Circular Letter CVM/SIN 01/04

CIRCULAR LETTER/CVM/SIN/No. 001/2004.
Rio de Janeiro, June 24, 2004.
Subject: Identification of the largest unit holders of investment funds

Dear Sir,

The Superintendence of Institutional Investor Relations of the CVM, based on Article 2 of CVM Instruction No. 405, of 02/27/2004, communicates to administrators of financial investment funds, fund of fund application funds, foreign investment funds, FGTS privatization mutual funds, FGTS free portfolio privatization mutual funds, investment funds in securities and financial assets, and investment funds in units of these, that the "Daily Report" document, relating to the position of 06/30/2004, must contain the identification of unit holders with investments equal to or greater than 20% of the fund's net asset value, accompanied by their respective percentage participations, as determined by the model attached to the aforementioned Instruction.

The statement should be sent as usual through the CVM's information reception system on the World Wide Web, and funds that do not have unit holders with investments equal to or greater than 20% of the net asset value on that date do not need to fill in anything in the fields designated for this information.

Sincerely,

Original signed by
CARLOS EDUARDO P. SUSSEKIND
Superintendent of Institutional Investor Relations