Ianuali 2000 en

ANNUAL REPORT ON THE SECURITIES MARKETS.
2000
ANNUAL REPORT
ON THE SECURITIES
MARKETS. 2000
Comisin Nacional
del Mercado de Valores
Spain
COMISIN NACIONAL DEL MERCADO DE VALORES
ANNUAL REPORT
ON THE SECURITIES
MARKETS. 2000
Comisin Nacional del Mercado de Valores.

All information in this publication may be reproduced with attribution.
I.S.B.N.: 84-87870-20-1
Depsito Legal: M. 28.152-2000
Translated by: Versalia Traduccin S.L.
Printed by: EDIGRAFOS, S. A. Volta, 2. Pol. Ind. San Marcos. Getafe (Madrid)
CONTENTS
1. Overview of the securities markets........................................................................................
1.1.
1.2.
1.3.
1.4.
13
Economic situation .........................................................................................................

Financial flows in the Spanish economy ........................................................................
World financial markets .................................................................................................
Securities and derivatives markets in Spain ....................................................................
13
18
23
29
2. Primary markets.....................................................................................................................
33
2.1.
2.2.
2.3.
2.4.
General overview ...........................................................................................................

Equities...........................................................................................................................
Fixed-income .................................................................................................................
Other issuers registered at the CNMV ............................................................................
33
36
39
43
3. Secondary markets.................................................................................................................
45
3.1.
3.2.
3.3.
3.4.
Equity markets ................................................................................................................

Fixed-income markets ....................................................................................................
Margin trading and securities lending.............................................................................
The Securities Clearing and Settlement Service (SCLV) ...................................................
45
57
62
64
4. Derivatives markets ...............................................................................................................
67
4.1. International situation.....................................................................................................

4.2. Spains derivatives markets .............................................................................................
67
70
5. Collective investment institutions and venture capital firms .................................................
79
5.1.
5.2.
5.3.
5.4.
5.5.
Overview .......................................................................................................................
Securities investment funds and companies....................................................................
Foreign collective investment institutions marketed in Spain..........................................
Real estate investment funds ..........................................................................................
Venture capital firms (ECR) .............................................................................................
79
83
89
89
89
6. Securities firms and management companies ........................................................................
93
6.1.
6.2.
6.3.
6.4.
Securities firms ...............................................................................................................

93
Collective investment institution management companies (SGIIC) .................................
99
Portfolio management companies (SGC) ........................................................................ 100
Venture capital firm management companies (SGECR)................................................... 101
Annex 1. Primary markets.......................................................................................................... 103

A.1.1.
A.1.2.
A.1.3.
Primary markets. Issues and outstanding balances ..................................................... 105

Issues and public offerings. Detail by instruments. Amounts registered at the CNMV .. 106
Issues and public offerings. Placements. Distribution (%) by investor category .......... 107
Annual report on the securities. 2000
A.1.4.
A.1.5.
A.1.6.
A.1.7.
A.1.8.
A.1.9.
A.1.10.
A.1.11.
A.1.12.
A.1.13.
A.1.14.
Capital increases through issues of new stock registered at the CNMV, except primary public offerings. 2000. Detail by issuer.............................................................
Primary public offerings registered at the CNMV. 2000 .............................................
Secondary public offerings registered at the CNMV. 2000 .........................................
Fixed-income issues registered at the CNMV. Main issuers. 2000 ..............................
Fixed-income issues registered at the CNMV. Preference shares. 2000. Detail by
issuer.........................................................................................................................
Fixed-income issues registered at the CNMV. Convertible bonds. 2000. Detail by
issuer.........................................................................................................................
Fixed-income issues registered at the CNMV. Non-convertible bonds. 2000. Detail
by issuer....................................................................................................................
Fixed-income issues registered at the CNMV. Mortgage bonds. 2000. Detail by
issuer..................................................................................................................
Fixed-income issues registered at the CNMV. Asset-backed bonds and notes. 2000.
Detail by issuer .........................................................................................................
Fixed-income issues registered at the CNMV. Commercial paper. 2000. Detail by
issuer.........................................................................................................................
Issues of warrants and other financial contracts registered at the CNMV. 2000. Detail
by issuer....................................................................................................................
108
109
110
111
112
112
113
116
117
118
119
Annex 2. Secondary markets ..................................................................................................... 121

A.2.1.
A.2.2.
A.2.3.
A.2.4.
A.2.5.
A.2.6.
A.2.7.
A.2.8.
A.2.9.
A.2.10.
A.2.11.
A.2.12.
A.2.13.
A.2.14.
A.2.15.
A.2.16.
A.2.17.
A.2.18.
A.2.19.
A.2.20.
A.2.21.
A.2.22.
Secondary markets. Net revenues and earnings of listed companies. 2000 ................
Secondary markets. Equities. World markets in 2000.................................................
Secondary markets. Equities. Spanish stock market indexes in 2000 ..........................
Secondary markets. Equities. Sector index (Madrid Stock Exchange). 2000................
Secondary markets. Equities. Capitalization and companies listed on the Spanish
stock markets ............................................................................................................
Secondary markets. Equities. Concentration of capital on the Spanish stock markets.
2000 .........................................................................................................................
Secondary markets. Equities. Distribution of capital on the Spanish stock markets.
2000 .........................................................................................................................
Secondary markets. Equities. Ownership of shares of listed companies (Madrid Stock
Exchange)..................................................................................................................
Secondary markets and derivatives markets. Trading volume.....................................
Secondary markets. Equities. Effective trading in equities on the Spanish stock
exchanges. 2000 .......................................................................................................
Secondary markets. Equities. Effective trading, by type. 2000 ....................................
Secondary markets. Equities. Effective trading in the electronic market, by type.
2000 .........................................................................................................................
Secondary markets. Equities. Trading in Spanish equities by non-residents ................
Secondary markets. Equities. Order types on the electronic market. 1997 - 2000 ......
Secondary markets. Equities. Concentration of trading on the Spanish stock markets,
by sector. 2000..........................................................................................................
Secondary markets. Equities. Frequency of trading on the Spanish stock exchanges.
2000 .........................................................................................................................
Secondary markets. Equities. Trading on the Spanish stock markets, by sector. 2000 .
Secondary markets. equities. Electronic market. Listed companies. 2000 ..................
Secondary markets. Equities. Outcry market. Listed companies. 2000 .......................
Secondary markets. Equities. Second Market. ............................................................
Secondary markets. Equities. Effective trading in Spanish securities on the New York
Stock Exchange .........................................................................................................
Secondary markets. Fixed-income. Trading volume in organized markets..................
123
124
125
126
127
128
129
130
131
132
133
134
135
136
136
137
138
139
144
179
179
180
INDEX
A.2.23. Secondary markets. Fixed-income. Government debt book-entry market. Outstanding balances ...................................................................................................................
A.2.24. Secondary markets. Fixed-income. Government debt book-entry market. Trading
volume (outright spot trades) .....................................................................................
A.2.25. Secondary markets. Fixed-income. AIAF. Number of issuers and issues, and outstanding balances at 31/12 ..............................................................................................
A.2.26. Secondary markets. Fixed-income. AIAF. Trading volume. 2000 ................................
A.2.27. Secondary markets. Fixed-income. AIAF. Distribution of trading by sector. 2000 .......
A.2.28. Secondary markets. Fixed-income. Stock exchanges. Number of issuers and issues
and listed capital at 31/12 .........................................................................................
A.2.29. Secondary markets. Fixed-income. Stock exchanges. Distribution of issuers by sector. 2000....................................................................................................................
A.2.30. Secondary markets. Fixed-income. Stock exchanges. Distribution by sector of issues
admitted to listing. 2000............................................................................................
A.2.31. Secondary markets. Fixed-income. Stock exchanges. Distribution by sector of outstanding balances admitted to listing. 2000 ................................................................
A.2.32. Secondary markets. Fixed-income. Stock exchanges. Convertible issues. Numbers
and listed capital at 31/12 .........................................................................................
A.2.33. Secondary markets. Fixed-income. Stock exchanges. Effective trading. 2000.............
A.2.34. Secondary markets. Fixed-income. Stock exchanges. Distribution of trading by sector. 2000....................................................................................................................
A.2.35. Secondary markets. Fixed-income. Stock exchanges. Concentration of trading by
sector and issuers. 2000 ............................................................................................
A.2.36. Secondary markets. Fixed-income. Stock exchanges. Concentration of trading by
sector and issues. 2000 .............................................................................................
A.2.37. Secondary markets. Stock exchanges and SCLV. Margin trading and stock loans.
2000 .........................................................................................................................
A.2.38. Secondary markets. Stock exchanges and SCLV. Two-way lending by sector. 2000 ....
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
Annex 3. Derivatives markets..................................................................................................... 197

A.3.1.
A.3.2.
A.3.3.
A.3.4.
A.3.5.
A.3.6.
A.3.7.
A.3.8.
A.3.9.
A.3.10.
A.3.11.
A.3.12.
A.3.13.
International markets. Trading volume.......................................................................

International markets. Trading volume. Prominent products ......................................
MEFF RV. Index contracts. Trading and open interest. Annual and monthly performance in 2000 ..........................................................................................................
MEFF RV. Ibex 35 contracts. Trading frequency, number of trades (daily average) and
volume per trade. 2000 .............................................................................................
MEFF RV. Options on stocks. Trading volume and open interest. Annual and monthly
performance in 2000.................................................................................................
MEFF RV. Options on stocks. Trading volume and open interest. Detail by contract
type. Disaggregated data ...........................................................................................
MEFF RF. Government bond contracts. Trading volume. Annual and monthly performance in 2000 ..........................................................................................................
MEFF RF. Government bond contracts. Open interest. Annual and monthly performance in 2000 ..........................................................................................................
MEFF RF. 10-year government bond contracts. 2000. Trading frequency, no. of trades (daily average) and volume per trade. .................................................................
MEFF RF. Contracts on short-term interest rates. Trading volume and open interest.
Annual and monthly performance in 2000 ................................................................
FC&M. Trading volume and open interest. Annual performance ................................
Market members. 2000. Number of members per category .......................................
Market members. 2000. No. of members required to attain a given percentage of
total trading volume ..................................................................................................
199
200
201
202
202
203
204
205
206
207
208
208
208
A.3.14.
A.3.15.
A.3.16.
A.3.17.
Distribution of trading, by account type. 2000 ..........................................................

Break-down of trading, by customer type. 2000 ........................................................
Distribution of trading, by type. 2000........................................................................
Warrant trading on the Madrid Stock Exchange .........................................................
209
209
210
211
Annex 4. Collective investment institutions and venture capital firms ....................................... 213
A.4.1.
A.4.2.
A.4.3.
A.4.4.
A.4.5.
A.4.6.
A.4.7.
A.4.8.
A.4.9.
A.4.10.
A.4.11.
A.4.12.
A.4.13.
A.4.14.
A.4.15.
A.4.16.
A.4.17.
A.4.18.
A.4.19.
A.4.20.
A.4.21.
A.4.22.
A.4.23.
A.4.24.
Investment in securities. Number of institutions, assets and number of investors .......

Investment in securities. Yield on mutual funds, by portfolio type..............................
Investment in securities. FIM. Distribution of assets at market value ..........................
Investment in securities. FIM. Transactions in derivatives...........................................
Investment in securities. FIM. Breakdown of the foreign portfolio by currencies ........
Investment in securities. FIM. Breakdown of variation in assets .................................
Investment in securities. FIM and FIAMM. Number of institutions, assets and number
of investors................................................................................................................
Investment in securities. FIM. Yields, volatility and duration ......................................
Investment in securities. FIAMM. Distribution of assets at market value.....................
Investment in securities. FIAMM. Transactions in derivatives .....................................
Investment in securities. FIAMM. Breakdown of change in assets ..............................
Investment in securities. FIAMM. Yields, volatility and duration ................................
Investment in securities. Guaranteed funds. Distribution of assets at market value.....
Investment in securities. Guaranteed mutual funds. Transactions in derivatives .........
Investment in securities. SIM. Distribution of assets at market value ..........................
Investment in securities. SIM. Transactions in derivatives...........................................
Investment in securities. SIMCAV. Distribution of assets at market value....................
Investment in securities. SIMCAV. Transactions in derivatives ....................................
Investment in real estate. FII. Number, assets and number of investors.......................
Investment in real estate. FII. Distribution of assets ....................................................
Investment in securities. Foreign collective investment schemes marketed in Spain...
Distribution of investment of venture capital institutions by phase of development ...
Number of venture capital institutions.......................................................................
Distribution of investments by venture capital institutions by sector ..........................
215
216
217
218
219
220
221
223
295
296
297
298
305
306
307
308
309
310
311
311
311
312
312
313
Annex 5 Securities firms and management companies ................................................................ 315

A.5.1.
A.5.2.1.
A.5.2.2.
A.5.3.1.
A.5.3.2.
A.5.3.3.
A.5.4.1.
A.5.4.2.
A.5.4.3.
A.5.5.1.
A.5.5.2.
Securities firms. Number, branches and agents .........................................................

Securities firms. Ownership by financial institutions.................................................
Securities firms. Ownership by financial institutions. Percentage of share capital .....
Securities firms. Aggregated balance sheet ...............................................................
Securities firms. Broker-dealers. Aggregated balance sheet .......................................
Securities firms. Brokers. Aggregated balance sheet ..................................................
Securities firms. Aggregated income statement .........................................................
Securities firms. Broker-dealers. Aggregated income statement .................................
Securities firms. Brokers. Aggregated income statement............................................
Securities firms. Aggregated income statement. Quarterly performance ....................
Securities firms. Broker-dealers. Aggregated income statement. Quarterly performance ......................................................................................................................
A.5.5.3. Securities firms. Brokers. Aggregated income statement. Quarterly performance ......
A.5.6. Securities firms. Return on equity in 2000 ................................................................
A.5.7. Securities firms. Equity coverage of capital adequacy requirements at 31/12/2000 ...
A.5.8. Securities firms. Volume traded ................................................................................
A.5.9. Securities firms. Results of trading for own account ..................................................
A.5.10. Securities firms. Commission revenues .....................................................................
317
317
317
318
320
322
324
325
326
327
328
329
330
330
331
332
333
INDEX
A.5.11.
A.5.12.
A.5.13.
A.5.14.
A.5.15.
Securities firms. Consolidable groups. Type, concentration and composition ............

Securities firms. Consolidable groups. Aggregated balance sheet..............................
Securities firms. Consolidable groups. Aggregated income statement........................
Securities firms. Consolidable groups. Commissions revenues and expenses. 2000 ..
Securities firms. Consolidable groups. Details of items eliminated from the 2000
income statement .....................................................................................................
A.5.16. Collective investment institution management companies (SGIIC) and portfolio
management companies (SGC). Number of companies and assets under management or advice .........................................................................................................
management companies (SGC). Aggregated balance sheet .......................................
management companies (SGC). Aggregated income statement .................................
334
335
337
338
339
339
340
342
Annex 6. Composition of the CNMV board................................................................................ 343

Annex 7. Composition of the CNMV advisory committee .......................................................... 347
INDEX OF TABLES
Chapter 1
1.1.
1.2.
1.3.
1.4.
1.5.
1.6.
1.7.
1.8.
1.9.
1.10.
International economic indicators.................................................................................

Spanish economy: macroeconomic indicators ..............................................................
Households net acquisition of financial assets..............................................................
Net increase of non-financial companies financial liabilities ........................................
Net increase of financial institutions financial liabilities, excluding the Bank of Spain..
Equities: indexes and trading in 2000 ...........................................................................
New markets: index performance and volatility .......................................................
Gross issues and public offerings ..................................................................................
Trading in the secondary and derivatives markets .........................................................
Trading in derivatives....................................................................................................
14
17
19
20
22
26
27
30
31
31
Chapter 2
2.1.
2.2.
2.3.
2.4.
2.5.
2.6.
Fixed-income issues by euro zone residents....................................................................

Gross issues in Spain ......................................................................................................
Capital increases.............................................................................................................
Fixed-income: public administrations and issues and programs registered at the CNMV.
Fixed-income issues and programs registered at the CNMV. Break-down by instrument .
Asset-backed bonds and notes ........................................................................................
34
36
37
39
40
41
Chapter 3
3.1.
3.2.
3.3.
3.4.
3.5.
3.6.
3.7.
3.8.
3.9.
3.10.
Sectorial index performance (Madrid Stock Exchange) in 2000.....................................

Listed companies earnings in 2000 ..............................................................................
Variation in the number of listed companies by market (equities) in 2000.....................
Trading in equities on the Spanish stock exchanges ......................................................
Break-down by sector of trading in the Spanish stock markets ......................................
Trading in organized fixed-income markets...................................................................
Issuers, listed issues and outstanding balances on AIAF at 31 December ......................
Issuers, listed issues and outstanding balances on the stock exchanges at 31 December
Margin trading ..............................................................................................................
Stock market settlement efficiency indicators. SCLV......................................................
47
48
50
53
54
57
60
61
63
64
Chapter 4
4.1.
4.2.
4.3.
4.4.
4.5.
4.6.
4.7.
4.8.
4.9.
4.10.
Trading in the main futures and options markets ...........................................................

International derivatives markets. Trends in trading of certain products........................
Trading on Spains derivatives markets ..........................................................................
Trading on MEFF RV .....................................................................................................
Futures: trading volume and market size.......................................................................
Options: trading volume and market size......................................................................
Trading in MEFF RF. Contracts on short-term interest rates ............................................
Products listed on other markets which can be accessed directly from MEFF ................
Trading via EuroMEFF in 2000 ......................................................................................
Trading in warrants on the Madrid Stock Exchange .......................................................
68
69
70
72
74
74
75
76
77
78
INDEX
Chapter 5
5.1.
5.2.
5.3.
5.4.
5.5.
5.6.
Composition (%) of households financial assets .............................................................

Ratio of fund assets to deposits at banks and savings banks (%) ......................................
Fund portfolios as a % of the market outstanding balance...............................................
Benchmark indexes: annual yield and volatility ..............................................................
Main indicators of the venture capital industry in Spain..................................................
Features of new venture capital firms created under the new law. Situation at 31 December 2000 ..................................................................................................................
80
80
81
84
90
91
Chapter 6
6.1.
6.2.
6.3.
6.4.
Securities firms: aggregated income statement ................................................................

Securities firms: service fee revenues .............................................................................
Firms trading portfolio gains/losses.................................................................................
Consolidable groups. Earnings contribution by subsidiaries to the sector. 2000 ..............
94
95
97
98
INDEX OF FIGURES
Chapter 1
1.1.
1.2.
1.3.
1.4.
1.5.
1.6.
1.7.
1.8.
Oil prices........................................................................................................................
Saving and non-financial investment by households and not-for-profit institutions..........
Saving and non-financial investment by non-financial companies ..................................
Official interest rates: the US, euro zone and Japan ........................................................
Dollar-euro and yen-euro exchange rates .......................................................................
10-year government bond yields.....................................................................................
Stock market index performance in the US, euro zone and Japan ...................................
Pre-tax earnings of securities firms (AV & SV) and IIC management companies (SGIIC)...
13
18
21
24
24
25
27
32
Chapter 2
2.1. Fixed-income securities issued by euro zone residents....................................................
2.2. Commercial paper registered with the CNMV: placements and outstanding balance at
31 December 2000.........................................................................................................
2.3. Commercial paper: break-down of placements by maturity ............................................
33
42
42
Chapter 3
3.1.
3.2.
3.3.
3.4.
3.5.
3.6.
3.7.
3.8.
3.9.
3.10.
3.11.
3.12.
3.13.
3.14.
3.15.
3.16.
3.17.
3.18.
Ibex-35 index performance and volatility......................................................................

Companies listed in the Spanish equity markets at year-end..........................................
Capitalization of the Spanish stock exchanges (equities) ...............................................
Sector break-down of stock market capitalization (equities) ..........................................
Monthly trading turnover in the Spanish stock market (electronic market) in 2000........
Yearly trading turnover in the Spanish stock market ......................................................
Shares held by FIM funds..............................................................................................
Monthly trading in equities on the Spanish stock exchanges .........................................
Trading by non-residents in equities on the Spanish stock exchanges (half-yearly figures) ...............................................................................................................................
Trading of Spanish securities on foreign bourses as a % of trading on Spanish bourses..
Interest rates on commercial paper, interbank deposits and 3-month repos in 2000 ......
10-year Bono yield and spread against German bund...................................................
Long-term fixed-income yields (corporate vs. government) 2000 ..................................
Treasury bills. Trading and outstanding balance in 2000 ...............................................
Government bonds and debentures. Trading and outstanding balance in 2000.............
Trading on AIAF by segment .........................................................................................
Trading in fixed-income securities on the stock exchanges............................................
Security loans between firms ........................................................................................
47
49
51
51
52
52
53
55
55
56
58
58
58
59
59
61
62
63
Chapter 4
4.1. Break-down of worldwide trading in options on equities ................................................
4.2. Trading in Ibex-35+ futures and options as a % of electronic market spot trading ...........
4.3. Trading in bond futures and options as a % of spot trading in medium- and long-term
government bonds ..........................................................................................................
10
69
73
75
INDEX
Chapter 5
5.1. Mutual fund assets .......................................................................................................
5.2.1. Real year-on-year yields in 2000: short-term fixed-income FIM and benchmark
indexes ........................................................................................................................
5.2.2. Real year-on-year yields in 2000: long-term fixed-income FIM and the benchmark
index ...........................................................................................................................
5.2.3. Real year-on-year yields in 2000: foreign fixed-income FIM and benchmark indexes ..
5.3.1. Real year-on-year yields in 2000: spanish equity FIM and the benchmark index..........
5.3.2. Real year-on-year yields in 2000: euro equity FIM and the benchmark index ..............
5.3.3. Real year-on-year yields in 2000: foreign equity FIM and benchmark indexes .............
5.4. Real year-on-year yields in 2000: FIAMM and benchmark indexes ..............................
79
84
85
85
85
86
86
87
Chapter 6
6.1. Securities firms: equities traded in domestic markets. Volume and brokerage fee revenues................................................................................................................................ 95
6.2. Collective investment institution management companies: assets managed and pre-tax
earnings.......................................................................................................................... 99
6.3. Portfolio management companies: assets under management or advice and pre-tax earnings............................................................................................................................... 100
11
INDEX OF BOXES
12
The economic cycle and the securities markets .....................................................................

Telecommunications and technology stock performance ........................................................
International fixed-income issues ............................................................................................
International equity offerings ...................................................................................................
Valuing technology and Internet companies............................................................................
Unification of the registration and settlement systems for private and public sector debt securities ........................................................................................................................................
Futures on shares ....................................................................................................................
The new regulation governing collective investment institutions .............................................
Reduction in the maximum commissions that funds can charge .............................................
Services via the Internet ..........................................................................................................
16
28
34
37
45
65
71
82
87
96
1. OVERVIEW OF THE SECURITIES MARKETS

1.1. Economic situation
The world economy
The world economy had a particularly good year in 2000. Gross Domestic Product (GDP) increased
by 4.8%, a level not seen since the late 1980s, while inflation remained relatively subdued. In this
context, foreign trade increased significantly worldwide.
Although all regions performed well, economic growth was particularly strong in the most advanced
economies (especially the US and Canada), in Southeast Asia, and in China and Russia. However, this
pattern was not stable throughout the year, since the second half saw a slow-down in growth which
was particularly pronounced in the US, leading to a downgrade of world growth projections for 2001.
One of the main factors affecting the world economy in 2000 was the continuing rapid increase
in oil prices. Strong world demand (particularly in the first half of the year), a decline in oil stocks in
the advanced countries and the fact that many oil-exporting countries were at full capacity all led to a
steady increase in crude prices, which in October reached the levels last seen during the Gulf War (see
figure below). Rising energy costs had a knock-on effect on goods and services prices, and this effect
was more pronounced in Europe and Asia because their currencies depreciated against the dollar, contributing to an increase in the foreign trade imbalance of the countries most dependent on oil imports.
Figure 1.1
OIL PRICES
$/barrel (North Sea Brent)
13
Annual report on the securities markets. 2000
The signs of an economic slow-down were particularly evident in the US in the last few months of
2000. Nevertheless, in 2000 as a whole the US economy registered the fastest growth in the last nine
years due to persistently strong internal demand. Households continued to consume at a rapid pace,
accentuating the decline in the saving rate (0.1% of disposable income, compared with 2.2% in
1999). Productivity increases, boosted by the use of new technology, made it possible to maintain
growth close to its potential level, continue reducing the unemployment level and cushion the impact
of inflationary pressures caused by rising energy costs. The dollars appreciation also helped to slow
the increase in prices, although it accentuated the US current account imbalance.
Table 1.1
INTERNATIONAL ECONOMIC INDICATORS
GDP (a)
1998
OECD ...................................................
US ........................................................
Japan ....................................................
EU ........................................................
Euro zone .........................................
Germany.......................................
Spain ............................................
France...........................................
Italy ..............................................
UK ....................................................
Latin America .......................................
2.5
4.4
2.5
2.7
2.8
2.1
4.3
3.2
1.5
2.6
2.3
Internal demand (a)
1999
2000
1998
1999
2000
3.0
4.2
0.2
2.4
2.5
1.6
4.0
2.9
1.4
2.2
0.3
4.3
5.2
1.9
3.4
3.4
3.0
4.1
3.3
2.8
3.0
4.0
2.8
5.5
3.1
3.7
3.4
2.4
5.6
3.9
2.9
4.6
3.8
5.2
0.5
3.1
2.9
2.4
5.5
2.9
2.5
3.7
4.2
5.8
1.3
2.9
2.8
1.9
4.2
3.0
2.2
3.4
Unemployment rate (b)
OECD ...................................................
US ........................................................
Japan ....................................................
EU ........................................................
Euro zone .........................................
Germany.......................................
Spain ............................................
France...........................................
Italy ..............................................
UK ....................................................
Latin America .......................................
Inflation (c)
1998
1999
2000
6.8
4.5
4.1
9.8
10.8
8.9
18.8
11.8
11.9
5.9
8.1(1)
6.7
4.2
4.7
9.1
9.9
8.3
15.9
11.1
11.5
6.0
8.7(1)
6.2
4.0
4.7
8.2
9.0
7.7
14.1
9.7
10.8
5.5
8.6(1)
1998
1999
2000
3.5
1.1
0.2
1.6
1.4
1.1
2.0
0.7
2.1
2.4
10.3(2)
2.8
1.8
0.5
1.4
1.2
0.3
2.4
0.7
2.2
2.0
9.5(2)
3.1
2.5
0.5
2.1
2.2
1.5
3.4
1.5
2.7
1.4
8.9(2)
Budget balance (d)

1998
OECD ...................................................
US ........................................................
Japan ....................................................
EU ........................................................
Euro zone .........................................
Germany.......................................
Spain ............................................
France...........................................
Italy ..............................................
UK ....................................................
Latin America .......................................
(a) Annual rate of change, in real terms (%).
(b) Annual average (% of active population).
(c) Private expenditure deflator (%).
(d) Surplus (+) or deficit (-) as % of GDP.
(1) Urban unemployment .
(2) Rate of change of average annual CPI (%).
Sources: OECD and ECLAC.
14
1.2
0.3
5.0
1.6
2.2
2.1
2.6
2.7
2.8
0.4
2.5
Current account balance (d)
1999
2000
1998
1999
2000
0.8
1.0
7.0
0.8
1.3
1.4
1.1
1.8
1.9
1.3
3.1
0.5
2.3
6.0
0.7
0.3
1.4
0.3
1.4
0.1
2.7
2.3
0.0
2.5
3.2
1.0
1.2
0.2
0.2
2.6
1.8
0.0
4.7
0.8
3.6
2.5
0.2
0.4
0.9
2.1
2.6
0.6
1.2
3.1
1.2
4.3
2.8
0.2
0.0
0.9
3.3
2.3
0.9
1.5
2.5
OVERVIEW OF THE SECURITIES MARKETS
Economic growth in the euro zone also reached a peak in 2000, although this was not as high as
in the US (see table 1.1). External demand contributed decisively to GDP growth because the euros
depreciation and growth in world demand enabled exports to increase at a rapid pace throughout the
year. Conversely, internal expenditure reduced its contribution to growth in comparison with 1999.
This was due mainly to lower growth in gross fixed capital formation since capital expenditure plans
were slowed by the increase in energy costs and the rise in interest rates in parallel with declining
expectations about inflation.
Economic growth made it possible to continue reducing the unemployment rate and improving
the fiscal situation in the euro zone. Fiscal 2000 ended with a budget surplus amounting to 0.3% of
GDP in the euro zone, although this was due partly to the extraordinary revenues from the mobile
telephony license auctions; excluding this factor, the budget deficit would have been 0.8% of GDP.
The main economies in the euro zone grew more slowly than the regions average but faster than
previous years in all cases. Germany and France attained their highest levels of activity since the 1993
crisis: over 3% real growth per year. Italy doubled its 1999 growth rate. The breakdown of this growth
by component varied from one country to another. In Germany and Italy, the foreign sector was one of
the prime growth drivers, along with investment in capital goods, whereas growth in France was
underpinned by strong private expense due to a favorable climate of consumer confidence based on
growth in employment.
Outside the euro zone, the UK economy recovered considerably with respect to 1999, although it
failed to match the growth figures attained in 1994-97. Private expenditure was the main source of
economic activity due to a steady reduction in the unemployment rate, which reached a record low.
Conversely, investment in capital goods slowed considerably after rapid growth in previous years.
Moreover, unlike the euro zone, the contribution to growth by the foreign sector was negative,
although lower than in the preceding two years due to moderation of the adverse effects of the pounds
appreciation on export growth.
Japan continued to recover from the 1998 crisis, although it showed signs of persisting weakness
due to lackluster private expenditure and ongoing problems in the financial sector. In the first half of
the year, exports and a recovery in capital expenditure, underpinned by demand from the new technology sector, appeared to herald a self-sustaining recovery, independently of public expenditure. However, in the second half of 2000, the moderation in world demand and the absence of a recovery in
private expenditure still restrained due to a record-high unemployment rate prevented the positive
trend in the first half from consolidating despite a new fiscal stimulus plan. In this context, the Japanese
economy continued to suffer from deflation.
Latin America had a good year in 2000. Rapid growth in Mexico and Brazil, the regions two
powerhouses, boosted the average growth in Latin America and the Caribbean to 4%. In contrast,
Argentina registered zero growth following the 1999 recession. Growth in the region overall was due
to rising exports, boosted mainly by growth in world demand (particularly the US) and to the effect of
rising oil and mineral prices (in which the region is a net exporter). This was accompanied by contained
inflation. Moreover, some noteworthy progress was made on the fiscal front due to sustained budget
rigor under agreements with the IMF.
15
The economic cycle and the securities markets
Points
Share prices depend on two basic exogenous variables: corporate earnings and
interest rates. Other stock market (efficiency), fiscal and political factors have a
lesser influence.
Because of its impact on corporate
earnings growth and interest rates, the economic situation, expressed as growth in
national income, is a factor which shapes
share price trends. Consequently, economic cycles are reflected in the form of
cyclic variations in share prices. In an efficient market, prices should reflect all available information on the basis of both historical data and expectations about the
individual companies and the general economic situation. Although the stock markets generally follow a cyclic pattern that
runs more or less parallel to that of the economy as a whole, they tend to anticipate
changes in the real economy. Share prices
only change if actual released data differ
substantially from the projections.
Points
The adjoining figures illustrate this

behavior. In the US, the 1991 recession
ended with a 20% gain by the Dow Jones
in the year, anticipating a strong economic
recovery. As economic growth projections
were consistently exceeded in the late
1990s, the cycle upswing was lengthened,
enabling share prices to continue rising
rapidly. In 2000, despite considerable acceleration by GDP, the Dow Jones index
declined, inverting the strong upward trend
of the previous five years, in view of the
signs and projections of a sharp economic
deceleration.
In the euro zone, the 1995 economic deceleration was foretold by a slide in the EuroStoxx
index in 1994. Thereafter, share prices rallied considerably, interrupted only by episodes of
financial instability in the second half of 1998, coinciding with a scenario of economic slowdown. After an upswing fueled by speculation in 2001, share prices entered a downward phase,
reflecting not just real symptoms of economic cooling but also a downgrade of growth expectations.
The Japanese stock market performed very differently from its US and European counterparts. The recessive phase of the cycle was reflected by a sharp decline in the Nikkei index in
16
1991 and 1992; the shortness of the subsequent upswing prevented a vigorous recovery by share
prices, and they commenced another downward trend in mid 1996. In 1999, the prospects of an
economic recovery boosted the Nikkei considerably; however, real growth was ultimately quite
low, and less than projected, which negatively impacted share prices. As a result, the stock markets entered another downward trend in March 2000.
The Spanish economy

During 2000, the Spanish economy maintained the positive trend set in 1999. Economic growth
remained high, making it possible to continue reducing unemployment and the budget imbalances (see
table 1.2). Rising consumer prices continued to be the main risk for the Spanish economys competitiveness.
The increase in inflation came in a context of demand pressure and rising energy prices, leading to
an increase in the prices of imports. This effect, which was aggravated by the euros depreciation, was
passed on to the production processes and, combined with adverse trends in the prices of unprocessed
foods and of services, boosted inflation by 1.1 percentage points to 4% at year-end. Although consumer
price trends were in line with those in the rest of the euro zone, Spains inflation differential with respect
to the rest of the euro zone widened in comparison with 1999.
Table 1.2
SPANISH ECONOMY: MACROECONOMIC INDICATORS
Change on year, except where stated otherwise
1993
1994
1995
1996
1997
1998
1999
2000
1.2
4.2
2.2
2.3
10.6
8.5
5.1
2.1
1.1
0.8
0.3
1.4
16.2
10.4
2.8
3.1
1.5
1.3
8.2
8.2
8.8
2.4
2.2
2.2
1.3
2.1
10.4
8.0
3.9
3.6
3.1
2.9
5.0
15.3
13.2
4.3
5.7
4.5
3.7
9.7
8.5
13.5
4.0
5.5
4.7
2.9
8.9
6.6
11.9
4.1
4.2
4.0
2.6
5.9
10.8
10.4
4.9
3.5
4.3
0.4
4.3
3.2
3.2
3.3
2.0
3.0
1.4
3.4
2.9
5.2
4.0
4.1
22.7
1.1
7.0
24.2
1.4
6.3
22.9
0.1
7.3
21.8
0.1
5.0
20.3
0.5
3.2
18.2
0.5
2.6
15.4
2.1
1.1
13.6
3.2
0.3
GDP (constant terms) ...........................................

GDP at market prices
Domestic demand (1) ........................................
Private expenditure .....................................
Public expenditure......................................
Gross fixed capital formation ......................
Exports.............................................................
Imports ............................................................
Other indicators
CPI: inflation (year to December) ..........................
Employment: Q4 labor force survey .....................
Unemployment rate: Q4 labor force survey
(% of labor force) .................................................
Current account balance (% of GDP) ...................
Public administration budget balance (% of GDP)
(1) Contribution to GDP growth.
Sources: INE and Finance Ministry.
GDP growth remained high in 2000 (4.1% year-on-year) and was higher than the level attained
by the euro zone as a whole. However, the figures for individual quarters reveal a clear slow-down in
the second half, in parallel to the rest of Europe, and a change in the growth structure. Internal demand
reduced its contribution to growth during the year, due mainly to slower growth in private expenditure.
17
Lower growth in households real disposable income (due to steadily-rising consumer prices and interest
rates) and a decline in financial wealth (falling share prices) impaired consumer confidence. The
foreign sector compensated for the lower growth in internal demand by progressively reducing its
negative contribution to GDP during the year.
The progressive rise in import prices moderated growth in imports and was one of the main reasons why the trade balance deteriorated considerably in 2000 and the countrys borrowing requirement increased despite a cutback in imports in real terms. As regards the labor market, economic
growth enabled job creation to continue at a rapid pace, although more slowly than in previous years.
1.2. Financial flows in the Spanish economy

Financial flows of Spanish households
Households saving rate 1 continued to decline in 2000, to reach 11.4% (12% in 1999). Again, this
was due to rapid growth in household expenditure, since gross disposable income also increased, as it
had in 1999. The pattern of investment in home ownership was maintained, and there was a sizeable
increase in this item, leading to a significant decrease in households borrowing capacity.
Figure 1.2
SAVING AND NON-FINANCIAL INVESTMENT BY HOUSEHOLDS
AND NOT-FOR-PROFIT INSTITUTIONS
The pattern of households financial investment (table 1.3) reveals a more conservative
approach than in previous years. The shift from mutual funds to bank deposits was accentuated
despite better tax treatment for mutual funds (see chapter 5). This trend, which commenced in
1
In the financial accounts, not-for-profit institutions are classified in the same category as households but they represent only a small percentage of the category total.
18
1999, marked a major change with respect to previous years, which had seen a considerable
influx into mutual funds. The poor yields obtained on mutual funds fostered the adoption of
investment formulas with less implicit risk. Greater risk-aversion was also evident in the increasing move by savings towards contingency coverage products such as life insurance and pension
funds.
This change in households financial flows modified the structure of their financial assets
(table 5.1, chapter 5). Mutual funds declined as a percentage of the total, from 15.4% in 1999 to
12.4% in 2000, falling below the volume of insurance technical reserves for the first time.
Although equities continued to represent a sizeable percentage of households financial assets,
their rising trend (as a percentage of the total) which had been constant since 1993 was curtailed,
and equities slipped by two percentage points in 2000 to 33.5%. Conversely, cash and bank
deposits gained three percentage points to 36.2%.
Table 1.3
HOUSEHOLDS NET ACQUISITION OF FINANCIAL ASSETS
Amounts in millions of euros
1995
1996
1997
1998
1999
2000
Cash and deposits.............................................................

Cash ..............................................................................
Transferable deposits......................................................
Other deposits ..............................................................
Counterparties
Financial institutions ..................................................
Public administration .................................................
Rest of world..............................................................
Securities other than equities ...........................................
Short-term securities ....................................................
Long-term securities .....................................................
Counterparties
Non-financial companies ..........................................
Public administration .................................................
Rest of world..............................................................
Loans ................................................................................
Shares and other equities .................................................
Shares ...........................................................................
Other equities ...............................................................
Mutual funds.................................................................
Counterparties
Non-financial companies ..........................................
Rest of world..............................................................
Insurance technical reserves ............................................
Life insurance reserves .................................................
Pension fund reserves ..................................................
Reserves for premiums and claims ...............................
Other accounts receivable ...............................................
21,465
2,239
45
19,181
4,777
2,419
1,291
1,068
2,878
2,479
2,960
8,317
10,036
423
6,606
3,007
37,371
4,104
8,747
24,519
43,044
190
4,013
39,221
18,509
158
2,798
4,026
2,204
1,822
2,312
70
2,395
1,950
2,952
1,003
6,800
106
4,027
13
1,024
1,037
5,699
168
4,169
2,083
1,366
717
33,887
136
3,348
2,821
146
2,674
39,050
158
3,836
1,197
1,148
49
98
461
3,443
24
11
3,941
1,303
391
4,853
521
335
1,066
27
95
30,742
2,151
998
31,896
267
586
268
600
6,208
45,591
5,096
1,216
40,279
522
1,535
887
861
27,799
935
1,650
27,084
185
1,291
1,498
2,842
9,975
1,831
2,108
10,252
623
2,029
979
2,870
20,840
507
2,258
22,590
156
3,844
253
9,007
5,351
2,938
718
2,920
243
30,749
236
11,316
6,343
4,023
950
2,065
5,290
40,321
980
13,135
7,905
4,439
791
1,670
1,527
26,699
2,627
13,255
6,774
5,257
1,223
4,762
423
12,104
1,707
18,639
11,768
5,201
1,670
6,553
405
20,593
158
22,150
13,486
6,829
1,835
6,478
Total .................................................................................
41,348
42,726
48,982
53,768
55,408
52,030
Source: Bank of Spain.
19
Financing of companies
Equities and deposits were the main sources of finance used by Spanish companies in 2000, in a
context of rising economic internationalization. Non-financial companies expanded abroad mainly by
issuing shares, a large proportion of which were acquired by non-residents.
Non-financial companies
The Spanish economys dynamic performance in 2000 was evidenced by continuing rapid
growth (13%) in investment in capital goods by non-financial companies. Although the funds available
for investment by these companies, generated internally or obtained via capital transfers, increased
with respect to 1999, they were again lower than the investment flows in the year (see figure 1.3),
leading to a further increase in the sectors borrowing requirement, which reached 23.9 billion euros
(up from 16.1 billion euros in 1999).
Additionally, as in 1999, non-financial companies made considerable acquisitions of equities in
other countries. This explains much of the sizeable increase (+64% with respect to 1999) in net acquisition of financial assets by non-financial companies.
Companies also resorted to outside financing to a much greater extent than in 1999. The net
acquisition of financial liabilities amounted to 189.7 billion euros, a 62% increase over 1999. Share
issues represented a major component of this item, and they were acquired by non-residents and by
financial companies. Taking a longer view, it is important to note the change that has occurred since
the mid-1990s in the contribution of new funds to non-financial companies. Funds raised via trade
credit and loans have declined as a percentage of total financing while shares have increased in
Table 1.4
NET INCREASE OF NON-FINANCIAL
COMPANIES FINANCIAL LIABILITIES
1995
1996
1997
1998
1999
2000
Shares, held by .................................................................

Non-financial companies.............................................
Financial institutions ....................................................
Public administrations..................................................
Households & not-for-profit institutions........................
Rest of world................................................................
Securities other than equities, held by..............................
Households & not-for-profit institutions........................
Rest of world................................................................
Loans, from.......................................................................
Rest of world................................................................
Trade credit and advances................................................
Other................................................................................
6,685
1,309
1,238
1,222
156
5,516
3,043
544
2,581
3
98
19
8,698
171
7,532
47
1,041
17,873
1,666
8,712
3,094
2,728
43
243
3,090
2,137
477
1,147
15
521
24
11,695
22
11,765
129
80
22,590
6,307
10,016
2,632
6,001
3,322
5,290
4,679
834
669
2,032
267
261
20,028
42
19,459
100
626
28,330
1,402
13,999
360
4,167
2,139
1,527
13,138
533
118
1,971
6
522
2,094
34,213
72
25,524
69
8,691
34,671
341
29,741
4,104
3,687
1,335
423
20,192
2,544
294
1,905
2
185
746
47,830
368
29,962
439
17,061
35,105
1,909
75,072
23,033
6,287
1,355
406
44,803
2,287
1,493
2,378
2
623
2,204
67,482
158
46,778
252
20,295
49,488
99
Total .................................................................................
31,879
47,167
58,942
82,009
117,129
189,656
20
importance, particularly since 1998. Between 1995 and 2000, trade credit halved in importance (from
56% in 1995), whereas shares have doubled in importance to 40%, and in 2000 they exceeded the
level of new funding via loans.
Net issues of fixed-income securities by non-financial companies again declined in 2000 after a
brief upswing in 1999. This pattern is due to net divestment of this type of assets by Spanish companies, particularly financial institutions, since non-residents considerably increased their acquisitions of
fixed-income securities issued by companies of this type.
Figure 1.3
SAVING AND NON-FINANCIAL INVESTMENT BY NON-FINANCIAL COMPANIES
Financial institutions 2
Financial institutions raised a total of 122 billion euros in 2000, which was practically the same
as the 1998 and 1999 figures. The trend towards concentration of new fund-raising at monetary financial institutions continued.
The trend in fund-raising by financial institutions is explained by two factors:
i(i) A sharp increase in 2000 in the funds raised in the form of deposits by monetary financial institutions (excluding the Bank of Spain), specifically by credit institutions, reflecting investors
preference for deposits after the latter were made equivalent in terms of taxation to IICs in
1999 and in view of the low returns offered by FIAMM funds.
2
In accordance with SEC-95, this sector includes monetary financial institutions (Bank of Spain, private sector banks,
savings banks, credit cooperatives, ICO, credit finance institutions and FIAMMs) and non-monetary financial institutions (all
other IICs, securitization funds, venture capital companies and funds, securities companies, private insurance companies,
prudential institutions, Consorcio de Compensacin de Seguros, pension funds and other financial services providers such
as securities dealers, stock market management companies, IIC management companies, etc.).
21
(ii) (The drastic reduction since 1998 in the funds raised via shares and other equities by nonmonetary financial institutions, due mainly to stagnation of securities mutual fund (FIM)
assets. This item accounted for 8% of total new funds raised by this type of institution in 2000,
compared with 78% in 1997.
Other noteworthy conclusions from an analysis of the finance obtained by financial institutions
are as follows:
ii(i) The sizeable increase in deposits obtained by monetary financial institutions was due fundamentally to increased foreign interbank financing obtained by credit institutions; this was
reflected in both a 90% increase in this item in 2000 and also in a faster reduction in deposits
owned by Spanish monetary financial institutions. The increase in deposits at monetary institutions was also assisted by an increase in deposits from households and not-for-profit institutions, which continued to increase after a spectacular gain in 1999.
Table 1.5
NET INCREASE OF FINANCIAL INSTITUTIONS
FINANCIAL LIABILITIES
1997
1998
1999
89,148
32,113
101,955
44,486
121,568
46,990
122,864
63,087
121,970
86,143
3,025
25,140
919
18,509
1,758
613
1,298
7,407
9,697
6,533
6,596
283
7,268
2,312
15,655
2,212
284
38,968
11,139
5,000
9,809
23,233
3,430
6,800
21,674
3,537
3,223
47,085
13,385
3,315
49
4,939
4,921
5,699
31,382
7,914
2,245
38,999
14,633
10,787
5,557
9,081
,150
33,887
23,574
33,934
1,528
1,546
20,035
5,826
12,381
20,991
11,094
39,050
44,608
3,644
346
1,549
24,586
6,394
Monetary financial institutions, excluding the Bank

of Spain
Total .................................................................................
Cash and deposits ........................................................
Fixed-income...............................................................
Loans ...........................................................................
Shares and other equities .............................................
Insurance technical reserves ........................................
Other accounts receivable ...........................................
62,019
51,883
87
1,024
5,187
311
6,197
38,815
25,548
1,129
2,860
11,325
207
3,881
47,137
47,793
3,418
2,425
2,445
263
4,357
57,856
43,626
4,591
349
1,763
810
10,243
75,961
45,487
28,712
316
6,410
766
7,090
89,375
86,143
1,866
292
764
17
4,058
Non-monetary financial institutions

Total .................................................................................
Fixed-income...............................................................
Loans ...........................................................................
9,251
1,505
526
274
873
10,008
376
44,111
835
1,084
2,575
27,382
11,346
888
57,676
267
119
798
45,089
13,122
122
63,229
2,925
3,323
1,896
42,231
13,823
970
34,546
643
5,222
1,212
7,557
19,269
644
35,804
1,067
5,510
638
3,006
24,603
2,256
Total financial institutions ................................................

Counterparties
Non-financial companies.........................................
Financial institutions ................................................
Public administration ...............................................
Households and not-for-profit institutions ................
Rest of world............................................................
Fixed-income...............................................................
Loans ...........................................................................
22
1995
1996
70,466
47,514
2000
i(ii) The net issuance of fixed-income securities declined considerably in 2000. Although nonmonetary financial institutions consolidated their 1999 figures, there was a drastic change of
sign in the issues by monetary financial institutions, whose net issuance was negative after a
rapid increase in 1999, impacted by the increased importance in 2000 of financing via equity
instruments, which influenced the funds raised via medium- and long-term fixed-income
instruments (see table 1.7 and annex A.1.1).
(iii) A preference on the part of households and not-for-profit financial institutions for investment
in contingency coverage instruments such as life insurance and pension funds explains why
insurance technical reserves continued to increase as a share of total funds raised by financial institutions in 2000.
1.3. World financial markets

In 2000, the worlds securities markets operated in a general environment of greater uncertainty
as to corporate earnings expectations, particularly with regard to the new economy. In this context,
capital flows were particularly dynamic both on the demand side (due to changes in investment location) and the supply side (due to the increasing need to finance corporate transactions aimed at sectoral restructuring)
Volatility increased considerably in the equities markets, which ended the year with widespread
losses, marking the end of the strong bull market which characterized the second half of the 1990s. In
seeking to reduce their risk, investors were able to switch to fixed-income securities: shorter-term instruments offered higher yields (due to increases in official interest rates) and longer-term instruments
offered practically the same yields as at the end of 1999.
Short-term interest rates
During 2000, official interest rates in the US and the euro zone continued the upward trend
which had commenced in the second half of 1999. The sustained strength of the US economy led the
Federal Reserve to raise the Fed Funds rate on three occasions by a total of one percentage point, to
6.5% in May. However, the situation then changed, and the evident signs of an economic slow-down
in the second half of the year led to an about-turn in monetary policy in 2001. Since the beginning of
2001, the Federal Reserve has reduced official interest rates considerably, by more than the increases
registered in 2000.
In the euro zone, the European Central Bank (ECB) maintained the tight money policy which had
commenced in November 1999 due to deteriorating inflation expectations as a result of rising oil prices and the euros depreciation. The rate was increased by a total of 175 basis points during 2000, and
the benchmark rate reached 4.75%. Containment of inflation in a context of an economic slow-down
in 2001 led the ECB to modify its monetary policy, some months behind the decision by the Federal
Reserve, and it reduced official interest rates by 25 basis points in May 2001.
Confidence in an economic recovery led the Bank of Japan to abandon the zero-interest-rate
policy which it had maintained for one-and-a-half years and to boost the uncollateralized overnight
rate to 0.25% in August 2000. However, the situation at 2000 year-end failed to meet expectations and
the Bank of Japan again relaxed monetary policy in February 2001.
23
Figure 1.4
OFFICIAL INTEREST RATES:
THE US, EURO ZONE AND JAPAN
Currency markets
The euros depreciation against the dollar for the second consecutive year was the main feature
of the currency markets in 2000. The European currencys weakness was initially attributed to better
conditions in the US with regard to growth and short-term interest rates. However, a narrowing of
these differentials as the year progressed did nothing to strengthen the euro against the dollar. In fact,
the euro reached a low of $0.825 in October, i.e. an 18% depreciation in the year and a 30% depre-
Figure 1.5
DOLLAR-EURO AND YEN-EURO EXCHANGE RATES
24
ciation since the euro was launched. Concern about the effects on the real economy of the euros
persistent weakness triggered intervention in the currency markets to support the euro; as a result, at
year-end and in view of an evident deceleration by the US economy, the euro appreciated moderately to $0.93.
Conversely, the euro appreciated against the Japanese yen in 2000. Until October, the signs that
the Japanese economy was entering a sustainable growth phase pushed the euro down 13% against
the yen. Thereafter, due to downgrades of the economic outlook for Japan and the euros greater
strength against the dollar, the euro appreciated strongly against the yen (4% in 2000 overall).
Long-term interest rates

Changes in growth expectations for the world economy shaped the trend in long-term interest
rates in the US and the euro zone. Following the sharp increase in government bond yields in 1999,
there was a widespread decline in the US in 2000, whereas stability was the main feature in the euro
zone. There was a considerable reduction in the yield differential between the US and euro zone 10year bond yieldby 80 basis points to 15 basis points at year-end, a level not seen since late 1996 (see
figure 1.7).
The strength of the US economy was initially manifested by upward pressure on government
bond yields. However, this pressure remitted and the trend inverted in February, when long-term bond
yields commenced a sharp slide which persisted into early 2001. Three factors underlie this trend: (i) a
reduction in supply due to the US Treasurys policy of reducing bond issues and retiring bonds before
maturity; (ii) an easing of inflation expectations; and (iii) falling equities prices and increasing volatility
in the equities markets, which accelerated the transfer of funds towards the government bond markets.
The result was a 1 percentage point decline in US long-term government bond yields to 5.2% in
2000. Corporate long-term bonds did not follow this trend, basically due to a worsening of corporate
earnings expectations.
Figure 1.6
10-YEAR GOVERNMENT BOND YIELDS
25
Stability was the predominant feature of government bond markets in the euro zone in 2000.
Although the good outlook for long-term growth continued to exercise upward pressure on yields in
the first two months of 2000, investors expectations that inflation would remain relatively low enabled
long-term government bond yields to remain stable until October. Then, the downgrading of expectations for economic growth led to a moderate decline in yields; this trend persisted into early 2001,
pushing the 10-year bond to 5.1% after it had remained at 5.4%-5.5% for much of the year.
Equities markets
The worlds equities markets put in a negative performance in 2000, as rising official interest rates
combined with deteriorating expectations for corporate earnings and a sharp reduction in the valuation
of new economy companies. This was manifested by a divergence in share performance between
traditional stocks and technology and telecommunications stocks, and by a widespread increase in volatility.
The major oscillations in share prices during 2000 were due, to a great extent, to investors in-depth
revision of technology and telecommunications valuations. Until March, optimism continued to drive the
bull market in these stocks. Then, market sentiment changed drastically and the good earnings prospects
Table 1.6
EQUITIES: INDEXES AND TRADING IN 2000
Index
Maket
Name
Trading
Change (%)
Billion US$
Change (%) (*)
Developed countries
NewYork ............................................
Nasdaq...............................................
Tokyo .................................................
London...............................................
Euro zone(**)......................................
Paris...................................................
Germany............................................
Italy....................................................
Spain..................................................
Dow Jones
Nasdaq
Nikkei
FT 100
Euro Stoxx 50
CAC 40
DAX 30
MIB 30
Ibex 35
6.2
39.3
27.2
10.2
2.7
0.6
7.5
1.7
21.8
11,060.0
19,798.8
2,315.5
4,558.7
5,669.2
1,064.9
2,120.1
1,019.6
453.1
23.6
89.2
34.0
42.7
64.7
59.0
55.8
116.5
70.1
Latin America
Buenos Aires ......................................
Sao Paulo...........................................
Santiago de Chile ..............................
Mxico...............................................
Lima...................................................
Caracas ..............................................
Merval
Bovespa
IGPA
IPC
IGRA
IBC
24.3
10.7
5.8
20.7
34.2
26.0
9.7
101.5
6.1
41.3
2.5
2.2
18.4
20.8
4.0
17.9
6.0
165.4
Southeast Asia
South Korea........................................
Philippines .........................................
Hong Kong.........................................
Indonesia ...........................................
Malasia ..............................................
Singapore...........................................
Thailand.............................................
Taiwan ...............................................
Korea Com Ex
Manila Composite
All or.
Yakarta Comp.
Kuala Lumpur Comp.
SES AllShare
Bangkok SET
Taiwan Weighted Pr.
50.9
30.3
11.0
38.5
16.3
24.9
44.1
43.9
556.2
8.5
376.7
15.1
52.9
95.2
21.1
986.3
27.7
51.9
64.4
17.0
24.6
9.7
40.2
4.1
(*) Local currency.

(**) Amount of trading in the eleven euro zone member countries.
Source: International Federation of Stock Exchanges.
26
turned into uncertainty as to the right valuation for tech and telco stocks. Additionally, there were signs of
an economic slow-down, which heightened the perception of the risk inherent in companies of that type.
In this context, earnings growth expectations were downgraded significantly. Share prices spiraled downwards throughout the rest of the year, and the new markets registered heavy losses in 2000 following
substantial gains in 1999.
Nevertheless, until mid-year, despite the increase in official interest rates, the euro zone bourses
had performed relatively well because of good macroeconomic indicators and corporate earnings.
Conversely, the New York Stock Exchange had begun to slide at that stage. However, in the second
half of 2000, inflationary pressure in the euro zone and symptoms of a slow-down in the US led to a
steady slide in share prices in both the euro zone and New York, and the markets closed lower at yearend for the first time since 1994, in the case of the euro zone, and 1990, in the case of New York.
Table 1.7
NEW MARKETS: INDEX PERFORMANCE AND VOLATILITY
Performance (%)
Country
Market
Germany
USA
Spain(2)
France
Italy
Luxembourg
UK
Neuer Markt
Nasdaq
Nuevo Mercado
Nouveau March
Nuovo Mercato
Easdaq
Techmarks
Volatility (%)(1)
1999
2000
1999
2000
66.2
85.6
0
135.5
0
87.0
61.2
40.0
39.3
66.3
2.4
28.3
56.7
17.0
24.9
21.9
0
38.9
0
30.3
223.6
64.3
65.1
71.5
47.9
35.7
55.7
30.0
(1) Average volatility in December using data for the last 20 sessions.
(2) The figures for 2000 are calculated from 10 April, when trading in this segment commenced.
Figure 1.7
STOCK MARKET INDEX PERFORMANCE
IN THE US, EURO ZONE AND JAPAN
27
Telecommunications and technology stock performance

Steady technological progress has led to new business opportunities in the technology, media
and telecommunications (TMT) sectors, and companies in these sectors have turned to the stock
market to finance their investments.
This development has been reflected faithfully in the stock markets: specific markets and specialized segments of the big markets have been created and expanded to trade in growth stocks.
In the United States, Nasdaq, the principal market in tech stocks, experienced spectacular
growth in recent years. Its annual trading volume has risen from 40% of trading on NYSE in the
early 1990s to exceed the NYSE figure in 1999 and practically double it in 2000. Nasdaqs market
capitalization has also grown faster than that of the NYSE.
Nasdaqs success encouraged the creation of similar markets in Europe to trade in stocks with
good growth potential and high risk. To date they have performed positively, particularly Germanys Neuer Markt, although it is still much smaller than Nasdaq.
As a result of the boom in TMT stocks, changes were made to stock market indexes which
have had implications for their performance. Although the weighting of TMT stocks was reduced
somewhat last year, their relative influence on the performance of the markets general index is
still significant: in April 2001, they still accounted for an average of 25% of the European markets,
and a slightly higher percentage in the US. The increased weighting of TMTs has undoubtedly
increased the volatility of the general indexes.
This situation is evident in the Spanish market, where the volatility differential between the
Madrid General Index (IGBM) and the same index excluding TMTs increased in parallel with the
TMTs rising weighting in the general index. This differential had been practically zero up to 1998,
when TMT weightings were under 15%. The rapid increase in their relative importance within the
general index in 2000 (when they reached 33%) raised the differential to over 4%, and this situation appears to have stabilized in 2001.
Volatility (%)(1)
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001(2)
IGBM
IGBM without TMT
Difference
149
13.4
16.7
11.8
11.1
19.2
24.9
17.5
20.7
22.5
14.8
13.4
16.5
11.7
10.9
19.2
24.4
16.8
16.3
18.6
0.1
0.0
0.2
0.1
0.2
0.0
0.5
0.7
4.4
3.9
TMT securities
weight
(1) Annual average of daily volatility calculated using the data from the last 20 sessions.
(2) Through 11 April.
28
12.2
13.1
13.7
12.1
11.8
14.3
14.0
15.5
32.9
35.6
The Tokyo stock exchange lost a considerable amount of ground in 2000. After rising early in the
year on the back of improved economic expectations, the Nikkei index fell for the rest of the year,
reflecting the lack of a self-sustaining economic recovery and a wave of corporate bankruptcies and
suspensions of payments. Southeast Asias stock markets also registered sizeable losses and, despite
the economic recovery in the region, found it difficult to encourage a return by foreign investors.
Latin Americas markets also ended 2000 in negative territory. Better economic conditions in
Mexico and Brazil were not reflected in the market indexes, which moved in line with their US counterparts. In Argentina and Peru, the markets were impacted negatively by economic problems and
internal social and political instability. Only the Venezuela bourse managed to gain ground in 2000,
supported by the favorable impact on its economy of rising oil prices (Venezuela is strongly dependent
on crude exports).
1.4.
Securities and derivatives markets in Spain
The main feature of Spains primary markets was a strong increase in equities issues. Expansion
abroad by Spains large corporations, particular into Latin America, was funded mainly by resorting to
the stock market, where demand was sufficient to absorb the increased supply of paper despite the
adverse market situation.
In this context, the dynamism was one of the principal features of Spains stock markets in 2000,
despite considerable losses by the indexes after a five-year bull market. In spite of falling share prices,
trading and capitalization set new records. This performance undoubtedly had a positive impact on
trading in derivatives on equities, particularly with regard to individual stocks. Conversely, the secondary markets in fixed-income were negatively impacted by a preference for equities on the part of
investors and issuers, and the pace of growth slowed with respect to previous years.
Interest rates and share prices
Up to the fourth quarter of 2000, tightening monetary policy was reflected in rising interest rates
on instruments at under five years, whereas yields fell slightly on longer-term instruments. In the last
three months of 2000, interest rates fell in all maturities, but more intensely in the shorter terms. The
result was a drastic reduction in the yield curve slope.
Consequently, yields in the shorter maturities rose considerably, by 15-130 basis points, compared
with a 20-50 basis point decline in terms over three years. The decline in 10-year government bond
yields was accompanied by a 10-basis point widening of the spread against the German bond, which
stabilized in the second half of the year at 30 basis points.
In 2000, the Spanish bourse saw the end of the strong bull market that had run since 1995. In line
with the worlds leading equities markets, returns were negative in 2000. The Ibex-35 index fell by
21.8%, compared with an average gain of 30.8% between 1995 and 1999. The new technology and
communications sectors set the pace of the Spanish market: strong appreciation to March followed by
an intense correction up to year-end. These major oscillations increased the volatility with respect to
1999 but did not match the high levels of instability observed in 1998 (see annex A.2.2).
Securities issues and public offerings
Private-sector securities issuance again increased significantly in 2000. However, unlike the previous year, equities expanded faster: gross primary issues tripled, and secondary offerings doubled.
These were the principal instruments chosen by issuers. There were fewer fixed-income issues than in
1999 due to lower gross issuance of medium- and long-term securities, whereas the issuance of shortterm securities continued to rise in 2000.
29
Table 1.8
GROSS ISSUES AND PUBLIC OFFERINGS
Capital increases (1) ........................................................

Of which primary offerings (2).....................................
Secondary offerings (2) ....................................................
Marketable government bonds (3) ...................................
Private fixed-income (1) ..................................................
1996
1997
1998
456
0
2,207
121,374
13,764
964
171
11,101
136,627
13,424
9,172
379
10,743
108,113
21,004
1999
2000
14,748
7,373
4,419
92,157
57,591
43,937
17,811
9,446
83,796
52,300
(1) Effective value.

(2) Domestic and international tranches.
(3) Nominal value.
Conversely, gross issues of government bond declined in line with the States borrowing requirement. The amount issued has fallen gradually in the last four years, from 136.6 billion euros in 1997 to
83.8 billion euros in 2000.
Initial public offerings (IPOs)
There were five initial public offerings in the Spanish market in 2000, half the 1999 figure.
Nevertheless, the total value of newly-issued shares increased considerably: from 4.9 billion euros in
1999 to 7.2 billion euros in 2000. All the IPOs were in the technology, media and telecommunications
(TMT) sectors. The principal IPOs were EADS (European Aeronautic Defence and Space Company),
the result of merging Europes top three aerospace companies, and Telefnica Mviles, an independent
company in the Telefnica Group. These two operations accounted for 79% of the total amount.
Trading in the secondary and derivatives markets
Dynamic trading was one of the main features of the secondary markets in 2000. Effective trading
in the Spanish electronic market (SIBE) increased by 71% with respect to 1999, to reach 492.3 billion
euros, after a moderate increase in 1999. The increase in trading volumes in the Spanish markets was
due, initially, to increased uncertainty and, subsequently, to a shift out of equities into more conservative instruments. The trading volume was also influenced by Spanish companies considerable recourse
to the capital markets (there are now over one thousand listed companies) and by increasing participation by non-resident investors.
Nominal trading in the book-entry government bond market declined significantly (-28%) in 2000
following a moderate increase in 1999. Trading in exchange-traded fixed-income securities also decreased (11%) and concentration in open-outcry trading was accentuated.
The AIAF was the fixed-income market which had the best performance in 2000. Trading increased
by 16% with respect to the previous yeara significant increase but smaller than had been registered in
the preceding two years. The overall increase was due to a sharp rise in trading in commercial paper,
since trading in the markets main component by volume (bonds and debentures) shrank by 11%.
Trading in derivatives followed basically the same trend as in 1999. Interest-rate derivatives continued to decline significantly in 2000, reflecting a concentration of this activity in certain European
markets since the introduction of the euro, to the detriment of domestic markets. Conversely, equities
derivatives, particularly derivatives on individual stocks, saw volume increase considerably yet again
(both contracts traded on MEFF and warrants traded on the Madrid Stock Exchange), whereas trading
in Ibex-35 derivatives continued to decline gradually. The main factors underlying this pattern were
the structure of the spot market (concentrated in a small number of stocks) and the progressive shift
towards pan-European indexes.
30
Table 1.9
TRADING IN THE SECONDARY AND DERIVATIVES
MARKETS
Amounts in millions of euros except where indicated otherwise
1996
1997
1998
1999
2000
Equities (1)
Stock exchanges .....................................................
76,979
162,999
261,079
289,354
492,271
Fixed-income
Government bond book-entry system (2) (3) .............
Stock exchanges (1) ..................................................
AIAF (2) ....................................................................
1,596,222
77,814
14,924
2,110,187
54,220
15,840
2,311,155
53,238
36,364
2,360,914
44,710
85,766
1,703,704
39,802
100,759
Derivatives (4)
MEFF RF ..................................................................
MEFF RV ..................................................................
Warrants (5) ..............................................................
FC&M.......................................................................
13,552
2,830
17
145
15,249
5,624
151
60
10,830
8,288
268
0
3,597
12,838
205
0
1,036
24,678
898
0

(2) Nominal value.
(3) Outright spot trades.
(4) No. of contracts (000) adjusted for changes in nominal value.
(5) Premiums traded.
Table 1.10
TRADING IN DERIVATIVES
Number of contracts, except where otherwise indicated
Market
MEFF
Underlying asset
TOTAL
Spanish government
Mibor
Euribor
Ibex35
European stocks
Stocks
Madrid Stock Exchange
Warrants (1)
FC& M
Citrus
1999
Total
Futures
Options
Total
Futures
Options
Futures
Total
Futures
Options
Futures
Options
Futures
2000
Change (%)
16,434,834
3,580,874
3,580,238
636
6,871
6,811
60
8,772
5,818,165
5,028,458
789,707
17,216
7,020,152
25,713,365
1,035,330
1,035,330
0
0
0
0
306
5,043,946
4,320,152
723,794
179,630
19,633,783
56.5
71.1
71.1
100.0
100.0
100.0
100.0
96.5
13.3
14.1
8.3
943.4
179.7
205,383
898,200
337.3
(1) Premiums in thousands of euros.
31
Securities firms and IIC management firms

The sharp increase in market trading had a favorable effect on securities firms earnings, which
increased moderately following a flat performance in 1999 3. Growth in trading for third parties offset
the losses on trading for the firms own accounts caused basically by sliding equities prices. There was
a significant decrease in equities trading commissions due to increasing competition between brokers.
Trading for third parties in foreign securities also increased significantly.
Figure 1.8
PRE-TAX EARNINGS OF SECURITIES FIRMS (SV & AV)
AND IIC MANAGEMENT COMPANIES (SGIIC)
The situation was less favorable for IIC management companies than it had been in previous
years. In addition to the decline in managed assets, their revenues were affected by a reduction in the
caps on the various types of commissions. Nevertheless, the sector managed to maintain earnings on a
par with 1999, mainly due to the shift in investments towards foreign equities funds, which carry the
highest commissions, and to the fact that the bulk of the decline in managed assets came in the fourth
quarter and did not affect the full-year figures.
The sectors aggregate pre-tax earnings increased by 54%; however, the 1999 figure had been depressed considerably
by a sizeable write-down at a securities firm acquired by a foreign financial institution. Adjusting for this effect, pre-tax earnings increased by 9%.
32
2. PRIMARY MARKETS
2.1. General overviwe
Euro zone
Gross fixed-income issues by euro zone residents in 2000 reached a total of 4.7 trillion euros, a
27% increase over the previous year. This rapid growth rate, which outstripped that attained in 1999,
accentuated the expansion of private sector fixed-income issuance which began just before the introduction of the euro.
Figure 2.1
FIXED-INCOME SECURITIES ISSUED BY EURO ZONE RESIDENTS
As in 1999, private sector issues accounted for the bulk of fixed-income issues in the euro zone,
and they increased by 45%, contrasting with a 13% decline in government issues. Within the private
sector, the largest component comprised issues by financial institutions, which focused particularly on
short maturities. The amount issued by non-financial companies increased by 47%, concentrated principally in long maturities. Because of the growth in private sector issues and the simultaneous decline
in government issues, the outstanding balance of private sector fixed-income securities exceeded that
of the government sector for the first time ever.
The rapid growth in private sector fixed-income issues in 2000 reflects ongoing favorable conditions for issuers in the euro zone markets, which were also observed in the equities markets. The introduction of the single currency is one of the primary factors behind this trend. The euro has favored pri-
33
vate sector issues because of its macroeconomic effects (low interest rates, decline in public sector
issues, greater financial stability, etc.) and its effect of integrating Europes markets, which facilitated
international issues. Moreover, the euro also paved the way for corporate restructuring operations
(mergers and acquisitions) which triggered sizable funding needs, and the UMTS licenses also had a
major impact on the telecommunications companies borrowing requirements.
Table 2.1
FIXED-INCOME ISSUES BY EURO ZONE RESIDENTS
Amounts in billions of euros
Amount
1999
Change (%)
2000
1999
2000
Gross issues(*) ..................................................

Public administrations ..................................
Short term .................................................
Long term .................................................
Financial institutions .....................................
Short term .................................................
Long term .................................................
Non-financial companies .............................
Short term .................................................
Long term .................................................
3,717.6
1,144.7
524.0
620.9
2,079.0
1,332.9
746.3
493.7
430.9
62.8
4,728.4
998.4
465.6
532.7
3,025.7
2,267.7
758.1
704.5
615.0
89.5
16.5
10.4
18.5
2.1
39.0
38.5
40.2
18.2
12.2
86.4
27.2
12.8
11.1
14.2
45.5
70.1
1.6
42.7
42.7
42.5
Outstanding balance(*) ....................................

Short term .................................................
Long term .................................................
Financial institutions .....................................
Short term .................................................
Long term .................................................
Short term .................................................
Long term .................................................
6,620.2
3,439.8
265.6
3,174.1
2,829.6
294.4
2,535.3
350.8
67.1
283.7
7,086.9
3,531.6
245.9
3,285.7
3,131.4
319.5
2,812.1
423.9
88.6
335.3
9.8
4.3
15.2
6.4
16.4
52.6
13.2
17.6
44.3
12.6
7.0
2.7
7.4
3.5
10.7
8.5
10.9
20.8
32.0
18.2
(*) Nominal value.

Source: European Central Bank.
International fixed-income issues

There has been a considerable increase in international fixed-income issues in recent years.
The table below shows that the increase came fundamentally from the private sector in the developed countries due mainly to their low interest rates and to companies increased funding needs.
In a sectoral break-down, financial institutions accounted for over half of the total net issues,
although the proportion issued by non-financial companies has increased in recent years as the
public sectors proportion waned.
Regionally, fixed-income issuance is concentrated heavily in the developed countries, basically Europe and the United States. This trend has been accentuated in recent years due to the net
increase in euro-denominated issues, driven by the introduction of the single currency. In 2000,
euro-denominated issues accounted for almost half of the total amount, exceeding net issues in
dollars in relative terms.
34
PRIMARY MARKETS
In contrast, net issues from developing countries shrank considerably since 1997-1998 as
the crisis in several emerging markets in that period has seriously impaired their private sectors
ability to raise funds on the markets. More recent data indicate that investors still view these
regions with considerable caution.
NET INTERNATIONAL FIXED-INCOME ISSUES: DISTRIBUTION BY SECTORS AND ISSUER LOCATION
Amounts in billions of dolars
1995
1996
1997
1998
1999
2000
TOTAL .....................................................................
313.0
512.4
573.3
677.7
1,215.1
1,138.2
Private sector ...........................................................

Financial institutions .............................................
Non-financial companies ......................................
Public administrations .............................................
221.6
183.2
38.4
91.4
378.2
329.2
49
134.2
484.3
360.0
124.3
89.0
495.5
368.3
127.2
182.1
996.6
645.0
351.6
194.0
894.2
622.3
271.9
221.6
Developed countries ................................................

Euro zone(1) ..........................................................
United States .........................................................
Japan.....................................................................
Developing countries ...............................................
International institutions ..........................................
Offshore centers ......................................................
231.5
170.1
65.0
27.3
27.5
15.8
38.2
341.1
210.4
129.8
17.7
74.8
26.0
70.5
449.0
257.9
176.9
0.4
89.2
20.6
14.5
570.2
279.6
282.6
19.8
40.9
55.1
11.6
1,136.5
490.6
481.8
2.7
41.0
24.6
13.0
1,065.6
535.0
407.5
34.6
34.1
22.4
16.1
(1) Figures prior to 1999 refer to European countries (excluding Eastern Europe).
Source: Bank for International Settlements.
Spain
There was intense primary market activity in Spain during 2000, in line with the overall trend in
the euro zone. The most outstanding feature of the year was the spectacular growth in capital increases,
the amount of which increased 3-fold over 1999 to reach 44 billion euros 1. As discussed later,
acquisitions in other countries by large Spanish companies and, generally, business restructuring
processes were the main driving force behind the rapid increase in equities issues.
The amount of gross fixed-income issues was also high, though lower than in 1999. The improvement in the government accounts was reflected in a 9% decline in issues by public administrations to
84 billion euros. Private sector issues also declined with respect to 1999, to a total of 52 billion euros
(58 billion euros in 1999). This reduction was concentrated exclusively in the longer maturities. The
short term market (commercial paper) was very active, and shelf registrations were filed at the CNMV
for 34 billion euros, almost 2 billion euros more than in 1999.
Spanish issuers enjoyed a favorable context for raising funds on the securities markets in 2000.
Sustained high economic activity generated additional funding needs and the low interest rates plus
the decline in public sector issues helped to maintain investor interest in private sector issues. Business
restructuring processes played a prominent role in boosting securities issuance, particularly equities.
As occurred in 1999, the success of these transactions was favored by the flexibility of Spains legislation on companies.
Includes both primary share offerings and other capital increases registered with the CNMV. The former include two
major pan-European transactions specificaly registered with the CNMV. Excluding these two, the others amounted to 37
billion euros.
35
Table 2.2
GROSS ISSUES IN SPAIN
1996
1997
1998
1999
2000
Equities (1) (2) ...........................................................

Fixed-income ..........................................................
Public administrations (3) .................................
Short term ........................................................
Medium and long term .................................
Private sector (1) (4) ............................................
Short term ........................................................
Medium and long term .................................
456
135,138
121,374
82,228
39,146
13,764
5,415
8,349
964
150,051
136,627
84,259
52,368
13,424
4,640
8,784
9,172
129,117
108,113
48,126
59,987
21,004
5,061
15,943
14,748
149,748
92,157
45,139
47,018
57,591
32,555
25,037
43,937
136,096
83,796
38,305
45,491
52,300
34,366
17,934
Total ...........................................................................
135,594
151,015
138,289
164,496
180,033
Pro memoria:
Secondary offerings .....................................................
2,207
11,101
10,743
4,419
9,446

(2) Capital increases registered at the CNMV, including primary offerings.
(3) Nominal value.
(4) Issues registered at the CNMV .
Sources: Bank of Spain and CNMV.
2.2.
Equities
Capital increases began to rise in 1998, in line with good share price performance, increasing
investor interest in equities, and rising funding needs as a result of restructuring processes. In 2000,
although share prices declined from March onwards, the volume of capital increases continued to rise,
and totaled three times the 1999 figure. The number of issues also increased, although less spectacularly: from 47 (1999) to 59 (2000).
Primary public offerings accounted for 40% of the amount of registered capital increases. This
sizeable proportion reflects the importance attained by this type of transaction, enabling issuers to use
the fund-raising techniques applicable to public equity offerings and confirming the wisdom of the
1998 amendment to the Corporations Law which modified the shareholders pre-emptive subscription
right. This reform aimed to expedite the procedure for waiving the pre-emptive subscription right in
order to enable companies to take better advantage of funding opportunities in the markets.
The Telefnica Group was the largest issuer of equities, accounting for 48% of the total amount of
capital increases registered with the CNMV. The parent company carried out 17 issues for a total of
12.3 billion euros, mostly to finance acquisitions and group restructuring operations in Latin America
and Europe. Its subsidiary Terra carried out three issues for a total of 5.6 billion euros, mainly to meet
the commitments arising from the Lycos acquisition. Telefnica Mviles carried out an initial public
offering amounting to 3.3 billion euros, 80% of which was allocated to the Spanish market.
Spains two biggest banks, BSCH and BBVA, also carried out sizeable capital increases. BSCH
registered seven issues with the CNMV for a total of 6.4 billion euros. These included a 4.4 billion
euros primary issue, 86% of which was placed in the domestic market. Most of BSCHs capital increases
were to finance acquisitions or to exchange holdings with institutions in other countries. BBVA carried
out five issues for a total of 5.4 billion euros, including most notably a 3 billion euros primary offering,
70% of which was allocated to the domestic market. BBVAs issues were aimed at covering the commitments arising from the merger between BBV and Argentaria, restructuring the group in Spain and
financing its acquisitions in other countries.
36
PRIMARY MARKETS
Table 2.3
CAPITAL INCREASES
Effective amount in millions of euros
1996
1997
1998
1999
2000
Primary public offerings...............................................

Other capital increases ................................................
456
171
793
379
8,793
7,373
7,375
17,811
26,126
Total ............................................................................
456
964
9,172
14,748
43,937
Pro memoria
Domestic tranche of primary offerings
Amount....................................................................
% of total.................................................................
171
21.6
234
2.7
4,403
59.7
13,448
51.5
International public offerings

Among the other capital increases registered with the CNMV in 2000, two by foreign companiesKoninklijke KPN (KPN) and European Aeronautic Defence and Space Company (EADS)were
particularly outstanding. The primary offering by Dutch telecommunications company KPN was made
simultaneously in the US, Italy and Spain, as regards the retail tranche, and the total offering amounted
to 4.2 billion euros (including the institutional tranche). The EADS 2 offering amounted to 2.4 billion
euros and was the instrument for floating the company simultaneously in France, Germany and Spain,
the countries where the retail tranche was placed.
These two transactions are evidence of increasing transnational activity in equities offerings
within the European Union. Both offerings were registered with the CNMV under the European regulations governing mutual recognition of issues. Two major secondary offerings (5.7 billion euros by
Deutsche Post and 414 million euros by Deutsche Telekom) were also registered with the CNMV in
2000 under this procedure. Spanish issuers have also made use of this facility: BSCH did so in the
aforementioned primary offering, in which it offered shares to retail investors in Italy and Portugal
under the mutual recognition procedure.
International equity offerings

International equity offerings are those where shares are distributed via international syndicates to markets other than the issuers home market. They can be aimed at the euromarket or at
a particular foreign market, or they may be shares traded on foreign markets as if they were
domestic, using Depositary Receipts (e.g. ADRs*). As in fixed-income, a global issue involves a
combination of the three. Listing and trading on secondary markets must be applied for in both
the home and foreign markets. This poses considerable problems due to significant differences in
regulation, accounting and settlement standards. Consequently, trading in international equities is
less efficient than in the case of fixed-income securities.
(*)
American Depositary Receipts (ADR) are certificates issued by US banks which certify ownership of a number
of foreign securities by a specific investor. They were created to overcome difficulties posed by US regulations for listing foreig companies. In Europe, they are equivalente instruments entitled European Depositary Receipts and global
Depositary Receipts.
Like KPN, EADS is established under Dutch company law.
37
Measures are being taken at European level to attain a single securities markets, and priority
is being give to harmonizing listing and trading requirements in the various markets and to standardizing issuers disclosures.
INTERNATIONAL ISSUES ANNOUNCED, BY ISSUER ORIGIN
Amounth in billions of dolars
Developed countries ................................................

Developing countries ................................................
Offshore centers .......................................................
1996
1997
1998
1999
2000
60.6
14.6
7.4
87.1
25.6
5.8
111.3
10.1
4.4
180.0
22.7
13.0
252.7
44.0
17.2
Source: Bank for International Settlements.
The table shows that there has been a considerable increase in issues in the last five years,
particularly by issuers in the developed countries. This increase is due to greater demand for
international securities on the part of fund managers and investors in general, in a bull market,
and to the issuers need to raise funds in other markets and expand their shareholder base when
their home market is narrow. Even governments have conducted privatization processes via international offerings. The development of settlement systems via international depositaries such as
Clearstream and Euroclear and regulatory liberalization, among other factors, have contributed to
the growth of international securities issuance.
INTERNATIONAL EQUITY ISSUES AND INDEXES
The figure shows that issues have increased at the same pace as the securities markets, measured by the Morgan Stanley Composite International All Country index, which includes both
developed and emerging countries. The trend changed in 2000 since, despite the market slump,
the volume of issues continued to increase.
38
PRIMARY MARKETS
2.3. Fixed-income
Gross fixed-income issues in Spain during 2000 totaled 136 billion euros, a 9% decrease with
respect to 1999. Both the public administrations and private sector issuers reduced their volume of
issues with respect to the previous year. The public administrations reduced their issues principally in
the short maturities, whereas the decline in the long maturities was more moderate (table 2.4). This
evidences that the public administrations continued to extend the maturities of their debt to take
advantage of relatively low long-term interest rates (in historical terms).
In the area of private sector fixed-income, financial institutions continued to play a much more
prominent role than non-financial companies. Financial institutions issued 44 billion euros in fixedincome securities, a 7% decline with respect to the previous year. The decline in issues by financial
institutions was more notable in the longer terms, whereas there was a slight increase in the shorter
maturities. Non-financial companies issued 8 billion euros, a 21% decrease with respect to 1999. The
reduction in this case was also concentrated in the longer maturities, where issues fell to one quarter
of the 1999 figure.
The number of private sector fixed-income issuers was similar to 1999 3 and large companies
again accounted for a sizeable proportion of the total (annex A.1.7). The top ten issuers of private
Tabla 2.4
FIXED-INCOME: PUBLIC ADMINISTRATIONS AND ISSUES AND PROGRAMS
REGISTERED AT THE CNMV
Amount
1999
Change (%)
2000
1999
2000
Gross issues ......................................................

Public administrations (1) .............................
Short term .................................................
Long term .................................................
Financial institutions (2) (3) ..........................
Short term .................................................
Long term .................................................
Non-financial companies (2) (3) ...................
Short term .................................................
Long term .................................................
149,748.0
92,157.0
45,139.0
47,018.0
47,339.2
25,804.7
21,534.5
10,252.8
6,750.3
3,502.5
136,096.1
83,796.0
38,305.0
45,491.0
44,194.3
27,092.7
17,101.6
8,105.8
7,273.4
832.4
16.0
14.8
6.2
21.6
247.4
962.8
92.3
39.0
91.0
8.8
9.1
9.1
15.1
3.2
6.6
5.0
20.6
20.9
7.7
76.2
Outstanding balance (1) ..................................

Short term .................................................
Long term .................................................
Financial institutions ....................................
Short term .................................................
Long term .................................................
Short term .................................................
Long term .................................................
390,856.0
301,468.0
54,335.0
247,133.0
68,750.0
14,817.0
53,933.0
20,638.0
7,347.0
13,291.0
401,224.0
313,452.0
45,731.0
267,721.0
69,667.0
10,302.0
59,365.0
18,105.0
3,545.0
14,560.0
14.1
6.2
11.0
10.9
66.5
1,323.3
34.0
19.0
20.8
18.1
2.7
4.0
15.8
8.3
1.3
0.5
10.1
12.3
51.7
9.5
(1) Nominal value.

(2) Issues and programs registered at the CNMV.
There were 84 issuers in 1999 and 86 in 2000.
39
sector fixed-income accounted for 53% of the registered total. In the commercial paper and non-convertible bond segments (where issuer numbers are greatest), this percentage was 71% and 83%, respectively.
Issues and programs registered with the CNMV

Long-term issues
Both financial institutions and non-financial companies reduced their long-term fixed-income
issues in 2000 with respect to 1999. The decline affected all instruments registered with the CNMV
(table 2.5) with the exception of asset-backed bonds, which increased moderately. One general factor
which may have influenced the decline in long-term issues was the large amount of equity issues by
the main financial and non-financial companies during 2000, since these two forms of financing are
interchangeable, to a great extent.
A total of 2.9 billion euros in preferred shares were registered by issuers in 2000, a 35% decline
with respect to 1999. The number of issuers also declined, from 11 to 6. The decline is explained by
the high level of preferred share issuance in previous years, when they came close to the prudential
limits recommended by supervisory authorities as a percentage of credit institutions equity. Caixa Preference, a subsidiary of La Caixa domiciled in the Cayman Islands, was the main issuer in 2000 (2
billion euros). Other issuers accounted for amounts ranging from 100 million euros to 300 million
euros. All issues referenced their coupons to prominent market interest rates.
Mortgage bond issues shrank by 40% with respect to 1999 to reach 2.6 billion euros, and the
number of issuers in this segment went from 9 to 8. The main issuer was BBVA (1.5 billion euros). The
rest of the total was issued by savings banks, particularly Caja Madrid (500 million euros) and La Caixa
(300 million euros). All three issued at fixed interest rates.
There was also a sharp decline in mortgage-backed bonds, from 6.5 billion euros to 3 billion
euros. The number of securitization funds issuing in this segment halved, from 14 in 1999 to 7 in
2000. The largest issues were by funds managed by Titulizacin de Activos (TDA) and Santander de
Titulizacin. Two funds managed by TDA issued 661 million euros and 514 million euros backed by
Table 2.5
FIXED-INCOME ISSUES AND PROGRAMS REGISTERED AT THE CNMV
Break-Down by instrument
Nominal amounts in millions of euros
1996
1997
1998
1999
2000
Long term....................................................................
Preferred shares (*)...................................................
Mortgage bonds.......................................................
Non-convertible bonds and debentures ...................
Convertible bonds and debentures...........................
Asset-backed bonds .................................................
8,349
1
2,042
4,889
107
1,311
8,785
1
2,209
5,707
164
705
15,256
600
3,093
6,039
452
5,072
23,773
4,416
4,433
7,354
800
6,770
17,938
2,880
2,643
4,974
132
7,308
Short term ...................................................................

Commercial paper ...................................................
5,415
5,415
4,640
4,640
5,061
5,061
32,555
32,555
34,366
34,366
Total ............................................................................
13,764
13,425
20,316
56,328
52,304
(*) No preferred share issues were registered at the CNMV before 1998.
40
PRIMARY MARKETS
mortgage loans at a number of banks. A fund managed by Santander de Titulizacin issued 715
million euros backed by assets from Banesto.
Contrasting with the decline in mortgage-backed issues, there was a considerable increase in
issues of other asset-backed securities in 2000. These instruments have had a short history in Spain,
since they were first regulated in 1998 4. Until 2000, issues in this segment had been confined to commercial paper issued by one fund managed by a BSCH subsidiary. In 2000, that same fund registered
1.4 billion euros in asset-backed notes, and six other securitization funds registered a total of 4.2
billion euros in long-term issues.
The largest asset-backed issues were made by funds managed by BBVA Titulizacin and Europea
de Titulizacin. Two funds managed by the former issued 2.1 billion euros backed by assets assigned
by BBVA, and a fund managed by the latter issued 1.2 billion euros backed by assets assigned by
Banco de Crdito Local. Three of the six issuing funds were FTPYME, i.e. established under the agreement between the Ministry of Economy and the fund management companies to foster the financing of
small and medium-sized enterprises 5. The FTPYMEs issued a total of 1.5 billion euros.
Table 2.6
ASSET-BACKED BONS AND NOTES
Issues and programs registered with the CNMV
Nominal amount in millions of euros
Mortgage-backed securities
1996
1997
1998
1999
2000
1,311
705
3,870
6,469
3,064
Securities backed by other assets

1
1
1,202
301
5,643
Total
1,311
705
5,072
6,770
8,707
The number of issuers of non-convertible bonds and debentures was the same as in 1999 (36), but
the amount declined by 32% to 5 billion euros. The main issuer was Repsol International Finance BV,
a subsidiary of Repsol YPF, which registered two issues totaling 1.8 billion euros with the CNMV. Cajamadrid was also a major issuer: it registered four issues totaling 950 million euros. As usual, the
savings banks were prominent in this segment, registering a total of 1.7 billion euros. Most issues were
at adjustable interest rates. In the area of convertible bonds and debentures, Bankinter issued 132
million euros in 2000.
Commercial paper
Contrasting with the decline in long-term issues, there was intense activity in the commercial
paper segment, maintaining the trend which commenced in 1999. Shelf registrations at the CNMV
totaled 34 billion euros, a 6% increase over 1999. The amount placed was significantly higher70
billion euros35% more than in 1999. The outstanding balance of commercial paper registered at the
CNMV amounted to 17 billion euros, 6% less than in 1999.
Royar Decree 926/1998, dated 14 May, regulating asset securitization funds and securitization funds management
companies.
5
Ministry of Economy and Finance Order dated 28 May 1999 on the agreements to foster asset securitization funds to
favor business finance.
41
Financial institutions accounted for 87% of placements. Within this segment, the most active issuer
was BSCH (16.2 billion euros). Other prominent issuers were Banco Popular (7.4 billion euros), BBVA
Banco de Financiacin (5.2 billion euros), BBK (5.1 billion euros), HBF Banco Financiero (4.7 billion
euros), Caja de Ahorros de Catalua (4.7 billion euros) and Fondo de Titulizacin de Activos Santander
I (4.2 billion euros). Among the non-financial companies, prominent issuers included Renfe (2.4 billion
euros), Iberdrola (1.9 billion euros) and Endesa (1.8 billion euros). The large amount of issues during the
year is explained basically by the concentration of issues in the shorter maturities (figure 2.3).
Figure 2.2
COMMERCIAL PAPER REGISTERED WITH THE CNMV: PLACEMENTS
AND OUTSTANDING BALANCE AT 31 DECEMBER 2000
Figure 2.3
COMMERCIAL PAPER: BREAK-DOWN OF PLACEMENTS BY MATURITY
42
PRIMARY MARKETS
2.4. Other issues registered at the CNMV

Six financial institutions registered warrants at the CNMV in 2000 (annex A.1.14). Premiums
totaled 2.6 billion euros, an 81% increase over 1999. Warrants on shares accounted for 57% of the
premiums, warrants on indexes for 23% and warrants on currencies and other types of warrants for the
remainder. As in 1999, there were no issues of warrants on fixed-income securities. The main issuers
were foreign companies. As usual, the principal issuers were Citibank (1.5 billion euros in premiums)
and Socit Gnrale (719 million euros).
Financial institutions also registered other financial contracts with the CNMV. All of them were
structured products comprising a bank deposit and a financial option, which financial institutions sold
in the retail market. This type of contract totaled 2.9 billion euros in 2000, down from 4.6 billion euros
in 1999. The number of issuers was the same as in the previous year (13), and 95% of the registered
amount involved contracts where the option related to equities; the other options related to fixed-income
securities. The main issuers were Banesto (986 million euro), BSCH (700 million euros) and BBVA
(618 million euros).
43
3. SECONDARY MARKETS
3.1. Equity markets
The Spanish stock market ended 2000 with sizeable losses in its indexes (12.7% in the IGBM and
21.7% in the Ibex-35) accompanied by a large increase in trading volume (70.2%) that far exceeded
the growth of previous years. The Spanish indexes moved in line with the main indexes of the other
developed countries. The IGBM also lost ground. The decline in the indexes was particularly affected
by the large weighting of telecommunications and new technology stocks, which had a very difficult
year in all markets. The sharp rise in trading volume was due to a pronounced rise in rotation and a
noteworthy participation by foreign investors, which registered a sizeable net divestment. Spanish IICs
also reduced their exposure to Spanish equities.
Index performance
The situation for the stock markets in the year 2000 was characterized by signs of inflation in the
US and in Europe, which triggered a tightening of monetary conditions, plus a slow-down in growth
which was most evident at year-end. As a result, the leading stock markets lost ground during the year.
The Spanish market saw an increase in the supply of paper, in the case of equities, plus mergers and
acquisitions, and corporate earnings in excess of expectations.
Nevertheless, the Spanish bourses moved in line with the worlds main markets. Spains indexes
reached their all-time high in the session on 6 March and lost ground thereafter, falling more than the
other European bourses. The explanation for this performance lies in the greater weighting of technology and telecommunications stocks. The Spanish indexes were also impacted by difficulties being
experienced in some Latin American economies because some of Spains largest listed companies
have interests in that region. The outcome of all these factors was that the Spanish stock market was
very volatile, particularly in the fourth quarter.
Valuing technology and Internet companies

The features of high-tech companies and those whose core business is conducted via the
Internet make it difficult to apply traditional corporate valuation methods to them. Nevertheless, since many such companies have raised capital on the stock market, it has become necessary to adapt those methods and seek new stock valuation tools.
The fact that these are recently-founded companies in a sector that is still being defined
means that:
45
Earnings are low or negative because of the sizeable investments and the marketing
expenses which they incur.
There are no historical data for the companies or for comparable companies for use in
making a valuation.
Cash flow projections are surrounded by a considerable degree of uncertainty.
Intangible assets (qualitative features of the companys competitive and strategic position) weigh more heavily than at companies in other sectors.
The methodology proposed by analysts for valuing technology and Internet companies is
quite diverse but is non-exclusive, so methods are often complementary.
The most widely-used method involves discounting the cash flow that the shareholder expects
to receive in the future. In order to apply it to tech stocks, the cash flow must be positive; in these
cases, the uncertainty surrounding the prediction of future cash flow can be treated by considering a
number of scenarios to which probabilities are attached, or by putting levels of volatility into the
assumptions on costs and revenues. Nevertheless, it is necessary to consider: (i) the difficulty of estimating the discount rate applicable to the cost of ordinary shares (since there is no historical data);
and (ii) the methods considerable sensitivity to basic valuation parameters, which introduces considerable risk because of the lack of key references in those sectors, such as market size, operating
margins and the level of investment required.
The use of comparables, i.e. application of market multiples to the company being valued, is
one of the traditional methods that is most suitable for valuing Internet companies because of its
simplicity. The multiples reflect the ratio between the market value of companies in a similar business that are listed in organized markets and some operating or financial variable. Sales revenues is
the main parameter used for this purpose because of its availability; it is supplemented with other
variables such as earnings before interest, taxes, depreciation and amortization (EBITDA), from
which marketing expenses are sometimes deducted to ensure the variable is positive. Other variables that are more specific to Internet companies can also be used, such as network traffic figures
(number of unique visitors, page views, or subscribers or registered users).
To value the intangible assets, alternative models based on option theory are proposed: the aim
is to value a companys possibilities of generating value in the form of patents, scale and scope economies, a strong business model, customer relations, etc. These methods consist of adding to the
enterprise value obtained by discounted cash flow the value of a real option as if it was a purchase
option on a company, using the Black-Scholes formula. The valuation of these real options explains
the difference between the market and book value of these companies.
In this context, the Ibex-35 fell nearly nine percentage points more than the IGBM. The reason for
this divergence is that mid- and small-cap stocks performed better in 2000, whereas the blue chips
were hardest hit due to their capitalization and trading volume. This is confirmed by the fact that the
Ibex Complementario index, which contains the stocks in the electronic market that are not in the
Ibex-35, gained 12% in the year and the BCN-Mid 50 of the Barcelona bourse also ended the year
with a gain, albeit a modest 1.9%. Conversely, the five big Spanish stocks in the EuroStoxx 50 fell
nearly 19% in aggregate.
The Spanish stock market followed a trend that was closer to Nasdaq than to any other market. In
the first quarter, the general indexes maintained the upward trend that had commenced in October
1999, which came to an end on 6 March when record high levels were reached. Almost all sector
indexes gained ground, although technology registered the largest gains. The fear of an interest rate
46
SECONDARY MARKETS
Figure 3.1
IBEX-35 INDEX PERFORMANCE AND VOLATILITY
Table 3.1
SECTORIAL INDEX PERFORMANCE (MADRID STOCK EXCHANGE) IN 2000
Yield (% change over previous year)
Perodo
1996
1997
1998
1999
2000
1. Trim.
Banks
Electricity
Food
Construction
Investment
Mining & steel
Chemicals
Communications
Misc.
Technology
32.7
49.3
38.5
15.7
56.8
44.5
21.2
67.8
12.5
76.1
10.7
77.9
79.9
29.0
33.0
29.0
39.0
24.5
25.9
46.4
37.1
71.7
62.2
5.9
17.0
48.0
49.4
19.4
12.1
26.2
26.3
18.6
21.0
41.9
86.6
27.2
9.4
0.8
9.3
7.1
23.9
16.0
21.6
27.1
9.1
57.1
5.9
13.3
2.1
1.2
1.5
0.2
0.4
6.4
12.2
16.6
General
39.0
42.2
37.8
16.2
12.7
7.5
2. Trim.
3. Trim.
4. Trim.
0.1
9.6
9.2
11.8
12.4
16.7
8.0
14.2
5.7
33.2
10.3
5.5
0.8
0.2
1.3
0.5
0.9
0.0
2.0
3.4
6.2
8.2
2.8
3.8
15.6
1.6
15.8
20.2
15.8
46.7
10.1
4.6
13.6
increase, which triggered a decline in all the worlds stock markets, most particularly Nasdaq, had the
same effect on the Spanish markets. The slide continued throughout the second quarter and affected
all the sector indexes except food, which continued to appreciate. The technology sector declined
very sharply in this period. The third quarter was one of stabilization, and only the banks fully recovered the ground that they had lost in the previous quarter. The fourth quarter saw further losses. International factors played a decisive role. The worlds bourses suffered corrections due to the slow-down in
the US economy. There was a plethora of profit warnings by US companies, particularly in the TMT 1
sectors. In Europe, telecommunications companies began to experience financial difficulties following
the UMTS wireless license auctions. In Spain, the IGBM index lost 14% and the Ibex-35 17%. Five of
the ten sectors comprising the Madrid bourse fell by more than 15% in the fourth quarter of 2000; in
particular, the technology sector index fell by 46%.
1
Technology, media and telecommunications.
47
There were very pronounced differences in performance between sectors: banks and food gained
considerably (over 9%) whereas five sectors lost over 15% (technology lost 57%). Communications
ended the year down 27% (table 3.1).
Corporate earnings
Pre-tax earnings of companies listed on the Spanish stock market increased by 13.4% in 2000,
which is less than in 1999 (20.8%). Results were quite mixed among the large sectors in the market.
Oil registered a sizeable 35% increase, amply recovering from the 14% decline in 1999. Electricity
earnings were flat (0.4% increase) after an increase of nearly 70% in 1999. Communications attained
9.1% earnings growth, practically the same as in 1999 (8.8%) despite an acceleration in revenues 2.
The banks saw earnings grow by slightly less than in 1999 (14.7%, down from 17.7%) even though
their revenues increased considerably. These four sectors the most important ones in terms of market
capitalization and trading, represent 69% of total after-tax earnings reported by listed companies in
2000 and contributed 50% of their year-on-year increase (table 3.2).
Table 3.2
LISTED COMPANIES EARNINGS IN 2000
YTD accumulated change (%)
Earnings before taxes
Sector
Year
Quarter
1996
1997
1998
1999
2000
00-1
00-2
00-3
00-4
Agriculture & fishing.......................................
171.4
1.691.9
82.0
94.7
25.6
196.1
538.6
257.6
25.6
Energy and water............................................
10.9
3.0
17.8
36.2
4.5
16.0
11.8
8.9
4.5
Electricity.................................................
15.3
2.4
18.2
69.9
0.4
10.6
5.8
4.4
0.4
Base metals ....................................................
65.9
87.3
29.7
21.2
111.5
188.9
197.3
137.0
111.5
Cement & construction materials....................
7.8
45.7
4.2
39.2
11.4
18.5
2.2
4.4
11.4
Chemical industry .........................................
77.9
23.1
9.0
15.3
7.8
1.7
19.4
25.0
7.8
Metal processing ............................................
83.1
75.3
88.9
9.2
13.9
9.0
10.5
8.4
13.9
Other processing industries ............................
34.2
51.9
27.1
14.9
23.7
47.5
53.9
41.0
23.7
Construction...................................................
2.3
32.4
37.2
44.6
37.0
5.1
17.4
30.5
37.0
Trade and other services ................................
8.9
5.6
6.1
38.5
2.5
11.4
12.3
7.4
2.5
High technology .....................................
23.3
22.4
2.9
24.4
15.8
7.9
21.8
6.8
15.8
Transport and communications ......................
20.1
16.4
1.3
12.8
8.3
43.6
2.4
4.4
8.3
Communications .....................................
23.3
22.4
2.9
9.1
8.8
48.9
3.4
4.0
8.8
Financial institutions. insurance. etc...............

Banks. savings banks and other financial
entities .....................................................
9.5
21.2
10.9
16.1
14.5
17.7
18.0
23.3
14.5
7.6
20.2
13.8
17.7
14.7
18.7
18.5
23.3
14.7
Real estate ......................................................
1,575.4
132.6
119.0
40.0
36.0
55.5
55.5
9.1
36.0
Grand total ....................................................
7,7
17,7
12,1
20,8
13,4
23,5
16,1
17,9
13,4
Source: CNMV (more details in annex A.2.1).
48
Net revenues in the sector increased by 31.4% in 2000, compared with 24.1% in 1999.
SECONDARY MARKETS
Performance of companies listed in the Spanish markets

At the end of 2000, there were 1,761 listed companies, of which 155 traded on the electronic market (including the 11 in the Latin American market), 1,249 by open outcry and 26 in the second market.
The number of listed companies increased by 539 in 2000 due almost entirely to the additions in
the open outcry segment.
Thirteen stocks joined the electronic market; six of them in the domestic section and seven in the
Latin American market. The newly-listed companies operate in a number of sectors 3: Electricity Centrais Eletricas Eletrobras (L), mining and base metals Companhia Vale do Rio Doce (L) and Volcn Compaa Minera (L); textile and paper Companhia Suzano de Papel e Celulose (L); transport and communications Telefnica Mviles, Globo Cabo (L) and Telfonos de Mxico (L); miscellaneous Grupo
Auxiliar Metalrgico (Gamesa), Promotora de Informaciones (Prisa), Recoletos Compaa Editorial and
Jazztel; and metal-mechanical EADS (European Aeronautic Defence And Space Company) and in
banks Grupo Financiero BBVA Bancomer (L). Also, Natra (food) and Tecnocom (metal-mechanical)
transferred from the outcry market to the electronic market.
New additions to the open outcry market were primarily SIMCAV 4, continuing with the spectacular increase observed in the number of these companies since 1997 (figure 3.2).
A total of 35 entities were delisted in 2000, eight in the electronic market (one in Latibex) and 27
in the open outcry market. Four of the delistings from the electronic market were due to mergers or
absorptions.
Figure 3.2
COMPANIES LISTED IN THE SPANISH EQUITY MARKETS
AT YEAR-END
The L in parenthesis means the stock is listed in Latibex.

A total of 508 SIM/SIMCAV were added in 2000, whereas the rest of the open outcry market saw a decline of 13
stocks. At year-end, 89% of the companies traded in the outcry segment of the Spanish stock market were SIM/SIMCAV.
4
49
Table 3.3
VARIATION IN THE NUMBER OF LISTED COMPANIES BY MARKET
(EQUITIES) IN 2000
Electronic market
Total
Open outcry
Second market
7
7
0
0
524
524
0
0
0
0
0
0
7
4
3
0
1
0
1
0
29
27
0
2
2
2
0
0
495
155
148
144
143
11
5
1,714
1,219
26
29
markets
Total
Domestic
Latibex
New registrations ...................

New listings ............................
Registrations due to merger.....
Change of market ..................
539
537
0
2
15
13
0
2
8
6
0
2
Delistings................................
Exclusions ...............................
Exclusions due to merger ........
Change of market ..................
37
35
0
2
8
8
0
0
Net change .............................
394
Pro Memoria: .........................

Listed at 31/12/00 ...................
Listed at 31/12/99 ...................
1,761
1,367
Capitalization
The capitalization of the Spanish bourses totaled 581.1 billion euros at 2000 year-end, of which
81.1% (90.5% counting Latibex) related to the electronic market. The capitalization increased by
25.1%, which is considerable considering the decline in share prices. The increase in capitalization
was due primarily to newly-listed companies 5. Capital increases at already-listed companies also contributed to the increase; these included most notably (because of the effective amount) those of Telefnica and Terra, and of banks BBVA and BSCH (see Chapter 2).
For the first time in recent years, the decline in the percentage of capitalization represented by
foreign stocks was halted by the listing of European Aeronautic Defence And Space Company (EADS).
Foreign stocks accounted for 11.6% of total capitalization, still well below the level of 19% attained at
the end of 1997.
The break-down by sector of the market capitalization in 2000 differed from 1999. Transport and
communications increased weighting to 26.1% and the Misc. sector declined in importance from
11.5% to 6.1%. Despite the reduction in Telefnicas capitalization, the transport and communications
sector benefited from the admission of Telefnica Mviles and Telfonos de Mxico. The decline in the
Misc. segment was due to the sharp loss in value of the technology stocks. The decline in value by four
stocks Amadeus (-67%), Terra Networks (52%), Sogecable (67%) and TPI (64%) totaled 25
billion euros and represented 130% of the decline in this sectors total capitalization.
Annex A.2.7 lists the capitalization by sector and form of trading. Of the 17 sectors into which
issuers are classified, five of them increased capitalization: mining and base metals, chemicals, metalmechanical, transport and communications and SIM/SIMCAV. Capitalization of the financial institutions sector remained steady, and it declined in the other eleven sectors.
SIMCAV continued to be created on a massive scale in 2000, which increased this segments
share of the Spanish markets total capitalization from 7.0% to 8.2%.
The electronic markets capitalization increased by 116 billion euros in 2000 and the value of the new companies
listed at the end of 2000 was 119 billion euros (51 of which related to Latibex).
50
SECONDARY MARKETS
Figure 3.3
CAPITALIZATION OF THE SPANISH STOCK EXCHANGES (EQUITIES)
Billions of euros
600
500
400
300
200
100
0
1996
1997
Elec.Mkt. Non-financial sectors
1998
1999
Elec. Mkt. Financial sectors
2000
Open outcry
Foreign stocks
Figure 3.4
SECTOR BREAK-DOWN OF STOCK MARKET CAPITALIZATION (EQUITIES)
2000
1999
Other
21%
Oil
7%
Energy &
water
12%
Chemicals
6%
SIMCAV
7%
Banks
24%
Other
15%
SIMCAV
7%
Energy &
water
11%
Chemicals
6%
Metal
6%
Metal
4%
Transp. &
communications
19%
Oil
4%
Banks
23%
Transp. &
communications
27%
Trading
Trading was very intense in 2000, setting all-time records for the year and in monthly and daily
trading. Trading totaled 492.3 billion euros, an increase of slightly over 70% with respect to 1999.
Trading was particularly intense in the first quarter, when share prices (particularly technology
stocks) increased rapidly (figure 3.5). After the crisis in March, although trading volumes remained
51
high in historical terms, they declined, triggering a considerable reduction in stock rotation. Trading
volumes recovered toward year-end, but this was in a bear market and much of it was due to divestment by non-resident investors.
The role of non-resident investors in the Spanish bourse is increasing steadily, and in 2000 they
were more active than Spanish investors. Their share of total trading increased from 45.7% in 1999 to
53.9% in 2000. In the last year, however, they were net sellers, divesting a total of 13,994 billion
euros.
FIM funds also reduced their ownership of stocks in the Spanish stock market. Their share of Spanish stocks capitalization again declined in 2000, reaching 1.9% at year-end (compared with 4.8% in
1998 and 3.9% in 1999).
Figure 3.5
MONTHLY TRADING TURNOVER IN THE SPANISH STOCK MARKET(ELECTRONIC MARKET) IN 2000*
9.7
9.8
Regular trading/Capitalization (%)
10
8.2
8.2
7.8
7.9
7.8
7.5
8
6.6
7
6.5
6.5
Aug
Sep
6.3
6
5
4
Jan
Feb
Mar
Apr
May
Jun
Jul
Oct
Nov
(*) Effective trading as a % of capitalization.
Figure 3.6
Regular trading/Capitalization (%)
YEARLY TRADING TURNOVER IN THE SPANISH

STOCK MARKET IN 2000*
%
100
93.0
90
80
71.3
70
70.0
58.4
60
50
40
41.2
33.1
30
1995
(*) Effective trading as a % of capitalization.
52
1996
1997
1998
1999
2000
Dec
SECONDARY MARKETS
Figure 3.7
SHARES HELD BY FIM FUNDS
Millions of euros
35,000
30,000
Spanish shares
Spanish
sharesas
as%%ofof
capitalization
capitalization(RH)
(RH)
25,000
Foreign
3
20,000
Spanish
15,000
10,000
1
5,000
0
0
Dec-95
Dec-96
Dec-97
Dec-98
Dec-99
Dec-00
Table 3.4
TRADING IN EQUITIES ON THE SPANISH STOCK EXCHANGES
1998
1999
Variation (%)
Share (%)
2000
1999/98
2000/99
1999
2000
Total stock exchanges ........
261,079.1
289,315.9
492,301.7
10.8
70.2
100.00
100.00
Electronic market ...............
257,794.7
286,020.4
488,888.5
10.9
70.9
98.9
99.3
Open outcry market ..........

Madrid ...........................
Barcelona .......................
Bilbao.............................
Valencia .........................
3,284.3
2,385.8
482.7
184.1
231.7
3,295.5
2,003.1
885.1
163.3
244.0
3,382.2
2,062.4
695.1
259.9
364.7
0.3
16.0
83.4
11.3
5.3
2.6
3.0
21.5
59.2
49.5
1.1
0.7
0.3
0.1
0.1
0.7
0.4
0.1
0.1
0.1
As occurred in 1999, the electronic market concentrated 99% of total trading in 2000 and the bulk
of the small remainder took place in the Madrid Stock Exchange.
Trading in individual sectors was very mixed. Twelve sectors saw an increase in trading volume
(table 3.5), most notably chemicals (584%), Misc. (258%) and transport and communications (165%).
Of the five sectors where trading declined, the hardest-hit was financial entities (98%). The increase in
trading in transport and communications and Misc. plus that in banks accounted for almost 90% of the
total increase in the Spanish market in 2000. The increase in trading in chemicals was concentrated
almost exclusively in Zeltia, which appreciated by 256% in the year and also performed a share offering in July. In the transport and communications sector, the sizeable increase in trading in Telefnica
was accompanied by trading in its subsidiary Telefnica Mviles, both of which held sizeable secondary market transactions (capital increase at Telefnica and IPO at Telefnica Mviles). Trading in the
Misc. sector was concentrated in Terra Networks, followed at a considerable distance by Amadeus,
Prisa and Sogecable, which were also involved in sizable transactions: Terra increased capital and
Amadeus and Prisa had public offerings. Trading in the banks sector was also considerable, and both
BBVA and BSCH increased capital.
53
Table 3.5
BREAK-DOWN BY SECTOR OF TRADING IN THE SPANISH STOCK MARKETS
Percentage of trading
Sector
1996
1997
1998
1999
2000
Oil............................................................................
Energy and water......................................................
Mining and base metals............................................
Cement and construction materials ..........................
Chemicals.................................................................
Textile & paper .........................................................
Metal-mechanical.....................................................
Food.........................................................................
Construction.............................................................
Real estate ................................................................
Transport & communications....................................
Others.......................................................................
10.4
29.0
1.8
1.2
0.7
0.9
1.6
2.8
2.1
1.4
18.5
3.0
9.5
23.1
3.4
1.1
0.5
1.2
1.6
3.1
2.5
1.1
20.9
2.5
6.1
20.3
1.8
0.8
0.4
1.0
1.3
4.8
2.8
1.2
20.7
2.5
10.0
15.9
1.2
0.4
0.3
0.3
1.3
3.5
3.6
1.1
21.0
6.3
6.2
11.5
0.8
0.2
1.3
0.3
0.5
2.7
1.8
0.6
32.7
13.3
Total non-financial sector ..............................................
73.4
70.7
63.6
65.0
72.1
12
13
14
15
16
Banks........................................................................
Insurance companies ...............................................
Portfolio companies .................................................
SIM/SIMCAV.............................................................
Finance companies ..................................................
24.0
1.0
1.0
0.6
0.0
26.7
1.1
0.9
0.7
0.0
33.5
0.9
1.1
1.0
0.0
32.9
0.4
0.8
0.9
0.0
26.3
0.3
0.7
0.6
0.0
Total financial sector .....................................................
26.6
29.3
36.4
35.0
27.9
TOTAL............................................................................
100.0
100.0
100.0
100.0
100.0
0
1
2
3
4
5
6
7
8
9
10
11
Regarding the various forms of trading, regular session trading increased by 80.9% and accounted
for 91.2% of the total in 2000. There was also a sizable increase in special trades authorized under
Article 36.1 of the Securities Market Law, whose amount increased over five-fold and reached 11.003
billion euros, due particularly to swaps of BBV and Argentaria shares in January as part of their merger.
The amount of tender offers and public offerings also increased, although their share of total trading
was not large (0.3% and 3.0%, respectively). (See annexes A.2.11 and A.2.12).
The market in block trades continued to grow and totaled 39.791 billion euros, an increase of
almost 110%. They accounted for 8.1% of total trading (4% in 1999), which is more than any of the offsession categories. Trading under the fixing system totaled 70 million euros, a 61.7% decrease with respect to the previous year.
Trading continued to be concentrated in a small number of stocks. Ten stocks accounted for
77.9% of total trading and 80.5% of regular session trading. Despite greater concentration in those ten
stocks, the rest of the market was more evenly distributed. In the open outcry market, the massive influx
of SIMCAV and the transfer of two of its most-heavily traded stocks to the electronic market pushed the
Gini index down (see annex A.2.15).
For the first time in five years, trading of Spanish stocks on foreign markets increased in 2000.
Trading in Spanish stocks on the NYSE reached a record high in terms of annual total and of absolute
valuethe effective amount increased over five-fold (in both dollars and euros). Their share of total trading increased from 1.9% to 4.9%, which is higher than in 1998 and 1999 but is still lower than in any
other year of the 1990s. The sharp increase is due to trading triggered by Telefnicas tender offers for
its Latin American subsidiaries.
54
SECONDARY MARKETS
Figure 3.8
MONTHLY TRADING IN EQUITIES ON THE
SPANISH STOCK EXCHANGES
Millions of euros
50,000
40,000
30,000
20,000
10,000
0
Jan-98
Jun-98
Nov-98
Apr-99
Total
Sep-99
Feb-00
Jul-00
Dec-00
Regular session
Figure 3.9
TRADING BY NON-RESIDENTS IN EQUITIES ON THE SPANISH STOCK EXCHANGES
(HALF-YEARLY FIGURES)
60
125,000
55
100,000
50
75,000
45
50,000
40
25,000
35
Millions of euros
150,000
30
0
1H97
2H97
Buying (LH)
1H98
2H98
Selling (RH)
1H99
2H99
1H00
2H00
Non-residents trading as % of total
55
Figure 3.10
TRADING OF SPANISH SECURITIES ON FOREIGN BOURSES AS A % OF TRADING
ON SPANISH BOURSES
14
12
10
8
6
4
2
0
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
Latin American securities market (Latibex)

Because of its special importance, this market deserves a specific section, although it has already
been discussed elsewhere (trading, capitalization, listed companies, etc.). 2000 was Latibexs first full
year of operation, since it had only operated for one month in 1999, the year of its creation. The number of listed companies increased from five to eleven due to six new listings and one delisting.
The FTSE Latibex All-Share index lost 23.4% in the full year, in line with the main Latin American
stock markets.
The capitalization of Latibex increased considerably, from 5.074 billion euros at the end of 1999
to 54.886 billion euros at 2000 year-end. This increase came because the new listings included several
large companies, such as Telfonos de Mxico (which thus ranked sixth in the Spanish Stock Market
Interconnection System, SIBE, in terms of market capitalization) and Electrobras. Trading totaled 45.7
million euros, which is still very small. Monthly averages in 2000 were lower than the trading figure in
the sole month of trading in 1999.
Nuevo Mercado
The Nuevo Mercado, a market segment for technology stocks which has its own index (Ibex-NM)
and specific rules of operation, was opened on 10 April 2000. Trading volume totaled 25.402 billion
euros in this first (incomplete) year, i.e. 5.2% of full-year trading on the electronic market, and 9.2%
considering the period from May to December. During that period, the Ibex-NM lost 17.5%.
Second Market
Trading volume in the second market remained low, as usual, in 2000, and actually declined with
respect to 1999, when trading had been exceptionally high. A total of 26 stocks were listed in this market at year-end (three less than in 1999) and capitalization totaled 259 million euros, 12% more than
in 1999. Trading totaled 18 million euros, a 41% decline on 1999.
56
SECONDARY MARKETS
3.2. Fixed-income markets

Spains secondary markets in fixed-income securities operated during 2000 in a context of rising
short-term interest rates, falling long-term yields and a decline in new issues (apart from commercial
paper). Trading totaled 1.8 trillion euros, a 26% decline on 1999. The decline in trading was concentrated exclusively in the long-term segment of government and corporate fixed-income (see table 3.6)
whereas trading in short-term securities (Treasury notes and commercial paper) increased with respect
to 1999.
Table 3.6
TRADING IN ORGANIZED FIXED-INCOME MARKETS
Nominal trading in millions of euros
1998
1999
2000
Var. (%)
Government debt book-entry market* ...........

Bonds and debentures ..............................
Treasury bills ..........................................
2,311,155.0
2,210,886.0
100,269.0
2,360,914.0
2,282,095.0
78,819.0
1,703,704.0
1,615,876.0
87,828.0
27.8
29.2
11.4
Stock exchanges**..........................................
Electronic market ....................................
Open outcry .............................................
53,238.3
2,457.8
50,630.5
44,710.4
2,399.5
42,310.9
39,802.4
1,063.7
38,738.7
11.0
55.7
8.4
AIAF ..............................................................
Commercial paper....................................
Matador bonds .........................................
Mortgage bonds........................................
Bonds and debentures .............................
36,363.8
6,165.1
5,123.9
308.6
24,766.2
85,765.8
25,577.5
2,234.2
1,738.4
56,215.7
100,758.8
47,342.4
1,140.6
2,260.4
50,015.5
17.5
85.1
49.0
30.0
11.0
* Outright spot trades only.

** Effective amount.
Sources: Bank of Spain, AIAF and CNMV.
Trading in government securities declined considerably, despite moderate growth in the shortterm segment. Trading on AIAF continued to grow, in line with previous years, sustained in 2000 by
expansion in trading of commercial paper. Fixed-income securities traded on the stock exchanges continued to be almost exclusively securities issued by autonomous regions, and trading volumes in this
segment continued to decline as a percentage of total fixed-income trading.
As stated in chapter 1, tightening monetary policy in the euro zone led to an increase in shortterm interest rates. This upward pressure impacted yields on commercial paper traded on AIAF, which
moved practically in line with the rates on interbank deposits (figure 3.11). Yields on long-term securities declined, more so in government securities than in securities traded on AIAF (figure 3.13). The
widening spread between corporate and government bonds reflected both an improvement in the
liquidity of government securities and a degree of worsening in the credit quality of some corporate
issuers.
One of the main developments in the Spanish fixed-income market in 2000 was the creation of
SENAF (Sistema Electrnico de Negociacin de Activos Financieros), a securities agency majorityowned (60%) by AIAF which applied for authorization from the government to operate an electronic
trading platform for fixed-income securities as an organized trading system under the 1998 Securities
Market Law 6. The government granted the application in February 2001. SENAF plans to operate in
both government and corporate fixed-income securities, competing with other existing European platforms such as EuroMTS and Broker Tec.. These two London-based systems already trade in Spanish
government securities and also plan to trade in Spanish corporate bonds.
6
Article 31.4 of the Securities Market Law allows the creation of any market or organized system of trading in securities or other financial instruments that is not classified as an official market.
57
Figure 3.11
INTEREST RATES ON COMMERCIAL PAPER, INTERBANK DEPOSITS
AND 3-MONTH REPOS IN 2000
%
5.5
5.0
4.5
4.0
3.5
Com.
paper
3.0
Interbank
deposit
Repo
2.5
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Figure 3.12
10-YEAR BONO YIELD AND SPREAD AGAINST GERMAN BUND
%
10
10Y IRR
(LH)
5.8
5.6
20
5.4
30
5.2
Spain/Germany spread
(RH)
5.0
40
03/01/00
28/03/00
23/06/00
18/09/00
15/12/00
Figure 3.13
LONG-TERM FIXED-INCOME YIELDS IN 2000 (Corporate vs. Government)
6.5
6.2
%
5.6
5.3
5.0
Jan
Feb
Mar
Apr
May
AIAF
58
Jun
Jul
Ago
Government
Sep
Oct
Nov
Dec
SECONDARY MARKETS
Government bond book-entry market

Outright spot trades in the government bond market declined by 28% in value with respect to 1999;
in nominal terms, the amount was 1.7 trillion euros 7. The decline in trading was concentrated in bonds and
debentures, which accounted for 95% of total trading, whereas trading in Treasury bills increased by 11%.
Figure 3.14
TREASURY BILLS. TRADING AND OUTSTANDING BALANCE IN 2000
(Millions of euros)
Millions of euros
54,000
Outstanding balance
Trading
52,000
9,000
Trading
50,000
6,000
48,000
3,000
Outstanding balance
12,000
46,000
44,000
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Figure 3.15
GOVERNMENT BONDS AND DEBENTURES.
TRADING AND OUTSTANDING BALANCE IN 2000
(Millions of euros)
180,000
Millons of euros
230,000
Outstanding balance
Saldo
220,000
Trading
150,000
210,000
120,000
90,000
200,000
Jan Feb
Outstanding balance
Contratacin
Trading
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Repos attained a nominal total of 8.3 trillion euros, a 3% increase over 1999.
59
Trading was higher in the first half of 2000, and the decline in the second half was due basically to a lower
balance outstanding. Trading in bonds and debentures varied considerably during the year, following no
discernible pattern. Trading for third-party account represented 73% of the total. It is noteworthy that trading via SENAF accounted for 48% of total trading between members.
The outstanding balance of references traded in the market amounted to 270 billion euros at yearend, a 4% increase over 1999. Although gross issues of both Treasury bills and government bonds and
debentures declined, there was a reduction in the outstanding balance of the former only 8.
AIAF
During 2000, AIAF continued to grow as a market in corporate fixed-income securities, although
the increase was more moderate than in 1999 and less evenly split among the various types of instrument. The number of issues traded at year-end was 37% higher and the number of issuers had fallen
from 174 to 147. The outstanding balance listed increased by 16% in 2000 (it had doubled in 1999) to
89 billion euros. Trading totaled 101 billion euros, a 17% increase (135% in 1999).
Despite slower growth in the market, the sustained high levels of activity in 2000 confirm the
extraordinary progress made in the primary and secondary markets in fixed-income securities since
1998. All significant magnitudes at AIAF (number of issuers, number of issues, outstanding balance
and trading volume) doubled with respect to 1998. Falling interest rates, the introduction of the euro,
the decline in Treasury issues and the changes in the tax treatment of financial assets are some of the
factors that contributed making corporate fixed-income securities more attractive to investors and created a favorable climate for fixed-income issues.
Commercial paper was the most dynamic segment of the market 9. Trading in commercial paper
totaled 47 billion euros, 85% more than in 1999, whereas trading in bonds and debentures (the largest
segment of the market by amount) declined by 11% to 50 billion euros. Within this segment, the largest decline was in non-convertible bonds and debentures, whereas activity in the asset-backed bond
market remained high. Trading in these instruments totaled 39 billion euros, slightly lower than in
1999. Other instruments accounted for only a small percentage of trading. The most noteworthy development was the increase in trading in mortgage bonds, from 1.7 billion euros to 2.3 billion euros.
Trading in preferred stock also increased despite the sharp reduction in issuance. Trading in matador
bonds continued to decline, as it had in previous years.
Market members trading for their own account declined as a percentage of total trading, from
57% to 43%. Trading for third-party account predominated in some segments, including commercial
paper (where it represented 92% of the total), non-convertible bonds (83%), mortgage bonds (100%)
and preferred stock (99%).
Table 3.7
ISSUERS, LISTED ISSUES AND OUTSTANDING BALANCES ON AIAF AT 31 DECEMBER
Issuers
Issues
Outstanding balances
Segment
1999
1999
2000
1999
2000
% var.
2000
Amount
% of total
Amount % of total
2000/99
Commercial paper ...................

Matador bonds ........................
Mortgage bonds ......................
Bonds and debentures .............
25
40
0
96
32
38
6
120
842
251
17
238
1,308
203
15
317
18,049.4
13,520.3
5,313.5
40,296.6
23.4
17.5
6.9
52.2
20,633.1
11,355.2
7,333.7
50,068.5
23.1
12.7
8.2
56.0
14.3
16.0
38.0
24.2
TOTAL .....................................
147
174
1,348
1,843
77,179.8
100.0
89,390.5
100.0
15.8
8
9
60
See annex A.2.21.

See table 3.6 and annex A.2.24.
SECONDARY MARKETS
Figure 3.16
TRADING ON AIAF BY SEGMENT
Millons of euros
80,000
60,000
40,000
20,000
0
Commercial
paper
Mortgage
bonds
Bonds &
debentures
1999
Matador
bonds
Total AIAF
2000
Stock exchanges
The number of both issuers and issues of fixed-income securities traded on the stock exchanges
declined in 2000 (table 3.8). The outstanding balance of listed securities at 31 December also fell,
from 20 billion euros to 18 billion euros. Trading totaled 40 billion euros, an 11% decrease with respect to 1999. Contrasting with AIAF, the market in fixed-income securities traded on the stock exchanges continued to decline, as in previous years.
Table 3.8
ISSUERS, LISTED ISSUES AND OUTSTANDING BALANCES
ON THE STOCK EXCHANGES AT 31 DECEMBER
Issuers
Segment
Issues
1999
2000
1999
2000
1999
2000
Var.
(%)
Corporate.................................
Energy & water ......................
Transport & communications ..
Banks & savings banks...........
Others....................................
50
3
5
27
15
40
3
5
23
9
150
12
20
104
14
142
11
17
104
10
5,691.6
281.0
1,552.4
3,801.5
56.7
4,745
205
1,297
3,222
20
16.6
26.9
16.4
15.2
64.9
Public sector and

international bodies .................
Regional governments ...........
State bodies ...........................
International bodies ...............
Others....................................
60
3
27
15
15
55
5
23
13
14
614
133
253
185
43
494
124
171
157
42
14,829.4
5,542.8
782.1
7,778.8
725.7
13,521
5,868
321
6,487
845
8.8
5.9
58.9
16.6
16.4
TOTAL ......................................
110
95
764
636
20,521.0
18,266
11.0
Sources: Stock exchanges and CNMV
61
Exchange trading in fixed-income securities was concentrated fundamentally in the open outcry
segments in Barcelona, Bilbao and Valencia, where bonds issued by the Catalua, Basque Country
and Valencia regional governments, respectively, are traded. Trading in these instruments totaled 38
billion euros, i.e. 98% of total exchange trading in fixed-income securities. Consequently, stock
exchange trading in fixed-income securities is confined almost exclusively to the issues of the aforementioned three regional governments 10.
Figura 3.17
TRADING IN FIXED-INCOME SECURITIES ON THE STOCK EXCHANGES
60,000
Millions of euros
50,000
40,000
30,000
20,000
10,000
0
Central govt. debt.
Regional govt. debt.

1997
1998
1999
Others
2000
3.3. Margin trading and securities lending 11

Margin trading increased considerably in 2000 (table 3.9). As usual, most margin trading was
concentrated in purchases, which totaled 1.121 billion euros (a 66% increase over 1999). The amount
of sales fell by 10% to 151 million euros. Purchasing was particularly intense in the first three months
of 2000 12, coinciding with the bull market in stocks. The slump in share prices led to a decline in
margin trading, which nevertheless remained high with respect to previous years. Conversely, selling
increased from May onwards, though always amounting to much less than purchases.
There was also a considerable increase in securities lending between companies, from 62 billion
euros in 1999 to 87 billion euros in 2000, equivalent to one-fifth of total trading in securities on the
electronic market in that year. Activity was very intense in the first half of the year, particularly in
10
See annexes A.2.26 to A.2.34.

Margin trading is regulated by the Order dated 25 March 1991 on credit systems in spot stock market transactions.
Lending of securities by the Madrid and Barcelona stock exchanges is regulated by Operating Instruction No. 38/1992 of the
Madrid Stock Exchange and Communication 49/1992 of the Barcelona Stock Exchange. It commenced in Madrid in October
1992 and in Barcelona in November 1992 and is normally known as a bilateral loan or intercompany loan. It is not to be
confused with the centralized securities lending system, regulated by SCLV Circular No. 1/1994, in accordance with Article
57 of Royal Decree 116/1992, dated 14 February.
12
See annex A.2.35.
11
62
SECONDARY MARKETS
January, April and June, and it eased in the second half 13. The bulk of transactions was concentrated in
transport & communications (38%), banks (30%), energy & water (12%) and oil (9%) 14. The outstanding balance at year-end, net of re-loans, amounted to 12 billion euros, i.e. 2.3% of the electronic markets capitalization.
Table 3.9
MARGIN TRADING
Amounts in thousands of euros
Outstandings balances (*)
1994
1995
1996
1997
1998
1999
2000
Purchases
Sales
994.4
3,210.6
9,317.7
11,240.1
23,667.5
32,606.4
54,687.1
32.7
243.2
1,122.0
3,501.5
3,387.9
6,012.7
4,399.7
Trading
Purchases
Sales
20,973.2
31,571.2
115,664.8
467,238.8
810,770.0
677,184.0
1,121,315.0
4,919.7
9,009.2
15,175.6
37,298.8
125,392.0
167,512.0
151,422.0
(*) Amounts at year-end.
Figure 3.18
SECURITY LOANS BETWEEN FIRMS
%
%
40
6
5
30
4
20
3
2
10
1
0
0
Jan-00
May-00
% of electronic market
trading (LH)
13
14
Sep-00
% of electronic market
capitalization (RH)
See annex A.2.35.

See annex A.2.36.
63
3.4. The Securities Clearing and Settlement Service (SCLV)

During 2000, the SCLV contended with a sharp increase in the volume of settlements resulting
from growth in equities trading. Overall, the SCLV settled a total of 1.114 trillion euros in 2000, a 51%
increase over the 1999 figure; 87% of this amount related to securities traded on the stock exchanges
and the remainder to trades on AIAF.
The SCLV continued its efforts to provide an ever-more efficient settlement service to investors in
2000. This is particularly evident in the average settlement period for stock market trades, which continues to decline (table 3.10). However, outstanding sales 15, i.e. those which could not be settled by the
deadline which the SCLV has set itself (i.e. T+3), continued to represent a large percentage, and
increased last year in terms of both trade numbers and, above all, in the amount involved.
Outstanding sales are concentrated primarily in trades by foreign institutional investors. Particular
difficulties are being encountered in providing, within the ordinary settlement period, the detailed information about the final investor that is required under Spanish law. The trend in outstanding sales is presumably related to the fact that stock market trades by non-residents have increased considerably as a
percentage of the total.
A major change in the SCLVs settlement procedure was the reduction of the period for repurchasing unsupported sales 16 from seven to five days. This improves settlement efficiency since it reduces
the guarantees to be maintained by member entities and accelerates the processing of pending sales.
The development of linkes with clearing and settlement agencies in other countries is a matter of
paramount interest to the SCLV because of the steady growth in international transactions. In 2000,
connections were established with SICOVAM, the French central depository, in connection with the
international public offering of EADS, which is traded simultaneously on several European markets,
Table 3.10
STOCK MARKET SETTLEMENT EFFICIENCY INDICATORS. SCLV
1996
1997
1998
1999
2000
Target settlement period (no. of days) .................................... .........................

Average sales settlement period (no. of days) ...................................................
5
5.1
3
3.1
3
2.3
3
2.4
3
2.1
Average period for sales outstanding (no. of days) ...................................... ....

% of outstanding sales (trades)..........................................................................
% of outstanding sales (effective amount) ..........................................................
1.6
1.7
6.3
0.4
1.4
5.1
0.7
2.4
8.9
1.3
2.8
7.9
1.1
3.0
8.9
Transfer processing period (no. of days) ............................... ............................

% of non-completed sales from transfers ............................. ............................
0.8
65.2
0.3
69.7
0.4
63.0
0.4
49.8
0.4
55.1
% of non-completed sales due to internal delays in delivery of existing

securities ...................................................................................................
27.0
20.2
22.0
42.3
36.8
Detail of settlement: % performed on T ............................................................
48.6
56.5
81.5
45.8
46.3
40.0
35.1
14.1
10.8
3.3
44.2
42.0
7.3
3.2
1.8
39.6
41.4
11.4
5.8
1.3
35.7
43.3
13.9
5.9
1.1
30.6
43.3
16.3
8.6
Supported sales
(% effective amount):
(%) D
(%) D+1
(%) D+2
(%) D+3
(%) Other
Source: SCLV.
15
16
64
Outstanding sales are trades not yet settled on T+3.

Unsupported sales are those for which the registration references have not been provided.
SECONDARY MARKETS
including Spain. Links also commenced with NECIGEF, the Dutch central depository, in connection
with the share swap arranged in the acquisition of Endemol by Telefnica. The creation of Latibex also
led to the creation of links between the SCLV and Latin American registration and settlement bodies.
One of the main developments in 2000 in the area of clearing and settlement (see box) was the
creation of Iberclear, a new entity integrating the tasks currently entrusted to the SCLV and the Spanish
Public Debt Book-entry System (CADE). The SCLV had already made considerable progress towards
enhancing the efficiency of securities settlement in Spain. In fact, some months before the announcement of the creation of Iberclear, the SCLV completed the process of integrating the settlement of corporate fixed-income securities into a single platform by absorbing its subsidiary, Espaclear, which had
handled clearing and settlement of securities traded on AIAF up to that point.
Unification of the registration and settlement systems for private and public sector debt securities
Clearing and settlement are vital components of a securities market. The stock exchanges,
the other organized markets and, generally, trading systems provide the necessary infrastructure
for players to determine the prices and amounts of their transactions in securities, but the clearing
and settlement infrastructure has the task of ensuring that the mobilization of the money and
securities resulting from the trades takes place quickly and securely at a reasonable cost.
Globalization and, in particular, the advancing financial integration of Europe have greatly
increased the attention that is focused on clearing and settlement. Consequently, the step taken in
June 2000 by the SCLV and the Bank of Spain to merge their clearing, settlement and registration
systems (currently handled by SCLV and CADE, respectively) is of great importance. The new
entity will be a corporation entitled Sociedad de Gestin de los Sistemas de Liquidacin and will
operate under the trade name Iberclear. It will be owned 45% by the Bank of Spain and the
remainder will be owned by the SCLV.
The unification of Spains two largest registration and settlement systems (*) will have a favorable impact on the operating costs of settlement activities in the government bond market and in
the market in private sector securities issued in Spain. It will also encourage foreign investment in
Spain and investment by Spanish investors in foreign securities by simplifying process through the
establishment of connections with central depositories in other countries.
The promoters of Iberclear plan for the integrated platform for settlement of public and private-sector fixed-income securities to begin operating on 7 July 2001. Without prejudice to future
progress towards a system that fully integrates settlement of all types of securities, including equities, SCLV and the Bank of Spain have agreed to use the platform currently in place at CADE to
support the integrated handling of private sector and public fixed-income securities.
(*)
The Barcelona, Bilbao and Valencia Stock Exchanges have their own clearing and settlement systems for
locally-listed securities.
65
4. DERIVATIVES MARKETS
4.1. International situation
Trading of derivatives in organized markets increased worldwide in 2000 at a faster pace than in
1999. Over three billion contracts were traded, 25% more than in 1999. In terms of value, the Bank
for International Settlements (BIS) estimates that worldwide trading in derivatives totaled 383 trillion
dollars, a 10% increase over 1999 (this figure does not include contracts on individual stocks or commodities). Over-the-counter (OTC) trading in derivatives also continued to grow in 2000; the notional
value of the open interest worldwide amounted to 95.2 trillion dollars in December, 8% higher than
one year before.
Trend in derivatives trading, by underlying

An analysis of the trends in types of derivatives shows that contracts on equities (indexes and
individual stocks) registered the fastest growth, although the total value traded was still clearly lower
than the total value of contracts on fixed-income instruments. Nevertheless, the latter continued to
grow due to the surge in trading of derivatives on short-term interest rates. Trading in currency
derivatives continued to decline, and exchange rate risk hedging was conducted primarily via the
OTC markets.
Growth in the number of contracts on equities was due to: (i) the use of these products for
hedging purposes by investors in a situation of sliding equities markets worldwide and increasing
volatility; and (ii) the boom in trading of contracts on technology indexes and individual tech
stocks.
The growth in trading of derivatives on fixed-income securities was driven by a substantial increase in North America 1 which offset the decline in Europe and Asia. In particular, trading in contracts
on short-term interest rates in the US spearheaded the growth in trading in this segment, driven by:
(i) expectations of a cut in official rates; and (ii) steady growth in the market of interest rates swaps (IRS)
since eurodollar futures and options are used to hedge IRS and swaptions.
Trading in derivatives on long-term interest rates has declined slightly since the end of 1998 in a
context of a cut-back in net issue of government debt in Europe and the US, increasing issuance by the
private sector and para-government sectors, and greater competition in the OTC markets. This trend
was accentuated in 2000. The loss of liquidity by traditional medium- and long-term government debt
references led to a concentration of positions in certain contracts; this trend explains much of the 37%
increase in trading of futures on 10-year T-notes on the Chicago Board of Trade (CBOT) compared with
the loss of liquidity in contracts on Treasury bonds (table 4.2). As a result, the organized derivatives
markets have made plans to expand their product range to include contracts on private sector securities and asset-backed bonds.
The United States and Canada.
67
Trends in the main markets

Trading on the worlds main derivatives markets increased in 2000, with the exception of CBOT,
where the number of contracts traded fell by 8%.
Europes markets expanded. Trading in the zone increased by 38% and there were a number of
competing initiatives to adapt to a more inter-related financial situation through demutualization of
markets and the use of new technology.
The German-Swiss Eurex market strengthened its leading position in 2000 by distributing trading
screens in the United States, and it accounts for 25% of total world trading in derivatives. This position
is due to concentrating on the long end of the euro zone yield curve since the introduction of the euro.
This trend intensified in 2000; Eurexs Euro-Bund and Euro-Bbl futures strengthened their positions as
the most-traded instruments in the segment of long-term interest rate derivatives. Trading was also
boosted by dynamic activity in equities derivatives, a segment where derivatives on indexes were
launched as well as a range of options of individual German and other European stocks.
In France, Euronext Paris (which includes Matif and Monep) increased activity due to integration
of the French, Belgian and Dutch markets into one and the reduction in the size of contracts on equities. Trading was also boosted by the sizable recovery in the long-term government debt segment
(euronotionnel futures contract), in which trading multiplied seven-fold in 2000 due to the efforts by
French banks to revive this segment following considerable shrinkage in 1998 and 1999.
LIFFE (London International Financial Futures & Options Exchange) consolidated its leading position within Europe in products on short-term interest rates. Because of these contracts larger size,
LIFFE is one of the worlds largest markets in terms of trading volume, along with the Chicago Mercantile Exchange (CME). However, in terms of the number of contracts, it is clearly behind Eurex and
Euronext Paris. One of LIFFES strengths is the worldwide distribution of LIFFE Connect, its on-line
trading system.
The US derivatives markets continued the process of replacing open outcry trading with automated systems. Technological development also enable a large number of markets to be created with new
structures and trading systems based on the power of the Internet, most of them competing directly
with established markets.
The trend in trading on the main US markets was mixed. Trading on CBOT fell for the second
consecutive year, whereas the Chicago Board Options Exchange (CBOE) saw a 28% increase due to
Table 4.1
TRADING IN THE MAIN FUTURES AND OPTIONS MARKETS (1)
No. of contracts
Market (2)
Country
1998
1999
2000
Change (% s/1999)
EUREX............................
CBOE .............................
CBOT .............................
CME ...............................
MATIF/MONEP...............
LIFFE...............................
AEX ................................
OM.................................
Germany/Switzer.
USA
USA
USA
France
UK
Holland
Sweden
248,222,487
214,662,909
281,189,436
226,618,831
95,561,194
194,100,982
64,876,496
49,552,384
379,148,639
254,356,599
254,561,215
200,737,123
185,571,802
117,783,877
49,530,755
56,810,013
454,071,506
326,359,526
233,528,558
231,114,258
219,351,153
131,054,809
54,088,352
53,649,176
19.8
28.3
8.3
15.1
18.2
11.3
9.2
5.6
(1) Trading refers to the number of contracts. Differences in the value of the underlying instruments prevent direct comparisons between
markets, but interyear comparisons are meaningful.
(2) EUREX: Deutsche Terminbrse (DTB) and Swiss Options & Financial Futures Exchange (SOFFEX); CBOE: Chicago Board Options
Exchange; CBOT: Chicago Board of Trade; CME: Chicago Mercantile Exchange; MATIF: March Terme International de France and
MONEP: March des options ngociables de Paris, are part of Euronext Paris; LIFFE: London International Financial Futures and Options
Exchange; AEX: Amsterdam Exchanges; OM: Stockholm Options Market.
Source: Futures and OTC World and Eurex.
68
DERIVATIVES MARKETS
Table 4.2
INTERNATIONAL DERIVATIVES MARKETS. TRENDS IN TRADING
OF CERTAIN PRODUCTS (1)
Underlying
Product
Market (2)
Long-term
interest rates
EuroBund (f) ..................

U,S, Tbond (o) ...............
EuroBOBL (f) .................
10-year T-notes (f) ...........
Euro Notional (f)..............
Short-term
No. of contracts trades

1999
2000
Change (%)
EUREX
CBOT
EUREX
CBOT
MATIF
144,158,040
90,042,282
51,955,163
34,045,758
6,130,969
151,326,295
62,750,843
62,502,582
46,700,538
43,317,155
5.0
30.3
20.3
37.2
606.5
Eurodlar (f) ....................

Euro Euribor (f) ................
Overnight interest rates (f).
CME
LIFFE
BM&F
93,418,498
35,657,690
22,235,992
108,114,998
58,016,852
37,626,151
15.7
62.7
69.2
Euribor (f) ........................

Euribor (f) ........................
EUREX
MATIF/MONEP
3,037,374
2,968,774
1,225,207
195,169
59.7
93.4
(1) Trading refers to the number of contracts. Differences in the value of the underlying instruments prevent direct comparisons between markets, but interyear comparisons are meaningful.
(2) EUREX: Deutsche Terminbrse (DTB) and Swiss Options & Financials Futures Exchange (SOFFEX); CBOT: Chicago Board of Trade; MATIF: March Terme International de France; CME: Chicago Mercantile Exchange; LIFFE: London International Financial Futures and Options Exchange; BM & F: Bolsa de Mercadorias & Futuros; MONEP: March des options ngociables de Paris.
Source: Futures and OTC World, and statistics from EUREX, MATIF and LIFFE.
Figure 4.1
BREAK-DOWN OF WORLDWIDE TRADING IN OPTIONS ON EQUITIES
MEFF
Others
EUREX
AE
3%
OM
9%
2%
16%
6%
16%
CBOE 48%
MATIF/MONEP
Source: EUREX.
rapid growth in trading of options on individual stocks, a segment which now represents approximately half of total trading worldwide (figure 4.1). CME also expanded in 2000. This reactivation was
due to greater use of the Eurodollar contract in a context of monetary uncertainty, steady growth in the
IRS market and a boom in retail demand for contracts on equities.
69
4.2. Spains derivatives markets

One of the principal features of derivatives trading in Spain in 2000 was the intense growth in
contracts on equities traded on MEFF. This phenomenon increased total turnover on MEFF since it offset not only the moderate decline in trading in Ibex-35 futures and options but also the progressive
decline in liquidity in interest-rate derivatives since the introduction of the euro.
In a context of considerable stock market activity and increasing use of derivatives by investors,
trading in warrants on equities traded on the Madrid Stock Exchange also increased considerably in
2000. However, warrants on fixed-income products declined.
As regards commodity derivatives, the citrus derivatives market FC&M continued to be dormant
in 2000. Nevertheless, two initiatives to develop derivatives on electricity and on olive oil are being
considered.
Table 4.3
TRADING ON SPAINS DERIVATIVES MARKETS
No. of contracts, except where indicated otherwise
1999
2000
Change (%)
MEFF RF...........................................................
Debt futures ...................................................
Debt options ..................................................
Mibor futures and options ..............................
Euribor futures................................................
MEFF RV ..........................................................
Ibex-35+ futures .............................................
Ibex-35+ options ............................................
Stock options..................................................
TOTAL MEFF....................................................
3,596,517
3,580,238
636
6,871
8,772
12,838,317
5,028,458
789,707
7,020,152
16,452,050
1,035,636
1,035,330
0
0
306
24,677,729
4,320,152
723,794
19,633,783
25,713,365
71.2
71.1
100.0
100.0
96.5
92.2
14.1
8.3
179.7
56.5
Madrid Stock Exchange....................................

Warrants (1)....................................................
205,383
205,383
898,200
898,200
337.3
337.3
FC&M ..............................................................
Pro-memoria:
EuroMEFF.........................................................
European debt futures (2)................................
European index futures (3)..............................
17,216
17,216
1,425,301
1,245,671
179,630
943.4
(1) Premiums traded, in thousands of euros.

(2) Include contracts channeled via EuroMEFF to Eurex (Bund, Bbl and Schatz) and Euronext Paris (Euro Notional 10-year).
(3) Includes futures on the CAC 40, DJ Eurostoxx 50 and DJ Stoxx 50 indexes that are traded on Monep via EuroMEFF.
4.2.1. MEFF
MEFFs activities in 2000 fell within the lines of strategy established in 1999, whose main objective is to compete efficiently in the international arena. This is to be achieved basically through alliances and interconnection agreements with other markets so as to expand the range of products that are
traded and the range of services provided to members and customers. Actions in this area are described in greater detail later.
Actions to improve competitiveness also focused internally, and in the organization area MEFF
completed the merger of the two market operating companies, MEFF Renta Fija and MEFF Renta Variable, which had commenced in 1999, by concentrating the markets area in Madrid and the clearing
and settlement operations in Barcelona. As regards market operation, the implementation of the UTUL
70
DERIVATIVES MARKETS
Plan (one terminal, one settlement) led to unification of trading in contracts on fixed-income and
equities and of the clearing and settlement processes in a single terminal. As part of the process of merging the two areas, the procedure for becoming a market member under either of the operating companies was simplified so as to encourage members of one market to become members of the other.
MEFF Renta Variable
Trading in derivatives on equities MEFF Renta Variable (MEFF RV) increased by 92% in 2000. The
continuing rapid growth in trading of stock options boosted trading on MEFF RV, whereas Ibex-35 futures and options declined in volume for the second year running. However, trading of products in
foreign markets via EuroMEFF also gained in importance.
This trend was directly due to the following:
(i) Changes in collective investment institutions investment patterns, since they increased the
use of derivatives while shifting investments towards foreign equities.
(ii) The change in stock market references Europe-wide, since the introduction of pan-European
indexes reduced trading in derivatives on domestic equity indexes.
(iii) The spot market structure, since the concentration of liquidity in a small number of stocks
increased investor interest in options on individual stocks.
Trading in options on individual stocks increased considerably, accompanied by growth in trading by non-resident customers (which reached 38% of total trading). Trading in these products reached
19.5 million contracts in 2000, almost three times the 1999 figure, although the comparison is distorted by the changes in size of some contracts due to modifications in the par value of the underlying
share. In terms of year-end open interest, this market totaled 3.5 million contracts, compared with 1.7
million at 1999 year-end.
The considerable growth in trading of stock options in recent years has been assisted by the
expansion of the product range at MEFF RV, enabling these products to cover most of the Ibex-35
index in terms of capitalization. Five new contracts were launched in 2000, all on tech stocks (Amadeus, Indra, Sogecable, Terra and TPI). Nevertheless, trading in stock options remained concentrated
in a small number of shares the Ibex-35s blue chips (Telfonica, BBVA, BSCH, Endesa and Repsol),
which account for 90% of total trading.
Futures on shares
The boom in equities products, particularly derivatives on sharesboth options traded on
MEFF and warrants traded on the Madrid Stock Exchange (see 4.2.2)led MEFF to launch a new
product in January 2000: futures on shares.
Futures on shares are similar to Ibex-35 futures in concept and working, although the mechanism of settlement on maturity differs. In the case of futures on shares, settlement is performed by
delivery of the underlying on the contract maturity date, as occurs with options on shares, whereas
settlement of Ibex-35 futures is by differences with respect to the settlement price on maturity.
Futures on stocks are undoubtedly a very useful tool for portfolio management since they
enable investors to hedge and go long or short without paying the full share price, although 15%20% of the future price must be deposited with MEFF as a guarantee. As a result, these are highlyleveraged products and, consequently, the risk assumed in using them is greater than in the case
of options on shares.
71
MAIN FEATURES OF STOCK AND IBEX-35 FUTURES

Futures on shares
Ibex-35 futures
Underlying asset
Individual stocks
Ibex-35
Nominal
100 shares
Ibex-35 multiplier (1)
Delivery of shares
In cash, by differences with respect
to the previous days settlement price
Differences with respect to settlement price at maturity

In cash, by differences with respect to the previous
days settlement price
15%-20% of future price
7,000 euros
Settlement
At maturity
Daily profit and loss
Margin
(1) The multipler of the Ibex-35 futures is 10 euros.
Another undoubted advantage of futures is the possibility of shorting a stock without having
to borrow it. This enables investors to gain on short positions, by selling a future and repurchasing it until maturity.
MEFF launched this product coinciding with similar initiatives on markets such as LIFFE and
Euronext Amsterdam, in Europe, and Nasdaq, in the US (where futures on stocks had previously
been non-existent because of the difficulties of obtaining authorization).
The first contracts introduced by MEFF up to June 2001 were based on the Spanish markets
leading stocks in terms of capitalization and liquidity: BBVA, BSCH, Endesa, Repsol YPF and
Telefnica. In these first five months, a total of 1.9 million contracts were traded, exceeding the
figure for Ibex-35 futures. MEFF plans to add another five contracts in a second phase, based on
the following underlyings: Amadeus, Gas Natural, Iberdrola, Terra and TPI.
Table 4.4
TRADING ON MEFF RV (1)
No. of contracts
Volume
Open interest (2)
Ibex 35+
No. of contracts
Future
1992......................
1993......................
1994......................
1995......................
1996......................
1997......................
1998......................
1999......................
2000......................
161,394
624,926
1,616,411
1,641,892
1,694,383
3,534,491
5,059,814
5,028,458
4,320,152
Shares
Option
Call
Put
73,556
107,235
217,167
220,152
246,979
391,662
497,378
440,576
341,250
349,131
380,477
352,276
219,660
235,716
212,096
86,632
59,395
382,544
Ibex 35+
Option
Future
131,800
222,411
766,652
854,796
1,345,679
2,349,940
7,020,152
19,633,783
3,383
16,979
13,847
27,511
27,038
42,384
49,770
61,680
55,657
Option
Call
Put
1,300
2,992
5,009
7,771
15,769
9,846
9,336
47,607
28,566
1,212
2,841
3,932
5,617
12,844
7,838
7,062
24,239
16,739
(1) Figures for options on shares are not strictly comparable due to changes in the par value of some underlying shares.
(2) At end of period.
72
Shares
Option
3,955
17,033
22,704
45,435
26,175
267,857
1,694,733
3,495,389
DERIVATIVES MARKETS
The decline (13%) in trading of Ibex-35 contracts was accompanied by a parallel increase in trading of contracts on European indexes via EuroMEFF. This pattern reflects the increasing international
diversification of investor portfolios, in which individual market references have declined in importance and foreign (and particularly pan-European) products gained in prominence.
Trading in Ibex-35 futures and in options on Ibex-35 futures decreased. However, the break-down
by option type shows that trading fell only in call options (down 22% on the previous year) whereas
trading in put options increased by 8% as their use was encouraged by the downward trend in the
underlying market during most of the year.
The reduction in total trading of Ibex-35 derivatives led to a decline in relative importance of the
effective trading of futures and options with respect to total electronic market spot trading, from 249%
in 1999 to 137% in 2000.
Figure 4.2
TRADING IN IBEX-35+ FUTURES AND OPTIONS AS A % OF ELECTRONIC
MARKET SPOT TRADING
%
200
150
100
50
1992
1993
1994
1995
1996
1997
1998
1999
2000
MEFF Renta Fija

Trading in government bond derivatives on MEFF again fell sharply in 2000, continuing the trend
that commenced in 1998 across Europe with contracts on domestic interest rates with the advent of
Monetary Union. The result was a shift in trading towards certain European trading centers (see section
on International Situation).
In 2000, this trend was accentuated by two factors:
(i) The decline in liquidity on the spot market as a result of a cut-back in issues by the Treasury.
(ii) The stability exhibited by medium- and long-term rates throughout the year.
Total trading on MEFF RF fell by 71% with respect to the previous year, and it was concentrated
almost entirely in futures on the notional 10-year bond. A total of slightly over one million contracts
were traded in 2000, a 71% decrease with respect to 1999. The decline in the liquidity of these products was evident mainly in the average daily number of transactions, which was 13,319 contracts in
73
Table 4.5
FUTURES: TRADING VOLUME AND MARKET SIZE (1)
No. of contracts
Volume
Open interest (2)
No. of contracts
5-year
bond
10-year
bond
30-year
bond
DEBS (3)
5-year
bond
10-year
bond
30-year
bond
DEBS (3)
1992 ......................
1993 ......................
1994 ......................
1995 ......................
1996 ......................
1997 ......................
1998 ......................
1999 ......................
2000 ......................
4,422
5,140
26,027
13
0
437,674
2,637,441
7,738,080
7,714,010
10,893,254
12,455,467
9,228,552
3,580,215
1,035,330
32,396
0
0
10
0
150
38
0
0
6,041
50,833
27,945
37,219
56,531
65,865
13,870
10,621
16,128
96
0
0
0
0
(1) Data adjusted to the contracts new nominal value.

(3) Futures on a basket of bonds from Germany, France, Italy and Spain.
Table 4.6
OPTIONS: TRADING VOLUME AND MARKET SIZE (1)
No. of contracts
Volume
Open interest (2)
N.o of contracts
5-year
bond
10-year
bond
30-year
bond
1992 ...................
1993 ...................
1994 ...................
1995 ...................
1996 ...................
1997 ...................
1998 ...................
1999 ...................
2000 ...................
0
120
0
0
156,603
489,761
902,408
899,962
1,561,067
1,156,210
441,886
636
0
0
0
0
DEBS (3)
5-year
bond
10-year
bond
30-year
bond
DEBS (3)
0
0
0
0
0
0
2,611
25,954
17,001
38,294
38,361
23,104
220
0
0
0
0
0
0
0

(3) Futures on a basket of bonds from Germany, France, Italy and Spain.
2000, down from 1,300 in 1999; trading frequency and volume were practically on a par with 1999
(annex 4.3.9). No options on government debt were traded. The over 16,000 open positions at yearend were all futures on government debt, specifically the 10-year bond.
As a result, the ratio between trading in government bond futures and options and trading in the
spot market of government bonds and debentures again declined (from 16% in 1999 to 6%), even
though spot trading also fell considerably in 2000.
In order to maintain trading in futures on the Spanish bond, MEFF relaunched these contracts in
April 2000, arguing that portfolios of Spanish bonds can be managed more efficiently with futures on
Spanish bonds than with futures on the German Bund. Trading in derivatives on European government
bonds has concentrated in Bund contracts, which are traded on EUREX. In fact, MEFF members arranged a large number of these contracts via their connection with the German market (table 4.9).
One of the main steps in relaunching the futures on the Spanish 10-year bond was the creation of incentives for members based on their contribution to continuous quoting of bid and ask
74
DERIVATIVES MARKETS
Figure 4.3
TRADING IN BOND FUTURES AND OPTIONS AS A% OF SPOT TRADING
IN MEDIUM AND LOG TERM GOVERNMENT
BONDS
%
90
80
70
60
50
40
30
20
10
0
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
prices, to spreads, to trading volume for each price and to trading for their own account. Moreover, a campaign was conducted to increase awareness of the possibilities for trading in these products.
The introduction of the single currency has significantly reduced trading in derivatives on interbank deposits, which is now concentrated basically in LIFFE. In view of scant trading in Mibor futures
and options and in Euribor futures in the first half of the year, MEFF decided to cease quoting these
products. Nevertheless, MEFF members and clients can trade in derivatives on short-term interest rates
via the French market, MATIF.
Table 4.7
TRADING IN MEFF RF CONTRACTS ON SHORT-TERM INTEREST RATES (1)
No. of contracts
Volume
Oper interest (2)
Mibor
Future
1992......................
1993......................
1994......................
1995......................
1996......................
1997......................
1998......................
1999......................
2000......................
42,595
129,382
227,698
369,893
749,550
1,432,623
1,052,954
6,811
0
Euribor
Option
Call
Put
613
2,934
4,295
23,712
80,072
92,321
21,796
30
0
352
2,114
7,149
23,399
61,247
84,431
24,230
30
0
Mibor
Future
Future
8,772
306
1,236
8,021
8,884
14,758
25,935
61,803
20,289
68
0
Euribor
Option
Call
Put
132
103
649
5,830
10,592
10,388
1,082
0
0
0
433
421
6,358
8,361
18,111
1,262
0
0
Future
291
0

75
MEFFs international dimension

In line with the progressive internationalization of the financial markets, MEFF has focused on
forging international links. Since 1999, it has sought to channel the growing investment in foreign markets via MEFF because of the advantages this can have for Spanish members in terms of brokerage
costs and investment in technology. For this purpose, in 1998 it created a securities firm, MEFF Euroservices S.V., S.A. (EuroMEFF), which is a member of the markets with which MEFF reaches mutual
interconnection agreements.
The range of products offered via EuroMEFF was expanded in 2000. Within the framework of
the Euro-GLOBEX 2 alliance, which provides an effective connection with French markets MATIF
and MONEP (Euronext Paris), trading on the CAC-40 has been available since June. The connection
with EUREX was also made fully effective by providing access from Spain to trading in contracts on
government bonds (Bund, Bbl and Schatz) from March 2000 and in futures on the DAX-30 and
Stoxx 50 indexes from February 2001 (the latter were already available via MONEP since June
1999).
Moreover, in 2000 MEFF signed a protocol of adherence to the GLOBEX international alliance,
which comprises Chicago Mercantile Exchange (CME), Paris Bourse SBF (Euronext Paris), Singapore
Exchange (SGX-DT), Bolsa de Mercadorias y Futuros (BM&F) de Sao Paulo and Montreal Exchange
(ME). This will afford access to non-European markets and expand the range of products, making it
possible to trade in leading international contracts on underlyings such as the S&P 500, Nikkei 225,
Nasdaq 100, the Japanese bond and the eurodollar. This initiative also provides the possibility of
round-the-clock trading.
At the same time, MEFF arranged a bilateral collaboration agreement with CME and Standard &
Poors which led to the launch in June 2001 of futures and options on the S&P Europe 350 and the
Financial, Information Technology and Telecommunications Services indexes. These products are
traded via MEFF but are settled on CME via MEFF, which has attained the status of special settling
member.
Table 4.8
PRODUCTS LISTED ON OTHER MARKETS WHICH CAN BE ACCESSED
DIRECTLY FROM MEFF
Contract
EURIBOR futures *............................................
Euro Notional 10-year bond futures..................
DJ Euro Stoxx 50 futures ...................................
DJ Stoxx 50 futures ...........................................
CAC-40 futures .................................................
German bond futures (Bund, Bbl and Schatz)....
DAX-30 futures .................................................
DJ Euro Stoxx 50 futures ...................................
DJ Stoxx 50 futures ...........................................
S&P Europe 350 futures and options.................
Sector index futures and options.......................
Market
Alliance
Date implemented
Euronext Paris (MATIF)

Euronext Paris (MATIF)
Euronext Paris (MONEP)
Euronext
Euronext Paris (MONEP)
EUREX
EUREX
EUREX
EUREX
CME
CME
Euro-GLOBEX
Euro-GLOBEX
Euro-GLOBEX
Euro-GLOBEX
Euro-GLOBEX
Euro-GLOBEX
February-1999
June-1999
June-1999
June-1999
June-2000
March-2000
February-2001
February2001
February2001
June-2001
June-2001
GLOBEX
GLOBEX
* Contract developed jointly by MATIF and MEFF.
2
The Euro-GLOBEX alliance was created in June 1998 as a joint trading between the derivatives markets of France
(MATIF and MONEP-now Euronext Paris), Italy (MIF and IDEM) and Spain (MEFF RF and MEFF RV).
76
DERIVATIVES MARKETS
Other decisions as part of MEFFs internationalization process included:

(i)
Consideration of an interconnection with the Portuguese derivatives market, Bolsa de Valores

de Lisboa e Porto (BVLP). This work concluded in March 2001 with an agreement on mutual
access by the two markets, so that all members of MEFF and BVLP can trade products listed
on the other market via their own terminals.
(ii) Recognition by MEFFs Board of Directors of the category of remote member which enables non-resident investment services firms to become trading members of MEFF; their
trades must be settled via a resident settling member.
A total of 1.4 million derivatives contracts were channeled by MEFF members to other European
markets in 2000, and the open interest in these products at year-end amounted to over 184,000 contracts. There was considerable trading in derivatives on German bonds (specifically the EUREX bund
future)over 900,000 contractsapproaching the total volume traded on MEFF in Spanish bond futures. Moreover, trading in short-term interest-rate derivatives by MEFF members was channeled
almost entirely via MATIF, although trading in this product declined during the year. The Spanish
members also channeled transactions via MONEP, and there was a considerable increase in trading
in DJ Eurostoxx 50 and DJ Stoxx 50 futures, from 17,200 contracts in 1999 to close to 89,000 contracts in 2000.
Table 4.9
TRADING VIA EUROMEFF IN 2000
Market
Underlying
Volume (1)
Open interest (2)
148,882
915,487
126,297
13,718
40,230
23,943
EUREX
BOBL
BUND
SCHATZ
MATIF
EURIBOR
NOTIONAL 10 YEAR
14,264
55,005
23,224
2,911
MONEP
CAC 40
DJ EURO STOXX 50
DJ STOXX 50
91,393
82,955
5,283
4,080
62,832
13,307
(1) Number of contracts.

4.2.2. The warrants market

The warrants market expanded rapidly in 2000. The general situation of a sharp increase in
investment in equities and the international diversification of portfolios revitalized interest in these
products. Moreover, their accessibility and their adaptation to investor needs continued to favor the
use of warrants.
Total premiums traded on the Madrid Stock Exchange increased over four-fold with respect to
1999, to 898.2 million euros. The number of issues listed increased to 475 (197 in 1999). There
were no major changes among the issuers: Socit Gnrale and Citibank continued to dominate
this market.
Trading expanded rapidly in warrants on equities and on fixed-income instruments, although
trading on the electronic market continued to focus on warrants on equities (98% of the total). In
particular, 80% of trading in warrants on equities were referenced to a particular stock, and the
77
Table 4.10
TRADING IN WARRANTS ON THE MADRID STOCK EXCHANGE*
TOTAL
Volume
1995
1996
1997
1998
1999
2000
1,078
16,529
150,774
267,619
205,383
898,200
Equities
No.
4
11
67
99
197
475
Fixed-income (1)
Total
Shares
Total
Volume
No.
Volume
No.
Volume
No.
1,078
10,940
150,734
267,601
201,951
886,188
4
5
65
98
188
447
0
0
72,388
130,273
154,871
723,888
0
0
51
60
119
329
0
5,589
40
18
3,431
12,012
0
6
2
1
9
28
(*) Volume means premiums trades; the no. refers to the number of issues listed in each period.
(1) Includes warrants on government debt and currencies.
sharp growth in trading was in line with the trend observed in stock option trading on MEFF. The
number of listed issues increased considerably with the addition of many warrants on TMT stocks
(technology, media and telecommunications) listed on the Spanish markets, the main European markets and Nasdaq.
Activity in warrants on fixed-income also increased considerably in 2000: 12 million euros in
premiums were traded, up from 3.4 million euros in 1999. This was due basically to the increase in
warrants on currencies, specifically on the euro/dollar exchange rate, which accounted for 98% of
total premiums traded in this segment. Accordingly, the increase in the number of fixed-income
warrants was due exclusively to currency warrants, amounting to 26 in 2000 compared with 7 in
1999, since there continued to be only two warrants on government debt.
78
5. COLLECTIVE INVESTMENT INSTITUTIONS AND VENTURE CAPITAL FIRMS

5.1. Overview
Collective investment institutions assets declined by 8% in 2000 to 202 billion euros. The decrease affected all fund types except SIMCAV, whose number and assets continued to increase rapidly 1.
As a result of the decline in assets, the ratio of assets to GDP fell to 33% (39% in 1999). The total number of investors and shareholders also declined, from 8,165,000 in 1999 to 7,880,000 in 2000.
Within mutual funds overall, the decline in assets was more pronounced in FIAMM than in FIM 2.
The decline in FIAMM assets was due primarily to divestments 3 and took place steadily throughout the
year. The decrease in FIM assets was due mainly to portfolio losses, although divestments by investors
were also sizable. In contrast with FIAMM, which maintained the downward trend observed in 1999,
growth in FIM assets halted in April and then declined sharply until September, driven basically by
poor share price performance.
Regarding investor numbers, the greatest decline was in FIAMM 4, whereas some FIM categories
saw a decline and others an increase 5. Fixed-income FIM funds, including guaranteed and mixed
funds, and Spanish equity FIM and guaranteed equity FIM, all saw a decline in investor numbers. Con-
Figure 5.1
MUTUAL FUND ASSETS
250
Billion euros
200
150
100
50
00
0
Dec-90 Dec-91 Dec-92 Dec-93
FIM
1
2
3
4
5
See
See
See
See
See
Dec-94 Dec-95 Dec-96

FIAMM
Dec-97 Dec-98 Dec-99 Dec-00

TOTAL
annex A.4.1.
annex A.4.1.
annex A.4.11.
annex A.4.1.
annex A.4.7.
79
versely, FIM funds investing in foreign and euro equities experienced an increase in shareholder numbers, as did global funds (which nevertheless account for a very small proportion of total funds).
Mutual funds have long been one of the primary vehicles for household savings, competing with
deposits, equities, life insurance and pension plans. Mutual funds have declined in relative importance
in the last two years (table 5.1) among Spanish households financial assets. During 2000 there was a
very noteworthy increase in holdings in cash and deposits, which increased their share of total household assets for the first time since 1990. Also, investment in insurance and pension plans continued to
rise, as reflected in the Insurance technical reserves column in table 5.1.
Table 5.1
COMPOSITION (%) OF HOUSEHOLDS FINANCIAL ASSETS (1)
1988..............
1989..............
1990..............
1991..............
1992..............
1993..............
1994..............
1995..............
1996..............
1997..............
1998..............
1999..............
2000..............
Cash and
deposits
Fixed-income
securities
Equities
Mutual
funds
Insurance
technical reserves
Others
60.5
59.9
61.2
60.8
58.6
57.8
53.6
51.7
46.2
40.0
35.3
33.2
36.2
6.8
7.6
7.2
6.1
5.7
3.9
2.8
3.1
2.4
2.1
1.4
1.8
1.9
16.1
14.9
13.0
10.3
8.7
8.6
17.4
18.9
22.0
26.4
30.7
35.7
33.5
1.4
1.3
1.7
5.2
7.8
11.4
10.5
10.3
13.9
17.5
18.6
15.4
12.4
5.8
6.4
7.7
8.6
9.2
9.6
9.8
10.3
10.8
11.2
11.1
11.2
13.1
9.5
9.8
9.3
8.9
9.9
8.6
5.8
5.6
4.5
2.8
2.8
2.8
3.0
(1) Includes private not-for-profit institutions.

Source: Cuentas financieras de la Economa Espaola 1995-2000. Bank of Spain.
The tax treatment of mutual funds was modified again in 2000 to bring it more into line with the
treatment given to deposits in the recent personal income tax reform. The holding period for qualifying for the flat tax rate was reduced from two years to one for mutual funds, and the flat tax rate was
set at 18%, the same as the withholding rate. Despite the improved tax treatment, the higher yields
offered on deposits made the latter more competitive than mutual funds, particularly with respect to
FIAMM. The greater appeal of deposits is evident in the ratio of fund assets to total assets plus deposits
managed by banks and savings banks, which sell both product types. That ratio fell significantly at
both types of banks in 2000 (table 5.2).
Table 5.2
RATIO (1) OF FUND ASSETS (2) TO DEPOSITS AT BANKS
AND SAVINGS BANKS (%)
Dec 94 . . . . . . . . . . . . . . . . . . .
Dec 95 . . . . . . . . . . . . . . . . . . .
Dec 96 . . . . . . . . . . . . . . . . . . .
Dec 97 . . . . . . . . . . . . . . . . . . .
Dec 98 . . . . . . . . . . . . . . . . . . .
Dec 99 . . . . . . . . . . . . . . . . . . .
Dec 00 . . . . . . . . . . . . . . . . . . .
Banks
Savings banks
Total
20
20
28
35
41
38
35
11
11
14
19
21
19
15
16
15
21
27
32
29
25
(1) Percentages represent the ratio of fund assets to the sum of fund assets plus deposits.
(2) Managed by fund managers belonging to the banks financial groups, respectively.
Source: Boletn Estadstico del Banco de Espaa and CNMV.
80
COLLECTIVE INVESTMENT INSTITUTIONS AND VENTURE CAPITAL FIRMS
Investors continued to seek new opportunities for returns and diversification in funds with considerable exposure to foreign securities, particularly equities. Overall, the foreign portfolio increased
considerably and continued to grow as a proportion of total fund assets, although more slowly than in
1999 due to the impact of the sharp decline in foreign share prices which commenced in March 6.
Foreign investments increased by around 29% and they accounted for 42% of total assets of total
assets (29% in 1999).
The bulk of the foreign portfolio was invested in securities denominated in euros (32% of assets).
Whereas investment in fixed-income was predominantly in euros, the investment in equities was also
in other currencies. Holdings in mutual funds also increased as a proportion of the foreign portfolio.
Growth in this item, which is still only a small proportion of total assets, is a consequence of the
authorization of funds of funds under the 1998 reformed Securities Market Law 7.
In contrast with the foreign portfolio, the domestic portfolio declined across the board. In FIAMM,
the domestic portfolio declined by 31% and its main component, Treasury bills, by 54% 8. In the case
of FIM, the domestic portfolio shrank by 24% and there were sharp declines in both equities and
public and private fixed-income 9. Because of the decline in the domestic portfolio, mutual funds fell
as a proportion of capitalization and of the outstanding balance of assets traded on the Spanish markets (table 5.3).
SIMCAV assets increased considerably, in line with the trend of previous years. As a result, even
though SIM declined in asset terms, investment companies as a whole gained as a proportion of total
collective investment institutions, from 6% in 1999 to almost 8% in 2000. In comparison with SIM,
SIMCAV had four times the assets and three times the investor numbers in 2000 10.
Foreign collective investment institutions increased their market share in Spain from 3.2% to 4.2% 11.
There was also a rapid increase in collective investment in property, in terms of both assets (40%)
and investor numbers (30%), encouraged by rising property prices and rents. Nevertheless, the number of real estate investment institutions did not increase. One of the five such institutions is currently
in liquidation.
Table 5.3
FUND PORTFOLIOS AS A % OF THE MARKET OUTSTANDING BALANCE (1)
1996
1997
1998
1999
2000
Listed equities (1)..................................
2.4
5.0
5.0
3.6
2.8
Private fixed-income (2) .......................

Short-term .........................................
Long-term..........................................
8.8
7.3
9.1
18.4
15.7
18.8
23.0
33.0
21.6
22.4
45.5
14.7
17.1
43.2
12.2
Government fixed-income ....................

Short-term .........................................
Long-term..........................................
39.0
57.2
30.1
46.5
82.2
33.4
44.7
78.4
35.5
32.6
97.9
18.3
23.4
92.2
11.7
(1) Figures are stated at realizable value. The outstanding balance is the capitalization of domestic securities on the electronic market.
(2) Fixed-income figures are stated at nominal amounts.
Sources: CNMV and Bank of Spain.
See annexes A.4.3 y A.4.9.

See box: The new regulation governin collective investment institutions.
8
See annex A.4.9.
9
See annex A.4.3.
10
See annex A.4.1.
11
See annex A.4.21.
7
81
The new regulation governing collective investment instituitons

The new regulation on CII was published on 19 February 2001(*). That Royal Decree has two
basic aims: to open the market to new forms of collective investment institutions, and to introduce greater flexibility into the creation and operation of Spains CII and their management companies.
The period for authorizing the creation of a new fund has been cut from six to three months,
and the assets required to create a fund have been reduced, subject to attaining the required
minimum within six months. FIAMM must have at least 1.5 billion pesetas in initial assets, but
they can start with 100 million pesetas; FIM can be founded with 50 million pesetas but must
reach 500 million pesetas. Moreover, fund management companies can market their own funds
directly or through representatives.
Regarding new possibilities for investment, the field of issuers in whose assets CII may invest
has been extended to include those belonging to the member states of the OECD whose credit
rating is no less than that of Spain. It is also possible to create index funds and nine new specialized fund types. Index funds are allowed an exception to the general rule as regards the maximum
percentage that can be invested in securities issued or backed by the same entity or group. These
limits are 35% and 45%, respectively, for index funds.
The specialized CII are as follows:
CII of funds: which may be investment companies or funds (FIMF) (1).
Feeder CII (2) (FIMS).
Master CII: only funds (FIMP), under the name Fondos de Inversin Mobiliaria Principales
(FIMP).
CII specialized in unlisted securities: which may be investment companies or funds (3).
The first three categories, which were already envisaged by law (4), began to be marketed
prior to the approval of the new Royal Decree under an agreement between the CNMV and the
Directorate-General of the Treasury and Finance Policy. Numerous institutions of this type (primarily FIMF) were created under the aegis of that agreement. A total of 97 FIMF, 10 FIMP and 24
FIMS were created in 2000. In early 2000, 13 FIMF were created, bringing the total to 110,
almost half of which are Foreign Equities funds, followed in importance by Foreign Mixed Equities, Global Funds and Euro Mixed Equities. CII of funds must invest over 50% of their assets in
other funds and may not invest more than 45% in any one fund.
Funds of funds enable investors to diversify their investment since a single fund gives them
basket of other funds. They are normally a vehicle for investment abroad, as evidenced by the
predominant investment policies of the existing funds.
(*)
Royal Decree 91/2001, dated 19 February, partly amending Royal Decree 1393/1990, dated 2 November,
which approves the Regulation of Law 46/1984, regulating collective investment institutions (CII).
(1) This category includes the following: Fund Investment Companies (SIMF), Open-End Fund Investment Companies (SIMCAVF) and Funds of Funds (FIMF).
(2) Includes the same types as in footnote 1 above, i.e. SIMS, SIMCAVS and FIMS.
(3) This category includes the following: Investment Companies Specialized in Unlisted Securities (SIME) and
Funds Specialized in Unlisted Securities (FIME).
(4) These categories of CII were already envisaged in Law 46/1984 as amended by the first additional provision of
Law 37/1998.
82
5.2. Securitities investment funds and companies

Funds
Assets and portfolio composition
Fund assets decreased in 2000 with respect to 1999. The decline was 7% in the case of FIM; 44%
of this was due to net divestments and the other 66% to portfolio losses 12 on equities and derivatives.
The losses on equities were considerable, accounting for close to 68% of the total decline in assets.
Losses on derivatives accounted for 18% of the decline in assets. Yields in terms of interest and
changes in fixed-income prices partly offset those losses. In the case of FIAMM, the great predominance
of divestments over investments led to a 22% decline in assets, 6 percentage points more than in 1999.
In this case, however, the portfolio yield was positive 13.
Foreign securities were again a favorite investment target by funds. Euro fixed-income in FIM
portfolios increased by 39%, accompanied by a sharp decline in Spanish equities and other foreign
fixed-income 14. In equities, foreign assets denominated in euros increased by 23% and those in dollars
by 38%, whereas Spanish equities decreased by 16%. There was also a noteworthy increase in foreign
assets in FIAMM portfolios despite the overall decline in these funds assets. In this case, investment
abroad focused basically on money-market assets in the euro zone, whose amount in portfolio increased by 21%. The domestic portfolio shrank by 31%.
Assets in guaranteed funds fell by 7% with respect to 1999, and there was a shift within their portfolios towards investment abroad, magnifying the trend that had been observed in 1999. At the end of
2000, the foreign portfolio represented 30% of the total (12% in 1999). This shift was observed in the
investments in both fixed-income and derivatives.
Yields and risk

The graphs in this section compare real yields (inflation-adjusted) with the various indexes that
can be used as benchmarks.
Annex 4.8 lists the yields obtained by each fund and the volatility and duration, as indicators of
risk assumed. Table 5.4 shows the annual yields of certain fund categories and benchmark indexes and
the index volatility figures. These data can be used to compare the yield and risk of a specific fund
with the corresponding index.
Aggregating the results of FIM, there were losses in seven of the ten categories (annex A.4.2) 15. As
expected, and in line with the stock markets performance, the FIM with the greatest losses were those
focusing on the various categories of equities. The performance of foreign equity funds, whose net
asset value declined 17% in 2000 after gaining nearly 50% in 1999. In contrast with equities, fixedincome funds obtained positive resultsbetter even than in 1999except in the case of foreign mixed
fixed-income. In particular, the yields obtained on foreign fixed-income increased from 3.3% in 1999
to 7.5% in 200 due to trends in US long-term interest rates and the euros depreciation against the
dollar. In general, fixed-income funds benefited from good price performance by government debt
securities due to an increase in demand, since government bonds were viewed by investors as a safe
haven in contrast with equities performance, and from a reduction in net issues by governments.
12
13
14
See annex A.4.6.

See annex A.4.11.
See annex A.4.2.
83
Table 5.4
BENCHMARK INDEXES: ANNUAL YIELD AND VOLATILITY
Fund type (1)
Annual yield
Benchmark index (2)
Annual yield
Annual volatility
3.08
AFI-LT 1 AO
AFI-3 AOS
4.24
4.95
0.66
1.67
4.05
AFI-10 AOS
8.25
4.33
7.24
MSCI 1-3 YEAR

MSCI 3-5 YEAR
-0.38
-1.17
5.22
6.21
FIM-RVE
-5.93
EUROSTOXX 50
-2.69
23.14
FIM-RVN
-16.67
IBEX 35
-21.75
24.62
FIM-RVI
-15.81
MSCI ALL COUNTRY
-15.06
15.46
2.91
AFI-LT 1 AO
AFI-REPOS 1 DA
4.24
4.16
0.66
0.16
FIM-RFCP
FIM-RFLP
FIM-RFI
FIAMM
(1) FIM-RFCP: Short-term fixed-income fund; FIM-RFLP: Long-term fixed-income fund; FIM-RFI: Foreign fixed-income fund; FIM-RVE: Euro equity fund; FIM-RVN:
Spanish equity fund; FIM-RVI: Foreign equity fund; FIAMM: Money market fund.
(2) AFI: Analistas Financieros Internacionales develops indexes on medium- and long-term Spanish debt and money-market assets. MSCI: Morgan Stanley Composite
Index is a group of indexes of medium- and long-term sovereign debt in 20 developed countries. The international equities index (MSCI All Country) includes both
developed and emerging countries. Euro Stoxx 50: an index prepared by Dow Jones comprising the 50 most liquid stocks of the euro-zone markets.
Figure 5.2.1
REAL YEAR-ON-YEAR YIELDS IN 2000: SHORT-TERM FIXED-INCOME FIM
AND BENCHMARK INDEXES (1)
2
1
0
% -1
-2
-3
-4
march
june
AFI-LT
september
AFI-3-AOS
december
FIM-RFCP
(1) AFI-LT: AFI index of 1-year Treasury bills.

AFI-3 aos: AFI index of 3-year bonds.
15
The FIM categories that obtainen losses were: Mixed Equity, Spanish Equity, Foreign mixed fixed-income, Euro equity,
Foreign equity, Foreign equity and global Funds.
84
Figure 5.2.2
REAL YEAR-ON-YEAR YIELDS IN 2000: LONG-TERM FIXED-INCOME FIM
AND THE BENCHMARK INDEX (1)
4
2
%0
-2
-4
-6
march
june
AFI-10-AOS
september
FIM-RFLP
december
(1) AFI-10 aos: AFI index of 10-year bonds.
Grfico 5.2.3
REAL YEAR-ON-YEAR YIELDS IN 2000:
FOREIGN FIXED-INCOME FIM AND BECHMARK INDEXES (1)
12
9
%6
3
0
march
june
MSCI WORLD 1-3 YR
september
MSCI WORLD 3-5 YR
december
FIM-RFI
(1) MSCI WORLD 1-3 YR: ndice Morgan Stanley Composite 1-3 years.
MSCI WORLD 3-5 YR: ndice Morgan Stanley Composite 3-5 years.
Grfico 5.3.1
SPANISH EQUITY FIM AND THE BENCHMARK INDEX (1)
25
15
5
%
5
15
25
march
june
september
Ibex 35
december
FIM-RVN
(1) Ibex 35.
85
Grfico 5.3.2
EURO EQUITY FIM AND THE BENCHMARK INDEX (1)
45
35
25
%
15
5
5
15
march
june
EuroStoxx 50
september
FIM-RVE
december
(1) EuroStoxx 50.
Grfico 5.3.3
FOREIGN EQUITY FIM AND THE BENCHMARK INDEX (1)
50
35
20
%
5
10
25
march
june
MSCI All country index
september
FIM-RVI
december
(1) MSCI All country: Morgan Stanley Composite All Country index..
In a context of rising short-term interest rates, FIAMM also reported larger gains than in 1999,
although their nominal yield failed to beat inflation (4%), so their real yield continued to be negative
(figure 5.4). The same occurred with FIM investing in domestic short-term fixed-income (figure
5.2.1).
86
Grfico 5.4
REAL YEAR-ON-YEAR YIELDS IN 2000: FIAMM AND BECHMARK INDEXES (1)
1,0
0,5
0,0
0,5
%
1,0
1,5
2,0
march
june
AFI-LT
IBEX35
AFI-R
september
FIAMM
december
IFIAMM
(1) AFI-LT: AFI index of 1-year Treasury bills..

AFI-R: AFI index of overnight repos.
Commissions and other charges

The commissions charged by fund operators play a significant role in determining yields, particularly in funds with lower appreciation potential. The maximum limits on various types of commissions
charged on FIM and FIAMM were modified in 2000. The box below describes the changes and
discusses their impact on the commissions actually charged on the various fund types.
During 2000, fund operators charged 2.6 billion euros of commissions and other fees on FIM, i.e.
approximately 1.62% of the average managed assets; 91% of that amount was management fees, which
fell from 1.68% of average assets in 1999 to 1.62% in 2000 (annex A.4.6). Fees charged on FIAMM
amounted to 1.17% of the years average assets (annex A.4.11). Management fees (90% of the aforementioned amount) also declined, from 1.16% of average managed assets in 1999 to 1.05% in 2000.
Reduction in the maximum commissions that funds can charge
In June 2000, as part of a broader plan to consolidate growth and job-creation in Spain, the
Spanish government modified the maximum commissions applicable to mutual funds, as shown
in the next table.
MAXIMUM COMMISSIONS APPLICABLE TO FUNDS
FIM
Commission type
Management fees
on assets ..............................................
on yields..............................................
on assets and yields
assets ...............................................
yields...............................................
Front-and back-end .................................
Deposit....................................................
FIAM
Previous
Current
Previous
Current
2.50%
20%
2.25%
18%
1.50%
15%
1%
10%
1.50%
10%
5%
4
1.35%
9%
5%
2
1%
5%
1%
1.5
0.67%
3.33%
1%
1.5
87
Management fees apply to the fund as a whole, and front and/or back-end fees apply individually to each investor. Accordingly, management fees have the greatest impact on fund yields.
Although the regulation allows management fees to be charged on assets, returns or both, the vast
majority of funds charge fees on assets. In June 2000, the government capped management fees
at 2.25% for FIM (previously 2.5%) and 1% for FIAMM (previously 1.5%). The real impact of this
reduction varied depending on fund type.
FIAMM as the segment most affected by the change, since in 1999 over half of FIAMM funds
carried management fees above 1% (the new limit). There was also a considerable impact on
equity funds, where many managers were charging over 2.25%. In contrast, the impact on fixedincome FIM and guaranteed funds was small since almost all funds of these types were charging
less than the current cap.
Regarding the new caps on the other commissions, there was a substantial reduction, in relative terms, in the management fees on yields of FIAMM (from 15% to 10%) and on the deposit fee
for FIM (from 4 to 2). The impact of these commissions is considerably lower than that of the
management fee applied to assets.
MANAGEMENT FEES ON ASSETS
2000(*)
Fund
type
FIAMM ...............
IFIAMM ..............
RFCP...................
RFLP ...................
RFM....................
RVM ...................
RVN....................
RFI ......................
RFMI...................
RVMI ..................
RVE.....................
RVI......................
GRF ....................
GRV....................
FGL.....................
(*)
1999(*)
Pro memoria:
Maximum
Average
Maximmum
Average
% of funds in 1999 with

commission greatr than
current cap
1.00
1.00
2.25
2.10
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.25
0.90
0.75
1.06
1.23
1.40
1.61
1.72
1.46
1.32
1.66
1.72
1.82
1.08
1.26
1.41
1.50
1.00
2.50
2.50
2.50
2.50
2.50
2.35
2.50
2.50
2.50
2.50
2.00
2.50
2.50
1.10
0.75
1.10
1.27
1.38
1.64
1.81
1.43
1.35
1.72
1.84
1.88
1.12
1.24
1.38
55.7
0.0
1.0
0.6
2.2
15.6
23.3
2.0
6.9
12.9
28.2
32.2
0.0
1.7
3.8
Fourth quarter
Investment companies
At the end of 2000, SIM and SIMCAV together managed slightly under 8% of total assets managed
by collective investment institutions. These two company types had a very different track record.
Whereas SIMCAV increased their managed assets to nearly 13 billion euros at 2000 year-end (9.8
billion euros in 1999), the assets managed by SIM declined to nearly 3 billion euros from 3.3 billion
euros in 1999 (see annex A.4.1).
88
Annexes A.4.1.5 and A.4.1.7 give a break-down of their assets. The share of SIMCAV assets allocated to foreign assets increased with respect to domestic assets due to a sizeable increase in the former item with respect to 1999. Within the foreign investment item, assets in non-euro currencies
slightly exceeded those denominated in euros. Overall, investment in equities predominated.
5.3. Foreign collective investment institutions marketed in Spain
Foreign institutions gained market share in Spain, but by less than in 1999. Managed funds increased by 23% and the number of investors grew by 27% 16. At the end of 2000, there were 170
foreign institutions marketing their products in Spain, i.e. 33 more than in 1999, and the number of
investors had increased by 41%. A particularly important factor in this case is that these institutions
offer over 3,200 forms of investment, i.e. a broader range than is offered by Spanish funds.
Royal Decree 91/2001, which amended the CII Regulation, allowed freedom to market in Spain
the shares and units in CII domiciled in other EU Member States and governed by the regime provided
in Directives 85/611/CEE and 88/220/CEE, subject to certain requirements. CII domiciled outside the
EU or not governed by those Directives require express authorization from the CNMV and Spanish law
must regulate the class of CII in question; also the home state must have investor protection legislation
that is at least equivalent to the corresponding Spanish legislation.
5.4. Real estate investment funds
Assets in real estate investment funds continued to represent a very small proportion of total
financial fund assets. In December 2000, the totaled 1.2 billion euros, i.e. less than 1% of combined FIM and FIAMM assets. However, these funds have grown considerably in the last two years,
doubling in 1999 and increasing by 40% in 2000. Investor numbers have also grown significantly 17, from 14,000 in 1998 to 33,000 in 1999 and 43,000 in 2000. The boom in the property
market and the greater flexibility introduced in the regulations in 1999 18 both contributed to this
trend.
At 2000 year-end, real estate investment funds had 69% of their assets invested in homes and
other property, compared with 64% in 1999. Rental property accounted for 54% of assets, i.e. slightly
more than in 1999. The securities portfolio had also increased slightly as a percentage of total assets,
reaching 34%.
Of the five real estate investment funds that have existed in recent years, one is now in liquidation. BCH-BANIF is still the fund with the largest number of investors (72%) and it manages 49% of the
total assets in this segment.
5.5. Venture capital firms (ECR)
The venture capital business is relatively recent in Spain and it is still small in comparison with
other European countries, such as the UK, Germany and France. Nevertheless, it has been growing
since 1997 as a result of the prospects of economic recovery, the creation of the single currency and
the development of the securities markets.
16
See annex A.4.21.

See annexes A.4.19 and A.4.20.
18
Royal Decree 845/1991, dated 21 May, partly amending royal Decree 1393/1990, dated 2 November, approving
the Regulation of Law 46/1984, dated 26 December, regulating collective investment institutions in connection with real estate investment companies and funds and providing other financial measures.
17
89
In 2000, venture capital benefited particularly from the development of businesses related to the
new economy, specifically Internet start-ups. The sector raised 2.350 billion euros 19 in 2000, compared with 630 million euros in 1999, although over 1 billion euros were in two large transactions: the
creation of a private equity fund with 600 million euros by Mercapital Servicios Financieros, and the
contribution to available funds of the capital gains obtained by Vista Capital Expansin on the sale of
Superdiplo.
Financial institutions are still the sectors primary source of funds (35% of the total). Funds of
funds also make a significant contribution (12%)this includes the European Investment Fund (EIF).
Unlike countries such as the US and the UK, where venture capital is more developed, pension funds
accounted for only 10% of the funds that were raised.
The boom by new technology companies also contributed to boosting investment at the seed or
start-up phase, although the bulk of funds continue to be allocated to the expansion phase and, at a
second level, to leveraged buy-outs 20. The high-tech sector was the target of 35% of investment in
2000, compared with 23.5% in 1999 21.
Table 5.5 shows the rapid growth in funding and the slower growth in investments made in 2000,
indicating that there is surplus liquidity for allocation to new investments in 2001. Consequently, and
because of the slump by technology markets, new fund-raising will foreseeably be lower in 2001 than
in 2000.
Table 5.5
MAIN INDICATORS OF THE VENTURE CAPITAL
INDUSTRY IN SPAIN
1998
VARIABLES
Funds raised ................................
Investment in year .......................
Portfolio cost value......................
Amount
694,998
365,097
964,913
1999
Average
(%)
70.8
39.8
32.0
2000
Amount
Average
(%)
Amount
630,035
722,795
1,492,785
9.3
98.0
54.7
2,349.,82
1,126.,90
2,402,552
Average
(%)
272.9
55.9
60.9
Source: Mart Pelln, J. (2001): El capital inversin en Espaa, 2000. Ed. Civitas, Madrid.
Table 5.6 describes the venture capital firms created in 1999 and 2000 under the new Venture
Capital Law (Law 1/1999). They are generally closed-end, focusing on new technology in the start-up
and expansion phases, and cover a broad geographic area.
19
The data in this section, where not provided by the CNMV itself, are taken from J. Mart Pelln (2001): El capital
inversin en Espaa, 2000. Ed. Civitas, Madrid.
20
See annex A.4.22.
21
See annex A.4.24.
90
Table 5.6
FEATURES OF NEW VENTURE CAPITAL FIRMS CREATED UNDER THE NEW LAW.
SITUATION AT 31 DECEMBER 2000
Promoted by
Type
No. of investors or shareholders
Capital stock/Initial assets
Administration
Structure (employees)
Investment policy:
sector
phase of investee maturity
geographic scope
Other factors
TOTAL
Features
SCR (1)
FCR (2)
Individuals
Public sector
Banks
Academic institutions
Other
11
0
7
2
3
5
0
4
4
0
1
5
Open-end
Closed
0
28
0
12
One
2-3
4-10
over 10
4
10
10
4
3
2
6
1
under 3 million euros

3-12 million euros
over 12 million euros
13
10
5
0
7
5
Internally
Internally + Management company
21
7
0
12
0
up to 4
over 5
n.a.
5
16
5
2
NA
New technology
Consume
Other
12
2
14
2
0
10
Start-up
Start-up and expansion
Expansion
All
5
3
6
14
3
0
3
6
Place of origin
Spain and EU
All
8
7
13
5
5
2
New firm
Transformed from S. A. to SCR
24
4
NA
28
12
(1) SCR: Venture capital company.

(2) FCR: Venture capital fund.
91
6. SECURITIES FIRMS AND MANAGEMENT COMPANIES

6.1. Securities firms
Overview
By 2000 year-end, there were 105 companies in the sector, of which 48 were broker-dealers and 57
brokers. There were 58 stock exchange members, of which 39 were broker-dealers and the rest brokers.
This structure was very similar to 1999. Nevertheless, various acquisition and restructuring transactions
took place. Acquisitions mainly affected formerly independent companies (i.e. those not controlled by
financial institutions); the main acquisitions were of broker-dealers Benito y Monjardn by Banco Espirito
Santo, Beta Capital by Dutch group Meespierson, and Siaga by Internet specialist broker Consors. Other
noteworthy acquisitions include that of broker-dealer J.P. Morgan by Chase Manhattan and of Ibersecurities by Banco Sabadell and Banco Comercial Portugus.
The sectors aggregate earnings totaled 617 million euros in 2000, i.e. a 54% increase with respect
to 1999. However, that percentage does not reflect the sectors real performance because earnings had
fallen considerably in 1999 due to heavy book losses at one broker-dealer 1 as a result of a special charge
after it was acquired by an international investment bank. Excluding that broker-dealer, the sectors aggregate earnings increased by 9% (-2% in 1999). Consequently, earnings recovered moderately.
Earnings varied substantially depending on whether or not the companies were stock exchange
members . Stock exchange members 2 increased aggregate earnings by 17% (excluding the aforementioned company), whereas non-members saw earnings fall by 16%. The brokers that are stock exchange
members increased earnings by 70%, whereas non-members experienced a 41% decrease.
As usual, commission revenues from order processing and execution determined the performance
of the sectors aggregate income statement. In the Spanish stock market segment, which is the sectors
main revenues source, there was a considerable increase in trading despite poor price performance,
which had favorable consequences on the firms bottom lines (particularly stock exchange members).
Those commissions increased the accelerating decline in brokerage fees. Competitive pressure intensified due mainly to growth in securities transactions in foreign markets and to the development of brokerage services via the Internet 3. In contrast with order processing and execution revenues, revenues
from own-account trading fell considerably due mainly to the fall in equities prices.
In line with earnings, return on equity (ROE) after taxes increased substantially with respect to
1999 for stock exchange members but decreased for non-members. Because the bulk of broker-dealers
are stock exchange members, their average ROE was 29%. Slightly below one-third of broker-dealers
exceeded that average and a similar percentage obtained under 10% ROE. Only five broker-dealers
posted losses. Although stock exchange members contributed 69% of brokers earnings after taxes, the
dominance of non-members in this segment meant that ROE was 9%; 53% of brokers were below that
percentage, including twelve brokers that posted losses.
1
2
3
AB Asesores, now Morgan Stanley Dean Witter.

See annexes A.5.4.1, A.5.4.2 and A.5.4.3.
See the Services via the Internet box in this section.
93
Table 6.1
SECURITIES FIRMS: AGGREGATED INCOME STATEMENT
1996
1997
1998
1999
2000
Financial margin ....................................................

Net income from securities trading.........................
Net commission revenues .....................................
97.5
12.1
381.5
75.2
63.6
609.4
32.4
42.0
878.1
52.1
102.8
867.7
45.5
69.3
1,052.6
Total net revenues ......................................................
491.3
748.2
952.6
1.022.6
1,167.4
Operating expenses ...............................................
276.7
343.6
389.9
449.9
522.8
Operating margin ........................................................
214.6
404.7
562.7
572.7
614.5
Depreciation and other charges .............................

Other gains and losses ...........................................
39.9
8.2
43.5
15.4
9.7
17.0
213.9
42.0
47.1
49.4
Earnings before taxes...................................................
182.9
376.6
569.9
400.8
616.8
Company tax..........................................................
60.4
112.5
177.5
111.5
198.0
Earnings after taxes......................................................
122.5
264.0
392.5
289.2
418.8
17.0
18.0
15.0
29.1
34.5
16.1
34.7
41.1
17.9
21.8
23.3
15.8
27.0
30.7
10.2
Pro memoria: Average return on equity

before taxes (%)
Total.......................................................................
Stock exchange members.......................................
Non-members ........................................................
Trading for the account of third parties

Overall, broker-dealers and brokers reported 1.319 billion euros in service fee revenues; 1.1
billion euros corresponded to broker-dealers and the remainder to brokers. In both cases, brokerage
was the largest revenue source. Broker-dealers obtained 684 million euros in brokerage revenues
(+27% over 1999) and brokers 155 million euros (-3%). In both cases, brokerage revenues increased
considerably for stock exchange members and decreased for non-members 4.
The volume of business processed for the account of third parties totaled 12.1 trillion euros, i.e.
45.3% more than in 1999 5, when it had risen by 4.9% with respect to 1998. Money market and
government bond transactions continue to represent most of the mediated business (48%), followed by
derivatives transactions (41%). Whereas the former are concentrated mainly in the Spanish market, the
latter were channeled mainly via foreign markets. Equities listed in foreign markets grew considerably
with respect to 1999 and now account for 24% of traded equities. The volume of private fixed-income, a segment with low trading activity, doubled last years, nearly all of it in Spain.
Although equities accounted for 9% of the trading volume for the account of third parties, they
contributed 77% of order processing and execution fees 6. In contrast with derivatives, money market
and government bond transactions, where the wholesale segment dominates and brokerage fees are
small, equities brokerage has a large retail component and substantially higher commissions. Nevertheless, equities brokerage fees have been falling since the early 1990s due to the mounting competi-
4
Broker-dealers that are stock exchange members increased order processing and execution revenues by 29% and
non-members decreased by 54%. Brokers that are stock exchange members increased these revenues by 70% and non-members decreased by 33%.
5
See annex A.5.8.
6
See annex A.5.10.
94
SECURITIES FIRMS AND MANAGEMENT COMPANIES
tion between the providers of this service. This trend intensified considerably last year (figure 6.1) due,
among other factors, to the increased offering via the Internet and growth in foreign securities transactions (in which Spanish broker-dealers and brokers still have only a small share).
Revenues from other services accounted for 36% of the total (38% in 1999). Revenues from IIC
marketing and issue placement and underwriting contributed the most, i.e. 300 million euros (23% of
total revenues from all services).
Table 6.2
SECURITIES FIRMS: SERVICE FEE REVENUES
1996
1997
1998
1999
2000
Order processing and execution...................................

IIC subscription and reimbursement .............................
Issue placement and underwriting................................
Transaction advice and design......................................
Portfolio management and securities deposit................
Other ...........................................................................
361.9
61.0
30.5
17.0
19.3
62.4
558.0
89.0
70.5
37.5
25.9
80.8
788.5
122.6
138.6
13.1
33.8
114.5
699.3
138.5
112.9
38.5
33.3
109.4
838.4
157.7
147.9
38.8
32.7
103.7
Total ............................................................................
552.2
861.7
1,211.0
1,131.9
1,319.1
Figure 6.1
SECURITIES FIRMS: EQUITIES TRADED IN DOMESTIC MARKETS.
VOLUME AND BROKERAGE FEE REVENUES
2.10
1,000
900
850
1.89
1.90
800
1.70
1.69
1.62
1.50
600
1.36
1.27
500
521
483
1.30
1.24
400
Billions of euros
700
1.10
280
300
0.98
0.90
200
100
77
105
134
0.79 0.70
85
0.50
0
1993
1994
1995
Brokerage volume (LH)
1996
1997
1998
1999
2000
Average commission (RH)
95
Services via the Internet

The Internet has become a trading vehicle that increases competition between financial
services providers in the securities markets. Firms can now offer their services to more and
more customers without relying exclusively on their branch or agent networks. Some services,
such as e-brokerage, have become very widespread, especially in the US.
The use of the Internet for securities transactions is less developed in Europe than in the
US, although it is increasing. Spain is no exception and numerous financial institutions have
already begun to provide securities services via the Internet. At 2000 year-end, the CNMVs
Directorate-General of Supervision carried out a field study to estimate how many investment
services companies (broker-dealers, brokers and portfolio management companies) and
collective investment institution management companies provided services via the Internet.
The next table clearly shows that those companies have taken advantage of the possibilities
offered by the Internet as regards both advertising and business.
INVESTMENT SERVICES FIRMS AND SGIIC - INTERNET PRESENCE
Figures at 2000 year-end
Broker-dealers
and dealers
Firms (%) which have:
Web page
Available
Spain
International
Client acquisition on-line
Available now
Forthcoming
Client account statements online
Available now
Forthcoming
Online trading
Available now
Forthcoming
Pro memoria
Total no. of firms
SGC
SGIIC
79
66
12
51
51
77
77
26
14
4
4
26
19
36
9
26
17
105
62
4
29
10
41
124
As the table shows, about 80% of securities firms and SGIIC can be reached via the Internet
at the time of the study. Broadly speaking, firms linked to financial groups share their web site
with other group firms; this is the case of nearly half of the securities firms and 94% of the SGIIC
present on the Internet. Some of the web sites of securities firms that are subsidiaries of non-resident firms are located outside Spain.
The features of the web sites imply that the main objective is advertising and information
(access to customer portfolios, information about the management companys funds). Nevertheless, a large number of firms already offered specific transactions to customers or announced
that they would do so soon. In the case of broker-dealers and brokers, 27% allowed orders to be
entered on-line and another 17% promised to implement such a service shortly. Close to 30% of
SGIIC allow the Internet to be used for subscribing and divesting and another 10% planned to
support these transactions in the near future.
96
SGC also have a major Internet presence (over half of all SGC). In this case, apart from
advertising functions, information is the main added value of the web sites for clients: approximately 37% of portfolio management companies allow clients to track their securities accounts
via the net.
Growth in online brokerage and the characteristics of the medium pose major challenges for
supervision. The Internet may be very useful for investors, but it also carries risks, particularly for
small investors. The net can easily be used to publicize and sell high-risk products and services
without providing investors with the appropriate information. Also, the Internet has been found to
facilitate the operations of unauthorized intermediaries, greatly increasing the risk of certain
transactions if investors do not take the proper precautions. Aware of the magnitude of these risks,
the CNMV participates actively in efforts by international bodies to develop regulations for Internetbased activities and, within Spain, it is close to completing its own supervisory procedures for
ensuring appropriate investor protection.
Firms trading for their own account

Revenues on trading for firms own account fell sharply, in contrast with 1999. Overall, the sectors net revenues from own-account trading totaled 107 million euros, 28% less than in 1999 7. Of
this amount, 89% (about 95 million euros) related to broker-dealers and the remainder to brokers 8.
Gains on the trading portfolio provided 69 million euros to the sectors results on trading for its
own account, and the financial margin contributed 45 million. Eight million euros in provisions for
derivatives transactions must be subtracted from the sum of the foregoing amounts.
Total capital gains declined considerably (table 6.3) due basically to losses on equities. There
were also losses on the fixed-income portfolio, although they were much smaller. Derivatives trading
produced a gain, offsetting the losses on equities. Trading volumes decreased considerably with re-
Table 6.3
FIRMS TRADING PORTFOLIO GAINS/LOSSES
1996
1997
1998
1999
2000
Money market and fixed-income assets........................

Equities ........................................................................
Derivatives...................................................................
Other ...........................................................................
110.4
62.5
63.0
26.7
86.9
297.6
269.3
1.0
44.3
314.7
249.5
21.8
2.9
250.8
177.2
26.3
3.5
220.5
292.9
0.4
Total ............................................................................
83.2
116.2
87.7
102.8
69.3
See annex A.5.9.

The Securities Market Law allows only broker-dealers to trade for their own account. The results from trading for own
account by brokers referred to in this section arise from adjustments in their securities portfolios and from other net financial
revenues that are compatible with the cases envisaged by the regulations. Because of their small amount in comparison with
the earnings of broker-dealers under this heading, the trend in components is analyzed for the sector as a whole.
8
97
spect to the previous year in derivatives and government bonds, accompanied by a sharp increase in
trading of equities and private sector fixed-income 9. As in trading for third parties, firms focused on
equities and fixed-income trading for their own account in the domestic markets, and trading in derivatives on foreign markets.
The contribution from the financial margin (annex A.5.9) decreased by 13% with respect to 1999.
Dividends on equities in portfolio were the largest source of revenues in this item, although they fell
considerably in comparison with the previous year. Interest on fixed-income securities and net revenues from repos increased significantly. The average balance of repos held by the sector increased
by 50% in 2000 and amounted to 79% of the trading portfolio 10.
Consolidable groups
In 2000, the CNMV supervised 49 finance groups 11, i.e. two less than in 1999, under its powers
for consolidated-basis supervision 12. The number of groups with a foreign credit institution as parent
company declined, as did those whose parent company is in the other financial institutions category. However, one group was added to the list of those headed by a securities firm. Despite the net
reduction in the number of groups, the number of entities increased from 332 to 340.
Table 6.4
CONSOLIDABLE GROUPS. EARNINGS CONTRIBUTION BY
SUBSIDIARIES TO THE SECTOR. 2000
Consolidated
total (1)
Securities
firms (2)
Financial margin...............................................
Net income from securities trading ...................
Net commission revenues.................................
55.000
104.569
1,367.894
Total net revenues ............................................
Difference (%) (3)

1997
1998
1999
2000
45.449
69.326
1,052.593
10.7
4.2
22.1
23.2
14.9
20.4
16.3
3.3
30.7
17.4
33.7
23.1
1,527.463
1,167.368
19.8
20.3
28.0
23.6
Operating expenses ..........................................

Other gains and losses ......................................
800.663
74.497
599.852
49.420
21.0
50.3
24.1
82.4
38.7
8.0
25.1
33.7
Earnings before taxes........................................
801.297
616.936
16.8
15.9
4.6
23.0
Corporate iincome tax ......................................
258.928
198.661
19.5
17.3
0.9
23.3
Earnings after taxes ..........................................
542.369
418.275
15.6
15.2
6.1
22.9
Earnings attributed to outside shareholders .......
11.323
00
Consolidated sector earnings ...........................
531.046
418.275
14.5
13.5
11.0
21.2
(1) Consolidable groups plus independent broker-dealers and brokers.

(2) Total broker-dealers and brokers.
(3) Difference between (1) and (2), as a percentage of (1).
See annex A.5.8.

See annex A.5.3.1.
11
See annex A.5.11.
12
Royal Decree 1343/1992, dated 6 November, implementing Law 13/1992, dated 1 June, governing equities and consolidated-basis supervision of financial institutions.
10
98
Securities firms generated most of the sectors consolidated results (table 6.4) but, unlike 1999,
the other firms made a positive contribution, equivalent to 21% of the total, due to the considerable
reduction in their contribution to the consolidated sectors general expenses. Net revenues for services
provided 89% of consolidated ordinary income. Securities firms contributed 74% of these revenues,
whereas IIC operators in consolidated groups provided 23% 13.
6.2. Collective investment institution management companies (SGIIC)

The climate for collective investment institution management companies in 2000 was less favorable than in previous years. Collective investment institutions assets shrank by 8% (chapter 5). The
management companies faced fiercer competition from other financial assets, particularly deposits.
Only SIMCAV increased their overall assets, whereas divestment predominated in FIM and, above all,
FIAMM. Nevertheless, the number of institutions under management increased rapidly, from 3,191 in
1999 to 4,154 in 2000 14. The increase was concentrated in FIM and, above all, SIMCAV. The number
of FIAMM was practically stable and the number of SIM shrank considerably. The assets managed by
real estate collective investment institutions increased substantially, although the number of institutions remained constant.
In June 2000, the government reduced the maximum limits on the various types of commissions
that SGIIC can charge on funds 15. Despite this development and the reduction in assets of managed
IIC, commission revenues remained similar to 1999around 3 billion euroswith management fees
providing 97% of that amount 16. Commission revenues stability was favored by investors shift from
fixed-income to equities funds, which carry higher loading. Although equities funds also declined in
terms of assets during 2000 with respect to 1999 year-end, the bulk of the fall came in the fourth
quarter.
Figure 6.2
250,000
1,200
200,000
1,000
800
150,000
600
100,000
400
50,000
0
200
1995
1996
Assets (LH)
13
14
15
16
See
See
See
See
1997
1998
1999
2000
Millions of euros
Millions of euros
COLLECTIVE INVESTMENT INSTITUTION MANAGEMENT COMPANIES:

ASSETS MANAGED AND PRE-TAX EARNINGS
Earnings (RH)
annex A.5.14.
annex A.5.16.
box in chapter 5.
annex A.5.16.
99
The amount of commission expenses, mainly for fund marketing services provided by other institutions, was also stable. Since these two types of commission are the main revenue and expense items
in fund managers income statements, their stability played a decisive role in enabling SGIIC overall to
report practically the same aggregated pre-tax earnings as in 1999: 1 billion euros. Accordingly, the
upward trend in the sectors earnings was halted (figure 6.2). The sectors after-tax earnings totaled 663
million euros. A total of seventeen firms reported losses (fourteen in 1999). The sectors average ROE
was around 56%, but only 16 of the 124 firms beat that figure (three less than in 1999).
6.3. Portfolio management companies (SGC)

There were a total of 41 portfolio management companies registered with the CNMV at year-end,
i.e. seven fewer than in 1999 17. At that date, they managed or advised on assets totaling 7.5 billion
euros, a 16% increase over the previous year. The increase was due exclusively to good performance
in the advisory business, where the previous years downward trend was curtailed and assets under
advice increased from 1.2 billion euros to 4.7 billion euros.
Conversely, assets managed in individual portfolios fell by 43% to 2.7 billion euros. There was
also a considerable reduction in the number of managed SIMCAV (from 52 to 18) and in their assets
(77% to 120 million euros). At 2000 year-end, no SIM were being managed by SGC.
Net commission revenues at SGC increased by 42% over 1999 to nearly 28 million euros 18. Within
these revenues, there was a very sharp increase in advisory fees and volume discounts collected from
other financial institutions for trading transactions in the managed portfolios. These items contributed 3.8 billion euros and 11.9 billion euros, respectively. Management contracts increased more
moderatly, contributing 11 million euros. The sectors aggregated pre-tax earnings totaled 8.6 million
euros, a 41% increase with respect to 1999.
Figure 6.3
PORTFOLIO MANAGEMENT COMPANIES: MANAGED ASSETS
AND PRE-TAX EARNINGS
8,000
10,000
7,000
9,000
8,000
7,000
5,000
6,000
4,000
5,000
4,000
3,000
3,000
2,000
2,000
1,000
0
1,000
1996
1997
Assets (LH)
17
18
100
See Annex A.5.16.

See Annex A.5.18.
1998
1999
Earnings (RH)
2000
Millions of euros
Millions of euros
6,000
6.4. Venture capital firm management companies (SGECR)

The venture capital sector grew considerably in 2000 (chapter 5), as did the number of firms
authorized by the CNMV in this area. The new regulation of the sector is facilitating the creation of
new firms since it provides greater transparency and tax incentives to investors. In 2000, the CNMV
registered eight new venture capital firm management companies (compared with only one new firm
registered in 1999). The nineteen management companies that were on the books in December 2000
managed a total of 23 venture capital funds and six venture capital companies.
Considerable progress was made during 2000 in developing accounting and reporting regulations
for venture capital firms. The regulations which have now been approved and the forthcoming rulemaking of pending items will facilitate supervision and provide accurate information in the future
about the registered firms performance.
101
Annex 1
Primary markets
Annex 1: PRIMARY MARKETS
A.1.1. PRIMARY MARKETS. ISSUES AND OUTSTANDING BALANCES

Gross issues
Public administrations (1) ....................................................................
Short term ........................................................................................
Medium and long term ....................................................................
Issues registered at the CNMV.............................................................
Capital increases (2) ..........................................................................
of which primary public offerings (3) ............................................
Fixed-income (2) ...............................................................................
Short term .....................................................................................
Medium and long term..................................................................
1996
1997
1998
1999
2000
121,374
82,228
39,146
14,220
456
0
13,764
5,415
8,349
136,627
84,259
52,368
14,388
964
171
13,424
4,640
8,784
108,113
48,126
59,987
30,175
9,172
379
21,004
5,061
15,943
92,157
45,139
47,018
72,339
14,748
7,373
57,591
32,555
25,037
83,796
38,305
45,491
96,237
43,937
17,811
52,300
34,366
17,934
Secondary public offerings (3) ..................................................................

Fixed-income issued by residents: outstanding balance (1)
Total resident issuers............................................................................
Short term ........................................................................................
Public administrations..........................................................................
Short term ........................................................................................
Financial institutions ............................................................................
Short term ........................................................................................
Non-financial companies ....................................................................
Short term ........................................................................................
Medium and long term......................................................................
2,207
11,101
10,743
4,419
9,446
303,530
89,473
214,057
248,610
82,095
166,515
36,259
1,591
34,668
18,661
5,787
12,874
324,695
79,512
245,183
270,030
72,822
197,208
37,041
938
36,103
17,624
5,752
11,872
342,474
68,157
274,317
283,848
61,036
222,812
41,289
1,041
40,248
17,337
6,080
11,257
390,856
76,499
314,357
301,468
54,335
247,133
68,750
14,817
53,933
20,638
7,347
13,291
401,224
59,578
341,646
313,452
45,731
267,721
69,667
10,302
59,365
18,105
3,545
14,560
Pro memoria
Commercial paper registered at the CNMV: outstanding balance (1) ......
3,320
3,206
4,038
18,339
17,316
(1) Nominal amount.

105
106
9,171.6
378.8
21,003.5
1,300.1
3,092.5
6,026.4
451.8
5,072.1
5,060.5
0.0
10,742.9
40,917.9
Capital increases...............................................................................................
of which primary public offerings (1)............................................................
Fixed-income ...................................................................................................
Preference shares..........................................................................................
Mortgage bonds............................................................................................
Non-convertible bonds and debentures ........................................................
Convertible/exchangeable bonds and debentures .........................................
Asset-backed bonds (1).................................................................................
Commercial paper .......................................................................................
Other fixed-income securities.......................................................................
Secondary public offerings (1) .........................................................................
TOTAL..............................................................................................................
30,175.0
Fixed-income and equity issues ........................................................................
Amount
60.5
3.2
56.5
00
40.0
5.6
176.3
619.1
9.1
00
851.9
121.5
109.7
Var. (%)
Effective
1998
22,231.8
658.1
20,316.2
600.3
3,092.5
6,039.0
451.8
5,072.1
5,060.5
0.0
1,257.5
22.6
21,573.7
Amount
Nominal
76,758.1
4,418.8
57,591.5
5,685.3
4,438.0
7,343.3
800.0
6,769.9
32,554.9
0.0
14,747.9
7,372.6
72,339.3
Amount
87.6
58.9
174.2
337.3
43.5
21.9
77.1
33.5
543.3
00
60.8
1,846.4
139.7
Var. (%)
Effective
1999
59,191.2
358.7
56,327.7
4,416.0
4,433.2
7,353.6
800.0
6,769.9
32,554.9
0.0
2,504.8
439.7
58,832.5
Amount
Nominal
105,683.4
9,446.5
52,300.2
2,880.0
2,643.1
4,970.3
132.2
7,308.4
34,366.1
0.0
43,936.8
17,810.5
96,236.9
Amount
37.7
113.8
9.2
49.3
40.4
32.3
83.5
8.0
5.6
00
197.9
141.6
33.0
Var. (%)
Effective
2000
57,288.4
330.9
52,304.2
2,880.0
2,643.1
4,974.3
132.2
7,308.4
34,366.1
0.0
4,653.3
754.5
56,957.5
Amount
Nominal
A.1.2. ISSUES AND PUBLIC OFFERINGS. DETAIL BY INSTRUMENTS. AMOUNTS REGISTERED AT THE CNMV
A.1.3. ISSUES AND PUBLIC OFFERINGS. PLACEMENTS*

Distribution (%) by investor category
Percentage of the total nominal amount
Fixed-income
Equities
1996
1997
1998
1999
2000
1996
1997
1998
1999
2000
TOTAL RESIDENTS.......................................... .
95
95
90
100
100
72
68
68
56
58
Resident credit institutions ...............................

Spanish ........................................................
Foreign..........................................................
22
21
1
27
25
3
26
25
1
2
2
0
0
0
0
9
9
0
5
5
0
5
5
0
5
5
0
22
22
0
Other financial sector and insurance ................

Other financial institutions ...........................
Collective investment institutions .................
Insurance companies ....................................
9
2
3
4
13
6
2
5
12
2
4
6
10
0
0
10
0
0
0
0
11
1
5
5
10
1
4
5
10
1
4
5
8
1
3
4
4
0
2
1
Non-financial companies ..................................
13
11
14
16
Households ......................................................
58
53
50
79
92
39
45
41
29
17
TOTAL NON-RESIDENTS .................................
10
28
32
32
54
42
Financial institutions .........................................
22
28
26
29
21
Other investors..................................................
16
21
(*) Placements notified by issuers at year-end. Excluding commercial paper.
107
A.1.4. CAPITAL INCREASES THROUGH ISSUES OF NEW STOCK REGISTERED

AT THE CNMV, EXCEPT PRIMARY PUBLIC OFFERINGS. 2000
Detail by issuer
No. of
Food, beverages and tobacco .........................................................................................

HEINEKEN ESPAA, S.A. ...............................................................................................
PESCANOVA, S.A. ..........................................................................................................
BODEGAS BILBAINAS, S.A. ...........................................................................................
NATRA, S.A. ...................................................................................................................
CAMPOFRIO ALIMENTACION, S.A. ..............................................................................
PULEVA, S.A. ..................................................................................................................
Banks...............................................................................................................................
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. ..............................................................
BANCO SANTANDER CENTRAL HISPANO, S.A. ...........................................................
BANCO ZARAGOZANO, S.A. .......................................................................................
BANCO DE VALENCIA, S.A. ..........................................................................................
BANKINTER, S.A. ...........................................................................................................
BANCO GUIPUZCOANO, S.A. .....................................................................................
Commerce.......................................................................................................................
CENTROS COMERCIALES CARREFOUR, S.A. ................................................................
SOL MELIA, S.A. .............................................................................................................
TELE PIZZA, S.A. ............................................................................................................
Communications .............................................................................................................
TELEFONICA, S.A. ..........................................................................................................
TERRA NETWORKS, S.A. ................................................................................................
Construction....................................................................................................................
ACS, ACTIVIDADES DE CONSTRUCCION Y SERVICIOS, S.A. ......................................
Holding companies and conglomerates ..........................................................................
NH HOTELES, S.A. .........................................................................................................
GRUPO FOSFORERA, S.A. .............................................................................................
SAAREMA INVERSIONES, S.A. .......................................................................................
GRUPO FIATC, S.A. .......................................................................................................
TECNOCOM, TELECOMUNICACIONES Y ENERGIA, S.A. .............................................
Energy and water ............................................................................................................
UNION ELECTRICA FENOSA, S.A. .................................................................................
REPSOL YPF, S.A. ...........................................................................................................
SOCIEDAD GENERAL DE AGUAS DE BARCELONA, S.A. .............................................
Extraction and transformation of non-energy minerals ...................................................
ACERINOX, S.A. .............................................................................................................
Metal processing industries .............................................................................................
AVANZIT, S.A. ................................................................................................................
ABENGOA, S.A. .............................................................................................................
ZARDOYA OTIS, S.A. .....................................................................................................
Chemical industry ...........................................................................................................
ERCROS, S.A. .................................................................................................................
ZELTIA, S.A. ....................................................................................................................
FAES, FABRICA ESPAOLA DE PROD, QUIMICOS Y FARMACEUTICOS, S.A. ..............
Real estate.......................................................................................................................
INMOBILIARIA URBIS, S.A. ............................................................................................
FILO, S.A. .......................................................................................................................
METROVACESA, S.A. .....................................................................................................
INMOBILIARIA COLONIAL, S.A. ...................................................................................
INMOBILIARIA DEL SUR, S.A. .......................................................................................
LIBERTAS 7, S.A. .............................................................................................................
FORUM INMOBILIARIO CISNEROS, S.A. ......................................................................
INMOLEVANTE, S.A. ......................................................................................................
INCRECISA, S.A. .............................................................................................................
Other...............................................................................................................................
GRUPO PICKING PACK, S.A. .........................................................................................
TELEFONICA PUBLICIDAD E INFORMACION, S.A. ......................................................
Resto otras Ind, Manufactureras.......................................................................................
GRUPO EMPRESARIAL ENCE, S.A. ................................................................................
PAPELES Y CARTONES DE EUROPA, S.A. ......................................................................
Other manufacturing industry.........................................................................................
PARQUES REUNIDOS, S.A. ...........................................................................................
Transport .........................................................................................................................
EUROPISTAS, CONCESIONARIA ESPAOLA, S.A. ........................................................
AUTOPISTAS, CONCESIONARIA ESPAOLA, S.A. ........................................................
AUREA CONCESIONES DE INFRAES,, S.A., CONCES, DEL ESTADO..............................
SABA APARCAMIENTOS, S.A. ........................................................................................
TRANSPORTES AZKAR, S.A. ..........................................................................................
TOTAL .............................................................................................................................
108
Issuers
Issues
6
1
1
1
1
1
1
6
1
1
1
1
1
1
3
1
1
1
2
1
1
1
1
5
1
1
1
1
1
3
1
1
1
1
1
3
1
1
1
3
1
1
1
9
1
1
1
1
1
1
1
1
1
2
1
1
2
1
1
1
1
5
1
1
1
1
1
52
9
2
2
1
1
2
1
14
4
6
1
1
1
1
3
1
1
1
20
17
3
1
1
5
1
1
1
1
1
5
1
3
1
1
1
4
2
1
1
4
1
2
1
11
1
2
1
1
1
2
1
1
1
3
2
1
2
1
1
1
1
6
1
1
1
2
1
89
Effective
amount
251,743
167,881
0
11,994
8,640
39,188
24,040
4,514,034
2,441,229
2,069,913
0
0
0
2,892
806,037
596,068
198,332
11,637
17,841,028
12,277,426
5,563,602
68,516
68,516
219,515
158,745
34,811
14,110
2,083
9,766
1,398,624
905,574
491,666
1,384
12,547
12,547
303,515
228,402
75,113
0
42,988
26,111
16,877
0
209,751
94,768
17,645
63,168
0
0
28,561
4,132
0
1,477
269,942
262,461
7,481
0
0
0
30,635
30,635
157,379
119,058
0
34,562
3,759
0
26,126,256
Nominal amount
Total
Bonus issues
120,676
72,435
18,180
11,994
8,640
6,653
2,774
806,468
425,991
333,630
37,000
7,947
1,500
400
78,513
75,600
2,644
268
2,078,074
1,395,542
682,532
13,668
13,668
123,048
76,137
34,811
9,550
1,983
566
155,218
113,197
40,637
1,384
760
760
20,232
15,626
3,243
1,363
18,559
14,921
3,036
602
65,110
25,143
11,828
11,141
8,002
2,300
2,254
2,016
1,688
739
206,240
206,219
21
33,000
19,103
13,897
1,636
1,636
177,664
101,326
39,746
28,106
4,436
4,050
3,898,866
18,180
0
18,180
0
0
0
0
46,447
0
0
37,000
7,947
1,500
0
0
0
0
0
86,814
86,814
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,363
0
0
1,363
2,599
0
1,997
602
13,752
0
1,763
0
8,002
2,300
0
0
1,688
0
0
0
0
33,000
19,103
13,897
0
0
44,474
0
39,746
0
678
4,050
246,629
2,994,200
4,381,800
337,649
2,416,334
4,237,996
55,000
29,134
58,005
415
3,300,000
17,810,533
TOTAL OFFERED ........................................................................
Total
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. ...........................

BANCO SANTANDER CENTRAL HISPANO, S.A. ........................
CABLEUROPA, S.A. .....................................................................
EUROPEAN AER. DEFENCE AND SPACE COMPANY EADS, N.V.
KONINKLIJKE KPN N.V. ..............................................................
META 4 N.V. ................................................................................
RECOL NETWORKS, S.A. ............................................................
SOS ARANA ALIMENTACION, S.A. ............................................
TECNOCOM, TELECOMUNICACIONES Y ENERGIA, S.A. ..........
TELEFONICA MOVILES, S.A. .......................................................
Offered company
2,136,770
3,760,500
147,721
404,865
4,237,996
33,000
29,134
58,005
415
2,640,000
Domestic
market
13,448,406
Effective amount offered
754,461
107,800
201,000
51,946
134,241
62,400
868
4,856
38,735
2,615
150,000
Total
523,776
76,930
172,500
22,726
22,492
62,400
521
4,856
38,735
2,615
120,000
Domestic
market
Nominal amount offered
A.1.5. PRIMARY PUBLIC OFFERINGS REGISTERED AT THE CNMV. 2000
109
110
TOTAL OFFERED
SEVERAL SELLERS
AMPER, S.A.
BANKINTER, S.A.
SEVERAL SELLERS
KREDITANSTALF FR WIEDERAUFBAU
KREDITANSTALF FR WIEDERAUFBAU
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A.
CORPORACION IBV SERVICIOS Y TECNOLOGIAS, S.A.
PROMOTORA DE INFORMACIONES, S.A.
RECOLETOS COMPAIA EDITORIAL, S.A.
TRANSPORTES AZKAR, S.A.
SEVERAL SELLERS
Seller
AMADEUS GLOBAL TRAVEL DISTRIBUTION, S.A.......................

AMPER, S.A...................................................................................
BANKINTER, S.A...........................................................................
COMPAIA DE DISTRIBUCION INTEGRAL LOGISTA, S.A. .........
DEUTSCHE POST AKTIENGESELLSCHAFT (AG)...........................
DEUTSCHE TELEKOM AG ............................................................
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. ............
GRUPO AUXILIAR METALURGICO, S.A. .....................................
PROMOTORA DE INFORMACIONES, S.A. ..................................
RECOLETOS COMPAIA EDITORIAL, S.A....................................
TRANSPORTES AZKAR, S.A..........................................................
ZELTIA, S.A. ..................................................................................
Offered company
9,446,453
1,180,000
11,499
0
319,048
5,703,100
414,280
4,820
306,558
910,260
305,700
781
290,408
Total
7,536,787
177,000
11,499
0
266,548
5,703,100
414,280
4,820
203,095
435,342
137,565
781
182,758
Domestic
market
A.1.6. SECONDARY PUBLIC OFFERINGS REGISTERED AT THE CNMV. 2000
330,905
1,180
1,395
1,500
9,116
278,200
15,946
500
12,165
4,376
5,095
88
1,344
Total
318,713
177
1,395
1,500
7,616
278,200
15,946
500
8,059
2,093
2,293
88
846
Domestic
market
Amount
6,000,000
6,000,000
2,500,000
2,000,000
1,500,000
1,500,000
1,450,000
1,398,988
1,017,700
1,000,000
24,366,688
9,999,448
34,366,136
Issuer
BANCO SANTANDER CENTRAL HISPANO, S.A. ............

BBV BANCO DE FINANCIACION, S.A. ...........................
ENDESA, S.A. ...................................................................
CAJA DE AH. Y MONTE DE PIEDAD DE MADRID ..........
BANESTO BANCO DE EMISIONES, S.A. .........................
IBERDROLA, S.A. .............................................................
HBF BANCO FINANCIERO, S.A. .....................................
FONDO DE TIT. DE ACTIVOS SANTANDER I (2).............
BANKINTER, S.A. .............................................................
TELEFONICA, S.A. ...........................................................
10 LARGEST ISSUERS .......................................................

REMAINDER (31 ISSUERS )...............................................
TOTAL (41 ISSUERS) ........................................................
Commercial paper
100.0
70.9
29.1
17.5
17.5
7.3
5.8
4.4
4.4
4.2
4.1
3.0
2.9
TOTAL (36 ISSUERS)........................................................
10 LARGEST ISSUERS ......................................................

REMAINDER (26 ISSUERS)...............................................
ENDESA, S.A. ..................................................................

CAJA DE AH. DE VALENCIA, CASTELLON Y ALICANTE...
CAJA DE AH. Y PENSIONES DE BARCELONA.................
TELEFONICA, S.A. ..........................................................
CAJA DE AHORROS DE GALICIA....................................
ENTE PUBLICO RTVE ......................................................
CAJA DE A. Y MONTE DE PIEDAD DE MADRID ............
HIDROELECTRICA DEL CANTABRICO, S.A. ...................
AUTOPISTAS DEL MARE NOSTRUM, S.A. .....................
PASTOR INTERNATIONAL CAPITAL................................
Issuer
7,353,649
6,100,000
1,253,649
1,250,000
1,020,000
1,000,000
900,000
510,000
500,000
320,000
300,000
180,000
120,000
Amount
Non-convertible bonds and debentures
100.0
83.0
17.0
17.0
13.9
13.6
12.2
6.9
6.8
4.4
4.1
2.4
1.6
6,000,000
6,000,000
3,450,000
2,500,000
2,000,000
1,850,000
1,650,000
1,500,000
1,500,000
1,500,000
Amount
TOTAL (86 ISSUERS) ......................................................... 52,304,215.7
10 LARGEST ISSUERS........................................................ 27,950,000

REMAINDER (76 ISSUERS ) ............................................... 24,354,216
BANCO SANTANDER CENTRAL HISPANO, S.A. .............

BBV BANCO DE FINANCIACION, S.A. ...........................
CAJA DE AH. Y MONTE DE PIEDAD DE MADRID ...........
ENDESA, S.A. ...................................................................
CAIXA PREFERENCE, LTD. ................................................
REPSOL INTERNATIONAL FINANCE, B.V. .......................
TELEFONICA, S.A. ............................................................
BANESTO BANCO DE EMISIONES, S.A. ..........................
BBVA .................................................................................
IBERDROLA, S.A. .............................................................
Issuer
Total fixed-income
100.0
53.4
46.6
11.5
11.5
6.6
4.8
3.8
3.5
3.2
2.9
2.9
2.9
Nominal amounts in thousands of euros
A.1.7. FIXED-INCOME ISSUES REGISTERED AT THE CNMV. MAIN ISSUERS. 2000
111
A.1.8. FIXED-INCOME ISSUES REGISTERED AT THE CNMV.

PREFERENCE SHARES. 2000.
Detail by issuer
BANCAJA EUROCAPITAL FINANCE ..................................

CAIXA PREFERENCE, LTD. ................................................
CAJA MURCIA FINANCE LIMITED ....................................
CAJASUR EUROCAPITAL FINANCE LIMITED....................
EL MONTE INTERNATIONAL CAPITAL LIMITED ..............
POPULAR PREFERENCE (CAYMAN) LIMITED ...................
Coupon
Issue
date
Type (1)
Initial (%)
Nominal
amount
Effective
amount
01/03/00
23/06/00
01/05/01
29/12/00
18/12/00
16/11/00
VR
VR
VR
VR
VR
VR
4.91
4.43-6.83
5.25
5.87
5.78
4.50
300,000
2,000,000
100,000
150,000
130,000
200,000
300,000
2,000,000
100,000
150,000
130,000
200,000
2,880,000
2,880,000
TOTAL ...............................................................................
(1) F: fixed; PV: predetermined variable; RV: referenced variable; C"0": zero coupon; O: other type.

CONVERTIBLE BONDS. 2000
Detail by issuer
Issue
date
Date
maturity (1)
Coupon
Type (2)
Initial (%)
Banks.................................................................................
BANKINTER ......................................................................
132,223
05/03/00
05/03/10
TOTAL ...............................................................................
(1) Last maturity date.
112
Nominal
amount
VR
1.50
132,223
132,223

NON-CONVERTIBLE BONDS. 2000
Detail by issuer
Date
Issue
Coupon
Maturity (1)
Type (2)
Initial (%)
Energy and water utilities ..................................................
Nominal
amount
72,400
MINICENTRALES DOS, S. COM. P.A.................................

14/04/00
30/09/27
6.45
Transport ...........................................................................
72,400
72,400
60,000
AUTOPISTAS, CONCESIONARIA ESPAOLA, S.A. ...........

19/10/00
19/10/00
19/10/00
19/10/05
19/10/10
19/10/15
VR
VR
VR
5.09
5.09
5.09
Communications ...............................................................
60,000
20,000
20,000
20,000
650,000
TELEFONICA, S.A. ............................................................

02/03/00
21/03/00
06/04/00
02/03/15
21/03/01
06/04/07
VR
VR
F
n/d (3)
n/d (3)
5.63
Banks.................................................................................
650,000
50,000
100,000
500,000
282,071
BANCO ATLANTICO, S.A. ................................................

28/04/00
01/08/08
VR
n/d (3)
15/09/00
15/09/00
15/04/09
15/04/09
F
F
5.75
5.75
15/02/00
15/02/04
VP
3.95
05/05/99
01/07/07
VR
3.10
31/03/00
30/03/07
VP
4.05
BANCO GUIPUZCOANO, S.A..........................................
BANCO DE MURCIA, S.A. ................................................

BANCO ZARAGOZANO, S.A. ..........................................
DEUTSCHE BANK, S.A. ESPAOLA ..................................
Other financial institutions................................................
90,000
90,000
30,051
18,030
12,020
12,020
12,020
60,000
60,000
90,000
90,000
1,850,000
REPSOL INTERNATIONAL FINANCE, B.V. ........................

05/05/00
04/08/00
05/05/10
04/08/03
F
VR
6.00
n/d (3)
Savings banks ....................................................................
1,850,000
1,000,000
850,000
1,731,940
CAJA DE AH. DE VALENCIA, CASTELLON Y ALICANTE...

15/02/00
21/01/05
C 0
24/03/00
02/10/00
01/08/00
25/08/00
01/07/10
01/02/11
01/08/15
25/08/02
VP
VP
VP
VR
0.00
CAJA DE AHORROS DE CATALUA.................................

4.25
5.25
5.50
n/d (3)
17,700
17,700
316,000
120,000
90,000
6,000
100,000

113
(Continue)

Detail by issuer
Date
Coupon
Type (2)
Initial (%)
Maturity (1)
10/02/00
Perpetua
VR
4.25
01/06/00
02/11/00
27/05/15
27/10/15
VR
VR
4.50
5.45
15/11/00
Perpetua
VR
4.75
18/02/00
01/12/00
28/02/07
01/12/07
VR
VR
4.50
5.75
27/03/00
27/06/15
5.75
20/12/99
00/01/00
VR
5.00
06/04/00
31/03/00
12/06/00
24/07/00
06/04/04
10/04/12
16/06/15
04/08/05
F
F
VR
VR
4.00
6.25
n/d (3)
Sin cupones
15/09/00
15/12/10
VR
4.91
31/03/00
31/03/07
VR
5.00
15/12/00
15/12/05
6.25
04/12/00
04/12/00
01/01/11
30/09/10
VR
VR
5.72
n/d (3)
01/12/00
29/12/05
VR
6.00
30/03/00
01/10/01
VR
n/d (3)
30/06/00
30/06/10
VR
4.50
21/06/00
15/08/10
VR
5.15
12,000
12,000
24,000
24,000
25/05/00
25/05/06
VR
3.25
60,101
60,101
CAIXA DESTALVIS DE SABADELL ....................................

CAIXA DESTALVIS DE TARRAGONA ...............................
MONTE DE P. Y CAJA GENERAL DE AH. DE BADAJOZ ...

CAJA RURAL DE EXTREM., SDAD. COOP. CTO. LTDA. ...
CAJA ESPAA DE INV., CAJA DE AH. Y MONTE DE P. ....

CAJA GENERAL DE AHORROS DE CANARIAS .................
CAJA RURAL CREDICOOP, SDAD. COOP. CTO. LTDA. ...

CAJA RURAL DE EXTREM., SDAD. COOP. CTO. LTDA. ...
CAJA RURAL DE JAEN, SDAD. COOP. ANDALUZA CTO....
CAJA RURAL VALENCIA, SOC. COOP. DE CREDITO .......
CAJA RURAL DE ZAMORA, COOP. DE CREDITO ............

CAJA DE AHORROS DE VITORIA Y ALAVA ......................
CAJA DE AHORROS DE LA RIOJA.....................................
MONTE DE P. Y CAJA DE AH. DE HUELVA Y SEVILLA .....
MONTES DE PIEDAD Y CAJA DE AHORROS DE RONDA,
CADIZ, ALMERIA, MALAGA Y ANTEQ .........................

114
Nominal
amount
Issue
30,000
30,000
24,024
9,000
15,024
9,015
9,015
60,000
30,000
30,000
100,000
100,000
6,000
6,000
950,000
300,000
550,000
50,000
50,000
6,000
6,000
6,100
6,100
18,000
18,000
30,000
6,000
24,000
3,000
3,000
60,000
60,000
(Continue)

Detail by issuer
Date
Issue
Coupon
Maturity (1)
Type (2)
Initial (%)
Insurance...........................................................................
Nominal
amount
273,840
AXA, S.A............................................................................
123,840
08/02/00
08/02/30
22/12/00
Perpetua
VR
7.25-7.50
123,840
4.91
150,000
VIDA CAIXA, S.A., SEGUROS Y REASEGUROS.................
150,000
Local authorities................................................................
54,090
CABILDO INSULAR DE GRAN CANARIA.........................
27,045
21/12/00
26/12/05
1.50
26/12/05
1.50
CABILDO INSULAR DE TENERIFE.....................................
27,045
27,045
TOTAL ...............................................................................
27,045
4,974,341

115

MORTGAGE BONDS. 2000
Detail by issuer
Banks ................................................................................
BBVA.................................................................................
Savings banks....................................................................
CAIXANOVA.....................................................................
CAJA BADAJOZ ................................................................

CAJA DE SEGOVIA ...........................................................
CAJA ESPAA DE INVERSIONES ......................................

CAJA GENERAL DE GRANADA ........................................
CAJA MADRID ..................................................................
LA CAIXA ..........................................................................
TOTAL...............................................................................
Date
Issue
Maturity (1)
1,500,000
1,500,000
1,500,000
27/09/00
27/09/10
5.75
10/03/00
10/03/00
20/07/00
10/03/10
10/03/10
11/08/07
F
F
VP
4.25
4.25
4.00
15/11/00
15/05/04
VR
4.50
25/02/00
25/02/00
25/02/00
25/02/00
25/08/03
25/08/03
25/08/03
25/08/03
VR
VR
VR
VR
3.50
3.50
3.50
3.50
20/03/00
19/04/05
4.25
17/06/00
17/06/03
VP
4.00
16/05/00
15/01/10
5.50
20/12/00
20/12/03
4.00
1,143,117
120,000
30,000
30,000
60,000
18,030
18,030
32,580
18,000
9,000
2,000
3,580
100,000
100,000
72,000
72,000
500,000
500,000
300,506
300,506
2,643,117

116
Coupon
Nominal
amount
Type (2)
Initial (%)
(a)
(b)
(c)
(d)
28/01/00
25/02/00
29/02/00
12/06/00
26/11/99
25/11/00
17/02/00 (d)
28/11/00 (d)
ASSET-BACKED BONDS .......................................................................................

FONDO DE TITULIZACION DE ACTIVOS BBVA-1..............................................
FTPYME ICO-TDA 1, FONDO DE TITULIZACION...............................................
AYT.3, FTPYME .....................................................................................................
BCL MUNICIPIOS I FONDO DE TITULIZACION DE ACTIVOS ...........................
FONDO DE TITULIZACION DE ACTIVOS BBVA-2 FTPYME ICO ........................
TDA 13-MIXTO, FONDO DE TITULIZACION DE ACTIVOS ................................
ASSET-BACKED NOTES (c) ...................................................................................

FONDO DE TITULIZACION DE ACTIVOS SANTANDER I ...................................
FONDO DE TITULIZACION DE ACTIVOS SANTANDER I ...................................
Average maturity (years): Varies on the basis of prepayment rates.

T.A.C.P.= constant annual prepayment rate (%)
Issue programs.
Program registration date.
TOTAL BONDS.....................................................................................................
TOTAL NOTES (c).................................................................................................
TOTAL ..................................................................................................................
24/01/00
28/01/00
28/02/00
04/05/00
11/05/00
22/06/00
05/07/00
MORTGAGE-BACKED BONDS ............................................................................

TDA 11, FONDO DE TITULIZACION HIPOTECARIA...........................................
AYT.2, FONDO DE TITULIZACION HIPOTECARIA..............................................
RURAL HIPOTECARIO 1 FONDO DE TITULIZACION HIPOTECARIA ................
BZ HIPOTECARIO 2 FONDO DE TITULIZACION HIPOTECARIA .......................
FONDO DE TITULIZACION HIPOTECARIA, BANESTO 2....................................
FONDO DE TITULIZACION DE ACTIVOS UCI 6.................................................
TDA 12, FONDO DE TITULIZACION HIPOTECARIA ..........................................
Issue
date
7,308,400
1,398,988
8,707,388
1,398,988
398,988
1,000,000
4,244,300
1,112,800
474,400
162,600
1,205,000
900,000
389,500
3,064,100
660,600
232,500
200,000
285,000
715,000
457,100
513,900
Total
6,441,300
1,398,988
7,840,288
1,398,988
398,988
1,000,000
4,244,300
1,112,800
474,400
162,600
1,205,000
900,000
389,500
2,197,000
338,300
232,500
200,000
285,000
715,000
89,800
336,400
Domestic
market
7,308,400
1,398,988
8,707,388
1,398,988
398,988
1,000,000
4,244,300
1,112,800
474,400
162,600
1,205,000
900,000
389,500
3,064,100
660,600
232,500
200,000
285,000
715,000
457,100
513,900
Total
6,441,300
1,398,988
7,840,288
1,398,988
398,988
1,000,000
4,244,300
1,112,800
474,400
162,600
1,205,000
900,000
389,500
2,197,000
338,300
232,500
200,000
285,000
715,000
89,800
336,400
Domestic
market
7.5
2.3
n/a
7.0
6.9
6.1
12.5
13.0
10.5
4.4
5.4
6.2
7.7
Years
10.0
5.0
n/a
1.0
10.0
8.0
8.0
6.0
10.0
10.0
10.0
10.0
8.0
T.A.C.P. (b)
Average maturity (a)
A.1.12. FIXED-INCOME ISSUES REGISTERED AT THE CNMV. ASSET-BACKED BONDS AND NOTES. 2000
Detail by issuer
117

COMMERCIAL PAPER. 2000
Detail by issuer
Registered programs
Placements
Balance
Outstanding
at 31-12
N.o
Importe
Financial institutions .......................................................................................

ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECARIO, S.A. .......................
BANCO ATLANTICO, S.A. .............................................................................
BANCO DE CREDITO LOCAL DE ESPAA, S.A. ...........................................
BANCO DE LA PEQUEA Y MEDIANA EMPRESA, S.A. ................................
BANCO DE SABADELL, S.A. ..........................................................................
BANCO POPULAR ESPAOL, S.A. ................................................................
BANCO SANTANDER CENTRAL HISPANO, S.A. ...........................................
BANCO ZARAGOZANO, S.A. .......................................................................
BANESTO BANCO DE EMISIONES, S.A. ........................................................
BANKINTER, S.A. ...........................................................................................
BANSABADELL HIPOTECARIA, S.A. E.F.C. ....................................................
BBV BANCO DE FINANCIACION, S.A. .........................................................
BILBAO BIZKAIA KUTXA, AURREZKI KUTXA ETA BAHITETXEA ....................
BILBAO HIPOTECARIA, E.F.C., S.A. ...............................................................
BSCH LEASING, S.A. E.F.C. ............................................................................
CAJA DE AHORROS DE CATALUA ..............................................................
CAJA DE AHORROS DE LA INMACULADA DE ARAGON .............................
CAJA DE AHORROS DE VALENCIA, CASTELLON Y ALICANTE .....................
CAJA DE AHORROS MUNICIPAL DE BURGOS..............................................
CAJA DE AHORROS Y MONTE DE P. DE GIPUZKOA Y SAN SEBASTIAN .....
CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID..............................
CAJA DE AHORROS Y MONTE DE PIEDAD DE NAVARRA............................
CAJA ESPAA DE INVERSIONES, CAJA DE AH. Y MONTE DE PIEDAD.........
CAJA GENERAL DE AHORROS DE GRANADA ..............................................
CAJA LABORAL POPULAR, COOPERATIVA DE CREDITO..............................
FONDO DE TITULIZACION DE ACTIVOS SANTANDER I (2) ........................
HBF BANCO FINANCIERO, S.A. ....................................................................
HISPAMER SERVICIOS FINANCIEROS, E.F.C., S.A. ........................................
MONTE DE PIEDAD Y CAJA DE AHORROS DE HUELVA Y SEVILLA .............
MULTIAHORRO, E.F.C., S.A. ..........................................................................
SA NOSTRA DE INVERSIONES, E.F.C., S.A. ...................................................
THE CHASE MANHATTAN BANK C.M.B., S.A. .............................................
UNION FINANCIERA ASTURIANA, S.A. .......................................................
34
1
1
1
1
1
1
1
1
1
2
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2
2
1
1
1
1
1
27,092,726
150,000
400,000
150,000
300,000
600,000
6,000,000
480,000
1,500,000
1,017,700
190,152
6,000,000
600,000
12,020
650,253
450,000
120,000
601,012
300,500
300,500
2,000,000
300,000
601,000
300,500
450,000
1,398,988
1,450,000
30,051
510,000
18,030
200,000
12,020
60,563,860
104,010
498,624
689,381
967,580
440,300
7,366,278
16,185,165
1,957,029
1,100,000
2,064,788
311,583
5,170,872
5,129,904
52,073
904,431
4,714,300
61,000
801,426
867,700
665,300
166,925
177,300
4,240,550
4,728,619
125,872
754,064
112,600
6,193
179,866
20,127
13,900,489
112,200
70,090
120,720
312,900
497,274
1,661,640
237,140
3,200,000
628,860
78,029
1,888,080
299,880
7,530
213,970
1,419,850
61,000
154,093
284,200
300,500
177,300
509,700
1,079,150
30,999
392,160
25,150
5,088
126,456
6,530
Energy and water ............................................................................................

ENDESA, S.A. .................................................................................................
HIDROELECTRICA DEL CANTABRICO, S.A. ..................................................
IBERDROLA, S.A. ...........................................................................................
RED ELECTRICA DE ESPAA, S.A. .................................................................
UNION ELECTRICA FENOSA, S.A. ................................................................
5
1
1
1
1
1
4,918,000
2,500,000
150,000
1,500,000
168,000
600,000
5,001,368
1,766,331
237,400
1,930,850
126,278
940,509
2,268,520
790,430
93,400
750,170
44,250
590,270
Real estate.......................................................................................................
VALLEHERMOSO, S.A. ..................................................................................
1
1
150,000
150,000
368,505
368,505
143,500
143,500
Transport and communications ...........................................................

RED NACIONAL DE LOS FERROCARRILES ESPAOLES ................................
TELEFONICA, S.A. .........................................................................................
2
1
1
1,700,000
700,000
1,000,000
3,517,005
2,403,745
1,113,260
801,690
415,130
386,560
Conglomerates and portfolio companies ........................................................

CREDITER, SOCIEDAD ANONIMA, E.F.C. .....................................................
1
1
5,409
5,409
2,224
2,224
2,124
2,124
Public corporations.........................................................................................
CORPORACION ANDINA DE FOMENTO......................................................
1
1
500,000
500,000
200,000
200,000
200,000
200,000
TOTAL.............................................................................................................
44
34,366,136
69,652,962
17,316,323
(1) Not available.

(2) Asset securitization. The amount of the registered programs is also included in the total of table A.12.
118
129
103
4
1
59
133
1
1
1
1
1
1
TOTAL...............................................................................
(1) Premium amount.

(2) Nominal amount of contract.
429
Issues
BANCO BILBAO VIZCAYA ARGENTARIA, S.A..................

BANCO DE LA PEQUEA Y MEDIANA EMPRESA, S.A. ...
BANCO ESPAOL DE CREDITO, S.A. ..............................
BANCO SANTANDER CENTRAL HISPANO, S.A. .............
BANCOVAL, S.A. ..............................................................
BANKINTER, S.A. .............................................................
BANQUE INTERNATIONALE A LUXEMBOURG ...............
BARCLAYS BANK PLC.......................................................
BNP PARIBAS ESPAA, S.A...............................................
CAJA DE AH. Y MONTE DE PIEDAD DE NAVARRA .........
CAJA DE AH. Y MONTE DE PIEDAD DE ZARAGOZA,
ARAGON Y RIOJA ........................................................
CAJA ESPAA DE INVERSIONES, CAJA DE AHORROS
Y MONTE DE PIEDAD ..................................................
CITIBANK ESPAA, S.A. ..................................................
CITIBANK, AG...................................................................
CITIBANK, N.A. SUCURSAL EN FRANKFURT...................
DEUTSCHE BANK AG, SUCURSAL EN LONDRES............
MERRILL LYNCH LUXEMBOURG, S.A. .............................
SANTANDER CENTRAL HISPANO INVESTMENT, S.A. .....
SOCIETE GENERALE ACCEPTANCE, N.V. .........................
THE CHASE MANHATTAN BANK C.M.B., S.A. ................
Issuers
No. of
2,558,488
1,167,696
288,157
23,.697
65,000
82,079
718,860
Total
Fix. inc.
Warrants
1,465,620
829,006
173,495
0
0
61,789
401,330
Shares
Amount (1)
579,560
256,730
95,380
0
0
20,290
207,160
Indexes
513,309
81,960
19,282
236,697
65,000
0
110,370
Other
13
1
1
1
1
1
1
1
1
1
1
1
1
1
Issuers
66
1
3
11
9
9
8
9
1
1
1
1
4
1
1
Issues
No. of
Fix. inc.
0
0
12,000
36,061
95,873
215,391
618,051
27,004
985,660
699,994
5,998
18,030
15,000
0
12,321
0
0
Shares
2,882,139 140,757 2,741,383
12,000
36,061
95,873
215,391
618,051
0
27,004
0
985,660
0
699,994
0
5,998
0
18,030
0
15,000
0
20,000 20,000
12,321
0
90,000 90,000
30,757 30,757
Total
Amount (2)
Other financial contracts
Indexes
A.1.14. ISSUES OF WARRANTS AND OTHER FINANCIAL CONTRACTS REGISTERED AT THE CNMV. 2000
Detail by issuer
119
Annex 2
Secondary markets
123
2000II
71.8
27.9
0.1
59.1
15.7
52.5
40.3
19.5
11.8
22.7
22.8
14.8
13.8
15.0
6.9
1.3
34.3
1.2
12.1
12.1
9.8
20.3
23.0
6.3
12.1
23.7
14.1
16.3
53.8
39.2
2000I
338.0
35.4
6.2
61.0
16.7
35.3
28.0
21.1
16.0
24.3
25.2
17.4
7.6
19.6
12.6
14.3
37.7
1.0
12.4
10.9
7.2
24.2
21.8
11.6
13.0
22.3
3.6
10.4
12.3
45.6
32.4
13.6
13.0
37.8
2000III
40.1
28.1
2.9
55.1
16.3
51.9
25.3
20.3
16.3
21.9
18.9
19.6
17.2
20.0
9.5
0.4
45.3
15.4
15.0
16.1
13.6
21.5
25.0
6.9
11.3
25.8
Net revenues
23.3
46.2
11.7
38.4
2000IV
10.5
27.3
5.2
49.6
16.6
51.1
23.9
15.7
13.8
16.9
15.4
20.5
20.1
20.6
11.1
7.7
33.8
7.1
15.7
13.3
12.9
14.5
23.4
10.9
9.6
24.1
* Includes media companies, which are broken down in the CNMV's periodic publications as of the third quarter of 2000.
Agriculture & fishing........................................

Energy & water ................................................
Mining..............................................................
Oil....................................................................
Electricity ........................................................
Water & gas......................................................
Basic metal industries ......................................
Cement & construction materials ....................
Cement.............................................................
Construction materials .....................................
Chemical industry ...........................................
Metal processing..............................................
Automobile & other transport equipment .........
Other metal processing industries ....................
Other processing industries .............................
Food, beverages & tobacco ..............................
Paper & printing ...............................................
Other manufacturing industries .......................
Construction ....................................................
Commerce & other services.............................
Commerce & other services *...........................
High technology ..............................................
Transport & communications ..........................
Transport ........................................................
Car parks & toll roads.......................................
Communications ..............................................
Financial institutions, insurance, etc................
Banks, savings banks & other fin. Institutions ...
Insurance..........................................................
Portfolio companies .........................................
Real estate .......................................................
GRAND TOTAL ...............................................
SECTOR
0.5
4.3
7.3
21.5
1999IV
172.4
14.1
7.2
16.6
11.4
18.2
8.8
13.7
19.3
11.6
0.3
15.2
16.4
10.3
5.4
4.0
10.9
5.4
11.0
10.5
9.7
12.9
29.9
7.2
14.2
31.4
2000I
196.1
16.0
44.6
30.1
10.6
19.9
188.9
18.5
43.5
10.5
1.7
9.0
4.3
9.5
47.5
9.3
1,778.0
1.6
5.1
11.4
28.7
7.9
43.6
89.6
14.6
48.9
17.7
18.7
14.4
15.4
55.5
23.5
2000II
538.6
11.8
23.2
74.3
5.8
22.0
197.3
2.2
14.1
11.1
19.4
10.5
4.0
11.1
53.9
7.5
387.4
18.7
17.4
12.3
7.3
21.8
2.4
80.5
13.4
3.4
18.0
18.5
46.0
14.5
55.5
16.1
A.2.1. SECONDARY MARKETS.

NET REVENUES AND EARNINGS OF LISTED COMPANY. 2000
2000III
257.6
8.9
14.3
49.0
4.4
14.6
137.0
4.4
10.8
3.1
25.0
8.4
5.7
8.6
41.0
4.0
397.6
9.5
30.5
7.4
7.7
6.8
4.4
6.8
8.7
4.0
23.3
23.3
60.3
6.1
9.1
17.9
Earnings before taxes

2000IV
25.6
4.5
17.1
35.0
0.4
14.6
111.5
11.4
15.9
4.4
7.8
13.9
7.7
14.3
23.7
16.3
214.9
25.6
37.0
2.5
5.7
15.8
8.3
10.1
5.6
8.8
14.5
14.7
70.5
9.3
36.0
13.4
1999IV
94.7
36.2
25.4
14.0
69.9
22.0
21.2
39.2
51.6
27.3
15.3
9.2
8.1
9.8
14.9
0.1
51.8
98.8
44.6
38.5
30.5
54.0
12.8
24.4
37.8
9.1
16.1
17.7
24.8
2.4
40.0
20.8
Change accumulated in the year (%)
Annex 2: SECONDARY MARKETS
A.2.2. SECONDARY MARKETS. EQUITIES.

WORLD MARKETS IN 2000
Period
1994 ..........................
1995............................
1996............................
1997............................
1998............................
1999............................
2000............................
Q1...............................
Q2...............................
Q3...............................
Q4...............................
Period
1994 ..........................
1995............................
1996............................
1997............................
1998............................
1999............................
2000............................
Q1...............................
Q2...............................
Q3...............................
Q4...............................
Period
1995 (Bn $) .................
1996 (Bn $) .................
1997 (Bn $) .................
1998 (Bn $) .................
1999 (Bn $) .................
2000 (Bn $) .................
Change 1996/1995 (c).
Change 1997/1996 (c).
Change 1998/1997 (c).
Change 1999/1998 (c).
Change 2000/1999 (c).
% of NYSE 1995 .........
% of NYSE 1996 .........
% of NYSE 1997 .........
% of NYSE 1998 .........
% of NYSE 1999 .........
% of NYSE 2000 .........
Period
P/E 1995......................
P/E 1996......................
P/E 1997......................
P/E 1998......................
P/E 1999......................
P/E 2000......................
DIVIDEND YIELD 1995.
Index yield (%) (a)

Dow Jones
2.1
33.5
26.0
22.6
16.1
25.2
6.2
5.0
4.3
1.9
1.3
Nasdaq
3.2
39.9
22.7
21.6
39.6
85.6
39.3
12.4
13.3
7.4
32.7
Nikkei
FT 100
13.2
0.7
2.6
21.2
9.3
36.8
27.2
7.4
14.4
9.6
12.5
10.3
20.3
11.6
24.7
14.6
16.2
10.2
5.6
3.5
0.3
1.1
CAC 40
DAX 30
Milan
Ibex-35
7.1
7.0
28.2
47.1
17.8
39.0
7.5
9.2
9.2
1.5
5.4
3.1
4.2
11.1
58.9
40.9
22.3
1.7
8.6
0.1
3.0
3.6
14.6
17.6
42.0
40.8
35.6
18.3
21.7
2.5
11.3
3.5
16.8
DAX 30
Milan
Ibex-35
16.7
12.8
11.3
22.2
26.2
22.0
23.2
28.1
25.5
16.1
22.9
21.4
19.0
18.1
21.7
30.4
20.4
21.8
27.6
27.2
14.7
17.9
18.3
13.1
12.2
20.3
27.7
19.7
23.1
23.0
23.7
17.6
28.9
19.3
22.2
24.6
26.6
15.6
22.2
Italy
Spain
Euro zone
17.1
0.5
23.7
29.5
31.5
52.8
0.5
5.5
2.6
2.8
5.4
Euro Stoxx 50
46.7
2.7
7.0
2.0
4.5
2.9
Index volatility (%) (b)

Dow Jones
10.6
9.5
11.2
17.5
18.0
15.8
19.4
21.6
24.7
12.5
18.9
Nasdaq
11.0
12.3
14.8
17.1
24.0
27.1
44.6
35.2
58.9
32.9
51.5
Nikkei
FT 100
17.1
21.2
14.3
24.4
27.5
19.8
21.5
17.5
26.3
19.7
22.3
13.3
9.8
9.1
13.9
19.7
18.2
18.4
21.8
22.2
12.7
17.1
CAC 40
17.4
16.8
12.5
20.9
24.1
19.1
23.0
25.4
26.5
17.5
22.6
Euro Stoxx 50
Trading volume
NYSE
Nasdaq
Tokio
LSE
3,082.9
4,063.4
5,777.6
7,317.9
8,945.2
11,060.0
31.8
42.2
26.7
22.2
23.6
100.0
100.0
100.0
100.0
100.0
100.0
2,398.2
3,301.8
4,481.7
5,518.9
10,466.6
19,798.8
37.7
35.7
23.1
89.6
89.2
77.8
81.3
77.6
75.4
117.0
179.0
888.4
938.8
896.1
750.8
1,675.6
2,315.5
21.2
5.7
10.3
123.2
34.0
28.8
23.1
15.5
10.3
18.7
20.9
1,138.4
1,360.3
1,989.5
2,888.0
3,399.3
4,558.7
20.2
40.1
43.2
17.7
42.7
36.9
33.5
34.4
39.5
38.0
41.2
France
213.4
282.0
414.3
587.9
770.1
1,161.9
36.0
67.2
42.0
31.0
59.0
6.9
6.9
7.2
8.0
8.6
10.5
Germany
606.5
811.6
1,067.7
1,491.8
1,551.5
2,120.1
41.0
51.4
40.8
4.0
55.8
19.7
20.0
18.5
20.4
17.3
19.2
94.5
103.3
203.3
488.2
539.4
1,106.4
3.4
117.8
143.1
10.5
116.5
3.1
2.5
3.5
6.7
6.0
10.0
63.6
100.7
184.6
291.6
305.6
454.6
61.9
111.7
60.2
10.8
70.1
2.1
2.5
3.2
4.0
3.4
4.1
3,908.3
5,670.7
66.2
43.7
51.3
P/E and dividend yield (d)

US
Japan
U.K.
France
Germany
Italy
Spain
17.2
19.3
22.9
30.2
30.7
26.1
2.3
2.0
1.8
1.3
1.1
1.2
105.2
108.7
41.9
185.2
NEG
57.5
0.7
0.8
0.8
1.0
0.6
0.8
15.1
14.9
16.8
20.4
26.1
23.8
4.0
3.9
3.3
2.5
2.2
2.2
23.8
48.7
24.0
26.2
36.0
28.0
3.4
2.8
2.5
2.1
1.5
1.7
25.5
27.6
22.7
23.5
32.3
23.0
2.7
2.3
2.0
1.9
1.6
2.2
26.9
18.9
24.7
25.0
31.1
27.1
2.1
2.4
2.0
1.4
1.5
2.0
12.6
16.8
22.2
26.1
26.4
20.2
3.8
2.8
2.5
1.5
1.6
1.7
(a) Change at end of period over last session of previous period.

(b) Arithmetic mean of annualized daily volatilities in the period. Daily volatility is defined as the standard deviation of the daily index yield in the last 30 sessions.
(c) Local currency. Percentage.
(d) P/E: ratio of market capitalization to earnings. Dividend yield: ratio of dividend received to capitalization (%). Morgan Stanley.
Sources: FIBV, Morgan Stanley and CNMV.
124

EQUITIES.
SPANISH STOCK MARKET INDEXES IN 2000
Period
Yield (rate of change over previous period, in % terms)

Madrid
Barcelona
Bilbao
Valencia
1994........................................
1995........................................
1996........................................
1997........................................
1998........................................
1999........................................
2000........................................
11.7
12.3
39.0
42.2
37.8
16.2
12.7
10.8
13.1
42.8
40.0
33.5
23.2
6.8
10.2
20.4
47.8
45.6
40.0
21.4
18.6
8.9
18.7
44.2
40.7
34.0
18.3
12.0
Q1...........................................
Q2...........................................
Q3...........................................
Q4...........................................
7.5
10.1
4.6
13.6
10.4
8.7
5.8
12.6
4.9
11.0
4.6
16.7
7.4
9.3
7.3
15.8
Period
Ibex-35
N. Mercado
Latibex
14.6
17.6
42.0
40.8
35.6
18.3
21.7
66.3
23.4
2.5
11.3
3.5
16.8
32.3
4.5
52.3
9.3
5.5
5.3
15.1
Latibex
Volatility (%) (*)

Madrid
Barcelona
Bilbao
Valencia
Ibex-35
N. Mercado
1994........................................
1995........................................
1996........................................
1997........................................
1998........................................
1999........................................
2000........................................
16.9
11.8
11.0
19.0
24.8
17.7
20.7
18.6
13.7
13.5
19.9
25.3
18.4
19.5
17.7
12.6
11.9
19.2
25.6
18.5
22.4
17.4
14.4
12.3
19.4
24.8
17.5
21.2
18.3
13.1
12.2
20.3
27.7
19.7
23.1
46.5
38.8
Q1...........................................
Q2...........................................
Q3...........................................
Q4...........................................
21.5
21.8
15.2
24.8
19.3
19.9
14.2
25.1
22.9
23.3
16.0
28.2
23.4
19.5
14.1
28.3
23.0
23.7
17.6
28.9
50.7
37.5
54.4
30.0
47.1
45.2
31.8
* The Nuevo Mercado became operational on 11 April 2000 and its index started from a baseline of 10,000 on 7 April 2000.
** The volatility in each period is defined as the arithmetic mean of annualized daily volatilities. Daily volatility is defined as the standard deviation of the daily
index yield in the last 30 sessions.
125
126
24.2
19.6
14.6
33.7
Q1..............................
Q2..............................
Q3..............................
Q4..............................
24.0
18.7
14.6
19.9
20.3
16.0
15.7
21.8
25.3
22.3
19.3
Electricity
13.3
9.6
5.5
8.2
15.9
35.8
49.3
10.7
46.4
12.1
0.8
Electricity
33.5
29.1
20.5
24.8
19.2
15.4
15.0
19.9
24.2
17.2
27.0
Food
2.1
9.2
0.8
2.8
7.6
1.8
38.5
77.9
37.1
26.2
9.3
Food
25.7
23.1
16.5
19.1
23.0
16.7
11.2
22.5
22.7
20.4
21.1
Construction
1.2
11.8
0.2
3.8
8.0
16.8
15.7
79.9
71.7
26.3
7.1
Construction
46.1
34.4
26.1
33.6
24.1
15.5
15.0
21.1
26.6
25.1
35.0
0.2
16.7
0.5
1.6
7.4
15.3
44.5
33.0
5.9
21.0
16.0
Mining/Steel
29.2
19.1
16.1
19.4
15.6
14.5
14.1
21.3
24.8
16.3
21.0
Mining/Steel
Volatility (%) (*)

Investment
1.5
12.4
1.3
15.6
7.9
21.4
56.8
29.0
62.2
18.6
23.9
Investment
38.0
28.4
21.6
26.4
20.8
13.1
13.5
19.0
19.8
20.8
28.6
Chemicals
0.4
8.0
0.9
15.8
7.2
6.6
21.2
29.0
17.0
41.9
21.6
Chemicals
Yield (rate of change over previous period, in % terms)
40.6
46.1
41.9
44.9
22.5
16.6
15.7
23.6
35.3
29.5
43.3
Communic.
6.4
14.2
0.0
20.2
18.6
12.3
67.8
39.0
48.0
86.6
27.1
Communic.
20.0
17.9
11.1
14.4
24.3
16.9
15.6
21.9
25.6
17.5
15.8
Misc.
12.2
5.7
2.0
15.8
2.4
7.6
12.5
24.5
49.4
27.2
9.1
Misc.
(*) The volatility in each period is defined as the arithmetic mean of annualized daily volatilities. Daily volatility is defined as the standard deviation of the daily index yield in the last 30 sessions.
16.5
11.4
10.6
21.9
32.9
21.6
22.8
1994...........................
1995...........................
1996...........................
1997...........................
1998...........................
1999...........................
2000...........................
Banks
5.9
0.1
10.3
6.2
Q1..............................
Q2..............................
Q3..............................
Q4..............................
Period
11.8
9.9
32.7
76.1
25.9
19.4
9.4
Banks
1994...........................
1995...........................
1996...........................
1997...........................
1998...........................
1999...........................
2000...........................
Period

SECTOR INDEX (MADRID STOCK EXCHANGE). 2000
76.4
60.6
36.3
49.6
53.1
Technology
16.6
33.2
3.4
46.7
57.1
Technology
21.5
21.8
15.2
24.8
16.9
11.8
11.0
19.0
24.8
17.7
20.7
General
7.5
10.1
4.6
13.6
11.7
12.3
39.0
42.2
37.8
16.2
12.7
General

CAPITALIZATION AND COMPANIES LISTED
ON THE SPANISH STOCK MARKETS
Data for end of period
Pro Memoria
Madrid
Barcelona
Bilbao
Valencia
Total
Capitalization (Mn euros):...

1994................................
1995................................
1996................................
1997................................
1998................................
1999................................
2000................................
122,068.0
138,205.7
190,425.3
267,420.0
345,827.0
445,674.5
555,609.4
114,985.6
130,690.1
182,185.7
255,181.2
327,499.0
425,508.0
529,125.1
83,886.3
99,953.1
139,279.9
201,179.9
276,507.3
362,926.2
501,051.8
79,391.9
90,611.6
126,742.8
185,754.5
259,563.2
340,599.3
483,718.3
125,582.1
142,015.0
194,990.1
273,691.3
355,660.3
464,453.7
581,090.8
No. of listed companies:......

1994................................
1995................................
1996................................
1997................................
1998................................
1999................................
2000................................
375
363
358
384
481
719
1,022
313
305
303
321
375
483
567
262
240
242
248
250
270
305
215
209
211
215
275
380
455
652
615
606
663
872
1,367
1,869
127
127
134
143
149
143
144
525
488
472
520
723
1,219
1,714
5
11
No. of active companies:.....

1994................................
1995................................
1996................................
1997................................
1998................................
1999................................
2000................................
223
205
206
222
222
459
955
177
161
159
155
155
299
569
117
114
117
105
105
116
321
106
98
102
100
100
235
467
608
585
593
650
650
1,365
1,761
127
126
134
143
143
146
149
481
459
459
507
507
1,219
1,600
5
12
Elec. Mkt.*
Outcry
Latibex
116,110.1
131,796.5
183,575.7
259,020.0
333,138.0
419,815.3
471,123.8
9,472.0
10,218.4
11,414.4
14,671.3
22,521.7
39,56
55,100.6
5,073.9
54,866.4
* Electronic market.
Active companies are those which were listed at the end of the period and had registered a transaction during the year. Their capitalization is calculated using the
price of the last transaction.
Companies in which there were no trades are assigned zero capital as there is no reference price.
Pro-memoria:
Listed capital of foreign companies (effective, in millions of euros)
Bayer...............................
Volkswagen.....................
Jazztel .............................
Mela Inver. Americanas..
EADs ...............................
Reno de Medici...............
Commerzbank.................
Lafarge ............................
TOTAL.............................
% of total capitalization ..
1996
1997
20,394.7
7,805.3
6,276.4
4,190.3
38,666.7
19,8
20,740.3
13,809.5
11,779.2
5,614.7
51,943.7
19,0
1998
1999
22,123.3 26,910.9
17,704.0 14,715.1
458.0
314.5
6,806.5
47.091.741,940.4
13.2
9.0
2000
32,911.6
14,391.1
810.5
289.3
18,805.6
245.2
67,453.4
11.6
127

CONCENTRATION OF CAPITAL ON THE SPANISH STOCK
MARKETS BY SECTOR. 2000
Number of issuers required to attain a given level of capitalization
Electronic Market
Sector
Outcry (4 exchanges)
25%
50%
75%
Total
25%
50%
1
1
1
1
1
1
1
1
2
2
1
2
1
2
1
2
1
3
1
1
3
3
1
4
1
4
3
4
1
5
2
4
4
4
2
8
2
8
10
6
6
16
15
17
6
11
9
21
0
1
1
1
1
1
1
1
1
1
1
1
0
1
2
1
1
2
1
1
1
2
2
2
0
1
2
2
1
3
1
1
1
4
2
2
0
2
6
6
2
8
4
5
2
27
4
8
TOTAL NON-FINANCIAL SECTOR
12
127
11
74
12
13
14
15
16
1
1
1
1
0
2
2
1
1
0
2
2
2
1
0
20
3
4
1
0
1
1
1
65
1
1
1
1
313
1
1
1
3
757
1
1
2
27
1,609
1
TOTAL FINANCIAL SECTOR
28
58
291
747
1,640
TOTAL 2000
14
155
50
266
744
1,714
TOTAL 1999
13
143
19
120
402
1,219
0
1
2
3
4
5
6
7
8
9
10
11
OIL
ENERGY AND WATER
MINING & BASE METALS
CEMENT & CONSTRUCTION MATERIALS
CHEMICALS
TEXTILE & PAPER
METAL-MECHANICAL
FOOD
CONSTRUCTION
REAL ESTATE
TRANSPORT & COMMUNICATIONS
OTHER
BANKS
INSURANCE
PORTFOLIO COMPANIES
SIM
FINANCE COMPANIES
75%
Total
2000 Gini index
0.83
0.47
1999 Gini index
0.83
0.57
Notas:
The total columns indicate the number of companies admitted to listing at the end of the related year.
In the case of issuers listed on more than one market, the capitalization was taken as that on the market where the share is traded most frequently.
128

DISTRIBUTION OF CAPITAL
ON THE SPANISH STOCK MARKETS BY SECTOR. 2000
Percentage of capitalization
Sector
0
1
2
3
4
5
6
7
8
9
10
11
OIL
ENERGY AND WATER
CHEMICALS
TEXTILE & PAPER
METAL-MECHANICAL
FOOD
CONSTRUCTION
REAL ESTATE
OTHER
Total
1999
Electronic Market
2000
1999
2000
Outcry Market (4 e.)

1999
2000
Latibex
1999
2000
6.5
11.5
1.1
0.7
6.0
0.6
4.4
2.1
2.8
1.1
18.6
11.5
4.0
11.1
1.5
0.5
6.1
0.5
6.4
1.7
1.9
1.0
26.2
6.1
7.1
12.7
1.2
0.6
6.7
0.4
4.6
2.2
3.1
0.9
20.4
12.6
4.9
10.9
0.8
0.5
7.5
0.3
7.8
1.9
2.3
0.9
26.2
7.6
0.0
0.2
0.2
1.7
0.1
0.3
2.7
1.8
0.0
3.4
1.5
0.5
0.0
0.2
0.1
1.4
0.1
0.2
0.2
1.1
0.0
2.9
2.0
0.3
0.0
0.0
0.0
0.0
0.0
25.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
23.5
8.1
0.0
0.0
2.4
0.0
0.0
0.0
0.0
50.7
0.0
TOTAL NON-FINANCIAL SECTOR
66.8
66.9
72.4
71.6
12.4
8.5
25.2
84.7
12
13
14
15
16
24.5
0.5
1.0
7.0
0.1
23.4
0.5
0.9
8.2
0.1
26.0
0.6
1.0
0.0
0.1
27.0
1.2
0.8
0.0
0.0
2.4
0.8
1.4
82.6
0.0
0.1
0.0
2.8
86.6
1.2
74.8
0.0
0.0
0.0
0.0
15.3
33.2
33.1
27.6
28.4
87.6
91.5
74.8
15.3
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
BANKS
INSURANCE
PORTFOLIO COMPANIES
SIM
FINANCE COMPANIES
TOTAL FINANCIAL SECTOR

TOTAL
TOTAL (millions of euros)
464,453.7 581,090.9 419,815.3 471,123.8 39,564.4 55,100.6
0.0
0.0
0.0
5,073.9 54,866.4
Notas:
Electronic market: Percentage of the sector capitalization for shares traded on the electronic market.
In the case of issuers listed on more than one market, the capitalization was taken as that on the market where the share is traded most frequently.
129
A.2.8. SECONDARY MARKETS. EQUITIES. OWNERSHIP OF SHARES OF LISTED

COMPANIES (MADRID STOCK EXCHANGE)
(Millions of euros)
1992..........
1993..........
1994..........
1995..........
1996..........
1997..........
1998..........
1999..........
Banks
Insurance
cos.
Collective
investment
Public
authorities
Non-financial
cos.
Households
Foreign
TOTAL
10,609.67
13,647.78
14,712.18
16,673.28
21,245.78
27,586.46
34,654.36
49,014.94
2,300.67
2,270.02
2,612.60
3,080.19
3,327.80
5,571.38
8,342.05
11,499.77
1,125.70
1,976.73
2,965.39
4,678.28
7,591.38
16,167.23
21,882.85
22,327.00
11,345.31
16,645.63
13,422.40
13,493.32
16,423.86
11,912.06
1,724.90
1,299.99
5,261.86
6,968.13
6,627.96
7,449.55
10,429.36
12,555.14
16,191.27
38,819.97
16,662.46
25,137.93
22,188.77
24,559.16
35,654.44
64,134.00
103,644.54
128,937.53
20,867.14
34,918.80
34,966.88
40,592.36
56,457.88
76,142.22
108,981.52
131,499.65
68,172.80
101,565.04
97,496.18
110,526.13
151,130.50
214,068.49
295,421.49
383,403.05
(Porcentaje)
1992..........
1993..........
1994..........
1995..........
1996..........
1997..........
1998..........
1999..........
Banks
Insurance
cos.
Collective
investment
Public
authorities
Non-financial
cos.
Households
Foreign
TOTAL
15.56
13.44
15.09
15.09
14.06
12.89
11.73
12.78
3.37
2.24
2.68
2.79
2.20
2.60
2.82
3.00
1.65
1.95
3.04
4.23
5.02
7.55
7.41
5.82
16.64
16.39
13.77
12.21
10.87
5.56
0.58
0.34
7.72
6.86
6.80
6.74
6.90
5.87
5.48
10.13
24.44
24.75
22.76
22.22
23.59
29.96
35.08
33.63
30.61
34.38
35.86
36.73
37.36
35.57
36.89
34.30
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
Source: Madrid Stock Exchange. 2000 Market Report.
130
A.2.9. SECONDARY MARKETS AND DERIVATIVES MARKETS.

TRADING VOLUME
SECONDARY MARKETS
EQUITIES (a)
Electronic market
Outcry market (b)
FIXED-INCOME
Govt. debt book-entry market (c.d)
Bonds & debentures
Treasury bills
Stock exchanges (a)
Electronic market
Outcry market
AIAF (c)
Commercial paper
Matador bonds
Mortgage bonds
Bonds & debentures
FUTURES & OPTIONS MARKETS
MEFF RF
Govt. bond futures
Govt. bond options
Mibor futures & options
Euribor futures
MEFF RV
Ibex-35+ futures
Ibex-35+ options
Stock options
TOTAL MEFF
Warrants (e)
FC&M
Futures
Trading volumen, in millions of euros

1999
2000
289,353.9
286,020.4
3,333.5
Change (%)
492,301.7
488,888.5
3,413.3
2,360.914.0
2,282.095.0
78,819.0
44,710.4
2,399.5
42,310.9
85,765.8
25,577.5
2,234.2
1,738.4
56,215.7
1,703.704.0
1,615.876.0
87,828.0
40,704.0
1,965.3
38,738.7
100,758.8
47,342.4
1,140.6
2,260.4
50,015.5
70.1
70.9
2.4
27.8
29.2
11.4
9.0
18.1
8.4
17.5
85.1
49.0
30.0
11.0
Number of contracts. unless stated otherwise

1999
2000
Change (%)
3,596,517
3,580,238
6,871
1,098,981
8,772
1,035,636
1,035,330
0
6,871
306
71.2
71.1
100.0
99.4
97
12,838,317
5,028,458
789,707
7,020,152
24,677,729
4,320,152
723,794
19,633,783
92.2
14.1
8.3
179.7
16,434,834
25,713,365
56.5
205.4
898.2
337.3
(a) Effective amount.

(b) Includes second market.
(c) Nominal amount.
(d) Includes only outright spot trades.
(e) Traded premiums, in millions of euros.
131

EFFECTIVE TRADING IN EQUITIES ON THE SPANISH
STOCK EXCHANGES. 2000
Outcry narkets
Total
Electronic
market
Outcry
market
Madrid
Barcelona
Bilbao
Valencia
Second
market
1998.............
1999.............
2000.............
261,092.6
289,353.9
492,301.7
257,921.1
286,020.4
488,888.5
3,158.2
3,302.4
3,382.2
2,291.0
2,003.1
2,062.4
475.9
885.1
695.1
176.3
170.2
259.9
215.0
244.0
364.7
13.3
31.1
31.1
January .........
February .......
March ...........
April .............
May ..............
June ..............
July ...............
August ..........
September ....
October ........
November ....
December.....
53,175.5
38,893.4
49,448.8
32,624.7
39,133.3
39,862.4
44,569.3
34,913.9
36,568.1
42,421.9
44,944.9
35,745.6
52,896.6
38,581.8
48,961.2
32,335.2
38,862.3
39,647.8
44,280.1
34,787.3
36,316.8
42,111.0
44,699.4
35,409.0
278.6
307.1
486.8
289.0
270.7
213.5
287.3
126.5
251.0
291.3
244.7
335.5
166.3
200.3
322.5
156.0
139.1
130.6
148.3
70.3
169.7
169.7
154.1
235.6
74.4
62.4
102.0
65.6
63.3
48.9
42.4
25.4
41.1
64.8
41.0
63.9
13.9
15.0
26.5
34.6
32.7
18.3
16.4
18.3
20.2
32.2
17.3
14.7
24.1
29.3
35.8
32.8
35.7
15.7
80.3
12.5
20.1
24.7
32.3
21.3
0.3
4.6
0.7
0.6
0.2
1.1
1.9
0.1
0.2
19.5
0.7
1.1
70.9
99.3
2.4
0.7
3.0
61.0
21.5
20.6
52.7
7.7
49.4
10.8
0.0
0.0
Pro Memoria:
Change 00-99 (%)
Share in 2000 (%)
70,1
100,0
Share: Trading on the electronic, outcry and second markets as percentage of the total and trading on outcry market in each exchange as percentage of total outcry
trading.
132
* Does not include the second market.
Total trading .......................... 492,270.6

Regular trading...................... 448,975.5
Orders.......................... 310,940.5
Put-throughs................. 98,243.8
Block trades ................. 39,791.2
Off-hours............................
9,150.9
Authorized trades ...............
847.9
Art. 36.1 SML trades........... 11,002.9
Tender offers.......................
1,355.2
Public offerings .................. 14,423.2
Declared trades..................
2,910.1
Exercise of options .............
3,605.0
Amount
100.0
91.2
63.2
20.0
8.1
1.9
0.2
2.2
0.3
2.9
0.6
0.7
Share (%)
Total*
488,888.5
445,731.2
307,696.2
98,243.8
39,791.2
9,141.6
807.2
11,002.9
1,267.6
14,423.2
2,909.7
3,605.0
Amount
100.0
91.2
62.9
20.1
8.1
1.9
0.2
2.3
0.3
3.0
0.6
0.7
Share (%)
Electronic markets
3,382.2
3,244.3
3,244.3
0.0
0.0
9.3
40.6
0.0
87.6
0.0
0.3
0.0
Amount
100.0
95.9
95.9
0.0
0.0
0.3
1.2
0.0
2.6
0.0
0.0
0.0
Share (%)
Total
2,062.4
1,950.2
1,950.2
0.0
0.0
6.0
32.6
0.0
73.7
0.0
0.0
0.0
Amount
100.0
94.6
94.6
0.0
0.0
0.3
1.6
0.0
3.6
0.0
0.0
0.0
Share (%)
Madrid
695.1
684.3
684.3
0.0
0.0
0.6
4.3
0.0
5.6
0.0
0.3
0.0
Amount
100.0
98.4
98.4
0.0
0.0
0.1
0.6
0.0
0.8
0.0
0.0
0.0
Share (%)
Barcelona
Outcry markets

EFFECTIVE TRADING, BY TYPE. 2000
259.9
247.6
247.6
0.0
0.0
0.3
3.7
0.0
8.3
0.0
0.0
0.0
Amount
100.0
95.3
95.3
0.0
0.0
0.1
1.4
0.0
3.2
0.0
0.0
0.0
Share (%)
Bilbao
364.7
362.3
362.3
0.0
0.0
2.4
0.0
0.0
0.0
0.0
0.0
0.0
Amount
100.0
99.3
99.3
0.0
0.0
0.7
0.0
0.0
0.0
0.0
0.0
0.0
Share (%)
Valencia
133
134
285,940.4
488,888.5
52,896.6
38,581.8
48,961.2
32,335.2
38,862.3
39,647.8
44,280.1
34,787.3
36,316.8
4,.111.0
44,699.4
35,409.0
71.0
1999.................
2000.................
January .............
February ...........
March ...............
April .................
May ..................
June ..................
July ...................
August ..............
September.........
October ............
November.........
December.........
Change (%).......
1999-2000........
Grand
total
80.9
40,493.5
38,377.3
44,658.7
29,207.5
34,386.0
35,464.3
39,078.8
34,122.3
35,429.9
41,262.6
39,936.1
33,314.2
246,395.0
445,731.2
Total
69.8
31,179.1
29,194.5
32,588.4
20,708.9
24,352.1
23,600.3
21,978.6
22,268.0
25,470.2
28,990.1
28,106.8
19,259.1
181,245.4
307,696.2
Orders
83.1
7,033.2
7,230.4
9,513.1
5,906.2
8,029.4
8,886.6
10,427.2
8,572.5
7,709.0
8,167.2
8,956.8
7,812.2
53,665.3
98,243.8
Put-throughs
Regular session
246.5
2,281.2
1,952.5
2,557.3
2,592.3
2,004.5
2,977.3
6,673.0
3,281.8
2,250.6
4,105.3
2,872.6
6,242.8
11,484.3
39,791.2
Block trades
8.1
869.0
172.3
1,470.0
3,013.8
332.1
2,281.9
175.8
273.1
28.4
154.2
73.2
297.8
9,948.3
9,141.6
Offhours
94.4
7.4
28.0
0.1
1.9
10.0
16.7
185.3
11.0
14.6
13.4
33.6
485.2
14,465.7
807.2
409.8
10,992.4
0.0
0.0
0.0
0.0
10.5
0.0
0.0
0.0
0.0
0.0
0.0
2,158.4
11,002.9
439.9
42.6
0.0
5.3
0.0
320.3
282.9
0.0
291.8
239.5
18.6
0.0
66.8
234.8
1,267.6
Special
Art. 36.1
Tender offers
author. trades SML transac.

EFFECTIVE TRADING IN THE ELECTRONIC MARKET, BY TYPE. 2000
27.2
0.0
0.0
0.0
0.0
3,806.0
909.0
4,838.4
0.0
58.0
643.3
4,168.6
0.0
11,339.6
14,423.2
Public
offerings
1,448.7
490.1
0.0
2,182.8
111.7
0.0
0.4
0.0
88.0
0.3
7.4
7.3
21.8
187.9
2,909.7
Declared
trades
197.8
1.4
4.1
644.3
0.3
8.0
682.3
1.7
1.1
546.3
11.6
480.6
1,223.3
1,210.7
3,605.0
Exercise
of options

EQUITIES. TRADING BY NON-RESIDENTS
Years
Thousands of euros
% of annual change
Purchases (1)
Sales (2)
Net. inv.
Purchases
Sales
1994 ................
1995 ................
1996 ................
1997 ................
1998 ................
1999 ................
2000 ................
20,306,240
20,766,934
30,740,351
61,571,629
115,765,750
134,567,556
258,422,404
19,920,156
18,037,822
31,026,414
62,027,406
110,594,756
130,123,354
272,416,125
386,084
2,729,112
286,064
455,778
5,170,994
4,444,202
13,993,721
2.3
48.0
100.3
88.0
16.2
92.0
9.4
72.0
99.9
78.3
17.7
109.4
3.5
59.2
100.1
83.1
16.9
100.6
January.............
February...........
March ..............
April.................
May .................
June .................
July ..................
August..............
September........
October ...........
November........
December ........
21,768,611
20,718,217
24,899,926
17,658,062
21,628,061
20,258,426
26,446,884
24,286,141
20,302,099
19,188,834
21,012,235
20,254,908
22,248,046
19,352,131
25,856,745
19,711,353
22,994,344
23,322,004
26,762,971
24,190,465
16,619,609
23,065,262
24,949,682
23,343,513
479,435
1,366,086
956,819
2,053,291
1,366,283
3,063,578
316,087
95,676
3,682,490
3,876,428
3,937,447
3,088,605
79.5
112.3
109.2
68.4
87.5
99.2
95.5
244.8
105.9
82.8
44.9
53.9
93.4
92.2
158.7
89.9
102.3
127.6
127.0
204.9
75.4
116.3
90.8
71.4
86.2
102.1
131.8
79.1
94.9
113.4
110.2
223.7
90.9
99.7
66.6
62.8
% of total trading*
Total (1+2) Purchases
Sales
Total (1+2)
37.2
43.7
39.9
37.8
44.3
46.5
52.5
36.5
37.9
40.3
38.1
42.4
45.0
55.3
36.8
40.8
40.1
37.9
43.4
45.7
53.9
40.9
53.3
50.4
54.1
55.3
50.8
59.3
69.6
55.5
45.3
46.8
56.7
41.8
49.8
52.3
60.4
58.8
58.5
60.1
69.3
45.4
54.4
55.5
65.3
41.4
51.5
51.3
57.3
57.0
54.7
59.7
69.4
50.5
49.8
51.1
61.0
* The total columns indicate the average of purchases and sales.

Source: Direccin General de Transacciones Exteriores and CNMV.
135

EQUITIES. ORDER TYPES ON THE ELECTRONIC MARKET. 1997-2000
Orders and trades
Number (1)
Total orders entered ..................

Buy orders ................................
Sell orders.................................
Trades (2) ..................................
Percentage of total
1997
1998
1999
2000
1997
1998
1999
2000
44,334
19,967
24,614
27,321
70,151
31,782
38,369
46,455
70,842
31,677
39,165
44,007
105,846
50,944
54,903
66,878
100.0
45.0
55.5
61.6
100.0
45.3
54.7
66.2
100.0
44.7
55.3
62.1
100.0
48.1
51.9
63.2
35,196
9,384
253
53,428
16,723
364
53,649
17,193
588
79,451
26,395
716
78.5
20.9
0.6
75.8
23.7
0.5
75.1
24.1
0.8
74.6
24.8
0.7
Vigencia
Day order .................................
Time-limit order (3)...................
Fill-or-kill order.........................
(1) Daily average.

(2) Executed transactions.
(3) Between 1997 and 1999, this item included the items that until 1999 were separated as time-limit order and good-till-canceled order.
Source: Sociedad de Bolsas
A.2.15. SECONDARY MARKETS. EQUITIES. CONCENTRATION OF TRADING

ON THE SPANISH STOCK MARKETS, BY SECTOR. 200
Number of issuers required to attain a given level of trading
Sector
Electronic market
Outcry market (4 exchanges)
25%
50%
75%
Total
25%
50%
OIL .....................................................................
ENERGY AND WATER ........................................
MINING & BASE METALS...................................
CEMENT & CONSTRUCTION MATERIALS.........
CHEMICALS........................................................
TEXTILE & PAPER................................................
METAL-MECHANICAL ........................................
FOOD ................................................................
CONSTRUCTION ...............................................
REAL ESTATE.......................................................
TRANSPORT & COMMUNICATIONS ................
OTHER ...............................................................
1
1
1
1
1
1
1
1
2
1
1
1
1
1
1
1
1
3
2
1
2
3
1
1
1
3
3
3
1
6
5
2
3
4
1
4
2
8
10
7
6
16
16
17
7
11
9
22
0
1
1
1
1
1
1
1
1
1
1
1
TOTAL NON-FINANCIAL SECTOR ............................
131
12
13
14
15
16
BANKS................................................................
INSURANCE .......................................................
PORTFOLIO COMPANIES ..................................
SIM .....................................................................
FINANCE COMPANIES.......................................
1
1
1
1
2
1
1
1
2
2
2
1
TOTAL FINANCIAL SECTOR......................................
TOTAL 2000..............................................................
TOTAL 1999..............................................................
0
1
2
3
4
5
6
7
8
9
10
11
75%
Total
0
1
1
1
1
2
1
1
1
1
1
1
0
1
1
1
2
3
1
1
1
5
1
1
0
2
7
6
2
12
6
7
2
33
5
10
92
23
3
5
2
1
1
1
23
1
2
1
1
78
1
3
1
2
221
1
4
2
30
1,612
1
32
23
78
223
1,649
163
22
79
229
1,741
165
26
105
1,234
2000 Gini index .........................................................
0.83
0.47
1999 Gini index .........................................................
0.83
0.57
Notes: The total columns indicate the number of companies admitted to listing in the year.
In the case of issuers listed on more than one market, the trading volume was taken as the sum of trading volume on each market.
Trades in stocks which were listed on the electronic market as at 31/12/00 are included in the electronic market total for 2000, regardless of when they joined the
market.
136

FREQUENCY OF TRADING ON THE SPANISH STOCK EXCHANGES. 2000
Number of issuers in each frequency group
Sector
0
1
2
3
4
5
6
7
8
9
10
11
Electronic market
0-50%
50-85% 85-100%
Outcry market
Total
0-50%
50-85% 85-100%
Total
OIL .....................................................................
ENERGY AND WATER........................................
MINING & BASE METALS...................................
CEMENT & CONSTRUCTION MATERIALS .........
CHEMICALS .......................................................
TEXTILE & PAPER ...............................................
METAL-MECHANICAL........................................
FOOD ................................................................
CONSTRUCTION...............................................
REAL ESTATES.....................................................
TRANSPORT & COMMUNICATIONS ................
OTHERS..............................................................
0
0
0
0
0
0
1
1
0
0
0
0
0
0
2
0
0
0
1
1
0
1
2
0
2
8
9
6
5
17
13
16
7
11
8
20
2
8
11
6
5
17
15
18
7
12
10
20
0
2
6
6
2
12
3
7
2
25
5
12
0
0
1
0
0
0
1
0
0
4
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
2
7
6
2
12
4
7
2
29
6
12
TOTAL NON-FINANCIAL SECTOR ............................
122
131
82
89
12
13
14
15
16
BANKS................................................................
INSURANCE .......................................................
PORTFOLIO COMPANIES ..................................
SIM .....................................................................
FINANCE COMPANIES.......................................
0
0
0
0
0
2
0
0
0
0
21
3
5
1
0
23
3
5
1
0
1
2
32
1,568
1
1
0
1
21
0
2
0
0
23
0
4
2
33
1,612
1
TOTAL FINANCIAL SECTOR......................................
30
32
1,604
23
25
1,652
TOTAL 2000...............................................................
152
163
1,686
29
26
1,741
TOTAL 1999...............................................................
143
148
1,157
43
19
1,219
Notes:
Frequence: Percentage of sessions in which stocks were traded.
The total columns indicate the number of companies admitted to listing at 31/12/00.
In the case of issuers listed on more than one market, the trading frequenmcy was calculated by classifying the stock as active on days when it was traded on at
least one market.
137

TRADING ON THE SPANISH STOCK MARKETS, BY SECTOR. 2000
Electronic market
Sector
0
1
2
3
4
5
6
7
8
9
10
11
OIL .............................................................
ENERGY AND WATER................................
MINING & BASE METALS...........................
CEMENT & CONSTRUCTION MATERIALS.
CHEMICALS ...............................................
TEXTILE & PAPER .......................................
METAL-MECHANICAL................................
FOOD ........................................................
CONSTRUCTION.......................................
REAL ESTATE...............................................
TRANSPORT & COMMUNICATIONS ........
OTHERS......................................................
1999
10.1
16.1
1.3
0.4
0.3
0.3
1.2
3.5
3.6
1.0
21.2
6.4
2000
6.3
11.6
0.9
0.2
1.3
0.3
0.5
2.7
1.9
0.6
32.9
13.4
Latibex
1999
0.0
0.0
0.0
0.0
0.0
21.2
0.0
0.0
0.0
0.0
0.0
0.0
Outcry market (4 exchanges)

2000
1999
0.0
0.9
6.5
0.0
0.0
2.2
0.0
0.0
0.0
0.0
21.9
0.0
0.0
0.0
0.2
0.2
0.0
2.3
8.9
0.5
0.1
4.5
0.1
0.2
2000
0.0
0.0
0.1
0.3
0.0
0.4
2.9
0.5
0.1
1.7
0.7
0.4
TOTAL NON-FINANCIAL SECTOR ....................
65.6
72.5
21.2
31.5
17.0
7.1
12
13
14
15
16
33.2
0.4
0.8
0.0
0.0
26.5
0.3
0.7
0.0
0.0
78.8
0.0
0.0
0.0
0.0
68.5
0.0
0.0
0.0
0.0
0.4
0.0
2.2
80.4
0.0
0.3
0.1
2.4
90.1
0.0
BANKS........................................................
INSURANCE ...............................................
PORTFOLIO COMPANIES ..........................
SIM .............................................................
FINANCE COMPANIES...............................
TOTAL FINANCIAL SECTOR..............................
34.4
27.5
78.8
68.5
83.0
92.9
TOTAL ................................................................
100.0
100.0
100.0
100.0
100.0
100.0
TOTAL (millions of euros) ..................................
286,014.0
488,842.8
6.4
45.7
3,302.4
3,382.2
Notes:
Electronic market: Percentage of the sector trading for the stocks traded on the electronic market.
In the case of issuers listed on more than one market, the trading volume was taken as the sum of trades on each market.
Stocks which were listed on the electronic market as at 31/12/00 are included in the electronic market for 2000, regardless of when they joined the market in that
year.
138

ELECTRONIC MARKET. LISTED COMPANIES. 2000
Companies
Capitalization (at 31/Dec.)
Annual Trading
1999
2000
1999
2000
2,614,207
27,347,760
2,461,689
20,779,096
365,139
28,654,896
323,424
30,377,832
20,868,004
10,240,638
1,582,491
12,405,317
811,620
2,012,619
5,283,140
19,216,351
8,686,855
2,252,616
12,035,682
1,359,464
1,818,759
5,956,481
25,476,914
3,686,327
910,022
10,179,687
717,461
925,089
3,389,836
28,783,198
3,589,244
2,861,239
12,600,314
1,075,761
887,916
6,864,353
1,648,750
102,486
2,315,773
516,172
251,041
18,135
102,654
18,896
1,126,250
76,380
1,925,285
375,031
344,318
13,689
87,033
9,649
859,737
105,486
2,009,876
375,428
108,792
24,258
82,297
11,498
837,928
3,403
2,518,999
273,223
397,113
11,742
87,826
12,273
CEMENTOS PORTLAND .......................................................

PORTLAND VALDERRIVAS ...................................................
SAINT GOBAIN CRISTALERIA ESPAOLA ............................
737,702
564,102
589,273
656,973
444,748
421,062
73,640
120,502
127,416
59,474
117,986
131,054
UNILAND CEMENTERA ........................................................

URALITA ................................................................................
VIDRALA ...............................................................................
VIDRIERA LEONESA - VILESA - ..............................................
204,768
356,108
148,797
48,055
177,120
309,880
122,344
0
9,786
512,266
71,953
65,485
6,327
509,203
43,000
17,225
172,125
104,974
290,194
0
570,213
158,625
74,850
427,163
0
1,989,150
52,410
150,124
142,636
0
622,775
63,867
140,527
315,812
0
5,817,857
83,696
84,600
6,425
421,332
140,439
42,294
89,991
95,305
40,943
40,500
4,926
443,178
114,981
29,383
60,452
91,753
104,377
64,815
1,543
192,455
32,965
7,076
64,296
68,536
42,019
38,853
1,002
186,044
13,505
3,342
45,270
27,865
Comments
DOMESTIC STOCKS
OIL
COMPAIA ESPAOLA DE PETROLEOS - CEPSA .................
REPSOL YPF............................................................................
Former Repsol
ENERGY & WATER

ENDESA .................................................................................
GAS NATURAL SDG ..............................................................
HIDROELECTRICA DEL CANTABRICO .................................
IBERDROLA ...........................................................................
RED ELECTRICA DE ESPAA .................................................
SOCIEDAD GENERAL DE AGUAS DE BARCELONA .............
UNION ELECTRICA FENOSA ................................................
ACERALIA CORPORACION SIDERURGICA ..........................
ACERIAS Y FORJAS DE AZCOITIA - AFORASA - ...................
ACERINOX ............................................................................
ASTURIANA DE ZINC ...........................................................
BEFESA MEDIO AMBIENTE ....................................................
ESPAOLA DEL ZINC ............................................................
GRUPO DURO FELGUERA ...................................................
NUEVA MONTAA QUIJANO ..............................................
Former Cristalera
Espaola.
Delisted 18-10-00
CHEMICALS
ENERGIA E INDUSTRIAS ARAGONESAS EIA ........................
ERCROS .................................................................................
FAES .......................................................................................
GRUPO FOSFORERA ............................................................
ZELTIA ....................................................................................
Suspended on 31-12-00
TEXTILE & PAPER

ADOLFO DOMINGUEZ ........................................................
DOGI......................................................................................
EPPIC (EN LIQUIDACION) ....................................................
GRUPO EMPRESARIAL ENCE ................................................
IBERPAPEL GESTION .............................................................
INDO INTERNACIONAL .......................................................
LA SEDA DE BARCELONA .....................................................
MIQUEL COSTAS & MIQUEL ................................................
139
(Continued)

Companies
Capitalization (at 31 Dec.)
Annual Trading
1999
2000
54,477
37,939
386,510
55,944
81,636
44,886
48,029
158,005
45,612
115,903
33,513
37,157
86,955
37,991
25,258
18,914
60,101
23,049
30,705
102,731
ABENGOA .............................................................................
AMPER ...................................................................................
AVANZIT ................................................................................
AZKOYEN ..............................................................................
CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES ........
DIMETAL (EN QUIEBRA) .......................................................
GLOBAL STEEL WIRE ............................................................
LINGOTES ESPECIALES .........................................................
MECALUX, SA .......................................................................
NICOLAS CORREA ................................................................
SOCIEDAD ESPAOLA DEL ACUMULADOR TUDOR .........
TECNOCOM ..........................................................................
470,895
209,319
173,600
166,219
66,847
0
52,263
33,600
134,330
28,530
161,243
48,983
768,766
158,524
463,824
124,824
68,562
0
36,910
31,680
147,662
20,430
110,528
93,150
186,995
356,972
412,241
280,119
29,636
0
19,480
5,459
158,295
22,367
6,642
12,460
424,030
293,385
779,270
141,610
18,388
0
10,017
3,753
73,627
18,680
2,481
334,237
TUBACEX ..............................................................................
ZARDOYA OTIS ....................................................................
257,816
1,332,082
149,262
1,402,300
317,513
212,225
160,240
241,808
ALTADIS .................................................................................
AZUCARERA EBRO AGRICOLAS ...........................................
BARON DE LEY .....................................................................
BODEGAS RIOJANAS ............................................................
BODEGAS Y BEBIDAS ...........................................................
CAMPOFRIO ALIMENTACION ..............................................
COMPAIA VINICOLA DEL NORTE DE ESPAA -CVNE-......
FEDERICO PATERNINA ..........................................................
HEINEKEN ESPAA ...............................................................
KOIPE ....................................................................................
NATRA ...................................................................................
4,560,487
960,228
181,178
51,680
163,955
367,034
193,800
64,561
281,471
270,860
18,000
5,040,279
805,053
153,827
48,960
163,599
492,443
208,763
39,928
379,016
204,765
21,600
5,726,656
145,517
128,606
14,979
122,739
163,954
25,406
19,159
59,251
31,414
3,298
7,958,527
136,702
119,735
17,609
45,449
135,907
52,080
10,611
60,078
19,621
13,771
OMSA ALIMENTACION
PESCANOVA .........................................................................
PULEVA .................................................................................
SOS ARANA ALIMENTACION ...............................................
TELE PIZZA ............................................................................
VISCOFAN .............................................................................
87,287
79,040
423,453
95,586
901,566
377,006
81,276
100,000
442,898
139,315
563,465
222,199
25,918
19,971
633,252
44,959
2,282,165
558,893
64,762
39,967
521,709
101,427
3,708,955
276,449
3,709,399
1,294,428
1,463,959
2,583,331
1,607,952
0
1,741,375
1,470,436
143,349
2,135,196
1,801,030
23,184
PAPELES Y CARTONES DE EUROPA.......................................

SNIACE ..................................................................................
TABLEROS DE FIBRAS - TAFISA - ...........................................
TAVEX ALGODONERA ..........................................................
UNIPAPEL ..............................................................................
1999
Comments
2000
METAL-MECHANICAL
Former Radiotrnica
Delisted 18-04-00
Switched from outcry

market 10-05-00,
formerly known as
Corporacin IB-Mei
FOOD
Former S,A, El guila

Swit. from outcry to
elec. market 06-07-00
CONSTRUCTION
ACCIONA ..............................................................................
ACS, ACTIVIDADES DE CONSTRUCCION Y SERVICIOS.......
FERROVIAL AGROMAN ........................................................
140
Delisted el 17-10-00
(Continued)

Companies
Annual Trading
1999
2000
1999
2000
2,426,060
1,509,798
2,046,703
528,309
2,426,060
1,999,276
1,907,601
377,875
2,127,201
1,950,473
2,273,802
529,013
1,637,996
1,979,024
1,144,835
343,461
74,008
94,056
20,502
573,489
372,282
240,609
894,946
347,992
104,304
9,083
900,860
77,508
126,026
16,462
801,018
485,852
248,709
918,052
445,106
88,710
8,945
836,328
47,025
65,386
562
659,118
274,611
93,461
472,199
219,199
195,067
22,236
949,997
34,113
92,995
911
246,200
449,222
423,180
381,511
307,508
11,655
20,873
914,042
1,142,330
2,557,009
492,806
423,820
80,918,107
0
312,660
1,153,006
2,590,264
465,189
475,274
76,396,509
42,059,414
291,600
ALDEASA ...............................................................................
425,357
AMADEUS GLOBAL TRAVEL DISTRIBUTION........................ 14,244,041
CENTROS COMERCIALES CARREFOUR ................................ 2,935,204
CENTROS COMERCIALES CONTINENTE ............................. 1,910,400
430,500
4,663,754
3,688,377
0
348,819
2,353,846
1,835,397
1,339,732
340,306
6,940,124
1,925,863
1,014,918
COMPAIA DE DISTRIBUCION INTEGRAL LOGISTA...........

CORTEFIEL .............................................................................
ENACO...................................................................................
FUNESPAA...........................................................................
GRUPO AUXILIAR METALURGICO .......................................
GRUPO PICKING PACK ........................................................
INDRA SISTEMAS ..................................................................
PARQUES REUNIDOS ............................................................
PROMOTORA DE INFORMACIONES ....................................
PROSEGUR COMPAIA DE SEGURIDAD ............................
RECOLETOS COMPAIA EDITORIAL ....................................
SOGECABLE ...........................................................................
SOL MELIA .............................................................................
SUPERDIPLO..........................................................................
TELEFONICA PUBLICIDAD E INFORMACION ......................
TERRA NETWORKS ................................................................
699,639
699,150
110,726
41,895
2,076,159
447,496
1,486,405
132,146
3,851,100
720,000
979,046
2,037,499
2,034,392
1,071,510
2,098,936
7,206,684
218,019
403,976
74,014
81,116
0
329,495
1,517,121
358,204
0
317,177
0
2,127,995
1,163,254
586,309
2,819,299
3,825,794
782,829
475,105
28,698
61,277
1,126,947
1,631,072
2,358,084
158,294
3,369,875
340,181
564,560
4,146,904
1,309,640
875,862
5,192,664
32,774,256
FOMENTO DE CONSTRUCCIONES Y CONTRATAS .............

GRUPO DRAGADOS ............................................................
GRUPO FERROVIAL...............................................................
OBRASCON HUARTE LAIN ..................................................
Comments
REAL ESTATE
BAMI .....................................................................................
FILO .......................................................................................
INBESOS ................................................................................
INMOBILIARIA COLONIAL - ICSA - ......................................
INMOBILIARIA URBIS ...........................................................
INMOBILIARIA ZABALBURU ................................................
METROVACESA......................................................................
PRIMA INMOBILIARIA ..........................................................
SOTOGRANDE ......................................................................
URBANIZACIONES Y TRANSPORTES - URBAS - ..................
VALLEHERMOSO ..................................................................
AUREA CONCESIONES DE INFRAESTRUCTURAS CE ...........
AUTOPISTAS CONCESIONARIA ESPAOLA - ACESA - ........
EUROPISTAS CONCESIONARIA ESPAOLA ........................
IBERICA DE AUTOPISTAS - IBERPISTAS - ..............................
TELEFONICA .........................................................................
TELEFONICA MOVILES ..........................................................
TRANSPORTES AZKAR...........................................................
921,053
866,086
1,613,968
1,362,467
100,562
67,327
55,047
43,823
57,555,144 152,323,837
0
6,218,024
502,657
163,072
Listed 22-11-00
OTHER
1,031,047
1,019,346
104,527
138,600
0
159,351
1,379,177
114,881
0
533,400
0
6,151,306
1,929,990
969,000
5,915,764
15,190,000
Former Pryca
Delisted 17-10-00,
Merged with Pryca
(Carrefour)
Delisted 31-10-00
Delisted 27-06-00
Delisted 25-10-00
141
(Continued)

Companies

1999
2000
Annual Trading
1999
2000
Comments
BANKS
ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECARIO........
11,440,279
15,923,410
2,114,191
Delisted 31-01-00.
Merged with BBV.
BANCO ATLANTICO .............................................................

756,332
BANCO BILBAO VIZCAYA ARGENTARIA .............................. 29,881,143
BANCO DE ANDALUCIA ......................................................
760,523
BANCO DE CASTILLA ...........................................................
650,894
BANCO DE CREDITO BALEAR ..............................................
253,736
BANCO DE GALICIA .............................................................
486,864
BANCO DE VALENCIA ..........................................................
655,617
BANCO DE VASCONIA .........................................................
315,840
BANCO ESFINGE ..................................................................
19,889
BANCO ESPAOL DE CREDITO - BANESTO - ...................... 9,655,512
BANCO GUIPUZCOANO .....................................................
385,000
BANCO HERRERO ................................................................
496,319
BANCO PASTOR ...................................................................
735,990
BANCO POPULAR ESPAOL ............................................... 7,172,681
BANCO SANTANDER CENTRAL HISPANO ........................... 41,225,995
BANCO ZARAGOZANO .......................................................
507,825
BANKINTER ........................................................................... 3,726,415
752,154
50,654,255
627,758
481,227
182,549
398,620
769,257
257,600
25,172
8,797,789
496,080
0
835,940
8,056,418
51,476,555
801,975
2,709,682
22,730
24,602,790
34,734
12,044
6,819
4,523
140,530
2,251
3,866
354,276
28,175
2,939
147,081
5,941,689
41,321,181
72,996
2,459,064
1,809
61,753,870
55,837
7,338
5,225
3,908
87,322
2,046
5,983
96,972
88,736
9,348
97,303
6,826,078
52,786,425
155,748
5,406,253
382,800
987,711
732,800
398,400
1,228,587
988,800
99,091
804,064
265,669
86,096
921,525
578,494
413,994
2,704,506
73,958
24,608
916,760
0
1,969,448
88,493
7,608
1,565,881
1,847
996,674
60,292
32,560
1,095,672
6,516
1,288,164
109,144
5,012
1,780,277
10,327
9,737
8,308
13,962
26,910,850
32,911,631
10,634
6,739
314,114
245,212
28,265
12,711
0
14,715,138
18,805,609
14,391,135
0
33,293
972,809
30,147
Delisted 10-07-00
0
239,113
810,545
289,285
0
84,456
8,155
3,169
Delisted 18-12-00
Delisted 22-12-00
INSURANCE
CATALANA DE OCCIDENTE .................................................
CORPORACION MAPFRE .....................................................
MAPFRE VIDA .......................................................................
PORTFOLIO COMPANIES
CORPORACION BANESTO ...................................................
CORPORACION FINANCIERA ALBA ....................................
DINAMIA CAPITAL PRIVADO ...............................................
FASTIBEX ...............................................................................
NH HOTELES..........................................................................
Delisted 13-03-00
SIM/SIMCAV
COMPAIA GENERAL DE INVERSIONES .............................
FOREIGN STOCKS
CHEMICALS
BAYER AKTIENGESELLSCHAFT .............................................
TEXTILE & MECHANICAL
RENO DE MEDICI ..................................................................
METAL-MECHANICAL
EUROPEAN AERONAUTIC DEFENCE AND SPACE COMPANY ...
VOLKSWAGEN AKTIENGESELLSCHAFT ...............................
OTHER
JAZZTEL, PLC .........................................................................
MELIA INVERSIONES AMERICANAS, NV ..............................
142
(Continued)

Companies

1999
2000
Annual Trading
1999
Comments
2000
LATIBEX STOCKS
ENERGY & WATER
CENTRAIS ELETRICAS ELETROBRAS ......................................
12,898,297
387
Delisted 14-09-00
0
0
4,268,138
160,786
0
0
2,735
254
Delisted 10-02-00
Delisted 15-11-00
1,279,492
0
866,565
462,596
1,348
0
744
279
Delisted 20-09-00
0
0
1,691,611
26,132,097
0
0
959
9,050
Delisted 07-07-00
Delisted 12-04-00
BANCO FRANCES ..................................................................

BANCO RIO DE LA PLATA .....................................................
GRUPO FINANCIERO BBV - PROBURSA ..............................
1,624,647
1,136,495
183,530
1,534,505
950,867
0
1,142
947
1,560
7,067
4,197
7,560
GRUPO FINANCIERO BBVA BANCOMER.............................

SANTANDER BANCORP ........................................................
0
849,698
5,068,254
832,703
0
1,367
3,037
9,441

COMPANHIA VALE DO RIO DOCE.......................................
VOLCAN COMPAIA MINERA..............................................
TEXTILE & PAPER
ARACRUZ CELULOSE ............................................................
COMPANHIA SUZANO DE PAPEL E CELULOSE ...................
GLOBO CABO .......................................................................
TELEFONOS DE MEXICO.......................................................
BANKS
Delisted 28-08-00,
Absorbed by
Bancomer.
Delisted 28-08-00
Former Banco
Santander Puerto
Rico
143

OUTCRY MARKET. LISTED COMPANIES. 2000
Companies
Annual Trading
1999
2000
1999
2000
73,439
12,835
72,575
12,835
1,459
72
906
279
90
616
6,645
10,406
35,393
32,011
865
0
600
6,331
7,433
31,460
28,728
0
0
30
81
626
3,622
1,076
433
0
9
4
168
4,239
584
0
8,294
2,669
50,873
213,558
407,989
780
8,306
2,669
51,999
211,600
481,877
780
35
62
34
3,738
2,091
24
32
25
20
8,213
688
22
30,600
7,410
29,844
8,010
56
0
70
176
29,955
1,785
0
8,459
22,177
4,875
6,378
4,380
753
50,982
11,518
0
29,955
1,893
0
0
19,680
4,900
6,879
0
1,067
41,337
13,886
0
296
6
0
12
3,965
1,085
204
142
191
5,452
1,352
0
336
70
0
4
4,069
272
482
28
58
4,451
2,705
0
CORPORACION UCEM (EN LIQUIDACION) .........................

ELECNOR ...................................................................................
FABRICACION DE AUTOMOVILES RENAULT DE ESPAA.....
IBeRICA DE MANTENIMIENTO INDUSTRIAL - IMISA -...........
JUMBERCA.................................................................................
0
113,850
899,859
2,249
0
0
132,000
0
2,575
0
0
12,844
34,056
1,578
0
0
11,906
84,942
584
0
PMRK INVESTMENT ..................................................................
1,140
1,140
25
24
22,976
30
5,801
Date of listing in
2000 & other
comments
ENERGY & WATER

AGUAS DE VALENCIA .............................................................
COMPAIA DE AGUAS DE SABADELL....................................
ASTILLEROS DE MURUETA.......................................................
FORJAS DE BERRIZ VIUDA DE GASTELURRUTIA ...................
MINERALES Y PRODUCTOS DERIVADOS - MINERSA -..........
MINERO SIDERURGICA DE PONFERRADA.............................
S A HULLAS DEL COTO CORTES ............................................
SOCIEDAD ANONIMA HULLERA VASCO-LEONESA ..............
ZAYER.........................................................................................
Delisted 24-01-00
CEMENTS & CONSTRUCTION MATERIALS

ALVI............................................................................................
CELO .........................................................................................
CEMENTOS ALFA.......................................................................
CEMENTOS LEMONA ...............................................................
CEMENTOS MOLINS.................................................................
IBERTUBO..................................................................................
CHEMICALS
LA UNION RESINERA ESPAOLA ............................................
LUCTA........................................................................................
TEXTILE & PAPER
ARMANDO ALVAREZ ...............................................................
CARROGGIO S A DE EDICIONES ..........................................
DOCUMENT ON DEMAND .....................................................
GRES DE NULES ........................................................................
INDUSTRIAS DEL ACETATO DE CELULOSA - INACSA............
INDUSTRIAS DEL CURTIDO - INCUSA - .................................
LIWE ESPAOLA .......................................................................
MANUFACTURAS ANTONIO GASSOL....................................
MANUFACTURAS DE ESTAMBRE.............................................
PAPELERA DE NAVARRA...........................................................
PRIM...........................................................................................
SEDATEX ....................................................................................
Delisted 19-04-00
Delisted 21-12-00
Delisted 3-05-00
Delisted 18-02-00
METAL-MECHANICAL
Delisted 19-04-00
Delisted 8-03-00
Suspended on
31/12/ 2000
FOOD
ACEITES Y PROTEINAS - ACEPROSA - .....................................
144
Delisted 4-08-00
(Continued)

Companies
BODEGAS BILBAINAS...............................................................
FRIMANCHA INDUSTRIAS CARNICAS ....................................
NAARDEN INTERNACIONAL ...................................................
PASCUAL HERMANOS..............................................................
SOCIEDAD ANONIMA DAMM ...............................................
UNITED DUTCH ESPAA.........................................................

1999
2000
Annual Trading
1999
2000
23,948
16,523
62,584
64,716
0
0
19,957
18,175
75,840
19,277
465,229
0
568
223
305
1,434
0
0
303
157
513
840
9,846
0
14,000
2,272
14,852
2,272
3,239
20
2,470
28
34,065
3,608
26,681
8,800
0
8,168
6,188
63,440
5,004
0
1,747
0
0
4,366
396
4,942
3,506
4,387
1,500
60,663
15,615
7,570
12,020
386
11,131
64,526
0
151,854
765,935
39,920
7,931
359
0
48,443
3,632
30,461
12,000
0
8,065
5,580
66,737
4,752
0
1,751
17,505
171
0
394
15,997
0
4,801
1,515
78,660
16,875
0
0
386
256,767
0
0
150,351
779,837
40,459
23,896
377
26,174
2,271
11
15,283
1,925
0
632
68
1,287
84
0
3
0
0
1,926
0
866
459
421
1
799
152
1,930
7,660
44
228
3,459
0
485
100,554
7,755
108
54
0
1,361
2
213
2,320
0
733
59
2,409
280
0
28
1,308
0
8
9
77
0
2,649
11
2,643
1,868
0
0
45
2,693
0
0
195
33,748
282
789
40
2,099
229,640
16,576
308
0
126,100
226,618
14,670
308
221,061
0
160
1,523
0
0
1,410
48
4,584
0
481
17,500
Date of listing in
2000 & other
comments
22/05/00
Delisted 18-04-00
CONSTRUCTION
CLEOP ........................................................................................
OBRAS Y SERVICIOS PUBLICOS...............................................
REAL ESTATE
AHORRO FAMILIAR ..................................................................
ALCINVER ..................................................................................
AYCO GRUPO INMOBILIARIO ................................................
CARTEMAR ................................................................................
CIAMSA......................................................................................
COMPAIA DE INVERSIONES CINSA......................................
COMPAIA DE TRANSPORTES E INVERSIONES.....................
COMPAIA ESPAOLA DE VIVIENDAS EN ALQUILER ..........
COMPAIA INMOBILIARIA VALENCIANA - CIVSA - .............
DALT ..........................................................................................
EGUARAS...................................................................................
FINANZAS INMUEBLES CISNEROS ..........................................
FINEX..........................................................................................
FOMENTO INMOBILIARIO CENTRAL......................................
FONINVES .................................................................................
FORUM INMOBILIARIO CISNEROS.........................................
GENERAL DE ESTUDIOS DE INVERSIONES - GEINSA - ..........
INCRECISA .................................................................................
INMOBILIARIA BARRIO DE BILBAO ........................................
INMOBILIARIA DEL SUR...........................................................
INMOLEVANTE..........................................................................
INVERSIONES NUEZ DE BALBOA.........................................
INVERSORA ...............................................................................
LEUCAN.....................................................................................
LIBERTAS 7 .................................................................................
MAX CENTER-LEISA...................................................................
OROZCO...................................................................................
PROMOCIONES EUROBUILDING ...........................................
PROMOCIONES Y CONCIERTOS INMOBILIARIOS.................
RENFILA .....................................................................................
S A PLAYA DE ALBORAYA - SAPLAYA - ..................................
S A RONSA ...............................................................................
VALENCIANA DE NEGOCIOS...................................................
Delisted 18-04-00
14/03/00
Delisted 8-09-00
Delisted 19-12-00
Delisted 9-03-00
Delisted 20-03-00
Delisted 10-03-00
14/02/00

COMPAIA TRANSMEDITERRANEA........................................
FLETAMENTOS MARITIMOS - MARFLET -................................
NAVIERA MURUETA..................................................................
SABA APARCAMIENTOS ...........................................................
TRANSPORTES FERROVIARIOS ESPECIALES............................
22/05/00
Delisted 23-03-00
145
(Continued)

Companies
Annual Trading
1999
2000
1999
2000
ALMACENES GENERALES INTERNACIONALES - AGISA -.......

ANDRES RUIZ DE VELASCO ....................................................
COMPAIA LOGISTICA DE HIDROCARBUROS-CLH- ..........
DOMAN ....................................................................................
EL SARDINERO..........................................................................
EURO XYZ .................................................................................
FRIGORIFICOS DE VIGO ..........................................................
GRAND TIBIDABO....................................................................
1,291
336
59,954
0
7,460
0
2,202
11,418
1,291
0
60,488
0
7,460
0
2,129
0
1
311
1,167
0
522
0
29
943
151
0
2,101
0
446
0
31
0
INFORMES Y PROYECTOS - INYPSA - .....................................

RUSTICAS ..................................................................................
4,475
94,400
4,375
74,000
42
2,639
871
11,193
891,418
50,869
0
54,335
2,296
623
4,817
2,346
459,884
5,722
439,012
5,722
239
304
1,461
326
0
1,563
0
1,550
4,351
892
0
5,753
1,715
1,720
2,040
62,320
5,784
3,234
141,928
0
2,604
148,279
2,302
56,800
3,600
1,510
5,316
722
0
5,155
3,317
69,375
0
1,563
0
1,514
4,041
1,016
11,758
0
1,715
2,406
2,040
62,320
0
3,252
162,946
1,314
3,088
194,909
2,314
65,434
3,600
1,534
5,543
722
875,677
5,169
3,317
83,250
0
8
0
321
450
1
0
37
205
40
77
12,842
30
36
30,063
0
1,326
5,429
616
7,406
591
42
639
2
0
22
588
7,984
0
2
0
211
234
0
649
319
216
175
39
2,003
372
37
6,196
356
446
55,607
45
10,237
43
29
686
70
158
158
144
3,871
Date of listing in
2000 & other
comments
OTHER
Delisted 14-06-00
Delisted 19-04-00
Suspended on
31/12/ 2000
BANKS
BANCA CATALANA ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ....................................
BANCO DE PROMOCION DE NEGOCIOS - PROMOBANC -
Delisted 12-06-00
INSURANCE
BANCO VITALICIO....................................................................
LEPANTO ...................................................................................
PORTFOLIO COMPANIES
ASCORP .....................................................................................
BASCAD.....................................................................................
BOLSANOR................................................................................
CARTERAS REUNIDAS - CARTEMASA -....................................
CASGO.......................................................................................
CIRCULO DE VALORES MOBILIARIOS ....................................
COMPAIA DE INVERSIONES MOBILIARIAS BARCINO ........
CORPORACION IVAMOSA ......................................................
DALTAR......................................................................................
DESARROLLO MOBILIARIO - DEMOSA - ...............................
FOMENTO BALEAR DE INVERSIONES.....................................
GAESCO HOLDING..................................................................
GESTION Y ADMINISTRACION MOBILIARIA..........................
GORBEA ....................................................................................
GRUCYCSA................................................................................
HISPANA HOLDING .................................................................
HISPANA TRES...........................................................................
INVERSIONES IBERSUIZAS .......................................................
INVERSORA CONDAL DE VALORES MOBILIARIOS ...............
MERCAPITAL..............................................................................
NOBO........................................................................................
RENTA VARIABLE.......................................................................
SAMOSA ....................................................................................
TERREVA ....................................................................................
TUBOS REUNIDOS ...................................................................
UNION CATALANA DE VALORES - UCAVASA - .....................
UNION DE VALORES - UNIVAL - ............................................
UNION EUROPEA DE INVERSIONES.......................................
146
Delisted 9-03-00
17/02/00
Delisted 28-12-00
Delisted 28-12-00
20/10/00
29/12/00
(Continued)

Companies

1999
2000
Annual Trading
1999
2000
URBI...........................................................................................
XAROA.......................................................................................
1,275
1,326
12
0
0
24,240
38,080
5,539
24,750
6,380
29,440
32,750
4,300
25,945
0
6,134
0
24,800
25,739
0
0
33,400
39,533
97,700
0
0
0
0
13,760
0
23,550
0
16,100
12,213
0
0
70,000
11,540
0
28,800
0
2,908
0
101,840
2,906
0
3,000
62,800
100,478
15,963
24,858
21,960
36,960
5,666
21,250
6,660
28,360
33,150
4,300
25,624
26,605
6,048
22,221
26,560
26,028
29,498
121,470
35,400
39,533
91,600
23,848
26,850
36,912
0
14,400
0
21,930
24,483
17,300
12,068
36,121
25,002
72,700
14,180
12,140
26,160
0
0
0
101,120
2,906
18,519
960
62,100
48,629
0
0
3,970
3,043
8,567
3,085
74
2,117
959
198
1,171
0
19
0
3
361
0
0
3,404
602
7,686
0
0
0
0
226
0
441
0
8
12
0
0
4
6
0
146
0
10
0
239
1,518
0
169
568
14
3,572
694
1,841
1,692
3,383
1
26
4,301
1,886
2
226
12
117
285
30
3,406
1,118
185
2,448
294
1,958
1,228
51
9,203
0
69
0
139
10
227
323
511
835
5
2
7,276
148
0
1
0
1,118
1,326
3,313
114
738
1,574
Date of listing in
2000 & other
comments
Suspended on
31/12/ 2000
S.I.M./SIMCAV
1955 INVERSIONES, SIMCAV ...................................................
6V DE VALORES MOBILIARIOS SIMCAV,.................................
A Y G INTERNATIONAL MARKETS, SIMCAV ...........................
A&G BOLSA...............................................................................
A&G RENTA FIJA I......................................................................
A.A. INVER PLUSQUAM, SIMCAV............................................
A.M.J. EVALUATION, SIMCAV ..................................................
AB CEUTA ..................................................................................
ABANDO EQUITIES SIMCAV....................................................
ABC DE INVERSION MOBILIARIA............................................
ABEDUL 1999, SIMCAV ............................................................
ABENOJAR INVERSIONES, SIMCAV .........................................
ABILITY ......................................................................................
ABLAA INVEST, SIMCAV.........................................................
ABRE DE INVERSIONES, SIMCAV.............................................
ACACIA BONOMIX, SIMCAV ...................................................
ACACIA PREMIUM, SIMCAV, ....................................................
ACCIONES, CUPONES Y OBLIGACIONES SEGOVIANAS.......
ACE GLOBAL, SIMCAV,.............................................................
ACERVO VALORES, SIMCAV ...................................................
ACROPOLIS 2001......................................................................
ACTAD INVERSIONES, SIMCAV ..............................................
ACTIMAAF ACCIONES IBERICA, SIMCAV...............................
ACTIUM DE INVERSIONES, SIMCAV .......................................
ACTUACIONES BURSATILES SIMCAV......................................
ACUARIO 98, SIMCAV..............................................................
ADAGALIA INVERSIONES SIMCAV ..........................................
ADDITION.................................................................................
ADORO 99, SIMCAV.................................................................
ADRASAM INVERSION .............................................................
ADRIANA INVERSIONES, SIMCAV ...........................................
AGABA INVERSIONES, SIMCAV ...............................................
AGARUS INVERSIONES SIMCAV..............................................
AGATA........................................................................................
AGENDA DE INVERSIONES, SIMCAV .....................................
AGRACEJO DE INVERSIONES, SIMCAV ...................................
AGROPE SANFER, SIMCAV.......................................................
AGROPEM DE INVERSIONES, SIMCAV....................................
AGRUPACION FINANCIERA DE INVERSIONES ......................
AGUSTINA SIMON ACTIVOS, SIMCAV ...................................
AHORRO BURSATIL..................................................................
AHORRO COLECTIVO, SIM .....................................................
AHORROACTIVO, SIMCAV......................................................
AHORROCAPITAL .....................................................................
AIRUN-INVERSIONES, SIMCAV................................................
AJALVIR ......................................................................................
27/09/00
17/04/00
25/02/00
11/08/00
02/03/00
31/03/00
31/07/00
06/11/00
17/04/00
24/07/00
07/08/00
Delisted 26-06-00
13/11/00
147
(Continued)

Companies
AKENATON INVERSIONES, SIMCAV, .......................................
AKORG FINANCIERA, SIMCAV ................................................
ALAMEDA DE VALORES, SIMCAV............................................
ALAR 2000, SIMCAV .................................................................
ALAVA INVERSIONES, SIMCAV,................................................
ALBATROS BOLSA SIMCAV ......................................................
ALBERANA INVERSIONES SIMCAV ..........................................
ALCAMA DE VALORES, SIMCAV,..............................................
ALCANADA 2000 SIMCAV,.......................................................
ALCIDES INVERSIONES, SIMCA ...............................................
ALCUMAR FINANCIERA, SIMCAV............................................
ALDARA GESTION, SIMCAV.....................................................
ALDEBORAN 5000 INVERSIONES, SIMCAV ............................
ALDERETE DE INVERSIONES, SIMCAV.....................................
ALEA INVERSIONES, SIMCAV,...................................................
ALEFOMA ..................................................................................
ALFA CAPITAL............................................................................
ALFA INVERSIONES...................................................................
ALFA INVERSIONES BURSATILES, SIMCAV ..............................
ALFACARTERA ...........................................................................
ALFAGON 1...............................................................................
ALFATEGO SIMCAV...................................................................
ALIALIA, SIMCAV.......................................................................
ALJABA DE INVERSIONES, SIMCAV .........................................
ALKEH 2000 SIMCAV,................................................................
ALMADIL INVERSIONES, SIMCAV............................................
ALMARO....................................................................................
ALMENDORA INVERSIONES SIMCAV......................................
ALMORADIEL DE INVERSIONES, SIMCAV...............................
ALMUDENA INVERSIONES, SIMCAV, ......................................
ALNAMA STOCK SIMCAV.........................................................
ALOR CARTERA, SIMCAV .........................................................
ALRAYA DE INVERSIONES, SIMCAV.........................................
ALTAE GESTION, SIMCAV.........................................................
ALTAIS INVEST, SIM ...................................................................
ALTEA 99, SIMCAV ....................................................................
ALTEMAR INVERSIONES 99, SIMCAV ......................................
ALTOIS FINANCIERA SIMCAV...................................................
ALTRES XXI.................................................................................
ALLOCATION ............................................................................
AM68, SIMCAV..........................................................................
AMA 899, SIMCAV ....................................................................
AMER 2000, SIMCAV.................................................................
AMPIL DE INVERSIONES, SIMCAV ...........................................
ANALISIS DE VALORES, SIMCAV..............................................
ANALISIS Y GESTION DE CARTERAS, SIMCAV........................
ANARA INVERSIONES...............................................................
ANATOL INVERSIONES, SIMCAV .............................................
ANDROMEDA INVESTMENT, SIMCAV.....................................
ANESGAR FREE, SIMCAV ..........................................................
ANETO GLOBAL INVESTMENT SIMCAV..................................
148

1999
0
0
0
0
26,240
0
0
0
0
0
0
24,000
12,341
0
25,180
4,760
1,708
9,973
24,089
19,910
7,500
0
0
10,135
0
13,300
34,151
0
25,520
28,325
0
29,280
27,440
65,860
1,800
0
25,961
0
38,950
359,500
26,480
235,885
0
0
81,000
0
1,820
0
0
30,000
23,184
2000
19,721
25,723
20,683
16,956
25,280
95,110
22,887
28,167
21,813
0
24,281
24,840
13,423
0
25,661
4,524
51,480
33,756
23,415
50,171
8,000
23,021
21,654
10,751
24,281
13,020
33,095
0
22,600
25,400
20,924
29,800
27,760
63,840
1,884
13,487
24,201
25,134
43,650
413,500
31,520
238,172
19,762
28,890
86,600
21,745
2,200
41,542
27,600
26,720
24,871
Annual Trading
1999
2000
0
0
0
0
570
0
0
0
0
0
0
3,282
327
0
1
54
4
1
2,404
0
100
0
0
6
0
6
2,419
0
116
22
0
37
3
9,952
97
0
7
0
448
308,461
111
5,196
0
0
694
0
222
0
0
6
1
2,540
70
24
1
2
11,575
1,105
409
1
0
745
823
572
0
10
36
0
206
1,497
2,100
92
75
6
2,262
1,631
8
13,045
0
45
102
2,407
93
161
8,725
25
84
152
3
3,036
29
108
1,516
8,913
0
21
1,938
928
25,243
522
11
45
Date of listing in
2000 & other
comments
03/07/00
24/02/00
18/05/00
10/10/00
12/04/00
06/11/00
29/12/00
27/04/00
29/12/00
27/04/00
11/05/00
28/06/00
17/04/00
10/02/00
24/07/00
17/04/00
13/06/00
11/05/00
01/06/00
(Continued)

Companies
ANTA DIVERSIFICACION, SIMCAV .........................................
ANTALYA....................................................................................
ANTAT INVERSIONES 2000, SIMCAV.......................................
ANTELI INVERSIONES SIMCAV ................................................
ANTER 99, SIMCAV ...................................................................
ANTIGUA COMPAIA TASTAVINS, SIMCAV...........................
ANTLIA INVESTMENT SIMCAV.................................................
ANTOSERRA, SIMCAV...............................................................
APUS INVESTMENT SIMCAV ....................................................
ARAGON CINCO VILLAS, SIMCAV..........................................
ARAGON TERCER MILENIO, SIMCAV......................................
ARALAR DE INVERSIONES .......................................................
ARANGOI FINANCIERA, SIMCAV ............................................
ARANJUEZ BOLSA, SIMCAV.....................................................
ARBARIN....................................................................................
ARBI DE INVERSIONES, SIMCAV..............................................
ARCABI 3,000 SIMCAV .............................................................
ARDIL FINANCIERA, SIMCAV ...................................................
ARDIZIA DE INVERSIONES, SIMCAV .......................................
AREKA INVERSIONES................................................................
ARELGUIA..................................................................................
ARENBERG ASSET MANAGEMENT SIMCAV............................
ARETE INVERSIONES, SIMCAV .................................................
AREVALO DE INVERSIONES, SIMCAV .....................................
ARGALAN INVERSIONES..........................................................
ARGENTARIA AHORRO............................................................
ARGENTARIA CARTERA DE INVERSIONES ..............................
ARGIRION INVEST, SIMCAV.....................................................
ARIEN PATRIMONIO, SIMCAV .................................................
ARIZCUN ...................................................................................
ARMINZA DE INVERSIONES, SIMCAV .....................................
ARPOAL CARTERA, SIMCAV.....................................................
ARS VALORES, SIMCAV ............................................................
ARSA CARTERA, SIMCAV..........................................................
ARTAI 2000, SIMCAV.................................................................
ARTLUMO, SIMCAV.................................................................
ARUT 98 INVERSIONES, SIMCAV.............................................
ASERFINANCE DE INVERSIONES, SIMCAV..............................
ASFABE DE INVERSIONES, SIMCAV .........................................
ASTURIANA DE VALORES ........................................................
ATAZAR DE INVERSIONES........................................................
ATIENZA DE INVERSIONES, SIMCAV .......................................
AUCAS DE INVERSIONES, SIMCAV..........................................
AUREO INVERSIONES...............................................................
AURIGA CAPITAL, SIMCAV.......................................................
AURIGA INVESTMENT, SIMCAV...............................................
AYUA INVERSIONES, SIMCAV.................................................
AZEVREC, SIMCAV,....................................................................
AZORIN INVERSIONES, SIMCAV..............................................
B&B DE VALORES, SIMCAV.....................................................
B.I. GRAN PREMIERE, SIMCAV,.................................................

1999
48,386
40,860
0
0
12,429
0
0
0
0
26,947
27,749
67,920
0
274,380
11,720
0
0
31,215
146,600
37,920
2,209
0
0
24,844
31,440
34,000
395,000
0
28,224
67,240
0
0
56,000
25,800
0
0
14,640
27,535
0
30,434
6,056
28,120
0
2,600
25,920
0
111,900
26,560
13,480
6,616
0
2000
52,338
38,175
19,184
20,972
12,753
5,097
23,319
28,392
23,600
26,426
26,947
74,080
0
299,996
138,080
21,886
16,956
32,439
164,400
42,800
2,209
21,164
23,800
24,892
34,320
36,700
371,000
27,847
25,788
69,000
23,569
21,164
49,700
23,160
24,000
8,941
13,880
26,199
10,978
36,441
99,360
29,800
21,861
2,640
23,560
31,250
114,750
23,800
12,780
6,632
24,081
Annual Trading
1999
2000
2,885
1,041
0
0
27
0
0
0
0
328
2,231
339
0
18,093
381
0
0
1,093
124,494
453
430
0
0
1
43
5,853
5,980
0
71
5,326
0
0
6,473
100
0
0
178
1,186
0
15,847
26
2
0
26
12
0
1
2
829
11
0
2,718
1,828
5
25
494
0
1,203
303
600
59
1,414
23,001
0
19,192
10,196
23
1
1,329
13,313
120
0
6
601
11
54
5,057
884
1,915
2,013
3
2,839
7,228
1,986
39
1,158
302
104
2,972
513
26,452
3
1
545
11
40
1
1,323
243
693
12
3,226
Date of listing in
2000 & other
comments
24/07/00
27/04/00
11/05/00
08/02/00
24/03/00
13/11/00
31/05/00
20/11/00
04/04/00
21/07/00
05/09/00
01/02/00
13/06/00
149
(Continued)

Companies
B.I. PREMIERE.............................................................................
B.S. INVERSIONES 97, SIMCAV ................................................
BACESA DE INVERSIONES, SIMCAV ........................................
BACKGROUND INVERSIONES, SIMCAV .................................
BAGAL CARTERA, SIMCAV, ......................................................
BAIMOBEL LINE, SIMCAV.........................................................
BAJOMIR DE INVERSIONES, SIMCAV ......................................
BALAGUER 98 DE INVERSIONES, SIMCAV .............................
BALEARES TERCER MILENIO, SIMCAV.....................................
BANCAJA GESTION .................................................................
BANCOMERCIO AHORRO.......................................................
BANESTO BANCA PRIVADA GLOBAL .....................................
BANESTO BANCA PRIVADA INVERSIONES.............................
BANESTO CEUTA Y MELILLA....................................................
BANKAL INVERSIONES 98, SIMCAV ........................................
BANKINTER DE INVERSIONES .................................................
BANSALIBER ..............................................................................
BANSAPA ...................................................................................
BANSODAD ..............................................................................
BAEZA DE INVERSIONES, SIMCAV........................................
BARBADOS INVERSIONES, SIMCAV........................................
BARBATE DE INVERSIONES, SIMCAV ......................................
BARCAPITAL SIMCAV, ...............................................................
BARCLAYS PREMIER ACCIONES, SIMCAV ...............................
BARCLAYS PREMIER DIVERSIFICADA, SIMCAV.......................
BARGAS INVERSIONES FINANCIERAS, SIMCAV .....................
BARGELD SIMCAV ....................................................................
BARIA ASSET MANAGEMENT, SIMCAV ...................................
BARIGUA, SIMCAV,...................................................................
BARLOVENTO DE INVERSIONES MOBILIARIAS, SIMCAV......
BARNEVAL INVERSIONES, SIMCAV .........................................
BARRARO ..................................................................................
BARRENOSO .............................................................................
BASARTE ....................................................................................
BASE RIOJA 2, SIMCAV .............................................................
BASEN INVESTMENT, SIMCAV .................................................
BATFAM INVERSIONES 2000, SIMCAV ....................................
BBV CEME MONETARIO...........................................................
BBV PRIVANZA 25 CARTERA, SIMCAV....................................
BBVA ARAGON, SIMCAV .........................................................
BBVA CARTERA .........................................................................
BCH MEYCE...............................................................................
BCH MEYCE 2, SIMCAV ............................................................
BEJUVIAL, SIMCAV....................................................................
ELATLANS, SIMCAV...................................................................
BEMASA INVERSIONES, SIMCAV ............................................
BENARRABA DE INVERSIONES, SIMCAV.................................
BENAZAIRE INVERSIONES 2000, SIMCAV...............................
BENCAVA INVERSIONES, SIMCAV,...........................................
150

1999
42,500
28,518
0
0
0
27,120
0
21,200
0
30,400
3,944
28,600
56,040
26,880
22,720
7,415
154,377
25,360
6,163
0
26,965
0
28,250
2,892
28,040
25,160
19,274
0
39,360
0
25,800
39,805
0
2,300
0
32,875
0
28,040
126,600
136,200
29,200
162,500
312,108
26,160
0
27,000
34,080
100,050
0
0
24,916
2000
34,200
29,106
27,406
6,852
23,256
27,360
24,170
19,520
22,737
29,320
36,000
26,832
92,000
27,280
23,280
0
162,135
28,680
30,288
23,256
18,030
0
29,150
2,724
26,880
25,720
21,168
21,068
40,320
32,815
25,320
39,093
23,569
2,300
29,507
32,369
25,976
27,920
126,800
132,000
135,000
163,000
311,181
25,040
24,320
25,240
29,920
102,150
22,631
0
23,858
Annual Trading
1999
2000
1,370
115
0
0
0
4,089
0
494
0
8,490
309
9,888
30,626
560
4,035
61
3,215
1
6
0
2,403
0
1,874
5,147
4,816
6
21,207
0
5,169
0
27
11
0
81
0
1,448
0
1,488
16,065
15,447
15,941
20,029
94,544
6,090
0
1,421
41
4,796
0
0
10
9,170
92
1,750
48
60
3,015
10
3,184
1,743
17,568
1,448
12,216
22,289
332
173
0
3,507
4,078
16
1
45
0
107
23,074
11,255
131
276
6
231
2,140
40
7,213
24
4
3
427
4
1,326
6,237
12,385
8,478
7,312
50,741
3,488
2,432
604
42
77
9
0
1,372
Date of listing in
2000 & other
comments
10/02/00
24/05/00
25/05/00
07/01/00
24/08/00
24/03/00
16/03/00
07/09/00
21/06/00
11/04/00
13/10/00
10/02/00
07/01/00
28/11/00
(Continued)

Companies
BERCIAL INVERSIONES, SIMCAV .............................................
BERZOSA DE INVERSIONES .....................................................
BESSER INVERSIONES ...............................................................
BETA FONDOS INTERNACIONAL............................................
BETA TECH INVERSIONES SIMCAV..........................................
BEXCARTERA .............................................................................
BEXCARTERA DOS ....................................................................
BICHAR DE INVERSIONES FINANCIERAS, SIMCAV ................
BIERZO 99 DE INVERSIONES, SIMCAV, ...................................
BIFERO .......................................................................................
BILBAO ELCANO INVERSIONES SIMCAV................................
BILBAO EQUITY, SIMCAV.........................................................
BILUTOR ....................................................................................
BIRIGARRO, SIMCAV ................................................................
BLOPA INVESTIMENT, SIMCAV ................................................
BLUE CHIP INVERSIONES.........................................................
BMS BLUE CHIPS, SIMCAV.......................................................
BMS CARTERA, SIMCAV ..........................................................
BOJ INVESTMENT, SIMCAV ......................................................
BOLINVER..................................................................................
BOLSA INTEGRAL SIMCAV.......................................................
BOLSA MIXTA SIMCAV..............................................................
BOLSA TRANSOCEANICA, SIMCAV.........................................
BOLSADUERO, SIMCAV ...........................................................
BOLSAGAR ................................................................................
BOLSAID INVERSIONES............................................................
BOLSHISPANIA..........................................................................
BOLSIBER...................................................................................
BOMBAY INVESTMENT OFFICE ...............................................
BOND EQUITY, SIMCAV..........................................................
BOND INVERSIONES................................................................
BONDARRIBI INVESTMENT, SIMCAV ......................................
BONINSA BOLSA, SIMCAV.......................................................
BOOMING INVERSIONES.........................................................
BOOTES INVESTMENT SIMCAV ...............................................
BOQUERA INVERSIONES, SIMCAV..........................................
BORACMO, SIMCAV.................................................................
BORDOLIQUE, SIMCAV ...........................................................
BORIZO DE INVERSIONES, SIMCAV........................................
BOTTOM UP INVERSIONES, SIMCAV......................................
BOVILA DE INVERSIONES, SIMCAV.........................................
BOYSEP INVESTMENT SIMCAV ................................................
BRANCH DE INVERSIONES SIMCAV .......................................
BRASILITO SIMCAV ...................................................................
BRENT INVERSIONES, SIMCAV ................................................
BRIMO DE INVERSIONES .........................................................
BRISEIDA DIVERSIFICADA, SIMCAV.........................................
BROKREUS, SIMCAV .................................................................
BROSNA, SIMCAV.....................................................................
BRUNARA..................................................................................
BSN ELITE 10-30,SIMCAV..........................................................

1999
0
16,776
28,440
30,360
40,928
9,800
6,400
26,720
0
79,320
0
24,160
7,200
25,060
0
1,160
37,900
74,900
0
1,625
0
0
0
0
2,716
73,278
11,813
3,299
37,960
31,250
19,780
27,880
25,160
13,520
0
0
0
36,294
24,920
25,349
0
0
0
0
13,960
1,683
0
0
30,800
589,750
24,441
2000
23,319
16,776
28,920
31,080
108,750
10,038
0
25,760
22,222
68,580
22,941
28,480
6,016
23,689
22,550
1,160
37,100
76,200
0
2,700
49,600
45,900
0
0
2,716
70,051
11,680
4,021
0
31,350
20,620
29,240
21,640
13,820
22,117
22,598
17,750
40,327
24,000
25,036
25,758
23,680
0
26,565
12,500
4,916
0
18,750
33,520
546,000
25,162
Annual Trading
1999
2000
0
20
1,577
2,606
30,453
42
53
1,090
0
3,657
0
0
124
1
0
1
2,439
12
0
2,544
0
0
0
0
138
2,396
766
4,194
19
2,798
21
766
3,419
165
0
0
0
14,466
610
10,109
0
0
0
0
3,367
3
0
0
432
103,160
219
3
1
107
3,390
34,596
83
84
4
1,204
7,371
1,314
96
1,141
82
37
576
394
13
0
30
6,465
2
0
0
275
3,220
1,225
46
0
1,609
361
33
93
60
0
962
4,029
565
37
39
180
1,412
0
4,831
588
0
0
6,386
428
70,412
4,954
Date of listing in
2000 & other
comments
07/08/00
Delisted 26-09-00
03/10/00
25/05/00
29/12/00
24/03/00
06/11/00
24/01/00
18/02/00
18/05/00
31/03/00
23/06/00
18/05/00
151
(Continued)

Companies
BSN ELITE 30-50, SIMCAV.........................................................
BSN ELITE 50-70, SIMCAV.........................................................
BSN ELITE 70-90, SIMCAV.........................................................
BUENAVISTA F,O,G, INVERSIONES, SIMCAV ..........................
BUENDIA DE INVERSIONES .....................................................
BULK INVERSIONES, SIM..........................................................
BULL INVEST .............................................................................
BURBIA-99 DE INVERSIONES, SIMCAV ...................................
BURSATIL 2000, SIMCAV ..........................................................
BUSMONDO.............................................................................
C,F, GENERAL DE INVERSIONES FINANCIERAS, SIMC ...........
CABMAR DE INVERSIONES, SIMCAV ......................................
CADI VALORES, SIMCAV ..........................................................
CAELU INVESTMENT SIMCAV..................................................
CAESAR IMPERATOR I, SIMCAV ...............................................
CAIXA INVERSIONES I, SIMCAV...............................................
CAIXASABADELL INVEST, SIMCAV ,,........................................
CALACONTA DE INVERSIONES, SIMCAV................................
CALAINVEST-98, SIMCAV .........................................................
CALCEDONIA, SIMCAV ............................................................
CALIMA INVEST, SIMCAV .........................................................
CAMELLE INVESTMENT, SIMCAV .............................................
CAMERFRAN, SIMCAV..............................................................
CAMINO PASTORA, SIMCAV,...................................................
CANAY DE INVERSIONES, SIMCAV .........................................
CANIGO INVERSIONES SIMCAV..............................................
CANOVAS 98, SIMCAV.............................................................
CANTO ASTIAL INVERSIONES, SIMCAV..................................
CAPGESA ...................................................................................
CAPILOPA, SIMCAV...................................................................
CAPINVER..................................................................................
CAPITAL 18 BR, SIMCAV,, .........................................................
CAPITAL M,E,P, ..........................................................................
CAPITAL P,A,V, ...........................................................................
CAPITAL PENEDES MIXT, SIMCAV...........................................
CAPITALZA ................................................................................
CAR 2000 INVERSIONES MOBILIARIAS, SIMCAV ...................
CARAMA DE INVERSIONES, SIMCAV ......................................
CARAUNA INVERSIONES, SIMCAV..........................................
CARBONERA MOBILIARIA SIMCAV.........................................
CARDIEL DE INVERSIONES, SIMCA .........................................
CARFY ........................................................................................
CARHEBAPE 1, SIMCAV............................................................
CARINA INVESTMENT, SIMCAV ...............................................
CARISA INVERSIONES, SIMCAV ...............................................
CARO INVERSIONES, SIMCAV .................................................
CAROLA 2000, SIMCAV............................................................
CARPE DIEM INVESTMENT, SIMCAV .......................................
CARRAN DE INVERSIONES, SIMCAV.......................................
CARRASPIENTES SIMCAV .........................................................
CARTEBANC ..............................................................................
152
Annual Trading
1999
2000
1999
2000
31,316
33,893
26,324
0
2,460
2,811
33,000
0
30,000
3,080
0
25,180
0
0
14,520
29,280
0
25,301
12,660
26,960
0
0
0
0
0
0
0
30,080
2,855
24,642
1,204
0
30,360
29,480
66,240
12,320
0
27,560
0
0
24,160
28,259
0
0
0
0
0
0
39,100
0
5,696
32,440
32,268
22,999
23,440
2,460
3,080
30,200
18,992
34,750
3,080
0
24,675
20,924
44,499
13,680
72,300
24,360
24,820
13,700
25,000
24,121
34,979
0
16,408
32,881
0
30,123
29,440
2,855
25,002
1,204
12,261
29,080
27,800
62,640
12,000
25,723
26,000
22,069
22,246
25,520
26,054
17,412
22,879
0
25,641
21,640
0
39,850
23,420
8,549
570
455
1,193
0
22
1
1,314
0
3,180
93
0
1
0
0
2,009
16,416
0
2,150
2
32
0
0
0
0
0
0
0
36
8
19
1,027
0
40
39
25
903
0
158
0
0
2
74
0
0
0
0
0
0
9
0
91
5,461
6,886
4,306
0
6
28
2,599
2
3,147
6
0
10
839
11
60
27,388
10,117
63
4
4
3,000
31,480
0
1
89
0
142
225
89
74
291
78
47
64
80
362
3
2
2,771
1
9
129
1
309
0
92
1,204
0
130
2,064
605
Date of listing in
2000 & other
comments
07/12/00
28/06/00
24/07/00
06/04/00
06/11/00
22/12/00
16/06/00
04/08/00
13/11/00
21/02/00
09/03/00
31/07/00
13/06/00
04/08/00
13/06/00
06/11/00
03/03/00
06/04/00
01/06/00
(Continued)

Companies
CARTERA 100, SIMCAV.............................................................
CARTERA 2M5, SIMCAV............................................................
CARTERA 30, SIMCAV...............................................................
CARTERA ALFABIA SIMCAV,......................................................
CARTERA ASEGURADORA .......................................................
CARTERA BASEIBAR ..................................................................
CARTERA BELLVER 4, SIMCAV..................................................
CARTERA BELLVER, SIMCAV.....................................................
CARTERA CABRERA SIMCAV ....................................................
CARTERA CALOBRA 2 SIMCAV ................................................
CARTERA CALOBRA 3, SIMCAV ...............................................
CARTERA CALOBRA 4, SIMCAV ...............................................
CARTERA CALOBRA SIMCAV ...................................................
CARTERA CRESA, SIMCAV ........................................................
CARTERA DE ACCIONES - TACISA ..........................................
CARTERA DE INVERSION BURSATIL, SIMCAV ........................
CARTERA DE INVERSIONES INVERGAL, SIMCAV ...................
CARTERA DE VALORES IAF, SIMCAV .......................................
CARTERA DELFI .........................................................................
CARTERA DELFI 2 ......................................................................
CARTERA DRAGONERA SIMCAV.............................................
CARTERA EMPORDA 2000, SIMCAV........................................
CARTERA EXTRAMUN, SIMCAV...............................................
CARTERA GLOBAL, SIMCAV.....................................................
CARTERA INTEGRAL, SIM,........................................................
CARTERA INVERONIA, SIMCAV ...............................................
CARTERA INVERSORA DEL EBRO, SIMCAV.............................
CARTERA LD 78 SIMCAV ..........................................................
CARTERA MACAM, SIMCAV, ....................................................
CARTERA MILLENNIUM, SIMCAV ............................................
CARTERA MOBILIARIA - CARMOSA - ......................................
CARTERA MUNDIAL, SIMCAV..................................................
CARTERA PIRINEO ....................................................................
CARTERA ROIS, SIMCAV...........................................................
CARTERA SUROESTE, SIMCAV .................................................
CARTERA URQUIJO 2, SIMCAV................................................
CARTERA URQUIJO, SIMCAV...................................................
CASAYU INVERSIONES SIMCAV ..............................................
CASSIOPEIA INVESTMENT, SIMCAV.........................................
CASTALIA AHORRO, SIMCAV ..................................................
CASTEINVER ..............................................................................
CASTEPLAN-12, SIMCAV ..........................................................
CASTLEWOOD, SIMCAV ..........................................................
CASVA DE INVERSIONES, SIMCAV ..........................................
CAT PATRIMONIS, SIMCAV ......................................................
CATALANA CARTERA, SIMCAV ................................................
CATIMSA....................................................................................
CATOC .......................................................................................

1999
0
0
27,040
0
28,043
69,635
0
0
0
0
31,200
0
0
0
0
0
0
4,088
0
0
25,760
111,900
34,080
0
0
27,400
0
12,020
27,920
24,760
0
23,960
0
179,520
0
5,160
27,200
25,520
0
29,600
0
0
0
2,412
0
0
0
27,640
127,000
22,560
49,476
2000
24,281
22,678
27,440
24,321
27,433
83,499
21,837
21,436
23,800
21,957
29,320
23,079
0
0
0
0
21,156
0
11,219
21,276
24,120
105,100
32,280
0
20,587
32,320
28,028
12,020
28,200
27,280
23,761
24,161
24,361
188,520
19,994
4,960
25,240
23,120
20,539
26,880
31,300
23,640
23,800
0
39,504
24,409
28,408
30,000
124,200
20,220
48,244
Annual Trading
1999
2000
0
0
151
0
2,075
56,262
0
0
0
0
13,396
0
0
0
0
0
0
3,751
0
0
12
12,075
1,413
0
0
31
0
4
38
0
0
3,606
0
13,402
0
630
36
12
0
25,418
0
0
0
1
0
0
0
1,075
29,678
9
12,090
1,847
351
2
325
1,579
3,465
2,585
2,575
9,981
3,797
12,765
2,018
0
0
0
0
5,937
0
241
3,184
40
19,496
17,224
0
71
150
2,131
6
44
303
29
35
2,279
3,685
3,565
406
42
1,135
27,467
28,909
104
0
112
0
14,282
363
2
3,178
11,296
27
3,297
Date of listing in
2000 & other
comments
13/07/00
07/08/00
24/03/00
24/03/00
24/03/00
24/03/00
11/08/00
11/08/00
24/08/00
24/08/00
11/08/00
01/02/00
07/08/00
11/08/00
10/02/00
24/03/00
31/07/00
24/07/00
06/04/00
13/06/00
21/07/00
13/07/00
31/07/00
153
(Continued)

Companies
CAULES DE INVERSIONES, SIMCAV ........................................
CBH GLOBAL, SIMCAV ...........................................................
CEBAL INVERSIONES, SIMCAV, ................................................
CENTRAL DE INVERSIONES EN VALORES - CEIVASA ............
CENTRAL DE VALORES - CEVALSA .........................................
CERES INVERSIONES, SIMCAV .................................................
CETUS INVERSIONES, SIMCAV ...............................................
CIFUENTES DE INVERSIONES SIMCAV....................................
CIGNUS VALORES, SIMCAV.....................................................
CILAR INVERSIONES, SIMCAV..................................................
CININVER FINANZAS, SIMCAV ................................................
CJ PROFIT SIMCAV....................................................................
CJ TRADITIONAL, SIMCAV .......................................................
CLEAR INVERSIONES ................................................................
CLEOMER, SIMCAV ...................................................................
CLUB BANCOMERCIO CIBELES ...............................................
CMA GLOBAL 1999, SIMCAV...................................................
CMA GLOBAL 2000, SIMCAV...................................................
CMA GLOBAL INVESTMENTS, SIMCAV...................................
COKEFIN 99, SIMCAV ...............................................................
COLIGAR DE VALORES, SIMCAV .............................................
COLLBATO INVEST, SIMCAV ....................................................
COMPAIA DE INVERSIONES ANAIL, SIMCAV ......................
COMPASS INVERSIONES, SIMCAV...........................................
CONCORDIA DE INVERSIONES MEDITERRANEAS, SIMCA ...
CONSULBIC...............................................................................
CONSULBOLSA.........................................................................
CONSULMIX 60-40, SIMCAV....................................................
CONSULNOR EUROACCIONES, SIMCAV...............................
CONSULNOR LA RIOJA SIMCAV .............................................
CONTINENTAL DEL MAR, SIMCAV..........................................
COOPERATIVISME, SIMCAV .....................................................
CORATRIL, SIMCAV...................................................................
CORFIN INVERSIONES, SIMCAV..............................................
CORONA AUSTRALIS INVESTMENT, SIMCAV.........................
CORPORACION DE INVERSIONES MOBILIARIAS ..................
CORPORAT INVERSIONES........................................................
CORVUS INVERSIONES, SIMCAV.............................................
COSTAGES, SIMCAV..................................................................
COTOMAR INVERSIONES, SIMCAV.........................................
COVIMOSA................................................................................
CREDIT SUISSE COLUMBUS-75, SIMCAV................................
CREDIT SUISSE ELCANO-50, SIMCAV......................................
CRINUM INVERSIONES, SIMCAV.............................................
CRISTOBALMEMDI, SIM, ..........................................................
CRONISTA CARRERES DE INVERSIONES, SIMCAV..................
CRUNVER FINANCIERA, SIMCAV ............................................
CUBAHORRO, SIMCAV............................................................
CUFATUM, SIMCAV ..................................................................
CUINVER 2000, SIMCAV...........................................................
CYCLE INVERSIONES, SIMCAV.................................................
154

1999
32,800
32,750
0
116,160
0
26,080
33,650
0
28,070
0
0
26,445
25,483
3,800
27,320
27,640
0
0
0
0
0
13,420
24,000
0
33,440
88,680
70,800
25,533
6,520
0
23,151
0
25,026
25,002
0
6,213
27,200
26,000
33,000
27,480
4,344
0
24,363
0
2,009
0
24,762
0
0
24,480
9,180
2000
33,080
30,850
0
121,990
93,000
25,000
34,550
23,497
26,145
25,964
24,281
28,849
28,849
6,560
24,760
26,360
24,481
23,880
24,000
29,500
19,913
14,420
21,280
21,429
29,960
72,080
60,480
24,292
6,197
22,411
23,968
27,750
25,267
25,002
30,401
6,236
29,120
24,040
33,240
27,920
738
2,533
23,040
0
0
17,760
27,166
20,202
39,508
23,600
14,865
Annual Trading
1999
2000
40
66
0
2,202
0
641
4,841
0
5,351
0
0
2,542
206
90
1,378
1,791
0
0
0
0
0
170
300
0
89
2,129
3,820
606
12,320
0
15
0
16
6
0
36
32
23
326
4,192
0
0
3,503
0
17
0
6
0
0
2
16
3
82
0
2,706
9,903
95
94
1
2,019
9
14,000
136
438
109
321
1,457
4,213
5,893
8,885
1
0
52
34
588
2,187
1,276
2,233
4,150
10,442
2,815
148
5,325
122
10
1
377
43
41
43
1,604
0
20,119
17,159
0
0
619
10
1,616
648
304
22
Date of listing in
2000 & other
comments
06/04/00
00/01/00
09/03/00
03/10/00
19/04/00
10/05/00
21/07/00
13/07/00
29/08/00
24/05/00
17/03/00
06/04/00
10/10/00
29/12/00
24/02/00
10/10/00
31/10/00
(Continued)

Companies
CHART INVERSIONES ..............................................................
CHERAC 2000 SIMCAV.............................................................
CHERSWIT, SIMCAV..................................................................
D&F ROALBA, SIMCAV.............................................................
DABIFINSA, SIMCAV .................................................................
DACINVER.................................................................................
DAF INVERSIONES, SIMCAV ....................................................
DALINVEST INVERSIONES, SIMCAV ........................................
DAPA DE INVERSIONES, SIMCAV ............................................
DAPHNE INVESTMENTS SIMCAV ............................................
DAR............................................................................................
DAVMES.....................................................................................
DAYNEWS SIMCAV ...................................................................
DEALING INVERSIONES, SIMCAV............................................
DEBARAN DE VALORES MOBILIARIOS SIMCAV.....................
DEHASA INVERSIONES FINANCIERAS, SIMCAV .....................
DEHESA LOS CHOPOS, SIMCAV..............................................
DELFI BOLSA, SIMCAV..............................................................
DELTA INVERSIONES BURSATILES, SIMCAV............................
DERRICK INVEST, SIMCAV........................................................
DESEMBRE NORANTA-NOU, SIMCAV ....................................
DEVON ISLAND, SIMCAV ........................................................
DIAPASON GESTION, SIMCAV ................................................
DICASTILLO INVERSIONES, SIMCAV.......................................
DIGIT INVERSIONES, SIMCAV..................................................
DINER INVERSION 2000 SIMCAV ............................................
DINERAHORRO, SIMCAV.........................................................
DINERCAPITAL, SIMCAV...........................................................
DINERCARTERA, SIMCAV .........................................................
DINERGLOBAL, SIMCAV ..........................................................
DINERINVER..............................................................................
DINERINVERSION, SIMCAV .....................................................
DINERISCAL, SIMCAV ...............................................................
DINERVALOR, SIMCAV .............................................................
DINERVERA SIMCAV .................................................................
DITA INVERSIONES SIMCAV.....................................................
DIVERSIFICACION FINANCIERA ..............................................
DIVERSITY DE INVERSIONES, SIMCAV ....................................
DOBLE F STOCKS, SIMCAV ......................................................
DOBLERS ..................................................................................
DOCK INVERSIONES, SIMCAV.................................................
DONADOS 2000 SIMCAV ........................................................
DORALEX DE INVERSIONES, SIMCAV.....................................
DOSANE, SIMCAV.....................................................................
DRAFT INVERSIONES, SIMCAV ................................................
DRIER INVERSIONES, SIMCAV .................................................
DRIVE INVESTMENT, SIMCAV ..................................................
DRIVER INVERSIONES, SIMCAV...............................................
DUNIE 98 DE INVERSIONES, SIMCAV.....................................
DURBANA I, SIMCAV................................................................
DURIEN SIMCAV.......................................................................

1999
335,788
0
13,880
0
26,400
81,216
0
0
27,000
0
16,744
46,160
31,814
11,845
0
0
0
24,680
24,089
0
0
26,920
0
26,379
12,480
0
24,531
27,600
24,050
25,240
6,013
24,050
0
27,480
0
0
417,900
32,131
13,150
35,920
6,200
0
0
44,870
31,313
0
12,580
26,142
25,800
0
0
2000
159,258
0
13,920
0
26,760
76,354
33,461
0
26,160
23,231
23,324
168,560
32,495
12,169
31,253
25,002
86,421
22,760
24,617
21,507
25,250
28,480
22,516
26,343
12,940
22,078
23,569
21,520
24,050
25,480
29,000
21,405
21,164
25,360
19,962
21,492
424,200
24,291
12,705
38,400
6,410
29,660
24,041
47,390
24,892
21,468
12,920
24,098
25,360
10,150
23,920
Annual Trading
1999
2000
2,045
0
462
0
937
2,054
0
0
778
0
7
6
5,404
15
0
0
0
6,003
6,840
0
0
892
0
1,417
13
0
5,030
869
3,002
5,527
5
3,337
0
4,133
0
0
848
12
15
2,222
614
0
0
34
7
0
458
5
32
0
0
40
0
98
0
243
702
32
0
2,398
3,403
1,205
252
5,369
38
1
3
1,376
33
938
54
3,334
2
18
12,354
90
1
445
610
0
0
15
103
0
2,258
0
2,154
61
1,886
1,256
69
2,989
1,398
210
10
716
276
1,182
39
1
1,203
148
Date of listing in
2000 & other
comments
06/11/00
29/12/00
10/02/00
24/05/00
06/04/00
08/06/00
31/05/00
05/06/00
11/05/00
10/10/00
24/07/00
11/05/00
30/05/00
17/04/00
10/10/00
11/05/00
20/11/00
24/03/00
155
(Continued)

Companies
DUVEN-00, SIMCAV .................................................................
E.S.F. EURORENT, SIMCAV........................................................
EAGLE STAR DE INVERSION MOBILIARIA...............................
EARNING INVERSIONES, SIMCAV ...........................................
EAST STAR..................................................................................
EAST WIND INVERSIONES, SIMCAV........................................
ECHO DE INVERSIONES, SIMCAV ...........................................
ECOLOGIA VIVA, SIMCAV........................................................
EDIGA 11, SIMCAV....................................................................
EIKON 99, SIMCAV ...................................................................
EIXAMPLE 2000, SIMCAV..........................................................
EL DORADO INVERSIONES, SIMCAV ......................................
ELMIRON 2000 SIMCAV ...........................................................
ELORBE, SIMCAV.......................................................................
EMENUR DE INVERSIONES, SIMCAV.......................................
EMESA GLOBAL, SIMCAV.........................................................
EONIA INVERSIONES, SIMCAV ................................................
EPOMENES.................................................................................
EPSILON INVERSIONES BURSATILES, SIMCAV........................
ERCIA DE VALORES MOBILIARIOS ..........................................
EREAGA INVERSIONES, SIMCAV..............................................
EREGOS, SIMCAV......................................................................
EREMUA DE INVERSIONES, SIMCAV .......................................
ESASER INVERSIONES, SIMCAV ...............................................
ESBA DE INVERSIONES, SIMCAV .............................................
ESGER INVERSIONES SIMCAV..................................................
ESGUEVA DE INVERSIONES, SIMCAV .....................................
ESJAPIOL, SIMCAV.....................................................................
ESNALI, SIMCAV........................................................................
ESPEJO DE INVERSIONES, SIMCAV ..........................................
ESSAOUIRA, SIMCAV ................................................................
ESTUDIOS FINANCIEROS DE VALORES ..................................
EUMAR INVERSIONES SIMCAV................................................
EURIPIDES, SIMCAV ..................................................................
EURO INVERSIONES XXI SIMCAV............................................
EUROARGA ...............................................................................
EUROBIRDIE, SIMCAV ..............................................................
EUROBOLSA SELECCION, SIMCAV..........................................
EUROBOLSA XXI, SIMCAV........................................................
EUROCAIXA 1, SIM ...................................................................
EUROCOSTERGO DE INVERSIONES, SIMCAV........................
EUROEQUITY INVESTMENT, SIMCAV .....................................
EUROHUNTERS, SIMCAV.........................................................
EUROMIX...................................................................................
EUROPEAN STOCK EXCHANGE, SIMCAV...............................
EUROSTAR ACTIVOS, SIMCAV.................................................
EUROTITULOS ..........................................................................
EUROZITRO, SIMCAV...............................................................
EVEREST 8848, SIMCAV ............................................................
EVIMUR DE INVERSIONES, SIMCAV........................................
EVLO INVERSIONES SIMCAV ...................................................
156
Annual Trading
1999
2000
1999
2000
0
37,140
5,200
25,180
40,840
0
31,200
28,988
23,840
0
0
36,840
0
23,720
25,760
26,240
0
40,160
24,089
5,400
0
29,920
0
11,900
29,720
0
25,560
0
6,600
0
0
6,001
0
33,040
29,361
27,920
0
43,520
32,800
65,100
73,200
0
0
5,548
0
26,250
3,400
48,120
0
0
0
21,802
37,140
6,210
24,291
47,120
20,322
30,000
31,464
25,840
27,680
8,928
35,680
23,593
24,400
25,480
21,840
21,765
38,560
24,521
4,920
20,234
29,240
0
11,980
27,720
22,800
25,840
23,752
5,890
23,464
24,497
28,850
24,666
35,880
37,022
27,520
24,642
42,000
34,367
63,400
52,560
0
5,964
4,928
0
27,375
3,400
47,160
36,000
24,050
51,200
0
32,886
26
616
361
0
184
2,888
2
0
0
10,189
0
2
33
35
0
116
13,784
36
0
8
0
358
3
0
628
0
6
0
0
1
0
367
1,278
6,046
0
14,190
4,745
4,691
6
0
0
1,651
0
12
128
332
0
0
0
72
2,177
51
39
4,336
1,295
93
80
8
2,725
4,017
301
1,604
16
1
39
351
192
77
252
0
864
0
987
20
47
947
2,369
200
2,275
1,802
0
2,691
386
3,454
42
1
28,410
2,983
17,237
7
0
2,577
709
0
39
0
554
5
45
13,019
Date of listing in
2000 & other
comments
11/08/00
11/02/00
11/02/00
30/05/00
05/09/00
07/08/00
30/03/00
10/03/00
11/08/00
24/07/00
06/04/00
24/02/00
29/12/00
13/07/00
24/03/00
10/10/00
(Continued)

Companies
FACTOR INVERSIONES .............................................................
FADOGUE, SIMCAV..................................................................
FAIMSA.......................................................................................
FAIRWAY INVERSIONES, SIMCAV ............................................
FAMEGA INVESTMENT, SIMCAV ..............................................
FAMQUIR INVERSIONES, SIMCAV...........................................
FANIUL INVERSIONES, SIMCAV...............................................
FAPAC INVERSIONES MOBILIARIAS, SIMCAV.........................
FAR99 INVERSIONES, SIMCAV .................................................
FAZYX INVERSIONES MOBILIARIAS, SIMCAV.........................
FEBRER NORANTAVUIT, SIMCAV ............................................
FELICITY L.P. SIMCAV ................................................................
FERNANFLOR DE INVERSIONES..............................................
FIAMPI INVERSIONES, SIMCAV................................................
FIB ARCA FUTURA, SIMCAV ....................................................
FIBUR .........................................................................................
FIBUR 3000 DE INVERSIONES SIMCAV ...................................
FIMAR DE VALORES, SIMCAV ..................................................
FIMARSE INVERSIONES, SIMCAV.............................................
FIMBROBOLSA..........................................................................
FINA DE INVERSIONES 97, SIMCAV ........................................
FINABLET, SIMCAV....................................................................
FINAGON INVERSIONES, SIMCAV ..........................................
FINANBELA, SIMCAV ................................................................
FINANCES DE PONENT, SIMCAV.............................................
FINANCIAL SPEED, SIMCAV .....................................................
FINANCIERA BANSANDER .......................................................
FINANCIERA BERONE, SIMCAV ...............................................
FINANCIERA BESTESA, SIMCAV ...............................................
FINANCIERA INBAY, SIMCAV ...................................................
FINANCIERA INTERNACIONAL................................................
FINANCIERA J, PALOMO E HIJOS, SIMCAV.............................
FINANCIERA LAS MORERAS, SIMCAV .....................................
FINANCIERA MUNELVIR, SIMCAV ...........................................
FINANCIERA OLMEDO, SIMCAV .............................................
FINANCIERA PONFERRADA.....................................................
FINANCIERA TOLINVER, SIMCAV ............................................
FINANMETRO ESPAA, SIMCAV .............................................
FINANTER ..................................................................................
FINANZAS Y PATRIMONIOS.....................................................
FINANZASA, SIMCAV................................................................
FINCAPITAL ...............................................................................
FINCOR DE INVERSIONES, SIMCAV ........................................
FINDINER, SIMCAV ...................................................................
FINECO ACCIONES, SIMCAV ...................................................
FINECO DE VALORES MOBILIARIOS .......................................
FINECO EURO CARTERA ..........................................................
FINVALOR, SIMCAV ..................................................................
FISMON INVERSIONES SIMCAV...............................................
FLORIDIAN, SIMCAV ................................................................
FLOW INVERSIONES, SIMCAV .................................................

1999
18,936
0
4,320
27,802
31,600
27,080
0
126,160
12,648
0
29,160
0
673
0
39,000
62,860
0
24,930
0
5,276
29,360
43,470
0
29,800
0
25,400
101,000
0
0
0
2,088
0
0
25,964
26,120
87,330
24,320
0
0
184,000
0
5,775
27,640
25,012
25,520
29,920
29,200
0
0
28,280
28,400
2000
19,746
11,232
7,193
25,084
27,720
25,480
102,881
123,280
12,876
22,550
23,445
22,126
673
51,062
37,320
62,580
20,194
25,170
23,872
4,980
30,800
34,230
22,520
30,040
0
25,800
106,060
23,560
27,406
0
1,968
0
0
24,762
27,160
97,334
25,040
27,831
0
66,528
0
4,961
29,000
23,088
25,920
30,920
30,920
30,652
0
27,280
29,760
Annual Trading
1999
2000
23
0
146
1,208
3,524
274
0
16
1,044
0
1
0
8
0
4,143
3,196
0
212
0
782
922
78
0
4
0
6,093
2,150
0
0
0
81
0
0
6
6
10,282
607
0
0
88
0
1,415
37
3,194
2,686
2,137
3,351
0
0
366
15
42
110
305
4,238
40
115
0
129
382
7,200
3
711
10
4,592
3,773
9,639
1
8
1,790
869
2
128
0
1
0
1,552
2,953
36
1,205
0
13
0
0
10
10
13,263
672
1
0
2,459
0
340
1
5,385
1,565
4,593
3,540
0
0
46
329
Date of listing in
2000 & other
comments
08/09/00
08/06/00
02/03/00
10/10/00
06/11/00
03/10/00
07/12/00
29/12/00
17/04/00
09/03/00
25/05/00
08/06/00
17/04/00
13/03/00
28/06/00
157
(Continued)

Companies
FOCUS INVERSIONES...............................................................
FOFILADO SIMCAV...................................................................
FOIX DE INVERSIONES, SIMCAV..............................................
FOLONPIE..................................................................................
FOMENTO DE AHORRO E INVERSIONES...............................
FON DE CASTRO, SIMCAV.......................................................
FONCYG SIMCAV .....................................................................
FONLAR FUTURO, SIMCAV .....................................................
FONMOBA, SIMCAV.................................................................
FONT ROCHA, SIMCAV............................................................
FONTECILLA..............................................................................
FORALEX....................................................................................
FORAS INVERSIONES SIMCAV .................................................
FORILDOS, SIMCAV..................................................................
FOURSOME, SIMCAV................................................................
FREEHOLD INVERSIONES, SIMCAV.........................................
FUENTE CLARIN, SIMCAV ........................................................
FUERFIN, SIMCAV .....................................................................
FUNRENT MILENIO, SIMCAV...................................................
FUP 99, SIMCAV........................................................................
FUSOPAR SIMCAV.....................................................................
FUTURVALOR, SIMCAV............................................................
G.U. IRAU, SIMCAV ..................................................................
GADES FINANZAS, SIMCAV.....................................................
GALENOS CENTENARIO INVERSIONES, SIMCAV...................
GAMA BURSATIL.......................................................................
GAMBIT 2000, SIMCAV ............................................................
GAMMA INVERSIONES BURSATILES, SIMCAV........................
GARABOLSA, SIM .....................................................................
GARADASA................................................................................
GARBIZU DE INVERSIONES, SIMCAV......................................
GARDAMA DE INVERSIONES, SIMCAV...................................
GAYAR DE INVERSIONES, SIMCAV..........................................
GAZAMIA INVERSIONES, SIMCAV...........................................
GEISER INVERSIONES 2000, SIMCAV.......................................
GENER NORANTANOU BORSA, SIMCAV...............................
GENERACION 21, SIMCAV.......................................................
GERION INVERSIONES, SIMCAV ............................................
GERLOCAPITAL, SIMCAV..........................................................
GESAMER INVERSIONES, SIMCAV ...........................................
GESINBOL DE INVERSIONES....................................................
GESPRISA INVERSIONES, SIMCAV ...........................................
GESRENTA, SIMCAV..................................................................
GESTBOS SIMCAV.....................................................................
GESTIGOBE, SIMCAV ................................................................
GESTRISA ...................................................................................
GIBARA INVERSIONES, SIMCAV ..............................................
GLOBAL ANANDA SIMCAV .....................................................
GLOBAL GROWTH, SIMCAV ...................................................
GLOBAL INVESTMENTS XXI, SIMCAV .....................................
GLOBALFINANZAS, SIMCAV....................................................
158

1999
10,488
0
54,320
14,020
2,125
0
0
0
25,520
24,400
3,904
4,920
0
0
25,760
11,881
27,480
17,800
0
0
0
0
25,387
0
24,847
2,000
0
24,089
24,040
9,125
0
31,440
0
0
0
22,500
8,000
0
25,120
0
76,790
54,300
28,139
0
26,335
1,468
25,323
0
0
45,360
24,400
2000
9,636
0
48,160
14,640
12,797
11,515
10,914
32,672
25,280
26,400
3,904
5,638
22,631
24,531
26,280
12,530
28,000
18,350
6,467
26,661
126,603
22,213
25,243
0
25,715
2,408
11,540
21,396
23,214
9,275
24,762
30,240
12,241
21,212
0
11,500
8,464
0
23,640
22,919
73,080
66,254
22,126
26,204
25,902
10,080
24,762
22,117
0
39,200
24,680
Annual Trading
1999
2000
1,859
0
58
14
5
0
0
0
124
876
5
59
0
0
2
15
37
6,012
0
0
0
1,710
3,374
0
2,548
1
0
2,753
34
107
0
160
0
0
0
2,552
1,117
0
76
0
12
8,913
6,963
0
1
28
681
0
0
2,439
2
2,317
0
9,332
3,035
12
0
3,010
4,386
234
1,254
0
61
305
321
34
1,674
4
6,015
51
2,389
12,121
470
194
0
1,492
29
21
421
341
44
5
671
826
6
0
1
1,762
0
631
469
7
7,946
2,235
126
58
17
2,334
208
0
11,306
659
Date of listing in
2000 & other
comments
06/10/00
01/02/00
05/07/00
07/06/00
07/04/00
25/02/00
24/02/00
29/12/00
24/07/00
04/10/00
16/06/00
07/09/00
04/08/00
29/12/00
24/07/00
10/02/00
20/11/00
05/09/00
(Continued)

Companies
GLOBALMIX, SIMCAV...............................................................
GOLDEN GROWTH INVESTMENT, SIMCAV ...........................
GOMPOR BOLSA, SIMCAV ......................................................
GONPEMI INVERSIONES, SIMCAV ..........................................
GOOD LION INVESTMENT, SIMCAV.......................................
GORINVEST ACTIUS MOBILIARIS, SIMCAV ............................
GOVER ACTIUS MOBILIARIS, SIMCAV ....................................
GRALEU INVERSIONES, SIMCAV .............................................
GRAMER INVERSIONES, SIMCAV ............................................
GRAN SOL INVERSIONES, SIMCAV .........................................
GRAZALEMA INVERSIONES, SIMCAV......................................
GRIAL INVERSIONES, SIMCAV .................................................
GRIPA, SIMCAV .........................................................................
GROWTH INVERSIONES, SIMCAV .........................................
GRUFALER, SIMCAV..................................................................
GRUPO ARCE DE INVERSIONES, SIMCAV ..............................
GRUPO ASUNCION DE INVERSIONES, SIMCAV....................
GRUPO DE INVERSIONES GESTION 10, SIMCAV ..................
GRUPO FINANCIERO CABEMA, SIMCAV................................
GSTAAD INVERSIONES, SIMCAV,.............................................
GUADAJIRA CARTERA, SIMCAV...............................................
GUADALEN DE INVERSIONES SIMCAV ..................................
GUAICANAMAR INVERSIONES, SIMCAV................................
GUANABACOBA SIMCAV ........................................................
GUATEN DE INVERSIONES, SIMCAV.......................................
GUERFAL INVERSIONES, SIMCAV............................................
GUESINVER ...............................................................................
GURUGUACTIVOS, SIMCAV....................................................
H.M.H.M. FINANCIERA, SIMCAV.............................................
H2 O2 INVERSIONES SIMCAV .................................................
HACIENDA DE COVI, SIMCAV.................................................
HARVESTER INVESTMENT SIMCAV .........................................
HATHOR INVEST, SIMCAV ......................................................
HAVEN INVERSIONES, SIMCAV ...............................................
HAYA INVERSIONES, SIMCAV ..................................................
HAZAS DE INVERSIONES, SIMCAV..........................................
HECLASAN, SIMCAV.................................................................
HEDGE INVERSIONES, SIMCAV ...............................................
HELDALIN INVERSIONES, SIMCAV .........................................
HENA TRES ................................................................................
HERCASOL.................................................................................
HERDOSA, SIMCAV ..................................................................
HEREDEROS TEMPRADO TRIAS, SIMCAV ..............................
HERLOPAR 2000, SIMCAV........................................................
HERNANZAR, SIMCAV .............................................................
HERPLAN 99 INVERSIONS, SIMCAV........................................
HIE DE INVERSIONES................................................................
HIGH PROFIT INVERSIONES, SIMCAV ....................................
HIJULE, SIMCAV ........................................................................
HISPALIS INVERSION XXI, SIMCAV..........................................
HISPANA CINCO.......................................................................

1999
25,480
0
27,480
28,080
0
29,700
30,100
0
26,600
0
0
33,618
61,123
11,857
26,840
26,696
0
0
0
0
0
0
0
0
0
0
7,330
42,200
0
0
0
28,642
0
23,064
27,275
0
25,520
9,195
0
56,250
27,640
101,400
0
0
15,080
25,002
2,164
0
25,560
26,800
1,707
2000
25,360
21,733
26,440
28,440
23,159
34,350
34,000
23,497
25,120
23,840
23,720
35,799
6,567
12,602
26,640
22,799
0
27,226
25,964
12,333
24,281
0
4,587
21,636
24,820
24,521
7,330
38,650
25,723
22,502
26,910
30,253
20,298
24,483
26,075
24,411
25,360
8,475
25,082
61,380
51,400
100,650
7,008
29,269
14,742
27,647
7,400
24,521
26,880
26,800
1,707
Annual Trading
1999
2000
1,197
0
32
259
0
161
110
0
604
0
0
15
149
19
33
10
0
0
0
0
0
0
0
0
0
0
83
12
0
0
0
334
0
7,103
8,739
1
45
13
0
502
599
1,296
0
0
2,448
6
8
0
6
8
83
1,337
0
1
316
145
3
35
84
2
300
3,527
301
748
1,423
5
34
0
256
3
6
3,694
0
3,940
72
360
601
2
13
3
7,233
0
752
1,272
39
162
15
45
23
1,203
2,414
1,555
1,290
126
1,846
3,936
10
15
365
3,616
0
1
Date of listing in
2000 & other
comments
13/06/00
13/07/00
13/07/00
24/03/00
13/11/00
18/05/00
13/06/00
05/10/00
10/10/00
15/05/00
28/04/00
13/06/00
24/02/00
27/04/00
13/03/00
21/06/00
19/04/00
17/04/00
159
(Continued)

Companies
HISPANA DOS ...........................................................................
HISPASIM SIMCAV.....................................................................
HOLDER INVERSIONES, SIMCAV.............................................
HOLOP INVERSIONES, SIMCAV...............................................
HUBBLE INVEST, SIM ................................................................
HUEROS INVERSIONES, SIMCAV.............................................
HUPASA DE VALORES MOBILIARIOS......................................
IBERFAMA INVERSIONES SIMCAV ...........................................
IBERSECURITIES INVERSION, SIMCAV.....................................
IBIAS DE INVERSIONES SIMCAV ..............................................
IBIDA..........................................................................................
IBS RESERVA, SIMCAV...............................................................
ICARO 2000, SIMCAV ...............................................................
ICLES INVESTMENTS, SIMCAV..................................................
ICU GLOBAL, SIMCAV..............................................................
IGANVAL DE INVERSIONES, SIMCAV......................................
ILUSTRACION ...........................................................................
IMASI SIMCAV ...........................................................................
IMF 2000, SIMCAV ....................................................................
INAHFAE, SIMCAV.....................................................................
INAMOSA, SIMCAV...................................................................
INBARRE GESTION, SIMCAV....................................................
INBARSAVE................................................................................
INCOME INVERSIONES, SIMCAV.............................................
INCHORTA, SIMCAV.................................................................
INDEX INVERSIONES, SIMCAV.................................................
INDICES BURSATILES SIMCAV..................................................
INDICO DE INVERSIONES SIMCAV .........................................
INDUS INVESTMENT SIMCAV..................................................
INDUVISA..................................................................................
INEDER INVERSIONES, SIMCAV ..............................................
INFASA 99, SIMCAV ..................................................................
INFEGAR AHORRO SIMCAV ....................................................
INFINOIZ, SIMCAV....................................................................
INFIPER VALORES, SIMCAV ......................................................
INFLUX INVERSIONES, SIMCAV...............................................
INFRAN 95.................................................................................
INGERCOVER ............................................................................
INGOAN ACTIUS MOBILIARIS, SIMCAV .................................
INGOSO 2000, SIMCAV............................................................
INGUNZA, SIMCAV ..................................................................
INLEX DE INVERSION, SIMCAV................................................
INMADEL INVERSIONES, SIMCAV ...........................................
INMOBASA................................................................................
INOINVERSORA ........................................................................
INPAMOSA ................................................................................
INPAYER INVERSIONES, SIMCAV .............................................
INPISA DOS ...............................................................................
INPUT INVERSIONES, SIMCAV.................................................
INQUIRABE, SIMCAV ................................................................
INRA DE INVERSIONES, SIMCAV .............................................
160
Annual Trading
1999
2000
1999
2000
2,164
0
14,000
0
4,810
0
76,424
23,880
0
0
45,560
0
0
86,866
24,952
0
89,840
0
0
25,383
15,360
27,000
0
32,724
0
26,200
0
0
25,420
3,305
0
0
25,323
0
32,600
23,329
3,018
48,000
29,800
0
25,520
0
0
1,894
14,294
1,924
0
62,124
24,440
27,520
0
2,164
23,088
13,160
24,098
5,000
20,267
78,682
23,200
24,218
24,988
43,920
0
14,790
9,140
28,656
25,884
88,400
0
11,347
24,702
16,800
28,075
6,265
30,381
25,401
27,440
7,920
21,693
27,388
1,805
19,769
7,513
24,482
0
28,640
26,335
2,893
66,200
31,200
24,382
24,960
29,510
35,017
41,229
16,940
1,924
30,371
61,529
25,120
23,720
19,280
77
0
92
0
0
0
35
192
0
0
3,008
0
0
294
2,891
0
792
0
0
2,388
2,190
604
0
127
0
14
0
0
1,130
0
0
0
2,698
0
29
2,769
8
5,824
158
0
1,231
0
0
3
2,633
4
0
1,178
670
156
0
44
1,205
53
30
26
0
1
460
10,832
10
358
0
64
338
2,435
1
327
0
956
618
898
902
49
1,720
87
26
889
1
1
0
433
360
737
0
51
5,583
5
7,968
15
5
659
38
1,207
12
33
3
4,805
1,828
212
116
33
Date of listing in
2000 & other
comments
16/06/00
05/10/00
18/05/00
01/02/00
19/06/00
02/03/00
31/03/00
06/11/00
17/05/00
16/11/00
05/10/00
05/04/00
(Continued)

Companies
INSAPI ........................................................................................
INTERCONTINENTAL DE CARTERA .........................................
INTERKALENDA SIMCAV ..........................................................
INTERVALOR .............................................................................
INTOSSALS, SIMCAV.................................................................
INVACO .....................................................................................
INVER-99 SIMCAV.....................................................................
INVERAGUDO 2,000, SIMCAV.................................................
INVERANAYET, SIMCAV............................................................
INVERAVANCE, SIMCAV ...........................................................
INVERBELA SIMCAV..................................................................
INVERBLOC 2000, SIMCAV ......................................................
INVERCAT ACTIUS MOBILIARIS, SIMCAV ...............................
INVERCELLA ACTIUS MOBILIARIS, SIMCAV............................
INVERCHICO, SIMCAV .............................................................
INVERCLIMER ACTIUS MOBILIARIS, SIMCAV .........................
INVERCOMPI, SIMCAV .............................................................
INVERDINCO ............................................................................
INVERDOCUN ACTIUS MOBILIARIS, SIMCAV........................
INVERELID, SIMCAV..................................................................
INVERFINA.................................................................................
INVERGALDANA, SIMCAV .......................................................
INVERGEINSA............................................................................
INVERGRAMA CARTERA, SIMCAV ...........................................
INVERIMPAR VALORES, SIMCAV..............................................
INVERLAN 2000, SIMCAV.........................................................
INVERLENDO ............................................................................
INVERMANHER .........................................................................
INVERMARINADA DE INVERSIONES, SIMCAV .......................
INVERMAY .................................................................................
INVERMAY 2..............................................................................
INVERMAY 3..............................................................................
INVERMAY 4 VALORES .............................................................
INVEROC FINANCIERA, SIMCAV .............................................
INVERPAMPLONA.....................................................................
INVERPASTOR ...........................................................................
INVER-RENT...............................................................................
INVERSENECA, SIMCAV............................................................
INVERSIO ACTIVA PENEDES, SIMCAV .....................................
INVERSIO ACTIVA PENEDES 3, SIMCAV ..................................
INVERSIO ACTIVA PENEDES 2, SIMCAV ..................................
INVERSION EN VALORES 3 DE APRIL, SIMCAV......................
INVERSION MOBILIARIA SIETE F, SIMCAV ..............................
INVERSIONES 1965, SIMCAV ...................................................
INVERSIONES ABASOL VI, SIMCAV .........................................
INVERSIONES ABERDEEN, SIMCAV .........................................
INVERSIONES AGUANAZ, SIMCAV .........................................
INVERSIONES AGUAVIVA I, SIMCAV.......................................
INVERSIONES ALBACORA, SIMCAV ........................................
INVERSIONES ALMOZARA, SIMCAV .......................................
INVERSIONES ANAMARA, SIMCAV ........................................

1999
73,020
602
0
1,544
0
3,122
0
31,463
24,000
26,920
72,000
27,440
0
24,560
0
25,520
0
29,400
0
0
764
47,581
2,788
0
41,156
0
1,804
2,428
25,926
340,980
167,520
126,450
41,760
24,600
6,134
111,440
55,040
31,720
27,350
0
0
25,600
13,640
25,685
24,640
28,368
14,420
0
0
0
0
2000
71,040
148,864
24,844
1,520
8,546
3,142
37,152
32,635
22,760
25,840
74,200
27,240
24,000
15,280
24,579
24,080
21,837
31,240
20,500
0
764
41,172
2,788
22,117
36,006
24,041
35,638
119,600
25,084
328,560
164,160
118,500
35,640
25,760
6,153
112,280
52,840
30,880
132,125
25,600
24,025
24,800
13,400
23,810
25,640
25,002
14,820
23,704
25,700
26,866
23,088
Annual Trading
1999
2000
1,560
0
0
199
0
86
0
6
2,417
33
11
3
0
3,826
0
1
0
3,723
0
0
5
1,803
0
0
1
0
2
896
1
16,875
8,175
25,792
14,210
2,406
497
466
3,435
1,334
4,075
0
0
37
501
10
28
328
41
0
0
0
0
2,623
785
69
221
1
52
2
8
22
1
11
1,221
2,029
1,167
70
8,506
266
6,106
652
0
4
2,531
0
1,196
9
144
18
8,532
798
22,946
10,769
25,566
13,084
10
769
435
11,096
3,025
21,147
32
3,336
26
1,823
34
10
43
391
12
1,420
1,555
6
Date of listing in
2000 & other
comments
24/03/00
25/02/00
29/06/00
23/06/00
04/08/00
27/11/00
01/02/00
28/07/00
28/07/00
27/10/00
14/07/00
11/08/00
161
(Continued)

Companies
INVERSIONES ANAMER, SIMCAV ............................................
NVERSIONES ANSO..................................................................
INVERSIONES ARGA .................................................................
INVERSIONES ASPE...................................................................
INVERSIONES AZURITA 2,000, SIMCAV ..................................
INVERSIONES BANIAR SIMCAV ...............................................
INVERSIONES BANZANO.........................................................
INVERSIONES BAZTAN.............................................................
INVERSIONES BEJAR, SIMCAV..................................................
INVERSIONES BERKAY, SIMCAV ..............................................
INVERSIONES CAMECAR, SIMCAV .........................................
INVERSIONES CAMINO 21, SIMCAV .......................................
INVERSIONES CAMPEA ............................................................
INVERSIONES CAMPOS DEL MONTIEL, SIMCAV ...................
INVERSIONES CASAU, SIMCAV ...............................................
INVERSIONES CERYBO, SIMCAV .............................................
INVERSIONES CHAMACA, SIMCAV.........................................
INVERSIONES CILLA, SIMCAV..................................................
INVERSIONES COCOA, SIMCAV..............................................
INVERSIONES COSAN 99, SIMCAV..........................................
INVERSIONES CRESA II, SIMCAV..............................................
INVERSIONES CRESA-3, SIMCAV .............................................
INVERSIONES DEMETER, SIMCAV ...........................................
INVERSIONES DEVA..................................................................
INVERSIONES DIEMA, SIMCAV ................................................
INVERSIONES ECHEMU............................................................
INVERSIONES ELIZONDO ........................................................
INVERSIONES EN VALORES SIGLO XXI ...................................
INVERSIONES ERISTE, SIMCAV.................................................
INVERSIONES ESFIMO SIMCAV................................................
INVERSIONES ESTRELLA ...........................................................
INVERSIONES FAMEI.................................................................
INVERSIONES FERBA, SIMCAV.................................................
INVERSIONES FINANCIERAS ARAGONESAS...........................
INVERSIONES FINANCIERAS CINCINATTI, SIMCAV ...............
INVERSIONES FINANCIERAS CRESA, SIMCAV ........................
INVERSIONES FINANCIERAS CUBI, SIMCAV...........................
INVERSIONES FINANCIERAS EUROKAS, SIMCAV...................
INVERSIONES FINANCIERAS PERSONALES, SIMCAV .............
INVERSIONES FINANCOR, SIMCAV.........................................
INVERSIONES FINANZAS VALDELANDINGA SIMCAV...........
INVERSIONES FLEXIM, SIMCAV ...............................................
INVERSIONES FONLANA, SIMCAV..........................................
INVERSIONES FUND NET 2001, SIMCAV................................
INVERSIONES GALA XXI, SIMCAV ...........................................
INVERSIONES GALERNA, SIMCAV...........................................
INVERSIONES GARBI ................................................................
INVERSIONES GARDON, SIMCAV...........................................
INVERSIONES GARODIES, SIMCAV .........................................
INVERSIONES GEM 2000, SIMCAV .........................................
INVERSIONES GERESA, SIMCAV ..............................................
162
Annual Trading
1999
2000
1999
2000
0
1,852
6,604
3,336
27,800
0
76,160
2,540
0
68,500
0
0
39,080
25,194
24,435
0
0
24,291
0
0
0
0
0
52,211
0
4,080
14,900
11,760
24,146
0
3,184
15,380
5,831
58,560
0
33,125
24,360
0
28,040
26,108
0
24,916
40,440
0
9,344
0
3,100
16,700
27,880
0
0
40,268
0
6,644
3,368
24,960
21,116
70,080
2,540
26,339
70,100
0
26,084
39,000
29,858
18,326
24,521
0
23,473
25,098
0
21,645
34,458
27,400
51,649
10,588
4,440
32,200
12,432
25,060
22,463
3,184
19,300
6,193
61,440
27,206
38,125
26,160
22,291
28,200
23,968
0
22,559
41,220
11,359
9,344
11,458
3,080
13,350
24,360
22,919
69,425
0
4
356
16
661
0
4,675
63
0
69
0
0
964
601
5,294
0
0
253
0
0
0
0
0
283
0
34
1,023
1,695
3
0
12
845
6
72
0
5,943
269
0
643
5,744
0
10
3,656
0
274
0
76
103
27
0
0
48
0
75
38
532
2,411
1,000
2
25
86
0
2,904
257
12,086
2,256
1,331
0
430
10
0
6,013
6,010
1,601
836
303
101
3
8
18
6
0
623
169
2,910
0
0
696
3,335
2
125
0
32
86
4,280
0
464
55
2,844
41
31
133
Date of listing in
2000 & other
comments
31/05/00
02/03/00
13/06/00
06/10/00
17/02/00
13/07/00
24/02/00
03/01/00
29/02/00
04/08/00
27/01/00
18/02/00
29/12/00
21/07/00
20/11/00
(Continued)

Companies
INVERSIONES GFISA 1199, SIMCAV.........................................
INVERSIONES GIRALDA, SIMCAV............................................
INVERSIONES GOCAL, SIMCAV...............................................
INVERSIONES GREC, SIMCAV ..................................................
INVERSIONES GUMIEL 2002, SIMCAV ....................................
INVERSIONES HABANA 2000, SIMCAV...................................
INVERSIONES HERCA ...............................................................
INVERSIONES HERRERO...........................................................
INVERSIONES IC49, SIMCAV....................................................
INVERSIONES IMABAR, SIMCAV..............................................
INVERSIONES INDASA EJEA, SIMCAV......................................
INVERSIONES INFANTES, SIMCAV...........................................
INVERSIONES INSANCO, SIMCAV...........................................
INVERSIONES INSTITUCIONALES, SIMCAV ............................
INVERSIONES INTERMARKETS, SIMCAV .................................
INVERSIONES INVERARTE SIMCAV..........................................
INVERSIONES INVERJOTA, SIMCAV.........................................
INVERSIONES IPSON, SIMCAV.................................................
INVERSIONES IRADA, SIMCAV ................................................
INVERSIONES IRURITA .............................................................
INVERSIONES JALABUN, SIMCAV............................................
INVERSIONES JALAMA AHORRO, SIMCAV.............................
INVERSIONES JALAMA CRECIMIENTO SIMCAV......................
INVERSIONES JALAMA RENTA SIMCAV...................................
INVERSIONES JULGAB SIMCAV ...............................................
INVERSIONES LABRADOR, SIMCAV........................................
INVERSIONES LAGASCA 75, SIMCAV......................................
INVERSIONES LEAL ...................................................................
INVERSIONES LEALTAD ............................................................
INVERSIONES LECAROZ...........................................................
INVERSIONES LELO, SIMCAV...................................................
INVERSIONES LONHER ............................................................
INVERSIONES LOS AZULES, SIMCAV .....................................
INVERSIONES LUTIMO, SIMCAV .............................................
INVERSIONES LLONER .............................................................
INVERSIONES MADEGO 2000, SIMCAV..................................
INVERSIONES MARREBA, SIMCAV...........................................
INVERSIONES MARYGLO,SIMCAV...........................................
INVERSIONES MATIPE SIMCAV ................................................
INVERSIONES MEERLEN, SIMCAV............................................
INVERSIONES MENENDEZ PELAYO, SIMCAV .........................
INVERSIONES MERCOMEDINA, SIMCAV ................................
INVERSIONES MILAMAR 2000, SIMCAV .................................
INVERSIONES MOBILIARIAS ALICANTE, SIMCAV...................
INVERSIONES MOBILIARIAS GRUPO ADAN ..........................
INVERSIONES MOBILIARIAS IMAGO, SIMCAV.......................
INVERSIONES MOBILIARIAS URQUIOLA................................
INVERSIONES MOLUTI, SIMCAV .............................................
INVERSIONES MONTALBAN, SIMCAV ....................................
INVERSIONES MONTARTO, SIMCAV.......................................
INVERSIONES MONTISIELLO, SIMCAV....................................

1999
0
26,733
12,453
19,238
0
26,160
4,100
85,323
0
0
25,800
30,080
54,960
29,078
43,416
0
44,760
0
28,800
3,260
32,370
0
0
0
25,060
27,000
0
1,684
11,400
3,246
0
29,920
12,386
0
0
0
33,520
0
0
27,920
72,960
6,275
28,520
24,339
67,600
0
18,082
0
34,720
0
24,240
2000
11,852
23,464
12,285
17,976
22,078
22,440
3,910
78,933
20,298
24,377
25,800
27,880
54,160
26,778
36,540
21,877
42,300
21,372
30,120
3,260
29,700
24,000
23,480
24,201
25,541
28,440
25,243
49,400
107,800
10,368
0
26,240
11,328
20,250
101,501
22,463
32,680
22,863
22,356
27,360
71,520
7,068
26,680
22,367
66,400
20,851
33,206
10,125
35,440
0
21,320
Annual Trading
1999
2000
0
2,475
5
33
0
215
71
4,105
0
0
33
1,678
66
5,097
17
0
70
0
1,523
58
5,323
0
0
0
10
3,936
0
56
1
21
0
40
2,455
0
0
0
87
0
0
61
47,679
7
645
3,140
202
0
831
0
1,350
0
242
1,895
3,172
1,641
254
618
533
6
5,772
5
328
1,244
120
436
1,826
21,156
3
78
1,817
3,444
4
565
21,782
3,723
11,988
33
3,495
3
7,324
21
101
0
3,292
2,391
2,156
190
6
331
928
1,981
75
18,351
177
987
6,129
243
1
1,752
1,117
258
0
455
Date of listing in
2000 & other
comments
10/04/00
06/11/00
31/05/00
28/07/00
20/11/00
20/11/00
28/06/00
24/08/00
24/08/00
24/02/00
27/11/00
21/06/00
11/08/00
07/09/00
06/04/00
11/05/00
25/05/00
21/06/00
29/12/00
163
(Continued)

Companies
INVERSIONES MONTLLOR, SIMCAV .......................................
INVERSIONES NIBANI, SIMCAV ...............................................
INVERSIONES OMNITOT, SIMCAV ..........................................
INVERSIONES OPTIMUS, SIMCAV ...........................................
INVERSIONES PANTER, SIMCAV ..............................................
INVERSIONES PERMON, SIMCAV ............................................
INVERSIONES PIRO, SIMCAV ...................................................
INVERSIONES POLIVALENTE, SIMCAV ....................................
INVERSIONES PROGRAMADAS...............................................
INVERSIONES QUINTA DIMENSION, SIMCAV........................
INVERSIONES RANZA...............................................................
INVERSIONES REALTTA, SIMCAV .............................................
INVERSIONES REMELLAN, SIMCAV .........................................
INVERSIONES RETAMA, SIMCAV .............................................
INVERSIONES RIOCOBO, SIMCAV ..........................................
INVERSIONES ROBINIA, SIMCAV.............................................
INVERSIONES ROSCHELL, SIMCAV .........................................
INVERSIONES SALESAS I, SIM...................................................
INVERSIONES SANFE SIMCAV..................................................
INVERSIONES SELECTIVAS........................................................
INVERSIONES SERRABLO .........................................................
INVERSIONES SEZUR ................................................................
INVERSIONES SIENA, SIMCAV..................................................
INVERSIONES SIERRA DE SAN PEDRO, SIMCAV ....................
INVERSIONES SOLBUS, SIMCAV..............................................
INVERSIONES TEIDE..................................................................
INVERSIONES TELEBE, SIM .......................................................
INVERSIONES UGUESI, SIMCAV ..............................................
INVERSIONES URANET, SIMCAV .............................................
INVERSIONES VALLE ASON, SIMCAV......................................
INVERSIONES VALLE PALLIN, SIMCAV ....................................
INVERSIONES VERAL ................................................................
INVERSIONES VERFANI SIMCAV..............................................
INVERSIONES VERMA 21, SIMCAV ..........................................
INVERSIONES VIBET, SIMCAV ..................................................
INVERSIONES VICEDO SIMCAV...............................................
INVERSIONES VILLA DE PARIS I ...............................................
INVERSIONES VILLA DE PARIS II ..............................................
INVERSIONES VILLA DE PARIS III ............................................
INVERSIONES VISANSA ............................................................
INVERSIONES Y ANALISIS ESTRATEGICOS, SIMCAV,..............
INVERSIONES ZAGA .................................................................
INVERSIONES ZIARREH, SIMCAV.............................................
INVERSIONES ZUBITEL, SIMCAV .............................................
INVERSIONS 4TS, SIMCAV .....................................................
INVERSIONS AGO, SIMCAV .....................................................
INVERSIONS DCINC 2000, SIMCAV ........................................
INVERSIONS EGERIA, SIMCAV .................................................
INVERSIONS PATRIMONI CAPITAL FH, SIMCAV.....................
INVERSIONS POBLE NOU, SIMCAV ,, .....................................
INVERSORA MOBILIARIA ESPAOLA .....................................
164

1999
32,895
161,519
12,345
0
26,720
28,038
1,996
37,908
8,360
25,480
1,924
28,645
0
0
25,699
26,360
26,800
1,940
0
3,416
83,200
5,168
0
45,150
27,898
79,900
0
0
0
24,320
0
4,708
0
0
0
0
4,283
2,574
3,556
19,800
15,120
126,560
0
14,120
0
27,450
0
0
28,160
0
27,783
2000
32,040
149,649
12,201
31,102
25,320
26,220
27,520
38,226
13,304
23,160
27,729
25,415
21,405
24,065
26,084
26,960
26,680
2,100
0
94,500
78,120
5,260
22,045
45,525
26,744
68,500
2,481
22,415
24,000
25,160
25,122
5,315
0
35,353
0
0
4,377
2,574
3,716
18,540
14,400
123,280
19,383
13,100
24,329
33,255
17,471
22,550
27,720
21,814
64,840
Annual Trading
1999
2000
14,853
16
194
0
55
79
26
8
4
12
2
2,943
0
0
129
59
62
407
0
0
210
46
0
11
11
1,436
0
0
0
2,218
0
3,374
0
0
0
0
735
988
675
1,158
904
1,461
0
411
0
255
0
0
35
0
6,462
10
121
226
1
42
666
37
1,584
167
568
313
847
3,141
53
72
16,927
73
269
0
13
437
159
0
3,468
41
3,838
30
1,439
512
23
1
1,036
0
197
0
0
888
1
964
372
786
3,151
936
603
15,427
143
4
3,297
49
11
6,899
Date of listing in
2000 & other
comments
06/11/00
22/12/00
04/08/00
15/06/00
06/11/00
00/01/00
01/06/00
24/07/00
06/11/00
13/10/00
05/01/00
24/01/00
18/07/00
02/10/00
01/12/00
(Continued)

Companies
INVERSORA OLARIZU ..............................................................
INVERSORA PATRIMONIAL ......................................................
INVERSORA SORRIBO, SIMCAV...............................................
INVERSUS INVERSIONES, SIMCAV ..........................................
INVERTUY..................................................................................
IVERURBASA..............................................................................
INVERVALOR.............................................................................
INVERVULCANO, SIMCAV .......................................................
INVERZETA ................................................................................
INVESBECADA, S,I,M,C,A,V ......................................................
INVESCA CARTERA, SIMCAV ....................................................
INVESNET 99 SIMCAV...............................................................
INVEST VALOR, SIMCAV...........................................................
INVESTALBERT...........................................................................
INVESTBLUE ACTIVOS, SIMCAV ,,,, .........................................
INVESTBLUE DOS ASSETS, SIMCAV.........................................
INVESTFAM, SIMCAV ................................................................
INVESTIGACION, DESARROLLO E IMPLANTACION, SIMCAV.
INVESTMENTS MASAVE, SIMCAV ............................................
IRADIER DE INVERSIONES........................................................
IRASA INVERSIONS MOBILIARIES, SIMCAV ............................
IRON ONE .................................................................................
IRU DE INVERSIONES SIMCAV.................................................
ISCOSAN FINANCIERA, SIMCAV..............................................
ISLA ESMERALDA DE INVERSIONES, SIMCAV ........................
ITEM INVERSIONES, SIMCAV ...................................................
ITH BOLSA SIMCAV ..................................................................
ITURINVER.................................................................................
IZAGA DE INVERSIONES ..........................................................
JAITER INVERSIONES SIMCAV..................................................
JANUS INVESTMENT SIMCAV ..................................................
JAP 99, SIMCAV .........................................................................
JARAMIEL ...................................................................................
JARBA 2000, SIMCAV ................................................................
JASOCA......................................................................................
JATMOS 99, SIMCAV .................................................................
JENKINGS INVERSIONES, SIMCAV ..........................................
JENUSA DE VALORES MOBILIARIOS .......................................
JERIGONDOR, SIMCAV ............................................................
JERTE DE INVERSIONES, SIMCAV.............................................
JIBACOA INVERSIONES, SIMCAV.............................................
JOJUSA 99, SIMCAV ..................................................................
JOSAN INVERSIONES, SIMCAV ................................................
JOTAHORRO, SIMCAV..............................................................
JQ41 DE VALORES, SIMCAV.....................................................
JUNE 99, SIMCAV......................................................................
JUNLAS INVERSIONES 99, SIMCAV .........................................
JUPITER DE INVERSIONES, SIMCAV.........................................
KALMIA DE INVERSIONES SIMCAV .........................................
KALYANI, SIMCAV .....................................................................
KAPITAL GELD...........................................................................
Annual Trading
1999
2000
1999
2000
3,612
0
0
0
2,788
37,280
2,236
31,880
9,330
12,393
42,287
0
23,944
4,497
0
0
0
0
0
3,245
25,040
29,840
26,094
0
24,291
26,022
0
33,240
38,259
0
0
27,000
10,800
0
0
12,501
0
2,156
0
25,720
25,000
0
0
0
63,075
0
0
26,960
0
68,700
28,560
4,810
8,600
27,695
23,921
2,788
34,920
2,236
32,280
11,360
12,441
44,885
23,665
25,363
4,655
32,184
22,576
23,760
27,110
35,772
14,842
27,320
30,240
25,228
25,964
25,012
27,056
18,930
34,440
37,665
20,891
23,733
25,400
12,000
0
5,800
12,838
19,344
1,764
0
22,280
27,720
12,221
0
19,962
65,850
0
25,833
23,689
20,635
76,100
29,520
55
0
0
0
1
67
9
93
30
1,540
6
0
705
53
0
0
0
0
0
1
2,408
21
1
0
941
3,995
0
426
361
0
0
603
1,199
0
0
2
0
108
0
214
11
0
0
0
7,820
0
0
1
0
12,630
1,216
399
147
1,312
1,114
9
147
0
822
16
351
35
1,300
419
67
1,803
6
7
510
9
264
10
83
9
1,445
3,662
3,241
2,941
2,117
303
22
6,208
450
1,482
0
4,240
242
23
280
0
956
2,623
7
0
12
5,150
0
3,611
10
1
15,557
437
Date of listing in
2000 & other
comments
06/10/00
26/01/00
24/07/00
08/06/00
05/05/00
24/07/00
27/04/00
28/11/00
17/02/00
24/03/00
29/06/00
01/02/00
24/07/00
22/06/00
04/08/00
07/08/00
06/11/00
17/04/00
02/03/00
13/06/00
165
(Continued)

Companies
KAREGO FINANCE, SIMCAV ....................................................
KEEPER INVERSIONES, SIMCAV ...............................................
KEY 98, SIMCAV ........................................................................
KEY RATE INVERSIONES, SIMCAV............................................
KGINVES 10, SIMCAV ...............................................................
KGINVES 11, SIMCAV................................................................
KGINVES 7, SIMCAV .................................................................
KGINVES 8, SIMCAV .................................................................
KGINVES 9, SIMCAV .................................................................
KGINVES1 SIMCAV....................................................................
KGINVES14 SIMCAV .................................................................
KGINVES2, SIMCAV...................................................................
KGINVES3,SIMCAV....................................................................
KGINVES4, SIMCAV...................................................................
KGINVES5 SIMCAV....................................................................
KGINVES6 SIMCAV....................................................................
KINGSTON INVESTMENT SIMCAV...........................................
KIUKET INVERSIONES, SIMCAV ...............................................
KLANDUR, SIMCAV ..................................................................
KLAPPEN INVERSIONES............................................................
KONTACT EXCHANGE .............................................................
KOOPMANS INVERSIONES, SIMCAV ......................................
KRUGER INVERSIONES, SIMCAV .............................................
KURSAAL 2000, SIMCAV ..........................................................
KURSAAL FINANCE, SIMCAV ...................................................
KUTXACAPITAL, SIMCAV..........................................................
LA ALCAZABA FINANCIERA, SIMCAV......................................
LA MUZA INVERSIONES, SIMCAV ...........................................
LACERTA INVERSIONES, SIMCAV.............................................
LAFUVER 2000, SIMCAV...........................................................
LAGUN INVERSIONES SIMCAV................................................
LAJARINVEST, SIMCAV..............................................................
LALLO INVERSIONES, SIMCAV ................................................
LAMDA INVERSIONES BURSATILES, SIMCAV .........................
LANDSA FINANCIERA, SIMCAV ...............................................
LANGRE DE INVERSIONES, SIMCAV .......................................
LAS ABRAS DE FUENTES, SIMCAV ..........................................
LAS ARROYADAS INVERSIONES, SIMCAV...............................
LASARIZA, SIMCAV ...................................................................
LASCONI INVERSIONES, SIMCAV............................................
LATORES 2000 DE INVERSIONES, SIMCAV .............................
LAXMI INVERSIONES, SIMCAV.................................................
LAZAREJO, SIM..........................................................................
LEADERSHIP BOLSA, SIMCAV ..................................................
LEALTAD 2,000, SIMCAV...........................................................
LEBASI DE INVERSIONES, SIMCAV ..........................................
LECANTAL, SIMCAV ..................................................................
LECIENA DE INVERSIONES, SIMCAV.....................................
LEJASA ACTIVOS SIMCAV.........................................................
LEMPIRA SIMCAV ......................................................................
LENDA DE INVERSIONES, SIMCAV..........................................
166

1999
0
203,800
28,800
31,760
0
0
0
0
0
24,242
0
0
0
0
0
0
0
0
29,240
30,240
2,210
23,906
0
0
9,063
22,222
24,521
42,140
29,840
0
0
24,000
0
0
25,253
26,142
0
26,440
26,160
0
0
0
6,300
0
242,005
26,696
0
0
0
0
0
2000
8,928
216,200
27,840
32,280
0
24,242
22,463
0
22,463
26,647
43,628
24,098
24,723
23,713
23,906
23,184
23,039
24,642
28,360
27,840
2,925
23,785
9,857
8,154
8,703
30,880
24,762
43,120
26,640
24,762
24,113
24,400
0
21,108
25,493
23,810
18,054
24,400
24,560
23,007
21,549
233,000
6,300
7,168
252,405
24,459
19,210
25,012
30,500
22,367
0
Annual Trading
1999
2000
0
5
2
993
0
0
0
0
0
1,333
0
0
0
0
0
0
0
0
96
735
378
5
0
0
4,290
4,503
6
6,695
2,803
0
0
2,400
0
0
6
1,304
0
2,433
187
0
0
0
28
0
964
1
0
0
0
0
0
2,242
38
138
632
0
180
2,798
0
2,716
5,189
10
6,468
2,472
3,175
13,821
8,714
0
181
5
607
162
39
22
3,189
22
1,361
9
767
610
1,031
12
28
0
2,865
75
492
3,003
49
200
70
1
19,896
464
612
4,066
235
133
1,941
385
2,096
0
Date of listing in
2000 & other
comments
02/05/00
23/06/00
23/06/00
23/06/00
23/06/00
23/06/00
16/04/00
19/04/00
19/04/00
27/04/00
22/06/00
11/02/00
31/07/00
10/11/00
29/12/00
07/08/00
16/06/00
05/05/00
15/06/00
19/04/00
05/07/00
29/12/00
(Continued)

Companies
LEON VALORES.........................................................................
LEXUS 99, SIMCAV....................................................................
LEYRE DE INVERSIONES ...........................................................
LEZAMA-INEAR .........................................................................
LIAN INVERSIONES, SIMCAV ...................................................
LIENDO DE INVERSIONES........................................................
LIERDE........................................................................................
LIFO INVERSIONES, SIMCAV....................................................
LIGA MOBILIARIA .....................................................................
LINANTO, SIM...........................................................................
LINDEN 91 INVERSIONES, SIMCAV.........................................
LINKER INVERSIONES, SIMCAV ...............................................
LINKS INVERSIONES, SIMCAV..................................................
LITA VALORES, SIMCAV ...........................................................
LIVORNO INVERSIONES, SIMCAV...........................................
LOBO 3,000 SIMCAV ................................................................
LOFA INVERSIONES, SIMCAV ..................................................
LONCHIVAR, SIMCAV...............................................................
LONG INVESTOR SIMCAV........................................................
LONG TERM INVESTMENTS, SIMCAV .....................................
LOPBU-6 SIMCAV .....................................................................
LORA DE INVERSIONES............................................................
LOSVA, SIMCAV ........................................................................
LOUCA 98, SIMCAV..................................................................
LUBIA DE INVERSIONES, SIMCAV ...........................................
LUCA INVEST 2000, SIMCAV....................................................
LUCEL INVERSIONES SIMCAV..................................................
LUCERNARIUM 2000, SIMCAV ................................................
LYNDON INVERSIONES SIMCAV.............................................
LLUC VALORES, SIMCAV..........................................................
M,A,F, MARCO, SIMCAV...........................................................
M,S,P, EUROGESTION BOLSA, SIMCAV ..................................
MAASTRICHT INVERSIONES, SIMCAV.....................................
MACAMJU SIMCAV...................................................................
MACKEREL.................................................................................
MADRIGAL DE INVERSIONES, SIMCAV...................................
MADROALES DE INVERSIONES, SIMCAV.............................
MAESMA INVERSIONES SIMCAV .............................................
MAFASA JULSA, SIMCAV ..........................................................
MAFRAMA DE INVERSIONES, SIMCAV ...................................
MAGASA VALORES, SIMCAV....................................................
MAGESCQ 2000, SIMCAV ........................................................
MAGO VALORS 2001, SIMCAV................................................
MAHOGANY INVERSIONES MOBILIARIAS, SIMCAV .............
MAITE CARTERA, SIMCAV ........................................................
MAJESTIC DE INVERSIONES, SIMCAV......................................
MAKER INVERSIONES, SIMCAV ...............................................
MALI INVERSIONES, SIMCAV...................................................
MALLORQUINA DE TITULOS ..................................................
MANATI INVERSIONES, SIMCAV..............................................
MANHATTAN CMB GLOBAL, SIMCAV....................................

1999
11,045
0
56,880
69,320
26,515
3,180
2,880
25,180
13,000
2,405
0
12,080
27,682
0
0
28,755
0
31,040
0
0
0
143,250
15,200
131,760
69,200
0
28,390
12,597
0
26,280
0
22,840
0
0
89,920
25,520
0
0
0
23,080
31,794
24,200
25,369
0
24,930
0
12,879
10,800
254,745
0
0
2000
10,250
24,916
51,280
61,760
24,514
3,180
2,900
24,266
14,200
2,405
36,270
11,840
23,545
19,088
20,461
31,770
12,597
28,480
0
20,835
0
128,100
31,360
131,780
71,600
17,280
26,679
11,840
91,260
22,680
12,477
11,440
20,755
26,968
93,600
25,200
23,834
25,443
24,675
23,840
31,884
25,800
27,060
21,140
24,425
22,439
12,109
10,830
252,315
24,100
21,636
Annual Trading
1999
2000
26,125
709
6
15,625
292
61
34
5
24
56
0
9
6
0
0
6
0
3,009
0
0
0
8,481
133
35
36
0
284
2,430
0
12,180
0
3,187
0
0
18,352
763
0
0
0
2
6
3,005
3,612
0
1,211
0
493
838
45,208
0
0
3,124
697
8
29,794
1,051
4
186
1,702
66
3
0
25
3,045
226
2,229
7
455
28
0
1
0
3,769
4,452
1
3
6,463
958
4,280
1
11,369
1
521
3,549
141
21,117
261
1
602
1
30
9
22
1,848
169
75
1
957
250
5,298
3,250
2,614
Date of listing in
2000 & other
comments
04/12/00
16/06/00
06/11/00
25/05/00
30/05/00
13/04/00
24/03/00
02/04/00
10/02/00
20/11/00
01/02/00
26/01/00
14/06/00
09/03/00
24/05/00
167
(Continued)

Companies
MANOCAP, SIMCAV .................................................................
MANRESA CAPITAL, SIMCAV....................................................
MANRESA ESTALVI, SIMCAV.....................................................
MAQUEDA 2000, SIMCAV........................................................
MARCEN INVERSIONES, SIMCAV ............................................
MARCRIS INVERSIONES SIMCAV.............................................
MARIAN INVERSIONES, SIMCAV ..........................................
MARISA FINANZAS, SIMCAV....................................................
MARKT INVERSIONES...............................................................
MARLIN INVERSIONES, SIMCAV..............................................
MARMIRE INVERSIONS, SIMCAV.............................................
MARTON Y BERNET SIMCAV ...................................................
MARZAL INVERSIONES, SIMCAV.............................................
MASVOLTES, SIMCAV ...............................................................
MATCH TEN INVERSIONES, SIMCAV.......................................
MATRIX INVERSIONES, SIMCAV ..............................................
MATURITY INVERSIONES SIMCAV...........................................
MATXITXAKO DIVERSIFICADA, SIMCAV .................................
MAVAGO 1999, SIMCAV ..........................................................
MAVER-21 SIMCAV ...................................................................
MAYPRAT INVVERSIONES SIMCAV..........................................
MB GLOBAL 1 ...........................................................................
MB GLOBAL 2 ...........................................................................
MB GLOBAL 3 ...........................................................................
MB GLOBAL 4, SIMCAV............................................................
MB GLOBAL 5, SIMCAV............................................................
MB GLOBAL 7, SIMCAV............................................................
MB GLOBAL 8, SIMCAV............................................................
MEDISA 2,000, SIMCAV ............................................................
MEDITERRANEA 2000 INVERSIONES, SIMCAV .......................
MEJANA .....................................................................................
MERCAVENIR, SIMCAV .............................................................
MERI DACE, SIMCAV.................................................................
MERIDIONAL DE TITULOS, SIMCAV .......................................
MERINILLAS INVERSIONES, SIMCAV .......................................
MERSIR.......................................................................................
MESA ERMITA, SIMCAV.............................................................
METODI FINANCIERA, SIMCAV ...............................................
MEZQUITA DE INVERSIONES, SIMCAV ...................................
MICRON INVERSIONES ............................................................
MIGJORN INVERSIONS, SIMCAV.............................................
MILLENIUM INVEST 2000, SIMCAV .........................................
MIRA DE INVERSIONES ............................................................
MIRAFLOR FINANCIERA, SIMCAV ...........................................
MIRENI, SIMCAV .......................................................................
MIRNOVA INVESTMENT SIMCAV ............................................
MIRRIAX, SIMCAV .....................................................................
MIRTA DE INVERSIONES, SIMCAV ...........................................
MITICA INVERSIONES, SIMCAV ...............................................
MIXTO EUROPA 15, SIMCAV ...................................................
168
Annual Trading
1999
2000
1999
2000
0
25,160
0
0
0
0
0
0
5,324
26,040
26,475
0
0
27,600
25,998
6,280
31,145
17,740
25,852
0
0
45,180
35,250
33,050
31,800
30,111
0
0
0
51,760
60,400
0
0
0
22,320
5,232
0
0
0
2,888
26,720
0
5,145
30,659
0
0
0
0
0
19,598
19,886
24,603
17,400
26,000
22,174
21,497
23,043
23,031
0
53,920
23,200
25,725
0
0
26,880
23,858
6,780
29,726
17,540
26,818
22,358
23,802
44,580
34,650
33,050
31,750
29,510
29,119
28,368
23,921
54,800
215,960
6,353
26,757
22,262
20,760
5,128
26,204
0
25,204
3,920
22,440
24,261
5,550
32,463
28,200
73,444
21,596
25,250
57,096
19,694
19,790
0
3,388
0
0
0
0
0
0
117
23
1,212
0
0
34
1,814
13
758
254
3,612
0
0
5,075
9,313
22,158
20,967
5,589
0
0
0
3,310
9
0
0
0
1,612
91
0
0
0
5
4,028
0
1,308
6
0
0
0
0
0
199
1,936
33
1,191
2,830
1
0
3,532
13,644
0
104
40
2,032
0
0
4,209
874
626
1,883
3,622
5,501
306
35
3,033
3,669
4,119
1,445
10,295
2,737
6,480
1
17
107
3,382
9
5,321
34
121
3
0
10
0
3
2,405
298
71
241
382
993
2,622
3,675
1,100
4,069
Date of listing in
2000 & other
comments
17/07/00
13/11/00
13/07/00
11/05/00
06/11/00
29/12/00
06/11/00
29/12/00
13/06/00
15/06/00
11/02/00
06/04/00
25/05/00
28/07/00
17/02/00
24/02/00
28/06/00
05/09/00
08/02/00
12/07/00
03/10/00
17/02/00
(Continued)

Companies

1999

20,656
MIZAR INVEST, SIM...................................................................
1,564
MIZUNO, SIMCAV ....................................................................
27,360
MOBILACTIVO SIMCAV............................................................
0
MOBILCAPITAL..........................................................................
2,236
MOBILCARTERA ........................................................................
3,606
MOBILINVERSION SIMCAV......................................................
0
MOBINVER ................................................................................
1,805
MOBINVERSORA ......................................................................
683,922
MOENSA....................................................................................
32,120
MOLIETE ....................................................................................
42,160
MOLINA DEL PINAR, SIMCAV..................................................
0
MONCAYO GLOBAL INVESTMENTS SIMCAV.........................
0
MONTALTO INVERSIONES, SIMCAV .......................................
32,826
MONTE DE VALORES ...............................................................
4,675
MONTE GENIL, SIMCAV...........................................................
15,420
MONTESANCHA DE INVERSIONES, SIMCAV .........................
0
MONTMARTRE DE INVERSIONES, SIMCAV ............................
0
MONTSIRESA, SIMCAV .............................................................
10,866
MORA DE INVERSIONES, SIMCAV...........................................
24,640
MORALZARZAL DE INVERSIONES, SIMCAV ...........................
32,900
MORI ONE, SIMCAV .................................................................
0
MORINVEST, SIMCAV ............................................................... 1,095,000
MORO 2, SIMCAV.....................................................................
30,700
MOSEFRA, SIMCAV ...................................................................
23,880
MOSEL FINANCE, SIMCAV .......................................................
29,520
MOSEL INVEST,SIMCAV ............................................................
29,625
MOTIVASA DE INVERSIONES...................................................
2,940
MUFOLLSA SIMCAV..................................................................
0
MULBAL INVERSIONES SIMCAV..............................................
0
MULINSAR.................................................................................
58,200
MULTICARTERA.........................................................................
1,204
MURADA DE INVERSIONES, SIMCAV .....................................
25,960
MURMENDI, SIMCAV ...............................................................
23,600
MUSKARIA INVERSIONES, SIMCAV .........................................
12,420
MUTUAVALOR I........................................................................
11,690
MUVI FINANCIERA, SIMCAV....................................................
0
N.IBAETA AHORRO, SIMCAV ................................................
0
N.SARASATE VALORES, SIMCAV ..............................................
26,065
NABOA INVERSIONES SIMCAV ...............................................
0
NADIR 98, SIMCAV ...................................................................
14,860
NAITAN INVERSIONES, SIMCAV ..............................................
0
NAMACAR, SIMCAV .................................................................
48,081
NAPIER INVERSIONES, SIMCAV ...............................................
0
NAPOLSI, SIMCAV.....................................................................
0
NAPULIA DE INVERSIONES, SIMCAV .....................................
29,680
NARA .........................................................................................
70,780
NAVALCUDIA DE INVERSIONES..............................................
23,120
NAVEDA BOLSA, SIMCAV ........................................................
0
NAVIERA INVERSIONES, SIMCAV ............................................
0
NEPEFRAN INVERSIONES, SIMCAV .........................................
24,339
2000
20,386
1,640
25,680
19,962
5,116
3,606
21,164
2,200
7,382
35,840
43,280
21,877
24,100
30,066
6,874
15,160
21,645
25,397
8,973
24,800
32,350
0
1,155,000
30,100
22,440
28,280
28,733
2,940
0
24,531
63,360
1,204
24,800
25,680
12,780
11,060
2,596
25,850
24,501
23,223
13,180
37,143
46,494
22,622
8,838
29,760
69,640
0
28,325
17,796
21,693
Annual Trading
1999
2000
1,445
109
2,493
0
5
1,475
0
2,077
43,278
1,360
286
0
0
1
179
111
0
1
182
3
33
0
73
24,665
155
118
32
0
0
0
664
195
1
2
13
78
0
0
4,015
0
1,151
0
1,203
0
0
46
4,460
407
0
0
10
6,231
122
4,214
0
23
0
614
22
11,827
57
686
5,265
11,359
8
331
139
1
16
152
1,744
3
0
73
1,102
555
7
81
0
0
2,774
222
173
10
41
3,358
72
3
498
3,288
50
106
2,405
6,440
0
534
130
2,998
1,428
89
33
32
Date of listing in
2000 & other
comments
11/05/00
10/02/00
24/03/00
17/04/00
06/11/00
24/02/00
29/12/00
04/08/00
18/05/00
20/04/00
24/08/00
05/04/00
Delisted 27-12-00
10/02/00
169
(Continued)

Companies
NERIUM INVESTIUM, SIMCAV ................................................
NERVION INVEST, SIMCAV.......................................................
NESS DE INVERSIONES, SIMCAV .............................................
NETTING INVERSIONES, SIMCAV............................................
NEUTRAL INVERSIONES SIMCAV ............................................
NEVA DE INVERSIONES, SIMCAV ............................................
NISU INVERSIONES SIMCAV....................................................
NITE HAWK, SIMCAV................................................................
NOFASURC, SIMCAV ................................................................
NOGRARO INVESTMENT, SIMCAV..........................................
NOMIT INVERSIONES, SIMCAV ...............................................
NORCAFIX.................................................................................
NORTEA DE VALORES ...........................................................
NORTH CAPE INVERSIONES ,..................................................
NOTE-INVEST SIMCAV..............................................................
NOTIFIX, SIMCAV......................................................................
NOVA EUROPA ACTIUS MOBILIARIS, SIMCAV.......................
NOVAGESTION INVERSIONES, SIMCAV .................................
NOVAMER .................................................................................
NOVELDA INVERSIONES, SIMCAV ..........................................
NOXAR INVERSIONES, SIMCAV...............................................
NUEVA GESTION SIGLO XXI, SIMCAV ....................................
NUEVA OLTAL BURSATIL, SIMCAV .........................................
NUEVA RIMATRA BURSATIL, SIMCAV ....................................
NUEVA RIOJA BURSATIL, SIMCAV ...........................................
NUEVA XICAL SIMCAV .............................................................
NUEVOS VALORES ...................................................................
NUMIDE INVERSIONES, SIMCAV.............................................
NYMEX INVERSIONES, SIMCAV...............................................
OBAM 99, SIMCAV ...................................................................
OBIS INVERSIONES SIMCAV ....................................................
OCEJON INVERSIONES SIMCAV ..............................................
OCTOBER NORANTANOU, SIMCAV.......................................
OCHO 99 INVERSIONES SIMCAV............................................
ODAMI DE VALORES, SIM........................................................
ODIEL INVERSIONES, SIMCAV.................................................
OLARBI ......................................................................................
OLIVARDA, SIMCAV .................................................................
OLIVENZA GESTION DIVERSIFICADA, SIMCAV .....................
OMBU INVERSIONES SIMCAV.................................................
OMICRON ................................................................................
OPEC INVERSIONES SIMCAV ...................................................
OPEN CAPITAL SIMCAV............................................................
OPORTUNIDAD BURSATIL ......................................................
ORAFLA 2000 SIMCAV..............................................................
ORDEF .......................................................................................
ORECA INVERSIONES, SIMCAV................................................
OREJAS XXI, SIMCAV.................................................................
ORGOR DE VALORES, SIMCAV ...............................................
ORIOLA DE INVERSIONES SIMCAV .........................................
ORMIBASA.................................................................................
170
Annual Trading
1999
2000
1999
2000
0
33,880
25,709
0
0
26,925
0
25,440
12,681
0
0
3,910
45,696
21,620
0
0
25,750
34,600
1,920
26,720
0
25,040
8,560
0
0
0
30,400
0
0
0
60,000
22,814
25,250
0
3,428
0
2,516
0
0
0
1,680
0
0
39,550
0
15,780
0
0
0
0
24,520
40,989
37,120
24,699
22,703
21,733
25,483
0
25,760
11,576
24,925
50,120
3,910
47,984
49,600
0
21,396
16,250
33,900
0
27,480
0
22,800
8,720
8,560
25,092
11,860
32,600
21,636
12,169
12,882
62,040
25,074
27,250
11,539
3,150
17,508
125,460
14,295
24,281
25,082
30,932
28,182
112,389
34,125
22,511
16,700
20,320
0
20,242
20,972
26,700
0
1
1
0
0
370
0
6
325
0
6,004
220
2,046
23
0
0
3,040
14,428
104
99
0
505
883
0
0
0
11
0
0
0
58,179
903
2,508
0
1,676
0
0
0
0
0
1
0
0
12,355
0
268
0
0
0
0
16
4,175
0
12
15,296
15,330
342
0
10
75
2,791
40,998
28
1,872
48
0
790
842
3,414
0
94
0
1,993
13
48
728
124
257
0
187
1,068
86,336
623
0
302
691
33
6
94
2,428
411
161
1,733
151
10,916
1
214
15
0
298
1
1,209
Date of listing in
2000 & other
comments
03/03/00
11/05/00
16/11/00
03/10/00
16/06/00
08/09/00
16/06/00
06/10/00
31/07/00
11/02/00
06/04/00
11/02/00
02/03/00
10/10/00
18/02/00
30/05/00
07/12/00
29/12/00
06/11/00
30/05/00
(Continued)

Companies
OROBAL GESTION, SIMCAV....................................................
ORSEVEN ...................................................................................
ORTO-INVERSIONES, SIMCAV .................................................
OSMA DE INVERSIONES, SIMCAV ...........................................
OSMOSIS INVESTMENT SIMCAV .............................................
OTAGO INVERSIONES, SIMCAV ..............................................
OUTLAY 2010, SIMCAV ............................................................
OUTLOOK INVERSIONES, SIMCAV .........................................
OVERALL INVERSIONES SIMCAV.............................................
P.C.J. YEGOMI, SIMCAV ............................................................
PADINVER..................................................................................
PAGASARRI DE INVERSIONES, SIMCAV ..................................
PANAYA INVERSIONES, SIMCAV ,............................................
PANDO 2000, SIMCAV ............................................................
PANDORA FINANCIERA SIMCAV.............................................
PANIKIRITO DE INVERSIONES, SIMCAV..................................
PARITY .......................................................................................
PARNUERA ................................................................................
PATLLARI INVERSION, SIMCAV................................................
PATRICOMPA.............................................................................
PATRIMIX ...................................................................................
PATRIMONIO BURSATIL SIMCAV ............................................
PATRIMONIO DE VALORES......................................................
PATRIMONIO GLOBAL, SIMCAV .............................................
PATRIMONIOS ZAMORANOS, SIMCAV ..................................
PATRINVEST AHORRO, SIMCAV ..............................................
PATRINVEST INVERSION, SIMCAV ..........................................
PATRIRENT DE INVERSIONES, SIMCAV ...................................
PAY OUT INVERSIONES, SIMCAV ...........................................
PEDEMA INVERSIONES, SIMCAV .............................................
PEGASIDES, SIMCAV .................................................................
PEMYC INVERSIONES, SIMCAV................................................
PENTACORE INVERSIONES, SIM ..............................................
PENYA EL FRARE, SIMCAV ........................................................
PEAFIEL DE INVERSIONES, SIMCAV......................................
PEALARA DE INVERSIONES ...................................................
PEALVER DOCE ......................................................................
PEASANTA DE VALORES, SIMCAV ........................................
PEOPLENET, SIMCAV.................................................................
PERCAPITAL, SIMCAV................................................................
PEREL VALORES SIMCAV ..........................................................
PERSEUS INVERSIONES, SIMCAV.............................................
PERUARGO, SIMCAV................................................................
PETO INVERSIONES, SIMCAV...................................................
PETRONILA 2000, SIMCAV.......................................................
PETU, SIMCAV...........................................................................
PIGOYSA DE INVERSIONES, SIMCAV ......................................
PIMA XXI, SIMCAV ....................................................................
PINTOFON.................................................................................
PISUEA DE INVERSIONES SIMCAV........................................
PIXELL INVERSIONES SIMCAV..................................................

1999
2000
0
19,640
32,400
27,560
0
0
0
0
12,362
0
20,334
0
0
0
24,053
0
36,481
5,654
26,239
3,124
51,280
25,050
2,164
41,664
0
11,996
13,102
0
24,651
26,450
0
31,114
15,000
25,160
30,300
42,240
792
10,200
0
26,200
0
25,960
13,040
0
0
24,810
0
0
35,400
0
0
24,281
20,480
23,100
28,040
38,765
23,897
0
23,425
10,606
0
99,423
26,696
20,827
0
25,015
24,483
36,408
5,654
26,623
3,124
46,880
21,225
2,164
40,620
24,529
12,982
10,890
21,886
23,689
21,800
23,882
36,425
15,000
26,320
31,250
42,080
1,200
10,152
88,875
29,160
12,340
24,120
14,260
25,523
23,127
24,065
28,809
25,060
31,040
0
0
Annual Trading
1999
2000
0
700
8
3
0
0
0
0
5
0
2,952
1
0
0
6
0
867
34
2,104
12
4,030
602
67
11
0
3,323
2,890
0
5
340
0
1
9
150
2
66
0
58
0
5,277
0
22
5
0
0
5
0
0
280
0
0
2,428
532
601
35
6
2,967
0
88
35
0
6,744
11
1
0
10
2,157
4,657
0
7,037
0
2,223
11,203
144
5
5,105
1,552
1,729
128
217
31
1
248
96
2
10
2
16
1,149
14
1,957
60
47
604
332
3,617
150
62
4,556
219
0
0
Date of listing in
2000 & other
comments
08/09/00
24/08/00
31/03/00
08/05/00
09/11/00
13/11/00
29/12/00
06/10/00
11/05/00
20/11/00
24/03/00
07/08/00
05/04/00
27/10/00
04/04/00
20/11/00
11/05/00
171
(Continued)

Companies
PLATINO FINANCIERA SIMCAV ...............................................
PLENCIA DE INVERSIONES, SIMCAV ......................................
PLUSCAPITAL.............................................................................
PLUSINVERSION, SIMCAV........................................................
PLYZOSMAR, SIMCAV...............................................................
POLO CAPITAL, SIMCAV ..........................................................
PORTFOLIO 25..........................................................................
PORTFOLIO BENKERS I, SIMCAV .............................................
PORTFOLIO GLOBAL I, SIMCAV..............................................
POWERPIPO, SIMCAV...............................................................
PRABUENA, SIMCAV.................................................................
PRACAS ACTIUS MOBILIARIS, SIMCAV ...................................
PRASIUM, SIMCAV....................................................................
PREM 2000, SIMCAV.................................................................
PREMIUM INVERSIONES ..........................................................
PRESEA CANTERAS, SIMCAV ....................................................
PRESS NAVARRA, SIMCAV........................................................
PRESTIGE INVERSIONES, SIMCAV............................................
PRESTIGI TOTAL, SIMCAV.........................................................
PREVICIA....................................................................................
PREZANES DE INVERSIONES, SIMCAV ....................................
PRICE INVERSIONES, SIMCAV..................................................
PRIME RATE INVERSIONES, SIMCAV ......................................
PRININVER, SIMCAV .................................................................
PROCESS INVERSIONES SIMCAV .............................................
PROFIT INVERSIONES, SIM.......................................................
PROFIT INVESTORS, SIMCAV ...................................................
PROMOCINVER ........................................................................
PSJ INDEX GESTION, SIMCAV ..................................................
PYSACO INVERSIONES, SIMCAV .............................................
Q-GESTIO MIXTE PLUS, SIMCAV .............................................
QUAESTOR INVESTMENTS, SIMCAV.......................................
QUANTOP INVESTMENTS SIMCAV .........................................
QUEMEN INVESTMENT SIMCAV .............................................
QUINCUNCE, SIMCAV .............................................................
QUORUM 98, SIMCAV.............................................................
QUORUM INVERSIONES, SIMCAV..........................................
QUOTATION .............................................................................
RACAFER INVERSIONES SIMCAV.............................................
RALLACZED, SIMCAV ...............................................................
RANK INVERSIONES .................................................................
RASAL CARTERA, SIMCAV ........................................................
RASEC INVERSIONES, SIMCAV.................................................
RATEVIN VALORES, SIMCAV ....................................................
RATING INVERSIONES, SIMCAV ..............................................
REBECO-98, SIMCAV.................................................................
REINVER INVERSIONES, SIMCAV.............................................
REINVERPLUS ............................................................................
REMAR AHORRO, SIMCAV ......................................................
RENTA INSULAR CANARIA - RINCASA - .................................
RENTABILIDAD 2,009, SIMCAV................................................
172

1999
2000
0
28,920
2,129
0
45,000
26,440
1,536
28,400
24,449
0
0
18,440
37,640
31,553
3,120
0
0
0
0
7,814
0
19,530
0
0
0
1,552
0
12,012
0
22,800
12,405
0
0
0
0
13,900
0
16,500
0
0
37,240
0
35,800
0
0
0
0
41,440
0
53,760
13,080
143,750
29,560
2,129
24,341
51,000
25,280
536
27,120
18,054
25,363
27,540
23,200
40,200
30,351
3,360
88,333
23,521
20,924
24,233
8,594
23,256
20,670
22,969
22,213
21,765
1,644
24,579
12,132
106,610
22,160
12,717
48,576
24,601
15,362
21,328
12,880
23,745
16,840
0
21,709
101,589
24,339
34,800
34,208
21,332
27,240
11,700
37,360
20,812
33,600
14,004
Annual Trading
1999
0
36
74
0
63
1,346
101
402
4,519
0
0
3,925
6
6
2
0
0
0
0
0
0
14
0
0
0
0
0
1,338
0
12
5,739
0
0
0
0
1,950
0
792
0
0
1,220
0
9,201
0
0
0
0
935
0
58
3,078
2000
42,029
1
37
2,861
37
330
3
346
2,164
45
0
2,052
12
3,018
350
3
1,515
24
3,539
9
1
25
26
1
663
501
484
1,939
1
23
4,671
33,778
7,836
17
5
1,300
731
34
0
22
345
258
1
2,044
24
4
2,950
977
401
1,501
1,224
Date of listing in
2000 & other
comments
06/04/00
17/04/00
11/08/00
13/03/00
22/06/00
19/04/00
07/04/00
08/05/00
15/05/00
21/08/00
28/04/00
24/07/00
12/06/00
12/06/00
11/10/00
13/10/00
01/02/00
03/07/00
24/07/00
28/06/00
(Continued)

Companies
RENTAPLUS 46, SIMCAV...........................................................
RENTINVER................................................................................
RENTIVAL DE INVERSIONES, SIM ............................................
RENTIVASA DE INVERSIONES ..................................................
RENVALOR ................................................................................
RENVASA, SIMCAV....................................................................
REOLSO DE INVERSIONES, SIMCAV........................................
RESULT INVERSIONES, SIMCAV ..............................................
RETSA INVERSIONES, SIMCAV .................................................
REVIEW INVERSIONES, SIMCAV ..............................................
REX ROYAL BLUE, SIMCAV.......................................................
REYZA INVERSIONES Y GESTION, SIMCAV.............................
RG 27, SIM.................................................................................
RIBADEO DE INVERSIONES, SIMCAV .....................................
RICLA DE INVERSIONES SIMCAV.............................................
RIO INVERSIONES 99, SIMCAV................................................
RIO URUMEA DE INVERSIONES, SIMCAV...............................
RIOTIRON, SIMCAV ..................................................................
RM 99 DE INVERSIONES, SIMCAV...........................................
ROCILLO DE INVERSIONES, SIMCAV ......................................
RODAON INVERSIONES SIMCAV............................................
ROLAVI INVERSIONES, SIMCAV...............................................
ROLLBACK INVERSIONES, SIMCAV.........................................
ROMERO INVERSIONES MOBILIARIAS, SIMCAV....................
RONDINVER INVERSIONES SIMCAV.......................................
ROSILNU, SIMCAV....................................................................
ROSTERAL SIMCAV ...................................................................
RSA 2000 INVESTMENT, SIMCAV.............................................
RUA NOVA INVERSIONES, SIMCAV ........................................
RUBICON XXI............................................................................
RUCANDIO INVERSIONES, SIMCAV........................................
RUIDERA INVERSIONES SIMCAV .............................................
RURAL PATRIMONIOS AGRUPADOS, SIMCAV ......................
RUTEMA DE INVERSIONES, SIMCAV.......................................
S.G. 2000 INVERSIONES, SIMCAV............................................
SABBIA INVERSIONES, SIMCAV ...............................................
SAGEI .........................................................................................
SAGGIA INVERSIONES, SIMCAV ..............................................
SAGIAL INVERSIONES, SIMCAV ...............................................
SAGITARI 2000, SIMCAV...........................................................
SAINT RANDY, SIMCAV............................................................
SALAMANCA I ...........................................................................
SALDAMOVIL NORANTANOU, SIMCAV ................................
SALDAA DE INVERSIONES, SIMCAV.....................................
SALIMAR INVESTMENTS, SIMCAV ...........................................
SALIME DE INVERSIONES.........................................................
SALINAS DE INVERSIONES, SIMCAV .......................................
SALIONA DE INVERSIONES, SIMCAV ......................................
SALVAGO DE INVERSIONES, SIMCAV .....................................
SALVIA DE INVERSIONES, SIMCAV ..........................................
SAMAROCA, SIMCAV ...............................................................

1999
2000
0
76,600
3,005
2,140
2,706
27,920
26,440
0
0
0
0
25,920
4,606
0
0
0
23,800
0
0
26,671
0
0
0
24,122
24,762
26,440
0
0
0
96,400
0
0
0
6,690
0
0
86,460
0
13,617
0
0
2,404
0
0
32,440
45,100
0
26,142
0
26,720
103,200
0
80,040
3,005
33,560
2,706
29,240
25,880
20,972
21,825
11,588
22,395
27,200
7,189
25,084
23,521
24,041
24,200
0
22,823
26,960
25,723
24,281
12,810
23,858
26,445
23,840
0
0
24,844
92,900
24,089
24,291
24,242
6,650
11,860
22,790
76,626
17,694
14,002
29,389
0
41,184
21,500
25,613
33,000
40,713
24,074
26,142
22,992
28,120
107,250
Annual Trading
1999
2000
0
3,131
2
17
1,527
442
34
0
0
0
0
633
94
0
0
0
2
0
0
1
0
0
0
5
6
2
0
0
0
9,306
0
0
0
63
0
0
7,070
0
1,046
0
0
2,578
3,878
0
72
752
0
50
0
7,958
88
0
1,824
2
301
3
4
1
5,204
9,602
3
1,837
804
76
1,731
1
3,644
31
0
912
1,171
75
398
18
3,643
10
607
0
0
10
3,196
8,927
2,377
1,811
175
275
36
12,112
8
992
5,837
0
1,272
4,879
11
8,708
55
10
112
1
8,835
97
Date of listing in
2000 & other
comments
13/11/00
17/07/00
16/03/00
01/12/00
04/10/00
09/03/00
11/04/00
20/11/00
17/02/00
06/11/00
29/08/00
06/11/00
16/11/00
18/12/00
14/04/00
24/07/00
08/09/00
17/07/00
27/10/00
10/04/00
16/06/00
09/03/00
173
(Continued)

Companies
SAMMAR....................................................................................
SAN AMARO DE INVERSIONES, SIMCAV................................
SANSEMISA................................................................................
SANT BERNAT DE INVERSIONES, SIMCAV..............................
SANTA CLARA DE VALORES, SIMCAV .....................................
SANTA CROYA DE INVERSIONES SIMCAV ..............................
SANTACABE, SIMCAV ...............................................................
SANTANDER INVERSIONES CEUTA MELILLA..........................
SANTEUL INVEST, SIMCAV .......................................................
SARSUIL INVERSIONES, SIMCAV .............................................
SATIREV, SIMCAV.......................................................................
SAU DINVERSIONS, SIMCAV ..................................................
SAYOA .......................................................................................
SCHAELCHLI INVERSIONES SIMCAV.......................................
SCHILARACU INVERSIONES, SIMCAV.....................................
SEA WOLF SIMCAV ...................................................................
SEBORUCO, SIMCAV................................................................
SECRAM INVERSIONES SIMCAV ..............................................
SECUOYA DE INVERSIONES, SIMCAV ....................................
SECURE INVERSIONES..............................................................
SEGRE 2000, SIMCAV................................................................
SEISBECISA.................................................................................
SELACO 99 INVERSIONES, SIMCAV.........................................
SELECCION DIVERSIFICADA, SIMCAV ....................................
SELEGNA, SIMCAV ....................................................................
SENESTRELLA, SIMCAV .............................................................
SENTANI DE VALORES MOBILIARIOS, SIMCAV......................
SENY 97, SIMCAV......................................................................
SERANTES CARTERA, SIMCAV..................................................
SERECO INVERSIONES, SIM .....................................................
SERGAMA INVERSIONES, SIMCAV...........................................
SERGROBE DE INVERSIONES...................................................
SEVIDON, SIMCAV....................................................................
SHARE INVERSIONES................................................................
SHUTTLE INVERSIONES, SIMCAV ............................................
SICEUTA .....................................................................................
SIGLO XXI BOLSA, SIMCAV......................................................
SIGMA DIVERSIFICACION ........................................................
SIJUCRI, SIMCAV .......................................................................
SILGA GESTION, SIMCAV .........................................................
SILOBAR.....................................................................................
SIMA AHORRO, SIMCAV ..........................................................
SIMA INVERSIONES, SIMCAV ...................................................
SIMAR INVERSIONES, SIMCAV.................................................
SIMHERSAN...............................................................................
SINIPOLI.....................................................................................
SIRVAL........................................................................................
SJJ VALORES COROLYPSO, SIMCAV ........................................
SNOOPY INVERSIONES, SIMCAV ............................................
SOCIEDAD DE CARTERA DEL VALLES - SOCARVE - ...............
SOCIEDAD MADRILEA DE INVERSION MOBILIARIA ..........
174
Annual Trading
1999
2000
1999
2000
6,724
25,280
52,830
25,685
0
0
74,160
49,980
27,081
0
0
26,840
3,124
0
0
0
0
0
0
8,161
33,000
2,521
0
73,120
12,760
7,030
22,425
29,232
0
1,598
0
31,640
23,960
2,720
0
32,880
27,600
39,320
12,225
0
13,944
13,423
0
26,320
7,076
32,480
10,080
0
0
6,200
2,528
7,068
27,200
188,550
25,253
26,725
0
16,920
48,650
27,945
25,964
22,655
25,640
96,400
10,854
26,244
23,136
20,458
23,560
22,823
7,800
31,040
2,582
12,721
72,800
13,700
6,170
23,250
29,778
27,406
1,510
22,766
30,880
0
3,088
12,386
32,000
31,440
41,080
11,984
22,070
21,952
12,922
40,238
25,840
111,160
32,320
8,430
24,000
22,006
6,000
2,528
20
270
2,354
1
0
0
6
1,204
164
0
0
34
55
0
0
0
0
0
0
421
309
30
0
21,046
103
1,483
8,442
10,876
0
1,126
0
8
2
1
0
2,137
842
2,957
5
0
218
71
0
1,657
4
350
758
0
0
422
1
18
1
367
11
2,033
0
3
1,641
218
3
18
1
4,786
89
2
4
33
128
9,141
370
3,206
11
1,221
18
3
7
3,822
2,590
1,179
1,191
88
138
0
21
1,440
1,182
19
5,903
1,396
0
400
610
3
141
0
567
515
1
25
155
383
Date of listing in
2000 & other
comments
13/07/00
28/06/00
30/03/00
10/10/00
23/06/00
17/04/00
06/10/00
12/04/00
11/02/00
13/11/00
24/02/00
22/06/00
(Continued)

Companies
SOCIEDAD MEDITERRANEA ASSET MANAGEMENT, SIMCAV ....
SOCYAM ....................................................................................
SOFORT GESTION, SIMCAV.....................................................
SOFROSINE, SIMCAV ................................................................
SOGAPRIM, SIMCAV.................................................................
SOIXA.........................................................................................
SOL Y SOMBRA, INVERSIONES SIMCAV .................................
SOLEMEG, SIMCAV ...................................................................
SOLRAC INVERSIONES 2000 SIMCAV .....................................
SOMOSUSA, SIMCAV ...............................................................
SOOLHASI, SIMCAV..................................................................
SORNI CAPITAL, SIMCAV .........................................................
SOROA INVERSIONES, SIMCAV...............................................
SORUGES DE INVERSIONES, SIMCAV.....................................
SOSMART INVERSIONES ..........................................................
SOTAVENTO DE VALORES SIMCAV.........................................
SOUTH HILL..............................................................................
SPLIT INVERSIONES, SIM .........................................................
SPOT INVERSIONES, SIMCAV...................................................
SPQLA DE VALORES, SIMCAV..................................................
SPRINGMAX, SIMCAV...............................................................
STOCK AREA, SIMCAV ..............................................................
STOCK INVERSIONES................................................................
STRATEGIC CARTERA, SIMCAV ................................................
STRIP INVERSIONES, SIMCAV ..................................................
SUALFER INVERSIONES, SIMCAV.............................................
SUBAIDA FINANCIERA, SIMCAV..............................................
SUJA 12, SIMCAV.......................................................................
SUNDAY DE INVERSIONES, SIMCAV.......................................
SUNGAVE LAND, SIMCAV ......................................................
SURENOR INVERSIONES, SIMCAV ..........................................
SURFUP, SIMCAV ......................................................................
SYRIUS INVERSIONES, SIMCAV ...............................................
TABAGU.....................................................................................
TABARCA ASSET MANAGEMENT, SIMCAV..............................
TAGALO DE INVERSIONES SIMCAV ........................................
TAGUARO INVERSIONES, SIMCAV..........................................
TALLOLA, SIMCAV ....................................................................
TARRACISA ................................................................................
TASDEY DE INVERSIONES, SIMCAV.........................................
TATE INVERSIONES SIMCAV.....................................................
TATESA INVERSIONES, SIMCAV................................................
TAUPO INVERSIONES, SIMCAV ...............................................
TB SIGLO XXI INVERSIONES, SIMCAV.....................................
TEAM SPIRIT, SIMCAV ...............................................................
TEBROS DE INVERSIONES, SIMCAV ........................................
TECVAL INVERSIONES SIMCAV................................................
TELNET INVERSIONES, SIMCAV ...............................................
TEMPERA INVERSIONES SIMCAV.............................................
TENA INVERSIONES, SIMCAV ..................................................
TENORIO 98, SIMCAV .............................................................
Annual Trading
1999
2000
1999
2000
43,960
18,021
42,000
0
26,640
5,413
0
0
0
26,840
25,800
0
0
0
15,900
0
80,000
4,712
13,500
30,520
26,108
25,560
3,000
33,600
19,230
25,840
51,840
0
26,527
26,407
25,558
29,200
28,920
24,897
0
0
0
0
2,356
28,720
0
0
0
0
0
25,445
0
0
0
39,950
11,088
43,560
198,603
39,900
24,500
23,880
26,963
0
26,950
25,976
27,840
25,280
0
24,521
0
16,600
20,539
214,600
3,600
18,100
22,400
26,541
27,600
2,752
34,520
20,550
26,240
43,040
0
27,345
21,982
26,775
28,240
27,000
24,722
22,102
25,122
25,063
0
3,720
28,760
21,910
9,208
22,935
20,700
9,025
26,070
0
19,144
21,997
41,100
11,105
2,417
154
739
0
122
5
0
0
0
6
71
0
0
0
1,190
0
24,657
1,081
15
822
7
2,100
1
11,330
2,418
39
2,805
0
1
10
36
5,631
24
585
0
0
0
0
1
395
0
0
0
0
0
1
0
0
0
100
512
2
143
2,318
948
282
14
0
23
6
612
11
0
3,090
0
455
16
19,514
386
571
190
7,833
7
40
1,652
25
79
559
0
11
33
1,229
4,845
22
790
31
5,174
24
0
150
3
3
0
0
1,980
0
659
0
112
1
117
7
Date of listing in
2000 & other
comments
21/07/00
09/11/00
07/09/00
13/11/00
29/12/00
18/05/00
29/12/00
18/02/00
24/03/00
11/08/00
03/10/00
11/05/00
13/06/00
17/04/00
20/11/00
13/07/00
27/04/00
175
(Continued)

Companies
TER DE VALORES MOBILIARIOS, SIMCAV...............................
TERAINA, SIMCAV ....................................................................
TERRA FINANCE, SIMCAV .......................................................
TESTARDO INVERSIONES, SIMCAV .........................................
TEXFINCO, SIMCAV ..................................................................
TEXRENTA INVERSIONES..........................................................
THISHUL INVESTMENT SIMCAV..............................................
TIBEST CINCO ...........................................................................
TIBEST DOS ...............................................................................
TICAN DIVERSIFICADA, SIMCAV .............................................
TIEBAS DE INVERSIONES, SIMCAV ..........................................
TIETAR DE INVERSIONES..........................................................
TIMING INVERSIONES, SIMCAV ..............................................
TITULOS BILBAO ......................................................................
TITULOS CUZCO, SIMCAV.......................................................
TITULOS GALICIA .....................................................................
TOGAEST INVERSIONES, SIMCAV ...........................................
TOMASON DE INVERSIONES, SIMCAV ..................................
TORDESILLAS DE INVERSIONES, SIMCAV...............................
TORRELLA INVERSIONES, SIMCAV ..........................................
TORRENOVA INVERSIONES .....................................................
TORREVALORES, SIMCAV.........................................................
TORROFISA, SIMCAV................................................................
TOVACOR INVERSIONES, SIMCAV..........................................
TPJ MOLTA PAU INVERSIONES FINANCIERAS, SIMCAV.........
TRASCASA DE INVERSIONES, SIMCAV....................................
TRAXIS .......................................................................................
TREDOS DE INVERSIONES, SIMCAV........................................
TREND INVERSIONES ...............................................................
TRESIM INVERSIONES SIMCAV ................................................
TRICON INVERSIONES, SIMCAV..............................................
TRIENTE INVERSIONES, SIMCAV..............................................
TRINIDAD INVERSIONES SIMCAV ...........................................
TRURE CAPITAL, SIMCAV .........................................................
TRUST IN ITACA, SIMCAV ........................................................
TRUVI DE INVERSIONES, SIMCAV ...........................................
TTH DE INVERSIONES, SIMCAV...............................................
TUCANA INVERSIONES, SIMCAV ............................................
TUGO INVERSIONES, SIMCAV.................................................
TUNDRA 99 SIMCAV ................................................................
TXILUAGI, SIMCAV ...................................................................
UGBA INVERSIONES, SIMCAV .................................................
UMASGES, SIMCAV...................................................................
UNIFOND..................................................................................
UNION 400 SIMCAV.................................................................
UNION ESPAOLA DE INVERSIONES .....................................
UNIPROM 98 SIMCAV..............................................................
UNIVEL INVERSIONES, SIMCAV...............................................
UNIVERSAL DE INVERSIONES..................................................
UNIVERSAL NET SIMCAV .........................................................
URPRASA FINANCIERA, SIMCAV .............................................
176
Annual Trading
1999
2000
1999
2000
25,267
27,800
0
0
59,850
36,700
0
4,480
20,664
33,660
24,699
67,213
0
52,360
0
3,800
0
25,440
0
0
0
25,800
31,700
25,589
24,360
0
5,338
0
32,720
0
0
34,245
0
25,637
26,156
0
0
24,720
12,940
0
0
0
14,064
27,280
0
10,200
28,720
23,800
1,444
0
26,800
26,757
26,240
7,470
21,204
54,270
40,800
23,680
5,680
22,092
31,614
22,318
76,875
24,772
47,680
5,124
4,172
24,281
25,320
24,964
21,720
225,992
24,880
29,200
22,992
26,280
24,627
26,213
26,094
31,280
21,789
21,156
31,545
19,497
22,992
27,021
20,851
25,709
24,960
13,440
10,277
25,493
24,100
12,501
26,640
24,079
12,200
23,240
25,723
1,444
22,799
23,760
16
29
0
0
10
428
0
304
3,108
9
2
1
0
4,111
0
11
0
79
0
0
0
1,087
3,343
758
1
0
5
0
10,890
0
0
617
0
10
13
0
0
3,459
1,271
0
0
0
4,846
3,685
0
89
854
16,828
2
0
2,940
2,752
1,266
2,430
2,705
137
1,335
2,441
727
8
11
11
0
6,601
2,099
4,370
167
376
34
182
2,630
10,095
974
2,279
2,583
241
1,306
14
1,139
278
3
3,564
706
33
32
503
1,731
11
32
1,842
1
2,300
934
2,197
4,607
664
74
544
812
32
1,698
2,994
Date of listing in
2000 & other
comments
11/02/00
17/07/00
19/04/00
05/09/00
18/05/00
11/04/00
09/08/00
25/05/00
16/03/00
06/10/00
08/06/00
25/05/00
27/04/00
07/06/00
09/03/00
27/04/00
10/10/00
(Continued)

Companies
URQUIJO CARTERA CONSERVADORA, SIMCAV....................
URQUIJO CARTERA DINAMICA, SIMCAV...............................
UXAMA INVERSIONES..............................................................
VAIMESA ....................................................................................
VALBRAN DE INVERSIONES, SIMCAV .....................................
VALDECAAS 99, SIMCAV ......................................................
VALDECRUZ INVERSIONES, SIMCAV ......................................
VALDEOLEA DE INVERSIONES SIMCAV .................................
VALDEREY CAPITAL, SIMCAV...................................................
VALDILLANA INVERSIONES, SIMCAV .....................................
VALENCIANA DE VALORES ......................................................
VALIBESA ...................................................................................
VALMER DE INVERSIONES, SIMCAV........................................
VALOR XXI ................................................................................
VALORES BILBAINOS................................................................
VALORES CORONA ..................................................................
VALORES DEL PRINCIPADO.....................................................
VALORES DIVERSIFICADOS, SIMCAV......................................
VALORES GLOBALES SIMCAV..................................................
VALORES INDUSTRIALES..........................................................
VALORES MADRID....................................................................
VALORES MEDITERRANEOS.....................................................
VALORES MOBILIARIOS DEL EBRO, SIMCAV .........................
VALORES MOBILIARIOS HERRERO..........................................
VALRENT....................................................................................
VALRIMA, SIMCAV ....................................................................
VALSEL INVERSIONES, SIMCAV ..............................................
VALSIP INVERSIONES, SIMCAV ................................................
VALTISA......................................................................................
VALUE INVERSIONES................................................................
VALVANERA INVERSIONES, SIMCAV .......................................
VALLISOLETANA DE VALORES .................................................
VANCOUVER INVERSIONES, SIMCAV.....................................
VASAN FINANCIERA, SIMCAV .................................................
VASANVA, SIMCAV ...................................................................
VAYOMER, SIMCAV...................................................................
VAZABI GESTION SIMCAV .......................................................
VELABOIT, SIMCAV ...................................................................
VENETO INVERSIONES SIMCAV ..............................................
VENTURADA DE INVERSIONES, SIMCAV................................
VERIESA......................................................................................
VERTIENTE INVERSIONES, SIMCAV .........................................
VICOLO INVERSIONES, SIMCAV..............................................
VICTORIA VALORES..................................................................
VILACASA DE INVERSIONES, SIMCAV.....................................
VILLANUEVA DE INVERSIONES, SIMCAV................................
VILLARIN INVERSIONES SIMCAV.............................................
VIMAL DE INVERSIONES, SIMCAV...........................................
VINCIT-93 ..................................................................................
VINCKE INVESTMENTS, SIMCAV..............................................
VINIDIS INVERSIONES, SIMCAV ..............................................

1999
2000
23,858
0
15,420
1,684
0
0
0
0
25,301
0
9,200
4,450
27,320
29,240
0
2,321
1,586
58,720
0
0
3,080
6,466
25,720
23,100
3,160
26,800
0
28,000
1,996
9,158
27,250
73,000
0
0
17,340
0
0
27,520
0
0
0
0
0
30,760
15,464
0
0
1,248
31,740
31,000
0
20,298
18,278
13,480
3,080
22,838
21,116
27,647
22,367
23,473
30,832
8,800
16,655
26,240
31,160
0
2,321
0
52,960
24,772
2,116
3,080
6,466
25,800
21,648
4,600
25,360
0
26,480
1,996
13,320
23,700
79,600
18,992
26,685
17,500
25,483
0
26,280
22,959
0
42,880
64,140
25,291
25,640
24,772
22,583
0
12,060
36,280
29,840
0
Annual Trading
1999
5,109
0
2,732
21
0
0
0
0
450
0
23
2
32
117
0
143
48
7
0
0
116
8
33
6,162
2
39
0
4,012
898
1
1,043
27
0
0
1,728
0
0
35
0
0
0
0
0
2,724
1
0
0
6
10
27
0
2000
26
25,512
3,090
112
3
1
797
1
32
3,395
75
61
18
174
0
111
0
7
0
105
312
0
157
4,578
63
805
0
1,706
171
318
2,449
10
790
394
328
2,554
0
1
11
0
0
25
398
778
18
2,051
0
37
79
256
0
Date of listing in
2000 & other
comments
31/07/00
31/07/00
11/05/00
31/03/00
05/01/00
24/07/00
16/06/00
22/12/00
24/02/00
17/02/00
29/12/00
17/07/00
29/12/00
15/06/00
20/12/00
29/12/00
177
(Continued)

Companies
VIALES INVERSIONES, SIMCAV .............................................
VIRIATO DE INVERSIONES .......................................................
VIRIDIA 2000, SIMCAV .............................................................
VISCASA ....................................................................................
VIVAR INVERSIONES, SIMCAV .................................................
VOLGA DE VALORES MOBILIARIOS........................................
VUIT-NORANTANOU, SIMCAV................................................
WALDO-PHALDO INVESTMENT, SIMCAV ..............................
WAWY REEF, SIMCAV................................................................
WEBSTER INVERSIONES, SIMCAV ...........................................
WEST RIVER...............................................................................
WIENER BLUT............................................................................
XALOC-MESTRAL, SIMCAV.......................................................
XYLON-94..................................................................................
YAINCOA SIMCAV.....................................................................
YIELD INVERSIONES .................................................................
ZABIMA INVERSIONES FINANCIERAS, SIMCAV......................
ZAMARRON, SIMCAV...............................................................
ZANETT INVERSIONES, SIMCAV..............................................
ZANISA DE INVERSIONES ........................................................
ZAARTU 2000, SIMCAV ........................................................
ZAVALAGA ................................................................................
ZAWAZKY DE INVERSIONES SIMCAV .....................................
ZELESTE 4, SIMCAV ...................................................................
ZELETA DE INVERSIONES .........................................................
ZERAIN DE INVERSIONES SIMCAV..........................................
ZEREPDOM, SIMCAV ................................................................
ZESTAO DE INVERSIONES, SIMCAV ........................................
ZIAMVE......................................................................................
ZIRI DE INVERSIONES, SIMCAV ...............................................
ZONA EURO 3D, SIMCAV........................................................
ZUBAYDA GESTION DIVERSIFICADA SIMCAV .......................
ZUBIRENT INVESTMENTS, SIMCAV.........................................
ZUBISE FINANCIERA SIMCAV .................................................
ZUGARRAMURDI DE INVERSIONES, SIMCAV .......................
Annual Trading
1999
2000
1999
2000
28,200
2,375
0
30,760
25,600
2,435
25,500
25,360
19,125
28,000
34,800
28,640
0
57,400
0
4,803
96,450
0
14,180
1,442
25,120
24,620
0
26,720
50,050
0
0
37,560
1,248
0
26,500
0
26,823
0
0
27,360
6,000
0
29,280
26,680
2,435
29,500
24,080
21,293
25,600
45,600
28,520
22,622
67,400
0
15,057
97,500
0
14,900
0
20,080
26,360
0
26,360
52,635
0
22,742
37,800
1,248
22,655
20,250
0
27,956
25,693
26,118
6
29
0
8
3,625
1
2,582
23
93
359
2,441
966
0
9
0
1
4,395
0
3,227
313
2,389
241
0
0
6
0
0
41
219
0
3,445
0
38
0
1
54
4
0
48
30
2
391
39
127
24
2,951
26
9
5
0
333
160
0
4,447
0
18,904
607
0
75
5
0
132
915
1
1
2,187
0
53
3
11
674
624
Date of listing in
2000 & other
comments
29/06/00
04/12/00
29/12/00
27/11/00
29/12/00
13/11/00
28/11/00
16/11/00
16/06/00
08/09/00
FINANCIAL COMPANIES
FINANCIERAS AGRUPADAS, E.F.C. ..........................................
178
18/02/00
A.2.20.
SECONDARY MARKETS. EQUITIES.

SECOND MARKET
Barcelona
Bilbao
Madrid
Valencia
Total
No. of securities
1997 ....................................
1998 ....................................
1999 ....................................
2000 ....................................
17
18
17
16
8
8
7
3
5
3
3
3
3
2
2
4
31
31
29
26
Capitalization(*)
1997 ....................................
1998 ....................................
1999 ....................................
1999 ....................................
33,404
128,136
177,617
171,314
28,278
39,192
35,345
57,140
57,000
9,472
12,017
12,249
4,435
3,480
5,132
17,935
121,050
180,280
230,111
258,638
Trading volume(*)
1997 ....................................
1998 ....................................
1999 ....................................
2000 ....................................
6,232
1,605
28,000
8,791
2,092
7,501
487
735
8,751
2,650
2,200
7,891
27
992
410
898
17,880
12,747
31,097
18,315
(*) Thousands of euros.

EFFECTIVE TRADING IN SPANISH SECURITIES
ON THE NEW YORK STOCK EXCHANGE
Year
BBVA
BSCH
Endesa
1991 .............
1992 .............
1993 .............
1994 .............
1995 .............
1996 .............
1997 .............
1998 .............
1999 .............
2000 .............
26,313,678
30,843,820
625,647,969
481,403,349
313,534,490
409,015,282
410,110,133
674,208,321
331,363,198
291,986,207
47,826,460
107,503,321
366,338,204
369,392,174
310,126,746
566,344,343
697,474,149
699,408,296
323,750,702
609,899,002
520,156,723
697,835,742
575,095,279
873,396,176
1,400,140,231
712,559,378
1,043,477,008
1,107,340,574
566,816,859
569,182,974
Repsol YPF
Telefnica
744,792,639 2,318,181,569
838,745,093 2,456,385,899
1,943,754,180 1,714,052,793
2,252,427,085 3,222,412,266
3,736,285,680 2,503,301,559
3,346,467,523 2,211,234,629
2,640,895,803 4,682,742,147
2,119,396,506 3,513,843,276
1,373,332,737 2,183,327,634
1,688,450,966 23,163,912,302
Telef. Mviles
TOTAL
Dollars
3,657,271,069
4,131,313,875
5,224,888,425
7,199,031,050
8,263,388,706
7,245,621,155
9,474,699,240
8,114,196,973
4,778,591,130
16,590,656 26,340,022,107
Millions of
2,288.18
2,535.61
4,000.01
5,795.19
6,196.40
5,505.45
8,179.58
7,300.15
4,484.31
24,338.18
NYSE to Spanish market ratio*

1991 .............
1992 .............
1993 .............
1994 .............
1995 .............
1996 .............
1997 .............
1998 .............
1999 .............
2000 .............
1.6
10.1
17.9
21.3
14.9
7.8
4.3
3.1
1.2
0.4
3.2
5.4
12.2
10.1
17.7
10.6
6.4
2.9
0.7
1.1
53.3
43.4
23.4
15.7
26.8
7.6
4.9
3.3
1.8
1.8
65.1
22.7
43.6
40.0
49.9
33.9
15.0
12.4
5.1
5.1
80.4
64.9
39.5
34.9
24.8
13.6
12.7
6.2
3.6
14.1
0.2
8.1
9.9
10.3
10.9
13.3
7.2
5.0
2.6
1.5
4.9
Source: Madrid Stock Exchange

* The total is compared with the total trading volume in the four Spanish stock exchanges.
179
A.2.22. SECONDARY MARKETS. FIXED-INCOME.

TRADING VOLUME
Nominal trading in millions of euros
1997
1998
1999
Change (%)
2000
1998/97
1999/98
2000/99
Government debt book-entry system (*) .. 2,110,187.0 2,311,155.0 2,360,914.0 1,703,704.0

Bonds ................................................... 1,923,688.0 2,210,886.0 2,282,095.0 1,615,876.0
Treasury bills ......................................... 186,499.0
100,269.0
78,819.0
87,828.0
9.5
14.9
46.2
2.2
3.2
21.4
27.8
29.2
11.4
Stock exchanges (**).................................

Electronic market .................................
Outcry market ......................................
54,219.7
25,458.6
28,673.1
53,238.3
2,457.8
50,630.5
44,710.4
2,399.5
42,310.9
40,704.0
1,965.3
38,738.7
1.8
89.8
76.6
16.0
2.4
16.4
9.0
18.1
8.4
AIAF .........................................................
Commercial paper ................................
Matador bonds......................................
Mortgage bonds ....................................
Bonds....................................................
15,840.3
3,366.9
3,800.2
1,221.3
7,451.9
36,363.8
6,165.1
5,123.9
308.6
24,766.2
85,765.8
25,577.5
2,234.2
1,738.4
56,215.7
100,758.8
47,342
1,141
2,260
50,016
129.6
83.1
34.8
74.7
232.3
135.9
314.9
56.4
463.3
127.0
17.5
85.1
49.0
30.0
11.0
(*) Only includes outright spot trades.

(**) Effective amount.
Sources: Bank of Spain, AIAF and CNMV.
A.2.23. SECONDARY MARKETS. FIXED-INCOME.

GOVERNMENT DEBT BOOK-ENTRY MARKET. OUTSTANDING BALANCES
31-12-99
Amount
31-12-00
% of total
Amount
% of total
% change
2000/1999
Treasury bills....................................
Government bonds ..........................
53,142
205,827
20,5
79,5
44,663
225,202
16.6
83.4
16.0
9.4
TOTAL.............................................
258,969
100,0
269,865
100.0
4.2
180
A.2.24. SECONDARY MARKETS. FIXED-INCOME. GOVERNMENT DEBT BOOK-ENTRY

MARKET. TRADING VOLUME (OUTRIGHT SPOT TRADES)
Government bonds
Treasury bills
Total
Maturing
under 1 year
Maturing
1-2 years
Maturing
2-4 years
Maturing
over 4 years
1996................................................
1997................................................
1998................................................
1999................................................
2000................................................
133,108
186,499
100,269
78,819
87,828
1,475,089
1,923,688
2,210,884
2,282,095
1,615,876
66,699
49,395
104,284
107,338
96,606
59,775
196,885
110,698
134,066
65,919
447,363
478,530
481,128
480,515
371,861
901,252
1,198,878
1,514,774
1,560,176
1,081,490
January ............................................
February ..........................................
March..............................................
April ................................................
May .................................................
June .................................................
July ..................................................
August .............................................
September .......................................
October ...........................................
November .......................................
December........................................
7,476
6,568
10,310
11,149
6,941
8,620
5,485
4,849
5,510
7,210
5,179
8,531
143,288
141,586
161,242
116,935
133,827
142,925
114,149
132,516
152,391
147,599
130,385
99,033
10,375
9,545
21,226
9,929
2,656
5,353
6,809
13,825
10,121
2,454
1,899
2,414
4,554
1,934
3,988
1,323
1,208
2,431
2,363
7,430
11,149
6,664
6,173
16,702
29,844
30,880
35,848
29,640
27,877
34,538
28,393
48,008
28,781
31,579
27,740
18,733
98,515
99,227
100,180
76,043
102,086
100,603
76,584
63,253
102,340
106,902
94,573
61,184
181
182
17
38
1
47
95
TOTAL ........................
1998
Commercial paper.......
Matador bonds ............
Mortgage bonds ..........
Bonds ..........................
Segments
147
25
40
5
96
1999
Issuers
174
32
38
6
120
2000
827
368
259
11
189
1998
1,348
842
251
17
238
1999
Issues
1,843
1,308
203
15
317
2000
39,698.1
3,102.5
15,210.7
1,184.5
20,200.4
Amounts
1998
100.0
7.8
38.3
3.0
50.9
% of total
77,179.8
18,049.4
13,520.3
5,313.5
40,296.6
Amounts
1999
100.0
23.4
17.5
6.9
52.2
% of total
89,390.5
20,633.1
11,355.2
7,333.7
50,068.5
Amounts
A.2.25. SECONDARY MARKETS. FIXED-INCOME. AIAF.

NUMBER OF ISSUERS AND ISSUES, AND OUTSTANDING BALANCES AT 31/12
2000
100.0
23.1
12.7
8.2
56.0
% of total
15.8
14.3
16.0
38.0
24.2
% change
2000/99
85,766
100,759
7,080
11,446
9,326
8,754
7,627
9,725
6,997
5,878
8,149
8,916
7,625
9,237
14.9
57.3
42.8
1999 ......................................
2000 ......................................
January ..................................
February ................................
March ....................................
April ......................................
May .......................................
June .......................................
July ........................................
August ...................................
September ..............................
October .................................
November ..............................
December ..............................
Change 2000/99% ................
Pro-memoria: trading
for own account (%)
1999 ..................................
1998 ..................................
Total
23.0
52.4
95.9
137
242
189
46
19
94
49
20
34
101
103
106
1,141
2,234
Matador
bonds
14.8
17.3
55.1
104
155
353
208
62
39
62
70
42
139
188
812
2,234
1,003
Simple
bonds
51.0
58.4
74.4
690
670
900
813
388
413
561
527
779
765
828
435
7,767
13,549
92.6
93.1
18.2
1,627
5,736
3,205
2,737
2,575
2,468
2,349
2,430
1,927
2,924
1,924
2,260
32,161
38,020
100.0
54.4
57.4
0
705
623
576
402
2,111
418
182
274
437
382
788
6,899
2,939
Simple
Mortgage-backed Nuclear sectz.
debentures
bonds
bonds
23.6
0.2
23.1
29
99
75
8
115
46
218
106
486
373
278
428
2,260
1,738
Mortgage
bonds
9.5
6.6
47.0
3,869
3,336
3,422
3,755
3,406
3,704
2,668
2,366
4,206
3,555
3,460
4,008
41,756
22,144
Commercial
paper
25.6
19.7
38.5
556
429
492
547
589
788
557
118
325
519
367
299
5,586
3,434
Securitized
com. paper
6.7
1.4
26.3
68
74
66
64
72
62
115
59
76
103
94
102
956
704
Preference
shares
A.2.26. SECONDARY MARKETS. FIXED-INCOME. AIAF. TRADING VOLUME. 2000
183
184
263.5
0.0
0.0
0.0
0.0
0.0
1,140.6
1,140.6
1,140.6
STATE .....................................................
AUTONOMOUS REGIONS ...................
LOCAL GOVERNMENTS .......................
OTHER GOVERNMENT AGENCIES.......
STATE BODIES .......................................
INTERNATIONAL BODIES .....................
TOTAL PUBLIC SECTOR..............................
TOTAL .........................................................
18
19
20
21
22
23
TOTAL FINANCIAL SECTOR .......................
10,000.5
2,084.3
0.0
43.4
1.2
2,039.7
0.0
1,583.4
0.0
0.0
0.0
1,320.0
BANKS ...................................................
INSURANCE ..........................................
PORTFOLIO COMPANIES .....................
SIM ........................................................
FINANCE COMPANIES ..........................
SECURITIES FIRMS.................................
0.0
22.7
1,167.4
0.0
0.0
12
13
14
15
16
17
0.0
0.0
6,332.8
79.4
5,063.3
0.0
0.0
Bonds
0.0
OIL.........................................................
ENERGY & WATER.................................
MINING & BASE METALS ......................
CEMENT & CONSTRUC. MATERIALS....
CHEMICALS...........................................
TEXTILE & PAPER...................................
METAL-MECHANICAL ...........................
FOOD....................................................
CONSTRUCTION ..................................
REAL ESTATE..........................................
TRANSPORT & COMMUNICATIONS....
OTHER...................................................
Matador
bonds
32,160.6
0.0
0.0
0.0
0.0
0.0
0.0
32,160.6
32,160.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
6,898.6
0.0
0.0
0.0
0.0
0.0
0.0
6,898.6
6,898.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
MortgageNuclear
backed bonds sectz. bonds
2,260.4
0.0
0.0
0.0
0.0
0.0
0.0
2,260.4
0.0
0.0
2,260.4
0.0
0.0
0.0
0.0
0.0
0.0
Mortgage
paper
41,756.1
2,384.9
0.0
0.0
0.0
2,222.6
162.3
32,547.3
1,096.2
0.0
31,451.0
6,823.9
258.8
1,227.5
0.0
0.0
5,337.6
Commercial
paper
5,586.3
0.0
0.0
0.0
0.0
0.0
0.0
5,586.3
5,586.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Securitized
comm. paper
955.8
0.0
0.0
0.0
0.0
0.0
0.0
955.8
955.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Preference
shares
100,758.8
5,609.7
0.0
0.0
43.4
1.2
4,262.3
1,302.9
81,992.4
35,031.4
0.0
0.0
0.0
46,961.0
0.0
13,156.7
79.4
10,400.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
281.5
2,394.9
0.0
Million
euros
Total AIAF
100.0
5.6
0.0
0.0
0.0
0.0
4.2
1.3
81.4
34.8
0.0
0.0
0.0
46.6
13.1
0.1
10.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.3
2.4
0.0
SECONDARY MARKETS. FIXED-INCOME. AIAF. DISTRIBUTION OF TRADING BY SECTOR. 2000
TOTAL NON-FINANCIAL SECTOR .............
0
1
2
3
4
5
6
7
8
9
10
11
Sector
A.2.27.
A.2.28. SECONDARY MARKETS. FIXED-INCOME. STOCK EXCHANGES.

NUMBER OF ISSUERS AND ISSUES AND LISTED CAPITAL AT 31/12
Madrid
NUMBER OF ISSUERS
1995 .......................................
1996 .......................................
1997 .......................................
1998 .......................................
1999 .......................................
2000 .......................................
Barcelona
Bilbao
Valencia
Total
161
126
117
95
61
73
104
81
69
65
91
81
113
86
72
67
93
81
54
56
54
52
84
77
n.a.
153
142
115
110
95
745
683
753
657
569
454
591
553
508
477
584
491
489
569
477
405
513
420
338
503
451
410
546
469
n.a.
851
937
835
76
636
18,643
17,963
16,929
13,998
13,265
10,419
11,041
10,813
8,988
8,204
14,934
14,197
16,053
15,211
11,567
9,286
12,537
10,428
8,907
9,320
7,036
5,806
11,609
10,673
n.a.
22,424
22,016
19,851
20,521
18,266
NUMBER OF ISSUES ..............

1995 .......................................
1996 .......................................
1997 .......................................
1998 .......................................
1999 .......................................
2000 .......................................
LISTED CAPITAL
(Millions of euros) ...................
1995 .......................................
1996 .......................................
1997 .......................................
1998 .......................................
1999 .......................................
2000 .......................................
Excluding securities listed on the Government Debt Book-Entry market, even where they could be traded on the stock exchange.
185
186
14
16
0
1
0
0
0
17
1
2
3
4
19
13
42
73
TOTAL NON-FINANCIAL SECTOR ....................................
BANKS..........................................................................
INSURANCE .................................................................
PORTFOLIO COMPANIES ............................................
SIM ...............................................................................
FINANCE COMPANIES.................................................
SECURITIES FIRMS .......................................................
TOTAL FINANCIAL SECTOR..............................................
STATE ..........................................................................
AUTONOMOUS REGIONS..........................................
LOCAL GOVERNMENTS ..............................................
OTHER GOVERNMENT AGENCIES .............................
STATE BODIES..............................................................
INTERNATIONAL BODIES............................................
12
13
14
15
16
17
18
19
20
21
22
23
TOTAL PUBLIC SECTOR ....................................................
TOTAL ................................................................................
Excluding warrant issues and references listed on the Government Debt Book-Entry market.
0
3
2
0
2
1
1
0
0
1
4
0
Madrid
Stock Exchange
OIL ...............................................................................
ENERGY & WATER .......................................................
MINING & BASE METALS.............................................
CEMENT & CONSTRUCTION MATERIALS...................
CHEMICALS .................................................................
TEXTILE & PAPER .........................................................
METAL-MECHANICAL..................................................
FOOD ..........................................................................
CONSTRUCTION.........................................................
REAL ESTATE ................................................................
TRANSPORT & COMMUNICATIONS ..........................
OTHER .........................................................................
0
1
2
3
4
5
6
7
8
9
10
11
Sector
81
48
1
3
4
5
22
13
19
18
0
1
0
0
0
14
0
3
2
0
2
1
1
0
0
1
4
0
Barcelona
Stock Exchange
81
47
1
3
6
5
20
12
18
17
0
1
0
0
0
16
0
3
3
0
2
1
1
0
0
1
5
0
Bilbao
Stock Exchange
77
42
1
3
2
4
20
12
21
20
0
1
0
0
0
14
0
3
2
0
2
1
1
0
0
1
4
0
Valencia
Stock Exchange
95
55
1
5
7
6
23
13
24
23
0
1
0
0
0
16
0
3
3
0
2
1
1
0
0
1
5
0
Total market

DISTRIBUTION OF ISSUERS BY SECTOR. 2000
73
42
1
2
3
4
19
13
17
16
0
1
0
0
0
14
0
3
2
0
2
1
1
0
0
1
4
0
Electronic market
All stock exchanges
23
13
0
3
4
2
4
0
8
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
1
0
Outcry
Number of issuers
35
76
0
1
0
0
0
77
15
2
4
8
156
157
342
454
BANKS..........................................................................
INSURANCE .................................................................
SIM ...............................................................................
STATE............................................................................
STATE BODIES..............................................................
12
13
14
15
16
17
18
19
20
21
22
23
TOTAL ................................................................................
0
11
3
0
2
1
1
0
0
1
16
0
Madrid
Stock Exchange
OIL ...............................................................................
ENERGY & WATER .......................................................
CHEMICALS .................................................................
TEXTILE & PAPER .........................................................
FOOD ..........................................................................
CONSTRUCTION.........................................................
REAL ESTATE ................................................................
OTHER .........................................................................
0
1
2
3
4
5
6
7
8
9
10
11
Sector
491
377
15
70
7
13
163
109
79
78
0
1
0
0
0
35
0
11
3
0
2
1
1
0
0
1
16
0
Barcelona
Stock Exchange
420
306
15
12
10
10
157
102
77
76
0
1
0
0
0
37
0
11
4
0
2
1
1
0
0
1
17
0
Bilbao
Stock Exchange
469
339
15
46
3
8
164
103
95
94
0
1
0
0
0
35
0
11
3
0
2
1
1
0
0
1
16
0
Valencia
Stock Exchange
636
494
15
124
12
15
171
157
105
104
0
1
0
0
0
37
0
11
4
0
2
1
1
0
0
1
17
0
Total market

DISTRIBUTION BY SECTOR OF ISSUES ADMITTED TO LISTING. 2000
454
342
15
2
4
8
156
157
77
76
0
1
0
0
0
35
0
11
3
0
2
1
1
0
0
1
16
0
Electronic market
All stock exchanges
182
152
0
122
8
7
15
0
28
28
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
1
0
Outcry
Number of issues
187
188
1,522,388
1,621,648
0
208
0
0
0
1,621,856
8,457
101,360
20,555
336,774
320,730
6,486,589
7,274,463
10,418,707
BANKS..........................................................................
INSURANCE .................................................................
SIM ...............................................................................
STATE............................................................................
STATE BODIES..............................................................
12
13
14
15
16
17
18
19
20
21
22
23
TOTAL ................................................................................
0
205,385
1,397
0
168
6,010
118
0
0
11,973
1,297,336
0
Madrid
Stock Exchange
OIL ...............................................................................
ENERGY & WATER .......................................................
CHEMICALS .................................................................
TEXTILE & PAPER .........................................................
FOOD ..........................................................................
CONSTRUCTION.........................................................
REAL ESTATE ................................................................
OTHER .........................................................................
0
1
2
3
4
5
6
7
8
9
10
11
Sector
14,196,893
10,977,523
8,457
4,483,679
20,725
466,774
320,861
5,677,027
1,696,983
1,696,774
0
208
0
0
0
1,522,388
0
205,385
1,397
0
168
6,010
118
0
0
11,973
1,297,336
0
Barcelona
Stock Exchange
10,428,333
7,228,079
8,457
1,220,055
266,031
420,915
320,746
4,991,875
1,677,772
1,677,564
0
208
0
0
0
1,522,481
0
205,385
1,457
0
168
6,010
118
0
0
11,973
1,297,369
0
Bilbao
Stock Exchange
10,673,403
6,086,696
8,457
366,964
1,292
336,774
321,234
5,051,976
3,064,319
3,064,110
0
208
0
0
0
1,522,388
0
205,385
1,397
0
168
6,010
118
0
0
11,973
1,297,336
0
Valencia
Stock Exchange
18,265,624
13,520,641
8,457
5,867,978
285,337
550,915
321,365
6,486,589
3,222,502
3,222,294
0
208
0
0
0
1,522,481
0
205,385
1,457
0
168
6,010
118
0
0
11,973
1,297,369
0
Total market
10,418,707
7,274,463
8,457
101,360
20,555
336,774
320,730
6,486,589
1,621,856
1,621,648
0
208
0
0
0
1,522,388
0
205,385
1,397
0
168
6,010
118
0
0
11,973
1,297,336
0
Electronic market
All stock exchanges

DISTRIBUTION BY SECTOR OF OUTSTANDING BALANCES ADMITTED TO LISTING. 2000
7,846,917
6,246,178
0
5,766,618
264,783
214,142
635
0
1,600,646
1,600,646
0
0
0
0
0
94
0
0
60
0
0
0
0
0
0
0
34
0
Outcry
Thousands of euros

CONVERTIBLE ISSUES. NUMBERS AND LISTED CAPITAL AT 31/12
Capital in thousands of euros
Madrid
Barcelona
Bilbao
Valencia
Total
ISSUES
Financial institutions
1996..............................
1997..............................
1998..............................
1999..............................
2000..............................
1
0
1
3
3
1
0
1
3
3
0
0
1
3
3
0
0
1
3
3
0
0
0
3
3
1996..............................
1997..............................
1998..............................
1999..............................
2000..............................
19
11
7
5
5
19
11
7
5
5
13
6
4
5
5
13
6
4
5
5
9
1
0
5
5
TOTAL
1996..............................
1997..............................
1998..............................
1999..............................
2000..............................
20
11
8
8
8
20
11
8
8
8
13
6
5
8
8
13
6
5
8
8
9
1
0
8
8
LISTED CAPITAL
Financial institutions
1996..............................
1997..............................
1998..............................
1999..............................
2000..............................
3,812
0
126
719,579
251,204
3,812
0
126
719,579
251,204
0
0
126
719,579
251,204
0
0
126
719,579
251,204
0
0
0
719,579
251,204
1996..............................
1997..............................
1998..............................
1999..............................
2000..............................
379,629
114,322
70,913
55,973
19,529
379,629
114,322
70,913
55,973
19,529
364,313
102,164
59,524
55,973
19,529
325,350
74,675
7,807
55,973
19,529
315,137
67,614
0
55,973
19,529
TOTAL
1996..............................
1997..............................
1998..............................
1999..............................
2000..............................
383,441
114,322
71,040
775,552
270,733
383,441
114,322
71,040
775,552
270,733
364,313
102,164
59,650
775,552
270,733
325,350
74,675
7,933
775,552
270,733
315,137
67,614
0
775,552
270,733
189
A.2.33.
SECONDARY MARKETS. FIXED-INCOME. STOCK EXCHANGES.

EFFECTIVE TRADING. 2000
Month
Total
Electronic
market (1)
Total
outcry
Outcry (2)
Barcelona
Bilbao
Valencia
Pro memoria
Elec. market
share (%) (3)
1996 ....................
1997 ....................
1998 ....................
1999 ....................
2000 ....................
77,813.6
54,219.6
53,238.0
44,908.9
40,704.0
59,226.2
25,546.7
2,607.5
2,598.0
1,965.3
18,587.4
28,672.9
50,630.5
42,310.9
38,738.7
6,642.2
10,468.7
23,136.4
28,615.0
30,729.0
11,616.7
17,965.0
27,211.8
13,405.6
7,440.1
328.5
239.2
282.3
290.3
569.6
76.1
47.1
4.9
5.8
4.8
January.................
February...............
March ..................
April.....................
May......................
June......................
July.......................
August..................
September............
October................
November............
December ............
4,315.0
3,799.2
3,824.5
2,824.7
3,598.4
4,215.8
3,707.8
2,725.1
2,686.3
2,975.6
3,282.2
2,749.5
166.5
156.0
249.5
155.2
139.0
91.2
127.0
68.9
151.2
193.7
225.9
241.0
4,148.5
3,643.1
3,575.0
2,669.5
3,459.4
4,124.6
3,580.7
2,656.2
2,535.1
2,781.9
3,056.3
2,508.5
3,031.6
2,948.3
2,602.7
2,146.1
2,809.7
3,468.8
3,005.5
2,219.5
2,004.1
2,242.0
2,378.7
1,872.1
1,083.1
662.3
906.1
477.7
595.5
614.0
525.2
414.9
485.8
497.7
590.2
587.5
33.7
32.6
66.2
45.7
54.2
41.8
50.1
21.7
45.2
42.2
87.4
48.9
3.9
4.1
6.5
5.5
3.9
2.2
3.4
2.5
5.6
6.5
6.9
8.8
Change (%)
1997/96 ...............
1998/97 ...............
1999/98 ...............
200/99 .................
30.3
1.8
15.6
9.4
56.9
89.8
0.4
24.4
54.3
76.6
16.4
8.4
57.6
121.0
23.7
7.4
54.6
51.5
50.7
44.5
27.2
18.0
2.8
96.2
Share (%)
1999 ....................
1998 ....................
1997 ....................
2000 ....................
100.0
100.0
100.0
100.0
47.1
4.9
5.8
4.8
52.9
95.1
94.2
95.2
36.5
43.5
63.7
75.5
62.7
51.1
29.9
18.3
0.8
0.5
0.6
1.4
(1) Includes fixed-income warrant trading: 198 million euros in 1999 and 902 million euros in 2000.
(2) All fixed-income trading on the Madrid Stock Exchange is conducted in the electronic market.
(3) Percentage of total fixed-income trading. Elec. mkt.: electronic market.
190
100.0
0.6
0.6
0.0
0.0
0.0
0.0
0.0
3.2
0.0
2.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.6
0.0
1996
TOTAL ............................................................... 77,802.9 54,131.5 53,088.0 44,710.5 39,802.4
753.7
753.7
0.0
0.0
0.0
0.0
0.0
206.3
0.0
16.8
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
189.3
0.0
2000
96.2
910.6
910.6
0.0
0.0
0.0
0.0
0.0
723.9
0.0
36.6
0.3
0.0
0.0
0.0
0.0
0.3
0.0
17.9
668.8
0.0
1999
TOTAL PUBLIC SECTOR.................................... 74,819.1 51,919.4 52,377.5 43,076.0 38,842.4
237.4
236.3
0.0
0.0
0.0
0.0
1.0
473.2
0.1
143.2
4.1
0.0
0.0
6.7
0.0
0.4
0.0
28.6
290.0
0.0
1998
68.1
23.9
0.1
0.1
1.7
2.3
360.8
359.8
0.1
0.0
0.0
0.1
0.8
1,851.3
0.2
1,226.6
0.0
0.0
0.0
10.8
0.0
0.4
1.1
8.1
604.1
0.0
1997
Millions of euros
STATE........................................................... 52,980.5 21,814.3

551.6
162.0
58.6
AUTONOMOUS REGIONS ......................... 18,614.6 28,783.7 50,651.2 42,076.3 38,297.5
LOCAL GOVERNMENTS .............................
61.0
18.4
147.0
127.6
21.7
OTHER GOVERNMENT AGENCIES.............
42.6
4.0
167.9
149.6
170.3
STATE BODIES ............................................. 1,328.4
627.3
376.1
74.1
121.5
INTERNATIONAL BODIES ........................... 1,791.9
671.6
483.8
486.3
172.8
488.8
TOTAL FINANCIAL SECTOR .............................
18
19
20
21
22
23
474.7
4.2
7.6
0.0
0.3
2.0
BANKS.........................................................
INSURANCE ................................................
PORTFOLIO COMPANIES ...........................
SIM ..............................................................
FINANCE COMPANIES ................................
SECURITIES FIRMS.......................................
2,495.0
TOTAL NON-FINANCIAL SECTOR ...................
12
13
14
15
16
17
0.2
1,969.1
0.0
2.9
0.0
22.4
1.4
0.8
1.9
0.0
496.3
0.0
1996
OIL...............................................................
ENERGY & WATER ......................................
MINING & BASE METALS............................
CEMENT & CONSTRUCTION MATERIALS..
CHEMICALS.................................................
TEXTILE & PAPER.........................................
METAL-MECHANICAL .................................
FOOD..........................................................
CONSTRUCTION ........................................
REAL ESTATE................................................
TRANSPORT & COMMUNICATIONS..........
OTHER.........................................................
0
1
2
3
4
5
6
7
8
9
10
11
Sector
100.0
95.9
40.3
53.2
0.0
0.0
1.2
1.2
0.7
0.7
0.0
0.0
0.0
0.0
0.0
3.4
0.0
2.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.1
0.0
1997
100.0
98.7
1.0
95.4
0.3
0.3
0.7
0.9
0.4
0.4
0.0
0.0
0.0
0.0
0.0
0.9
0.0
0.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.5
0.0
1998
100.0
96.3
0.4
94.1
0.3
0.3
0.2
1.1
2.0
2.0
0.0
0.0
0.0
0.0
0.0
1.6
0.0
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.5
0.0
1999
% of total trading
100.0
97.6
0.1
96.2
0.1
0.4
0.3
0.4
1.9
1.9
0.0
0.0
0.0
0.0
0.0
0.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.5
0.0
2000

DISTRIBUTION OF TRADING BY SECTOR. 2000
34.2
34.3
100.0
100.0
74.9
22.0
74.4
30.4
30.6
1.9
0.9
58.8
97.5
54.6
76.0
69.8
697.4
90.5 4,053.8
52.8
40.0
62.5
28.0
26.2
24.2
97.7
99.8
80.1
59.4
25.8
34.8
20.7
37.7
88.3
49.0 16,796.8
100.0
344.1
57.5
51.8
37.9
97.9
20.3
51.7
4.6
43.7 100.0
255.0
21.7
52.0
1997/96 1998/97
15.8
17.8
70.6
16.9
13.2
10.9
80.3
0.5
283.7
285.3
100.0
95.5
53.0
100.0
74.5
93.7
88.7
100.0
92.8
29.5
37.3
130.7
11.0
9.8
63.8
9.0
83.0
13.8
63.9
64.5
17.2
17.2
62.1
100.0
71.5
54.0
42.6
74.9
48.3
100.0
100.0
71.7
100.0
1999/98 2000/99
Annual change %
191

CONCENTRATION OF TRADING BY SECTOR AND ISSUERS. 2000
No. of issuers required to attain a given percentage of trading
25%
50%
75%
90%
OIL..................................................................................
ENERGY & WATER..........................................................
MINING & BASE METALS ...............................................
CEMENT & CONSTRUCTION MATERIALS .....................
CHEMICALS....................................................................
TEXTILE & PAPER ............................................................
METAL-MECHANICAL ....................................................
FOODS ...........................................................................
CONSTRUCTION ...........................................................
REAL ESTATE ...................................................................
TRANSPORT & COMMUNICATIONS .............................
OTHER ............................................................................
0
1
1
0
1
0
1
0
0
0
1
0
0
1
1
0
1
0
1
0
0
0
2
0
0
2
1
0
1
0
1
0
0
0
3
0
0
2
1
0
1
0
1
0
0
0
3
0
0
3
3
0
2
0
1
0
0
0
5
0
TOTAL NON-FINANCIAL SECTOR.......................................
17
12
13
14
15
16
17
BANKS ............................................................................
INSURANCE....................................................................
PORTFOLIO COMPANIES...............................................
SIM..................................................................................
FINANCE COMPANIES ...................................................
SECURITIES FIRMS ..........................................................
1
0
1
0
0
0
2
0
1
0
0
0
3
0
1
0
0
0
7
0
1
0
0
0
25
0
1
0
0
0
TOTAL FINANCIAL SECTOR.................................................
26
18
19
20
21
22
23
STATE ..............................................................................
AUTONOMOUS REGIONS ............................................
LOCAL GOVERNMENTS.................................................
OTHER GOVERNMENT AGENCIES ................................
STATE BODIES ................................................................
INTERNATIONAL BODIES ..............................................
1
1
1
1
1
1
1
1
1
2
1
2
1
1
1
3
2
3
1
2
1
4
3
6
1
14
8
6
28
15
TOTAL PUBLIC SECTOR .......................................................
72
TOTAL...................................................................................
115
0
1
2
3
4
5
6
7
8
9
10
11
Excluding fixed-income warrant trading. ................................................

Pro memoria: list of main issuers in terms of trading volume in 2000. .....
1. Catalonian Government .............................................. 77.0%
2. Basque Government ........................................................... 18.6%
192
100%

CONCENTRATION OF TRADING BY SECTOR AND ISSUES. 2000
No. of issuers required to attain a given percentage of trading
25%
50%
75%
90%
100%
OIL..................................................................................
ENERGY & WATER..........................................................
MINING & BASE METALS ...............................................
CEMENT & CONSTRUCTION MATERIALS .....................
CHEMICALS....................................................................
TEXTILE & PAPER ............................................................
METAL-MECHANICAL ....................................................
FOOD .............................................................................
CONSTRUCTION ...........................................................
REAL ESTATE ...................................................................
TRANSPORT & COMMUNICATIONS .............................
OTHER ............................................................................
0
1
1
0
1
0
1
0
0
0
1
0
0
1
1
0
1
0
1
0
0
0
3
0
0
2
1
0
1
0
1
0
0
0
6
0
0
2
1
0
1
0
1
0
0
0
9
0
0
9
3
0
1
0
1
0
0
0
18
0
TOTAL NON-FINANCIAL SECTOR.......................................
11
32
12
13
14
15
16
17
BANKS ............................................................................
INSURANCE....................................................................
PORTFOLIO COMPANIES...............................................
SIM..................................................................................
FINANCE COMPANIES ...................................................
SECURITIES FIRMS ..........................................................
2
0
1
0
0
0
5
0
1
0
0
0
11
0
1
0
0
0
25
0
1
0
0
0
106
0
1
0
0
0
TOTAL FINANCIAL SECTOR.................................................
11
25
107
18
19
20
21
22
23
STATE ..............................................................................
AUTONOMOUS REGIONS ............................................
LOCAL GOVERNMENTS.................................................
OTHER GOVERNMENT AGENCIES ................................
STATE BODIES ................................................................
INTERNATIONAL BODIES ..............................................
6
3
1
2
1
2
20
9
1
4
1
5
40
19
1
7
2
11
57
32
2
10
3
18
103
153
10
13
62
31
TOTAL PUBLIC SECTOR .......................................................
20
33
269
TOTAL...................................................................................
21
36
511
0
1
2
3
4
5
6
7
8
9
10
11
Excluding fixed-income warrant trading.
193
Annual report on the securities markets@ 2000
A.2.37. SECONDARY MARKETS. STOCK EXCHANGES AND SCLV.

MARGIN TRADING AND STOCK LOANS. 2000
Margin trading (1)

Outstanding balances (3
Stock loans (2)

Trading
Purchases
Purchases
Sales
Sales
1996.....................
1997.....................
1998.....................
1999.....................
2000.....................
9,318
11,240
23,668
32,606
54,687
1,122
3,501
3,588
6,013
4,400
115,665
467,239
810,770
677,184
1,121,315
15,176
37,299
125,392
167,512
151,422
4,618,069
4,176,355
7,581,431
10,439,268
12,101,952
January .................
February ...............
March...................
April .....................
May......................
June......................
July.......................
August ..................
September ............
October................
November ............
December ............
55,846
67,585
84,315
75,299
65,296
66,335
68,459
76,709
79,567
89,866
62,472
54,687
3,990
3,218
3,868
3,510
6,309
7,121
6,301
5,082
6,796
5,901
5,132
4,400
86,749
120,926
143,737
75,294
84,730
73,861
73,154
88,047
112,983
114,079
87,204
60,551
9,329
10,938
9,736
8,585
20,284
18,611
12,144
10,830
17,905
13,308
10,417
9,335
12,140,274
14,258,645
14,524,161
17,150,175
16,784,244
21,919,427
19,394,342
13,210,514
11,371,325
11,801,507
10,898,171
12,101,952
194
Amount
% of EM
vol. (5)
2.5
1.6
2.3
2.5
2.3
16,376,573
29,927,466
48,448,734
62,098,309
87,406,420
17.7
22.1
20.9
21.7
19.6
2.9
3.0
3.2
3.9
4.0
4.8
3.9
2.5
2.1
2.2
2.1
2.3
12,448,330
5,987,237
7,035,465
10,205,160
6,888,203
12,853,227
8,038,835
4,229,395
3,401,169
6,228,644
3,857,079
6,233,677
30.7
15.6
15.8
34.9
20.0
36.2
20.6
12.4
9.6
15.1
9.7
18.7
Adj. bal. (4) % of EM cap.
(1) Trades executed under Order dated 25 March 1991, regulating spot transactions on margin.
(2) Trades executed other than under Order dated 25 March 1991, regulating spot transactions on margin.
(3) End-of period figures.
(4) Total balances less amount of re-loans.
(5) Compared with trading on the electronic market during the regular session. EM: Electronic market.
Source: Madrid Stock Exchange bulletins, Madrid Stock Exchange, SCLV and CNMV.
Trading
1,571,528
6,888,203 12,853,227
Total financial sector ................................. 4,840,469 1,385,315 1,761,687 5,612,587
Total........................................................... 12,448,330 5,987,237 7,035,465 10,205,160
Note: The last column (% of trading) refers to all trading on the electronic market, not just within the regular sessions.
877,025
870,654
5,092
1,279
0
0
1,540,961
30,123
443
0
0
June
Banks ................................................... 4,836,979 1,384,423 1,748,510 5,606,761

Insurance .............................................
2,147
781
11,980
5,781
Portfolio companies .............................
1,343
111
1,197
45
SIM ......................................................
0
0
0
0
Finance companies ..............................
0
0
0
0
May
12
13
14
15
16
April
5,316,675 11,976,202
March
Total non-financial sector .......................... 7,607,861 4,601,922 5,273,778 4,592,574
February
226,354 378,582
753,438 2,464,710
11,965
9,818
1,798
70
1,216
20
960
4,626
6
1
154,141 137,156
113,492
48,537
5,861 162,641
3,183,620 8,067,018
863,824 703,022
January
Oil ....................................................... 3,452,245

351,611
300,857
173,638
Energy & water..................................... 445,847
391,106
366,742
425,950
Mining & base metals...........................
15,494
92,847
126,818
23,701
Cement & construction materials .........
508
2,317
1,602
0
Chemicals ............................................
0
48
132
0
Textile & paper.....................................
1,285
161
0
293
Metal-mechanical ................................
0
91
23,946
0
Food ....................................................
89,431
46,985
819,712
126,219
Construction ........................................ 207,890
18,519
11,280
49,441
Real estate............................................
911
790
1,861
571
Transport & communications................ 2,835,042 2,816,017 3,050,018 2,970,665
Other.................................................... 559,208
881,431
570,810
822,098
0
1
2
3
4
5
6
7
8
9
10
11
Sector
8,038,835
2,646,487
2,641,152
5,179
156
0
0
5,392,347
1,209,747
548,033
3,699
600
230
751
151
182,837
20,372
56,898
2,982,245
386,788
July
September
October
November
1,211,382 2,229,458
2,274
2,966
579
294
0
0
0
0
851,410
831,941
6,972
12,497
0
0
4,229,395 3,401,169 6,228,644 3,857,079
1,242,263 1,214,234 2,232,717
1,237,612
4,025
626
0
0
2,987,132 2,186,935 3,995,926 3,005,669
210,195
98,615
246,641 244,047
353,376
305,108 1,798,987 748,608
6,304
40,389
15,557
1,320
1,871
660
192
3,442
9
287
0
1,130
331
0
59,951
21,049
1,113
14,430
1,790
3,000
200,654
96,777
234,144
92,302
24,369
56,546
98,284
25,769
64,012
10,367
13,973
51,004
1,742,738 1,319,649 1,079,348 1,523,812
382,159
244,106
447,060 290,188
August
Total
6,233,677 87,406,420
1,988,602 26,224,324
1,984,911 26,124,744
1,888
79,208
1,804
20,373
0
0
0
0
4,245,074 61,182,095
801,923 7,694,455
1,650,611 10,252,516
11,121
359,033
1,556
14,615
943
4,015
9,045
98,450
272
44,801
59,292 2,239,649
18,325
692,823
37,192
406,081
1,450,801 33,020,974
203,991 6,354,684
December
100.0
30.0
29.9
0.1
0.0
70.0
8.8
11.7
0.4
0.0
0.0
0.1
0.1
2.6
0.8
0.5
37.8
7.3
% of total
17.88
19.52
20.17
4.99
0.64
17.26
25.06
18.09
8.66
1.65
0.06
6.23
1.77
16.86
7.64
14.09
20.50
9.71
% of
trading
Thousands of euros
A.2.38. SECONDARY MARKETS. STOCK EXCHANGES AND SCLV. TWO-WAY STOCK LENDING BY SECTOR. 2000
195
Annex 3
Derivatives markets
Annex 3: DERIVATIVES MARKETS
A.3.1. INTERNATIONAL MARKETS. TRADING VOLUME (1)

No. of contracts traded
Market
1999
2000
Change (%)
EUREX................................................
CBOE .................................................
EURONEXT PARIS..............................
CBOT.................................................
CME ...................................................
KSE.....................................................
AMEX.................................................
LIFFE ..................................................
PCX....................................................
379,148,639
254,356,599
206,293,681
254,561,215
200,737,123
97,137,005
129,651,915
117,783,877
75,473,127
454,071,506
326,359,526
236,500,026
233,528,558
231,114,258
213,495,588
207,713,922
131,054,809
108,538,278
19.8
28.3
14.6
8.3
15.1
119.8
60.2
11.3
43.8
Pro-memoria:
MEFF RF.............................................
MEFF RV ...........................................
3,596,517
12,838,317
1,035,636
24,677,729
71.2
92.2
(1) Trading volume refers to number of contracts. Differences in the underlying security prevent direct comparison between markets, but interyear comparisons are
possible.
Sources: "Futures and OTC World" and CNMV.
AMEX
CBOE
CBOT
CME
EUREX
KSE
LIFFE
MEFF RF
MEFF RV
EURONEXT PARIS
PCX
American Stock Exchange

Chicago Board Options Exchange
Chicago Board of Trade
Chicago Mercantile Exchange
Deutsche Terminbrse (DTB) y Swiss Options & Financial Futures Exchange (SOFFEX)
Korea Stock Exchange
London International Financial Futures Exchange
Meff Renta Fija
Meff Renta Variable
March des options ngociables de Euronext (Paris, Bruxelles et Amsterdam)
Pacific Exchange
199
A.3.2. INTERNATIONAL MARKETS. TRADING VOLUME.

PROMINENT PRODUCTS (1)
No. of contracts traded
Underlying asset
Product
Market
1999
2000
Change (%)
Euro-Bund (f) .............................

Euro-BOBL (f) ............................
10Y T-notes (f) ...........................
Euro Notional (f) ........................
U.S. T-bond (o) ..........................
EUREX
EUREX
CBOT
MATIF
CBOT
144,158,040
51,955,163
34,045,758
6,130,969
34,680,068
151,326,295
62,502,582
46,700,538
40,934,344
37,626,151
5.0
20.3
37.2
567.7
8.5
Short-term interest rates
Euro Euribor (f) ..........................

Overninght interest rates (f)........
Sterling L ...................................
Eurodolar (o)..............................
Euroyen (f) .................................
LIFFE
BM&F
LIFFE
CME
TIFFE
35,657,690
22,235,992
27,272,559
19,659,117
14,471,999
58,016,852
37,626,151
22,606,948
21,634,276
16,925,887
62.7
69.2
17.1
10.0
17.0
Securities indexes
KOSPI 200 (o)............................

CAC 40 (o) ................................
Dax (o) ......................................
TA 25 (o)....................................
Mini Bel 20 (o) ..........................
KSE
MONEP
EUREX
TASE
BXS
79,939,656
75,652,724
32,613,783
10,979,671
4,888,140
193,829,070
84,036,775
31,941,562
27,089,816
23,814,060
142.5
11.1
2.1
146.7
387.2
Currencies
U.S. dlar/real (f) .......................

Euro FX (f)..................................
Yen (f) ........................................
Swiss franc (f) ............................
Shekel / US dollar (o).................
BM&F
CME
CME
CME
TASE
11,420,923
3,002,453
5,935,843
4,114,824
2,247,043
20,208,454
4,267,408
3,965,377
3,241,207
3,154,185
76.9
42.1
33.2
21.2
40.4
10Y Bono (f) ..............................

IBEX (f).......................................
MEFF RF
MEFF RV
3,580,215
5,028,458
1,035,330
4,320,152
71.1
14.1
Pro-memoria:
Securities indexes
(1) Trading volume refers to number of contracts. Differences in the underlying security prevent direct comparison between markets, but interyear comparisons are
possible.
BM&F
BXS
CBOT
CME
EUREX
KSE
LIFFE
MATIF
MEFF RF
MEFF RV
MONEP
TASE
TIFFE
200
Bolsa de Mercadorias & Futuros

Euronext Brussels
Chicago Board of Trade
Chicago Mercantile Exchange
Deutsche Terminbrse (DTB) y Swiss Options & Financial Futures Exchange (SOFFEX)
Korea Stock Exchange
London International Financial Futures Exchange
March Terme International de France. Euronext Paris
Meff Renta Fija
Meff Renta Variable
March des options ngociables de Paris. Euronext Paris
Tel Aviv Stock Exchange
Tokio International Financial Futures Exchange
428,026
469,249
404,590
368,803
488,016
310,403
252,632
263,414
322,246
341,147
361,223
310,403
January................................
February..............................
March .................................
April....................................
May ....................................
June ....................................
July .....................................
August.................................
September...........................
October ..............................
November...........................
December ...........................
50,531
36,580
37,787
28,432
45,611
24,669
19,537
19,393
20,119
15,767
29,053
13,771
73,556
107,235
217,167
220,152
246,979
391,662
497,378
440,576
341,250
Call
30,862
37,662
54,893
32,968
50,567
24,820
17,186
23,657
43,537
25,101
26,759
14,532
59,395
86,632
212,096
235,716
219,660
352,276
380,477
349,131
382,544
Put
81,393
74,242
92,680
61,400
96,178
49,489
36,723
43,050
63,656
40,868
55,812
28,303
79,905
116,517
257,992
273,982
280,455
743,938
877,856
789,707
723,794
Total
509,419
543,491
497,270
430,203
584,194
359,892
289,355
306,464
385,902
382,015
417,035
338,706
241,299
741,442
1,874,404
1,915,874
1,974,838
4,278,430
5,937,670
5,818,165
5,043,946
56,949
49,748
50,487
49,877
50,389
51,596
51,024
50,906
55,083
54,390
57,043
55,657
3,383
16,979
13,847
27,511
27,038
42,384
49,770
61,680
55,657
Future
46,227
50,716
34,462
39,725
44,692
30,264
36,131
42,087
34,589
37,735
48,406
28,566
1,300
2,992
5,009
7,771
15,769
9,846
9,336
47,607
28,566
Call
38,915
46,643
30,748
31,092
35,488
29,320
32,893
37,901
42,419
34,196
31,768
16,739
1,212
2,841
3,932
5,617
12,844
7,838
7,062
24,239
16,739
Put
85,142
97,359
65,210
70,817
80,180
59,584
69,024
79,988
77,008
71,931
80,174
45,305
2,512
5,833
8,941
13,388
28,613
17,684
16,398
71,846
45,305
Total
Option
Total
Option
* Includes futures contracts on the CAC 40, DJ EUROSTOXX 50 and DJSTOXX 50 indexes, traded in Monep via EuroMEFF.
Open interest corresponds to Spanish members.
Data prior to 1999 have been adjusted for comparison with the contracts' new nominal value.
161,394
624,926
1,616,411
1,641,892
1,694,383
3,534,491
5,059,814
5,028,458
4,320,152
1992 ...................................
1993 ...................................
1994 ...................................
1995 ...................................
1996 ...................................
1997 ...................................
1998 ...................................
1999 ...................................
2000 ...................................
Future
Open interest at end of period
Trading volume
On Ibex-35 indes
142,091
147,107
115,697
120,694
130,569
111,180
120,048
130,894
132,091
126,321
137,217
100,962
5,894
22,813
22,788
40,900
55,650
60,068
66,168
133,526
100,962
Total
A.3.3. MEFF RV. INDEX CONTRACTS. TRADING VOLUME AND OPEN INTEREST.
Annual and monthly performance in 2000
4,474
6,083
10,765
5,649
6,939
11,397
3,433
4,110
9,277
6,179
6,141
13,797
17,216
179,630
Total
Trading vol.
3,945
5,020
4,712
5,441
7,053
6,509
6,490
6,929
7,097
7,082
7,725
8,136
1,507
80,219
Total
Open interest
On European indexes*
No. of contracts
201
A.3.4. MEFF RV. IBEX 35 CONTRACTS.

Trading frequency, number of trades (daily average)
and volume per trade. 2000
Option
Future
Call
Put
TRADING FREQUENCY (%)

Fourth maturity contract...........................................................
Third maturity contract.............................................................
Second maturity contract .........................................................
Front contract: up to 2 weeks before maturity..........................
Front contract: second-last week before maturity .....................
Front contract: last week before maturity .................................
29.0
50.2
97.2
99.2
100.0
100.0
33.3
73.2
98.2
99.2
100.0
100.0
33.3
73.2
98.2
99.2
100.0
100.0
NO. OF TRADES (Daily average)

Fourth maturity contract...........................................................
Third maturity contract.............................................................
Second maturity contract .........................................................
Front contract: up to 2 weeks before maturity..........................
Front contract: second-last week before maturity .....................
Front contract: last week before maturity .................................
2.4
3.9
207.2
4,086.1
4,336.8
4,420.4
5.0
9.1
29.6
78.7
78.1
197.8
6.0
10.6
30.5
77.3
81.1
209.3
VOLUME PER TRADE (No. of contracts)......................................
3.8
9.3
12.0
A.3.5. MEFF RV. OPTIONS ON STOCKS.

TRADING VOLUME AND OPEN INTEREST. Annual and monthly performance in 2000
No. of contracts
Trading volume
Total market
Total market
Call
Put
Total
Call
Put
Total
1993...................................................
1994...................................................
1995...................................................
1996...................................................
1997...................................................
1998...................................................
1999...................................................
2000...................................................
90,267
134,668
383,582
616,375
832,456
1,314,397
3,692,319
10,249,415
41,533
87,743
383,070
238,421
513,223
1,035,543
3,327,833
9,384,368
131,800
222,411
766,652
854,796
1,345,679
2,349,940
7,020,152
19,633,783
3,705
12,313
16,154
37,299
15,399
134,908
876,278
1,929,101
250
4,720
6,550
8,136
10,776
132,949
818,455
1,566,288
3,955
17,033
22,704
45,435
26,175
267,857
1,694,733
3,495,389
January...............................................
February.............................................
March.................................................
April...................................................
May....................................................
June....................................................
July.....................................................
August................................................
September ..........................................
October..............................................
November ..........................................
December ..........................................
296,444
421,776
1,211,069
312,095
496,939
1,525,608
583,774
341,916
1,362,834
493,630
1,033,462
2,169,868
257,870
357,596
1,085,381
239,341
426,457
1,418,781
567,143
266,550
1,282,130
401,360
1,085,021
1,996,738
554,314
779,372
2,296,450
551,436
923,396
2,944,389
1,150,917
608,466
2,644,964
894,990
2,118,483
4,166,606
918,786
1,379,443
2,104,203
1,906,967
1,709,343
1,810,140
1,653,431
1,410,601
1,370,850
1,238,632
1,376,207
1,929,101
995,249
1,226,234
1,054,125
1,171,196
1,406,899
1,281,746
1,679,770
1,836,553
1,732,122
1,933,551
2,182,073
1,566,288
1,914,035
2,605,677
3,158,328
3,078,163
3,116,242
3,091,886
3,333,201
3,247,154
3,102,972
3,172,183
3,558,280
3,495,389
202
6,911
17,275
56,054
80,628
5,769
783,148
6,159
716,669
266,543
42
19,527
107,233
271,574
21
1,328,033
26,733
3,692,319
Acerinox .............................
Acesa ..................................
Altadis.................................
Amadeus.............................
Argentaria ...........................
Banco Popular ....................
Banco Santander.................
Bankinter ............................
BBV ....................................
Endesa ................................
Fecsa...................................
Gas Natural.........................
Iberdrola .............................
Indra ...................................
Repsol.................................
Sevillana .............................
Sogecable ...........................
Telefonica ...........................
Terra Networks....................
TPI ......................................
Union Fenosa......................
TOTAL MARKET .................
Call
3,327,833
7,665
16,882
27,197
20,735
7,193
717,204
5,450
624,967
254,832
136
8,670
86,751
264,747
0
1,261,639
23,765
Put
1999
7,020,152
14,576
34,157
83,251
101,363
12,962
1,500,352
11,609
1,341,636
521,375
178
28,197
193,984
536,321
21
2,589,672
50,498
Total
10,249,415
19,788
39,143
86,295
16,445
16,205
73,363
1,904,201
17,178
1,550,998
615,890
29,263
226,282
5,680
621,725
3,502
4,659,256
296,208
17,558
50,435
Call
Tradring volume
9,384,368
11,540
29,368
44,617
14,886
9,912
67,866
1,834,079
17,727
1,445,582
656,425
31,668
375,805
4,839
606,438
3,250
3,859,329
308,899
14,311
47,827
Put
2000
19,633,783
31,328
68,511
130,912
31,331
26,117
141,229
3,738,280
34,905
2,996,580
1,272,315
60,931
602,087
10,519
1,228,163
6,752
8,518,585
605,107
31,869
98,262
Total
876,278
1,466
2,900
14,794
12,304
1,685
211,432
659
97,055
47,433
1,471
11,713
46,160
424,608
2,598
Call
818,455
2,099
2,476
7,885
5,795
1,991
207,775
567
87,145
39,373
844
18,458
61,404
381,389
1,254
Put
1999
1,694,733
3,565
5,376
22,679
18,099
3,676
419,207
1,226
184,200
86,806
2,315
30,171
107,564
805,997
3,852
Total
1,929,101
577,673
266,165
49,838
23,004
0
1,986
13,974
3,880
4,482
1,793
12,383
134,001
820
80,116
3,218
236,874
496,922
18,028
3,944
Call
A.3.6. MEFF RV. OPTIONS ON STOCKS. TRADING VOLUME AND OPEN INTEREST.
Detail by contract type. Disaggregated data
1,566,288
340
474
6,193
2,389
0
6,687
362,469
845
319,998
43,811
4,143
37,738
416
118,508
110
652,273
6,399
3,134
361
Put
2000
3,495,389
578,013
266,639
56,031
25,393
0
8,673
376,443
4,725
324,480
45,604
16,526
171,739
1,236
198,624
3,328
889,147
503,321
21,162
4,305
Total
No. of contracts
203
204
157,001
146,975
130,151
65,692
106,997
108,267
51,241
24,876
80,440
47,331
48,674
67,685
0
0
0
0
0
0
0
0
0
0
0
0
29,072
4,422
5,140
26,027
13
0
5Y
Bono
157,001
146,975
130,151
65,692
106,997
108,267
51,241
24,876
80,440
47,331
48,674
67,685
437,674
2,637,441
7,738,080
7,714,010
10,893,254
12,455,467
9,228,552
3,580,215
1,035,330
10Y
Bono
0
0
0
0
0
0
0
0
0
0
0
0
32,396
0
0
30Y
Bono
0
0
0
0
0
0
0
0
0
0
0
0
10
0
DEBS
157,001
146,975
130,151
65,692
106,997
108,267
51,241
24,876
80,440
47,331
48,674
67,685
103,038
279,691
576,528
2,644,479
7,743,647
7,714,267
11,095,515
12,472,534
9,289,337
3,580,238
1,035,330
Total (*)
0
0
0
0
0
0
0
0
0
0
0
0
6,686
0
0
120
0
0
Call
0
0
0
0
0
0
0
0
0
0
0
0
2,614
0
0
0
0
0
Put
5Y Bono
0
0
0
0
0
0
0
0
0
0
0
0
9,301
0
0
120
0
0
Total
* The total trading figures include the futures and options on the notional 3Y Bono and DIFF contracts in the years when they were in force.
January...........................
February.........................
March ............................
April...............................
May................................
June................................
July.................................
August............................
September......................
October .........................
November......................
December......................
1990 ..............................
159,952
1991 ..............................
561,762
1992 ..............................
776,172
1993 .............................. 3,134,239
1994 .............................. 8,646,056
1995 .............................. 8,614,228
1996 .............................. 12,660,928
1997 .............................. 13,628,773
1998 .............................. 9,731,343
1999 .............................. 3,580,874
2000 .............................. 1,035,330
Total
market
Futures
0
0
0
0
0
0
0
0
0
0
0
0
67,802
238,422
463,418
476,609
704,563
544,909
198,228
62
0
Call
0
0
0
0
0
0
0
0
0
0
0
0
88,801
251,339
438,991
423,352
856,504
611,301
243,658
574
0
Put
10Y Bono
Options
0
0
0
0
0
0
0
0
0
0
0
0
156,603
489,761
902,408
899,962
1,561,067
1,156,210
441,886
636
0
Total
A.3.7. MEFF RF. GOVERNMENT BOND CONTRACTS. TRADING VOLUME.

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total
30Y Bono
0
0
0
0
0
0
0
0
Total
DEBS
0
0
0
0
0
0
0
0
0
0
0
0
56,914
282,071
199,644
489,761
902,408
899,962
1,565,412
1,156,240
442,007
636
0
Total (*)
No. of contracts
15,919
16,736
13,968
13,269
16,743
8,907
12,643
12,072
12,482
14,075
18,076
16,128
January......................
February....................
March........................
April..........................
May...........................
June...........................
July............................
August.......................
September .................
October.....................
November .................
December .................
0
0
0
0
0
0
0
0
0
0
0
0
60
150
38
0
0
5Y
Bono
15,919
16,736
13,968
13,269
16,743
8,907
12,643
12,072
12,482
14,075
18,076
16,128
6,041
50,833
27,945
37,219
56,531
65,865
13,870
10,621
16,128
10Y
Bono
0
0
0
0
0
0
0
0
0
0
0
0
96
0
0
30Y
Bono
0
0
0
0
0
0
0
0
DEBS
15,919
16,736
13,968
13,269
16,743
8,907
12,643
12,072
12,482
14,075
18,076
16,128
2,048
4,673
6,041
50,893
27,945
37,219
57,118
66,271
14,004
10,621
16,128
Total (*)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Call
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Put
5Y Bono
* The total amounts include the futures and options on the notional 3Y Bono and DIFF contracts in the years when they were in force.
7,516
14,070
8,653
76,847
44,946
75,514
95,480
89,374
14,224
10,621
16,128
1990..........................
1991..........................
1992..........................
1993..........................
1994..........................
1995..........................
1996..........................
1997..........................
1998..........................
1999..........................
2000..........................
Total
market
Futures
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total
0
0
0
0
0
0
0
0
0
0
0
0
850
12,237
9,474
20,666
17,306
11,021
5
0
0
Call
0
0
0
0
0
0
0
0
0
0
0
0
1,761
13,718
7,526
17,628
21,056
12,082
215
0
0
Put
10Y Bono
Options
A.3.8. GOVERNMENT BOND CONTRACTS. OPEN INTEREST.

0
0
0
0
0
0
0
0
0
0
0
0
2,611
25,954
17,001
38,294
38,361
23,104
220
0
0
Total
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total
30Y Bono
0
0
0
0
0
0
0
0
Total
DEBS
0
0
0
0
0
0
0
0
0
0
0
0
5,467
9,397
2,611
25,954
17,001
38,294
38,361
23,104
220
0
0
Total (*)
No. of contracts
205
A.3.9. MEFF RF. 10Y GOVERNMENT BOND CONTRACTS. 2000

Trading frequency, no. of trades (daily average)
and volume per trade
Option (*)
Future
Call
Put
TRADING FREQUENCY (%).........................................................

9-12 months to maturity ...........................................................
6-9 months to maturity .............................................................
2 weeks to 1 month to maturity................................................
Last 2 weeks to maturity ...........................................................
0.0
0.0
12.7
100.0
100.0
100.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
NO. OF TRADES (daily average) ..................................................

9-12 months to maturity ...........................................................
2 weeks to 1 month to maturity................................................
Last 2 weeks to maturity ...........................................................
0.0
0.0
10.5
356.5
264.6
335.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
VOLUME PER TRADE (No. of trades) ...........................................
13.1
0.0
0.0
Calculations based on average of all maturities in the year.

(*) Includes quarterly maturities only.
206
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
217
2,294
613
2,934
4,295
23,712
80,072
92,321
21,796
30
0
Call
0
0
0
0
0
0
0
0
60
1,723
352
2,114
7,149
23,399
61,247
84,431
24,230
30
0
Put
Option
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
277
1,317
4,016
30,239
965
43,559
5,049
132,320
11,444
214,875
47,110
399,122
141,318
855,894
176,752 1,574,400
46,027 1,081,917
60
6,871
0
0
Total
Total
January ................................
February ..............................
March..................................
April ....................................
May.....................................
June.....................................
July......................................
August .................................
September ...........................
October...............................
November ...........................
December ...........................
1990....................................
1,040
1991....................................
26,222
1992....................................
42,595
1993....................................
127,271
1994....................................
203,431
1995....................................
352,012
1996....................................
714,576
1997.................................... 1,397,648
1998.................................... 1,035,890
1999....................................
6,811
2000....................................
0
Future
MIBOR 90+
Trading volume
2,111
24,268
17,881
34,975
45,744
17,064
Future
125
0
54
0
0
127
8,772
306
Future
MIBOR 360+ EURIBOR
68
68
42
42
42
39
39
39
0
141
640
1,236
7,782
7,058
13,643
23,820
59,431
19,850
68
Future
0
0
0
0
0
0
0
0
27
155
132
103
649
5,830
10,592
10,388
1,082
0
Call
0
0
0
0
0
0
0
0
9
151
0
433
421
6,358
8,361
18,111
1,262
0
Put
Option
MIBOR 90+
0
0
0
0
0
0
0
0
36
306
132
536
1,070
12,187
18,954
28,500
2,344
0
Total
68
68
42
42
42
39
39
39
0
177
946
1,368
8,318
8,127
25,830
42,773
87,931
22,194
68
Total
A.3.10. MEFF RF. CONTRACTS ON SHORT-TERM INTEREST RATES.

TRADING VOLUME AND OPEN INTEREST.
239
1,826
1,115
2,116
2,372
439
Future
127
54
127
127
127
0
291
Future
MIBOR 360+ EURIBOR
No. of contracts
207
A.3.11. FC&M. TRADING VOLUME AND OPEN INTEREST.

Annual performance
No. of contracts
Trading volume
Valencia-Late Navel-Navelina
1995*....................
1996 .....................
1997 .....................
1998 .....................
1999 .....................
2000 .....................
48,258
38,442
248
0
0
Clementina
Total
30,113
945
27,031
145,450
60,046
314
0
0
27,031
67,079
20,659
66
0
0
Valencia-Late Navel-Navelina Clementina
0
0
0
0
0
80
138
11
0
0
0
101
0
Total
80
239
11
0
0
1
(*) Data from September 1995, when FC&M commenced trading.
A.3.12. MARKET MEMBERS.

Number of members per category
MEFF RV
MEFF RF (1)
Category
31-12-00
Category
31-12-00
Clearing members ...................................................

Clearing-custodian members ...................................
Clearing-custodian non-trader .................................
Traders.....................................................................
39
29
4
4
Clearing members ......................................................

Clearing-custodian members ......................................
Clearing-custodian non-trader ....................................
Traders........................................................................
14
37
4
5
TOTAL.....................................................................
76
TOTAL........................................................................
60
(1) Pro-memoria: No. of Euro-GLOBEX trader members: 15.
A.3.13. MARKET MEMBERS. 2000

NO. OF MEMBERS REQUIRED TO ATTAIN A GIVEN PERCENTAGE
OF TOTAL TRADING VOLUME
15 %
30 %
50 %
75 %
90 %
100 %
MEFF RV
Ibex 35 futures ................................
Ibex 35 options ...............................
Stock options...................................
1
1
1
2
1
2
4
1
4
10
4
9
17
8
13
39
33
65
MEFF RF
Govt. bond futures ..........................
Govt. bond options .........................
Mibor futures...................................
Mibor options..................................
Euribor futures.................................
2
0
0
0
1
4
0
0
0
1
6
0
0
0
1
11
0
0
0
2
19
0
0
0
2
65
0
0
0
2
Trading is measured as the sum of contracts bought and sold.
208
A.3.14. DISTRIBUTION OF TRADING, BY ACCOUNT TYPE. 2000

Percentage of trading out of total market
Customers
Own account
Total
Residents
Non-res.
Pro memoria
Market makers
IBEX 35 futures ......................

IBEX 35 options .....................
40.4
47.4
59.6
52.6
27.2
19.4
32.4
33.2
29.6
22.1
TOTAL IBEX 35 .....................
41.4
58.6
26.1
32.5
28.5
Stock options.........................
32.5
67.5
29.2
38.2
19.7
Govt. bond futures.................

Govt. bond options................
44.1
55.9
14.8
41.0
10.6
Total govt. bonds...................
44.1
55.9
14.8
41.0
10.6
MIBOR futures ......................

MIBOR options .....................
Total MIBOR ........................
EURIBOR futures ...................
100
0.0
Trading is measured as the sum of contracts bought and sold.

The market makers' percentage also includes all the trades they conducted for their own account, not just those conducted in their capacity as market makers.
A.3.15. BREAK-DOWN OF TRADING, BY CUSTOMER TYPE. 2000

MEFF RV
MEFF RF
Banks and savings banks ..........................................................................

Securities firms.........................................................................................
Mutual funds............................................................................................
Pension funds...........................................................................................
Insurance companies ...............................................................................
Other financial institutions .......................................................................
Other corporate .......................................................................................
Individuals ...............................................................................................
Other .......................................................................................................
26.5
1.6
29.7
0.6
0.0
31.3
4.9
5.4
0.0
17.9
6.1
9.8
0.9
0.1
60.2
0.3
4.4
0.2
TOTAL customers ....................................................................................
100.0
100.0
Pro memoria: non-residents/customers.....................................................
56.5
73.5
Trading is measured as the sum of contracts bought and sold
209
A.3.16. DISTRIBUTION OF TRADING, BY TYPE. 2000

Percentage of contracts out of total
Regular
session
Offsession (1)
Put-throughs
(2)
Pro memoria
spread ops. (3)
IBEX 35 futures....................................
IBEX 35 options...................................
54.3
62.7
12.3
34.8
3.1
2.5
30.4
0.0
TOTAL IBEX 35...................................
55.5
15.5
3.0
26.0
Stock options ......................................
22.6
63.6
13.9
0.0
Bond futures .......................................
81.7
4.9
5.9
7.5
EURIBOR futures ................................
100.0
0.0
0.0
0.0
(1) Trades outside the regular session.

(2) Trade executed by a single broker for two or more customers.
(3) Purchase (sale) of a number of contracts with a given maturity combined with a simultaneous sale (purchase) of a subsequent maturity.
210
6,008
8,728
12,545
11,312
16,292
5,951
5,601
6,493
12,790
19,750
25,368
31,462
January ...............................
February .............................
March.................................
April ...................................
May ....................................
June ....................................
July .....................................
August ................................
September ..........................
October ..............................
November ..........................
December...........................
52
61
58
63
70
67
58
59
78
82
75
84
4
5
14
38
69
118
No.
29,032
67,128
113,629
77,850
66,586
38,846
32,659
39,133
77,306
74,277
58,931
48,511
0
0
72,388
130,273
154,871
723,888
Volume
Shares
118
143
162
184
188
169
145
163
196
188
211
234
0
0
51
60
119
329
No.
35,040
75,855
126,174
89,162
82,878
44,797
38,261
45,627
90,096
94,026
84,299
79,973
1,078
10,940
150,734
267,601
201,951
886,188
Volume
Total
* The number refers to issues that trade in each period, so monthly data do not necessarily coincide with the year's total.
1,078
10,940
78,345
137,328
47,080
162,300
1995...................................
1996...................................
1997...................................
1998...................................
1999...................................
2000...................................
Volume
Indexes
Equities
170
204
220
247
258
236
203
222
274
270
286
318
4
5
65
98
188
447
No.
0
218
2
0
0
2
5
8
28
0
74
0
0
60
40
18
49
338
Volume
0
1
1
0
0
1
1
1
2
0
2
0
0
2
2
1
2
2
No.
Interest rates
306
277
125
244
1,667
3,905
821
425
1,279
543
658
1,423
0
5,529
0
0
3,382
11,674
Volume
Currencies
5
6
6
9
10
7
7
8
10
11
12
17
0
4
0
0
7
26
No.
Fixed-income
A.3.17. WARRANT TRADING ON THE MADRID STOCK EXCHANGE (*)
306
495
127
244
1,667
3,907
826
434
1,307
543
732
1,423
0
5,589
40
18
3,431
12,012
Volume
Total
5
7
7
9
10
8
8
9
12
11
14
17
0
6
2
1
9
28
No.
211
Annex 4
Collective investment
institutions and venture
capital firms
Annex 4: COLLECTIVE INVESTMENT INSTITUTIONS AND VENTURE CAPITAL FIRMS
A.4.1. INVESTMENT IN SECURITIES. NUMBER OF INSTITUTIONS, ASSETS

AND NUMBER OF INVESTORS
Number of institutions
(Units)
FIM
FIAMM
Total
Year
SIM
Total
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
Guaranteed
206
285
371
441
528
602
788
1,277
1,675
1,964
2,266
0
0
0
0
0
34
132
390
553
547
577
Total
SIMCAV
Guaranteed
62
88
106
130
138
154
181
204
206
203
201
0
0
0
0
0
1
1
3
3
3
2
272
270
230
224
222
215
217
218
230
211
172
10
19
25
27
41
53
68
137
361
883
1,498
Total
Guaranteed
550
662
732
822
929
1,024
1,254
1,836
2,472
3,261
4,137
0
0
0
0
0
35
133
393
556
550
579
Assets
(Thousands of euros)
FIM
FIAMM
Total
Year
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
SIM
Total
Guaranteed
Total
Guaranteed
3,262,366
11,455,122
17,985,618
33,403,273
31,777,235
31,251,986
55,364,898
101,352,512
153,130,870
163,695,776
152,700,270
0
0
0
0
0
1,345,011
10,245,453
28,277,217
48,073,011
45,551,674
42,380,475
3,724,604
11,804,401
19,760,136
28,468,345
35,834,037
42,030,141
57,074,742
61,097,358
50,643,167
42,598,008
33,368,089
0
0
0
0
0
145,325
274,374
365,163
338,550
268,522
28,012
1,953,981
2,101,805
1,872,435
2,136,784
1,934,610
1,935,457
2,257,534
2,694,554
3,151,197
3,326,852
2,777,924
SIMCAV
89,334
148,378
212,680
356,304
450,302
573,618
944,370
2,122,402
4,977,618
9,832,465
12,661,185
Total
Guaranteed
9,030,285
25,509,706
39,830,869
64,364,706
69,996,184
75,791,202
115,641,544
167,266,826
211,902,852
219,453,101
201,507,468
0
0
0
0
0
1,490,336
10,519,827
28,642,380
48,411,561
45,820,196
42,408,487
Number of investors
(Thousands)
FIM
FIAMM
Total
Year
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
SIM
Total
Guaranteed
Total
376.2
663.2
900.4
1,446.9
1,440.6
1,334.3
2,184.4
3,946.4
5,976.0
6,348.9
6,350.6
0.0
0.0
0.0
0.0
0.0
58.1
423.5
1,139.8
1,975.2
1,828.0
1,801.6
193.8
482.0
776.8
1,101.4
1,356.0
1,611.2
2,106.7
2,274.4
2,011.8
1,689.1
1,342.6
SIMCAV
Guaranteed
0.0
0.0
0.0
0.0
0.0
8.9
14.7
17.6
15.9
15.0
1.8
0.0
94.5
83.9
74.6
64.4
59.6
57.0
53.6
52.6
50.1
42.5
0.0
2.3
33.6
26.1
32.2
33.0
33.3
39.8
49.3
76.9
144.2
Total
Guaranteed
570.0
1,242.0
1,794.7
2,649.1
2,893.2
3,038.1
4,381.5
6,314.2
8,089.7
8,165.1
7,879.9
0.0
0.0
0.0
0.0
0.0
67.0
438.3
1,157.4
1,991.1
1,843.0
1,803.4
215
216
0.48
0.53
0.85
1.02
2000 1Q ...................
2Q ...................
3Q ...................
4Q ...................
0.84
0.61
1.20
0.86
4.06
4.78
3.03
IFIAMM
0.56
0.46
0.85
1.18
4.49
0.59
3.05
RFCP
0.86
0.30
0.90
1.92
6.31
0.74
4.05
RFLP
1.93
1.05
0.94
1.25
10.67
4.02
0.43
RFM
3.53
4.52
0.74
6.88
20.48
11.45
6.86
RVM
4.83
9.56
3.18
14.82
30.12
16.49
16.67
RVN
3.16
0.35
3.87
0.27
4.57
3.29
7.46
RFI
FIM
1.94
1.39
0.67
2.57
10.42
6.75
1.20
RFMI
3.63
2.99
2.22
8.08
11.53
19.70
5.67
RVMI
5.45
3.50
2.04
5.63
26.58
36.81
6.10
RVE
9.61
7.75
1.58
18.03
12.89
49.66
16.98
RVI
0.77
0.20
0.77
1.94
7.87
1.11
3.73
GRF
1.98
2.38
0.31
0.99
18.02
5.83
1.12
GRV
0.88
4.42
2.91
11.16
13.44
18.22
6.77
FGL
RVI:
GRF:
GRV:
FGL:
RFI:
RFMI:
RVMI:
RVE:
RFM:
RVM:
RVN:
RFLP:
FIM:
RFCP:
short-term fixed-income FIM. The average duration of the portfolio cannot exceed 2 years. It does not include equity assets or derivatives. Assets are denominated in euros, with a maximum of 5% in noneuro currencies.
long-term fixed-income FIM. The average duration of the portfolio must be over 2 years. It does not include equity assets or derivatives. Assets are denominated in euros, with a maximum of 5% in non-euro
currencies.
mixed fixed-income FIM. Less than 30% of the portfolio in equity assets. Assets are denominated in euros, with a maximum of 5% in non-euro currencies.
mixed equity FIM. Between 30% and 75% of the portfolio in equity assets. Assets are denominated in euros, with a maximum of 30% in non-euro currencies.
Spanish equity FIM. More than 75% of the portfolio in equities traded on Spanish markets and assets from Spanish issuers traded on other markets. Assets are denominated in euros, with a maximum of 30%
in non-euro.
foreign fixed-income FIM. The portfolio does not include equity assets or derivatives. More than 5% of assets are denominated in non-euro currencies.
foreign mixed fixed-income FIM. Less than 30% of the portfolio in equity assets. More than 5% of assets are denominated in non-euro currencies.
foreign mixed equity FIM. Between 30% and 75% of the portfolio in equity assets. More than 30% of assets are denominated in non-euro currencies.
euro equity FIM. More than 75% of the portfolio in equity assets, the investment in Spanish equities cannot exceed 75% of the portfolio. Assets are denominated in euros, with a maximum of 30% in noneuro currencies.
foreign equity. More than 75% of the portfolio in equity assets. More than 30% of assets are denominated in non-euro currencies.
guaranteed fixed-income FIM. Fund for which there is a third-party guarantee and which guarantees only a fixed yield.
guaranteed equity FIM. Fund for which there is a third-party guarantee and which guarantees an amount either completely or partially linked to the performance of equity or currency instruments.
global funds. Funds with no precise definition of investment policy, which do not fit into any of the previous categories.
FIAMM:
FIAMM:
assets are denominated in euros, with a maximum of 5% in non-euro currencies.
FIAMM Internacional: more than 5% of assets are denominated in non-euro currencies.
Notes: From June 1999, the following changes were made to the classification of funds. For the January - May period and for the calculation of 1998 yield, each fund was assigned the same investment objective as declared in June
1999.
2.99
1.52
1.50
1998 ..........................
1999 ..........................
2000 ..........................
FIAMM
FIAMM
A.4.2. INVESTMENT IN SECURITIES. YIELD ON MUTUAL FUNDS, BY PORTFOLIO TYPE
163,695,776
7,891,975
156,018,938
104,178,841
15,036,914
6,908,356
44,584,965
4,748,900
9,328,382
3,020,967
20,550,357
0
51,840,097
37,128,282
12,795,748
607,915
21,282,182
2,442,437
0
14,711,815
10,056,919
916,454
3,705,350
33,092
0
215,137
1. Total asset ........................................................................................
2. Cash and cash equivalent ................................................................
3. Portfolio investments .......................................................................

3.1. Domestic portfolio..................................................................
3.1.1. Shares and units in mutual funds ................................
3.1.2. Treasury bills................................................................
3.1.3. Other government fixed-income securities .................
3.1.4. Private money market assets ........................................
3.1.5. Other private fixed-income..........................................
3.1.6. Purchased Spanish warrants and options .....................
3.1.7. Repos .........................................................................
3.1.8. Unlisted portfolio.........................................................
3.2. Foreign portfolio .....................................................................
3.2.1. Euros .........................................................................
3.2.1.1. Shares ......................................................................
3.2.1.2. Units in mutual funds ...............................................
3.2.1.3. Fixed-income ...........................................................
3.2.1.4. Purchased foreign warrants and options....................
3.2.1.5. Unlisted portfolio .....................................................
3.2.2. Others .........................................................................
3.2.2.1. Shares.......................................................................
3.2.2.2. Units in mutual funds ...............................................
3.2.2.3. Fixed-income............................................................
3.2.2.4. Purchased foreign warrants and options ...................
3.2.2.5. Unlisted portfolio......................................................
4, Net balance (Debtors-Creditor) .......................................................
Amount
31-12-99
0.13
95.31
63.64
9.19
4.22
27.24
2.90
5.70
1.85
12.55
0.00
31.67
22.68
7.82
0.37
13.00
1.49
0.00
8.99
6.14
0.56
2.26
0.02
0.00
4.82
100.00
% of assets
889,447
146,691,433
79,182,363
12,647,515
4,651,940
30,689,587
2,240,186
8,264,017
236,359
20,452,759
0
67,509,070
49,395,124
15,711,468
861,715
29,574,373
3,247,568
0
18,113,946
13,882,680
1,261,214
2,958,134
11,918
0
5,119,390
152,700,270
Amount
31-12-00
0.58
96.06
51.85
8.28
3.05
20.10
1.47
5.41
0.15
13.39
0.00
44.21
32.35
10.29
0.56
19.37
2.13
0.00
11.86
9.09
0.83
1.94
0.01
0.00
3.35
100.00
% of assets
1,104,584
9,327,505
24,996,478
2,389,399
2,256,416
13,895,378
2,508,714
1,064,365
2,784,608
97,598
0
15,668,973
12,266,842
2,915,720
253,800
8,292,191
805,131
0
3,402,131
3,825,761
344,760
747,216
21,174
0
2,772,585
10,995,506
Amount
Change
5.98
23.99
15.89
32.66
31.17
52.83
11.41
92.18
0.47
0.00
30.23
33.04
22.79
41.75
38.96
32.96
0.00
23.13
38.04
37.62
20.17
63.99
0.00
35.13
6.72
A.4.3. INVESTMENT IN SECURITIES. FIM. DISTRIBUTION OF ASSETS AT MARKET VALUE
217
A.4.4. INVESTMENT IN SECURITIES. FIM.

TRANSACTIONS IN DERIVATIVES
Committed amount (1)
31-12-99
31-12-00
Amount
% of assets
Amount
% of assets
Forward purchases .........................................................

Spot purchases ...............................................................
Purchased futures ...........................................................
Options and warrants (call purchase, put sale) ...............
Financial swaps. Collection rights ..................................
Other purchase commitments ........................................
Forward sales .................................................................
Spot sales .......................................................................
Sold futures ....................................................................
Options and warrants (call sale, put purchase) ...............
Financial swaps. Payment obligations ............................
Other sale commitments ................................................
2,492,151
150,527
15,307,676
43,630,691
1,861,436
10,500
4,421,314
237,688
3,817,331
7,272,019
1,637,425
0
1.63
0.10
10.02
28.57
1.22
0.01
2.90
0.16
2.50
4.76
1.07
0.00
1,831,635
1,153,601
11,762,490
30,119,335
1,411,586
0
5,608,320
236,452
2,092,756
3,555,750
1,000,221
0
1.12
0.70
7.19
18.40
0.86
0.00
3.43
0.14
1.28
2.17
0.61
0.00
TOTAL............................................................................
80,838,758
52.94
58,772,146
35.90
(1) In thousands of euros.
218
A.4.5. INVESTMENT IN SECURITIES. FIM.

BREAKDOWN OF THE FOREIGN PORTFOLIO BY CURRENCIES
Fixed-income
EURO ZONE CURRENCIES
Equities
Warrants
1999
2000
1999
2000
1999
2000
TOTAL EURO ZONE..................

AUSTRIAN SCHILLING..............
BELGIAN FRANC .......................
GERMAN MARK ........................
SPANISH PESETA .......................
EURO/ECU.................................
FINNISH MARKKA.....................
FRENCH FRANC ........................
IRISH POUND ...........................
ITALIAN LIRA.............................
LUXEMBOURG FRANC .............
DUTCH GUILDER .....................
PORTUGUESE ESCUDO............
21,282,182
0
0
266,313
115,140
20,821,213
0
14,927
0
3,398
1,797
59,394
0
29,574,373
0
0
179,147
69,293
29,245,059
0
15,329
0
8,306
1,887
55,352
0
13,403,663
59
4,391
95,699
401
13,113,118
5,793
47,746
186
37,198
0
96,128
2,944
16,573,183
0
200
77,253
0
16,442,853
195
9,939
0
18,585
0
24,158
0
2,442,437
0
0
1,300
782,422
1,658,715
0
0
0
0
0
0
0
3,247,568
0
0
0
1,810,025
1,437,543
0
0
0
0
0
0
0
REST OF EU ...............................
DANISH KRONE........................
POUND STERLING....................
GREEK DRACHMA ....................
SWEDISH KRONA .....................
980,795
142,618
629,318
39,197
169,662
561,427
87,727
377,611
31,458
64,631
3,277,978
9,339
2,714,899
38,928
514,812
3,827,317
26,618
3,246,799
19,293
534,607
1,770
0
417
0
1,353
46
0
42
0
4
REST OF WORLD ......................

ARGENTINE PESO .....................
AUSTRALIAN DOLLAR..............
BRAZILIAN REAL .......................
CANADIAN DOLLAR ................
CZECH KORUNA ......................
SWISS FRANC............................
HONG KONG DOLLAR ............
HUNGARIAN FORINT...............
JAPANESE YEN...........................
MEXICAN NEW PESO................
NORWEGIAN KRONE ...............
NEW ZEALAND DOLLAR..........
PERUVIAN NEW SOL ................
PHILIPPINES PESO.....................
ZLOTY (PLN)* ............................
ZLOTY (PLZ)*.............................
SINGAPORE DOLLAR................
SLOVENIAN TOLAR ..................
THAI BAHT................................
TURKISH LIRA ...........................
US DOLLAR...............................
SOUTH AFRICAN RAND...........
OTHER CURRENCIES ................
2,724,555
0
19,904
0
40,807
2,490
2,312
0
0
52,064
0
14,591
5,742
0
0
10,638
0
0
0
0
0
2,574,720
1,287
0
2,396,702
0
16,129
0
52,258
0
5,102
0
897
134,491
0
16,494
4,296
0
0
5,267
481
0
0
0
0
2,160,530
757
0
7,695,395
6,001
33,280
16,497
19,763
430
862,177
7,591
393
1,364,462
48,027
6,251
1,834
64
169
41
659
245
34
298
940
5,326,208
31
0
11,316,582
3,418
9,181
32,299
12,309
3,206
1,185,500
10,586
2,158
1,741,295
72,503
7,257
57
56
91
9,370
218
1,527
1,702
173
3,252
8,136,976
447
83,001
31,322
0
0
0
0
0
0
0
0
18,150
29
0
0
0
0
0
0
0
0
0
0
13,143
0
0
11,872
0
0
0
0
0
0
0
0
419
8
0
0
0
0
0
0
0
0
0
0
11,445
0
0
TOTAL .......................................
24,987,532
32,532,502
24,377,036
31,717,082
2,475,529
3,259,486
* Polish New Zloty (PLN), old currency (PLZ). 1 PLN = 10,000 PLZ.
219
220
1.05
0.00
2.91
0.73
0.07
0.28
1.49
0.33
0.02
0.04
0.42
0.38
0.03
0.01
Net subscriptions and

redemptions........................ 1,728,252
4,087,541
4,774,687
1,196,991
110,112
453,003
2,439,263
542,527
27,588
60,379
687,146
630,226
45,614
11,306
Gross distributed profits..........
Net yields ...............................
Total yields .............................

Interest................................
Dividends ...........................
Total change in price
of fixed-income (whether
realized or not ................
of equities (whether
realized or not) ...............
Results on derivatives .........
Other yields........................
Foreign exchange
differences ......................
Total expenses ........................
Management fees................
Custody fees .......................
Other operating costs .........
2.49
1.44
% of
average
daily assets
2,359,246
Change in assets .....................
Amounts
Q1
91,608
656,580
593,597
42,099
20,884
3,156,666
1,065,169
45,125
959,713
3,726,994
1,171,720
146,101
4,383,574
405,288
3,978,408
Amounts
Q2
0.05
0.40
0.36
0.03
0.01
1.93
0.65
0.03
59.00
2.27
0.71
0.09
2.67
0.00
0.25
2.43
% of
average
daily assets
55,623
Amounts
Q3
6,461
673,580
597,075
48,066
28,439
565,347
217,532
203
198,887
1,971,515
1,216,439
202,116
1,297,935
1,242,290
2000
0.00
0.41
0.37
0.03
0.02
0.35
0.13
0.00
0.12
1.21
0.74
0.12
0.79
0.00
0.76
0.03
% of
average
daily assets
138,700
613,697
563,013
48,228
2,456
7,293,016
1,260,608
60,044
430,842
6,502,627
1,332,704
88,707
7,116,324
2,315,674
9,431,967
Amounts
Q4
0.09
0.39
0.36
0.03
0.00
0.80
0.13
0.04
4.61
0.84
0.06
0.27
4.50
0.00
1.46
5.96
% of
average
daily assets
297,148
2,631,003
2,383,911
184,007
63,085
7,445,072
2,000,782
77,378
123,019
3,483,419
4,917,854
547,036
6,114,422
4,880,928
10,995,506
Amounts
0.18
1.62
1.47
0.11
0.04
4.59
1.23
0.05
0.08
2.15
3.03
0.34
3.77
0.00
3.01
6.78
117,162
2,745,238
2,409,194
190,249
145,795
9,586,710
3,442,693
78,169
4,843,257
13,152,061
4,678,262
482,984
10,406,823
158,028
0.07
1.68
1.47
0.12
0.09
5.87
2.11
0.05
2.97
8.05
2.86
0.30
6.37
0.00
0.10
6.47
% of
average
daily assets
1999
10,564,964
Amounts
Accumulated
% of
average
daily assets
2000
A.4.6. INVESTMENT IN SECURITIES. FIM. BREAKDOWN OF VARIATION IN ASSETS
A.4.7. INVESTMENT IN SECURITIES. FIM AND FIAMM.

NUMBER OF INSTITUTIONS, ASSETS AND NUMBER OF INVESTORS
Number of funds
31/12/1999
Type of fund
Amount
31/12/2000
% of total
Amount
Change
% of total
Amount
Short-term fixed-income (RFCP)...................

Long-term fixed-income (RFLP) ...................
Mixed fixed-income (RFM) ..........................
Mixed equity (RVM) ....................................
Spanish equity (RVN) ..................................
Foreign fixed-income (RFI) ..........................
Foreign mixed fixed-income (RFMI) ............
Foreign mixed equity (RVMI).......................
Euro equity (RVE) ........................................
Foreign equity (RVI).....................................
Guaranteed fixed-income (GRF) ..................
Guaranteed equity (GRV) ............................
Global funds (FGL)......................................
200
166
229
180
114
50
58
62
71
199
234
349
52
9.23
7.66
10.57
8.31
5.26
2.31
2.68
2.86
3.28
9.18
10.80
16.11
2.40
190
172
230
196
109
66
73
73
102
323
229
377
114
7.75
7.02
9.38
8.00
4.45
2.69
2.98
2.98
4.16
13.18
9.34
15.38
4.65
10
6
1
16
5
16
15
11
31
124
5
28
62
5.00
3.61
0.44
8.89
4.39
32.00
25.86
17.74
43.66
62.31
2.14
8.02
119.23
TOTAL FIM .................................................
1,964
90.63
2,254
91.96
290
14.77
FIAMM ........................................................
International FIAMM ...................................
201
2
9.28
0.09
195
2
7.96
0.08
6
0
2.99
0.00
TOTAL FIAMM............................................
203
9.37
197
8.04
2.96
TOTAL FIM & FIAMM.................................
2,167
100.00
2,451
100.00
284
13.11
Assets
Amounts in thousonds of euros
31/12/1999
Type of fund
31/12/2000
Change
Amount
% of total
Amount
% of total
Amount
Short-term fixed-income (RFCP) .................

Long-term fixed-income (RFLP) ..................
Mixed fixed-income (RFM).........................
Mixed equity (RVM)...................................
Spanish equity (RVN) .................................
Foreign fixed-income (RFI) .........................
Foreign mixed fixed-income (RFMI) ...........
Foreign mixed equity (RVMI) .....................
Euro equity (RVE) .......................................
Foreign equity (RVI) ...................................
Guaranteed fixed-income (GRF).................
Guaranteed equity (GRV)...........................
Global funds (FGL).....................................
21,852,824
17,725,210
21,583,971
12,645,739
9,472,926
1,640,289
10,095,000
3,854,526
5,894,280
10,848,374
17,667,673
28,918,681
1,496,283
10.59
8.59
10.46
6.13
4.59
0.80
4.89
1.87
2.86
5.26
8.56
14.02
0.73
16,424,261
12,815,778
17,397,962
13,264,042
7,641,713
2,179,351
9,286,123
4,341,295
9,138,204
14,864,143
16,509,232
26,576,843
2,261,323
8.83
6.89
9.35
7.13
4.11
1.17
4.99
2.33
4.91
7.99
8.87
14.28
1.22
5,428,563
4,909,432
4,186,009
618,303
1,831,213
539,062
808,877
486,769
3,243,924
4,015,769
1,158,441
2,341,838
765,040
24.84
27.70
19.39
4.89
19.33
32.86
8.01
12.63
55.04
37.02
6.56
8.10
51.13
TOTAL FIM................................................
163,695,776
79.35
152,700,270
82.07
10,995,506
6.72
FIAMM.......................................................
International FIAMM..................................
42,435,624
162,384
20.57
0.08
33,158,597
209,492
17.82
0.11
9,277,027
47,108
21.86
29.01
TOTAL FIAMM ..........................................
42,598,008
20.65
33,368,089
17.93
9,229,919
21.67
TOTAL FIM & FIAMM ...............................
206,293,784
100.00
186,068,359
100.00
20,225,425
9.80
221
(Continued)
A.4.7. INVESTMENT IN SECURITIES. FIM AND FIAMM.

NUMBER OF INSTITUTIONS, ASSETS AND NUMBER OF INVESTORS
Number of investors
31/12/1999
Type of fund
31/12/2000
Change
Amount
% of total
Amount
% of total
Amount
Short-term fixed-income (RFCP) .................

Long-term fixed-income (RFLP) ..................
Mixed fixed-income (RFM).........................
Mixed equity (RVM)...................................
Spanish equity (RVN) .................................
Foreign fixed-income (RFI) .........................
Foreign mixed fixed-income (RFMI) ...........
Foreign mixed equity (RVMI) .....................
Euro equity (RVE) .......................................
Foreign equity (RVI) ...................................
Guaranteed fixed-income (GRF).................
Guaranteed equity (GRV)...........................
Global funds (FGL).....................................
822,329
552,945
883,662
529,379
353,361
54,319
343,940
148,992
207,416
502,691
659,717
1,264,991
25,206
10.23
6.88
10.99
6.59
4.40
0.68
4.28
1.85
2.58
6.25
8.21
15.74
0.31
552,825
320,544
703,309
630,896
328,277
57,088
314,459
195,300
328,046
1,041,747
610,167
1,212,700
55,218
7.19
4.17
9.14
8.20
4.27
0.74
4.09
2.54
4.26
13.54
7.93
15.76
0.72
269,504
232,401
180,353
101,517
25,084
2,769
29,481
46,308
120,630
539,056
49,550
52,291
30,012
32.77
42.03
20.41
19.18
7.10
5.10
8.57
31.08
58.16
107.23
7.51
4.13
119.07
TOTAL FIM................................................
6,348,948
78.99
6,350,576
82.55
1,628
0.03
FIAMM.......................................................
International FIAMM..................................
1,681,191
7,927
20.92
0.10
1,334,734
7,885
17.35
0.10
346,457
42
20.61
0.53
TOTAL FIAMM ..........................................
1,689,118
21.01
1,342,619
17.45
346,499
20.51
TOTAL FIM & FIAMM ...............................
8,038,066
100.00
7,693,195
100.00
344,871
4.29
222
AB FT FIM...............................................
AC DEUDA FT FIM .................................
AC DINERPLUS FIM ...............................
AC EC RF FIM .........................................
AC FC RF FIM .........................................
AF TESORERIA FIM.................................
ALLIANZ RF CORTO EUR. FIMF.............
ALTAE RENTA FIM...................................
AMIRENTA FIM.......................................
ARCALIA INTERES FIM ...........................
ASTURFONDO DOS FIM .......................
ASTURFONDO RENTAS FIM..................
ASTURFONDO RF FIM...........................
BANCAJA EMPRESARIAL FIM .................
BANDESCO AHORRO FIM.....................
BANESDEUDA FT FIM............................
BANESDEUDA FV FIM............................
BANESTO EMPRESAS FIM ......................
BANESTO ESPECIAL DR FIM ..................
BARCLAYS TESORERIA FIM ....................
BBK TESORERIA FIM...............................
BBV PLAN RENTAS 25M FIM .................
BBVA 1999 FIM ......................................
BBVA 1-D FIM ........................................
BBVA BONO 25 M FIM..........................
BBVA BONO 25 M-A FIM .....................
BBVA BONO 25 M-B FIM.......................
BBVA BONO 99 FIM ..............................
BBVA ORO FIM ......................................
BBVA RENTA FIJA CORTO 1 FIM............
BBVA RENTA FIJA CORTO 7 FIM
1.58
0.68
0.10
0.17
0.57
2.09
NA
0.83
0.47
0.20
2.19
1.13
0.54
2.54
0.80
1.36
0.98
0.11
9.56
0.16
1.40
1.76
1.22
7.19
1.26
9.26
8.58
2.18
1.17
0.60
0.31
0.80
0.68
0.98
2.98
1.16
0.32
0.01
1.02
0.01
NA
1.19
0.88
0.29
0.01
0.16
0.83
0.10
1.60
2.48
2.54
0.51
0.47
0.23
0.12
1.11
0.02
0.01
1.40
0.01
0.02
0.02
0.02
2.08
0.85
2.21
3.28
2.11
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
GRF
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
0.17
0.24
0.74
0.65
0.42
0.75
NA
0.77
0.25
0.70
0.47
0.80
0.23
0.78
0.68
0.17
0.30
0.57
0.63
0.74
0.79
0.43
0.58
0.45
0.51
0.56
0.69
0.61
0.58
0.17
0.59
0.38
0.33
0.38
1.64
0.88
0.18
0.20
0.92
1.80
0.49
0.65
0.56
0.40
2.93
1.60
0.57
3.60
1.03
1.69
1.32
0.33
0.32
0.10
1.82
0.22
2.02
2.88
0.36
0.11
2.08
0.01
4.97
0.68
0.41
0.52
0.63
0.88
2.70
1.11
0.40
0.41
0.93
0.00
0.00
0.90
0.89
0.31
0.06
0.15
0.90
0.22
1.59
2.52
2.25
0.54
0.51
0.13
0.14
0.05
0.01
0.00
0.04
0.01
0.01
0.01
0.02
1.87
0.61
1.90
2.74
1.49
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
GRF
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
0.65
0.73
1.00
0.82
0.85
0.88
0.96
0.89
0.67
0.92
0.61
0.97
0.63
0.93
0.92
0.76
0.74
0.94
0.94
0.98
0.96
0.61
0.70
0.58
0.68
0.70
0.83
0.73
0.70
0.54
0.99
0.80
0.77
0.50
1.00
0.41
8.54
0.11
0.31
1.55
0.44
0.51
0.26
3.89
2.35
1.88
0.28
5.47
0.59
1.25
1.00
0.15
0.15
0.49
1.80
2.90
4.61
2.41
1.52
1.12
8.18
0.01
4.07
0.36
0.20
0.30
0.29
0.48
2.79
0.74
0.29
0.32
0.82
0.03
0.00
1.63
0.51
0.28
0.05
0.22
0.62
0.20
1.53
2.55
2.19
0.45
0.52
0.38
0.12
0.01
0.01
0.00
0.01
0.01
0.01
0.01
0.01
2.18
1.18
1.86
2.73
1.54
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
GRF
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
Yield Volati- Dura- Fund

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.81
0.40
0.63
NA
0.43
0.53
NA
0.39
0.34
0.63
0.34
0.69
0.22
0.63
0.96
0.61
0.66
0.62
0.65
0.59
0.67
0.51
0.41
0.30
0.72
0.39
0.52
0.40
0.40
0.25
0.71
0.87
0.66
0.27
Q3
Q2
Q1
2.13
1.37
1.18
0.98
1.35
0.98
1.11
1.37
1.03
0.90
0.70
1.07
1.03
1.07
1.80
2.23
2.04
1.20
1.23
1.10
1.06
1.18
0.85
0.42
0.81
0.81
0.93
0.86
0.81
1.06
1.42
0.99
0.99
1.03
0.87
0.41
0.06
9.53
0.32
0.36
4.49
0.83
0.18
0.17
3.12
1.06
0.23
0.05
0.79
0.97
0.84
0.10
0.12
0.21
3.00
0.93
8.72
0.33
0.02
2.58
2.62
3.30
0.12
0.45
0.26
0.47
0.45
0.38
2.70
1.19
0.28
0.14
0.69
0.01
0.00
1.80
0.42
0.25
0.05
0.10
0.50
0.14
1.50
2.07
1.28
0.39
0.40
0.41
0.23
0.71
0.01
0.01
0.01
0.01
0.01
0.01
0.01
2.50
1.67
2.02
2.91
1.64
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP

lity
tion type
(%)
Q4
FIM SHORT-TERM FIXED-INCOME (RFCP)

% fees
3.80
2.77
3.59
NA
3.08
3.17
NA
3.46
2.31
3.19
2.14
3.58
2.12
3.45
4.42
3.82
3.78
3.37
3.49
3.44
3.52
2.76
2.57
1.75
2.75
2.49
3.00
2.62
2.52
2.04
3.76
3.09
2.77
2.19
1.32
0.63
0.12
0.15
0.59
1.20
2.84
0.72
0.40
0.24
3.86
3.31
0.44
5.55
0.82
1.35
1.06
0.20
0.20
0.28
3.63
1.00
6.06
0.17
0.65
6.76
3.62
4.15
0.07
0.54
0.31
0.55
0.53
0.73
41.07
40.27
18.75
NA
NA
NA
NA
NA
NA
29.81
NA
NA
27.24
NA
NA
48.10
49.87
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
25.42
37.72
31.64
30.91
37.02
1.60
1.50
0.50
1.00
1.00
0.80
0.75
1.25
1.40
0.50
1.60
0.45
1.75
0.55
1.00
1.50
1.50
0.60
0.50
0.50
0.40
1.40
1.40
1.50
1.40
1.40
0.90
1.25
1.15
1.50
0.45
1.50
1.50
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Yield
since Management Front end
Yield Volati1995
(%)
of
of
lity
Max. Min.
assets yield
2000
A.4.8. INVESTMENT IN SECURITIES. FIM. YIELDS, VOLATILITY AND DURATION
0.00
0.00
0.50
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.10
0.08
0.06
0.09
0.09
0.07
0.14
0.10
0.35
0.00
0.15
0.05
0.15
0.05
0.15
0.00
0.15
0.15
0.10
0.15
0.10
0.10
0.25
0.10
0.10
0.10
0.10
0.10
0.25
0.10
0.05
0.25
0.25
0.25
Custody
223
224
BBVA RENTA FIJA CORTO 9 FIM ...........

BBVA TESORERIA 1 FIM .........................
BCH INTERES DIARIO FIM.....................
BCH LIQUIDEZ FIM ...............................
BG FOND EMPRESA FIM .......................
BG ONDAR RENTA FIM .........................
BIZKAIAHORRO FIM..............................
BSN DEUDA FT FIM ...............................
BSN INSTITUCIONES FIM .....................
CAI RENTA FIJA FIM................................
CAI TESORERIA FIM ..............................
CAIXA GALICIA INV. FIM .......................
CAIXA GALICIA PATR FIM ......................
CAIXA PATRIM. PLUS FIM ......................
CAIXA PATRIMONI FIM .........................
CAIXASABADELL 2-FIX FIM ...................
CAIXASABADELL 4-FIX FIM ...................
CAJA BURGOS RENTA FIM ...................
CAJA MURCIA FIM ................................
CAJA SEGOVIA RENTA FIM ....................
CAJABURGOS TR FIM ...........................
CAJACANARIAS RF FIM .........................
CAM FONDEMPRESA FIM .....................
CANARIAS RENTA FIM ...........................
CANTABRIA DINERO FIM ......................
CANTABRIA MONETARIO FIM ..............
CEM TRESORERIA FIM............................
CHASE GLOBAL IV FIM .........................
CITIFONDO PREMIUM FIM ..................
CONSORFOND FIM(DISOLUC) ............
(Continued)
0.54
0.80
0.16
6.59
0.22
0.06
9.95
NA
1.03
0.62
0.12
0.72
0.12
0.54
0.10
0.58
5.26
0.98
0.91
0.48
0.49
0.66
0.29
2.11
0.12
0.29
1.66
0.29
0.15
0.14
0.11
0.12
0.38
NA
1.94
1.70
0.62
1.42
0.58
1.83
0.17
NA
0.11
1.24
0.48
1.35
0.45
0.85
0.02
0.99
0.17
2.02
2.61
1.05
0.96
1.12
0.59
0.03
0.49
0.59
0.16
0.59
0.32
0.30
0.29
0.52
0.67
NA
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
GRF
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
0.46
0.69
0.76
0.72
0.85
0.80
0.38
NA
0.78
0.32
0.34
0.59
0.68
0.34
0.72
0.46
0.78
0.65
0.54
0.23
0.38
0.31
0.48
0.66
0.61
0.50
0.83
0.50
0.56
0.44
0.79
0.74
0.57
0.00
0.55
0.38
8.67
5.19
0.13
8.81
5.61
NA
1.20
0.85
0.35
1.02
0.23
0.64
6.11
0.77
9.11
0.84
0.86
0.73
0.64
0.71
0.58
2.77
0.50
0.58
1.59
0.58
0.30
0.27
0.16
0.27
0.37
0.00
1.91
1.20
0.00
1.44
0.00
1.75
0.24
NA
0.05
1.44
0.38
1.27
0.47
0.84
0.07
0.74
0.17
2.37
2.36
0.95
0.73
1.07
0.36
0.05
0.35
0.37
0.17
0.35
0.22
0.20
0.36
0.41
0.71
0.00
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
0.68
0.92
0.96
1.10
1.10
1.11
0.59
NA
0.94
0.67
0.49
0.78
0.98
0.80
0.95
0.82
0.95
0.60
0.47
0.72
0.87
0.74
0.84
0.81
0.86
0.87
0.96
0.88
0.79
0.66
1.09
0.96
0.72
0.07
0.34
0.17
1.86
0.23
0.17
0.32
3.13
NA
9.67
0.46
0.24
0.64
0.15
0.28
1.62
0.33
6.32
1.11
1.10
0.30
0.21
0.43
1.02
1.41
0.10
1.01
1.73
1.61
2.73
2.58
0.18
7.30
0.30
0.14
2.03
0.91
0.26
0.00
0.26
1.44
0.20
NA
0.08
1.30
0.38
1.17
0.54
0.64
0.14
0.84
0.14
1.49
0.99
0.71
0.54
0.66
0.13
0.04
0.21
0.13
0.16
0.14
0.12
0.11
0.28
0.39
0.84
0.00
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.34
0.54
0.70
0.68
0.72
0.74
0.30
NA
0.63
0.43
0.34
0.61
0.69
0.32
0.48
0.55
0.64
0.77
0.70
0.43
0.53
0.49
0.45
0.50
0.55
0.47
0.67
0.47
0.43
0.31
0.74
0.70
0.56
NA
Q3
Q2
Q1
1.31
1.18
1.14
0.92
1.18
1.09
0.71
NA
1.05
1.36
0.73
1.85
1.25
1.18
1.05
1.70
1.14
1.38
1.28
1.24
1.24
1.24
1.17
0.92
1.00
1.20
1.07
1.21
0.87
0.74
1.09
1.18
1.08
0.06
0.52
0.19
0.22
8.94
6.55
6.74
3.29
0.50
5.51
0.38
0.56
0.68
0.35
0.23
1.83
0.55
6.13
0.62
0.35
0.36
0.26
0.26
0.28
1.85
3.07
0.27
5.33
0.27
9.47
7.54
0.14
0.19
0.23
0.11
2.05
0.70
0.57
1.63
0.59
1.58
0.20
0.25
0.05
1.27
0.39
1.66
0.43
0.47
0.12
2.30
0.19
2.56
1.25
0.75
0.49
0.84
0.80
0.09
0.21
0.79
0.17
0.79
0.03
0.03
0.20
0.42
0.71
0.00
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP

lity
tion type
(%)
Q4
2.82
3.37
3.61
3.47
3.90
3.79
2.00
NA
3.43
2.80
1.92
3.88
3.64
2.66
3.22
3.57
3.56
3.44
3.02
2.64
3.05
2.80
2.97
2.92
3.06
3.06
3.57
3.09
2.68
2.17
3.77
3.63
2.96
1.26
0.50
0.46
0.94
0.13
0.16
0.17
0.06
0.50
3.37
0.61
0.36
0.79
0.23
0.46
7.65
0.59
7.81
0.91
0.85
0.50
0.44
0.55
0.36
3.81
0.26
0.35
4.27
0.36
0.17
0.16
0.15
0.18
0.33
1.39
NA
NA
NA
NA
NA
NA
NA
NA
NA
29.38
NA
38.30
NA
NA
NA
45.84
NA
NA
NA
29.89
34.63
31.31
30.86
28.78
NA
30.91
NA
29.97
30.29
23.54
NA
NA
30.21
9.63
Yield
since
Yield Volati1995
(%)
lity
2000
1.50
0.50
0.45
0.40
0.45
0.45
1.90
1.50
0.50
1.30
1.80
1.40
0.45
1.25
0.60
1.10
0.65
0.70
1.00
1.45
0.90
1.35
1.00
1.00
0.75
1.00
0.40
1.00
1.00
1.50
0.50
0.50
1.50
2.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
1.00
0.00
0.00
1.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
Management Front end
0.25
0.10
0.05
0.10
0.05
0.05
0.10
0.15
0.10
0.20
0.10
0.10
0.05
0.10
0.05
0.15
0.06
0.15
0.15
0.20
0.20
0.15
0.15
0.25
0.15
0.07
0.10
0.07
0.25
0.25
0.10
0.00
0.00
0.25
Custody
CONSTANTFONS FIM ............................

CONST. CORTO PLAZO PLUS FIM .......
CONSULNOR TESORERIA FIM ..............
CTA FISCAL ORO III FIM ........................
DINERO ACTIVO I FIM .........................
EAGLE FUND FIM ..................................
EBN RENTA SEGURA FIM.......................
EDM RENTA FIM ....................................
EUROVALOR RF CORTO FIM ................
EUROVALOR-AHORRO FIM ..................
EUROVALOR-PATRIM. FIM ...................
FG TESORERIA FIM.................................
FIBANC ACTIVO FIM ............................
FONALAVA FIM......................................
FONBANESTO FIM.................................
FONCAIXA AHORRO 10 FIM.................
FONCAIXA AHORRO 11 FIM .................
FONCAIXA AHORRO 2 FIM ..................
FONCAIXA FC 59 FIM ............................
FONCAIXA TESOR. 46 FIM.....................
FONCONDOR TESORERIA FIM ............
FONCONSUL FIM .................................
FONCRECIMIENTO FIM .........................
FOND21 FIM..........................................
FONDACOFAR FIM................................
FONDCIRCULO FIM .............................
FONDEGA SEGURIDAD FIM .................
FONDESPAA AHORRO FIM ...............
(Continued)
2.73
0.15
NA
0.17
0.11
1.91
8.22
1.40
0.12
0.31
0.37
0.18
0.17
0.15
0.66
0.45
0.40
0.45
0.48
0.43
0.43
0.41
0.39
0.39
0.45
2.37
0.92
0.41
0.28
0.46
0.59
0.47
6.22
0.88
0.23
0.50
NA
0.19
0.42
2.90
0.22
0.33
0.54
0.61
0.57
0.04
0.30
0.81
1.66
1.47
1.19
1.35
1.16
1.57
1.39
1.15
1.17
1.37
0.74
0.30
0.65
0.63
0.78
0.54
1.10
0.89
0.05
1.39
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFM
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
0.85
0.68
NA
0.50
0.67
0.57
0.52
0.66
0.60
0.30
1.75
0.63
0.72
0.85
0.31
0.13
0.33
0.12
0.49
0.40
0.37
0.25
0.18
0.19
0.40
0.83
0.46
0.41
0.41
0.46
0.40
0.26
0.62
0.49
6.70
0.36
0.15
8.98
0.10
1.46
0.11
0.50
0.13
0.46
0.54
0.27
0.29
0.15
0.77
0.36
0.36
0.36
0.34
0.38
0.41
0.37
0.33
0.34
0.54
4.57
0.55
0.68
0.45
0.47
0.69
0.60
5.08
0.64
0.28
0.57
0.07
0.16
1.25
2.21
0.09
0.25
0.48
0.51
0.37
0.06
0.50
0.75
1.78
1.48
1.21
1.42
1.31
1.66
1.45
1.30
1.18
1.37
1.04
0.48
0.73
0.64
0.63
0.58
1.21
0.93
0.02
1.09
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
0.82
1.03
0.94
0.67
0.85
1.23
0.66
0.92
0.86
0.63
1.62
0.76
1.03
1.02
0.60
0.59
0.75
0.54
0.84
0.68
0.76
0.54
0.51
0.56
0.78
1.04
0.90
0.83
1.00
0.72
0.85
0.63
0.78
0.77
0.14
0.16
8.92
1.67
0.12
0.96
0.21
0.15
0.12
0.18
0.35
2.14
0.21
0.10
0.26
0.12
0.14
0.18
0.11
0.15
0.17
0.13
0.13
0.13
0.26
0.05
0.27
0.27
0.22
0.17
0.56
0.31
1.92
0.56
0.29
0.48
0.30
0.17
1.09
2.08
0.06
0.36
0.29
0.26
0.28
0.10
0.34
0.84
0.48
1.90
1.77
2.47
1.55
1.54
1.90
1.11
1.42
1.74
0.54
0.61
0.62
0.59
0.66
0.51
1.39
0.62
0.03
1.67
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.74
0.75
NA
0.47
0.52
0.84
0.38
0.57
0.54
0.33
1.08
0.42
0.63
0.69
0.68
0.18
0.33
0.15
0.44
0.29
0.35
0.13
0.13
0.15
0.45
0.68
0.92
0.57
0.50
0.35
0.62
0.34
0.54
0.57
Q3
Q2
Q1
1.07
1.34
1.05
0.83
1.01
1.32
0.76
1.13
0.99
0.78
1.69
0.92
1.11
1.56
1.00
0.71
0.90
0.70
0.99
0.84
0.93
0.66
0.68
0.70
1.34
1.10
0.99
1.19
1.06
1.02
2.02
1.11
0.94
1.49
0.29
0.25
0.17
2.24
7.10
0.86
0.16
0.25
0.19
0.32
0.33
6.99
9.12
0.23
0.24
0.18
0.17
0.17
0.11
0.14
0.14
0.16
0.13
0.12
0.38
7.39
0.21
0.71
0.16
0.22
0.75
0.28
2.08
0.62
0.22
0.46
0.17
0.21
0.93
2.08
0.06
0.21
0.46
0.26
0.32
0.13
0.25
0.85
0.53
1.70
1.78
2.13
1.64
1.43
1.89
1.21
1.50
1.77
1.55
0.64
0.55
0.59
0.44
0.40
2.07
0.77
0.14
1.71
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP

lity
tion type
(%)
Q4
3.52
3.86
NA
2.49
3.07
4.02
2.33
3.31
3.03
2.06
6.29
2.76
3.55
4.19
2.61
1.62
2.32
1.52
2.79
2.23
2.43
1.60
1.50
1.61
3.00
3.70
3.31
3.04
2.99
2.58
3.93
2.37
2.91
3.36
0.16
0.25
0.14
0.10
0.11
1.36
0.15
0.75
0.15
0.34
0.41
0.17
0.21
0.18
0.54
0.31
0.29
0.32
0.30
0.31
0.32
0.30
0.28
0.28
0.43
6.25
0.56
0.55
0.30
0.36
0.66
0.44
5.24
0.69
NA
NA
NA
26.53
NA
38.59
29.86
29.85
NA
NA
NA
30.36
NA
NA
38.62
26.89
32.15
26.57
NA
30.02
31.22
24.15
23.47
24.10
NA
NA
NA
32.90
NA
30.02
30.87
27.48
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
0.75
0.25
0.50
1.55
1.00
1.00
1.50
0.50
1.00
2.00
0.70
0.75
0.50
0.50
1.50
2.00
1.50
2.00
1.10
1.50
1.50
2.10
2.10
2.10
1.10
0.45
0.30
1.10
1.25
1.50
0.80
1.50
0.90
1.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.10
0.05
0.10
0.10
0.00
0.15
0.10
0.15
0.00
0.00
0.15
0.17
0.10
0.00
0.20
0.40
0.15
0.40
0.15
0.40
0.15
0.40
0.40
0.40
0.15
0.05
0.10
0.10
0.15
0.15
0.20
0.40
0.10
0.15
Custody
225
226
FONDESPAA I FIM...............................
FONDGUISSONA FIM............................
FONDICAJA FIM ....................................
FONDMUSINI I FIM ...............................
FONDO EXTRA FIM ..............................
FONDO VALENCIA EMP.FIM..................
FONDOATLANTICO FIM .......................
FONDOMIX FIM.....................................
FONDPAMPLONA FIM...........................
FONDPREMIER FIM ...............................
FONMARCH FIM....................................
FONSCATALONIA 1 FIM .......................
FONSGIRONA FIM.................................
FONSGIRONA II FIM .............................
FONSMANLLEU 2 FIM ..........................
FONSMANLLEU ESTALVI FIM ................
FONSNOSTRO FIM ................................
FONTARRACO FIM ................................
FONTESORERIA FIM...............................
FONVALOR FIM .....................................
FONVITORIA FIM ...................................
HERRERO ESTUDIOS FIM ......................
HERRERO RENTA FIJA FIM .....................
HSBC AHORRO FIM .............................
HSBC RENTA ACTIVA FIM .....................
IBERAG. TESORERIA FIM .......................
IBERCAJA AHORRO FIM .......................
IBERCAJA CASH FIM ..............................
IBERCAJA TESORERIA FIM......................
IBERLION DINERAL FIM.........................
INTEGRAL VARIABLE FIM .....................
INTERES 2.000 FIM ................................
INVERBAN DINERO FIM .......................
INVERCAJA 21 FIM.................................
(Continued)
0.45
0.21
0.46
1.75
1.44
3.21
0.84
1.35
0.29
0.75
0.88
0.48
4.55
0.01
1.74
5.04
0.72
0.50
0.22
0.46
0.64
0.11
0.49
0.35
0.70
0.19
0.73
0.85
0.30
0.80
8.60
0.99
0.29
0.37
0.89
0.31
0.94
0.10
1.96
0.08
0.95
0.01
0.60
1.50
1.20
0.99
0.15
0.17
1.38
0.12
1.30
0.65
0.62
0.61
1.42
0.47
1.00
0.63
0.05
0.55
1.81
0.69
0.78
0.60
0.33
1.93
0.49
0.69
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFM
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
0.22
1.52
0.24
0.66
0.18
0.77
0.48
0.81
0.49
0.33
0.26
0.29
0.44
0.57
1.96
0.61
0.17
0.52
0.91
0.38
0.28
0.48
0.32
0.45
0.42
0.84
0.12
1.43
0.53
0.60
0.62
0.40
0.43
0.51
0.62
0.88
0.61
1.49
1.51
3.21
0.92
1.69
0.57
0.71
0.69
0.54
4.61
1.14
1.54
8.22
0.93
0.52
0.41
0.46
0.78
0.14
0.37
0.46
0.15
0.22
1.10
0.84
0.56
0.89
0.45
0.85
0.26
0.80
0.91
0.38
1.01
0.06
2.05
0.10
1.49
0.01
0.36
1.03
1.50
0.91
0.15
0.14
0.80
0.19
1.42
0.75
0.66
0.71
1.53
0.39
0.76
0.56
0.36
0.59
2.18
0.31
0.69
1.27
0.47
1.96
0.36
0.43
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
0.65 0.29
1.06 12.91
0.71 0.30
0.80 9.96
0.87 0.90
0.96 3.71
0.66 0.79
0.93 1.48
0.85 9.51
0.83 2.03
0.80 0.46
0.68 0.30
0.56 3.74
0.71 3.28
0.31 1.31
0.80 6.08
0.84 0.50
0.80 0.31
1.24 0.20
0.76 0.22
0.81 0.72
0.73 0.10
0.85 0.21
0.84 0.25
0.71 0.10
1.12 0.21
0.77 0.96
1.15 0.34
0.91 0.35
0.98 0.90
0.98 0.50
0.90 0.58
1.02 0.27
0.84 0.18
0.70
0.80
0.70
0.07
1.88
0.27
1.52
0.02
0.14
1.00
1.51
0.59
0.16
0.22
0.58
0.14
1.07
0.47
0.64
0.54
1.46
0.46
0.95
0.39
0.24
0.26
2.14
0.48
0.59
1.35
0.63
1.82
0.20
0.21
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFLP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.32
0.99
0.36
0.52
0.63
0.62
0.50
0.64
0.45
0.68
0.30
0.41
0.33
0.45
2.62
0.45
0.40
0.75
0.66
0.34
0.70
0.41
0.34
0.48
0.76
0.60
0.45
1.29
0.33
0.82
0.45
0.93
0.45
0.42
Q3
Q2
Q1
1.30
1.09
1.14
0.91
2.25
1.07
1.43
1.04
1.23
1.35
1.20
1.30
0.75
0.90
1.06
0.91
1.59
1.14
1.41
1.11
1.60
0.90
0.79
0.97
0.80
1.23
1.38
1.33
1.02
1.94
0.73
1.86
0.96
1.84
0.38
1.13
0.23
9.94
0.78
5.98
0.55
2.29
0.30
0.42
0.29
0.35
6.50
0.03
2.21
4.99
0.49
0.16
0.18
0.17
0.80
8.82
0.35
0.09
5.17
6.18
0.91
0.17
0.18
0.67
0.58
1.00
0.18
1.14
1.38
0.38
0.55
0.04
1.88
0.16
1.47
0.01
0.80
1.05
1.03
0.92
0.38
0.31
0.51
0.13
1.24
0.47
0.41
0.48
1.41
0.42
1.10
0.18
0.06
0.23
2.34
0.37
0.45
1.45
0.27
1.54
0.17
1.80
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP

lity
tion type
(%)
Q4
2.52
4.75
2.47
2.93
3.98
3.46
3.11
3.46
3.05
3.23
2.58
2.70
2.10
2.66
3.86
2.79
3.04
3.24
4.28
2.61
3.42
2.54
2.32
2.76
2.71
3.84
2.74
5.30
2.82
4.40
2.81
4.15
2.89
3.66
0.46
6.51
0.43
0.03
1.21
5.47
0.79
3.43
0.36
1.16
0.63
0.43
5.86
4.36
1.76
7.17
0.69
0.40
0.27
0.36
0.74
0.12
0.37
0.32
0.36
0.19
0.94
0.62
0.38
0.83
4.31
0.88
0.26
0.73
28.53
35.41
29.81
36.10
58.40
NA
35.48
30.55
30.71
52.37
42.13
26.58
23.48
29.48
NA
27.16
38.07
32.70
NA
29.08
40.49
27.19
40.55
NA
NA
NA
37.47
NA
NA
NA
32.44
42.04
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.50
0.55
1.60
1.00
0.88
0.55
1.50
0.35
1.00
1.00
1.80
1.35
1.60
1.20
1.60
1.20
1.00
1.00
0.40
1.50
1.50
1.35
1.50
0.70
1.35
0.09
1.20
0.25
1.25
0.50
1.00
1.00
0.80
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.40
0.00
0.09
0.10
0.00
0.05
0.26
0.17
0.20
0.40
0.00
0.25
0.35
0.25
0.20
0.15
0.30
0.25
0.15
0.09
0.20
0.15
0.20
0.10
0.20
0.05
0.20
0.15
0.40
0.03
0.17
0.15
0.10
0.05
Custody
INVERCAJA 22 FIM.................................
INVERCAJA 31 FIM.................................
INVERCAJA 32 FIM.................................
INVERCAJA 33 FIM.................................
INVERFONDO FIM.................................
INVERMADRID FT FIM...........................
INVER-RIOJA FONDO FIM ....................
IURISFOND FIM ....................................
KUTXAMONETARIO 2 FIM.....................
KUTXAMONETARIO 3 FIM.....................
LEASETEN II FIM (**)...............................
MADRID DINERO FIM ..........................
MAPFRE FT FIM .....................................
MARCH PREMIER TR FIM.......................
METROPOLIS RENTA FIM.......................
P&G CRECIMIENTO FIM .......................
PRUDFONDO DINERO FIM...................
PSN RENTA FIJA FIM...............................
RENTA 4 EUROCASH FIM ......................
RENTA 4 FONTESORO FIM ...................
RENTANAVARRA FIM .............................
RENTCAJAS FIM ....................................
RENTMADRID 2 FIM ..............................
RENTMADRID FIM .................................
RURAL TOLEDO I FIM............................
RURALTESORO FV FIM ..........................
SABADELL CORTO PLAZO EURO FIMP...
SABADELL DINERO FIMS.......................
SABADELL EURO MONETARIO FIMP ....
SABADELL FONDTESORO FIM .............
SABADELL INTERES EURO 1 FIMS .........
(Continued)
1.57
1.47
0.27
0.89
0.37
1.01
0.28
1.10
8.08
8.75
0.20
0.18
0.74
0.13
1.86
0.38
0.10
NA
5.78
0.37
0.52
0.31
0.47
0.58
0.44
0.44
NA
NA
NA
NA
0.87
0.90
0.87
0.88
1.59
2.42
0.65
2.00
0.60
1.88
0.59
0.65
0.48
0.42
2.27
0.57
1.20
0.14
0.02
0.78
0.46
NA
2.66
1.37
1.31
0.35
0.98
1.18
0.06
0.55
NA
NA
NA
NA
1.22
1.23
1.22
1.23
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
0.14
0.06
0.57
0.17
0.27
0.35
0.49
2.10
0.68
0.76
0.86
0.67
0.21
0.75
0.71
0.77
0.47
NA
1.29
0.42
0.27
0.46
0.49
0.20
0.60
0.41
NA
NA
NA
NA
0.02
0.02
0.27
0.11
1.49
1.69
0.77
1.15
0.50
0.91
0.58
1.60
0.24
0.15
0.11
0.15
0.95
2.37
1.56
0.96
0.23
NA
0.26
0.95
0.45
0.27
0.48
0.47
6.11
0.23
0.34
NA
0.40
NA
1.28
1.29
1.28
1.31
1.29
2.21
0.39
1.78
0.67
1.89
0.36
0.53
0.42
0.31
2.29
0.43
1.11
0.09
0.01
0.58
2.32
NA
2.81
1.95
0.84
0.40
1.15
1.17
0.05
0.42
1.57
NA
0.79
NA
0.01
0.01
0.01
0.01
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
0.72
0.77
0.88
0.80
0.67
0.74
0.85
0.81
0.96
0.99
1.22
0.95
0.73
0.92
0.98
1.52
0.79
NA
1.35
0.83
0.51
0.76
0.87
0.44
0.71
0.63
1.14
NA
1.11
NA
0.76
0.75
0.96
0.83
0.72
0.93
2.69
0.51
0.22
0.69
1.01
0.88
0.11
6.19
0.12
6.90
0.46
3.17
0.05
0.61
0.11
NA
0.11
0.75
0.39
0.12
0.62
0.54
0.10
8.50
0.96
0.19
0.22
NA
0.89
0.89
0.90
0.89
1.08
2.01
0.16
1.64
0.50
1.97
0.13
0.00
0.79
0.16
2.17
0.23
0.99
0.08
0.02
0.69
3.08
NA
2.35
1.45
0.85
0.27
1.23
1.75
0.05
0.24
1.59
0.01
0.49
NA
0.01
0.01
0.01
0.01
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.53
0.62
0.44
0.38
0.28
0.58
0.46
0.98
0.63
0.70
1.00
0.56
0.52
0.51
0.57
0.93
0.40
NA
0.91
0.60
0.49
0.32
0.55
0.33
0.49
0.30
NA
NA
NA
NA
0.34
0.34
0.56
0.46
Q3
Q2
Q1
1.29
2.09
2.18
1.36
0.96
1.99
1.18
1.21
1.15
1.17
1.07
1.04
1.34
1.04
1.09
0.70
0.81
NA
1.38
1.38
1.18
0.94
2.82
1.83
0.84
1.04
1.96
1.13
1.41
NA
1.54
1.54
1.75
1.62
0.46
1.09
1.14
0.35
0.12
0.81
0.27
0.56
9.40
0.06
0.37
0.10
0.37
3.29
1.65
1.64
0.15
0.44
8.74
0.50
0.41
9.14
0.99
0.66
0.10
0.26
0.59
0.22
0.21
0.36
0.56
0.56
0.56
0.57
0.80
1.76
2.71
1.47
0.32
2.49
0.79
0.44
0.67
0.16
2.64
0.40
0.87
0.14
0.04
0.48
3.24
0.37
2.15
1.39
0.67
0.21
2.43
2.54
0.03
0.60
1.73
0.01
0.54
1.59
0.01
0.01
0.01
0.01
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP

lity
tion type
(%)
Q4
2.70
3.57
4.12
2.73
2.19
3.70
3.02
5.19
3.46
3.66
4.21
3.25
2.83
3.25
3.39
3.97
2.49
NA
5.03
3.26
2.48
2.50
4.80
2.82
2.65
2.40
NA
NA
NA
NA
2.69
2.67
3.58
3.04
1.16
1.34
0.72
0.79
0.34
0.87
0.36
1.10
0.15
0.10
0.23
0.13
0.67
8.11
1.21
1.02
0.16
0.44
0.15
0.69
0.45
0.22
0.70
0.58
0.23
0.29
0.76
0.22
0.24
0.36
0.94
0.95
0.94
0.96
NA
NA
NA
NA
28.29
45.96
29.63
41.53
NA
NA
NA
NA
29.02
NA
42.16
30.05
NA
NA
NA
NA
37.87
30.73
NA
28.25
NA
NA
NA
NA
NA
NA
37.53
37.45
44.88
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.00
1.00
1.00
1.00
1.75
1.50
1.00
1.00
0.55
0.25
1.25
0.65
1.45
0.65
0.35
1.50
1.30
1.00
0.10
0.78
2.00
1.40
1.00
2.00
1.50
1.60
0.00
1.00
0.00
0.60
1.30
1.30
0.50
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
1.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.85
0.00
0.00
3.00
0.00
0.00
0.10
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.05
0.05
0.05
0.05
0.15
0.10
0.07
0.20
0.05
0.05
0.00
0.10
0.05
0.00
0.05
0.15
0.15
0.10
0.05
0.20
0.40
0.09
0.10
0.10
0.00
0.15
0.10
0.05
0.05
0.05
0.10
0.10
0.10
0.10
Custody
227
228
SAN FERNANDO MAXIFONDO FIM .....

SANTANDER AHORRO FIM...................
SANTANDER EMPRESA FIM ..................
SANTANDER FT FIM...............................
SANTANDER LIQUIDEZ FIM ..................
SANTANDER REPOPLUS FIM .................
SB TESORERIA FIM .................................
SHERPA RENTA FIJA FIM ........................
SOLBANK DINERO FIMS .......................
SOLBANK INTERES EURO FIMS ............
TARRAGONAFONS 10 FIM....................
TARRAGONAFONS 2 FIM .....................
TECNOFIM FIMS ...................................
TELEFONICO CORTO FIM......................
TESORERIA PLUS 100 FIMS ...................
TESORERIA PLUS 500 FIMS ...................
TESORERIA PLUS FIMP ..........................
URQUIJO EMPRESA 1 FIM ....................
URQUIJO RENTA FIM ............................
ZURICH EURODINERO FIMS.................
(Continued)
0.38
0.19
9.10
1.43
NA
0.34
6.46
1.42
NA
0.90
0.21
0.22
0.86
0.14
NA
NA
NA
0.06
0.79
NA
0.75
0.20
0.27
2.64
NA
0.41
0.13
4.49
NA
1.27
0.42
0.49
1.30
0.19
NA
NA
NA
0.12
1.14
NA
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
0.24
0.37
0.71
0.32
NA
0.50
0.65
0.69
NA
0.00
0.63
0.38
0.05
0.72
NA
NA
NA
0.81
0.41
NA
0.56
7.26
0.13
1.57
NA
0.54
2.58
1.80
NA
1.31
0.36
0.37
1.30
5.46
0.10
1.84
0.11
7.85
0.43
0.39
0.81
0.17
0.27
2.02
NA
0.74
0.15
3.98
NA
0.01
0.81
0.74
0.01
0.23
0.01
0.01
2.91
0.20
1.24
0.00
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
0.64
0.54
0.96
0.64
NA
0.93
0.82
0.97
NA
0.73
0.87
0.68
0.79
0.90
1.07
1.13
1.18
0.99
0.79
0.78
0.28
4.78
7.26
1.05
NA
0.23
5.27
1.32
0.18
0.89
0.20
0.20
0.90
5.97
8.80
0.08
8.75
1.56
0.38
0.21
0.65
0.20
0.25
2.18
NA
0.68
0.12
4.36
0.01
0.01
0.34
0.33
0.01
0.18
0.01
0.01
5.29
0.18
1.42
0.01
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.23
0.29
0.66
0.73
NA
0.63
0.51
0.97
NA
0.32
0.59
0.33
0.38
0.65
NA
NA
NA
0.65
0.26
NA
Q3
Q2
Q1
0.97
0.65
1.16
1.97
NA
1.05
0.94
1.44
1.12
1.52
0.94
0.70
1.58
1.02
1.06
1.11
1.17
1.07
1.24
1.05
0.20
8.65
7.66
0.87
0.50
9.51
2.41
1.23
0.21
0.57
2.50
2.87
0.56
1.43
0.08
8.95
9.23
0.01
0.43
0.20
0.46
0.18
0.33
2.08
0.25
0.21
0.07
3.68
0.01
0.01
0.07
0.08
0.01
0.26
0.01
0.01
5.51
0.15
1.59
0.01
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP

lity
tion type
(%)
Q4
2.09
1.86
3.53
3.70
NA
3.14
2.94
4.13
NA
2.59
3.08
2.10
2.82
3.35
NA
NA
NA
3.56
2.73
NA
0.38
0.11
0.10
1.27
0.50
0.35
5.57
1.46
0.21
0.96
0.23
0.24
0.95
8.85
9.57
1.20
9.77
6.00
0.54
0.23
25.68
23.44
NA
40.33
NA
NA
NA
NA
NA
39.93
NA
NA
37.71
34.12
NA
NA
NA
NA
41.92
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.50
1.90
0.50
1.75
1.50
0.60
1.00
0.50
1.00
1.40
0.90
1.50
1.15
0.45
0.30
0.10
0.10
0.50
1.50
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Min.
Back end
of
yield
of
assets
% fees
0.40
0.10
0.10
0.00
0.15
0.15
0.10
0.08
0.05
0.10
0.10
0.25
0.10
0.40
0.05
0.05
0.05
0.10
0.40
0.05
Custody
AB AHORRO FIM ...................................

AB FONDO FIM .....................................
AC LARGO FT FIM .................................
ADEPA FT FIM ........................................
ALCALA RENTA FIM ...............................
ALCALA UNO FIM..................................
ALLIANZ FONDO FIM ...........................
ALMAGRO FIM.......................................
ARCALIA AHORRO FIM .........................
ASTURFONDO AHORRO FIM ...............
ATLANTICO PREMIER FIM......................
BANDESCO RENTA FIJA FIM ..................
BANESTO ESPECIAL RF FIM ...................
BANIF LARGO PLAZO FIM ....................
BANIF RENTA FIJA FIM ...........................
BANKOA RENTA FONDO FIM ...............
BANKPYME BROKERFOND FIM.............
BANKPYME FC EUR. RF FIM ..................
BANKPYME FT FIM.................................
BANKPYME MULTIVALOR FIM ..............
BASKEFOND FIM....................................
BBK BONO FIM......................................
BBV FV 1 FIM .........................................
BBVA BONOS SELECCION 1 FIM...........
BBVA DEUDA FIM..................................
BBVA DEUDA FT FIM.............................
BBVA FONDO 22 FIM............................
BBVA FONDVALENCIA 2 FIM ................
BBVA HORIZONTE FIM..........................
BBVA INSTITUCIONES FIM ....................
BBVA PATRIMONIO FIM ........................
BBVA PRIVANZA EUSKOFONDO I FIM .
BBVA RENTA FIJA LARGO 1 FIM ............
(Continued)
1.76
1.62
2.27
0.82
0.76
0.64
2.88
1.31
2.13
0.84
0.96
1.78
1.88
2.65
1.33
2.97
2.16
2.04
2.48
2.03
0.96
0.96
2.65
3.70
2.52
2.67
3.96
2.43
1.61
1.56
2.48
NA
1.89
2.01
2.98
2.96
3.76
0.52
1.45
1.18
4.16
2.08
4.89
1.83
1.68
2.79
3.39
4.43
2.77
4.34
2.90
2.64
2.83
2.80
1.82
1.57
4.39
4.82
3.61
4.04
5.45
3.46
2.52
2.84
2.32
NA
2.90
3.40
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFCP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
0.48
0.57
0.22
0.04
0.59
0.79
0.60
0.08
0.04
0.23
0.07
0.11
0.30
0.25
0.16
0.21
0.02
1.06
0.25
0.11
0.11
0.18
0.78
2.35
1.06
0.39
0.84
0.29
0.43
0.50
1.18
NA
0.29
0.33
1.44
1.43
1.85
0.48
0.62
0.61
2.17
1.52
1.93
1.39
1.53
1.99
1.81
2.35
1.11
2.56
1.54
2.23
1.98
1.43
1.22
1.04
1.91
7.76
2.36
2.15
3.24
2.11
1.60
1.99
2.33
4.70
1.68
1.53
2.98
3.04
3.04
0.47
0.34
0.34
2.95
2.44
4.65
1.81
2.29
3.39
3.36
4.28
2.79
3.44
2.98
2.90
3.06
3.05
1.90
1.15
4.20
4.80
3.62
4.11
4.37
3.63
2.68
2.77
1.70
2.09
2.95
3.28
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFCP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
0.84
0.90
0.74
0.25
1.03
1.26
0.66
0.79
0.95
0.76
0.89
1.27
1.36
0.79
0.82
0.61
0.89
0.65
0.56
0.86
0.44
0.75
0.65
1.59
2.03
0.97
1.25
0.51
0.48
0.71
1.50
1.12
0.81
0.80
0.95
0.93
1.35
0.28
0.22
0.22
1.24
1.02
1.19
1.33
0.95
1.39
1.16
2.09
1.40
1.40
1.13
1.42
1.12
0.94
0.91
0.47
1.85
6.70
2.01
1.55
2.65
2.43
1.24
1.20
1.61
0.65
1.32
1.25
2.99
2.88
2.80
0.37
0.24
0.22
2.82
2.29
4.48
1.66
2.11
3.76
3.10
4.85
3.19
3.35
3.08
2.43
2.61
2.54
1.96
1.04
3.74
4.65
3.75
3.58
4.37
3.60
2.90
2.76
2.87
2.09
3.17
3.43
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.98
1.11
0.81
0.28
0.68
0.94
1.26
0.36
1.20
0.51
0.52
1.28
1.54
1.13
0.90
0.80
0.76
0.76
0.95
0.43
0.58
0.61
1.12
0.58
1.30
1.12
1.98
1.19
0.87
1.23
1.80
NA
1.39
1.10
Q3
Q2
Q1
2.22 0.89
2.28 0.87
2.36 1.06
0.45 0.22
0.49 0.76
0.59 0.80
2.26 0.93
1.89 0.96
1.07 0.90
1.55 0.60
1.97 0.81
1.76 1.19
2.19 0.95
0.94 3.43
2.50 1.40
2.35 1.19
2.29 1.12
2.51 1.28
2.25 1.19
1.83 1.12
1.23 0.74
1.12 0.39
1.76 1.59
0.30 17.51
3.52 1.86
2.27 1.29
3.50 2.01
2.57 2.32
2.03 1.05
2.38 1.09
2.55 1.13
1.09 1.64
1.94 1.08
2.18 1.02
2.85
2.77
3.29
0.26
0.26
0.30
2.90
2.56
4.95
1.23
2.17
3.73
3.33
4.79
3.19
3.37
3.34
3.15
3.21
3.29
1.98
1.60
3.69
3.83
3.81
4.70
5.05
3.52
3.55
3.27
3.06
1.92
3.20
3.97
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP

lity
tion type
(%)
Q4
FIM LONG-TERM FIXED-INCOME (RFLP)
4.58
4.94
4.19
0.94
2.81
3.62
4.85
2.98
3.30
3.09
3.49
4.48
5.49
3.14
4.45
4.02
3.96
5.06
4.06
3.27
2.38
2.69
4.38
3.05
8.13
4.82
7.78
4.63
3.86
4.89
7.21
NA
4.50
4.47
1.32
1.26
1.70
0.50
0.63
0.61
1.96
1.23
1.62
1.09
1.11
1.62
1.51
2.68
1.33
2.17
1.55
1.79
1.79
1.45
0.98
0.77
2.04
10.33
2.21
1.99
3.05
2.33
1.40
1.51
1.96
2.43
1.53
1.50
51.79
55.50
67.48
48.80
48.60
54.63
NA
40.31
42.91
NA
NA
51.58
NA
NA
45.19
NA
NA
NA
52.07
36.50
36.81
NA
55.34
24.30
NA
54.55
NA
NA
50.41
NA
NA
NA
38.37
NA
Yield
since
Yield Volati1995
(%)
lity
2000
0.90
0.55
1.35
1.65
1.25
0.50
1.00
1.50
1.18
1.40
0.65
1.50
0.60
1.50
1.25
1.75
0.50
0.85
1.25
1.35
1.50
0.65
1.75
1.65
1.00
1.75
0.55
1.65
1.25
0.60
0.75
0.50
1.50
1.40
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.95
1.95
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
2.00
0.00
1.00
1.00
2.00
2.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.11
0.10
0.08
0.10
0.02
0.02
0.14
0.10
0.00
0.15
0.10
0.20
0.15
0.20
0.20
0.25
0.10
0.15
0.25
0.15
0.10
0.10
0.00
0.10
0.25
0.00
0.10
0.10
0.10
0.05
0.10
0.10
0.25
0.10
Custody
229
230

BCH BONOS FT FIM ..............................
BCH BONOS FV FIM..............................
BCH EURO FIM ......................................
BCH RENTA FIJA 1 FIM...........................
BETA DEUDA FT FIM..............................
BETA RENTA FIM ....................................
BG URGULL FIM ....................................
BI EUROBONOS FIM..............................
BIZKAIRENT FT FIM................................
BK BONOS CRECIMIENTO FIMF............
BK FONDO BONOS FIM........................
BK FONDO FIJO FIM..............................
BK FONDTESORO 2 FIM........................
BM FT FIM ..............................................
BNP AHORRO FIM.................................
BSN BONOS FT FIM...............................
BSN DURACION FIM .............................
BSN RENTA FIJA FIM...............................
CAIXA CAPITAL FIM ...............................
CAIXA CAT. FT 2 FIM..............................
CAIXA CAT. HIGH YIELD FIMF...............
CAIXA CATALUNYA FT FIM....................
CAIXA FC CATALUNYA FIM ...................
CAJA LABORAL RDTO. FIM....................
CAJASUR RENTA FIJA FIM ......................
CAM BONOS 1 FIM ...............................
CAM BONOS 2 FIM ...............................
CAM BONOS 3 FT FIM ..........................
(Continued)
1.34
1.87
1.90
4.25
2.21
2.40
2.18
1.83
1.69
1.41
2.29
1.54
1.16
0.80
1.15
NA
1.41
1.48
1.60
3.19
1.95
2.28
2.24
2.05
1.72
1.87
0.01
1.55
1.11
0.66
1.95
1.54
1.66
1.64
2.45
3.33
2.90
5.31
4.07
4.84
3.20
3.01
2.53
2.52
3.40
2.42
2.16
3.93
2.24
NA
2.36
3.20
2.90
4.41
2.65
3.43
3.95
3.74
1.96
5.07
0.01
3.51
2.55
1.06
3.22
2.36
2.35
4.13
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFCP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
0.26
0.64
0.08
0.53
0.11
0.14
0.13
0.15
0.17
0.23
0.27
0.10
0.10
0.79
0.02
NA
0.48
0.34
0.51
0.43
0.10
0.46
0.64
0.55
0.38
0.24
0.62
0.52
0.32
0.32
0.42
0.53
0.35
0.43
1.79
1.83
1.89
3.72
2.44
1.92
2.22
1.49
1.45
1.34
2.34
2.24
1.38
0.60
1.64
NA
1.32
1.71
1.45
2.74
1.94
2.31
2.37
2.16
1.56
2.31
2.07
1.77
1.99
0.68
2.11
1.53
1.52
1.37
2.77
3.24
2.73
5.40
3.76
4.28
3.35
2.68
3.41
2.85
3.71
3.19
1.96
1.54
2.37
NA
1.67
3.73
2.62
4.35
2.82
2.51
2.61
2.85
2.62
5.89
0.01
4.88
3.34
1.20
2.58
2.40
2.45
4.26
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFCP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
0.59
1.23
0.51
1.01
0.75
0.60
1.05
1.31
1.32
1.09
0.90
1.25
0.56
0.90
0.79
NA
1.37
1.10
0.63
0.70
0.70
0.78
1.30
1.04
0.50
0.51
0.71
0.81
0.86
1.00
0.67
0.77
0.59
0.70
1.30
1.33
1.49
2.74
1.85
1.39
1.93
1.23
1.38
1.06
1.78
1.28
0.68
0.51
1.11
NA
1.38
1.69
1.03
1.96
1.71
1.61
1.70
1.75
1.29
1.75
0.38
1.39
1.36
0.67
1.26
0.94
0.94
0.76
3.46
3.18
3.14
5.28
3.74
4.58
3.46
3.04
3.50
3.49
4.02
3.02
1.95
1.93
2.21
NA
1.73
3.20
2.71
4.29
2.72
3.25
2.72
3.12
1.45
3.34
0.01
3.81
2.96
0.48
2.20
1.80
1.85
3.46
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.82
1.44
0.97
2.10
0.75
0.87
0.48
0.68
0.85
0.73
0.39
0.62
0.28
0.48
0.63
NA
1.33
1.11
0.74
1.44
0.78
0.97
1.08
1.12
0.86
0.36
0.47
0.76
0.91
0.42
1.03
0.91
0.75
0.76
Q3
Q2
Q1
2.12
3.21
1.74
3.92
2.61
2.22
2.40
1.95
1.83
1.33
2.52
2.01
1.41
0.33
2.17
NA
2.65
2.31
1.66
2.52
2.53
2.33
2.57
2.57
2.10
1.46
1.13
2.00
2.08
1.36
1.91
1.58
1.38
1.57
1.06
1.33
1.23
2.38
1.36
1.03
1.52
1.17
1.13
1.00
1.40
0.94
0.50
1.96
1.02
0.53
1.57
1.44
0.70
1.70
1.19
1.19
1.29
1.35
0.89
1.10
0.42
1.36
1.27
0.53
0.95
0.69
0.66
0.58
3.78
3.44
3.14
5.00
3.57
4.79
3.69
3.73
3.80
3.07
2.96
2.54
1.63
0.73
2.42
0.00
1.92
2.89
2.54
4.28
3.12
3.21
2.69
3.07
2.21
4.32
0.01
4.60
3.18
0.88
3.03
1.84
1.98
3.62
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP

lity
tion type
(%)
Q4
3.83
6.67
3.33
7.74
4.28
3.87
4.11
3.83
4.23
2.96
4.14
4.03
2.36
1.86
3.61
NA
5.95
4.94
3.59
5.17
4.16
4.60
5.70
5.38
3.89
2.60
2.95
4.14
4.22
3.14
4.08
3.83
3.11
3.50
1.40
1.62
1.65
3.36
2.01
1.77
1.99
1.46
1.43
1.22
2.00
1.58
1.00
1.13
1.26
0.53
1.43
1.59
1.25
2.48
1.74
1.91
1.95
1.86
1.41
1.81
0.29
1.53
1.48
0.64
1.64
1.23
1.26
1.17
39.19
NA
43.53
40.07
48.57
50.03
NA
51.46
48.12
41.29
48.90
48.87
41.37
22.75
46.81
NA
NA
48.79
NA
71.61
47.84
49.31
NA
52.59
NA
NA
NA
NA
NA
NA
NA
48.33
41.83
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.50
0.50
1.75
0.40
1.75
1.50
1.55
1.25
1.25
2.00
1.40
1.00
1.60
1.75
1.40
1.00
1.00
1.50
1.20
1.25
1.50
1.35
0.60
1.00
1.25
1.35
1.00
0.95
1.10
1.35
1.35
1.00
1.75
1.30
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
1.00
1.50
2.00
0.00
1.00
1.00
2.00
2.00
1.50
2.00
0.00
0.00
1.00
0.00
2.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
2.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
2.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.25
0.10
0.00
0.10
0.00
0.00
0.25
0.10
0.10
0.15
0.08
0.12
0.35
0.00
0.10
0.10
0.40
0.40
0.15
0.11
0.15
0.00
0.05
0.15
0.25
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
Custody
CAM FONMEDIC FIM ............................

CAVALAHORRO FV FIM ........................
CHASE RF PLUS FIM...............................
CIBERNEXO FIM.....................................
CITIFONDO BOND FIM.........................
CITIFONDO RF FIM ...............................
CREDICOOP RENTA FIM........................
CS BONOS FIM ......................................
CUENTAFONDO RENTA FIM .................
DB INVEST FIM ......................................
DB INVEST II FIM ...................................
DB INVEST LARGO FIM .........................
EDM AHORRO FIM................................
EUROVALOR RF FIM..............................
EUSKOFONDO FIM ...............................
EXTRAFONDO AHORRO FIM................
EXTRAFONDO BANESTO FIM ...............
FIBANC EUROBOND HY FIM ................
FIBANC FT FIM.......................................
FIBANC RENTA FIM................................
FIBANCRENTA PLUS FIM......................
FON 2006 FIM........................................
FONBANESTO 2 FIM..............................
FONBILBAO FT FIM ...............................
FONBUSA FIM........................................
FONCAIXA 57 LP EURO FIM..................
FONCAIXA 81 AH. RF PRIVADA FIM .....
FONCAIXA AHORRO 7 FIM...................
FONCAIXA FT 47 FIM.............................
FONCAM 8 FIM......................................
FONCONDOR RF FIM............................
FONDEGA RENTA FIM ...........................
FONDESP. REN.ACTIVA FIM...................
(Continued)
1.05
2.26
2.30
0.15
3.59
1.64
1.20
2.32
4.09
0.57
0.57
1.13
0.81
1.65
1.62
1.90
1.02
3.38
3.09
2.22
2.76
3.79
1.73
2.32
0.96
3.18
NA
0.41
0.42
0.42
2.30
1.89
1.83
1.97
1.82
3.69
4.06
0.21
4.77
2.21
2.94
3.73
4.11
1.41
1.40
2.26
1.01
2.85
2.59
4.26
1.19
4.99
4.14
4.36
5.22
4.55
2.71
3.93
2.08
3.12
NA
1.47
1.19
0.60
3.22
1.72
2.25
1.93
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFCP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
0.50
0.30
0.96
0.81
0.41
0.25
0.15
0.26
0.36
0.16
0.13
0.24
0.29
0.00
0.01
0.07
0.18
1.36
0.28
0.04
2.93
0.50
0.14
0.21
0.55
0.63
NA
0.57
0.51
0.67
0.75
0.64
0.12
0.23
1.26
1.88
2.21
6.01
3.27
1.77
1.29
2.64
2.98
0.91
0.92
1.67
0.69
1.46
1.86
1.95
1.28
3.79
2.41
2.90
7.22
3.18
1.70
2.39
0.63
2.65
6.88
0.38
0.30
0.43
1.78
1.84
1.78
1.26
1.83
3.52
4.01
0.23
5.09
2.76
2.90
4.96
4.25
1.90
1.86
3.38
0.76
2.34
2.32
4.73
1.52
5.15
3.16
4.31
5.06
4.46
2.85
4.16
1.61
4.09
0.01
1.64
1.47
0.46
3.03
0.64
2.12
1.90
RFLP
RFLP
RFLP
RFCP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
0.73
0.70
1.39
1.00
0.57
0.43
0.77
0.75
0.46
0.36
0.47
0.59
0.64
0.64
0.76
0.89
0.92
1.03
0.63
0.93
7.50
0.68
1.19
0.80
0.80
0.65
1.30
0.92
0.93
1.00
1.13
1.40
0.87
0.65
0.93
1.33
1.50
1.04
2.65
1.37
0.92
3.04
2.38
0.69
0.55
1.04
0.29
0.83
1.44
1.22
0.81
4.67
2.23
1.91
6.82
2.38
1.36
1.99
0.49
1.93
1.20
0.18
0.16
0.24
0.90
1.74
1.72
1.63
1.77
3.43
3.64
0.14
5.45
2.92
2.69
4.57
4.32
2.12
1.98
3.67
0.85
2.17
2.16
4.25
1.28
5.09
4.10
4.73
3.83
4.69
3.58
3.89
1.51
4.40
2.77
1.47
1.42
0.38
2.91
3.07
2.33
2.52
RFLP
RFLP
RFLP
RFCP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.77
0.82
1.92
0.76
1.65
0.71
0.41
0.91
1.49
0.16
0.15
0.68
0.23
0.89
0.80
1.38
0.50
0.94
1.05
1.03
1.63
1.80
1.21
0.97
0.75
1.31
NA
0.52
0.53
0.62
0.69
0.84
0.76
1.48
Q3
Q2
Q1
1.42 0.62
2.15 1.15
3.96 1.51
1.11 1.32
2.75 1.95
1.62 1.00
1.85 0.72
2.74 1.85
2.73 1.96
0.98 0.83
0.93 0.78
1.39 1.22
1.22 1.15
1.75 0.72
1.86 0.91
1.66 1.05
1.92 0.58
4.47 10.73
2.83 1.73
2.81 1.57
6.71 11.54
2.79 2.03
2.18 1.37
2.44 1.16
1.37 0.34
2.71 1.70
2.31 1.03
1.17 0.19
1.15 3.65
1.10 0.14
2.55 0.67
2.46 1.30
2.14 2.19
2.22 1.06
1.79
3.40
3.70
0.24
5.38
2.79
3.45
2.87
4.07
2.12
1.92
3.76
0.88
2.09
2.11
3.29
0.78
4.28
3.60
3.72
3.91
1.37
3.64
3.64
1.52
4.59
3.10
1.52
1.43
0.69
2.69
2.36
2.48
2.58
0.99
1.72
1.93
8.72
2.94
1.48
1.06
2.51
2.97
0.77
0.72
1.29
0.80
1.23
1.51
1.58
0.97
6.40
2.42
2.21
7.79
2.93
1.56
2.03
0.65
2.44
1.10
0.31
1.85
0.33
1.56
1.71
1.90
1.53
43.39
48.25
NA
NA
NA
36.87
NA
NA
60.17
33.90
31.80
NA
33.14
45.41
44.28
NA
NA
NA
55.24
57.42
9.58
NA
51.32
72.65
36.41
NA
NA
36.91
38.90
NA
NA
NA
47.71
NA
Yield
since
Yield Volati1995
(%)
lity
2000
RFLP
3.46
RFLP
4.02
RFLP
8.46
RFLP
3.73
RFLP
5.47
RFLP
3.03
RFLP
3.21
RFLP
4.72
RFLP
5.12
RFLP
1.67
RFLP
1.68
RFLP
2.93
RFLP
2.39
RFLP
3.31
RFLP
3.46
RFLP
3.91
RFLP
3.56
RFLP 5.86
RFLP
4.85
RFLP
4.89
RFLP 14.88
RFLP
5.88
RFLP
4.79
RFLP
4.46
RFLP
3.51
RFLP
5.39
RFLP
NA
RFLP
3.21
RFLP
3.15
RFLP
3.43
RFLP
5.20
RFLP
5.43
RFLP
3.94
RFLP
4.64

lity
tion type
(%)
Q4
1.25
1.50
1.00
0.20
1.25
2.10
1.50
1.70
1.50
1.50
1.50
1.50
1.50
2.00
1.85
1.50
0.50
1.75
1.15
1.10
1.30
0.45
1.50
1.45
1.25
1.50
1.50
0.80
1.00
0.45
0.60
0.40
1.35
1.20
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
Min.
0.00
1.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
0.00
0.00
0.00
1.80
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.80
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.40
0.15
0.00
0.30
0.25
0.40
0.20
0.00
0.11
0.10
0.20
0.10
0.15
0.00
0.19
0.20
0.00
0.10
0.10
0.30
0.10
0.05
0.20
0.10
0.12
0.15
0.15
0.20
0.00
0.05
0.10
0.25
0.13
0.15
Custody
231
232
FONDESPAA ACUMULAT.FIM.............
FONDESPAA FT FIM ............................
FONDESPAA FUTURO FIM .................
FONDEUDA AHORRO FT FIM...............
FONDMAPFRE LARGO FIM ...................
FONDMAPFRE RENTA FIM.....................
FONDMUSINI II FIM ..............................
FONDO URBION FIM............................
FONDOGAESCO FIM.............................
FONDONOR.EURORENTA FIM............
FONDPREMIER 2 FIM.............................
FONDPREMIER BONOS FIM..................
FONDUERO RENTA FIM ........................
FONLAIETANA FIM.................................
FONPASTOR RF FIM...............................
FONPENEDES FIM..................................
FONPENEDES INVER. FIM......................
FONRENTA FIJA FIM...............................
FONSEGUR FIM .....................................
GENERAL RENTA FIM.............................
HARTFORD EURO RENTA FIM...............
HISPAMER RENTA 1 FIM ........................
HSBC RENTA FIJA FIM ............................
HSBC RF 2 FIM.......................................
IBERAGENTES AHORRO FIM .................
IBERAGENTES FT FIM.............................
IBERCAJA FUTURO FIM .........................
IBERCAJA HORIZONTE FIM ...................
IBERLION FONDTESORO FIM ...............
INDOSUEZ FT FIM .................................
INTERAHORRO FIM...............................
INTERDIN HIGH YIELD FIM...................
INTERVALOR RENTA FIM .......................
INVERDEUDA FT RENTA FIM.................
IPARFONDO FIM....................................
(Continued)
1.37
1.25
1.96
0.87
3.29
1.76
1.14
NA
1.68
0.87
1.31
2.73
1.33
1.08
1.96
2.14
2.02
1.52
1.58
1.31
3.34
2.22
1.72
2.07
2.49
1.78
1.45
1.90
3.16
2.01
1.84
NA
1.89
1.44
0.55
1.98
1.70
2.82
1.44
3.81
2.35
0.59
NA
0.62
2.77
2.34
2.42
2.94
1.70
4.02
1.76
0.98
2.09
2.72
2.87
5.42
3.22
1.32
3.01
5.40
4.89
2.99
2.92
3.88
2.02
1.62
NA
2.90
3.50
1.22
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
0.48
0.40
0.49
0.07
0.10
0.14
0.57
NA
1.19
0.32
0.16
0.17
0.29
0.45
0.62
0.10
0.04
0.97
0.04
0.19
0.63
0.30
0.35
0.10
0.09
0.34
0.13
0.50
0.34
0.28
0.50
NA
0.24
0.15
0.25
1.08
0.97
1.70
1.08
2.72
1.56
0.15
NA
1.03
0.97
1.11
2.42
1.89
1.10
1.79
1.74
1.48
1.87
1.23
1.13
2.62
2.02
0.68
2.15
2.06
1.39
1.69
1.99
2.74
1.70
0.88
16.53
1.91
1.77
0.75
1.65
1.65
2.76
1.28
3.53
2.06
0.33
NA
0.45
2.39
1.69
2.04
2.28
1.70
3.96
0.75
5.57
2.27
2.46
2.30
5.35
3.37
0.00
4.12
4.98
5.32
2.84
2.70
4.12
1.46
1.54
0.00
2.79
3.35
1.31
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
0.87
0.95
0.71
0.59
0.54
0.71
0.80
NA
1.36
0.81
0.85
0.86
0.72
0.62
0.65
0.59
0.72
2.69
0.90
0.84
0.49
1.62
2.03
0.38
0.64
0.63
1.06
1.46
0.68
0.73
0.84
4.03
0.72
0.84
0.76
0.89
0.73
1.29
1.19
1.76
1.07
0.17
NA
0.53
1.23
3.02
4.74
1.56
0.93
1.47
0.91
0.83
1.57
0.83
1.10
1.91
1.24
4.36
2.09
1.62
1.17
1.28
1.36
2.44
1.97
0.71
5.38
1.45
1.55
0.56
2.32
1.88
3.15
2.32
3.92
2.33
0.32
NA
0.61
2.77
1.72
2.25
2.60
1.76
4.08
1.05
6.05
2.82
2.43
2.50
5.54
3.72
0.00
4.37
4.30
5.28
2.96
3.02
3.98
0.00
1.52
4.33
2.76
3.00
1.26
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFCP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFCP
RFLP
RFLP
RFLP

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
1.10
0.85
1.26
0.10
0.88
0.57
0.19
NA
0.05
0.98
0.86
1.41
0.47
0.50
0.86
0.67
0.60
1.06
0.46
0.80
1.65
0.95
0.37
1.01
0.08
0.58
0.78
1.16
1.38
0.92
0.59
NA
0.95
0.65
0.58
Q3
Q2
Q1
1.80 0.89
1.77 0.68
2.24 1.13
1.20 0.76
2.02 1.16
2.03 0.88
1.00 8.37
NA 1.43
1.57 1.16
1.10 1.13
1.70 0.68
2.73 1.68
1.97 1.05
1.49 0.75
2.92 26.19
1.49 1.24
1.66 0.95
4.36 1.35
1.75 0.82
2.13 1.18
3.00 1.70
1.51 1.05
3.36 23.21
0.95 3.20
2.03 1.43
1.68 0.80
1.60 1.23
1.10 1.54
2.66 1.61
2.09 2.13
1.66 0.50
5.81 11.06
2.31 1.24
2.21 1.06
1.52 0.60
2.39
1.31
3.41
1.72
3.29
2.36
0.25
3.30
0.48
2.31
1.40
2.44
3.27
1.86
4.16
3.77
5.45
2.39
2.39
4.79
6.63
3.46
0.00
2.87
3.18
1.65
2.92
3.50
4.38
1.03
1.48
4.15
2.68
3.32
1.54
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP

lity
tion type
(%)
Q4
4.32 1.08
4.03 0.94
4.77 1.56
1.97 0.99
3.57 2.38
3.49 1.37
2.59 0.58
NA 1.43
4.23 1.18
3.24 1.06
3.61 1.77
5.26 3.12
2.89 1.50
3.09 0.98
5.13 13.22
2.66 1.58
2.97 1.41
9.35 1.61
3.19 1.16
3.62 1.20
5.87 2.48
3.83 1.71
0.70 11.88
0.53 2.43
2.86 1.95
3.26 1.33
3.34 1.43
4.29 1.72
5.13 2.56
4.06 1.96
3.62 1.11
NA 9.19
4.26 1.66
3.91 1.49
3.15 0.63
NA
NA
NA
37.23
NA
39.71
45.67
NA
41.43
52.89
55.60
NA
29.96
35.96
NA
32.76
NA
54.66
37.03
27.59
NA
NA
NA
NA
51.09
51.27
38.53
NA
NA
47.48
63.81
NA
39.84
42.57
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.10
1.10
1.10
1.50
1.85
1.75
1.15
0.65
1.50
1.25
1.00
1.00
1.75
1.80
1.00
1.25
1.00
1.75
1.50
2.00
1.50
1.35
1.30
0.75
1.50
1.60
1.00
1.20
1.40
1.60
1.00
1.35
1.50
1.30
1.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
1.50
0.00
1.50
0.00
1.50
1.50
0.00
3.00
0.00
0.00
1.00
1.00
0.00
0.50
0.00
0.00
0.00
0.00
1.00
0.00
0.00
2.00
0.00
5.00
1.00
0.50
2.50
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.15
0.15
0.15
0.15
0.40
0.10
0.10
0.10
0.15
0.08
0.40
0.40
0.30
0.40
0.40
0.00
0.00
0.15
0.40
0.13
0.10
0.15
0.20
0.25
0.15
0.15
0.40
0.40
0.05
0.15
0.15
0.10
0.15
0.20
0.15
Custody
KUTXAINVER FIM...................................
LLOYDS FONDO 1 FIM .........................
LUSO RENTA FIM ...................................
MADRID DEUDA FT FIM........................
MADRID PREMIERE FIM.........................
MEDIVALOR FT FIM ...............................
MUTUAFONDO FIM..............................
MUTUAFONDO LP FIM.........................
NOVOCAJAS FIM ...................................
PRIVANZA RENTA FIM ...........................
RENTA 4 AHORRO FIM..........................
RENTATLANTICO FIM ............................
RIVA Y G. AHORRO I FIM......................
RIVA Y G. AHORRO II FIM.....................
RURAL RENTA FIJA 3 FIM.......................
RURAL RENTA FIJA 5 FIM.......................
RURAL RF 3 PLUS FIM ...........................
RURAL RF 5 PLUS FIM ...........................
SABADELL BONOS EURO FIMS.............
SABADELL DEUDA EURO FIMP.............
SANT PATRIMONIO FIM ........................
SANT. INTERES PLUS FIM.......................
SANTANDER FUTURO FIM....................
SB RENTA FIJA FIM .................................
SEGURFONDO FIM................................
SEGURFONDO I FT FIM.........................
SEGURFONDO LARGO PLAZO FIM......
SOLBANK BONOS EURO FIMS..............
SUPERFONDO ST II FIM ........................
TOP RENTA FIM......................................
UNIFOND EURORENTA FIM..................
URQUIJO LIDER FIM..............................
URQUIJO RENTA 2 FIM..........................
VALENCIA AHORRO FIM .......................
ZARAGOZANO RF FIM..........................
(Continued)
2.11
1.88
1.43
1.58
1.09
3.14
1.00
2.50
2.06
1.85
1.83
1.16
2.08
2.08
1.12
1.77
0.98
2.68
2.58
NA
2.28
2.31
2.32
3.63
1.27
1.03
2.94
2.50
1.24
1.74
3.18
1.97
1.37
1.64
1.11
2.74
3.68
2.99
2.83
2.96
4.13
1.98
4.49
2.33
4.62
3.27
1.44
0.75
0.90
2.51
3.17
1.73
3.56
3.37
NA
3.95
4.21
2.84
5.57
2.87
1.63
4.51
3.32
2.26
3.20
4.69
2.30
2.21
2.71
2.64
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
0.16
0.32
0.56
0.54
0.41
0.22
0.72
0.75
0.51
0.57
0.59
0.40
0.43
0.44
0.01
0.18
0.45
0.49
0.61
NA
0.30
0.38
0.58
0.41
0.49
0.46
0.86
0.57
0.22
0.02
0.26
0.15
0.05
0.02
0.48
1.89
1.85
0.84
1.55
1.38
2.71
0.86
1.85
0.84
1.38
1.28
1.56
1.83
1.80
1.09
1.27
1.00
2.29
2.84
1.12
2.07
2.27
1.77
2.62
1.41
0.97
2.14
2.86
1.35
1.89
3.58
1.82
1.51
1.41
0.88
3.29
3.36
2.22
3.03
2.83
3.08
1.64
4.21
1.99
2.80
2.29
2.69
0.78
0.83
0.76
1.74
1.75
3.52
0.01
4.28
3.97
3.69
2.75
5.39
2.55
1.69
4.91
0.01
2.34
3.27
5.43
3.09
2.42
2.44
2.11
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
0.64
0.63
0.71
0.81
1.07
0.58
0.99
0.75
0.71
0.91
0.68
0.64
0.78
0.77
0.70
0.87
0.96
1.11
1.09
1.38
1.62
1.80
1.38
0.54
0.92
0.92
0.96
1.02
0.46
0.59
0.90
0.81
0.76
0.68
0.69
1.40
1.34
0.38
1.27
0.90
2.31
0.55
1.80
0.41
0.81
1.01
1.51
1.30
1.21
0.69
0.84
0.67
1.25
1.82
1.96
1.71
1.88
1.12
2.07
0.89
0.99
1.78
1.80
1.10
1.41
2.46
1.23
1.10
1.14
0.63
3.41
3.41
2.02
3.71
3.34
4.40
2.06
4.78
2.01
2.09
2.19
3.03
0.72
0.73
2.08
3.15
2.55
3.79
0.01
4.31
4.21
3.79
2.88
5.18
2.49
2.99
4.76
0.01
2.47
3.61
4.89
3.17
2.37
2.34
2.79
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.71
1.00
0.88
0.74
0.89
0.72
0.80
1.45
0.55
1.04
1.39
0.50
0.85
0.82
0.49
0.55
0.19
0.11
0.95
NA
1.67
1.59
1.76
1.51
0.66
0.73
1.68
0.88
0.74
0.49
0.89
0.32
0.44
0.43
0.51
Q3
Q2
Q1
2.19
2.28
0.99
2.54
2.51
2.75
2.18
3.14
1.27
1.15
1.01
2.04
1.61
1.66
1.81
2.02
1.73
2.18
2.77
3.15
2.15
2.57
2.10
2.79
1.79
2.27
2.87
2.71
1.50
2.22
3.19
2.36
2.04
1.91
0.87
1.34
1.01
0.41
1.21
0.90
1.75
0.63
1.43
0.38
1.01
0.73
1.06
0.75
0.80
0.70
1.43
1.15
1.33
1.55
1.63
1.28
1.46
1.01
1.51
0.58
0.95
1.30
1.55
1.00
1.09
1.96
1.13
0.89
0.89
0.45
3.44
3.48
1.67
3.75
3.99
3.48
2.22
4.83
2.13
3.99
2.08
2.60
0.59
0.67
2.01
2.62
1.99
3.14
0.01
4.35
3.88
3.67
2.93
5.20
2.75
3.01
4.97
0.01
2.01
3.25
5.18
3.76
2.84
2.30
1.70
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP

lity
tion type
(%)
Q4
3.75
4.29
3.18
4.70
4.96
4.32
4.77
6.22
3.07
3.72
3.71
3.62
3.71
3.74
3.04
3.67
3.35
3.93
5.53
NA
5.86
6.48
5.94
5.35
3.91
4.43
6.52
5.27
2.95
3.30
5.32
3.67
3.21
3.03
2.57
1.72
1.57
0.87
1.42
1.10
2.54
0.79
1.94
1.15
1.32
1.28
1.35
1.57
1.56
0.93
1.37
0.97
1.99
2.26
1.73
1.88
2.01
1.64
2.58
1.09
1.00
2.13
2.25
1.18
1.57
2.87
1.58
1.25
1.31
0.81
41.30
40.79
44.04
63.72
58.45
NA
62.26
NA
27.96
39.70
50.68
39.81
38.74
32.65
40.85
NA
NA
NA
49.71
NA
48.75
NA
47.16
30.77
57.65
59.44
NA
29.95
24.26
36.10
29.80
NA
41.87
NA
33.75
Yield
since
Yield Volati1995
(%)
lity
2000
1.75
1.50
1.50
1.25
0.75
1.40
0.20
0.25
1.40
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.00
1.00
0.90
0.00
0.75
0.60
1.00
1.50
0.75
0.60
0.15
1.15
1.75
2.00
1.25
1.20
1.60
1.50
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
2.00
1.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
1.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.40
0.25
0.15
0.10
0.10
0.10
0.01
0.06
0.15
0.40
0.15
0.26
0.13
0.13
0.00
0.00
0.00
0.00
0.10
0.10
0.25
0.15
0.25
0.20
0.15
0.15
0.05
0.10
0.40
0.10
0.15
0.20
0.10
0.40
0.40
Custody
233
234
A.T. MONEY PLUS FIM...........................

AB FIVA FIM ...........................................
ABA FONDO FIM...................................
AC EC MIXTO FIM..................................
AC FC MIXT FIM.....................................
AC FT PLUS FIM .....................................
AEGON INVERSION MF FIM..................
AF AHORRO FIM....................................
AHORRO VIDA MIXTO FIM...................
AHORROFONDO 20 FIM ......................
ALCALA AHORRO FIM...........................
ALCALA INTERVAL FIM ..........................
ALHAMBRA FIM .....................................
ALLIANZ CONS. ESPAA FIMF ..............
ALLIANZ CONS.EUROPA FIMF ..............
ARGENTARIA FC MIXT FIM....................
ARQUIUNO FIM ....................................
ARTE FINANCIERO FIM..........................
ASC ESTALVI FIM....................................
ASTURFONDO MIX-R.F. FIM..................
ATLANTICO MIXTO 2 FIM .....................
ATLANTICO MIXTO 3 FIM .....................
ATLANTICO PLUS PREMIER FIM ............
AXAFONDO FIM....................................
BANCAJA FONDO DE FONDOS 20 FIMF.
BANCAJA MIXTO 10 FIM .......................
BANCAJA MIXTO 20 FIM .......................
BANESTO ESPE. MX RF FIM ...................
BANESTO FC MIXT FIM..........................
BANESTO MIX. 85/15 FIM......................
BANESTO MIX. FIJO 2 FIM.....................
BANESTO MIXTO EXTRA FIM.................
BANIF CONVERTIBLES FIM....................
BANKPYME FC MIXT FIM.......................
(Continued)
2.97
6.52
4.53
3.33
2.19
3.12
6.09
2.70
4.17
3.94
4.78
5.67
8.45
NA
NA
3.80
4.12
5.31
5.49
6.49
7.69
8.64
5.18
8.53
NA
2.23
4.38
6.91
4.37
3.87
7.21
6.07
9.77
6.15
0.08
2.83
0.56
0.01
1.12
0.34
2.29
0.54
1.39
0.05
0.06
0.01
2.75
NA
NA
2.83
0.62
2.80
0.55
1.31
1.35
0.93
0.01
3.79
NA
0.59
0.77
2.40
2.79
2.86
2.93
3.04
2.78
3.03
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
0.34
0.49
3.29
1.41
0.86
0.84
3.53
1.04
2.93
0.99
1.15
2.57
4.53
NA
NA
0.19
2.20
1.27
1.88
1.81
2.04
3.40
0.64
2.60
NA
0.59
1.85
1.27
0.31
0.89
0.82
1.00
4.25
1.14
1.35
5.42
4.25
5.01
2.59
3.14
8.19
1.80
3.75
4.04
5.30
5.56
10.55
1.98
2.00
4.06
5.02
4.95
6.61
6.05
7.32
7.88
4.47
7.21
3.75
2.23
4.71
7.08
3.73
3.80
6.72
6.61
9.51
3.50
0.15
2.92
0.54
0.26
1.13
0.40
2.59
0.48
1.29
0.17
0.06
0.01
2.90
0.00
0.00
2.93
1.07
1.94
0.52
1.07
1.88
2.14
2.62
4.24
0.08
0.57
0.75
2.47
2.95
2.70
2.72
3.03
2.66
2.92
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFLP
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
1.59
0.29
0.79
1.26
1.20
1.39
0.26
2.01
0.67
0.72
1.06
1.84
2.86
1.18
0.34
0.73
1.33
0.02
1.54
0.74
0.36
1.47
1.20
0.71
0.51
0.98
1.37
0.64
0.66
0.43
1.15
2.63
1.52
2.56
1.78
2.99
3.21
3.63
2.02
2.59
5.03
2.03
3.01
2.81
3.06
3.08
9.22
3.01
4.37
3.27
2.64
3.58
4.99
4.54
4.23
6.50
3.73
4.48
2.67
1.65
3.45
4.84
2.58
2.65
3.49
6.38
6.46
2.95
0.09
3.09
0.48
0.20
1.08
0.34
2.14
0.23
1.27
0.42
0.03
0.00
2.59
0.00
0.00
2.70
0.41
2.08
0.60
1.03
0.03
0.14
0.13
4.36
0.05
0.59
0.75
2.29
3.00
1.50
2.21
2.55
2.48
2.59
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
1.13
2.32
0.05
NA
1.01
1.33
3.31
1.69
1.21
1.48
0.30
1.66
5.21
NA
NA
0.87
0.52
4.84
1.87
1.79
2.62
5.34
1.20
4.31
NA
1.44
1.79
1.12
1.06
1.28
0.45
0.51
4.57
5.43
Q3
Q2
Q1
0.08 1.52
0.41 4.89
2.58 5.63
2.83 5.76
0.45 2.81
1.05 3.49
1.30 5.71
0.69 3.33
2.02 5.30
1.74 4.64
2.31 4.47
0.88 3.16
11.02 17.07
1.36 4.03
0.89 5.58
0.37 3.14
2.64 4.66
2.06 6.92
3.47 9.45
2.30 7.21
1.50 6.51
6.10 11.42
2.56 5.92
4.25 8.39
1.12 4.48
0.61 3.47
2.52 6.33
0.51 7.26
1.00 3.58
1.08 3.56
0.88 4.62
4.23 8.03
0.78 6.02
1.45 2.17
0.06
2.58
0.40
0.11
0.74
0.24
2.18
0.37
1.74
0.36
0.04
0.00
2.63
0.00
0.00
3.96
0.24
1.35
0.67
0.90
0.02
0.12
0.14
1.79
0.03
0.68
0.87
3.31
3.16
1.48
3.65
2.20
3.03
3.64
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM

lity
tion type
(%)
Q4
FIM MIXED FIXED-INCOME (RFM)
3.00 2.01
1.93 5.12
5.00 4.50
NA 4.77
0.88 2.43
0.79 3.11
1.38 6.38
1.95 2.55
3.10 4.16
0.56 3.92
2.11 4.49
0.01 4.55
8.08 11.91
NA 3.30
NA 4.55
2.18 3.59
3.01 4.22
1.39 5.35
2.03 6.87
1.63 6.16
1.33 6.58
3.04 8.85
0.84 4.90
2.03 7.36
NA 3.71
1.20 2.49
1.28 4.85
1.00 6.60
2.42 3.62
1.89 3.51
0.11 5.71
2.20 6.84
2.17 8.14
10.95 3.99
NA
67.92
62.78
NA
NA
NA
75.76
25.52
29.14
NA
NA
NA
60.01
NA
NA
NA
33.04
NA
NA
NA
NA
NA
NA
56.20
NA
NA
NA
68.43
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
0.75
2.25
1.50
1.50
1.25
1.35
1.50
2.00
1.50
1.50
0.90
1.40
1.60
1.00
1.50
1.40
1.50
1.25
1.65
1.70
1.60
1.50
0.90
1.50
0.95
1.50
1.50
0.90
1.40
1.65
1.55
1.85
1.25
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
1.00
1.00
0.00
2.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
1.25
0.00
2.00
2.00
2.00
2.00
2.00
2.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
1.00
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.10
0.11
0.20
0.09
0.09
0.08
0.17
0.15
0.15
0.09
0.02
0.10
0.20
0.14
0.14
0.10
0.40
0.00
0.10
0.15
0.15
0.15
0.10
0.12
0.05
0.30
0.30
0.10
0.10
0.10
0.20
0.10
0.25
0.15
Custody
BANKPYME MULTIFIX 25 RV FIM ..........

BBK MIX FIM ..........................................
BBVA ALTERNATIVA 2000 FIM ...............
BBVA EUROCANARIAS MIXTO FIM.......
BBVA FC MIXT 10 FIM............................
BBVA MIX 20 A FIM................................
BBVA MIX 30 B FIM................................
BBVA MIXTO FIM ...................................
BBVA SOLIDARIDAD FIM ......................
BCH ESTRUC. RF MIX. FIM (*)................
BCH EUROCANARIAS MIXTO FIM ........
BCH FC MIXT FIM ..................................
BCH MIXTO EUSKADI FIM.....................
BCH MIXTO RF FIM................................
BCH SOLIDARIDAD FIM........................
BESTINVER RENTA FIM ..........................
BETA RENTA PLUS FIM...........................
BK FONDO MIXTO RF FIM....................
BK FV MIXTO FIM ..................................
BK MIXTO 70/30 FIM..............................
BM TESORERIA PLUS FIM ......................
BNP GLOBAL 15-85 FIM ........................
BNP SOLIDARIDAD FIM ........................
BOLFOND FIM.......................................
BOLSINDEX FIM.....................................
BONA-RENDA FIM.................................
BSN GLOBAL FIM...................................
BSN MX EUROPA 20-30 FIM..................
C.GALICIA MIX 25 FIM...........................
CAHISPA RENTA FIM..............................
CAI RENTA MIXTO 20 FIM .....................
CAIXA CAT. SOLIDARI FIM.....................
CAIXASABAD. 6-MIXT FIM.....................
CAJA BADAJOZ INV. FIM .......................
(Continued)
5.00
5.20
5.92
3.10
2.96
5.06
6.17
5.93
5.74
2.24
4.11
3.13
5.88
5.65
4.90
0.80
4.15
4.09
4.61
6.42
0.40
3.22
2.41
5.20
4.59
5.80
2.71
5.37
5.04
3.78
4.03
0.11
6.19
5.90
3.59
1.61
2.42
0.02
0.96
2.08
2.60
2.08
0.63
3.72
0.01
3.02
3.19
2.95
2.25
0.62
1.26
0.30
0.66
0.32
0.01
1.27
0.53
0.21
0.79
0.80
1.72
2.23
0.05
0.30
0.15
0.01
0.08
0.06
RFM
RFM
RFM
RFCP
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
0.24
2.75
2.06
0.33
0.35
1.19
1.58
2.64
1.23
2.30
1.37
0.43
1.36
0.33
1.12
0.54
1.88
1.86
1.47
2.43
1.64
0.72
1.07
1.03
2.40
2.90
0.11
0.42
1.57
0.30
1.08
0.10
1.82
1.82
4.94
6.75
6.35
0.15
2.51
4.94
6.09
6.52
4.67
4.20
5.34
4.10
5.10
4.96
4.65
1.89
4.42
3.93
3.84
6.47
0.27
3.29
2.84
5.41
5.26
8.40
2.23
5.35
5.17
3.01
4.08
0.47
6.33
6.03
4.06
1.66
2.38
0.01
0.82
2.01
2.23
2.17
0.56
3.00
2.03
2.87
2.67
2.93
1.94
0.61
1.88
0.32
0.44
0.33
0.01
1.24
1.54
0.26
0.63
0.90
1.89
2.10
0.19
0.35
0.30
0.01
0.23
0.14
RFM
RFM
RFM
RFCP
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RVM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
0.23
1.52
0.33
0.52
0.52
0.15
0.52
0.55
5.54
2.41
0.97
0.63
0.26
1.18
0.70
1.24
1.77
1.15
1.34
1.49
1.81
0.93
1.24
2.00
1.33
2.19
0.54
0.55
0.60
2.14
0.68
0.22
0.50
0.82
2.98
5.15
3.93
2.85
2.57
3.30
4.07
4.15
9.41
2.94
4.11
2.82
3.50
3.20
3.23
1.10
3.04
2.80
3.13
4.18
0.27
2.04
1.87
4.98
3.69
9.30
1.78
4.19
3.69
2.26
2.88
2.11
4.31
4.26
3.38
1.60
2.41
0.01
2.20
2.42
2.37
2.47
2.27
3.05
2.34
2.17
2.01
2.76
1.79
0.50
2.85
0.26
0.40
0.24
0.01
1.19
1.32
0.33
0.70
1.00
1.92
1.82
0.43
0.76
0.30
0.01
0.25
0.39
RFM
RFM
RFM
RFCP
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RVM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
2.40
2.05
1.70
0.24
0.54
1.59
1.73
1.46
1.33
NA
NA
1.61
2.64
2.46
2.08
0.86
2.42
2.14
2.18
1.63
2.01
1.64
NA
1.15
4.08
1.04
0.27
1.13
1.55
3.51
1.46
NA
1.54
2.15
Q3
Q2
Q1
0.72 4.07
3.27 8.66
3.36 8.83
0.54 3.92
0.31 3.22
3.05 7.30
3.59 8.59
3.54 8.83
8.55 17.50
2.33 2.16
1.60 4.73
0.83 3.67
0.84 4.76
1.30 4.61
1.22 4.83
1.10 0.80
1.45 4.91
1.88 4.29
2.25 5.29
1.50 6.35
1.25 0.17
0.06 3.28
1.22 2.62
2.54 6.73
3.48 7.74
5.20 15.33
0.38 5.75
0.01 7.14
2.76 5.85
0.28 4.09
2.02 4.67
1.14 4.18
3.73 7.12
3.21 6.99
3.59
1.66
2.81
0.01
3.21
2.63
3.66
3.34
4.70
2.66
2.16
2.36
3.89
3.08
0.00
1.29
1.96
0.24
0.24
0.25
0.01
1.21
1.29
0.25
0.71
0.52
2.76
2.39
0.39
0.18
0.29
0.01
0.24
0.37
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM

lity
tion type
(%)
Q4
3.12 4.33 35.82

2.54 6.62 44.94
4.06 6.51
NA
1.65 8.67
NA
1.02 2.83
NA
2.82 5.36 62.35
3.97 6.44 101.33
5.24 6.59
NA
14.65 10.65
NA
NA 3.05
NA
NA 4.71
NA
2.65 3.47
NA
2.37 4.89 88.73
1.99 4.70 88.54
2.89 4.46
NA
3.78 1.23
NA
0.79 4.20
NA
0.51 3.84
NA
0.27 4.31
NA
0.88 5.94
NA
6.88 0.29
NA
1.78 3.01
NA
NA 2.47
NA
0.49 5.63
NA
0.65 5.56 67.04
9.04 10.34
NA
1.08 3.49 42.00
1.28 5.62
NA
2.22 5.01
NA
5.70 3.37 44.43
0.99 3.98
NA
NA 2.43
NA
3.54 6.09
NA
2.13 5.89
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.20
1.90
2.00
1.70
1.45
2.00
2.00
2.00
1.70
1.40
1.40
1.25
2.00
1.25
1.25
0.50
1.40
1.20
1.20
1.20
1.25
1.35
1.75
1.25
1.18
1.50
1.60
1.40
2.00
1.60
1.50
1.35
1.55
1.50
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
1.00
3.00
2.00
3.00
1.00
0.00
3.00
1.00
3.00
3.00
3.00
0.00
0.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
1.00
0.00
1.00
0.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.35
0.10
0.10
0.10
0.05
0.10
0.25
0.10
0.05
0.10
0.10
0.25
0.20
0.10
0.10
0.05
0.15
0.10
0.10
0.10
0.10
0.15
0.15
0.10
0.00
0.20
0.20
0.10
0.10
0.10
0.15
0.25
0.20
0.15
Custody
235
236
1.99
0.05
0.04
2.05
0.08
1.98
0.03
0.41
2.05
4.51
1.17
0.03
2.66
1.27
0.64
1.57
0.61
0.21
2.67
0.01
0.31
1.81
1.66
3.25
4.05
1.90
1.48
0.88
3.03
0.83
0.14
1.90
0.10
1.82
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
GRF
RFM
1.92
0.87
1.75
1.91
1.47
0.13
0.24
1.38
0.63
0.96
3.16
1.73
0.44
2.20
0.02
0.20
1.25
3.47
0.24
7.91
1.20
2.65
2.76
0.98
2.97
0.70
2.91
1.05
0.71
0.14
2.79
0.93
0.42
0.38
5.82
4.04
6.07
4.64
4.34
1.89
1.52
4.33
4.75
3.34
13.50
4.92
6.54
7.67
0.53
1.27
3.47
9.43
8.20
12.96
3.57
7.84
4.21
4.87
5.39
4.28
3.93
3.91
3.62
3.65
6.31
4.58
0.23
3.29
1.95
0.19
0.17
2.13
0.31
2.23
0.05
1.23
3.39
3.98
1.27
0.07
2.46
1.34
0.41
1.67
0.68
0.20
0.68
0.01
0.37
1.69
0.94
3.32
4.07
1.79
1.06
0.76
2.95
1.23
0.06
1.78
0.04
3.40
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
GRF
RFM
1.73 4.87
0.79 2.97
0.70 4.20
0.91 3.13
1.50 4.57
0.11 1.98
1.04 1.49
0.49 6.79
0.50 3.16
1.64 3.13
1.91 9.76
1.42 3.84
0.25 3.59
2.51 5.76
1.07 0.68
0.78 1.71
1.28 3.53
0.12 6.63
0.16 1.51
6.32 14.64
1.55 2.82
1.61 5.96
0.90 3.46
0.56 3.69
1.70 5.14
1.62 2.72
0.83 3.00
0.59 2.63
0.43 3.12
1.75 2.51
2.38 5.05
1.28 4.05
0.47 2.83
0.01 2.03
0.47
0.38
0.33
2.10
0.64
2.55
0.04
1.00
0.95
3.97
0.41
0.10
2.74
1.22
0.37
1.56
0.71
0.04
0.68
0.01
0.27
1.56
0.87
4.31
4.80
1.61
0.92
0.75
3.23
0.81
0.01
1.82
1.24
2.52
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
4.27
4.00
6.03
5.85
3.73
1.71
5.45
6.45
7.54
3.88
8.56
5.19
7.51
9.47
0.83
0.76
3.15
9.10
2.54
7.91
3.72
7.48
1.38
4.20
3.78
3.82
4.28
3.03
4.22
2.91
6.95
4.20
0.07
2.90
Q3
Q2
3.78 8.57
1.77 4.66
3.14 6.93
1.14 5.41
4.16 8.02
1.81 3.95
0.28 1.05
3.87 12.45
1.18 4.24
0.82 4.29
9.17 19.15
2.30 6.22
0.41 5.86
8.79 12.34
0.08 0.87
0.42 2.88
1.64 5.37
2.36 7.94
0.28 2.09
0.75 6.51
1.78 4.46
4.55 9.58
2.25 5.99
1.06 3.59
1.93 6.85
1.52 4.02
1.91 5.16
1.14 4.29
0.79 5.99
0.92 4.29
3.87 8.76
3.43 8.53
2.12 5.68
1.15 2.19
0.88
0.35
0.31
2.82
0.45
0.01
0.01
0.61
1.95
3.29
0.93
0.03
2.37
1.19
0.53
1.52
0.96
1.41
0.19
0.01
0.22
1.53
0.71
3.17
3.40
1.57
0.86
0.73
3.28
1.10
0.06
1.77
2.10
3.47
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM

lity
tion type
(%)
Q4
2.41 6.13 60.96

0.56 3.97
NA
2.19 5.91
NA
0.00 4.88
NA
3.10 5.46 39.61
2.46 2.56 30.16
5.21 2.99 35.59
2.88 8.11 34.09
2.54 5.19 48.96
1.41 3.70 41.57
6.74 13.45 49.72
1.73 5.13 65.55
2.44 6.05
NA
4.23 9.30 102.20
1.75 0.75 29.31
0.84 1.84 37.58
0.94 3.99
NA
0.47 8.37
NA
0.63 1.81 25.41
0.63 11.09
NA
0.11 3.70
NA
1.52 7.85
NA
4.31 4.13 26.05
3.04 4.12
NA
0.88 5.43
NA
0.68 3.77 78.74
3.37 4.18 56.50
0.21 3.54 37.11
1.68 4.39 71.20
2.76 3.42 77.60
1.08 6.93
NA
1.44 5.67
NA
0.95 3.19
NA
2.34 2.65
NA
Yield
since
Yield Volati1995
(%)
lity
2000
2.00
1.50
1.50
1.75
1.75
1.50
2.00
2.25
1.50
2.00
1.00
1.75
1.00
1.50
1.30
1.25
1.25
1.00
1.50
1.50
1.60
2.00
1.00
1.50
1.50
1.10
1.50
1.18
0.50
1.50
1.45
1.25
1.75
1.35
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
1.00
0.00
0.00
0.00
2.00
1.00
0.00
0.00
0.00
0.00
3.00
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
1.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
Q1
CAJA LABORAL PT FIM .......................... 1.65

CAJABURGOS MIXTO I FIM................... 1.33
CAJABURGOS MIXTO II FIM.................. 2.06
CAJASUR MIXTO FIM............................. 2.18
CAM MIXTO 25 FIM............................... 1.10
CANTABRIA RENTA 20 FIM.................... 0.67
CASFONDO FIM .................................... 4.17
CATALUNYA FONS FIM.......................... 2.94
CATALUNYA GLOBAL FIM ..................... 3.64
CHASE RENTA FIJA FIM .......................... 1.57
CHIP FUND FIM..................................... 4.03
CITIFONDO LIDER FIM.......................... 0.93
COVAP FONDO FIM.............................. 2.73
CUENTAFONDO AHORRO FIM ............ 13.97
DB GLOBAL FIM .................................... 0.58
DINFONDO FIM .................................... 0.68
DOS MIL FC MIXT FIM........................... 0.70
ESPIRITO SANTO PLUS FIM ................... 5.47
EUROAGENTES RENTA FIM ................... 0.05
EUROVALENCIA AHORRO FIM ............. 0.74
EUROVALOR MIXTO-15 FIM ................. 1.36
EUROVALOR MIXTO-30 FIM ................. 4.32
FG RENTA FIJA FIM................................. 0.22
FIBANC MIX. RF EUR. FIM ..................... 2.40
FIBANC-MIXTO RF FIM .......................... 2.42
FINANCIALFOND FIM............................ 1.31
FINESFONDO FIM.................................. 0.63
FOMODI FIM.......................................... 1.84
FON 2.000 FIM....................................... 2.77
FON FINECO AHORRO FIM .................. 2.07
FONBILBAO MIXTO FIM........................ 3.39
FONBUSA MIXTO FIM ........................... 1.71
FONCAIXA 26 MIXTO 25 RV FIM .......... 0.31
FONCAIXA FC MIXT 60 FIM................... 0.80
(Continued)
0.40
0.10
0.10
0.20
0.15
0.40
0.13
0.40
0.40
0.00
0.15
0.40
0.10
0.11
0.10
0.10
0.10
0.10
0.30
0.15
0.00
0.00
0.17
0.10
0.20
0.07
0.15
0.00
0.00
0.23
0.10
0.12
0.00
0.15
Custody
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RVM
0.10
0.47
0.17
2.90
0.92
2.50
0.05
1.32
20.84
0.75
3.66
2.56
4.69
1.79
1.09
1.02
2.09
0.61
2.48
1.67
1.12
0.29
2.40
1.07
1.81
2.46
0.66
1.25
1.88
0.79
2.87
0.73
1.60
3.17
5.71
3.30
2.02
4.72
2.62
7.18
5.15
5.45
33.96
5.63
8.70
6.20
10.10
5.11
3.56
3.38
5.53
2.61
3.86
3.06
2.77
5.99
5.76
4.13
6.05
5.72
0.88
3.70
3.89
6.92
6.81
2.91
4.76
8.50
3.75
2.68
2.68
1.34
0.01
1.00
0.82
1.90
0.00
0.47
1.23
1.28
1.18
2.64
0.18
0.14
2.97
3.79
1.10
2.71
0.73
2.72
1.76
0.36
0.68
1.44
0.67
0.99
1.61
0.76
1.86
3.64
3.07
3.62
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RVM
0.43 3.40
0.01 2.05
0.63 1.47
1.44 3.23
1.06 2.03
0.29 5.26
1.12 4.48
1.08 4.30
43.85 17.26
3.91 12.57
0.14 5.10
0.40 3.48
0.09 5.78
1.26 3.51
1.42 2.58
1.22 2.44
0.13 2.85
0.94 1.76
1.34 3.26
1.72 1.59
2.24 3.24
0.52 4.09
0.53 4.22
0.84 2.98
0.29 4.43
1.24 4.22
0.95 0.50
0.36 3.65
0.68 4.18
1.02 4.43
2.05 5.24
1.22 1.89
1.39 3.27
1.76 5.61
2.77
1.77
2.62
1.64
0.01
0.85
1.08
1.76
0.00
0.02
0.94
0.83
0.82
2.90
0.16
0.10
3.13
3.57
0.92
4.17
0.57
2.45
1.53
0.45
0.73
1.42
0.52
1.00
1.67
0.77
1.71
4.06
3.88
3.57
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFLP
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
2.42
1.44
2.87
1.00
0.01
1.13
0.00
1.89
0.00
0.45
2.91
2.88
2.40
2.89
0.26
0.20
2.29
3.97
1.32
3.06
1.30
2.61
1.72
0.25
0.52
1.39
0.53
1.23
2.02
0.82
1.75
3.41
3.12
9.96
Q3
Q2
Q1
0.47 4.35
0.42 2.83
0.42 3.33
1.29 7.43
1.16 7.32
3.86 7.67
3.11 8.42
2.94 8.78
63.42 825.40
7.86 15.54
3.50 8.82
2.31 6.46
4.13 10.37
1.57 6.33
1.10 4.49
1.21 4.35
1.03 3.78
2.14 0.96
3.56 7.01
1.72 3.12
0.46 2.65
1.15 7.23
1.00 6.09
2.02 4.62
3.79 8.01
2.83 6.60
1.01 2.01
1.86 5.30
3.12 7.05
2.42 8.56
4.94 8.30
0.70 2.07
1.39 4.77
4.81 9.36
3.25
2.73
2.35
1.98
0.01
0.91
0.90
1.89
0.00
0.01
1.11
0.86
0.41
2.40
0.10
0.06
2.64
0.01
1.15
3.26
0.03
2.97
1.72
0.41
0.58
1.53
0.39
1.28
1.65
0.70
1.61
3.47
3.86
3.46
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM

lity
tion type
(%)
Q4
0.66 4.62
1.51 2.75
2.51 2.49
0.73 5.06
3.96 5.08
3.94 6.84
NA 6.23
0.17 5.98
85.69 415.72
4.80 10.69
3.81 7.55
1.90 5.39
4.67 9.05
0.67 5.35
2.14 4.37
1.32 4.10
0.91 4.90
5.46 2.21
3.99 4.83
2.37 2.82
7.21 3.65
1.92 5.85
0.93 5.50
0.76 4.02
4.91 6.09
2.48 5.42
3.32 1.20
1.72 4.27
2.03 4.81
1.77 6.52
3.51 6.72
2.92 2.42
0.90 5.12
1.95 8.56
NA
NA
72.56
NA
NA
36.84
NA
NA
NA
NA
25.72
NA
NA
NA
95.24
65.04
NA
NA
48.96
NA
NA
NA
31.75
NA
NA
41.97
NA
28.43
NA
NA
57.10
51.91
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
2.00
1.85
1.25
1.50
0.50
2.25
1.30
1.10
0.40
0.25
1.75
1.50
1.50
2.00
1.25
1.50
1.75
0.08
1.75
1.60
1.25
0.40
1.17
1.50
1.75
1.50
0.90
1.50
1.60
1.50
1.40
1.00
1.00
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.40
0.40
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.40
0.40
0.00
Min.
4.00
4.00
2.00
0.00
0.00
2.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.50
0.00
0.00
0.00
0.00
3.00
0.00
1.00
2.00
1.00
0.00
0.00
1.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
FONCAIXA MIXTO 25 FIM ..................... 0.73 4.72

FONCAIXA MIXTO 58 FIM ..................... 0.63 2.68
FONCENHIS FIM .................................... 1.61 2.72
FONCOLONYA FIM................................ 2.10 3.68
FONDALCARRIA FIM ............................. 0.76 1.61
FONDBARCLAYS 1 FIM.......................... 2.18 6.92
FONDESPAA CATEDRALES FIM...........
NA 1.38
FONDESPAA GLOBAL FIM .................. 3.11 4.06
FONDGALEA FIM................................... 12.01 68.21
FONDGESTION GLOBAL FIM................ 1.89 4.62
FONDIBAS FIM....................................... 3.62 6.86
FONDIBAS FUTURO FIM....................... 2.65 4.81
FONDIBAS MIXTO FIM .......................... 4.43 9.10
FONDMAPFRE MIXTO FIM .................... 2.84 5.96
FONDMUSINI III FIM ............................. 2.95 6.03
FONDMUSINI UNIVERS. FIM ................ 2.36 5.52
FONDO ETICO FIM................................ 1.89 6.55
FONDO RSA CRECIM. FIM..................... 1.66 2.95
FONDOSUR FIM .................................... 0.74 4.22
FONDPUEYO FIM .................................. 0.68 3.13
FONDTURIA FIM.................................... 3.23 5.29
FONDUNACSA FIM................................ 2.87 5.63
FONDUXO FIM...................................... 3.08 5.68
FONDVEDRA FIM................................... 1.53 4.13
FONFOMENTO FIM ............................... 0.95 5.26
FONGRUM FIM...................................... 1.64 4.79
FONINDEX EURO FIM ........................... 0.66 0.84
FONINDEX RENTA FIM .......................... 1.78 4.20
FONJ. RENTA PLUS FIM ......................... 2.36 3.03
FONLAIETANA 30 FIM ........................... 0.44 5.37
FONMUTUAL FIM.................................. 2.41 6.01
FONPASTOR 10 FIM............................... 1.72 2.63
FONPASTOR 25 FIM............................... 2.56 6.95
FONPASTOR 50 FIM............................... 4.54 9.97
(Continued)
0.00
0.15
0.20
0.15
0.00
0.20
0.15
0.15
0.00
0.05
0.10
0.10
0.10
0.40
0.10
0.20
0.10
0.02
0.40
0.07
0.25
0.15
0.22
0.10
0.00
0.40
0.20
0.15
0.40
0.40
0.12
0.00
0.00
0.40
Custody
237
238
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RVM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
3.14
5.79
2.32
4.94
0.62
0.67
1.00
2.18
0.49
0.67
1.25
1.00
0.29
0.84
2.38
1.48
0.40
0.56
1.09
1.69
3.12
1.20
0.36
0.31
1.26
1.92
1.16
0.42
0.80
0.72
1.68
2.37
3.35
0.80
7.63
10.16
6.60
14.01
4.01
4.56
1.92
10.13
5.58
3.26
7.59
2.81
5.51
4.93
5.30
6.22
4.01
3.65
3.75
7.19
7.12
1.66
4.54
0.57
6.15
6.21
4.04
1.88
6.72
6.86
6.15
4.89
14.53
6.29
0.08
0.60
2.68
0.64
2.76
0.17
0.93
0.76
1.81
2.23
1.27
1.59
2.75
3.24
3.25
1.26
2.31
1.77
2.87
1.42
1.29
1.44
0.36
0.35
0.30
1.35
1.65
1.63
4.27
4.36
2.53
2.82
1.34
2.73
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
1.95
2.31
0.69
4.27
0.57
1.65
2.05
1.61
0.46
1.08
0.61
0.95
0.02
1.52
1.13
0.06
0.52
1.41
1.23
0.06
2.36
1.17
0.48
0.98
0.72
2.08
1.44
1.05
0.32
0.29
1.92
1.23
1.72
0.55
5.28
5.57
4.94
9.82
3.11
2.45
1.34
6.93
3.93
2.66
6.42
1.72
3.43
3.39
3.86
4.83
2.64
2.61
2.87
5.27
4.93
1.44
3.15
0.21
4.34
5.28
2.92
1.65
4.22
4.23
4.01
3.89
8.75
3.56
1.09
0.67
3.21
0.47
3.20
0.13
0.88
0.90
2.28
2.17
1.68
1.67
2.87
2.96
4.12
2.18
2.25
1.79
1.89
1.22
1.19
1.45
0.56
0.57
0.39
1.15
1.33
1.35
4.01
4.15
2.51
2.81
1.05
2.94
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
1.80
1.44
2.35
0.60
2.55
0.17
0.97
1.22
2.10
3.20
0.95
0.88
2.33
3.12
3.46
0.62
2.90
1.43
2.36
1.39
1.23
0.94
0.46
0.25
0.26
1.48
2.16
3.53
3.38
3.20
2.69
1.58
1.17
2.74
Q3
Q2
Q1
4.88
3.86
0.59
6.80
0.85
4.02
0.24
5.76
3.31
0.33
4.42
1.73
0.41
0.81
4.85
3.67
0.69
0.40
0.57
3.70
3.79
0.42
0.57
1.20
3.33
3.45
0.91
0.26
0.71
0.74
1.37
1.46
7.95
0.28
8.67
9.98
9.17
16.83
6.01
7.65
1.51
13.38
8.35
4.39
9.97
1.64
4.64
4.69
7.47
10.09
3.65
3.87
4.47
10.45
8.88
2.08
4.37
0.19
6.91
9.28
4.56
2.50
5.66
5.64
5.27
5.64
18.08
5.49
3.14
1.15
3.24
1.48
3.30
0.19
0.79
0.66
3.61
2.25
1.06
2.70
3.62
3.64
3.41
0.76
2.03
1.89
2.12
1.03
1.41
1.50
0.41
0.54
0.40
0.99
1.27
1.23
4.06
4.17
3.13
2.62
1.03
2.63
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM

lity
tion type
(%)
Q4
4.77 7.15 48.62

1.45 9.37
NA
0.81 7.09
NA
3.11 13.63 125.27
1.00 4.64
NA
1.35 4.92
NA
2.38 2.42 36.64
3.42 10.41 40.31
2.44 6.26
NA
2.79 3.68
NA
0.25 7.87 42.86
4.62 2.43
NA
1.76 4.60
NA
2.23 4.82
NA
0.08 6.33
NA
1.97 7.75
NA
2.83 3.69 82.40
2.58 3.83
NA
1.20 3.87
NA
4.05 7.73
NA
2.73 7.04 54.09
1.13 2.19
NA
0.62 3.79 47.34
3.28 0.33
NA
2.24 5.94
NA
1.40 6.81 24.54
1.55 4.00
NA
1.33 2.00 45.86
1.90 5.83 74.85
1.88 5.72
NA
0.99 5.43
NA
2.03 4.83
NA
7.15 12.69 71.71
2.68 5.68
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.90
0.70
0.65
0.25
0.50
2.00
1.50
2.00
2.00
0.75
2.00
1.00
1.10
1.25
1.00
1.50
1.25
1.50
1.50
1.50
1.50
1.50
1.50
0.50
1.50
2.00
0.90
1.75
1.90
1.80
0.85
2.05
0.85
0.30
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
5.00
5.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
7.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
4.00
0.00
3.00
5.00
1.50
3.00
0.00
0.00
2.00
2.50
0.00
0.00
0.00
1.00
0.00
1.00
1.00
0.00
0.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
FONPENEDES MIXT FIM ........................ 1.39 6.43

FONPROCURADOR 3 FIM..................... 6.34 10.68
FONPROCURADOR II FIM..................... 3.10 6.96
FONQUIVIR FIM .................................... 4.90 12.74
FONSAVIA FIM ....................................... 1.91 4.90
FONSMANLLEU BORSA FIM.................. 3.17 3.14
GESEGUR RENTA FIM ............................ 3.61 3.87
GESTI GLOBAL FIM................................ 3.10 10.06
GESTINOVA EUR.MIX30 FIM ................. 1.86 6.32
GIROFONS FIM...................................... 1.34 4.16
GLOBAL VARIABLE FIM ......................... 5.05 6.87
HERRERO BOLSA 10 FIM ....................... 0.87 3.17
HERRERO FUTURO FIM......................... 1.04 4.59
HISPAMER MIXTO R.F. FIM .................... 2.38 5.91
HSBC GLOBAL 2 FIM ............................. 6.54 7.64
HSBC RENTA MIXTA FIM........................ 7.52 8.56
IBER FONDO 2000 FIM.......................... 2.01 4.26
IBERAGENTES 2000 FIM......................... 2.13 4.85
IBERAGENTES RENDIM. FIM.................. 1.65 4.19
IBERCAJA EUROPA FIM .......................... 1.42 7.06
IBERCAJA RENTA FIM ............................. 1.95 6.53
IBERCUENTA FT PLUS FIM..................... 0.76 3.14
IM 93 RENTA FIM ................................... 1.07 2.79
INDEXFONDO FIM ................................ 0.76 0.11
INVERGRANADA FIM............................. 1.69 6.03
INVERKOA FIM....................................... 2.00 5.63
INVERMANRESA 2 FIM........................... 2.21 4.26
INVERMANRESA FIM.............................. 0.97 1.83
INVERSABADELL 25 FIM ........................ 2.32 6.39
INVERTECNOCREDIT FIM ...................... 2.17 5.86
JORGE JUAN 28 FIM .............................. 2.18 6.00
KUTXAMIXTO 2 FIM .............................. 0.59 4.73
LAREDO FONDO FIM............................ 2.59 5.02
LEALTAD GLOBAL FIM........................... 2.67 6.82
(Continued)
0.00
0.10
0.05
0.15
0.00
0.20
0.13
0.15
0.10
0.10
0.17
0.20
0.20
0.20
0.25
0.20
0.10
0.08
0.08
0.40
0.40
0.08
0.10
0.00
0.15
0.00
0.10
0.15
0.20
0.10
0.20
0.20
0.05
0.05
Custody
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFLP
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
0.81
0.80
2.20
1.82
3.12
2.75
0.73
0.81
2.16
3.11
2.06
3.31
1.33
2.25
1.89
1.96
4.31
0.39
0.16
0.12
2.99
2.73
5.84
NA
0.14
0.41
1.25
0.92
2.21
1.82
2.17
0.78
1.52
1.42
0.28
0.33
7.21
4.12
6.29
7.52
2.64
0.89
5.17
3.96
11.74
11.14
3.49
6.84
3.50
6.13
10.06
3.54
5.90
9.03
7.23
6.82
14.03
NA
7.21
3.99
4.23
1.21
5.49
3.80
5.47
6.28
5.80
5.22
1.18
0.94
1.98
1.13
1.76
0.43
3.76
3.05
0.78
1.08
8.34
0.97
0.49
0.82
0.97
1.14
1.64
0.81
1.55
1.03
1.52
0.80
1.62
NA
2.22
0.38
2.31
0.01
0.86
1.25
0.54
0.84
0.82
0.27
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
1.14 0.11
0.91 0.30
2.85 5.63
0.86 3.94
0.68 3.95
0.40 5.10
1.05 2.44
2.05 2.85
0.33 3.13
0.65 2.97
2.78 6.87
1.78 5.31
0.96 2.87
1.45 4.31
1.15 2.33
0.58 4.71
0.52 6.39
0.20 2.36
0.45 3.60
0.81 4.98
1.38 5.08
1.62 4.89
1.69 12.10
NA
NA
3.30 12.91
0.29 1.97
1.55 3.59
0.31 1.38
1.10 4.05
1.36 3.57
1.39 4.96
0.55 4.09
0.14 4.26
0.38 3.53
1.24
1.03
2.17
2.08
1.32
0.30
4.33
3.03
0.32
0.91
5.51
0.90
0.50
0.81
0.92
1.16
1.39
0.75
1.52
0.90
1.45
0.85
2.83
NA
1.89
0.27
2.07
0.05
0.72
2.47
0.44
0.65
0.68
0.43
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFCP
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
1.14
0.93
2.25
1.09
1.68
0.48
4.21
3.33
1.68
1.35
8.23
1.44
0.96
0.85
1.09
1.21
2.77
1.16
1.28
1.19
1.88
0.85
1.84
NA
0.01
0.56
2.49
0.01
0.77
1.66
0.47
0.58
0.61
0.10
Q3
Q2
Q1
1.27
1.16
4.18
1.72
2.00
8.98
0.86
3.68
2.48
1.83
4.60
3.67
1.47
3.02
0.66
2.51
4.41
0.96
0.51
0.30
4.00
4.69
12.38
NA
9.25
0.76
0.17
0.48
1.89
1.42
3.69
1.02
2.33
2.96
0.07
0.10
9.89
5.99
5.57
9.97
2.11
6.90
4.91
4.93
8.95
9.91
4.16
8.51
3.47
7.36
11.17
3.24
5.46
7.53
8.67
10.03
21.06
12.49
17.09
1.75
4.93
1.45
4.73
4.67
7.80
6.68
7.35
5.88
1.59
0.91
1.96
1.74
1.35
0.25
3.15
2.92
0.36
0.76
3.80
1.62
0.50
1.41
0.84
0.89
1.98
1.03
1.79
1.23
1.93
0.76
1.63
0.01
1.88
0.18
1.85
0.01
0.30
2.14
0.33
0.38
0.46
0.39
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM

lity
tion type
(%)
Q4
4.10 0.18
3.78 0.24
0.55 7.46
0.33 4.52
3.28 5.94
7.74 7.56
2.39 2.45
0.15 3.82
2.63 4.92
3.64 4.10
4.72 9.73
1.89 9.63
0.08 3.58
1.02 6.53
0.91 3.36
2.30 6.25
5.17 9.05
3.69 3.25
2.41 5.38
7.59 7.90
3.00 7.09
3.84 7.24
10.41 15.12
NA 12.49
6.60 11.60
2.26 2.50
1.81 4.19
1.89 1.28
1.59 4.89
0.52 4.29
3.37 5.97
1.08 5.91
2.71 5.76
2.79 5.03
NA
NA
69.64
NA
57.55
NA
53.47
32.88
NA
52.88
NA
NA
NA
56.05
34.93
NA
50.56
NA
NA
NA
NA
28.28
NA
NA
NA
NA
54.63
NA
27.78
NA
76.95
NA
26.09
NA
Yield
since
Yield Volati1995
(%)
lity
2000
2.25
0.01
1.50
1.75
2.25
1.50
1.35
1.50
1.50
2.00
0.80
0.40
1.20
0.90
1.25
1.80
1.00
1.00
1.50
1.00
1.00
1.50
0.90
1.25
1.50
1.00
2.00
1.75
1.50
1.50
1.25
1.85
1.75
1.75
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
2.00
2.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
1.00
0.00
0.00
0.00
1.00
1.00
1.00
1.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
1.50
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
LEASETEN I FIM (**)................................ 0.83 0.19

LEASETEN III FIM (**).............................. 0.87 0.11
LUSO VALORES FIM............................... 3.18 6.23
MAPFRE PROGRESIVO FIM.................... 2.42 3.56
MARCHFONDO FIM.............................. 1.19 7.37
MATCHED FIM ....................................... 3.81 6.50
MEDIFOND FIM ..................................... 1.20 2.57
MERCAPATRIMONIO RF FIM ................. 0.77 0.90
MG AHORRO FIM.................................. 7.21 5.80
MULTIGESTORES FIM............................. 0.65 4.23
MUTUALFASA 2 FIM .............................. 9.04 10.46
MUTUALFASA 3 FIM .............................. 7.48 10.86
NAVARRA MIXTO 15 FIM....................... 1.80 3.62
OPEN FUND FIM ................................... 2.91 5.64
PATROFONDO FIM................................ 0.53 3.91
PENTAFONDO MIXTO FIM.................... 1.63 6.46
PLUSAHORRO FIM ................................ 4.22 7.66
PLUSMADRID 15 FIM ............................ 2.11 3.67
PLUSMADRID 25 FIM ............................ 2.51 6.18
PLUSMADRID AH. EURO FIM ............... 8.02 9.23
PLUSMADRID AHORRO FIM................. 2.74 6.83
PSN PLAN DE AHORRO FIM ................. 2.06 6.09
RENTA 4 ACTIVO FIM ............................ 6.79 10.77
RENTA 4 EUROCANARIAS MIXTO FIM..
NA
NA
RENTA 4 INDICE FIM (**) ....................... 0.51 4.64
RENTA 4 TES-BOL FIM............................ 1.62 1.43
RENTRIFONDO FIM............................... 1.70 3.84
RURAL GES. DINAMICA FIM.................. 1.14 1.00
RURAL GIJON UNO FIM........................ 1.46 5.15
RURAL MIXTO 25 FIM............................ 1.42 4.92
RV FOND FIM ........................................ 1.16 5.10
SAFEI FOMENTO EURO FIM .................. 1.88 6.22
SAFEI MIXTO DEUDA FIM...................... 1.02 5.15
SAN FERNANDO MIX FIM ..................... 1.23 5.14
(Continued)
0.00
0.00
0.15
0.10
0.00
0.14
0.25
0.10
0.01
0.20
0.20
0.20
0.05
0.10
0.15
0.12
0.20
0.10
0.10
0.10
0.10
0.15
0.10
0.10
0.20
0.20
0.25
0.10
0.15
0.00
0.10
0.00
0.12
0.40
Custody
239
240
2.09
4.32
1.95
6.34
4.09
2.28
7.03
5.96
4.85
0.11
4.73
5.54
4.11
2.06
6.58
14.38
1.04
5.38
5.84
5.56
6.18
4.42
7.91
11.71
7.48
5.19
1.80
3.23
1.66
2.39
1.60
0.01
2.62
3.25
0.77
0.01
3.48
3.22
2.29
2.55
1.23
2.69
0.20
1.56
1.53
1.55
0.78
3.03
0.40
1.58
1.12
1.45
RFM
RFM
RFM
RFM
RFM
GRF
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
GRF
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
0.74
2.46
0.63
1.56
0.90
1.19
1.58
3.76
1.18
0.43
2.67
1.63
0.67
1.08
1.86
2.57
0.35
0.68
0.69
0.01
1.77
1.00
0.05
2.68
4.56
1.03
1.66
2.97
1.57
5.04
3.07
1.01
4.55
6.76
3.53
0.12
2.68
4.73
2.95
1.28
5.66
5.28
3.36
4.26
4.22
4.30
5.08
3.83
1.35
5.29
6.04
2.97
1.80
2.74
1.69
3.66
1.80
0.01
3.11
4.40
0.70
0.01
5.02
3.51
2.11
2.90
0.34
2.40
1.42
1.11
1.40
1.31
0.87
3.56
0.62
1.66
0.57
1.52
RFM
RFM
RFM
RFM
RFM
GRF
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
GRF
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.25
1.99
0.03
3.19
1.58
1.67
0.33
1.14
0.20
0.27
2.10
2.28
1.73
0.33
3.12
4.40
0.15
1.18
2.83
0.45
2.75
2.08
0.56
5.22
5.99
1.98
Q3
Q2
Q1
1.29 1.71
2.06 2.52
1.61 1.67
0.61 5.96
1.27 4.84
0.85 6.97
0.12 6.39
5.38 8.79
1.90 5.05
0.63 0.14
2.50 5.65
2.40 7.12
0.03 4.69
1.85 1.12
5.04 10.18
4.00 9.45
1.46 4.78
1.81 5.17
1.82 5.23
1.12 4.48
4.11 8.55
0.85 5.29
1.18 0.73
4.13 9.67
2.31 6.82
0.81 4.89
1.88
2.66
1.87
3.73
1.77
0.13
3.17
4.39
1.68
0.01
4.44
4.00
1.92
3.45
0.97
2.20
1.62
1.61
1.44
2.09
1.01
3.96
0.46
1.18
0.27
1.39
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM

lity
tion type
(%)
Q4
2.87 2.08
6.23 3.47
3.37 1.96
0.38 5.78
NA 4.04
4.27 1.25
2.73 6.06
1.12 6.92
3.19 229.65
1.75 0.12
1.74 4.88
1.14 5.74
1.11 4.38
3.43 1.72
4.45 7.27
1.30 10.98
1.16 2.98
0.51 4.86
2.60 5.59
0.88 5.66
3.27 6.52
0.66 4.86
1.47 4.47
2.82 9.44
24.42 11.29
0.86 4.45
NA
NA
51.95
82.82
NA
NA
NA
64.61
NA
NA
NA
41.38
78.28
55.55
NA
33.48
NA
NA
66.27
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.35
1.40
1.50
1.50
1.40
1.15
0.75
1.50
1.25
1.40
1.00
1.50
1.25
0.75
1.60
1.25
1.30
1.30
2.00
2.00
1.75
1.50
1.50
1.40
0.80
1.75
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
5.00
0.00
5.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
5.00
0.00
0.00
3.00
2.00
5.00
0.00
5.00
0.00
0.00
0.00
0.00
3.00
1.40
0.00
1.00
1.00
0.00
0.00
1.00
0.00
0.50
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
SANT. RENTA ACTIVA FIM...................... 1.06 2.69 2.28 RFM

SANT.ESTRUCTUR.RFM FIM (*).............. 0.40 3.78 3.32 RFM
SANT.RENTA ACTIVA 2 FIM.................... 1.12 2.50 2.03 RFM
SANTANDER 80/20 FIM.......................... 1.48 5.64 2.19 RFM
SANTANDER EUROCANARIAS M. FIM ..
NA 7.06 0.01 RFM
SANTANDER FV MIXTO FIM.................. 0.50 1.88 0.11 GRF
SANTANDER GROWTH FIM .................. 1.59 5.99 1.49 RFM
SANTANDER MIXTO FIM ....................... 1.88 5.53 2.49 RFM
SANTANDER SOLIDARIO FIM................ 0.29 458.61 0.86 RFM
SEGUNDA GENER.RENTA FIM............... 0.41 0.12 0.01 RFM
SHERPA RENTA MIXTA FIM .................... 0.27 5.76 3.19 RFM
SINDIRENTA FIM .................................... 2.00 5.21 2.91 RFM
SWISS PATRIMONIO FIM ....................... 2.24 5.35 2.10 RFM
TECNIFONDO FIM................................. 0.80 2.13 2.30 RFM
UNIFOND FIDELIDAD FIM .................... 1.97 5.54 0.31 RFM
UNIVERFONDO FIM.............................. 4.85 12.54 2.87 RFM
URQUIJO AHORRO 2 FIM..................... 0.50 1.91 0.13 GRF
URQUIJO AHORRO FIM........................ 2.89 4.49 1.55 RFM
URQUIJO CAPITAL FIM.......................... 1.39 6.73 1.52 RFM
URQUIJO EURO FIM.............................. 2.48 7.66 1.76 RFM
VALENCIA MIXTO FIM ........................... 1.92 5.60 0.57 RFM
ZAMORA FONDO FIM........................... 1.30 5.65 3.21 RFM
ZARAG. RENTA PLUS FIM...................... 0.90 3.93 0.52 RFM
ZARAGOZ.DEUDA MIXTA FIM .............. 4.15 9.78 2.17 RFM
ZARAGOZANO AHORRO FIM .............. 14.92 19.17 11.13 RFM
ZURICH AHORRO MIXTO FIM.............. 0.94 4.39 0.93 RFM
(Continued)
0.25
0.10
0.10
0.40
0.10
0.15
0.05
0.25
0.10
0.07
0.07
0.20
0.12
0.05
0.40
0.40
0.20
0.20
0.40
0.40
0.30
0.25
0.10
0.10
0.20
0.10
Custody
RVM
RVM
RVM
RVM
GRF
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
FGL
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
2.14
8.34
7.25
4.20
1.41
NA
NA
1.35
NA
NA
5.49
2.19
3.58
5.80
NA
11.84
NA
NA
3.03
7.67
4.43
2.44
1.32
4.23
3.55
NA
NA
2.33
3.92
3.31
3.88
2.71
4.05
3.91
11.69
21.22
13.19
10.74
6.59
4.55
5.04
6.64
3.64
3.92
11.97
11.82
13.28
11.99
10.16
16.59
7.31
11.04
7.84
16.11
11.46
10.89
6.64
10.19
13.99
14.42
15.61
9.66
14.69
14.25
16.83
6.17
14.46
13.57
0.13
0.01
0.57
0.26
0.04
0.00
0.00
1.76
0.00
0.00
0.01
0.78
1.69
2.71
2.31
0.01
0.06
0.09
0.39
0.91
0.87
1.82
1.67
1.19
2.96
0.01
0.01
2.04
1.75
1.17
2.17
0.00
0.84
2.59
RVM
RVN
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
FGL
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVMI
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
GRF
RVM
RVM
1.57
0.90
3.93
0.30
1.30
1.65
0.60
1.51
1.60
0.77
1.69
0.15
1.26
2.06
2.11
8.91
0.57
0.04
1.15
1.73
0.54
0.54
1.97
2.00
1.02
0.32
0.38
1.05
1.88
1.99
2.49
1.99
0.35
0.52
6.56
12.71
9.79
6.59
4.08
7.45
10.65
4.79
5.74
8.23
7.74
7.93
9.14
8.85
9.19
14.79
4.93
7.23
5.36
11.93
8.52
6.64
5.09
7.33
8.92
8.31
8.27
6.18
9.28
9.13
11.17
4.30
8.88
8.90
0.29
0.04
0.26
0.28
0.03
0.00
0.00
1.61
0.00
0.00
0.02
0.80
0.02
0.13
0.01
0.01
0.04
0.06
0.39
0.05
0.39
1.31
1.83
1.04
4.26
0.00
0.00
2.64
2.12
1.56
2.41
3.35
0.87
2.50
RVM
RVN
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
GRF
RVM
RVM

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.06
0.79
0.55
0.08
0.06
NA
NA
3.23
NA
NA
0.01
0.93
0.87
0.91
NA
0.01
NA
NA
0.72
2.72
1.00
2.95
2.24
1.40
3.75
NA
NA
2.06
1.85
1.29
1.61
0.69
1.06
3.31
Q3
Q2
Q1
Q4
3.13
13.69
10.76
6.43
3.20
7.28
4.40
3.56
4.98
1.43
9.61
5.00
4.67
9.83
4.46
28.13
3.84
6.24
4.72
7.78
12.75
2.54
3.62
5.93
2.75
10.22
10.17
5.10
7.45
7.41
8.78
3.86
5.10
5.30
9.59
20.91
19.02
11.62
6.40
15.00
11.90
6.88
9.01
9.99
15.34
12.09
15.39
17.22
15.57
28.39
8.82
12.96
9.83
18.46
17.98
14.53
9.69
13.73
11.46
17.20
17.33
11.88
16.72
17.01
20.34
18.24
14.48
14.77
0.24
0.02
0.65
0.31
0.01
0.00
0.00
2.13
0.00
0.00
0.02
0.59
0.01
0.12
0.01
0.01
0.02
0.04
0.41
1.60
3.16
3.36
2.87
1.84
5.20
0.00
0.00
3.26
3.14
1.93
3.45
3.94
1.07
2.83
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM

lity
tion type
(%)
FIM MIXED EQUITY (RVM)
4.81
16.00
12.30
8.05
2.08
NA
NA
0.41
NA
NA
6.92
3.93
6.60
10.05
NA
17.63
NA
NA
3.13
10.66
13.38
7.11
2.19
4.68
0.83
NA
NA
6.28
10.41
10.24
12.50
5.48
5.31
5.83
NA
10.30
18.60 104.07
14.19 93.67
9.90 75.60
NA
6.16
NA
10.76
NA
10.30
NA
6.09
NA
6.94
NA
8.33
NA
11.88
NA
12.30
NA
13.49
NA
12.87
NA
12.06
20.45 23.34
NA
7.20
NA
10.65
NA
7.77
NA
15.24
12.96 62.62
10.97
NA
7.68
NA
10.47
NA
13.53 33.03
13.83
NA
14.26
NA
9.49 106.98
13.92 99.62
NA
13.71
NA
16.34
NA
11.92
NA
12.98
12.91 165.04
Yield
since
Yield Volati1995
(%)
lity
2000
2.00
2.25
2.00
2.00
0.75
2.00
2.25
1.50
1.50
2.00
1.25
2.00
1.60
1.60
0.85
2.00
1.15
1.35
0.80
1.70
1.75
1.00
1.25
0.90
1.65
1.75
1.75
2.00
2.25
2.25
2.25
1.60
1.25
2.25
0.00
0.00
0.00
0.00
7.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
1.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
2.00
2.00
0.00
2.00
2.00
0.00
1.00
0.50
0.75
2.00
0.00
2.00
0.00
2.00
2.00
3.00
2.00
2.00
0.00
3.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
AC EUROMIX FIM .................................. 2.01 12.38

AEGON INVERSION MV FIM................. 7.15 18.02
AF RENTA VARIABLE FIM ....................... 1.95 12.87
AHORROFONDO FIM ........................... 2.27 9.83
ALCALA BOLSA FIM ............................... 1.29 7.11
ALLIANZ EMPREND. ESPAA FIMF........
NA
NA
ALLIANZ EMPREND. EUROPA FIMF.......
NA
NA
ALLIANZ MIXTO FIM.............................. 3.12 5.75
ALLIANZ MODERADO ESPAA FIMF....
NA
NA
ALLIANZ MODERADO EUROPA FIMF...
NA
NA
ARCALIA GLOBAL FIM........................... 7.14 10.86
ASTURFONDO MIX-RV FIM................... 3.55 16.00
ATLANTICO MIXTO 4 FIM ..................... 2.91 15.15
ATLANTICO MIXTO FIM ........................ 3.75 11.75
ATLANTICO MIXTO PREMIER FIM .........
NA
NA
AUREA MIXTO FIM................................. 19.36 17.43
BANCAJA FON. DE FONDOS 40 FIMF ..
NA
NA
BANCAJA FON. DE FONDOS 60 FIMF ..
NA
NA
BANCOFAR FUTURO FIM...................... 3.67 7.28
BANIF MIXTO FIM.................................. 3.14 13.48
BANIF UNIVERSAL FIM .......................... 3.32 11.70
BANKPYME EUROMIX 60 RV FIM.......... 6.70 10.26
BASKEPLUS FIM...................................... 5.37 8.36
BBK MIXTO FIM ..................................... 3.74 9.44
BBVA BONOS CONVERTIBLES FIM ....... 8.60 17.99
BBVA EXITO 1 FIMF................................
NA
NA
BBVA EXITO 2 FIMF................................
NA
NA
BBVA MIX 40 A FIM................................ 2.19 9.31
BBVA MIX 60 A FIM................................ 2.68 13.81
BBVA MIX 60 B FIM................................ 2.29 13.18
BBVA MIX 80 FIM................................... 2.34 15.57
BBVA OPCIONES 1 FIM (*)..................... 4.73 13.30
BCH MIXTO ACC. 2 FIM ........................ 3.62 13.24
BCH MIXTO ACCIONES FIM.................. 2.95 13.55
(Continued)
0.09
0.12
0.15
0.09
0.15
0.14
0.14
0.14
0.14
0.14
0.00
0.15
0.15
0.15
0.15
0.10
0.05
0.05
0.20
0.30
0.20
0.35
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.25
0.10
0.10
0.25
0.20
Custody
241
242
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RFM
RVM
5.85
0.98
0.23
4.58
6.03
1.78
3.15
NA
4.65
4.60
0.26
3.04
6.53
3.60
4.08
2.83
2.42
4.11
0.54
3.65
1.85
3.43
4.39
3.00
5.11
2.05
2.07
2.00
6.97
9.94
7.05
2.86
10.42
10.80
12.35
6.38
6.19
10.07
17.73
4.47
12.73
NA
9.38
9.39
4.66
9.53
13.13
13.05
21.37
15.13
11.95
10.73
14.96
11.39
16.41
8.25
10.65
5.10
11.06
13.29
7.11
7.99
19.77
21.97
19.61
11.81
20.89
20.98
1.70
0.12
1.67
1.87
0.09
0.07
0.06
NA
0.41
0.41
3.09
2.26
2.46
5.21
0.18
0.18
0.20
0.21
8.75
0.78
1.61
0.32
0.10
0.01
0.12
0.01
1.10
0.85
1.35
0.01
0.87
0.68
1.92
2.20
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RFM
RVM
1.26
0.32
4.61
2.35
1.09
1.88
1.06
NA
0.52
0.70
1.16
1.85
1.94
0.71
3.50
1.35
1.94
0.33
2.24
0.57
1.74
2.66
3.06
0.03
2.32
0.90
0.05
0.01
1.45
1.29
0.18
0.64
1.14
1.13
9.44
5.70
4.79
7.04
11.56
3.92
7.68
2.19
6.10
6.21
4.20
6.40
11.46
9.33
11.82
6.11
6.64
6.54
9.02
6.65
9.36
7.50
9.50
4.77
8.49
7.76
4.98
5.40
11.48
14.09
12.53
7.36
12.80
12.92
1.45
0.10
2.41
2.77
0.13
0.10
0.07
0.00
0.40
0.40
2.74
2.31
1.89
2.95
0.16
0.39
0.24
0.20
0.71
0.74
0.45
0.74
0.08
0.01
0.12
0.06
1.95
1.67
2.02
0.01
2.85
1.35
2.11
2.22
RVM
RVM
RVM
RVM
RVM
RFM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
1.74
0.19
2.51
1.34
0.12
0.16
0.09
NA
0.44
0.40
0.85
2.47
2.32
2.83
0.09
0.04
0.08
0.07
1.04
0.72
1.48
0.11
0.04
0.01
0.17
0.02
1.32
1.07
1.32
0.01
1.06
0.77
2.03
2.13
Q3
Q2
Q1
Q4
1.43
8.39
1.84
6.91
10.37
2.02
5.32
0.99
4.78
4.86
1.15
4.35
1.45
1.17
6.20
1.90
3.29
6.49
4.03
8.30
3.35
7.76
11.01
0.45
7.93
1.64
2.90
2.76
9.01
19.10
7.63
4.28
14.62
14.93
13.47
11.19
6.85
12.81
21.54
5.90
13.64
3.11
10.85
10.94
6.44
10.17
14.51
13.31
17.16
8.03
9.44
11.63
13.78
12.29
17.03
14.44
20.28
9.09
14.19
11.73
8.28
8.58
19.69
28.38
20.15
11.36
25.25
25.40
1.59
0.06
2.73
2.22
0.12
0.06
0.07
0.00
0.39
0.36
3.95
2.62
3.14
3.90
0.20
0.36
0.24
0.19
1.97
0.49
0.88
0.51
0.38
0.01
0.12
0.01
2.18
1.94
2.51
0.01
0.59
1.60
1.07
1.14
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM

lity
tion type
(%)
2.75
6.22
10.59
5.63
15.04
0.12
6.91
NA
5.43
5.26
0.32
2.22
3.75
3.15
11.30
1.39
5.67
8.01
0.01
8.45
4.94
7.62
11.55
1.40
8.68
3.05
3.00
3.61
14.23
8.46
6.45
2.38
17.37
18.05
11.72
8.16
6.60
10.07
16.95
4.83
11.74
2.72
9.23
9.30
5.23
9.05
12.44
11.85
17.82
11.61
10.40
10.00
15.08
10.43
14.18
10.06
13.55
8.45
11.13
11.42
6.66
7.04
16.62
23.57
19.16
10.91
19.86
19.92
128.95
32.14
NA
102.77
55.72
NA
NA
NA
97.25
NA
NA
NA
86.47
NA
NA
NA
NA
74.84
NA
NA
112.33
NA
NA
113.02
62.91
NA
NA
NA
NA
201.52
110.54
NA
148.21
146.85
Yield
since
Yield Volati1995
(%)
lity
2000
2.25
0.80
1.50
1.65
2.25
1.30
2.25
1.00
1.60
1.60
1.50
1.75
1.50
1.50
2.00
1.75
2.00
1.85
1.35
2.25
2.25
1.50
2.00
2.25
2.00
2.25
1.50
1.50
2.00
2.25
2.25
1.00
1.75
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
3.00
0.00
0.00
0.00
1.00
1.00
1.00
0.00
1.00
0.00
0.00
0.00
5.00
5.00
1.00
1.00
0.00
1.50
0.00
0.00
1.00
2.00
2.00
1.00
1.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
BCH MIXTO RV FIM ............................... 3.49 11.13

BCN MIXTO FIM..................................... 3.71 8.02
BESTINVER MIXTO FIM.......................... 7.94 7.97
BETA VALOR FIM.................................... 3.80 9.31
BG IZARBE FIM ...................................... 1.99 15.25
BG MIXTO 25 FIM.................................. 1.86 4.73
BG MIXTO 50 FIM.................................. 2.61 11.98
BK FONDO DE FONDOS FIMF..............
NA
NA
BK FONDO MIXTO FIM ......................... 3.63 9.78
BK MIXTO 2 FIM..................................... 3.66 9.85
BNP GLOBAL 30-70 FIM ........................ 0.07 5.34
BNP GLOBAL 50-50 FIM ........................ 3.52 9.51
BSN MIXTO ACCIONES FIM................... 2.51 10.10
BSN MX EUROPA 30-70 FIM.................. 0.93 11.25
C.GALICIA EUROBOLSA FIM ................. 2.17 19.50
CAI RENTA MIXTO 40 FIM ..................... 7.83 14.39
CAI RENTA MIXTO FIM .......................... 1.93 12.53
CAIXA GALICIA MIX FIM........................ 2.25 10.25
CAIXA INVERSIO 1 FIM.......................... 6.01 20.34
CAIXA POPULAR MIXTO FIM ................ 3.03 10.36
CAJA LABORAL CRECIM FIM ................. 1.98 12.53
CAM MIXTO 50 FIM............................... 1.01 8.27
CAM MIXTO 75 FIM............................... 0.87 10.60
CANTABRIA ACCIONES FIM .................. 5.03 12.39
CAVALRENTA FIM................................... 2.15 9.81
CITIFONDO AGIL FIM............................ 1.54 12.15
COMPAEURO FIM.................................. 1.96 5.73
COMPAEURO II FIM............................... 1.16 5.59
CRV FONDBOLSA FIM........................... 0.11 13.82
CUENTAFONDO BOLSA FIM................. 24.03 26.31
DB ALEMANIA FIM................................. 9.15 22.69
DB CRECIMIENTO FIM........................... 4.31 12.33
DB MIXTA FIM........................................ 6.83 18.04
DB MIXTA II FIM..................................... 6.79 17.90
(Continued)
0.20
0.13
0.13
0.10
0.35
0.20
0.35
0.10
0.40
0.15
0.15
0.00
0.15
0.10
0.15
0.15
0.15
0.40
0.40
0.15
0.40
0.40
0.40
0.40
0.30
0.10
0.00
0.00
0.40
0.13
0.10
0.00
0.10
0.20
Custody
DB PATRIMONIOS FIM ..........................

DINERO ACTIVO II FIM .........................
DIVERFONDO FIM.................................
EDELSTAHL FIM......................................
ESPIRITO STO VALOR FIM .....................
ETCHEVERRIA FONDO FIM ...................
EUROAGEN. PREVISION FIM.................
EUROAGENTES BOLSA FIM...................
EUROAGENTES CAPITAL FIM ................
EUROAGENTES UNIV. FIM ....................
EUROBANK GLOBAL FIM......................
EUROVALENCIA VCG FIM .....................
EUROVALOR MIXTO-50 FIM .................
EUROVALOR MIXTO-70 FIM .................
F. ANDALUCIA 2000 FIM .......................
FIBANC CRECIMIENTO FIM ...................
FIBANC MIX. RV EUR. FIM.....................
FIDEFONDO FIM....................................
FINVERBOLSA FIM .................................
FINVEREGA INTERNAC. FIM..................
FON FINECO GESTION FIM...................
FON FINECO I FIM.................................
FONALCALA FIM....................................
FONBOLSA FIM......................................
FONBOLSA STAR FIM ............................
FONCAFIX FIM.......................................
FONCAIXA MIXTO 29 FIM .....................
FONDANETO FIM ..................................
FONDBARCLAYS 3 FIM..........................
FONDCHART FIM ..................................
FONDCOYUNTURA FIM........................
FONDEGA BOLSA FIM...........................
(Continued)
12.66
4.24
9.83
18.69
12.63
4.10
9.43
14.31
13.88
1.34
9.55
23.52
11.41
15.45
14.61
9.14
10.25
9.35
11.51
17.09
3.42
6.72
7.98
18.50
4.67
10.03
7.40
15.02
15.14
9.86
9.79
9.46
14.00
12.66
0.89
0.43
1.49
0.64
0.02
0.95
0.00
0.25
0.01
0.00
0.41
0.01
1.74
1.82
3.75
3.89
3.45
0.76
1.71
0.19
0.28
0.33
0.10
0.01
0.01
0.01
2.28
0.93
2.16
2.00
0.72
0.01
0.02
0.75
RVM
RFM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RFM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
FGL
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
3.38
1.69
3.49
4.59
5.62
1.96
5.72
3.54
1.98
9.86
4.17
28.97
5.17
7.30
4.02
7.45
2.66
2.20
6.36
3.29
1.47
1.32
2.72
11.73
0.62
5.77
4.51
7.72
4.63
5.26
4.96
5.04
7.02
4.94
11.70
5.99
10.47
18.59
12.71
5.13
7.32
12.78
10.67
1.02
7.05
22.89
12.47
16.42
13.13
12.37
11.90
6.26
13.83
13.20
2.50
9.92
8.51
22.01
9.10
11.98
10.17
16.33
13.26
10.61
10.79
12.32
11.49
11.23
0.54
0.38
0.99
0.64
0.01
0.86
0.01
0.17
0.01
0.00
0.00
0.01
2.35
1.92
2.32
3.79
2.92
0.59
1.32
0.17
0.10
0.30
0.07
0.01
0.01
0.01
3.59
1.16
2.25
1.99
0.66
0.01
0.01
0.77
RVM
RFM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RFM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
FGL
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
0.46
1.51
1.04
0.50
0.54
0.03
3.57
3.16
3.53
7.27
0.09
0.99
1.89
2.60
5.99
3.54
0.07
1.39
0.06
3.50
2.45
3.63
1.47
3.24
0.71
1.24
2.75
3.08
1.02
1.20
1.39
2.71
4.49
0.10
7.49
4.91
5.77
11.57
9.37
3.53
6.64
8.26
8.83
8.14
3.51
21.45
9.55
12.63
13.55
10.95
6.98
3.11
12.91
9.21
1.67
7.29
5.32
15.85
5.45
8.01
7.17
11.11
8.11
19.44
17.10
11.43
8.46
8.99
1.15
0.38
1.59
0.84
0.01
0.82
0.01
0.23
0.01
0.00
0.01
0.01
2.17
1.51
3.15
4.60
4.23
0.68
2.18
0.19
0.44
0.53
0.04
0.01
0.01
0.02
2.52
1.52
4.45
1.94
0.55
0.06
0.01
0.97
RVM
RFM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RFM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
4.77
1.33
4.43
7.25
5.01
1.22
1.48
9.87
10.20
4.07
1.44
10.20
3.77
3.61
7.70
3.36
4.27
3.32
1.50
4.72
1.93
3.69
2.91
1.99
0.79
7.86
2.13
4.58
4.38
0.77
0.91
1.44
6.83
4.01
Q3
Q2
Q1
Q4
4.74
3.87
3.52
8.09
9.06
2.06
1.77
17.92
8.35
ND
0.51
10.48
8.22
10.78
15.02
8.40
1.19
1.82
12.82
3.37
1.28
9.54
3.57
19.40
0.60
10.33
5.85
9.65
2.34
7.79
8.31
8.82
5.65
4.78
11.34
7.80
7.69
18.93
17.85
4.17
8.76
20.14
12.42
46.94
2.91
30.08
16.02
21.60
26.35
18.12
11.88
5.54
23.43
14.56
4.58
21.67
8.30
33.14
9.00
16.18
11.50
17.99
13.82
13.45
13.52
17.23
14.38
12.60
1.74
0.23
1.82
0.84
0.01
0.58
0.01
0.40
0.01
0.01
0.01
0.01
1.75
1.93
4.20
3.45
4.22
0.68
3.63
0.18
0.27
0.69
0.02
0.01
0.01
0.03
3.49
2.45
2.57
2.28
0.79
0.07
0.02
0.81
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM

lity
tion type
(%)
3.13
2.80
1.75
5.49
9.38
2.78
2.66
10.27
2.50
ND
2.39
30.62
7.98
12.08
6.89
9.28
0.37
0.58
19.65
5.58
7.33
4.08
2.04
25.09
2.69
7.73
5.65
10.12
3.77
10.92
10.84
9.79
2.06
5.95
11.00
5.91
8.66
17.26
13.54
4.28
8.14
14.69
11.69
24.01
6.36
24.95
12.63
16.90
17.90
13.15
10.46
6.47
16.17
13.82
3.23
12.98
7.66
23.44
7.34
12.03
9.28
15.38
12.87
13.90
13.15
12.98
12.38
11.49
NA
NA
NA
NA
122.45
NA
NA
11.23
NA
NA
NA
NA
NA
127.78
NA
121.63
NA
88.90
NA
NA
NA
75.49
122.02
145.97
NA
148.34
NA
NA
NA
114.21
NA
NA
NA
105.61
Yield
since
Yield Volati1995
(%)
lity
2000
1.00
1.50
0.90
1.00
1.60
2.25
2.00
1.50
1.00
1.50
1.75
2.00
2.25
2.25
0.90
2.00
2.00
1.50
2.25
2.25
0.50
1.50
2.00
2.25
1.50
1.30
1.85
1.85
0.80
2.25
1.50
2.00
2.00
2.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
4.00
3.00
2.50
2.50
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.00
0.10
0.10
0.00
0.15
0.15
0.15
0.30
0.10
0.11
0.30
0.15
0.00
0.00
0.10
0.40
0.10
0.15
0.13
0.13
0.10
0.15
0.15
0.15
0.15
0.00
0.15
0.15
0.20
0.20
0.25
0.15
0.10
0.13
Custody
243
244
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RFM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RFCP
5.44
4.88
5.73
5.11
5.46
6.66
1.48
2.74
0.22
NA
3.22
5.28
5.31
2.91
6.16
4.52
2.98
NA
6.33
6.34
7.07
4.30
0.63
2.65
5.75
2.20
1.90
2.07
3.60
3.15
3.16
14.32
5.12
0.70
13.32
13.20
18.52
11.44
12.40
14.65
8.83
9.12
0.60
NA
13.75
14.81
11.10
11.53
10.66
8.48
11.88
12.19
11.55
12.09
31.67
9.77
3.23
9.62
15.29
7.64
6.74
7.49
7.20
7.83
8.18
26.68
10.83
16.87
0.54
1.39
2.03
1.16
1.93
0.13
2.54
3.05
0.93
NA
3.37
0.01
1.01
0.84
0.01
0.05
0.59
0.01
0.70
4.12
1.49
0.01
0.91
0.68
0.23
0.01
0.83
2.53
0.12
0.01
0.01
3.08
1.74
3.93
RFMI
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RFM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RFM
RVM
RVM
RFCP
0.00
1.27
0.89
3.41
1.35
0.60
1.11
0.66
1.43
NA
0.57
1.78
2.42
0.50
1.46
1.74
1.53
2.42
1.42
3.22
3.79
0.41
0.77
0.81
0.57
1.85
0.38
0.84
3.20
2.17
2.47
0.61
0.73
2.90
9.93
8.59
10.72
8.48
8.46
10.23
5.51
4.86
7.31
3.72
8.87
8.79
9.09
8.11
8.20
6.76
8.68
9.12
8.91
8.54
11.49
8.32
2.39
6.59
9.40
4.99
3.97
6.81
4.77
5.79
6.31
15.09
9.22
10.60
0.44
1.53
3.65
0.99
2.38
0.13
2.83
2.40
1.55
0.01
3.42
0.01
0.97
0.96
0.01
0.03
1.82
0.01
0.63
4.68
0.44
0.01
1.19
1.41
0.16
0.01
1.60
3.89
0.10
0.01
0.01
0.86
1.87
4.32
RVM
RVM
RVM
RVM
RVM
RFM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.73
1.69
2.09
0.77
3.22
0.13
2.80
3.39
1.02
NA
3.06
0.01
2.84
0.64
0.01
0.05
0.96
NA
1.21
4.09
0.04
0.01
0.89
1.00
0.15
0.01
1.06
3.36
1.05
0.01
0.01
0.48
1.91
3.72
Q3
Q2
Q1
Q4
5.11
7.91
11.57
5.92
6.22
6.93
2.89
3.14
0.32
3.01
6.48
7.40
5.76
6.54
8.47
5.66
5.90
12.36
7.66
9.53
12.03
5.47
0.74
3.98
9.85
4.78
2.87
8.30
6.14
3.70
4.23
20.85
11.89
2.09
13.85
17.79
22.88
14.54
16.00
16.16
8.51
8.14
11.50
8.57
16.29
11.66
14.81
12.44
14.44
12.18
17.07
19.47
13.97
15.92
20.74
13.12
1.56
9.77
18.47
7.69
7.26
13.08
9.76
10.14
10.96
28.16
18.02
14.30
0.49
1.55
2.63
0.83
1.66
2.13
3.24
2.20
2.22
0.01
3.66
0.01
1.04
0.83
0.01
0.03
1.77
0.01
0.84
4.40
0.55
0.01
0.74
1.60
0.23
0.01
1.83
6.58
0.15
0.01
0.01
0.87
1.70
4.64
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM

lity
tion type
(%)
6.90
5.53
7.30
3.90
4.34
9.54
0.69
0.20
1.24
NA
6.77
5.38
4.79
8.43
6.10
3.16
3.98
NA
10.77
6.87
10.14
4.67
8.51
2.58
11.43
0.81
1.17
7.43
2.20
1.48
1.20
24.66
9.09
4.41
13.24
12.89
17.53
11.65
12.95
13.82
8.06
8.45
6.85
7.26
12.57
12.30
12.31
10.86
12.15
9.38
13.14
14.53
11.59
13.07
21.01
10.76
4.24
8.81
15.06
7.00
6.50
9.17
9.48
8.66
9.08
23.25
12.88
14.40
135.42
NA
NA
81.34
124.53
NA
103.12
90.87
NA
NA
59.62
78.78
NA
30.61
158.73
116.95
NA
NA
74.89
NA
NA
NA
NA
NA
146.73
NA
NA
17.68
88.59
28.40
14.99
NA
NA
131.95
Yield
since
Yield Volati1995
(%)
lity
2000
2.25
1.40
1.50
2.25
2.25
1.00
1.25
0.70
1.75
1.15
0.50
1.50
0.75
2.00
2.00
2.00
1.50
1.80
2.25
1.50
2.00
2.00
0.70
0.90
1.00
0.80
1.00
2.25
2.25
2.00
1.75
1.50
0.97
2.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
1.00
1.50
0.00
0.00
0.00
1.00
2.00
0.00
0.00
0.00
0.00
2.00
2.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
FONDEGA GLOBAL FIM ........................ 3.76 15.21

FONDESPAA CRECIM. FIM.................. 6.49 9.68
FONDESPAA DINAMICO FIM ............. 10.21 15.35
FONDGESKOA FIM ................................ 4.10 11.18
FONDMAPFRE BOLSA FIM .................... 6.46 13.60
FONDMONTECO FIM............................ 4.76 13.41
FONDO 19 FIM...................................... 4.09 8.83
FONDO PERMANENCIA FIM ................. 5.25 10.55
FONDO SANITARIO FIM........................ 0.30 0.75
FONDO VALENCIA FONDOS 40 FIMF..
NA
NA
FONDOMIX DOS FIM............................ 2.42 9.81
FONGLOBAL GESTION FIM................... 6.01 12.98
FONHUESCA 2000 FIM.......................... 4.17 13.33
FONINDEX MIXTO FIM.......................... 1.42 10.81
FONJALON ACCIONES FIM ................... 7.76 13.93
FONJALON II FIM................................... 5.68 9.04
FONJARAMA FIM ................................... 3.58 13.44
FONMUTUAL M.V. FIM..........................
NA
NA
FONNAVARRA FIM................................. 1.71 11.22
FONPASTOR 70 FIM............................... 6.49 14.25
FONPENEDES VBLE.MX. FIM ................. 5.91 13.93
FONPENTOR FIM ................................... 4.94 11.10
FONPROCUPLAN FIM ........................... 6.22 7.25
FONPROCURADOR FIM........................ 3.38 8.80
FONSNOSTRO II FIM ............................. 3.65 15.47
FONSVALLADOLID FIM......................... 4.58 7.17
FONTOFI FIM ......................................... 3.33 7.36
GENERAL COMMERCE FIM.................... 2.22 7.70
GENERAL PLUSFONDO FIM.................. 4.73 13.67
GESEGUR HOSTELFOND FIM................ 3.39 10.04
GESEGUR RENTA 2 FIM ......................... 3.96 10.03
GESRIOJA FIM......................................... 11.78 19.99
GLOBAL ASSETS FUND FIM................... 7.97 11.23
HERRERO CRECIMIENTO FIM................ 1.25 15.10
(Continued)
0.13
0.15
0.15
0.00
0.25
0.10
0.15
0.05
0.10
0.05
0.10
0.15
0.13
0.20
0.40
0.40
0.13
0.20
0.40
0.40
0.00
0.30
0.15
0.00
0.30
0.10
0.10
0.13
0.13
0.13
0.13
0.12
0.07
0.20
Custody
HISPAMER MIXTO RV FIM .....................

HSBC MIXTO 2 FIM................................
HSBC RENTA NEUTRAL FIM ..................
IBERAG. EQUILIBRIO FIM ......................
IBERCAJA CAPITAL FIM ..........................
IBERCAJA EUROBOLSAS FIM .................
IBERCAJA INDEX 2 FIM ..........................
IBERCAJA INDEX FIM .............................
IBERCAJA RENTA PLUS FIM....................
IBERLION VALOR FIM............................
IM 93 MIXTO FIM...................................
INBORSA FIM .........................................
INDEXNAVARRA-1 FIM ..........................
INDOSUEZ BOLSA FIM..........................
INDOSUEZ MIXTO INT. FIM ..................
INDOSUEZ PATRIMONIO FIM...............
INGENIEROS RENTA FIM .......................
INVERBAN FONBOLSA FIM...................
INVERBANSER FIM.................................
INVERSABADELL 50 FIM ........................
INVERSABADELL 70 FIM ........................
INVERTRES FONDO I FIM......................
INVERTRES FONDO II FIM.....................
KUTXAFOND FIM ..................................
MARCH BOLSA FIM ...............................
MB FONDO 22 FIM ...............................
MB FONDO 33 FIM ...............................
MB FONDO 5 FIM .................................
MB FONDO 55 FIM ...............................
MEDIVALOR GLOBAL FIM.....................
MGS FONS FIM ......................................
NAVARRA MIXTO 30 FIM.......................
NOVAFONDISA FIM...............................
NR FONDO 1 FIM..................................
(Continued)
11.05
12.00
10.67
14.85
14.81
7.12
4.75
5.65
10.75
13.74
15.97
9.80
8.63
17.21
7.49
6.75
15.45
16.37
11.26
11.30
15.66
14.83
15.17
9.24
13.93
4.93
5.40
5.87
5.39
4.44
11.10
7.04
15.15
9.28
2.66
1.42
1.67
0.82
1.22
1.09
1.03
0.72
0.99
1.68
0.40
1.41
0.22
0.00
0.63
1.78
0.78
2.01
2.93
2.36
3.25
3.65
4.07
1.97
1.36
2.75
2.45
2.88
2.20
3.74
1.39
0.58
1.21
0.12
RVM
RVM
RVM
RVM
RVM
GRV
GRV
GRV
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
2.92
3.12
3.06
2.13
7.66
0.24
0.40
1.19
4.83
4.48
4.29
3.55
4.24
8.74
2.40
2.63
5.33
8.19
4.21
1.93
3.10
5.86
6.58
4.32
5.93
2.19
1.03
2.05
1.17
3.22
3.21
3.19
6.31
5.16
12.95
6.19
7.90
13.35
16.98
12.28
2.29
1.80
11.91
15.58
13.07
8.80
6.58
17.90
8.69
8.97
17.75
16.84
18.15
12.75
17.91
16.11
16.24
9.47
12.54
8.72
7.00
9.01
8.60
6.37
11.06
6.88
11.80
8.55
2.42
1.92
1.40
0.87
1.13
0.90
0.82
0.01
0.53
1.77
0.12
0.92
0.20
0.00
0.58
1.46
1.44
2.24
2.91
3.62
4.33
4.76
6.03
2.06
1.67
2.38
2.33
2.55
2.16
4.53
0.91
0.50
1.15
0.09
RVM
RVM
RVM
RVM
RVM
GRV
GRV
GRV
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
2.65
2.08
3.89
1.55
3.75
5.61
1.38
0.80
2.83
2.38
1.25
1.48
3.95
3.33
1.91
0.38
1.12
1.58
5.97
1.24
2.04
4.11
4.03
2.29
0.95
0.82
0.29
0.47
0.12
2.36
0.90
1.40
4.45
1.84
7.94
6.47
6.84
8.00
11.62
7.50
6.48
2.75
9.61
10.08
10.61
6.33
8.06
12.52
6.02
5.38
10.77
12.59
11.47
7.25
10.33
11.10
10.89
7.52
9.70
6.43
5.08
5.77
5.54
9.06
6.73
5.38
7.42
5.86
1.79
2.97
1.40
0.97
0.93
0.01
0.02
0.01
0.80
1.88
0.03
0.66
0.21
0.00
0.00
0.00
1.96
2.36
2.57
3.04
3.84
3.48
4.24
2.59
1.36
2.10
1.88
2.13
2.01
4.79
1.55
0.47
0.59
0.19
RVM
RVM
RVM
RVM
RVM
GRV
RFM
RFM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
5.64
14.46
10.10
3.98
3.98
1.05
0.06
0.40
2.94
2.51
4.87
4.53
1.32
3.75
0.36
1.44
5.25
5.87
3.08
3.03
5.02
8.91
8.98
2.37
2.63
1.78
1.88
2.53
2.71
2.62
4.75
2.33
11.71
9.03
Q3
Q2
Q1
Q4
4.78
7.90
2.85
0.80
13.29
1.78
5.11
4.32
11.09
5.44
4.70
4.46
4.39
14.25
4.15
4.75
8.66
11.50
10.08
1.62
3.32
10.86
11.72
5.90
6.65
3.22
1.81
1.18
2.59
7.54
4.95
4.00
8.26
8.39
12.30
13.43
10.05
11.40
22.84
7.60
10.65
8.87
19.08
17.45
13.19
11.04
7.16
20.83
10.39
10.08
17.73
22.19
17.78
11.34
16.14
20.87
21.20
11.80
15.10
11.67
10.40
9.46
9.31
17.39
10.67
8.36
16.73
10.19
2.44
2.34
1.21
1.02
1.00
0.05
0.77
0.64
0.88
2.05
0.01
0.61
0.20
0.02
0.64
1.04
2.70
2.70
2.73
3.27
3.40
3.02
3.71
2.56
0.77
1.47
2.00
1.78
1.82
3.61
1.79
0.45
0.90
0.14
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM

lity
tion type
(%)
0.23
4.26
7.72
0.61
13.63
5.08
4.25
3.57
10.43
9.60
3.15
2.26
3.57
16.11
7.90
6.27
7.97
12.62
5.93
1.82
3.62
4.85
6.50
5.72
9.03
4.44
1.28
1.23
1.01
6.01
2.76
3.57
0.30
3.52
11.26
10.20
9.07
12.17
17.15
8.89
6.80
5.53
13.43
14.48
13.37
9.19
7.68
17.46
8.31
8.02
15.72
17.41
15.09
10.86
15.28
16.20
16.39
9.66
13.00
8.35
7.29
7.73
7.44
10.60
10.08
7.02
13.37
8.73
NA
NA
NA
NA
78.21
NA
NA
NA
NA
136.09
59.60
91.43
NA
110.71
NA
64.47
NA
158.94
134.49
NA
152.82
NA
NA
81.60
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.25
1.00
1.35
2.25
1.50
1.70
1.70
1.70
1.50
2.00
1.50
1.75
1.20
2.25
1.50
0.50
2.00
2.25
0.50
1.90
2.00
0.60
0.60
2.00
2.25
1.00
1.00
1.00
1.20
1.35
0.90
1.40
1.45
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
3.00
5.00
0.00
1.00
2.50
0.00
0.00
0.00
2.50
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.15
0.40
0.20
0.10
0.40
0.20
0.20
0.20
0.40
0.15
0.10
0.15
0.05
0.40
0.20
0.15
0.40
0.40
0.00
0.20
0.10
0.00
0.00
0.40
0.00
0.10
0.10
0.10
0.10
0.20
0.10
0.10
0.10
0.07
Custody
245
246
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
GRV
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RFM
RVM
0.69
0.05
10.96
0.91
5.42
0.85
1.49
7.10
3.98
9.69
1.21
7.14
0.63
2.96
8.07
3.61
1.70
4.87
3.78
4.65
5.38
6.99
2.95
5.23
NA
6.59
10.19
11.00
23.25
6.13
11.47
12.12
19.83
14.07
11.09
18.43
7.61
16.69
2.62
8.67
11.17
9.96
11.74
14.99
13.54
10.89
12.65
15.38
8.06
16.57
1.94
16.40
0.24
0.72
0.45
2.22
2.06
1.23
1.49
3.10
0.01
0.01
0.01
0.18
0.01
0.11
0.01
0.12
3.48
2.02
0.01
0.68
1.67
0.67
1.43
2.23
0.01
0.34
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RFM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RFM
RVM
RVM
RVM
2.53
6.03
1.68
1.16
1.70
1.87
3.57
1.48
3.27
3.62
3.80
4.27
0.60
1.26
0.94
0.64
0.11
1.82
0.65
2.76
0.42
3.04
2.17
1.01
6.12
0.73
5.60
8.24
13.54
4.96
8.12
7.32
11.71
9.32
10.55
15.06
5.71
12.12
0.20
8.43
9.35
6.50
8.75
11.37
11.58
10.37
9.64
12.12
5.80
10.96
19.01
9.12
0.21
0.61
0.49
2.14
1.99
1.09
1.08
3.24
0.00
0.01
0.01
0.11
0.01
0.07
0.54
0.40
3.36
1.41
0.01
0.66
1.01
0.59
0.75
2.20
1.87
0.05
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RFM
RVM
RVM
RVM

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.25
0.68
0.43
2.61
2.03
1.14
1.45
2.62
0.01
0.01
0.01
0.16
0.01
0.06
0.01
0.02
2.42
1.35
0.01
0.01
1.34
0.27
1.49
2.03
NA
0.01
Q3
Q2
Q1
Q4
3.39
6.86
17.78
3.01
7.93
0.53
1.66
9.78
16.56
17.22
4.48
9.86
0.51
8.09
7.68
5.96
1.35
10.69
13.54
11.66
7.63
11.17
7.36
8.70
16.92
6.06
9.80
13.77
24.33
8.78
15.25
11.51
17.73
17.53
17.27
26.58
17.45
22.98
0.51
13.16
14.89
11.85
12.82
20.02
23.38
21.52
14.17
20.30
11.86
18.35
35.49
16.88
0.20
0.51
0.54
2.39
2.54
1.53
1.92
2.95
0.01
0.01
0.01
0.08
0.01
2.05
2.48
0.35
3.25
3.21
0.01
0.72
1.29
0.44
0.06
1.85
2.08
0.19
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM

lity
tion type
(%)
3.75
9.67
20.52
1.64
8.12
0.72
1.12
11.32
11.40
15.64
6.06
8.54
2.11
8.02
11.84
6.18
2.06
5.85
12.83
11.29
10.69
12.89
6.98
8.45
NA
10.10
9.03
11.41
20.91
7.06
11.73
11.10
17.40
14.08
13.28
19.70
11.24
16.84
1.33
9.10
12.73
9.80
11.04
15.59
16.12
13.57
12.84
15.84
8.78
15.91
25.35
14.48
49.06
103.01
150.71
NA
NA
NA
NA
105.21
NA
101.95
NA
138.78
22.92
NA
NA
NA
NA
NA
33.19
12.96
NA
NA
NA
96.85
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.00
1.50
1.75
1.65
1.00
1.75
1.90
2.25
1.35
1.80
0.80
1.35
1.65
2.00
2.25
2.00
1.40
0.75
0.80
1.40
2.00
1.75
1.90
1.50
2.10
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
1.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
1.50
3.00
1.00
5.00
0.00
0.00
0.00
1.00
1.00
0.00
0.00
0.20
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
PATRIBOND FIM .................................... 4.01 9.70

PATRISA FIM ........................................... 11.10 11.61
PLUSCARTERA FIM................................. 10.43 20.34
PLUSGIRONA FIM.................................. 4.54 7.65
PLUSMADRID 2 FIM .............................. 3.74 10.74
PLUSMADRID 50 FIM ............................ 4.08 12.62
PLUSMADRID 75 FIM ............................ 5.86 19.13
PLUSMADRID FIM.................................. 4.27 13.95
RENPROA CHART FIM ........................... 7.08 12.49
RENTA 4 FONMIXTO FIM....................... 8.91 16.03
RENTA 4 GLOBAL FIM ........................... 8.28 10.26
RIVA Y G. ACC. I FIM ............................. 4.79 13.08
RS ACTIVO FIM ...................................... 0.35 0.01
RURAL MIXTO 50 FIM............................ 1.85 2.84
RURAL MIXTO 75 FIM............................ 2.92 14.49
SAN FERNANDO VALOR FIM................ 2.84 10.00
SANT. EUROPA 40-60 FIM ..................... 1.11 10.43
SEQUEFONDO FIM................................ 8.83 14.41
TARFONDO FIM..................................... 5.47 12.83
UNIFOND MIXTO FIM........................... 2.49 6.22
URQUIJO UNIVERSAL FIM..................... 2.62 14.27
VALENCIA MIXTO 75 FIM ...................... 2.34 14.15
VITAL MIXTO FIM................................... 1.25 8.12
ZARAG. BOLSA MIXTO FIM................... 4.74 16.64
ZARAGOZANO NUEVAS TECN. FIM.....
NA
NA
ZURICH BOLSA FIM............................... 1.71 14.14
(Continued)
0.15
0.15
0.20
0.15
0.10
0.10
0.10
0.10
0.10
0.10
0.20
0.15
0.12
0.00
0.00
0.40
0.10
0.25
0.00
0.20
0.40
0.30
0.10
0.40
0.40
0.10
Custody
AB BOLSA FIM........................................
AB BOLSAPLUS FIM ...............................
AC ACCIONES FIM.................................
ACTIBOLSA FIM......................................
ALLIANZ VARIABLE FIM.........................
ALMAGRO VALORES FIM ......................
ALTAE BOLSA FIM ..................................
BANCAJA RV FIM ...................................
BANDESCO RV FIM................................
BANIF RV FIM.........................................
BANKOA BOLSA FIM .............................
BANKPYME IBERBOLSA FIM ..................
BARCLAYS BOLSA 2 FIM........................
BARCLAYS BOLSA FIM ...........................
BBK BOLSA FIM......................................
BBV INDICE FIM.....................................
BBVA BOLSA 2 FIM ................................
BBVA BOLSA PLUS FIM..........................
BBVA EUROPA CRECIMIENTO 1 FIM.....
BBVA EUROPA MID CAP 2 FIM..............
BBVA INDICE 1 FIM................................
BBVA INDICE 2 FIM................................
BCH ACCIONES 2 FIM ...........................
BCH ACCIONES FIM ..............................
BESTINFOND FIM ..................................
BESTINVER BOLSA FIM ..........................
BETA ACCIONES FIM..............................
BI IBERACCIONES FIM ...........................
BK DIVIDENDO FIM ..............................
BK FONDO FIM .....................................
BK FUTURO IBEX FIM............................
BM-DINERBOLSA FIM ............................
BNP BOLSA FIM .....................................
BOLSA 35 FIM ........................................
(Continued)
21.48
24.37
20.54
17.92
14.09
17.41
23.31
20.33
19.66
18.81
13.41
16.37
NA
22.84
16.97
22.63
32.80
22.81
21.68
31.93
23.27
24.23
17.41
16.05
13.26
14.01
16.97
22.38
15.96
18.52
23.53
24.91
17.54
23.68
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.11
0.01
0.00
0.01
0.01
NA
0.01
0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.06
0.13
0.01
0.01
0.00
0.14
0.02
0.01
0.01
0.13
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
10.97
3.51
8.28
9.95
7.28
8.39
11.06
8.88
10.13
10.42
7.38
6.24
NA
11.33
8.85
10.65
14.59
10.67
9.76
12.00
11.18
11.74
9.32
9.88
1.83
1.36
9.56
10.45
3.46
8.94
10.33
12.37
8.03
11.72
21.12
24.33
20.43
13.47
15.90
16.59
23.46
21.71
22.27
20.89
14.04
14.95
5.89
22.81
18.77
24.14
31.64
25.32
23.35
25.97
23.53
25.13
22.12
22.32
9.89
10.74
17.47
23.27
9.79
17.50
23.94
25.43
22.92
23.79
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.04
0.01
0.00
0.01
0.01
0.01
0.01
0.12
0.01
0.00
0.01
0.01
0.00
0.01
0.00
0.01
0.01
0.04
0.11
0.01
0.01
0.00
0.11
0.23
0.01
0.01
0.11
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
3.47
2.47
0.02
2.87
2.51
0.01
3.68
3.77
6.09
6.06
3.61
4.05
7.48
4.01
3.84
4.18
5.40
4.40
3.33
5.64
4.64
4.08
6.79
6.44
6.10
5.15
3.17
3.59
3.19
0.48
4.39
4.65
6.14
3.40
16.71
13.40
12.87
9.83
12.20
13.01
16.57
15.79
18.52
17.44
10.28
10.77
7.02
26.91
14.25
18.73
20.73
18.34
17.60
15.83
17.16
17.86
17.79
17.81
6.71
7.23
14.47
14.28
7.57
12.75
17.37
17.51
18.14
17.66
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.02
0.01
0.01
0.00
0.01
0.01
0.01
0.07
0.01
0.01
0.01
0.00
0.00
0.01
0.01
0.01
0.01
0.02
0.24
0.01
0.01
0.00
0.10
0.09
0.01
0.01
0.17
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
3.51
8.36
4.05
0.34
7.93
3.54
4.64
2.65
3.40
2.10
6.71
17.61
NA
4.41
8.33
5.43
5.31
5.98
5.90
9.42
3.10
3.66
2.43
2.47
11.34
12.71
7.92
6.69
9.98
5.96
2.44
21.39
5.70
1.48
Q3
Q2
Q1
16.25
6.74
13.54
8.89
12.52
10.17
15.68
16.00
16.55
11.03
8.55
10.62
2.96
16.56
15.14
18.45
20.70
18.00
18.08
16.33
16.88
16.88
16.16
16.22
2.53
2.55
15.01
14.60
2.55
10.53
15.79
23.68
18.61
17.43
30.30
23.45
24.62
13.03
20.94
20.54
29.55
27.45
32.53
23.70
17.52
22.35
9.77
29.22
26.80
32.27
36.13
31.95
34.27
29.83
30.08
31.12
32.40
31.94
7.86
9.90
26.33
26.04
8.70
22.62
30.10
35.54
32.32
30.74
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.01
0.01
0.27
0.01
0.01
0.01
0.00
0.00
0.01
0.01
0.01
0.01
0.01
0.06
0.01
0.01
0.00
0.17
0.28
0.01
0.01
0.08
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN

lity
tion type
(%)
Q4
FIM SPANISH EQUITY (RVN)
20.15
4.90
17.47
15.32
10.25
14.78
18.64
18.46
17.73
13.69
6.36
2.55
NA
19.65
12.99
19.97
24.82
18.96
24.33
14.88
20.35
20.85
16.84
17.65
13.03
13.91
14.41
15.47
6.77
13.27
19.25
15.04
16.02
23.52
23.03
21.90
20.12
13.91
16.21
17.14
23.75
21.80
24.00
20.42
14.12
16.78
8.05
25.69
19.87
25.04
30.98
25.20
25.09
26.71
24.04
25.12
23.34
22.98
9.81
10.81
19.45
22.02
11.03
18.25
24.23
26.89
23.61
24.49
167.40
245.75
200.93
NA
NA
134.67
NA
NA
177.26
140.01
NA
NA
NA
NA
NA
149.30
196.93
NA
120.35
NA
161.98
NA
NA
163.85
187.20
-83.69
NA
51.09
NA
188.64
NA
233.89
172.31
172.74
Yield
since
Yield Volati1995
(%)
lity
2000
2.25
1.25
2.00
1.35
1.00
2.25
2.00
1.50
2.20
2.00
2.25
1.20
1.60
2.25
2.15
2.25
2.25
1.25
2.25
2.25
1.75
1.75
1.50
2.25
1.50
1.35
2.25
1.35
1.15
1.75
0.40
2.25
1.75
2.25
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.25
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
1.00
1.00
0.00
0.00
0.00
1.50
0.00
2.95
0.00
1.00
0.00
2.50
1.00
3.00
1.50
2.00
3.00
1.50
2.00
1.50
3.00
3.00
0.00
0.00
0.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
1.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.22
0.22
0.09
0.12
0.14
0.10
0.10
0.30
0.20
0.40
0.00
0.35
0.15
0.20
0.10
0.10
0.10
0.10
0.10
0.10
0.25
0.10
0.20
0.20
0.06
0.12
0.12
0.00
0.10
0.40
0.10
0.13
0.20
0.20
Custody
247
248
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
6.64
8.15
10.57
10.23
10.11
8.20
6.31
7.13
8.47
11.87
9.21
6.31
2.38
8.97
9.75
9.41
12.83
12.27
12.06
7.58
5.84
4.45
0.78
7.77
10.60
9.73
9.49
6.38
3.86
10.09
10.01
10.89
11.63
4.12
21.65
16.41
22.69
22.09
22.29
22.72
16.24
20.00
20.33
25.85
19.03
17.23
9.82
18.06
19.47
21.98
24.72
24.44
24.22
13.56
23.97
11.18
3.20
17.42
23.83
18.21
18.04
15.02
8.51
21.37
23.31
21.98
24.79
23.63
0.01
1.71
0.01
0.01
0.01
0.01
0.17
0.13
0.01
0.13
0.02
0.10
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.00
0.01
0.01
0.01
0.00
0.00
0.01
0.01
0.01
0.01
0.01
0.03
0.01
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVM
RVN
RVN
RVN
RVN
RVN
1.30
3.07
0.50
6.49
7.31
0.99
0.26
3.78
0.07
4.19
2.59
2.28
3.97
0.35
0.50
3.43
3.23
2.24
2.95
2.30
0.55
2.52
0.99
2.88
3.76
1.57
1.84
4.38
1.84
4.61
7.32
3.09
3.86
1.30
13.06
13.68
14.23
17.77
17.60
17.75
9.98
15.42
12.68
18.12
16.37
11.67
8.03
12.20
12.13
16.84
14.46
16.07
15.60
11.02
14.74
8.25
1.66
10.31
18.19
12.08
11.79
10.62
5.93
14.50
17.54
21.62
17.74
16.89
0.01
0.00
0.01
0.01
0.01
0.00
0.09
0.26
0.01
0.30
0.01
0.09
0.01
0.01
0.12
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.08
0.00
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVM
RVN
RVN
RVN
RVN
RVN

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.01
0.02
0.01
0.01
0.01
0.00
0.03
0.07
0.01
0.01
0.01
0.07
0.01
0.02
0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.16
0.01
Q3
Q2
Q1
13.88
24.24
14.55
16.29
15.92
15.48
11.07
13.99
13.47
17.29
14.95
8.86
1.52
10.28
9.81
13.72
19.60
19.69
18.83
8.96
5.52
6.81
ND
17.33
17.38
12.10
11.27
9.02
4.42
13.65
14.59
14.26
16.85
20.34
20.96
41.31
27.04
32.35
32.56
26.17
20.24
26.83
24.97
31.33
27.50
20.69
12.53
22.25
22.41
28.88
30.47
28.89
29.81
19.63
14.76
14.94
34.97
29.21
32.57
22.67
21.64
19.31
9.45
24.68
30.75
26.60
30.87
34.86
0.01
0.00
0.01
0.01
0.01
0.01
0.16
0.14
0.01
0.34
0.03
0.05
0.01
0.00
0.07
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN

lity
tion type
(%)
Q4
10.38
24.73
18.91
17.53
16.63
21.51
13.41
13.19
17.60
22.75
18.29
6.12
NA
13.03
12.55
15.37
17.49
23.73
21.23
5.87
5.77
3.53
ND
18.25
20.86
14.94
13.08
5.96
5.76
13.45
15.25
20.01
21.82
17.72
19.72
24.10
21.98
23.19
23.25
22.97
16.23
20.00
20.22
25.41
20.42
16.62
10.24
18.14
18.80
23.07
26.98
22.99
23.10
15.86
18.42
12.60
18.02
19.68
24.74
18.25
17.77
15.12
8.20
20.76
23.28
22.75
24.77
24.98
NA
46.25
139.44
182.87
NA
NA
NA
129.92
NA
NA
NA
NA
NA
NA
NA
165.08
NA
226.83
NA
122.74
NA
NA
NA
67.00
150.55
155.54
101.66
190.68
NA
155.87
NA
189.14
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
0.70
2.25
2.25
2.10
0.80
2.20
1.55
2.25
2.25
1.75
2.00
1.00
1.50
1.15
1.15
2.25
2.00
2.25
1.15
2.25
2.00
0.50
1.50
2.25
2.25
2.25
2.00
1.45
1.50
1.35
0.40
2.25
1.45
1.60
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
1.00
2.00
5.00
5.00
0.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
5.00
1.00
2.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
4.00
2.00
2.50
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
BOLSACASER FIM................................... 10.03 21.56

BOLSALIDER FIM.................................... 4.95 11.07
BOLSATLANTICO FIM ............................ 6.64 21.69
BSN ACCIONES FIM............................... 3.05 16.72
BSN RENTA VARIABLE FIM..................... 2.79 16.62
CAIXA INDEX FIM .................................. 2.19 24.20
CAIXASABADELL 7-RV FIM .................... 3.67 16.56
CAJA LABORAL BOLSA FIM ................... 4.71 15.12
CAJABURGOS BOLSA FIM ..................... 3.96 20.72
CAM BOLSA INDICE FIM ....................... 1.72 24.24
CARTERA VARIABLE FIM ........................ 3.15 16.36
CHASE BOLSA PLUS FIM........................ 7.49 15.36
CHASE UTILITIES FIM.............................
NA 4.05
CIBER BK VARIABLE 2 FIM ..................... 6.12 18.37
CIBER BK VARIABLE FIM ........................ 6.90 19.40
CITIFONDO RV FIM............................... 4.68 22.71
CS BOLSA FIM........................................ 14.05 33.66
DB ACCIONES FIM................................. 5.88 20.04
DB BOLSA INSTITUCIONES FIM............ 7.19 19.79
EDM INVERSION FIM............................. 9.36 17.47
ESPINOSA PART. INV. FIM...................... 6.50 18.59
EUROAGENTES PLUS FIM...................... 13.40 14.47
EUROAGENTES PREMIER FIM................ 0.12 1.15
EUROFONDO FIM ................................. 4.22 16.37
EUROVALOR BOLSA FIM....................... 3.26 21.70
FG ACCIONES FIM ................................. 5.53 18.18
FINGEST BOLSA FIM .............................. 6.28 17.92
FONBILBAO ACCIONES FIM.................. 5.77 13.98
FONBOLSA PLUS FIM ............................ 0.70 8.41
FONCAIXA BOLSA 33 FIM ..................... 6.56 20.81
FONCONDOR ACCIONES FIM.............. 2.74 18.85
FONDBARCLAYS 2 FIM.......................... 1.55 19.98
FONDESPAA BOLSA FIM..................... 2.44 23.58
FONDESPAA VALORES FIM................. 6.34 20.35
(Continued)
0.09
0.15
0.25
0.21
0.05
0.30
0.20
0.40
0.15
0.15
0.15
0.00
0.00
0.10
0.10
0.40
0.00
0.10
0.10
0.15
0.10
0.15
0.15
0.15
0.00
0.17
0.15
0.10
0.15
0.00
0.15
0.20
0.15
0.15
Custody
FONDGALLEGO 21 FIM ........................

FONDGUISSONA BOLSA FIM................
FONDO LEVANTE FIM ...........................
FONINDEX BOLSA FIM..........................
FONLIFE FIM ..........................................
FONPASTOR RV FIM ..............................
FONPENEDES BORSA FIM .....................
FONVENTURE FIM.................................
GESTIFONDO ACCIONES FIM...............
GLOBAL BOLSA FIM ..............................
GREEN FUND FIM..................................
HERRERO BOLSA 100 FIM .....................
HSBC FONDO BOLSA 2 FIM .................
IBERAGENTES BOLSA FIM......................
IBERCAJA BOLSA FIM.............................
IBERLION BOLSA PLUS FIM...................
INDEXBOLSA FIM...................................
JPM SPAIN RV FIM..................................
KUTXAVALOR FIM .................................
LAIETANA BOLSA FIM............................
LLOYDS BOLSA FIM...............................
MADRID BOLSA FIM..............................
MADRID OPORTUNIDAD FIM ..............
MARCH VALORES FIM ...........................
MEDIVALOR R.V. FIM.............................
METAVALOR FIM....................................
NAVARRA INDICE FIM ...........................
PRIVANZA BOLSA FIM ...........................
RENTA 4 BOLSA FIM ..............................
RENTA 4 BOLSA PLUS FIM.....................
RURAL INDICE FIM ................................
SAN FERNANDO BOLSA FIM.................
SANT. BOLSA PLUS FIM .........................
SANTANDER INDICE FIM.......................
(Continued)
20.59
14.51
13.40
17.16
21.73
16.76
19.46
19.74
17.72
20.29
22.58
20.74
17.04
22.09
20.54
28.35
20.40
22.37
23.59
18.02
19.94
23.89
23.07
15.73
22.65
21.41
23.47
23.29
19.53
23.23
22.56
20.66
19.00
23.92
0.00
0.00
5.79
0.01
1.64
3.82
0.00
3.26
0.00
0.00
0.03
0.01
0.01
0.01
0.48
0.01
0.01
0.01
0.41
0.22
0.01
0.02
0.03
0.01
0.00
0.00
0.01
0.08
0.01
0.00
0.01
0.01
0.01
0.03
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
8.25
3.78
6.59
11.73
5.13
6.81
9.36
8.91
6.40
7.11
4.88
10.29
5.84
11.82
10.04
14.22
10.45
11.48
11.33
5.90
7.74
12.28
10.74
6.05
11.21
5.99
11.57
11.02
8.75
7.90
12.42
8.42
10.17
11.49
20.91
12.09
16.88
21.56
22.83
16.37
24.49
24.01
19.74
20.95
22.53
21.91
11.85
20.46
21.29
27.29
22.52
24.21
24.08
23.51
20.12
24.86
23.48
14.48
19.67
14.45
24.74
25.23
23.12
27.92
20.73
20.31
22.58
24.90
0.01
0.00
6.73
0.01
1.89
1.57
4.03
0.01
0.01
0.01
0.05
0.01
0.01
0.29
2.71
0.01
0.01
0.08
0.32
2.94
0.01
0.02
0.02
0.01
0.00
0.00
0.01
0.08
0.01
0.01
0.01
0.01
0.01
0.11
RVN
RVN
RVN
RVN
RVM
RVN
RVN
RVN
RVN
RVM
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
1.43
4.57
2.22
2.51
2.49
3.68
4.64
5.82
0.33
1.28
0.41
4.51
3.10
4.16
4.11
0.32
6.29
3.86
4.35
0.26
1.75
2.01
2.19
0.35
3.16
0.28
4.23
4.58
6.06
0.41
2.28
0.07
7.04
4.17
12.95
9.14
13.41
12.81
14.32
10.80
16.30
16.93
11.67
15.24
13.85
14.84
10.28
15.95
15.18
21.35
18.03
17.18
18.10
13.29
12.83
17.02
15.93
12.17
16.72
17.83
17.65
17.99
18.04
20.21
15.44
12.73
17.04
17.96
0.01
0.00
8.54
0.01
1.61
1.34
0.17
0.01
0.00
0.00
0.12
0.01
0.01
0.02
0.01
0.01
0.01
0.05
0.22
0.13
0.01
0.02
0.02
0.01
0.01
0.00
0.01
0.09
0.01
0.00
0.01
0.01
0.01
0.01
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVM
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
9.64
13.27
8.86
3.96
8.79
7.38
10.02
1.83
9.94
5.38
3.21
6.74
18.32
10.13
4.17
11.17
2.30
2.85
2.65
0.65
5.24
6.62
10.92
4.14
3.87
16.34
1.85
2.52
13.91
12.76
2.08
4.15
2.90
2.29
Q3
Q2
Q1
15.73
20.48
14.07
12.37
7.90
11.32
16.77
14.99
11.47
20.13
8.01
13.79
13.41
16.26
15.09
16.93
16.45
16.67
17.68
10.12
12.36
17.83
17.72
9.16
16.83
0.93
16.66
16.75
20.83
20.06
14.31
13.50
14.22
16.92
23.01
33.12
23.84
20.53
23.03
20.61
28.43
30.63
24.31
30.41
25.57
24.84
22.66
29.73
29.10
34.19
32.54
29.57
31.55
26.15
23.58
31.30
31.27
20.12
28.48
16.67
30.42
31.74
33.85
34.15
26.28
25.05
30.43
30.87
0.01
0.00
7.80
0.01
0.86
0.84
3.63
0.01
0.00
0.01
0.27
0.01
0.01
0.01
0.04
0.01
0.01
0.03
0.14
2.51
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.12
0.01
0.01
0.01
0.01
0.01
0.01
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN

lity
tion type
(%)
Q4
14.02
9.37
10.69
17.57
7.31
7.99
13.15
16.56
8.60
20.81
9.32
13.73
0.55
15.29
17.15
20.54
18.64
21.20
21.81
15.75
13.41
21.61
16.75
10.82
20.87
8.05
21.77
20.58
12.72
16.65
21.65
17.54
15.13
21.65
19.84
19.82
17.52
18.41
20.82
16.59
22.77
23.48
18.99
22.52
21.60
20.99
16.39
22.74
22.18
28.27
24.12
23.83
24.88
20.86
19.57
24.89
24.18
15.93
22.40
17.85
24.58
25.13
24.62
27.03
21.67
20.23
22.93
24.92
40.50
NA
NA
26.60
75.62
NA
NA
171.90
NA
NA
138.37
NA
NA
189.74
NA
NA
163.52
230.21
119.34
NA
NA
158.12
NA
NA
NA
106.45
NA
113.32
179.41
NA
NA
182.30
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
2.00
0.65
1.75
1.35
1.80
1.50
2.00
2.25
1.75
1.75
1.00
1.25
1.00
2.25
1.50
2.00
2.25
1.60
2.25
2.00
2.00
2.00
1.25
2.25
1.35
2.00
1.90
2.25
2.25
1.80
2.25
2.00
0.60
0.85
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
2.00
0.00
0.00
0.00
0.00
1.00
0.00
3.00
0.00
0.00
1.00
4.00
5.00
2.00
2.50
1.00
3.00
0.00
2.00
3.00
1.00
2.00
4.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
3.00
2.50
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.25
0.20
0.10
0.25
0.17
0.40
0.00
0.20
0.00
0.17
0.15
0.20
0.25
0.15
0.40
0.10
0.20
0.20
0.40
0.40
0.40
0.10
0.10
0.40
0.40
0.30
0.10
0.40
0.25
0.10
0.00
0.40
0.15
0.15
Custody
249
250
RVN
RVN
RVN
RVN
RVN
RVN
RVN
10.77
10.76
13.62
7.99
9.14
4.33
7.34
23.74
21.20
22.25
17.08
20.39
16.67
16.21
0.01
0.01
0.01
0.12
0.01
0.01
0.01
RVN
RVN
RVN
RVN
RVN
RVN
RVN
6.82
2.19
3.52
0.57
4.22
0.83
0.50
17.31
15.01
15.37
12.06
15.74
12.62
13.16
0.01
0.01
0.01
0.16
0.01
0.01
0.01
RVN
RVN
RVN
RVN
RVN
RVN
RVN

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.01
0.01
0.00
0.15
0.01
0.01
0.01
Q3
Q2
Q1
14.71
18.08
17.33
8.48
15.42
9.98
10.05
29.17
30.23
28.31
21.37
27.60
20.21
21.21
0.01
0.00
0.01
0.20
0.01
0.01
0.01
RVN
RVN
RVN
RVN
RVN
RVN
RVN

lity
tion type
(%)
Q4
17.02
22.35
21.22
10.20
16.33
2.65
14.59
NA
23.04
NA
22.99
22.75
NA
17.49 218.17
21.79
NA
17.35
NA
17.20 156.29
Yield
since
Yield Volati1995
(%)
lity
2000
1.70
1.50
1.50
0.85
1.75
1.00
2.25
0.00
0.00
0.00
0.00
0.00
9.00
0.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
4.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
SANTANDER RV 100 FIM....................... 2.09 19.83

SEGURFONDO RV FIM.......................... 3.94 22.55
SHERPA R.V. FIM .................................... 6.57 22.70
TELEFONICO VARIABLE FIM.................. 6.04 17.97
UNIFOND RV I FIM................................ 4.48 21.44
URQUIJO BOLSA FIM ............................ 12.11 18.65
URQUIJO INDICE FIM............................ 3.00 17.10
(Continued)
0.10
0.20
0.08
0.40
0.40
0.40
0.40
Custody
AB DIVISA FIM .......................................

AB EURO DEUDA FIM ...........................
AC FONDO INTERNAC. FIM..................
ARGENT. BONOS INT.FIM .....................
ATLANTICO DIVISA FIM ........................
BANCAJA DIVISAS FIM...........................
BANESTO RENTA FIJA U.S.A. FIM ..........
BANESTO RF PRIVADA FIM ...................
BANIF RF PRIVADA FIM .........................
BANKPYME GLOB. RENT FIM................
BBVA BONOS EMERGENTES FIM...........
BBVA BONOS INTERNAC. 1 FIM...........
BBVA BONOS INTERNAC. 3 FIM...........
BBVA BONOS SELECCION 2 FIM...........
BBVA DOLAR 1 FIM ...............................
BBVA DOLAR 2 FIM ...............................
BBVA DOLAR CASH FIM........................
BCH DOLAR FIM....................................
BCH EMERGENTES CORTO PLAZO FIM.
BCH INTERNAC. RF FIM ........................
BCH RF PRIVADA FIM............................
BG EURO YIELD FIM..............................
BI BONOS MUNDIAL FIM .....................
CAIXA CATAL. DIVISA FIM .....................
CAIXA INTERNACIONAL FIM.................
CAJA INGEN. RENTA FIJA UNIV. FIM .....
CAM EUROPA BONOS FIM....................
CAM HIGH YIELD FIMF .........................
CAM MUNDIAL BONOS FIM.................
CHASE DOLAR FIM................................
CONSTEL. HIGH YIELD FIM...................
CONSTEL.RF EMERGEN. FIM .................
CONSTELACION DOLAR FIM................
CONSULNOR EUROBO. FIM.................
(Continued)
1.03
4.45
0.21
3.17
2.81
4.48
2.71
1.73
4.06
2.60
2.81
2.01
2.11
3.03
2.17
0.87
0.94
1.17
1.33
3.57
2.24
0.07
5.94
0.20
1.45
1.54
1.34
NA
2.55
1.64
1.85
2.36
2.71
4.54
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFCP
RFI
RFI
RFI
RFI
RFI
0.33
0.05
0.57
0.54
0.30
0.13
0.27
0.02
0.24
0.04
0.47
0.80
1.65
0.45
0.76
0.99
0.73
1.22
1.03
0.75
0.09
0.08
0.71
0.22
0.43
0.35
0.14
NA
0.21
1.53
0.15
0.36
0.44
0.22
6.23
2.14
0.27
2.73
5.76
7.78
5.59
1.96
2.37
4.18
3.19
3.26
4.81
1.31
12.48
12.98
14.42
10.41
2.55
4.00
1.87
0.52
3.05
2.52
3.77
3.70
1.13
NA
4.89
12.24
4.01
2.57
7.35
5.02
1.02
3.84
0.17
3.58
3.92
4.63
2.64
3.52
4.20
2.67
2.94
3.40
3.41
2.48
2.06
0.70
0.95
2.35
1.38
3.63
3.47
4.42
2.37
0.10
1.57
2.00
1.38
NA
1.98
2.56
3.88
2.11
2.26
4.72
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
5.38
1.25
0.88
2.97
2.88
4.20
10.44
0.92
0.78
3.99
2.71
2.82
1.85
0.17
11.16
8.47
10.26
10.64
2.49
3.82
1.19
1.87
1.11
1.64
3.14
1.50
1.23
NA
3.22
11.88
0.93
2.62
10.06
4.70
7.61
1.42
0.17
3.83
3.12
10.11
11.09
1.70
2.60
3.72
3.81
3.66
4.23
0.96
14.19
14.48
14.07
11.34
1.26
3.28
1.66
2.76
1.70
1.57
3.39
1.98
0.76
0.15
3.87
14.51
2.16
2.41
10.26
5.90
1.29
4.12
0.10
3.19
3.88
5.28
1.90
3.68
4.91
2.54
2.85
3.19
3.21
3.10
2.62
0.72
0.74
2.86
1.09
3.30
3.34
4.63
2.73
0.01
1.54
2.94
1.41
0.04
1.55
2.49
4.50
3.02
2.71
4.75
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RVE
RFI
RFI
RFI
RFI
RFI
RFI

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
3.13 6.47
2.06 2.46
0.44 0.40
2.54 3.35
2.83 7.75
3.49 8.24
NA 4.46
NA 1.85
2.38 4.63
2.80 4.56
0.21 3.15
2.18 9.37
2.75 6.21
1.52 1.66
4.48 9.95
5.75 11.19
5.86 11.77
5.29 8.75
2.44 2.23
2.84 3.15
NA 1.84
0.07 0.35
0.80 3.88
4.44 6.19
1.90 3.98
NA 3.54
0.61 0.55
NA
NA
2.69 5.64
4.43 10.91
NA 2.10
NA 2.02
NA 4.52
2.84 6.36
Q3
Q2
Q1
1.97
2.15
0.83
0.99
1.48
2.25
1.79
2.24
0.27
0.22
2.36
0.94
0.74
2.05
2.57
4.25
4.80
1.74
1.10
0.98
2.21
5.45
0.43
0.63
0.39
1.50
0.84
0.44
0.01
2.46
0.06
0.58
2.32
0.35
4.99
1.33
0.35
2.87
3.23
8.24
10.96
1.44
4.76
4.13
7.30
2.64
3.07
3.20
13.55
13.32
14.54
10.88
1.44
3.51
1.34
5.36
1.61
2.53
2.70
0.89
0.48
0.92
2.80
12.64
4.00
3.97
9.94
6.31
1.19
5.31
0.61
3.01
3.50
5.97
5.05
3.42
5.00
2.95
3.83
3.19
2.64
4.83
2.79
0.49
0.66
4.32
1.05
4.01
3.12
4.46
1.65
0.01
0.28
3.12
0.81
0.18
1.33
2.28
5.10
3.34
2.78
4.63
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI

lity
tion type
(%)
Q4
FIM FOREIGN FIXED-INCOME (RFI)
6.18
5.62
2.74
7.20
7.03
5.27
NA
NA
2.66
7.17
5.85
6.89
7.15
3.31
14.02
10.91
11.93
15.85
7.23
8.62
NA
7.07
3.10
5.25
5.06
NA
2.86
NA
6.22
15.70
NA
NA
NA
7.06
6.42
1.90
0.31
3.23
5.32
8.66
8.97
1.75
3.77
4.17
4.70
5.44
4.72
1.99
12.69
13.09
13.80
10.44
1.95
3.51
1.69
3.08
2.73
3.67
3.50
2.54
0.78
0.66
4.44
12.69
3.25
2.93
8.52
5.94
NA
NA
NA
71.36
47.42
53.18
NA
NA
NA
NA
NA
47.47
33.55
NA
65.45
NA
NA
NA
NA
44.02
NA
17.24
19.14
NA
43.11
NA
NA
NA
52.30
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.50
1.25
1.25
1.40
2.00
2.00
1.65
1.65
1.20
0.95
1.65
1.65
1.65
1.65
1.65
1.65
1.00
1.55
1.25
1.00
1.15
1.80
2.00
0.70
2.00
2.25
1.00
1.75
2.00
1.00
1.15
1.15
0.90
1.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
2.00
2.00
0.00
1.00
0.00
0.00
0.00
0.15
2.00
2.00
2.00
2.00
2.00
2.00
1.00
2.00
3.00
3.00
3.00
1.00
2.00
0.00
0.00
0.00
0.00
2.00
2.00
0.00
3.00
3.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.10
0.15
0.09
0.10
0.25
0.20
0.10
0.10
0.20
0.25
0.15
0.10
0.25
0.20
0.10
0.15
0.10
0.25
0.25
0.15
0.10
0.20
0.00
0.15
0.40
0.40
0.40
0.15
0.15
0.00
0.10
0.10
0.10
0.15
Custody
251
252
DB INVEST INTERNACIONAL FIM .........

DEXIA IBERAG.BONOS ALTO REND. FIM.
EUROVALOR RF INTER. FIM..................
EVEREST 2000 FIM .................................
FIBANC-INT. R.F. FIM .............................
FONCAIXA 67 LP DIV. FIM.....................
FONCAIXA INTERNAC.1 FIM.................
FONCAIXA INTERNAC.3 FIM.................
FONDMAPFRE INTERNAC FIM ..............
FONPENEDES DOLAR FIM.....................
HERRERO INTERNAC FIM......................
IBERCAJA HIGH YIELD FIMF ..................
IBERCAJA INTERNAC. FIM......................
IBERLION BONOS FIM...........................
IBERLION RENTA FIM.............................
KUTXAINVER2 FIM.................................
MADRID TRIPLE B FIM...........................
MARCH PREMIER R.F. FIM .....................
MERCHRENTA FIM .................................
MUTUAFONDO HIGH YIELD FIM.........
RENTA INTERNACIONAL FIM ................
RENTACASER FIM...................................
RURAL RENTA FIJA INTERNAC. FIM ......
SABADELL DOLAR FIJO FIM ..................
SAFEI SECTOR TECNOLOGIA FIM .........
SANT. RF PRIVADA FIM..........................
SANTANDER DOLAR FIM ......................
SANTANDER EMERG. CP FIM ................
SANTANDER ONGS FIM.......................
SEGURFONDO A.DIVISA FIM................
SEGURFONDO DIVISAS FIM .................
SEGURFONDO HIGH YIELD FIM ..........
(Continued)
NA
NA
2.98
1.49
2.63
1.70
1.65
2.03
0.99
0.33
5.18
NA
4.18
2.96
1.22
NA
3.27
1.65
1.55
4.29
5.08
0.05
0.01
1.95
NA
2.61
3.78
0.01
3.15
1.41
3.38
0.01
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFCP
RFI
RFI
RFI
RFI
RFI
RFI
RFI
NA
NA
0.58
0.50
0.46
0.30
1.17
2.04
0.04
1.41
1.23
NA
0.33
0.50
0.15
NA
1.35
0.49
0.79
0.57
0.58
0.80
0.89
0.98
NA
0.24
0.45
0.12
0.77
0.75
2.12
0.53
2.41
NA
5.88
0.49
7.02
9.35
13.05
12.15
4.16
8.79
9.25
5.77
8.09
3.81
1.37
6.83
2.89
0.73
3.42
3.88
6.06
3.03
3.97
10.08
NA
1.96
6.86
0.99
0.65
6.57
6.75
0.28
1.92
NA
2.11
1.76
4.04
5.67
1.85
3.03
1.02
0.66
6.17
0.00
3.92
2.85
1.57
0.00
4.98
1.50
1.37
4.45
4.48
0.09
0.54
1.66
NA
2.99
3.76
0.36
0.67
1.25
3.30
3.11
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFCP
1.28
NA
4.11
1.05
4.28
6.50
9.48
9.29
3.60
9.68
5.94
0.58
4.78
3.96
1.86
0.58
1.31
0.93
3.15
4.21
5.16
0.91
4.38
9.83
NA
1.29
10.81
2.31
0.65
4.46
4.18
0.11
1.59
1.10
5.63
0.34
8.79
12.78
13.54
13.05
4.96
11.14
8.62
3.05
9.50
3.66
1.37
1.86
1.95
0.60
3.31
4.35
8.59
0.48
5.61
11.73
NA
1.63
11.06
1.31
0.26
6.57
5.60
10.03
2.97
0.90
1.95
1.38
4.29
4.77
1.58
3.86
1.06
0.66
7.98
2.43
4.96
2.77
1.43
4.32
4.01
1.45
0.83
4.25
4.98
0.51
0.66
1.15
NA
2.71
3.77
0.80
0.57
1.08
2.87
3.44
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFCP
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
NA
NA
NA
NA
2.62 7.25
0.52 0.31
2.58 4.96
5.09 8.06
5.74 10.16
7.14 9.91
2.16 5.21
5.89 8.49
5.05 9.70
NA
NA
3.74 8.29
2.41 4.09
1.42 1.50
NA
NA
0.37 3.34
0.67 0.76
3.41 2.72
3.17 4.39
3.88 7.65
1.36 0.71
NA
NA
7.67 10.77
NA
NA
NA 1.80
0.09 7.79
NA 0.38
1.44 2.21
2.77 4.99
3.60 7.39
NA
NA
Q3
Q2
Q1
1.40
1.13
0.95
1.46
1.32
3.66
4.51
2.12
0.47
5.92
1.04
5.25
0.60
0.68
0.63
3.98
3.33
1.44
0.66
1.20
1.95
1.38
1.12
4.20
NA
2.26
1.57
1.34
2.07
0.74
0.56
0.51
2.01
1.28
4.85
0.63
6.14
11.44
13.19
12.92
4.20
10.19
7.99
6.46
7.72
3.25
1.37
7.06
1.77
0.38
2.63
4.06
6.68
0.24
5.84
11.62
0.60
1.34
10.61
1.59
2.27
5.17
4.94
12.75
3.30
3.32
1.90
1.62
3.23
4.78
1.42
3.76
1.33
0.68
7.22
4.11
5.13
2.94
1.55
4.92
2.37
0.98
0.88
4.34
5.63
1.26
0.49
0.82
0.01
3.51
3.93
0.95
0.39
0.83
2.68
4.03
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI

lity
tion type
(%)
Q4
FIM FOREIGN FIXED-INCOME (RFI)
NA
NA
6.43
3.57
6.05
8.15
11.84
16.95
5.38
10.80
8.78
NA
8.39
7.71
3.80
NA
6.49
3.58
8.22
9.43
6.49
4.52
NA
14.40
NA
NA
9.65
NA
5.01
7.35
10.83
NA
1.96
1.20
5.97
0.47
6.89
10.61
12.61
12.11
4.67
9.79
8.94
4.85
8.44
3.72
1.41
4.80
2.58
0.64
3.05
4.19
7.34
0.45
5.24
11.13
0.60
1.70
9.31
1.30
1.63
5.89
6.25
9.38
NA
NA
51.30
NA
30.10
NA
57.72
49.75
39.72
NA
70.11
NA
66.39
NA
40.44
NA
NA
NA
52.53
57.95
61.15
NA
NA
42.47
NA
NA
NA
NA
NA
NA
61.92
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.65
2.10
2.25
1.75
1.50
1.50
1.10
1.10
1.75
1.75
1.90
1.90
1.80
1.40
1.60
2.25
1.50
0.90
1.50
0.30
2.00
0.50
1.75
1.65
1.35
1.15
1.15
1.40
0.70
1.00
1.25
1.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
2.00
0.00
4.00
4.00
4.00
1.50
0.00
0.00
2.00
2.00
0.00
0.00
2.00
2.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
3.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.10
0.10
0.00
0.15
0.30
0.15
0.40
0.40
0.40
0.00
0.10
0.20
0.40
0.06
0.05
0.40
0.10
0.10
0.13
0.06
0.20
0.09
0.00
0.20
0.00
0.10
0.10
0.10
0.10
0.15
0.15
0.20
Custody
ALLIANZ CONSERV. GLOBAL FIMF .......

ALMAGRO DIVISAS FIM ........................
APPLE FOND FIM...................................
ARG. EUROPA AHORRO FIM ................
ARGENT.AHORRO 1 FIM.......................
ASC PATRIMONI FIM..............................
BANCAJA EUROPA MIXTO 20 FIM ........
BANCAJA EUROPA MIXTO 30 FIM ........
BANKPYME GES. CARTERA MOD. FIMF..
BASKEDIVISAS. FIM................................
BBVA CAPITAL FIM.................................
BBVA CELEBRACION FIM.......................
BBVA GLOBAL 2 FIM .............................
BBVA GLOBAL FIM ................................
BCH INT. MIXTO RF FIM........................
BCH MIXTO RF 2 FIM ............................
BENKERS AHORRO FIM.........................
BETA EURO MARS FIM (**) ....................
BI CONVERTIB. INT. FIM........................
BM DINERDIVISA FIM............................
CAIXA CAT. CONVERTIBLES FIMF..........
CHASE GESTION ACTIVA FIM................
CHASE LIBOR PLUS FIM ........................
CHASE RF ACTIVA FIM...........................
CRV FONRENTA FIM..............................
DB CAPITAL DOS FIM............................
DB CAPITAL UNO FIM...........................
DB ECOINVEST FIM ...............................
EL MONTE FONDO SOLIDARIO FIM ....
FONBILBAO GLOBAL 10 FIM ................
FONCAIXA PATRIM.16 FIM ....................
(Continued)
NA
1.95
1.06
2.60
2.61
2.73
0.44
0.35
NA
0.98
0.02
2.59
2.72
2.43
2.97
2.33
0.04
2.23
3.31
1.07
0.01
0.01
2.10
0.11
2.99
0.72
0.81
1.52
NA
4.86
4.75
2.21
2.90
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFM
RFMI
RFMI
RFMI
RFMI
GRF
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
NA
3.20
0.28
1.93
1.96
0.70
0.49
1.21
NA
0.14
0.99
2.31
2.40
2.13
0.68
0.83
0.24
1.54
0.75
1.27
0.56
0.72
0.30
1.39
2.05
2.27
1.19
3.27
NA
0.42
0.35
0.04
0.71
3.18
9.15
11.41
12.32
7.01
5.71
4.89
7.20
NA
4.51
2.05
9.16
9.72
9.07
7.04
6.05
0.88
15.52
7.83
2.73
1.94
4.33
4.73
5.86
6.61
6.31
3.90
8.58
1.05
3.48
6.33
5.83
3.31
0.00
1.86
0.67
2.45
2.57
2.64
0.58
0.51
NA
0.82
0.01
2.59
1.98
2.20
2.90
2.11
0.10
2.14
2.92
1.01
0.01
1.76
1.94
0.18
2.90
0.52
0.57
1.37
0.10
4.62
4.45
3.00
3.66
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
GRF
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
1.13 4.94
4.25 8.07
0.05 11.47
0.44 3.90
1.56 5.73
0.01 3.85
0.34 3.23
0.96 4.84
NA
NA
3.36 4.72
1.22 3.24
1.00 3.70
1.17 3.24
1.04 3.47
5.36 7.31
2.04 3.53
1.41 1.21
2.55 10.02
0.73 4.41
2.97 6.12
0.36 1.57
0.43 3.68
0.67 2.72
2.06 6.02
1.42 4.28
0.68 3.90
0.70 2.54
1.32 6.02
0.19 2.40
0.03 2.77
0.02 4.25
0.46 3.70
0.27 2.45
0.00
1.83
1.03
2.79
2.93
1.93
0.50
0.42
NA
0.69
2.29
2.91
2.28
2.79
2.59
2.77
0.00
1.97
2.51
1.98
0.01
1.55
1.94
0.24
3.35
0.55
0.57
2.13
0.06
4.40
4.31
2.72
3.12
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
NA
NA
2.18 7.78
1.61 13.01
1.90 4.89
1.98 4.84
1.90 4.74
1.07 4.57
1.43 6.56
NA
NA
1.60 2.78
0.38 0.01
2.25 6.70
2.87 7.95
2.82 7.69
2.27 7.16
2.18 6.54
0.26 0.21
2.76 15.59
8.71 11.02
2.07 1.49
0.40 1.84
NA 0.18
2.09 3.88
0.01 7.69
1.17 5.08
3.02 6.32
2.06 3.99
NA 4.87
NA
NA
1.47 4.13
1.95 6.64
0.86 4.67
0.09 2.69
Q3
Q2
Q1
4.03
4.40
7.05
2.92
5.08
1.16
0.54
1.48
NA
0.58
4.82
4.90
4.59
4.70
5.37
0.46
0.61
0.41
3.24
4.95
1.38
1.41
0.35
3.34
2.22
2.92
1.94
4.48
2.02
1.70
0.53
0.01
0.79
8.34
7.62
11.79
7.30
11.96
7.76
4.71
7.34
1.85
4.11
7.93
8.10
8.05
7.83
9.15
4.43
1.02
12.98
5.82
10.18
4.45
5.80
3.03
4.22
7.20
6.40
4.33
9.87
4.91
2.76
4.74
5.03
3.12
0.00
1.65
0.93
3.64
3.87
1.76
1.09
0.98
0.00
1.33
2.91
3.05
3.35
3.02
2.61
2.14
0.37
1.78
2.51
1.79
0.01
2.25
1.37
0.23
3.69
0.69
0.69
2.42
0.09
4.05
4.14
3.02
3.63
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI

lity
tion type
(%)
Q4
FIM FOREIGN MIXED FIXED-INCOME (RFI)
NA
1.42
5.78
3.41
6.58
0.03
0.31
2.22
NA
4.26
2.33
4.06
3.09
3.11
1.28
2.92
2.53
1.79
3.64
1.16
0.80
NA
2.81
6.94
1.73
1.59
0.41
NA
NA
3.66
1.07
0.41
1.87
6.28
8.21
11.96
7.81
7.90
5.71
4.40
6.56
1.85
4.12
4.45
7.23
7.65
7.34
7.76
5.28
0.92
13.72
7.72
6.19
2.37
4.67
3.67
6.07
5.92
5.85
3.77
7.92
3.48
3.33
5.58
4.87
2.91
NA
49.15
NA
31.25
28.41
55.96
NA
NA
NA
NA
NA
NA
54.51
66.44
82.98
NA
NA
46.62
NA
47.74
NA
NA
NA
NA
67.25
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.50 0.00
2.25 0.00
1.35 0.00
2.25 0.00
2.25 0.00
1.00 0.00
1.50 0.00
1.80 0.00
0.00 0.00
1.80 0.00
1.40 0.00
2.25 0.00
2.00 0.00
2.00 0.00
1.25 0.00
0.80 5.00
1.35 9.00
1.40 0.00
1.35 9.00
1.50 0.00
1.00 9.00
0.50 9.00
0.50 10.00
0.30 10.00
1.50 0.00
1.25 0.00
1.15 0.00
1.25 0.00
1.75 0.00
1.75 0.00
1.75 0.00
1.85 0.00
0.75 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
2.00
0.00
1.50
1.50
0.00
1.00
3.00
2.50
0.00
0.00
1.50
3.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.20
0.00
0.00
0.00
0.00
0.00
0.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.14
0.20
0.15
0.10
0.10
0.10
0.40
0.40
0.25
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.06
0.00
0.15
0.15
0.00
0.00
0.00
0.20
0.10
0.10
0.10
0.15
0.15
0.15
0.15
0.15
Custody
253
254
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFI
RFM
RFMI
RFMI
RFMI
RFM
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFM
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
0.42 5.60
0.78 3.21
0.70 3.30
2.36 6.27
1.78 638.01
1.43 4.56
0.66 3.53
2.06 4.08
1.42 5.52
2.65 6.80
2.14 5.19
0.77 3.36
3.36 11.01
0.10 1.50
0.56 4.40
0.74 5.55
1.07 11.26
1.52 5.56
0.35 3.55
0.78 4.77
3.22 6.02
1.21 5.64
0.90 6.91
1.19 6.92
0.66 7.49
0.56 7.66
1.42 11.04
2.30 5.45
NA
NA
1.60 3.54
3.62 7.40
3.39 25.74
0.75 5.88
3.33
2.39
2.38
0.85
2.56
0.77
5.20
1.58
2.46
1.73
1.43
2.60
0.83
0.49
0.01
0.01
1.19
3.19
0.98
0.37
1.96
1.13
2.10
2.69
2.42
0.47
0.42
1.08
NA
1.72
1.65
3.62
2.51
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RVN
RFMI
RFM
RFMI
RFMI
RFMI
RFM
RVMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFM
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
0.25 3.57
0.23 2.49
0.15 2.50
0.77 3.81
1.27 3.33
1.38 2.49
1.26 2.30
0.80 4.51
0.80 3.22
0.82 4.40
1.23 3.72
0.79 2.61
0.11 2.28
0.92 1.28
1.30 4.79
1.30 5.68
3.07 7.37
1.42 3.38
0.02 2.85
0.19 3.65
1.58 5.57
0.62 4.23
0.03 4.50
0.05 4.37
0.77 5.12
2.42 6.51
2.94 6.56
3.08 3.20
NA 1.13
1.49 2.63
0.26 5.57
7.67 16.59
0.02 3.50
3.16
1.93
2.30
1.58
2.79
0.60
4.95
2.48
2.32
1.58
2.00
2.62
0.95
0.42
0.01
0.01
0.80
3.04
0.00
0.00
2.79
1.11
1.92
2.38
2.69
0.40
0.31
0.89
0.34
1.47
1.92
3.63
2.75
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFM
RFMI
RFMI
RFMI
RFM
RVMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RVM
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RVM
RFMI
RFMI
RFMI
RFMI

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
2.55
1.91
1.86
1.15
2.82
0.78
5.28
2.31
2.44
2.00
0.86
3.45
1.24
0.70
0.01
0.01
1.28
2.79
0.94
0.52
3.04
1.14
2.54
2.97
2.50
0.45
0.50
1.23
NA
1.98
1.47
3.44
2.87
Q3
Q2
Q1
0.13
0.86
0.77
1.61
1.41
2.45
3.72
0.80
1.21
2.29
3.40
0.59
2.48
0.13
5.10
5.46
7.10
0.65
1.80
2.66
3.20
1.49
0.78
1.44
1.78
6.33
4.77
0.83
0.49
3.09
8.94
13.61
0.98
4.87
3.15
3.33
5.67
5.89
4.27
1.83
4.39
4.80
6.79
6.18
4.29
7.46
1.77
9.90
10.10
12.13
4.33
5.17
7.12
7.00
5.00
7.43
7.32
9.43
14.36
10.68
5.46
1.32
4.19
11.50
25.86
5.97
3.57
2.87
2.79
1.76
2.32
0.53
4.75
2.66
2.44
1.30
2.35
2.89
3.70
0.62
0.01
0.01
0.69
3.19
0.93
0.62
3.24
0.86
1.59
1.90
1.96
0.39
0.23
1.21
0.63
0.00
1.57
3.74
2.36
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI

lity
tion type
(%)
Q4
0.24 4.69
1.94 2.89
1.63 2.97
0.64 5.63
1.33 318.16
0.30 3.92
7.77 3.02
0.33 4.74
1.22 4.77
1.27 6.30
2.43 5.15
1.86 3.60
2.65 14.36
2.55 1.60
0.01 6.45
1.58 7.00
1.10 9.39
1.32 4.69
1.15 3.73
2.52 4.99
2.82 6.23
0.26 5.51
1.27 6.19
0.02 6.12
2.27 6.79
5.63 9.39
2.05 9.80
3.72 5.18
NA 1.25
1.59 3.51
9.32 8.07
3.06 22.39
0.61 5.21
61.38
47.72
NA
NA
NA
NA
79.27
NA
75.08
53.44
48.88
47.14
NA
NA
NA
NA
NA
76.46
NA
NA
44.69
NA
64.51
58.78
NA
25.04
85.03
NA
NA
NA
27.56
82.39
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.00
0.75
1.00
0.40
1.50
0.35
0.35
0.80
0.45
0.61
1.50
0.75
2.25
0.55
1.50
1.50
1.70
2.00
2.00
1.10
1.50
1.00
0.70
1.00
0.80
1.25
1.50
1.50
0.90
1.45
0.70
2.00
1.50
0.00
0.00
0.00
6.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
2.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
FONCAIXA PATRIM.35 FIM .................... 0.53 4.49

FONCREATIVO FIM................................ 2.64 6.35
FONDMAPFRE DIVERSIF. FIM ................ 3.33 6.12
FONDO ARTE Y CULTUR.FIM................ 2.27 3.97
FONDO BONOS FIM ............................. 1.94 3.92
FONDO MUTUALFASA 1 FIM................ 1.78 5.76
FONDONORTE FIM ............................... 3.11 5.15
FONEMPORIUM FIM.............................. 2.95 6.80
FONENGIN FIM...................................... 1.97 5.12
FONMASTER 1 FIM ................................ 2.45 3.88
FONPENEDES EUROEME. FIM ............... 3.53 25.40
GESTION GLOBAL VAL. FIM.................. 1.39 1.77
HSBC EUROINVERSION FIM ................. 4.63 4.85
HSBC EUROWEALTH FIM ...................... 6.86 5.24
IBERCAJA RENTA INT. FIM...................... 4.48 4.52
IBERLION EQUILIBRIO FIM.................... 2.10 5.16
INDOSUEZ GLOBAL FIM ....................... 1.00 2.80
INDOSUEZ RENDIM.. FIM ..................... 1.13 3.54
INVERBONOS FIM ................................. 2.12 6.18
MARCH PREMIER 70/30 FIM.................. 2.39 6.81
MB FONDO 2 FIM ................................. 2.96 5.44
MB FONDO 4 FIM ................................. 2.64 5.36
MB FONDO 44 FIM ............................... 0.95 3.59
MD FOND FIM....................................... 2.67 6.51
MERCH-FONTEMAR FIM........................ 5.60 10.13
MIXFOND 2000 FIM .............................. 3.85 6.05
NUCLEFON FIM .....................................
NA
NA
PREVISOR INVEST-UP FIM ..................... 1.69 3.39
PRISMAFONDO FIM .............................. 3.05 6.20
PRIVANZA DIVISA FIM........................... 7.88 19.62
PRUDFONDO EUROMIXTO FIM........... 2.39 5.10
(Continued)
0.20
0.15
0.15
0.00
0.25
0.15
0.10
0.20
0.08
0.22
0.40
0.17
0.00
0.00
0.20
0.20
0.20
0.10
0.20
0.15
0.30
0.10
0.01
0.10
0.10
0.10
0.16
0.10
0.10
0.10
0.12
0.40
0.15
Custody
RENTA 30 FIM ........................................

RENTA 4 INTERNAC. FIM (**).................
RURAL MIXTO INTERNAC. 25 FIM ........
SAFEI GLOBAL RENTA FIM.....................
SEGURFONDO CONVERT. FIM .............
SOLIDARIO PROUNICEF FIM ................
VITAL DIVISA FIM...................................
(Continued)
3.49
5.04
3.04
4.64
9.68
5.31
4.25
1.03
0.01
4.00
0.57
4.36
1.02
3.99
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
2.13
5.89
1.63
0.86
1.64
0.18
1.90
5.07
6.52
3.12
4.73
8.95
5.89
6.40
0.99
0.01
3.60
0.74
4.73
0.92
4.58
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
1.73
0.15
0.60
0.29
0.94
0.72
2.80
3.02
0.96
3.21
3.92
5.40
3.82
5.89
0.83
0.01
3.72
0.70
4.98
0.85
4.35
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
NA
2.34
2.08
1.55
1.27
3.48
3.00
Q3
Q2
Q1
2.65 4.78
6.99 11.17
3.16 3.66
2.12 3.69
1.27 7.52
1.26 5.35
1.45 7.29
0.60
0.01
4.34
0.54
3.83
1.21
4.41
4.24
7.01
3.29
4.27
8.05
5.16
6.08
NA
21.00
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
RFMI
NA
RFMI 10.55
RFMI 2.17
RFMI 1.17
RFMI 0.73
RFMI
3.10
RFMI
2.36

lity
tion type
(%)
Q4
1.25
1.85
1.50
1.50
1.10
1.75
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.75
0.00
0.00
1.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.15
0.20
0.00
0.15
0.20
0.10
0.40
Custody
255
256
RVMI
RVM
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RFMI
RVMI
RVMI
RVMI
FGL
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RFMI
RVMI
1.74
3.58
0.75
1.42
NA
NA
8.60
8.28
2.46
2.90
2.29
NA
0.21
5.20
0.36
3.67
1.28
4.82
3.28
4.80
3.33
4.46
8.83
4.74
5.00
3.13
2.74
0.19
3.87
0.85
3.56
8.31
4.52
8.84
17.82
4.06
10.13
7.18
6.06
20.03
13.32
14.54
17.85
11.86
NA
12.17
10.97
7.34
16.46
6.73
20.10
21.55
10.96
15.23
15.61
22.76
13.19
16.36
13.67
13.95
13.22
7.49
8.54
10.98
12.00
13.04
2.50
3.99
2.29
0.04
0.00
0.00
0.43
0.01
0.02
3.40
3.18
NA
2.21
0.01
0.00
1.11
0.31
3.46
2.86
0.17
1.80
1.87
0.01
2.08
2.08
4.17
4.54
1.06
1.75
1.30
1.48
2.96
4.03
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RFMI
RVMI
RVMI
RVMI
FGL
RVMI
RVMI
RFMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
0.42
0.27
0.17
2.69
1.72
2.92
1.90
3.45
2.53
8.02
0.19
NA
1.58
1.54
0.44
1.32
1.86
3.09
9.48
1.69
3.23
5.97
3.67
1.84
4.54
3.51
4.18
2.18
0.87
1.13
0.10
2.78
3.51
5.02
10.56
3.09
5.84
11.50
7.99
15.15
14.16
9.62
13.37
9.19
NA
6.34
8.15
2.56
7.86
6.47
13.52
15.46
8.42
10.11
11.77
14.90
10.13
12.29
11.48
11.68
8.61
5.46
5.82
6.02
7.07
10.96
2.72
4.42
4.12
0.02
0.00
0.00
0.92
0.01
0.01
3.00
2.76
NA
1.86
0.00
0.01
2.28
1.39
2.85
2.98
0.15
1.76
2.68
0.01
2.43
2.08
5.22
2.64
1.10
1.98
1.19
1.42
2.76
2.97
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RFMI
RVMI
RVMI
RFMI
RVMI
RVMI
RVMI
RFMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
2.51
3.32
3.05
0.04
NA
NA
0.55
0.01
0.09
3.41
2.38
NA
2.47
0.00
0.00
1.68
0.61
2.03
2.87
0.17
2.14
1.96
0.01
3.22
2.07
2.42
2.22
1.52
1.69
1.34
1.74
2.20
0.79
Q3
Q2
Q1
0.86
3.33
0.65
4.19
10.85
7.52
33.18
16.54
4.02
11.48
6.78
NA
4.07
6.23
0.60
10.11
7.04
14.13
11.95
10.60
8.56
7.13
15.87
9.38
10.55
11.16
10.96
1.07
5.79
2.48
2.53
6.94
11.54
7.68
15.37
5.00
9.89
17.02
12.24
40.76
28.32
14.41
20.43
15.09
1.85
15.18
7.91
1.96
14.89
8.50
21.37
21.51
14.97
16.03
12.60
27.24
17.19
14.05
16.54
17.04
14.36
8.93
9.55
8.58
12.49
17.14
3.15
4.44
4.42
0.08
0.00
0.00
0.59
0.01
0.00
3.32
3.63
0.00
0.65
0.01
0.01
3.30
1.10
2.82
3.24
0.10
1.75
3.68
0.01
1.54
2.41
5.05
3.31
0.88
1.35
1.79
1.39
4.14
4.05
Yield
since
Yield Volati1995
(%)
lity
2000
NA
RVMI
1.21 7.78
NA
RVMI 2.19 15.64
RVMI
0.82 4.12 45.77
NA
RVMI
4.68 9.22
NA
RVMI
NA 13.38
NA
RVMI
NA 9.65
NA
RVMI 40.77 25.64
NA
RVMI 18.74 19.78
NA
RVMI 6.58 13.01
RVMI 4.14 17.78 88.52
RVMI 7.61 12.15 90.33
NA
RVMI
NA 1.85
NA
RVMI
3.47 11.88
NA
RVMI 7.87 9.25
NA
RVMI
1.58 5.25
NA
RVMI 8.88 13.52
NA
RVMI 4.05 6.68
NA
RVMI 12.15 16.99
RVMI 2.98 19.78 161.45
NA
RVMI 9.82 12.24
RVMI 6.50 14.03 163.27
NA
RVMI 1.04 14.09
NA
RVMI 22.87 21.77
NA
RVMI 13.22 13.31
NA
RVMI 3.46 14.36
RVMI 8.93 13.45 94.21
NA
RVMI 7.23 13.93
RVMI 6.24 12.03 57.60
NA
RVMI 4.89 7.35
RVMI
1.36 8.11 109.21
NA
RVMI 0.88 8.93
NA
RVMI 3.98 10.88
NA
RVMI
NA 12.90

lity
tion type
(%)
Q4
FIM FOREIGN MIXED EQUITY (RVMI)
1.50
1.50
1.25
1.25
2.25
2.00
1.50
0.90
2.00
2.20
2.25
0.00
1.35
1.35
2.20
2.25
1.85
2.25
2.00
1.50
2.00
2.10
1.35
1.35
1.75
1.60
0.85
1.75
1.40
1.00
0.70
0.50
1.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
9.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
1.00
1.00
1.50
0.00
3.00
0.00
1.50
0.00
2.50
0.00
2.00
3.00
3.00
3.00
3.00
3.00
0.00
2.00
0.00
5.00
5.00
2.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
1.00
0.00
0.00
0.00
0.00
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
AB EURO GLOBAL FIM.......................... 3.46 8.92

AB EURO VARIABLE FIM........................ 5.22 17.67
AI FONDO FIM ...................................... 2.06 4.07
ALCALA GLOBAL FIM ............................ 4.90 10.18
ALLIANZ EMPREN. GLOBAL FIMF .........
NA
NA
ALLIANZ MODER. GLOBAL FIMF ..........
NA
NA
AT TECNOFONDO FIM.......................... 1.14 16.92
AT TRADING DINAMICO FIM ............... 2.61 19.21
BANCAJA EUROPA MIXTO 60 FIM ........ 2.38 12.85
BANDESCO DIVISAS FIM....................... 3.25 18.43
BANESTO MIXTO VAR. FIM ................... 1.24 11.65
BANKPYME GEST. CART. CLASICA FIMF..
NA
NA
BANKPYME TOP CLASS 75 RV FIM........ 6.40 11.99
BAV FONDO DE FONDOS FIM ............. 2.08 9.51
BBVA DIVIDENDO FIM.......................... 0.17 2.09
BBVA GLOBAL CRECIMIENTO FIM........ 3.86 13.12
BBVA IBERAG. GLOBAL FIM.................. 2.64 4.03
BBVA NUEVAS TECN. GLOBAL 1 FIM ... 4.26 9.98
BCH DOLAR MIXTO AC. FIM ................ 4.06 19.71
BCH GLOBAL MULTIF. FIM.................... 4.19 13.33
BCH INT. MIXTO ACC. FIM.................... 2.47 13.87
BCH MIXTO IBEROAME. FIM................. 5.25 15.76
BI EMERGENTES FIM .............................. 4.39 20.06
BI GLOBAL MUNDIAL FIM .................... 2.42 11.53
BNP GLOB.70-30 INT. FIM..................... 8.68 14.09
BSN INVERSIONES FIM .......................... 2.23 11.18
BSN REVALORIZACION FIM .................. 2.82 12.16
CAM MIXTO VARIABLE EUROPA FIM.... 2.92 11.13
CAADA BLANCH FIM.......................... 4.11 6.90
CHASE BOLSA FIM................................. 3.67 8.03
CHASE GLOBAL III FIM .......................... 5.35 9.34
COMPOSITUM GESTION FIM................ 9.49 10.71
CONSTELACION REVAL. FIM.................
NA 7.57
(Continued)
0.15
0.15
0.15
0.10
0.14
0.14
0.10
0.10
0.40
0.20
0.20
0.25
0.35
0.10
0.10
0.10
0.15
0.10
0.20
0.25
0.20
0.40
0.00
0.00
0.40
0.15
0.05
0.15
0.12
0.00
0.00
0.10
0.10
Custody
DB CAPITAL CUATRO FIM.....................

DB CAPITAL TRES FIM............................
DIRECTIVOS PLUS FIM ..........................
EQUILIB. INVEST-UP FIM .......................
FIMUTUAL RENTA 1 FIM........................
FONBUSA FONDOS FIM .......................
FONCAIXA 17 M. 50 RV EUROPA 1 FIM .
FONCAIXA 18 M. 50 RV EUROPA 2 FIM .
FONCAIXA 56 P.50 RV FIM ....................
FONCAIXA COOPERAC. FIM .................
FONDESPAA GES.INT. FIM ..................
FONDIRECTIVOS FIM ............................
FONDONORTE DIVISAS FIM.................
FONDUERO DIVISAS FIM......................
FONDUERO EMERGENTES FIM .............
FONDUERO PLUS FIM...........................
FONINDEX INTERN. FIM .......................
FONPATRIMONIO FIM...........................
IBER FONDO 2020 INT.FIM ...................
IBERAG. PRIV. GLOB. FIM......................
IBERLION INTERNAC FIM ......................
INDOSUEZ UNIVERSAL FIM ..................
ING DIRECT F. NAR. MIXTO EUR. FIMF..
INGENIEROS UNIVERS. FIM ..................
MADRID GESTION ACTIVA 50 FIMF .....
MB DIVISAS 1 FIM..................................
MERCH-UNIVERSAL FIM........................
PLUSMADRID GLOBAL FIM...................
RURAL CORDOBA FIM ..........................
RURAL MULTIFONDO FIM ....................
(Continued)
10.40
8.58
12.57
11.07
9.19
10.20
14.40
11.39
5.19
3.76
8.68
16.17
16.96
9.19
7.13
13.99
11.39
NA
14.22
10.48
10.02
10.76
16.34
11.11
15.20
NA
15.50
NA
6.89
20.57
14.61
NA
9.67
0.81
0.83
0.01
2.36
0.16
4.55
5.00
0.01
0.17
0.18
1.55
1.02
1.19
1.15
0.01
2.11
0.61
NA
1.17
0.53
0.54
1.05
0.20
4.48
0.48
NA
0.91
NA
2.88
0.89
0.47
NA
1.55
RVMI
RVMI
RVMI
RVMI
RVMI
RVM
RVMI
RFM
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
GRV
GRV
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RFM
3.95
3.48
7.23
5.09
1.76
0.67
1.28
3.57
0.35
0.51
0.15
2.41
1.60
0.17
3.24
7.17
2.92
NA
5.61
1.31
3.31
2.93
7.33
3.55
4.32
NA
7.63
NA
1.83
2.07
4.25
NA
4.26
10.53
8.61
17.69
11.34
9.68
10.48
14.07
12.62
5.29
3.98
10.90
18.74
17.73
10.76
10.16
14.52
7.96
0.13
12.56
11.74
11.78
12.65
17.75
11.28
18.24
NA
16.26
NA
9.28
22.45
18.50
NA
10.68
0.57
0.61
0.01
2.13
0.65
3.81
3.41
0.01
0.01
0.01
3.55
1.76
1.26
1.71
0.01
2.53
0.56
0.01
0.32
0.71
0.69
1.37
0.01
4.66
0.48
NA
1.53
NA
2.50
0.76
0.42
NA
0.82
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RFMI
RVMI
RVMI
RVMI
RVMI
RVMI
GRV
GRV
RVMI
RVMI
RVMI
RVMI
RFMI
RVMI
RFM
RVMI
RVM
RVMI
RFM
RVMI
RVMI
RVMI
RVMI
0.57
0.78
1.51
3.27
1.15
0.17
0.67
1.39
1.22
1.15
1.25
3.06
2.98
2.46
1.89
2.03
0.53
2.44
0.27
1.25
0.76
0.03
0.23
2.43
2.80
NA
1.49
NA
1.33
6.90
0.97
NA
1.36
6.32
5.31
11.12
8.74
8.57
6.04
7.92
7.17
4.43
4.42
6.53
10.37
10.37
7.62
6.92
11.99
7.62
8.84
9.36
5.13
8.41
9.23
12.85
8.00
11.10
NA
11.81
NA
6.60
13.71
12.24
3.17
6.20
0.65
0.67
0.01
1.86
0.71
3.28
3.31
0.01
1.71
1.59
2.91
2.26
1.78
2.26
0.01
2.62
0.62
4.35
0.55
0.69
0.66
0.78
0.16
4.80
0.00
NA
1.93
NA
2.55
0.42
0.39
0.91
1.82
RVMI
RVMI
RVMI
RFMI
RVMI
RVMI
RVMI
RVMI
RVMI
RFMI
RVMI
RVMI
RVMI
RVMI
RFM
RFM
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RFM
RVMI
RVM
RVMI
RFM
RVMI
RVMI
RVMI
RVMI

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
4.78
4.10
7.30
4.07
6.10
2.01
2.26
6.89
0.91
0.42
1.42
1.13
3.43
2.93
5.53
6.82
3.43
NA
2.11
7.47
1.44
1.73
16.23
3.31
0.96
NA
5.75
NA
1.80
9.23
3.79
NA
7.45
Q3
Q2
Q1
5.12
4.46
12.73
8.26
10.15
2.16
3.92
8.42
1.61
1.67
1.28
2.77
1.72
5.91
6.54
13.01
5.30
7.00
7.17
5.40
7.31
6.11
11.75
4.96
9.77
NA
14.34
NA
1.98
11.67
6.06
2.88
9.03
10.23
8.55
20.68
13.44
15.30
7.81
10.83
10.97
9.17
9.17
9.23
15.33
14.21
10.85
10.40
19.63
10.36
14.85
12.70
11.07
15.00
14.60
20.50
13.99
20.21
3.61
20.48
10.51
11.79
25.19
16.70
14.10
8.38
0.86
0.85
0.00
0.00
0.61
3.11
3.16
0.18
2.55
2.50
3.26
3.48
2.83
5.63
0.01
2.47
0.68
5.37
1.20
0.58
0.46
1.02
0.07
5.87
0.43
0.01
2.69
0.01
1.94
0.38
1.56
0.69
1.89
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI

lity
tion type
(%)
Q4
3.96
3.25
11.83
6.43
5.27
1.03
3.66
4.30
3.35
2.71
3.74
6.97
2.95
0.61
2.76
12.00
4.41
NA
10.76
1.58
9.77
7.31
5.17
3.00
16.89
NA
15.07
NA
0.73
1.02
7.55
NA
5.15
9.56
NA
7.92
NA
16.08
NA
11.33
NA
11.10 23.04
8.82
NA
12.09
NA
10.79
NA
6.31
NA
5.79
NA
8.97
NA
15.44
NA
15.09 47.25
9.72
NA
8.86
NA
15.39
NA
9.49
NA
12.01
NA
12.36
NA
10.00 26.94
11.59 62.72
12.00
NA
17.22
NA
11.32 87.67
NA
16.56
3.61
NA
NA
16.40
10.51
NA
8.90 42.63
20.98 170.82
15.70 73.78
11.25
NA
NA
8.98
Yield
since
Yield Volati1995
(%)
lity
2000
1.45
1.35
1.80
1.70
1.45
1.75
1.75
1.25
1.75
1.75
1.25
2.25
2.00
1.60
1.80
2.00
2.00
2.00
2.00
2.00
2.25
1.20
2.25
2.25
1.50
0.40
2.25
1.75
0.90
1.50
2.25
1.75
2.25
0.00
0.00
0.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
4.00
0.00
4.00
4.00
0.00
0.00
0.00
2.00
0.00
2.00
0.00
0.00
3.00
2.50
0.00
0.00
0.00
0.00
4.00
0.00
0.00
1.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.10
0.10
0.00
0.10
0.15
0.15
0.15
0.12
0.00
0.00
0.15
0.15
0.15
0.15
0.15
0.08
0.20
0.25
0.10
0.14
0.15
0.15
0.10
0.15
0.20
0.00
0.40
0.10
0.10
0.14
0.25
0.15
0.00
Custody
257
258
RURAL MX INTERN. 50 FIM...................

SAFEI GLOB. PATRIM. FIM .....................
SANT. CRECI. ACTIVO FIM.....................
SEGURFONDO CUANTIT. FIM ..............
TARRAGONAFONS GLOB. FIM .............
URQUIJO LATINOAMERICA FIM ...........
ZARAGOZANO EMERGENTES FIM........
(Continued)
17.53
9.33
10.75
13.54
11.51
NA
NA
2.50
1.70
2.01
0.01
3.85
NA
NA
RVMI
RVMI
RVMI
RVMI
RVMI
1.58
3.55
2.65
6.46
2.15
NA
NA
14.88
11.02
13.43
13.38
11.32
13.24
3.81
2.36
2.48
3.26
0.01
3.54
0.33
0.01
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
1.08 8.50
0.09 6.67
3.56 11.42
2.66 8.90
2.63 8.05
2.93 12.66
3.04 7.41
2.00
2.68
3.95
0.01
2.88
0.54
1.02
RVMI
RVMI
RVMI
RFMI
RVMI
RVMI
RVMI

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
6.01
3.69
2.55
6.26
4.02
NA
NA
Q3
Q2
Q1
7.12
7.00
11.69
8.98
3.26
6.95
4.45
14.08
10.76
16.63
12.10
8.33
17.48
11.09
3.01
2.77
4.77
0.01
3.31
0.44
0.84
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI

lity
tion type
(%)
Q4
2.05
7.07
8.70
11.93
1.06
NA
NA
14.16
9.63
13.33
12.18
9.95
14.69
8.39
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
2.25
1.75
1.60
1.50
2.00
1.00
1.35
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
3.00
0.00
0.00
0.00
2.00
0.50
0.20
0.00
0.00
0.00
0.00
2.00
0.50
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.00
0.15
0.15
0.20
0.40
0.10
0.25
Custody
A.T. EUROBOLSA PLUS FIM...................

AB EURO INDICE FIM............................
AC EUROACCIONES FIM .......................
ALFA BIOTECNOLOGICO EURO FIM ....
ALFA LONG-SHORT EUROPA FIM.........
ALFA OCIO EURO FIM...........................
ALFA TOP 25 EUROPA FIM ....................
ALFA WIRELESS EURO FIM.....................
ARCALIA BOLSA FIM..............................
ASTURFONDO BOLSA FIM....................
ATLANTICO BOLSA PREMIER FIM .........
ATLANTICO EUROACC. FIM..................
BANCAJA FONDO DE FONDOS 80 FIMF.
BANESTO BOLSAS EUR. FIM..................
BANIF OPOR.EUROPEAS FIM ................
BANKPYME EUROPA CRE.FIM ...............
BANKPYME EUROVALOR FIM ...............
BBK BOLSA EURO FIM...........................
BBV EUROBOL. ACTIVO FIM ................
BBV EUROBOLSA FIM............................
BBVA EUROPA BLUE CHIPS 2 FIM.........
BBVA EUROPA INDICE 1 FIM.................
BBVA EUROPA INDICE 2 FIM.................
BBVA EUROPA PRIVATIZACIONES 1 FIM.
BCH ACC. EUROPEAS FIM.....................
BCH EUROINDICE FIM ..........................
BESTINVER EUROPA FIM .......................
BETA CRECIMIENTO FIM........................
BETA EURO ACCIONES FIM...................
BG EUROMARKET BOLSA FIM...............
BK INDICE EUROPEO 50 FIM ................
BK OPORT. SECTORIAL FIM...................
BK OPORTUNIDAD SECTORIAL 2 FIM..
BK RV EUROPEA FIM .............................
(Continued)
22.91
26.02
24.17
NA
NA
NA
NA
NA
15.33
21.16
NA
32.57
NA
19.71
17.40
22.31
17.50
21.99
23.93
22.31
24.84
22.18
26.95
22.34
17.76
NA
NA
13.23
20.89
21.64
NA
34.74
NA
19.09
0.01
0.01
0.01
NA
NA
NA
NA
NA
0.01
0.01
NA
0.01
NA
0.01
0.01
0.01
0.01
0.19
0.02
0.01
0.00
0.01
0.01
0.01
0.01
NA
NA
0.95
0.01
0.01
NA
0.00
NA
0.20
RVE
RVE
RVE
RVE
RVE
RVE
RVI
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVN
RVN
RVE
RVE
RVE
8.39
1.53
3.88
NA
NA
NA
NA
NA
7.96
6.27
NA
5.14
NA
2.89
4.61
6.19
0.90
1.04
4.82
4.11
2.73
4.67
2.91
7.32
2.71
NA
NA
6.98
1.17
2.57
NA
11.40
NA
4.94
21.87
24.03
23.79
NA
NA
NA
NA
NA
15.08
20.25
14.96
29.23
14.81
21.18
22.67
21.34
17.75
25.69
26.33
23.38
25.46
23.59
26.84
29.64
21.11
NA
NA
15.35
20.53
23.70
NA
38.98
NA
15.55
0.00
0.01
0.01
NA
NA
NA
NA
NA
0.01
0.01
0.01
0.01
0.76
0.01
0.00
0.01
0.01
0.23
0.01
0.01
0.00
0.01
0.00
0.01
0.02
NA
NA
1.67
0.01
0.01
NA
0.05
NA
0.16
RVE
RVE
RVE
RVE
RVE
RVN
RVE
RVE
RVE
RVE
RVE
RVI
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
4.90
4.63
3.58
NA
NA
NA
NA
NA
2.87
0.86
3.82
2.52
1.23
3.75
1.73
0.54
0.82
4.76
2.05
2.22
1.77
4.73
4.61
5.30
2.77
NA
NA
1.98
1.97
3.77
NA
7.90
NA
2.22
16.76
14.67
13.17
NA
NA
NA
NA
NA
11.02
12.99
12.92
15.29
9.51
15.61
12.43
11.03
9.90
16.48
14.96
14.37
13.94
15.06
15.20
19.32
15.51
15.53
NA
10.35
14.17
15.85
4.77
23.51
7.37
11.91
0.00
0.01
0.01
NA
NA
NA
NA
NA
0.01
0.01
0.01
0.01
0.14
0.01
0.02
0.01
0.01
0.18
0.01
0.01
0.01
0.01
0.01
0.01
0.02
0.01
NA
2.88
0.01
0.01
0.00
0.06
0.00
0.11
RVE
RVE
RVE
RVE
RVE
RVE
GRF
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
1.81
7.50
3.71
NA
NA
NA
NA
NA
10.03
5.86
NA
11.19
NA
1.97
1.33
30.72
5.75
NA
6.40
5.24
6.51
5.12
7.41
5.62
1.89
NA
NA
5.34
5.85
4.88
NA
14.05
NA
7.08
Q3
Q2
Q1
Q4
11.02
3.04
6.90
NA
NA
NA
NA
NA
8.80
9.77
6.44
8.08
8.16
3.37
3.92
17.37
3.49
3.74
7.35
7.88
7.58
3.09
3.03
13.27
3.88
4.47
NA
10.99
10.03
8.06
1.46
16.09
1.46
3.92
28.54
24.21
19.30
15.93
1.36
1.69
16.27
2.19
21.14
23.99
22.30
24.31
16.73
25.49
20.76
24.62
18.85
27.42
27.80
23.16
24.76
24.68
24.80
31.22
25.04
25.20
2.77
19.66
23.16
26.94
19.44
35.07
14.55
21.73
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.00
0.13
0.01
0.00
0.00
0.01
0.15
0.01
0.01
0.00
0.01
0.01
0.01
0.01
0.01
0.01
2.04
0.01
0.01
0.00
0.18
0.00
0.21
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE

lity
tion type
(%)
FIM EURO EQUITY (RVE)
21.08
2.12
10.51
NA
NA
NA
NA
NA
5.00
9.70
NA
5.49
NA
7.90
8.00
1.87
0.32
NA
6.48
9.10
5.95
7.49
3.53
19.60
7.36
NA
NA
11.06
7.73
9.59
NA
21.90
NA
4.36
22.93
NA
22.68
NA
20.59
NA
15.93
NA
1.36
NA
1.69
NA
16.27
NA
2.19
NA
16.14 199.82
20.05
NA
17.31
NA
26.19
NA
13.91
NA
20.81
NA
18.72
NA
20.79
NA
16.40
NA
23.35
NA
23.80
NA
21.15
NA
22.77 270.73
21.71
NA
23.95
NA
26.14
NA
20.19
NA
21.04
NA
2.77
NA
15.11 147.15
20.00
NA
22.42
NA
14.51
NA
33.64
NA
11.73
NA
17.49
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.25
1.00
2.00
1.90
2.00
1.90
1.90
1.90
2.15
2.10
1.10
2.25
1.55
2.25
2.00
1.25
1.25
1.65
2.25
2.25
2.25
1.75
1.75
2.25
2.00
0.90
1.00
2.25
2.25
2.25
0.60
1.15
1.15
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
1.00
0.00
1.00
0.00
0.00
3.00
3.00
0.00
0.00
2.00
2.00
2.00
2.00
3.00
2.95
1.50
1.50
0.00
0.00
3.00
1.50
3.00
2.00
3.00
3.00
3.00
0.00
0.00
0.00
1.00
0.00
1.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.50
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.10
0.10
0.09
0.10
0.10
0.10
0.10
0.10
0.00
0.15
0.15
0.25
0.05
0.10
0.40
0.35
0.35
0.10
0.10
0.10
0.10
0.25
0.10
0.10
0.20
0.10
0.13
0.12
0.15
0.35
0.10
0.10
0.10
0.10
Custody
259
260
BNP BOLSA EUROPEA FIM ....................

BSN ACC. EUROPEAS FIM .....................
BSN RV EUROPA FIM .............................
CAI BOLSA 10 FIM .................................
CAIXA BORSA EUROPEA FIM.................
CAJA LAB. BOLSAS EUROPEAS FIMF.....
CAJASUR BOLSA EURO FIM ..................
CAM BOLSA EUROPA FIM .....................
CAM EUROPA PYMES FIMF....................
CAPITAL 2.000 FIM.................................
CHASE ACC. EUROPEAS FIM .................
CHASE LT EURO EQUI. FIM...................
CONSTEL. ACCIONES EUROPEAS FIM ..
CRV EUROIND. BOLSA FIM...................
EJECUTIVOS EUROFOND FIM ...............
EURONAVARRA BOLSA FIM ..................
EUROSANFERNANDO RV FIM ..............
EUROV. BOL. EUROPEA FIM..................
F. HISPANO LUSO RV FIM .....................
F.FINECO EURO ELITE FIM.....................
FIBANC-EUROPA RV FIM .......................
FON FINECO VALOR FIM ......................
FONBOLSA EURO FIM...........................
FONCAIXA 64 PT EURO FIM .................
FONCAIXA BOLSA 5 FIM .......................
FONCAIXA BOLSA 52 FIM .....................
FONDESPAA EUROBOL. FIM ..............
FONDO VALENCIA FONDOS 80 FIMF..
FONDONORTE EUROBOL. FIM ............
FONJALON EURO ACC. FIM..................
FONPENEDES EURO.100 FIM ................
GAESCO SMALL CAPS FIM ....................
GENERAL BOLSA FIM.............................
GESCAFONDO BOLSA FIM....................
(Continued)
25.85
18.19
18.14
24.74
25.78
NA
22.72
18.46
NA
10.59
22.58
36.51
1.62
19.96
19.58
20.68
31.85
20.36
18.76
4.60
20.93
1.23
22.04
22.79
24.23
23.12
26.39
NA
21.06
19.76
20.93
11.29
15.47
17.88
0.01
0.02
0.79
0.01
0.01
NA
0.10
0.01
NA
1.60
0.00
0.01
0.02
0.26
0.01
0.01
0.01
0.00
0.01
0.01
0.00
0.01
0.01
0.01
0.01
0.01
0.08
NA
0.00
0.01
0.01
0.01
0.01
0.01
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVI
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
3.89
2.98
2.22
5.04
0.40
NA
1.84
0.60
NA
3.29
6.89
11.00
0.93
0.19
4.76
3.89
1.41
1.32
6.36
0.31
2.47
0.26
0.44
1.14
1.69
1.63
1.17
NA
7.99
0.99
0.16
3.39
3.33
11.20
27.74
22.43
21.24
24.24
23.18
3.92
21.26
25.65
NA
10.88
24.27
35.05
17.71
21.17
23.23
20.83
25.25
24.63
17.65
25.51
19.36
9.88
25.61
22.65
23.94
24.07
25.19
NA
21.43
18.75
22.48
13.28
17.17
23.00
0.01
0.04
0.03
0.01
0.01
0.01
0.06
0.11
NA
1.22
0.01
0.00
0.01
0.17
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.01
0.01
0.01
0.02
NA
0.00
0.01
0.01
0.00
0.00
0.01
RVE
RVE
RVE
RVE
RVE
RVM
RVE
RVE
RVE
RVI
RVE
RVM
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RFMI
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVI
RVE
RVE
2.09
3.19
2.38
4.36
3.65
0.56
3.07
5.09
NA
3.15
0.21
0.88
0.08
3.88
1.11
1.76
4.46
4.15
5.12
4.47
2.97
4.99
3.56
3.66
4.08
4.05
4.92
NA
0.54
1.62
1.04
0.29
0.01
1.28
16.03
15.65
12.95
13.35
13.90
8.98
12.49
16.83
0.23
7.36
12.98
17.14
13.00
13.02
14.27
12.03
14.21
14.82
12.43
16.26
12.22
7.51
15.02
13.51
14.21
14.35
15.24
7.85
16.38
14.72
13.34
9.44
13.31
13.26
0.01
0.05
0.72
0.01
0.01
0.00
0.09
0.21
0.05
0.71
0.00
0.01
0.01
0.12
0.01
0.01
0.01
0.00
0.00
0.03
0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.00
0.00
0.01
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVM

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
6.58
2.61
3.18
3.55
8.46
NA
6.66
0.67
NA
6.02
11.63
23.79
NA
3.83
6.14
10.05
18.45
5.82
5.56
NA
7.91
NA
6.42
5.88
5.24
4.21
6.69
NA
5.39
4.17
3.21
14.50
1.77
7.19
Q3
Q2
Q1
Q4
5.46
3.36
3.91
7.26
6.17
7.14
2.93
3.78
4.25
6.09
3.97
15.25
4.04
2.95
10.04
4.56
8.68
4.95
11.15
3.42
3.60
7.03
6.46
3.25
3.36
2.97
3.31
8.50
9.36
11.61
4.29
21.20
5.56
14.40
21.44
24.89
19.94
19.18
23.48
12.48
20.25
27.78
4.37
12.47
18.55
27.50
20.70
24.36
27.00
18.92
21.15
23.42
21.68
27.12
21.72
18.68
25.80
23.30
22.72
20.16
25.30
17.14
26.23
23.35
23.52
16.33
21.51
24.03
0.01
0.04
0.65
0.01
0.01
0.00
0.11
0.17
0.18
1.00
0.01
0.01
0.01
0.06
0.01
0.01
0.01
0.01
0.00
0.09
0.01
0.01
0.00
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.00
0.00
0.00
0.01
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE

lity
tion type
(%)
5.19
6.86
0.74
12.79
2.34
NA
1.50
8.62
NA
0.68
0.39
7.45
NA
3.33
8.04
0.83
4.80
4.86
7.67
NA
1.57
NA
4.41
2.44
4.09
4.56
3.07
NA
12.58
10.31
2.40
12.58
7.10
19.56
23.21
20.61
18.34
20.89
22.07
9.61
19.59
22.66
3.14
10.54
20.10
30.17
17.31
20.07
21.58
18.49
24.05
21.16
18.01
22.75
18.95
12.60
22.56
20.97
21.67
20.77
23.47
14.59
21.60
19.43
20.46
13.15
17.15
20.09
NA
NA
NA
NA
NA
NA
NA
NA
NA
117.98
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
263.08
NA
NA
NA
NA
NA
NA
NA
10.38
157.12
Yield
since
Yield Volati1995
(%)
lity
2000
1.85
1.70
0.80
2.00
1.35
2.25
2.25
1.75
1.75
2.25
1.25
1.25
1.15
2.10
2.00
2.25
2.00
2.25
2.25
1.75
2.25
1.75
2.25
0.75
2.25
1.35
1.45
1.55
2.00
2.25
2.00
2.25
2.25
2.25
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
9.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
7.50
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
5.00
5.00
0.00
0.00
1.00
1.00
2.00
2.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
1.00
0.00
3.00
0.00
0.00
0.00
0.00
4.00
4.00
4.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.15
0.10
0.05
0.25
0.40
0.05
0.25
0.15
0.15
0.20
0.00
0.00
0.10
0.40
0.15
0.15
0.40
0.00
0.15
0.15
0.10
0.15
0.15
0.15
0.00
0.15
0.15
0.05
0.08
0.40
0.00
0.10
0.13
0.20
Custody
HIGH RATE FIM......................................

HSBC FONDO BOLSA FIM.....................
HSBC PROYECTO GLOB.FIM.................
IBERAG. BOL. EUROPA FIM...................
IBERCAJA BOL.EUROPA FIM ..................
INGENIEROS EUROP.DJ FIM ..................
INTERVALOR ACC.INT. FIM ...................
INTERVALOR BOLSA FIM.......................
LUSO EUROPA FIM................................
MADRID EUROPEA FIM.........................
MEDIVALOR EUROPEO FIM ..................
MID CAPS EURO FIM.............................
MUTUAFONDO GESTION BONOS FIMF.
MUTUAFONDO GESTION MIXTO FIMF.
MUTUAFONDO VALORES FIM .............
NAVARRA ACCIONES FIM .....................
PENTAFONDO VARIABLE FIM ...............
PREVIBOLSA FIM....................................
PSN PLAN INVERSION FIM....................
RENTA 4 EUROBOLSA FIM.....................
RURAL EURO RV FIM.............................
SAFEI EUROPA FONDOS FIM ................
SANT ACC EUROPEAS FIM ....................
SANT EUROACCIONES FIM...................
SANT. EUROINDICE FIM........................
SANTANDER ACCIONES FIM.................
SELECCION ACCIONES EUROPA FIM....
SHERPA BOLSA FIM................................
SINDIBANK INVERSION FIM .................
SMB BOLSA 1 FIM..................................
UNIFOND EUROBOLSA. FIM ................
URQUIJO CRECIMIENTO FIM................
URQUIJO EUROBOL. 50 FIM.................
ZARAGOZANO R.V. FIM........................
(Continued)
28.20
24.88
8.41
25.99
21.26
18.64
21.41
13.48
18.61
22.05
22.10
19.77
NA
NA
19.56
17.56
21.10
26.79
17.13
29.65
24.00
17.32
18.32
16.63
23.20
14.07
5.00
26.82
26.17
19.30
21.99
19.26
20.70
21.86
0.29
0.01
0.01
0.01
0.01
0.02
0.01
0.01
0.01
0.01
0.00
0.01
NA
NA
0.01
0.21
0.01
0.01
0.00
0.01
0.01
0.01
0.91
0.01
0.29
0.60
0.01
0.00
0.24
0.01
0.01
0.01
0.08
1.44
RVE
RVE
RVN
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVI
RVE
GRF
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVM
RVE
RVE
RVE
RVE
6.29
3.61
7.23
4.17
6.01
0.35
3.58
6.02
0.68
4.95
5.83
2.44
NA
NA
5.44
9.52
6.55
2.31
6.27
3.97
2.33
5.92
2.01
5.71
4.70
5.70
0.60
8.40
3.13
5.18
5.85
7.83
3.96
7.63
34.77
17.49
17.53
25.38
24.35
21.10
24.27
17.86
23.48
21.06
24.23
15.28
NA
NA
17.45
24.58
20.53
25.53
18.55
25.63
24.34
17.49
19.83
21.94
23.17
19.08
0.01
24.22
26.44
19.68
20.08
17.18
21.73
25.85
0.14
0.01
0.01
0.01
0.01
0.03
0.01
0.01
0.01
0.01
0.00
0.01
NA
NA
0.01
0.03
0.01
0.01
0.01
0.01
0.01
0.01
0.45
0.02
0.40
1.69
0.01
0.01
0.05
0.01
0.01
0.01
0.02
1.08
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RFMI
RVE
RVE
RVI
RVE
GRF
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVM
RVE
RVE
RVE
RVE
0.38
0.70
0.78
3.25
1.20
3.67
2.97
0.03
3.05
0.03
1.17
5.82
NA
NA
0.41
0.35
0.94
3.06
6.09
2.56
4.55
0.17
2.23
3.19
0.43
2.10
0.72
4.54
5.11
2.64
2.58
1.55
1.38
0.03
19.22
12.68
10.31
16.30
13.05
12.81
13.05
9.75
13.47
13.64
13.57
7.59
NA
NA
12.81
15.34
12.99
14.36
14.77
18.49
14.63
10.27
12.80
16.04
14.21
14.54
1.41
15.20
14.44
12.25
12.75
12.43
13.17
14.02
0.00
0.01
0.01
0.01
0.01
0.03
0.01
0.01
0.01
0.01
0.00
0.01
NA
NA
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.01
0.89
0.02
0.01
0.96
0.01
0.01
0.01
0.01
0.00
0.01
0.01
1.13
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
GRF
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVM
RVE
RVE
RVE
RVE

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
9.84
20.92
NA
7.39
3.17
3.51
3.13
2.41
NA
3.72
10.11
10.30
NA
NA
16.99
10.74
5.73
8.85
3.17
3.74
6.38
10.72
2.20
3.09
6.20
3.10
0.42
6.88
9.00
6.36
8.69
1.15
4.89
9.34
Q3
Q2
Q1
Q4
19.07
7.64
9.75
2.99
6.76
2.97
11.76
7.68
4.89
5.40
3.99
0.42
NA
NA
10.74
16.25
9.77
4.43
15.76
19.36
3.59
6.97
4.13
4.74
5.00
9.90
3.01
7.37
3.69
7.32
6.31
9.40
3.96
12.72
30.54
26.67
17.93
23.96
23.31
22.65
26.24
17.36
20.32
21.41
21.49
12.70
4.89
4.67
17.37
29.94
24.08
24.04
24.67
35.93
23.68
12.63
19.68
25.68
21.83
25.77
2.30
24.82
22.01
22.01
21.05
21.00
19.40
24.33
0.02
0.01
0.01
0.01
0.01
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.01
0.01
0.01
0.01
1.30
0.03
0.01
0.94
0.01
0.00
0.01
0.01
0.01
0.01
0.01
1.84
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE

lity
tion type
(%)
16.38
6.90
NA
3.41
8.50
3.59
14.86
11.11
NA
6.71
1.60
13.40
NA
NA
0.84
16.38
10.01
1.48
13.58
21.73
4.39
2.93
1.84
10.35
4.27
10.56
4.81
13.44
3.51
9.00
6.59
16.84
4.59
11.82
28.83
21.30
15.32
23.24
20.98
19.17
21.86
15.00
19.37
19.85
20.77
14.54
4.89
4.67
17.10
22.72
20.14
23.21
19.23
28.22
22.05
14.81
17.89
20.48
20.95
19.00
1.17
23.22
22.79
18.70
19.35
17.78
19.04
22.05
79.71
NA
NA
NA
NA
NA
NA
54.27
NA
NA
NA
NA
NA
NA
NA
155.86
NA
NA
NA
NA
NA
NA
187.97
188.62
NA
174.02
NA
NA
NA
NA
NA
142.08
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
0.22 2.75
2.00 0.00
2.15 0.00
2.00 0.00
1.50 0.00
2.25 0.00
1.35 9.00
1.50 10.00
2.25 0.00
1.80 0.00
2.25 0.00
0.60 0.00
0.30 0.00
0.30 0.00
0.30 0.00
2.00 0.00
2.00 0.00
0.20 0.00
2.00 0.00
1.85 0.00
2.25 0.00
1.75 0.00
1.75 0.00
2.25 0.00
0.90 0.00
2.00 0.00
2.00 0.00
1.50 0.00
1.50 0.00
1.50 0.00
2.00 0.00
2.25 0.00
1.00 9.00
2.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
1.00
2.00
0.00
1.00
0.00
3.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
1.00
1.00
4.00
1.00
1.00
0.00
0.00
0.00
0.00
2.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.05
0.20
0.40
0.10
0.40
0.40
0.25
0.15
0.15
0.25
0.40
0.08
0.01
0.01
0.06
0.13
0.11
0.10
0.15
0.13
0.00
0.15
0.25
0.25
0.10
0.25
0.15
0.07
0.20
0.25
0.40
0.40
0.40
0.40
Custody
261
262
AB EURO ACCIONES FIM ......................

AB EURO SELECCION FIM.....................
AB FONDOS RV FIMF ............................
AB FONDOS SECTORIAL FIMF ..............
AB INTERNET FIM ..................................
AB LATINOAMERICA FIM.......................
AC AUSTRALASIA FIM............................
AC EUROFONDO FIM ...........................
AC IBEROAMERICA FIM.........................
AC JAPON FIM .......................................
AC USA FIM............................................
ALFA BIOTECNOLOGICO USA FIM .......
ALFA CRECIM. TECNOLOGICO FIM ......
ALFA EMERGENTES EUROPA FIM ..........
ALFA OCIO USA FIM..............................
ALFA PRIVATIZACIONES FIM .................
ALFA SMALL CAPS EUROPA FIM............
ALFA TECNOINDICE FIM .......................
ALFA WIRELESS USA FIM .......................
ALTAE BOLSA ACTIVA FIM .....................
ARG. FONDOS INTERN. FIM.................
ARG. INDICE NASDAQ FIM...................
ARGENTARIA AMERICA FIM ..................
ARGENTARIA PACIFICO FIM..................
ASTURF. INTERBOLSA FIM.....................
AT ESTRATEG. GLOBAL FIM...................
AT LATAM EQUITIES FIM........................
ATLANTICO BOLSA GLOBAL FIM..........
AVANCE GLOBAL FIM............................
B.I. JAPON FIM.......................................
BANCAJA EUROPA FIM..........................
BANCAJA EUROPA FIN. FIM ..................
BANCAJA FONDOS INTERN. FIM..........
BANCAJA RV INTERN. FIM.....................
(Continued)
24.12
29.78
19.10
NA
27.86
35.22
19.22
22.67
26.80
18.04
20.19
NA
NA
NA
NA
NA
NA
NA
NA
4.72
16.05
52.13
31.22
33.99
20.70
20.26
NA
1.37
NA
32.74
18.16
17.65
14.47
21.53
0.01
0.01
0.01
NA
0.01
0.01
0.33
0.01
0.01
0.01
0.01
NA
NA
NA
NA
NA
NA
NA
NA
0.01
0.00
0.07
0.01
0.00
0.01
0.01
NA
0.00
NA
0.00
0.06
0.00
0.34
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
4.93
9.85
4.62
NA
14.73
6.86
9.70
5.82
9.13
9.21
5.37
NA
NA
NA
NA
NA
NA
NA
NA
1.13
5.08
14.51
2.66
12.95
3.62
9.86
NA
0.94
NA
9.37
3.64
4.33
8.37
8.42
24.75
30.44
19.32
NA
46.85
38.94
25.52
23.93
30.35
21.33
26.05
NA
NA
NA
NA
NA
1.43
NA
NA
17.50
15.16
68.54
39.80
33.49
18.99
25.19
NA
12.02
10.34
28.90
20.75
17.13
19.68
28.53
0.01
0.01
0.01
NA
0.01
0.01
0.90
0.01
0.02
0.01
0.01
NA
NA
NA
NA
NA
0.00
NA
NA
0.01
0.00
0.06
0.00
0.00
0.01
0.00
NA
0.01
0.01
0.00
0.01
0.00
0.50
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
0.96
5.91
4.41
NA
1.64
2.86
10.75
3.10
0.23
4.66
3.91
NA
NA
NA
NA
NA
2.17
NA
NA
0.70
1.20
3.26
11.88
0.96
0.73
2.99
NA
1.45
2.45
6.55
4.29
5.66
1.17
1.50
14.63
12.09
13.57
1.36
29.61
25.42
16.30
12.19
18.41
17.46
16.55
NA
NA
NA
NA
7.33
15.70
32.29
NA
12.97
12.09
36.19
20.79
28.66
12.84
20.92
9.14
12.02
20.27
27.71
14.63
9.85
12.33
17.80
0.01
0.01
0.01
0.01
0.01
0.01
0.82
0.01
0.02
0.01
0.01
NA
NA
NA
NA
0.01
0.01
0.01
NA
0.01
0.01
0.03
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.41
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVN
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
6.80
30.70
9.14
NA
NA
8.64
2.45
2.55
4.49
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
11.77
20.41
18.47
4.80
9.88
3.70
NA
NA
NA
2.09
3.67
4.30
5.91
6.23
Q3
Q2
Q1
5.78
9.55
12.40
12.03
39.17
14.30
13.36
10.56
9.81
12.01
1.30
NA
NA
NA
NA
6.48
22.69
34.27
NA
17.93
11.62
34.72
19.01
25.12
11.99
33.64
4.83
15.66
41.93
26.45
4.89
1.39
10.49
15.06
22.61
18.84
19.05
18.11
54.71
29.58
20.38
18.88
25.18
18.78
27.88
16.44
2.76
3.25
10.43
28.86
23.75
62.92
16.20
30.84
14.19
69.19
39.16
24.38
20.52
35.61
17.90
21.33
57.49
30.46
22.69
15.49
15.06
28.76
0.01
0.00
0.01
0.01
0.00
0.01
0.67
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.01
0.01
0.01
0.03
0.02
0.03
0.01
0.14
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.00
0.01
0.00
2.91
0.00
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI

lity
tion type
(%)
Q4
FIM FOREIGN EQUITY (RVI)
5.25
12.87
4.78
NA
NA
10.81
28.47
16.29
14.17
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
5.11
34.99
4.48
32.35
6.12
40.68
NA
NA
NA
39.01
9.07
6.96
12.13
16.12
21.92
24.23
18.00
17.92
43.31
32.73
20.66
19.95
25.57
19.19
23.69
16.44
2.76
3.25
10.43
21.43
19.91
50.50
16.20
21.24
14.55
58.29
33.76
30.49
18.61
26.47
14.84
15.74
40.59
30.09
19.31
15.36
15.67
24.67
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.75
2.25
1.50
1.50
2.25
2.25
2.25
2.00
2.25
2.25
2.25
1.90
2.15
2.00
1.90
2.00
2.00
0.90
1.90
1.25
1.50
1.50
2.00
2.25
2.10
1.25
1.35
2.00
0.85
1.35
2.00
2.23
1.50
2.23
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
1.00
1.00
1.00
1.00
1.00
0.00
3.00
3.00
3.00
3.00
0.00
3.00
0.00
0.00
1.50
2.00
2.00
3.00
2.00
1.00
0.00
2.00
0.00
2.00
1.50
1.50
1.50
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.15
0.15
0.12
0.15
0.15
0.30
0.09
0.09
0.09
0.09
0.09
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.20
0.15
0.10
0.10
0.15
0.15
0.00
0.40
0.40
0.30
0.40
Custody
BANESTO BOL.IBEROA. FIM..................

BANESTO BOLSA JAPON FIM ................
BANESTO BOLSA USA FIM ....................
BANESTO ESPECIAL RV FIM...................
BANESTO MUNDIF.BOL. FIM ................
BANESTO S.CONSUMO FIM..................
BANESTO S.FINANCIE. FIM....................
BANESTO S.SALUD FIM.........................
BANESTO S.TECNOLOG. FIM................
BANESTO SECTOR CONSTR. FIM ..........
BANIF EMERGENTES FIM .......................
BANIF ENER.-COMUNIC FIM.................
BANIF FINANC. 2000 FIM......................
BANIF MULTIFONDO FIM .....................
BANIF PRESTIGIO FIM ...........................
BANIF RV INTERNAC. FIM .....................
BANIF RV JAPON FIM ............................
BANIF SIGLO XXI FIM ............................
BANKPYME COMUNICAC. FIM .............
BANKPYME EUROTOP FIM....................
BANKPYME GESTION CART. AV. FIMF...
BANKPYME MULTI TOP FIM ..................
BANKPYME MULTIGEST. FIM.................
BANKPYME MULTIOCIO FIM.................
BANKPYME MULTISALUD FIM ..............
BANKPYME MUNDIFIN. FIM .................
BANKPYME SWISS FIM ..........................
BARCLAYS LATINOAM. FIM...................
BBK BOLSA EEUU FIM ...........................
BBK BOLSA JAPON FIM .........................
BBK BOLSAS EMERG. FIMF....................
BBK FONDO INTERN. FIMF...................
BBK SECTORES CREC. FIMF ...................
BBV BOLSA USA FIM .............................
(Continued)
32.26
29.92
25.09
20.84
14.61
23.72
20.82
26.45
44.28
NA
23.08
20.63
17.24
12.91
16.54
26.11
34.62
18.72
26.25
17.04
NA
16.24
15.56
20.65
23.72
19.32
18.67
16.32
25.47
23.30
14.61
17.84
17.29
24.22
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.01
NA
0.01
0.01
0.00
0.01
0.00
1.82
0.00
0.01
0.01
0.01
NA
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.37
0.57
0.00
0.02
0.01
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
8.13
10.48
5.00
4.89
6.12
7.84
3.66
14.28
6.53
NA
7.33
11.94
3.43
5.42
4.21
8.36
8.58
2.11
7.99
2.75
NA
7.70
4.05
3.08
16.55
0.32
1.63
7.80
5.10
17.36
11.10
5.16
8.27
3.02
36.81
31.58
28.89
22.97
16.79
21.21
22.27
20.13
62.17
NA
22.50
24.43
17.04
11.72
19.90
24.01
30.67
18.13
34.79
19.32
NA
20.00
16.61
19.80
16.85
16.67
13.57
32.66
25.19
27.44
28.82
18.41
37.56
32.93
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.01
NA
0.01
0.01
0.00
0.01
0.00
0.01
0.00
0.01
0.01
0.01
NA
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.35
0.48
0.04
0.03
0.04
0.00
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
1.96
1.77
10.93
2.41
3.14
6.13
16.06
9.92
7.68
NA
3.33
3.82
12.08
3.11
1.96
3.52
4.94
1.34
4.63
0.67
NA
3.28
2.49
2.60
9.44
15.60
4.75
2.72
8.27
5.12
3.48
2.74
9.25
11.84
23.50
26.26
21.07
12.91
10.91
13.77
13.50
15.72
32.81
NA
15.21
16.67
12.09
12.14
14.19
14.48
25.71
12.43
19.08
11.10
NA
9.04
9.32
10.27
14.60
10.83
7.85
18.48
15.11
23.50
18.85
11.24
26.15
20.99
0.01
0.00
0.01
0.01
0.01
0.00
0.00
0.01
0.01
NA
0.01
0.01
0.01
0.01
0.00
0.01
0.00
0.01
0.01
0.01
NA
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.16
0.28
0.00
0.03
0.00
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
9.33
1.26
3.22
0.32
4.47
1.84
4.10
2.38
10.58
NA
7.45
9.02
1.97
7.31
1.60
10.31
3.26
5.32
17.05
4.42
NA
17.83
7.51
12.65
6.27
5.46
14.57
NA
NA
NA
NA
8.99
NA
7.26
Q3
Q2
Q1
13.28
24.22
16.30
10.08
11.42
0.23
0.26
7.33
36.12
NA
12.18
19.62
0.27
11.68
12.08
14.19
24.53
12.94
27.73
4.02
NA
16.29
11.91
11.04
3.19
1.10
0.38
12.43
2.73
21.31
16.77
12.72
34.50
18.97
27.09
22.97
29.89
21.53
15.48
14.48
21.02
17.76
64.55
5.82
22.51
27.31
19.65
15.73
23.98
22.50
23.34
22.10
45.68
19.23
1.84
19.98
14.97
21.70
17.61
19.26
16.57
26.86
23.21
30.15
22.23
18.78
49.84
39.10
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.01
0.00
1.43
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.00
0.00
0.00
0.00
0.01
0.04
0.11
0.00
0.03
0.01
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI

lity
tion type
(%)
Q4
11.19
32.53
8.96
12.13
10.40
0.61
24.93
13.64
28.90
NA
15.46
25.78
18.53
7.57
12.75
10.20
36.55
11.44
25.77
1.88
NA
5.98
6.87
0.35
39.87
20.97
21.50
NA
NA
NA
NA
7.32
NA
5.73
30.37 51.62
27.96
NA
26.55
NA
19.97
NA
14.67
NA
18.79
NA
19.73
NA
20.48
NA
52.79
NA
5.82
NA
21.12
NA
22.74
NA
16.75
NA
13.31
NA
19.06
NA
22.30 159.97
28.97 7.66
18.23
NA
33.18
NA
17.01
NA
1.84
NA
17.12
NA
14.47
NA
18.75
NA
18.52
NA
16.92
NA
14.77 208.16
24.78
NA
22.53
NA
26.51
NA
22.84
NA
16.94
NA
37.49
NA
30.29
NA
Yield
since
Yield Volati1995
(%)
lity
2000
2.25
2.05
2.10
0.90
1.35
2.00
2.00
2.00
2.00
2.00
2.25
1.50
2.00
1.85
2.00
1.50
2.00
2.00
1.35
1.25
0.00
1.25
1.25
1.35
1.25
1.25
2.00
1.60
1.65
1.65
1.65
1.65
1.65
2.25
0.00
0.00
0.00
9.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
9.00
0.00
9.00
9.00
9.00
9.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.25
0.00
0.25
0.25
0.25
0.25
0.25
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.25
0.00
0.25
0.25
0.25
0.25
0.25
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
3.00
3.00
3.00
0.00
3.00
3.00
3.00
3.00
3.00
3.00
0.50
1.00
2.95
0.50
2.95
2.95
3.00
1.00
1.50
1.50
0.00
1.50
1.50
1.50
1.50
1.50
1.00
2.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.50
0.50
0.00
0.50
0.50
0.50
0.50
0.50
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.10
0.10
0.10
0.20
0.20
0.10
0.10
0.10
0.10
0.10
0.40
0.25
0.40
0.10
0.40
0.40
0.00
0.40
0.35
0.35
0.25
0.35
0.35
0.35
0.35
0.35
0.15
0.15
0.10
0.10
0.10
0.10
0.10
0.15
Custody
263
264
BBV OPORT.TECNOLOG.FIM ................

BBVA ASIA 1 FIM....................................
BBVA BIOFARMA 1 FIM .........................
BBVA BIOFARMA 2 FIM .........................
BBVA BOLSA INTERNACIONAL 1 FIM...
BBVA BOLSA INTERNACIONAL 2 FIM...
BBVA CONSUMO FIM ...........................
BBVA EMERGENTES FIM ........................
BBVA EUROPA CRECIMIENTO 2 FIM.....
BBVA EUROPA MID CAP 1 FIM..............
BBVA EUROPA PRIVATIZ. FIM................
BBVA FINANZAS 1 FIM ..........................
BBVA FINANZAS 2 FIM ..........................
BBVA JAPON 1 FIM ................................
BBVA JAPON INDICE FIM ......................
BBVA LATINOAMERICA 2 FIM ...............
BBVA MATERIAS PRIMAS 1 FIM .............
BBVA MATERIAS PRIMAS 2 FIM .............
BBVA MID CAP INTERNAC. 1 FIM.........
BBVA MID-CAP INTERNAC. 2 FIM.........
BBVA NUEVA ECONOMIA FIM..............
BBVA NUEVAS TECNOLOGIAS 2 FIM....
BBVA PRIVANZA BIOMED FIMS ............
BBVA PRIVATIZACIO. GLOBAL 2 FIM....
BBVA PRIVATIZ. INTERNACIONAL FIM .
BBVA TECNOLOGIAS MOVILES FIM......
BBVA TELECOMUNICACIONES 1 FIM ...
BBVA TELECOMUNICACIONES 2 FIM ...
BBVA URBANISMO FIM.........................
BCH ACC. IBEROAMER. FIM..................
BCH ENERGIA FIM .................................
BCH INT. ACCIONES FIM.......................
BCH INTERNET FIM ...............................
BCH JAPON FIM.....................................
(Continued)
58.00
35.80
28.30
27.07
20.63
24.91
19.66
26.54
28.11
28.74
31.77
20.30
19.45
35.31
10.24
3.09
28.75
19.76
18.84
37.45
NA
44.03
NA
35.86
24.00
NA
38.50
35.98
17.40
22.26
21.93
20.95
41.51
31.80
0.00
0.00
0.00
0.00
0.01
0.01
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.01
0.31
0.00
0.00
0.00
0.01
0.01
NA
0.00
NA
0.00
0.01
NA
0.01
0.00
0.00
0.01
0.00
0.01
0.01
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVN
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVE
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
12.13
11.09
17.05
16.56
7.12
6.61
4.76
18.16
10.21
14.40
12.97
1.32
1.67
12.69
14.74
4.14
3.46
2.96
5.17
10.15
NA
11.35
NA
13.67
9.74
NA
9.80
9.01
0.32
10.01
0.83
6.02
13.61
10.39
75.14
39.18
28.65
28.60
25.07
32.21
16.20
45.09
31.93
30.10
36.80
21.74
22.55
32.55
27.31
28.73
16.40
19.73
31.88
46.81
NA
74.18
NA
50.18
23.74
NA
54.49
55.22
13.58
34.17
14.99
23.46
64.95
32.12
0.00
0.01
0.00
0.00
0.01
0.00
0.00
2.66
0.00
0.01
0.00
0.00
0.00
0.01
0.63
0.00
0.00
0.00
0.00
0.00
NA
0.00
NA
0.00
0.01
NA
0.00
0.00
0.00
0.01
0.00
0.01
0.01
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVN
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVE
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
19.82
14.06
13.56
15.18
2.36
2.55
1.77
12.53
3.97
4.57
4.28
15.62
16.48
2.06
7.19
0.60
4.47
6.27
10.41
10.08
NA
20.63
NA
0.45
1.28
NA
1.37
0.55
6.05
3.11
9.26
1.68
14.17
3.33
38.47
28.34
20.06
20.70
16.32
18.03
11.15
24.04
18.62
15.64
22.30
13.08
13.36
26.97
20.28
22.15
17.42
18.51
20.48
20.31
NA
38.57
NA
26.39
16.69
NA
29.56
29.71
10.30
22.54
15.77
14.39
34.74
25.24
0.01
0.00
0.01
0.01
0.01
0.01
0.00
2.51
0.01
0.01
0.00
0.01
0.00
0.00
0.61
0.00
0.00
0.00
0.00
0.00
NA
0.00
NA
0.00
0.01
NA
0.01
0.01
0.00
0.01
0.00
0.01
0.00
0.00
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVN
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVE
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
35.47
12.10
3.67
3.05
4.62
12.36
3.18
8.54
5.90
20.78
16.09
9.87
1.20
3.93
4.37
0.32
11.28
6.74
4.25
12.75
NA
21.32
NA
7.88
5.76
NA
10.63
23.22
1.58
NA
8.74
4.13
10.12
1.72
Q3
Q2
Q1
44.17
20.64
3.37
3.19
14.23
15.28
8.18
22.11
9.82
16.64
16.27
2.72
2.96
25.50
14.30
15.78
2.22
1.74
27.87
27.47
NA
44.77
NA
32.58
31.75
NA
33.61
33.74
3.61
12.58
5.31
13.25
43.10
24.52
82.72
39.13
24.70
24.84
28.01
31.19
15.71
35.51
29.95
30.17
33.90
21.66
22.90
24.45
23.90
33.67
18.07
18.42
49.47
48.50
6.62
83.36
6.81
58.67
55.60
1.08
54.21
54.23
12.83
24.69
21.22
25.72
68.05
23.33
0.01
0.00
0.01
0.00
0.01
0.01
0.00
2.19
0.01
0.00
0.00
0.01
0.01
0.01
0.62
0.00
0.00
0.00
0.01
0.01
0.00
0.01
0.00
0.00
0.01
0.00
0.01
0.01
0.00
0.01
0.00
0.01
0.01
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI

lity
tion type
(%)
Q4
20.37
32.03
33.15
33.94
18.63
13.37
8.17
39.48
17.65
9.88
19.02
21.94
12.48
38.81
29.22
18.52
9.74
5.51
21.27
19.11
NA
28.34
NA
36.93
34.02
NA
32.85
25.29
8.50
NA
13.45
13.68
38.20
33.49
66.20
NA
35.98
NA
25.69
NA
25.51
NA
22.99
NA
27.26 226.83
15.99
NA
33.91
NA
27.65
NA
27.04
NA
31.76
NA
19.57
NA
19.99
NA
30.19 27.72
21.48
NA
24.81
NA
20.79
NA
19.14
NA
32.76
NA
40.03
NA
6.62
NA
63.37
NA
6.81
NA
44.72
NA
33.81
NA
1.08
NA
45.62
NA
45.42
NA
13.77
NA
26.78
NA
18.78
NA
21.60 183.46
54.57
NA
28.47
NA
Yield
since
Yield Volati1995
(%)
lity
2000
2.25 0.00
2.25 0.00
2.25 0.00
2.25 0.00
2.25 0.00
2.25 0.00
2.25 0.00
2.25 0.00
2.25 0.00
2.25 0.00
2.25 0.00
2.25 0.00
2.25 0.00
2.25 0.00
1.75 0.00
2.25 0.00
2.25 0.00
2.25 0.00
2.25 0.00
2.25 0.00
0.00 15.00
2.25 0.00
1.80 0.00
2.25 0.00
2.25 0.00
0.00 15.00
2.25 0.00
2.25 0.00
2.25 0.00
2.25 0.00
1.75 0.00
2.00 0.00
1.75 0.00
2.05 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
3.00
3.50
2.00
2.00
3.00
2.00
2.00
2.00
2.00
0.00
2.00
2.00
3.00
0.00
2.00
2.00
0.00
3.00
2.00
3.00
3.00
3.00
3.00
3.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.15
0.15
0.15
0.15
0.10
0.40
0.15
0.15
0.10
0.15
0.10
0.15
0.15
0.12
0.10
0.10
0.15
0.15
0.25
0.15
0.20
0.10
0.03
0.15
0.25
0.20
0.15
0.15
0.10
0.10
0.25
0.20
0.25
0.10
Custody
BCH SALUD FIM ....................................

BCH SEC. SERVICIOS FIM.......................
BCH SECTOR CONSTRUCCION FIM .....
BCH TECNOLOGICO FIM......................
BCH USA BLUE CHIPS FIM ....................
BENKERS TECH FIM ...............................
BESTINVER INTERNAC. FIM...................
BETA EUROPYME ACC. FIM ...................
BETA JAPON ACCIONES FIM .................
BETA USA ACCIONES FIM......................
BG BOLSA INTERNAC. FIM....................
BI AMERICA FIM.....................................
BI EURO ACCIONES FIM........................
BI MULTIMED. DIGIT. FIM .....................
BIOMED INVESTIGACION II FIMS .........
BIOMED INVESTIGACION. FIMP ...........
BK FONDO INTERNET FIM....................
BK INDICE AMERICA 100. FIM...............
BK INDICE JAPON 225 FIM....................
BM TECHFONDEX FIMF.........................
BM-FONDEX FIM ...................................
BOLSA INTERNACIONAL FIM................
C. INGEN. MERCADOS FIM...................
C.MANRESA MUNDIBORS.FIM..............
CAHISPA EMER.MULT.FIMF....................
CAHISPA EUROVAR. FIM .......................
CAHISPA MULTIFONDO FIMF ...............
CAHISPA SMALL CAPS FIM ....................
CAI BOLSA USA FIM ..............................
CAI BOLSA YEN FIM...............................
CAIXA BORSA USA FIM..........................
CAIXA CAT. B. JAPO FIM........................
CAIXA CAT. CONSUM FIM.....................
CAIXA CAT. SANITAT FIM.......................
(Continued)
24.76
30.27
20.76
NA
24.75
NA
9.92
24.04
29.86
21.90
19.73
21.28
22.04
32.71
NA
NA
35.41
NA
NA
23.08
13.53
20.22
18.70
15.11
13.51
11.86
10.14
9.24
NA
NA
26.12
29.73
19.52
24.58
0.01
0.00
0.00
NA
0.01
NA
1.04
0.01
0.01
0.00
0.01
0.00
0.91
3.86
NA
NA
0.00
NA
NA
0.01
0.01
0.01
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVE
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVE
RVI
RVI
RVI
RVI
RVI
13.15
10.66
5.06
NA
4.84
NA
2.74
5.70
8.99
3.86
3.21
9.00
5.04
15.88
NA
NA
19.78
NA
NA
11.13
9.47
5.56
8.98
6.45
7.58
2.57
4.80
4.88
5.49
7.34
4.06
12.99
0.95
14.18
22.60
33.94
16.46
NA
29.73
NA
10.63
16.92
28.00
25.43
17.81
23.20
22.17
46.80
NA
NA
55.94
NA
1.31
43.78
19.46
22.17
19.99
18.39
13.00
16.35
10.10
15.31
25.98
24.20
32.28
27.02
19.67
23.12
0.01
0.00
0.00
NA
0.00
NA
1.37
0.00
0.01
0.01
0.01
0.00
0.13
3.75
NA
NA
0.00
NA
0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.00
0.01
0.01
0.00
0.00
0.00
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVMI
RFMI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVE
RVI
RVI
RVI
RVI
RVI
12.31
3.35
0.20
NA
9.07
NA
3.60
5.80
0.43
4.84
3.15
4.98
2.21
0.18
NA
NA
6.40
NA
2.55
1.80
1.60
0.28
2.82
3.55
2.75
3.28
0.50
1.63
3.90
5.66
2.28
0.74
3.58
19.07
17.08
18.05
12.63
40.15
19.70
NA
9.46
8.40
24.88
16.69
18.96
19.09
13.61
29.54
1.89
8.24
33.26
9.52
8.23
21.48
11.01
15.57
14.91
10.32
13.26
13.76
11.77
13.18
14.80
19.10
20.21
21.48
10.00
14.79
0.01
0.00
0.01
0.00
0.01
NA
1.43
0.01
0.00
0.01
0.01
0.00
0.03
3.60
0.01
0.01
0.00
0.00
0.00
0.01
0.01
0.01
0.13
0.01
0.01
0.00
0.01
0.00
0.01
0.01
0.01
0.00
0.00
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVE
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
5.85
5.03
3.13
NA
2.40
NA
10.06
18.58
NA
NA
3.37
9.47
2.89
17.65
NA
NA
NA
NA
NA
NA
7.52
7.17
6.90
12.77
NA
NA
NA
NA
NA
NA
0.04
NA
2.93
1.55
Q3
Q2
Q1
6.81
22.79
5.87
27.87
16.89
NA
1.06
7.06
22.35
12.98
9.42
22.71
3.72
41.07
0.79
2.09
48.39
7.96
10.29
37.32
18.49
14.61
17.83
10.82
12.01
15.01
11.11
24.11
0.92
14.07
17.28
21.86
5.55
4.65
17.70
32.53
13.53
52.08
31.27
0.47
9.76
13.31
23.35
27.54
21.14
35.95
24.23
60.24
14.26
15.03
75.18
22.83
18.89
46.89
21.47
24.62
24.87
17.69
20.47
28.39
15.21
17.73
26.50
18.77
28.82
21.27
13.03
16.96
0.00
0.00
0.01
0.01
0.01
0.01
1.17
0.01
0.00
0.01
0.01
0.00
0.03
2.21
0.00
0.01
0.00
0.00
0.00
0.01
0.01
0.00
0.01
0.01
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.01
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI

lity
tion type
(%)
Q4
11.50
32.29
2.44
NA
11.67
NA
18.39
9.94
NA
NA
6.52
19.17
8.00
41.78
NA
NA
NA
NA
NA
NA
21.92
13.33
17.79
9.26
NA
NA
NA
NA
NA
NA
18.79
NA
0.26
31.64
20.86
NA
29.45
NA
16.17
NA
46.76
NA
26.83
NA
0.47
NA
9.97
NA
16.77
NA
26.13
NA
23.62
NA
19.48
NA
25.90 10.03
20.92 100.08
44.39
NA
13.68
NA
13.06
NA
56.06
NA
18.57
NA
14.01
NA
37.30
NA
17.04
NA
20.98 105.49
20.06
NA
15.80
NA
15.86
NA
20.20
NA
12.46
NA
15.39
NA
23.07
NA
20.84
NA
27.26
NA
25.17
NA
16.10
NA
20.34
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.75
1.75
1.75
1.75
2.00
1.35
1.75
2.25
2.25
2.25
2.25
1.35
1.35
1.35
0.50
0.45
2.25
0.60
0.60
2.25
2.25
2.25
2.25
2.25
1.50
2.25
1.50
2.25
2.25
2.25
1.35
1.35
1.35
1.35
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
9.00
9.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
9.00
9.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
3.00
3.00
3.00
3.00
3.00
0.00
0.00
1.50
0.00
0.00
1.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.25
0.25
0.25
0.10
0.20
0.12
0.13
0.15
0.15
0.15
0.35
0.00
0.00
0.00
0.03
0.10
0.10
0.10
0.10
0.15
0.15
0.15
0.40
0.15
0.10
0.10
0.10
0.10
0.15
0.15
0.40
0.40
0.40
0.40
Custody
265
266
CAIXA CAT.TELECOM. FIM.....................

CAIXA CATALUNYA FINANCER FIM ......
CAIXA CAT. SECTOR IMMOBILIARI FIMF.
CAIXA INVERSIO 2 FIM..........................
CAIXA INVERSIO 3 FIM..........................
CAJA LABORAL BOLSA UNIV. FIMF.......
CAJA LABORAL MERC. EMERG. FIMF ....
CAM GLOBAL FIM .................................
CAN BIENESTAR FIMF ............................
CAN FINANCIERO FIMF.........................
CAN JAPON FIMF...................................
CAN LATINOAMERICA FIMF..................
CAN MERCADOS EMERGENTES FIMF ...
CAN NORTEAMERICA FIMF...................
CAN TECNOLOGIA FIMF.......................
CHASE ACC.JAPONESAS FIM.................
CHASE ACCIONES USA FIM...................
CHASE INDICE FIM ................................
CHASE LATINOAMERICA FIM ................
CONSTELAC.IBEROAM. FIM ..................
CONSTELAC.NORTEAMER.FIM..............
CONSTELACION JAPON FIM.................
CONSTEL. CAPS EUROPA FIM ...............
CRV BOLSA UNIVERSAL FIM .................
CS TOP FONDOS FIM............................
DB BOLSA TURISMO FIM ......................
DB BOLSA UNIVERSAL FIM ...................
DB EUROPA BOLSA FIM ........................
DB INNOVACION BOLSA FIMP.............
DB INNOVACION BOLSA I FIMS...........
DB NET 24 INNOVAC. BOLSA FIMS......
DB NORTEAMERICA BOLSA FIM ...........
DEXIA IBERAG.JAPON FIM.....................
DINAMICO INVEST-UP FIM ...................
(Continued)
34.16
NA
NA
16.48
16.33
NA
NA
17.21
NA
NA
NA
NA
NA
NA
NA
32.12
1.72
18.91
14.33
17.28
22.79
26.80
26.70
11.64
21.09
22.57
21.27
24.69
NA
NA
NA
25.60
17.60
16.72
0.01
NA
NA
0.01
0.00
NA
NA
0.01
NA
NA
NA
NA
NA
NA
NA
0.00
0.01
0.01
0.00
0.01
0.01
0.01
0.01
0.02
0.01
0.01
0.01
0.01
NA
NA
NA
0.01
0.00
3.35
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
14.02
NA
NA
4.34
13.79
NA
NA
5.05
NA
NA
NA
NA
NA
NA
NA
8.97
0.61
4.56
5.99
8.61
5.12
9.33
12.47
7.22
11.43
7.03
9.19
9.54
NA
NA
NA
4.95
1.51
7.34
44.92
0.13
NA
16.66
22.34
3.13
12.14
17.68
NA
NA
NA
NA
NA
NA
NA
29.54
3.13
19.66
29.62
34.13
30.92
30.57
29.04
16.20
28.69
23.19
28.15
28.51
NA
NA
NA
33.92
24.69
18.56
0.00
0.01
NA
0.01
0.01
0.01
0.00
0.11
NA
NA
NA
NA
NA
NA
NA
0.00
0.01
0.01
0.00
0.01
0.01
0.01
0.01
0.04
0.01
0.01
0.01
0.01
NA
NA
NA
0.01
0.00
3.16
RVI
RVI
RVMI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
8.41
5.33
NA
3.17
3.12
4.05
12.89
3.05
NA
NA
NA
NA
NA
NA
NA
4.16
0.76
2.64
4.38
2.74
10.07
2.68
3.04
3.46
2.40
0.57
0.62
1.44
NA
NA
NA
4.48
1.07
3.26
24.43
9.50
NA
11.50
13.23
8.13
11.84
11.78
11.56
4.18
14.24
11.20
10.33
10.36
12.82
25.83
4.89
11.58
18.02
21.40
19.92
25.24
15.82
12.95
17.12
14.28
18.37
17.02
6.15
5.84
5.84
22.70
25.25
12.47
0.01
0.01
NA
0.01
0.01
0.01
0.00
0.21
0.00
0.01
0.00
0.02
0.01
0.01
0.01
0.00
0.01
0.01
0.00
0.01
0.01
0.01
0.00
0.05
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
2.79
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVMI
RVI
RVI

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
12.02
NA
NA
5.28
11.37
NA
NA
2.64
NA
NA
NA
NA
NA
NA
NA
2.83
0.45
2.71
0.85
0.94
3.13
7.55
NA
4.93
5.23
9.49
10.98
7.11
NA
NA
NA
4.68
12.33
7.60
Q3
Q2
Q1
27.09
3.75
NA
11.13
11.34
9.67
16.07
8.75
5.37
1.11
23.71
13.66
12.98
15.04
34.22
20.89
0.85
6.49
16.54
13.38
16.25
24.50
23.13
12.76
21.70
14.25
20.73
14.89
21.89
21.19
20.92
21.53
13.82
9.71
41.79
17.41
0.12
21.51
18.30
14.26
17.42
18.66
21.87
19.43
19.92
21.65
16.28
26.18
50.46
23.21
2.91
21.28
23.03
25.01
31.01
23.59
24.88
24.13
22.02
28.05
32.52
27.37
37.57
35.56
35.53
36.64
19.73
21.47
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.18
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.02
0.02
0.02
0.01
0.01
0.00
0.00
0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI

lity
tion type
(%)
Q4
35.68
NA
NA
13.34
17.54
NA
NA
13.79
NA
NA
NA
NA
NA
NA
NA
29.03
2.70
10.77
18.79
17.91
9.81
28.36
NA
12.13
25.27
12.22
19.62
18.72
NA
NA
NA
18.42
5.67
7.04
37.30
12.68
0.12
16.96
17.97
10.17
14.40
16.57
17.70
14.30
17.57
17.45
13.77
20.24
37.65
27.94
4.53
18.25
22.07
25.26
26.70
26.80
24.57
17.03
22.74
22.65
25.82
24.86
30.51
28.88
28.85
30.36
22.15
17.67
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.35
1.35
1.35
1.35
1.35
2.25
2.25
2.00
2.25
2.25
2.25
2.25
2.25
2.25
2.25
1.00
1.00
1.00
1.00
1.25
1.15
1.25
1.25
2.25
1.90
1.85
2.00
2.00
0.45
1.75
0.50
2.00
2.25
1.90
9.00
9.00
9.00
9.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
9.00
9.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
1.00
1.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
3.00
3.00
3.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.40
0.40
0.40
0.40
0.40
0.05
0.05
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.00
0.00
0.00
0.00
0.10
0.10
0.10
0.10
0.40
0.00
0.10
0.10
0.10
0.05
0.00
0.00
0.10
0.10
0.10
Custody
DREAM TEAM FONDO FIM...................

E-BANKINTER BOLSA. FIM.....................
EDIFON FIM ...........................................
ELECTROFONDO FIM............................
EMERFONDO FIM..................................
ESPIRITO STO GLOBAL FIM...................
EUROCEM BORSA FIM...........................
EURO-CONVERGENCE FIM ...................
EUROV. BOLSA INT. FIM........................
EUROVALOR JAPON FIMF.....................
EUROVALOR SEC.INMOB.FIM...............
F. VALENCIA EUROPA FIM .....................
FIBANC GLOBAL RV FIM .......................
FIBANC TECNOCOM FIM ......................
FIBANC TITANES FIM .............................
FIBANC-LATINOAM. RV FIM..................
FONBILBAO EUROBOLSA FIM ..............
FONBILBAO INTERN. FIM .....................
FONCAIXA 61 TECNOL. FIM..................
FONCAIXA 65 PT EUR. FIM ...................
FONCAIXA 66 SUIZA FIM ......................
FONCAIXA 72 B. PAISES EMER. FIM ......
FONCAIXA 73 B. SECTOR FIN. FIM .......
FONCAIXA 74 B. BLUE CHIPS FIM ........
FONDESPAA EMERGENTES FIMF ........
FONDESPAA FINANCIERO. FIMF........
FONDESPAA MULTIFON.FIM ..............
(Continued)
18.25
NA
16.49
25.62
28.52
14.98
21.32
NA
24.06
NA
12.14
18.70
16.27
NA
18.93
19.12
18.94
19.73
21.89
22.40
18.14
NA
NA
NA
20.15
24.83
23.44
24.45
26.40
14.94
19.44
NA
NA
16.59
0.01
NA
0.15
0.10
0.01
0.00
0.01
NA
0.00
NA
0.00
0.01
0.00
NA
0.01
0.04
0.01
0.01
0.01
0.00
0.00
NA
NA
NA
0.01
0.01
0.01
0.00
0.01
0.01
0.05
NA
NA
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVE
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVMI
RVE
RVI
7.81
NA
4.76
12.30
8.12
1.61
3.89
NA
6.10
NA
4.39
3.77
3.16
NA
4.86
6.57
3.37
5.95
10.35
4.24
5.78
NA
NA
NA
3.55
4.72
7.90
6.89
18.46
3.96
4.16
NA
NA
3.53
20.22
NA
13.04
26.91
33.52
14.24
21.13
NA
28.27
NA
11.33
21.11
15.96
NA
19.99
30.42
21.93
22.56
42.31
21.58
11.19
23.50
15.65
17.87
20.34
23.85
21.22
28.08
35.26
12.00
17.72
NA
NA
17.81
0.01
NA
0.03
0.02
0.01
0.01
0.01
NA
0.01
NA
0.00
0.01
0.00
NA
0.00
4.02
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.00
0.00
0.01
0.25
NA
NA
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVE
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVE
RVI
3.28
NA
3.12
4.51
3.70
0.17
0.03
NA
2.31
NA
7.27
4.27
2.67
NA
0.88
7.02
0.53
0.39
6.78
0.70
0.87
9.05
16.82
2.13
0.74
10.61
5.77
5.20
10.71
1.93
0.18
NA
NA
3.28
11.12
8.50
10.74
17.28
25.72
11.27
13.19
15.25
18.81
22.05
6.19
14.91
12.69
0.26
17.20
17.31
13.67
15.09
29.15
13.42
8.98
20.89
14.25
14.90
13.05
17.90
14.93
25.65
22.81
7.11
12.51
21.35
9.28
10.61
0.01
0.00
0.01
0.01
0.00
0.00
0.01
0.01
0.00
0.00
0.00
0.01
0.00
0.01
0.00
3.39
0.01
0.01
0.00
0.00
0.01
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.01
0.01
0.07
0.00
0.00
0.01
RVI
RVE
RVI
RVI
RVI
RVI
RVE
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVE
RVI
RVI
RVI

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
14.11
NA
4.99
10.75
9.80
5.69
6.52
NA
5.73
NA
2.80
3.80
2.00
NA
0.61
10.00
5.57
4.40
NA
5.32
1.25
NA
NA
NA
4.02
0.34
3.26
9.81
8.49
8.40
3.40
NA
NA
7.24
Q3
Q2
Q1
14.81
2.01
1.85
13.06
14.36
13.84
5.97
3.82
16.87
21.72
0.14
4.46
7.59
30.38
13.33
10.45
4.10
13.38
32.02
4.40
4.08
16.23
3.16
12.76
4.68
5.12
4.44
21.88
23.23
0.64
5.59
17.67
1.02
10.22
18.45
6.25
13.92
24.15
29.85
19.13
20.89
23.70
31.21
18.80
8.37
22.32
18.88
37.04
25.29
23.08
18.77
23.29
51.48
21.17
13.21
32.66
19.26
24.69
19.98
24.17
20.12
27.84
33.97
10.77
19.33
22.81
16.69
17.01
0.01
0.00
0.01
0.01
0.00
0.00
0.01
0.01
0.00
0.00
0.00
0.01
0.00
0.00
0.00
2.90
0.01
0.01
0.01
0.00
0.01
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.00
0.01
0.00
0.00
0.00
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI

lity
tion type
(%)
Q4
7.45
NA
10.72
19.36
16.80
10.25
3.75
NA
15.57
NA
15.28
8.64
6.27
NA
16.31
14.42
2.69
14.62
NA
4.25
9.67
NA
NA
NA
3.66
0.35
9.95
24.28
39.36
6.79
6.27
NA
NA
4.07
17.50
NA
7.13
NA
13.71 67.32
23.86 140.85
29.59
NA
15.25
NA
19.45
NA
20.32
NA
26.08
NA
20.34
NA
9.80
NA
19.48
NA
16.12
NA
33.99
NA
20.62
NA
23.08
NA
18.57
NA
20.47
NA
38.94
NA
19.98
NA
13.32
NA
26.34
NA
16.65
NA
19.73
NA
18.64
NA
22.89
NA
20.19
NA
26.67
NA
30.18
NA
11.57
NA
17.49
NA
22.25
NA
14.14
NA
15.82
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.60
2.25
1.50
1.50
2.23
2.25
2.15
1.00
2.25
1.35
2.25
2.00
2.25
2.25
2.00
2.25
1.75
1.75
1.35
0.75
2.25
1.35
1.35
1.35
2.25
2.25
2.25
2.25
1.35
1.35
1.50
1.10
1.10
1.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
7.50
0.00
9.00
9.00
9.00
0.00
0.00
0.00
0.00
9.00
9.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
1.00
0.00
1.50
1.50
1.50
0.00
2.00
0.00
0.00
0.00
0.00
1.50
0.00
0.00
0.00
0.00
0.00
0.00
4.00
4.00
0.00
4.00
0.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
2.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.15
0.10
0.30
0.30
0.40
0.15
0.10
0.40
0.00
0.15
0.00
0.40
0.10
0.10
0.10
0.20
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.25
0.15
0.15
0.15
Custody
267
268
FONDESPAA TECNOLOGICO FIMF ....

FONDMAPFRE B. AMER. FIM.................
FONDMAPFRE B. GLOB. FIM ................
FONDMAPFRE B.EUROPA FIM ..............
FONDMAPFRE TECNOLOGIA FIM.........
FONDOS MUNDIALES BK FIM ..............
FONDPREMIER 6 FIM.............................
FONDUERO BOLSA FIM........................
FONINDEX FONDEFON FIM .................
FONMIX LAIETANA FIM .........................
FONPACIFICO FIM.................................
FONPASTOR ACC. EUROPEAS FIM........
FONPASTOR TECNOLOGIA FIMF..........
FONPENEDES B. JAPO FIM ....................
FONPENEDES B. USA FIM......................
FONPENEDES TECNOL. FIM ..................
GAESCO EMERGENTFOND FIM ............
GAESCO F. DE FONDOS FIM.................
GAESCO MULTINAC. FIM......................
GAESCO T.F.T. FIM .................................
GAESCOQUANT FIM .............................
GESTECNOLOGIA FIM ...........................
GESTINOVA LATIN. FIM.........................
HSBC GLOBAL ACCION. FIM ................
HSBC UNIVERSAL FIM ...........................
IBERAG. AMERIC.LAT. FIM .....................
IBERAG. N.TECNOLOG. FIM .................
IBERCAJA BOLSA INT. FIM .....................
IBERCAJA FINANCIERO FIM...................
IBERCAJA JAPON FIM.............................
IBERCAJA LATINOAMERICA FIMF ..........
IBERCAJA NUEVAS OPORT. FIM ............
IBERCAJA PETROQUIMICO FIM.............
IBERCAJA SANIDAD FIM........................
(Continued)
NA
26.75
17.67
22.64
NA
13.53
12.45
15.04
17.33
4.44
27.83
NA
NA
15.98
35.94
37.10
17.29
15.04
21.00
21.02
18.28
14.39
30.55
23.52
0.14
18.09
25.03
19.15
NA
15.33
NA
NA
NA
25.87
NA
0.00
0.00
0.00
NA
0.18
0.01
0.01
0.01
0.63
0.01
NA
NA
0.00
0.01
0.00
0.01
0.01
0.01
0.00
0.00
0.01
0.07
0.01
0.01
0.01
0.01
0.01
NA
0.01
NA
NA
NA
0.00
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVMI
RVI
RVI
RVI
RVI
RVI
RVI
RVN
RVI
GRV
RVI
RVI
RVI
RVI
NA
5.03
4.46
2.54
NA
6.07
3.49
7.79
3.15
1.19
5.80
NA
NA
5.83
5.42
9.11
12.88
5.30
2.82
5.48
4.21
19.00
7.96
6.48
0.16
7.40
5.97
5.76
NA
12.74
NA
NA
NA
15.14
NA
26.21
16.94
22.07
NA
16.23
14.07
14.26
21.75
3.37
25.38
NA
NA
51.41
32.71
51.78
24.11
16.49
18.03
22.38
15.35
41.73
41.60
22.43
8.53
24.61
32.89
20.17
14.39
22.21
6.51
NA
10.97
19.66
NA
0.00
0.00
0.00
NA
0.03
0.01
0.01
0.01
0.42
0.01
NA
NA
0.00
0.00
0.00
0.01
0.02
0.00
0.00
0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.02
0.01
0.00
NA
0.00
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVMI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVN
RVI
GRV
RVI
RVI
RVI
RVI
NA
8.89
0.39
1.14
NA
1.08
0.19
3.25
3.37
1.14
5.19
NA
NA
8.48
2.10
8.48
3.20
1.87
1.55
4.57
0.32
3.07
0.74
1.16
2.63
1.73
2.49
2.34
15.27
8.75
1.55
NA
8.31
6.22
18.62
16.57
12.43
14.45
32.42
12.83
34.68
11.53
10.57
1.29
24.13
NA
NA
18.11
16.07
23.46
18.20
9.90
13.91
15.93
12.14
23.71
25.65
15.38
11.26
18.68
20.04
14.63
14.34
19.64
17.39
NA
20.55
13.34
0.00
0.00
0.00
0.00
0.00
0.12
0.01
0.01
0.01
0.20
0.01
NA
NA
0.00
0.00
0.01
0.00
0.01
0.00
0.00
0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.00
NA
0.00
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RFI
RVI
RVN
RVI
GRV
RVI

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
NA
7.42
6.13
5.11
NA
3.59
4.32
5.50
11.76
0.58
2.89
NA
NA
4.72
3.59
14.10
11.89
7.27
0.27
13.12
0.48
6.18
7.94
15.82
NA
NA
14.45
4.53
NA
NA
NA
NA
NA
6.34
Q3
Q2
Q1
29.97
11.77
11.27
8.99
31.30
10.54
9.51
10.42
11.21
0.55
21.92
NA
NA
15.05
10.69
26.67
11.42
10.17
16.76
24.36
11.35
40.06
16.65
13.73
14.04
8.04
17.05
12.64
2.42
13.56
15.74
NA
2.42
1.90
41.74
29.66
22.00
23.69
53.11
12.71
14.84
17.69
21.10
1.08
24.23
4.54
11.55
21.40
33.28
52.79
20.17
16.35
27.76
27.73
27.05
49.32
33.37
23.38
27.04
29.07
35.15
20.01
22.87
22.17
23.18
27.58
19.16
16.13
0.00
0.02
0.01
0.01
0.00
0.02
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.03
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI

lity
tion type
(%)
Q4
NA
2.00
9.68
7.84
NA
13.90
9.07
10.03
0.66
1.06
28.25
NA
NA
23.32
20.28
30.41
16.41
7.04
20.58
22.82
7.48
55.85
16.57
5.47
NA
NA
8.50
11.93
NA
NA
NA
NA
NA
27.59
34.46
NA
25.34
NA
17.65
NA
21.05
NA
50.18
NA
13.94 48.28
21.13
NA
14.87
NA
18.31
NA
2.91
NA
25.52
NA
4.54
NA
11.55
NA
30.34
NA
30.51
NA
43.11
NA
20.22
NA
14.75
NA
20.86
NA
22.37
NA
19.09
NA
35.39 39.09
33.34
NA
21.56
NA
17.16
NA
23.89
NA
29.02
NA
18.68
NA
17.83
NA
20.84
NA
19.62
NA
27.58
NA
17.62
NA
19.34
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.10
2.25
2.25
2.25
2.25
0.60
1.50
2.00
1.35
1.55
2.23
1.75
1.50
2.25
2.25
2.25
1.50
1.50
2.25
2.25
2.25
2.00
2.25
2.15
2.15
2.25
2.25
1.80
1.90
1.90
2.25
1.90
1.90
1.90
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
1.50
1.50
1.50
1.50
1.00
2.00
2.00
0.00
3.00
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
2.50
2.50
2.00
2.00
2.00
2.00
2.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.15
0.25
0.25
0.25
0.20
0.40
0.25
0.20
0.12
0.20
0.40
0.25
0.25
0.00
0.00
0.00
0.10
0.10
0.10
0.10
0.10
0.20
0.25
0.20
0.40
0.10
0.10
0.40
0.20
0.20
0.20
0.20
0.20
0.20
Custody
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
NA
16.13
NA
5.70
NA
NA
NA
NA
10.26
5.78
13.46
7.57
NA
4.60
5.25
NA
4.78
16.51
NA
9.91
11.40
6.77
NA
10.79
4.86
3.61
3.45
8.32
8.48
6.13
3.23
NA
4.38
13.10
NA
35.69
NA
22.78
9.56
8.35
NA
NA
23.28
17.39
34.36
15.81
6.83
22.48
18.49
6.83
26.05
28.42
1.08
25.47
15.82
32.93
0.45
46.28
19.90
15.25
19.41
30.45
15.85
16.70
15.28
NA
16.98
46.15
NA
0.01
NA
0.01
0.01
0.01
NA
NA
0.03
0.01
0.01
0.00
0.00
0.01
0.01
0.00
0.01
0.01
0.01
0.07
0.00
0.01
0.01
0.00
0.00
9.60
0.00
0.00
0.01
0.01
0.01
NA
0.00
0.00
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
NA
8.07
NA
4.04
3.10
2.73
NA
NA
0.80
3.93
4.62
20.29
3.99
1.08
0.97
6.50
1.06
4.29
3.18
3.73
11.05
6.64
8.45
10.19
0.56
0.78
5.72
9.61
2.16
3.82
3.72
NA
5.40
5.78
NA
22.99
7.88
13.60
6.54
2.95
10.22
NA
16.54
11.16
18.06
13.58
10.91
13.87
14.48
13.11
20.07
21.36
17.67
16.23
14.88
19.97
18.28
28.83
13.83
12.24
12.66
19.85
7.76
11.32
13.35
NA
10.21
26.23
NA
0.01
0.00
0.01
0.00
0.00
0.00
NA
0.07
0.01
0.00
0.00
0.00
0.00
0.00
0.00
3.23
0.01
0.01
0.04
0.00
0.01
0.01
0.00
0.01
0.05
0.00
0.00
0.01
0.01
0.01
NA
0.00
0.00
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
NA
0.01
NA
0.01
NA
NA
NA
NA
0.01
0.01
0.01
0.01
NA
0.01
0.01
NA
0.01
0.01
NA
0.09
0.00
0.01
NA
0.01
0.06
0.05
0.01
0.01
0.01
0.01
0.01
NA
0.00
0.00
Q3
Q2
Q1
NA
31.24
0.75
6.09
22.23
0.92
1.52
NA
21.39
12.34
24.16
0.63
11.59
7.61
12.84
14.02
15.19
21.86
20.02
18.11
4.50
20.89
29.01
25.42
9.53
8.25
13.16
19.28
12.13
10.02
12.39
NA
3.83
30.10
7.61
43.26
15.79
19.57
34.34
11.11
14.83
15.20
30.01
14.56
31.78
12.33
27.12
22.12
23.81
25.73
22.69
21.16
24.60
27.63
18.37
29.59
45.90
45.62
21.70
17.89
16.12
31.19
13.63
20.69
16.15
9.24
19.71
51.97
0.01
0.01
0.01
0.01
0.00
0.00
0.01
0.01
0.02
0.01
0.00
0.00
0.00
0.00
0.00
0.00
4.74
0.01
0.01
0.07
0.00
0.00
0.01
0.01
0.01
0.03
0.00
0.00
0.01
0.01
0.01
0.01
0.00
0.00
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI

lity
tion type
(%)
Q4
NA
42.54
NA
14.75
NA
NA
NA
NA
NA
7.08
35.08
43.10
NA
8.48
13.80
NA
NA
NA
NA
25.13
21.52
19.34
NA
35.39
9.06
8.44
5.26
13.46
14.77
6.52
2.12
NA
NA
32.48
7.61
NA
32.85
NA
12.63
NA
19.10 101.16
22.83
NA
7.45
NA
13.40
NA
15.20
NA
23.58
NA
15.12
NA
29.46
NA
14.46
NA
19.19
NA
20.49
NA
18.99
NA
18.97
NA
23.06
NA
23.97
NA
19.44
NA
22.78
NA
18.75
NA
26.49
NA
33.62
NA
39.65
NA
18.47
NA
15.43
NA
16.99
NA
27.57
NA
13.80
NA
16.89
NA
15.37
NA
9.24
NA
16.26
NA
40.49
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.90
1.90
1.70
2.25
1.60
1.60
1.80
0.00
2.25
1.00
2.25
2.25
2.25
2.25
2.25
2.25
1.00
2.00
2.25
2.25
2.25
1.80
2.25
2.25
2.25
1.15
2.25
2.25
1.30
0.30
0.30
0.30
1.60
1.60
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
2.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
2.00
2.00
2.00
2.00
0.00
4.00
4.00
5.00
3.00
4.00
4.00
3.00
0.00
0.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
IBERCAJA SECTOR INMOB. FIM.............

NA
NA
IBERCAJA TECNOLOG. FIM ................... 8.39 24.37
IBERCAJA UTILITIES FIM.........................
NA
NA
IBERLION EUROPA FIM.......................... 0.32 19.34
INDOSUEZ CRECIMIENTO FIM..............
NA
NA
INDOSUEZ VALOR FIM .........................
NA
NA
INERAGENTES BIOMED FIMS ................
NA
NA
ING DIRECT F.NAR. RV GLOBAL FIMF ...
NA
NA
INGENIEROS BOLSA MULTISECT. FIM...
NA 12.60
INTERVALOR FONDOS FIM................... 8.25 16.29
KUTXACRECIMIENTO FIM ..................... 3.71 30.59
KUTXARENDIMIENTO FIM..................... 9.90 15.62
KUTXAVALOREEUU FIM ........................
NA
NA
KUTXAVALOREURO FIM........................ 4.96 22.12
KUTXAVALORINTER FIM........................ 5.40 17.76
KUTXAVALORJAPON FIM ......................
NA
NA
LEALTAD MUNDIAL FIM ........................
NA 19.77
MADRID B. JAPONESA FIM....................
NA 23.89
MADRID BOLSA LATINOAM. FIM .........
NA
NA
MADRID EMER. GLOBAL FIM................ 5.41 19.61
MADRID FARMAC. GLO. FIM................ 2.87 24.33
MADRID NEW YORK FIM ...................... 2.55 20.66
MADRID TECNOL. GLOBAL FIM ...........
NA
NA
MADRID TELECO. GLO. FIM ................. 8.11 34.77
MARCH GLOBAL FIM ............................ 6.24 17.36
MARCH PREMIER BOLSA FIM................ 2.74 15.70
MERCURY EUR.SELECTA FIM ................. 18.76 18.34
MERCURY N.AM.EQUIT. FIM................. 6.69 26.88
MUNDIFOND 2000 FIM ........................ 8.32 15.96
MUTUAFONDO BOLSA FIM.................. 6.61 17.26
MUTUAFONDO FONDOS FIMF............ 11.31 16.11
MUTUAFONDO GEST. ACC. FIMF.........
NA
NA
NAVARRA ACC.SIG.XXI FIM...................
NA 16.67
NAVARRA ACC.TECNOL. FIM ................ 17.98 31.25
(Continued)
0.20
0.20
0.20
0.40
0.20
0.20
0.03
0.00
0.40
0.20
0.40
0.40
0.40
0.40
0.40
0.40
0.15
0.10
0.10
0.25
0.10
0.25
0.10
0.10
0.40
0.10
0.10
0.10
0.10
0.02
0.01
0.01
0.13
0.13
Custody
269
270
NAVARRA ACCION.INT.FIM...................
NAVARRA GLOBAL FIM .........................
PENTAFONDO INTERN.FIM...................
PERFORMANCE FUND FIM ...................
PHARMAFUND. FIM ..............................
RENTA 4 ASIA FIM..................................
RENTA 4 ECOFONDO FIM.....................
RENTA 4 EUROPA ESTE FIM...................
RENTA 4 JAPON FIM ..............................
RENTA 4 LATINOAMER. FIM ..................
RENTA 4 TECNOLOGIA FIM...................
RIO TRUEBA RV FIM ..............................
RURAL EMERG. RENTA VARIABLE FIM ..
RURAL E. UNIDOS RENTA VAR. FIM .....
RURAL JAPON RENTA VARIABLE FIM....
RURAL RV INTERNAC. FIM....................
RURAL TECNOL. RENTA VAR. FIM ........
S. USA BLUE CHIPS FIM.........................
SABADELL A. AME.LAT.FIMP ..................
SABADELL ACC.JAPON FIMP.................
SABADELL ACCIONES EUROPA FIMP....
SABADELL AM.LAT.BO.FIMS ..................
SABADELL DOLAR BOL. FIM .................
SABADELL EUROPA BOLSA FIMS...........
SABADELL JAPON BOL.FIMS .................
SAFEI BOLSA ACTIVA FIM ......................
SAFEI EMERG.FONDOS FIM ..................
SAFEI GLOBAL INV. FIM.........................
SAFEI GLOBAL SECTORES FIMF.............
SAFEI JAPON FONDOS FIM...................
SAFEI NORT.FONDOS FIM.....................
SANT LATIN AMERICAN FIM .................
SANT.FONDO FINANC.FIM ...................
SANTANDER CONSUMO FIM................
(Continued)
19.56
18.12
21.18
19.95
21.27
28.25
11.58
NA
34.75
30.25
39.58
14.74
5.11
1.74
1.33
22.79
4.77
23.35
18.59
14.80
NA
17.27
22.62
22.33
12.44
20.38
18.06
17.42
NA
25.25
20.97
30.27
18.19
18.44
3.50
0.01
0.01
0.01
0.01
0.01
0.01
NA
0.01
0.01
0.01
0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.01
NA
0.00
0.01
0.01
0.00
0.01
0.01
0.01
NA
0.01
0.01
0.13
0.01
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVN
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVN
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
7.03
5.26
3.61
1.26
7.73
9.31
0.58
NA
12.10
2.07
27.12
5.18
6.64
1.71
7.40
6.94
3.88
5.17
8.30
10.24
NA
8.32
6.79
9.46
10.16
4.20
11.69
5.70
NA
8.35
4.32
7.17
3.28
2.63
24.67
19.93
19.24
23.62
15.09
27.35
18.68
3.35
29.12
36.32
54.00
12.61
16.71
23.76
24.78
27.93
48.33
28.80
40.26
20.78
19.19
38.00
25.05
24.56
19.95
25.30
28.21
20.94
NA
19.26
25.45
34.46
19.03
10.16
0.22
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.02
0.00
0.01
0.01
0.01
0.00
0.01
0.01
0.00
0.01
0.00
0.00
0.01
0.01
0.01
0.01
0.01
0.01
NA
0.01
0.01
0.10
0.01
0.00
RFMI
RFMI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVN
RFI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVN
RVI
RVM
RFMI
RVI
1.60
1.09
1.10
2.91
8.36
13.63
2.58
7.21
8.02
2.85
11.18
4.05
8.81
5.99
5.23
0.90
9.35
8.87
3.65
3.79
2.90
2.97
8.65
1.56
4.04
4.28
5.08
1.02
NA
3.73
8.77
1.92
8.69
9.40
15.85
13.27
12.80
14.38
13.02
20.18
13.18
17.86
19.08
21.20
31.56
10.52
19.54
17.44
25.72
13.77
23.56
19.41
20.23
22.82
15.37
19.24
15.98
15.97
21.71
15.26
19.41
10.93
8.64
19.10
16.99
23.33
11.08
9.88
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.02
0.00
0.01
0.01
0.01
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.16
0.01
0.00
RVI
RVI
RVI
RVI
RVM
RVI
RVI
RVI
RVI
RVI
RVI
RVN
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVM
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
4.85
5.01
10.55
12.44
10.88
NA
1.07
NA
5.31
4.03
7.65
8.89
NA
NA
NA
6.77
NA
2.49
NA
NA
NA
NA
4.17
2.76
NA
23.15
8.01
6.15
NA
1.13
8.17
8.37
0.11
6.90
Q3
Q2
Q1
12.43
10.18
12.18
10.44
3.02
4.73
13.10
10.21
13.12
7.84
42.60
11.64
18.00
12.46
23.39
13.04
28.21
17.06
13.35
19.79
5.35
13.09
18.33
5.80
19.11
7.68
18.12
15.20
25.63
21.49
16.08
13.83
3.10
2.32
27.88
22.18
20.66
25.22
12.83
19.58
15.58
24.36
27.07
29.26
80.68
22.30
32.28
25.66
22.76
23.89
45.12
30.71
28.20
19.20
23.91
26.73
26.29
22.47
18.20
29.15
23.22
20.73
36.42
17.38
24.33
26.90
17.83
12.72
0.00
0.01
0.01
0.01
0.01
0.01
0.02
0.01
0.02
0.01
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.20
0.01
0.00
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI

lity
tion type
(%)
Q4
16.01
9.67
5.40
3.46
33.35
NA
14.94
NA
33.48
8.79
60.00
5.07
NA
NA
NA
12.82
NA
12.25
NA
NA
NA
NA
13.84
11.00
NA
13.58
25.87
15.97
NA
29.95
5.53
11.65
15.61
2.11
22.52
NA
18.70
NA
18.84
NA
21.27
NA
15.92
NA
23.93
NA
15.05
NA
20.61
NA
28.06
NA
29.74
NA
55.00
NA
15.79
NA
23.30
NA
22.07
NA
23.94
NA
22.73
NA
39.70
NA
26.04
NA
29.18
NA
20.26
NA
20.08
NA
27.58
NA
22.94
NA
21.59 143.60
19.14
NA
23.24 90.06
22.67
NA
18.04
NA
28.13
NA
20.55
NA
22.29
NA
29.07 56.64
16.84
NA
13.30
NA
Yield
since
Yield Volati1995
(%)
lity
2000
2.00
2.25
2.10
1.50
2.25
1.35
2.25
1.35
1.35
1.35
2.25
1.50
2.25
2.25
2.25
2.25
2.25
2.10
0.00
0.00
0.00
1.75
2.25
1.90
1.75
1.35
1.75
1.35
1.35
1.75
1.75
2.25
1.75
1.75
0.00
0.00
0.00
5.00
0.00
9.00
0.00
9.00
9.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
3.00
3.00
3.00
3.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.15
0.15
0.15
0.25
0.20
0.12
0.13
0.12
0.13
0.12
0.13
0.15
0.00
0.00
0.00
0.00
0.00
0.10
0.20
0.20
0.10
0.05
0.10
0.10
0.05
0.15
0.15
0.15
0.15
0.15
0.15
0.20
0.10
0.10
Custody
RVI
RVI
RVI
RVM
RVI
RVI
RVI
RVI
RVI
NA
NA
9.95
9.18
5.69
16.86
NA
4.08
NA
NA
NA
6.13
6.42
8.67
NA
6.45
NA
4.76
4.44
31.58
53.99
20.86
44.00
NA
46.06
NA
NA
15.38
19.61
40.21
27.53
4.28
23.31
18.95
0.01
0.01
0.01
0.01
0.01
0.01
NA
0.01
NA
NA
0.01
0.11
0.01
0.48
0.00
0.03
0.00
RVI
RVI
RVI
RVM
RVI
RVI
RVI
RVI
GRV
GRV
RVI
RVI
RVI
RVI
5.35
13.03
3.84
2.04
1.47
3.39
NA
7.25
NA
NA
2.95
4.00
2.56
0.17
7.73
1.39
3.09
14.33
33.12
25.02
31.62
13.18
22.44
3.68
28.90
NA
NA
14.84
13.39
21.85
16.32
13.79
18.90
14.48
0.01
0.10
0.00
0.01
0.01
0.01
0.00
0.00
NA
NA
0.01
0.09
0.01
0.21
0.00
0.05
0.01
RVI
RVI
RVI
RVM
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
NA
NA
0.01
0.01
0.01
0.01
NA
0.01
NA
NA
NA
0.16
0.01
0.61
NA
0.01
NA
Q3
Q2
Q1
4.50
41.85
24.71
29.36
12.60
26.54
14.75
22.04
NA
NA
11.23
8.78
19.65
11.49
16.34
13.70
5.58
20.94
63.52
23.75
52.78
17.61
39.67
20.77
47.84
17.30
6.72
17.18
19.55
33.06
24.51
22.31
28.56
22.70
0.00
0.00
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.01
0.01
0.06
0.01
0.10
0.03
0.01
0.01
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI
RVI

lity
tion type
(%)
Q4
NA
NA
33.01
25.47
12.07
20.11
NA
24.82
NA
NA
NA
16.78
16.67
14.32
NA
NA
NA
17.64
NA
50.18
NA
27.06
NA
46.04
NA
18.11 144.92
38.63
NA
18.02
NA
38.03
NA
17.30
NA
6.72
NA
15.91
NA
18.35 88.01
31.66
NA
23.56
NA
17.17
NA
22.76
NA
19.09
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.90
1.90
2.05
1.75
1.50
1.25
1.25
2.25
1.60
1.70
1.70
2.25
2.23
1.00
2.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
3.00
3.00
3.00
5.00
0.00
0.00
0.00
3.00
0.00
1.00
1.00
2.00
1.50
0.00
0.00
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
1.00
2.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
SANTANDER ENERGIA FIM....................

NA
NA
SANTANDER INTERNET FIM ..................
NA
NA
SANTANDER JAPON FIM ....................... 2.76 26.86
SANTANDER TECNOLOG. FIM.............. 13.85 41.57
SEGURFONDO BOLSA FIM ................... 5.13 19.63
SEGURFONDO MID-CAPS FIM.............. 26.51 43.47
SEGURFONDO SMALL-CAPS FIM..........
NA
NA
TELECOM LATINOAMERICA FIM ........... 8.40 22.64
UNIFOND BOLSA GLOBAL FIMF ..........
NA
NA
URQUIJO F. EUR. SMALL COMP. FIMF ..
NA
NA
URQUIJO FONDOS LATINOAM. FIMF ..
NA
NA
URQUIJO GLOBAL FIM.......................... 1.23 20.01
VALENCIA INTERNAC. FIM .................... 8.05 28.37
WINFONDO FIM.................................... 6.17 24.28
YENBOLCAM FOND FIM .......................
NA
NA
ZARAGOZ. RV GLOBAL FIM..................
NA 13.21
ZURICH EUROACCIONES FIMS.............
NA
NA
(Continued)
0.10
0.10
0.10
0.10
0.25
0.20
0.20
0.15
0.10
0.10
0.10
0.40
0.40
0.10
0.15
0.25
0.05
Custody
271
272
0.01
1.68
0.65
0.77
2.35
0.76
1.81
1.88
0.01
1.90
0.20
NA
2.17
0.76
1.78
0.49
3.26
0.26
1.72
4.82
5.49
2.16
4.07
0.46
0.77
0.83
2.65
2.16
4.87
5.97
2.14
2.13
1.98
2.32
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
RFCP
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
0.28
0.18
0.42
0.38
0.03
0.47
0.02
0.03
0.34
0.32
0.58
NA
0.10
0.44
0.17
0.65
0.41
1.14
0.10
0.03
0.27
0.01
0.28
0.47
0.38
0.03
0.05
0.25
0.22
0.34
0.00
0.02
0.15
0.08
3.36
1.67
0.88
0.85
2.18
0.20
1.64
1.56
0.04
1.93
0.12
NA
1.86
0.48
1.51
0.17
2.08
3.03
1.37
3.72
3.99
1.79
2.90
0.47
0.61
0.54
2.14
2.78
3.62
5.46
1.74
1.71
1.53
1.70
3.98
1.39
0.58
0.55
2.14
0.55
1.66
1.61
0.00
1.87
0.01
NA
1.94
0.54
1.56
0.39
3.08
0.13
1.51
4.84
5.44
2.03
3.40
0.45
0.58
0.67
2.43
1.94
4.73
6.55
1.31
1.60
1.94
2.33
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
1.01
0.94
0.86
0.79
0.63
0.77
0.71
0.74
0.62
0.71
0.90
NA
0.82
0.89
0.85
0.94
0.87
1.17
0.74
0.75
0.78
0.68
1.33
0.60
0.78
0.63
0.74
0.45
0.87
0.96
0.73
0.73
0.53
0.72
2.47
0.53
0.12
0.39
0.99
0.14
0.90
0.75
2.47
0.91
1.20
NA
1.16
0.19
0.86
0.21
1.00
3.07
0.65
2.78
2.93
1.06
2.20
0.03
0.20
0.27
1.30
1.04
2.59
3.37
0.68
0.77
0.89
2.22
3.98
1.19
0.33
0.31
1.87
0.00
1.57
1.40
0.00
1.52
2.44
NA
1.70
0.31
1.27
0.13
2.87
0.25
0.70
4.79
4.21
1.90
2.48
0.11
0.41
0.40
1.92
1.70
4.65
5.90
1.47
1.64
1.71
2.00
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.33
1.11
0.58
0.42
2.04
0.37
1.42
1.51
9.75
1.43
1.79
NA
1.72
0.54
1.32
0.19
1.91
1.70
1.28
4.06
4.91
1.64
3.40
0.24
0.60
0.53
2.11
1.77
4.52
6.67
1.66
1.54
1.81
2.23
Q3
Q2
3.14
1.56
0.98
0.84
1.98
1.24
1.56
1.51
0.64
1.56
2.54
NA
1.97
0.93
1.69
1.01
2.73
1.15
1.45
2.90
3.48
1.95
2.78
0.72
0.97
0.77
2.06
1.82
3.22
3.81
1.25
1.28
1.68
2.05
1.68
0.52
1.20
9.52
0.82
0.78
0.60
0.56
3.79
0.73
1.13
1.14
0.78
1.28
0.58
7.63
0.94
4.14
0.61
1.80
2.16
0.75
1.59
1.45
7.82
0.12
0.80
0.81
1.99
2.67
0.65
0.67
0.80
1.08
3.70
0.88
0.11
0.08
1.71
0.70
1.32
1.30
0.01
1.47
2.25
0.96
1.52
0.08
1.08
0.09
2.74
0.12
1.02
3.74
2.28
1.76
2.59
0.02
0.18
0.19
1.49
1.55
4.46
6.62
0.91
1.01
1.55
1.71
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF

lity
tion type
(%)
Q4
FIM GUARANTEED FIXED-INCOME (GRF)
4.25
3.01
2.59
2.47
3.32
2.94
2.75
2.75
2.02
2.43
4.64
NA
3.54
2.77
3.33
3.25
4.27
4.65
2.79
5.11
6.19
3.21
4.99
2.21
2.48
1.67
3.61
2.39
5.79
7.39
2.51
2.59
2.46
2.51
2.27
1.07
0.53
0.51
1.63
0.45
1.22
1.18
0.06
1.34
0.84
1.14
1.45
0.38
1.13
0.17
1.58
4.71
1.04
3.22
3.65
1.38
2.62
0.77
0.44
0.41
1.69
1.78
3.33
4.81
1.29
1.26
1.33
1.88
NA
NA
NA
61.41
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
67.13
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
0.35
1.00
1.00
1.35
1.20
1.40
1.50
1.55
1.50
1.50
0.80
0.85
0.90
0.92
0.90
0.90
0.70
1.40
1.40
1.40
1.40
1.40
1.00
1.40
1.00
1.65
1.10
1.85
1.00
1.10
1.55
1.50
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
3.00
3.00
3.00
2.00
0.00
2.00
2.00
0.00
0.00
5.00
3.00
3.50
3.50
3.50
5.00
2.00
5.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
2.00
0.00
2.00
0.00
0.00
2.00
2.00
2.00
2.00
2.00
3.00
3.00
3.00
0.00
0.00
0.00
2.00
0.00
0.00
5.00
3.00
3.50
3.50
3.50
5.00
2.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
Min.
2.00
3.00
3.00
0.00
3.00
2.00
5.00
5.00
0.00
0.00
0.00
0.00
0.50
0.00
0.50
3.00
5.00
3.00
3.00
1.00
1.00
1.00
2.00
3.00
3.00
3.00
3.00
5.00
2.00
3.00
5.00
5.00
5.00
5.00
2.00
3.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.50
0.00
0.50
3.00
5.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
Q1
AB FONDGARANTIA FIM ...................... 0.35

AC HORIZONTE SEGURO FIM .............. 0.31
AC RENDIMIENTO 2 FIM ....................... 0.30
AC RENTA FIJA FIM................................. 0.43
ARG.FONDRENT.CREC.A FIM ................ 0.65
ARG.FONDRENT.EURO-A FIM............... 0.42
ARGENTARIA 3 AOS-B FIM ................. 0.45
ARGENTARIA 3 AOS-C FIM ................. 0.46
ARGENTARIA I-B FIM ............................. 0.41
ARGENTARIA I-C FIM ............................. 0.47
ASTURFON. C G GAR.I FIM................... 0.55
ASTURFONDO PLAZO I FIM .................
NA
ATLANTICO PLUS 2 FIM ........................ 0.62
ATLANTICO PLUS 3 FIM ........................ 0.48
ATLANTICO PLUS FIM ........................... 0.59
BANIF OBLIGACIONES FIM ................... 0.62
BANKINTER GARANT. 4 FIM.................. 0.21
BANKOA-AHORRO FONDO FIM .......... 1.11
BBV BONO 2001 A FIM ......................... 0.48
BBV PLAN RENTA FIM............................ 1.36
BBV PLAN RENTAS 10 FIM..................... 1.54
BBV PLAN RENTAS 5 FIM....................... 0.54
BBVA 100 POR 100 FIM......................... 1.09
BBVA 2000-C FIM................................... 0.40
BBVA 2001 FIM ...................................... 0.33
BBVA 2001-B FIM................................... 0.23
BBVA 2002 FIM ...................................... 0.72
BBVA 2002-A FIM................................... 0.36
BBVA 2005 FIM ...................................... 1.39
BBVA 2007 FIM ...................................... 2.12
BBVA 3 AOS A FIM .............................. 0.51
BBVA 3 AOS FIM ................................. 0.54
BBVA 5 AOS-B FIM.............................. 0.38
BBVA 5 AOS-C FIM.............................. 0.19
(Continued)
0.15
0.05
0.05
0.05
0.10
0.10
0.10
0.10
0.10
0.10
0.15
0.15
0.10
0.10
0.10
0.10
0.40
0.00
0.10
0.10
0.10
0.10
0.25
0.10
0.25
0.10
0.15
0.10
0.25
0.15
0.10
0.10
0.10
0.10
Custody
2.29
0.37
0.05
1.75
2.76
2.26
3.71
4.32
4.22
6.12
6.48
0.23
2.28
0.88
0.02
0.06
1.03
2.10
0.40
0.88
2.04
0.00
0.83
0.90
0.85
1.24
2.05
2.37
2.64
5.52
3.20
1.84
2.76
0.88
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
0.06
0.52
0.42
0.10
0.04
0.10
0.21
0.10
0.10
0.19
0.21
0.90
0.05
0.45
0.46
0.44
0.31
0.02
0.44
0.14
0.14
0.48
0.58
0.58
0.14
0.25
0.01
0.01
0.10
0.43
0.08
0.08
0.08
1.74
1.68
0.27
5.24
1.43
2.33
1.81
2.96
3.46
3.96
5.34
5.39
0.13
1.91
0.62
0.54
4.47
1.05
1.90
0.16
0.63
1.42
0.17
0.63
1.05
0.62
2.36
1.52
2.13
2.19
4.22
1.67
1.56
2.04
3.01
2.17
0.01
0.00
1.30
2.48
1.86
3.62
4.11
4.35
6.50
6.08
0.11
1.99
0.53
0.00
0.02
0.75
1.59
0.38
0.67
1.95
0.00
0.52
0.69
0.68
0.97
1.70
2.20
2.04
5.28
3.06
2.55
2.59
0.66
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
0.70
0.78
0.43
0.69
0.69
0.69
0.82
0.70
0.94
0.95
2.17
1.07
0.65
0.89
2.28
3.03
0.78
0.75
0.65
0.66
0.55
0.63
1.11
0.34
0.68
0.74
0.70
0.79
0.61
0.89
0.84
0.98
0.69
0.63
0.95
0.34
1.29
0.75
1.32
1.08
2.01
2.35
2.38
3.35
6.53
4.60
1.04
0.21
8.20
9.57
0.29
0.95
3.90
0.32
0.84
2.52
0.17
0.95
0.59
0.32
0.87
1.01
1.22
3.08
0.98
1.05
1.63
0.31
1.95
0.78
0.74
0.54
1.17
1.49
3.53
2.84
4.17
5.42
5.91
0.19
1.35
0.27
2.59
2.65
0.56
2.06
0.14
0.44
1.66
0.00
0.36
0.45
0.42
0.73
1.63
1.90
2.21
5.34
2.91
2.40
1.34
0.44
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
2.20
0.54
0.20
1.30
2.20
1.73
3.31
4.11
4.70
6.66
4.05
8.28
1.75
0.62
0.12
0.04
0.53
1.58
0.25
0.55
1.74
2.81
0.75
0.58
0.55
0.81
1.50
2.07
2.12
5.24
1.61
1.38
1.33
0.47
Q3
Q2
1.44
1.15
1.14
1.62
2.07
1.89
2.79
2.97
3.55
3.73
3.09
1.14
1.88
0.95
3.44
3.84
1.16
1.37
0.70
0.80
1.68
0.62
1.06
0.98
0.97
1.08
1.75
2.01
2.40
3.78
2.41
2.39
2.43
0.85
1.77
0.29
0.32
0.55
0.84
0.75
1.35
1.66
1.74
2.42
7.07
1.86
0.70
2.80
8.45
9.62
0.33
0.69
2.32
0.81
0.76
0.10
4.29
0.30
2.84
0.23
0.61
0.77
1.12
2.29
0.99
0.88
0.98
6.21
1.79
0.57
0.57
1.17
1.93
1.74
2.92
3.34
4.01
4.71
5.85
0.01
1.61
0.09
3.39
3.34
0.39
1.11
0.03
0.23
1.51
0.01
0.13
0.23
0.22
0.50
1.40
1.76
1.96
2.52
2.78
2.22
2.26
0.21
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF

lity
tion type
(%)
Q4
1.92
2.93
2.70
2.90
3.38
3.09
5.01
5.08
6.19
7.11
6.86
3.88
3.05
2.73
4.71
5.97
2.74
2.62
2.09
1.97
2.54
2.17
3.38
2.33
2.17
1.93
2.80
3.49
3.61
7.02
4.06
4.46
3.87
3.30
1.71
0.38
0.68
1.08
1.79
1.42
2.53
3.05
3.41
4.74
5.89
9.06
1.44
0.45
5.92
6.81
0.63
1.37
0.15
0.61
1.26
0.10
0.50
0.78
0.51
1.26
1.20
1.62
1.74
3.87
1.36
1.26
1.56
1.53
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
2.00
1.30
1.30
1.40
1.40
1.40
0.90
1.40
0.90
1.40
1.50
0.10
1.40
0.90
1.60
1.60
1.05
1.50
1.40
1.65
2.00
1.20
0.25
1.20
1.20
1.20
1.20
1.20
1.20
0.90
0.90
0.45
0.80
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
2.00
2.00
2.00
0.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
2.00
2.00
Min.
5.00
3.00
0.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
5.00
0.00
2.00
3.00
0.00
0.00
2.00
0.00
3.00
3.00
5.00
2.00
3.00
5.00
5.00
3.00
3.00
3.00
3.00
3.00
1.00
1.00
1.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
1.00
1.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
Q1
BBVA 5 AOS-D FIM ............................. 0.17

BBVA BONO 2000 A FIM....................... 0.45
BBVA BONO 2000 B FIM....................... 0.69
BBVA BONO 2001 FIM .......................... 0.46
BBVA BONO 2002 A FIM....................... 0.64
BBVA BONO 2002 FIM .......................... 0.58
BBVA BONO 2003 FIM .......................... 1.12
BBVA BONO 2004 FIM .......................... 1.24
BBVA BONO 2005 FIM .......................... 1.50
BBVA BONO 2007 FIM .......................... 2.09
BBVA DOBLE-BEX FIM ........................... 1.67
BBVA EXTRA TESORERIA 2 FIM.............. 0.72
BBVA FONCATALANA 3 ASSEG. FIM ..... 0.54
BBVA FONCATALANA 5 ASSEG. FIM ..... 0.41
BBVA FONDBOLSA JAPON 2 FIM.......... 0.52
BBVA FONDBOLSA JAPON 3 FIM.......... 0.39
BBVA FONDIRECTO V ANIV. FIM.......... 0.46
BBVA FONDPLAZO 1-A FIM .................. 0.50
BBVA FONDPLAZO 2000-D FIM............ 0.28
BBVA FONDPLAZO 2001-A FIM ............ 0.36
BBVA FONDPLAZO 5 AOS-A FIM....... 0.43
BBVA FONDRENTAS 1-D FIM ................ 0.41
BBVA FONDRENTAS 2001 FIM .............. 0.57
BBVA FONDRENTAS 3-C FIM................. 0.40
BBVA FONDRENTAS 3-D FIM ................ 0.38
BBVA FONDRENTAS 3-E FIM ................. 0.36
BBVA FONDRENTAS CREC. D FIM ........ 0.34
BBVA FONDRENTAS CREC.-B FIM......... 0.64
BBVA FONDRENTAS CREC.-C FIM......... 0.66
BBVA PLAN RENTAS 10 B FIM ............... 1.77
BCH 1998 FIM........................................ 0.68
BCH 1999-A FIM .................................... 0.94
BCH 1999-B FIM .................................... 0.64
BCH 2000 FIM........................................ 0.05
(Continued)
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.05
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.25
0.25
0.10
0.25
Custody
273
274
0.32
4.34
2.04
2.23
2.10
2.50
1.93
2.94
4.25
0.60
1.77
4.41
0.42
0.54
0.09
0.17
0.40
2.03
1.86
2.04
2.15
0.03
0.07
0.19
0.39
NA
1.05
1.37
2.48
2.63
2.71
0.96
1.96
2.01
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
3.05
0.14
0.03
0.08
0.08
0.16
0.10
0.20
1.05
0.42
0.14
1.74
0.39
0.63
0.43
0.47
0.45
0.05
0.00
0.05
0.08
0.13
0.96
0.52
0.00
NA
0.21
0.16
0.15
0.01
0.05
0.28
0.03
0.08
4.32
2.89
1.35
1.82
1.47
1.77
1.35
2.14
3.26
0.78
1.11
14.09
0.32
0.10
0.64
0.35
7.24
1.48
1.69
1.28
1.40
1.84
1.27
3.38
1.43
NA
1.80
1.45
1.77
1.79
1.68
0.73
6.57
1.43
4.16
4.16
2.00
2.52
1.88
2.27
1.71
2.78
4.15
0.49
1.58
5.26
0.35
0.31
2.46
0.02
0.16
1.82
1.85
1.85
1.94
2.07
2.20
0.10
3.98
NA
0.84
1.35
2.28
2.44
2.53
0.73
2.92
1.76
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
0.64
0.84
1.05
0.89
0.87
0.74
0.83
0.81
0.63
1.21
0.78
0.04
0.94
0.55
0.71
0.73
0.61
0.77
0.75
0.71
0.76
0.68
0.78
0.90
0.97
NA
0.72
0.74
1.02
0.98
0.85
0.69
0.58
0.82
2.35
1.86
0.82
1.02
0.96
1.55
0.67
1.45
1.98
1.17
0.70
2.36
0.29
0.17
1.48
1.45
6.01
0.94
0.96
0.68
0.79
0.96
1.23
2.37
2.76
NA
0.33
0.52
0.96
1.48
0.98
0.35
1.36
0.84
3.97
3.85
1.81
2.36
1.64
2.08
1.47
1.92
3.93
4.03
1.36
4.11
0.11
0.06
2.24
2.25
0.01
1.17
1.65
1.66
1.74
1.87
1.96
2.24
3.94
NA
0.61
1.10
2.05
2.27
2.37
0.49
1.07
1.49
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.36
0.99
1.18
1.67
1.35
1.71
1.52
1.94
3.04
0.41
0.97
1.09
0.18
0.23
0.15
0.14
0.17
1.21
0.94
0.61
0.37
9.50
7.57
0.26
0.30
NA
0.63
0.84
1.63
1.74
1.52
0.46
4.09
1.30
Q3
Q2
2.89
3.08
2.05
2.34
1.83
1.97
1.77
2.33
2.85
2.96
1.57
3.00
0.86
2.60
2.15
2.15
1.17
1.80
1.82
1.75
1.84
1.82
1.91
2.10
2.94
NA
0.96
1.29
2.31
2.35
2.13
0.86
2.20
1.74
1.59
1.58
0.64
0.91
0.61
0.76
0.58
1.13
1.98
1.67
0.43
1.57
2.28
2.60
1.05
1.08
0.38
0.61
0.64
0.61
0.62
0.90
0.76
1.02
5.68
2.88
0.16
0.32
0.76
0.85
0.88
0.11
1.02
0.55
3.83
3.64
1.58
2.09
1.37
1.82
1.09
2.40
3.29
3.82
1.08
3.66
0.01
2.69
2.00
1.99
0.91
1.45
1.45
1.46
1.53
1.68
1.74
2.00
3.71
0.01
0.38
0.86
1.78
2.04
2.16
0.25
2.56
1.29
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF

lity
tion type
(%)
Q4
6.64
4.69
3.90
4.07
3.43
3.18
2.99
3.69
3.27
4.92
2.55
4.93
2.84
4.35
3.73
3.75
2.81
2.75
3.25
3.34
3.35
3.23
4.34
3.99
4.60
NA
2.32
2.75
4.48
4.20
3.55
2.23
3.61
3.30
2.60
1.97
1.05
1.42
1.15
1.51
1.12
1.72
2.65
1.13
0.85
7.19
0.24
1.32
0.98
0.94
0.22
1.11
1.13
0.85
0.89
1.14
0.97
1.31
3.25
2.88
0.97
0.89
1.36
1.52
1.32
0.47
3.95
1.09
NA
NA
NA
NA
93.49
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.39
1.27
0.40
0.90
1.00
1.45
0.95
1.50
0.65
0.94
1.55
1.27
0.95
0.48
1.08
1.27
0.64
0.90
1.10
1.10
0.87
0.80
1.15
1.47
0.36
2.25
1.25
1.20
0.20
0.55
1.05
1.70
2.00
0.80
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
2.00
2.00
2.50
2.00
2.00
2.00
2.00
2.00
2.00
2.00
0.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
0.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.50
2.00
2.00
2.00
2.00
2.00
2.00
2.00
0.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
0.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
Min.
1.00
2.00
1.00
1.00
5.00
2.00
2.00
1.00
2.00
1.00
2.00
2.00
0.00
1.00
2.00
2.00
1.00
1.00
1.00
1.00
2.00
1.00
1.00
2.00
2.00
2.00
2.00
0.00
0.50
1.00
1.00
2.00
1.00
2.00
1.00
2.00
1.00
1.00
2.50
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
1.00
0.00
0.00
1.00
1.00
1.00
1.00
2.00
1.00
1.00
2.00
0.00
0.00
0.00
0.00
0.50
1.00
1.00
0.00
1.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
Q1
BCH 2000-A FIM .................................... 0.05

BCH 2000-B FIM .................................... 0.86
BCH 2002 C FIM .................................... 0.72
BCH 2002 D FIM.................................... 0.88
BCH 2002 FIM........................................ 0.62
BCH 2002-A FIM .................................... 0.60
BCH 2002-B FIM .................................... 0.46
BCH 2004 FIM........................................ 0.72
BCH 2004-A FIM .................................... 0.85
BCH 3 FIM.............................................. 0.26
BCH 5 FIM.............................................. 0.33
BCH 5-A FIM .......................................... 0.17
BCH RENTAS 1 A FIM............................. 0.62
BCH RENTAS 1 FIM ................................ 0.51
BCH RENTAS 1 H FIM ............................ 0.40
BCH RENTAS 1 K FIM............................. 0.36
BCH RENTAS 1 N FIM ............................ 0.55
BCH RENTAS 2 B FIM............................. 0.21
BCH RENTAS 2 C FIM............................. 0.65
BCH RENTAS 2 D FIM ............................ 0.80
BCH RENTAS 2 E FIM ............................. 0.64
BCH RENTAS 2 F FIM ............................. 0.56
BCH RENTAS 2 G FIM ............................ 0.62
BCH RENTAS 2 M FIM............................ 0.42
BCH RENTAS 3 A FIM............................. 0.63
BCH RENTAS 3 C FIM.............................
NA
BCH RENTAS 4 A FIM............................. 0.40
BCH RENTAS 4 B FIM............................. 0.54
BCH RENTAS 4 D FIM ............................ 0.94
BCH RENTAS 4 E FIM ............................. 0.81
BCH RENTAS 4 F FIM ............................. 0.59
BCH RENTAS 4 FIM ................................ 0.39
BCH RENTAS 4 G FIM ............................ 0.77
BCH RENTAS 4C FIM.............................. 0.63
(Continued)
0.10
0.10
0.25
0.25
0.10
0.25
0.25
0.20
0.25
0.10
0.25
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.00
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
Custody
BCH RENTAS 5 A FIM.............................

BCH RENTAS 5 B FIM.............................
BCH RENTAS 5 C FIM.............................
BCH RENTAS 5 D FIM ............................
BCH RENTAS 5 E FIM .............................
BCH RENTAS 5 F FIM .............................
BCH RENTAS 5 FIM ................................
BCH RENTAS 5 G FIM ............................
BCH RENTAS 5 H FIM ............................
BCH RENTAS 5 K FIM.............................
BCH RENTAS 5 M FIM............................
BCH RENTAS 5 N FIM ............................
BCH RENTAS 5 P FIM.............................
BCH RENTAS 5 R FIM.............................
BCH RENTAS 5 T FIM.............................
BG RENTA ASEGURADA FIM .................
BK RENTA TRIMESTRAL FIM...................
BK SEGURVIDA FIM ...............................
BM GARANTIZADO FIM........................
BSN 2006-1 FIM .....................................
C.GALICIA ALFA G. FIM .........................
C.GALICIA BETA GAR. FIM.....................
C.LAB.RENTA AS. I FIM ..........................
CAI RENTA FIM.......................................
CAIXA CAT. RENDA 3A FIM ...................
CAIXA CATALUNYA 3 FIM......................
CAIXA CATALUNYA 3-A FIM ..................
CAIXA CATALUNYA 5 FIM......................
CAIXA CATALUNYA 5-A FIM ..................
CAIXA RENDA PLUS 3A FIM ..................
CAJA LABORAL RENTA FIM....................
CATALUNYA DOBLE FIM .......................
CATALUNYA PREVISIO FIM....................
COOPVALOR V FIM...............................
(Continued)
1.33
1.85
1.70
1.67
1.92
1.81
0.88
1.67
3.15
1.78
1.96
2.83
2.01
1.24
NA
0.43
0.44
1.09
1.39
4.50
0.44
0.93
1.94
0.45
0.69
2.24
2.08
1.02
3.51
0.69
0.91
0.87
1.13
0.62
1.53
2.37
2.67
2.65
2.85
2.48
0.90
3.04
3.34
3.39
2.42
3.83
4.27
0.00
NA
0.50
1.07
2.45
1.59
4.50
0.58
1.89
2.26
0.77
0.39
0.11
2.32
2.02
4.08
0.38
0.88
1.55
2.87
0.88
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
RFCP
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
0.02
0.11
0.17
0.12
0.03
0.07
0.03
0.01
0.06
0.09
0.11
0.01
0.01
0.27
NA
0.56
0.43
0.01
0.02
0.49
0.40
0.11
0.03
0.37
0.48
1.21
0.24
0.10
0.14
0.59
0.32
0.28
0.48
0.54
1.34
1.69
1.85
1.66
1.88
1.77
0.90
1.71
2.36
1.84
1.95
2.79
2.98
5.11
NA
0.37
0.43
1.71
1.33
4.99
0.74
1.45
1.61
0.73
0.56
1.75
2.06
1.20
3.19
0.58
0.73
0.87
1.68
0.86
1.70
2.14
2.35
2.43
2.59
2.74
1.08
2.81
3.18
3.21
3.44
3.68
4.11
4.39
NA
0.23
0.75
2.26
1.33
4.30
0.59
1.71
2.05
0.60
0.16
2.70
2.24
1.92
4.51
0.17
0.68
1.36
3.53
0.92
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
0.81
0.74
0.71
0.92
0.62
0.78
0.79
1.09
1.02
0.88
0.76
0.77
0.89
1.03
NA
0.86
0.73
1.04
0.68
0.82
0.87
0.85
0.67
0.77
0.77
0.71
0.64
0.87
0.63
0.89
0.69
0.97
0.69
1.10
0.76
1.00
1.40
0.90
1.19
1.66
0.56
1.01
1.75
1.11
1.10
1.82
1.84
1.80
2.28
0.31
0.11
0.76
0.63
2.75
0.13
0.52
0.79
0.10
0.24
1.34
1.25
0.78
2.32
0.27
0.50
0.49
1.68
0.36
1.49
1.97
1.65
2.19
2.07
2.09
0.87
2.07
2.91
2.97
3.28
3.52
3.86
4.13
4.22
2.37
0.54
2.08
1.07
4.09
0.34
1.50
1.85
0.30
0.39
2.42
1.96
1.66
4.06
0.39
0.44
1.15
3.57
0.72
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.52
0.65
0.66
0.66
0.86
0.69
0.40
0.69
1.01
0.92
0.76
0.84
NA
NA
NA
0.51
0.33
0.47
0.37
1.18
0.32
0.39
0.44
0.24
0.44
0.45
0.61
0.57
0.90
0.52
0.22
0.58
0.36
0.62
Q3
Q2
Q1
1.61
1.94
2.24
2.23
2.40
2.59
1.09
2.41
2.54
2.79
2.76
2.99
3.15
3.55
3.50
2.39
0.85
2.05
1.21
4.31
0.93
1.59
1.88
0.83
1.01
2.57
2.12
1.46
2.89
1.09
0.83
1.47
2.42
1.35
0.49
0.70
0.83
0.77
0.91
0.92
0.25
1.04
1.49
1.06
1.18
1.51
1.61
4.68
1.99
0.87
0.12
0.72
0.62
2.24
5.32
0.47
0.78
0.01
7.09
1.34
1.32
0.70
1.79
7.41
0.13
0.36
1.66
0.19
1.20
1.73
2.02
1.97
2.24
2.35
0.65
2.44
2.73
2.77
3.06
3.37
3.62
3.88
3.98
2.19
0.34
1.93
0.77
3.01
0.15
1.25
1.54
0.07
0.17
2.25
1.73
1.44
3.86
0.17
0.22
0.93
3.33
0.51
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF

lity
tion type
(%)
Q4
2.95
3.26
3.47
3.73
3.89
4.03
2.32
4.25
4.70
4.75
4.44
4.64
NA
NA
NA
4.39
2.35
3.59
2.26
6.93
2.54
2.96
3.06
2.22
2.72
5.01
3.16
3.03
4.62
3.12
2.08
3.33
3.99
3.66
1.05
1.40
1.50
1.33
1.55
1.59
0.71
1.41
2.28
1.50
1.61
2.32
2.20
4.11
2.13
0.56
0.32
1.15
1.06
3.81
0.44
0.93
1.38
0.43
0.46
1.30
1.73
0.95
2.79
0.47
0.64
0.69
1.57
0.57
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
70.52
57.49
NA
NA
NA
NA
62.59
NA
NA
NA
NA
NA
NA
45.41
NA
34.52
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.15
1.25
1.25
0.95
0.70
0.90
1.55
0.80
0.65
0.65
0.90
1.25
1.25
0.47
0.80
0.60
1.20
0.75
1.55
0.73
1.00
1.00
1.10
1.35
1.00
1.35
1.25
1.40
1.25
0.50
1.10
0.70
1.50
0.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
5.00
3.00
2.00
0.00
3.00
2.50
2.50
3.00
3.00
0.00
0.00
3.00
3.00
3.00
0.00
1.00
3.00
0.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
5.00
3.00
2.00
0.00
3.00
2.50
2.50
3.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
Min.
2.00
2.00
2.00
1.00
2.00
2.00
2.00
2.00
1.00
1.00
1.00
2.00
2.00
2.00
2.00
5.00
3.00
3.00
0.00
5.00
3.00
4.00
2.00
3.00
0.00
2.00
0.50
2.00
0.50
0.00
1.00
2.00
0.00
1.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
1.00
1.00
1.00
2.00
0.00
2.00
2.00
5.00
3.00
3.00
0.00
0.00
0.00
0.00
2.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.10
0.10
0.10
0.10
0.05
0.10
0.40
0.12
0.20
0.15
0.15
0.15
0.15
0.10
0.15
0.25
0.25
0.30
0.10
0.40
0.30
0.20
0.00
Custody
275
276
0.01
3.09
0.00
NA
0.01
0.82
0.92
NA
1.65
2.46
2.35
1.69
1.65
3.14
2.63
0.59
1.33
0.01
NA
1.00
0.27
5.76
0.52
0.59
0.14
NA
2.14
0.51
0.01
0.36
0.34
1.96
0.03
2.57
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
RFCP
GRF
GRF
GRF
GRF
RFLP
GRF
GRF
GRF
0.68
0.28
1.16
NA
1.34
0.61
0.31
NA
0.04
0.17
0.08
0.20
0.05
0.12
0.07
0.34
0.32
0.43
NA
0.00
0.63
0.67
0.42
0.55
0.02
NA
0.02
0.52
0.58
0.34
0.58
0.04
0.03
0.03
2.44
2.73
2.58
NA
5.31
0.46
0.54
NA
1.37
1.95
1.80
1.40
1.37
3.22
2.00
0.59
1.69
11.43
NA
1.23
1.81
4.06
5.51
0.34
2.31
NA
1.41
0.29
1.86
0.87
0.22
1.52
3.17
1.93
2.67
3.51
2.37
NA
3.84
0.59
0.01
NA
1.43
2.23
2.14
1.45
1.43
2.95
2.35
0.36
1.12
3.93
NA
1.05
0.04
5.42
0.42
0.37
2.59
NA
1.76
0.36
0.01
0.47
0.20
1.71
4.18
2.41
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
RFCP
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
0.75
0.86
1.12
NA
0.49
1.11
0.93
NA
0.67
0.80
0.75
0.95
0.81
0.80
0.66
0.91
0.79
0.99
NA
0.36
0.86
1.38
0.76
0.84
0.83
NA
0.67
1.11
0.70
1.02
0.80
0.91
1.16
0.65
1.42
1.85
0.93
NA
1.96
0.17
1.18
NA
0.77
1.15
1.08
0.64
0.65
2.06
1.44
0.31
0.70
3.42
NA
0.97
2.42
2.81
5.00
0.16
1.57
0.00
0.90
0.55
0.01
0.36
4.63
0.94
1.84
1.31
2.44
3.30
2.14
NA
3.66
0.36
2.48
NA
1.20
2.03
1.93
1.25
1.25
2.75
2.15
0.94
0.93
3.71
NA
0.87
0.28
5.32
0.24
0.09
2.27
1.38
1.57
0.01
0.01
0.33
0.01
1.62
4.01
2.15
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
2.28
2.35
0.12
NA
1.05
0.37
0.48
NA
1.32
1.82
1.86
1.28
1.27
3.82
1.98
0.29
2.27
3.16
NA
1.62
1.43
4.45
0.41
0.39
2.36
NA
1.32
0.31
4.55
0.73
0.27
1.72
1.39
2.03
Q3
Q2
2.40
2.75
2.61
NA
1.65
1.13
2.58
NA
1.29
2.16
2.06
1.62
1.49
2.88
2.16
1.29
1.29
3.31
NA
1.45
0.95
1.32
0.77
0.88
2.22
1.62
1.47
0.37
0.82
1.37
0.83
1.90
2.47
2.06
1.44
1.35
1.01
4.64
2.79
8.65
1.24
0.87
0.55
0.98
0.93
0.60
0.61
1.42
1.15
0.28
0.49
1.90
0.61
0.91
1.42
2.95
3.00
6.17
1.02
0.65
0.94
4.10
6.00
0.41
5.02
0.76
1.69
1.20
2.23
3.15
1.98
0.01
3.49
0.12
2.26
1.30
0.97
1.86
1.70
1.01
1.01
2.49
1.82
0.72
0.67
3.64
1.08
0.69
0.05
5.17
0.02
0.03
1.99
1.20
1.28
1.58
0.01
0.19
0.01
1.42
3.68
1.96
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF

lity
tion type
(%)
Q4
NA 1.71
4.85 2.14
NA 1.68
NA 4.64
4.02 3.15
3.54 0.31
4.33 0.95
NA 0.87
2.31 1.07
3.64 1.54
3.21 1.48
3.49 1.05
2.96 1.04
4.67 2.80
3.34 1.69
2.89 0.40
2.15 1.48
NA 6.90
NA 0.61
2.33 1.22
3.07 3.33
5.13 3.63
2.37 4.02
2.70 0.27
3.01 1.91
NA 0.65
2.66 1.17
1.77 2.09
2.54 5.00
3.52 0.63
2.85 0.18
3.22 1.30
4.10 2.03
3.19 1.66
NA
NA
NA
NA
NA
NA
34.72
NA
NA
NA
NA
NA
NA
NA
NA
23.69
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
0.75
0.90
1.25
0.40
0.80
0.15
0.50
1.00
1.75
1.50
1.45
0.70
1.20
0.95
1.50
1.00
1.05
0.65
0.00
0.80
1.10
1.20
1.25
0.95
1.00
1.00
0.90
0.90
1.30
0.50
1.30
0.97
0.80
1.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
2.00
4.00
0.00
2.00
0.00
1.00
3.00
3.00
3.00
3.00
5.00
5.00
3.00
3.00
0.00
2.00
0.00
0.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
3.00
0.00
1.00
5.00
2.00
4.00
0.00
0.00
0.00
0.00
3.00
3.00
3.00
3.00
5.00
5.00
3.00
3.00
0.00
2.00
0.00
0.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
3.00
0.00
0.00
Min.
5.00
0.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.25
0.50
3.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
2.00
5.00
0.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.25
0.50
3.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
Q1
DINERO ACTIVO III FIM ........................

NA
DOBLEMED FIM..................................... 0.90
EUROVALOR PLAZOS FIM.....................
NA
EUROVALOR RENTA AO FIM..............
NA
F.VALENCIA GARAN. 2 FIM.................... 0.48
FON FINECO 2001 G. FIM..................... 0.65
FON FINECO II GARANTIZADO FIM..... 0.46
FONCAIXA 85 GAR. RENTA FIJA FIM.....
NA
FONCAIXA FUTURO 14 FIM.................. 0.38
FOND C.C.M. FIM.................................. 0.32
FONDARAGON G. FIM ......................... 0.26
NA
FONDBARCLAYS INTERES GAR. 1 FIM..
NA
FONDESP. ANUAL GAR. FIM ................. 0.50
FONDESPAA SEM. GA. FIM................. 0.59
FONDO NUEVO FIM ............................. 1.67
FONDPREMIER 4 FIM............................. 0.39
FONJALON GARANTIZ. FIM.................. 0.40
FONPENEDES GARANTIT FIM ............... 0.04
FONPENEDES INTERES GARAN. 1 FIM..
NA
FONSEGUR GARANT. FIM..................... 0.51
GARANMED 3 FIM................................. 0.51
GARANTIA PLUS 3 FIM.......................... 0.41
GARANTIA PLUS 4 FIM.......................... 0.74
GARANTIA PLUS FIM............................. 0.60
HERRERO 125-SERIE 1 FIM .................... 0.35
HERRERO FONPLAZO 2 FIM ................. 0.45
IBERCAJA PT II FIM................................. 0.48
(Continued)
0.00
0.10
0.00
0.00
0.10
0.10
0.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.05
0.10
0.00
0.15
0.15
0.00
0.25
0.05
0.00
0.00
0.10
0.10
0.10
0.03
0.03
0.10
0.10
0.40
Custody
IBERCAJA PT III FIM................................

INVERDUERO 2000 FIM ........................
INVERMONTE FIM .................................
KUTXAGARANTIZADO-2 FIM................
KUTXASEG1 FIM ....................................
LUSO GARANT. 2000 FIM......................
M. GARANTIA ANUAL FIM....................
MADRID CRECIMIEN. I FIM ...................
MADRID FONDLIB.2002.FIM.................
MADRID FONDLIB.2003 FIM ................
MADRID FONDLIB.2004.FIM.................
MADRID FONDLIBR. 3 FIM ...................
MADRID FONDLIBR. 5 FIM ...................
MADRID RDTO. 2 A-G FIM ...................
OPEN BANK GAR. 2000 FIM .................
PASTOR FIJO 3 FIM ................................
PASTOR FIJO 4 FIM ................................
PASTOR GARAN.5-A FIM .......................
PASTOR RENTA 3-A FIM.........................
RENTADUERO FIM.................................
RURAL GARANTIZADO FIM..................
RURAL REN.PERI.5 G. FIM .....................
RURAL VALOR III FIM ............................
RURALDEUDA FIM.................................
RURALDEUDA II FIM .............................
SANT. RENTA 2002 FIM..........................
SANT. RENTA ANUAL FIM......................
SANTANDER RENTA 2003 FIM...............
SANTANDER RENTA FIM........................
SBD GARANTIA ANUAL 1 FIM ..............
SBD GARANTIA ANUAL 2. FIM .............
SG GARANTIZADO FIM.........................
SOLBANK 2000 GARAN. FIM ................
TARRAGONAFONS 3 FIM......................
(Continued)
0.37
0.65
0.02
0.25
8.96
0.51
NA
1.95
1.76
2.70
2.92
0.29
1.37
0.30
0.84
NA
NA
1.86
0.52
0.88
0.72
1.22
1.85
0.83
1.82
1.60
1.22
1.03
0.94
NA
NA
0.33
0.50
0.57
0.89
1.34
0.01
0.31
0.14
0.83
NA
2.99
2.46
3.54
4.21
0.65
2.44
0.43
1.11
NA
NA
1.98
0.50
2.59
0.71
0.01
2.86
1.25
2.88
2.02
1.55
0.13
1.84
NA
NA
0.00
0.78
1.09
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
RFCP
GRF
GRF
GRF
0.32
0.39
0.47
0.66
0.57
0.40
NA
0.05
0.09
0.03
0.08
0.50
0.07
0.53
1.29
NA
NA
0.05
0.28
0.01
0.29
0.15
0.13
0.32
0.11
0.09
0.11
0.61
0.27
NA
NA
0.36
0.33
0.39
0.51
0.73
4.85
0.16
1.95
0.36
NA
2.15
1.87
2.39
2.82
0.30
1.61
0.31
3.84
NA
NA
2.24
0.58
1.11
0.53
3.01
1.85
0.56
1.87
1.42
1.30
0.10
1.15
NA
NA
0.28
0.51
0.68
0.60
1.34
0.01
0.16
0.01
0.37
NA
2.85
2.26
3.32
3.33
0.01
1.36
0.45
1.12
NA
NA
1.79
0.58
3.46
0.61
3.93
2.65
0.01
2.69
2.43
1.84
0.01
1.66
NA
NA
0.00
0.61
0.91
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
RFCP
GRF
RFCP
GRF
0.64
0.22
0.57
1.11
0.05
0.78
NA
0.94
0.98
0.99
0.88
0.74
0.75
0.90
0.91
NA
NA
0.87
0.91
0.82
0.87
1.08
0.70
1.13
0.99
0.65
0.74
0.88
0.73
NA
NA
0.39
0.82
0.75
0.19
1.21
1.64
0.75
2.38
0.01
NA
1.35
1.12
1.68
1.58
1.62
0.89
0.47
0.31
0.00
0.00
1.17
0.30
0.66
0.28
1.89
1.14
0.99
1.19
2.68
0.74
1.99
1.06
1.24
NA
0.36
0.10
0.47
0.35
1.01
0.01
2.82
1.97
0.14
NA
2.61
2.05
3.09
3.75
2.91
2.00
1.01
0.87
0.01
0.01
1.59
0.19
3.26
0.02
3.83
2.37
2.37
2.42
1.71
1.66
2.50
1.26
0.01
NA
0.00
0.15
0.11
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRV
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
RFCP
GRF
GRF
GRF

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.42
0.55
0.29
0.58
0.49
0.48
NA
NA
0.78
1.09
0.63
0.45
0.42
0.50
0.53
NA
NA
0.85
0.53
0.51
0.36
NA
0.86
0.61
0.86
0.51
0.48
0.50
0.71
NA
NA
0.41
0.39
0.49
Q3
Q2
Q1
0.80
1.04
0.77
2.81
2.57
0.90
NA
2.50
2.14
2.82
2.97
2.50
1.94
1.31
4.47
1.39
2.01
1.84
0.88
1.32
0.33
3.03
2.37
2.49
2.00
1.39
1.27
2.38
0.95
1.68
NA
1.32
0.83
0.97
1.22
0.17
4.23
1.27
1.28
0.13
0.13
1.06
0.94
1.37
1.45
1.27
0.79
0.42
4.69
0.87
0.90
1.15
1.19
0.33
0.16
1.72
1.24
1.13
0.91
0.61
0.47
2.24
1.49
0.59
0.68
0.35
1.67
0.52
0.11
0.86
0.04
2.61
2.43
2.79
0.01
2.36
1.81
2.83
3.53
2.69
1.62
0.80
0.01
0.78
1.23
1.36
0.01
3.10
0.05
3.57
2.25
2.21
2.10
1.82
1.37
2.23
1.04
0.69
0.80
0.00
0.01
0.07
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF

lity
tion type
(%)
Q4
2.20
2.22
2.11
5.25
3.61
2.59
NA
NA
3.86
4.94
4.62
4.25
3.06
3.28
4.61
NA
NA
3.65
2.61
2.66
1.86
NA
3.84
4.61
3.78
2.66
2.63
4.44
2.68
NA
NA
2.50
2.39
2.63
0.33
0.79
5.00
0.77
1.37
0.32
0.13
1.67
1.48
2.11
2.30
1.07
1.22
0.39
3.09
0.86
0.90
1.67
0.42
0.80
0.48
2.17
1.56
0.92
1.51
1.75
0.99
1.60
1.18
0.54
0.68
0.34
0.36
0.56
NA
52.54
26.03
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
61.72
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.25
1.20
0.85
0.55
1.10
0.95
0.45
1.00
1.00
1.00
1.00
1.40
1.40
1.00
0.50
0.75
0.40
1.00
0.90
1.15
1.50
1.00
1.00
1.00
1.00
1.25
1.30
0.79
0.92
0.32
0.54
0.50
1.25
0.75
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.10
0.00
0.00
0.00
0.00
1.00
5.00
0.00
2.00
2.00
0.00
5.00
0.00
5.00
5.00
5.00
5.00
5.00
0.00
3.00
3.00
3.00
3.00
5.00
5.00
2.00
4.00
1.00
3.00
2.00
2.00
2.00
5.00
3.00
5.00
5.00
0.00
0.00
3.00
0.00
5.00
0.00
0.00
2.00
0.00
5.00
0.00
5.00
5.00
5.00
5.00
5.00
0.00
3.00
3.00
3.00
3.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
5.00
3.00
5.00
5.00
0.00
0.00
3.00
Min.
2.00
0.00
0.00
2.00
5.00
0.00
0.00
1.00
1.00
1.00
1.00
0.00
0.00
0.00
1.00
3.00
3.00
3.00
5.00
5.00
2.00
4.00
1.00
3.00
2.00
2.00
2.00
2.00
0.20
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
3.00
3.00
3.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
2.00
0.00
2.00
2.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.40
0.30
0.15
0.20
0.40
0.05
0.05
0.10
0.05
0.05
0.05
0.10
0.10
0.10
0.15
0.30
0.10
0.15
0.10
0.10
0.10
0.00
0.00
0.00
0.00
0.15
0.10
0.10
0.00
0.00
0.05
0.05
0.10
0.25
Custody
277
278
TELEFONICO BK FT FIM.........................
TELEFONICO FIJO FIM ...........................
UNIFOND I FIM .....................................
UNIFOND II FIM ....................................
UNIFOND III FIM ...................................
UNIFOND IV FIM...................................
UNIFOND IX FIM ...................................
UNIFOND V FIM....................................
UNIFOND VII FIM..................................
UNIFOND VIII FIM.................................
UNIFOND X FIM ....................................
UNIFOND XI FIM ...................................
UNIFOND XII FIM ..................................
UNIFOND XV FIM..................................
URQUIJO GARANT. 2 FIM .....................
URQUIJO GARANTIZADO FIM .............
VALENCIA GARANT. 1 FIM ....................
VALENCIA GARANT. 3 FIM ....................
VITAL G1 FIM .........................................
VITAL G3 FIM .........................................
(Continued)
5.78
0.49
0.46
1.85
0.86
0.90
0.84
0.48
0.98
0.49
0.68
0.48
0.89
0.98
0.44
NA
1.20
0.81
0.48
0.35
0.59
1.00
0.44
7.93
7.66
2.01
0.81
1.37
2.90
1.28
1.33
1.25
0.82
1.48
0.81
1.04
0.90
1.38
1.50
0.67
NA
1.86
1.43
0.66
0.99
0.97
1.66
0.77
1.17
1.10
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
0.19
0.34
0.00
0.02
0.47
0.49
0.57
0.38
0.05
0.40
0.38
0.58
0.00
0.05
0.50
NA
0.02
0.17
0.48
0.26
0.34
0.30
0.44
1.03
3.59
1.98
0.91
1.07
1.79
1.21
1.26
1.17
0.55
1.09
0.57
0.72
0.65
0.99
1.10
0.32
3.33
1.64
1.13
0.41
0.55
0.64
0.91
0.64
1.42
5.24
1.84
1.10
1.80
2.72
1.08
1.11
1.05
0.67
1.28
0.85
0.82
0.69
1.17
1.29
0.46
0.01
1.68
1.22
0.43
0.74
0.73
0.99
0.58
1.14
0.03
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
0.68
0.60
0.84
0.85
0.50
0.54
0.60
0.62
0.61
0.69
0.84
0.90
0.69
0.74
0.70
0.00
0.71
0.76
0.77
0.75
0.82
0.97
0.85
3.42
1.07
0.70
0.47
0.48
0.91
0.64
0.66
0.62
0.29
0.60
0.30
0.45
0.26
0.54
0.60
0.11
1.64
1.29
0.79
0.10
0.48
0.24
0.46
0.33
4.72
1.66
1.64
0.04
1.58
2.57
0.88
0.89
0.84
0.61
1.08
0.63
0.60
0.47
0.98
1.08
0.12
2.16
1.46
1.01
0.27
0.52
0.49
0.89
0.40
0.01
3.15
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.30
0.34
0.39
0.26
0.79
0.83
0.88
0.55
0.32
0.62
0.47
0.51
0.36
0.41
0.52
NA
0.61
0.55
0.40
0.41
0.46
0.60
0.43
1.06
1.15
Q3
Q2
Q1
0.77
0.90
1.54
2.30
1.19
1.25
1.26
0.90
1.16
0.98
1.02
1.35
1.14
1.28
1.05
2.36
1.61
1.31
0.77
1.18
0.96
1.37
0.95
2.55
2.94
0.92
8.34
0.39
0.88
0.54
0.57
0.52
0.21
0.53
0.22
0.15
9.25
0.45
0.50
0.56
1.31
0.75
0.44
0.02
0.97
1.26
3.99
7.84
1.42
1.60
1.46
0.02
1.37
2.42
0.66
0.65
0.63
0.65
0.87
0.67
0.40
0.26
0.78
0.88
0.72
1.97
1.30
0.79
0.01
0.29
0.27
0.75
0.22
2.98
1.63
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF

lity
tion type
(%)
Q4
1.96
2.20
2.80
3.41
2.98
3.15
3.35
2.47
2.05
2.72
2.75
3.37
2.21
2.51
2.79
NA
2.98
2.81
2.44
2.62
2.61
3.28
2.70
8.28
9.02
3.10
0.57
0.67
1.44
0.85
0.89
0.83
0.40
0.84
0.42
0.55
0.43
0.76
0.84
0.40
1.34
1.27
0.84
0.32
0.64
0.78
2.12
0.42
2.48
2.86
NA
NA
NA
72.65
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
60.82
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.00
1.25
0.90
1.25
1.30
1.15
0.95
1.34
2.00
1.09
1.00
1.00
1.80
1.60
1.06
1.20
1.20
1.10
1.10
1.10
1.00
0.65
0.90
0.80
0.75
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
0.00
2.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
5.00
0.00
0.00
0.00
5.00
0.00
1.00
0.00
1.00
1.00
0.00
0.00
3.00
3.00
5.00
5.00
0.00
2.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
5.00
0.00
0.00
0.00
5.00
0.00
1.00
0.00
1.00
1.00
0.00
0.00
3.00
3.00
Min.
0.00
0.00
2.00
5.00
3.00
3.00
3.00
3.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
1.00
0.00
1.00
1.00
0.00
0.00
3.00
3.00
0.00
0.00
0.00
5.00
3.00
3.00
3.00
3.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
1.00
0.00
1.00
1.00
0.00
0.00
3.00
3.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.25
0.25
0.40
0.40
0.05
0.05
0.05
0.05
0.10
0.05
0.05
0.05
0.10
0.10
0.05
0.05
0.20
0.20
0.20
0.20
0.20
0.10
0.10
0.00
0.00
Custody
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.67
1.82
3.72
2.55
12.96
7.00
2.24
2.08
2.44
2.33
2.74
1.61
NA
1.64
3.28
0.62
0.30
0.43
0.92
0.17
3.32
2.51
2.46
2.35
3.06
2.73
5.02
3.54
8.28
NA
3.26
6.65
6.73
3.77
20.05
41.82
3.98
17.30
14.81
3.22
4.57
3.52
2.91
5.53
3.39
2.03
3.42
4.67
9.74
3.12
0.26
8.07
8.47
6.86
4.84
4.38
5.74
6.48
5.25
11.21
4.63
9.75
5.19
4.97
11.50
10.37
0.53
1.18
1.13
1.29
1.28
0.00
0.00
0.58
1.31
1.99
2.46
1.67
3.48
1.95
1.69
0.56
0.01
0.00
1.31
1.29
0.60
1.62
1.68
1.07
1.61
2.29
2.03
1.55
2.13
3.52
1.00
1.54
1.62
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.62 2.70
1.56 3.56
2.47 7.45
0.52 2.11
5.78 10.34
0.63 0.56
0.90 1.06
1.13 2.65
0.91 2.25
0.66 2.02
1.29 3.15
0.33 1.75
4.96 8.72
0.24 1.53
0.86 3.57
0.18 3.18
2.51 4.55
0.54 4.08
0.39 4.91
1.25 1.52
1.65 3.68
1.00 3.15
0.76 2.51
0.24 2.69
0.06 3.60
0.64 2.94
0.78 6.31
0.73 3.20
0.86 4.02
3.31 4.34
1.06 2.65
1.67 8.30
2.67 7.48
0.31
0.96
0.92
1.08
1.07
2.90
0.05
0.34
1.11
1.76
2.27
1.47
3.28
1.66
1.54
0.32
2.43
0.00
1.12
1.11
0.38
1.42
1.46
0.88
1.43
2.08
1.84
1.37
1.94
3.33
0.74
1.14
1.07
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.76
1.45
1.41
1.51
1.48
0.24
0.24
0.79
1.33
2.20
2.66
1.88
NA
2.03
2.01
0.77
0.00
0.01
1.51
1.48
0.81
1.82
1.89
1.30
1.71
2.51
2.18
1.90
2.41
NA
0.95
1.26
1.78
Q3
Q2
Q1
1.33 5.52
1.91 2.01
2.72 4.06
0.38 0.98
3.14 5.08
0.60 7.22
2.52 9.22
0.48 2.19
0.51 1.90
0.28 1.51
0.67 4.11
0.02 2.33
0.05 4.72
0.44 2.29
1.54 3.76
0.94 2.53
0.03 6.55
0.26 0.57
0.28 4.99
1.17 2.41
1.26 3.80
0.58 3.28
0.45 2.12
0.41 2.48
0.62 4.75
0.01 3.14
2.32 9.79
0.82 2.67
0.75 3.25
0.83 7.60
0.83 2.20
5.11 10.74
5.37 9.77
0.07
0.75
0.71
0.86
0.85
3.01
2.98
0.12
0.80
1.48
2.20
1.10
3.10
1.42
1.36
0.06
2.26
0.01
0.96
0.92
0.17
1.23
1.24
0.67
1.23
1.87
1.64
1.09
1.74
3.16
0.16
1.04
0.80
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

lity
tion type
(%)
Q4
FIM GUARANTEED EQUITY (GRV)
4.54
7.22
13.38
1.31
16.38
4.94
1.54
0.44
1.67
0.49
1.26
0.12
NA
0.12
3.39
3.81
1.84
1.51
1.23
3.03
1.66
1.14
1.60
0.67
1.34
1.90
4.61
3.26
7.24
NA
1.85
8.07
9.09
4.17
15.81
29.04
2.94
12.78
10.20
5.40
4.35
3.42
2.82
4.56
3.03
6.41
2.90
4.53
9.17
5.39
0.32
7.04
5.06
6.24
4.28
4.89
4.70
5.48
4.43
9.67
4.34
7.56
5.96
5.09
12.31
10.54
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.25
1.25
1.25
0.30
1.10
1.30
1.30
1.30
1.30
1.30
1.30
1.30
1.30
1.50
1.55
2.25
1.60
1.30
1.00
1.30
0.80
1.00
1.30
1.28
1.25
1.30
1.25
1.35
1.35
1.05
1.55
1.25
1.45
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
2.00
2.00
2.00
5.00
5.00
3.00
3.00
5.00
5.00
5.00
5.00
5.00
5.00
3.00
2.00
2.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
0.00
0.00
0.00
5.00
5.00
5.00
2.00
2.00
2.00
2.00
2.00
5.00
5.00
3.00
3.00
5.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
0.00
0.00
0.00
5.00
5.00
5.00
Min.
2.00
2.00
2.00
2.00
2.00
5.00
5.00
3.00
3.00
5.00
5.00
5.00
5.00
3.00
2.00
5.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
0.00
0.00
0.00
5.00
5.00
5.00
2.00
2.00
2.00
2.00
2.00
5.00
5.00
3.00
3.00
5.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
0.00
0.00
0.00
5.00
5.00
5.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
AB EURO FONDO 1 FIM ....................... 1.85 4.20

AB IBEXFONDO 2 FIM........................... 5.51 24.20
AB IBEXPLUS 2 FIM................................ 11.88 39.56
AB JAPON AHORRO FIM....................... 1.41 3.63
AB JAPON PLUS FIM.............................. 5.28 14.66
AC CAPITAL 1 FIM.................................. 2.19 12.00
AC CAPITAL 2 FIM.................................. 0.97 4.38
AC CAPITAL 3 FIM.................................. 1.02 6.55
AC CAPITAL 4 FIM.................................. 0.39 5.06
AC CAPITAL 5 FIM.................................. 0.92 4.09
AC CAPITAL 6 FIM.................................. 0.90 5.06
AC EUROINVERSION FIM...................... 1.20 4.09
AHORRO CORPOR. CAPITAL 7 FIM......
NA
NA
ARG. FONDBOLSA 1-A FIM................... 1.75 3.76
ARG. FONDBOLSA 1-C FIM................... 0.58 5.76
ARG.FONDB.RENOVE I FIM .................. 3.67 15.05
ARGENT. FONDBOLSA-A FIM................ 1.03 6.53
ARGENT. FONDIBEX 99 FIM.................. 0.27 0.17
ASTUR. EUROBOLSA G. FIM ................. 1.50 9.20
ASTURF. EUROBOL. II FIM..................... 0.75 4.80
ASTURFONDO IBEX GA. FIM ................ 1.34 8.98
ASTURFONDO IBEX II FIM .................... 0.98 5.38
ASTURFONDO IBEX III FIM ................... 0.57 8.11
ATLANT. MUNDIBOL. 2 FIM.................. 1.89 6.48
ATLANT. MUNDIBOLSA FIM.................. 3.62 10.57
BANCAJA GA.IBEX35 2 FIM ................... 0.38 6.02
BANCAJA GA.IBEX35 3 FIM ................... 1.04 10.24
BANCAJA GARAN. JAPONEURO FIM ....
NA
NA
BANESTO G BOL.2001C FIM ................. 1.23 8.19
BANESTO G BOL.2001D FIM................. 2.09 16.97
BANESTO G BOL.2002A FIM ................. 0.32 13.54
(Continued)
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.10
0.10
0.10
0.10
0.10
0.20
0.20
0.15
0.20
0.20
0.10
0.10
0.10
0.10
0.15
0.15
0.15
0.10
0.10
0.10
Custody
279
280
BANESTO G BOL.2002B FIM .................

BANESTO G BOL.2002C FIM .................
BANESTO G EUROPEA 2 FIM.................
BANESTO G EUROPEA 3 FIM.................
BANESTO GAR.EUROP.1 FIM.................
BANESTO GARAN.2001 FIM..................
BANESTO GARAN.2001A FIM................
BANESTO GARAN.2001B FIM................
BANESTO GARANT 2000 FIM................
BANESTO GAR. BOLSA EUR. 2003 FIM.
BANIF BOLSA 99 FIM.............................
BANIF CLIQUET 2002 FIM .....................
BANIF JAPON 2002 FIM.........................
BANKOA CAC40 GARAN. FIM...............
BANKOA EUROBANCA GARANT. FIM ..
BANKOA EUROSTOXX 50 GAR. FIM.....
BANKOA GLOBAL 1 FIM .......................
BANKOA IBEX GARAN. FIM...................
BANKOA NIKKEI 1 GA. FIM...................
BBVA BONOS CONVERTIBLES 2 FIM ....
BBVA EUROINDICES 2 GARANT. FIM....
BBVA EUROINDICES 3 GARAN. FIM .....
BBVA EUROINDICES GARANT. FIM.......
BBVA FONCATALANA 4 GLOBAL FIM...
BBVA FONDBOLSA 1-E FIM...................
BBVA FONDBOLSA B FIM......................
BBVA FONDBOLSA C FIM .....................
BBVA FONDBOLSA E FIM ......................
BBVA FONDBOLSA EMERGENTES FIM..
BBVA FONDBOLSA EUROPA FIM..........
BBVA FONDBOLSA EUROTOP FIM .......
(Continued)
11.42
13.18
16.27
16.51
6.82
7.54
12.27
3.07
6.68
5.40
12.12
6.18
12.80
12.84
4.42
3.80
8.00
8.79
6.26
0.13
5.04
4.94
5.81
4.32
7.90
15.16
6.41
6.42
9.35
13.35
4.98
9.28
13.67
1.74
1.97
1.64
2.01
0.59
0.92
1.58
0.59
0.64
0.44
1.00
2.75
1.95
2.22
0.52
0.35
2.59
1.44
1.05
0.01
0.94
2.06
2.10
0.71
2.09
2.41
2.02
0.45
0.96
2.56
2.21
0.51
2.14
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
7.28
9.03
2.31
2.32
0.74
3.35
6.53
0.78
2.08
1.14
1.81
4.49
11.66
1.13
0.05
0.14
2.49
3.42
4.07
0.51
0.21
0.82
0.91
0.76
3.78
7.76
0.81
0.29
3.25
6.88
1.38
0.62
1.84
10.61
10.12
13.63
13.22
5.65
5.49
10.56
2.51
4.24
2.92
12.61
12.02
18.89
11.18
2.80
2.34
7.70
6.68
6.37
2.62
3.79
3.93
5.95
3.30
7.40
15.32
4.64
3.08
6.37
12.50
5.53
5.42
13.44
1.52
1.77
1.57
1.82
0.69
1.01
1.36
0.68
0.41
0.46
0.77
2.45
1.79
1.95
0.30
0.14
2.33
1.23
0.83
0.00
0.58
1.75
1.72
0.48
2.00
2.46
1.71
0.00
0.96
2.31
1.61
0.57
1.95
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
2.72 7.03
3.46 9.04
1.01 9.41
1.60 8.18
0.94 2.14
1.99 3.84
2.06 6.33
1.71 1.38
1.56 1.42
1.98 1.22
1.26 8.12
4.18 5.56
7.48 8.65
0.75 6.78
1.78 1.19
1.41 1.22
2.08 4.51
1.58 5.04
1.07 3.24
0.69 6.22
0.86 3.41
0.66 2.81
0.48 2.94
1.34 1.21
1.70 4.85
2.66 10.16
1.05 3.22
2.55 4.67
1.69 5.64
2.75 10.05
0.28 2.03
1.89 2.96
1.10 6.86
1.22
1.65
1.27
1.69
0.40
0.76
1.13
0.39
0.17
0.06
0.48
2.13
1.63
1.76
0.06
0.00
2.15
0.98
0.58
0.01
0.33
1.51
1.50
0.23
1.77
2.01
1.64
2.43
0.44
2.10
1.42
0.00
1.72
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.27
1.41
7.34
5.13
2.12
1.05
0.26
1.23
1.05
0.94
3.56
1.96
5.75
2.24
0.71
1.04
2.48
0.99
2.67
0.34
2.38
0.90
0.46
0.71
0.90
1.12
1.24
0.99
2.22
1.78
0.12
0.97
2.18
Q3
Q2
Q1
5.38
5.94
0.67
2.24
0.46
1.74
5.27
0.15
1.20
0.83
2.18
0.91
3.40
0.64
0.67
0.54
1.92
2.00
0.47
0.68
0.68
0.68
0.59
0.35
2.24
7.29
0.60
0.11
1.66
6.20
1.73
2.01
0.64
7.87
9.72
9.97
12.78
1.82
4.57
8.57
1.57
1.07
7.27
9.98
3.98
8.18
8.09
7.04
9.88
7.35
5.42
2.68
7.44
1.40
3.67
4.03
11.96
6.23
14.68
2.85
6.72
5.20
12.58
0.73
5.39
10.39
1.05
1.42
1.04
1.46
0.21
0.20
0.90
0.20
0.01
2.72
0.31
2.00
1.43
1.54
2.60
2.62
1.81
0.75
0.06
0.01
0.10
1.19
1.11
0.02
1.57
1.76
1.40
2.29
0.23
1.99
1.35
2.41
1.55
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

lity
tion type
(%)
Q4
9.64
10.22
3.11
1.22
2.80
2.12
9.40
2.31
1.70
2.61
1.78
0.53
16.51
1.97
3.24
3.16
4.02
2.91
3.02
2.23
3.75
1.42
0.61
1.64
3.48
11.23
0.05
1.98
1.10
8.65
0.08
0.18
0.75
9.44
10.68
12.64
13.02
4.64
5.55
9.71
2.25
4.06
4.81
10.86
7.59
12.92
10.01
4.43
5.47
7.04
6.65
4.95
8.93
3.65
3.91
4.84
6.61
6.71
14.02
4.50
5.43
6.85
12.21
3.87
6.19
11.42
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
87.66
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.85
1.60
1.40
1.85
1.65
1.15
1.15
1.28
1.15
1.50
1.15
1.30
1.40
1.30
1.30
1.35
1.20
1.25
1.35
1.65
1.15
1.40
1.40
1.15
1.40
1.40
1.60
1.60
1.20
1.20
1.20
1.60
1.20
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
3.50
5.00
3.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
2.00
5.00
5.00
0.00
0.00
3.00
2.00
2.00
5.00
2.00
3.00
2.00
2.00
2.00
5.00
5.00
5.00
5.00
5.00
5.00
3.50
5.00
3.00
5.00
5.00
5.00
5.00
1.00
5.00
5.00
5.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
5.00
5.00
5.00
5.00
5.00
3.50
3.50
5.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
3.00
5.00
5.00
5.00
0.00
3.00
5.00
0.00
2.00
2.00
2.00
3.00
2.00
2.00
3.00
0.00
4.00
0.00
5.00
5.00
5.00
5.00
5.00
3.50
3.50
5.00
0.00
0.00
5.00
5.00
5.00
1.00
3.00
3.00
5.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.20
0.10
0.10
0.10
0.00
0.00
0.00
0.00
0.00
0.00
0.10
0.05
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
Custody
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRF
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.14
1.47
1.73
0.32
0.92
0.91
1.62
0.04
2.55
3.32
3.59
5.59
3.27
2.85
6.71
7.01
7.25
4.81
7.43
3.46
3.05
2.81
2.60
3.28
2.66
6.35
1.40
2.57
2.12
2.78
2.61
2.05
0.49
2.80
7.74
7.72
5.29
1.99
3.17
2.41
5.66
7.87
6.58
5.56
11.46
11.48
4.72
13.82
14.43
14.66
9.66
14.93
4.48
5.55
6.66
4.36
10.37
5.51
13.15
3.21
5.41
6.91
6.16
5.25
4.59
7.94
0.47
0.13
0.25
0.59
0.04
0.21
0.01
1.97
2.27
0.93
2.23
1.38
1.59
1.52
2.18
2.08
2.44
1.65
2.51
2.21
2.33
1.36
1.94
2.10
1.11
1.91
0.52
0.65
0.80
1.06
0.76
1.29
0.57
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.73
2.15
2.18
0.36
1.57
0.93
2.85
3.48
0.49
1.68
0.56
2.42
1.61
1.54
2.40
2.47
2.76
1.98
2.56
0.81
0.42
1.45
0.93
0.97
1.49
2.58
1.11
0.19
0.16
0.05
0.09
0.32
0.38
0.76
6.25
6.26
4.51
1.47
0.83
8.18
5.29
4.02
5.66
4.03
6.81
4.04
6.24
8.85
9.22
9.60
5.81
9.86
3.78
3.00
3.56
2.75
3.67
3.08
8.38
1.19
2.69
5.69
3.02
2.66
2.57
3.68
0.32
0.68
0.72
0.54
0.01
0.01
3.71
2.02
2.18
0.67
2.03
1.24
1.44
1.29
1.91
1.88
2.07
1.51
2.24
1.98
2.15
1.07
0.63
0.29
0.89
1.72
0.29
0.47
0.63
0.93
0.57
1.04
0.34
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.72
1.28
1.48
0.81
0.31
0.45
0.17
0.07
2.72
1.25
2.43
1.54
1.84
1.77
2.30
2.13
2.40
1.89
2.50
2.42
2.63
1.53
2.17
2.43
1.35
2.02
0.73
0.89
1.04
1.31
0.99
1.63
0.78
Q3
Q2
Q1
0.98
2.14
2.16
0.47
1.53
2.01
3.86
0.49
0.85
1.58
0.85
4.11
1.43
1.38
5.65
6.32
6.13
3.20
6.74
0.95
0.17
1.21
0.16
0.81
0.98
5.23
0.32
0.23
1.19
0.38
0.20
0.27
0.17
0.39
8.29
8.35
3.90
4.77
5.57
9.51
4.05
4.93
5.26
3.65
9.02
4.86
6.05
12.46
13.02
13.45
7.60
14.19
3.84
3.15
4.04
2.47
3.65
3.54
11.81
1.33
2.23
2.92
3.43
2.17
3.08
5.22
0.09
0.46
0.44
0.32
2.77
2.47
3.58
1.84
1.93
0.50
1.80
0.88
1.13
0.97
1.79
1.50
1.90
1.53
1.93
1.76
1.95
0.81
1.40
1.70
0.60
1.60
0.06
0.27
0.46
0.68
0.24
0.73
0.06
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

lity
tion type
(%)
Q4
0.26
0.40
0.06
0.33
1.66
1.36
4.93
3.48
1.51
1.05
3.04
6.16
2.37
2.30
8.92
9.75
9.46
5.15
10.51
2.88
1.89
1.89
1.26
2.12
1.53
7.90
0.66
1.19
1.22
1.03
1.24
0.49
4.95
2.31
8.14
8.01
5.29
3.26
4.00
6.65
4.38
7.05
6.86
5.12
10.28
7.36
6.10
12.49
13.11
13.37
8.67
13.68
4.27
4.77
5.44
4.12
6.26
4.92
12.00
2.70
4.44
5.71
5.27
4.33
3.91
7.01
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.40
1.20
1.20
1.70
1.60
1.60
1.60
1.60
2.20
1.20
1.30
0.90
1.30
1.15
0.80
1.00
0.70
1.20
1.40
1.25
1.10
1.30
1.40
1.40
1.25
0.35
1.40
1.40
0.98
1.25
1.25
1.35
2.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
2.00
2.00
5.00
2.00
5.00
2.00
3.00
5.00
5.00
5.00
2.00
3.00
2.00
2.00
2.00
2.00
2.00
2.00
5.00
2.00
2.00
2.00
3.00
2.00
2.00
5.00
5.00
5.00
5.00
5.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
2.00
2.00
0.00
2.00
2.00
2.00
3.00
5.00
2.00
5.00
2.00
3.00
2.00
2.00
2.00
2.00
2.00
2.00
3.00
5.00
3.00
3.00
3.00
2.00
2.00
2.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
BBVA FONDBOLSA F FIM ...................... 0.30 3.58

BBVA FONDBOLSA INT.A FIM ............... 1.96 9.84
BBVA FONDBOLSA INT.B FIM ............... 1.89 9.37
BBVA FONDBOLSA INT.C FIM............... 0.77 6.98
BBVA FONDBOLSA INTERN. D FIM ...... 0.72 3.64
BBVA FONDBOLSA INTERN. E FIM ....... 0.66 4.71
BBVA FONDBOLSA JAPON 4 FIM.......... 0.16 3.48
BBVA FONDBOLSA JAPON FIM............. 0.46 6.95
BBVA FONDBOLSA RENOVE II FIM....... 3.80 9.81
BBVA FONDBOLSA-D FIM..................... 2.27 9.19
BBVA IBEX 10 GARANTIZADO FIM....... 0.87 6.63
BBVA IBEX 2 FIM .................................... 1.22 12.74
BBVA IBEX 2 GARANTIZADO FIM......... 0.77 6.72
BBVA IBEX 2 PROTEGIDO FIM .............. 0.42 7.12
BBVA IBEX 3 A FIM................................. 1.06 14.03
BBVA IBEX 3 B FIM................................. 1.11 14.90
BBVA IBEX 4 A FIM................................. 1.20 14.98
BBVA IBEX 4 B FIM................................. 0.93 10.74
BBVA IBEX 5 A FIM................................. 1.06 14.99
BBVA IBEX 5 B FIM................................. 0.75 4.83
BBVA IBEX 6 B FIM................................. 0.94 6.42
BBVA IBEX 7 FIM .................................... 0.73 6.71
BBVA IBEX 8 FIM .................................... 0.28 5.94
BBVA IBEX 9 FIM .................................... 1.04 4.76
BBVA IBEX FIM ....................................... 0.66 6.65
BBVA IBEX GARANTIZADO FIM ............ 1.16 13.86
BBVA IBEX PROTEGIDO FIM.................. 0.64 3.96
BBVA MUNDIBOLSA 2 FIM.................... 1.46 6.10
BBVA MUNDIBOLSA FIM....................... 1.55 4.89
BBVA RENOVE III FIM ............................ 3.87 9.65
(Continued)
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.15
0.10
0.15
0.10
0.25
0.15
0.10
0.10
0.10
0.15
0.10
0.10
0.10
0.10
0.25
0.25
0.10
0.10
Custody
281
282

BCH BOLSA GARANT.2 FIM ..................
BCH BOLSA GARANT.3 FIM ..................
BCH BOLSA GARANTIZ. FIM.................
BCH CLIQUET GARANT. FIM.................
BCH ESPAA GARANT. FIM...................
BCH EUROINDICE GAR. FIM.................
BCH EUROPA 2 FIM...............................
BCH EUROPA FIM..................................
BCH EUROTOP 100 FIM ........................
BCH IBEX 35 A FIM ................................
BCH IBEX 35 B FIM ................................
BCH IBEX 35 C FIM ................................
BCH JAPON GARANT. FIM ....................
BCH MULTIBOLSA G. 2 FIM ..................
BCH MULTIBOLSA GZDO.FIM...............
BG CAPITAL ASEGUR. FIM.....................
BG EUROINDICES GAR.FIM ..................
BI FONDO 2002 FIM..............................
BI MULTINDICES 1 FIM..........................
BK 2000 IBEX 2 FIM ...............................
BK 2002 IBEX FIM...................................
BK BOLSA INTERNAC. FIM ....................
BK BOLSA INTERNAC.2 FIM ..................
BK EUROTELECO-JAPON GAR. FIM ......
BK GARANTIA EUROPA 50 FIM.............
BK GARANTIA JAPON 2003 FIM............
BK GARANTIA MUNDIAL 50 FIM ..........
BK GARANTIZADO 10 FIM....................
BK GLOBAL FINANC. FIM......................
BK JAPON GARANTIA FIM.....................
(Continued)
1.38
3.88
6.44
3.85
6.95
7.44
8.71
11.74
7.11
6.36
12.85
13.30
16.61
5.34
6.02
5.61
4.51
5.16
6.49
9.37
9.48
6.69
6.49
12.70
8.97
10.64
1.39
0.13
0.34
3.29
0.13
5.51
3.24
0.01
1.32
2.86
1.34
0.94
1.25
1.42
2.64
0.39
1.62
0.32
0.78
0.70
1.74
1.38
1.55
1.58
1.95
0.51
2.58
2.18
2.99
1.11
1.35
1.68
3.52
0.27
0.36
0.36
0.35
0.32
1.71
2.25
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRF
GRF
GRV
GRF
GRV
GRV
0.13
1.60
3.95
1.64
1.00
4.59
1.77
1.12
1.13
2.43
3.16
3.59
2.42
6.31
2.37
2.66
2.29
2.41
2.22
0.36
1.03
2.49
0.11
5.44
6.12
7.46
19.23
0.48
0.63
1.71
0.60
2.04
5.39
0.71
5.56
6.50
5.93
2.23
13.52
7.57
13.41
2.17
5.94
14.25
34.96
5.98
8.48
4.81
5.29
4.99
4.81
4.91
7.53
3.93
5.73
6.99
11.73
9.34
11.27
40.80
1.75
1.62
3.73
1.90
5.20
5.50
0.00
1.10
2.65
1.11
1.12
1.55
1.61
2.73
0.23
1.43
0.14
0.71
0.70
1.55
1.90
1.97
2.06
1.74
0.39
2.31
2.03
2.72
0.75
1.12
1.43
3.31
2.50
0.20
0.19
0.00
0.26
1.44
2.02
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRF
GRF
GRV
GRF
GRV
GRV
0.18 2.51
4.15 7.41
1.85 4.24
3.15 8.10
0.14 1.96
2.49 6.13
0.86 5.29
0.16 10.51
2.92 5.84
1.91 3.25
2.31 4.95
0.87 25.04
1.90 2.91
2.41 6.15
0.83 2.80
0.83 2.68
0.46 3.57
0.51 2.57
1.29 2.83
0.18 4.18
0.82 0.97
0.34 3.40
1.92 4.01
2.78 7.82
1.72 5.72
2.45 6.89
3.96 4.22
1.89 6.84
2.29 7.74
3.47 5.35
0.56 0.30
3.84 4.44
1.57 2.01
0.03
0.84
1.65
0.86
0.86
1.29
1.37
2.45
2.30
1.23
2.50
0.34
0.29
1.35
1.69
1.74
1.78
1.56
0.26
1.96
1.85
2.53
0.49
0.86
1.22
3.15
2.27
3.57
2.33
2.44
0.00
1.23
1.78
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRF
GRV
GRV

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.41
2.00
0.45
1.91
1.04
1.14
1.64
3.92
0.22
4.93
1.57
0.59
1.32
3.26
1.70
2.15
3.73
2.20
0.98
0.96
0.43
1.73
0.78
1.58
2.56
3.32
0.70
0.38
0.53
0.69
0.42
2.03
1.88
Q3
Q2
Q1
0.14
9.16
1.44
9.03
0.36
3.40
0.90
4.02
0.36
1.61
0.81
1.23
1.02
2.52
0.17
0.07
1.24
0.22
1.23
0.05
1.67
0.63
0.78
4.67
2.58
3.14
0.14
0.04
3.53
0.40
4.13
0.97
0.81
1.52
13.38
4.31
12.71
2.41
7.10
9.43
13.39
5.10
2.22
7.70
39.24
2.88
5.68
4.17
3.58
3.74
3.46
3.37
5.78
0.73
3.24
4.86
9.23
6.26
7.67
2.31
8.05
8.10
5.14
7.70
5.57
0.89
0.00
0.34
2.23
0.27
0.45
1.04
1.13
2.21
2.23
1.02
2.24
0.44
0.13
1.12
1.42
1.49
1.51
1.35
0.13
1.77
1.39
2.26
0.42
0.65
1.01
3.02
2.22
3.41
2.10
2.26
1.95
1.00
3.48
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

lity
tion type
(%)
Q4
0.60
5.04
3.15
5.94
0.27
4.47
0.20
1.54
2.39
11.30
4.69
4.55
0.28
7.97
1.70
1.32
0.36
0.56
1.23
0.73
1.02
0.51
1.80
5.89
7.81
9.67
15.48
1.09
4.64
1.53
2.61
4.80
4.36
1.48
8.45
5.49
8.40
3.96
9.04
7.91
12.33
5.38
4.77
10.62
29.88
9.04
6.56
4.60
4.46
4.26
4.14
4.63
6.98
5.16
4.99
5.71
10.57
7.76
9.33
20.57
5.30
5.63
4.49
3.88
5.22
3.42
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.50
1.15
0.85
1.25
1.15
0.10
0.05
1.15
1.50
0.30
1.50
1.25
1.25
0.70
1.25
1.95
2.25
1.30
1.15
1.40
1.35
1.10
1.40
1.00
2.17
2.09
1.67
1.60
1.50
1.63
2.00
1.00
1.73
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
2.00
2.00
5.00
5.00
5.00
5.00
5.00
2.00
5.00
2.00
5.00
3.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
2.00
2.00
5.00
5.00
5.00
5.00
5.00
2.00
5.00
2.00
5.00
3.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
Min.
0.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
2.00
5.00
2.00
5.00
3.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
3.50
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
3.00
3.00
3.00
0.00
0.00
0.00
0.00
0.00
2.00
5.00
2.00
5.00
3.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
3.50
5.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.10
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.10
0.25
0.10
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.10
0.10
0.00
0.00
0.10
0.10
0.10
0.10
0.10
0.25
0.10
0.10
0.10
0.10
0.10
Custody
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
4.41
0.63
1.29
1.75
9.92
1.80
1.67
1.73
1.53
0.69
0.97
4.17
2.82
7.31
3.87
1.58
1.16
1.01
2.27
4.51
2.91
4.93
2.95
2.48
1.00
3.10
3.64
0.53
3.26
2.21
2.70
4.60
2.05
7.54
5.01
3.21
6.11
13.77
4.07
12.67
7.60
6.37
1.24
2.94
18.28
7.14
11.31
6.92
7.44
5.80
2.09
4.72
8.89
5.82
9.87
5.42
8.71
5.25
5.51
8.05
2.79
6.65
10.97
7.46
9.34
7.15
1.44
0.54
1.04
1.45
1.20
0.46
2.21
2.16
2.17
0.58
0.57
2.58
0.84
0.34
2.99
2.12
1.78
2.18
0.65
2.09
0.53
1.65
2.34
2.26
2.38
2.90
2.60
3.50
2.30
0.51
0.06
0.05
0.15
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.09 4.97
0.80 1.41
0.27 1.53
0.27 3.57
3.32 8.33
5.96 21.33
4.84 5.32
4.59 5.50
4.54 5.48
2.90 6.22
1.19 0.97
0.55 5.58
0.01 2.21
1.73 2.46
0.61 4.25
1.08 4.51
0.74 3.21
0.60 1.70
2.04 3.02
1.73 5.91
1.71 2.70
1.73 6.03
0.48 3.34
1.01 5.08
0.50 3.35
0.29 3.45
2.13 4.52
3.09 7.54
1.05 2.84
2.10 5.53
0.90 3.81
3.12 5.69
3.86 6.89
1.21
0.17
0.76
1.21
0.97
0.34
1.99
1.76
1.79
2.71
0.01
2.06
0.55
0.10
2.84
1.93
1.62
1.96
0.46
1.41
0.34
1.37
2.15
1.92
2.17
2.60
2.42
3.30
2.08
0.61
0.09
0.09
0.20
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
1.69
0.60
1.19
1.69
1.40
0.64
1.21
0.61
0.01
0.81
0.83
0.75
0.83
0.58
3.21
2.49
2.70
2.40
0.86
2.26
0.73
1.91
2.78
2.62
2.77
3.16
2.82
0.06
2.52
0.63
0.07
0.05
0.03
Q3
Q2
Q1
1.83 7.11
2.33 3.46
0.24 2.00
0.04 4.04
2.86 6.36
0.04 0.62
2.14 4.06
2.13 4.05
2.12 4.04
3.66 11.48
0.51 11.60
0.05 10.37
0.61 2.70
2.84 4.83
0.59 4.62
0.92 6.38
0.03 4.17
0.66 1.54
0.45 1.14
3.39 7.66
0.30 2.22
3.43 7.35
0.57 3.94
1.45 6.77
0.09 4.49
0.15 3.56
1.19 5.79
0.01 7.76
1.07 1.74
0.83 6.48
0.86 6.19
1.43 5.49
1.61 8.24
0.99
2.58
0.55
1.00
0.72
0.12
1.74
1.76
1.76
2.71
2.71
1.94
0.01
0.91
2.68
1.75
1.51
1.84
0.04
1.20
0.13
0.85
1.91
1.70
1.97
2.34
2.22
3.11
1.88
0.64
0.27
0.32
0.18
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

lity
tion type
(%)
Q4
3.91
4.62
0.41
0.34
15.23
5.14
4.18
4.69
5.88
5.51
0.89
2.54
0.51
8.48
2.90
1.62
0.47
1.37
1.09
4.86
0.28
5.18
2.11
3.52
0.23
1.42
4.59
3.70
1.45
4.13
2.12
7.05
NA
7.05
5.64
2.87
5.68
12.53
12.11
8.12
12.05
13.44
6.70
6.56
13.47
6.09
7.09
5.96
7.30
5.32
2.14
4.80
8.53
5.41
9.15
4.75
7.94
5.25
4.80
7.01
6.15
4.26
8.88
6.49
7.60
7.45
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.77
2.25
1.40
1.00
2.25
0.84
1.15
1.15
1.15
1.15
1.25
1.30
1.20
1.30
1.35
1.35
1.35
1.35
1.35
1.35
1.35
1.35
1.35
1.35
1.35
1.35
1.35
1.15
1.10
0.90
1.35
1.35
1.35
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
0.00
4.00
5.00
5.00
3.00
5.00
5.00
4.00
5.00
2.00
2.00
2.00
2.00
0.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
5.00
5.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
0.00
1.00
5.00
5.00
3.00
5.00
5.00
1.00
5.00
2.00
2.00
2.00
2.00
0.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
5.00
5.00
0.00
0.00
0.00
0.00
Min.
5.00
5.00
5.00
3.00
5.00
0.00
4.00
5.00
5.00
3.00
5.00
5.00
4.00
5.00
2.00
2.00
2.00
2.00
0.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
5.00
5.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
3.00
5.00
0.00
1.00
5.00
5.00
3.00
5.00
5.00
1.00
5.00
2.00
2.00
2.00
2.00
0.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
5.00
5.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
BK MULTINDICE FIM.............................. 2.50 8.11

BK PLUSVALIA 2 FIM.............................. 2.07 9.40
BK PLUSVALIA 3 FIM.............................. 1.20 4.02
BK PLUSVALIA 4 FIM.............................. 1.81 7.92
BK TELECOMUNICAC. FIM .................... 0.21 18.11
BM-BOLSA SUPERGAR. FIM................... 2.68 10.54
BSN BANIF SELECCION II FIM ............... 4.63 7.58
BSN BANIF SELECCION III FIM .............. 3.88 21.85
BSN BANIF SELECCION IV FIM.............. 15.07 25.10
BSN BANIF SELECCION V FIM............... 0.32 2.42
BSN BANIF SELECCION VI FIM.............. 1.20 5.25
BSN INDICES FIM................................... 6.36 15.90
BSN OPORTUNIDAD FIM...................... 2.78 9.24
BSN SELECCION I FIM............................ 3.41 6.48
C. LAB. BOLSA G. XI FIM ....................... 2.24 7.37
C.LAB. BOLSA GAR.VI FIM..................... 1.98 9.83
C.LAB.BOL.GAR.VIII FIM........................ 1.43 7.22
C.LAB.BOL.GAR.XIII FIM........................ 0.41 2.95
C.LAB.BOLSA GAR. FIM......................... 0.92 7.70
C.LAB.BOLSA GAR. IV FIM..................... 1.37 10.83
C.LAB.BOLSA GAR.II FIM....................... 1.29 8.42
C.LAB.BOLSA GAR.III FIM...................... 1.52 12.10
C.LAB.BOLSA GAR.IX FIM...................... 1.93 5.83
C.LAB.BOLSA GAR.V FIM....................... 1.41 10.26
C.LAB.BOLSA GAR.VII FIM..................... 1.66 7.18
C.LAB.BOLSA GAR.X FIM....................... 1.88 6.07
C.LAB.BOLSA GAR.XII FIM..................... 2.38 8.81
CAI BOLSA GARANT. FIM ...................... 0.11 5.08
CAI GARANTIZADO FIM ....................... 1.85 4.11
CAIXA CAT. BORSA 1 FIM ...................... 3.44 11.07
CAIXA CATALUNYA BORSA 4 FIM .........
NA
NA
(Continued)
0.10
0.10
0.10
0.10
0.10
0.29
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.10
0.10
0.10
0.15
0.15
0.15
Custody
283
284
GRF
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
NA
5.64
NA
0.79
1.78
2.32
0.40
1.60
2.93
4.84
4.13
1.54
1.22
2.35
4.20
1.26
4.12
1.36
2.29
1.10
1.03
3.70
2.07
1.46
1.24
1.99
3.13
0.60
1.82
0.52
2.29
1.26
4.53
0.22
10.60
4.18
0.02
4.19
6.05
5.54
6.12
4.71
7.59
8.40
3.84
6.41
6.55
8.39
2.29
7.83
8.67
5.37
4.79
5.43
5.81
6.61
6.62
3.60
8.85
19.44
11.16
11.50
4.27
10.63
5.06
9.04
0.01
1.67
2.59
0.02
0.49
2.32
0.87
1.38
1.63
2.28
6.76
6.53
2.24
0.38
0.06
0.87
1.18
1.33
0.55
1.03
0.77
1.44
1.33
0.93
1.78
2.28
1.71
0.98
1.41
0.63
1.69
1.29
2.26
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
2.31
1.80
0.13
6.80
1.16
0.63
0.82
0.88
0.17
1.47
2.37
0.96
0.89
9.22
1.44
0.94
1.58
0.97
1.42
2.35
1.60
0.77
1.04
0.72
0.16
0.17
0.80
1.00
0.80
0.86
0.71
0.98
2.63
6.17
6.92
1.82
8.30
1.81
2.81
2.46
3.39
2.18
2.90
4.76
2.10
3.93
9.15
6.10
0.87
4.85
4.41
2.28
1.90
2.11
3.65
4.76
3.18
1.94
5.21
8.70
6.04
6.24
1.82
5.12
2.68
5.84
0.07
1.45
2.41
3.35
0.18
2.11
0.67
1.16
1.41
2.06
6.69
6.36
2.05
0.15
0.06
0.64
1.00
1.11
0.32
0.47
0.54
1.20
1.10
0.65
1.64
2.08
1.74
0.75
1.20
0.27
1.48
1.07
2.05
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
NA
1.85
NA
0.07
0.48
2.54
0.86
1.59
1.83
2.51
6.84
6.75
2.45
0.01
0.06
1.07
1.38
1.54
0.76
1.40
0.66
1.66
1.39
1.14
1.97
2.59
1.88
1.21
1.64
0.85
1.78
1.50
2.49
Q3
Q2
Q1
3.37 9.51
4.53 9.46
0.65 3.04
0.64 4.81
2.13 3.52
0.27 4.86
0.46 2.82
0.42 3.81
0.14 3.09
1.61 1.53
1.63 6.57
0.67 1.96
1.21 3.49
2.06 9.88
1.33 7.23
0.98 0.45
2.63 6.29
0.10 5.06
0.79 1.98
1.26 4.81
0.06 2.39
1.16 3.84
0.29 3.81
0.48 3.52
1.04 3.79
0.18 6.37
3.03 13.21
0.14 6.17
0.56 8.91
0.41 1.66
0.72 6.98
0.41 3.14
0.20 4.49
0.15
1.20
2.20
3.17
0.01
1.83
0.46
0.81
1.06
1.85
6.62
6.36
1.87
0.37
0.06
0.35
0.80
0.89
0.14
0.09
0.32
0.98
0.88
0.39
1.49
1.87
1.61
0.52
0.93
0.16
1.16
0.03
1.84
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

lity
tion type
(%)
Q4
NA
6.59
NA
4.91
2.40
0.98
0.55
1.72
1.56
3.13
6.85
1.30
0.35
7.81
0.33
1.23
3.95
1.24
0.46
1.79
1.71
3.34
0.64
0.11
0.13
1.11
3.51
2.19
1.21
2.17
0.96
1.74
4.49
7.65
10.07
3.14
4.86
4.21
5.25
5.17
5.06
3.88
4.61
7.67
3.21
4.30
7.58
7.60
2.00
7.47
7.46
4.74
4.69
4.63
5.04
5.74
5.75
3.99
8.39
16.00
10.06
10.59
3.66
8.48
4.21
6.41
NA
NA
NA
NA
NA
NA
NA
NA
NA
85.68
NA
NA
NA
NA
NA
37.71
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.35
2.05
1.35
0.90
0.75
1.35
0.95
1.35
1.35
1.25
1.00
1.35
0.90
0.70
1.85
1.00
1.00
1.00
0.75
0.50
1.25
1.40
1.25
1.00
1.16
1.03
0.90
1.10
1.10
1.03
1.10
1.50
1.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
2.00
3.00
0.00
5.00
5.00
5.00
5.00
5.00
2.00
2.00
5.00
0.00
4.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
4.00
4.00
0.00
0.00
2.00
3.00
0.00
5.00
5.00
5.00
5.00
5.00
2.00
2.00
5.00
0.00
2.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
4.00
4.00
Min.
0.00
0.00
2.00
3.00
0.00
5.00
5.00
5.00
5.00
5.00
3.00
0.00
0.00
0.00
3.50
0.00
0.00
2.00
0.00
4.50
4.50
4.50
4.50
5.00
5.00
5.00
5.00
3.00
3.00
5.00
4.00
4.00
4.00
0.00
0.00
2.00
3.00
0.00
5.00
5.00
5.00
5.00
5.00
3.00
0.00
0.00
0.00
1.50
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
3.00
3.00
5.00
4.00
4.00
4.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
CAIXA CATALUNYA BORSA 5 FIM .........

NA
NA
CAIXA CREIXEMENT FIM........................ 1.86 12.43
CAJA LABORAL BOLSA GAR. XIV FIM ...
NA
NA
CAJA MURCIA GARANT.FIM .................. 0.57 0.10
CAJABUR. IBEX GAR. FIM ...................... 0.91 6.11
CAJABURGOS EUROBOL. FIM............... 2.99 6.47
CAJABURGOS EUROPA FIM .................. 0.33 7.91
CAJABURGOS EUROTOP FIM................ 2.06 6.23
CAJABURGOS GLOBAL FIM .................. 1.71 4.84
CAJABURGOS VALOR FIM..................... 1.68 3.98
CAM BOLSA 1 FIM ................................. 1.18 9.93
CAM EUROTOP 100 G. FIM................... 0.54 4.27
CAM RENTA FIJA G. FIM ........................ 0.57 2.25
CHASE EVOLUTION FIM ....................... 1.31 1.13
CITIGARANT EUROTOP ESP FIM........... 1.23 8.39
CRECIFONDO FIM ................................. 0.58 3.13
CRECIFONDO II FIM .............................. 1.28 9.91
CRV EUROBOLSA GAR. FIM .................. 1.56 10.14
CRV NORIBEX GARANT. FIM................. 0.58 7.22
DB BOLSA GAR. 2000 FIM..................... 1.85 6.17
DB BOLSA INT. GAR. FIM ...................... 1.22 6.82
DB BOLSA MUNDIAL FIM ..................... 2.34 6.26
DB EURONORTEAM. GA. FIM............... 2.01 7.13
DINVALOR EUROPA FIM ....................... 1.35 8.13
EUROB. ATLANT. PLUS FIM ................... 0.19 5.72
EUROBOLSA ATLANT. 2 FIM.................. 2.81 11.64
EUROBOLSA ATLANTICO FIM............... 1.90 19.96
EUROFON. BARCLAYS 2 FIM................. 3.70 14.38
EUROFONDO BARCLAYS FIM............... 2.84 14.09
EUROTOP 2001 FIM............................... 1.42 5.42
EUROTOP 2002 FIM............................... 1.38 10.00
EUROV. EUROTOP C1 FIM .................... 1.62 5.32
EUROV. INTERI. 2000 FIM...................... 2.96 5.24
(Continued)
0.15
0.20
0.15
0.10
0.05
0.15
0.05
0.15
0.15
0.15
0.15
0.15
0.10
0.00
0.00
0.00
0.10
0.25
0.15
0.00
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.15
0.15
0.10
0.10
0.00
0.00
Custody
EUROV.IBEX-35 ASEG. FIM ....................

EUROV.IBEX35 ASEG.B FIM ...................
EUROVALOR GAR. BOLSA JAPON. FIM.
EUROVALOR IBEX 35C FIM ...................
EUROVALOR IBEX35 C3 FIM .................
EUROVALOR INTERIND. FIM ................
EUROVALOR-EUROTOP C FIM..............
EUROVALOR-EUROTOP FIM .................
EUROVALOR-IBEX35 C2 FIM .................
FIBANC EUROPA GARAN.FIM ...............
FIBANC INDICE FIM...............................
FIBANC MULTIBOL. G. FIM ...................
FON FINECO EUROLID. FIM .................
FON FINECO OPTIM. G FIM..................
FONCAIXA 68 G.EURO FIM...................
FONCAIXA 69 G.JAPON FIM .................
FONCAIXA 70 G.MUND. FIM................
FONCAIXA 78 G.EURO FIM...................
FONCAIXA 79 G.JAPON FIM .................
FONCAIXA 80 G.MUND.FIM.................
FONCAIXA 82 PAT. G. BOLSA EURO FIM.
FONCAIXA 83 PAT. G. BOL. JAPON FIM..
FONCAIXA FUTURO 20 FIM..................
FONDAVILA GARANT. 3 FIM.................
FONDBARCLAYS JAPON FIM.................
(Continued)
6.96
5.87
2.50
4.90
10.10
5.79
6.62
4.60
5.56
9.85
23.28
7.81
5.69
10.73
7.59
4.58
6.24
0.00
0.00
0.00
NA
NA
10.74
10.01
15.14
7.90
5.59
11.18
6.61
7.10
7.04
0.10
7.62
0.76
1.14
0.00
0.77
2.47
2.57
2.03
0.01
1.76
0.94
0.03
3.58
1.98
2.81
4.00
4.10
4.08
0.00
0.00
0.00
NA
NA
2.06
2.30
1.37
0.75
2.54
2.48
1.14
1.66
2.74
0.07
1.21
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRF
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.62
2.43
0.51
1.54
3.29
2.17
1.45
0.78
2.33
0.96
10.87
2.46
0.18
3.82
1.53
4.98
3.76
0.30
0.75
0.12
NA
NA
5.09
5.03
6.98
1.79
2.90
2.16
1.20
1.07
6.19
0.75
6.53
4.17
4.62
6.07
2.86
7.83
5.33
5.65
4.07
4.22
7.17
23.74
6.23
3.85
11.30
9.27
9.85
8.02
7.28
7.60
6.39
0.00
0.00
9.34
9.67
14.54
11.14
5.27
11.95
7.02
7.37
11.16
0.12
8.94
0.53
0.91
2.56
0.53
2.29
2.31
1.85
0.75
1.53
0.72
0.05
3.24
1.76
2.58
3.81
3.82
3.78
3.96
3.99
3.99
0.00
0.00
1.90
2.12
1.16
0.51
2.36
2.29
0.90
1.46
2.56
3.48
0.98
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.54 2.24
1.21 2.57
4.58 8.09
0.27 0.69
1.39 3.58
1.20 3.48
1.23 2.28
1.02 2.01
1.42 1.58
0.21 3.40
3.18 17.12
0.70 4.25
2.18 2.33
2.82 8.66
1.67 5.62
2.62 5.97
1.69 4.29
1.66 5.84
2.91 7.07
2.69 5.47
2.19 4.41
2.00 5.02
1.53 9.83
1.43 7.25
1.59 11.00
9.28 10.61
0.44 3.99
1.05 7.57
0.33 4.50
0.02 4.88
3.52 6.99
3.20 5.72
1.14 3.06
0.30
0.68
2.36
0.30
2.11
2.10
1.63
0.52
1.31
0.50
0.26
3.04
1.54
2.36
3.58
3.55
3.56
3.80
3.82
3.86
1.99
2.00
1.58
1.86
0.91
0.29
2.13
2.02
0.68
1.22
2.39
3.29
0.78
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRF
GRV
GRV
GRV
GRV
GRF
GRV
GRV
GRV
GRV
GRV
GRV

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
2.80
0.76
1.51
1.48
1.13
1.79
1.81
1.67
1.28
1.72
1.14
2.12
1.86
2.17
NA
NA
NA
NA
NA
NA
NA
NA
7.71
1.49
1.53
6.15
1.19
2.13
1.24
1.37
2.99
0.51
3.00
Q3
Q2
Q1
0.42
0.88
2.09
0.83
0.67
0.90
1.30
0.37
1.05
1.18
15.98
1.26
1.22
7.68
0.65
0.57
0.51
0.63
1.39
0.64
0.65
1.10
4.71
5.69
9.99
4.47
1.67
1.84
1.16
1.11
1.78
0.65
1.11
1.48
3.04
4.96
0.62
4.82
6.20
2.00
1.58
3.40
4.20
29.36
5.06
5.18
14.01
7.51
5.15
6.36
7.35
6.37
6.85
5.46
4.55
16.90
11.22
17.33
11.34
5.10
11.54
7.30
7.48
6.03
5.35
0.39
0.07
0.45
2.16
0.07
1.96
1.89
1.42
0.30
1.11
0.30
0.20
2.89
1.33
2.16
3.42
3.40
3.42
3.57
3.69
3.64
1.83
1.82
1.44
1.71
0.05
0.07
1.97
1.85
0.47
0.76
2.18
3.11
0.57
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

lity
tion type
(%)
Q4
3.12
1.37
4.68
1.02
1.51
2.49
2.89
2.28
0.73
1.71
21.85
2.33
1.03
6.72
NA
NA
NA
NA
NA
NA
NA
NA
4.08
7.80
13.64
12.81
2.97
0.88
0.80
0.85
8.45
1.34
3.77
4.27
4.24
5.80
2.87
7.06
5.31
4.60
3.32
3.97
6.65
23.84
5.99
4.47
11.38
7.61
6.83
6.41
6.65
6.81
6.07
4.75
4.57
12.15
9.67
14.72
10.40
5.03
10.70
6.45
6.79
8.08
3.94
6.10
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
0.65
1.50
1.25
0.80
1.50
1.25
1.50
1.50
1.38
0.80
2.00
1.25
0.75
0.50
1.50
1.50
1.50
1.50
1.50
1.50
1.00
1.00
1.75
1.75
1.25
1.50
1.50
1.50
1.50
1.50
1.50
1.20
1.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
4.00
2.00
2.00
4.00
2.00
2.00
2.00
5.00
0.00
5.00
0.00
0.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
5.00
5.00
5.00
3.00
3.00
3.00
3.00
3.00
3.00
5.00
5.00
2.00
2.00
4.00
2.00
2.00
4.00
2.00
2.00
2.00
5.00
0.00
5.00
0.00
0.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
5.00
5.00
5.00
3.00
3.00
3.00
3.00
3.00
3.00
5.00
5.00
Min.
1.50
1.50
4.00
1.50
2.00
4.00
3.00
2.00
1.50
5.00
0.00
5.00
0.00
0.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
5.00
3.00
1.50
1.50
4.00
1.50
2.00
4.00
3.00
2.00
1.50
5.00
0.00
5.00
0.00
0.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
5.00
3.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.09
0.10
0.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.30
0.15
Custody
285
286
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRF
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
3.72
1.94
0.58
3.01
1.06
NA
4.20
2.94
3.84
5.07
NA
NA
1.63
3.92
3.37
6.88
8.36
6.50
0.86
5.33
1.19
9.70
2.42
1.91
0.21
3.56
2.08
0.91
0.62
6.65
3.69
5.06
1.48
12.49
8.42
10.73
11.09
6.14
NA
9.33
4.72
7.38
7.80
0.04
NA
8.64
8.94
7.80
14.13
11.45
7.15
4.08
7.79
1.98
9.71
4.88
20.86
2.04
11.80
5.98
0.14
3.64
10.18
6.21
9.52
3.81
1.22
2.32
3.61
2.41
2.34
NA
0.86
1.99
0.81
3.55
0.00
NA
2.89
1.73
1.39
2.28
2.49
0.84
2.10
2.31
0.01
1.88
0.50
0.50
2.32
0.01
2.08
0.01
6.88
1.64
7.52
6.17
0.59
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.54 7.05
0.87 4.74
1.58 5.68
3.10 6.31
0.90 4.20
NA
NA
3.45 5.24
0.14 3.21
1.99 3.85
3.42 4.82
6.71 5.32
NA
NA
0.68 5.04
0.61 4.90
0.14 4.00
3.59 4.90
0.91 6.70
1.75 5.85
1.64 2.73
1.13 13.59
2.83 5.45
1.59 7.41
1.34 7.00
11.08 14.14
1.05 1.24
2.89 4.63
1.06 3.38
3.33 6.31
1.71 4.83
3.19 7.42
1.37 3.99
1.89 6.38
1.31 1.95
1.05
2.08
3.37
1.25
2.12
NA
0.65
1.75
0.59
3.34
3.14
NA
2.66
1.50
1.16
2.06
2.24
0.63
1.95
2.06
2.42
1.68
0.27
0.27
2.10
2.08
1.90
1.88
6.55
1.40
7.27
5.99
0.37
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRF
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
1.42
2.52
3.80
2.65
2.56
NA
0.95
2.24
1.03
3.76
NA
NA
3.08
1.98
1.58
2.51
2.72
0.94
2.29
2.56
0.34
2.11
0.51
0.72
2.55
0.64
2.26
5.79
7.14
1.83
7.70
6.45
0.52
Q3
Q2
Q1
2.19 9.65
1.11 6.74
0.77 7.49
0.63 8.68
0.37 4.90
NA 8.48
2.49 5.73
0.68 2.34
0.32 4.31
2.31 2.58
1.83 4.16
NA 7.86
0.00 7.39
1.64 6.17
1.90 5.10
1.02 1.65
2.68 5.87
2.71 3.83
1.78 5.88
2.26 4.80
0.73 8.34
0.38 5.34
0.33 5.04
0.54 17.00
2.22 1.08
0.23 3.79
0.42 2.18
0.38 2.34
0.32 5.39
4.70 9.42
1.49 4.67
4.35 9.76
0.19 1.91
0.86
1.86
3.15
2.11
1.89
0.00
0.43
1.53
0.38
3.16
2.96
2.71
2.50
1.27
0.93
1.83
1.66
0.39
1.75
1.87
2.20
1.46
0.03
0.03
1.87
1.86
1.72
1.71
6.50
1.21
7.22
5.97
0.07
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

lity
tion type
(%)
Q4
2.80 11.52
0.07 7.32
0.63 8.90
2.90 9.65
2.32 5.17
NA 8.48
2.18 7.90
0.84 4.60
0.99 6.64
NA 5.17
NA 4.46
NA 7.86
1.80 7.63
4.22 7.49
3.03 7.13
5.14 9.05
9.22 9.73
7.49 6.78
0.89 4.16
5.21 9.65
0.38 5.35
8.11 8.89
0.23 6.28
16.81 15.65
3.87 1.66
5.47 8.89
2.27 4.76
2.37 3.41
1.29 5.17
6.65 9.90
3.79 5.58
6.33 9.40
0.72 3.55
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
0.50
1.30
1.20
1.45
1.05
1.10
0.35
1.25
1.10
1.45
1.40
1.45
1.00
1.25
1.20
1.40
1.60
2.25
1.50
1.10
1.10
1.20
1.10
1.10
1.15
1.15
0.90
1.15
1.25
0.75
0.85
1.25
0.80
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
0.00
5.00
0.00
0.00
5.00
5.00
2.00
5.00
2.00
0.00
2.00
2.00
2.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
0.00
5.00
0.00
0.00
5.00
5.00
2.00
5.00
2.00
0.00
2.00
2.00
2.00
Min.
3.00
5.00
5.00
5.00
5.00
5.00
3.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
3.00
5.00
5.00
5.00
5.00
5.00
3.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
FONDESPAA 2002 FIM........................ 1.65 15.24

FONDESPAA INT. II FIM ...................... 2.31 8.68
FONDESPAA INT. III FIM ..................... 2.35 10.66
FONDESPAA INT.GAR. FIM ................. 2.26 11.58
FONDESPAA INT.IV FIM ...................... 0.00 5.26
FONDESPAA INTERN. V FIM...............
NA
NA
FONDESPAA RV FIM............................ 1.22 10.08
FONDMAPFRE B. G. II FIM .................... 1.34 6.80
FONDMAPFRE B. GARAN.FIM............... 1.29 9.41
FONDMAPFRE BOL. GIV FIM ................
NA 2.76
FONDMAPFRE BOLSA GV FIM ..............
NA
NA
FONDMAPFRE BOLSA GVI FIM .............
NA
NA
FONDMAPFRE EUROPA G FIM.............. 2.78 8.85
FONDMAPFRE INT.G.II FIM ................... 1.98 9.05
FONDMAPFRE INT.GAR. FIM................. 2.44 10.03
FONDMAPFRE INT.GIII FIM ................... 4.59 9.95
FONDO IBEX 2 BK FIM .......................... 0.88 12.93
FONDO IBEX BK FIM ............................. 0.06 9.08
FONDO RENTA GARANT. FIM............... 0.14 3.18
FONDPREMIER 3 FIM............................. 1.29 10.11
FONDPREMIER 5 FIM............................. 0.59 3.25
FONDPREMIER 7 FIM............................. 3.81 11.60
FONDPREMIER 8 FIM............................. 1.23 7.69
FONDPREMIER 9 FIM............................. 3.75 7.25
FONDUERO GARANT. FIM.................... 0.35 2.01
FONDUERO INDICE FIM ....................... 1.16 11.92
GARANMED 2 FIM................................. 0.46 6.24
GARANMED 4 FIM................................. 0.46 0.71
GARANMED FIM.................................... 0.11 6.42
GARANTIBEX-35 FIM ............................. 1.68 11.92
GAREXMED 2 FIM .................................. 0.04 6.91
GAREXMED 3 FIM .................................. 1.24 11.21
GAREXMED FIM ..................................... 1.11 5.33
(Continued)
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.40
0.40
0.20
0.20
0.20
0.25
0.40
0.40
0.20
0.10
0.10
0.10
0.15
0.15
0.15
0.15
0.15
0.10
0.10
0.05
0.15
0.15
0.15
0.05
0.10
0.05
Custody
IBERAG. JAPON CLIQ. FIM ....................

IBERCAJA CRECIMIENTO FIM.................
IBERCAJA EURO FIM ..............................
IBERCAJA EUROTOP FIM .......................
IBERCAJA INDICE. FIM ...........................
IBERCAJA PATRIMONIO FIM..................
INGENIEROS EUROB.G. FIM..................
INGENIEROS GARANT. FIM...................
INGENIEROS GARANT.2 FIM.................
KUTXAINDEX 4 FIM ...............................
KUTXAINDEX FIM ..................................
KUTXAINDEX2 FIM ................................
KUTXAINDEX3 FIM ................................
KUTXAINDEX5 FIM ................................
KUTXAINDEX6 FIM ................................
KUTXAINDEX7 FIM ................................
KUTXAINDEX8 FIM ................................
MADRID AC. GLOB.95G FIM ................
MADRID ACC. 100 G FIM......................
MADRID BOLSA 100 FIM.......................
MADRID BOLSA 50 FIM.........................
MADRID BOLSA 60 FIM.........................
MADRID BOLSA ACTIVA FIM.................
MADRID BOLSA EXTRA FIM ..................
MADRID CESTA EUROP. FIM .................
MADRID CESTA MUNDIAL FIM.............
MADRID EUR. GAR.100 FIM..................
MADRID EURO JAPON FIM...................
MADRID EUROACCION G FIM .............
MADRID EUROPA TOP 1 FIM................
(Continued)
2.70
2.72
2.16
0.78
1.13
2.23
1.72
2.45
2.68
1.49
0.71
0.77
2.48
0.88
1.14
1.40
2.53
2.96
NA
2.28
2.66
1.16
0.61
0.86
2.12
1.69
2.24
2.41
NA
1.97
3.21
2.32
1.44
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.31
3.56
1.79
0.94
3.04
3.27
6.06
2.17
0.26
1.34
2.10
2.36
0.46
2.31
3.20
3.52
2.74
0.86
NA
1.10
3.98
1.42
1.06
0.79
3.75
1.52
3.97
1.90
NA
1.18
6.33
1.66
1.49
2.79
8.42
2.90
8.08
5.43
5.85
6.63
13.12
4.24
8.42
5.13
5.75
3.77
5.11
6.50
6.10
6.84
2.55
7.36
3.04
9.92
5.35
2.89
2.05
6.74
5.25
7.48
8.25
NA
9.37
8.99
6.79
6.26
2.47
2.48
1.86
0.55
0.94
2.02
1.51
2.23
2.46
1.29
0.50
0.57
2.27
0.91
0.94
1.26
1.67
2.72
3.36
2.06
2.34
1.49
0.53
0.57
1.69
1.32
1.71
2.05
NA
1.73
3.48
1.68
1.24
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.76
0.48
1.18
0.78
4.47
1.69
0.99
2.81
1.44
0.99
1.38
1.52
0.30
1.15
1.47
0.85
1.16
0.06
1.71
0.90
1.93
0.15
0.59
0.76
1.47
0.82
1.71
1.19
NA
0.17
3.05
0.12
1.05
2.17
5.12
2.58
2.85
5.66
5.32
4.66
5.65
3.81
4.23
2.08
2.55
1.43
2.53
3.87
5.22
4.04
1.83
3.85
2.85
5.00
2.43
1.19
0.69
4.32
2.24
4.91
4.56
NA
5.28
4.04
3.37
3.13
2.25
2.23
1.62
0.32
0.01
1.81
1.28
2.00
2.21
1.08
0.29
0.37
2.06
0.64
0.74
1.04
2.11
2.56
3.16
1.85
2.26
1.34
0.40
0.29
1.57
1.24
1.67
1.97
NA
1.52
3.25
1.87
1.23
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
2.56 4.07
5.58 11.91
4.77 8.76
3.22 9.59
0.35 6.14
0.83 8.27
1.10 7.10
0.18 7.83
1.50 5.45
1.56 9.92
0.59 6.89
0.65 7.75
0.15 5.76
0.65 5.60
1.16 8.62
0.95 6.62
0.99 7.99
1.36 2.60
NA
NA
1.19 4.19
4.75 9.70
1.60 6.29
0.99 5.71
0.71 3.44
1.02 8.33
1.12 6.66
1.18 9.01
2.63 8.57
NA
NA
4.40 10.48
NA 1.90
3.27 8.05
2.14 6.94
Q3
Q2
Q1
2.07
0.07
1.09
0.35
0.67
1.60
4.82
0.05
1.47
0.14
0.77
0.06
0.68
0.81
1.28
2.43
0.23
0.66
1.10
0.51
1.80
0.04
0.53
0.44
2.43
0.14
2.68
0.03
NA
0.21
1.08
0.17
0.48
1.18
6.44
4.00
2.30
8.57
4.19
5.85
2.74
3.93
4.88
1.79
2.16
1.92
2.70
4.49
5.99
4.91
2.46
3.24
1.97
7.52
3.54
4.61
4.67
5.86
3.36
6.82
6.21
4.81
7.90
3.44
4.74
3.36
2.02
2.00
1.46
0.09
2.72
1.68
1.03
1.76
1.97
0.87
0.11
0.15
1.83
0.46
0.32
0.82
1.88
2.32
2.97
1.65
1.96
0.94
2.81
2.80
1.17
0.82
1.39
1.67
3.00
1.29
3.02
1.62
0.81
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

lity
tion type
(%)
Q4
2.59
2.39
9.08
3.41
2.33
2.41
8.70
5.14
4.20
1.33
0.60
0.30
0.37
1.35
1.91
4.17
4.60
1.09
NA
0.32
3.14
0.34
1.03
1.12
3.73
0.26
3.82
1.91
NA
2.77
NA
1.85
2.16
2.78
8.39
5.19
6.52
6.60
6.10
6.16
8.25
4.40
7.25
4.50
5.10
3.64
4.22
6.16
6.02
6.14
2.38
4.63
3.12
8.29
4.65
3.99
3.10
6.49
4.69
7.22
7.09
4.81
8.49
5.74
6.02
5.20
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
0.92
1.00
0.85
0.85
1.40
0.96
0.90
0.85
0.85
0.85
0.50
0.00
1.25
1.25
0.25
1.30
1.15
1.30
1.35
1.30
1.50
1.50
1.30
1.30
1.50
1.50
1.15
1.50
2.00
1.00
1.50
1.40
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
3.00
5.00
5.00
5.00
3.00
5.00
5.00
5.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
Min.
0.00
3.00
5.00
3.00
5.00
3.00
3.00
5.00
5.00
0.00
0.00
0.00
5.00
2.00
2.00
5.00
5.00
5.00
5.00
5.00
3.00
3.00
3.00
3.00
2.00
3.00
2.00
3.00
3.00
2.00
3.00
3.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
2.00
2.00
5.00
5.00
5.00
5.00
5.00
3.00
3.00
3.00
3.00
2.00
3.00
2.00
3.00
3.00
2.00
3.00
3.00
2.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.15
0.40
0.40
0.40
0.20
0.40
0.40
0.40
0.40
0.40
0.40
0.10
0.20
0.40
0.40
0.20
0.20
0.20
0.20
0.20
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.15
0.10
0.10
0.10
Custody
287
288
GRF
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.94
0.47
NA
2.01
1.75
2.64
1.64
0.18
5.20
3.58
1.64
2.59
2.76
0.49
5.11
0.62
1.21
4.68
2.00
1.44
NA
0.26
4.03
3.92
2.27
2.87
3.88
1.48
1.45
3.28
3.61
0.13
2.75
12.92
10.97
0.05
7.81
7.16
4.96
4.61
2.43
5.75
7.57
4.68
2.84
6.00
4.60
6.50
1.90
4.23
5.85
7.83
2.64
NA
0.79
6.05
6.66
4.75
5.72
14.88
7.95
9.51
13.73
8.18
2.44
11.72
2.24
2.24
0.00
2.09
2.03
0.41
2.32
0.01
0.54
2.36
1.45
1.23
0.72
1.92
2.45
0.89
2.52
0.29
1.52
0.19
NA
0.97
2.33
1.51
1.50
0.69
2.01
1.16
1.40
1.83
1.48
2.04
1.97
GRF
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.88
0.98
2.71
0.21
0.83
1.75
0.84
0.42
0.86
2.00
2.27
2.80
2.07
0.19
1.76
2.53
1.55
1.05
1.44
1.39
NA
2.93
2.01
0.13
1.63
1.87
0.62
1.74
1.02
2.12
0.17
0.01
1.14
7.38
6.22
6.46
4.00
3.66
2.47
2.65
4.29
2.01
4.82
5.63
2.77
4.39
2.91
4.46
3.19
7.43
3.25
3.91
4.62
NA
2.80
4.54
2.71
3.40
4.28
8.86
4.01
5.16
7.35
4.47
1.93
5.26
2.24
2.26
3.41
1.93
1.82
0.19
2.10
1.72
0.31
2.13
1.22
1.00
0.43
1.65
2.24
0.01
2.31
0.99
1.51
0.15
NA
0.01
2.12
0.99
1.26
0.47
1.76
0.95
0.94
1.61
1.09
1.86
1.46
GRF
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
RVI
GRV
GRV
GRV
GRV

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
2.70
2.70
NA
2.28
2.23
1.03
2.54
0.79
0.78
2.59
1.68
1.45
0.96
2.14
2.69
1.07
0.26
1.29
1.96
0.20
NA
1.03
2.57
1.48
0.52
0.91
2.20
1.37
1.62
2.01
1.32
2.20
2.17
Q3
Q2
Q1
0.45 9.89
0.07 10.39
1.76 8.51
0.56 4.76
0.43 5.20
1.92 4.08
0.39 5.31
2.13 5.37
1.09 0.68
1.55 4.44
3.98 8.07
4.20 7.95
1.30 3.48
1.06 3.00
1.27 3.93
0.65 4.97
3.86 6.62
0.25 2.42
0.50 4.20
5.25 8.38
NA 3.81
3.66 6.78
1.50 4.30
0.54 1.95
0.97 2.71
1.19 3.34
2.85 12.10
1.37 5.41
2.08 5.64
4.09 9.76
1.69 4.73
2.11 2.94
1.80 10.14
1.93
1.95
3.16
1.75
1.71
0.01
1.89
1.51
0.01
1.92
1.00
0.77
0.23
1.44
1.98
0.01
2.14
0.85
0.66
0.13
1.61
2.24
1.70
0.98
1.02
0.24
1.57
0.52
0.03
1.42
0.79
1.61
1.67
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

lity
tion type
(%)
Q4
1.28
2.72
NA
1.11
2.05
2.14
1.09
2.17
8.57
1.91
0.12
0.78
0.68
1.53
1.49
2.98
4.16
4.29
1.62
1.89
NA
0.04
3.70
0.71
0.84
0.86
1.60
0.88
0.10
1.70
4.58
2.15
5.43
11.42
10.32
7.41
6.56
6.03
5.09
4.57
4.56
6.34
5.89
5.70
4.65
6.76
4.03
5.75
3.22
5.57
4.78
6.68
5.11
3.81
3.74
5.73
10.94
4.38
5.86
13.70
7.10
8.22
11.51
6.64
2.36
10.69
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.50
1.50
1.50
1.30
1.10
1.30
1.15
1.50
2.25
0.30
0.65
1.40
1.35
1.15
1.15
2.25
1.00
1.50
0.50
1.00
1.00
1.00
1.00
1.35
1.30
1.30
1.60
1.60
1.60
1.40
1.60
1.60
1.60
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
0.00
5.00
5.00
5.00
3.00
2.00
3.00
0.00
5.00
3.00
1.00
3.00
5.00
3.00
3.00
5.00
2.00
3.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
0.00
5.00
5.00
5.00
3.00
2.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
2.00
3.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
Min.
3.00
3.00
3.00
5.00
5.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
3.00
2.00
3.00
0.00
5.00
3.00
1.00
3.00
5.00
3.00
3.00
5.00
2.00
3.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
3.00
3.00
3.00
5.00
5.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
3.00
2.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
2.00
3.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
MADRID EUROST. 2002 FIM.................. 5.75 14.23

MADRID EUROST.2003 FIM................... 4.15 12.61
MADRID NUEVA ECONOMIA FIM ........
NA
NA
MARCH EUROBOLSA G. FIM................. 1.27 8.54
MARCH EUROTOP GAR. FIM ................ 2.57 7.33
MARCH IBEX GARANT. FIM................... 1.17 7.47
MULTIBOLSA DUERO FIM ..................... 0.10 5.18
NAVARRA GARANTIA FIM ..................... 0.57 5.46
NAVARRA GARANTIA-2 FIM.................. 1.21 11.13
OPEN BANK IBEX 35 FIM....................... 1.39 10.74
PASTOR EUROBOL. G.1 FIM.................. 1.16 5.13
PASTOR FIJO 2 FIM ................................ 3.32 7.29
RURAL AHORRO FIM ............................ 0.42 5.25
RURAL AHORRO II FIM ......................... 2.50 2.43
RURAL CESTA IND.GAR.FIM.................. 1.72 6.33
RURAL EUROINDICE FIM ...................... 1.72 9.18
RURAL GARANT. RV I FIM..................... 0.67 2.06
RURAL GAR. TECNOLOGIA FIM............
NA
NA
RURAL VALOR FIM ................................ 0.54 0.72
RURAL VALOR IV FIM............................ 0.15 7.42
S. EUROTOP CLIQUET 1 FIM................. 2.65 20.61
S.BOLSA ASEGURADO 2 FIM ................ 0.82 5.93
S.BOLSA ASEGURADO 3 FIM ................ 1.40 8.67
S.BOLSA EUROP. AS.2 FIM..................... 6.03 17.40
S.BOLSA EUROP. AS.3 FIM..................... 2.05 9.65
S.BOLSA EUROPEA 5 FIM ...................... 4.80 10.99
S.BOLSA EUROPEA AS. FIM ................... 3.76 13.84
S.BOLSA MUND. ASEG. FIM.................. 0.52 8.20
SANT. LATIN.ASEGUR. FIM .................... 0.16 1.96
SANT. SP500 ASEG. FIM......................... 0.17 13.80
(Continued)
0.10
0.10
0.10
0.20
0.20
0.20
0.10
0.05
0.05
0.05
0.05
0.05
0.15
0.15
0.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.10
0.10
0.15
0.15
0.15
0.10
0.16
0.15
0.15
0.15
Custody
1.76
2.28
0.01
0.99
0.73
1.71
NA
NA
GRV
2.49
0.87
0.87
1.74
1.64
2.59
2.60
0.27
1.83
NA
1.33
2.03
0.92
1.22
1.73
1.91
NA
NA
1.77
2.44
2.51
1.02
1.93
1.87
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.54
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
4.86
0.42
2.52
0.45
0.28
3.86
NA
NA
7.42
0.69
0.66
0.99
2.18
4.24
4.43
4.19
0.06
3.40
NA
0.87
0.14
1.16
3.11
4.30
2.72
NA
NA
1.10
2.00
1.76
2.62
4.77
2.71
7.40
8.40
6.08
3.74
4.18
6.38
NA
9.43
1.67
6.63
5.75
5.72
4.95
8.26
9.59
9.65
1.40
10.06
9.14
6.19
1.35
2.71
4.51
7.48
15.12
NA
0.10
8.77
7.72
7.38
4.94
6.21
6.04
1.53
2.10
2.66
0.00
2.64
1.49
NA
3.67
GRV
2.26
0.65
0.65
1.84
1.36
2.36
2.36
0.12
1.61
3.04
1.10
1.74
0.68
1.01
1.52
1.72
NA
0.01
1.57
2.24
2.30
0.41
1.73
1.63
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.64
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
2.40
0.94
2.61
3.16
3.52
1.49
NA
0.38
2.90
0.52
0.87
0.86
1.56
1.60
2.85
2.50
1.26
1.10
4.15
0.64
0.89
1.39
1.21
2.47
1.15
NA
4.97
0.08
0.25
0.89
1.80
0.42
1.59
4.17
2.88
4.76
3.95
5.40
4.41
NA
5.59
1.46
3.67
2.51
2.44
1.95
4.50
5.48
5.60
2.89
5.95
8.66
3.17
0.99
1.27
2.75
5.27
8.25
NA
7.99
4.58
3.93
4.21
2.48
5.57
3.23
1.30
1.72
2.46
2.09
2.33
1.28
NA
3.27
GRV
1.85
0.35
0.35
1.04
1.13
2.06
2.08
2.05
1.28
2.74
0.76
1.28
0.49
0.80
1.31
1.56
NA
2.38
1.36
2.05
2.10
0.19
1.29
1.47
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.03
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
4.79
18.54
2.73
8.82
4.86
5.26
NA
NA
1.86
8.10
6.80
6.37
7.05
10.19
9.35
9.23
2.53
11.38
NA
6.34
1.66
4.05
5.78
8.51
16.44
NA
NA
9.98
8.48
7.42
7.58
7.26
7.01
Q3
Q2
1.06 3.12
0.12 1.59
0.61 5.29
0.72 5.37
2.34 8.17
1.36 4.76
NA 6.39
0.61 6.98
4.16 1.01
0.22 4.63
0.14 3.25
0.15 3.11
0.92 1.69
2.14 5.78
1.12 5.66
0.74 6.37
2.33 6.10
1.23 8.04
1.49 7.40
0.00 4.70
1.57 1.40
0.20 1.47
0.59 2.17
3.49 7.46
0.75 11.27
NA 2.27
2.07 6.56
0.50 5.65
0.44 4.66
0.15 5.65
1.95 4.12
0.62 6.06
0.62 3.30
1.03
1.54
2.21
2.15
2.21
1.05
2.72
3.22
GRV
1.66
0.15
0.15
0.01
0.96
1.87
1.88
1.89
1.11
2.53
0.57
1.03
0.03
0.25
0.53
1.34
1.51
2.19
1.09
1.86
1.90
0.01
0.95
1.24
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.39
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

lity
tion type
(%)
Q4
NA 5.15
3.85 10.29
3.83 4.89
4.61 5.84
4.32 5.87
3.60 5.28
NA 6.39
NA 7.38
6.55
1.30 6.01
1.34 4.90
1.48 4.71
1.50 4.49
3.31 7.52
5.43 7.78
3.85 7.93
2.70 3.69
3.53 9.09
NA 8.36
1.09 5.26
3.05 1.38
1.08 2.63
2.10 4.07
4.47 7.30
0.53 13.16
NA 2.27
NA 6.13
2.48 7.57
0.96 6.49
2.11 6.31
2.28 5.13
3.88 6.32
1.03 5.18
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
1.40
1.55
1.20
1.20
1.30
1.30
1.22
0.88
1.50
1.00
1.36
1.38
0.80
1.20
1.60
1.35
1.28
1.15
0.95
1.35
1.00
1.25
1.20
1.20
1.18
1.50
1.20
1.18
1.30
0.90
1.30
1.10
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
2.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
5.00
5.00
0.00
0.00
2.00
5.00
5.00
2.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
5.00
5.00
0.00
0.00
2.00
Min.
5.00
5.00
2.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
3.00
3.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
3.00
3.00
0.00
5.00
5.00
0.00
0.00
2.00
5.00
5.00
2.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
3.00
3.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
3.00
3.00
0.00
5.00
5.00
0.00
0.00
2.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
Q1
SANTAN. JAPON 2002 FIM....................

NA
SANTAND. BLUE CHIPS FIM.................. 3.45
SANTANDER A BOLSA INDICES FIM ..... 1.93
SANTANDER A ELECCION FIM .............. 1.68
SANTANDER A EUROPA FIM ................. 1.83
SANTANDER A GLOBAL TITANS FIM .... 3.20
SANTANDER BEST. FIM ..........................
NA
SANTANDER SEGURIDAD 2000 FIM .....
NA
SANTANDER SP500 2 FIM......................2.369.55
SBD EURO GARANTIA FIM.................... 1.69
SBD EUROTOP 2 GAR. FIM ................... 0.99
SBD EUROTOP GARANT. FIM................ 1.47
SBD IBEX FIM ......................................... 1.25
SBD IBEX2 FIM ....................................... 1.55
SBD INT. 4 GARANTIA FIM.................... 3.00
SBD INTERN. 3 GAR. FIM ...................... 3.70
SBD INTERN. GAR. 2 FIM ...................... 0.96
SBD INTERN. GARANT. FIM................... 2.23
SBD TELECOM GARANTIA FIM..............
NA
SBD VALOR GARANTIZ. FIM................. 1.34
SINDIBANK GA. BOLSA FIM.................. 0.41
UNIFOND BOLSA I FIM ......................... 0.66
UNIFOND BOLSA II FIM ........................ 0.42
UNIFOND BOLSA III FIM ....................... 0.94
UNIFOND BOLSA IV FIM....................... 4.22
UNIFOND BOLSA V FIM........................
NA
UNIFOND BOLSA VI FIM.......................
NA
UNIFOND XIV FIM................................. 3.03
URQUIJO EUROBOLSA G. FIM.............. 1.27
URQUIJO GARANT. 3 FIM ..................... 2.87
URQUIJO IBEX GAR. 2 FIM.................... 1.19
VALENCIA GAR.IBEX35 FIM................... 1.15
VITAL IBEX FIM....................................... 0.76
(Continued)
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.05
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.05
0.10
0.10
0.10
0.10
0.10
0.05
0.05
0.05
0.05
0.05
0.05
0.20
0.20
0.20
0.15
0.10
Custody
289
290
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
2.48
3.61
2.17
0.92
0.43
0.10
1.18
1.46
0.93
0.12
0.77
1.11
3.57
0.32
5.96
7.58
9.20
2.97
4.68
0.94
7.24
2.12
8.67
3.36
11.50
3.64
4.19
3.38
1.49
1.58
1.31
1.78
0.91
0.05
1.40
1.04
1.57
1.94
1.40
0.37
1.94
0.35
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.76
1.75
0.52
0.73
0.08
0.63
0.62
2.78
0.68
1.52
1.15
1.73
0.96
1.66
3.14
3.71
5.35
1.73
2.27
3.32
4.34
3.73
4.12
2.74
5.23
1.18
2.68
0.73
1.33
1.38
1.12
1.59
0.70
0.05
1.20
0.83
1.35
1.76
1.22
0.21
1.73
0.20
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
1.71
1.80
1.56
1.90
1.13
0.01
1.61
1.24
1.78
2.15
1.60
0.51
2.15
0.50
Q3
Q2
Q1
0.45
1.35
0.07
0.87
0.54
1.06
0.49
0.45
0.27
0.47
0.14
0.12
0.75
0.66
3.22
2.46
7.02
1.62
2.21
0.66
5.18
1.17
4.92
2.60
6.25
5.48
2.75
5.18
1.12
1.19
0.77
1.34
0.48
0.01
0.99
0.65
1.17
1.55
1.02
1.38
1.55
1.39
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV

lity
tion type
(%)
Q4
0.29
2.82
0.18
1.94
2.11
1.55
0.46
3.83
0.96
2.38
0.74
1.49
2.85
1.63
5.10
6.49
8.48
2.27
4.12
0.63
6.57
2.74
7.28
2.83
9.38
4.51
3.71
3.63
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
0.75
0.75
1.50
0.90
1.50
0.50
0.50
1.25
1.50
1.50
1.50
1.35
1.40
1.35
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
3.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
3.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
2.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
VITAL IBEX PLUS FIM ............................. 0.93 6.94

VITAL INDICES I FIM .............................. 1.25 9.54
WIN-CS EUROTOP-100 FIM................... 1.44 11.19
ZARAG. AHORRO DORADO FIM ......... 1.27 2.49
ZARAG. EURO RENTA FIM..................... 1.92 6.02
ZARAG. EURONET DOWN FIM............. 0.03 0.50
ZARAG. EURONET UP FIM .................... 1.79 8.65
ZARAG. IND. CLIQUET FIM................... 0.07 3.17
ZARAG. MAXIFONDO FIM .................... 2.32 9.80
ZARAG.BOL. ESPAOLA FIM................. 0.25 2.54
ZARAG.BOLSA EUROPEA FIM ............... 2.86 12.41
ZARAGOZANO BOLSA FIM................... 1.00 6.05
ZARAGOZANO GLOBAL FIM................ 0.54 4.72
ZARAGOZANO RENTA II FIM................ 0.97 3.72
(Continued)
0.10
0.10
0.00
0.00
0.10
0.10
0.10
0.15
0.10
0.10
0.10
0.10
0.10
0.10
Custody
AC ARCO IRIS FIM .................................

AC DIVISA FIM .......................................
AC MATERIAS PRIMAS FIM ....................
AC MUNDIAL PREFERENTE FIM ............
AHORRO CORP.BIENEST.FIM.................
AHORRO CORP. EMERGENTES FIM ......
AHORRO CORP. FONDOS FIMF ...........
AHORRO CORP. TECNOLOGICO FIM ..
ARAGON PATRIMONIOS FIM................
ARCALIA COYUNTURA FIM ..................
ASTURFONDO GLOBAL FIM.................
BANCAJA PATRIMONIOS FIM................
BANESTO MULTIFONDOS AUDAZ FIMF.
BANESTO MULTIF. CONS. FIMF.............
BANESTO MULTIF. DECIDIDO FIMF ......
BANESTO MULTIF. MODERADO FIMF ..
BARCLAYS BOLSA ASIA-PACIF. FIMF .....
BARCLAYS BOLSA USA 1 FIMS ..............
BARCLAYS BOLSA USA 2 FIMS ..............
BARCLAYS BOLSA USA FIMP .................
BARCLAYS FONDESLA FIM ....................
BBV MULTIFONDO FIM.........................
BBVA GARANTIA 2 FIM (*).....................
BBVA GARANTIA FIM (*)........................
BCH MULTIFONDOS AUDAZ FIMF.......
BCH MULTIFONDOS CONS. FIMF ........
BCH MULTIFONDOS DECIDIDO FIMF..
BCH MULTIFONDOS PRUDENTE FIMF .
BCH SAYPLUS FIM .................................
BETA ACTIVOS FIM ................................
BM-CARTERA GLOBAL FIM....................
BSN RIESGO ABIERTO FIM.....................
CAI EMERGENTES FIM ...........................
CAI GLOBAL FIM....................................
(Continued)
15.63
17.18
20.26
3.88
19.60
2.09
NA
NA
9.12
13.99
10.89
7.63
NA
NA
NA
NA
NA
NA
NA
NA
8.87
18.32
8.07
8.57
NA
NA
NA
NA
10.58
0.72
13.83
2.77
28.26
16.88
0.01
0.70
1.24
4.96
0.01
0.01
NA
0.01
1.54
1.89
1.34
2.58
NA
NA
NA
NA
NA
NA
NA
NA
0.01
0.01
3.77
4.04
NA
NA
NA
NA
2.35
0.35
2.03
0.18
0.01
0.01
RFM
RFCP
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
RFLP
FGL
RFCP
6.95
5.75
0.33
0.41
0.26
2.53
NA
7.79
5.96
5.02
4.10
4.46
NA
NA
NA
NA
NA
NA
NA
NA
4.71
8.18
1.22
1.97
NA
NA
NA
NA
2.13
0.75
7.59
3.78
9.22
6.24
18.45
22.06
14.99
3.84
20.09
11.45
NA
47.07
12.62
15.32
14.31
12.72
NA
NA
NA
NA
NA
NA
NA
NA
10.18
20.21
9.22
9.04
NA
NA
NA
NA
11.62
0.08
15.77
4.10
37.70
21.68
0.01
0.23
1.06
0.01
0.01
0.01
NA
0.00
1.28
1.70
1.26
3.63
NA
NA
NA
NA
NA
NA
NA
NA
0.01
0.01
2.74
3.00
NA
NA
NA
NA
2.51
0.22
2.90
0.03
0.00
0.01
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
3.78
2.00
1.12
2.35
5.63
12.46
NA
5.93
2.56
1.16
1.54
0.52
NA
NA
NA
NA
NA
NA
NA
NA
0.06
5.21
0.43
0.10
NA
NA
NA
NA
0.33
0.87
2.53
3.47
14.02
0.58
15.60
11.12
13.40
10.61
12.87
22.60
1.01
24.62
8.64
9.89
9.45
12.16
NA
NA
NA
NA
7.18
9.81
13.47
7.22
6.81
16.20
7.36
6.93
NA
NA
NA
NA
7.76
0.22
11.89
2.79
21.15
12.61
0.01
0.23
0.66
0.01
0.01
0.01
0.01
0.00
1.13
1.85
1.20
1.78
NA
NA
NA
NA
0.01
0.00
0.00
0.01
0.01
0.01
4.56
4.39
NA
NA
NA
NA
3.56
0.33
5.43
0.07
0.01
0.01
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
12.44
1.98
1.05
0.65
2.30
0.38
NA
NA
6.46
8.15
2.03
4.24
NA
NA
NA
NA
NA
NA
NA
NA
6.15
16.08
2.44
2.70
NA
NA
NA
NA
1.81
0.35
13.31
0.10
NA
2.34
Q3
Q2
Q1
Q4
1.69
6.33
5.72
11.92
5.50
18.51
6.78
25.12
8.78
11.09
7.62
16.29
NA
NA
NA
NA
1.01
8.68
8.78
8.67
5.29
17.25
6.29
6.10
NA
NA
NA
NA
4.27
1.18
17.21
1.68
20.43
7.57
20.67
16.28
15.54
19.20
19.04
30.16
11.21
56.26
13.24
16.26
13.56
22.16
18.98
4.85
13.62
9.66
3.02
22.89
23.42
24.13
6.26
17.56
14.01
13.16
19.11
5.29
13.89
9.90
13.54
0.23
23.05
2.71
28.89
17.92
0.01
0.26
0.54
0.01
0.01
0.01
0.01
0.01
1.09
2.02
1.06
0.23
0.00
0.01
0.00
0.01
0.00
0.00
0.00
0.01
0.01
0.01
6.11
5.76
0.00
0.00
0.00
0.00
3.03
0.58
5.50
0.07
0.00
0.01
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL

lity
tion type
(%)
FIM GLOBAL FUNDS (FGL)
22.69
11.76
5.99
13.78
2.74
26.58
NA
NA
6.34
9.74
8.22
16.20
NA
NA
NA
NA
NA
NA
NA
NA
4.15
7.21
5.57
5.37
NA
NA
NA
NA
4.30
3.18
11.12
9.07
NA
11.82
17.75
17.10
16.25
11.38
18.15
19.84
8.64
44.71
11.17
14.15
12.24
14.77
18.98
4.85
13.62
9.66
2.97
17.90
19.31
18.11
8.23
18.32
10.04
9.73
19.11
5.29
13.89
9.90
11.08
0.40
16.87
3.16
29.70
17.58
NA
69.91
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
19.94
NA
NA
NA
NA
Yield
since
Yield Volati1995
(%)
lity
2000
2.00
2.00
2.00
2.25
2.25
2.25
2.00
2.25
1.65
1.75
2.10
1.40
1.50
1.50
1.50
1.50
1.60
0.20
1.60
0.00
0.50
1.85
1.25
1.40
1.50
1.50
1.50
1.50
1.75
0.90
1.50
1.00
2.25
2.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
1.00
1.00
1.00
1.00
1.00
1.00
0.00
1.00
0.00
0.00
2.00
1.50
3.00
3.00
3.00
3.00
0.00
0.00
2.00
0.00
0.00
1.00
0.00
0.00
3.00
3.00
3.00
3.00
1.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.09
0.09
0.09
0.09
0.09
0.09
0.11
0.09
0.20
0.00
0.15
0.10
0.10
0.10
0.10
0.10
0.15
0.05
0.15
0.15
0.10
0.10
0.25
0.10
0.10
0.10
0.10
0.10
0.20
0.09
0.12
0.15
0.15
0.15
Custody
291
292
CAI MULTIFONDO. FIMF.......................

CAI S. INMOBILIARIO FIM.....................
CAI TECNLOGIA FIM..............................
CAIXA CAT.DINAMICO FIMF .................
CAIXA CAT.EQUILIB. FIMF .....................
CAIXA CATALUNYA MAT. PRIMERES FIM.
CAIXAGIRONA EMERGENT FIMF...........
CAIXAGIRONA GLOBAL FIMF ...............
CAIXAGIRONA TELENET FIMF...............
CAM EMERGENTE FIM ...........................
CHASE BOLSA GAR. II FIM ....................
CHASE DIVERS.ASSETS FIM ...................
CHASE GLOBAL DIVISA FIM..................
CHASE GLOBAL II FIM ...........................
CHASE GLOBAL STRAT. FIM ..................
CHASE INSTITUCIONES FIM..................
CHASE INVERSION I FIM .......................
CHASE INVERSION II FIM ......................
CHASE MANAGEMENT FUND FIMF......
CHASE ORO FIM....................................
CRV FONDO MULTIPLE FIM..................
DALMATIAN FIM....................................
EKARPEN GLOBAL FIM ..........................
FIBANC EXCELLENT FIM ........................
FLEXIBLE A.ALLOCAT. FIM .....................
FONCAIXA 75 GLOBAL FIM ..................
FONDBARCLAYS G. BLUE CHIPS FIMF .
FONDBARCLAYS G. FINANCE FIMF ......
FONDBARCLAYS G. HEALTH FIMF........
FONDBARCLAYS G. SMALL CAPS FIMF.
FONDBARCLAYS G. TECH. TELE.FIMF...
FONDO GLOBAL 3-98 FIM....................
FONDUERO ALFA FIMF .........................
FONGAUDI FIM.....................................
(Continued)
NA
15.14
NA
12.66
5.48
NA
NA
NA
NA
12.17
6.65
2.82
15.21
0.24
11.25
8.49
17.54
12.93
NA
7.62
13.92
5.98
NA
9.69
13.09
NA
NA
NA
NA
NA
NA
10.30
NA
12.33
NA
0.00
NA
0.01
0.01
NA
NA
NA
NA
0.07
0.05
1.71
0.01
0.47
2.99
1.26
4.54
0.01
NA
0.03
0.83
0.01
NA
1.07
3.98
NA
NA
NA
NA
NA
NA
0.67
NA
1.33
RFM
RVM
FGL
FGL
FGL
FGL
RFMI
FGL
GRV
FGL
FGL
GRF
FGL
FGL
FGL
FGL
FGL
FGL
FGL
NA
3.20
NA
4.59
1.57
NA
NA
NA
NA
6.09
4.60
0.32
0.42
0.68
3.63
0.72
6.66
4.01
NA
1.32
4.68
2.33
NA
2.93
5.64
NA
NA
NA
NA
NA
NA
5.35
NA
5.98
NA
12.62
NA
11.40
5.85
0.14
NA
NA
NA
13.59
11.89
2.67
15.65
0.17
12.54
9.30
19.57
14.88
0.08
5.53
15.96
9.35
NA
14.06
15.89
12.50
NA
NA
NA
NA
NA
13.53
NA
13.93
NA
0.00
NA
0.01
0.01
0.01
NA
NA
NA
0.99
0.20
1.57
0.01
0.24
2.40
1.31
2.01
0.01
0.01
0.03
1.40
0.22
NA
1.88
3.95
3.00
NA
NA
NA
NA
NA
0.66
NA
1.09
FGL
RVM
FGL
FGL
FGL
FGL
GRV
FGL
FGL
GRF
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
NA
6.30
NA
1.94
1.75
1.79
NA
NA
NA
0.90
3.69
1.02
11.37
4.94
2.64
1.17
2.35
0.08
0.89
1.85
2.90
1.65
NA
0.01
3.42
1.47
NA
NA
NA
NA
NA
1.21
NA
0.02
9.93
10.37
11.98
7.64
3.77
11.03
12.66
4.91
11.39
12.15
12.78
1.59
19.88
8.62
8.51
6.36
13.33
8.94
5.64
5.22
9.38
5.74
10.76
9.56
10.85
3.78
NA
1.90
1.97
1.79
1.97
9.90
1.00
9.95
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.01
0.60
0.01
1.52
0.01
3.07
2.24
1.18
2.98
0.01
0.01
0.03
2.18
0.22
1.51
2.16
3.39
0.80
NA
0.01
0.01
0.01
0.01
0.93
0.01
1.47
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
GRV
FGL
FGL
GRF
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
NA
2.22
NA
NA
NA
NA
NA
NA
NA
7.87
1.90
1.14
8.00
0.66
7.44
4.34
11.02
7.25
NA
0.11
7.32
NA
NA
6.02
3.50
NA
NA
NA
NA
NA
NA
3.98
NA
3.82
Q3
Q2
Q1
Q4
5.34
3.79
28.53
2.63
0.75
4.50
11.12
5.69
14.66
9.73
0.82
0.36
7.20
2.51
4.41
2.90
8.73
6.34
6.89
0.89
9.57
2.52
5.52
4.80
7.28
0.23
NA
2.53
10.22
6.67
24.23
11.86
0.73
12.28
9.87
10.40
57.41
5.78
2.03
14.95
15.90
10.48
25.02
11.96
0.06
1.70
19.41
8.66
11.33
10.16
18.96
17.50
9.42
6.98
13.42
7.51
17.17
13.57
14.85
5.21
4.35
10.88
23.05
6.59
33.91
22.35
0.31
17.34
0.01
0.01
0.01
0.00
0.01
0.01
0.00
0.01
0.00
0.96
0.02
1.28
0.02
3.66
2.12
1.74
2.42
0.01
0.02
0.04
3.01
0.19
1.48
1.60
3.95
2.30
0.00
0.01
0.01
0.00
0.01
1.08
0.01
1.22
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL

lity
tion type
(%)
NA
11.34
NA
NA
NA
NA
NA
NA
NA
7.73
1.62
2.88
12.96
3.68
1.59
1.76
3.19
3.49
NA
4.00
4.82
NA
NA
2.03
6.34
NA
NA
NA
NA
NA
NA
14.31
NA
14.39
7.60
12.30
41.97
9.51
4.46
11.87
14.58
8.52
20.29
12.56
9.36
2.26
17.74
6.15
11.05
8.71
17.59
13.96
7.53
6.41
13.44
7.40
16.42
11.94
13.84
7.84
4.35
9.94
21.02
6.48
30.96
14.96
0.29
13.72
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
12.20
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
61.43
Yield
since
Yield Volati1995
(%)
lity
2000
1.00
2.25
2.25
0.45
0.45
1.35
1.75
1.75
1.75
2.00
1.25
0.29
1.00
1.25
1.50
0.70
1.00
0.85
0.80
1.35
1.75
1.00
1.50
0.50
0.85
1.35
1.60
1.60
1.60
1.60
1.60
0.75
2.00
1.00
0.00
0.00
0.00
9.00
9.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
9.00
9.00
0.00
0.00
0.00
3.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.15
0.15
0.15
0.05
0.05
0.40
0.15
0.15
0.15
0.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.20
0.10
0.10
0.10
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.10
0.20
0.12
Custody
FONPROFIT FIM.....................................
FONSGLOBAL RENTA FIM .....................
FONTALENTO FIM .................................
FONTIBREFONDO FIM ..........................
FONVALCEM FIM...................................
GESCAFONDO FIM................................
GESCARTERA GLOBAL FIM....................
GESDIVISA FIM.......................................
GESTINOVA MULTIFON. FIM.................
GIROBORSA FIM....................................
GOACO MIXTO FIM ..............................
HERMES GLOBAL FIM............................
IBERCAJA EMERGENTES FIM..................
INGENIEROS MULTIF. FIM .....................
INTERDIN GLOBAL FONDOS FIMF.......
INVERACTIVO GLOBAL FIM..................
KUTXAEMERGENTE FIMF.......................
KUTXAOPPORTUNITIES FIMF................
KUTXASELECT1 FIMF .............................
KUTXASELECT2 FIMF .............................
MERCHFONDO FIM...............................
MULTIFONDOS VITAL FIMF...................
NR FONDO II FIM..................................
PENTAFONDO RENTA FIM ....................
RENTA 4 ACC. MIXTO FIM.....................
RENTA 4 CAPIT. PLUS FIM .....................
RENTA 4 CARTERA FIM ..........................
RENTA 4 CICLOS FIM.............................
RENTA 4 DELTA FIM ...............................
RENTA 4 MERCADOS FIM......................
RENTA 4 MULTIFONDOS FIM................
RENTA 4 PREMIER FIM ...........................
RENTA 4 VALOR FIM..............................
RENTA AZUL FIM ...................................
(Continued)
8.63
28.95
9.63
25.50
12.87
28.57
13.77
21.91
18.98
14.56
13.56
14.63
19.46
14.31
NA
NA
NA
NA
NA
NA
35.04
9.58
5.90
1.23
15.93
9.71
14.30
7.92
10.83
15.89
6.69
10.76
6.94
6.93
1.62
0.65
0.97
0.00
3.62
0.01
0.01
0.01
0.01
0.00
4.87
0.01
1.49
0.98
NA
NA
NA
NA
NA
NA
0.00
0.06
0.71
0.19
2.45
1.01
0.01
0.80
1.65
2.01
0.01
1.78
0.87
1.80
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
RFM
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
2.10
1.15
0.70
20.01
6.62
17.26
2.51
14.24
8.54
5.21
3.76
1.07
13.37
5.18
NA
NA
NA
NA
NA
NA
3.43
4.40
2.35
0.23
10.08
4.41
10.41
1.68
4.47
12.43
3.44
3.12
3.60
3.66
9.28
7.12
10.62
38.41
14.50
30.94
10.91
25.81
21.10
11.86
13.68
12.64
27.18
16.67
14.98
1.07
0.88
6.50
NA
NA
41.51
9.58
7.48
2.77
21.53
11.83
19.44
7.35
15.71
21.61
10.50
10.83
8.58
9.65
1.61
0.66
0.56
0.00
3.59
0.01
0.01
0.01
0.00
0.01
3.92
0.01
1.88
1.13
0.00
0.06
0.00
0.00
NA
NA
0.00
0.01
0.90
0.21
3.72
1.11
0.01
1.01
1.30
3.96
0.01
1.59
0.78
1.86
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
RFM
FGL
FGL
FGL
RVM
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
1.74
0.40
6.75
0.69
0.33
0.97
0.56
3.90
5.55
0.26
1.38
0.66
5.26
3.02
4.35
5.68
8.40
2.38
NA
NA
11.38
1.16
1.21
0.98
1.05
1.54
3.00
0.42
4.88
2.63
2.74
3.71
2.20
1.64
5.69
5.09
8.40
16.67
11.31
15.19
6.45
14.48
16.19
12.05
8.64
8.78
17.43
9.86
9.58
5.52
12.17
9.96
NA
NA
23.94
7.09
4.62
0.33
15.03
9.94
15.78
5.64
12.40
15.53
8.03
9.45
6.36
7.56
1.56
0.70
1.01
0.01
3.75
0.01
0.01
0.01
0.01
0.01
2.66
0.01
1.83
2.22
0.01
0.03
0.00
0.00
NA
NA
0.00
0.01
0.93
0.20
2.51
1.20
0.01
0.95
1.11
2.84
0.01
1.54
0.78
1.68
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
RFM
FGL
FGL
FGL
RVM
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
4.91
8.08
6.65
3.24
7.00
13.16
12.72
14.36
16.86
3.73
2.92
6.86
14.83
6.96
NA
NA
NA
NA
NA
NA
16.69
NA
4.09
0.73
6.64
2.97
10.68
1.38
8.72
7.90
3.92
28.04
4.21
4.67
Q3
Q2
Q1
Q4
4.28
7.68
7.13
19.24
9.25
16.90
10.73
14.16
17.16
5.43
6.97
15.82
18.93
9.69
4.13
1.11
12.81
15.69
NA
NA
27.27
6.83
4.89
1.52
19.97
8.26
17.54
8.38
16.76
18.08
10.04
10.63
7.67
9.38
9.93
12.08
16.04
24.51
19.80
26.50
13.61
18.50
17.19
20.28
16.34
22.12
19.87
13.67
5.20
3.56
22.57
30.06
7.97
11.20
49.03
10.20
7.16
0.55
30.26
15.42
26.06
8.38
27.71
27.54
14.16
18.45
11.84
14.86
1.64
0.56
1.05
0.00
5.42
0.01
0.01
0.23
0.00
0.00
2.51
0.01
0.90
2.74
0.01
0.02
0.00
0.00
0.00
0.00
0.00
0.01
0.57
0.09
2.51
1.12
0.01
0.01
1.33
3.11
0.01
1.91
0.75
1.82
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL

lity
tion type
(%)
0.02
0.97
6.47
33.77
9.62
22.95
2.46
19.10
6.55
6.77
9.13
11.59
23.59
5.65
NA
NA
NA
NA
NA
NA
8.72
NA
2.17
3.51
22.45
8.31
15.78
8.50
9.32
20.56
7.26
22.37
5.20
7.12
8.57 60.15
16.29
NA
11.61
NA
27.48 112.47
15.03 56.92
26.13 61.16
11.70
NA
20.73 85.01
18.65
NA
15.11
NA
13.37
NA
15.44
NA
21.47
NA
13.90
NA
8.16
NA
4.24
NA
16.65
NA
20.92
NA
7.97
NA
11.20
NA
38.69 247.19
9.22
NA
6.43
NA
1.55
NA
21.69
NA
11.99
NA
19.59
NA
7.44
NA
18.08
NA
20.87
NA
10.32
NA
13.16
NA
8.76
NA
10.31
NA
Yield
since
Yield Volati1995
(%)
lity
2000
0.90
1.00
1.50
1.10
0.50
0.00
1.35
0.75
1.85
2.25
1.50
1.00
1.50
2.00
1.00
2.00
2.25
2.25
2.25
2.25
1.35
1.00
0.90
1.50
1.50
1.30
1.20
1.00
1.00
1.15
1.50
1.75
0.90
1.85
5.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
9.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
5.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
1.00
0.00
2.00
0.00
2.00
0.00
0.00
3.00
2.00
2.00
2.00
2.00
1.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.05
0.10
0.22
0.08
0.00
0.00
0.15
0.10
0.10
0.15
0.15
0.10
0.40
0.40
0.10
0.10
0.40
0.40
0.40
0.40
0.12
0.00
0.15
0.07
0.12
0.10
0.10
0.10
0.10
0.05
0.13
0.20
0.10
0.10
Custody
293
294
FGL
FGL
FGL
FGL
FGL
RVMI
FGL
5.75
3.85
4.28
NA
NA
NA
NA
3.94
5.44
NA
13.50
4.02
22.74
14.98
13.26
NA
NA
NA
NA
10.04
14.65
13.92
41.90
14.52
0.00
0.70
3.93
NA
NA
NA
NA
0.68
3.26
0.01
0.01
2.05
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
5.32
1.71
0.39
NA
NA
NA
NA
1.61
1.17
1.21
6.61
3.69
13.32
11.97
6.43
NA
NA
NA
NA
6.02
8.19
13.42
25.73
11.82
0.00
0.39
0.24
NA
NA
NA
NA
0.58
2.13
0.01
0.01
2.30
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL

(%)
lity
tion type

lity
tion type
(%)

(%)
lity
tion type
0.00
0.82
3.48
NA
NA
NA
NA
0.92
3.07
NA
0.01
2.45
Q3
Q2
Q1
Q4
15.64
12.68
5.51
NA
NA
NA
NA
9.16
3.69
17.62
30.85
10.41
18.62
24.13
19.87
19.35
5.02
14.00
9.91
8.84
7.97
25.95
43.33
16.52
0.01
0.29
0.09
0.00
0.02
0.00
0.01
0.42
2.06
0.01
0.01
2.28
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL

lity
tion type
(%)
7.24
10.11
5.97
NA
NA
NA
NA
6.28
5.12
NA
27.36
10.31
19.07
16.09
12.84
19.35
5.02
14.00
9.91
8.71
11.11
18.98
35.56
14.40
NA
17.04
NA
NA
NA
NA
NA
82.29
NA
NA
NA
43.89
Yield
since
Yield Volati1995
(%)
lity
2000
1.50
1.35
1.75
1.50
1.50
1.50
1.50
0.75
1.25
1.50
0.50
1.75
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
RIO TRUEBA FOND MIX FIM................. 10.77 19.90

RIVA Y GARCIA GLOBAL FIM ................ 5.27 8.65
SABADELL GLOBAL FIM ........................ 4.36 6.64
SANTANDER MULT. AGRESIVO FIMF ....
NA
NA
SANTANDER MULT. CONSERV. FIMF.....
NA
NA
SANTANDER MULT. DECIDIDO FIMF....
NA
NA
SANTANDER MULT. MODERADO FIMF.
NA
NA
SECURITY FUND FIM............................. 5.70 9.10
SEGURFONDO GLOBAL FIM................. 2.97 12.16
ST COLECTIVO FINANCIERO FIM .........
NA
NA
TECNOLOGICO GLOBAL FIM ............... 13.92 26.38
ZARAGOZANO BOL. MIX. GLO. FIM.... 0.59 14.17
(Continued)
0.15
0.15
0.10
0.10
0.10
0.10
0.10
0.12
0.20
0.12
0.04
0.15
Custody
42,598,008
1,876,915
40,720,055
32,256,337
0
12,922,033
597,737
5,336,529
565,113
0
12,834,925
0
8,463,718
8,225,403
0
0
8,225,403
0
0
238,315
0
0
238,315
0
0
1,038
1. Assets ..............................................................................................
2. Cash and cash equivalents...............................................................
3, Portfolio investments .......................................................................

3.1. Domestic portfolio...................................................................
3.1.1. Shares and units in mutual funds .................................
3.1.2. Treasury bills ................................................................
3.1.3. Other government fixed-income securities ..................
3.1.4. Private money market assets .........................................
3.1.5. Other private fixed-income ..........................................
3.1.6. Purchased Spanish warrants and options ......................
3.1.7. Repos ..........................................................................
3.1.8. Unlisted portfolio .........................................................
3.2. Foreign portfolio......................................................................
3.2.1. Euros ...........................................................................
3.2.1.1. Shares.............................................................
3.2.1.2. Units in mutual funds .....................................
3.2.1.3. Fixed-income .................................................
3.2.1.4. Purchased foreign warrants and options ........
3.2.1.5. Unlisted portfolio ...........................................
3.2.2. Others ..........................................................................
3.2.2.1. Shares.............................................................
3.2.2.3. Fixed-income .................................................
3.2.2.4. Purchased foreign warrants and options .........
4. Net balance (Debtors-Creditors) ......................................................
Amount
0.00
95.59
75.72
0.00
30.33
1.40
12.53
1.33
0.00
30.13
0.00
19.87
19.31
0.00
0.00
19.31
0.00
0.00
0.56
0.00
0.00
0.56
0.00
0.00
4.41
100.00
% of assets
31-12-1999
25,296
32,220,950
22,181,073
0
5,926,784
576,193
3,748,144
809,829
0
11,120,123
0
10,039,877
9,922,678
0
0
9,922,678
0
0
117,199
0
0
117,199
0
0
1,121,843
33,368,089
Amount
0.08
96.56
66.47
0.00
17.76
1.73
11.23
2.43
0.00
33.33
0.00
30.09
29.74
0.00
0.00
29.74
0.00
0.00
0.35
0.00
0.00
0.35
0.00
0.00
3.36
100.00
% of assets
31-12-2000
24,258
8,499,105
10,075,264
0
6,995,249
21,544
1,588,385
244,716
0
1,714,802
0
1,576,159
1,697,275
0
0
1,697,275
0
0
121,116
0
0
121,116
0
0
755,072
9,229,919
Amount
Change
2,336.99
20.87
31.23
0.00
54.13
3.60
29.76
43.30
0.00
13.36
0.00
18.62
20.63
0.00
0.00
20.63
0.00
0.00
50.82
0.00
0.00
50.82
0.00
0.00
40.23
21.67
A.4.9. INVESTMENT IN SECURITIES. FIAMM. DISTRIBUTION OF ASSETS AT MARKET VALUE
295
A.4.10. INVESTMENT IN SECURITIES. FIAMM. TRANSACTIONS IN DERIVATIVES

31-12-99
31-12-00
Amount
% of assets

Spot purchases ...............................................................
Options and warrants (call purchase, put sale)................
Financial swaps. Collection rights...................................
Other purchase commitments.........................................
Forward sales .................................................................
Spot sales .......................................................................
Sold futures ....................................................................
Options and warrants (call sale, put purchase)................
Financial swaps. Payment obligations.............................
Other sale commitments.................................................
0
0
357,191
0
0
0
0
0
355,732
0
0
0
0.00
0.00
0.84
0.00
0.00
0.00
0.00
0.00
0.84
0.00
0.00
0.00
0
48,097
0
0
0
0
5,747
0
1,340,656
0
0
0
0.00
0.14
0.00
0.00
0.00
0.00
0.02
0.00
4.02
0.00
0.00
0.00
TOTAL............................................................................
712,923
1.67
1,394,500
4.18
296
Amount
% of assets
0.79
0.81
0.00
0.01
0.00
0.00
323,136
328,806
1,812
3,007
979
128
127,763
116,190
10,443
1,130
Total yields .............................

Interest ...............................
of fixed-income (whether
realized or not)...............
Results from derivatives......
Other yields .......................
Foreign exchange differences.
Total costs ..............................

Management fees ...............
Custody fees.......................
Other operating costs .........
0.31
0.29
0.03
0.00
0.48
195,373
Net yields...............................
0.00
637
10.13
Net subscriptions
and reimbursements ........... 4,123,997
Gross distributed profits..........
9.66
% of
average
daily
assets
Change in assets..................... 3,929,274
Amount
Q1
116,200
105,235
8,974
1,991
28,711
805
1,573
146
315,240
346,475
199,040
739
2,810,409
2,616,474
Amount
Q2
0.31
0.28
0.02
0.01
0.08
0.00
0.00
0.00
0.84
0.93
0.53
0.00
7.51
6.98
% of
average
daily
assets
Amount
Q3
93,393
82,425
9,384
1,584
24,052
3,028
1,614
650
391,098
371,038
297,705
1,070
2,179,098
1,882,119
2000
0.27
0.24
0.03
0.00
0.07
0.01
0.00
0.00
1.12
1.06
0.85
0.00
6.22
5.37
% of
average
daily
assets
90,299
80,040
9,993
266
38,727
93
3,138
1,154
428,649
394,121
338,350
1,118
1,143,627
806,052
Amount
Q4
0.27
0.24
0.03
0.00
0.12
0.00
0.01
0.00
1.28
1.17
1.01
0.00
3.4
2.37
% of
average
daily
assets
427,655
383,890
38,794
4,971
32,256
6,747
7,304
522
1,458,123
1,440,440
1,030,468
3,564
10,257,131
9,233,919
Amount
2000
1.17
1.05
0.11
0.01
0.09
0.02
0.02
0.00
3.98
3.93
2.81
0.01
27.92
25.12
% of
average
daily
assets
597,039
530,832
45,182
21,025
140,696
3,578
4,019
6,490
1,290,295
1,445,078
693,256
3,113
8,681,511
7,990,561
Amount
1999
1.31
1.16
0.10
0.05
0.31
0.01
0.01
0.01
2.83
3.17
1.52
0.01
19.03
17.51
% of
average
daily
assets
Accumulated
A.4.11. INVESTMENT IN SECURITIES. FIAMM. BREAKDOWN OF CHANGE IN ASSETS
297
298
AB DINERPLUS FIAMM ..........................

AC CUENTA FT FIAMM ..........................
AC DINERO FIAMM ...............................
AHORRO ACTIVO FT FIAMM ................
ALCALA DINERO FIAMM.......................
ALTAE DINERO FIAMM ..........................
ASTURFONDO DINERO FIAMM............
ATLANT. DINERFOND FIAMM...............
ATLNTICO AZUL PREMIER FIAMM......
ATLAS RENTA FIAMM.............................
BANDESCO MONETAR. FIAMM ............
BANIF DINERO FIAMM..........................
BANIF MONETARIO FIAMM ..................
BANKOA TESORERIA FIAMM.................
BANKPYME FV FIAMM...........................
BANKPYME MULTI DR FIAMM ..............
BBK FONDINERO FIAMM......................
BBV ACTIVOS FT FIAMM .......................
BBV MONETARIO FIAMM......................
BBVA DINERO 1 FIAMM ........................
BBVA LIQUIDEZ 1 FIAMM .....................
BBVA MONETARIO 3 FIAMM.................
BCH FONDIMO 1 FIAMM......................
BCH MONETARIO FT FIAMM ................
BETA DINERO FIAMM ............................
0.40
0.52
0.52
0.48
0.68
0.50
0.49
0.62
NA
0.43
0.51
0.55
0.65
0.60
0.55
0.35
0.60
0.39
0.37
0.44
0.65
0.48
0.44
0.32
0.39
0.43
0.40
0.45
0.52
0.39
0.54
0.54
0.52
0.43
0.44
0.60
Yield
(%)
9.52
3.11
2.40
3.25
0.19
0.16
0.01
3.14
NA
9.79
9.66
0.21
0.16
0.09
6.84
7.26
5.62
8.25
0.24
0.25
0.14
0.37
0.27
0.47
0.13
0.47
0.14
0.44
0.12
0.21
0.56
0.10
9.38
0.10
8.74
0.30
Volatility
0.36
0.13
0.10
0.01
0.28
0.55
0.16
0.17
NA
0.25
0.48
0.52
0.63
0.56
0.46
0.72
0.27
0.33
0.37
0.37
0.60
0.36
0.35
0.42
0.59
0.40
0.65
0.45
0.63
0.41
0.57
0.50
0.51
0.59
0.51
1.07
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q1
0.53
0.67
0.69
0.65
0.70
0.69
0.63
0.76
NA
0.62
0.34
0.58
0.61
0.48
0.58
0.55
0.68
0.42
0.45
0.51
0.67
0.55
0.54
0.46
0.42
0.46
0.43
0.34
0.57
0.45
0.56
0.52
0.50
0.39
0.45
0.65
Yield
(%)
0.15
9.68
4.71
1.77
0.45
0.22
1.38
1.55
0.11
5.68
0.37
0.24
0.35
0.29
0.13
0.18
4.65
0.20
0.13
0.12
0.19
0.10
0.14
0.12
0.16
0.12
0.21
0.18
0.13
0.11
0.13
0.22
0.21
0.28
0.25
0.22
Volatility
0.50
0.25
0.22
0.01
0.36
0.75
0.18
0.12
0.13
0.44
0.40
0.53
0.67
0.55
0.35
0.79
0.30
0.47
0.50
0.50
0.00
0.42
0.36
0.45
0.00
0.42
0.00
0.36
0.00
0.38
0.00
0.56
0.58
0.40
0.43
0.90
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q2
0.81
0.85
0.86
0.81
1.16
0.78
0.83
0.91
0.97
0.88
0.86
0.90
1.00
0.91
0.81
0.82
0.87
0.85
0.92
0.91
1.02
0.93
0.97
0.91
0.78
0.93
0.84
1.05
0.83
0.87
0.86
0.89
0.94
0.87
0.76
0.95
Yield
(%)
7.30
3.71
3.21
1.08
0.25
0.18
0.01
1.59
8.93
0.07
0.18
0.15
0.16
0.17
4.88
7.09
0.02
6.75
0.08
7.98
0.13
0.10
0.12
0.11
0.11
9.93
9.33
0.19
0.06
0.13
0.10
0.18
0.29
0.17
0.11
0.16
Volatility
0.46
0.17
0.19
0.01
0.22
0.71
0.23
0.06
0.05
0.35
0.46
0.50
0.54
0.44
0.29
0.76
0.11
0.33
0.40
0.40
0.55
0.37
0.29
0.35
0.59
0.36
0.73
0.25
0.60
0.36
0.59
0.59
0.58
0.38
0.29
0.87
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q3
0.96
0.97
1.00
0.91
0.28
1.05
0.94
1.04
1.09
0.98
1.05
1.26
1.31
1.13
1.00
0.92
1.05
1.01
1.06
1.06
1.31
1.09
1.14
1.07
0.93
1.04
0.99
1.05
1.04
1.10
0.97
1.11
1.10
0.98
1.01
0.95
Yield
(%)
6.18
2.47
3.23
9.84
1.01
0.36
6.54
9.83
2.01
4.70
0.13
0.28
0.21
0.12
6.85
8.67
5.24
7.60
8.60
8.46
0.23
0.07
9.51
8.74
8.95
8.47
9.17
0.11
0.08
0.09
7.65
0.13
0.13
8.86
7.98
5.73
Volatility
0.49
0.33
0.23
0.01
0.27
0.67
0.12
0.11
0.05
0.39
0.43
0.44
0.43
0.31
0.23
0.78
0.38
0.36
0.50
0.51
0.48
0.50
0.52
0.48
0.58
0.49
0.61
0.58
0.50
0.57
0.45
0.51
0.51
0.28
0.24
0.80
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q4
2.74
3.05
3.10
2.87
2.84
3.04
2.93
3.36
NA
2.95
2.78
3.34
3.61
3.16
2.98
2.65
3.24
2.70
2.83
2.96
3.70
3.09
3.12
2.79
2.53
2.88
2.68
2.92
3.00
2.84
2.97
3.09
3.09
2.69
2.68
3.18
Yield
(%)
0.11
0.06
5.06
3.84
0.58
0.25
0.03
3.74
6.96
8.37
0.23
0.23
0.24
0.19
9.25
0.12
5.79
0.13
0.16
0.16
0.18
0.21
0.18
0.26
0.13
0.26
0.15
0.27
0.11
0.15
0.29
0.17
0.20
0.18
0.15
0.21
Volatility
2000
28.34
31.26
30.43
28.64
NA
NA
NA
NA
NA
27.10
NA
32.34
NA
NA
NA
26.05
NA
29.26
NA
32.41
NA
32.71
33.24
26.93
28.72
29.62
28.43
29.28
34.42
30.01
NA
32.45
31.69
NA
28.53
32.67
Yield
since
1995
1.00
1.00
1.00
1.00
0.90
0.90
1.00
0.60
0.40
1.00
0.90
0.85
0.40
0.75
0.75
1.00
0.65
1.00
1.00
1.00
0.50
1.00
0.80
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
0.90
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
A.4.12. INVESTMENT IN SECURITIES. FIAMM. YIELDS, VOLATILITY AND DURATION
0.07
0.06
0.05
0.10
0.02
0.10
0.07
0.15
0.10
0.10
0.10
0.10
0.10
0.00
0.15
0.15
0.10
0.00
0.10
0.10
0.10
0.00
0.10
0.15
0.10
0.15
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.15
0.15
0.07
Custody
BG DINERO FIAMM ...............................

BG MONETARIO FIAMM........................
BI EURO DINERO FIAMM......................
BIZKAIFONDO FIAMM ..........................
BK DINERO 95 FIAMM...........................
BK DINERO 96 FIAMM...........................
BK DINERO 97 FIAMM...........................
BK DINERO 98 FIAMM...........................
BK DINERO FIAMM................................
BK MONETARIO FIAMM ........................
BM-CUENTA NET FIAMM.......................
BNP ACTIVOS FIAMM............................
BNP CASH FIAMM .................................
BROKERDINER FIAMM...........................
BSN DINERO FIAMM .............................
BSN TR FT FIAMM..................................
CAI DINERO FIAMM ..............................
CAIXA GALICIA DR FIAMM....................
CAIXASAB. 1-DINER FIAMM ..................
CAJA LAB. AHORRO FIAMM..................
CAJA LABORAL DR FIAMM....................
CAJA MURCIA DR FIAMM......................
CAJACANARIAS DR FIAMM ...................
CAJASUR DINERO FIAMM .....................
CAM DINERO 1 FIAMM.........................
CAM DINERO 2 FIAMM.........................
CAM DINERO AHORRO FIAMM ...........
CAM DINERO FT FIAMM .......................
CAM DINERO PLUS FIAMM...................
CAM DR PREMIER FIAMM .....................
CANARIAS DINERO FIAMM...................
CATALUNYA DINER FIAMM...................
CATALUNYA PLUS FIAMM.....................
CAVALDINER 2 FIAMM ..........................
(Continued)
0.44
0.54
0.72
0.46
0.58
0.59
0.62
0.74
0.56
0.37
0.54
0.51
0.67
0.36
0.58
0.53
0.51
0.44
0.37
0.50
0.41
0.44
0.46
0.51
0.48
0.47
0.49
0.50
0.55
0.61
0.38
0.42
0.58
0.55
Yield
(%)
6.48
6.66
0.41
5.63
0.14
5.75
0.10
0.10
8.26
0.12
5.59
6.21
8.01
0.25
0.11
8.11
2.41
3.71
2.16
0.15
7.79
1.44
1.36
0.04
8.97
1.07
1.02
1.69
8.93
8.54
0.03
2.29
2.46
1.94
Volatility
0.23
0.21
3.23
0.32
0.29
0.31
0.22
0.20
0.40
0.35
0.69
0.37
0.37
0.68
0.61
0.50
0.08
0.11
0.06
0.53
0.20
0.06
0.05
0.89
0.18
0.18
0.15
0.23
0.16
0.15
0.09
0.31
0.29
0.11
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q1
0.54
0.65
0.67
0.53
0.64
0.68
0.66
0.78
0.65
0.50
0.58
0.64
0.75
0.29
0.53
0.51
0.67
0.60
0.56
0.53
0.53
0.61
0.63
0.62
0.64
0.63
0.65
0.66
0.71
0.77
0.54
0.55
0.70
0.68
Yield
(%)
8.84
7.70
0.53
7.95
7.68
5.06
6.42
6.96
6.72
5.31
7.00
0.27
1.16
0.44
0.28
0.25
6.76
6.19
4.96
0.19
1.96
0.04
4.03
4.59
9.86
9.11
9.89
1.23
1.03
1.01
5.60
4.19
3.62
4.89
Volatility
0.11
0.11
0.78
0.26
0.24
0.22
0.17
0.17
0.22
0.24
0.66
0.40
0.36
0.52
0.55
0.42
0.23
0.23
0.23
0.59
0.23
0.20
0.19
0.69
0.18
0.16
0.18
0.17
0.17
0.20
0.22
0.87
0.82
0.17
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q2
0.80
0.85
1.34
0.84
0.79
0.84
0.86
1.00
0.79
0.75
0.71
0.82
0.97
0.92
0.92
0.81
0.85
0.85
0.84
0.86
0.85
0.83
0.82
0.85
0.80
0.79
0.80
0.75
0.84
0.89
0.84
0.83
0.87
0.86
Yield
(%)
0.01
1.31
0.58
4.29
0.01
1.71
1.30
1.46
1.72
1.14
4.16
9.56
0.10
0.33
0.17
0.11
3.01
3.87
3.96
0.13
0.13
0.03
2.91
4.66
9.24
1.18
9.38
1.50
8.41
9.12
3.74
0.04
3.65
3.94
Volatility
0.14
0.16
0.81
0.27
0.12
0.16
0.16
0.17
0.18
0.12
0.48
0.37
0.34
0.41
0.58
0.28
0.16
0.17
0.20
0.47
0.28
0.19
0.19
0.90
0.15
0.16
0.16
0.06
0.16
0.16
0.18
0.88
0.88
0.22
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q3
0.91
0.94
0.16
0.97
0.95
0.97
0.98
1.10
0.97
0.93
0.78
1.05
1.18
1.06
1.13
1.05
0.97
1.00
0.97
1.05
0.92
0.95
0.95
0.92
0.93
0.93
0.87
0.91
0.96
1.01
0.96
0.97
0.99
0.99
Yield
(%)
4.79
4.65
1.24
6.03
1.68
3.42
1.40
1.30
0.01
1.90
7.73
0.15
0.13
0.29
0.12
8.63
3.38
4.41
3.57
0.27
4.27
3.73
3.26
8.83
2.50
3.21
0.12
1.85
2.78
4.73
3.76
3.25
0.07
2.94
Volatility
0.07
0.07
0.20
0.31
0.18
0.20
0.18
0.17
0.23
0.20
0.33
0.26
0.21
0.47
0.49
0.22
0.22
0.26
0.23
0.60
0.36
0.24
0.23
0.84
0.16
0.13
0.15
0.94
0.13
0.15
0.23
0.75
0.72
0.15
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q4
2.71
3.02
2.91
2.82
3.00
3.11
3.15
3.66
3.00
2.58
2.65
3.06
3.62
2.65
3.20
2.94
3.04
2.93
2.77
2.97
2.74
2.86
2.89
2.92
2.89
2.85
2.83
2.86
3.09
3.31
2.74
2.79
3.17
3.12
Yield
(%)
4.01
3.30
0.77
7.47
0.08
5.21
6.72
0.07
6.29
8.16
6.56
0.17
0.58
0.34
0.19
0.15
5.51
6.45
6.11
0.20
8.26
5.21
4.89
6.77
0.03
3.90
7.03
0.03
3.49
3.91
6.38
5.74
5.53
4.95
Volatility
2000
% fees
28.11
NA
28.36
29.18
NA
NA
NA
NA
31.79
26.71
28.72
31.47
NA
27.13
33.79
31.48
30.63
28.70
27.18
NA
26.55
28.16
28.39
NA
27.40
NA
NA
NA
31.13
NA
26.39
26.74
NA
NA
1.00
0.85
1.00
1.00
0.85
0.85
0.85
0.35
0.85
1.00
1.00
1.00
0.45
1.00
0.75
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
0.90
0.70
1.00
1.00
0.90
0.90
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Yield
since Management Front end
1995
of
of
Max. Min.
assets yield
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.15
0.10
0.00
0.10
0.15
0.15
0.15
0.15
0.15
0.15
0.10
0.15
0.10
0.15
0.15
0.00
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.10
0.15
0.15
0.15
0.05
0.10
0.05
0.15
0.15
0.10
0.05
Custody
299
300
CAVALDINER FIAMM .............................

CAVALDINER ORO FIAMM....................
CAVALDINER PLUS FIAMM....................
CAVALTESORO FV FIAMM.....................
CHASE AHORRO I FIAMM.....................
CITICASH FUND FIAMM........................
CITIDINERO FIAMM...............................
CITIMONEY FIAMM ...............................
CREDIT AGRIC. MERC. FIAMM ..............
CRV FONDINERO FIAMM......................
CS TR FIAMM .........................................
CTA FISCAL ORO FIAMM.......................
CTA FISCAL ORO I FIAMM.....................
DB DINER FIAMM ..................................
DB DINER II FIAMM...............................
DB DINERPLUS FIAMM..........................
DINER 2000 FIAMM ...............................
DINER B&M FIAMM ...............................
DINERACTIVO FIAMM...........................
DINERATLANTICO FIAMM.....................
DINERBANC FIAMM ..............................
DINERBURGOS FIAMM .........................
DINERCAM FIAMM ................................
DINERCOOP FIAMM..............................
DINERFONDO FIAMM...........................
DINERKOA FIAMM.................................
DINERMADRID FT FIAMM.....................
DINERNAVARRA 2 FIAMM.....................
DINERNAVARRA FIAMM........................
DINERNAVARRA-3 FIAMM.....................
DINERO21 FIAMM .................................
DINERPAMPLONA FIAMM.....................
E-BANKINTER DINERO I FIAMM............
ESPIRITO SANTO DR FIAMM .................
(Continued)
0.38
0.60
0.65
0.45
0.52
0.69
0.64
0.40
0.61
0.43
0.66
0.36
0.37
0.51
0.50
0.55
0.39
0.56
0.43
0.46
0.43
0.46
0.63
0.40
0.47
0.45
0.45
0.35
0.38
0.46
0.39
0.46
NA
0.65
Yield
(%)
2.37
2.83
0.03
1.99
0.12
7.45
6.46
0.08
3.86
0.30
0.09
7.84
7.84
7.40
0.07
7.62
4.22
5.27
8.54
3.57
3.17
9.04
4.59
0.13
1.38
0.11
5.61
7.86
8.60
8.60
2.72
3.17
NA
6.47
Volatility
0.11
0.13
0.11
0.11
0.52
0.13
0.14
0.15
0.33
0.44
0.22
0.43
0.40
0.70
0.67
0.62
0.17
0.70
0.49
0.15
0.13
0.15
0.24
0.27
0.06
0.54
0.20
0.19
0.19
0.14
0.14
0.10
NA
1.63
Yield
(%)
0.53
0.74
0.79
0.58
0.60
0.85
0.78
0.57
0.67
0.54
0.71
0.49
0.49
0.61
0.62
0.68
0.49
0.66
0.36
0.61
0.60
0.59
0.84
0.48
0.64
0.27
0.56
0.57
0.51
0.61
0.55
0.61
NA
FIAMM 0.59
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q1
3.42
4.08
0.04
3.59
0.27
5.01
4.74
0.10
5.07
0.32
0.42
6.55
7.37
9.40
9.51
7.66
5.64
5.61
0.28
2.56
3.29
1.12
0.26
0.11
4.32
0.36
0.11
1.88
0.01
2.25
5.91
0.05
NA
0.11
Volatility
0.15
0.16
0.19
0.13
0.48
0.18
0.19
0.20
0.34
0.25
0.49
0.25
0.25
0.39
0.39
0.37
0.17
0.56
0.47
0.13
0.15
0.17
0.40
0.24
0.21
0.69
0.27
0.21
0.13
0.20
0.19
0.24
NA
0.32
Yield
(%)
0.83
0.92
1.00
0.80
0.86
1.01
0.91
0.85
0.89
0.75
1.09
0.73
0.75
0.80
0.80
0.82
0.80
0.72
0.81
0.83
0.82
0.82
0.91
0.82
0.87
0.83
0.83
0.81
0.77
0.80
0.85
0.84
NA
FIAMM 0.85
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q2
2.63
2.84
5.72
2.97
0.10
6.61
5.62
7.11
6.04
0.19
0.36
9.78
1.17
4.61
4.40
4.40
6.61
4.03
0.11
1.37
1.25
9.79
9.57
6.18
3.28
0.23
7.94
2.30
0.01
6.77
4.37
3.61
NA
0.09
Volatility
0.17
0.16
0.23
0.14
0.43
0.17
0.20
0.19
0.28
0.16
0.72
0.10
0.14
0.35
0.35
0.33
0.18
0.37
0.36
0.07
0.06
0.18
0.19
0.16
0.16
0.55
0.21
0.07
0.05
0.07
0.17
0.20
0.04
0.24
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q3
0.97
1.05
1.11
0.97
0.97
1.10
0.99
0.94
1.10
0.87
1.19
0.93
0.93
1.02
1.02
1.04
0.99
0.83
0.97
0.95
0.94
0.92
1.01
0.94
1.00
1.07
0.97
0.89
0.91
0.91
0.98
0.98
1.22
1.10
Yield
(%)
3.14
0.02
0.04
4.83
0.19
2.66
2.94
2.69
7.41
4.15
0.26
2.20
1.96
0.11
0.11
0.10
4.58
3.74
8.39
8.88
8.71
1.22
1.91
3.01
0.03
0.17
7.90
6.92
5.32
6.43
4.26
0.03
4.86
0.12
Volatility
0.17
0.16
0.16
0.22
0.44
0.05
0.06
0.06
0.32
0.07
0.47
0.19
0.17
0.53
0.55
0.54
0.26
0.21
0.26
0.12
0.09
0.22
0.11
0.15
0.23
0.40
0.19
0.13
0.16
0.14
0.21
0.24
0.20
0.39
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q4
2.74
3.35
3.59
2.83
2.98
3.70
3.37
2.79
3.32
2.61
3.69
2.54
2.56
2.97
2.97
3.13
2.70
2.80
2.59
2.88
2.83
2.82
3.43
2.68
3.02
2.65
2.84
2.64
2.59
2.81
2.80
2.91
NA
3.23
Yield
(%)
5.59
4.70
5.70
0.05
0.18
5.48
4.82
7.94
6.96
0.24
0.31
6.88
7.03
9.43
9.45
8.76
7.21
0.05
0.17
4.55
4.65
3.87
0.14
0.10
5.31
0.24
9.60
4.43
4.36
0.03
6.53
0.05
NA
0.11
Volatility
2000
26.90
33.40
NA
28.42
32.08
35.26
NA
27.10
NA
NA
NA
26.91
26.85
30.65
31.45
NA
27.23
30.65
28.28
28.88
28.23
27.56
32.28
27.45
29.63
28.05
29.14
NA
27.34
NA
27.88
NA
NA
30.97
Yield
since
1995
0.98
0.70
0.50
0.98
1.00
0.40
1.00
1.00
1.00
1.00
0.70
1.00
1.00
1.00
1.00
0.90
1.00
1.00
1.00
1.00
1.00
1.00
0.30
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
0.10
0.75
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
Back end
of
yield
of
assets
% fees
0.15
0.05
0.05
0.15
0.00
0.10
0.15
0.15
0.07
0.10
0.00
0.15
0.15
0.10
0.10
0.10
0.00
0.10
0.15
0.10
0.10
0.15
0.10
0.00
0.05
0.15
0.10
0.15
0.15
0.10
0.10
0.15
0.05
0.15
Custody
EUROVALOR DR FIAMM .......................

EUROVALOR TR FIAMM ........................
EXTRAD.BANVITORIA FIAMM ...............
EXTRADIN. BANESTO FIAMM................
FIBANC FONDINER FIAMM...................
FIBANC PREMIER FIAMM.......................
FON FINECO DINERO FIAMM...............
FONBILBAO FIAMM...............................
FONCAIXA DINERO 12 FIAMM .............
FONCAIXA DINERO 6 FIAMM ...............
FONCUENTA FIAMM .............................
FONDBARCLAYS DR 2 FIAMM ..............
FONDBARCLAYS DR FIAMM .................
FONDCIRCULO DR FIAMM...................
FONDESPAA II FIAMM ........................
FONDESPAA TR FIAMM ......................
FONDEUDA EFVO FT FIAMM................
FONDINERO FIAMM..............................
FONDINERO GALLEGO FIAMM ............
FONDJOVER FIAMM..............................
FONDMADRID FIAMM..........................
FONDMAPFRE DINERO FIAMM ............
FONDO 111 FIAMM...............................
FONDO 25 FIAMM ................................
FONDO LUSO FIAMM...........................
FONDPREMIER DR FIAMM ....................
FONDUERO DINERO FIAMM................
FONGENERAL DINERO FIAMM.............
FONGESTION FIAMM............................
FONJALON FIAMM ................................
FONMANRESA FIAMM...........................
FONPENEDES DINER FIAMM.................
(Continued)
0.52
0.52
0.52
0.56
0.43
0.50
0.53
0.62
0.41
0.56
0.39
0.43
0.68
0.54
0.33
0.42
0.38
0.64
0.52
0.45
0.72
0.47
0.39
0.47
0.50
0.61
0.39
0.39
0.56
0.45
0.40
0.51
0.42
0.55
Yield
(%)
0.12
9.68
7.87
0.10
0.16
0.17
2.16
0.01
2.42
4.05
4.05
0.00
4.15
0.20
0.19
1.29
1.10
9.75
0.18
1.50
2.86
4.54
6.54
6.99
0.12
0.07
0.06
0.29
5.54
0.03
1.43
0.51
0.10
0.65
Volatility
0.41
0.46
0.50
0.51
0.41
0.38
0.14
0.09
0.44
0.35
0.41
0.28
0.23
0.39
0.41
0.05
0.05
0.30
0.55
0.05
0.13
0.21
0.23
0.24
0.32
0.33
0.57
0.58
0.23
0.09
0.06
0.49
1.78
0.48
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q1
0.56
0.55
0.47
0.46
0.52
0.66
0.66
0.75
0.51
0.64
0.49
0.57
0.85
0.58
0.44
0.59
0.56
0.62
0.44
0.61
0.89
0.59
0.51
0.57
0.50
0.73
0.58
0.40
0.60
0.62
0.58
0.61
0.46
0.58
Yield
(%)
0.10
0.15
0.24
0.27
0.13
0.13
0.01
3.82
6.00
8.94
8.92
0.00
8.91
0.24
0.20
4.22
0.04
6.65
0.36
4.61
0.05
4.60
8.63
0.15
5.89
0.13
4.32
0.35
0.28
0.04
4.32
0.26
0.28
0.21
Volatility
0.29
0.38
0.50
0.57
0.26
0.27
0.14
0.03
0.64
0.62
0.56
0.03
0.23
0.29
0.29
0.18
0.20
0.33
0.58
0.20
0.20
0.14
0.19
0.21
0.33
0.51
0.48
0.44
0.31
0.23
0.21
0.31
0.56
0.04
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q2
0.82
0.82
0.81
0.85
0.92
0.90
0.82
0.89
0.89
0.92
0.88
0.58
0.86
0.88
0.85
0.84
0.84
0.81
0.87
0.84
1.07
0.82
0.84
0.84
0.69
0.92
0.86
0.87
0.85
0.85
0.87
0.86
0.87
0.88
Yield
(%)
4.64
0.08
0.15
0.17
7.73
8.63
1.13
1.16
6.23
6.57
6.86
0.00
0.27
0.73
0.50
3.07
3.02
7.53
0.27
3.67
4.19
5.14
0.07
5.41
8.32
7.62
5.02
0.34
1.48
3.08
0.03
0.13
0.15
0.26
Volatility
0.31
0.38
0.36
0.56
0.30
0.33
0.28
0.01
0.92
0.90
0.85
0.23
0.33
0.38
0.36
0.19
0.16
0.41
0.86
0.20
0.20
0.24
0.16
0.18
0.38
0.45
0.41
0.58
0.28
0.17
0.18
0.14
0.49
0.03
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q3
0.93
0.94
0.99
1.12
1.13
1.14
0.92
1.02
1.00
1.03
1.00
0.95
0.80
1.02
1.00
0.98
0.98
1.19
1.21
0.97
1.21
0.96
0.97
1.00
1.06
1.05
1.04
1.06
1.02
0.98
1.00
0.81
1.04
0.93
Yield
(%)
3.51
5.75
0.10
0.13
8.08
0.07
2.15
0.12
9.52
0.11
0.11
0.00
0.39
0.40
0.15
3.37
3.47
0.51
0.29
3.05
0.06
4.90
0.07
6.01
0.47
6.74
3.16
0.25
4.19
0.04
3.60
0.15
0.10
0.26
Volatility
0.24
0.34
0.28
0.47
0.33
0.31
0.26
0.05
0.79
0.79
0.52
0.21
0.21
0.31
0.49
0.21
0.23
0.43
0.66
0.18
0.25
0.19
0.24
0.22
0.41
0.46
0.55
0.59
0.17
0.25
0.23
0.04
0.41
0.23
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q4
2.86
2.87
2.82
3.01
3.02
3.24
2.96
3.31
2.86
3.19
2.79
2.52
3.23
3.05
2.65
2.86
2.78
3.29
3.07
2.90
3.94
2.87
2.72
2.91
2.78
3.35
2.90
2.75
3.06
2.93
2.89
2.82
2.82
2.97
Yield
(%)
9.17
0.11
0.16
0.19
0.13
0.13
3.52
7.16
8.29
9.12
9.70
0.00
0.24
0.44
0.30
5.43
5.73
0.27
0.29
5.33
6.33
6.18
9.04
0.10
0.25
9.66
7.06
0.31
0.75
5.58
5.81
0.30
0.18
0.39
Volatility
2000
31.68
NA
NA
NA
29.45
NA
28.82
NA
28.87
32.05
27.04
23.67
28.99
NA
28.38
27.93
27.01
NA
31.27
27.55
NA
27.86
27.46
27.78
29.35
NA
28.05
30.55
27.93
28.69
27.97
NA
28.32
28.98
Yield
since
1995
1.00
1.00
1.00
1.00
1.00
0.90
1.00
0.60
1.00
1.00
1.00
1.00
0.80
0.90
1.00
1.00
1.00
0.55
1.00
1.00
0.15
1.00
1.00
1.00
1.00
0.75
1.00
1.00
0.75
1.00
1.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Min.
Back end
of
yield
of
assets
% fees
0.15
0.15
0.15
0.15
0.15
0.10
0.11
0.08
0.10
0.00
0.15
0.10
0.15
0.10
0.15
0.15
0.15
0.15
0.15
0.10
0.10
0.05
0.10
0.13
0.15
0.00
0.15
0.15
0.15
0.15
0.05
0.15
0.10
0.00
Custody
301
302
FONPENEDES GAR. FIAMM...................

FONSCATALONIA 2 FIAMM...................
FONTARRACO DINERO FIAMM ............
GAESCO FONDO FT FIAMM .................
GESTI ALMAGRO FIAMM.......................
HERRERO DINERO FIAMM ....................
HERRERO MONETARIO FIAMM.............
HERRERO TESORERIA FIAMM................
HISPAMER DINERO 1 FIAMM................
IBERAGENTES DR FT FIAMM .................
IBERCAJA DINERO FIAMM.....................
IBERCAJA DINERO II FT R. FIAMM.........
IBERLION DINERO FIAMM ....................
INDOSUEZ ORO FIAMM .......................
INDOSUEZ TR FIAMM ...........................
INGENIEROS DINERO FIAMM ...............
INVERDINER FIAMM..............................
JP MORGAN DINERO FIAMM................
KUTXADINERO FIAMM..........................
KUTXAMONETARIO FIAMM ..................
KUTXAPLUS FIAMM...............................
KUTXARENT FIAMM ..............................
KUTXARENT2 FIAMM ............................
LAIDINER FIAMM...................................
LLOYDS MONEY FIAMM .......................
LLOYDS TESORERIA FIAMM ..................
LUSO DINERO FIAMM...........................
MADRID FOND MONET.FIAMM ...........
MADRID FOND ORO FIAMM................
MARCH DINERO FIAMM .......................
MEDINER FIAMM ...................................
MERCHBANC FT FIAMM........................
MULTIF. 2 PASTOR FIAMM.....................
MULTIFONDO PASTOR FIAMM.............
(Continued)
.58
0.51
0.36
0.58
0.42
0.52
0.48
0.63
0.53
0.42
0.38
0.48
0.48
0.59
0.37
0.34
0.39
0.41
0.37
0.51
0.54
0.37
0.38
0.39
0.43
0.53
0.63
0.47
0.62
0.48
0.58
0.62
0.57
0.47
Yield
(%)
2.68
7.21
3.35
5.27
7.42
4.58
3.00
6.29
8.56
0.22
0.10
1.69
3.86
1.33
3.10
8.86
2.10
8.70
0.29
0.12
0.11
0.10
0.11
2.12
6.28
8.07
0.03
0.22
6.82
0.10
0.17
8.55
8.74
0.12
Volatility
0.01
0.16
0.11
0.29
0.17
0.20
0.29
0.40
0.50
0.25
0.55
0.17
0.22
0.81
0.89
0.24
0.06
0.16
0.65
0.40
0.42
0.35
0.42
0.31
0.34
0.36
0.45
0.59
0.20
0.32
0.40
0.02
0.50
0.57
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q1
0.75
0.66
0.54
0.66
0.56
0.65
0.58
0.68
0.47
0.52
0.47
0.62
0.60
0.68
0.49
0.49
0.58
0.60
0.35
0.52
0.60
0.41
0.45
0.50
0.44
0.53
0.77
0.52
0.78
0.61
0.52
0.80
0.70
0.58
Yield
(%)
1.94
1.21
6.05
2.77
3.58
9.16
2.61
0.11
0.24
0.12
0.22
4.22
4.62
1.55
4.75
0.23
4.33
2.51
0.51
0.34
0.21
0.24
0.21
1.03
0.16
0.20
2.95
0.24
6.23
7.07
0.11
0.15
0.23
0.20
Volatility
0.01
0.16
0.25
0.20
0.22
0.16
0.23
0.31
0.55
0.16
0.45
0.13
0.15
0.85
0.88
0.26
0.21
0.14
0.42
0.38
0.37
0.35
0.37
0.21
0.29
0.33
0.31
0.33
0.22
0.30
0.26
0.02
0.49
0.51
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q2
0.88
0.82
0.83
0.78
0.90
0.88
0.84
0.94
0.87
0.81
0.83
0.81
0.83
0.84
0.73
0.81
0.86
0.81
0.83
0.84
0.85
0.81
0.81
0.75
0.80
0.85
0.94
0.88
0.93
0.90
0.89
0.91
0.86
0.82
Yield
(%)
1.38
9.26
4.00
3.66
6.28
9.26
0.10
0.10
0.19
4.57
8.60
1.91
5.71
2.17
4.16
0.17
3.10
5.18
0.19
0.12
0.12
0.11
0.12
1.20
0.04
4.82
0.04
0.14
4.99
6.13
6.82
0.17
0.13
0.36
Volatility
0.01
0.13
0.20
0.19
0.25
0.53
0.61
0.52
0.60
0.13
0.42
0.15
0.26
0.00
0.00
0.23
0.19
0.21
0.48
0.37
0.32
0.24
0.34
0.12
0.26
0.27
0.23
0.22
0.19
0.32
0.16
0.02
0.47
0.48
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q3
0.99
0.92
0.97
0.98
0.96
1.08
1.04
1.10
1.11
0.94
0.97
0.93
1.00
1.01
0.80
0.98
1.00
1.00
1.18
1.04
1.07
1.06
1.03
0.98
0.95
0.99
1.10
0.88
1.08
0.85
1.04
1.00
1.11
1.02
Yield
(%)
1.33
3.97
3.48
3.98
0.10
0.13
0.11
7.76
0.14
3.63
7.77
1.12
6.10
1.93
3.12
0.11
3.55
0.07
0.34
8.80
0.16
0.19
0.33
0.10
3.73
3.22
4.36
0.10
8.51
0.15
6.89
0.13
0.13
0.13
Volatility
0.01
0.11
0.23
0.22
0.29
0.53
0.59
0.49
0.47
0.15
0.40
0.11
0.21
0.38
0.84
0.23
0.23
0.17
0.48
0.24
0.28
0.20
0.65
0.19
0.19
0.16
0.34
0.24
0.30
0.21
0.20
0.02
1.02
0.80
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q4
3.24
2.93
2.73
3.04
2.88
3.16
2.97
3.39
3.02
2.72
2.67
2.86
2.94
3.15
2.42
2.63
2.86
2.85
2.76
2.95
3.09
2.68
2.70
2.65
2.64
2.93
3.48
2.77
3.46
2.87
3.06
3.37
3.28
2.92
Yield
(%)
3.66
3.26
6.56
5.06
8.80
0.10
9.23
0.10
0.18
0.13
0.14
4.30
6.58
3.69
5.26
0.17
5.89
7.88
0.36
0.20
0.16
0.18
0.22
6.99
0.10
0.11
5.26
0.19
7.60
0.11
0.12
0.14
0.16
0.23
Volatility
2000
NA
29.13
26.65
29.28
27.86
NA
27.32
NA
NA
28.10
27.34
29.32
27.99
31.98
27.39
NA
27.93
29.12
NA
NA
32.46
27.92
NA
27.28
29.12
NA
NA
NA
NA
NA
27.96
31.31
NA
31.53
Yield
since
1995
0.75
1.00
1.00
0.80
1.00
0.67
1.00
0.60
1.00
1.00
1.00
1.00
1.00
0.75
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
0.80
0.72
1.00
0.50
1.00
1.00
0.60
0.75
1.00
0.00
0.00
0.00
0.00
0.00
3.33
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.33
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.00
0.15
0.15
0.10
0.09
0.10
0.10
0.05
0.10
0.15
0.15
0.15
0.05
0.10
0.15
0.15
0.05
0.06
0.15
0.00
0.00
0.15
0.15
0.15
0.15
0.15
0.07
0.10
0.10
0.15
0.10
0.07
0.15
0.15
Custody
MUTUAFONDO DINERO FIAMM .........

NAVARRA TESORERIA FIAMM ...............
NOVODINER FIAMM.............................
PRIVANZA DINERO FIAMM...................
PROFIT DINERO FIAMM ........................
RURAL DINERO FIAMM.........................
RURALRENTA FV FIAMM .......................
SANT MONETARIO FIAMM....................
SANTANDER DR FT FIAMM ...................
SANTANDER TR FIAMM.........................
SG MIBOR FIAMM .................................
SUPERFONDO ST FIAMM......................
TARRAGONAFONS 1 FIAMM ................
TIBESTFOND FIAMM..............................
TOP CASH FIAMM .................................
UNIFOND DINERO FIAMM ...................
URQUIJO DINERO FIAMM ....................
URQUIJO MONETARIO FIAMM.............
URQUIJO TESORERIA FIAMM................
VALENCIA DINERO FIAMM ...................
VALENCIA ORO FIAMM.........................
VITALDINERO FIAMM............................
ZARADINER FIAMM...............................
(Continued)
0.79
0.55
0.40
0.72
0.64
0.53
0.49
0.46
0.44
0.58
0.71
0.39
0.37
0.62
0.50
0.44
0.52
0.58
0.48
0.38
0.60
0.50
0.52
Yield
(%)
0.16
7.78
1.34
0.44
6.77
0.13
0.17
0.20
0.07
8.85
2.00
5.53
4.72
0.10
1.43
9.05
7.82
6.43
7.15
0.18
2.21
0.01
0.20
Volatility
0.29
0.17
0.07
0.76
0.47
0.34
0.26
0.75
0.51
0.51
0.01
0.46
0.30
0.22
0.01
1.01
0.36
0.35
0.30
0.09
0.09
0.43
0.80
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q1
0.91
0.71
0.58
0.52
0.67
0.59
0.58
0.31
0.41
0.49
0.89
0.35
0.53
0.79
0.66
0.45
0.62
0.69
0.61
0.54
0.76
0.66
0.43
Yield
(%)
7.73
8.07
4.48
0.51
0.24
0.13
0.10
0.40
0.28
0.27
4.81
0.24
0.10
6.58
3.26
0.21
4.13
8.93
4.25
3.53
3.36
3.20
0.36
Volatility
0.23
0.17
0.21
0.74
0.59
0.25
0.23
0.82
0.47
0.56
0.01
0.46
0.24
0.13
0.01
1.01
0.25
0.30
0.30
0.15
0.15
0.82
0.92
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q2
1.07
0.84
0.86
0.93
0.99
0.84
0.80
0.90
0.81
0.91
1.04
0.78
0.77
0.94
0.82
0.82
0.89
0.92
0.89
0.83
0.89
0.83
0.73
Yield
(%)
0.17
1.04
3.35
0.89
0.18
5.93
3.42
0.25
0.11
0.16
1.85
0.11
2.40
0.11
9.79
0.11
5.28
6.10
5.44
3.15
8.10
5.63
0.28
Volatility
0.23
0.06
0.20
0.57
0.68
0.18
0.11
0.76
0.34
0.57
0.01
0.35
0.18
0.31
0.01
0.88
0.36
0.36
0.34
0.24
0.22
0.63
0.80
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q3
1.31
0.98
1.00
0.86
1.21
0.94
1.05
1.18
1.01
1.10
1.14
0.96
0.87
1.03
0.92
0.95
0.91
0.93
0.92
0.98
1.06
0.93
0.91
Yield
(%)
0.15
6.15
0.03
0.11
0.16
2.69
0.17
0.21
8.32
0.11
3.82
8.26
1.93
0.14
2.69
4.73
8.84
0.10
8.99
5.27
0.04
1.76
0.16
Volatility
0.37
0.12
0.22
0.57
0.55
0.14
0.33
0.73
0.24
0.47
0.01
0.28
0.05
0.42
0.01
0.80
0.31
0.31
0.26
0.22
0.21
0.54
0.63
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Dura- Fund
tion type
Q4
4.14
3.10
2.87
3.05
3.55
2.93
2.95
2.88
2.70
3.12
3.84
2.50
2.57
3.42
2.92
2.69
2.97
3.15
2.94
2.76
3.34
2.95
2.61
Yield
(%)
0.15
3.31
5.83
0.56
0.18
0.10
0.13
0.28
0.17
0.18
4.68
0.15
7.33
0.11
3.93
0.13
0.07
8.67
7.67
0.11
6.10
4.79
0.26
Volatility
2000
NA
NA
27.92
32.59
34.86
NA
29.98
30.07
28.47
32.41
NA
27.37
NA
32.22
31.05
29.07
29.99
NA
NA
NA
NA
NA
30.16
Yield
since
1995
0.10
0.90
1.00
1.00
0.50
1.00
1.00
1.00
1.00
0.85
0.25
1.00
1.00
0.50
1.00
1.00
1.00
1.00
1.00
0.98
0.70
1.00
1.00
0.00
0.00
0.00
0.00
2.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
Max.
of
assets
of
yield
Back end
% fees
0.04
0.10
0.05
0.00
0.05
0.00
0.15
0.15
0.15
0.15
0.00
0.15
0.15
0.06
0.10
0.15
0.15
0.10
0.15
0.15
0.05
0.15
0.15
Custody
303
304
BBVA MONETARIO 2 FIAMM

MADRID DOLAR FIAMM
(Continued)
0.52
5.29
Yield
(%)
0.14
8.69
Volatility
0.61 IFIAM
0.40 IFIAM
Dura- Fund
tion type
Q1
0.55
1.66
Yield
(%)
0.13
11.69
Volatility
0.00 IFIAM
0.40 IFIAM
Dura- Fund
tion type
Q2
0.83
9.04
Yield
(%)
0.19
12.81
Volatility
0.62 IFIAM
0.34 IFIAM
Dura- Fund
tion type
Q3
Volatility
Yield
(%)
Volatility
2000
0.62 IFIAM 2.94 0.15

0.51 IFIAM 12.26 11.55
Dura- Fund
tion type
Q4
1.01 0.12
-3.81 12.39
Yield
(%)
INTERNATIONAL FIAMM
35.03
NA
Yield
since
1995
1.00
0.50
of
assets
0.00
0.00
of
yield
Managem.
0.00
0.00
Max.
0.00
0.00
Min.
Front end
% fees
0.00
0.00
Max.
0.00
0.00
Min.
Back end
0.10
0.10
Custody
45,820,196
1,919,141
44,253,536
38,924,093
33,407
0
0
5,059,639
30,832
25,443,864
805,019
965,943
3,240,099
710,256
2,635,034
5,329,443
66,382
0
2,889
2,847,044
3,726
129,587
2,279,815
0
267,086
1. Assets ..............................................................................................

3.1.1. Shares...........................................................................
3.1.2. Unlisted shares .............................................................
3.1.3. Units in mutual funds ...................................................
3.1.4. Private sector bonds .....................................................
3.1.5. Unlisted fixed-income ..................................................
3.1.6. Government bonds.......................................................
3.1.7. Treasury bills ................................................................
3.1.8. Other government securities.........................................
3.1.9. Repos ...........................................................................
3.1.10. Private money market assets .......................................
3.1.11. Warrants and options..................................................
3.2.1. Shares...........................................................................
3.2.2. Unlisted shares .............................................................
3.2.3. Units in mutual funds ...................................................
3.2.4. Bonds ...........................................................................
3.2.5. Unlisted fixed-income ..................................................
3.2.6. Money market assets ....................................................
3.2.7. Warrants and options....................................................
3.2.8. Repos ...........................................................................
Amount
31-12-1999
0.58
96.58
84.95
0.07
0.00
0.00
11.04
0.07
55.53
1.76
2.11
7.07
1.55
5.75
11.63
0.14
0.00
0.01
6.21
0.01
0.28
4.98
0.00
4.19
100.00
36,715
41,070,655
28,461,013
21,596
0
0
3,822,872
13,083
17,317,359
1,207,083
719,063
4,620,069
510,638
229,250
12,609,642
3,113
0
0
8,859,519
882
682,189
3,058,019
5,920
1,301,117
42,408,487
Amount
31-12-2000
0.09
96.85
67.11
0.05
0.00
0.00
9.01
0.03
40.83
2.85
1.70
10.89
1.20
0.54
29.73
0.01
0.00
0.00
20.89
0.00
1.61
7.21
0.01
3.07
100.00
303,801
3,182,881
10,463,080
11,811
0
0
1,236,767
17,749
8,126,505
402,064
246,880
1,379,970
199,618
2,405,784
7,280,199
63,269
0
2,889
6,012,475
2,844
552,602
778,204
5,920
618,024
3,411,709
Amount
Change
113.75
211.18
76.33
426.43
34.13
24.44
57.57
31.94
49.94
25.56
42.59
28.11
91.30
136.60
95.31
7.19
26.88
35.35
32.20
7.45
A.4.13. INVESTMENT IN SECURITIES. GUARANTEED FUNDS. DISTRIBUTION OF ASSETS AT MARKET VALUE
305
A.4.14. INVESTMENT IN SECURITIES. GUARANTEED MUTUAL FUNDS.

TRANSACTIONS IN DERIVATIVES
31-12-99
Amount
31-12-00
% of assets
Amount
% of assets
3.32
2.05
1.82
58.66
1.94
0.12
9.06
0.48
0.14
4.29
0.97
82.83

Spot purchases ...............................................................
Forward sales .................................................................
Spot sales .......................................................................
Sold futures ....................................................................
Other forward sales ........................................................
1,268,835
41,729
1,135,666
31,952,356
736,067
384,107
2,588,485
237,688
28,351
2,737,279
512,404
0
0
2.77
0.09
2.48
69.73
1.61
0.84
5.65
0.52
0.06
5.97
1.12
0.00
1,406,850
867,788
771,259
24,875,793
821,534
49,307
3,840,418
205,110
61,291
1,818,611
410,169
0
0
TOTAL............................................................................
41,622,968
90.84
35,128,130
306
0.00
3,326,852
74,146
3,259,088
2,388,521
1,420,091
7,333
174,189
83,844
59,369
2,788
629,158
11,749
870,567
507,037
320,851
47,791
137,792
603
0
363,530
249,691
56,767
56,474
598
0
6,382
1. Assets ..............................................................................................

3.1.1. Shares and units in mutual funds ..................................
3.1.2. Treasury bills ................................................................
3.1.3. Other government fixed-income securities ...................
3.1.5. Other private fixed-income...........................................
3.1.7. Repos ...........................................................................
3.2. Foreign portfolio .....................................................................
3.2.1. Euros ............................................................................
3.2.1.1. Shares.............................................................
3.2.1.3. Fixed-income .................................................
3.2.2. Rest ..............................................................................
3.2.2.1. Shares.............................................................
3.2.2.3. Fixed-income .................................................
Amount
0.19
97.96
71.80
42.69
0.22
5.24
2.52
1.78
0.08
18.91
0.35
26.17
15.24
9.64
1.44
4.14
0.02
0.00
10.93
7.51
1.71
1.70
0.02
0.00
2.23
100.00
% of assets
31-12-1999
13,047
2,696,386
1,918,500
1,101,683
8,480
141,430
100,264
50,241
741
507,758
7,903
777,886
502,471
303,708
45,505
153,177
81
0
275,415
188,936
37,832
48,613
34
0
68,489
2,777,922
Amount
0.47
97.06
69.06
39.66
0.31
5.09
3.61
1.81
0.03
18.28
0.28
28.00
18.09
10.93
1.64
5.51
0.00
0.00
9.91
6.80
1.36
1.75
0.00
0.00
2.47
100.00
% of assets
31-12-2000
19,429
562,702
470,021
318,408
1,147
32,759
16,420
9,128
2,047
121,400
3,846
92,681
4,566
17,143
2,286
15,385
522
0
88,115
60,755
18,935
7,861
564
0
5,657
548,930
Amount
A.4.15. INVESTMENT IN SECURITIES. SIM. DISTRIBUTION OF ASSETS AT MARKET VALUE
Change
148.92
31.99
32.16
50.05
16.17
1,658.82
20.87
24.50
28.90
13.53
23.16
16.38
18.17
276.25
23.91
48.67
11.91
0.91
5.64
5.02
10.04
644.44
8.26
19.76
Importes en miles de euros
307
A.4.16. INVESTMENT IN SECURITIES. SIM. TRANSACTIONS IN DERIVATIVES

31-12-99
31-12-00
Amount
% of assets
Amount
% of assets

Spot purchases ...............................................................
Forward sales .................................................................
Spot sales .......................................................................
Sold futures ....................................................................
634
75
538
6,459
0
0
26,660
0
6,651
2,745
0
0
0.02
0.00
0.02
0.19
0.00
0.00
0.80
0.00
0.20
0.08
0.00
0.00
0
1,099
7,114
11,940
0
1,502
20,219
639
6,652
268
0
0
0.00
0.04
0.26
0.43
0.00
0.05
0.73
0.02
0.24
0.01
0.00
0.00
TOTAL............................................................................
43,762
1.32
49,433
1.78
308
9,832,465
352,339
9,466,824
5,084,929
2,015,599
74,819
524,819
46,722
184,182
6,976
2,231,812
0
4,381,895
2,028,214
1,274,608
197,798
553,066
2,742
0
2,353,681
1,605,587
273,745
473,974
375
0
13,302
1. Assets ..............................................................................................

3.1.1. Shares and units in mutual funds ..................................
3.1.2. Treasury bills ................................................................
3.1.3. Other government fixed-income securities ...................
3.1.5. Other private fixed-income...........................................
3.1.7. Repos ...........................................................................
3.2.1. Euros ............................................................................
3.2.1.1. Shares.............................................................
3.2.1.3. Fixed-income .................................................
3.2.2. Others ..........................................................................
3.2.2.1. Shares.............................................................
3.2.2.3. Fixed-income .................................................
Amount
0.14
96.28
51.72
20.50
0.76
5.34
0.48
1.87
0.07
22.70
0.00
44.57
20.63
12.96
2.01
5.62
0.03
0.00
23.94
16.33
2.78
4.82
0.00
0.00
3.58
100.00
% of assets
31-12-1999
99,300
11,986,585
5,983,942
2,153,389
188,392
713,651
35,011
158,312
3,063
2,731,163
961
6,002,643
2,908,408
1,661,245
246,506
995,918
4,739
0
3,094,235
2,103,054
477,657
511,937
1,587
0
575,300
12,661,185
Amount
0.78
94.67
47.26
17.01
1.49
5.64
0.28
1.25
0.02
21.57
0.01
47.41
22.97
13.12
1.95
7.87
0.04
0.00
24.44
16.61
3.77
4.04
0.01
0.00
4.54
100.00
% of assets
31-12-2000
85,998
2,519,761
899,013
137,790
113,573
188,832
11,711
25,870
3,913
499,351
961
1,620,748
880,194
386,637
48,708
442,852
1,997
0
740,554
497,467
203,912
37,963
1,212
0
222,961
2,828,720
Amount
Change
646.50
31.46
30.98
74.49
8.01
323.20
36.99
43.40
30.33
24.63
80.07
72.83
26.62
17.68
6.84
151.80
35.98
25.07
14.05
56.09
22.37
63.28
28.77
A.4.17. INVESTMENT IN SECURITIES. SIMCAV. DISTRIBUTION OF ASSETS AT MARKET VALUE
309
A.4.18. INVESTMENT IN SECURITIES. SIMCAV. TRANSACTIONS IN DERIVATIVES

Committed nominal amount (1)
31-12-99
Amount
31-12-00
% of assets
Amount
% of assets

Spot purchases ...............................................................
Forward sales .................................................................
Spot sales .......................................................................
Sold futures ....................................................................
225,522
3,500
129,876
207,836
3,150
0
725,826
0
61,798
37,598
3,150
0
2.29
0.04
1.32
2.11
0.03
0.00
7.38
0.00
0.63
0.38
0.03
0.00
244,811
11,471
281,467
191,866
10,914
0
1,254,701
12,655
202,375
28,307
10,914
0
1.93
0.09
2.22
1.52
0.09
0.00
9.91
0.10
1.60
0.22
0.09
0.00
TOTAL............................................................................
1,398,256
14.22
2,249,481
17.77
310
A.4.19. INVESTMENT IN REAL ESTATE. FII. NUMBER, ASSETS

AND NUMBER OF INVESTORS
Year
No. of funds
Assets
No. of investors
1995
1996
1997
1998
1999
2000
4
4
4
5
5
5
71,557
85,091
131,874
396,193
871,113
1,215,822
1,897
2,174
4,617
14,250
33,042
43,200
A.4.20. INVESTMENT IN REAL ESTATE. FII. DISTRIBUTION OF ASSETS

31/12/1999
31/12/2000
Amount
% of assets
Assets.....................................
Cash ......................................
Securities ...............................
Homes ...................................
Other property .......................
Other items............................
871,113
10,890
284,514
296,058
262,108
17,543
100.0
1.3
32.7
34.0
30.1
2.0
Pro-memoria:
Leased property ..........................
467,073
53.6
1.
2.
3.
4.
5.
6.
Amount
Variacin
% of assets
Amount
1,215,822
39,627
409,443
372,904
461,438
67,590
100.0
3.3
33.7
30.7
38.0
5.6
344,709
28,737
124,929
76,846
199,330
85,133
39.6
263.9
43.9
26.0
76.0
485.3
658,963
54.2
191,890
41.1
A.4.21. INVESTMENT IN SECURITIES. FOREIGN COLLECTIVE INVESTMENT SCHEMES

MARKETED IN SPAIN
Change
31/12/1999
31/12/2000
Absolute
Investment (thousands of euros) ................

of which guaranteed .............................
6,916,660
825,749
8,501,575
864,709
1,584,915
38,960
22.9
4.7
Number of investors .................................

of which guaranteed .............................
130,953
22,070
166,448
23,493
35,495
1,423
27.1
6.4
No. of institutions (*).................................

Funds....................................................
Companies ...........................................
137
60
77
170
76
94
33
16
17
24.1
26.7
22.1
Home country
Luxembourg..........................................
France ..................................................
Ireland ..................................................
UK........................................................
Germany ..............................................
Belgium ................................................
92
27
9
4
3
2
118
33
9
3
5
2
26
6
0
1
2
0
28.3
22.2
0.0
25.0
66.7
0.0
(*) Many of these institutions are structured into sub-funds (compartments). Occasionally, it is the sub-funds which are guaranteed.
311
A.4.22. DISTRIBUTION OF INVESTMENT OF VENTURE CAPITAL INSTITUTIONS BY

PHASE OF DEVELOPMENT
1998
1999
%
Amount
2000
Phase of development
Amount
Amount
Seed............................................
Start-up .......................................
Expansion ...................................
substitution .................................
LBO/MBO/MBI ...........................
Buy-out/in...................................
4,640
11.7
142,987
19,220
154,334
1,136
1.3
62,511
39.2
5.3
42.3
0.3
30,219
8.6
388,326
96,000
143,612
2,128
4.2
197,102
53.7
13.3
19.9
0.3
2,921
17.5
570,264
9,310
315,177
32,022
50.6
0.8
28.0
2.8
TOTAL ........................................
365,097
100.0
722,795
100.0
1,126,796
100.0
0.3
Fuente: Mart Pelln, J. (2000): El capital inversin en Espaa, 1999. Ed. Civitas, Madrid.
A.4.23. NUMBER OF VENTURE CAPITAL INSTITUTIONS (1)

Year
Venture capital companies
Venture capital funds
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2
3
6
8
11
12
13
15
14
14
16
17
19
23
40
0
0
1
3
4
6
6
7
7
8
10
10
12
19
23
2
3
7
11
15
18
19
22
21
22
26
27
31
42
63
(1) Data at period close.

Source: CNMV.
312
A.4.24. DISTRIBUTION OF INVESTMENTS BY VENTURE CAPITAL

INSTITUTIONS BY SECTOR
1998
1999
Sector
Amount
High technology..........................
IT.............................................
Other electronic ......................
Healthcare/Medicine ...............
Communications .....................
Biotech./Genetic engineering ..
Consumer products......................
Industrial products & services ......
Agriculture/Livestock/Fishing .......
Energy/Natural resources .............
Chemicals/Plastics .......................
Construction................................
Hospitality/Leisure .......................
Robotics ......................................
Financial services .......................
Other services..............................
Other...........................................
Transport......................................
Other production.........................
96,318
41,578
4,898
8,336
41,241
264
147,993
34,630
9,195
4,580
16,251
2,098
7,188
1,545
619
11,966
13,697
11,515
7,501
26.4
11.4
1.3
2.3
11.3
0.1
40.5
9.5
2.5
1.3
4.5
0.6
2.0
0.4
0.2
3.3
3.8
3.2
2.1
Yearly investment........................
365,097
100.0
Amount
2000
%
Amount
169,774
101,216
14,298
19,701
32,022
2,536
117,961
86,960
35,358
26,733
69,802
35,580
65,504
15,747
6
64,362
16,822
10,259
7,927
23.5
14.0
2.0
2.7
4.4
0.4
16.3
12.0
4.9
3.7
9.7
4.9
9.1
2.2
0.0
8.9
2.3
1.4
1.1
395,376
235,513
20,945
57,108
73,864
7,945
237,634
156,522
10,566
1,238
47,877
8,901
100,615
871
16,366
60,035
57,751
16,900
16,137
35.1
20.9
1.9
5.1
6.6
0.7
21.1
13.9
0.9
0.1
4.2
0.8
8.9
0.1
1.5
5.3
5.1
1.5
1.4
722,795
100.0
1,126,790
100.0
Fuente: Mart Pelln, J. (2000): El capital inversin en Espaa, 1999. Ed. Civitas, Madrid.
313
Annex 5
Securities firms
and management companies
Annex 5: SECURITIES FIRMS AND MANAGEMENT COMPANIES
A.5.1. SECURITIES FIRMS. NUMBER, BRANCHES AND AGENTS

No. of firms
No. of branches
No. of agents
31-12-99
31-12-00
31-12-99
31-12-00
31-12-99
31-12-00
Broker-dealers.......................................
Stock exchange members ..................
Non-members ...................................
46
37
9
48
39
9
34
25
9
44
32
12
5,659
570
5,089
7,787
747
7,040
Brokers..................................................
Non-members ...................................
59
20
39
57
19
38
57
20
37
12
5
7
789
112
677
857
127
730
Total......................................................
Non-members ...................................
105
57
48
105
58
47
91
45
46
56
37
19
6,448
682
5,766
8,644
874
7,770
A.5.2.1. SECURITIES FIRMS.

OWNERSHIP BY FINANCIAL INSTITUTIONS
Data at 31-12-2000
Number of institutions
Owned by domestic
financial institutions
Total
Owned by foreing
financial institutions
Other
Total
> 50%
10-50%
< 10%
Total
> 50%
10-50%
< 10%
Broker-dealers ..........................
Stock exchange members .......
Non-members ........................
48
39
9
22
18
4
18
15
3
4
3
1
0
0
0
19
15
4
18
14
4
0
0
0
1
1
0
7
6
1
Brokers .....................................
Non-members ........................
57
19
38
16
5
11
10
4
6
6
1
5
0
0
0
12
1
11
6
0
6
6
1
5
0
0
0
29
13
16
TOTAL ......................................
Non-members ........................
105
58
47
38
23
15
28
19
9
10
4
6
0
0
0
31
16
15
24
14
10
6
1
5
1
1
0
36
19
17
A.5.2.2. SECURITIES FIRMS. OWNERSHIP

BY FINANCIAL INSTITUTIONS. Percentage of share capital
Data at 31-12-2000
Domestic financial institutions

Total
Total
Banks
Savings
banks
Other
credit
institutions
Other
financial
intermediaries
Other
residents
Nonresidents
Broker-dealers ...........................
Stock exchange members ........
Non-members..........................
100
100
100
43.0
38.9
61.0
15.2
18.1
2.5
15.2
18.6
0.6
9.5
0.8
47.6
3.0
1.3
10.3
16.8
18.2
10.8
40.2
42.9
28.2
Brokers.......................................
Non-members..........................
100
100
100
23.5
8.6
30.6
5.0
0.0
7.3
9.4
8.6
9.7
3.2
0.0
4.7
6.0
0.0
8.8
48.7
56.8
44.8
27.8
34.7
24.6
TOTAL........................................
Non-members..........................
100
100
100
39.5
36.5
47.6
13.4
16.7
4.6
14.2
17.8
4.6
8.4
0.8
28.7
3.5
1.2
9.7
22.5
21.2
25.8
38.0
42.3
26.6
317
318
2,257,961
815,792
1,442,169
8,544,034
2,345,139
5,721,424
380,122
5,341,302
546,849
69,378
123,587
176,027
696
2
93,743
422,335
11,630,425
2. Due from financial intermediaries

Direct investment..............................................
2.1. Demand deposits ......................................
2.2. Other balances..........................................
3, Trading portfolio.................................................
3.1. Equities .....................................................
3.2. Fixed-income ............................................
3.2.1. To maturity.....................................
3.2.2. Reverse repos.................................
3.3. Options purchased....................................
3.4. Less, provision for valuation......................
4. Credit to individual clients .................................
5. Permanent equity portfolio (net) .........................
6. Doubtful investments, in default or in

litigation (net).....................................................
7. Expired investments ...........................................
8. Tangible fixed assets...........................................
9. Sundry accounts.................................................
TOTAL ASSETS........................................................
(*) Averages of monthly balances
13,432
1. Cash...................................................................
31-12-99
12,367,674
340,097
107,918
21
1,080
203,133
203,862
9,551,447
1,567,855
7,804,445
267,603
7,536,842
225,812
46,665
1,949,987
918,412
1,031,575
10,129
31-12-00
Total broker-dealers
and brokers
9,732,282
335,598
84,847
211
537
122,893
130,349
7,583,052
1,983,883
5,327,900
371,138
4,956,762
333,605
62,336
1,469,232
558,136
911,096
5,563
1999
Total
10,604,753
381,247
99,423
15
577
183,516
186,421
7,521,083
1,735,477
5,467,304
343,415
5,123,888
370,265
51,962
2,226,011
851,065
1,374,946
6,461
2000
9,391,607
323,091
56,676
199
116
112,331
108,981
7,476,771
1,960,655
5,244,651
365,279
4,879,372
333,605
62,139
1,309,123
460,212
848,911
4,552
1999
10,263,774
363,011
72,849
10
157
168,550
173,673
7,419,988
1,714,458
5,386,805
335,289
5,051,516
370,263
51,537
2,060,665
728,292
1,332,373
5,186
2000
Broker-dealers
Annual average (*)
A.5.3.1. SECURITIES FIRMS. AGGREGATED BALANCE SHEET. ASSETS
340,674
12,507
28,171
12
653
10,562
21,368
106,281
23,228
83,249
5,860
77,390
0
197
160,109
97,924
62,185
1,011
1999
Brokers
340,978
18,236
26,573
734
14,965
12,748
101,095
21,019
80,499
8,126
72,373
2
425
165,347
122,774
42,573
1,275
2000
In thousands of euros
289,245
7,949,970
3,194,602
4,755,368
797,348
769,613
421,181
348,432
27,735
4,134
23,601
144,387
152,911
1,257,501
11,630,449
2. Income of the year .............................................
3. Direct financing from financial

intermediaries ....................................................
3.1. Deposits and other balances .....................
3.2. Repos........................................................
4. Financing from clients........................................

4.1. Residents...................................................
4.1.1. Repos.............................................
4.1.2. Transient balances..........................
4.2. Non-residents............................................
4.2.1. Repos.............................................
4.2.2. Transient balances..........................
5. Subordinated financing and other debt securities ..
6. Financing through sale of borrowed

securities............................................................
7. Sundry accounts.................................................
TOTAL LIABILITIES.................................................
1,039,087
435,128
605,280
1,321
31-12-99
12,367,696
1,276,159
102,458
127,355
652,739
635,825
307,739
328,086
16,914
1,073
15,841
8,671,762
1,922,423
6,749,339
418,273
1,118,950
469,662
650,016
728
31-12-00
Total broker-dealers
and brokers
9,732,301
947,325
149,283
43,517
565,786
533,237
239,197
294,040
32,549
3,039
29,510
6,663,409
2,245,997
4,417,412
294,385
1,068,596
423,670
646,656
1,730
1999
Total
10,604,397
1,162,726
177,066
133,958
641,523
615,625
254,925
360,700
25,897
1,769
24,129
6,889,026
2,406,011
4,483,015
362,343
1,237,756
446,045
792,897
1,186
2000
9,391,610
896,695
149,180
43,373
463,153
432,065
239,197
192,868
31,088
3,039
28,050
6,646,976
2,229,564
4,417,412
272,072
920,162
351,754
569,571
1,163
1999
10,263,403
1,111,790
177,043
133,726
541,355
516,665
254,925
261,740
24,690
1,769
22,922
6,867,542
2,384,527
4,483,015
340,826
1,091,121
363,347
728,227
452
2000
Broker-dealers
Annual average (*)
A.5.3.1. SECURITIES FIRMS. AGGREGATED BALANCE SHEET. LIABILITIES
1. Equity.................................................................
1.1. Share capital .............................................
1.2. Reserves....................................................
1.3. Less, own shares and shareholders ............
(Continued)
340,691
50,631
103
144
102,633
101,172
0
101,172
1,460
0
1,460
16,433
16,433
0
22,314
148,434
71,916
77,085
566
1999
Brokers
340,994
50,936
23
232
100,168
98,961
0
98,961
1,207
0
1,207
21,484
21,484
0
21,517
146,634
82,698
64,671
734
2000
319
320
0
11,318,889
1,138

litigation (net).....................................................
TOTAL ASSETS........................................................
165,353
68,024
113,220
407,053
8,445,335
2,326,312
5,641,349
373,651
5,267,698
546,849
69,175
3. Trading portfolio.................................................
3.1. Equities ......................................................
3.2. Fixed-income .............................................
3.2.1. To maturity......................................
3.2.2. Reverse repos..................................
3.3. Options purchased.....................................
3.4. Less, provision for valuation.......................
9. Sundry accounts.................................................
2,109,076
712,028
1,397,048

Direct investment...............................................
2.1. Demand deposits .......................................
2.2. Other balances...........................................
11,966
1. Cash...................................................................
31-12-99
12,009,835
316,211
81,156
15
715
161,270
187,709
9,468,650
1,545,745
7,743,129
264,440
7,478,689
225,812
46,036
1,784,878
790,217
994,661
9,231
31-12-00
Total
broker-dealers
9,391,607
323,091
56,676
199
116
112,331
108,981
7,476,771
1,960,655
5,244,651
365,279
4,879,372
333,605
62,139
1,309,123
460,212
848,911
4,552
1999
Total
10,263,774
363,011
72,849
10
157
168,550
173,673
7,419,988
1,714,458
5,386,805
335,289
5,051,516
370,263
51,537
2,060,665
728,292
1,332,373
5,186
2000
8,664,630
297,633
52,920
84
34
103,576
103,198
6,905,641
1,767,966
4,879,178
340,217
4,538,960
320,187
61,690
1,197,041
440,391
756,650
4,503
1999
9,591,172
343,480
69,006
10
254
157,203
163,069
6,901,528
1,576,410
5,019,722
315,154
4,704,568
356,370
50,974
1,951,489
696,765
1,254,725
5,133
2000
Stock exchange members
Annual average (*)
49
1999
726,977
25,458
3,755
115
150
8,755
5,783
571,130
192,689
365,474
25,061
340,412
13,418
450
672,603
19,531
3,844
411
11,347
10,604
518,460
138,048
367,083
20,136
346,948
13,893
563
109,175
31,527
77,648
53
2000
Non-members
112,082
19,821
92,261
A.5.3.2. SECURITIES FIRMS. BROKER-DEALERS. AGGREGATED BALANCE SHEET. ASSETS
268,390
7,936,796
3,181,428
4,755,368
708,549
681,006
421,181
259,825
27,543
4,134
23,409
144,243
152,541
1,205,325
11,318,892

intermediaries ....................................................
3.1. Depsitos y Other balances .......................
3.2. Repos.........................................................

4.1. Residents....................................................
4.1.1. Repos...............................................
4.1.2. Transient balances...........................
4.2. Non-residents.............................................
4.2.1. Repos...............................................
4.2.2. Transient balances............................

securities............................................................
7. Sundry accounts.................................................
903,048
360,827
542,881
660
31-12-99
12,009,839
1,212,425
102,457
126,213
556,172
539,593
307,739
231,854
16,579
1,073
15,506
8,653,624
1,904,285
6,749,339
401,681
957,267
362,075
595,712
520
31-12-00
Total
broker-dealers
9,391,610
896,695
149,180
43,373
463,153
432,065
239,197
192,868
31,088
3,039
28,050
6,646,976
2,229,564
4,417,412
272,072
920,162
351,754
569,571
1,163
1999
Total
10,263,403
1,111,790
177,043
133,726
541,355
516,665
254,925
261,740
24,690
1,769
22,922
6,867,542
2,384,527
4,483,015
340,826
1,091,121
363,347
728,227
452
2000
8,664,632
833,261
136,177
43,373
443,806
412,769
236,809
175,960
31,037
3,039
27,998
6,199,571
2,073,063
4,126,507
251,715
756,730
272,610
485,284
1,163
1999
9,590,800
1,033,150
172,372
133,726
517,994
493,368
253,960
239,408
24,625
1,769
22,857
6,468,864
2,264,186
4,204,679
322,871
941,824
295,341
646,935
452
2000
Annual average (*)
726,978
63,434
13,003
19,347
19,296
2,388
16,907
52
0
52
447,405
156,500
290,905
20,357
163,432
79,145
84,287
0
672,603
78,640
4,672
23,362
23,296
965
22,332
65
0
65
398,678
120,341
278,336
17,955
149,298
68,006
81,292
0
2000
Non-members
1999
A.5.3.2. SECURITIES FIRMS. BROKER-DEALERS. AGGREGATED BALANCE SHEET. LIABILITIES
1. Equity.................................................................
1.1. Share capital ..............................................
1.2. Reserves.....................................................
1.3. Less, own shares and shareholders .............
(Continued)
321
322
148,885
103,764
45,121
98,699
18,827
80,075
6,471
73,604
0
203
10,367
10,674
442
2
25,719
15,282
311,536

Direct investment...............................................
2.1. Demand deposits .......................................
2.2. Other balances...........................................
3. Trading portfolio.................................................
3.1. Equities .......................................................
3.2. Fixed-income ..............................................
3.2.1. To maturity.......................................
3.2.2. Reverse repos...................................
3.3. Options purchased.....................................
3.4. Less, provision for valuation.......................

litigation (net).....................................................
9. Sundry accounts.................................................
TOTAL ASSETS........................................................
1,466
1. Cash...................................................................
31-12-99
Total
brokers
357,839
23,886
26,762
365
41,863
16,153
82,797
22,110
61,316
3,163
58,153
0
629
165,109
128,195
36,914
898
31-12-00
340,674
12,507
28,171
12
653
10,562
21,368
106,281
23,228
83,249
5,860
77,390
0
197
160,109
97,924
62,185
1,011
1999
Total
340,978
18,236
26,573
734
14,965
12,748
101,095
21,019
80,499
8,126
72,373
2
425
165,347
122,774
42,573
1,275
2000
137,036
3,649
7,167
75
4,640
5,657
46,227
4,962
41,314
1,818
39,495
0
49
69,174
55,539
13,635
446
1999
186,127
5,806
9,422
34
5,687
6,735
52,119
5,325
46,944
2,889
44,056
2
153
105,877
88,256
17,621
447
2000
Annual average (*)
A.5.3.3. SECURITIES FIRMS. BROKERS. AGGREGATED BALANCE SHEET. ASSETS
203,639
8,857
21,005
12
578
5,922
15,711
60,054
18,267
41,935
4,041
37,894
0
148
90,935
42,385
48,550
565
1999
12,430
17,151
700
9,278
6,013
48,976
15,694
33,555
5,237
28,317
0
272
59,469
34,517
24,952
827
2000
154,852
Non-members
311,557
144

370
88,799
88,607
0
88,607
192
0
192

4.1. Residents....................................................
4.1.1. Repos..............................................
4.2. Non-residents.............................................
4.2.1. Repos..............................................
52,176
13,174
13,174
0

intermediaries ....................................................
3.1. Depsitos y Other balances .......................
3.2. Repos.........................................................
7. Sundry accounts.................................................
20,855

securities,...........................................................
136,039
74,301
62,399
661
31-12-99
Total
brokers
357,857
63,734
1,142
96,567
96,232
0
96,232
335
0
335
18,138
18,138
0
16,592
161,683
107,587
54,304
208
31-12-00
1999
340,691
50,631
103
144
102,633
101,172
0
101,172
1,460
0
1,460
16,433
16,433
0
22,314
148,434
71,916
77,085
566
Total
2000
340,994
50,936
23
232
100,168
98,961
0
98,961
1,207
0
1,207
21,484
21,484
0
21,517
146,634
82,698
64,671
734
137,038
16,341
103
144
62,076
61,988
0
61,988
88
0
88
8,282
8,282
0
5,873
44,220
23,642
20,899
320
1999
186,130
22,430
23
144
83,881
82,695
0
82,695
1,186
0
1,186
15,759
15,759
0
11,152
52,742
27,115
25,926
299
2000
Annual average (*)
A.5.3.3. SECURITIES FIRMS. BROKERS. AGGREGATED BALANCE SHEET. LIABILITIES
1. Equity.................................................................
1.1. Share capital..............................................
1.2. Reserves.....................................................
1.3. Less, own shares and shareholders .............
(Continued)
1999
203,653
34,290
40,557
39,184
0
39,184
1,372
0
1,372
8,151
8,151
0
16,441
104,214
48,274
56,187
247
154,864
28,506
88
16,287
16,266
0
16,266
21
0
21
5,725
5,725
0
10,365
93,893
55,583
38,745
436
2000
Non-members
323
324
207,961
5,959
Depreciation .............................................................
Other charges............................................................
289,240
213,920
DEPRECIATION AND OTHER CHARGES......................
EARNINGS AFTER TAXES .............................................
572,692
OPERATING MARGIN ..................................................
111,513
285,384
164,532
Personnel ..................................................................
General .....................................................................
CORPORATE INCOME TAX ..........................................
449,916
OPERATING EXPENSES.................................................
41,981
1,022,608
TOTAL NET REVENUES.................................................
400,753
867,676
1,131,907
699,279
112,931
138,457
17,349
163,891
264,231
NET COMMISSION REVENUES ....................................

Commission revenues ...............................................
Brokering ..............................................................
Placement and underwriting..................................
IIC subscription and reimbursement ......................
Portfolio management ...........................................
Other ....................................................................
Commission expenses ...............................................
EARNINGS BEFORE TAXES ...........................................
102,791
2,992,747
2,889,956
NET INCOME FROM SECURITIES TRADING................

Gains on securities ....................................................
Losses on securities ...................................................
OTHER GAINS AND LOSSES........................................
52,141
249,686
197,545
FINANCIAL MARGIN....................................................
Financial revenues ....................................................
Financial costs...........................................................
1999
418,275
198,661
616,936
49,421
39,584
7,559
47,143
614,658
340,254
212,451
552,705
1,167,363
1,052,588
1,319,104
838,403
147,903
157,659
17,831
157,308
266,516
69,325
4,101,535
4,032,210
45,450
287,511
242,061
2000
Total
44.6
78.2
53.9
17.7
81.0
26.9
78.0
7.3
19.2
29.1
22.8
14.2
21.3
16.5
19.9
31.0
13.9
2.8
4.0
0.9
32.6
37.0
39.5
12.8
15.1
22.5
Chg. (%)
268,389
101,331
369,720
20,905
202,414
7,511
209,925
558,740
195,346
107,660
303,006
861,746
711,566
898,616
539,358
112,339
115,801
10,783
120,335
187,050
102,455
2,990,406
2,887,951
47,725
244,837
197,112
1999
401,679
185,499
587,178
16,454
33,434
4,707
38,141
608,865
241,872
146,966
388,838
997,703
889,432
1,100,209
683,657
146,459
136,240
10,108
123,745
210,777
69,251
4,098,052
4,028,801
39,020
280,354
241,334
2000
Broker-dealers
49.7
83.1
58.8
21.3
83.5
37.3
81.8
9.0
23.8
36.5
28.3
15.8
25.0
22.4
26.8
30.4
17.7
6.3
2.8
12.7
32.4
37.0
39.5
18.2
14.5
22.4
Chg. (%)
A.5.4.1. SECURITIES FIRMS. AGGREGATED INCOME STATEMENT
20,851
10,182
31,033
21,076
5,547
1,552
3,995
13,952
90,038
56,872
146,910
160,862
156,110
233,291
159,921
592
22,656
6,566
43,556
77,181
336
2,341
2,005
4,416
4,849
433
1999
16,596
13,162
29,758
32,967
6,150
2,852
9,002
5,793
98,382
65,485
163,867
169,660
163,156
218,895
154,746
1,444
21,419
7,723
33,563
55,739
74
3,483
3,409
6,430
7,157
727
2000
Brokers
20.4
29.3
4.1
56.4
10.9
283.8
125.3
58.5
9.3
15.1
11.5
5.5
4.5
6.2
3.2
143.9
5.5
17.6
22.9
27.8
78.0
48.8
70.0
45.6
47.6
67.9
Chg. (%)
47,725
244,837
197,112
102,455
2,990,406
2,887,951
711,566
898,616
539,358
112,339
115,801
10,783
120,335
187,050
861,746
303,006
195,346
107,660
558,740
209,925
202,414
7,511
20,905
369,720
101,331
268,389
Financial costs...........................................................


Brokering ..............................................................
Other ....................................................................
Personnel ..................................................................
General .....................................................................

Depreciation .............................................................
Other charges............................................................
OHER GAINS AND LOSSES..........................................
1999
401,679
185,499
587,178
16,454
38,141
33,434
4,707
608,865
388,838
241,872
146,966
997,703
889,432
1,100,209
683,657
146,459
136,240
10,108
123,745
210,777
69,251
4,098,052
4,028,801
39,020
280,354
241,334
2000
Total
49.7
83.1
58.8
21.3
81.8
83.5
37.3
9.0
28.3
23.8
36.5
15.8
25.0
22.4
26.8
30.4
17.7
6.3
2.8
12.7
32.4
37.0
39.5
18.2
14.5
22.4
Chg. (%)
240,696
86,140
326,836
19,400
205,130
197,892
7,238
512,566
270,406
174,904
95,502
782,972
646,577
821,789
524,078
110,103
71,085
9,558
106,965
175,212
93,769
2,619,754
2,525,985
42,626
225,915
183,289
1999
378,241
173,100
551,341
13,362
36,767
32,281
4,486
574,746
365,226
227,910
137,316
939,972
840,179
1,034,587
676,584
144,810
87,158
8,375
117,660
194,408
62,630
3,783,730
3,721,100
37,163
257,888
220,725
2000
57.1
101.0
68.7
31.1
82.1
83.7
38.0
12.1
35.1
30.3
43.8
20.1
29.9
25.9
29.1
31.5
22.6
12.4
10.0
11.0
33.2
44.4
47.3
12.8
14.2
20.4
Chg. (%)
27,693
15,191
42,884
1,505
4,795
4,522
273
46,174
32,600
20,442
12,158
78,774
64,989
76,827
15,280
2,236
44,716
1,225
13,370
11,838
8,686
370,652
361,966
5,099
18,922
13,823
1999
A.5.4.2. SECURITIES FIRMS. BROKER-DEALERS. AGGREGATED INCOME STATEMENT
23,438
12,399
35,837
3,092
1,374
1,153
221
34,119
23,612
13,962
9,650
57,731
49,253
65,622
7,073
1,649
49,082
1,733
6,085
16,369
6,621
314,322
307,701
1,857
22,466
20,609
2000
Non-members
15.4
18.4
16.4
105.4
71.3
74.5
19.0
26.1
27.6
31.7
20.6
26.7
24.2
14.6
53.7
26.3
9.8
41.5
54.5
38.3
23.8
15.2
15.0
63.6
18.7
49.1
Chg. (%)
325
326
4,416
4,849
433
336
2,341
2,005
156,110
233,291
159,921
592
22,656
6,566
43,556
77,181
160,862
146,910
90,038
56,872
13,952
3,995
5,547
1,552
21,076
31,033
10,182
20,851
Financial costs...........................................................


Brokering ..............................................................
Other ....................................................................
Personnel ..................................................................
General .....................................................................

Depreciation .............................................................
Other charges............................................................
OTHER GAINS AND LOSSES........................................
1999
16,596
13,162
29,758
32,967
9,002
6,150
2,852
5,793
163,867
98,382
65,485
169,660
163,156
218,895
154,746
1,444
21,419
7,723
33,563
55,739
74
3,483
3,409
6,430
7,157
727
2000
Total
20.4
29.3
4.1
56.4
125.3
10.9
283.8
58.5
11.5
9.3
15.1
5.5
4.5
6.2
3.2
143.9
5.5
17.6
22.9
27.8
78.0
48.8
70.0
45.6
47.6
67.9
Chg. (%)
6,975
3,391
10,366
699
1,728
1,458
270
12,793
34,485
20,851
13,634
47,278
44,753
61,439
46,011
467
2,568
1,057
11,336
16,686
155
1,548
1,703
2,680
2,911
231
1999
11,517
6,070
17,587
38
1,671
1,395
276
19,220
48,238
28,134
20,104
67,458
64,162
91,759
78,372
481
2,241
869
9,796
27,597
830
1,360
2,190
4,126
4,468
342
2000
65.1
79.0
69.7
105.4
3.3
4.3
2.2
50.2
39.9
34.9
47.5
42.7
43.4
49.3
70.3
3.0
12.7
17.8
13.6
65.4
435.5
12.1
28.6
54.0
53.5
48.1
Chg. (%)
13,876
6,791
20,667
21,775
2,267
4,089
1,822
1,159
112,425
69,187
43,238
113,584
111,357
171,852
113,910
125
20,088
5,509
32,220
60,495
491
793
302
1,736
1,938
202
1999
A.5.4.3. SECURITIES FIRMS. BROKERS. AGGREGATED INCOME STATEMENT
5,079
7,092
12,171
32,929
7,331
4,755
2,576
13,427
115,629
70,248
45,381
102,202
98,994
127,136
76,374
963
19,178
6,854
23,767
28,142
904
2,123
1,219
2,304
2,689
385
2000
Non-members
63.4
4.4
41.1
51.2
223.4
16.3
241.4
1,258.5
2.8
1.5
5.0
10.0
11.1
26.0
33.0
670.4
4.5
24.4
26.2
53.5
84.1
167.7
303.6
32.7
38.8
90.6
Chg. (%)
52,141
249,686
197,545
102,791
2,992,747
2,889,956
867,676
1,131,907
699,279
112,931
138,457
17,349
163,891
264,231
1,022,608
449,916
285,384
164,532
572,692
213,920
207,961
5,959
41,981
400,753
111,513
289,240
FINANCIAL MARGIN ....................................................

Financial revenues .....................................................
Financial costs ...........................................................
NET INCOME FROM SECURITIES TRADING.................

Gains on securities.....................................................
Losses on securities ....................................................
NET COMMISSION REVENUES .....................................

Commission revenues ................................................
Brokering ...............................................................
Placement and underwriting ..................................
IIC subscription and reimbursement .......................
Portfolio management ............................................
Other .....................................................................
Commission expenses ................................................
TOTAL NET REVENUES .................................................
OPERATING EXPENSES .................................................

Personnel ...................................................................
General......................................................................
OPERATING MARGIN ...................................................
DEPRECIATION AND OTHER CHARGES ......................

Depreciation ..............................................................
Other charges ............................................................
OTHER GAINS AND LOSSES.........................................
EARNINGS BEFORE TAXES............................................
CORPORATE INCOME TAX ...........................................
EARNINGS AFTER TAXES ..............................................
1999
418,275
198,661
616,936
49,421
47,143
39,584
7,559
614,658
552,705
340,254
212,451
1,167,363
266,516
1,052,588
1,319,104
838,403
147,903
157,659
17,831
157,308
69,325
4,101,535
4,032,210
45,450
287,511
242,061
2000
166,733
166,733
5,822
5,148
5,927
779
166,059
101,071
67,412
33,659
267,130
80,095
212,104
292,199
203,951
14,198
30,808
3,622
39,620
45,792
755,116
709,324
9,234
59,543
50,309
Q1-99
134,873
134,873
9,215
8,417
6,172
2,245
134,075
106,568
66,502
40,066
240,643
66,800
198,122
264,922
173,070
25,186
33,403
4,296
28,967
26,592
500,356
473,764
15,929
57,472
41,543
Q2-99
119,908
119,908
3,619
29,209
6,394
22,815
145,498
98,014
61,906
36,108
243,512
62,284
193,142
255,426
142,636
41,763
32,882
3,643
34,502
30,473
610,531
580,058
19,897
72,537
52,640
Q3-99
132,274
111,513
20,761
23,325
171,146
189,468
18,322
127,060
144,263
89,564
54,699
271,323
55,052
264,308
319,360
179,622
31,784
41,364
5,788
60,802
66
1,126,744
1,126,810
7,081
60,134
53,053
Q4-99
224,359
224,359
11,381
937
6,616
7,553
212,041
135,742
91,805
43,937
347,783
86,392
297,386
383,778
287,322
8,550
42,312
4,239
41,355
40,818
1,797,550
1,756,732
9,579
67,863
58,284
Q1-00
Quarter
139,094
139,094
6,516
8,685
6,874
1,811
141,263
135,911
83,835
52,076
277,174
75,077
245,457
320,534
210,232
30,987
38,871
5,093
35,351
20,057
1,529,870
1,509,813
11,660
71,169
59,509
Q2-00
13,670
82,241
68,571
Q3-00
138,614
138,614
8,906
12,539
8,442
4,097
142,247
131,099
82,101
48,998
273,346
61,313
247,068
308,381
172,356
70,858
41,892
4,998
18,277
83,792
198,661
114,869
22,618
26,856
17,652
9,204
119,107
149,953
82,513
67,440
269,060
43,734
262,677
306,411
168,493
37,508
34,584
3,501
62,325
4,158
39,348
43,506
10,541
66,238
55,697
Q4-00
12,608
734,767
722,159
A.5.5.1. SECURITIES FIRMS. AGGREGATED INCOME STATEMENT. QUARTERLY PERFORMANCE
327
328
47,725
244,837
197,112
102,455
2,990,406
2,887,951
711,566
898,616
539,358
112,339
115,801
10,783
120,335
187,050
861,746
303,006
195,346
107,660
558,740
209,925
202,414
7,511
20,905
369,720
101,331
268,389

Financial costs ...........................................................


Brokering ...............................................................
Other .....................................................................
GASTOS DE EXPLOTACION..........................................
Personnel ...................................................................
General......................................................................
MARGEN DE EXPLOTACION ........................................

Depreciation ..............................................................
Other charges ............................................................
1999
401,679
185,499
587,178
16,454
38,141
33,434
4,707
608,865
388,838
241,872
146,966
997,703
889,432
1,100,209
683,657
146,459
136,240
10,108
123,745
210,777
69,251
4,098,052
4,028,801
39,020
280,354
241,334
2000
153,603
153,603
1,435
3,847
4,512
665
156,015
60,932
40,653
20,279
216,947
162,874
212,635
151,214
14,094
18,748
1,807
26,772
49,761
45,894
754,614
708,720
8,179
58,311
50,132
Q1-99
124,141
124,141
4,105
7,453
4,591
2,862
127,489
64,771
41,786
22,985
192,260
152,081
194,508
130,507
24,438
19,764
2,186
17,613
42,427
26,361
499,881
473,520
13,818
55,286
41,468
Q2-99
110,495
110,495
248
27,357
4,666
22,691
138,100
60,863
39,453
21,410
198,963
150,247
194,932
109,140
40,971
20,147
1,857
22,817
44,685
30,493
610,204
579,711
18,223
70,814
52,591
Q3-99
119,850
101,331
18,519
15,613
171,268
188,645
17,377
137,136
116,440
73,454
42,986
253,576
246,364
296,541
148,497
32,836
57,142
4,933
53,133
50,177
293
1,125,707
1,126,000
7,505
60,426
52,921
Q4-99
209,640
209,640
2,788
3,394
5,236
8,630
203,458
92,606
63,193
29,413
296,064
246,534
314,277
236,807
8,282
34,700
2,434
32,054
67,743
41,097
1,796,588
1,755,491
8,433
66,594
58,161
Q1-00
Quarter
131,277
131,277
769
7,224
5,443
1,781
139,270
95,409
59,246
36,163
234,679
204,744
266,178
169,837
30,790
34,068
3,201
28,282
61,434
20,314
1,529,422
1,509,108
9,621
69,023
59,402
Q2-00
A.5.5.2. SECURITIES FIRMS. BROKER-DEALERS. AGGREGATED INCOME STATEMENT.

QUARTERLY PERFORMANCE
128,644
128,644
2,409
11,921
7,003
4,918
138,156
92,123
59,107
33,016
230,279
206,010
255,639
138,048
70,479
34,869
2,840
9,403
49,629
12,513
734,385
721,872
11,756
80,168
68,412
Q3-00
67,882
185,499
117,617
12,026
22,390
15,752
6,638
127,981
108,700
60,326
48,374
236,681
232,144
264,115
138,965
36,908
32,603
1,633
54,006
31,971
4,673
37,657
42,330
9,210
64,569
55,359
Q4-00
4,416
4,849
433
336
2,341
2,005
156,110
233,291
159,921
592
22,656
6,566
43,556
77,181
160,862
146,910
90,038
56,872
13,952
3,995
5,547
1,552
21,076
31,033
10,182
20,851

Financial costs ...........................................................


Brokering ...............................................................
Other .....................................................................
OPERATING EXPENSES .................................................

Personnel ...................................................................
General......................................................................
OPERATING MARGIN ...................................................

Depreciation ..............................................................
Other charges ............................................................
1999
16,596
13,162
29,758
32,967
9,002
6,150
2,852
5,793
163,867
98,382
65,485
169,660
163,156
218,895
154,746
1,444
21,419
7,723
33,563
55,739
74
3,483
3,409
6,430
7,157
727
2000
13,130
13,130
4,387
1,301
1,415
114
10,044
40,139
26,759
13,380
50,183
49,230
79,564
52,737
104
12,060
1,815
12,848
30,334
102
502
604
1,055
1,232
177
Q1-99
10,732
10,732
5,110
964
1,581
617
6,586
41,797
24,716
17,081
48,383
46,041
70,414
42,563
748
13,639
2,110
11,354
24,373
231
475
244
2,111
2,186
75
Q2-99
9,413
9,413
3,867
1,852
1,728
124
7,398
37,151
22,453
14,698
44,549
42,895
60,494
33,496
792
12,735
1,786
11,685
17,599
20
327
347
1,674
1,723
49
Q3-99
12,424
10,182
2,242
7,712
122
823
945
10,076
27,823
16,110
11,713
17,747
17,944
22,819
31,125
1,052
15,778
855
7,669
4,875
227
1,037
810
424
292
132
Q4-99
14,719
14,719
8,593
2,457
1,380
1,077
8,583
43,136
28,612
14,524
51,719
50,852
69,501
50,515
268
7,612
1,805
9,301
18,649
279
962
1,241
1,146
1,269
123
Q1-00
Quarter
A.5.5.3. SECURITIES FIRMS. BROKERS. AGGREGATED INCOME STATEMENT.

QUARTERLY PERFORMANCE
7,817
7,817
7,285
1,461
1,431
30
1,993
40,502
24,589
15,913
42,495
40,713
54,356
40,395
197
4,803
1,892
7,069
13,643
257
448
705
2,039
2,146
107
Q2-00
9,970
9,970
6,497
618
1,439
821
4,091
38,976
22,994
15,982
43,067
41,058
52,742
34,308
379
7,023
2,158
8,874
11,684
95
382
287
1,914
2,073
159
Q3-00
15,910
13,162
2,748
10,592
4,466
1,900
2,566
8,874
41,253
22,187
19,066
32,379
30,533
42,296
29,528
600
1,981
1,868
8,319
11,763
515
1,691
1,176
1,331
1,669
338
Q4-00
329
A.5.6. SECURITIES FIRMS.

RETURN ON EQUITY IN 2000 (*)
No. of firms, in terms of ROE
Average
ROE
< 10%
10-15%
16-30%
31-45%
46-60%
Broker-dealers
Non-members
29.45
31.19
15.49
15
10
5
9
8
1
10
9
1
8
7
1
3
2
1
1
1
0
0
0
0
2
2
0
Brokers
Non-members
8.92
20.05
3.97
30
8
22
4
0
4
17
7
10
3
1
2
2
2
0
1
0
1
0
0
0
0
0
0
Total
Non-members
26.98
30.69
10.19
45
18
27
13
8
5
27
16
11
11
8
3
5
4
1
2
1
1
0
0
0
2
2
0
61-75% 76-100%
> 100%
(*) After taxes.
A.5.7. SECURITIES FIRMS. EQUITY COVERAGE OF CAPITAL

ADEQUACY REQUIREMENTS AT 31-12-2000
No. of firms, in terms of coverage margin
Margin (1)
Total
Average
Broker-dealers............................
Non-members.........................
1,020,778
915,733
105,045
Brokers.......................................
Non-members.........................
Total ...........................................
Non-members.........................
< 100
< 200
< 500
< 600
< 700
< 800
> 800
21,266
23,480
11,672
2
1
1
0
0
0
1
0
1
0
0
0
0
0
0
1
0
1
44
38
6
89,887
29,156
60,731
1,577
1,620
1,557
3
0
3
4
1
3
13
3
10
2
0
2
6
1
5
0
0
0
29
13
16
1,110,665
944,889
165,776
10,578
16,577
3,454
5
1
4
4
1
3
14
3
11
2
0
2
6
1
5
1
0
1
73
51
22
(1) Surplus computable equity over that required for capital adequacy purposes.
330
95.7
8.5
82.2
5.1
609.2
590.5
3.9
14.8
3,674.4
11.8
1,654.6
2,008.0
9,196.6
880.1
6,158.6
2,157.9
Other fixed-income .......................................................

Domestic stock markets.............................................
Other domestic markets ...........................................
Foreign markets.........................................................
Equities .........................................................................
Other domestic markets ............................................
Foreign markets.........................................................
Derivatives ....................................................................
Other domestic markets ...........................................
Foreign markets.........................................................
TOTAL ..........................................................................
Foreign markets.........................................................
2,487.8
1,769.5
383.1
7,044.0
538.2
6,505.7
9,196.6
Stock exchange members ..............................................

Broker-dealers ...........................................................
Brokers......................................................................
Non-members ...............................................................
Broker-dealers ...........................................................
Brokers......................................................................
TOTAL ..........................................................................
Distribution by type of firm
4,817.3
269.3
4,417.9
130.0
Distribution by instrument
Money market & government bonds..............................
Foreign markets.........................................................
1999
12,841.4
9,699.2
1,536.4
8,162.9
3,142.2
2,325.4
816.8
12,841.4
1,475.1
8,142.9
3,223.5
5,186.0
14.1
2,439.6
2,732.3
1,250.4
970.8
4.9
274.7
236.3
8.5
214.8
13.0
6,168.6
481.6
5,483.6
203.5
2000
Total
39.6
37.7
185.5
25.5
26.3
31.4
113.2
39.6
67.6
32.2
49.4
41.1
19.5
47.4
36.1
105.3
64.4
26.7
1,755.8
146.8
0.7
161.4
154.7
28.1
78.8
24.1
56.5
Chg. (%)
8,363.4
6,984.8
479.5
6,505.3
1,713.8
999.2
379.4
8,363.4
807.2
5,400.0
2,156.2
3,335.3
10.0
1,317.4
2,007.9
538.7
521.2
3.6
13.9
84.6
8.3
72.0
4.3
4,404.9
267.8
4,007.1
130.0
1999
12,148.7
9,678.6
1,517.1
8,161.6
2,470.1
1,656.2
813.9
12,148.7
1,348.1
7,598.2
3,202.4
4,989.1
12.8
2,258.1
2,718.3
1,127.5
850.6
3.7
273.2
180.5
7.7
164.9
8.0
5,851.6
477.0
5,171.6
202.9
2000
113.4
7.4
129.0
85.6
32.8
78.1
29.1
56.1
Chg. (%)
45.3
38.6
216.4
25.5
44.1
65.8
114.5
45.3
67.0
40.7
48.5
49.6
28.2
71.4
35.4
109.3
63.2
2.7
1,863.0
For third-party account
A.5.8. SECURITIES FIRMS. VOLUME TRADED
833.2
59.2
58.7
0.4
774.0
770.3
3.7
833.2
72.9
758.6
1.7
339.1
1.9
337.2
0.0
70.5
69.3
0.3
0.9
11.1
0.2
10.2
0.8
412.4
1.5
410.9
0.0
1999
692.7
20.6
19.3
1.3
672.1
669.2
2.9
692.7
127.0
544.7
21.0
196.9
1.3
181.5
14.0
123.0
120.2
1.3
1.5
55.8
0.8
50.0
5.0
317.0
4.6
311.9
0.5
2000
Own account
16.9
65.2
67.1
209.2
13.2
13.1
21.6
16.9
74.2
28.2
1,142.1
41.9
27.3
46.2
74.3
73.5
272.2
65.1
400.9
412.8
390.6
529.5
23.1
194.7
24.1
Chg. (%)
Amounts in billions of euros
331
332
339,557
333,150
6,407
183,181
12,830
552
77,594
42,766
148,974
Equities ..................................................................................
Domestic portfolio (1) ........................................................
Foreign portfolio (1) ...........................................................
Derivatives.............................................................................
Repos ....................................................................................
Margin trading .......................................................................
Deposits and other transactions with financial

intermediaries ....................................................................
Other transactions..................................................................
TOTAL ...................................................................................
17,561
13,512
4,049
148,974
Non-members ........................................................................
Broker-dealers ....................................................................
Brokers...............................................................................
TOTAL ...................................................................................
107,216
8,889
8,257
632
98,327
95,307
3,020
107,216
9,854
52,016
1,201
17,288
285,371
169,623
168,335
1,288
106,591
121,732
122,380
648
2000
52,143
6,835
5,099
1,736
45,308
42,628
2,680
52,143
16,448
77,594
552
12,830
88,746
87,117
1,629
10,297
860
858
2
1999
45,449
4,161
1,857
2,304
41,288
37,162
4,126
45,449
9,484
52,016
1,201
17,288
50,851
50,578
273
16,982
1,660
1,092
568
2000
Financial margin
102,790
9,177
8,686
491
93,613
93,768
155
102,790
26,318
177,222
250,811
246,033
4,778
67,620
70,504
70,058
446
1999
69,326
7,525
6,621
904
61,801
62,631
830
69,326
370
292,930
220,474
218,913
1,561
123,573
120,072
121,288
1,216
2000
Securities portfolio
(1) Estimate. The accounting information sent by firms to the CNMV does not enable it to directly assign the recovery and application of provisions between domestic and foreign portfolios.
This detail is estimated using the weighting of these portfolios in the total trading portfolio.
131,413
129,158
2,255
Stock exchange members.......................................................

Broker-dealers ....................................................................
Brokers...............................................................................
57,323
71,364
70,916
448
Money market and government bonds ...................................

Other fixed-income securities ...............................................
Domestic portfolio (1) ........................................................
Foreign portfolio (1) ...........................................................
1999
Total
A.5.9. SECURITIES FIRMS. RESULTS OF TRADING FOR OWN ACCOUNT
5,959
1,549
273
1,822
7,508
7,238
270
5,959
5,959
0
0
0
0
0
0
0
1999
7,559
2,797
221
2,576
4,762
4,486
276
7,559
7,559
0
0
0
0
0
0
0
2000
Other provisions
A.5.10. SECURITIES FIRMS. COMMISSION REVENUES

1999
2000
Brokering.........................................................................
699,279
838,403
Money market assets and fixed-income ...................
Domestic stock markets .......................................
Other domestic markets.......................................
Foreign markets ...................................................
84,203
22,014
57,900
4,289
Equities....................................................................
Foreign markets ...................................................
Chg. (%)
Structure (%)
1999
2000
19.9
61.8
63.6
56,217
20,283
30,060
5,874
33.2
7.9
48.1
37.0
7.4
1.9
5.1
0.4
4.3
1.5
2.3
0.4
541,635
512,172
3,416
26,047
705,325
644,547
11,924
48,854
30.2
25.8
249.1
87.6
47.9
45.2
0.3
2.3
53.5
48.9
0.9
3.7
Derivatives ..............................................................
Foreign markets ...................................................
73,439
32,623
37,824
2,992
76,860
50,384
21,671
4,805
4.7
54.4
42.7
60.6
6.5
2.9
3.3
0.3
5.8
3.8
1.6
0.4

Stock exchange members ........................................
Broker-dealers......................................................
Brokers ................................................................
570,089
524,078
46,011
754,956
676,584
78,372
32.4
29.1
70.3
50.4
46.3
4.1
57.2
51.3
5.9
Non-members..........................................................
Broker-dealers......................................................
Brokers ................................................................
129,190
15,280
113,910
83,447
7,073
76,374
35.4
53.7
33.0
11.4
1.3
10.1
6.3
0.5
5.8
IIC subscription and reimbursement.................................

Placement and underwriting ............................................
Consultancy and transaction design.................................
Portfolio management and securities custody ..................
Other...............................................................................
138,457
112,931
38,534
33,259
109,447
157,659
147,903
38,805
32,662
103,672
13.9
31.0
0.7
1.8
5.3
12.2
10.0
3.4
2.9
9.7
12.0
11.2
2.9
2.5
7.9
TOTAL.............................................................................
1,131,907
1,319,104
16.5
100.0
100.0
Stock exchange members ................................................

Broker-dealers..............................................................
Brokers ........................................................................
883,228
821,789
61,439
1,126,346
1,034,587
91,759
27.5
25.9
49.3
78.0
72.6
5.4
85.4
78.4
7.0
Non-members..................................................................
Broker-dealers..............................................................
Brokers ........................................................................
248,679
76,827
171,852
192,758
65,622
127,136
22.5
14.6
26.0
22.0
6.8
15.2
14.6
5.0
9.6
TOTAL.............................................................................
1,131,907
1,319,104
16.5
100.0
100.0
Pro memoria:
Total commission expenses..............................................
264,231
266,516
0.9
Distribution by type of service
333
A.5.11. SECURITIES FIRMS. CONSOLIDABLE GROUPS.

TYPE, CONCENTRATION AND COMPOSITION
Type, as defined in Royal Decree 1343/92
Number of
Groups constituted around:
Groups
Firms
1999
2000
1999
2000
Non-resident credit institutions (Title I of R.D. 1343/92).............................

Broker-dealers and brokers (Title II of R.D. 1343/92) ..................................
Other financial firms (Title IV of R.D. 1343/92) ..........................................
13
18
20
12
19
18
49
137
146
68
144
128
TOTAL .......................................................................................................
51
49
332
340
Concentration
Number of
Type of firm
Groups
Firms
1999
2000
1999
2000
Five or more...............................................................................................
Less than five .............................................................................................
21
30
21
28
245
87
261
79
TOTAL .......................................................................................................
51
49
332
340
Composition
Type of firm
1999
Number
2000
%
Number
Agents of broker-dealers and brokers..........................................................

IIC and FTH operators ...............................................................................
Brokers.......................................................................................................
Broker-dealers ............................................................................................
Holding companies....................................................................................
Instrumental companies .............................................................................
Advisory and consulting services................................................................
Portfolio management ................................................................................
Pension fund managers ..............................................................................
Computer services......................................................................................
Real estate holding companies ...................................................................
Other financial firms ..................................................................................
Other institutions .......................................................................................
77
52
48
25
23
11
7
10
11
6
12
16
34
23.2
15.7
14.5
7.5
6.9
3.3
2.1
3.0
3.3
1.8
3.6
4.8
10.2
84
50
44
25
26
11
7
8
11
7
7
20
40
24.7
14.7
12.9
7.3
7.6
3.2
2.1
2.3
3.2
2.1
2.1
5.9
11.9
TOTAL .......................................................................................................
332
100.0
340
100.0
334
8,657
110,570
2,846
8,931,990
159,824
2,442,668
13,938
606,872
12,464,350
Goodwill in consolidation .......................................
Permanent portfolio (net)..........................................
Doubtful investments, in default or in litigation (net) ......
Trading portfolio (net) ..............................................
Credit to individual clients .......................................
Financial intermediaries...........................................
Cash...................................................................
Sundry accounts.....................................................
TOTAL ASSETS...................................................

(3) Difference between (1) and (2).
186,985
149,181
37,804
Fixed assets...........................................................
Tangible fixed assets............................................
Intangibles ........................................................
31-12-99
13,481,662
487,683
13,957
2,062,150
257,294
10,301,125
2,151
127,670
10,692
218,940
159,981
58,959
31-12-00
Total consolidated (1)
11,630,435
397,482
13,432
2,257,964
123,587
8,544,037
695
176,027
118,601
93,743
24,858
31-12-99
12,367,680
308,967
10,129
1,949,988
203,862
9,551,448
1,080
203,133
139,073
107,918
31,155
31-12-00
Securities firms (2)
833,915
209,390
506
184,704
36,237
387,953
3,541
65,457
8,657
68,384
55,438
12,946
Amount
31-12-99
6.7
34.5
3.6
7.6
22.7
4.3
124.4
59.2
100.0
36.6
37.2
34.2
Difference (3)
1,113,982
178,716
3,828
112,162
53,432
749,677
1,071
75,463
10,692
79,867
52,063
27,804
8.3
36.6
27.4
5.4
20.8
7.3
49.8
59.1
100.0
36.5
32.5
47.2
31-12-00
Amount
A.5.12. SECURITIES FIRMS. CONSOLIDABLE GROUPS. AGGREGATED BALANCE SHEET. ASSETS
335
336
172,704
40,821
5,084
271,772
8,096,700
1,142,796
6,979
1,280,373
12,464,356
Income of the year .............................................
Outside shareholders..........................................
Negative differences in consolidation.................
Subordinated financing and other debt securities ..
Financing from financial intermediaries..............
Financing from clients ........................................
Speccial allowances ...........................................
Sundry accounts.................................................
TOTAL LIABILITIES............................................

116,969
136,426
48,444
155,937
13,481,675
1,112,664
12,962
1,110,520
9,084,748
127,355
8,534
49,100
527,841
1,447,951
564,717
863,777
31-12-00
1,447,127
505,931
833,703
31-12-99
11,630,450
1,061,893
19,851
1,126,019
7,949,970
144,387
289,245
88,751
0
1,039,085
435,128
692,708
31-12-99
12,367,697
896,600
26,775
1,107,983
8,671,761
127,355
418,273
169,514
0
1,118,950
469,662
818,802
31-12-00
833,906
218,480
12,872
16,777
146,730
127,385
5,084
40,821
116,541
40,307
155,937
408,042
70,803
140,995
Amount
1.5
1.8
46.9
100.0
100.0
67.5
83.2
100.0
28.2
14.0
16.9
6.7
17.1
184.4
31-12-99
Difference (3)
1,113,978
216,064
13,813
2,537
412,987
8,534
49,100
109,568
52,545
136,426
329,001
95,055
44,975
Amount
8.3
19.4
106.6
0.2
4.5
0.0
100.0
100.0
20.8
44.9
100.0
22.7
6.8
5.2
31-12-00
A.5.12. SECURITIES FIRMS. CONSOLIDABLE GROUPS. AGGREGATED BALANCE SHEET. LIABILITIES
Equity.................................................................
Capital ...........................................................
Reserves .........................................................
Own shares, shareholders and interim
dividends .......................................................
Reserves at consolidated companies...............
(Continued)
344,223
1,420,495
1,083,117
423,289
659,828
45,651
383,029
110,539
272,490
11,797
260,693
TOTAL NET REVENUES......................................
OPERATING EXPENSES......................................
Personnel expenses ........................................
General expenses, depreciation y other
provisions ..................................................
OTHER GAINS AND LOSSES.............................
EARNINGS BEFORE TAXES ................................
CORPORATE INCOME TAX ...............................
EARNINGS AFTER TAXES ..................................
EARNINGS ATTRIBUTED TO OUTSIDE

SHAREHOLDERS ...........................................
CONSOLIDATED SECTOR EARNINGS..............

800,663
456,440
1,251,851
1,885,468
633,617
NET COMMISSION REVENUES .........................

Commission revenues ....................................
Brokering fees and commissions paid.............
531,046
11,323
542,369
258,928
801,297
74,497
1,527,463
1,367,894
1,982,920
615,026
104,569
4,307,980
4,203,411
106,342
3,033,589
2,927,247
NET INCOME FROM SECURITIES TRADING.....

Gain on trading portfolio ...............................
Loss on trading portfolio.................................
55,000
332,316
277,316
62,302
286,987
224,685
31-12-00
FINANCIAL MARGIN.........................................
Interest and dividends from investments .........
Interest on liabilities .......................................
31-12-99
289,248
289,248
111,380
400,628
42,204
378,811
664,195
285,384
1,022,619
867,686
1,131,917
264,231
102,790
2,992,748
2,889,958
52,143
249,688
197,545
31-12-99
418,275
418,275
198,661
616,936
49,420
259,598
599,852
340,254
1,167,368
1,052,593
1,319,109
266,516
69,326
4,101,536
4,032,210
45,449
287,511
242,062
31-12-00
28,555
11,797
16,758
841
17,599
3,447
281,017
418,922
137,905
397,876
384,165
753,551
369,386
3,552
40,841
37,289
10,159
37,299
27,140
Amount
31-12-99
11.0
100.0
6.1
0.8
4.6
7.6
42.6
38.7
32.6
28.0
30.7
40.0
58.3
3.3
1.3
1.3
16.3
13.0
12.1
112,771
11,323
124,094
60,267
184,361
25,077
84,625
200,811
116,186
360,095
315,301
663,811
348,510
35,243
206,444
171,201
9,551
44,805
35,254
Amount
31-12-00
21.2
100.0
22.9
23.3
23.0
33.7
24.6
25.1
25.5
23.6
23.1
33.5
56.7
33.7
4.8
4.1
17.4
13.5
12.7
Difference (3)
A.5.13. SECURITIES FIRMS. CONSOLIDABLE GROUPS. AGGREGATED INCOME STATEMENT
337
338
599,520
425,456
174,064
1,354,359
COMMISSION EXPENSES ...................................................

Securities transactions ....................................................
Transactions not related to securities ..............................
TOTAL NET COMMISSION REVENUES..............................
69.3
30.7
21.8
8.9
100.0
46.9
35.0
7.6
1.3
2.8
0.8
3.5
0.1
0.0
2.0
Structure (%)
1,052,588
266,516
211,950
54,566
1,319,104
838,403
157,659
147,903
17,831
38,805
14,831
66,161
0
0
37,511
Amount
79.8
20.2
16.1
4.1
100.0
63.6
12.0
11.2
1.4
2.9
1.1
5.0
0.0
0.0
2.8
Structure (%)
1,953,879
TOTAL ................................................................................

1,225,471
682,483
10,067
7,254
7,363
7,942
7,878
198
5,145
78
Broker-dealers and brokers ..................................................

IIC and mortgage-backed fund management companies .....
Advisory and consulting services.........................................
Holding companies ............................................................
Portfolio management .........................................................
Agents of broker-dealers and brokers...................................
Pension fund managers .......................................................
Real estate holding companies ............................................
Instrumental companies ......................................................
Other financial firms ...........................................................
Amount
100,0
62,7
34,9
0,5
0,4
0,4
0,4
0,4
0,0
0,3
0,0
Structure (%)
Revenues
599,520
224,448
368,779
0
981
580
518
4,036
0
178
0
Amount
Expenses
301,771
333,004
213,506
119,498
634,775
78,680
525,807
1,458
6,835
15,529
236
2,253
2,540
272
1,165
Amount
100,0
37,4
61,5
0,0
0,2
0,1
0,1
0,7
0,0
0,0
0,0
Structure (%)
Distribution of commission revenues by type of firm
1,953,879
917,083
683,466
149,361
24,666
54,334
15,067
68,414
2,540
272
38,676
COMMISSION REVENUES..................................................
Brokering ........................................................................
Subscription, reimbursement & mgmt. of IIC & pension funds
Underwriting, search and placement...............................
Portfolio management ....................................................
Advisory services ............................................................
Custody and registration of securities .............................
Other revenues from securities transactions.....................
Computer services ..........................................................
Property rental.................................................................
Other revenues not related to securities ..........................
Amount
Distribution by services
22.3
55.5
50.2
68.7
32.5
8.6
76.9
1.0
27.7
28.6
1.6
3.3
100.0
100.0
3.0
Contribution (%)
1,354,359
1,001,023
313,704
10,067
6,273
6,783
7,424
3,842
198
4,967
78
Amount
100.0
73,9
23,2
0,7
0,5
0,5
0,5
0,3
0,0
0,4
0,0
Structure (%)
Net commissions
47.5
52.5
33.6
18.8
100.0
12.4
82.8
0.2
1.1
2.4
0.0
0.4
0.4
0.0
0.2
Structure (%)
Difference (3)
A.5.14. SECURITIES FIRMS. CONSOLIDABLE GROUPS. COMMISSION REVENUES AND EXPENSES. 2000
A.5.15. SECURITIES FIRMS. CONSOLIDABLE GROUPS.

DETAILS OF ITEMS ELIMINATED
FROM THE 2000 INCOME STATEMENT
Eliminated
Amount
Balance
in consolidation
Structure (%)
REVENUES ..........................................................
Commission revenues.......................................
Interest and dividends from investments ...........
Other revenues.................................................
Gains on trading portfolio ................................
223,993
159,351
46,759
17,835
48
100.0
71.1
20.9
8.0
0.0
6,599,668
1,953,879
314,492
80,885
4,250,412
EXPENSES.............................................................
Commission expenses ......................................
Interest on liabilities .........................................
General expenses and provisions .....................
Other expenses ................................................
Personnel expenses ..........................................
Losses on trading portfolio ...............................
174,434
105,522
50,598
13,160
5,011
143
0
100.0
60.5
29.0
7.5
2.9
0.1
0.0
5,803,186
599,520
260,960
332,989
10,552
442,856
4,156,309
NET......................................................................
49,559
796,482
A.5.16. COLLECTIVE INVESTMENT INSTITUTION MANAGEMENT COMPANIES (SGIIC)

AND PORTFOLIO MANAGEMENT COMPANIES (SGC). NUMBER OF COMPANIES
AND ASSETS UNDER MANAGEMENT OR ADVICE
SGIIC
31-12-99
Number of companies ......................................
127
31-12-00
SGC
Var. (%)
31-12-99
31-12-00
Chg. (%)
124
2.4
48
41
14.6
3,191
4,154
217,987,907 200,832,377
30.2
7.9
6,887
6,481,106
9,443
7,547,918
37.1
16.5
3,191
4,154
217,987,907 200,832,377
30.2
7.9
56
542,676
18
119,882
67.9
77.9
Assets under management or advice

Total
Number of portfolios .........................................
Assets.................................................................
Distribution by portfolio type............................
IIC
Number .........................................................
Assets.............................................................
FIAMM
Number .........................................................
Assets.............................................................
FIM
Number .........................................................
Assets.............................................................
SIM
Number .........................................................
Assets.............................................................
SIMCAV
Number .........................................................
Assets.............................................................
Real estate mutual funds
Number .........................................................
Assets.............................................................
Other managed portfolio
Number .........................................................
Assets.............................................................
Advisory service contracts
Number .........................................................
Assets.............................................................
203
42,598,008
201
33,368,089
1.0
21.7
1,964
2,266
163,695,776 152,700,270
15.4
6.7
172
2,031,504
135
1,575,266
21.5
22.5
4
31,140
0
0
100.0
100.0
847
8,791,503
1,547
11,972,930
82.6
36.2
52
511,536
18
119,882
65.4
76.6
5
871,116
5
1,215,822
0.0
39.6
6,164
4,778,288
4,175
2,705,258
32.3
43.4
667
1,160,142
5,250
4,722,778
687.1
307.1
339
340
301
41,433
64
2,019,687
487,989
1,103,450
926,591
173,243
10,877
6,512
13,778
4,323
412,907
11,010
2,061,488
1. UNCALLED CAPITAL ..............................................................
2. FIXED ASSETS .........................................................................
3. DEFERRED CHARGES .............................................................
4. ACCOUNTS RECEIVABLE .......................................................

4.1. ACCOUNTS RECEIVABLE ...............................................
4.2. SECURITIES PORTFOLIO ................................................
4.2.1. Government funds................................................
4.2,2. Listed securities ....................................................
4.2.3. Other securities ....................................................
4.2.4. Interest .................................................................
4.2.5. Provisions.............................................................
4.3. OWN SHARES ................................................................
4.4. CASH ..............................................................................
4.5. ACCRUAL ADJUSTMENTS..............................................
TOTAL ASSETS.............................................................................
Amount
98.0
23.7
53.5
44.9
8.4
0.5
0.3
0.7
0.2
20.0
0.5
0.0
2.0
0.0
100.0
31-12-99
2,051,393
1,999,005
344,911
1,390,525
1,099,885
276,386
32,257
8,069
26,071
0
260,753
2,806
433
51,653
301
Amount
31-12-00
SGIIC
100.0
97.4
16.8
67.8
53.6
13.5
1.6
0.4
1.3
0.0
12.7
0.1
0.0
2.5
0.0
0.5
1.0
29.3
26.0
18.7
59.5
196.6
23.9
89.2
36.8
74.5
576.6
24.7
0.0
Chg. (%)
60,817
54,867
7,941
32,146
25,712
6,018
557
93
234
0
14,511
266
5,885
66
Amount
90.2
13.1
52.9
42.3
9.9
0.9
0.2
0.4
0.0
23.9
0.4
0.0
9.7
0.1
100.0
31-12-99
52,159
49,262
12,104
31,034
20,300
10,475
679
111
531
0
5,821
301
2,830
66
0.0
5.4
0.1
100.0
94.4
23.2
59.5
38.9
20.1
1.3
0.2
1.0
0.0
11.2
0.6
31-12-00
Amount
SGC
14.2
10.2
52.4
3.5
21.0
74.1
21.9
19.4
126.9
59.9
13.2
51.9
0.0
Chg. (%)

AND PORTFOLIO MANAGEMENT COMPANIES (SGC). AGGREGATED BALANCE SHEET. ASSETS
1,174,285
290,334
593,389
6,734
660,258
376,445
0
55,413
39,289
792,517
2,061,488
2. DEFERRED REVENUES............................................................
3. PROVISIONS FOR CONTINGENCIES AND EXPENSES ...........
4. LONG-TERM LIABILITIES........................................................
5. CURRENT LIABILITIES ............................................................
TOTAL LIABILITIES......................................................................
100.0
38.4
1.9
2.7
0.0
57.0
14.1
28.8
0.3
32.0
18.3
31-12-99
Amount
2,051,393
735,263
62,218
61,112
1,192,794
309,524
655,259
9,213
663,046
444,242
Amount
31-12-00
SGIIC
100.0
35.8
3.0
3.0
0.0
58.1
15.1
31.9
0.4
32.3
21.7
0.5
7.2
58.4
10.3
1.6
6.6
10.4
36.8
0.4
18.0
Chg. (%)
60,817
5,768
963
1,227
52,859
31,612
20,683
2,157
3,563
844
9.5
1.6
2.0
0.0
86.9
52.0
34.0
3.5
5.9
1.4
100.0
31-12-99
Amount
52,159
10,934
1,295
1,786
38,143
22,186
17,738
4,608
5,718
2,892
100.0
21.0
2.5
3.4
0.0
73.1
42.5
34.0
8.8
11.0
5.5
31-12-00
Amount
SGC
14.2
89.6
34.5
45.6
27.8
29.8
14.2
113.6
60.5
242.7
Chg. (%)

AND PORTFOLIO MANAGEMENT COMPANIES (SGC). AGGREGATED BALANCE SHEET. LIABILITIES
1. EQUITY...................................................................................
1.1. CAPITAL STOCK .............................................................
1.2. RESERVES........................................................................
1.3. PRIOR YEARS' INCOME .................................................
1.4. INCOME FOR THE YEAR ................................................
1.5. INTERIM DIVIDEND .......................................................
(Continued)
341
342
29,420
41,072
11,652
20,243
25,495
5,252
1,165,016
2,999,593
2,913,311
79,756
0
0
0
2,618
3,908
1,834,577
1,834,577
1,214,679
192,506
87,727
104,779
1,022,173
7,122
6,734
388
2,235
1,012,816
352,555
660,261
FINANCIAL MARGIN.............................................
Financial revenues .............................................
Financial costs....................................................
NET INCOME FROM SECURITIES TRADING.........

Gains on securities .............................................
Losses on securities ............................................
NET COMMISSION REVENUES .............................

Commission revenues ........................................
IIC management .............................................
Subscription/reimbursement ...........................
Portfolio management ....................................
Fixed fees ...................................................
Variable fees...............................................
Advisory services............................................
Other revenues...............................................
Commission expenses ........................................
Fund marketing...............................................
TOTAL NET REVENUES..........................................
OPERATING EXPENSES..........................................
Personnel ...........................................................
General ..............................................................
OPERATING MARGIN ...........................................
DEPRECIATION AND OTHER CHARGES...............

Depreciation ......................................................
Other charges.....................................................
OTHER GAINS AND LOSSES.................................
EARNINGS BEFORE TAXES....................................
CORPORATE INCOME TAX...................................
EARNINGS AFTER TAXES ......................................
1999
Year
663,045
343,647
1,006,692
1,079
12,153
10,776
1,377
1,019,924
218,809
105,211
113,598
1,238,733
1,167,440
2,988,140
2,898,845
82,432
0
0
0
2,142
4,721
1,820,700
1,820,700
20,257
29,569
9,312
51,036
65,962
14,926
2000
SGIIC
2,784
8,908
6,124
1,156
5,031
4,042
989
2,249
26,303
17,484
8,819
24,054
2,424
11,453
14,466
2,676
476
813
13,877
13,877
14
4,074
4,060
21,616
24,890
3,274
Absolute
Change
0.4
2.5
0.6
51.7
70.6
60.0
254.9
0.2
13.7
19.9
8.4
2.0
0.2
0.4
0.5
3.4
18.2
20.8
0.8
0.8
0.1
16.0
77.3
73.5
60.6
28.1
3,518
2,611
6,129
346
1,212
1,120
92
6,995
16,918
9,636
7,282
23,913
19,517
19,517
2,892
0
9,919
5,691
4,228
2,629
4,077
0
0
2,265
2,369
104
2,131
2,394
263
1999
Year
5,402
3,235
8,637
664
726
633
93
8,699
20,598
13,144
7,454
29,297
27,807
27,807
1,206
0
10,900
4,995
5,905
3,773
11,928
0
0
755
947
192
735
1,091
356
2000
SGC
1,884
624
2,508
318
486
487
1
1,704
3,680
3,508
172
5,384
8,290
8,290
1,686
981
696
1,677
1,144
7,851
1,510
1,422
88
1,396
1,303
93
Change
53.6
23.9
40.9
91.9
40.1
43.5
1.1
24.4
21.8
36.4
2.4
22.5
42.5
42.5
58.3
9.9
12.2
39.7
43.5
192.6
66.7
60.0
84.6
65.5
54.4
35.4
Amount in thousands of euros
Absolute

AND PORTFOLIO MANAGEMENT COMPANIES (SGC). AGGREGATED INCOME STATEMENT
Annex 6
Composition of the
CNMV Board
COMPOSITION OF THE CNMV BOARD
1
2
3
4
5
6
7
8
President:
Da. Pilar Valiente Calvo 1
Vice-presidente:
D. Juan Jess Roldn Fernndez 2
Commissioners 3:
Da. Gloria Hernndez Garca 4

D. Gonzalo Gil Garca 5
Da. Soledad Plaza y Jabat 6
D. Flix De Luis y Lorenzo 7
Secretary:
Da. Sol Bourgn Camacho 8
Since 7 October 2000. The position was held by D. Juan Fernndez-Armesto until 4 October 2000.
Since 7 October 2000. The position was held by D. Luis Ramallo Garca until 4 October 2000.
D. Jos Manuel Barbern Lpezs appointment as Commissioner ended on 27 December 2000.
Director General of Treasury and Finance Policy.
Deputy Governor of the Bank of Spain. D. Miguel Martn Fernndez held the position until 16 July 2000.
Appointed on 25 October 2000 in place of Da. Pilar Valiente Calvo.
Appointed on 9 February 2001 in place of D. Jos M Roldn Alegre, whose appointment ended on 13 October 2000.
Since 1 February 2001. The position was held by D. Antonio Alonso Ureba until 31 January 2001.
345
Annex 7
Composition
of the CNMV
Advisory Committee
COMPOSITION OF THE CNMV ADVISORY

COMMITTEE 1
President:
D. Juan Jess Roldn Fernndez
Secretary:
D. Sol Bourgn Camacho 2
REPRESENTATIVES
Issuers:
D. Carlos Jimnez Zato

D. Enrique Carretero Gil de Biedma
D. Ramn Cerdeiras Checa
Investors:
D. Emilio Polo Ghezzi

D. Enrique Urea Francs
Stock Exchange members:
D.
D.
D.
D.
Consumers and Users Council:
D. Jorge Caminero Rodrguez
Jos Antonio de Bonilla y Moreno

Sebastin Albella Amigo
Jaime Aguilar Fernndez-Hontoria
Gregorio Arranz Pumar
Autonomous regions
Valencian Government:
D. Jos Manuel Uncio Lacasa
Catalan Government:
D. Francesc Xavier Ruiz del Portal i Bravo
Basque Government:
D. Juan Miguel Bilbao Garai
ALTERNATIVE REPRESENTATIVES
Issuers:
1
2
D. Diego Lozano Romeral

D. Saturnino Polanco Prieto
D. Fernando Isidro Rincn
In force since the CNMV Board Meeting on 28 March 2000.

Appointed on 1 February 2001 in place of Antonio Alonso Ureba..
349
Investors:
D. Toms Galn Ortega

D. Carlos Puerta Forolla
Stock Exchange members:
D.
D.
D.
D.
Consumers and Users Council:
D. Manuel Prados Vicente
Jos M. Ramrez Nez de Prado

John Siska
Antonio Lpez Sells
Ignacio Santilln Fraile
Autonomous regions
350
Valencian Government:
D. Julin Fernando Talens Escart
Catalan Government:
D. Jaume Pera i Lloveras
Basque Government:
D. Miguel Bengoechea Romero

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ANNUAL REPORT ON THE SECURITIES MARKETS.

COMISIN NACIONAL DEL MERCADO DE VALORES

Comisin Nacional del Mercado de Valores.

Economic situation .........................................................................................................

General overview ...........................................................................................................

Equity markets ................................................................................................................

4. Derivatives markets ...............................................................................................................

4.1. International situation.....................................................................................................

5. Collective investment institutions and venture capital firms .................................................

6. Securities firms and management companies ........................................................................

Securities firms ...............................................................................................................

Annex 1. Primary markets.......................................................................................................... 103

Primary markets. Issues and outstanding balances ..................................................... 105

Annual report on the securities. 2000

Annex 2. Secondary markets ..................................................................................................... 121

Annex 3. Derivatives markets..................................................................................................... 197

International markets. Trading volume.......................................................................

Annual report on the securities. 2000

Distribution of trading, by account type. 2000 ..........................................................

Investment in securities. Number of institutions, assets and number of investors .......

Annex 5 Securities firms and management companies ................................................................ 315

Securities firms. Number, branches and agents .........................................................

Securities firms. Consolidable groups. Type, concentration and composition ............

Annex 6. Composition of the CNMV board................................................................................ 343

Annual report on the securities. 2000

International economic indicators.................................................................................

Fixed-income issues by euro zone residents....................................................................

Sectorial index performance (Madrid Stock Exchange) in 2000.....................................

Trading in the main futures and options markets ...........................................................

Composition (%) of households financial assets .............................................................

Securities firms: aggregated income statement ................................................................

Annual report on the securities. 2000

Ibex-35 index performance and volatility......................................................................

Annual report on the securities. 2000

The economic cycle and the securities markets .....................................................................

1. OVERVIEW OF THE SECURITIES MARKETS

Annual report on the securities markets. 2000

Internal demand (a)

Unemployment rate (b)

Budget balance (d)

Current account balance (d)

OVERVIEW OF THE SECURITIES MARKETS

Annual report on the securities markets. 2000

The economic cycle and the securities markets

The adjoining figures illustrate this

OVERVIEW OF THE SECURITIES MARKETS

The Spanish economy

GDP (constant terms) ...........................................

Annual report on the securities markets. 2000

1.2. Financial flows in the Spanish economy

OVERVIEW OF THE SECURITIES MARKETS

Cash and deposits.............................................................

Source: Bank of Spain.

Annual report on the securities markets. 2000

Shares, held by .................................................................

Source: Bank of Spain.

OVERVIEW OF THE SECURITIES MARKETS

Annual report on the securities markets. 2000

Monetary financial institutions, excluding the Bank

Non-monetary financial institutions

Total financial institutions ................................................

Source: Bank of Spain.

OVERVIEW OF THE SECURITIES MARKETS