| STRATEGY ALLOCATION | Net Exp. % | Long Phys. % | Long Deriv. % | Long Total % | Short Phys. % | Short Deriv. % | Short Total % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Securitized | 27.88 | 27.88 | - | 27.88 | - | - | - |
| Global Rates | 1.43 | 1.69 | - | 1.69 | - | -0.26 | -0.26 |
| Global Credit | 0.25 | 0.59 | - | 0.59 | - | -0.34 | -0.34 |
| High Yield Corporate Credit | 15.71 | 21.86 | - | 21.86 | - | -6.16 | -6.16 |
| Currency | - | - | - | - | - | - | - |
| Bank Loans | - | - | - | - | - | - | - |
| Emerging Markets | 6.68 | 7.81 | - | 7.81 | - | -1.13 | -1.13 |
| Convertibles | 5.43 | 5.43 | - | 5.43 | - | - | - |
| Risk Management | - | - | - | - | - | - | - |
| Investment Grade Corporate Credit | 20.70 | 20.70 | - | 20.70 | - | - | - |
| Dividend | 4.43 | 4.49 | - | 4.49 | - | -0.07 | -0.07 |
| Subtotal | 82.50 | 90.46 | 0.31 | 90.77 | - | -7.95 | -7.95 |
| Cash & Equivalents | 9.51 | 9.51 | - | 9.51 | - | - | - |
| Overall Net | 92.02 | 99.96 | - | 99.96 | - | -7.96 | -7.96 |
|  |  |  |  |  |
| MATURITY RANGE (YRS) | Fund % |  | CREDIT QUALITY | Fund % |
| Less Than 1 Yr | 11.9 |  | AAA | 8.1 |
| 1 to 3 Yrs | 12.9 |  | AA | 6.1 |
| 3 to 5 Yrs | 16.3 |  | A | 10.1 |
| 5 to 7 Yrs | 10.7 |  | BBB | 28.0 |
| 7 to 10 Yrs | 18.5 |  | BB | 19.4 |
| 10 Yrs or More | 8.2 |  | B | 6.1 |
| Non Fixed Income | 13.5 |  | CCC(-) | 7.3 |
| Overall Net | 0.0 |  | NR | 7.0 |
| Average Maturity (Yrs) | 5.7 |  | Overall Net | 92.0 |
| Modified Duration (Yrs)	2.7	 Credit Quality reflects the highest credit rating assigned to |

Translation (ENES, 2021-09-30):
| DISTRIBUCIÒN POR ESTRATEGIA | Net Exp. % | Long Phys. % | Long Deriv. % | Long Total % | Short Phys. % | Short Deriv. % | Short Total % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Titulizada | 27,88 | 27,88 | - | 27,88 | - | - | - |
| Tipos a nivel global | 1,43 | 1,69 | - | 1,69 | - | -0,26 | -0,26 |
| Crédito Global | 0,25 | 0,59 | - | 0,59 | - | -0,34 | -0,34 |
| Crédito corporativo de alta rentabilidad | 15,71 | 21,86 | - | 21,86 | - | -6,16 | -6,16 |
| Divisa | - | - | - | - | - | - | - |
| Préstamos Bancarios | - | - | - | - | - | - | - |
| Mercados Emergentes | 6,68 | 7,81 | - | 7,81 | - | -1,13 | -1,13 |
| Convertibles | 5,43 | 5,43 | - | 5,43 | - | - | - |
| Gestión del riesgo | - | - | - | - | - | - | - |
| Crédito corporativo con grado de inversión | 20,70 | 20,70 | - | 20,70 | - | - | - |
| Dividend | 4,43 | 4,49 | - | 4,49 | - | -0,07 | -0,07 |
| Subtotal | 82,50 | 90,46 | 0,31 | 90,77 | - | -7,95 | -7,95 |
| Efectivo y Equivalentes de efectivo | 9,51 | 9,51 | - | 9,51 | - | - | - |
| Neto general	92,02	99,96	-	99,96	- | -7,96 | -7,96 |
| RANGO DE VENCIMIENTOS (AÑOS)	Fondo	CALIDAD CREDITICIA |  | Fondo |
|  | % |  |  | % |
| Menos de 1 año | 11,9 |  | AAA | 8,1 |
| 1 a 3 años | 12,9 |  | AA | 6,1 |
| 3 a 5 años | 16,3 |  | A | 10,1 |
| 5 a 7 años | 10,7 |  | BBB | 28,0 |
| 7 a 10 años | 18,5 |  | BB | 19,4 |
| 10 años o más | 8,2 |  | B | 6,1 |
| No Renta fija | 13,5 |  | CCC(-) | 7,3 |
| Neto general | 0,0 |  | NR | 7,0 |
| Vencimiento medio (Años) | 5,7 |  | Neto general | 92,0 |
| Duración modificada (Años)	2,7	 La calidad crediticia refleja la mayor calificación crediticia |