CIRCULAR LETTER/CVM/SIN/NO. 4/2013

Rio de Janeiro, March 4, 2013

To

Responsible Directors
Investment Fund Administrator Institutions

Subject: Submission and Public Consultation of Investment Fund Prospectuses

Dear Sirs/Madams,

We communicate that the Document Submission System available on this CVM's page on the worldwide computer network – CVMWeb System – is already prepared to receive the investment fund prospectuses referring to the current month of February, due by virtue of the provisions of Article 15 of CVM Instruction No. 522/12.

Thus, we guide fund administrators to make all necessary efforts to observe Article 40-B of CVM Instruction No. 409/04, by virtue of which the prospectuses of open investment funds that are not intended exclusively for qualified investors must be updated at least monthly, as well as forwarded via the CVMWeb System, namely:

Art. 40-B. The prospectus must be updated monthly until the 10th (ten) day of each month with data relating to the immediately preceding month.

Sole Paragraph. The fund administrator must send the prospectus to the CVM, through an electronic system available on the CVM's page on the worldwide computer network, whenever it is updated, on the same date of its update.

We remind, opportunistically, that, as provided in Article 13-B of CVM Instruction No. 522/12, the prospectuses of investment funds in shares of investment funds shall be presented starting with information referring to the month of April 2013, with a submission deadline until 5/10/2013.

Finally, we inform that the prospectuses will be available for public consultation on the electronic page of this Commission – www.cvm.gov.br.

Sincerely,

FRANCISCO JOSÉ BASTOS SANTOS
Superintendent of Institutional Investor Relations