Circular Letter CVM/SMI No. 07/2006

CIRCULAR LETTER CVM/SMI No. 07/2006.
Rio de Janeiro, December 20, 2006.
Subject: Identification of the largest unitholders of investment funds

Dear Sir,

The Superintendence of Market and Intermediary Relations of the CVM communicates to investment fund administrators that, as of 12/29/2006, the "Daily Report" document regarding every last useful day of civil quarters must contain the identification of unitholders 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 of the aforementioned document.

2. The statements must be submitted as usual through the CVM's information reception system on the World Wide Web, and funds that do not have unitholders with investments equal to or greater than 20% of the net asset value on those dates do not need to fill in the fields intended for this information.

Sincerely,

Signed Original by
WALDIR DE JESUS NOBRE
Superintendent of Market and Intermediary Relations