BRAM

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The information provided on this site regarding services offered by BRAM Bradesco Asset Management S.A. DTVM is not directed to any United States person or any person in the United States, any state thereof or any of its territories or possessions.
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Nothing contained herein shall constitute an offer to sell or the solicitation of an offer to buy any securities or other financial instrument, product or service nor shall there be any sale of any securities or other financial instrument, product or service in any jurisdiction where such offer, solicitation or sale is not authorized or to any person to whom it is unlawful to make such offer, solicitation or sale.

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Security for the Investor

BRAM uses mechanisms to protect the interests of investors, through several attitudes and guidelines:

Chinese Wall

The client comes first. The separation between the resources and interests of the manager (on one side) and the resources and interests of the investors (on the other) ensures that there is no conflict of interest between the management of investors’ resources by BRAM and the management of Bradesco’s own resources.

Marking Assets at Fair Value

Ensures equitable treatment of shareholders, aiming to prevent the transfer of wealth among them.

Voting rights policy

Bradesco Asset Management adheres to Anbima Codes, such as the Code of Third-Party Resource Management, and also bases its actions on the current regulations issued by CVM and CMN. In this sense, it adopts a Voting Policy in accordance with applicable regulations to ensure the voting rights arising from the assets that make up the fund portfolios and managed portfolios in general meetings and meetings of Investment Funds, companies, among others.

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TAXATION

Under the terms of RFB Normative Instruction No. 1,585, the income obtained from investments in investment funds is taxed according to their classification as Short-Term or Long-Term, depending on their portfolio composition, with the exception of those with specific rules, such as, but not limited to, Equity Investment Funds, Privatization Mutual Funds – FGTS (Length of Service Guarantee Fund, also known in Brazil as FGTS), including Free Portfolio Privatization Mutual Funds , Market Index Investment Funds; Private Equity Investment Funds, Investment Fund of the FGTS (FI-FGTS); Infrastructure Private Equity Investment Funds (FIP-IE) and Private Equity Research, Development, and Innovation Investment Funds (FIP-PD&I); Debentures Investment Funds and Real Estate Investment Funds.

It is considered:

I - long-term Investment Fund, for tax purposes, those portfolios invested in securities with an average term greater than 365 (three hundred and sixty-five) days.

II - short-term Investment Fund, for tax purposes, those portfolios invested in securities with an average term equal to or less than 365 (three hundred and sixty-five) days.

Income tax at source will be charged by any beneficiary, including exempt legal entities, on investments in Investment Funds referred to in art. 9 of RFB Normative Instruction No. 1585, of August 31, 2015:

A - on the last business day of the months of May and November of each year, or on redemption, if it occurs on an earlier date (for semi-annual “come-cotas”);

B - on the date on which each grace period for the redemption of shares with income is completed, or upon redemption of shares, if it occurs on another date, in the case of Funds with a grace period of up to 90 (ninety) days. On redemption of the shares, a complementary rate will be applied as provided for.

Thus, we have:

Triggering event:

Income or capital gains generated by investments in Investment Funds (FI) and Investment Funds in Shares of Investment Funds (FIC), including Equity Funds.

Rates

Percentage of income tax to be calculated on investments, which will vary depending on the term or type of fund.

Short Term

Funds that have a portfolio of securities with an average term equal to or less than 365 days.

Long Term

Funds that have a portfolio of securities with an average term greater than 365 days. The tax rates take into account the period in which the funds remain invested.

The Federal Revenue rule that covers the taxation applicable to the various Structured Investment Funds.

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For Long Term Funds:

Length of stay	Basic rates applied	Rate	Total
0 to 180	15,00%	7,50%	22,50%
181 to 360	15,00%	5,00%	20,00%
361 to 720	15,00%	2,50%	17,50%
above 720	15,00%	0,00%	15,00%

* months of May and November or on the anniversary dates of the grace period for Funds with a redemption grace period of up to 90 days.

For Equity Investment Funds, the income and capital gains will be taxed exclusively upon redemption of shares at a rate of 15% (fifteen percent).

For Short Term Funds:

Lenght of stay	Basic rates applied	Rate
Consecutive days	0 to 180	Above 180
Semiannually*	20,00%	20,00%
Complementary	2,50%	0,00%
Total	22,50%	20,00%

* months of May and November or on the anniversary dates of the grace period for Funds with a redemption grace period of up to 90 days.

For Equity Investment Funds, the income and capital gains will be taxed exclusively on the redemption of shares at a rate of 15% (fifteen percent).

In funds with daily liquidity, the IOF only applies to the redemption of investment fund shares that occur within a period of less than 30 calendar days, counted between the date of application and the date of redemption.

There is no IOF tax for Equity Investment Funds.

IOF Table: Fixed income investments with daily liquidity are subject to IOF on redemptions made up to the 29th day.

(*) IOF on income: For Equity Investment Funds, income will be taxed exclusively on the redemption of shares at a rate of 15% (fifteen percent).

Número de dias

= 96% IOF sobre rendimento

Download the IOF table

TFT Table (Tax on Financial Transactions):

Number of Days	(*) IOF on Income	Number of Days	(*) IOF on Income
01	96	16	46
02	93	17	43
03	90	18	40
04	86	19	36
05	83	20	33
06	86	21	30
07	76	22	26
08	73	23	23
09	70	24	20
10	66	25	16
11	63	26	13
12	60	27	10
13	56	28	06
14	53	29	03
15	50	30	00

Security for the Investor

Chinese Wall

Marking Assets at Fair Value

Voting rights policy

LEGISLATION

TAXATION

Policies

Governance and Risk

ALLOCATION AND ORDERS DIVISION

Allocation and Distribution of Orders Policy

Handbook on responsible investment

Own Resources Investments

Responsible Investments

Responsible Investment Manual

Personal Investment Policies

Code of Ethics – The Financial and Capital Markets Professional Sector

The Bradesco Organization’s Code of Ethics

Conflict of Interests Policy

Reference Form

Remuneration Guidelines

Internal Controls Manual

General Risk Policy

Segregation of Activities

Number of Days	(*) IOF on Income	Number of Days	(*) IOF on Income
01	96	16	46
02	93	17	43
03	90	18	40
04	86	19	36
05	83	20	33
06	86	21	30
07	76	22	26
08	73	23	23
09	70	24	20
10	66	25	16
11	63	26	13
12	60	27	10
13	56	28	06
14	53	29	03
15	50	30	00

Number of Days	(*) IOF on Income	Number of Days	(*) IOF on Income
01	96	16	46
02	93	17	43
03	90	18	40
04	86	19	36
05	83	20	33
06	86	21	30
07	76	22	26
08	73	23	23
09	70	24	20
10	66	25	16
11	63	26	13
12	60	27	10
13	56	28	06
14	53	29	03
15	50	30	00

Number of Days	(*) IOF on Income	Number of Days	(*) IOF on Income
01	96	16	46
02	93	17	43
03	90	18	40
04	86	19	36
05	83	20	33
06	86	21	30
07	76	22	26
08	73	23	23
09	70	24	20
10	66	25	16
11	63	26	13
12	60	27	10
13	56	28	06
14	53	29	03
15	50	30	00