/raid1/www/Hosts/bankrupt/TCRLA_Public/090623.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      L A T I N  A M E R I C A

              Tuesday, June 23, 2009, Vol. 10, No. 122

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Owner Surrenders to Authorities


B A R B A D O S

CL: CLICO Barbados Gets 4 Bids; Local Firm Eyes CLICO Mortgage


B E R M U D A

FAIRMONT SOUTHAMPTON: To Cut Room Rates, Close Restaurant


B R A Z I L

BANCO GMAC: Moody's Changes Outlook on 'Caa2' Ratings to Positive
BRACOL HOLDING: S&P Downgrades Corporate Credit Rating to 'B-'
MINERVA SA: Weak Performance Cues S&P to Junk Corporate Rating
* BRAZIL: Local Depositors' Suits Could Lead Banks to Insolvency
* BRAZIL: Investment to Bounce Back in Fourth Quarter


C A Y M A N  I S L A N D S

ARIENCE CAPITAL: Shareholders’ Final Meeting Set for July 10
ARIENCE CAPITAL: Shareholders’ Final Meeting Set for July 10
ARIENCE CAPITAL: Shareholders’ Final Meeting Set for July 10
ARIENCE CAPITAL: Shareholders’ Final Meeting Set for July 10
ARIENCE CAPITAL: Shareholders’ Final Meeting Set for July 10

ARIENCE CAPITAL: Shareholders’ Final Meeting Set for July 10
ASHBOURNE LIMITED: Shareholders’ Final Meeting Set for July 9
CENTRAL TOWER: Shareholders’ Final Meeting Set for July 10
COLLATERALISED ASSETS: Shareholders’ Final Meeting Set for July 10
EPOCH 2002-1: Shareholders’ Final Meeting Set for July 10

EPOCH 2000-1: Shareholders’ Final Meeting Set for July 10
GLOBAL IKESEI: Shareholders’ Final Meeting Set for July 10
NEW DD: Members to Receive Wind-Up Report on July 15
PICVEST LIMITED: Shareholders’ Final Meeting Set for July 10
STAR VILLENA: Members to Hear Wind-Up Report on July 1

YELLOW ORCHID: Members to Receive Wind-Up Report on July 31


E C U A D O R

* ECUADOR: 25 Banks Combined Profit Drops 33% in 5 Months


J A M A I C A

CUDDY'Z SPORTS BAR: Almost Shut Down on JM$40MM Back Taxes
JUCT: Management Starts Re-Engineering Services
OUR: Cuts Jobs Amid Restructuring Exercise


M E X I C O

CEMEX SAB: Forced to Cut Jobs & Assets; In 2nd Refinancing Round
GRUPO SENDA: S&P Downgrades Corporate Credit Rating to 'B-'
VITRO SAB: Leads Borrowers That Defaulted on US$17-Bln Debt
* VOLKSWAGEN SA: To Temporarily Idles Mexican Plant Next Month


T R I N I D A D  &  T O B A G O

CL FIN'L: Election Contributions Not Connected to Bailout Decision


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


===============================
A N T I G U A  &  B A R B U D A
===============================

STANFORD INT'L BANK: Owner Surrenders to Authorities
----------------------------------------------------
Stanford International Bank Limited (SIBL) owner Robert Allen
Stanford surrendered to U.S. authorities after a warrant was
issued for his arrest on criminal charges, RadioJamaica reports.
MailOnline News relates Mr. Stanford -- who was arrested in
Fredricksburg, Virginia -- will go before a court in Richmond
later.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
Mr. Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.  Mr. Stanford's
companies include, SIBL, Stanford Group Company (SGC), and
investment adviser Stanford Capital Management.  The SEC also
charged SIBL chief financial officer James Davis as well as Laura
Pendergest- Holt, chief investment officer of Stanford Financial
Group (SFG), in the enforcement action.  According to a
TCR-LA report on April 8, citing Bloomberg News, U.S. District
Judge David Godbey seized all of Mr. Stanford's corporate and
personal assets and placed them under the control of SFG court-
appointed receiver Ralph Janvey.

Reportedly, Mr. Stanford has denied all allegations against him.

Meanwhile, according to CaribWorlNews, former SFG Global Security
Specialist Bruce Perraud was charged with destroying records
related to a federal investigation.  CaribWorlNews relates
Mr. Perraud allegedly ordered and supervised the destruction of
numerous SFG documents housed at SFG’s Fort Lauderdale, Fla.
office after he was put on notice that a federal court had ordered
the preservation of SFG documents in connection with an SEC
investigation and lawsuit.

CaribWorlNews says Mr. Perraud was arrested on June 18, and will
make his initial appearance in the near future.

                  About Stanford International

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.



===============
B A R B A D O S
===============

CL: CLICO Barbados Gets 4 Bids; Local Firm Eyes CLICO Mortgage
--------------------------------------------------------------
A Barbadian local mortgage company may take over the operations of
CLICO Mortgage Finance Company, one of Colonial Life
Insurance Company (CLICO) Barbados Limited's operation, Jamaica
Observer reports.  The report relates the Oversight
Committee --  which was set up to supervise sales and major
expenditures of CLICO Holdings' financial subsidiaries -- said it
has received four more bids in relation to the other operations of
CLICO Barbados.

As reported in the Troubled Company Reporter-Latin America on
June 19, 2009, Caribbean360.com said the Barbados government is
considering a serious offer from a local company for a take over
of at least one of (CLICO)'s Barbados operations.  "That Oversight
Committee has accepted bids.  There is currently on the table a
serious offer in relation to CLICO Mortgage and Finance which
would see the absorption of that portfolio into other mortgage
companies in Barbados," the report quoted Prime Minister David
Thompson as saying.

According to the Observer, Mr. Thompson said, "[Clico Barbados] is
attractive enough to get bids."   The Observer relates Mr.
Thompson said that Bahamas had followed the Barbados model and was
also selling CLICO's operations there.

The Observer notes Mr. Thompson said the Barbados government has
has no undertaking in the MOU between CL Financial Limited and the
Trinidad and Tobago government.

"There has been no bailout by the government and the extent of our
involvement is to have a Memorandum of Understanding in relation
to the oversight of the sale only of the supervised assets," the
report quoted Mr. Thompson as saying.  “What we have been giving
undertakings on is that the Barbados operations will meet all of
its legitimate obligations in Barbados and the Eastern Caribbean,"
he added.

According to a TCR-LA report on June 22, citing the Jamaica
Gleaner, Trinidad and Tobago's Ministry of Finance said the
government and CL Financial reached an agreement that will
lead to the:

   -- correction of the financial conditions of
      CLICO, BAT and CIB;

   -- protection of the interests of policyholders of
      CLICO and BAT and third party depositors of
      CIB; and

   -- deleveraging the CL Financial Group are repaying
      the government.

Mr. Thompson, as cited by the Observer, assured that the
injunction registered in Trinidad would not be registered in
Barbados.  "Our first commitment is not to any individual in
CLICO. It is to the 1 500 jobs and the 1,500 people who are still
working and the people who have pension funds," the Observer
quoted Mr. Thompson as saying.

                      About CL Financial

According to Wikipedia, CL Financial Limited is the largest
privately held conglomerate in Trinidad and Tobago and one of the
largest privately held corporations in the entire Caribbean.
Founded as an insurance company, Colonial Life Insurance Company
(CLICO) by Cyril Duprey, it was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.



=============
B E R M U D A
=============

FAIRMONT SOUTHAMPTON: To Cut Room Rates, Close Restaurant
---------------------------------------------------------
Bermuda-based Fairmont Southampton Princess Resort will reduce its
room rates and close down its expensive Newport Room restaurant in
a bid to combat the slump and boost business, BermudaSun reports,
citing Shelley Mezsoly, regional director of sales and marketing
for the hotel.

According to the report, axing the eatery was a response to a drop
in demand for high-dollar luxury -- customers now want
low-cost practicality.  The report relates the hotel's other
restaurants have reduced their prices.

"The Newport Room is our most exclusive restaurant.  There was a
lot of long, hard decision making into this because the Newport
Room is our signature restaurant,” the report quoted Ms. Mezsoly
as saying.  "It is the only five diamond restaurant in Bermuda but
it wasn't seeing the demand our mid-range and lower restaurants
are,” she added.

BermudaSun says besides reducing prices on rooms, Fairmont
Southampton has cut the costs of guest services such as spa
access, meal plans, the Explorers' kids club, golf, scuba and
tennis.

While business is beginning to pick up, it may not return to pre-
2008 levels until 2011, the report says.  "Most experts are saying
that there were be some group sales by the third and fourth
quarter of this year going into 2010, the report quoted Ms.
Mezsoly as saying.

                   About Fairmont Southampton

The Fairmont Southampton Princess Resort
--  http://www.fairmont.com/southampton/-- is a Bermuda luxury
hotel located on the island's southern shore.  Featuring 593 guest
rooms and suites, each with a private balcony and incredible views
of the ocean, the harbor or the golf course, our Bermuda luxury
resort's idyllic location and luxurious amenities have been
beckoning visitors to the island since 1972.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2009, the Royal Gazette said Fairmont Southampton sent
home two workers and extended accelerated retirement options to
two more in its Bermuda hotel.  The report related the hotel also
said it would close half of its guest rooms until April and shut
its restaurants on a rotating basis depending on occupancy rates,
up to the summer season as the global economic crisis took effect.

According to the report, Fairmont Hotels & Resorts Bermuda
Managing Director Norm Mastalir said the hotel was seeking
alternative ways of attracting business from overseas, while
working with government on the domestic front to reduce costs and
boost revenue to stave off the impact of the financial turmoil.



===========
B R A Z I L
===========

BANCO GMAC: Moody's Changes Outlook on 'Caa2' Ratings to Positive
-----------------------------------------------------------------
Moody's Investors Service changed to positive from negative the
outlook on Banco GMAC S.A.'s long-term local and foreign currency
deposit ratings of Caa2, and did the same on the outlook for the
long-term national scale deposit rating of B2.br.  The outlook on
the bank financial strength rating of E remains stable, however.
Moody's also affirmed all ratings of Banco GMAC.  The actions on
Banco GMAC's ratings follow Moody's upgrade of GMAC LLC's long-
term senior unsecured rating to Ca from C, announced on June 10,
2009.

The positive outlook on the deposit ratings reflects recent
improvements in Banco GMAC's funding sources, which are now less
reliant on the parent company.  Moody's had previously indicated
that the relevant funding contributions by a parent with weakened
creditworthiness posed challenges to Banco GMAC's ratings.  The
growing share of market deposits in its funding mix is the result
of special guarantees offered by the banking deposit insurance
fund to investors in small and medium size banks, as part of the
government's efforts to restore liquidity flows in the system.
Banco GMAC has also been actively selling loans to other banks,
which supports its loan origination plans.

Moody's noted that the positive outlook on Banco GMAC also
captures the potential upgrade of GMAC LLC's ratings, which is
indicated by the ongoing review of its ratings by Moody's.

Notwithstanding the positive outlook on ratings, Moody's continues
to monitor Banco GMAC's capital position and asset quality for any
sign of potential deterioration.  Management maintains
conservative goals of credit growth for 2009, and has focused on
preserving earnings generation amidst a still challenging economic
environment.

Banco GMAC is headquartered in São Paulo, Brazil.  As of March
2009, Banco GMAC had total assets of R$8.7 billion
(US$3.8 billion) and shareholders' equity of R$966 million
(US$417 million).

Moody's last rating action on Banco GMAC was on November 24, 2008,
when Moody's Investors Service downgraded Banco GMAC's BFSR to E
from E+, lowered its local and foreign currency deposit ratings to
Caa2 from B3, and moved the long-term national scale deposit
rating down to B2.br from Ba3.br.  Moody's also maintained the
negative outlook on all ratings, except for the BFSR, the outlook
of which was changed to stable.

These ratings of Banco GMAC S.A. were affirmed and had their
outlook changed to positive:

  -- Long-term global local-currency deposit rating: Caa2
  -- Long-term foreign-currency deposit rating: Caa2
  -- Long-term Brazilian national scale deposit ratings: B2.br

These ratings of Banco GMAC S.A. were affirmed:

  -- Bank financial strength rating: E, with stable outlook
  -- Short-term global local-currency deposit rating: Not Prime
  -- Short-term foreign-currency deposit rating: Not Prime
  -- Short-term Brazilian national scale deposit ratings: BR-4


BRACOL HOLDING: S&P Downgrades Corporate Credit Rating to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
ratings on Brazil-based beef company Bracol Holding Ltda.,
including lowering the corporate credit rating on the company to
'B-' from 'B+'.  At the same time, S&P removed the ratings from
CreditWatch, where they were placed with negative implications on
March 9, 2009.  The outlook is negative.

The downgrade on Bracol reflects the weakening credit quality of
fully owned subsidiary Bertin S.A. (not rated), the large
Brazilian beef, milk, and dairy company that accounts for
approximately 96% of Bracol's consolidated net revenues and almost
all its total debt as of March 31, 2009.

"Difficult market conditions since the fourth quarter, coupled
with significant cash commitments related to acquisitions and high
working capital needs, have caused Bertin's liquidity to
deteriorate significantly," said Standard & Poor's credit analyst
Flávia Bedran.  "The company's liquidity is an important
mitigating factor to its high financial leverage."

Conditions in the beef sector are strengthening, and credit
availability has improved from its weakest point in the beginning
of 2009.  However, S&P believes Bertin remains exposed to
refinancing risks, particularly because of its sizable short-term
debt and other large cash outflows -- interest payments, capital
expenditures, and acquisition obligations.


MINERVA SA: Weak Performance Cues S&P to Junk Corporate Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term corporate credit rating on Brazilian-based meat
processor/company Minerva S.A. to 'CCC+' from 'B'.  At the same
time, S&P removed the rating from CreditWatch negative, where it
was placed on March 9, 2009.  The outlook is negative.

"The downgrade reflects the weakening in Minerva's operating
performance as it faces conditions that have been challenging the
beef industry since September 2008, as well its increasing
financial burden while dealing with low cash flow generation.  S&P
also take into account Minerva dependence on improving market
conditions for stronger credit metrics over the next few years
despite the volatile and uncertain economic environment," said
Standard & Poor's credit analyst Piero Parolin.

Even considering a possibly stronger market in the next six months
and a successful startup of the company's food services operation,
S&P believes Minerva's cash flows will remain weak, leading to
limited room for a meaningful improvement in its financial
profile.  Given more restrictive credit markets, negative free
cash flow, and a significant interest burden, refinancing risk has
increased considerably.  The company still relies on its
approximate $200 million in cash on hand, but S&P believes its
flexibility to weather the current environment is weak.

The ratings on Minerva also reflect: the company's operations in
highly competitive global meat industry, the deterioration in its
margins, and its highly leveraged capital structure and weak cash
flow.  The ratings also reflect the slow recovery in the still-
adverse operating environment, with high raw material costs, low
export prices, and tight credit availability.  Partly offsetting
these negative rating factors are Minerva's cash position, its
geographically diversified asset base in Brazil (with some
operations abroad), the expansion of its product portfolio through
its joint-venture with Dawn Farms Food, and some operational
flexibility in producing "made-to-order" products arising from its
higher capacity for deboning meat than for slaughtering.

Minerva's profitability was hit hard in the last couple of
quarters, mainly by lower capacity utilization and declining beef
prices.  In addition, the higher interest burden from its
increasing and more-expensive debt position resulted in an EBITDA-
to-interest ratio lower than 1x since year-end 2008.  S&P expects
Minerva to report total debt-to-EBITDA and funds from operations-
to-total debt ratios of around 6.5x-7.0x and 3%, respectively, by
year-end 2009.  In S&P's base case scenario, S&P assume that
Minerva will gradually benefit from its profitable food service
business to mitigate its still recovering beef operations.  S&P
also assume the company will use part of its liquidity to pay down
its short-term debt, thereby improving somewhat its credit
metrics; however, weaker profitability and high leverage should
persist throughout 2009.

The negative outlook reflects the risks of a decline in liquidity
due to its high debt maturities and weak cash flow.  S&P could
lower the rating if Minerva report even weaker financial metrics
in the next few quarters or if cash reserves continue to deplete,
exposing the company to even higher refinancing risks.  The
outlook could be revised to stable if the company is able to
maintain its liquidity despite adverse market conditions, coupled
with a recovery in EBITDA margins to around 9%," Mr. Parolin
added.


* BRAZIL: Local Depositors' Suits Could Lead Banks to Insolvency
----------------------------------------------------------------
Brazilian depositors are arguing in the Federal Supreme Court that
five economic plans, implemented by the government since January
1989, caused incorrect remuneration to their accounts,  Guillermo
Parra-Bernal of Reuters reports, citing local newspaper Estado de
Sao Paulo.

The local newspaper, the report relates, said a central bank
document stated that these legal suits could drive some banks to
insolvency.

According to Reuters, citing Estado de Sao Paulo, a central bank
report for the court said a ruling for the plaintiffs could bring
the country's financial system to the brink of insolvency, with
losses estimated at BRL105 billion (US$54 billion), the equivalent
to 65% of the banking industry's capital.  "A ruling against
financial institutions (would imply) ... a brusque
decapitalisation in the industry with possible insolvencies and
the weakening of capital positions," Estado quoted the document as
saying, Reuters relates.

                         *     *     *

The country continues to carry Moody's Rating Agency's "Ba1" local
and foreign currency ratings.


* BRAZIL: Investment to Bounce Back in Fourth Quarter
-----------------------------------------------------
Brazil's corporate investment and factory usage in Brazil will
bounce back in the fourth quarter of 2009, should growth in
household consumption remain steady, Aluisio Alves of Reuters
reports, citing state development bank head Luciano Coutinho.

According to the report, Mr. Coutinho said factory capacity, which
tumbled about 10 percentage points to 74 percent this year since
the intensification of the global credit crisis in September, will
rise back to near 82% by year-end.  "Continued consumption will
stimulate the bounceback of private investment in the last
quarter," the report quoted Mr. Coutinho as saying.

The report relates household consumption firmed 0.7% in the first
quarter, while government spending expanded 0.6% in the same
period.

Mr. Coutinho predicted that, if the recovery takes hold firmly,
investment may grow to 19 percent of gross domestic product this
year from 16.6 percent of GDP in the first quarter, Reuters notes.

Reuters adds that a dearth of credit and uncertainty over the
extent and duration of the slowdown in the developed world has led
many Brazilian companies to pare investment.

As reported in the Troubled Company Reporter-Latin America on
June 11, 2009, Bloomberg News said Brazil's first quarter gross
domestic product fell 1.8% from a year ago and dropped 0.8% from
the previous quarter causing bond yields to jump the most in
nearly two months as investors increased bets the central bank
will slow the pace of interest rate cuts.  The report related the
second straight quarterly contraction pushed the country's economy
into recession for the first time since 2003.

                         *     *     *

The country continues to carry Moody's Rating Agency's "Ba1" local
and foreign currency ratings.



==========================
C A Y M A N  I S L A N D S
==========================

ARIENCE CAPITAL: Shareholders’ Final Meeting Set for July 10
------------------------------------------------------------
The shareholders of Arience Capital Offshore Plan Fund, Ltd. will
hold their final meeting on July 10, 2009, at 1:30 p.m., to hear
the liquidator’s report on the company’s wind-up proceedings and
property disposal.

The company’s liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street
          George Town, Grand Cayman KY1-9002
          Cayman Islands


ARIENCE CAPITAL: Shareholders’ Final Meeting Set for July 10
------------------------------------------------------------
The shareholders of Arience Capital Concentrated Offshore Fund,
Ltd. will hold their final meeting on July 10, 2009, at 1:15 p.m.,
to hear the liquidator’s report on the company’s wind-up
proceedings and property disposal.

The company’s liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street
          George Town, Grand Cayman KY1-9002
          Cayman Islands


ARIENCE CAPITAL: Shareholders’ Final Meeting Set for July 10
------------------------------------------------------------
The shareholders of Arience Capital Offshore Fund, Ltd. will hold
their final meeting on July 10, 2009, at 1:00 p.m., to hear the
liquidator’s report on the company’s wind-up proceedings and
property disposal.

The company’s liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street
          George Town, Grand Cayman KY1-9002
          Cayman Islands


ARIENCE CAPITAL: Shareholders’ Final Meeting Set for July 10
------------------------------------------------------------
The shareholders of Arience Capital Offshore Intermediate Plan
Fund, Ltd. will hold their final meeting on July 10, 2009, at
12:30 p.m., to hear the liquidator’s report on the company’s wind-
up proceedings and property disposal.

The company’s liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street
          George Town, Grand Cayman KY1-9002
          Cayman Islands


ARIENCE CAPITAL: Shareholders’ Final Meeting Set for July 10
------------------------------------------------------------
The shareholders of Arience Capital Master Fund, Ltd. will hold
their final meeting on July 10, 2009, at 12:00 p.m., to hear the
liquidator’s report on the company’s wind-up proceedings and
property disposal.

The company’s liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street
          George Town, Grand Cayman KY1-9002
          Cayman Islands


ARIENCE CAPITAL: Shareholders’ Final Meeting Set for July 10
------------------------------------------------------------
The shareholders of Arience Capital Concentrated Master Fund, Ltd.
will hold their final meeting on July 10, 2009, at 12:15 p.m., to
hear the liquidator’s report on the company’s wind-up proceedings
and property disposal.

The company’s liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street
          George Town, Grand Cayman KY1-9002
          Cayman Islands


ASHBOURNE LIMITED: Shareholders’ Final Meeting Set for July 9
-------------------------------------------------------------
The shareholders of Ashbourne Limited will hold their final
meeting on July 9, 2009, at 10:00 a.m., to hear the liquidator’s
report on the company’s wind-up proceedings and property disposal.

The company’s liquidator is:

          Reid Services Limited
          Clifton House, 75 Fort Street
          PO Box 1350, Grand Cayman KY1-1108
          Cayman Islands


CENTRAL TOWER: Shareholders’ Final Meeting Set for July 10
----------------------------------------------------------
The shareholders of Central Tower Holdings Limited will hold their
final meeting on July 10, 2009, to hear the liquidator’s report on
the company’s wind-up proceedings and property disposal.

The company’s liquidator is:

          David Dyer
          P.O. Box 1984, Grand Cayman KY1-1104
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


COLLATERALISED ASSETS: Shareholders’ Final Meeting Set for July 10
------------------------------------------------------------------
The shareholders of Collateralised Assets Securities Holdings
Limited will hold their final meeting on July 10, 2009, to hear
the liquidator’s report on the company’s wind-up proceedings and
property disposal.

The company’s liquidator is:

          David Dyer
          P.O. Box 1984, Grand Cayman KY1-1104
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


EPOCH 2002-1: Shareholders’ Final Meeting Set for July 10
---------------------------------------------------------
The shareholders of Epoch 2002-1, Limited will hold their final
meeting on July 10, 2009, to hear the liquidator’s report on the
company’s wind-up proceedings and property disposal.

The company’s liquidator is:

          David Dyer
          P.O. Box 1984, Grand Cayman KY1-1104
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


EPOCH 2000-1: Shareholders’ Final Meeting Set for July 10
---------------------------------------------------------
The shareholders of Epoch 2000-1, Limited will hold their final
meeting on July 10, 2009, to hear the liquidator’s report on the
company’s wind-up proceedings and property disposal.

The company’s liquidator is:

          David Dyer
          P.O. Box 1984, Grand Cayman KY1-1104
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


GLOBAL IKESEI: Shareholders’ Final Meeting Set for July 10
----------------------------------------------------------
The shareholders of Global Ikesei Asset Co., Ltd. will hold their
final meeting on July 10, 2009, to hear the liquidator’s report on
the company’s wind-up proceedings and property disposal.

The company’s liquidator is:

          David Dyer
          P.O. Box 1984, Grand Cayman KY1-1104
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


NEW DD: Members to Receive Wind-Up Report on July 15
----------------------------------------------------
The members of New DD Liquidating Holding?Limited will hold their
final meeting on July 15, 2009, to hear the liquidator’s report on
the company’s wind-up proceedings and property disposal.

The company’s liquidator is:

          Stefan Kaluzny
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands

PICVEST LIMITED: Shareholders’ Final Meeting Set for July 10
------------------------------------------------------------
The shareholders of Picvest Limited will hold their final meeting
on July 10, 2009, at 11:45 a.m., to hear the liquidator’s report
on the company’s wind-up proceedings and property disposal.

The company’s liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street
          George Town, Grand Cayman KY1-9002
          Cayman Islands


STAR VILLENA: Members to Hear Wind-Up Report on July 1
------------------------------------------------------
The members of Star Villena Ltd. will hold their final general
meeting on July 1, 2009, at 10:00 a.m., to hear the liquidator’s
report on the company’s wind-up proceedings and property disposal.

The company’s liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


YELLOW ORCHID: Members to Receive Wind-Up Report on July 31
-----------------------------------------------------------
The members of Yellow Orchid Holdings Ltd. will hold their final
meeting on July 31, 2009, at 10:30 a.m., to hear the liquidator’s
report on the company’s wind-up proceedings and property disposal.

The company’s liquidator is:

          Yoko Takagi
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands



=============
E C U A D O R
=============

* ECUADOR: 25 Banks Combined Profit Drops 33% in 5 Months
---------------------------------------------------------
Twenty-four private banks operating in Ecuador and state-run Banco
del Pacifico posted a combined net profit dropped 33% to  US$93.83
million in the first five months of 2009, down 33% from US$139.60
million a year earlier, Mercedes Alvaro of Dow Jones Newswires
reports, citing Banking Superintendency.

According to DJ Newires, citing Banking Superintendency report,
Banco del Pichincha CA, Banco del Pacifico and Banco de Guayaquil
topped the list, with US$22.18 million, US$17.06 million and
US$14.41 million in earnings respectively.  DJ Newswires relates
U.K.'s Lloyds TSB Group PLC, U.S.-based Citigroup Inc. and Dutch
German Procredit, the three foreign banks included in the list,
were responsible for 4% of the reported income.

DJ Newswires says according to official data:

   -- assets in the banking system totaled
      US$16.11 billion,
   -- US$14.36 billion in liabilities,
   -- sight deposits totaled US$8.96 billion,
   -- term deposits totaled US$3.79 billion, and
   -- investment totaled US$1.93 billion.


Ecuador, DJ Newswires notes, has been hit by falling oil prices
this year, while political uncertainty tied to the programs of
left-leaning President Rafael Correa have scared off investors.
The report relates among other measures, for the financial sector
the government has fixed interest rates and the government's
banking superintendent hasn't allowed banks to charge clients for
some services.  Additionally, a recent central bank resolution
will force private-sector banks to repatriate US$1.2 billion
before Aug. 31, the report adds.



=============
J A M A I C A
=============

CUDDY'Z SPORTS BAR: Almost Shut Down on JM$40MM Back Taxes
----------------------------------------------------------
New Kingston-based Cuddy'z Sports Bar and Restaurant was almost
shutdown on June 18, by the Tax Administration Services Department
(TASD) officials for the non-payment of around JM$40 million in
taxes, RadioJamaica reports.  The report relates the offcials had
a closure notice and was about force the establishment to close
its operations.

However, the report notes the restaurant was spared after intense
negotiations.

According to RadioJamaica, an unnamed accountant at the restaurant
drafted a JM$3 million cheque, which was handed over to the TASD
officials.

Gladston Turner, Compliance Specialist with the TASD said the
taxes had outstanding since 2006, the report says.

"Money's outstanding for PAYE, Education Tax and GCT and these
monies have not been paid while returns are being filed (and) even
the returns that are filed are filed late.  We have been meeting
with the accountant and officials here since February but they
have not shown good faith in trying to pay the outstanding monies
and so a bailiff has been appointed to levee on the property to
recover the taxes," the report quoted Mr. Turner as saying.  While
the sum to be recovered is substantial, Cuddy'z good faith payment
of JM$3 million has opened the door for further negotiations with
the management, he added.

Mr. Turner, the report notes, said that if the outstanding sums
are not paid off then the TASD will be forced to close down the
popular eatery.


JUCT: Management Starts Re-Engineering Services
-----------------------------------------------
The Jamaica Urban Transit Company Limited (JUTC)has started
re-engineering its services, Mark Titus of Jamaica Gleaner
reports.

The report relates part of the arrangement between the government
and VDL Jonckeere, the Belgian supplier of the buses, is that its
technicians must train drivers to operate the units.

According to the report, the some new changes in JUCT's operations
are:

   -- "No $500 or $1,000" notes,
   -- journeys now takes around 25 minutes with
      70 km/hr average speed,
   -- a GPS tracking system is used to assist with
      route management and to ensure that buses
      are adhering to scheduled timetables, and
   -- zero tolerance of loud and lewd music.

JUTC, the Gleaner notes, hopes to regain market share -- moving
from 49 million passengers transported in 2008-09 to 65 million in
2009-10 through these new developments in its services.

The report recalls at the year-end March 2009, the company made a
loss of JM$2.4 billion, a portion of which was offset through a
JM$1.15 billion government subsidy.

The government, the Gleaner says, has since granted the agency a
fare increase, in part accounting for its forecast that fare sales
would hit $3.48 billion in this fiscal year.  However, the report
relates, the bus company is still projecting a loss of
JM$1.37 billion, which the government will partially offset with a
JM$776 million subsidy.

The Gleaner discloses that if JUTC fails to revive earnings with
this and other efforts, the debt-riddled company -- whose
accumulated deficit is projected to hit JM$6.3 billion this year
--  will aim to reduce its record for accidents, and the attendant
opportunity cost of fleet units being in repair instead of on the
road, plus the capital needed to pay for the repairs.

Preliminary figures show the company's maintenance and repair bill
annually comes close to half a billion dollars, hitting JM$495
million last year, as reported in the most recent Public Sector
Bodies report published by the Ministry of Finance, the report
notes.  Of the 600 units in its fleet, 400 are reported to be
operational, the report adds.

                           About JUTC

Jamaica Urban Transit Company (JUTC) was established in 1998 to
provide a centrally managed state-of-the-art public bus service.
The government invested US$6 billion aiming to have an efficient
transport system and for the Jamaican people.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2009, Radio Jamaica News said the Jamaican cabinet
approved the granting of a government guarantee for Jamaica Urban
Transit Company to secure a US$425 million loan facility from the
Bank of Nova Scotia.  The fund, the report related, will be used
to restructure the bus company's increasing debts.

According to Radio Jamaica, JUTC has defaulted on loan obligations
with RBTT Bank and Petrocaribe Development Fund, among others, due
to cash flow problems.

The Ministry of Information, as cited by Radio Jamaica, stated
that the JUTC operates an overdraft facility of US$520 million at
the National Commercial Bank which expires this month.  The report
noted that the Ministry said this facility is consistently
utilised at the upper limit and, on occasions, exceeds the limit
giving rise to the imposition of penalty charges above 43%.


OUR: Cuts Jobs Amid Restructuring Exercise
------------------------------------------
Three jobs were made redundant at the Office of Utilities
Regulation (OUR) on June 19, as part of the regulatory agency's
restructuring exercise, RadioJamaica reports.  The report relates
the firm's move follows a review of the OUR's operations and an
assessment of its performance in meeting its mandate.

According to the report, OUR spokesman David Geddes said the
decision was made to reassign the duties of some employees.  This
will allow the agency to increase its focus on aggrieved customers
of utility companies, he added.

"It's also going to be on stakeholder education as well as
information.  What will happen in the reassignment of duties,
three current employees, three members of the Public and Consumer
Affairs Division will be leaving the OUR on [June 19]," the report
quoted Mr. Geddes as saying.



===========
M E X I C O
===========

CEMEX SAB: Forced to Cut Jobs & Assets; In 2nd Refinancing Round
----------------------------------------------------------------
Mexico-based Cemex S.A.B. de C.V. has been forced to shed jobs and
assets, and it is in its second round of refinancing, Forbes.com
reports.

The report recalls in 2008, the company eliminated nearly 10,000
jobs, 15% of its head count, as part of a US$900 million cost-
cutting initiative.  The report relates the company continues spar
with Venezuela over compensation for assets nationalized by the
government caused 3,000 jobs to be redundant.

As reported in the Troubled Company Reporter-Latin America on
May 6, 2009, Bloomberg News said Cemex is in negotiations with
Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA’s
Bancomer unit on loans to help it cover debt obligations due this
year.  A TCRLA March 11 report, citing Bloomberg News, related
Cemex started discussions with banks to renegotiate about US$14.5
billion of debt after postponing its bond sale.  Company spokesman
Jorge Perez, as cited by Bloomberg News, said the US$14.5 billion
is all of Cemex’s bank debt and doesn’t include any bonds.  At the
end of December, Cemex had total debt of US$18.8 billion, the
report noted.  According to Reuters, Cemex has been slammed by
debt problems after its ambitious Rinker takeover in 2007,
slumping sales, and losses on derivatives amid turmoil caused by
the global credit crisis.

Equity Analyst in Mexico City for Credit Suisse Vanessa Quiroga,
as cited by Frobes, listed Cemex as a "hold" based on
uncertainties regarding the outcome of ongoing refinancing talks
with its creditors and whether it will have to sell shares to
raise funds to pay down its debt.  "There is downside risk to
current prices because of potential dilution from an equity
offering and a higher cost of debt that they will probably have to
set," Forbes quoted Ms. Quiroga as saying.  "We will have a better
view of what their position is after all this trouble, when we see
what their strategy is," she added.

According to Forbes, to raise cash, the company is selling off
what it can.  The report recalls in December, Cemex divested
US$227 million in assets in the Canary Islands, and it has a
tentative deal to sell US$485 million in assets in Austria and
Hungary, part of its goal to raise at least US$2 billion in asset
sales this year.

According to a TCR-LA report on June 16, 2009, citing MarketWatch
News Cemex S.A.B. agreed to sell its Australian operations to
Switzerland-based Holcim Group for AU$2.02 billion (US$1.63
billion).  The report related the sale includes Cemex's 25% stake
in Cement Australia.  The deal reflects Cemex's effort to save
AU$900 million in recurrent costs, make capital spending more
efficient, and improve its debt profile, Cemex said in a statement
obtained by MarketWatch.

Jack Kasprzak, an analyst at BB&T Capital Markets in Richmond,
Va., as cited by Forbes, said, "I do not think the company is in
any way broken."  "In fact I think the cement business is a good
business.  I just think we happen to be in the worst recession
we've seen in decades," he added.

                           About Cemex

Headquartered in Mexico, Cemex S.A.B. de C.V. --
http://www.cemex.com/-- is a growing global building solutions
company that provides high quality products and reliable service
to customers and communities in more than 50 countries throughout
the world, including Argentina, Colombia and Venezuela.
Commemorating its 100th anniversary in 2006, Cemex has a rich
history of improving the well-being of those it serves through its
efforts to pursue innovative industry solutions and efficiency
advancements and to promote a sustainable future.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 17, 2009, Fitch Ratings has placed these ratings of Cemex,
S.A.B. de C.V., and its subsidiaries on Rating Watch Evolving:

Cemex

  -- Foreign currency Issuer Default Rating 'B';

  -- Local currency IDR 'B';

  -- Long-term national scale rating 'BB-(mex)';

  -- MXN5 billion Certificados Bursatiles program 'BB- (mex)';

  -- MXN30 billion Programa Dual Revolvente de Certificados
     Bursatiles program 'BB-(mex)';

  -- Senior unsecured debt obligations 'B+/RR3'';

  -- Unsecured debt issued through the Certificados Bursatiles
     program 'BB-(mex)';

  -- Short-term national scale rating 'B (mex)';

  -- MXN2.5 billion short-term portion of Programa Dual Revolvente
     de Certificados Bursatiles program 'B (mex)'.


GRUPO SENDA: S&P Downgrades Corporate Credit Rating to 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Mexico-based bus transportation services provider
Grupo Senda S.A. de C.V. to 'B-' from 'B'.  The outlook is
negative.

The downgrade reflects Senda's continued weakness in its financial
results, as seen in first-quarter 2009, and S&P's expectation that
operating margins won't start to recover until the second half of
the year.  The company's margins continue to be hurt by the more
competitive environment in the passenger transportation sector,
lower volumes in the personnel transportation division, and higher
diesel fuel prices.  As a result, the company's liquidity has
continued to tighten and S&P now expect the company to generate
negative free operating cash flow in 2009," said Standard & Poor's
credit analyst Enrique Gomez Tagle.

The rating on Senda also reflects: the highly competitive Mexican
bus transportation market; its high leverage; the industry's low
organic growth; and the company's somewhat small size.  These
weaknesses are balanced by Senda's strong position in northeastern
and central Mexico and its new fleet, which provides flexibility
to defer investments and operational efficiencies.

S&P has revised its financial projections for Senda.  The H1N1 flu
outbreak sharply reduced the number of passengers carried during
April and early May, which, combined with the overall economic
slowdown, leads us to expect a weak second-quarter 2009 for Senda.
S&P believes it should be able to show some improvement in its
financial results during the third quarter as it benefits from the
seasonally high-volume summer period.  Nevertheless, S&P now
believe that Senda will report an EBITDA margin of around 15% in
2009 versus 17% in S&P's previous projections.  Also, S&P expects
Senda to post total debt-to-EBITDA and funds from operations-to-
EBITDA ratios of around 6.6x and 2%, respectively, by the end of
2009.

The negative outlook reflects S&P's uncertainty regarding
developments in Mexico's bus transportation sector and Senda's
lower profitability and tighter liquidity.  "We could lower the
rating if the company's margins don't show any improvements over
the next few quarters, if the average fleet life of its buses
turns out to be longer than eight years, or if there are further
market disruptions.  S&P could revise the outlook to stable if
Senda can boost its margins in 2009, improve its liquidity
position, and better its financial ratios from current levels,"
Mr. Gomez Tagle added.


VITRO SAB: Leads Borrowers That Defaulted on US$17-Bln Debt
-----------------------------------------------------------
Mexico-based Vitro, S.A.B. de C.V. led emerging-market borrowers
that defaulted on US$17 billion of debt in the past 12 months as
the global financial crisis starved developing economies of
credit, Laura Cochrane of Bloomberg News reports, citing ING Groep
NV’s David Spegel.  The report relates, citing ING data, the
defaults resulted from missed interest payments, making up more
than 80% of the 114 issuers in arrears.

According to the report, Mr. Spegel said a quarter of emerging-
market corporate bonds ranked below investment grade may be in
default next year.  The failure rate may jump to 25.5% in March
from 6.5% last month based on the current level of missed coupon
payments triggering defaults, Mr. Spegel wrote in a research note
obtained by Bloomberg News.  Emerging-market borrowers missed
13.9% of the US$450 billion of coupon payments on international
bonds due in May, Mr. Spegel said.

ING, Bloomberg News says, based its forecast for defaults on an
8.8% average monthly rate for missed coupon payments by companies
in developing countries with foreign-currency bonds rated three
levels or more below investment grade.

                           About Vitro

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. through
its two subsidiaries, Vitro Envases Norteamerica, SA de C.V. and
Vimexico, S.A. de C.V., is a global glass producer, serving the
construction and automotive glass markets and glass containers
needs of the food, beverage, wine, liquor, cosmetics and
pharmaceutical industries.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 11, 2009, Fitch Ratings downgraded Vitro, S.A.B. De C.V's
Long-term Issuer Default Rating to 'D' from 'C '; Long-term
foreign currency IDR to 'D' from 'C'; National scale long-term
rating to 'D(mex)' from 'C(mex)'; and Certificados Bursatiles
issuances to 'D(mex)' from 'C(mex)'.

In addition, Fitch affirmed the rating on the company's US$300
million senior notes due 2012 at 'CC/RR4'; US$225 million senior
notes due 2013 at 'CC/RR4'; and US$700 million senior notes due
2017 at 'CC/RR4'.


* VOLKSWAGEN SA: To Temporarily Idles Mexican Plant Next Month
--------------------------------------------------------------
Germany-based Volkswagen AG will temporarily shut parts of its
Puebla plant in central Mexico from next week until early August
but exports of the popular New Beetle should not be affected, The
China Post reports, citing Union spokesman Arturo Monter.

According to the report, the partial closure, starting Wednesday,
will be the latest in a series of temporary shutdowns at the plant
in recent months as the global slowdown hurts demand for new cars.

Union spokesman Arturo Monter, the report relates, said by idling
some operations at the plant in the city of Puebla, the German
auto maker hoped to save jobs while also taking advantage of the
drop in orders to make adjustments to assembly lines.  About
one-third of union workers on assembly lines for the Bora and Bora
Variant models would be off work for 14 days, and for 10 of those
days, their pay would be cut by 50 percent, he added.

Headquartered in Germany, Volkswagen AG --
http://www.volkswagenag.com/vwag/vw...--  is an automobile
manufacturer.  The company consists of two divisions: Automotive
and Financial Services.  The activities of the Automotive Division
engages in the development of vehicles and engines, the production
and sale of passenger cars, commercial vehicles, trucks and buses,
and the genuine parts business.  The Financial Services Division’s
portfolio of services includes the Company’s dealer and customer
financing, leasing, banking and insurance activities and fleet
management.  The Company brands include Volkswagen, Audi, Bentley,
Bugatti, Lamborghini, SEAT, Skoda, Scania and Volkswagen
Commercial Vehicles.



===============================
T R I N I D A D  &  T O B A G O
===============================

CL FIN'L: Election Contributions Not Connected to Bailout Decision
------------------------------------------------------------------
Colonial Life Insurance Co Ltd (CLICO)'s election contributions in
2008, is not connected to the Government's decision to authorise a
multi-million dollar bailout of its parent company, CL Financial
Limited, Juhel Browne of Trinidad Express reports, citing People's
National Movement (PNM) treasurer Mariano Browne.

According to the report, Mr. Browne, who is also the Minister of
Trade and Industry, made the comment in response to Sunday
Express' report that CL Financial Group contributed some $20
million to the ruling party's election campaign, at a time when
the conglomerate was short on cash and highly leveraged.

Mr. Browne, the report notes, said that while all political
parties need money to survive, none of them "can ever afford its
business to be commanded or railroaded by any one company."  The
"PNM gets its revenue from a diverse range of sources," he added.

"What is taking place now with regard to the CL Financial group is
not in any way related to the political contributions," Mr. Browne
was quoted by the report as saying.

                       About CL Financial

According to Wikipedia, CL Financial Limited is the largest
privately held conglomerate in Trinidad and Tobago and one of the
largest privately held corporations in the entire Caribbean.
Founded as an insurance company, Colonial Life Insurance Company
(CLICO) by Cyril Duprey, it was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.



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


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

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

AR
--

TELEF ARGENTIN-B    TFOBE US            6360999936     2607000064
TELEFONICA MOVIL    TFMAF US            6366000128     2391000064
IMPSAT FIBER-W/I    IMFNV US             387540992       10405000
TREFOIL LTD         TREF NO              168774992       97620000
TELECOM ARGENT-B    TECO3 AR           10026000384     4424999936
TRANS GAS SUR-B     TGDBF US            5279857152     3031022080
TELEF ARGENTIN-B    TFOBF US            6360999936     2607000064
TELECOM ARGENT-B    TEOBF US           10026000384     4424999936
BANCO PATAG-ADR     1035688Z LI         9827496960     1607910016
TELECOM ARGE-ADR    TEO GR             10026000384     4424999936
YPF SA-ADR          YPF US             39561998336    20820000768
METROGAS SA-A       153255Z AR          2137778048      937539008
GRUPO CLAR-REG S    3GNA GR             8031131136     2983885056
AUTOPISTAS SOL      APDSF US            1446854016      104721600
TELECOM ARGE-ADR    TEOG IX            10026000384     4424999936
TELEF ARGENT-B $    TEARD AR            6360999936     2607000064
CIADEA SA           CINA AR             1158456064       69000000
ACINDAR SA-SER B    AIDBF US            4067707136     3097071104
ALUAR ALUM-B US$    AUASF US            7432242176     3207560960
ALPARGATAS SAIC     ALPA AR              653514304      324974304
RENAULT ARGE-BLK    RENOB AR            1158456064       69000000
EMP DISTRIB-ADR     PWD1 GR             4133090816     2121667968
TRANS GAS SUR-C     TGSU3 AR            5279857152     3031022080
TRANS GAS SUR-B     TGSU2 AR            5279857152     3031022080
TRANSENER SA-B      CTBZF US            2019424512     1098769024
TRANSPORT GAS-C     TGNO4 AR            2613554944     1311761920
PECOM ENERGIA-BL    PEREB AR           23524999168     9683000320
TRANSPORT GA-ADR    ATGS AR             5279857152     3031022080
TRANS GAS SUR-$     TGSUD AR            5279857152     3031022080
TRANS GAS SUR-BL    TGSUB AR            5279857152     3031022080
SIDERCA             SIDCF US            5291995136     3278195968
EMDERSA             EMDE AR             1123603328      705991552
TELEF ARGENTIN-B    TEAR2 AR            6360999936     2607000064
TELEF ARGENTIN-A    TEAR1 AR            6360999936     2607000064
TRANSPORT GAS-C     TDGDF US            2613554944     1311761920
ALTO PALERMO ADR    APSAE US            2302166016      859377024
TELECOM ARGENT-B    TCMFF US           10026000384     4424999936
MIRGOR-C            MIRG AR              447198560      191480000
PETROBRAS ENER-B    PEFGF US           23524999168     9683000320
PEREZ COMPANC-B     PCZCF US           23090999296     9829000192
PAMPA ENERGIA SA    PMPAF US            9245514752     4915123200
PAMPA E-GDR 144A    PMPAL US            9245514752     4915123200
TRANSPORT GA-ADR    TGDS LI             5279857152     3031022080
IRSA SA             IRSAF US            4519056896     2281082112
TRANS GAS SUR-A     TGSU1 AR            5279857152     3031022080
TRANSPORT GA-C/E    ATGSC AR            5279857152     3031022080
BANCO GALIC-ADR     BXIB GR            24518600704     2117032960
TELECOM ARGE-ADR    TEO US             10026000384     4424999936
BOLDT GAMING SA     GAMI AR              152492512      101205600
MIRGOR-C BLOCK      MIRGB AR             447198560      191480000
METROGAS-B US$      METRD AR            2137778048      937539008
TELEFONICA DATA     ADTE AR              481412608      236168112
TELEF ARGE-B C/E    TEARC AR            6360999936     2607000064
SAN MIGUEL-B        SMIGF US             661061440      269241088
TELEF ARGENTIN-C    TEAR3 AR            6360999936     2607000064
TELEFONICA DATA     TDAFF US             481412608      236168112
GRUPO CON OESTE     OEST2 AR             514339840      307198208
TELECOM AR-B C/E    TECOC AR           10026000384     4424999936
TELECOM ARGENT-B    TECO2B MM          10026000384     4424999936
PETROBRAS ENE-BL    PCB AR             23090999296     9829000192
PETROBRAS ENE-CE    PCC AR             23090999296     9829000192
CENTRAL COSTAN-B    CRCBF US            1969559296      659044608
PEREZ COMPAN-ADR    CNPZY US           23524999168     9683000320
PETROBRAS ENER-B    PC AR              23090999296     9829000192
CENTRAL COSTAN-C    CECO3 AR            1969559296      659044608
EDENOR-B            DNOR AR             4133090816     2121667968
EDENOR-B C/E        DNORC AR            4133090816     2121667968
ALPARGATAS-ADR      ALPAY US             653514304      324974304
TRANSPORT GA-C/E    AGTSC AR            5279857152     3031022080
ASTRA CIA ARG-$     ASTRD AR            2410914048      961530048
SIDERCA-ADR         SJAA GR             5291995136     3278195968
TRANSPORT GA-ADR    TGS US              5279857152     3031022080
PAMPA HOLDING-RT    PAMPX AR            9245514752     4915123200
PAMPA HOLDIN-GDR    PAMPY LX            9245514752     4915123200
BANCO MACRO SA-B    BSUD AR            24761841664     2936324096
BANCO GALICIA-B     BGALF US           24518600704     2117032960
TELEFONICA D-$US    ADTED AR             481412608      236168112
PAMPA-REG S GDR     833474Z LI          9245514752     4915123200
PAMPA ENERGIA SA    PAMPC AR            9245514752     4915123200
SIDERCA-CTA EXT     ERCAC AR            5291995136     3278195968
BANCO FRANCE-C/E    AFRAC AR           28266659840     2373198080
BANCO FRANCE-$US    AFRAD AR           28266659840     2373198080
BANCO HIPOTECA      BHIP1 AR           12773636096     2685231872
PAMPA-GDR REG S     PAMPX LX            9245514752     4915123200
BANCO HIPOTECARI    BHIP3 AR           12773636096     2685231872
BANCO HIPOTECARI    BHIP2 AR           12773636096     2685231872
TREFOIL LTD         TREF PZ              168774992       97620000
YPF SA-D US$        YPFDD AR           39561998336    20820000768
YPF SA-D            YPFD AR            39561998336    20820000768
TELE MOVILES-$US    TMOVD AR            6366000128     2391000064
CENTRAL PUER-BL2    CEPBC AR            1001535552      474532000
ALPARGATAS-$        ALPAD AR             653514304      324974304
ALPARGATAS S-ORD    ALPAF US             653514304      324974304
BBVA BANCO FRAN     BFRVF US           28266659840     2373198080
ALPARGATAS-RGTS     ALPAX AR             653514304      324974304
ENDESA COSTAN-B     EDCFF US            1969559296      659044608
EMDERSA-SPON GDR    EDERL US            1123603328      705991552
EMP DISTRIB-ADR     EDN US              4133090816     2121667968
ASTRA CIA ARGENT    AST SW              2410914048      961530048
ALPARGATAS-C/E      ALPAC AR             653514304      324974304
BBVA BANCO F-ADR    BFP GR             28266659840     2373198080
GRUPO GALICI-ADR    GF4 GR             24722964480     2179788032
BANCO GALIC-ADR     BGID LI            24518600704     2117032960
DYCASA SA-A 5 VT    DYCA5 AR             320449184      140028496
DYCASA SA-B BLCK    DYCAB AR             320449184      140028496
DYCASA SA-B SHS     DYDGF US             320449184      140028496
EDENOR-B  US$       DNORD AR            4133090816     2121667968
YPF SA-C/E          AYPFC AR           39561998336    20820000768
TELECOM ARGEN-BL    TECOB AR           10026000384     4424999936
BANCO GALIC-ADR     BGALY US           24518600704     2117032960
PETROBRAS ENER-B    PESA AR            23524999168     9683000320
PETROBRAS ENER-$    PCD AR             23090999296     9829000192
ALPARGATAS-BLOCK    ALPAB AR             653514304      324974304
PECOM ENERGIA-A     PERE5 AR           23524999168     9683000320
PECOM ENERGIA-CE    PEREC AR           23524999168     9683000320
EMDERSA-SPON GDR    EMDEX LX            1123603328      705991552
BANCO GALICIA-B     GALI AR            24518600704     2117032960
BANCO GALICIA-A     GALI5 AR           24518600704     2117032960
BANCO GALIC-C/E     GALIC AR           24518600704     2117032960
BANCO GALICIA-$     GALID AR           24518600704     2117032960
PECOM ENERGIA-$     PERED AR           23524999168     9683000320
MIRGOR SACIF-ADR    MGDD LN              447198560      191480000
GRUPO GALICI-ADR    GGALE US           24722964480     2179788032
MASSALIN PARTICU    MSPUF US             316290976      182280000
BANCO HIPOTE-ADR    BCOZF US           12773636096     2685231872
SIDERCA-ADR         SDT US              5291995136     3278195968
CLAXSON INTERACT    XSONE US             176812000       51821000
FIPLASTO S.A.       FRXBF US             128363160       76359360
FIPLASTO-A          FRXQF US             128363160       76359360
TRANS GAS SU-C/E    TGSUC AR            5279857152     3031022080
TRANSPORT GA-$US    ATGSD AR            5279857152     3031022080
BBVA BANCO FRANC    FRAN AR            28266659840     2373198080
BBVA BANCO FR-BL    FRANB AR           28266659840     2373198080
BANCO FRANCES-RT    FRANX AR           28266659840     2373198080
TELEFONICA HLDG     CEICF US            3820000000     1806000000
ENDESA COSTA-C/E    CECOC AR            1969559296      659044608
CENTRAL COST-BLK    CECOB AR            1969559296      659044608
ENDESA COSTAN-B     CECO2 AR            1969559296      659044608
ENDESA COSTAN-A     CECO1 AR            1969559296      659044608
CENTRAL PUER-C/E    CEPUC AR            1001535552      474532000
PECOM ENERGIA-B     PERE AR            23524999168     9683000320
ENDESA COSTA-B $    CECOD AR            1969559296      659044608
RIBEIRO SACIFAI     RIBE AR              459770592      130830000
CENTRAL PUERTO-A    CEPU1 AR            1001535552      474532000
GRUPO CLA-B 144A    GRCNL US            8031131136     2983885056
GRUPO GALICI-ADR    GGACE US           24722964480     2179788032
GRUPO GALICI-ADR    GGAEC US           24722964480     2179788032
GRUPO GALICIA-P     GGAL6 AR           24722964480     2179788032
GRUPO GALICIA-RI    GGALX AR           24722964480     2179788032
BANCO FRANCE-ADR    AFRA AR            28266659840     2373198080
GRUPO CLARIN-B      GRCNF US            8031131136     2983885056
CELULOSA ARGENT     CCAGF US            1492174976      431814400
GRUPO CLARIN-A      GCLAA AR            8031131136     2983885056
COMERCIAL PL-ADR    SCPDS LI             547961024     -940552960
PECOM ENERGIA SA    PMESF US           23524999168     9683000320
PECOM ENERGI-ADR    PMESY US           23524999168     9683000320
GRUPO CONCESION     GCDBF US             514339840      307198208
GRUPO CLAR-REG S    GCLA LI             8031131136     2983885056
SNIAFA SA-B         SDAGF US              39681268       -2901931
CENTRAL PUERTO-A    CEPTF US            1001535552      474532000
RENAULT ARGE-US$    RENOD AR            1158456064       69000000
RENAULT ARGENT-R    RENOX AR            1158456064       69000000
RENAULT ARGENTIN    RENUF US            1158456064       69000000
RENAULT ARGENTIN    RENO AR             1158456064       69000000
RENAULT ARGE-C/E    RENOC AR            1158456064       69000000
TELECOM ARGENT-B    TECO2 AR           10026000384     4424999936
ALUAR ALUM-C US$    AUARF US            7432242176     3207560960
SIDERCA-BLOCK       ERCAB AR            5291995136     3278195968
SIDERCA-US$         ERCAD AR            5291995136     3278195968
SOC COMERCIAL PL    CAD IX               547961024     -940552960
BANCO MACRO -ADR    B4W GR             24761841664     2936324096
LEDESMA SAAI        LMSAF US            1760994048     1092876032
SIDERCA             ERCA AR             5291995136     3278195968
YPF SA-$US          AYPFD AR           39561998336    20820000768
BBVA BANCO FR-CE    FRANC AR           28266659840     2373198080
CENTRAL COST-ADR    CCSA LI             1969559296      659044608
ACINDAR SA-RTS      ACINX AR            4067707136     3097071104
TRANSPORT GA-ADR    T2K1 GR             5279857152     3031022080
TELECOM ARGE-ADR    TEOAF US           10026000384     4424999936
YPF SA-ADR          AYPF AR            39561998336    20820000768
ASTRA CIA-C/E       ASTRC AR            2410914048      961530048
GRUPO CLAR-REG S    GCLA IX             8031131136     2983885056
TELEF ARGENT-$US    ATARD AR            6360999936     2607000064
TELECOM ARGE-BLK    ATECB AR           10026000384     4424999936
PERKTRAK - R -      PERKX AR              47922224       15065640
PETROBRAS ENER-A    PESA5 AR           23524999168     9683000320
ASTRA CIA ARGENT    ASTR AR             2410914048      961530048
ASTRA CIA-BLOCK     ASTRB AR            2410914048      961530048
TELECOM ARG-B $     TECOD AR           10026000384     4424999936
TELEF ARGENT-ADR    TAR1 GR             6360999936     2607000064
TELEF ARGENT-ADR    TAR US              6360999936     2607000064
TELEF ARGENT-ADR    TAR GR              6360999936     2607000064
TELECOM ARGE-C/E    ATECC AR           10026000384     4424999936
TELECOM ARGE-$US    ATECD AR           10026000384     4424999936
IMPSAT FIBER NET    IMFN US              387540992       10405000
QUIMICA ESTRELLA    QMCAF US             234791008       78854000
PAPEL PRENSA-C      PREN3 AR             423672960      340771296
MIRGOR-A            MIRG2 AR             447198560      191480000
BBVA BANCO FRANC    BDPA GR            28266659840     2373198080
CARBOCOLOR RIGHT    CARCX AR             170528576       81819440
ADVANCE TELECOMU    AVTOF US             481412608      236168112
PETROBRAS EN-ADR    PZEG IX            23090999296     9829000192
PAMPA HOLDING SA    FOLPF US            9245514752     4915123200
METROGAS-B BLOCK    METRB AR            2137778048      937539008
TELEF ARGENT-BLK    TEARB AR            6360999936     2607000064
CELULOSA ARGENT     CCAOF US            1492174976      431814400
SAN MIGUEL          SAMI5 AR             661061440      269241088
SANTANDER RIO RT    BRIOX AR           26026031104     2112810112
SOCOTHERM-SP ADR    SOCOY US             726906624      190094496
SOCOTHERM-5 VTS     STHE5 AR             726906624      190094496
B PATAGONIA-BDR     BPAT11 BZ           9827496960     1607910016
MIRGOR-SPON ADR     08IS LI              447198560      191480000
INVERS ELEC BUEN    IEBAA AR             755566464      121959504
CENTRAL PUER-B $    CEPUD AR            1001535552      474532000
CENTRAL PUER-BLK    CEPUB AR            1001535552      474532000
CENTRAL PUERTO-C    CEPU3 AR            1001535552      474532000
CENTRAL PUERTO-B    CEPU2 AR            1001535552      474532000
PETROBRAS EN-ADR    PTP GR             23090999296     9829000192
CENTRAL PUERTO-B    CEPUF US            1001535552      474532000
CENTRAL PUER-ADR    CEPUY US            1001535552      474532000
METROGAS-B          METR AR             2137778048      937539008
BCO PATAGONIA-B     BPAT AR             9827496960     1607910016
MIRGOR SACIF-ADR    MGDS LI              447198560      191480000
MIRGOR SACIF-ADR    MGDD LI              447198560      191480000
TELECOM ARGE-ADR    1146Q US           10026000384     4424999936
SA SAN MIGUEL-A     156426Z AR           661061440      269241088
NOPEC INTL ASA      NOP NO              5279857152     3031022080
GRUPO GALICIA-B     GGABF US           24722964480     2179788032
TELEFONICA MOVIL    TMOV AR             6366000128     2391000064
MOLINOS RIO-RTS     MOLIX AR            4289142016     1185814912
PETROBRAS ENER-A    PECO5 AR           23524999168     9683000320
METROGAS SA         MGAI US             2137778048      937539008
BANCO MACRO SA-B    BNSDF US           24761841664     2936324096
JUAN MINETTI SA     MTJUF US            1666891520      915551488
TREFOIL LTD         TFLTF US             168774992       97620000
ASTRA CIA ARGENT    AASWF US            2410914048      961530048
ENDESA COST-ADR     CRCNY US            1969559296      659044608
BANCO PATAG-ADR     BPATL US            9827496960     1607910016
CLAXSON INTER-A     XSON US              176812000       51821000
TELEF ARGENT-GDR    TAGDS LI            6360999936     2607000064
BANCO MACRO -ADR    BMA US             24761841664     2936324096
PEREZ COMPANC-B     CNPZF US           23524999168     9683000320
MERCADOLIBRE INC    MLB1 GR              160898480       95526592
CENTRAL COSTAN-B    CNRBF US            1969559296      659044608
IRSA SA-UNITS       IRSAX AR            4519056896     2281082112
BANCO-144A ADR      BCOHY US           12773636096     2685231872
BBVA BANCO FR-$     FRAND AR           28266659840     2373198080
CENTRAL PUER-ADR    CPRDS LI            1001535552      474532000
YPF SA B SHS        YPFD2 AR           39561998336    20820000768
YPF SA-ADR          YPF GR             39561998336    20820000768
MIRGOR SACIF-ADR    MRGRF US             447198560      191480000
BOLDT SA            BOLD AR              392332160      237847792
MOLINOS RIO PLAT    MOLI AR             4289142016     1185814912
ACINDAR INDUS SA    1098M US            4067707136     3097071104
TELECOM ARGE-ADR    TMADS LI           10026000384     4424999936
PETROBRAS ENER-B    PECO AR            23524999168     9683000320
MOLINOS RIO-C/E     MOLIC AR            4289142016     1185814912
PETROBRAS ENE-BL    PZCBF US           23090999296     9829000192
BANCO GALIC-BLCK    GALIB AR           24518600704     2117032960
PETROBRAS ENER-A    173078Z AR         23090999296     9829000192
TREFOIL LTD         TREF IX              168774992       97620000
GRIMOLDI-B          GGMLF US             154923488       54074220
MOLINOS RIO         MOPLF US            4289142016     1185814912
PAPEL PRENSA-A      PREN0 AR             423672960      340771296
MOLINOS RIO PL-A    MOLI5 AR            4289142016     1185814912
INVERS ELEC BUEN    IEBAB AR             755566464      121959504
GRUPO FINANCIE-A    144974Z AR         24722964480     2179788032
CRESUD SA-UNIT      CRESX AR            5525445632     2959074048
TELEF ARGENT-ADR    ATAR AR             6360999936     2607000064
GRUPO CLA-B 144A    2656513Z LI         8031131136     2983885056
ASTRA CIA ARGENT    AACGF US            2410914048      961530048
SOCOTHERM SA-B      STHE AR              726906624      190094496
BBVA BANCO FRANC    XBFR SM            28266659840     2373198080
ALUAR ALUMINIO      AAARF US            7432242176     3207560960
CIADEA SA-US$       CINAD AR            1158456064       69000000
METROGAS SA-C       153263Z AR          2137778048      937539008
METROGAS SA-C/E     METRC AR            2137778048      937539008
TELEF ARGENTIN-B    TARB GR             6360999936     2607000064
MASSALIN PAR-BLK    MNNBF US             316290976      182280000
GRUPO CLARIN-C      GCLAC AR            8031131136     2983885056
MOLINOS RIO PL-$    MOLID AR            4289142016     1185814912
ACINDAR SA-BLOCK    ACINB AR            4067707136     3097071104
BBVA BANCO F-ADR    BFR US             28266659840     2373198080
MIRGOR-SPON ADR     MRGQY US             447198560      191480000
CARLOS CASA-5 VT    CCSDF US             105787872       87218464
YPF SA-ADR          YPFDS LI           39561998336    20820000768
SOC COMERCIAL PL    CVVIF US             547961024     -940552960
ACINDAR SA-$        ACIND AR            4067707136     3097071104
ACINDAR SA-C/E      ACINC AR            4067707136     3097071104
YPD SA A SHARES     YPFD1 AR           39561998336    20820000768
SANTANDER RIO-PR    BRIO6 AR           26026031104     2112810112
GAS NATUR BAN-B     GNBNF US            1348066688      831845696
TELECOM ARGENT-B    TEOB GR            10026000384     4424999936
YPF SA-D BLOCK      YPFDB AR           39561998336    20820000768
MERCADOLIBRE INC    MELIN MM             160898480       95526592
YPF SA C SHS        YPFD3 AR           39561998336    20820000768
TREFOIL LTD         2957284Q EO          168774992       97620000
SOC COMERCIAL PL    SCDPF US             547961024     -940552960
DYCASA SA-B SHS     DYCA AR              320449184      140028496
TREFOIL LTD         2957280Q EU          168774992       97620000
MOLINOS RIO-BLCK    MOLIB AR            4289142016     1185814912
CARBOCLOR SA        SOLP AR              170528576       81819440
METROGAS-B          MGSBF US            2137778048      937539008
Y P F               YPFL3 BZ           39561998336    20820000768
TELECOM ARGE-ADR    ATEC AR            10026000384     4424999936
MERCADOLIBRE INC    MELI US              160898480       95526592
MIRGOR-C            MRGQF US             447198560      191480000
TREFOIL LTD         2957288Q EU          168774992       97620000
TELEF ARGENTIN-B    TEAR2B MM           6360999936     2607000064
YPF SA-D CTA EXT    YPFDC AR           39561998336    20820000768
TRANSPORTADO-ADR    TSDS LI             2613554944     1311761920
BANCO GALICIA-B     305900Q GR         24518600704     2117032960
CONSULTATIO SA      CTIO AR             1114668032      765125504
MIRGOR-B            MIRG3 AR             447198560      191480000
TELE MOVILES-C/E    TMOVC AR            6366000128     2391000064
ACINDAR INDUS-A     ACDRF US            4067707136     3097071104
METROGAS-B          MGSB GR             2137778048      937539008
MOLINOS RIO PL-A    MOPFF US            4289142016     1185814912
TELEFONICA D-C/E    ADTEC AR             481412608      236168112
ACINDAR SA-SER B    ACIN AR             4067707136     3097071104
TELEF ARGENT-ADR    ATARC AR            6360999936     2607000064
METROGAS-ADR        MGSA GR             2137778048      937539008
CIADEA SA-CTA EX    CINAC AR            1158456064       69000000
YPF SA-D            YPFSF US           39561998336    20820000768
METROGAS-ADR        MGS US              2137778048      937539008
BANCO FRANCES SA    BPFPF US           28266659840     2373198080
YPF SA-D            YPFD MM            39561998336    20820000768
TELECOM ARGENT-A    TECO1 AR           10026000384     4424999936
ACINDAR INDUS-A     ACIN5 AR            4067707136     3097071104


BR
--

IGUACU CAFE-PR B    IGCSBN BZ            515348032      131651992
PETROBRAS-PREF      APBRA AR          304425992192   146904006656
IDEIASNET-RIGHT     IDNT1 BZ             392825984      180755008
ELETROBRAS-RIGHT    ELET11 BZ         137281986560    86340468736
BELGO-MINEIRA       BELGON BZ          20363847680    14397080576
CIA DE GERAC-ADR    CDEEY US            2489394944      716331968
IGARATINGA-PREF     IGRT6 BZ             528008960      295792000
BRASIL TELEC-RCT    TEPR9 BZ           17709092864     6165344256
IGUATEMI            IGTA3 BZ            1482204928      961884992
IOCHPE MAXION-PR    MAXPN BZ            1041442048      449352000
INEPAR-RCT ORD      INEP9 BZ            2389437952      378919008
IGUACU CAFE         IGCSON BZ            515348032      131651992
EBERLE SA-COM RT    EBER1 BZ             866227008      146912992
MEDIAL SAUDE SA     MEBZF US             954931008      528922976
BRASKEM-PREF B      BRKM6 BZ           22409371648     3682690048
BCO INDUSVAL        IDVL3 BZ            2337099008      451892000
BCO INDUSVAL-RT     IDVL11 BZ           2337099008      451892000
CEMEPE SA-PREF      MAPTPN BZ               784000       -6448000
CEEE-D-PREF         CEED4 BZ            1943287936       27374000
NET SERVICOS DE     PLIM3 BZ            6003998208     2724943104
SID TUBARAO-PREF    CSTPN BZ           11296382976     8552995328
IDEIASNET-RCT       IDNT9 BZ             392825984      180755008
LATASA-PREF         LATS4 BZ            1244164992      641113984
MEDIAL SAUDE-ADR    MDSEL US             954931008      528922976
M DIAS BRANCO SA    MDIA3 BZ            2385899776     1285200000
PAPEL SIMAO-ADR     IDPSY US           29398253568     7108785152
CEMIG               CEMZF US           25126887424    10050750464
BM&F                BMEF3 BZ            3193580032     2688721920
HABITASUL           HBTS3 BZ             723783040       85040000
HABITASUL-PREF A    HBTS5 BZ             723783040       85040000
MANGELS INDL-PRF    MGIRF US             777254016      202496992
HELBOR              HBOR3 BZ             948814976      375670976
TRAFO-BONUS PRF     TRFO12 BZ            176790000       65251000
BANESPA             BESPON BZ          43715571712     5183100928
MENDES JR-RECEIP    MEND9 BZ            6301749760     2685715200
DIAGNOSTICOS AME    DASA3 BZ            1844030080      514581984
SID NACIONAL-ADR    SIDN MM            31735762944     6907590656
MAGNESITA REFRAT    MFRSF US            5375362048     2038649984
CTM CITRUS SA       CTMON BZ              79728000       -1381000
CIA HERING-PREF     HERIF US             686972992      275144992
BAHIA SUL-COM RT    BSUL1 BZ           12874095616     3826438912
TELE LESTE-ADR      1003285Q GR          868040000      262979008
LAHOTELS SA         MEOP8 BZ             224414992      155867008
EMBRATEL PAR-RTS    EMTR GR            14978265088     8765965312
GRENDENE SA         GRDNF US            1717699968     1386718080
GARUDA SA-PREF      GRDA4 BZ              34395000       17080000
ITAU UNIBANCO       ITUN MM           618943348736    48049147904
LAEP-BDR            MILK11 BZ           1307308032      272661984
CYRELA BRAZI-GDR    CYRAY US            7766726144     2376387840
CALCADOS AZALEIA    AZBR3 BZ             649534976      322657024
TEXTEIS RENAU-RT    TXRX2 BZ              99602000     -148587008
GUARARAPES-RCT C    GUAR9 BZ            1872267008     1345318912
GUARARAPES-RCT P    GUAR10 BZ           1872267008     1345318912
GENERAL SHOPPING    GSHP3 BZ             835870976      381200000
ITAU UNIBANCO BA    BIAON BZ          618943348736    48049147904
GUARARAPES-RTS P    GUAR2 BZ            1872267008     1345318912
GERASUL             GRSU3 BZ            8459348480     3404676096
GERDAU SA-PREF      COSGPN BZ          56104177664    24512731136
SADIA-PREF          XSDI SM            11377789952      227570000
GERASUL-PREF A      GRSU5 BZ            8459348480     3404676096
ANTARCT NORD-RCT    IBAN9 BZ            3741214976     1665732992
BRASIL TELE PART    TCSP3 BZ           19506681856     7774251008
HABITASUL           HSULON BZ            723783040       85040000
LAHOTELS SA         MEOP6 BZ             224414992      155867008
GARUDA SA           GRDA3 BZ              34395000       17080000
MEDIAL SAUDE-ADR    MEDSY US             954931008      528922976
MENDES JR-RIGHT     MEND1 BZ            6301749760     2685715200
HABITASUL-PREF B    HSULBN BZ            723783040       85040000
HABITASUL-PREF A    HSULAN BZ            723783040       85040000
ITAU UNIBANCO       ITU US            618943348736    48049147904
TELEBRAS-CEDE BL    RCT4B AR             428644992       -2437000
CONCESSAO METROV    OPRT3 BZ             583998016      123772000
ARCELOR BRASIL      CSDFF US           20363847680    14397080576
TELEMAR-POP         TNLP71 BZ          56855715840    14844809216
ITAU UNIBANCO       ITUB3 BZ          618943348736    48049147904
ITAU UNIBANC-POP    ITUB74 BZ         618943348736    48049147904
BRASKEM SA-ADR      BAK US             22409371648     3682690048
LE LIS BLANC DEU    LLIS3 BZ             216710992      154363008
ITAU UNIBANCO       ITUB US           618943348736    48049147904
NOVA MARLIM PETR    NVML3B BZ             72512000       31724000
VOTORANTIM CELUL    VCPVF US           29398253568     7108785152
YARA BRASIL-ORD     ILMD3 BZ            1653358976      156382992
ITAU UNIBANC-POP    ITUB76 BZ         618943348736    48049147904
ITAU UNIBANC-POP    ITUB84 BZ         618943348736    48049147904
SUBMARINO SA-GDR    SBBMY US            2293659904      231501008
LIGHT SA            LIGT3 BZ            9530894336     2981968896
LLX LOGISTICA SA    LLXLF US             969289024      511327008
LLX LOGISTIC-ADR    LLXLY US             969289024      511327008
LOJAS AMERIC-PRF    LOJPF US            6011012096      427104000
BANCO NORDE-PREF    BNBPN BZ           16430785536     1802918912
BRADESCO SA         BBDC3 BZ          482140946432    35643371520
ITIQUIRA ENERGE     ITQR7 BZ             340428992      305209984
LLX LOGISTIC-ADR    LLK GR               969289024      511327008
CELG-PREF B         CGOS6 BZ            5127471104      453387008
MRS LOGISTICA SA    MRSA3 BZ            4375147008     1651734016
GUARARAPES          GCGUF US            1872267008     1345318912
NET SERVICOS-PRF    PLIM4 BZ            6003998208     2724943104
LLX LOG-RCT         LLXL9 BZ             969289024      511327008
ITIQUIRA ENERGE     ITQR5 BZ             340428992      305209984
NET SERVI-PR ADR    NETCN MM            6003998208     2724943104
CAMBUCI SA          CAMBON BZ            179864000      -43180000
TIG LTD             TARPX LX             179124800      178484624
CTM CITRUS- PR R    CTPC2 BZ              79728000       -1381000
KLABIN              KLAB3 BZ            8140421120     2302083072
KEPLER WEBER-PRB    KEPL6 BZ             382344000      166570000
KEPLER WEBER-PNA    KEPL5 BZ             382344000      166570000
SID TUBARAO-PR B    CST6 BZ            11296382976     8552995328
JHSF PART           JHSF3 BZ            1597200000      881612992
INVITEL SA          IVTL3 BZ           20294434816     7604484096
JHSF PART-UN ADR    JHSYY US            1597200000      881612992
ELETROBRAS-PR B     L3XA GR           137281986560    86340468736
CEMIG SA-ADR        CEMCY US           25126887424    10050750464
LARK SA MAQU-RTS    LARK1 BZ              42267000        5257000
LARK SA MAQU-RTS    LARK2 BZ              42267000        5257000
JBS-RCT ORD         JBSS9 BZ           15568384000     5761301504
KLABIN SEGALL SA    KSSA3 BZ            1421300096      439670016
KROTON-PREF         KROT4 BZ             570289024      458489984
INVITEL-RIGHT       IVTL1 BZ           20294434816     7604484096
INVEPAR - PREF      IVPR4B BZ            455812000      347244000
INVEST TUR          IVTT11 BZ           1061605952      959567040
INVITEL-RECEIPT     IVTL9 BZ           20294434816     7604484096
LECO-PREF           LECO4 BZ             229063008      105928000
SULTEPA             SULT3 BZ             649788032      224730000
INVEPAR             IVPR3 BZ             455812000      347244000
LECO                LECOON BZ            229063008      105928000
TRACTEBEL-PREF B    TBLGF US            8459348480     3404676096
CONCESSIONARIA R    CRTE3B BZ             92607000       64464996
JBS                 JBSAF US           15568384000     5761301504
JOAO FORTES-RCT     JFEN9 BZ             486309984      177104992
JBS                 JBSS3 BZ           15568384000     5761301504
CSU CARD-ADR 144    CSURY US             307887008      132255008
DAYCOVAL-SPON AD    BDYVY US            6727892992     1634588032
LAEP INVESTMENTS    LEAP LX             1307308032      272661984
BAHIA SUL-ADR       BHISY US           12874095616     3826438912
BICBANCO - PREF     BICB4 BZ           10300148736     1658577024
MAGNESITA-RCT OR    MAGG9 BZ            5375362048     2038649984
ALFA INVEST-PREF    BRIV4 BZ           10260088832      946568960
VOTORANTIM CELUL    VCPAON BZ          29398253568     7108785152
DOCAS IMBITUBA      IMBION BZ            207240000      -25727000
DTCOM-RT            DTCY1 BZ              11797000       -2671000
ADUBOS TR-PR RCT    ILMD10 BZ           1653358976      156382992
CAIUA SA-PRF B      ELCBN BZ           11343404032     2450658816
DOCAS IMBITUB-PR    IMBIPN BZ            207240000      -25727000
MAGNESITA REFRAT    MAGS3 BZ            5375362048     2038649984
INEPAR TEL-RTS      INET1 BZ                334000      -19775000
INEPAR-RT PREF      INEP2 BZ            2389437952      378919008
GAFISA              INHA3 BZ            5725837824     2199800064
COMGAS              CGAS11 BZ           3891502080     1103358080
INEPAR-RT ORD       INEP1 BZ            2389437952      378919008
CEMIG SA-PREF       XCMIG SM           25126887424    10050750464
MERC INVEST-PREF    BMIN4 BZ            1359840896       45564000
INEPAR-RCT PREF     INEP10 BZ           2389437952      378919008
FORCA CATAGU-PRB    FLCLBN BZ           2939479040      488738016
CACONDE PART        CACO3 BZ             224414992      155867008
CEB                 CEBON BZ             363828000      349331008
KLABIN-PREF         IKLPF US            8140421120     2302083072
YARA BRASIL-PREF    ILMD4 BZ            1653358976      156382992
GERDAU SA-PREF      GERDF US           56104177664    24512731136
IGUACU CAFE-PR B    IGUA6 BZ             515348032      131651992
IGUACU CAFE-PR A    IGUA5 BZ             515348032      131651992
KLABIN-ADR          IKLBY US            8140421120     2302083072
IGUATEMI            IGUEF US            1482204928      961884992
IGUACU CAFE-PR A    IGUAF US             515348032      131651992
DOC IMBITUBA        IMBI3 BZ             207240000      -25727000
DOC IMBITUBA-RTC    IMBI1 BZ             207240000      -25727000
CAMARGO CO-REG S    895515Z US          1868176000      640908992
ARACRUZ CEL-ADR     ARABRAN MM         11579943936      974924032
CEMEPE SA-RTS PF    MAP6 BZ                 784000       -6448000
MARISA SA           MARI3 BZ            1335627008      588476032
MARLIM PART-PREF    MARL4 BZ             716294016        5366000
AMAZONIA-COM RCT    TMAC9 BZ             397860992      106415000
CAIANDA PART        CAIA3 BZ                  5000         -56000
CEMEPE SA           MAPTON BZ               784000       -6448000
ITAU UNIBANCO       ITAU3 BZ          618943348736    48049147904
LOPES CONSULTORI    LPSB3 BZ             285027008        7662000
LOPES-RCT ORD       LPSB9 BZ             285027008        7662000
TEL CTR OES-RECE    TCOC9 BZ            3867565824     2812920832
ARCELOR BRASIL      CSDOF US           20363847680    14397080576
ITAUBANCO-CED B     ITA4B AR          618943348736    48049147904
PETROBRAS-PREF      PEBPF US          304425992192   146904006656
ITAUBANCO-CED $     ITA4D AR          618943348736    48049147904
PETROBRAS-POP       PETR80 BZ         304425992192   146904006656
BANCO ITAU-POP      ITAU81 BZ         618943348736    48049147904
TEF DATA BRA-RTP    TDBRF US             871465984      554115008
LOJAS RENNER SA     LORPF US            1382198016      726049984
BANRISUL-RCT PRF    BRSR10 BZ          26501517312     3140718080
NOVA AMERICA-PRF    NOVA4 BZ              40955000     -353104000
ITAUBANCO-CED PF    ITAU4 AR          618943348736    48049147904
AZEVEDO             AZEV3 BZ             114608000      -10504000
ELETROPAR           LPCSF US             211982000      129179000
LUPATECH SA-RT      LUPA11 BZ           1622397952      172326000
LUPATECH SA         LUPA3 BZ            1622397952      172326000
INPAR SA            INPR1 BZ            1817524992      763121984
ELETROBRAS-CED B    ELE3B AR          137281986560    86340468736
GAFISA SA-PREF A    INHA5 BZ            5725837824     2199800064
IOCHPE MAXION       IOCJF US            1041442048      449352000
BRASIL TELECOM-P    BRTP13 BZ          19506681856     7774251008
INPAR SA            INPR3 BZ            1817524992      763121984
ANGLO FERROU-ADR    IRNXY US            2367238144      659017984
RENAR MACAS         RNAR3 BZ             117728832       50481780
ANGLO FERROUS       IRON3 BZ            2367238144      659017984
PETROBRAS SA-ADR    PBRQY US          304425992192   146904006656
IOCHPE MA-SP ADR    IOCJY US            1041442048      449352000
BRASIL TELECOM      BSLTF US           17709092864     6165344256
IPIRANGA PETR-PR    IPUGF US            3237040896     1839884032
CELULOSE IRANI-P    RANI4 BZ             548236992       49333000
PETROBRAS-POP       PETR31 BZ         304425992192   146904006656
CREMER-PREF         CREM4 BZ             380989024      321352000
CAPRI PART          CPRP3 BZ                   249         -17458
SANTANENSE-PREF     CTSPN BZ             251589008      175212000
SANTANENSE          CTSON BZ             251589008      175212000
PET MANG-RIGHTS     RPMG1 BZ             152032000     -351539008
VULCABRAS-RECEIP    VULC9 BZ            1500899072      406387008
VALE RIO DOCE-PF    CVROF US          187954282496   104628002816
ELETROPAUL-PRF B    EPAUF US           12327025664     3445625088
VALE SA-SP ADR      CVLB GR           187954282496   104628002816
SOUZA CRUZ          CRUZ3 BZ            3471982848     1884237056
VALE SA-SP ADR      CVL GR            187954282496   104628002816
VOTORANTIM-RT       VCPA2 BZ           29398253568     7108785152
CENTENNIAL ASSET    CTMN3 BZ                  1000      -46816000
CTM CITRUS-ADR      CTMMY US              79728000       -1381000
BANCO SOFISA-PRF    SFSA4 BZ            4418180096      847779008
COTEMINAS-PREF      CTMPF US            3328033024     2033949952
UNIBANCO-PREF       UBBPF US          178520391680    15572969472
CENT MINAS-RIO      CTMI3 BZ             882368000      882177984
SEB-PREF            SEBB4 BZ             379064000      303506976
COTEMINAS           CTNMON BZ           3328033024     2033949952
FERRONORTE-PREF     FRRN6 BZ            3544780032      272160000
SANTANENSE-PREF     CTSA4 BZ             251589008      175212000
SANTANENSE          CTSA3 BZ             251589008      175212000
SANTANENSE-RIGHT    CTSA1 BZ             251589008      175212000
COTEMINAS-PREF      CTNM4 BZ            3328033024     2033949952
EQUATORIAL E-PRE    EQTL4 BZ            5099432960     1667915008
ALL-UNITS           ALLL11 BZ          11471285248     2534395136
CTM CITRUS-RCT C    CTP5 BZ               79728000       -1381000
SEGUROS ALIAN-PR    SEABPN BZ            421079008      151893008
GRAZZIOTIN-REC P    CGRA10 BZ            193757408      149066608
DIXIE TOGA          DXTGF US            1216785024      679294976
DIAGNOSTICOS AME    DIAOF US            1844030080      514581984
BRASKEM SA          BAKAF US           22409371648     3682690048
BRAZIL REAL-P RC    CYRE10 BZ           7766726144     2376387840
DAYCOVAL-PREF       DAYC4 BZ            6727892992     1634588032
DAYCOVAL            DAYC3 BZ            6727892992     1634588032
TPI                 TPIS3 BZ            1796011008      734635008
DTCOM- DIRECT-PR    DTCY4 BZ              11797000       -2671000
CELESC              CESCON BZ           4450260992     1766754048
UOL                 UNVSF US            1003756992      773592000
DIXIE TOGA-PREF     DXTPF US            1216785024      679294976
VALE RIO DOCE-PF    VALE4 BZ          187954282496   104628002816
DINAMICA ENERGIA    DNEN3 BZ              13704000       12831000
DATASUL             DSUL3 BZ             319601984      237962000
DROGASIL-PREF D     DROG8 BZ             658054976      364988000
DROGASIL-PREF H     DROG14 BZ            658054976      364988000
DROGASIL-PREF E     DROG11 BZ            658054976      364988000
BRAZIL REAL-C RT    CYRE1 BZ            7766726144     2376387840
CYRELA BRAZI-ADR    CYRBY US            7766726144     2376387840
PETROBRAS-POP       PETR71 BZ         304425992192   146904006656
COSAN LTD - A       CZZ US              5014000128     2463100160
BRAZIL REALTY-RC    CYRE9 BZ            7766726144     2376387840
NET SERVICOS-RCT    NETC10 BZ           6003998208     2724943104
CYRELA              CYRE3 BZ            7766726144     2376387840
COPEL               CXBVF US           13188444160     8564999168
SUZANO PAPEL-ORD    SUZB3 BZ           12874095616     3826438912
ALFA CONSORC-PFC    CXXMF US             591461952      589291968
CAMBUCI SA-PREF     CXDOF US             179864000      -43180000
CRUZEIRO SUL-PRF    CZRS4 BZ            5541289984      669700032
CRUZEIRO SUL        CZRS3 BZ            5541289984      669700032
DIAGNOSTICOS-ADR    DAMRY US            1844030080      514581984
CONST A LIND-PRF    LINDPN BZ             32493000      -26717000
CYRELA BRAZI-GDR    CYRSY US            7766726144     2376387840
CYRELA BRAZI-GDR    CYRPY US            7766726144     2376387840
NET-RT PREF         3205002Q SM         6003998208     2724943104
AES TIETE           CZGEF US            2489394944      716331968
SUZANO HOLD-RECE    NEMO9 BZ           13170387968     3847492864
SEGUROS ALIAN-PR    CSAB4 BZ             421079008      151893008
CONCESSION-PF A     CRTE5 BZ              92607000       64464996
COPASA MG - ORD     CSMG3 BZ            6531736064     3899576832
COPASA MG - ORD     CSAOF US            6531736064     3899576832
COSAN-RCT           CSAN9 BZ           11039396864     3728065024
SUBMARINO SA-GDR    SSBMY US            2293659904      231501008
JBS SA-SPONS ADR    JBSAY US           15568384000     5761301504
BRASIL TEL-RCT P    BRTO10 BZ          17709092864     6165344256
CARAIBA MET-PRA     CRBM5 BZ            1975310976      799236992
ROSSI RESID - RT    RSID1 BZ            2976516096     1266967040
SOUZA CRUZ SA       CRUZON BZ           3471982848     1884237056
VALE SA-PF A        CVLA GR           187954282496   104628002816
CELULAR CRT-RIGH    CRTP1 BZ            1834100992     1210574976
COPASA MG           CSMG11 BZ           6531736064     3899576832
SID NACIONAL-PRB    CSN6 BZ            31735762944     6907590656
SID NACIONAL-PRA    CSN5 BZ            31735762944     6907590656
CONSORCIO AL-PFB    BRGBN BZ             591461952      589291968
CIQUINE PETR-RCT    CQUE9 BZ             623166016      421377984
ARCELOR BR-ADR      CSDFY US           20363847680    14397080576
INVEPAR - PREF      IVPR4 BZ             455812000      347244000
SEGUROS MINAS BR    CSMBON BZ            484987008       55912000
COSAN               CSIDF US           11039396864     3728065024
CARAIBA METAIS      CRBM3 BZ            1975310976      799236992
CARAIBA MET-PRE     CRBM11 BZ           1975310976      799236992
CIQUINE PETR-PRC    CQUECN BZ            623166016      421377984
CAPITALPART PART    CPTP3 BZ                430314         421267
LUPATECH SA         LUPAF US            1622397952      172326000
CARAIBA MET-PRD     CRBM8 BZ            1975310976      799236992
CIQUINE PETR-PRA    CQUEAN BZ            623166016      421377984
IOCHPE MAXION-PR    IOCHF US            1041442048      449352000
CIA DE TRANS-RCT    TRPL9 BZ            5820284416     4268333056
CIQUINE PETRO       CQUEON BZ            623166016      421377984
CIQUINE PETR-PRD    CQUEDN BZ            623166016      421377984
ALFA FINANC-PREF    CRIV4 BZ            3118298112      494165984
ELETROPAULO-PREF    ELPL4 BZ           12327025664     3445625088
CREMER              CREM3 BZ             380989024      321352000
SANTANENSE-D        CTSA8 BZ             251589008      175212000
SUZANO BAHIA SUI    CSZPY US            5949479936     2555472896
ELEKEIROZ SA-P C    CQUE7 BZ             623166016      421377984
CR2 EMPR-SPN ADR    CREIY US             640110016      394201984
RENNER PARTICIP     RNNRF US              65086000       63944000
PAUL FORCA-PRF P    PALF12 BZ           8604376064     2019232000
CBC CARTUCHOS       CBCON BZ             183184992       81765000
CREMER SA-PREF      CREPN BZ             380989024      321352000
CREMER SA           CREON BZ             380989024      321352000
CONTAX PARTI-ADR    CTXNF US             944937024      300537984
GERDAU-PREF         XGGB SM            56104177664    24512731136
CSU CARDSYSTEM      CARD3 BZ             307887008      132255008
SUZANO              CSZPF US            5949479936     2555472896
CAFE BRASILIA-PR    CSBRPN BZ             36476000    -1193384960
PETROBRAS-POP       PETR84 BZ         304425992192   146904006656
SULTEPA-PREF        CSUTF US             649788032      224730000
BRAZIL REAL-P RT    CYRE2 BZ            7766726144     2376387840
SUZANO-PREF         CSZQF US            5949479936     2555472896
KARSTEN-PREF        CTKPF US             290848992       51909000
VALE SA-PF A        XVALP SM          187954282496   104628002816
CENT ACU            CTLG3 BZ              51381000       51177000
BRADESCO SA-RT      XBBDD SM          482140946432    35643371520
OGX PETROLEO        CTCO3 BZ            9942813696     9313315840
KARSTEN             CTKON BZ             290848992       51909000
KARSTEN             CTKCF US             290848992       51909000
KARSTEN             CTKA3 BZ             290848992       51909000
KARSTEN-PREF        CTKA4 BZ             290848992       51909000
TELEBRAS-CM RCPT    RCTB30 BZ            428644992       -2437000
CAFE BRASILIA SA    CSBRON BZ             36476000    -1193384960
SID NACIONAL-POP    CSNA74 BZ          31735762944     6907590656
DURATEX-UNSP ADR    DRAEY US            3239645952     1760016000
SID NACIONAL-POP    CSNA71 BZ          31735762944     6907590656
SID NACIONAL        CSNA3 BZ           31735762944     6907590656
SID NACIONAL        CSNON BZ           31735762944     6907590656
SID NACIONAL        CSNNF US           31735762944     6907590656
SID NACIONAL-POP    CSNA84 BZ          31735762944     6907590656
SID NACIONAL-POP    CSNA80 BZ          31735762944     6907590656
ADUBOS TERVO-RTS    ILMD1 BZ            1653358976      156382992
SID TUBARAO-ADR     CSTUY US           11296382976     8552995328
SID TUBARAO-PR A    CSTAN BZ           11296382976     8552995328
JBS-RT ORD          JBSS1 BZ           15568384000     5761301504
COPESUL             CSULON BZ           2795267072     1634733952
BAHEMA              BAHI3 BZ             123640000       23430000
ELETROBRAS-PR A     ELETAN BZ         137281986560    86340468736
CESP-ADR            CSQSY US           17018719232     8013528064
SID TUBARAO-ADR     CSTPY US           11296382976     8552995328
SID TUBARAO-ADR     CSTBY US           11296382976     8552995328
SID TUBARAO-PR B    CSTBN BZ           11296382976     8552995328
SID TUBARAO         CSTB3 BZ           11296382976     8552995328
BANCO FIN-CM RCT    FNCN9 BZ              24001000       17964000
FINANSINOS          FNCN3 BZ              24001000       17964000
CIA FORC-COM RCT    FLCL9 BZ            2939479040      488738016
USIMINAS SA-144A    USNMY US           26939066368    14797190144
ABYARA              ABYA1 BZ            1153843968      196062000
F CATAGUAZES        FLCL3 BZ            2939479040      488738016
EMBRAER-ADR         ERJ-P US           20502468608     6104297984
KLABIN-PREF         KLAB4 BZ            8140421120     2302083072
FORCA CATAGUAZES    FLCLON BZ           2939479040      488738016
FORCA CATAGU-PRA    FLCLAN BZ           2939479040      488738016
VOTORANTIM          VCPA3 BZ           29398253568     7108785152
METALFRIO           FRIO3 BZ             811801984      271462016
USIMINAS-POP        USIM80 BZ          26939066368    14797190144
SANTANENSE-RECEI    CTSA9 BZ             251589008      175212000
FERRONORTE-PREF     FRRN5 BZ            3544780032      272160000
FERRONORTE-PREF     FRRN4 BZ            3544780032      272160000
TELEMAR-POP         TNLP74 BZ          56855715840    14844809216
AMIL                AMPIF US            2473367808     1240499968
SULTEPA SA          SULTON BZ            649788032      224730000
MARCOPOLO-PREF      MCPOF US            2234675968      712882048
EZ TEC              EZTC3 BZ             962984000      839747968
CPFL ENERGIA-ADR    FKZ GR             16483489792     5386705920
MEDIAL SAUDE SA     MEDI3 BZ             954931008      528922976
CEG-RTS             CEGR1 BZ            1859668992      569353024
BICBANCO            BICB3 BZ           10300148736     1658577024
CAIUA SA-PRF A      ELCAN BZ           11343404032     2450658816
FORJA TAURUS        FJTA12 BZ            835569984      355288000
CAIUA SA-DVD COM    ELCA12 BZ          11343404032     2450658816
MONTICIANO PART     MONP3B BZ            528331968      314304992
CIA FORCA-PR RCT    FLCL11 BZ           2939479040      488738016
CIA FORCA-COM RT    FLCL1 BZ            2939479040      488738016
COPENE              CPNE3 BZ           22409371648     3682690048
FORCA CAT-RCT CM    FLC7 BZ             2939479040      488738016
VOTORANTIM C-ADR    VCP US             29398253568     7108785152
FINANSINOS SA       FINON BZ              24001000       17964000
EST PIAUI           BBDFF US             285676992       77395000
VALETRON-PREF A     VLTR5 BZ               2575000        2390000
GERDAU-PREF         GGBR4 BZ           56104177664    24512731136
PRO METAL-PREF B    BCALBN BZ              2150000     -252503008
GLOBO CABO S-ADR    GLCBY US            6003998208     2724943104
GAFISA SA-ADR       GJ3 GR              5725837824     2199800064
TIM SUL-RI PREF     TPRC11 BZ           1732094976     1261144064
GAFISA SA-144A      GFSAY US            5725837824     2199800064
GERDAU SA-ADR       GGBN MM            56104177664    24512731136
GERDAU SA-ADR       GGB US             56104177664    24512731136
GERDAU SA-PREF      COGU4 BZ           56104177664    24512731136
FINANCEIRA AL-PF    CRIPN BZ            3118298112      494165984
TELE CELULAR-RT     331836Q BZ         14260712448     7646441984
GOL-RCT             GOLL9 BZ            6951473152     1221874048
GOL-ADR             GOL US              6951473152     1221874048
AFLUENTE-COMMON     AFLU3 BZ             123768000      104166000
PAO ACUCAR-CBD      GPASF US           13370249216     5601048064
CELGPAR             GPAR3 BZ            6360756736      483532000
FERRO LIGAS-PREF    FLIPN BZ           14967353344     5393643008
NEOENERGIA          GNAN3 BZ           16170648576     9015921664
GLOBEX-BONUS        GLOB11 BZ           1959906048      720181056
GOL-PREF            GOLL4 BZ            6951473152     1221874048
GOL                 GOLL3 BZ            6951473152     1221874048
GOL-RT              GOLL1 BZ            6951473152     1221874048
BRAZIL REAL-GDR     BRZD LX             7766726144     2376387840
RB CAPIT SEC RES    RBRA3B BZ            681851968       17212000
VALE SA             XVALO SM          187954282496   104628002816
AES TIETE-RIGHT     GETI1 BZ            2489394944      716331968
COPENE PETROQUIM    CPEWF US           22409371648     3682690048
ALL MALHA PAULIS    GASC3 BZ            1516712064    -1039704000
FABRICA TECID-RT    FTRX1 BZ             123567000      -72231000
FERRO LIGAS- RT     CPFL1 BZ           14967353344     5393643008
BRADESPAR SA        FXMA GR            11866230784     5381356032
RASIP AGRO-REC P    RSIP10 BZ            105574000       53941000
CHIARELLI SA        CCHI3 BZ              42853000      -85685000
GERASUL-ADR         GESUY US            8459348480     3404676096
CIA ELEC-COM RCT    CBEE9 BZ            4688201216     1583760000
GAFISA SA-ADR       GFAN MM             5725837824     2199800064
GAFISA SA-ADR       GFA US              5725837824     2199800064
AES TIETE-RI PRE    GETI2 BZ            2489394944      716331968
AES TIETE-REC PR    GETI10 BZ           2489394944      716331968
GLOBEX-PREF         GBXPF US            1959906048      720181056
DROGASIL-PREF F     DROG12 BZ            658054976      364988000
PAUL FORCA LUZ-P    PFLPN BZ            8604376064     2019232000
ADUBOS TREVO-P R    ILMD2 BZ            1653358976      156382992
BRAHMA-PREF DVD     BRHA13 BZ           5404445696     1962764032
GERDAU-PREF         GDUB GR            56104177664    24512731136
CAIUA SA-PRF A      ELCA5 BZ           11343404032     2450658816
REDE EMP ENE ELE    ELCA4 BZ           11343404032     2450658816
ELEKTRO-REC PREF    EKTR10 BZ           3058283008     1227961984
ELETROBRAS-PR B     ELET6 BZ          137281986560    86340468736
CEEE-D              CEED3 BZ            1943287936       27374000
CAIUA SA            ELCON BZ           11343404032     2450658816
ELEKTRO-RIGHT       EKTR1 BZ            3058283008     1227961984
AM INOX BR-PREF     ACES4 BZ            4922355712     3105795840
ALFA FINANC         CRIV3 BZ            3118298112      494165984
REDE EMP ENE ELE    ELCA3 BZ           11343404032     2450658816
FORJA TAURUS        FJTA11 BZ            835569984      355288000
CAIUA SA-DVD CMN    ELCA11 BZ          11343404032     2450658816
ELEKTRO-RECEIPT     EKTR9 BZ            3058283008     1227961984
ELETROBRAS-PR A     ELET5 BZ          137281986560    86340468736
CHAPECO-PRF RCT     CHAP10 BZ           1158483968       37663000
CONFAB INDUST-PR    CNFB4 BZ            2077382144     1286134016
EQUATORIAL-UNITS    EQEGF US            5099432960     1667915008
ELETROBRAS          ELETON BZ         137281986560    86340468736
ELETROBRAS-PR B     ELETBN BZ         137281986560    86340468736
ELETROBRAS-CED P    ELET6 AR          137281986560    86340468736
ELETROBRAS-CED B    ELE6B AR          137281986560    86340468736
ELETROBRAS-CED $    ELE3D AR          137281986560    86340468736
ELETROBRA-CED CE    ELE3C AR          137281986560    86340468736
ELETROBRAS          ELET3 BZ          137281986560    86340468736
ELEKEIROZ SA-PRF    ELEK4 BZ             623166016      421377984
ELETROBRAS-CED $    ELE6D AR          137281986560    86340468736
EMBRATEL PART-RT    EBTP2 BZ           14978265088     8765965312
PETROBRAS           XPBR SM           304425992192   146904006656
CAIUA SA-RTS        ELCA2 BZ           11343404032     2450658816
BRASIL ECODIESEL    ECOD3 BZ             485085984       76933000
ECONORTE            ECNT3 BZ             233983008      157340000
ELETROBRAS-ADR C    EBR US            137281986560    86340468736
EBERLE SA-PR RT     EBER2 BZ             866227008      146912992
EBERLE SA-PR RCT    EBER10 BZ            866227008      146912992
EMBRATEL P-ON *P    EBTP11 BZ          14978265088     8765965312
EMBRATEL PAR-RCT    EBTP10 BZ          14978265088     8765965312
PARANAPAN-PF ADR    CEPVY US            3402292992     2207865856
PETROBRAS SA-ADR    PEBPY US          304425992192   146904006656
TELEMIG-PREF B      TDMGF US            3585982976     2339811072
BRADESCO-POP        BBDC71 BZ         482140946432    35643371520
ECOSUL              ECOS3 BZ              60545000       25607000
EMAE                EEMCF US            1129916032      828918016
CEEE-GT             EEEL3 BZ            1958182016      480180000
BRASIL TEL PAR-R    BRTP2 BZ           19506681856     7774251008
BAUMER SA-RT ORD    BALM1 BZ              61941000       34199000
BRASIL ECOD-RCT     ECOD9 BZ             485085984       76933000
VALE SA             CVLC GR           187954282496   104628002816
ELETROBRAS-PR B     EDAEF US          137281986560    86340468736
PARANA BCO-PREF     PRBC4 BZ            2225508096      807364992
VOTORANTIM CEL-P    PSIM4 BZ           29398253568     7108785152
EQUATORIAL E-ADR    EQUEY US            5099432960     1667915008
IPIRANGA PETR-PR    PTIP4 BZ            3237040896     1839884032
EQUATORIAL-UNITS    EQTL11 BZ           5099432960     1667915008
CEMAR-PREF B        ENMA6 BZ            2243802112      648760000
CEMAR-PREF A        ENMA5 BZ            2243802112      648760000
ELETROPAUL-REG S    ELPSY US           12327025664     3445625088
IOCHPE MAX-DVD C    MYPK11 BZ           1041442048      449352000
ELETRON SA          ETRO3 BZ              16302000        4065000
ELECTROLUX BR-PF    EXDBF US             906220992      381676992
EVEN                EVEN1 BZ            1802646912      817481024
ERICSSON TELECOM    ERITF US            3102732800     1003418048
MAORI SA            MAOR3 BZ               9819000      -27275000
ESTACIO-PREF        ESTC4 BZ             679280000      451821984
BANESPA-COM RTS     BESP1 BZ           43715571712     5183100928
RASIP AGRO-RI PR    RSIP2 BZ             105574000       53941000
FINANCEIRA ALFA     CRION BZ            3118298112      494165984
WEG SA              ELMJ3 BZ            5589564928     2292052992
COTEMINAS-GDR       CTMQF US            3328033024     2033949952
COPEL-ADR           ELPVY US           13188444160     8564999168
COPEL               ELPVF US           13188444160     8564999168
EXCELSIOR ALIMEN    BAUH3 BZ              25695000        7713000
TELEBRAS-CED C/E    RCT4C AR             428644992       -2437000
ELEVA ALIMENTOS     ELEV3 BZ            1651677952      489356000
USIMINAS SA-ADR     USNZF US           26939066368    14797190144
COPEL-PREF B        ELPA GR            13188444160     8564999168
SLC AGRICOLA SA     SLCE3 BZ            1610571008      764966976
ENERGIAS DO BRAS    ENBR3 BZ           10320862208     5306753024
ENERGIAS DO - RT    ENBR1 BZ           10320862208     5306753024
ACOS VILLAR-RT C    AVI5 BZ             1821099008      975780032
CEMAR               ENMA3 BZ            2243802112      648760000
BANRISUL-RTS PRF    BRSR2 BZ           26501517312     3140718080
BANESTES-DVD        BEES11 BZ           8438273536      595254976
ELUMA SA-IN-PR R    ELUM2 BZ             685401984      404192000
COPEL-PREF B        ELPWF US           13188444160     8564999168
EMBRATEL PAR        EMTBF US           14978265088     8765965312
EMBRATEL PAR-RTS    EMT-R-W US         14978265088     8765965312
BAHEMA SA           BAHON BZ             123640000       23430000
ANHEMBI-PREF A      AHEAN BZ             267367008       56538000
PETROBRAS SA-ADR    PBRZY US          304425992192   146904006656
KROTON-UNITS        KROT11 BZ            570289024      458489984
VOTORANTIM-RT       VCPA1 BZ           29398253568     7108785152
BUETTNER            BUET3 BZ             173032000      -65614996
USIMINAS SID-GDR    USDMY US           26939066368    14797190144
TEKA                TKTQF US             438540000     -564327040
TEKA-PREF           TKTPF US             438540000     -564327040
TEMPO PART          IGRT3 BZ             528008960      295792000
BRASIL TELECOM      TEPR4 BZ           17709092864     6165344256
TEGMA               TGMA3 BZ             612729984      342174976
EMBRATEL PAR-RCT    EBTP9 BZ           14978265088     8765965312
TELE LESTE CL       TETIF US             868040000      262979008
TELEMIG-PREF A      TLEZF US            3585982976     2339811072
TELE LESTE C-REC    TLCP9 BZ             868040000      262979008
ROPEL-PREF B ADR    548548Q GR         13188444160     8564999168
BANCO NORDESTE      BNBON BZ           16430785536     1802918912
TELEBRAS SA         TLBRON BZ            428644992       -2437000
TRINITY AMER-UTS    TLATU US              90061000       20448000
PLASCAR-RCT ORD     PLAS9 BZ             635030976      280213024
TELEBRAS-PF RCPT    TLBRUP BZ            428644992       -2437000
TELEBRAS-CED C/E    TEL4C AR             428644992       -2437000
TEKA-ADR            TEKAY US             438540000     -564327040
TELESC CE-RT COM    TSCC3EDS BZ          721108992      654721984
MARAMBAIA-PREF      CTPC4 BZ              79728000       -1381000
TELEBRAS-COM RT     TELB1 BZ             428644992       -2437000
TELEBRAS-CEDEA $    TEL4D AR             428644992       -2437000
BAHIA SUL           BSUL3 BZ           12874095616     3826438912
FRAS-LE RCT PF A    STED12 BZ            452321024      207485008
BRASIL TELE-PREF    TEEAF US           17709092864     6165344256
ANTARC PAULISTA     ANTA3 BZ            3741214976     1665732992
BANCO SANTAN-RT     SANB1 BZ          330346135552    49710190592
ITIQUIRA ENERGE     ITQR6 BZ             340428992      305209984
TEMPO PART          TEMP3 BZ             528008960      295792000
SARAIVA SA-PR A     SVLRF US             694262976      379197984
BRASIL TELECOM      TEPR3 BZ           17709092864     6165344256
BRASIL TELEC-RTS    TEPR1 BZ           17709092864     6165344256
SANTISTEXTIL        ASTA3 BZ            1157214976      515682976
PROMAN              PRMN3B BZ             24047000        -467000
TELEBRAS SA-PREF    TELB4 BZ             428644992       -2437000
TELEBRAS-BLOCK      TELB30 BZ            428644992       -2437000
TELEBRAS SA         TELB3 BZ             428644992       -2437000
TAM SA-ADR          TAMN MM            13001190400      694382016
OBRASCON HUARTE     OHLB3 BZ            2869469952      817835968
TELEBRAS SA-RT      TELB9 BZ             428644992       -2437000
CEMIG SA-ADR        CIDG IX            25126887424    10050750464
TOTVS SA            TOTS3 BZ            1044310080      489134016
CIQUINE-RCT PF A    CQUE11 BZ            623166016      421377984
TELE NORTE          TNRCF US           12534408192     9005651968
TECTOY-PF-RTS5/6    TOYB11 BZ             47540000      -18367000
GUARARAPES          GUAR3 BZ            1872267008     1345318912
ACUCAR GUAR-RT      ACGU1 BZ            3044534016     1030959936
ITAU UNIBANC-POP    ITUB73 BZ         618943348736    48049147904
BRASIL ECOD-RT      ECOD1 BZ             485085984       76933000
TEL CTR OES-PREF    TOEPF US            3867565824     2812920832
TECNISA-ADR 144A    TNSZY US            1574660992      886150976
CIA SANEAMEN-GDR    CSMQY US            6531736064     3899576832
TELEPISA-RT COM     TPIC3EDS BZ           81948000       68091000
TELEPISA-PFD D R    TPIC12 BZ             81948000       68091000
SETIBA PARTICIPA    SETI3 BZ                 35000          17000
TELEPISA-PR RCT     TPIC10 BZ             81948000       68091000
USIMINAS SA-PREF    USIMPN BZ          26939066368    14797190144
TECTOY-RT           TOYB2 BZ              47540000      -18367000
EMBRATEL PART-RT    EBTP1 BZ           14978265088     8765965312
INVEST TUR          IVTT3 BZ            1061605952      959567040
TELEMIG CELUL-G     TMGC13 BZ           1673668992     1142459904
TELEMIG CEL-ADR     TMBN MM             2629520896     2005192064
CPFL ENERGIA SA     CPFE3 BZ           16483489792     5386705920
BRAZIL FAST FOOD    BOBS US               90061000       20448000
TELEMAR N L-PR A    TMNPF US           56301592576    14633200640
TELEMIG CEL-W/D     TMB/WD US           2629520896     2005192064
AMAZONIA CELU-E     TMAC11 BZ            397860992      106415000
ELECTROLUX-PR RT    REPA2 BZ             906220992      381676992
QGN PARTICI-PREF    QGNP4 BZ             126923000       73174000
TELEMIG CEL         TMCP12 BZ           2629520896     2005192064
TELEMIG CEL         TMCP11 BZ           2629520896     2005192064
TELE NOR C-RE PR    TNEP10 BZ           1469443968     1143235968
CESP-RECEIPT        CESP9 BZ           17018719232     8013528064
TELE NORTE L-ADR    TNEN MM            56855715840    14844809216
TELEMAR-POP         TNLP70 BZ          56855715840    14844809216
TELE NOR LEST-RI    TNLP1 BZ           56855715840    14844809216
TELE NOR CEL-REC    TNEP9 BZ            1469443968     1143235968
TELE NOR CE-RI P    TNEP2 BZ            1469443968     1143235968
TELE NORTE-RCT      TNCP10 BZ          12534408192     9005651968
TEMPO PART-GDR      TMPOL US             528008960      295792000
TELE NORTE-CED$     TNED AR            56855715840    14844809216
TELE NORTE-CEDBL    TNEB AR            56855715840    14844809216
TELE NOR-W/I ADR    TNE-W US           56855715840    14844809216
TELE NORTE-CEDEA    TNE AR             56855715840    14844809216
SHARP               SSEQF US             904604992       11176000
SUZANO-PR RT        SUZA2 BZ            5949479936     2555472896
CELUL IRA-PR RTS    RANI2 BZ             548236992       49333000
FRAS-LE-PREF A      STED4 BZ             452321024      207485008
FRAS-LE             STED3 BZ             452321024      207485008
SHARP-PREF          SSEPF US             904604992       11176000
PAUL FORCA LUZ      PALF3 BZ            8604376064     2019232000
ALPARGATAS-ADR      SRSDY US            1787078016     1015406976
SANTOS BRP-UNITS    STBP11 BZ           1485766912     1136673920
PRO METAL-PREF A    BCALAN BZ              2150000     -252503008
IGUACU CAFE         IGUCF US             515348032      131651992
VIVO PARTIC-W/I     VIV-W US           22434252800     9002486784
SUZANO-RT ORD       SUZB11 BZ          12874095616     3826438912
SUZANO-PREF         SUZA4 BZ            5949479936     2555472896
MAORI SA-PREF       MAOR4 BZ               9819000      -27275000
TPI - TRIUN-GDS     TPITL US            1796011008      734635008
SUBMARINO SA        SUBA3 BZ            2293659904      231501008
SULTEPA SA-PREF     SULTPN BZ            649788032      224730000
SULTEPA-PREF        SULT4 BZ             649788032      224730000
SABESP              CSBJF US           20762025984    10748639232
SUL AMERICA-PREF    SULA4 BZ           11271277568     2624303872
MELHOR SP-PREF      MSPA4 BZ             982763008      192570000
DOC IMBITUBA-RTP    IMBI2 BZ             207240000      -25727000
SUZANO PAPEL-PRA    SPXA GR            12874095616     3826438912
USIMINAS SA-ADR     USNZY US           26939066368    14797190144
SOUZA CRUZ          SOZCF US            3471982848     1884237056
ANT NORD-RCT PRF    IBAN10 BZ           3741214976     1665732992
SAO MARTINHO        SMTO3 BZ            3389826816     1560972032
MARCOPOLO SA-PRB    MCPPF US            2234675968      712882048
CONST A LIND-PRF    CALI4 BZ              32493000      -26717000
SANTOS BRASI-GDR    SNTBL US            1485766912     1136673920
ABYARA-RCT          ABYA9 BZ            1153843968      196062000
LONGDIS SA - RCT    SPRT9 BZ                270600         212145
ITAITINGA-PRB       SQRM11 BZ                14000         -42000
EBERLE SA-COM RC    EBER9 BZ             866227008      146912992
LONGDIS SA          SPRT3 BZ                270600         212145
LONGDIS SA - RT     SPRT1 BZ                270600         212145
SPRINGER-COM RTS    SPRI1 BZ             154382000      109100000
TELEBRAS-ADR        TBX GR               428644992       -2437000
TELEBAHIA SA        TBHAF US            1872726016     1359774080
TEF DATA BRA-RTC    TDBH1 BZ             871465984      554115008
TELEBRAS-RTS CMN    TCLP1 BZ             428644992       -2437000
COPEL-PREF B        XCOP SM            13188444160     8564999168
TELEBRAS-ADR        TBASY US             428644992       -2437000
TELEBRAS SA         TBASF US             428644992       -2437000
TELEBRAS-CM RCPT    TBRTF US             428644992       -2437000
TELEBRAS-ADR        TBRAY GR             428644992       -2437000
FIAGO PARTICIPAC    FAGO3 BZ             339811008      327207008
TELEBAHIA-PREF B    TBHZF US            1872726016     1359774080
WEG SA-UNSP ADR     WEGPY US            5589564928     2292052992
BRASIL TELE P-PR    TCSP4 BZ           19506681856     7774251008
TELESP CELULA-RT    TCP-R US           22434252800     9002486784
TEF DATA BRA        TDBSF US             871465984      554115008
TEF DATA BRA-PRF    TDBPF US             871465984      554115008
TEF DATA BRA-RTP    TDBH2 BZ             871465984      554115008
TELESP CELUL-ADR    TCP US             22434252800     9002486784
BRASCAN RES-RCT     BISA9 BZ            4419293696     1728816000
BRASIL T PAR-RTC    TCSP1 BZ           19506681856     7774251008
TELESP CEL-RT-WI    TCP-R-W US         22434252800     9002486784
BESC -PREF A        BSCT5 BZ            6275337728      435690016
TELEBRAS-CEDE PF    TELB4 AR             428644992       -2437000
COPENE-PREF A       COPEAN BZ          22409371648     3682690048
SUZANO PAPEL-PRB    SUZB6 BZ           12874095616     3826438912
TAM SA-PREF         TANC4 BZ           13001190400      694382016
PORTO SEGURO SA     PSSA3 BZ            8112729088     2034862976
SUZANO PAPEL-PRA    SUZB5 BZ           12874095616     3826438912
SUZANO-RT PREF      SUZB12 BZ          12874095616     3826438912
SUZANO PAPEL-ADR    SUZBY US           12874095616     3826438912
TAM SA              TANC3 BZ           13001190400      694382016
TAM SA-COM RIGHT    TANC1 BZ           13001190400      694382016
TELEBRAS-ADR        TBAPY US             428644992       -2437000
TIG LTD             TARP11 BZ            179124800      178484624
TAM SA-ADR          T3H1 GR            13001190400      694382016
GUARARAPES-RTS C    GUAR1 BZ            1872267008     1345318912
CEB-PREF A          CBDHF US             363828000      349331008
CONSORCIO AL-PFF    BRGFN BZ             591461952      589291968
BAHEMA SA-PREF      BAHPN BZ             123640000       23430000
BRADESCO SA-PREF    BRE GR            482140946432    35643371520
VALETRON SA         VLTR3 BZ               2575000        2390000
VICUNHA-RTS COM     VINE1 BZ            1518422016      172580992
ARACRUZ CELULOSE    ARCZON BZ          11579943936      974924032
ACOS VILLARES-PR    VILAPN BZ           1821099008      975780032
ARAUCARIA-RT        VDNP1 BZ             635744000      635729024
VOTORANTIM CEL-P    VCPPF US           29398253568     7108785152
VOTORANTIM C-ADR    VCPN MM            29398253568     7108785152
VALE RIO DOCE-PF    VDRNF US          187954282496   104628002816
XX NOVEMBRO         VDNS3B BZ             64690004        5922000
XX NOVEMBRO         VDNS3 BZ              64690004        5922000
CEMEPE SA           MAPT3 BZ                784000       -6448000
VIVO-RCT            VIVO9 BZ           22434252800     9002486784
VICUNHA TEXT-RCT    VINE9 BZ            1518422016      172580992
ELETROBRAS-RIGHT    XELTD SM          137281986560    86340468736
TECNISA-ADR REGS    TNSSY US            1574660992      886150976
TELEMIG SA          TNASF US            3585982976     2339811072
IOCHPE MAX-RT PF    MYPK5 BZ            1041442048      449352000
VICUNHA-PF B RCT    VINE12 BZ           1518422016      172580992
BRASMOTOR-PREF      BMTO4 BZ             845830016      843569984
VICUNHA-PRFB RCT    VINE10 BZ           1518422016      172580992
VIVO                VIVO11 BZ          22434252800     9002486784
VIVO-RCT            VIVO10 BZ          22434252800     9002486784
AM INOX BR          ACES3 BZ            4922355712     3105795840
SUL AMERICA         SULA3 BZ           11271277568     2624303872
VALE RIO DOCE       VALEON BZ         187954282496   104628002816
SID TUBARAO         CSDUF US           11296382976     8552995328
VALE SA-CEDEAR      VALED AR          187954282496   104628002816
VALE SA-POP         VALE81 BZ         187954282496   104628002816
VOTORANTIM-RCT      VCPA10 BZ          29398253568     7108785152
VALE RIO DOC-ADR    VALF IX           187954282496   104628002816
VALE RIO DOCE-PR    VALEPN BZ         187954282496   104628002816
VALE SA-POP         VALE80 BZ         187954282496   104628002816
TELESP-ADR          TSPN MM            19822301184    10517999616
VALE SA-CEDEAR      VALEC AR          187954282496   104628002816
VALE SA-CEDEAR      VALEB AR          187954282496   104628002816
VIVO PARTICIPOES    WWG IX             22434252800     9002486784
VALE SA-POP         VALE84 BZ         187954282496   104628002816
FERT HERINGER       FHER3 BZ            1848829952      242126992
VOTORANTIM-ADR      VCEOY US           29398253568     7108785152
VOTORANTIM CEL-P    VCPAPN BZ          29398253568     7108785152
ALFA CONSORC-PFB    BRGE6 BZ             591461952      589291968
VOTORANTIM-RCT      VCPA9 BZ           29398253568     7108785152
VOTORANTIM-PREF     VCPA4 BZ           29398253568     7108785152
VOTORANTIM CEL-P    VCEOF US           29398253568     7108785152
BRZ INVEST-ORD      BRZI3B BZ             55993000       52604000
VALE SA-PF A        VARI IX           187954282496   104628002816
VOTORANTIM C-ADR    VCLA GR            29398253568     7108785152
VOTORANTIM CELUL    VCEPF US           29398253568     7108785152
ELETROBRAS-PR B     XELTB SM          137281986560    86340468736
JOAO FORTES-RT      JFEN1 BZ             486309984      177104992
NET SERVICOS-RT     XNETD SM            6003998208     2724943104
MMX MINERACA-GDR    XMM CN              2328652032     -101079000
NET SERVIC-PREF     XGLCP SM            6003998208     2724943104
WTTORRE TC-PREF     WTTC4 BZ             174662000       31352000
WTORRE TC           WTTC3 BZ             174662000       31352000
WTORRE NSBC-PREF    WTNS4 BZ              86843000       24820000
BRASKEM SA -PR A    XBRK SM            22409371648     3682690048
BRASMOTOR-PREF      BRMPF US             845830016      843569984
ARACRUZ CELU-PFB    XARAB SM           11579943936      974924032
CTM CITRUS-PREF     CTMPN BZ              79728000       -1381000
USIMINAS SA-PF A    XUSI SM            26939066368    14797190144
CAIXA SEGURADORA    ZTJK4 BZ           14749480960     1851297920
CAIXA SEGURADORA    ZTJK3 BZ           14749480960     1851297920
SUZANO-PREF         XSUZP SM            5949479936     2555472896
SUZANO PAPEL-PRA    XSUZB SM           12874095616     3826438912
COPASA MG           CSMG12 BZ           6531736064     3899576832
B2W VAREJO          BZWHF US            2293659904      231501008
CONTAX PART         CXPRF US             944937024      300537984
USIMINAS SA         XUSIO SM           26939066368    14797190144
VICUNHA SIDERUR     VSID4 BZ           31805233152     7571436032
VICUNHA SIDERURG    VSID3 BZ           31805233152     7571436032
LOG-IN LOGISTICA    LOGN3 BZ             777176000      601054976
VULCABRAS-REC PR    VULC10 BZ           1500899072      406387008
VULCABRAS-RIGHT     VULC1 BZ            1500899072      406387008
ELEKTRO-RIG PREF    EKTR2 BZ            3058283008     1227961984
TELEBRAS/W-I-ADR    TBH-W US             428644992       -2437000
WTORRE CRJ-PREF     WTCJ4 BZ              74943000       11792000
WTORRE CRJ          WTCJ3 BZ              74943000       11792000
WILSON SONS-BDR     WSON11 BZ           1481720960      811592000
VIVAX SA - UNITS    VVAX11 BZ            646393024      349184000
WEG SA-PREF         WEGSF US            5589564928     2292052992
TELE SUD PA-REC     TSEP9 BZ            2939657984     2047016960
BANESE-PREF         BESEPN BZ           2273541120      137610992
CIA DE TRANS-RT     TRPL1 BZ            5820284416     4268333056
TELECOMUNICA-ADR    81370Z BZ            428644992       -2437000
TELESP CEL P-REC    TSPP9 BZ           22434252800     9002486784
TELESP CELUL P-P    TSPP4 BZ           22434252800     9002486784
TELESP CELUL PAR    TSPP3 BZ           22434252800     9002486784
VALE SA-POP         VALE75 BZ         187954282496   104628002816
TERNA-UNITS         TRRAF US            3271864064     1540774016
PETROQUIMICA SA     PNE US             22409371648     3682690048
CIA DE TRANS-RT     TRPL2 BZ            5820284416     4268333056
CIA DE TRANS-RCT    TRPL10 BZ           5820284416     4268333056
HABITASUL-PREF B    HBTS6 BZ             723783040       85040000
COSAN               CSAN11 BZ          11039396864     3728065024
TEXTEIS RENAU-RT    TXRX1 BZ              99602000     -148587008
SADIA SA-ADR        UGHA GR            11377789952      227570000
SADIA-PREF          UGH GR             11377789952      227570000
VALE RIO DOC-PFA    VALEAN BZ         187954282496   104628002816
TOTVS SA            TTVSF US            1044310080      489134016
PAO ACUCAR-ADR      C1B1 GR            13370249216     5601048064
UNIBANCO-GDR        UBBN MM           178520391680    15572969472
USIMINAS SA-PF A    U1S1 GR            26939066368    14797190144
TELESP CELU-P RT    TZLRF US           22434252800     9002486784
TEXTEIS RENA-RCT    TXRX9 BZ              99602000     -148587008
TIM SUL-RECEIPT     TPRC9 BZ            1732094976     1261144064
TIM SUL SA-RIGHT    TPRC1 BZ            1732094976     1261144064
TERMIN PORT-PREF    TPPF4 BZ             155264000      149539008
SUL AMERICA-UNIT    SULA11 BZ          11271277568     2624303872
TELEBRAS SA-PREF    TLBRPN BZ            428644992       -2437000
TRESCOM PART-PRE    TREC4 BZ             379064000      303506976
TRESCOM PART SA     TREC3 BZ             379064000      303506976
SUZANO-PREF         SUZPN BZ            5949479936     2555472896
DAYCOVAL-RT         DAYC12 BZ           6727892992     1634588032
TELEPISA-RT PR D    TPIC8EDS BZ           81948000       68091000
TELEPISA-RT PR B    TPIC6EDS BZ           81948000       68091000
TERM PORT-PERF B    TPPF11 BZ            155264000      149539008
VIVO PARTICIPOES    TPP GR             22434252800     9002486784
TPI - TRIUNF-ADR    TPIUY US            1796011008      734635008
TRISUL SA           TRIS3 BZ             907408000      417692992
CBCC PARTICIPACO    TRIM3 BZ              23566000       17600000
GVT HOLDING         GVTHF US            3259633152     1827053952
TERNA-PN            TRNA4 BZ            3271864064     1540774016
TERNA-ON            TRNA3 BZ            3271864064     1540774016
TERNA-UNITS         TRNA11 BZ           3271864064     1540774016
TRAFO-BONUS COM     TRFO11 BZ            176790000       65251000
MMX MINERACAO       TRES3 BZ            2328652032     -101079000
LOJAS AMERIC        LOAMF US            6011012096      427104000
TPI                 TRFP3 BZ            1796011008      734635008
TRAFO-BONUS PRO     TRFO18 BZ            176790000       65251000
TRAFO-BONUS PRO     TRFO17 BZ            176790000       65251000
USIMINAS SA-GDR     USNSY US           26939066368    14797190144
USIMINAS SA         USNSF US           26939066368    14797190144
USIMINAS SA-ADR     USMS LX            26939066368    14797190144
VALE SA-POP         VALE71 BZ         187954282496   104628002816
VALE SA-CEDEAR      VALE AR           187954282496   104628002816
VALE SA-SP ADR      VALE US           187954282496   104628002816
MRV ENGENHAR-ADR    MRVNY US            2940424960     1695520000
USIMINAS-PF B       USIMPB BZ          26939066368    14797190144
USIMINAS SA         USIMOR BZ          26939066368    14797190144
USIMINAS SA         USIMON BZ          26939066368    14797190144
EVEN                EVEN9 BZ            1802646912      817481024
ALL MALHA NORTE     FRRN3 BZ            3544780032      272160000
USIMINAS SA         USNMF US           26939066368    14797190144
USIMINAS SA-ADR     USMSUP US          26939066368    14797190144
VALE SA-POP         VALE70 BZ         187954282496   104628002816
VALE SA-PF A        VALE5 BZ          187954282496   104628002816
VALE SA-SP ADR      VALE3 FP          187954282496   104628002816
VALE SA-POP         VALE76 BZ         187954282496   104628002816
COPEL               CPELON BZ          13188444160     8564999168
VALE SA-POP         VALE73 BZ         187954282496   104628002816
VALE SA-POP         VALE20 BZ         187954282496   104628002816
VALE RIO-PRA MRG    VALE11 BZ         187954282496   104628002816
VALE R DOCE-ADR     VALE IX           187954282496   104628002816
VALE SA-POP         VALE41 BZ         187954282496   104628002816
VALE SA-POP         VALE40 BZ         187954282496   104628002816
DINAMICA ENERGIA    DNEN3B BZ             13704000       12831000
BRADESCO SA-PREF    BBDC4 BZ          482140946432    35643371520
CELESC-PREF B       CEDYF US            4450260992     1766754048
BANRISUL-PREF       BRSR4 BZ           26501517312     3140718080
BANRISUL            BERSON BZ          26501517312     3140718080
USIMINAS-POP        USIM74 BZ          26939066368    14797190144
USINAS S GDR-144    USDML US           26939066368    14797190144
B2W GLOBAL-GDR      BCGVY US            2293659904      231501008
ALL AMERICA-ADR     ALAPY US           11471285248     2534395136
ULTRAPAR PA-ADR     UGPN MM            10080489472     4780786176
ULTRAPAR-RT         UGPA2 BZ           10080489472     4780786176
ULTRAPAR - RT       UGPA1 BZ           10080489472     4780786176
MARAMBAIA           CTPC3 BZ              79728000       -1381000
ULTRAPAR-PREF       ULPPF US           10080489472     4780786176
CERJ                CERJON BZ           4688201216     1583760000
USIMINAS-POP        USIM70 BZ          26939066368    14797190144
USIMINAS            USIMAN BZ          26939066368    14797190144
USIMINAS-POP        USIM84 BZ          26939066368    14797190144
USIMINAS-POP        USIM81 BZ          26939066368    14797190144
GERDAU SA-PREF      GGBUF US           56104177664    24512731136
UOL - PREF          UOLL4 BZ            1003756992      773592000
USIMINAS-PREF A     USIM5 BZ           26939066368    14797190144
USIMINAS SA-PREF    USIM4 BZ           26939066368    14797190144
USIMINAS            USIM3 BZ           26939066368    14797190144
BELAPART-PREF B     PBEL6 BZ               2376000        2200000
VIVO PARTICIPACO    TZLSF US           22434252800     9002486784
SCHLOSSER           SCLO3 BZ              23121000     -123831000
FRAS-LE-CMN CONV    STED11 BZ            452321024      207485008
PERDIGAO SA-ADR     PDAN MM            10892798976     3879912192
PETROBRAS SA        PBRBF US          304425992192   146904006656
PETROBRAS SA-ADR    PBR US            304425992192   146904006656
PETROBRAS SA        PBPBF US          304425992192   146904006656
PAUL FORCA LUZ-B    PALF6 BZ            8604376064     2019232000
PAUL FORCA LUZ-A    PALF5 BZ            8604376064     2019232000
PAUL FORCA LUZ-P    PALF4 BZ            8604376064     2019232000
BRADESCO SA-RTS     824358Q SM        482140946432    35643371520
PARANA BANCO-ADR    PARPY US            2225508096      807364992
AZEVEDO E TRAVAS    AZEVON BZ            114608000      -10504000
COPEL-PREF A        CPELAN BZ          13188444160     8564999168
ENERGISA-PREF       ENGI4 BZ            3310700800      736004992
PARCOM PARTIC-PF    PCPA4 BZ              38066000       31506000
PETROBRAS SA-ADR    PBRY IX           304425992192   146904006656
GERDAU SA           COGU3 BZ           56104177664    24512731136
EXCELSIOR-RCT       BAUH9 BZ              25695000        7713000
PDG REALTY          PDGR3 BZ            3480376832     1697636992
PDG REALTY-RT       PDGR11 BZ           3480376832     1697636992
SETIBA PARTICIPA    SETI3B BZ                35000          17000
PETROBRAS           PBRQF US          304425992192   146904006656
PETROBRAS SA-ADR    PBRN MM           304425992192   146904006656
PARCOM PARTICIPA    PCPA3 BZ              38066000       31506000
PAO ACUCAR-PREFB    PCAR6 BZ           13370249216     5601048064
REDE ENER-RT        REDE2 BZ           11343404032     2450658816
KROTON              OPOF3 BZ             570289024      458489984
TELEBRAS-CM RCPT    TELE31 BZ            428644992       -2437000
SUDESTE             OPSE3 BZ                  4878         -16104
OPPORTRANS SA       OPRT9 BZ             583998016      123772000
RET PART            OPRE3 BZ               7002000        6996000
PORTOBELLO          PTBL3 BZ             458103008        6345000
OGX PETROLEO-ADR    OGXPY US            9942813696     9313315840
MELHORAMENTOS SP    MSPON BZ             982763008      192570000
BRAZILIAN FINANC    OPDC3 BZ            1237009024      413582016
GERDAU SA-ADR       GDUA GR            56104177664    24512731136
VALE SA-POP         VALE79 BZ         187954282496   104628002816
PLASCAR PART        OSAO3 BZ             635030976      280213024
SAO MARTINHO        SRTOF US            3389826816     1560972032
SCHLOSSER SA-PRF    SCHPN BZ              23121000     -123831000
PAUL FORCA L-P C    PALF11 BZ           8604376064     2019232000
PAUL FORCA L-RCT    PAL5 BZ             8604376064     2019232000
VALE SA-POP         VALE72 BZ         187954282496   104628002816
PERDIGAO SA-ADR     P5Y GR             10892798976     3879912192
NET SERV-RIGHT      PLIM1 BZ            6003998208     2724943104
PAUL FORCA LUZ-A    PFLAN BZ            8604376064     2019232000
SABESP-ADR          SAJA GR            20762025984    10748639232
PLASCAR-RT PREF     PLAS2 BZ             635030976      280213024
PROFARMA            PFRM3 BZ             879340992      472803008
PAUL FORCA LUZ      PFLON BZ            8604376064     2019232000
PETROBRAS-PREF      PETRPN BZ         304425992192   146904006656
PETROBRAS SA        PETRON BZ         304425992192   146904006656
PETROLEO BRAS-RC    PETR9 BZ          304425992192   146904006656
TELEBRAS-PF RCPT    CBRZF US             428644992       -2437000
BRADESCO SA-PREF    BRADPN BZ         482140946432    35643371520
PLASCAR-RCT PREF    PLAS10 BZ            635030976      280213024
PLASCAR-RT ORD      PLAS1 BZ             635030976      280213024
BANCO PINE-PREF     PINE4 BZ            5536848384      818568000
LLX LOGISTICA SA    LLXL3 BZ             969289024      511327008
NET SERV-RIGHT P    PLIM2 BZ            6003998208     2724943104
PORTOBELLO-RCT C    PTBL9 BZ             458103008        6345000
BANCO PINE          PINE3 BZ            5536848384      818568000
BAUMER SA           BAUON BZ              61941000       34199000
PETROBRAS-PREF      PJXB GR           304425992192   146904006656
PETROBRAS SA-ADR    PJXA GR           304425992192   146904006656
PETROBRAS-SP ADR    PJX GR            304425992192   146904006656
PETROBRAS-BLOCK     PET4B AR          304425992192   146904006656
SUZANO-RT           SUZA1 BZ            5949479936     2555472896
SAO PAULO TUR-B     AHEB6 BZ             267367008       56538000
PETROBRAS SA-ADR    PEBRY US          304425992192   146904006656
PETROBRAS-POP       PETR73 BZ         304425992192   146904006656
PETROBRAS-SP ADR    PETG IX           304425992192   146904006656
PETROBRAS-CED $     PET4D AR          304425992192   146904006656
USIMINAS SA-PF B    USIMBN BZ          26939066368    14797190144
ELETROBRAS-ADR C    EBRN MM           137281986560    86340468736
ELEKEIROZ SA        ELEK3 BZ             623166016      421377984
PDG REALTY-ADR      PDGRY US            3480376832     1697636992
ENERGIAS DO BRAS    EGDBF US           10320862208     5306753024
PETROBRAS-CEDE C    PET4C AR          304425992192   146904006656
NOVA MARLIM PETR    NVML3 BZ              72512000       31724000
PETROBRAS-POP       PETR72 BZ         304425992192   146904006656
COPEL-ADR           CXBVY US           13188444160     8564999168
PETROBRAS           PETR3 BZ          304425992192   146904006656
PETROBRAS-POP       PETR81 BZ         304425992192   146904006656
ITAUBANCO-CEDE C    ITA4C AR          618943348736    48049147904
PETROBRAS-POP       PETR78 BZ         304425992192   146904006656
PETROBRAS-POP       PETR75 BZ         304425992192   146904006656
PETROBRAS-POP       PETR21 BZ         304425992192   146904006656
INVITEL SA          IVTL11 BZ          20294434816     7604484096
PETROLEO BRA-RGT    PETR10 BZ         304425992192   146904006656
PETROBRAS-POP       PETR70 BZ         304425992192   146904006656
PETROBRAS-CED PF    PETR4 AR          304425992192   146904006656
PETROBRAS-PREF      PETR4 BZ          304425992192   146904006656
PETROBRAS-POP       PETR30 BZ         304425992192   146904006656
VALE DO RIO-C BL    RIOB AR           187954282496   104628002816
BANCO SANTAN-RCT    SANB10 BZ         330346135552    49710190592
CIA PETROLIFERA     MRLM3 BZ             717181056         257000
CENT AMAPA          CTAP3 BZ                  1000      -19724000
FORCA CATAGU-ADR    CFLCY US            2939479040      488738016
TELEBRAS-PF RCPT    RCTB40 BZ            428644992       -2437000
MELHORAMENTOS-PF    MSPPN BZ             982763008      192570000
CAIVA SERV DE EL    1315Z BZ           11343404032     2450658816
MARFRIG - RCT       MRFG9 BZ            9239444480     2678563072
CAEMI MET-RCT PF    CME6 BZ             4870930944     3035955968
MRV ENGENHARIA      MRVE3 BZ            2940424960     1695520000
MRS LOGIST-PRF B    MRSA6 BZ            4375147008     1651734016
MRS LOGIST-PRF A    MRSA5 BZ            4375147008     1651734016
CIA PETROLIF-PRF    MRLM4 BZ             717181056         257000
EMBRAER-ADR         ERJG IX            20502468608     6104297984
ALL AMERICA-U TP    AALLY US           11471285248     2534395136
DIAGNOSTICOS-ADR    496685Z US          1844030080      514581984
METAL LEVE-PREF     MLEVF US            1624983040      471182016
ABYARA              ABYJF US            1153843968      196062000
MUNDIAL SA          MNDL3 BZ             866227008      146912992
MMX MINERACA-GDR    MMXMY US            2328652032     -101079000
TELEMAR-POP         TNLP84 BZ          56855715840    14844809216
BUETTNER SA         BUETON BZ            173032000      -65614996
BANDEIR ARMAZENS    CBAON BZ              39348000       14131000
FORCA CATAGU-PRB    FLCL6 BZ            2939479040      488738016
EDP ENERGIAS-RCT    ENBR9 BZ           10320862208     5306753024
ESTACIO             ECPCF US             679280000      451821984
WILSON SONS LTD     WSON LX             1481720960      811592000
MOENA PART SA       MOEP3B BZ            281726976      239808000
MARFRIG - RT        MRFG1 BZ            9239444480     2678563072
MPX ENERGIA SA      MPXEY US            3734283008     2149428992
MPX ENERGIA SA      MPXE3 BZ            3734283008     2149428992
CIQUINE PET-PF C    CQUE13 BZ            623166016      421377984
PRO METAL-PREF B    BCAL6 BZ               2150000     -252503008
MUNDIAL-PREF        MNDL4 BZ             866227008      146912992
GUARARAPES SA-PR    CGUAPN BZ           1872267008     1345318912
BICICLET MONARK     MONAON BZ            235438000      198707008
NET SERVICOS-PRF    NS2B GR             6003998208     2724943104
NOVA AMERICA SA     NOVA3 BZ              40955000     -353104000
COPEL-ADR PR B      ELP US             13188444160     8564999168
PETROBRAS SA-ADR    PEBXY US          304425992192   146904006656
NUTRIPLANT          NUTR3M BZ             50552000       23012000
NATURA              NUACF US            2182044928      836219968
TERMIN PORT         TPPF3 BZ             155264000      149539008
OBRASCON HUARTE     OHLNF US            2869469952      817835968
SID NACIONAL-POP    CSNA81 BZ          31735762944     6907590656
BANCO ITAU-POP      ITAU70 BZ         618943348736    48049147904
SID TUBARAO-PR A    CST5 BZ            11296382976     8552995328
ODONTOPREV          ODPV3 BZ             353051008      257411984
ITAU UNIBANCO BA    ITUB4 BZ          618943348736    48049147904
OGX-PREF B          OGXP6 BZ            9942813696     9313315840
OGX-PREF A          OGXP5 BZ            9942813696     9313315840
OGX-ORD             OGXP3 BZ            9942813696     9313315840
NOVA MARLIM PART    NVMP3B BZ             71166000       31708000
NOVA MARLIM PART    NVMP3 BZ              71166000       31708000
ODERICH-RECEIPT     ODER9 BZ             238064000       99801000
ODERICH-RIGHT PR    ODER2 BZ             238064000       99801000
ODERICH-REC PREF    ODER10 BZ            238064000       99801000
OBRASCON HUA-GDR    OBSJY US            2869469952      817835968
IOCHPE MAX-DVD P    MYPK12 BZ           1041442048      449352000
IOCHPE MAX-RT PF    MYP5 BZ             1041442048      449352000
MULTIPLAN           MULT4 BZ            2658408960     1986636928
NET SERVICOS-RT     NETC2 BZ            6003998208     2724943104
VALETRON-PREF B     VLTR6 BZ               2575000        2390000
IOCHP-MAXION-PRF    MYPK4 BZ            1041442048      449352000
TELEPISA-PFD C R    TPIC11 BZ             81948000       68091000
MET GERDAU SA       MUGDF US           57070075904    23776319488
CYRELA BRAZ-PREF    CYRE4 BZ            7766726144     2376387840
NET SERVICOS-RT     NETC1 BZ            6003998208     2724943104
SUZANO HOL-RIGHT    NEMO1 BZ           13170387968     3847492864
LLX LOG-RT          LLXL1 BZ             969289024      511327008
NET SERVI-PR ADR    NETCD US            6003998208     2724943104
NET SERVICOS-RCT    NETC9 BZ            6003998208     2724943104
VBC ENERGIA SA-R    NCNE1 BZ            5444209152     1454108032
ARACRUZ CELU-PRA    AROPF US           11579943936      974924032
NET SERVI-PR ADR    NETC IX             6003998208     2724943104
COSAN-RT            CSAN1 BZ           11039396864     3728065024
SUZANO HOL-RI PR    NEMO2 BZ           13170387968     3847492864
SUZANO HOLD-RE P    NEMO10 BZ          13170387968     3847492864
EMBRAER-BONUS       EMBR11 BZ          20502468608     6104297984
ALPARGATAS-PREF     SAANF US            1787078016     1015406976
IOCHP-MAXION        MYPK3 BZ            1041442048      449352000
SANESALTO           SNST3 BZ           47836610560    -1076702080
CHAPECO SA-PREF     CHAPPN BZ           1158483968       37663000
TELEBRAS-ADR        RTB US               428644992       -2437000
RASIP AGRO-RECEI    RSIP9 BZ             105574000       53941000
ALLIS PART          SAGP3 BZ             130684008       93439000
SADIA-PREF          SADAF US           11377789952      227570000
ALPARGATAS-P ADR    SAANY US            1787078016     1015406976
SAO CARLOS-PREF     SAOCF US            1154689920      540909952
SID NAC-ADR-W/I     SID-W US           31735762944     6907590656
SATIPEL INDUSTRI    SATI3 BZ            1153026944      544440960
BANCO SANTAN-RCT    SANB9 BZ          330346135552    49710190592
BANCO SANTAN-RT     SANB2 BZ          330346135552    49710190592
VALE DO RIO-C C/    RIOC AR           187954282496   104628002816
MELHOR SP           MSPA3 BZ             982763008      192570000
VALE R DOCE-ADR     RIO/P US          187954282496   104628002816
PET MANG-RECEIPT    RPMG9 BZ             152032000     -351539008
VALE R DOCE-ADR     RION MM           187954282496   104628002816
VALE SA-PF A        RIODF US          187954282496   104628002816
COPEL-ADR           3231M US           13188444160     8564999168
RHODIA-STER         RHDOF US            1573577984      214304000
VALE R D-ADR-WI     RIO-P-W US        187954282496   104628002816
VALE R DOCE-ADR     RIO-P US          187954282496   104628002816
VALE DO RIO-CED     RIO AR            187954282496   104628002816
PET MANG-RIGHTS     RPMG2 BZ             152032000     -351539008
PET MANG-RECEIPT    RPMG10 BZ            152032000     -351539008
COPEL-ADR PR B      ELPN MM            13188444160     8564999168
RASIP AGRO-RIGHT    RSIP1 BZ             105574000       53941000
ROSSI RESID- RCT    RSID9 BZ            2976516096     1266967040
BRAHMA              CRVJF US            5404445696     1962764032
PAO ACUCAR-PREF     CPBDF US           13370249216     5601048064
BGPAR SA            BGPR3 BZ              35413000       11171000
RIPASA              RIPAF US            2279055872     1143490944
AGRA-RT             AGIN1 BZ            1997384960      916507008
CEB-PREF RCT B      CEBR11 BZ            363828000      349331008
SID NACIONAL-ADR    SID US             31735762944     6907590656
SPRINGS GLOBAL      SGPS3 BZ            2831987968     1579816960
SELECTPART PARTI    SLCT3 BZ                362880         339552
SID NACIONAL        SIDHF US           31735762944     6907590656
CTM CITRUS-RCT C    CTPC9 BZ              79728000       -1381000
VIGOR SA-PREF       SFPVF US             661755008      156363008
CELPE-RECEIPT       CEPE9 BZ            3634429952     1418144000
TELEBAHIA-PREF A    TBHLF US            1872726016     1359774080
VALE RIO DOC-ADR    CVROY US          187954282496   104628002816
ELETROBRAS-ADR P    EBR/B US          137281986560    86340468736
SPRINGS PART-RCT    SGPS9 BZ            2831987968     1579816960
SLC AGRICOLA SA     SLCJF US            1610571008      764966976
SID NACIONAL-POP    CSNA70 BZ          31735762944     6907590656
BELGO MIN-RTS CM    BELG1 BZ           20363847680    14397080576
GERASUL             GESUF US            8459348480     3404676096
SARAIVA SA-PR B     SLED6 BZ             694262976      379197984
OGX-ORD             OGXPF US            9942813696     9313315840
CLARION-RT          CLAN2 BZ             922546048      771586944
PAUL FORCA L-RTP    PALF2 BZ            8604376064     2019232000
SCHLOSSER SA        SCHON BZ              23121000     -123831000
SEG MIN BRAS        CSMB3 BZ             484987008       55912000
COPENE-PREF B       CPNE6 BZ           22409371648     3682690048
SCHLOSSER-PREF      SCLO4 BZ              23121000     -123831000
DROGASIL-PREF G     DROG13 BZ            658054976      364988000
SANTOS-UNITS        SBRFF US            1340855040     1082248064
SUBMARINO SA        SBMNF US            2293659904      231501008
IPIRANGA PETR-PR    PTIPPN BZ           3237040896     1839884032
IOCHPE MAX-RT CM    MYPK1 BZ            1041442048      449352000
SABESP-ADR          SBSP IX            20762025984    10748639232
SABESP-ADR          SBS US             20762025984    10748639232
SEGUROS ALIANCA     SEABON BZ            421079008      151893008
B2W GLOBAL-GDR      SUBMY US            2293659904      231501008
MULTIPLAN           MULT3 BZ            2658408960     1986636928
CONST TENDA         TEND3 BZ            1565550976     1075303040
SEB-UNITS           SEBB11 BZ            379064000      303506976
CELULOSE IRANI      RANI3 BZ             548236992       49333000
SADIA SA-ADR        SDAN MM            11377789952      227570000
BARDELLA SA         BDLLON BZ            702260992      219442992
COBRASMA SA-PREF    COBRPN BZ              7773000    -2954115840
GVT HOLDING         GVTT3 BZ            3259633152     1827053952
VOTORANTIM CELUL    PSIM3 BZ           29398253568     7108785152
PORTO SEGURO SA     PSGUF US            8112729088     2034862976
IPIRANGA PETROL     PTIPON BZ           3237040896     1839884032
VOTORANTIM CEL-P    PSIMPN BZ          29398253568     7108785152
VOTORANTIM CELUL    PSIMON BZ          29398253568     7108785152
PRIVATINVEST PAR    PRVT3 BZ                948000         947000
PROVIDENCIA         PRVI3 BZ            1056709952      479136000
CIA DE BEBIDAS D    AMBV12 BZ          41670569984    22077870080
PROMPT PARTICIPA    PRPT3 BZ              91330000       89941000
COTEMINAS-RCT CM    CTN5 BZ             3328033024     2033949952
IPIRANGA PETROL     PTIP3 BZ            3237040896     1839884032
PORTOBELLO-RT PR    PTBL2 BZ             458103008        6345000
REDECARD SA         RDCSF US           12974649344     1040145984
PETROBRAS-PREF      PTRBF US          304425992192   146904006656
PORTOBELLO-RCT P    PTBL10 BZ            458103008        6345000
PORTOBELLO-RT CM    PTBL1 BZ             458103008        6345000
NET SERVI-PR ADR    NS2A GR             6003998208     2724943104
BAUMER-PREF         BALM4 BZ              61941000       34199000
TELEBRAS-RTS PRF    TLCP2 BZ             428644992       -2437000
PORTOBELLO-PREF     PTBL4 BZ             458103008        6345000
POLIPROPIP-RCT C    POPR9 BZ            1242064000      545803008
ACESITA-ADR COM     ACAEY US            4922355712     3105795840
POLIPROPILE-RT C    POPR1 BZ            1242064000      545803008
REDECARD SA-GDR     RDCRL US           12974649344     1040145984
ELETROPAUL-PRF B    ELPL6 BZ           12327025664     3445625088
PARANAPANEMA-RCT    PMAM9 BZ            2759970048     1150350976
PARANAPANEMA-RT     PMAM1 BZ            2759970048     1150350976
PRO METAL-PREF A    PMET5 BZ               2150000     -252503008
PRO METALURGIA      PMET3 BZ               2150000     -252503008
PETROQ UNIAO-PRF    PQMPF US            3094455040      858692032
ALFA CONSORC        BRGE3 BZ             591461952      589291968
PROMAN              PRMN3 BZ              24047000        -467000
CONTAX PARTI-ADR    CTXNY US             944937024      300537984
POSITIVO            POSI3 BZ             923662016      557788992
CLARION-RT          CLAN1 BZ             922546048      771586944
ENERGIPE            ENSE4 BZ            1005091008      270616992
PARANA BCO-UNITS    PRBC11 BZ           2225508096      807364992
TELEBRAS-PF RCPT    RCTB42 BZ            428644992       -2437000
AMBEV-PRF ADR       ABVN MM            41670569984    22077870080
TELEBRAS-RTS PRF    RCTB2 BZ             428644992       -2437000
RIO GRANDE ENER     RGEG4 BZ            2738089216     1440961024
EMBRAER-ADR         ERJN MM            20502468608     6104297984
RODOBENS            RDNI3 BZ            1119700992      611571008
TELEBRAS-RTS CMN    RCTB1 BZ             428644992       -2437000
TELEBRAS-CEDEA $    RCT4D AR             428644992       -2437000
SOUZA CRUZ-RT CM    CRU5 BZ             3471982848     1884237056
BANESPA             BESP3 BZ           43715571712     5183100928
TELEBRAS-RCT        RCTB33 BZ            428644992       -2437000
TELEBRAS-CM RCPT    RCTB32 BZ            428644992       -2437000
TELEBRAS-CM RCPT    RCTB31 BZ            428644992       -2437000
ELECTROLUX D-RCT    REPA9 BZ             906220992      381676992
REDE EMPRESAS-PR    REDE4 BZ           11343404032     2450658816
RHODIA-STER-PREF    RHDPF US            1573577984      214304000
BANRISUL-UNITS      BRSR11 BZ          26501517312     3140718080
REDE ENERGIA SA     REDE3 BZ           11343404032     2450658816
REDE ENERG-UNIT     REDE11 BZ          11343404032     2450658816
REDE ENER-RCT       REDE10 BZ          11343404032     2450658816
ELECTROLUX-PR RC    REPA10 BZ            906220992      381676992
ELECTROLUX DO-RT    REPA1 BZ             906220992      381676992
INPAR-S GDR REGS    INASL US            1817524992      763121984
RIPASA-PREF         RACPF US            2279055872     1143490944
SID TUBARAO-PREF    CSTB4 BZ           11296382976     8552995328
524 PARTICIPACOE    QVQP3 BZ                659000         618000
CELULOSE IR-DVDC    RANI11 BZ            548236992       49333000
CELULOSE IRAN-RT    RANI1 BZ             548236992       49333000
VALE SA-SP ADR      VALEN MM          187954282496   104628002816
BESC-RT             BSCT1 BZ            6275337728      435690016
ACESITA-PREF        ACESPN BZ           4922355712     3105795840
KEPLER WEBER-RTS    KEPL11 BZ            382344000      166570000
GN PARTICIPACOES    QGNP3 BZ             126923000       73174000
RB CAPITAL          RBCS3B BZ            681851968       17212000
SID TUBARAO-ADR     TBDS LI            11296382976     8552995328
USIMINAS SA-ADR     145284Q GR         26939066368    14797190144
LOPES-RT ORD        LPSB1 BZ             285027008        7662000
SID TUBARAO         CSTBF US           11296382976     8552995328
CELULOSE IR-DVDP    RANI12 BZ            548236992       49333000
CESP-CIA EN-RCPT    RCES40 BZ          17018719232     8013528064
CESP-CIA EN-RCPT    RCES30 BZ          17018719232     8013528064
BANESE-RCT CMN      BGIP9 BZ            2273541120      137610992
BANESE-PREF         BGIP4 BZ            2273541120      137610992
BANESE              BGIP3 BZ            2273541120      137610992
BANESE-DVD PREF     BGI6 BZ             2273541120      137610992
MERC INVEST SA      BINVON BZ           1359840896       45564000
BANESE-DVD CMN      BGI5 BZ             2273541120      137610992
COPENE              COPEON BZ          22409371648     3682690048
BANESE-PF DVD       BGIP12 BZ           2273541120      137610992
BANESE-CM DVD       BGIP11 BZ           2273541120      137610992
EXCELSIOR-RT        BAUH2 BZ              25695000        7713000
BARDELLA-PREF       BIMPF US             702260992      219442992
MAGNESITA-RT ORD    MAGG1 BZ            5375362048     2038649984
CTM CITRUS-COM R    CTPC1 BZ              79728000       -1381000
MERC INVEST-PREF    BINVPN BZ           1359840896       45564000
SUZANO PAPEL-ADR    BHIAY US           12874095616     3826438912
BICBANCO - UNITS    BICB11 BZ          10300148736     1658577024
GERASUL-PREF B      GRSU6 BZ            8459348480     3404676096
ITAU UNIBANCO BA    BIAPN BZ          618943348736    48049147904
GUARARAPES-PREF     GUAR4 BZ            1872267008     1345318912
ITAU UNIBANCO       BVXB GR           618943348736    48049147904
BRAZILIAN FINANC    BFRE3 BZ            1237009024      413582016
TELEBRAS-RCT PRF    TELB10 BZ            428644992       -2437000
ELETROBRAS          L3X GR            137281986560    86340468736
TECNISA             TCSA3 BZ            1574660992      886150976
BCO SAN MERID-PF    BMBR4 BZ          330346135552    49710190592
BCO SANT MERIDIO    BMBR3 BZ          330346135552    49710190592
BRAHMA-PREF         BRHA4 BZ            5404445696     1962764032
BIC MONARK          BMKS3 BZ             235438000      198707008
INVEST TUR          CBDTF US            1061605952      959567040
BOMBRIL SA-ADR      BMBPY US             467603008     -475305984
BANCO MERC BRAS     BMBON BZ            7042589696      566001984
BOMBRIL SA-ADR      BMBBY US             467603008     -475305984
BOMBRIL             BMBBF US             467603008     -475305984
MERC INVEST         BMIN3 BZ            1359840896       45564000
MERC BRASIL-RIGH    BMEB1 BZ            7042589696      566001984
VICUNHA-PF A RCT    VINE11 BZ           1518422016      172580992
BRASMOTOR           BMTO3 BZ             845830016      843569984
LOJAS AMER-ON *P    LAME11 BZ           6011012096      427104000
SAO CARLOS-GDR      859546Z US          1154689920      540909952
SANTISTA TEXTIL     ASTAON BZ           1157214976      515682976
MERC BRASIL-RECE    BMEB9 BZ            7042589696      566001984
MERC BRASIL-PREF    BMEB4 BZ            7042589696      566001984
CHAPECO             CHAP3 BZ            1158483968       37663000
BRASMOTOR SA-PRF    BRMOPN BZ            845830016      843569984
ITAUBANCO SA        BIUUF US          618943348736    48049147904
ITAU UNIBANCO BA    BITUF US          618943348736    48049147904
ITAU UNIBANCO BA    BITPF US          618943348736    48049147904
BRASCAN RES - ON    BISA3 BZ            4419293696     1728816000
BRASCAN RES-RT      BISA1 BZ            4419293696     1728816000
BIOMM SA-PREF       BIOM4 BZ              10314000       -6741000
BIOMM SA            BIOM3 BZ              10314000       -6741000
DOC IMBITUB-PREF    IMBI4 BZ             207240000      -25727000
BALADARE            BLDR3 BZ                 94301         -14419
PAUL FORCA -PR C    PALF7 BZ            8604376064     2019232000
SANTOS-GDR-REGS     SBRFS US            1340855040     1082248064
SID NACIONAL-ADR    CQWA GR            31735762944     6907590656
MOENA PART SA       MOEP3 BZ             281726976      239808000
BELAPART SA         PBEL3 BZ               2376000        2200000
BANESTES-RCTS CM    BEES9 BZ            8438273536      595254976
NORD BRASIL-RT P    BNBR2 BZ           16430785536     1802918912
FINANSINOS SA -R    FNCN1 BZ              24001000       17964000
COPEL-ADR PR B      ELP GR             13188444160     8564999168
BANESTES-PREF       BEES4 BZ            8438273536      595254976
BANESTES            BEES3 BZ            8438273536      595254976
ALIUM PART          ALIU3 BZ                 66000        -184000
BELGO-MINEIRA-PR    BEGM LX            20363847680    14397080576
CELESC              CLSC3 BZ            4450260992     1766754048
ALLIS PART          SAGP3B BZ            130684008       93439000
BANESTES-RTS        BEES1 BZ            8438273536      595254976
MINERVA SA          BEEF3 BZ            1990118016      313715008
SUL 116 PARTICIP    OPTS3 BZ               1294000        1290000
BARDELLA SA-PREF    BDLLPN BZ            702260992      219442992
TELEBRAS-ADR        TBH US               428644992       -2437000
BRAZIL REALTY-PF    BRTYPN BZ           7766726144     2376387840
BARDELLA            BDLL3 BZ             702260992      219442992
BESC                BDOEF US            6275337728      435690016
COMPANY SA          CPNY3 BZ             899619008      219339008
BANCO AMAZONIA      BASAON BZ           7462291968     1897078016
BRADESCO LSG        BDLS3 BZ           50629943296     3123077888
CHAPECO-COM RTS     CHAP1 BZ            1158483968       37663000
CELPE-RIGHT         CEPE1 BZ            3634429952     1418144000
VULCABRAS-RIGHT     VULC2 BZ            1500899072      406387008
BESC -PREF B        BESCBN BZ           6275337728      435690016
BESC -PREF A        BESCAN BZ           6275337728      435690016
BANRISUL-PREF       BERSPN BZ          26501517312     3140718080
PORTOBELLO SA       CPLLON BZ            458103008        6345000
BANESPA-PREF        BESPPN BZ          43715571712     5183100928
BANESE-CM DVD       BESNON BZ           2273541120      137610992
BRADESCO-POP        BBDC74 BZ         482140946432    35643371520
USIMINAS-RTS DBT    USIM11 BZ          26939066368    14797190144
TELESC CE-RT PRB    TSCC6EDS BZ          721108992      654721984
ANHANGUERA-RCT      AEDU9 BZ            1552594048     1017220992
BANESPA-PREF        BESP4 BZ           43715571712     5183100928
TELEBRAS-CEDE PF    RCTB4 AR             428644992       -2437000
BANESPA-PRF RTS     BESP2 BZ           43715571712     5183100928
ESTACIO-UNITS       ESTC11 BZ            679280000      451821984
CIA DE RECUPERAC    CRSC3 BZ              15755000      -48834000
BELAPART-PREF A     PBEL5 BZ               2376000        2200000
BELGO-MIN-RCT CM    BELG9 BZ           20363847680    14397080576
CONFAB INDUST SA    CNFB3 BZ            2077382144     1286134016
GOL LINHAS-ADR      GOQ GR              6951473152     1221874048
BEMATECH            BEMA3 BZ             473437984      375178016
ARCELOR BRASIL      BEM LX             20363847680    14397080576
BELGO MIN-PF RCT    BELG10 BZ          20363847680    14397080576
SANTISTA TEXTIL     ASTAPN BZ           1157214976      515682976
WTORRE NSBC         WTNS3 BZ              86843000       24820000
NET SERV-RT PREF    899548Q BZ          6003998208     2724943104
BELGO MINEIR        BELG3 BZ           20363847680    14397080576
BELGO MIN-RTS PF    BELG2 BZ           20363847680    14397080576
BELGO-MINE-DVD P    BELG12 BZ          20363847680    14397080576
CAEMI METAL-PRF     CMMPN BZ            4870930944     3035955968
ELETROBRAS          XELTO SM          137281986560    86340468736
CTM CITRUS-RCT P    CTP6 BZ               79728000       -1381000
IGUACU CAFE         IGUA3 BZ             515348032      131651992
CTM CITRUS-RCT P    CTPC10 BZ             79728000       -1381000
ALL AMERICA LAT     PIUM3 BZ           11471285248     2534395136
CEMIG SA-ADR        CIGN MM            25126887424    10050750464
BAHIA SUL-PREF B    BSUL6 BZ           12874095616     3826438912
BAHIA SUL-PREF A    BSUL5 BZ           12874095616     3826438912
BRASIL TE-CO RCT    BRTP9 BZ           19506681856     7774251008
TELE CE-RTS PFEF    331840Q BZ         14260712448     7646441984
BAHIA SUL           BSULON BZ          12874095616     3826438912
BAHIA SUL-PREF B    BSULBN BZ          12874095616     3826438912
BATTISTELLA-RIGH    BTTL1 BZ             504732000       46609000
BUETTNER SA-RT P    BUET2 BZ             173032000      -65614996
ARTHUR LANGE-PRF    ARLA4 BZ              34053000      -26011000
BATTISTELLA-RECE    BTTL9 BZ             504732000       46609000
ELETROBRAS-PR B     CAIGF US          137281986560    86340468736
SPRINGS GL-GDR      SPGLL US            2831987968     1579816960
CPFL GERA-PRF RT    CPFG2 BZ            2586256128     1068558976
BRASIL TELEC-ADR    BTMN MM            17709092864     6165344256
BRASIL TE-ADR-WD    BTM/WD US          17709092864     6165344256
BESC-RCT            BSCT9 BZ            6275337728      435690016
BESC -PREF B        BSCT6 BZ            6275337728      435690016
BESC                BSCT3 BZ            6275337728      435690016
BESC-ON SUB J       BSCT11 BZ           6275337728      435690016
CARAIBA MET-PRC     CRBM7 BZ            1975310976      799236992
CREMER SA-GDR       CERAL US             380989024      321352000
BOMPRECO-PREF       BSDQF US            2029798912      427917984
BRADESCO SA-PREF    XBBDC SM          482140946432    35643371520
SUZANO              SUZA3 BZ            5949479936     2555472896
GLOBEX              GBXOF US            1959906048      720181056
BESC-PR B RT        BSCT15 BZ           6275337728      435690016
BESC-PR A RT        BSCT14 BZ           6275337728      435690016
BESC-PREF A SUBJ    BSCT12 BZ           6275337728      435690016
CELULOSE IRANI-P    CEIPN BZ             548236992       49333000
BAHIA SUL-RCT PA    BSUL12 BZ          12874095616     3826438912
SUZANO PAPEL-PRA    BSLSF US           12874095616     3826438912
VALE R DOCE-ADR     RIO US            187954282496   104628002816
CESP-ADR PREF       CESQY US           17018719232     8013528064
BATTISTELLA-RI P    BTTL2 BZ             504732000       46609000
ELETROBRAS-ADR C    CAIFY US          137281986560    86340468736
ALFA CONSORC-PFE    BRGE11 BZ            591461952      589291968
CACIQUE-PREF        CACIPN BZ            395828000      191054000
CARAIBA MET-PRA     CARMAN BZ           1975310976      799236992
LECO-PREF           LECOPN BZ            229063008      105928000
CELESC-ADR          CAIOY US            4450260992     1766754048
ELETROBRAS-ADR P    CAIGY US          137281986560    86340468736
CACIQUE             CACION BZ            395828000      191054000
CELESC-ADR PR A     CAIAY US            4450260992     1766754048
CAF BRASILIA        CAFE3 BZ              36476000    -1193384960
CIQUINE PET-PF D    CQUE14 BZ            623166016      421377984
TECTOY-RCT PREF     TOYB10 BZ             47540000      -18367000
USIMINAS-PREF A     USNPF US           26939066368    14797190144
CONTAX PART         CARO3 BZ             944937024      300537984
CARAIBA METAIS      CARMON BZ           1975310976      799236992
CARAIBA MET-PRE     CARMEN BZ           1975310976      799236992
CESP-PREF A         CESP5 BZ           17018719232     8013528064
CAMBUCI SA          CAMB3 BZ             179864000      -43180000
CALAIS PART-PREF    CALA4 BZ                     9         -75568
CALAIS PART         CALA3 BZ                     9         -75568
CAIUA SA-RCT PRF    ELCA10 BZ          11343404032     2450658816
ANDRADE GUTIE-PR    CANT4 BZ           17164361728     4208998144
TELEMAR-POP         TNLP80 BZ          56855715840    14844809216
CAMBUCI SA-PREF     CAMBPN BZ            179864000      -43180000
BANCO ITAU-ADR      BVXA GR           618943348736    48049147904
ITAU UNIBANCO BA    BVX GR            618943348736    48049147904
BOVESPA HOLDING     BVSPF US            2329931008     1843321984
BUETTNER SA-PRF     BUETPN BZ            173032000      -65614996
IOCHPE MAXION       MAXON BZ            1041442048      449352000
BRADESPAR SA -PR    FXM GR             11866230784     5381356032
BUETTNER-PREF       BUET4 BZ             173032000      -65614996
TELEMIG-PREF E      TLMGF US            3585982976     2339811072
ALPARGATAS-ADR      SAALZ US            1787078016     1015406976
ELETROPAUL-144 A    EPUMI US           12327025664     3445625088
BM&FBOVESPA SA      BVMF3 BZ           21204279296    19479508992
LOJAS AMER-PN *P    LAME12 BZ           6011012096      427104000
PAO ACUCAR-ADR      C1B GR             13370249216     5601048064
BRAZIL REALT-ADR    BZEXY US            7766726144     2376387840
LAHOTELS SA         MEOP7 BZ             224414992      155867008
CABINDA PART-PRF    CABI6 BZ                316000         184000
COSAN LTD - A       C3Q1 IX             5014000128     2463100160
CYRELA BRAZI-GDR    BZEPY US            7766726144     2376387840
CYRELA BRAZ-PREF    BZEOF US            7766726144     2376387840
CYRELA BRAZI-GDR    BZEGY US            7766726144     2376387840
USIMINAS SA-ADR     USDS LI            26939066368    14797190144
BOMPRECO SA         BPDPF US            2029798912      427917984
BANPARA             BPARON BZ           1573060992      185009008
BANPARA-RCT CMN     BPAR9 BZ            1573060992      185009008
SEGUROS MINAS-PR    CSMBPN BZ            484987008       55912000
ITAU UNIBANCO       ITUBN MM          618943348736    48049147904
COPENE PETROQUIM    PNEQF US           22409371648     3682690048
BRADESCO-POP        BBDC77 BZ         482140946432    35643371520
BANESE-RT PREF      BGIP2 BZ            2273541120      137610992
BANPARA-RTS CMN     BPAR1 BZ            1573060992      185009008
PANAMERICANO-PRF    BPAFF US            8649923584     1259628032
EVEN                EVEN3 BZ            1802646912      817481024
BRADESCO SA         BRADON BZ         482140946432    35643371520
PANAMERICANO-ORD    BPNM3 BZ            8649923584     1259628032
BRADESCO SA         BRDJF US          482140946432    35643371520
BRASKEM SA          BRDA GR            22409371648     3682690048
GERASUL-ADR PFD     GESXY US            8459348480     3404676096
BRASILAGRO          BRCPF US             697979968      577903040
PANAMERICANO-UNI    BPNM11 BZ           8649923584     1259628032
PANAMERICANO-PRF    BPNM4 BZ            8649923584     1259628032
BOVESPA HOLDING     BOVH3 BZ            2329931008     1843321984
NORD BRASIL-RCTC    BNBR9 BZ           16430785536     1802918912
NORD BRASIL-PREF    BNBR4 BZ           16430785536     1802918912
TELERJ SA-PREF      TRJPF US           56301592576    14633200640
BOMBRIL-PREF        BOBR4 BZ             467603008     -475305984
BANESPA             BNESF US           43715571712     5183100928
BANESPA-PREF        BNEOF US           43715571712     5183100928
NORD BRASIL         BNBR3 BZ           16430785536     1802918912
NORD BRASIL-RCTP    BNBR10 BZ          16430785536     1802918912
NORD BRASIL-RT C    BNBR1 BZ           16430785536     1802918912
INPAR-S GDR 144A    INAAL US            1817524992      763121984
BOMBRIL-RGTS PRE    BOBR2 BZ             467603008     -475305984
BOMBRIL-RIGHTS      BOBR1 BZ             467603008     -475305984
CELG-COM DVD        CGOS11 BZ           5127471104      453387008
BRAZIL FAST FOOD    BOBSE US              90061000       20448000
BRAZIL FAST-BDR     BOBS11 BZ             90061000       20448000
BOMBRIL CIRIO-PF    BOBRPN BZ            467603008     -475305984
BOMBRIL CIRIO SA    BOBRON BZ            467603008     -475305984
BANESPA-PREF        BNPPF US           43715571712     5183100928
BANCO MERCAN-PRF    BNINF US            1359840896       45564000
BANCO ITAU-POP      ITAU71 BZ         618943348736    48049147904
BANRISUL-RTS CMN    BRSR1 BZ           26501517312     3140718080
BRASCAN RES - ON    BRPXF US            4419293696     1728816000
MERC BRASIL         BMEB3 BZ            7042589696      566001984
BANRISUL            BRSR3 BZ           26501517312     3140718080
VALE R D-ADR W/I    RIO-W US          187954282496   104628002816
BR MALLS-ADR        BRMSY US            3550845952     1809121024
TELESP CEL PAR-R    TSPP1 BZ           22434252800     9002486784
BRASMOTOR SA        BRMOON BZ            845830016      843569984
BRASIL TELE -ADR    BRPN MM            19506681856     7774251008
BRASIL TE-ADR-WD    BRP/WD US          19506681856     7774251008
BRASIL TEL-RT PR    BRTO2 BZ           17709092864     6165344256
TRIUNFO PARTICIP    TRFP4 BZ            1796011008      734635008
BRZ INVEST          BRZI5 BZ              55993000       52604000
BRZ INVEST-ORD      BRZI3 BZ              55993000       52604000
BRAZIL REALT-GDR    BRZD LI             7766726144     2376387840
COMGAS-RT PREF B    CGAS2 BZ            3891502080     1103358080
BANRISUL-RCT CMN    BRSR9 BZ           26501517312     3140718080
BANRISUL-PREF B     BRSR6 BZ           26501517312     3140718080
BAHIA SUL-PFA DV    BSUL13 BZ          12874095616     3826438912
SEG MIN BRAS-PRF    CSMB4 BZ             484987008       55912000
BRASIL TELECOM-C    BRTP12 BZ          19506681856     7774251008
BRASIL TELE P-RC    BRTP10 BZ          19506681856     7774251008
ALFA CONSORC-PFC    BRGE7 BZ             591461952      589291968
MMX MINERACAO       MMXCF US            2328652032     -101079000
ALFA CONSORC-PFA    BRGE5 BZ             591461952      589291968
BRADESCO-ADR        BREC GR           482140946432    35643371520
LIGHT SA-ADR        LGSXY US            9530894336     2981968896
CONSORCIO ALFA      BRGON BZ             591461952      589291968
CONSORCIO AL-PFE    BRGEN BZ             591461952      589291968
ALFA CONSORC-PFD    BRGE8 BZ             591461952      589291968
BRADESCO-ADR        BREB GR           482140946432    35643371520
BRADESCO-ADR        BREA GR           482140946432    35643371520
BRADESCO SA-PREF    BRDPF US          482140946432    35643371520
ALFA CONSORC-PFF    BRGE12 BZ            591461952      589291968
ELETROBRAS          CAIFF US          137281986560    86340468736
CONSORCIO AL-PFD    BRGDN BZ             591461952      589291968
ANHANGUERA-RT       AEDU2 BZ            1552594048     1017220992
ALFA INVEST         BRIV3 BZ           10260088832      946568960
BANCO ALFA-PREF     BRIPN BZ           10260088832      946568960
BRAHMA              BRHAON BZ           5404445696     1962764032
BR MALLS-GDR 144    BRMLL US            3550845952     1809121024
ARTHUR LAN-DVD C    ARLA11 BZ             34053000      -26011000
BRASKEM-PREF A      BRKM5 BZ           22409371648     3682690048
BRASKEM             BRKM3 BZ           22409371648     3682690048
BRAHMA              BRHA3 BZ            5404445696     1962764032
BRAHMA-ADR          BRH/C US            5404445696     1962764032
BRAHMA-ADR PREF     BRH US              5404445696     1962764032
ACESITA-ADR PREF    ACAHY US            4922355712     3105795840
BRAHMA-PREF         BRHUF US            5404445696     1962764032
ANTARC PAULIS-PR    ANTAPN BZ           3741214976     1665732992
AFLUENTE-PREF A     AFLU5 BZ             123768000      104166000
AES ELPA-RECEIPT    AELP9 BZ           13326521344     3843433216
AES ELPA SA         AELP3 BZ           13326521344     3843433216
CONSORCIO AL-PFA    BRGAN BZ             591461952      589291968
BRASILAGRO          AGRO3 BZ             697979968      577903040
AFLUENTE-PREF B     AFLU6 BZ             123768000      104166000
ANHANGUERA-UNITS    AEDU11 BZ           1552594048     1017220992
ANHANGUERA-RCT      AEDU10 BZ           1552594048     1017220992
ANHANGUERA-RT       AEDU1 BZ            1552594048     1017220992
AES ELPA-RIGHT      AELP1 BZ           13326521344     3843433216
BANESE              BESEON BZ           2273541120      137610992
ANHANGUERA-PREF     AEDU4 BZ            1552594048     1017220992
ANHANGUERA          AEDU3 BZ            1552594048     1017220992
VIVAX SA - PREF     VVAX4 BZ             646393024      349184000
AGRA-RCT            AGIN9 BZ            1997384960      916507008
ANHEMBI-PREF B      AHEBN BZ             267367008       56538000
SAO PAULO TUR-A     AHEB5 BZ             267367008       56538000
SAO PAULO TUR-RT    AHEB1 BZ             267367008       56538000
ANGLO FERROU-ADR    IXI GR              2367238144      659017984
AGRA                AGIN3 BZ            1997384960      916507008
AGRENCO LTD-BDR     AGEN11 BZ           3024075008      675763008
AGRENCO LTD         AGRE LX             3024075008      675763008
AGRA EMPREEN-ADR    AGRAL US            1997384960      916507008
PETROBRAS-SP ADR    PBR/A US          304425992192   146904006656
ACESITA-ADR PREF    ACAIY US            4922355712     3105795840
BANCO ALFA          BRION BZ           10260088832      946568960
AM INOX BR-PREF     ACAHF US            4922355712     3105795840
LECO                LECO3 BZ             229063008      105928000
VIVO PART-ADR       VIVN MM            22434252800     9002486784
ACESITA SA-RCT P    ACES10 BZ           4922355712     3105795840
TELEBRAS-PF RCPT    RCTB41 BZ            428644992       -2437000
AMERICAN BANKNOT    ABNB3 BZ             671800000      357600000
AMERICAN BANKNOT    ABKZF US             671800000      357600000
POLIPROPILE-RT P    POPR2 BZ            1242064000      545803008
ACESITA-ADR COM     ACABY US            4922355712     3105795840
ACESITA SA          ACABF US            4922355712     3105795840
ABYARA              ABYA3 BZ            1153843968      196062000
BRAZIL REALT-GDR    BZEXF US            7766726144     2376387840
CSU CARDSYSTEM      CUCDF US             307887008      132255008
ADUBOS TREVO        ADTVON BZ           1653358976      156382992
ACESITA SA          ACESON BZ           4922355712     3105795840
ACESITA SA-RCT C    ACES9 BZ            4922355712     3105795840
BELGO-MINEIRA-PR    BELGPN BZ          20363847680    14397080576
VALE SA-SP ADR      VALE5 FP          187954282496   104628002816
ACUCAR GUAR-RCT     ACGU9 BZ            3044534016     1030959936
ACUCAR GUARANI S    ACGU3 BZ            3044534016     1030959936
ANDRADE GUTIERRE    ANDG3B BZ           4566501888     1221796992
ANDRADE GUTIERRE    ANDG3 BZ            4566501888     1221796992
CEMEPE SA-PRF       MAPT4 BZ                784000       -6448000
ITAUBANCO-ADR       BITPY US          618943348736    48049147904
CONST A LINDEN      LINDON BZ             32493000      -26717000
CELULAR CRT-RECE    CRTP9 BZ            1834100992     1210574976
ANDRADE GUTIERRE    ANDG4 BZ            4566501888     1221796992
PARANA BCO-ORD      PRBC3 BZ            2225508096      807364992
TELE NORTE-RCT      TNCP9 BZ           12534408192     9005651968
BRAHMA-PREF         BRHAPN BZ           5404445696     1962764032
ANTARC PAULISTA     ANTAON BZ           3741214976     1665732992
LOJAS RENNER SA     LREN11 BZ           1382198016      726049984
CONST A LINDEN      CALI3 BZ              32493000      -26717000
PETROQUISA-PREF     PRQPF US            2428419840     1698670976
CAMARGO CORREA      CCIM3 BZ            1868176000      640908992
TAM SA-ADR          TAM US             13001190400      694382016
ANHANGUERA E-GDR    ANEDL US            1552594048     1017220992
ANTARC PAULIS-PR    ANTA4 BZ            3741214976     1665732992
ARTHUR LANGE-PRF    ALICPN BZ             34053000      -26011000
ARTHUR LANGE SA     ALICON BZ             34053000      -26011000
INPAR SA            INPR9 BZ            1817524992      763121984
AMERICEL-PREF A     AMCE5 BZ            1949516928     1072932032
ALL-PREF            ALLL4 BZ           11471285248     2534395136
COSAN LTD - A       C3Q1 GR             5014000128     2463100160
ANHEMBI             AHEON BZ             267367008       56538000
TELEBRAS-PF RCPT    TBAPF US             428644992       -2437000
OPPORTUNITY ALEF    ALEF3 BZ                  9787           8381
AMBEV-POP           AMBV84 BZ          41670569984    22077870080
AMBEV-POP           AMBV75 BZ          41670569984    22077870080
ALPARGATAS          ALPAON BZ           1787078016     1015406976
AMIL                AMIL3 BZ            2473367808     1240499968
BELGO-MINEIRA-RT    BELG11 BZ          20363847680    14397080576
ALPARGATAS-PREF     ALPA4 BZ            1787078016     1015406976
ALPARGATAS          ALPA3 BZ            1787078016     1015406976
PETROQUISA          PRQMF US            2428419840     1698670976
ALPARGATAS SANTI    ALPFF US            1157214976      515682976
BCO BRASIL-WT RC    BBAS14 BZ         591925280768    31693189120
BR MALLS-GDR REG    2272283Z LI         3550845952     1809121024
SEB - SIS-SP GDR    2272259Z LI          379064000      303506976
TIM PARTICIP-ADR    TSUN MM            14260712448     7646441984
FERRO LIGAS-RT P    CPFL2 BZ           14967353344     5393643008
BR BROKERS-RCT      BBRK9 BZ             440257984      375269024
CARAIBA MET-PRC     CARMCN BZ           1975310976      799236992
CAF BRASILIA-PRF    CAFE4 BZ              36476000    -1193384960
INVEPAR             1IVPON BZ            455812000      347244000
VALE SA             2941078Q BZ        85931999232    44674998272
TEMPO PARTIC-GDR    2320028Z LI          528008960      295792000
COSAN LTD-BDR       CZLT11 BZ           5014000128     2463100160
ELETROBRAS-ADR C    306204Q GR        137281986560    86340468736
CR2 EMPREENDIMEN    CRDE3 BZ             640110016      394201984
KUALA-PREF          ARTE4 BZ              11856000      -33570000
TEC TOY SA-PREF     TOYDF US              47540000      -18367000
BAHIA SUL-PREF A    BSULAN BZ          12874095616     3826438912
NET-RT ORD          2671493Q BZ         6003998208     2724943104
NET-RT PREF         2669048Q BZ         6003998208     2724943104
ALPARGATAS          SRSDF US            1787078016     1015406976
ANTARC PAULIS-PR    CIAPF US            3741214976     1665732992
ADUBOS TR-CM RCT    ILMD9 BZ            1653358976      156382992
CIA SANEAMEN-GDR    1068918Z LI         6531736064     3899576832
BANCO ITAU-POP      ITAU80 BZ         618943348736    48049147904
GAFISA SA-REG S     687255Z US          5725837824     2199800064
USIMINAS SA-OLD     1002Q BZ           26939066368    14797190144
USIMINAS SA-ANT     1005Q BZ           26939066368    14797190144
USIMINAS SA-OLD     1003Q BZ           26939066368    14797190144
BANESE-RT CMN       BGIP1 BZ            2273541120      137610992
CELG-DVD PREF B     CGOS12 BZ           5127471104      453387008
BRADESCO-COM RCT    1402Z BZ          482140946432    35643371520
AMBEV-ADR PREF      1744Q GR            5404445696     1962764032
ADUBOS TREVO-PRF    ADTVPN BZ           1653358976      156382992
EMPRESA ENERGETI    1320Z BZ            1005091008      270616992
PETROBRAS-PREF      XPBRA SM          304425992192   146904006656
ITAU UNIBANCO BA    ITAU4 BZ          618943348736    48049147904
PAUL FORCA-RCT P    PALF10 BZ           8604376064     2019232000
IGUACU CAFE-PR A    IGCSAN BZ            515348032      131651992
NET SERV-RCT PRE    899552Q BZ          6003998208     2724943104
BELGO-MINEIR-PRF    BELG4 BZ           20363847680    14397080576
PETROBRAS-ADR PF    8871Z US          304425992192   146904006656
BRASIL-PREF         BDOPF US          591925280768    31693189120
SANTOS-UNITS        STBR11 BZ           1340855040     1082248064
PETROBRAS BR        PTBIF US            5318808064     2060435072
JHSF PARTICI-ADR    951865Z US          1597200000      881612992
JHSF PARTICI-ADR    950386Z LI          1597200000      881612992
BRASIL ECODI-ADR    849633Z LI           485085984       76933000
BRASIL ECODI-ADR    847965Z US           485085984       76933000
BRASIL TELE P-PR    885573Q US         19506681856     7774251008
CELESC-GDR REG S    867137Q LN          4450260992     1766754048
GAFISA              GFFSF US            5725837824     2199800064
ALL AMERIC-U GDR    AALQL US           11471285248     2534395136
ABC BRASIL-PREF     ABCB4 BZ            6887762432     1175331072
ABC BRASIL-UNITS    ABCB11 BZ           6887762432     1175331072
COMGAS-RT PREF B    987440Q BZ          3891502080     1103358080
AGRA EMPREEN-ADR    979274Z LI          1997384960      916507008
CAIUA SA-PREF       ELCPN BZ           11343404032     2450658816
YARA BRASIL-PREF    ABBDF US            1653358976      156382992
BRAZIL REALTY       BRTYON BZ           7766726144     2376387840
MMX MINERACA-GDR    3M11 GR             2328652032     -101079000
SARAIVA-REGS ADR    710658Z US           694262976      379197984
CYRELA COMME-ADR    1049834Z LI          752838016      410608000
SANEPAR-ADR         685171Z US          4713268224     1983566080
BOMBRIL             BOBR3 BZ             467603008     -475305984
ALL AMERICA-GDR     353160Z US         11471285248     2534395136
ALL AMERIC-U GDR    549344Z US         11471285248     2534395136
GERDAU SA-ADR       44366Q GR          56104177664    24512731136
SEGUROS ALIANCA     CSAB3 BZ             421079008      151893008
BRADESCO-POP        BBDC84 BZ         482140946432    35643371520
BRADESCO-PRF RCT    BBCD10 BZ         482140946432    35643371520
BANCO BRASIL-RIG    BBAS1 BZ          591925280768    31693189120
BRADESCO-POP        BBDC70 BZ         482140946432    35643371520
WEG SA-PREF         ELMJ4 BZ            5589564928     2292052992
BRASIL & MOVIMEN    SNDW3 BZ             211418000       63156000
VIVO                VIVO12 BZ          22434252800     9002486784
MARAMBAIA-PREF      CTMMF US              79728000       -1381000
AMAZONIA-COM RCT    BAZA9 BZ            7462291968     1897078016
CESP                CESPF US           17018719232     8013528064
BANCO BRASIL-REC    BBAS9 BZ          591925280768    31693189120
BCO BRASIL-WT RC    BBAS15 BZ         591925280768    31693189120
ALPARGATAS-PREF     ALPAPN BZ           1787078016     1015406976
VALE SA             VALE3 BZ          187954282496   104628002816
BRADESCO-RCT ORD    BBDC9 BZ          482140946432    35643371520
BRADESCO-POP        BBDC81 BZ         482140946432    35643371520
BRADESCO-POP        BBDC80 BZ         482140946432    35643371520
BRADESCO-RTS PRF    BBDC2 BZ          482140946432    35643371520
BRADESCO-RCT PRF    BBDC10 BZ         482140946432    35643371520
BRADESCO-RTS ORD    BBDC1 BZ          482140946432    35643371520
GLOBO CABO-PREF     GLCBF US            6003998208     2724943104
PDG REALTY          PDGRF US            3480376832     1697636992
CAMBUCI SA-PREF     CAMB4 BZ             179864000      -43180000
BRASIL TELEC-RTS    710922Q US         17709092864     6165344256
MEHIR - PREF        MEHH4 BZ            1552594048     1017220992
ARTHUR LANG-RT P    ARLA2 BZ              34053000      -26011000
COTEMINAS           CTNM3 BZ            3328033024     2033949952
EXCELSIOR-PREF      BAUH4 BZ              25695000        7713000
COPEL-PREF A        ELPUF US           13188444160     8564999168
AMAZONIA            BAZA3 BZ            7462291968     1897078016
AMAZONIA-COM RTS    BAZA1 BZ            7462291968     1897078016
BAUMER SA-PREF      BAUPN BZ              61941000       34199000
BAUMHARDT IRM-PR    BAUMPN BZ             25695000        7713000
BANESTE-RCT PRF     BGIP10 BZ           2273541120      137610992
COBRASMA-PREF       CBMA4 BZ               7773000    -2954115840
TRISUL SA           TIULF US             907408000      417692992
PRO METAL SA        BCALON BZ              2150000     -252503008
GERDAU SA           GGBR3 BZ           56104177664    24512731136
BESC-PREF B SUBJ    BSCT13 BZ           6275337728      435690016
ARTHUR LANG-RC C    ARLA9 BZ              34053000      -26011000
PETROBRAS-POP       PETR20 BZ         304425992192   146904006656
PRO METAL-PREF A    BCAL5 BZ               2150000     -252503008
PRO METALURGIA      BCAL3 BZ               2150000     -252503008
TELEBRAS-RECEIPT    TLBRUO BZ            428644992       -2437000
LIGAFUTEBOL SA      BITY3 BZ               4460000        2875000
CAIUA ELEC-C RT     ELCA1 BZ           11343404032     2450658816
CAIUA SA-PRF B      ELCA6 BZ           11343404032     2450658816
ARAUCARIA-RCT       VDNP9 BZ             635744000      635729024
COPEL               CPLE3 BZ           13188444160     8564999168
SID TUBARAO         CSTON BZ           11296382976     8552995328
ARACRUZ CELU-PFD    ARAP GR            11579943936      974924032
BRADESCO SA         BBECF US          482140946432    35643371520
TELE NOR LEST-RI    TNLP2 BZ           56855715840    14844809216
VALE DO RIO-CED$    RIOD AR           187954282496   104628002816
ALL AMERICA-GDR     AALQY US           11471285248     2534395136
ALFA INVEST         BBDVF US           10260088832      946568960
BRADESCO-ADR        BBDN MM           482140946432    35643371520
CAEMI               CMET3 BZ            4870930944     3035955968
ALFA INVEST-PREF    BBEWF US           10260088832      946568960
ARACRUZ             ARCZ3 BZ           11579943936      974924032
BRADESCO-ADR        BBQCY US          482140946432    35643371520
PAUL FORCA LUZ      CPUZF US            8604376064     2019232000
SUZANO              SUZON BZ            5949479936     2555472896
CONCESSIONARIA R    CRTE3 BZ              92607000       64464996
SANTOS-GDR-144A     SBRFI US            1340855040     1082248064
BRASIL BROKERS P    BBRK3 BZ             440257984      375269024
POLIPROPIL-RCT P    POPR10 BZ           1242064000      545803008
ARTEX SA-PREF       ARTXPN BZ             11856000      -33570000
ARTEX SA            ARTXON BZ             11856000      -33570000
KUALA               ARTE3 BZ              11856000      -33570000
ARTHUR LANGE        ARLA3 BZ              34053000      -26011000
BRASIL TELEC-ADR    BTM US             17709092864     6165344256
CHAPECO SA-PR RT    CHAP2 BZ            1158483968       37663000
BR MALLS            BRML3 BZ            3550845952     1809121024
ARACRUZ CELU-PRB    ARRKF US           11579943936      974924032
BUETTNER SA-RTS     BUET1 BZ             173032000      -65614996
BANRISUL-PREF A     BRSR5 BZ           26501517312     3140718080
CEB-PREF            CEBR4 BZ             363828000      349331008
SANTISTEXTIL-PRF    ASTA4 BZ            1157214976      515682976
BRADESCO-PRF RCT    1403Z BZ          482140946432    35643371520
COTEMINAS-PREF      CTNMPN BZ           3328033024     2033949952
ARACRUZ CEL-ADR     ARA US             11579943936      974924032
ARACRUZ CELULOSE    ARA GR             11579943936      974924032
CEMEPE SA-RTS CM    MAP5 BZ                 784000       -6448000
CEMIG-PREF          CMIG4 BZ           25126887424    10050750464
BANCO MERC BRA-P    BMBPN BZ            7042589696      566001984
ALPHAPART PART      APHP3 BZ            1485766912     1136673920
PETROBRAS           APBR AR           304425992192   146904006656
ARACRUZ-PREF A      ARCZ5 BZ           11579943936      974924032
ARTHUR LANG-RC P    ARLA10 BZ             34053000      -26011000
ARTHUR LANG-RT C    ARLA1 BZ              34053000      -26011000
OPPORTUNITY ENER    OPHE3 BZ              37810000       28919000
ARACRUZ CELU-PRB    ARCZBN BZ          11579943936      974924032
ARACRUZ-PREF B      ARCZ6 BZ           11579943936      974924032
ARACRUZ CEL-ADR     ARAB GR            11579943936      974924032
ALPARGATAS-ADR      SAALY US            1787078016     1015406976
ARCELOR BRASIL      ARCE3 BZ           20363847680    14397080576
CIQUINE PETR-PRB    CQUEBN BZ            623166016      421377984
BRASKEM SA          BAKBF US           22409371648     3682690048
BAHEMA-PREF         BAHI4 BZ             123640000       23430000
BAUMER SA-RCT PR    BALM10 BZ             61941000       34199000
EXCELSIOR-RCT       BAUH10 BZ             25695000        7713000
BRASKEM SA          BAKOF US           22409371648     3682690048
JHSF PARTIC-ADR     JHSFY US            1597200000      881612992
BAHEMA-PREF B       BAHI11 BZ            123640000       23430000
EMBRATEL PAR-RTS    EMT-R US           14978265088     8765965312
BAHEMA SA-PREF B    BAHI6 BZ             123640000       23430000
BAHEMA-PREF         BAHI5 BZ             123640000       23430000
AUMER SA-RCT ORD    BALM9 BZ              61941000       34199000
PETROBRAS BR-PRF    PTBRF US            5318808064     2060435072
BAUMER              BALM3 BZ              61941000       34199000
BAUMER SA-RT PRE    BALM2 BZ              61941000       34199000
SPRINGS GLOB-RT     SGPS1 BZ            2831987968     1579816960
GAFISA SA-PREF B    INHA6 BZ            5725837824     2199800064
AVIPAL SA           AVPLON BZ           1651677952      489356000
AVIPAL SA           AVPL3 BZ            1651677952      489356000
ACOS VILLARES-RC    AVIL9 BZ            1821099008      975780032
REDECARD SA-GDR     1027153Z LI        12974649344     1040145984
AZEVEDO-PREF        AZEV4 BZ             114608000      -10504000
CALCADOS AZALEIA    AZBR4 BZ             649534976      322657024
KEPLER WEBER-RTS    KEPL12 BZ            382344000      166570000
ACOS VILLARES       AVIL3 BZ            1821099008      975780032
ACOS VILLARES-RT    AVIL1 BZ            1821099008      975780032
AMBEV-PREF          AVBPF US           41670569984    22077870080
CSU CARDS-ADR RE    CSUSY US             307887008      132255008
VOTORANTIM-ADR      VCEPY US           29398253568     7108785152
COPEL-RCPT PRF B    CPL7 BZ            13188444160     8564999168
EQUATORIAL E-ORD    EQTL3 BZ            5099432960     1667915008
AZEVEDO E TRA-PR    AZEVPN BZ            114608000      -10504000
TEL CTR OES-RIGH    TCOC1 BZ            3867565824     2812920832
PLASCAR PART-PRF    OSAO4 BZ             635030976      280213024
BRASIL TELEC-ADR    B9I GR             17709092864     6165344256
CELG                CGOS3 BZ            5127471104      453387008
CELG-RTS            CGOS1 BZ            5127471104      453387008
LOCALIZA            LZRFF US            1891313024      549339008
COMGAS - PREF B     CGAS6 BZ            3891502080     1103358080
CAMARGO COR-144A    CGCDY US            1868176000      640908992
GUARARAPES SA       CGUAON BZ           1872267008     1345318912
DAYCOVAL-RT         DAYC11 BZ           6727892992     1634588032
GRAZZIOTIN-RIGHT    CGRA1 BZ             193757408      149066608
GRAZZIOTIN-RECP     CGRA9 BZ             193757408      149066608
GRAZZIOTIN-RI PR    CGRA2 BZ             193757408      149066608
CELG-PREF A         CGOS5 BZ            5127471104      453387008
CELG-PREF           CGOS4 BZ            5127471104      453387008
CENTRAIS EL-C DV    CGOS9 BZ            5127471104      453387008
BR MALLS PARTIC     ITTR3 BZ            3550845952     1809121024
TELE LESTE CE-RI    TLCP1 BZ             868040000      262979008
VALE SA-SP ADR      VALE/P US         187954282496   104628002816
ARAUCARIA PART      VDNP3 BZ             635744000      635729024
BESC                BESCON BZ           6275337728      435690016
CESP-CIA ENER-PR    CESPPN BZ          17018719232     8013528064
CESP-PREF A         CESZF US           17018719232     8013528064
INEPAR TEL-RCT C    INET9 BZ                334000      -19775000
FORCA CAT-PR ADR    CFLPY US            2939479040      488738016
FORCA CATAGU-PRA    CFLPF US            2939479040      488738016
PETROBRAS-POP       PETR77 BZ         304425992192   146904006656
FORCA CATAGUAZES    CFLCF US            2939479040      488738016
SEB - SIS-SP GDR    SSTML US             379064000      303506976
BATTISTELLA-RECP    BTTL10 BZ            504732000       46609000
CEMIG-ADR           CIG/C US           25126887424    10050750464
CEMIG SA-PREF       CIDA GR            25126887424    10050750464
CEMIG SA-ADR        CID GR             25126887424    10050750464
CEMIG SA-ADR        CIG US             25126887424    10050750464
TELEBRAS-PF BLCK    TELB40 BZ            428644992       -2437000
CACIQUE-PREF        CIQU4 BZ             395828000      191054000
CAMARGO COR-ADR     CCRDY US            1868176000      640908992
IPIRANGA PETROL     CIPGF US            3237040896     1839884032
CACIQUE             CIQU3 BZ             395828000      191054000
CONC ECOVIAS IMI    ECOV3 BZ            1032715968      364656000
VICUNHA-RTS PR B    VINE2 BZ            1518422016      172580992
CONTAX PART-PR      CARO4 BZ             944937024      300537984
ARTHUR LAN-DVD P    ARLA12 BZ             34053000      -26011000
CHAPECO SA          CHAPON BZ           1158483968       37663000
CHAPECO-COM RCT     CHAP9 BZ            1158483968       37663000
CHAPECO SA-C RCP    CHAP11 BZ           1158483968       37663000
MONTICIANO PART     MONP3 BZ             528331968      314304992
ELETROBRAS-CED C    ELET3 AR          137281986560    86340468736
TERM PORT-PREF A    TPPF5 BZ             155264000      149539008
ANDRAD GUTIE PAR    CANT3 BZ           17164361728     4208998144
CEB-PREF A          CEBR5 BZ             363828000      349331008
CEB                 CEBR3 BZ             363828000      349331008
CEB-PREF B          CEBR6 BZ             363828000      349331008
CEB                 CEBPN BZ             363828000      349331008
CEB-PREF A          CEBAN BZ             363828000      349331008
ESTACIO             ESTC3 BZ             679280000      451821984
CEB-PREF B          CEBBN BZ             363828000      349331008
CELESC-GDR REG S    CEDZF US            4450260992     1766754048
CELESC-ADR PR B     CEDWY US            4450260992     1766754048
CELESC              CEDWF US            4450260992     1766754048
CELESC-GDR 144A     CEDXY US            4450260992     1766754048
CIA DE FI-PREF      CEDO4 BZ             333463008      195496992
CEMAR               CEDGF US            2243802112      648760000
CEMIG SA-ADR        CEDS LI            25126887424    10050750464
CELESC-PREF A       CEDUF US            4450260992     1766754048
CBC CARTUCHO-PRF    CCTU4 BZ             183184992       81765000
CBC CARTUCHO        CCTU3 BZ             183184992       81765000
CESP                CESP3 BZ           17018719232     8013528064
CHIARELLI SA-PRF    CCHPN BZ              42853000      -85685000
CYRELA COMMERCIA    CCPR3 BZ             752838016      410608000
CYRELA COMME-ADR    CCPEL US             752838016      410608000
CIA DE G-ADR PRF    CDEOY US            2489394944      716331968
CIA TECI-PFD ADR    CDDMY US            3328033024     2033949952
CESP-ADR PREF       CESDY US           17018719232     8013528064
CCR                 CDCRF US            6677859840     1761072000
FORCA CATAGU-PRA    CCZPF US            2939479040      488738016
CELESC-PRF B        CESCBN BZ           4450260992     1766754048
USIMINAS-POP        USIM71 BZ          26939066368    14797190144
BOMPRECO-GDR 144    BSDQY US            2029798912      427917984
CELESC-PRF A        CESCAN BZ           4450260992     1766754048
GER PARANAP-ADR     CEPWY US            3402292992     2207865856
AES TIETE-RECEIP    GETI9 BZ            2489394944      716331968
PRO METAL-PREF B    PMET6 BZ               2150000     -252503008
COSAN               CSAN3 BZ           11039396864     3728065024
CESP-CIA ENERGET    CESPON BZ          17018719232     8013528064
CESP-PREF B         CESP6 BZ           17018719232     8013528064
CARAIBA MET-PRD     CARMDN BZ           1975310976      799236992
TELE NORD CE-RIG    TNEP1 BZ            1469443968     1143235968
CESP-PREF           CESP4 BZ           17018719232     8013528064
CESP-PREF A         CESOF US           17018719232     8013528064
CESP-PREF B         CESJF US           17018719232     8013528064
CESP-RIGHT          CESP1 BZ           17018719232     8013528064
CELG-PREF B         CELGBN BZ           5127471104      453387008
CELG-PREF A         CELGAN BZ           5127471104      453387008
SAO CARLOS-GDR      859558Z LI          1154689920      540909952
CELG                CELGON BZ           5127471104      453387008
CEEE-D              CEED3B BZ           1943287936       27374000
CELULOSE IRANI      CEION BZ             548236992       49333000
MARLIM PARTICIP     MARL3 BZ             716294016        5366000
CELPE-RIGHT PREF    CEPE2 BZ            3634429952     1418144000
CIA DE BEBIDAS D    AMBV11 BZ          41670569984    22077870080
CEMIG SA-ORD ADR    CEMZY US           25126887424    10050750464
CELPE-RECEIPT PR    CEPE10 BZ           3634429952     1418144000
CEMIG-PREF          CEMCF US           25126887424    10050750464
CEMIG SA-ADR        CEMHY US           25126887424    10050750464
CEMIG SA-ADR        CEMFY US           25126887424    10050750464
TEXTEIS RENA-RCT    TXRX10 BZ             99602000     -148587008
TELEMAR-POP         TNLP81 BZ          56855715840    14844809216
CONTAX PART-PR      CPASF US             944937024      300537984
CPFL GERA-COM RT    CPFG1 BZ            2586256128     1068558976
TELEMIG CEL-RCT     TMCP10 BZ           2629520896     2005192064
GASCOIGNE EMP-PF    GASC4 BZ            1516712064    -1039704000
COPEL-PREF          CPELPN BZ          13188444160     8564999168
TELEBRAS-PF RCPT    TELE41 BZ            428644992       -2437000
TELE CENTRO-W/I     TRO-W US            3867565824     2812920832
COPEL-PREF B        CPELBN BZ          13188444160     8564999168
BANPARA             BPAR3 BZ            1573060992      185009008
SARAIVA-144A ADR    SVLOL US             694262976      379197984
CORREA RIBEIR-PR    CORR4 BZ              10301000        -547000
CEMIG SA-ADR        CEMFF US           25126887424    10050750464
COPENE-PREF B       COPEBN BZ          22409371648     3682690048
EMBRATEL PAR-ADR    EMT GR             14978265088     8765965312
CONSORCIO AL-PFC    BRGCN BZ             591461952      589291968
F CATAGUAZES-PRF    FLCL5 BZ            2939479040      488738016
GRENDENE SA         GRND3 BZ            1717699968     1386718080
CORREA RIBEIRO      CORR3 BZ              10301000        -547000
SANTOS BRP-PREF     STBP4 BZ            1485766912     1136673920
GERDAU SA           COSGON BZ          56104177664    24512731136
CORREA RIBEIRO      CORIPN BZ             10301000        -547000
ELUMA SA-INDU-RT    ELUM1 BZ             685401984      404192000
ACOS VILLARES-PR    AVIL4 BZ            1821099008      975780032
CORREA RIBEIRO      CORION BZ             10301000        -547000
BCO BRASIL-WT RC    BBAS11 BZ         591925280768    31693189120
BAHIA SUL-RCT CM    BSUL9 BZ           12874095616     3826438912
CAPITALPART-RCT     CPTP9 BZ                430314         421267
CAPITALPART-RT      CPTP1 BZ                430314         421267
PAUL FORCA LUZ-A    CPUQF US            8604376064     2019232000
COPESUL             CPSL3 BZ            2795267072     1634733952
CAPRI PART          CPRP4 BZ                   249         -17458
RB CAPIT SEC RES    RBRA3 BZ             681851968       17212000
ELEKEIROZ SA-P B    CQUE6 BZ             623166016      421377984
ELEKEIROZ SA-P A    CQUE5 BZ             623166016      421377984
ELEKEIROZ SA-P D    CQUE8 BZ             623166016      421377984
ELEKEIROZ SA-PRF    CQUE4 BZ             623166016      421377984
TOTVS SA - RT       TOTS11 BZ           1044310080      489134016
CIQUINE PETRO-RT    CQUE1 BZ             623166016      421377984
CACONDE PART-PRF    CACO4 BZ             224414992      155867008
CIQUINE PET-PF B    CQUE12 BZ            623166016      421377984
COPEL-PREF          CPL4 BZ            13188444160     8564999168
FERRO LIGAS-PREF    CPFL4 BZ           14967353344     5393643008
CPFL ENERGIA-ADR    CPL US             16483489792     5386705920
BANESTES            BEESON BZ           8438273536      595254976
FERRO LIGAS         CPFL3 BZ           14967353344     5393643008
BRASIL TELE PART    BTPAF US           19506681856     7774251008
CPFL GERACA-RCTP    CPFG10 BZ           2586256128     1068558976
FERRO LI-CM SHRH    CPFL11 BZ          14967353344     5393643008
CPFL GERACA-RCTC    CPFG9 BZ            2586256128     1068558976
BLUE TREE-PREF      CTWR4 BZ              43733000         879000
COPENE-PREF A       CPNE5 BZ           22409371648     3682690048
FORCA CAT-RCT PF    FLC8 BZ             2939479040      488738016
COPESUL             CPQUF US            2795267072     1634733952
TELEMIG-PREF C      TMGLF US            3585982976     2339811072
PORTOBELLO-PREF     CPLLPN BZ            458103008        6345000
COPEL-PREF A        CPLE5 BZ           13188444160     8564999168
VIVAX SA - ORD      VVAX3 BZ             646393024      349184000
COPEL-PREF B        CPLE6 BZ           13188444160     8564999168
CELESC-GDR REG S    CLSD LI             4450260992     1766754048
COSIPA              CPHRF US            7302161920     2126668928
CELESC-PREF B       CLSC6 BZ            4450260992     1766754048
CELESC-PREF A       CLSC5 BZ            4450260992     1766754048
CEMIG SA-PREF       CMIGPN BZ          25126887424    10050750464
CEMIG               CMIG3 BZ           25126887424    10050750464
CAEMI - PREF        CMET4 BZ            4870930944     3035955968
CEMIG               CMIGON BZ          25126887424    10050750464
SPRINGER-COM RCT    SPRI9 BZ             154382000      109100000
FERRO LIGAS         FLION BZ           14967353344     5393643008
KARSTEN-PREF        CTKPN BZ             290848992       51909000
CAEMI MET-RCT CM    CME5 BZ             4870930944     3035955968
TELEPISA-RT PR C    TPIC7EDS BZ           81948000       68091000
CLARION             CLAN11 BZ            922546048      771586944
BAN ARMAZENS-ORD    CBAG3 BZ              39348000       14131000
CLARION-RCT         CLAN10 BZ            922546048      771586944
VALE SA             CIVAF US          187954282496   104628002816
ARACRUZ CELU-PRA    ARCZAN BZ          11579943936      974924032
HYPERMARCAS S.A     HYPE3 BZ            3600815872     1992836096
BARDELLA-PREF       BDLL4 BZ             702260992      219442992
CLARION             CLAN3 BZ             922546048      771586944
CLARION             CLAN12 BZ            922546048      771586944
CLARION-RCT         CLAN9 BZ             922546048      771586944
CLARION             CLAN4 BZ             922546048      771586944
ANHANGUERA E-GDR    921156Z LI          1552594048     1017220992
COELCE-PRF B        COEKF US            2829204992      997619968
COBRASMA SA         COBRON BZ              7773000    -2954115840
USIMINAS-PREF B     USIM6 BZ           26939066368    14797190144
COTEMINAS-144A      CTMOY US            3328033024     2033949952
PAUL FORCA LUZ-B    PFLBN BZ            8604376064     2019232000
TELE NORTE-C C/E    TNEC AR            56855715840    14844809216
MARFRIG             MRFG3 BZ            9239444480     2678563072
CONCEPA             CNCP3 BZ             343300000      170878000
BRADESCO-ADR        BBD US            482140946432    35643371520
ODERICH-RIGHT       ODER1 BZ             238064000       99801000
BRASKEM SA-ADR      BRD GR             22409371648     3682690048
CAEMI METAL         CMMON BZ            4870930944     3035955968
COARI PART-PREF     COAR4 BZ           26487410688     7905660928
COARI PART          COAR3 BZ           26487410688     7905660928
TELEPISA-COM RCT    TPIC9 BZ              81948000       68091000
ELETROBRAS-CED C    ELE6C AR          137281986560    86340468736
CONCEPA - PREF      CNCP4 BZ             343300000      170878000
CONFAB INDUST-PR    CNFBPN BZ           2077382144     1286134016
CONFAB INDUST SA    CNFBON BZ           2077382144     1286134016
BCO INDUSVAL-PRF    IDVL4 BZ            2337099008      451892000
MEHIR               MEHH3 BZ            1552594048     1017220992
BAN ARMAZENS-RT     CBAG1 BZ              39348000       14131000
EXCELSIOR-RT        BAUH1 BZ              25695000        7713000
COBRASMA            CBMA3 BZ               7773000    -2954115840
SAO PAULO TUR       AHEB3 BZ             267367008       56538000
TELEMIG CEL-RCT     TMCP9 BZ            2629520896     2005192064
COTEMINAS           883642Q US          3328033024     2033949952
CYRELA COMME-ADR    CYRLY US             752838016      410608000
BAUMHARDT IRMAOS    BAUMON BZ             25695000        7713000
BAN ARMAZENS-RCT    CBAG9 BZ              39348000       14131000
MENEZES CORT        MNZC3 BZ              16157495        4521342
ELEKEIROZ SA        CQUE3 BZ             623166016      421377984
CHAPECO SA-PREF     CHAP4 BZ            1158483968       37663000
AMPLA ENERGIA       CBEE3 BZ            4688201216     1583760000
CERJ-RTS            CBEE1 BZ            4688201216     1583760000
CERJ-PRO RATA DV    CBE5 BZ             4688201216     1583760000
ACOS VILLARES SA    VILAON BZ           1821099008      975780032
CBC CARTUCHOS-PR    CBCPN BZ             183184992       81765000
PAO ACUCAR-ADR      CBDN MM            13370249216     5601048064
CHIARELLI SA-PRF    CCHI4 BZ              42853000      -85685000
CHIARELLI SA        CCHON BZ              42853000      -85685000


BZ
–-

BB HOLDINGS LTD     BBHL IX             1170300032      350000000
BCB HOLDINGS LTD    BCB LN              1170300032      350000000
BB HOLDINGS LTD     2830161Q US          632000000      196100000
BELIZE HOLDINGS     BZHKF US            1170300032      350000000
BCB HOLDINGS LTD    BCB PG              1170300032      350000000
ONESOURCE SERVIC    OSS PZ               339300000      172400000
ONESOURCE SERVIC    OSS LN               339300000      172400000
ONESOURCE SERVIC    OSS IX               339300000      172400000
BHI CORPORATION     BHIC US             1170300032      350000000
BCB HOLDINGS LTD    BCB EO              1170300032      350000000
BB HOLDINGS LTD     BBHL PG             1170300032      350000000
BB HOLDINGS-CW14    BCBS PG             1170300032      350000000
BB HOLDINGS LTD     BBHL EO             1170300032      350000000
BB HOLDINGS-CW13    BCBW PG             1170300032      350000000
ONESOURCE SERVIC    ONSOF US             339300000      172400000
BB HOLDINGS LTD     BBHL EU             1170300032      350000000
BCB HOLDINGS LTD    BCB EU              1170300032      350000000
CARLISLE HLDG       CLH LN              1170300032      350000000
BB HOLDINGS LTD     CLH PO              1170300032      350000000
BB HOLDINGS LTD     BBHLF US            1170300032      350000000
BCB HOLDINGS LTD    BCBHF US            1170300032      350000000
CARLISLE HOLDING    CLHL US             1170300032      350000000
ONESOURCE SERVIC    O1S GR               339300000      172400000
BB HOLDINGS LTD     BHLLF US            1170300032      350000000
BB HOLDINGS LTD     BH3 GR              1170300032      350000000
BB HOLDINGS LTD     BBHL LN             1170300032      350000000
BCB HOLDINGS LTD    BBHL BH             1170300032      350000000
BB HOLDINGS LTD     BBHL US             1170300032      350000000


CL
--

SAN PEDRO-RTS       PEDROOSA CI       266157998080   190050091008
CMPC                CMPC CI            10037829632     6682756608
INVERCAP            INVJF US             376070016      341665024
EDELPA              EVDPF US           54717251584    39009828864
PROVIDA             PROVIDA CI        299114168320   244288290816
INVERTEC            INVERFOO CI           85110000       24581000
COSTA VERDE-RT      CVAOSA CI           2384852992     2367955200
INVERMAR            INVERMAR CI          218238992       35928000
ESTACIONAM          ESTACI CI            295304992      191819008
INMOBIL ESPANA V    ESPANA CI            607155008      289894976
EDELNOR/CHILE       EENGF US             708953024      482118016
SANTA RITA-RT       STARITOS CI       197076402176   131729907712
AZUL AZUL SA        AZUL CI            20779524096    14515879936
AZUL AZUL SA-RT     AZULOSA CI         20779524096    14515879936
FORUS               FORUS CI           90459545600    78358847488
SOCOVESA SA-ADR     SCVSL US          547369484288   202746200064
TATTERSALL - RT     TATTERO CI        123461263360    27658590208
CAPITALES SA        CAPITALE CI         5500315136     2376336896
LAN AIRLINES        LFLCF US            5282579968      870212992
REBRISA-B-RTS       REBRIBOS CI         8810027008     2353240064
TELEX-A             TELEXA CI         219760902144   -15259209728
FERIA OSORNO        FERIAOSO CI        47701602304    21718009856
LAN AIRLINES-RTS    LANOSA CI           5282579968      870212992
COMERCIO            COMER CI           28522725376    19447220224
QUIMICA Y MINERA    SQMCY US            2948782848     1596054016
LABORATORIOS AND    ANDROMAC CI        87420256256    34499321856
BICECORP SA         BICECOOS CI       466608685056   378059096064
ANDINA-A PREF       ANDINAA CI        567248224256   351361597440
ANDINA-PREF B       ANDINAB CI        567248224256   351361597440
FERROCARRIL PACI    FEPASAA CI         99733667840    73244205056
LAS CONDES-RIGHT    CONDESOS CI       157359783936   113457700864
CEMENTOS BIO BIO    CMKBF US          613582766080   286900813824
SIGDO KOPPERS       SK CI               1882541952      949755968
MADECO-ADR          MAD GR               874370944      515112480
AGUNSA              AGCUF US             323872000      129007000
COMTEXVINA          COMTEXV CI             9234000      -32308998
MUELLES PENCO       MUELLES CI         11881241600     9186590720
SABIMET             SABIMET CI          1028964992     1012692032
BESALCO             BSLFF US          318919933952    98656067584
CONCHATORO          CONCHA CI         488586739712   265523101696
FERROCARRIL PACI    FEPASA CI          99733667840    73244205056
ING SALUD           INGSALUD CI        60812087296    21742170112
TELEF CHILE-B       TELEFB CI        1455058452480   608010895360
BHIF-E (BANCO)      BHIFE CI         7276144885760   450704015360
BHIF-C (BANCO)      BHIFC CI         7276144885760   450704015360
HORNOS - RIGHTS     HORNOSOS CI        12643496960     7147205120
BHIF-B (BANCO)      BHIFB CI         7276144885760   450704015360
TELEF CHILE-A       TELEFA CI        1455058452480   608010895360
BANCO DE CHILE-F    CHILEF CI       17118564188160  1318600966144
CERVEZAS-ADR        CU US            1033024372736   601426100224
FALABELLA           FBELF US         4212573601792  1899153981440
INMOBVINA           INMOBV CI            489272000      464412992
RIPLEY CORP SA      RIPLEY CI        1203841662976   634422886400
CHILESAT CORP SA    TELEX CI          219760902144   -15259209728
ANTARCHILE-A        ANTARA CI          14281712640     8677690368
BHIF (BANCO)-OSA    BHIFO CI         7276144885760   450704015360
CTC-A               TLFCF US         1455058452480   608010895360
BHIF-F (BANCO)      BHIFF CI         7276144885760   450704015360
TERRANOVA SA        TERRANOV CI         2300700928     1364990976
TERRANOVA           TERRA CI         1225825714176   703691161600
ANTARCHILE-C        ANTARC CI          14281712640     8677690368
PAZ CORP S.A.       PAZ CI            164501192704    57263550464
PAZ CORP-RTS        PAZOSA CI         164501192704    57263550464
BHIF-G (BANCO)      BHIFG CI         7276144885760   450704015360
BBVA BANCO BHIF     BHIF CI          7276144885760   450704015360
PACIFICO            PACIF CI             297036000      183884992
SOQUIMICH-B         SQCAF US            2948782848     1596054016
DYS RIGHT           DYSOSA CI        1676780371968   623260794880
BHIF-D (BANCO)      BHIFD CI         7276144885760   450704015360
LAN AIRLINES        LNECF US            5282579968      870212992
CENCOSUD SA - RT    CENCOSUO CI      5119379243008  2318208073728
GENER SA            CHRIF US         2510607613952  1431585030144
COLINA              IVICF US            1096166016      179057008
ENERQUINTA          CQENF US          503404822528   196272996352
BANCO SANTIAGO-A    SANKF US        19986848415744  1571443048448
BANCO SANTIAGO-B    SANTIAG CI      19986848415744  1571443048448
BANCO CHILE-RTS     CHILEOSA CI     17118564188160  1318600966144
TELMEX CORP SA      CHILESAT CI       219760902144   -15259209728
CHILGENER SA        CHILGE CI        2510607613952  1431585030144
DISTRIBUCION SER    DYSXF US         1676780371968   623260794880
QUILICURA-RIGHT     QUILICOS CI        14890692608    13471660032
LUCCHETTI-RTS       LUCCHE/O CI        21307676672    16607759360
MADECO-ADR          MAD1 GR              874370944      515112480
QUEMCHI SA-RT       QHEMCHIO CI      1066128506880   393323905024
DISTRIBUCION SER    DYSA GR          1676780371968   623260794880
GRUPO SECURITY-R    SECUR/O CI        479844401152   242488000512
CGE DISTRIBUCION    CGEDISTR CI       557369655296   249874497536
CHILECTRA-RTS       CHILECO CI       1034206117888   483741696000
ESVAL-C             ESVAL/C CI        626366218240   282107805696
QUINTEC - RIGHTS    QUINTECO CI        67794460672    24654471168
QUIMICA Y-SP ADR    SQM US              2948782848     1596054016
GRUPO SECURITY-R    SECURISA CI       479844401152   242488000512
BANCO SANTAN-ADR    SAN US          19986848415744  1571443048448
REBRISA A RIGHT     REBRIAOS CI         8810027008     2353240064
ANDINA-A PREF       AKOEF US          567248224256   351361597440
BANCO CRED INVER    BCIFF US        12511943327744   788031995904
BANCO SANTANDER     SANT CI         19986848415744  1571443048448
HIPERMARC SA        HIPERMAR CI       135208058880    79462817792
BANCO BILBAO VIZ    BBVACL CI        7276144885760   450704015360
BBVACL-RT           BBVACLOS CI      7276144885760   450704015360
IPA                 IPA CI               441721984      426795008
SALFACORP-RT        SALFAOSA CI       592525262848   228606410752
SALFACORP           SALFACOR CI       592525262848   228606410752
AFP CAPITAL         STAMAR CI          60760305664    49128673280
LAS CONDES          CONDESO CI        157359783936   113457700864
HIPODROMO-A         HIPODRA CI         16793372672    14363209728
CORPESCA SA         CORPESCA CI          586411008      453795008
CCT                 ECCTF US          168137555968    70442811392
REBRISA-A-RTS       REBRIAAO CI         8810027008     2353240064
ALMENDRAL-RIGHT     ALMENDOS CI      1598115938304   778555490304
LA POLAR SA         LAPOLAR CI        629955624960   239303098368
BANCO SANTIAGO-A    SANTIA CI       19986848415744  1571443048448
CERVEZAS            CERVEZ CI        1033024372736   601426100224
MULTIFOODS          MULTIFOO CI          332053984       76197000
BANCO SANTIAGO-E    SANTIAE CI      19986848415744  1571443048448
GENER SA-ADR        257982Q GR       2510607613952  1431585030144
ENTEL               ENTEL CI         1345766162432   648368488448
UNION EL GOLF SA    UNGOLF CI          10604133376     5128923648
SOQUIMICH-B         SQM/B CI            2948782848     1596054016
ENDESA-ADR (CHL)    EOC US           7142355501056  3557241126912
CMPC                CMFRF US           10037829632     6682756608
AES GENER SA        GGCLF US         2510607613952  1431585030144
VINA CONCHA-ADR     VCO US            488586739712   265523101696
SOQUIMICH-A         SQM/A CI            2948782848     1596054016
QUIMICA Y MINERA    SQM/A US            2948782848     1596054016
SAN PATRICIO        ISANPA CI          15466182656    15032450048
CORPBANCA SA-ADR    D8S GR           5867316969472   470912008192
MASISA SA-ADR       D8W GR              2300700928     1364990976
HIPODROMO-B         HIPODRB CI         16793372672    14363209728
MADECO SA           MDEJF US             874370944      515112480
MASISA SA           MASISA CI           2300700928     1364990976
JUCOSA-OSA          JUCOSAR CI            18563000       13169000
ENDESA (CHILE)      EPN1 GR          7142355501056  3557241126912
EPEMAR-B            EPEMARB CI         14281712640     8677690368
EPEMAR-A            EPEMAR CI          14281712640     8677690368
ENDESA (CHILE)      EOCNF US         7142355501056  3557241126912
SAN ANTONIO TERM    STI CI               187654992       78000000
EMELSA              EPRFF US          452081582080   235462705152
MOLYMET-RIGHT       MOLYMEOS CI         1084098048      518052992
EMELSA              EMELSA CI         452081582080   235462705152
DISTRIBUCION-RTS    XDYSD SM         1676780371968   623260794880
ENERSIS SA-RTS      ENERSISO CI     12950062497792  5590989930496
ENACAR-RT           ENACARO CI          2551085824   -36098428928
IND NAC ALIMENT     LUCHET CI          21307676672    16607759360
GRUPO SECURITY-R    694403Q CI        479844401152   242488000512
AGUAS METR0-ADR     IAMTY US         1401433882624   778351804416
PROVIDA-ADR         PVD US            299114168320   244288290816
TELEX-RTS           TELEXO CI         219760902144   -15259209728
SIPSA-RTS           SIPSAOSA CI           94949000       89907000
ITATA-RT            ITATAOSA CI          246824000      188940000
CRISTAL CHILE       CGWCF US          589572014080   403227607040
PUYEHUE RIGHT       PUYEHUOS CI        15454239744     4079939840
SONDA SA            SONDA CI          359671889920   274703679488
HIPERMARC S.A       SMUNI CI          135208058880    79462817792
CHILECTRA           CLRAF US         1034206117888   483741696000
CGE-RTS             CGEOSA CI        3284394835968  1253075058688
ENERSIS SA-ADR      ENI US          12950062497792  5590989930496
SOQUIMICH-B         SOQUIMB CI          2948782848     1596054016
LA POLAR-RTS        LAPOLARO CI       629955624960   239303098368
BLANCO Y NEGRO      COLO/B CI          44427231232    29699659776
ENACAR              EMPOF US            2551085824   -36098428928
CURAUMA S.A         CBINVER CI        177394368512   124975398912
ENERSIS SA-RTS      ENERSIR CI      12950062497792  5590989930496
ANTARCHILE-B        ANTARB CI          14281712640     8677690368
ENERSIS SA-RTS      ENERSIOS CI     12950062497792  5590989930496
ENDESA (CHILE)      ENDESA CI        7142355501056  3557241126912
BANCO BILBAO-ADR    BBC GR           7276144885760   450704015360
TRICOLOR SA         TRICOLOR CI        47344066560    21300881408
CHILESAT CO-ADR     TL US             219760902144   -15259209728
EMPRESAS MELON S    MELON CI          231374651392   164947410944
FRIMETAL            FRIMETAL CI           52802000       29277000
GENER SA-RTS PRF    GENERO CI        2510607613952  1431585030144
PROVIDA-ADR         D8P1 GR           299114168320   244288290816
MADECO SA           3161431Q US          874370944      515112480
ANTARCHILE SA       ATRHF US           14281712640     8677690368
UNDURRAGA           VUNDF US           27333267456    22267699200
CIRCULO             CIRCULO CI           138552992       46621000
CRISTAL CHILE       CRISTAL CI        589572014080   403227607040
CRISTAL CHIL-ADR    970820Q US        589572014080   403227607040
AES GENER SA-RT     GENEROSA CI      2510607613952  1431585030144
FERROCARRIL PACI    FEPASAB CI         99733667840    73244205056
BANCO CHILE-ADR     BCH US          17118564188160  1318600966144
HIPERMARC - ADR     UNRMY US          135208058880    79462817792
SOQUIMICH-RTS       SOQUIAO CI          2948782848     1596054016
BANCO CHILE-WI      BCH-W US        17118564188160  1318600966144
EMPRESAS IANSA      IANSA CI             558664000      314108000
BANCO SANTANDER     BSAN CI         19986848415744  1571443048448
TELEFONICA SUR      SURNET CI          21400061952    15015289856
BANCO DE CHILE      XBCH SM         17118564188160  1318600966144
BANCO SANTIAGO-C    SANTIAC CI      19986848415744  1571443048448
MADECO-PRF          MADECOP CI           874370944      515112480
CORPBANCA SA-ADR    CQBNY US         5867316969472   470912008192
QUIMICA Y-SP ADR    QYM GR              2948782848     1596054016
AES GENER SA        GENER CI         2510607613952  1431585030144
DISTRIBUCION-ADR    DYS US           1676780371968   623260794880
BANCO CRED INVER    CREDITO CI      12511943327744   788031995904
SOCOVESA            SOCOVESA CI       547369484288   202746200064
IANSA-RT            IANSAOSA CI          558664000      314108000
UNION EL GOLF-RT    UNGOLFOS CI        10604133376     5128923648
LABORAT CHIL-ADR    228402Q US        140949078016    69201969152
CORPBANCA SA-ADR    BCA US           5867316969472   470912008192
RIPLEY-RTS          RIPLEYOS CI      1203841662976   634422886400
CAP                 CGIGF US            2482587904     1154159104
VINA CONCHA-ADR     VYO GR            488586739712   265523101696
VALORES             VALORES CI          1015934016      648806976
EMPRESA DE SER-C    ESSBIOC CI        493577830400   227623698432
BANCO CHILE-ADR     G4RA GR         17118564188160  1318600966144
MASISA SA-ADR       MYS US              2300700928     1364990976
AGUAS METR0-ADR     650036Z LX       1401433882624   778351804416
TELECOM CHIL-ADR    CSA GR           1455058452480   608010895360
BANCO CHILE-ADR     BODD LI         17118564188160  1318600966144
EMBOT ANDINA-ADR    AKO/A US          567248224256   351361597440
BANCO DE CHILE      G4R GR          17118564188160  1318600966144
C.D.CRAIGHOUSE-B    CDCRAI/B CI        11947625472    10372330496
CRUZSALUD           CRUZSAL CI         60812087296    21742170112
ANDINA (EMBOT)      ANDINA CI         567248224256   351361597440
CONCHATORO          VCTOF US          488586739712   265523101696
EMPRESAS COPEC      COPEC CI           13797255168     8431791104
MASISA-ADR /OLD     604152Q US        523569463296   339751993344
MASISA SA/OLD       604388Q CI        523569463296   339751993344
CRUZSALUD-RTS       CRUZSO CI          60812087296    21742170112
MASISA-2ND RIGHT    MASI/OSA CI         2300700928     1364990976
MASISA-ADR /OLD     952750Q GR        523569463296   339751993344
SOQUIMICH-A         SOQUIMA CI          2948782848     1596054016
CARVILE             CARVILE CI           940892992   -34319321088
LABORAT CHIL-ADR    862411Q GR        140949078016    69201969152
ANTARCHILE-RTS      ANTAROSA CI        14281712640     8677690368
BANCO BILBAO-ADR    BB US            7276144885760   450704015360
QUINENCO-RTS        QUINENOS CI     19070336368640  2145498955776
ANTARCHILE          ANTAR CI           14281712640     8677690368
CHILECTRA-ADR       CEAJY US         1034206117888   483741696000
TELMEX CORP-ADR     CSAOY US          219760902144   -15259209728
CTC-RTS A           CTCAO CI         1455058452480   608010895360
CAMPOS-RTS          CAMPOSOS CI          576950016      331707008
CAP                 CAP CI              2482587904     1154159104
LABCHILE            LABCHIL CI        140949078016    69201969152
SUPERMER UNIMARC    UNR US            135208058880    79462817792
CRISTAL CHIL-ADR    861176Q GR        589572014080   403227607040
SAN PEDRO (VINA)    VISPF US          266157998080   190050091008
BANCO DE CHILE-S    2733769Z CI     17118564188160  1318600966144
BANCO BILBAO-ADR    BBVAY US         7276144885760   450704015360
C.D.CRAIGHOUSE-A    CDCRAI/A CI        11947625472    10372330496
CHILECTRA-ADR       CLRAY US         1034206117888   483741696000
ENERSIS SA-ADR      NER GR          12950062497792  5590989930496
COPEVAL             COPEVAL CI        101167890432    17983369216
MADECO-ADR          MAD US               874370944      515112480
AGUAS METR0-144A    IAMPY US         1401433882624   778351804416
CENCOSUD SA-144A    CSUDY US         5119379243008  2318208073728
CD CRAIGHOUSE-RT    CDCRAIOS CI        11947625472    10372330496
ZALAQUETT           ZALAQ CI            2384852992     2367955200
MASISA-S            MASISA/S CI         2300700928     1364990976
AGUNSA              AGUNSA CI            323872000      129007000
CONCHATORO-RT       CONCHAOS CI       488586739712   265523101696
SOCOVESA SA-ADR     2268462Z LI       547369484288   202746200064
MADECO SA           MADECO CI            874370944      515112480
EMBOT ANDINA-ADR    AKO/B US          567248224256   351361597440
EMBOT ANDINA-ADR    AKO GR            567248224256   351361597440
NUEVA REGION        NUEVAREG CI        13523458048    13516099584
AGUNSA-OSA (RTS)    AGUNSAO CI           323872000      129007000
ZOFRI               ZFIQF US           47673245696    39108321280
MADECO-RTS          MADECOO CI           874370944      515112480
BAJOS DE MENA       CADENA CI            289894976      165384000
WATTS SA            CAROLA CI         251019132928   103877705728
MASISA SA-ADR       MYSZY US            2300700928     1364990976
WATTS SA            CAROLB CI         251019132928   103877705728
INTASA SA           INTASA CI          15976995840     5345459712
EMBOT ANDINA-ADR    AKOB GR           567248224256   351361597440
CHILESAT CO-RTS     CHISATOS CI       219760902144   -15259209728
MADECO-RIGHTS       MADECOR CI           874370944      515112480
MADECO-RTS          MAD-R US             874370944      515112480
COPEFRUT            COPEFR CI            145076000       61027000


CO
--

CLINICA COLSANIT    CLICOL CB         233059893248   104777793536
CORFERIAS SA        CORFER CB         264161591296   240433201152
CINE COLOMBIA       CINECO CB         257096531968   200628404224
CARULLA VIVERO      CLLCF US          841624256512   547575496704
CARULLA VIVERO-A    CLLQF US          841624256512   547575496704
CARULLA VIVE-ADR    CLLQY US          841624256512   547575496704
MINEROS SA          MINEROS CB        304667852800   243291701248
BV COLOMBIA         SDBVC CB          101500403712    76164784128
ENKA DE COLOMBIA    ENKA CB           614575374336   521866903552
COMP ANGRICOLA      SANFEL CB          11058110464    10962150400
BV COLOMBIA         BVC CB            101500403712    76164784128
CLINICA MARLY       MARLY CB           96093593600    77854023680
CARULLA-ADR         CLLCY US          841624256512   547575496704
MEDICINA COLSANI    COLSAN CB         211573784576    84657217536
GRUPO ODINSA        ODINSA CB         652471238656   394366189568
COLOMBINA SA        COLOM CB          702622400512   349817896960
COLTEJER SA         COLTEJ CB         622834024448   352033603584
COLTEJER SA         CPCJF US          622834024448   352033603584
CARULLA VIV-PREF    PFCARUL CB        841624256512   547575496704


PA
--

MARITIME INDUSTR    MRISF US             413484000      122162000
COPA HOLDIN-CL A    CPA US              1954220928      631322048
BANCO LATINOAM-A    202959Z US          4362678272      579012992
MARITIME INDUSTR    MISC NO              413484000      122162000
BANCO LATINOAM-B    202967Z US          4362678272      579012992
COPA HOLDIN-CL B    719496Z US          1954220928      631322048
BLADEX SA-PRF 8%    BLADGBX EO          4362678272      579012992
BLADEX SA-PRF 8%    BLAD EU             4362678272      579012992
BANCO LATINOAM-E    BLX US              4362678272      579012992
BLADEX SA-PRF 8%    BLAD PP             4362678272      579012992
BLADEX SA-PRF 8%    BAN LN              4362678272      579012992
BANCO LATINOAM-E    D8Q GR              4362678272      579012992
BANCO LATINOAM-E    D8Q PZ              4362678272      579012992
COPA HOLDIN-CL A    CPAN MM             1954220928      631322048
BLADEX SA-PRF 8%    BLADEUR EU          4362678272      579012992
BLADEX SA-PRF 8%    BLAD EO             4362678272      579012992
MARITIME INDUSTR    MIS BY               413484000      122162000
BLADEX SA-PRF 8%    BAN PZ              4362678272      579012992
BLADEX SA-PRF 8%    BLADEUR EO          4362678272      579012992
BLADEX SA-PRF 8%    BLADGBX EU          4362678272      579012992
MARITIME INDUSTR    MISEUR EO            413484000      122162000
COPA HOLDIN-CL A    C2H GR              1954220928      631322048
MARITIME INDUSTR    MISGBX EU            413484000      122162000
MARITIME INDUSTR    4ML GR               413484000      122162000
MARITIME INDUSTR    MIS EU               413484000      122162000
MARITIME INDUSTR    MIS EO               413484000      122162000
MARITIME INDUSTR    MIS NO               413484000      122162000
MARITIME INDUSTR    MIS PZ               413484000      122162000
MARITIME INDUSTR    MISO IX              413484000      122162000
BELLSOUTH - ADR     BSPUY US            3132205056     1062572032


PE
--

PERUBAR SA-INV      PB PE                 70416000       54335000
FINAN CREDITO-C     FCP/C PE             112285000       24762000
SOCIEDAD MINERA     SMRAF US            1925334016     1508759040
LATINA HOLDING      LATSEGC1 PE           37133000       32348000
EMP FIN EDYFI-C2    EDYFICC2 PE          692232000      101572000
BANCO FINANCI-S2    BF/2 PE             2817199872      299288992
SAN JUAN-C          SJ/C PE              183108992      122711000
SCOTIABANK P-ADR    BWPSY US           25736204288     2463785984
MINERA LA CIMA-R    CSPLACIC PE         2869899008     1385740928
NC&F INVERSIONES    NCFC1 PE              65805000       65728996
BANCO INTL - RTS    IBR PE             15335264256      969078016
MOROCOCHA-RIGHTS    SIMR PE              248738000      141813008
TELEFON PERU-ADR    TPDADR PE          11153221632     3963288064
BUENAVENTURA-T      MNFBF US            2290935040     1775154048
UNION CERV BAC-I    BJ PE               2944436992     1776323968
BUENAVENTURA-COM    CMB/C PE            2290935040     1775154048
TELEFON PERU-ADR    TLPD LI            11153221632     3963288064
BANCO CONTINEN-C    BCO/C PE           33721262080     2159054848
EMP FIN EDYFI-A2    EDYFIAC2 PE          692232000      101572000
CORP ACEROS AR-I    CAACF US            2102138880      888184000
INTERAMERICANO      BIFC1 PE            4125849088      235634992
LOS PORTAL-C OLD    ILP/C PE             426435008      126142000
ELECTRO SUR ES-A    ESUR/A PE            471736000      433861984
OWENS-ILLINOIS      OWENSC1 PE           417460992      198158000
GESTIONES Y RECU    GEREACC1 PE           19393000       19216000
BANCO FINANC-RTS    BFR PE              2817199872      299288992
TELE 2000-ADR       TLNEY US            3132205056     1062572032
BOLSA DE LIMA-A     BVLAC1 PE             84553000       77889000
BRITISH AMER INV    BATI1 PE              92584000       73143000
ATACOCHA-INV        CATJF US             482719008      177916000
TELEFONICA MOVIL    COMOVC1 PE          3132205056     1062572032
FIMA SA-INV         FIQMF US              43209000       13201000
UNION CERV BA-PB    BJ/PB PE            2944436992     1776323968
INTERGROUP-CMN      1002812Z US        17448859648     1500844032
AGRO IND PARAM      PARAMOC2 PE          492014016      259420992
EL BROCAL-INV RT    SMB/R PE             365881024      278276000
EMP FIN EDYFIC-C    EDYFICC1 PE          692232000      101572000
EDELNOR/PERU-COM    EDDEF US            2457209856      829156992
CEMENTOS LIMA-C     CL/C PE             3082447104     1254249984
BANCO COMERCI-RT    CSPCOMER PE           69558000       25629000
LP HOLDING SA-RT    LPH/R PE             426435008      126142000
UNION CERV BAC-A    BJ/A PE             2944436992     1776323968
UNION CERV BAC-C    BJ/C PE             2944436992     1776323968
TANASA-INV          TN PE                 92584000       73143000
BANCO FINANCIERO    FINANPC1 PE         2817199872      299288992
TEXTIL PIURA-T      ITP PE               181873008       85297000
ETERNIT-T           FPE PE               108519000       36179000
SEDAPAL             SEDAPBC1 PE         5660919808     3801529088
BANCO CONTIN-S-2    BCO/2 PE           33721262080     2159054848
BUENAVENTURA-INV    CMB PE              2290935040     1775154048
INTERGROUP-144A     IFNSL US           17448859648     1500844032
INTERGROUP-CMN      IFS PE             17448859648     1500844032
LUZ SUR-COMUN       LZDLF US            2209073920      981310016
RELAPASA            RLPSF US             779112000      233949008
MOROCOCHA-CMN       MOROCOC1 PE          248738000      141813008
TELEFONICA MOVIL    TMOVILC1 PE         2937650944     1156256896
FILAMENTOS IND-I    FI PE                 53739000       43297000
MANUFACTURA DE M    MMA PE                65856004       37683000
LATINA SEGUROS      SA/C PE               37133000       32348000
COMUNIC MOVILES     BELS/C PE           3132205056     1062572032
BANCO CONTINEN-C    BTALF US           33721262080     2159054848
GAS NATURAL DE L    CALIDDC1 PE          144298992       41439000
EMPRESA ELECTRIC    ELPBCA PE            243417008      101282000
TELEF PERU-A        CPNAF US           11153221632     3963288064
ATACOCHA-A          MMAHF US             482719008      177916000
CEMENTO ANDINO      ANDINBC1 PE          584797952      466653984
OWENS ILLIN-INV     VI PE                417460992      198158000
LIMA CAUCHO SA      3043599Z PE           76471000       42477000
SCOTIABANK-PREF     SCOTIPC1 PE        25736204288     2463785984
GOODYEAR PERU-T     GOODF US             315205984      231628992
MANUFAC METAL-RT    MMA/R PE              65856004       37683000
MILPO-INVERSION     MNFNF US            1032833984      478367008
BANCO DE COM-S-2    68489Z PE             69558000       25629000
UNION CERV BAC-A    CVBRF US            2944436992     1776323968
BUENAVENTURA-A      MNFHF US            2290935040     1775154048
SOCIEDAD MI-RTS     CSPSMBC PE           365881024      278276000
INTURSA-RTS         CSPTUR PE            229462992      183550992
TEXTIL PIURA-C      ITP/C PE             181873008       85297000
INTURSA -COMUN      TUR/C PE             229462992      183550992
TEXTIL TRUJILL-T    TT PE                352997984      246484000
INMOB MILENIA-RI    CSPMILEN PE           45128000       44577000
INMOBILIARIA MIL    MILENIC1 PE           45128000       44577000
SAGA FALABEL-RTS    CSPSAGA PE           767276992      265560000
TELEF PERU-C        CPT/C PE           11153221632     3963288064
AGRO IND PARAM-R    CSPPARAM PE          492014016      259420992
TEXTIL TRUJILL-C    TT/C PE              352997984      246484000
CEMENTOS LIM-ADR    CEMTY US            3082447104     1254249984
TELEF PERU-A        CPTA CN            11153221632     3963288064
TELEF PERU-A        CPT/A PE           11153221632     3963288064
WIESE LEASING-F     SOL/F PE              19393000       19216000
CEMENTOS LIMA-I     CEMUF US            3082447104     1254249984
BUENAVENTURA-INV    BVNVF US            2290935040     1775154048
BANCO WIESE-P RT    CSPWIPR PE         25736204288     2463785984
CASTROVIRREYNA-T    CCM PE                61703000       29641000
SCOTIABANK P-RTS    CSPWIESE PE        25736204288     2463785984
SCOTIABANK PER-R    CSPSCOTI PE        25736204288     2463785984
WIESE SUDAM-RTS     CSPWSLC PE            19393000       19216000
TELEF PERU-A1       CPT/A1 PE          11153221632     3963288064
ATACOCHA-RTS A      CSPATACA PE          482719008      177916000
ATACOCHA-RTS B      CSPATACB PE          482719008      177916000
LP HOLDING-COMN     LPH/C PE             426435008      126142000
CREDITEX-COM        CRET/C PE            352997984      246484000
EMP AGRO CASA GR    EACSF US            1261287936      676569984
ATACOCHA-ADR        CATJY US             482719008      177916000
ASEA BROWN BOV-I    ABB PE               186451008       66152000
LATINA SEGUROS-R    CSPLATSE PE           37133000       32348000
INCA TOPS-RTS       ITR PE               103964000       46137000
UNION CERV BAC-I    UDCPF US            2944436992     1776323968
MINERA LA CIMA R    CSPLACII PE         2869899008     1385740928
CONDESTABLE         CSPCONDE PE          204255456       98067872
BUENAVENTURA-B      BVNXF US            2290935040     1775154048
SOUTHERN CP-INV1    SPRUF US            2042873088     1468363008
BANCO WIESE-CMN     CSPWIOR PE         25736204288     2463785984
MINSUR-INV          MSUTF US            3613403136     3028719104
INDUS ELECTR-RTS    CSPIEQSA PE          151188000       93633000
TANASA-COMUN        TN/C PE               92584000       73143000
WIESE LEASING-A     SOL/A PE              19393000       19216000
BANCO WIESE SU-C    BWIEF US           25736204288     2463785984
SOLDEXA SA-INV      SOLDEXI1 PE          520853024      271840992
WIESE LEASING-E     SOL/E PE              19393000       19216000
BANCO SOLVENTA-C    SOLV/C PE           1042717056      199510000
SOLUCION FIN CRE    SOLU/C PE            112285000       24762000
WIESE LEASING-D     SOL/D PE              19393000       19216000
WIESE LEASING-C     SOL/C PE              19393000       19216000
SOLDEXA SA-CMN      SOLDEXC1 PE          520853024      271840992
WIESE LEASING-G     SOL/G PE              19393000       19216000
BANCO WIESE-S2      BW/2 PE            25736204288     2463785984
EL BROCAL-COM       SMBC PE              365881024      278276000
TELE 2000-COMUN     TLT/C PE            3132205056     1062572032
SAN JUAN-INV        SJ PE                183108992      122711000
INTERBANK-COMUN     IBBCF US           15335264256      969078016
LC RIGHTS           CSPCAUCH PE           76471000       42477000
SCOTIABANK PER-C    BW/C PE            25736204288     2463785984
EL BROCAL-COM RT    SMBC/R PE            365881024      278276000
VINSA-RTS PRF       VIRT PE              417460992      198158000
SCOTIABANK PER-C    BWPSF US           25736204288     2463785984
PAC PERU SUIZA-C    PPS/C PE            3448297984      488381024
TELEF PERU-B        CPNBF US           11153221632     3963288064
INDUS ENVASE-I      ENV PE               115025000       86226000
CORP FUNERARIA      CFUNERC1 PE           10783000       10125000
BANCO WIESE-ADR     BWPADR PE          25736204288     2463785984
HIDROSTAL-INV       HID PE               122664000       59664000
SUPERMERCADOS PE    STAISAC1 PE          900561984      271027008
MAPFRE PERU-RTS     CSPMAPSE PE          285638016       84401000
BUENAVENTURA-B      CMB/B PE            2290935040     1775154048
BANCO WIESE-RTS     BWR PE             25736204288     2463785984
MAPFRE PERU CIA     ES/C PE              285638016       84401000
SCOTIABANK P-ADR    BWS LI             25736204288     2463785984
ENERSUR-C           ENERSUR1 PE          580416000      230496992
HSBC BANK PERU      HSBCC1 PE           1759419008      154556000
PRIMA-COMMON        PRIMAC1 PE           661729984      385502016
ATACOCHA-INV        CMA PE               482719008      177916000
EL BROCAL-INV       SMB PE               365881024      278276000
BANCO DE CREDI-C    BCCDF US           57793863680     4034062080
INTURSA- S-2        TUR/2 PE             229462992      183550992
CEMENTO ANDINO-A    2674229Z PE          584797952      466653984
BELLSOUTH PE-RTS    BELSS PE            3132205056     1062572032
PERU HOLDING-COM    PRE/C PE             200160000      182102992
ATACOCHA-A          CMA/C PE             482719008      177916000
ELECTROPERU-B       ELECPBC1 PE         3441836800     2185539072
CEMENTOS LIMA-I     CL PE               3082447104     1254249984
TABACALERA NA-I2    TN2 PE                92584000       73143000
EL BROCAL-INV       SDDMF US             365881024      278276000
IEQSA-INV           IEQ PE               151188000       93633000
BANCO WIESE-PRF     BW/P PE            25736204288     2463785984
EDEGEL-COMUN        EDECF US            4908487680     2214697984
ADM COMERCIO        BDC/C PE              69558000       25629000
PERU HOLDING-B2     PRE/B PE             200160000      182102992
BUENAVENTURA-A      BVNUF US            2290935040     1775154048
BUENAVENTURA-COM    BVNOF US            2290935040     1775154048
CASTROVIRREYNA-C    CCM/C PE              61703000       29641000
FIMA SA-INV         FIMA PE               43209000       13201000
BUENAVENTURA-ADR    BVN US              2290935040     1775154048
WIESE LEASING-B     SOL/B PE              19393000       19216000
BOLSA DE LIMA-B     BVLBC1 PE             84553000       77889000
SCOTIABANK PER-C    SCBLF US           25736204288     2463785984
GOODYEAR PERU-IN    CGP PE               315205984      231628992
CIA DE MINAS BUE    MNFVF US            2290935040     1775154048
BANCO DE CREDI-C    BCP/C PE           57793863680     4034062080
SCOTIABANK PER-C    SCOTIAC1 PE        25736204288     2463785984
CAVALI-CMN          CAVALI/C PE           40678000       29177000
UNION CERV BA-PB    UPBPF US            2944436992     1776323968
BANCO COMERCIO      BANCOMC1 PE         1120448000    16646259712
MAESTRO HOME CEN    MAESTRC1 PE          299356000       81381000
SUL AMERICA-RIGH    CSPSULAM PE           37133000       32348000
MOROCOCHA-T         SIM PE               248738000      141813008
SEDAPAL             SEDAPBC2 PE         5660919808     3801529088
SIDERURGICA PERU    SIDERC1 PE          1717515008      456174016
CREDITEX-TRABAJO    CRET PE              352997984      246484000
FARMINDUSTRIA SA    FARMINC1 PE          181425008       90197000
EMP FIN EDYFIC-A    EDYFIAC1 PE          692232000      101572000
RELAPASA            RELAPAC1 PE          779112000      233949008
CEMENTO ANDINO-A    ANDINAC1 PE          584797952      466653984
NEGOCIOS INMUEBL    NE PE                172324992      171097008
EXSA SA-INV         EXVTF US             284390976      119492000
GOLD FIELDS-INV     LACIMAI1 PE         2869899008     1385740928
LIMA CAUCHO-C2      LC2 PE                76471000       42477000
AMER SEGUROS        AS PE                 37133000       32348000
FABRICA NAC ET-I    ETNA PE               84887000       61447000
BANCO RIPLEY-COM    FIN/C PE            1042717056      199510000
EXSA SA-COMUN       EXSA/C PE            284390976      119492000
PERU REAL ESTA-C    PERUF US             200160000      182102992
TELEFON PERU-ADR    TDP US             11153221632     3963288064
FALABELLA-COMMON    FALABEC1 PE         3582859008     1086786048
PERU REAL ES-ADR    PERUY US             200160000      182102992
INTERBANK-COMUN     IB/C PE            15335264256      969078016
COMPANIA MINERA     MILPOC1 PE          1032833984      478367008
MILPO-CL B          CMM/B PE            1032833984      478367008
BELLSOUTH PERU-C    BSPUF US            3132205056     1062572032
INCA TOPS-INV       ITO PE               103964000       46137000
ELECTRO SUR ES-C    ESUR/C PE            471736000      433861984
ALICORP-PFD A       ALI/PA PE           2729117952     1233218048
RAURA SA-INV        CMR PE               153296000      109631000
EXSA SA-INV         EXSA PE              284390976      119492000
WIESE SUDAMERIS     WIE/C PE              19393000       19216000
INDUS ENVASE-C      ENV/C PE             115025000       86226000
EXSA SA-COMUN       EXCSF US             284390976      119492000
SANTA LUISA         SL PE                249202000      183167008
GOLD FIELDS         LACIMAC1 PE         2869899008     1385740928
LIMA CAUCHO-INV     LC PE                 76471000       42477000
MILPO-CL A          CMM/C PE            1032833984      478367008
CEMENTOS LIM-ADR    CEMYY US            3082447104     1254249984
EDITORA EL COM-I    EECTF US             613283968      219488000
TICINO PERU-INV     TDP PE                60335000       46512000
TELEFON PERU-ADR    TDP GR             11153221632     3963288064
BRITISH AMER COM    BATC1 PE              92584000       73143000
CREDICORP LTD       D8V GR             21072060416     1668094976
INTEGRA -A          INT/A PE             319952992      262088992
GOODYEAR PERU-T     GYEAF US             315205984      231628992
PACASMAYO-B         IPMYF US            1047009024      541947008
RIMAC-INTL-COMUN    RI/C PE             3529227008      606835968
EMP FIN EDYFIC-B    EDYFIBC1 PE          692232000      101572000
PACASMAYO-B         IPA/B PE            1047009024      541947008
EMPRESA AGRIC-RT    ASJ/R PE             104701000       67682000
TELEFONICA MO-B     TMVPF US            2937650944     1156256896
COMPANIA MINERA     PODERC1 PE           316251008      182848000
MEPSA-INV           MP PE                179398000       77046000
TELEFON PERU-ADR    TDP1 GR            11153221632     3963288064
BUENAVENTURA-ADR    MBU GR              2290935040     1775154048
BUENAVENTURA-ADR    BVN PE              2290935040     1775154048
MILPO-INVERSION     CMM PE              1032833984      478367008
MILPO-CL A          CMM/A PE            1032833984      478367008
MAPFRE PERU CIA     MAPFREC1 PE          285638016       84401000
AUSTRAL GROUP SA    AUSTRAC2 PE         1159769088      530458976
BANCO FINANCIERO    BF/C PE             2817199872      299288992
TELEF PERU-B        CPT/B PE           11153221632     3963288064
BANCO FINANCI-S3    BF/3 PE             2817199872      299288992


UY
--

URUGUAY GOLDFIEL    UGYGF US              70742000       54936000
URUGUAY GOLDFIEL    UGI CN                70742000       54936000
URUGUAY MINERAL     UGY LN                70742000       54936000
URUGUAY MINERAL     UME PG                70742000       54936000
URUGUAY MINERAL     UME EU                70742000       54936000
URUGUAY MINERAL     UME EO                70742000       54936000
URUGUAY MINERAL     UR2 GR                70742000       54936000


VZ
--

SIVENSA             1174Z VC            1895345920     1321449984
BENESCO UNI PRF2    BBP2 VC            20569761792     1735964160
SIVENSA-B           SVS/B VC            1895345920     1321449984
SIVENSA-ADR         SVSR1 VC            1895345920     1321449984
SIVENSA-144A ADR    SDNWY US            1895345920     1321449984
ELEC CARACAS-ADR    XEDC SM             8289593856     5564879872
CANTV-ADR           VNT VC             10638040064     4678473216
SIVENSA-B           SVZBF US            1895345920     1321449984
SIVENSA-ADR B       SVS/R1 VC           1895345920     1321449984
SIVENSA-GDR 144A    SDNXY US            1895345920     1321449984
SIVENSA-ADR B       SVS/R VC            1895345920     1321449984
TELEF VENEZU-ADR    CANUY US           10638040064     4678473216
SIDERURGICA-RTS     SVS/D VC            1895345920     1321449984
SIVENSA             SVS VC              1895345920     1321449984
MERCANTIL SE-ADR    MSVFY US           48665001984     4199000064
MERCANTIL SE-ADR    MSFUY US           48665001984     4199000064
ELEC CARACAS-ADR    L3W GR              8289593856     5564879872
ELEC CARACAS-ADR    ELDAY US            8289593856     5564879872
CEMEX VENEZUE-II    VCM/2 VC            3097107200     2029786240
SIVENSA-ADR         SDNZY US            1895345920     1321449984
PETROLEOS DE VEN    PDVSA VC          126321000448    63881998336
ENVASES VENEZOLA    ENV VC               210958992      112624000
SIVENSA             SDNZF US            1895345920     1321449984
ELEC CARACAS        EDC VC              8289593856     5564879872
SIVENSA-ADR         SDNVY US            1895345920     1321449984
PROAGRO             POAGF US             808039488      188350912
SIVENSA             SGVRF US            1895345920     1321449984
SIVENSA-A           SVS/A VC            1895345920     1321449984
BANESCO BANC-ADR    BBULY US           20569761792     1735964160
UNITED PETROLEUM    UPETD US            3097107200     2029786240
MERCANTIL SERV-A    MSVGF US           48665001984     4199000064
NORVAL BANK CA      BNO VC             19977263104     1140532992
CEMEX VENEZUEL-I    VCM/1 VC            3097107200     2029786240
MERCANTIL SERV-B    MSVFF US           48665001984     4199000064
MANPA-ADR           MUPAY US             614758016      388836128
MERCANTIL SE-ADR    MSFZY US           48665001984     4199000064
MANPA               MUPAF US             614758016      388836128
ELEC CARACAS        ELDAF US            8289593856     5564879872
TELEF VENEZU-ADR    VNTN MM            10638040064     4678473216
BENESCO UNI PRF1    BBP1 VC            20569761792     1735964160


                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA 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-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

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

                            ***********


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 - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marie Therese V. Profetana, Marites O. Claro, Joy
A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman,
Editors.


Copyright 2009.  All rights reserved.  ISSN 1529-2746.

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 Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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