CVM/SMI CIRCULAR LETTER NO. 01/2005.

Rio de Janeiro, March 17, 2005.

Subject: Identification of the largest unitholders of investment funds

Dear Sir,

The Superintendence of Market Relations and Intermediaries of the CVM, based on Article 2 of CVM Instruction No. 405, of February 27, 2004, and in continuation of the procedure already adopted on June 30, 2004, September 30, 2004, and December 31, 2004, informs investment fund administrators that the "Daily Report" document, relative to the position of March 31, 2005, 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 attached to the aforementioned Instruction.

2. The statement must be sent 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 that date do not need to fill in anything in the fields designated for this information.

Sincerely,

Signed original by

WALDIR DE JESUS NOBRE
Superintendent of Market Relations and Intermediaries