{"id":5440,"date":"2025-06-27T14:26:44","date_gmt":"2025-06-27T17:26:44","guid":{"rendered":"https:\/\/topinvest.com.br\/?p=5440"},"modified":"2025-08-25T15:10:49","modified_gmt":"2025-08-25T18:10:49","slug":"fundos-de-investimento-em-direitos-creditorios","status":"publish","type":"post","link":"https:\/\/www.topinvest.com.br\/blog\/fundos-de-investimento-em-direitos-creditorios\/","title":{"rendered":"Fundo de investimento em direitos credit\u00f3rios: o que \u00e9 o FIDC"},"content":{"rendered":"\n<p><a href=\"https:\/\/www.topinvest.com.br\/fundos-de-renda-fixa-de-longo-prazo-o-que-sao-e-como-funcionam\/\"><strong>Fundos de investimento de renda fixa<\/strong><\/a> s\u00e3o, via de regra, indicados para investidores iniciantes \u2014 aqueles que ainda n\u00e3o t\u00eam muito conhecimento do mercado, mas querem sair da poupan\u00e7a em busca de maior rentabilidade, sem abrir m\u00e3o da seguran\u00e7a.<\/p>\n\n\n\n<p>Mas repare: usei \u201cvia de regra\u201d com um bom motivo. Nem todo fundo de renda fixa \u00e9 indicado para o <a href=\"https:\/\/www.topinvest.com.br\/tipos-de-investidores\/\">investidor conservador<\/a>. Aqui vale a m\u00e1xima: toda regra tem exce\u00e7\u00e3o.<\/p>\n\n\n\n<p>O <a href=\"https:\/\/www.topinvest.com.br\/tipos-de-fundos-de-investimento\/\">campo dos fundos de investimento \u00e9 vasto e cheio de nuances<\/a>. H\u00e1 categorias para todos os perfis de risco e objetivos. E sim, existem fundos de renda fixa mais arriscados, voltados para quem tem maior toler\u00e2ncia ao risco. Um excelente exemplo s\u00e3o os <strong>Fundos de Investimento em Direitos Credit\u00f3rios (FIDCs)<\/strong> \u2014 que, at\u00e9 bem pouco tempo atr\u00e1s, eram exclusivos para investidores profissionais e qualificados.<\/p>\n\n\n\n<p>Trata-se de um fundo que combina previsibilidade de regras com riscos maiores e potencial de retorno consideravelmente acima dos pares mais tradicionais da renda fixa. Ficou curioso para entender esse produto t\u00e3o peculiar \u2014 que mistura seguran\u00e7a estrutural com risco de cr\u00e9dito e oportunidades de ganho?<br><strong><\/strong> Ent\u00e3o vem comigo: neste artigo, vou explicar de forma clara e objetiva:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>O que significa fundo de investimentos em direitos credit\u00f3rios?<\/strong><\/li>\n\n\n\n<li><strong>Como funciona um fundo FIDC?<\/strong><\/li>\n\n\n\n<li><strong>Quais os tipos de cotas do FIDC?<\/strong><\/li>\n\n\n\n<li><strong>Qual a composi\u00e7\u00e3o do FIDC?<\/strong><\/li>\n\n\n\n<li><strong>Qual a estrutura b\u00e1sica do FIDC?<\/strong><\/li>\n\n\n\n<li><strong>Qual a rentabilidade do FIDC?<\/strong><\/li>\n\n\n\n<li><strong>Quais as formas de remunera\u00e7\u00e3o do FIDC?<\/strong><\/li>\n\n\n\n<li><strong>Qual o prazo de investimento?<\/strong><\/li>\n\n\n\n<li><strong>Qual a tributa\u00e7\u00e3o em FIDC?<\/strong><\/li>\n\n\n\n<li><strong>Qual a diferen\u00e7a entre FIDC e FIDC-NP?<\/strong><\/li>\n\n\n\n<li><strong>Quais as vantagens e desvantagens do FIDC?<\/strong><\/li>\n\n\n\n<li><strong>Como investir no FIDC?<\/strong><\/li>\n\n\n\n<li><strong>Quem pode aplicar no FIDC?<\/strong><\/li>\n\n\n\n<li><strong>Qual o valor m\u00ednimo?<\/strong><\/li>\n\n\n\n<li><strong>Quais s\u00e3o os riscos do FIDC?<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Bora l\u00e1 conhecer mais essa categoria de fundo de investimento?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">O que significa fundo de investimentos em direitos credit\u00f3rios?<\/h2>\n\n\n\n<p>Os <strong>fundos de investimentos em direitos credit\u00f3rios <\/strong>(FIDCs) \u2014 tamb\u00e9m conhecidos como<strong> fundos de receb\u00edveis<\/strong> \u2014 s\u00e3o uma modalidade especial de <strong>fundo de renda fixa que aloca mais de 50% do patrim\u00f4nio em<\/strong> <strong>direitos credit\u00f3rios<\/strong>.<\/p>\n\n\n\n<p>Mas o que s\u00e3o direitos credit\u00f3rios? Nada mais s\u00e3o do que <a href=\"https:\/\/www.topinvest.com.br\/glossario\/recebiveis\/\"><strong>valores que empresas t\u00eam a receber no futuro<\/strong><\/a>. Ou seja, pagamentos que ainda entrar\u00e3o no caixa, originados de transa\u00e7\u00f5es como cheques, notas promiss\u00f3rias, duplicatas, alugu\u00e9is e vendas a prazo, entre outros.<\/p>\n\n\n\n<p>Para facilitar o entendimento, imagine uma <strong>concession\u00e1ria<\/strong> que vendeu um carro de R$\u202f300.000 para um cliente, financiado em 60 parcelas. Essas parcelas futuras representam valores a receber \u2014 ou seja, <strong>direitos credit\u00f3rios<\/strong> que ela tem em rela\u00e7\u00e3o ao cliente.<\/p>\n\n\n\n<p>Agora, suponha que essa concession\u00e1ria precise de capital de giro para renovar o estoque ou pagar despesas operacionais. Nesse caso, em vez de esperar 60 meses para receber o valor total da venda, ela pode <strong>vender esses direitos credit\u00f3rios para um FIDC<\/strong>.<\/p>\n\n\n\n<p>O fundo compra esse \u201cpacote\u201d de parcelas futuras com um desconto, paga \u00e0 concession\u00e1ria \u00e0 vista e adquire o direito de receber os pagamentos diretamente do cliente ao longo do tempo. Com isso:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A empresa ganha <strong>liquidez imediata<\/strong>;<\/li>\n\n\n\n<li>O fundo assume o <strong>risco de cr\u00e9dito<\/strong> e busca <strong>rentabilidade com os pagamentos<\/strong> futuros.<br><\/li>\n<\/ul>\n\n\n\n<p>Em poucas palavras, \u00e9 poss\u00edvel dizer que o FIDC \u00e9 um fundo de investimento que aplica em <strong>t\u00edtulos de cr\u00e9dito originados de contas a receber de uma empresa<\/strong>. Agora ficou mais claro, n\u00e3o \u00e9?<\/p>\n\n\n\n<p>Esse, claro, \u00e9 apenas um exemplo entre muitos. Os direitos credit\u00f3rios adquiridos por um fundo de receb\u00edveis n\u00e3o se limitam a transa\u00e7\u00f5es do com\u00e9rcio. Eles podem se originar tamb\u00e9m dos setores <strong>financeiro, industrial, imobili\u00e1rio, de arrendamento mercantil, hipotecas ou presta\u00e7\u00e3o de servi\u00e7os<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Como funciona um FIDC?<\/h2>\n\n\n\n<p>Em linhas gerais, <strong>um FIDC funciona como qualquer outro tipo de fundo de investimento<\/strong>. Isto \u00e9, trata-se de uma <strong>forma de aplica\u00e7\u00e3o coletiva<\/strong>, na qual recursos de diversos investidores s\u00e3o reunidos em um \u00fanico montante e geridos por um profissional, que realiza os investimentos em nome do fundo.<\/p>\n\n\n\n<p>A grande particularidade, claro, est\u00e1 na <strong>composi\u00e7\u00e3o da carteira<\/strong>. Nesse caso, <strong>mais da metade do patrim\u00f4nio do fundo deve estar alocado em direitos credit\u00f3rios<\/strong>.<\/p>\n\n\n\n<p>Importante sublinhar que cada fundo de receb\u00edveis possui um regulamento pr\u00f3prio que define sua pol\u00edtica de investimento, os tipos de direitos credit\u00f3rios eleg\u00edveis, os crit\u00e9rios de diversifica\u00e7\u00e3o da carteira, al\u00e9m dos riscos envolvidos \u2014 como risco de cr\u00e9dito e risco de mercado, entre outros.<\/p>\n\n\n\n<p>Claro, tudo isso serve apenas enquanto um panorama geral do funcionamento de um FIDC. O portf\u00f3lio \u00e9 s\u00f3 uma das caracter\u00edsticas que tornam esse tipo de fundo diferente dos demais. De forma resumida, entre seus principais aspectos, destacam-se:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Pode ser constitu\u00eddo como condom\u00ednio aberto ou fechado;<\/li>\n\n\n\n<li>Seu prazo pode ser determinado ou indeterminado;<\/li>\n\n\n\n<li>\u00c9 um fundo de renda fixa, embora com riscos e potenciais de retorno mais elevados;<\/li>\n\n\n\n<li>Possui diferentes tipos de cotas (s\u00eanior e subordinada);<\/li>\n\n\n\n<li>N\u00e3o conta com a prote\u00e7\u00e3o do Fundo Garantidor de Cr\u00e9dito (FGC).<\/li>\n<\/ul>\n\n\n\n<p>Se parece muita coisa, n\u00e3o se preocupe: dentro em pouco, cada um desses pontos ser\u00e1 explicado em detalhes \u2014 e de forma acess\u00edvel.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">FIDC aberto<\/h3>\n\n\n\n<p>Mais flex\u00edveis, os FIDCs constitu\u00eddos como condom\u00ednio aberto<strong> permitem a entrada e sa\u00edda de cotistas a qualquer momento.<\/strong> Al\u00e9m disso, investidores j\u00e1 participantes podem aumentar ou reduzir sua posi\u00e7\u00e3o livremente.<\/p>\n\n\n\n<p>Normalmente, esse tipo de fundo n\u00e3o possui prazo determinado de dura\u00e7\u00e3o.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">FIDC fechado<\/h3>\n\n\n\n<p>Por sua vez, os FIDCs estruturados como condom\u00ednio fechado s\u00e3o mais restritivos. <strong>A entrada de cotistas ocorre apenas durante os per\u00edodos de capta\u00e7\u00e3o <\/strong>definidos no in\u00edcio do fundo. Ap\u00f3s esse per\u00edodo, n\u00e3o s\u00e3o admitidos novos investidores, nem \u00e9 poss\u00edvel ampliar a participa\u00e7\u00e3o dos j\u00e1 existentes.<\/p>\n\n\n\n<p><strong>A liquidez tamb\u00e9m \u00e9 limitada<\/strong>, pois o resgate das cotas costuma ocorrer somente em momentos previamente estabelecidos \u2014 geralmente, no vencimento do fundo. Por essa raz\u00e3o, s\u00e3o mais indicados para investidores com objetivos de longo prazo, que n\u00e3o tenham pressa em resgatar o capital investido.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Quais os tipos de cotas do FIDC?<\/h3>\n\n\n\n<p>Uma particularidade dos FIDCs \u00e9 que esses fundos s\u00e3o estruturados com dois <a href=\"https:\/\/www.topinvest.com.br\/cotas-de-fundos-de-investimento\/\">tipos de cotas<\/a>: <strong>cotas s\u00eanior e cotas subordinadas<\/strong>. Cada uma delas apresenta caracter\u00edsticas espec\u00edficas que impactam diretamente o risco e a rentabilidade para o investidor.<\/p>\n\n\n\n<p>A diferen\u00e7a entre elas \u00e9 a seguinte:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Cotas s\u00eanior<\/h4>\n\n\n\n<p><strong>Cotistas s\u00eanior t\u00eam prioridade no recebimento de juros<\/strong>, amortiza\u00e7\u00f5es e do valor de resgate (liquida\u00e7\u00e3o), em rela\u00e7\u00e3o \u00e0s cotas subordinadas. Isso torna esse tipo de cota mais segura e menos vol\u00e1til. Essas cotas se aproximam mais do conceito de renda fixa, j\u00e1 que a rentabilidade \u00e9 sempre igual ao acordado.<\/p>\n\n\n\n<p>Esse tipo de cota \u00e9 destinada, portanto, para quem prioriza a seguran\u00e7a. Mesmo quando o desempenho do FIDC fica abaixo do esperado, <strong>os cotistas s\u00eanior continuam recebendo normalmente<\/strong>, conforme o combinado.<\/p>\n\n\n\n<p>Essa l\u00f3gica s\u00f3 muda se a inadimpl\u00eancia for t\u00e3o alta a ponto de o dinheiro do fundo n\u00e3o ser suficiente nem para cobrir os custos da estrutura. Mas isso \u00e9 mais dif\u00edcil de acontecer, porque esses fundos contam com uma camada de prote\u00e7\u00e3o: \u00e0s cotas subordinadas. Como assumem o risco primeiro, elas funcionam como um \u201ccolch\u00e3o\u201d de perdas.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Cotas subordinadas<\/h4>\n\n\n\n<p>Como o nome sugere, esses cotistas s\u00e3o subordinados aos s\u00eanior. Ou seja, <strong>s\u00f3 recebem seus rendimentos ap\u00f3s o pagamento aos cotistas s\u00eanior<\/strong>, o que implica um risco de inadimpl\u00eancia maior.&nbsp;<\/p>\n\n\n\n<p>Em contrapartida, podem se beneficiar de uma rentabilidade superior, caso o desempenho do fundo supere as expectativas \u2014 j\u00e1 que ficam com o excedente \u00e0 taxa fixa predeterminada. Esse tipo de cota pode, ainda, ser subdividido em:<br><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cota subordinada mezanino (ou preferencial):<\/strong> concede ao cotista o direito de receber juros e resgates antes dos demais subordinados.<br><\/li>\n<\/ul>\n\n\n\n<p>As cotas subordinadas s\u00e3o para quem topa aceitar tomar maiores riscos em troca de um potencial mais alto de retorno.&nbsp;<\/p>\n\n\n\n<p><strong>Esses cotistas s\u00f3 recebem depois que todos os seniores forem pagos<\/strong>. Se o fundo tiver preju\u00edzo ou n\u00e3o gerar a rentabilidade esperada, eles podem at\u00e9 ficar sem nada. Mas se o desempenho for bom, eles ganham os juros prometidos e ainda dividem o lucro excedente.&nbsp;<\/p>\n\n\n\n<p>E como normalmente h\u00e1 bem menos cotistas subordinados, esse extra acaba sendo compartilhado entre poucas pessoas, o que pode render muito mais dinheiro para cada uma delas. \u00c9 risco alto, mas com chance de pr\u00eamio alto tamb\u00e9m.<\/p>\n\n\n\n<p><strong>Importante: <\/strong>a propor\u00e7\u00e3o entre os tipos de cotas \u00e9 definida na estrutura\u00e7\u00e3o do fundo e est\u00e1 descrita em seu regulamento. O mais comum \u00e9 que haja predomin\u00e2ncia de cotas s\u00eanior.<\/p>\n\n\n\n<p>Um FIDC pode,<strong> por exemplo<\/strong>, ser composto por 90% de cotas s\u00eanior e 10% de cotas subordinadas. Essa configura\u00e7\u00e3o garante que a maioria dos cotistas receba uma rentabilidade fixa, enquanto uma parcela menor assume maior risco em busca de retornos mais elevados.<\/p>\n\n\n\n<p>Em resumo,<strong> essa divis\u00e3o entre diferentes tipos de cotas existe, em <\/strong><strong>resumo<\/strong><strong>, para proteger os investidores mais conservadores<\/strong> e, ao mesmo tempo, oportunizar uma chance de retorno maior para aqueles que topam correr mais riscos.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Qual a composi\u00e7\u00e3o do FIDC?<\/h3>\n\n\n\n<p>Para ser considerado um FDIC,<strong> o fundo deve ter, no m\u00ednimo, 50% do patrim\u00f4nio alocado em direitos credit\u00f3rios<\/strong>.<\/p>\n\n\n\n<p>O <strong>restante pode ser investido em ativos permitidos pela regulamenta\u00e7\u00e3o <\/strong>\u2014 como t\u00edtulos p\u00fablicos federais, cotas de fundos de renda fixa e opera\u00e7\u00f5es compromissadas \u2014 exceto cotas de fundos de desenvolvimento social, que s\u00e3o vedadas.<\/p>\n\n\n\n<p>Essa flexibilidade na parcela minorit\u00e1ria do portf\u00f3lio permite ao gestor adotar estrat\u00e9gias de liquidez e mitiga\u00e7\u00e3o de risco, sem comprometer o foco principal do fundo: a remunera\u00e7\u00e3o proveniente dos receb\u00edveis adquiridos.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Qual a estrutura b\u00e1sica do FIDC?&nbsp;&nbsp;<\/h3>\n\n\n\n<p>Tamb\u00e9m em sua estrutura, FIDC guarda algumas singularidades. Alguns participantes s\u00e3o comuns a outros tipos de fundos, enquanto outros s\u00e3o espec\u00edficos desse modelo voltado \u00e0 receb\u00edveis.<\/p>\n\n\n\n<p>De modo geral,<strong> a estrutura b\u00e1sica de um fundo de receb\u00edveis \u00e9 composta pelos seguintes agentes<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cotistas<\/strong>: investidores que aplicam recursos no fundo;<\/li>\n\n\n\n<li><strong>Cedente<\/strong>: empresa que vende os direitos credit\u00f3rios ao fundo;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.topinvest.com.br\/glossario\/custodia\/\"><strong>Custodiante<\/strong><\/a>: institui\u00e7\u00e3o financeira respons\u00e1vel por guardar, registrar e controlar os ativos adquiridos pelo fundo. Garante a seguran\u00e7a e a conformidade dos t\u00edtulos adquiridos;<\/li>\n\n\n\n<li><strong>Estruturadores<\/strong>: profissional ou institui\u00e7\u00e3o financeira que desenha a estrutura do fundo, definindo aspectos como regras, fluxo de pagamentos, garantias e composi\u00e7\u00e3o das cotas;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.topinvest.com.br\/gestor-de-fundos\/\"><strong>Gestor<\/strong><\/a>: respons\u00e1vel pela aloca\u00e7\u00e3o dos recursos conforme a pol\u00edtica do fundo;<\/li>\n\n\n\n<li><strong>Administrador<\/strong>: figura legal do fundo, encarregado de sua constitui\u00e7\u00e3o, governan\u00e7a e supervis\u00e3o das demais partes;<\/li>\n\n\n\n<li><strong>Agente de cobran\u00e7a<\/strong>: realiza a cobran\u00e7a dos cr\u00e9ditos adquiridos;<\/li>\n\n\n\n<li><strong>Ag\u00eancia classificadora de risco<\/strong> (opcional): avalia o risco de cr\u00e9dito da carteira do fundo, atribuindo uma nota.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qual a rentabilidade do FIDC?<\/h3>\n\n\n\n<p>A rentabilidade do <strong>FIDC <\/strong>segue a conhecida m\u00e1xima das finan\u00e7as: \u201cquanto maior o risco, maior o potencial de retorno.\u201d Nesse caso, o risco de cr\u00e9dito presente nesse tipo de investimento \u00e9 compensado por uma <strong>rentabilidade consideravelmente superior \u00e0 de outros fundos de renda fixa<\/strong>. \u00c9 poss\u00edvel encontrar, por exemplo, FIDCs que oferecem taxas acima de 120% do CDI.<\/p>\n\n\n\n<p>\u00c9 importante lembrar que <strong>o retorno de um FIDC tamb\u00e9m depende do tipo de cota <\/strong>adquirida pelo investidor:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cotas s\u00eanior<\/strong> \u2014 as mais comuns \u2014 oferecem uma rentabilidade praticamente garantida, mesmo que o fundo tenha um desempenho inferior ao esperado, j\u00e1 que esses cotistas recebem primeiro;<\/li>\n\n\n\n<li><strong>Cotas subordinadas<\/strong> podem gerar rendimentos muito superiores \u00e0s taxas prefixadas, pois, em caso de lucro excedente, todo o valor que sobra ap\u00f3s o pagamento dos s\u00eanior \u00e9 distribu\u00eddo entre esse grupo.<\/li>\n<\/ul>\n\n\n\n<p>Usando uma analogia simples, essa rela\u00e7\u00e3o pode ser explicada com a imagem de uma pizza:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Cotistas s\u00eanior t\u00eam direito de pegar os peda\u00e7os que lhes cabem primeiro \u2014 garantido, mesmo que a pizza seja pequena;<\/li>\n\n\n\n<li>Os subordinados ficam com o que sobrar \u2014 pode ser pouco ou muito;<\/li>\n\n\n\n<li>Se a pizza for muito grande, poucos subordinados v\u00e3o dividir as\u00a0 fatias extras entre si;<\/li>\n\n\n\n<li>Mas se a pizza for diminuta, podem acabar sem fatia nenhuma.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Quais as formas de remunera\u00e7\u00e3o do FIDC?<\/h3>\n\n\n\n<p>A remunera\u00e7\u00e3o dos FIDCs <strong>costuma ser calculada com base nas varia\u00e7\u00f5es da taxa CDI <\/strong>\u2014 a mesma refer\u00eancia usada na maioria dos investimentos de renda fixa. Isso, por\u00e9m, n\u00e3o \u00e9 uma regra fixa. Existem diferentes formas de rentabilidade para esse tipo de fundo.<\/p>\n\n\n\n<p>Entre as principais possibilidades de remunera\u00e7\u00e3o est\u00e3o:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>% do CDI;<\/strong><\/li>\n\n\n\n<li><strong>CDI + <\/strong><strong><em>spread <\/em><\/strong><strong>(acr\u00e9scimo fixo);<\/strong><\/li>\n\n\n\n<li><strong>Atrelada a \u00edndices de pre\u00e7os, como o IPCA ou o IGP-M;<\/strong><\/li>\n\n\n\n<li><strong>Taxa prefixada.<\/strong><\/li>\n<\/ul>\n\n\n\n<p>O tipo de remunera\u00e7\u00e3o, assim como outras informa\u00e7\u00f5es essenciais, deve estar descrito no regulamento do fundo. \u00c9 fundamental ficar atento a esse ponto, pois o tipo de taxa contratada pode ser mais ou menos vantajoso dependendo da situa\u00e7\u00e3o. Por exemplo:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Em per\u00edodos de juros altos, taxas atreladas ao <a href=\"https:\/\/www.topinvest.com.br\/conheca-o-cdi-o-certificado-de-deposito-interfinanceiro\/\">CDI<\/a> podem ser mais interessantes;<\/li>\n\n\n\n<li>Fundos com remunera\u00e7\u00e3o <strong>ligada \u00e0 infla\u00e7\u00e3o (IPCA ou IGP-M)<\/strong> s\u00e3o ideais para quem deseja <strong>proteger o poder de compra ao longo do tempo<\/strong>, especialmente em momentos de alta nos pre\u00e7os;<\/li>\n\n\n\n<li>J\u00e1 para quem busca <strong>previsibilidade<\/strong>, a <strong>taxa prefixada<\/strong> pode ser a melhor escolha<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Qual o prazo de investimento?<\/h3>\n\n\n\n<p>Os FIDCs podem ter dois tipos de prazo de vencimento, cada um com uma l\u00f3gica distinta. S\u00e3o eles:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Prazo determinado<\/strong>: fundos com data definida para liquida\u00e7\u00e3o. Quando o prazo \u00e9 atingido, todas as cotas s\u00e3o resgatadas. Esse modelo \u00e9 mais comum em <strong>fundos com condom\u00ednio fechado<\/strong>, onde os cotistas entram no in\u00edcio e permanecem at\u00e9 o vencimento;<br><\/li>\n\n\n\n<li><strong>Prazo indeterminado<\/strong>: n\u00e3o possuem data final de dura\u00e7\u00e3o. \u00c9 mais comum em <strong>fundos com condom\u00ednio aberto<\/strong>, nos quais o investidor pode solicitar o resgate das cotas a qualquer momento, desde que respeitando prazos de car\u00eancia e liquida\u00e7\u00e3o.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Qual a tributa\u00e7\u00e3o em FIDC?<\/h3>\n\n\n\n<p>O FIDC segue as <strong>mesmas regras de tributa\u00e7\u00e3o dos produtos de renda fixa tradicionais<\/strong>. A cobran\u00e7a do Imposto de Renda (IR) \u00e9 feita com base na <strong>tabela regressiva<\/strong>, em que a al\u00edquota diminui conforme o tempo de aplica\u00e7\u00e3o, conforme mostrado a seguir:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>Tempo de manuten\u00e7\u00e3o<\/td><td>Al\u00edquota do Imposto de Renda<\/td><\/tr><tr><td>At\u00e9 180 dias<\/td><td>22,5%<\/td><\/tr><tr><td>De 181 a 360 dias<\/td><td>20%<\/td><\/tr><tr><td>De 361 a 720 dias<\/td><td>17,5%<\/td><\/tr><tr><td>Mais de 720 dias<\/td><td>15%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Al\u00e9m do IR, as cotas do FIDC tamb\u00e9m est\u00e3o sujeitas ao <strong>Imposto sobre Opera\u00e7\u00f5es Financeiras (IOF)<\/strong>, nos casos de resgate realizado em per\u00edodo inferior a 30 dias. A al\u00edquota tamb\u00e9m segue uma <strong>tabela regressiva<\/strong>, iniciando em 96% no primeiro dia e reduzindo at\u00e9 zerar no 30\u00ba dia:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Dias decorridos at\u00e9 o resgate<\/strong><\/td><td><strong>Al\u00edquota de IOF<\/strong><\/td><td><strong>Dias decorridos at\u00e9 o resgate<\/strong><\/td><td><strong>Al\u00edquota de IOF<\/strong><\/td><td><strong>Dias decorridos at\u00e9 o resgate<\/strong><\/td><td><strong>Al\u00edquota de IOF<\/strong><\/td><\/tr><tr><td>1<\/td><td>96%<\/td><td>11<\/td><td>63%<\/td><td>21<\/td><td>30%<\/td><\/tr><tr><td>2<\/td><td>93%<\/td><td>12<\/td><td>60%<\/td><td>22<\/td><td>26%<\/td><\/tr><tr><td>3<\/td><td>90%<\/td><td>13<\/td><td>56%<\/td><td>23<\/td><td>23%<\/td><\/tr><tr><td>4<\/td><td>86%<\/td><td>14<\/td><td>53%<\/td><td>24<\/td><td>20%<\/td><\/tr><tr><td>5<\/td><td>83%<\/td><td>15<\/td><td>50%<\/td><td>25<\/td><td>16%<\/td><\/tr><tr><td>6<\/td><td>80%<\/td><td>16<\/td><td>46%<\/td><td>26<\/td><td>13%<\/td><\/tr><tr><td>7<\/td><td>76%<\/td><td>17<\/td><td>43%<\/td><td>27<\/td><td>10%<\/td><\/tr><tr><td>8<\/td><td>73%<\/td><td>18<\/td><td>40%<\/td><td>28<\/td><td>6%<\/td><\/tr><tr><td>9<\/td><td>70%<\/td><td>19<\/td><td>36%<\/td><td>29<\/td><td>3%<\/td><\/tr><tr><td>10<\/td><td>66%<\/td><td>20<\/td><td>33%<\/td><td>30<\/td><td>0%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Importante:<\/strong> tanto o IR quanto o IOF incidem <strong>somente sobre os rendimentos<\/strong> (amortiza\u00e7\u00f5es e resgates) e s\u00e3o <strong>retidos na fonte<\/strong>. Isso significa que o valor creditado ao investidor j\u00e1 \u00e9 l\u00edquido, com o capital principal preservado.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Qual a diferen\u00e7a entre FIDC e FIDC-NP?<\/h2>\n\n\n\n<p>Termos bastante semelhantes, os <strong>FIDCs<\/strong> e os <strong>FIDC-NPs<\/strong> s\u00e3o frequentemente confundidos. Contudo, h\u00e1 uma diferen\u00e7a importante entre eles: o <strong>n\u00edvel de risco dos ativos<\/strong> que podem compor suas carteiras.<\/p>\n\n\n\n<p>Os <strong>fundos de investimento em direitos credit\u00f3rios (FIDC)<\/strong> tradicionais \u2014 tamb\u00e9m chamados de <strong>padronizados (FIDC-P)<\/strong> \u2014 investem <strong>apenas em receb\u00edveis convencionais<\/strong>. Ou seja, direitos credit\u00f3rios com regras claras de cobran\u00e7a e pagamento, documenta\u00e7\u00e3o padronizada, situa\u00e7\u00e3o regular (n\u00e3o vencidos nem judicializados) e, geralmente, boa previsibilidade de fluxo de caixa.<\/p>\n\n\n\n<p>Entre os exemplos comuns de receb\u00edveis padronizados est\u00e3o:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Boletos banc\u00e1rios<\/strong> venc\u00edveis ainda no prazo<strong>;<\/strong><\/li>\n\n\n\n<li><strong>Carn\u00eas de lojas;<\/strong><\/li>\n\n\n\n<li><strong>Cheques pr\u00e9-datados;<\/strong><\/li>\n\n\n\n<li><strong>Contratos de financiamento <\/strong>com empresas ou pessoas f\u00edsicas<strong>;<\/strong><\/li>\n\n\n\n<li><strong>Cr\u00e9ditos <\/strong><strong><em>performing <\/em><\/strong>(ativos que est\u00e3o sendo pagos regularmente);<\/li>\n\n\n\n<li><strong>Duplicatas mercantis;<\/strong><\/li>\n\n\n\n<li><strong>Notas promiss\u00f3rias;<\/strong><\/li>\n\n\n\n<li><strong>Parcelas de cart\u00e3o de cr\u00e9dito.<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Por outro lado, os <strong>fundos de investimento em direitos credit\u00f3rios n\u00e3o padronizados <\/strong>(FIDC-NP) <strong>podem investir<\/strong>, al\u00e9m de receb\u00edveis convencionais, em direitos de cr\u00e9dito mais complexos e arriscados, como <strong>d\u00edvidas vencidas ou em lit\u00edgio<\/strong>.<\/p>\n\n\n\n<p>Exemplos de direitos credit\u00f3rios n\u00e3o padronizados incluem:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cr\u00e9ditos vencidos ou inadimplidos;<\/strong><\/li>\n\n\n\n<li><strong>Cr\u00e9ditos em recupera\u00e7\u00e3o judicial ou extrajudicial;<\/strong><\/li>\n\n\n\n<li><strong>Cr\u00e9ditos em lit\u00edgio judicial;<\/strong><\/li>\n\n\n\n<li><strong>Precat\u00f3rios;<\/strong><\/li>\n\n\n\n<li><strong>Derivativos de cr\u00e9dito.<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong><\/strong>Para facilitar o comparativo, vale observar a tabela abaixo, onde destaco as principais diferen\u00e7as entre esses dois tipos de fundos:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Caracter\u00edstica<\/strong><\/td><td><strong>FIDC Padronizado (FIDC-P)<\/strong><\/td><td><strong>FIDC N\u00e3o Padronizado (FIDC-NP)<\/strong><\/td><\/tr><tr><td><strong>Perfil de risco<\/strong><\/td><td>Moderado a conservador<\/td><td>Elevado<\/td><\/tr><tr><td><strong>Tipo de cr\u00e9dito permitido<\/strong><\/td><td>Apenas receb\u00edveis convencionais<\/td><td>Receb\u00edveis convencionais + cr\u00e9ditos complexos<\/td><\/tr><tr><td><strong>Exemplos de ativos<\/strong><\/td><td>Duplicatas, boletos, parcelas de cart\u00e3o, carn\u00eas<\/td><td>Cr\u00e9ditos vencidos, em lit\u00edgio, precat\u00f3rios, derivativos<\/td><\/tr><tr><td><strong>Documenta\u00e7\u00e3o dos ativos<\/strong><\/td><td>Padronizada e simples<\/td><td>Pode ter estrutura jur\u00eddica complexa<\/td><\/tr><tr><td><strong>Liquidez esperada dos cr\u00e9ditos<\/strong><\/td><td>Boa previsibilidade de fluxo<\/td><td>Baixa previsibilidade, pode depender de decis\u00e3o judicial<\/td><\/tr><tr><td><strong>Utiliza\u00e7\u00e3o comum<\/strong><\/td><td>Antecipa\u00e7\u00e3o de receb\u00edveis<\/td><td>Aquisi\u00e7\u00e3o de cr\u00e9ditos judiciais ou inadimplentes<\/td><\/tr><tr><td><strong>Gest\u00e3o e estrutura\u00e7\u00e3o<\/strong><\/td><td>Mais simples<\/td><td>Requer an\u00e1lise jur\u00eddica e estrutura mais robusta<\/td><\/tr><tr><td><strong>Risco de cr\u00e9dito<\/strong><\/td><td>Menor, com ativos <em>performing <\/em>e garantias claras<\/td><td>Maior, com cr\u00e9ditos vencidos ou de dif\u00edcil recupera\u00e7\u00e3o<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Quais as vantagens e desvantagens do FIDC?<\/h2>\n\n\n\n<p>Como todo produto de investimento, os <strong>Fundos de Investimento em Direitos Credit\u00f3rios (FIDCs)<\/strong> possuem uma s\u00e9rie de <strong>vantagens e desvantagens<\/strong>, que os tornam mais ou menos indicados a depender do perfil do investidor. Conhecer e avaliar esses pr\u00f3s e contras \u00e9 essencial para tomar <strong>decis\u00f5es bem embasadas<\/strong>.<\/p>\n\n\n\n<p>Para facilitar, listo a seguir os principais pontos positivos e negativos desses fundos:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Vantagens do fundo de investimento em direitos credit\u00f3rios<\/h3>\n\n\n\n<p>Entre as vantagens mais not\u00e1veis de investir em fundos de direitos credit\u00f3rios, vale citar:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Alto potencial de rentabilidade<\/strong>: FIDCs costumam oferecer retornos consideravelmente mais atrativos em compara\u00e7\u00e3o aos produtos tradicionais de renda fixa;<\/li>\n\n\n\n<li><strong>Previsibilidade de retornos<\/strong>: por serem produtos de renda fixa, os FIDCs apresentam certo n\u00edvel de previsibilidade, j\u00e1 que a rentabilidade e os prazos costumam ser previamente definidos;<\/li>\n\n\n\n<li><strong>Diversifica\u00e7\u00e3o do portf\u00f3lio<\/strong>: proporcionam exposi\u00e7\u00e3o a uma classe de ativos diferente dos t\u00edtulos p\u00fablicos ou banc\u00e1rios, reduzindo a correla\u00e7\u00e3o com outros investimentos da carteira;<\/li>\n\n\n\n<li><strong>Acesso a classes distintas de ativos<\/strong>: permitem que o investidor tenha acesso indireto a receb\u00edveis que, de forma individual, estariam fora de seu alcance;<\/li>\n\n\n\n<li><strong>Gest\u00e3o profissional<\/strong>: a carteira do fundo \u00e9 estruturada e administrada por uma equipe gestora especializada, respons\u00e1vel por avaliar os riscos e monitorar os ativos com rigor t\u00e9cnico;<\/li>\n\n\n\n<li><strong>Benef\u00edcios tribut\u00e1rios<\/strong>: os FIDCs seguem a tabela regressiva do Imposto de Renda, que beneficia aplica\u00e7\u00f5es de longo prazo com al\u00edquotas menores, e n\u00e3o conta com come-cotas.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Desvantagens do fundo de investimento em direitos credit\u00f3rios<\/h3>\n\n\n\n<p>J\u00e1 as principais desvantagens dos fundos de direitos credit\u00f3rios incluem:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Restri\u00e7\u00e3o de acesso<\/strong>: a maioria dos FIDCs\u00a0 \u00e9 exclusiva para investidores profissionais e qualificados;<\/li>\n\n\n\n<li><strong>Risco maior<\/strong>: s\u00e3o mais arriscados que outros fundos de renda fixa;<\/li>\n\n\n\n<li><strong>Risco de inadimpl\u00eancia<\/strong>: caso os devedores dos direitos credit\u00f3rios n\u00e3o cumpram com seus pagamentos, o fundo pode sofrer preju\u00edzos;<\/li>\n\n\n\n<li><strong>Baixa liquidez<\/strong>: fundos limitados a investidores qualificados podem ter baixa demanda, comprometendo a convers\u00e3o em dinheiro com rapidez;<\/li>\n\n\n\n<li><strong>Custos de administra\u00e7\u00e3o<\/strong>: por sua complexidade, FIDCs costumam ter <a href=\"https:\/\/www.topinvest.com.br\/taxa-de-administracao-de-fundos-de-investimento\/\">taxas de administra\u00e7\u00e3o<\/a> mais altas do que outros fundos de renda fixa, o que pode impactar no retorno l\u00edquido.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Como investir no FIDC?<\/h2>\n\n\n\n<p>Existem duas maneiras de aplicar em FIDCs:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Durante a oferta p\u00fablica de cotas<\/strong>: no momento da cria\u00e7\u00e3o do fundo, por meio de uma subscri\u00e7\u00e3o;<\/li>\n\n\n\n<li><strong>No mercado secund\u00e1rio<\/strong>: negociando cotas j\u00e1 emitidas na <a href=\"https:\/\/www.topinvest.com.br\/bolsa-de-valores\/\"><strong>Bolsa de Valores<\/strong><\/a> ou em <strong>balc\u00e3o organizado<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p>Assim como em outros fundos de investimento,&nbsp; o processo para investir em um FIDC \u00e9 bastante simples:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Abrir conta em uma corretora de valores<\/strong> ou institui\u00e7\u00e3o financeira habilitada;<\/li>\n\n\n\n<li><strong>Selecionar o fundo desejado<\/strong>, observando seus ativos, hist\u00f3rico, tipo (padronizado ou n\u00e3o padronizado), taxas e regras de resgate, entre outros;<\/li>\n\n\n\n<li><strong>Escolher a quantidade de cotas<\/strong> que deseja adquirir, considerando o investimento m\u00ednimo exigido.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">Quem pode aplicar no FIDC?<\/h3>\n\n\n\n<p><strong>Qualquer investidor interessado<\/strong> <strong>pode investir em FIDCs<\/strong>.<\/p>\n\n\n\n<p>At\u00e9 pouco tempo atr\u00e1s, esse tipo de produto era restrito a investidores qualificados \u2014 aqueles com mais de R$1 milh\u00e3o investidos no mercado financeiro \u2014 e investidores profissionais. Esse cen\u00e1rio mudou em outubro de 2023, com a entrada em vigor da <a href=\"https:\/\/conteudo.cvm.gov.br\/legislacao\/resolucoes\/resol175.html\" rel=\"nofollow noopener\" target=\"_blank\"><strong>Resolu\u00e7\u00e3o CVM n\u00ba 175<\/strong><\/a>, o novo marco regulat\u00f3rio dos fundos de investimento.<\/p>\n\n\n\n<p>Entre outros avan\u00e7os, a nova norma ampliou o acesso do <strong>investidor de varejo<\/strong> a categorias antes restritas, incluindo os FIDCs. Tamb\u00e9m passaram a ser acess\u00edveis fundos com estrat\u00e9gias mais ousadas, como os de criptomoedas, cr\u00e9ditos de carbono e carteiras 100% internacionais.<\/p>\n\n\n\n<p>Apesar disso, as <strong>op\u00e7\u00f5es de FIDCs voltadas ao p\u00fablico de varejo ainda s\u00e3o limitadas<\/strong>. A maioria desses fundos permanece destinada a investidores de alta renda.<\/p>\n\n\n\n<p>Isso acontece porque, por se tratar de um produto mais complexo e com maior risco de cr\u00e9dito, a CVM imp\u00f4s <strong>restri\u00e7\u00f5es espec\u00edficas para a abertura de FIDCs ao investidor n\u00e3o qualificado<\/strong>, como forma de prote\u00e7\u00e3o. S\u00e3o elas:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Pessoas f\u00edsicas s\u00f3 podem adquirir cotas s\u00eanior<\/strong>;<\/li>\n\n\n\n<li><strong>O fundo deve investir apenas em cr\u00e9dito performado<\/strong> \u2014 ou seja, aquele cujo produto j\u00e1 foi entregue ou o servi\u00e7o j\u00e1 foi prestado;<\/li>\n\n\n\n<li><strong>\u00c9 obrigat\u00f3ria a obten\u00e7\u00e3o de <\/strong><strong><em>rating<\/em><\/strong><em> <\/em>(nota de cr\u00e9dito), com acompanhamento por ag\u00eancias classificadoras de risco.<\/li>\n<\/ul>\n\n\n\n<p>Essas exig\u00eancias t\u00eam como objetivo <strong>adaptar o produto ao perfil do pequeno investidor<\/strong>, oferecendo maior seguran\u00e7a, previsibilidade e liquidez.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Qual o valor m\u00ednimo?<\/h3>\n\n\n\n<p>O valor m\u00ednimo para aplica\u00e7\u00e3o em FIDC varia de fundo para fundo, conforme definido no regulamento de cada um. Com a recente abertura do mercado para o investidor de varejo, no entanto, <strong>j\u00e1 \u00e9 poss\u00edvel encontrar algumas op\u00e7\u00f5es com valores m\u00ednimos mais acess\u00edveis<\/strong>, a partir de <strong>R$ 100,00<\/strong><\/p>\n\n\n\n<p>Antigamente, a <a href=\"https:\/\/conteudo.cvm.gov.br\/legislacao\/instrucoes\/inst356.html\" rel=\"nofollow noopener\" target=\"_blank\"><strong>Instru\u00e7\u00e3o CVM n\u00ba 356<\/strong><\/a>, que regulamentava o funcionamento dos FIDCs, determinava um valor m\u00ednimo de investimento de <strong>R$25.000,00<\/strong>. No entanto, essa exig\u00eancia foi revogada pela <a href=\"https:\/\/conteudo.cvm.gov.br\/legislacao\/instrucoes\/inst554.html\" rel=\"nofollow noopener\" target=\"_blank\"><strong>Instru\u00e7\u00e3o CVM n\u00ba 554\/2014<\/strong><\/a>, que flexibilizou as regras aplic\u00e1veis aos fundos estruturados. Desde ent\u00e3o, <strong>n\u00e3o h\u00e1 um valor m\u00ednimo obrigat\u00f3rio imposto pela regulamenta\u00e7\u00e3o<\/strong>.<\/p>\n\n\n\n<p>Na pr\u00e1tica, por\u00e9m, como esses <a href=\"https:\/\/www.topinvest.com.br\/fundos-para-investidores-qualificados-e-profissionais\/\">fundos s\u00e3o majoritariamente destinados a <strong>investidores qualificados e profissionais<\/strong><\/a>, muitos FIDCs ainda optam por manter aportes iniciais elevados.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Existe valor m\u00e1ximo?<\/h3>\n\n\n\n<p>Em termos de legisla\u00e7\u00e3o, <strong>n\u00e3o h\u00e1 um teto legal fixo para aplica\u00e7\u00f5es em um FIDC<\/strong>. Ou seja, em teoria, o investidor tem liberdade para aplicar quantias t\u00e3o altas quanto desejar, desde que haja disponibilidade de cotas no fundo.<\/p>\n\n\n\n<p>Contudo, <strong>\u00e9 comum que o pr\u00f3prio fundo estabele\u00e7a, em seu regulamento, algum tipo de limite<\/strong>, seja por tipo de cota ou por volume dispon\u00edvel, conforme explicado abaixo:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Limite por tipo de cota<\/strong>: o regulamento pode prever restri\u00e7\u00f5es de concentra\u00e7\u00e3o por investidor em determinados tipos de cota \u2014 como <strong>cotas s\u00eanior<\/strong> ou <strong>subordinadas<\/strong>;<\/li>\n\n\n\n<li><strong>Limite de concentra\u00e7\u00e3o por investidor<\/strong>: alguns fundos determinam um percentual m\u00e1ximo de participa\u00e7\u00e3o por investidor, como, por exemplo, <strong>at\u00e9 20% do volume total do fundo<\/strong>.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Quais s\u00e3o os riscos do FIDC?<\/h2>\n\n\n\n<p>O fato de serem produtos de investimento de renda fixa e a recente abertura desses fundos ao p\u00fablico em geral, podem dar a falsa impress\u00e3o de que os FIDCs s\u00e3o produtos muito seguros. Mas isso n\u00e3o \u00e9 bem assim.<\/p>\n\n\n\n<p>Antes de investir em um fundo de receb\u00edveis \u00e9 muito importante que o investidor pondere os riscos desse tipo de aplica\u00e7\u00e3o. Os mais relevantes s\u00e3o:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Risco de cr\u00e9dito:<\/strong> como investem em receb\u00edveis, \u00e9 natural que os FIDCs estejam mais sujeitos \u00e0 inadimpl\u00eancia. Existe sempre a possibilidade de que os devedores atrasem ou n\u00e3o paguem suas d\u00edvidas, acarretando em preju\u00edzos ao fundo;<\/li>\n\n\n\n<li><strong>Risco de liquidez:<\/strong> por serem, em sua maioria, exclusivos para investidores qualificados, as cotas dos fundos podem ter baixa demanda, dificultando o resgate antecipado;<\/li>\n\n\n\n<li><strong>Risco de mercado:<\/strong> varia\u00e7\u00f5es nas condi\u00e7\u00f5es econ\u00f4micas, mudan\u00e7as na taxa de juros, infla\u00e7\u00e3o ou outros fatores macroecon\u00f4micos podem afetar negativamente o valor dos ativos do fundo e, consequentemente, o retorno para os cotistas;<\/li>\n\n\n\n<li><strong>Risco de concentra\u00e7\u00e3o:<\/strong> se o fundo estiver muito exposto a poucos cedentes ou setores da economia, qualquer problema espec\u00edfico pode impactar de forma consider\u00e1vel a carteira, ampliando o risco do investimento;<\/li>\n\n\n\n<li><strong>Risco operacional:<\/strong>\u00a0 fundos de receb\u00edveis possuem uma estrutura administrativa complexa e constitu\u00edda por diferentes agentes. Falhas de qualquer uma das partes envolvidas podem comprometer\u00a0 o desempenho e a integridade do fundo;<\/li>\n\n\n\n<li><strong>Sem garantia do FGC:<\/strong> diferentemente de alguns investimentos mais conservadores de renda fixa, os FIDCs n\u00e3o contam com a prote\u00e7\u00e3o do Fundo Garantidor de Cr\u00e9ditos. Em caso de quebra de devedores ou institui\u00e7\u00f5es ligadas ao fundo, o investidor pode n\u00e3o recuperar os valores aplicados.<\/li>\n<\/ul>\n\n\n\n<p>Em linhas gerais, o<strong>s FIDCs s\u00e3o mais indicados para investidores de perfil moderado a agressivo<\/strong>, que buscam diversificar a carteira com produtos de renda fixa mais sofisticados e isentos de come-cotas.<\/p>\n\n\n\n<p>Vale ressaltar que <strong>o grau de risco pode variar significativamente a depender da composi\u00e7\u00e3o do fundo e do tipo de cota adquirida<\/strong>. FIDCs n\u00e3o padronizados, <strong>por exemplo<\/strong>, costumam ter maior exposi\u00e7\u00e3o \u00e0 inadimpl\u00eancia por investirem em cr\u00e9ditos com menos garantias. J\u00e1 as cotas seniores tendem a ser mais seguras e l\u00edquidas, em compara\u00e7\u00e3o \u00e0s cotas subordinadas.<\/p>\n\n\n\n<p>Por isso, antes de investir, <a href=\"https:\/\/www.topinvest.com.br\/analise-de-perfil-do-investidor\/\"><strong>\u00e9 imprescind\u00edvel que o investidor conhe\u00e7a bem o seu pr\u00f3prio perfil<\/strong><\/a><strong> <\/strong>e verifique a classifica\u00e7\u00e3o de risco (rating) atribu\u00edda ao fundo por ag\u00eancias especializadas&nbsp; \u2014 que varia, geralmente, de AAA (menor risco de cr\u00e9dito) at\u00e9 D (inadimpl\u00eancia), indicando o grau de seguran\u00e7a percebido pelos avaliadores. Al\u00e9m disso, \u00e9 recomend\u00e1vel analisar com aten\u00e7\u00e3o o regulamento do fundo, a pol\u00edtica de cr\u00e9dito, a carteira de receb\u00edveis e o hist\u00f3rico de performance, se dispon\u00edvel.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Continue aprendendo com a TopInvest<\/h2>\n\n\n\n<p>Conhecer produtos menos populares, como os FIDCs, \u00e9 um passo importante para quem quer ampliar o repert\u00f3rio e montar carteiras mais diversificadas. Ainda assim, eles representam apenas uma entre as muitas categorias de fundos de investimento dispon\u00edveis no mercado.<\/p>\n\n\n\n<p>N\u00e3o por acaso, os fundos de investimento s\u00e3o um dos temas mais cobrados nas certifica\u00e7\u00f5es da Anbima. Sem brincadeira: gabaritar essa parte na CPA-10, CPA-20 ou CEA j\u00e1 \u00e9 praticamente um ter\u00e7o do caminho rumo \u00e0 aprova\u00e7\u00e3o. Por isso, mesmo sendo um assunto extenso, vale \u2014 e muito \u2014 a pena se dedicar.<\/p>\n\n\n\n<p>A boa not\u00edcia \u00e9 que a <strong><em>TopInvest <\/em><\/strong>est\u00e1 aqui para te ajudar. No <a href=\"https:\/\/www.topinvest.com.br\/?s=fundos+de+investimento\"><em>blog da Top<\/em><\/a><em> <\/em>e tamb\u00e9m no<a href=\"https:\/\/www.youtube.com\/@TopInvestEducacao\/search?query=fundos%20de%20investimento\" rel=\"nofollow noopener\" target=\"_blank\"> no canal da TopInvest no <em>YouTube<\/em><\/a>, voc\u00ea encontra dezenas de conte\u00fados did\u00e1ticos e gratuitos sobre fundos de investimento, para dominar de vez esse tema essencial. Bora conquistar essa certifica\u00e7\u00e3o?<\/p>\n\n\n\n","protected":false},"excerpt":{"rendered":"<p>Veja o que s\u00e3o fundos de investimento em direitos credit\u00f3rios. Entenda como funciona, um fundo FIDC e descubra quais as vantagens e desvantagens.<\/p>\n","protected":false},"author":1,"featured_media":29276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[224],"tags":[],"class_list":["post-5440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fundos-de-investimento-cpa-20"],"acf":[],"author_meta":{"display_name":"Kleber Stumpf","author_link":"https:\/\/www.topinvest.com.br\/blog\/author\/kleber\/"},"featured_img":"https:\/\/www.topinvest.com.br\/blog\/wp-content\/uploads\/2019\/11\/Gemini_Generated_Image_2nsqmf2nsqmf2nsq-300x300.jpg","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/www.topinvest.com.br\/blog\/certificacoes-financeiras\/cpa20-anbima\/fundos-de-investimento-cpa-20\/\" class=\"advgb-post-tax-term\">Fundos de Investimento CPA 20<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Fundos de Investimento CPA 20<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Publicado 10 meses atr\u00e1s","modified":"Atualizado 8 meses atr\u00e1s"},"absolute_dates":{"created":"Publicado em 27 de junho de 2025","modified":"Atualizado em 25 de agosto de 2025"},"absolute_dates_time":{"created":"Publicado em 27 de junho de 2025 14:26","modified":"Atualizado em 25 de agosto de 2025 15:10"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.topinvest.com.br\/blog\/wp-json\/wp\/v2\/posts\/5440","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.topinvest.com.br\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.topinvest.com.br\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.topinvest.com.br\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.topinvest.com.br\/blog\/wp-json\/wp\/v2\/comments?post=5440"}],"version-history":[{"count":15,"href":"https:\/\/www.topinvest.com.br\/blog\/wp-json\/wp\/v2\/posts\/5440\/revisions"}],"predecessor-version":[{"id":29396,"href":"https:\/\/www.topinvest.com.br\/blog\/wp-json\/wp\/v2\/posts\/5440\/revisions\/29396"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.topinvest.com.br\/blog\/wp-json\/wp\/v2\/media\/29276"}],"wp:attachment":[{"href":"https:\/\/www.topinvest.com.br\/blog\/wp-json\/wp\/v2\/media?parent=5440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.topinvest.com.br\/blog\/wp-json\/wp\/v2\/categories?post=5440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.topinvest.com.br\/blog\/wp-json\/wp\/v2\/tags?post=5440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}