<SEC-DOCUMENT>0000909012-13-000177.txt : 20130422 <SEC-HEADER>0000909012-13-000177.hdr.sgml : 20130422 <ACCEPTANCE-DATETIME>20130422131859 ACCESSION NUMBER: 0000909012-13-000177 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130422 DATE AS OF CHANGE: 20130422 EFFECTIVENESS DATE: 20130422 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TODD ASSET MANAGEMENT LLC CENTRAL INDEX KEY: 0001071483 IRS NUMBER: 611350302 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-04171 FILM NUMBER: 13773325 BUSINESS ADDRESS: STREET 1: 101 S. 5TH STREET STREET 2: SUITE 3100 CITY: LOUISVILLE STATE: KY ZIP: 40202 BUSINESS PHONE: 5025853121 MAIL ADDRESS: STREET 1: 101 S. 5TH STREET STREET 2: SUITE 3100 CITY: LOUISVILLE STATE: KY ZIP: 40202 FORMER COMPANY: FORMER CONFORMED NAME: TODD VEREDUS ASSET MANAGEMENT LLC DATE OF NAME CHANGE: 20090504 FORMER COMPANY: FORMER CONFORMED NAME: VEREDUS ASSET MANAGEMENT LLC DATE OF NAME CHANGE: 19990503 </SEC-HEADER> <DOCUMENT> <TYPE>13F-HR <SEQUENCE>1 <FILENAME>t307098.txt <DESCRIPTION>TAM <TEXT> UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: Quarter Ended: March 31, 2013 Check here if Amendment [ ]; Amendment Number:______ This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing This Report: Name: Todd Asset Management, LLC (FKA Todd-Veredus Asset Management, LLC) Address: 101 S. 5th Street, Suite 3100 Louisville, KY 40202 Form 13F File Number: 28-7802 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: James R. Jenkins Title: Chief Compliance Officer Phone: (502) 585-3121 Signature, Place, and Date of Signing: JAMES R. JENKINS LOUISVILLE, KENTUCKY April 19, 2013 -------------------------------------------------------------------------------- [Signature] [City, State] [Date] Report Type (Check only one.): [X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. <PAGE> Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 209 Form 13F Information Table Value Total: $3,194,116 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. NONE <PAGE> <TABLE> <CAPTION> <S> <C> <C> <C> <C> <C> <C> <C> <C> <C> VALUE SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME TITLE CUSIP (000s) SHARES PRN CALL DISCRTN MGRS SOLE SHARE NONE ------------------------------------------------------------------------------------------------------------------------------------ 3M CO com 88579Y101 954 8,977 SH SOLE - 8,977 ABB LTD com 000375204 6,923 304,166 SH SOLE 4,166 300,000 ABBOTT LABORATORIES com 002824100 16,172 457,880 SH SOLE 105,300 352,580 ABBVIE com 00287Y109 1,419 34,788 SH SOLE 25,030 9,758 ACCENTURE LTD BERMUDA*** com G1151C101 15,563 204,852 SH SOLE 2,852 202,000 ADT CORPORATION com 00101J106 576 11,770 SH SOLE - 11,770 AETNA INC com 00817y108 2,505 49,000 SH SOLE - 49,000 AFLAC INC COM com 001055102 48,685 935,883 SH SOLE 211,102 724,781 AGRIUM, INC com 008916108 9,588 98,336 SH SOLE 1,336 97,000 ALLIANZ AKTIENGESELLSCHAF com 018805101 12,519 920,565 SH SOLE 12,565 908,000 ALTRIA GROUP INC COM com 02209S103 34,353 998,903 SH SOLE 236,898 762,005 AMERICAN EXPRESS CO com 025816109 51,153 758,271 SH SOLE 159,685 598,586 AMERIPRISE FINANCIAL INC com 03076C106 14,001 190,104 SH SOLE 32,605 157,499 AMERISOURCE BERGEN CORP com 03073e105 2,706 52,590 SH SOLE - 52,590 ANNALY CAPITAL MANAGEMENT INC com 035710409 159 10,000 SH SOLE 7,500 2,500 APPLIED MATERIALS com 038222105 2,630 195,100 SH SOLE - 195,100 ASHLAND INC com 044209104 223 3,006 SH SOLE 3,006 - ASSURANT INC com 04621X108 2,935 65,200 SH SOLE - 65,200 ASTRAZENECA PLC-SPONS ADR com 046353108 12,089 241,870 SH SOLE 15,393 226,477 AT&T INC COM com 00206R102 25,332 690,437 SH SOLE 164,151 526,286 AVAGO TECHNOLOGIES*** com Y0486S104 12,321 343,207 SH SOLE 4,807 338,400 B A S F A G com 055262505 6,230 70,960 SH SOLE 960 70,000 BANCO BILBAO VIZCAYA ARG com 05946K101 8,982 1,024,178 SH SOLE 14,178 1,010,000 BANCO SANTANDER CHILE NEW com 05965X109 8,199 287,991 SH SOLE 3,566 284,425 BANK NOVA SCOTIA HALIFAX com 064149107 13,269 227,711 SH SOLE 11,590 216,121 BANK OF AMERICA CORPORATION com 060505104 47,144 3,870,592 SH SOLE 829,447 3,041,145 BANK OF MONTREAL com 063671101 770 12,237 SH SOLE 7,595 4,642 BANK OF NEW YORK com 064058100 2,427 86,700 SH SOLE - 86,700 BARCLAYS com 06738E204 7,654 430,959 SH SOLE 5,959 425,000 BAXTER INTERNATIONAL INC com 071813109 2,462 33,900 SH SOLE - 33,900 BED BATH & BEYOND INC com 075896100 2,620 40,670 SH SOLE - 40,670 BHP BILLITON LTD SPONSORED ADR com 088606108 18,619 272,096 SH SOLE 34,408 237,688 BIG LOTS INC com 089302103 2,821 79,980 SH SOLE - 79,980 BLACKROCK INC com 09247X101 67,024 260,917 SH SOLE 59,362 201,555 BNP PARIBAS PA com 05565A202 7,350 283,916 SH SOLE 3,916 280,000 BOARDWALK PIPELINE PARTNERS com 096627104 226 7,700 SH SOLE 7,700 - BRISTOL MYERS SQUIBB CO com 110122108 26,553 644,633 SH SOLE 155,264 489,369 BRITISH AMERN TOB PLC com 110448107 13,488 125,995 SH SOLE 7,495 118,500 BROADCOM CORP com 111320107 37,071 1,068,983 SH SOLE 218,203 850,780 CA INC. com 12673P105 2,577 102,360 SH SOLE - 102,360 CANADIAN NATL RY CO com 136375102 17,914 178,599 SH SOLE 2,599 176,000 CATERPILLAR INC com 149123101 12,525 144,021 SH SOLE 32,625 111,396 CELGENE CORP com 151020104 3,292 28,400 SH SOLE - 28,400 CENTERPOINT ENERGY com 15189T107 332 13,851 SH SOLE - 13,851 CF INDUSTRIES com 125269100 20,611 108,267 SH SOLE 24,463 83,804 CH ROBINSON WORLDWIDE INC com 12541w209 2,135 35,900 SH SOLE - 35,900 CHEVRON CORP NEW COM com 166764100 45,664 384,310 SH SOLE 93,901 290,409 CHICAGO BRIDGE & IRON CO. N.V. com 167250109 15,554 250,471 SH SOLE 3,471 247,000 CHINA MOBILE LIMITED com 16941M109 4,480 84,315 SH SOLE 9,116 75,199 CISCO SYS INC COM com 17275R102 22,630 1,083,036 SH SOLE 244,901 838,135 CITIGROUP INC com 172967424 46,777 1,057,338 SH SOLE 216,836 840,502 CNH GLOBAL N V com N20935206 13,198 319,412 SH SOLE 4,412 315,000 COACH INC com 189754104 28,511 570,329 SH SOLE 130,085 440,244 COCA COLA com 191216100 308 7,610 SH SOLE 5,010 2,600 COGNIZANT TECH com 192446102 2,326 30,360 SH SOLE - 30,360 COMERICA INC. com 200340107 2,783 77,400 SH SOLE - 77,400 CONOCOPHILLIPS com 20825C104 52,681 876,546 SH SOLE 191,389 685,157 COPA HOLDINGS SA com P31076105 13,343 111,556 SH SOLE 1,556 110,000 COVIDIEN LTD com G2554F113 53,353 786,452 SH SOLE 138,505 647,947 CVS CAREMARK CORPORATION COM com 126650100 2,596 47,210 SH SOLE 790 46,420 DANAHER CORP DEL COM com 235851102 36,393 585,578 SH SOLE 131,626 453,952 DARDEN RESTAURANTS INC com 237194105 604 11,678 SH SOLE 7,780 3,898 DEUTSCHE BANK AG-REGISTERED com D18190898 10,077 257,568 SH SOLE 3,568 254,000 DIAGEO P L C com 25243Q205 14,456 114,875 SH SOLE 2,083 112,792 DIRECTV com 25490A309 2,506 44,290 SH SOLE - 44,290 DOLLAR TREE INC COM com 256746108 2,699 55,730 SH SOLE - 55,730 DOMINION RES INC VA NEW COM com 25746U109 1,658 28,492 SH SOLE 16,892 11,600 DUPONT ELNEMOURS com 263534109 898 18,274 SH SOLE 12,105 6,169 EATON CORP PLC com G29183103 34,797 568,115 SH SOLE 140,687 427,428 ECOPETROL com 279158109 9,840 180,477 SH SOLE 2,477 178,000 ELI LILLY & CO com 532457108 2,152 37,887 SH SOLE 7,240 30,647 EMC CORP com 268648102 17,441 730,038 SH SOLE 163,500 566,538 EMERSON ELEC CO COM com 291011104 2,570 45,993 SH SOLE 200 45,793 ENERGY TRANSFER EQUITY LP com 29273V100 282 4,821 SH SOLE 4,821 - ENSCO PLC SHS CL A com G3157S106 61,953 1,032,550 SH SOLE 195,419 837,131 ENTERPRISE PRODUCTS PARTNERS com 293792107 211 3,500 SH SOLE 3,500 - EXPRESS SCRIPTS HOLDING COMPAN com 30219G108 48,702 845,222 SH SOLE 189,832 655,390 EXXON MOBIL com 30231G102 47,488 527,007 SH SOLE 115,775 411,232 FAMILY DOLLAR com 307000109 2,121 35,920 SH SOLE - 35,920 FEDERATED INVESTORS INC com 314211103 733 30,983 SH SOLE 17,510 13,473 FINANCIAL SELECT SECTOR com 81369Y605 364 20,000 SH SOLE - 20,000 FOMENTO ECONOMICO MEX-SP ADR com 344419106 9,112 80,287 SH SOLE 1,087 79,200 FOSSIL INC com 349882100 2,355 24,380 SH SOLE - 24,380 FRESENIUS MEDICAL CARE AG & CO com 358029106 7,946 234,660 SH SOLE 3,260 231,400 GAMESTOP com 36467W109 2,528 90,400 SH SOLE - 90,400 GENERAL ELECTRIC CO com 369604103 50,165 2,169,777 SH SOLE 515,062 1,654,715 GENERAL MILLS com 370334104 1,307 26,511 SH SOLE 1,780 24,731 GENUINE PARTS CO com 372460105 27,621 354,109 SH SOLE 86,832 267,277 GLAXOSMITHKLINE PLC com 37733W105 409 8,710 SH SOLE 8,710 - GOOGLE INC com 38259P508 64,748 81,528 SH SOLE 17,160 64,368 GUANGSHEN RAILWAY CO com 40065W107 10,069 416,729 SH SOLE 5,729 411,000 H & R BLOCK INC com 093671105 3,538 120,260 SH SOLE - 120,260 HARTFORD FINL SVCS GRP com 416515104 2,518 97,600 SH SOLE - 97,600 HOME DEPOT com 437076102 23,961 343,381 SH SOLE 70,347 273,034 HSBC HLDGS PLC com 404280406 13,737 257,538 SH SOLE 3,538 254,000 ICICI BK LTD com 45104G104 9,744 227,147 SH SOLE 3,147 224,000 ILLINOIS TOOL WKS INC COM com 452308109 45,235 742,282 SH SOLE 153,557 588,725 INTEL CORP com 458140100 52,793 2,417,807 SH SOLE 564,365 1,853,442 INTERNATIONAL BUSINESS MACHS C com 459200101 45,482 213,231 SH SOLE 51,729 161,502 INVESCO PLC com G491BT108 17,305 597,570 SH SOLE 7,010 590,560 ISHARES CORE S&P 500 INDEX com 464287200 5,250 33,360 SH SOLE 33,360 - ISHARES CORE TOTAL US BOND MAR com 464287226 33,297 300,700 SH SOLE 300,700 - ISHARES INC S+P SMALL CAP 600/ com 464287887 1,862 19,830 SH SOLE 19,830 - ISHARES LEHMAN TREASURY BOND F com 464287457 3,650 43,210 SH SOLE 43,210 - ISHARES S&P 500 BAR VALUE com 464287408 13,933 188,790 SH SOLE 188,790 - ISHARES TR MSCI EAFE IDX com 464287465 10,258 173,930 SH SOLE 173,930 - ISHARES TR S&P MIDCAP GROWTH com 464287606 3,327 25,960 SH SOLE 25,960 - ISHARES TR S&P MIDCP VALUE com 464287705 3,463 34,320 SH SOLE 34,320 - ISHARES TR S&P SMLCP VALUE com 464287879 4,146 46,100 SH SOLE 46,100 - ISHARES TR S&P500/BAR GRW com 464287309 14,213 172,530 SH SOLE 172,530 - J P MORGAN CHASE & CO com 46625H100 54,384 1,145,906 SH SOLE 250,641 895,265 JOHNSON & JOHNSON COM com 478160104 518 6,353 SH SOLE 3,140 3,213 KINDER MORGAN com 494550106 224 2,500 SH SOLE 2,500 - KOHLS CORP com 500255104 2,508 54,360 SH SOLE - 54,360 KUBOTA CORPORATION com 501173207 10,318 142,957 SH SOLE 1,957 141,000 LABORATORY CORP AMER HLDGS COM com 50540R409 2,363 26,200 SH SOLE - 26,200 LAZARD LTD com G54050102 11,112 325,556 SH SOLE 4,556 321,000 LINCOLN NATIONAL CORP com 534187109 2,763 84,730 SH SOLE - 84,730 LORILLARD INC com 544147101 2,433 60,300 SH SOLE 3,000 57,300 LSI LOGIC CORP com 502161102 2,195 323,700 SH SOLE - 323,700 LUKOIL CO com 677862104 11,772 182,519 SH SOLE 2,519 180,000 LVMH Moet Hennessy com 502441306 9,379 273,759 SH SOLE 3,759 270,000 MAKITA CORP com 560877300 9,642 217,985 SH SOLE 2,985 215,000 MARATHON OIL CORP COM com 565849106 512 15,188 SH SOLE 14,198 990 MARATHON PETROLEUM CORP com 56585A102 4,525 50,500 SH SOLE 13,925 36,575 MCDONALDS CORP com 580135101 34,145 342,518 SH SOLE 79,416 263,102 MCKESSON CORP COM com 58155Q103 48,508 449,320 SH SOLE 109,688 339,632 MERCK & CO INC com 58933Y105 36,900 834,837 SH SOLE 185,174 649,663 MICROSOFT CORP com 594918104 29,149 1,019,009 SH SOLE 249,235 769,774 MINDRAY MEDICAL INTL LTD com 602675100 15,508 388,284 SH SOLE 5,284 383,000 MITSUBISHI UFJ FINL GROUP com 606822104 14,561 2,426,855 SH SOLE 32,855 2,394,000 MITSUI & CO LTD com 606827202 12,449 44,619 SH SOLE 619 44,000 NASDAQ STOCK MARKET INC com 631103108 2,899 89,750 SH SOLE - 89,750 NATIONAL GRID TRANSCO PLC com 636274300 6,862 118,285 SH SOLE 12,228 106,057 NESTLE S A com 641069406 16,526 228,038 SH SOLE 5,038 223,000 NETEASE INC. com 64110W102 11,119 202,998 SH SOLE 2,998 200,000 NEXTERA ENERGY INC com 65339F101 22,791 293,388 SH SOLE 57,625 235,763 NICE-SYSTEMS LTD (ADR)*** com 653656108 9,826 266,780 SH SOLE 3,780 263,000 NIPPON TELEG & TEL CORP com 654624105 412 18,944 SH SOLE 12,730 6,214 NISSAN MOTORS com 654744408 6,112 318,358 SH SOLE 4,358 314,000 NORFOLK SOUTHERN CORP com 655844108 37,297 483,870 SH SOLE 100,477 383,393 NOVARTIS A G SPONSORED ADR com 66987V109 39,322 551,967 SH SOLE 84,787 467,180 NOVO-NORDISK A S com 670100205 9,828 60,850 SH SOLE 850 60,000 OPEN TEXT CORPORATION com 683715106 13,749 232,957 SH SOLE 2,957 230,000 ORACLE CORP COM com 68389X105 56,508 1,747,863 SH SOLE 358,891 1,388,972 ORIX CORP com 686330101 15,470 243,323 SH SOLE 3,323 240,000 PEARSON PLC com 705015105 453 25,202 SH SOLE 15,240 9,962 PEPSICO INC COM com 713448108 34,389 434,700 SH SOLE 100,468 334,232 PFIZER INC com 717081103 44,683 1,548,270 SH SOLE 365,309 1,182,961 PHILIP MORRIS INTL INC COM com 718172109 68,029 733,787 SH SOLE 166,443 567,344 PHILLIPS 66 com 718546104 26,394 377,220 SH SOLE 74,936 302,284 PLAINS ALL AMERICAN PIPELINE L com 726503105 534 9,460 SH SOLE 9,200 260 POSCO com 693483109 6,749 91,563 SH SOLE 1,263 90,300 POTASH CORP OF SASKATCHEWAN com 73755l107 12,856 327,543 SH SOLE 4,543 323,000 PRAXAIR INC COM com 74005P104 21,681 194,376 SH SOLE 43,951 150,425 PROCTER & GAMBLE com 742718109 775 10,055 SH SOLE 6,975 3,080 QIHOO 360 TECHNOLOGY CO. LTD com 74734M109 11,656 393,378 SH SOLE 5,378 388,000 QUALCOMM INC com 747525103 54,926 820,523 SH SOLE 182,920 637,603 RAYTHEON CO com 755111507 2,305 39,200 SH SOLE - 39,200 RIO TINTO PLC com 767204100 8,163 173,391 SH SOLE 2,391 171,000 ROCHE HLDG LTD com 771195104 10,873 185,556 SH SOLE 2,556 183,000 ROCKWELL COLLINS com 774341101 2,449 38,800 SH SOLE - 38,800 ROSS STORES INC COM com 778296103 44,930 741,171 SH SOLE 155,947 585,224 ROYAL DUTCH SHELL PLC com 780259206 415 6,363 SH SOLE 3,685 2,678 SANOFI AVENTIS com 80105N105 8,183 160,212 SH SOLE 2,212 158,000 SAP AKTIENGESELLSCHAFT com 803054204 9,474 117,631 SH SOLE 1,631 116,000 SCHLUMBERGER LTD com 806857108 9,113 121,694 SH SOLE 1,694 120,000 SEADRILL LIMITED com G7945E105 12,670 340,489 SH SOLE 16,656 323,833 SEAGATE TECH*** com G7945M107 2,639 72,190 SH SOLE - 72,190 SHAW COMMUNICATIONS com 82028K200 773 31,273 SH SOLE 20,130 11,143 SHINHAN FINANCIAL GROUP C com 824596100 11,503 320,401 SH SOLE 4,401 316,000 SIEMENS A G com 826197501 9,069 84,131 SH SOLE 1,131 83,000 SMITH & NEPHEW PLC com 83175M205 11,705 202,761 SH SOLE 2,761 200,000 STANLEY BLACK & DECKER INC com 854502101 22,726 280,664 SH SOLE 62,704 217,960 STATE STR CORP COM com 857477103 30,968 524,091 SH SOLE 105,042 419,049 STATOIL ASA com 85771P102 11,042 448,478 SH SOLE 5,720 442,758 SUN LIFE FINANCIAL com 866796105 834 30,553 SH SOLE 19,590 10,963 SYNGENTA AG com 87160A100 7,729 92,281 SH SOLE 1,281 91,000 TAIWAN SEMICONDUCTOR MFG CO AD com 874039100 7,303 424,877 SH SOLE 5,877 419,000 TE CONNECTIVITY LTD. com H84989104 23,658 564,245 SH SOLE 127,643 436,602 TECK RESOURCES LIMITED com 878742204 10,966 389,435 SH SOLE 5,435 384,000 TELUS CORP NV com 87971M103 8,274 119,730 SH SOLE 1,730 118,000 TENARIS SA com 88031M109 13,895 340,734 SH SOLE 4,734 336,000 TEXTRON INC com 883203101 2,671 89,600 SH SOLE - 89,600 TIFFANY & CO com 886547108 2,726 39,200 SH SOLE - 39,200 TORCHMARK CORP com 891027104 2,604 43,540 SH SOLE - 43,540 TOTAL SA com 89151E109 651 13,570 SH SOLE 8,480 5,090 TRANSOCEAN LTD REG SHS com H8817H100 5,796 111,555 SH SOLE 1,555 110,000 TYCO INTL LTD NEW com H89128104 668 20,876 SH SOLE - 20,876 ULTRAPAR PARTICIPACOES com 90400P101 9,935 391,448 SH SOLE 5,448 386,000 UNILEVER NV com 904784709 764 18,643 SH SOLE 11,490 7,153 UNION PAC CORP COM com 907818108 66,582 467,537 SH SOLE 103,815 363,722 UNITED HEALTHCARE CORP com 91324p102 45,669 798,265 SH SOLE 176,888 621,377 UNITED TECHNOLOGIES CORP COM com 913017109 32,512 347,978 SH SOLE 82,200 265,778 UNUM GROUP com 91529Y106 3,017 106,810 SH SOLE - 106,810 VERIZON COMMUNICATIONS com 92343v104 451 9,166 SH SOLE 8,566 600 VIACOM INC. CL B com 92553P201 2,551 41,500 SH SOLE - 41,500 VODAFONE GROUP PLC NEW com 92857W209 39,069 1,375,637 SH SOLE 245,741 1,129,896 VOLKSWAGEN AG com 928662303 15,096 399,476 SH SOLE 5,476 394,000 W.W. GRAINGER INC. com 384802104 2,475 11,000 SH SOLE - 11,000 WAL MART STORES INC com 931142103 2,499 33,400 SH SOLE 100 33,300 WALGREEN CO com 931422109 29,301 614,532 SH SOLE 126,468 488,064 WALT DISNEY CO HOLDING CO com 254687106 2,545 44,800 SH SOLE - 44,800 WELLPOINT INC COM com 94973V107 2,463 37,190 SH SOLE 240 36,950 WELLS FARGO & CO com 949746101 43,097 1,165,098 SH SOLE 262,706 902,392 WESTPAC BKG CORP com 961214301 13,127 81,504 SH SOLE 5,230 76,274 WPP PLC com 92937A102 13,811 172,377 SH SOLE 2,377 170,000 YANDEX N.V. com N97284108 9,788 422,971 SH SOLE 5,971 417,000 YUM! BRANDS INC com 988498101 23,653 328,785 SH SOLE 74,753 254,032 3,194,116 </TABLE> </TEXT> </DOCUMENT> </SEC-DOCUMENT>