Accounting Manual for Investment Funds

THE COMMITTEE OF STANDARDS OF THE CENTRAL RESERVE BANK OF EL SALVADOR,

CONSIDERING:
I. That Article 5 of the Investment Funds Law stipulates that the Superintendence of the Financial System is the administrative authority responsible for supervising Investment Fund Managers, their operations, and other participants regulated by the same.
II. That Article 6 of the Investment Funds Law assigns to the Central Reserve Bank of El Salvador the issuance of the necessary Technical Standards to allow the application of said Law.
III. That Articles 25, letter b), and 91 of the Investment Funds Law establish that the accounting of Investment Funds must be independent of the accounting of Investment Fund Managers.
IV. That Article 34 of the Investment Funds Law defines that for each Investment Fund administered by the Manager, monthly financial statements must be published on its website or another medium determined for such effect by the Technical Standards.
V. That Article 92 of the Investment Funds Law requires each Manager to publish in the newspaper of national circulation established in the Fund's internal regulations, the financial statements of each of the Funds it administers, on June 30 and December 31 of each year.
VI. That Article 99, letter c), of the Law on Supervision and Regulation of the Financial System establishes that it is the responsibility of the Committee of Standards of the Central Reserve Bank to approve the Technical Standards for the preparation, presentation, and dissemination of Financial Statements and supplementary information of the members of the financial system; to determine accounting obligations and the principles according to which they must keep their accounting; and to establish criteria for the valuation of assets, liabilities, and the creation of provisions and reserves for risks.

THEREFORE,

by virtue of the regulatory powers conferred by Article 99 of the Law on Supervision and Regulation of the Financial System, AGREES to issue the following:

ACCOUNTING MANUAL
FOR INVESTMENT FUNDS

CONTENTS

CHAPTER I
GENERAL PROVISIONS
Comprises the general application provisions for the recognition, measurement, presentation, and disclosure of Investment Fund operations.

CHAPTER II
ACCOUNTING FRAMEWORK
Comprises the accounting principles that Investment Funds will apply to their operations, which will be composed of sections indicating how to proceed for the accounting of regulated elements.

Sections of the Chapter:
SECTION 1. Cash and Cash Equivalents.
SECTION 2. Financial Instruments.
SECTION 3. Derivative Financial Instruments.
SECTION 4. Investment Properties.
SECTION 5. Specific Treatments Defined for the Presentation of Financial Statements.
SECTION 6. Preparation, Presentation, Disclosure, and Publication of Financial Statements.

CHAPTER III
CHART OF ACCOUNTS
Comprises the list of accounts provided for the accounting of respective operations.

CHAPTER IV
ACCOUNTING APPLICATIONS MANUAL
Comprises the description of the concept of accounts and the main applications by which they will be affected.

CHAPTER V
FINANCIAL STATEMENTS
Models of Financial Statements.

CHAPTER VI
OTHER PROVISIONS AND VALIDITY

CHAPTER I
GENERAL PROVISIONS

INTRODUCTION
This "Accounting Manual for Investment Funds," hereinafter the Manual, aims to define the set of norms that establish the procedures to be followed for the uniform and homogeneous recording of operations, preparation, and presentation of their Financial Statements, and the disclosure of their notes, thus becoming an essential tool for the integration of the Financial Statements of Investment Funds, hereinafter Funds, which must faithfully reflect the financial situation, the results of operations, and management of the Funds, so that they constitute a useful instrument for the analysis of information and decision-making by administrators, participants, the Superintendence of the Financial System, hereinafter Superintendence; Central Reserve Bank of El Salvador, hereinafter Central Bank; investors, users of financial services, and the general public. The Manual is based on basic concepts and principles whose purpose is to provide information that serves as a basis for decision-making by interested parties and for which the following is required at a minimum:
a) Identify operations and events relevant to financial accounting; b) Formulate uniform measurement criteria that allow the reasonable and logical recognition of the different elements of the Financial Statements; c) Record transactions using uniform policies; d) Classify information, incorporating financial data into a conceptual, logical, and useful framework; e) Present financial information periodically, so that it becomes an instrument of communication of financial accounting; and f) Interpret the information, which implies the explanation of the accounting process, uses, meanings, and limitations of the reports.
OBJECTIVES
2.1. General Objective
To provide a technical instrument for the uniform recognition, measurement, presentation, and accounting disclosure of economic events, based on accounting standards issued or accepted by the Committee of Standards of the Central Bank.

2.2. Specific Objective
To have complete, timely, and homogeneous information on the financial and economic situation of the Funds that contributes to decision-making by stakeholder groups.

SCOPE
The Manual consists of the General Provisions, Accounting Framework, Chart of Accounts, Accounting Applications Manual, and the Models of the Financial Statements.
The application of the Manual is mandatory for Investment Funds authorized by the Superintendence, for the management of their own operations.
When this Manual refers to actions of the Fund, it shall be understood that the one performing them is the Investment Fund Manager in its capacity as administrator thereof.
PROCESS OF OPERATIONS AND ACCOUNTING SYSTEM
4.1. Processing of Accounting Operations
Funds subject to this Manual may process their accounting operations by the means they deem convenient, provided it allows for their analysis and supervision. For this purpose, they must present to the Superintendence, prior to entry in the Register, the accounting information processing system they will use, for its respective verification and authorization. Likewise, when a change occurs in said system, they must present the change to the Superintendence. The documentary or electronic source of each accounting entry must contain sufficient explanations regarding the operation being recorded.

4.2. Authorization and Modification of the Accounting System
The accounting system consists of the methods, computer systems, application manuals, formats, accounting policies, and records established to identify, analyze, classify, record, and report Fund transactions. The system comprises:
a) The Chart of Accounts and Application Manual; b) Accounting records, supporting documents, and auxiliary records;

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Validity: 07/25/2016 c) The accounting processing involved from the initiation of a transaction until its inclusion in the Financial Statements; and d) The financial information process used to prepare the Financial Statements, including important estimates and disclosures. Electronic accounting records may be kept, provided they comply with what is established in Article 455 of the Commercial Code. The minimum information to be detailed within the accounting system, for purposes of approval and modification, will be:

4.2.1. Description of the Accounting System

a) Fund General Information: Name, Tax Identification Number (NIT), Taxpayer Registration Number (NRC), address, and other relevant information, etc.; b) Type of Investment Fund according to the defined investment policy; c) Registration data in the Public Stock Register; d) Registration data in a Stock Exchange when applicable; e) Name and registration number of the external auditor; f) Accounting policies and procedures adopted, which consist of presenting said policies and the procedures the Fund will use, in accordance with the minimum disclosures required by this Manual and the applicable International Financial Reporting Standards; and g) Description of the notes to the Financial Statements to be prepared, in accordance with the minimum disclosures required by this Manual and the Chart of Accounts for Funds and the applicable International Financial Reporting Standards.

4.2.2. Requirements of Accounting Records

a) Method of keeping accounting books: legal accounting books will be kept in bound and paginated books, in separate paginated sheets, or other physical or electronic media; b) Nature of the system to be used: description of the name and operation of the computer system in which the accounting will be kept; c) Method of recording operations: explain in what form operations will be recorded in the legalized accounting records; and d) Detail of auxiliary books to be kept and the method of recording operations in them.

4.2.3. Description of Computerized Information Systems

a) Design of the computerized accounting system: the content of this letter comprises a description of the method of recording, operating, and generating accounting records; b) Description of modules:
i. Name of the module;
ii. Implementation language;
iii. Objective of the module, which will generally describe the main function of the specific accounting module;
iv. Main sub-modules with their respective explanation;
v. Reports issued by the module; on paper, screen, or magnetic files; and
vi. Indicate the name of the report, frequency of issuance, and its objective.
c) Description of databases:
i. Name of the database;
ii. Objective;
iii. Database manager with version detail;
iv. Method of data capture: in this particular area, it must be specified whether the content of the database is generated by the system by automatic calculation or corresponds to information captured by the user;
v. Detailed description of fields including name, type, meaning, and use of the field; and
vi. Data dictionary; and
d) Flowchart of modules and programs: the flowchart must show the data flow through the system and the interrelation between the steps of the process and computer routines.

4.2.4. Security Measures
It will consist of the description of measures to be taken internally regarding access to information in physical or magnetic files as well as measures to minimize the inherent risk existing for the different assets.

4.2.5. Contingency Plan
It will consist of a description of measures to be taken to avoid loss of information or that in the event of disasters, the system can continue to operate.

4.2.6. Additional Documentation
The following documentation must be attached in original and copy:
a) Source documentation to be used for the recording of operations including income notes, expense vouchers, journal vouchers, among others; b) Formats of main books, except those required by the Tax Code and its regulations; and respective formats; c) Formats of auxiliary books; d) Technical and operation manual of the computer system; and e) User manual of the computer system. When the Manager, on a sufficiently reasoned and founded basis, decides to hire an independent company to keep the accounting of each Fund it administers, the Manager will define the profile of the company that will keep the records, which must be available to the Superintendence for review; likewise, the Superintendence may conduct the respective inspection of the computer systems of the contracted company to verify that they comply with the parameters established in this Manual and other applicable accounting provisions. This requirement will be applicable even when the accounting service is provided by a company within the same business group or financial conglomerate of the Manager, due to it being a contracting activity. Such company must ensure that it has the capacity to keep the accounting of each Fund separately. When the service contract to keep the accounting is carried out, the Fund must ensure it has unrestricted access to historical information.

MODIFICATION OF THE MANUAL
The coding and openings established in this Manual must be respected in their entirety; therefore, no new elements, items, accounts, primary sub-accounts, secondary sub-accounts, and sub-sub-accounts different from those already established may be opened. Analytical sub-sub-accounts may be added after the ninth (9th) digit, provided they correspond to the nature of the account from which they originate and to the degree and detail they consider necessary for better recording and control of their operations. When an operation or transaction originates that is not foreseen in this Manual, the Funds must communicate this to the Central Bank and the Superintendence, attaching the accounting criteria they intend to use as well as the accounts to be used, describing the transaction or event, indicating its quantitative impact on the Financial Statements and the reasons that, in the judgment of the competent administrative body, justify the proposed treatment. Such communication will be sent physically or by email duly signed by the responsible persons. The Superintendence will analyze what is proposed and if the operation refers to a matter of application of the Accounting Manual, it will give a diligent response, sending a copy to the Central Bank; and if it is a matter of modification of the Manual, the proposed accounting application, if appropriate, will be approved by the Committee of Standards of the Central Bank. Prior to the agreement of the Committee of Standards, the Fund must account for the operation or proposal to be modified, and when the Central Bank agrees to approve the change to the Manual, the Fund must make the necessary adjustments, transferring the transaction from the account in which it was temporarily accounted to the corresponding approved one.
RESPONSIBILITIES
6.1. Management of Funds
The management of Funds is a purpose of the Managers; consequently, all matters and operations related to the activity of the Funds are their responsibility.

6.2. Accounting Records
It is the responsibility of the Manager to record the Fund's operations, from the preparation of vouchers, documents, records, and files of transactions, to the formulation of the Financial Statements and other reports for their respective analysis and interpretation. The Manager must define the profile that the accountant hired to perform the Fund's accounting operations must meet, in order to efficiently and effectively carry out the activities and operations performed by them.

6.3. Timeliness of Accounting Recording
It is the responsibility of the Manager to account daily for the transactions performed by the Fund, which will be recorded in chronological order and in the accounts whose title corresponds to their nature. In the case of the Open Investment Fund, the accounting closing will be daily, and for the Closed Investment Fund, the closing will be daily when applicable.

SUBMISSION OF INFORMATION

7.1. Timeliness
The Fund will remit the corresponding information within the deadlines defined in this Manual. Lack of timeliness in the submission will be sanctioned in accordance with what is established in the Law on Supervision and Regulation of the Financial System. The Fund must designate a responsible official as well as their respective substitute to timely comply with the information requirements established in this Manual to be sent to the Superintendence.

7.2. Frequency

7.2.1. Monthly Financial Statements
The Manager will obligatorily present the monthly financial information of each Investment Fund, which must be delivered to the Superintendence within eight (8) business days following the month to which the information corresponds. When it concerns the Trial Balances and information related to the months of June and December of each year, the Fund will remit electronically within fifteen (15) calendar days following the month to which the definitive information corresponds. The foregoing does not mean that the provisional information of said months does not have to be presented within the stipulated deadline in the first paragraph. The Manager must present the monthly Financial Statements of each Fund it administers as mentioned in item 7.2.2. Semi-Annual and Annual Financial Statements.

7.2.2. Semi-Annual and Annual Financial Statements
The Fund must present its monthly, semi-annual, and annual Financial Statements to the Superintendence, in the formats, deadlines, periodicity, and under the grouping norms dictated in this Manual. These Financial Statements are the only valid ones for all effects, whether for their approval in the General Meeting of Participants, when applicable, inclusion in the annual report, and publication in the press or for any other type of dissemination in the country or abroad, with the exception of Financial Statements that must be prepared for tax purposes, while there are fiscal criteria that differ from what is established in this Manual. The semi-annual and annual Financial Statements, such as: Balance Sheet, Statement of Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows, and the notes thereto, that are sent to the Superintendence, must be presented obligatorily with the signatures of the chief accountant, the general manager, and the legal representative. The Financial Statements referred to the month of June must be sent with the interim report of the External Auditor. In the case of annual Financial Statements, they must send the External Auditor's Report.

Table No. 1 Frequency of Presentation of Financial Statements
Frequency Models Designation
Semi-Annual 1 Balance Sheet
Semi-Annual 2 Statement of Comprehensive Income Semi-Annual 3 Statement of Changes in Equity Semi-Annual 4 Statement of Cash Flows Semi-Annual Notes to the Financial Statements Monthly Trial Balance

From the above table, the Trial Balance will be the only one that will be sent to the Superintendence through electronic means according to the mechanisms it informs by circular. The Manager must communicate to the Superintendence the names, signatures, and positions of the persons authorized to sign the Financial Statements of each Fund, within the first fifteen (15) business days following the appointment.

7.3. Mechanisms
The Superintendence will send to the subjects of application of this Manual, with a copy to the Central Bank, the technical details related to the submission of the information requested in this Manual, which will be communicated within a maximum period of thirty days after the entry into force of this Manual. The information requirements will be limited to the collection of information as regulated in this Manual.

7.4. Procedures
The Financial Statements must be presented according to the provisions established in this Manual.
In order to guarantee that the submission of the Financial Statements is free of arithmetic errors or in the file structure, the Fund must perform prior validations designed by the Superintendence before sending the information. The technical characteristics of the files, as well as the transmission and reporting medium, are mandatory for the Fund to comply with.

7.5. Opening Level
The minimum accounting information to be sent to the Superintendence will comprise subaccounts up to nine (9) digits; as established in Chapter III of the Chart of Accounts, item 1, description of the coding method, without prejudice to norms requiring a greater level of detail.

CLOSING OF THE ECONOMIC YEAR
The economic and accounting period will comprise from January 1 to December 31 of each year.
RECORDS
9.1. Accounting Books
The movement and balance of accounts will be recorded in the main books and that of subaccounts in auxiliary books as deemed necessary.
The main books that must be legalized are the following:
a) Journal; b) Ledger; and c) Financial Statements Book.
In the event that the Fund considers it convenient and necessary, it may legalize the Journal and the Ledger in a single Journal-Ledger.

The accounting records must comply with what is established in the Commercial Code.
The figures entered in the main books and in the auxiliary books must be presented

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The Financial Statements entered in the respective Book must be presented in comparative form with the figures of the same period of the previous year.

9.2. Tax Books
The Fund that has the status of taxpayer of the Tax on the Transfer of Movable Goods and on the Provision of Services must keep the books of legal requirement, in accordance with the respective Law of said Tax, which must comply with what is established in the Tax Code and in the respective application Regulation. The Tax books of legal requirement are:
a) Purchase Registration Book; b) Sales to Taxpayer Registration Book; and c) Sales to Consumer Registration Book.

9.3. Administrative Books (3)
Closed Investment Funds must keep, legalize, and complete, in addition to the accounting books established above, the Minutes of the Participants' Assembly Book.
In the case of the Minutes of the Participants' Assembly, in addition to complying with what is stipulated in the Commercial Code, they must be entered in the corresponding Legal Books. All of the above without prejudice to other records required by regulations issued by the Standards Committee of the Central Bank or by another competent authority.

INTERNAL CONTROL APPLIED TO ACCOUNTING RECORDS
The Fund will establish internal control systems directed to reasonably ensure the reliability of accounting records, as well as the correct integration of operations.
The internal control system may contain aspects such as:
a) Accounting records with the necessary detail of the characteristics of assets, liabilities, equity, income, and expenses, so that all information contained in the different statements to be rendered can be clearly derived from them, which will maintain the necessary correlation both among themselves, when appropriate, and with the accounting basis; b) Auxiliary detail of the composition of the balance of each of the accounting subaccounts, in order to possess an adequate integration of the records;

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Validity: 25/07/2016 c) Inventory or details of the different items, independent of the books of an obligatory nature required by Salvadoran legislation; and d) Details deemed necessary for the preparation of the rest of the complementary informative statements, developing an analytical accounting that provides sufficient information for the calculation of costs and returns of the different centers, business lines, or other aspects of interest for adequate management control.

REGISTRATION AND ARCHIVING OF ACCOUNTING DOCUMENTATION
The operations registered in the books listed in item 9.1 of these Norms must be backed by the corresponding documentation and comply with what is established in the Commercial Code. Such operations will be entered as they are carried out, this without prejudice to the sanctions, fines, and others that the Manager may incur for such delays in accordance with applicable legal norms. The Fund must archive the documentation that backs its operations, in chronological order, including the Financial Statements prepared monthly and the Trial Balances. The Fund is obliged to conserve its records in general as well as its Financial Statements, according to the deadlines established in articles 451 and 455 of the Commercial Code.
CONCEPTUAL FRAMEWORK OF ACCOUNTING

Accounting will be governed according to the following precedence:
a) Salvadoran legislation that establishes specific accounting treatments; b) Accounting Standards issued by the Standards Committee of the Central Bank; and c) International Financial Reporting Standards, provided that they develop topics for which there is no Salvadoran regulation. When the Fund applies International Financial Reporting Standards, it will use those issued by the International Accounting Standards Board (IASB, in English), translated into Spanish, in accordance with what is established in letter c) of this item. When International Financial Reporting Standards provide different treatments for the same economic event, the Fund will use the most prudent treatment among those established in said Standards.

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
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Accounting will be developed applying the accounting criteria and fundamental characteristics indicated below:

12.1. Fair Presentation
The Financial Statements must be drafted clearly, such that the information provided is understandable and useful for users in making their economic decisions, and must represent the fair view of the equity, the financial situation, and the comprehensive results of the Fund, in accordance with legal and regulatory provisions. The systematic and regular application of the requirements, principles, and accounting criteria included in the following subsections must lead to the Financial Statements representing the fair view of the equity, the financial situation, and the results of the Fund. To this effect, in the accounting of operations, attention will be paid to their economic reality and not only to their legal form. When it is considered that compliance with the requirements, principles, and accounting criteria included in this Manual is not sufficient to show the aforementioned fair view, the precise complementary information will be provided in the notes to the Financial Statements to achieve this objective. In those exceptional cases where such compliance would be incompatible with the fair view that the Financial Statements must provide, such application will be considered inappropriate. In such cases, in the notes to the Financial Statements, this circumstance will be sufficiently reasoned and its influence on the equity, the financial situation, and the results of the Fund will be explained.

12.2. Requirements of the Information to be Included in the Financial Statements
The information included in the Financial Statements must be relevant and reliable.
Information is relevant when it is useful for making economic decisions, that is, when it helps to evaluate past, present, or future events, or to confirm or correct evaluations made previously. In particular, to meet this requirement, the Financial Statements must adequately show the risks to which the Fund is exposed. Information is reliable when it is free of material errors and is neutral, that is, it is free of bias and users can trust that it is the fair view of what it intends to represent.

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A quality derived from reliability is completeness, which is achieved when financial information contains, in a complete manner, all data that can influence decision-making, without any omission of significant information. Additionally, financial information must comply with the qualities of comparability and clarity. Comparability is the quality that financial information has to be able to compare it over time. Information will be formulated with related criteria of identification, valuation, registration, and presentation that allow the possibility of comparing the financial situation, the results achieved, and the compliance with legal provisions of the Fund in different periods or with other similar Funds, in order to facilitate the analysis, evaluation, supervision, and audit of management and adequate accountability. For its part, clarity implies that, based on a reasonable knowledge of economic activities, accounting, and corporate finance, users of the Financial Statements, through a diligent examination of the information provided, can form judgments that facilitate decision-making.

12.3. Accounting Principles
The accounting of the Fund and, in particular, the registration and valuation of the elements of the Financial Statements, will be developed by obligatorily applying the accounting principles and fundamental hypotheses indicated below.

12.3.1. Going Concern
The management of Open Investment Funds will be considered indefinite. The Financial Statements must be prepared from the going concern hypothesis. Consequently, the application of accounting principles will not be aimed at determining the value of equity for purposes of its global or partial alienation nor the resulting amount in case of liquidation. If the Financial Statements are not prepared on the basis of going concern as is the case of Closed Investment Funds, such circumstance must be revealed along with the alternative criteria that have been used and the reasons why such Funds are not considered as a going concern. Such revelation will also take into account what is provided in the Technical Standards issued on the merger and liquidation of Investment Funds.

12.3.2. Accrual
The effects of transactions or economic events will be recorded when they occur, attributing to the exercise to which the Financial Statements refer, the expenses and income that affect it, regardless of the date of their payment or collection. In the case of Open Investment Funds, the effects of the aforementioned transactions must be recognized daily.

12.3.3. Uniformity
Once a criterion is adopted in the application of Accounting Principles within the alternatives that, if any, allow it, it must be maintained over time as long as the assumptions that motivated the choice of said criterion are not altered. If for justified cause these change, the affected Financial Statements will be accompanied by an explanatory note that allows appreciating the origin of the new criteria and their quantitative and qualitative effect on equity, results, and total assets. Likewise, such changes and their effects will be recorded in the notes to the Financial Statements.

12.3.4. Prudence
It will prevail over any other principle in case of conflict. One must be prudent in the estimates and valuations to be made under conditions of uncertainty.
Prudence does not justify that the valuation of equity elements does not respond to the fair view that the Financial Statements must reflect.
Likewise, benefits obtained up to the closing date of the exercise will be accounted for. On the contrary, all risks, originating in the exercise or in a previous one, must be taken into account as soon as they are known, even if they are only known between the closing date of the annual Financial Statements and the date on which they are formulated. In such cases, full information will be given in the notes to the Financial Statements, without prejudice to its reflection, when a liability and an expense have been generated, in other documents comprising the annual Financial Statements. Consequently, it is necessary to include a certain degree of caution in the exercise of judgments necessary to make the estimates required under conditions of uncertainty. Amortizations and value corrections for impairment of assets must be taken into account, whether the exercise closes with a profit or a loss.

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Exceptionally, if risks were known between the preparation and before the approval of the Financial Statements and significantly affect the fair view, the Financial Statements must be prepared again.

12.3.5. Non-Compensation
In no case can the items of assets and liabilities of the General Balance Sheet, nor those of expenses and income of the Statement of Comprehensive Income, be offset, unless specifically allowed or required by International Financial Reporting Standards, which must be reported to the Superintendence. When this happens, it must be revealed in a note to the Financial Statements.

12.3.6. Materiality
Each item that possesses sufficient relative importance must be presented separately in the Financial Statements. Items of insignificant amounts must appear grouped with others of similar nature or function, provided that they do not have to be presented separately. The strict application of some of the accounting principles and criteria will be admitted when the relative importance in quantitative or qualitative terms of the variation that such fact produces is not significant and, consequently, does not alter the expression of the fair view. In cases of conflict between accounting principles, the one that best leads to the Financial Statements expressing the fair view of the equity, the financial situation, and the comprehensive results of the Fund shall prevail.

CHAPTER II
ACCOUNTING FRAMEWORK

SECTION 1
CASH AND CASH EQUIVALENTS

OBJECTIVE
This Section aims to establish the specific elements that help identify whether a financial asset meets the conditions to be presented in the Balance Sheet as cash or cash equivalents.
SCOPE
This section applies to financial items that the Fund presents in its Balance Sheet, as cash and cash equivalents.
DEFINITIONS
For the purposes of this Section, by cash and cash equivalents, the following will be understood:
a) Cash: cash on hand and demand bank deposits; and b) Cash Equivalents: short-term investments of high liquidity that are easily convertible into determined amounts of cash, are used to meet payment commitments, and have an insignificant risk of changes in their value. Their maturity is less than or equal to ninety (90) calendar days from the date of acquisition. The criteria that define cash equivalents are the following:
a) The investments are short-term; b) They are investments of high liquidity; c) They are easily convertible into determined amounts of cash; d) They are subject to a little significant risk of changes in their value; and e) Financial instruments are held to meet short-term payment commitments rather than for investment purposes.
RECOGNITION
Cash and cash equivalent items will be recognized by the Fund
MEASUREMENT
Cash will be measured at the date of its initial recognition at its fair value, that is, its cash amount received and subsequently, at its amortized cost, understood as the initial amount plus yields minus amortizations, minus charges for services or others that apply and that affect the initially recognized amount either by increasing or decreasing it.

Cash equivalents will be measured initially at their fair value plus, in the case of those that are subsequently measured at amortized cost, the transaction costs incurred on the date of their acquisition.

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Subsequently, they will be measured based on amortized cost or fair value whichever applies, taking into consideration the business model established by the administration for such instruments and the characteristics of their contractual cash flows. For its part, financial items denominated in a foreign currency are converted at the prevailing buying exchange rate on the date of the Financial Statements. A foreign currency will be understood as a currency different from the Fund's business currency.

PRESENTATION
Cash and cash equivalents are presented by their amounts that represent their fair values or amortized costs, depending on the measurement applied to them.

SECTION 2
FINANCIAL INSTRUMENTS

OBJECTIVE
This Section aims to establish the financial criteria to be applied for the recognition, measurement, presentation, and disclosure of investments in financial instruments, both financial assets and financial liabilities.
SCOPE
This Section applies to investments in financial instruments other than:
a) Financial derivative instruments; b) Rights and obligations arising from lease contracts; and c) Rights and obligations arising from an insurance contract.
DEFINITIONS
For the purposes of this Section, the terms indicated below have the following meaning:
a) Financial Assets: Any asset that is cash, an equity instrument of another enterprise, or implies a right to receive cash or another financial asset; or to exchange financial assets and liabilities with third parties under favorable conditions and any contract that can be settled with equity instruments; b) Conventional Purchase or Sale of a Financial Asset: Is the purchase or sale of a financial asset under a contract or agreement, whose terms require

its delivery within the time established generally by regulation or convention in the relevant market where the transaction has taken place. The settlements of these contracts or agreements will be carried out gross, not allowing nor requiring the net settlement of the change in value in the contract; c) Amortized Cost of a Financial Asset or a Financial Liability: It is the initial measure of such asset or liability less principal repayments, plus or minus the accumulated amortization -calculated using the effective interest rate method- of any difference between the initial amount and the redemption value at maturity, less any impairment loss or uncollectibility that has been recognized directly or through the use of a contra account; d) Financial Instrument: It is any contract that gives rise to a financial asset in one entity and to a financial liability or an equity instrument in another entity; e) Trade Date Method: It is a method that consists of recognizing or derecognizing a financial asset on the date that the Fund agrees to buy or sell it; f) Effective Interest Rate Method: It is a method of calculating the amortized cost of a financial asset or a financial liability or a group of financial assets or financial liabilities and of allocating financial income or expense over the relevant period; g) Financial Liability: It is any liability that involves a contractual obligation to deliver cash or another financial asset; or to exchange financial assets or financial liabilities with third parties under conditions that are potentially unfavorable; and any contract that may be settled with equity instruments; h) Continuing Involvement in Assets: If a Fund does not transfer or retain substantially all the risks and rewards inherent in the ownership of a transferred asset and retains control over it, it will continue to recognize the transferred asset to the extent of its continuing involvement; i) Effective Interest Rate: It is the discount rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to the net carrying amount of the financial instrument, based on its contractual terms and without considering future credit loss risks; j) Orderly, Arranged, or Organized Transaction: It is a transaction that assumes market exposures for a period prior to the measurement date, including usual and customary trading activities for transactions that incorporate such assets or liabilities. The foregoing does not refer to a forced transaction, such as a forced liquidation or a sale under financial difficulties; and

k) Fair Value: It is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, individuals who participate freely and independently, on the measurement date.

INITIAL RECOGNITION
The Fund will recognize a financial asset or a financial liability in its Balance Sheet only when it becomes part of the contractual conditions of the instrument.
Conventional purchases or sales of financial assets will be recognized applying the trade date method.
RECOGNITION OF THE FINANCIAL INSTRUMENT APPLYING THE TRADE DATE METHOD
The trade date method requires that the Fund apply the following:
a) In the case of a purchase, to recognize the asset to be received and the liability to be paid for it on the trade date; and b) In the case of a sale, to remove the sold asset against the corresponding receivable account and recognize the gain or loss on the disposed asset on the trade date. Changes in the fair value of a financial asset that is sold conventionally are not recorded in the Financial Statements between the trade date and the settlement date because the seller's right regarding changes in fair value ceases on the trade date. In the case of a purchase, interest does not begin to accrue or be earned on the acquired asset and the corresponding liability until the settlement date, when the title is transferred, and in the case of a sale, interest stops accruing until the settlement date. For the case of investments in Repos, the Fund will begin to accrue interest on them from the date of their settlement, that is, from the day the Fund makes the payment for the investment.
CLASSIFICATION OF FINANCIAL INSTRUMENTS

6.1. Financial Assets
Funds must classify their financial assets on the date they first recognize them, taking into account the following:
a) The basis or objective of the business model for managing financial assets; and b) The characteristics of the contractual cash flows of the financial asset.
Having determined the above, the Fund will classify financial assets, according to their subsequent measurement at fair value, the latter taken from any of the sources established in paragraph 10 of this Section.

6.2. Classification of Financial Liabilities
The Fund must classify its financial liabilities, when first recognized, as measured subsequently at amortized cost, applying the effective interest rate method, except for the following financial liabilities:
a) Financial liabilities classified mandatorily at fair value with changes in results, which after their initial measurement will be measured at their fair value; b) Financial liabilities that originate when the transfer of a financial asset does not qualify for derecognition, which will be recognized for an amount equal to the consideration received; and c) Financial liabilities that originate from the continuing involvement in assets, which will be measured on the basis that reflects the obligations that the Fund has retained or assumed. The associated liability is measured in such a way that the net amount of the transferred asset and the net amount of the associated liability are equal to the fair value of the rights and obligations retained by the Fund, when measured independently, if the transferred asset is measured at fair value.

INITIAL MEASUREMENT
When a financial asset or a financial liability is initially recognized, they will be measured at their fair value. In the case that the subsequent recognition of such financial liabilities is not measured at fair value with changes in results, the following will apply:
When the subsequent measurement of the financial liability is at amortized cost, transaction costs directly related to the issuance or assumption of the financial liability will be subtracted from it.

If it turns out that the fair value of the acquired financial asset or financial liability differs from the transaction price, then the Fund will proceed to recognize the difference between the fair value on the date of its initial recognition and the transaction price in the following manner:
a) If that fair value is obtained with a quoted price in an active market for an identical asset or liability or is based on methodologies that use only observable market data, the Fund will recognize the difference as a gain or loss; and b) In other cases, to defer the difference between the fair value at the moment of initial recognition and the transaction price. After initial recognition, the Fund will recognize that deferred difference as a gain or loss only to the extent that it arises from a change in a factor, including time, that market participants would take into account when setting the price of the asset or liability.

SUBSEQUENT MEASUREMENT OF FINANCIAL ASSETS
Financial assets that are measured subsequently at fair value after recognition must be classified as financial assets held for trading, which comprises values acquired and managed within a business model that reflects active and frequent purchases and sales, whose purpose is to generate profits in the short term from price fluctuations or from trading margins. The effects of the change in fair value are taken directly to results.
SUBSEQUENT MEASUREMENT OF FINANCIAL LIABILITIES
The subsequent measurement of financial liabilities will be carried out as defined in paragraph 7 of this Section.
OBTAINING FAIR VALUE
For the purposes of establishing the measurement of financial instruments, the Fund must obtain the respective prices from the following sources:
a) In the case of financial instruments from local issuers, the prices provided by a specialized agent in securities valuation; b) In the case of financial instruments from foreign issuers, the prices provided by a specialized agent in securities valuation or an international stock or financial information system recognized by the Superintendency; and

c) Regarding financial instruments whose prices cannot be obtained from any of the sources cited above, the Fund may define its own methodology for the valuation of said instruments, which must be available at any time for the Superintendency. For the purposes of recognition of international stock or financial information systems, this will be carried out in accordance with the Technical Standards that the Standards Committee of the Central Bank issues for such effect.

DERECOGNITION OF FINANCIAL ASSETS
The Fund must derecognize a financial asset or a portion of it, when the contractual rights to cash flow expire or the financial asset is transferred and the transfer meets the requirements for derecognition. It will be considered that the Fund has transferred a financial asset if it has transferred the contractual rights to receive cash flows from a financial asset, but assumes the contractual obligation to pay them to one or more buyers of the transferred asset. In the latter case, it will be assumed that the Fund has transferred the asset if the following three conditions are met:
a) The Fund is not obligated to pay any amount to eventual buyers, unless it collects equivalent amounts from the original asset. Short-term advances made by the Fund, with the right to full recovery of the amount plus interest accrued at market rates, do not violate this condition; b) The Fund is prohibited, according to the conditions of the transfer contract, from selling or pledging the original asset, except as collateral for payment of the cash flows committed to the eventual buyers; and c) The Fund is obligated to remit without significant delay any cash flow that it collects on behalf of the eventual buyers. In addition, the Fund is not authorized to reinvest the cash flows. Upon derecognizing a financial asset in its entirety, the difference between the book amount determined on the date the financial asset is derecognized and the sum of the benefits received including any new financial asset obtained less any new liability assumed will be recognized in the results. If the transferred asset is part of a larger financial asset, and the transferred part meets the requirements for derecognition in its entirety, the original book amount of the larger financial asset will be distributed between the part that continues to be recognized and the part that has been derecognized, based on the relative fair values of said parts on the date of the transfer. The difference between the following will be recognized in the period's result:
a) The book amount measured on the date of derecognition attributable to the part that has been derecognized; and b) The consideration received for the part derecognized including the new assets obtained less the new liabilities assumed.

relatives of said parts on the date of the transfer. The difference between the following will be recognized in the period's result:
a) The book amount measured on the date of derecognition attributable to the part that has been derecognized; and b) The consideration received for the part derecognized including the new assets obtained less the new liabilities assumed.

FINANCIAL ASSETS MANAGED UNDER A BUSINESS MODEL OF FREQUENT PURCHASES AND SALES

12.1. Special Conditions
Financial assets under a business model that reflects frequent purchases and sales and whose purpose is to generate profits in the short term from price fluctuations or from trading margins, must meet the basic requirements described below:
a) There must be a clearly documented trading strategy for the securities, approved by the competent authority, in accordance with the Fund's policies; b) There must be clearly defined policies and procedures for the active management of the position, to ensure that:
i. Positions are managed by a trading team;
ii. Limits are set on positions and monitored to check their adequacy; and
iii. The personnel in charge of trading must have autonomy to take or manage positions within the agreed limits and respecting the agreed strategy.
c) Positions must be valued daily, consequently the classifications of financial assets in this model require that they have price quotes in an active market; d) The Fund must indicate which of the sources provided in paragraph 10 is the provider of the market price and in case that the same source provides a diversity of prices on the same instrument, the Fund must indicate which of the available prices it has taken; e) The Fund must include in its risk management policy the sources provided in paragraph 10, the one that applies, for the determination of prices of its investment portfolio. In the case that the same source used provides various prices for the same instrument, the Fund must define, within the indicated policies, the prices that

it will use to establish the value of the portfolio and the reasons that have defined such selection; f) The Fund will incorporate into its financial or risk management policies the criteria that will define whether a price fluctuation in the market is normal or not; g) The Surveillance Committee will be informed of the positions held as an integral part of the Fund's risk management process, as well as the risk to which the Fund is exposed equally by the positions taken; h) Active monitoring of positions with reference to market information sources will be carried out; and i) Monitoring of the volume of operations and of the expired positions in the Fund's trading portfolio will be carried out.

12.2. Recording Changes in Fair Value
Any gain or loss arising from a change in fair value must be included in the net gain or loss of the period. Book applications must be carried out daily for the case of Open Investment Funds; said recording for the Closed Investment Fund will be carried out on each Balance Sheet date or monthly, whichever occurs first. When the aforementioned changes occur, the Fund must separate said changes from those corresponding to credit risk and from those corresponding to other risks.

12.3. Exchange Differences
Gains or losses arising from differences in exchange rates on monetary or non-monetary financial assets and that are denominated in foreign currency and that have not been designated as risk management instruments in a cash flow hedge or in a net investment hedge, will be recognized in the period's results.

PRESENTATION
Items will be presented according to their economic form rather than their legal form and for identification they are grouped into the concepts enabled for their registration within the chart of accounts developed for such purpose. An asset and a financial liability must be subject to offsetting, so that their net amount is presented in the Balance Sheet, only when the Fund:

a) Has, at the present moment, the right, legally enforceable, to offset the recognized amounts; and b) Has the intention to settle by the net amount, or to realize the asset and cancel the liability simultaneously. In the accounting of a transfer of a financial asset that does not meet the conditions for its derecognition, the Fund will not offset the transferred asset with the associated liability.

SECTION 3
FINANCIAL DERIVATIVE INSTRUMENTS

OBJECTIVE
This Section aims to establish the accounting criteria to be applied for the recognition, measurement, presentation, and disclosure of financial derivative instrument contracts that the Fund acquires, which have as their exclusive object the hedging of their risks through accounting hedge.
SCOPE
Applies to contracts of financial derivative instruments that are acquired whose underlying assets are interest rate, exchange rate, debt financial instruments, equity instrument, among others. The basic financial derivative instruments mentioned are not a complete list of the many instruments that exist in the market, and that could be used to comply with what is stipulated in this Section are, for example:
a) Forward contracts; b) Futures contracts; c) Basic options contracts; and d) Financial swap contracts or Interest Rate or Currency Swaps.
In addition, these instruments are acquired for the purpose of hedging financial risks; it being foreseen that they, on the retrospective evaluation dates applied to them, have the probability of ceasing to meet the essential requirements for designation as a financial risk hedge item, the foregoing will not mean that said items are withdrawn from the scope of this Section.
DEFINITION
A derivative is a financial instrument that presents the following characteristics:

a) Its value changes in response to changes in an observable market variable, such as the interest rate, the exchange rate, the price of a financial instrument or a market index, including credit ratings; b) Its net initial investment is null or very small in relation to other contracts with similar response to changes in market conditions; and c) It is settled on a future date.

BASIC CRITERIA TO BE OBSERVED WHEN ACQUIRING FINANCIAL DERIVATIVE INSTRUMENTS
The Fund must enter into a negotiation of financial derivative instruments only if it has expertise on the functioning of the instruments and has trained personnel and adequate systems for their recognition, valuation, measurement, and capacity to ensure compliance with the criterion taken to value the instrument to be acquired. The verification of the valuations of the instruments must be carried out by the Fund acquiring the same. To ensure compliance with this criterion, what is established in the previous paragraph must be met, in such a way that the price provided by the entity issuing the instrument can be verified internally through the application of independent financial tools. Financial derivative instruments must be acquired solely for the hedging of financial risks and Funds must implement strict risk management policies that expressly indicate the types of instruments that will be contracted in accordance with what is provided in this Section and for what purposes the same will be acquired, which cannot be for purposes other than the mitigation of their assumed risks. Financial derivative instruments must be acquired only if the Fund proves that the risk exposure intended to be covered is appropriately compensated by the value changes of the intended hedge item for the purposes of its risk management. The Fund must establish a methodology that allows it to develop the relevant evaluation, through which to conclude whether the intended operation meets or does not meet the hedging objectives. Such methodology will be available to the Superintendency for verification of its compliance.
RECOGNITION

The Fund must recognize the contract of a financial derivative instrument on the date it becomes part of the contractual agreements of the acquired instrument. On the contract date, the Fund will recognize either a financial asset or a financial liability, the amount of which will be subject to the conditions under which the transaction was contracted.

Generally, on the recognition date, the value of these contracts will be zero unless the transaction corresponds to a derivative that gives rise to an option or the originated contract has been acquired under conditions within the stock market or an over-the-counter (OTC) market, according to the underlying fixed to establish the value of the instrument.

INITIAL MEASUREMENT
Contracts of financial derivative instruments will be initially measured at their fair value, which, unless there is evidence to the contrary, will be the transaction price. Transaction costs attributable to the acquisition of these instruments will be applied to the

The nominal amount of these contracts, when it exists, or the amount established to measure the costs or benefits to be paid or received by the transaction, must be incorporated from the contract date into off-balance sheet accounts known as order accounts, established for such purposes.

SUBSEQUENT MEASUREMENT
The contract will be subsequently measured at its fair value, which will be established by the Fund acquiring the instrument, considering for this purpose:
a) The use of valuation models that use as a source the basic inputs that are appropriate for the type of instrument being valued; or b) According to market practice where they are issued or according to the practice developed by the Fund, which must demonstrate that it is at least equal to or more conservative than that originated by the issuer of the contract.

In the case that the derivative instrument has been acquired in an over-the-counter market, the Fund must submit to the Superintendency the methodology applied to establish the fair value for verification and inform whenever it is modified.

Such methodology must contain the relevant detail that allows understanding of how the values affecting the Fund's Balance Sheet and results have been obtained and must be incorporated into its risk management policies. It

will consider the lower price established between the issuer's price and the price determined by the Fund.

Prices of acquired products that are available in some of the sources cited in paragraph 10 of Section 2 of this Manual will be taken into consideration, and the source of information used to determine the fair value on the measurement date will be documented.

For these contracts, the frequency of measurement will be daily.

RECOGNITION OF INCOME AND/OR EXPENSES
Value changes occurring between the previous measurement date and the current one, in financial derivative instruments, will affect the results of the period, either as an expense or as income, depending on the position of the instrument's price and the Fund's position within the contract, which could leave the Fund in a position of realized or unrealized losses or gains.

What is established in the first paragraph of this paragraph will be so always that the gains or losses are computed on financial derivative instruments measured at fair value with changes in results.

DE-RECOGNITION IN ACCOUNTS
The Fund will de-recognize in accounts the fair values of financial derivative instruments on the date of termination of the contracts or on the date of exercise of the instrument, whichever occurs first. On the indicated dates, the Fund will pay or collect the pending amounts at its charge or in its favor or exercise the closed positions on that date, in the case where the transaction corresponds to a purchased option and it ends with intrinsic value.

When the Fund contracts a derivative for hedging its investments, it must ensure that when selling the underlying asset for which it contracts the hedge, it can realize or liquidate said derivative, according to what is established in this Manual.

PRESENTATION
Financial derivative instruments will be presented in the General Balance Sheet, according to the rights and obligations they represent on the date of the Financial Statements.

Active and passive balances that have originated based on the behavior of the underlying assets used to establish the cost or benefit of such contracts will not be offset against each other.

SECTION 4
REAL ESTATE INVESTMENTS

OBJECTIVE
This Section aims to regulate the recognition, measurement, and presentation of real estate investments in the Fund's Financial Statements.
SCOPE
Applies to all transactions related to real estate investments, which include investment properties, assets held for sale, and assets under operating leases.
CRITERIA FOR ACCOUNTING OF INVESTMENT PROPERTIES

3.1. Recognition
Investment Properties will be recognized as assets when and only when:
a) It is probable that future economic benefits associated with such investment properties will flow to the Fund; and b) The cost of the asset can be measured reliably.

Investment Properties are those held to obtain gains, capital appreciation, or both, instead of:
a) Their use in the production or supply of goods or services; b) Use for administrative purposes; or c) Sale in the ordinary course of operations.

Investment Properties will be land and buildings considered in their entirety or in part. The location of these investments will be in the national territory in accordance with what is established in the Investment Funds Law.

3.2. Initial Measurement
Investment Properties will be initially measured at acquisition cost plus direct transaction costs associated.

The acquisition cost will be established based on the appraisal of an expert registered with the Superintendency or other entities whose registration is recognized by it, plus or minus a prudential variation of 5% to 10%, a percentage that will be established in the Fund's Regulations, which will be validated by the external auditor.

Transaction costs of an Investment Property will include disbursements directly attributable to the Property and include, for example: professional fees for legal services, taxes for property transfer if applicable, and other costs associated with the transaction.

When expenditures are made to replace one or more components of the Investment Properties, these amounts will be included as part of the cost of the Investment Properties to be replaced, at the same time the component being replaced must be removed.

In the case of constructions and remodelings, if the Fund concludes that their fair value cannot be measured reliably, it will measure them by their cost temporarily until it can determine the fair value upon completing the constructions and remodelings.

3.3. Subsequent Measurement
Subsequent to initial recognition, all real estate investments that the Closed Fund has available for sale will be measured applying the fair value model, until it has the same or well begins the transformation to sell it in the ordinary course of its activity.

For the determination of the fair value of Investment Properties, these must be valued by experts registered with the Superintendency, and these valuations will be made every thirty-six (36) months obligatorily. In case there are indications of impairment or changes in the market value of the asset, the aforementioned valuation may be carried out by the Fund each year.

Losses or gains derived from a change in the fair value of Investment Properties will be recorded in the results in the period in which they occur.

Compensations from third parties due to Investment Properties that have been lost or abandoned will be recognized in the period's results when such compensations are due.

3.4. Transfers and De-recognition in Accounts

Transfers to, or from, Investment Properties will be made when and only when, there is a change in their use, evidenced by the start of a development with the intention of sale or in the case of a transfer of an Investment Property to properties held for sale.

The loss or gain resulting from the withdrawal or sale of an Investment Property will be determined as the difference between the net income of the transaction and the book amount of the asset and will be recognized in the period's results in which such event, occurrence, activity, etc. takes place.

3.5. Presentation
Investment Properties will be presented in the Balance Sheet, according to the rights they represent on the date of the Financial Statements under the item Non-Current Assets. Active and passive balances, income and costs will not be offset against each other.

CRITERIA FOR ACCOUNTING OF PROPERTIES HELD FOR SALE

4.1. Recognition
A property held for sale is an asset or group of assets over which the Fund has established a plan for its disposal or an asset that has been reclassified to this category.

For an Investment Property to be classified as held for sale, it must follow the following criteria:
a) Its book value will be recovered mainly through a sale transaction; b) It must be available for immediate sale in its current condition, subject only to the usual terms for the sale of such assets; c) Its sale must be highly probable; and d) It must be actually sold according to the commitment acquired by the Fund in the sales plan developed.

4.2. Initial Measurement
Before the reclassification of a property as held for sale, the book value of the asset must be valued according to the criteria applicable to said asset before the reclassification.

A Fund will apply its usual accounting policies until the criteria for classification as held for sale are met.

A Fund will measure properties held for sale at the lower of their book value or their fair value less costs to sell.

Long-term assets that the Fund acquires with the intention of selling them will be measured from their inception at fair value less their selling costs.

When the asset is acquired with the purpose of its subsequent alienation, the following criteria apply to recognize it as a property held for sale on the acquisition date if:
a) The sale of the good is carried out within a one-year period to be considered as subject to a single exception that the delay is due to events or circumstances beyond the Fund's control; and b) Its alienation or disposal is highly probable and any other requirement contemplated to be available for immediate sale in the current conditions in which it is found and such alienation is subject only to the usual terms for the sale of such assets. If the sale is not carried out within the stipulated period, it must be alienated within the following three months and said asset cannot be abandoned.

An extension of the period required to complete the sale in a period greater than one year does not prevent the asset from being classified as held for sale, if the delay is caused by events or circumstances beyond the Fund's control and there is sufficient evidence that the Fund remains committed to its plan to sell the asset.

Consequently, the Fund will be exempted from applying the one-year requirement in the following situations:
a) On the date the Fund commits to a plan to sell a long-term asset, there is a reasonable expectation that third parties other than the buyer will impose conditions on the transfer of the asset that will extend the period necessary to complete the sale; and additionally:
i. The actions necessary to respond to those conditions cannot be initiated until after the firm purchase commitment has been obtained; and
ii. A firm purchase commitment is highly probable within one year.
b) The Fund obtains a firm purchase commitment and as a result, the buyer or other third parties have unexpectedly imposed conditions on the transfer of the long-term asset previously classified as held for sale, which will extend the period required to complete the sale and additionally:
i. Necessary actions to respond to the imposed conditions have been taken in time; and
ii. A favorable resolution of the factors causing the delay is expected.
c) During the initial one-year period, circumstances arise that were previously considered improbable and as a result, the long-term asset previously classified as held for sale has not been sold at the end of that period and additionally:
i. During the initial one-year period, the Fund undertook the necessary actions to respond to the change in circumstances;
ii. The long-term assets are being actively marketed at a reasonable price, given the change in circumstances; and
iii. The criteria established in the first and second paragraphs of letter a) are met.

4.3. Subsequent Measurement
The measurement of assets that are integrated into this account will be as follows:
a) Assets reclassified from a previous classification to this one: once the assets are reclassified, the Fund will measure them at the lower value established between the sum registered of the asset or fair value less selling costs, which may give rise to the recognition of impairment loss; b) Assets acquired with the intention of selling them: they will be measured at the lower value between the net fair value of disposal costs and the book value; and c) Non-current asset that ceases to be classified as held for sale: the Fund will measure the asset that ceases to be classified as held for sale or that ceases to be part of a group of assets in disposal classified as held for sale, at the lower of:
i. Its book amount before the asset or group of assets in disposal was classified as held for sale, adjusted for any depreciation, amortization, or revaluation that would have been recognized if the asset or group of assets in disposal had not been classified as held for sale; and
ii. Its recoverable amount on the date of the subsequent decision not to sell it.

If the asset is part of the cash-generating unit, its recoverable amount is the book amount that would have been recognized after the attribution of any impairment loss arising in said cash-generating unit, according to the impairment evaluation policy that the Fund applies internally or, in default, the applied international regulation.

Any gain or loss from the sale of an element of the properties held for sale, calculated as the difference between the profit obtained from the disposal and the book value of the element, is recognized in results.

Assets that are part of the properties held for sale are not depreciated.

4.4. Impairment and Reversal of Impairment Losses
The subsequent measurement of properties held for sale may give rise to an impairment loss and presumably to its subsequent reversal. Impairment losses are recognized as expenses in the period in which they occur.

Any subsequent increase in the fair value less the costs of sale of an asset is recognized as a gain, with the limit of the amount of the previously recognized accumulated impairment loss.

4.5. Presentation
The Fund will present the properties held for sale under the group of Real Estate Investments and will reveal information that allows users of the Financial Statements to evaluate the financial effects of the disposals of the properties held for sale.

CRITERIA FOR ACCOUNTING OF ASSETS UNDER OPERATING LEASES

5.1. Recognition
An operating lease is one that does not transfer substantially all the risks and benefits associated with the ownership of an asset.

5.2. Initial Measurement
Income from operating leases will be recognized, excluding what is received for services such as insurance and maintenance, on a straight-line basis over the lease term, even if the charges are not perceived according to such basis.

Costs incurred in obtaining income from operating leases will be recognized as expenses.

Initial direct costs, incurred by the Closed Investment Fund in the negotiation and contracting of an operating lease, will be added to the book amount of the leased asset and will be recognized as an expense over the lease term, on the same basis as the lease income.

5.3. Subsequent Measurement
Initial direct costs, incurred in the negotiation and contracting of an operating lease, will be added to the book amount of the leased asset and will be recognized as an expense over the lease term, on the same basis as the lease income.

5.4. Presentation
Properties under operating lease will be presented in the asset in the account

previous due to one of the purposes of the Closed Fund with its assets being to generate income from its lease.

CRITERIA FOR ACCOUNTING OF CONSTRUCTION AND REMODELING

When real estate is acquired on which the Fund carries out constructions or remodelings for subsequent disposal or obtaining of rents or capital gains, these will be initially recognized at the cost of construction or remodeling.

The cost of constructions and remodelings includes the following:
a) The cost of materials and direct labor; b) Any other cost directly attributable to the process of making the asset ready for work for its intended use; and c) Costs for capitalized loans.

When parts of a batch of a real estate property have different useful lives, they will be registered as separate items of important components of investment properties.

IMPROVEMENTS AND/OR REPAIRS TO REAL ESTATE INVESTMENTS

Subsequent disbursements after the initial recognition of investment properties and properties held for sale are capitalized only when it is probable that future economic benefits related to the disbursement will flow to the Fund.

Repairs and continuous maintenance are recorded as expenses and will be recognized in the Comprehensive Income Statement when incurred.

SECTION 5
SPECIFIC TREATMENTS DEFINED FOR THE PRESENTATION OF FINANCIAL STATEMENTS

OBJECTIVE
This Section aims to establish the method of presentation of the Financial Statements.
SCOPE
Establishes the methods that must be applied by the Fund for the presentation of the Balance Sheet, the Statement of Comprehensive Income, and the Statement of Cash Flows.
PRESENTATION OF ELEMENTS OF FINANCIAL STATEMENTS AND OF THE ACTIVITIES THAT INTEGRATE THE STATEMENT OF CASH FLOWS

The presentation refers to the way of incorporating accounting information into the Financial Statements in such a way that said incorporation is uniform period after period, reliable and relevant for a better reading and interpretation of the different elements of the Financial Statements. Below, the models or methods defined for the presentation of the elements of the Financial Statements are detailed:

Financial Statement	Presentation Method	Reasoning
General Balance Sheet	Assets and liabilities will be presented according to their term type, separating them into current or non-current.	This presentation method takes into account the ease of conversion into cash of assets and the exigibility of the payment of liabilities, regardless of whether they are current or non-current. The use of this method is considered appropriate for Funds, because information on expected dates of realization of assets and exigibility of liabilities is useful to evaluate the liquidity and solvency of Funds and is considered to provide more relevant reliable information. Adopting this method does not exempt Funds from disclosing the amounts expected to be recovered or settled within a period less than or equal to one year after the date of the reported period and those that will be recovered in a period greater than one year after the date of the reported period.
Statement of Comprehensive Income	Expenses will be accounted for applying the Method of the Nature of Expenses and disclosing additional items that are considered necessary for the adequate understanding of the financial performance of the Fund.	Taking into consideration the nature of Funds, the method of presentation of expenses by nature is considered to provide a reliable and more relevant presentation, as it provides useful information on expenses that are materially representative of Funds, while it can be easier to apply; it is complemented with a detail of expenses that contribute to a better understanding of the financial performance of the Fund.
Cash Flows	Direct Method applied to operating, financing, and investment activities.	The advantage of presenting operating activities under the Direct Method is that it provides useful information to estimate future flows, which is not available when the indirect method is applied.

SECTION 6
PREPARATION, PRESENTATION, DISCLOSURE AND PUBLICATION OF FINANCIAL STATEMENTS

1. OBJECTIVE
This Section aims to establish procedures that allow the preparation, presentation, disclosure and publication of the Financial Statements, in accordance with prudential requirements of the Standards Committee of the Central Bank and, where applicable, IFRS, in order to provide the public with sufficient and timely financial information about the financial, economic and legal situation of the Funds.

2. SCOPE
Indicates the Financial Statements that Funds must publish to present their financial information as well as the minimum note framework that they must observe when making information disclosures for each line of the General Balance Sheet, Statement of Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows, which must be prepared according to models established in Chapter V of this Manual.

3. REQUIREMENT AND CONTENT OF FINANCIAL STATEMENTS The most relevant aspects that must be considered in the presentation and disclosure of the Financial Statements are:

a) Technical Standards, Fundamental Assumptions and Qualitative Characteristics: Financial Statements must be prepared based on the standards issued by the Standards Committee of the Central Bank that are applicable to them and the International Financial Reporting Standards. When International Financial Reporting Standards present different ways to measure the same element of the Financial Statements, the Fund must adopt the most prudent criterion among them;

b) Expression of Figures: The figures in the Financial Statements and in their notes must be expressed in thousands of United States dollars with two decimals;

c) Accounting Origin of Balances: The figures in the Financial Statements and in their notes must originate from the balances of the general ledger and management information systems as of the corresponding reference date, which must contain definitive figures;

d) Amounts to be Disclosed in the Financial Statements: The amounts presented in the Financial Statements will be those that meet the condition of an asset, liability, equity, income or expense; and

e) Accounts with Nature Contrary to the Main Account Where They Underlie: When it is necessary to disclose valuation and adjustment accounts that have a nature different from the accounts where they underlie, for example: impairment estimates, which net off the accounts that originate them within equity, among others. In these cases, such accounts must be presented in parentheses.

4. FINANCIAL STATEMENTS
The complete set of Financial Statements that must be prepared with reference to December 31 comprises: the General Balance Sheet, the Statement of Comprehensive Income, the Statement of Changes in Equity, the Statement of Cash Flows, according to models established in Chapter V and their respective notes that include a summary of the most significant accounting policies and other explanatory information. Likewise, the Fund must prepare a complete set of Financial Statements with reference to June 30 of each year.

The notes present information about the bases for the preparation of the Financial Statements and about accounting policies, supply narrative descriptions and are an integral part of them, contain additional information, in detail, that complements the balances reflected in the Financial Statements.

Furthermore, a General Balance Sheet at the beginning of the first comparative period must be prepared, when a Fund applies an accounting policy retroactively or performs a retroactive restatement of items in its Financial Statements, or when it reclassifies items in its Financial Statements. The Financial Statements must be presented in comparative form for the same previous period.

5. ADDITIONAL NOTES
The Fund may incorporate additional notes that it deems convenient for a greater clarification of its figures and operations, without altering the correlational number assigned to the notes established in this Manual.

6. RESPONSIBLE FOR PREPARING THE FINANCIAL STATEMENTS The preparation of the Financial Statements is the responsibility of the Fund Manager.
The Financial Statements that are published must be signed by the signature of the general accountant, the general manager and the legal representative, and accompanied by the Opinion of the External Auditor, this last when applicable.

7. SUBMISSION OF FINANCIAL STATEMENTS

7.1. Semi-Annual Financial Statements
Semi-annual Financial Statements must be presented to the Board of Directors of the Manager for their respective authorization, in the session immediately following the reference date of said Financial Statements.

In the case of Closed Investment Funds, the semi-annual Financial Statements will be approved by the Board of Directors of the Manager.

The Financial Statements to be published, their notes and the corresponding interim report of the External Auditor as of June 30, must be sent to the Superintendency by the Administration of the Manager, no later than five (5) business days before their publication.

Along with what is required in the previous paragraph, the certification of the agenda item of the session of the Board of Directors of the Manager where the content of the Financial Statements were presented and authorized and the publication of the same was agreed, must also be sent.

7.2. Annual Financial Statements
The Annual Financial Statements and the certification of the agenda item of the Board of Directors in which they were presented and authorized plus the corresponding opinion of the external auditor, must be sent by the Manager to the Superintendency, no later than five (5) business days before the General Assembly of Participants of the Fund is held, in which they will be known.

The Annual Financial Statements must be considered and approved by the General Assembly of Participants of the Fund, in the first meeting held after the reference date of said Financial Statements, leaving written record in the respective minutes about their review and sending copies of said minutes to the Superintendency no later than the last day of the publication period of the Financial Statements. In case of observations or objections by the General Assembly of Participants, these must be reported immediately to the Superintendency.

The Open Investment Fund must send to the Superintendency, no later than five (5) days before its publication, the Financial Statements, accompanied by the certification of the agenda item of the Board of Directors in which they were presented and authorized and the corresponding Opinion of the External Auditor. In case of observations or objections by any member of the Board of Directors in the approval of the Financial Statements, these must be reported immediately to the Superintendency.

The provisions in the second paragraph of this section will apply to Open Investment Funds when they are approved by the Board of Directors of the Manager.

In the case of Open Investment Funds, the Board of Directors of the Manager will have the same responsibilities established for the General Assembly of Participants in the previous clause.

8. DISCLOSURE OF FINANCIAL STATEMENTS
The set of Financial Statements that are delivered to participants and to anyone who requests them, those that they publish in the annual report and in general any disclosure of the same, must include all Financial Statements, their notes in full and the opinion of the external auditor.

The Fund, in accordance with current legal standards, must publish the Financial Statements as of June 30 and as of December 31 of each year, the latter together with the opinion of the external auditor, within a maximum period of sixty (60) calendar days after the end of the accounting year, in a newspaper of national circulation established in the internal regulations. The notes to the Financial Statements form an integral part of them and therefore are mandatory publication.

The notes required in this Manual are the minimum that the Fund must publish. In addition, said Financial Statements must be published on the Manager's website, within the previously established timeframes.

The Interim Balance Sheet must be presented in comparative form with the Annual Balance Sheet of the same immediate previous period, the remaining interim Financial Statements will be presented with their similar from the semester of the immediate previous period.

Likewise, it must publish on the website the Financial Statements referred to the periods ended on March 31 and September 30 respectively. It must also publish on this medium the monthly Financial Statements.

If the Superintendency determines the existence of data that alter, modify or affect the published Financial Statements, the notes or that the latter have not been published in their entirety, it will require the Fund to republish, in the same newspaper of national circulation in which it was originally published, accompanied by its explanatory note proposed by the Fund and approved by the Superintendency.

In case the Fund refuses to publish the new Financial Statements proposed by the Superintendency and the notes required in this Manual, the Superintendency will instruct a deadline for the Manager to correct and in case it does not do so, the Superintendency will sanction the Manager in accordance with what is established in the Law on Supervision and Regulation of the Financial System.

A correction notice will be published when they are errors that do not alter the Financial Statements, otherwise what is established in the previous paragraphs must be carried out.

The Financial Statements of closing of economic year and management, must be included in the Annual Report of Activities of Open Investment Funds and Closed Investment Funds for their approval, taking into account the following aspects:

a) The Board of Directors of the Manager must annually prepare the Report of Activities of the Investment Fund; and

b) The Report of Activities must contain as a minimum:

i. Identification of the Fund;
ii. Registration number in the Public Stock Register (PSR);
iii. Letter from the President of the Manager that administers the Investment Fund (IF);
iv. Main achievements;
v. Description and characteristics of the Fund;
vi. Activities and Business of the Fund;
vii. Risk Factors;
viii. Financial, Administrative Reports and External Auditor Reports;
ix. Report of the Surveillance Committee, when applicable; and
x. Declaration of Responsibility that will include the name, position and signature of the Board of Directors and General Manager of the Manager.

This Annual Report of Activities will be sent to the Superintendency within a period of ten (10) business days after being approved by the General Assembly of Participants, when applicable.

9. NOTES TO THE FINANCIAL STATEMENTS

Note 1. Identification of the Fund
The Fund will describe as part of its identification the information that corresponds according to the following requirements:

a) Name of the reporting Fund, as well as changes relative to said information since the end of the previous reported period; b) Description of the nature of the Financial Statements; c) Closing date of the period on which it reports or the period covered by the Financial Statements; d) Classification of the Fund, country of incorporation, address of its registered office or main domicile where it develops its activities, if this were different from the social one; e) Description of the nature of the Fund's operations and main activities; f) Duration of the Fund if it is of limited life; g) Date of authorization by the Assembly of Participants or its equivalent for the disclosure of the Financial Statements; h) Explanation of the fact that participants of the Fund or others have the power to modify the Financial Statements after disclosure; and i) Name of the Fund Manager, address of domicile, date and country of incorporation and description of its main activity.

Note 2. Bases of Preparation

a) Declaration on the Bases of Preparation: The standards used in the preparation of the Financial Statements have been issued by the Standards Committee of the Central Bank. The Financial Statements have been prepared by the Manager based on the standards issued by the Standards Committee of the Central Bank that are applicable to it and the International Financial Reporting Standards, prevailing the regulations issued by the Standards Committee of the Central Bank, when there is a conflict with the International Financial Reporting Standards. Furthermore, when these present different ways and options to measure and account for the same element or event, the most conservative criterion of the International Financial Reporting Standards must be adopted. The main divergences between the standards used and the International Financial Reporting Standards must be presented in a note;

b) Measurement Bases: The Fund will declare the measurement bases it has used to prepare its Financial Statements;

c) Functional and Presentation Currency: The Fund will declare the functional and presentation currency of the Financial Statements and the degree of rounding applied when presenting the figures in said Financial Statements;

d) Use of Estimates and Criteria: The Fund will make a description of the estimates and accounting criteria used for the preparation of the Financial Statements and that affect the application of accounting policies and the amounts of assets, liabilities, income and expenses reported, as well as what each estimate and criterion applied consists of; and

e) Changes in Accounting Policies:

i. The Fund will describe and identify the areas in which accounting policies have changed; and

ii. It will describe what the new accounting policy consists of or what it is based on and the reason for the change, as well as what the previous accounting policy was based on or consisted of.

Note 3. Significant Accounting Policies
The Fund will make a summary of the significant accounting policies applied, which are defined as the principles, bases, agreements, rules and specific procedures adopted in the preparation and presentation of its Financial Statements.

Note 4. Investment Policy
The Fund will disclose a summary of the current and authorized investment policy, the date of authorization by the competent body, the established limits and by types of financial instruments, the restrictions to which the Fund is subject, among other aspects.

It will also include other information that is relevant to users of the Financial Statements regarding investment policies.

Note 5. Management of Financial and Operational Risks The publication of policies, methodologies and other relevant measures must be included in the notes to the Financial Statements, in accordance with the standards issued by the Standards Committee of the Central Bank.

Managers must disclose in summary form in the notes to the semi-annual Financial Statements of each Fund they manage, the way in which they manage risks and compliance with their policies.

Additionally, the following will be disclosed regarding each risk:

5.1. Market Risk
The Fund will describe in tabular form for the investment portfolio, what has been the risk position, by type of exchange rate risk, interest rate risk or other, assumed according to the indicators that reflect its methodology or technique applied to manage the risk during the last twelve (12) months, because the complete period is important when the risk exposure presented at the end of the year is not representative of the exposure maintained throughout the period.

5.1.1. Exchange Rate Risk
The Fund will describe in tabular form and classified by currency the assets and liabilities in foreign currency, establishing the net position of assets and liabilities on and off balance sheet.

5.1.2. Interest Rate Risk

The Fund shall describe in tabular form a summary of financial assets and liabilities not held for trading whose fair value is exposed to interest rate risk, classifying them by their remaining maturities. The tabulation must present financial assets and liabilities at their book value, classified by the term of the next contractual repricing.

The same information above shall be presented by the Fund regarding financial derivative instruments held for risk hedging purposes and whose fair value is exposed to interest rate risk.

5.2. Liquidity Risk
Likewise, the Fund shall describe in tabular form financial payables and financial assets held to manage liquidity risk, both by class and classifying them by their remaining contractual maturities. The amounts revealed in the tabulation shall be undiscounted contractual cash flows.

Furthermore, it shall describe, if not evident in the previous tabulation, the quality of assets held to manage liquidity risk and other elements it considers pertinent. For example, cash, deposit certificates, sovereign bonds, and other securities used in repo operations with the Central Bank, highly liquid assets held in the portfolio for trading, among others.

This section may be omitted if in the previous item, the class and quality of assets used in risk management are evident.

5.2.1. Net Settled Financial Derivative Liabilities
The Fund shall describe the types of financial derivative instruments that are settled on a net basis, adding all details it considers pertinent, for example: interest rate derivatives, exchange rate derivatives.

Additionally, it will present a tabulated description of such derivatives, name, and classified by remaining maturity terms to the contractual maturity date, on the date of the Financial Statements, for example: up to one month, more than 1 to 3 months, more than 3 months up to 12 months, among others. The values presented in this tabulation are undiscounted.

5.2.2. Gross Settled Financial Derivative Liabilities

The Fund shall describe the types of financial derivative instruments held on the date of the Financial Statements and that will be settled on a gross basis, adding all details it considers pertinent, for example: interest rate derivatives, exchange rate derivatives, credit risk derivatives, among others.

Additionally, it will present a tabulated description of such derivatives, including the name, identifying the cash flows to be paid and the cash flows to be received, classifying them by remaining maturity terms to the contractual maturity date, on the date of the Financial Statements. For example: up to one month, more than 1 to 3 months, more than 3 months up to 12 months, among others. The amounts presented in this tabulation are undiscounted contractual cash flows.

5.2.3. Off-Balance Sheet Items
The Fund shall describe each of the off-balance sheet items that imply commitments it must fulfill in the immediate future or medium or long term.

Furthermore, it will perform a tabulated description of each of these items classifying them by their remaining term to the date of fulfillment of the commitment, on the date of the Financial Statements, for example: not greater than one year, more than one year to 5 years, more than 5 years, among others.

5.3. Fair Value of Financial Assets and Liabilities
5.3.1. Fair Value Hierarchy
The Fund shall describe the hierarchy of fair values used for financial assets and liabilities presented in the Financial Statements at fair value. Likewise, it will make the corresponding classifications and clarifying descriptions it considers pertinent, for example: Level 1, Level 2, Level 3; indicating the characteristics of each level and what class of financial assets are included in each of them.

5.3.2. Financial Assets and Liabilities Measured at Fair Value
The Fund will make a tabulated description of financial assets and liabilities whose book amounts are carried at fair value. The tabulation will indicate as a minimum the following: in the columns, the levels of fair value used to establish the value of assets by Level 1, Level 2, and Level 3 will be placed.

In the rows, they will incorporate two global classifications of fair value measurements, the permanent measurement classification and another of temporary fair value measurements with the book amounts and fair values of those financial assets and liabilities both on and off balance, segregating them by class.

5.3.3. Transfers of Financial Assets and Liabilities between Levels 1 and 2 of the Fair Value Hierarchy
The Fund shall reveal for financial assets and liabilities that are measured at fair value on a recurring basis and that are held on the Balance Sheet at the end of the period being reported, the amounts of any transfers between Levels 1 and 2 of the fair value hierarchy, the reasons why the transfers were made, and the policies that the Fund has established to determine that transfers between levels have occurred. Transfers occurring into or from each level shall be revealed and presented separately.

5.3.4. Valuation Techniques and Inputs Used for Fair Value Measurement
For fair value measurements categorized within Levels 2 and 3 of the aforementioned hierarchy, the Fund will present a description of the valuation techniques and inputs used to obtain such measurements.

If there have been changes in valuation techniques, the Fund will reveal those changes and the reasons for them.

It will reveal quantitative information about significant unobservable inputs in the market, that is, when they have been developed by the Fund for financial assets measured at fair value on a recurring and non-recurring basis.

For fair value measurements categorized within Level 3 of the fair value hierarchy, the Fund will provide quantitative information about significant unobservable inputs in the market and that are used in the measurement of fair value. This disclosure must contain as a minimum the following tabulated information: description of financial instruments, fair value on the date of the Financial Statements being reported, valuation technique used, unobservable inputs used, and the ranges handled of the inputs used as well as their weighted averages, when applicable.

This disclosure is required when the inputs have been developed by the Fund.

5.3.5. Fair Value Measurements Using Significant Unobservable Inputs

The Fund will present a reconciliation of financial assets measured at fair value on a recurring basis and categorized within Level 3 of the fair value hierarchy, starting from the Opening Balance to the Closing Balance, revealing separately the changes during the period attributable to the following:

a) Total gains and losses of the period recognized in profit or loss and the line of profit or loss in which those gains or losses were recognized;

b) Total gains and losses of the period recognized in other comprehensive income and the line of other comprehensive income in which those gains or losses were recognized;

c) Purchases, sales, issuances, and settlements revealed separately; and

d) The amounts of transfers into Level 3 or from Level 3 of the fair value hierarchy, the reasons for such transfers, and the policies established by the Manager to determine if transfers between levels have occurred. Transfers into or from level 3 shall be revealed and presented separately.

5.4. Credit Risk
It will describe by tabulation, the maximum exposure to credit risk by class of asset and risk classification, both on and off balance without having considered any guarantee or other credit enhancement in its possession.

For this section, the amounts to be described are the book values as reported in the Fund's Balance Sheet.

5.4.1. Impaired Financial Assets
The Fund will reveal the following information:

An analysis of financial assets that have been determined individually as impaired at the end of the period being reported, including the factors that the Manager has considered to determine their impairment, such as: nature of the counterparty, geographic analysis, or other factors that have contributed according to the Fund to the impairment of the assets.

To comply with the above, the analysis may include the following information or other that the Fund considers more representative:

a) The book amount, before the deduction of any impairment loss, according to its risk classification, segregated by time periods and asset subgroups; and

b) The amount of any related impairment loss and segregating it by time periods and asset subgroups.

5.5. Operational Risk
The Fund shall describe the methodology it uses to manage operational risk, which implies describing the entire management process it performs on this risk from the factors used to identify it to those used for its measurement, control, mitigation, monitoring, and communication.

Note 6. Cash and Cash Equivalents
The Fund shall reveal in tabular form the components of cash and cash equivalents, and will present a reconciliation of the amounts of its Cash Flow Statement with the equivalent items reported on in the Balance Sheet.

Among the components of cash equivalents will be included deposits with a maturity of up to 90 days.

It will reveal the criteria adopted to determine the composition of cash and cash equivalent items. Likewise, it will state which resources are restricted, the purpose of the restriction, and the terms thereof.

Note 7. Financial Investments

7.1. Financial Assets Held at Fair Value

a) Financial Assets Held for Trading: The Fund will reveal in tabular form the financial instruments measured mandatorily at fair value, describing all pertinent clarifications related to these instruments. Including in such description as a minimum: composition of financial instruments by issuer, instrument, term, and type of market. Additionally, it will reveal information that allows users of its Financial Statements to evaluate the nature and extent of the risks arising from the financial instruments to which the Fund is exposed at the end of the period being reported; and

b) Financial Assets for Risk Hedging: In the case that there are contracts for operations with financial derivative instruments for risk management, the Fund will reveal in tabular form the following information: type of financial derivative instrument, notional amount of the contract, fair value of the contract on the date of the Financial Statements whether asset or liability, and any additional information useful for the understanding of the operations.

7.2. Financial Assets Pledged as Collateral
The Fund will reveal regarding financial assets pledged as collateral the following:

a) A detail of restricted financial assets;

b) The book amount of pledged financial assets as collateral for liabilities; and

c) Description of the terms and conditions of financial assets pledged as collateral for liabilities.

7.3. Financial Assets Pending Settlement
A tabulated detail of negotiated financial instruments pending settlement on the closing date when they are purchases and sales must be included.

7.4. Financial Investments Received in Payment
A detail of the financial instruments and their respective values, which the Fund, for justified cause, has received in payment in the year and that are contemplated in the respective regulations or Law, must be included, and it will place the annual comparative balance, including additionally the following information:

a) A general description of the financial instruments received in payment during the current fiscal year and their respective initial recognition value; as well as the fair value valuation adjustments and the earnings accrued during the period; and

b) A detail of the financial instruments sold during the current fiscal year, including their selling price, their book value, and the results obtained upon their commercialization.

Likewise, it must reveal the percentages by which it exceeds the limits established for each type of instrument permitted to invest in and in what timeframe these excesses will be reversed and the manner of doing so.

Note 8. Accounts Receivable
The Fund will reveal in detail the amounts that make up this grouping, making the corresponding descriptions and explanations. Lines that have their own disclosure note will be excluded from this.

8.1. Accounts Receivable Investment Funds and Brokerage Houses
The Fund will reveal in detail the amounts that make up this grouping, making the corresponding descriptions and explanations.

It will reveal the following:

a) The amounts for each of the categories of accounts receivable;

b) A description of the accounts receivable;

c) In the case of Investment Funds, a description of the earnings pending collection for each type of Investment Fund in which it has invested; and

d) A detail of the amounts receivable from Brokerage Houses, with a description, in the case that these items are significant.

Include other disclosures that are necessary for a better understanding by users of the Financial Statements.

8.2. Accounts Receivable from Operating Leases
The Fund will reveal regarding operating leases the following:

a) The total amount of future minimum payments corresponding to non-cancelable operating leases, as well as the amounts corresponding to the following terms:

i. Up to one year;

ii. Between one and five years; and

iii. More than five years.

b) The total of contingent fees recognized as income in the period;

c) A general description of the conditions of the agreed leases;

d) Unearned income; and

e) A general description of the lease agreements signed and the total number of agreements signed.

8.3. Accounts Receivable from Related Parties
If there are transactions with related parties to the Manager, the Fund will reveal the amounts receivable between it and said parties.

8.4. Other Accounts Receivable

The Fund will reveal:

a) A description of the other accounts receivable; and

b) The amount corresponding to financial products receivable.

Include other disclosures that are necessary for a better understanding for users of the Financial Statements.

8.5. Accounts Receivable - Reserve Estimation
The Fund will present a detail of the uncollectibility estimation for accounts receivable, by type of account, and if there is an impairment reversal, it will present such detail.

Note 9. Investment Properties

9.1. Investment Properties
The Fund will reveal the following:

a) A description of the Investment Properties;

b) The criteria it uses to distinguish Investment Properties from properties held for sale that are held for commercialization in the normal course of activities;

c) The figures included in the period result by:

i. Income derived from rents from Investment Properties; and

ii. Direct operating expenses including repairs and maintenance, related to Investment Properties that generated rental income and those that did not generate it during the period.

d) The existence and amount of restrictions on the collection of income derived from them or of the resources obtained by the expropriation of Investment Properties;

e) Contractual obligations for the acquisition, construction, or development of Investment Properties, or for repairs, maintenance, or improvements thereof; and

f) A reconciliation of the book amount of Investment Properties at the beginning and at the end of the period, which includes the following:

i. Net book value: revealing the gross book amount;

ii. Additions: revealing separately those derived from acquisitions and those referring to subsequent disbursements capitalized in the book amount of those assets;

iii. Assets classified as held for sale, as well as other disposals; and

iv. Other changes.

9.2. Properties Held for Sale.
The Fund will reveal information on assets held for sale as follows:

a) Detail of assets held for sale;

b) A description of assets held for sale that were sold or reclassified;

c) Explanation of facts and circumstances of sales, reclassifications, and/or expected disposals, form, and terms;

d) Gains or losses from the subsequent increase in fair value less selling costs that do not exceed accumulated impairment losses recognized, that is, it will reveal gains from reversals of impairment of value;

e) Registration Number in the National Registry Center; and

f) Gains or losses from the sales of said assets.

The Fund will reveal the following information about changes in the plan to sell assets held for sale:

a) Description of changes in the plan; and

b) Explanation of the effect of changes in the plan, on the results of operations of the current period and of previous periods.

9.3. Real Estate Received in Payment
A detail of the real estate that the Closed Fund receives for justified cause, in payment for the recovery of investments in securities, must be included, including the following information:

a) A general description of the real estate received in payment during the current fiscal year and their respective initial recognition value; and

b) A detail of goods and rights that have been sold during the current fiscal year, including their selling price, their book value, and the results obtained upon their sale.

The detail of the above is described below:

As of December 31, 20xx, the Fund maintains balances for real estate received in payment valued at US$ thousands.

The movement of these goods and rights registered in the period is presented below:

Concept Value of Goods and Rights
Balance as of December 31, 20xx US$
Plus: Acquisitions
Less: Withdrawals
Total US$

During the period from January 1 to December 31, 20xx, goods were written off as described below:

By sale:
Selling Price Acquisition Cost Profit or Loss
US$

It must also reveal the excess to the established limits for investment and the policies to undo said excess.

Note 10. Financial Liabilities at Fair Value
The Fund will reveal the following information:

a) The fair values that result in losses from financial instruments by sub-classification;

b) Global classification of the amounts established above in Current and Non-Current; and

c) Other information that the Fund considers important and pertinent for the better understanding of users of financial information.

Note 11. Accounts Payable

11.1. Redemptions Payable
The Fund must reveal for each type of participation share the following:

a) The amounts of redemptions pending payment to participants;

b) The plan of authorized redemptions, which includes terms and amounts;

c) Description of commissions applicable for redemption payments; and

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-05/2016
NDMC-08
ACCOUNTING MANUAL FOR INVESTMENT FUNDS
Approval: 22/06/2016
Validity: 25/07/2016 d) Any other relevant and pertinent information for investors for a better understanding of the financial information.

11.2. Third-Party Services
The Fund shall disclose the following:
a) Detail by concept of accounts payable for services received from third parties related to the Fund's operational activities; and b) Detailed information that allows the user to understand the composition of these accounts.

11.3. Other Payables - Benefits Payable
The Fund shall disclose, where applicable, for each type of participation share, the following:
a) The amounts of benefits pending payment to participants; b) The dates of benefit payment agreements; and c) Any other relevant and pertinent information for investors for a better understanding of the financial information.

Note 12. Commissions Payable
The Fund shall disclose the following information:
a) Commissions pending payment to the Manager; b) The remuneration policy for the Manager for the administration of the Fund; c) The total commissions paid to the Manager; and d) Any other relevant and pertinent information for investors for a better understanding of the financial information.

Note 13. Loans Payable
The Fund shall disclose the following information:
a) The amounts of loans obtained by class, for example: from financial entities or other entities of the financial system; b) Interest rates to which the loans are tied; c) Classification of the aforementioned loans into Current and Non-Current; d) Terms and conditions under which the loans from creditor entities have been received; and e) Other information that the Fund considers important and pertinent for the better understanding of users of the financial information.

Note 14. Provisions
The Fund shall disclose for each type of provision a reconciliation showing the following information:
a) The book value at the beginning and end of the period; b) The creation of new provisions made during the period, including also increases in existing provisions; c) The amounts used, which are those applied or charged against the provision, during the period; d) The unused amounts that have been settled or reversed in the period; e) The increase during the period in the discounted amount arising from the passage of time and the effect of any change in the discount rate; f) Any other information necessary to generate the reconciliation of this account; and g) Classification of the amount established at the end of the reporting periods, into Current and Non-Current.

Note 15. Equity
The Fund shall disclose the following information:
a) For each class of participation shares:
i. Classes of participation shares, when they exist;
ii. The number of issued and paid participation shares;
iii. Participation shares by type of contributions made in cash or in real estate;
iv. The unit value of participation shares at the close of the fiscal year;
v. A reconciliation between the number of participation shares in circulation at the beginning and at the end of the period;
vi. The rights, privileges, and restrictions corresponding to each class of participation shares, including restrictions on the distribution of benefits, where applicable;
vii. Structure of participants' participation in the Fund; and
viii. Frequency of conversion of contributions and redemption of participation shares, including amounts.
b) Increases in additional capital, that is, new issuances of participation shares, characteristics and restrictions, where applicable; c) Voluntary and partial decreases in capital, describing those made in accordance with the Internal Regulations, or to absorb losses generated in the Fund's operations; and

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-05/2016
NDMC-08
ACCOUNTING MANUAL FOR INVESTMENT FUNDS
Approval: 22/06/2016
Validity: 25/07/2016 d) A description of the nature, composition, and destination of each additional element to the participations that appear in equity, such as: results of prior periods, profits, and other non-distributable equity adjustments, disaggregated to the extent necessary for greater understanding of the contents. For Closed Real Estate Investment Funds, indicate the value of the differences paid between the valuation of shares and their nominal value in disaggregated form. (2) In addition to the disclosures the Fund makes in compliance with the aforementioned letter d), it must specifically add, in the order the Fund considers pertinent, within the indicated letter, the following descriptions:

15.1. Net Benefits to Distribute
The Closed Investment Fund shall describe the legal requirement established in the corresponding laws regarding the retention of profits, then proceeding to establish the net benefits received. Net benefit received shall be understood as the amount resulting from subtracting the total of losses and expenses incurred in the period from the sum of profits, interest, benefits, dividends, and capital gains actually received. It shall describe the legal requirements established in the Investment Funds Law regarding: policy for the distribution of benefits, net benefits to distribute, the absorption of losses of the current period or accumulated from prior periods with the year's profit; in case of losses in the current period, these will be absorbed with retained profits if any, among others.

15.2. Unit Value of Participation Shares
The Fund shall disclose the number of participation shares and their unit value as well as the total equity of the Fund.

15.3. Total Participation Shares
In the case of the Closed Investment Fund, it shall disclose the total amount of the placement of participation shares in the market, the maximum term for the placements it has carried out, as well as other relevant information regarding this matter. Likewise, the Open Investment Fund shall disclose the total amount of issued participation shares placed, the maximum term for the placements it has carried out, as well as other relevant information regarding this matter.

Note 16. Interest and Dividend Income
The Fund shall disclose regarding interest and dividend income the following information:
a) It shall describe, in tabular form, the income and expenses for interest and dividends arising from the different operations of its activity; b) Method of calculating applied interest, such as effective interest rate; c) It shall describe the amount of interest not recognized in the period's income because it corresponds to yields generated by impaired financial assets from which the recovery of pending contractual cash flows is uncertain; d) Interest and dividends pending collection; and e) It shall add in this section any other component that forms part of net interest and additional explanations that contribute to the understanding of the Financial Statements by their readers.

Note 17. Rental Income

17.1. Operating Lease

a) The amount of income or rents for each of the properties maintained in operating lease; b) The total of contingent installments recognized in the period's income; and c) Any other information that is useful for users of the Financial Statements.

Note 18. Gains or Losses on Financial Investments

18.1. Gains or Losses from Sales of Financial Assets and Liabilities
The Fund shall disclose the following information: the detail of income or expenses generated or incurred in the disposal of portfolios of financial assets and liabilities measured mandatorily at fair value, allowing users to understand the integration of these elements.

18.2. Net Gains or Losses from Changes in Fair Value of Financial Assets and Liabilities
The Fund shall disclose the following information separately:

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
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Validity: 25/07/2016 a) A separation of what corresponds to gains or losses; and b) Any description necessary to know the various components that generate income and expenses for the Fund under the indicated concepts.

18.3. Gains from Reversal of Impairment and Losses from Establishment of Impairment of Financial Assets.
The Fund shall disclose information regarding the amount of gains from reversal of impairment and losses from establishment of impairment of assets held at amortized cost, evidencing:
a) Increases in impairment; b) Amounts removed from the Balance Sheet during the period as a result of amounts considered uncollectible, whether accounts receivable or other financial assets for which no loss estimation had been established; c) Recoveries on assets prior to their removal from the Balance Sheet; and d) Reversals of impairment and others that contribute to establishing the total amount of impairment charges during the period. It shall also add any description necessary for the user to understand the various elements that generate or originate income or expenses for the Fund under the indicated concepts.

Note 19. Net Gains or Losses on Investment Properties The Fund shall disclose the following information:
a) The information corresponding to the integration of gains and/or losses generated or incurred in the process of disposal of assets through their sale, clearly showing the determination of said values, segregating by classification of Investment Properties and those held for sale during the period; b) Detail of unrealized gains and/or losses as a result of the measurement at fair value of each of the real estate investments during the period; and c) Any amount of impairment established or reversal of impairment, if applicable.

Note 20. Management Expenses
The Fund shall disclose the following information:
a) The amount for remuneration for the administration of the Fund;

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
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Note 21. General Administrative Expenses and Committees

21.1. Surveillance Committee Expenses
The Fund shall disclose the following information:
a) A description of the expenses related to the Surveillance Committee and the detail of these by amounts; and b) The detail of other expenses incurred, which allow users to understand the integration of these components. It shall also add any description necessary to know the various elements that originate expenses for the Fund under the indicated concept.

21.2. General Administrative Expenses
A summary of each of the expenses that make up general administrative expenses shall be disclosed by nature. It shall also add any description necessary to know the various elements that originate expenses for the Fund under the indicated concept.

Note 22. Other Income or Expenses
The Fund shall disclose the following information: the detail of the income or expenses that are aggregated in the indicated account, which allow users to understand the integration of these components. It shall also add any description necessary to know the various elements that originate income or expenses for the Fund under the indicated concepts.

Note 23. Related Parties
The Fund shall disclose regarding related parties to the Manager the following information:
a) The relationships between the Fund and the related parties, regardless of whether there have been transactions between them; and b) The transactions with related parties, during the periods covered by the Financial Statements, indicating the nature of the relationship with said related parties, as well as information on the transactions and pending balances, including commitments, that is necessary for users to understand the potential effect of the relationship on the Financial Statements.

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
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Approval: 22/06/2016
Validity: 25/07/2016
These information disclosure requirements are in addition to those required in the aforementioned letter. At a minimum, the information to be disclosed shall include:
i. The amount of the transactions;
ii. The amount of pending balances, including commitments;
- Their terms and conditions, including whether they are guaranteed, as well as the nature of the consideration fixed for their settlement; and
- Details of any guarantee granted or received;
iii. Estimates for doubtful debts, relative to amounts included in pending balances; and
iv. The expense recognized during the period relative to uncollectible or doubtful debts arising from related parties.
Likewise, they shall disclose the conditions and requirements regarding related parties and transactions established in accordance with the legal framework.

Note 24. Fiscal Regime
Include a description of the Fiscal Regime to which the Fund is subject, in accordance with what is established in Title IV, Single Chapter of the Investment Funds Law.

Note 25. Information on Custody of Securities and Other Assets The detail of the entities to which the custody of investments in financial instruments, real estate ownership titles, or other assets requiring custody has been entrusted shall be disclosed.

Note 26. Established Guarantees
A two-year comparative information shall be included, detailed regarding the guarantee or guarantees established by the Manager in favor of the Fund, which must include at minimum: the nature of the guarantees, issuer, representative of the beneficiaries of the guarantee or guarantees, amount and percentage in relation to the Fund's Equity, validity period, and other pertinent information regarding this matter.

Note 27. Limits, Prohibitions, and Excesses of Investments The Fund shall disclose detailed information on the limits and prohibitions established for each type of investment, as well as on the excesses maintained as of the close date of the Financial Statements and the measures adopted regarding them.

Note 28. Pending Litigation
The Fund shall disclose in detail the judicial processes in which it is sued and which are initiated by interested parties, in the normal course of its operations and for various kinds. These actions may have a positive or negative impact on the legal or economic aspects of the Fund.

Note 29. Outsourcing of Services
The Fund shall disclose the name of the contracted companies when applicable, to carry out accounting or another service related to this, disclosing the conditions of said contract and its relationship with the company.

Note 30. Contingent Liabilities and Assets
The Fund shall disclose for each type of contingent liability at the end of the period for which it reports, a brief description of its nature, for example: legal lawsuits, capital commitments, credit commitments, financial guarantees, among others, and when possible:
a) An estimate of their financial effects; b) An indication of the uncertainties related to the amount or the schedule of resource outflows corresponding; and c) The possibility of obtaining eventual reimbursements. When there is a probability of future cash inflow, the Fund shall disclose a brief description of the nature of the contingent assets at the end of the period being reported and, when feasible, an estimate of the financial effects measured using the principles established to measure provisions. In those cases where the situations involving contingent liabilities or contingent assets are not disclosed, because the administration considers that their disclosure could seriously harm the Fund's position, it shall disclose the generic nature of the dispute along with the fact that the information has been omitted and the reasons that have led to taking such a decision.

Note 31. Risk Rating
The Fund shall disclose the following information: the classification obtained, the reference date of the classification, as well as an explanation of what the obtained classification means

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
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Validity: 25/07/2016 and other information that the Fund considers pertinent for a better understanding of users of the Financial Statements.

Note 32. Significant Differences between International Financial Reporting Standards and Standards Issued by the Regulator The Fund shall disclose the significant differences between International Financial Reporting Standards and the regulation issued by the Central Bank Standards Committee.

Note 33. Events Occurring After the Reporting Period The Fund shall disclose the following information:
a) Update of disclosures regarding conditions that existed as of the date of the period being reported, according to new information related to those conditions that has been obtained after the reporting period; and b) Regarding each significant category of events occurring after the reporting period that do not imply adjustment:
i. The nature of the event; and
ii. An estimate of its financial effect or a statement that such estimation cannot be made.

Note 34. Assets and Rights Received in Payment The Fund, which for justified cause, has received assets and rights in payment for the recovery of investments in securities, in case said assets and rights are not included in its investment regime or in the respective internal regulations or in the respective Law, shall disclose the following information:
a) A general description of the assets and rights received at the accounting close and the value of their initial recognition; b) The reconciliation (table) of assets and rights starting with the balance of assets and rights received, plus assets and rights received in the period, minus withdrawals by sales until reaching the final net balance of the current period; c) A summary (table) of the balances in which assets and rights received are detailed by year and the number of assets and rights held at the close; d) A summary (chart) of investments, movable assets, and rights that have been in possession for more than ninety (90) days and which, for justified causes, the Fund has not sold; e) Summary (chart) of investments, movable assets, and rights that were written off during the current period by sales, detailing the sale price,

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-05/2016
NDMC-08
ACCOUNTING MANUAL FOR INVESTMENT FUNDS
Approval: 22/06/2016
Validity: 25/07/2016 the book value, maintenance costs, sales costs incurred, and the result obtained in the sales; f) Summary (chart) of real estate assets that have been in possession for more than one year and which, for justified causes, the Fund has not sold; and g) Summary (chart) of assets and rights that have been transferred to Investment Properties for use in the normal course of the Fund's business.

CHAPTER III
CHART OF ACCOUNTS

DESCRIPTION OF THE CODIFICATION METHOD
The Chart of Accounts contains the basic accounts required for the accounting recording of economic events that meet the conditions for their recognition or, lacking that, originate contingent rights or obligations, enable the entity to make future claims, evidence ownership or justify the existence of certain rights or obligations, indicating the number and name of element, section, primary sub-account, secondary sub-account, and sub-sub-account. The Catalog includes the codes and accounts that by regulation must be reported periodically to the Superintendence; consequently, for its internal records, the Fund may disaggregate within each sub-sub-account the detail that best suits its needs. The Chart of Accounts is structured in elements identified by one digit, sections identified by two digits, accounts identified by three digits, Primary Sub-accounts identified by four digits, Secondary Sub-accounts identified by seven digits, and Sub-sub-accounts identified by nine digits, which will be the type of currency, as exemplified below:

ACCOUNT TYPE
ACCOUNT CODE
ACCOUNT DESCRIPTION

Element 1 ASSET
Item 11 CURRENT ASSET
Account 110 CASH
Primary Subaccount 1100 CASH
Secondary Subaccount 1100000 GENERAL CASH
Sub-Subaccount 111000000 CURRENCY TYPE

Element 2 LIABILITY
Item 21 CURRENT LIABILITIES
Account 210 FINANCIAL LIABILITIES AT FAIR VALUE Primary Subaccount 2100 FOR RISK MANAGEMENT Secondary Subaccount 2100000 FOR ACCOUNTING HEDGES Sub-Subaccount 210000000 CURRENCY TYPE

Element 3 EQUITY
Item 31 EQUITY
Account 310 PARTICIPATIONS
Primary Subaccount 3100 PARTICIPANT CONTRIBUTIONS Secondary Subaccount 3100000 NATURAL PERSONS

The level corresponds to the position the account occupies within the chart of accounts structure.
To define the Chart of Accounts, a six-level structure has been established. The meaning of each level is as follows:

Level Meaning Values
First Element of account in the Financial Statement 1 Asset 2 Liability 3 Equity 4 Expenses 5 Income 6 Contingent and Order Accounts 7 Contingent and Order Accounts by Contra

Level Meaning Values
Second Item of accounts in the Financial Statement 11 Current Assets 12 Non-Current Assets 21 Current Liabilities 22 Non-Current Liabilities 31 Equity 32 Results to be Applied 33 Restricted Equity

Third Account Collects sub-groupings of accounts associated with the previous level.
Identified by 3 digits.
110 Cash
111 Banks and Other Financial Entities
112 Financial Products Receivable
113 Financial Investments
114 Accounts Receivable
115 Estimate of Uncollectibility for Accounts Receivable (CR) 116 Taxes 117 Other Assets

Fourth Primary Subaccount
Identifies the position of each subaccount within each account.
Identified by 4 digits.
Minimum Value: 00
Maximum Value: 99
1100 Cash
1101 Remittances in Transit
1102 Checks Receivable from Third Parties

Fifth Secondary Subaccount
Identifies the position of each secondary subaccount within the primary subaccounts. Identified by 7 digits.
Minimum Value: 000
Maximum Value: 990
1100000 General Cash
1101000 Remittances in Transit

Sixth Sub-subaccount
Differentiates the type of currency representing the balance of the subaccount. Identified by 9 digits.
110000000 General Cash ML
110000010 General Cash ME

The Chart of Accounts to be used is presented in the Annexes of this Accounting Manual.

CHAPTER IV
ACCOUNTING APPLICATIONS MANUAL

SECTION 1
ACCOUNTING APPLICATIONS MANUAL FOR ASSETS

Element 1 ASSET
Item 11 CURRENT ASSETS
This element comprises monetary resources in cash, demand bank deposits, financial investments, products and accounts receivable, and prepaid expenses that are presented in the Balance Sheet along with cash equivalents. Cash equivalents are short-term investments of high liquidity, characterized by being easily convertible to cash, low risk, and liquidatable in the short term, understood as such, financial instruments with a maturity of no more than ninety (90) calendar days from the date of acquisition. The following accounts and subaccounts correspond to this item:

Account 110 CASH
Primary Subaccount 1100 CASH
Primary Subaccount 1101 REMITTANCES IN TRANSIT Primary Subaccount 1102 CHECKS RECEIVABLE FROM THIRD PARTIES

This account represents monetary resources in both national and foreign currency, available in the Fund's general cash, as well as local remittances in transit, for the development of cash operations carried out by the Manager on behalf of the Fund. It will be debited for the entry of cash, with credit to the accounts that serve as the counterparty, according to the nature of the operation that generates the increase in cash. It will be credited for the exit of cash, with debit to the accounts that serve as the counterparty, according to the nature of the operation that generates the decrease.

local and foreign banks and financial entities and whose amounts at the end of the day have not been confirmed as already remitted.

Account 111 BANKS AND OTHER FINANCIAL ENTITIES Primary Subaccount 1110 BANKS AND OTHER ENTITIES OF THE FINANCIAL SYSTEM

This account must represent the amounts of money deposited in banks and other entities of the financial system.
It will be debited for the establishment of deposits, with credit to the accounts that serve as the counterparty, according to the nature of the operation that generates the opening as well as the increases in them. It will be credited for the exit of cash, with debit to the accounts that serve as the counterparty, according to the nature of the operation that generates the expenditure.

Primary Subaccount 1111 BANKS AND OTHER FINANCIAL ENTITIES FROM ABROAD

This subaccount must represent monetary deposits made in banks located outside the national territory, which will be used exclusively for the receipt of money originating from the marketing of participation quotas of the Fund. Quotas Quotas Pending to be Issued In the event that they are issued on the same day, the primary subaccounts that It will be credited for the exit of cash, with debit to the subaccounts that serve as the counterparty, according to the nature of the operation that generates the payment.

Account 112 FINANCIAL PRODUCTS RECEIVABLE
Primary Subaccount 1120 BANKS AND OTHER ENTITIES OF THE FINANCIAL SYSTEM Primary Subaccount 1121 BANKS AND OTHER FINANCIAL ENTITIES FROM ABROAD

In these subaccounts, all interest or profit concepts corresponding to the yield generated by cash and equivalents will be recognized. It will be debited for the

contractual interest accrued and credited for cash recoveries or adjustments to the same originating from various causes.
The debits to this subaccount will correspond to credits to the subaccounts of

Account 113 FINANCIAL INVESTMENTS

In this account, all investments in financial instruments made by the Fund are presented, other than accounts receivable and others that incorporate the quality of a financial instrument but are grouped in another classification. Investments will be made in accordance with the Investment Policy defined in the Regulations and respective Prospectuses of the Fund. The following subaccounts are part of this account:

Primary Subaccount 1130 FINANCIAL ASSETS FOR TRADING AT FAIR VALUE WITH CHANGES IN RESULTS

Financial assets for trading, measured at fair value whose changes in value are applied to results, are included in this primary subaccount.
It will be debited for the amounts corresponding to increases in the fair value of debt or equity instruments acquired by the Fund, excluding transactional costs which will be applied directly to results, crediting the account its fair value increases and it will be credited for the amounts of decreases in the value Losses to be financial assets held at fair value that have been restricted by having been given as collateral or other type of restriction. These assets will be reclassified to their original accounts, at the moment that they are freed from all restrictions. In order accounts, the nominal value balance of financial instruments granted as collateral in repo operations will be recorded.

Primary Subaccount 1131
FINANCIAL ASSETS FOR RISK HEDGING AT FAIR VALUE WITH CHANGES IN RESULTS

In this subaccount, all investments that the Fund has made in financial derivative instruments, which have the exclusive object of hedging the risks of the Fund's investments, other than accounts receivable and others, that incorporate the quality of a financial instrument but are grouped in another classification. by different justified causes ceased to meet the conditions to be used as coverage for which they were acquired. They will be maintained temporarily in this secondary subaccount, only for a maximum period of eight days, during which the Fund must sell them or re-designate them for coverage. If after the eight-day period, the Fund has not sold or designated the financial derivative instrument, its balance must be settled against the corresponding sub-subaccount of the secondary subaccount 309000 Loss from Hedging Operations

Primary Subaccount 1132 FINANCIAL INVESTMENTS RECEIVED IN PAYMENT

This subaccount represents the financial investments that the Fund has received in payment and that both the Investment Funds Law and its internal regulations allow it to invest in. It will be debited for the amounts corresponding to increases in the fair value of debt or equity instruments received by the Fund in payment, crediting the Changes in Fair Value of Assets and Liabilities It will be credited for the amounts of decreases in the fair value of the instruments

Primary Subaccount 1133 ADJUSTMENTS OF FINANCIAL INVESTMENTS

The secondary subaccounts that make up this primary subaccount identify the adjustments in financial investments.

Secondary Subaccount 1133000 YIELDS

This secondary subaccount will show the amounts of yields receivable at the end of the accounting period of the different financial instruments, acquired by the Fund.
In it, all interest or similar concepts, established based on the contractual interest rate, corresponding to the yield generated by the financial instruments will be recognized. It will be debited for the accumulation or accrual and credited for cash recoveries or adjustments to the same, originating from various causes.

Account 114 ACCOUNTS RECEIVABLE

In this account, the amounts receivable in favor of the Fund originating from agreements that the Manager makes on behalf of the Fund with third parties will be recognized.
It will be debited for the amounts pending to be received with credit to the corresponding contra-accounts.
It will be credited for the recovery of balances or when they are removed from the Balance due to established uncollectibility.

Primary Subaccount 1140 INVESTMENT FUNDS

In this subaccount, the values receivable that are held from other Investment Funds originating from yields on participation quotas in favor of the Fund and that at the end of the Financial Statements are pending collection will be recognized.

Primary Subaccount 1141 TENANTS

The amounts originating from operating lease contracts that at the accounting end are pending collection will be recognized in this primary subaccount; these amounts correspond to rental and maintenance quotas and others that are mandatory for payment by the tenants.

Secondary Subaccount 1141000 RENTS RECEIVABLE

The accrued amounts of operating leases celebrated with third parties will be recognized in this subaccount; these amounts will be equivalent to the periodic mandatory payment quotas by the tenants and will be taken from the controls

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Primary Subaccount 1142 BROKERAGE HOUSES

In this subaccount, the values pending to be received, for the accounting of sales of financial instruments negotiated pending settlement, will be recognized. In addition, any other concept pending collection from the Brokerage House will be recognized.

Primary Subaccount 1143 RELATED PARTIES

In this subaccount, the values receivable from persons related to the Manager and that at the end of the Financial Statements are pending collection will be recognized.

Primary Subaccount 1144 MANAGER

Secondary Subaccount 1144000 CLAIMED INDEMNITIES

Claimed indemnities pending payment by the Manager to the participants originating from damages and losses caused by it, its representatives, directors, managers, external auditors, members of its staff, and any other person who provides services to it, to the detriment of said participants, as a consequence of the execution or omission, as appropriate, of any of the actions that, by virtue of the Investment Funds Law, are prohibited to the Manager, are recognized in this primary subaccount.

Primary Subaccount 1145 OTHER ACCOUNTS RECEIVABLE

Other accounts receivable related to the Fund's operations, which have not been included in the previously described accounts, such as indemnities claimed for accidents, dividends receivable, and other accounts in favor of the Fund that at the end are pending collection, will be recognized. In this subaccount, the dividends decreed by the companies in which the Fund holds participation and that have not yet been collected will be recorded.

It will be settled against cash and equivalents when payments are received.

Account 115 ESTIMATE OF UNCOLLECTIBILITY FOR ACCOUNTS RECEIVABLE (CR) Primary Subaccount 1150 ESTIMATE OF UNCOLLECTIBILITY FOR ACCOUNTS RECEIVABLE (CR)

In this account, the estimate of reserves for accounts receivable of doubtful collection will be recorded.
Those amounts that, according to the Fund's Regulations, have not been recovered and there is no evidence of the possibility of collection will be applied to this account; these will be recognized as expenses in the exercise in which such event is determined. It will be credited with the amounts for accounts classified as uncollectible and debited when said balances are recovered partially or totally, or when the accounts receivable to which the corresponding estimate has been created is settled.

Account 116 TAXES
Primary Subaccount 1160 VAT, FISCAL CREDIT

In this account, the values in favor of the Closed Fund in the concept of Tax on the Transfer of Goods and on the Provision of Services (VAT) will be recorded.
This subaccount is debited for the amounts of the tax on the transfer of movable goods and on the provision of services, Value Added Tax (VAT), paid in the purchases of movable goods or acquisition of services; likewise, it will be debited for the amounts corresponding to the percentage of VAT withheld by large taxpayers for sales made to them. It is credited monthly when the VAT settlement is made with debit to the fiscal. In any case, the subaccounts will be used to the extent that they are applicable.

Account 117 OTHER ASSETS

This account must represent the acquisition cost of the different goods and services used for the development of the Fund's business management.

Primary Subaccount 1170 PREPAID EXPENSES

This primary subaccount collects the expenditures incurred in the purchase of goods and services that will be accrued as expenses throughout the accounting period or in subsequent periods and that meet the definition of an asset. The corresponding amounts will be applied to the corresponding expense by applying the policy included for such effects in the Regulations.

Primary Subaccount 1171 GOODS AND RIGHTS RECEIVED IN PAYMENT

This subaccount represents the values, goods, and rights that the Fund has received in payment for justified cause and that do not meet what is established in the Investment Funds Law or in the respective Internal Regulations. The Manager will communicate this situation to the Superintendence on the next business day from the date they were received in payment. For the values, goods, and rights that are registered in this subaccount, the Fund must proceed to their valuation and sale within a maximum period of ninety days counted from the date of communication to the Superintendence. This account will be debited when the Fund formalizes the receipt of the goods and rights. It will be credited when the sale of the goods and rights is made with debit to the cash and cash equivalents accounts. The criteria established in Section 4 Real Estate Investments, item 4 Criteria for the Accounting of Properties Held for Sale, will be applied to these goods and rights, where pertinent.

Item 12 NON-CURRENT ASSETS
Account 120 INVESTMENT PROPERTIES

The subaccounts of this account must represent the value of the goods owned by the Fund, received from its participants as contributions or acquired with the purpose of obtaining future rents or capital gains. In addition, those assets that are under construction and development and whose objective is their future use as Investment Properties will be recognized.

Primary Subaccount 1200 INVESTMENT PROPERTIES

In this primary subaccount, the goods that the Closed Fund maintains to obtain rents, profits, and products from operating lease contracts will be recorded.
They will be debited at the time of purchase, at their acquisition value, or at the value of construction or remodeling with credit to cash and cash equivalents accounts or to accounts payable or the accounts used for the accumulation of their cost. The amounts for updates in the fair value of Investment Properties will be recognized. The value of the property will be determined by an appraiser; such valuation must be carried out in accordance with the Technical Valuation Standards issued by the Standards Committee of the Central Bank and in any case, at the time of its acquisition and sale. The difference between the valuation amount and its book value will be debited or credited

Primary Subaccount 1201 CONSTRUCTIONS
Primary Subaccount 1202 REMODELINGS

In these accounts, all costs of development of real estate projects will be accumulated until they are put into use conditions; at the date of their completion, these costs will be included as part of the Investment Properties or available for sale. It will be debited with the value recognized in each accounting exercise, crediting the cash and cash equivalents accounts It will be credited when the construction and remodeling projects have been finalized and it is determined that the constructed or remodeled property will be used.

Primary Subaccount 1203 PROPERTIES HELD FOR SALE

Real estate properties that Closed Investment Funds acquire with the purpose of selling them and obtaining profits from that transaction are recorded in this subaccount.
Its balance will be integrated by long-term assets reclassified from a previous category to this category, due to the fact that management has decided to recover them through a sale operation and by long-term assets acquired exclusively for the purpose of their subsequent alienation or sale.

Account 1204 GOODS OBTAINED IN PAYMENT

This subaccount represents the real estate properties that the Fund has received in payment and that both the Investment Funds Law and its internal regulations allow it to invest in. This account will be debited when the Fund formalizes the receipt of the goods. It will be credited when the sale of the real estate goods is made with debit to the cash and cash equivalents accounts.

Account 121 ASSETS RECEIVED IN PAYMENT
This sub-account represents the real estate assets that the Fund has received in payment for justified cause and that do not comply with what is established in the Investment Funds Law, the respective Internal Regulations, or the Technical Standards issued for the investments of the Investment Funds. The Manager will communicate this situation to the Superintendence on the next business day following the date on which they were received in payment. For this case of real estate assets, the maximum deadline to proceed with their valuation and sale will be one (1) year counted from the date of the communication. This account will be debited when the Fund formalizes the receipt of the assets. It will be credited when the sale of the real estate assets is carried out with a debit to the cash and cash equivalent accounts. These assets and rights will be subject to the criteria established in Section 4 Real Estate Investments, item 4 Criteria for the Accounting of Properties Held for Sale insofar as pertinent.

SECTION 2
ACCOUNTING APPLICATIONS MANUAL FOR LIABILITIES

Element 2 LIABILITY
Item 21 CURRENT LIABILITIES
In this element, obligations contracted by the Fund, originated by normal operations of its business, are presented and they derive from debts from credits obtained and expenses incurred in the execution of its operations, as well as obligations with persons related to the Manager that administers the Fund and various provisions among others. The item of current liabilities represents the obligations on account of the Fund whose maturity is less than one year.

Account 210 FINANCIAL LIABILITIES AT FAIR VALUE This account includes all financial liabilities that the Fund has declared in its policies that it acquires or originates with the intention of managing them within a business model, whose purpose is to generate short-term gains through the continuous negotiation of the instruments or that the Fund acquires them with the intention of using them as hedging items for the financial risks to which it is exposed. All financial instruments aggregated in this group are characterized because their valuation will always be at fair value.

Primary Sub-account 2100 FOR RISK HEDGING
Secondary Sub-account 2100000 FOR ACCOUNTING HEDGES In the primary sub-account, they will be recognized from their initial moment or by reclassification from the account in which the item that the Fund has designated as a hedging item is located. This sub-account will be used for the changes in value that the hedges suffer in their daily valuation. This element includes all financial liabilities that the Fund includes in its policies, that it acquires with the intention of using them as hedging items for the financial risks to which its investments are exposed. All financial instruments aggregated in these sub-accounts are characterized by the fact that their valuation will always be at fair value.

Primary Sub-account 2101 OPERATIONS WITH REPURCHASE AGREEMENT In this sub-account, the amounts that represent the obligations assumed by the Fund when acting as the reporting entity in repo operations are included. The amounts that are registered in this sub-account must represent the fair value of the operations on the date of the transaction. The sub-account will be increased throughout the duration of the operation by the amount corresponding to the effective interest incurred, so that at maturity the sub-account has a payable value equivalent to one hundred percent (100%) of the liability.

Account 211 LOANS FROM BANKS AND OTHER ENTITIES OF THE FINANCIAL SYSTEM Primary Sub-account 2110 LOANS FROM BANKS AND OTHER ENTITIES OF THE FINANCIAL SYSTEM In this account, the financing that the Fund has obtained from banks and other entities of the financial system is included, in accordance with the debt limits established in the Technical Standards for the Investments of the Investment Funds.

Account 212 CURRENT PORTION OF LONG-TERM LIABILITIES Primary Sub-account 2120 LOANS FROM BANKS AND OTHER ENTITIES OF THE FINANCIAL SYSTEM This account considers the amount to be paid for the maturity in the current exercise of the long-term obligations contracted by the Closed Investment Fund.

Account 213 FINANCIAL EXPENSES PAYABLE
Primary Sub-account 2130 INTERESTS
The secondary sub-accounts that make up this account are credited with the amount corresponding to the contractual interest, debiting the corresponding accounts from Account 214 ACCOUNTS PAYABLE In this account, accounts payable and documented obligations originating from the acquisition of non-financial assets and from other usual operations of the Fund will be registered.

They are credited for the amounts of the liabilities assumed with a debit to the affected accounts which will generally be expenses.
They are debited when the assumed liabilities are settled with a credit to cash and cash equivalent accounts or others if required.

Account 2140 REDEMPTIONS PAYABLE
Primary Sub-account 2140000 PARTICIPANTS
In this account, partial or total redemptions pending payment to the participants are recognized, according to the redemption plans established in the Internal Regulation of the Open Investment Funds. It will be credited with the redemption values that have been requested and authorized, against the Fund's equity. As well as for the net benefits authorized for distribution to the participants. It will be debited with the corresponding payment made to the participants, of the redemptions and of the net benefits.

Primary Sub-account 2141 INVESTMENT FUND MANAGER The amounts payable to Investment Fund Managers, originated by administration fees on account of the Fund, will be recognized.

Primary Sub-account 2142 THIRD-PARTY SERVICES
It corresponds to the obligations of the Fund contracted with third parties for services received by it, for example: external and tax auditors, risk classifiers, custody of securities and others related to the activity of the Fund and whose billing detail is included in the Internal Regulation of the Fund.

Secondary Sub-account 2142020 CONSTRUCTIONS AND REMODELING The amounts payable originated by services to carry out constructions and remodeling in the real estate properties owned by the Closed Investment Fund that it possesses to obtain returns from their lease or sale will be recognized.

Primary Sub-account 2143 SUPERVISORY COMMITTEE The amounts payable to the members of the Supervisory Committee of the Closed Investment Fund, in the concept of remuneration, as well as other expenses related to it, will be recognized in this sub-account. Its amount is determined in accordance with what is established in the Internal Regulation of the Fund.

Primary Sub-account 2144 WITHHOLDINGS FOR INCOME TAX This primary sub-account is increased by crediting it with the amounts corresponding to all withholdings that the Fund makes when making payments for professional services in accordance with the Income Tax Law. It is debited when the withholdings are paid to the Ministry of Finance.

Primary Sub-account 2145 BROKERAGE HOUSES
In this sub-account, the commitments for purchases of negotiated financial instruments pending settlement will be registered. The same will be settled when the funds for the purchase are delivered, as well as other concepts payable to the same.

Primary Sub-account 2146 ACCOUNTS PAYABLE TO RELATED PARTIES This sub-account gathers the amounts owed to persons related to the Manager, which are usually part of the generation of synergy within the group, factors that facilitate or reduce operational costs when acting reciprocally in the receipt and settlement of transactions that are part of their daily activity and which are pending settlement. It is credited for the amounts that would be in favor of the persons related to the Manager and over which there is the obligation to settle them in gross or net in case the assets generated between them and for which there is an agreement for net settlement. It is debited when the assumed obligations are settled with a credit to availability accounts.

Primary Sub-account 2147 OTHER ACCOUNTS PAYABLE In this sub-account, the contributions received by the Fund in the concept of purchase of participation shares and which are pending to be delivered will be registered. The respective secondary sub-account will be debited when the participation shares are issued and the equity is credited. Likewise, in this sub-account, the insurance contracted for coverage of real estate in the Closed Investment Fund are registered, as well as the benefits payable to the participants.

Account 215 TAXES PAYABLE
Primary Sub-account 2150 VAT FISCAL DEBIT
This account will be increased by crediting it for the amounts charged by the Closed Investment Fund in the concept of VAT in the transactions for the provision of services subject to the application of the respective Law. In case that the credits are greater than the fiscal debits, the difference will be transferred to

Item 22 NON-CURRENT LIABILITIES
It represents the set of obligations, on account of the Fund, whose maturity occurs at more than one year term.

Account 220 LONG-TERM LOANS
In this account, the obligations contracted by the Closed Investment Fund with domiciled third parties, whose maturity term is more than one year, will be registered.
The obligations in this item will be initially recognized at their fair value which will generally be equal to the contractual amount agreed minus the transaction costs incurred and subsequently measured at amortized cost applying the effective interest rate method.

Account 221 LONG-TERM DEPOSITS RECEIVED AS GUARANTEE Primary Sub-account 2210 FOR LEASES In this account, the amounts that the Closed Investment Fund receives in the concept of deposits from the tenants of the Investment Properties of the Fund are included, said leases, although they are contracted with maturity terms, the Fund does not have certainty that they must be reintegrated to the tenants.

Secondary Sub-account 2210000 DEPOSITS FOR CONTRACTED LEASES In this sub-account, the monetary deposits received as guarantee by the tenants will be registered, which must not be mixed with the liquidity of the Fund, and only must be settled at the end of a lease contract and after deducting the values that are necessary to use to rehabilitate the property to the appropriate conditions to lease it again and/or pay unpaid public services by the tenant.

Account 222 PROVISIONS
Primary Sub-account 2220 PROVISIONS
This account represents the obligations registered by the Fund in the concept of future obligations; which are based on legal regulations or in the Internal Regulations of the Funds. Its recognition will take place, only if the following three conditions are met:
a) If the Fund has a present obligation as a result of a past event; b) If it is probable that the Fund will have to part with resources, which incorporate benefits to cancel such obligation; and c) If the Fund can make a reliable estimate of the amount of the obligation.

Secondary Sub-account 2220000 FOR JUDICIAL LITIGATION This sub-account will represent the loss estimates, in accordance with the best estimate applied by the Fund with respect to lawsuits filed against it and for whose negative resolution, the Fund considers a probable outflow of economic resources that an inflow of cash. It is credited for the estimate made with a debit to the corresponding expense account.

Primary Sub-account 2221 OTHER PROVISIONS
This sub-account will be affected by any other provision that meets the conditions for its recognition and that is not one of those cited above.
20000 For Litigation case that such are different.

SECTION 3
ACCOUNTING APPLICATIONS MANUAL FOR EQUITY

Element 3 EQUITY
This element recognizes all those items that meet the definition of equity, which is specified as the residual participation in the assets of the Fund after deducting all its liabilities. It can be subdivided, among others, in funds contributed by the participants, benefits pending distribution, results to apply, restricted equity and other equity accounts (2).

Item 31 EQUITY

Account 310 PARTICIPATIONS
Primary Sub-account 3100 PARTICIPANT CONTRIBUTIONS This account registers the total of the participation shares paid by the participants for the constitution of the initial equity of the Fund, or by capitalization of profits or losses. For the case of Closed Real Estate Investment Funds, they may register the total of the participation shares at nominal value. (2) The capitalization of profits or the application of losses in the case of Open Investment Funds will be registered daily, crediting this account with a charge to the It is credited for the participation shares paid, with a debit to the cash or cash equivalent accounts that correspond in the case of cash contributions or to the Investment Properties in the case of contributions of this type.

It is debited for voluntary and partial reductions as stipulated by the Fund in its Internal Regulation with a credit to cash and cash equivalent accounts or redemptions payable, whichever corresponds. In the case that there are different classes of participation shares, these must be identified independently.

Item 32 RESULTS TO APPLY

Account 320 RESULTS OF PREVIOUS PERIODS
Account 321 RESULTS OF THE CURRENT PERIOD
These accounts are credited or debited with the amounts that represent the profits or losses generated in previous periods or in the current period and for which the Closed Investment Fund has not yet made decisions about their final destination. They are credited or debited with the amounts of net results obtained at the end of each accounting period with a debit or credit to the results accounts, on the date that the cited ones are settled. At the close of the accounting period, the results of the current period are transferred to results of previous periods, when it comes to Closed Investment Funds. In the case of Open Investment Funds, they will transfer daily the results

Item 33 RESTRICTED EQUITY

Account 330 NON-DISTRIBUTABLE BENEFITS
This item is integrated by items that are subject to some kind of restriction, in accordance with article 75 of the Investment Funds Law, in which the conditions that distributable benefits of Closed Investment Funds must meet are included.

Primary Sub-account 3300 ACCRUED INCOME NOT RECEIVED This sub-account is credited for the amounts corresponding to financial products receivable at the end of the accounting period that have affected the results, but that have not yet been recovered in cash and any other gain that may have been accrued throughout the current period or in previous periods, but that at the date

of the Financial Statements they are not considered realized, that is, that they have not been recovered in cash.
It is debited to the extent that the accrued income of the previous period is being recovered in cash, throughout the accounting period or at the end of it, in the latter case, settling the amounts transferred to this account at the end of the previous period and constituting the new amounts for the balances pending recovery at the end of the exercise that closes.

Account 331 OTHER COMPREHENSIVE INCOME
This account will receive with credit or debit, depending on the nature that the movement or the item presents at the moment of its recognition, of all those amounts that represent gains or losses on items whose valuation requires that the gains or losses on them be recognized within equity.

Primary Sub-account 3310 CHANGES IN FAIR VALUE OF HEDGING FINANCIAL INSTRUMENTS This item will be affected with credits or debits, as appropriate, by changes in the fair value of items designated as accounting hedges in a cash flow hedge or net investment hedge. The changes in fair value that have been assigned to this account are not transferred to results on the date that the items that originated them are disposed of, but they can be reclassified from one equity item to another. The applications made to this item must be net of taxes. In the case of cash flow hedges, the portion of the gain or loss in the hedging instrument, which derives from the change in the fair value of the hedged item and which is determined as an effective hedge is the one that will be recognized in this account. The ineffective portion in the hedging instrument will be recognized in the in accordance with the nature of the change in the fair value of the hedged item. When the change in fair value of the hedged item exceeds that of the hedging item, no ineffective amounts are established, 100% of the change in fair value in the hedging item remains recognized in this account. These adjustments will be transferred to results when the following occurs:
When the hedge of a planned transaction subsequently results in the recognition of a financial asset or a financial liability. In this case, the gain or loss of the hedge is left registered in this account and subsequently it is gradually transferred to results as a reclassification adjustment in the period or periods

during which the covered planned flows affect the results, provided that the interest income or expenses of the hedged item affect the results.
If the covered planned transaction results in the recognition of a non-financial asset or liability, the entity adjusts the book amount of the asset or liability with the amount of the gain or loss of the hedge previously deferred in this account.

Item 39 OTHER EQUITY ACCOUNTS (2)

Account 390
DIFFERENCE PAID BETWEEN VALUATION OF SHARES AND THEIR NOMINAL VALUE (2) 9 the value paid by the participants when entering the Closed Investment Fund to which the Catalog of Accounts refers and that originates from the difference between the primary issuance nominal value (on the placement date) and the price paid for the participation shares. (2)(4) It is credited for the difference between the primary issuance nominal value and the price paid for the participation shares, with a debit to the cash or cash equivalent accounts or the investment properties in the case of contributions of this type. (2) (4) It is debited for the value to be reintegrated to the participants, with a credit to the respective payable account. (2)

SECTION 4
ACCOUNTING APPLICATIONS MANUAL FOR EXPENSES

Element 4 EXPENSES

Item 41 OPERATING EXPENSES

Account 410 FINANCIAL EXPENSES FROM OPERATIONS WITH FINANCIAL INSTRUMENTS The expenses for effective interest incurred in the concept of the financial obligations assumed by the Fund with a credit to the corresponding liability accounts are registered.

Primary Sub-account 4100 LOSSES FROM SALE OF ASSETS AND LIABILITIES FINANCIAL The losses that the Fund has in the sale of financial assets and liabilities that it carries out during its operations are registered.

Primary Sub-account 4101 LOSSES FROM FAIR VALUE CHANGES OF FINANCIAL ASSETS AND LIABILITIES This sub-account is debited for downward changes in the fair value of financial assets and for upward changes in the fair value of financial liabilities.

Secondary Sub-account 4101000 HELD FOR TRADING This account is debited with downward fair value changes of financial assets and upward fair value changes of financial liabilities held within a business model whose purpose is to continuously manage the investment portfolio in order to obtain short-term margin gains.

Secondary Sub-account 4101010 FOR RISK HEDGING This sub-account is affected by fair value changes of financial items designated for risk hedging.
If fair value changes in the hedged accounting item give rise to a financial liability or increase the amount of the liability or decrease the value of the financial asset established in the previous assessment, this sub-account will be debited for the amount of the fair value change that equals the effective amount of the hedge. Likewise, this sub-account is affected by fair value changes of financial items designated as hedged items in a fair value accounting hedge. If the hedged item is an asset item, this account is increased by debiting it with downward changes in that hedged item. If the hedged item is a liability item, this account is increased by debiting it with upward changes in that hedged item.

Primary Sub-account 4102 EXPENSES FROM EXCHANGE DIFFERENCES This sub-account records losses incurred in operations due to exchange rate fluctuations arising in assets and liabilities denominated in foreign currency.

Secondary Sub-account 4102000 LOSSES FROM EXCHANGE RATE FLUCTUATIONS

In the case of exchange rate fluctuations in monetary items denominated in foreign currency: it is debited with amounts incurred as losses from the conversion, at the purchase exchange rate, of the functional currency, at the closing date of the Financial Statements. With credit to the affected asset and liability monetary items by the conversion. Assets for downward changes and liabilities for upward changes.

Secondary Sub-account 4102010 LOSSES FROM CURRENCY PURCHASE-SALE The balance of this secondary sub-account represents the losses originating from the purchase and sale of currencies other than the functional one, with credit to the cash and cash equivalents account.

Primary Sub-account 4103 EXPENSES FROM INTEREST ON REPURCHASE AGREEMENT OPERATIONS Expenses for effective interest incurred for financial obligations assumed by the Funds in Repo operations are included in this sub-account; it is debited with credit to the

Primary Sub-account 4104 OTHER EXPENSES FROM OPERATIONS WITH FINANCIAL INSTRUMENTS

Secondary sub-account 4104000 COMMISSIONS

Secondary sub-account 4104010 SECURITIES CUSTODY Other expenses originating from financial obligations assumed by the Fund, especially commissions and expenses for securities custody, are recorded, with credit to the corresponding liability accounts or cash and cash equivalents.

Account 411 LOSSES FROM INEFFECTIVE AMOUNTS IN RISK HEDGING OPERATIONS This account is affected by debiting it with ineffective amounts that imply a loss and arise in a hedging relationship, any of those established in the chart of accounts.

It is also affected by amounts representing ineffective values that imply a loss and come from a hedged item; in this last case, only from a hedged item in a fair value hedging relationship.

Account 412 EXPENSES FROM OBLIGATIONS WITH FINANCIAL INSTITUTIONS This account records financial expenses related to financing obtained by Investment Funds to carry out investment activities and for liquidity needs for the payment of redemptions to participants. It is debited for interest, commissions, and financing expenses, for line of credit expenses, and other obligations.

Account 413 MANAGEMENT EXPENSES
This account includes operating expense accounts related to the Fund's activities. It includes expenses related to the administration and management of the Fund.

Primary Sub-account 4130 COMMISSION
This sub-account includes expenses for commissions that the Fund pays to the Manager for administration services; it is debited with the accrual of pending commissions; in some cases, cash and cash equivalents accounts are credited additionally when commissions are recognized at the time of payment.

Account 414 GENERAL ADMINISTRATIVE EXPENSES AND COMMITTEES

Primary Sub-account 4140 SUPERVISORY COMMITTEE

Secondary Sub-account 4140000 REMUNERATIONS

Secondary Sub-account 4140010 ENTERTAINMENT AND REPRESENTATION

Secondary Sub-account 4140020 TRAINING
This includes the amount of expense incurred during the fiscal year for the remuneration of the Supervisory Committee, as well as other expenses related to it.

This amount is determined in accordance with what is established in the Fund's Internal Regulations.

Primary Sub-account 4141 PROFESSIONAL FEES AND OTHERS This primary sub-account includes the amount of operating expenses related to payments of professional fees such as Audit Firms, Law Firms, Risk Rating Agencies, Appraisers, Risk Rating Agencies, Price Providers, etc., and all other services necessary for the functioning of the Fund that must be included in the Fund's Internal Regulations. This account is debited with the amounts the Fund must pay for the services it receives, either at the time they are accrued or at the respective payment time upon accrual, or cash and cash equivalents accounts, if recognized at the time of payment.

Primary Sub-account 4142 REPAIR AND MAINTENANCE OF INVESTMENT PROPERTIES This primary sub-account records the value of expenses for repairs and maintenance of land and buildings that are property of the Closed Investment Fund, which must be detailed in the Fund's Internal Regulations.

Primary Sub-account 4143 INSURANCE AND GUARANTEES This primary sub-account records the values the Fund pays for Insurance and Guarantees necessary for the functioning of the Fund, for example: insurance on Investment Property assets, for Closed Investment Funds, money and securities funds for both Funds, and others included in the respective Funds' Internal Regulations.

Primary Sub-account 4144 PROVISIONS
This primary sub-account details provisions for judicial litigation, restructuring costs, and others that will not be paid in the accounting period and must be recognized

for the functioning of the Fund, which must be detailed in the Fund's Internal Regulations.

Primary Sub-account 4145 OTHER EXPENSES
This primary sub-account includes other expenses whose concepts are not included in the previous accounts and are necessary for the functioning of the Fund as defined in the respective Internal Regulations.

Account 415 EXPENSES FROM ACCOUNTS RECEIVABLE

Primary Sub-account 4150
CONSTITUTION OF RESERVE FOR UNCOLLECTABLE ACCOUNTS RECEIVABLE This account will record expenses for the constitution of reserves for uncollectable accounts receivable of doubtful recovery. Amounts that according to the Fund's Internal Regulations have not been recovered and there is no evidence of the possibility of collection will be applied to this account; these will be recognized with credit to Uncollectable Accounts Receivable

Item 42 LOSSES FROM INVESTMENT PROPERTIES

Account 420 LOSSES FROM INVESTMENT PROPERTIES

Primary Sub-account 4200 LOSSES FROM SALE OF PROPERTIES HELD FOR SALE.
This sub-account is affected by debiting it with the amounts corresponding to losses obtained from the sale of real estate, on the date it is carried out, with credit to the corresponding asset account.

Primary Sub-account 4201 LOSSES FROM CHANGES IN FAIR VALUE This sub-account is debited for downward changes in the fair value of real estate resulting from revaluations.
This sub-account is affected by amounts corresponding to identified impairment losses on Investment Properties, which are reduced in the

Item 421 EXPENSES FROM OTHER OPERATIONS

Account 4210 EXPENSES FROM CREDITS

Primary Sub-account 4210000 EXPENSES FROM LINES OF CREDIT This account records financial expenses related to financing obtained to carry out investment activities and liquidity needs for payments to participants. For interest, commissions, and financing expenses, for line of credit expenses, and

Item 43 OTHER EXPENSES

Account 430 OTHER EXPENSES
This account will record any other expenses the Fund incurs that correspond to other concepts not classified in any of the previous descriptions.
Such expenses must be detailed in the Fund's Internal Regulations.

Primary Sub-account 4302 LOSSES FROM SALE OF GOODS AND RIGHTS RECEIVED IN PAYMENT This sub-account must represent the value of losses caused by the sale of movable goods, real estate, investments, and rights received in payment.

Secondary Sub-account 4309000 LOSSES FROM HEDGING OPERATIONS This secondary sub-account applies to derivatives acquired by the Fund for hedging operations that have exceeded the eight-day term to maintain them in this sub-account, and have not been sold or designated for hedging other financial instruments.

SECTION 5
ACCOUNTING APPLICATION MANUAL OF INCOME
Element 5 INCOME

Item 51 OPERATING INCOME

Account 510 INCOME FROM INVESTMENTS
This element includes income accounts related to normal operations, that is, those that are a consequence of the execution of the operations for which it was created and by the nature of the Investment Fund. This group of sub-accounts will record income from banking operations that accrue interest on balances deposited in Local or Foreign Financial Institutions where the financial resources of Investment Funds are allowed to be deposited. It is credited for the amounts accrued for this concept with debit to the asset accounts where the corresponding financial products receivable are recorded.

Primary Sub-account 5100 INTEREST ON DEPOSITS
This primary sub-account records the interest generated by deposits in banks and other local and foreign financial entities.
.

Primary Sub-account 5101 FROM FINANCIAL INVESTMENTS This sub-account records interest generated by financial investments at fair value with changes in earnings, acquired by the Fund in accordance with the limits established in the investment policy defined in its Internal Regulations. This sub.

Primary Sub-account 5102 GAINS FROM CHANGES IN FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES The secondary sub-accounts of this primary sub-account are credited for upward changes in the fair value of financial assets and for downward changes in the fair value of financial liabilities.

Primary Sub-account 5103 GAINS FROM SALES OF FINANCIAL ASSETS AND LIABILITIES

This sub-account is affected by crediting it with amounts representing a gain from the sale of financial assets and liabilities with debit to the corresponding cash and cash equivalents account.

Primary Sub-account 5104 GAINS FROM REVERSAL OF IMPAIRMENT OF FINANCIAL ASSETS This sub-account will account for gains resulting from the reversal of reserves for estimation of uncollectable accounts receivable. This sub-account is affected by amounts corresponding to reversals of estimations for uncollectable doubtful collection accounts, which caused the recognition of impairment losses for such accounts receivable. On the date this sub-account is affected, there will be evidence that the accounts receivable have been recovered in part or in full of their lost value; consequently, these value increases will affect this sub

Primary Sub-account 5105 OTHER GAINS FROM REVERSALS This sub-account records increases in the value of assets, when a loss for impairment of value of accounts for contingencies and commitments had previously been recognized, with debit to the corresponding asset accounts, up to the amount of losses previously recognized.

Primary Sub-account 5106 OTHER INCOME

Secondary Sub-account 5106000 GAINS FROM EXCHANGE RATE FLUCTUATIONS related to fluctuations in exchange rates of monetary items denominated in foreign currency is credited with the amounts accrued as gains obtained from the conversion, at the purchase exchange rate, of the functional currency, at the closing date of the Financial Statements. With debit to the monetary asset and liability items affected by the conversion. Assets for upward changes and liabilities for downward changes.

Secondary Sub-account 5106010 GAINS FROM CURRENCY PURCHASE-SALE The balance of this secondary sub-account represents the gains that originate from the purchase and sale of currencies other than the functional one, with debit to the cash and cash equivalents account.

Primary Sub-account 5107 GAINS FROM INEFFECTIVE AMOUNTS IN HEDGING OPERATIONS

Secondary Sub-account 5107000 HEDGING ITEMS
This secondary sub-account is affected by crediting it with ineffective amounts that imply a gain and arise in a hedging relationship, any of those established in the Chart of Accounts. It is also affected by amounts representing ineffective amounts that imply a gain and come from a hedged item; in this last case, only from a hedged item in a fair value hedging relationship.

Account 511 INCOME FROM INVESTMENT PROPERTIES
This account is affected by crediting it with amounts representing income for Closed Investment Funds obtained from real estate received from participants or purchased to obtain income from their lease or sale.

Primary Sub-account 5110 INCOME FROM LEASES
This sub-account records values obtained for operational leases accrued from real estate owned by the Fund, considering the effective interest rate for its accrual. cash and cash equivalents if recognized at the time of payment.

Primary Sub-account 5111 GAINS ON SALE OF PROPERTIES HELD FOR SALE This sub-account will recognize gains obtained from the sale of real estate from Investment Properties that the Closed Investment Fund has acquired through purchase or participations, with the intention of selling them.

Primary Sub-account 5112 GAINS FROM CHANGES IN FAIR VALUE OF INVESTMENT PROPERTIES This account will recognize gains arising from the revaluation of Investment Properties during the fiscal year, obtained as the variation between the book value of those Properties and their fair value. It is credited with increases in the value of Investment Properties with debit to the corresponding sub-account.

Item 52 OTHER INCOME

Account 520 OTHER INCOME

Primary Sub-account 5200 GAINS ON SALE OF GOODS AND RIGHTS RECEIVED IN PAYMENT This account will record any other income or flows received by the Fund, which correspond to any other income not classified in any of the previous descriptions. This primary sub-account must represent the value of gains obtained from the sale of movable goods, real estate, investments, and rights received in payment.

SECTION 6
ACCOUNTING APPLICATION MANUAL OF CONTINGENT AND OFF-BALANCE SHEET ACCOUNTS

Element 6 CONTINGENT AND OFF-BALANCE SHEET ACCOUNTS

Item 61 CONTINGENT ACCOUNTS

Account 610 OPEN JUDICIAL PROCEEDINGS

Primary Sub-account 6100 OPEN JUDICIAL PROCEEDINGS AGAINST THE FUND This element considers amounts representing contingent liabilities, that is, those events that according to the Fund's knowledge of them, at the date of the Financial Statements, it is not probable that a present obligation exists due to them and the possibility of a resource outflow due to them is not remote.

Item 62 OFF-BALANCE SHEET ACCOUNTS

Account 620 OPEN JUDICIAL PROCEEDINGS

Primary Sub-account 6200 OPEN JUDICIAL PROCEEDINGS BY THE FUND This account will record amounts that could favor the Fund due to open judicial proceedings against third parties from which the probability of some monetary settlement in favor arises.

Account 621 OPERATIONS WITH DERIVATIVE FINANCIAL INSTRUMENTS The nominal or notional amounts of derivative financial instrument contracts purchased or acquired for the purpose of risk hedging are accounted for in the sub-accounts of this account.

Account 622 SECURITIES IN CUSTODY
This account will record the values of the Fund's own financial instruments that are in the custody of an authorized institution.

Account 623 SECURITIES AND OWN GOODS PLEDGED AS COLLATERAL This account will record the values and goods of the Fund that have been pledged as collateral.

Account 624 GUARANTEES ESTABLISHED IN FAVOR OF FUND PARTICIPANTS This account will record the amounts corresponding to guarantees established in favor of Fund Participants, in accordance with Article 22 of the Investment Funds Law. The amounts for which these control accounts will be recorded will be the value at which they were received and will be updated monthly, or with a lesser periodicity if applicable.

Account 625 OBLIGATIONS FROM REPURCHASE OPERATIONS This account will reflect the nominal value of the financial instruments on which the Fund has acquired the obligation of sale through repurchase operations with a repurchase agreement. The asset account will reflect the fair value of the restricted financial instruments.

Account 626 PENDING REDEMPTION REQUESTS TO BE CANCELLED This control account will reflect the value of requests submitted by participants in which they ask for the redemption of their participation units outside the cut-off hour or for other justified causes and are pending payment.

Account 627 GUARANTEES FOR REPO OPERATIONS
Primary Subaccount 6270 RIGHT OF REPURCHASE FOR SALES REPOS This account will reflect the purchase right of financial instruments on which the Fund has invested in repo operations with a repurchase agreement.

Account 628 PENDING SUBSCRIPTION OR CONTRIBUTION REQUESTS This control account will reflect the value of requests submitted by participants in which they require the subscription or contributions of participation units outside the cut-off hour or for other reasons and are pending delivery.

Account 629 PENDING LEASE PAYMENTS FOR CLOSED FUNDS Lease payments that lessees have pending payment to the Fund will be recorded in this account.

Item 63 OTHER OFF-BALANCE SHEET ACCOUNTS (1)

Account 630 WRITTEN-OFF ASSETS
Primary Subaccount 6300 WRITTEN-OFF ASSETS
Secondary Subaccount 6300000 WRITTEN-OFF FOR ACCOUNTING COVERAGE

This secondary subaccount will apply to derivatives acquired by the Fund to be in the secondary expense subaccount because the eight-day term to maintain them in the secondary Asset subaccount expired and they have not been sold or designated for coverage of other financial instruments.

Its balance will be adjusted in accordance with variations originating from its valuation at fair value.
In the event that the derivative is subsequently realized, the balance of this account will be settled to be activated in the corresponding financial accounts.

SECTION 7
ACCOUNTING APPLICATION MANUAL OF CONTINGENT AND OFF-BALANCE SHEET ACCOUNTS

Element 7 CONTINGENT AND OFF-BALANCE SHEET ACCOUNTS.

Item 71 OFF-BALANCE SHEET COMMITMENT CONTINGENT ACCOUNTS

Account 710 OPEN JUDICIAL PROCEEDINGS OFF-BALANCE SHEET.
Primary Subaccount 7100 OPEN JUDICIAL PROCEEDINGS AGAINST THE FUND OFF-BALANCE SHEET.
This Element will serve as a contra-account for all contingent accounts developed in Section 6.

Item 72 OFF-BALANCE SHEET ACCOUNTS

Account 720 OPEN JUDICIAL PROCEEDINGS BY THE FUND OFF-BALANCE SHEET.
Account 721 OPERATIONS WITH FINANCIAL DERIVATIVE INSTRUMENTS OFF-BALANCE SHEET.
Account 722 SECURITIES IN CUSTODY OFF-BALANCE SHEET.
Account 723 OWN SECURITIES AND ASSETS PLEDGED AS COLLATERAL OFF-BALANCE SHEET.
Account 724 GUARANTEES CONSTITUTED IN FAVOR OF FUND PARTICIPANTS OFF-BALANCE SHEET.
Account 725 OBLIGATIONS FOR REPO OPERATIONS OFF-BALANCE SHEET.
Account 726 PENDING REDEMPTION REQUESTS TO BE CANCELLED OFF-BALANCE SHEET.
Account 727 GUARANTEES FOR REPO OPERATIONS OFF-BALANCE SHEET.
Account 728 PENDING SUBSCRIPTION OR CONTRIBUTION REQUESTS OFF-BALANCE SHEET.
Account 729 PENDING LEASE PAYMENTS FOR CLOSED FUNDS OFF-BALANCE SHEET.

Item 73 OTHER OFF-BALANCE SHEET ACCOUNTS (1)

Account 730 OFF-BALANCE SHEET WRITTEN-OFF ASSETS.
This element, items, accounts, and subaccounts will serve as contra-accounts for all off-balance sheet accounts developed in Section 6 of this Manual.

CHAPTER V
FINANCIAL STATEMENT MODELS

Model No. 1
NAME OF OPEN INVESTMENT FUND
ADMINISTERED BY: NAME OF THE MANAGER
Balance Sheet
Balances as of December 31 (current year) and (previous year) (Expressed in thousands of United States dollars)

Note
(Current Year) (Previous Year)

ASSETS US$ US$
Current Assets
Cash and Cash Equivalents (110 + 111+ 112) )-
(1110020+1120020)* 6
Time Deposits (1110020+1120020)*
Financial Investments (113) 7
Net Accounts Receivable (114+115) 8
Other Assets (117)
Non-Current Assets
Assets Received in Payment (121) 9.3
Total Assets

LIABILITIES
Current Liabilities
Financial Liabilities at Fair Value (2100 to 2101) 10 Loans with Banks and Other Entities of the Financial System (211 +2130000) Accounts Payable (214) 11 Non-Current Liabilities Provisions (222) 14 Total Liabilities

EQUITY 15
Participations (310)
Other Comprehensive Income (3310)
Total Equity
Total Liabilities and Equity
Number of Participation Units issued and paid
Unit Value of Participation Unit

With maturity terms greater than 90 days
The notes on pages _ to _ are an integral part of these Financial Statements.

Model No.1-A
NAME OF CLOSED INVESTMENT FUND
ADMINISTERED BY: NAME OF THE MANAGER
Balance Sheet
Balances as of December 31 (current year) and (previous year) (Expressed in thousands of United States dollars)

Note (Current Year) (Previous Year)

ASSETS US$ US$
Current Assets
Cash and Cash Equivalents (110 + 111+ 112)- (1110020+1120020)* 6 Time Deposits (1110020+1120020)* Financial Investments (113) 7 Net Accounts Receivable (114 +115) 8 Taxes (116) Other Assets (117) Non-Current Assets Investment Properties (1200+1201+1202+1204) 9.1 Properties Held for Sale (1203) 9.2 Assets Received in Payment (121) 9.3 Total Assets

LIABILITIES
Current Liabilities
Financial Liabilities at Fair Value (210) 10
Loans with Banks and Other Entities of the Financial System (211 to 213) 13 Accounts Payable (214) 11 Taxes Payable (215) Non-Current Liabilities Long-Term Loans (220 to 221) 13 Long-Term Security Deposits Received (221) Provisions (222) 14 Total Liabilities

EQUITY 15
Participations (310)
Results to Apply (32)
Restricted Equity (33)
Other Equity Accounts (39) (2)
Total Equity
Total Liabilities and Equity
Number of Participation Units issued and paid
Unit Value of Participation Unit

With maturity terms greater than 90 days
The notes on pages _ to _ are an integral part of these Financial Statements.

Model No. 2
NAME OF OPEN INVESTMENT FUND
ADMINISTERED BY: NAME OF THE MANAGER
Statement of Comprehensive Income
For the years ended December 31 of (current year) and (previous year) Expressed in thousands of United States dollars

Note
(Current Year) (Previous Year)

OPERATING INCOME US$ US$
Income from Investments (510) 16,18
OPERATING EXPENSES
Financial Expenses from Operations with Financial Instruments (410+411) 18 Management Expenses (413) 20 General Administration and Committee Expenses (414) 21.2 OPERATING RESULTS Expenses for Obligations with Financial Institutions (412) 13 Other Income (Expenses) (52-(415+421+43)) 22 PROFIT (LOSS) FOR THE PERIOD OTHER COMPREHENSIVE INCOME Adjustments for Changes in Fair Value of Hedging Financial Instruments (3310) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

The notes on pages _ to _ are an integral part of these Financial Statements.

Model No. 2-A
NAME OF CLOSED INVESTMENT FUND
ADMINISTERED BY: NAME OF THE MANAGER
Statement of Comprehensive Income
For the years ended December 31 of (current year) and (previous year) Expressed in thousands of United States dollars

Note
(Current Year) (Previous Year)

OPERATING INCOME US$ US$
Income from Investments (510) 16,18
Income from Investment Properties (511) 17
OPERATING EXPENSES
Financial Expenses from Operations with Financial Instruments (410+411) 18 Losses from Investment Properties (420) 19 Management Expenses (413) 20 General Administration and Committee Expenses (414) 21 OPERATING RESULTS Expenses for Obligations with Financial Institutions (412) 13 Other Income (Expenses) (52-(415+421+43)) 22 PROFIT (LOSS) FOR THE PERIOD OTHER COMPREHENSIVE INCOME Adjustments for Changes in Fair Value of Hedging Financial Instruments (3310) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD Basic Earnings per Participation Title (expressed in _____ per unit):
NET BENEFITS PER UNIT
Net Benefits to Distribute 15.1
No. of Participation Units issued and paid
The notes on pages _ to _ are an integral part of these Financial Statements.

Model No. 3
NAME OF OPEN INVESTMENT FUND
ADMINISTERED BY: NAME OF THE MANAGER
Statement of Changes in Equity
For the years ended December 31 of (current year) and (previous year) (Expressed in thousands of United States dollars)

CONCEPTS Notes Participations Results of Current Period Other Comprehensive Income Total Equity Balance at January 1, 20x1 Effects of error corrections Effects of changes in accounting policies Restated Balance Increase due to new participation units Reductions in participation units due to paid redemptions Increase (Decrease) in Participation balance due to Valuation Net Adjustments in Fair Value of Instruments for Coverage Daily Profit (Loss) Balance at December 31, 20x1 15 Increase due to new participation units Reductions in participation units due to paid redemptions Increase in Participations due to Valuation Increase (Decrease) in Participation balance due to Valuation Net Adjustments in Fair Value of Instruments for Coverage Daily Profit (Loss) Balance at December 31, 20x2 15 The notes on pages _ to _ are an integral part of these Financial Statements.

Model No.3-A
NAME OF CLOSED INVESTMENT FUND
ADMINISTERED BY: NAME OF THE MANAGER
Statement of Changes in Equity
For the years ended December 31 of (current year) and (previous year) (Expressed in thousands of United States dollars)

CONCEPTS Notes Participations Results to Apply Restricted Equity Other Comprehensive Income Other Equity Accounts (2) Total Equity Balance at January 1, 20x1 Effects of error corrections Effects of changes in accounting policies Restated Balance Increase due to new participation units Reductions in participation units due to withdrawal right Net transfers of distributable benefits Distributed benefits Net adjustments in fair value of instruments for coverage Profit for the Period Balance at __ of ____ of 20xx 15 Increase due to new participation units Reductions in participation units due to withdrawal right Net transfers of distributable benefits Distributed benefits Net adjustments in fair value of instruments for coverage Profit for the Period Balance at __ of ____ of 20__ 15 The notes on pages _ to _ are an integral part of these Financial Statements.

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-10/2016
NDMC-08
ACCOUNTING MANUAL FOR INVESTMENT FUNDS
Approval: 22/06/2016
Validity: 25/07/2016

Model No. 4

NAME OF OPEN INVESTMENT FUND
ADMINISTERED BY: NAME OF THE MANAGER
Statement of Cash Flows
Years ended December 31 of (current year) and (previous year) (Expressed in thousands of United States dollars)

Note
(Current Year Previous Year)

Cash flows from operating activities: US$ US$
Interest Received (+)
Dividends Received (+)
Benefits Received (+)
Payments to service providers (-)
Recovery of Accounts Receivable (+)
Sale of Assets and Rights Received in Payment (+) Other receipts related to activity (+) Other Payments related to activity (-) Net cash provided (used) by operating activities

Cash flows from investing activities
Acquisition of Financial Investments (-)
Sale of Financial Investments (+)
Decrease in Time Deposits over 90 days (+)
Increase in Time Deposits over 90 days (-)
Net cash provided (used) by investing activities

Cash flows from financing activities
Contributions by Participants (+)
Redemptions of Participations (-)
Loans Received (+)
Loans Paid (-)
Net cash provided (used) in financing activities

Net Increase (Decrease) in Cash and Cash Equivalents US$ US$ Cash and Cash Equivalents at January 1 Cash and Cash Equivalents at ___ of _____ 6 US$ US$ The notes on pages _ to _ are an integral part of these Financial Statements.

Model No. 4-A
NAME OF CLOSED INVESTMENT FUND
ADMINISTERED BY: NAME OF THE MANAGER
Statement of Cash Flows
Years ended December 31 of (current year) and (previous year) (Expressed in thousands of United States dollars)

Note Current Year Previous Year

Cash flows from operating activities: US$ US$
Interest Received (+)
Dividends Received (+)
Benefits Received (+)
Operating Lease Deposits Received (+)
Collections from Tenants (+)
Payments to service providers (-)
Interest Payments on loans (-)
Recovery of Accounts Receivable (+)
Payments to the Surveillance Committee (-)
Sale of Assets and Rights Received in Payment (+) Other receipts related to activity (+) Other Payments related to activity (-) Net cash provided (used) by operating activities

Cash flows from investing activities
Acquisition of Financial Investments (-)
Sale of Financial Investments (+)
Acquisition of Real Estate Investments (-)
Sale of Real Estate Investments (+)
Decrease in Time Deposits over 90 days (+)
Increase in Time Deposits over 90 days (-)
Net cash provided (used) by investing activities

Cash flows from financing activities
Contributions by Participants (+)
Withdrawals due to right (-)
Loans Received (+)
Loans Paid (-)
Benefit Payments to Participants (-)
Income from Other financing activities (+)
Expenses from Other Financing Activities (-)
Net cash provided (used) in financing activities

Net Increase (Decrease) in Cash and Cash Equivalents US$ US$ Cash and Cash Equivalents at January 1 Cash and Cash Equivalents at xx of xxxxx 6 US$ US$ The notes on pages _ to __ are an integral part of these Financial Statements.

CHAPTER VI
OTHER PROVISIONS AND VALIDITY

SANCTIONS
Non-compliance with the provisions contained in this Accounting Manual will be sanctioned in accordance with what is established in the Law on Supervision and Regulation of the Financial System.
UNFORESEEN ASPECTS
Aspects not foreseen in regulatory matters in this Accounting Manual will be resolved by the Committee of Standards of the Central Bank.
VALIDITY
These Norms will enter into force as of July 25, two thousand sixteen.

MODIFICATIONS:
(1) Modification approved based on the generic procedure agreed by the Committee of Standards of the Central Reserve Bank in Session CN-01/2016, of February 24, 2016. Modification validity as of September 9, two thousand sixteen. (2) Modifications to incorporate Item, Account, Primary Subaccounts, Secondary Subaccounts, and Sub-subaccounts to register the differences between valuation of units and their nominal value for Real Estate Closed Investment Funds, approved by the Central Bank through its Committee of Standards, in Session No. CN-17/2019, of October 23, two thousand nineteen, with validity as of October 28, two thousand nineteen. (3) Modification of the obligation of Administrative Books, approved by the Central Bank through its Committee of Standards, in Session No. CN-03/2020, of February 26, two thousand twenty, with validity as of March 2, two thousand twenty. (4) Modification to incorporate the accounting treatment of paid-in capital in excess of Closed Venture Capital Investment Funds, approved by the Central Bank through its Committee of Standards, in Session No. CN-02/2023, of March 17, two thousand twenty-three, with validity as of April 3, two thousand twenty-three.

Accounting Manual for Investment Funds

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