CVM INSTRUCTION NO. 489, OF JANUARY 14, 2011

Provides for the preparation and disclosure of the Financial Statements of Credit Rights Investment Funds – FIDC and Funds of Funds of Credit Rights Investment Funds – FIC-FIDC, governed by CVM Instruction No. 356, of December 17, 2001, of Credit Rights Investment Funds within the scope of the Program for Incentive to Implementation of Projects of Social Interest – FIDC-PIPS, governed by CVM Instruction No. 399, of November 21, 2003 and of Non-Standardized Credit Rights Investment Funds – FIDC-NP, governed by CVM Instruction No. 444, of December 8, 2006.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION makes public that the Collegiate Body, in a meeting held on January 11, 2011, based on the provisions of art. 8, item I, of Law No. 6.385, of December 7, 1976, in art. 44 of CVM Instruction No. 356, of December 17, 2001, in art. 61 of CVM Instruction No. 399, of November 21, 2003 and in art. 2 of CVM Instruction No. 444, of December 8, 2006, APPROVED the following Instruction:

CHAPTER I - SCOPE AND PURPOSE

Art. 1 This Instruction provides for the rules applicable to the preparation and disclosure of financial statements and the accounting criteria for recognition, classification and measurement of assets and liabilities, as well as the recognition of revenue and appropriation of expenses of Credit Rights Investment Funds – FIDC and Funds of Funds of Credit Rights Investment Funds – FIC-FIDC, governed by CVM Instruction No. 356, of December 17, 2001, of Credit Rights Investment Funds within the scope of the Program for Incentive to Implementation of Projects of Social Interest – FIDC-PIPS, governed by CVM Instruction No. 399, of November 21, 2003 and of Non-Standardized Credit Rights Investment Funds – FIDC-NP, governed by CVM Instruction No. 444, of December 8, 2006.

CHAPTER II - ACCOUNTING CRITERIA

Art. 2 FIDCs, FIC-FIDCs, FIDC-PIPSs and FIDC-NPs, with the exception of the provisions contained in this Instruction, must apply the accounting criteria for recognition, classification and measurement of assets and liabilities, as well as those for recognition of revenue and appropriation of expenses, provided in the accounting standards issued by this Commission applicable to public companies, which deal with the recognition and measurement, presentation and disclosure of financial instruments.

Sole Paragraph. The gain or loss resulting from an asset or liability of the fund must be recognized in the period's result.

Art. 3 FIDCs, FIDC-PIPSs and FIDC-NPs must classify credit rights operations, for accounting registration purposes, into the following groups:

I - operations with substantial acquisition of risks and benefits; or

II – operations without substantial acquisition of risks and benefits;

§ 1 In the group defined in item I of the caput, operations must be classified in which the fund acquires substantially all the risks and benefits of ownership of the credit right object of the operation and that, as a consequence, entails the derecognition of the credit right in the transferor's accounting records, such as:

I – unconditional assignment of credit right including the right to sell it at fair value, in its entirety, autonomously and without imposition of additional restrictions on the sale operation; and

II – assignment of credit right together with a repurchase option at fair value at the time of repurchase.

§ 2 In the group defined in item II of the caput, operations must be classified in which the fund does not acquire substantially all the risks and benefits of ownership of the credit right object of the operation and that, as a consequence, do not entail the derecognition of the credit right in the transferor's accounting records, such as:

I – assignment of credit right together with a commitment to repurchase the same asset at a fixed price or purchase price added by any earnings;

II – assignment of credit right together with derivative or insurance operations in which the transferor or related party guarantees a minimum return to any class of quotas or transfers the exposure to market or credit risk back to the transferor or related party;

III – assignment of credit rights for which the transferor or related party guarantees, in any form, including by acquiring subordinated quotas, to compensate the fund, at a minimum, for the likely credit losses, observing the provisions of art. 4; and

IV – any other mechanisms, outside normal market conditions, aimed at mitigating the fund's exposure to market or credit risk, such as repurchase, substitution or swap of credit rights or even contribution of subordinated quotas by the transferor or related party, in a recurrent or systematic manner.

Art. 4 The assessment regarding the acquisition or not of the risks and benefits of ownership of the credit right is the responsibility of the administering institution, which must be established based on consistent and verifiable criteria, using as methodology, preferably, the level of exposure of the fund to the variation in the expected cash flow associated with the credit right object of the operation.

§ 1 It is presumed that the fund acquires substantially all the risks and benefits of ownership of the credit right object of the transfer operation when its exposure to the variation in the expected cash flow associated with the credit right object of the operation is relevant.

§ 2 It is presumed that the fund is not substantially exposed to the variation of the expected cash flow associated with the credit right when the transferor or related party, in relation to the assignment operation, assumes an unformalized obligation or when guarantees, in any other form, to compensate for the credit losses associated with the credit right object of the operation, including by acquiring subordinated quotas of the fund in an amount equal to or greater than the expected losses associated with the credit right.

§ 3 The terms “unformalized obligation” and “related party” are used in this Instruction with the meaning specified in the accounting standards issued by this Commission for public companies that deal, respectively, with Provisions, Contingent Liabilities and Contingent Assets and with Disclosures about Related Parties.

§ 4 The assessment defined in the caput is not necessary in cases where the retention or not of the risks and benefits of ownership of the credit right object of the operation is evident.

Art. 5 The accounting registration of the acquisition of assets classified in the group defined in item I of art. 3 must be made in an account representing credit rights with substantial acquisition of risks and benefits, in accordance with the nature of the original operation, maintaining analytical accounting or off-accounting controls on the original contracted value in the operation.

Art. 6 The accounting registration of the acquisition of assets classified in the group defined in item II of art. 3 must be made in an account representing credit rights without substantial acquisition of risks and benefits, maintaining analytical accounting or off-accounting controls on the original contracted value in the operation.

Art. 7 The accounting registration of operations in which the substantial acquisition of risks and benefits over credit rights cannot be objectively defined must observe the following procedures:

I – registration in the asset, in an account representing credit rights with substantial acquisition of risks and benefits, in accordance with the nature of the original operation, of the proportion corresponding to the risks and benefits of the credit rights transferred to the fund; and

II – registration in the asset, in an account representing credit rights without substantial acquisition of risks and benefits, of the proportion corresponding to the risks and benefits of the credit rights not transferred to the fund.

§ 1 Analytical accounting or off-accounting controls must be maintained on the original contracted value in the operation.

§ 2 For the purpose of the provision in the caput of this article, it is understood that the guarantee provided by the transferor or related party, in any form, including by acquiring subordinated quotas of the fund or assuming an unformalized obligation, is of value considered sufficient for the retention of some risks and benefits of ownership of the credit right, but not substantially all, so that the fund also begins to acquire other risks and benefits of ownership of the credit right object of the operation.

Art. 8 At any time, credit rights classified in the group defined in item II of art. 3 may be reclassified to the group defined in item I of art. 3, provided that the condition provided in § 1 of art. 4 is present.

Art. 9 In the form provided for in article 19 of this Instruction, the CVM may determine the reclassification of credit rights and the rewriting of the fund's financial statements if any practice of compensating for credit losses above the initial guarantee constituted or concomitantly with that, in order to transfer substantially all the risks and benefits of ownership of the credit right object of the operation back to the transferor or related party, including the assumption of an unformalized obligation, is found.

Art. 10 The provisions provided in this Chapter:

I – also apply to operations of assignment of a portion of credit right or of a set of similar credit rights;

II – must only be applied to the portion of credit right if the object of the assignment is a specifically identified part of the cash flow of the credit right or proportion of the cash flow of the credit right; and

III – must be applied to the credit right in its entirety, in other cases.

CHAPTER III - PROVISION FOR LOSSES FROM REDUCTION IN THE RECOVERABLE VALUE OF ASSETS EVALUATED AT COST OR AMORTIZED COST

Art. 11 Whenever there is evidence of a reduction in the recoverable value of the fund's assets, evaluated at cost or amortized cost, a provision for losses must be recorded.

Art. 12 A loss from reduction in recoverable value must be measured and recorded by the difference between the book value of the asset before the change in estimate and the present value of the new expected cash flow calculated after the change in estimate, provided that the change is related to a deterioration of the previous estimate of expected credit losses.

§ 1 For fixed-rate assets, due to the effective interest rate being constant, the discount rate to be used is the effective interest rate calculated at initial recognition.

§ 2 For floating-rate assets, due to the effective interest rate not being constant, the discount rate to be used is the current interest rate of the market parameter used.

§ 3 The recording of the loss must be made through a provision account, with its counterpart in the period's result.

Art. 13 For credit rights from the same debtor, the loss determined in the previous article must be measured on the entire expected cash flow of that debtor, taking into account the nature of the transaction and the characteristics of the guarantees, such as sufficiency and liquidity.

Art. 14 The reversal of the previously constituted loss provision must be made as long as there is an improvement in the previous estimate of expected credit losses.

Art. 15 For the purpose of calculating the amortized cost, it is admitted that the expected cash flow is estimated on an individual or collective basis of the asset.

§ 1 Regardless of the chosen form, the estimate must always be based on expected losses.

§ 2 When the administering institution evaluates the use of estimates on individual or collective bases, it must:

I – use the method that produces the best estimate; and

II – ensure that the method used does not result in double counting of credit losses.

§ 3 If the administering institution chooses to estimate the expected cash flow by group of assets, the assets must be grouped by segments and each group within the segment must have similar credit risk characteristics, which are indicative of the debtor's ability to honor the commitments assumed according to the contractual clauses, considering factors such as:

I – economic activity;

II – geographic location;

III – type of guarantee given;

IV – default history; and

V – degree of indebtedness.

Art. 16 The administering institution must disclose and explain, in explanatory notes, the estimates and changes in estimates that are required to determine the amortized cost.

CHAPTER IV - FINANCIAL STATEMENTS AND DISCLOSURE OF INFORMATION

Art. 17 Without prejudice to the other information required, the administering institution of the funds specified in this Instruction must deliver the following documents and financial statements to which arts. 45 and 48 of CVM Instruction No. 356, of 2001, refer:

I - Monthly Report (Annex A); and

II the following annual financial statements, accompanied by the independent auditor's report:

a) Statement of Financial Position (Annex B);

b) Statement of Result (Annex C);

c) Statement of Changes in Equity (Annex D);

d) Statement of Cash Flows by Direct or Indirect Method (Annex E or F); and

e) Explanatory Notes.

§ 1 The base date of the financial statements is the last day of the month chosen for the closing of the fund's period.

§ 2 The financial statements are comparative with the previous period.

§ 3 The base date of the monthly report is the last day of the month.

§ 4 The monthly report form is an electronic document whose content reflects Annex A, which must be delivered by the administering institution within 15 (fifteen) days counted from the closing of the month to which it refers.

§ 5 The content of the financial statements must obey the minimum structure provided in Annexes B, C, D and E or F, and must be delivered by the administering institution, together with the independent auditor's report, within 90 (ninety) days counted from the closing of the period to which they refer.

§ 6 The explanatory notes are an integral part of the financial statements.

§ 7 In the cases of incorporation, merger, spin-off, closure of activities or transfer of the administering institution, the independent auditor must issue an opinion on the financial statements of the funds involved on the respective base dates of the event, within 60 (sixty) days of the date of the event.

§ 8 The explanatory notes must include, at a minimum, the following information:

I – operational context: include the start date of activities, the target audience, object contained in the regulation, summary of the strategy adopted, the risks incurred by quota holders inherent to the investments;

II – presentation and preparation of financial statements: indicate that the financial statements were prepared in accordance with accounting practices adopted in Brazil for investment funds, which are defined by the standards provided in this Instruction and by the guidelines emanating from the Securities and Exchange Commission;

III – operations with substantial acquisition of the risks and benefits of ownership of the credit right, containing:

a) description of the characteristics of the credit rights acquired by the fund; and

b) book value of the credit rights acquired in proportion to the risks and benefits transferred to the fund (operations in which the substantial acquisition of risks and benefits cannot be objectively defined);

IV – operations without substantial acquisition of the risks and benefits of ownership of the credit right, containing:

a) description of the characteristics of the credit rights; and

b) book value of the credit rights in proportion to the risks and benefits not transferred to the fund (operations in which the substantial acquisition of risks and benefits cannot be objectively defined);

V – transfer of the risks and benefits of ownership of the credit right: information on the criteria, methodologies and assessments adopted by the administering institution for the definition of the substantial or not acquisition of the risks and benefits of ownership of the credit right object of the operation;

VI – information on the portfolio: inform the portfolio by maturity date, provision value, type and nature of asset, segregating the values to be received from the overdue values;

VII - risk management: describe the main risk management practices effectively adopted by the fund, notably regarding credit, liquidity and interest rate risks;

VIII – inform the rates practiced by group of operation performed in the exercise;

IX – co-obligation: inform the co-obligation criteria existing regarding the default of the credit rights, provided or not in the assignment contract, informing, even, what would be the impact on the fund's quota value if this obligation or practice ceased;

X- alienation, by any title, including sale or swap: disclose the total value of credits reacquired and substituted in the exercise by the transferor, informing the acquisition value, result earned in each operation, outstanding balance, if applicable, and the reason that gave rise to the repurchase and substitution;

XI – guarantees: inform the existence of real or fiduciary guarantees in favor of the fund;

XII – overdue portfolio: disclose the value of the stock of the same debtor and the criterion for measuring the impact on the installments to be received regarding the same debtor in other operations;

XIII – provision for losses from reduction in recoverable value:

a) inform the evaluation and constitution criteria, as well as the movement of the provision in the exercise, highlighting the movement due to changes in estimates;

b) inform the procedures adopted to carry out the monitoring of credit rights, regarding the debtor's or guarantor's ability to honor payments; and

c) if the transferor or related party practices acquisition, by any title, of defaulted credit rights, inform the procedures adopted to monitor their ability to maintain this practice;

XIV – reclassification: disclose the reasons and conditions in the reclassification of credit rights.

XV – derivative financial instruments: inform the policy and risks of use and the values recognized in the period's result, also informing if there are guarantees and, if affirmative, what the counterparty is;

XVI - evolution of quota value and profitability: inform the evolution of the value of each type and class of quotas of the fund and their respective profitability, in the last two social years, considering, for closed funds, the variation of the theoretical quota (disregarding amortizations);

XVII - issuances, amortizations and redemptions of quotas: present the criteria adopted, informing the issuances, amortizations and redemptions occurred in the exercise, also indicating the total in quantity and value of the quotas subscribed by the transferor, or related party, and that were integralized in credits;

XVIII - negotiation of quotas: inform the main negotiation environments of the fund's quotas, if any;

XIX - custody and treasury: describe whether the services are provided by third parties or by the administering institution itself, indicating, in the first case, the name of each of these service providers;

XX - fund charges: inform the criteria adopted for calculation and payment, including if there is contracting of third parties;

XXI - classification by risk rating agency: inform which the assessment, the period to which it refers and the evaluating institution, and, if the fund is exempt from risk classification, inform what the regulatory basis for the exemption is;

XXII - other services provided by the independent auditor: inform if the independent auditors provide another type of service, other than auditing, to the fund administrator;

XXIII - judicial demands: inform if there is any type of judicial demand and the value involved;

XXIV - other information: include other information deemed relevant for the complete understanding of the financial statements, notably regarding cases that have resulted in the application of art. 21 and its effects on the fund's equity; and

XXV – subsequent events: inform the relevant events occurred after the closing date of the financial statements and before their issuance.

CHAPTER V - FINAL PROVISIONS

Art. 18 The administering institution of the investment funds specified in this Instruction must keep at the disposal of the CVM, for a minimum period of 5 (five) years, or for a longer period due to specific legislation or express determination, all reports, documents and information that clearly and objectively demonstrate compliance with the procedures and criteria provided in this Instruction.

Art. 19 If impropriety or inconsistency is found in the processes of recognition, classification, measurement and disclosure of assets and liabilities, recognition of revenue and appropriation of expenses, the CVM's Superintendency of Institutional Investors - SIN, after consulting the CVM's Superintendency of Accounting Standards and Auditing – SNC, may determine the change, reclassification, registration or derecognition, with the consequent recognition of the effects in the financial statements, without prejudice to the other applicable sanctions.

§ 1 The determination of change, reclassification, registration or derecognition referred to in the caput of this article implies the obligation to rewrite and resubmit the fund's financial statements to the CVM.

§ 2 The administering institution may rewrite the financial statements that contain, in its judgment, improprieties or inconsistencies, and must resubmit them to the CVM.

Art. 20 Any specific formal consultations regarding the interpretation of accounting standards and procedures provided in this Instruction, or in other applicable standards, must be addressed to the Superintendency of Institutional Investors - SIN and must be signed by the administering institution and the qualified professional responsible for the accounting.

CVM INSTRUCTION NO. 489, OF JANUARY 14, 2011

§ 1º The inquiry must expose the opinion of the administering institution regarding the best interpretation of the regulation concerning the raised issue, indicating all technical and legal grounds supporting the understanding.

§ 2º Inquiries concerning the change or adoption of new accounting practices must be accompanied by the statement of the independent auditor.

Art. 21. With the objective of preserving substance over form, in extremely rare cases where the administering institution concludes that the adoption of a specific provision provided in this Instruction, or in another specific regulation, may result in distorted information, inadequate calculation of the fund's quota value, or inequitable distribution of results among quota holders, to the point of conflicting with the objective of financial statements to faithfully and clearly portray the fund's actual economic-financial situation, the administering institution may, through the procedure provided in Art. 20, refrain from applying a provision provided in this Instruction.

Art. 22. The Superintendent of Institutional Investors – SIN is authorized to promote changes, additions, or eliminations of a technical-formal nature that are necessary in the electronic document of the Monthly Report.

Sole Paragraph. The changes, additions, or eliminations referred to in the caput of this article will be previously submitted to the appreciation of the Regulation Committee, created by CVM/PTE Ordinance No. 042, of May 6, 2005, and cannot result in changes to the procedures provided in this Instruction or in other applicable regulations.

Art. 23. If any relevant irregularity is found regarding what this Instruction, other applicable regulations, or the fund's regulations establish, the independent auditor must communicate the fact to the CVM, in writing, within a maximum period of 15 (fifteen) days, counted from the date of identification of the irregularity.

Art. 24. Articles 45, 48, and 57-A of CVM Instruction No. 356, of 2001, shall enter into force with the following wording:

“Art. 45. The administering institution must send a monthly report to the CVM, through the Document Submission System available on the Commission's page on the worldwide computer network, according to the model and content available on said page, observing the deadline of 15 (fifteen) days after the closing of each month of the civil calendar, based on the last business day of that month.

Sole Paragraph. Any corrections to the information provided in this article must be communicated to the CVM until the first business day subsequent to the date of the respective occurrence.” (NR)

“Art. 48. The administering institution must send to the CVM, through the Document Submission System available on the CVM's page on the worldwide computer network, within 90 (ninety) days after the closing of the fiscal year to which they refer, the annual financial statements of the Fund”. (NR)

“Art. 57-A. In cases of incorporation, merger, spin-off, closure of activities, or transfer of the administering institution, the independent auditor must issue an opinion on the financial statements of the funds involved on the respective base dates of the event.

Sole Paragraph. After the distribution of assets, the fund administrator must promote the cancellation of the fund's registration, by forwarding to the CVM, within 15 (fifteen) days, the following documentation:

I – the closure term signed by the administrator, in case of full payment to quota holders, or the minutes of the general assembly that deliberated the liquidation of the fund, when applicable;

II – the financial statements of the fund referred to in the caput of this article, accompanied by the independent auditor's opinion; and

III – the proof of entry of the request for deregistration in the CNPJ”. (NR)

Art. 25. The presentation of a comparative period in the first fiscal year of adoption of this regulation is prohibited.

Art. 26. This Instruction enters into force on the date of its publication, applying to fiscal years beginning on or after August 1, 2011.

Signed originally by

MARIA HELENA DOS SANTOS FERNANDES DE SANTANA
President

CVM INSTRUCTION NO. 489, OF JANUARY 14, 2011

ANNEX A

Monthly Report

Competence: MM/YYYY

Administrator:
Fund Name:
Type of Condominium:
Exclusive Fund:
All Quota Holders Linked by Single and Indivisible Interest?
CNPJ:
CNPJ:
Open/Closed
Yes/No
Yes/No

SPECIFICATIONS BALANCE (R$)/INFORMATION

I – Applications

1 - Liquidity

2 - Portfolio

a) Credit Rights with Substantial Acquisition of Risks and Benefits

a.1) Existing Credits Due and Adherent

a.2) Existing Credits Due with Delinquent Installments

a.3) Existing Credits Delinquent

a.4) Credits Referencing Credit Rights to be Performed

a.5) Credits Originated from Companies in Judicial or Extrajudicial Recovery Process

a.6) Credits resulting from public revenues originating or derived from the Union, States, Federal District, and Municipalities, their Autarchies, and Foundations

a.7) Credits resulting from ongoing judicial actions, constitute their object of litigation, or have been judicially seized or given as guarantee

a.8) Credits whose constitution or legal validity of the assignment to the fund is considered a predominant risk factor

a.9) Other credits, of diverse nature, not encompassed in the provision of item I of Art. 2 of ICVM 356

a.10) Provision for Reduction in Recovery Value

(-)

b) Credit Rights without Substantial Acquisition of Risks and Benefits

b.1) Credit Rights (specify the assignor when representing more than 10% of the Fund's Equity)

c) Securities

c.1) Debentures

c.2) CRI

c.3) Commercial Promissory Notes

c.4) Financial Letters

c.5) Quotas of Funds of ICVM 409

c.6) Others

d) Federal Public Bonds

e) Bank Deposit Certificates

f) Applications in Committed Operations

g) Other Fixed Income Financial Assets

h) Quotas of Investment Funds in Credit Rights

i) Quotas of Investment Funds in Non-Standardized Credit Rights

j) Warrants, Contracts for Purchase and Sale of Products, Commodities and/or Services for Future Delivery or Provision

3 – Positions Maintained in Derivatives Markets

a) Forward Market

a.1) Purchased Positions

a.2) Sold Positions

b) Options Market

b.1) Holder Positions

b.2) Writer Positions

c) Futures Market

c.1) Purchased Positions

c.2) Sold Positions

d) Swap Differential

d.1) To Pay

d.2) To Receive

e) Margin Deposits and/or Provided Coverings

4 – Other Receivables

a) Short Term (realization within 12 months of the report date)

b) Long Term (realization after 12 months of the report date)

CVM INSTRUCTION NO. 489, OF JANUARY 14, 2011

II – Portfolio by Segment (2a and 2b)

a) Industrial

b) Real Estate Market (non-financial – see items f6 and f7 below)

c) Commercial

c.1) Commercial

c.2) Commercial - Retail

c.3) Financial Leasing

d) Services

d.1) Services

d.2) Public Services (electricity, telephony, transport, sanitation, etc.)

d.3) Educational Services

d.4) Entertainment

e) Agribusiness

f) Financial

f.1) Personal Credit

f.2) Payroll-deducted Personal Credit

f.3) Corporate Credit

f.4) Middle Market

f.5) Vehicles

f.6) Real Estate Portfolio - Corporate

f.7) Real Estate Portfolio - Residential

f.8) Others

g) Credit Card

h) Factoring

h.1) Factoring – Personal (Assignee Profile)

h.2) Factoring – Corporate (Assignee Profile)

i) Public Sector (Art. 1, §1, II, ICVM 444)

i.1) Precatórios

i.2) Tax Credits

i.3) Royalties

CVM INSTRUCTION NO. 489, OF JANUARY 14, 2011

i.4) Others

j) Judicial Actions (Art. 1, §1, III, ICVM 444)

k) Intellectual Property and Brands & Patents

III – Liability

a) Fund Quotas classified as Financial Liability

b) Appropriated Values in the Month

IV – Equity

a) Equity Value

b) Average Equity Value (last three months)

V – Behavior of Credit Rights Portfolio with Substantial Acquisition of Risks and Benefits

a) By Maturity Period

a.1) Up to 30 days

a.2) From 31 to 60 days

a.3) From 61 to 90 days

a.4) From 91 to 120 days

a.5) From 121 to 150 days

a.6) From 151 to 180 days

a.7) From 181 to 360 days

a.8) From 361 to 720 days

a.9) From 721 to 1080 days

a.10) Above 1080 days

b) Delinquent (Value of Delinquent Installments)

b.1) Due and Unpaid between 1 and 30 days

b.2) Due and Unpaid between 31 and 60 days

b.3) Due and Unpaid between 61 and 90 days

b.4) Due and Unpaid between 91 and 120 days

b.5) Due and Unpaid between 121 and 150 days

b.6) Due and Unpaid between 151 and 180 days

b.7) Due and Unpaid between 181 and 360 days

b.8) Due and Unpaid between 361 and 720 days

b.9) Due and Unpaid between 721 and 1080 days

CVM INSTRUCTION NO. 489, OF JANUARY 14, 2011

b.10) Due and Unpaid above 1080 days

c) Paid Early

c.1) Paid Early between 1 and 30 days of maturity

c.2) Paid Early between 31 and 60 days of maturity

c.3) Paid Early between 61 and 90 days of maturity

c.4) Paid Early between 91 and 120 days of maturity

c.5) Paid Early between 121 and 150 days of maturity

c.6) Paid Early between 151 and 180 days of maturity

c.7) Paid Early between 181 and 360 days of maturity

c.8) Paid Early between 361 and 720 days of maturity

c.9) Paid Early between 721 and 1080 days of maturity

c.10) Paid Early above 1080 days of maturity

VI - Behavior of Credit Rights Portfolio without Substantial Acquisition of Risks and Benefits

a) By Maturity Period

a.1) Up to 30 days

a.2) From 31 to 60 days

a.3) From 61 to 90 days

a.4) From 91 to 120 days

a.5) From 121 to 150 days

a.6) From 151 to 180 days

a.7) From 181 to 360 days

a.8) From 361 to 720 days

a.9) From 721 to 1080 days

a.10) Above 1080 days

b) Delinquent (Value of Delinquent Installments)

b.1) Due and Unpaid between 1 and 30 days

b.2) Due and Unpaid between 31 and 60 days

b.3) Due and Unpaid between 61 and 90 days

b.4) Due and Unpaid between 91 and 120 days

b.5) Due and Unpaid between 121 and 150 days

b.6) Due and Unpaid between 151 and 180 days

b.7) Due and Unpaid between 181 and 360 days

b.8) Due and Unpaid between 361 and 720 days

b.9) Due and Unpaid between 721 and 1080 days

CVM INSTRUCTION NO. 489, OF JANUARY 14, 2011

b.10) Due and Unpaid above 1080 days

c) Paid Early

c.1) Paid Early between 1 and 30 days of maturity

c.2) Paid Early between 31 and 60 days of maturity

c.3) Paid Early between 61 and 90 days of maturity

c.4) Paid Early between 91 and 120 days of maturity

c.5) Paid Early between 121 and 150 days of maturity

c.6) Paid Early between 151 and 180 days of maturity

c.7) Paid Early between 181 and 360 days of maturity

c.8) Paid Early between 361 and 720 days of maturity

c.9) Paid Early between 721 and 1080 days of maturity

c.10) Paid Early above 1080 days of maturity

VII – Transactions with Credit Rights Conducted in the Month

Acquisitions

Alienations

To the Assignor and Related Parties

To
Service Providers1 and
Related Parties

To
Third Parties Total

Book Value at the Moment of
Alienation/Substitution/Repurchase

Qty Value Qty Value Qty Value Qty Value Qty Value Value

a) Credit Rights with
Substantial
Acquisition of Risks and
Benefits

b) Credit Rights without
Substantial
Acquisition of Risks and
Benefits

c) Credit Rights to
Vary and
Adherent

d) Credit Rights to Vary with
Delinquent
Installments

e) Credit Rights
Delinquent

VIII – List of the Value Due of the 25 Largest Debtors (Assignees) of the Fund

Description CPF/CNPJ Value (R$)

Assignee/Debtor 1

Assignee/Debtor 2

Assignee/Debtor 3

Assignee/Debtor 4

Assignee/Debtor 5

Assignee/Debtor 6

Assignee/Debtor 7

Assignee/Debtor 8

Assignee/Debtor 9

Assignee/Debtor 10

Assignee/Debtor 11

Assignee/Debtor 12

Assignee/Debtor 13

Assignee/Debtor 14

Assignee/Debtor 15

Assignee/Debtor 16

Assignee/Debtor 17

Assignee/Debtor 18

Assignee/Debtor 19

Assignee/Debtor 20

Assignee/Debtor 21

Assignee/Debtor 22

Assignee/Debtor 23

Assignee/Debtor 24

Assignee/Debtor 25

IX - Rates Practiced in Transactions with Credit Rights Conducted in the Month

Discount Rate Interest Rate

Purchase Sale Purchase Sale

Min. Avg. Max. Min. Avg. Max Min. Avg. Max. Min. Avg. Max.

Credit Rights with

CVM INSTRUCTION NO. 489, OF JANUARY 14, 2011

Substantial Acquisition of
Risks and Benefits

Credit Rights without
Substantial Acquisition of
Risks and Benefits

Securities

Federal Public Bonds

Bank Deposit Certificates

Other Fixed Income Financial Assets

X – Other Information

1. Number of Quota Holders

Senior Class

Subordinated Class

Subordinated Class 1

Subordinated Class 2

2. Description of Series/Class (separate by class and series)

Senior Class

Series

Number of Quotas

Quota Value (R$)

Subordinated Class 1

Series

Number of Quotas

Quota Value (R$)

Subordinated Class 2

Series

Number of Quotas

Quota Value (R$)

3. Return Calculated in the Month

Senior Class

Subordinated Class 1

CVM INSTRUCTION NO. 489, OF JANUARY 14, 2011

Subordinated Class 2

4. Fundraising, Redemptions, and Amortizations

Fundraising in the Month (total value raised and number of quotas issued)

Redemptions in the Month (Open FIDC - number of quotas redeemed and total redemption value)

Redemptions Requested and Still Unpaid (Open FIDC - number of quotas to be redeemed and value to be paid)

Amortizations (Inform amortized value per quota and total amortization value)

5. Liquidity (Open FIDC)

Assets with immediate liquidity

Assets that can be liquidated within 30 days

Assets that can be liquidated within 60 days

Assets that can be liquidated within 90 days

Assets that can be liquidated within 180 days

Assets that can be liquidated within 360 days

Assets that can be liquidated in more than 360 days

6. Expected Performance (Benchmark) and Realized

The existence of a specific field in this report does not mean authorization for its use. The administrator must observe the criteria established in the Instruction that regulates the constitution, administration, and functioning of the fund.

CVM INSTRUCTION NO. 489, OF JANUARY 14, 2011

ANNEX B

Financial Position Statement (*)

Fiscal years ended

Fund Name: CNPJ:

Administering Institution: CNPJ:

ASSET

Period
Current
Period
Previous

In R$ thousand
%
PL In R$ thousand
% PL

Liquidity

Federal Public Bonds

Private Fixed Income Bonds

Variable Income Bonds

Financial Derivative Instruments

Credit Rights with Substantial Acquisition of Risks and Benefits

Credit Rights without Substantial Acquisition of Risks and Benefits

Investment Funds - CVM Instruction 409

Investment Funds in Credit Rights

Investment Funds in Non-Standardized Credit Rights

Other Quotas of Investment Funds

Other Receivables

TOTAL ASSET

LIABILITY

Period
Current
Period
Previous

In R$ thousand
% PL In R$ thousand
% PL

Financial Derivative Instruments

Administrative and Performance Fees Payable

Redemptions Payable

Other Values Payable

Fund Quotas Classified as Financial Liability 1 2

TOTAL LIABILITY

EQUITY

CVM INSTRUCTION NO. 489, OF JANUARY 14, 2011

Fund Quotas 2

TOTAL LIABILITY AND EQUITY

(*) Minimum presentation model. Each entity must adapt it to its operational needs.

1 Financial instruments issued by the fund with characteristics of financial liability. Specify quantity and value.

2 Segregate by quota class

ANNEX C

Income Statement (*)

Periods ended

Fund Name: CNPJ:

Administering Institution: CNPJ:

Period
Current
Period
Previous

In R$ thousand In R$ thousand

COMPOSITION OF FISCAL YEAR RESULT

Credit Rights without Substantial Acquisition of Risks and Benefits

Revenues

Result from Transactions

Credit Rights with Substantial Acquisition of Risks and Benefits

Fair Value Adjustment

Revenues

Provision for Reduction in Recovery Value

Result from Transactions

Quotas of Investment Funds in Credit Rights

Recognition of Gains/Losses

Quotas of Investment Funds in Non-Standardized Credit Rights

Recognition of Gains/Losses

Other Investment Funds

Recognition of Gains/Losses

Federal Public Bonds

Revenues

Fair Value Adjustment

Result from Transactions

CVM INSTRUCTION NO. 489, OF JANUARY 14, 2011

Private Fixed Income Bonds

Revenues

Fair Value Adjustment

Result from Transactions

Financial Derivative Instruments

Fair Value Adjustment

Other Revenues

Other Expenses

Remuneration of the Administering Institution

Audit

Other Expenses of Financial System Services

CVM Supervision Fee

Other Expenses

Financial Expenses Attributed to Holders of Quotas Classified as Financial Liability

FISCAL YEAR RESULT BELONGING TO HOLDERS OF
QUOTAS CLASSIFIED IN EQUITY

(*) Minimum presentation model. Each entity must adapt it to its operational needs.

CVM INSTRUCTION NO. 489, OF JANUARY 14, 2011

ANNEX D

Statement of Changes in Equity (*)

Fiscal years ended

Fund Name: CNPJ:

Administering Institution: CNPJ:

Period
Current
Period
Previous

In R$ thousand In R$ thousand

EQUITY AT THE BEGINNING OF THE FISCAL YEAR

FISCAL YEAR RESULT BELONGING TO HOLDERS OF
QUOTAS CLASSIFIED IN EQUITY

QUOTAS ISSUED

QUOTA REDEMPTION

AMORTIZATION

INCREASE/DECREASE DUE TO QUOTA MOVEMENT

EQUITY AT THE END OF THE FISCAL YEAR

(*) Minimum presentation model. Each entity must adapt it to its operational needs.

CVM INSTRUCTION NO. 489, OF JANUARY 14, 2011

ANNEX E

Cash Flow Statement - Direct Method (*)

Fiscal years ended

Fund Name: CNPJ:

Administering Institution: CNPJ:

DD/MM/YYYY DD/MM/YYYY

In R$ thousand In R$ thousand

Cash Flow from Operating Activities

Purchase of Credit Rights

Sale of Credit Rights

Receipt of Interest/Amortization of Credit Rights

Purchase of Other Financial Instruments

Sale of Other Financial Instruments

Receipt of Returns from Other Financial Instruments

Payment of Administrative Fee

Other Payments/Receipts

Net Cash from Operating Activities

Cash Flow from Financing Activities

Senior Quotas Issued

Senior Quotas Amortized/Redeemed

Subordinated Quotas Issued

Subordinated Quotas Amortized/Redeemed

Net Cash from Financing Activities

Variation in Cash and Cash Equivalents

Cash and Cash Equivalents at the Beginning of the Period

Cash and Cash Equivalents at the End of the Period

(*) Minimum presentation model. Each entity must adapt it to its operational needs.

CVM INSTRUCTION NO. 489, OF JANUARY 14, 2011

ANNEX F

Cash Flow Statement - Indirect Method (*)

Fiscal years ended

Fund Name: CNPJ:

Administering Institution: CNPJ:

DD/MM/YYYY DD/MM/YYYY

In R$ thousand In R$ thousand

Cash Flow from Operating Activities

Net Fiscal Year Result

Adjusted to reconcile net profit with cash flow

(-) Interest on Appropriated Credit Rights

(+/-) Fair Value Adjustment of Credit Rights

(+/-) Fair Value Adjustment of Other Financial Instruments

(+/-) Loss or Gain on Sale of Credit Rights

(+/-) Loss or Gain on Sale of Other Financial Assets

(+) Provision for Reduction in Realization Value of Credit Rights

(+) Interest on Received Credit Rights

(+) Returns from Other Financial Assets Received

(+) Receipt from Sale of Financial Assets

Net Cash from Operating Activities

Cash Flow from Financing Activities

Senior Quotas Issued

Senior Quotas Amortized/Redeemed

Subordinated Quotas Issued

Subordinated Quotas Amortized/Redeemed

Net Variation in Cash and Cash Equivalents

Cash and Cash Equivalents at the Beginning of the Period

Cash and Cash Equivalents at the End of the Period

(*) Minimum presentation model. Each entity must adapt it to its operational needs.