The expansion for 44.2 % of the portfolio securities indexed to the IPCA and for 3% of the prefixed papers, in replacement of those connected to Selic rate, in a period of actual interest fall, maximized the profitability of the investments in Fixed income in the fiscal year.

The securities referred to the price rates, especially those indexed to the IPCA, had a very positive market variation, due to the basic interest rate fall process having been intensified in 2006, and the high premiums that they still had in the beginning of the year. On the other hand, securities indexed to the basic interest rate (Selic) had a performance lower than that of 2005.