.7
EM.TV & MERCHAND   0881480D 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      EMIPF US          -2265973885   2950096964
EMI GROUP PLC      3020138Q GR       -2265973885   2950096964
EMI GROUP PLC      EMI VX            -2265973885   2950096964
EMI GROUP PLC      EMI IX            -2265973885   2950096964
EMI GROUP PLC-B    1019425Q LN       -2265973885   2950096964
EMI GROUP-ADR      38IS LN           -2265973885   2950096964
EMI GROUP-ADR      EMI$ LN           -2265973885   2950096964
EMI GROUP-ADR      EMIPY US          -2265973885   2950096964
EMPEDOS SA         EMPED GA         -33637669.62  174742646.9
EMPEDOS SA         EMPEDEUR EO      -33637669.62  174742646.9
EMPEDOS SA         EMPEDEUR EU      -33637669.62  174742646.9
EMPEDOS SA-RTS     EMPEDR GA        -33637669.62  174742646.9
EMPIK MEDIA        EMF EO           -8033330.642  503244854.3
EMPIK MEDIA        EMFW S2          -8033330.642  503244854.3
EMPIK MEDIA        EMFEUR EO        -8033330.642  503244854.3
EMPIK MEDIA        EMFW PO          -8033330.642  503244854.3
EMPIK MEDIA        EMFEUR EU        -8033330.642  503244854.3
EMPIK MEDIA        EMF PW           -8033330.642  503244854.3
EMPIK MEDIA        EMFW B3          -8033330.642  503244854.3
EMPIK MEDIA        EMFW L3          -8033330.642  503244854.3
EMPIK MEDIA        EMF EU           -8033330.642  503244854.3
EMPRESA DE DESEN   3635623Z PL      -474057586.2  908088594.2
ENER PETROLEUM A   ENEPF US         -49442800.46  261409223.6
ENERGOMASHSPETCS   ENMA UZ          -68443300.44  270140137.7
ENERGY POWER RES   510443Z LN       -33955843.59  146607640.8
EQUANT NV          EQU FP           -161280537.3  766114863.8
EQUANT NV          EQT LN           -161280537.3  766114863.8
EQUANT NV          178235Z FP       -161280537.3  766114863.8
EQUANT NV          815090Q GR       -161280537.3  766114863.8
EQUANT NV          EQU VX           -161280537.3  766114863.8
EQUANT NV          ENTTF US         -161280537.3  766114863.8
EQUANT NV          EQATF US         -161280537.3  766114863.8
EQUANT NV-EX DIS   ENT-W US         -161280537.3  766114863.8
EQUANT NV-NY SHR   EQUR GR          -161280537.3  766114863.8
EQUANT NV-NY SHR   688153Q US       -161280537.3  766114863.8
EQUITY INSURANCE   1675200Z LN      -111525678.8  387274841.6
ERM GROUP HOLDIN   3125976Z LN        -175924992    616248000
ESTALEIROS NAVAI   4507307Z PL        -182902840    188576452
ETEM -RTS          ETEMR GA          -7598573.75  160361172.3
ETEM-LIGHT METAL   ETEM EO           -7598573.75  160361172.3
ETEM-LIGHT METAL   ETEM EU           -7598573.75  160361172.3
ETEM-LIGHT METAL   ETEM GA           -7598573.75  160361172.3
ETEM-LIGHT METAL   ETEM PZ           -7598573.75  160361172.3
ETHEL AUSTIN INV   1089202Z LN      -38259689.04  225745160.1
ETHICAL HLDG-ADR   ETHCY US            -88448000    171107008
EUPHONY HOLDINGS   4449041Z LN      -22471921.86  112865190.8
EURCO FINANCE      3799980Z ID      -48644964.48  679151283.8
EUROCOMMERCE HOL   4174085Z NA      -1476.300001   1442043983
EURODEP            4680905Z FP      -20980092.52  199599003.5
EUROMEDICA         EUMED GA         -196057417.2  571503101.7
EUROMEDICA SA      EUROMY PO        -133733107.4  505560228.8
EUROMEDICA SA      EUROM EU         -133733107.4  505560228.8
EUROMEDICA SA      DNX GR           -133733107.4  505560228.8
EUROMEDICA SA      EUROM EO         -133733107.4  505560228.8
EUROMEDICA SA      EUROMY L3        -133733107.4  505560228.8
EUROMEDICA SA      EUROM GA         -133733107.4  505560228.8
EUROMEDICA SA      EUROMY B3        -133733107.4  505560228.8
EUROMEDICA SA      EUROM PZ         -133733107.4  505560228.8
EUROMEDICA SA      DNXA GR          -133733107.4  505560228.8
EUROMEDICA SA      EUROMY S2        -133733107.4  505560228.8
EUROMEDICA SA      EUMDF US         -196057417.2  571503101.7
EUROPEAN HOME      EHR3 EO          -14328734.27  110864074.5
EUROPEAN HOME      EHRGBP EO        -14328734.27  110864074.5
EUROPEAN HOME      EHR9 EO          -14328734.27  110864074.5
EUROPEAN HOME      EHR7 EO          -14328734.27  110864074.5
EUROPEAN HOME      EHR LN           -14328734.27  110864074.5
EUROPEAN HOME      EHR8 EO          -14328734.27  110864074.5
EUROPEAN HOME      EHREUR EU        -14328734.27  110864074.5
EUROPEAN HOME      EHR4 EO          -14328734.27  110864074.5
EUROPEAN HOME      EHR VX           -14328734.27  110864074.5
EUROPEAN HOME      EHR6 EO          -14328734.27  110864074.5
EUROPEAN HOME      EHREUR EO        -14328734.27  110864074.5
EUROPEAN HOME      FPAKF US         -14328734.27  110864074.5
EUROPEAN HOME      EHR EO           -14328734.27  110864074.5
EUROPEAN HOME      EHR1 EO          -14328734.27  110864074.5
EUROPEAN HOME      EHR10 EO         -14328734.27  110864074.5
EUROPEAN HOME      EHR5 EO          -14328734.27  110864074.5
EUROPEAN HOME      EHR PO           -14328734.27  110864074.5
EUROPEAN HOME      EHR2 EO          -14328734.27  110864074.5
EUROPEAN HOME      EHR PZ           -14328734.27  110864074.5
EUROPEAN HOME      EHR EU           -14328734.27  110864074.5
EUROPEAN HOME      KLZ VX           -14328734.27  110864074.5
EUROPEAN HOME      KLZ PO           -14328734.27  110864074.5
EUROPEAN MARITIM   4523543Z NA      -34804363.97  347312502.4
EVRAZ DNIPROPETR   DMZP UZ          -271651767.6  206342929.9
EXPERT NORGE AS    4444681Z NO      -7915470.255    138176736
EXPLORER NV        4289181Z BB      -38833909.74  237288467.6
EXXONMOBIL MARIN   1196527Z LN      -12472541.39  165900206.8
FACEO FM           4690137Z FP      -1109089.079  243429434.2
FACONNABLE SA      226782Z FP       -135489494.6  114660790.1
FAR EASTERN GENE   DVGC RU          -287701852.5   1300213857
FAREPAK PLC        FPK LN           -14328734.27  110864074.5
FATFACE GROUP LT   8249218Z LN      -8872478.054  373685446.6
FBEX PROMO INMOB   3745024Z SM      -820030.3857   1142978438
FENERBAHCE         FEBHF US         -155975698.8    126726284
FENERBAHCE FUTBO   FENER TI         -155975698.8    126726284
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 EU          -102379482.8  427577243.8
FERGO AISA SA      AISA TQ          -102379482.8  427577243.8
FERGO AISA SA      AISA PZ          -102379482.8  427577243.8
FERGO AISA SA      AISA SM          -102379482.8  427577243.8
FINAN ST FIACRE    STFI FP          -1274873.644  111191494.1
FINANCIAL LEASIN   FLKO RM          -223005888.9  203003201.1
FINANCIAL LEASIN   FLKO* RU         -223005888.9  203003201.1
FINANCIAL LEASIN   FLKO RU          -223005888.9  203003201.1
FINANCIAL LEASIN   137282Z RU       -223005888.9  203003201.1
FINANCIAL SERVIC   2630281Z LN      -105700509.6  414966448.4
FINANCIETOREN NV   3729210Z BB      -79646965.76  731800789.5
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      FMTAF US         -126386016.2  281256000.7
FINMATICA SPA      FIN NM           -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
FLECTAT LTD        1160967Z LN      -46022004.56   2832302323
FLOWTECH LTD       499847Z LN       -21615316.78  106259293.7
FNAC PARIS SA      4517559Z FP      -17638041.28  142283698.6
FOL INTERNATIONA   4513251Z ID      -73407123.12  337876005.2
FORD MOTOR CO LT   1291306Z LN      -926039399.1   5261361595
FORTHNET R-R       FORTV10 GA       -145185380.8  557158619.5
FORTHNET REPO      FORTL10 GA       -145185380.8  557158619.5
FORTHNET SA        FORTH EU         -145185380.8  557158619.5
FORTHNET SA        FORTH EO         -145185380.8  557158619.5
FORTHNET SA        FN61 GR          -145185380.8  557158619.5
FORTHNET SA        FRHNF US         -145185380.8  557158619.5
FORTHNET SA        FORTHY S2        -145185380.8  557158619.5
FORTHNET SA        FNETF US         -145185380.8  557158619.5
FORTHNET SA        FORTHY L3        -145185380.8  557158619.5
FORTHNET SA        FORTH PZ         -145185380.8  557158619.5
FORTHNET SA        FORTHY B3        -145185380.8  557158619.5
FORTHNET SA        FORTH GA         -145185380.8  557158619.5
FORTHNET SA        FORTHY PO        -145185380.8  557158619.5
FORTHNET SA        FN6 GR           -145185380.8  557158619.5
FORTHNET SA- RTS   FORTHEUR EO      -145185380.8  557158619.5
FORTHNET SA- RTS   FORTHEUR EU      -145185380.8  557158619.5
FORTHNET SA- RTS   FORTHR GA        -145185380.8  557158619.5
FORTHNET SA-RT     2905043Q GA      -145185380.8  557158619.5
FORTHNET SA-RTS    0918102D GA      -145185380.8  557158619.5
FORTHNET-AUCTION   FORTHE GA        -145185380.8  557158619.5
FOUR SEASONS HEA   1865450Z LN      -70922359.13  339298185.3
FRANCE TEL-CVG     WFA US           -161280537.3  766114863.8
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      -56979412.48  126916995.8
FRESHWATER FINAN   699575Z ID       -351502416.6   2128985394
FRUIT OF THE LOO   4459361Z ID      -148264849.1  362413542.6
FUGRO-GEOTEAM AS   4777049Z NO      -120497717.1  158917927.3
FUJITSU SIEMENS    2332Z NA         -3856160.021   2920765776
FUND FOR ORDERED   3451402Z SM       -2411855924  12405762920
FW FARNSWORTH LT   1293386Z LN      -65739932.28  107240946.6
G4S SECURE SOL     1383954Z LN      -98910616.11  439870371.2
GALATASARAY SPOR   GSY GR           -52814680.79  277024901.1
GALATASARAY SPOR   1092028D TI      -52814680.79  277024901.1
GALATASARAY SPOR   GSRAYR TI        -52814680.79  277024901.1
GALATASARAY SPOR   GSRAY TI         -52814680.79  277024901.1
GALATASARAY SPOR   1092031D TI      -52814680.79  277024901.1
GALATASARAY SPOR   GALA IX          -52814680.79  277024901.1
GALATASARAY SPOR   1092030D TI      -52814680.79  277024901.1
GALATASARAY SPOR   GATSF US         -52814680.79  277024901.1
GALATASARAY-NEW    GSRAYY TI        -52814680.79  277024901.1
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
GE POWER CONTROL   3744144Z SM       -96711575.3  106573693.4
GENERAL MOTORS     1062338Z LN       -1050450006   1467250566
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
GLITNIR BANKI HF   3045032Q EO      -10370699971   7530569917
GLITNIR BANKI HF   3045028Q EU      -10370699971   7530569917
GLITNIR BANKI HF   3045040Q EO      -10370699971   7530569917
GLITNIR BANKI HF   3045036Q EU      -10370699971   7530569917
GLITNIR BANKI HF   4118501Q PZ      -10370699971   7530569917
GLITNIR HF         GLB IR           -10370699971   7530569917
GLOBAL CROSSING    3629883Z LN      -629418516.5  429046146.8
GRANDE PAROISSE    GDPXF US         -927267926.9    629287290
GRANDE PAROISSE    GAPA FP          -927267926.9    629287290
GRANDE PAROISSE    GDPA FP          -927267926.9    629287290
GRANDES ALMACENE   4376721Z SM      -6342478.213  162039364.8
GRANDS MOU PARIS   2034Q FP         -6439463.239  201491758.9
GREAT EASTERN HO   1708272Z LN      -5065882.795  153629770.7
GREEK POSTAL SAV   PSVGF US          -3664576080  17426314152
GREEN WIND ENERG   GWEUR EU         -11320362.36    176234024
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 EU            -11320362.36    176234024
GREEN WIND ENERG   GW PZ            -11320362.36    176234024
GREEN WIND ENERG   GW BY            -11320362.36    176234024
GREEN WIND ENERG   GW EO            -11320362.36    176234024
GROUPE PROGRES S   4734137Z FP      -145582524.5  135577203.6
GRUPO EMPRESARIA   GSJ TQ           -34465002.43   1069857132
GRUPO EMPRESARIA   GSJ SM           -34465002.43   1069857132
GRUPO EMPRESARIA   GSJ S1           -34465002.43   1069857132
GRUPO EMPRESARIA   GSJE S2          -34465002.43   1069857132
GRUPO EMPRESARIA   GSJ PZ           -34465002.43   1069857132
GRUPO EMPRESARIA   GSJ EB           -34465002.43   1069857132
GRUPO EMPRESARIA   GSJE PO          -34465002.43   1069857132
GRUPO EMPRESARIA   GSJ IX           -34465002.43   1069857132
GRUPO EMPRESARIA   GSJE L3          -34465002.43   1069857132
GRUPO EMPRESARIA   GSJ EU           -34465002.43   1069857132
GRUPO EMPRESARIA   GSJ EO           -34465002.43   1069857132
GRUPO EMPRESARIA   GSJE B3          -34465002.43   1069857132
GRUPO SOAR-PFD     SDCPEUR EO       -18848942.22  421456035.6
GRUPO SOAR-PFD     SDCPU PO         -18848942.22  421456035.6
GRUPO SOAR-PFD     SCOP EU          -18848942.22  421456035.6
GRUPO SOAR-PFD     SCOP EB          -18848942.22  421456035.6
GRUPO SOAR-PFD     SCOP EO          -18848942.22  421456035.6
GRUPO SOAR-PFD     SCOP PZ          -18848942.22  421456035.6
GRUPO SOAR-PFD     SDCPEUR EU       -18848942.22  421456035.6
GRUPO SOAR-PFD     SCOP IX          -18848942.22  421456035.6
GRUPO SOAR-PFD     SCOPX PX         -18848942.22  421456035.6
GRUPO SOAR-PFD     SDCP PL          -18848942.22  421456035.6
GRUPO SOAR-PFD     SCOP PL          -18848942.22  421456035.6
GRUPO SOARES DA    SCO PL           -18848942.22  421456035.6
GRUPO SOARES DA    SCOAE PZ         -18848942.22  421456035.6
GRUPO SOARES DA    SCOA IX          -18848942.22  421456035.6
GRUPO SOARES DA    SCO NQ           -18848942.22  421456035.6
GRUPO SOARES DA    SCOPU B3         -18848942.22  421456035.6
GRUPO SOARES DA    SCOPU L3         -18848942.22  421456035.6
GRUPO SOARES DA    SCOPU S2         -18848942.22  421456035.6
GRUPO SOARES DA    SCOAE PL         -18848942.22  421456035.6
GRUPO SOARES DA    SCO QM           -18848942.22  421456035.6
GRUPO TAVEX SA     TVXE L3          -10622070.67    655950832
GRUPO TAVEX SA     TV3 GR           -10622070.67    655950832
GRUPO TAVEX SA     TVXAF US         -10622070.67    655950832
GRUPO TAVEX SA     TVX EB           -10622070.67    655950832
GRUPO TAVEX SA     TVXE B3          -10622070.67    655950832
GRUPO TAVEX SA     TVX EU           -10622070.67    655950832
GRUPO TAVEX SA     TVX IX           -10622070.67    655950832
GRUPO TAVEX SA     TVXE S2          -10622070.67    655950832
GRUPO TAVEX SA     TVX TQ           -10622070.67    655950832
GRUPO TAVEX SA     TVX EO           -10622070.67    655950832
GRUPO TAVEX SA     TVX S1           -10622070.67    655950832
GRUPO TAVEX SA     TVX SM           -10622070.67    655950832
GS MULTI-CURRENC   4780921Z ID      -218031502.7   1766463253
GUENTHER & SOHN    GUS GR           -9612095.264    130075209
GUENTHER & SOHN    GUS EU           -9612095.264    130075209
GUENTHER & SOHN    GUS EO           -9612095.264    130075209
GUENTHER & SOHN    0876248D PZ      -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
HALCROW HOLDINGS   3892894Z LN      -483549930.1  279175214.8
HALS-DEVEL- GDR    86PN LN          -449760506.9   2176460470
HALS-DEVEL- GDR    86PN LI          -449760506.9   2176460470
HALS-DEVELOPMENT   HALSG RU         -449760506.9   2176460470
HALS-DEVELOPMENT   HALS RM          -449760506.9   2176460470
HALS-DEVELOPMENT   SYR GR           -449760506.9   2176460470
HALS-DEVELOPMENT   HALSM RU         -449760506.9   2176460470
HALS-DEVELOPMENT   HALS* RU         -449760506.9   2176460470
HALS-DEVELOPMENT   HALSL S2         -449760506.9   2176460470
HALS-DEVELOPMENT   HALS TQ          -449760506.9   2176460470
HALS-DEVELOPMENT   HALS LI          -449760506.9   2176460470
HALS-DEVELOPMENT   HALS RU          -449760506.9   2176460470
HALS-DEVELOPMENT   HALSL BQ         -449760506.9   2176460470
HALS-DEVELOPMENT   HALSL PO         -449760506.9   2176460470
HALS-DEVELOPMENT   HALSL B3         -449760506.9   2176460470
HALS-DEVELOPMENT   HALSUSD EO       -449760506.9   2176460470
HALS-DEVELOPMENT   HALS EB          -449760506.9   2176460470
HALS-DEVELOPMENT   HALSL L3         -449760506.9   2176460470
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        HZI1 GR          -54973436.99  102255716.8
HATZIOANNOU        HATZK EU         -54973436.99  102255716.8
HATZIOANNOU        HATZK EO         -54973436.99  102255716.8
HATZIOANNOU        HATZK GA         -54973436.99  102255716.8
HATZIOANNOU ANON   HATZP EU         -54973436.99  102255716.8
HATZIOANNOU ANON   HATZP PZ         -54973436.99  102255716.8
HATZIOANNOU ANON   HATZP GA         -54973436.99  102255716.8
HATZIOANNOU ANON   HATZP EO         -54973436.99  102255716.8
HATZIOANNOU-RTS    HATZKR GA        -54973436.99  102255716.8
HAYMARKET GROUP    4158941Z LN       -72068008.6  252361040.7
HBPOLSKA           HBPEUR EU        -239476687.5  175703330.6
HBPOLSKA           HBP PW           -239476687.5  175703330.6
HBPOLSKA           HBP EU           -239476687.5  175703330.6
HBPOLSKA           HBPEUR EO        -239476687.5  175703330.6
HBPOLSKA           HBW PW           -239476687.5  175703330.6
HBPOLSKA           HBP LI           -239476687.5  175703330.6
HBPOLSKA           HBWL PZ          -239476687.5  175703330.6
HBPOLSKA           HBP EO           -239476687.5  175703330.6
HBPOLSKA-PD-ALLT   HBPA PW          -239476687.5  175703330.6
HELI-ONE NORWAY    4632761Z NO      -79370156.68    663779418
HELLAS ONLIN-RTS   HOLR GA          -17509885.14  330274021.3
HELLAS ONLINE SA   UN5 GR           -17509885.14  330274021.3
HELLAS ONLINE SA   HOLY L3          -17509885.14  330274021.3
HELLAS ONLINE SA   HOL GA           -17509885.14  330274021.3
HELLAS ONLINE SA   HOLY B3          -17509885.14  330274021.3
HELLAS ONLINE SA   BRAIN PZ         -17509885.14  330274021.3
HELLAS ONLINE SA   BRAIN GA         -17509885.14  330274021.3
HELLAS ONLINE SA   BRAIN EO         -17509885.14  330274021.3
HELLAS ONLINE SA   0394471Q GA      -17509885.14  330274021.3
HELLAS ONLINE SA   BRAIN EU         -17509885.14  330274021.3
HELLAS ONLINE SA   HOLY S2          -17509885.14  330274021.3
HELLENIC S-AUCT    HSIE GA          -24226283.77  236652290.8
HELLENIC SUGAR     HIS GA           -24226283.77  236652290.8
HELLENIC SUGAR     HSI EU           -24226283.77  236652290.8
HELLENIC SUGAR     HSI1 PZ          -24226283.77  236652290.8
HELLENIC SUGAR     HSI GA           -24226283.77  236652290.8
HELLENIC SUGAR     HSIY B3          -24226283.77  236652290.8
HELLENIC SUGAR     HSIY L3          -24226283.77  236652290.8
HELLENIC SUGAR     HSIY PO          -24226283.77  236652290.8
HELLENIC SUGAR     HSIY S2          -24226283.77  236652290.8
HELLENIC SUGAR     HE7 GR           -24226283.77  236652290.8
HELLENIC SUGAR     HSI EO           -24226283.77  236652290.8
HERSAL-INVESTIME   4764577Z PL      -25242472.01  595266653.4
HESS INDONESIA P   1705776Z LN         -22193000    816726976
HEWLETT-PACKARD    1963382Z LN      -909454604.5   4585176328
HEWLETT-PACKARD    4470239Z FP      -244195175.5   1053527540
HIBU PLC           HIBU EB           -2257521127   2120614224
HIBU PLC           YELLGBP EO        -2257521127   2120614224
HIBU PLC           HIBUEUR EU        -2257521127   2120614224
HIBU PLC           YELLUSD EU        -2257521127   2120614224
HIBU PLC           HIBU TQ           -2257521127   2120614224
HIBU PLC           YELLEUR EO        -2257521127   2120614224
HIBU PLC           YELLEUR EU        -2257521127   2120614224
HIBU PLC           YELL EU           -2257521127   2120614224
HIBU PLC           YEL EO            -2257521127   2120614224
HIBU PLC           YELGF US          -2257521127   2120614224
HIBU PLC           YELL7 EO          -2257521127   2120614224
HIBU PLC           YELL4 EO          -2257521127   2120614224
HIBU PLC           YELL8 EO          -2257521127   2120614224
HIBU PLC           HIBU BQ           -2257521127   2120614224
HIBU PLC           HIBU EU           -2257521127   2120614224
HIBU PLC           YE1 GK            -2257521127   2120614224
HIBU PLC           HIBU QM           -2257521127   2120614224
HIBU PLC           YELL5 EO          -2257521127   2120614224
HIBU PLC           HIBUI GR          -2257521127   2120614224
HIBU PLC           YELL1 EO          -2257521127   2120614224
HIBU PLC           HIBU1 EO          -2257521127   2120614224
HIBU PLC           YELL3 EO          -2257521127   2120614224
HIBU PLC           YELL9 EO          -2257521127   2120614224
HIBU PLC           YELLUSD EO        -2257521127   2120614224
HIBU PLC           YELL6 EO          -2257521127   2120614224
HIBU PLC           HIBU LN           -2257521127   2120614224
HIBU PLC           HIBU PZ           -2257521127   2120614224
HIBU PLC           HIBUGBP EO        -2257521127   2120614224
HIBU PLC           YELL NR           -2257521127   2120614224
HIBU PLC           YELL2 EO          -2257521127   2120614224
HIBU PLC           YELL EO           -2257521127   2120614224
HIBU PLC           YELL QM           -2257521127   2120614224
HIBU PLC           YELL TQ           -2257521127   2120614224
HIBU PLC           YE1 GR            -2257521127   2120614224
HIBU PLC           YELL EB           -2257521127   2120614224
HIBU PLC           YELL BQ           -2257521127   2120614224
HIBU PLC           YELL S1           -2257521127   2120614224
HIBU PLC           HIBU IX           -2257521127   2120614224
HIBU PLC           HIBUUSD EU        -2257521127   2120614224
HIBU PLC           HIBU EO           -2257521127   2120614224
HIBU PLC           YELL IX           -2257521127   2120614224
HIBU PLC-ADR       YELGY US          -2257521127   2120614224
HIDRODATA SA       3635591Z SM      -51941488.18  216193613.3
HIGHLANDS & ISLA   3965324Z LN       -17267598.2  151175056.7
HIPPO GESTION ET   4732841Z FP      -11276215.78  121769659.7
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      HMV7 EO          -218494079.6  415854059.2
HMV GROUP PLC      HM4 GK           -218494079.6  415854059.2
HMV GROUP PLC      HMV5 EO          -218494079.6  415854059.2
HMV GROUP PLC      HMV8 EO          -218494079.6  415854059.2
HMV GROUP PLC      HMV EB           -218494079.6  415854059.2
HMV GROUP PLC      HMV PZ           -218494079.6  415854059.2
HMV GROUP PLC      HMV LN           -218494079.6  415854059.2
HMV GROUP PLC      HMV NR           -218494079.6  415854059.2
HMV GROUP PLC      HMV S1           -218494079.6  415854059.2
HMV GROUP PLC      HMVMF US         -218494079.6  415854059.2
HMV GROUP PLC      HMV4 EO          -218494079.6  415854059.2
HMV GROUP PLC      HMV IX           -218494079.6  415854059.2
HMV GROUP PLC      HMV EU           -218494079.6  415854059.2
HMV GROUP PLC      HMV EO           -218494079.6  415854059.2
HMV GROUP PLC      HMV9 EO          -218494079.6  415854059.2
HMV GROUP PLC      HMV NQ           -218494079.6  415854059.2
HMV GROUP PLC      HMVGBP EO        -218494079.6  415854059.2
HMV GROUP PLC      HMV6 EO          -218494079.6  415854059.2
HMV GROUP PLC      HMVEUR EO        -218494079.6  415854059.2
HMV GROUP PLC      HMV2 EO          -218494079.6  415854059.2
HMV GROUP PLC      HMV TQ           -218494079.6  415854059.2
HMV GROUP PLC      HM4 GR           -218494079.6  415854059.2
HMV GROUP PLC      HMV3 EO          -218494079.6  415854059.2
HMV GROUP PLC      HMV QM           -218494079.6  415854059.2
HMV GROUP PLC      HMV1 EO          -218494079.6  415854059.2
HMV GROUP PLC      HMV10 EO         -218494079.6  415854059.2
HMV GROUP PLC      HMV VX           -218494079.6  415854059.2
HMV GROUP PLC      HMVEUR EU        -218494079.6  415854059.2
HMV GROUP PLC      HMV BQ           -218494079.6  415854059.2
HMV GROUP PLC      HMVUSD EO        -218494079.6  415854059.2
HMV GROUP PLC      HMV PO           -218494079.6  415854059.2
HMV GROUP PLC      HMVUSD EU        -218494079.6  415854059.2
HOEGH AUTOLINERS   4288645Z NO      -74010122.73   1754917660
HOGG ROBINSON GR   HRGL S2          -108057041.3  668380297.8
HOGG ROBINSON GR   HRG6 EO          -108057041.3  668380297.8
HOGG ROBINSON GR   HRG LN           -108057041.3  668380297.8
HOGG ROBINSON GR   HRGEUR EU        -108057041.3  668380297.8
HOGG ROBINSON GR   HRG IX           -108057041.3  668380297.8
HOGG ROBINSON GR   HRG7 EO          -108057041.3  668380297.8
HOGG ROBINSON GR   DQX GR           -108057041.3  668380297.8
HOGG ROBINSON GR   HRG10 EO         -108057041.3  668380297.8
HOGG ROBINSON GR   HRGL PO          -108057041.3  668380297.8
HOGG ROBINSON GR   HRG2 EO          -108057041.3  668380297.8
HOGG ROBINSON GR   HRG5 EO          -108057041.3  668380297.8
HOGG ROBINSON GR   HRG S1           -108057041.3  668380297.8
HOGG ROBINSON GR   HRGGBP EO        -108057041.3  668380297.8
HOGG ROBINSON GR   HRG EO           -108057041.3  668380297.8
HOGG ROBINSON GR   HRG PZ           -108057041.3  668380297.8
HOGG ROBINSON GR   HRGL B3          -108057041.3  668380297.8
HOGG ROBINSON GR   HRG4 EO          -108057041.3  668380297.8
HOGG ROBINSON GR   HRGEUR EO        -108057041.3  668380297.8
HOGG ROBINSON GR   HRG9 EO          -108057041.3  668380297.8
HOGG ROBINSON GR   HOGGF US         -108057041.3  668380297.8
HOGG ROBINSON GR   HRG EU           -108057041.3  668380297.8
HOGG ROBINSON GR   HRG11 EO         -108057041.3  668380297.8
HOGG ROBINSON GR   HRGL IX          -108057041.3  668380297.8
HOGG ROBINSON GR   HRGL EB          -108057041.3  668380297.8
HOGG ROBINSON GR   HRG8 EO          -108057041.3  668380297.8
HOGG ROBINSON GR   HRG VX           -108057041.3  668380297.8
HOGG ROBINSON GR   HRGL L3          -108057041.3  668380297.8
HOGG ROBINSON GR   HRG3 EO          -108057041.3  668380297.8
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      -19843.75064  208161796.3
HOOVER LTD         4380321Z LN      -155286370.7  182855507.8
HOSPITAL DE FARO   3789880Z PL      -39940408.05  525339055.1
HOSPITAL DISTRIT   3778128Z PL      -10535872.48  108186725.8
HOSPITAL DO DIVI   3789932Z PL      -194376369.9  195688884.2
HUISVUILCENTRALE   4777713Z NA      -96523.00358   1420935808
HUNE PLATAFORMAS   4284309Z SM      -34729091.55  417373379.8
HUNGARIAN TELEPH   HUGC IX            -187076880   1192440960
HUNGARIAN TELEPH   HUC EX             -187076880   1192440960
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 EU           -209432168.7    202700610
I VIAGGI DEL VEN   VVE EO           -209432168.7    202700610
I VIAGGI DEL VEN   VVE TQ           -209432168.7    202700610
I VIAGGI DEL VEN   VVE IX           -209432168.7    202700610
I VIAGGI DEL VEN   IV7 GR           -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 IM           -209432168.7    202700610
I VIAGGI-RTS       VVEAA IM         -209432168.7    202700610
IDEAL STANDARD I   0288212Z LX       -2019974141   1134012036
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          -5243204.755  130041029.9
INCISIVE MED-ASD   INMA LN          -86381452.08  110502446.1
INCISIVE MEDIA     INM IX           -86381452.08  110502446.1
INCISIVE MEDIA     INM PO           -86381452.08  110502446.1
INCISIVE MEDIA     2290657Q LN      -86381452.08  110502446.1
INCISIVE MEDIA     4030Z 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
INDIVIOR PLC       INDVL S1         -475000018.1  747000000.5
INDIVIOR PLC       INDV LN          -475000018.1  747000000.5
INDIVIOR PLC       2IV GR           -475000018.1  747000000.5
INDIVIOR PLC       INDVL BQ         -475000018.1  747000000.5
INDIVIOR PLC       INDVL PO         -475000018.1  747000000.5
INDIVIOR PLC       1186494D GR      -475000018.1  747000000.5
INDIVIOR PLC       2IVD PO          -475000018.1  747000000.5
INDIVIOR PLC       0678492D LN      -475000018.1  747000000.5
INDIVIOR PLC       2IV QT           -475000018.1  747000000.5
INDIVIOR PLC       2IV TH           -475000018.1  747000000.5
INDIVIOR PLC       INDVL TQ         -475000018.1  747000000.5
INDIVIOR PLC       INDVGBX EO       -475000018.1  747000000.5
INDIVIOR PLC       INDVL L3         -475000018.1  747000000.5
INDIVIOR PLC       2IVD L3          -475000018.1  747000000.5
INDIVIOR PLC       INDVEUR EU       -475000018.1  747000000.5
INDIVIOR PLC       INDVEUR EO       -475000018.1  747000000.5
INDIVIOR PLC       INDVL B3         -475000018.1  747000000.5
INDIVIOR PLC       2IVD B3          -475000018.1  747000000.5
INDIVIOR PLC       INDVGBX EU       -475000018.1  747000000.5
INDIVIOR PLC       INDVUSD EU       -475000018.1  747000000.5
INDIVIOR PLC       INDVUSD EO       -475000018.1  747000000.5
INDIVIOR PLC       IZQVF US         -475000018.1  747000000.5
INDIVIOR PLC       INDVL EB         -475000018.1  747000000.5
INDIVIOR PLC       INDVL IX         -475000018.1  747000000.5
INDIVIOR PLC       INDVL QX         -475000018.1  747000000.5
INDIVIOR PLC-ADR   2IVA GR          -475000018.1  747000000.5
INDIVIOR PLC-ADR   INVVY US         -475000018.1  747000000.5
INDUSTRIBO-B       INBOB DC         -49485067.68  159639319.3
INDUSTRIBO-B       FRMHB DC         -49485067.68  159639319.3
INDUSTRIE FINCUO   4270053Z IM      -15676157.12  111118283.9
INFRAESTRUCTURAS   3639039Z SM      -14511951.75  257249100.4
INFRASERV GMBH &   3999Z GR         -4969555.784   1442733460
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      ACIRF US         -30518620.96  237456447.8
INTEGRALIS AG      AAGN PZ          -30518620.96  237456447.8
INTEGRALIS AG      AAGN IX          -30518620.96  237456447.8
INTEGRALIS AG      AAGN TH          -30518620.96  237456447.8
INTEGRALIS-NEW     AAGM EU          -30518620.96  237456447.8
INTEGRALIS-NEW     AAGM EO          -30518620.96  237456447.8
INTEGRALIS-NEW     AAGM GR          -30518620.96  237456447.8
INTELSAT GLOBAL    0440101D US        -615132992  16468527104
INTELSAT SA        I US               -615132992  16468527104
INTELSAT SA        IJSA GR            -615132992  16468527104
INTERCONTIN-ADR    IC1E GR            -495000000   3235000064
INTERCONTIN-ADR    IHGA LN            -495000000   3235000064
INTERCONTIN-ADR    IHG US             -495000000   3235000064
INTERCONTIN-ADR    IHG-W US           -495000000   3235000064
INTERCONTIN-ADR    IC1C GR            -495000000   3235000064
INTERCONTINENTAL   INCNF US           -495000000   3235000064
INTERCONTINENTAL   IHGL L3            -495000000   3235000064
INTERCONTINENTAL   IHGL S2            -495000000   3235000064
INTERCONTINENTAL   IC1D GR            -495000000   3235000064
INTERCONTINENTAL   ICHGF US           -495000000   3235000064
INTERCONTINENTAL   IHGUSD EU          -495000000   3235000064
INTERCONTINENTAL   IHG2 EO            -495000000   3235000064
INTERCONTINENTAL   0615615D GR        -495000000   3235000064
INTERCONTINENTAL   IHGCHF EO          -495000000   3235000064
INTERCONTINENTAL   IHGL B3            -495000000   3235000064
INTERCONTINENTAL   IHG TQ             -495000000   3235000064
INTERCONTINENTAL   IHGEUR EU          -495000000   3235000064
INTERCONTINENTAL   IHGL PO            -495000000   3235000064
INTERCONTINENTAL   IHG3 EO            -495000000   3235000064
INTERCONTINENTAL   IHG6 EO            -495000000   3235000064
INTERCONTINENTAL   IHG10 EO           -495000000   3235000064
INTERCONTINENTAL   IHG LN             -495000000   3235000064
INTERCONTINENTAL   IHG PO             -495000000   3235000064
INTERCONTINENTAL   IC1A GK            -495000000   3235000064
INTERCONTINENTAL   IHG S1             -495000000   3235000064
INTERCONTINENTAL   IC1 GR             -495000000   3235000064
INTERCONTINENTAL   ICHGFN PO          -495000000   3235000064
INTERCONTINENTAL   IHG8 EO            -495000000   3235000064
INTERCONTINENTAL   IHG NQ             -495000000   3235000064
INTERCONTINENTAL   IHG5 EO            -495000000   3235000064
INTERCONTINENTAL   IHG7 EO            -495000000   3235000064
INTERCONTINENTAL   ICHGFN L3          -495000000   3235000064
INTERCONTINENTAL   ICHGFN B3          -495000000   3235000064
INTERCONTINENTAL   IHG4 EO            -495000000   3235000064
INTERCONTINENTAL   IHG PZ             -495000000   3235000064
INTERCONTINENTAL   IHG9 EO            -495000000   3235000064
INTERCONTINENTAL   IHG EB             -495000000   3235000064
INTERCONTINENTAL   IHG VX             -495000000   3235000064
INTERCONTINENTAL   IHGUSD EO          -495000000   3235000064
INTERCONTINENTAL   IC1A GR            -495000000   3235000064
INTERCONTINENTAL   IHG NR             -495000000   3235000064
INTERCONTINENTAL   ICHGD US           -495000000   3235000064
INTERCONTINENTAL   IHGGBP EO          -495000000   3235000064
INTERCONTINENTAL   IHG IX             -495000000   3235000064
INTERCONTINENTAL   IHG QX             -495000000   3235000064
INTERCONTINENTAL   IHGEUR EO          -495000000   3235000064
INTERCONTINENTAL   IHGPEN EO          -495000000   3235000064
INTERCONTINENTAL   IC1B GR            -495000000   3235000064
INTERCONTINENTAL   IHG11 EO           -495000000   3235000064
INTERCONTINENTAL   IHGPEN EU          -495000000   3235000064
INTERCONTINENTAL   IHGCHF EU          -495000000   3235000064
INTERCONTINENTAL   IHG EU             -495000000   3235000064
INTERCONTINENTAL   0616112D NR        -495000000   3235000064
INTERCONTINENTAL   IHG QM             -495000000   3235000064
INTERCONTINENTAL   IHG EO             -495000000   3235000064
INTERCONTINENTAL   988082Q GR         -495000000   3235000064
INTERCONTINENTAL   IHG BQ             -495000000   3235000064
INTERCONTINENTAL   IHGOF US           -495000000   3235000064
INTU METROCENTRE   1203663Z LN      -302495159.7  419782439.6
INVITEL HOLD-ADR   IHO US             -187076880   1192440960
INVITEL HOLD-ADR   INVHY US           -187076880   1192440960
INVITEL HOLD-ADR   0IN GR             -187076880   1192440960
INVITEL HOLDINGS   3212873Z HB        -187076880   1192440960
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
ISLANDSBANKI HF    ISBA IR          -10370699971   7530569917
ISLANDSBANKI-FBA   IFBA IR          -10370699971   7530569917
ISLANDSBANKI-FBA   ISFBA IR         -10370699971   7530569917
ISTRABENZ          ITBGT PO         -63869107.48  181411877.2
ISTRABENZ          ITBGT S2         -63869107.48  181411877.2
ISTRABENZ          ITBGT L3         -63869107.48  181411877.2
ISTRABENZ          ITBG PZ          -63869107.48  181411877.2
ISTRABENZ          ITBG SV          -63869107.48  181411877.2
ISTRABENZ          ITBG EU          -63869107.48  181411877.2
ISTRABENZ          ITBG EO          -63869107.48  181411877.2
ISTRABENZ          ITBGT B3         -63869107.48  181411877.2
ITM ALIMENTAIRE    4171373Z BB      -5770953.189  103462599.4
ITM REGION PARIS   4681817Z FP      -49661385.76  124319348.6
IZHAVTO OAO        IZAV RU          -94100821.69  443610350.5
JACOBS UK HOLDIN   3638823Z LN      -21104249.79  705658066.8
JAMES HARDIE -CD   JHXCD AU           -356300000   2077600000
JAMES HARDIE IND   HAH AU             -356300000   2077600000
JAMES HARDIE IND   726824Z ID         -356300000   2077600000
JAMES HARDIE IND   600241Q GR         -356300000   2077600000
JAMES HARDIE IND   HAH NZ             -356300000   2077600000
JAMES HARDIE NV    JHXCC AU           -356300000   2077600000
JAMES HARDIE-ADR   JHX US             -356300000   2077600000
JAMES HARDIE-ADR   JHINY US           -356300000   2077600000
JAMES HARDIE-ADR   JHX SP             -356300000   2077600000
JAMES HARDIE-CDI   JHXEUR EU          -356300000   2077600000
JAMES HARDIE-CDI   JHIUF US           -356300000   2077600000
JAMES HARDIE-CDI   JHXEUR EO          -356300000   2077600000
JAMES HARDIE-CDI   JHX AU             -356300000   2077600000
JAMES HARDIE-CDI   JHA TH             -356300000   2077600000
JAMES HARDIE-CDI   JHA GR             -356300000   2077600000
JARVIS PLC         JRVS PZ          -64738078.31  130947476.6
JARVIS PLC         JRVS EU          -64738078.31  130947476.6
JARVIS PLC         JRVSEUR EU       -64738078.31  130947476.6
JARVIS PLC         JRVS7 EO         -64738078.31  130947476.6
JARVIS PLC         JRVS3 EO         -64738078.31  130947476.6
JARVIS PLC         JRVSEUR EO       -64738078.31  130947476.6
JARVIS PLC         JRVS VX          -64738078.31  130947476.6
JARVIS PLC         JRVS IX          -64738078.31  130947476.6
JARVIS PLC         JRVS8 EO         -64738078.31  130947476.6
JARVIS PLC         JRVSGBP EO       -64738078.31  130947476.6
JARVIS PLC         JVR GR           -64738078.31  130947476.6
JARVIS PLC         JRVS EO          -64738078.31  130947476.6
JARVIS PLC         JRVS5 EO         -64738078.31  130947476.6
JARVIS PLC         JRVS6 EO         -64738078.31  130947476.6
JARVIS PLC         JRV EO           -64738078.31  130947476.6
JARVIS PLC         JRVS4 EO         -64738078.31  130947476.6
JARVIS PLC         JRVS1 EO         -64738078.31  130947476.6
JARVIS PLC         JRVS LN          -64738078.31  130947476.6
JARVIS PLC         JVSPF US         -64738078.31  130947476.6
JARVIS PLC         JRVS2 EO         -64738078.31  130947476.6
JARVIS PLC         JRVS PO          -64738078.31  130947476.6
JARVIS PLC         JRVS9 EO         -64738078.31  130947476.6
JDR ENTERPRISES    3947788Z LN      -62221895.94  150357985.7
JESSOPS PLC        JSP PO           -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        JSPGBP EO        -42703065.53  112966830.6
JESSOPS PLC        JSPEUR EO        -42703065.53  112966830.6
JESSOPS PLC        JS4 GR           -42703065.53  112966830.6
JESSOPS PLC        JSP EO           -42703065.53  112966830.6
JESSOPS PLC        JSPEUR EU        -42703065.53  112966830.6
JESSOPS PLC        JSP LN           -42703065.53  112966830.6
JESSOPS PLC        JSP VX           -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           -1577050987   3060057017
KABEL DEUTS-CW10   DB7KWG GR         -1577050987   3060057017
KABEL DEUTSC-ADR   KBDHY US          -1577050987   3060057017
KABEL DEUTSC-NEW   KD8VEUR EU        -1577050987   3060057017
KABEL DEUTSC-NEW   KD8VEUR EO        -1577050987   3060057017
KABEL DEUTSCHLAN   KD8 QX            -1577050987   3060057017
KABEL DEUTSCHLAN   KD8 QT            -1577050987   3060057017
KABEL DEUTSCHLAN   KD8 EO            -1577050987   3060057017
KABEL DEUTSCHLAN   KD8 BQ            -1577050987   3060057017
KABEL DEUTSCHLAN   KD8 IX            -1577050987   3060057017
KABEL DEUTSCHLAN   KD8 PZ            -1577050987   3060057017
KABEL DEUTSCHLAN   KD8 NR            -1577050987   3060057017
KABEL DEUTSCHLAN   KD8 GR            -1577050987   3060057017
KABEL DEUTSCHLAN   KBDHF US          -1577050987   3060057017
KABEL DEUTSCHLAN   KD8 EB            -1577050987   3060057017
KABEL DEUTSCHLAN   KD8 SW            -1577050987   3060057017
KABEL DEUTSCHLAN   KD8 TH            -1577050987   3060057017
KABEL DEUTSCHLAN   KD8 QM            -1577050987   3060057017
KABEL DEUTSCHLAN   KD8GBP EO         -1577050987   3060057017
KABEL DEUTSCHLAN   KD8USD EU         -1577050987   3060057017
KABEL DEUTSCHLAN   KD8D L3           -1577050987   3060057017
KABEL DEUTSCHLAN   KD8 EU            -1577050987   3060057017
KABEL DEUTSCHLAN   KD8 LI            -1577050987   3060057017
KABEL DEUTSCHLAN   KD8 TQ            -1577050987   3060057017
KABEL DEUTSCHLAN   KD8D PO           -1577050987   3060057017
KABEL DEUTSCHLAN   KD8USD EO         -1577050987   3060057017
KABEL DEUTSCHLAN   KD8CHF EU         -1577050987   3060057017
KABEL DEUTSCHLAN   KD8CHF EO         -1577050987   3060057017
KABEL DEUTSCHLAN   KD8D B3           -1577050987   3060057017
KABEL DEUTSCHLAN   KD8 S1            -1577050987   3060057017
KABEL DEUTSCHLAN   KD8D S2           -1577050987   3060057017
KARENI BV          3140496Z NA      -22200.29082  127062363.4
KAUFRING AG        KAUG IX          -19296489.56  150995473.8
KAUFRING AG        KFR PZ           -19296489.56  150995473.8
KAUFRING AG        KFR EU           -19296489.56  150995473.8
KAUFRING AG        KFR GR           -19296489.56  150995473.8
KAUFRING AG        KFR EO           -19296489.56  150995473.8
KCA DEUTAG DRILL   2173132Z LN      -40951514.04  214072287.9
KEREVITAS GIDA     KERVT TI         -28560063.39  186027312.2
KEREVITAS GIDA     KVTGF US         -28560063.39  186027312.2
KERLING PLC        3537299Z LN       -77183600.9   2593072225
KESA ELECTRI-ADR   KESAY US         -363221459.6   1331326078
KESA ELECTRICALS   KESAGBP EO       -363221459.6   1331326078
KESA ELECTRICALS   KESA EU          -363221459.6   1331326078
KESA ELECTRICALS   KES EO           -363221459.6   1331326078
KESA ELECTRICALS   KESAEUR EU       -363221459.6   1331326078
KESA ELECTRICALS   KESA LN          -363221459.6   1331326078
KESA ELECTRICALS   KESAEUR EO       -363221459.6   1331326078
KESA ELECTRICALS   KESAI IX         -363221459.6   1331326078
KESA ELECTRICALS   KESA VX          -363221459.6   1331326078
KESA ELECTRICALS   KESAUSD EU       -363221459.6   1331326078
KESA ELECTRICALS   KESAUSD EO       -363221459.6   1331326078
KESA ELECTRICALS   KESA PZ          -363221459.6   1331326078
KESTREL HOLDINGS   4499515Z LN      -406756176.3  507174141.5
KHARKOV BEARING    HARP UZ             -11812958  100598041.9
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       -996944.737  143591756.8
KOMBINAT ALUMINI   KAPG ME          -258860211.3  263843440.7
KON VOLKER WESS    KVW GR           -395744.3147   4036389300
KONINKLIJKE BOON   4173173Z NA      -22200.29082  129620421.6
KONINKLIJKE HASK   4037221Z NA      -69259.20141  230145390.9
KRONOS EUROPE SA   3643983Z BB      -6946196.597  143876670.7
KROSNO             KRS LI           -2241576.868  111836250.4
KROSNO             KRS1EUR EU       -2241576.868  111836250.4
KROSNO             KRS1EUR EO       -2241576.868  111836250.4
KROSNO             KROS IX          -2241576.868  111836250.4
KROSNO             1169011D PW      -2241576.868  111836250.4
KROSNO SA          KRS1 EO          -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          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          -9417494.431  380600153.7
KUZNETSOV-BRD      MTSTP RU         -9417494.431  380600153.7
KUZNETSOV-BRD      MTSTP* RU        -9417494.431  380600153.7
KUZNETSOV-BRD      MTST* RU         -9417494.431  380600153.7
LA GIOVANNI-RTS    CREAXA IM        -42072998.36  291988991.4
LA HALLE SA        4681697Z FP      -9779394.712  506881489.8
LA SEDA DE -CW09   0000507W SM      -753803384.4  519542575.7
LA SEDA DE -CW09   0003348W SM      -753803384.4  519542575.7
LA SEDA DE -CW09   0005211W SM      -753803384.4  519542575.7
LA SEDA DE -CW09   0000662W SM      -753803384.4  519542575.7
LA SEDA DE -CW09   0000663W SM      -753803384.4  519542575.7
LA SEDA DE -CW09   0001691W SM      -753803384.4  519542575.7
LA SEDA DE -CW09   0001692W SM      -753803384.4  519542575.7
LA SEDA DE -CW09   0000508W SM      -753803384.4  519542575.7
LA SEDA DE -CW09   0005210W SM      -753803384.4  519542575.7
LA SEDA DE -CW09   0002108W SM      -753803384.4  519542575.7
LA SEDA DE -CW09   0002109W SM      -753803384.4  519542575.7
LA SEDA DE B-RTS   SED/B SM         -753803384.4  519542575.7
LA SEDA DE BA-RT   1015153Q SM      -753803384.4  519542575.7
LA SEDA DE BARCE   SED/D SM         -753803384.4  519542575.7
LA SEDA DE BARCE   0543025D SM      -753803384.4  519542575.7
LA SEDA DE BARCE   3687081Q SM      -753803384.4  519542575.7
LA SEDA DE BARCE   SEDE B3          -753803384.4  519542575.7
LA SEDA DE BARCE   1039767Z SM      -753803384.4  519542575.7
LA SEDA DE BARCE   SEDE S2          -753803384.4  519542575.7
LA SEDA DE BARCE   SEDE L3          -753803384.4  519542575.7
LAB DOLISOS        LADL FP          -27753198.79  110489533.6
LAB DOLISOS        DOLI FP          -27753198.79  110489533.6
LABORDE GESTION    4518583Z FP      -12402807.46  177436814.5
LAMBRAKIS PR -RT   DOLD GA          -109747228.7    200286843
LAMBRAKIS PRESS    DOL EO           -109747228.7    200286843
LAMBRAKIS PRESS    LA3A GR          -109747228.7    200286843
LAMBRAKIS PRESS    LMBKF US         -109747228.7    200286843
LAMBRAKIS PRESS    DOLR GA          -109747228.7    200286843
LAMBRAKIS PRESS    DOL PZ           -109747228.7    200286843
LAMBRAKIS PRESS    LA3 GR           -109747228.7    200286843
LAMBRAKIS PRESS    DOL EU           -109747228.7    200286843
LAMBRAKIS PRESS    DOL GA           -109747228.7    200286843
LAMBRAKIS R-R      DOLV10 GA        -109747228.7    200286843
LAMBRAKIS REPO     DOLL10 GA        -109747228.7    200286843
LAMBRAKIS-AUC      DOLE GA          -109747228.7    200286843
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      -428588925.2  301782821.7
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 EO         -49485067.68  159639319.3
LASTAS A/S-B SHS   LAST/B PZ        -49485067.68  159639319.3
LASTAS A/S-B SHS   INBO IX          -49485067.68  159639319.3
LASTAS A/S-B SHS   LASTB DC         -49485067.68  159639319.3
LASTAS A/S-B SHS   LASTB BY         -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
LEEDS SPORTING     LES LN            -73166148.8  143762193.7
LEEDS SPORTING     LEDPF US          -73166148.8  143762193.7
LEEDS UNITED PLC   889687Q GR        -73166148.8  143762193.7
LEEDS UNITED PLC   LUFC LN           -73166148.8  143762193.7
LEEDS UNITED PLC   LDSUF US          -73166148.8  143762193.7
LENOVO BELGIUM S   3740171Z BB      -104525176.2   1113548956
LIBERTY GL EU-A    UPC NA            -5505478850   5112616630
LIBRA GROUP PLC    LHG CY           -39648682.41  209021322.6
LIBRA GROUP PLC    LHG EU           -39648682.41  209021322.6
LIBRA GROUP PLC    LHGCYP EO        -39648682.41  209021322.6
LIBRA GROUP PLC    LHG EO           -39648682.41  209021322.6
LIBRA GROUP PLC    LHGCYP EU        -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           LBROF US         -110486313.8    174004185
LIBRO AG           LB6 GR           -110486313.8    174004185
LIBRO AG           LIBR AV          -110486313.8    174004185
LIGHT METALS IND   ETEMY B3          -7598573.75  160361172.3
LIGHT METALS IND   ETEMY L3          -7598573.75  160361172.3
LIGHT METALS IND   ETEMY S2          -7598573.75  160361172.3
LINO MANAGEMENT    3774416Z NA      -394579184.5  685321652.6
LIONCOVER INSURA   1120431Z LN      -221634.5078  741448932.8
LIVERPOOL FOOTBA   1273434Z LN      -67663901.97  349487574.1
LLOYDS BANK EQUI   1238423Z LN      -1919497.182  270431461.4
LLOYDS BANK EQUI   1214495Z LN      -661502.0787  334567903.1
LOEWE AG           LOE PZ           -2861100.078  140584053.8
LOEWE AG           LOE GR           -2861100.078  140584053.8
LOEWE AG           LOE BQ           -2861100.078  140584053.8
LOEWE AG           LOE TQ           -2861100.078  140584053.8
LOEWE AG           LOEK TQ          -2861100.078  140584053.8
LOEWE AG           LOEG IX          -2861100.078  140584053.8
LOEWE AG           LOEK QT          -2861100.078  140584053.8
LOEWE AG           LOE EU           -2861100.078  140584053.8
LOEWE AG           LOEK GR          -2861100.078  140584053.8
LOEWE AG           LOE EO           -2861100.078  140584053.8
LOEWE AG           LOEEF US         -2861100.078  140584053.8
LOEWE AG           LOE TH           -2861100.078  140584053.8
LOEWE AG           LOE S1           -2861100.078  140584053.8
LOEWE AG           LOEK 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    LTW PO           -21897636.36  175672299.2
LONDON TOWN PLC    LTWEUR EU        -21897636.36  175672299.2
LONDON TOWN PLC    LTWEUR EO        -21897636.36  175672299.2
LONDON TOWN PLC    LTW LN           -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 EU           -21897636.36  175672299.2
LONDON TOWN PLC    LTWR LN          -21897636.36  175672299.2
LONDON TOWN PLC    LOU GR           -21897636.36  175672299.2
LONDON TOWN PLC    LTW EO           -21897636.36  175672299.2
LONDON TOWN PLC    LTW PZ           -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
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           MGMAREUR EU       -14866764.5  104029160.5
MAGMA DD           MGMARA CZ         -14866764.5  104029160.5
MAGMA DD           MGMARHRK EO       -14866764.5  104029160.5
MAGMA DD           MGMAREUR EO       -14866764.5  104029160.5
MAGNETI MARELLI    3643903Z SM      -249160.3447  256260168.7
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 S1           -35060806.41  107465704.6
MANIA TECHNOLOGI   2260970Z GR      -35060806.41  107465704.6
MANIA TECHNOLOGI   MNI1 EO          -35060806.41  107465704.6
MANIA TECHNOLOGI   MNIG IX          -35060806.41  107465704.6
MANIA TECHNOLOGI   MNI TH           -35060806.41  107465704.6
MANIA TECHNOLOGI   MNI PZ           -35060806.41  107465704.6
MANIA TECHNOLOGI   MNI GR           -35060806.41  107465704.6
MANIA TECHNOLOGI   MNI1 EU          -35060806.41  107465704.6
MANIA TECHNOLOGI   MNI NM           -35060806.41  107465704.6
MANIA TECHNOLOGI   MIAVF US         -35060806.41  107465704.6
MAPELEY STEPS CO   1914846Z LN      -65795182.14  128959683.5
MARCONI PLC        203083Q VX        -2203513803   7204891602
MARCONI PLC        MONI BB           -2203513803   7204891602
MARCONI PLC        MY2 GR            -2203513803   7204891602
MARCONI PLC        MNI BB            -2203513803   7204891602
MARCONI PLC        MNI LN            -2203513803   7204891602
MARCONI PLC        MRCQF US          -2203513803   7204891602
MARCONI PLC-ADR    MONI US           -2203513803   7204891602
MARCONI PLC-ADR    MONIY US          -2203513803   7204891602
MARCONI PLC-ADR    MCONY US          -2203513803   7204891602
MARCONI PLC-ADR    MONIE US          -2203513803   7204891602
MARCONI PLC-ADR    QUQMON AU         -2203513803   7204891602
MARCONI PLC-ADR    MY2A GR           -2203513803   7204891602
MARCONI PLC-ADR    MCBA GR           -2203513803   7204891602
MARCONI PLC-ADR    MRCQY US          -2203513803   7204891602
MARINE SUBSEA AS   MSAS NO            -280249984    357512992
MARINOTEIS-SOCIE   4753761Z PL      -14953194.76  133756219.5
MARTINSA FADESA    MTF SM            -5570172023   2895244415
MARTINSA FADESA    MTF EO            -5570172023   2895244415
MARTINSA FADESA    MTF1 LI           -5570172023   2895244415
MARTINSA FADESA    MTF EU            -5570172023   2895244415
MARTINSA FADESA    MFAD PZ           -5570172023   2895244415
MARTINSA FADESA    4PU GR            -5570172023   2895244415
MARTINSA-FADESA    MTF NR            -5570172023   2895244415
MATERNUS KLINI-N   MAK1 GR          -6471129.843  127990408.8
MATERNUS-KLINIKE   MAKG IX          -6471129.843  127990408.8
MATERNUS-KLINIKE   MAK EO           -6471129.843  127990408.8
MATERNUS-KLINIKE   MAKD S2          -6471129.843  127990408.8
MATERNUS-KLINIKE   MAK TH           -6471129.843  127990408.8
MATERNUS-KLINIKE   MAKD L3          -6471129.843  127990408.8
MATERNUS-KLINIKE   MNUKF US         -6471129.843  127990408.8
MATERNUS-KLINIKE   MAK EU           -6471129.843  127990408.8
MATERNUS-KLINIKE   MAK QT           -6471129.843  127990408.8
MATERNUS-KLINIKE   MAKD B3          -6471129.843  127990408.8
MATERNUS-KLINIKE   MAK S1           -6471129.843  127990408.8
MATERNUS-KLINIKE   MAK GR           -6471129.843  127990408.8
MATERNUS-KLINIKE   MAKD PO          -6471129.843  127990408.8
MATERNUS-KLINIKE   MAK PZ           -6471129.843  127990408.8
MATUSSIERE & FOR   1007765Q FP      -77899559.39  293879179.1
MATUSSIERE & FOR   MTUSF US         -77899559.39  293879179.1
MAYBOURNE HOTELS   1824362Z LN      -10154957.99  465282588.7
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 LN          -137972148.5  304108432.2
MCINERNEY -RT NP   MCIN ID          -137972148.5  304108432.2
MCINERNEY HLDGS    MCI EU           -137972148.5  304108432.2
MCINERNEY HLDGS    MCIGBP EO        -137972148.5  304108432.2
MCINERNEY HLDGS    MNEYF US         -137972148.5  304108432.2
MCINERNEY HLDGS    MCI PO           -137972148.5  304108432.2
MCINERNEY HLDGS    MCI ID           -137972148.5  304108432.2
MCINERNEY HLDGS    MK9 GR           -137972148.5  304108432.2
MCINERNEY HLDGS    MCI IX           -137972148.5  304108432.2
MCINERNEY HLDGS    MCI VX           -137972148.5  304108432.2
MCINERNEY HLDGS    MCII IX          -137972148.5  304108432.2
MCINERNEY HLDGS    MCIGBX EU        -137972148.5  304108432.2
MCINERNEY HLDGS    MCI EO           -137972148.5  304108432.2
MCINERNEY HLDGS    MCIGBX EO        -137972148.5  304108432.2
MCINERNEY HLDGS    MK9 PO           -137972148.5  304108432.2
MCINERNEY HLDGS    MK9C PZ          -137972148.5  304108432.2
MCINERNEY HLDGS    MCI LN           -137972148.5  304108432.2
MCINERNEY PROP-A   MYP LN           -137972148.5  304108432.2
MCINERNEY PROP-A   MYP ID           -137972148.5  304108432.2
MCINERNEY PROP-A   MCIYF US         -137972148.5  304108432.2
MCINERNEY-ADR      MNEYY US         -137972148.5  304108432.2
MEADOWHALL FINAN   3560793Z LN      -14546197.31   1263205636
MECHANGROEP BV     4501491Z NA      -154404.9003    124805349
MECHEL             MTLR* RU          -2775493888   6290786816
MECHEL             MTLRG RU          -2775493888   6290786816
MECHEL             MTLR RU           -2775493888   6290786816
MECHEL             MTLR0 RM          -2775493888   6290786816
MECHEL             MTLR RM           -2775493888   6290786816
MECHEL             MTLR2 RM          -2775493888   6290786816
MECHEL OAO-ADR     SAM LI            -2775493888   6290786816
MECHEL-ADR         FQF GR            -2775493888   6290786816
MECHEL-PFD         MTLRP* RU         -2775493888   6290786816
MECHEL-PFD         MTLRP2 RM         -2775493888   6290786816
MECHEL-PFD         MTLRPG RU         -2775493888   6290786816
MECHEL-PFD         MTLRP0 RM         -2775493888   6290786816
MECHEL-PREF        MTLRP RM          -2775493888   6290786816
MECHEL-PREF        MTLRP RU          -2775493888   6290786816
MECHEL-PREF ADR    MHSE GR           -2775493888   6290786816
MECHEL-PREF ADR    MTL/P US          -2775493888   6290786816
MECHEL-SP GDR      MTLR LI           -2775493888   6290786816
MECHEL-SPON ADR    MHSA GR           -2775493888   6290786816
MECHEL-SPON ADR    FQFG IX           -2775493888   6290786816
MECHEL-SPON ADR    MTLUSD EU         -2775493888   6290786816
MECHEL-SPON ADR    MTLUSD EO         -2775493888   6290786816
MECHEL-SPON ADR    MTL US            -2775493888   6290786816
MECHEL-SPON ADR    MHSA QT           -2775493888   6290786816
MEDIMMUNE LTD      1596402Z LN       -1136873211  581445076.9
MERIDIANA SPA      1163Z IM         -4509241.938  181803591.5
METALLURGIC-BRD    METZ* RU         -64027845.02  245320422.9
METALLURGIC-BRD    METZ RU          -64027845.02  245320422.9
METALLURGIC-PFD    METZP RU         -64027845.02  245320422.9
METALLURGIC-PFD    METZP* RU        -64027845.02  245320422.9
METRIS ENGINEERI   3737699Z BB      -18042204.26  229878853.9
METRO DO PORTO S   4473963Z PL       -1539365046   3027538897
METROPOLITANO DE   1009Z PL         -626361531.4   6624482591
MIDLAND EXPRESSW   583730Z LN       -286663046.8   1047022514
MILLENNIUM STADI   1727672Z LN       -35927709.3  143590875.7
MILLIMAGES         MG6 GR            -1006036.19  113452793.4
MILLIMAGES         MILT FP           -1006036.19  113452793.4
MILLIMAGES         MLMG IX           -1006036.19  113452793.4
MILLIMAGES         MIL S1            -1006036.19  113452793.4
MILLIMAGES         MLIGF US          -1006036.19  113452793.4
MILLIMAGES         MIL1 PZ           -1006036.19  113452793.4
MILLIMAGES         MILF PZ           -1006036.19  113452793.4
MILLIMAGES         8131905Q FP       -1006036.19  113452793.4
MILLIMAGES         MIL1 EU           -1006036.19  113452793.4
MILLIMAGES         MIL1 EO           -1006036.19  113452793.4
MILLIMAGES         MILI FP           -1006036.19  113452793.4
MILLIMAGES - RTS   0134468D FP       -1006036.19  113452793.4
MILLIMAGES -NREG   MILNREUR EO       -1006036.19  113452793.4
MILLIMAGES -NREG   MILNRP PO         -1006036.19  113452793.4
MILLIMAGES -NREG   MILNR FP          -1006036.19  113452793.4
MILLIMAGES -NREG   MILNREUR EU       -1006036.19  113452793.4
MILLIMAGES -REGR   MIL FP            -1006036.19  113452793.4
MILLIMAGES -REGR   MIL IX            -1006036.19  113452793.4
MILLIMAGES -REGR   MIL TQ            -1006036.19  113452793.4
MILLIMAGES -REGR   MIL EB            -1006036.19  113452793.4
MILLIMAGES -REGR   MIL1EUR EO        -1006036.19  113452793.4
MILLIMAGES -REGR   MIL1EUR EU        -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 NR -    MILP B3           -1006036.19  113452793.4
MILLIMAGES NR -    MILNRP B3         -1006036.19  113452793.4
MILLIMAGES-RTS     MILDS FP          -1006036.19  113452793.4
MILLIMAGES-RTS     760037Q FP        -1006036.19  113452793.4
MILLIPORE UK LT    1924526Z LN      -30970136.97  253254381.4
MOBILE TELESYSTE   4115696Z LX        -348018999  808519791.7
MOBILEZONE HLDG    TEGE GR          -31350514.06    147259405
MOBILEZONE HO-BR   MOBUSD EU        -31350514.06    147259405
MOBILEZONE HO-BR   MOBEUR EO        -31350514.06    147259405
MOBILEZONE HO-BR   MOB EU           -31350514.06    147259405
MOBILEZONE HO-BR   MOB EO           -31350514.06    147259405
MOBILEZONE HO-BR   MOB SW           -31350514.06    147259405
MOBILEZONE HO-BR   MOBGBP EO        -31350514.06    147259405
MOBILEZONE HO-BR   MOBEUR EU        -31350514.06    147259405
MOBILEZONE HO-BR   MOBGBP EU        -31350514.06    147259405
MOBILEZONE HO-BR   MOBUSD EO        -31350514.06    147259405
MOBILEZONE-REG     MOZNZ L3         -31350514.06    147259405
MOBILEZONE-REG     TGE1 GR          -31350514.06    147259405
MOBILEZONE-REG     MOBZ B3          -31350514.06    147259405
MOBILEZONE-REG     MOZN EO          -31350514.06    147259405
MOBILEZONE-REG     TGE GR           -31350514.06    147259405
MOBILEZONE-REG     MOZNZ BQ         -31350514.06    147259405
MOBILEZONE-REG     MOB BQ           -31350514.06    147259405
MOBILEZONE-REG     MOBZ PO          -31350514.06    147259405
MOBILEZONE-REG     MOBZ IX          -31350514.06    147259405
MOBILEZONE-REG     MOBZ S2          -31350514.06    147259405
MOBILEZONE-REG     MOZNZ B3         -31350514.06    147259405
MOBILEZONE-REG     MOZNGBP EO       -31350514.06    147259405
MOBILEZONE-REG     MOB TQ           -31350514.06    147259405
MOBILEZONE-REG     MOB EB           -31350514.06    147259405
MOBILEZONE-REG     MOZNZ IX         -31350514.06    147259405
MOBILEZONE-REG     MOZNZ S2         -31350514.06    147259405
MOBILEZONE-REG     MOZNZ EB         -31350514.06    147259405
MOBILEZONE-REG     MOZNUSD EU       -31350514.06    147259405
MOBILEZONE-REG     MOBZ L3          -31350514.06    147259405
MOBILEZONE-REG     MOZN EU          -31350514.06    147259405
MOBILEZONE-REG     MOZNGBP EU       -31350514.06    147259405
MOBILEZONE-REG     MOZNUSD EO       -31350514.06    147259405
MOBILEZONE-REG     MOZN SW          -31350514.06    147259405
MOBILEZONE-REG     MOZNZ TQ         -31350514.06    147259405
MOBILEZONE-REG     MOZNZ PO         -31350514.06    147259405
MOBILEZONE-REG     MOZNEUR EO       -31350514.06    147259405
MOBILEZONE-REG     MOZNEUR EU       -31350514.06    147259405
MONARCH HOLDINGS   4502027Z LN      -249731094.1  658980214.4
MONTE MARE GRADO   4359985Z IM      -535795.2118  100538343.7
MOSPROMSTROY-BRD   MPSM* RU         -27839156.08  152221117.5
MOSPROMSTROY-BRD   MPSM RU          -27839156.08  152221117.5
MOSPROMSTROY-PFD   MPSMP RU         -27839156.08  152221117.5
MOSPROMSTROY-PFD   MPSMP* RU        -27839156.08  152221117.5
MOSTOBUD           MTBD UZ          -56429248.17  122386286.9
MOTO HOSPITALITY   1344378Z LN        -139041358   1143143841
MOUCHEL GROUP PL   MO6 GR           -62838511.24  491368809.7
MOUCHEL GROUP PL   MCHL PZ          -62838511.24  491368809.7
MOUCHEL GROUP PL   MCHL EO          -62838511.24  491368809.7
MOUCHEL GROUP PL   MCHL NQ          -62838511.24  491368809.7
MOUCHEL GROUP PL   MCHL QM          -62838511.24  491368809.7
MOUCHEL GROUP PL   MCHL LN          -62838511.24  491368809.7
MOUCHEL GROUP PL   MCHL S1          -62838511.24  491368809.7
MOUCHEL GROUP PL   MCHLEUR EO       -62838511.24  491368809.7
MOUCHEL GROUP PL   MCHL EU          -62838511.24  491368809.7
MOUCHEL GROUP PL   MCHL BQ          -62838511.24  491368809.7
MOUCHEL GROUP PL   MCHL TQ          -62838511.24  491368809.7
MOUCHEL GROUP PL   MCHL IX          -62838511.24  491368809.7
MOUCHEL GROUP PL   MCHLEUR EU       -62838511.24  491368809.7
MOUCHEL GROUP PL   MCHLGBP EO       -62838511.24  491368809.7
MOUCHEL GROUP PL   MCHL NR          -62838511.24  491368809.7
MOUCHEL GROUP PL   MCHL VX          -62838511.24  491368809.7
MOUCHEL GROUP PL   MCHL EB          -62838511.24  491368809.7
MOUCHEL GROUP PL   MOUCF US         -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      -121090126.7  181621467.2
MYRMIDON CMBS PR   3819292Z ID      -106451277.7  274185088.8
MYTRAVEL GROUP     MT/S PO            -379731744   1817560463
MYTRAVEL GROUP     MT/S VX            -379731744   1817560463
MYTRAVEL GROUP     MYTPF US           -379731744   1817560463
MYTRAVEL GROUP     ARO2 GR            -379731744   1817560463
MYTRAVEL GROUP     MT/S LN            -379731744   1817560463
MYTRAVEL GROUP     3544280Q IX        -379731744   1817560463
MYTRAVEL GROUP P   MYTGF US           -379731744   1817560463
MYTRAVEL GROUP P   MT/ VX             -379731744   1817560463
MYTRAVEL GROUP P   MT/ LN             -379731744   1817560463
MYTRAVEL GROUP P   1018144Q GR        -379731744   1817560463
MYTRAVEL GROUP-A   MYTVF US           -379731744   1817560463
MYTRAVEL GROUP-A   2281919Q GR        -379731744   1817560463
MYTRAVEL TOUR OP   1190295Z LN       -2772041051  706177528.1
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
NATIONAL BANK TR   NBTR RM          -906508072.2   3870663291
NATIONWIDE ACC     NARSGBP EO       -7204654.331  102283031.6
NATIONWIDE ACC     NWA LN           -7204654.331  102283031.6
NATIONWIDE ACC     NARSL PO         -7204654.331  102283031.6
NATIONWIDE ACC     NARSEUR EU       -7204654.331  102283031.6
NATIONWIDE ACC     NARSEUR EO       -7204654.331  102283031.6
NATIONWIDE ACC     NARS EU          -7204654.331  102283031.6
NATIONWIDE ACC     NARS EO          -7204654.331  102283031.6
NATIONWIDE ACC     NARS PG          -7204654.331  102283031.6
NATIONWIDE ACC     NARS LN          -7204654.331  102283031.6
NATIONWIDE ACC     NARS PZ          -7204654.331  102283031.6
NATIONWIDE ACC     NARSL IX         -7204654.331  102283031.6
NATIONWIDE ACC     NARSF US         -7204654.331  102283031.6
NATIONWIDE ACCID   NARSL B3         -7204654.331  102283031.6
NATIONWIDE ACCID   NARSL L3         -7204654.331  102283031.6
NATIONWIDE ACCID   NARSL S2         -7204654.331  102283031.6
NATURGAS ENERGIA   4365797Z SM      -14710105.75    418158346
NCC CONSTRUCTION   4389745Z NO      -7109783.015  480936679.5
NCC ROADS AS       4401305Z NO      -24005384.66  162686366.1
NDS GROUP HOLDIN   NDSG US            -720982016    649305984
NDS GROUP HOLDIN   0112196D US        -720982016    649305984
NEORION HOLDINGS   NEORS GA         -221551.2364  429186289.2
NEORION HOLDINGS   NEORS PZ         -221551.2364  429186289.2
NEORION HOLDINGS   NEORS EO         -221551.2364  429186289.2
NEORION HOLDINGS   NEORS EU         -221551.2364  429186289.2
NEORION NEW SA     NRNSF US         -221551.2364  429186289.2
NEORION NEW-AUC    NEORSE GA        -221551.2364  429186289.2
NERVACERO SA       4469951Z SM      -128546578.4  628042068.6
NESTLE UK LTD      1274562Z LN      -365280299.7   4383623775
NEW LOOK GROUP     648227Q LN       -651436258.7   2033386885
NEW LOOK GRP       NWLOF US         -651436258.7   2033386885
NEW LOOK GRP-ASD   NEWA LN          -651436258.7   2033386885
NEW LOOK RETAIL    2711544Z LN      -466041611.1   1877112092
NEW STAR ASSET     N6S GR           -397728016.9  292980082.9
NEW STAR ASSET     NSAM PZ          -397728016.9  292980082.9
NEW STAR ASSET     3226435Q EO      -397728016.9  292980082.9
NEW STAR ASSET     NSAA LN          -397728016.9  292980082.9
NEW STAR ASSET     NSAM IX          -397728016.9  292980082.9
NEW STAR ASSET     3226439Q EU      -397728016.9  292980082.9
NEW STAR ASSET     NSAM PO          -397728016.9  292980082.9
NEW STAR ASSET     3226443Q EO      -397728016.9  292980082.9
NEW STAR ASSET     NSAM TQ          -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     3226431Q EU      -397728016.9  292980082.9
NEW STAR ASSET M   NSAM LN          -397728016.9  292980082.9
NEW WORLD R-A SH   NWR S1           -163663591.9  617892935.6
NEW WORLD R-A SH   NWR EO           -163663591.9  617892935.6
NEW WORLD R-A SH   NWR TQ           -163663591.9  617892935.6
NEW WORLD R-A SH   NWRW S2          -163663591.9  617892935.6
NEW WORLD R-A SH   NWR LN           -163663591.9  617892935.6
NEW WORLD R-A SH   NWRL S2          -163663591.9  617892935.6
NEW WORLD R-A SH   NWRUKK S2        -163663591.9  617892935.6
NEW WORLD R-A SH   NWRUKK L3        -163663591.9  617892935.6
NEW WORLD R-A SH   NW5D B3          -163663591.9  617892935.6
NEW WORLD R-A SH   NW5D S2          -163663591.9  617892935.6
NEW WORLD R-A SH   NWRW L3          -163663591.9  617892935.6
NEW WORLD R-A SH   NWRUKK B3        -163663591.9  617892935.6
NEW WORLD R-A SH   NWRL L3          -163663591.9  617892935.6
NEW WORLD R-A SH   NWRL B3          -163663591.9  617892935.6
NEW WORLD R-A SH   NWRW B3          -163663591.9  617892935.6
NEW WORLD R-A SH   NW5D L3          -163663591.9  617892935.6
NEW WORLD R-A SH   NWR NR           -163663591.9  617892935.6
NEW WORLD R-A SH   NWR BQ           -163663591.9  617892935.6
NEW WORLD R-A SH   NWR PW           -163663591.9  617892935.6
NEW WORLD R-A SH   NWR1 TQ          -163663591.9  617892935.6
NEW WORLD R-A SH   NWR PZ           -163663591.9  617892935.6
NEW WORLD R-A SH   NW5D PO          -163663591.9  617892935.6
NEW WORLD R-A SH   NWRUK TQ         -163663591.9  617892935.6
NEW WORLD R-A SH   NW5 GR           -163663591.9  617892935.6
NEW WORLD R-A SH   NWRUKK PO        -163663591.9  617892935.6
NEW WORLD R-A SH   NWR QM           -163663591.9  617892935.6
NEW WORLD R-A SH   NWR EU           -163663591.9  617892935.6
NEW WORLD R-A SH   NWR IX           -163663591.9  617892935.6
NEW WORLD R-A SH   NWR CP           -163663591.9  617892935.6
NEW WORLD R-A SH   NWR EB           -163663591.9  617892935.6
NEW WORLD R-A SH   NWRL PO          -163663591.9  617892935.6
NEW WORLD R-A SH   NWRW PO          -163663591.9  617892935.6
NEW WORLD R-B      0743168D LN      -163663591.9  617892935.6
NEW WORLD R-RTS    NWRP PW          -163663591.9  617892935.6
NEW WORLD R-RTSF   NWRFGBX EU       -163663591.9  617892935.6
NEW WORLD R-RTSF   NWRFGBX EO       -163663591.9  617892935.6
NEW WORLD R-RTSF   NWRF LN          -163663591.9  617892935.6
NEW WORLD R-RTSN   NWRNCZK EU       -163663591.9  617892935.6
NEW WORLD R-RTSN   NWRNGBX EO       -163663591.9  617892935.6
NEW WORLD R-RTSN   NWRNGBX EU       -163663591.9  617892935.6
NEW WORLD R-RTSN   NWRN LN          -163663591.9  617892935.6
NEW WORLD R-RTSN   NWRNCZK EO       -163663591.9  617892935.6
NEW WORLD RESO-A   A37 NR           -193583557.4  534696413.7
NEW WORLD RESO-A   A37USD EU        -193583557.4  534696413.7
NEW WORLD RESO-A   NWRN1 QM         -193583557.4  534696413.7
NEW WORLD RESO-A   A37 QM           -193583557.4  534696413.7
NEW WORLD RESO-A   NWRN1 EU         -193583557.4  534696413.7
NEW WORLD RESO-A   A37PLN EO        -193583557.4  534696413.7
NEW WORLD RESO-A   NWN CP           -193583557.4  534696413.7
NEW WORLD RESO-A   A37 TQ           -193583557.4  534696413.7
NEW WORLD RESO-A   NWRSI IX         -193583557.4  534696413.7
NEW WORLD RESO-A   A37CZK EO        -193583557.4  534696413.7
NEW WORLD RESO-A   2777648Z LX      -193583557.4  534696413.7
NEW WORLD RESO-A   NWRN1 TQ         -193583557.4  534696413.7
NEW WORLD RESO-A   NWRS IX          -193583557.4  534696413.7
NEW WORLD RESO-A   0882467D TQ      -193583557.4  534696413.7
NEW WORLD RESO-A   A37 EO           -193583557.4  534696413.7
NEW WORLD RESO-A   NWRN1GBP EO      -193583557.4  534696413.7
NEW WORLD RESO-A   NWRN1CZK EU      -193583557.4  534696413.7
NEW WORLD RESO-A   NWRN1 BQ         -193583557.4  534696413.7
NEW WORLD RESO-A   A37GBX EU        -193583557.4  534696413.7
NEW WORLD RESO-A   NWRN1PLN EO      -193583557.4  534696413.7
NEW WORLD RESO-A   A37GBP EO        -193583557.4  534696413.7
NEW WORLD RESO-A   A37 EU           -193583557.4  534696413.7
NEW WORLD RESO-A   NWRN1 EO         -193583557.4  534696413.7
NEW WORLD RESO-A   NWRN1USD EU      -193583557.4  534696413.7
NEW WORLD RESO-A   NWRN1USD EO      -193583557.4  534696413.7
NEW WORLD RESO-A   A37 BQ           -193583557.4  534696413.7
NEW WORLD RESO-A   1083235D GR      -193583557.4  534696413.7
NEW WORLD RESO-A   A37GBX EO        -193583557.4  534696413.7
NEW WORLD RESO-A   NWCSF US         -193583557.4  534696413.7
NEW WORLD RESO-A   A37USD EO        -193583557.4  534696413.7
NEW WORLD RESO-A   NWRN1CZK EO      -193583557.4  534696413.7
NEW WORLD RESO-A   NWRN1 NR         -193583557.4  534696413.7
NEW WORLD RESO-A   1062172D LN      -193583557.4  534696413.7
NEW WORLD RESO-A   A37PLN EU        -193583557.4  534696413.7
NEW WORLD RESO-A   A37 NQ           -193583557.4  534696413.7
NEW WORLD RESO-A   NWRN1GBX EU      -193583557.4  534696413.7
NEW WORLD RESO-A   NWRN1GBX EO      -193583557.4  534696413.7
NEW WORLD RESO-A   NWRN1PLN EU      -193583557.4  534696413.7
NEW WORLD RESO-A   NWRN PZ          -193583557.4  534696413.7
NEW WORLD RESO-A   A37CZK EU        -193583557.4  534696413.7
NEW WORLD RESO-B   0746517D NA      -193583557.4  534696413.7
NEW WORLD RESOUR   973960Z NA       -193583557.4  534696413.7
NEW WORLD RESOUR   1064273D LN      -163663591.9  617892935.6
NEW WORLD RESOUR   NWN PW           -193583557.4  534696413.7
NEW WORLD-RTS      NWRSR CP         -163663591.9  617892935.6
NEWCASTLE UNITED   4380361Z LN      -33690958.84  234612813.1
NEWCASTLE UNITED   1060322Z LN      -49091585.54  238073462.4
NEWEN ENTERPRISE   NEP CN             -347363008    314752992
NEXANS COPPER FR   4744809Z FP      -22661844.26  308623822.2
NEXTIRAONE         500526Z FP       -25568491.37    235050215
NFI EMPIK ME-NEW   EMF1 PW          -8033330.642  503244854.3
NFI EMPIK ME-NEW   EMF2 PW          -8033330.642  503244854.3
NFI EMPIK MEDIA    15N PW           -8033330.642  503244854.3
NFI EMPIK MEDIA    NFIJF US         -8033330.642  503244854.3
NFIEMF             EMF LI           -8033330.642  503244854.3
NFIEMF             EMF PZ           -8033330.642  503244854.3
NIEUWE BORG REAL   3781672Z NA      -1980.869704    208630571
NIZHMASHZAVO-BRD   NMSZ RU          -44177054.03  399172417.8
NIZHMASHZAVO-BRD   NMSZ* RU         -44177054.03  399172417.8
NIZHMASHZAVO-PFD   NMSZP* RU        -44177054.03  399172417.8
NIZHMASHZAVO-PFD   NMSZP RU         -44177054.03  399172417.8
NIZHMASHZAVOD-BD   NMSZ$ RU         -44177054.03  399172417.8
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
NORDICOM A/S       NRDCC B3         -22131539.86  389348832.4
NORDICOM A/S       NRDCC S2         -22131539.86  389348832.4
NORDICOM A/S       NRDCC L3         -22131539.86  389348832.4
NORDICOM A/S-RTS   NRDCT DC         -22131539.86  389348832.4
NORDICOM AS        NRDC BY          -22131539.86  389348832.4
NORDICOM AS        NRDCC PO         -22131539.86  389348832.4
NORDICOM AS        NRDC TQ          -22131539.86  389348832.4
NORDICOM AS        NRDCC EB         -22131539.86  389348832.4
NORDICOM AS        NRDC DC          -22131539.86  389348832.4
NORDICOM AS        CEPH DC          -22131539.86  389348832.4
NORDICOM AS        NRDC EO          -22131539.86  389348832.4
NORDICOM AS        NRDC IX          -22131539.86  389348832.4
NORDICOM AS        NRDC EU          -22131539.86  389348832.4
NORDICOM AS        NRDCEUR EU       -22131539.86  389348832.4
NORDICOM AS        NRDC PZ          -22131539.86  389348832.4
NORDICOM AS        NRDCEUR EO       -22131539.86  389348832.4
NORDICOM AS-NEW    NORN DC          -22131539.86  389348832.4
NORDSEE AG         533061Q GR        -8200576.76  194617530.6
NORDSEE GMBH       3988724Z GR      -82294133.95  215348336.6
NORFOLK HOLDINGS   779151Z NA        -192035.398  782945491.9
NORSK STEIN AS     4394889Z NO      -16160574.99  231938807.2
NORTH AMERICAN     NAUHF US           -347363008    314752992
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     NFDS BQ          -70166768.88  924680805.3
NORTHERN FOODS     NFDSUSD EU       -70166768.88  924680805.3
NORTHERN FOODS     NFO GK           -70166768.88  924680805.3
NORTHERN FOODS     NFDS VX          -70166768.88  924680805.3
NORTHERN FOODS     NFDSEUR EO       -70166768.88  924680805.3
NORTHERN FOODS     NFDS NQ          -70166768.88  924680805.3
NORTHERN FOODS     NFDS NR          -70166768.88  924680805.3
NORTHERN FOODS     NFDS EO          -70166768.88  924680805.3
NORTHERN FOODS     NFDS IX          -70166768.88  924680805.3
NORTHERN FOODS     NFDS S1          -70166768.88  924680805.3
NORTHERN FOODS     NFDS QM          -70166768.88  924680805.3
NORTHERN FOODS     NFDS PZ          -70166768.88  924680805.3
NORTHERN FOODS     NFDS TQ          -70166768.88  924680805.3
NORTHERN FOODS     NFDS PO          -70166768.88  924680805.3
NORTHERN FOODS     NFDSUSD EO       -70166768.88  924680805.3
NORTHERN FOODS     NTFOF US         -70166768.88  924680805.3
NORTHERN FOODS     NFDSEUR EU       -70166768.88  924680805.3
NORTHERN FOODS     NFDSGBP EO       -70166768.88  924680805.3
NORTHERN FOODS     1168905D GR      -70166768.88  924680805.3
NORTHERN FOODS     NFDS EU          -70166768.88  924680805.3
NORTHERN FOODS     NFDS EB          -70166768.88  924680805.3
NORTHERN FOODS L   NFDS LN          -70166768.88  924680805.3
NORTHERN FOODS P   NFDR LN          -70166768.88  924680805.3
NORTHLAND RE-RES   NRIR NO            -347363008    314752992
NORTHLAND RE-RES   1009610Q NO        -347363008    314752992
NORTHLAND RE-RES   0192753D NO        -347363008    314752992
NORTHLAND RESOUR   NAUR1 TH           -347363008    314752992
NORTHLAND RESOUR   NAU BY             -347363008    314752992
NORTHLAND RESOUR   NAUR PZ            -347363008    314752992
NORTHLAND RESOUR   NPK TH             -347363008    314752992
NORTHLAND RESOUR   NAUGBX EU          -347363008    314752992
NORTHLAND RESOUR   NAUR NO            -347363008    314752992
NORTHLAND RESOUR   NAUR IX            -347363008    314752992
NORTHLAND RESOUR   NAUEUR EU          -347363008    314752992
NORTHLAND RESOUR   NAUUSD EO          -347363008    314752992
NORTHLAND RESOUR   NAU CN             -347363008    314752992
NORTHLAND RESOUR   NRSRF US           -347363008    314752992
NORTHLAND RESOUR   NBS GR             -347363008    314752992
NORTHLAND RESOUR   NAUUSD EU          -347363008    314752992
NORTHLAND RESOUR   NAURO S2           -347363008    314752992
NORTHLAND RESOUR   NAUR SS            -347363008    314752992
NORTHLAND RESOUR   NPKD B3            -347363008    314752992
NORTHLAND RESOUR   NAURO B3           -347363008    314752992
NORTHLAND RESOUR   NPK GR             -347363008    314752992
NORTHLAND RESOUR   NPKD L3            -347363008    314752992
NORTHLAND RESOUR   NAU EU             -347363008    314752992
NORTHLAND RESOUR   NAUNOK EU          -347363008    314752992
NORTHLAND RESOUR   NAUGBX EO          -347363008    314752992
NORTHLAND RESOUR   NAU EO             -347363008    314752992
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NORTHLAND RESOUR   NPKD S2            -347363008    314752992
NORTHLAND RESOUR   NAURO L3           -347363008    314752992
NORTHLAND RESOUR   NAUR TQ            -347363008    314752992
NORTHLAND RESOUR   NAUNOK EO          -347363008    314752992
NORTHLAND-NEW      NAURR NO           -347363008    314752992
NOVAR ED&S LTD     1286578Z LN      -34675951.17  139038437.9
NOVELIS FOIL FRA   4678593Z FP      -49448141.87  103051804.1
NPIL HOLDCO LTD    3641071Z LN      -174439226.7  865153864.4
NPOWER GAS LTD     1689816Z LN      -343438041.9  469041453.8
NRJ 12             4681713Z FP      -7657615.259  104653825.6
NTT COM SECURITY   AAGN TQ          -30518620.96  237456447.8
NTT COM SECURITY   AAGN EO          -30518620.96  237456447.8
NTT COM SECURITY   AAGN QT          -30518620.96  237456447.8
NTT COM SECURITY   AAGN GR          -30518620.96  237456447.8
NTT COM SECURITY   AAGND S1         -30518620.96  237456447.8
NTT COM SECURITY   AAGND B3         -30518620.96  237456447.8
NTT COM SECURITY   AAGN EU          -30518620.96  237456447.8
NTT COM SECURITY   AAGND PO         -30518620.96  237456447.8
NTT COM SECURITY   AAGND L3         -30518620.96  237456447.8
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NUTRIBIO SAS       4508451Z FP      -1696894.018  126986380.2
NYESA VALORES CO   NYE SM             -214694075  627801852.2
NYESA VALORES CO   BES SM             -214694075  627801852.2
NYESA VALORES CO   NYE EO             -214694075  627801852.2
NYESA VALORES CO   BESS PZ            -214694075  627801852.2
NYESA VALORES CO   7NY GR             -214694075  627801852.2
NYESA VALORES CO   BES EO             -214694075  627801852.2
NYESA VALORES CO   NYE TQ             -214694075  627801852.2
NYESA VALORES CO   BES TQ             -214694075  627801852.2
NYESA VALORES CO   NYE EU             -214694075  627801852.2
NYESA VALORES CO   BES EU             -214694075  627801852.2
O'KANE & DEVINE    3803556Z LN      -4358107.011  464658271.9
O-I MANUFACTURIN   1320610Z LN      -30670292.37  112801207.1
OAO MECHEL         SGML RU           -2775493888   6290786816
OAO MECHEL         SGML* RU          -2775493888   6290786816
ODEON & UCI CINE   3489372Z LN      -324022693.8  791874059.3
ODESSA OIL REFIN   ONPZ UZ          -421646489.4  125957890.9
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
OLTCHIM RM VALCE   OLTCF US         -750833972.5  397742354.3
OLTCHIM SA RM VA   OLT RO           -750833972.5  397742354.3
OLTCHIM SA RM VA   OLT PZ           -750833972.5  397742354.3
OLTCHIM SA RM VA   OLT EU           -750833972.5  397742354.3
OLTCHIM SA RM VA   OLTF L3          -750833972.5  397742354.3
OLTCHIM SA RM VA   OLTEUR EU        -750833972.5  397742354.3
OLTCHIM SA RM VA   OLT EO           -750833972.5  397742354.3
OLTCHIM SA RM VA   OLTF B3          -750833972.5  397742354.3
OLTCHIM SA RM VA   OLTF PO          -750833972.5  397742354.3
OLTCHIM SA RM VA   OLTEUR EO        -750833972.5  397742354.3
OLTCHIM SA RM VA   OLTF S2          -750833972.5  397742354.3
OMRON EUROPE BV/   4489339Z NA      -360581.2603  627156346.6
OPTIMUM CARE LTD   3951796Z LN      -33380376.38  106846682.7
ORACLE FRANCE SA   4525191Z FP      -21054449.83  742726569.4
ORANGE LTD         951641Q LN       -593935104.1   2902299502
ORANGE PLC         ORNGF US         -593935104.1   2902299502
ORANGE PLC         1460Q GR         -593935104.1   2902299502
ORANGE PLC-ADR     0212530D GR      -593935104.1   2902299502
ORANGE PLC-ADR     ORA$ LN          -593935104.1   2902299502
ORANGE PLC-ADR     ORNGY US         -593935104.1   2902299502
ORBIS PLC          OBS IX             -4168493.8  127701679.5
ORBIS PLC          RLP GR             -4168493.8  127701679.5
ORBIS PLC          ORBSF US           -4168493.8  127701679.5
ORBIS PLC          OBS PZ             -4168493.8  127701679.5
ORBIS PLC          OBS LN             -4168493.8  127701679.5
ORBIS PLC          OBS PO             -4168493.8  127701679.5
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OXEA SARL          3682535Z GR      -24721940.15  956415604.2
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PARK GROUP PLC     PKG LN           -247878.1029  179496401.1
PARK GROUP PLC     PKG EO           -247878.1029  179496401.1
PARK GROUP PLC     PRKG IX          -247878.1029  179496401.1
PARK GROUP PLC     PKGL B3          -247878.1029  179496401.1
PARK GROUP PLC     PKGL S2          -247878.1029  179496401.1
PARK GROUP PLC     PKGGBP EO        -247878.1029  179496401.1
PARK GROUP PLC     PKGL L3          -247878.1029  179496401.1
PARK GROUP PLC     PRKGF US         -247878.1029  179496401.1
PARK GROUP PLC     PKG VX           -247878.1029  179496401.1
PARK GROUP PLC     PKG EU           -247878.1029  179496401.1
PARK GROUP PLC     PKG PZ           -247878.1029  179496401.1
PARK GROUP PLC     PKG PO           -247878.1029  179496401.1
PARK GROUP PLC     PKGL PO          -247878.1029  179496401.1
PARMALAT FINA-RT   PRFR AV          -18420075679   4120839723
PARMALAT FINANZI   PAF GR           -18420075679   4120839723
PARMALAT FINANZI   PRF IM           -18420075679   4120839723
PARMALAT FINANZI   FICN AV          -18420075679   4120839723
PARMALAT FINANZI   PARAF US         -18420075679   4120839723
PARMALAT FINANZI   1085755D IM      -18420075679   4120839723
PARMALAT FINANZI   PRFI VX          -18420075679   4120839723
PARMALAT FINANZI   PMT LI           -18420075679   4120839723
PARMALAT FINANZI   PMLFF US         -18420075679   4120839723
PARQUES REUN-RTS   PQR/D SM         -36793493.63   2314365176
PARQUES REUNIDOS   PQR GR           -36793493.63   2314365176
PARQUES REUNIDOS   PQR SM           -36793493.63   2314365176
PATIENTLINE PLC    PTL VX           -54678675.23  124951423.6
PATIENTLINE PLC    PTL PO           -54678675.23  124951423.6
PATIENTLINE PLC    PTL LN           -54678675.23  124951423.6
PATIENTLINE PLC    PTL PZ           -54678675.23  124951423.6
PATIENTLINE PLC    PTL IX           -54678675.23  124951423.6
PATIENTLINE PLC    2928907Q EO      -54678675.23  124951423.6
PATIENTLINE PLC    2928903Q EU      -54678675.23  124951423.6
PATIENTLINE PLC    2928899Q EO      -54678675.23  124951423.6
PAYZONE PLC        PAYZ EO          -138034037.7    510021617
PAYZONE PLC        PAYZ IX          -138034037.7    510021617
PAYZONE PLC        PAYZ PZ          -138034037.7    510021617
PAYZONE PLC        4P6 GR           -138034037.7    510021617
PAYZONE PLC        PAYZ PG          -138034037.7    510021617
PAYZONE PLC        PAYZ EU          -138034037.7    510021617
PAYZONE PLC        PAYZ LN          -138034037.7    510021617
PBG                PBGZF US         -185294211.3  562315760.3
PBG                PBG1USD EO       -185294211.3  562315760.3
PBG                PBGW S2          -185294211.3  562315760.3
PBG                PBG1EUR EU       -185294211.3  562315760.3
PBG                PBG1USD EU       -185294211.3  562315760.3
PBG                PBGW B3          -185294211.3  562315760.3
PBG                PBG1 EO          -185294211.3  562315760.3
PBG                PBGW PO          -185294211.3  562315760.3
PBG                PBG1 EU          -185294211.3  562315760.3
PBG                PBG1EUR EO       -185294211.3  562315760.3
PBG                PBG LI           -185294211.3  562315760.3
PBG                PBGW L3          -185294211.3  562315760.3
PBG                PBG PZ           -185294211.3  562315760.3
PBG                PBG PW           -185294211.3  562315760.3
PBG S.A.           887076Q PW       -185294211.3  562315760.3
PBG SA             PBGG IX          -185294211.3  562315760.3
PBG SA - ADR       PBGZY US         -185294211.3  562315760.3
PBG SA - CERT A    899644Z PW       -185294211.3  562315760.3
PBG SA -CERT A     PBGA PW          -185294211.3  562315760.3
PBG SA-A           0122073D PW      -185294211.3  562315760.3
PBG SA-ALLOT CE    903059Q PW       -185294211.3  562315760.3
PBG SA-ALLOT CER   685728Q PW       -185294211.3  562315760.3
PBG SA-RTS         PBGP PW          -185294211.3  562315760.3
PD PORT SERVICES   1407442Z LN      -97346785.71  148595363.3
PD PORTCO LTD      3233785Z LN        -286512126   1076498649
PEGASUS PUB-RTS    PEGASR GA        -111072798.5  103035054.4
PEGASUS PUBLISHI   JE5 GR           -111072798.5  103035054.4
PEGASUS PUBLISHI   PGPBF US         -111072798.5  103035054.4
PEGASUS PUBLISHI   PEGA1 EU         -111072798.5  103035054.4
PEGASUS PUBLISHI   PEGAS GA         -111072798.5  103035054.4
PEGASUS PUBLISHI   PEGASY L3        -111072798.5  103035054.4
PEGASUS PUBLISHI   PEGASY PO        -111072798.5  103035054.4
PEGASUS PUBLISHI   PEGAS PZ         -111072798.5  103035054.4
PEGASUS PUBLISHI   PEGASY S2        -111072798.5  103035054.4
PEGASUS PUBLISHI   PEGA1 EO         -111072798.5  103035054.4
PEGASUS PUBLISHI   PEGASY B3        -111072798.5  103035054.4
PEGUFORM IBERICA   4512107Z SM      -25951900.55  189870518.2
PENOPLEX-FINANS    PNPF RU          -776342.4125    143683074
PERSTORP HOLDING   3464123Z SS      -162271086.1   1650740661
PETRO GEO-SERV     PGS GR           -18066142.02  399710319.4
PETRO GEO-SERV     265143Q NO       -18066142.02  399710319.4
PETRO GEO-SERV     PGS VX           -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       JACK NO             -54932000    191586000
PETROJACK AS       JACK EO             -54932000    191586000
PETROJACK AS       JACKEUR EO          -54932000    191586000
PETROJACK AS       P3J GR              -54932000    191586000
PETROJACK AS       JACK EU             -54932000    191586000
PETROJACK AS       JACKEUR EU          -54932000    191586000
PETROJACK AS       POJKF US            -54932000    191586000
PETROJACK AS       JACO IX             -54932000    191586000
PETROJACK AS       JACK BY             -54932000    191586000
PETROJACK AS       JACK PZ             -54932000    191586000
PETROL AD          5PETF PO         -4938343.314  351074933.9
PETROL AD          PET BU           -4938343.314  351074933.9
PETROL AD          5PETEUR EU       -4938343.314  351074933.9
PETROL AD          5PETF L3         -4938343.314  351074933.9
PETROL AD          5PET GR          -4938343.314  351074933.9
PETROL AD          5PETF B3         -4938343.314  351074933.9
PETROL AD          5PET PZ          -4938343.314  351074933.9
PETROL AD          PETB PZ          -4938343.314  351074933.9
PETROL AD          5PET EU          -4938343.314  351074933.9
PETROL AD          5PET EO          -4938343.314  351074933.9
PETROL AD          5PETF S2         -4938343.314  351074933.9
PETROL AD          5PETEUR EO       -4938343.314  351074933.9
PETROL AD          5PET BU          -4938343.314  351074933.9
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     PETZP GA         -110809481.9  206423169.8
PETZETAKIS-PFD     PTZ3 GR          -110809481.9  206423169.8
PEUGEOT CITROEN    1974702Z LN      -79437283.13  750487827.5
PEUGEOT CITROEN    3637183Z FP      -387705605.4  308658679.1
PEUGEOT CITROEN    3652807Z FP       -4551892651  19003426706
PHILIPS GMBH       2645Z GR         -831243663.6   1969066449
PHS GROUP HOLDIN   3173182Z LN       -1848224693   1005490645
PIXMANIA SAS       666680Z FP       -164906523.7  144423244.8
PLACES FOR PEOPL   1914158Z LN      -89782697.51  596233572.7
PLANES E INVERSI   3795524Z SM      -167827051.7  107554336.1
PLANNED MAINTENA   1344714Z LN      -171366986.8  101450183.9
POST OFFICE LTD    1542650Z LN      -196775599.5   1694809196
POSTNL NV          PNL GK           -390355020.8   2547345335
POSTNL NV          PNL2USD EO       -390355020.8   2547345335
POSTNL NV          TNTFFN PO        -390355020.8   2547345335
POSTNL NV          PNL QX           -390355020.8   2547345335
POSTNL NV          PNL2 EO          -390355020.8   2547345335
POSTNL NV          PNLA B3          -390355020.8   2547345335
POSTNL NV          PNL2NOK EO       -390355020.8   2547345335
POSTNL NV          PNL2NOK EU       -390355020.8   2547345335
POSTNL NV          PNL2CHF EU       -390355020.8   2547345335
POSTNL NV          PNL TQ           -390355020.8   2547345335
POSTNL NV          PNL2GBX EU       -390355020.8   2547345335
POSTNL NV          TNTC GR          -390355020.8   2547345335
POSTNL NV          PNL2PLN EU       -390355020.8   2547345335
POSTNL NV          PNL NA           -390355020.8   2547345335
POSTNL NV          PNL2GBX EO       -390355020.8   2547345335
POSTNL NV          TNTC TH          -390355020.8   2547345335
POSTNL NV          PNL2 EU          -390355020.8   2547345335
POSTNL NV          TNTFFN L3        -390355020.8   2547345335
POSTNL NV          PNL2USD EU       -390355020.8   2547345335
POSTNL NV          TNTFF US         -390355020.8   2547345335
POSTNL NV          PNLA PO          -390355020.8   2547345335
POSTNL NV          PNL SW           -390355020.8   2547345335
POSTNL NV          PNL2GBP EO       -390355020.8   2547345335
POSTNL NV          TNTC QT          -390355020.8   2547345335
POSTNL NV          PNL MT           -390355020.8   2547345335
POSTNL NV          PNL2AUD EO       -390355020.8   2547345335
POSTNL NV          TNTFFN B3        -390355020.8   2547345335
POSTNL NV          PNL2PLN EO       -390355020.8   2547345335
POSTNL NV          PNL2CHF EO       -390355020.8   2547345335
POSTNL NV          PNL QM           -390355020.8   2547345335
POSTNL NV          TNT LI           -390355020.8   2547345335
POSTNL NV          TNT PZ           -390355020.8   2547345335
POSTNL NV          PNLA S2          -390355020.8   2547345335
POSTNL NV          PNL EB           -390355020.8   2547345335
POSTNL NV          PNLA L3          -390355020.8   2547345335
POSTNL NV          PNL BQ           -390355020.8   2547345335
POSTNL NV          PNL2AUD EU       -390355020.8   2547345335
POSTNL NV          PNL1 S1          -390355020.8   2547345335
POSTNL NV          PNL1 IX          -390355020.8   2547345335
POSTNL NV-ADR      PNLYY US         -390355020.8   2547345335
POSTNL NV-ADR      TNTTY US         -390355020.8   2547345335
POWER LEISURE BO   1855610Z LN      -68610434.68  204457598.3
POWERCORP INTERN   4449033Z LN      -9367275.229  129789167.8
PPG METRO 500 LT   2224564Z LN      -15545472.43  116336000.6
PRAMAC SPA         PRA2 EU          -87225984.26  314937083.3
PRAMAC SPA         PRA IM           -87225984.26  314937083.3
PRAMAC SPA         PRAM IX          -87225984.26  314937083.3
PRAMAC SPA         6PA GR           -87225984.26  314937083.3
PRAMAC SPA         PRAM PZ          -87225984.26  314937083.3
PRAMAC SPA         PRA2 EO          -87225984.26  314937083.3
PREMIER PROPERTY   4006740Z LN      -383762892.9  196967668.2
PRESTBURY HOTELS   397501Z LN       -140719863.3  732561072.1
PRESTBURY WENTWO   3814856Z LN      -113574624.2    682578779
PRISA              0557149D LN      -464007223.9   2869528791
PRISA              PRS2 VX          -464007223.9   2869528791
PRISA              PRS NR           -464007223.9   2869528791
PRISA - A          PRS1 EB          -464007223.9   2869528791
PRISA - A          PZ41 GR          -464007223.9   2869528791
PRISA - A          GPOPF US         -464007223.9   2869528791
PRISA - A          PRSE L3          -464007223.9   2869528791
PRISA - A          PRS1 S1          -464007223.9   2869528791
PRISA - A          PZ4 GR           -464007223.9   2869528791
PRISA - A          PRSUSD EU        -464007223.9   2869528791
PRISA - A          PRS2 IX          -464007223.9   2869528791
PRISA - A          PRSUSD EO        -464007223.9   2869528791
PRISA - A          PRSGBX EU        -464007223.9   2869528791
PRISA - A          PRS EO           -464007223.9   2869528791
PRISA - A          PRS EU           -464007223.9   2869528791
PRISA - A          PRSE PO          -464007223.9   2869528791
PRISA - A          PRSS PZ          -464007223.9   2869528791
PRISA - A          PRSGBP EO        -464007223.9   2869528791
PRISA - A          PRS TQ           -464007223.9   2869528791
PRISA - A          PRS SM           -464007223.9   2869528791
PRISA - A          PRSE S1          -464007223.9   2869528791
PRISA - A          PRSE BQ          -464007223.9   2869528791
PRISA - A          PRSE B3          -464007223.9   2869528791
PRISA - A          PRSE S2          -464007223.9   2869528791
PRISA - A          PRSGBX EO        -464007223.9   2869528791
PRISA - B          PRSP IX          -464007223.9   2869528791
PRISA - B          PRSP EB          -464007223.9   2869528791
PRISA - B          PRS/P SM         -464007223.9   2869528791
PRISA - B          PRS/P EO         -464007223.9   2869528791
PRISA - B          PRS/P TQ         -464007223.9   2869528791
PRISA A-ADR        PRISD US         -464007223.9   2869528791
PRISA A-ADR        PRISY US         -464007223.9   2869528791
PRISA A-ADR        PRIS US          -464007223.9   2869528791
PRISA B-ADR        PRIS/B US        -464007223.9   2869528791
PRISA B-RTS        PRS/E SM         -464007223.9   2869528791
PRISA B-RTS        PRS/EEUR EU      -464007223.9   2869528791
PRISA B-RTS        PRS/EEUR EO      -464007223.9   2869528791
PRISA-A RTS        PRS/DEUR EU      -464007223.9   2869528791
PRISA-A RTS        PRS/DEUR EO      -464007223.9   2869528791
PRISA-A RTS        PRS/D SM         -464007223.9   2869528791
PRISA-A RTS        PRSD TQ          -464007223.9   2869528791
PRISA-UNSP ADR     GPOPY US         -464007223.9   2869528791
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      -464007223.9   2869528791
PROMOTORA DE INF   1003328D SM      -464007223.9   2869528791
PROMOTORA DE-ADR   PRIS-W US        -464007223.9   2869528791
PROMOTORA DE-ADR   PTRSV US         -464007223.9   2869528791
PROMOTORA DE-ADR   PRIS/B-W US      -464007223.9   2869528791
PROMOTORA DE-NEW   0096859D SM      -464007223.9   2869528791
PROMTRACTOR-FINA   PTRF RU          -57517044.18    208661031
PROSTRAKAN GROUP   PSK PO           -9666420.197  134082602.7
PROSTRAKAN GROUP   PSK EU           -9666420.197  134082602.7
PROSTRAKAN GROUP   PKNGF US         -9666420.197  134082602.7
PROSTRAKAN GROUP   PSK IX           -9666420.197  134082602.7
PROSTRAKAN GROUP   PSK EO           -9666420.197  134082602.7
PROSTRAKAN GROUP   PSK S1           -9666420.197  134082602.7
PROSTRAKAN GROUP   PSK VX           -9666420.197  134082602.7
PROSTRAKAN GROUP   PSKEUR EO        -9666420.197  134082602.7
PROSTRAKAN GROUP   PSKEUR EU        -9666420.197  134082602.7
PROSTRAKAN GROUP   PSK LN           -9666420.197  134082602.7
PROSTRAKAN GROUP   PSKGBP EO        -9666420.197  134082602.7
PROSTRAKAN GROUP   PSK PZ           -9666420.197  134082602.7
PULLMANTUR SA      301590Z SM       -120068945.6  200674891.5
Q-PARK LTD         1471762Z LN       -34604975.8  162938616.9
QMH LTD            QMOT LN          -39143219.67  831590393.1
QPR HOLDINGS LTD   LFT LN           -193935862.6  120047585.7
QUEENS MOAT HSES   QMTHF US         -39143219.67  831590393.1
QUINN BUILDING P   3949900Z LN      -51051442.15  243405907.6
QUINN GROUP LTD    166771Z ID       -228834929.2   2504377123
R&R ICE CREAM LT   3624280Z LN      -206456076.5   1291066547
RADIO E TELEVISA   1227Z PL         -109978276.6  477215725.6
RAG ABWICKL-REG    RSTHF US         -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    ROS1 EU          -1744186.284  217783877.8
RAG ABWICKL-REG    ROSG PZ          -1744186.284  217783877.8
RAG ABWICKL-REG    ROS S1           -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            RDB EO           -143727976.4  142633893.2
RDB SPA            RDB PZ           -143727976.4  142633893.2
RDB SPA            RDB IM           -143727976.4  142633893.2
RDB SPA            RDB BQ           -143727976.4  142633893.2
RDB SPA            RDB TQ           -143727976.4  142633893.2
RDB SPA            RDBI IX          -143727976.4  142633893.2
RDB SPA            RDB EU           -143727976.4  142633893.2
RDB SPA            AZN GR           -143727976.4  142633893.2
REAL ESTATE OP-O   REO EO            -1109587250   1668412128
REAL ESTATE OP-O   REO VX            -1109587250   1668412128
REAL ESTATE OP-O   REOGBP EO         -1109587250   1668412128
REAL ESTATE OP-O   REO IX            -1109587250   1668412128
REAL ESTATE OP-O   REA GR            -1109587250   1668412128
REAL ESTATE OP-O   REO PZ            -1109587250   1668412128
REAL ESTATE OP-O   REO LN            -1109587250   1668412128
REAL ESTATE OP-O   REO ID            -1109587250   1668412128
REAL ESTATE OP-O   REO EU            -1109587250   1668412128
REAL ZARAGOZA SA   4285533Z SM      -5133826.629  154809006.4
REDE FERROVIARIA   1250Z PL          -2728365683   7426061504
REGARD HOLDINGS    4157517Z LN       -9685751.94  141817579.3
REGUS LTD          273187Q LN       -46111832.15    367181111
REGUS PLC          REGSF US         -46111832.15    367181111
REGUS PLC          RGU GR           -46111832.15    367181111
REGUS PLC          273195Q VX       -46111832.15    367181111
REGUS PLC          2296Z LN         -46111832.15    367181111
REGUS PLC-ADS      REGSY US         -46111832.15    367181111
REGUS PLC-ADS      REGS US          -46111832.15    367181111
REGUS PLC-ADS      REGSV US         -46111832.15    367181111
REGUS PLC-ADS      RGUA GR          -46111832.15    367181111
REPSOL POLIMEROS   3637351Z PL      -295866414.2  385214857.4
RETAIL GROUP       RTGR UZ          -44876675.45  143889948.7
REXAM BEVERAGE C   1120903Z LN      -22213349.38  126325689.5
REYAL URBIS SA     REYU PZ           -3541779275   1428244334
REYAL URBIS SA     REY1 EU           -3541779275   1428244334
REYAL URBIS SA     REY1 EO           -3541779275   1428244334
REYAL URBIS SA     REY EB            -3541779275   1428244334
REYAL URBIS SA     REY1 TQ           -3541779275   1428244334
REYAL URBIS SA     REY S1            -3541779275   1428244334
REYAL URBIS SA     REY SM            -3541779275   1428244334
REYAL URBIS SA     REY1 IX           -3541779275   1428244334
RHODIA SA          RHA GK           -72549998.76   7951479864
RHODIA SA          2324015Q EO      -72549998.76   7951479864
RHODIA SA          RHA VX           -72549998.76   7951479864
RHODIA SA          RHA S1           -72549998.76   7951479864
RHODIA SA          RHAUSD EU        -72549998.76   7951479864
RHODIA SA          RHA EU           -72549998.76   7951479864
RHODIA SA          RHAGBP EO        -72549998.76   7951479864
RHODIA SA          2324011Q EU      -72549998.76   7951479864
RHODIA SA          RHA EB           -72549998.76   7951479864
RHODIA SA          RHA NQ           -72549998.76   7951479864
RHODIA SA          RHDI GR          -72549998.76   7951479864
RHODIA SA          RHDI TH          -72549998.76   7951479864
RHODIA SA          RHA EO           -72549998.76   7951479864
RHODIA SA          RHA FP           -72549998.76   7951479864
RHODIA SA          RHAY IX          -72549998.76   7951479864
RHODIA SA          RHDAF US         -72549998.76   7951479864
RHODIA SA          RHA PZ           -72549998.76   7951479864
RHODIA SA          RHA TQ           -72549998.76   7951479864
RHODIA SA          RHAGBX EU        -72549998.76   7951479864
RHODIA SA          3218857Q IX      -72549998.76   7951479864
RHODIA SA          RHA QM           -72549998.76   7951479864
RHODIA SA          RHD GR           -72549998.76   7951479864
RHODIA SA          RHANR PZ         -72549998.76   7951479864
RHODIA SA          RHADF US         -72549998.76   7951479864
RHODIA SA          RHAGBX EO        -72549998.76   7951479864
RHODIA SA          RHAUSD EO        -72549998.76   7951479864
RHODIA SA          RHA IX           -72549998.76   7951479864
RHODIA SA          RHA BQ           -72549998.76   7951479864
RHODIA SA - NEW    3506266Q FP      -72549998.76   7951479864
RHODIA SA - NEW    3156011Q FP      -72549998.76   7951479864
RHODIA SA - NEW    RHANV FP         -72549998.76   7951479864
RHODIA SA - NEW    2335921Q 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
RIOFISA            RFSMF US         -249543667.9  269548749.9
RIOFISA            RFS PZ           -249543667.9  269548749.9
RIOFISA            2306760Q EU      -249543667.9  269548749.9
RIOFISA            2306764Q EO      -249543667.9  269548749.9
RIOFISA SAU        RFS SM           -249543667.9  269548749.9
RITZ HOTEL LTD/T   1274338Z LN      -28035315.97  274954318.9
RIVNEAZOT          RAZT UZ          -841338611.4  432245781.3
ROAD MGMT CONS     1239Z LN         -24814.39972  315566259.7
ROBINS & DAY LTD   1280922Z LN      -6856667.394  134759440.1
ROCAMAT            ROCA S1          -1664703.949  111569389.6
ROCAMAT            ROCA EB          -1664703.949  111569389.6
ROCAMAT            ROCA IX          -1664703.949  111569389.6
ROCAMAT            ROCA FP          -1664703.949  111569389.6
ROCAMAT            R4C GR           -1664703.949  111569389.6
ROCAMAT            ROCAP S2         -1664703.949  111569389.6
ROCAMAT            ROCAP B3         -1664703.949  111569389.6
ROCAMAT            ROCA TQ          -1664703.949  111569389.6
ROCAMAT            ROCA EO          -1664703.949  111569389.6
ROCAMAT            ROCAP L3         -1664703.949  111569389.6
ROCAMAT            ROCA EU          -1664703.949  111569389.6
ROCAMAT            ROCA PZ          -1664703.949  111569389.6
ROCAMAT - RTS      ROCDS FP         -1664703.949  111569389.6
ROCAMAT-NEW        ROCN FP          -1664703.949  111569389.6
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
ROSYTH ROYAL DOC   2184524Z LN      -85968869.67    166294557
ROTTERDAM LEISUR   3822680Z NA      -121031.0998  120401466.1
ROUST CORP         CEDCQ US           -419220000    840558976
RUSSIAN TEXT-CLS   ALRTG RU         -15214267.61    144581794
RUSSIAN TEXT-CLS   ALRT* RU         -15214267.61    144581794
S&T SYSTEM I-ADR   STSQY US         -38840367.34  182827447.9
S&T SYSTEM INTEG   SNT AV           -38840367.34  182827447.9
S&T SYSTEM INTEG   SNTS IX          -38840367.34  182827447.9
S&T SYSTEM INTEG   SLSYF US         -38840367.34  182827447.9
S&T SYSTEM INTEG   SNT EU           -38840367.34  182827447.9
S&T SYSTEM INTEG   SYA EX           -38840367.34  182827447.9
S&T SYSTEM INTEG   SNTA PZ          -38840367.34  182827447.9
S&T SYSTEM INTEG   0960262D GR      -38840367.34  182827447.9
S&T SYSTEM INTEG   SYAG IX          -38840367.34  182827447.9
S&T SYSTEM INTEG   SNTS ES          -38840367.34  182827447.9
S&T SYSTEM INTEG   SNT EO           -38840367.34  182827447.9
S&T SYSTEM INTEG   STSQF US         -38840367.34  182827447.9
SA DE SUPERMERCA   4373489Z SM      -24371663.66  162581700.7
SABENA SA          SABA BB          -85494497.66   2215341060
SAG GEST-SOLUCOE   SVAX PX          -33936420.07  636857771.1
SAG GEST-SOLUCOE   SAG EU           -33936420.07  636857771.1
SAG GEST-SOLUCOE   SVAU S2          -33936420.07  636857771.1
SAG GEST-SOLUCOE   SVA BQ           -33936420.07  636857771.1
SAG GEST-SOLUCOE   SVA PL           -33936420.07  636857771.1
SAG GEST-SOLUCOE   SVA EB           -33936420.07  636857771.1
SAG GEST-SOLUCOE   SVAS PL          -33936420.07  636857771.1
SAG GEST-SOLUCOE   SIVA IX          -33936420.07  636857771.1
SAG GEST-SOLUCOE   SVAU PO          -33936420.07  636857771.1
SAG GEST-SOLUCOE   SAG PL           -33936420.07  636857771.1
SAG GEST-SOLUCOE   SVAU L3          -33936420.07  636857771.1
SAG GEST-SOLUCOE   SVA TQ           -33936420.07  636857771.1
SAG GEST-SOLUCOE   SVAU B3          -33936420.07  636857771.1
SAG GEST-SOLUCOE   QSI GR           -33936420.07  636857771.1
SAG GEST-SOLUCOE   SGAUF US         -33936420.07  636857771.1
SAG GEST-SOLUCOE   SAG EO           -33936420.07  636857771.1
SAG GEST-SOLUCOE   SVA PZ           -33936420.07  636857771.1
SAPPI EUROPE SA    3732894Z BB      -122111348.6  156331971.4
SAVA               SAVA EO          -26258926.59    303719338
SAVA               SAVA EU          -26258926.59    303719338
SAVA               SAVAT S2         -26258926.59    303719338
SAVA               SAVAT PO         -26258926.59    303719338
SAVA               SAVAT L3         -26258926.59    303719338
SAVA               SAVAT B3         -26258926.59    303719338
SAVA               SAVA SV          -26258926.59    303719338
SAVA               SAVA PZ          -26258926.59    303719338
SDC - INVESTIMEN   SCO BQ           -18848942.22  421456035.6
SDC - INVESTIMEN   SCO EO           -18848942.22  421456035.6
SDC - INVESTIMEN   SDCAEEUR EU      -18848942.22  421456035.6
SDC - INVESTIMEN   SDCAE BQ         -18848942.22  421456035.6
SDC - INVESTIMEN   SDCAE TQ         -18848942.22  421456035.6
SDC - INVESTIMEN   SCO EU           -18848942.22  421456035.6
SDC - INVESTIMEN   SCOAEX PX        -18848942.22  421456035.6
SDC - INVESTIMEN   SDCAE PL         -18848942.22  421456035.6
SDC - INVESTIMEN   SCOAEU L3        -18848942.22  421456035.6
SDC - INVESTIMEN   SCO TQ           -18848942.22  421456035.6
SDC - INVESTIMEN   SCOAE EB         -18848942.22  421456035.6
SDC - INVESTIMEN   SCOAEU B3        -18848942.22  421456035.6
SDC - INVESTIMEN   SDCAE IX         -18848942.22  421456035.6
SDC - INVESTIMEN   SCOAE S1         -18848942.22  421456035.6
SDC - INVESTIMEN   SDCAE S1         -18848942.22  421456035.6
SDC - INVESTIMEN   SCS GR           -18848942.22  421456035.6
SDC - INVESTIMEN   SDCAEU S2        -18848942.22  421456035.6
SDC - INVESTIMEN   SCOAE IX         -18848942.22  421456035.6
SDC - INVESTIMEN   SDCAE EB         -18848942.22  421456035.6
SDC - INVESTIMEN   SDCAEU TQ        -18848942.22  421456035.6
SDC - INVESTIMEN   SDCAEEUR EO      -18848942.22  421456035.6
SDC - INVESTIMEN   SDCAEU PO        -18848942.22  421456035.6
SDC - INVESTIMEN   SCOAEU S2        -18848942.22  421456035.6
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 GIAL   SPG FP            -24458530.3  337194252.4
SEAT-PAGINE GIAL   PGAP GR           -24458530.3  337194252.4
SEAT-PAGINE GIAL   SGLSF US          -24458530.3  337194252.4
SEAT-PAGINE GIAL   SPG IM            -24458530.3  337194252.4
SEAT-PAGINE-RNC    SPGR IM           -24458530.3  337194252.4
SEDA DE BARCEL     SED SM           -753803384.4  519542575.7
SEDA DE BARCEL     SED IX           -753803384.4  519542575.7
SEDA DE BARCEL     SED EO           -753803384.4  519542575.7
SEDA DE BARCEL     SEDGBP EO        -753803384.4  519542575.7
SEDA DE BARCEL     SED EU           -753803384.4  519542575.7
SEDA DE BARCEL     SDY1 GR          -753803384.4  519542575.7
SEDA DE BARCEL     SEDGBX EO        -753803384.4  519542575.7
SEDA DE BARCEL     SED EB           -753803384.4  519542575.7
SEDA DE BARCEL     SED S1           -753803384.4  519542575.7
SEDA DE BARCEL     SEDGBX EU        -753803384.4  519542575.7
SEDA DE BARCEL     SED TQ           -753803384.4  519542575.7
SEDA DE BARCEL     SEDE PO          -753803384.4  519542575.7
SEDA DE BARCEL-A   SDB SM           -753803384.4  519542575.7
SEDA DE BARCEL-B   LSDBF US         -753803384.4  519542575.7
SEDA DE BARCEL-B   0882460D TQ      -753803384.4  519542575.7
SEDA DE BARCEL-B   SEDS PZ          -753803384.4  519542575.7
SEDA DE BARCEL-B   SED NR           -753803384.4  519542575.7
SEDA DE BARCEL-B   SDY GR           -753803384.4  519542575.7
SEGECE SCS         4518143Z FP      -14208162.69  209083011.9
SERVICO DE SAUDE   3790200Z PL      -226815997.5  542214475.7
SETON HEALTHCARE   2290Z LN         -10585505.26  156827663.2
SETUZA AS          SETUZA PZ        -61453559.45  138581811.9
SETUZA AS          2994767Q EO      -61453559.45  138581811.9
SETUZA AS          2994755Q EU      -61453559.45  138581811.9
SETUZA AS          2994759Q EO      -61453559.45  138581811.9
SETUZA AS          2994763Q EU      -61453559.45  138581811.9
SETUZA AS          SZA EX           -61453559.45  138581811.9
SETUZA AS          SETU IX          -61453559.45  138581811.9
SETUZA AS          SZA GR           -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 SA     SFAY L3          -57396664.53  319587612.6
SFAKIANAKIS SA     SFAY PO          -57396664.53  319587612.6
SFAKIANAKIS SA     SFA EU           -57396664.53  319587612.6
SFAKIANAKIS SA     SFAG PZ          -57396664.53  319587612.6
SFAKIANAKIS SA     SFA GA           -57396664.53  319587612.6
SFAKIANAKIS SA     SFAY B3          -57396664.53  319587612.6
SFAKIANAKIS SA     SFA EO           -57396664.53  319587612.6
SFAKIANAKIS SA     SFAY S2          -57396664.53  319587612.6
SFAKIANAKIS-AUC    SFAE GA          -57396664.53  319587612.6
SFI GROUP PLC      SUYFF US         -108070418.7  177652965.6
SFI GROUP PLC      SUF LN           -108070418.7  177652965.6
SGAL-SOCIEDADE G   4473915Z PL      -282250118.1  388608981.2
SHELL ESPANA SA    4514247Z SM      -293761250.9  183588746.2
SHELMAN            SELMK GA          -17533553.9  268658708.5
SHELMAN            3001167Q GR       -17533553.9  268658708.5
SHELMAN            SELMKY B3         -17533553.9  268658708.5
SHELMAN            SELMKY L3         -17533553.9  268658708.5
SHELMAN            SELMKY S2         -17533553.9  268658708.5
SHELMAN            SELMK EU          -17533553.9  268658708.5
SHELMAN            SELMKY PO         -17533553.9  268658708.5
SHELMAN            SWH GR            -17533553.9  268658708.5
SHELMAN            SELMK EO          -17533553.9  268658708.5
SHELMAN            SELMK PZ          -17533553.9  268658708.5
SHELMAN -RTS       4466796Q GA       -17533553.9  268658708.5
SHELMAN-PFD        SELMP GA          -17533553.9  268658708.5
SHELMAN-PFD        SWH3 GR           -17533553.9  268658708.5
SHELMAN-RTS        SELMKR GA         -17533553.9  268658708.5
SIDMA SA           SIDMA PZ         -10821761.18  153659879.6
SIDMA SA           SIDMA EU         -10821761.18  153659879.6
SIDMA SA           SIDMAY L3        -10821761.18  153659879.6
SIDMA SA           SIDMA GA         -10821761.18  153659879.6
SIDMA SA           SIDMA EO         -10821761.18  153659879.6
SIDMA SA           SIDMAY S2        -10821761.18  153659879.6
SIDMA SA           SIDMAY B3        -10821761.18  153659879.6
SIDMA SA           SIDMAY PO        -10821761.18  153659879.6
SIEMENS TRANSMIS   4678865Z FP      -30490786.14  344619846.7
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
SISTEMA HALS-GDR   HALS IX          -449760506.9   2176460470
SISTEMA-GDR 144A   SEMAL US         -449760506.9   2176460470
SITROL CONC-ADR    SVX EX            -1242879053  662171813.5
SITROL CONC-ADR    STRLY US          -1242879053  662171813.5
SKANDIA LIFE BUS   1451642Z LN      -1717894.198  162775859.3
SKYEUROPE          SKYP PW          -89483677.73    159082240
SKYEUROPE          SKY PW           -89483677.73    159082240
SKYEUROPE HLDG     SKURF US         -89483677.73    159082240
SKYEUROPE HLDG     SKY AV           -89483677.73    159082240
SKYEUROPE HLDG     SKYV IX          -89483677.73    159082240
SKYEUROPE HLDG     SKY LI           -89483677.73    159082240
SKYEUROPE HLDG     SKYPLN EO        -89483677.73    159082240
SKYEUROPE HLDG     SKY EO           -89483677.73    159082240
SKYEUROPE HLDG     0619064D GR      -89483677.73    159082240
SKYEUROPE HLDG     SKYPLN EU        -89483677.73    159082240
SKYEUROPE HLDG     SKYA PZ          -89483677.73    159082240
SKYEUROPE HLDG     SKY EU           -89483677.73    159082240
SKYEUROPE HOL-RT   SK1 AV           -89483677.73    159082240
SLOVENSKE ENERGE   1SES1T PO        -47302531.49  106960373.4
SLOVENSKE ENERGE   SES EO           -47302531.49  106960373.4
SLOVENSKE ENERGE   1SES2T PO        -47302531.49  106960373.4
SLOVENSKE ENERGE   1SES1T B3        -47302531.49  106960373.4
SLOVENSKE ENERGE   SES02 EU         -47302531.49  106960373.4
SLOVENSKE ENERGE   SES SK           -47302531.49  106960373.4
SLOVENSKE ENERGE   SES02 EO         -47302531.49  106960373.4
SLOVENSKE ENERGE   1SES1T L3        -47302531.49  106960373.4
SLOVENSKE ENERGE   SES EU           -47302531.49  106960373.4
SLOVENSKE ENERGE   1SES2T S2        -47302531.49  106960373.4
SLOVENSKE ENERGE   1SES1T S2        -47302531.49  106960373.4
SLOVENSKE ENERGE   1SES2T B3        -47302531.49  106960373.4
SLOVENSKE ENERGE   1SES01A PZ       -47302531.49  106960373.4
SLOVENSKE ENERGE   SES02 SK         -47302531.49  106960373.4
SLOVENSKE ENERGE   1SES2T L3        -47302531.49  106960373.4
SMITHS HEIMANN S   4513283Z FP      -19134635.11  123528857.5
SNCB HOLDING       SNCVP BB          -1724401131  40075565311
SNCB HOLDING       SNCBPD BB         -1724401131  40075565311
SNCB HOLDING       SNCVPEUR EU       -1724401131  40075565311
SNCB HOLDING       SNCVPEUR EO       -1724401131  40075565311
SNCB HOLDING-1     0742715D BB       -1724401131  40075565311
SNCB HOLDING-2     0742716D BB       -1724401131  40075565311
SNCB HOLDING-DVD   0742717D BB       -1724401131  40075565311
SNCB HOLDING-INF   1223604D BB       -1724401131  40075565311
SNCB HOLDING-ORD   0742718D BB       -1724401131  40075565311
SNCB-JOUISSANCE    146453Z BB        -1724401131  40075565311
SNCB-PRIV HOLLAN   SNCBPB BB         -1724401131  40075565311
SNCB-PRIV SUISSE   SNCBPA BB         -1724401131  40075565311
SNCF RESEAU        224063Z FP        -1502193646  75168386409
SNIA BPD           SN GR            -141935918.3  150447396.9
SNIA BPD-ADR       SBPDY US         -141935918.3  150447396.9
SNIA SPA           SBPDF US         -141935918.3  150447396.9
SNIA SPA           SIAI IX          -141935918.3  150447396.9
SNIA SPA           SN TQ            -141935918.3  150447396.9
SNIA SPA           SN EU            -141935918.3  150447396.9
SNIA SPA           SIAI PZ          -141935918.3  150447396.9
SNIA SPA           SSMLF US         -141935918.3  150447396.9
SNIA SPA           SNIA GR          -141935918.3  150447396.9
SNIA SPA           SN IM            -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 - 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       SNAA IM          -141935918.3  150447396.9
SNIA SPA-RTS       SNSO IM          -141935918.3  150447396.9
SNIACE             SNCEF US         -47606583.03  113165035.8
SNIACE             SNC1 TQ          -47606583.03  113165035.8
SNIACE             SNC1 EU          -47606583.03  113165035.8
SNIACE             SNC SM           -47606583.03  113165035.8
SNIACE             SSD GR           -47606583.03  113165035.8
SNIACE             SNC PZ           -47606583.03  113165035.8
SNIACE             SNC1 EO          -47606583.03  113165035.8
SNIACE             SNC1 S1          -47606583.03  113165035.8
SNIACE             SNC1 EB          -47606583.03  113165035.8
SNIACE             SNC IX           -47606583.03  113165035.8
SNIACE-NEW         SNC/N SM         -47606583.03  113165035.8
SNIACE-RT          SNC/D SM         -47606583.03  113165035.8
SOARES DA COS-RT   SCORT PL         -18848942.22  421456035.6
SOARES DA COS-RT   SCOS PL          -18848942.22  421456035.6
SOARES DA COS-RT   SCOPR PL         -18848942.22  421456035.6
SOC DES NOUVEAUX   4738657Z FP      -8776125.203  115226381.8
SOCIEDADE DE CON   3903002Z PL      -18190940.15  130209277.6
SOCIEDADE DE TRA   1253Z PL         -583270000.3  125409558.7
SOCIETE COMMERCI   4516647Z FP      -135557391.6   1345764531
SOCIETE COOPERAT   4634081Z FP      -2483569.477  277148267.8
SOCIETE D'AGENCE   4741441Z FP      -67358903.47  256750902.7
SOCIETE DE CHAUF   4722937Z FP      -45398224.11  123033096.2
SOCIETE DES AUTO   ARR1 VX          -87241002.75  11567116520
SOCIETE DES AUTO   SEAUF US         -87241002.75  11567116520
SOCIETE DES AUTO   ARRGBP EO        -87241002.75  11567116520
SOCIETE DES AUTO   ARR1 PZ          -87241002.75  11567116520
SOCIETE DES AUTO   RK9 GR           -87241002.75  11567116520
SOCIETE DES AUTO   ARR BQ           -87241002.75  11567116520
SOCIETE DES AUTO   ARRGBX EO        -87241002.75  11567116520
SOCIETE DES CENT   4713729Z FP      -2191007.373  109500824.8
SOCIETE DES EAUX   4721033Z FP      -67025242.75  257538795.2
SOCIETE DES-ADR    SEAUY US         -87241002.75  11567116520
SOCIETE FINANCIE   SFAL FP          -304909149.1   6618643415
SODERAG            SDRA FP          -2861533.316  404179878.4
SODERAG-NEW        SDRN FP          -2861533.316  404179878.4
SOGAPAL-SOCIEDAD   4769185Z PL      -17877575.67    137194157
SOGARA FRANCE      4674897Z FP      -112661311.2  297852595.4
SOLOCAL GROU-RTS   LOCDS TQ          -1481901366    831480713
SOLOCAL GROU-RTS   LOCDSEUR EU       -1481901366    831480713
SOLOCAL GROU-RTS   LOCDS FP          -1481901366    831480713
SOLOCAL GROU-RTS   LOCDSEUR EO       -1481901366    831480713
SOLOCAL GROUP      PAJGBX EO         -1481901366    831480713
SOLOCAL GROUP      LOCALP L3         -1481901366    831480713
SOLOCAL GROUP      QS3 GR            -1481901366    831480713
SOLOCAL GROUP      LOCAL IX          -1481901366    831480713
SOLOCAL GROUP      PAJUSD EO         -1481901366    831480713
SOLOCAL GROUP      QS3 TH            -1481901366    831480713
SOLOCAL GROUP      PAJ IX            -1481901366    831480713
SOLOCAL GROUP      PAJ TQ            -1481901366    831480713
SOLOCAL GROUP      PAJ EB            -1481901366    831480713
SOLOCAL GROUP      PAJ EU            -1481901366    831480713
SOLOCAL GROUP      LOCAL FP          -1481901366    831480713
SOLOCAL GROUP      PAJGBP EO         -1481901366    831480713
SOLOCAL GROUP      LOCAL EU          -1481901366    831480713
SOLOCAL GROUP      PAJ EO            -1481901366    831480713
SOLOCAL GROUP      PAJ GK            -1481901366    831480713
SOLOCAL GROUP      LOCAL SW          -1481901366    831480713
SOLOCAL GROUP      PAJ1CHF EU        -1481901366    831480713
SOLOCAL GROUP      PAJ BQ            -1481901366    831480713
SOLOCAL GROUP      PAJ1CHF EO        -1481901366    831480713
SOLOCAL GROUP      PAJCHF EO         -1481901366    831480713
SOLOCAL GROUP      LOCALP B3         -1481901366    831480713
SOLOCAL GROUP      LOCALP S2         -1481901366    831480713
SOLOCAL GROUP      PAJ QM            -1481901366    831480713
SOLOCAL GROUP      LOCAL QX          -1481901366    831480713
SOLOCAL GROUP      LOCALP PO         -1481901366    831480713
SOLOCAL GROUP      PAJUSD EU         -1481901366    831480713
SOLOCAL GROUP      PAJ S1            -1481901366    831480713
SOLOCAL GROUP      LOCAL TQ          -1481901366    831480713
SOLOCAL GROUP      PAJGBX EU         -1481901366    831480713
SOLOCAL GROUP      LOCAL EB          -1481901366    831480713
SOLON AG FU-MEW    532564Q GR       -138663225.9  627116116.4
SOLON AG FUE-NEW   SOOJ GR          -138663225.9  627116116.4
SOLON AG FUE-NEW   SOO3 GR          -138663225.9  627116116.4
SOLON AG FUE-NEW   SOO4 GR          -138663225.9  627116116.4
SOLON AG FUE-RTS   2292896Z GR      -138663225.9  627116116.4
SOLON AG FUER SO   SOOG IX          -138663225.9  627116116.4
SOLON AG FUER SO   SOO GR           -138663225.9  627116116.4
SOLON SE           SOO1 EO          -138663225.9  627116116.4
SOLON SE           SOO1 BQ          -138663225.9  627116116.4
SOLON SE           SNBZF US         -138663225.9  627116116.4
SOLON SE           SOON GR          -138663225.9  627116116.4
SOLON SE           SOO1USD EO       -138663225.9  627116116.4
SOLON SE           SGFRF US         -138663225.9  627116116.4
SOLON SE           SOO1 EU          -138663225.9  627116116.4
SOLON SE           SOON EO          -138663225.9  627116116.4
SOLON SE           SOO1 TQ          -138663225.9  627116116.4
SOLON SE           SOO1 TH          -138663225.9  627116116.4
SOLON SE           SOO1 GR          -138663225.9  627116116.4
SOLON SE           SOO1USD EU       -138663225.9  627116116.4
SOLON SE           SOO1 PZ          -138663225.9  627116116.4
SOLON SE           SOON EU          -138663225.9  627116116.4
SOLON SE           SOO1 S1          -138663225.9  627116116.4
SOLON SE-RTS       3664247Z GR      -138663225.9  627116116.4
SOLVAY PORTUGAL-   4775353Z PL      -26828982.51  133606876.8
SOMERSTON HOTELS   1167535Z LN      -189322116.8  379519378.5
SOMERSTON HOTELS   1231735Z LN      -41262222.44  103352288.9
SONET INVESTMENT   1692672Z LN      -5145399.595  362238782.1
SONY COMPUTER EN   3893902Z LN      -484038262.1   1249348085
SONY EUROPE LTD    1591658Z LN       -2116271762   1654745164
SOPAF SPA          SPF EO              -24220244  153759286.6
SOPAF SPA          SOCAF US            -24220244  153759286.6
SOPAF SPA          SPF TQ              -24220244  153759286.6
SOPAF SPA          SPF BQ              -24220244  153759286.6
SOPAF SPA          SPF EB              -24220244  153759286.6
SOPAF SPA          SPFI IX             -24220244  153759286.6
SOPAF SPA          SPF IM              -24220244  153759286.6
SOPAF SPA          SSZ HK              -24220244  153759286.6
SOPAF SPA          SPF PZ              -24220244  153759286.6
SOPAF SPA          SOPAF US            -24220244  153759286.6
SOPAF SPA          SPF QM              -24220244  153759286.6
SOPAF SPA          SPF EU              -24220244  153759286.6
SOPAF SPA-NEW 97   SPF97 IM            -24220244  153759286.6
SOPAF SPA-RNC      SPFN IM             -24220244  153759286.6
SOPAF SPA-RNC      SOPCF US            -24220244  153759286.6
SOPAF SPA-RT       SPFOB IM            -24220244  153759286.6
SOPHOS GROUP       SOPHL PO         -405600012.7  988200023.9
SOPHOS GROUP       SOPHL B3         -405600012.7  988200023.9
SOPHOS GROUP       SOPHEUR EU       -405600012.7  988200023.9
SOPHOS GROUP       SOPHL S2         -405600012.7  988200023.9
SOPHOS GROUP       SOPHEUR EO       -405600012.7  988200023.9
SOPHOS GROUP       SOPHL L3         -405600012.7  988200023.9
SOPHOS GROUP       2SO TH           -405600012.7  988200023.9
SOPHOS GROUP       SOPHGBX EU       -405600012.7  988200023.9
SOPHOS GROUP       SOPHL S1         -405600012.7  988200023.9
SOPHOS GROUP       2SO GR           -405600012.7  988200023.9
SOPHOS GROUP       SOPHL EB         -405600012.7  988200023.9
SOPHOS GROUP       SOPHL IX         -405600012.7  988200023.9
SOPHOS GROUP       SOPH LN          -405600012.7  988200023.9
SOPHOS GROUP       SOPHGBX EO       -405600012.7  988200023.9
SOPHOS GROUP       SOPHL TQ         -405600012.7  988200023.9
SOPHOS GROUP LTD   1284370D LN      -405600012.7  988200023.9
SOUTHERN CROSS     SCHE EO          -456860163.7  226502401.8
SOUTHERN CROSS     SCHE QM          -456860163.7  226502401.8
SOUTHERN CROSS     SCHE4 EO         -456860163.7  226502401.8
SOUTHERN CROSS     F2Z TH           -456860163.7  226502401.8
SOUTHERN CROSS     F2Z GR           -456860163.7  226502401.8
SOUTHERN CROSS     SCHE IX          -456860163.7  226502401.8
SOUTHERN CROSS     SCH4 EO          -456860163.7  226502401.8
SOUTHERN CROSS     SCH5 EO          -456860163.7  226502401.8
SOUTHERN CROSS     SCHEEUR EO       -456860163.7  226502401.8
SOUTHERN CROSS     SCH3 EO          -456860163.7  226502401.8
SOUTHERN CROSS     SOCHF US         -456860163.7  226502401.8
SOUTHERN CROSS     SCHE S1          -456860163.7  226502401.8
SOUTHERN CROSS     SCHE BQ          -456860163.7  226502401.8
SOUTHERN CROSS     SCHE LN          -456860163.7  226502401.8
SOUTHERN CROSS     SCHE TQ          -456860163.7  226502401.8
SOUTHERN CROSS     SCHEUSD EO       -456860163.7  226502401.8
SOUTHERN CROSS     SCHE NQ          -456860163.7  226502401.8
SOUTHERN CROSS     SCHE8 EO         -456860163.7  226502401.8
SOUTHERN CROSS     SCHE5 EO         -456860163.7  226502401.8
SOUTHERN CROSS     SCHE PO          -456860163.7  226502401.8
SOUTHERN CROSS     SCHEUSD EU       -456860163.7  226502401.8
SOUTHERN CROSS     SCHEGBP EO       -456860163.7  226502401.8
SOUTHERN CROSS     SCHE NR          -456860163.7  226502401.8
SOUTHERN CROSS     SCHE7 EO         -456860163.7  226502401.8
SOUTHERN CROSS     SCHE6 EO         -456860163.7  226502401.8
SOUTHERN CROSS     SCHE EU          -456860163.7  226502401.8
SOUTHERN CROSS     SCHE3 EO         -456860163.7  226502401.8
SOUTHERN CROSS     SCHEEUR EU       -456860163.7  226502401.8
SOUTHERN CROSS     SCHE VX          -456860163.7  226502401.8
SOUTHERN CROSS     SCHE PZ          -456860163.7  226502401.8
SOUTHERN CROSS     SCHE2 EO         -456860163.7  226502401.8
SOUTHERN CROSS     SCHE EB          -456860163.7  226502401.8
SOUTHERN ELE-ADR   SOELY US         -315604519.9   1586196236
SOUTHERN ELEC      619136Q LN       -315604519.9   1586196236
SOUTHERN ELEC-B    SELB LN          -315604519.9   1586196236
SPANAIR            1174Z SM         -224908325.6  350100970.3
SPAR HAND-PFD NV   SPA3 GR          -442426239.7   1433020961
SPAR HANDELS-AG    SPHFF US         -442426239.7   1433020961
SPAR HANDELS-AG    773844Q GR       -442426239.7   1433020961
SPENCER DOCK DEV   3813908Z ID         -87906519    773958702
SPIE BATIGNOLLES   1083363D FP      -15843540.88   5280931385
SPIRE HEALTHCARE   1444034Z LN      -423214914.8   2678924382
SQUARE ENIX LTD    1826770Z LN      -332218913.1  298496661.4
ST FIACRE (FIN)    132143Q FP       -1274873.644  111191494.1
ST GOBAIN SEKURI   3737571Z BB      -71323279.72  142248917.8
STAGECOACH SERVI   1584258Z LN      -13660380.53  207868606.7
STALNAYA GRUPPA    SGML$ RU          -2775493888   6290786816
STAPLES UK RETAI   1592994Z LN      -80237154.66    170116799
START FUNDING NO   3816392Z ID      -49647004.37  505142087.3
STE FRANCAISE D'   4639273Z FP      -12030114.22  468842299.4
STEMCOR HOLDINGS   532183Z LN       -120313888.1   2404159063
STEMCOR UK LTD     1071106Z LN        -139791008    244452000
STIROL CONC -ADR   SVX GR            -1242879053  662171813.5
STIROL CONC -ADR   SRLLY US          -1242879053  662171813.5
STIROL CONC -ADR   SVXF IX           -1242879053  662171813.5
STIROL CONC -ADR   STIR009 RU        -1242879053  662171813.5
STIROL CONCERN     SRLLF US          -1242879053  662171813.5
STIROL CONCERN     STIR UZ           -1242879053  662171813.5
STIROL CONCERN     STRLF US          -1242879053  662171813.5
STJAMES'S PLACE    4451825Z LN      -69492713.34  762546232.1
STOREBRAND EIEND   4288341Z NO       -1089306357   3537850945
SUMSKE NVO IM FR   SMASH UZ         -20074399.38  316956518.9
SUMY NVO FRU-GDR   M9Y1 GR          -20074399.38  316956518.9
SUMY NVO FRU-GDR   M9Y1 IX          -20074399.38  316956518.9
SUMY NVO FRUNZE    3322Z GR         -20074399.38  316956518.9
SUN CHEMICAL LTD   2569274Z LN      -13584119.99  227447866.6
SUN VALLEY FOODS   2346003Z LN      -10931349.79  194740084.6
SUNDERLAND ASSOC   1274418Z LN      -55274632.43  153207257.5
SUSQUEHANNA EURO   4459081Z ID       -1526322048   6118562816
SUZLON ENERGY A/   3983108Z DC      -46664014.88  265840854.9
SUZLON WIND ENER   3985532Z DC      -50030921.82  151671945.3
SUZLON WIND ENER   3809140Z SM      -4604655.096  154658232.2
T BANK             TBANK EU         -46224213.41   3486115450
T BANK             ASPT PZ          -46224213.41   3486115450
T BANK             ASPT GA          -46224213.41   3486115450
T BANK             ASPT EO          -46224213.41   3486115450
T BANK             ASPT EU          -46224213.41   3486115450
T BANK             TBANK EO         -46224213.41   3486115450
T BANK             TBANK GA         -46224213.41   3486115450
TA TRIUMPH-A-RTS   1018916Z GR      -149683798.7  348808197.1
TA TRIUMPH-ACQ     TWNA EU          -149683798.7  348808197.1
TA TRIUMPH-ACQ     TWNA GR          -149683798.7  348808197.1
TA TRIUMPH-ADLER   TWN PZ           -149683798.7  348808197.1
TA TRIUMPH-ADLER   TWN EU           -149683798.7  348808197.1
TA TRIUMPH-ADLER   TWN EO           -149683798.7  348808197.1
TA TRIUMPH-ADLER   TWNG IX          -149683798.7  348808197.1
TA TRIUMPH-ADLER   0292922D GR      -149683798.7  348808197.1
TA TRIUMPH-ADLER   TTZAF US         -149683798.7  348808197.1
TA TRIUMPH-NEW     TWN1 GR          -149683798.7  348808197.1
TA TRIUMPH-RT      TWN8 GR          -149683798.7  348808197.1
TA TRIUMPH-RTS     3158577Q GR      -149683798.7  348808197.1
TABASA INFRAESTR   3747640Z SM        -174949990  118045845.5
TABLEROS DE FI-N   TFI/N SM         -86643526.68  212704268.2
TABLEROS DE FI-R   TFI/D SM         -86643526.68  212704268.2
TABLEROS DE FIBR   TRFSF US         -86643526.68  212704268.2
TAFISA             TFIEUR EO        -86643526.68  212704268.2
TAFISA             TFIEUR EU        -86643526.68  212704268.2
TAFISA             TFI SM           -86643526.68  212704268.2
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           -514759935.9   2337485245
TATA CHEMICALS     1626874Z LN      -6488265.073  183288170.1
TATA CMMNCTNS UK   2534722Z LN         -79448664    149100896
TATA STEEL EUROP   4287165Z LN      -470404199.8  11926915209
TAVEX - RTS        ASA/D SM         -10622070.67    655950832
TAVEX ALGODO-RTS   2773473Q SM      -10622070.67    655950832
TAVEX ALGODO-RTS   613781Q SM       -10622070.67    655950832
TAVEX ALGODON-NE   ASA/N SM         -10622070.67    655950832
TAVEX ALGODONERA   ASA EU           -10622070.67    655950832
TAVEX ALGODONERA   ASA SM           -10622070.67    655950832
TAVEX ALGODONERA   ASA EO           -10622070.67    655950832
TAVEX ALGODONERA   ASA PZ           -10622070.67    655950832
TEAM PARTNER-RTS   2841653Q FP      -13557467.93    129831049
TEAM PARTNER-RTS   633323Q FP       -13557467.93    129831049
TEAM PARTNERS      TIP PZ           -13557467.93    129831049
TEAM PARTNERS      2347981Q EU      -13557467.93    129831049
TEAM PARTNERS      TPTRF US         -13557467.93    129831049
TEAM PARTNERS      2347985Q EO      -13557467.93    129831049
TEAM PARTNERS      TPGY IX          -13557467.93    129831049
TEAM PARTNERS      TIP FP           -13557467.93    129831049
TEAM PARTNERS GR   TIPNV FP         -13557467.93    129831049
TEAM PARTNERS GR   TIPA FP          -13557467.93    129831049
TEAM PARTNERS GR   TPGP PZ          -13557467.93    129831049
TEAM PARTNERS GR   TPGP IX          -13557467.93    129831049
TEAM PARTNERS GR   TIPDS FP         -13557467.93    129831049
TEAM PARTNERS GR   TIPA EU          -13557467.93    129831049
TEAM PARTNERS GR   TIPA EO          -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 IM           -89894162.82  152045757.5
TECNODIFF ITALIA   TDI NM           -89894162.82  152045757.5
TECNODIFF-RTS      TDIAOW NM        -89894162.82  152045757.5
TECNODIFFUSIONE    TDIAAW IM        -89894162.82  152045757.5
TEEKAY PETROJARL   4287109Z NO      -1576860.369  337918591.6
TEEUWISSEN HOLDI   3804012Z NA       -459173.717  366182065.4
TEGE S.A.          TEG SW           -31350514.06    147259405
TEL IT MEDIA-RTS   TMERAA IM         -24458530.3  337194252.4
TELE COLUMBUS AG   TC1D PO          -84850614.65  960322563.6
TELE COLUMBUS AG   TLQGF US         -84850614.65  960322563.6
TELE COLUMBUS AG   TC1 GR           -84850614.65  960322563.6
TELE COLUMBUS AG   TC1D IX          -84850614.65  960322563.6
TELE COLUMBUS AG   3215720Z GR      -84850614.65  960322563.6
TELE COLUMBUS AG   TC1 TH           -84850614.65  960322563.6
TELE COLUMBUS AG   TC1 QT           -84850614.65  960322563.6
TELE COLUMBUS AG   TC1EUR EO        -84850614.65  960322563.6
TELE COLUMBUS AG   TC1 LI           -84850614.65  960322563.6
TELE COLUMBUS AG   TC1EUR EU        -84850614.65  960322563.6
TELE COLUMBUS AG   TC1D TQ          -84850614.65  960322563.6
TELE COLUMBUS AG   TC1D S1          -84850614.65  960322563.6
TELE COLUMBUS AG   TC1D EB          -84850614.65  960322563.6
TELECOM IT-RTS     TMEAA IM          -24458530.3  337194252.4
TELECOM ITAL RSP   TCMN IX           -24458530.3  337194252.4
TELECOM ITAL RSP   TMERM L3          -24458530.3  337194252.4
TELECOM ITAL RSP   TIAZF US          -24458530.3  337194252.4
TELECOM ITAL RSP   TMER IM           -24458530.3  337194252.4
TELECOM ITAL RSP   TMERM B3          -24458530.3  337194252.4
TELECOM ITAL RSP   TMER PZ           -24458530.3  337194252.4
TELECOM ITAL RSP   TMER EO           -24458530.3  337194252.4
TELECOM ITAL RSP   TMER EU           -24458530.3  337194252.4
TELECOM ITAL RSP   TMERM PO          -24458530.3  337194252.4
TELECOM ITAL RSP   TMERM S2          -24458530.3  337194252.4
TELECOM ITAL RSP   TMER TQ           -24458530.3  337194252.4
TELECOM ITAL-ADR   TIAMY US          -24458530.3  337194252.4
TELECOM ITAL-RTS   TMIDS FP          -24458530.3  337194252.4
TELECOM ITALIA M   TCLM LN           -24458530.3  337194252.4
TELECOM ITALIA M   TME EB            -24458530.3  337194252.4
TELECOM ITALIA M   TMEM L3           -24458530.3  337194252.4
TELECOM ITALIA M   TMEM S2           -24458530.3  337194252.4
TELECOM ITALIA M   TMEGBX EO         -24458530.3  337194252.4
TELECOM ITALIA M   TME IX            -24458530.3  337194252.4
TELECOM ITALIA M   1294819D IM       -24458530.3  337194252.4
TELECOM ITALIA M   PGA2 GR           -24458530.3  337194252.4
TELECOM ITALIA M   PGA1 GR           -24458530.3  337194252.4
TELECOM ITALIA M   TCM IX            -24458530.3  337194252.4
TELECOM ITALIA M   TME PZ            -24458530.3  337194252.4
TELECOM ITALIA M   TME S1            -24458530.3  337194252.4
TELECOM ITALIA M   TMEAZA IM         -24458530.3  337194252.4
TELECOM ITALIA M   PGA VX            -24458530.3  337194252.4
TELECOM ITALIA M   TME NQ            -24458530.3  337194252.4
TELECOM ITALIA M   TMI FP            -24458530.3  337194252.4
TELECOM ITALIA M   TME IM            -24458530.3  337194252.4
TELECOM ITALIA M   TME QM            -24458530.3  337194252.4
TELECOM ITALIA M   TME BQ            -24458530.3  337194252.4
TELECOM ITALIA M   TMEM PO           -24458530.3  337194252.4
TELECOM ITALIA M   TIAMF US          -24458530.3  337194252.4
TELECOM ITALIA M   TME EO            -24458530.3  337194252.4
TELECOM ITALIA M   TME NR            -24458530.3  337194252.4
TELECOM ITALIA M   TME EU            -24458530.3  337194252.4
TELECOM ITALIA M   PGA GR            -24458530.3  337194252.4
TELECOM ITALIA M   TMEM B3           -24458530.3  337194252.4
TELECOM ITALIA M   TME TQ            -24458530.3  337194252.4
TELEFONICA CABLE   4374649Z SM      -13714272.04  108786240.3
TELENET GROUP HO   972991Z BB        -1403210362   3881104874
TELENET GROUP HO   972951Z BB        -1403210362   3881104874
TELENET GRP HLDG   TNETUSD EO        -1403210362   3881104874
TELENET GRP HLDG   TNET MT           -1403210362   3881104874
TELENET GRP HLDG   TNETGBX EO        -1403210362   3881104874
TELENET GRP HLDG   TNET S1           -1403210362   3881104874
TELENET GRP HLDG   T4I GR            -1403210362   3881104874
TELENET GRP HLDG   TNET PZ           -1403210362   3881104874
TELENET GRP HLDG   TNETB L3          -1403210362   3881104874
TELENET GRP HLDG   TLGHFN PO         -1403210362   3881104874
TELENET GRP HLDG   TNETB PO          -1403210362   3881104874
TELENET GRP HLDG   TLGHF US          -1403210362   3881104874
TELENET GRP HLDG   TNET SW           -1403210362   3881104874
TELENET GRP HLDG   TNETB B3          -1403210362   3881104874
TELENET GRP HLDG   TNET EB           -1403210362   3881104874
TELENET GRP HLDG   TLGHFN L3         -1403210362   3881104874
TELENET GRP HLDG   3218105Q IX       -1403210362   3881104874
TELENET GRP HLDG   TNET NQ           -1403210362   3881104874
TELENET GRP HLDG   TNET LI           -1403210362   3881104874
TELENET GRP HLDG   TNET IX           -1403210362   3881104874
TELENET GRP HLDG   TNET TQ           -1403210362   3881104874
TELENET GRP HLDG   TNET QX           -1403210362   3881104874
TELENET GRP HLDG   TNET GK           -1403210362   3881104874
TELENET GRP HLDG   TNET BQ           -1403210362   3881104874
TELENET GRP HLDG   TNETB S2          -1403210362   3881104874
TELENET GRP HLDG   TNETGBP EO        -1403210362   3881104874
TELENET GRP HLDG   TNET QM           -1403210362   3881104874
TELENET GRP HLDG   TNETGBX EU        -1403210362   3881104874
TELENET GRP HLDG   T4I TH            -1403210362   3881104874
TELENET GRP HLDG   TNET EO           -1403210362   3881104874
TELENET GRP HLDG   T4I QT            -1403210362   3881104874
TELENET GRP HLDG   TNET EU           -1403210362   3881104874
TELENET GRP HLDG   TLGHFN B3         -1403210362   3881104874
TELENET GRP HLDG   TNET BB           -1403210362   3881104874
TELENET GRP HLDG   TNETUSD EU        -1403210362   3881104874
TELENET-STRP       TNETS BB          -1403210362   3881104874
TELENET-UNS ADR    TLGHY US          -1403210362   3881104874
TELEWEST COM-ADR   TWSTD US          -3702338522   7581233764
TELEWEST COM-ADR   TWT$ LN           -3702338522   7581233764
TELEWEST COM-ADR   940767Q GR        -3702338522   7581233764
TELEWEST COM-ADR   TWSTY US          -3702338522   7581233764
TELEWEST COMM      604296Q GR        -3702338522   7581233764
TELEWEST COMM      TWSTF US          -3702338522   7581233764
TELEWEST COMM      TWT VX            -3702338522   7581233764
TELEWEST COMMUNI   2188148Z LN      -67233110.94    202555795
TELEWEST COMMUNI   1646328Z LN      -70647363.53   1206793393
TEMENOS UK LTD     1510258Z LN      -45594601.76  174643741.6
TF1 VIDEO SASU     4516855Z FP      -18656465.65  113026097.4
THALES AVIONICS    3636463Z FP      -12162547.91  167485138.3
THALES RAIL SIGN   2812334Z LN      -53304418.15  127892833.1
THALES SECURITY    4701729Z FP      -426153529.7  822653430.4
THALES TRANSPORT   1163839Z LN      -70122221.34    197834485
THARISA PLC        THA SJ              -90755000    361040992
THEMELIODOMI       THEME GA         -55751173.78  232036822.6
THEMELIODOMI-AUC   THEMEE GA        -55751173.78  232036822.6
THEMELIODOMI-RTS   THEMER GA        -55751173.78  232036822.6
THEMELIODOMI-RTS   THEMED GA        -55751173.78  232036822.6
THOMAS COOK -NPR   TCG1 TH          -194443302.3   8556989885
THOMAS COOK -NPR   TCGN LN          -194443302.3   8556989885
THOMAS COOK -NPR   TCG1 GR          -194443302.3   8556989885
THOMAS COOK GROU   TCG GK           -194443302.3   8556989885
THOMAS COOK GROU   TCG6 EO          -194443302.3   8556989885
THOMAS COOK GROU   TCGL PO          -194443302.3   8556989885
THOMAS COOK GROU   TCG1 EO          -194443302.3   8556989885
THOMAS COOK GROU   TCG VX           -194443302.3   8556989885
THOMAS COOK GROU   TCG TH           -194443302.3   8556989885
THOMAS COOK GROU   TCGUSD EO        -194443302.3   8556989885
THOMAS COOK GROU   TCG2 EO          -194443302.3   8556989885
THOMAS COOK GROU   TCG EU           -194443302.3   8556989885
THOMAS COOK GROU   TCG BQ           -194443302.3   8556989885
THOMAS COOK GROU   TCG7 EO          -194443302.3   8556989885
THOMAS COOK GROU   TCKGF US         -194443302.3   8556989885
THOMAS COOK GROU   TCGUSD EU        -194443302.3   8556989885
THOMAS COOK GROU   TCGEUR EO        -194443302.3   8556989885
THOMAS COOK GROU   TCG8 EO          -194443302.3   8556989885
THOMAS COOK GROU   TCGD L3          -194443302.3   8556989885
THOMAS COOK GROU   TCGL L3          -194443302.3   8556989885
THOMAS COOK GROU   TCG EB           -194443302.3   8556989885
THOMAS COOK GROU   TCGEUR EU        -194443302.3   8556989885
THOMAS COOK GROU   TCG QM           -194443302.3   8556989885
THOMAS COOK GROU   TCG EO           -194443302.3   8556989885
THOMAS COOK GROU   TCG NQ           -194443302.3   8556989885
THOMAS COOK GROU   TCGGBP EO        -194443302.3   8556989885
THOMAS COOK GROU   TCG5 EO          -194443302.3   8556989885
THOMAS COOK GROU   TCG PO           -194443302.3   8556989885
THOMAS COOK GROU   TCGD S2          -194443302.3   8556989885
THOMAS COOK GROU   TCG S1           -194443302.3   8556989885
THOMAS COOK GROU   TCGPEN EU        -194443302.3   8556989885
THOMAS COOK GROU   TCGL B3          -194443302.3   8556989885
THOMAS COOK GROU   TCG QX           -194443302.3   8556989885
THOMAS COOK GROU   TCG QT           -194443302.3   8556989885
THOMAS COOK GROU   TCGD B3          -194443302.3   8556989885
THOMAS COOK GROU   TCG IX           -194443302.3   8556989885
THOMAS COOK GROU   TCGCHF EO        -194443302.3   8556989885
THOMAS COOK GROU   TCG3 EO          -194443302.3   8556989885
THOMAS COOK GROU   TCG TQ           -194443302.3   8556989885
THOMAS COOK GROU   TCGCHF EU        -194443302.3   8556989885
THOMAS COOK GROU   TCG SW           -194443302.3   8556989885
THOMAS COOK GROU   TCG4 EO          -194443302.3   8556989885
THOMAS COOK GROU   TCGD PO          -194443302.3   8556989885
THOMAS COOK GROU   TCG10 EO         -194443302.3   8556989885
THOMAS COOK GROU   TCGPEN EO        -194443302.3   8556989885
THOMAS COOK GROU   TCGL S2          -194443302.3   8556989885
THOMAS COOK GROU   TCG LN           -194443302.3   8556989885
THOMAS COOK GROU   TCG9 EO          -194443302.3   8556989885
THOMAS COOK GROU   TCG NR           -194443302.3   8556989885
THOMAS COOK GROU   TCG PZ           -194443302.3   8556989885
THOMAS COOK GROU   TCG GR           -194443302.3   8556989885
THOMAS COOK-FPR    TCGF LN          -194443302.3   8556989885
THOMAS-UNSP ADR    TCKGY US         -194443302.3   8556989885
THOMSON REUTERS    4777193Z NO      -130942490.2  119378624.6
THOMSON TELECOM    4516815Z FP      -5134206.103  321303435.7
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      TIQA GR          -204271006.1  251604987.9
TISCALI - RTS      TISAAW IM        -204271006.1  251604987.9
TISCALI SPA        TIS TQ           -204271006.1  251604987.9
TISCALI SPA        TISN IX          -204271006.1  251604987.9
TISCALI SPA        TISGBX EO        -204271006.1  251604987.9
TISCALI SPA        TIS NR           -204271006.1  251604987.9
TISCALI SPA        TIS VX           -204271006.1  251604987.9
TISCALI SPA        TIS IX           -204271006.1  251604987.9
TISCALI SPA        TIS EO           -204271006.1  251604987.9
TISCALI SPA        TIQG IX          -204271006.1  251604987.9
TISCALI SPA        TIS EB           -204271006.1  251604987.9
TISCALI SPA        TIS PZ           -204271006.1  251604987.9
TISCALI SPA        TISM B3          -204271006.1  251604987.9
TISCALI SPA        TISGBX EU        -204271006.1  251604987.9
TISCALI SPA        TIS NQ           -204271006.1  251604987.9
TISCALI SPA        TISN VX          -204271006.1  251604987.9
TISCALI SPA        TISM L3          -204271006.1  251604987.9
TISCALI SPA        TISGBP EO        -204271006.1  251604987.9
TISCALI SPA        TISN IM          -204271006.1  251604987.9
TISCALI SPA        TISM S2          -204271006.1  251604987.9
TISCALI SPA        TIS1 S1          -204271006.1  251604987.9
TISCALI SPA        TIS FP           -204271006.1  251604987.9
TISCALI SPA        TIS NA           -204271006.1  251604987.9
TISCALI SPA        TIQ1 GR          -204271006.1  251604987.9
TISCALI SPA        TISM PO          -204271006.1  251604987.9
TISCALI SPA        TISM IX          -204271006.1  251604987.9
TISCALI SPA        TIS BQ           -204271006.1  251604987.9
TISCALI SPA        TIS IM           -204271006.1  251604987.9
TISCALI SPA        TSCXF US         -204271006.1  251604987.9
TISCALI SPA        TISN NA          -204271006.1  251604987.9
TISCALI SPA        TISN FP          -204271006.1  251604987.9
TISCALI SPA        TIQ GR           -204271006.1  251604987.9
TISCALI SPA        TIS QM           -204271006.1  251604987.9
TISCALI SPA        TIS EU           -204271006.1  251604987.9
TISCALI SPA- RTS   TISAXA IM        -204271006.1  251604987.9
TISCALI SPA- RTS   3391621Q GR      -204271006.1  251604987.9
TITAN CABLE PLC    715382Q LN        -3702338522   7581233764
TIUTA PLC          3814936Z LN      -56307814.14  182365274.9
TNT NV             TNT VX           -390355020.8   2547345335
TNT NV             TNTPLN EO        -390355020.8   2547345335
TNT NV             TNT TQ           -390355020.8   2547345335
TNT NV             TPG VX           -390355020.8   2547345335
TNT NV             TNTNOK EO        -390355020.8   2547345335
TNT NV             TNTAUD EO        -390355020.8   2547345335
TNT NV             TNTGBX EU        -390355020.8   2547345335
TNT NV             TNT EU           -390355020.8   2547345335
TNT NV             TNTUSD EU        -390355020.8   2547345335
TNT NV             TNTGBX EO        -390355020.8   2547345335
TNT NV             1284406D LN      -390355020.8   2547345335
TNT NV             TPG NA           -390355020.8   2547345335
TNT NV             TNTGBP EO        -390355020.8   2547345335
TNT NV             TNT NQ           -390355020.8   2547345335
TNT NV             TNTP IX          -390355020.8   2547345335
TNT NV             TNTAUD EU        -390355020.8   2547345335
TNT NV             TNT QM           -390355020.8   2547345335
TNT NV             TNT EO           -390355020.8   2547345335
TNT NV             TNT NA           -390355020.8   2547345335
TNT NV             TNT GR           -390355020.8   2547345335
TNT NV             TPG LI           -390355020.8   2547345335
TNT NV             TNTPLN EU        -390355020.8   2547345335
TNT NV             TPGNF US         -390355020.8   2547345335
TNT NV             TPG GR           -390355020.8   2547345335
TNT NV             TNTCHF EO        -390355020.8   2547345335
TNT NV             TNT S1           -390355020.8   2547345335
TNT NV             TNT GK           -390355020.8   2547345335
TNT NV             TNTCHF EU        -390355020.8   2547345335
TNT NV             TNTNOK EU        -390355020.8   2547345335
TNT NV             TNTUSD EO        -390355020.8   2547345335
TNT NV             TNT BQ           -390355020.8   2547345335
TNT NV             TNT EB           -390355020.8   2547345335
TNT NV-ADR         TPGA GR          -390355020.8   2547345335
TNT NV-ADR         TNT US           -390355020.8   2547345335
TNT NV-ADR         TP US            -390355020.8   2547345335
TNT POST GRP-STK   TPGS NA          -390355020.8   2547345335
TOORA              2916661Q EO      -288811.9236    147001663
TOORA              TOR PZ           -288811.9236    147001663
TOORA              1056312D PW      -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
TORM A/S           TORMEUR EO         -151600000   1397400064
TORM A/S           TORM EO            -151600000   1397400064
TORM A/S           TORMADKK EO        -151600000   1397400064
TORM A/S           TORM BQ            -151600000   1397400064
TORM A/S           TORMAC B3          -151600000   1397400064
TORM A/S           TORMUSD EU         -151600000   1397400064
TORM A/S           TORMCHF EO         -151600000   1397400064
TORM A/S           TORMC PO           -151600000   1397400064
TORM A/S           TORM DC            -151600000   1397400064
TORM A/S           TORMC L3           -151600000   1397400064
TORM A/S           TORMCHF EU         -151600000   1397400064
TORM A/S           TORMC B3           -151600000   1397400064
TORM A/S           TORM IX            -151600000   1397400064
TORM A/S           TORMUSD EO         -151600000   1397400064
TORM A/S           TORMEUR EU         -151600000   1397400064
TORM A/S           TORMGBP EO         -151600000   1397400064
TORM A/S           TORM EU            -151600000   1397400064
TORM A/S           TORMC S2           -151600000   1397400064
TORM A/S           TORM TQ            -151600000   1397400064
TORM A/S           TORM EB            -151600000   1397400064
TORM A/S           TORMACHF EO        -151600000   1397400064
TORM A/S           TORM PZ            -151600000   1397400064
TORM A/S           TORMACHF EU        -151600000   1397400064
TORM A/S           D8D GR             -151600000   1397400064
TORM A/S           TORMAC S2          -151600000   1397400064
TORM A/S           TORM QM            -151600000   1397400064
TORM A/S           TORMAEUR EO        -151600000   1397400064
TORM A/S           1108066D DC        -151600000   1397400064
TORM A/S           TORMAC L3          -151600000   1397400064
TORM A/S           TORMAGBP EO        -151600000   1397400064
TORM A/S           TORMAUSD EU        -151600000   1397400064
TORM A/S           TORMAC TQ          -151600000   1397400064
TORM A/S           TORMADKK EU        -151600000   1397400064
TORM A/S           DSKBF US           -151600000   1397400064
TORM A/S           TORM S1            -151600000   1397400064
TORM A/S           TORMAC BQ          -151600000   1397400064
TORM A/S           TORM BY            -151600000   1397400064
TORM A/S           TORMA DC           -151600000   1397400064
TORM A/S           TORMAC PO          -151600000   1397400064
TORM A/S           TORMAUSD EO        -151600000   1397400064
TORM A/S           TORMAEUR EU        -151600000   1397400064
TORM A/S           TORM NQ            -151600000   1397400064
TORM A/S           TORMAC IX          -151600000   1397400064
TORM A/S           TORMAC EB          -151600000   1397400064
TORM A/S-ADR       D8DB GR            -151600000   1397400064
TORM A/S-ADR       TRMD US            -151600000   1397400064
TORM A/S-ADR       D8DA GR            -151600000   1397400064
TORM A/S-B         1307021D DC        -151600000   1397400064
TORM A/S-C         1307022D DC        -151600000   1397400064
TOUGHER'S OIL DI   3807844Z ID         -36877649  104267886.6
TOWER GROUP A/S    TOWEREUR EU      -31099624.83  338785645.1
TOWER GROUP A/S    TOWEREUR EO      -31099624.83  338785645.1
TOWER GROUP A/S    SICC IX          -31099624.83  338785645.1
TOWER GROUP A/S    TOWER PZ         -31099624.83  338785645.1
TOWER GROUP A/S    TOWER EO         -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    TOWER EU         -31099624.83  338785645.1
TOWER GROUP-NEW    TOWERN DC        -31099624.83  338785645.1
TOWER GROUP-RTS    TOWERT DC        -31099624.83  338785645.1
TOWER GROUP-RTS    3536132Q DC      -31099624.83  338785645.1
TOYOTA MOTOR MAN   4512043Z FP       -46821010.2  743895134.9
TPG NV             TNT LN           -390355020.8   2547345335
TRADER MEDIA COR   1809857Z LN      -68377500.77   1067600712
TRAVELEX HOLDING   2917958Z LN      -671645757.9   1928254200
TRAVELPORT WORLD   1005045D US        -354000000   2910000128
TRAVELPORT WORLD   1TW GR             -354000000   2910000128
TRAVELPORT WORLD   TVPT US            -354000000   2910000128
TRAVELPORT WORLD   TVPTEUR EO         -354000000   2910000128
TRAVELPORT WORLD   TVPTEUR EU         -354000000   2910000128
TRAVELPORT WORLD   1TW TH             -354000000   2910000128
TRINITY MIRROR P   1511258Z LN        -131856186  562771692.5
TROUVAY CAUVIN     ETEC FP          -396977.8818  133986439.7
TROUVAY CAUVIN     TVYCF US         -396977.8818  133986439.7
TT HEL POST R-R    TTV10 GA          -3664576080  17426314152
TT HELLENIC -RTS   TTR GA            -3664576080  17426314152
TT HELLENIC POST   TT GA             -3664576080  17426314152
TT HELLENIC POST   TT EU             -3664576080  17426314152
TT HELLENIC POST   P7O GR            -3664576080  17426314152
TT HELLENIC POST   TTHPF US          -3664576080  17426314152
TT HELLENIC POST   TT PZ             -3664576080  17426314152
TT HELLENIC POST   TT EO             -3664576080  17426314152
TT HELLENIC-ADR    TTHPY US          -3664576080  17426314152
TT POSTBK REPO     TTL10 GA          -3664576080  17426314152
TT POSTBK REPO     TTL14 GA          -3664576080  17426314152
TT POSTBK-R REPO   TTV13 GA          -3664576080  17426314152
TUBE LINES FINAN   1241207Z LN      -2914999.962   2408518672
TUI UK LTD         1653824Z LN        -207142395   3158921524
TUILERIES FINANC   4701769Z FP      -3956981.588  125941142.6
TULA ARMORY PLAN   TOZZ$ RU          -11626111.7  166501178.9
TULSKY ORUZH-BRD   TOZZ RU           -11626111.7  166501178.9
TULSKY ORUZH-BRD   TOZZ* RU          -11626111.7  166501178.9
TUTUNBANK          TUT TI           -948074542.1  622746433.4
TVER ENERGY RET    TVSB RU          -24410938.13    161377178
TVER ENERGY RET    TVSBG RU         -24410938.13    161377178
TVER ENERGY RET    TVSB* RU         -24410938.13    161377178
TVER ENERGY RET    TVSB RM          -24410938.13    161377178
TVER ENERGY RET    0633645D RU      -24410938.13    161377178
TVER ENERGY-PFD    TVSBP* RU        -24410938.13    161377178
TVER ENERGY-PFD    TVSBP RU         -24410938.13    161377178
TVER ENERGY-PFD    0633659D RU      -24410938.13    161377178
TVER ENERGY-PFD    TVSBPG RU        -24410938.13    161377178
TVER ENERGY-PFD    TVSBP RM         -24410938.13    161377178
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       -2677661868  15838747390
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   UPE1 GR           -5505478850   5112616630
UNITED PAN-EUROP   UPC VX            -5505478850   5112616630
UNITED PAN-EUROP   UPCEF US          -5505478850   5112616630
UNITED PAN-EUROP   UPCOF US          -5505478850   5112616630
UNITED TEXTILES    NAOSF US         -163112562.6  286535432.7
UNITED TEXTILES    UTEX GA          -163112562.6  286535432.7
UNITED TEXTILES    NML1 GR          -163112562.6  286535432.7
UNITED TEXTILES    UTEX EO          -163112562.6  286535432.7
UNITED TEXTILES    NAOYK GA         -163112562.6  286535432.7
UNITED TEXTILES    UTEX PZ          -163112562.6  286535432.7
UNITED TEXTILES    UTEX EU          -163112562.6  286535432.7
UNIVERSAL LEASIN   2581586Z LN      -28689717.99  155124932.2
UPC HOLDING BV     3590264Z NA       -6145856596   9228870107
UPP NOTTINGHAM L   1958934Z LN      -41006312.76  172101149.9
URALMASHPLAN-BRD   URAM RU          -1419234.034  328250545.7
URALMASHPLAN-BRD   URAM* RU         -1419234.034  328250545.7
URALMASHPLAN-PFD   URAMP RU         -1419234.034  328250545.7
URALMASHPLAN-PFD   URAMP* RU        -1419234.034  328250545.7
URALSKIJ ZAVOD T   URAM$ RU         -1419234.034  328250545.7
URBAN SPLASH GRO   4286109Z LN      -54469749.91    294837811
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      -3936031.471  146200402.1
VAB BANK           VABB UZ          -450862774.8  722262361.3
VAB BANK           688846Z UZ       -450862774.8  722262361.3
VALE DO LOBO - R   4764257Z PL      -77564257.57  440086474.5
VALEO SYSTEMES D   4518495Z FP      -154469722.8  354757514.5
VECTURA AS         4414505Z NO      -17747226.48    222227329
VEOLIA ES LANDFI   1377362Z LN      -21590467.78  361889226.2
VEOLIA TRANSPORT   4030437Z NA      -12976610.13  100639002.5
VEOLIA TRANSPORT   4684377Z FP      -4105979.639  216367398.9
VESTAS TECHNOLOG   1665752Z LN      -7519307.393  126222980.3
VETERIN - RIGHTS   VETR GA           -1446551773  135183840.6
VIA CAVOUR SRL     3997892Z IM       -1947582.88  168856438.8
VIALTIS            4730449Z FP      -2969942.626  141404113.3
VION FOOD GROUP    661873Z NA       -34576140.07   2937603388
VIOTER             VIOTF US          -29217709.1  127556997.6
VIOTER S.A.-RTS    BIOTR GA          -29217709.1  127556997.6
VIOTER SA-AUCTIO   BIOTE GA          -29217709.1  127556997.6
VIRGIN HOTELS GR   4288389Z LN       -30191617.1  109996972.6
VIRGIN MOB-ASSD    VMOA LN          -392176531.7  166074713.7
VIRGIN MOB-ASSD    VMOC LN          -392176531.7  166074713.7
VIRGIN MOBILE      VMOB PO          -392176531.7  166074713.7
VIRGIN MOBILE      UEM GR           -392176531.7  166074713.7
VIRGIN MOBILE      VMOB VX          -392176531.7  166074713.7
VIRGIN MOBILE      VGMHF US         -392176531.7  166074713.7
VIRGIN MOBILE HO   VMOB LN          -392176531.7  166074713.7
VIRIDOR WASTE EX   1428546Z LN      -22087452.25  120614872.4
VISTEON SYSTEMES   4699177Z FP      -21405018.49  207862872.9
VNG NORGE AS       4513147Z NO      -129107221.3  253330787.1
VOLGOGRAD - PFD    VGSBP RU         -60979640.16  207991022.8
VOLGOGRAD - PFD    VGSBP RM         -60979640.16  207991022.8
VOLGOGRAD - PFD    VGSBP* RU        -60979640.16  207991022.8
VOLGOGRAD - PFD    VGSBPG RU        -60979640.16  207991022.8
VOLGOGRAD ENERGO   VGSB* RU         -60979640.16  207991022.8
VOLGOGRAD ENERGO   VGSB RU          -60979640.16  207991022.8
VOLGOGRAD ENERGO   VGSB RM          -60979640.16  207991022.8
VOLGOGRAD ENERGO   VGSBG RU         -60979640.16  207991022.8
VOLGOGRAD KHIM     VHIM* RU         -126558518.8  153595253.5
VOLGOGRAD KHIM     VHIM RU          -126558518.8  153595253.5
VOLKER WESSE-CVA   VSTNC NA         -395744.3147   4036389300
VOLKER WESSE-CVA   VWSTC VX         -395744.3147   4036389300
VOLKER WESSE-CVA   KKJKF US         -395744.3147   4036389300
VOLKER WESSEL-N    VSTNN NA         -395744.3147   4036389300
VOLKER WESSEL-ST   VSTS NA          -395744.3147   4036389300
VOLKER WESSELS-D   VWSS NA          -395744.3147   4036389300
VOLKER WESSELS-D   69467Q NA        -395744.3147   4036389300
VOLKERWESSELS BO   4062101Z NA      -51019.30189    164200797
VORWERK & CO KG    VORW GR          -2999590.095   5032127560
VOYAGE GROUP LTD   4168725Z LN      -89544630.84  572211682.5
VT SUPPORT SERVI   1761897Z LN      -3791466.085  345328841.8
VTB BANK - PFD     VTBP UZ          -849753017.7   1162313683
VTB BANKA          BAMR UZ          -849753017.7   1162313683
VUE ENTERTAINMEN   4514631Z LN        -116156914  894935082.8
W2005 W2007 CARN   3824100Z NA      -90774192.62  313655754.3
WARNER CHILCOT-A   WCRXEUR EU         -427000000   3832000000
WARNER CHILCOT-A   G3L GR             -427000000   3832000000
WARNER CHILCOT-A   WCRXEUR EO         -427000000   3832000000
WARNER CHILCOT-A   G3LA TH            -427000000   3832000000
WARNER CHILCOT-A   WCRX US            -427000000   3832000000
WARNER CHILCOT-A   G3LA GR            -427000000   3832000000
WARNER MUSIC GRO   3809048Z ID      -104416.9967  209719016.9
WATERFORD - RTS    508519Q LN       -505729895.2    820803256
WATERFORD - RTS    WWWB GR          -505729895.2    820803256
WATERFORD - RTS    508523Q LN       -505729895.2    820803256
WATERFORD - RTS    WWWA ID          -505729895.2    820803256
WATERFORD - RTS    WWWA GR          -505729895.2    820803256
WATERFORD - RTS    WWWB ID          -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 VX          -505729895.2    820803256
WATERFORD WE-RTS   WTFF LN          -505729895.2    820803256
WATERFORD WE-RTS   WTFF ID          -505729895.2    820803256
WATERFORD WE-RTS   WTFN ID          -505729895.2    820803256
WATERFORD WE-RTS   WTFN LN          -505729895.2    820803256
WATERFORD WED-RT   586556Q LN       -505729895.2    820803256
WATERFORD WED-RT   586552Q LN       -505729895.2    820803256
WATERFORD WED-RT   WWWD ID          -505729895.2    820803256
WATERFORD WED-RT   WWWD GR          -505729895.2    820803256
WATERFORD WED-RT   WWWC ID          -505729895.2    820803256
WATERFORD WED-RT   WWWC GR          -505729895.2    820803256
WATERFORD WED-RT   WTFR LN          -505729895.2    820803256
WATERFORD WED-UT   WTFU EU          -505729895.2    820803256
WATERFORD WED-UT   WTFU VX          -505729895.2    820803256
WATERFORD WED-UT   WWWD PZ          -505729895.2    820803256
WATERFORD WED-UT   WTFU IX          -505729895.2    820803256
WATERFORD WED-UT   WWW GR           -505729895.2    820803256
WATERFORD WED-UT   WWW PO           -505729895.2    820803256
WATERFORD WED-UT   WTFU LN          -505729895.2    820803256
WATERFORD WED-UT   WTFU PO          -505729895.2    820803256
WATERFORD WED-UT   WTFUGBX EU       -505729895.2    820803256
WATERFORD WED-UT   WTFUGBX EO       -505729895.2    820803256
WATERFORD WED-UT   WTFU ID          -505729895.2    820803256
WATERFORD WED-UT   WTFU EO          -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
WEATHERFORD FRAN   3633107Z FP      -7947479.354    100318950
WESCOT TOPCO LTD   4007020Z LN      -24133448.87  109740838.3
WEST HAM UNITED    1275834Z LN      -180012199.9  135176063.9
WESTA INTERNATIO   WESW B3             -58977000    246108992
WESTA INTERNATIO   WESW S2             -58977000    246108992
WESTA INTERNATIO   WESW L3             -58977000    246108992
WESTAISIC          WESW PO             -58977000    246108992
WESTAISIC          WES PW              -58977000    246108992
WESTAISIC          WESPLN EO           -58977000    246108992
WESTAISIC          WESPLN EU           -58977000    246108992
WHELCO HOLDINGS    2741744Z LN      -1295294.241  100785295.7
WHITE HART LANE    2004631Z LN      -1123372.612  151053464.8
WILLIAM HILL CRE   1068754Z LN      -1946504.998  266028437.2
WILLIAM HILL-W/I   605547Q US       -59180694.37   1343662688
WILLIAM HILL-W/I   101001Q LN       -59180694.37   1343662688
WINCANTON PL-ADR   WNCNY US         -388441314.5  641514467.5
WINCANTON PLC      WNCNF US         -388441314.5  641514467.5
WINCANTON PLC      WIN1EUR EO       -388441314.5  641514467.5
WINCANTON PLC      WIN7 EO          -388441314.5  641514467.5
WINCANTON PLC      WIN LN           -388441314.5  641514467.5
WINCANTON PLC      WIN1USD EU       -388441314.5  641514467.5
WINCANTON PLC      WINL S2          -388441314.5  641514467.5
WINCANTON PLC      WIN10 EO         -388441314.5  641514467.5
WINCANTON PLC      WIN1 NQ          -388441314.5  641514467.5
WINCANTON PLC      WIN PZ           -388441314.5  641514467.5
WINCANTON PLC      WIN1 EU          -388441314.5  641514467.5
WINCANTON PLC      WINL PO          -388441314.5  641514467.5
WINCANTON PLC      WIN1 S1          -388441314.5  641514467.5
WINCANTON PLC      WIN1 TQ          -388441314.5  641514467.5
WINCANTON PLC      WIN1USD EO       -388441314.5  641514467.5
WINCANTON PLC      WIN1 EO          -388441314.5  641514467.5
WINCANTON PLC      WIN1 QM          -388441314.5  641514467.5
WINCANTON PLC      WIN1 EB          -388441314.5  641514467.5
WINCANTON PLC      WIN11 EO         -388441314.5  641514467.5
WINCANTON PLC      WIN PO           -388441314.5  641514467.5
WINCANTON PLC      WIN1 BQ          -388441314.5  641514467.5
WINCANTON PLC      WIN5 EO          -388441314.5  641514467.5
WINCANTON PLC      WIN9 EO          -388441314.5  641514467.5
WINCANTON PLC      WIN12 EO         -388441314.5  641514467.5
WINCANTON PLC      WIN8 EO          -388441314.5  641514467.5
WINCANTON PLC      WIN4 EO          -388441314.5  641514467.5
WINCANTON PLC      WIN IX           -388441314.5  641514467.5
WINCANTON PLC      WIN6 EO          -388441314.5  641514467.5
WINCANTON PLC      WIN1GBP EO       -388441314.5  641514467.5
WINCANTON PLC      WINL L3          -388441314.5  641514467.5
WINCANTON PLC      WIN1EUR EU       -388441314.5  641514467.5
WINCANTON PLC      WINL B3          -388441314.5  641514467.5
WINCANTON PLC      WIN13 EO         -388441314.5  641514467.5
WINCANTON PLC      WIN VX           -388441314.5  641514467.5
WINDSOR TELEVISI   1475394Z LN      -284777809.5  341907343.5
WOLSELEY FRANCE    4736457Z FP      -7709175.401    626902917
XCHANGING UK LTD   1814130Z LN      -63394768.74  447098103.7
XFERA MOVILE SA    1236Z SM         -163864345.4   1641307422
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 PZ           -2257521127   2120614224
YELL GROUP PLC     YELL LN           -2257521127   2120614224
YELL GROUP PLC     YELL VX           -2257521127   2120614224
YELL GROUP PLC     YELL PO           -2257521127   2120614224
YELL GROUP PLC     YELL NQ           -2257521127   2120614224
YELL GROUP- SUB    3449192Z LN       -2257521127   2120614224
YELL LTD           1941670Z LN       -1194529772  559974497.4
YIT AS             4395049Z NO      -5819027.622  260114411.3
YORK REFRIGERATI   1846666Z LN      -33510192.51   1093012767
YPSO FRANCE SAS    711227Z FP       -636950566.9   3718583352
YUASA BATTERY UK   1449090Z LN      -7606058.565  109145700.5
ZERNOVAYA KOMPAN   ONAST RU          -79002951.7  423691549.1
ZINVEST FASHION    3775412Z NA      -296493.9562  180637333.9
ZKD-BRD            ZKRD RU          -13362637.81  121477936.3
ZKD-BRD            ZKRD* RU         -13362637.81  121477936.3
ZODIAK MEDIA AB    ZODIB SS         -6392957.713  147198835.9
ZODIAK TELE-NEW    ZODIBTA SS       -6392957.713  147198835.9
ZODIAK TELE-RTS    ZODITRB SS       -6392957.713  147198835.9
ZODIAK TELEV-RTS   ZODIUR SS        -6392957.713  147198835.9
ZODIAK TELEV-RTS   2290445Z SS      -6392957.713  147198835.9
ZODIAK TELEVIS-A   0742724D SS      -6392957.713  147198835.9
ZODIAK TELEVISIO   ZODIBTU SS       -6392957.713  147198835.9
ZODIAK TELEVISIO   MTVPF US         -6392957.713  147198835.9
ZODIAK TELEVISIO   34ZA GR          -6392957.713  147198835.9
ZODIAK TELEVISIO   2957336Q EO      -6392957.713  147198835.9
ZODIAK TELEVISIO   ZODS IX          -6392957.713  147198835.9
ZODIAK TELEVISIO   ZODI/B PZ        -6392957.713  147198835.9
ZODIAK TELEVISIO   MTVPB SS         -6392957.713  147198835.9
ZODIAK TELEVISIO   2957332Q EU      -6392957.713  147198835.9
ZURICH EMPLOYMEN   1292298Z LN        -571647918  152143800.5
ZVON ENA HOLDING   ZVHR SV          -304033160.5  774883403.9
ZVON ENA HOLDING   ZVHR EU          -304033160.5  774883403.9
ZVON ENA HOLDING   ZVHR EO          -304033160.5  774883403.9
ZVON ENA HOLDING   ZVHR PZ          -304033160.5  774883403.9
ZWINGER OPCO 6 B   3821644Z NA      -103722296.7  611138495.1


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

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

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through  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, Editors.

Copyright 2015.  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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