EXPLANATORY NOTES 1.Operational Context | 2. Benefit Plans | 3. Presentation of the Financial Statements | 4. Relevant Fact |
5. Main Accounting Practices | 6. Receivables - Pension Program | 7. Receivables - Investment Program | 8. Fixed Income | 9. Variable Income | 10. Real Estate Investments | 11. Operations with Participants |
12. Investments - PREVI Futuro Plan | 13. Investments - Annuity Portfolio - CAPEC | 14. Operating Liabilities | 15. Contingency Liabilities | 16. Actuarial Liabilities | 17. Mathematical Provisions - Benefit Plan 1 | 18. Mathematical Provisions - PREVI Futuro | 19. Technical Balance | 20. Found | 21. Income Statement
RECEIVABLES - INVESTMENT PROGRAM

The investment program, made up of fixed income securities, variable income, real estate investments and operations with participants reached the amount of R$ 105,888,470 thousand (R$ 82,947,332 thousand in 2005, according to the following chart:

Investment Portfolio Consolidated Composition Statement

(1) Investment Funds and Bank Deposit Certificate.