Ianual2002 Ien

COMISIN NACIONAL DEL MERCADO DE VALORES
ANNUAL REPORT
ON THE SECURITIES
MARKETS. 2002
Original Title in Spanish: Informe Anual sobre los Mercados de Valores.

Traslated by Versalia Traduccin, S.L.
I.S.B.N.: 84-87.870-35-X
Depsito Legal: M. 30.670-2003
Comisin Nacional del Mercado de Valores.
All information in this publication maybe reproduced with attribution.
Printed by: EDIGRAFOS, S. A. Volta, 2. Pol. Ind. San Marcos. Getafe (Madrid)
GENERAL INDEX
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
16
21
26
2. Primary markets ....................................................................................................................
31
2.1.
2.2.
2.3.
2.4.
General overview ..........................................................................................................

Equities .........................................................................................................................
Fixed-income ................................................................................................................
Other issues registered at the CNMV..............................................................................
31
34
35
40
3. Secondary markets ................................................................................................................
41
3.1.
3.2.
3.3.
3.4.
Equity markets ...............................................................................................................

Fixed-income markets ...................................................................................................
Margin trading and securities lending ............................................................................
Securities clearing and settlement .................................................................................
41
52
58
60
4. Derivatives markets ..............................................................................................................
61
4.1. International situation ....................................................................................................

4.2. Spains derivatives markets ............................................................................................
4.2.1. MEFF ...................................................................................................................
4.2.2. The warrants market ...........................................................................................
61
63
65
68
5. Collective investment schemes and venture capital firms......................................................
71
5.1.
5.2.
5.3.
5.4.
5.5.
Overview .......................................................................................................................
Securities investment funds and companies ..................................................................
Foreign collective investment schemes marketed in Spain ............................................
Property investment funds and companies ....................................................................
Venture capital firms ......................................................................................................
71
74
79
79
80
6. Securities firms and fund management companies ................................................................
83
6.1.
6.2.
6.3.
6.4.
Securities firms ...............................................................................................................

Collective investment scheme management companies (SGIIC) ....................................
Portfolio management companies (SGC) ........................................................................
Venture capital firm management companies (SGECR)...................................................
83
89
90
91
Annex 1. Primary markets..........................................................................................................
93
A.1.1.
A.1.2.
Primary markets. Issues and outstanding balances ....................................................

Issues and public offerings. Detail by instruments. Amounts registered at the
CNMV ......................................................................................................................
95
96
Annual report on the Securities Markets. 2002
A.1.3.
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.
Capital increases through issues of new stock registered at the CNMV, except primary public offerings. 2002. Detail by issuer ............................................................
Primary public offerings registered at the CNMV. 2002 ............................................
Secondary public offerings registered at the CNMV. 2002 .........................................
Fixed-income issues registered at the CNMV. Main issuers. 2002 ..............................
Fixed-income issues registered at the CNMV. Preference shares. 2002. Detail by
issuer ........................................................................................................................
Fixed-income issues registered at the CNMV. Convertible bonds. 2002. Detail by
issuer ........................................................................................................................
Fixed-income issues registered at the CNMV. Non-convertible bonds. 2002. Detail
by issuer ...................................................................................................................
Fixed-income issues registered at the CNMV. Mortgage bonds. 2002. Detail by
issuer .....................................................................................................................
Fixed-income issues registered at the CNMV. Asset-backed bonds and notes. 2002.
Detail by issuer .........................................................................................................
Fixed-income issues registered at the CNMV. Commercial paper. 2002. Detail by
issuer ........................................................................................................................
Issues of warrants and other financial contracts registered at the CNMV. 2002 .........
97
98
99
100
101
101
102
104
105
106
107
Annex 2. Secondary markets ..................................................................................................... 109

A.2.1. Secondary markets. Net revenues and earnings of listed companies. 2002 ...............
A.2.2.1. Secondary markets. Equities. World markets in 2002. Stock market indexes .............
A.2.2.2. Secondary markets. Equities. World markets in 2002. Trading volume, P/E and dividend yield ................................................................................................................
A.2.3. Secondary markets. Equities. Spanish stock market indexes in 2002 .........................
A.2.4. Secondary markets. Equities. Sector indexes (Madrid stock exchange). 2002 ............
A.2.5. Secondary markets. Equities. Capitalisation and companies listed on the Spanish
stock exchanges .......................................................................................................
A.2.6. Secondary markets. Equities. Concentration of capital on the Spanish stock markets
by sector. 2002 .........................................................................................................
A.2.7. Secondary markets. Equities. Capitalisation on the Spanish stock markets by sector.
2002 ........................................................................................................................
A.2.8. Secondary markets. Equities. Ownership of shares of listed companies (Madrid stock
exchange) .................................................................................................................
A.2.9. Secondary and derivatives markets. Trading volume .................................................
A.2.10. Secondary markets. Equities. Effective trading in equities on the Spanish stock
exchanges. 2002 ......................................................................................................
A.2.11. Secondary markets. Equities. Effective trading by type. 2002 ....................................
A.2.12. Secondary markets. Equities. Effective trading in the electronic market by type. 2002 ..
A.2.13. Secondary markets. Equities. Trading by non-residents .............................................
A.2.14. Secondary markets. Equities. Order types on the electronic market. 1999-2002 .......
A.2.15. Secondary markets. Equities. Concentration of trading on the Spanish stock exchanges by sector. 2002 ...................................................................................................
A.2.16. Secondary markets. Equities. Trading frequency on the Spanish stock exchanges.
2002 .........................................................................................................................
A.2.17. Secondary markets. Equities. Trading on the Spanish stock markets by sector. 2002 .
A.2.18. Secondary markets. Equities. Electronic market. Listed companies. 2002 .................
A.2.19. Secondary markets. Equities. Outcry market. Listed companies. 2002 ......................
A.2.20. Secondary markets. Equities. Second market ............................................................
A.2.21. Secondary markets. Equities. Effective trading in Spanish securities on the New York
stock exchange .........................................................................................................
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
125
126
127
128
133
190
190
CONTENTS
A.2.22. Secondary markets. Fixed-income. Trading volume ..................................................

A.2.23. Secondary markets. Fixed-income. Government debt book-entry system. Outstanding balances ...........................................................................................................
A.2.24. Secondary markets. Fixed-income. Government debt book-entry system. 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. 2002 ...............................
A.2.27. Secondary markets. Fixed-income. AIAF. Trading volume by sector. 2002 ................
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. Issuers by sector. 2002 ............
A.2.30. Secondary markets. Fixed-income. Stock exchanges. Issues listed by sector. 2002 ....
A.2.31. Secondary markets. Fixed-income. Stock exchanges. Outstanding balances listed by
sector. 2002 ..............................................................................................................
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 volume. 2002
A.2.34. Secondary markets. Fixed-income. Stock exchanges. Trading volume by sector ..........
A.2.35. Secondary markets. Fixed-income. Stock exchanges. Trading volume by issuer. 2002 .
A.2.36. Secondary markets. Fixed-income. Stock exchanges. Trading volume by issue. 2002 .
A.2.37. Secondary markets. Stock exchanges and SCLV. Margin trading and stock loans.
2002 ........................................................................................................................
A.2.38. Secondary markets. Stock exchanges and SCLV. Two-way stock lending by sector.
2002 ........................................................................................................................
191
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
Anexo 3. Derivatives markets .................................................................................................... 207

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.
A.3.14.
A.3.15.
A.3.16.
Total trading volume in organised derivatives markets. Detail by instrument .................

International markets. Trading volume. Prominent products .....................................
International markets. Trading volume .......................................................................
MEFF RV. Index contracts. Trading volume. Annual and monthly performance in
2002 ........................................................................................................................
MEFF RV. Index contracts. Open interest at end of period. Annual and monthly performance in 2002 .....................................................................................................
MEFF RV. Ibex 35 contracts. Trading frequency, number of trades (daily average) and
volume per trade. 2002 ............................................................................................
MEFF RV. Futures and options on stocks. Trading volume and open interest. Annual
and monthly performance in 2002 ...........................................................................
MEFF RV. Stock optionss. Trading volume and open interest. Detail by contract
type ..........................................................................................................................
MEFF RF. Government bond contracts. Trading volume. Annual performance ..........
MEFF RF. Government bond contracts. Open interest. Annual performance .............
MEFF RF. Futures on 10Y government bonds. Trading frequency, number of trades
(daily average) and volume per trade ........................................................................
MEFF RF. Contracts on short-term interest rates. Trading volume and open interest.
Annual performance .................................................................................................
FC&M. Trading volume and open interest. Annual performance ...............................
Market members. 2002. Number per category and markets ......................................
Market members. 2002. No. of members required to attain a given percentage of
total trading ..............................................................................................................
Breakdown of trading, by account type. 2002 ..........................................................
209
210
211
212
213
214
215
216
217
218
219
220
221
221
221
222
A.3.17.
A.3.18.
A.3.19.
A.3.20.
Breakdown of trading, by customer type. 2002 ........................................................

Breakdown of trading, by type. 2002 ........................................................................
Warrant trading on the Madrid stock exchange ........................................................
Equities warrants by underlying asset. 2002 .............................................................
222
223
224
225
Annex 4. Collective investment institutions and venture capital firms ....................................... 227
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.
A.4.25.
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. Breakdown 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 change in assets ...................................
Investment in securities. FIM and FIAMM. Assets, number of investors and number
of funds ....................................................................................................................
Investment in securities. FIM. Yields, volatility and duration .....................................
Investment in securities. FIAMM. Breakdown 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 mutual funds. Breakdown of assets at market
value ........................................................................................................................
Investment in securities. Guaranteed mutual funds. Transactions in derivatives ........
Investment in securities. SIM. Breakdown of assets at market value ..........................
Investment in securities. SIM. Transactions in derivatives ..........................................
Investment in securities. SIMCAV. Breakdown of assets at market value ...................
Investment in securities. SIMCAV. Transactions in derivatives ...................................
Investment in securities. Foreign collective investment schemes marketed in Spain .....
Investment in real estate. FII. Number, assets and investors .......................................
Investment in real estate. FII. Breakdown of assets ....................................................
Number of venture capital institutions ......................................................................
Breakdown of funds raised by venture capital institutions by type of investor ...........
Breakdown of investment by venture capital institutions, by phase of development .
Breakdown of investments by venture capital institutions, by sector .............................
229
230
231
232
233
234
235
237
312
313
314
315
320
321
322
323
324
325
325
326
326
326
327
327
328
Annex 5. Securities firms and management companies .............................................................. 329

A.5.1. Securities firms. Number, branches and agents .........................................................
A.5.2.1. Securities firms. Ownership by financial institutions .................................................
A.5.2.2. Securities firms. Ownership by financial institutions. Percentage of share capital .....
A.5.3.1. Securities firms. Aggregated balance sheet. ..............................................................
A.5.3.2. Securities firms. Broker-dealers. Aggregated balance sheet. ......................................
A.5.3.3. Securities firms. Brokers. Aggregated balance sheet. .................................................
A.5.4.1. Securities firms. Aggregated income statement .........................................................
A.5.4.2. Securities firms. Broker-dealers. Aggregated income statement .....................................
A.5.4.3. Securities firms. Brokers. Aggregated income statement ..............................................
A.5.5.1. Securities firms. Aggregated income statement. Quarterly performance .......................
A.5.5.2. Securities firms. Broker-dealers. Aggregated income statement. Quarterly performance ..............................................................................................................................
A.5.5.3. Securities firms. Brokers. Aggregated income statement. Quarterly performance ......
A.5.6.1. Securities firms. Return on equity (ROE) before taxes in 2002 ...................................
A.5.6.2. Securities firms. Return on equity (ROE) after taxes in 2002 ......................................
A.5.7. Securities firms. Equity coverage of capital adequacy requirements in 2002 .............
331
331
331
332
334
336
338
339
340
341
342
343
344
344
345
CONTENTS
A.5.8.
A.5.9.
A.5.10.
A.5.11.
A.5.12.
A.5.13.
A.5.14.
A.5.15.
Securities firms. Volume traded ................................................................................

Securities firms. Results of propietary trading ............................................................
Securities firms. Commission revenues .....................................................................
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. Commission revenues and expenses. 2002 ...
Securities firms. Consolidable groups. Detail of items eliminated in the 2002 income
statement ..................................................................................................................
A.5.16. Collective investment scheme management companies (SGIIC) and portfolio management companies (SGC). Number of companies and assets under management
or advice ..................................................................................................................
A.5.17. Collective investment scheme management companies (SGIIC) and portfolio management companies (SGC). Aggregated balance sheet. ...............................................
A.5.18. Collective investment scheme management companies (SGIIC) and portfolio management companies (SGC). Aggregated income statement ..........................................
346
347
348
349
350
352
353
354
354
355
357
Annex 6. Composition of the CNMV Board ............................................................................... 359

Annex 7. Composition of the CNMV Executive Committee ....................................................... 363
Annex 8. Composition of the CNMV Advisory Committee ........................................................ 367
Annex 9. Structure of the CNMV .............................................................................................. 371
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.
1.11.
1.12.
International economic indicators ...............................................................................

The Spanish economy: macroeconomic indicators ......................................................
Net increase in households financial assets .................................................................
Breakdown (%) of households financial assets ............................................................
Net increase in non-financial companies financial liabilities .......................................
Net increase in financial institutions financial liabilities (excluding the Bank of Spain) .
Equities markets: indexes and trading in 2002 .............................................................
The new markets: index performance and volatility .................................................
Gross issues and public offerings .................................................................................
Trading in the secondary and derivatives markets ........................................................
Assets of collective investment schemes ......................................................................
Pre-tax earnings of securities firms (AV and SV) and asset management companies .....
14
15
17
17
20
20
24
25
27
27
28
29
Chapter 2
2.1.
2.2.
2.3.
2.4.
2.5.
Fixed-income securities issued by euro zone residents ................................................

Gross issues in Spain ...................................................................................................
Capital increases .........................................................................................................
Fixed-income issues in Spanish markets ......................................................................
Fixed-income issues and shelf registrations filed with the CNMV. Breakdown by instrument.............................................................................................................................
31
32
34
35
37
Chapter 3
3.1.
3.2.
3.3.
3.4.
3.5.
3.6.
3.7.
3.8.
3.9.
Sector index performance (Madrid stock exchange) in 2002 ........................................

Listed companies earnings in 2002 .............................................................................
Change in the number of listed companies by market in 2002 .....................................
Equities trading in Spanish stock markets .....................................................................
Trading in Spanish stock markets by sector ..................................................................
Trading in organised fixed-income markets ..................................................................
Issuers, listed issues and outstanding balances on AIAF at 31 December ......................
Issuers, listed issues and outstanding balances on the stock exchange at 31 December ...
Margin trading..............................................................................................................
43
44
46
48
50
53
56
57
58
Chapter 4
4.1.
4.2.
4.3.
4.4.
4.5.
4.6.
4.7.
4.8.
4.9.
4.10.
International derivatives markets. Total trading by instrument .....................................

International derivatives markets. Trading in the main products ...................................
International derivatives markets. Total trading ............................................................
Trading on Spains derivatives markets .........................................................................
Trading on MEFF Renta Variable ..................................................................................
Open interest in MEFF Renta Variable .........................................................................
Trading in equities derivatives via EuroMEFF ...............................................................
Trading on MEFF Renta Fija. Futures: trading volume and market size .........................
Fixed-income derivatives via EuroMEFF .......................................................................
Trading in warrants on the Madrid stock exchange ......................................................
61
62
63
64
66
66
67
68
68
69
CONTENTS
Chapter 5
5.1.
5.2.
5.3.
5.4.
5.5.
5.6.
UCITS assets by country in 2002 .................................................................................

Mutual fund assets by type in 2002 .............................................................................
Ratio of fund assets to deposits at banks and thrifts (%) .............................................
Breakdown of changes in fund assets ...........................................................................
Funds domestic portfolio in relation to the outstanding balance of the Spanish market .
Basic features of new venture capital firms created under the venture capital law (at 31
December 2002) .........................................................................................................
72
72
73
74
75
82
Chapter 6
6.1.
6.2.
6.3.
6.4.
Broker-dealers: Aggregated income statement in 2002 .................................................

Brokers: Aggregated income statement in 2002 ...........................................................
Securities firms: service fee revenues ...........................................................................
Securities firms: earnings on proprietary trading ..........................................................
83
84
86
87
INDEX OF FIGURES
Chapter 1
1.1.
1.2.
1.3.
1.4.
1.5.
1.6.
Savings and non-financial investment by households and non-profit institutions serving

households ..................................................................................................................
Savings and non-financial investment by non-financial companies ..............................
Official interest rates: USA, euro zone and Japan .........................................................
Dollar-euro and yen-euro exchange rates ....................................................................
10-year government bond yields: US, euro zone and Japan .........................................
Stock market index performance in the US, Japan and the euro zone ..........................
16
19
21
22
23
25
Chapter 2
2.1.
2.2.
2.3.
2.4.
2.5.
Gross issues in Spain, by type of instrument and sector ...............................................

Fixed-income issues in the euro zone: breakdown of outstanding balance by issuer ....
Securitisation issues filed with the CNMV ....................................................................
Commercial paper: placements and yields ..................................................................
Commercial paper: break-down of placements by maturity .........................................
33
36
38
39
39
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 ........................................
Capitalisation of the Spanish stock exchanges (equities) ..............................................
Market capitalisation by sector (equities) .....................................................................
Monthly turnover velocity in the Spanish electronic market in 2001 and 2002 ............
Yearly turnover velocity in the Spanish stock market ...................................................
Shares held by FIM funds .............................................................................................
Monthly equities trading in Spanish stock markets .......................................................
Equities trading in Spanish stock markets by non-residents (half-yearly) .......................
Trading of Spanish securities on foreign stock markets as a % of trading on Spanish
bourses ........................................................................................................................
Interest rates on 3-month commercial paper, interbank deposits and repos in 2002 .....
10-year bond yield and spread against German bund ..................................................
Long-term fixed-income yields in 2002 (corporate vs. public) ......................................
Treasury bills. Trading and outstanding balance in 2002 ..............................................
Government bonds and debentures. Trading and outstanding balance in 2002 ............
Trading on AIAF by segment ........................................................................................
Trading in fixed-income securities on the stock exchanges ..........................................
Securities lending ........................................................................................................
42
45
46
47
48
48
49
50
51
51
53
54
54
55
55
56
58
59
Chapter 4
4.1.
10
Trading in Ibex-35 futures and options as a percentage of trading on the electronic market ...............................................................................................................................
67
CONTENTS
Chapter 5
5.1.
5.2.
5.3.
UCITS assets by type in 2002 ......................................................................................

Mutual fund assets .......................................................................................................
Annual yield on FIAMM ..............................................................................................
Fixed-income FIM ........................................................................................................
Mixed fixed-income FIM ..............................................................................................
Mixed equities FIM.......................................................................................................
Equities FIM..................................................................................................................
71
73
76
76
77
77
78
Chapter 6
6.1.
6.2.
6.3.
6.4.
6.5.
6.6.
Broker-dealers: pre-tax earnings and ROE ....................................................................

Brokers: pre-tax earnings and ROE ..............................................................................
Securities firms: equities traded in domestic markets. Volume and brokerage fee revenues ............................................................................................................................
Pre-tax earnings of consolidable groups. Contribution by securities firms and other entities ..............................................................................................................................
IIC management companies: managed assets and pre-tax earnings ..............................
Portfolio management companies: assets under management or advice and pre-tax
earnings ..................................................................................................................
85
85
87
88
90
91
11
INDEX OF BOXES
Household debt .....................................................................................................................
Changes in the regulatory framework: the Law on Measures to Reform the Financial System
New instruments in the securities markets: Territorial bonds and participation shares in savings
banks ......................................................................................................................................
Changes to the Madrid Stock Exchange indexes .....................................................................
Securities lending: Characteristics and regulation ...................................................................
Securities clearing and settlement: Amendments introduced by the Law on Measures to Reform
the Financial System ..............................................................................................................
The olive oil futures market ....................................................................................................
The new warrants trading segment .........................................................................................
The new tax system for collective investment schemes ..........................................................
Investment services firms from the European Union in Spain .................................................
12
18
29
33
43
59
60
64
69
79
88
1. OVERVIEW OF THE SECURITIES MARKETS

1.1. Economic situation
International
The lack of any specific trend was the main feature of the world economy in 2002. The moderate recovery by the US economy contrasted with accentuated weakness in Europe. Japan was still
unable to overcome its crisis and many Latin American countries continued to suffer from internal economic problems, although there was less instability. The Asian emerging markets and Eastern Europe
were the most dynamic areas, once again.
The world economic recovery was hampered by the political situation, particularly from the
autumn onwards, when it became apparent that a war in Iraq was likely. This perception prevented an
improvement in consumer and business confidence; as a result, there was no inflationary pressure
despite the increase in oil prices.
Higher real GDP growth in the US was sustained by consumer spending and by an acceleration
in public spending. These components offset the decline in fixed-capital formation and the negative
contribution from the foreign sector. This more favourable situation was not reflected in the labour
market, as the unemployment rate continued to rise in 2002. Economic stimuli were not confined to
taxation since the absence of inflationary pressure made it possible to reduce interest rates once again
at the end of the year (see Section 1.3).
Economic growth in the euro zone continued to decelerate in 2002, as did consumer spending
due to there being no improvement in job creation prospects, the industrial sector shrank even faster
and the foreign sector maintained its positive contribution to GDP. Weak demand coupled with a
stronger euro contributed to controlling inflation and underpinned the adoption of monetary stimuli
(see Section 1.3). The decline in business activity increased the unemployment rate and made it difficult for some countries to meet the budget targets in the European Unions Stability and Growth Pact.
This general pattern in the euro zone as a whole was composed of quite different performances
in individual countries, in terms of both growth rates and the performance of the various components.
For example, whereas consumer spending fell in Germany and the foreign sectors contribution was
significant, internal demand in France was sustained by consumer spending and the foreign sector's
contribution was small.
The Japanese economy remained lethargic. The weak growth it attained was based primarily on
improved external demand. Consumer spending was practically flat, affected by poor job creation
prospects, in a deflationary scenario which accentuated the decline in private sector formation of fixed
capital. As in 2001, fiscal policy was one of the main factors stimulating internal demand, since interest rates continued to be very low.
Economic activity in Latin America declined in 2002 after weak growth in 2001. The economies
most affected were Argentina, Venezuela and Uruguay, although all of Latin America registered very
weak growth.
13
The regions deterioration was due to the adverse international situation, particularly the slowdown in the US economy, a decline in international capital flows into the region and the deterioration
in the terms of trade of the non-oil-exporting countries. Currency devaluations greatly increased inflation after eight years of decline. Moreover, the tight monetary policy (to reduce inflation) and contractive fiscal policy (to make public debt sustainable) in most countries in the region accentuated the
impact of the poor international situation.
Table 1.1
INTERNATIONAL ECONOMIC INDICATORS
GDP (a)
OECD ...................................................
USA ......................................................
Japan ....................................................
EU ........................................................
Euro zone .........................................
Germany.......................................
Spain ............................................
France...........................................
Italy ..............................................
UK ....................................................
Latin America .......................................
Internal demand (a)
2000
2001
2002
3.8
3.8
2.8
3.5
3.6
2.9
4.2
4.2
3.1
3.1
3.8
0.8
0.3
0.4
1.6
1.5
0.6
2.7
1.8
1.8
2.1
0.3
1.8
2.4
0.3
1.0
0.9
0.2
2.0
1.2
0.4
1.8
0.6
2000
2001
2002
3.9
4.4
2.4
3.2
3.0
1.8
4.5
4.3
2.3
3.9
0.6
0.4
1.1
1.2
1.0
0.8
2.8
1.6
1.8
2.6
1.9
3.0
0.3
0.7
0.3
1.5
2.3
1.1
1.1
2.5
Unemployment rate (b)
OECD ...................................................
USA ......................................................
Japan ....................................................
EU ........................................................
Euro zone .........................................
Germany.......................................
Spain ............................................
France...........................................
Italy ..............................................
UK ....................................................
Latin America .......................................
Inflation (c)
2000
2001
2002
2000
2001
2002
6.1
4.0
4.7
7.8
8.4
7.3
13.4
9.4
10.7
5.5
8.4 (1)
6.4
4.8
5.0
7.3
8.0
7.3
10.5
8.6
9.6
5.1
8.4 (1)
6.9
5.8
5.4
7.6
8.2
7.8
11.5
8.9
9.1
5.2
9.1 (1)
2.7
2.5
1.2
1.5
1.3
0.3
3.2
0.5
2.1
2.2
9.0 (2)
2.9
2.0
1.5
2.4
2.4
1.4
3.3
1.5
2.7
2.3
6.1 (2)
2.1
1.4
1.5
2.5
2.4
1.6
3.6
1.7
2.7
3.2
12.0 (2)
Budget balance (d)

2000
OECD ...................................................
USA ......................................................
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) Consumer spending deflator (%).
(d) Surplus (+) or deficit (-) as a % of GDP.
(1) Urban unemployment.
(2) Annual rate of change of December CPI (%).
Sources: OECD, INE and ECLAC.
14
0.0
1.4
7.4
0.7
0.1
1.1
0.8
1.4
0.7
3.9
2.5
Current account balance (d)
2001
2002
2000
2001
2002
1.3
0.5
6.1
1.1
1.6
2.8
0.1
1.5
2.7
0.8
3.2
2.9
3.4
7.1
2.0
2.3
3.6
0.1
3.2
2.5
1.3
3.3
1.2
4.2
2.5
0.5
0.4
1.1
3.4
1.3
0.5
2.0
2.4
1.0
3.9
2.1
0.1
0.2
0.2
2.6
1.6
0.0
1.3
2.4
1.1
4.8
2.8
0.9
1.1
2.5
2.6
2.1
0.5
0.8
0.7
OVERVIEW OF THE SECURITIES MARKETS
The economic environment in Spain

The Spanish economy continued to decelerate in 2002. Average GDP growth was 2.0%, compared with 2.7% in 2001 and 4.2% in 1999 and 2000. The slow-down was similar in all countries in
the euro zone and, consequently, the growth differential with respect to those economies changed little in 2002, remaining slightly over one percentage point.
Slower economic growth in Spain was due to both internal demand and the foreign sector.
Internal demand continued to decelerate because of investment in capital goods, which shrank
throughout the year, although there was some improvement in the fourth quarter. Investment in construction slowed slightly but was still the most dynamic component of internal demand, rising between
4% and 5% during the year. Household spending, which accounts for approximately 60% of GDP, rose
by slightly less than 2% (2.5% in 2001), in line with the slow-down in job creation.
The foreign sector cut 0.3 percentage points off GDP growth in 2002 (0.1 in 2001) in a context of
slowing international trade. Both exports and imports declined year-on-year in the first half of 2002,
but they recovered in the second half.
Inflation was another adverse factor in 2002 since it continued to rise throughout practically the
entire year, ending at 4.0%, compared with 2.7% in 2001. This performance can be attributed to an
increase in certain indirect taxes, the introduction of the euro, and the upswing in energy costs. Core
inflation rose in the first half but ended the year at 3.5%, one tenth of a point lower than in January.
Despite a slow-down in business activity, job creation continued and the number of people in
work increased by 256,000. However, the active population increased by considerably more (close to
500,000), leading to a moderate increase in the unemployment rate.
Table 1.2
THE SPANISH ECONOMY: MACROECONOMIC INDICATORS
Annual variations, unless otherwise indicated
1998
1999
2000
2001
2002
GDP (constant prices) . . . . . . . . . . . . . . . . . . . . . . . . . .

GDP at market prices . . . . . . . . . . . . . . . . . . . . . . . . . . .
Domestic demand (1) . . . . . . . . . . . . . . . . . . . . . . . .
Household spending (2) . . . . . . . . . . . . . . . . . . . .
Public expenditure . . . . . . . . . . . . . . . . . . . . . . .
Gross fixed capital formation . . . . . . . . . . . . . . . .
Machinery and equipment . . . . . . . . . . . . . . .
Construction . . . . . . . . . . . . . . . . . . . . . . . . . .
Net external demand (1) . . . . . . . . . . . . . . . . . . . . . .
Exports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Imports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.3
5.6
4.4
3.7
10.0
12.6
7.8
1.3
8.2
13.2
4.2
5.6
4.7
4.2
8.7
8.4
9.0
1.4
7.7
12.7
4.2
4.5
3.9
5.0
5.7
5.1
6.1
0.3
10.1
10.6
2.7
2.8
2.5
3.1
3.2
0.3
5.8
0.1
3.4
3.5
2.0
2.3
1.9
3.8
1.4
2.2
4.5
0.3
1.4
2.2
1.4
4.3
2.9
5.7
4.0
5.5
2.7
3.1
4.0
1.6
18.1
0.5
0.6
3.0
15.3
2.3
1.2
1.2
13.4
3.4
2.6
0.8
10.5
2.6
1.7
0.1
11.5
2.6
1.5
0.1
Other indicators
CPI: inflation in December. year-on-year . . . . . . . . . . .
Employment: Q4 labour force survey (3) . . . . . . . . . . . .
Unemployment: Q4 labour force survey
(% of active population) . . . . . . . . . . . . . . . . . . . . . .
Current account balance (% of GDP) . . . . . . . . . . . . . . .
Current & capital account balance (% of GDP) . . . . . . .
Public administrations budget balance (% of GDP) . . . .
(1) Contribution to GDP growth.

(2) Includes data of non-profit institutions serving households.
(3) The Labour Force Survey data since 2001 were obtained under the National Statistics Institute's (INE) new methodology for this survey.
Sources: INE and Bank of Spain.
15
The Spanish economys external borrowing requirement fell slightly in 2002 due to a minor
improvement in the capital account balance. The current account deficit remained flat in terms of GDP
(2.6%) since minor movements in its components (trade balance, income and current transfers) offset
each other. In public finance, budgetary stability was further affirmed despite moderate growth and
extraordinary expenses.
1.2. Financial flows in the Spanish economy

Households
Households1 borrowing capacity recovered moderately in 2002 to 1.4% of GDP (1.1% in 2001).
This reversed the sharp downward trend observed since 1997 (see Figure 1.1). This performance was
due to an increase in households funds, specifically capital transfers, which was more dynamic than
the growth in investment in home ownership in this segment.
Households pattern of investment in financial assets continued to be basically conservative,
although the acquisition of risk assets, such as equities, recovered slightly. Consequently, deposits and
hedging instruments, such as life insurance and pension funds2, were the main destination for households financial flows, accounting for over 80% of the total. Both equities and mutual funds received
a net influx of funds in 2002 after mixed performance in the preceding years (Table 1.3). There was
also a net increase in investment in fixed-income securities, but they continued to play a minor role in
households overall financial assets.
Figure 1.1
SAVINGS AND NON-FINANCIAL INVESTMENT BY HOUSEHOLDS AND NON-PROFIT
INSTITUTION SERVING HOUSEHOLDS
millions of euros
millions of euros
Gross saving plus net capital transfers (LH scale)

Gross capital expenditure plus inventory variation (LH scale)
Borrowing capacity (RH scale)
This segment of the financial accounts includes not only households but also non-profit organisations serving households (the latter account for a small percentage of the whole).
2
These items appear under the section for insurance underwriting provisions, along with reserves for premiums and claims.
16
Table 1.3
NET INCREASE IN HOUSEHOLDS FINANCIAL ASSETS (1)
Amounts in millions of euros
1998
1999
2000
2001
2002
Cash and deposits...........................................................

Securities other than shares.............................................
Loans
Shares and other equities ...............................................
Shares........................................................................
Other equities ............................................................
Mutual funds .............................................................
Insurance underwriting provisions .................................
Other accounts receivable ..............................................
10,330
1,617
40,033
2,637
42,646
2,092
29,558
587
38,335
515
27,001
1,735
1,603
27,134
12,886
2,978
11,557
1,165
1,163
12,054
18,872
5,524
17,475
131
2,893
20,500
20,886
5,466
2,009
5,441
2,489
4,960
16,505
2,474
6,925
3,944
1,456
1,525
15,579
3,877
Total ...............................................................................
51,578
55,509
53,616
49,959
65,232
(1) Includes private non-profit institutions.

Source: Bank of Spain, Financial accounts of the Spanish economy.
Although households acquired over 65 billion in financial assets in 2002 (Table 1.3), i.e. a 31%
increase over 2001, the value of the financial assets held by households at year-end was less than in
2001 (1.08 trillion vs. 1.11 trillion) due to negative price performance, which basically affected
households investment in equities and, to a lesser extent, mutual funds.
The main characteristics of household investment in financial assets are as follows:
Cash and deposits are still the largest component, totalling over 44% of the portfolio after rising steadily for four years.
Direct investment in equities represented over 21% of households financial assets at 2002
year-end, despite losing close to 10 percentage points over three years.
Investments in mutual funds continue to lose weighting, although more moderately than in previous years.
Contingency hedging instruments consolidated themselves as one of the main destinations of
household savings.
Fixed-income securities continued to play a minor role, accounting for around 2% of households portfolios.
Table 1.4
BREAKDOWN (%) OF HOUSEHOLDS FINANCIAL ASSETS (1)
1995
1996
1997
1998
1999
2000
2001
2002
Cash and
deposits
Fixed-income
securities
Shares
Mutual
funds
Insurance underwriting provisions
Other
50.0
45.7
39.6
34.6
35.3
38.1
40.0
44.6
3.1
2.4
2.1
1.4
1.9
2.1
1.9
2.0
20.8
21.9
26.2
31.0
31.5
29.5
27.1
21.2
10.1
13.9
17.5
18.4
16.2
13.1
12.6
12.1
9.9
10.6
11.0
10.9
11.7
13.4
14.4
16.0
6.0
5.1
3.3
3.1
3.1
3.4
3.4
3.8
(1) Includes private non-profit institutions..

17
Household debt
Households net worth has changed considerably in recent years. Borrowing has increased
substantially since the mid-1990s in absolute terms (from close to 140 billion in 1995 to over
Households' net worth has changed considerably in recent years. Borrowing has increased substantially since the mid-1990s in absolute terms (from close to 140 billion in 1995 to over 372
billion in 2002) and in proportion to income (from close to 46 % of gross disposable income to
83.3 %). Accordingly, Spanish households' debt is now in line with the euro zone average in relative terms, although it is still lower then the average figure in the UK and the US (see figure below).
The growth in liabilities has been concentrated in bank loans, particularly for home purchase.
Households' high level of indebtedness has nevertheless not led to a similar increase in the associated financial burden as a percentage of gross disposable income. According to Bank of Spain
estimates, this ratio rose only two percentage points between 1994 and 2001 (from 11 % to 13 %),
converging on the European average.
This performance is due to decisions made as regards both the supply and demand for finance. From the supply side, liberalisation and opening of the Spanish banking sector has played a
major role since it has increased competition among banks and increased the funding available to
finance the private sector. Moreover, the development of the financial system allows for more
effective risk management and, therefore, the possibility of granting loans for longer terms. In
mortgage lending, the use of the property as collateral plays a major role in determining the
amount of credit to be granted.
From the demand side, Spains integration into Monetary Union has brought a return to
macroeconomic stability and raised expectations of growth while greatly reducing the cost of
borrowing. Indebtedness by the private sector has also been favoured by strong job creation in
recent years, providing more people with access to credit. Demographic factors have also played
an important role on the demand side: the arrival on the market of people born in the baby boom
of the 1970s, and increased immigration.
Although it can be argued that the growth in Spanish households debt is coherent with the
changes in the economy, there are questions about its sustainability. For example, there is no data
about the breakdown of household debt in terms of income or wealth brackets, and this factor
may be relevant when assessing the sectors ability to respond to unexpected variations in asset
values, interest rates or income. Additionally, the securities markets have a considerable interest in
assessing the financial burden which households bear. In view of the current indebtedness situation, an increase in interest rates in the future could adversely affect households' borrowing capacity and shape their decisions about investing in the markets.
% of Gross Disposable
Income
Spain
Source: Bank of Spain, Federal Reserve and ECB.
18
HOUSEHOLD DEBT
Euro zone
USA
Financing of companies
Non-financial companies
Non-financial companies borrowing requirements remained high in 2002, although they were
slightly lower than in 2001. This performance was shaped by: (i) faster growth in funds available to
companies, both internal cash flow and capital transfers; and (ii) slower growth in capital expenditure,
in line with the economic slow-down and the climate of uncertainty worldwide.
Non-financial companies acquired 126 billion of net financial liabilities, 18.8% less than in
2001, due to the reduction in commercial loans and share issues, and a predominance of fixed-income
repayment over placements. Loans (slightly lower than in 2001) and commercial credit were still the
main forms of financing for non-financial companies, representing over 85% of total net new liabilities in 2002. As for counterparties in financing, non-residents declined in importance for the second
consecutive year, providing 27% of funds raised in 2002, compared to 37% in 2001 and 39% in 2000.
Funds provided by financial institutions, non-financial companies and households gained in importance.
Figure 1.2
Millions of euros
Millions of euros
SAVINGS AND NON-FINANCIAL INVESTMENT BY NON-FINANCIAL COMPANIES
Gross savings plus net capital transfers (LH scale)

Gross capital expenditure plus inventory variation (LH scale)
Financial capacity (+)/Borrowing requirement () (RH scale)
Financial institutions 3
Monetary financial institutions, excluding the Bank of Spain, raised over 102 billion in funds,
20% less than in 2001 (see Table 1.6). Cash and deposits continued to be the main funding source for
these institutions, although they declined considerably with respect to 2001. Issues of shares, other
equities and fixed-income securities were the next-most-important sources of funding, as in 2001.
Equities issues were boosted by units issued by FIAMM, which are categorised in this segment, whereas fixed-income issues declined by about 21% with respect to 2001.
3
In accordance with SEC-95, this sector includes monetary financial institutions (Bank of Spain, private sector banks, thrifts, credit
cooperatives, ICO, credit finance institutions and some FIAMM) and non-monetary financial institutions (all other IICs, securitisation 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 brokers, stock market management companies, IIC management companies, etc.).
19
Table 1.5
NET INCREASE IN NON-FINANCIAL COMPANIES' FINANCIAL LIABILITIES
1998
1999
2000
2001
2002
Shares, held by .................................................................

Non-financial companies............................................
Financial institutions ....................................................
Public administrations..................................................
Households and non-profit institutions.........................
Rest of world................................................................
Securities other than shares, held by ...............................
Households and non-profit institutions.........................
Rest of world................................................................
Loans, granted by ............................................................
Rest of world................................................................
Trade credit and advances................................................
Others ..............................................................................
15,178
218
4,168
2,342
2,084
15,218
771
257
1,673
6
450
2,245
34,170
72
25,481
69
8,691
34,610
3,177
29,102
2,967
3,687
908
38
21,579
2,263
23
1,322
2
170
746
47,696
368
29,828
439
17,061
34,917
459
78,208
22,542
6,272
243
2,336
46,814
4,406
1,958
3,263
2
798
1,611
68,184
158
46,263
253
21,510
49,500
297
34,868
2,745
4,357
1,000
198
26,569
240
37
30
2
125
46
71,896
391
45,037
926
26,323
47,917
296
21,354
6,123
2,658
1,884
3,025
7,664
1,751
215
5,211
4
679
2,563
70,353
191
46,003
911
23,631
37,699
1,652
Total .................................................................................
80,009
113,520
191,189
155,217
126,004
Table 1.6
NET INCREASE IN FINANCIAL INSTITUTION'S FINANCIAL LIABILITIES
(EXCLUDING THE BANK OF SPAIN)
1998
1999
2000
2001
2002
Monetary financial institutions, excluding

the Bank of Spain
Total .................................................................................
Cash and deposits ........................................................
Fixed-income...............................................................
Loans ...........................................................................
Shares and other equities .............................................
Insurance underwriting provisions ...............................
Other accounts receivable ..........................................
58,586
45,732
4,637
272
850
810
7,984
77,510
48,495
28,598
224
6,321
766
5,747
86,943
82,613
2,066
194
1,573
17
4,645
128,154
98,126
14,439
318
11,240
187
3,845
102,131
84,175
11,374
288
11,374
467
4,977
Non-monetary financial institutions

Total .................................................................................
Cash and deposits ........................................................
Fixed-income...............................................................
Loans ...........................................................................
Shares and other equities .............................................
Insurance underwriting provisions ...............................
Other accounts receivable ..........................................
64,866
2,768
3,323
1,896
42,326
14,004
549
36,797
444
5,222
1,212
7,553
20,179
2,187
32,506
996
5,510
638
2,922
25,123
1,407
28,397
1,635
9,892
1,563
159
21,222
640
34,190
783
15,762
1,747
1,632
20,344
2,815
20
Non-monetary financial institutions increased their financial liabilities by over 20% in 2002
to 34 billion. Funds were raised primarily in the form of insurance underwriting provisions and
fixed-income securities. Insurance underwriting provisions, which basically reflect the activity of
insurance companies, remained high but the amount of funds raised was lower than in 2001. Net
fixed-income issues again grew significantly, reflecting the sharp increase in issues of mortgage
bonds and other asset-backed securities (see Chapter 2). The flow of funds relating to equities was
negative, reflecting reimbursements of FIM (see Chapter 5).
1.3. World financial markets

In 2002, the worlds securities markets were negatively affected by the prevailing economic and
political uncertainty, the persisting after-effects of the tech bubbles collapse, and the accounting scandals at some large US and European companies. In equities, investors were mainly cautious in view of
rising volatility and falling corporate earnings. In fixed-income, yields fell significantly as official interest rates reached record lows. Although public sector issues rose, private sector issues were impacted
negatively by the widespread downgrades of credit ratings.
Short-term interest rates

After steadily cutting official rates in 2001, the Federal Reserve and the European Central Bank
(ECB) only made one adjustment at the end of 2002, when the expected economic rebound seemed
to be receding in time. The Federal Reserve cut its benchmark rate by half a percentage point in
November, to 1.25%, the lowest since the 1960s, and the ECB cut its rate in December by the same
amount to 2.75%, the lowest rate since the end of 1999. In Japan, because of the deflationary situation and the prevailing economic deterioration, the central bank moved within its very narrow margin
for manoeuvre in monetary policy and cut the intervention rate by 5 basis points to 0.10%.
Figure 1.3
OFFICIAL INTEREST RATES:
USA, EURO ZONE AND JAPAN
Jan-99
Jul-99
Jan-00
Jul-00
Jan-01
Jul-01
Jan-02
Jul-02
USA: Fed Funds rate

Japan: discount rate
Euro zone: weekly auction minimum rate
21
Currency markets
The euro appreciated strongly in 2002 after sliding against the dollar and other currencies for several years. At the end of the year, the euro was worth $1.05, implying an appreciation of 19% in the
year, contrasting with depreciations of 5% in 2001, 14% in 2000 and 18% in 1999.
In January, the dollar continued to appreciate but between February and July it depreciated 17%
against the euro, and this trend continued irregularly until year-end. The euros appreciation against
the dollar is due to a number of reasons: (i) higher interest rates in the euro zone with a similar sovereign risk; (ii) accumulation of a trade deficit in the US which is no longer as sustainable as in the past
because of the US economys slower growth; (iii) the appearance in the US, after years of surplus, of
a budget deficit which looks likely to persist due to tax cuts and higher defence spending; (iv) replacement of the dollar by the euro in the reserves of some central banks (Russia and Southeast Asia); and
(v) political and military conflicts.
The Japanese yen appreciated 9% against the dollar and lost 8% of its value against the euro.
Figure 1.4
DOLLAR-EURO AND YEN-EURO EXCHANGE RATES
yen/euro
(RH)
dollar/euro
(LH)
Jan-99
Jul-99
Jan-00
Jul-00
Jan-01
Jan-02
Jan-02
Jul-02
Long-term interest rates

Public debt yields in the euro zone and the US fell considerably in 2002, by 86 and 125 basis
points, respectively, with the result that their 10-year bonds reached 4.27% and 3.86%, respectively,
at year-end. Yields on US and European bonds were very similar (around 5%) in the early months of
the year. However, yields fell sharply from June onwards, and the decline was more intense in the US,
which reached the years low at 3.7% in October. This increase in the price of debt was due to a worsening of the economic situation and the consequent expectations of cuts in official interest rates. At
year-end, the rising geopolitical uncertainty further eroded yields as investors sought refuge in public
debt securities.
22
Figure 1.5
10-YEAR GOVERNMENT BOND YIELDS: USA, EURO ZONE AND JAPAN
Jan-94
Jan-95
Jan-96
Jan-97
USA
Jan-98
Jan-99
Jan-00
Japan
Jan-01
Jan-02
Euro zone
Yields on the Japanese 10-year bond continued to fall. Yields fell approximately 25 basis points
in 2001 and a further 49 basis points in 2002, to reach 0.91% at year-end. As in the other two
economies, yields fell basically in the second half of the year, whereas they had remained stable in the
first half despite the downgrade of the rating on Japans public debt in the spring.
Equities markets
Stock markets in the developed world declined considerably in 2002, for the third consecutive
year; in most cases, the indexes fell by more than in the preceding two years. The losses were spread
evenly in terms of both markets and sectors, but they were greatest in the technology and telecommunications stocks (TMT), and in insurance companies4 (basically in Europe in the latter case). Slack
performance by the main economies and the frequent profit warnings shaped the markets general performance. Four stages can be distinguished in the markets performance in 2002.
For much of the first half of 2002, the markets fluctuated, following no specific pattern, basically
reflecting doubts about the economic recovery in the US. There were other persisting negative factors,
such as the loss of investor confidence after the Enron case and the steady rise in crude oil prices on
the international markets. In Europe, the weakness of the European economies, particularly Germany,
and the sizeable indebtedness of telecommunications companies also had an impact.
All the negative factors that had been afflicting the stock markets were aggravated from mid-May
onwards. Economic indicators continued to be pessimistic, there were numerous profit warnings on
both sides of the Atlantic, new corporate accounting scandals came to light (WorldCom in the US and
Vivendi in Europe, among others), Brazil suffered a financial crisis due to the presidential elections
and, in Europe, major telecommunications companies were revealed to be in difficulties. Another
problem arose in September: a possible war between the US and Iraq. As a result, the worlds main
stock market indexes lost between 25% and 50% of their value in the period of less than five months
leading up to early October.
4
Their P&L account is suffering the impact of sizeable stock market losses.
23
Table 1.7
EQUITIES MARKETS: INDEXES AND TRADING IN 2002
Indexes
Market
Name
Trading
Change (%)
US$ billion
Change (%) (1)
Developed countries
New York ...........................................
Nasdaq...............................................
Tokyo .................................................
London...............................................
Euro zone (2)......................................
Euronext (3)........................................
Germany............................................
Italy....................................................
Spain..................................................
Dow Jones
Nasdaq
Nikkei
FT 100
Euro Stoxx 50
Euronext 100
DAX 30
MIB 30
Ibex 35
16.8
31.5
18.6
24.5
37.3
32.5
44.9
26.0
28.1
10.311.2
7.254.6
1.565.8
3.998.5
4.472.3
1.987.2
1.208.0
636.8
398.1
1.7
34.1
3.8
15.8
30.5
41.1
20.6
15.8
5.1
Latin America ........................................

Buenos Aires ......................................
Sao Paulo...........................................
Santiago de Chile ..............................
Mxico City........................................
Lima...................................................
Merval
Bovespa
IGPA
IPC
IGRA
91.2
17.0
7.0
3.8
18.3
1.4
48.2
3.0
36.7
1.2
44.2
8.7
23.8
46.9
27.4
Southeast Asia
South Korea........................................
Philippines .........................................
Hong Kong.........................................
Indonesia ...........................................
Malaysia.............................................
Singapore...........................................
Thailand.............................................
Taiwan ...............................................
Korea Com Ex
Manila Composite
All or.
Jakarta Comp.
Kuala Lumpur Comp.
SES AllShare
Bangkok SET
Taiwan Weighted Pr.
9.5
12.8
18.2
8.4
7.1
18.2
17.3
19.8
592.8
3.1
194.0
13.1
33.1
62.8
41.3
632.7
51.0
0.1
19.5
23.8
55.3
12.7
29.2
19.2
(1) In local currency.

(2) Volume traded in the stock exchanges of the euro zone countries.
(3) Refers to the markets integrated into Euronext (Paris, Brussels, Amsterdam and the Portuguese bourses).
Source: International Federation of Stock Exchanges and CNMV.
Share prices recovered to an extent in October and November due to a number of factors, including: (i) better-than-expected corporate earnings in the third quarter5; (ii) US GDP was surprisingly
strong; (iii) the Federal Reserve cut interest rates substantially; (iv) the Brazilian crisis improved somewhat; and, above all (v) geopolitical tension eased when Iraq accepted a UN resolution, thus temporarily dispelling fears of war. This combination of factors fanned investors confidence, and they
pulled out of the most defensive sectors and increased their exposure to the sectors which had suffered
most in the preceding months.
The rally did not last until year-end: early in December, the markets began to slide again. The reasons were the same as before, although the international geopolitical situation worsened due to a new
dispute with North Korea. The increase in crude prices due primarily to the potential war in Iraq was
intensified by the reduction in oil supply from Venezuela. The substantial interest rate cut in the EMU
in December had very little impact on European equities since it had already been discounted by the
market.
5
Corporate earnings expectations had been downgraded excessively in many cases, as a result of which many stocks were trading
at considerable discounts.
24
Figure 1.6
STOCK MARKET INDEX PERFORMANCE IN THE USA, JAPAN AND THE EURO ZONE
Baseline 100 = 31 December 2001
Jan-0 Feb-02
Mar-02
Apr-02
May-02
Jun-02
Jul-02
Sep-02
Oct-02
Nov-02
Dec-02
Table 1.8
THE NEW MARKETS: INDEX PERFORMANCE AND VOLATILITY
Yield (%)
Country
Market
Germany
U.S.
Spain
France
Italy
Luxembourg
UK
Neuer Market
Nasdaq
Nuevo Mercado
Nouveau Marche
Nuovo Mercato
Nasdaq Europa
Techmarks
Volatility (%) (1)
2001
2002
2001
2002
60.2
21.1
22.5
62.7
45.6
65.8
37.1
63.1
31.5
47.3
52.9
50.1
64.5
50.7
44.5
41.0
41.7
35.6
39.7
39.3
27.9
33.2
33.4
32.5
25.6
32.5
24.4
26.6
(1) Average annual volatility calculated using the date from the last 20 trading sessions.
Performance by the rest of the worlds bourses was mixed. In Latin America, some gained ground
(e.g. Argentina, which seemed to recover from its financial difficulties) while others lost (for example
Brazil, affected by political uncertainty). The Southeast Asian markets all registered losses. New markets in Europe also lost considerable groundover 50% in all cases except Spain (47.3%).
25
1.4. Securities and derivatives markets in Spain

The bear market in equities worldwide affected the Spanish markets also, and the main indexes
registered losses for the third year running. Uncertainty about the international economic outlook
increased these markets volatility and, as in the other European Union countries, favoured a progressive decline in interest rates in the second half of the year.
This economic and financial situation did much to shape private sector activities in the markets.
It proved difficult to raise funds by issuing securities, particularly equities, but financial institutions
were able to raise funds by issuing asset-backed fixed-income securities. Individual investors opted for
lower-risk assets, as described in section 1.2. As for collective investment schemes, investor caution
led to a steady flow of funds into FIAMM and short-term fixed-income FIM funds.
Interest rates and share prices

Yields on Spanish medium and long-term public debt fell by 50-80 basis points in 2002, with the
result that the slope of the yield curve between three and ten years increased by about 25 basis points
to about 135 points. This decline in yields on the Spanish benchmark bonds was greater than that
observed in Germany, with the result that the spread in the 10-year yield narrowed to 10 basis points,
from 25 basis points at 2001 year-end.
Stock market indexes lost ground: the Ibex-35 fell by 28% and the Madrid Stock Exchange
General Index (IGBM) by 23%. As occurred with the worlds main bourses, share prices declined
steadily from May to October as investors questioned the prospects of a recovery by the US economy.
The low prices attained by many securities and the prospects of a recovery in corporate earnings in
2003 (after major write-downs in 2002) triggered a partial recovery by the indexes towards the end of
the year.
Primary markets and public offerings of securities

Gross issues of securities totalled 163 billion in 2002, 6% more than in 2001. Issuing activity
varied by sector and type of instrument.
Capital increases fell by 50% on top of a drastic reduction in 2001. The effective amount was less
than 5 billion, much less than the record of nearly 44 billion attained in 2000. Poor share performance continued to discourage this form of financing by the private sector.
In contrast, fixed-income issues rose by 10%. Public administrations increased their gross issues
by 7% on 2001, breaking the steady decline observed in this type of issues in recent years. This was
the result of the Treasurys policy of increasing gross issues of Letras to take advantage of the low shortterm interest rates and redeem long-term debt while also increasing liquidity in the secondary market
in Letras.
Private sector fixed-income issues continued to increase in 2002 and the amount exceeded that
of the public administrations for the second consecutive year. The increase in issues was concentrated basically in asset-backed securities (mortgage and other). Commercial paper issues remained at a
similar level to 2001.
As in the case of capital increases, secondary offerings were also adversely affected by the stock
market situation. Although their total amount increased by 10% to 3.3 billion, there were only four
transactionsthe same number as in 2001. The largest was the Gas Natural offering, which amounted to approximately 2 billion. ENAGAS was the only initial public offering in 2002.
26
Table 1.9
GROSS ISSUES AND PUBLIC OFFERINGS
Millions of euros
Gross issues...................................................................
Capital increases (1)..................................................
of which primary offerings (2) ....................................
Marketable public debt (3).........................................
Private fixed-income (1).............................................
Secondary offerings (4)..................................................
(1)
(2)
(3)
(4)
1998
1999
2000
2001
2002
138,289
9,172
379
108,113
21,004
10,743
164,496
14,748
7,373
92,157
57,591
4,419
180,033
43,937
17,811
83,796
52,300
9,446
153,814
9,623
155
69,565
74,626
3,044
162,853
4,692
74,458
83,703
3,330
Effective value.
Primary public offerings.
Nominal value.
Includes volume offered in the domestic and international tranches.
Trading in the secondary and derivatives markets

Trading in equities on the Spanish stock exchanges increased slightly in 2002 to nearly 445 billion. The Electronic Market (SIBE) continued to process almost all trading in shares and warrants.
Trading in the Latibex, the segment of Latin American stocks, more than tripled to 230 million, but
still accounted for a small proportion of total trading. The main feature in the open outcry segment was
the rapid growth in the number of, and trading in, open-end investment companies (SIMCAV)6.
Trading increased considerably in the secondary fixed-income markets. In the Public Debt BookEntry System, the largest market in terms of trading volume, outright spot trades increased by 18%, in
Table 1.10
TRADING IN THE SECONDARY AND DERIVATIVES MARKETS
Amounts in millions of euros, unless otherwise indicated
1998
1999
2000
2001
2002
Equities (1)
Stock exchanges .....................................................
261,079
289,354
492,302
444,277
444,918
Fixed-income
Public debt book-entry system (2) ............................
Stock exchanges (1) ..................................................
AIAF (3) ....................................................................
2,311,155
53,238
36,364
2,360,914
44,710
85,766
1,703,704
39,802
100,759
1,964,678
57,463
143,733
2,310,943
71,140
272,470
Derivatives
MEFF RF (4) ..............................................................
MEFF RV (4)..............................................................
Warrants (5) ..............................................................
FC&M (4)..................................................................
10,830
8,288
268
0
3,597
12,838
205
0
1,036
20,966
898
0
285
30,652
1,636
0
51
27,867
1,232
0
(1)
(2)
(3)
(4)
(5)
Effective value.
Outright spot trades. Includes unstripped debt and STRIPS.
Nominal value.
Thousand contracts, adjusted for changes in contract size.
Premiums traded.
See Chapter 3.
27
line with the trend in public debt issues discussed above. Trading in the AIAF private fixed-income
market reached 272 billion, 90% more than in 2001, driven by the considerable increase in issues
in recent years and the expectations of a decline in interest rates. Trading in fixed-income securities on
the stock exchanges also increased significantly, by 25% year-on-year, due mainly to strong growth in
debt issues by Generalitat de Catalunya (the Catalan regional government). Autonomous region debt
represented over 98% of total trading in this segment.
Trading in derivatives on MEFF fell by 10%, and trading in warrants on the Madrid Stock Exchange
declined by 25%. In the former case, the reduction was due to a 9% decline in trading of equities
derivatives. Contracts on the Ibex-35 registered the sharpest fall 17% and this took place in parallel to the increase in trading channelled through MEFF in derivatives on European indexes traded in
foreign markets7. As for contracts on individual stocks, the decline in options was partly offset by an
increase in futures.
Collective Investment Schemes (IIC)

The assets of collective investment schemes which invest in securities totalled 193.7 billion at
2002 year-end, 3.5% less than in 2001. Although this was not a significant variation in total assets,
there were major variations within the different fund types (see Table 1.11). FIM assets declined by 12%
due to reimbursements and, to a greater extent, the impact of falling share prices on the funds with
equity exposure. Subscriptions were concentrated in FIAMM and short-term fixed-income FIM, whose
assets increased considerably. Assets of investment companies also decreased because of SIM, since
there was a slight increase in SIMCAV and the number of these companies continued to grow rapidly
(see Annex A.4.1).
Assets of real estate IIC continued to grow, but they represent only a small proportion of total collective investment schemes.
Table 1.11
ASSETS OF COLLECTIVE INVESTMENT SCHEMES
Billions of euros
1998
1999
2000
2001
2002
Securities investment ....................................................

Mutual funds ............................................................
FIAMM ..................................................................
FIM........................................................................
Investment companies ..............................................
SIM........................................................................
SIMCAV.................................................................
Real estate investment...................................................
211.9
203.8
50.6
153.1
8.1
3.2
5.0
0.4
219.5
206.3
42.6
163.7
13.2
3.3
9.8
0.9
201.5
186.1
33.4
152.7
15.4
2.8
12.7
1.2
200.7
181.3
43.8
137.5
19.3
2.5
16.9
1.5
193.7
174.8
53.4
121.4
18.9
2.0
16.9
2.1
Total IIC ........................................................................
212.3
220.3
202.7
202.2
195.8
Securities firms and asset management firms

Securities firms (brokers and broker-dealers) obtained a total of 217 million in pre-tax earnings
in 2002. This represented another decline year-on-year: 29%, although the reduction was smaller than
in 2001. As in that year, the negative earnings performance was due fundamentally to a reduction in
28
See Chapter 4 on EuroMEFF activity.
revenues in the core businessequity brokeragealthough operating expenses were adjusted to an

extent in 2002.
IIC management companies (SGIIC) also suffered a decrease in pre-tax earnings to under 450
million in 2002, down from 704 million in 2001. As in 2001, the reduction in earnings was closely
related to the decline in management fees as a result of lower FIM assets.
As for portfolio management companies, pre-tax earnings increased considerably, from 2.5 million to over 6 million. However, this was due to the favourable effect on the sectors aggregate figures caused by the removal of two entities in the SCH group which had incurred considerable losses
in 2001.
Table 1.12
PRE-TAX EARNINGS OF SECURITIES FIRMS (AV AND SV) AND
ASSET MANAGEMENT COMPANIES
Millions of euros
1998
1999
2000
2001
2002
Securities firms ............................................................

Broker-dealers..........................................................
Market members..................................................
Not market members ...........................................
Brokers ........................................................................
Market members..................................................
Not market members ...........................................
569.9
512.4
466.2
46.2
57.5
17.2
40.3
400.8
369.7
326.8
42.9
31.0
10.4
20.7
617.0
587.2
551.3
35.8
29.8
17.6
12.2
303.9
284.4
264.3
20.1
19.5
7.8
11.8
217.3
202.3
170.8
31.4
15.0
0.2
14.8
IIC management companies.........................................
936.5
1.012.8
1.007.0
703.6
447.2
Portfolio management companies ...............................
7.6
6.1
8.6
2.5
6.2
Changes in the regulatory framework: the Law on Measures to Reform the Financial System
Law 44/2002, dated 22 November, on Measures to Reform the Financial System (the Finance
Law) was the main new item of legislation in 2002; it was necessary for integration with the EU
and for the progress and development of Spains markets. The Finance Law regulates a variety of
subjects in the fields of banking, insurance, securities and other financial services and its main
objectives are as follows:
Ensure that Spanish law does not impose unnecessary obstacles that place Spanish financial institutions at a disadvantage with respect to their counterparts in other EU countries.
With that aim, measures were adopted and instruments were created to increase the efficiency and improve the competitiveness of the Spanish financial industry.
Ensure that the increase in competition and the use of new technology do not leave financial services customers unprotected. Therefore, the protection for financial services users
was improved.
Stimulate the transfer of savings to the real economy. Therefore, the conditions of financing small and mid-sized enterprises (SMEs) were improved.
From a formal standpoint, as regards financial services in the securities markets, the Finance
Law transposes several EU Directives into Spanish law. The main repercussions of the Finance Law
on the securities market regulations are as follows:
29
Comisin Nacional del Mercado de Valores. The Finance Law confers power on the
CNMV Board to approve the Internal Regulation, which will regulate, inter alia, the
CNMVs organic structure, the powers of its several bodies, its internal procedures, the specific restrictions on former staff of the CNMV, and the CNMVs selective hiring procedures.
The CNMV will have an internal control body whose functional accountability and disclosure capacity will be governed by the principles of impartiality, objectivity and avoidance of conflicts of interest. The CNMV will prepare an annual report about its oversight
function, for submission to the Spanish Parliament and government.
Investors. The office of Commissioner for Investor Protection(*) was created; it is organically attached to the CNMV. All credit institutions, investment services firms and insurers
will be obliged to attend to, and resolve, customer complaints and claims. Customer services departments must be created for this purpose.
Market structure. Spains various securities clearance and settlement systems will be integrated. The Finance Law has designed a flexible, open legal regime in which to create the
Sociedad de Gestin de los Sistemas de Registro, Compensacin y Liquidacin de Valores
(Sociedad de Sistemas) through the merger of the SCLV (the Spanish Securities Clearance
and Settlement Service) and CADE (the Government-Debt Book-entry System).
Primary market. The range of types of securities that can be issued was expanded (territorial bonds, equity interests in savings banks and new possibilities for securitisation).
Audit committees. Issuers of shares or bonds listed in official secondary markets must have
an audit committee comprising a majority of non-executive directors.
Listed companies. The regime for listed companies was developed, with an emphasis on
transparency. It regulated significant events, transparency rules for related-party transactions, a reform of the system for suppressing the pre-emptive right in capital increases of
listed companies and the introduction of a new regulation governing privileged information and price-fixing, in anticipation of the Market Abuse Directive.
Financial intermediaries. The regulation also covers financial intermediaries in terms of
treatment of insider dealing and market manipulation. It specifies organisational measures
to prevent information leakage between departments or between companies of the same
group.
Electronic trading. The legal effects of electronic trading of financial products will be regulated in the future.
Collective investment schemes and venture capital entities. Regarding the former, the Law
confers the power to authorise management companies on the Economy Ministry and the
power to authorise funds on the CNMV. It also regulates mergers of funds in detail. For
venture capital firms, the Law expanded the options of financing small and medium-sized
enterprises.
(*) Created in conjunction with the Commissioner for protection of bank customers, organically attached to the Bank of Spain,
and the Commissioner for protection of policyholders and pension plan participants, organically attached to the Directorate-General
of Insurance and Pension Funds.
30
2. PRIMARY MARKET
2.1. General overview
Euro zone
Gross fixed-income issues by euro zone residents totalled 6.6 trillion, a 2.3% fall on 2001. Issues
in euros, which accounted for 93% of total issues, fell 1.7% 1, curbing the strong growth observed since
the introduction of the single currency 2.
Table 2.1
FIXED-INCOME SECURITIES ISSUED BY EURO ZONE RESIDENTS
Amounts in billion euros
Amount
2001
Change (%)
2002
2001
2002
Gross issues (*) .................................................

Public administrations ..................................
Short term .................................................
Long term .................................................
Financial institutions .....................................
Short term .................................................
Long term .................................................
Non-financial companies .............................
Short term .................................................
Long term .................................................
6,734.7
1,134.4
543.0
591.4
4,635.4
3,731.6
903.8
964.1
836.4
127.7
6,580.3
1,366.8
672.3
694.5
4,401.7
3,555.9
845.8
812.5
740.5
72.0
41.0
11.1
12.1
10.2
52.0
64.6
15.6
36.5
35.7
42.0
-2.3
20.5
23.8
17.4
-5.0
-4.7
-6.4
-15.7
-11.5
-43.6
Outstanding balance (*) ...................................

Short term .................................................
Long term .................................................
Financial institutions .....................................
Short term .................................................
Long term .................................................
Short term .................................................
Long term .................................................
7,727.8
3,753.5
276.4
3,477.1
3,457.1
321.6
3,135.5
517.2
100.2
417.0
8,164.3
3,930.2
328.0
3,602.2
3,710.3
363.7
3,346.6
523.8
90.3
433.5
8.9
6.2
12.1
5.7
10.3
0.9
11.3
21.5
12.7
23.8
5.6
4.7
18.7
3.6
7.3
13.1
6.7
1.3
-9.9
4.0
(*) Nominal value.

Source: European Central Bank.
Issues in currencies other than the euro fell 10% to 448 billion.
Gross fixed-income issues in euros by European Monetary Union residents grew at an average annual rate of 22% in
the three years from 1999 to 2001.
1
2
31
The moderate decline in activity in primary fixed-income markets in the euro zone was influenced
by performance in the private sector (Table 2.1). Financial institutions reduced gross issues by 5% and
non-financial companies by around 16%. Difficulties experienced by some of the main European
economies (particularly Germany, which has been the leading issuer in the euro zone), combined with
the continuing global uncertainty and a general fall in issuer credit ratings has had a negative impact
on private sector financing in primary markets. High debt in some sectors (Telecommunications,
Energy and services, etc.) has partly contributed to the decline in issuing by non-financial companies.
In contrast to the private sector, public administrations in the euro zone increasingly turned to
capital markets for finance (Table 2.1). Nevertheless, the increase in gross issues by the public sector
was not enough to offset the reduction in issuing by the private sector.
Spain
Gross issues of securities in the Spanish primary markets amounted to 163 billion, a 5.9%
increase on 2001. Fixed-income securities and equities (capital increases) performed differently (Table
2.2). Fixed-income issues, which accounted for 97% of the total, rose 9.7% while equity issues fell by
more than 50%. Difficulties in the equity market also affected secondary offerings. The amount of registered secondary offerings rose 9% on 2001 (Table 2.2), but was still clearly below the prevailing level
of the late 1990s and the number of operations was very low 3.
Table 2.2
GROSS ISSUES IN SPAIN
1998
1999
2000
2001
2002
Equities (1) (2) .............................................................

Fixed-income ..............................................................
Public administrations (3) ........................................
Short term ...........................................................
Medium and long term .......................................
Private sector (1) (4) ................................................
Short term ...........................................................
Medium and long term .......................................
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
9,623
144,191
69,565
28,874
40,691
74,626
45,173
29,453
4,692
158,161
74,458
34,746
39,712
83,703
45,576
38,127
Total ...........................................................................
138,289
164,496
180,033
153,814
162,853
Pro memoria:
Secondary offerings .....................................................
10,743
4,419
9,446
3,044
3,330
(1) Effective value.

(2) Capital increases registered with the CNMV, including primary offerings.
(3) Nominal value.
(4) Issues registered with the CNMV.
Source: Bank of Spain and CNMV.
The private sector continues to be the leading issuer in the domestic markets. The amount of gross
issues (fixed-income plus capital increases) amounted to 88 billion, up 4.9% on 2001. Issuing by the
private sector was driven by various factors, including uncertainty in the global economy, credit rating
downgrades and individual companies cost containment policies in order to adapt to economic and
market conditions. However, private issuing grew more moderately, focussing mainly on asset-backed
fixed-income issues (mortgage bonds and other 4) and commercial paper.
3
See Annex A.1.5.

Securitisation issues are backed by assets specifically assigned in each issue. Mortgage bonds issued by credit entities are backed by each entitys entire mortgage loan book.
4
32
PRIMARY MARKET
In contrast to recent years, gross issuing by public administrations grew 7% to 74 billion.

Treasury issues accounted for 90% of the total. As shown in Chapter 1, the public accounts performed well but the Treasury took advantage of the low short-term interest rates to significantly
increase Treasury bill issues (Letras del Tesoro) in order to obtain liquidity, maintain its long-term
debt repurchase programmes and boost liquidity in the secondary market in Treasury bills.
Figure 2.1
GROSS ISSUES IN SPAIN, BY TYPE OF INSTRUMENT AND SECTOR
100%
80%
60%
40%
20%
0%
1998
1999
Public administration fixed-income
2000
2001
Privare sector fixed-income (1)
2002
Equities (2)
(1) Issues and shelf registrations filed at the CNMV.

(2) Capital increases filed at the CNMV.
New instruments in the securities markets: territorial bonds and participation shares in savings
banks
One of the most significant measures introduced in 2002 under the Law on Measures to
Reform the Financial System to increase the competitiveness of the financial industry was the authorisation of two new instruments issuable in primary markets: territorial bonds and participation
shares. In both cases, it is envisaged that these instruments can be traded in secondary markets.
Territorial bonds are asset-backed fixed-income securities. They are issued by financial institutions and their principal and interest are specially guaranteed by loans and credits granted to
the State, regional and local governments and companies which they own, as well as similar entities within the European Economic Area. The issued amount cannot be greater than 70% of the
aforementioned loans and credits, and holders of territorial bonds have preference rights on debt
claims by the issuer against the public administrations. Territorial bonds are governed by similar
regulations to mortgage bonds (cdulas hipotecarias) and they fill a gap in the Spanish assetbacked security market (issues backed by loans to the public administrations) which is already
well-developed in other European countries.
33
Participation shares, in contrast, are equity instruments, although holders (unlike shareholders) do not have political rights. The recognised economic rights of participation shareholders are
as follows:
A share in the distribution of unrestricted surplus equal to the volume of participation
shares outstanding over the sum of the savings banks net worth (endowment plus general
reserves plus general bank risk fund) plus the volume of participation shares.
Preferential subscription right on new issues, without prejudice to the suppression of these
rights as provided by law.
In the case of liquidation, the liquidation value of the participation shares.
In the case of redemption envisaged by legislation, the market value of the participation
shares.
Payment of a variable remuneration, which must be approved by the General Assembly,
charged to the relevant portion of unrestricted surplus or, if applicable, to the stabilisation fund
which savings banks may voluntarily constitute in order to avoid excessive fluctuation in the variable remuneration. This remuneration shall be regulated by the government.
The volume of participation shares cannot exceed 50% of the savings banks net worth nor can
they be issued at a price lower than their nominal value. A savings bank may not own more than
5% of its total outstanding participation shares. No individual, legal entity or economic group may
directly or indirectly hold more than 5% of the outstanding participation shares of a given entity.
2.2.
Equities
Poor share price performance had a negative impact on fund-raising through capital increases.
In 2002, the CNMV registered 41 capital increases by 35 companies, for a combined total of 4.7
billion 5. In 2001, 55 issues were made by 40 companies, totalling 9.6 billion 6. A total of 17 issuers
made bonus issues amounting to 294 million, compared to 14 issuers and a total of 189 million in
2001. No warrant issues were registered.
Table 2.3
CAPITAL INCREASES
Effective amount in millions of euros
1998
1999
2000
2001
2002
Primary offerings .........................................................

Other capital increases ...............................................
379
8,793
7,373
7,375
17,811
26,126
155
9,468
4,692
Total ............................................................................
9,172
14,748
43,937
9,623
4,692
Pro memoria
Domestic tranche of primary offerings
Amount ...................................................................
% of total ................................................................
234
61.8
4,403
59.7
13,448
75.5
155
100.0
See Annexes A.1.3 and A.1.4.

In 2001, the 4.6 billion capital increase by Arcelor, linked to its bid for Aceralia, accounted for almost half of the
total amount.
6
34
PRIMARY MARKET
The SCH group played a prominent role in capital increases in 2002, accounting for 55% of the
total effective amount (2.6 billion). The new shares were used as consideration in the call option
exercised by SCH on German entity AKB Holding GmbH. Jazztel also carried out considerable capital increases in 2001 (556 million), to restructure its capital and cancel debt. Another significant
capital increase was at Banesto (166 million), which was linked to a public offering of warrants by
its core shareholder (SCH) 7.
2.3. Fixed-income
Issuers
Gross fixed-income issues in the Spanish markets amounted to 158 billion in 2002, compared
to 144 billion in 2001. Both the public and private sectors contributed to the increase. In the private
fixed-income sector, the number of issuers rose slightly on 20018 and the amount was less concentrated among issuers 9.
Table 2.4
FIXED-INCOME ISSUES IN SPANISH MARKETS
Amount in millions in euros
Amount
2001
Change (%)
2002
2001
2002
Gross Issues .....................................................

Public administrations (1) .............................
Short term .................................................
Long term .................................................
Financial institutions (2) (3) ..........................
Short term .................................................
Long term .................................................
Non-financial companies (2) (3) ...................
Short term .................................................
Largo plazo ..............................................
144,190.5
69,565.0
28,874.0
40,691.0
61,039.4
36,964.5
24,075.9
13,586.1
8,208.0
5,378.1
158,160.3
74,458.0
34,746.0
39,712.0
72,059.3
36,548.2
35,511.1
11,643.0
9,027.4
2,616.6
5.9
17.0
24.6
10.6
38.1
36.4
40.8
67.6
12.8
546.1
9.7
7.0
20.3
2.4
18.1
1.1
47.5
14.3
10.0
51.4
Outstanding balance (1) ...................................

Short term .................................................
Long term .................................................
Financial institutions ....................................
Short term .................................................
Long term .................................................
Short term .................................................
Long term .................................................
427,918.0
317,877
36,927
280,950
92,644
13,448
79,196
17,397
4,296
13,101
462,859.0
326,585
37,202
289,383
120,478
15,874
104,604
15,798
3,191
12,607
7.3
1.4
19.2
4.9
34.0
40.4
33.0
5.9
33.7
-0.8
8.2
2.7
0.7
3.0
30.0
18.0
32.1
9.2
25.7
3.8
(1) Nominal value.

(2) Issues and shelf registrations filed with the CNMV.,
7
The total warrant offering by SCH amounted to 402 million, of which 322 million were assigned to the domestic
tranche.
8
108 issuers in 2002 compared to 105 in 2001.
9
With respect to fixed-income issues and shelf registrations filed at the CNMV, the 10 largest issuers accounted for
47% of the total in 2002, compared to 55% of the total in 2001. For further information, see Annex A.1.6.
35
The increase in private fixed-income issuing (Table 2.4) was concentrated at financial institutions,
whose gross issues amounted to 72 billion, an 18.1% increase on 2001. Financial institutions maintained a similar level of activity to 2001 with regard to commercial paper but there was a sharp rise in
long-term issues through mortgage and other asset-backed bonds. In contrast, non-financial companies
reduced gross issues by 14% and, despite moderate growth in commercial paper activity, the amount
of long-term issues fell by more than 50%. It should be noted, however, long-term issues by non-financial companies achieved a spectacular one-off increase in 2001 10.
Issuing by public administrations in the primary fixed-income markets was highly concentrated in
government debt, with a considerable increase in Treasury bond issues (Letras). As a whole, gross shortterm issues by public administrations grew 20.3% while long-term issues fell 2.4%.
The outstanding balance of fixed-income securities issued by Spanish residents was 463 billion
at 2002 year-end, an increase of 8.2%. Performance of the outstanding balance in 2002 (Table 2.4)
shows that net financing through the primary fixed-income markets again rose slightly for public
administrations and notably for financial institutions, while falling moderately for non-financial companies. Although the weighting of private issues in the outstanding balances has increased significantly in recent years, public administrations still account for 71% of the total. This percentage is greater
than in the overall euro zone (Figure 2.2).
Figure 2.2
FISEX-INCOME ISSUES IN THE EURO ZONE: BREAKDOWN OF OUTSTANDING
BALANCE BY ISSUER (*)
100%
80%
60%
40%
20%
0%
Euro
zone
Aus
Bel
Public administrations
Ger
Sp
Fin
Fra
Financial institutions
Gre
Ita
Hol
Por
(*) Issues denominated in euros. No data available for Ireland or Luxembourg.

Source: European Central Bank.
Instruments 11
Medium- and long-term issues
In 2002, 38.1 billion in medium- and long-term issues were filed with the CNMV, a 29.4%
increase on 2001. There was also a significant increase in the number of issuers: from 62 to 73. Asset10
The sharp growth in long-term issues by non-financial companies in 2001 was mainly as a result of issuing by the
Repsol YPF group, whose subsidiaries registered 4.5 billion in long-term issues with the CNMV.
11
Fixed-income issues and shelf registrations filed with the CNMV.
36
PRIMARY MARKET
backed issues (mortgage and securitisation bonds) have gained considerably in weighting within medium- and long-term private fixed-income issues in recent years (Table 2.5). Issues of both instruments
accounted for 80% of the total issues filed and they continued to grow strongly, while issues of all other
instruments fell.
Table 2.5
FIXED-INCOME ISSUES AND SHELF REGISTRATIONS FILED WITH THE CNMV
Breakdown by Instrument
Nominal amounts in millions of euros
1998
1999
2000
2001
2002
Long term ...................................................................

Non-convertible bonds and debentures ..................
Convertible bonds and debentures ..........................
Mortgage bonds ......................................................
Securitisation bonds ................................................
Preferred shares ......................................................
15,256
6,039
452
3,093
5,072
600
23,773
7,354
800
4,433
6,770
4,416
17,938
4,974
132
2,643
7,308
2,880
29,463
7,076
456
6,078
11,793
4,060
38,129
3,647
238
11,704
18,803
3,737
Short term ..................................................................

Commercial paper ..................................................
of which asset-backed .............................................
5,061
5,061
1,202
32,555
32,555
301
34,366
34,366
1,399
45,173
45,173
1,144
45,576
45,576
1,120
Total ............................................................................
20,316
56,328
52,304
74,635
83,705
The amount of non-convertible bonds and debentures registered almost halved, from 7 billion
in 2001 to 3.6 billion in 2002 12. The number of issuers also fell, from 34 to 30. Financial institutions
maintained considerable weighting in this sector, in terms of both the number of issuers (26) and the
amount registered (85% of the total). Within these institutions, savings banks were significant with 22
issuers and 77% of the amount registered; the major issuer was la Caixa (718 million). As in recent
years, the majority of issues were made at variable and referenced interest rates.
The difficulties experienced by equities markets continued to have a negative effect on the convertible bond and debenture segment. This segment had three issuers, one more than in 2001, but the
total amount registered fell from 456 million to 238 million 13. The main issuer was Bankinter
(153 million), which had already participated in this segment in 2001.
The strong property market led to a sharp increase in mortgage bond registrations, from 6.1 billion
in 2001 to 11.7 billion in 2002 14 and the number of issuers rose from 6 to 8. In contrast to 2001, when
only savings banks issued in this segment, banks also made significant issues, accounting for 60% of the
registered total. The main issuers were BBVA, SCH and Caja Madrid (3 billion each), followed by la
Caixa (1.5 billion).
Long-term securitisation issues amounted to 18.8 billion, up 59.4% on 2001 15. Within this segment, the amount of asset-backed bonds registered rose 80% to 12 billion 16, of which 62% was for
placement in the domestic market. The number of issuers (asset securitisation funds FTA) also grew con-
12
13
14
15
16
See Annex A.1.9.

See Annex A.1.8.
See Annex A.1.10.
See Annex A.1.11.
See Annex A.1.11.
37
siderably, from 9 to 16 17. The largest issue (3.5 billion) was by FTA operator Activos y Titulizacin and
involved special mortgage bonds issued by a number of savings banks and packaged by broker-dealer
Ahorro Corporacin Financiera. Six issues totalling 4.2 billion were made to securitise mortgage loan
receivables. Of these issues, the two by SCH were particularly significant, totalling 2 billion. The securitisation of loan receivables from SMEs also had considerable weighting in this segment, with eight operations totalling 3.4 billion. An 850 million issue by SCH to securitise vehicle purchase loan receivables was also noteworthy.
The number of mortgage-backed bonds amounted to 6.8 billion, up 32.5% on 2001, and the
number of mortgage securitisation funds (FTH) rose from 7 to 11. The largest issues were by Bankinter,
la Caixa and Bancaja, accounting for 58% of the total amount registered, through the creation of various FTH 18.
Figure 2.3
SECURITISATION ISSUES FILED WITH THE CNMV
25.000
Millions of euros
20.000
15.000
10.000
5.000
0
1997
1998
Mortgage-backed
1999
2000
2001
2002
Other asset-backed
A total of 3.7 billion of preferred shares were registered in 2002, an 8% drop on 2001 19. The
number of issuers fell from nine to eight, of which six were subsidiaries of financial institutions and the
remaining two were subsidiaries of non-financial companies (Telefnica and Sol Meli). The largest
issue (2 billion) was by a Telefnica subsidiary. The second-largest issuer was BBVA, with two issues
totalling 1 billion.
Commercial paper
Commercial paper issuers maintained their activity at levels similar to 2001. Although the number of issuers rose from 47 to 52, the amount of shelf registrations rose just under 1% to 45.6 billion.
Placements amounted to 106.4 billion, 2.5% up on 2001. The outstanding balance of current issues
was 23.6 billion in December 2002, a 3.5% drop on 2001.
Along with asset-backed bonds, two FTAs registered asset-backed paper for a joint total of 1.1 billion. In 2001, the
number of asset-backed commercial paper issuers was identical and the total amount slightly higher. Further information on
these issues can be found under the commercial paper heading.
18
Bankinter (1.7 billion), la Caixa ( 1.2 billion) and Bancaja (1 billion).
19
See Annex A.1.7.
17
38
PRIMARY MARKET
The average APR of the placements remained relatively stable at around 3.4% in the first eight
months of the year, except in May and June (3.5%). In the last four months of 2002, APR tended to
decrease in line with short-term benchmark rates in the euro zone; APR was 3.3% between September
and November and fell to 3% in December. Placements rose significantly in the fourth quarter (Figure 2.5) and maturities tended to be shorter (Figure 2.6). Issues up to three months accounted for 82%
of total placements, compared to 77% in 2001.
Figure 2.4
3.5
3.0
2.5
2.0
no
v-
pse
ju
l-0
ay
m
01
ar
-0
m
nja
no
v-
pse
l-0
1
ju
-0
ay
m
ar
-0
m
nja
Placements
APR (%)
02
4.0
02
4.5
10
02
5.0
02
12
01
5.5
14
01
Millions of euros
COMMERCIAL PAPER: PLACEMENTS AND YIELDS
Averge interest rate (APR)
Figure 2.5
COMMERCIAL PAPER: BREAK-DOWN OF PLACEMENTS BY MATURITY
100%
80%
60%
40%
20%
0%
1998
Up to 3 months
1999
3 to 6 months
2000
2001
6 to 12 months
2002
Over 12 months
39
Financial institutions maintained considerable weighting in commercial paper issues, accounting

for 79% of issuers, 80% of the amount of shelf registrations and 91% of the amount placed. The largest
placements were by Banco Popular (17.1 billion), SCH (11.4 billion) and BBVA Banco de
Financiacin (10.3 billion). In particular, two shelf registrations gave rise to placements totalling 6.1
billion. An SCH asset securitisation fund accounted for 94% of this amount. The largest placements by
non-financial companies were in the electricity sector (a total of 5 billion), and also by RENFE (2.7
billion) and Telefnica (1.4 billion 20.
2.4. Other issues registered at the CNMV 21
Warrant issues slumped in comparison to 2001, with premiums on registered issues amounting to
2.3 billion, compared to 5.5 billion in 2001. The number of issuers fell from 11 to 9 and the number of issues fell from 1,223 to 1,132. By underlying assets, the bulk of issues (71% of premiums) were
on shares, followed by indexes (28%) and other contracts (1%). By issuer, Socit General Acceptance
accounted for the bulk of premiums (673 million), followed by Commerzbank (510 million) and
BBVA Banco de Financiacin (439 million).
The CNMV also registered other atypical contracts, mainly deposits associated with options,
which were marketed by financial institutions. The registered amount of these contracts also dropped
sharply to 1.7 billion, compared to 2.1 billion in 2001. The number of issuers fell from 23 to 14
and the number of issues declined from 76 to 28. Of the amount registered, contracts on shares
accounted for 83%, contracts on indexes accounted for 12% and contracts on fixed-income 5%. The
principal issuers were Banesto (740 million) and BBVA (564 million).
20
21
40
For further information on commercial paper issues, See Annex A.1.12.

See Annex A.1.13.
3. SECONDARY MARKETS
3.1. Equity markets
As described in Chapter 1, the Spanish stock market indexes ended 2002 with losses for the third
consecutive year. Trading volumes and stock rotation were similar to 2001. As usual, foreign investors
played a major role, although this year they were strong net sellers.
Index performance
The Ibex 35 index closed the year at 6,037 points, which is 28.1% less than at 2001 year-end and
52.9% less than its all-time high 1. The IGBM (Madrid Stock Exchange General Index) closed the year
at 634 points, i.e. 23.1% less than at 2001 year-end and 44.7% less than its all-time high. The difference between the two indexes reflects one of the main characteristics of 2002: the large-cap stocks
were affected more by the decline in share prices than the small- and mid-cap stocks. Four stages may
be distinguished in the Spanish stock markets performance in 2002, as in the performance of the
major international stock markets.
The Ibex 35 index opened the year with a relatively steady albeit slightly negative performance
which continued to mid-May. This first phase in the Spanish stock market was characterised by lack of
investor confidence in view of the series of unresolved issues in the international arena, as described
in Chapter 1 2. The Spanish stock market was also affected by the performance of the Latin American
economies, particularly in Argentina. The Ibex 35 and the IGBM both fluctuated in line with improvements or deteriorations in the key international issues. At the end of this phase, the Ibex 35 had fallen
2.8% and the IGBM had gained 0.68%. This difference reflects the duality in Spains stock market, with
losses primarily concentrated in telecommunications (-20.3%) and electronics and software (-17.5%),
and substantial gains in the sectors made up of smaller companies, such as food (over 20%), construction (between 23% and 33%), real estate (33.5%) and transport and distribution (55.2%). Banks (5.9%)
and oil (-6.0%) fell between the two camps.
The second phase, which commenced in mid-May and lasted until early October, was characterised by a considerable fall in share prices and a significant increase in volatility due to greater
uncertainty caused by the deterioration in international financial and political issues. The IGBM lost
31.5% and the Ibex 35 lost 34.3%. As in the previous phase, the situation in Latin America had a specific impact on Spain due to the uncertainties surrounding the electoral process in Brazil. The indexes
registered their low 3 for the year during this period. The stock market losses became more widespread
1
2
3
It reached 12,816.80 on 6 March 2000.

See Section 3 of chapter 1.
As in several of tha major international stock markets, Spanish indexes five-years lows, that is lower than post 9-11
levels.
41
in terms of sectors 4 and they were more intense than in the first part of the year. More than half of the
sectors lost more than 20%, and the greatest losses were in advertising, press and television (-50.5%)
and leisure, tourism and hospitality (50.4%). The following sectors were even more notable due to
their weighting in the Ibex 35: telecommunications (-30.0%), banks (-44.2%) and electricity (-34.9%).
During this second phase, more than 10% of the stocks on the IGBM lost half their value 5 and another
40% registered losses of 25% or more.
The rest of October and the month of November witnessed a period of recovery. In this third
phase, investors shifted from the most defensive sectors to those that had suffered the greatest losses in
the two previous phases. The IGBM gained 23.0% and the Ibex 35 rose 25.6%, although both were
still in negative territory at the end of that period. Although the uncertainties had not lifted, there was a
run of good news that boosted investment, including the apparent receding of the prospect of a war in
Iraq, a cut in official interest rates and an improvement in the Brazilian economy. Gains were generalised in most sectors, a third of which gained over 25% 6.
The stock market indexes went into decline in December and continued to slide until year-end.
The deterioration of the international geopolitical situation was responsible for this latest fall in share
prices. The IGBM lost 9.3% and the Ibex 35 fell 10.4%. Although this downturn was generalised at
sector level and in individual stocks, the worst performance was in telecommunications, media and
technology (TMT). In FY2002, 13 of the IGBMs 23 subsectors lost value 7.
Figure 3.1
Index
Volatilidad (%)
IBEX 35 INDEX PERFORMANCE AND VOLATILITY
Jan. 02
Feb. 02
Mar. 02
May. 02
Index (LH scale)
Jun. 02
Jul. 02
Sep. 02
Oct. 02
Dic. 02
Volatility (RH scale)
Only the toll roads and car parks sector, which has little weighting in the IGBM, recorded slight gains (1.3%) in the
second phase.
5
Most were technology stocks. Avanzit suffered the largest loss (-77%) due to financial problems that placed it in temporary receivership.
6
Advertising, press and television (38.2), Banking (37.6%), Other consumer goods.
7
The greatest losses in FY2002 were in electronics and software (-49.7%), advertising, press and radio/television (-45.7%)
and telecomunications (-40.8%), and the greatets gains were recorded in real estate (29.1%), construction material (22.4%)
and transport and distribution (221.3%).
42
SECONDARY MARKETS
Table 3.1
SECTOR INDEX PERFORMANCE (MADRID STOCK EXCHANGE) IN 2002*
Yield (% change over previous year)
Period
Consumer goods
Capital and intermediate goods
Energy
Construction
Financial services
Communications and information services
Market services
General
2001
2002
Q1
Q2
Q3
Q4
3.6
19.2
1.6
17.3
10.5
12.4
3.2
1.0
8.4
20.3
4.2
26.3
41.6
7.3
6.2
10.1
2.4
13.7
2.5
9.2
11.2
3.6
2.9
8.2
4.1
12.7
32.3
1.7
6.2
22.6
16.5
13.9
28.9
14.8
20.6
3.1
10.7
6.6
2.3
15.7
11.6
6.9
6.3
23.1
0.6
12.8
20.3
10.0
* In early 2002, the Madrid Stock Exchange implemented a new classification of sector indexes comprising seven sectors divided into 23
subsectors in order to better reflect market realities.
Changes to the Madrid Stock Exchange indexes

In early 2002, the Madrid Stock Exchange implemented a new calculation system for the
IGBM (Madrid Stock Exchange General Index) and the sector indexes. It also revised the sectoral
classification of the listed companies in order to better reflect current business activities.
The calculation systems for the IGBM and the sector indexes underwent a series of reforms
intended to provide a clearer and more continuous reflection of the Madrid Stock Markets performance. To this end, the following two amendments were made to the calculations:
(i) In the previous system, the weightings were fixed for the whole year, which meant that
the index did not reflect changes that occurred during the year. In the current system, the
weightings and the stocks are both revised biannually, and extraordinary revisions may
be performed before the six months are over.
(ii) Cross-holdings of companies present in the same index cause redundant rises and falls.
This accumulative calculation problem existed in the former systems for calculating the
IGBM and sector indexes. In order to avoid it, the new system reduces the index weighting when the stake of one company in another in the same index is over 5%.
The classification of sectors, which was based on the CNAE (Spanish National Classification
of Economic Activities), has also changed. The new classification creates seven sectors comprising companies with similar economic performance, in line with the indexes used by major international stock markets. Each sector is divided into 23 subsectors that cover more specific activi-
Corporate earnings
The worldwide economic slowdown caused listed companies earnings to fall for the second consecutive year. The decline in 2002 was very substantial (over 63%) due to the heavy losses incurred by
the Telefnica group, whose earnings were negatively impacted by sizeable asset write-downs and
restructuring costs associated with the UMTS business in Europe and the write-down of investments in
Terra Lycos and Mediaways 8. Excluding the Telefnica group, the listed companies profits for the year
fell 2.7%.
8
The Telefonica groups earnings before tax fell from 2.033Bn in profit in 2001 to a loss of 14.601Bn in 2002.
43
Earnings varied from sector to sector. One the 12 big sectors listed in Table 3.2., transport and
communications, registered losses due to the performance of the Telefnica group. Another five
sectors profit fell and, in the remaining five sectors, profits rose which, in most cases, implied a
partial or total recovery from the losses registered in the previous year. The greatest increases in
profits were recorded in agriculture and fishing (161%), which has scant weighting in the index as
a whole, and real estate (26.4%). Apart from the transport and communications sector mentioned
above, the greatest losses were recorded in chemical industry (-33.1%) and trade and other services
(-29.8%).
Of the four large subsectors 9 with the greatest weighting on the stock market, all except oil,
registered lower profits or even losses (communications). The rise in the price of crude oil benefited the oil companies, whose earnings improved by 10.9%. In the two remaining subsectors, banks
profits fell 8.2% following the slowdown in the two previous years, and electricity recorded a
3.0% decline following the 22.6% decline in the previous year. The performance of communications alone explains the 96% fall year-on-year in profits by listed companies as a wholeif we add
banks and electricity to this subsector, the three subsectors combined accounted for 102% (see
Table 3.2).
Table 3.2
LISTED COMPANIES EARNINGS IN 2002
YTD change (%)
Earnings before taxes
Sector
Year
Quarter
1997
1998
1999
2000
2001
2002
Q1-02
Agriculture and fishing .......................

Energy and water ................................
Oil ...............................................
Electricity.....................................
Base metals.........................................
Cement & construction materials........
Chemical industry...............................
Metal processing.................................
Other processing industries.................
Construction .......................................
Trade and other services .....................
New technology ..........................
Transport & communications ..............
Communications..........................
Financial institutions. insurance. etc. ..
Savings banks and other financial..
entities................................................
1,691.9
3.0
15.1
2.4
87.3
45.7
23.1
75.3
51.9
32.4
5.6
22.4
16.4
22.4
21.2
20.2
132.6
82.0
17.8
16.3
18.2
29.7
4.2
9.0
88.9
27.1
37.2
6.1
2.9
1.3
2.9
10.9
13.8
119.0
94.7
36.2
14.0
69.9
21.2
39.2
15.3
9.2
14.9
44.6
38.5
24.4
12.8
9.1
16.1
17.7
40.0
25.6
4.5
35.0
0.4
111.5
11.4
7.8
13.9
23.7
37.0
2.5
15.8
8.3
8.8
14.5
14.7
36.0
233.1
27.1
35.9
22.6
56.5
3.1
15.0
1.0
22.8
18.1
15.5
31.5
31.9
29.1
4.5
3.9
20.9
160.8
3.8
10.9
3.0
7.5
12.4
33.1
12.7
13.6
5.7
29.8
2.3
c.s.
c.s.
8.2
8.4
26.4
Total General .....................................
17.7
12.1
20.8
13.4
12.9
63.1
Source: CNMV (see Annex A.2.1).

Note: c.s. indicates a change of sign in earnings.
44
Banking, communications, electricity and oil.
Q2-02
Q3-02
Q4-02
41.9
19.8
40.2
2.8
12.4
3.0
44.6
10.4
3.7
5.1
17.9
5.5
c.s.
127.3
1.8
1.5
10.1
101.9
14.5
11.3
20.9
4.8
7.7
30.6
14.1
0.8
3.9
39.8
70.6
c.s.
c.s.
11.0
12.2
44.8
19.3
17.6
15.4
22.2
24.0
15.6
19.5
9.1
7.8
3.8
22.1
62.6
c.s.
c.s.
12.2
13.2
14.6
160.8
3.8
10.9
3.0
7.5
12.4
33.1
12.7
13.6
5.7
29.8
2.3
c.s.
c.s.
8.2
8.4
26.4
15.5
52.9
41.7
63.1
SECONDARY MARKETS
Performance of companies listed in the Spanish stock markets

At the end of 2001, there were 3,024 listed companies (483 more than the previous year), of
which 164 traded on the electronic market (including 23 in the Latin American market, Latibex), 2,836
by open outcry and 24 in the second market.
A total of 510 companies were listed for the first time in 2002 due almost entirely to additions in
the open outcry segment. Twelve stocks joined the electronic market; ten of them new listings and two
from market changes (from the open outcry market) 10. Five hundred stocks joined the open outcry
market, all of them new listings. There were no new listings in the second market.
The newly-listed companies in the electronic market (five of them in the domestic section and
seven in Latibex) operate in a number of sectors: (i) oil: Petroleo Brasileiro (L) 11 and Suzano Petroqumica (L); (ii) electricity: Companhia Paranaense de Energia (L) and Enagas; (iii) minerals and base
metals: Arcelor, Companhia Energtica de Minas Gerais (L), Tubos Forjados and Gerdau (L); (iv)
metal-mechanical: Elecnor; (v) food: Natraceutical; (vi) Other non-financial: Distribucin y Servicios
D&S (L); and (vii) banks: Banco de Chile (L). New additions to the open outcry market were primarily
SIMCAV 12.
Figure 3.2
COMPANIES LISTED IN THE SPANISH EQUITY MARKETS AT YEAR-END
Electronic market
SM/SIMCAV
Other open outcry
A total of 27 companies were delisted in 2002: eight in the electronic market, 14 in the open outcry market and five in the second market. One of the delistings from the electronic market was due to
absorption by another listed company 13.
10
Tubos Forjados (formerly Tubos Reunidos) and Elecnor.

The L in brackets means the stock is listed in Latibex.
12
A total of 492 SIM/SIMCAV were added in 2002, whereas the rest of the open outcry market saw a eight stocks. At
year-end, 97% of the companies traded in the outcry segment of the Spanish stock market were SIM/SIMCAV.
13
Prtland Valderrivas was absorbed by FCC.
11
45
Table 3.3
CHANGE IN THE NUMBER OF LISTED COMPANIES BY MARKET IN 2002
Total
Electronic market
Total
Domestic
Latibex
Open outcry
Second market
Listings....................................
New listings ............................
Listings due to mergers............
Change of market ..................
510
510
0
12
10
0
2
5
3
0
2
7
7
0
0
500
500
0
0
0
0
0
0
Delistings................................
Exclusions ...............................
Exclusions due to mergers.......
Change of market ..................
27
24
3
8
7
1
0
7
6
1
0
1
1
0
0
16
12
2
2
5
5
0
0
Net change .............................
483
484
Pro memoria:..........................
Listed at 31/12/02 ...................
Listed at 31/12/01 ...................
3,024
2,541
164
160
141
143
23
17
2,836
2,352
24
29
Note: The Total column does not coincide with the sum of the columns to its right since they include listings and delistings due to change
of market.
Capitalisation
At 2002 year-end, the capitalisation of Spains bourses totalled 478.3 billion, with the electronic market representing 71% (86.5% including Latibex). The sharp fall in share prices decreased market capitalisation by 17.5%, despite the listing of several large companies in the electronic market
and numerous additions of SIMCAV. The market capitalisation of the electronic market declined by
20.8% (-23.6% excluding Latibex, which fell 2.1%). The capitalisation of the open outcry segment
rose by 6.8%.
Foreign securities represented 7.7% of market capitalisation (8.3% in 2001).
Figure 3.3
Billions of euros
CAPITALISATION OF THE SPANISH STOCK EXCHANGES (EQUITIES)
Electronic market: Non financial
46
Electronic market: financial
Open outcry
Foreign
SECONDARY MARKETS
The most significant decreases in the weighting of the sectors capitalisation with respect to 2001
were in energy & water, transport & communications and banks (see Figure 3.4). The largest increase
in weighting was in SIM/SIMCAV, which became the third-largest sector, ahead of energy & water (see
Annex A.2.7).
Figure 3.4.
MARKET CAPITALISATION BY SECTOR (EQUITIES)
2001
2002
Energy &
water
Other
Oil
Mining
Other
Oil
Energy &
water
Mining
Chemicals
Chemicals
Banks
Transport &
communications
Banks
Transport &
communications
Trading
Trading amounted to 444.9 billion in 2002, i.e. 0.1% higher than in 2001. The electronic market concentrated 98.9% of total trading 15. Trading in the open outcry segment increased by 35.3% due
mainly to new SIMCAV and partly to better performance by the small-cap stocks in this market.
Regular session trading in the electronic market declined by 3.5%, contrasting with the sharp fall
in the indexes. The substantial increase in block trading (+43.9%) and the smaller decrease in mid-cap
stocks 16 stemmed the fall in total trading.
Turnover 17 increased in the first half of 2002 and peaked in July, coinciding with the month of
peak trading activity by non-residents (see Figure 3.5). Turnover remained the same as in 2001, i.e.
about 88% 18 (see Figure 3.6).
Non-resident investors decreased trading in the Spanish bourse in 2002 although they continued
to be more active than Spanish investors 19. As in 2001, they were net sellers, divesting 20.665 billion
(23.663 billion in 2001).
15
Slightly lower than in 2001 (99.2%).

The Ibex 35 index fell 28.1% in 2002, whereas the Ibex Complementario decreased by only 1.1%.
17
A measurement of trading activity.
18
Turnover inceased slightly from 87.8% to 88.0%; even though capitalisation fell by 20.8% in 2002, it declined by
only 3.7% on average per month, just slightly more than the decline in regular session tradin (3.5%).
19
The share of non-resident investors trading decreased from 54.5% in 2001 to 51.7% in 2002.
16
47
Table 3.4
EQUITIES TRADING IN SPANISH STOCK MARKETS
2000
2001
Change %
Share%
2002
2001/2000
2002/2001
2001
2002
Electronic market .......................
488,888.5
440,604.8
439,950.4
9.9
0.1
99.2
98.9
Open outcry ..............................

Madrid ...................................
Barcelona...............................
Bilbao ....................................
Valencia.................................
3,382
2,062.4
695.1
259.9
364.7
3,672.1
2,469.6
660.2
296.7
245.6
4,967.3
3,235.3
948.6
297.8
485.5
8.6
19.7
5.0
14.1
32.7
35.3
31.0
43.7
0.4
97.7
0.8
0.6
0.1
0.1
0.1
1.1
0.7
0.2
0.1
0.1
Total stock markets....................
492,301.7
444,301.8
444,935.5
9.8
0.1
100.0
100.0
Figure 3.5
Regular session trading/capitalisation
MONTHLY TURNOVER VELOCITY IN THE SPANISH ELECTRONIC MARKET

IN 2001 AND 2002*
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
(*) Regular session trading as a % of capitalisation (see footnotes 18 and 19).
Figure 3.6
Trading/capitalisation
YEARLY TURNOVER VELOCITY IN THE SPANISH STOCK MARKET*
(*) Regular session trading as a % of capitalisation (see footnotes 18 and 19).
48
SECONDARY MARKETS
FIM funds also increased slightly as a proportion of the Spanish market. Their portfolio of Spanish
stocks rose from 1.4% of market capitalisation in 2001 to 1.6% in 2002, still far below the 4.8% peak
attained in 1998.
Figure 3.7
SHARES HELD BY FIM FUNDS
Millions euros
Spanish shares as a % of
capitalisation (RH)
Foreign
Spanish
Dec. 96
Dec. 97
Dec. 98
Dec. 99
Dec. 00
Dec. 01
Dec. 02
Trading in individual sectors was very mixed. The increase in trading in eight of the seventeen
sectors practically offset the decrease in the other nine. In absolute terms, the largest declines were
due to the slump in TMT share prices, which affected transport & communications (-22.8%) and
other (-37.8%); and the largest increase was in banks (+29.2%) as a result of extraordinary transactions by BBVA and BSCH, mainly in block and after-hours trading. In percentage terms, the main
decreases were in metal-mechanical (-50.4%) and chemicals (-49.7%); and the largest increases
were in real estate (+151.0%), construction (65.1%) and food (+48.2%)the sectors which appreciated most in 2002although trading in finance companies also grew (+269%), but the volume was
very small.
The most significant factor in trading in 2002 was that transport & communications and other
decreased as a proportion of the total and banks gained in importance (see Table 3.5).
Regular session trading declined by 3.2% 20 and accounted for 92.3% of the total. Despite fewer
tender offers and public offerings (see Annexes A.2.11 and A.2.12), other types of trading grew by
72.0% overall due to after-hours trading, especially in BBVA, BSCH and Arcelor shares.
Block trades continued to grow fast, rising 44% to 70.991 billion, and accounted for 16.1% of
total trading (11.1% in 2001). In this case, the large banks (BBVA and BSCH), Iberdrola and Gas Natural were the main stocks traded. Trading under the fixing system amounted to 106 million, 6.1% more
than in 2001.
20
3,5% in the electronic market.
49
Table 3.5
TRADING IN SPANISH STOCK MARKETS BY SECTOR
Percentage of trading
Sector
1998
1999
2000
2001
2002
0 Oil.............................................................................
1 Energy & water..........................................................
2 Mining & basic metals...............................................
3 Cement & construction materials...............................
4 Chemicals .................................................................
5 Textile & paper ..........................................................
6 Metal-mechanical......................................................
7 Food..........................................................................
8 Construction..............................................................
9 Real estate.................................................................
10 Transport & communications....................................
11 Other ........................................................................
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
7.8
13.0
1.5
0.2
0.7
2.4
0.5
2.1
2.1
0.5
32.5
7.2
6.8
14.1
1.7
0.2
0.4
1.8
0.2
3.1
3.4
1.3
25.1
4.5
Total non-financial sector ..............................................
63.6
65.0
72.1
70.5
62.5
12
13
14
15
16
Banks........................................................................
Insurance companies................................................
Portfolio companies..................................................
SIM/SIMCAV.............................................................
Finance companies...................................................
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
27.6
0.3
0.8
0.8
0.0
35.6
0.3
0.6
1.0
0.0
Total financial sector......................................................
36.4
35.0
27.9
29.5
37.5
TOTAL............................................................................
100.0
100.0
100.0
100.0
100.0
Figure 3.8
MONTHLY EQUITIES TRADING IN SPANISH STOCK MARKETS
Jan. 00
May. 00
Sep. 00
Jan. 01
May. 01
Sep. 01
Jan. 02
Regular session
50
May. 02
Sep. 02
SECONDARY MARKETS
Figure 3.9
Million euros
EQUITIES TRADING IN SPANISH STOCK MARKETS BY NON-RESIDENTS

(HALF-YEARLY FIGURES)
Purchases (LH)
Sales (LH)
% Non-residents/Total Trading (RH)
Trading was concentrated in a small number of securities. In the electronic market, ten securities
alone accounted for 80.9% of total trading and 81.4% of regular session trading. In the open outcry
segment, concentration decreased due to the listing of numerous SIMCAV (see Annex A.2.15).
In 2002, trading of Spanish securities in foreign markets continued to decrease: in the New York
Stock Exchange, they fell 39% in dollars (-42% in euros). The share of total trading also fell, from 2.3%
to 1.4%, the lowest in the last few years. The only shares in which trading in foreign markets increased
were Repsol YPF and Endesa.
Figure 3.10
TRADING OF SPANISH SECURITIES ON FOREIGN STOCK MARKETS
AS A % OF TRADING ON SPANISH BOURSES
51
Latin American securities market (Latibex)

In its third year of existence, the number of companies listed in this segment of the electronic
market increased from 17 to 23. The FTSE Latibex All-Share index lost 34.4%. Capitalisation
decreased by 2.1% to 64.688 billion at 2002 year-end. Despite negative share performance, the loss
in capitalisation was stemmed due to the listing of large companies, including Petrleo Brasileiro 21.
Trading continued to be subdued (65.6 million), although it increased by 43.4%.
Nuevo Mercado
In its second full year, the number of securities listed in this market increased by one to thirteen at
2002 year-end 22 due to the entry of Natraceutical. Trading volume amounted to 13.209 billion (46.8%) and accounted for 3.0% of total electronic trading in 2002 (5.3% in 2001). The Nuevo Mercado index lost 47.3%, after falling 22.4% in 2001. Only one of the securities, Puleva Biotech, did not
decline in the year (+1.4%). Of the thirteen companies listed at 2002 year-end, eight fell considerably,
between 35% and 90%.
Second market
In 2002, the second market remained relatively inactive. Twenty-three companies were listed at
2002 year-end (six less than in 2001) and capitalisation totalled 383 million (18% more than in
2001). Trading amounted to 18 million, 28% more than in 2001.
3.2. Fixed-income markets

In 2002, Spains secondary markets in fixed-income securities operated in a context of falling
short-term interest rates and increased uncertainty. Investors preferred fixed-income securities to equities, which led to a decline in yields. Fixed-income trading in the Spanish markets rose to 2.7 trillion
(up 18% on 2001) and the increase was registered in both public debt and corporate fixed-income.
The increase in AIAF trading was particularly notable: up 89% on 2001.
Commercial paper yields decreased in line with official and interbank interest rates (see Figure
3.11) and were below 2001 year-end figures at the end of 2002 (3% for three months) despite an
increase in interest rate spreads between commercial paper and the interbank market. Long-term
public debt yields rose slightly in the first half of the year before falling again in the second half as a
result of delayed economic recovery and the likelihood of war in Iraq (see Figure 3.12). Spanish tenyear sovereign debt continued to reduce its risk premium over German debt practically to zero,
closing 2002 with a yield of 4.2%. Corporate debt performance mirrored that of public debt (see
Figure 3.13) with yields of around 4.9% at 2002 year-end and a slight widening of the spread over
sovereign securities.
21
This company became the sixth-largest in terms of market capitalisation in the electronic market. Petrleo
Brasileiro and Telfonos de Mxico are the only Latibex among the ten largest in terms of capitalisation in the electronic
market.
22
The following securities listed at 2002 year-end: Abengoa, Amper, Amadeus, Tecnocom, Indra, Avanzit, TPI, Terra
Networks, Zeltia, Service Point Solution (former Grupo Picking Pack), Jazztel, Puleva Biotech and Natraceutical.
52
SECONDARY MARKETS
Table 3.6
TRADING IN ORGANISED FIXED-INCOME MARKETS
Nominal trading in millions of euros
2000
2001
2002
Var. (%)
Government debt book-entry market * ..........

Bonds and debentures ..............................
Treasury bills ............................................
1,639,772.0
1,559,952.2
79,819.8
2,041,757.7
1,983,641.5
58,116.2
2,310,943.1
2,270,847.2
40,095.9
13.2
14.5
31.0
Stock exchanges ** ........................................

Electronic market......................................
Open outcry .............................................
40,704.0
1,965.3
38,738.7
57,463.1
2,383.8
55,079.3
71,140.2
2,046.3
69,093.9
23.8
14.2
25.4
AIAF ..............................................................
Commercial paper....................................
Matador bonds .........................................
Mortgage bonds........................................
Bonds and debentures ..............................
100.758.8
47,342.4
1,140.6
2,260.4
50,015.5
143,732.8
100,812.0
2,000.7
2,100.1
38,820.0
272,469.9
212,701.6
3,458.0
4,164.0
52,146.3
89.6
111.0
72.8
98.3
34.3
* Outright spot trades only.

** Effective amount.
Sources: Bank of Spain, AIAF and CNMV.
Among the main developments in the Spanish fixed-income markets in 2002 was the introduction
of an electronic repos market by SENAF to increase the liquidity of Spanish public debt. Also significant was the creation of a second organised trading system in public debt, MTS Espaa, to compete
with SENAF 23.
Figure 3.11
INTEREST RATES ON 3-MONTH COMMERCIAL PAPER, INTERBANK DEPOSITS
AND REPOS IN 2002
3.75
%
Commercial Paper
Interbank Deposit
Repo
3.50
3.25
3.00
2.75
2.50
Jan.
24
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sept.
Oct.
Nov.
Dec.
In the first year, the volumne traded by MTS Espaa amounted to 106 billion, compared to 443 billion at SENAF.
53
Figure 3.12
10-YEAR BOND YIELD AND SPREAD AGAINST GERMAN BUND
5.6
b.p.
5
%
Spain/Germany spread (RH)
4.2
5
10Y IRR (LH)
4.8
15
4.4
4.0
Jan.-02
25
Apr.-02
Jun.-02
Sept.-02
Dec.-02
Figure 3.13
LONG-TERM FIXED-INCOME YIELDS IN 2002
(Corporate vs. public)
6
6
5
5
4
Jan.
Feb.
Mar.
Apr.
May
Jun.
AIAF
Jul.
Aug.
Sept.
Oct.
Nov.
Dec.
Public debt
Public debt book-entry market

Outright spot trades in the public debt market rose 13.2% on 2001; in nominal terms the amount
was 2.3 trillion 24. The increase in trading was concentrated in bonds and debentures, which
accounted for around 98% of total outright spot trades (a 14% increase), whereas trading in Treasury
24
54
Repos attained a nominal amount of 10 trillion, a 16% increase on 2001.
SECONDARY MARKETS
bills declined 31%. Bonds and debentures trading was highest in the second half of the year and
monthly trading peaked in October. Trading in Treasury bills remained stable in 2002 but with greater
activity in the third quarter.
Trading for third parties represented 65% of the total debt market, a similar share to 2001. Trading
via SENAF accounted for 46% of total trading between members (down from 50% in 2001) and trading via MTS Espaa accounted for 11% 25.
Figure 3.14
TREASURY BILLS. TRADING AND OUTSTANDING BALANCE IN 2002
(Millions of euros)
38,000
6,000
Trading
(LH)
Outstanding balance
(RH)
36,000
3,000
34,000
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sept.
Oct.
Nov.
Dec.
Figure 3.15
GOVERNMENT BONDS AND DEBENTURES. TRADING AND OUTSTANDING
BALANCE IN 2002 (Millions of euros)
350,000
250,000
Outstanding balance
(RH)
300,000
245,000
250,000
240,000
Tading
(LH)
200,000
235,000
150,000
230,000
100,000
225,000
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sept.
Oct.
Nov.
Dec.
25
Combined trading in MTS Espaa and Euro MTS accounted for 22% of total trading in 2002, an increase on the 16%
traded via Euro MTS in 2001.
55
AIAF
In 2002, AIAF continued to grow as a market in corporate fixed-income securities: issuer numbers,
the outstanding balance and trading all increased, although the number of issues fell. At 2002 year-end,
there were 1,990 listed issues, down 1.3% on 2001 and the number of issuers had risen from 225 to
251. The outstanding balance listed increased 23% in 2002 to a nominal amount of 127 billion. Total
trading amounted to 272 billion, a 90% increase on 2001 due mainly to growth in the commercial
paper segment (111%) and asset-backed bonds (41%).
This growth by AIAF is further proof of the positive trend observed in the primary and secondary
markets in corporate fixed-income securities since 1998. Reduced pressure on the market from the
Treasury in fund-raising via public debt issues and low interest rates were particularly significant contributing factors.
Table 3.7
ISSUERS, LISTED ISSUES AND OUTSTANDING BALANCES ON AIAF AT 31 DECEMBER
Issuers
Issues
Outstanding balances
Segments
2001
2001
2002
2001
2002
% chg.
2002
Amount
% of total
Amount % of total
2002/01
Commercial paper ...................

Matador bonds ........................
Mortgage bonds.......................
Bonds and debentures .............
43
31
6
145
49
25
8
169
1,480
143
17
377
1,459
56
22
453
22,071.1
8,179.9
10,628.6
62,224.0
21.4
7.9
10.3
60.4
21,114.5
3,747.0
22,051.7
80,089.9
16.6
33.0
17.4
63.1
4.3
54.2
107.5
28.7
TOTAL .....................................
225
251
2,017
1,990
103,103.6
100.0
127,003.1
100.0
23.2
Figure 3.16
TRADING ON AIAF BY SEGMENT
240,000
Millions of euros
200,000
160,000
120,000
80,000
40,000
0
Commercial
paper
Bonds and
debentures
Mortgage bonds
2001
56
Matador bonds
2002
Total AIAF
SECONDARY MARKETS
Commercial paper 26 was the most dynamic segment of AIAF: trading amounted to 205 billion,
up 120% on 2001 27. This segment also had the largest number of issues and represented 78% of the
total volume traded on AIAF. Mortgage bonds expanded by 39% on 2001 to 23.7 billion and assetbacked bonds increased 45% to 11.3 billion. The volume of preference shares grew 50% to 2.2
billion.
Trading for third-party account continued to increase as a percentage of total trading, from
77.6% to 84.7%. It was predominant in nearly all segments, particularly non-convertible bonds,
mortgage bonds, commercial paper and preference shares (where it accounted for more than 90% of
total trading).
Stock exchanges
As in 2001, the number of issuers, issues and outstanding balances of fixed-income securities
traded on the Spanish stock markets fell in 2002. In absolute terms, the sharpest decline in outstanding
balances was at banks and savings banks (Table 3.8), while the finance companies segment increased
by around 400 million 28. Outstanding balances in the public sector and international agencies segment declined by 4 billion due mainly to a reduction in balances of regional governments and international agencies.
Table 3.8
ISSUERS, LISTED ISSUES AND OUTSTANDING BALANCES
ON THE STOCK EXCHANGE AT 31 DECEMBER
Issuers
Segments
Issues
2001
Chg.
(%)
3,962
160
3,758
55
5.1
65.9
14
91
5
12
1,117
2,684
0
1
877
2,354
397
76
21.5
12.3
5,669.6
274
103
41
91
39
135
43
33
32
27
13,270
6,015
267
6,065
923
8,886
3,134
274
4,805
673
33.0
47.9
2.4
20.8
27.1
413
265
17,232
12,644
26.6
2001
2002
2001
2002
41
3
37
2
139
9
130
8
5
24
3
9
5
22
1
7
15
99
10
16
Public sector and

international agencies ..............
Regional governments ...........
State agencies ........................
International agencies............
Other .....................................
28
2
2
11
12
22
3
2
6
11
TOTAL......................................
69
59
Corporate.................................
Energy and wter.....................
Transports and communications .......................................
Banks & thrifts .......................
Finance companies...................
Other .....................................
2000
Source: Stock exchanges and CNMV.
26
See Table 3.6 and Annexes A.2.25, A.2.26 ands A.2.27

Of the 205 billion traded in commercial paper, 93% was issued by banks.
28
This increase is due to five issues of asset-backed bonds secured by the Generalidad de Catalua on the Barcelona
stock exchange in December 2002.
27
57
Figure 3.17
TRADING IN FIXED-INCOME SECURITIES ON THE STOCK EXCHANGES
100
80,000
75
65,000
50
50,000
Trading (RH)
25
Millions of euros
Regional government debt (%)
% (LH)
35,000
20,000
1995
1996
1997
1998
1999
2000
2001
2002
Stock-exchange trading in fixed-income securities totalled in 69.8 billion, a 25% increase on

2001, and was concentrated mainly 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 and issues by the Andalusian and Canary Island regional
governments totalled 68.7 billion, i.e. 98% of total trading 29.
3.3. Margin trading and securities lending
Margin trading again declined considerably in 2002. The slump in share prices over a good part
of the year meant that margin trading declined 28% to 383 million. Short-selling declined more
moderately (7%) but the total amount (161 million) was substantially lower than purchases.
Table 3.9
MARGIN TRADING
Amounts in thousands of euros
Trading
1994
1995
1996
1997
1998
1999
2000
2001
2002
Purchases
Sales
20,973
31,571
115,665
467,239
810,770
677,184
1,121.315
534,132
382,859
4,920
9,009
15,176
37,299
125,392
167,512
151,422
174,106
161,211
(*) Amounts at year-end.
29
58
Outstanding balances (*)
Purchases
994
3,211
9,318
11,240
23,668
32,606
54,687
43,114
31,452
Sales
33
243
1,122
3,501
3,588
6,013
4,400
8,531
7,758
SECONDARY MARKETS
The reduction in short-selling contrasted with the continued expansion in securities lending. Trading grew 19% to 105 billion, i.e. 26% of total regular session trading in the electronic market. Activity was concentrated in the stock markets four largest sectors 30, although the transport and communications sector almost halved its weighting in total trading (see Annex A.2.38). The average outstanding
balance at month-end rose 7% year-on-year to 14.2 billion.
Figure 3.18
SECURITIES LENDING
30
25
5
4
20
15
2
10
1
0
1993
1994
1995
1996
1997
% of electronic market trading (RH)
1998
1999
2000
2001
2002
% of electronic market capitalisation (LH)
Securities lending: characteristics and regulation

(1)
Securities can be lent in two ways: (i) securities lending to enable margin trading and (ii)
(2)
bilateral or OTC securities lending . In both cases, the borrowed securities are used by third parties (individuals or legal entities) in investment strategies: short selling, hedging for derivatives
transactions, etc. The difference between lending for margin trading and OTC lending depends
on the securities lent, the terms, guarantees and the lenders.
Ibex 35 securities are lent for margin trading. Lenders receive a fixed interest rate and save
deposit and custody commissions. The maximum term is three and a half months.
All securities traded in the electronic market can be used in bilateral or OTC securities lending, including public offerings, provided this is envisaged in the prospectus. In exchange, lenders
receive a commission and collateral as a guarantee. The maximum term of this operation cannot
exceed one year. This type of operation is well-developed in other countries such as the US,
Germany, France and the UK, and has increased significantly in Spain in recent years.
The Law on Measures to Reform the Financial System made it possible for collective investment schemes to carry out lending transactions using securities in their portfolios, both in organised markets and OTC.
(1)
This type of lending is regulated by the Order dated 25 March 1991 on credit systems in stock market spot
transactions, amended by the Order dated 23 September 1998.
(2) The general legal framework regarding securities lending is established in Article 36.7 of the Spanish Securities
Market Law.
30
Banks, energy and water, transport and communication, and oil.
59
3.4. Securities clearing and settlement

Unification of securities registration, settlement and clearing systems in Spain progressed in 2002.
The Law on Measures to Reform the Financial System, passed in November 2002, established the
basic legal framework to create a single central depositary for Spanish securities (see box).
One of the most significant developments was the completion of the process for trades in securities listed in AIAF to be settled using CADE (the Government Debt Book-entry System), according to
the service provision agreement signed in 2001 between the SCLV and the Bank of Spain. As a result,
from that date, fixed-income securities traded in AIAF are processed in similar conditions to securities
issued by the Treasury and the regional governments. Trades in these securities can be settled on a single trade basis (gross settlement) in real time.
Securities clearing and settlement: amendments introduced by the Law on Measures to Reform
the Financial System
The Law on Measures to Reform the Financial System introduced a new flexible, open legal
regime for securities clearing and settlement systems in Spain.
The Law established the creation of the Sociedad de Gestin de los Sistemas de Registro,
Compensacin y Liquidacin de Valores (Sociedad de Sistemas) through the merger of the SCLV
(the Spanish Securities Clearance and Settlement Service) and CADE (the Government Debt
Book-entry System), managed by the Bank of Spain. This process commenced in June 2000 with
the creation of the Promotora para la Sociedad de Gestin de los Sistemas Espaoles de Liquidacin, S.A. (Iberclear). On 1 April 2003, Iberclear was formally constituted as the main securities depositary in Spain.
The Law envisages that Sociedad de Sistemas will be compatible with other regional systems for
the settlement of securities listed in a single stock exchange. Following authorisations received up to
1 April 2003, Iberclear is now responsible for the registration, clearing and settlement of trades in the
following Spanish markets: the stock market, the public debt book-entry market, AIAF and Latibex.
Other institutions which carry out analogous activities in Spain and abroad may hold stakes
in Iberclear. In the latter case, non-resident clearing and settlement systems must be subject to a
supervisory regime at least equivalent to that of Iberclear in their country of origin.
Moreover, the Law also enables the creation of central counterparties in order to improve market efficiency. Central counterparties ensure trades are properly terminated by acting as an intermediary between the contracting parties and taking on the obligations to deliver cash and securities.
The actions of the SCLV aimed at providing a more efficient service were not limited to consolidating the integration with CADE. In November 2002, the stock market settlement system was amended to allow the execution of more than one cycle per day, up to a maximum of three multilateral
cycles and one bilateral cycle. This will enable the firm reuse of securities in different settlement systems throughout the day, which will strengthen the intraday finality of cross-border settlement transactions.
Settlement of stock market transactions registered a slight increase in 2002, in line with the moderate increase in stock market activity. The average daily settled cash rose 2% to 3,809 million and
this was accompanied by a 4% increase in the average effective amount per trade to 50,100.
The securities custody activity rose 15% in terms of the number of securities and issues registered,
although the capitalisation of registered assets at 31 December 2002 fell 9.6% as a result of the slump
in share prices. The securities administration service (payment of interest and dividends, amortisations,
subscriptions and capital increases) also increased significantly (up 43% on 2001) taking the number
60
4. DERIVATIVES MARKETS
4.1. International situation
Trading in the derivatives markets continued growing in 2002 due to higher volatility in the international financial markets, especially stock markets. The Bank for International Settlements (BIS)
reported a 35% increase in the number of contracts traded in organised derivatives markets during the
year, to over six billion contracts (see Table 4.1). BIS data shows that, in terms of notional value, trading grew by 17% to $694 trillion (excluding contracts on individual stocks and commodities). The figures available for over-the-counter (OTC) trading show that it grew significantly: the notional value of
open interest at year-end amounted to $141.7 trillion, 28% more than in 2001.
Table 4.1
INTERNATIONAL DERIVATIVES MARKETS.
TOTAL TRADING BY INSTRUMENT
Millions of contracts
2001
2002
Change (%)
Futures ....................................................................
Interest rates .......................................................
Securities indexes ................................................
Currencies ..........................................................
Commodities .......................................................
Options ...................................................................
Interest rates ........................................................
Securities indexes ................................................
Individual stocks..................................................
Currencies ...........................................................
Commodities .......................................................
1,822.0
1,057.5
337.1
49.0
378.4
2,659.5
199.6
1,148.2
1,262.1
10.5
39.1
2,154.8
1,147.3
529.9
42.5
435.1
3,899.6
240.3
2,235.3
1,359.7
16.1
48.2
18.3
8.5
57.2
13.3
15.0
46.6
20.4
94.7
7.7
53.3
23.3
Total ........................................................................
4,481.5
6,054.4
35.1
Source: BIS.
Trend in derivatives trading, by underlying

The increase in trading in organised derivatives markets was more intense in the equities segment.
The number of contracts traded of these products rose by 50% year-on-year. The increase was especially significant in contracts on stock market indexes, particularly option contracts, which grew
fastest: the number of contracts rose by 95% and the notional value by 44% (see Annex A.3.1).
The substantial increase in stock option contracts was due mainly to strong growth by a single
product: the option on Koreas KOSPI 200 index. Two other features also boosted securities index
derivatives: (i) the development of contracts on European stock market indexes; and (ii) the success of
contracts aimed at small investors in the US markets. Both factors substantially increased trading in DJ
61
EuroStoxx 50 futures traded in the Eurex market and in E-Mini S&P 500 and E-Mini Nasdaq 100 futures
traded in the Chicago Mercantile Exchange (CME) (see Table 4.2 and Annex A.3.2).
Trading in interest rate derivatives grew more moderately: 10% in the number of contracts and 15%
in notional value. This segment continued to be by far the largest in organised derivatives markets: in
notional value, trading exceeded $625 trillion, compared with $64 trillion in equities derivatives
(excluding options on individual stocks). Futures on German debt (Bund, Bbl and Schatz) maintained
their leading position in contracts on long-term interest rates. The main contracts on short-term interest
rates were Eurodollar futures and options traded in the CME and Euribor futures traded in Euronext.Liffe1
(see Table 4.2).
Trading in currency derivatives in organised markets continued to be minimal since it is mostly
performed OTC. Trading in commodities derivatives increased moderately: the number of contracts
rose by 16% in 2002 to 48.2 million.
Table 4.2
TRADING IN CERTAIN MAIN PRODUCTS (1)
Thousands of contracts
Underlying
No. of contracts traded
Product
Market (2)
Securities
indexes
KOSPI 200 (o) .................

E-Mini S&P 500 (f)...........
DJ EuroStoxx 50 (f) ..........
KSE
CME
Eurex
823,290
39,435
37,829
1,889,882
115,742
86,355
129.6
193.5
128.3
Short-term
interest rates
Eurodollar (f) ...................

Euribor (f) ........................
Eurodollar (o) ..................
CME
Euronext.Liffe
CME
184,015
91,083
88,175
202,081
105,757
105,581
9.8
16.1
19.7
Long-term
interest rates
Euro-Bund (f) ...................

Euro-Bbl (f) ....................
Euro-Schatz (f) .................
Eurex
Eurex
Eurex
178,011
99,578
92,638
191,263
114,679
108,761
7.4
15.2
17.4
2001
2002
Change (%)
(1) Trading refers to the number of contracts. Differences in the value of the underlying instruments prevent direct comparisons between markets, but inter-year comparisons are meaningful.
(2) KSE: Korea Stock Exchange; CME: Chicago Mercantile Exchange; Eurex: Deutsche Terminbrse (DTB) and Swiss Options & Financials Futures Exchange (SOFFEX);
Euronext.Liffe: Liffe (London International Financial Futures Exchange) after integrating into Euronext.
Source: Futures Industry Association and Futures and OTC World.
Trading by market
Derivatives trading grew in most of the main international markets. The largest increase was in
Koreas KSE: 126% year-on-year in the number of contracts due to substantial growth in contracts on
stock indexes (see Table 4.3 and Annex A.3.3).
Europes two largest derivatives markets consolidated their competitive position vis--vis the rest
of the world. The German-Swiss Eurex market strengthened its leading position in derivatives contracts
on long-term interest rates, representing 97% of total trading in Europes principal derivatives markets.
After acquiring London International Financial Futures Exchange (LIFFE), Euronext concentrated practically all of Europes derivatives trading in short-term interest rates. Consequently, the bulk of derivatives trading in Europe are in those two markets: Eurex (50%) and Euronext (43%).
62
Euronext.Liffe: former Liffe (London International Financial Futures Exchange) after the acquisition by Euronext.
DERIVATIVES MARKETS
The most notable exception in international derivatives markets was again the Chicago Board
Options Exchange (CBOE), where trading fell again in 2002 due to the negative impact of competition from the electronic market International Stock Exchange in trading of contracts on individual
stocks.
Table 4.3
TOTAL TRADING (1)
Thousands of contracts
2001
Market
Country
KSE ...................
Korea
Eurex ................
Germany/Switz.
Euronext ........... France, Netherl., UK
CME .................
US
CBOT ...............
US
CBOE ...............
US
OM...................
MEFF ................
IDEM/MIF .........
Sweden
Spain
Italy
2002
Change (%)
No.
% of total
No.
% of total
854,792
674,158
610,129
411,673
261,361
324,190
22.7
17.9
16.2
11.0
7.0
8.6
1,932,692
801,200
689,158
556,615
341,979
271,304
37.1
15.4
13.2
10.7
6.6
5.2
126.1
18.8
13.0
35.2
30.8
16.3
66,583
30,937
17,081
1.8
0.8
0.5
65,779
27,918
18,045
1.3
0.5
0.3
1.2
9.8
5.6
(1) Trading refers to the number of contracts. Differences in the value of the underlying instruments prevent direct comparisons between markets, but inter-year comparisons are meaningful.
(2) KSE: Korea Stock Exchange; Eurex: Deutsche Terminbrse (DTB) and Swiss Options & Financial Futures Exchange (SOFFEX); Euronext: after the merger, the derivatives market comprises the former markets of France (MATIF and MONEP), The Netherlands (AEX) and Liffe (London International Financial Futures Exchange);
CME: Chicago Mercantile Exchange; CBOT: Chicago Board of Trade; CBOE: Chicago Board Options Exchange; OM: Stockholm Options Market; MEFF: Mercado
Espaol de Opciones y Futuros Financieros; IDEM: Italian Derivatives Market; and MIF: Italian Futures Market.
Source: Eurex and CNMV.
4.2. Spains derivatives markets

Trading in Spains derivatives markets declined moderately in 2002 after several years of fast
expansion, mainly in the equities segment.
A reduction in trading in Mercado Espaol de Opciones y Futuros Financieros (MEFF) was due
to lower trading in options on individual stocks (which was not offset by higher trading in futures)
and to the growing migration from derivatives on domestic stock indexes to contracts on European
stock indexes, mainly DJ EuroStoxx 50. This explains the increase in trading in derivatives listed in
other markets through securities company MEFF Euroservices S.V. (EuroMEFF). The reduction in
trading volume affected not only MEFF options on shares but also warrants traded in the Madrid
Stock Exchange.
Regarding fixed-income contracts, the loss of liquidity in MEFF derivatives on domestic interest
rates due to the introduction of the euro intensified in 2002, so trading by Spanish members was almost
entirely in products listed in the German-Swiss Eurex market.
As regards commodities derivatives markets, the olive oil futures market project made considerable progress and is expected to become operational in 2003. The main features of this market are set
out in the next box. The FC&M citrus derivatives market continued to be dormant in 2002.
63
Table 4.4
TRADING ON SPAINS DERIVATIVES MARKETS
No. of contracts, unless otherwise stated
2001
2002
Change (%)
MEFF RF...........................................................
Debt futures .................................................
Debt options ................................................
Mibor futures and options ............................
Euribor futures..............................................
MEFF RV ..........................................................
Ibex-35 futures (1) ........................................
Ibex-35 options ............................................
Stock futures.................................................
Stock options................................................
S&P contracts (2) ..........................................
Total MEFF .......................................................
284,642
284,642
30,652,400
4,206,094
537,127
7,389,886
18,505,350
13,943
30,937,042
51,060
51,060
27,866,867
3,515,016
441,745
9,630,899
14,278,332
875
27,917,927
82.1
82.1
9.1
16.4
17.8
30.3
22.8
93.7
9.8
Total EuroMEFF ................................................

European debt futures (3)..............................
European indexes contracts (4) .....................
Other (5) ......................................................
3,238,900
2,618,855
617,278
2,767
4,198,891
2,583,383
1,604,330
11,148
29.6
1.4
159.9
281.2
Madrid Stock Exchange ...................................

Warrants (6)..................................................
1,635,964
1,635,964
1,232,351
1,232,351
24.7
24,7
FC&M ..............................................................
(1) Includes MINI Ibex 35 futures.

(2) Futures and options on S&P Europe 350 and sector indexes (Financial, Technology and Telecommunications).
(3) Includes futures on German debt (Bund, Bbl, Schatz) traded on Eurex and futures on the 10-year notional bond traded on Matif (Euronext France).
(4) Includes futures on the CAC 40, DJ Eurostoxx 50 and DJ Stoxx 50 indexes traded on Euronext Paris, futures on the DAX 30, DJ Eurostoxx 50 and DJ Stoxx 50
indexes traded on Eurex, and futures and options on the PSI 20 index traded on Euronext Lisbon.
(5) Includes futures on Euribor traded on Matif (Euronext France) and futures and options on individual stocks traded on BVLP (Euronext Portugal).
(6) Premiums traded, in thousands of euros.
The olive oil futures market

The olive oil futures market (MFAO) is Spains second commodities derivatives market. Such
markets are aimed mainly at ensuring the future price of a particular product, rather than buying
or selling commodities upon the contracts expiry.
MFAOs organisation and operation have some special features. The general conditions of
the contracts enable small investors and hedgers to participate, and they ensure correct price formation. Contracts are for one tonne (see next table), allowing them to be used for hedging needs.
The underlying asset chosen was the minimum quality lampante virgin olive oil for two reasons:
(i) this variety has qualities that favour futures trading (it is the sectors standard and price reference); and (ii) its price is highly correlated to the other qualities of olive oil. Consequently, market participants can design hedge strategies for any given quality segment based on the price correlation between that segment and the variety to which the future contract refers.
TECHNICAL SPECIFICATIONS OF THE OLIVE OIL FUTURE CONTRACT
64
Underlying asset
Lampante virgin olive oil
Nominal amount
1 tonne
Price
Euros/tonne
Maturity
Odd months in the year
Profit & loss settlements
Daily, by differences with previous settlement price
Settlement upon maturity
Physical delivery
DERIVATIVES MARKETS
A major factor for efficient price formation is the existence of reliable prices in the underlying market. The POOL system (promoted by Fundacin para la Promocin y Desarrollo del Olivar
y el Aceite de Oliva) offers daily prices of spot transactions of the underlying product made by
firms that represent a significant part of Spains total production.
The main distinguishing feature of this market is the possibility for non-financial firms that
are related to this sector (producers, merchants, intermediaries, distributors) to become market
members provided that they meet certain specialisation, professionalism and solvency requirements. Such industrial members must meet the following main requirements:
accredit that they have effectively been performing the aforementioned activities for at
least two years,
have at least 300,000 in equity,
maintain an equity volume proportional to their activity and risks,
audit their annual accounts and immediately notify the CNMV and the markets governing council of any circumstance that may significantly affect their solvency.
All industrial and financial members can access the market through the Internet.
4.2.1. MEFF
Strategic actions
One of MEFFs main objectives in 2002 was to boost the stock futures and options segment. In
futures, it reduced registration fees for large transactions in view of their favourable performance since
introduction in 2001 (see Table 4.3) and the observed growth potential of this segment 2. Costs were
reduced where transactions met the following two conditions: (i) the nominal amount was at least 50
million and the deal involved over 25,000 contracts; and (ii) trading was bilateral between two
accounts opened in MEFF RV.
The offering of options and futures contracts was expanded in order to cover most of the Ibex-35
capitalisation 3. To facilitate settlements, the possibility of making settlements by differences was introduced, in addition to the delivery of shares upon maturity, at the counterpartys choice.
MEFF also plans to become a central clearing and settlement counterparty in fixed-income transactions. A central counterparty absorbs counterparty risk and ensure successful completion of transactions. This service would initially be provided for public debt repos traded in the SENAF 4 blind platform and subsequently for all fixed-income transactions.
Trading on MEFF and EuroMEFF

Trading on MEFF declined 9.8% in 2002, after increasing 56.5% in 2000 and 40.6% in 2001.
Trading totalled 27.9 million contracts. This reduction in MEFF trading was due mainly to lower trading
2 MEFF estimated that the volume of stock futures trading OTC was at least similar to that traded in MEFF due to the
registration costs.
3 Inditex and Telefnica Mviles futures and options and Iberdrola and Terra futures began trading in May 2002. With
this expansion, 20 options and 9 futures on Ibex-35 securities can now be traded. Option contracts represent 90% of the Ibex35 capitalisation and futures contracts 75%.
4 An electronic trading platform of Spanish public debt.
65
in its core segment (equities derivatives) in recent years. Unlike previous years, stock option trading
decreased significantly in 2002 (-22.8%), and this was partially offset by the stock futures introduced
in 2001 (trading increased by 30.3%). Futures on individual stocks became MEFFs largest trading segment. Trading continued to be concentrated in the blue chips (Telefnica, SCH and BBVA), although
to a lesser extent than in 2001 due to the sharp increase in trading in options on energy companies 5.
Table 4.5
TRADING ON MEFF RENTA VARIABLE
No. of contracts
Ibex 35
Year
1992..................
1993..................
1994..................
1995..................
1996..................
1997..................
1998..................
1999..................
2000..................
2001..................
2002..................
European indexes
Futures (1)
Options
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
4,206,094
3,515,016
132,951
193,868
429,263
455,868
466,638
743,938
877,856
789,707
723,794
537,127
441,745
Shares
Interconnections (2) S&P contracts (3)
17,216
179,630
617,278
1,604,330
13,943
875
Futures
Options (4)
7,389,886
9,630,899
131,800
222,411
766,652
854,796
1,345,679
2,349,940
7,020,152
15,291,877
18,505,350
14,278,332
(1) Includes MINI Ibex 35 futures: 1,883 contracts traded in 2001 and 64,031 in 2002.
(2) Includes contracts traded on other markets via EuroMEFF: futures on the CAC 40, DJ Eurostoxx 50 and DJ Stoxx 50 indexes traded on Monep (Euronext France),
futures on the DAX 30 and DJ Eurostoxx 50 indexes traded on Eurex, and futures and options on the PSI 20 index traded on BVLP (Euronext Portugal).
(3) Includes futures and options on Standard & Poors European indexes (S&P Europe 350 and sectorial indexes).
(4) Figures for stock options are not strictly comparable due to changes in the par value of some underlying shares.
Table 4.6
OPEN INTEREST IN MEFF RENTA VARIABLE
No. of contracts
Ibex 35
Year
1992..................
1993..................
1994..................
1995..................
1996..................
1997..................
1998..................
1999..................
2000..................
2001..................
2002..................
European indexes
Futures (1)
Options
3,383
16,979
13,847
27,511
27,038
42,384
49,770
61,680
55,657
58,218
43,773
2,512
5,833
8,941
13,388
28,613
17,684
16,398
71,846
45,305
57,541
46,270
Shares
1,507
8,699
10,243
13,398
197
0
Futures
Options (4)
1,184,977
1,290,911
3,955
17,033
22,704
45,435
26,175
267,857
1,694,733
3,340,690
2,748,068
2,209,022
(1) Includes MINI Ibex 35 future.: Open interest: 103 contracts at 2001 year-end and 319 at 2002 year-end.
(2) Open interest relates to Spanish members. Includes contracts traded on other markets via EuroMEFF: futures on the CAC 40, DJ Eurostoxx 50 and DJ Stoxx 50
indexes traded on Monep (Euronext France), futures on the DAX 30 and DJ Eurostoxx 50 indexes traded on Eurex, and futures and options on the PSI 20 index traded on BVLP (Euronext Portugal).
(3) Includes futures and options on Standard & Poors European indexes (S&P Europe 350 and sectorial indexes).
(4) Figures for stock options are not strictly comparable due to changes in the par value of some underlying shares.
5 Trading in Telefnica, SCH and BBVA stock options represented 68% of the total in 2002 (86% in 2001). Trading in
stock options on Gas Natural increased by 504%, on Repsol by 205% and on Unin Fenosa by 129%.
66
DERIVATIVES MARKETS
The trend observed in index derivatives in 2001 was accentuated in 2002. Since investment
strategies continued to shift considerably from Spains stock indexes to international indexes, contracts
on indexes of other European markets traded through EuroMEFF gained in importance with respect to
futures and options on Spains Ibex-35 index.
There was a 160% increase in trading in equities derivatives via EuroMEFF, especially in Eurex
contracts, in particular, DJ EuroStoxx 50 futures, which represented the bulk of trading (see Table 4.7).
Conversely, MEFFs futures and options on Ibex-35 decreased by 17% (in terms of the number of contracts) and effective trading volume declined by 35%, more than the spot market. Consequently, effective trading in Ibex-35 contracts as a proportion of electronic market trading fell to 75%, considerably
below the 250% reached in 1999 (see Figure 4.1).
Table 4.7
TRADING IN EQUITIES DERIVATIVES VIA EuroMEFF
No. of contracts
Volume
Market
Underlying
Eurex
DAX 30 (f)
DJ EuroStoxx 50 (f)
DJ Stoxx 50 (f)
Open interest (1)
2001
2002
2001
2002
89,290
246,251
548
142,701
1,278,662
1,674
42
5,363
32
91
10,986
320
336,089
1,423,036
5,437
11,397
217,178
47,536
93
151,318
5,788
0
93
718
0
186
15
0
264,807
157,105
810
201
16,383
1,291
24,189
8,227
3,996
0
1,801
4,694
Total
17,674
32,416
3,996
6,495
TOTAL
618,570
1,612,557
10,243
18,092
Total
CAC 40 (f)
DJ EuroStoxx 50 (f)
DJ Stoxx 50 (f)
Euronext Paris
Total
PSI 20 (f & o)
Shares (f & o)
Euronext Lisbon
(1) (1) At end of period. (f) Futures. (o) Options.
Figure 4.1
TRADING IN IBEX-35 FUTURES AND OPTIONS AS A PERCENTAGE OF TRADING
ON THE ELECTRONIC MARKET
200
150
100
50
0
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
67
Most of the interest rate derivatives traded by Spanish members were Eurex products traded via
EuroMEFF. Trading in derivatives on German debt (Bund, Bbl and Schatz) was stable at about 2.6 million contracts (see Table 4.9). Trading in the only product listed on MEFF RF since 2000 (10-year bond
futures) decreased by 82%, so its relative importance within MEFF trading is minimal. Open interest
stood at 200 contracts at 2002 year-end (see Tables 4.4 and 4.8).
Table 4.8
TRADING ON MEFF RENTA FIJA.
FUTURES: TRADING VOLUME AND MARKET SIZE (1)
Volume
Open interest (2)
Year
5-year
bond
5-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 ......................
2001 ......................
2002 ......................
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
284,642
51,060
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
3,223
200
96
0
0
0
0
(1) Data adjusted to the contracts new nominal value.

(2) At end of period.
(3) Futures on a basket of bonds from Germany, France, Italy and Spain.
Table 4.9
FIXED-INCOME DERIVATIVES VIA EuroMEFF
Number of contracts
Volume
Market
Underlying
Eurex
Bund (f)
Bbl (f)
Schatz (f)
Total
Euronext Paris
Euribor (f)
Notionnel (f)
Total
TOTAL
2001
Open interest (1)

2002
2001
2002
1,809,554
418,633
380,992
1,776,321
246,158
560,905
4,358
1,807
4,994
4,551
3,322
5,511
2,609,179
2,583,383
11,159
13,383
1,476
9,676
2,921
0
27
0
0
0
11,152
2,921
27
2,620,331
2,586,304
11,186
13,383
(1) At end of period. . (f) Futures.
4.2.2. The warrants market

Growth in the warrants market was halted in 2002, after two years of rapid expansion in the equities segment. Total premiums traded on the Madrid Stock Exchange decreased by 25% to 1.232 billion. The number of issues listed continued to increase due to a steady rise in primary market issues
(see Annex A.1.13) and because their maturity tends to be over one year.
68
DERIVATIVES MARKETS
The decrease in traded premiums did not substantially alter the trading structure of this market,
which created a new module specifically for warrants in November 2002 (see next box). Trading continued to be concentrated in warrants on Spanish stocks, particularly the three largest in the Ibex-35
index (Telefnica, BBVA and SCH), and in warrants on the Ibex-35. Trading in warrants on international
stock indexes remained very low (see Annex A.3.20); there was no shift towards derivatives on
European indexes, unlike the trend observed in MEFF RV. Warrants on fixed-income and currencies
continued to represent a small proportion of the market.
Table 4.10
TRADING IN WARRANTS ON THE MADRID STOCK EXCHANGE (*)
TOTAL
1995
1996
1997
1998
1999
2000
2001
2002
Equities
Volume
No.
1,078
16,529
150,774
267,619
205,383
898,414
1,635,964
1,232,351
4
11
67
99
197
482
1,092
1,885
Fixed-income and currencies
Total
Shares
Total
Volume
No.
Volume
No.
Volume
No.
1,078
10,940
150,734
267,601
201,951
886,188
1,622,860
1,223,498
4
5
65
98
188
447
1,035
1,843
0
0
72,388
130,273
154,871
723,888
1,207,676
817,222
0
0
51
60
119
329
802
1,483
0
5,589
40
18
3,431
12,012
12,609
8,853
0
6
2
1
9
28
45
42
(*) Volume means premiums traded; the no. refers to the number of issues in which trades were registered in each period.
The new warrants trading segment

In November 2002, Spains electronic market (SIBE) implemented a new module for warrants trading 1 in order to provide greater flexibility, liquidity and transparency to this market,
which has grown rapidly in recent years. Until then, warrants were traded in a special module
of the Madrid Stock Exchanges fixed-income electronic system which required telephone communication between the intermediary and the issuer in order to ascertain the security price. The
new system provides price and volume information publicly in real time, and the intermediary
enters the order in the market directly.
Although this new market segment is integrated into SIBE, the specific features of warrants
made it necessary to adapt the market model and trading regulations. The main features are as
follows:
Blind market: the identity of the members who introduce the orders and of those who participate in the trade is unknown.
Order-driven electronic market: orders are executed based on the double priority of the best
price and introduction time.
Securities liquidity is guaranteed due to the existence of market makers (one per security or
issue) who quote buying and selling prices throughout the session; prices vary continually in real
time depending on how the underlying asset performs.
Volatility auctions: although there are no opening or closing auctions (since prices are determined by the underlying assets price), it is possible to control price changes in a flexible and
69
orderly way through volatility auctions. These occur when the price change exceeds one of the
two established ranges: depending on the price change, it is calculated based on the closing
price of the latest session (static range) or on the latest trade price (dynamic range).
Information dissemination: the system provides detailed characteristics of the products, as well
as prices and volumes of buying and selling positions (market depth), and previous transactions.
(1) Certificates and similar products are also traded on this new segment of the market.
70
5. COLLECTIVE INVESTMENT SCHEMES AND VENTURE CAPITAL FIRMS

5.1. Overview
Europe
In a context of sharp declines in the worlds stock markets, assets managed by European UCITS1
decreased by 7.1% in 2002 to 3.3 trillion. The sizeable decrease in equities funds (nearly 350 billion) amply exceeded the increase in net investments in the more conservative funds (bonds and
money market assets). This shift from equities to fixed-income funds meant that, at 2002 year-end, the
volume managed by bond funds was similar to that managed by equities funds (32% of UCITS total
assets).
Figure 5.1
UCITS ASSETS BY TYPE IN 2002
1,600
Billions of euros
1,400
1,200
1,000
800
600
400
200
0
Equities
Mixed
Bonds
12/31/2001
Money market
Other
12/31/2002
Source: European Federation of Investment Funds and Companies (FEFSI).
France and Luxembourg continued to dominate the sector in Europe, although Luxembourg lost
some market share in 2002 due to the considerable reduction in net assets. The overall trend in the
other major European countries was a decline in both managed investment volumes and market share,
except Ireland, where managed assets again grew significantly, and Spain, which slightly increased its
market share (from 5.0% to 5.2%), despite the decrease in managed assets.
UCITS: Undertakings for Collective Investment in Transferable Securities.
71
Table 5.1
UCITS ASSETS BY COUNTRY IN 2002
Country
Volume
Year-on-year change (%)
Share (%)
France ..........................................
Luxembourg .................................
Italy..............................................
UK ...............................................
Ireland..........................................
Germany ......................................
Spain............................................
Other ...........................................
805,900
766,539
360,693
275,471
238,501
199,455
170,814
486,916
0.7
9.9
10.6
22.9
10.8
16.8
4.0
4.9
24.4
23.2
10.9
8.3
7.2
6.0
5.2
14.7
Source: FEFSI.
Spain
Collective investment schemes assets declined by 3.5% in 2002 to 193.6 billion, compared
with the slight (0.4%) reduction in 2001. Assets decreased by 3.6% to 174.7 billion at mutual funds
and by 2.3% to 18.9 billion at investment companies.
The stock markets decline again shaped mutual fund performance, boosting short-term fixedincome funds and FIAMM, to the detriment of mixed and equities funds. The decrease in funds total
assets was due solely to FIM (11.7% to 121.4 billion), which were impacted by the securities
depreciation and the increase in reimbursements arising from a more conservative investment
approach. FIAMM assets increased by 21.8% to 53.4 billion due to the sharp rise in subscriptions
(see Section 5.2).
Table 5.2
MUTUAL FUND ASSETS BY TYPE IN 2002
Type
Assets
Year-on-year change (%)
% of total assets
Fixed-income ..............................
Mixed fixed-income .....................
Mixed equities..............................
Equities ........................................
Other ...........................................
Total FIM .....................................
Total FIAMM................................
Total funds ...................................
56,408
13,488
11,083
37,832
2,558
121,368
53,366
174,735
2.7
23.9
22.6
20.8
7.1
11.7
21.8
3.6
32.3
7.7
6.3
21.7
1.5
69.5
30.5
100.0
This trend, in line with the rest of Europe, was irregular during the year. In the first quarter of 2002,
funds asset performance was shaped by the sizeable inflow into FIAMM. Subsequently, stock market
performance was the key variable, decreasing fund assets sharply in the next two quarters and moderately increasing them in the fourth quarter of 20022.
72
COLLECTIVE INVESTMENT SCHEMES AND VENTURE CAPITAL FIRMS
Figure 5.2
MUTUAL FUND ASSETS
250
Billions of euros
200
150
100
50
0
Dec.-90 Dec.-91 Dec.-92 Dec.-93 Dec.-94 Dec.-95 Dec.-96 Dec.-97 Dec.-98 Dec.-99 Dec.-00 Dec.-01 Dec.-02
FIM
FIAMM
TOTAL
Mutual funds as a proportion of household savings fell slightly in 2002 from 12.6% to 12.1% since
the steady decrease in the stock markets offset the new fund subscriptions by households, which were
nevertheless far from the record high of 18.4% in 1998 (see section on composition of households
financial assets in Chapter 1), and they continued to lose ground to deposits among the products marketed by credit institutions (see Table 5.3).
Table 5.3
RATIO (1) OF FUND ASSETS (2) TO DEPOSITS (3) AT BANKS AND THRIFTS (%)
Dec. 94 ........................................
Dec. 95 ........................................
Dec. 96 ........................................
Dec. 97 ........................................
Dec. 98 ........................................
Dec. 99 ........................................
Dec. 00 ........................................
Dec. 01 ........................................
Dec. 02 ........................................
Bancos
Cajas
Total
20
20
28
35
41
38
35
32
30
11
11
14
19
21
19
15
13
12
16
15
21
27
32
29
25
23
21
(1) Percentages represent the ratio of fund assets to the sum of fund assets plus deposits.
(2) Managed by operators belonging to the financial groups of banks and thrifts.
(3) Using total liabilities of other resident sectors in banks and thrifts. Those liabilities comprise mainly deposits but also include repos.
Fuente: Bank of Spain Statistical Bulletin and CNMV.
Foreign collective investment schemes marketed in Spain lost market share while property mutual funds continued to grow and offered attractive yields compared to the financial markets.
73
5.2. Securities investment funds and companies

Funds
Assets and portfolio composition
Total fund assets declined in 2002 due to FIM, whose assets decreased by 11.7% on 2001 to
121.4 billion. For the second successive year, the number of investors in FIM funds fell: by nearly
500,000 to 5,363,344 at 2002 year-end. Because of a reduction in managed assets and an increase in
fund mergers by the main operators to rationalise the range of funds, there was a moderate decrease
in the number of securities investment funds, reversing the trend of previous years. Slightly under 2,400
securities investment funds were registered at 2002 year-end.
Of the decline in FIM assets, 56% was due to negative yields and 44% to net reimbursements.
The negative yields were significantly higher than in 2001 because of falling equities prices, despite
the recovery in the fourth quarter of 2002 as a result of better stock market performance in October
and November. Reimbursements were considerably lower than in 2001.
Unlike FIM, FIAMM increased assets by 21.8% to 53.4 billion due mainly to net subscriptions
(particularly high in the first quarter of 2002) and partly to portfolio appreciation (about 12%)3. The
number of investors in FIAMM funds increased by nearly 115,000 to 1,727,074 at 2002 year-end,
despite the reduction in the number of securities investment funds in 2002 (from 178 to 165).
Table 5.4
BREAKDOWN OF CHANGES IN FUND ASSETS
FIM
Change in assets ..................................

Subscriptions/reimbursements (net) ......
Net yields, of wich...............................
Interest .............................................
Change in equities prices.................
Distributed gross profit.........................
FIAMM
2001
2002
2001
2002
15,207.8
9,395.5
5,811.7
4,782.8
7,933.5
0.0
15,989.9
6,961.7
9,028.2
3,994.4
9,731.2
0.0
10,462.2
9,179.2
1,287.0
1,644.8
0.1
3.9
9,544.8
8,356.4
1,192.3
1,867.0
0.0
3.9
The main features of funds investment policies in 2002 were as follows4:

(i)
International assets increased as a proportion of the total, especially at FIM (+3 points to over
53%). At FIAMM, the increase was lower (from 44.5% to 45% of assets).
(ii) FIM greatly reduced their exposure to equities and increased their investment in euro-denominated fixed-income (+16.1%). FIAMM significantly increased their exposure to domestic and
euro-denominated assets. The euro-denominated portfolio increased in volume (4.6 billion).
(iii) Regarding the domestic portfolio, public money-market assets increased significantly at
FIAMM in relative terms, whereas public and corporate fixed-income fell at FIM while mutual funds and repos gained ground.
3
4
74
See Annex A.4.11.

The domestic portfolio continued to decline as a proportion of the funds capitalisation, as did the
outstanding balances of the assets traded in the Spanish market (see Table 5.5). Nevertheless:
(i)
Spanish equities increased as a proportion of the portfolio due to a larger relative fall in market capitalisation, despite the considerable decline in funds domestic share portfolios.
(ii) Public short-term fixed-income rose as a proportion of the domestic portfolio since the investments in Treasury Bills (both outright and repos) by FIAMM increased considerably faster than
the outstanding balance of these instruments (+0.7%).
Table 5.5
FUNDS DOMESTIC PORTFOLIO IN RELATION TO THE OUTSTANDING
BALANCE OF THE SPANISH MARKET
As a %
1998
1999
2000
2001
2002
Listed equities (1) .................................
5.0
3.6
2.8
2.8
3.1
Corporate fixed-income (2) ..................

Short term ........................................
Long term .........................................
34.0
54.8
31.5
25.9
43.2
18.4
16.9
21.4
14.8
14.4
28.6
7.8
10.6
21.2
5.2
Government fixed-income ...................

Short term ........................................
Long term .........................................
53.4
80.1
44.5
38.0
100.1
22.0
27.2
94.4
13.9
22.0
110.5
8.8
20.1
115.2
6.3
(1) Realisation value. The outstanding balance data relate to the capitalisation of Spanish securities in the Electronic Market.
(2) Nominal amounts.
Source: CNMV and Bank of Spain.
Total assets in guaranteed securities funds fell 9.5% in 2002; consequently, their proportion of total
funds decreased slightly, to 21%. These funds' investment policy was similar to that of FIM funds. Their
foreign portfolio increased as a proportion of total assets, by nearly 15 percentage points to over 63%,
due to the substantial increase in euro-denominated fixed-income assets (+24.8%). Investments in government bonds and debentures decreased by over 6 points as a proportion of total assets but gained in
importance within the domestic portfolio, to the detriment of private-sector assets5.
Yields
For the third successive year, mutual fund yields were negative in 2002, except for the most conservative fund types6. Funds with a greater proportion of international equities registered the largest
losses (higher than in 2001) due to sharper declines in foreign markets. The yield on RVE (euro equities funds) was 33% and on RVI7 (international equities funds) it ranged from 25% in RVI Japan and
RVI Emerging Countries to 34% in RVI Europe and RVI USA. Losses were significant but smaller at
mixed equities funds-RVM (16%-18% in 2002).
Funds with a greater proportion of Spanish equities also obtained negative yields, although better
performance by the Spanish market in 2002 (vs. other European markets) meant that losses were slightly lower than in euro and international equities funds.
See Annex A.4.13.

See Annex A.4.2.
7 At 2001 year-end, the CNMV and Inverco reached an agreement to review the mutual fund categories in force since
June 1999. One change was to divide RVI (international equities) into five categories based on the regions of investments:
RVI Europe, RVI USA, RVI Japan, RVI Emerging Countries and RVI Other.
5
6
75
The best results were obtained by funds with the largest proportion of fixed-income, except for international ones (RFI), which were affected by the dollars depreciation against the euro in 2002. In a context of falling interest rates, yields of funds that invest in short-term fixed-income ranged from 2.4% at
FIAMM to 2.7% at RFCP (short-term fixed-income funds). The most profitable funds in 2002 were RFLP
(long-term fixed-income) and GRF (guaranteed fixed-income), with yields of nearly 4.5%.
Figure 5.3
ANNUAL YIELD ON FIAMM
% per year
5
4
3
2
1
0
II-00
III-00
IV-00
I-01
II-01
III-01
IV-01
I-02
II-02
III-02
IV-02
II-02
III-02
IV-02
FIAMM
FIAMM: Money market funds.
FIXED-INCOME FIM
% per year
12
10
8
6
4
2
0
2
II-00
III-00
IV-00
I-01
II-01
RFCP
III-01
IV-01
RFLP
RFCP: Short-term fixed-income. RFLP: Long-term fixed-income. RFI: International fixed-income.
76
I-02
RFI
MIXED FIXED-INCOME FIM
% per year
8
6
4
2
0
2
4
6
8
II-00
III-00
IV-00
I-01
II-01
III-01
IV-01
I-02
RFM
II-02
III-02
IV-02
II-02
III-02
IV-02
RFMI
RFM: Mixed fixed-income. RFMI: International mixed fixed-income.
MIXED EQUITIES FIM
20
16
12
8
4
0
4
8
12
16
20
24
% per year
II-00
III-00
IV-00
I-01
II-01
III-01
RVM
IV-01
I-02
RVMI
RVM: Mixed equities. RVMI: International mixed equities.
77
EQUITIES FIM
% per year
50
40
30
20
10
0
10
20
30
40
50
II-00
III-00
IV-00
I-01
II-01
RVE
III-01
IV-01
RVI
I-02
II-02
III-02
IV-02
RVN
RVE: Euro equities. RVI: International equities8. RVN: Spanish equities.
Commissions and other charges

The commissions charged by fund operators amounted to 2.35 billion in 2002, nearly 9% lower
than in 2001. FIM commissions and charges declined from 2.192 billion in 2001 to over 1.8 billion due to lower managed assets and an increase in low-risk funds (fixed-income), whose commissions are usually lower. Consequently, management fees at FIM, which account for over 90% of
expenses, decreased as a proportion of average assets from 1.41% to 1.29%9.
Conversely, commissions charged by FIAMM grew by over 30% to more than 500 million in
2002. Management fees (capped at 1% of assets) increased slightly, from 0.9% of daily average assets
in 2001 to 0.92% in 2002, reversing the trend of recent years (1.05% in 2000 and 1.16% in 1999)10.
Investment companies
In 2002, SIM and SIMCAV together managed nearly 19 billion (2.3% less than in 2001), slightly increasing their proportion of the total assets managed by collective investment schemes to nearly
10%. These two types of companies continued to perform differently. The number of SIMCAV again
increased considerably (to over 2,600 at 2002 year-end), but the assets they managed was very similar to 2001 (nearly 17 billion). Conversely, the number of SIMCAV decreased and so did the assets
they managed11 (20.7%).
Investment companies assets followed a different pattern to mutual funds. SIMCAV invested
mainly in domestic assets, especially repos, equities and mutual fund shares, and reduced their foreign
portfolio as a proportion of total assets (from 43.5% in 2001 to 39.1% in 2002) due to a sharp reduction in investments in equities, which offset growth in mutual fund shares and in euro-denominated
Yield calculated as the asset-weighted average yield on the five international equities fund categories.
See Annex A.4.6.
10 See Annex A.4.11.
11 See Annex A.4.1.
8
9
78
fixed-income securities12. The SIM domestic portfolio also increased as a proportion of total assets
(from 68.5% in 2001 to 76.4% in 2002) due to a significant rise in repos13.
5.3. Foreign collective investment schemes marketed in Spain

The total volume of funds managed by foreign CIS marketed in Spain fell 13.2% in 2002 to 6.5
billion, i.e. 3.4% of Spanish CIS assets (3.8% in 2001). This reduction was due to a reduction in assets
at investment companies (15.2%) since assets managed by funds increased slightly (+1.4%).
Like Spanish CIS, the total number of foreign CIS increased because the number of investment
companies (15) and funds (12) continued to grow. The largest increase in foreign UCITS marketed in
Spain was in those registered in Luxembourg, Ireland and France. The first Dutch UCITS was registered14.
5.4. Property investment funds and companies

Contrasting with the decrease in securities investment funds assets, the assets managed by property investment funds (FII) again grew significantly in 2002, rising 38.9% to over 2.0 trillion, and
investor numbers increased by 33.7% to over 70,000.
The number of property funds15 remained the same at 2002 year-end (5): two are in the process
of de-registering, one as a result of a merger16. Based on data at 2002 year-end, the fund resulting from
the merger headed the sector since it managed 75% of property fund assets and accounted for 85% of
investors.
The property boom continued to favour the expansion of property investment funds, which
attained yields of nearly 8%, significantly higher than those obtained on securities investment funds.
The composition of property fund assets remained similar. Property decreased slightly as a proportion
of total investments, from 77.5% to 73.9%, whereas the securities portfolio was practically unchanged.
Rental investments accounted for 48.7% of total assets, compared with 57.4% in 200117.
At 2002 year-end, Promociones Lladero, S.A. created the second property investment company
(SII), with share capital of 9,015,200. It is not listed, its sole corporate purpose is to invest in urban
property for rent, and it undertakes to allocate at least 50% of assets to student homes and residences
as well as retirement homes18.
The new tax system for collective investment schemes

One of the main novelties of the new tax system for CIS envisaged in the recent amendment
to the Personal Income Tax Law (*) is the possibility of deferring taxes on the reimbursement or
transfer of investments in CIS when the proceeds are invested in other CIS.
See Annex A.4.17.

See Annex A.4.15.
15 In the first quarter of 2003, two new property funds were registered: Agrupaci Fondo Inmobiliario, FII and Madrid
Patrimonio Inmobiliario, FII.
16 The Santander Central Hispano Inmobiliario 1 fund is absorbing the Santander Central Hispano Inmobiliario 2 fund.
The new fund will be called Santander Central Hispano Banif Inmobiliario.
17 See Annexes A.4.20 and A.4.21.
18 Three new property investment companies are being in the process of registration.
12
13
79
The new tax regulation states that, in general, taxpayers are entitled to the tax deferral if they
do not have the proceeds of the reimbursement or transfer of shares or holdings at their disposal
in any way. In the case of CIS with a corporate structure, both Spanish and foreign ones marketed in Spain, there are two additional requirements: that the number of shareholders of the company whose shares are transferred be higher than 500 and that the taxpayer has not held over 5%
of capital of the CIS in the twelve months prior to the transfer.
The law also amends the CIS Law, which regulates the system of transfers among CIS. The
regulation establishes the following main characteristics:
1. Investors must make two orders: a sell order to the original fund operator and a buy order to
the new fund operator.
2. The periods for executing transfers are minimised so as to avoid unnecessary delays.
3. There are no specific transfer commissions.
At the end of February 2003, investment fund operators reached an agreement, arbitrated by
the sectors association (Inverco) and ratified by the CNMV, to supply and expedite the process
required in order to qualify for the new tax system. According to this agreement, all investors have
to do is notify the operator of the new funds in which they wish to subscribe. The new operator
handles all the procedures, assumes all the responsibilities and notifies the former operator,
through the Bank of Spains Electronic National Clearing System, of the transfer applications it is
processing. The new protocol has not changed the deadlines for the processes: two business days
for the outgoing operator to make the transfer and an additional business day if it rejects the transaction.
Finally, it is noteworthy that, as the tax system for CIS with a corporate structure depends on
certain variables (number of shareholders and percentage of ownership), knowledge of those variables is very important for investors, marketers and the tax authorities themselves. That information is now sent to the CNMV and has been added to the official registers since mid-January. The
public can access this information via the CNMVs web site in other communications within
the section on significant events.
The new tax system for collective investment products is not only an improvement for
investors, as taxpayers, but it may increase competition among management companies in the
sector since it eliminates all remaining tax penalties on switching between CIS.
(*) Law 46/2002, dated 18 December, on the partial amendment to Personal Income Tax which also amends the
Corporate Income Tax Law and the Non-Resident Income Tax Law.
5.5. Venture capital firms

The venture capital business in Spain decreased significantly in 2002, somewhat behind the trend
that commenced in 2001 in other European countries and the US. According to the sectors estimates19, funds raised by these firms declined by nearly 20% to 860 million and investments fell by
nearly 22% to slightly over 968 million. Nevertheless, the number of venture capital firms continued
to increase, to 93 at 2002 year-end (8 new companies and 3 new funds).
Fund contributions by financial institutions and individuals declined significantly in 2002. Even
so, financial institutions continued to be the sectors main funding source (41% of the 2002 total).
19
80
Asociacin Espaola de Capital Inversin (ASCRI).
Individuals lost their second position to public-sector investors, which contributed 14.4% of funds in
2001. Pension funds also increased their contribution significantly, to 13.3% of the total.
For the second consecutive year, venture capital firms invested more funds than they raised,
despite the sharp decrease in both variables in 2002. Accordingly, the amount of unallocated funds fell
again. These firms also changed their investment orientation:
(i) Investments in expanding companies decreased slightly in importance but continued to be the
largest segment (over 61% of total investments). Replacement-phase investment practically
disappeared. Investments in leveraged buy-outs20 increased significantly.
(ii) Investments continued to be concentrated in consumer products (nearly 25%). Investments in
health and medical care and in construction lost ground to chemicals, leisure and hospitality.
Investments in IT also decreased in importance21.
Table 5.6 shows the main features of the venture capital firms created under the Venture Capital Law22
and registered at the CNMV. At 2002 year-end, there were 70 firms under the voluntary system designed
by the Law, 13 more than in 2001. Their features have not changed significantly. They are generally closedend, promoted mainly by banks and individuals, focus on the new technology sector, and cover all the
phases of company development and a broad geographical area.
The venture capital companies and funds promoted under the Venture Capital Law performed differently in terms of both size and composition of aggregate assets. In 2002, funds assets grew by 2.5%
to 686.5 million and current assets increased by 18.3%, gaining as a percentage of the total (from
68.9% in 2001 to 79.6% in 2002). Within current assets, the financial investment portfolio was significant, particularly investments in unlisted securities, which grew nearly 8% to over 258 million in
2002 (37.6% of total assets).
Conversely, companies assets decreased by 43.1% in 2002 to nearly 1.5 billion (2.629 billion
in 2001) due mainly to the sharp decline in investments in unlisted securities (from 1.813 billion in
2001 to 872 million in 2002), substantially reducing their importance within total assets from 69%
to 58.3%.
Finally, the recent Finance Law introduced several changes that make venture capital firms operations more flexible23. The main features are as follows: venture capital firms can invest in shares of
companies not listed at the time of acquisition that were subsequently listed in a stock market, and
they can invest in companies belonging to their own group if they meet the transparency requirements.
Operations were also made more flexible by allowing contributions in kind to capital after incorporation.
20 MBO (Management Buy-Out) and MBI (Management Buy-In), which consist of acquisitions financed mainly by debt
partially guaranteed by the purchased companys own assets and with instruments intermediate between equities and debt.
In an MBO, the acquirers belong to the management team of the company itself. In an MBI, the acquirers belong to the management team of a different company.
22 Law 1/1999, dated 5 January, regulating venture capital firms and their operators.
23 Law 44/2002, dated 22 November, on measures to reform the financial system amended Law 1/1999, dated 5
January, regulating venture capital firms.
81
Table 5.6
BASIC FEATURES OF NEW VENTURE CAPITAL FIRMS CREATED UNDER
THE VENTURE CAPITAL LAW
(At 31 December 2002))
Promoted by
Type
Number of investors or shareholders
Share capital/Initial assets
Administration
Structure
Investment policy:
sector
phase of company maturity
geographical area
Other
TOTAL
(1) SCR: Venture capital company.
(2) FCR: Venture capital fund.
82
Features
SCR (1)
FCR (2)
Individuals
Public sector
Banks
Academic institutions
Other
17
0
15
4
8
12
0
5
10
0
2
11
Open-end
Closed-end
0
49
0
21
One
2-3
4-10
Over 10
8
15
17
9
5
3
11
2
Under 3 million euros

3-12 million euros
Over 12 million euros
23
18
8
4
8
9
Internal
Internal+operator
36
13
0
21
0 employees
Up to 4
Over 5
n.a.
8
25
14
2
n.a.
New technology
Consumer
Other
24
2
23
4
0
17
Start-up
Star-up & expansion
Expansion
All
8
9
11
21
4
2
3
12
Home country
Spain & EU
All
11
23
15
7
8
6
New firms
Transformed from S.A. into SCR
43
6
n.a.
49
21
6. SECURITIES FIRMS AND FUND MANAGEMENT COMPANIES

6.1. Securities firms
Overview
At 2002 year-end, there were 110 securities firms: 44 broker-dealers (sociedad de valores) and 66
brokers (agencia de valores). In 2002, six brokers registered with the CNMV, and four broker-dealers and
two brokers de-registered, so the total number of registered firms remained the same as in 2001. The number of registered stock exchange members decreased from 59 to 55, of which 36 were broker-dealers and
19 brokers.
In 2002, broker-dealers and brokers again operated in an unfavourable situation. Adverse performance by the stock markets negatively affected the sectors core business lines, especially its main
component: order transmission and execution. Nevertheless, revenues did not fall as fast as in 2001
and, in general, firms reduced operating expenses. Overall, the sector posted 217 million in pre-tax
earnings, i.e. 29% less than in 2001, when they had fallen 54%1.
Broker-dealers obtained 202 million in aggregated pre-tax earnings, compared with 284
million in 2001. Among those firms, stock exchange members and non-members performed differently: market members ordinary income fell substantially due to negative performance by net fees
and net revenues from the trading portfolio (see table 6.12). Even though operating expenses
Table 6.1
BROKER-DEALERS: AGGREGATED INCOME STATEMENT IN 2002
Total
Financial income ...............................

Net income from securities ................
Net fee revenues................................
Ordinary income...............................
Operating expenses ...........................
Operating income .............................
Depreciation & other charges..............
Other gains & losses ..........................
Earnings before taxes ........................
Corporate income tax ........................
Earnings after taxes ...........................
1
2
Stock exchange members
Amount
Change (%)
Amount
Change (%)
73.1
19.4
543.0
635.4
384.5
250.9
48.3
0.4
202.3
70.5
131.7
19.1
61.4
15.2
15.5
9.0
23.7
1.7
28.9
28.0
29.4
69.4
20.3
494.0
583.7
364.3
219.3
47.5
1.0
170.8
59.4
111.4
22.8
56.2
16.8
16.2
8.5
26.5
28.2
35.4
32.3
36.9
Non-members
Amount
3.7
0.9
49.0
51.8
20.2
31.6
0.8
0.6
31.4
11.1
20.3
Change (%)
23.9
5.4
6.4
18.1
3.1
93.4
60.7
56.3
9.5
104.0
See Annex A.5.4.1.

See Annex A.5.4.2 for greater detail.
83
declined substantially, the decrease in ordinary income and, to a lesser extent, the increase in depreciation, amortisation and provisions meant that the aggregated pre-tax earnings of stock exchange
members fell 35% on 2001 to 171 million3. The decline in ordinary income was less at non-members than at stock exchange members due to better performance by services revenues. The aggregated pre-tax earnings of non-members increased by 56% to 31 million in 2002 due to considerable cuts in operating expenses, depreciation and amortisation.
Overall, brokers posted 15 million in pre-tax earnings, i.e. 23% less than in 20014. Again, stock
exchange members and non-members had differing performances: ordinary income fell substantially
at the former and was flat at the latter. The aggregated pre-tax earnings of brokers that are stock
exchange members declined considerably (from 8 million in 2001 to below 200,000 in 2002) and
those of non-members increased from 11.8 million to 14.8 million.
Table 6.2
BROKERS: AGGREGATED INCOME STATEMENT IN 2002
Total
Amount
Financial income ...............................
Net income from securities ................
Net fee revenues................................
Ordinary income...............................
Operating expenses ...........................
Operating income .............................
Depreciation & other charges..............
Other gains & losses ..........................
Earnings before taxes ........................
Corporate income tax ........................
Earnings after taxes ...........................
6.5
0.5
142.0
148.0
158.7
10.6
9.0
34.7
15.0
10.9
4.2
Change (%)
14.3
1,735.7
4.8
5.6
2.0
13.6
20.3
23.1
0.0
52.0
Amount
2.5
0.3
39.4
42.3
40.6
1.7
3.2
1.6
0.2
1.1
0.9
Change (%)
40.9
500.0
17.1
18.5
2.2
83.4
20.2
27,516.7
97.5
61.3
Non-members
Amount
Change (%)
4.0
0.9
102.6
105.7
118.1
12.4
5.9
33.1
14.8
9.8
5.1
20.2
911.9
1.0
0.8
3.5
33.1
25.0
14.5
26.1
21.6
35.9
Figures 6.1 and 6.2 show the differing performance by stock exchange members and non-members in terms of ROE before taxes. Because of negative earnings performance at market members, their
average ROE before taxes fell from 26% in 2001 to 19% in 20025. Of the broker-dealers that reported
profits, slightly over half attained ROE between 0% and 15% and one-third had ROE between 15%
and 30%. The number of loss-making broker-dealers fell from 10 to 8 (all of them market members).
As for brokers, the average ROE fell from 12% to 7.5%; of the firms that reported profits, 40% had ROE
between 0% and 15%, and 30% obtained between 15% and 30%. The number of loss-making brokers increased from 22 to 28 (9 stock exchange members and 19 non-members).
The sector maintained adequate equity coverage despite lower earnings and the significant number of firms which reported losses in the last two years. The coverage margin or surplus of computable
equity in the hands of the sector with respect to the equity required for the solvency coefficient was
607% at broker-dealers and 231% at brokers, on average (see Annex A.5.7); 91% of broker-dealers and
64% of brokers had over 100% coverage margin.
3
4
5
84
The aggregated pre-tax earnings of stock exchange members fell 52% in 2001.
See Annex A.5.4.3.
See Annexes A.5.6.1 and A.5.6.2.
SECURITIES FIRMS AND FUND MANAGEMENT COMPANIES
Figure 6.1
Millions of euros
BROKER-DEALERS: PRE-TAX EARNINGS AND ROE
Member earnings (LH)
Non-member earnings (LH)
Member ROE (RH)
Non-member ROE (RH)
Figure 6.2
Millions of euros
BROKERS: PRE-TAX EARNINGS AND ROE
Member earnings (LH)
Non-member earnings (LH)
Member ROE (RH)
Non-member ROE (RH)
In 2002, the few acquisitions and changes in control in the sector affected small firms, so there
were no major changes in the ownership structure and control of the sector. At 2002 year-end, 43% of
broker-dealers capital belonged to non-residents, 39% to resident financial institutions and the rest to
other resident individuals or firms. The percentages for brokers were as follows: 37%, 29% and 34%,
respectively6.
6
See Annexes A.5.2.1 and A.5.2.2.
85
Third-party trading 7
Securities firms grossed 851 million in service fees, 14% less than in 2001. Of that amount, 78%
was collected by broker-dealers and the rest by brokers. Fee revenues were lower in nearly all services.
Order processing and execution continued to be the main revenue source, although it decreased slightly
as a proportion of the total, from 67% to 65%.
Table 6.3
SECURITIES FIRMS: SERVICE FEE REVENUES
1998
1999
2000
2001
2002
Order processing and execution...................................

IIC subscription and reimbursement .............................
Issue placement and underwriting................................
Transaction advice and design......................................
Portfolio management and securities deposit................
Other ...........................................................................
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
640.4
138.3
55.0
15.2
35.1
108.6
533.9
121.2
49.3
18.7
32.5
95.9
Total ............................................................................
Broker-dealers (%)....................................................
Brokers (%) ..............................................................
1,211.0
74.9
25.1
1,131.9
79.4
20.6
1,319.1
83.4
16.6
992.6
80.5
19.5
851.5
78.4
21.6
Gross revenues for processing and execution of equities orders (the core activity) fell 24% due
the combination of lower brokerage volume and another decline in brokerage fees. Therefore, the volume of equities brokerage decreased from 769 billion to 717 billion, of which 692 billion related to transactions in Spains markets. The average effective brokerage fees in Spains stock markets fell
from 0.57 in 2001 to 0.47 in 2002.
In fixed-income, the volume of third-party trading by securities firms totalled _8.6 billion, 5.5%
more than in 2001. Over 99% of the brokerage volume related to public debt. Despite an increase in
volumes, gross revenues in this activity fell 9% to 54.5 billion in 2002. Firms traded a notional 3.5
billion in derivatives for third parties (+21% vs. 2001) and grossed 102 billion in revenues (+19%).
Products traded in foreign markets accounted for 57% of the brokerage volume in this segment and
23% of gross fees.
Regarding other services, the main one in terms of gross revenues was collective investment
scheme marketing (subscriptions and reimbursements), which amounted to 121 million, 12% less
than in 2001. There was also a substantial decline in other ordinary activities: issue placement and
underwriting fell 10% and portfolio management and securities deposits decreased 7% (see table 6.3).
However, transaction advice and design revenues increased by 23%. The gross revenues from the
other services fell 12% overall.
7
8
86

See Annexes A.5.8 and A.5.9 for greater detail.
Figure 6.3
Millions of euros
SECURITIES FIRMS: EQUITIES TRADED IN DOMESTIC MARKETS.

VOLUME AND BROKERAGE FEE REVENUES
Brokerage volume (LH)
Average effective brokerage fee (RH)
Proprietary trading 8
Proprietary trading provided securities firms with80 million in net revenues (financial income plus
trading portfolio net profit minus provisions for derivatives transactions), i.e. 26% less than in 2001.
The sectors financial income amounted to 80 million, 15% more than in 2001. In this area,
40% of net revenues related to securities portfolio yields (interest and dividends) and 32% to margins
on repos, although they both decreased with respect to 2001 (31% and 30%, respectively). Financial
income increased due to an improved net balance of financial transactions with other intermediaries
(the loss had been extremely large in 2001) and other types of transactions.
Table 6.4
SECURITIES FIRMS: EARNINGS ON PROPRIETARY TRADING
1998
1999
2000
2001
2002
Money market assets and fixed-income .......................

Equities .......................................................................
Derivatives...................................................................
Other ...........................................................................
44.3
314.7
249.5
21.8
2.9
250.8
177.2
26.3
3.5
220.5
292.9
0.4
9.9
145.9
185.5
0.8
17.0
93.3
96.2
1.0
Total ............................................................................
87.7
102.8
69.3
50.3
18.9
Pro memoria: proprietary trading volume

(billions of euros)
Equities .......................................................................
Derivatives...................................................................
413.5
72.1
254.0
423.5
70.5
339.1
372.8
123.0
196.9
297.0
134.7
192.6
263.6
136.0
183.5
Total ............................................................................
739.6
833.1
692.7
624.3
583.1
87
The trading portfolios net revenues declined substantially for the third consecutive year (see table
6.4). Trading volume decreased in fixed-income (11%) and derivatives (5%) but increased slightly in
equities (+1%). Net revenues in proprietary trading amounted to 18.9 million (50 million in 2001).
This decline was due to a slump in derivatives results, from 185 million to 96 million. As in 2001,
equities generated a loss, but it was substantially narrower: 92 million (down from 143 million).
Fixed-income generated a profit of 17 million, up from 10 million in 2001.
Provisions for derivatives decreased total revenues by 18.3 million, 73% more than in 2001.
Consolidable groups
In 2002, the CNMV9 supervised 57 financial groups comprising 377 entities of different types on
a consolidated basis, compared with 54 groups (369 firms) in 2001. Of those entities, 20% were agents
or representatives of broker-dealers and brokers, 14% were IIC and FTH management companies, 14%
were the securities firms themselves and the rest were other types of firms10. 77% of the groups comprised five or more entities.
The sectors consolidated pre-tax earnings amounted to 273 million, 27% less than in 2001.
Entities other than broker-dealers and brokers contributed 21% of that amount (19% in 2001) and 24%
of the consolidated ordinary income (20% in 200111). Of those entities, IIC management companies
accounted for a large proportion (41%) of net fee revenues12.
Figure 6.4
Millions of euros
PRE-TAX EARNINGS OF CONSOLIDABLE GROUPS. CONTRIBUTION

BY SECURITIES FIRMS AND OTHER ENTITIES
Broker-dealers and brokers
Other entities
9
Royal Decree 1343/1992, dated 6 November, which implemented Law 13/1992, dated 1 June, on equity and supervision on a consolidated basis.
10
See Annex A.5.11.
11
See Annex A.5.13.
12
See Annex A.5.14.
88
Investment services firms from the European Union in Spain

The Investment Services Directive allows investment services firms that are authorised in
any EU member state to operate freely in other EU countries, provided that they notify the
domestic regulator and respect the codes of conduct of the host country. The European passport for investment services firms is one of the cornerstones of the EUs efforts to promote the
integration of Europes securities markets.
In the last few years, a large number of investment services firms in the EU have notified
their intention of operating in Spain (see next table). Nearly all the firms have chosen to operate through the free provision of services, which allows them to operate commercially without a physical establishment. Although there is no specific information about the scope of
their operations in Spain, it appears that the firms operating via free provision of services have
a low market share in Spain and, in most cases, there is very little systematic activity. Most of
the branches belong to large firms or financial groups and operate in several activities, especially brokerage. Of the 19 branches at 2002 year-end, five belonged to investment services
firms authorised in Spain which were deregistered. Three branches belong to members of the
Madrid Stock Exchange.
NUMBER OF FOREIGN INVESTMENT SERVICES FIRMS
OPERATING IN SPAIN WITH EU PASSPORT
Free provision
of services
Branches
Total
1997
293
293
1998
369
369
1999
477
479
2000
570
579
2001
665
16
681
2002
763
19
782
Investment services firms authorised in the UK are the most numerous (540 firms with free provision of services and 13 firms with branches) due to the development and characteristics of the UK
securities market, which has a very large number of financial services marketers in the retail segment.
Behind the UK is France, with 56 firms operating in Spain under free provision of services and two
branches in Spain.
6.2 Collective investment scheme management companies (SGIIC)

At 2002 year-end, there were 124 SGIIC registered with the CNMV, one more than in 2001. The
number of managed institutions increased from 4,716 to 5,110 due to the creation of new SIMCAV,
since the number of mutual funds and SIM decreased13. These institutions managed 193 billion in
assets, i.e. 3% less than in 2001. Securities investment funds (FIM and FIAMM) accounted for 90% of
managed assets, securities investment companies (SIM and SIMCAV) for 9%, and real estate funds for
1%. Of those IIC, only FIAMM and real estate funds increased their assets14.
13
At 2002 year-end, SGIIC managed 165 FIAMM, 2,373 FIM, 95 SIM, 2,471 SIMCAV and five real estate funds. See
Annex A.5.16 for greater detail.
14
Even among SIMCAV, managed assets fell slightly (0.3%), despite the increase in the number of SIMCAV from 1,996
to 2,471.
89
As in 2001, IIC management companies faced a difficult year in 2002, which was shaped by considerable reimbursements in the FIM segment, the largest in terms of managed assets and revenues. The
increase in assets managed by FIAMM and real estate funds failed to offset the loss of management
commissions due to the decrease in assets managed in other IIC, so commission revenues fell nearly
9% to 2.3 billion, of which 98% related to management commissions. Conversely, commissions paid
to marketers increased slightly and gained in importance in relation to commission revenues, from
64% in 2001 to 71% in 2002. Consequently, net commission revenues declined 27%.
The decrease in net commissions was accompanied by a slump in financial income and losses in
securities portfolios15, with the result that ordinary income fell 29% to 685 million. Operating expenses
dipped nearly 1% to 234 million. Pre-tax profit totalled 447 million, 36% less than in 2001. Sector ROE
after taxes stood at 28%, compared with 40% in 2001. The number of loss-making institutions increased
from 18 to 30.
Figure 6.5
IIC MANAGEMENT COMPANIES: MANAGED
ASSETS AND PRE-TAX EARNINGS
1,200
250,000
Millions of euros
800
150,000
600
100,000
400
50,000
Millions of euros
1,000
200,000
200
0
1995
1996
1997
1998
Assets (LH)
1999
2000
2001
2002
Earnings (RH)
6.3 Porfolio management companies (SGC)

At 2002 year-end, there were 31 SGC registered at the CNMV, four less than in 2001. In 2002, no
new institution was registered. Three of the four companies that were removed were independent and the
other one was a small credit institution related to a professional association. Two other companies that
were registered early in January 2003, having been dissolved in 200216, were removed; they belonged to
the SCH Group and accounted for a large proportion of assets under management or advice in the sector. Assets under management and advice fell substantially due mainly to the removal of the companies
related to SCH. Managed assets decreased from 3 billion in 2001 to 2 billion in 2002 and assets under
advice from 13 billion to under 5 billion17. Of the managed assets, 89% related to individual portfolios and the rest to securities investment companies (SIM and SIMCAV).
See Annex A.5.18 for greater detail.
Economy Ministry Order dated 16 October 2002, which authorised the dissolution without liquidation through a
transfer to SCH of the assets and liabilities of the portfolio management companies BCH Gestin de Patrimonios and
Santander Patrimonios.
17
See Annex A.5.16.
15
16
90
Because of the drastic reduction in assets under management and advice, the related commission revenues fell substantially: the former from 8.5 million in 2001 to 6 million in 2002, and the latter from
9 million to 7.7 million. The volume discounts collected from other financial institutions for trading
transactions in the managed portfolios also fell sharply: from nearly 11 million in 2001 to just over 3
million in 2002. Overall, commission revenues declined 40% to 17 million.
Despite the fall in commissions, pre-tax earnings in the sector increased from 2.5 million to over
6 million18; nevertheless, the 2001 baseline was very low due to the losses accumulated by the aforementioned two companies related to SCH19. ROE after taxes in the sector stood at 10.25%, compared with
a negative ROE in 2001. The number of loss-making institutions decreased from 12 to 10.
Figure 6.6
PORTFOLIO MANAGEMENT COMPANIES: ASSET UNDER
MANAGEMENT OR ADVICE AND PRE-TAX EARNINGS
14,000
10.0
9.0
12,000
Millions of euros
7.0
6.0
8,000
5.0
6,000
4.0
3.0
4,000
Millions of euros
8.0
10,000
2.0
2,000
1.0
0.0
0
1996
1997
1998
Assets under management (LH)
1999
2000
Assets under advice (RH)
2001
2002
Earnings (RH)
6.4 Venture capital firm management companies (SGECR)

At 2002 year-end, there were 27 SGECR registered at the CNMV, three more than in 2001. In
2002, no company was removed and three were registered. In addition to the 34 venture capital funds
filed with the CNMV at 2002 year-end (three more than in 2001), SGECR managed 13 of the 59 registered venture capital firms (nine in 2001).
In 2002, the aggregated pre-tax earnings of SGECR amounted to _6.6 million, 28% more than in
2001. ROE after taxes in the sector increased from 12% in 2001 to 19.2% in 2002.
18
19
See Annex A.5.18.

Both companies made a pre-tax loss (7.5 million in total).
91
Annex 1
Primary markets
Annex 1: PRIMARY MARKETS
A.1.1. PRIMARY MARKETS. ISSUES AND OUTSTANDING BALANCES

Amount in millions of euros
1998
1999
2000
2001
2002
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..................................................................
108,114
48,126
59,988
30,175
9,172
379
21,004
5,061
15,943
92,079
45,061
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
69,565
28,874
40,691
84,249
9,623
155
74,626
45,173
29,453
74,458
34,746
39,712
88,395
4,692
0
83,702
45,576
38,127
Secondary public offerings (3) ..................................................................
10,743
4,419
9,446
3,044
3,330
Fixed-income issued by residents: outstanding balance (1)

Total resident issuers............................................................................
Short term ........................................................................................
Medium and long term ...................................................................
Public administrations ......................................................................
Short term ...................................................................................
Medium and long term ...............................................................
Financial institutions.........................................................................
Short term ...................................................................................
Non-financial companies ..................................................................
Short term ...................................................................................
342,224
68,157
274,067
283,865
61,036
222,829
41,096
1,041
40,055
17,263
6,080
11,183
390,480
76,289
314,191
301,475
54,335
247,140
68,565
14,607
53,958
20,440
7,347
13,093
398,990
58,522
340,468
313,447
45,730
267,717
69,118
9,578
59,540
16,425
3,214
13,211
427,918
54,671
373,247
317,877
36,927
280,950
92,644
13,448
79,196
17,397
4,296
13,101
462,859
56,267
406,592
326,585
37,202
289,383
120,478
15,874
104,604
15,798
3,191
12,607
Pro memoria
Commercial paper registered at the CNMV: outstanding balance (1) ......
4,038
18,339
17,316
24,472
23,614
(1) Nominal amount.

(3) Domestic and international tranches.
(*) The total in 2002 includes a 4,696 billion capital increase performed by Arcelor, registred on 12/21/2001. This issue relates to Arcelors bid for Aceralia, vetted
by the CNMV on 01/02/2002.
Sources: Bank of Spain and CNMV.
95
96
43,936.8
17,810.5
52,300.2
2,880.0
2,643.1
4,970.3
132.2
7,308.4
34,366.1
0.0
9,446.5
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 issues ............................................................................
Secondary public offerings (1) .........................................................................

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
Chg. (%)
2000
9,622.9
155.0
8.9
Amount
84,24
2001
-78.1
-99.1
-12.5
Chg. (%)
Effective
3,988.5
93.
78,623.8
Amount
Nominal
2002
4,692.4
0.0
88,394.7
Amount
84,838.2
Amount
Nominal
-51.2
1,133.6
-100.0
0.0
4.9
Chg. (%)
Effective
57,288.4
330.9
87,293.3
3,044.3
-17.4
-67.8
79,030.4
406.6
91,724.5
3,329.8
5.1
9.4
85,152.8
314.6
52,3 04.2 74,626.0

42.7
74,635.3
83,702.3
12.2
83,704.6
2,880.0
4 ,060.0
41.0
4,060.0
3,736.7
-8.0
3,736.7
2,643.1
6, 078.2
130.0
6,078.2
11,704.0
92.6
11,704.0
4,974.3
7,066.2
42.2
7,075
.5
3,645.1
-48.4
3,647.4
132.2
455.8
244.7
455.8
237.7
-47.8
2
37.7
7,308.4 11,793. 3
61.4
11,793.3
18,803.2
59.4
18,803.2
34,366.1 45,1 72.5
31.4
45,172.5
45,575.6
0.9
45,575.6
0.0
0.0
00
0.0
0.0
00
0.0
4,653.3
754.5
56,957.5
Amount
Nominal
(1) Domestic and international tranches.

(*) The total in 2001 includes a capital increase with an effective amount of 4,696 billion and a nominal amount of 2,581 billion performed by Arcelor, registered on 12/21/2001. This issue relates to Arcelors bid for Aceralia, vetted
by the CNMV on 01/03/2002.
TOTAL .............................................................................................................. 105,683.4
96,236.9
Equities and fixed-income issues ......................................................................
Amount
Effective
A.1.2. ISSUES AND PUBLIC OFFERINGS. DETAIL BY INSTRUMENTS. AMOUNTS REGISTERED AT THE CNMV
A.1.3. CAPITAL INCREASES THROUGH ISSUES OF NEW STOCK REGISTERED

AT THE CNMV, EXCEPT PRIMARY PUBLIC OFFERINGS. 2002
Detail by issuer
No. of
Total food, beverages and tobacco ..................................................................................

CAMPOFRIO FOOD, S.A. ...............................................................................................
EBRO PULEVA, S.A. ........................................................................................................
PESCANOVA, S.A. ...........................................................................................................
Total Banks ......................................................................................................................
BANCO DE LA PEQUEA Y MEDIANA EMPRESA, S.A...................................................
BANCO DE VALENCIA, S.A.............................................................................................
BANCO ESPAOL DE CREDITO, S.A..............................................................................
BANCO SANTANDER CENTRAL HISPANO, S.A. ............................................................
Total communications .....................................................................................................
JAZZTEL, PLC. .................................................................................................................
TELEFONICA MOVILES, S.A. ...........................................................................................
TELEFONICA, S.A. ...........................................................................................................
Total construction ...........................................................................................................
BAMI, S.A. INMOBILIARIA DE CONSTRUCCIONES Y TERRENOS..................................
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A................................................
Total holding companies and conglomerates...................................................................
GAESCO HOLDING, S.A. ...............................................................................................
GRUPO INMOCARAL, S.A..............................................................................................
INVERSIONES IBERSUIZAS, S.A. .....................................................................................
TECNOCOM, TELECOMUNICACIONES Y ENERGIA, S.A. ..............................................
Total energy and water....................................................................................................
SOCIEDAD GENERAL DE AGUAS DE BARCELONA, S.A................................................
Total metal processing industries ....................................................................................
CIE AUTOMOTIVE, S.A. ..................................................................................................
EUROPEAN AERONAUTIC DEFENCE AND SPACE COMPANY EADS, N.V. ...................
ZARDOYA OTIS, S.A. ......................................................................................................
Total chemical industry ...................................................................................................
FAES FARMA, S.A. ...........................................................................................................
LA SEDA DE BARCELONA, S.A. ......................................................................................
PULEVA BIOTECH, S.A. ..................................................................................................
ZELTIA, S.A......................................................................................................................
Total real estate ...............................................................................................................
COMPAIA ESPAOLA DE VIVIENDAS EN ALQUILER, S.A...........................................
INMOBILIARIA DEL SUR, S.A. ........................................................................................
INMOLEVANTE, S.A........................................................................................................
METROVACESA, S.A........................................................................................................
Total other companies .....................................................................................................
PROSEGUR, COMPAIA DE SEGURIDAD, S.A. .............................................................
Total other manufacturing industry .................................................................................
MIQUEL Y COSTAS & MIQUEL, S.A. ..............................................................................
PAPELES Y CARTONES DE EUROPA, S.A. .......................................................................
TAVEX ALGODONERA, S.A. ...........................................................................................
UNIPAPEL, S.A. ...............................................................................................................
Total transport .................................................................................................................
ACESA INFRAESTRUCTURAS, S.A. .................................................................................
AUREA CONCESIONES DE INFRAESTRUCTURAS, S.A. .................................................
TOTAL .............................................................................................................................
Issuers
Issues
3
1
1
1
4
1
1
1
1
3
1
1
1
2
1
1
4
1
1
1
1
1
1
3
1
1
1
4
1
1
1
1
4
1
1
1
1
1
1
4
1
1
1
1
2
1
1
35
3
1
1
1
4
1
1
1
1
6
1
3
2
3
2
1
4
1
1
1
1
1
1
3
1
1
1
5
1
1
2
1
4
1
1
1
1
1
1
4
1
1
1
1
3
2
1
41
Effective
amount
99,891
99,891
0
0
2,766,702
20,227
0
165,824
2,580,651
683,295
556,419
126,875
0
159,973
28,409
131,564
74,006
0
62,698
11,308
0
1,430
1,430
13,537
11,514
2,023
0
29,361
0
6,460
21,554
1,347
0
0
0
0
0
26,132
26,132
0
0
0
0
0
838,023
396.135
441,888
4,692,350
Nominal amount
Total
Bonus issues
37,625
13,161
18,464
6.000
315,706
20.227
1,748
165,824
127,907
246,011
36,587
20,679
188,745
36,561
23,325
13,236
18,816
2,860
9,065
6,189
703
1,430
1,430
15,163
11,514
2,023
1,626
9,193
728
6,460
1,954
51
9,356
109
2,760
1,805
4,682
1,027
1,027
14,230
3,892
5,501
2,318
2,520
428,473
243,559
184,914
1,133,592
24,464
0
18,464
6,000
1,748
0
1,748
0
0
188,745
0
0
188,745
0
0
0
3,563
2,860
0
0
703
0
0
1,626
0
0
1,626
728
728
0
0
0
9,356
109
2,760
1,805
4,682
0
0
14,230
3,892
5,501
2,318
2,520
49,376
49,376
0
293,837
97
98
(*) No primary public offerings were registered in 2002.
TOTAL OFFERED..........................................................................
Offered company
Total
0
Effective amount offered

Domestic
market
0
Total
0
market
Domestic
Nominal amount offered
A.1.4. PRIMARY PUBLIC OFFERINGS REGISTERED AT THE CNMV. 2002 (*)
Offered company
Total
3,329,770
2,905,454
321,616
573,186
2,008,275
2,377
Domestic
market
211,638
102,988
12
314,639
Total
235,274
132,274
102,988
12
Domestic
market
(*) (Secondary public offering of warrants relating to a capital increase at Banesto registered at the same time. The effective amount of the capital increase, which was identical to the nominal amount, was 165824 million, of
which 133 million corresponded to the domestic tranche and the rest to the international tranche.
TOTAL OFFERED
BANCO SANTANDER CENTRAL HISPANO, S.A. (*) BANCO ESPAOL DE CREDITO, S.A.
402,020
GAS NATURAL SDG, S.A.
ENAGAS, S.A.
917,098
REPSOL YPF, S.A.
GAS NATURAL SDG, S.A.
2,008,275
ZELTIA, S.A.
ZELTIA, S.A.
2,377
Seller
A.1.5. SECONDARY PUBLIC OFFERINGS REGISTERED AT THE CNMV. 2002
99
100
70.21
29.79
12 LARGEST ISSUERS....................................................... 32,000,000

REMAINDER (38 ISSUERS)................................................ 13,575,600
Amount
Issuer
Amount
Total fixed-income
%
12 LARGEST ISSUERS...................................................... 2,923,911

REMAINDER (38 ISSUERS)............................................... 723,500
100.00 TOTAL (108 ISSUERS) ...................................................
.... 83,704,552
80.16 12 LARGEST ISSUERS........................................................ 43

,200,630
19.84 REMAINDER (38 ISSUERS)................................................. 40,503,922 48
100.00
51.61
.39
LA CAIXA..................................................... .................... 717,906 19.68 BANCO SANTANDER CENTRAL HISPANO, S.A............... 9,000,000 10.75
BANCAJA......................................................................... 360,000 9.87 BBVA BANCO DE FINANCIACION, S.A............................ 6,000,000 7.17
CAJA MADRID........................
......................................... 330,101
9.05
CAJA MADRID................................................................... 5,330,101
6.37
CAJA DE GALICIA............................................................ 300,000 8.23 AYT CEDULAS CAJAS III FTA............................................. 3,500,000 4.18
FERIA VALENCIA..................
............................................ 227,500
6.24
BANKINTER............................................................. .......... 3,152,623
3.77
LICO LEASING......................................
........................... 200,000
5.48
BBVA................................................................................. 3, 000,000
3.58
AUDASA...............................................................
........... 180,304
4.94
ENDESA, S.A. .................................................................... 2,500,000
2.99
IBERCAJA......................................................................... 168,100 4.61 SANTANDER CONSUMER FINANCE, S.A......................... 2,500,000 2.9
9
CAJA VITAL .........................................
............................. 140,000
3.84
LA CAIXA........................................................................... 2,217,906
2.65
CAIXANOVA.................................................................... 120,000 3.29 BANCO POPULAR ESPAOL, S.A. ................................... 2,000,000
2.39
EROSKI..................................
........................................... 90,000
2.47
TELEFONICA, S.A.............................................................. 2,000,000
2.39
UNICAJA.......................................................................... 90,000 2.47 TELEFONICA FINANCE USA, L.L.C................................... 2,000,000 2.39
Issuer
Non-convertible bonds and debentures
TOTAL (50 ISSUERS)......................................................... 45,575,600 100.00 TOTAL (30 ISSUERS)........................................................ 3,647,411
13.16
13.16
6.58
5.49
5.49
4.39
4.39
4.39
3.95
3.29
3.29
2.63
6,000,000
6,000,000
3,000,000
2,500,000
2,500,000
2,000,000
2,000,000
2,000,000
1,800,000
1,500,000
1,500,000
1,200,000
Amount
BANCO SANTANDER CENTRAL HISPANO, S.A. .............

BBVA BANCO DE FINANCIACION, S.A...........................
BANKINTER, S.A...............................................................
SANTANDER CONSUMER FINANCE, S.A........................
ENDESA, S.A.....................................................................
BANCO POPULAR ESPAOL, S.A....................................
CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID
TELEFONICA, S.A. ............................................................
CAIXA DESTALVIS DE CATALUNYA ................................
IBERDROLA, S.A...............................................................
UNION FENOSA, S.A.......................................................
BANCO DE SABADELL, S.A..............................................
Issuer
Commercial paper
Nominal amounts in thousands of euros
A.1.6. FIXED-INCOME ISSUES REGISTERED AT THE CNMV. MAIN ISSUERS. 2002
A.1.7. FIXED-INCOME ISSUES REGISTERED AT THE CNMV.

PREFERENCE SHARES. 2002
Detail by issuer
Coupon
Issue
date
Type (1)
Initial (%)
Nominal
amount
Effective
amount
21/3/02
25/11/02
27/12/02
28/12/02
31/3/03
16/8/02
13/6/02
26/4/02
19/12/02
RV
RV
RV
RV
RV
RV
RV
RV
3.94
3.94
4.35
3.75
4.60
7.80
4.18
1,000,000
500,000
500,000
100,000
60,101
167,000
159,600
100,000
150,000
2,000,000
1,000,000
500,000
500,000
100,000
60,101
167,000
159,600
100,000
150,000
2,000.000
3,736,701
3,736,701
BBVA INTERNATIONAL ....................................................
BPE PREFERENCE INTERNATIONAL..................................

CAIXA LAIETANA PREFERENCE.........................................
CAIXA PENEDES P.P.L. .......................................................
CAM CAPITAL....................................................................
SA NOSTRA PREFERENCE LIMITED ..................................
SOL MELIA FINANCIE .......................................................
TELEFONICA FINANCE USA, L.L.C. ..................................
TOTAL ...............................................................................
(1) F: fixed; PV: predetermined variable; RV: referenced variable; Z: zero coupon; O: other type.

CONVERTIBLE BONDS. 2002
Detail by issuer
Coupon
Issue
date
Maturity
date (1)
Type (2)
Initial (%)
Nominal
amount
Banks.................................................................................
BANKINTER.......................................................................
..........................................................................................
02/02/02
04/02/03
05/04/2010
05/04/2010
RV
RV
0.00
0.00
152,623
88,322
64,301
Communications................................................................
JAZZTEL.............................................................................
28/11/02
28/11/12
12.00
75,000
75,000
Extraction and transformation of non-energy minerals........

ARCELOR ..........................................................................
27/6/02
27/6/17
3.00
10,062
10,062
TOTAL ...............................................................................
237,685
(1) Last maturity date.

101

NON-CONVERTIBLE BONDS. 2002
Detail by issuer
Issue
date
Maturity
date (1)
Coupon
Type (2)
Initial (%)
Commerce and other services ...........................................

EROSKI ..............................................................................
21/6/02
21/06/02
RV
RV
8.00
8.00
90,000
90,000
60,000
30,000
4.33
180,304
180,304
180,304
Transport ...........................................................................
AUDASA............................................................................
12/4/02
16/5/12
Banks.................................................................................
B. ZARAGOZANO.............................................................
29/11/02
1/1/11
RV
3.25
01/10/02
1/10/10
RV
3.86
20/12/01
15/10/12
4.50
95.000
50,000
50,000
30,000
30,000
15,000
15,000
3.62
200,000
200,000
200,000
B. ATLANTICO...................................................................
B. GUIPUZCOANO...........................................................
Other financial institutions................................................
LICO LEASING ..................................................................
05/03/02
5/4/05
RV
Thrifts ................................................................................
BANCAJA...........................................................................
15/1/02
04/7/02
15/3/06
4/7/22
Z
RV
4.41
10/10/02
10/10/02
10/10/12
10/10/12
RV
RV
4.50
4.50
02/8/02
17/12/02
2/8/07
10/12/07
31/3/02
30/6/02
28/2/03
31/3/12
30/6/12
28/2/13
RV
RV
RV
4.00
4.00
3.25
25/10/02
1/10/12
RV
4.41
01/2/02
25/11/02
27/01/17
27/11/17
RV
RV
3.50
4.25
08/1/03
8/1/18
RV
4.00
30/12/02
30/12/12
RV
5.00
15/11/02
15/11/17
RV
4.00
C.A. SANTANDER Y CANTABRIA ......................................
CAIXA DE CATALUNYA.....................................................
CAIXA MANRESA ..............................................................
CAIXA SABADELL ..............................................................

CAIXA TARRAGONA .........................................................
CAIXANOVA......................................................................
CAJA DE ASTURIAS ...........................................................
CAJA DE EXTREMADURA .................................................
102
Nominal
amount
2,819,607
360,000
60,000
300,000
80,000
50,000
30,000
38,000
30,000
8,000
50,000
18,000
12,000
20,000
30,000
30,000
40,000
15,000
25,000
120,000
120,000
50,000
50,000
40,000
40,000
(Continued)

NON-CONVERTIBLE BONDS. 2002
Detail by issuer
Coupon
Issue
date
Maturity
date (1)
Type (2)
Initial (%)
1/4/02
3/7/02
1/4/05
1/10/12
F
RV
3.25
4.00
15/10/02
15/10/32
RV
5.00
1/3/02
16/10/02
1/3/08
16/10/10
F
RV
4.50
4.00
1/10/02
1/10/12
RV
5.25
1/8/02
1/8/12
RV
7.00
15/2/02
15/2/02
2/12/02
15/2/05
15/2/05
2/12/05
RV
RV
RV
4.50
31/10/02
30/4/08
RV
4.25
26/7/02
17/9/02
17/9/02
26/1/04
30/9/05
30/9/05
RV
RV
RV
4.00
4.00
26/6/02
18/6/12
RV
4.00
15/7/02
20/6/12
RV
4.10
15/7/02
22/10/02
27/12/02
27/12/02
15/7/14
22/10/07
27/12/14
27/12/14
RV
RV
RV
RV
5.00
5.00
4.50
4.50
12/4/02
22/7/02
12/4/12
22/7/12
20/12/02
10/12/08
RV
2.75
300,000
180,000
120,000
36,000
36,000
75,000
25,000
50,000
4,500
4,500
24,000
24,000
330,101
60,101
120,000
150,000
60,000
60,000
140,000
100,000
35,000
5,000
12,000
12,000
54,000
54,000
168,100
60,100
18,000
60,100
29,900
717,906
537,906
180,000
90,000
90,000
5.10
35,000
35,000
35,000
6.04
227,500
227,500
227.500
CAJA DE GALICIA .............................................................
CAJA GENERAL CANARIAS ...............................................

CAJA GENERAL DE GRANADA .........................................
CAJA GUADALAJARA........................................................
CAJA INSULAR CANARIAS ................................................
CAJA MADRID...................................................................
CAJA SAN FERNANDO......................................................

CAJA VITAL ........................................................................
CAJARIOJA.........................................................................
EL MONTE.........................................................................
IBERCAJA...........................................................................
LA CAIXA...........................................................................
UNICAJA ...........................................................................
Local authorities................................................................
AYUNTAMIENTO DE MADRID .........................................
21/12/01
21/12/11
Public authorities/other bodies .........................................

FERIA VALENCIA ...............................................................
10/6/02
10/6/27
TOTAL ...............................................................................
Nominal
amount
3,647,411

103

MORTGAGE BONDS. 2002
Detail by issuer
Nominal
amount
Coupon
Issue
date
Maturity
date (1)
Type (2)
Initial (%)
Banks ................................................................................
7,000,000
BANESTO..........................................................................
1,000,000
1,000,000
27/3/02
27/3/17
5.75
3,000,000
3,000,000
26/9/02
26/9/07
4.25
3,000,000
3,000,000
23/9/02
1/10/03
BBVA.................................................................................
SCH...................................................................................
Thrifts................................................................................
4,704,000
CAIXANOVA .....................................................................
120,000
30,000
30,000
30,000
30,000
15/3/02
15/3/02
10/6/02
10/6/02
15/3/07
15/3/07
10/6/07
10/6/07
F
F
F
F
4.00
4.00
4.00
4.00
24,000
24.000
22/5/02
22/11/05
RV
3.25
60,000
60,000
11/12/02
17/1/06
VP
3.00
3,000,000
1,500,000
1,500,000
1/3/02
29/10/02
1/3/12
30/10/14
F
F
5.25
5.00
1,500,000
1,500,000
14/11/02
16/11/12
4.50
CAJA BADAJOZ.................................................................
CAJA ESPAA DE INVERSIONES ......................................
CAJA MADRID ..................................................................
LA CAIXA ..........................................................................
TOTAL...............................................................................
11,704,000

104
29/04/2002 (2)
27/11/2002 (2)
ASSET-BACKED COMMERCIAL PAPER (1)............................................................

AYT.4, GRANDES PRESTAMOS.............................................................................
SANTANDER I ......................................................................................................
(1) Issue programme.

(2) Programme registration date.
TOTAL BONDS.....................................................................................................
TOTAL COMMERCIAL PAPER .............................................................................
TOTAL...................................................................................................................
24/6/02
3/4/02
6/11/02
18/06/2002
6/3/02
22/02/2002
30/10/2002
3/4/02
25/11/02
9/12/02
11/4/02
17/04/ 2002
19/06/ 2002
28/06/2002
24/09/2002
16/12/2002
26/11/2002
17/12/02
15/10/2002
14/05/2002
14/11/2002
12/12/02
30/10/2002
29/05/2002
ASSET-BACKED BONDS .......................................................................................

AYT CEDULAS CAJAS III FTA ................................................................................
AYT FTGENCAT I ..................................................................................................
AYT. 9 ...................................................................................................................
AYT.7 ....................................................................................................................
BANCAJA 3, FONDO DE TITULIZACION DE ACTIVOS .......................................
FONDO DE TITULIZACION DE ACTIVOS UCI 8 .................................................
FTPYME BANCAJA 1.............................................................................................
FTPYME BANESTO 1 ............................................................................................
FTPYME TDA CAM 1 ............................................................................................
FTPYME TDA SABADELL 1 ...................................................................................
FTPYME TDA3 ......................................................................................................
HIPOCAT 5 ...........................................................................................................
HIPOTEBANSA X ..................................................................................................
HIPOTEBANSA XI .................................................................................................
SANTANDER CONSUMER 02-1 ...........................................................................
TDA 15-MIXTO.....................................................................................................
MORTGAGE-BACKED BONDS.............................................................................
AYT GENOVA HIPOTECARIO I, FONDO DE TITULIZACION HIPOTECARIA ......
AYT.11, FONDO DE TITULIZACION HIPOTECARIA ............................................
AYT.8, BARCLAYS HIPOTECARIO I, FONDO DE TITULIZACION HIPOTECARIA.
BANCAJA 4, FONDO DE TITULIZACION HIPOTECARIA.....................................
BANKINTER 4, FONDO DE TITULIZACION HIPOTECARIA.................................
BANKINTER 5, FONDO DE TITULIZACION HIPOTECARIA.................................
BZ HIPOTECARIO 4 FONDO DE TITULIZACION HIPOTECARIA ........................
FONCAIXA 6 FONDO DE TITULIZACION HIPOTECARIA ...................................
FONCAIXA HIPOTECARIO 5, FONDO DE TITULIZACION HIPOTECARIA..........
RURAL HIPOTECARIO III FONDO DE TITULIZACION HIPOTECARIA ................
RURAL HIPOTECARIO IV FONDO DE TITULIZACION HIPOTECARIA................
Issue
date
18,803,155
1,120,000
19,923,
155
1,120,000
120,000
1,000,000
12,026,755
3,500,000
397,000
188,000
319,800
520,900
600,000
600,000
500,000
600,000
600,000
225, 055
6 96,000
917,100
1,062,00 0
850,000
450,900
6,776,400
750,000
403,000
530,000
1,000,000
1,025,000
710,000
313,400
600,000
600,000
325,000
520,000
Total
14,23
6,855
1,120,000
15,356,855
1,120,000
120,0
00
1,000,000
7,460,455
3,5
00,000
397,000
188,000
319,800
520,900
160,000
174,6
00
162,6
00
42
,000
600,000
225,055
115,000
300
,100
100,000
288,500
366,900
6,776,400
750,000
403,000
530,000
1,000,000
1,025,000
710,000
313,400
600,000
600,000
325,000
520,000
Domestic
market
750,000
403,000
530,000
1,000,000
1,025,000
710,000
313,400
600,000
600,000
325,000
520,000
6,
776,400
Domestic
market
18,803,155
1,120,000
19,923,155
1,120,000
120,000
1,000,000
00
14,236,855
1,120,000
15,356,855
120,000
1,000,000
1,120,0
026,755
7,460,455
3,500,000
3,500,000
3
97,000
397,000
188,000
188,000
319,800
319,800
520,900
520,900
600,000
160,000
600,000
174,600
500,000
162,600
600,000
42,000
600
,000
600,000
225,055
225,055
696,000
115,000
917,100
300,100
1,062,000
100,000
850,000
2
88,500
450,900
366,900
12,
6,776,400
750,000
403,000
530,000
1,000,000
1,025,000
710,000
313,400
600,000
600,000
325,000
520,000
Total
A.1.11. FIXED-INCOME ISSUES REGISTERED AT THE CNMV. ASSET-BACKED BONDS AND NOTES. 2002
Detail by issuer
105

COMMERCIAL PAPER. 2002
Detail by issuer
Registered programmes
Placements
Outstanding
balance at
31-12-02
No.
Amount
Financial institutions ...............................................................................................................

AYT.4, GRANDES PRESTAMOS, FONDO DE TITULIZACION DE ACTIVOS (1) ......................
BANCO ATLANTICO, S.A. ......................................................................................................
BANCO DE ANDALUCIA, S.A. ...............................................................................................
BANCO DE CASTILLA, S.A. ....................................................................................................
BANCO DE CREDITO BALEAR, S.A. .......................................................................................
BANCO DE GALICIA, S.A. ......................................................................................................
BANCO DE LA PEQUEA Y MEDIANA EMPRESA, S.A. .........................................................BANCO DE SABADELL, S.A. ...................................................................................................
BANCO DE VASCONIA, S.A. ..................................................................................................
BANCO PASTOR, 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, E.F.C., S.A..............................................................................
BBVA BANCO DE FINANCIACION, S.A. ................................................................................
BILBAO BIZKAIA KUTXA, AURREZKI KUTXA ETA BAHITETXEA ............................................
BILBAO HIPOTECARIA, E.F.C., S.A..........................................................................................
CAIXA DESTALVIS DE CATALUNYA.......................................................................................
CAJA DE AHORROS DE CASTILLA-LA MANCHA ...................................................................
CAJA DE AHORROS DE LA INMACULADA DE ARAGON......................................................
CAJA DE AHORROS DE MURCIA...........................................................................................
CAJA DE AHORROS DE SANTANDER Y CANTABRIA.............................................................
CAJA DE AHORROS DE VALENCIA, CASTELLON Y ALICANTE, BANCAJA .............................
CAJA DE AHORROS DEL MEDITERRANEO ............................................................................
CAJA DE AHORROS MUNICIPAL DE BURGOS......................................................................
CAJA DE AHORROS PROVINCIAL SAN FERNANDO DE SEVILLA Y JEREZ ............................
CAJA DE AHORROS Y MONTE DE PIEDAD 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 AHORROS Y MONTE DE PIEDAD ......................
CAJA GENERAL DE AHORROS DE CANARIAS .......................................................................
CAJA GENERAL DE AHORROS DE GRANADA.......................................................................
CAJA LABORAL POPULAR COOP. DE CREDITO....................................................................
CORPORACION ANDINA DE FOMENTO ..............................................................................
CREDITER, SOCIEDAD ANONIMA, E.F.C. ..............................................................................
EDAMLEASING, E.F.C., S.A. ....................................................................................................
FONDO DE TITULIZACION DE ACTIVOS SANTANDER I (1) .................................................
J.P. MORGAN BANK, S.A........................................................................................................
LICO LEASING, S.A. SOCIEDAD DE ARRENDAMIENTO FINANCIERO..................................
MONTE DE PIEDAD Y CAJA DE AHORROS DE HUELVA Y SEVILLA ......................................
MONTES DE PIEDAD Y CAJA DE AHORROS DE RONDA, CADIZ, ALMERIA,
MALAGA Y ANTEQ .................................................................................................................
SA NOSTRA DE INVERSIONES, E.F.C., S.A. ............................................................................
SANTANDER CENTRAL HISPANO LEASE, S.A. E.F.C. .............................................................
SANTANDER CONSUMER FINANCE, S.A...............................................................................
UNION FINANCIERA ASTURIANA, S.A..................................................................................
41
1
1
1
1
1
1
1
1
1
1
1
1
96,614,167
343,800
1,870,040
2,406,243
551,850
100,038
1,183,317
19,621
1,267,921
915,588
811,730
17,128,560
11,454,600
4,276,932
6,603,629
131,056
10,343,462
5,319,561
29,356
5,569,040
306,300
290,100
387,611
343,668
2,747,862
2,025,370
506,700
423,200
401,500
532,460
736,800
466,700
226,235
210,100
2,447,207
609,900
16,686
39,487
5,770,200
321,300
1,177,202
20,365,121
83,300
222,670
126,654
30,585
6,054
116,427
1
1
1
1
1
1
1
1
1
2
1
1
1
1
1
1
1
1
1
1
1
36,548,200
120,000
232,000
210,000
120,000
30,000
300,000
463,425
1,200,000
270,000
1,000,000
2,000,000
6,000,000
600,000
3,000,000
6,000,000
1900,000
12,000
1,800,000
300,000
190,000
600,000
300,000
600,000
600,000
300,500
450,000
300,500
2,000,000
450,700
300,000
90,000
300,500
450,000
500,000
10,000
1,000,000
300,000
600,000
1
1
600,000
2,500,000
12,000
331,100
27,910
5,475,578
22,843
261,400
3,447
35,887
988,894
7,617
Energy and water ....................................................................................................................

ENDESA, S.A. ..........................................................................................................................
HIDROELECTRICA DEL CANTABRICO, S.A. (ABSORBIDA) ....................................................
IBERDROLA, S.A. ....................................................................................................................
RED ELECTRICA DE ESPAA, S.A. ..........................................................................................
UNION FENOSA, S.A. ............................................................................................................
5
1
1
1
1
1
5,848,000
2,500,000
180,000
1,500,000
168,000
1,500,000
5,004,934
1,089,578
198,385
2,191,872
380,100
1,144,999
1,739,005
462,765
110,700
699,020
163,800
302,720
Real estate...............................................................................................................................
PROMOTORA CATALUNYA MEDITERRANEA S.A..................................................................
VALLEHERMOSO, S.A.............................................................................................................
2
1
1
295,000
75,000
220,000
482,844
12,714
470,130
232,047
57,222
174,825
Transport and communications ..........................................................................

AUTOPISTA CONCESIONARIA ASTUR-LEONESA, S.A...........................................................
RED NACIONAL DE LOS FERROCARRILES ESPAOLES ........................................................
TELEFONICA, S.A....................................................................................................................
4
1
1
2
2,884,400
184,400
700,000
2,000,000
4,275,650
184,400
2,688,070
1,403,180
1,278,060
184,400
394,310
699,350
TOTAL.....................................................................................................................................
52
45,575,600
106,377,595
23,614.233
(1) Asset securitisation. The amount of the registered programmes is also included in the total of table A.1.11.
106
591,840
51,549
319,151
1,420,728
1,052,949
406,539
3,600,000
1,889,509
23,285
2,459,779
623,949
3,763
1,318,910
68,400
173,100
36,355
143,370
428,700
396,270
262,400
96,600
0
532,460
441,100
125,000
19,744
86,600
129,385
99,700
9,841
20,313
1,000,000
7,878
233,200
390,198
TOTAL ...............................................................................
(1) Premium amount.

(2) Nominal amount of contract.
(3) Certified.
1
1
1
1
1
1
1
1
B. GUIPUZCOANO...........................................................
B. VITORIA ........................................................................
BANESTO ..........................................................................
BANESTO EMISIONES.......................................................
BANIF................................................................................
BBVA.................................................................................
BBVA BANCO DE FINANCIACION...................................
BNP EMISSIONS................................................................
CAJA RURAL ARAGONESA Y PIRINEOS, C.C. ..................
CAJA RURAL DE ZAMORA ...............................................
CAJA RURAL DEL SUR, S. COOP. DE CREDITO ...............
CAJAMAR ..........................................................................
CITIBANK..........................................................................
CITIBANK AG....................................................................
COMMERZBANK ..............................................................
DEUTSCHE BANK, AG ......................................................
FIBANC .............................................................................
IBERCAJA...........................................................................
LA KUTXA CAJA GUIPUZCOA.....................................
SCH...................................................................................
SCH INVESTMENT ............................................................
SOCIETE GENERALE ACCEPTANCE...................................
UBS ...................................................................................
Issuers
1,132
38
300
91
50
138
3
179
290
43
Issues
Number of
2,338,903
42,690
438,957
229,973
204,680
509,720
10,166
52,624
672,680
177,413
Total
Fix.inc.
56,792
17,650
96,675
133,050
5,452
15,861
267,800
72,338
Indexes
1,652,480 665,619
42,690
382,165
212,323
108,005
376,670
4,714
36,559
384,280
105,075
Shares
Amount (1)
Warrants
20,804
204
20,600
Other
14
1
1
1
1
1
1
1
1
1
1
1
1
1
1
28
Total
Fix. inc. Shares
Amount (2)
Indexes
,658,450 89,998 1,368,452 200,000
72,000
72,000
3,999
3,999
740,251 89,998 650,253
8,000
8,000
564,298
564,298
4,000
4,000
2,000
2,000
3,000
3,000
4,200
4,200
18,000
18,000
(3)
200,000
200,000
200
200
36,000
36,000
2,502
2,502
Issues
4
2
7
1
5
1
1
1
1
1
1
1
1
1
Issuers
Number of
Other financial contracts
A.1.13. ISSUES OF WARRANTS AND OTHER FINANCIAL CONTRACTS REGISTERED AT THE CNMV. 2002
Detail by issuer
107
Annex 2
Secondary markets
Agriculture and fishing ....................................

Energy and water .............................................
Mining..............................................................
Oil....................................................................
Electricity .........................................................
Water and gas ..................................................
Basic metal industries ......................................
Cement and construction materials .................
Cement.............................................................
Construction materials......................................
Chemical industry............................................
Metal processing..............................................
Other processing industries .............................
Food. beverages and tobacco ...........................
Paper & printing ...............................................
Other manufacturing industries ........................
Construction ....................................................
Commerce and other services .........................
Commerce and other services .........................
Media...............................................................
High technology...............................................
Transport and communications........................
Transport .........................................................
Car parks and toll roads ...................................
Communications ..............................................
Financial institutions, insurance, etc................
Banks, thrifts & other financial institutions .......
Insurance..........................................................
Porfolio companies...........................................
Real estate .......................................................
GRAND TOTAL ...............................................
SECTOR
Q2
2.6
3.9
2.1
16.3
22.6
8.7
5.0
3.2
7.1
2.1
8.6
1.2
5.1
3.2
0.4
11.6
9.1
3.2
3.9
0.1
2.9
3.3
0.7
7.3
4.4
17.9
0.7
3.8
0.7
Q1
21.1
1.0
3.5
15.4
35.2
2.4
0.1
4.8
12.4
4.7
11.3
1.1
3.4
1.4
5.0
10.5
9.3
2.8
3.4
2.9
4.2
1.5
2.5
10.7
2.4
21.6
3.8
61.1
16.4
16.3
9.6
46.1
5.3
Q3
9.3
4.9
1.7
15.5
17.6
12.6
0.7
3.5
6.6
0.6
6.1
1.5
4.9
3.1
2.0
10.0
7.8
2.1
1.9
0.1
3.3
5.5
1.0
12.1
7.0
Net revenues
15.2
0.4
22.6
6.8
Q4
16.3
5.5
4.2
13.8
10.5
10.7
3.5
3.9
3.7
4.1
4.7
1.6
7.1
3.6
1.2
16.9
8.1
5.8
7.5
0.6
4.0
6.8
0.1
8.1
8.5
7.5
47.8
38.8
20.2
2002
1.0
1.9
2.8
3.0
9.9
12.8
0.6
9.5
16.1
1.6
5.9
6.6
5.0
9.2
5.7
1.9
15.7
5.8
3.4
8.6
11.7
8.7
6.1
13.7
9.0
70.6
430.0
8.0
11.0
12.2
16.3
17.6
44.8
52.9
Q1
41.9
19.8
16.3
40.2
2.8
1.5
12.4
3.0
8.3
25.6
44.6
10.4
3.7
0.9
65.3
21.7
5.1
17.9
19.7
43.2
5.5
98.4
15.3
1.8
1.5
17.8
42.6
10.1
15.5
Q2
101.9
14.5
11.7
11.3
20.9
15.7
4.8
7.7
12.0
11.7
30.6
14.1
0.8
1.7
38.4
18.4
3.9
39.8
32.9
A.2.1. SECONDARY MARKETS.

NET REVENUES AND EARNINGS OF LISTED COMPANIES. 2002
12.2
13.2
28.5
1.1
14.6
41.7
159.7
5.6
Q3
19.3
17.6
10.3
15.4
22.2
2.7
24.0
15.6
19.4
0.9
19.5
9.1
7.8
5.9
9.9
17.5
3.8
22.1
32.1
158.8
62.6
Earnings before taxes
8.2
8.4
8.6
18.8
26.4
63.1
13.5
2.3
Q4
160.8
3.8
34.5
10.9
3.0
3.9
7.5
12.4
17.3
9.0
33.1
12.7
13.6
7.2
3.3
29.4
5.7
29.8
26.4
6.5
29.1
4.5
3.9
165.4
41.1
20.9
12.9
2002
233.1
27.1
14.9
35.9
22.6
0.0
56.5
3.1
1.0
11.4
15.0
1.0
22.8
21.2
54.5
22.7
18.1
15.5
5.7
44.6
31.5
31.9
Year-to-date change (%)
Annex 2: SECONDARY MARKETS
111
A.2.2.1. SECONDARY MARKETS. EQUITIES.

WORLD MARKETS IN 2002. STOCK MARKET INDEXES.
Period
1994 ...............
1995................
1996................
1997................
1998................
1999................
2000................
2001................
2002................
Q1...................
Q2...................
Q3...................
Q4...................
Period
1994 ...............
1995................
1996................
1997................
1998................
1999................
2000................
2001................
2002................
Q1...................
Q2...................
Q3...................
Q4...................
Index yield (%) (a)

Dow Jones
2.1
33,5
26.0
22.6
16.1
25.2
6.2
7.1
16.8
3.8
11.2
17.9
9.9
Nasdaq
Nikkei
FTSE 100
CAC 40
DAX 30
Mib 30
IBEX 35
3.2
39,9
22.7
21.6
39.6
85.6
39.3
21.1
31.5
5.4
20.7
19.9
13.9
13.2
0,7
2.6
21.2
9.3
36.8
27.2
23.5
18.6
4.6
3.7
11.7
8.6
10.3
20,3
11.6
24.7
14.6
16.2
10.2
16.2
24.5
1.0
11.7
20.1
5.9
17.1
0,5
23.7
29.5
31.5
52.8
0.5
22.0
33.7
1.4
16.9
28.7
10.3
7.1
7,0
28.2
47.1
17.8
39.0
7.5
19.8
43.9
4.6
18.8
36.8
4.5
3.1
4,2
11.1
58.9
40.9
22.3
1.7
26.2
26.0
3.1
16.3
22.5
10.7
14,6
17.6
42.0
40.8
35.6
18.3
21.7
7.8
28.1
1.8
16.2
21.4
11.1
Euro Stoxx 50 Euronext 100
46.7
2.7
20.2
37.3
0.6
17.2
29.6
8.3
32.5
2.4
16.2
28.2
9.4
Index volatility (%) (b)

Dow Jones
Nasdaq
Nikkei
FTSE 100
CAC 40
DAX 30
Mib 30
10.6
9.5
11.2
17.5
18.0
15.8
19.4
20.2
23.5
16.5
17.1
31.1
28.9
11.0
12.3
14.8
17.1
24.0
27.1
44.6
42.0
33.4
27.5
31.3
39.8
34.9
17.1
21.2
14.3
24.4
27.5
19.8
21.5
27.6
25.1
25.7
21.1
27.9
25.6
13.3
9.8
9.1
13.9
19.7
18.2
18.4
20.5
23.8
13.9
12.4
38.1
30.3
17.4
16.8
12.5
20.9
24.1
19.1
23.0
24.4
31.9
19.4
18.5
47.4
41.7
16.7
12.8
11.3
22.2
26.2
22.0
23.2
26.7
35.7
23.0
20.2
49.7
49.1
21.4
19.0
18.1
21.7
30.4
20.4
21.8
23.8
26.8
19.8
17.9
35.2
33.6
IBEX 35
18.3
13.1
12.2
20.3
27.7
19.7
23.1
26.0
28.6
22.8
17.8
41.1
32.2
Euro Stoxx 50 Euronext 100
19.3
22.2
25.2
33.7
21.7
19.1
49.4
43.7
30.7
17.0
16.4
44.4
38.5
(a) Change at end of period over last session of previous period.

(b) Arithmetic mean of annualised daily volatilities in the period. Daily volatility is defined as the standard deviation of the daily index yield in the last 30 sessions.
Sources: FIBV and CNMV.
112
A.2.2.2. SECONDARY MARKETS. EQUITIES.

WORLD MARKETS IN 2002. TRADING VOLUME, P/E AND DIVIDEND YIELD.
Period
Trading volume
NYSE
Nasdaq
Tokio
LSE
Euronext
Germany
Spain
Euro zone
1995 (Bn $) .................

1996 (Bn $) .................
1997 (Bn $) .................
1998 (Bn $) .................
1999 (Bn $) .................
2000 (Bn $) .................
2001 (Bn $) .................
2002 (Bn $) .................
3,082.9
4,063.4
5,777.6
7,317.9
8,945.2
11,060.0
10,489.3
10,311.2
2,398.2
3,301.8
4,481.7
5,518.9
10,466.6
19,798.8
11,000.2
7,254.6
888.4
938.8
896.1
750.8
1,675.6
2,315.5
1,660.5
1,565.8
1,138.4
1,360.3
1,989.5
2,888.0
3,399.3
4,558.7
4,550.5
3,998.5
213.4
282.0
414.3
587.9
770.1
1,161.9
3,179.8
1,987.2
606.5
811.6
1,067.7
1,491.8
1,551.5
2,120.1
1,439.9
1,208.0
94.5
103.3
203.3
488.2
539.4
1,106.4
710.2
636.8
63.6
100.7
184.6
291.6
305.6
454.6
397.2
421.3
6,209.8
8,982.8
7,745.0
4,495.6
Change 1996/1995 (a)...

Change 1997/1996 (a)...
Change 1998/1997 (a)...
Change 1999/1998 (a)...
Change 2000/1999 (a)...
Change 2001/1999 (a)...
Change 2001/1999 (a)...
31.8
42.2
26.7
22.2
23.6
5.2
1.7
37.7
35.7
23.1
89.6
89.2
44.4
34.1
21.2
5.7
10.3
123.2
34.0
18.5
3.8
20.2
40.1
43.2
17.7
42.7
5.0
15.8
36.0
67.2
42.0
31.0
59.0
33.3
41.1
41.0
51.4
40.8
4.0
55.8
29.8
20.6
3.4
117.8
143.1
10.5
116.5
28.2
15.8
61.9
111.7
60.2
10.8
70.1
9.8
0.1
66.2
31.7
30.2
% of NYSE:
1995............................
% s/NYSE 1996 ...........
% s/NYSE 1997 ...........
% s/NYSE 1998 ...........
% s/NYSE 1999 ...........
% s/NYSE 2000 ...........
% s/NYSE 2001 ...........
% s/NYSE 2002 ...........
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
77.8
81.3
77.6
75.4
117.0
179.0
104.9
70.4
28.8
23.1
15.5
10.3
18.7
20.9
15.8
15.2
36.9
33.5
34.4
39.5
38.0
41.2
43.4
38.8
6.9
6.9
7.2
8.0
8.6
10.5
30.3
19.3
19.7
20.0
18.5
20.4
17.3
19.2
13.7
11.7
3.1
2.5
3.5
6.7
6.0
10.0
6.8
6.2
2.1
2.5
3.2
4.0
3.4
4.1
3.8
4.1
69.4
81.3
73.8
43.6
Period
Italy
P/E and dividend yield (b)

USA
Japan
UK
France
Germany
Italy
Spain
P/E:
1995............................
1996............................
1997............................
1998............................
1999............................
2000............................
2001............................
2002............................
17.2
19.3
22.9
30.2
30.7
26.1
33.3
22.6
105.2
108.7
41.9
185.2
NEG
57.5
38.0
NEG
15.1
14.9
16.8
20.4
26.1
23.8
19.6
14.7
23.8
48.7
24.0
26.2
36.0
28.0
22.7
39.0
25.5
27.6
22.7
23.5
32.3
23.0
20.2
19.4
26.9
18.9
24.7
25.0
31.1
27.1
16.8
19.6
12.6
16.8
22.2
26.1
26.4
20.2
17.6
15.8
DIVIDEND YIELD:
1995............................
1996............................
1997............................
1998............................
1999............................
2000............................
2001............................
2002............................
2.3
2.0
1.8
1.3
1.1
1.2
1.4
1.8
0.7
0.8
0.8
1.0
0.6
0.8
0.9
1.1
4.0
3.9
3.3
2.5
2.2
2.2
2.7
3.6
3.4
2.8
2.5
2.1
1.5
1.7
2.4
3.7
2.7
2.3
2.0
1.9
1.6
2.2
2.8
2.6
2.1
2.4
2.0
1.4
1.5
2.0
2.7
4.1
3.8
2.8
2.5
1.5
1.6
1.7
2.0
2.7
(a) Local currency.

(b) P/E: ratio of market capitalisation to earnings. Dividend yield: ratio of dividend received to capitalisation (%). Morgan Stanley. NEG: negative.
Sources: FIBV, Morgan Stanley and CNMV.
113
A.2.3. SECONDARY MARKETS. EQUITIES.

SPANISH STOCK MARKET INDEXES IN 2002
Period
Yield (change over previous period, in % terms)

Madrid
Barcelona
Bilbao
Valencia
1994........................................
1995........................................
1996........................................
1997........................................
1998........................................
1999........................................
2000........................................
2001........................................
2002........................................
11.7
12.3
39.0
42.2
37.8
16.2
12.7
6.4
23.1
10.8
13.1
42.8
40.0
33.5
23.2
6.8
9.6
31.2
10.2
20.4
47.8
45.6
40.0
21.4
18.6
9.9
25.7
8.9
18.7
44.2
40.7
34.0
18.3
12.0
7.6
27.8
Q1
Q2
Q3
Q4
0.6
12.8
20.3
10.0
2.5
19.1
21.6
11.2
1.9
14.7
19.2
9.9
2.0
16.5
21.5
12.4
..........................................
..........................................
..........................................
..........................................
Period
IBEX 35
N. Mercado (*)
Latibex
14.6
17.6
42.0
40.8
35.6
18.3
21.7
7.8
28.1
66.3
22.4
47.3
23.4
6.6
34.4
1.8
16.2
21.4
11.1
8.8
25.9
34.1
0.8
10.9
31.8
26.9
18.6
Latibex
Volatility (%) (**)

Madrid
Barcelona
Bilbao
Valencia
IBEX 35
N. Mercado (*)
1994........................................
1995........................................
1996........................................
1997........................................
1998........................................
1999........................................
2000........................................
2001........................................
2002........................................
16.9
11.8
11.0
19.0
24.8
17.7
20.7
23.5
25.2
18.6
13.7
13.5
19.9
25.3
18.4
19.5
28.0
30.0
17.7
12.6
11.9
19.2
25.6
18.5
22.4
23.8
26.2
17.4
14.4
12.3
19.4
24.8
17.5
21.2
26.4
29.0
18.3
13.1
12.2
20.3
27.7
19.7
23.1
26.0
29.0
46.5
43.1
33.1
38.8
23.8
26.7
Q1
Q2
Q3
Q4
20.1
15.8
35.9
28.8
23.7
19.4
42.4
34.0
22.3
17.4
36.7
28.0
22.0
17.6
41.7
34.4
23.1
18.2
41.3
32.9
26.1
22.2
41.5
42.5
22.9
18.0
32.9
32.8
..........................................
..........................................
..........................................
..........................................
(*) The Nuevo Mercado became operational on 11 April 2000. 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 annualised daily volatilities.
Daily volatility is defined as the standard deviation of the daily index yield in the last 30 sessions.
114
17.7
15.9
24.8
20.1
Q1
Q2
Q3
Q4
14.6
16.0
24.4
31.5
17.3
22.4
Investment
10.1
2.9
22.6
10.7
19.2
8.4
Investment
16.2
12.7
28.7
26.0
16.1
21.9
Energy
2.4
8.2
16.5
6.6
1.6
20.3
Energy
19.4
16.9
21.8
17.7
20.0
19.4
2.5
12.7
28.9
15.7
10.5
26.3
Finance
26.7
20.4
42.1
42.5
30.6
34.6
Finance
Volatility (%) (2)

Construction
13.7
4.1
13.9
2.3
17.3
4.2
Construction
Yield (change over previous period, in % terms
33.0
30.3
49.6
39.4
39.2
39.5
Communications
9.2
32.3
14.8
11.6
12.4
41.6
Communications
11.6
11.0
17.3
15.9
16.3
14.4
Market
11.2
1.7
20.6
6.9
3.2
7.3
Market
20.9
15.8
31.4
29.0
23.5
25.5
General
0.6
12.8
20.3
10.0
6.4
23.1
General
(1) In early 2002, in order to better represent current market operations, the Madrid Stock Exchange implemented a new classification of sector indexes comprising seven sectors. The 2001 data is based on the information from the
Madrid Stock Exchange itself and is set out for comparison purposes. Data before this classification can be seen in previous annual reports.
(2) The volatility in each period is defined as the arithmetic mean of annualised daily volatilities. Daily volatility is defined as the standard deviation of the daily index yield in the last 30 sessions.
.............................
.............................
.............................
.............................
18.9
20.3
2001...........................
2002...........................
Period
Consumer
6.2
3.6
6.2
3.1
Q1
Q2
Q3
Q4
.............................
.............................
.............................
.............................
3.6
1.0
Consumer
2001...........................
2002...........................
Period

SECTOR INDEXES (MADRID STOCK EXCHANGE). 2002 (1)
115

CAPITALISATION AND COMPANIES LISTED ON THE SPANISH
STOCK EXCHANGES
Data for end of period
MADRID BARCELONA
BILBAO
VALENCIA
83,886.3
99,953.1
139,279.9
201,179.9
276,507.3
362,926.2
501,051.8
485,526.5
409,327.8
79,391.9
90,611.6
126,742.8
185,754.5
259,563.2
340,599.3
483,718.3
469,971.4
414,081.1
Pro Memoria
Total
Elec. Mkt. (*)
Outcry
Latibex
125,582.1
142,015.0
194,990.1
273,691.3
355,660.3
464,453.7
581,090.8
580,028.8
478,342.4
116,110.1
131,796.5
183,575.7
259,020.0
333,138.0
419,815.3
471,123.8
444,603.3
339,634.5
9,472.0
10,218.4
11,414.4
14,671.3
22,521.7
39,564.4
55,100.6
69,334.3
74,020.0
5,073.9
54,866.4
66,091.1
64,687.9
Capitalisation (Mn): ..........

1994................................
1995................................
1996................................
1997................................
1998................................
1999................................
2000................................
2001................................
2002................................
122,068.0
138,205.7
190,425.3
267,420.0
345,827.0
445,674.5
555,609.4
552,403.9
451,441.9
No. of listed companies:......

1994................................
1995................................
1996................................
1997................................
1998................................
1999................................
2000................................
2001................................
2002................................
375
363
358
384
481
719
1,022
1,477
1,843
313
305
303
321
375
483
567
715
800
262
240
242
248
250
270
305
413
433
215
209
211
215
275
380
455
593
617
652
615
606
663
872
1,367
1,869
2,512
3,000
127
127
134
143
149
143
144
143
141
525
488
472
520
723
1,219
1,714
2,352
2,836
5
11
17
23
No. of active companies:.....

1994................................
1995................................
1996................................
1997................................
1998................................
1999................................
2000................................
2001................................
2002................................
223
205
206
222
222
459
955
1,374
1,769
177
161
159
155
155
299
569
653
733
117
114
117
105
105
116
321
364
366
106
98
102
100
100
235
467
532
551
608
585
593
650
650
1,365
1,761
2,384
2,899
127
126
134
143
143
146
149
147
140
481
459
459
507
507
1,219
1,600
2,220
2,737
5
12
17
22
114,985.6
130,690.1
182,185.7
255,181.2
327,499.0
425,508.0
529,125.1
515,398.6
418,392.4
(*) Elec. Mkt.: Electronic market.

Active companies are those which were listed at the end of the period and had registered a trade during the year.
Their capitalisation is calculated using the price of the last trade.
Companies in which there were no trades are assigned zero capital as there is no reference price.
Elec. Mkt.: Electronic market.
Pro memoria:
Listed capital of foreign companies (effective, in millions of euros)
Bayer .......................................
Volkswagen .............................
Jazztel......................................
EADs........................................
Reno de Medici .......................
Mela Inversiones Americanas .
Commerzbank .........................
Lafarge.....................................
Arcelor.....................................
TOTAL .....................................
% of total capitalisation ...........
116
1996
20,394.7
7,805.3
6,276.4
4,190.3
38,666.7
19.8
1997
20,740.3
13,809.5
11,779.2
5,614.7
51,943.7
19.0
1998
22,123.3
17,704.0
458.0
6,806.5
47,091.7
13.2
1999
26,910.9
14,715.1
314.,5
41,940.4
9.0
2000
32,911.6
14,391.1
810.5
18,805.6
245.2
289.3
67,453.4
11.6
2001
23,325.7
13,635.1
346.5
10,883.4
163.6
48,354.4
8.3
2002
13,100.7
9,450.1
275.8
7,949.7
95.6
6,119.5
36,991.5
7.7

CONCENTRATION OF CAPITAL ON THE SPANISH STOCK MARKETS
BY SECTOR. 2002
Number of issuers required to attain a given level of capitalisation
Electronic market
Sector
Outcry (4 exchanges)
25%
50%
75%
Total
25%
50%
1
1
1
1
1
1
1
1
2
2
1
2
2
2
2
1
1
1
2
1
3
3
2
4
2
4
3
3
1
1
2
2
4
4
3
9
4
11
13
4
5
17
16
15
6
10
11
20
0
1
1
1
1
1
1
1
1
1
1
1
0
1
2
1
1
2
1
1
1
1
1
1
0
1
2
2
1
4
1
1
1
4
1
2
0
2
5
5
1
8
3
4
2
23
3
8
TOTAL NON-FINANCIAL SECTOR
19
132
64
12
13
14
15
16
1
1
1
1
1
2
2
1
1
1
4
2
2
1
1
23
3
4
1
1
1
1
1
110
0
1
1
2
642
0
1
1
3
1,419
0
1
1
22
2,748
0
TOTAL FINANCIAL SECTOR
32
105
632
1,417
2,772
TOTAL 2002
10
23
164
85
575
1,397
2,836
TOTAL 2001
19
161
63
400
1,105
2,356
TOTAL 2000
14
155
50
266
744
1,714
0
1
2
3
4
5
6
7
8
9
10
11
OIL
ENERGY AND WATER
MINING AND BASE METALS
CEMENT AND CONSTRUCTION MATERIALS
CHEMICALS
TEXTILE & PAPER
METAL-MECHANICAL
FOOD
CONSTRUCTION
REAL ESTATE
TRANSPORT & COMMUNICATIONS
OTHER
BANKS
INSURANCE
PORTFOLIO COMPANIES
SIM
FINANCE COMPANIES
2002 Gini index
0.78
0.44
2001 Gini index
0.80
0.44
2000 Gini index
0.83
0.47
75%
Total
Notes:
The total columns indicate the number of companies listed at the end of the related year.
In the case of issuers listed on more than one market, the capitalisation was taken as that on the market the share is traded most frequently.
117

CAPITALISATION ON THE SPANISH STOCK MARKETS
BY SECTOR. 2002
Percentage of capitalisation
Sector
0
1
2
3
4
5
6
7
8
9
10
11
OIL
ENERGY & WATER
MINING & BASE METALS
CEMENT & CONSTRUCTION MATERIALS
CHEMICALS
TEXTILE & PAPER
METAL-MECHANICAL
FOOD
CONSTRUCTION
REAL ESTATE
OTHER
Total
2001
Electronic market (*) Outcry (4 exchanges)

2002
2001
2002
2001
2002
Latibex
2001
2002
4.0
11.5
1.5
0.5
4.5
2.8
4.9
1.9
2.2
1.1
24.8
5.2
7.4
9.7
4.8
0.6
3.1
3.5
4.4
2.3
2.9
1.6
20.4
4.0
5.2
11.7
1.1
0.5
5.8
3.3
6.3
2.3
2.9
1.1
25.3
6.7
5.9
11.7
3.3
0.6
4.4
4.5
6.2
3.0
4.1
1.8
22.5
5.3
0.0
0.1
0.3
1.1
0.1
0.2
0.3
0.9
0.0
2.3
1.3
0.4
0.0
0.2
0.1
1.3
0.1
0.2
0.0
1.1
0.0
2.1
0.7
0.4
0.0
21.8
5.5
0.0
0.0
2.3
0.0
0.0
0.0
0.0
45.3
0.0
23.7
9.9
17.8
0.0
0.0
2.2
0.0
0.0
0.0
0.0
31.5
1.4
TOTAL NON-FINANCIAL SECTOR
64.9
64.8
72.4
73.4
7.1
6.1
75.0
86.5
12
13
14
15
16
22.8
0.6
0.6
10.9
0.1
19.5
0.7
0.6
14.3
0.0
26.2
0.6
0.7
0.0
0.0
25.0
0.9
0.7
0.0
0.0
0.1
0.8
0.6
91.5
0.0
0.1
0.6
0.5
92.7
0.0
24.2
0.0
0.0
0.0
0.8
13.2
0.0
0.0
0.0
0.3
35.1
35.2
27.6
26.6
92.9
93.9
25.0
13.5
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)
580,028.8 478,342.4 444,603.3 339,634.5 69,334.3 74,020.0 66,091.1 64,687.9
(*) Excluding Latibex.

Notes:
Electronic market: Percentage of the sector capitalisation for shares traded on the electronic market.
In the case of issuers listed on more than one market, the capitalisation was taken as that on the market where the share is traded most frequently.
118
A.2.8. SECONDARY MARKETS. EQUITIES. OWNERSHIP OF SHARES OF LISTED

COMPANIES* (MADRID STOCK EXCHANGE)
1992..........
1993..........
1994..........
1995..........
1996..........
1997..........
1998..........
1999..........
2000..........
2001..........
Banks and
thrifts
Insurance
companies
15.6
13.4
15.1
15.1
14.1
12.9
11.7
12.8
7.3
7.9
3.4
2.2
2.7
2.8
2.2
2.6
2.8
3.0
2.3
2.3
Collective
Public
Non-financial
investment administration companies
1.7
1.9
3.0
4.2
5.0
7.6
7.4
5.8
4.8
4.9
16.6
16.4
13.8
12.2
10.9
5.6
0.6
0.3
0.2
0.2
7.7
6.9
6.8
6.7
6.9
5.9
5.5
10.1
20.3
21.7
Households
Foreign
TOTAL
24.4
24.8
22.8
22.2
23.6
30.0
35.1
33.6
30.5
28.0
30.6
34.4
35.9
36.7
37.4
35.6
36.9
34.3
34.7
35.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
* Only domestic companies.

Source: Madrid Stock Exchange Market Report dated August-September 2002.
119
A.2.9. SECONDARY AND DERIVATIVES MARKETS.

TRADING VOLUME
SECONDARY MARKETS
EQUITIES (a)
Electronic market
Outcry market (b)
FIXED-INCOME
Govt. debt book-entry market (c,d)
Bonds and debentures
LTreasury bills
Exchanges (a)
Electronic market
Outcry market
AIAF (c)
Commercial paper
Matador bonds
Mortgage bondss
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 futures
Stock options
S&P contracts
TOTAL MEFF
TOTAL EUROMEFF
European govt. bond futures
European index contracts
Other
Madrid Stock Exchange warrants (e)
FC&M
Futures
(a) Effective amount.

(b) Includes second step.
(c) Nominal amount.
(d) Includes only outright spot trades.
(e) Traded premiums, in millions of euros.
120
Trading volume in millions of euros

2001
2002
Change (%)
444,276.9
440,604.8
3,672.1
444,917.6
439,950.4
4,967.3
27.8
0.1
35.3
1,964,678.1
1,899,590.3
65,087.9
57,463.1
2,383.8
55,079.3
143,732.8
100,812.0
2,000.7
2,100.1
38,820.0
2,310,943.1
2,270,847.2
40,095.9
71,140.2
2,046.3
69,093.9
272,469.9
212,701.6
3,458.0
4,164.0
52,146.3
17.6
19.5
38.4
23.8
-14.2
25.4
89.6
111.0
72.8
98.3
34.3
Number of contracts, unless stated otherwise

2001
2002
Change (%)
284,642
284,642
0
0
0
51,060
51,060
0
0
0
82.1
82.1
30,652,401
4,206,094
537,127
7,389,886
18,505,350
13,943
27,866,867
3,515,016
441,745
9,630,899
14,278,332
875
9.1
16.4
17.8
30.3
22.8
93.7
30,937,043
27,917,927
9.8
3,238,900
4,198,261
29.6
2,618,855
617,278
2,767
2,583,383
1,604,330
10,548
1.4
159.9
281.2
1,636.0
1,232.4
24.7

EFFECTIVE TRADING IN EQUITIES ON THE SPANISH
STOCK EXCHANGES. 2002
Total
Electronic
market
Outery
market
1998 ............
1999 ............
2000 ............
2001 ............
2002 ............
261,092.6
289,353.9
492,301.7
444,301.8
444.935.5
257,921.1
286,020.4
488,888.5
440,604.8
439,950.4
January.........
February.......
March ..........
April.............
May..............
June..............
July...............
August..........
September ....
October........
November ....
December ....
43,754.3
36,771.4
38,041.7
41,870.8
40,404.6
39,699.9
47,416.6
25,217.4
30,108.0
38,247.9
32,394.6
31,008.4
0.1
100.0
Mes
Pro memoria:
Change 01-02 (%)
Share in 2002 (%)
Outcry markets
Second
market
MADRID
BARCELONA
BILBAO
VALENCIA
3,158.2
3,302.4
3,382.2
3,672.1
4,967.3
2,291.0
2,003.1
2,062.4
2,469.6
3,235.3
475.9
885.1
695.1
660.2
948.6
176.3
170.2
259.9
296.7
297.8
215.0
244.0
364.7
245.6
485.5
12.7
31.1
18.3
24.9
17.9
43,396.5
36,459.7
37,689.3
41,571.0
40,070.6
39,389.2
46,839.5
25,012.3
29,721.0
37,781.4
31,984.7
30,035.1
356.9
308.4
349.2
299.4
333.1
308.1
575.3
204.7
386.6
465.6
408.5
971.5
246.1
143.5
272.8
222.6
196.4
183.9
442.5
107.6
297.2
340.4
254.6
527.7
58.7
141.5
39.9
25.0
64.9
61.0
72.9
60.2
43.9
73.4
77.4
229.8
32.4
13.3
13.0
21.2
12.7
48.0
35.7
18.8
32.6
28.4
14.9
26.8
19.7
10.1
23.5
30.5
59.1
15.1
24.1
18.2
12.8
23.4
61.6
187.2
0.8
3.3
3.2
0.4
0.9
2.6
1.9
0.4
0.4
0.8
1.4
1.8
0.1
98.9
35.3
1.1
31.0
65.1
43.7
19.1
0.4
6.0
97.7
9.8
28.0
0.0
Share: Trading on the electronic, outcry and second markets as a percentage of the total and trading on the outcry market in each exchange as percentage of total
outcry trading.
121
122
444.917,6
410.777,4
263.656,0
76.129,9
70.991,5
18.884,8
4.883,2
2.116,1
1.586,8
1.800,5
772,0
4.096,9
(*) Does not include the second market.

(1) Securities Market Law.
Total trading ..........................

Regular trading...................
- Orders ..........................
- Put-throughs .................
- Block trades..................
Off-hours............................
Authorised trades ...............
Art. 36.1 SML (1) trades ....
Tender offers.......................
Public offerings ..................
Declared trades..................
Exercise of options .............
Amount
100.0
92.3
59.3
17.1
16.0
4.2
1.1
0.5
0.4
0.4
0.2
0.9
Share (%)
Total (*)
439,950.4
406,291.7
259,170.3
76,129.9
70,991.5
18,685.0
4,822.4
2,116.1
1,571.2
1,800.5
566.5
4,096.9
Amount
100.0
92.3
58.9
17.3
16.1
4.2
1.1
0.5
0.4
0.4
0.1
0.9
Share (%)
Electronic market
4,967.3
4,485.6
4,485.6
0.0
0.0
199.8
60.8
0.0
15.6
0.0
205.5
0.0
Amount
100.0
90.3
90.3
0.0
0.0
4.0
1.2
0.0
0.3
0.0
4.1
0.0
Share (%)
Total
3,235.3
3,058.6
3,058.6
0.0
0.0
57.9
18.7
0.0
8.1
0.0
92.0
0.0
Amount
100.0
94.5
94.5
0.0
0.0
1.8
0.6
0.0
0.2
0.0
2.8
0.0
Share (%)
Madrid
948.6
688.2
688.2
0.0
0.0
139.3
0.1
0.0
7.5
0.0
113.4
0.0
Amount
100.0
72.6
72.6
0.0
0.0
14.7
0.0
0.0
0.8
0.0
12.0
0.0
Share (%)
Barcelona
Outcry market
297.8
288.5
288.5
0.0
0.0
2.5
6.8
0.0
0.0
0.0
0.0
0.0
Amount
100.0
96.9
96.9
0.0
0.0
0.9
2.3
0.0
0.0
0.0
0.0
0.0
485.5
450.4
450.4
0.0
0.0
0.0
35.2
0.0
0.0
0.0
0.0
0.0
Amount
100.0
92.8
92.8
0.0
0.0
0.0
7.2
0.0
0.0
0.0
0.0
0.0
Share (%)
Valencia
Share (%)
Bilbao
A.2.11. SECONDARY MARKETS. EQUITIES. EFFECTIVE TRADING BY TYPE. 2002
Informe anual sobre los Mercados de Valores. 2002
43,396.5
36,459.7
37,689.3
41,571.0
40,070.6
39,389.2
46,839.5
25,012.3
29,721.0
37,781.4
31,984.7
30,035.1
0.1
January .............
February ...........
March ...............
April .................
May ..................
June ..................
July ...................
August ..............
September.........
October ............
November .........
December .........
Change (%))......
2001-2002........
(*) Securities Market Law.
285,940.4
488,888.5
440,604.8
439,950.4
1999.................
2000.................
2001.................
2002.................
Grand
total
3.5
41,034.5
32,737.8
35,712.6
40,170.7
37,720.1
35,433.2
41,104.3
24,244.9
27,146.2
34,067.1
29,015.0
27,905.2
246,395.0
445,731.2
420,905.3
406,291.7
Total
7.8
25,492.6
20,180.0
21,562.6
23,921.8
24,087.9
22,422.8
27,316.3
16,786.3
18,842.9
22,380.2
19,859.9
16,317.1
181,245.4
307,696.2
281,051.9
259,170.3
Orders
15.9
7,633.1
8,564.7
7,676.9
7,001.4
6,239.0
6,718.7
7,549.3
5,231.0
4,464.6
5,977.1
4,624.3
4,449.8
53,665.3
98,243.8
90,531.9
76,129.9
Put-throughs
Regular trading
43.9
7,908.8
3,993.2
6,473.1
9,247.5
7,393.3
6,291.8
6,238.7
2,227.6
3,838.8
5,709.8
4,530.7
7,138.3
11,484.3
39,791.2
49,321.5
70,991.5
Block trades
399.8
1,770.4
1,152.8
926.8
326.9
1,618.0
1,390.1
4,004.2
616.7
1,220.4
3,278.4
1,440.6
939.9
9,948.3
9,141.6
3,738.7
18,685.0
Off-hours
462.9
128.0
362.1
42.9
1,073.3
239.6
798.2
853.6
103.6
112.3
392.1
494.4
222.4
14,465.7
807.2
856.8
4,822.4
Special
authorised
trades
453.9
0.0
2,116.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2,158.4
11,002.9
382.0
2,116.1
70.7
269.2
0.0
0.0
0.0
161.0
83.4
876.3
0.0
0.0
2.1
179.2
0.0
234.8
1,267.6
5,361.9
1,571.2
Art. 36.1
Tender offers
SML(*) trades
A.2.12. SECONDARY MARKETS. EQUITIES. EFFECTIVE TRADING

IN THE ELECTRONIC MARKET BY TYPE. 2002
44.8
0.0
0.0
0.0
0.0
0.7
1,008.7
0.0
7.8
0.0
0.0
783.4
0.0
11,339.6
14,423.2
3,264.4
1,800.5
Public
offerings
56.1
191.1
10.6
46.0
0.0
318.2
0.0
0.0
0.0
0.0
0.2
0.2
0.2
187.9
2,909.7
1,290.5
566.5
Declared
trades
14.7
3.4
80.2
961.0
0.1
13.0
675.8
1.1
39.3
1,242.1
41.6
71.8
967.4
1,210.7
3,605.0
4,805.2
4,096.9
Exercise of
options
Anexo 2: MERCADOS SECUNDARIOS
123

TRADING BY NON-RESIDENTS
Years
Thousands of euros
year-on-year change (%)
Purchases (1)
Sales (2)
Net inv.
Purchases
Sales
1994 ................
1995 ................
1996 ................
1997 ................
1998 ................
1999 ................
2000 ................
2001 ................
2002 ................
20,306,240
20,766,934
30,740,351
61,571,629
115,765,750
134,567,556
258,422,404
228,288,291
218,737,982
19,920,156
18,037,822
31,026,414
62,027,406
110,594,756
130,123,354
272,416,125
251,951,605
239,732,773
386,084
2,729,112
286,064
455,778
5,170,994
4,444,202
13,993,721
23,663,314
20,994,791
2.3
48.0
100.3
88.0
16.2
92.0
11.7
4.2
9.4
72.0
99.9
78.3
17.7
109.4
7.5
4.8
3.5
59.2
100.1
83.1
16.9
100.6
9.5
4.5
January.............
February...........
March ..............
April.................
May .................
June .................
July ..................
August..............
September........
October ...........
November........
December ........
22,108,394
17,435,404
18,920,514
23,411,963
21,706,866
17,409,690
24,434,998
16,811,023
13,130,843
11,155,036
17,254,695
14,958,556
25,231,931
18,754,116
20,061,692
24,677,882
23,220,893
22,426,682
25,353,172
17,157,650
15,306,642
13,292,184
16,933,783
17,316,146
3,123,537
1,318,712
1,141,178
1,265,919
1,514,027
5,016,992
918,174
346,627
2,175,799
2,137,148
320,912
2,357,590
9.2
2.8
7.3
21.3
15.4
3.2
15.1
1.7
17.2
40.3
2.9
24.6
1.4
10.5
4.4
15.7
20.6
2.5
10.5
5.0
18.4
34.9
15.6
20.4
5.2
6.9
5.8
18.4
18.0
0.1
12.7
3.4
17.8
37.5
7.2
22.4
(*) The total columns indicate the average of purchases and sales.
124
% 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
51.6
49.2
36.5
37.9
40.3
38.1
42.4
45.0
55.3
56.9
53.9
36.8
40.8
40.1
37.9
43.4
45.7
53.9
54.3
51.5
50.8
47.4
49.7
55.9
53.7
43.9
51.5
66.7
43.6
29.2
53.3
48.2
58.0
51.0
52.7
58.9
57.5
56.5
53.5
68.0
50.8
34.8
52.3
55.8
54.4
49.2
51.2
57.4
55.6
50.2
52.5
67.4
47.2
32.0
52.8
52.0

ORDER TYPES ON THE ELECTRONIC MARKET. 1999-2002
Orders and trades
Number (1)
Total orders entered ..................

Buy orders ................................
Sell orders.................................
Trades (2) ..................................
Percentage of total
1999
2000
2001
2002
1999
2000
2001
2002
70,842
31,677
39,165
44,007
105,846
50,944
54,903
66,878
93,711
45,228
48,483
57,846
110,267
55,103
55,164
62,794
100.0
44.7
55.3
62.1
100.0
48.1
51.9
63.2
100.0
48.3
51.7
61.7
100.0
50.0
50.0
56.9
75.1
24.1
0.8
74.6
24.8
0.7
Use
Day orders ................................
Time-limit orders (3) .................
Fill-or-kill orders .......................
53,649
17,193
588
79,451
26,395
716
76,399
17,312
612
93,846
16,421
1,934
81.0
18.4
0.6
83.6
14.6
1.7
(1) Daily average.

(2) Executed transactions.
(3) For 1999, this item includes the items that until 1999 were separated as "time-limit orders" and "good-till-cancelled orders".
Source: Sociedad de Bolsas.
A.2.15. SECONDARY MARKETS. EQUITIES. CONCENTRATION

OF TRADING ON THE SPANISH STOCK MARKETS BY SECTOR. 2002
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 & WATER .............................................
MINING & BASE METALS...................................
CEMENT & CONSTRUCTION MATERIALS.........
CHEMICALS........................................................
TEXTILE & PAPER................................................
METAL-MECHANICAL ........................................
FOOD ................................................................
CONSTRUCTION ..............................................
REAL ESTATE.......................................................
TRANSPORT & COMMUNICATIONS ................
OTHERS..............................................................
1
1
1
1
1
1
2
1
1
1
1
2
1
2
2
1
1
1
3
1
2
2
1
3
1
3
2
2
1
1
5
1
4
2
1
7
4
11
13
4
5
17
16
15
6
10
11
20
0
1
1
1
1
1
1
1
1
1
1
1
TOTAL NON-FINANCIAL SECTOR ............................
132
12
13
14
15
16
BANKS................................................................
INSURANCE .......................................................
PORTFOLIO COMPANIES ..................................
SIM .....................................................................
FINANCE COMPANIES.......................................
1
1
1
1
1
2
1
1
1
1
2
1
2
1
1
23
3
4
1
1
TOTAL FINANCIAL SECTOR......................................
32
TOTAL 2002..............................................................
TOTAL 2001..............................................................
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
2
1
3
1
1
1
2
1
2
0
2
5
5
1
8
3
4
2
23
3
8
64
1
1
1
11
0
1
1
1
55
0
1
1
3
197
0
1
1
22
2,748
0
11
56
200
2,772
164
50
192
2,836
162
13
54
2,436
2002 Gini index .........................................................
0.92
0.89
2001 Gini index .........................................................
0.92
0.94
Notes:
The total columns indicate the number of companies listed 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 all markets.
Trades in stocks which were listed on the electronic market as at 31/12/02 are included in the electronic market total for 2002, regardless of when they joined the
market.
125

TRADING FREQUENCY ON THE SPANISH STOCK EXCHANGES. 2002
Number of issuers in each frequency group
Sector
Electronic market
0-50%
50-85% 85-100%
Outcry market (4 exchanges

Total
0-50%
50-85% 85-100%
Total
TOTAL 1999 ...............................................................

TOTAL 2000 ...............................................................
TOTAL 2001 ...............................................................
TOTAL 2002 ...............................................................
2
2
4
9
3
9
12
15
143
152
149
148
148
163
165
172
1,157
1,686
2,316
2,799
43
29
25
31
19
26
30
20
1,219
1,741
2,371
2,850
0
1
2
3
4
5
6
7
8
9
10
11
1
0
1
0
0
2
0
0
0
1
1
0
0
0
1
1
0
2
4
2
0
1
0
1
3
12
11
4
6
13
12
14
6
8
11
22
4
12
13
5
6
17
16
16
6
10
12
23
0
2
4
5
2
9
3
4
2
23
4
6
0
0
1
0
0
0
0
1
0
2
0
2
0
0
0
0
0
0
0
0
0
0
0
0
0
2
5
5
2
9
3
5
2
25
4
8
TOTAL NON-FINANCIAL SECTOR.............................
12
122
140
64
70
12
13
14
15
16
BANKS................................................................
INSURANCE .......................................................
PORTFOLIO COMPANIES ..................................
SIM .....................................................................
FINANCE COMPANIES.......................................
3
0
0
0
0
1
1
1
0
0
19
2
3
1
1
23
3
4
1
1
0
2
20
2,713
0
1
0
1
23
0
0
0
0
20
0
1
2
21
2,756
0
TOTAL FINANCIAL SECTOR.......................................
26
32
2,735
25
20
2,780
OIL .....................................................................
ENERGY & WATER .............................................
MINING & BASE METALS...................................
CEMENT & CONSTRUCTION MATERIALS.........
CHEMICALS .......................................................
TEXTILE & PAPER ...............................................
METAL-MECHANICAL........................................
FOOD ................................................................
CONSTRUCTION ..............................................
REAL ESTATE ......................................................
TRANSPORT & COMMUNICATIONS ................
OTHER ...............................................................
Notes:
Frequency: Percentage of sessions in which stocks were traded.
The total columns indicate the number of companies listed at 31/12/02.
In the case of issuers listed on more than one market, the trading frequency was calculated by classifying the stock as active on days when it was traded on at least
one market.
126
A.2.17. SECONDARY MARKETS. EQUITIES. TRADING

ON THE SPANISH STOCK MARKETS BY SECTOR. 2002
Electronic mark
Sector
0
1
2
3
4
5
6
7
8
9
10
11
OIL .............................................................
ENERGY & WATER .....................................
MINING & BASE METALS...........................
CEMENT & CONSTRUCTION MATERIALS.
CHEMICALS ...............................................
TEXTILE & PAPER .......................................
METAL-MECHANICAL................................
FOOD ........................................................
CONSTRUCTION ......................................
REAL ESTATE...............................................
TRANSPORT & COMMUNICATIONS ........
OTHER........................................................
2001
7.8
13.1
1.5
0.2
0.8
2.4
0.5
2.1
2.1
0.5
32.8
7.3
Latibex
2002
6.8
14.2
1.7
0.2
0.4
1.8
0.3
3.1
3.5
1.2
25.3
4.5
Outcry market (4 exchanges)
2001
2002
0.0
9.9
13.9
0.0
0.0
4.0
0.0
0.0
0.0
0.0
27.1
0.0
7.7
27.2
14.6
0.0
0.0
4.9
0.0
0.0
0.0
0.0
19.6
0.0
2001
2002
0.0
0.0
0.4
0.2
0.0
0.2
0.4
0.4
0.0
1.0
0.2
0.2
0.0
0.7
0.1
0.3
0.0
0.2
0.0
5.1
0.1
3.4
0.3
0.2
TOTAL NON-FINANCIAL SECTOR.....................
71.0
63.1
54.9
74.1
3.1
10.4
12
13
14
15
16
27.8
0.3
0.8
0.0
0.0
36.0
0.3
0.6
0.0
0.0
38.9
0.0
0.0
0.0
6.2
19.4
0.0
0.0
0.0
6.5
0.1
1.7
0.6
94.4
0.0
0.1
0.0
0.6
89.0
0.0
BANKS........................................................
INSURANCE ...............................................
PORTFOLIO COMPANIES ..........................
SIM .............................................................
FINANCE COMPANIES...............................
TOTAL FINANCIAL SECTOR...............................
29.0
36.9
45.1
25.9
96.9
89.6
TOTAL ................................................................
100.0
100.0
100.0
100.0
100.0
100.0
TOTAL (Mn) .....................................................
440,539.3
439,720.8
65.6
229.5
3,672.1
4,967.3
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 trading volume on all markets.
Stocks which were listed on the electronic market at 31/12/02 are included in the electronic market for 2002, regardless of when they joined the market in that year.
127

ELECTRONIC MARKET. LISTED COMPANIES. 2002
Companies
Capitalisation (at 31 Dec.)
Anual trading
2001
2002
2001
2002
3,342,011
19,997,744
4,653,128
15,382,880
497,023
34,014,224
883,730
29,155,211
0
18,602,275
8,373,412
2,999,714
13,180,649
1,413,572
2,002,064
5,539,070
1,384,659
11,805,086
8,091,313
0
12,035,682
1,304,003
1,386,509
3,823,726
0
27,458,158
3,461,824
3,522,525
14,967,208
747,617
603,392
6,923,789
1,903,493
27,310,665
9,148,038
94,571
16,872,470
662,570
582,271
5,842,464
2,207,500
69,654
2,253,000
376,064
23,634
101,166
11,257
0
1,912,500
140,220
2,302,342
393,145
22,230
83,314
13,268
139,466
3,032,180
2,956
2,538,354
15,399
36,654
47,901
5,623
0
793,184
8,708
3,154,676
43,183
5,131
16,752
8,925
3,939
804,513
497,891
241,488
367,811
150,865
999,378
0
402,840
366,563
175,560
61,700
132,147
5,808
160,020
20,263
101,438
241,319
12,293
334,903
60,150
183,750
93,562
449,846
1,745,499
194,250
79,528
420,706
1,087,938
69,144
49,172
129,533
3,063,896
12,406
50,065
83,871
1,517,746
ADOLFO DOMNGUEZ.........................................................
70,561
DOGI......................................................................................
48,510
EPPIC ( EN LIQUIDACIN ) ...................................................
4,712
GRUPO EMPRESARIAL ENCE.................................................
362,438
IBERPAPEL GESTIN..............................................................
134,105
INDO INTERNACIONAL........................................................
32,166
INDUSTRIA DE DISEO TEXTIL (INDITEX)............................ 13,345,504
LA SEDA DE BARCELONA......................................................
57,939
MIQUEL Y COSTAS ................................................................
127,253
PAPELES Y CARTONES DE EUROPA - EUROPA & C - ............
76,240
SNIACE ...................................................................................
30,271
TABLEROS DE FIBRAS - TAFISA -............................................
193,255
69,690
31,230
0
354,288
165,300
33,390
14,031,167
57,902
147,542
91,422
20,988
111,315
29,330
31,007
560
483,545
10,778
1,354
9,886,032
29,171
34,638
18,268
45,140
32,325
21,663
21,238
0
174,308
16,801
1,922
7,417,817
28,576
38,645
40,952
14,342
9,876
Comments
DOMESTIC STOCKS
OIL
COMPAA ESPAOLA DE PETRLEOS - CEPSA - ...............
REPSOL YPF............................................................................
ENERGY & WATER
ENAGAS .................................................................................
ENDESA..................................................................................
GAS NATURAL SDG...............................................................
HIDROELCTRICA DEL CANTBRICO ..................................
IBERDROLA............................................................................
RED ELCTRICA DE ESPAA..................................................
SOCIEDAD GENERAL DE AGUAS DE BARCELONA..............
UNIN ELCTRICA FENOSA .................................................
Listed 26/06/02
Delisted 26/06/02

ACERALIA CORPORACIN SIDERURGICA...........................
ACERAS Y FORJAS DE AZCOITIA - AFORASA - ....................
ACERINOX .............................................................................
BEFESA MEDIO AMBIENTE ....................................................
ESPAOLA DEL ZINC.............................................................
GRUPO DURO FELGUERA....................................................
NUEVA MONTAA QUIJANO...............................................
TUBOS FORJADOS ................................................................
Listed 19/11/02

CEMENTOS PORTLAND ........................................................
PORTLAND VALDERRIVAS ....................................................
UNILAND CEMENTERA .........................................................
URALITA.................................................................................
VIDRALA ................................................................................
Delisted 30/09/02
CHEMICALS
ENERGA E INDUSTRIAS ARAGONESAS EIA .........................
ERCROS..................................................................................
FAES FARMA...........................................................................
ZELTIA ....................................................................................
TEXTILE & PAPER
128
Suspended on 06/08/01
(Continued)

Companies

2001
TAVEX ALGODONERA...........................................................
UNIPAPEL...............................................................................
2002
Anual trading
2001
Comments
2002
82,908
77,269
87,041
109,605
34,110
14,315
52,404
38,900
625,145
116,939
282,396
199,719
102,842
0
71,111
33,888
100,879
24,300
97,849
102,123
164,894
1,703,620
506,630
50,236
34,708
84,710
127,696
198,450
48,423
34,944
56,217
19,890
102,810
52,046
166,223
2,245,244
213,466
113,083
164,318
138,742
45,554
0
19,200
1,466
39,950
9,896
1,069
91,575
77,981
1,211,065
224,084
50,454
172,900
124,600
23,931
10,832
11,729
2,995
51,113
2,717
709
26,976
96,630
231,538
5,834,504
201,367
47,872
251,267
454,052
187,958
1,341,706
36,857
409,414
391,387
15,336
0
88,539
132,000
152,840
165,984
389,059
238,314
6,640,949
211,802
36,611
0
431,679
179,550
1,193,995
28,564
0
387,628
46,580
92,220
0
128,050
174,253
255,830
167,698
315,962
6,722,714
76,507
17,093
292,181
37,949
41,526
489,889
2,134
108,013
361,572
10,632
0
2,383
127,676
33,671
47,055
871,938
120,788
12,124,153
111,829
2,004
3,465
62,682
13,081
450,955
1,953
2,881
3,851
72,763
25,734
10,915
77,944
171,932
88,195
228,257
243,216
2,605,550
1,755,294
2,792,371
2,590,441
2,761,813
490,701
2,494,338
1,963,495
2,794,144
2,792,092
3,387,394
360,862
1,313,548
1,688,692
1,281,113
3,201,435
1,588,447
182,913
1,868,683
2,256,845
2,066,966
6,386,660
2,539,490
165,152
257,413
258,460
307,293
0
258,988
67,362
179,058
270,246
METAL-MECHANICAL
ABENGOA..............................................................................
AMPER....................................................................................
AVANZIT ................................................................................
AZKOYEN...............................................................................
CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES .........
ELECNOR ...............................................................................
GLOBAL STEEL WIRE .............................................................
LINGOTES ESPECIALES ..........................................................
MECALUX...............................................................................
NICOLS CORREA.................................................................
SOCIEDAD ESPAOLA DEL ACUMULADOR TUDOR..........
TECNOCOM, TELECOMUNICACIONES Y ENERGA.............
TUBACEX ...............................................................................
ZARDOYA OTIS .....................................................................
Listed 6/10/02
FOOD
ALTADIS..................................................................................
BARN DE LEY ......................................................................
BODEGAS RIOJANAS.............................................................
BODEGAS Y BEBIDAS............................................................
CAMPOFRO ALIMENTACIN...............................................
COMPAA VINCOLA DEL NORTE DE ESPAA -CVNE-......
EBRO-PULEVA........................................................................
FEDERICO PATERNINA ..........................................................
HEINEKEN ESPAA ................................................................
KOIPE .....................................................................................
NATRA....................................................................................
NATRACEUTICAL...................................................................
OMSA ALIMENTACIN .........................................................
PESCANOVA ..........................................................................
PULEVA BIOTECH ..................................................................
SOS CUTARA........................................................................
TELE PIZZA .............................................................................
VISCOFAN..............................................................................
Delisted 12/03/02
Delisted 15/05/02
Listed 29/11/02
Delisted 18/07/02
CONSTRUCTION
ACCIONA...............................................................................
ACS, ACTIVIDADES DE CONSTRUCCIN Y SERVICIOS.......
FOMENTO DE CONSTRUCCIONES Y CONTRATAS..............
GRUPO DRAGADOS.............................................................
GRUPO FERROVIAL...............................................................
OBRASCON HUARTE LAIN ...................................................
REAL ESTATE
BAMI ......................................................................................
FILO........................................................................................
Delisted 27/05/02
129
(Continued)

Companies
GRUPO INMOCARAL............................................................
INBESOS.................................................................................
INMOBILIARIA COLONIAL - ICSA - .......................................
INMOBILIARIA URBIS ............................................................
METROVACESA......................................................................
TESTA INMUEBLES EN RENTA................................................
SOTOGRANDE.......................................................................
URBANIZACIONES Y TRANSPORTES - URBAS - ...................
VALLEHERMOSO ...................................................................

2001
2002
0
14,005
655,378
592,004
967,700
939,973
97,720
8,808
1,261,451
86,665
12,599
827,345
727,247
1,324,189
1,163,996
232,172
5,229
1,532,164
Anual trading
2001
0
1,017
236,028
112,181
384,952
373,303
1,915
10,112
763,387
Comments
2002
3,744
500
530,961
264,897
1,759,178
5,304
5,082
4,375
2,469,590
Former Grupo Fosforera

UREA CONCESIONES DE INFRAESTRUCTURAS C,E, ......... 1,637,435
AUTOPISTAS CONCESIONARIA ESPAOLA - ACESA - ......... 3,268,990
EUROPISTAS CONCESIONARIA ESPAOLA ........................
564,115
IBERIA, LNEAS AREAS DE ESPAA...................................... 1,004,258
IBRICA DE AUTOPISTAS - IBERPISTAS - ...............................
704,109
TELEFNICA .......................................................................... 70,218,896
TELEFNICA MVILES .......................................................... 34,999,810
TRANSPORTES AZKAR...........................................................
264,384
1,700,330
939,067
836,920
3,555,051
1,690,954
2,437,878
558,227
123,401
60,427
1,278,147
1,214,015
1,586,174
949,139
79,818
1,018,836
41,461,441 136,460,683 103,281,737
26,849,416
3,750,567
2,131,940
218,700
96,446
60,379
OTHER
ALDEASA................................................................................
AMADEUS GLOBAL TRAVEL DISTRIBUTION........................
CENTROS COMERCIALES CARREFOUR ................................
COMPAA DE DISTRIBUCIN INTEGRAL LOGISTA...........
CORTEFIEL..............................................................................
ENACO...................................................................................
FUNESPAA...........................................................................
GAMESA.................................................................................
SERVICE POINT SOLUTIONS
INDRA SISTEMAS ...................................................................
PARQUES REUNIDOS ............................................................
PROMOTORA DE INFORMACIONES (PRISA)........................
PROSEGUR COMPAA DE SEGURIDAD .............................
RECOLETOS COMPAA EDITORIAL ....................................
SOGECABLE ...........................................................................
SOL MELI .............................................................................
SUPERDIPLO..........................................................................
TELEFNICA PUBLICIDAD E INFORMACIN ......................
TERRA NETWORKS ................................................................
359,520
3,823,200
4,262,124
703,690
500,070
90,389
57,120
1,248,940
294,630
2,318,700
3,773,892
965,552
340,214
157,564
45,150
1,265,971
251,602
3,930,743
1,742,255
249,846
424,164
13,614
26,895
1,541,415
264,489
3,650,346
1,883,742
393,368
346,683
198,675
11,363
1,261,248
185,544
76,400
371,636
147,039
1,442,597
100,988
2,297,531
908,400
639,190
2,522,618
1,577,994
1,313,250
1,638,643
5,715,646
981,936
65,378
1,358,826
598,611
535,926
829,553
696,608
0
1,115,750
2,438,723
1,565,220
35,655
1,302,792
331,540
207,919
2,260,726
1,256,937
1,224,550
1,848,706
11,757,277
1,587,854
41,638
948,366
327,022
83,106
2,627,144
633,073
6,443
1,068,983
3,840,026
760,511
44,422,343
814,847
482,529
176,206
426,006
3,039,641
606,737
29,146,171
1,145,131
512,470
197,491
468,607
2,815,238
1,916
57,838,532
26,608
4,004
3,081
2,635
694,870
1,292
68,203,669
23,340
2,758
10,447
3,891
220,159
BANKS
BANCO ATLNTICO..............................................................
BANCO BILBAO VIZCAYA ARGENTARIA ..............................
BANCO DE ANDALUCA.......................................................
BANCO DE CASTILLA ............................................................
BANCO DE CRDITO BALEAR...............................................
BANCO DE GALICIA..............................................................
BANCO DE SABADELL...........................................................
130
Former Grupo Auxiliar

Metalrgico
Former Grupo Picking
Pack
Delisted 30/01/02
(Continued)

Companies

2001
Anual trading
Comments
2002
2001
2002
1,065,508
272,000
25,793
4,908,914
514,488
968,236
8,462,496
31,185,355
744,300
1,788,940
65,176
1,489
26,841
32,680
62,768
88,528
7,930,423
53,448,139
92,381
2,316,653
111,108
1,688
305
1,399,147
26,234
72,549
13,044,180
73,306,428
118,998
1,910,873
516,000
1,181,985
1,165,902
478,800
1,403,494
1,153,027
45,511
1,119,281
4,940
40,333
1,149,171
2,979
1,833,370
1,335,182
95,675
8,118
1,314,720
978,974
97,898
5,993
1,123,719
2,551,422
48,912
2,383
746,873
1,941,706
36,348
3,291
12,393
10,410
5,207
3,732
6,119,463
3,550,618
23,325,719
13,100,746
9,510
5,874
163,564
95,644
5,397
2,624
10,883,411
13,635,128
7,949,745
9,450,089
85,706
7,988
75,190
3,011
346,541
275,839
1,802,403
681,766
0
0
15,324,929
0
0
0
17,760
0
BANCO DE VALENCIA...........................................................
874,155
BANCO DE VASCONIA..........................................................
287,680
BANCO ESFINGE ...................................................................
25,793
BANCO ESPAOL DE CRDITO - BANESTO -....................... 8,485,333
BANCO GUIPUZCOANO......................................................
599,040
BANCO PASTOR ....................................................................
823,219
BANCO POPULAR ESPAOL ................................................ 8,008,644
BANCO SANTANDER CENTRAL HISPANO ........................... 43,844,601
BANCO ZARAGOZANO........................................................
823,500
BANKINTER............................................................................ 2,472,447
INSURANCE
CATALANA DE OCCIDENTE ..................................................
CORPORACIN MAPFRE ......................................................
MAPFRE VIDA ........................................................................
PORTFOLIO COMPANIES
CORPORACIN FINANCIERA ALBA .....................................
NH HOTELES..........................................................................
DINAMIA CAPITAL PRIVADO ................................................
FASTIBEX ................................................................................
SIM /SIMCAV
COMPAA GENERAL DE INVERSIONES ..............................
FOREIGN STOCKS
ARCELOR ...............................................................................
Listed 18/02/02
CHEMICALS
BAYER AKTIENGESELLSCHAFT ..............................................
TEXTILE & PAPER
RENO DE MEDICI ..................................................................
METAL-MECHANICAL
EUROPEAN AERONAUTIC DEFENCE ....................................
VOLKSWAGEN AKTIENGESELLSCHAFT ................................
OTHER
JAZZTEL..................................................................................
LATIBEX STOCKS
OIL
PETROLEO BRASILEIRO .........................................................
SUZANO PETRO QUIMICA ...................................................
Listed 7/09/02
Listed 8/06/02
131
(Continued)

Companies
Anual trading
2001
Comments
2001
2002
2002
8,652,608
0
3,185,015
2,565,242
3,439,546
336,686
1,965,687
650,016
3,931
0
1,217
1,376
10,290
1,178
25,505
25,455
0
0
3,609,903
55,183
621,886
664,764
10,219,103
30,548
0
0
8,502
596
3,682
259
28,859
788
1,187,100
334,807
1,024,614
376,413
2,513
100
11,132
57
AMERICA MOVIL ................................................................... 11,861,067

GLOBO CABO .......................................................................
655,738
IMPSAT FIBER NETWORKS ....................................................
199,314
TELEFONOS DE MEXICO....................................................... 17,255,879
7,457,047
13,755
0
12,927,268
5,837
2,298
51
9,574
19,016
1,848
45
24,100
894,240
107
4,082,737
0
714,845
571,393
9,676,620
941,040
1,986,932
1,748,516
586,969
344,877
3,322,788
546,355
5,738
0
356
964
7,433
11,040
10,787
934
21
4
13,781
18,953
542,622
204,990
4,053
14,961
ENERGY & WATER

CENTRAIS ELTRICAS ELETROBRAS ......................................
COMPAIA PARANAENSE DE ENERGIA ...............................
ENDESA CHILE .......................................................................
ENERSIS ..................................................................................
Listed 19/06/02

COMPAIA ENERGETICA DE MINAS GERAIS .......................
GERDAU ................................................................................
COMPANHIA VALE DO RIO DOCE.......................................
VOLCAN COMPAA MINERA..............................................
Listed 7/12/02
Listed 12/02/02
TEXTILE & PAPER

ARACRUZ CELULOSE ............................................................
COMPANHIA SUZANO DE PAPEL E CELULOSE....................
Delisted 24/05/02
OTHER
DISTRIBUCION Y SERVICIOS D&S ........................................
Listed 18/12/02
BANKS
BANCO BRADESCO...............................................................
BANCO DE CHILE..................................................................
BANCO FRANCS ..................................................................
BANCO RI DE LA PLATA .....................................................
GRUPO FINANCIERO BBVA BANCOMER.............................
SANTANDER BANCORP ........................................................
FINANCE COMPANIES
BRADESPAR............................................................................
132
Listed 10/08/02

OUTCRY MARKET. LISTED COMPANIES. 2002
Companies
Annual trading
2001
2002
2001
2002
82,429
20,211
111,867
18,847
561
75
36,125
763
0
6,041
5,946
26,098
31,601
0
7,577
11,892
31,675
33,242
0
0
781
2,951
1,163
0
2
41
3,165
522
2,669
54,475
206,790
515,073
0
1,315
61,903
235,200
669,274
0
20
29
5,383
250
0
13
874
5,137
7,256
0
29,088
19,776
45,252
0
43
75
699
0
29,955
0
10,211
19,332
4,905
6,879
1,514
41,553
17,363
29,955
0
0
17,675
4,845
8,439
1,378
45,326
19,967
513
0
1
1,351
160
74
39
4,252
1,060
22
0
0
1,959
697
590
19
3,622
1,551
IBRICA DE MANTENIMIENTO INDUSTRIAL - IMISA -...........

JUMBERCA.................................................................................
0
0
2,575
0
0
0
14
0
PMRK INVESTMENT ..................................................................
1,168
12
28,774
18,175
76,750
19,277
482,147
28,774
0
87,974
5,508
676,697
303
254
9,621
92
5,918
78
5,757
883
3,999
241,329
14,348
3,060
14,977
3,240
1,008
10
3,219
26
Date of listing
in 2002 & other
comments
ENERGY AND WATER

AGUAS DE VALENCIA .............................................................
COMPAA DE AGUAS DE SABADELL.....................................
MINING & ASE METALS
FORJAS DE BERRIZ VIUDA DE GASTELURRUTIA ..................
MINERALES Y PRODUCTOS DERIVADOS - MINERSA -..........
MINERO SIDERRGICA DE PONFERRADA ............................
S A HULLAS DEL COTO CORTES ...........................................
SOCIEDAD ANNIMA HULLERA VASCO-LEONESA ..............
CELO ..........................................................................................
CEMENTOS ALFA.......................................................................
CEMENTOS LEMONA ...............................................................
CEMENTOS MOLINS.................................................................
IBERTUBO..................................................................................
Suspended on
31/12/2002
CHEMICALS
LA UNIN RESINERA ESPAOLA ...........................................
LUCTA........................................................................................
Delisted 04/03/2002
TEXTILE & PAPER

ARMANDO LVAREZ................................................................
CARROGGIO S A DE EDICIONES ...........................................
HERA IBEROAMERICANA .........................................................
INDUSTRIAS DEL ACETATO DE CELULOSA - INACSA - .........
INDUSTRIAS DEL CURTIDO - INCUSA - ................................
LIWE ESPAOLA .......................................................................
MANUFACTURAS DE ESTAMBRE.............................................
PAPELERA DE NAVARRA...........................................................
PRIM ..........................................................................................
Delisted 18/07/2002
METAL-MECHANICAL
Suspended on
31/12/2002
FOOD
BODEGAS BILBANAS...............................................................
FRIMANCHA INDUSTRIAS CANICAS.......................................
NAARDEN INTERNACIONAL ...................................................
PASCUAL HERMANOS..............................................................
SOCIEDAD ANNIMA DAMM ................................................
Delisted 03/09/2002
CONSTRUCCIN
CLEOP ........................................................................................
OBRAS Y SERVICIOS PBLICOS...............................................
133
(Continued)

Companies

2001
2002
Annual trading
2001
2002
Date of listing
in 2002 & other
comments
REAL ESTATE
AHORRO FAMILIAR ..................................................................
ALCINVER .................................................................................
AYCO GRUPO INMOBILIARIO ................................................
CARTEMAR ................................................................................
COMPAA DE INVERSIONES CINSA......................................
COMPAA DE TRANSPORTES E INVERSIONES ....................
COMPAA ESPAOLA DE VIVIENDAS EN ALQUILER ..........
COMPAA INMOBILIARIA VALENCIANA - CIVSA - .............
EGUARAS...................................................................................
FINANZAS INMUEBLES CISNEROS ..........................................
FINEX..........................................................................................
FONINVES .................................................................................
FORUM INMOBILIARIO CISNEROS.........................................
INCRECISA .................................................................................
INMOBILIARIA BARRIO DE BILBAO ........................................
INMOBILIARIA DEL SUR...........................................................
INMOLEVANTE..........................................................................
LEUCAN.....................................................................................
LIBERTAS 7 .................................................................................
OROZCO...................................................................................
PROMOCIONES EUROBUILDING ...........................................
PROMOCIONES Y CONCIERTOS INMOBILIARIOS.................
RENFILA .....................................................................................
S A PLAYA DE ALBORAYA - SAPLAYA - ...................................
S A RONSA ...............................................................................
70,511
0
30,016
5,100
16,437
5,963
73,221
4,734
1,936
50,414
0
798
25,595
4,801
1,695
80,150
18,045
387
183,120
0
159,121
807,689
41,538
28,322
376
72,879
0
31,128
21,600
6,942
6,075
91,245
3,420
2,239
101,955
171
0
39,993
4,801
2,355
151,662
18,947
347
122,080
0
0
807,689
44,235
25,625
367
2,304
0
111
2,962
1,009
44
1,697
294
18
163
0
3
298
2
12
1,131
1,880
39
2,264
0
217
19,196
580
2,839
43
28,868
0
136
2,981
736
35
3,117
16
556
1,082
0
0
2,665
296
35
1,982
65
41
916
0
23,603
103,507
286
376
45
483,452
14,363
0
434,388
477,409
14,563
0
0
1,243
4,968
0
653
393
2,450
0
13,149
ALMACENES GENERALES INTERNACIONALES - AGISA -.......

COMPAA LOGSTICA DE HIDROCARBUROS-CLH-............
EL SARDINERO..........................................................................
FRIGORFICOS DE VIGO ..........................................................
GRAND TIBIDABO....................................................................
1,333
46,255
7,460
0
0
1,333
49,813
7,460
2,129
0
85
2,520
237
0
0
3,008
1,192
14
24
0
GRUCYCSA................................................................................
162,946
159,782
14
INFORMES Y PROYECTOS - INYPSA - .....................................

RUSTICAS ..................................................................................
26,730
57,200
4,770
62,000
200
5,379
419
6,686
54,855
55,548
3,238
3,439
Delisted 28/05/2002
Delisted 14/11/2002

COMPAA TRASMEDITERRNEA...........................................
FLETAMENTOS MARTIMOS - MARFLET - ..............................
NAVIERA MURUETA..................................................................
SABA APARCAMIENTOS ...........................................................
Delisted 25/11/2002
OTHER
BANKS
BANCO DE PROMOCIN DE NEGOCIOS - PROMOBANC -
134
Suspended on
31/12/2002
A portfolio company
in 2001
(Continued)

Companies

2001
2002
Annual trading
2001
2002
Date of listing
in 2002 & other
comments
INSURANCE
BANCO VITALICIO....................................................................
LEPANTO ...................................................................................
439,012
84,349
439,012
0
301
63,727
171
22
1,515
4,794
1,154
5,192
2,150
2,886
2,048
62,320
3,261
1,327
3,088
12,133
130,762
2,322
31,808
1,544
5,730
722
5,025
3,896
99,810
1,338
1,515
4,888
1,080
5,619
2,150
2,955
2,048
41,553
3,258
1,327
2,319
12,133
146,985
2,322
21,811
1,550
5,757
722
4,745
3,317
119,250
1,326
318
324
15
340
2
73
14
2,147
50
66
146
125
13,986
52
858
42
460
1
141
278
2,916
25
130
44
89
426
6
55
0
4,104
26
200
915
121
14,475
35
1,722
18
56
1
31
197
4,936
76
19,841
12,140
0
22,959
0
20,987
20,000
34,960
57,816
17,500
5,760
69,600
0
34,075
0
5,238
24,461
22,358
5,310
0
20,389
14,719
8,078
27,947
20,843
23,858
17,670
16,880
32,320
58,278
11,500
4,970
60,100
21,510
32,650
19,954
5,238
21,935
17,870
4,872
25,100
17,160
1,202
645
0
139
0
37
618
2,026
3,589
2
32
889
0
1,616
0
3
174
0
147
0
59
5,707
241
10
341
0
23
4,808
2,871
3,878
1
30
1,220
1,046
541
10
0
243
162
115
10,300
26
Delisted 20/02/2002
PORTFOLIO COMPANIES
CARTERAS REUNIDAS - CARTEMASA -....................................
CASGO.......................................................................................
CIRCULO DE VALORES MOBILIARIOS ....................................
COMPAA DE INVERSIONES MOBILIARIAS BARCINO ........
DALTAR......................................................................................
DESARROLLO MOBILIARIO - DEMOSA - ...............................
FOMENTO BALEAR DE INVERSIONES.....................................
GAESCO HOLDING..................................................................
GORBEA ....................................................................................
HISPANA HOLDING .................................................................
INVERSIONES AZALBA .............................................................
INVERPYME ...............................................................................
INVERSIONES IBERSUIZAS .......................................................
INVERSORA CONDAL DE VALORES MOBILIARIOS ...............
MERCAPITAL..............................................................................
RENTA VARIABLE.......................................................................
SAMOSA ....................................................................................
TERREVA ....................................................................................
UNIN CATALANA DE VALORES - UCAVASA -......................
UNIN DE VALORES - UNIVAL -.............................................
UNIN EUROPEA DE INVERSIONES.......................................
XAROA.......................................................................................
S.I.M. /SIMCAV
1948 INVERSIONS, SIMCAV .....................................................
1955 INVERSIONES, SIMCAV ...................................................
3-R VALORES, SIMCAV, S.A. ....................................................
6V DE VALORES MOBILIARIOS SIMCAV .................................
860 INVERSIONES, SIMCAV .....................................................
A PONTICELA DE VALORES, 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 ..................................................................................
ABAE VALORES SIMCAVF SA ...................................................
ABANDO EQUITIES SIMCAV....................................................
ABARCAPITAL INVERSIONES, SIMCAV, S.A.............................
ABC DE INVERSIN MOBILIARIA............................................
ABEDUL 1999, SIMCAV ............................................................
ABENOJAR INVERSIONES, SIMCAV .........................................
ABILITY ......................................................................................
ABISAL 72, SIMCAVF, SA ..........................................................
ABLAA INVEST, SIMCAV.........................................................
19-04-02
03-06-02
06-02-02
22-07-02
135
(Continued)

Companies
ABRE DE INVERSIONES, SIMCAV.............................................
ABRIL 28 INVESTMENT, SIMCAV, S.A. .....................................
ABUVILLA INVERSIONES, SIMCAV ..........................................
ACACIA BONOMIX, SIMCAV ...................................................
ACACIA PREMIUM, SIMCAV.....................................................
ACANTO DE INVERSIONES SIMCAV .......................................
ACATES INVESTMENTS, SIMCAV..............................................
ACCIONES, CUPONES Y OBLIGACIONES SEGOVIANAS.......
ACE GLOBAL, SIMCAV .............................................................
ACENT EUROPA INVERSIONES, SIMCAV ................................
ACERVO VALORES, SIMCAV ...................................................
ACHERFOR INVERSIONES, SIMCAV, S.A. ...............................
ACOPA INVERSIONES, SIMCAV, S.A. ......................................
ACQUA GESTIN GLOBAL SIMCAV .......................................
ACRPOLIS 2001......................................................................
ACTAD INVERSIONES, SIMCAV ..............................................
ACTEDADI, SIMCAV, S.A. .........................................................
ACTIMAAF ACCIONES IBERICA, SIMCAV...............................
ACTIUM DE INVERSIONES, SIMCAV .......................................
ACTIVOS AKRA LEUKA, SIMCAV, S.A. .....................................
ACTIVOS CLYS, SIMCAV, S.A. ..................................................
ACTIVOS LUCENTUM, SIMCAV, S.A. ......................................
ACTUACIONES BURSTILES SIMCAV......................................
ACUARIO 98, SIMCAV..............................................................
ADABAR INVERSIONES, SIMCAVF, S.A. ..................................
ADAGALIA INVERSIONES SIMCAV ..........................................
ADDITION.................................................................................
ADORO 99, SIMCAV.................................................................
ADRASAM INVERSIN .............................................................
ADRIANA INVERSIONES, SIMCAV ...........................................
ADSVARA INVERSIONES, SIMCAV, S.A....................................
AFINA INVERSORES REUNIDOS, SIMCAVF, S.A. ....................
AGABA INVERSIONES, SIMCAV ...............................................
AGARUS INVERSIONES SIMCAV..............................................
GATA........................................................................................
AGENDA DE INVERSIONES, SIMCAV .....................................
AGISTER 1, SIMCAV, S.A. .........................................................
AGIUM INVESTIUM, SIMCAV...................................................
AGROPE SANFER, SIMCAV.......................................................
AGROPEM DE INVERSIONES, SIMCAV....................................
AGUILON DE GATERUELA, SIMCAV .......................................
AGUSTINA SIMON ACTIVOS, SIMCAV ...................................
AHORRO BURSTIL .................................................................
AHORRO COLECTIVO, SIM .....................................................
AHORRO CORPORACIN GESTIN GLOBAL SIMCAV........
AHORROACTIVO, SIMCAV......................................................
AHORROCAPITAL .....................................................................
AIRESE SIMCAV..........................................................................
AIRUN-INVERSIONES, SIMCAV................................................
AJALVIR ......................................................................................
AKENATON INVERSIONES, SIMCAV........................................
136
Annual trading
2001
2002
2001
2002
23,280
0
31,205
26,173
20,630
8,875
20,887
104,500
27,650
50,084
35,340
0
0
24,762
84,200
21,035
0
23,640
30,301
0
0
0
25,122
11,440
0
18,271
19,860
22,174
14,680
11,672
0
0
38,469
23,560
64,800
12,280
0
20,595
24,680
15,194
25,003
6,942
98,360
2,906
21,875
15,152
1,468
20,731
57,300
41,912
15,224
19,120
17,526
29,405
24,630
13,978
6,912
19,217
98,954
22,050
51,527
29,350
22,487
22,270
21,396
71,700
18,199
24,041
18,570
26,695
23,473
23,244
23,521
25,643
8,880
22,358
15,146
16,980
18,278
12,300
9,604
11,299
23,367
37,265
20,675
55,096
9,220
24,690
18,151
21,040
8,486
23,560
6,130
97,240
2,906
14,575
11,785
2,416
19,601
53,500
36,312
13,492
100
0
15
945
1,255
1
3
588
1,372
20,547
5
0
0
540
2,279
525
0
53
2
0
0
0
602
6
0
283
37
388
7
124
0
0
503
5
12
393
0
2
219
34
0
5
1,271
1
2,932
114
178
1
77
568
2,351
183
2,254
1,226
358
2,447
0
394
2,778
6,125
3,950
1
5
42
13
4,562
45
14
43
3,269
6
685
6
65
209
11
50
35
393
28
297
0
1,229
43,141
15
25
11,240
16,068
2
99
1,296
0
13
125
146
169
155
68
36
609
778
1,221
Date of listing
in 2002 & other
comments
20-05-02
06-06-02
07-03-02
16-10-02
28-06-02
07-03-02
28-06-02
02-08-02
25-11-02
27-09-02
31-05-02
(Continued)

Companies
AKORG FINANCIERA, SIMCAV ................................................
ALADINO DE INVERSIONES, SIMCAV.....................................
ALALAY INVERSIONES, SIMCAV...............................................
ALAMEDA DE VALORES, SIMCAV............................................
ALANJE INVERSIONES SIMCAV ................................................
ALAR 2000, SIMCAV .................................................................
ALAVA INVERSIONES, SIMCAV ................................................
ALAZN INVERSIONES 2001, SIMCAV....................................
ALBATROS BOLSA SIMCAV ......................................................
ALBERANA INVERSIONES SIMCAV ..........................................
ALBORAN ASSETS MANAGEMENT, SIMCAV, S.A....................
ALBUS INVESTMENT, SIMCAV, S.A .........................................
ALCAMA DE VALORES, SIMCAV ..............................................
ALCANADA 2000 SIMCAV........................................................
ALCE VALORES SIMCAV ...........................................................
ALCIDES INVERSIONES, SIMCAV .............................................
ALCO INVERSIONES FINANCIERAS, SIMCAVF, S.A ................
ALCUMAR FINANCIERA, SIMCAV............................................
ALDARA GESTIN, SIMCAV.....................................................
ALDEBORAN 5000 INVERSIONES, SIMCAV ............................
ALDECON INVESTMENTS, SIMCAV.........................................
ALDERETE DE INVERSIONES, SIMCAV.....................................
ALDEU, SIMCAVF, S.A...............................................................
ALEA INVERSIONES, SIMCAV ...................................................
ALEDAOS DE INVERSIN, SIMCAV......................................
ALEDO INVERSIONES, SIMCAV, S.A. .......................................
ALEFOMA .................................................................................
ALEGRANZA DE INVERSIONES, SIMCAV ................................
ALEKOS INVESTMENT, SIMCAV ...............................................
ALFA CAPITAL............................................................................
ALFA CARTERA ..........................................................................
ALFA INVERSIONES ..................................................................
ALFA INVERSIONES BURSTILES, SIMCAV..............................
ALFAGON 1 ..............................................................................
ALFAMAR INVERSIONES, SIMCAV, S.A. ..................................
ALFATEGO SIMCAV...................................................................
ALFAVAL 2000 INVERSIONES SIMCAV ...................................
ALFIVAL XXI INVERSIONES, SIMCAV, SA ......... .......................
ALFOZ INVERSIONES, SIMCAVF, S.A. ............ .........................
ALIALIA, SIMCAV.......................................................................
ALIANTO INVESTMENT, SIMCAV.............................................
ALIBUS INVERSIONES, SIMCAV ...............................................
ALJABA DE INVERSIONES, SIMCAV .........................................
ALKEH 2000 SIMCAV ................................................................
ALKENENCIA, SIMCAV, SA .......................................................
ALLOCATION ............................................................................
ALLURE INVESTMENTS SIMCAVF, S.A. ............ .......................
ALMABAR 2001, SIMCAV .........................................................
ALMADIL INVERSIONES, SIMCAV............................................
AL-MANSUC INVERSIONES, SIMCAV, S.A. .............................
ALMARO....................................................................................

2001
24,521
19,192
25,243
19,240
22,598
16,470
18,360
741,600
72,873
18,006
0
0
21,636
19,745
24,531
0
0
22,838
25,320
14,524
23,232
32,419
0
23,016
18,230
0
4,700
21,068
21,116
48,840
45,583
32,694
22,790
6,000
0
20,951
23,473
0
0
18,486
23,720
30,051
9,587
20,483
0
435,000
0
22,598
11,420
0
133,900
2002
23,560
16,955
22,237
17,076
16,828
0
15,640
705,600
49,884
14,232
23,367
0
18,591
17,196
24,531
16,828
20,915
19,954
25,640
14,484
21,693
28,524
21,877
22,246
14,574
24,481
4,700
17,124
17,029
44,440
39,238
27,924
22,358
7,730
30,111
18,907
21,958
6,563
0
14,075
19,272
30,952
8,626
21,035
23,079
396,000
29,840
22,598
9,360
23,978
112,600
Annual trading
2001
5
1
255
0
1,168
0
2
15
48,409
39
0
0
86
299
2,668
0
0
186
54
644
0
123
0
92
1
0
22
18
20
197
267
142
5
3
0
4
6
0
0
1,009
180
3,625
457
1,495
0
46
0
5
16
0
356
2002
4,049
2
26
18
4,815
0
2
200,036
36,288
4,482
0
0
75
152
0
10
1,062
15
229
432
0
5,010
170
1
1
0
15
1
2
34
430
82
1
552
5
10
0
12
0
127
3
3,725
446
51
279
48
0
2,548
29
0
4,057
Date of listing
in 2002 & other
comments
25-11-02
12-12-02
24-05-02
24-05-02
27-12-02
12-12-02
24-09-02
18-10-02
14-05-02
08-11-02
19-04-02
137
(Continued)

Companies
ALMAVIAL DE INVERSIONES SIMCAV .....................................
ALMED DE INVERSIONES, SIMCAV .........................................
ALMENDORA INVERSIONES SIMCAV......................................
ALMENSA INVER 21, SIMCAV, S.A. .............. ...........................
ALMORADIEL DE INVERSIONES, SIMCAV...............................
ALMU VALORES, SIMCAVF, S.A ...............................................
ALMUDENA INVERSIONES, SIMCAV.......................................
ALMUNIA PATRIMONIO SIMCAVF, S.A. .................................
ALNAMA STOCK SIMCAV.........................................................
ALOR CARTERA, SIMCAV .........................................................
ALPES 2000, SIMCAV ................................................................
ALPRO CARTERA, SIMCAV, S.A. ................. .............................
ALRAYA DE INVERSIONES, SIMCAV.........................................
ALTAE GESTIN, SIMCAV.........................................................
ALTAIS INVEST, SIM ...................................................................
ALTEA 99, SIMCAV ....................................................................
ALTEMAR INVERSIONES 99, SIMCAV ......................................
ALTOIS FINANCIERA SIMCAV...................................................
ALTOMORO INVERSIONES, SIMCAV, S.A. ..............................
ALTRES XXI ................................................................................
ALVAMAN INVERSIONES, SIMCAV, S.A. .................................
ALVASIL DE INVERSIONES, SIMCAV, S.A. ........ .......................
AM68, SIMCAV..........................................................................
AMA 899, SIMCAV ....................................................................
AMANITA CAESAREA INVERSIONES, SIMCAV.........................
AMARVI DE INVERSIONES, SIMCAV .......................................
AMER 2000, SIMCAV.................................................................
AMIC BOLSA SIMCAV ..............................................................
AMICUS 2001, SIMCAV, S.A. ................... ................................
AMIEVA INVERSIONES, SIMCAV .............................................
AMISTRA GLOBAL, SIMCAV.....................................................
AMOLAP INVERSIONES, SIMCAVF, S.A. ........... ......................
AMOTESA INVERSIONES, SIMCAV .........................................
AMPIL DE INVERSIONES, SIMCAV ...........................................
ANALISIS DE VALORES, SIMCAV..............................................
ANALISIS Y GESTIN DE CARTERAS, SIMCAV........................
ANARA INVERSIONES...............................................................
ANATOL INVERSIONES, SIMCAV .............................................
ANAYEN FINANCE, SIMCAV.....................................................
ANBOMA FINANZAS E INVERSIONES, SIMCAV .....................
ANCHOR INVERSIONES, SIMCAV, S.A. ............ ......................
ANCORA CONDAL, SIMCAV ...................................................
ANDABO INVERSIONES SIMCAV ............................................
ANDROMEDA INVESTMENT, SIMCAV.....................................
ANESGAR FREE, SIMCAV ..........................................................
ANETO GLOBAL INVESTMENT SIMCAV..................................
ANGONZALSA, SIMCAV...........................................................
ANILLO INVERSIONES, SIMCAV, S.A. ............ .........................
ANOA FINANZAS, SIMCAV, S.A. .............................................
ANTA DIVERSIFICACION, SIMCAV .........................................
ANTA GESTIN PATRIMONIAL, SIMCAV ................................
138

2001
21,934
24,627
20,915
0
18,840
0
20,000
0
18,759
26,640
19,649
0
27,040
59,690
1,880
11,323
21,600
22,917
0
39,000
0
0
20,760
228,370
23,800
19,000
5,265
23,319
0
17,189
29,532
0
13,925
24,210
79,900
18,193
2,960
35,868
0
25,381
0
24,000
23,319
26,550
26,800
24,317
24,762
0
0
44,974
21,765
2002
18,615
23,521
18,992
24,320
12,680
23,800
15,450
24,962
15,392
21,160
22,126
54,091
26,560
44,520
1,880
9,075
17,880
21,160
20,434
34,950
19,954
23,064
13,160
193,412
20,434
17,484
2,789
19,954
24,864
13,383
29,396
20,915
9,548
23,220
59,100
18,459
2,960
29,474
16,588
24,149
0
23,560
21,156
21,200
27,080
23,377
25,964
0
18,752
34,323
16,354
Annual trading
2001
2002
0
1
17
0
54
0
11
0
6
111
980
0
2,225
6,354
25
76
73
5
0
384
0
0
0
3,628
5
0
2,137
79
0
267
3,020
0
0
780
303
20
81
108
0
0
0
0
5
67
6
626
5
0
0
2,802
1,299
1
3
27
7
26
0
46
12
754
700
2,171
12,621
7,073
1,628
27
88
105
13
10
16
59
0
402
3,904
18
8,108
1,811
55
3
0
1,492
13
0
35
0
15
59
90
11
0
0
222
13
332
13
6
13
0
10
1,663
769
Date of listing
in 2002 & other
comments
16-10-02
15-07-02
30-04-02
28-01-02
07-03-02
07-03-02
07-03-02
15-07-02
30-04-02
25-07-02
24-07-02
30-04-02
Anexo 2: MERCADOS SECUNDARIOS
(Continued)

Companies
ANTA INTERNACIONAL INVERSIN MOBILIARIA, SIM.........
ANTALYA....................................................................................
ANTAT INVERSIONES 2000, SIMCAV.......................................
ANTELI INVERSIONES SIMCAV ................................................
ANTER 99, SIMCAV ...................................................................
ANTIGUA COMPAA TASTAVINS, SIMCAV...........................
ANTLIA INVESTMENT SIMCAV.................................................
ANTOSERRA, SIMCAV...............................................................
ANTRESMA DE INVERSIONES, SIMCAV...................................
ANZARES INVERSIONES, SIMCAV, S.A. ........... .......................
ANZOBRE DE INVERSIONES 2001, SIMCAV, S.A .... ...............
APARELLADORS ACTIUS MOBILIARIS, SIMCAV, S.A. .............
APM 2001, SIMCAV, S.A. ...................... ...................................
APROIN 3000, SIMCAV.............................................................
APUS INVESTMENT SIMCAV ....................................................
AQUILES INVERSIONES SIMCAV, S.A. ............ ........................
AR CAPITAL VARIABLE I, SIMCAV ............................................
ARAGON CINCO VILLAS, SIMCAV..........................................
ARAGON TERCER MILENIO, SIMCAV......................................
ARALAR DE INVERSIONES .......................................................
ARALUZ INVERSIONES, SIMCAV, S.A. ............ ........................
ARANGOI FINANCIERA, SIMCAV ............................................
ARANJUEZ BOLSA, SIMCAV.....................................................
ARBACHU DE INVERSIONES, SIMCAV, S.A. ...........................
ARBARIN ...................................................................................
ARBAT NUNERO 34, SIMCAV ..................................................
ARBI DE INVERSIONES, SIMCAV..............................................
ARCABI 3,000 SIMCAV .............................................................
ARDAUC, SIMCAV ....................................................................
ARDEBLAU INVERSIONES, SIMCAV, S.A. .......... .....................
ARDIL FINANCIERA, SIMCAV ...................................................
ARDIZIA DE INVERSIONES, SIMCAV .......................................
AREITIO MORA INVERSIONES, SIMCAVF, S.A. .......................
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.....................................................
ARGULLS FINANCIERA, SIMCAV .............................................
ARIEN PATRIMONIO, SIMCAV .................................................
ARINVER 2000, SIMCAV ...........................................................
ARITOSA INVERSIONES, SIMCAV, S.A. ........... ........................
ARIZCUN ...................................................................................
ARJO SIETE, SIMCAV, S.A. .................... ....................................
ARMINZA DE INVERSIONES, SIMCAV .....................................
AROAGA INVERSIONES, SIMCAV, S.A. ...................................
ARRAIZ CAPITAL 2001, SIMCAV, S.A. ........... ..........................

2001
0
33,270
15,578
19,769
12,357
4,820
23,800
25,074
22,718
0
0
0
0
19,994
19,232
0
21,645
24,100
24,220
59,760
0
19,713
279,264
0
117,160
0
20,779
16,470
20,894
0
30,603
153,800
0
41,560
2,104
19,144
21,636
24,772
27,480
37,900
360,500
24,561
27,286
20,580
32,310
0
61,200
0
19,889
0
0
2002
2,762
30,495
11,876
16,643
11,503
4,003
20,675
17,429
21,717
33,512
23,840
0
22,838
17,149
16,508
24,321
16,667
20,371
19,609
60,800
0
16,588
217,592
18,519
102,520
22,800
17,388
0
17,155
20,194
31,215
145,200
23,608
36,080
3,703
17,845
19,232
24,074
22,640
0
363,000
22,798
27,246
14,868
29,570
22,944
51,680
20,963
17,172
22,838
22,325
Annual trading
2001
2002
0
122
24
644
303
2
0
50
1
0
0
0
0
0
2
0
4,960
31
536
3,554
0
3
17,569
0
31,064
0
1
0
310
0
185
108
0
162
343
29
5
0
44
490
2,050
831
2
15
1
0
201
0
542
0
0
11
119
6,739
62
786
0
1
1
2
0
1
0
618
0
3
188
4,202
362
631
24,244
0
11
40,931
5
26,917
9
1
0
5
6
353
46
21
169
662
14
474
1
29
190
33,000
1,567
15
29
1
0
16
5
9,162
11
18
Date of listing
in 2002 & other
comments
03-06-02
15-07-02
24-10-02
15-07-02
16-04-02
12-12-02
14-02-02
24-05-02
27-09-02
Delisted 20/12/2002
28-06-02
28-06-02
06-02-02
16-04-02
139
(Continued)

Companies
ARROBA INVEST, SIMCAVF ......................................................
ARROYO INVERSIONES, SIMCAV, S.A. ...................................
ARS VALORES, SIMCAV ...........................................................
ARSA CARTERA, SIMCAV .........................................................
ARTAI 2000, SIMCAV.................................................................
ARTLUMO, SIMCAV.................................................................
ARUT 98 INVERSIONES, SIMCAV.............................................
ARVILIBIA SIMCAVF ..................................................................
ARZALEJOS, SIMCAV.................................................................
ARZUA DE INVERSIONES, SIMCAV .........................................
ASERFINANCE DE INVERSIONES, SIMCAV..............................
ASFABE DE INVERSIONES, SIMCAV .........................................
ASTIPALEA, SIMCAV..................................................................
ASTRANTIA, SIMCAV ................................................................
ASTURIANA DE VALORES ........................................................
ASUSO VALORES, SIMCAV.......................................................
ASVI INVERSIONES, SIMCAVF, S.A. .........................................
ATAZAR DE INVERSIONES........................................................
ATELANA INVESTMENT SIMCAVF ...........................................
ATIENZA DE INVERSIONES, SIMCAV .......................................
ATILIOS, SIMCAV, S.A. ..............................................................
ATON INVERSIONES, SIMCAV, S.A. .............. ..........................
AUCAS DE INVERSIONES, SIMCAV..........................................
AUREO INVERSIONES .............................................................
AURIGA CAPITAL, SIMCAV.......................................................
AURIGA INVESTMENT, SIMCAV...............................................
AURRECHE INVERSIONES, SIMCAV, S.A. .......... .....................
AVALLE AHORRO, SIMCAVF, S.A. ................ ...........................
AVIA INVERSIONES, SIMCAV, S.A. .............. ............................
AVILUGAM, SIMCAV.................................................................
AVOLATIL DE INVERSIONES SIMCAV......................................
AVORIAZ INVERSIONES, SIMCAV............................................
AYEDO DE INVERSIONES, SIMCAV .........................................
AYNASA, SIMCAV, S.A. .............................................................
AYORA PARTICIPACIONES, SIMCAV........................................
AYUA INVERSIONES, SIMCAV.................................................
AZAGRA INVERSIONES, SIMCAV.............................................
AZAHAR ORANGE INVERSIONES, SIMCAV, S.A. ...................
AZAREN INVERSIONES, SIMCAV, S.A. ............ ........................
AZEVREC, SIMCAV ....................................................................
AZORIN INVERSIONES, SIMCAV..............................................
B&B DE VALORES, SIMCAV.....................................................
B.I. GRAN PREMIERE, SIMCAV .................................................
B.I.PREMIERE..............................................................................
B.S. INVERSIONES 97, SIMCAV ...............................................
B.S.A. FINANZAS, SIMCAV .......................................................
BABUTA INVEST SIMCAV..........................................................
BACESA DE INVERSIONES, SIMCAV ........................................
BACKGROUND INVERSIONES, SIMCAV .................................
BACOARA 21, SIMCAV, S.A. ....................................................
BAFOR INVERSIONES, SIMCAV ...............................................
140

2001
24,531
0
44,100
21,520
25,000
8,376
10,660
0
19,914
24,521
24,427
8,574
0
22,518
118,512
24,291
0
94,560
0
27,760
0
0
20,034
2,640
21,720
28,800
0
0
0
17,677
23,569
21,612
21,741
0
13,407
108,900
0
0
0
19,880
10,940
5,904
19,593
28,000
26,124
22,120
10,240
24,762
5,051
0
24,241
2002
23,088
0
32,200
18,520
27,280
7,601
8,180
22,018
18,591
22,838
19,182
7,012
16,348
20,354
109,520
24,531
10,097
91,280
23,319
24,200
21,696
10,202
16,955
2,640
20,440
26,750
24,281
22,215
24,441
15,681
21,886
19,136
19,312
18,062
12,799
101,850
9,977
24,320
21,958
14,000
10,600
4,888
16,949
20,400
21,588
19,640
10,050
21,156
3,440
21,156
0
Annual trading
2001
2002
0
0
201
38
477
389
89
0
0
923
1,486
1
0
1
3,951
2,405
0
8
0
395
0
0
639
0
543
3,027
0
0
0
0
402
11
0
0
1,815
1,143
0
0
0
1,518
3,236
16
2,267
286
246
6
0
5
839
0
690
1,537
0
938
30
9
6
67
2,202
2
8,750
2,207
0
11
53
710
0
13
240
1
1
0
74
781
3
44
111
11
0
13
2,180
0
23
0
681
621
0
94
608
0
194
2,489
27
538
466
79
103
2,403
13
294
11
0
Date of listing
in 2002 & other
comments
27-09-02
06-06-02
07-03-02
19-04-02
08-11-02
28-06-02
15-10-02
21-03-02
06-06-02
28-01-02
07-03-02
(Continued)

Companies
BAGAL CARTERA, SIMCAV.......................................................
BAIMOBEL LINE, SIMCAV.........................................................
BAJOMIR DE INVERSIONES, SIMCAV ......................................
BALAGUER 98 DE INVERSIONES, SIMCAV .............................
BALAITUS INVERSIONES, SIMCAV...........................................
BALAYO INVERSIONES, SIMCAV .............................................
BALEAR AHORRO, SIMCAV, S.A. ................. ...........................
BALEARES TERCER MILENIO, SIMCAV.....................................
BALEMA INVERSIONES SIMCAV, S.A. ............. ........................
BALGAR INVEST, SIMCAV ........................................................
BALINCO DE INVERSIONES, SIMCAV......................................
BALLESTEROS FINANZAS, SIMCAV..........................................
BAMBU 2001 DE INVERSIONES, SIMCAV, S.A. ......................
BANCAJA GESTIN...................................................................
BANCOMERCIO AHORRO I ....................................................
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........................................
BAPUSA INVERSIONES, SIMCAVF, S.A. ...................................
BARASONA DE INVERSIONES SIMCAVF S.A. .........................
BARBADOS INVERSIONES, SIMCAV........................................
BARBATE DE INVERSIONES, SIMCAV ......................................
BARCAPITAL SIMCAV................................................................
BARCELONA BLACK KNIGHTS 2002, SIMCAV, S.A. .. ............
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......
BARNAMOLINS, SIMCAV, S.A. ................... .............................
BARNEVAL INVERSIONES, SIMCAV .........................................
BARRA ALTA, SIMCAV...............................................................
BARRANCO 2000, SIMCAV .....................................................
BARRARO ..................................................................................
BARRI CARTERA DE INVERSIONES, SIMCAV...........................
BASARTE ....................................................................................
BASASIM INVERSIONES, SIMCAV ............................................
BASE RIOJA 2, SIMCAV ............................................................
BASEN INVESTMENT, SIMCAV .................................................
BATFAM INVERSIONES 2000, SIMCAV ....................................
BAYAHIBE CAPITAL, SIMCAV, S.A. .............. ............................
BBV CEME MONETARIO...........................................................
BBV PRIVANZA 25 CARTERA, SIMCAV....................................

2001
21,356
22,880
19,986
18,080
60,702
22,406
0
20,210
0
11,664
0
55,293
0
133,600
27,280
61,900
91,100
26,800
22,680
7,415
153,276
25,800
30,288
19,168
0
0
14,264
21,020
28,425
0
23,600
25,440
22,280
20,464
18,711
39,300
27,647
0
22,520
22,045
22,598
31,208
23,800
2,300
21,636
23,773
21,599
22,906
0
27,680
125,600
2002
17,172
20,680
13,901
15,840
60,702
39,942
36,277
15,559
24,601
7,816
20,955
52,288
23,834
112,000
19,560
52,820
87,800
25,600
18,520
7,415
134,746
24,600
30,288
16,619
23,319
19,208
8,775
17,364
26,125
27,947
16,040
21,440
18,040
20,212
14,622
38,100
24,040
25,450
21,040
20,002
21,156
23,418
21,396
3,724
17,550
15,876
14,102
18,359
21,164
55,530
116,400
Annual trading
2001
2002
212
5,522
1
274
15
0
0
2,024
0
0
0
5
0
6,962
376
7,513
14,753
882
524
0
2,596
1,356
5
6
0
0
2,607
7
61
0
3,332
3,153
6
605
27
39
3,622
0
95
0
935
227
465
9
15
2
1,173
158
0
559
3,603
0
2,836
1
1,227
27
31,319
8,991
785
707
0
2
13
0
7,226
175
3,181
7,868
162
608
0
2,670
35
3
1
2,607
446
32
0
339
2,176
1,562
474
195
1,044
5,206
178
3,130
218
115
24
1,436
331
27
12
3,051
1
1,095
21
21
1,306
2,760
Date of listing
in 2002 & other
comments
25-11-02
18-04-02
14-02-02
18-10-02
31-10-02
12-07-02
28-01-02
25-03-02
141
(Continued)

Companies
BBVA ARAGN, SIMCAV .........................................................
BBVA CARTERA .........................................................................
BBVA CATALANA CARTERA, SIMCAV .....................................
BEACON GROWTH INVESTMENTS, SIMCAV .........................
BECARMON DE INVERSIONES, SIMCAV.................................
BEDINVER INTERNACIONAL, SIMCAV....................................
BEJUVIAL, SIMCAV....................................................................
BELATLANS, SIMCAV.................................................................
BELEA INVERSIONES, SIMCAV, S.A. ............ .........................
BELORADO AHORRO, SIMCAV...............................................
BEMASA INVERSIONES, SIMCAV ...........................................
BENARRABA DE INVERSIONES, SIMCAV.................................
BENAZAIRE INVERSIONES 2000, SIMCAV...............................
BENCARPO, SIMCAV ................................................................
BENCAVA INVERSIONES, SIMCAV ...........................................
BERCIAL INVERSIONES, SIMCAV .............................................
BERDOS INVERSIONES, SIMCAV, S.A. ............ ........................
BERPARLA INVERSIONES, SIMCAV ..........................................
BERZOSA DE INVERSIONES ....................................................
BESSER INVERSIONES ...............................................................
BESTER ZINS, SIMCAV...............................................................
BETA FONDOS INTERNACIONAL............................................
BETA MULTIMEDIA SIMCAV .....................................................
BETA TECH INVERSIONES SIMCAV..........................................
BETEL INVESTMENT, SIMCAV...................................................
BETUS INVERSIONES, SIMCAV.................................................
BEXCARTERA .............................................................................
BICHAR DE INVERSIONES FINANCIERAS, SIMCAV ................
BIERZO 99 DE INVERSIONES, SIMCAV....................................
BIFERO ......................................................................................
BILBAO ELCANO INVERSIONES SIMCAV................................
BILBAO EQUITY, SIMCAV.........................................................
BILUTOR ....................................................................................
BINITAREF, SIMCAV...................................................................
BIRIGARRO, SIMCAV ................................................................
BITACORA DE VALORES, SIMCAV ...........................................
BLACK-SCHOLES, SIMCAV .......................................................
BLOPA INVESTIMENT, SIMCAV ................................................
BLUE CHIP INVERSIONES.........................................................
BLUE DOVE INVERSIONES, SIMCAV .......................................
BLUE SEA CARTERA, SIMCAV, S.A. ..........................................
BMS BLUE CHIPS, SIMCAV ......................................................
BMS CARTERA, SIMCAV ..........................................................
BOCCACCIO PLAYA, SIMCAV ..................................................
BOGEY INVERSIONES, SIMCAV ...............................................
BOI DE INVERSIONES SIMCAV ................................................
BOJ INVESTMENT, SIMCAV ......................................................
BOLINVER..................................................................................
BOLSA ACTIVA, SIMCAV, SA ....................................................
142

2001
122,200
117,800
156,000
314,889
111,200
21,931
0
23,497
23,560
28,760
0
22,165
99,300
19,384
8,919
21,035
21,789
18,752
0
23,240
14,454
27,520
22,045
27,680
30,411
66,250
24,201
19,641
17,208
24,200
18,807
59,940
18,489
24,440
5,080
19,016
19,168
25,092
0
19,881
1,160
47,023
0
30,800
64,400
0
21,396
22,607
20,795
2,700
0
2002
100,400
85,200
137,500
267,301
91,600
18,605
21,621
19,986
21,280
25,000
21,476
15,314
94,950
16,138
7,609
19,930
18,903
18,992
21,877
21,680
6,588
26,200
20,386
24,400
30,170
31,750
20,875
14,665
131,040
21,080
12,722
49,260
16,645
20,240
3,960
15,554
12,626
22,198
8,655
19,954
1,160
42,119
21,492
29,200
52,300
0
19,473
20,154
16,307
2,700
0
Annual trading
2001
2002
7,782
5,302
7,162
36,468
6,063
2,420
0
0
1,669
8,559
0
0
96
1
62
45
55
5
0
77
7
222
1,205
728
48,132
5,717
974
21
6
3
1
262
735
1
938
36
83
121
0
2,458
16
86
0
2
468
0
45
0
3
32
0
8,069
3,624
6,220
34,326
4,681
3
1
2
636
27
20
600
38
1
49
1,811
25
16
10
36
4
226
794
2,986
16,257
3,191
3
30
2,117
1,404
1
3,950
719
0
1,066
47
19
326
97
17
18
765
103
2
30
0
18
0
3
3,154
0
Date of listing
in 2002 & other
comments
29-02-02
07-03-02
19-06-02
25-07-02
(Continued)

Companies
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 ................................................................
BORAU INVERSIONES, SIMCAV...............................................
BORDOLIQUE, SIMCAV ...........................................................
BORDONAL INVERSIONES, SIMCAV.......................................
BORIZO DE INVERSIONES, SIMCAV........................................
BOTILAN INVER 5 SIMCAV ......................................................
BOTINO INVERSIONES , SIMCAV, S.A. ...................................
BOTTOM UP INVERSIONES, SIMCAV......................................
BOVILA DE INVERSIONES, SIMCAV.........................................
BOYSEP INVESTMENT SIMCAV ................................................
BRAININVEST SIMCAV..............................................................
BRANCH DE INVERSIONES SIMCAV .......................................
BRARIOS-3, SIMCAV, S.A. ..................... ...................................
BRASILITO SIMCAV ...................................................................
BREIXO INVERSIONES SIMCAV................................................
BRENT INVERSIONES, SIMCAV ................................................
BRIMO DE INVERSIONES ........................................................
BRIO 21 SIMCAV.......................................................................
BRISEIDA DIVERSIFICADA, SIMCAV.........................................
BROKREUS, SIMCAV .................................................................
BROSNA, SIMCAV.....................................................................
BRUNARA..................................................................................
BRUNO 2000 DE INVERSIONES SIMCAV ...............................
BSA FINANZAS ..........................................................................
BSN ELITE 10-30,SIMCAV..........................................................
BSN ELITE 30-50, SIMCAV.........................................................
BSN ELITE 50-70, SIMCAV.........................................................
BSN ELITE 70-90, SIMCAV.........................................................
BUCALLAR SIMCAV, S.A. ....................... ..................................
BUCLE INVERSOR, SIMCAV......................................................
BUDULAQUE ALDAMA, SIMCAV............................................
BUENAVISTA F.O.G. INVERSIONES, SIMCAV ..........................
BUENBAS INVERSIONES SIMCAV ...........................................
BUENDIA DE INVERSIONES .....................................................
BUJARA DE INVERSIONES, SIMCAV ........................................

2001
39,600
47,500
7,104
13,977
0
68,058
50,720
4,017
2,400
29,300
19,000
27,960
16,920
12,340
19,112
20,675
11,250
0
30,795
0
22,160
24,320
0
23,280
22,318
20,314
20,434
5,856
0
24,930
360,000
11,420
0
22,078
9,981
13,750
27,640
476,000
44,400
26,240
24,601
29,783
28,316
19,032
0
23,920
21,164
21,840
16,828
2,460
22,655
2002
37,700
45,300
6,400
8,040
0
27,120
49,600
4,017
12,520
25,500
16,420
24,680
11,080
10,260
16,187
18,752
6,250
22,237
23,096
19,962
18,520
22,800
15,633
21,429
17,941
13,198
20,635
4,560
23,761
21,877
298,800
10,400
0
20,731
9,620
7,000
22,280
369,950
38,160
25,480
22,919
24,726
22,794
13,783
10,145
23,560
17,629
20,120
16,348
44,080
18,013
Annual trading
2001
2002
1
1
1
950
0
312
12,640
54
600
507
149
18
70
52
2
5
334
0
1,236
0
177
3
0
1,046
8
245
2
129
0
6
204,338
554
0
0
15
1,878
4
43,792
0
12,187
4,810
2,173
1,144
550
0
2,170
1,003
9
61
312
36
841
4,006
0
252
0
295
17
393
4
962
52
3
2,689
176
3
13
120
1,504
483
49
17
602
11
21
878
1,212
2
100
4,184
13
50,005
2
0
3,320
3
1,045
4
41,180
2
11
2,456
579
256
336
55
1,518
656
5
25
5
140
Date of listing
in 2002 & other
comments
21-02-02
10-10-02
14-01-02
143
(Continued)

Companies
BULK INVERSIONES, SIM ........................................................
BULL INVEST ............................................................................
BURBIA-99 DE INVERSIONES, SIMCAV ...................................
BURMAS INVERSIONES, SIMCAV ............................................
BURPLAN, SIMCAV ...................................................................
BURSTIL 2000, SIMCAV..........................................................
BUSMONDO ............................................................................
BUSSOLA 99, SIMCAV .............................................................
C&S PAMEL INVERSIONES, SIMCAV ........................................
C.F. GENERAL DE INVERSIONES FINANCIERAS, SIMC ...........
CABDAL INVERSIONES, SIMCAV, SA .............. ........................
CABMAR DE INVERSIONES, SIMCAV ......................................
CADI VALORES, SIMCAV ..........................................................
CADOGAN 37, SIMCAV, S.A. .................... ..............................
CAELU INVESTMENT SIMCAV..................................................
CAESAR IMPERATOR I, SIMCAV ...............................................
CAIXA CASTILLA Y LEON, SIMCAV, S.A. .................................
CAIXA INVERSIONES I, SIMCAV...............................................
CAIXASABADELL INVEST, SIMCAV...........................................
CAJALUNA INVERSIONES, SIMCAVF,S.A. .......... .....................
CAJARIOJA INVERSIN, SIMCAV .............................................
CALACONTA DE INVERSIONES, SIMCAV................................
CALAINVEST-98, SIMCAV .........................................................
CALAIS DE INVERSIONES SIMCAV...........................................
CALANISA, SIMCAV ..................................................................
CALCEDONIA, SIMCAV ............................................................
CALIMA INVEST, SIMCAV .........................................................
CALLAL INVERSIONES, SIMCAV, S.A. ......................................
CAM MODERATE, SIMCAV.......................................................
CAMABI VALORES, SIMCAV, S.A. ............................................
CAMBRIDGE AVENUE INVERSIONES SIMCAV........................
CAMELLE INVESTMENT, SIMCAV .............................................
CAMERFRAN, SIMCAV..............................................................
CAMINO PASTORA, SIMCAV ...................................................
CAMPO DE ORO INVERSIONES, SIMCAV, S.A. ...... ...............
CAMPOSENA, SIMCAV .............................................................
CAN VENTURA INVERSIONES, SIMCAV, S.A. .........................
CAN XULINO, SIMCAV, S.A. ....................................................
CAN. WK FIN SIETE SIMCAV, S.A. .............. .............................
CANALES 2001 SIMCAV............................................................
CANARIAS AHORRO, SIMCAV, S.A. ............... ........................
CANAY DE INVERSIONES, SIMCAV .........................................
CANEELTOO INVESTMENTS, SIMCAV .....................................
CANIGO INVERSIONES SIMCAV..............................................
CANOVAS 98, SIMCAV.............................................................
CANSILU, SIMCAV, S.A. ....................... ....................................
CANTO ASTIAL INVERSIONES, SIMCAV..................................
CANTUESO INVERSIONES, SIMCAV .......................................
CANYAMEL INVERSIONES, SIMCAV ........................................
CAPCHICOT, SIMCAV, S.A. ......................................................
CAPDAMUNT INVERSIONES, SIMCAV, S.A. ...........................
144
Annual trading
2001
2002
2001
2002
3,086
25,500
15,706
23,546
21,429
28,100
3,080
19,697
0
10,361
0
21,765
17,076
0
40,388
12,600
0
62,300
19,830
0
31,850
22,799
11,400
20,875
19,906
22,240
20,875
0
23,201
0
0
35,760
21,126
13,282
0
22,751
0
0
0
24,541
0
24,390
25,156
20,274
33,705
0
21,600
18,655
36,061
0
0
3,080
19,420
11,219
22,317
15,320
25,450
3,080
16,931
15,686
9,568
23,079
17,941
12,266
24,040
32,022
11,160
24,521
52,600
13,050
25,002
20,850
20,154
11,160
17,364
17,838
17,640
19,393
13,523
23,561
14,424
22,838
34,558
19,480
10,307
19,713
20,130
24,521
24,281
0
22,175
36,349
17,844
22,944
17,870
30,700
23,103
14,640
16,687
35,159
22,767
22,838
30
1,620
0
613
0
743
14
1
0
2
0
0
542
0
2
262
0
9,455
2,717
0
6,274
3
0
791
11
2
4,536
0
6,465
0
0
1,088
1
6
0
0
0
0
0
403
0
112
27
1,482
239
0
20
0
25,844
0
0
32
475
0
335
2
1,863
1
2
10
3
11
1
57
6
3
0
2,789
3,950
901
11
1,097
866
0
522
5
3
27
11
0
12
199
8,042
0
12
11
3
11
45
0
3
5,931
153
58
1,866
501
61
118
780
7,000
1
10
Date of listing
in 2002 & other
comments
27-09-02
26-03-02
10-04-02
06-02-02
24-09-02
19-04-02
24-05-02
24-05-02
08-05-02
13-05-02
25-11-02
14-01-02
21-02-02
08-11-02
(Continued)

Companies
CAPGESA ..................................................................................
CAPILOPA, SIMCAV...................................................................
CAPINVER..................................................................................
CAPITAL 18 BR, SIMCAV...........................................................
CAPITAL M.E.P. ..........................................................................
CAPITAL P.A.V. ..........................................................................
CAPITAL PENEDES MIXT, SIMCAV ..........................................
CAPITAL XXI INVERSIONES, SIMCAV.......................................
CAPITALZA ................................................................................
CAR 2000 INVERSIONES MOBILIARIAS, SIMCAV ...................
CARAMA DE INVERSIONES, SIMCAV ......................................
CARAUNA INVERSIONES, SIMCAV..........................................
CARBONERA MOBILIARIA SIMCAV ........................................
CARCANTI, SIMCAV, S.A. .........................................................
CARDIEL DE INVERSIONES, SIMCAV.......................................
CARFY... .....................................................................................
CARHEBAPE 1, SIMCAV............................................................
CARINA INVESTMENT, SIMCAV ...............................................
CARISA INVERSIONES, SIMCAV ...............................................
CARIVEGA DE INVERSIONES SIMCAV.....................................
CARO INVERSIONES, SIMCAV .................................................
CAROLA 2000, SIMCAV............................................................
CARPE DIEM INVESTMENT, SIMCAV .......................................
CARRAN DE INVERSIONES, SIMCAV ......................................
CARRASPIENTES SIMCAV .........................................................
CARRIEDO, SIMCAV .................................................................
CARTEALAR, SIMCAV ...............................................................
CARTEBANC .............................................................................
CARTERA 100, SIMCAV.............................................................
CARTERA 2M5, SIMCAV............................................................
CARTERA 30, SIMCAV...............................................................
CARTERA ALARCOS, 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 DABERNI, SIMCAV, S.A. ............... ...........................
CARTERA DE ACCIONES - TACITA -.........................................
CARTERA DE INVERSIN BURSTIL, SIMCAV........................
CARTERA DE INVERSIONES ERTIS, SIMCAV, S.A. ...................
CARTERA DE INVERSIONES INVERGAL, SIMCAV ...................
CARTERA DE INVERSIONES SG4, SIMCAV ..............................
Annual trading
2001
2002
2001
2002
2,855
23,944
1,204
10,926
27,240
25,960
49,920
18,343
11,660
25,243
22,320
20,290
21,044
0
22,320
25,564
14,550
19,593
22,646
24,411
24,361
17,440
19,160
39,200
22,506
24,041
38,908
0
20,595
20,915
23,840
38,805
23,800
24,638
80,619
19,753
19,192
21,156
28,640
22,879
24,401
25,002
25,042
24,521
17,550
0
75,400
8,615
0
18,351
0
2,855
22,310
1,204
9,280
23,080
21,600
34,680
14,016
10,480
22,838
18,960
15,626
18,831
20,915
19,840
20,867
10,005
16,267
22,310
24,266
20,400
16,360
17,333
38,150
23,011
25,002
41,161
7,716
16,027
16,508
24,240
34,580
23,840
23,220
66,769
18,111
15,266
18,992
25,600
21,356
23,279
25,563
25,603
22,838
13,222
21,741
62,140
5,329
21,997
14,865
14,010
3
82
1
29
61
87
57
323
83
3,010
2
116
4
0
1
83
1,623
117
1
33,056
82
12
17
129
871
838
1
0
2,434
70
6
53
1,417
161
1,321
94
92
1,311
11,418
4,491
4,962
112
112
4,014
5
0
4
1
0
408
0
5
65
181
496
37
38
42
1,176
7
5
26
98
49
25
1
200
6
269
4,420
2
72
1
27
3
526
151
11
1,623
524
57
7
75
6,718
399
1,515
539
581
540
4,306
6,301
2,759
113
113
689
4
2
31
1
1,405
157
10
Date of listing
in 2002 & other
comments
21-03-02
08-11-02
21-03-02
145
(Continued)

Companies
CARTERA DE VALORES IAF, SIMCAV .......................................
CARTERA DELFI .........................................................................
CARTERA DELFI 2 .....................................................................
CARTERA DRAGONERA SIMCAV.............................................
CARTERA EMPORDA 2000, SIMCAV........................................
CARTERA EXTRAMUN, SIMCAV...............................................
CARTERA GALATIFE, SIMCAV ..................................................
CARTERA GLOBAL, SIMCAV.....................................................
CARTERA INTEGRAL, SIM.........................................................
CARTERA INVERONIA, SIMCAV ...............................................
CARTERA INVERSORA DEL EBRO, SIMCAV.............................
CARTERA KAMINSKI SIMCAV...................................................
CARTERA KEFREN, SIMCAVF, S.A. ............... ............................
CARTERA LD 78 SIMCAV ..........................................................
CARTERA MACAM, SIMCAV.....................................................
CARTERA MAEN, SIMCAVF, S.A. ..............................................
CARTERA MENDIBILE, SIMCAV, S.A. .......................................
CARTERA MILLENNIUM, SIMCAV ............................................
CARTERA MOBILIARIA - CARMOSA - .....................................
CARTERA MUNDIAL, SIMCAV .................................................
CARTERA MUSA, SIMCAV, S.A. .................. .............................
CARTERA OPTURSA, SIMCAV ..................................................
CARTERA PIRINEO ...................................................................
CARTERA ROIS, SIMCAV...........................................................
CARTERA SERTORIO, SIMCAV, S.A. .........................................
CARTERA SUROESTE, SIMCAV .................................................
CARTERA TRAMO I, SA, SIMCAV ................. ...........................
CARTERA URQUIJO 2, SIMCAV................................................
CARTERA URQUIJO, SIMCAV...................................................
CARTESOR, SIMCAV..................................................................
CASA-SANZ SIMCAV.................................................................
CASAYU INVERSIONES SIMCAV .............................................
CASIGRAMA INVERSIONES, SIMCAV, S.A. ......... ....................
CASIVIDA, SIMCAV ...................................................................
CASSIOPEIA INVESTMENT, SIMCAV.........................................
CASTALIA AHORRO, SIMCAV ..................................................
CASTEINVER .............................................................................
CASTEPLAN-12, SIMCAV ..........................................................
CASTLEWOOD, SIMCAV ..........................................................
CASVA DE INVERSIONES, SIMCAV ..........................................
CAT PATRIMONIS, SIMCAV ......................................................
CATAY INVESTMENT, SIMCAV..................................................
CATIMSA ...................................................................................
CATOC ......................................................................................
CAULES DE INVERSIONES, SIMCAV ........................................
CAVER CRESPI, SIMCAV............................................................
CAVOLO INVERSIONES, SIMCAV ............................................
CBH GLOBAL, SIMCAV ...........................................................
CCR INVEST 2001 SIMCAV ......................................................
CEBAL INVERSIONES, SIMCAV.................................................
CEBEMAR DE INVERSIONES SIMCAV ......................................
146

2001
22,280
103,800
31,200
25,082
17,893
29,120
0
26,052
10,280
29,680
24,120
21,765
0
21,741
22,117
0
0
19,032
188,700
14,825
0
28,498
5,080
23,480
0
21,160
0
39,731
26,040
28,047
21,156
29,450
0
21,757
20,955
18,511
0
32,437
23,375
26,124
31,000
0
18,870
47,288
28,240
0
22,959
24,700
12,025
22,189
23,425
2002
18,920
92,400
27,800
25,643
14,190
23,560
20,579
19,521
9,120
25,320
21,800
20,635
22,117
18,086
19,593
0
19,673
10,738
149,370
12,020
23,848
23,740
4,240
20,000
25,964
17,840
0
34,343
22,040
26,394
18,030
26,600
24,906
18,319
19,353
13,943
0
34,456
21,810
24,642
30,360
23,079
16,920
40,553
27,680
23,728
23,439
19,600
11,304
20,603
23,569
Annual trading
2001
2002
39
14,570
1,798
112
124
262
0
56
86
48
16
54
0
32
105
0
0
1,945
2,287
211
0
173
407
396
0
69
0
12,139
8,517
15
5
27
0
10
207
618
0
12
572
604
4,293
0
114
727
5
0
696
74
0
919
4,203
30
4,807
1,346
114
54
1,048
823
481
920
39
2,474
118
2,261
254
93
0
22
648
1,806
318
7,792
129
655
32
141
31
0
12,951
8,267
27
0
74
8,623
178
2,737
1,131
0
0
18
80
7,129
1,603
127
775
2
31
3,642
35
0
417
1
Date of listing
in 2002 & other
comments
28-06-02
25-11-02
04-04-02
18-01-02
14-02-02
31-10-02
21-03-02
(Continued)

Companies
CEIBA INVERSIONES, SIMCAVF, S.A ........................................
CELEBES INVERSIONES, SIMCAV, S.A. ........... .........................
CENTRAL DE INVERSIONES EN VALORES - CEIVASA -...........
CENTRAL DE VALORES - CEVALSA - .......................................
CERAL 2000 INVERSIONES, SIMCAV ......................................
CERALF INVERSIONES, SIMCAV, S.A. ......................................
CERES INVERSIONES, SIMCAV ................................................
CETUS INVERSIONES, SIMCAV ...............................................
CHAGABER, SIMCAV, S.A. ...................... .................................
CHAMBERTIN, SIMCAV,S A ...................... ...............................
CHART INVERSIONES ...............................................................
CHERAC 2000 SIMCAV.............................................................
CHERSWIT, SIMCAV..................................................................
CHIA INVERSIONES XXI SIMCAVF, S.A. .......... ........................
CHIVILCOY INVERSIONES, SIMCAV, S.A. ...............................
CHORRONTON INVERSIONES, SIMCAV.................................
CHOWPATTY, SIMCAV..............................................................
CHULAPICO, SIMCAV...............................................................
CIFUENTES DE INVERSIONES SIMCAV....................................
CIGARRAL DE INVERSIONES, SIMCAV, S.A. ...........................
CIGNUS VALORES, SIMCAV.....................................................
CILAR INVERSIONES, SIMCAV..................................................
CIMBALARIA SIMCAV ..............................................................
CINAMON INVESTMENT, SIMCAV, S.A. ............ .....................
CININVER FINANZAS, SIMCAV ................................................
CJ PROFIT SIMCAV....................................................................
CJ TRADITIONAL, SIMCAV .......................................................
CLARIANO DE INVERSIONES, SIMCAV ...................................
CLAROL INVERSIONES, SIMCAV, S.A. ............ ........................
CLAVIJO INVERSIONES, SIMCAV,S.A. ............ .........................
CLEAR INVERSIONES ................................................................
CLEOMER, SIMCAV ...................................................................
CLINVER GESTIN PATRIMONIAL SIMCAV............................
CLOVELLY INVESTMENT, SIMCAV ...........................................
CLUB BANCOMERCIO CIBELES ...............................................
CLYTES-2001, SIMCAV, S.A. ................... ..................................
CMA GLOBAL 1999, SIMCAV...................................................
CMA GLOBAL 2000, SIMCAV...................................................
CMA GLOBAL INVESTMENTS, SIMCAV...................................
COANTISA INVERSIONES, SIMCAV .........................................
COBATILLA INVERSIONES, S.I.M.C.A.V., S.A. ... ......................
COBOS EMPRESAS REUNIDAS, SIMCAV, S.A. ........................
COKEFIN 99, SIMCAV ...............................................................
COLEVI INVERSIONES, SIMCAV, S.A. ......................................
COLIGAR DE VALORES, SIMCAV .............................................
COLLBATO INVEST, SIMCAV ....................................................
COLUMBUS INVERSIONES 2000, SIMCAV..............................
COMEBACK CONSULTANCY, SIMCAVF, SA ........... ................
COMERMATICA-KABAKH, SIMCAV .........................................
COMPAA DE INVERSIONES ANAIL, SIMCAV ......................
COMPASS INVERSIONES, SIMCAV...........................................

2001
0
0
122,760
93,600
0
0
25,520
32,450
0
0
160,020
18,367
11,440
0
0
24,041
23,752
2,453
20,491
0
22,095
24,521
6,263
0
21,436
29,089
29,570
22,823
0
0
6,560
21,040
24,185
22,678
27,080
0
24,081
22,077
22,919
22,040
0
0
22,125
0
16,883
11,140
30,141
0
28,512
18,040
20,082
2002
22,029
23,079
101,068
81,000
0
24,441
26,000
27,250
21,156
21,877
160,020
15,338
9,420
22,838
10,738
23,920
22,382
24,050
18,855
22,703
16,321
21,637
4,394
0
48,181
25,483
28,608
20,467
24,281
26,402
6,560
17,920
19,016
21,196
26,320
22,406
23,720
20,915
21,997
18,800
24,160
23,689
17,400
11,900
14,190
8,500
25,513
34,618
30,195
15,160
20,322
Annual trading
2001
2002
0
0
1,873
1,549
0
0
80
830
0
0
34
16
294
0
0
1,114
0
0
7
0
0
5
258
0
15,495
1,766
3,348
0
0
0
171
2,627
2,766
12,617
1,110
0
22
229
5,428
2,459
0
0
0
0
423
141
72
0
0
31
15,063
728
161
2,004
2,516
0
91
77
72
11
13
36
109
75
4,995
0
66
5
0
1
5
0
15
534
0
13
997
692
2
10
12,948
171
16,885
0
1,279
671
1
1,616
33
33
30
806
760
0
12
6
31
228
12
76
24
3,930
Date of listing
in 2002 & other
comments
28-06-02
08-11-02
31-10-02
25-07-02
24-09-02
18-10-02
24-09-02
06-06-02
12-12-02
08-11-02
21-02-02
02-08-02
30-05-02
19-04-02
27-09-02
06-06-02
147
(Continued)

Companies
COMPETITIVE INVESTMENT, SIMCAV, S.A. ........ ....................
CONCORDIA DE INVERSIONES MEDITERRANEAS, SIMCAV.
CONOMA INVERSIONES, SIMCAV ..........................................
CONSENTUS 2000, SIMCAV, S.A. ................ ...........................
CONSULBIC...............................................................................
CONSULBOLSA.........................................................................
CONSULMIX 60-40, SIMCAV....................................................
CONSULNOR EUROACCIONES, SIMCAV...............................
CONSULNOR INVERSIONES FINANCIERAS LA RIOJA SIMCAV .
CONSULNOR MULTINACIONALES, SIMCAV..........................
CONTEMPORANIA DINVERSIONS, SIMCAV, S.A. .... ............
CONTINENTAL DEL MAR, SIMCAV..........................................
COOPERATIVISME, SIMCAV .....................................................
COPEY INVESTMENT, SIMCAV .................................................
CORATRIL, SIMCAV...................................................................
CORFIN INVERSIONES, SIMCAV..............................................
CORONA AUSTRALIS INVESTMENT, SIMCAV.........................
CORONDEL INVERSIONES, SIMCAV .......................................
CORPORACIN DE INVERSIONES MOBILIARIAS ..................
CORPORAT INVERSIONES........................................................
CORTES VICENTE INVERSIONES, SIMCAV ..............................
CORTIGOSO INVERSIONES, SIMCAV......................................
COSTA PLATA INVERSIONES, SIMCAV.....................................
COSTA RICA INVERSIONES, SIMCAV, S.A. ..............................
COSTAGES, SIMCAV..................................................................
COTOMAR INVERSIONES, SIMCAV.........................................
COVA INVERSIONES SIMCAV .................................................
COVEN INVERSIONES SIMCAV................................................
COVIMOSA................................................................................
CRECIMIENTO INVERSIONES, SIMCAV ...................................
CREDIT SUISSE COLUMBUS-75, SIMCAV................................
CREDIT SUISSE ELCANO-50, SIMCAV......................................
CREDIT SUISSE MAGALLANES-25, SIMCAV ............................
CRINUM INVERSIONES, SIMCAV.............................................
CRISTOBALMEMDI, SIM ...........................................................
CRONISTA CARRERES DE INVERSIONES, SIMCAV..................
CROSS ROADS INVERSIONES, SIMCAV, S.A. ....... ..................
CRUCERO DE INVERSIONES SIMCAV .....................................
CRUNVER FINANCIERA, SIMCAV ............................................
CUBAHORRO, SIMCAV............................................................
CUERNAVACA INVEST, SIMCAV...............................................
CUETO CALERO, SIMCAVF, S.A. ................. ............................
CUFATUM, SIMCAV ..................................................................
CUGONRI, SIMCAV ..................................................................
CUINVER 2000, SIMCAV...........................................................
CUSTREL, SIMCAV.....................................................................
CYNARA DE INVERSIONES, SIMCAV, S.A. ..............................
D&F ROALBA, SIMCAV.............................................................
DABIFINSA, SIMCAV .................................................................
DACINVER.................................................................................
DAEN INVESTMENT, SIMCAV...................................................
148
Annual trading
2001
2002
2001
2002
0
25,440
0
0
61,320
50,800
21,291
22,400
19,850
24,092
0
22,237
30,250
23,840
20,410
20,675
28,648
0
6,154
26,480
0
24,041
21,308
0
33,720
27,080
23,425
24,041
738
23,800
2,278
21,453
0
20,146
2,509
16,800
0
22,992
24,040
19,000
21,444
0
32,396
0
19,680
10,743
0
19,456
22,840
72,926
0
0
19,000
19,713
0
46,720
38,960
17,249
14,760
15,968
18,529
22,655
16,973
23,250
22,758
17,333
18,511
24,992
34,258
28,391
22,600
23,906
22,983
17,484
21,356
30,040
22,400
22,078
23,319
0
23,079
1,925
18,711
25,000
15,194
2,509
12,480
18,848
21,212
22,838
15,633
19,425
25,002
25,368
23,319
17,160
6,776
22,358
15,921
17,920
65,186
20,434
0
126
0
0
1,261
1,548
388
3,149
205
3,689
0
126
5,230
1,364
125
5
3
0
0
5
0
0
0
0
876
703
603
314
0
15
7,535
6,027
0
2,237
1
262
0
0
125
7,045
0
0
63
0
13
15
0
1,262
123
408
0
0
1,780
225
0
1,275
754
215
3,050
721
347
58
70
1,705
434
39
14
4
0
30,565
62
2,039
33
2
1,242
589
384
29
41
0
27
2,310
4,720
2,724
97
3
80
0
1
3,302
744
11
13
9
25
250
1,457
3,999
296
114
631
1
Date of listing
in 2002 & other
comments
25-11-02
16-10-02
12-03-02
12-08-02
Delisted 17/01/2002
21-03-02
08-11-02
21-02-02
(Continued)

Companies
DAF INVERSIONES, SIMCAV ....................................................
DAIMON INVERSIONES, SIMCAVF, S.A. .................................
DAJAMA INVERSIONES, SIMCAV, S.A. ....................................
DALINVEST INVERSIONES, SIMCAV ........................................
DANBUR 2000, SIMCAV...........................................................
DAPA DE INVERSIONES, SIMCAV ............................................
DAPHNE INVESTMENTS SIMCAV ............................................
DAR ...........................................................................................
DASC INVESTMENTS, SIMCAV ................................................
DASHUR INVESTMENT SIMCAV ..............................................
DAVMES ....................................................................................
DAYMIO INVESTMENTS, SIMCAVF..........................................
DAYNEWS SIMCAV ...................................................................
DB INSTITUCIONAL, SIMCAV..................................................
DEALING INVERSIONES, SIMCAV............................................
DEBARAN DE VALORES MOBILIARIOS SIMCAV ...................
DEHASA INVERSIONES FINANCIERAS, SIMCAV .....................
DEHESA LOS CHOPOS, SIMCAV..............................................
DEIMO INVESTMENT, SIMCAVF, S.A. ......................................
DELCASTRO INVERSIONES, SIMCAV, S.A. ..............................
DELFI BOLSA, SIMCAV..............................................................
DELTA INVERSIONES BURSTILES, SIMCAV............................
DELTAHORRO, SIMCAV............................................................
DELZAPEG, SIMCAV..................................................................
DENARIO INVERSIONES 2001, SIMCAV, S.A. .........................
DENURB INVERSIONES, SIMCAV ...........................................
DERRICK INVEST, SIMCAV .......................................................
DESEMBRE NORANTA-NOU, SIMCAV ....................................
DEVON ISLAND, SIMCAV ........................................................
DIANA BOAT, SIMCAV, S.A. .....................................................
DIAPASON GESTIN, SIMCAV ................................................
DIBICO INVERSIONES, SIMCAV...............................................
DICASTILLO INVERSIONES, SIMCAV.......................................
DIGIT INVERSIONES, SIMCAV..................................................
DINER INVERSIN 2000 SIMCAV ............................................
DINERAHORRO, SIMCAV ........................................................
DINERCAPITAL, SIMCAV...........................................................
DINERCARTERA, SIMCAV .........................................................
DINERGLOBAL, SIMCAV .........................................................
DINERINVER..............................................................................
DINERINVERSIN, SIMCAV .....................................................
DINERISCAL, SIMCAV ...............................................................
DINERVALOR, SIMCAV .............................................................
DINERVERA SIMCAV .................................................................
DIPACHAR DE INVERSIONES, SIMCAV ...................................
DIRDAM LAER, SIMCAV, S.A. ................... ...............................
DIROJU, SIMCAV, S.A. ..............................................................
DITA INVERSIONES SIMCAV.....................................................
DIVALSA DE INVERSIONES, SIMCAV .......................................
DIVERSIFICACIN FINANCIERA .............................................
DIVERSITY DE INVERSIONES, SIMCAV ....................................

2001
27,749
0
0
21,925
0
20,480
19,834
18,620
11,648
57,497
152,400
61,800
30,331
25,122
11,063
28,037
21,636
84,999
0
0
22,240
22,838
24,772
24,050
0
0
19,588
27,750
23,520
0
20,775
24,000
24,283
11,680
19,408
19,962
22,000
20,683
21,880
29,000
17,797
19,240
21,280
18,759
21,156
0
0
19,136
0
35,070
24,699
2002
27,132
14,274
22,598
17,838
60,702
16,600
17,798
18,620
12,164
54,492
118,880
60,000
27,406
22,427
11,159
23,139
19,232
23,966
24,281
20,194
21,640
21,108
25,012
22,318
11,672
29,930
15,802
21,250
19,160
23,050
16,483
23,840
21,826
11,020
18,783
16,595
19,080
18,759
21,880
29,000
15,873
15,873
18,400
15,633
18,655
23,377
0
17,189
20,875
27,720
23,858
Annual trading
2001
2002
80
0
0
17
0
925
309
1,999
72
470
396
0
8,345
166
50
125
5
5,028
0
0
102
698
1,349
4,601
0
0
36
5,394
3
0
3
12,006
1,214
2,061
5
0
3,495
0
0
5
0
1,543
513
3,186
602
0
0
298
0
224
1,453
2,463
3,249
10
27
3,751
2
57
3
67
88
547
28,555
2
1,599
52
27
13
25,622
1
11
99
157
646
6,938
978
0
25
1,311
1
0
89
12
1,950
108
2,179
3
204
121
0
3
0
0
223
234
1,282
0
0
31
42
260
1,374
Date of listing
in 2002 & other
comments
06-02-02
24-09-02
06-02-02
13-08-02
18-01-02
14-02-02
24-09-02
20-12-02
149
(Continued)

Companies
DIVIDENDOS E INCREMENTOS, SIMCAV ...............................
DOBLE F STOCKS, SIMCAV .....................................................
DOBLERS ...................................................................................
DOBRA INVERSIONES, SIMCAV, SA ........................................
DOCE LUNAS INVERSIONES, SIMCAV, S.A. ...........................
DOCK INVERSIONES, SIMCAV.................................................
DOCRES, SIMCAV, S.A ......................... ....................................
DOCUMENTO FILM INVERSIONES SIMCAV...........................
DOGALSA, SIMCAV ..................................................................
DON CURRO INVERSIONES, SIMCAV ...................................
DONADOS 2000 SIMCAV .......................................................
DOOHAN INVESTMENT SIMCAV............................................
DORALEX DE INVERSIONES, SIMCAV ....................................
DORMA VALORES, SIMCAV ....................................................
DOSANE, SIMCAV.....................................................................
DOSSAU DE INVERSIONES SIMCAV........................................
DRACO INVERSIONES, SIMCAV, S.A. ............. ........................
DRAFT INVERSIONES, SIMCAV ................................................
DREI INVEST, SIMCAV...............................................................
DRIER INVERSIONES, SIMCAV .................................................
DRIVE INVESTMENT, SIMCAV ..................................................
DRIVER INVERSIONES, SIMCAV...............................................
DUBHE DE INVERSIONES, SIMCAV, S.A. ................................
DULCE NOMBRE INVERSIONES SIMCAV................................
DUNCAN DE INVERSIONES SIMCAV ......................................
DUNIE 98 DE INVERSIONES, SIMCAV.....................................
DURBANA I, SIMCAV................................................................
DURIEN SIMCAV.......................................................................
DUVEN-00, SIMCAV .................................................................
DZ 2000 INVERSIONES, SIMCAV .............................................
E.S.F. EURORENT, SIMCAV .......................................................
EARNING INVERSIONES, SIMCAV ..........................................
EAST STAR..................................................................................
EAST WIND INVERSIONES, SIMCAV........................................
ECHO DE INVERSIONES, SIMCAV ...........................................
ECOLOGIA VIVA, SIMCAV........................................................
EDIGA 11, SIMCAV....................................................................
EDUMONE, SIMCAVF, S.A. ......................................................
EFFICIENT ASSET ALLOCATION INVESTMENTS, SIMCA.........
EFIMA BERGIDUM, SIMCAV, S.A. ............................................
EIKON 99, SIMCAV ...................................................................
EIXAMPLE 2000, SIMCAV .........................................................
EIZAFI 1, SIMCAV ......................................................................
EIZAFI 2, SIMCAV ......................................................................
EL DORADO INVERSIONES, SIMCAV .....................................
EL HAYADAL, SIMCAVF, S.A. ................... ................................
EL VANTAROS SIMCAV.............................................................
ELIM AHORRO, SIMCAV, S.A. ................... ..............................
ELMIRON 2000 SIMCAV ..........................................................
ELORBE, SIMCAV.......................................................................
ELVERTON BRATON, SIMCAV, S.A. ............... ..........................
150
Annual trading
2001
2002
2001
2002
0
10,686
36,000
0
0
5,430
0
0
46,518
11,059
27,106
0
19,954
20,098
23,766
26,324
0
21,717
0
18,223
12,720
19,841
0
23,930
22,718
21,320
10,390
22,037
19,732
21,308
31,140
22,078
40,960
15,103
25,400
29,798
21,680
0
0
0
21,860
8,568
24,026
24,026
33,800
0
21,156
0
20,154
20,400
0
6,784
6,371
31,840
23,800
24,401
4,700
19,978
26,835
42,552
9,448
24,641
21,636
18,271
15,266
23,606
26,525
16,595
14,839
25,002
14,040
11,980
17,196
23,777
20,924
21,837
16,040
0
20,234
14,360
18,326
30,600
0
33,080
13,035
18,440
30,131
17,720
20,675
24,772
24,218
19,400
8,577
21,934
21,982
30,520
20,362
19,473
21,636
17,508
15,560
24,360
0
137
424
0
0
30
0
0
5
13
1,600
0
0
55
5
2
0
51
0
1
755
36
0
0
455
5
0
2
14
18
15,457
6
1,270
37
118
34
1
0
0
0
2,154
114
3,463
3,463
3,643
0
5
0
5
1
0
0
66
286
1,199
40
29
90
30
1,362
61
1,030
1
11
95
16
14
2
41
1,513
0
292
4
0
2
602
76
0
2
368
24
6,374
0
493
34
28
173
0
6
0
0
415
284
5,934
5,934
1,121
120
2
25
0
2
156
Date of listing
in 2002 & other
comments
24-05-02
01-02-02
03-06-02
24-05-02
07-03-02
03-06-02
24-09-02
24-09-02
21-02-02
21-03-02
10-05-02
(Continued)

Companies
ELYOB CARTERA, SIMCAV, S.A. ...............................................
EMENUR DE INVERSIONES, SIMCAV.......................................
EMESA GLOBAL, SIMCAV.........................................................
EMIBE BOLSA SIMCAV..............................................................
EMUJAL, SIMCAVF, S.A. ....................... ....................................
ENDURA CARTERA, SIMCAV, S.A. ...........................................
ENTRECAR INVERSIONES, S.I.M.C.A.V., S.A. .... ......................
ENVILU INVERSIONES, SIMCAV, S.A. ............ .........................
EONIA INVERSIONES, SIMCAV ...............................................
EPECUEN, SIMCAV....................................................................
EPEHIA INVERSIONES, SIMCAV................................................
EPOMENES ...............................................................................
EPSILON INVERSIONES BURSTILES, SIMCAV .......................
EQIOMVEST 2000, SIMCAV......................................................
EQUAL INVERSIONES, SIMCAV, S.A. ............. .........................
EQUIVALIA INVERSIONES, SIMCAV, S.A. ................................
ERCIA DE VALORES MOBILIARIOS ..........................................
ERDAC INVERSIONES, SIMCAV................................................
EREAGA INVERSIONES, SIMCAV..............................................
EREGOS, SIMCAV .....................................................................
EREMUA DE INVERSIONES, SIMCAV .......................................
ERISONO, SIMCAV....................................................................
ERNIO INGENIEROS, SIMCAV..................................................
ESALIBUZ, SIMCAV ...................................................................
ESAR PATRIMONIO SIMCAV ....................................................
ESASER INVERSIONES, SIMCAV ...............................................
ESBA DE INVERSIONES, SIMCAV .............................................
ESCAL 2000 INVERSIONS, SIMCAV..........................................
ESCOPELDOS, SIMCAV.............................................................
ESCRITURA INVERSIONES, SIMCAV.........................................
ESFIBOR, SIMCAV......................................................................
ESGER INVERSIONES SIMCAV..................................................
ESGUEVA DE INVERSIONES, SIMCAV .....................................
ESJAPIOL, SIMCAV.....................................................................
ESKARRA BOLSA SIMCAV.........................................................
ESM NOVO SIMCAV .................................................................
ESMOMA 49, SIMCAV...............................................................
ESNALI, SIMCAV........................................................................
ESPEJO DE INVERSIONES, SIMCAV ..........................................
ESPELT INVERSIONS, SIMCAV ..................................................
ESSAOUIRA, SIMCAV ................................................................
ESTUDIOS FINANCIEROS DE VALORES ..................................
ETIMO SIMCAV, S.A. .......................... ......................................
ETORKIZUNA DE INVERSIONES, SIMCAV...............................
EUGEMOR, SIMCAV..................................................................
EUMAI INVERSIONES, SIMCAVF, S.A. ........... .......................
EUMAR INVERSIONES SIMCAV................................................
EURPIDES, SIMCAV ..................................................................
EURO 21 DE INVERSIONES, SIMCAV ......................................
EURO DELTA XXI SIMCAV.........................................................
EURO INVERSIONES XXI SIMCAV............................................

2001
0
21,680
18,320
24,148
0
0
0
0
18,759
25,483
30,600
37,240
23,704
21,733
0
0
5,400
20,434
16,828
28,760
21,480
0
24,291
0
0
12,100
22,120
23,800
22,117
20,675
17,000
20,040
20,560
20,507
20,579
0
24,257
4,880
21,901
0
23,848
31,975
0
20,394
21,156
0
21,300
32,160
116,717
24,377
42,351
2002
24,241
15,960
17,200
23,570
24,041
8,655
30,000
11,780
17,388
23,920
27,900
37,560
21,396
18,560
22,030
24,521
5,400
18,271
14,384
29,480
18,280
28,849
20,683
17,850
19,237
12,902
21,080
18,752
19,954
11,299
11,250
17,800
16,880
14,256
17,405
13,222
23,175
19,755
19,016
19,954
15,987
29,675
0
16,426
19,713
21,895
17,622
22,200
104,336
26,757
41,301
Annual trading
2001
2002
0
3
32
3,618
0
0
0
0
44
9,021
600
731
71
3,299
0
0
331
5
780
1,197
4
0
453
0
0
0
3
5
2,402
15
247
53
2
242
731
0
0
3,795
1,022
0
1
601
0
1
168
0
378
769
36,697
482
4,022
309
2
22,122
1,124
0
3,482
2
12
16
13
1
177
555
55
120
3,011
51
13
2
4,660
0
0
263
18
11
97
2,122
10
13
2,010
119
1,236
22
602
27
873
7,818
15
1,492
11
1
151
0
1
286
2
27
138
13,198
2,090
3,633
Date of listing
in 2002 & other
comments
29-10-02
22-07-02
25-07-02
15-07-02
10-10-02
22-07-02
21-02-02
23-09-02
21-02-02
151
(Continued)

Companies
EUROARGA ...............................................................................
EUROARRADI, SIMCAV ............................................................
EUROBIRDIE, SIMCAV ..............................................................
EUROBOLSA SELECCION, SIMCAV..........................................
EUROBOLSA XXI, SIMCAV........................................................
EUROBRICK DE INVERSIONES SIMCAV ..................................
EUROCAIXA 1, SIM ..................................................................
EUROCOSTERGO DE INVERSIONES, SIMCAV........................
EURODUERO 2002, SIMCAV, S.A. ................ ..........................
EUROEQUITY INVESTMENT, SIMCAV ....................................
EUROFINANZAS RENTA, SIMCAV ...........................................
EUROHUNTERS, SIMCAV.........................................................
EUROJUCAR 2002, SIMCAV, S.A. ................ ............................
EUROLEVANTE INVERSIONES, SIMCAV ..................................
EUROMIX...................................................................................
EURONARCEA 2002, SIMCAV, S.A. .........................................
EUROPEAN STOCK EXCHANGE, SIMCAV ..............................
EUROSTAR ACTIVOS, SIMCAV.................................................
EUROTALAVE 2002, SIMCAV, S.A. ............... ...........................
EUROTER 2002, SIMCAV, S.A. .................................................
EUROTTULOS .........................................................................
EUROZITRO, SIMCAV ..............................................................
EVEREST 8848, SIMCAV ............................................................
EVIMUR DE INVERSIONES, SIMCAV .......................................
EVLO INVERSIONES SIMCAV ..................................................
EXPANDMENTS INVERSIONES, SIMCAV .................................
FA GLOBAL, SIMCAV ................................................................
FACETA INVEST, SIMCAV ..........................................................
FACTOR INVERSIONES ............................................................
FADOGUE, SIMCAV..................................................................
FAGISAQ-1, S.A., SIMCAV ........................................................
FAIMSA ......................................................................................
FAIRWAY INVERSIONES, SIMCAV ............................................
FAITX DE INVERSIONES, SIMCAV, S.A. .......... .........................
FAMEGA INVESTMENT, SIMCAV ..............................................
FAMGILPAR, SIMCAV................................................................
FAMI-CUATRO DE INVERSIONES, SIMCAV.............................
FAMQUIR INVERSIONES, SIMCAV...........................................
FANIUL INVERSIONES, SIMCAV...............................................
FAPAC INVERSIONES MOBILIARIAS, SIMCAV.........................
FAPERNA INVERSIONES SIMCAV,S.A. ............. ........................
FAR99 INVERSIONES, SIMCAV ................................................
FARWIN WORLWIDE INVESTMENT, SIMCAV, S.A. .... ............
FAZYX INVERSIONES MOBILIARIAS, SIMCAV.........................
FCBARHER INVERSIONES, SIMCAVF, S.A. ......... .....................
FEBRER NORANTAVUIT, SIMCAV ............................................
FELICIA INVERSIONES, SIMCAV ...............................................
FELICITY L.P. SIMCAV ...............................................................
FEMAINSA INVERSIONES, SIMCAVF, S.A. ...............................
FENIDES INVERSIONES, SIMCAV .............................................
FERNANFLOR DE INVERSIONES .............................................
152

2001
26,200
0
22,318
32,440
26,197
19,425
51,400
47,640
0
19,593
12,213
20,598
0
22,478
40,480
0
21,360
23,450
0
0
3,400
46,080
31,752
20,972
48,800
23,593
22,838
23,955
18,162
10,025
0
65,232
21,501
0
23,880
24,242
101,000
23,960
98,013
106,360
0
11,604
0
19,785
0
20,160
18,271
20,394
0
17,148
673
2002
24,920
36,060
22,678
23,600
17,786
14,857
52,000
20,918
213,299
12,677
10,241
15,726
101,500
17,718
32,880
245,213
15,320
23,700
183,347
24,041
3,400
44,520
27,288
17,725
48,900
23,617
20,675
19,858
15,804
8,081
0
55,224
17,220
24,218
17,520
22,174
113,000
21,000
98,662
96,520
20,098
9,348
25,002
21,492
24,281
16,650
12,982
17,124
124,800
13,901
673
Annual trading
2001
2002
6,394
0
2
16,086
1,593
0
2,738
5
0
8,722
4,720
980
0
806
720
0
1
121
0
0
0
1,181
12
51
12,018
35
15
2,362
55
345
0
99
1,419
0
17
102
0
59
780
145
0
1,798
0
119
0
5
5
1,263
0
0
5
27
9,692
2
3,741
709
34
1,859
12
0
1,695
867
298
0
27
518
115
0
0
1
1
0
21
11
3
3
8,383
27
271
691
430
0
140
620
0
413
276
48,422
2,374
4,889
147
216
27
15
2,674
12
171
8,705
607
1,827
3
6
Date of listing
in 2002 & other
comments
24-09-02
31-10-02
18-10-02
12-12-02
23-09-02
06-02-02
21-02-02
21-03-02
02-09-02
08-11-02
07-03-02
(Continued)

Companies
FERRARI 7 INVERSIONES SIMCAV ...........................................
FERROMAIG, SIMCAV, S.A. ......................................................
FEVSA 3,000, SIMCAV ...............................................................
FH TEOGAR SIMCAV, S.A. ...................... .................................
FIAMPI INVERSIONES, SIMCAV................................................
FIB ARCA FUTURA, SIMCAV ...................................................
FIBUR ........................................................................................
FIBUR 3000 DE INVERSIONES SIMCAV ...................................
FILIPON CMA 2000 SIMCAVF...................................................
FIMAD 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 ............................................
FINANCIACIONES SEGMENTOS ALTERNATIVOS, SIMCAV....
FINANCIAL DRAC, SIMCAV, S.A. .............................................
FINANCIAL SPEED, SIMCAV ....................................................
FINANCIERA BANSANDER ......................................................
FINANCIERA BERONE, SIMCAV ...............................................
FINANCIERA BESTESA, SIMCAV ...............................................
FINANCIERA EMPORDANESA, SIMCAV, S.A. ........ .................
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 24, SIMCAV, SA ......................................................
FINANZAS ALCANTARA, SIMCAV............................................
FINANZAS AZORIN, SIMCAV...................................................
FINANZAS QUERQUS, SIMCAV...............................................
FINANZAS SPEI, SIMCAV ..........................................................
FINANZAS Y PATRIMONIOS.....................................................
FINANZASA, SIMCAV ..............................................................
FINCAPITAL ..............................................................................
FINCOR DE INVERSIONES, SIMCAV ........................................
FINDINER, SIMCAV ...................................................................
FINEBRO 6, SIMCAV .................................................................
FINECO ACCIONES, SIMCAV ..................................................
FINECO DE VALORES MOBILIARIOS .......................................
FINECO EURO CARTERA ..........................................................
FINEN INVERSIONES, SIMCAV .................................................
FINHEGIM, SIMCAV ..................................................................
Annual trading
2001
2002
2001
2002
21,813
0
21,324
0
44,043
29,040
61,530
17,349
19,713
20,915
21,516
23,295
49,800
26,960
32,200
18,240
28,120
22,631
21,396
0
21,840
99,960
18,271
28,368
0
25,800
1,968
6,214
22,117
18,030
26,160
89,118
22,120
25,850
7,560
0
22,358
0
24,041
21,636
57,510
15,920
3,823
21,960
16,835
25,043
24,720
32,520
31,600
26,348
21,877
19,312
19,994
19,016
0
40,581
23,760
58,380
14,344
16,908
18,752
16,660
21,564
40,760
22,840
28,280
15,040
26,520
22,415
19,393
24,121
19,800
79,360
15,867
28,849
25,218
20,700
0
5,223
19,473
12,501
24,960
74,940
18,920
24,836
5,612
22,598
17,550
9,496
18,992
20,675
43,335
11,560
3,905
18,320
15,392
26,605
18,360
29,760
26,680
28,993
19,232
1
0
248
0
3,653
391
349
1,936
1,191
5
6
2,628
2,132
2
753
48
5
10,549
1
0
765
2,091
1,808
8
0
5
1
1,057
100
5
5
7,442
5
605
1,239
0
15
0
14,815
5
5,195
240
100
3
289
25
844
5,606
4,121
2,877
5
1
2,236
24
0
348
88
362
26
1,490
19
15
94
52
858
13
9
2
1
1
1
508
1,758
15
13
605
13
0
13
11
14
13
12,703
253
11,314
38
11
39
425
12
13
6,793
501
739
433
1,522
39
1,462
72
2,576
38
13
Date of listing
in 2002 & other
comments
19-04-02
11-11-02
22-07-02
08-02-02
Delisted 04/10/2002
24-05-02
153
(Continued)

Companies
FINLAR INVERSIN, SIMCAV, S.A. ..........................................
FINLOVEST SIMCAV..................................................................
FINVALOR, SIMCAV ..................................................................
FIRST CANION, S.A., SIMCAV ..................................................
FISMON INVERSIONES SIMCAV .............................................
FLAKE INVERSIONES SIMCAV, S.A. .............. ...........................
FLAVIOBRIGA DE INVERSIONES, SIMCAV, S.A. .... .................
FLMCINCO, SIMCAV.................................................................
FLORIDIAN, SIMCAV ................................................................
FLOROSAN 8BG, SIMCAV ........................................................
FLOW INVERSIONES, SIMCAV .................................................
FOCUS INVERSIONES...............................................................
FOEXIN CARTERA, SIMCAV, SA ...............................................
FOFILADO SIMCAV...................................................................
FOIX DE INVERSIONES, SIMCAV ............................................
FOLONPIE..................................................................................
FOMENTO DE AHORRO E INVERSIONES...............................
FON DE CASTRO, SIMCAV ......................................................
FONBE DE INVERSIONES SIMCAV...........................................
FONCYG SIMCAV .....................................................................
FONLAR FUTURO, SIMCAV .....................................................
FONMOBA, SIMCAV.................................................................
FONT ROCHA, SIMCAV ..........................................................
FONTECILLA..............................................................................
FONTS FINANZAS, SIMCAV .....................................................
FONVIMAR 2000, SIMCAV.......................................................
FORALEX ...................................................................................
FORAS INVERSIONES SIMCAV ................................................
FORILDOS, SIMCAV .................................................................
FORSTECT INVESTMENT, SIMCAV ...........................................
FOURSOME, SIMCAV................................................................
FRAGUAS DE INVERSIONES SIMCAV......................................
FRAMADEMO SIMCAVF, S.A. ..................... .............................
FRANCAT INVERSIONES, SIMCAV, S.A. ........... .......................
FREEHOLD INVERSIONES, SIMCAV.........................................
FUENTE CLARIN, SIMCAV ........................................................
FUERFIN, SIMCAV .....................................................................
FUNRENT MILENIO, SIMCAV...................................................
FUP 99, SIMCAV .......................................................................
FUSOPAR SIMCAV ...................................................................
FUTURVALOR, SIMCAV............................................................
G.U. IRAU, SIMCAV .................................................................
GAAP OPTIMA, SIMCAVF.........................................................
GABOR INVESTMENT, SIMCAVF, S.A. .....................................
GADES FINANZAS DOS, SIMCAV............................................
GADES FINANZAS, SIMCAV ....................................................
GAHERVI, SIMCAV ....................................................................
GAIF 2001 SIMCAV ...................................................................
GALA CAPITAL, SIMCAV...........................................................
GALAFATE INVERSIONES SIMCAV ...........................................
GALENOS CENTENARIO INVERSIONES, SIMCAV...................
154
Annual trading
2001
2002
2001
2002
0
24,052
31,854
30,051
22,525
0
0
23,120
24,360
0
23,200
8,748
0
10,037
40,320
14,200
66,990
8,462
22,598
8,294
31,984
23,040
21,360
0
22,838
9,111
5,433
19,216
24,122
23,920
23,000
20,635
0
0
11,520
27,560
13,550
5,764
23,776
119,602
19,569
22,814
23,848
0
22,174
20,434
21,044
0
20,194
0
25,522
27,406
20,991
31,854
29,149
19,619
23,560
23,713
18,680
20,640
4,141
17,680
8,544
17,550
8,594
38,240
11,380
66,990
5,914
21,677
6,779
28,739
20,480
17,800
0
18,271
8,198
4,715
16,835
23,184
20,715
22,160
17,989
0
23,079
11,556
22,160
20,900
5,818
21,925
95,802
14,496
19,857
24,593
24,281
19,793
17,790
18,759
16,348
16,107
48,081
23,883
0
9
0
0
5
0
0
3,520
55
0
33
95
0
1
14,841
38
59
2
25
0
604
128
2
0
15
0
171
1,154
5
2
4
0
0
0
53
1,245
0
76
27
81
2,982
1,935
7,665
0
11
5
2,011
0
5
0
943
10,056
156
0
0
13
11
7,171
874
111
1
29
65
11
247
6
36
7
0
2
1
551
11
1,064
0
27
0
93
397
213
68
12,038
1
0
10
1,188
5
0
71
28
6,079
1,884
59
4,565
0
50
13
1
10
12
0
661
Date of listing
in 2002 & other
comments
03-06-02
02-09-02
22-07-02
24-09-02
31-10-02
31-10-02
31-10-02
(Continued)

Companies
GALIRUBEN INVERSIONES SIMCAV ........................................
GALLEVILLE INVERSIONES, SIMCAV, S.A. ...............................
GAMA BURSTIL .....................................................................
GAMA RENTA INMOBILIARIA, SIMCAV...................................
GAMAZO 20, SIMCAV..............................................................
GAMBIT 2000, SIMCAV ............................................................
GAMMA INVERSIONES BURSTILES, SIMCAV........................
GANABIEN, SIMCAV.................................................................
GANANCIA PATRIMONIAL, SIM,S.A ............... ........................
GARABOLSA, SIM ....................................................................
GARADASA ...............................................................................
GARATO INVERSIONES, SIMCAV, S.A. ....................................
GARBI DE VALORES, SIMCAV ..................................................
GARBIZU DE INVERSIONES, SIMCAV .....................................
GARDAMA DE INVERSIONES, SIMCAV ..................................
GARESA DE INVERSIONES, SIMCAV ........................................
GAREZ INVERSIONES, SIMCAV, S.A. .......................................
GARION INVERSIONES, SIMCAV, S.A. ....................................
GARNO INVESTMENTS, SIMCAV, S.A. ....................................
GAROS DE INVERSIONES, SIMCAV .........................................
GARROGAR INVERSIONES SIMCAV, S.A. ...............................
GASCONA INVERSIONES, SIMCAV..........................................
GAUDI INVERSIONS SIMCAV ..................................................
GAYAR DE INVERSIONES, SIMCAV..........................................
GAZAMIA INVERSIONES, SIMCAV...........................................
GBI 9000, SIMCAV, S.A. ...................... .....................................
GECIP PATRIMONIO, SIMCAV..................................................
GEINCO ACTIUS MOBILIARIS SIMCAV, S.A. ....... ...................
GEISER INVERSIONES 2000, SIMCAV.......................................
GENER NORANTANOU BORSA, S.I.M.C.A.V. .........................
GENERA FINANZAS, SIMCAV,SA .............................................
GENERACIN 21, SIMCAV.......................................................
GENIL DE INVERSIONES, SIMCAV ..........................................
GERCAFOND, SIMCAV .............................................................
GERION INVERSIONES, SIMCAV ............................................
GERLOCAPITAL, SIMCAV..........................................................
GESAMER INVERSIONES, SIMCAV ..........................................
GESAPI INVERSIONES, SIMCAVF, S.A. ........... .........................
GESBOLSA INVERSIONES, SIMCAV, S.A. .......... ......................
GESCAT XXI SIMCAV.................................................................
GESGLOBAL INVERSIONES SIMCAV........................................
GESINBESA VALORES, SIMCAV ................................................
GESINBOL DE INVERSIONES....................................................
GESPRISA INVERSIONES, SIMCAV ..........................................
GESRENTA, SIMCAV .................................................................
GESTBOS SIMCAV ....................................................................
GESTIGOBE, SIMCAV ...............................................................
GESTIN DE INVERSIONES DEL EBRO, SIMCAV....................
GESTIN PATRIMONIAL MARTHAS, SIMCAV .......................
GESTRISA ..................................................................................
GG HORIZONE, SIMCAV, S.A. ................... .............................
Annual trading
2001
2002
2001
2002
20,675
0
1,800
20,050
24,241
11,640
18,992
22,989
0
2,120
0
0
23,930
20,362
28,840
24,041
0
0
0
20,948
0
13,030
21,877
8,995
19,384
0
22,638
0
10,530
9,000
0
6,880
22,030
9,701
22,358
20,400
20,094
0
0
23,960
57,594
35,237
63,280
50,171
17,076
22,598
21,693
18,127
21,236
10,080
0
17,069
20,675
1,680
17,526
24,762
11,340
16,588
20,014
2,165
1,806
97,000
27,181
21,405
18,415
26,600
20,915
21,156
23,079
3,194
19,312
20,915
5,577
17,309
7,192
15,729
20,050
22,518
24,481
9,364
10,250
23,319
6,064
17,869
8,758
21,156
17,360
14,889
21,156
20,646
22,920
58,630
35,977
43,330
35,725
12,747
19,713
17,364
15,338
20,434
10,080
23,439
15
0
32
0
11
31
279
15
0
192
0
0
12
2
277
656
0
0
0
0
0
2,198
1,431
390
239
0
918
0
78
62
0
2
3,623
0
5
1,012
440
0
0
4
15,178
91
5
4,482
77
5
67
5
311
8
0
27
0
3
21
2,812
7
328
27
3
222
19
4
0
16,438
1,484
62
1,120
10
33
6
10
145
2,759
5,079
21
2,005
212
106
60
5,106
10
2,524
0
10
911
1,247
2
147
11
4
8,583
154
6
3,685
166
97
0
2,201
4,921
6
1
Date of listing
in 2002 & other
comments
27-09-02
14-02-02
26-04-02
14-05-02
31-10-02
26-04-02
19-04-02
25-07-02
28-08-02
03-06-02
02-09-02
22-07-02
06-02-02
155
(Continued)

Companies
GIBARA INVERSIONES, SIMCAV ..............................................
GIESSEN INVERSIONES, SIMCAV, S.A. ........... .........................
GILONDE INVERSIONES, SIMCAVF, S.A. .......... ......................
GIMKO DE INVERSIONES, SIMCAV .........................................
GIROTAI INVERSIONES, SIMCAV, S.A. ....................................
GIZA INVESTMENT, SIMCAV ....................................................
GLOBAL ANANDA SIMCAV ....................................................
GLOBAL EFFICIENCY CMA 2001 SIMCAVF, S.A. .... ................
GLOBAL GROWTH, SIMCAV ..................................................
GLOBAL INVESTMENTS XXI, SIMCAV .....................................
GLOBAL INVESTOR 2000 ACTIUS MOBILIARIS SIMCAV .......
GLOBAL PENTA INVERSIONES SIMCAV ..................................
GLOBALFINANZAS, SIMCAV ..................................................
GLOBALMIX, SIMCAV...............................................................
GLOVAL PROCESOS BOLSA SIMCAV ......................................
GOALCIA 2001 SIMCAV ...........................................................
GOC 2002, SIMCAV, S.A. .........................................................
GODIL CIA. DE INVERSIONES, SIMCAV..................................
GOLDA INVERSIONES, SIMCAV ..............................................
GOLDEN GROWTH INVESTMENT, SIMCAV ...........................
GOMENAR INVERSIONES, SIMCAV.........................................
GOMPOR BOLSA, SIMCAV ......................................................
GONARA CARTERA, SIMCAV, SA ............................................
GONPEMI INVERSIONES, SIMCAV ..........................................
GONRAPA INVERSIONES, SIMCAV..........................................
GOOD LION INVESTMENT, SIMCAV.......................................
GORBEIALDE INVERSIONES, SIMCAV .....................................
GORINVEST ACTIUS MOBILIARIS, SIMCAV ............................
GOVER ACTIUS MOBILIARIS, SIMCAV ....................................
GRALEU INVERSIONES, SIMCAV ............................................
GRAMER INVERSIONES, SIMCAV ............................................
GRAN CANARIA INVERSIONES, SIMCAV................................
GRAN SOL INVERSIONES, SIMCAV .........................................
GRANADOS CARTERA, SIMCAV, S.A. .....................................
GRATIL INVEST, SIMCAV, SA ....................................................
GRATTAROLA INVERSIONES, SIMCAV, S.A. ........ ...................
GRAZALEMA INVERSIONES, SIMCAV......................................
GREEN CARTERA, SIMCAV .......................................................
GREEN FOREST INVEST, SIMCAV.............................................
GREGAL INVESTMENTS 2000, SIMCAVF, S.A. ........................
GRIAL INVERSIONES, SIMCAV .................................................
GRIPA, SIMCAV .........................................................................
GROWTH INVERSIONES, SIMCAV .........................................
GRUCALTOR, SIMCAV..............................................................
GRUFALER, SIMCAV..................................................................
GRUNBLICK SIMCAV ..............................................................
GRUPO ARCE DE INVERSIONES, SIMCAV ..............................
GRUPO ASUNCION DE INVERSIONES, SIMCAV....................
GRUPO DE INVERSIONES GESTIN 10, SIMCAV ..................
GRUPO FCM5, SIMCAV, S.A. ...................................................
GRUPO FINANCIERO CABEMA, SIMCAV................................
156
Annual trading
2001
2002
2001
2002
21,837
0
0
21,693
0
21,685
18,271
0
6,270
31,320
0
18,824
24,000
22,640
0
0
0
20,611
22,959
20,795
18,217
22,480
0
25,160
24,401
22,758
10,848
35,550
34,250
21,453
23,680
19,673
19,753
0
0
0
20,795
25,464
7,698
0
32,328
6,392
11,556
22,463
23,480
23,401
23,617
23,100
25,068
0
14,424
17,429
27,360
23,319
18,158
24,361
19,906
16,107
24,481
5,474
24,400
23,325
17,309
22,840
19,920
17,309
52,649
11,756
19,288
22,398
16,588
12,829
18,680
23,560
20,720
23,127
21,236
9,866
30,050
27,700
20,491
20,600
15,488
16,388
0
19,962
33,441
19,232
23,683
6,578
24,041
33,023
5,269
11,496
20,058
19,040
20,418
22,751
18,900
20,929
10,253
12,741
6,264
0
0
1,770
0
41
242
0
734
2,043
0
0
1
942
0
0
0
3
2
4
152
3
0
1,456
90
293
5
360
395
61
5
1
3
0
0
0
380
4
1
0
134
51
1,555
3
188
0
7,102
5
2
0
0
1,166
0
13
1,885
689
5
27
12
10
112
631
23
1
242
11
0
21
1
2
2,008
15
3
1,334
2
1
4
0
181
5
5
3
1
48
0
6,334
1
1,525
3,904
23
2
42
66
55
26
167
1
268
13
61
29
12
Date of listing
in 2002 & other
comments
28-06-02
28-06-02
05-12-02
18-03-02
20-02-02
16-10-02
24-05-02
31-10-02
12-03-02
22-07-02
28-06-02
17-09-02
(Continued)

Companies
GRUPO MARINA DOR, SICMAV, S.A. ............. ......................
GRUPO SATOCAN INVEST, SIMCAV, S.A. .......... ....................
GSTAAD INVERSIONES, SIMCAV .............................................
GUADAJIRA CARTERA, SIMCAV ..............................................
GUADALEN DE INVERSIONES SIMCAV ..................................
GUADALQUIVIR 2000 DE INVERSIONES SIMCAV .................
GUADIX99 VALORES, SIMCAV, S.A. .............. .........................
GUAICANAMAR INVERSIONES, SIMCAV................................
GUANABACOBA SIMCAV ........................................................
GUARDALAVACA INVERSIONES, SIMCAV..............................
GUATEN DE INVERSIONES, SIMCAV.......................................
GUERFAL INVERSIONES, SIMCAV............................................
GUESINVER ...............................................................................
GUIALMAR, SIMCAV.................................................................
GURIA INVERSIONES, SIMCAV ................................................
GURUGUACTIVOS, SIMCAV....................................................
H.M.H.M. FINANCIERA, SIMCAV.............................................
H2 O2 INVERSIONES SIMCAV .................................................
H2HB INVERSIONES, SIMCAV .................................................
HACIENDA DE COVI, SIMCAV.................................................
HARVESTER INVESTMENT SIMCAV .........................................
HATHOR INVEST, SIMCAV ......................................................
HAVEN INVERSIONES, SIMCAV ...............................................
HAWASS INVESTMENTF, S.A. .................... ..............................
HAYA INVERSIONES, SIMCAV ..................................................
HAZAS DE INVERSIONES, SIMCAV..........................................
HEAL INVEST SIMCAV, S.A. .................... .................................
HECLASAN, SIMCAV.................................................................
HEDGE INVERSIONES, SIMCAV ..............................................
HEDWING INVESTMENT SIMCAV ...........................................
HELDALIN INVERSIONES, SIMCAV .........................................
HELP INVERSIONES, SIMCAV, S.A............................................
HENA TRES ...............................................................................
HENDUN 19, SIMCAV ..............................................................
HERCASOL.................................................................................
HERDOSA, SIMCAV ..................................................................
HEREDEROS TEMPRADO TRIAS, SIMCAV...............................
HEREMARC INVERSIONES SIMCAV .........................................
HERLOPAR 2000, SIMCAV........................................................
HERMYSO INVERSIONES, SIMCAV, S.A. .................................
HERNANZAR, SIMCAV .............................................................
HERPLAN 99 INVERSIONS, SIMCAV .......................................
HERTASA INVERSIONES, SIMCAV,S A ............. ........................
HEXASTAR, SIMCAV, S.A. .........................................................
HIANA INVERSIONES, SIMCAV................................................
HIE DE INVERSIONES................................................................
HIGH PROFIT INVERSIONES, SIMCAV ....................................
HIJULE, SIMCAV ........................................................................
HIPEMA 2000, SIMCAV.............................................................
HISPALIS INVERSIN XXI, SIMCAV..........................................
Annual trading
2001
2002
2001
2002
0
0
14,713
20,434
14,069
20,851
0
4,652
20,915
16,227
24,892
22,598
229,800
23,760
24,209
24,750
18,271
19,184
22,093
24,840
26,938
17,965
21,164
0
25,150
20,370
0
23,960
6,675
22,398
25,803
20,915
46,260
15,392
50,400
25,880
6,671
0
26,595
0
12,893
22,117
0
0
0
81,240
20,675
27,480
23,050
18,400
17,870
29,730
11,227
16,348
11,231
18,302
19,954
4,000
18,992
12,261
23,930
24,521
69,854
23,480
24,858
16,600
15,386
16,684
19,040
23,400
23,392
15,897
19,072
13,943
22,425
16,138
24,241
22,280
5,070
18,391
26,445
17,550
19,305
0
45,760
26,160
6,094
20,194
25,663
0
10,260
21,396
21,877
16,828
15,146
38,280
17,790
25,120
3,575
13,840
0
0
28
781
3
416
0
7,505
2,660
34
3,074
5
1,344
0
12,115
15
5
1,317
9
2
307
2,151
48
0
333
1
0
663
26
747
1
47
166
5,454
435
8,796
5
0
77
0
906
0
0
0
0
133
28
4,407
1,396
3,033
608
0
20
9,794
498
1
12
1,300
24
16
6,799
8
749
0
97
26
13
297
17
996
208
1,544
48
2,933
121
11
12
123
22
3
2
37
106
287
3,017
3,080
4
11
27
0
987
10
10
11
480
326
69
10
742
10
Date of listing
in 2002 & other
comments
19-04-02
28-02-02
06-06-02
21-02-02
01-08-02
Delisted 27/03/2002
24-05-02
13-08-02
06-02-02
157
(Continued)

Companies
Annual trading
2001
2002
HISPANA CINCO .......................................................................
1,707
7,493
22
HISPANA DOS ..........................................................................

HISPASIM SIMCAV.....................................................................
HITERO DE INVERSIONES, SIMCAVF, S.A. ..............................
HOLDER INVERSIONES, SIMCAV ............................................
HOLGUINFRAN, SIMCAV.........................................................
HOLOP INVERSIONES, SIMCAV...............................................
HONTANAS DE INVERSIONES SIMCAV .................................
HORTUS 2001 SIMCAV, S.A. .................... ...............................
HOSIFE 2002, SIMCAV, S.A. .....................................................
HUBBLE INVEST, SIM ................................................................
HUEROS INVERSIONES, SIMCAV.............................................
HUPASA DE VALORES MOBILIARIOS .....................................
IBERFAMA INVERSIONES SIMCAV ..........................................
IBERSECURITIES INVERSIN, SIMCAV.....................................
IBIAS DE INVERSIONES SIMCAV ..............................................
IBIDA..........................................................................................
IBS RESERVA, SIMCAV...............................................................
ICARO 2000, SIMCAV ...............................................................
ICEAM INVERSIONES, SIMCAVF...............................................
ICLES INVESTMENTS, SIMCAV..................................................
IFOL, SIMCAV, S.A. ...................................................................
IGANVAL DE INVERSIONES, SIMCAV......................................
ILOROPE INVERSIONES, SIMCAV, SA ............. ........................
ILUSTRACION ...........................................................................
IMASI SIMCAV ..........................................................................
IMF 2000, SIMCAV ....................................................................
IMPACT INVERSIONES SIMCAV ...............................................
INAHFAE, SIMCAV.....................................................................
INAMOSA, SIMCAV...................................................................
INAT DE INVERSIONES SIMCAV...............................................
INBARRE GESTIN, SIMCAV....................................................
INBARSAVE................................................................................
INCHORTA, SIMCAV.................................................................
INCOME INVERSIONES, SIMCAV ............................................
INCREASING, SIMCAV, S.A. .................... .................................
INDEX INVERSIONES, SIMCAV.................................................
INDEX PRESTIGIO, SIMCAV, S.A. .............................................
INDICES BURSTILES SIMCAV .................................................
INDICO DE INVERSIONES SIMCAV .........................................
INDIVISA INVERSIONES, SIMCAV ............................................
INDOSUEZ GESTIN SIMCAV .................................................
INDUS INVESTMENT SIMCAV..................................................
INDUVISA..................................................................................
INEDER INVERSIONES, SIMCAV...............................................
INFAR 2000, SIMCAV ................................................................
INFASA 99, SIMCAV .................................................................
INFEGAR AHORRO SIMCAV ....................................................
INFINIUM INVERSIONES, SIMCAV...........................................
INFINOIZ, SIMCAV ...................................................................
2,164
22,367
0
11,460
21,789
21,886
25,400
0
0
5,000
18,175
62,920
18,960
22,078
23,112
39,520
20,098
13,980
30,171
8,992
0
24,481
0
30,875
24,129
10,097
21,597
23,579
11,000
20,899
28,575
5,640
27,121
27,285
0
24,880
0
6,096
19,288
221,173
29,040
23,370
4,600
15,416
20,058
6,755
23,360
21,621
7,209
2,164
20,443
23,760
10,040
18,230
17,797
22,900
21,886
23,359
5,000
17,310
52,739
17,720
17,003
20,563
33,560
18,800
12,855
28,037
8,269
23,239
22,838
22,946
26,344
24,645
8,871
18,759
21,614
8,160
20,010
28,100
5,140
28,081
27,676
9,256
24,800
24,281
5,264
17,532
15,867
25,020
21,115
6,150
11,857
16,739
4,712
21,116
17,412
6,561
11
2,009
0
61
0
32
660
0
0
27
1
1
153
4,865
1
252
42
74
11,343
119
0
2
0
2,637
2
352
108
44
7
393
3,538
88
450
143
0
34
0
255
4
0
7,095
2
0
272
135
71
25
188
15
52
0
0
73
6
24
529
2
500
29
0
563
267
653
1
147
29
1,353
3,664
277
1
130
21,664
1,075
979
52
29
256
1,081
1
13
81
92
53
10
2,710
1,830
3,937
0
11
1,592
67
8
32
231
356
666
109
27
158
2001
2002
Date of listing
in 2002 & other
comments
Suspended on
31/12/2002
25-07-02
17-07-02
24-09-02
06-02-02
21-02-02
14-05-02
29-07-02
(Continued)

Companies
INFIPER 2 VALORES, SIMCAV, S.A. ..........................................
INFIPER 3 VALORES, SIMCAVF, S.A. ........................................
INFIPER VALORES, SIMCAV .....................................................
INFLUX INVERSIONES, SIMCAV ..............................................
INFRAN 95 ................................................................................
INGAES INVERSIONES, SIMCAVF, S.A. ....................................
INGERCOVER ............................................................................
INGOAN ACTIUS MOBILIARIS, SIMCAV .................................
INGOSO 2000, SIMCAV............................................................
INGUNZA, SIMCAV ..................................................................
INICIO 2000, SIMCAV...............................................................
INLEX DE INVERSIN, SIMCAV................................................
INMADEL INVERSIONES, SIMCAV ...........................................
INMEVAL INVERSIONES, SIMCAV............................................
INMOBASA ...............................................................................
INMOBILIARIA CALERA Y CHOZAS CARTERA, SIMCAV,........
INNSBRUCK INVERSIONES, SIMCAVF, S.A. ............................
INOINVERSORA ........................................................................
INPAMOSA ................................................................................
INPAYER INVERSIONES, SIMCAV .............................................
INPISA DOS ..............................................................................
INPUT INVERSIONES, SIMCAV ................................................
INQUIRABE, SIMCAV ................................................................
INRA DE INVERSIONES, SIMCAV .............................................
INSALAZA SIMCAV....................................................................
INSAPI ........................................................................................
INTERCONTINENTAL DE CARTERA ........................................
INTERKALENDA SIMCAV ..........................................................
INTERLAKEN INVERSIONES, SIMCAV ......................................
INTERMONEY 1, SIMCAV, S.A. ...............................................
INTERVALO................................................................................
INTOSSALS, SIMCAV.................................................................
INVACO .....................................................................................
INVER 15575 EQUITIES SIMCAV ..............................................
INVER-99 SIMCAV ....................................................................
INVERA GRN 2000, SIMCAVF, S.A. .............. ...........................
INVERACCIONES CARTERA, SIMCAV, SA ........... ....................
INVERAGUDO 2,000, SIMCAV ................................................
INVERANAYET, SIMCAV............................................................
INVERAVANCE, SIMCAV ...........................................................
INVERBELA SIMCAV .................................................................
INVERBLAVA INVERSIONS, SIMCAV, S.A. ...............................
INVERBLOC 2000, SIMCAV ......................................................
INVERCAT ACTIUS MOBILIARIS SIMCAV ...............................
INVERCELLA ACTIUS MOBILIARIS, SIMCAV ...........................
INVERCHICO, SIMCAV .............................................................
INVERCLIMER ACTIUS MOBILIARIS, SIMCAV .........................
INVERCOMPI, SIMCAV .............................................................
INVERCORIA INVERSIONES, SIMCAV, S.A. .............................
INVERDINCO ............................................................................
INVERDOCUN ACTIUS MOBILIARIS, SIMCAV .......................
Annual trading
2001
2002
2001
2002
0
0
26,360
23,208
2,820
0
59,400
29,200
23,090
23,680
16,750
27,647
32,129
23,665
37,728
0
0
14,042
1,924
27,086
55,574
20,760
21,360
15,650
22,670
66,300
123,712
18,350
22,983
0
1,496
7,609
4,320
22,838
34,400
0
0
29,930
23,600
21,920
63,800
0
20,200
25,750
10,520
22,535
24,120
20,114
0
27,360
17,000
19,713
22,911
20,440
18,374
2,820
37,081
53,920
26,700
21,539
24,720
10,000
23,319
26,714
23,232
32,310
23,560
22,766
11,130
1,924
23,880
47,635
20,800
15,920
18,295
21,492
55,860
111,424
16,138
20,963
24,882
1,344
6,978
0
21,636
30,702
24,041
22,598
26,204
20,840
18,440
55,800
23,560
16,160
26,000
5,640
18,807
21,360
19,232
19,232
21,400
11,500
0
0
46
69
6
0
1,589
40
20
3
307
284
6
145
32
0
0
15
4
2
1,468
2,109
152
19,986
0
1,137
590
81
0
0
223
2,025
0
4,979
0
0
0
6
31
2
15
0
607
238
1,250
132
1
23
0
926
1
13
0
34
699
8
32
257
141
31
2,327
901
27
5
329
45
10
0
431
1
2
929
69
162
12
102
3,051
1,699
136
26
10,397
168
27
0
28
0
0
11
15
61
3
181
11
3,129
162
187
688
5
74
11
212
1
Date of listing
in 2002 & other
comments
27-09-02
03-06-02
24-04-02
31-10-02
26-04-02
24-05-02
24-09-02
14-05-02
02-08-02
21-02-02
159
(Continued)

Companies
INVERELID, SIMCAV..................................................................
INVERETIRO, SIMCAV ...............................................................
INVERFINA ................................................................................
INVERFRUT-2001, SIMCAV, S.A. ..............................................
INVERGALDANA, SIMCAV .......................................................
INVERGEINSA, SIMCAV ............................................................
INVERGLOBAL ASSISTENCIA ACTIUS MOBILIARIS, SI............
INVERGRAMA CARTERA, SIMCAV ...........................................
INVERIMPAR VALORES, SIMCAV..............................................
INVERKAL BOLSA, SIMCAV ......................................................
INVERLAN 2000, SIMCAV ........................................................
INVERLENDO ............................................................................
INVERLUGAR DE INVERSIONES, SIMCAV...............................
INVERLUMA DE VALORES SIMCAV .........................................
INVERMANHER ........................................................................
INVERMARINADA DE INVERSIONES, SIMCAV .......................
INVERMAY .................................................................................
INVERMAY 2..............................................................................
INVERMAY 3..............................................................................
INVERMAY 4 VALORES ............................................................
INVERMUAL, SIMCAV, S.A. ......................................................
INVEROC FINANCIERA, SIMCAV .............................................
INVEROD INVERSIONES, SIMCAV ...........................................
INVEROSCA XXI, SIMCAV.........................................................
INVERPAMPLONA ....................................................................
INVERPASTOR ...........................................................................
INVERPOLO VEINTIUNO, SIMCAVF, S.A. ...............................
INVER-RENT...............................................................................
INVER-RISK, SIMCAV, S.A. ........................................................
INVERSALIA DE VALORES, SIMCAV, S.A. ................................
INVERSALINAS, SIMCAV, S.A. ..................................................
INVERSENECA, SIMCAV............................................................
INVERSIO ACTIVA PENEDES 3, SIMCAV ..................................
INVERSIO ACTIVA PENEDES, SIMCAV ....................................
INVERSIN EN VALORES 3 DE ABRIL, SIMCAV......................
INVERSIN GLOBAL 2,000, SIMCAV.......................................
INVERSIN GLOBAL 2001 SIMCAVF, S.A. ..............................
INVERSIN MOBILIARIA SIETE F, SIMCAV ..............................
INVERSIONES 1965, SIMCAV ...................................................
INVERSIONES 1992, SIMCAV ...................................................
INVERSIONES ABABOL, SIMCAV .............................................
INVERSIONES ABASOL VI, SIMCAV .........................................
INVERSIONES ABERDEEN, SIMCAV .........................................
INVERSIONES AGUANAZ, SIMCAV .........................................
INVERSIONES AGUAVIVA I, SIMCAV ......................................
INVERSIONES ALBACORA, SIMCAV ........................................
INVERSIONES ALBARELO, SIMCAV..........................................
INVERSIONES ALMOZARA, SIMCAV ......................................
INVERSIONES ALQUERIA SAN VICENTE SIMCAV ..................
INVERSIONES ANAMARA, SIMCAV .........................................
INVERSIONES ANAMER, SIMCAV ...........................................
160
Annual trading
2001
2002
2001
2002
26,505
19,200
764
0
36,366
29,233
0
20,194
34,041
19,833
18,824
36,946
17,117
23,569
124,080
22,511
315,900
162,240
115,800
29,880
0
25,280
22,358
23,160
6,134
121,000
0
50,000
0
0
0
22,560
26,425
127,125
23,400
24,882
0
13,320
21,886
20,915
16,750
17,960
18,848
10,180
23,103
26,550
23,560
24,281
21,957
21,549
36,121
27,106
15,600
764
23,521
28,727
23,271
0
19,713
30,891
16,323
18,872
31,287
13,655
20,924
83,480
20,178
282,660
141,440
99,900
24,480
24,241
25,240
20,915
23,480
0
120,080
0
30,680
36,061
21,876
20,939
17,160
26,850
113,250
20,160
21,372
0
12,500
19,913
16,588
16,858
13,920
17,117
8,620
21,252
27,300
20,434
20,254
19,994
18,711
32,154
606
15
1
0
2,487
185
0
15
0
718
41
288
274
97
443
5
18,550
4,124
7,618
3,016
0
0
5
3
332
13,308
0
280
0
0
0
433
68
6,280
34
10,620
0
765
32
15
4,760
49
61
181
48
68
105
179
35
32
24
610
27
3
1
514
241
0
27
7
15
0
257
172
13
68
0
15,556
23,796
42,202
1,928
10
16
13
2,083
0
56
0
28
11
10
618
2,402
66
2,492
30
312
0
1,052
2,250
1,281
9,894
10
413
0
39
67
58
967
1,234
25
0
Date of listing
in 2002 & other
comments
24-05-02
24-10-02
28-08-02
Delisted 26/04/2002
27-09-02
24-09-02
06-02-02
30-01-02
24-09-02
(Continued)

Companies
INVERSIONES ANSO ................................................................
INVERSIONES ARBIOSTE, SIMCAV, S.A. ...............................
INVERSIONES ARGA .................................................................
INVERSIONES ARNO, SIMCAV.................................................
INVERSIONES ASPE...................................................................
INVERSIONES AVANTI, SIMCAV...............................................
INVERSIONES AZURITA 2,000, SIMCAV ..................................
INVERSIONES BAJUAN, SIMCAV, SA .......................................
INVERSIONES BANIAR SIMCAV ...............................................
INVERSIONES BANZANO.........................................................
INVERSIONES BARBAZANA, SIMCAV, S.A. .............................
INVERSIONES BARCAL, SIMCAV..............................................
INVERSIONES BAZTAN.............................................................
INVERSIONES BEATELLA, SIMCAV ..........................................
INVERSIONES BEJAR, SIMCAV..................................................
INVERSIONES BEREZAL, SIMCAV.............................................
INVERSIONES BERKAY, SIMCAV ..............................................
INVERSIONES C.I.Z., SIMCAV...................................................
INVERSIONES CAMECAR, SIMCAV .........................................
INVERSIONES CAMINO 21, SIMCAV ......................................
INVERSIONES CAMPEA ............................................................
INVERSIONES CAMPOS DEL MONTIEL, SIMCAV ...................
INVERSIONES CARLINGA, SIMCAV, S.A. .......... ......................
INVERSIONES CARRETAS, SIMCAV ..........................................
INVERSIONES CASAU, SIMCAV ..............................................
INVERSIONES CAUZAR, SIMCAV.............................................
INVERSIONES CCUE, SIMCAV..................................................
INVERSIONES CERYBO, SIMCAV .............................................
INVERSIONES CHAMACA, SIMCAV.........................................
INVERSIONES CILLA, SIMCAV..................................................
INVERSIONES CLANSA, SIMCAV, S.A. ............ ........................
INVERSIONES CLASOR, SIMCAVF............................................
INVERSIONES CLIAN SIMCAVF, S.A. .......................................
INVERSIONES COCOA, SIMCAV .............................................
INVERSIONES COPU SIMCAV ..................................................
INVERSIONES COSAN 99, SIMCAV..........................................
INVERSIONES COVADONGA SIMCAV ....................................
INVERSIONES COVER, SIMCAV, S.A. ............. .........................
INVERSIONES CRESA II, SIMCAV..............................................
INVERSIONES CRESA-3, SIMCAV ............................................
INVERSIONES DEMETER, SIMCAV ...........................................
INVERSIONES DEVA .................................................................
INVERSIONES DIEMA, SIMCAV ................................................
INVERSIONES DUBLIN, SIMCAV..............................................
INVERSIONES ECHEMU ...........................................................
INVERSIONES EL FRUTAL, SIMCAV..........................................
INVERSIONES ELIZONDO ........................................................
INVERSIONES EN BOLSA SIGLO XXI, SIMCAV, S.A.................
INVERSIONES EN VALORES SIGLO XXI ..................................
INVERSIONES ENLOR, SIMCAV, S.A. ............. .........................
INVERSIONES ERILO, SIMCAV..................................................
Annual trading
2001
2002
2001
2002
21,840
0
6,312
24,617
5,473
50,725
22,680
0
17,893
59,360
0
21,525
43,360
19,329
25,849
21,636
61,200
20,948
27,887
22,814
38,680
42,167
0
24,762
13,612
0
0
18,752
19,937
22,222
0
17,528
0
24,954
0
15,698
24,050
0
15,825
17,630
23,400
49,965
10,203
22,400
4,442
10,097
28,080
0
12,840
0
208,800
20,260
21,260
37,647
21,035
0
46,038
18,560
11,768
14,238
50,720
17,069
20,130
28,991
15,073
24,008
17,838
32,400
18,470
24,641
18,006
33,000
44,787
21,973
23,720
9,235
21,669
23,079
15,242
16,162
21,164
23,800
13,014
0
21,420
20,771
10,482
21,164
22,839
11,328
11,059
18,950
48,954
8,733
18,750
4,445
8,294
21,200
25,734
13,176
19,817
198,400
258
0
0
34
0
12
87
0
27
513
0
0
11
611
225
15
85
0
12,514
99
202
15,096
0
10,846
92
0
0
1,357
16
168
0
36
0
85
0
2,332
685
0
0
1
6,440
354
488
0
91
305
0
0
12,848
0
3
653
23
33,431
2,046
0
6,122
39
2,335
1,266
795
13
492
7
27
198
27
15
0
577
729
44
7,650
14
6,011
35
0
25
27
0
471
2,211
528
0
2,146
205
1,217
79
4,809
2,289
0
2,131
101
498
750
119
13
0
1,532
36
19
13,265
Date of listing
in 2002 & other
comments
09-01-02
05-09-02
07-03-02
24-05-02
25-07-02
14-11-02
19-04-02
28-06-02
01-03-02
161
(Continued)

Companies
INVERSIONES ERISTE, SIMCAV.................................................
INVERSIONES ERUAIN, SIMCAV , S.A. ....................................
INVERSIONES ESFIMO SIMCAV................................................
INVERSIONES ESTRELLA ...........................................................
INVERSIONES EUROMAR, SIMCAV .........................................
INVERSIONES EVEREST, SIMCAV, SA .......................................
INVERSIONES FAMEI ................................................................
INVERSIONES FERBA, SIMCAV ................................................
INVERSIONES FILVOS, SIMCAV................................................
INVERSIONES FILVOS, SIMCAV................................................
INVERSIONES FINANCIERAS ARAGONESAS...........................
INVERSIONES FINANCIERAS CBA SIMCAVF, S.A. ... ...............
INVERSIONES FINANCIERAS CINCINATTI, SIMCAV ...............
INVERSIONES FINANCIERAS CRESA, SIMCAV ........................
INVERSIONES FINANCIERAS CUBI, SIMCAV...........................
INVERSIONES FINANCIERAS EUROKAS, SIMCAV...................
INVERSIONES FINANCIERAS FERRINVEST, SIMCAVF .............
INVERSIONES FINANCIERAS GLASS CERAMICA, SIMCA .......
INVERSIONES FINANCIERAS MENDEXA, SIMCAVF, S.A.........
INVERSIONES FINANCIERAS PEPES, SIMCAVF, S.A.................
INVERSIONES FINANCIERAS PERSONALES, SIMCAV .............
INVERSIONES FINANCOR, SIMCAV.........................................
INVERSIONES FINANZAS VALDELANDINGA SIMCAV...........
INVERSIONES FLEXIM, SIMCAV ...............................................
INVERSIONES FONLANA, SIMCAV..........................................
INVERSIONES FROFER, SIMCAV, S.A. ............ .........................
INVERSIONES FUND NET 2001, SIMCAV ...............................
INVERSIONES GALA XXI, SIMCAV ...........................................
INVERSIONES GALERNA, SIMCAV...........................................
INVERSIONES GARBI ................................................................
INVERSIONES GARDON, SIMCAV ..........................................
INVERSIONES GARIBAS SIMCAV .............................................
INVERSIONES GARODIES, SIMCAV ........................................
INVERSIONES GELMA, SIMCAV, S.A. ............. .........................
INVERSIONES GELRO, SIMCAV, S.A. ............. .........................
INVERSIONES GEM 2000, SIMCAV ..........................................
INVERSIONES GERESA, SIMCAV ..............................................
INVERSIONES GESCAMAR, SIMCAV, S.A. ...............................
INVERSIONES GFISA 1199, SIMCAV.........................................
INVERSIONES GIRALBA, SIMCAV ............................................
INVERSIONES GIRALDA, SIMCAV............................................
INVERSIONES GOCAL, SIMCAV...............................................
INVERSIONES GOYSAMAR SIMCAV........................................
INVERSIONES GREC, SIMCAV ..................................................
INVERSIONES GUMIEL 2002, SIMCAV ....................................
INVERSIONES HABANA 2000, SIMCAV...................................
INVERSIONES HELGUERA, SIMCAV.........................................
INVERSIONES HERCA ..............................................................
INVERSIONES HERRERO...........................................................
INVERSIONES HIFLOR, SIMCAV, SA ........................................
INVERSIONES IBERBAUM, SIMCAV .........................................
162

2001
2002
26,118
0
20,539
3,184
19,393
0
14,340
5,382
9,015
0
56,120
0
22,758
29,375
24,680
19,730
0
0
0
0
25,720
21,011
0
21,116
34,500
0
10,301
8,672
9,006
3,080
21,700
20,226
21,560
0
0
21,116
62,462
0
10,842
0
19,737
12,068
20,707
18,427
21,020
21,000
22,559
4,100
71,103
0
24,401
24,339
22,944
17,364
3,184
15,426
24,242
10,800
4,084
0
18,929
47,360
0
22,157
20,625
22,600
15,968
19,866
14,464
0
23,850
25,040
16,756
9,857
17,653
28,620
10,686
6,671
7,904
8,132
6,236
19,200
15,633
17,120
23,560
23,319
19,232
62,078
23,079
9,869
24,931
13,775
11,455
15,320
0
19,769
19,080
17,989
4,025
64,130
18,711
24,041
Annual trading
2001
28
0
31
0
1
0
0
27
0
0
75
0
15
2
12
843
0
0
0
0
2
3,563
0
3,719
84
0
1,426
15
16
4
4,853
0
32
0
0
258
287
0
71
0
979
390
0
5,412
1,265
37
0
127
1,874
0
3,068
2002
9,939
936
23
0
1
0
45
28
0
528
42
0
4,843
2
268
194
3
6
0
4
2
1,717
11
594
38
1
1,224
6
27
10
5,452
1
11
13
13
0
150
36
62
89
870
915
1
0
979
36
1
29
31,084
19
0
Date of listing
in 2002 & other
comments
03-06-02
24-09-02
30-12-02
07-03-02
18-10-02
21-05-02
10-10-02
24-09-02
24-09-02
23-09-02
Delisted 30/07/2002
17-03-02
(Continued)

Companies
INVERSIONES IC49, SIMCAV ...................................................
INVERSIONES IMABAR, SIMCAV..............................................
INVERSIONES INDASA EJEA, SIMCAV......................................
INVERSIONES INESFI, SIMCAV, S.A. ............ ............................
INVERSIONES INFANTES, SIMCAV...........................................
INVERSIONES INMENSA, SIMCAV ...........................................
INVERSIONES INSANCO, SIMCAV...........................................
INVERSIONES INSTITUCIONALES, SIMCAV ...........................
INVERSIONES INTERMARKETS, SIMCAV .................................
INVERSIONES INVERARTE SIMCAV..........................................
INVERSIONES INVERJOTA, SIMCAV ........................................
INVERSIONES INVESTU, SIMCAV, S.A. ........... ........................
INVERSIONES IPCUS SIMCAV ..................................................
INVERSIONES IPSON, SIMCAV.................................................
INVERSIONES IRADA, SIMCAV ...............................................
INVERSIONES IREBUA, SIMCAV, S.A. ......................................
INVERSIONES IRURITA ............................................................
INVERSIONES ITACA AHORRO, SIMCAV ................................
INVERSIONES ITZIAR, SIMCAV, SA ..........................................
INVERSIONES JALABUN, SIMCAV ...........................................
INVERSIONES JALAMA AHORRO, SIMCAV.............................
INVERSIONES JALAMA CRECIMIENTO SIMCAV......................
INVERSIONES JALAMA RENTA SIMCAV ..................................
INVERSIONES JULGAB SIMCAV ...............................................
INVERSIONES KISHOO, SIMCAV, S.A. ............ ........................
INVERSIONES LA MATA DEL MORAL, SIMCAV.......................
INVERSIONES LA PILONA, SIMCAV.........................................
INVERSIONES LABRADOR, SIMCAV........................................
INVERSIONES LAGASCA 75, SIMCAV......................................
INVERSIONES LEAL ...................................................................
INVERSIONES LEALTAD ............................................................
INVERSIONES LECAROZ...........................................................
INVERSIONES LELO, SIMCAV...................................................
INVERSIONES LES BEDULES, SIMCAV .....................................
INVERSIONES LIXVA 6, SIMCAV, SA ........................................
INVERSIONES LLONER ............................................................
INVERSIONES LOIDA, SIMCAV ................................................
INVERSIONES LONHER ............................................................
INVERSIONES LOS AZULES, SIMCAV.......................................
INVERSIONES LUTIMO, SIMCAV .............................................
INVERSIONES MACBETH, SIMCAV, S.A. ........... ......................
INVERSIONES MACHAQUITO, SIMCAVF, S.A. .......................
INVERSIONES MADEGO 2000, SIMCAV..................................
INVERSIONES MADRID SUR, SIMCAV.....................................
INVERSIONES MARITIMA PASOAL, SIMCAV...........................
INVERSIONES MARREBA, SIMCAV...........................................
INVERSIONES MARYGLO,SIMCAV...........................................
INVERSIONES MATIPE SIMCAV ................................................
INVERSIONES MAZONSO, SIMCAV.........................................
INVERSIONES MEERLEN, SIMCAV............................................
INVERSIONES MENENDEZ PELAYO, SIMCAV .........................
Annual trading
2001
2002
2001
2002
18,711
18,271
23,000
0
26,000
22,463
46,480
23,479
38,016
18,752
32,340
0
21,396
19,641
27,120
0
3,260
23,920
0
25,470
24,321
19,393
24,802
25,445
0
23,760
24,521
25,680
24,041
40,480
101,600
10,034
18,951
20,010
0
102,102
28,295
24,440
10,991
17,965
0
0
20,394
17,862
0
31,160
22,406
19,929
21,645
22,920
70,320
14,863
13,222
19,240
10,097
20,600
28,921
45,360
18,922
29,520
12,958
27,300
10,738
19,232
18,679
22,880
23,319
5,492
87,750
27,046
19,830
22,558
13,062
20,474
25,541
20,483
23,480
24,762
25,320
23,319
23,520
89,200
86,360
13,131
16,065
10,638
78,679
26,362
19,880
9,139
15,633
23,319
23,319
16,835
13,342
21,156
21,240
19,256
14,466
19,096
18,680
70,560
28
75
1,238
0
179
1,872
238
1,203
14,614
55
84
0
16
16
680
0
3
12,858
0
30
35,288
2,332
20,788
35
0
3,761
555
3,972
5
1,109
35
365
244
9
0
1,048
149
97
1,164
2,101
0
0
31
125
0
94
18
41
18
79
98
2,319
124
1
1,130
19
22,464
11
1,743
47
384
36
0
32
27
641
13
6
227
13
121
24,719
4,625
15,118
1,424
29
4
96
30
13
98
28
193
2
1
46
342
60
73
255
1,587
12
13
23
2
25
0
15
59
202
37
48,563
Date of listing
in 2002 & other
comments
30-04-02
24-09-02
24-09-02
18-10-02
29-08-02
20-05-02
14-11-02
28-06-02
163
(Continued)

Companies
INVERSIONES MERCOMEDINA, SIMCAV ................................
INVERSIONES MIDMAR, SIMCAV ............................................
INVERSIONES MILAMAR 2000, SIMCAV ................................
INVERSIONES MISI, SIMCAV ....................................................
INVERSIONES MOBILIARIAS ALICANTE, SIMCAV...................
INVERSIONES MOBILIARIAS GRUPO ADAN .........................
INVERSIONES MOBILIARIAS IMAGO, SIMCAV.......................
INVERSIONES MOBILIARIAS URQUIOLA................................
INVERSIONES MOLUTI, SIMCAV ............................................
INVERSIONES MONEGROS-BAJO ARAGON SIMCAVF, S.A ...
INVERSIONES MONSEVI, SIMCAV ...........................................
INVERSIONES MONTALBAN, SIMCAV ....................................
INVERSIONES MONTARTO, SIMCAV.......................................
INVERSIONES MONTERRON, SIMCAVF, S.A. .........................
INVERSIONES MONTISIELLO, SIMCAV ...................................
INVERSIONES MONTLLOR, SIMCAV ......................................
INVERSIONES MOURA SIMCAV ..............................................
INVERSIONES NAIRA, SIMCAVF, S.A. ............ .........................
INVERSIONES NEOCLASICAS, SIMCAVF, S.A. ...... ..................
INVERSIONES NEON CMA, SIMCAVF......................................
INVERSIONES NIBANI, SIMCAV ...............................................
INVERSIONES OLABERRIA, SIMCAVF ......................................
INVERSIONES OMNITOT, SIMCAV .........................................
INVERSIONES OPTIMUS, SIMCAV ...........................................
INVERSIONES ORELLANA, SIMCAV.........................................
INVERSIONES PADUA, SIMCAV...............................................
INVERSIONES PANTER, SIMCAV ..............................................
INVERSIONES PATRICIO Y AMANCIA SIMCAV .......................
INVERSIONES PECUNIA, SIMCAV, S.A. ...................................
INVERSIONES PEMASA, SIMCAV, S.A. ............ ........................
INVERSIONES PERMON, SIMCAV ............................................
INVERSIONES PICO TRES MARES, SIMCAV.............................
INVERSIONES PIKAIA, SIMCAV ................................................
INVERSIONES PIRO, SIMCAV ...................................................
INVERSIONES PLANTEN SIMCAV ............................................
INVERSIONES POLIVALENTE, SIMCAV ....................................
INVERSIONES PROGRAMADAS...............................................
INVERSIONES PUERTO ALEGRE, SIMCAV, S.A. ..... .................
INVERSIONES QUINTA DIMENSION, SIMCAV........................
INVERSIONES RANZA...............................................................
INVERSIONES REALTTA, SIMCAV .............................................
INVERSIONES REMELLAN, SIMCAV ........................................
INVERSIONES RETAMA, SIMCAV .............................................
INVERSIONES RIO HUECHA, SIMCAV, S.A. ........ ...................
INVERSIONES RIOCOBO, SIMCAV ..........................................
INVERSIONES ROBINIA, SIMCAV ...........................................
INVERSIONES ROSCHELL, SIMCAV .........................................
INVERSIONES RUGETES SIMCAV, S.A. ....................................
INVERSIONES RUSH, SIMCAV..................................................
INVERSIONES SACARA, SIMCAV, S.A. ............ ........................
INVERSIONES SALESAS I, SIM...................................................
164
Annual trading
2001
2002
2001
2002
5,992
20,434
26,040
19,906
19,673
66,400
17,003
31,922
8,971
0
23,800
14,380
24,483
0
19,200
28,620
19,817
0
0
22,278
21,140
0
10,422
26,715
0
21,356
23,720
19,264
0
0
24,684
22,358
41,100
23,640
18,350
39,864
13,400
0
21,480
27,498
23,375
19,481
21,108
0
22,622
26,360
25,280
0
20,972
0
2,500
5,169
16,828
22,960
17,862
17,292
52,800
12,795
33,143
7,792
18,030
23,199
12,200
21,092
23,367
14,560
22,185
16,378
36,421
24,762
20,354
20,178
7,140
9,965
24,040
0
17,797
19,680
14,406
20,731
22,838
20,483
22,117
34,050
18,760
13,733
37,260
13,400
24,321
18,000
25,303
18,020
17,557
15,170
5,589
19,353
26,400
22,320
24,041
18,567
31,152
2,020
15
15
42
15
675
150
18
1,196
1,789
0
2
510
3
0
84
29
12
0
0
340
104
0
248
142
0
761
484
0
0
0
614
36,477
2,467
41
0
560
183
0
57
5,166
178
486
17
0
75
92
89
0
3,608
0
256
28
1,226
38
24
897
2,141
0
194
1,544
6
4
43
22
4,786
4
332
4
11,506
133
32
17
1,695
187
27
0
522
289
1
17
25
24
11,310
8,209
45
0
410
192
0
30
19
125
213
27
11
63
43
38
13
312
15,549
687
Date of listing
in 2002 & other
comments
30-04-02
02-08-02
08-11-02
12-12-02
23-05-02
21-03-02
29-08-02
19-04-02
18-10-02
04-04-02
(Continued)

Companies
INVERSIONES SANFE SIMCAV .................................................
INVERSIONES SANTA MARINA, SIMCAV, S.A. ........................
INVERSIONES SELECTIVAS........................................................
INVERSIONES SERRABLO .........................................................
INVERSIONES SEZUR ...............................................................
INVERSIONES SIENA, SIMCAV..................................................
INVERSIONES SIERRA DE SAN PEDRO, SIMCAV ....................
INVERSIONES SINGLADURA SIMCAV .....................................
INVERSIONES SOINVISA, SIMCAV...........................................
INVERSIONES SOLBUS, SIMCAV..............................................
INVERSIONES TAMBRE, SIMCAV..............................................
INVERSIONES TEIDE ................................................................
INVERSIONES TELEBE, SIM ......................................................
INVERSIONES TORCAL, SIMCAV..............................................
INVERSIONES TORRES DE CUART, SIMCAV............................
INVERSIONES TOSCANA SIMCAV ...........................................
INVERSIONES TRENTO SIMCAV ..............................................
INVERSIONES UGUESI, SIMCAV ..............................................
INVERSIONES URANET, SIMCAV .............................................
INVERSIONES VALDELINARES, SIMCAVF ................................
INVERSIONES VALIX-6, SIMCAV, SA ............. ..........................
INVERSIONES VALLE ASON, SIMCAV......................................
INVERSIONES VALLE PALLIN, SIMCAV ....................................
INVERSIONES VALLIER, SIMCAV ..............................................
INVERSIONES VERAL ................................................................
INVERSIONES VERDES SIMCAV ...............................................
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 ZAM, SIMCAV....................................................
INVERSIONES ZIARREH, SIMCAV ...........................................
INVERSIONES ZUBITEL, SIMCAV .............................................
INVERSIONS 4TS, SIMCAV ......................................................
INVERSIONS AGO, SIMCAV .....................................................
INVERSIONS DCINC 2000, SIMCAV ........................................
INVERSIONS EGERIA, SIMCAV .................................................
INVERSIONS EL CIRERER, SIMCAV...........................................
INVERSIONS LOLIVERA, SIMCAV, SA ............ ........................
INVERSIONS MOIX, SIMCAV....................................................
INVERSIONS PATRIMONI CAPITAL FH, SIMCAV.....................
INVERSIONS POBLE NOU, SIMCAV .......................................
INVERSIONS PUIGCERDA 2000, SIMCAV ...............................
INVERSIONS SACONCA, SIMCAV, S.A. ...................................
INVERSIONS TONA 2000, SIMCAV..........................................

2001
2002
18,776
0
71,960
67,480
5,340
20,915
43,050
0
19,256
24,387
24,161
61,050
2,322
24,026
20,675
62,024
20,827
19,240
18,391
24,360
0
23,280
21,781
23,399
3,850
24,353
29,209
31,881
19,954
7,212
4,124
3,096
3,784
16,160
13,800
122,280
21,156
18,607
10,920
24,858
33,390
14,172
20,218
12,145
0
17,453
26,600
16,577
37,143
0
60,903
13,703
22,983
53,844
60,920
47,672
19,545
39,300
23,575
15,867
18,903
24,041
52,250
2,154
21,429
15,626
56,675
17,220
15,633
13,943
24,560
0
22,560
16,973
23,920
3,040
23,656
28,849
26,751
16,828
5,680
3,834
3,096
3,784
11,760
11,340
25,296
14,625
16,696
8,240
25,555
30,285
11,125
18,487
11,304
0
13,198
24,320
12,312
35,700
10,770
60,502
Annual trading
2001
2002
31
0
1
94
165
2,682
955
0
653
36
1,529
1,645
69
0
161
537
761
312
400
2,402
0
44
16
180
209
620
0
356
0
108
1,916
303
216
158
490
3,862
4,292
49
94
5,525
943
130
69
6
0
402
43
2,160
607
0
3,002
38
33
0
388
0
911
0
2
48
26
0
572
64
0
85
440
522
3,707
488
31
0
41
29
173
21
173
11
369
1,198
12
880
1
54
274
294
76
793
27
475
2,275
483
50
168
6
0
42
37
37
0
31
2
Date of listing
in 2002 & other
comments
29-07-02
28-06-02
24-09-02
29-07-02
165
(Continued)

Companies
INVERSORA MOBILIARIA ESPAOLA .....................................
INVERSORA OLARIZU ..............................................................
INVERSORA PATRIMONIAL .....................................................
INVERSORA SORRIBO, SIMCAV ..............................................
INVERSUM CARTERA, SIMCAV, S.A. .............. .........................
INVERSUS INVERSIONES, SIMCAV ..........................................
INVERSUS PLUS INVERSIONES, SIMCAV, S.A. ........................
INVERTIA DE GESTIN SIMCAV ..............................................
INVERUN INVERSIONES, SIMCAV ...........................................
INVERURBASA ..........................................................................
INVERVALOR ............................................................................
INVERVULCANO, SIMCAV ......................................................
INVERZETA ................................................................................
INVESBECADA, SIMCAV ...........................................................
INVESBRA 2001, SIMCAV, S.A. ................. ...............................
INVESCA CARTERA, SIMCAV ....................................................
INVESJUST XXI, SIMCAV, S.A. ................. .................................
INVESNET 99 SIMCAV ..............................................................
INVEST 2000-2001 DE INVERSIONES, SIMCAV.......................
INVEST VALOR, SIMCAV...........................................................
INVESTALBERT...........................................................................
INVESTBLUE ACTIVOS, SIMCAV ..............................................
INVESTBLUE DOS ASSETS, SIMCAV.........................................
INVESTFAM, SIMCAV ................................................................
INVESTGODAMA, SIMCAV, S.A. .................. ...........................
INVESTIGACIN, DESARROLO E IMPLANTACIN, SIMCAV
INVESTMENTS MASAVE, SIMCAV ...........................................
INVESTOR VM40, SIMCAV .......................................................
IRADIER DE INVERSIONES........................................................
IRARTEL INVERSIONES SIMCAVF .............................................
IRASA INVERSIONS MOBILIARIES, SIMCAV ............................
IRASBALEAK, SIMCAV, S.A. ......................................................
IRINEAL, SIMCAVF, S.A. ............................................................
IRON ONE ................................................................................
IRU DE INVERSIONES SIMCAV.................................................
IRUR GESTIN, SIMCAV...........................................................
IRVING INVEST SIMCAV ...........................................................
ISAGA 2001, SIMCAVF, S.A. .....................................................
ISANVAL DE INVERSIONES, SIMCAV.......................................
ISCAR FINANZAS, SIMCAV.......................................................
ISCOSAN FINANCIERA, SIMCAV .............................................
ISLA ESMERALDA DE INVERSIONES, SIMCAV.........................
ISLETA DEL MORO INVERSIONES, S.A., SIMCAV ...................
ISUNTZA BOLSA, SIMCAV, SA .................................................
ITEM INVERSIONES, SIMCAV ...................................................
ITH BOLSA SIMCAV .................................................................
ITUERO INVERSIONES, SIMCAV, SA .............. .........................
ITURINVER.................................................................................
IZAGA DE INVERSIONES .........................................................
IZNAJAR DE INVERSIONES SIMCAV ........................................
J&P ALCARAZ INVERSIONES, SIMCAV.....................................
166

2001
2002
64,200
0
8,100
24,762
0
22,069
0
19,413
0
32,973
2,236
29,320
11,000
11,804
0
38,547
0
20,082
23,232
22,262
4,074
29,029
19,208
22,160
0
22,515
35,267
24,281
13,807
18,507
24,000
0
0
25,960
21,332
23,464
23,372
0
1,899
23,136
22,117
21,573
0
0
24,531
13,828
0
31,200
32,319
12,140
11,888
55,920
18,200
7,600
18,728
27,346
21,541
21,129
14,274
36,061
28,053
2,236
27,040
11,000
11,083
22,598
35,534
23,800
17,965
22,439
18,295
4,576
28,758
14,236
19,720
19,313
19,056
36,890
22,117
11,965
13,216
20,840
18,511
0
22,320
18,086
20,242
21,571
25,050
1,418
21,645
18,271
20,515
21,636
20,292
18,062
12,815
24,041
26,560
32,873
11,179
11,359
Annual trading
2001
2002
259
0
3,172
536
0
1,914
0
0
0
170
0
120
0
237
0
65
0
232
0
6
40
1,058
9
1
0
69
3,203
15
522
435
597
0
0
135
3
64
1,803
0
5
4,359
65
176
0
0
1,017
371
0
601
143
1,797
16
6,217
3,453
35
27
7,373
840
2,537
0
0
147
0
330
8
345
453
273
10
2
541
162
87
8,284
0
1
1,081
291
68
1,348
177
1,174
15
11
0
38
4
1,464
1,806
9,702
12
1,677
15
99
250
170
56
5,790
11
0
24
154
72
Date of listing
in 2002 & other
comments
24-09-02
28-06-02
28-06-02
31-10-02
06-02-02
28-01-02
20-12-02
15-07-02
18-01-02
24-09-02
13-08-02
(Continued)

Companies

2001
J.S. WANER 2000, SIMCAV .......................................................

0
JAITER INVERSIONES SIMCAV .................................................
20,338
JANUS INVESTMENT SIMCAV .................................................
22,113
JAP 99, SIMCAV .........................................................................
23,520
JAQUISA INVERSIONES, SIMCAV, S.A. ....................................
0
JARA BOLSA, SIMCAV ...............................................................
21,596
JARAMIEL ...................................................................................
56,730
JARBA 2000, SIMCAV ................................................................
8,855
JASOCA .....................................................................................
0
JATMOS 99, SIMCAV .................................................................
12,140
JEDI DE INVERSIONES, SIMCAV, SA ........................................
0
JENKINGS INVERSIONES, SIMCAV...........................................
18,504
JENUSA DE VALORES MOBILIARIOS ......................................
1,764
JEREMIAS INVERSIONES, SIMCAV, S.A. ...................................
0
JERIGONDOR, SIMCAV ............................................................
9,200
JERTE DE INVERSIONES, SIMCAV.............................................
19,640
JFM 2001 CARTERA SIMCAV.....................................................
24,481
JIBACOA INVERSIONES, SIMCAV.............................................
25,960
JJ CARTERA ACTIVA, SIMCAV, S.A. ............. .............................
0
JLC INVEST 2001, SIMCAV, S.A. ...............................................
0
JOGAMI DE INVERSIONES SIMCAV.........................................
61,063
JOJUSA 99, SIMCAV .................................................................
11,239
JONATA INVERSIONES, SIMCAVF, S.A. ........... ........................
0
JOPA INVERSIONES, SIMCAV, SA ................ ............................
0
JORICK INVESTMENT SIMCAV..................................................
21,476
JOSA FINANCE SIMCAV............................................................
20,967
JOSAN INVERSIONES, SIMCAV ...............................................
22,628
JOTAHORRO, SIMCAV .............................................................
16,835
JQ41 DE VALORES, SIMCAV.....................................................
55,425
JUDBEM DE INVERSIONES, SIMCAV .......................................
23,160
JUMI CARTERA, SIMCAV, SA ....................................................
0
JUNIO 99, SIMCAV....................................................................
6,651
JUNLAS INVERSIONES 99, SIMCAV .........................................
22,458
JUOSDE INVERSIONES, SIMCAV, S.A. .....................................
0
JUPITER DE INVERSIONES, SIMCAV .......................................
19,865
JUSA PATRIMONIO 2001, SIMCAV, S.A. .......... .......................
0
JUVITEC INVERSIONES, SIMCAV, S.A. .....................................
0
JVCM ACTIVOS, SIMCAV, S.A. .................................................
0
KALMIA DE INVERSIONES SIMCAV ........................................
16,989
KALYANI, SIMCAV ....................................................................
79,300
KAPITAL GELD...........................................................................
25,960
KAREGO FINANCE, SIMCAV ....................................................
8,541
KARKIPA SIMCAV ......................................................................
23,032
KATAKANA, SIMCAVF ...............................................................
19,270
KAWAB INVESTMENT, SIMCAV................................................
0
KEEPER INVERSIONES, SIMCAV ...............................................
212,800
KELSO BRATON, SIMCAV, S.A. ................................................
0
KEVLAR DE INVERSIONES, SIMCAV......................................... 1,858,741
KEY 98, SIMCAV ........................................................................
24,960
KEY DE VALORES, SIMCAV, S.A. ..............................................
0
KEY RATE INVERSIONES, SIMCAV............................................
29,320
2002
21,685
16,372
18,752
22,040
22,838
17,349
50,880
7,172
4,728
11,960
22,574
17,352
1,764
0
7,800
16,520
24,882
24,680
23,512
22,439
61,423
9,877
22,598
18,030
17,670
16,147
0
14,911
41,250
23,304
45,196
6,451
19,292
0
16,378
23,079
24,435
24,242
13,783
69,700
22,360
8,550
18,200
14,402
25,343
168,800
24,720
1,900,736
20,760
17,550
25,240
Annual trading
2001
2002
0
1
1,035
1,503
0
1
1,843
0
0
43
0
41
1
0
469
831
283
37
0
0
1,354
0
0
0
2
15
1
0
181
0
0
0
524
0
1
0
0
0
2
11,372
734
317
5
0
0
55
0
92,081
85
0
16
0
4
605
0
10
468
3,896
1,493
12
11,966
2
413
2
0
1,454
492
206
18
5
2
6,595
1
6
12
3
27
0
0
37
1
10
1,613
0
0
1
11
707
701
1
6,979
431
8,755
356
0
3,305
56
5
32,493
32
24
98
Date of listing
in 2002 & other
comments
08-11-02
06-02-02
20-12-02
18-10-02
26-02-02
06-02-02
03-06-02
21-02-02
12-12-02
24-09-02
06-06-02
24-09-02
11-11-02
28-01-02
167
(Continued)

Companies
KEY WEST INVERSIONES, SIMCAV...........................................
KGINVES 10, SIMCAV ..............................................................
KGINVES 11, SIMCAV................................................................
KGINVES 7, SIMCAV ................................................................
KGINVES 8, SIMCAV .................................................................
KGINVES 9, SIMCAV .................................................................
KGINVES1 SIMCAV ..................................................................
KGINVES100, SIMCAVF, S.A. ................... ................................
KGINVES101, SIMCAVF, S.A. ................... ................................
KGINVES103, SIMCAV, S.A. .................... .................................
KGINVES104, SIMCAVF, S.A. ................ ...................................
KGINVES105, SIMCAVF, S.A. .................. .................................
KGINVES12, SIMCAV ................................................................
KGINVES13, SIMCAV ................................................................
KGINVES14 SIMCAV .................................................................
KGINVES15, SIMCAV ................................................................
KGINVES16, SIMCAV ................................................................
KGINVES17, SIMCAV ................................................................
KGINVES2, SIMCAV...................................................................
KGINVES3,SIMCAV ...................................................................
KGINVES4, SIMCAV...................................................................
KGINVES5 SIMCAV....................................................................
KGINVES6 SIMCAV....................................................................
KILMOR INVERSIONES, SIMCAV, S.A.......................................
KINGSTON INVESTMENT SIMCAV .........................................
KITZBUHEL INVERSIONES, SIMCAV ........................................
KIUKET INVERSIONES, SIMCAV ..............................................
KLANDUR, SIMCAV ..................................................................
KLAPPEN INVERSIONES ...........................................................
KOKINO INVERSIONES SIMCAV..............................................
KONTACT EXCHANGE ............................................................
KOOPMANS INVERSIONES, SIMCAV .....................................
KRUGER INVERSIONES, SIMCAV ............................................
KURSAAL 2000, SIMCAV .........................................................
KURSAAL FINANCE, SIMCAV ..................................................
KUTXACAPITAL, SIMCAV..........................................................
LA ADRADA INVERSIONES, SIMCAV.......................................
LA ALAMEDA DEL SOL XXI, SIMCAV .......................................
LA ALCAZABA FINANCIERA, SIMCAV......................................
LA AYERDENSE, SIMCAV, S.A. ..................................................
LA LEGITIMA, SIMCAV ..............................................................
LA LINDARAJA INVERSIONES, SIMCAV ...................................
LA MUZA INVERSIONES, SIMCAV ...........................................
LA NOGUERA AHORRO, SIMCAV...........................................
LA NOGUERA DE ORO, SIMCAVF...........................................
LA RIPERA DE INVERSIONES, SIMCAV.....................................
LA ROMANA INVERSIONES, S.I.M.C.A.V., S.A. .......................
LABIERNAG 2,000, SIMCAV .....................................................
LACERTA INVERSIONES, SIMCAV.............................................
LAFUVER 2000, SIMCAV...........................................................
LAGUN INVERSIONES SIMCAV................................................
168
Annual trading
2001
2002
2001
2002
23,449
20,875
23,954
17,893
24,820
18,422
17,701
0
0
0
0
0
26,022
23,810
45,536
23,617
24,579
23,569
17,985
18,711
17,220
21,453
17,460
0
22,077
17,213
14,005
21,480
23,200
24,113
3,050
19,529
9,568
6,939
0
20,202
24,113
24,000
21,636
0
0
0
46,900
17,925
24,834
0
0
24,325
24,240
25,763
21,324
21,044
13,949
22,607
11,977
20,635
14,719
11,111
0
0
24,228
0
0
22,896
19,769
46,022
19,529
22,367
21,116
15,392
12,698
11,111
14,141
11,015
21,156
18,832
13,775
9,816
16,680
19,120
21,805
3,125
14,863
8,570
6,174
7,335
12,891
23,608
24,560
17,550
22,848
21,380
7,628
42,980
14,717
24,041
4,135
21,586
22,737
17,760
26,364
17,718
34
2,440
2,851
194
1
1,485
5,204
0
0
0
0
0
15,625
15,447
13
24,032
11,443
7,563
3,605
0
0
7,812
1
0
63
0
0
4
74
0
180
46
44
267
0
0
4,663
0
11
0
0
0
317
4
17
0
0
1,871
2,088
451
46
1,706
3,048
3,664
2
7,044
1,054
1,657
0
0
300
0
0
3
3,590
82
20,597
3,148
2,811
2
2
58
39,490
182
135
392
26
1
1,267
118
2,017
186
24
43
51
1,541
2
20
3
11
1,576
0
10
809
2,405
0
149
31
23
59
21
3,697
Date of listing
in 2002 & other
comments
19-09-02
18-12-02
19-09-02
30-10-02
19-09-02
14-05-02
05-09-02
15-07-02
(Continued)

Companies
LAJARINVEST, SIMCAV..............................................................
LALLO INVERSIONES, SIMCAV ................................................
LAMDA INVERSIONES BURSTILES, SIMCAV ........................
LAMPEDUSA INVERSIONES, SIMCAV, S.A. .............................
LANCE INVERSIONES SIMCAV, S.A. ........................................
LANDON CARTERA DE INVERSIONES, SIMCAVF, S.A............
LANDSA FINANCIERA, SIMCAV ..............................................
LANGRE DE INVERSIONES, SIMCAV .......................................
LANGREO FINANZAS, SIMCAV................................................
LARK UNITED INVESTMENT SIMCAV, S.A. .............................
LAS ABRAS DE FUENTES, SIMCAV...........................................
LAS ARROYADAS INVERSIONES, SIMCAV...............................
LAS CALLEJAS 2000, SIMCAV, S.A. ............. .............................
LASARIZA, SIMCAV ..................................................................
LASCONI INVERSIONES, SIMCAV............................................
LASTRAS GESTIN SIMCAVF, S.A. ............... ...........................
LATORES 2000 DE INVERSIONES, SIMCAV ............................
LAUCUSAN, SIMCAV................................................................
LAULLON INVERSIONES SIMCAV ...........................................
LAURUS PATRIMONIAL, SIMCAV, SA .....................................
LAXMI INVERSIONES, SIMCAV ................................................
LAYMO 74, S.A., SIMCAV .........................................................
LAZAREJO, SIM..........................................................................
LEADERSHIP BOLSA, SIMCAV ..................................................
LEALTAD 2,000, SIMCAV...........................................................
LEBASI DE INVERSIONES, SIMCAV .........................................
LECANTAL, SIMCAV ..................................................................
LECIENA DE INVERSIONES, SIMCAV ...................................
LEGADI DE INVERSIONES, SIMCAV.........................................
LEJASA ACTIVOS SIMCAV.........................................................
LEMPIRA SIMCAV ......................................................................
LENDA DE INVERSIONES, SIMCAV..........................................
LEN VALORES ........................................................................
LEXOVIOS, SIMCAV ..................................................................
LEXUS 99, SIMCAV ...................................................................
LEYRE DE INVERSIONES ...........................................................
LEZAMA-INEAR ........................................................................
LIAN INVERSIONES, SIMCAV ...................................................
LIBER INVERSIONES, S.I.M.C.A.V., S.A. ....... ............................
LIENDO DE INVERSIONES........................................................
LIERDE........................................................................................
LIFO INVERSIONES, SIMCAV ...................................................
LIGA MOBILIARIA .....................................................................
LINANTO, SIM...........................................................................
LINDE DE SANSONELIA, SIMCAVF, S.A. .......... .......................
LINDEN 91 INVERSIONES, SIMCAV ........................................
LINKER INVERSIONES, SIMCAV ...............................................
LINKS INVERSIONES, SIMCAV..................................................
LIRADOS, SIMCAV ....................................................................
LIRATRES, SIMCAV ....................................................................
LIRAUNO, SIMCAV ...................................................................
Annual trading
2001
2002
2001
2002
23,560
21,174
20,146
0
0
0
20,443
20,996
0
0
10,914
22,960
0
21,160
21,396
0
19,192
21,516
21,156
0
222,600
24,209
9,450
6,032
264,005
22,342
15,768
23,425
19,384
11,500
21,645
6,421
97,350
24,449
21,405
45,240
75,780
21,762
0
44,520
2,920
24,411
14,000
2,463
0
36,090
8,200
16,931
21,757
7,202
20,314
24,280
20,758
16,444
21,781
22,358
123,808
17,893
17,581
11,419
22,718
10,001
18,000
30,051
16,760
17,478
0
16,402
17,718
18,271
14,875
193,600
23,344
9,194
4,720
265,205
18,735
12,166
20,346
16,955
11,250
19,240
5,772
92,800
24,834
17,845
33,280
57,480
17,010
11,388
37,680
9,968
23,473
12,400
2,500
24,148
36,692
8,340
13,396
21,276
6,506
17,357
2
5
0
0
0
0
442
836
0
0
4,908
76
0
140
123
0
4
0
5
0
24,308
7,377
196
115
47,519
3
241
1,316
905
5,171
0
8
17,061
6
701
2
10,643
1,362
0
10
36
646
102
9
0
3,436
22
1,343
144
234
65
3
5
0
12
10
40,636
13
2,408
401
1,179
2,279
1,247
0
41
703
0
0
1
0
1,790
31,668
7,879
260
60
23,711
0
26
1,397
1,529
2,495
0
1
18,960
271
1,040
3
6,262
93
51
6
253
484
97
6
5
76
70
192
2
59
51
Date of listing
in 2002 & other
comments
14-11-02
03-06-02
04-04-02
24-09-02
06-02-02
18-10-02
05-02-02
12-12-02
169
(Continued)

Companies
LITA VALORES, SIMCAV ............................................................
LIVORNO INVERSIONES, SIMCAV ..........................................
LLINARES & SEVILA INVERSIONES SIMCAV ............................
LLINARES ACOSTA INVERSIONES, SIMCAV ............................
LLOSANTA SIMCAV, S.A. ..........................................................
LLUC VALORES, SIMCAV .........................................................
LOBO 3,000 SIMCAV ...............................................................
LODARES FINANZAS, SIMCAV.................................................
LODIMA GROUP INVESTMENT 2000 SIMCAV .......................
LOFA INVERSIONES, SIMCAV ..................................................
LONCHIVAR, SIMCAV...............................................................
LONG INVESTOR SIMCAV........................................................
LONG TERM INVESTMENTS, SIMCAV .....................................
LOPAFESA SIMCAV....................................................................
LOPBU-6 SIMCAV .....................................................................
LORA DE INVERSIONES ...........................................................
LOS BOTEJARES INVERSIONES, SIMCAV, S.A. ........................
LOS LAPONES INVESTMENT, SIMCAV, S.A. ............................
LOSIRAM CUATRO, SIMCAVF, S.A. .........................................
LOSVA, SIMCAV ........................................................................
LOTAMAR INVERSIONES, SIMCAV ..........................................
LOUCA 98, SIMCAV..................................................................
LOUPRI INVERSIONES, SIMCAV ..............................................
LUBIA DE INVERSIONES, SIMCAV ...........................................
LUCA INVEST 2000, SIMCAV ...................................................
LUCEL INVERSIONES SIMCAV .................................................
LUCERNARIUM 2000, SIMCAV ................................................
LUCKY STAR INVESTMENT SIMCAV ........................................
LUCUENS, SIMCAV ...................................................................
LUMBTIN, SIMCAV....................................................................
LUZALVAR INVERSIONES SIMCAV ..........................................
LYNDON INVERSIONES SIMCAV.............................................
M.A.F. MARCO, SIMCAV...........................................................
M.S.P. EUROGESTIN BOLSA, SIMCAV .................................
MAASTRICHT INVERSIONES, SIMCAV.....................................
MABINVER 2000, SIMCAV........................................................
MACALUMA INVERSIONES, SIMCAV, S.A. .......... ...................
MACAMJU SIMCAV ..................................................................
MACKEREL.................................................................................
MACONHA INVERSIONES, SIMCAV, S.A. ...............................
MACRISON DE INVERSIONES, SIMCAV, S.A. ....... ..................
MADEVILAR INVERSIONS, SIMCAV, SA ..................................
MADRIGAL DE INVERSIONES, SIMCAV...................................
MADROALES DE INVERSIONES, SIMCAV.............................
MAESMA INVERSIONES SIMCAV .............................................
MAFASA JULSA, SIMCAV ..........................................................
MAFRAMA DE INVERSIONES, SIMCAV....................................
MAGASA VALORES, SIMCAV ..................................................
MAGESCQ 2000, SIMCAV .......................................................
MA-GO DE INVERSIONES, SIMCAV.........................................
MAGO VALORS 2001, SIMCAV ...............................................
170
Annual trading
2001
2002
2001
2002
16,828
20,027
22,598
0
0
20,240
22,500
15,626
24,041
9,953
27,160
5,584
18,591
24,185
20,915
115,500
0
0
0
22,520
21,829
130,620
18,831
66,000
16,560
24,486
10,626
22,703
0
17,934
23,858
95,220
12,068
11,400
15,560
21,877
0
22,991
91,200
0
0
0
24,560
23,329
25,563
25,349
19,920
29,239
23,040
0
23,194
13,751
18,702
18,752
18,752
21,372
16,840
20,880
14,424
20,194
7,693
23,800
4,928
16,067
22,454
20,266
86,850
21,636
16,396
0
20,120
16,108
118,560
16,114
58,900
14,760
17,834
20,170
21,353
23,079
14,328
22,679
96,210
11,972
7,040
12,073
19,473
21,276
20,630
85,560
21,949
24,411
24,714
23,800
21,573
25,403
25,782
14,400
22,117
19,680
18,615
19,473
100
2,784
5
0
0
5,755
6
5
1
0
217
1,003
2
242
2
4
0
0
0
141
52
4
4,058
3
602
1,018
7,296
513
0
61
0
10,746
3
994
256
5
0
26
21,504
0
0
0
10
5
20
12
2
16
46
0
874
21
221
13
11
178
4,328
18
6,313
1,198
0
36
1,679
1
150
0
4
10
0
0
1
371
3
2,543
2
2,205
367
59
2,326
25
44
1
28
0
188
230
13
1
27
26,089
40
37
4,114
18
1
2
3
2
27
20
2
139
Date of listing
in 2002 & other
comments
18-10-02
21-02-02
22-07-02
25-07-02
14-11-02
11-02-02
19-04-02
11-06-02
(Continued)

Companies
MAHOGANY INVERSIONES MOBILIARIAS, SIMCAV .............
MAITE CARTERA, SIMCAV ........................................................
MAIVAREN INVERSIONES, SIMCAV.........................................
MAIVAREN, SIMCAV .................................................................
MAJAI INVERSIONES, SIMCAVF, S.A. ............ ..........................
MAJESTIC DE INVERSIONES, SIMCAV .....................................
MAKER INVERSIONES, SIMCAV ...............................................
MALI INVERSIONES, SIMCAV...................................................
MALLORQUINA DE TTULOS .................................................
MALODEI INVERSIONES, SIMCAV, S.A. ..................................
MANATI INVERSIONES, SIMCAV..............................................
MANEED INVERSIONES, SIMCAV, S.A. ............ .......................
MANEL INVERSIONES, SIMCAVF, S.A. ............ ........................
MANENSPA INVERSIONES, SIMCAVF, S.A. ......... ....................
MANHATTAN CMB GLOBAL, SIMCAV....................................
MANILA INVERSIONES GLOBALES, SIMCAV ..........................
MANLIU CARTERA, SIMCAV, S.A. ................ ...........................
MANOCAP, SIMCAV ................................................................
MANRESA CAPITAL, SIMCAV....................................................
MANRESA ESTALVI, SIMCAV.....................................................
MAPISU FINANZAS, SIMCAV ...................................................
MAQUEDA 2000, SIMCAV ......................................................
MARALBA INVERSIONES, SIMCAV, S.A. ........... ......................
MARCEN INVERSIONES, SIMCAV ...........................................
MARCRIS INVERSIONES SIMCAV.............................................
MARELE INVERSIONES, SIMCAV..............................................
MARGIN INVERSIONES, SIMCAV.............................................
MARIBA INVERSIONES, SIMCAV..............................................
MARIAN INVERSIONES, SIMCAV ..........................................
MARISA FINANZAS, SIMCAV....................................................
MARJAMI 2, SIMCAV, S.A. ........................................................
MARKT INVERSIONES ..............................................................
MARLIN INVERSIONES, SIMCAV..............................................
MARMIRE INVERSIONS, SIMCAV.............................................
MARONE DE INVERSIONES, SIMCAV, S.A. .............................
MARTON Y BERNET SIMCAV ...................................................
MARU FINANCE, SIMCAV, S.A. .................. .............................
MARZAL INVERSIONES, SIMCAV.............................................
MASVOLTES, SIMCAV ...............................................................
MATCH TEN INVERSIONES, SIMCAV.......................................
MATELCO 234, SIMCAV, S.A. ...................................................
MATEUS INV. SIMCAV...............................................................
MATRIX INVERSIONES, SIMCAV ..............................................
MATURITY INVERSIONES SIMCAV...........................................
MATXITXAKO DIVERSIFICADA, SIMCAV ................................
MAVAGO 1999, SIMCAV .........................................................
MAVER-21 SIMCAV ...................................................................
MAYMER INVEST, SIMCAV, S.A. ...............................................
MAYPRAT INVVERSIONES SIMCAV..........................................
MB GLOBAL 1 ...........................................................................
MB GLOBAL 2 ...........................................................................
Annual trading
2001
2002
2001
2002
18,110
22,622
22,439
0
0
19,793
10,714
9,480
228,825
0
20,509
0
0
0
17,069
0
0
22,222
12,480
26,250
22,838
20,491
0
18,557
20,717
21,252
26,083
17,261
21,853
19,232
0
50,840
22,480
23,850
0
16,107
0
23,787
24,440
20,250
0
25,288
6,380
26,166
14,060
22,953
21,204
0
21,786
43,560
33,050
17,220
20,675
21,693
22,825
25,002
15,272
9,608
8,205
181,116
21,492
18,919
22,598
21,396
11,900
14,625
60,702
7,933
19,168
9,960
26,250
23,319
18,975
20,924
14,629
19,310
20,266
21,035
14,136
18,968
16,828
19,713
46,320
23,000
20,750
20,675
12,020
10,938
18,027
20,520
18,519
23,271
21,501
6,170
19,553
9,540
19,718
18,367
24,041
20,132
42,180
30,300
608
77
1,842
0
0
6
273
167
3,811
0
43
0
0
0
1,160
0
0
1,013
1,243
1,900
5
4
0
1
614
686
39
1,249
10,956
5
0
169
2,698
61
0
606
0
195
4
1,340
0
361
34
59
16
2,340
281
0
2,199
6,858
2,047
964
60
319
0
749
0
76
130
8,759
542
20
11
25
1,011
839
18,966
11
7,525
1,330
1,392
2,968
0
21
0
207
1
44
43
572
13
13
144
12
54
11
12
13
10,714
3
697
2,713
510
36
55
27
13
66
0
34
4,436
5,923
Date of listing
in 2002 & other
comments
07-03-02
28-01-02
06-02-02
06-02-02
02-08-02
25-07-02
09-01-02
30-04-02
24-05-02
24-05-02
19-11-02
15-07-02
171
(Continued)

Companies
MB GLOBAL 3 ...........................................................................
MB GLOBAL 5, SIMCAV............................................................
MB GLOBAL 7, SIMCAV............................................................
MBUMBA SIMCAV, S.A. ......................... ..................................
MED 2001 INVERSIONES, SIMCAV, S.A. .......... .......................
MEDIC PRESTIGIO, SIMCAV .....................................................
MEDIO AMBIENTE Y FINANZAS, SIMCAV...............................
MEDISA 2,000, SIMCAV ...........................................................
MEDITERRANEA 2000 INVERSIONES, SIMCAV .......................
MEGEVE INVERSIONES SIMCAVF, S.A. ............ .......................
MEJANA ....................................................................................
MENDIBILE DE INVERSIONES, SIMCAV...................................
MENDILAST, SIMCAV................................................................
MERCADAL DE VALORES, SIMCAV..........................................
MERCAVENIR, SIMCAV ............................................................
MERCOR GLOBAL SIMCAV, S.A. .............................................
MEREU DE INVERSIONES, SIMCAV..........................................
MERI DACE, SIMCAV.................................................................
MERIBEL INVERSIONES SIMCAV ..............................................
MERIDIONAL DE TTULOS, SIMCAV .......................................
MERINILLAS INVERSIONES, SIMCAV .......................................
MERRYHOUSE INVERSIONES, SIMCAV ...................................
MERSIR.......................................................................................
MESA ERMITA, SIMCAV.............................................................
MESANA INVERSIONES, SIMCAV, S.A. ....................................
MESSINA ASSET MANAGEMENT, SIMCAVF, S.A. ....................
METID DE INVERSIONES, SIMCAV, SA ....................................
METODI FINANCIERA, SIMCAV ...............................................
METROPOLI PATRIMONIO, SIMCAV .......................................
MEZQUITA DE INVERSIONES, SIMCAV ...................................
MICRON INVERSIONES ............................................................
MIDDLE YOUNG, SIMCAV, S.A. ..............................................
MIGJORN INVERSIONS, SIMCAV ............................................
MIJALU, SIMCAV, S.A. ........................ ......................................
MILENIO PATRIMONIO, SIMCAV, S.A. ....................................
MILLENIUM INVEST 2000, SIMCAV .........................................
MIMBRALES INVERSIONES, SIMCAVF, S.A. ........ ....................
MINOS INVESTMENT SIMCAVF ...............................................
MINT INVERSIONES SIMCAV ...................................................
MINTREVOD 1600, SIMCAV, S.A. ................ ...........................
MIRA DE INVERSIONES ............................................................
MIRACLE 2000, SIMCAV ...........................................................
MIRAFLOR FINANCIERA, SIMCAV ...........................................
MIRENI, SIMCAV .......................................................................
MIRNOVA INVESTMENT SIMCAV ............................................
MIRRIAX, SIMCAV .....................................................................
MIRTA DE INVERSIONES, SIMCAV ...........................................
MISTE INVERSIONES, SIMCAV..................................................
MITEGAMA 2000, SIMCAV .......................................................
MITICA INVERSIONES, SIMCAV ...............................................
MIX-GLOBAL INVERSIONS, SIMCAV, S.A. ......... .....................
172
Annual trading
2001
2002
2001
2002
31,500
27,466
25,062
0
0
23,561
21,597
21,720
43,520
0
196,840
0
0
21,693
6,229
0
20,635
22,213
22,358
18,752
20,760
20,394
4,848
24,521
0
0
0
19,713
24,819
22,968
0
0
17,640
0
0
22,296
0
0
23,978
0
52,950
0
28,255
24,978
65,390
16,949
26,475
21,636
17,797
56,495
0
28,350
25,303
20,885
24,682
20,915
23,001
20,202
18,440
41,040
23,536
172,320
22,246
20,850
18,278
5,232
20,683
17,100
19,237
19,881
13,439
17,600
17,773
4,312
21,396
24,281
21,907
22,598
18,030
24,777
20,875
12,600
18,150
16,960
0
24,642
20,210
18,175
23,079
20,755
24,281
48,100
21,877
28,856
17,405
49,403
14,224
23,600
21,156
14,550
55,293
0
2,807
1,205
1,953
0
0
2,231
18,984
882
2,198
0
296
0
0
398
674
0
1
0
0
1,023
35
140
130
5
0
0
0
5
0
296
0
0
382
0
0
2
0
0
23,545
0
98
0
53
74
2
16
715
11,052
2
12,029
0
1,081
613
82
190
10
2,957
6
3,013
5
0
334
0
433
1,789
314
7,295
1
13
25
623
3,920
606
94
15
1,122
1
11
2
0
2,802
1
378
3,007
0
236
2
0
1
53
11
29
0
27,061
1
50
243
378
14,656
1
8,868
0
Date of listing
in 2002 & other
comments
14-10-02
21-02-02
03-06-02
24-09-02
21-02-02
14-11-02
14-11-02
22-07-02
17-07-02
26-07-02
03-06-02
06-02-02
17-09-02
(Continued)

Companies

2001
MIXTO EUROPA 15, SIMCAV ..................................................

18,829
MIXTO EUROPA 30, SIMCAV ...................................................
17,809
MIXTO EUROPA 50, SIMCAV ...................................................
17,021
MIZAR INVEST, SIM...................................................................
1,580
MIZUNO, SIMCAV ....................................................................
22,560
MJB SANZGA INVERSIONES, SIMCAV .....................................
23,480
MLM VALORES, SIMCAVF, S.A .................................................
0
MM 4437 INVERSIONES SIMCAV.............................................
11,083
MOALA INVEST, SIMCAV..........................................................
0
MOBILACTIVO SIMCAV............................................................
18,519
MOBILCAPITAL..........................................................................
68,560
MOBILCARTERA ........................................................................
77,220
MOBILINVERSIN SIMCAV .....................................................
14,671
MOBINVER ...............................................................................
2,250
MOBINVERSORA .....................................................................
7,379
MODIGLIANI INVERSIONES, SIMCAV, SA .......... ....................
0
MOENSA....................................................................................
29,200
MOLIETE ...................................................................................
34,520
MOLINA DEL PINAR, SIMCAV..................................................
18,559
MONCAYO GLOBAL INVESTMENTS SIMCAV.........................
22,606
MONITOR CAPITAL, SIMCAV...................................................
22,286
MONJOFI INVERSIONES, SIMCAV, S.A. ........... .......................
0
MONMA INVERSIONES, SIMCAV, S.A. ............. ......................
0
MONTALTO INVERSIONES, SIMCAV .......................................
27,862
MONTE DE VALORES ...............................................................
4,800
MONTE GENIL, SIMCAV...........................................................
12,780
MONTECILLO DE INVERSIONES SIMCAV ...............................
25,325
MONTECRISTO INVERSIONS SIMCAV.....................................
24,266
MONTESANCHA DE INVERSIONES, SIMCAV .........................
18,735
MONTINVERT CARTERA, SIMCAV, SA .............. ......................
0
MONTMARTRE DE INVERSIONES, SIMCAV ...........................
21,477
MONTRIGALES, SIMCAV ..........................................................
10,337
MONTSIRESA, SIMCAV ............................................................
58,429
MORA DE INVERSIONES, SIMCAV...........................................
24,400
MORALZARZAL DE INVERSIONES, SIMCAV ...........................
30,750
MORCOTE INVERSIONES, SIMCAV .........................................
0
MORGAN STANLEY DINER CEUTA, SIMCAV ..........................
0
MORI ONE, SIMCAV .................................................................
30,351
MORINVEST, SIMCAV ............................................................... 1,024,500
MORMEDI INVESTMENT, SIMCAV...........................................
0
MORO 2, SIMCAV.....................................................................
28,050
MOSEFRA, SIMCAV ...................................................................
19,120
MOSEL FINANCE, SIMCAV .......................................................
24,440
MOSEL INVEST,SIMCAV ............................................................
23,273
MOTERFIN, SIMCAV, S.A. ...................... ..................................
0
MOTIVASA DE INVERSIONES ..................................................
2,940
MOULDER INVERSIONES, SIMCAV, S.A. ........... .....................
0
MSP INVESTMENT 2000 SIMCAV.............................................
22,438
MUFOLLSA SIMCAV..................................................................
19,954
MUGUR INVEST, SIMCAV.........................................................
21,982
MULBAL INVERSIONES SIMCAV..............................................
24,675
2002
17,290
15,078
12,578
1,580
20,120
23,840
30,021
10,650
27,887
15,392
63,160
68,820
13,949
2,250
5,932
22,598
22,320
24,120
13,895
20,437
21,444
24,281
5,472
25,243
3,300
8,880
22,775
23,184
15,777
23,560
18,543
8,054
41,877
22,880
27,050
12,020
2,500
30,952
1,057,500
24,123
25,100
16,800
19,080
19,029
30,270
2,940
17,634
16,388
18,752
17,821
25,060
Annual trading
2001
2002
6,720
5,670
9,050
25
1,199
0
0
68
0
1,891
7
941
0
24
4
0
38
286
62
12
11
0
0
0
282
2,274
181
48
243
0
1
15
60
474
3
0
0
5
103,118
0
383
8,007
108
74
0
0
0
3,027
5
0
465
1,470
1,646
2,191
143
3,071
93
0
61
0
103
11
822
0
138
2,439
11
30
3
115
2
25
8
16
8
92
1,393
63
740
2,931
10
1
27
51
659
3
170
4,977
13
435,131
0
224
4,217
27
51
20,999
0
56
3,436
13
0
111
Date of listing
in 2002 & other
comments
08-11-02
27-09-02
07-10-02
31-10-02
08-11-02
10-10-02
25-02-02
173
(Continued)

Companies
MULINSAR.................................................................................
MULTICARTERA.........................................................................
MULTIRESORTS INVERSIONES FINANCIERAS, SIMCAV,.........
MURADA DE INVERSIONES, SIMCAV .....................................
MURASI INVERSIONES, SIMCAVF, S.A. ...................................
MURMENDI, SIMCAV ...............................................................
MUSKARIA INVERSIONES, SIMCAV .........................................
MUTUALSASA INVERSIONES, SIMCAV, S.A. ........ ..................
MUTUAVALOR I .......................................................................
MUVI FINANCIERA, SIMCAV ...................................................
N.IBAETA AHORRO, SIMCAV ................................................
N.SARASATE VALORES, SIMCAV ..............................................
NABOA INVERSIONES SIMCAV ...............................................
NADIR 98, SIMCAV ...................................................................
NADU INVEST, SIMCAV, S.A. ...................................................
NAITAN INVERSIONES, SIMCAV .............................................
NAJE ALE DE INVERSIN, SIMCAV..........................................
NAMACAR, SIMCAV .................................................................
NANTENI INVERSIONES, SIMCAV, S.A. ........... .......................
NAPIER INVERSIONES, SIMCAV ...............................................
NAPOLSI, SIMCAV ...................................................................
NAPULIA DE INVERSIONES, SIMCAV .....................................
NARA ........................................................................................
NAROGIV, SIMCAV ...................................................................
NASECAD INVERSIONES, SIMCAV, S.A. ..................................
NAVALLE INVERSIONES SIMCAV .............................................
NAVEDA BOLSA, SIMCAV .......................................................
NAVIERA INVERSIONES, SIMCAV ...........................................
NAZLET INVESTMENT, SIMCAV ...............................................
NEMAR INVERSIONES, SIMCAV...............................................
NEMESIS TERCER MILENIO, SIMCAV .......................................
NEMORINO SIMCAV ................................................................
NEMOSA INVERSIONES, SIMCAV, S.A. ............ .......................
NEPEFRAN INVERSIONES, SIMCAV .........................................
NEREI INVERSIONES, SIMCAV..................................................
NEREIDA CARTERA, SIMCAV, S.A. ...........................................
NEREN INVERSIONES, SIMCAV................................................
NERIUM INVESTIUM, SIMCAV .................................................
NERVIN INVEST, SIMCAV.......................................................
NESS DE INVERSIONES, SIMCAV ............................................
NETTING INVERSIONES, SIMCAV............................................
NEUTRAL INVERSIONES SIMCAV ............................................
NEVA DE INVERSIONES, SIMCAV ...........................................
NEWSIF INVERSIONES, SIMCAV, S.A. ............ .........................
NIBAFER INVERSIONES 2001, SIMCAV....................................
NICOGUAMA INVERSIONES , SIMCAV...................................
NIKARIC DE INVERSIONES SIMCAV ........................................
NIKOBRI, SIMCAV.....................................................................
NISOC INVERSIONS..................................................................
NISU INVERSIONES SIMCAV....................................................
NITE HAWK, SIMCAV................................................................
174
Annual trading
2001
2002
2001
2002
65,850
1,204
0
22,360
0
20,160
10,760
0
7,230
2,356
23,000
22,336
20,891
12,480
0
31,986
19,954
45,388
0
19,184
7,983
28,040
65,240
23,319
0
23,640
23,875
15,831
0
21,596
22,616
11,816
0
21,116
104,698
0
11,155
38,224
0
21,429
21,477
18,752
17,710
0
11,732
23,800
23,353
21,350
22,400
18,030
24,880
0
1,204
18,712
18,720
0
14,880
8,480
22,766
5,400
2,212
19,400
18,406
17,261
10,320
24,561
23,367
15,386
41,879
22,790
16,684
6,102
24,360
60,180
18,191
24,882
24,121
18,300
14,352
19,713
21,877
19,007
9,700
23,800
15,777
93,038
8,474
10,686
34,378
24,840
15,560
19,841
12,741
10,898
0
9,075
22,838
21,188
17,475
19,575
17,309
21,680
77
1
0
1
0
3
14
0
138
5
1,021
599
791
47
0
5,708
15
4,003
0
4
891
4
5,808
1,283
0
9
0
49
0
548
205
62
0
30
17
0
30
1,542
0
1,944
6,012
36,665
0
0
22
5
0
256
58
15
1,887
0
1
2
1
0
1
12
8
44
16
257
267
2,756
57
337
27
27
0
0
0
27
3
4,219
120
2,459
22
5
48
5
370
103
59
10
922
24
4,818
8,393
1,151
31
4,660
993
3,975
4
0
64
13
779
781
51
3,573
80
Date of listing
in 2002 & other
comments
19-04-02
10-10-02
19-09-02
09-04-02
21-02-02
10-10-02
08-11-02
02-08-02
24-05-02
(Continued)

Companies
NODOR 1991, SIMCAV, S.A. ...................................................
NOFASURC, SIMCAV ................................................................
NOGRARO INVESTMENT, SIMCAV..........................................
NOMENTANA INVERSIONES, SIMCAV....................................
NOMIT III INTERNACIONAL SIMCAVF ....................................
NOMIT INVERSIONES, SIMCAV ..............................................
NOMIT IV GLOBAL SIMCAVF ..................................................
NORAM INVERSIONES 2000, SIMCAV ....................................
NORCAFIX.................................................................................
NORFEU RENTA 24, SIMCAV, SA ................. ...........................
NORMANDIA INVESTMENTS, SIMCAV, S.A. ......... .................
NORTEA DE VALORES ...........................................................
NORTH CAPE INVERSIONES ....................................................
NOTE-INVEST SIMCAV..............................................................
NOTIFIX, SIMCAV......................................................................
NOVA EUROPA ACTIUS MOBILIARIS, SIMCAV.......................
NOVAFILLOLA SIMCAV ............................................................
NOVAGESTIN INVERSIONES, SIMCAV .................................
NOVAINVER INVESTMENTS 2000, SIMCAVF, S.A. .................
NOVAMER .................................................................................
NOVELDA INVERSIONES, SIMCAV ..........................................
NOXAR INVERSIONES, SIMCAV...............................................
NUCLEO FINANZAS, SIMCAV..................................................
NUEVA GESTIN SIGLO XXI, SIMCAV ....................................
NUEVA OLTAL BURSTIL, SIMCAV .........................................
NUEVA RIMATRA BURSTIL, SIMCAV .....................................
NUEVA RIOJA BURSTIL, SIMCAV...........................................
NUEVA XICAL SIMCAV .............................................................
NUEVOS VALORES ...................................................................
NUMIDE INVERSIONES, SIMCAV.............................................
NYMEX INVERSIONES, SIMCAV...............................................
OBAM 99, SIMCAV ..................................................................
OBIS INVERSIONES SIMCAV ....................................................
OCEJON INVERSIONES SIMCAV ..............................................
OCHO 99 INVERSIONES SIMCAV............................................
OCTUBRE NORANTANOU, SIMCAV.......................................
ODAMI DE VALORES, SIM ......................................................
ODIEL INVERSIONES, SIMCAV.................................................
OFFER INVERSIONES, SIMCAV, S.A. ........................................
OFFICE INVERSIONS, SIMCAV, S.A. ............. ...........................
OKER INVERSIONES, SIMCAV, S.A. .........................................
OLARBI ......................................................................................
OLEIROS DE INVERSIONES, SIMCAV.......................................
OLH INVERSIONES SIMCAV.....................................................
OLIVARDA, SIMCAV .................................................................
OLIVENZA GESTIN DIVERSIFICADA, SIMCAV .....................
OLLER INVERSIONES, SIMCAVF, S.A. ......................................
OMBU INVERSIONES SIMCAV.................................................
OMICRON .................................................................................
ONDA GLOBAL DE INVERSIONES, SIMCAV...........................
ONDARZAS E INVERSIONES, SIMCAV ....................................
Annual trading
2001
2002
2001
2002
0
9,340
26,875
25,002
146,647
91,955
289,087
29,149
3,400
0
0
43,152
42,800
6,336
17,429
19,000
22,102
33,250
0
0
26,800
22,397
25,243
21,960
8,592
8,064
25,790
11,780
30,600
20,474
9,199
11,860
64,740
29,594
10,458
28,500
3,150
15,506
0
0
0
94,095
23,184
23,079
12,825
23,800
0
21,276
27,007
20,346
25,225
24,257
7,465
23,750
25,699
126,814
80,415
251,223
29,149
3,230
16,011
23,570
40,480
36,440
5,232
13,583
14,500
19,168
29,450
24,041
0
22,400
21,817
26,445
18,600
8,720
8,176
25,765
11,880
26,000
17,630
7,588
11,119
66,660
21,324
9,476
28,250
3,150
13,992
23,954
23,560
28,248
72,360
21,164
19,713
11,400
21,396
18,000
15,666
23,951
15,608
22,850
0
632
1,129
41
19
34
19
32,955
168
0
0
2,171
1,415
374
17
217
0
2,740
0
0
172
1
1,539
38
302
1
76
19
136
3
148
277
11,270
38
131
0
1
48
0
0
0
1
0
51
70
2,292
0
93
67
1
1
45
197
557
8,955
25,389
32,593
57,953
16,261
47
3,000
600
1,543
96
1,399
27
262
292
2,944
1
0
171
1
13
30
649
0
0
6
334
5
690
78
4,802
1,220
1,396
6,252
2
46
123
12
5,068
2
362
452
59
586
1,799
3
448
0
145
Date of listing
in 2002 & other
comments
08-04-02
16-09-02
25-11-02
28-06-02
17-05-02
21-03-02
21-02-02
02-09-02
175
(Continued)

Companies
OPEC INVERSIONES SIMCAV ..................................................
OPEN CAPITAL 3000, SIMCAV .................................................
OPEN CAPITAL SIMCAV............................................................
OPEN MARKET INVERSIONES, SIMCAV ..................................
OPORTUNIDAD BURSTIL......................................................
ORAFLA 2000 SIMCAV ............................................................
ORDEF .......................................................................................
ORECA INVERSIONES, SIMCAV ..............................................
OREGON 2000, SIMCAV ..........................................................
OREJAS XXI, SIMCAV.................................................................
ORESTES INVESTMENT, SIMCAV, S.A. .....................................
ORGOR DE VALORES, SIMCAV ...............................................
ORIOLA DE INVERSIONES SIMCAV .........................................
ORMIBASA ................................................................................
OROBAL GESTIN, SIMCAV....................................................
ORONSIDE, SIMCAV, SA ..........................................................
ORSEVEN ...................................................................................
ORTENFENO SIMCAV ...............................................................
ORTESICA, SIMCAV, S.A. ..........................................................
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 ............................................................
P70 ELECTRA INVERSIN, SIMCAV .........................................
PABEGA INVERSIONES, SIMCAV..............................................
PADINVER..................................................................................
PAGASARRI DE INVERSIONES, SIMCAV ..................................
PALMERAL ACTIVOS, SIMCAV, S.A. .............. ..........................
PAMCALERO SPAIN, SIMCAV, SA ............................................
PAMPALONA GRUP, SIMCAV, S.A. ..........................................
PANAYA INVERSIONES, SIMCAV..............................................
PANDO 2000, SIMCAV .............................................................
PANDORA FINANCIERA SIMCAV.............................................
PANIKIRITO DE INVERSIONES, SIMCAV..................................
PAPER FUTURO, SIMCAV .........................................................
PARITY .......................................................................................
PARKIA INVESTMENT, SIMCAV.................................................
PARNUERA ................................................................................
PARQUE INDEPENDENCIA, SIMCAV .......................................
PARTNER GM INVERSIONES, SIMCAV.....................................
PARVATI INVERSIONES, SIM, S.A. .............. .............................
PASGOM INVERSIONES, SIMCAV ............................................
PASHMINA 2000, SIMCAV........................................................
PATLLARI INVERSIN, SIMCAV................................................
PATRICOMPA.............................................................................
PATRIMIX ...................................................................................
PATRIMONIAL GLOCESA, SIMCAV, S.A. .................................
176
Annual trading
2001
2002
2001
2002
22,421
38,128
39,565
22,294
36,260
20,130
14,420
20,960
20,370
21,477
0
21,300
17,629
24,580
22,358
0
19,700
19,120
0
15,500
25,240
36,061
23,127
7,728
23,665
9,488
16,949
35,941
17,605
94,931
21,669
0
0
0
18,927
21,982
21,407
22,535
22,838
37,596
0
5,742
10,818
0
0
25,002
14,929
23,761
29,378
41,120
0
16,606
43,321
40,547
20,226
32,200
18,951
11,920
18,560
17,557
17,581
22,117
17,934
14,286
22,540
21,636
0
19,120
16,595
24,425
15,700
19,720
32,034
22,839
6,640
20,755
8,742
13,342
33,206
11,448
90,557
16,979
24,100
21,540
7,270
14,959
20,010
18,761
20,346
17,790
32,215
21,276
5,742
8,254
19,232
6,010
26,204
11,732
23,280
30,231
33,240
20,675
2,215
397
343
1,776
10,989
4
450
24
1
675
0
376
360
15
18,035
0
0
471
0
1
3
21
1,013
1
1,188
91
5
1,502
1
160
1
0
0
0
4
599
5
2,255
15
4
0
243
0
0
0
3
0
7,983
219
1,863
0
652
432
112
50
9,892
1
0
24
1
1,488
15
43
580
31
13
0
306
451
3
0
4
27
4,679
0
1,005
43
1,799
206
1,811
4,262
1
1,000
26
12
3,201
1,984
13
52
27
7
124
4
1
11
44
33
0
1,959
52
1,466
10
Date of listing
in 2002 & other
comments
06-06-02
03-06-02
18-12-02
10-10-02
04-09-02
13-11-02
18-02-02
24-05-02
(Continued)

Companies
PATRIMONIO BURSTIL SIMCAV ............................................
PATRIMONIO DE VALORES .....................................................
PATRIMONIO GLOBAL, SIMCAV .............................................
PATRIMONIOS ZAMORANOS, SIMCAV .................................
PATRINVEST AHORRO, SIMCAV .............................................
PATRINVEST INVERSIN, SIMCAV...........................................
PATRIRENT DE INVERSIONES, SIMCAV ...................................
PAY OUT INVERSIONES, SIMCAV ............................................
PEALMA 1, SIMCAV. ..................................................................
PEDEMA INVERSIONES, SIMCAV .............................................
PEGASIDES, SIMCAV ................................................................
PEMYC INVERSIONES, SIMCAV ...............................................
PENTACORE INVERSIONES, SIM ..............................................
PENYA EL FRARE, SIMCAV ........................................................
PEA CABRA, SIMCAVF, S.A. ...................................................
PEAFIEL DE INVERSIONES, SIMCAV .....................................
PEALARA DE INVERSIONES ...................................................
PEALVER DOCE ......................................................................
PEASANTA DE VALORES, SIMCAV .......................................
PEASEN 2002, SIMCAVF, S.A. ................................................
PEOPEI INVERSIONES SIMCAV.................................................
PEOPLENET, SIMCAV.................................................................
PERCAPITAL, SIMCAV ..............................................................
PERCO PATRIMONIAL, SIMCAV...............................................
PEREL VALORES SIMCAV ..........................................................
PERIGORD CARTERA, SIMCAV, S.A. .............. .........................
PERLORA INVERSIONES, SIMCAV............................................
PERSEO DE INVERSIONES, SIMCAV, S.A. ................................
PERSEUS INVERSIONES, SIMCAV ............................................
PERUARGO, SIMCAV ...............................................................
PERUGGIA INVERSIONES, SIMCAV .........................................
PERYGON DE INVERSIONES, SIMCAVF, S.A. ..........................
PETO INVERSIONES, SIMCAV...................................................
PETRONILA 2000, SIMCAV.......................................................
PETU, SIMCAV...........................................................................
PHALAENOPSIS, SIMCAV, S.A. .................. ..............................
PHRONESIS DE INVERSIONES, SIMCAV, S.A. .........................
PIGMANORT, SIMCAV, S.A. ..................... ................................
PIGOYSA DE INVERSIONES, SIMCAV ......................................
PIMA XXI, SIMCAV ...................................................................
PINTOFON ...............................................................................
PISUEA DE INVERSIONES SIMCAV........................................
PISUERGA ARROYO, SIMCAV ..................................................
PIXELL INVERSIONES SIMCAV..................................................
PLANAHUR, SIMCAV................................................................
PLATINIUM INVESTMENT, SIMCAV .........................................
PLATINO FINANCIERA SIMCAV ...............................................
PLENCIA DE INVERSIONES, SIMCAV ......................................
PLEYADES INVERSIONES, SIMCAV, S.A. ..................................
PLUSCAPITAL.............................................................................
PLUSINVERSIN, SIMCAV........................................................

2001
2002
15,900
2,180
40,482
26,814
12,657
8,150
21,164
22,126
22,222
18,950
24,218
32,383
15,000
22,520
0
31,150
37,600
1,200
10,428
0
0
81,933
29,000
0
9,980
0
23,840
0
21,960
10,240
14,833
0
21,316
22,742
21,444
0
0
0
22,999
25,301
27,520
19,569
13,373
21,436
22,598
17,460
115,000
25,600
0
2,129
20,434
8,550
9,604
37,890
20,260
12,080
7,465
17,797
21,140
19,841
17,950
23,954
26,743
15,000
20,000
5,220
30,250
31,560
1,200
8,904
0
34,979
61,634
25,080
123,808
8,060
24,722
23,960
22,959
21,200
9,680
12,092
24,281
16,508
22,310
19,016
24,435
20,587
23,608
19,914
24,699
24,440
17,718
11,720
20,474
19,232
13,757
106,250
21,480
29,354
0
18,331
Annual trading
2001
705
65
4
1
1,325
121
290
49
0
2,174
1,012
1
126
2
0
1
2,280
45
1
0
0
10
1,615
0
106
0
417
0
331
0
32
0
364
43
89
0
0
0
2
202
408
16
65
1
5
27
6,534
2
0
2
3,260
2002
1
162
4
1
980
178
13
201
1
1,524
16,780
3
9
2
0
2
29
34
603
0
91
11
647
19,190
131
199
1
341
23
0
24
11
578
36
56
1
1,442
0
2
430
1,202
27
33
773
13
169
2,998
3
0
0
0
Date of listing
in 2002 & other
comments
28-01-02
20-12-02
16-05-02
07-03-02
27-09-02
19-07-02
19-04-02
25-11-02
12-12-02
177
(Continued)

Companies
PLUSVALUE INVERSIONES SIMCAV.........................................
PLYZOSMAR, SIMCAV ..............................................................
POFINABI, SIMCAV ...................................................................
POLADAMAR, SIMCAV, S.A. ....................................................
POLO CAPITAL, SIMCAV ..........................................................
POMODORO INVERSIONES, SIMCAV, S.A. ......... .................
PORTALET DE INVERSIONES SIMCAVF, S.A. ....... ...................
PORTFOLIO 25..........................................................................
PORTFOLIO BENKERS I, SIMCAV ............................................
PORTFOLIO GLOBAL I, SIMCAV..............................................
PORTINARI INVERSIONES, SIMCAV.........................................
PORTSIDE INVERSIONES, SIMCAV...........................................
POVERSAL INVERSIONES, SIMCAV,S.A. ..................................
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.........................................................
PRESTO INVERSIONES, SIMCAV...............................................
PREVICIA....................................................................................
PREVISORA INVERSIONES, SIMCAV ........................................
PREZANES DE INVERSIONES, SIMCAV ....................................
PRICE INVERSIONES, SIMCAV..................................................
PRIME RATE INVERSIONES, SIMCAV ......................................
PRININVER, SIMCAV ................................................................
PRIPUSA, SIMCAVF, S.A. ...................... ....................................
PRITUR INVERSIONES, SIMCAVF, S.A. ........... .........................
PRIVALIA INVERSIONES, SIMCAV ............................................
PROCESS INVERSIONES SIMCAV .............................................
PROFIT INVERSIONES, SIM.......................................................
PROFIT INVESTORS, SIMCAV ...................................................
PROINCREA INVESTMENT SIMCAV .........................................
PROMOCINVER ........................................................................
PROMVICA INVERSIONES, SIMCAV, S.A. ......... ...................
PROMOZALIA, SIMCAV............................................................
PROSPECT INVERSIONES, SIMCAV..........................................
PROTEAS DE INVERSIONES SIMCAV .......................................
PROYECCIN DE RENTAS, SIMCAV ........................................
PSJ INDEX GESTIN, SIMCAV ..................................................
PUEBLA ALCARRIA, SIMCAV, S.A. ............... ............................
PULSA 1 INVERSIONES, SIMCAV, S.A. ........... .........................
PULSA INVERSIONES II, SIMCAV..............................................
PULSO ACTUAL INVERSIONES, SIMCAV.................................
PYSACO INVERSIONES, SIMCAV .............................................
Q-GESTIO MIXTE PLUS, SIMCAV .............................................
QUADROPHENIA, SIMCAVF, S.A. ...........................................
178
Annual trading
2001
2002
2001
2002
23,954
39,480
22,798
0
20,560
0
0
536
24,240
17,381
22,892
0
0
21,540
24,660
25,400
31,920
27,046
3,360
81,313
22,561
18,110
21,228
19,408
7,000
23,848
22,679
19,020
21,079
17,453
0
0
25,350
20,899
1,644
20,635
22,670
69,707
0
24,000
21,372
12,461
63,600
105,418
0
0
20,891
23,680
18,480
12,862
0
22,102
32,100
19,954
24,209
19,440
22,117
0
536
20,160
13,391
21,956
0
22,117
16,876
21,510
23,680
24,200
18,035
3,360
22,283
18,800
15,921
18,631
15,127
6,676
23,127
20,683
17,790
17,681
14,833
22,391
21,886
22,250
20,875
1,420
14,045
18,800
59,163
23,058
22,280
17,309
10,538
49,200
106,269
21,396
7,453
18,151
23,920
13,280
12,862
18,717
25
0
14
0
78
0
0
1
132
2,961
2,822
0
0
17
2
4,257
5
5
55
606
88
43
42
38
41
1,690
6
8,614
45
6
0
0
360
947
0
833
2,442
3,315
0
0
2,294
4,760
12,965
89
0
0
11
0
27
3,709
0
2,508
5
13
41
11
5,016
0
1
346
3,599
698
0
10
477
605
2,533
12
15
48
3,284
1,105
40
46
31
22
3,397
192
9,051
44
13
2,396
4,690
0
262
49
1
27
6,001
0
369
1,090
1,584
6,988
2,805
0
22
28
126
22
6,516
7,322
Date of listing
in 2002 & other
comments
29-05-02
06-02-02
31-10-02
13-08-02
27-09-02
19-04-02
25-07-02
24-05-02
14-02-02
11-12-02
(Continued)

Companies
QUAESTOR INVESTMENTS, SIMCAV.......................................
QUANTOP INVESTMENTS SIMCAV .........................................
QUANTUM 2001, SIMCAV, S.A. ..............................................
QUEMBRE DE INVERSIONES SIMCAVF ...................................
QUEMEN INVESTMENT SIMCAV .............................................
QUIESCELL, SIMCAV .................................................................
QUINCUNCE, SIMCAV .............................................................
QUINTANS INVERSIONES, SIMCAVF, SA ................................
QUORUM 98, SIMCAV.............................................................
QUORUM INVERSIONES, SIMCAV .........................................
QUOTA INVERSIONES, SIMCAV ..............................................
QUOTATION ............................................................................
RACAFER INVERSIONES SIMCAV.............................................
RADISA INVERSIONES SIMCAV................................................
RAFRA 2000, SIMCAV ...............................................................
RAICHU INVERSIONES SIMCAV .............................................
RALLACZED, SIMCAV ...............................................................
RALLY INVESTMENTS, SIMCAV, S.A. ............. ..........................
RANGALI & ATOL INVERSIONES, SIMCAVF, S.A. ...................
RANK INVERSIONES .................................................................
RASAL CARTERA, SIMCAV .......................................................
RASEC INVERSIONES, SIMCAV ................................................
RATEVIN VALORES, SIMCAV ....................................................
RATING INVERSIONES, SIMCAV ..............................................
RCSCCH 1604, SIMCAV............................................................
REALE ASSET MANAGEMENT SIMCAV ....................................
REBECO-98, SIMCAV.................................................................
RED JUNGLE PARTICIPACIONES SIMCAV................................
REINVER INVERSIONES, SIMCAV ............................................
REINVERPLUS ...........................................................................
RELLTEMA INVERSIONES SIMCAVF S.A ............ ......................
REMAR AHORRO, SIMCAV ......................................................
RENTA INSULAR CANARIA - RINCASA - .................................
RENTABILIDAD 2,009, SIMCAV................................................
RENTAPLUS 46, SIMCAV...........................................................
RENTINVER ...............................................................................
RENTIVAL DE INVERSIONES, SIM ............................................
RENTIVASA DE INVERSIONES ..................................................
RENVALOR ................................................................................
RENVASA, SIMCAV....................................................................
REOLSO DE INVERSIONES, SIMCAV........................................
REPORT INVERSIONES, SIMCAVF ............................................
RESULT INVERSIONES, SIMCAV ...............................................
RETINTO INVERSIONES SIMCAV .............................................
RETSA INVERSIONES, SIMCAV .................................................
REVIEW INVERSIONES, SIMCAV ..............................................
REX ROYAL BLUE, SIMCAV ......................................................
REYZA INVERSIONES Y GESTIN, SIMCAV.............................
RG 27, SIM.................................................................................
RHEVILO INVERSIONES, SIMCAV, S.A. ...................................
RHODES INVESTMENT, SIMCAV..............................................
Annual trading
2001
2002
2001
2002
43,392
24,081
0
24,041
10,121
36,796
21,601
0
11,100
20,387
8,114
13,820
24,041
20,274
18,639
24,884
18,127
0
0
85,935
22,222
29,800
32,154
17,869
17,832
19,120
27,680
20,034
10,578
30,120
0
18,165
42,500
11,580
12,900
41,700
3,005
27,860
2,706
25,600
25,320
23,761
17,557
23,377
19,625
11,131
20,549
26,920
7,889
0
23,800
41,136
22,919
18,470
20,675
7,693
28,860
19,890
21,636
8,520
17,962
6,581
12,240
24,201
17,484
13,757
25,286
14,809
23,279
23,800
29,739
21,645
23,750
28,999
14,646
17,922
16,787
26,200
20,115
10,377
20,920
23,360
13,794
44,200
9,540
11,850
43,020
1,690
24,600
2,706
21,880
24,600
23,040
15,176
23,064
16,700
10,121
17,343
23,880
56,630
9,304
20,434
126
2,124
0
15,626
19
0
0
0
780
230
231
154
725
0
1
382
1,067
0
0
45
248
16
3
42
1,590
1,471
87
3
2,238
640
0
10
499
574
5
467
1
0
2
629
3
5
3,599
721
54
51
32
1,505
0
0
0
3,736
401
2
0
1,563
52
0
12
826
1,069
47
1,500
764
1
0
1
45
1
11
41
122
30
216
38
2
5,067
82
9
1,000
387
11
428
12,916
0
3
2,331
162
868
2
95
40
414
2,094
1,746
17
51
113
786
73
53
1
Date of listing
in 2002 & other
comments
12-08-02
28-06-02
22-07-02
03-06-02
26-04-02
11-02-02
179
(Continued)

Companies
RHYDON INVERSIONES, SIMCAV,S.A. ............. ......................
RIBADEO DE INVERSIONES, SIMCAV......................................
RIBASARO, SIMCAV, S.A. .........................................................
RIBERAS DEL SOR INVESTMENT, SIMCAV, S.A. ......................
RICAB 2001 INVERSIONES SIMCAV.........................................
RICLA DE INVERSIONES SIMCAV.............................................
RIDEO2, SIMCAV, S.A. ..............................................................
RIJEKA INVESTMENT, SIMCAV ..................................................
RIMAKVALOR, SIMCAV ............................................................
RIO INVERSIONES 99, SIMCAV ...............................................
RIO URUMEA DE INVERSIONES, SIMCAV...............................
RIOFISA INVERSIONES, SIMCAV ..............................................
RIOTIRON, SIMCAV ..................................................................
RISK EQUITY, SIMCAV, S.A. ................... ..................................
RM 99 DE INVERSIONES, SIMCAV...........................................
ROA PATRIMONIO, SIMCAV, SA .................. ...........................
ROCILLO DE INVERSIONES, SIMCAV .....................................
RODAON INVERSIONES SIMCAV............................................
RODEO DE INVERSIONES, SIMCAV ........................................
ROINVER PORTFOLIO, SIMCAV, S.A. ............. ........................
ROLAVI INVERSIONES, SIMCAV...............................................
ROLLBACK INVERSIONES, SIMCAV.........................................
ROMERCAPITAL, SIMCAV.........................................................
ROMERO INVERSIONES MOBILIARIAS, SIMCAV....................
RONDINVER INVERSIONES SIMCAV.......................................
ROSILNU, SIMCAV....................................................................
ROSTERAL SIMCAV ..................................................................
ROTRESA INVERSIONES, SIMCAV............................................
ROVIME INVERSIONES, SIMCAV..............................................
RSA 2000 INVESTMENT, SIMCAV ............................................
RUA NOVA INVERSIONES, SIMCAV .......................................
RUAL FINANZAS, SIMCAVF, S.A. .............................................
RUBICON INVERSIONES, SIMCAV...........................................
RUBICON XXI............................................................................
RUCANDIO INVERSIONES, SIMCAV........................................
RUIDERA INVERSIONES SIMCAV .............................................
RURAL PATRIMONIOS AGRUPADOS, SIMCAV ......................
RUTEMA DE INVERSIONES, SIMCAV ......................................
RUVECAPITAL INVERSIONES, SIMCAV, S.A. ...........................
S&P EUROPE 350 INDICE, SIMCAV, SA ...................................
S.G. 2000 INVERSIONES, SIMCAV ..........................................
S.I.C.B.I., SIMCAV, S.A. .................... .........................................
SABBIA INVERSIONES, SIMCAV ...............................................
SABOCO INVERSIONES, SIMCAV ............................................
SABUC INVERSIONES SIMCAV, S.A. .............. .........................
SAFEI TECNOLOGA, SIMCAV..................................................
SAFETY INVERSIONES, SIMCAV, S.A. ............ ..........................
SAGEI .........................................................................................
SAGGIA INVERSIONES, SIMCAV ..............................................
SAGIAL INVERSIONES, SIMCAV ...............................................
SAGITARI 2000, SIMCAV...........................................................
180
Annual trading
2001
2002
2001
2002
0
23,978
0
0
0
23,593
0
27,246
25,253
24,161
22,320
21,396
19,954
0
19,216
0
22,463
28,608
22,678
0
23,560
10,035
0
23,761
24,040
20,840
24,499
15,554
22,598
21,116
24,988
0
3,558
78,500
22,262
22,848
18,278
4,770
0
0
7,833
0
20,002
24,666
0
12,521
0
66,220
10,169
13,653
28,578
24,800
20,130
8,474
0
23,824
21,813
30,051
23,439
23,810
23,824
18,120
20,194
16,828
21,348
12,626
23,848
18,759
32,455
21,917
20,915
20,915
7,785
29,209
18,711
22,838
18,800
23,519
10,337
23,319
19,288
25,661
12,240
2,596
69,700
18,271
20,443
16,138
4,000
0
24,401
5,349
22,454
17,982
25,795
22,838
12,922
22,342
47,850
14,665
13,183
28,548
0
3,067
0
0
0
7
0
2,406
0
45
2
5
5
0
6
0
341
32
1
0
5
39
0
51
5
2
5
47
5
32
1,140
0
372
4,334
16
5
1,330
6
0
0
152
0
42
1,108
0
8,289
0
24,075
25
14
3,051
512
377
11
0
336
1
4,456
3
5,117
1,513
4
13
31
0
9
0
203
48
2
10
613
34
0
49
3,070
1
13
67
13
752
2,655
0
26
7,322
3,017
440
146
3
0
232
194
253
32
1,085
4,368
0
1,407
5,511
5,118
432
3,971
Date of listing
in 2002 & other
comments
09-01-02
08-11-02
18-07-02
02-09-02
14-05-02
28-06-02
18-10-02
07-10-02
25-07-02
31-10-02
11-01-02
25-07-02
30-05-02
(Continued)

Companies
SAINT RANDY, SIMCAV............................................................
SAKAKI INVESTMENT, SIMCAV, S.A. ............. ..........................
SALAMANCA I ..........................................................................
SALAMINA INVESTMENT, SIMCAV, S.A. ........... ......................
SALDAMOVIL NORANTANOU, SIMCAV ...............................
SALDAA DE INVERSIONES, SIMCAV.....................................
SALIMAR INVESTMENTS, SIMCAV ..........................................
SALIME DE INVERSIONES.........................................................
SALINAS DE INVERSIONES, SIMCAV ......................................
SALIONA DE INVERSIONES, SIMCAV ......................................
SALLIERCA, SIMCAV, S.A. .........................................................
SALVAGO DE INVERSIONES, SIMCAV .....................................
SALVIA DE INVERSIONES, SIMCAV .........................................
SAMAJOFE, SIMCAV..................................................................
SAMAROCA, SIMCAV ...............................................................
SAMBOAL DE INVERSIONES, SIMCAV ....................................
SAMMAR....................................................................................
SAN AMARO DE INVERSIONES, SIMCAV................................
SAN ANTONIO TORRE, SIMCAV..............................................
SANAL 2001, SIMCAVF, S.A. ....................................................
SANCLAVE, SIMCAV..................................................................
SNDALOS 2001 SIMCAV........................................................
SANINVER INVERSIONES, SIMCAV, S.A. .................................
SANINVERPA, SIMCAV..............................................................
SANSEMISA ...............................................................................
SANT BERNAT DE INVERSIONES, SIMCAV .............................
SANTA CLARA DE VALORES, SIMCAV ....................................
SANTA CROYA DE INVERSIONES SIMCAV .............................
SANTA MARGARITA INVERSIONES SIMCAV ...........................
SANTACABE, SIMCAV ..............................................................
SANTANDER INVERSIONES CEUTA MELILLA .........................
SANTEUL INVEST, SIMCAV .......................................................
SANTOS NUEVOS, SIMCAV .....................................................
SANZCOR INVERSIONES SIMCAV ...........................................
SANZCORIN INVERSIONES, SIMCAV ......................................
SAPPHIRE INVERSIONES, SIMCAV ...........................................
SAPRI INVERSIONES 2000, SIMCAV.........................................
SARLARDU DE INVERSIONES, SIMCAV...................................
SARSUIL INVERSIONES, SIMCAV .............................................
SASABE INVERSIONES SIMCAV................................................
SATIREV, SIMCAV.......................................................................
SATLY GLOBAL SECURITIES, SIMCAV, S.A. ....... ......................
SATRAPA SIMCAV......................................................................
SAU DINVERSIONS, SIMCAV .................................................
SAUCE VALORES, SIMCAVF, S.A. ................ ............................
SAVIR 2000 DE INVERSIONES SIMCAV ..................................
SAVIR PATRIMONIO, SIMCAVF, S.A. .......................................
SAVOY INVERSIONES, SIMCAVF, S.A. .....................................
SAYOA .......................................................................................
SBP GLOBAL 10, S.A., SIMCAV.................................................
SBP GLOBAL 4...........................................................................

2001
2002
11,379
0
32,643
0
13,250
24,747
35,200
34,440
20,130
22,415
0
21,068
27,000
0
103,650
22,896
0
25,160
22,598
0
21,886
0
0
25,397
169,830
23,785
26,525
11,371
8,655
15,480
45,780
24,084
17,213
21,156
23,680
11,544
18,704
19,168
24,041
22,222
20,635
0
11,600
20,240
0
65,664
0
0
87,000
29,870
30,100
10,658
23,319
23,891
22,358
9,500
21,020
31,760
26,486
15,753
21,092
24,041
17,148
27,800
17,526
86,400
23,545
7,784
20,520
20,915
22,838
18,013
21,973
33,536
27,922
137,520
23,785
26,204
9,616
6,251
14,760
47,040
20,763
10,987
18,992
23,800
11,291
16,011
16,426
24,762
16,114
17,845
18,511
11,071
17,640
30,051
59,616
20,531
21,396
68,600
26,234
27,800
Annual trading
2001
2002
1
0
813
0
2
1,951
8,232
6
5
47
0
7
1,852
0
94
1
0
3
15
0
609
0
0
0
547
3
2
1
918
0
1,629
2
407
606
603
41
0
10
8
30
271
0
322
4
0
0
0
0
2,056
1,152
2,635
661
0
8
0
1
1
2,458
10
2
3
0
1
7,507
33
83
5,999
0
21
27
11
0
0
12
2
438
1
4,871
0
626
11
11,338
3
37
2
36
474
0
1,799
13
46
201
11
664
2
0
0
0
13
909
3,908
2,458
Date of listing
in 2002 & other
comments
06-02-02
24-09-02
06-02-02
18-10-02
22-07-02
21-02-02
28-06-02
25-11-02
22-07-02
181
(Continued)

Companies
SBP GLOBAL 8...........................................................................
SBP GLOBAL 9, S.A., SIMCAV .................. ...............................
SC MERCADOS GLOBALES INVERSIONES SIMCAV................
SCHAELCHLI INVERSIONES SIMCAV.......................................
SCHILARACU INVERSIONES, SIMCAV.....................................
SCHOLA DE INVERSIONES, SIMCAV, SA ........... .....................
SEA WOLF SIMCAV ..................................................................
SEBORUCO, SIMCAV ...............................................................
SECRAM INVERSIONES SIMCAV ..............................................
SECUOYA DE INVERSIONES, SIMCAV .....................................
SECURE INVERSIONES..............................................................
SECURITY ANALYSIS INVESTMENTS, SIMCAV.........................
SEGRE 2000, SIMCAV................................................................
SEISBECISA.................................................................................
SELACO 99 INVERSIONES, SIMCAV ........................................
SELECCION DIVERSIFICADA, SIMCAV ....................................
SELEGNA RENTA VARIABLE, SIMCAV, S.A. ........ .....................
SELEGNA, SIMCAV ....................................................................
SEMOB 2001, SIMCAV, S.A. .....................................................
SENESTRELLA, SIMCAV .............................................................
SENTANI DE VALORES MOBILIARIOS, SIMCAV......................
SENY 97, SIMCAV .....................................................................
SEQUIA INVERSIONS SIMCAV .................................................
SERANTES CARTERA, SIMCAV..................................................
SERECO INVERSIONES, SIM .....................................................
SERGAMA INVERSIONES, SIMCAV...........................................
SERGROBE DE INVERSIONES...................................................
SETOBA DE INVERSIONES, SIMCAV ........................................
SEVIDON, SIMCAV....................................................................
SHARE INVERSIONES................................................................
SHUTTLE INVERSIONES, SIMCAV ............................................
SICEUTA .....................................................................................
SIERRA TOLEDANA DE INVERSIONES, SIMCAV, S.A...............
SIGLO XXI BOLSA, SIMCAV......................................................
SIGLO XXI INVERSIONES GLOBALES, SIMCAVF, S.A. .............
SIGMA DIVERSIFICACION .......................................................
SIJUCRI, SIMCAV .......................................................................
SILENO INVESTMENT SIMCAVF S.A ........................................
SILGA GESTIN, SIMCAV .........................................................
SILLA INVERSIONES SIMCAV, S.A. ...........................................
SILLEIRO DE INVERSIN, SIMCAV...........................................
SILOBAR.....................................................................................
SILURIC, SIMCAV ......................................................................
SILURO INVERSIONES, SIMCAV, S.A. ............ .........................
SIMA AHORRO, SIMCAV ..........................................................
SIMA INVERSIONES, SIMCAV ...................................................
SIMAR INVERSIONES, SIMCAV.................................................
SIMCOVAS GRUP, SIMCAV.......................................................
SIMHERSAN...............................................................................
SIMPLICITY SELECT, SIMCAV, S.A. ............. ..............................
SIMSON 2000, SIMCAV ............................................................
182

2001
2002
25,363
0
22,391
10,398
25,443
0
22,222
18,151
20,434
22,391
30,680
24,000
26,680
3,253
9,977
60,160
0
8,960
0
4,740
26,075
28,014
4,423
28,079
1,510
20,410
29,440
0
23,400
3,080
9,247
30,760
0
28,880
0
26,320
11,455
0
19,538
0
245,213
20,832
7,453
0
9,997
37,894
24,320
20,394
105,960
0
22,367
22,117
30,561
19,000
7,993
24,962
24,778
20,779
16,131
15,146
21,525
26,080
24,561
21,480
3,241
7,533
48,960
25,002
6,900
23,800
3,990
27,075
24,276
4,135
27,695
1,372
17,886
26,080
24,266
19,920
3,080
8,177
28,440
0
24,920
23,800
17,120
10,758
25,002
14,162
0
251,944
18,752
6,130
24,942
7,653
23,325
20,960
15,681
61,440
23,159
20,370
Annual trading
2001
1,822
0
18
59
2
0
14
39
399
516
796
9,845
469
328
30
6
0
0
0
6
640
7,671
215
5,857
10
42
489
0
7
42
326
286
0
413
0
928
679
0
11
0
2,142
174
300
0
150
5
117
18
108
0
1,461
2002
636
16,843
0
6
2
58
0
29
14
770
704
9,024
972
1,424
413
0
0
66
10
428
2,595
954
40
1,555
33
572
3
300
1
44
1,033
478
0
165
2,405
2,348
312
0
2
0
96,541
21
10
132
0
16
112
22
0
1
26
Date of listing
in 2002 & other
comments
14-06-02
23-01-02
22-07-02
24-05-02
24-09-02
13-08-02
28-06-02
19-09-02
07-03-02
22-07-02
(Continued)

Companies
SINAMA INVERSIONES, SIMCAV, S.A. .....................................
SINE QUO NUM, SIMCAV........................................................
SINIPOLI.....................................................................................
SIROCO EXPECTATIONS, SIMCAV ...........................................
SIRVAL........................................................................................
SISAPON INVERSORES, SIMCAV..............................................
SJJ VALORES COROLYPSO, SIMCAV ........................................
SNOOPY INVERSIONES, SIMCAV ............................................
SOANDRES DE ACTIVOS SIMCAVF .........................................
SOCIEDAD DE CARTERA DEL VALLES - SOCARVE - ...............
SOCIEDAD MADRILEA DE INVERSIN MOBILIARIA ..........
SOCIEDAD MEDITERRANEA ASSET MANAGEMENT, SIMCAV.
SOCIETY FAMITEX, SIMCAV......................................................
SOCYAM, SIMCAV.....................................................................
SOFORT GESTIN, SIMCAV.....................................................
SOFROSINE, SIMCAV ...............................................................
SOGAPRIM, SIMCAV ................................................................
SOGAZA DE INVERSIONES, SIMCAV.......................................
SOIXA.........................................................................................
SOL FINANZAS SIMCAV ...........................................................
SOL Y SOMBRA, INVERSIONES SIMCAV .................................
SOLCA INVERSIONES, SIMCAV, S.A. .......................................
SOLE BOADA INVERSIONS, SIMCAV.......................................
SOLEMEG, SIMCAV ...................................................................
SOLMA INVERSIONES, SIMCAV, SA ............... .........................
SOLRAC INVERSIONES 2000 SIMCAV .....................................
SOMOLINOS INVERSIONES, SIMCAV .....................................
SOMOSUSA, SIMCAV ...............................................................
SONORA GLOBAL SIMCAV......................................................
SOOLHASI, SIMCAV..................................................................
SORNI CAPITAL, SIMCAV .........................................................
SOROA INVERSIONES, SIMCAV...............................................
SORRAL INVERSIONES SIMCAVF, S.A. ....................................
SORUGES DE INVERSIONES, SIMCAV.....................................
SOSMART INVERSIONES ..........................................................
SOTAVENTO DE VALORES SIMCAV.........................................
SOUK-EL- ARBA SIMCAV ..........................................................
SOUTH HILL..............................................................................
SPILBO INVERSIONES, SIMCAV ...............................................
SPLIT INVERSIONES, SIM ..........................................................
SPOT INVERSIONES, SIMCAV...................................................
SPQLA DE VALORES, SIMCAV..................................................
SPRINGMAX, SIMCAV...............................................................
ST. MORITZ INVERSIONES, SIMCAV, S.A. ...............................
STAMVALOR INVERSIONES, SIMCAV, SA ........... ....................
STELLARIA, SIMCAV, S.A. .........................................................
STEP GESTIN, SIMCAV ...........................................................
STOCK AREA, SIMCAV ..............................................................
STOCK INVERSIONES ..............................................................
STRATEGIC CARTERA, SIMCAV ................................................
STRIP INVERSIONES, SIMCAV ..................................................
Annual trading
2001
2002
2001
2002
0
20,867
25,440
112,029
8,430
20,443
24,000
20,803
360,000
6,000
11,480
38,040
22,358
83,380
37,980
22,350
22,160
23,377
26,963
23,800
7,122
0
18,567
22,350
0
22,906
0
25,160
20,915
24,040
20,539
19,569
0
33,868
17,040
17,124
24,630
174,000
17,069
3,600
16,160
18,120
26,300
0
0
0
23,608
26,960
3,684
32,040
20,010
11,059
16,299
19,760
99,167
0
16,797
0
19,336
331,200
5,600
33,952
32,840
20,194
73,724
35,460
19,100
17,520
20,467
26,963
22,598
5,950
10,770
15,031
19,800
21,636
18,132
23,401
21,880
17,309
24,440
18,422
14,617
24,041
20,680
17,400
13,324
23,377
146,000
13,463
4,952
11,480
13,880
23,656
16,900
19,954
0
22,021
25,280
3,288
30,240
19,140
0
852
36
0
2,049
206
0
48
204,338
184
52
3
5
256
603
164
148
0
4
5
15
0
1
3,909
0
29
0
5
135
19
31
44
0
5
110
3
0
1
5,598
926
90
349
445
0
0
0
10
8
3
4,686
35
11
871
32
1
0
227
0
2,349
50,005
63
0
103
2
967
110
24
139
190
3
13
27
58
2
1,339
33
21
889
433
147
24
54
18
0
94
419
2
0
104
331
409
0
28
0
32
11
1
5
207
387
1,113
13,571
Date of listing
in 2002 & other
comments
24-05-02
21-01-02
08-07-02
14-05-02
11-02-02
13-08-02
21-10-02
183
(Continued)

Companies
SUALFER INVERSIONES, SIMCAV.............................................
SUBAIDA FINANCIERA, SIMCAV..............................................
SUJA 12, SIMCAV.......................................................................
SUNBERPRIZE 13, SIMCAV, SA .................. ..............................
SUNDAY DE INVERSIONES, SIMCAV ......................................
SUNEO CAPITAL, SIMCAVF, S.A. .............................................
SUNGAVE LAND, SIMCAV ......................................................
SUNRISE INVESTMENT, SIMCAVF ............................................
SUNTAN, SIMCAV.....................................................................
SURABAYA 2000, SIMCAV ........................................................
SURENOR INVERSIONES, SIMCAV .........................................
SURFUP, SIMCAV ......................................................................
SYNC 2000, SIMCAV.................................................................
SYRIUS INVERSIONES, SIMCAV ...............................................
TABAGU.....................................................................................
TABARCA ASSET MANAGEMENT, SIMCAV..............................
TAGALO DE INVERSIONES SIMCAV ........................................
TAGUARO INVERSIONES, SIMCAV..........................................
TALLOLA, SIMCAV ....................................................................
TAMAR CAPITAL SIMCAV .........................................................
TAMB INVERSIONES, SIMCAV..................................................
TAMBRE 2000, SIMCAV ............................................................
TANOA INVERSIONES, SIMCAV...............................................
TANTEO DE HARCORELIA SIMCAVF .......................................
TARRACISA ................................................................................
TASDEY DE INVERSIONES, SIMCAV.........................................
TATE INVERSIONES SIMCAV.....................................................
TATESA INVERSIONES, SIMCAV................................................
TAUPO INVERSIONES, SIMCAV ...............................................
TAWARZAR 2 S-1, SIMCAV, S.A. ..............................................
TAWARZAR 2 S-2, SIMCAV .......................................................
TB SIGLO XXI INVERSIONES, SIMCAV.....................................
TEAM SPIRIT, SIMCAV ...............................................................
TEBROS DE INVERSIONES, SIMCAV ........................................
TECAMIRA DE INVERSIONES, SIMCAV....................................
TECVAL INVERSIONES SIMCAV................................................
TEEBEEGEE INVESTMENT, SIMCAV ..........................................
TELEIXO INVERSIONES, SIMCAV..............................................
TELNET INVERSIONES, SIMCAV ..............................................
TEMPERA INVERSIONES SIMCAV.............................................
TEMPLE FINANCE, SIMCAV, S.A. ................ .............................
TENA INVERSIONES, SIMCAV ..................................................
TENDENCIAS DE VALORES SIMCAV........................................
TENORIO 98, SIMCAV ..............................................................
TEPIC DE INVERSIONES, SIMCAV, S.A. .......... .........................
TER DE VALORES MOBILIARIOS, SIMCAV...............................
TERAINA, SIMCAV ....................................................................
TERMIA INVERSIONES, SIMCAV...............................................
TERRA FINANCE, SIMCAV .......................................................
TERTON INVERSIONES, SIMCAVF, S.A. ...................................
TESTARDO INVERSIONES, SIMCAV ........................................
184

2001
2002
24,920
37,680
21,853
0
22,126
0
19,336
24,762
21,212
23,199
25,801
25,880
12,220
22,465
19,103
19,168
24,842
22,015
41,808
21,453
19,720
0
22,174
24,483
4,724
20,400
19,240
8,438
16,179
0
0
16,350
22,025
23,449
101,000
19,473
20,635
0
17,124
21,252
0
38,000
23,800
10,065
0
23,247
23,760
0
6,660
0
20,026
22,320
26,640
19,449
0
22,006
21,636
19,048
21,396
17,605
22,999
25,801
24,985
12,360
19,277
10,113
15,993
23,640
20,812
36,480
18,326
12,680
21,925
19,673
24,916
0
14,320
17,244
6,852
12,044
21,717
22,045
13,500
16,125
21,597
97,000
0
20,915
21,011
13,997
18,343
24,762
30,850
24,377
7,557
17,027
19,016
22,880
17,532
5,400
31,080
17,045
Annual trading
2001
122
5,885
120
0
4
0
1,651
5,351
2,500
601
445
1,198
242
45
678
1,518
750
2,912
5
18
190
0
466
60
0
3
3
10
1
0
0
24
1
2
0
0
2
0
2,612
118
0
110
66
16
0
103
399
0
5
0
2,484
2002
181
414
5
0
9,760
187
10,793
19,008
24
5,551
3
667
273
46
269
4,175
695
22
1
109
115
3
121
213
0
2
0
6
0
20,940
4,234
18
1,640
1
19,229
0
218
38
19
107
11
94
68
32
10,808
1,930
37
1
1
499
287
Date of listing
in 2002 & other
comments
02-08-02
06-06-02
06-02-02
Delisted 22/04/2002
14-11-02
18-01-02
24-09-02
(Continued)

Companies
TESTARROSA 1985, SIMCAV, S.A. ............... ............................
TEXERA DE INVERSIONES SIMCAV ..........................................
TEXFINCO, SIMCAV .................................................................
TEXRENTA INVERSIONES..........................................................
TG MANAGEMENT INVERSIONES 2002, SIMCAV, S.A...........
THALASSA DE INVERSIONES, SIMCAV....................................
THISHUL INVESTMENT SIMCAV .............................................
TIBEST CINCO ...........................................................................
TIBEST DOS ...............................................................................
TICAN DIVERSIFICADA, SIMCAV ............................................
TIEBAS DE INVERSIONES, SIMCAV .........................................
TIETAR DE INVERSIONES..........................................................
TIGNA VENTURA, SIMCAV.......................................................
TIGRIS INVERSIONES, SIMCAV, S.A. ............ ...........................
TIMING INVERSIONES, SIMCAV ..............................................
TISU INVEST, SIMCAV ...............................................................
TTULOS BILBAO ......................................................................
TTULOS CUZCO, SIMCAV.......................................................
TTULOS ESTRAUNZA, SIMCAV...............................................
TTULOS GALICIA .....................................................................
TTULOS IGUELDO, SIMCAV ...................................................
TTULOS IMBACA, SIMCAV. .....................................................
TIZONA INVEST SIMCAV..........................................................
TOFI DE INVERSIONES, SIMCAVF, S.A. ...................................
TOGAEST INVERSIONES, SIMCAV ...........................................
TOJABI INVERSIONES, SIMCAV, S.A. .......................................
TOMASON DE INVERSIONES, SIMCAV...................................
TOMKA INVERSIONES SIMCAV................................................
TOPAZ INVERSIONES SIMCAV.................................................
TORDESILLAS DE INVERSIONES, SIMCAV ..............................
TORRELLA INVERSIONES, SIMCAV .........................................
TORRENOVA INVERSIONES .....................................................
TORREVALORES, SIMCAV ........................................................
TORRIJOS INVERSIONES, SIMCAV, S.A. ..................................
TORRLA INVERSIONES 2000, SIMCAV ....................................
TORROFISA, SIMCAV................................................................
TOVACOR INVERSIONES, SIMCA ............................................
TPJ MOLTA PAU INVERSIONES FINANCIERAS, SIMCAV.........
TRANSFORMACION DE INVERSIONES, SIMCAV....................
TRASCASA DE INVERSIONES, SIMCAV....................................
TRAXIS .......................................................................................
TREDICON INVERSIONES, SIMCAV.........................................
TREDOS DE INVERSIONES, SIMCAV........................................
TREND INVERSIONES ..............................................................
TRESIM INVERSIONES SIMCAV ...............................................
TRETZE 01, SIMCAV, S.A. ..................... ....................................
TREVEGIL INVERSIONES, SIMCAV, S.A. .......... ........................
TRICON INVERSIONES, SIMCAV..............................................
TRIENTE INVERSIONES, SIMCAV .............................................
TRIGAL INVERSIONES, SIMCAV, S.A. ......................................
TRINIDAD INVERSIONES SIMCAV ...........................................
Annual trading
2001
2002
2001
2002
0
24,170
51,391
47,750
0
21,212
23,199
13,237
22,680
29,700
19,120
6,420
64,587
0
20,298
21,236
40,800
4,682
24,194
3,908
29,033
24,531
0
0
22,318
0
20,000
24,521
24,531
24,315
19,560
229,664
21,760
0
25,243
27,750
21,212
25,840
19,240
24,555
26,213
20,338
23,208
27,400
19,697
0
0
18,127
27,045
0
14,064
16,444
24,218
44,100
42,850
22,318
18,711
22,438
14,539
23,310
21,010
15,801
10,308
54,820
6,977
18,735
20,314
33,440
3,291
19,240
5,160
25,741
22,030
20,987
23,480
18,671
21,636
12,640
25,393
26,599
21,068
14,880
230,516
17,960
12,314
20,675
25,150
20,755
22,880
18,038
20,779
26,213
16,877
20,611
18,040
0
15,434
20,587
12,333
20,340
20,603
10,241
0
0
104
7,635
0
0
1,203
29
22,695
6
2
6
0
0
1,824
1
683
1,791
327
20
2,024
1,984
0
0
26
0
193
48
1,416
2,406
949
11,871
1,515
0
0
3,556
405
2,593
0
2,444
4
23
245
236
153
0
0
2,712
618
0
34
1,169
1
52
45
2
1
1,126
2,104
36
267
2
12
0
1,530
207
2,031
842
1,028
968
76
965
2,678
103
2,499
514
10
2
979
997
790
280
4,453
2,189
5
0
1,660
611
2,424
0
16
3
137
1
33
0
5,318
837
82
19
1
119
Date of listing
in 2002 & other
comments
19-04-02
17-10-02
21-03-02
22-07-02
13-08-02
29-10-02
29-01-02
13-05-02
14-11-02
185
(Continued)

Companies
TRUCHA INVERSIONES, SIMCAV.............................................
TRURE CAPITAL, SIMCAV ........................................................
TRUST IN ITACA, SIMCAV ........................................................
TRUVI DE INVERSIONES, SIMCAV ...........................................
TTH DE INVERSIONES, SIMCAV...............................................
TUCANA INVERSIONES, SIMCAV ............................................
TUGO INVERSIONES, SIMCAV.................................................
TULIACAN, SIMCAVF, S.A. .......................................................
TULIPN DE INVERSIONES, SIMCAV ......................................
TULUM INVESTMENT, SIMCAV................................................
TUNDRA 99 SIMCAV ...............................................................
TURA INVESTMENT, SIMCAV ...................................................
TURQUESA 2000 INVERSIONES, SIMCAV...............................
TUSAK INVERSAM, SIMCAV.....................................................
TXILUAGI, SIMCAV ..................................................................
TYROL INVERSIONES, SIMCAVF, S.A. ............ .........................
UBS SELECCION CRECIMIENTO, SIMCAVF, S.A. ....................
UBS SELECCION RENTA VARIABLE, SIMCAVF S.A ... ..............
UGBA INVERSIONES, SIMCAV ................................................
ULEILA SANTA MARIA INVERSIONES, SIMCAV.......................
ULLS NOUS, SIMCAV ...............................................................
UMASGES, SIMCAV ..................................................................
UNDARTE DE INVERSIONES, SIMCAV ....................................
UNIFIN INVESTMENTS, SIMCAVF, S.A. ...................................
UNIFOND .................................................................................
UNIMAT INVERSIONES, S.A., SIMCAV ...................................
UNIN 400 SIMCAV ................................................................
UNIN ESPAOLA DE INVERSIONES ....................................
UNIN TIRRENIA, SIMCAV, S.A. .............................................
UNIPROM 98 SIMCAV..............................................................
UNIVEL INVERSIONES, SIMCAV...............................................
UNIVERSAL DE INVERSIONES..................................................
UNIVERSAL NET SIMCAV .........................................................
UPTREND INVESTMENTS, SIMCAVF, S.A. ...............................
URBEL 2000 DE INVERSIONES, SIMCAV .................................
URC PATRIMONIS, SIMCAV, S.A. ................ ............................
URCUIT, SIMCAV, S.A. ........................ .....................................
URMAR INVERSIONES, SIMCAVF, S.A. ............ .......................
URO INVERSIONES, SIMCAV, S.A. ............... ...........................
URPRASA FINANCIERA, SIMCAV .............................................
URQUIJO CARTERA DINMICA, SIMCAV...............................
URQUIJO PORTFOLIO GLOBAL, SIMCAV ..............................
URQUIJO PORTFOLIO INTERNACIONAL, SIMCAV................
USATEGI INVERSIONES, SIMCAV, S.A. ....................................
UXAMA INVERSIONES .............................................................
VABUVA, SIMCAV .....................................................................
VACONTE INVERSIONES SIMCAV ...........................................
VADERCAP INVERSIONES, SIMCAV.........................................
VAIMESA ....................................................................................
VAINGU INVERSIONES, SIMCAV .............................................
VALAIS INVESTMENTS, SIMCAV...............................................
186

2001
2002
22,021
21,693
26,564
18,927
22,126
23,840
11,860
0
23,208
19,288
8,655
18,792
22,358
21,636
22,651
0
0
0
20,437
18,752
23,079
10,938
22,102
0
26,920
0
23,549
10,000
0
16,560
23,800
1,444
22,270
0
15,657
0
0
0
0
21,600
23,505
19,192
21,837
0
11,580
19,088
24,521
19,473
45,640
23,319
25,209
19,040
19,962
25,290
15,897
20,370
21,720
10,340
0
20,875
15,633
7,513
16,548
20,194
18,752
18,049
21,733
24,281
24,281
18,268
14,665
19,713
8,915
19,577
10,440
27,480
21,925
23,625
8,600
23,520
12,480
24,617
1,444
22,318
29,149
12,506
23,593
20,675
18,992
11,568
18,000
17,737
32,406
19,962
0
8,940
12,958
23,560
14,424
38,320
22,358
26,799
Annual trading
2001
5
9
436
639
3
16
1,485
0
1
25
0
1,216
5
5
725
0
0
0
20
5
15
132
0
0
4,100
0
542
294
0
503
5,118
111
7,755
0
0
0
0
0
0
37
4,058
6,353
18
0
161
34
0
5
41
15
920
2002
0
11
1,420
538
2
27
352
0
1
21
0
676
13
13
7,174
639
0
0
196
12
27
3,360
1
33
1,944
0
136
8
1
8
5,664
114
6,365
13
642
1,074
11
13
4
29
2,201
3,135
20,161
0
90
27
0
12
106
1,070
116
Date of listing
in 2002 & other
comments
27-12-02
18-03-02
06-06-02
28-06-02
07-03-02
04-04-02
14-02-02
21-03-02
10-05-02
24-09-02
28-06-02
30-09-02
18-12-02
(Continued)

Companies
VALBORSA, SIMCAV .................................................................
VALBRAN DE INVERSIONES, SIMCAV .....................................
VALCORONA INVERSIONES, SIMCAV ....................................
VALDARBI INVEST, SIMCAVF, SA .............................................
VALDEARENAS INVERSIONES, SIMCAV, S.A. .........................
VALDECAAS 99, SIMCAV ......................................................
VALDECARROS 2000, SIMCAV.................................................
VALDECRUZ INVERSIONES, SIMCAV ......................................
VALDEFRADES DE INVERSIONES, SIMCAV, S.A. .....................
VALDEOLEA DE INVERSIONES SIMCAV .................................
VALDEREY CAPITAL, SIMCAV ..................................................
VALDILLANA INVERSIONES, SIMCAV......................................
VALDIS DE INVERSIONES, SIMCAV ........................................
VALDORBA INVERSIONES, SIMCAV.......................................
VALENCIANA DE VALORES .....................................................
VALIBESA ..................................................................................
VALINRE, SIMCAV, S.A. ............................................................
VALLISOLETANA DE VALORES .................................................
VALMER DE INVERSIONES, SIMCAV........................................
VALMON INVERSIONES, SIMCAV............................................
VALOR GLOBAL MUNDIAL 2000, SIMCAV ............................
VALOR XXI.................................................................................
VALORES BILBANAS ...............................................................
VALORES CORONA . ................................................................
VALORES DE VALDERRAMA, SIMCAVF, S.A. ..........................
VALORES DEL DARRO, SIMCAV, S.A. .....................................
VALORES DEL PRINCIPADO ....................................................
VALORES DIVERSIFICADOS, SIMCAV .....................................
VALORES GLOBALES SIMCAV..................................................
VALORES INDUSTRIALES..........................................................
VALORES MADRID....................................................................
VALORES MEDITERRNEOS ....................................................
VALORES MOBILIARIOS DEL EBRO, SIMCAV .........................
VALORES MOBILIARIOS HERRERO..........................................
VALRENT....................................................................................
VALRIMA, SIMCAV ....................................................................
VALRRUBIO SIMCAV ................................................................
VALSEL INVERSIONES, SIMCAV................................................
VALSIP INVERSIONES, SIMCAV ...............................................
VALTISA......................................................................................
VALUE INVERSIONES................................................................
VALVANERA INVERSIONES, SIMCAV .......................................
VANCOUVER INVERSIONES, SIMCAV.....................................
VAPALSA 2002, SIMCAV, S.A. ..................................................
VASAN FINANCIERA, SIMCAV .................................................
VASANVA, SIMCAV ..................................................................
VAYOMER, SIMCAV .................................................................
VAZABI GESTIN SIMCAV .......................................................
VELABOIT, SIMCAV ...................................................................
VELLON INVESTMENT, SIMCAV, S.A........................................
VENETO INVERSIONES SIMCAV .............................................

2001
2002
25,000
17,069
0
0
0
19,529
20,843
17,309
0
18,543
21,453
27,992
4,486
12,441
10,720
47,725
0
70,680
21,440
23,319
22,598
26,400
14,906
2,321
0
0
4,718
50,320
21,886
0
3,080
6,466
19,800
16,500
4,600
23,280
24,579
9,256
25,120
1,996
11,825
20,425
13,871
0
24,041
0
18,992
18,030
21,320
0
21,925
23,250
12,261
24,040
22,598
0
15,993
17,862
11,600
24,582
15,440
18,422
25,747
3,899
10,878
10,944
46,570
21,925
58,280
16,240
21,156
18,271
22,360
21,216
2,321
29,600
27,767
1,720
19,445
21,645
0
3,080
6,466
16,640
13,452
3,660
18,800
24,411
6,130
21,640
1,996
8,983
16,550
9,833
21,789
24,281
10,200
16,588
15,626
16,600
23,439
21,372
Annual trading
2001
533
5
0
0
0
5
352
2
0
7
1,695
103
51
141
97
109
0
715
3
15
15
297
83
140
0
0
0
16
918
0
0
0
23
1,904
62
12
1
15
357
2
677
458
30
0
5
0
1,555
5
3
0
42
2002
12,035
14
4
134
0
1
1,333
0
12
2
502
39
382
0
560
119
454
258
3
27
27
424
17
175
0
18,466
104
1,726
1
0
0
0
1,876
6,858
60
165
31
2,431
61
39
703
1,510
20
1,402
2,974
1
13
13
164
1,350
35
Date of listing
in 2002 & other
comments
31-10-02
12-12-02
10-10-02
30-04-02
12-12-02
24-09-02
10-10-02
28-01-02
187
(Continued)

Companies
VENTURADA DE INVERSIONES, SIMCAV................................
VERIESA .....................................................................................
VERTIENTE INVERSIONES, SIMCAV .........................................
VERTISOL CARTERA SIMCAVF S.A ...........................................
VERTRA INVERSIONES, SIMCAV, S.A. .....................................
VIATANEXIS, SIMCAV, SA .........................................................
VICENTE FINANZAS, SIMCAV, S.A. ..........................................
VICOLO INVERSIONES, SIMCAV ............................................
VICTORIA VALORES .................................................................
VIDRIOLA INVERSIONES, SIMCAV, S.A....................................
VIFAG 2002, SIMCAV, S.A.........................................................
VIGIL 2001, SIMCAV, S.A. ........................................................
VIGORINVERSIN SIMCAV......................................................
VIKINVEST,SIMCAV ...................................................................
VILACASA DE INVERSIONES, SIMCAV.....................................
VILLANDRY DE INVERSIONES, SIMCAV..................................
VILLANUEVA DE INVERSIONES, SIMCAV................................
VILLARIN INVERSIONES SIMCAV ............................................
VILLCAD BOLSA SIMCAV .........................................................
VIMAL DE INVERSIONES, SIMCAV...........................................
VINADIVIA INVERSIONS, SIMCAV, S.A. ..................................
VINCIT-93 .................................................................................
VINCKE INVESTMENTS, SIMCAV..............................................
VINIDIS INVERSIONES, SIMCAV .............................................
VIALES INVERSIONES, SIMCAV .............................................
VIRALSA DE INVERSIONES, SIMCAVF, S.A...............................
VIRIATO DE INVERSIONES .......................................................
VIRIDIA 2000, SIMCAV ............................................................
VIRKKALA, SIMCAVF, S.A..........................................................
VISCASA.....................................................................................
VIVAR INVERSIONES, SIMCAV .................................................
VIVERO DE INVERSIONES SIMCAV..........................................
VOLGA DE VALORES MOBILIARIOS ......................................
VOLGA INVERSIONES, SIMCAV, S.A. ......................................
VUIT-NORANTANOU, SIMCAV ..............................................
WALDO-PHALDO INVESTMENT, SIMCAV ..............................
WALFIS FINANCE, SIMCAV.......................................................
WANA INVERSIONES, SIMCAVF, S.A. .....................................
WATERLANE, SIMCAV...............................................................
WATT INVERSIONES MOBILIARIAS, SIMCAV, S.A. .................
WAWY REEF, SIMCAV................................................................
WEBSTER INVERSIONES, SIMCAV............................................
WEST RIVER...............................................................................
WHITE COAST INVESTMENT, SIMCAV, SA ..............................
WIENER BLUT............................................................................
WILD BOAT, SIMCAV................................................................
WOLYSEN INVERSIONES, SIMCAV, S.A. ..................................
WORLD POLICY SIMCAV .........................................................
XAELA INVERSIONS, SIMCAV, S.A............................................
XAIGA 2001, SIMCAV, S.A. ......................................................
XALOC-MESTRAL, SIMCAV.......................................................
188
Annual trading
2001
2002
2001
2002
21,861
41,280
75,720
0
0
0
0
24,666
22,120
0
0
0
24,050
24,242
22,054
39,162
19,432
18,319
12,261
11,532
0
29,680
27,000
22,358
24,160
0
5,070
21,997
0
26,200
23,200
122,606
2,435
0
0
20,000
9,234
0
23,480
0
15,249
23,440
40,760
0
26,720
24,627
0
25,016
0
0
20,507
21,236
34,720
63,120
24,281
23,415
0
18,992
23,776
19,160
23,800
0
12,360
24,291
18,038
17,532
35,953
15,296
14,641
11,191
11,340
23,545
22,880
24,840
21,156
21,080
9,180
4,563
20,170
21,636
21,600
17,280
125,011
12,200
20,194
25,500
18,520
9,432
23,872
23,360
6,869
11,832
23,640
33,840
22,398
25,120
22,655
24,792
23,594
12,200
23,040
17,646
1,118
17
1
0
0
0
0
932
184
0
0
0
0
1,679
2
22,313
3
685
2,024
16
0
30
147
185
30
0
5
1
0
25
180
15
0
0
0
422
2,053
0
2,203
0
15
32
1,014
0
373
17
0
73
0
0
68
2
27
7
1
6
0
11
42
87
10
0
535
904
829
1
3,177
3
763
607
27
6
56
122
732
26
35
2
0
0
2
102
7,155
0
329
353
25
3,268
843
963
18
854
34
239
1
405
5,475
25,526
241
3,001
1
52
Date of listing
in 2002 & other
comments
03-06-02
24-05-02
20-12-02
25-07-02
02-08-02
27-12-02
02-08-02
10-10-02
28-01-02
20-06-02
06-02-02
24-05-02
29-08-02
24-09-02
06-02-02
27-12-02
10-05-02
(Continued)

Companies
XAXELS FINANCE, SIMCAV, S.A. ..............................................
XYLON-94 .................................................................................
YACARETE, SIMCAV ..................................................................
YAINCOA SIMCAV ...................................................................
YAK INVESTMENT, SIMCAV......................................................
YANKI INVEST, SIMCAV ............................................................
YBARVI DE INVERSIONES, SIMCAV .........................................
YIELD INVERSIONES .................................................................
YLANG DE INVERSIONES, SIMCAV .........................................
YOQUI INVERSIONES, SIMCAV ...............................................
YORBALINDA 2000 INVERSIONES FINANZAS, SIMCAV........
ZABIMA INVERSIONES FINANCIERAS, SIMCAV......................
ZAMARRON, SIMCAV...............................................................
ZANETT INVERSIONES, SIMCAV .............................................
ZANISA DE INVERSIONES .......................................................
ZANZIBAR INVERSIONES SIMCAV...........................................
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......................................................................................
ZIORVEL, SIMCAVF, S.A. ..........................................................
ZIRI DE INVERSIONES, SIMCAV ..............................................
ZONA EURO 3D, SIMCAV........................................................
ZOOM INVERSIONES, SIMCAV................................................
ZUBAYDA GESTIN DIVERSIFICADA SIMCAV .......................
ZUBIRENT INVESTMENTS, SIMCAV.........................................
ZUBISE FINANCIERA SIMCAV .................................................
ZUGARRAMURDI DE INVERSIONES, SIMCAV........................

2001
2002
0
51,240
24,521
21,877
28,713
0
46,800
14,029
22,318
0
19,713
98,250
20,915
11,280
1,586
15,650
20,880
20,080
19,793
26,920
45,210
20,394
20,627
37,140
1,248
0
21,934
15,500
22,342
29,630
25,763
19,473
23,425
14,400
38,080
24,762
18,511
29,885
27,226
42,096
13,929
21,116
0
16,588
95,850
17,790
10,360
7,412
13,316
20,400
14,300
15,079
27,480
44,055
19,553
19,329
36,120
3,928
20,850
19,408
8,250
20,491
27,707
22,003
14,875
21,260
Annual trading
2001
2002
0
0
1,273
5
2,015
0
0
503
2,242
0
42
5
1,822
433
0
1,036
2,269
149
305
2
9
13
671
2,051
56
0
5
1,660
349
3,021
27
5
3
1,820
1
98
13
4
4,195
1
432
605
0
134
16
27
349
2
1,918
982
113
0
73
79
0
416
8,062
4
0
1
86
51
522
5
14
295
Date of listing
in 2002 & other
comments
26-03-02
24-05-02
189
A.2.20. SECONDARY MARKETS. EQUITIES. SECOND MARKET

Barcelona
Bilbao
Madrid
Valencia
Total
No. of securities
1997 ....................................
1998 ....................................
1999 ....................................
2000 ....................................
2001 ....................................
2002 ....................................
17
18
17
16
19
15
8
8
7
3
3
1
5
3
3
3
3
3
3
2
2
4
4
4
31
31
29
26
29
24
Capitalisation (*)
1997 ....................................
1998 ....................................
1999 ....................................
2000 ....................................
2001 ....................................
2002 ....................................
33,404
128,136
177,617
171,314
193,243
262,395
28,278
39,192
35,345
57,140
42,067
29,005
57,000
9,472
12,017
12,249
16,580
14,232
4,435
3,480
5,132
17,935
73,886
77,414
121,050
180,280
230,111
258,638
325,775
383,047
Trading volume (*)

1997 ....................................
1998 ....................................
1999 ....................................
2000 ....................................
2001 ....................................
2002 ....................................
6,232
1,605
28,000
8,791
7,461
8,324
2,092
7,501
487
735
2,507
2,533
8,751
2,650
2,200
7,891
8,637
4,789
27
992
410
898
6,260
2,252
17,880
12,747
31,097
18,315
24,865
17,899
(*) In thousands of euros
A.2.21. SECONDARY MARKETS. EQUITIES. EFFECTIVE TRADING

IN SPANISH SECURITIES ON THE NEW YORK STOCK EXCHANGE
$Mn
Year
BBVA
BSCH
Endesa
Repsol YPF
Telefnica
1991 .............
1992 .............
1993 .............
1994 .............
1995 .............
1996 .............
1997 .............
1998 .............
1999 .............
2000 .............
2001 .............
2002 .............
26.3
30.8
625.6
481.4
313.5
409.0
410.1
674.2
331.4
292.0
790.6
607.7
47.8
107.5
366.3
369.4
310.1
566.3
697.5
699.4
323.8
609.9
555.1
627.1
520.2
697.8
575.1
873.4
1,400.1
712.6
1,043.5
1,107.3
566.8
569.2
430.3
511.7
744.8
838.7
1,943.8
2,252.4
3,736.3
3,346.5
2,640.9
2,119.4
1,373.3
1,688.5
1,161.7
1,277.2
2,318.2
2,456.4
1,714.1
3,222.4
2,503.3
2,211.2
4,682.7
3,513.8
2,183.3
23,163.9
6,300.2
2,629.5
Telef. Mviles
Total
Pro memoria:
Mn
16.6
11.0
10.9
3,657.3
4,131.3
5,224.9
7,199.0
8,263.4
7,245.6
9,474.7
8,114.2
4,778.6
26,340.0
9,249.0
5,664.2
2,288.2
2,535.6
4,000.0
5,795.2
6,196.4
5,505.5
8,179.6
7,300.1
4,484.3
24,338.2
10,358.1
5,980.5
0.2
0.3
0.5
8.1
9.9
10.3
10.9
13.3
7.2
5.0
2.6
1.5
4.9
2.3
1.4
NYSE to Spanish market ratio (*)

1991 .............
1992 .............
1993 .............
1994 .............
1995 .............
1996 .............
1997 .............
1998 .............
1999 .............
2000 .............
2001 .............
2002 .............
1.6
10.1
17.9
21.3
14.9
7.8
4.3
3.1
1.2
0.4
1.5
0.9
3.2
5.4
12.2
10.1
17.7
10.6
6.4
2.9
0.7
1.1
1.2
0.9
53.3
43.4
23.4
15.7
26.8
7.6
4.9
3.3
1.8
1.8
1.8
2.0
65.1
22.7
43.6
40.0
49.9
33.9
15.0
12.4
5.1
5.1
3.8
4.6
Source: Madrid Stock Exchange.

(*) The total is compared with the total trading volume in the four Spanish stock exchanges.
Note: Annual average of monthly average exchange rate.
190
80.4
64.9
39.5
34.9
24.8
13.6
12.7
6.2
3.6
14.1
5.2
2.7
A.2.22. SECONDARY MARKETS. FIXED-INCOME.

TRADING VOLUME
Nominal trading in millions of euros
1999
2000
2001
Change (%)
2002
2000/99
2001/00
2002/01
Government debt book-entry system (*) .. 1,854,604.4 1,639,772.0 2,041,757.7 2,310,943.1

Bonds and debentures........................... 1,774,765.5 1,559,952.2 1,983,641.5 2,270,847.2
Treasury bills .......................................
79,838.9
79,819.8
58,116.2
40,095.9
11.6
12.1
0.0
24.5
27.2
27.2
13.2
14.5
31.0
Stock exchanges (**)................................

Electronic market ..................................
Outcry market ......................................
44,710.4
2,399.5
42,310.9
40,704.0
1,965.3
38,738.7
57,463.1
2,383.8
55,079.3
71,140.2
2,046.3
69,093.9
9.0
18.1
8.4
41.2
21.3
42.2
23.8
14.2
25.4
AIAF .........................................................
Commercial paper ................................
Matador bonds......................................
Mortgage bonds ....................................
Bonds and debentures...........................
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
143,732.8
100,812
2,001
2,100
38,820
272,470
212,702
3,458
4,164
52,146
17.5
85.1
49.0
30.0
11.0
42.7
112.9
75.4
7.1
22.4
89.6
111.0
72.8
98.3
34.3
(*) Includes only outright spot trades. Includes unstripped debt and STRIPS.
(**) Effective amount.
Sources: Bank of Spain, AIAF and CNMV.
A.2.23. SECONDARY MARKETS. FIXED-INCOME.

GOVERNMENT DEBT BOOK-ENTRY SYSTEM. OUTSTANDING BALANCES
31-12-01
Amount
31-12-02
% of total
Amount
% of total
% change
2002-2001
Treasury bills....................................
Unsegregated bonds and
debentures .................................
STRIPS .............................................
35,584
13.0
35,831
12.6
0.7
226,715
11,647
82.8
4.3
235,029
12,582
82.9
4.4
3.7
8.0
TOTAL.............................................
273,946
100.0
283,442
100.0
3.5
Pro-memoria:
Interest STRIPS.................................
7,229
2.6
8,012.0
2.8
10.8
Source: Bank of Spain.
191
A.2.24. SECONDARY MARKETS. FIXED-INCOME. GOVERNMENT DEBT

BOOK-ENTRY SYSTEM. TRADING VOLUME (OUTRIGHT SPOT TRADES)

Treasury bills
Total (1)
Maturing under
1 year
Maturing
1-2 years
Maturing
2-4 years
Maturing over
4 years
1998................................................
1999................................................
2000................................................
2001................................................
2002................................................
100,554
79,839
79,820
58,116
40,096
1,653,950
1,774,765
1,559,952
1,983,641
2,270,847
76,187
75,618
80,327
75,031
179,855
79,628
107,920
61,732
222,720
114,683
375,078
388,767
344,487
397,529
417,820
1,123,057
1,202,460
1,073,406
1,288,361
1,558,490
January ............................................
February ..........................................
March..............................................
April ................................................
May .................................................
June .................................................
July ..................................................
August .............................................
September .......................................
October ...........................................
November .......................................
December........................................
3,432
2,452
3,513
2,352
3,037
3,190
3,909
5,935
2,326
2,673
2,555
4,723
169,351
134,278
169,401
148,773
174,499
148,365
190,455
174,007
218,789
337,805
225,169
179,954
18,214
13,843
14,758
14,567
15,884
13,231
21,670
12,858
12,220
13,115
17,196
12,299
11,866
5,037
9,579
6,535
5,832
6,140
3,975
13,460
6,813
8,815
20,462
16,168
34,525
25,804
32,133
27,703
38,833
37,258
40,673
35,341
33,586
50,809
34,679
26,475
104,745
89,594
112,931
99,968
113,951
91,735
124,137
112,348
166,171
265,066
152,832
125,012
Source: Bank of Spain.

(1) Includes unstripped government bonds and principal and interest STRIPS.
192
32
38
6
120
174
TOTAL.........................
2000
Commercial paper.......
Matador bonds ............
Mortgage bonds ..........
Debentures and bonds..
Segments
225
43
31
6
145
2001
Issuers
251
49
25
8
169
2002
1,843
1,308
203
15
317
2000
2,017
1,480
143
17
377
2001
Issues
1,990
1,459
56
22
453
2002
89,390.5
20,633.1
11,355.2
7,333.7
50,068.5
Amounts
2000
100.0
23.1
12.7
8.2
56.0
% of total
103,103.6
22,071.1
8,179.9
10,628.6
62,224.0
Amounts
2001
100.0
21.4
7.9
10.3
60.4
% of total
127,003.1
21,114.5
3,747.0
22,051.7
80,089.9
Amounts
2002
100.0
16.6
3.0
17.4
63.1
% of total
23.2
4.3
54.2
107.5
28.7
% change
2002/01
A.2.25. SECONDARY MARKETS. FIXED-INCOME. AIAF. NUMBER OF ISSUERS AND ISSUES,

AND OUTSTANDING BALANCES AT 31/12
193
194
143,733
272,470
27,847
22,784
23,082
25,366
22,574
23,887
21,965
15,306
19,610
23,614
22,813
23,623
89.6
22.4
15.3
2001 ................................................
2002 ................................................
January.............................................
February...........................................
March ..............................................
April.................................................
May..................................................
June .................................................
July ..................................................
August..............................................
September........................................
October............................................
November........................................
December ........................................
Change 2002/01 % .........................
Pro memoria: proprietory

trading (%) ......................................
2001 ................................................
2002 ................................................
Total
86.3
94.7
72.8
228
148
245
314
323
366
316
309
327
375
347
160
3,458
2,001
Matador
bonds
9.7
3.8
-0.1
65
152
41
52
375
89
176
97
25
93
80
250
1,495
1,497
Simple
bonds
58.6
68.6
21.8
1,797
513
1,080
991
753
1,076
1,028
935
1,218
1,657
1,130
1,127
13,306
10,927
Simple
debentures
82.0
83.2
39.2
1,042
929
1,264
1,288
1,352
2,475
2,015
2,523
1,430
2,891
3,961
2,623
23,793
17,091
Mortgagebacked bonds
50.4
30.6
44.7
366
403
2,254
527
425
1,543
800
691
546
664
509
2,594
11,321
7,821
Nuclear sects.
bonds
6.8
4.9
98.3
319
113
242
138
530
377
203
75
650
781
425
311
4,164
2,100
Mortgage
bonds
4.9
2.3
119.8
22,706
19,819
16,948
21,013
18,022
17,097
16,684
10,372
14,722
16,394
15,836
15,926
205,540
93,503
Commercial
paper
17.4
12.7
-2.0
1,047
539
875
827
591
689
447
174
567
554
379
472
7,162
7,309
Securitised
comm. paper
0.3
2.4
50.4
276
168
132
217
203
175
295
129
125
206
146
159
2,231
1,484
Preference
shares
A.2.26. SECONDARY MARKETS. FIXED-INCOME. AIAF. TRADING VOLUME. 2002
0.0
0.0
0.0
0.0
3,458.0
3,458.0
3,458.0
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 .......................
14,801.3
2,476.6
1.8
410.0
352.9
1,711.9
0.0
3,297.5
61.9
0.0
0.0
2,804.6
430.5
0.5
BANKS ...................................................
INSURANCE ..........................................
PORTFOLIO COMPANIES .....................
SIM ........................................................
FINANCE COMPANIES ..........................
SECURITIES FIRMS..................................
0.0
0.0
0.0
8.5
6,357.8
0.0
0.0
12
13
14
15
16
17
2.8
0.0
9,027.2
0.0
2,658.1
0.0
0.0
Bonds and
debentures
0.0
OIL.........................................................
ENERGY & WATER.................................
MINING & BASE METALS ......................
CEMENT & CONSTRUCTION
MATERIALS ............................................
CHEMICALS...........................................
TEXTILE & PAPER...................................
METAL-MECHANICAL ...........................
FOOD....................................................
CONSTRUCTION ..................................
REAL ESTATE..........................................
TRANSPORT & COMMUNICATIONS......
OTHER...................................................
Matador
bonds
TOTAL NON-FINANCIAL SECTOR .............
4
5
6
7
8
9
10
11
0
1
2
3
Sector
23,792.8
0.0
0.0
0.0
0.0
0.0
0.0
23,792.8
23,792.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
11,320.8
0.0
0.0
0.0
0.0
0.0
0.0
11,320.8
11,320.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
MortgageNuclear
backed bonds sects. bonds
4,164.0
0.0
0.0
0.0
0.0
0.0
0.0
4,164.0
0.0
4,164.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Mortgage
bonds
205,539.6
3,619.4
0.0
0.0
0.0
2,785.0
834.4
191,721.7
578.4
191,143.3
0.0
0.0
10,198.5
658.7
2,585.1
0.0
0.0
6,954.7
Commercial
paper
7,162.0
0.0
0.0
0.0
0.0
0.0
0.0
7,162.0
7,162.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Securitised
comm. paper
2,231.4
0.0
0.0
0.0
0.0
0.0
0.0
2,231.4
2,231.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Preference
shares
272,469.9
9,554.0
0.0
1.8
410.0
352.9
4,496.9
4,292.4
243,690.2
198,111.9
430.5
0.5
0.0
45,147.4
100.0
3.5
0.0
0.0
0.2
0.1
1.7
1.6
89.4
72.7
0.2
0.0
0.0
16.6
7.1
0.0
0.0
0.0
0.0
0.0
0.0
0.2
3.3
0.0
0.0
0.0
0.0
0.0
2.8
0.0
667.2
8,942.9
0.0
19,225.7
0.0
3.5
0.0
%
0.0
9,612.8
0.0
Mn
Total AIAF
A.2.27. SECONDARY MARKETS. FIXED-INCOME. AIAF. TRADING VOLUME BY SECTOR. 2002
195
A.2.28. SECONDARY MARKETS. FIXED-INCOME. STOCK EXCHANGES.

NUMBER OF ISSUERS AND ISSUES, AND LISTED CAPITAL AT 31/12
MADRID
BARCELONA
BILBAO
VALENCIA
TOTAL
Number of issuers ...................

1996 .......................................
1997 .......................................
1998 .......................................
1999 .......................................
2000 .......................................
2001 .......................................
2002 .......................................
126
117
95
61
73
51
41
81
69
65
91
81
54
47
86
72
67
93
81
55
49
56
54
52
84
77
53
45
153
142
115
110
95
63
58
Number of issues
1996 .......................................
1997 .......................................
1998 .......................................
1999 .......................................
2000 .......................................
2001 .......................................
2002 .......................................
683
753
657
569
454
267
176
553
508
477
584
491
272
200
569
477
405
513
420
274
192
503
451
410
546
469
285
221
851
937
835
764
636
299
260
Listed capital (Mn)

1996 .......................................
1997 .......................................
1998 .......................................
1999 .......................................
2000 .......................................
2001 .......................................
2002 .......................................
17,963
16,929
13,998
13,265
10,419
9,174
7,181
10,813
8,988
8,204
14,934
14,197
9,250
34,917
15,211
11,567
9,286
12,537
10,428
9,237
8,020
9,320
7,036
5,806
11,609
10,673
10,501
8,824
22,424
22,016
19,851
20,521
18,266
10,639
37,398
Excluding securities listed on the Government Debt Book-Entry market, even where they could be traded on the stock exchange.
196
10
16
0
1
0
0
0
17
1
0
1
4
2
6
14
41
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
2
1
0
2
0
0
0
0
0
4
1
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
47
17
1
1
2
5
2
6
20
18
0
1
0
1
0
10
0
2
1
0
2
0
0
0
0
0
4
1
Barcelona
Stock Exchange
49
19
1
1
4
5
2
6
18
17
0
1
0
0
0
12
0
2
2
0
2
0
0
0
0
0
5
1
Bilbao
Stock Exchange
45
15
1
1
1
4
2
6
20
19
0
1
0
0
0
10
0
2
1
0
2
0
0
0
0
0
4
1
Valencia
Stock Exchange
58
22
1
3
4
6
2
6
24
22
0
1
0
1
0
12
0
2
2
0
2
0
0
0
0
0
5
1
Total market

ISSUERS BY SECTOR. 2002
41
14
1
0
1
4
2
6
17
16
0
1
0
0
0
10
0
2
1
0
2
0
0
0
0
0
4
1
Electronic market
All stock exchanges
19
0
3
3
2
0
0
8
0
0
0
1
0
0
0
1
0
0
0
0
0
0
0
1
0
Outcry market
Number of issuers
197
198
26
66
0
1
0
0
0
67
8
0
2
8
33
32
83
176
TOTAL NON-FINANCIAL SECTOR ....................................
BANKS..........................................................................
INSURANCE .................................................................
SIM ...............................................................................
STATE............................................................................
STATE BODIES..............................................................
12
13
14
15
16
17
18
19
20
21
22
23
TOTAL ................................................................................
0
8
1
0
2
0
0
0
0
0
13
2
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
200
100
8
13
4
10
33
32
74
68
0
1
0
5
0
26
0
8
1
0
2
0
0
0
0
0
13
2
Barcelona
Stock Exchange
192
93
8
4
7
9
33
32
71
70
0
1
0
0
0
28
0
8
2
0
2
0
0
0
0
0
14
2
Bilbao
Stock Exchange
221
109
8
26
2
8
33
32
86
85
0
1
0
0
0
26
0
8
1
0
2
0
0
0
0
0
13
2
Valencia
Stock Exchange
260
135
8
43
8
11
33
32
97
91
0
1
0
5
0
28
0
8
2
0
2
0
0
0
0
0
14
2
Total market

ISSUES LISTED BY SECTOR. 2002
176
83
8
0
2
8
33
32
67
66
0
1
0
0
0
26
0
8
1
0
2
0
0
0
0
0
13
2
Electronic market
All stock exchanges
84
52
0
43
6
3
0
0
30
25
0
0
0
5
0
0
0
1
0
0
0
0
0
0
0
1
0
Outcry market
Number of issues
5,417,243
7,181,467
TOTAL ................................................................................
1,868
0
83
336,774
273,839
4,804,679
STATE............................................................................
STATE BODIES..............................................................
757,545
18
19
20
21
22
23
757,373
0
172
0
0
0
BANKS..........................................................................
INSURANCE .................................................................
SIM ...............................................................................
1,006,680
TOTAL NON-FINANCIAL SECTOR ..................................
12
13
14
15
16
17
0
54,687
232
0
124
0
0
0
0
0
876,636
75,000
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
10,038,718
7,802,368
1,868
2,345,044
164
376,774
273,839
4,804,679
1,229,671
832,499
0
172
0
397,000
0
1,006,680
0
54,687
232
0
124
0
0
0
0
0
876,636
75,000
Barcelona
Stock Exchange
8,145,214
6,293,602
1,868
581,769
264,622
366,824
273,839
4,804,679
844,838
844,666
0
172
0
0
0
1,006,774
0
54,687
292
0
124
0
0
0
0
0
876,670
75,000
Bilbao
Stock Exchange
8,823,540
5,624,621
1,868
207,378
83
336,774
273,839
4,804,679
2,192,239
2,192,067
0
172
0
0
0
1,006,680
0
54,687
232
0
124
0
0
0
0
0
876,636
75,000
Valencia
Stock Exchange
12,644,481
8,886,048
1,868
3,134,191
264,647
406,824
273,839
4,804,679
2,751,659
2,354,487
0
172
0
397,000
0
1,006,774
0
54,687
292
0
124
0
0
0
0
0
876,670
75,000
Total market

OUTSTANDING BALANCES LISTED BY SECTOR. 2002
7,181,467
5,417,243
1,868
0
83
336,774
273,839
4,804,679
757,545
757,373
0
172
0
0
0
1,006,680
0
54,687
232
0
124
0
0
0
0
0
876,636
75,000
Electronic market
All stock exchanges
5,463,013
3,468,805
0
3,134,191
264,564
70,051
0
0
1,994,114
1,597,114
0
0
0
397,000
0
94
0
0
60
0
0
0
0
0
0
0
34
0
Outcry market
Thousands of euros
199

CONVERTIBLE ISSUES. NUMBERS AND LISTED CAPITAL AT 31/12
Capital in thousands of euros
Total
Madrid
Barcelona
Bilbao
Valencia
ISSUES
1997....................................
1998....................................
1999....................................
2000....................................
2001....................................
2002....................................
0
1
3
3
3
2
0
1
3
3
3
2
0
1
3
3
3
2
0
1
3
3
3
2
0
0
3
3
3
2
1997....................................
1998....................................
1999....................................
2000....................................
2001....................................
2002....................................
11
7
5
5
2
3
11
7
5
5
2
3
6
4
5
5
2
3
6
4
5
5
2
3
1
0
5
5
2
3
TOTAL.....................................
1997....................................
1998....................................
1999....................................
2000....................................
2001....................................
2002....................................
11
8
8
8
5
5
11
8
8
8
5
5
6
5
8
8
5
5
6
5
8
8
5
5
1
0
8
8
5
5
LISTED CAPITAL......................
1997....................................
1998....................................
1999....................................
2000....................................
2001....................................
2002....................................
0
126
719,579
251,204
206,803
71,024
0
126
719,579
251,204
206,803
71,024
0
126
719,579
251,204
206,803
71,024
0
126
719,579
251,204
206,803
71,024
0
0
719,579
251,204
206,803
71,024
1997....................................
1998....................................
1999....................................
2000....................................
2001....................................
2002....................................
114,322
70,913
55,973
19,529
1,427
75,689
114,322
70,913
55,973
19,529
1,427
75,689
102,164
59,524
55,973
19,529
1,427
75,689
74,675
7,807
55,973
19,529
1,427
75,689
67,614
0
55,973
19,529
1,427
75,689
TOTAL
1997....................................
1998....................................
1999....................................
2000....................................
2001....................................
2002....................................
114,322
71,040
775,552
270,733
208,230
146,713
114,322
71,040
775,552
270,733
208,230
146,713
102,164
59,650
775,552
270,733
208,230
146,713
74,675
7,933
775,552
270,733
208,230
146,713
67,614
0
775,552
270,733
208,230
146,713
200

EFFECTIVE TRADING VOLUME. 2002
Total
Electronic
market (1)
Total
outcry
Outcry market (2)

Barcelona
Bilbao
Valencia
Pro memoria
E.M. share
(%) (3)
1997 ....................
1998 ....................
1999 ....................
2000 ....................
2001 ....................
2002 ....................
54,219.6
53,238.0
44,908.9
40,704.0
57,463.1
71,140.2
25,546.7
2,607.5
2,598.0
1,965.3
2,383.8
2,046.3
28,672.9
50,630.5
42,310.9
38,738.7
55,079.3
69,093.9
10,468.7
23,136.4
28,615.0
30,729.0
50,498.8
64,626.8
17,965.0
27,211.8
13,405.6
7,440.1
4,142.8
4,194.9
239.2
282.3
290.3
569.6
437.6
272.3
47.1
4.9
5.8
4.8
4.1
2.9
January.................
February...............
March ..................
April.....................
May......................
June......................
July.......................
August..................
September............
October................
November............
December ............
5,356.8
5,253.4
5,867.7
6,574.9
5,710.0
5,474.5
7,067.6
6,145.4
6,220.6
6,780.1
5,741.4
4,947.8
148.2
109.7
112.6
130.7
148.4
273.0
191.6
108.1
143.3
175.4
287.8
217.6
5,208.6
5,143.8
5,755.1
6,444.2
5,561.7
5,201.5
6,876.1
6,037.3
6,077.3
6,604.7
5,453.6
4,730.2
4,915.7
4,859.1
5,528.0
6,190.2
5,238.7
4,904.6
6,382.1
5,686.7
5,679.9
6,175.2
4,963.5
4,103.0
271.9
267.2
197.6
230.9
290.2
268.6
475.0
342.0
378.5
407.3
475.7
590.1
21.0
17.5
29.4
23.1
32.8
28.3
19.0
8.7
18.9
22.2
14.3
37.1
2.8
2.1
1.9
2.0
2.6
5.0
2.7
1.8
2.3
2.6
5.0
4.4
Change (%) .........

1998 / 97 .............
1999 / 98 .............
2000 / 99 .............
2001 / 00 .............
2002 / 01 .............
1.8
15.6
9.4
41.2
23.8
89.8
0.4
24.4
21.3
14.2
76.6
16.4
8.4
42.2
25.4
121.0
23.7
7.4
64.3
28.0
51.5
50.7
44.5
44.3
1.3
18.0
2.8
96.2
23.2
37.8
Share (%).............
1998 ....................
1999 ....................
2000 ....................
2001 ....................
2002 ....................
100.0
100.0
100.0
100.0
100.0
4.9
5.8
4.8
4.1
2.9
95.1
94.2
95.2
95.9
97.1
43.5
63.7
75.5
87.9
90.8
51.1
29.9
18.3
7.2
5.9
0.5
0.6
1.4
0.8
0.4
(1) Includes fixed-income warrant trading. 198 million in 1999, 902 million in 2000, 1.636 billion in 2001 and 1.232 billion in 2002
(2) All fixed-income trading on the Madrid Exchange is conducted in the electronic market.
(3) Percentage of total fixed-income trading. E.M.: Electronic Market.
201
202
419.2
0.4
0.4
0.0
0.0
0.0
0.0
0.0
Excluding fixed-income warrant trading.
100.0
369.0
259.3
0.0
0.0
0.0
159.9
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
TOTAL ............................................................... 53,088.0 44,710.5 39,802.4 55,827.1 69,813.6
753.7
358.2
0.0
0.0
0.0
10.8
0.0
183.0
0.0
58.4
0.0
0.0
0.0
0.9
0.0
0.0
0.0
0.0
123.7
0.0
2002
98.7
910.6
753.7
0.0
0.0
0.0
0.0
0.0
136.2
0.0
15.7
0.0
0.0
0.0
2.8
0.0
0.0
0.0
0.0
117.7
0.0
2001
TOTAL PUBLIC SECTOR.................................... 52,377.5 43,076.0 38,842.4 55,321.9 69,211.4
237.4
TOTAL FINANCIAL SECTOR .............................
910.6
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
1.0
95.4
0.3
0.3
0.7
0.9
236.3
0.0
0.0
0.0
0.0
1.0
BANKS.........................................................
INSURANCE ................................................
PORTFOLIO COMPANIES ...........................
SIM ..............................................................
FINANCE COMPANIES ................................
SECURITIES FIRMS.......................................
12
13
14
15
16
17
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
Millions of euros
STATE...........................................................
551.6
162.0
58.6
58.6
62.6
AUTONOMOUS REGIONS ......................... 50,651.2 42,076.3 38,297.5 54,659.8 68,710.3
LOCAL GOVERNMENTS .............................
147.0
127.6
21.7
152.3
62.0
OTHER GOVERNMENT AGENCIES.............
167.9
149.6
170.3
187.7
96.7
STATE BODIES .............................................
376.1
74.1
121.5
75.1
222.6
INTERNATIONAL BODIES ...........................
483.8
486.3
172.8
188.4
57.2
473.2
TOTAL NON-FINANCIAL SECTOR ...................
18
19
20
21
22
23
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
OIL...............................................................
ENERGY & WATER ......................................
MINING & BASE METALS............................
CEMENT & CONSTRUCTION MATERIALS..
CHEMICALS.................................................
TEXTILE & PAPER.........................................
METAL-MECHANICAL .................................
FOOD..........................................................
CONSTRUCTION ........................................
IREAL ESTATE...............................................
TRANSPORT & COMMUNICATIONS..........
OTHER.........................................................
0
1
2
3
4
5
6
7
8
9
10
11
Sector
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
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
100.0
99.1
0.1
97.9
0.3
0.3
0.1
0.3
0.7
0.6
0.0
0.0
0.0
0.0
0.0
0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.2
0.0
2001
% of total trading
100.0
99.1
0.1
98.4
0.1
0.1
0.3
0.1
0.6
0.4
0.0
0.0
0.0
0.2
0.0
0.3
0.0
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.2
0.0
2002

TRADING VOLUME BY SECTOR
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
34.4
271.9
45.8
50.3
66.9
100.0
5.1
40.3
42.4
0.1
42.7
601.4
10.2
38.2
9.0
51.0
25.1
25.1
6.9
25.7
59.3
48.4
196.3
69.7
13.6
52.5
27.6
35.5
68.4
1,377.5
34.0
6.6
81.9
297.3
57.8
37.8
2001/00 2002/01
Year-on-year change %

TRADING VOLUME BY ISSUER. 2002
Number of issuers required to attain a given percentage of trading
Sector
25%
50%
75%
90%
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
1
0
0
0
0
1
0
0
1
1
0
1
1
0
0
0
0
2
0
0
1
1
0
1
1
0
0
0
0
2
0
0
2
1
0
1
1
0
0
0
0
3
0
0
3
2
0
1
1
0
0
0
0
4
0
TOTAL NON-FINANCIAL SECTOR.......................................
11
12
13
14
15
16
17
BANKS ............................................................................
INSURANCE....................................................................
PORTFOLIO COMPANIES...............................................
SIM..................................................................................
FINANCE COMPANIES ...................................................
SECURITIES FIRMS ..........................................................
1
0
1
0
1
0
2
0
1
0
1
0
4
0
1
0
1
0
9
0
1
0
1
0
22
0
1
0
1
0
TOTAL FINANCIAL SECTOR.................................................
24
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
1
1
1
1
3
2
1
1
1
1
4
2
1
1
3
1
6
2
5
TOTAL PUBLIC SECTOR .......................................................
18
TOTAL...................................................................................
53
0
1
2
3
4
5
6
7
8
9
10
11

Pro memoria: list of main issuers in terms of trading volume in 2002.
1. Catalua government ........................................................................
2. Basque government............................................................................
100%
92.31%
5.90%
203

TRADING VOLUME BY ISSUE. 2002
Number of issuers required to attain a given percentage of trading
Sector
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
1
0
0
0
0
2
0
0
1
1
0
1
1
0
0
0
0
4
0
0
1
1
0
1
1
0
0
0
0
6
0
0
2
1
0
1
1
0
0
0
0
9
0
0
8
2
0
1
1
0
0
0
0
14
0
TOTAL NON-FINANCIAL SECTOR.......................................
10
26
12
13
14
15
16
17
BANKS ............................................................................
INSURANCE....................................................................
PORFOLIO COMPANIES.................................................
SIM..................................................................................
FINANCE COMPANIES ...................................................
SSECURITIES FIRMS ........................................................
3
0
1
0
1
0
8
0
1
0
1
0
15
0
1
0
2
0
32
0
1
0
3
0
92
0
1
0
5
0
TOTAL FINANCIAL SECTOR.................................................
14
28
98
18
19
20
21
22
23
STATE ..............................................................................
AUTONOMOUS REGIONS ............................................
LOCAL GOVERNMENTS.................................................
OTHER GOVERNMENT AGENCIES ................................
STATE BODIES ................................................................
INTERNATIONAL BODIES ..............................................
5
1
1
1
1
2
12
2
1
2
2
3
25
6
1
4
3
6
39
13
2
6
4
9
70
113
3
10
14
24
TOTAL PUBLIC SECTOR .......................................................
13
234
TOTAL...................................................................................
14
358
0
1
2
3
4
5
6
7
8
9
10
11
204
A.2.37. SECONDARY MARKETS. STOCK EXCHANGES AND SCLV.

MARGIN TRADING AND STOCK LOANS. 2002
Margin trading (1)

Outstanding balances (3)
Stock loans (2)

Trading
Purchases
Purchases
Sales
Sales
1998.....................
1999.....................
2000.....................
2001.....................
2002.....................
23,668
32,606
54,687
43,114
31,452
3,588
6,013
4,400
8,531
7,758
810,770
677,184
1,121,315
534,132
382,859
125,392
167,512
151,422
174,106
161,211
7,581,431
10,439,268
12,101,952
20,141,394
14,125,307
January .................
February ...............
March...................
April .....................
May......................
June......................
July.......................
August ..................
September ............
October................
November ............
December ............
39,493
36,661
48,318
41,597
39,358
35,544
35,937
31,958
28,583
27,934
33,950
31,452
7,551
9,736
8,705
7,968
8,336
6,382
8,251
8,942
7,653
10,589
12,925
7,758
35,352
31,263
44,020
29,129
32,207
27,573
38,283
28,056
26,230
31,097
33,488
26,161
16,704
14,528
11,149
11,116
9,609
11,358
17,042
14,218
13,737
17,236
16,849
7,665
20,672,833
15,405,104
16,634,668
18,733,726
14,897,483
16,272,365
14,619,159
10,597,792
9,794,058
12,720,435
13,638,023
14,125,307
Trading
Amounts
% of EM
vol. (5)
2.3
2.5
2.3
3.9
3.5
48,448,734
62,098,309
87,406,420
89,605,980
106,983,175
20.9
21.7
19.6
21.3
26.3
4.1
3.0
3.1
3.6
2.9
3.6
3.4
2.4
2.7
3.1
3.1
3.5
11,638,586
4,420,089
7,854,857
12,700,934
8,215,600
11,156,988
12,295,948
4,295,969
5,997,371
11,445,424
7,548,656
9,412,753
28.4
13.5
22.0
31.6
21.8
31.5
29.9
17.7
22.1
33.6
26.0
33.7
Adjusted (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.
Source: Madrid Stock Exchange bulletins, Madrid Stock Exchange, SCLV and CNMV.
205
206
6,194,469 2,203,561
3,211,985
May
8,867,065 3,798,493
8,863,612 3,595,291
1,680 166,643
1,774
36,559
0
0
0
0
3,833,869 4,417,107
565,224 568,574
998,085 1,364,206
68,931
40,774
8,577
4,283
94
5,769
55,152 274,766
984
1,087
189,000
85,318
501,538 384,369
53,408 241,792
1,172,597 1,063,126
220,278 383,044
April
July
3,110,065
3,079,429
24,197
6,439
0
0
8,046,923
September
459,987
394,535
639,252
719,180
25,065
140,917
3,890
3,226
778
28
163,324
152,066
855
619
218,597
110,964
169,624
396,863
31,480
69,875
680,367 1,479,560
303,933
265,595
August
6,719,308 1,598,819 2,263,943
6,647,050 1,593,313 2,261,162

61,615
1,834
1,370
10,644
3,672
1,411
0
0
0
0
0
0
5,576,639 2,697,150 3,733,428
338,276
602,200
5,321,568 1,169,969
123,669
181,974
3,845
1,652
2,438
273
180,711 1,080,491
7,139
11,826
574,985
319,945
509,945
371,427
38,603
145,278
543,756
714,365
401,988
977,240
June
7,482,563 1,985,111
7,475,531 1,980,735
4,682
2,968
2,349
1,408
0
0
0
0
3,962,861 5,563,545
Note: The last column (% of trading) refers to all trading on the electronic market, not just within the regular sessions.
49,411,331
48,704,889
573,286
133,156
0
0
57,571,844
8,694,527
20,255,801
1,367,866
41,450
10,101
2,750,873
39,967
3,577,143
4,099,887
968,519
11,665,741
4,099,969
Total
9,412,753 106,983,175
1,975,948
1,678,264
291,257
6,427
0
0
7,436,805
1,354,521
3,870,031
258,571
505
0
152,324
2,135
53,309
143,647
25,356
1,431,310
145,095
November December
590,351 472,905
880,587 3,294,706
51,974
34,484
1,910
10,376
7
406
269,579 277,920
6,704
3,242
138,576
54,914
559,139 508,499
174,827
87,001
1,019,033 507,656
270,174 311,436
October
Total........................................................... 11,638,586 4,420,089 7,854,857 12,700,934 8,215,600 11,156,988 12,295,948 4,295,969 5,997,371 11,445,424 7,548,656
Total financial sector ................................
Banks ...................................................
Insurance .............................................
Portfolio companies .............................
SIM ......................................................
Finance companies .............................
6,163,059 2,174,684 3,192,758

2,879
9,633
4,529
28,531
19,245
14,699
0
0
0
0
0
0
385,377
686,652
379,380
724,666
68,805
180,893
47
2,835
0
70
32,643
43,679
1,996
2,706
60,017 1,689,772
260,610
119,112
30,318
19,516
716,522
899,802
280,813
273,168
March
12
13
14
15
16
2,275,927
894,169
191,812
306
239
68,217
672
81,747
175,114
51,063
1,437,647
267,205
February
5,444,118 2,216,528 4,642,872
Oil .......................................................
Energy & water.....................................
Mining & base metals...........................
Cement & construction materials .........
Chemicals ............................................
Textile & paper.....................................
Metal-mechanical ................................
Food ....................................................
Construction ........................................
Real estate............................................
Transport and communications ............
Other....................................................
January
Total non-financial sector .........................
0
1
2
3
4
5
6
7
8
9
10
11
Sector
100.0
46.2
45.5
0.5
0.1
0.0
0.0
53.8
8.1
18.9
1.3
0.0
0.0
2.6
0.0
3.3
3.8
0.9
10.9
3.8
% of total
24.32
30.42
30.73
48.07
4.88
0.00
0.00
20.75
28.93
32.42
17.95
5.53
0.60
34.86
3.60
26.12
26.83
17.63
10.47
20.50
% of
trading
Thousands of euros
A.2.38. SECONDARY MARKETS. STOCK EXCHANGES AND SCLV. TWO-WAY STOCK LENDING BY SECTOR. 2002
Annex 3
Derivatives markets
Annex 3: DERIVATIVES MARKETS
A.3.1. TOTAL TRADING VOLUME IN ORGANISED DERIVATIVES MARKETS.

DETAIL BY INSTRUMENT
Number of contracts (millions)
Futures..................................
Interest rates......................
Securities indexes..............
Currencies.........................
Commodities.....................
Options.................................
Interest rates......................
Securities indexes..............
Individual stocks ...............
Currencies.........................
Commodities.....................
Total......................................
Notional value (billions of dollars)
2001
2002
% change
2001
2002
% change
1,822
1,058
337
49
378
2,660
200
1,148
1,262
11
39
4,482
2,155
1,147
530
43
435
3,900
240
2,235
1,360
16
48
6,054
18.27
8.49
57.19
13.27
14.98
46.63
20.39
94.68
7.73
53.33
23.27
35.10
446,360.1
420,934.2
22,926.6
2,499.3
na
148,548.0
122,765.9
25,426.2
na
355.9
na
594,908.1
502,013.9
472,300.4
27,203.1
2,510.4
na
191,684.1
154,557.1
36,705.3
na
421.7
na
693,698.0
12.5
12.2
18.7
0.4
29.0
25.9
44,4
18.5
16.6
209
A.3.2. INTERNATIONAL MARKETS. TRADING VOLUME.

PROMINENT PRODUCTS (1)
No. of contracts traded
Underlying asset
Product
Market
2001
2002
Change (%)
Euro-Bund (f)......................
Euro-Bobl (f).......................
Euro-Schatz (f)....................
10Y Treasury bonds (f)........
30Y Treasury bonds (f)).......
5Y Treasury notes (f)...........
EUREX
EUREX
EUREX
CBOT
CBOT
CBOT
178,011,304
99,57,068
92,637,630
57,585,828
58,579,290
31,122,401
191,263,413
114,678,996
108,760,955
95,786,299
56,082,284
50,512,085
7.4
15.2
17.4
66.3
-4.3
62.3
Short-term interest rates
Eurodollar (f) ......................

Euribor (f)...........................
Eurodollar (o) .....................
Overnight interest rates (f)..
Sterling (f) ..........................
CME
EURONEXT.LIFFE
CME
BM&F
EURONEXT.LIFFE
184,015,496
91,083,198
88,174,799
46,241,111
34,945,053
202,080,832
105,756,584
105,580,961
48,568,401
34,307,727
9.8
16.1
19.7
5.0
1.8
Securities indexes
KOSPI 200 (o) ....................

E-Mini S&P 500 (f) .............
DJ EuroStoxx 50 (f).............
CAC 40 (o).........................
E-Mini Nasdaq 100 (f)........
DAX (o)..............................
KSE
CME
EUREX
EURONEXT PARIS
CME
EUREX
823,289,608
39,434,843
37,828,500
107,251,388
32,550,233
44,102,502
1,889,881,704
115,741,691
86,354,731
84,342,670
54,491,180
44,027,830
129.6
193.5
128.3
21.4
67.4
0.2
Currencies
US dollar/real (f).................
Shekel/US dollar (o) ...........
Euro FX (f) ..........................
Yen (f) ................................
Canadian dollar (f) .............
Swiss franc (f).....................
BM&F
TASE
CME
CME
CME
CME
22,877,944
6,020,623
5,898,429
4,552,599
2,961,680
2,901,939
16,132,798
11,542,809
6,986,600
4,394,982
3,134,963
2,830,738
29.5
91.7
18.4
3.5
5.9
2.5
10Y Bono (f).......................

IBEX (f)...............................
Telefnica (o) .....................
MEFF RF
MEFF RV
MEFF RV
284,642
4,204,211
7,098,875
51,060
3,450,985
3,681,651
82.1
17.9
48.1
Pro-memoria:
Securities indexes
Stocks
(1) Trading volume refers to number of contracts. Differences in the underlying security prevent direct comparison between markets, but year-on-year comparisons
are possible.
Source: Futures Industry Association, Futures and OTC World and CNMV.
BM&F
CBOT
CME
EUREX
EURONEXT.LIFFE
EURONEXT PARIS
KSE
MEFF RF
MEFF RV
OM
TASE
210
Bolsa de Mercadorias & Futuros

Chicago Board of Trade
Chicago Mercantile Exchange
Deutsche Terminbrse (DTB) and Swiss Options & Financial Futures Exchange (SOFFEX)
LIFFE (London International Financial Futures Exchange) after integrating into Euronext
French branch of Euronext, comprising former MATIF and MONEP
Korea Stock Exchange
Meff Renta Fija
Meff Renta Variable
Stockholm Options Market
Tel Aviv Stock Exchange
A.3.3. INTERNATIONAL MARKETS. TRADING VOLUME (1)

2001
2002
Market
Change %
No. of contracts
% of total
No. of contracts
% of total
KSE ......................................................
EUREX .................................................
EURONEXT..........................................
CME.....................................................
CBOT...................................................
CBOE...................................................
AMEX...................................................
OM ......................................................
MEFF....................................................
IDEM/MIF ............................................
854,791,737
674,157,863
610,128,821
411,672,523
261,360,542
324,189,543
205,103,884
66,582,846
30,937,042
17,081,011
22.7%
17.9%
16.2%
11.0%
7.0%
8.6%
5.5%
1.8%
0.8%
0.5%
1,932,691,950
801,200,494
689,158,477
556,614,703
341,978,545
271,303,914
186,039,672
65,778,552
27,917,927
18,045,052
37.1%
15.4%
13.2%
10.7%
6.6%
5.2%
3.6%
1.3%
0.5%
0.3%
126.1
18.8
13.0
35.2
30.8
16.3
9.3
1.2
9.8
5.6
Pro-memoria:
EURONEXT PARIS ...............................
LIFFE ....................................................
EURONEXT AMSTERDAM...................
MEFF RF ..............................................
MEFF RV .............................................
327,615,709
215,743,413
66,769,699
284,642
30,652,400
8.7%
5.7%
1.8%
357,511,863
253,937,011
77,709,603
51,060
27,866,867
6.87
4.88
1.49
9.1
17.7
16.4
82.1
9.1
(1) Trading volume refers to number of contracts. Differences in the underlying security prevent direct comparison between markets, but year-on-year comparisons
are possible.
Source: Eurex and CNMV.
CBOE
CBOT
CME
EUREX
EURONEXT AMSTERDAM
EURONEXT PARIS
IDEM/MIF
KSE
LIFFE
MEFF
MEFF RF
MEFF RV
OM
Chicago Board Options Exchange

Chicago Board of Trade
Chicago Mercantile Exchange
Deutsche Terminbrse (DTB) and Swiss Options & Financial Futures Exchange (SOFFEX)
Dutch branch of Euronext
French branch of Euronext, comprising former MATIF and MONEP
Italian Derivatives Market/ Italian Futures Market
Korea Stock Exchange
London International Financial Futures Exchange
Spanish options and financial futures market
MEFF Renta Fija
MEFF Renta Variable
Stockholm Options Market
211
212
352,213
322,602
289,337
303,059
285,464
356,370
369,706
273,720
306,328
300,642
133,051
158,493
January.................................
February...............................
March ..................................
April.....................................
May .....................................
June .....................................
July ......................................
August..................................
September............................
October ...............................
November............................
December ............................
3,732
5,815
5,212
6,706
5,191
5,269
6,797
3,557
5,334
7,283
4,555
4,580
1,883
64,031
MINI Ibex
355,945
328,417
294,549
309,765
290,655
361,639
376,503
277,277
311,662
307,925
137,606
163,073
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
4,206,094
3,515,016
Total
31,993
24,063
25,122
24,245
26,603
18,770
17,372
11,073
16,740
16,116
12,459
8,808
73,556
107,235
217,167
220,152
246,979
391,662
497,378
440,576
341,250
273,877
233,364
Call
30,545
24,669
16,916
20,302
19,976
24,827
18,678
8,540
15,015
15,952
6,095
6,868
59,395
86,632
212,096
235,716
219,660
352,276
380,477
349,131
382,544
263,250
208,381
Put
Option
62,538
48,732
42,038
44,547
46,579
43,596
36,051
19,613
31,755
32,067
18,554
15,676
132,951
193,868
429,263
455,868
466,638
743,938
877,856
789,707
723,794
537,127
441,745
Total
418,483
377,149
336,587
354,312
337,234
405,236
412,553
296,890
343,418
339,993
156,160
178,749
294,345
818,793
2,045,675
2,097,760
2,161,021
4,278,430
5,937,670
5,818,165
5,043,946
4,743,222
3,956,761
Total
63,591
69,535
79,120
89,333
87,385
133,859
217,312
128,163
202,384
242,521
164,419
126,710
17,216
179,630
617,278
1,604,330
Total
747
67
61
0
0
0
0
0
0
0
0
0
13,943
875
Total
On European indexes
64,338
69,602
79,181
89,333
87,385
133,859
217,312
128,163
202,384
242,521
164,419
126,710
17,216
179,630
631,221
1,605,205
Total
No. of contracts
(1) Includes the contracts traded in other markets via EuroMEFF: futures on the CAC 40, DJ Eurostoxx 50 and DJ Stoxx 50 indexes traded in Euronext France, futures on the DAX 30, DJ Eurostoxx 50 and DJ Stoxx 50 indexes traded in
EUREX and PSI 20 futures and options traded in Euronext Portugal.
(2) Includes the futures and options contracts on Standard & Poors European indexes (S&P Europe 350 and sectorial).
Notes:
1. Data prior to 1999 have been adjusted for comparison with the contracts new nominal value.
2. On 22 November 2001, MINI Ibex 35 futures contracts were adjusted to the Ibex 35 futures contracts nominal value; the Ibex 35 options were adjusted to the old 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
4,204,211
3,450,985
1992 ....................................
1993 ....................................
1994 ....................................
1995 ....................................
1996 ....................................
1997 ....................................
1998 ....................................
1999 ....................................
2000 ....................................
2001 ....................................
2002 ....................................
Ibex 35
Future
On Ibex-35 index
A.3.4. MEFF RV. INDEX CONTRACTS. TRADING VOLUME

Annual and monthly performance in 2002
54,200
47,495
46,961
48,534
47,641
49,668
54,947
52,622
50,598
51,119
52,789
43,454
January.................................
February...............................
March ..................................
April.....................................
May .....................................
June .....................................
July ......................................
August..................................
September............................
October ...............................
November............................
December ............................
148
217
230
335
151
270
152
150
174
209
327
319
103
319
MINI Ibex
54,348
47,712
47,191
48,869
47,792
49,938
55,099
52,772
50,772
51,328
53,116
43,773
3,383
16,979
13,847
27,511
27,038
42,384
49,770
61,680
55,657
58,218
43,773
Total
48,671
54,951
36,104
45,411
52,309
38,716
46,687
50,124
44,271
48,646
53,374
26,622
1,300
2,992
5,009
7,771
15,769
9,846
9,336
47,607
28,566
35,511
26,622
Call
34,312
38,450
28,518
37,578
42,785
31,782
38,453
39,950
33,040
36,876
38,172
19,648
1,212
2,841
3,932
5,617
12,844
7,838
7,062
24,239
16,739
22,029
19,648
Put
Option
82,983
93,401
64,622
82,989
95,094
70,498
85,140
90,074
77,311
85,522
91,546
46,270
2,512
5,833
8,941
13,388
28,613
17,684
16,398
71,846
45,305
57,541
46,270
Total
137,331
141,113
111,813
131,858
142,886
120,436
140,239
142,847
128,082
136,849
144,662
90,043
5,894
22,813
22,788
40,900
55,650
60,068
66,168
133,526
100,962
115,758
90,043
Total
11,061
10,436
11,686
9,894
9,003
11,005
13,835
12,901
16,236
15,631
15,147
13,398
1,507
8,699
10,243
13,398
Total
Interconnections (1)
126
147
0
0
0
0
0
0
0
0
0
0
197
0
Total
S&P contracts (2)
On European indexes
11,187
10,583
11,686
9,894
9,003
11,005
13,835
12,901
16,236
15,631
15,147
13,398
1,507
8,699
10,940
13,398
Total
No. of contracts
(1) Open interest corresponds to Spanish members. Includes the contracts traded in other markets via EuroMEFF: futures on the CAC 40, DJ Eurostoxx 50 and DJ Stoxx 50 indexes traded in Euronext France, futures on the DAX 30,
DJ Eurostoxx 50 and DJ Stoxx 50 indexes traded in EUREX and PSI 20 futures and options traded in Euronext Portugal.
(2) Includes the futures and options contracts on Standard & Poors European indexes (S&P Europe 350 and sectorial).
Notes:
1. Data prior to 1999 have been adjusted for comparison with the contracts new nominal value.
2. On 22 November 2001, MINI Ibex 35 futures contracts were adjusted to the Ibex 35 futures contracts nominal value; the Ibex 35 options were adjusted to the old nominal value.
3,383
16,979
13,847
27,511
27,038
42,384
49,770
61,680
55,657
58,115
43,454
1992 ....................................
1993 ....................................
1994 ....................................
1995 ....................................
1996 ....................................
1997 ....................................
1998 ....................................
1999 ....................................
2000 ....................................
2001 ....................................
2002 ....................................
Ibex 35
Future
On Ibex-35 index
A.3.5. MEFF RV. INDEX CONTRACTS. OPEN INTEREST AT END OF PERIOD

213
A.3.6. MEFF RV. IBEX 35 CONTRACTS.

Trading frequency, number of trades (daily average)
and volume per trade. 2002
Option*
IBEX-35
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 ................................
25.9
36.0
85.3
100.0
100.0
100.0
32.6
57.6
90.9
100.0
100.0
100.0
32.6
50.2
89.2
100.0
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 ................................
1.1
1.7
193.6
5,085.6
5,267.0
5,255.7
6.0
9.1
19.9
67.8
64.4
184.5
5.0
9.0
19.5
66.9
62.7
171.8
VOLUME PER TRADE (No. of contracts) .....................................
3.0
64.9
68.5
(*) Since 2001 year-end, the options multiplier is 1 euro.
214
7,389,886
9,630,899
329,089
456,861
1,308,776
262,081
488,156
2,150,938
328,584
1,021,590
1,350,960
295,847
370,580
1,267,437
1993....................................
1994....................................
1995....................................
1996....................................
1997....................................
1998....................................
1999....................................
2000....................................
2001....................................
2002....................................
January ................................
February ..............................
March..................................
April ....................................
May.....................................
June.....................................
July......................................
August .................................
September ...........................
October...............................
November ...........................
December ...........................
Future
651,061
805,312
819,376
538,366
506,408
577,502
835,735
443,379
562,246
808,432
341,395
238,989
90,267
134,668
383,582
616,375
832,456
1,314,397
3,692,319
8,959,285
10,297,543
7,128,201
Call
677,564
630,848
661,592
572,574
869,196
765,325
737,242
346,993
744,726
559,329
356,037
228,705
41,533
87,743
383,070
238,421
513,223
1,035,543
3,327,833
6,962,592
8,207,807
7,150,131
Put
1,328,625
1,436,160
1,480,968
1,110,940
1,375,604
1,342,827
1,572,977
790,372
1,306,972
1,367,761
697,432
467,694
131,800
222,411
766,652
854,796
1,345,679
2,349,940
7,020,152
15,921,877
18,505,350
14,278,332
Total
1,657,714
1,893,021
2,789,744
1,373,021
1,863,760
3,493,765
1,901,561
1,811,962
2,657,932
1,663,608
1,068,012
1,735,131
131,800
222,411
766,652
854,796
1,345,679
2,349,940
7,020,152
15,921,877
25,895,236
23,909,231
1,225,104
1,318,436
1,259,980
1,263,119
1,416,766
1,627,368
1,591,901
1,807,906
1,184,938
1,197,948
1,349,780
1,290,911
1,184,977
1,290,911
1,829,299
2,147,794
1,495,376
1,774,907
2,018,422
1,611,930
2,161,858
2,494,493
1,682,997
2,189,658
2,426,232
1,055,684
3,705
12,313
16,154
37,299
15,399
134,908
876,278
1,774,402
1,453,738
1,055,684
Call
1,714,296
1,927,964
1,243,863
1,606,341
2,128,285
1,676,551
2,145,508
2,354,190
1,876,201
2,250,685
2,338,735
1,153,338
250
4,720
6,550
8,136
10,776
132,949
818,455
1,566,288
1,294,330
1,153,338
Put
3,543,595
4,075,758
2,739,239
3,381,248
4,146,707
3,288,481
4,307,366
4,848,683
3,559,198
4,440,343
4,764,967
2,209,022
3,955
17,033
22,704
45,435
26,175
267,857
1,694,733
3,340,690
2,748,068
2,209,022
Total
Option
Future
Option
Total
Open interest at end of period
Trading volume
A.3.7. MEFF RV. FUTURES AND OPTIONS ON STOCKS. TRADING VOLUME AND OPEN INTEREST.
4,768,699
5,394,194
3,999,219
4,644,367
5,563,473
4,915,849
5,899,267
6,656,589
4,744,136
5,638,291
6,114,747
3,499,933
3,955
17,033
22,704
45,435
26,175
267,857
1,694,733
3,340,690
3,933,045
3,499,933
Total
No. of contracts
215
216
19,251
16,289
65,855
33,273
122,153
16,844
2,697,979
667,324
145,780
233,115
22,743
24,701
2,872,638
3,371,141
19,270
3,681,651
31,697
139,481
23,094
74,053
Total
472
558
1,819
2,857
6,539
765
481,734
37,584
390
20,257
768
82,784
228,465
275
572,248
15,003
734
486
Call
251
4,261
801
97
6,433
960
476,096
54,442
723
31,451
693
62,797
250,535
282
394,879
3,326
1,004
5,299
Put
723
4,819
2,620
2,954
12,972
1,725
957,830
92,026
1,113
51,708
1,461
145,581
479,000
557
967,127
18,329
1,738
5,785
Total
523
770
716
1114
14892
281
173071
53690
1170
39856
1073
1027
137898
224439
57
397088
504
2227
730
4558
Call
1,080
489
1,018
732
3,648
395
135,664
74,323
642
21,814
931
953
405,944
271,009
39
230,405
329
1,123
813
1,987
Put
Total
Trading
volume
Open
interest
1,290,911
Put
2002
TOTAL MARKET ....... 10,297,543 8,207,807 18,505,350 7,128,201 7,150,131 14,278,332 1,453,738 1,294,330 2,748,068 1,055,684 1,153,338 2,209,022 9,630,899
Call
19,632
8,416
10,835
32,226
8,907
7,382
76,264
34,193
31,662
50,926
18,709
14,564
108,626
63,304
58,849
22,551
8,110
8,734
4,663,767 1,442,086 1,255,893
815,131 279,993
387,331
24,131
73,249
72,531
276,938 128,957
104,158
5,312
17,431
21,891
14,245
10,456
941,320 946,716 1,925,922
4,068,460 1,805,443 1,565,698
16,227
13,306
5,964
7,098,875 2,144,595 1,537,056
4,765
26,932
203,224
80,897
58,584
32,915
11,709
11,385
32,246
35,289
38,764
Total
2001
2002
236,258
72,169
47,652
341
27,050
342,829
557,166
370
7,076
9,621
10,011
20,015
12,211
40,246
36,018
32,531
18,395
56,362
52,264
11,350
11,201
2,543,010 2,120,757
390,493
424,638
11,882
12,249
119,874
157,064
12,195
9,696
511,669
429,651
2,077,913 1,990,547
9,538
6,689
4,296,986 2,801,889
128,329
74,895
16,219
16,696
9,310
22,936
Put
2002
Futures
No. of contracts
1,603
1,259
1,734
1,846
18,540
676
308,735 1,588,559
128,013
405,986
1,812
61,670
194,403
2,004
16,989
1,980
543,842
452,777
495,448 2,556,715
96
627,493 4,316,050
833
16,589
3,350
82,831
1,543
6,545
Acerinox....................
Acesa ........................
Altadis.......................
Amadeus ...................
Banco Popular...........
Bankinter...................
BBVA.........................
Endesa.......................
Gas Natural...............
Iberdrola....................
Inditex.......................
Indra..........................
Repsol .......................
SCH...........................
Sogecable..................
Telefnica..................
Telefnica Mviles ....
Terra Networks ..........
TPI.............................
Unin Fenosa............
Call
2001
Trading volume
Options
A.3.8. MEFF RV. STOCK OPTIONS. TRADING VOLUME AND OPEN INTEREST.
Detail by contract type
1990 ..............................
1991..........................
1992..........................
1993..........................
1994..........................
1995..........................
1996..........................
1997..........................
1998..........................
1999..........................
2000..........................
2001..........................
2002..........................
159,952
561,762
776,172
3,134,239
8,646,056
8,614,228
12,660,928
13,628,773
9,731,343
3,580,874
1,035,330
284,642
51,060
Total
market
29,072
4,422
437,674
2,637,441
7,738,080
7,714,010
10,893,254
5,140 12,455,467
26,027 9,228,552
13 3,580,215
1,035,330
284,642
51,060
32,396
5Y Bono 10Y Bono 30Y Bono
Futures
10
DEBS
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
284,642
51,060
Total
6,686
120
Call
2,614
Put
5Y Bono
9,301
120
Total
67,802
238,422
463,418
476,609
704,563
544,909
198,228
62
Call
Total
88,801
156,603
251,339
489,761
438,991
902,408
423,352
899,962
856,504 1,561,067
611,301 1,156,210
243,658
441,886
574
636
Put
10Y Bono
Options
A.3.9. MEFF RF. GOVERNMENT BOND CONTRACTS. TRADING VOLUME.

Annual performance
Total
30Y Bono
Total
DEBS
56,914
282,071
199,644
489,761
902,408
899,962
1,565,412
1,156,240
442,007
636
Total
No. of contracts
217
218
1990 ..............................
1991..........................
1992..........................
1993..........................
1994..........................
1995..........................
1996..........................
1997..........................
1998..........................
1999..........................
2000..........................
2001..........................
2002..........................
7,516
14,070
8,653
76,847
44,946
75,514
95,480
89,374
14,224
10,621
16,128
3,223
200
Total
market
60
150
38
6,041
50,833
27,945
37,219
56,531
65,865
13,870
10,621
16,128
3,223
200
96
5Y Bono 10Y Bono 30Y Bono
Futures
DEBS
2,048
4,673
6,041
50,893
27,945
37,219
57,118
66,271
14,004
10,621
16,128
3,223
200
Total
Call
Put
5Y Bono
Total
850
12,237
9,474
20,666
17,306
11,021
5
Call
1,761
13,718
7,526
17,628
21,056
12,082
215
Put
10Y Bono
Options
Total
2,611
25,954
17,001
38,294
38,361
23,104
220
A.3.10. MEFF RF. GOVERNMENT BOND CONTRACTS. OPEN INTEREST.

Annual performance
Total
30Y Bono
Total
DEBS
5,467
9,397
2,611
25,954
17,001
38,294
38,361
23,104
220
Total
No. of contracts
A.3.11. MEFF RF. FUTURES ON 10Y GOVERNMENT BONDS.

Trading frequency, number of trades (daily average)
and volume per trade
2001
2002
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
11.4
100.0
100.0
100.0
0.0
0.0
10.4
98.1
93.8
100.0
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
4.6
69.5
52.3
82.6
0.0
0.0
1.3
7.6
10.2
21.6
VOLUME PER TRADE (No. of contracts)...................................................
17.3
22.2
Note: Calculations based on average of all maturities in the year.
219
220
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
2001....................................
2002....................................
Future
217
2,294
613
2,934
4,295
23,712
80,072
92,321
21,796
30
0
Call
60
1,723
352
2,114
7,149
23,399
61,247
84,431
24,230
30
0
Put
Option
Total
Total
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
MIBOR 90+
Trading volume
2,111
24,268
17,881
34,975
45,744
17,064
0
0
Future
8,772
306
Future
MIBOR 360+ EURIBOR
141
640
1,236
7,782
7,058
13,643
23,820
59,431
19,850
68
Future
27
155
132
103
649
5,830
10,592
10,388
1,082
0
Call
9
151
0
433
421
6,358
8,361
18,111
1,262
0
Put
Option
MIBOR 90+
36
306
132
536
1,070
12,187
18,954
28,500
2,344
0
Total
177
946
1,368
8,318
8,127
25,830
42,773
87,931
22,194
68
Total
239
1,826
1,115
2,116
2,372
439
Future
291
Future
MIBOR 360+ EURIBOR
No. of contracts
A.3.12. MEFF RF. CONTRACTS ON SHORT-TERM INTEREST RATES. TRADING VOLUME AND OPEN INTEREST.
Annual performance
A.3.13. FC&M. TRADING VOLUME AND OPEN INTEREST.

Annual performance
No. of contracts
Trading volume
Valencia-Late Navel-Navelina
1995*....................
1996 .....................
1997 .....................
1998 .....................
1999 .....................
2000 .....................
2001 .....................
2002 .....................
48,258
38,442
248
0
0
0
0
Clementina
Total
30,113
945
-
27,031
145,450
60,046
314
0
0
0
0
27,031
67,079
20,659
66
0
0
0
0
Valencia-Late Navel-Navelina Clementina

0
0
0
0
0
0
0
80
138
11
0
0
0
0
0
101
0
-
Total
80
239
11
0
0
0
0
0
(*) Data from September 1995, when FC&M commenced trading.
A.3.14. MARKET MEMBERS. 2002

NUMBER PER CATEGORY AND MARKETS
Market
Category
CME (1)
Eurex
Euronext Lisbon
Euronext Paris
MEFF RF
MEFF RV
Custodians...........................
Clearing members ...............
Traders.................................
Clearing-custodian members
Clearing-custodian traders ...
41
41
12
55
37
10
56
43
45
10
16
57
27
35
52
46
19
Total ....................................
94
102
56
98
136
117
(1) CME: Chicago Mercantile Exchange
A.3.15. MARKET MEMBERS. 2002

NO. OF MEMBERS REQUIRED TO ATTAIN A GIVEN PERCENTAGE
OF TOTAL TRADING
15 %
30 %
50 %
75 %
90 %
100 %
MEFF RV
Ibex 35 futures (*)............................
Ibex 35 options (*)...........................
Stock futures...................................
Stock options...................................
2
1
1
1
4
1
2
2
8
3
5
4
17
7
10
8
29
13
17
12
82
68
73
72
MEFF RF
Government bond futures................
13
31
Trading is measured as the sum of contracts bought and sold.

(*) Includes MINI-Ibex.
221
A.3.16. BREAKDOWN OF TRADING, BY ACCOUNT TYPE. 2002

Percentage of trading out of total market
Customers
Pro memoria:
Market makers
Proprietory
Total
Residents
Non-res.
IBEX 35 futures (*)..................

IBEX 35 options .....................
38.2
45.0
61.8
55.0
32.1
13.1
29.8
41.9
16.8
23.8
Total IBEX 35.........................
41.7
58.3
22.3
36.0
20.4
Stock optionss........................
Stock futures ..........................
34.4
28.0
65.6
72.0
43.9
9.0
21.8
63.0
6.1
9.8
Total stock trading.................
30.5
69.5
23.1
46.4
8.3
Govt. bond futures ...............
53.6
46.4
28.9
17.5
17.0
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.
(*) Includes MINI-IBEX.
A.3.17. BREAKDOWN OF TRADING, BY CUSTOMER TYPE. 2002

MEFF RV
MEFF RF
Banks and thrifts.......................................................................................

Broker-dealers and brokers.......................................................................
Mutual funds............................................................................................
Pension funds...........................................................................................
Insurance companies ...............................................................................
Other finance companies ........................................................................
Other corporate .......................................................................................
Individuals ...............................................................................................
Other .......................................................................................................
21.3
0.4
10.4
0.4
0.0
20.7
3.7
3.5
0.0
32.9
2.6
13.9
0.0
0.0
22.7
0.0
0.4
0.0
Total customers........................................................................................
100.0
100.0
Pro memoria: non-residents/customers.....................................................
39.6
27.4
Note: Trading is measured as the sum of contracts bought and sold.
222
A.3.18. BREAKDOWN OF TRADING, BY TYPE. 2002

Percentage of contracts out of total
(1)
(2)
(3)
(*)
Regular session
Off-session
(1)
Put-throughs
(2)
Pro memoria
spread ops. (3)
Ibex 35 futures (*)................................

Ibex 35 options ...................................
82.8
45.1
16.2
52.3
1.0
2.6
21.0
0.0
Total Ibex 35 ......................................
61.5
36.6
1.9
9.1
Stock futures........................................
Stock options.......................................
22.4
15.1
75.6
78.0
2.0
6.9
8.0
0.0
Total stock options & futures ..............
17.9
77.1
5.1
3.0
Government debt futures....................
71.7
15.4
12.9
33.0
Trades outside the regular session.

Trade executed by a single broker for two or more customers.
Purchase (sale) of a number of contracts with a given maturity combined with a simultaneous sale (purchase) of a subsequent maturity.
IIncludes MINI-IBEX.
223
224
16,758
14,135
16,648
15,840
14,409
23,679
52,453
41,189
51,182
70,700
60,811
28,471
January.........
February.......
March ..........
April.............
May..............
June..............
July...............
August..........
September ....
October........
November ....
December ....
140
155
164
141
143
160
150
120
116
149
169
173
4
5
14
38
69
118
233
360
No.
80,322
63,470
60,614
44,570
61,731
42,850
82,223
49,505
52,282
68,544
161,356
49,756
0
0
72,388
130,273
154,871
723,888
1,207,676
817,222
Volume
Shares
534
518
537
539
594
539
573
511
464
601
773
768
0
0
51
60
119
329
802
1,483
No.
97,080
77,605
77,262
60,410
76,140
66,530
134,676
90,693
103,463
139,245
222,167
78,227
1,078
10,940
150,734
267,601
201,951
886,188
1,622,860
1,223,498
Volume
Total
674
673
701
680
737
699
723
631
580
750
942
941
4
5
65
98
188
447
1,035
1,843
No.
0
0
1
0
548
3
0
0
0
0
0
0
0
60
40
18
49
338
31
551
Volume
0
0
1
0
1
1
1
0
1
1
1
1
0
2
2
1
2
2
1
1
No.
Interest rates
(*) The number refers to issues that trade in each period, so monthly data do not necessarily coincide with the years total.
(1) Includes oil warrants.
1,078
10,940
78,345
137,328
47,080
162,300
415,185
406,276
1995 ............
1996 ............
1997 ............
1998 ............
1999 ............
2000 ............
2001 ............
2002 ............
Volume
Indexes
Equities
1,285
443
358
233
413
947
1,263
806
1,268
579
378
329
0
5,529
0
0
3,382
11,674
12,577
8,301
Volume
25
18
16
14
18
22
21
15
14
18
20
19
0
4
0
0
7
26
44
41
No.
Currencies
Fixed-income
Total (1)
1,285
443
359
233
961
949
1,263
806
1,268
579
378
329
0
5,589
40
18
3,431
12,226
13,104
8,853
Volume
A.3.19. WARRANT TRADING ON THE MADRID STOCK EXCHANGE (*)
25
18
17
14
19
23
22
15
15
19
21
20
0
6
2
1
9
28
45
42
No.
98,365
78,047
77,621
60,644
77,101
67,479
135,939
91,499
104,731
139,824
222,545
78,555
1,078
16,529
150,774
267,619
205,382
898,414
1,635,964
1,232,351
Volume
No.
699
691
718
694
756
722
745
646
595
769
963
961
4
11
67
99
197
482
1,092
1,885
TOTAL
A.3.20. EQUITIES WARRANTS BY UNDERLYING ASSET. 2002

Volume
% of total
No. (1)
Equities
Shares
Spanish
Telefnica.................................
BBVA........................................
SCH..........................................
Repsol ......................................
Terra .........................................
Endesa......................................
Other........................................
271,309
146,169
137,538
74,008
42,042
23,447
82,687
22.2
11.9
11.2
6.0
3.4
1.9
6.8
206
152
119
99
111
84
456
Total Spanish shares......................
777,200
63.5
1,227
Foreign
Nokia .......................................
Cisco ........................................
Deustche Telekom ....................
KPN..........................................
Intel..........................................
Microsoft ..................................
Resto ........................................
22,130
4,660
3,600
2,361
1,982
1,400
3,890
1.8
0.4
0.3
0.2
0.2
0.1
0.3
56
21
39
33
16
15
76
Total foreign shares.......................
40,022
3.3
256
Total shares ......................................
817,222
66.8
1,483
Indexes
Ibex-35.....................................
Dow Jones................................
Nasdaq 100..............................
Nikkei 225 ...............................
Other........................................
361,227
26,380
11,012
6,219
1,438
29.5
2.2
0.9
0.5
0.1
203
46
48
37
26
Total indexes ................................
406,276
33.2
360
Total equities........................................
1,223,498
100.0
1,843
(1) No. of issues made with each underlying asset.
225
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
Assets
(Thousands of euros)
FIM
FIAMM
Total
Year
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
SIM
Total
Guaranteed
Total
Guaranteed
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
137,470,645
121,368,392
0
0
0
1,345,011
10,245,453
28,277,217
48,073,011
45,551,674
42,380,475
40,507,979
36,674,316
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
43,830,303
53,366,474
0
0
0
145,325
274,374
365,163
338,550
268,522
28,012
13,153
11,485
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
2,491,168
1,974,492
SIMCAV
212,680
356,304
450,302
573,618
944,370
2,122,402
4,977,618
9,832,465
12,661,185
16,854,507
16,925,915
TOTAL
Funds
Companies
37,745,754
61,871,618
67,611,272
73,282,127
112,439,640
162,449,870
203,774,037
206,293,784
186,068,359
181,300,948
174,734,866
2,085,115
2,493,088
2,384,912
2,509,075
3,201,904
4,816,956
8,128,815
13,159,317
15,439,109
19,345,675
18,900,407
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
200,646,623
193,635,273
Number of investors
(Thousands)
FIM
FIAMM
Total
Year
SIM
Total
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
Guaranteed
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
5,842.1
5,363.3
0
0
0
58.1
423.5
1,139.8
1,975.2
1,828.0
1,801.6
1,775.1
1,642.0
Total
SIMCAV
Guaranteed
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
1,612.3
1,727.1
0
0
0
8.9
14.7
17.6
15.9
15.0
1.8
0.5
0.4
TOTAL
Funds
83.9
74.6
64.4
59.6
57.0
53.6
52.6
50.1
42.5
39.9
32.2
33.6
26.1
32.2
33.0
33.3
39.8
49.3
76.9
144.2
253.6
305.9
Companies
1.677
2.548
2.797
2.946
4.291
6.221
7.988
8.038
7.693
7.454
7.090
117
101
97
93
90
93
102
127
187
294
338
1,795
2,649
2,893
3,038
4,381
6,314
8,090
8,165
7,880
7,748
7,428
Number of institutions
(Units)
FIM
FIAMM
Total
Year
SIM
Total
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
371
441
528
602
788
1,277
1,675
1,964
2,266
2,421
2,373
Guaranteed
0
0
0
34
132
390
553
547
577
609
579
Total
106
130
138
154
181
204
206
203
201
178
165
SIMCAV
Guaranteed
0
0
0
1
1
3
3
3
2
1
1
TOTAL
Funds
230
224
222
215
217
218
230
211
172
153
129
25
27
41
53
68
137
361
883
1,498
2,115
2,646
477
571
666
756
969
1,481
1,881
2,167
2,467
2,599
2,538
Companies
255
251
263
268
285
355
591
1,094
1,670
2,268
2,775
732
822
929
1,024
1,254
1,836
2,472
3,261
4,137
4,867
5,313
229
230
0.69
0.51
0.64
0.67
2002 1Q
2Q
3Q
4Q
RVI:
RVIE:
RVIJ:
RVIU:
RVIM:
RVIO:
GRF:
GRV:
FGL:
RFMI:
RVMI:
RVE:
RFI:
RVN:
RVM:
RFM:
RFLP:
FIAMM:
FIAMM:
FIAMM Internacional:
FIM:
RFCP:
RFCP:
2.92
3.56
2.42
2000
2001
2002
0.47
0.7
0.84
0.69
3.05
3.84
2.72
RFCP
0.1
1.24
2.05
1.11
4.05
4.02
4.34
RFLP
0.18
2.45
3.36
2.04
0.68
0.50
3.84
RFM
RVN
0.17
0.4
8.68 15.34
11.77 20.38
3.93
8.56
6.45 16.67
6.61 8.80
15.92 26.91
RVM
0.31
2.2
1.3
0.05
7.46
2.89
0.64
RFI
0.44
2.5
1.05
0.7
1.20
1.33
2.42
RFMI
0.45
11.07
10.03
2.54
6.78
8.61
17.96
RVMI
0.44
15.68
25.41
6.69
6.09
19.03
33.45
RVE
RVIE
0.03
16.84
23.97
5.22
16.98
20.85
33.78
RVI
FIM
RVIU
RVIM
5.18 0.19
9.97
8.3 22.66 22.29
12.98 17.11 15.4
11.24
2.72
6.82
25.41 34.25 24.53
RVIJ
2.06
21.72
18.81
4.86
35.16
RVIO
0.01
1.24
1.99
1.15
3.78
4.42
4.46
GRF
FGL
0.33
0.55
0.92
1.05
0.58
7.98
6.27
1.83
1.09 6.77
0.24 10.44
0.37 12.42
GRV
short-term fixed-income FIM. The average duration of the portfolio cannot exceed 2 years. It does not include equities or equity derivatives.
short-term fixed-income FIM. The average duration of the portfolio cannot exceed 2 years. It does not include equities or equity derivatives.
Assets are denominated in euros, with a maximum of 5% in non-euro currencies.
long-term fixed-income FIM. The average duration of the portfolio must be over 2 years. It does not include equities or equity derivatives.
mixed fixed-income FIM. Less than 30% of the portfolio in equity assets.
mixed equity FIM. Between 30% and 75% of the portfolio in equity assets.
Spanish equity FIM. More than 75% of the portfolio in equities traded on Spanish markets and assets from Spanish issuers traded on other markets.
foreign fixed-income FIM. The portfolio does not include equities or equity 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 Spain cannot exceed 75% of the portfolio.
foreign equity FIM. More than 75% of the portfolio in equity assets. More than 30% of assets are denominated in non-euro currencies.
More than 75% in equities and more than 30% in assets not denominated in euros. European securities represent more than 75% of the equities portfolio.
More than 75% in equities and more than 30% in assets not denominated in euros. Japanese securities represent more than 75% of the equities portfolio.
More than 75% in equities and more than 30% in assets not denominated in euros. US securities represent more than 75% of the equities portfolio.
More than 75% in equities and more than 30% in assets not denominated in euros. Securities from emerging countries represent more than 75% of the equities portfolio.
More than 75% in equities and more than 30% in assets not denominated in euros. Other.
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 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.
assets are denominated in euros, with a maximum of 5% in non-euro currencies.

more than 5% of assets are denominated in non-euro currencies.
3.86
0.00
0.5
0.00
3.38
5.47
FIAMM IFIAMM
FIAMM
A.4.2. INVESTMENT IN SECURITIES. YIELD ON MUTUAL FUNDS BY PORTFOLIO TYPE
137,470,645
4,671,921
132,347,567
63,219,692
11,018,732
1,647,446
20,300,323
4,672,963
4,456,063
62,944
21,061,221
0
69,127,875
55,519,692
10,146,500
1,077,861
42,643,463
1,649,408
2,460
13,608,183
10,249,765
1,212,082
2,132,782
13,554
0
451,157
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 public 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. Other ...........................................................................
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 - creditors) ......................................................
Amount
0.33
96.27
45.99
8.02
1.20
14.77
3.40
3.24
0.05
15.32
0.00
50.29
40.39
7.38
0.78
31.02
1.20
0.00
9.90
7.46
0.88
1.55
0.01
0.00
3.40
100.00
% of assets
31-12-2001
430,392
116,537,697
51,879,090
9,494,994
1,684,575
14,731,934
3,522,766
2,816,552
10,521
19,617,540
208
64,658,607
57,236,633
5,945,798
1,341,170
49,503,919
443,778
1,968
7,421,974
5,068,520
916,623
1,422,062
14,733
36
4,400,303
121,368,392
Amount
0.35
96.02
42.75
7.82
1.39
12.14
2.90
2.32
0.01
16.16
0.00
53.27
47.16
4.90
1.11
40.79
0.37
0.00
6.12
4.18
0.76
1.17
0.01
0.00
3.63
100.00
% of assets
31-12-2002
20,765
15,809,870
11,340,602
1,523,738
37,129
5,568,389
1,150,197
1,639,511
52,423
1,443,681
208
4,469,268
1,716,941
4,200,702
263,309
6,860,456
1,205,630
492
6,186,209
5,181,245
295,459
710,720
1,179
36
271,618
16,102,253
Amount
Change
4.60
11.95
17.94
13.83
2.25
27.43
24.61
36.79
83.29
6.85
0.00
6.47
3.09
41.40
24.43
16.09
73.09
0.00
45.46
50.55
24.38
33.32
8.70
0.00
5.81
11.71
A.4.3. INVESTMENT IN SECURITIES. FIM. BREAKDOWN OF ASSETS AT MARKET VALUE
231
A.4.4. INVESTMENT IN SECURITIES. FIM.

TRANSACTIONS IN DERIVATIVES
Committed nominal amount (1)
31-12-2001
31-12-2002
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 ................................................
1,471,679
657,517
22,834,461
26,191,231
1,586,860
0
3,041,828
126,752
3,483,520
5,756,685
871,651
0
1.07
0.48
16.61
19.05
1.15
0.00
2.21
0.09
2.53
4.19
0.63
0.00
1,253,019
514,138
12,743,648
18,620,032
1,079,745
0
1,329,830
22,535
4,361,249
3,864,030
1,379,720
0
1.03
0.42
10.50
15.34
0.89
0.00
1.10
0.02
3.59
3.18
1.14
0.00
TOTAL............................................................................
66,022,184
48.03
45,167,946
37.22
(1) In thousands of euros.
232
A.4.5. INVESTMENT IN SECURITIES. FIM.

BREAKDOWN OF THE FOREIGN PORTFOLIO BY CURRENCIES
Fixed-income
DIVISA ZONA EURO
Equities
Warrants
2001
2002
2001
2002
2001
2002
TOTAL EURO ZONE..................

EURO.........................................
DANISH KRONE........................
POUND STERLING....................
SWEDISH KRONA .....................
42,787,169
42,285,000
109,958
326,625
65,586
49,466,850
49,259,567
44,551
118,179
44,553
13,670,163
11,115,782
23,585
2,354,466
176,330
8,791,956
7,260,690
13,591
1,478,693
38,982
924,420
923,173
0
1,247
0
430,834
430,629
0
205
0
REST OF WORLD ......................

US DOLLAR...............................
JAPANESE YEN...........................
REST OF EUROPE ......................
SOUTH AMERICA......................
OTHER.......................................
1,987,543
1,415,318
125,695
30,354
0
416,176
1,458,461
1,089,405
73,247
16,094
0
279,715
9,018,505
6,735,658
1,074,336
912,572
94,999
200,940
4,482,159
3,197,136
556,099
592,482
46,178
90,264
738,542
10,467
1,826
0
14
726,235
27,677
14,461
28
29
10
13,149
TOTAL .......................................
44,774,712
50,925,311
22,688,668
13,274,115
1,662,962
458,511
233
234
0.00
0.18
0.74
0.07
0.42
0.03
0.19
0.00
0.01
244,889
245,249
1,003,948
92,035
570,084
37,964
263,315
833
19,796
Gross distributed profits ..........
Net yields ...............................
Total yields..............................
Interest ..............................
Dividends ............................
Total change
in price of fixed-income
(whether realised or not)..
Total change
in price of equities
(whether realised or not)..
Results on derivatives ..........
Other yields.........................
Foreign exchange differences.
Total expenses.........................
Management
fees ...................................
Custody
fees ...................................
Other operating costs ..........
1.07
Net subscriptions and ............ 1,462,018

reimbursements
0.36
0.32
0.03
0.01
490,138
442,789
37,123
10,226
0.18
1.25
% of
average
daily assets
Change in assets ..................... 1,706,876
Amounts
Q1
36,400
17,580
430,447
484,427
5,457,592
1,372,067
4,088
18,763
158,546
5,477,385
1,014,938
201,641
5,961,812
956,848
6,918,656
Amounts
Q2
0.03
0.01
0.33
0.37
4.12
1.04
0.00
0.01
0.12
4.14
0.77
0.15
4.50
0.00
0.72
5.23
% of
average
daily assets
Amounts
Q3
34,348
9,092
401,157
444,597
5,299,181
1,183,364
61,838
66,524
771,612
4,593,768
1,009,810
112,041
5,038,365
2,677,731
7,716,099
2002
0.03
0.01
0.32
0.36
4.26
0.95
0.05
0.05
0.62
3.70
0.81
0.09
4.05
0.00
2.15
6.21
% of
average
daily assets
33,762
6,012
385,308
413,058
1,063,525
299,385
6,596
64,517
319,857
2,629,970
965,752
52,564
2,216,912
1,865,139
351,772
Amounts
Q4
0.03
0.00
0.31
0.34
0.87
0.24
0.01
0.05
0.26
2.15
0.79
0.04
1.81
0.00
1.52
0.29
% of
average
daily assets
155,906
59,151
1,977,148
2,192,205
7,933,472
1,931,523
240,241
49,654
633,970
3,619,482
4,782,809
538,839
5,811,687
9,395,468
15,207,780
Amounts
0.11
0.04
1.41
1.56
5.65
1.37
0.17
0.04
0.45
2.58
3.40
0.38
4.14
0.00
6.69
10.82
141,633
30,886
1,659,701
1,832,220
9,731,212
2,519,361
51,987
130,008
679,931
7,195,934
3,994,448
458,281
9,028,154
6,961,736
0.11
0.02
1.29
1.42
7.55
1.95
0.04
0.10
0.53
5.58
3.10
0.36
7.00
0.00
5.40
12.41
% of
average
daily assets
2002
15,989,859
Amounts
Accumulated
% of
average
daily assets
2001
A.4.6. INVESTMENT IN SECURITIES. FIM. BREAKDOWN OF CHANGE IN ASSETS
A.4.7. INVESTMENT IN SECURITIES. FIM AND FIAMM.

ASSETS, NUMBER OF INVESTORS AND NUMBER OF FUNDS
Assets
31/12/2001
Type of fund
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)
Foreign equity Europe (RVIE)
Foreign equity Japan (RVIJ)
Foreign equity USA (RVIU)
Foreign equity emerging countries (RVIM)
Other foreign equity (RVIO)
TOTAL FIM
FIAMM
International FIAMM
TOTAL FIAMM
TOTAL FIM & FIAMM
31/12/2002
Change
Amount
% of total
Amount
% of total
Amount
20,781,311
14,526,418
9,367,494
9,793,670
5,658,005
1,923,963
8,349,581
4,516,820
5,309,574
12,215,429
17,668,595
24,606,674
2,753,111
0
0
0
0
0
137,470,645
43,827,909
2,394
43,830,303
181,300,948
11.46
8.01
5.17
5.40
3.12
1.06
4.61
2.49
2.93
6.74
9.75
13.57
1.52
0.00
0.00
0.00
0.00
0.00
75.82
24.17
0.00
24.18
100.00
25,874,503
13,321,116
6,503,363
7,890,207
3,801,458
1,725,554
6,985,022
3,192,328
3,704,705
0
15,486,905
22,786,646
2,557,690
2,244,436
389,374
698,711
339,752
3,866,622
121,368,392
53,366,474
0
53,366,474
174,734,866
14.81
7.62
3.72
4.52
2.18
0.99
4.00
1.83
2.12
0.00
8.86
13.04
1.46
1.28
0.22
0.40
0.19
2.21
69.46
30.54
0.00
30.54
100.00
5,093,192
1,205,302
2,864,131
1,903,463
1,856,547
198,409
1,364,559
1,324,492
1,604,869
12,215,429
2,181,690
1,820,028
195,421
2,244,436
389,374
698,711
339,752
3,866,622
16,102,253
9,538,565
2,394
9,536,171
6,566,082
24.51
8.30
30.58
19.44
32.81
10.31
16.34
29.32
30.23
100.00
12.35
7.40
7.10
11.71
21.76
100.00
21.76
3.62
Number of investors
31/12/2001
Type of fund
Mixed equity (RVM)
Euro equity (RVE)
Global funds (FGL)
TOTAL FIM
FIAMM
International FIAMM
TOTAL FIAMM
TOTAL FIM & FIAMM
Units
548,099
354,260
409,080
427,748
272,109
55,959
340,199
246,489
274,113
992,150
650,732
1,177,237
93,889
0
0
0
0
0
5,842,064
1,612,097
213
1,612,310
7,454,374
% of total
7.35
4.75
5.49
5.74
3.65
0.75
4.56
3.31
3.68
13.31
8.73
15.79
1.26
0.00
0.00
0.00
0.00
0.00
78.37
21.63
0.00
21.63
100.00
31/12/2002
Units
564,627
314,640
299,191
414,728
237,376
52,331
283,514
197,468
277,809
0
560,486
1,129,062
88,836
179,452
68,191
40,333
36,029
619,271
5,363,344
1,727,074
0
1,727,074
7,090,418
% of total
7.96
4.44
4.22
5.85
3.35
0.74
4.00
2.78
3.92
0.00
7.90
15.92
1.25
2.53
0.96
0.57
0.51
8.73
75.64
24.36
0.00
24.36
100.00
Change
Units
16,528
39,620
109,889
13,020
34,733
3,628
56,685
49,021
3,696
992,150
90,246
48,175
5,053
179,452
68,191
40,333
36,029
619,271
478,720
114,977
213
114,764
363,956
%
3.02
11.18
26.86
3.04
12.76
6.48
16.66
19.89
1.35
100.00
13.87
4.09
5.38
8.19
7.13
100.00
7.12
4.88
235
(Continued)
A.4.7. INVESTMENT IN SECURITIES. FIM AND FIAMM.

ASSETS, NUMBER OF INVESTORS AND NUMBER OF FUNDS
Number of funds
31/12/2001
Type of fund
Mixed equity (RVM)
Euro equity (RVE)
Global funds (FGL)
TOTAL FIM
FIAMM
International FIAMM
TOTAL FIAMM
TOTAL FIM & FIAMM
236
Units
192
173
201
215
107
60
76
100
118
391
243
396
114
0
0
0
0
0
2,386
170
1
171
2,557
% of total
7.51
6.77
7.86
8.41
4.18
2.35
2.97
3.91
4.61
15.29
9.50
15.49
4.46
0.00
0.00
0.00
0.00
0.00
93.31
6.65
0.04
6.69
100.00
31/12/2002
Units
203
162
173
205
101
69
81
103
124
0
214
388
132
47
29
46
42
226
2,345
163
0
163
2,508
% of total
8.09
6.46
6.90
8.17
4.03
2.75
3.23
4.11
4.94
0.00
8.53
15.47
5.26
1.87
1.16
1.83
1.67
9.01
93.50
6.50
0.00
6.50
100.00
Change
Units
11
11
28
10
6
9
5
3
6
391
29
8
18
47
29
46
42
226
41
7
1
8
49
%
5.73
6.36
13.93
4.65
5.61
15.00
6.58
3.00
5.08
100.0
11.93
2.02
15.79
1.72
4.12
100.00
4.68
1.92
AC DEUDA FT FIM .................................

AC DINERPLUS FIM ................................
AC HORIZONTE SEGURO FIM ...............
ACTIVOS EN RENTA FIJA EURO FIM ......
AF TESORERIA FIM .................................
ALLIANZ RF CORTO EUROLAND FIMF..
ALTAE INSTITUCIONES FIM ....................
ALTAE RENTA FIM ...................................
ARCALIA INTERES FIM ............................
ASTURFONDO RENTA FIJA FIM .............
ASTURFONDO RENTAS FIM ..................
BANESDEUDA FT FIM ............................
BANESDEUDA FV FIM ............................
BANESTO DINERO FIM ..........................
BANESTO EMPRESAS FIM .......................
BANESTO ESPECIAL DR FIM ..................
BANESTO TESORERIA PLUS FIM ............
BANKOA-AHORRO FONDO FIM ..........
BARCLAYS BONOS CORPORATIVOS FIM ...
BARCLAYS BONOS CORTO FIM ............
BARCLAYS GESTION FIMF ......................
BARCLAYS MONETARIO FIM .................
BARCLAYS TESORERIA FIM ....................
BBK TESORERIA FIM ...............................
BBVA RENTA FIJA CORTO FIM ...............
BBVA TESORERIA FIM .............................
BCH INTERES DIARIO FIM .....................
BETA TESORERIA FIM .............................
BG FOND EMPRESA FIM ........................
BG ONDAR RENTA FIM .........................
BI RENTA FIJA CORTO PLAZO EUROPA FIM ....
BIZKAIAHORRO FIM ..............................
BK FT 2 FIM ............................................
BNP PARIBAS EVOLUTION FIM .............
0.24
0.78
0.59
0.18
0.56
0.29
0.55
0.06
0.49
0.03
0.71
0.22
0.35
0.36
0.51
0.58
NA
1.11
0.07
0.26
0.13
0.70
0.61
0.66
0.30
0.73
0.38
NA
0.71
0.07
NA
0.15
0.57
0.81
Yield
(%)
1.11
0.32
9.33
0.81
0.01
0.50
0.21
0.76
0.31
1.28
0.01
1.10
1.30
5.81
0.24
0.12
NA
9.87
0.96
1.13
1.35
9.60
0.12
6.57
0.16
4.59
5.30
NA
2.68
0.71
NA
0.30
1.61
0.29
Volatility
1.90
0.18
0.01
1.54
0.00
0.01
0.40
1.53
0.54
1.72
0.18
1.31
2.05
0.12
0.22
0.30
NA
0.05
1.87
1.54
0.00
0.09
0.29
0.12
0.51
0.25
0.18
NA
0.13
1.45
NA
0.39
3.87
0.15
RFCP
RFLP
GRV
RFCP
RFCP
GRF
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
Dura- Fund
tion type
Q1
1.11
0.44
0.55
0.83
0.58
0.81
0.73
0.99
0.77
1.24
0.71
1.29
1.33
0.44
0.77
0.80
NA
1.13
1.70
1.52
1.51
0.74
0.78
0.68
0.54
0.73
0.35
NA
0.68
1.14
NA
0.66
1.38
1.00
Yield
(%)
1.11
0.33
3.13
0.51
8.44
0.34
0.19
0.50
0.35
2.26
1.30
1.01
1.05
8.64
0.14
0.14
NA
1.70
1.30
1.02
0.92
9.39
0.17
8.84
9.64
2.20
4.08
NA
1.16
0.71
NA
0.32
1.65
0.35
Volatility
1.66
0.26
0.01
1.46
0.00
0.00
0.24
0.88
0.55
1.55
0.22
1.63
2.12
0.26
0.36
0.36
NA
0.09
2.72
1.53
0.01
0.18
0.25
0.13
0.35
0.19
0.21
NA
0.12
1.41
NA
0.40
3.89
0.08
RFCP
RFLP
GRV
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
Dura- Fund
tion type
Q2
2.18
1.02
0.57
0.94
0.59
1.01
0.69
0.95
1.07
1.91
0.73
2.26
2.43
0.49
0.91
0.92
NA
1.14
2.93
2.45
2.44
0.75
0.78
0.70
0.41
0.70
0.36
NA
0.71
1.39
NA
0.92
1.73
1.71
Yield
(%)
1.46
0.30
0.03
0.83
5.23
0.36
0.11
0.44
0.43
1.63
1.12
1.67
1.76
7.08
0.24
0.26
NA
4.87
1.80
1.84
1.63
8.75
0.11
1.10
7.83
3.14
1.89
NA
1.48
1.10
NA
0.48
1.78
2.37
Volatility
1.91
0.29
0.01
1.70
0.00
0.00
0.29
0.75
0.51
1.55
0.15
1.91
2.04
0.22
0.34
0.27
NA
0.00
2.41
2.16
0.00
0.11
0.16
0.15
0.32
0.23
0.14
NA
0.10
1.32
NA
0.33
4.11
0.00
RFCP
RFLP
GRV
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
Dura- Fund
tion type
Q3
1.05
0.92
0.52
0.95
0.55
0.66
0.89
0.76
1.06
1.12
0.70
1.19
1.15
0.42
0.69
0.72
NA
0.47
1.64
1.57
1.03
0.73
0.68
0.66
0.52
0.67
0.32
NA
0.66
1.01
NA
0.45
1.05
1.17
Yield
(%)
1.12
0.19
2.06
1.16
1.29
0.22
0.21
0.42
0.61
0.85
1.55
1.33
1.44
5.13
0.14
0.17
4.06
3.44
1.73
1.70
1.11
9.96
9.64
8.98
0.10
5.69
4.02
5.21
9.31
0.89
0.07
0.38
1.43
0.96
Volatility
1.56
0.88
0.01
1.56
0.00
0.01
0.27
0.84
0.90
2.48
0.13
1.94
1.97
0.17
0.29
0.28
0.01
0.10
1.90
0.01
0.15
0.14
0.10
0.27
0.26
0.18
0.01
0.09
1.41
0.01
0.22
3.72
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
Dura- Fund
tion type
Q4
FIM SHORT-TERM FIXED-INCOME (RFCP)
4.16
3.19
2.25
2.92
2.30
2.80
2.90
2.65
3.44
1.80
2.88
4.58
4.61
1.71
2.91
3.05
NA
3.90
6.47
5.37
5.19
2.95
2.87
2.71
1.79
2.85
1.42
NA
2.79
3.51
NA
2.19
3.61
4.78
Yield
(%)
1.22
0.29
5.33
0.86
1.01
0.37
0.18
0.55
0.45
1.61
1.40
1.32
1.43
6.86
0.20
0.18
4.06
0.06
1.51
1.48
1.29
9.44
0.13
9.51
0.11
4.17
4.03
5.21
1.76
0.88
0.07
0.38
1.63
1.31
Volatility
2002
16.49
18.04
18.18
24.52
14.52
NA
NA
15.33
16.41
11.15
17.65
19.46
19.61
12.23
NA
17.75
NA
24.40
NA
20.16
NA
NA
17.81
NA
12.89
18.11
9.06
NA
NA
15.30
NA
10.81
19.67
6.87
Yield
since
1996
% fees
1.50
0.50
1.00
0.50
0.80
0.75
0.20
1.25
0.50
1.75
0.45
1.50
1.50
1.50
0.60
0.50
1.00
0.50
0.70
1.00
0.00
0.35
0.50
0.40
1.50
0.50
1.90
0.20
0.50
1.30
2.00
1.80
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
of assets of yield 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.
Management Front end
A.4.8. INVESTMENT IN SECURITIES. FIM. YIELDS, VOLATILITY AND DURATION
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
2.00
1.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
1.00
0.00
0.00
0.00
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
0.08
0.06
0.05
0.07
0.07
0.14
0.05
0.10
0.10
0.14
0.05
0.00
0.15
0.20
0.15
0.10
0.10
0.00
0.15
0.20
0.05
0.10
0.15
0.09
0.15
0.10
0.10
0.07
0.09
0.18
0.00
0.09
0.00
0.00
Custody
237
238
Volatility
0.12
0.64
0.14
NA
1.33
0.38
0.31
1.25
0.29
1.26
1.21
0.19
0.18
0.20
1.31
1.24
1.25
0.22
9.82
0.31
0.39
0.30
0.27
0.31
1.38
0.13
0.30
7.63
9.79
NA
0.14
3.12
0.57
7.37
BNP PARIBAS TESORERIA FIM ............... 0.52

BSN BANIF DEUDA FT FIM .................... 0.16
BSN BANIF INSTITUCIONES FIM ........... 0.57
CAAM MONETARIO DINAMICO FIMS ...
NA
CAI RENTA FIJA FIM ................................ 0.11
CAI RENTA FIM ....................................... 0.75
CAI TESORERIA FIM ................................ 0.73
CAIXA GALICIA INV. FIM ...................... 0.19
CAIXA GALICIA PATRIMONIOS FIM ...... 0.74
CAIXA PATRIM. PLUS FIM ...................... 0.67
CAIXA PATRIMONI FIM .......................... 0.63
CAIXAGIRONA PATRIMONI 1 FIMS ....... 0.54
CAIXAGIRONA PATRIMONI 2 FIMS ....... 0.62
CAIXAGIRONA PATRIMONI FIMP........... 0.75
CAIXANOVA GESTION FIM ................... 0.10
CAIXASABADELL 2-FIX FIM..................... 0.18
CAIXASABADELL 4-FIX FIM..................... 0.29
CAJA INGENIEROS DINERO FIM ............ 0.62
CAJA LABORAL TESORERIA FIM ............ 0.81
CAJA MURCIA FIM .................................. 0.59
CAJA SEGOVIA RENTA FIM ..................... 0.63
CAJABURGOS TR FIM ............................ 0.71
CAJACANARIAS RENTA FIJA FIM ............ 0.59
CAJARIOJA TESORERIA FIM .................... 0.59
CAM FONDEMPRESA FIM ...................... 0.73
CAN AHORRO 1 FIM ............................. 0.74
CAN AHORRO 10 FIM ........................... 0.44
CANARIAS RENTA FIM ............................ 0.52
CANTABRIA DINERO FIM ...................... 0.50
CEM PATRIMONI FIM .............................
NA
CEM TRESORERIA FIM ............................ 0.90
CIBERNEXO FIM ..................................... 0.72
CITIFONDO PREMIUM FIM .................... 0.24
CONSTANTFONS FIM ............................ 0.65
0.23
0.90
0.28
NA
1.92
0.25
0.20
1.79
0.19
1.38
2.59
0.01
0.01
0.62
1.60
1.58
1.52
0.20
0.08
0.24
0.25
0.21
0.19
0.23
0.19
0.13
0.54
0.08
0.15
NA
0.19
0.30
0.03
0.17
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
Dura- Fund
tion type
Q1
0.51
0.94
0.85
NA
0.02
0.30
0.51
0.06
0.43
0.03
0.05
0.83
0.92
1.07
1.17
0.79
0.65
0.60
0.86
0.09
0.08
0.33
0.22
0.11
0.74
0.74
1.00
0.56
0.60
NA
0.78
0.73
0.75
0.66
Yield
(%)
0.13
0.72
0.14
0.17
1.42
0.45
0.26
1.42
0.31
1.25
1.22
0.18
0.18
0.19
2.35
1.97
1.97
0.14
7.38
0.50
0.51
0.35
0.41
0.51
1.38
0.13
0.27
0.01
6.20
0.28
0.15
0.01
0.35
6.08
Volatility
0.17
0.47
0.44
0.00
1.84
0.30
0.24
1.86
0.26
2.04
2.86
0.01
0.01
0.69
1.44
1.50
1.45
0.14
0.12
0.29
0.28
0.25
0.24
0.29
0.21
0.54
0.52
0.15
0.17
0.68
0.29
0.28
0.99
0.20
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
Dura- Fund
tion type
Q2
0.72
1.54
0.93
0.59
2.19
1.05
0.90
2.35
0.97
0.47
0.27
0.78
0.87
1.02
1.74
1.70
1.99
0.55
0.69
0.92
0.93
0.93
0.94
0.89
0.76
1.05
1.07
0.57
0.63
0.78
0.62
0.76
1.04
0.67
Yield
(%)
0.12
1.12
0.31
0.50
1.34
0.35
0.27
1.27
0.30
0.87
1.06
0.18
0.18
0.19
1.70
1.62
1.70
0.16
0.16
0.38
0.37
0.31
0.37
0.36
1.40
0.31
0.30
1.07
5.16
0.44
0.15
1.68
0.60
0.04
Volatility
0.07
0.56
0.35
0.00
1.87
0.32
0.29
1.81
0.32
2.37
3.01
0.01
0.01
0.39
1.37
1.51
1.50
0.05
0.11
0.31
0.31
0.29
0.32
0.29
0.16
0.53
0.46
0.09
0.34
0.62
0.26
0.24
0.73
0.17
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
Dura- Fund
tion type
Q3
0.56
1.10
0.78
1.25
1.33
0.92
0.84
1.41
0.88
1.79
1.44
0.64
0.73
0.87
1.15
1.22
1.34
0.52
0.71
0.79
0.80
0.84
0.82
0.80
0.73
0.72
0.89
0.52
0.56
1.09
0.69
0.73
0.53
0.64
Yield
(%)
8.80
0.95
0.16
0.66
0.99
0.24
0.15
0.98
0.22
1.49
1.29
0.12
0.12
0.12
0.83
0.83
0.87
8.29
3.86
0.14
0.23
0.14
0.13
0.13
1.43
0.14
0.44
1.05
3.17
0.52
0.16
4.31
0.38
3.45
Volatility
0.14
1.43
0.31
0.00
2.45
1.04
0.96
2.44
0.92
1.67
2.20
0.01
0.01
0.48
2.24
2.35
2.45
0.04
0.10
1.09
0.96
0.89
1.08
1.02
0.15
0.33
0.38
0.09
0.10
1.28
0.35
0.25
0.55
0.14
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
Dura- Fund
tion type
Q4
2.33
3.46
3.17
NA
3.64
3.04
3.01
3.93
3.05
2.99
2.40
2.81
3.17
3.76
1.81
2.31
2.99
2.31
3.10
2.42
2.46
2.85
2.61
2.41
2.99
3.30
3.44
2.18
2.30
NA
3.03
2.97
2.58
2.65
Yield
(%)
0.12
0.89
0.20
0.58
1.29
0.37
0.26
1.25
0.29
1.24
1.20
0.17
0.17
0.18
1.66
1.49
1.52
0.16
0.10
0.36
0.39
0.29
0.32
0.36
1.42
0.20
0.34
0.01
6.58
0.46
0.15
2.95
0.49
5.57
Volatility
2002
17.52
16.35
18.42
NA
15.69
17.42
18.57
18.34
17.23
17.93
15.18
NA
NA
NA
12.12
13.13
15.98
NA
NA
14.46
14.07
15.84
15.01
14.57
NA
NA
NA
14.49
13.85
NA
18.26
18.15
14.10
16.43
Yield
since
1996
0.60
1.40
0.45
0.20
1.25
0.60
0.60
1.10
0.65
0.70
1.00
0.75
0.40
0.00
1.40
1.45
0.90
1.00
0.45
1.00
1.00
0.75
1.00
1.00
0.40
0.75
0.45
1.00
1.00
0.80
0.50
0.20
1.50
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
1.00
0.00
1.00
0.00
0.00
1.00
0.00
0.00
1.00
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
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
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Max.
of
of yield Max.
assets
Min.
Back end
% fees
Yield
(%)
(Continued)
0.00
0.10
0.05
0.04
0.10
0.04
0.05
0.15
0.06
0.14
0.14
0.10
0.10
0.00
0.20
0.20
0.19
0.14
0.05
0.15
0.20
0.14
0.07
0.07
0.09
0.05
0.05
0.07
0.15
0.15
0.10
0.20
0.10
0.10
Custody
CONSULNOR TESORERIA FIM ...............

CRV FONDINERO FIM ...........................
CTA FISCAL ORO III FIM .........................
DINERO ACTIVO I FIM ...........................
DINEURO DINAMICO FIMFP..................
DWS INVEST FIM ....................................
DWS INVEST II FIM ................................
EAGLE FUND FIM ...................................
EBN RENTA SEGURA FIM .......................
EDM RENTA FIM .....................................
EUROVALOR RENTA AO FIM ..............
EUROVALOR RF CORTO FIM ................
EUROVALOR SELECCION MONETARIO FIMF ...
EUROVALOR-AHORRO FIM ..................
EUROVALOR-PATRIM. FIM .....................
EVEREST 2000 FIM ..................................
EXTRARENTA FIM ....................................
FEMP CORTO PLAZO FIMS .....................
FG TESORERIA FIM .................................
FIBANC ACTIVO FIM...............................
FONALAVA FIM ......................................
FONCAIXA FC 59 FIM .............................
FONCAIXA TESORERIA 46 FIM ..............
FONCONSUL FIM....................................
FOND21 FIM ...........................................
FONDACOFAR FIM ................................
FONDARAGON FIM ...............................
FONDCIRCULO FIM ...............................
FONDEGA SEGURIDAD FIM ..................
FONDESPAA AHORRO FIM ................
FONDESPAA I FIM ...............................
FONDGUISSONA FIM ............................
FONDICAJA FIM .....................................
FONDMUSINI I FIM ...............................
(Continued)
0.68
0.46
0.41
0.58
NA
0.01
0.03
0.33
0.23
0.43
0.87
0.53
NA
0.33
0.58
0.53
NA
0.52
0.46
0.66
0.58
0.26
0.72
0.51
0.09
0.51
0.46
0.15
0.57
0.47
0.14
0.61
0.09
0.56
Yield
(%)
0.12
0.12
2.30
9.16
NA
0.88
0.89
0.73
0.74
0.27
0.16
0.17
NA
0.17
0.14
0.82
NA
0.35
0.14
0.18
0.12
1.85
5.92
1.20
1.38
1.00
1.20
1.18
2.76
0.54
1.04
6.57
1.20
9.18
Volatility
0.26
0.18
0.28
1.71
NA
1.62
1.53
0.14
0.55
0.23
0.34
NA
0.43
0.42
2.19
NA
0.00
0.12
0.33
0.74
2.04
0.13
1.57
1.60
1.27
0.01
1.57
0.14
0.65
1.56
0.11
1.57
0.15
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
RFCP
RFCP
RFCP
RFCP
RFCP
Dura- Fund
tion type
Q1
0.73
0.58
0.42
0.69
NA
1.22
1.21
0.60
0.45
0.85
0.83
0.64
NA
0.66
0.69
0.93
NA
0.67
0.59
0.71
0.80
1.24
0.70
1.16
1.23
1.25
0.46
1.36
0.56
0.68
0.92
0.64
0.75
0.58
Yield
(%)
0.21
7.05
1.92
0.12
1.80
0.79
0.79
0.65
5.04
0.23
0.18
0.12
NA
0.22
0.20
1.02
NA
0.36
1.21
0.21
0.13
1.01
0.10
0.77
2.36
0.71
2.08
2.41
2.42
0.28
2.01
6.11
1.90
1.62
Volatility
0.23
0.17
0.25
1.53
0.00
1.55
1.52
0.90
0.16
0.33
0.65
0.38
NA
0.24
0.56
2.17
NA
0.00
0.08
0.34
0.78
3.11
0.13
1.07
1.47
1.24
0.00
1.51
0.12
0.46
1.51
0.24
1.47
0.21
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
GRF
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
FGL
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
Dura- Fund
tion type
Q2
0.73
0.55
0.44
0.64
0.73
1.72
1.68
1.10
0.47
1.01
0.70
0.57
NA
0.69
0.55
1.58
NA
0.82
0.49
1.12
0.94
1.72
0.77
1.45
1.76
2.52
0.47
1.81
0.56
0.84
1.91
0.87
1.78
0.62
Yield
(%)
0.17
7.37
1.13
9.37
0.51
1.13
1.14
0.94
0.05
0.46
0.16
0.20
NA
8.34
0.15
1.21
NA
0.26
3.20
0.19
0.19
1.33
6.28
1.20
1.76
1.42
8.87
1.70
4.30
0.30
1.77
0.36
1.74
6.10
Volatility
0.21
0.13
0.25
1.36
0.00
1.71
1.77
0.59
0.12
0.52
0.48
0.34
NA
0.22
0.47
2.05
NA
0.00
0.02
0.26
0.70
3.01
0.11
1.31
1.47
1.17
0.01
1.53
0.13
0.36
1.43
0.26
1.53
0.19
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
Dura- Fund
cin type
Q3
0.62
0.48
0.41
0.61
1.37
0.86
0.88
1.02
0.42
0.42
0.69
0.54
NA
0.55
0.52
1.00
NA
0.62
0.41
0.80
0.75
0.64
0.70
1.50
1.18
1.43
0.45
1.10
0.55
0.63
1.23
0.63
1.21
0.59
Yield
(%)
7.51
0.37
0.21
0.08
0.68
1.03
1.03
0.42
5.96
0.66
0.10
0.20
6.06
0.13
0.24
1.18
0.29
0.23
6.20
0.21
0.11
0.60
3.78
1.17
0.86
1.34
2.21
0.84
2.46
0.21
0.81
5.26
0.85
1.07
Volatility
0.13
0.11
0.27
1.67
0.00
1.58
1.63
0.91
0.06
0.41
0.22
0.29
0.01
0.12
0.26
2.04
0.01
0.00
0.02
0.21
1.27
1.21
0.07
1.99
2.00
1.14
0.01
2.26
0.16
0.73
2.31
0.23
2.23
0.14
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
Dura- Fund
tion type
Q4
2.79
2.08
1.70
2.55
NA
3.84
3.78
3.08
1.58
2.73
3.12
2.29
NA
2.25
2.36
4.10
NA
2.65
1.97
3.33
3.10
3.37
2.92
3.63
1.78
5.82
1.86
1.68
2.25
2.65
2.36
2.77
2.34
2.37
Yield
(%)
0.15
0.20
0.10
0.10
0.60
0.98
0.98
0.71
0.37
0.44
0.16
0.18
6.06
0.16
0.19
1.07
0.29
0.30
8.33
0.20
0.14
1.29
6.98
1.11
1.70
1.16
0.01
1.66
3.09
0.35
1.51
0.19
1.50
1.17
Volatility
2002
NA
NA
11.24
15.86
NA
16.06
15.13
13.42
10.16
16.35
NA
15.43
NA
NA
NA
NA
NA
NA
13.89
19.21
18.63
NA
NA
16.00
11.56
19.69
16.76
11.46
14.13
16.16
13.23
17.75
13.01
14.38
Yield
since
1996
% fees
0.50
1.00
1.55
1.00
0.20
1.50
1.50
1.00
1.00
0.50
0.40
1.00
0.95
0.70
0.70
1.75
0.55
0.80
0.35
0.50
0.50
1.10
0.45
1.10
1.50
0.80
1.05
1.50
0.90
1.10
1.50
0.55
1.60
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.
0.00
0.00
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
2.00
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
1.50
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
Min.
Back end
0.10
0.08
0.10
0.00
0.04
0.10
0.20
0.15
0.10
0.15
0.00
0.00
0.00
0.15
0.15
0.15
0.05
0.01
0.18
0.10
0.00
0.13
0.04
0.10
0.14
0.19
0.04
0.20
0.10
0.15
0.20
0.00
0.09
0.10
Custody
239
240
FONDO EXTRA FIM ................................

FONDO VALENCIA EMPRESAS FIM ........
FONDOATLANTICO FIM ........................
FONDOATLANTICO PREMIER FIM .........
FONDOMIX FIM .....................................
FONDPAMPLONA FIM ...........................
FONJALON RENTA FIJA FIM ...................
FONMARCH FIM ....................................
FONPASTOR DINERO FIM .....................
FONPREMIUM RF FIM ............................
FONSCATALONIA 1 FIM ........................
FONSGIRONA FIM .................................
FONSGIRONA II FIM ..............................
FONSMANLLEU ESTALVI FIM .................
FONSNOSTRO FIM .................................
FONTESORERIA FIM ...............................
FONVALOR FIM .....................................
FONVITORIA FIM ....................................
HERRERO AHORRO ESTUDIOS FIMS ....
HERRERO DINERO FIMS ........................
HERRERO MONETARIO FIMS .................
HERRERO TESORERIA FIMS ....................
HSBC TESORERIA FIM .............................
IBERAGENTES POPULAR TESORERIA FIM ..
IBERCAJA AHORRO FIM .........................
IBERCAJA CASH 2 FIM ............................
IBERCAJA CASH FIM ...............................
IBERCAJA TESORERIA FIM .......................
IBERSECURITIES TESORERIA FIM ...........
INTEGRAL VARIABLE FIM .......................
INTERES 2.000 FIM .................................
INTERMONEY TESORERIA FIM ...............
INVERBAN DINERO FIM ........................
INVERCAJA 21 FIM .................................
(Continued)
0.04
0.64
0.08
0.74
0.66
0.18
0.54
0.12
NA
0.49
0.04
0.38
0.52
0.57
0.09
0.55
0.14
0.40
0.16
0.59
0.51
0.63
0.64
0.59
0.22
0.49
0.56
0.36
0.75
1.05
0.08
0.77
0.52
0.23
Yield
(%)
1.01
2.26
0.73
0.71
4.64
0.29
0.11
1.10
NA
0.47
0.77
9.88
8.60
0.43
1.29
0.25
1.22
0.93
0.38
0.11
0.11
0.12
1.51
0.31
1.06
0.31
0.29
0.26
2.13
1.10
0.71
0.36
0.02
0.49
Volatility
1.02
0.17
1.00
0.01
0.09
0.63
0.04
1.77
NA
0.91
1.85
0.64
0.76
0.24
1.75
0.55
1.67
1.07
0.01
0.01
0.01
0.01
0.02
0.35
2.26
0.50
0.49
0.55
0.31
0.36
1.58
0.19
0.07
0.69
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFMI
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
Dura- Fund
tion type
Q1
1.35
0.68
0.80
0.60
0.70
0.60
0.40
1.66
NA
1.13
1.27
0.49
0.60
0.08
0.99
0.74
0.93
1.06
0.72
0.75
0.68
0.79
0.70
0.79
0.50
0.86
0.97
0.76
0.78
1.04
1.16
0.73
0.65
0.74
Yield
(%)
0.82
2.58
0.53
2.72
0.00
0.22
0.42
1.02
7.50
0.44
0.99
8.68
8.21
0.45
2.29
0.18
2.03
0.71
0.34
0.10
0.10
0.10
5.62
8.45
1.20
0.27
0.27
0.24
1.46
1.48
0.81
1.85
0.13
0.28
Volatility
1.24
0.16
0.88
0.00
0.07
0.41
0.04
1.60
0.01
0.80
1.85
0.53
0.65
0.28
1.64
0.30
1.36
1.19
0.01
0.01
0.01
0.01
0.07
0.21
2.16
0.52
0.50
0.49
0.34
0.32
1.39
0.14
0.18
0.47
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
RFMI
RFCP
RFCP
RFCP
RFCP
Dura- Fund
tion type
Q2
2.20
0.70
1.13
0.66
0.68
0.59
0.68
2.70
0.78
1.30
2.11
0.42
0.52
0.82
1.82
0.85
1.85
1.88
0.17
0.67
0.60
0.71
0.69
0.89
0.99
0.99
1.03
0.76
0.80
0.88
1.30
1.05
1.09
0.56
Yield
(%)
1.55
2.72
0.72
9.32
0.10
9.73
0.14
1.62
0.13
0.39
1.39
0.11
9.66
0.31
1.79
0.25
1.67
1.23
1.31
9.03
9.06
0.09
1.52
0.12
1.32
0.29
0.28
0.25
1.73
1.17
1.00
0.31
0.60
0.21
Volatility
1.18
0.14
0.94
0.00
0.06
0.16
0.02
2.42
0.30
0.61
1.79
0.28
0.31
0.29
1.55
0.40
1.41
1.23
0.01
0.01
0.01
0.01
0.01
0.14
2.05
0.33
0.39
0.34
0.27
0.11
1.22
1.22
0.13
0.27
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
RFMI
RFCP
RFCP
RFCP
RFCP
Dura- Fund
tion type
Q3
1.09
0.64
0.40
1.77
0.66
0.55
0.57
0.70
0.74
0.91
0.97
0.36
0.48
0.68
1.35
0.81
1.27
0.94
0.00
0.61
0.54
0.66
0.62
0.79
1.15
0.69
0.76
0.55
0.81
0.49
0.03
0.74
0.73
0.53
Yield
(%)
1.34
1.27
0.68
0.92
1.49
1.72
4.52
3.81
0.13
0.31
1.15
9.10
6.21
0.17
0.82
0.21
0.81
1.12
0.64
3.28
3.23
0.03
1.84
4.12
1.07
0.16
0.18
0.11
7.77
0.40
2.21
9.00
0.17
1.24
Volatility
1.23
0.11
0.97
2.65
0.03
0.01
0.02
2.01
0.24
0.41
2.06
0.27
0.40
1.20
2.39
0.37
2.10
1.17
0.01
0.01
0.01
0.01
0.01
1.71
0.26
0.28
0.27
0.26
0.12
1.10
0.20
0.08
0.07
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
Dura- Fund
tion type
Q4
4.67
2.69
2.27
3.82
2.74
1.93
2.20
3.55
NA
3.88
4.37
1.66
2.14
2.16
2.26
2.99
2.33
3.51
1.05
2.64
2.36
2.81
2.67
3.10
2.89
3.07
3.36
2.46
3.17
3.50
2.36
3.35
3.03
2.07
Yield
(%)
1.23
2.33
0.68
0.59
6.01
0.19
0.23
2.22
0.13
0.41
1.11
9.98
8.32
0.36
1.66
0.23
1.52
1.03
0.77
9.50
9.44
9.52
0.03
0.17
1.17
0.27
0.26
0.22
4.21
1.11
1.34
0.24
0.32
0.30
Volatility
2002
22.13
16.59
13.40
NA
16.91
13.94
16.27
14.36
NA
NA
15.06
10.10
12.77
12.89
16.20
19.85
13.40
16.54
10.45
NA
NA
NA
15.04
NA
13.85
NA
NA
13.38
NA
8.86
19.88
NA
15.06
15.91
Yield
since
1996
0.88
0.55
1.50
0.65
0.35
1.00
0.95
1.80
0.25
0.15
1.35
1.60
1.20
1.20
1.00
0.40
1.40
1.50
1.35
0.70
1.00
0.60
0.40
0.09
1.20
0.55
0.25
1.20
0.20
0.50
1.00
0.25
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
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
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
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
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.
of
of yield Max.
assets
Min.
Back end
% fees
0.00
0.05
0.20
0.10
0.18
0.20
0.04
0.00
0.05
0.10
0.20
0.20
0.20
0.14
0.20
0.15
0.08
0.20
0.05
0.05
0.05
0.00
0.05
0.05
0.20
0.15
0.15
0.20
0.05
0.10
0.13
0.10
0.10
0.05
Custody
Volatility
1.13
0.92
0.17
0.38
0.17
0.20
0.17
0.09
0.19
1.83
0.36
0.48
0.13
NA
9.70
0.39
0.10
0.75
NA
0.47
0.16
0.46
2.37
0.45
0.45
0.70
0.13
4.84
0.13
0.40
0.11
0.12
0.39
0.38
INVERFONDO FIM ................................. 0.07

INVERMADRID FT FIM ........................... 0.27
INVERMONTE FIM .................................. 0.71
IURISFOND FIM ..................................... 0.89
KUTXAMONETARIO 2 FIM ..................... 0.58
KUTXAMONETARIO 3 FIM ..................... 0.63
LEASETEN III FIM (**) .............................. 0.86
LEASETEN RENTA FIJA CORTO FIM......... 0.89
MADRID DINERO FIM ........................... 0.45
MADRID RENTABILIDAD ANUAL FIM.... 0.75
MADRID TESORERIA FIM ....................... 0.55
MAPFRE FT FIM ...................................... 0.19
MARCH PREMIER TR FIM ....................... 0.78
MARROD INVERSIONES FIM ..................
NA
METROPOLIS RENTA FIM ....................... 0.70
MORGAN STANLEY EURO ACTIVOS MONET. FIM .. 0.46
MUTUAFONDO CORTO PLAZO FIM..... 0.77
P&G CRECIMIENTO FIM ......................... 0.23
P&G MASTER RENTA FIJA FIMP...............
NA
PLUS ULTRA DINERO FIM ...................... 0.17
PRUDFONDO DINERO FIM ................... 0.54
PSN, RENTA FIJA FIMS ............................ 0.36
RENTA 4 EUROCASH FIM ...................... 0.87
RENTA 4 FT FIM ...................................... 0.18
RENTANAVARRA FIM ............................. 0.13
RENTMADRID FIM ................................. 0.04
RURAL RENTA FIJA II FIM .......................
NA
RURAL TOLEDO I FIM ............................ 0.42
RURALTESORO FV FIM ........................... 0.23
SABADELL CORTO PLAZO EURO FIMP.. 0.51
SABADELL DINERO FIMS ....................... 0.52
SABADELL EURO MONETARIO FIMP ..... 0.78
SABADELL FT FIM ................................... 0.41
SABADELL INTERES EURO 1 FIMS .......... 0.17
1.44
1.20
0.19
0.08
0.53
0.58
0.15
0.55
0.54
0.01
0.96
0.90
0.19
NA
0.08
0.08
0.21
0.35
NA
1.05
0.18
0.41
0.24
1.83
0.55
2.09
0.44
0.05
0.30
1.28
0.01
0.43
0.86
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
Dura- Fund
tion type
Q1
0.69
1.00
0.48
0.50
0.79
0.85
0.84
0.94
0.92
1.12
0.77
0.77
0.70
NA
0.70
0.45
0.96
0.58
NA
1.06
0.49
0.48
0.87
1.08
0.44
0.82
0.51
0.48
0.43
1.10
0.68
0.96
0.95
0.73
Yield
(%)
1.74
0.84
0.30
2.03
0.15
0.17
0.24
7.99
0.22
0.44
0.46
0.36
5.00
NA
1.02
0.11
8.17
0.16
NA
0.43
0.16
0.17
3.17
0.41
0.53
1.15
0.27
5.53
0.10
0.35
0.11
0.11
0.45
0.33
Volatility
1.33
1.90
0.26
0.12
1.01
0.66
0.16
0.18
0.54
0.79
1.06
0.78
0.16
NA
0.05
0.02
0.20
0.30
NA
0.88
0.23
0.35
0.23
1.85
0.54
2.06
0.28
0.02
0.20
1.34
0.01
0.31
1.27
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
Dura- Fund
tion type
Q2
2.11
2.28
0.73
0.51
0.82
0.86
0.90
0.78
0.97
1.49
1.30
1.11
0.68
NA
0.72
0.57
0.95
0.52
NA
1.47
0.54
0.78
0.85
1.76
0.98
3.33
0.50
0.51
0.42
0.53
0.60
0.88
1.21
0.19
Yield
(%)
1.62
1.88
0.26
2.43
0.16
0.16
0.19
7.43
0.25
0.51
0.68
0.56
6.68
0.43
9.06
3.76
5.92
0.13
NA
0.80
0.18
0.52
2.30
0.88
0.57
2.97
0.17
6.20
8.42
1.38
9.04
9.58
1.20
1.31
Volatility
1.60
2.52
0.31
0.07
0.89
0.67
0.16
0.20
0.46
0.54
0.93
0.83
0.15
0.44
0.08
0.00
0.26
0.46
NA
0.92
0.15
0.25
0.94
1.95
0.60
2.00
0.28
0.05
0.12
1.31
0.01
0.08
0.02
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
Dura- Fund
cin type
Q3
Volatility
1.15 0.84
0.92 1.30
0.69 0.13
0.49 3.97
0.71 0.12
0.79 0.18
0.94 0.26
0.88 0.09
0.78 0.17
0.93 0.28
1.07 0.51
0.66 0.39
0.70 8.00
0.68 6.26
0.68 0.01
10.46 18.87
0.76 4.59
0.95 1.06
NA 0.16
0.87 0.56
0.44 0.11
0.52 0.16
0.87 1.39
1.39 1.02
0.44 0.33
0.34 1.71
0.41 4.61
0.44 4.77
0.33 5.06
0.36 0.67
0.55 3.36
0.82 3.58
0.26 0.76
0.02 0.64
Yield
(%)
2.37
1.95
1.11
0.02
0.77
0.48
0.13
0.21
0.45
0.31
0.74
0.99
0.18
0.30
0.08
0.00
0.27
0.48
0.00
1.04
0.15
0.14
0.91
1.88
0.56
1.77
0.13
0.02
0.08
1.27
0.01
0.08
0.20
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
Dura- Fund
tion type
Q4
2.65
3.97
2.63
2.41
2.94
3.17
3.59
3.53
3.16
4.36
3.73
2.75
2.89
NA
2.82
12.10
3.48
2.30
NA
3.62
2.02
2.16
3.50
4.48
1.75
4.57
NA
1.87
1.42
2.52
2.37
3.49
2.86
1.11
Yield
(%)
1.40
1.32
0.23
0.19
0.15
0.18
0.22
8.65
0.21
0.37
0.52
0.46
8.78
0.29
1.02
9.51
7.91
0.66
0.16
0.59
0.15
0.37
0.02
0.75
0.48
1.86
0.18
5.42
9.94
0.81
9.52
0.10
0.78
0.77
Volatility
2002
12.31
17.28
12.55
20.28
NA
NA
NA
NA
16.54
NA
20.95
13.21
NA
NA
18.35
NA
NA
13.26
NA
NA
NA
NA
NA
18.36
9.27
15.57
NA
12.92
NA
NA
NA
NA
NA
12.86
Yield
since
1996
% fees
1.75
1.50
0.85
1.00
0.55
0.25
0.05
0.04
0.65
0.45
0.50
1.45
0.65
0.30
0.33
0.80
0.10
1.50
1.00
0.75
1.30
0.10
0.10
0.78
2.00
2.00
1.50
1.50
1.60
0.00
1.00
0.00
0.60
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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.
Yield
(%)
(Continued)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.85
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
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
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
Min.
Back end
0.15
0.10
0.15
0.20
0.05
0.05
0.00
0.01
0.10
0.05
0.09
0.04
0.00
0.10
0.05
0.10
0.04
0.15
0.07
0.11
0.15
0.03
0.05
0.18
0.20
0.10
0.00
0.00
0.15
0.10
0.05
0.05
0.05
0.10
Custody
241
242
Volatility
0.38
0.38
0.38
0.27
NA
NA
0.90
0.26
1.11
0.14
1.04
5.55
0.03
0.12
0.26
0.19
0.18
9.98
0.12
0.38
0.41
1.95
0.38
2.56
0.21
0.21
0.22
NA
NA
1.63
0.92
0.69
2.01
0.12
SABADELL INTERES EURO 2 FIMS ......... 0.17

SABADELL TESORERIA EMPRESA FIMS ..
NA
SABADELL TESORERIA PYME FIMS .........
NA
SAFEI AHORRO FT FIM .......................... 0.03
SAFEI CRECIMIENTO FIM ....................... 0.28
SAN FERNANDO MAXIFONDO FIM ..... 0.09
SANTANDER AHORRO FIM ................... 0.37
SANTANDER FT FIM ............................... 0.40
SCH CORTO PLAZO PLUS FIM .............. 0.71
SCH LIQUIDEZ EMPRESAS FIM .............. 0.63
SCH LIQUIDEZ FIM ................................ 0.31
SCH MASTER RENTA FIJA CORTO PLAZO FIMP 0.63
SCH ONGS FIM ..................................... 0.52
SCH TESORERIA EMPRESAS FIM ............ 0.58
SEGURFONDO MONETARIO FIM ......... 0.91
SOLBANK DINERO FIMS ........................ 0.51
SOLBANK INTERES EURO FIMS ............. 0.15
TARRAGONAFONS 10 FIM .................... 0.21
TECNIFONDO FIM ................................. 0.07
TECNOFIM FIMS ..................................... 0.19
TELEFONICO CORTO FIM ...................... 0.65
TESORERIA PLUS 100 FIMS .................... 0.82
TESORERIA PLUS 500 FIMS .................... 0.87
TESORERIA PLUS FIMP............................ 0.92
UNIFOND XIX FIM .................................
NA
UNO-E INDICE USA FIM ........................
NA
URQUIJO EMPRESA 1 FIM ..................... 0.68
URQUIJO RENTA 2 FIM .......................... 0.24
URQUIJO RENTA FIM ............................. 0.10
VITAL DEUDA I FIM ................................ 0.08
ZURICH EURODINERO FIM ................... 0.51
0.01
0.01
0.01
0.01
NA
NA
1.52
0.54
1.66
0.14
1.31
0.11
0.18
0.36
0.17
0.24
0.21
0.19
0.01
0.01
1.02
1.94
0.01
0.27
0.01
0.01
0.56
NA
NA
0.13
0.40
0.92
4.36
0.01
RFCP
RFLP
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
Dura- Fund
tion type
Q1
0.73
0.93
0.79
0.74
NA
NA
0.94
0.47
1.42
0.27
1.18
0.74
0.70
0.52
0.88
0.73
0.78
0.87
0.68
0.71
1.00
0.02
0.74
0.66
0.03
0.02
0.04
NA
NA
0.68
0.54
0.75
1.03
0.68
Yield
(%)
0.33
0.33
0.33
0.34
0.59
0.20
0.69
0.19
2.41
0.13
0.94
7.62
7.01
0.13
0.33
0.14
0.17
8.95
0.11
0.34
0.32
1.72
0.33
1.95
1.19
1.19
1.24
NA
NA
8.58
0.21
0.39
1.35
0.11
Volatility
0.01
0.01
0.01
0.01
0.01
0.01
1.29
0.33
1.46
0.23
0.87
0.27
0.21
0.38
0.45
0.42
0.39
0.21
0.01
0.01
0.85
0.00
0.01
0.23
0.00
0.00
0.72
NA
NA
0.09
0.47
0.73
5.20
0.01
Yield
(%)
RFCP
0.19
RFCP
0.39
RFCP
0.25
RFCP
0.19
RFCP
0.72
RFCP
0.66
RFCP
1.34
RFCP
0.58
RFCP
1.05
RFCP
0.49
RFCP
2.09
RFCP
0.79
RFCP
0.73
RFCP
0.63
RFCP
1.03
RFCP
0.91
RFCP
0.95
RFCP
0.80
RFCP
0.60
RFCP
0.16
RFCP
1.05
RFM 28.35
RFCP
0.20
RFCP
0.69
RFCP
0.82
RFCP
0.88
RFCP
0.93
NA
NA
RFCP
0.69
RFLP
1.35
RFCP
1.46
RFCP
1.24
RFCP
0.60
Dura- Fund
tion type
Q2
1.31
1.31
1.31
1.31
9.02
8.83
0.94
0.28
1.28
0.28
1.68
2.03
8.75
0.21
0.20
0.24
0.26
8.48
9.03
1.31
0.40
6.09
1.31
1.16
0.13
0.13
0.13
NA
NA
3.69
0.99
1.05
0.89
9.07
Volatility
0.01
0.01
0.01
0.01
0.01
0.01
1.41
0.43
1.17
0.15
1.04
0.18
0.20
0.41
0.35
0.36
0.33
0.60
0.01
0.01
0.54
0.00
0.01
0.25
0.00
0.00
0.25
NA
NA
0.15
1.90
2.03
4.24
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
RFM
RFCP
RFCP
RFCP
RFCP
RFCP
Dura- Fund
tion type
Q3
Volatility
0.02 0.64
0.22 0.64
0.08 0.64
0.02 0.64
0.67 3.63
0.62 3.26
0.66 0.78
0.53 0.22
0.96 0.77
0.30 2.64
1.20 1.32
0.74 2.49
0.66 9.74
0.45 0.14
0.85 0.17
0.67 0.14
0.73 0.15
0.89 7.96
0.54 3.25
0.01 0.64
0.72 0.26
98.40 226.27
0.04 0.64
0.66 8.86
0.74 6.83
0.79 6.78
0.84 7.05
NA 7.84
NA 2.86
0.65 9.99
0.66 0.79
0.51 0.84
1.44 1.50
0.54 3.53
Yield
(%)
0.01
0.01
0.01
0.01
0.01
0.01
1.32
0.36
1.95
0.17
1.80
0.18
0.16
0.36
0.23
0.38
0.26
0.78
0.01
0.01
0.32
0.00
0.01
0.26
0.01
0.01
0.22
0.02
0.03
0.13
1.23
1.15
3.89
0.01
Yield
(%)
Volatility
2002
Yield
since
1996
RFCP
1.11 0.77 12.81
RFCP
1.92 0.77 17.64
RFCP
1.37 0.77 14.19
RFCP
1.31 0.76
NA
RFCP
NA 0.28
NA
RFCP
NA 0.11
NA
RFCP
2.93 0.84 10.74
RFCP
1.87 0.24 13.14
RFCP
0.66 1.53 10.39
RFCP
1.44 0.17 9.53
RFCP
4.12 1.29 18.04
RFCP
3.02 0.04
NA
RFCP
2.75 7.68 16.49
RFCP
1.92 0.16
NA
RFCP
3.43 0.25
NA
RFCP
2.86 0.19
NA
RFCP
3.07 0.20 18.25
RFCP
3.52 8.92
NA
RFCP
2.35 9.55
NA
RFCP
1.00 0.77 11.60
RFCP
3.02 0.36 16.47
RFCP 98.86 119.33 98.73
RFCP
1.18 0.77 13.21
RFCP
2.70 0.04 16.38
RFCP
2.37 0.61
NA
RFCP
2.58 0.61
NA
RFCP
2.76 0.64
NA
RFCP
NA 7.84
NA
RFCP
NA 2.86
NA
RFCP
2.73 1.11 17.01
RFCP
2.82 0.80 8.76
RFCP
2.85 0.79 13.99
RFCP
3.84 1.49
NA
RFCP
2.35 9.67
NA
Dura- Fund
tion type
Q4
1.30
0.50
1.00
1.30
0.50
0.70
1.50
1.25
1.50
1.90
1.75
0.25
0.60
1.50
0.10
0.70
0.50
0.15
1.00
1.40
0.90
1.00
1.15
0.00
0.30
0.10
0.10
1.15
0.25
0.50
1.60
1.50
1.40
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
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
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
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
0.00
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
of yield Max.
assets
% fees
Yield
(%)
(Continued)
0.10
0.10
0.10
0.05
0.05
0.05
0.15
0.15
0.20
0.10
0.00
0.05
0.10
0.15
0.09
0.10
0.10
0.10
0.05
0.10
0.09
0.10
0.10
0.00
0.05
0.05
0.05
0.05
0.05
0.10
0.10
0.20
0.10
0.05
Custody
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 PLUS 3 FIM .......................
ATLANTICO PREMIER FIM .....................
BANCAJA RENTA FIJA FIM .....................
BANESTO ESPECIAL RF FIM ...................
BANESTO RENTA FIJA BONOS FIM .......
BANESTO RF PRIVADA FIM ...................
BANKOA RENTA FONDO FIM ..............
BANKPYME BROKERFOND FIM ............
BANKPYME FC EUROFIX RF FIM ...........
BANKPYME FT FIM ................................
BANKPYME MULTIVALOR FIM ..............
BARCLAYS BONOS LARGO FIM ...........
BASKEFOND FIM ...................................
BBK BONO FIM .....................................
BBVA DEUDA FT FIM ............................
BBVA DURACION FIM ..........................
BBVA FV FIM .........................................
BBVA PATRIMONIO FIM .......................
BBVA PRIVANZA EUSKOFONDO I FIM .
BBVA RENTA FIJA LARGO 6 FIM ...........
BBVA RENTA FIJA LARGO FIM ..............
BCH BONOS FT FIM .............................
BCH BONOS FV FIM .............................
BETA DEUDA FT FIM ..............................
BETA RENTA FIM ....................................
BETA Z-SCORE I FIM ..............................
(Continued)
0.52
0.03
0.28
0.46
0.57
0.20
0.16
0.06
0.75
0.09
0.60
0.20
0.17
0.10
0.82
0.10
0.17
0.59
0.24
0.85
0.26
0.23
0.22
0.37
0.00
0.08
0.09
0.35
0.38
0.30
0.03
0.05
0.71
0.69
Yield
(%)
1.74
0.71
0.36
0.40
1.95
1.59
1.42
0.44
1.46
1.37
1.24
1.66
1.96
2.30
1.82
1.39
1.68
1.72
1.68
2.96
1.35
1.43
1.59
3.02
1.42
1.65
3.38
3.06
1.48
1.98
1.57
1.61
1.23
2.86
Volatility
3.75
0.72
0.78
0.88
3.37
2.52
2.85
0.74
0.61
1.49
2.22
2.73
3.29
3.73
3.50
3.08
2.89
2.98
3.46
1.92
1.99
2.20
2.75
4.57
2.38
3.14
6.01
4.78
3.38
2.69
3.65
2.49
1.27
4.79
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
Dura- Fund
tion type
Q1
1.70
0.85
0.85
1.03
2.11
1.37
1.05
0.58
1.21
1.47
1.20
0.85
1.22
0.48
1.66
1.45
1.80
1.92
0.33
2.72
1.27
1.52
1.51
3.10
1.16
1.91
2.41
2.53
1.54
1.52
1.50
0.98
0.70
2.60
Yield
(%)
1.56
0.53
0.40
0.35
1.58
1.24
1.19
0.12
0.74
1.13
1.08
1.41
1.32
1.95
1.54
1.30
1.54
1.73
2.01
2.42
1.21
1.27
1.19
2.38
1.02
1.32
2.35
2.20
1.21
1.52
1.41
1.51
0.92
2.46
Volatility
3.40
0.84
1.00
0.70
2.96
2.17
2.19
0.55
0.52
1.63
2.87
2.62
3.88
4.25
2.25
3.05
2.87
3.02
3.58
2.45
2.23
2.18
2.17
5.33
2.04
3.49
6.31
4.84
3.19
3.52
3.61
2.80
1.71
4.48
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
Dura- Fund
tion type
Q2
3.02
1.04
1.23
1.28
3.02
2.81
1.81
1.02
2.35
2.36
2.92
3.40
2.62
3.35
2.27
3.40
2.96
3.43
3.19
4.46
2.56
2.65
2.00
3.99
2.16
2.34
2.34
4.49
2.14
2.84
2.61
1.69
1.12
4.09
Yield
(%)
2.31
0.71
0.54
0.41
1.86
2.12
1.08
0.46
0.76
1.42
1.87
2.34
2.26
2.79
1.69
2.42
2.56
2.80
2.94
3.66
1.72
1.62
1.66
3.38
1.65
1.91
2.72
3.73
1.93
2.37
1.97
1.93
2.37
3.56
Volatility
3.87
0.53
0.70
0.56
2.85
3.20
2.57
1.41
0.46
0.82
3.06
3.11
4.19
3.98
2.00
3.77
3.51
3.84
4.51
2.10
2.18
1.91
2.54
4.54
2.59
4.11
6.67
4.86
3.60
3.90
3.22
2.75
1.12
5.55
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
Dura- Fund
cin type
Q3
1.23
1.30
0.83
0.99
1.55
0.95
1.25
0.71
1.82
1.08
1.20
1.00
1.27
2.80
1.27
1.74
1.07
1.40
1.57
2.12
1.37
1.65
0.97
1.97
0.98
1.53
2.75
1.81
1.11
1.25
1.18
0.81
1.03
1.84
Yield
(%)
1.96
3.54
1.73
0.97
1.67
1.56
1.91
0.72
0.89
0.83
1.49
2.04
1.96
2.64
1.20
1.83
1.91
2.10
2.09
3.28
1.25
1.13
1.62
3.55
1.78
1.95
2.46
3.63
1.93
2.02
1.88
1.43
0.69
3.31
Volatility
3.23
1.18
0.69
0.53
2.95
2.28
2.69
1.28
2.80
1.57
2.71
3.00
3.16
3.60
1.45
2.74
2.34
2.75
3.46
3.17
2.02
1.55
2.67
4.82
2.40
3.71
6.39
4.65
3.81
2.99
3.08
1.45
0.98
5.77
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
Dura- Fund
tion type
Q4
FIM LONG-TERM FIXED-INCOME (RFLP)
5.51
3.20
3.23
3.81
6.22
5.00
4.00
2.38
6.27
5.08
4.78
5.53
5.37
6.65
4.41
6.61
5.75
6.27
4.71
8.64
5.01
5.69
4.31
8.92
4.35
5.98
7.78
8.69
4.46
5.40
5.35
3.48
3.61
8.02
Yield
(%)
1.93
1.87
0.95
0.59
1.79
1.67
1.44
0.49
1.01
1.22
1.48
1.91
1.92
2.46
1.60
1.81
1.98
2.15
2.25
3.14
1.42
1.39
1.54
3.13
1.51
1.73
2.76
3.24
1.68
2.01
1.73
1.64
1.46
3.10
Volatility
2002
20.97
17.28
15.10
19.28
25.09
16.63
16.50
14.66
21.81
NA
16.59
24.27
20.21
NA
18.24
22.89
NA
20.62
13.50
NA
16.77
NA
18.94
38.47
19.02
38.93
NA
28.58
18.72
19.59
18.84
16.55
20.82
NA
Yield
since
1996
% fees
1.35
1.65
1.25
0.50
1.00
1.50
1.18
1.40
0.65
0.65
1.50
0.60
1.50
1.65
1.75
0.50
0.85
1.25
1.00
1.00
1.50
0.65
1.75
0.65
1.75
0.60
0.50
0.40
1.50
1.75
1.50
1.40
1.00
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
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
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
Min.
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
1.00
0.00
0.00
1.00
2.00
1.00
2.00
0.00
1.00
2.00
1.00
1.00
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
Min.
Back end
0.08
0.10
0.02
0.02
0.14
0.10
0.15
0.15
0.10
0.09
0.20
0.15
0.20
0.10
0.20
0.10
0.15
0.20
0.15
0.20
0.09
0.09
0.00
0.15
0.00
0.10
0.10
0.10
0.15
0.00
0.00
0.09
0.12
0.10
Custody
243
244
BG URGULL PATRIMONIO FIM ............

BI EUROBONOS FIM .............................
BIZKAIRENT FT FIM ...............................
BK FONDO BONOS FIM .......................
BK FONDO FIJO FIM .............................
BM-FT FIM .............................................
BNP AHORRO FIM ................................
BNP PARIBAS RENTA FIJA PLUS FIM .....
BSN BANIF BONOS FIM ........................
BSN BANIF BONOS FT FIM ...................
BSN BANIF DURACION FIM .................
BSN BANIF HIGH YIELD FIM ................
CAIXA CATALUNYA CAPITAL FIM .........
CAIXA CATALUNYA FT 2 FIM ................
CAIXA CATALUNYA FT FIM ...................
CAIXA CATALUNYA HIGH YIELD FIMF ..
CAIXA FC CATALUNYA FIM ...................
CAJA BURGOS RENTA FIM ....................
CAJA LABORAL RDTO. FIM ...................
CAJASUR RENTA FIJA FIM ......................
CAM BONOS 1 FIM ...............................
CAM BONOS 2 FIM ...............................
CAM BONOS 3 FT FIM ..........................
CAM FONMEDIC FIM ............................
CAN AHORRO 31 FIM ..........................
CANTABRIA RENTA FIJA EURO FIM ......
CITIFONDO BOND FIM ........................
CITIFONDO RF FIM ...............................
CREDICOOP RENTA FIM .......................
CS BONOS FIM ....................................
CT EUROFIX FIM ...................................
CUENTAFONDO RENTA FIM ................
DWS INVEST LARGO PLAZO FIM .........
EDM AHORRO FIM ...............................
(Continued)
0.36
0.24
0.46
0.10
0.14
0.31
0.24
0.36
0.22
0.08
0.09
5.51
0.05
0.06
0.02
2.27
0.19
0.13
0.16
0.07
0.33
0.01
0.02
0.12
0.26
0.46
0.74
0.37
0.17
0.05
NA
0.21
0.16
0.08
Yield
(%)
1.03
0.79
1.49
1.29
1.30
1.72
1.04
2.61
1.89
1.82
1.85
5.68
2.01
1.82
2.14
3.45
0.52
1.12
1.35
1.18
1.29
1.22
1.33
1.29
0.36
1.51
3.00
1.61
0.96
2.56
NA
0.85
2.13
1.05
Volatility
1.93
1.36
2.88
2.01
3.34
1.93
3.12
4.13
3.42
2.93
2.88
4.80
2.39
3.39
4.25
0.00
0.71
1.85
1.87
2.00
2.84
2.94
3.20
2.05
0.72
3.20
0.00
0.00
1.64
3.17
NA
1.91
4.40
1.72
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
Dura- Fund
tion type
Q1
1.16
1.14
1.74
1.13
0.87
1.38
1.29
2.46
1.47
1.51
1.69
3.22
0.56
1.30
1.58
1.02
1.07
0.01
1.28
0.81
1.07
0.63
1.52
1.29
0.89
1.28
2.61
1.37
1.09
0.92
NA
0.01
2.18
0.94
Yield
(%)
0.91
0.72
1.46
0.92
1.09
0.98
0.83
2.06
1.33
1.47
1.33
3.29
1.66
1.51
1.55
1.15
0.66
1.36
0.66
1.12
0.82
0.68
1.11
1.08
0.23
1.56
2.73
1.33
0.81
2.11
1.31
1.10
1.77
1.30
Volatility
1.74
1.38
2.80
2.02
3.60
1.89
3.25
4.66
3.93
3.12
3.07
4.56
2.45
2.77
3.58
0.00
1.24
1.82
1.69
2.07
3.44
3.33
3.36
2.51
0.50
2.73
5.17
2.89
1.58
3.75
0.03
1.21
4.34
1.46
Yield
(%)
RFLP 1.59
RFLP 1.28
RFLP 2.74
RFLP 2.50
RFLP 2.23
RFLP 3.54
RFLP 1.69
RFLP 3.80
RFLP 2.72
RFLP 2.84
RFLP 3.01
RFLP 3.96
RFLP 1.40
RFLP 2.33
RFLP 2.58
RFLP 2.09
RFLP 1.61
RFLP 2.29
RFLP 0.19
RFLP 2.36
RFLP 2.77
RFLP 2.56
RFLP 2.46
RFLP 2.70
RFLP 0.73
RFLP 2.19
RFLP 4.26
RFLP 2.26
RFLP 1.59
RFLP 2.26
RFLP 0.64
RFLP 1.89
RFLP 3.64
RFLP 1.64
Dura- Fund
tion type
Q2
1.35
1.12
2.19
1.77
1.74
2.70
1.96
3.15
2.14
2.28
2.15
4.28
1.76
2.02
2.14
2.33
1.01
1.27
0.91
1.53
1.72
1.77
1.92
1.74
0.10
1.47
3.81
1.96
1.00
2.04
0.20
1.81
2.59
1.84
Volatility
1.63
1.14
2.71
2.01
3.27
5.18
3.09
4.80
4.10
3.20
3.18
4.47
2.52
3.02
3.82
0.00
1.06
1.77
1.54
2.39
3.37
3.25
2.31
2.74
0.27
2.54
5.08
3.19
0.96
2.57
0.37
3.68
3.51
1.89
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
Dura- Fund
tion type
Q3
1.24
1.51
1.17
0.98
1.02
1.15
1.03
1.41
1.31
1.14
1.35
5.46
1.95
0.93
1.05
3.95
0.78
1.32
1.50
1.22
1.34
0.99
1.12
1.44
0.63
1.25
1.34
0.93
0.67
1.73
0.89
1.74
1.54
0.31
Yield
(%)
1.13
2.40
1.61
1.58
1.42
2.48
1.00
2.47
1.99
1.92
2.01
3.66
2.07
2.08
2.11
3.00
0.62
0.98
2.14
1.49
1.33
1.37
1.46
1.66
1.05
1.45
3.39
2.08
0.68
1.74
0.44
1.79
2.37
2.67
Volatility
2.23
4.55
2.51
1.73
3.24
3.35
3.24
4.37
2.80
3.72
4.51
2.08
3.14
3.06
0.00
0.83
2.40
1.54
2.31
3.63
3.38
2.19
2.99
0.07
2.90
5.22
2.93
0.88
2.42
2.14
2.52
3.37
1.80
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
Dura- Fund
tion type
Q4
3.66
4.24
5.26
4.57
4.03
5.84
3.81
7.45
5.36
5.50
6.08
7.38
3.91
4.70
5.32
1.55
3.70
3.77
3.17
4.38
5.61
4.23
5.16
5.65
2.54
4.31
7.61
4.23
3.21
5.04
NA
3.46
7.35
2.19
Yield
(%)
1.13
1.44
1.73
1.44
1.42
2.10
1.30
2.62
1.88
1.91
1.87
4.41
1.89
1.88
2.01
2.68
0.73
1.21
1.39
1.36
1.34
1.34
1.50
1.48
0.22
1.51
3.28
1.78
0.88
2.14
0.42
1.47
2.25
1.83
Volatility
2002
14.36
14.21
19.06
22.16
18.93
23.47
17.91
30.08
21.34
19.50
24.85
NA
18.59
18.09
21.49
4.44
NA
15.20
16.04
NA
22.31
17.55
20.13
19.62
NA
13.98
26.00
13.97
14.68
20.27
NA
18.35
17.95
14.86
Yield
since
1996
1.60
2.00
1.40
1.00
1.50
1.25
1.50
1.00
1.10
1.35
0.60
1.40
1.25
1.35
0.95
1.00
1.10
1.35
1.35
1.35
1.00
1.75
1.30
1.25
0.90
1.50
1.25
1.95
1.50
1.70
1.35
1.50
1.50
1.50
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.12
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.12
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
2.00
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
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
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
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
Min.
Max.
of
of yield Max.
assets
Min.
Back end
% fees
0.20
0.00
0.09
0.20
0.20
0.00
0.15
0.00
0.15
0.00
0.05
0.20
0.20
0.13
0.13
0.11
0.14
0.14
0.14
0.15
0.13
0.14
0.14
0.20
0.05
0.20
0.20
0.20
0.20
0.00
0.10
0.12
0.10
0.15
Custody
EUROVALOR RF FIM .............................

EXTRAFONDO BANESTO FIM ...............
FIBANC FT FIM ......................................
FIBANC RENTA FIM ...............................
FONBILBAO FT FIM ...............................
FONBUSA FIM .......................................
FONCAIXA 57 LP EURO FIM .................
FONCAIXA 81 AHORRO RF PRIVADA FIM .
FONCAIXA AHORRO 10 FIM ................
FONCAIXA AHORRO 2 FIM .................
FONCAIXA AHORRO 4 FIM ...................
FONCAIXA AHORRO 7 FIM ..................
FONCAIXA FT 47 FIM ............................
FONCAM 8 FIM .....................................
FONDEGA RENTA FIM ..........................
FONDESP. REN.ACTIVA FIM ..................
FONDESPAA ACUMULAT.FIM ............
FONDESPAA FT FIM ...........................
FONDESPAA FUTURO FIM .................
FONDMAPFRE RENTA FIM ....................
FONDMAPFRE RENTA LARGO FIM .......
FONDMUSINI II FIM ..............................
FONDO SENIORS FIM ...........................
FONDO URBION FIM ...........................
FONDO VALENCIA RENTA FIJA FIM .....
FONDONORTE EURO-RENTA FIM ........
FONDUERO RENTA FIM.........................
(Continued)
0.39
0.64
0.49
0.20
0.23
0.19
0.82
0.39
0.01
0.14
0.05
0.33
0.21
0.36
0.21
0.05
0.31
0.06
0.07
0.13
0.99
0.41
0.39
0.25
0.08
0.05
0.25
0.53
0.49
NA
0.17
0.69
0.02
0.24
Yield
(%)
1.25
0.11
2.59
1.64
2.06
0.81
2.93
2.54
0.43
0.41
0.42
0.41
0.41
0.41
0.40
0.42
0.41
0.41
0.42
1.87
1.28
1.64
2.16
1.36
1.50
1.57
1.47
2.37
7.92
NA
1.83
1.18
0.94
1.44
Volatility
2.64
0.07
2.74
2.96
3.53
2.15
4.35
3.92
0.33
0.44
0.42
0.50
0.28
0.30
0.40
0.28
0.49
0.20
0.34
3.93
2.65
2.55
3.44
2.76
3.31
2.53
2.74
4.87
0.25
NA
2.17
2.12
2.23
2.42
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
Dura- Fund
tion type
Q1
1.41
0.66
1.84
0.37
2.05
0.94
1.96
1.24
0.38
0.53
0.43
0.68
0.51
0.77
0.59
0.44
0.71
0.32
0.44
1.93
1.57
1.54
1.93
1.19
1.83
1.39
1.33
2.17
0.59
NA
1.69
1.38
1.37
1.26
Yield
(%)
1.11
5.96
1.76
1.30
1.76
0.84
2.34
1.94
0.27
0.25
0.21
0.21
0.20
0.22
0.21
0.22
0.23
0.21
0.22
1.78
1.24
1.26
2.21
1.20
1.37
1.25
1.27
2.23
4.85
NA
1.52
1.01
0.96
1.04
Volatility
2.69
0.00
2.63
2.92
3.55
2.05
3.11
3.90
0.45
0.49
0.52
0.56
0.25
0.38
0.45
0.35
0.58
0.26
0.37
2.99
2.07
2.03
3.14
2.76
3.56
2.32
2.48
4.52
0.26
NA
2.11
2.12
2.07
1.95
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
Dura- Fund
tion type
Q2
1.74
0.69
3.11
1.57
3.34
1.68
3.01
3.01
0.63
0.79
0.60
0.83
0.73
0.96
0.73
0.61
0.96
0.55
0.59
3.07
1.86
2.89
2.59
2.21
2.47
2.16
2.14
2.98
0.61
NA
2.76
2.31
1.97
1.95
Yield
(%)
1.26
2.74
2.31
1.62
2.36
1.21
2.79
2.77
0.34
0.33
0.31
0.31
0.33
0.41
0.32
0.33
0.40
0.32
0.32
2.48
1.12
2.38
2.02
1.60
1.87
1.47
1.73
3.03
6.06
NA
2.31
1.47
1.18
1.56
Volatility
2.46
0.00
2.71
2.79
2.14
2.05
3.74
3.97
0.38
0.41
0.42
0.44
0.32
0.55
0.40
0.39
0.73
0.36
0.32
3.29
2.00
3.31
2.48
2.75
3.40
2.29
2.22
3.89
0.27
NA
2.95
2.44
1.93
1.98
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
Dura- Fund
cin type
Q3
1.38
0.65
1.37
1.32
1.07
0.82
0.31
1.39
0.44
0.64
0.45
0.66
0.50
0.72
0.53
0.35
0.82
0.34
0.37
0.73
2.01
1.10
1.36
1.30
0.98
1.09
1.36
1.65
0.55
NA
1.37
1.17
1.45
0.85
Yield
(%)
1.36
1.71
2.14
1.80
1.89
0.65
1.22
1.90
0.29
0.25
0.27
0.27
0.26
0.29
0.28
0.28
0.33
0.30
0.24
1.11
0.76
1.58
1.46
1.32
1.27
1.33
1.48
2.59
8.12
0.88
2.04
1.28
0.98
0.79
Volatility
2.64
0.01
2.63
3.02
1.97
2.28
0.97
2.91
0.49
0.52
0.52
0.47
0.41
0.54
0.49
0.42
0.69
0.46
0.45
1.59
2.16
2.04
2.57
2.66
2.94
2.18
2.04
3.85
0.24
0.60
2.94
2.14
2.03
1.04
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
Dura- Fund
tion type
Q4
4.20
2.67
5.92
3.50
6.33
3.67
4.50
5.32
1.45
2.12
1.55
2.50
1.97
2.84
2.07
1.46
2.82
1.27
1.47
5.68
6.58
5.20
5.57
5.03
5.28
4.65
4.64
6.38
2.25
NA
6.11
4.21
4.84
3.85
Yield
(%)
1.26
6.46
2.23
1.61
2.05
0.91
2.43
2.33
0.34
0.32
0.31
0.31
0.31
0.34
0.31
0.32
0.35
0.32
0.31
1.89
1.12
1.78
2.00
1.38
1.53
1.42
1.51
2.59
6.93
0.88
1.96
1.26
1.03
1.26
Volatility
2002
16.14
21.78
23.44
21.46
23.46
16.94
NA
NA
9.87
13.78
9.90
16.08
12.86
18.62
13.74
9.06
18.57
8.77
9.16
NA
33.05
20.84
20.98
21.23
20.33
22.83
16.90
19.73
14.46
NA
NA
15.20
20.04
13.13
Yield
since
1996
% fees
2.00
0.50
1.15
1.10
1.45
1.25
1.50
1.50
2.00
1.50
2.00
1.10
1.50
0.80
1.50
2.10
1.00
2.10
2.10
0.45
0.60
1.35
1.20
1.10
1.10
1.10
1.75
1.85
1.15
1.25
0.65
1.50
1.25
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
Min.
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
0.60
0.00
0.00
1.50
0.00
1.50
1.50
1.50
0.00
0.00
3.00
1.00
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
0.60
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
Min.
Back end
0.00
0.00
0.10
0.20
0.10
0.12
0.14
0.13
0.20
0.13
0.20
0.12
0.20
0.17
0.12
0.20
0.00
0.20
0.20
0.04
0.10
0.13
0.15
0.15
0.15
0.15
0.09
0.20
0.10
0.10
0.10
0.20
0.08
0.19
Custody
245
246
FONPASTOR RF FIM ..............................

FONPENEDES FIM .................................
FONPENEDES INVER. FIM .....................
GENERAL RENTA FIM ............................
HERRERO RENTA FIJA FIMS ...................
IBERAGENTES POPULAR FONDTESORO FIM...
IBERCAJA FUTURO FIM .........................
IBERCAJA HORIZONTE FIM ..................
INDOSUEZ FT FIM .................................
INTERDIN HIGH YIELD FIM ...................
INTERVALOR RENTA FIM........................
INVERCAJA 31 FIM ................................
INVERCAJA 32 FIM ................................
INVERCAJA 33 FIM ................................
INVERDEUDA FT RENTA FIM ................
IPARFONDO FIM ...................................
KUTXAINVER FIM ..................................
LIBERTY EURO RENTA FIM ....................
LLOYDS FONDO 1 FIM ........................
LUSO RENTA FIM ..................................
MADRID DEUDA FT FIM .......................
MADRID DEUDA II FT FIM ....................
MADRID PREMIERE FIM ........................
MEDIVALOR FT FIM ..............................
MORGAN STANLEY AHORRO FIM .......
MORGAN STANLEY EURO DEUDA FIM
MORGAN STANLEY EURO RENTA FIJA FIM
MORGAN STANLEY FONDO FIM .........
MORGAN STANLEY FT FIM ...................
MUTUAFONDO FIM .............................
MUTUAFONDO LP FIM ........................
NOVOCAJAS FIM ..................................
PLUS ULTRA RENTA FIJA FIM ................
PRIVANZA RENTA FIM............................
(Continued)
0.29
0.09
0.18
0.60
0.12
0.14
0.08
0.01
0.53
4.12
0.32
0.25
0.07
0.48
0.26
0.32
0.85
1.03
0.62
0.40
0.42
0.47
0.26
0.38
0.05
0.66
0.36
0.09
0.24
0.18
0.24
0.06
0.48
0.13
Yield
(%)
1.91
0.82
0.71
2.12
0.72
1.53
1.80
1.95
1.62
7.52
1.96
0.39
1.13
1.56
1.54
0.42
1.93
2.81
1.58
0.24
1.56
1.56
1.24
2.45
0.79
2.16
2.12
0.85
0.88
1.07
1.99
0.64
1.64
1.53
Volatility
5.28
2.75
4.11
3.19
0.01
3.05
3.38
3.30
3.16
4.41
3.60
0.67
1.55
0.01
2.46
0.85
2.93
5.78
2.86
0.81
3.13
3.38
2.94
2.66
1.70
4.44
4.15
1.83
1.64
1.90
4.51
2.00
2.99
Yield
(%)
RFLP 1.88
RFLP 0.82
RFLP 0.94
RFLP 0.54
RFLP 1.48
RFLP 1.29
RFLP 0.49
RFLP 1.04
RFLP 1.69
RFLP 3.11
RFLP 1.70
RFCP 0.70
RFCP 0.90
RFCP 0.48
RFLP 1.43
RFLP 0.84
RFLP 1.50
RFI
1.89
RFLP 1.50
RFLP 0.76
RFLP 1.71
RFLP 2.65
RFLP 1.48
RFLP 1.60
RFLP 0.93
RFLP 1.80
RFLP 1.19
RFLP 1.09
RFLP 1.07
RFLP 1.72
RFLP 2.27
RFLP 1.03
RFLP 1.68
RFLP 0.61
Dura- Fund
tion type
Q1
4.61
0.53
0.60
2.04
1.33
1.14
1.49
1.84
1.52
3.27
1.75
0.30
1.15
5.21
1.15
0.45
1.45
2.33
1.39
0.97
1.56
1.56
1.18
1.69
0.64
1.86
1.71
0.69
0.70
0.78
1.41
0.71
1.26
1.25
Volatility
5.23
2.79
4.16
2.86
0.01
2.98
3.61
3.67
3.27
4.66
3.46
0.43
1.36
0.01
1.97
1.04
3.21
2.19
2.72
2.17
3.10
3.35
3.27
2.58
1.37
4.14
0.00
1.45
1.38
4.01
2.38
1.67
0.48
Yield
(%)
RFLP 3.15
RFLP 0.43
RFLP 0.63
RFLP 1.25
RFLP 0.98
RFLP 1.99
RFLP 0.86
RFLP 1.02
RFLP 2.90
RFLP 3.99
RFLP 2.47
RFLP 0.62
RFLP 1.65
RFLP 0.47
RFLP 2.42
RFLP 1.19
RFLP 2.16
RFI
1.79
RFLP 2.34
RFLP 1.34
RFLP 2.86
RFLP 4.10
RFLP 2.60
RFLP 3.03
RFLP 1.47
RFLP 3.19
RFLP 0.55
RFLP 1.50
RFLP 1.43
RFLP 2.09
RFLP 2.95
RFLP 1.31
RFLP 2.54
RFLP 1.00
Dura- Fund
tion type
Q2
2.44
0.86
1.18
2.02
4.03
1.56
2.04
2.25
2.25
3.39
2.24
0.15
0.97
1.46
1.61
0.84
1.96
1.16
1.39
1.38
2.34
2.78
1.86
2.28
0.74
2.51
0.02
0.71
0.83
0.91
1.55
0.78
1.58
1.02
Volatility
3.09
2.76
4.26
2.82
0.01
3.11
3.40
3.53
3.28
4.60
3.36
0.23
1.19
0.01
1.95
1.34
2.57
1.93
2.09
2.19
3.59
3.84
3.19
2.63
1.31
4.55
0.00
1.44
1.28
1.74
3.72
2.35
2.09
1.10
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
Dura- Fund
tion type
Q3
Volatility
1.42 1.96
0.05 1.31
0.34 1.61
0.95 1.73
1.17 1.82
1.02 1.36
1.61 1.86
2.55 1.77
1.25 2.65
5.02 4.27
0.20 1.25
0.52 1.15
0.81 0.54
0.50 7.33
0.81 0.70
0.92 0.48
1.72 1.21
0.98 0.91
1.10 1.13
4.78 12.04
1.29 2.19
2.54 2.52
1.69 1.65
1.36 1.99
1.27 0.64
1.59 2.12
9.46 17.06
1.40 0.69
0.81 0.68
1.06 0.76
1.63 1.52
0.93 0.77
1.32 1.32
1.36 1.41
Yield
(%)
2.17
2.68
4.45
2.06
0.01
2.74
3.14
3.22
3.56
4.54
3.05
0.06
0.95
0.01
0.95
0.95
2.14
1.82
2.04
2.03
3.76
3.27
2.97
3.67
1.59
4.57
0.00
1.72
1.42
1.80
2.60
2.53
3.09
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
Dura- Fund
tion type
Q4
6.27
1.21
2.10
1.05
1.38
4.22
3.07
4.68
5.38
6.33
4.08
2.10
3.47
1.95
4.46
3.31
4.58
3.66
4.37
2.38
5.53
9.07
5.60
5.70
3.76
6.02
10.97
4.13
3.11
5.13
6.75
3.37
5.13
3.13
Yield
(%)
2.95
0.93
1.11
1.99
2.35
1.41
1.81
1.97
2.08
4.97
1.85
0.26
0.98
4.64
1.31
0.58
1.68
1.98
1.40
6.12
1.96
2.21
1.53
2.14
0.71
2.19
8.70
0.75
0.79
0.90
1.65
0.73
1.48
1.32
Volatility
2002
NA
13.49
16.72
14.89
8.79
17.78
15.77
20.57
18.59
NA
18.34
17.31
21.86
NA
17.75
17.75
16.95
NA
17.02
11.73
20.93
25.55
22.84
20.51
20.59
22.62
NA
22.41
15.43
25.50
29.90
12.83
NA
11.59
Yield
since
1996
1.00
1.50
1.00
2.00
1.50
1.60
1.00
1.20
1.60
1.35
1.50
1.00
1.00
1.00
1.30
1.25
1.75
1.50
1.50
1.50
1.25
1.40
0.75
1.40
0.90
1.25
0.80
0.55
1.60
0.20
0.25
1.40
1.00
1.50
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
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
0.50
2.50
1.00
0.00
0.00
0.00
1.00
1.00
1.00
0.00
0.00
2.00
0.00
1.00
0.00
0.00
1.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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.
of
of yield Max.
assets
Min.
Back end
% fees
0.20
0.00
0.00
0.10
0.10
0.15
0.20
0.20
0.15
0.10
0.15
0.05
0.05
0.05
0.19
0.15
0.20
0.10
0.20
0.13
0.10
0.04
0.10
0.10
0.10
0.15
0.10
0.10
0.10
0.01
0.06
0.14
0.11
0.20
Custody
RENTA 4 AHORRO FIM .........................

RENTATLANTICO FIM ............................
RENTMADRID 2 FIM .............................
RIVA Y GARCIA AHORRO 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 .............
SAFEI EUSKOFONDO FIM .....................
SAFEI RENTA FIJA FIM ............................
SCH HIGH YIELD PLUS FIM ..................
SCH RENTA FIJA 1 FIM ..........................
SCH RENTA FIJA 2 FIM ..........................
SCH RENTA FIJA EMERGENTES FIM ......
SCH RENTA FIJA EMERGENTES PLUS FIM ...
SCH RENTA FIJA PLUS FIM ....................
SCH RENTA FIJA PRIVADA FIM ..............
SEGURFONDO FIM ..............................
SEGURFONDO LARGO PLAZO FIM .....
SOLBANK BONOS EURO FIMS .............
TOP RENTA FIM ....................................
UNIFOND EURORENTA FIM .................
URQUIJO LIDER FIM .............................
ZARAGOZANO RF FIM .........................
(Continued)
0.67
0.03
0.76
0.14
0.28
0.24
0.03
0.25
0.27
0.51
0.39
0.15
5.23
0.08
0.08
1.34
4.43
0.09
0.04
0.00
0.11
0.20
0.89
0.26
0.25
,24
Yield
(%)
1.76
1.61
0.78
1.96
0.52
0.99
0.78
1.10
0.72
0.76
1.76
1.44
5.86
1.63
1.66
1.97
3.00
2.41
2.32
1.33
1.98
0.72
1.64
2.61
1.66
0.66
Volatility
1.90
1.85
2.04
2.46
1.54
2.89
1.87
2.77
0.01
2.47
2.95
2.55
4.61
2.53
3.02
1.35
4.77
4.17
4.18
2.70
4.00
0.01
2.94
2.75
2.54
2.77
Yield
(%)
RFLP 1.67
RFLP 1.35
RFLP 0.93
RFLP 1.37
RFLP 0.81
RFLP 1.53
RFLP 1.40
RFLP 1.83
RFLP 1.63
RFLP 1.95
RFLP 1.22
RFLP 1.10
RFLP 2.70
RFLP 0.80
RFLP 0.98
RFCP 3.46
RFLP 2.47
RFLP 1.56
RFLP 0.58
RFLP 1.46
RFLP 2.23
RFLP 1.56
RFLP 1.61
RFLP 1.06
RFLP 1.46
RFLP 0.38
Dura- Fund
tion type
Q1
1.67
1.05
1.22
0.96
0.75
1.21
0.92
1.28
1.33
1.40
1.23
1.16
3.27
1.22
1.46
4.19
4.49
1.88
1.95
1.12
1.77
1.33
1.53
1.03
1.21
0.63
Volatility
1.80
1.12
2.43
2.84
1.73
2.76
1.84
3.14
0.01
3.70
3.58
2.66
4.27
2.97
3.44
1.62
4.34
4.99
4.46
2.75
4.16
0.01
2.41
1.49
2.19
1.37
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
Dura- Fund
tion type
Q2
0.11
1.35
4.03
2.20
1.08
2.55
1.49
2.49
1.13
1.42
1.78
1.92
3.64
2.64
2.74
0.85
0.47
3.88
3.40
2.00
3.05
1.06
1.99
0.83
2.91
0.58
Yield
(%)
1.32
0.91
3.09
1.42
0.75
1.58
0.76
2.00
4.02
4.23
1.86
1.29
4.43
2.10
2.40
5.65
6.04
3.13
2.82
1.65
2.01
4.03
1.63
1.37
2.15
0.59
Volatility
1.58
1.05
1.95
2.80
1.24
2.22
1.10
2.87
0.01
4.04
3.48
1.99
4.20
3.01
3.21
2.34
4.29
4.89
3.80
2.65
4.05
0.01
1.78
1.17
3.27
0.93
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
Dura- Fund
cin type
Q3
1.39
0.93
1.23
1.44
0.22
1.34
0.98
1.72
1.02
0.84
0.40
0.91
5.88
1.13
1.01
8.47
10.13
1.66
2.92
1.22
1.60
1.09
0.57
0.18
1.02
0.89
Yield
(%)
2.26
1.27
1.83
1.05
0.55
1.15
0.58
3.29
1.82
1.91
1.65
1.47
3.72
2.12
1.96
3.58
4.60
2.81
2.52
1.43
2.07
1.82
1.39
1.09
1.53
0.61
Volatility
1.63
1.36
1.65
2.89
1.14
2.13
0.99
2.48
0.01
4.05
3.31
1.87
4.22
3.01
2.87
3.37
4.52
4.67
3.82
2.75
4.45
0.01
1.66
0.75
2.04
0.79
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
Dura- Fund
tion type
Q4
2.28
3.70
7.11
4.94
2.40
5.27
3.95
5.88
2.00
3.05
3.03
4.13
5.92
4.54
4.71
5.22
11.64
7.34
6.99
4.75
6.91
1.73
3.30
1.82
5.21
2.11
Yield
(%)
1.80
1.24
1.96
1.41
0.66
1.27
0.78
2.12
2.35
2.47
1.65
1.35
4.52
1.82
1.92
4.18
4.77
2.62
2.44
1.40
1.97
2.35
1.57
1.65
1.69
0.63
Volatility
2002
18.43
15.84
26.86
15.32
13.01
NA
20.61
17.40
20.27
NA
15.12
25.97
NA
21.27
16.92
NA
NA
26.56
NA
22.44
31.62
18.64
15.33
15.72
16.86
12.39
Yield
since
1996
% fees
1.50
1.50
1.00
1.50
1.50
1.50
1.00
1.00
0.90
0.00
1.85
1.75
1.15
1.25
2.00
1.60
1.15
0.75
1.40
0.65
0.10
1.15
2.00
1.25
1.20
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
0.00
0.00
0.00
0.00
0.00
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
1.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
1.00
2.00
3.00
3.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
1.00
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
Min.
Back end
0.13
0.20
0.11
0.13
0.00
0.00
0.00
0.00
0.10
0.10
0.19
0.15
0.10
0.10
0.15
0.10
0.10
0.10
0.10
0.15
0.05
0.10
0.10
0.14
0.20
0.20
Custody
247
248
30-70 EURO INVERSION FIM ................

ABA FONDO FIM ..................................
AC EC MIXTO FIM .................................
AC FC MIXT FIM ....................................
AC FT PLUS FIM ....................................
ACTIVOS EN RENTA MIXTA FIJA FIM .....
AEGON INVERSION MF FIM .................
AHORRO VIDA MIXTO FIM ..................
AHORROFONDO 20 FIM ......................
AI FONDO FIM ......................................
ALCALA AHORRO FIM ..........................
ALCALA INTERVAL FIM .........................
ALHAMBRA FIMF....................................
ALLIANZ CONSERVADOR ESPAA FIMF....
ALLIANZ CONSERVADOR EUROPA FIMF ........
ARQUIUNO FIM ....................................
ASTURFONDO MIX-R.F. FIM .................
ATLANTICO MIXTO 2 FIM .....................
ATLANTICO PLUS PREMIER FIM ............
BANCAJA FONDO DE FONDOS 30 FIMF...
BANCAJA RENTA FIJA MIXTA FIM ..........
BANESTO ESPE. MX RF FIM ...................
BANESTO FC MIXT FIM .........................
BANESTO MIX. FIJO 2 FIM ....................
BANESTO MIXTO 70/30 FIM .................
BANESTO MIXTO FIJO 85/15 FIM .........
BANESTO MULTIFONDOS CONSERVADOR FIMF...
BANKPYME FC MIXT EURO 15 RV FIM .....
BANKPYME MULTIFIX 25 RV FIM ..........
BARCLAYS GESTION 25 FIMF ................
BBVA EUROCANARIAS MIXTO FIM ......
BBVA FONSTRESOR CATALUNYA MIXT FIM ....
BCH ESTRUC. RF MIX. FIM (*) ...............
BCH MIXTO EUSKADI FIM ....................
BCH MULTIFONDOS CONSERVADOR FIMF....
(Continued)
0.61
0.97
0.63
0.16
0.48
0.16
0.98
0.83
0.50
1.20
4.18
2.68
2.22
0.82
1.03
0.34
0.02
0.31
0.58
0.16
0.22
0.41
0.40
0.51
0.63
0.59
0.08
0.03
0.27
0.75
0.19
0.22
0.82
0.62
0.33
Yield
(%)
0.23
1.75
5.09
2.65
2.48
3.08
3.35
1.83
4.11
3.05
2.48
1.46
4.79
3.89
4.33
3.13
4.97
4.57
3.81
3.10
4.06
6.36
2.89
3.88
6.06
2.85
3.93
2.62
4.79
4.53
1.82
2.03
2.67
4.11
4.12
Volatility
0.10
0.82
0.01
1.02
1.81
1.63
1.68
0.79
1.42
2.42
0.24
0.00
1.87
0.01
0.01
3.21
0.70
2.23
0.47
0.03
0.06
3.39
1.26
3.52
3.36
1.73
0.01
2.89
2.87
0.00
1.76
1.91
2.25
4.25
0.00
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
RFM
Dura- Fund
tion type
Q1
0.85
0.18
3.40
0.90
1.38
1.69
0.32
0.30
3.24
1.45
2.30
1.13
4.87
2.35
1.90
2.33
4.48
3.78
2.83
3.00
3.10
5.04
1.46
3.29
4.25
1.47
3.14
2.30
5.43
4.70
0.57
0.64
1.37
2.38
3.28
Yield
(%)
0.48
2.32
4.55
2.29
2.67
4.41
4.23
2.41
4.13
2.69
3.56
2.75
8.40
4.08
4.87
3.68
6.06
5.35
4.13
3.48
5.18
7.28
3.70
3.74
6.92
3.34
4.04
3.58
6.35
6.69
2.10
2.31
3.20
4.82
4.05
Volatility
0.15
0.37
0.01
1.55
1.70
1.38
2.81
0.26
1.89
1.91
0.20
0.00
2.01
0.00
0.00
1.14
0.50
1.20
0.36
0.05
0.28
3.10
1.02
3.74
3.20
1.01
0.00
2.88
2.76
0.00
1.47
1.61
2.04
4.24
0.00
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
RFM
Dura- Fund
tion type
Q2
0.83
2.37
4.28
0.36
0.87
4.22
2.26
2.34
2.52
0.52
2.68
1.81
9.07
3.02
4.46
4.56
6.21
5.16
3.18
4.41
6.86
6.89
2.28
3.10
7.25
2.52
3.34
3.32
6.91
6.40
1.09
1.09
0.25
4.07
3.29
Yield
(%)
0.36
2.71
8.63
3.77
4.77
7.62
8.85
3.06
7.75
2.85
3.18
2.77
13.92
8.50
8.28
6.67
10.75
9.77
7.39
8.74
11.57
13.96
7.14
6.94
13.33
6.38
7.48
6.21
11.35
12.09
3.30
3.57
2.68
8.54
7.49
Volatility
0.12
1.90
0.01
2.12
1.91
1.34
2.12
1.72
1.60
1.86
0.17
0.00
1.12
0.00
0.00
0.22
1.02
1.16
0.27
0.03
0.26
3.37
0.89
4.08
3.45
0.96
0.00
3.81
3.99
0.00
2.50
1.90
1.56
4.59
0.00
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
RFM
Dura- Fund
tion type
Q3
Volatility
0.73 0.25
1.81 2.23
2.50 6.04
1.88 2.50
2.24 3.26
2.78 5.67
4.96 7.18
3.00 2.18
2.90 5.08
2.17 2.18
3.73 3.36
2.10 1.49
2.91 7.80
2.46 5.09
1.61 5.35
2.39 4.70
2.33 8.14
1.95 6.37
2.12 4.28
1.24 8.18
2.05 9.62
1.80 10.03
2.63 5.09
0.77 5.04
2.15 9.76
1.85 4.70
1.51 5.05
4.16 5.45
6.67 10.57
3.70 9.57
1.87 3.03
1.62 3.16
0.91 1.77
1.69 6.84
2.38 5.24
Yield
(%)
0.04
1.88
0.02
1.68
1.72
1.45
2.18
1.75
1.90
1.57
0.13
0.00
0.85
0.01
0.01
0.19
1.08
1.16
0.20
0.09
0.25
3.44
1.83
4.12
3.43
0.86
0.01
2.58
2.76
0.00
2.25
2.10
1.49
4.53
0.00
Yield
(%)
Volatility
2002
Yield
since
1996
RFM 3.04 0.35 NA

RFM 0.18 2.30 15.31
RFM 5.82 6.31 NA
RFM 0.44 2.87 NA
RFM 0.53 3.43 8.94
RFM 3.39 5.49 8.92
RFM 3.26 6.35 24.96
RFM 1.14 2.44 12.47
RFM 3.44 5.51 4.64
RFM 1.36 2.73 16.39
RFM 7.60 3.22 13.11
RFM
4.11 2.24 14.54
RFM 9.00 9.41 5.11
RFM 3.77 5.73 NA
RFM 5.75 5.94 NA
RFM 4.23 4.79 0.92
RFM 8.34 7.85 3.00
RFM 7.26 6.85 NA
RFM 3.37 5.14 6.27
RFM 5.97 6.46 NA
RFM 7.69 8.27 NA
RFM 10.36 9.91 1.30
RFM 1.57 5.00 NA
RFM 6.04 5.09 NA
RFM 9.85 9.50 NA
RFM 2.74 4.55 NA
RFM 5.04 5.35 NA
RFM 1.59 4.74 NA
RFM 5.84 8.81 2.30
RFM 6.81 8.77 NA
RFM 0.00 2.65 7.80
RFM 0.35 2.85 NA
RFM 1.71 2.64 NA
RFM 5.36 6.35 10.84
RFM 4.56 5.44 NA
Dura- Fund
tion type
Q4
FIM MIXED FIXED-INCOME (RFM)

% fees
0.70
1.50
1.50
1.25
1.35
1.00
1.50
1.50
1.50
1.25
0.90
1.40
1.60
1.00
1.50
1.50
1.70
1.60
0.90
0.95
1.50
0.90
1.40
1.55
1.85
1.65
1.50
1.00
1.35
0.00
1.70
1.40
1.40
2.00
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
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
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
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
2.00
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
1.00
0.00
0.00
0.00
0.00
0.00
3.00
0.50
0.00
2.00
1.00
1.00
0.00
3.00
3.00
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
Min.
Back end
0.10
0.20
0.07
0.08
0.07
0.07
0.14
0.15
0.08
0.15
0.02
0.10
0.12
0.14
0.14
0.20
0.15
0.10
0.07
0.05
0.20
0.10
0.10
0.20
0.10
0.10
0.10
0.15
0.20
0.05
0.05
0.10
0.10
0.20
0.10
Custody
BESTINVER RENTA FIM ..........................

BETA RENTA PLUS FIM ..........................
BG MIXTO 25 FIM ..................................
BK FV MIXTO FIM ..................................
BK MIXTO ESPAA 30 FIM ....................
BK MIXTO EUROPA 20 FIM ...................
BM-TESORERIA PLUS FIM.......................
BNP FONDO DE SOLIDARIDAD FIM ....
BNP GLOBAL 15-85 FIM .......................
BOLFOND FIM ......................................
BOLSINDEX FIM .....................................
BSN BANIF CONVERTIBLES FIM ...........
BSN BANIF EUROPA 30 FIM .................
CAHISPA RENTA FIM .............................
CAI RENTA MIXTO 20 FIM ....................
CAIXA CAT. SOLIDARI FIM ....................
CAIXA CATALUNYA EUROPA MIXT 25 FIM......
CAIXA GALICIA MIX 25 FIM ..................
CAIXASABAD. 6-MIXT FIM ....................
CAJA BADAJOZ INV. FIM .......................
CAJA INGENIEROS EUROPA 25 FIM ......
CAJA LABORAL PT FIM ..........................
CAJABURGOS MIXTO I FIM ...................
CAJASUR MIXTO FIM ............................
CAM MIXTO 25 FIM ..............................
CAN NAVARRA MIXTO 30 FIM .............
CANTABRIA RENTA 20 FIM ...................
CASFONDO FIM ...................................
CITIFONDO LIDER FIM .........................
COVAP FONDO FIM .............................
CREDIT AGRICOLE MERCAPATRIMONIO FIM .
CT EUROMIXT 25 FIM ..........................
CUENTAFONDO AHORRO FIM ............
DINFONDO FIM ....................................
DWS CAPITAL I FIM ...............................
(Continued)
Volatility
1.31 1.37
0.45 2.67
0.44 3.66
1.37 3.91
0.16 5.89
0.32 3.47
0.71 0.33
0.04 4.35
0.15 2.98
0.00 5.30
0.11 5.51
1.66 3.28
1.03 6.05
1.12 4.28
0.56 4.17
0.06 3.98
0.42 3.71
0.68 4.99
0.67 6.20
0.68 6.05
0.20 3.64
0.78 6.41
0.38 4.19
0.16 4.07
0.62 4.74
0.22 6.00
0.40 3.59
0.28 1.77
0.38 4.60
0.03 4.68
0.72 10.48
0.11 3.90
1.81 6.41
0.66 2.17
0.80 2.52
Yield
(%)
1.61
0.66
0.17
0.14
0.11
0.17
0.18
1.97
1.29
0.76
0.87
0.82
3.24
1.04
1.47
0.01
1.43
1.24
1.54
1.18
1.55
2.37
1.50
1.35
2.04
0.38
3.06
0.44
0.00
1.43
0.46
1.26
1.09
2.10
0.23
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
RFM
Dura- Fund
tion type
Q1
1.81
3.04
2.19
0.89
3.99
2.31
0.55
3.81
2.82
3.09
5.08
1.19
4.44
5.22
3.34
1.64
3.94
4.59
5.08
4.88
3.27
4.53
3.49
3.46
4.12
4.70
3.19
0.18
3.91
4.82
0.70
3.50
5.13
0.51
2.44
Yield
(%)
1.24
3.34
3.73
4.01
5.98
4.12
0.80
5.18
4.00
4.77
5.60
1.43
7.18
6.84
4.11
4.09
4.82
5.23
6.26
6.11
5.04
6.63
4.15
5.40
5.80
6.39
4.81
2.03
5.76
6.39
0.26
4.67
4.98
1.99
3.56
Volatility
1.33
0.26
0.16
0.05
0.25
0.46
0.05
2.03
1.23
0.64
1.11
0.73
3.05
1.20
1.45
0.00
1.53
1.36
1.59
1.25
2.45
2.17
1.53
1.41
2.11
0.38
2.56
0.32
0.41
1.51
0.51
1.43
0.70
2.02
0.33
Yield
(%)
Volatility
0.96
0.46
0.13
0.03
0.12
0.18
0.04
2.18
1.31
0.83
1.02
0.81
3.19
0.48
1.63
0.00
1.65
1.64
1.50
1.40
2.30
2.15
1.57
1.83
1.98
0.56
2.88
0.24
0.00
1.49
0.32
1.50
2.42
1.99
0.36
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
RFM
Dura- Fund
cin type
Q3
RFM
0.43 1.18
RFM 3.52 4.76
RFM 3.09 6.07
RFM 2.35 6.91
RFM 5.23 10.77
RFM 4.64 7.77
RFM
0.78 0.65
RFM 6.06 10.31
RFM 4.84 7.97
RFM 4.21 8.97
RFM 5.21 9.06
RFM
0.15 1.41
RFM 6.86 13.57
RFM 11.78 13.17
RFM 2.58 7.66
RFM 2.49 6.15
RFM 5.39 8.16
RFM 3.74 9.71
RFM 4.26 10.95
RFM 4.29 10.85
RFM 5.54 9.99
RFM 6.89 13.32
RFM 2.56 7.75
RFM 5.12 9.49
RFM 2.63 9.40
RFM 5.93 13.45
RFM 6.16 10.07
RFM
0.22 2.39
RFM 6.05 9.63
RFM 9.14 13.49
RFM
0.75 0.18
RFM 6.25 9.49
RFM 3.14 6.24
RFM 1.10 3.58
RFM 3.21 6.01
Dura- Fund
tion type
Q2
2.25
0.28
2.04
4.74
2.88
1.56
0.38
2.37
2.89
2.97
3.19
1.29
2.51
2.85
2.77
1.51
2.86
3.09
3.39
3.32
1.49
4.58
2.85
2.19
2.84
2.77
3.39
1.04
1.14
3.08
0.60
2.54
0.54
1.09
1.33
Yield
(%)
1.89
2.43
4.27
5.01
8.27
6.52
0.54
7.62
6.70
6.89
6.38
3.77
10.24
12.57
4.99
4.32
6.85
6.36
7.13
6.97
7.48
8.84
5.04
7.21
6.37
8.94
8.12
0.67
7.19
11.02
15.59
7.92
5.94
2.53
5.17
Volatility
0.77
0.17
0.10
0.03
0.18
0.31
0.05
2.22
1.52
0.85
0.62
1.16
3.65
0.67
1.91
0.01
1.59
1.87
1.76
1.50
2.11
1.98
1.78
1.63
2.07
0.53
2.74
0.16
0.01
1.33
0.52
1.84
2.21
1.99
0.29
Yield
(%)
Volatility
2002
Yield
since
1996
RFM 5.91 1.45 22.22

RFM 6.61 3.44 3.94
RFM 2.84 4.56 NA
RFM 2.75 5.14 NA
RFM 6.24 8.03 NA
RFM 5.09 5.78 8.22
RFM 2.44 0.61 26.30
RFM 7.46 7.30 NA
RFM 4.71 5.82 7.13
RFM 4.42 6.72 NA
RFM 7.05 6.84 3.62
RFM 1.62 2.70 NA
RFM 9.70 9.76 6.01
RFM 13.03 10.07 3.62
RFM 3.76 5.46 NA
RFM 2.69 4.73 NA
RFM 6.13 6.19 6.36
RFM 5.97 6.88 NA
RFM 6.68 7.92 4.76
RFM 6.57 7.79 NA
RFM 7.45 7.01 21.62
RFM 7.77 9.29 2.92
RFM 3.65 5.52 NA
RFM 6.55 6.89 NA
RFM 3.39 6.84 0.50
RFM 8.07 9.24 NA
RFM 6.45 7.19 1.19
RFM 0.79 1.83 9.95
RFM 8.34 7.09 1.91
RFM 10.88 9.65 NA
RFM 2.79 9.40 15.33
RFM 7.34 6.94 NA
RFM 9.29 5.94 20.98
RFM 1.18 2.65 8.76
RFM 3.55 4.55 7.55
Dura- Fund
tion type
Q4

% fees
0.50
1.40
1.30
1.20
1.20
1.20
1.25
1.75
1.35
1.25
1.18
1.25
1.50
1.60
1.50
1.35
1.50
2.00
1.55
1.50
2.25
2.00
1.50
1.75
1.75
1.40
1.50
2.00
1.75
1.00
1.50
2.00
1.50
1.25
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
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
1.00
1.00
1.00
0.00
1.00
0.00
0.00
2.00
0.00
1.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
Max.
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
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
Min.
Back end
0.05
0.15
0.15
0.09
0.07
0.08
0.10
0.15
0.15
0.10
0.15
0.20
0.20
0.10
0.12
0.20
0.20
0.08
0.15
0.12
0.20
0.20
0.09
0.20
0.10
0.10
0.19
0.10
0.20
0.10
0.10
0.10
0.13
0.10
0.10
Custody
249
250
DWS GLOBAL FIM ................................

DWS VALOR GLOBAL FIM ....................
ESPIRITO SANTO PLUS FIM ..................
ESPIRITO SANTO RENTA PLUS FIM .......
EUROAGENTES RENTA FIM ...................
EUROVALOR MIXTO-15 FIM .................
EUROVALOR MIXTO-30 FIM .................
F.M.C. PORTUARIO DE VALENCIA FIM .
FG MIXTO RENTA FIJA FIM.....................
FIBANC MIX. RF EUR. FIM .....................
FIDEFONDO FIM ...................................
FINANCIALFOND FIM ...........................
FINESFONDO FIM .................................
FOMODI FIM .........................................
FON FINECO AHORRO FIM .................
FONBILBAO MIXTO FIM ........................
FONCAIXA 26 MIXTO 25 RV FIM ..........
FONCAIXA FC MIXT 60 FIM ..................
FONCOLONYA FIM ...............................
FONDBARCLAYS 1 FIM .........................
FONDESPAA CATEDRALES FIM ..........
FONDESPAA GLOBAL FIM .................
FONDIBAS FIM ......................................
FONDIBAS FUTURO FIM ......................
FONDMAPFRE RENTA MIXTO FIM ........
FONDMUSINI III FIM ...........................
FONDMUSINI UNIVERS. FIM ................
FONDO VALENCIA EUROPA MIXTO 20 FIM....
FONDO VALENCIA FONDO DE FONDOS 30 FIMF.
FONDO VALENCIA RENTA FIJA MIXTA FIM
FONDONORTE FIM ...............................
FONDOSUR FIM ...................................
FONDPUEYO FIM .................................
FONDTURIA FIM ...................................
FONDUNACSA FIM ...............................
(Continued)
0.35
0.70
0.19
0.99
0.29
0.21
0.38
0.34
0.65
0.42
0.20
1.21
0.88
0.78
0.71
0.46
0.71
0.08
0.75
0.53
0.70
1.08
0.80
0.84
0.52
0.95
1.09
0.11
0.75
0.09
0.17
0.76
0.61
0.07
0.56
Yield
(%)
0.73
1.31
5.41
0.79
7.92
3.00
5.83
3.63
1.65
3.82
2.47
3.61
1.68
2.48
4.73
6.65
3.00
1.51
2.42
5.46
3.47
3.62
4.94
3.26
4.29
3.22
3.67
4.53
0.28
5.37
2.07
6.04
1.46
3.12
8.97
Volatility
0.16
0.28
1.50
0.28
0.11
0.31
2.55
0.87
1.15
3.15
0.95
1.60
0.64
0.82
0.73
0.07
1.52
2.28
1.98
1.48
2.59
2.34
1.22
1.18
3.05
0.16
0.16
0.01
0.04
0.18
2.36
1.52
1.70
0.81
0.14
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
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
Dura- Fund
tion type
Q1
0.18
0.65
4.29
0.42
0.07
1.89
3.85
2.57
0.02
2.85
0.99
2.14
0.22
2.84
3.48
4.52
0.09
0.16
1.86
4.33
2.39
2.04
5.60
3.67
2.72
1.58
2.05
3.07
3.01
3.87
1.89
4.99
1.47
1.42
0.69
Yield
(%)
0.73
1.74
3.16
0.63
0.46
3.11
6.01
5.02
1.96
4.54
3.27
4.45
2.24
3.36
6.05
6.28
2.08
1.06
4.31
6.78
4.68
4.33
5.35
4.13
5.13
3.45
4.14
5.15
3.37
5.42
2.44
6.05
2.31
3.56
0.12
Volatility
0.15
0.35
0.71
0.13
0.08
0.37
2.77
0.63
0.58
2.72
0.75
0.98
0.34
0.93
0.78
0.08
1.10
1.84
2.29
1.53
2.49
2.28
0.79
0.90
2.61
0.19
0.20
0.00
0.00
0.22
2.05
1.50
1.32
0.68
0.10
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
RFM
Dura- Fund
tion type
Q2
0.16
0.87
4.48
0.59
0.70
2.79
4.69
6.24
1.69
4.89
2.67
4.96
1.82
3.11
7.83
5.47
1.39
1.51
4.29
7.42
5.01
4.68
2.98
1.69
5.01
3.04
3.64
5.82
3.45
4.65
2.13
4.30
2.06
3.67
0.70
Yield
(%)
1.07
2.53
6.27
0.58
0.84
5.64
11.04
13.95
2.17
9.87
5.38
8.03
2.80
6.01
11.96
11.66
1.27
1.29
7.34
14.10
8.18
7.84
7.45
4.88
9.14
6.17
7.37
9.48
6.35
9.96
4.18
10.75
3.67
6.94
4.87
Volatility
0.39
0.35
2.23
0.03
0.03
0.23
2.82
0.60
0.95
2.70
1.13
1.01
1.44
0.88
0.86
0.01
1.45
2.37
1.73
1.88
2.37
2.17
0.80
0.91
2.15
0.21
0.18
0.00
0.00
0.14
1.85
1.45
0.90
0.68
0.08
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
RFM
Dura- Fund
tion type
Q3
Volatility
0.75 1.25
1.01 2.45
1.20 6.51
0.34 0.60
0.42 5.83
1.75 4.13
3.71 7.89
5.35 8.83
1.75 1.79
2.84 6.35
1.86 3.47
2.00 6.07
2.04 2.06
3.02 5.72
3.91 9.28
3.63 7.39
0.50 0.54
0.51 0.54
0.72 4.72
3.96 11.19
2.38 5.33
2.32 5.46
2.01 3.86
1.73 2.53
2.71 6.11
1.97 4.25
2.27 5.25
1.73 7.26
0.58 6.10
2.44 7.26
2.51 3.05
3.29 7.05
1.69 4.63
1.75 4.30
0.60 4.55
Yield
(%)
0.26
0.24
1.69
0.05
0.04
0.19
2.92
0.47
0.83
2.95
1.03
0.94
1.31
0.55
0.76
0.01
0.99
1.44
1.69
1.55
2.28
2.20
0.82
0.88
2.10
0.19
0.23
0.01
0.01
0.09
1.91
1.71
0.46
0.67
0.08
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
RFM
Dura- Fund
tion type
Q4
Volatility
Yield
since
1996
0.76 0.97 9.92

0.18 2.08 NA
9.51 5.52 5.51
2.36 0.66 14.63
1.48 0.48 4.71
2.75 4.13 6.83
5.31 8.02 NA
3.44 8.89 25.89
0.66 1.92 1.43
5.38 6.62 NA
1.65 3.82 26.31
3.98 5.83 13.40
0.83 2.25 15.24
2.26 4.69 5.74
6.90 8.56 9.15
6.89 8.33 7.36
1.27 1.95 7.89
1.95 1.17 NA
4.68 5.05 NA
8.42 10.07 6.39
5.74 5.72 NA
5.49 5.58 7.29
7.32 5.59 1.87
4.47 3.83 5.94
5.58 6.48 3.95
1.78 4.45 24.48
2.42 5.34 18.63
7.23 6.93 3.04
5.11 4.75 10.53
6.18 7.28 5.82
1.41 3.07 18.93
6.80 7.76 2.05
2.47 3.27 NA
3.44 4.75 NA
2.57 8.59 NA
Yield
(%)
2002
% fees
1.30
0.55
1.00
1.50
1.35
1.60
2.00
0.80
1.00
1.50
1.50
1.10
1.50
1.18
1.50
1.45
1.75
1.35
1.50
2.25
1.30
1.10
1.75
1.50
2.00
1.25
1.50
1.50
0.95
1.75
0.45
1.75
1.60
1.25
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
4.00
1.00
0.00
2.50
0.00
0.00
0.00
0.00
1.50
0.00
0.00
1.00
2.00
1.00
0.00
3.00
0.00
1.00
2.00
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
Min.
Back end
0.10
0.00
0.10
0.15
0.10
0.00
0.00
0.15
0.18
0.10
0.15
0.11
0.15
0.15
0.20
0.10
0.00
0.13
0.15
0.20
0.15
0.15
0.10
0.10
0.20
0.10
0.20
0.20
0.05
0.20
0.08
0.20
0.07
0.20
0.15
Custody
FONDUXO FIM .....................................

FONGRUM FIM .....................................
FONINDEX EURO FIM ...........................
FONINDEX RENTA FIM...........................
FONJALON RENTA PLUS FIM ................
FONLAIETANA 30 FIM ...........................
FONLAIETANA FIM ................................
FONMUTUAL FIM .................................
FONPASTOR 10 FIM...............................
FONPASTOR 25 FIM ..............................
FONPENEDES MIXT FIM.........................
FONPROCURADOR II FIM.....................
FONSMANLLEU BORSA FIM .................
GIROFONS FIM .....................................
IBER FONDO 2000 FIM .........................
IBERAGENTES POPULAR RENDIMIENTO FIM...
IBERCAJA RENTA FIM ............................
IM 93 RENTA FIM ..................................
ING DIRECT F.NARANJA MIXTO EUROPEO FIMF .
INTERMONEY MIXTO EURO FIM ..........
INVERKOA FIM .....................................
INVERMANRESA 2 FIM ..........................
INVERMANRESA FIM .............................
JORGE JUAN 28 FIM ..............................
LUSO VALORES FIM ..............................
MAPFRE AHORRO PROGRESIVO FIM ..
MARCHFONDO FIM .............................
MEDIFOND FIM ....................................
MIXFOND 2000 FIM .............................
MORGAN STANLEY FIVA FIM ...............
MULTIGESTORES FIM ............................
MUTUALFASA 2 FIM...............................
PATROFONDO FIM ...............................
PENTAFONDO MIXTO FIM ...................
PLUSAHORRO FIM ................................
(Continued)
0.05
2.78
0.31
0.94
0.05
0.37
0.33
0.46
0.14
0.07
0.63
0.41
0.61
0.30
0.50
0.16
0.44
1.11
0.01
1.26
0.57
0.20
0.24
0.80
2.63
1.22
1.11
0.33
0.76
0.30
0.63
1.16
0.65
0.02
1.49
Yield
(%)
5.07
5.02
0.31
3.99
3.96
6.88
3.99
5.01
1.48
3.37
6.59
6.88
5.88
4.18
2.95
1.69
6.70
5.86
3.43
3.21
3.41
3.06
1.34
4.37
9.25
4.21
4.13
4.20
2.45
3.87
1.78
2.58
1.48
4.96
6.51
Volatility
1.65
1.54
0.53
2.00
1.06
0.58
2.29
1.15
0.44
0.41
2.53
2.37
0.11
1.99
1.69
1.32
0.92
0.03
0.01
0.05
1.66
1.23
1.32
2.37
2.00
2.98
1.70
2.91
2.75
1.60
1.07
3.61
1.00
0.71
1.40
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
RFM
RFM
Dura- Fund
tion type
Q1
3.94
2.87
0.61
0.68
2.88
5.89
3.46
4.42
0.63
1.91
5.87
4.71
6.09
2.75
1.55
0.26
5.68
6.45
3.72
2.49
2.16
1.78
0.21
3.41
5.51
3.19
2.23
3.94
1.20
4.00
0.19
2.16
0.10
4.52
6.86
Yield
(%)
5.78
5.76
0.19
1.80
4.29
7.07
6.12
5.58
1.34
3.48
8.79
6.18
6.91
4.37
3.41
1.60
7.49
6.02
4.65
4.61
3.91
3.25
1.37
4.73
7.88
4.86
3.66
4.63
3.92
5.02
2.17
3.48
1.29
6.03
5.98
Volatility
1.67
1.56
0.35
1.97
0.91
0.59
2.43
1.13
3.15
4.51
2.51
1.77
0.14
1.84
1.56
1.89
1.12
0.02
0.00
0.00
1.51
1.23
1.31
2.39
1.92
2.51
1.53
3.05
2.28
1.38
0.49
3.72
0.39
0.49
0.95
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
RFM
RFM
Dura- Fund
tion type
Q2
4.96
7.55
0.59
1.60
2.58
7.15
5.54
4.26
0.61
2.51
9.21
2.42
7.45
3.65
2.64
0.38
7.01
6.17
4.66
1.49
3.00
3.01
0.64
3.22
6.41
4.07
3.04
4.01
3.42
6.91
1.73
1.24
0.52
6.09
3.62
Yield
(%)
9.66
10.24
0.23
1.26
6.33
11.96
11.10
9.44
1.80
5.87
18.07
9.19
12.88
8.80
6.54
2.73
14.68
8.89
10.12
7.29
6.91
6.21
2.32
7.69
14.68
8.52
6.37
8.65
8.27
10.04
2.55
4.66
1.25
10.56
9.42
Volatility
1.70
1.75
0.39
1.94
0.74
0.60
2.93
1.09
2.89
3.51
1.63
1.78
0.08
1.66
1.40
1.56
1.05
0.02
0.00
0.08
1.36
1.20
1.26
2.40
2.10
2.15
1.88
2.95
2.02
1.37
2.50
3.70
1.64
1.24
1.49
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
RFM
RFM
Dura- Fund
cin type
Q3
Volatility
1.33 7.50
3.36 7.81
0.61 0.16
0.71 1.50
1.28 3.38
3.85 9.47
3.01 6.79
2.78 6.02
1.89 1.37
2.68 4.32
3.11 13.14
0.32 2.78
3.04 9.15
2.65 5.86
1.45 4.87
1.46 1.67
4.33 9.67
2.15 7.64
2.30 6.97
1.07 5.51
1.93 4.75
2.05 4.55
0.68 1.81
1.20 5.97
3.99 18.52
2.54 5.65
0.45 2.41
4.17 5.18
2.53 4.81
2.24 8.20
0.38 3.70
2.09 2.48
1.20 1.19
2.29 8.03
0.41 7.90
Yield
(%)
1.24
1.94
0.33
1.59
0.66
1.07
3.08
1.06
2.82
2.94
2.68
0.01
0.37
1.80
0.93
2.59
0.86
0.07
0.01
0.15
1.33
1.23
1.10
2.63
1.91
2.11
2.02
2.88
2.21
1.18
1.09
3.75
1.50
1.18
1.29
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
RFM
Dura- Fund
tion type
Q4
7.45
4.62
2.14
0.68
4.13
9.59
6.37
6.39
3.29
1.87
12.44
7.69
9.90
4.10
3.25
0.97
8.89
11.32
6.11
1.69
3.82
2.58
0.07
6.16
17.34
5.93
5.84
4.25
2.92
8.90
1.68
0.20
1.42
8.26
11.21
Yield
(%)
7.26
7.56
0.23
2.39
4.65
9.15
7.51
6.78
1.52
4.40
12.52
6.68
9.18
6.12
4.68
1.99
10.19
7.26
6.83
5.39
4.95
4.48
1.76
5.86
13.32
6.07
4.39
5.98
5.35
7.27
2.66
3.44
1.31
7.74
7.60
Volatility
2002
1.65
3.43
16.62
0.18
NA
NA
3.45
3.77
20.67
NA
13.13
NA
1.92
7.06
12.28
NA
2.10
6.32
NA
NA
0.52
21.06
13.36
6.20
2.05
4.94
1.75
4.57
NA
5.15
10.09
16.11
14.20
2.29
2.97
Yield
since
1996
% fees
1.05
1.50
0.90
1.50
1.60
1.50
1.80
1.40
1.00
1.00
1.90
0.65
2.00
0.75
1.25
1.50
1.50
1.50
0.40
0.85
2.00
0.90
1.75
0.85
1.50
1.75
2.25
1.35
1.50
2.25
2.00
0.40
1.25
1.80
1.00
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
3.00
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
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
Min.
1.00
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
3.00
0.00
2.50
0.00
0.00
0.00
0.00
1.00
1.00
2.00
2.00
2.50
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
Max.
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
0.00
0.00
0.00
0.00
2.00
0.00
0.00
Min.
Back end
0.15
0.20
0.20
0.15
0.20
0.20
0.20
0.12
0.20
0.20
0.00
0.05
0.20
0.08
0.10
0.08
0.20
0.10
0.00
0.10
0.00
0.10
0.15
0.20
0.08
0.20
0.00
0.20
0.10
0.08
0.20
0.20
0.15
0.12
0.20
Custody
251
252
PLUSMADRID 15 FIM ............................

PLUSMADRID 25 FIM ............................
PLUSMADRID AHORRO EURO FIM ......
PLUSMADRID AHORRO FIM ...............
RENTA 4 EUROCANARIAS MIXTO FIM ..
RENTA 4 INDICE FIM (*) ........................
RENTA 4 TES-BOL FIM ...........................
RENTRIFONDO FIM ..............................
RURAL CORDOBA FIM .........................
RURAL GIJON UNO FIM .......................
RURAL MIXTO 25 FIM ...........................
RV FOND FIM ........................................
SAFEI FOMENTO FIM ............................
SANT.ESTRUCTUR.RFM FIM (*) .............
SANTANDER FV MIXTO FIM .................
SANTANDER MULTIFONDOS CONSERVADOR FIMF .....
SCH EUROCANARIAS MIXTO FIM ........
SCH FC MIXT FIM ..................................
SCH MIXTO RENTA FIJA 75/25 FIM .......
SCH MIXTO RENTA FIJA 90/10 FIM .......
SCH SOLIDARIDAD FIM ........................
SEQUEFONDO FIM ...............................
SWISS PATRIMONIO FIM ......................
UNIFOND FIDELIDAD FIM ...................
URQUIJO AHORRO 5 FIM .....................
URQUIJO AHORRO 6 FIM ....................
URQUIJO AHORRO 7 FIM .....................
URQUIJO AHORRO FIM ........................
URQUIJO CAPITAL FIM .........................
URQUIJO EURO FIM .............................
ZARAGOZANO DEUDA MIXTA FIM .....
ZURICH AHORRO MIXTO FIM .............
(Continued)
0.29
0.37
0.39
0.29
2.11
0.20
0.80
1.43
0.65
0.40
0.28
0.43
0.18
0.55
0.19
0.17
0.64
0.34
0.54
0.45
0.77
3.59
0.62
1.10
0.16
0.46
0.24
0.25
0.10
0.13
0.35
0.28
Yield
(%)
2.56
4.38
5.80
5.29
2.57
0.62
0.56
3.30
5.53
4.43
3.19
5.51
4.87
2.30
4.98
4.14
3.96
3.23
2.89
1.35
4.30
8.15
3.78
5.08
2.18
0.96
0.97
2.01
2.86
2.55
3.18
3.12
Volatility
2.33
2.41
2.28
2.40
0.03
0.92
0.28
2.28
0.65
2.45
1.24
1.24
0.55
1.93
2.26
0.01
1.28
2.52
1.39
1.92
4.03
0.00
1.78
3.59
1.07
0.36
0.28
1.01
0.92
1.01
1.36
1.69
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RVM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RVM
RFM
RFM
RFM
RFM
GRV
RFM
RFM
RFM
RFM
RFM
Dura- Fund
tion type
Q1
1.20
3.32
3.95
3.66
3.96
0.05
0.15
0.36
4.10
4.14
1.87
4.72
4.38
1.19
3.42
3.19
2.25
1.19
1.33
0.05
2.10
3.69
2.52
3.76
2.25
2.89
0.17
2.20
3.31
3.42
3.41
2.51
Yield
(%)
3.33
5.66
7.18
5.39
5.31
0.87
0.82
3.95
6.11
5.40
3.25
5.97
6.19
1.53
6.30
4.01
4.60
3.47
3.37
1.43
4.94
1.46
3.85
5.43
4.23
4.54
0.44
4.36
5.34
5.33
5.01
4.09
Volatility
2.45
2.60
2.46
2.03
0.09
0.77
0.29
1.94
0.45
1.50
1.10
1.01
0.32
1.54
2.22
0.00
0.95
2.35
1.30
1.69
4.90
0.00
3.56
1.68
0.54
0.28
0.10
0.62
0.52
0.47
0.82
1.41
RFM
RFM
RFM
RFM
RFM
RFM
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
Dura- Fund
tion type
Q2
2.04
5.74
6.16
3.14
3.37
0.24
0.54
3.26
6.87
3.67
3.29
5.28
7.10
0.57
5.37
3.45
3.23
2.56
3.79
0.10
4.29
0.56
0.76
2.93
4.22
4.30
2.37
4.25
5.14
5.36
2.93
3.53
Yield
(%)
5.27
10.05
12.63
8.87
5.89
0.73
1.99
6.90
11.23
6.81
6.96
10.45
11.69
2.27
12.11
7.57
9.20
6.81
10.32
2.37
8.99
0.35
3.78
6.90
7.73
7.87
5.10
7.82
8.86
9.31
6.48
7.89
Volatility
2.46
2.79
2.52
1.92
0.00
0.55
0.21
1.96
0.51
1.50
1.09
1.17
0.39
1.20
2.25
0.00
0.76
2.91
3.15
1.57
4.45
0.06
4.20
1.66
1.47
1.62
1.59
1.48
1.40
1.38
0.63
1.34
RFM
RFM
RFM
RFM
RFM
RFM
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
Dura- Fund
tion type
Q3
2.91
2.77
3.25
3.15
2.15
0.43
1.39
2.24
1.82
2.40
2.36
2.73
2.30
0.23
4.03
1.57
2.92
2.39
2.12
1.34
3.35
0.65
2.14
2.41
1.32
1.33
1.11
1.30
1.42
1.38
1.26
1.83
Yield
(%)
4.51
8.15
9.78
6.03
5.01
0.56
1.35
6.62
5.43
5.87
4.90
7.69
9.19
1.65
8.61
5.12
6.24
4.32
7.94
1.91
7.43
0.32
2.53
5.70
6.06
6.11
6.11
6.01
6.49
6.46
5.31
5.22
Volatility
2.37
2.91
2.75
1.92
0.01
0.28
0.15
1.97
0.50
1.43
0.97
1.44
0.39
0.99
2.90
0.01
3.05
3.46
3.16
1.42
4.77
0.04
3.48
1.45
1.64
1.80
1.89
1.53
1.47
1.42
0.51
1.83
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
Dura- Fund
tion type
Q4
Volatility
Yield
since
1996
0.68 4.08 12.75

6.70 7.44 NA
7.31 9.28 NA
4.02 6.59 7.83
3.20 4.91 NA
0.52 0.71 22.96
1.50 1.31 10.14
0.05 5.46 17.49
9.66 7.52 NA
5.81 5.73 1.78
2.60 4.86 NA
7.69 7.70 2.36
9.29 8.47 9.81
1.43 1.97 NA
5.11 8.50 4.22
5.22 5.43 NA
3.26 6.37 NA
1.75 4.70 NA
3.58 6.92 9.34
1.03 1.82 14.78
3.91 6.73 NA
0.98 4.15 5.15
1.80 3.54 17.72
5.38 5.84 4.34
4.99 5.49 8.74
5.40 5.53 8.22
0.89 4.04 NA
4.90 5.52 20.41
7.06 6.31 0.58
7.23 6.43 2.51
5.39 5.16 17.23
4.51 5.42 NA
Yield
(%)
2002
% fees
1.00
1.50
1.00
1.00
1.25
1.50
1.00
2.00
1.00
1.50
1.50
1.25
1.75
1.40
1.15
1.50
1.40
1.40
1.60
1.50
1.25
0.70
1.25
1.60
1.30
1.30
1.30
1.30
2.00
2.00
1.40
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
1.50
0.00
0.00
0.00
2.00
3.00
3.00
1.00
2.00
0.00
3.00
0.00
0.00
0.00
1.00
1.00
1.00
1.00
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
1.00
1.00
1.00
0.00
0.00
0.00
0.00
Min.
Back end
0.10
0.08
0.08
0.08
0.08
0.19
0.16
0.20
0.15
0.15
0.00
0.10
0.15
0.10
0.10
0.10
0.10
0.10
0.20
0.10
0.10
0.10
0.12
0.20
0.20
0.20
0.20
0.20
0.20
0.20
0.00
0.10
Custody
AC EUROMIX FIM ..................................

AEGON INVERSION MV FIM ................
AF BOLSA QUALITY FIM .......................
AF RENTA VARIABLE FIM ......................
AHORROFONDO FIM ...........................
ALCALA BOLSA FIM ...............................
ALLIANZ EMPRENDEDOR ESPAA FIMF....
ALLIANZ EMPRENDEDOR EUROPA FIMF ...
ALLIANZ MIXTO FIM .............................
ALLIANZ MODERADO ESPAA FIMF ....
ALLIANZ MODERADO EUROPA FIMF ...
ARCALIA GLOBAL FIM ..........................
ASC ESTALVI FIM ...................................
ASTURFONDO MIXRV FIM .................
ATLANTICO MIXTO FIM ........................
ATLANTICO MIXTO PREMIER FIM ........
AUREA MIXTO FIM ................................
BANCAJA FONDO DE FONDOS 60 FIMF...
BANCAJA RENTA VARIABLE MIXTA FIM ....
BANCOFAR FUTURO FIM .....................
BANESTO MULTIFONDOS MODERADO FIMF.....
BANKPYME EUROMIX 60 RV FIM .........
BARCLAYS MIXTO 50 FIM .....................
BASKEPLUS FIM .....................................
BBK GESTION ACTIVA 30 FIMF ............
BBK GESTION ACTIVA 60 FIMF ............
BBK MIXTO FIM ....................................
BBVA GARANTIA 2 FIM (*) ....................
BBVA GARANTIA FIM (*) .......................
BBVA INDICE MIXTO PLUS FIM ............
BBVA OPCIONES 1 FIM (*) ....................
(Continued)
0.45
1.45
0.47
0.75
0.27
2.71
2.18
1.32
1.07
1.22
1.24
0.29
0.45
1.85
0.09
0.66
0.18
0.19
0.19
0.08
0.37
0.30
0.45
0.27
2.48
0.12
0.46
0.55
5.47
0.32
0.08
0.05
0.61
0.05
Yield
(%)
10.83
10.99
1.36
9.83
11.18
4.59
13.44
11.30
6.95
7.68
8.19
10.73
6.49
7.92
7.74
11.44
11.45
11.93
1.42
6.31
9.75
5.89
7.60
11.72
8.60
9.54
7.01
5.57
8.62
8.80
4.48
4.31
10.93
4.48
Volatility
1.41
0.87
0.17
0.15
1.35
0.15
0.01
0.01
3.12
0.01
0.01
0.01
0.50
0.53
0.67
1.94
1.08
0.31
0.02
0.04
0.11
0.01
0.01
3.28
0.00
0.66
2.49
1.46
0.07
1.77
2.31
2.67
0.71
1.84
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
RFM
RVIO
RVM
RVM
RVM
RVM
RVM
Dura- Fund
tion type
Q1
11.97
10.27
2.12
7.71
10.02
0.56
11.63
10.11
5.23
6.62
5.55
10.47
6.61
6.13
6.35
9.89
9.07
11.43
0.21
6.27
6.07
5.64
7.30
15.65
10.54
8.22
4.12
3.91
1.87
6.90
0.64
0.35
6.67
0.39
Yield
(%)
13.96
13.71
2.26
8.63
11.02
4.79
13.57
14.65
7.23
8.34
10.38
13.39
7.05
8.81
8.27
14.47
12.39
15.48
2.81
7.19
11.20
6.83
8.65
15.88
12.80
11.89
7.71
6.30
5.16
10.31
3.38
3.35
13.33
3.34
Volatility
1.49
2.11
0.10
0.10
1.47
0.19
0.00
0.00
2.90
0.00
0.00
0.51
0.47
0.39
0.55
1.70
0.77
0.30
0.01
0.17
0.15
0.00
0.00
3.51
0.00
0.92
3.34
0.20
0.00
1.46
1.91
2.19
0.60
1.36
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
RVM
RVM
RVM
Dura- Fund
tion type
Q2
14.49
17.05
0.27
10.32
10.33
5.24
14.77
17.14
6.54
9.00
10.37
14.91
8.37
13.49
7.10
14.84
10.68
16.21
0.22
11.86
18.62
6.19
8.76
21.84
15.15
14.10
8.24
7.50
15.11
10.55
0.64
0.56
14.79
0.42
Yield
(%)
25.86
30.25
6.62
20.53
21.33
7.96
26.63
28.13
15.42
17.04
17.57
26.39
14.15
16.72
14.12
26.36
22.56
28.76
3.12
20.20
31.79
12.79
16.47
31.09
24.88
24.82
13.78
12.15
24.40
20.15
5.08
4.86
25.19
4.95
Volatility
1.51
1.61
0.04
0.04
1.44
0.17
0.00
0.00
3.39
0.00
0.00
0.55
0.34
0.36
0.38
1.62
0.73
0.22
0.03
0.09
0.12
0.00
0.00
3.15
0.00
2.00
3.76
0.67
0.00
1.65
0.96
1.49
0.59
1.10
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
RVM
RVM
RVM
Dura- Fund
cin type
Q3
4.45
10.92
0.32
3.13
6.48
5.11
5.49
2.60
3.33
3.68
1.83
8.43
3.58
1.68
3.56
3.85
5.93
5.38
0.18
1.76
4.73
3.82
2.38
14.69
6.22
5.72
3.83
2.28
3.81
5.94
0.84
0.85
3.87
0.63
Yield
(%)
1.73
1.65
0.00
0.00
1.62
0.15
0.01
0.01
3.24
0.01
0.01
0.43
0.32
0.36
0.24
1.41
2.58
0.14
0.04
0.16
0.11
0.01
0.01
4.07
0.00
0.42
3.59
0.51
0.00
1.42
0.92
1.40
0.53
1.00
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
Dura- Fund
tion type
Q4
18.83
21.96
2.33
13.85
14.35
7.23
17.21
19.99
9.36
10.82
11.31
20.00
10.55
15.49
9.00
17.30
14.21
19.90
1.39
15.89
23.33
8.60
11.15
27.18
19.31
19.27
11.73
10.09
19.91
14.81
2.49
2.30
20.92
2.43
Volatility
FIM MIXED EQUITY (RVM)
21.73
18.64
2.63
15.29
14.31
1.74
22.29
24.59
9.46
12.97
14.86
17.16
10.96
15.90
9.82
20.83
14.12
21.94
0.79
16.00
20.25
7.83
13.81
24.18
17.38
16.75
8.24
9.59
15.14
12.07
0.91
1.00
16.90
0.71
Yield
(%)
18.40
20.77
1.77
14.08
15.16
6.38
18.63
19.70
10.37
11.65
12.43
18.80
10.12
12.95
10.17
18.38
15.87
20.17
2.35
13.81
21.23
8.99
11.56
23.16
17.69
17.59
10.51
9.00
16.66
14.32
3.98
3.83
18.62
3.92
Volatility
2002
NA
26.65
4.48
5.82
6.26
11.73
NA
NA
0.17
NA
NA
2.53
NA
NA
NA
NA
8.47
NA
13.24
NA
12.50
5.89
NA
NA
NA
9.06
NA
2.30
NA
NA
NA
NA
NA
NA
Yield
since
1996
% fees
2.00
2.25
2.00
2.00
2.00
0.75
2.00
2.25
1.50
1.50
2.00
1.25
1.65
2.00
1.50
1.60
1.60
0.85
2.00
1.15
2.00
0.80
1.50
1.35
0.00
1.50
1.25
1.90
1.90
0.90
1.25
1.40
0.80
1.60
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
9.00
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
0.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
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
Min.
1.00
2.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
2.00
2.00
2.00
0.00
2.00
1.00
0.00
3.00
0.75
2.00
2.50
2.00
0.00
0.00
0.00
0.00
0.00
2.00
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
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.09
0.18
0.15
0.15
0.06
0.08
0.14
0.14
0.14
0.14
0.14
0.15
0.10
0.15
0.09
0.06
0.06
0.08
0.10
0.05
0.20
0.14
0.10
0.20
0.05
0.20
0.05
0.07
0.10
0.06
0.20
0.10
0.20
0.10
Custody
253
254
BCH MULTIFONDOS PRUDENTE FIMF ......

BCN MIXTO FIM ....................................
BESTINVER MIXTO FIM .........................
BETA EURO CONVERTIBLE FIM (**) ......
BETA VALOR FIM ...................................
BG EUSKOVALOR FIM .........................
BG IZARBE FIM ......................................
BG MIXTO 50 FIM .................................
BI MIXTO EUROPA FIM .........................
BK MIXTO ESPAA 50 FIM ....................
BK MIXTO EUROPA 50 FIM ...................
BNP GLOBAL 3070 FIM .......................
BNP GLOBAL 5050 FIM .......................
BNP PARIBAS BOLSA II FIM ..................
CAI RENTA MIXTO 40 FIM ....................
CAI RENTA MIXTO FIM ..........................
CAIXA CATALUNYA EUROPA MIXT 75 FIM .....
CAIXA GALICIA MIX FIM .......................
CAIXA POPULAR FONDO MIXTO FIM ...
CAJA LABORAL CRECIM FIM .................
CAM MIXTO 50 FIM ...............................
CAM MIXTO 75 FIM ..............................
CAM MIXTO VARIABLE EUROPA FIM ...
CAN FONNAVARRA FIM .......................
CAN INDEXNAVARRA FIM ....................
CANTABRIA ACCIONES FIM ..................
CAPITAL 2.000 FIM ................................
CHIP FUND FIM ....................................
CITIFONDO AGIL FIM ...........................
CRV FONDBOLSA FIM ..........................
CT EUROMIXT 50 FIM ...........................
CT EUROMIXT 75 FIM ...........................
(Continued)
0.59
0.88
7.98
0.34
1.70
3.61
1.04
1.56
NA
0.14
0.14
0.28
0.31
0.74
1.60
2.12
3.27
0.60
1.61
1.15
2.33
0.43
0.19
0.72
1.01
0.84
0.17
0.56
0.41
0.96
0.42
1.14
NA
0.48
Yield
(%)
7.97
7.31
4.33
2.72
6.76
5.73
13.85
10.72
NA
9.62
8.52
5.69
9.15
7.42
10.25
14.55
9.84
10.81
14.71
9.84
9.41
14.05
9.98
13.70
10.85
10.45
8.81
6.73
4.95
15.92
10.01
8.86
NA
13.31
Volatility
0.00
1.97
0.55
2.12
0.98
0.96
0.19
0.18
NA
0.41
0.38
2.28
2.36
3.17
4.22
4.21
1.42
1.38
2.71
1.75
0.70
2.06
1.82
0.32
1.19
0.68
0.22
2.65
0.76
1.81
0.00
0.18
NA
1.86
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
Dura- Fund
tion type
Q1
7.43
3.22
1.14
0.29
7.31
4.31
14.61
10.29
NA
7.05
6.52
5.68
11.29
6.71
8.25
12.40
11.33
12.16
15.24
12.25
11.62
12.41
7.75
11.89
9.01
8.68
5.37
8.50
8.45
13.04
8.90
10.50
NA
11.43
Yield
(%)
8.58
7.41
4.66
2.01
6.95
7.03
16.64
12.21
NA
10.04
10.36
7.69
12.41
8.80
12.65
18.07
12.39
14.09
21.34
12.03
11.70
18.87
10.90
16.30
16.14
11.03
7.71
8.75
10.49
17.80
12.61
12.35
1.30
15.04
Volatility
0.00
1.76
0.32
1.86
0.58
0.48
0.20
0.20
NA
0.64
0.55
1.83
1.40
3.50
3.32
2.58
1.59
1.60
2.60
1.32
0.47
2.12
1.98
0.39
1.46
0.67
0.00
2.16
0.99
1.97
0.87
1.63
0.03
2.12
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
Dura- Fund
tion type
Q2
8.84
8.69
8.78
3.48
7.77
8.33
16.34
12.24
NA
9.18
12.22
8.76
14.60
8.85
12.86
18.82
9.93
14.63
25.31
11.73
13.46
20.55
8.72
14.98
11.08
11.23
4.90
11.91
12.64
19.43
15.02
14.96
12.68
21.17
Yield
(%)
16.49
12.29
7.64
5.87
11.63
10.96
28.27
21.09
NA
18.17
18.84
14.68
23.02
15.29
23.60
34.71
19.96
25.95
38.49
21.99
20.75
37.16
19.70
28.63
26.02
23.51
12.30
17.78
21.91
33.49
25.25
24.29
19.61
31.03
Volatility
0.00
1.66
0.59
2.60
0.63
0.51
0.19
0.16
NA
0.43
0.43
1.83
1.60
3.11
3.55
2.62
1.71
1.54
2.60
1.49
0.40
2.15
1.81
0.10
1.47
0.80
0.00
2.73
1.14
2.18
0.01
0.73
0.36
2.54
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
Dura- Fund
tion type
Q3
3.03
1.75
7.33
2.22
1.67
4.22
9.58
7.19
NA
4.16
2.76
3.36
5.46
1.44
3.49
4.16
4.86
4.41
14.35
6.28
2.00
7.84
5.65
9.33
5.99
3.85
3.85
3.55
0.76
9.26
2.91
1.63
4.12
6.37
Yield
(%)
0.00
1.15
0.27
2.67
0.01
0.48
0.15
0.13
0.01
0.54
0.58
2.12
1.96
2.99
4.12
3.09
2.01
1.58
1.65
1.67
0.52
2.12
1.85
0.07
1.37
0.79
0.00
2.84
1.05
0.39
0.02
0.79
2.08
2.35
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
Dura- Fund
tion type
Q4
11.43
9.81
8.13
4.78
8.56
8.64
20.89
16.55
0.07
13.83
16.40
10.64
16.69
11.13
17.69
25.33
15.20
18.85
33.03
15.05
9.95
26.92
12.58
19.46
21.59
15.34
8.19
14.38
10.38
21.53
18.61
17.66
16.54
25.60
Volatility
13.57
9.30
6.92
1.95
14.56
5.29
22.54
16.93
NA
12.19
15.79
11.29
19.85
13.09
18.58
27.49
18.99
22.18
26.44
16.73
23.80
25.28
11.20
17.51
15.11
16.52
6.38
16.99
19.09
22.71
20.00
21.76
NA
26.10
Yield
(%)
11.69
9.49
6.59
4.18
8.75
8.41
20.81
15.79
0.07
13.44
14.27
10.32
16.31
11.13
16.94
24.56
14.93
18.46
28.75
15.55
13.84
25.96
13.91
20.47
19.60
16.05
9.47
12.80
13.54
23.40
17.75
16.95
17.99
22.67
Volatility
2002
NA
11.04
55.34
5.47
8.19
NA
34.81
NA
NA
1.23
0.64
NA
2.34
2.03
6.98
29.36
NA
15.23
19.16
8.95
NA
23.94
10.26
14.28
14.40
12.33
10.15
0.04
1.85
25.19
7.76
18.00
NA
NA
Yield
since
1996
% fees
1.50
0.80
1.50
1.35
1.65
2.25
2.25
2.25
2.00
1.60
1.60
1.50
1.75
1.50
1.55
1.80
1.75
2.00
1.35
1.85
2.25
2.25
1.50
2.00
1.75
2.25
1.20
2.00
2.25
1.00
2.25
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
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
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
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
0.00
1.00
1.00
1.00
1.00
1.00
1.00
0.00
0.00
0.25
0.00
0.00
1.00
0.00
0.00
1.50
0.00
1.00
2.00
2.00
2.00
0.00
0.00
1.00
0.00
3.00
0.00
0.00
1.00
1.00
Max.
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
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
1.00
Min.
Back end
0.10
0.10
0.13
0.06
0.10
0.20
0.20
0.19
0.00
0.20
0.10
0.15
0.15
0.00
0.20
0.20
0.15
0.14
0.15
0.20
0.15
0.14
0.19
0.11
0.13
0.15
0.04
0.17
0.20
0.15
0.20
0.11
0.10
0.10
Custody
CUENTAFONDO BOLSA FIM ................

DINERO ACTIVO II FIM .........................
DWS BENEFICIO FIM .............................
DWS CAPITAL II FIM ..............................
DWS CAPITAL III FIM .............................
DWS CAPITAL IV FIM ............................
DWS COMPAEURO FIM ........................
DWS COMPAEURO II FIM .....................
DWS CRECIMIENTO FIM........................
DWS DIVERFONDO FIM .......................
DWS EDELSTAHL FIM ............................
DWS EUROPA MIXTO FIM ....................
DWS FONCREATIVO FIM ......................
DWS FONPROCURADOR FIM ..............
DWS MIXTA FIM ....................................
DWS MIXTA II FIM .................................
DWS PATRIMONIOS FIM ......................
DWS RENTA FIM ...................................
ETCHEVERRIA FONDO FIM ..................
EUROAGENTES BOLSA FIM ..................
EUROAGENTES PREVISION FIM ...........
EUROAGENTES UNIVERSAL FIM ..........
EUROBANK GLOBAL FIM (EN DISOLUCION) ..
EUROVALENCIA VCG FIM ....................
EUROVALOR MIXTO50 FIM ................
EUROVALOR MIXTO70 FIM .................
F. ANDALUCIA 2000 FIM ......................
FIBANC CRECIMIENTO FIM ..................
FIBANC MIX. RV EUR. FIM ....................
FINVERBOLSA FIM .................................
FINVEREGA INTERNACIONAL FIM ........
FON FINECO EUROLIDER FIM (**) ........
FON FINECO GESTION FIM ..................
FON FINECO I FIM ................................
(Continued)
4.06
0.40
1.13
0.90
1.03
1.18
0.70
0.44
1.48
1.22
1.05
1.72
0.51
0.47
0.42
0.48
1.42
1.20
1.06
5.93
6.32
3.44
NA
4.11
0.88
0.11
0.54
0.50
0.89
0.88
0.66
0.59
2.44
0.71
Yield
(%)
17.17
6.22
5.86
3.91
5.12
6.50
5.46
5.48
7.19
5.56
11.11
14.92
3.47
5.74
12.93
12.96
7.47
5.52
5.36
5.37
3.00
4.68
NA
11.92
9.85
13.05
10.97
12.10
9.76
14.14
7.98
3.47
7.24
8.11
Volatility
0.01
0.01
1.43
0.21
0.16
0.15
0.01
0.01
1.48
1.43
1.44
3.92
1.51
1.44
0.96
0.95
1.50
1.48
1.74
0.01
0.01
0.01
NA
0.01
2.99
2.65
3.11
2.87
2.98
2.30
0.99
0.02
0.51
0.85
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
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
Dura- Fund
tion type
Q1
11.28
4.75
4.45
4.00
5.47
6.75
6.00
5.63
5.66
4.24
11.40
14.46
3.00
5.32
13.62
13.61
5.72
3.83
3.80
0.99
3.75
2.43
NA
30.89
7.38
11.19
9.57
11.20
9.47
13.51
8.55
5.18
7.62
8.31
Yield
(%)
13.82
8.07
7.38
5.24
7.31
8.92
6.74
6.55
8.72
6.98
12.66
14.37
3.98
6.15
15.00
14.99
8.96
6.49
5.10
6.14
5.52
11.74
NA
26.77
10.41
16.28
15.74
13.65
12.72
18.52
12.16
15.40
11.58
15.85
Volatility
0.01
0.01
2.59
0.29
0.24
0.21
0.00
0.00
2.53
2.56
2.40
2.31
2.71
2.52
2.70
2.70
2.72
2.50
1.40
0.00
0.00
0.00
NA
0.00
3.15
3.09
5.85
2.93
2.69
3.46
0.85
1.60
0.42
0.87
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
Dura- Fund
tion type
Q2
12.89
9.34
6.78
5.10
7.26
9.02
7.90
7.50
8.02
6.12
15.37
16.70
3.46
6.00
16.12
16.23
8.21
5.64
6.12
10.52
4.48
10.04
0.00
21.77
9.42
17.76
8.25
14.61
14.64
15.34
12.94
20.42
9.08
19.13
Yield
(%)
23.35
15.31
13.67
9.16
12.51
15.62
13.13
12.78
16.77
12.58
26.27
28.34
8.02
11.46
27.62
27.68
16.40
11.62
10.43
11.68
7.80
14.74
0.00
35.80
19.34
31.04
17.33
26.53
23.34
27.81
21.71
34.32
18.64
37.71
Volatility
0.01
0.00
1.44
0.35
0.31
0.30
0.00
0.00
1.37
1.42
1.19
1.37
1.58
1.42
1.66
1.67
1.44
1.41
1.42
0.00
0.00
0.00
0.00
3.18
2.80
1.69
2.91
2.40
3.01
2.46
1.55
0.46
0.91
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
Dura- Fund
cin type
Q3
0.87
2.49
2.29
1.56
1.99
2.15
1.23
1.21
2.19
2.04
3.01
2.65
1.97
3.13
7.34
7.31
2.40
2.15
1.47
5.47
3.08
7.78
0.00
14.55
5.79
6.52
3.73
5.95
4.68
5.44
2.06
5.37
14.29
9.53
Yield
(%)
0.01
0.01
0.16
0.28
0.26
0.26
0.01
0.01
0.28
0.26
1.25
2.08
1.51
0.15
1.41
1.11
0.27
0.24
1.85
0.01
0.01
0.01
0.00
0.01
3.32
3.14
1.64
2.63
2.59
3.14
1.62
1.37
0.23
0.93
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
Dura- Fund
tion type
Q4
22.10
10.57
9.70
7.46
10.28
12.66
9.72
9.67
11.40
9.27
20.93
21.64
6.76
7.67
21.78
21.69
11.83
6.77
4.46
7.13
3.18
10.01
0.00
31.63
13.46
23.20
5.62
16.72
17.21
17.03
16.23
28.07
13.82
28.21
Volatility
26.50
11.85
7.86
6.64
9.66
12.31
11.75
11.26
10.01
7.15
21.95
25.60
4.03
7.78
22.56
22.72
10.12
6.18
9.34
1.02
8.62
2.15
0.70
35.52
12.02
22.29
13.47
20.06
19.83
23.47
19.28
20.02
1.66
18.20
Yield
(%)
19.55
10.67
9.67
6.80
9.31
11.54
9.31
9.14
11.67
9.05
18.91
20.76
5.91
8.13
20.34
20.34
11.74
8.01
6.81
8.11
5.33
11.04
2.40
28.42
13.87
22.16
13.29
18.27
16.69
20.16
15.48
23.66
13.63
25.36
Volatility
2002
9.10
4.54
NA
3.89
0.43
2.35
1.30
NA
NA
15.70
13.68
16.29
NA
NA
7.11
8.62
NA
14.18
NA
9.27
NA
NA
1.15
47.08
NA
15.85
NA
9.60
NA
36.04
NA
4.28
NA
3.35
Yield
since
1996
% fees
2.25
1.50
0.90
1.25
1.35
1.45
1.50
1.50
1.00
0.90
1.00
2.25
0.40
0.90
1.75
1.50
1.00
1.00
2.25
1.35
2.00
1.50
1.75
2.00
2.25
2.25
0.90
2.00
2.00
2.25
2.25
1.25
0.75
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
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
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
3.00
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
1.00
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
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
0.00
0.00
0.00
0.00
0.00
3.00
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
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.15
0.07
0.10
0.10
0.10
0.10
0.00
0.00
0.00
0.10
0.00
0.10
0.00
0.00
0.10
0.10
0.00
0.10
0.15
0.10
0.15
0.11
0.20
0.15
0.00
0.00
0.10
0.20
0.10
0.13
0.13
0.10
0.10
0.15
Custody
255
256
FONALCALA FIM ...................................

FONBOLSA PLUS FIM.............................
FONBOLSA STAR FIM ............................
FONBUSA MIXTO FIM ...........................
FONCAFIX FIM ......................................
FONCAIXA MIXTO 38 FIM ....................
FONDANETO FIM .................................
FONDBARCLAYS 3 FIM ..........................
FONDCHART FIM ..................................
FONDEGA BOLSA FIM ..........................
FONDESPAA CRECIM. FIM .................
FONDESPAA DINAMICO FIM .............
FONDGESKOA FIM ...............................
FONDIBAS MIXTO FIM .........................
FONDMAPFRE BOLSA FIM ....................
FONDMAPFRE DIVERSIFICACION FIM .
FONDMONTECO FIM ...........................
FONDO 19 FIM .....................................
FONDO PERMANENCIA FIM ................
FONDO VALENCIA FONDO DE FONDOS 60 FIMF...
FONHUESCA 2000 FIM .........................
FONINDEX MIXTO FIM .........................
FONJALON ACCIONES FIM ..................
FONJALON II FIM ..................................
FONMUTUAL M.V. FIM .........................
FONPASTOR 50 FIM ..............................
FONPASTOR 70 FIM ..............................
FONPENEDES VARIABLE MIXT FIM........
FONPENTOR FIM ..................................
FONPROCUPLAN FIM ...........................
FONPROCURADOR 3 FIM ....................
FONQUIVIR FIM ....................................
FONSNOSTRO II FIM ............................
(Continued)
2.42
0.36
0.43
1.28
0.76
0.09
0.86
0.77
1.03
1.42
0.76
1.89
3.01
0.16
1.04
0.59
0.11
1.23
0.26
0.02
0.42
1.42
2.32
2.53
0.54
0.07
0.27
0.34
1.64
0.71
0.80
0.72
0.74
0.26
Yield
(%)
5.59
7.17
7.32
6.05
10.65
11.28
12.75
8.39
9.07
12.35
7.71
8.22
12.79
9.67
7.86
10.35
4.84
5.68
5.96
6.25
6.10
7.52
9.05
11.01
7.59
11.90
7.33
11.99
13.83
8.25
3.99
4.38
9.73
17.32
Volatility
0.21
0.01
0.01
1.53
0.01
1.22
1.51
1.44
2.85
0.08
1.47
1.68
2.66
1.25
1.01
2.01
2.35
1.95
2.90
1.52
0.01
0.42
0.55
0.01
0.57
0.01
0.42
0.38
1.36
6.03
2.37
1.33
1.18
0.73
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
Dura- Fund
tion type
Q1
2.24
4.92
5.00
3.20
10.23
7.62
5.94
10.96
7.29
9.97
7.94
6.69
9.96
6.66
8.01
6.97
5.96
3.67
6.91
5.36
6.56
5.08
11.17
8.13
6.20
10.30
6.10
9.57
12.07
4.93
1.96
4.39
7.11
15.31
Yield
(%)
6.85
8.73
8.86
6.29
13.10
11.82
11.20
10.57
11.32
13.41
12.01
10.49
14.14
9.63
8.25
12.29
8.23
5.06
7.73
6.39
6.80
8.99
7.37
11.76
8.16
13.21
44.88
12.94
19.11
7.65
2.92
4.79
10.58
17.30
Volatility
0.17
0.01
0.01
1.38
0.71
1.14
0.96
1.24
3.28
0.06
1.08
1.32
2.23
1.06
0.84
1.71
2.65
1.54
2.51
1.33
0.00
0.44
0.41
0.00
0.49
0.00
0.44
0.46
1.51
2.13
1.08
1.50
1.12
0.91
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
Dura- Fund
tion type
Q2
7.47
8.21
8.50
5.70
15.58
10.62
8.26
11.99
12.23
13.37
12.45
14.24
18.18
10.23
5.47
14.48
8.90
7.10
10.18
6.89
8.03
10.89
8.16
13.68
8.48
13.27
8.28
14.26
19.24
6.71
0.09
5.73
11.28
16.33
Yield
(%)
11.25
13.06
13.39
9.87
26.77
17.25
15.80
18.48
23.37
26.14
20.53
20.78
26.99
18.10
11.46
23.31
15.60
12.74
15.09
12.37
12.71
15.11
12.91
18.67
12.48
22.26
14.66
24.85
39.53
7.06
2.10
9.70
18.95
32.76
Volatility
0.15
0.01
0.01
1.34
0.77
1.04
1.21
2.10
3.44
0.07
1.88
1.27
2.06
0.95
0.65
1.47
2.22
0.08
2.61
1.98
0.00
0.41
0.48
0.01
0.43
0.00
3.52
3.50
1.13
2.07
1.17
2.09
0.43
1.01
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
Dura- Fund
tion type
Q3
5.18
1.54
1.33
2.27
9.96
0.12
1.74
2.07
6.50
5.72
2.97
3.70
5.01
4.31
2.71
5.39
3.38
1.91
2.53
2.54
0.44
1.41
0.81
5.16
3.03
3.91
4.22
7.52
11.19
1.99
1.19
2.80
5.78
9.59
Yield
(%)
0.14
0.01
0.01
1.76
0.85
0.80
0.57
2.28
3.71
0.10
1.62
1.18
2.16
0.80
0.98
1.63
1.99
0.31
2.47
1.79
0.01
0.61
0.58
0.01
0.38
0.01
4.17
2.98
1.31
0.75
0.00
0.53
1.05
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
Dura- Fund
tion type
Q4
9.53
10.48
10.64
6.95
21.05
14.90
12.93
7.77
18.41
18.58
16.06
15.10
20.11
12.93
8.96
15.88
10.57
12.75
12.17
8.55
12.05
11.67
9.66
16.40
10.10
13.11
10.29
17.70
30.09
8.99
47.59
8.55
12.65
22.12
Volatility
2.55
11.70
12.30
5.45
16.04
17.45
12.96
20.63
14.23
18.72
17.64
18.59
24.97
12.73
11.62
16.65
11.54
11.14
14.50
9.66
14.05
13.01
20.96
14.50
11.08
19.10
10.49
16.35
22.34
12.45
3.98
6.69
12.19
22.55
Yield
(%)
8.67
10.15
10.36
7.49
19.17
14.08
13.31
12.18
16.66
18.56
14.95
14.58
19.48
13.13
9.29
16.35
10.64
9.83
10.94
8.80
9.93
11.28
10.01
14.93
9.84
15.78
24.44
17.75
27.69
8.04
24.04
7.29
13.57
23.41
Volatility
2002
12.19
16.93
9.99
1.31
4.03
8.06
5.72
16.49
6.87
7.16
10.78
NA
NA
6.41
2.30
1.41
4.21
1.43
7.03
7.86
NA
16.90
28.88
7.97
8.82
NA
NA
4.18
NA
11.03
NA
NA
14.49
8.25
Yield
since
1996
% fees
2.00
1.50
1.50
1.25
1.30
2.00
1.85
0.70
2.25
2.00
2.25
1.40
1.50
2.25
1.50
2.25
1.50
1.00
1.25
0.70
1.15
0.75
2.00
2.00
2.00
1.80
1.50
1.50
2.00
2.00
0.70
0.70
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
0.00
0.00
0.00
0.00
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
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
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
Min.
0.00
0.00
0.00
0.00
0.00
4.00
4.00
3.00
2.50
0.00
0.00
0.00
0.00
1.00
0.00
1.50
0.00
0.00
0.00
0.00
2.00
0.00
0.00
2.00
2.00
0.00
1.00
1.00
0.00
0.00
0.00
1.00
1.00
1.00
Max.
0.00
0.00
0.00
0.00
0.00
4.00
4.00
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
1.00
0.00
0.00
Min.
Back end
0.07
0.15
0.15
0.12
0.00
0.15
0.15
0.10
0.20
0.15
0.13
0.15
0.15
0.00
0.10
0.20
0.17
0.10
0.15
0.05
0.05
0.10
0.20
0.14
0.20
0.20
0.20
0.17
0.00
0.20
0.15
0.10
0.15
0.17
Custody
GESRIOJA FIM ........................................

GESTI GLOBAL FIM ...............................
GLOBAL ASSETS FUND FIM ..................
GLOBAL VARIABLE FIM .........................
HERRERO CRECIMIENTO FIMS .............
HERRERO FUTURO FIMS ......................
HSBC MIXTO ACCIONES FIM ...............
HSBC RENTA NEUTRAL FIM ..................
IBERAGENTES POPULAR MIXTO 50 EUROPA FIM ..
IBERCAJA CAPITAL EUROPA FIM ...........
IBERCAJA CAPITAL FIM ..........................
IBERCAJA EUROBOLSAS FIM ................
IBERCAJA INDEX 2 FIM ..........................
IBERCAJA INDEX FIM .............................
IBERCAJA RENTA PLUS FIM ...................
IM 93 MIXTO FIM ..................................
INBORSA FIM ........................................
INDOSUEZ BOLSA FIM .........................
INDOSUEZ MIXTO INT. FIM .................
INDOSUEZ PATRIMONIO FIM ..............
INGENIEROS RENTA FIM .......................
INTERVALOR BOLSA FIM ......................
INVERBAN FONBOLSA FIM ..................
INVERBANSER FIM ................................
INVERSABADELL 50 FIMS ......................
INVERTRES FONDO I FIM .....................
INVERTRES FONDO II FIM .....................
KUTXAFOND FIM ..................................
LEALTAD GLOBAL FIM ..........................
MADRID CONVERTIBLES GLOBAL FIM .
MARCH BOLSA FIM................................
MEDIVALOR GLOBAL FIM .....................
(Continued)
3.05
0.15
0.25
0.34
0.12
0.39
1.24
0.85
0.98
0.01
0.33
0.01
0.39
0.05
0.71
0.87
0.56
0.54
0.17
1.86
1.11
0.31
2.15
1.86
0.35
0.12
0.40
0.43
0.41
0.76
0.32
0.68
0.48
1.36
Yield
(%)
12.39
3.70
7.25
3.74
12.08
8.78
8.10
6.47
10.57
12.79
16.08
7.11
6.74
1.74
6.54
13.65
10.89
8.86
15.13
8.04
6.57
10.31
8.75
14.27
13.42
9.09
12.30
10.99
11.46
5.89
4.33
3.52
9.82
12.38
Volatility
0.66
0.02
0.60
0.39
0.01
0.01
1.32
0.82
4.86
0.66
1.31
0.68
0.79
0.92
0.67
0.84
0.00
0.99
0.01
1.94
1.21
0.09
1.81
0.01
1.70
2.85
3.02
6.05
7.80
2.55
1.64
3.90
1.76
2.86
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
RVM
RVM
Dura- Fund
tion type
Q1
15.99
6.35
7.45
4.23
11.95
8.02
7.02
3.41
7.71
12.54
16.16
6.86
6.84
6.42
6.23
14.15
16.18
6.12
14.21
11.36
9.57
10.93
9.92
12.18
11.73
8.64
12.70
11.28
12.80
5.43
4.28
6.05
4.67
10.98
Yield
(%)
13.54
5.37
6.53
3.94
14.29
9.78
10.01
6.48
12.40
16.82
19.72
8.70
9.25
7.74
7.96
16.07
14.50
8.86
17.02
9.50
7.90
13.10
12.23
15.71
14.63
10.43
14.68
13.65
14.77
7.60
5.98
6.41
9.06
13.72
Volatility
0.19
0.00
0.53
0.27
0.01
0.01
0.71
0.74
5.64
0.77
1.62
0.83
0.92
0.78
0.73
0.80
0.00
0.99
0.00
0.39
0.43
1.41
1.95
0.00
1.75
3.32
3.62
6.83
8.97
2.97
1.33
4.09
1.79
2.60
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
RVM
RVM
Dura- Fund
tion type
Q2
12.20
2.54
2.26
2.16
12.00
8.17
13.33
6.46
15.68
17.77
19.38
8.12
8.71
8.09
7.54
13.42
23.19
10.75
17.15
7.68
8.37
15.99
11.70
15.84
16.60
8.69
12.16
12.08
12.94
8.15
7.95
6.79
9.74
14.56
Yield
(%)
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
Dura- Fund
cin type
18.12 0.29
6.38 0.00
4.66 0.30
4.37 0.18
20.84 0.01
14.28 0.01
25.55 0.18
10.66 0.70
26.32 1.64
36.32 0.82
36.78 1.79
15.66 0.71
16.79 0.91
15.81 0.70
14.63 0.59
28.68 0.59
30.45 0.00
17.79 1.02
29.89 0.00
13.40 0.32
11.29 0.48
26.62 2.06
20.34 1.85
30.44 0.00
31.30 1.48
14.92 0.01
21.48 0.01
22.45 7.48
24.22 11.05
16.63 2.30
12.18 1.41
14.44 6.71
16.34 1.87
26.18 2.49
Volatility
Q3
3.54
0.80
1.93
1.13
0.41
0.12
3.71
3.59
3.51
7.25
13.19
3.56
3.03
3.48
2.82
9.61
9.54
2.29
6.57
1.75
2.75
2.83
4.63
7.16
7.37
0.05
0.18
6.98
7.32
5.36
2.85
3.97
0.85
5.18
Yield
(%)
0.48
0.01
0.21
0.32
0.01
0.01
0.11
0.66
2.00
0.69
1.91
0.55
0.74
0.51
0.43
0.45
0.01
0.62
0.01
0.36
0.54
1.33
1.48
0.01
1.95
0.01
0.01
7.25
9.12
1.94
1.18
0.01
2.15
1.83
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
Dura- Fund
tion type
Q4
13.15
7.94
7.53
2.07
13.57
9.90
15.10
6.94
19.36
25.32
26.76
12.81
13.37
12.42
11.27
20.91
23.37
12.90
20.86
10.30
11.30
21.42
16.11
20.22
24.99
9.84
13.45
15.71
16.86
11.57
9.81
10.15
8.19
16.96
Volatility
25.96
7.86
8.04
4.92
22.74
15.11
17.47
5.61
20.23
22.86
23.24
11.39
12.73
11.05
11.48
19.24
29.08
14.75
24.13
18.29
15.81
22.82
14.99
22.27
20.68
16.52
23.15
16.91
18.86
9.17
9.10
9.57
13.65
21.09
Yield
(%)
14.59
6.09
6.63
3.66
15.63
10.94
16.28
7.89
18.37
24.69
26.28
11.64
12.23
10.89
10.64
20.79
21.48
12.72
21.64
10.57
9.58
19.14
15.11
21.27
22.50
11.35
15.97
16.38
17.60
11.29
8.72
9.63
11.37
18.25
Volatility
2002
23.81
13.72
14.20
2.35
10.45
1.24
NA
NA
NA
NA
19.76
0.34
11.44
NA
1.91
NA
27.34
3.17
29.22
NA
6.96
13.63
22.59
7.62
15.09
NA
14.06
5.80
9.89
3.06
NA
0.69
8.73
14.12
Yield
since
1996
% fees
1.50
2.00
0.60
2.00
2.25
1.10
1.00
1.35
2.25
1.70
1.50
1.70
1.70
1.70
1.70
1.50
1.50
1.75
2.25
1.50
0.50
2.00
1.35
2.25
0.50
1.90
1.90
0.60
0.60
2.00
0.30
1.50
2.25
1.35
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
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
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.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
2.50
0.00
0.00
2.00
0.00
2.50
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
2.00
0.00
1.00
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
Min.
Back end
0.13
0.15
0.03
0.20
0.10
0.10
0.15
0.20
0.10
0.20
0.20
0.20
0.20
0.20
0.20
0.20
0.10
0.15
0.10
0.10
0.10
0.14
0.15
0.17
0.00
0.10
0.10
0.00
0.00
0.20
0.05
0.14
0.00
0.20
Custody
257
258
MORGAN STANLEY EURO GLOBAL FIM.........

MUTUALFASA 3 FIM...............................
NOVAFONDISA FIM ..............................
NR FONDO 1 FIM ..................................
PATRIBOND FIM.....................................
PATRISA FIM ...........................................
PLUSCARTERA FIM .................................
PLUSGIRONA FIM ..................................
PLUSMADRID 2 FIM ..............................
PLUSMADRID 50 FIM.............................
PLUSMADRID 75 FIM.............................
PLUSMADRID FIM..................................
PLUSMADRID VALOR FIM .....................
RENPROA CHART FIM............................
RENTA 4 FONMIXTO FIMF (*) ................
RIVA Y G. ACC. I FIM..............................
RURAL MIXTO 50 FIM ...........................
RURAL MIXTO 75 FIM............................
RURAL MIXTO EUROPA 50 FIM.............
SABADELL MIX 50 FIMP .........................
SABADELL MIX 70 FIMP .........................
SAFEI PATRIMONIO FIM.........................
SAN FERNANDO VALOR FIM ................
SANTANDER GROWTH FIM ..................
SANTANDER MULTIFONDOS MODERADO FIM...
SCH MIXTO ACCIONES 1 FIM................
SCH MIXTO ACCIONES 2 FIM................
SEGURFONDO CONVERTIBLES FIM......
TARRAGONAFONS 2 FIM ......................
UNIFOND MIXTO FIM ..........................
VITAL MIXTO FIM ...................................
ZARAGOZANO BOLSA MIXTO FIM.......
ZARAGOZANO NUEVAS TECNOLOGIAS FIM..
ZURICH BOLSA FIM ...............................
(Continued)
0.46
0.32
1.20
1.47
2.75
3.13
3.35
0.19
0.69
0.17
0.58
0.00
0.25
2.13
2.92
0.72
0.13
0.36
0.68
0.66
0.63
1.03
0.35
0.95
0.58
0.91
1.24
0.58
0.40
1.79
1.02
0.79
5.75
0.48
Yield
(%)
5.42
7.52
5.49
6.75
6.05
5.83
13.44
7.63
10.34
9.58
14.70
11.73
7.15
13.41
11.00
10.77
8.03
10.63
3.99
9.14
12.58
10.04
10.98
5.52
7.94
10.50
10.50
4.01
8.00
10.68
10.78
9.05
16.56
11.04
Volatility
2.73
1.49
2.23
0.18
0.86
0.24
0.11
2.10
0.04
0.01
0.01
0.08
0.01
0.01
0.01
1.36
0.21
0.39
1.85
4.05
3.10
0.53
1.34
1.41
0.01
3.98
0.77
3.94
1.19
0.93
0.01
2.87
1.00
0.26
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
RVMI
RVM
RVM
RVM
RVM
RVM
RVM
Dura- Fund
tion type
Q1
6.21
4.42
4.29
4.79
6.46
7.26
18.01
7.17
9.21
8.11
12.01
11.14
7.93
15.86
5.57
10.10
6.23
8.67
6.69
8.10
11.93
9.25
9.88
4.13
7.35
9.36
8.03
5.98
8.48
9.53
11.23
10.23
17.05
9.40
Yield
(%)
7.37
4.57
8.74
4.95
9.27
8.90
14.78
8.23
11.63
12.06
18.33
13.20
9.61
18.37
8.23
15.10
8.82
12.29
9.62
10.20
14.89
12.69
10.96
5.94
8.51
15.05
12.22
5.11
9.99
11.88
13.72
13.01
20.09
13.92
Volatility
2.20
1.85
1.92
0.02
1.00
0.36
0.02
1.90
0.03
0.00
0.00
0.06
0.00
0.00
0.00
1.33
0.16
0.32
1.30
4.90
3.83
0.33
1.36
1.33
0.00
3.43
0.50
3.64
0.36
0.69
0.01
2.89
0.00
0.15
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
RVMI
RVM
RVM
RVM
RVM
RVM
RVM
Dura- Fund
tion type
Q2
8.81
5.33
11.98
2.84
9.68
8.01
13.62
8.54
10.32
14.30
21.18
12.53
10.71
21.08
0.64
15.29
10.06
16.86
11.36
8.24
11.97
14.66
10.30
4.97
8.88
16.63
13.53
5.26
11.41
11.08
14.67
13.72
6.67
16.03
Yield
(%)
15.61
9.79
21.97
6.32
15.84
12.90
23.31
16.56
20.98
23.04
35.86
24.25
20.24
31.70
1.11
28.82
18.06
25.07
18.01
14.87
21.71
24.04
21.31
8.08
16.53
29.59
23.32
6.59
18.02
18.26
22.46
22.10
16.52
29.12
Volatility
2.16
2.45
2.26
0.01
0.66
0.31
0.01
1.92
0.01
0.00
0.00
0.03
0.00
0.00
0.00
1.43
0.11
0.00
1.49
4.75
3.77
0.37
1.27
1.58
0.00
4.34
0.44
3.53
0.26
0.72
0.01
1.57
0.00
0.03
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
Dura- Fund
tion type
Q3
2.18
1.82
9.44
1.24
2.76
1.50
4.40
3.65
4.78
3.86
5.77
5.56
1.98
5.95
0.01
8.69
4.33
7.93
3.59
0.39
0.14
4.21
6.38
0.82
2.76
3.74
3.00
2.61
3.07
4.34
3.98
3.93
6.50
2.94
Yield
(%)
1.96
1.81
1.82
0.01
0.66
0.28
0.10
1.83
0.01
0.01
0.01
0.02
0.01
0.01
0.01
1.83
0.04
0.01
1.61
4.84
3.90
0.40
1.53
1.47
0.01
4.23
2.06
3.72
0.23
1.08
0.02
0.65
0.01
0.09
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
Dura- Fund
tion type
Q4
12.01
3.96
15.10
7.49
11.44
9.26
21.62
11.74
13.49
17.95
27.29
16.43
14.45
22.10
1.42
20.94
11.39
17.79
14.19
10.32
14.12
18.62
14.31
3.27
11.40
21.39
21.00
4.75
13.93
15.15
17.54
14.92
13.41
19.52
Volatility
13.00
7.57
6.70
9.99
10.80
10.70
34.56
12.16
15.28
18.35
27.07
17.95
15.95
28.15
2.19
17.82
12.12
17.75
13.74
14.78
21.87
20.12
14.30
7.27
13.76
22.33
19.11
8.07
16.77
17.56
22.04
20.14
22.29
22.06
Yield
(%)
10.93
6.90
14.43
6.45
11.32
9.64
18.86
11.67
14.79
16.62
25.58
17.22
13.89
22.62
6.92
20.23
12.31
17.55
12.70
11.40
16.28
17.34
15.10
5.98
11.67
20.56
17.74
5.27
13.16
14.39
16.83
15.62
16.91
19.77
Volatility
2002
7.51
NA
NA
NA
4.16
22.62
26.50
6.84
1.32
NA
NA
8.56
5.01
NA
8.48
9.39
17.26
30.57
8.16
NA
NA
25.85
NA
NA
NA
NA
5.90
NA
11.40
26.32
24.81
12.92
NA
NA
Yield
since
1996
% fees
1.50
0.40
1.45
0.73
1.00
1.50
1.75
1.65
1.00
1.75
1.90
2.25
2.00
1.35
1.80
1.35
2.00
2.25
2.00
0.00
0.00
2.25
2.00
0.00
1.50
1.40
2.25
1.10
1.75
1.40
1.90
1.75
2.10
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
9.00
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
0.00
0.00
Min.
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
1.00
1.00
1.00
1.00
0.00
0.00
0.00
3.00
3.00
0.00
0.00
0.00
0.00
1.00
0.00
3.00
1.00
3.00
0.00
0.00
0.00
0.00
0.00
2.00
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
Min.
Back end
0.15
0.20
0.10
0.07
0.15
0.15
0.20
0.09
0.06
0.06
0.04
0.04
0.03
0.10
0.10
0.15
0.00
0.00
0.20
0.10
0.10
0.15
0.20
0.05
0.10
0.10
0.20
0.20
0.20
0.20
0.05
0.00
0.40
0.10
Custody
AC ACCIONES FIM ................................

AC IBEX-35 INDICE FIM ........................
ACTIVOS EN RENTA BOLSA FIM ...........
ALLIANZ VARIABLE FIM ........................
ALMAGRO VALORES FIM ......................
ALTAE BOLSA FIM ..................................
ATLANTICO DIVIDENDO FIMS .............
ATLANTICO DIVIDENDO PLUS FIMP ....
ATLANTICO INDICE FIM .......................
BANCAJA RENTA VARIABLE FIM ...........
BANESTO RENTA VARIABLE ESPAOLA FIM ...
BANKOA BOLSA FIM .............................
BARCLAYS BOLSA ESPAA FIM ............
BARCLAYS BOLSA ESPAA INDEX FIM .
BARCLAYS SMALL CAPS ESPAA FIM ...
BBK BOLSA FIM .....................................
BBVA BOLSA 2 FIM ...............................
BBVA BOLSA PLUS FIM .........................
BBVA INDICE PLUS FIM ........................
BCH ACCIONES FIM ..............................
BESTINFOND FIM ..................................
BESTINVER BOLSA FIM .........................
BETA ACCIONES FIM .............................
BETA ESPAA VALOR FIM .....................
BI IBERACCIONES FIM ...........................
BI SMALL Y MID-CAPS ESPAA FIM .....
BK BOLSA ESPAA 2 FIM ......................
BK BOLSA ESPAA FIM .........................
BK DIVIDENDO FIM ..............................
BK FUTURO IBEX FIM ...........................
BMDINERBOLSA FIM ...........................
BNP BOLSA FIM ....................................
BNP PARIBAS BOLSA PLUS FIM ............
BOLSA 35 FIM .......................................
BOLSALIDER FIM ...................................
(Continued)
0.84
NA
1.50
2.27
0.24
0.35
NA
NA
0.53
1.07
0.77
0.97
1.78
0.12
13.07
0.91
1.20
1.08
1.51
1.11
12.65
12.41
1.97
NA
1.25
NA
0.73
0.64
8.01
1.65
2.60
0.77
0.91
1.65
1.11
Yield
(%)
23.25
NA
18.67
16.25
16.08
20.42
1.40
1.58
20.99
19.29
21.94
11.89
20.63
21.20
6.99
19.55
21.96
21.85
21.42
21.73
5.79
5.80
19.55
NA
20.76
NA
19.09
18.77
7.74
21.62
20.38
23.01
20.09
21.58
21.69
Volatility
0.01
NA
0.01
0.01
0.01
0.01
0.00
0.00
0.01
0.04
0.01
0.00
0.01
0.01
0.01
0.07
0.01
0.01
0.01
0.01
0.01
0.01
0.01
NA
0.01
NA
0.00
0.00
0.00
0.01
0.01
0.01
0.01
0.03
0.01
Yield
(%)
RVN 20.12
NA
RVN 15.04
RVN 14.97
RVN 13.34
RVN 15.68
RVN 7.68
RVN 7.08
RVE 17.13
RVN 13.32
RVN 16.40
RVN 8.50
RVN 14.79
RVN 16.69
RVN 3.01
RVN 16.05
RVN 18.11
RVN 19.84
RVN 16.06
RVN 16.43
RVN
0.91
RVN
1.26
RVN 15.83
NA
RVN 16.89
NA
RVN 14.98
RVN 15.25
RVN 0.37
RVN 16.16
RVN 14.31
RVN 19.25
RVN 14.49
RVN 16.34
RVN 13.74
Dura- Fund
tion type
Q1
23.09
NA
22.11
18.13
19.73
22.08
6.57
6.72
22.54
18.89
22.01
12.10
22.40
21.71
8.60
21.55
23.36
24.50
22.03
21.68
7.20
7.19
20.19
NA
22.09
NA
21.06
20.99
10.62
22.80
17.84
27.03
20.93
22.30
22.88
Volatility
0.01
NA
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.10
0.00
0.00
0.01
0.01
0.01
0.04
0.01
0.01
0.01
0.00
0.00
0.00
0.00
NA
0.01
NA
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.19
0.00
Yield
(%)
RVN 22.33
NA
RVN 22.62
RVN 22.17
RVN 20.28
RVN 21.62
RVN 10.88
RVN 11.06
RVN 21.05
RVN 18.06
RVN 19.90
RVN 14.72
RVN 22.87
RVN 22.82
RVN 16.02
RVN 21.37
RVN 22.76
RVN 21.64
RVN 21.06
RVN 19.92
RVN 12.81
RVN 12.91
RVN 21.00
NA
RVN 20.30
NA
RVN 18.93
RVN 19.30
RVN 13.87
RVN 20.36
RVN 18.27
RVN 28.32
RVN 19.82
RVN 21.38
RVN 24.84
Dura- Fund
tion type
Q2
43.23
0.27
44.36
37.05
36.65
42.99
10.41
11.05
43.65
35.88
41.40
23.45
44.11
43.26
13.82
41.55
45.15
44.75
43.29
41.23
10.75
10.81
36.34
NA
43.23
NA
37.45
37.32
19.41
42.55
31.19
54.99
39.68
43.68
43.60
Volatility
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.08
0.00
0.00
0.01
0.01
0.00
0.08
0.00
0.00
0.00
0.00
0.01
0.00
0.00
NA
0.01
NA
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.04
0.00
Yield
(%)
Volatility
0.02
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.08
0.01
0.02
0.01
0.00
0.01
0.05
0.00
0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
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
RVN
Dura- Fund
tion type
Q4
RVN 11.80 29.33

RVN 2.32 7.22
RVN 11.76 28.42
RVN
7.97 25.57
RVN
7.37 24.21
RVN 11.21 28.64
RVN
9.90 14.22
RVN 10.85 14.72
RVN 10.78 29.02
RVN
8.80 26.20
RVN
9.48 27.26
RVN
5.05 17.59
RVN 11.89 30.30
RVN 100.00 30.99
RVN
5.70 10.21
RVN 10.82 28.47
RVN 11.80 30.50
RVN 13.39 29.42
RVN 11.01 28.75
RVN
9.34 26.96
RVN
9.15 10.05
RVN
9.20 10.07
RVN
9.55 25.77
NA 3.85
RVN 10.89 28.35
NA 6.93
RVN
8.07 27.27
RVN
8.90 28.12
RVN
4.32 12.17
RVN 10.37 27.52
RVN
1.24 26.67
RVN 13.56 39.41
RVN 10.02 27.76
RVN 11.00 28.49
RVN 12.09 29.59
Dura- Fund
cin type
Q3
FIM SPANISH EQUITY (RVN)
31.21
NA
27.63
30.17
25.99
26.76
NA
NA
27.90
23.55
27.25
17.24
27.77
100.00
2.66
27.52
30.13
29.53
27.55
27.64
8.17
8.25
28.59
NA
27.48
NA
26.05
26.00
3.31
27.52
30.94
33.77
25.25
28.20
26.53
Yield
(%)
Yield
since
1996
31.05 21.04
6.82
NA
30.26 22.38
25.78
NA
25.55 22.48
30.09 18.23
10.86 NA
11.31 NA
30.59
NA
26.15
NA
29.42 19.38
17.05 1.61
30.99 12.77
30.90 100.00
10.50
NA
29.28 19.78
31.83 18.44
31.63 0.95
30.37 13.95
29.19 23.39
8.95 70.60
8.97 71.69
26.52 22.81
3.85
NA
30.15 25.72
6.93
NA
27.34
NA
27.45 4.38
13.36
NA
29.99
NA
24.69 25.01
38.48 17.51
28.40 1.85
30.53 22.02
30.92 42.00
Volatility
2002
% fees
2.00
1.00
1.50
1.50
2.25
2.00
1.75
0.25
1.50
1.50
2.20
2.25
2.25
0.00
1.60
2.15
2.25
1.25
1.10
2.25
1.50
1.35
2.25
2.25
2.00
2.00
1.15
1.15
1.15
0.40
2.25
1.75
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
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
0.60
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
0.00
0.00
0.00
0.00
0.00
0.00
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
2.00
0.00
2.00
1.50
0.00
1.00
2.50
0.00
2.00
1.00
1.50
2.00
2.00
3.00
0.00
0.00
0.00
0.00
1.00
1.00
1.00
1.00
1.00
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
1.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
1.00
Min.
Back end
0.04
0.09
0.07
0.14
0.11
0.03
0.15
0.05
0.20
0.20
0.20
0.00
0.20
0.00
0.15
0.04
0.20
0.20
0.20
0.20
0.05
0.05
0.12
0.10
0.00
0.00
0.04
0.03
0.03
0.06
0.15
0.20
0.00
0.03
0.15
Custody
259
260
BOLSATLANTICO FIM ............................

BOLSATLANTICO PREMIER FIM ............
BSN BANIF ACCIONES ESPAOLAS FIM ...
BSN BANIF RENTA VARIABLE ESPAOLA FIM ..
CAIXA CATALUNYA INDEX FIM .............
CAIXASABADELL 7-RV FIM ...................
CAJA LABORAL BOLSA FIM ...................
CAJABURGOS BOLSA FIM ....................
CAJASUR HISPANIA FIM ........................
CAM BOLSA INDICE FIM .......................
CAN ACCIONES FIM .............................
CARTERA VARIABLE FIM .......................
CITIFONDO RV FIM ..............................
CONSTEL. MASTER INDICE RV ESPAA FIMP
CS BOLSA FIM .......................................
DWS ACCIONES FIM .............................
DWS BOLSA INSTITUCIONES FIM ........
EDM INVERSION FIM ............................
EUROAGENTES PREMIER F0IM ..............
EUROVALOR BOLSA ESPAOLA FIM ...
EUROVALOR BOLSA FIM ......................
FG ACCIONES FIM ................................
FIBANC INDICE FIM ..............................
FINGEST BOLSA FIM .............................
FONBILBAO ACCIONES FIM .................
FONCAIXA BOLSA 33 FIM ....................
FONDESPAA BOLSA FIM ....................
FONDGALLEGO 21 FIM ........................
FONDO HISPANO LUSO RV FIM .........
FONDO VALENCIA RENTA VARIABLE FIM..
FONINDEX BOLSA FIM .........................
FONLIFE FIM ..........................................
FONPASTOR RENTA VARIABLE FIM ......
FONPENEDES BORSA FIM .....................
HSBC SPANISH EQUITIES FIM ...............
(Continued)
1.81
2.15
0.78
1.01
0.90
0.53
1.57
0.84
NA
1.35
1.27
1.95
2.99
13.08
0.25
1.93
2.26
4.96
5.00
11.78
1.21
0.78
1.06
0.64
0.48
1.06
2.25
0.86
3.62
0.40
1.39
0.41
0.14
1.10
2.09
Yield
(%)
20.79
20.91
22.24
21.99
19.54
18.53
19.10
23.23
NA
22.19
21.40
19.83
21.99
19.09
19.88
18.75
18.52
10.29
5.18
8.27
20.08
12.76
21.18
12.58
13.03
19.90
21.59
23.21
19.55
13.76
16.96
15.93
15.78
19.98
15.60
Volatility
0.01
0.01
0.01
0.01
0.00
0.69
0.04
0.01
NA
0.22
0.01
0.06
0.00
0.00
0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.03
0.01
0.01
0.01
0.01
0.01
1.98
0.09
0.01
0.64
0.12
0.72
0.01
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVE
RVE
RVN
RVE
RVN
RVN
RVN
RVN
RVE
RVM
RVN
RVN
RVN
RVN
RVN
RVN
RVE
RVN
RVN
RVN
RVN
RVN
RVN
Dura- Fund
tion type
Q1
18.37
8.88
16.32
16.19
17.33
16.22
15.56
20.07
NA
16.80
16.27
16.50
16.12
19.52
14.05
17.18
16.93
5.31
3.62
4.40
15.86
8.37
16.79
8.04
8.07
13.31
15.27
20.10
15.40
11.38
15.19
13.59
13.25
17.11
12.67
Yield
(%)
22.96
23.17
21.56
21.48
19.64
18.31
20.32
23.01
22.36
23.75
22.29
22.24
21.42
2.53
18.26
20.48
20.49
10.07
5.30
12.60
21.36
13.06
22.57
12.96
13.08
19.52
22.52
23.05
21.56
16.05
19.86
18.77
17.78
22.21
17.94
Volatility
0.00
0.00
0.00
0.00
0.00
0.79
0.03
0.01
0.00
0.24
0.00
0.02
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.01
0.00
0.16
0.00
0.01
0.00
0.00
0.01
1.64
0.21
0.00
0.24
0.14
3.63
0.00
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVE
RVE
RVN
RVE
RVN
RVN
RVN
RVN
RVE
RVM
RVN
RVN
RVN
RVN
RVN
Dura- Fund
tion type
Q2
19.81
19.58
19.66
18.86
24.27
17.44
19.07
22.33
17.76
20.94
21.15
21.32
20.94
26.99
3.71
23.35
23.39
13.95
1.85
15.87
20.55
14.04
21.54
14.42
13.47
19.83
21.23
22.44
24.06
13.57
22.75
23.62
20.74
21.49
22.66
Yield
(%)
38.40
41.85
40.61
40.83
45.45
34.41
39.85
43.15
33.62
44.78
43.36
42.54
41.78
2.86
29.38
41.46
41.43
20.26
5.19
23.31
40.32
14.36
43.77
14.01
24.56
40.09
43.84
43.33
42.50
25.55
38.60
35.10
34.33
44.99
36.40
Volatility
0.00
0.00
0.00
0.00
0.00
0.87
0.05
0.01
0.00
0.15
0.00
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.13
0.00
0.01
0.00
0.00
0.01
1.38
0.12
0.01
0.18
5.51
3.02
0.00
Yield
(%)
Volatility
0.01
0.01
0.01
0.01
0.01
0.93
0.01
0.02
0.01
0.11
0.01
0.05
0.01
0.00
0.00
0.01
0.01
0.01
0.00
0.00
0.01
0.01
0.80
0.01
0.01
0.01
0.02
0.01
1.11
0.10
0.00
0.28
4.90
3.64
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
RVN
Dura- Fund
tion type
Q4
RVN
8.22 23.51
RVN 11.25 27.31
RVN
9.31 26.91
RVN
9.68 27.18
RVN 11.67 31.89
RVN
9.71 23.39
RVN 10.75 26.73
RVN 11.69 29.31
RVN
8.31 22.53
RVN 11.20 29.75
RVN 10.62 28.83
RVN
9.65 28.95
RVN
9.93 27.50
RVN 55.65 8.71
RVN 9.22 52.07
RVN 10.57 29.88
RVN 10.89 29.79
RVN
4.29 15.73
RVN
0.56 0.64
RVN
9.49 16.30
RVE
11.21 28.08
RVE
1.84 13.14
RVN 10.62 28.21
RVE
1.84 12.84
RVN
6.72 15.76
RVN
7.72 27.75
RVN 11.03 29.24
RVN 11.69 29.29
RVN 14.14 30.80
RVM
5.23 21.90
RVN
8.99 27.08
RVN
2.35 28.21
RVN
9.05 25.68
RVN 13.55 29.44
RVN
8.12 24.22
Dura- Fund
tion type
Q3
30.43
16.72
27.08
26.18
30.72
24.52
25.51
31.24
NA
27.85
27.90
29.36
29.28
77.35
18.87
28.45
27.83
10.81
0.12
1.56
26.56
19.16
28.55
19.34
14.70
25.94
27.57
31.38
29.32
19.72
27.60
32.73
24.91
26.92
25.45
Yield
(%)
27.50
29.63
29.03
29.11
31.26
24.72
27.93
31.00
27.98
31.60
30.46
29.92
29.52
11.92
32.93
29.31
29.25
14.83
4.58
16.31
28.80
13.43
30.48
13.20
17.38
28.24
30.81
31.06
30.24
19.98
27.16
25.83
24.70
30.98
25.09
Volatility
2002
27.41
NA
17.40
10.41
20.68
17.34
18.95
17.79
NA
31.30
18.53
NA
19.25
NA
20.91
10.02
1.17
6.04
55.60
NA
18.22
13.26
18.49
13.49
11.75
7.94
15.87
36.10
NA
11.02
39.26
37.96
NA
NA
3.19
Yield
since
1996
% fees
2.25
1.10
2.00
0.80
2.20
1.55
2.25
2.25
1.80
1.75
1.90
2.00
2.25
0.15
2.00
2.25
1.15
2.25
1.50
1.50
2.25
2.25
2.00
2.00
1.45
1.35
1.45
2.00
2.25
1.75
1.35
1.80
1.50
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
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
9.00
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
Min.
2.00
2.00
1.00
1.00
0.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
0.00
2.00
3.00
1.00
0.00
0.00
1.00
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
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.20
0.20
0.20
0.05
0.15
0.11
0.16
0.06
0.20
0.11
0.10
0.15
0.20
0.05
0.00
0.10
0.10
0.15
0.15
0.00
0.00
0.18
0.15
0.15
0.10
0.00
0.15
0.13
0.01
0.20
0.20
0.17
0.12
0.00
0.15
Custody
IBERAGENTES POPULAR BOLSA FIM ....

IBERCAJA BOLSA FIM ............................
IBERSECURITIES INDICE ESPAA FIM ...
ING DIRECT FONDO NARANJA IBEX 35 FIM ..
JPM SPAIN RV FIM .................................
JPMF MIXTO RENTA FIJA FIM ................
KUTXAVALOR FIM .................................
LIBERTY SPANISH STOCK MARKET INDEX FIM.
LLOYDS BOLSA FIM ..............................
MADRID BOLSA FIM .............................
MADRID BOLSA OPORTUNIDAD FIM ..
MARCH VALORES FIM ..........................
MEDIVALOR R.V. FIM ............................
MORGAN STANLEY BOLSA FIM ...........
PLUS ULTRA ESPABOLSA FIM ...............
PRIVANZA BOLSA FIM ..........................
RENTA 4 BOLSA FIM ..............................
RIO TRUEBA RV FIM .............................
RURAL INDICE FIM ...............................
SABADELL ESPAA BOLSA FIM .............
SAFEI BOLSA ACTIVA FIM .....................
SAFEI FONBOLSA FIM ...........................
SAN FERNANDO BOLSA FIM ................
SCH ACCIONES ESPAOLAS PLUS FIM.
SCH INDICE ESPAA FIM ......................
SCH RENTA VARIABLE ESPAOLA 100 FIM
SEGURFONDO RENTA VARIABLE FIM...
UNIFOND RV I FIM ...............................
UNOE IBEX 35 FIM ..............................
URQUIJO BOLSA FIM ............................
URQUIJO INDICE FIM ...........................
(Continued)
1.02
1.48
1.75
NA
1.59
0.45
0.88
4.14
0.47
2.08
0.02
0.46
0.00
1.36
0.87
1.65
3.96
4.29
1.40
0.82
1.36
1.98
0.62
0.83
1.01
0.40
0.59
1.69
NA
1.11
0.12
Yield
(%)
20.24
21.37
21.25
16.03
20.82
2.84
18.19
17.83
17.09
20.59
20.85
17.98
20.44
21.68
16.64
22.07
14.00
11.05
17.34
20.96
19.74
21.31
23.12
20.85
21.83
20.24
16.42
15.33
NA
14.34
16.40
Volatility
0.00
0.01
0.01
0.01
0.03
0.67
0.00
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.01
0.61
0.01
0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
NA
0.01
0.01
Yield
(%)
16.34
17.23
16.48
16.15
13.41
0.87
15.19
16.57
13.87
17.25
16.79
6.41
18.05
16.87
12.65
17.66
14.02
9.32
14.66
16.47
17.40
15.89
20.25
13.24
16.21
14.37
13.67
13.78
NA
RVN 8.71
RVN 13.89
RVN
RVN
RVN
RVN
RVN
RFMI
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
Dura- Fund
tion type
Q1
22.30
22.85
22.39
22.37
21.17
2.68
20.75
22.27
18.90
22.63
22.88
13.73
22.56
22.58
17.95
24.75
20.12
13.78
19.07
22.20
24.77
21.03
23.12
19.54
22.65
20.17
19.06
18.21
NA
15.23
20.26
Volatility
0.00
0.01
0.00
0.00
0.06
0.74
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.01
0.85
0.00
0.01
0.00
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.01
0.00
NA
0.00
0.00
Yield
(%)
22.36
21.78
21.45
21.06
21.45
2.18
21.54
21.60
19.46
21.56
21.38
14.57
20.94
21.06
20.33
22.26
21.98
13.07
22.80
19.30
26.07
22.00
22.35
19.59
21.15
19.80
19.59
16.15
NA
RVN 16.14
RVN 19.72
RVN
RVN
RVN
RVN
RVN
RFMI
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
Dura- Fund
tion type
Q2
43.73
43.92
44.17
43.50
40.75
6.00
43.86
43.84
35.61
43.11
43.29
22.83
45.58
43.17
33.64
46.80
36.06
20.22
36.39
41.69
42.79
43.07
43.42
38.33
43.78
38.79
37.76
31.42
NA
28.38
36.35
Volatility
0.00
0.01
0.00
0.00
0.20
0.55
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.01
0.99
0.00
0.01
0.00
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.01
0.00
NA
0.00
0.00
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RFMI
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
Dura- Fund
cin type
Q3
12.03
12.15
10.65
11.26
10.20
0.87
10.97
10.70
10.37
9.95
11.85
2.36
15.07
12.10
8.94
11.12
9.54
5.79
11.44
10.48
11.01
10.53
11.72
10.79
11.18
10.69
9.49
7.09
NA
5.22
7.15
Yield
(%)
28.05
30.72
29.66
28.86
27.84
6.77
29.24
29.15
25.25
28.04
28.30
14.28
28.30
29.08
23.61
30.64
26.89
14.69
26.18
25.29
30.10
28.60
29.35
24.79
29.18
26.09
24.45
22.00
23.36
21.22
24.37
Volatility
0.00
0.01
0.01
0.01
0.08
0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.95
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
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
Dura- Fund
tion type
Q4
27.95
28.47
28.68
NA
26.24
1.75
26.82
24.60
23.79
30.13
26.82
17.78
25.44
27.44
23.53
30.05
23.61
13.03
27.61
26.14
33.14
28.92
31.25
22.07
27.30
23.67
24.45
23.88
NA
18.55
26.02
Yield
(%)
30.23
31.24
30.95
30.96
28.98
4.95
29.95
30.16
25.45
30.11
30.34
17.65
31.07
30.57
24.10
32.72
25.84
15.43
26.07
28.94
30.82
30.07
31.10
27.10
30.84
27.58
25.95
22.71
23.36
20.70
25.63
Volatility
2002
16.43
20.67
NA
NA
9.85
NA
22.44
NA
11.14
24.49
0.24
NA
17.34
21.81
NA
20.07
4.61
NA
NA
NA
16.13
30.77
22.21
3.71
14.83
NA
25.84
27.24
NA
NA
20.33
Yield
since
1996
% fees
2.25
1.50
1.55
0.99
1.60
0.50
2.25
2.25
2.00
2.00
1.25
2.25
1.35
2.25
1.65
2.25
2.25
1.50
2.25
1.75
1.35
2.25
2.00
0.60
0.85
1.70
1.25
1.75
0.40
1.00
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
9.00
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
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
Min.
2.00
2.50
1.50
0.00
0.00
0.00
2.00
0.00
1.00
2.00
4.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
3.00
0.00
0.00
0.00
2.50
3.00
1.00
1.00
0.00
0.00
2.00
0.00
2.00
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
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
Min.
Back end
0.15
0.20
0.05
0.10
0.20
0.00
0.20
0.10
0.08
0.04
0.04
0.20
0.08
0.10
0.11
0.20
0.10
0.15
0.00
0.10
0.15
0.15
0.17
0.15
0.15
0.10
0.20
0.20
0.10
0.06
0.04
Custody
261
262
AC RENTA FIJA PRIVADA FIM ................

AFINA TRADICIONAL FIM ....................
ATLANTICO DIVISA FIM ........................
BANCAJA RENTA FIJA INTERNACIONAL FIM ...
BANESTO RENTA FIJA U.S.A. FIM ..........
BANIF RF INTERNACIONAL FIM ...........
BANKPYME GLOBAL RENT FIM ............
BBVA BONOS EMERGENTES FIM ..........
BBVA BONOS INTERNACIONAL FIM ...
BBVA BONOS USA FIM .........................
BBVA DOLAR CASH FIM .......................
BBVA MULTIFONDO RENTA FIJA FIMF..
BBVA RENTA LATAM FIM ......................
BCH DOLAR FIM ...................................
BG EURO YIELD FIM .............................
BI BONOS MUNDIAL FIM .....................
BI RENTA FIJA CP INTERNACIONAL FIM ....
BIPOP PROTECCION FIMF .....................
BIPOP RENDIMIENTO FIMF ...................
BK BONOS CRECIMIENTO FIMF............
BNP PARIBAS BONOS FIM ....................
BNP PARIBAS DOLAR FIM ....................
CAIXA CATALUNYA FONS INTERNACIONAL FIM ...
CAJA INGENIEROS RENTA FIJA UNIVERSAL FIM ..
CAM EUROPA BONOS FIM ...................
CAM HIGH YIELD FIMF..........................
CAM MUNDIAL BONOS FIM ................
CANTABRIA RENTA FIJA GLOBAL FIM ...
CONSULNOR EUROBO. FIM ................
DEXIA IBERAG.BONOS ALTO RENDIMIENTO FIM...
DWS INVEST INTERNACIONAL FIM .....
EUROVALOR RF INTER. FIM .................
FIBANC EUROBOND HY FIM ...............
FIBANC-INT. R.F. FIM .............................
(Continued)
Volatility
Yield
(%)
RFI 0.18
RFI
1.15
RFI 3.06
RFI 1.93
RFI 10.21
RFI 2.54
RFI 3.65
RFI 10.07
RFI 1.56
RFI 9.11
RFI 11.14
RFI 6.72
RFI 5.46
RFI 9.78
RFI 0.81
RFI 3.24
NA
NA
NA
RFI 1.77
RFI 6.26
RFI 10.77
RFI
0.16
RFI 0.82
RFI
1.36
RFI 0.99
RFI
0.82
RFI 1.82
RFI 0.49
RFI
1.35
RFI 0.64
RFI 2.45
RFI 0.52
RFI 3.10
Dura- Fund
tion type
0.04 1.36 2.10

0.10 1.17 4.37
0.21 3.90 2.12
0.17 6.28 5.47
1.75 9.19 1.98
0.24 3.69 3.99
0.55 3.45 2.84
0.04 5.47 3.50
0.24 2.64 3.79
1.37 7.71 3.28
2.23 7.05 0.45
NA 4.43 0.00
2.26 19.56 1.12
1.17 9.09 4.22
1.73 3.34 4.29
0.20 2.49 1.36
NA
NA
NA
NA
NA
NA
NA
NA
NA
1.30 4.51 0.00
0.52 0.38 0.71
0.79 8.89 1.11
0.39 2.14 1.55
0.36 1.77 1.47
0.06 1.35 2.98
0.31 2.45 0.16
1.11 1.69 3.67
0.26 4.34 3.35
0.63 3.89 4.72
0.66 2.88 17.25
0.41 3.10 3.97
0.13 3.74 2.06
3.30 7.01 4.55
0.83 3.07 2.01
Yield
(%)
Q1
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
Dura- Fund
tion type
1.53 2.15
1.09 2.36
3.64 1.94
3.77 5.57
8.21 3.07
3.47 3.91
2.98 3.16
8.04 4.57
2.06 3.99
7.84 2.97
8.01 0.10
5.22 0.00
6.74 1.61
7.84 4.23
2.06 4.39
3.52 1.49
NA
NA
0.23 0.01
0.25 0.01
3.11 0.00
5.92 0.95
9.20 0.11
1.87 1.61
1.41 2.54
1.36 3.15
1.63 0.03
1.87 3.75
2.48 2.75
2.93 4.40
2.19 11.74
3.03 4.41
3.31 2.20
2.19 3.47
2.96 1.62
Volatility
Q2
2.30
1.87
2.40
3.23
5.40
4.47
3.58
2.52
1.67
2.85
0.18
3.20
0.67
4.75
1.64
1.91
NA
0.57
0.47
0.32
1.82
1.50
1.65
1.70
3.20
0.91
4.47
1.89
4.17
2.12
2.95
3.04
1.42
1.31
Yield
(%)
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
Dura- Fund
tion type
1.36 1.89
1.70 2.84
2.45 1.92
4.53 6.53
11.66 3.39
5.20 4.24
3.58 3.86
12.07 4.43
2.72 4.05
10.51 3.24
10.71 0.09
3.14 0.00
8.66 1.49
11.74 4.64
3.37 4.00
4.06 1.16
NA NA
1.66 0.01
3.72 0.01
1.54 0.00
8.26 0.83
11.24 2.70
1.66 2.05
2.72 1.91
2.04 3.07
4.13 0.02
3.15 3.78
2.63 2.46
4.09 4.48
3.35 12.53
3.33 4.16
3.88 2.26
2.81 2.96
1.86 1.54
Volatility
Q3
1.27
0.46
0.50
2.26
5.53
2.05
0.34
6.71
0.15
5.26
5.50
0.23
8.28
5.59
1.50
1.77
NA
0.51
1.53
2.21
4.12
5.08
0.84
2.33
1.62
3.34
1.21
0.86
0.34
2.64
0.29
1.12
3.46
0.73
Yield
(%)
1.01
1.10
1.72
3.73
6.82
3.61
2.26
6.10
2.22
5.98
6.60
2.22
3.27
6.84
4.05
3.62
0.07
0.10
2.04
1.42
5.61
7.77
1.74
2.91
2.03
2.63
3.12
2.13
3.63
2.41
2.63
2.64
2.73
2.56
Volatility
2.23
1.71
1.81
6.03
4.22
4.27
2.70
4.49
3.98
3.30
0.22
0.00
1.50
4.25
3.92
2.80
0.01
0.01
0.00
0.00
1.02
2.56
1.67
1.10
4.02
0.03
3.88
2.83
3.91
4.27
3.64
2.65
1.76
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
Dura- Fund
tion type
Q4
FIM FOREIGN FIXED-INCOME (RFI)
3.45
3.41
1.44
1.22
9.03
0.02
0.00
6.48
0.18
10.23
14.30
NA
3.98
9.73
2.69
3.33
NA
NA
NA
1.39
8.01
13.36
3.07
1.84
6.23
1.70
5.42
1.09
3.36
1.14
2.41
0.74
1.88
0.30
Yield
(%)
Yield
since
1996
1.34 18.25
1.30
NA
3.08 19.71
4.70 22.32
9.24
NA
4.10 14.42
3.16 26.36
8.44
NA
2.44 22.17
8.24 26.93
8.33 23.97
3.91
NA
11.33 13.65
9.15 30.33
3.30 13.19
3.50 5.37
0.07
NA
0.14
NA
1.23
NA
2.94
NA
5.86
NA
9.43 31.08
1.86 28.67
2.31
NA
1.75 20.72
2.88
NA
2.59 27.55
3.02
NA
3.68 23.93
2.77
NA
3.05
NA
3.45 22.39
4.18
NA
2.68 18.02
Volatility
2002
% fees
1.25
1.00
2.00
2.00
1.65
1.40
0.95
1.65
1.65
1.65
1.00
1.00
1.65
1.55
1.80
2.00
2.00
0.60
1.00
1.00
0.50
1.00
2.00
2.25
1.00
1.75
2.00
1.80
1.25
2.10
1.65
2.25
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
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
0.15
2.00
2.00
2.00
2.00
0.00
2.00
2.00
1.00
2.00
1.00
2.50
2.50
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
1.00
0.00
2.00
0.00
1.50
0.00
0.00
Max.
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
2.00
2.00
0.00
0.00
2.00
0.00
1.50
0.00
0.00
Min.
Back end
0.09
0.09
0.20
0.20
0.10
0.20
0.20
0.15
0.15
0.20
0.10
0.05
0.15
0.25
0.20
0.00
0.00
0.15
0.15
0.07
0.00
0.00
0.20
0.20
0.20
0.10
0.12
0.20
0.15
0.10
0.10
0.00
0.10
0.20
Custody
FONCAIXA 67 AHORRO LP DIVISAS FIM...

FONCAIXA 86 RENTA FIJA INTERNACIONAL FIM ...
FONCAIXA 87 CESTA RENTA FIJA FIMF..
FONCAIXA INTERNACIONAL 1 FIM .....
FONCAIXA INTERNACIONAL 3 FIM .....
FONDGALEA FIM ..................................
FONDMAPFRE INTERNACIONAL FIM ..
FONPENEDES DOLAR FIM ....................
FONSMANLLEU ESTALVI 2 FIM .............
HERRERO FONDO INTERNACIONAL FIM .
IBERAGENTES POPULAR AHORRO FIM
IBERCAJA HIGH YIELD FIMF ..................
IBERCAJA INTERNACIONAL FIM ...........
KUTXAINVER2 FIM ................................
MADRID BONOS HIGH YIELD FIMF .....
MADRID BONOS INTERNACIONAL FIM
MADRID DOLAR FIM ............................
MADRID RENT FIJA FIM ........................
MADRID TRIPLE B FIM ..........................
MARCH PREMIER R.F. FIM .....................
MERCHRENTA FIM ................................
MORGAN STANLEY DIVISA FIM ...........
MORGAN STANLEY GLOBAL RENTA FIJA FIM..
MUTUAFONDO HIGH YIELD FIMF .......
RENTA INTERNACIONAL FIM ...............
RENTACASER FIM ...................................
RURAL RENTA FIJA INTERNACIONAL FIM .
SABADELL DOLAR FIJO FIM .................
SANTANDER DOLAR FIM ......................
SCH DOLAR PLUS FIM ..........................
SCH INTERNACIONAL RENTA FIJA FIM .
(Continued)
0.87
0.56
0.28
1.59
1.62
0.00
0.41
1.02
1.25
2.24
0.34
6.19
0.28
0.25
0.00
0.87
NA
0.16
0.54
0.10
0.62
0.40
0.75
1.24
0.61
0.35
0.35
4.32
2.12
2.01
0.23
Yield
(%)
8.06
1.06
0.77
8.22
8.45
1.71
1.95
4.40
1.81
2.60
1.84
4.56
5.91
3.16
2.99
4.98
8.79
1.34
1.71
1.17
1.30
0.27
4.09
3.59
4.86
1.16
1.64
4.86
9.37
9.33
3.85
Volatility
5.03
0.19
0.00
0.36
4.09
2.52
0.77
1.21
0.05
5.07
8.14
2.63
4.70
2.87
0.00
3.02
1.69
2.04
3.24
1.76
0.94
0.33
4.59
0.01
4.57
1.48
0.28
3.03
3.45
3.70
3.27
RFI
GRF
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
Dura- Fund
tion type
Q1
4.36
0.56
0.89
9.71
8.36
0.89
2.15
7.03
0.81
1.17
1.63
6.08
6.39
0.80
3.13
0.14
10.17
3.72
1.36
1.37
1.43
0.23
1.23
1.81
1.47
0.40
1.81
1.31
9.65
9.70
3.37
Yield
(%)
5.39
4.00
0.44
8.66
8.17
1.71
2.30
5.24
1.79
2.04
1.60
3.33
4.65
2.53
2.58
5.23
8.39
4.11
1.50
1.02
1.40
0.53
2.43
3.94
3.72
1.11
1.61
3.55
8.09
8.22
3.64
Volatility
5.61
0.04
0.00
0.21
3.42
3.55
0.92
1.17
0.10
5.15
4.38
2.29
4.00
4.31
0.00
3.05
1.55
2.75
3.30
1.54
1.12
0.41
0.00
0.00
4.29
1.62
0.23
2.75
4.65
5.79
3.89
RFI
GRF
RFI
RFI
RFI
RFI
RFI
RFI
FGL
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
Dura- Fund
tion type
Q2
Volatility
3.01 6.47
1.28 1.51
1.27 0.79
2.14 9.21
4.75 9.13
2.57 1.98
1.72 3.02
4.29 8.49
1.04 1.63
0.12 2.59
2.54 1.95
6.76 8.65
0.37 6.78
2.76 3.29
0.55 3.00
5.20 6.19
3.18 10.61
3.50 5.79
2.33 2.02
2.07 1.63
0.17 1.72
1.30 2.28
0.55 2.19
2.04 5.55
2.64 3.60
2.72 1.44
2.18 6.65
0.61 3.75
5.93 12.30
5.36 12.23
4.19 5.18
Yield
(%)
6.41
1.95
0.00
0.09
3.72
2.83
1.27
1.31
0.06
5.51
6.22
3.53
4.06
2.93
0.00
3.18
1.48
2.62
3.29
2.36
1.14
0.39
0.00
0.00
3.89
1.88
0.92
3.04
4.50
5.80
4.35
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
Dura- Fund
tion type
Q3
Volatility
4.09 5.09
0.35 0.67
0.60 0.33
5.08 6.41
5.16 6.21
1.83 1.76
1.00 2.03
4.43 13.25
0.21 1.71
0.53 1.92
1.51 1.98
5.53 7.96
2.66 4.69
0.46 2.95
3.70 2.03
0.63 5.12
5.30 7.70
2.71 4.49
2.05 1.85
0.98 1.85
0.23 1.25
1.30 1.94
13.48 24.20
4.18 6.25
1.73 2.82
1.51 1.09
4.96 6.34
0.22 2.98
5.38 6.79
5.89 7.29
1.08 3.58
Yield
(%)
3.24
0.49
0.00
0.24
1.94
2.69
1.14
1.33
0.33
5.44
4.64
3.85
4.03
2.98
0.01
3.11
1.54
2.34
2.95
1.99
1.28
0.35
0.00
0.01
2.90
2.24
0.82
2.75
4.11
4.41
4.18
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
Dura- Fund
tion type
Q4
Volatility
4.69 6.39
2.78 0.83
3.07 0.62
11.07 8.26
7.48 8.14
5.38 1.81
1.07 2.38
14.09 8.63
0.82 1.75
3.01 2.32
5.42 1.86
13.30 6.62
8.29 5.61
1.22 3.01
1.01 2.72
3.48 5.43
NA 9.01
3.21 4.30
5.28 1.80
4.60 1.46
0.43 1.44
0.61 1.54
11.85 12.43
1.45 4.99
1.23 3.83
5.06 1.23
4.31 4.79
5.27 3.86
7.53 9.46
8.68 9.54
0.18 4.16
Yield
(%)
2002
NA
NA
NA
22.74
28.65
NA
20.96
NA
10.32
34.81
17.87
NA
17.24
NA
NA
NA
NA
11.57
NA
NA
19.47
24.26
NA
13.22
19.45
24.58
NA
43.13
NA
NA
19.77
Yield
since
1996
% fees
1.50
1.50
1.50
1.10
1.10
0.50
1.75
1.75
1.60
1.90
1.50
1.90
1.80
2.25
1.25
1.40
0.75
1.60
1.50
0.90
1.50
1.50
0.80
0.30
2.00
0.50
1.75
1.65
1.15
0.90
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
4.00
4.00
4.00
4.00
0.00
1.50
0.00
0.00
0.00
1.00
2.00
2.00
2.00
2.00
1.00
0.00
1.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
3.00
Max.
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
Min.
Back end
0.13
0.15
0.15
0.20
0.20
0.15
0.20
0.00
0.20
0.10
0.15
0.20
0.20
0.20
0.10
0.09
0.06
0.08
0.11
0.10
0.13
0.10
0.10
0.01
0.20
0.08
0.00
0.20
0.10
0.10
0.15
Custody
263
264
SEGURFONDO ACTIVO DIVISA FIM .....

SEGURFONDO DIVISAS FIM .................
SEGURFONDO HIGH YIELD FIMF.........
UNIFOND RENTA FIJA GLOBAL FIMF....
(Continued)
0.76
0.55
1.12
0.04
Yield
(%)
2.49
3.29
4.92
2.64
Volatility
0.84
2.01
4.10
0.00
RFI
RFI
RFI
RFI
Dura- Fund
tion type
Q1
2.42
2.08
7.44
1.08
Yield
(%)
2.24
2.50
3.64
1.69
Volatility
0.68
2.33
3.89
0.00
RFI
RFI
RFI
RFI
Dura- Fund
tion type
Q2
1.17
2.14
2.21
2.37
Yield
(%)
2.90
3.10
4.66
3.12
Volatility
0.69
2.21
2.20
0.00
RFI
RFI
RFI
RFI
Dura- Fund
tion type
Q3
0.78
0.51
4.05
0.78
Yield
(%)
1.87
2.14
3.18
2.41
Volatility
0.66
2.78
0.84
0.00
RFI
RFI
RFI
RFI
Dura- Fund
tion type
Q4
1.31
0.06
4.76
2.71
Yield
(%)
2.42
2.81
4.26
2.53
Volatility
2002
19.81
26.86
NA
NA
Yield
since
1996
% fees
0.75
1.00
0.90
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
Min.
0.00
0.00
0.00
0.00
Max.
0.00
0.00
0.00
0.00
Min.
Back end
0.15
0.15
0.10
0.19
Custody
ABANTE VALOR FIMF.............................

ABF MONEY PLUS FIMF ........................
AC MULTIESTRELLAS SELEC. 20 FIMF ...
ALLIANZ CONSERV. GLOBAL FIMF ......
ALMAGRO DIVISAS FIM .......................
APPLE FOND FIM ..................................
ASC PATRIMONI FIM .............................
BANESTO GESTION GLOBAL FIM ........
BANKPYME GEST. CAR. MOD. FIMF .....
BASKEDIVISAS, FIM ...............................
BBVA BONOS SELECCION FIM .............
BBVA MIXTO 25 FIM .............................
BBVA MULTIFONDO MOD. FIMF .........
BBVA SOLIDARIDAD FIM ......................
BENKERS AHORRO FIMF ......................
BI CONVERTIBLES INTERN. FIM ............
BIPOP EQUILIBRADO FIMF ...................
BMDINERDIVISA FIM ...........................
BNP P.CONSERV. ASSET ALLOC. FIMF ...
BNP PARIBAS GESTION ACTIVA FIMF ..
BNP PARIBAS SELECCION FIMF ............
CAIXA CATALUNYA CONVERT. FIMF ....
CAIXA CATALUNYA SELEC. ACT. 25 FIMF..
CAN NAVARRA MIXTO 15 FIM .............
CRV FONRENTA FIM .............................
DWS ECOINVEST FIM ...........................
DWS SELECTED FUNDS 25 FIMF ..........
EL MONTE FONDO SOLIDARIO FIM ....
EUROVALOR SELEC. TOP15 FIMF .......
EUROVALOR SELECCION TOP30 FIMF .
FONBILBAO GLOBAL 10 FIM ...............
FONCAIXA 88 CESTA MIXTA 25RV FIMF .
(Continued)
NA
0.49
0.38
0.40
0.33
1.01
0.21
0.05
0.64
0.17
6.90
0.62
NA
0.06
0.31
1.59
NA
1.41
0.05
0.76
0.02
0.94
NA
0.00
0.60
3.52
0.17
0.18
0.31
0.32
0.02
0.64
0.03
0.48
Yield
(%)
NA
1.40
3.29
5.37
3.22
7.86
0.98
5.52
3.83
3.21
8.04
2.51
4.41
2.77
0.32
4.24
NA
5.30
0.17
2.22
2.57
4.03
NA
2.92
3.37
5.58
2.86
4.41
1.46
3.47
2.01
4.61
2.36
2.74
Volatility
NA
0.01
0.00
0.01
1.18
0.67
0.26
2.69
0.00
0.96
3.42
1.79
0.00
1.44
0.19
3.85
NA
1.28
0.00
0.01
0.01
0.00
NA
0.42
0.19
1.31
0.01
1.06
0.01
0.01
3.76
3.73
0.00
2.49
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
FGL
RFMI
RVIM
RFMI
RFM
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
Dura- Fund
tion type
Q1
NA
0.39
3.18
7.28
5.07
5.52
0.44
1.17
5.72
2.98
8.47
2.08
7.78
2.34
0.29
5.61
NA
4.52
0.09
1.99
0.89
5.03
NA
2.16
3.89
4.10
4.45
3.95
2.04
4.41
0.11
5.36
0.87
1.26
Yield
(%)
NA
0.17
3.31
6.18
4.95
8.26
0.45
2.23
5.87
3.09
7.24
2.48
6.27
3.11
0.19
5.25
0.26
5.05
0.23
2.00
2.38
3.33
NA
3.17
4.70
5.71
3.25
4.61
1.84
4.00
2.21
5.65
1.63
2.00
Volatility
NA
0.00
0.00
0.00
0.49
0.39
0.56
1.32
0.00
0.92
3.30
1.65
0.00
0.68
0.14
3.77
0.01
0.87
0.00
0.00
0.00
0.00
NA
0.37
3.39
2.32
0.00
1.16
0.01
0.01
3.67
3.67
0.00
1.94
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFM
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RVIM
RFMI
Dura- Fund
tion type
Q2
Volatility
NA
NA
0.67 0.28
1.37 5.15
2.18 8.11
2.72 7.46
5.77 10.47
1.08 0.36
1.46 4.77
5.92 9.87
2.56 3.85
3.84 7.23
0.89 2.53
0.01 5.55
3.46 6.38
0.55 0.25
1.90 7.27
0.45 3.52
0.45 3.54
0.07 0.58
1.75 3.18
2.86 9.54
2.00 3.99
NA
NA
2.41 7.18
4.98 8.65
4.08 8.01
2.23 5.82
3.46 6.80
1.45 2.95
4.31 6.76
0.21 3.21
3.18 8.08
1.69 1.23
0.95 1.89
Yield
(%)
NA
0.65
0.00
0.00
1.50
0.55
0.32
1.37
0.00
1.10
4.60
1.50
0.00
1.24
0.10
3.96
0.01
1.74
0.00
0.01
0.00
0.00
NA
0.55
3.15
1.42
0.00
1.10
0.00
0.00
3.66
3.74
0.00
2.46
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFM
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
Dura- Fund
tion type
Q3
Volatility
NA 3.03
0.98 0.85
0.88 3.81
1.09 5.63
0.65 4.78
2.33 12.76
1.94 2.28
0.03 3.78
3.52 8.29
1.06 2.40
6.21 5.02
0.94 1.19
1.50 3.12
1.69 4.64
0.36 0.23
0.82 3.93
2.64 3.03
0.65 3.47
0.32 1.38
1.02 2.00
2.48 4.71
1.57 2.43
NA 0.11
1.77 4.95
1.20 6.35
2.76 8.17
0.49 4.48
1.68 5.35
1.34 2.86
1.21 4.95
1.56 2.25
1.78 5.69
0.60 0.54
0.65 0.56
Yield
(%)
0.01
0.64
0.00
0.01
1.43
0.70
0.14
0.09
0.00
0.87
5.02
1.32
0.00
1.20
0.02
3.98
0.00
0.88
0.01
0.01
0.01
0.00
0.01
0.50
3.14
0.01
0.01
1.21
0.01
0.01
3.64
3.85
0.00
1.52
Yield
(%)
Volatility
2002
Yield
since
1996
RFMI
NA 3.03
NA
RFMI 2.55 0.83
NA
RFMI 3.29 3.98
NA
RFMI 10.65 6.45
NA
RFMI 7.37 5.36 5.76
RFMI 13.92 10.05
NA
RFMI 3.72 1.28 11.64
RFMI 2.63 4.26
NA
RFMI 7.60 7.40
NA
RFMI 1.38 3.21 20.35
RFMI 12.96 7.07 22.80
RFMI 2.65 2.26 10.16
RFMI
NA 5.14
NA
RFMI 4.19 4.49
NA
RFMI 1.52 0.26
NA
RFMI 8.13 5.37
NA
RFMI
NA 1.82
NA
RFMI 6.89 4.42 7.33
RFMI 0.25 0.76
NA
RFMI 1.99 2.42
NA
RFMI 1.32 5.63
NA
RFMI 6.36 3.54 5.36
RFMI
NA 0.11
NA
RFMI 2.83 4.89
NA
RFMI 7.02 6.14 4.90
RFMI 8.81 7.01
NA
RFMI 5.96 4.29
NA
RFMI 5.88 5.41
NA
RFMI 1.87 2.39
NA
RFMI 7.13 5.00
NA
RFMI 1.63 2.47
NA
RFMI 7.33 6.18
NA
RFMI 1.45 1.59
NA
RFMI 0.16 1.96 16.78
Dura- Fund
tion type
Q4
FIM FOREIGN MIXED FIXED-INCOME (RFMI)

% fees
1.25
0.75
1.10
1.50
2.25
1.35
1.00
1.65
0.00
1.80
2.00
2.00
1.10
1.70
1.35
2.00
1.10
1.50
0.00
0.00
1.00
1.00
1.45
1.20
1.50
1.25
1.50
1.75
1.60
1.80
1.75
1.75
1.50
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
9.00
0.00
9.00
0.00
9.00
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.05
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
0.05
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
5.00
0.00
1.00
2.00
2.00
0.00
1.00
0.00
2.00
2.50
0.00
0.25
0.00
0.00
0.00
0.00
0.00
0.20
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
4.00
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
4.00
0.00
Min.
Back end
0.10
0.10
0.11
0.14
0.20
0.15
0.10
0.10
0.20
0.09
0.20
0.20
0.05
0.05
0.10
0.00
0.15
0.15
0.00
0.00
0.00
0.14
0.05
0.05
0.13
0.10
0.10
0.13
0.00
0.00
0.15
0.15
0.15
0.00
Custody
265
266

FONCAIXA PATRIM.48 FIM ...................
FONCAIXA PATRIMONIO 16 FIM .........
FONDO ARTAC FIM ..............................
FONDO ARTE Y CULTUR.FIM ...............
FONDO BONOS FIM ............................
FONDO ETICO FIM ...............................
FONDO MUTUALFASA 1 FIM ...............
FONDUERO MIXTO FIM .......................
FONEMPORIUM FIM .............................
FONENGIN FIM .....................................
FONMASTER 1 FIMF ..............................
FONPENEDES EUROEME. FIM ...............
HERRERO BOLSA 25 FIMS .....................
HSBC RENTA MIXTA FIM .......................
IBERCAJA RENTA INTERNACIONAL FIM
FBERCAJA SELECCION RENTA FIMF ......
INDOSUEZ GLOBAL FIM ......................
INDOSUEZ RENDIM., FIM .....................
INVERBONOS FIM .................................
INVERTECNOCREDIT FIMS ....................
JPMF EURIBOR PLUS FIMF ....................
KUTXAMIXTO 2 FIM ..............................
MADRID GESTION ACTIVA 25 FIMF .....
MARCH PREMIER 70/30 FIM .................
MD FOND FIM ......................................
MERCHFONTEMAR FIM ......................
MORGAN STANLEY F.. CONS. FIMF .....
MUTUAFONDO GESTION BONOS FIMF
NUCLEFON FIM ....................................
(Continued)
Volatility
0.88 2.91
0.61 1.75
0.26 1.53
0.26 1.61
0.64 2.58
0.21 1.51
0.20 3.61
11.72 12.99
0.30 2.91
0.31 3.74
0.07 4.22
0.17 4.67
0.27 4.84
0.30 3.33
0.32 2.31
5.98 6.97
0.31 4.43
0.38 3.63
0.38 5.93
0.83 4.81
0.25 2.54
0.62 4.68
0.34 5.24
0.08 4.82
0.07 4.87
0.32 1.37
0.58 3.61
0.43 3.94
0.83 4.31
0.21 5.68
1.05 5.76
0.49 2.81
1.82 1.93
0.48 0.93
Yield
(%)
2.14
1.72
1.56
2.12
2.08
1.60
2.52
0.00
4.39
1.63
2.41
2.41
2.96
1.39
2.71
2.98
0.01
0.74
1.54
0.00
1.09
0.50
2.42
3.87
3.79
0.01
1.55
0.01
1.66
0.59
0.23
0.01
0.00
0.52
Yield
(%)
RFMI 1.13
RFMI 0.09
RFMI
0.11
RFMI 0.07
RFMI 0.76
RFMI 0.18
RFMI 3.59
RFMI 12.50
RFMI 2.85
FGL 4.40
RFMI 1.45
RFMI 1.62
RFMI 3.46
RFMI 4.01
RFMI 4.55
RFMI 1.67
RFMI 3.98
RFMI 3.20
RFMI 10.70
RFMI 5.30
RFMI 4.26
RFMI 7.16
RFMI 2.36
RFM 3.57
RFM 3.40
FGL
0.40
RFMI 2.95
RFMI 4.87
RFMI 4.14
RFMI 4.25
RFMI 7.24
RFMI 4.33
RFMI 1.06
RFMI 0.35
Dura- Fund
tion type
Q1
2.13
1.14
1.08
1.09
1.93
1.11
4.38
0.24
2.58
5.06
3.50
3.67
4.36
3.73
2.76
4.47
4.54
5.00
8.62
5.65
3.12
5.83
4.34
5.13
5.13
1.01
4.97
4.56
3.69
6.45
6.81
4.52
2.04
1.07
Volatility
2.20
1.87
1.82
2.32
2.14
1.83
2.15
0.00
4.66
1.24
1.78
1.80
3.04
2.00
2.64
1.31
0.02
0.78
1.54
0.00
0.37
0.09
1.75
4.74
4.49
0.00
1.39
0.00
1.42
0.90
0.21
0.00
0.01
0.41
Yield
(%)
Volatility
2.35
1.91
2.04
2.50
2.29
1.96
2.15
0.00
4.39
1.06
1.80
1.88
2.23
1.89
2.28
1.27
0.00
0.51
1.11
0.00
0.32
0.12
1.82
0.01
0.01
0.00
1.58
0.00
1.83
0.93
0.21
0.00
0.98
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
RFMI
Dura- Fund
tion type
Q3
RFMI 1.05 1.32

RFMI 1.02 1.54
RFMI 1.28 1.40
RFMI 1.39 1.36
RFMI 1.29 1.26
RFMI 1.37 1.43
RFMI 2.56 6.40
RFMI 14.84 0.18
RFMI 5.01 4.01
RFMI 5.02 9.07
RFMI 3.39 7.22
RFMI 3.84 7.59
RFMI 3.41 7.32
RFMI 2.59 6.15
RFMI 2.03 4.85
RFMI 1.21 6.01
RFMI 3.90 6.51
RFMI 6.09 12.51
RFMI 3.88 12.80
RFMI 6.38 11.02
RFMI 1.58 2.28
RFMI 3.16 4.45
RFMI 5.13 9.15
RFM 4.14 7.09
RFM 4.14 7.09
RFMI 1.10 0.48
RFM 4.57 11.41
RFMI 3.59 7.71
RFMI 2.34 6.41
RFMI 6.44 11.33
RFMI 3.60 8.47
RFMI 5.64 10.08
RFMI 0.03 2.54
RFMI 0.44 1.36
Dura- Fund
tion type
Q2
Volatility
0.45 0.55
0.22 0.61
0.46 0.59
0.69 0.57
0.69 0.52
0.55 0.60
1.77 4.50
27.13 55.76
1.87 3.83
1.65 8.17
1.79 3.92
1.28 6.27
1.68 5.76
0.81 5.31
0.97 2.91
3.65 5.46
0.67 4.46
2.12 7.58
0.92 9.06
2.82 8.37
1.10 1.52
1.36 3.30
1.49 7.57
0.81 4.44
0.79 4.44
0.74 0.17
1.99 9.05
1.28 6.11
0.24 2.58
1.66 8.60
1.61 8.00
0.67 7.22
0.21 2.14
0.89 0.16
Yield
(%)
1.32
0.99
1.00
1.50
1.40
1.11
2.59
0.00
4.22
0.97
0.98
0.95
2.22
1.73
2.27
1.45
0.00
0.46
1.58
0.00
0.48
0.25
0.95
0.01
0.01
0.01
1.49
0.01
2.04
1.16
0.24
0.01
0.00
0.65
Yield
(%)
Volatility
2002
Yield
since
1996
RFMI 0.52 1.94 18.99

RFMI 0.53 1.33
NA
RFMI 1.59 1.21
NA
RFMI 1.89 1.23 23.07
RFMI 0.56 1.75 23.90
RFMI 1.89 1.22 23.02
RFMI 4.59 4.86
NA
RFMI 16.38 28.93
NA
RFMI 9.68 3.41 34.90
RFMI 7.97 6.91
NA
RFMI 3.03 4.96
NA
RFMI 4.36 5.77 11.76
RFMI 5.44 5.71 4.24
RFMI 6.02 4.80 2.27
RFMI 5.28 3.39 4.64
RFMI 6.70 5.83
NA
RFMI 8.06 5.08
NA
RFMI 7.52 7.99 13.94
RFMI 13.70 9.50
NA
RFMI 8.09 7.91
NA
RFMI 4.97 2.47 4.89
RFMI 9.43 4.70
NA
RFMI 6.31 6.88 0.34
RFMI 8.39 5.48 5.35
RFMI 8.19 5.50
NA
RFMI 2.58 0.89
NA
RFMI 6.10 7.94
NA
RFMI 7.51 5.80
NA
RFMI 6.93 4.49
NA
RFMI 9.12 8.35 11.50
RFMI 10.09 7.38 22.79
RFMI 8.68 6.79
NA
RFMI 0.99 2.19
NA
RFMI 1.47 0.99
NA
Dura- Fund
tion type
Q4

% fees
1.85
1.85
1.00
0.75
1.00
0.75
0.30
0.35
0.35
1.75
0.40
2.00
0.61
1.50
0.50
2.25
1.00
1.00
1.70
2.25
2.00
1.10
1.50
1.90
1.70
0.29
2.05
1.75
1.00
1.25
1.50
1.07
1.00
0.90
0.00
0.00
0.00
0.00
0.00
0.00
6.00
5.00
0.00
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
0.00
0.00
0.00
0.00
0.00
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
0.00
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
Min.
4.00
4.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
4.00
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
Min.
Back end
0.12
0.12
0.13
0.13
0.16
0.13
0.10
0.15
0.10
0.10
0.14
0.10
0.08
0.20
0.17
0.00
0.10
0.10
0.20
0.20
0.15
0.10
0.19
0.10
0.10
0.15
0.17
0.00
0.10
0.10
0.16
0.15
0.02
0.10
OPEN FUND FIM ...................................

PERFILADO CONSERVADOR FIMFP ......
PSN PLAN DE AHORRO FIMS ...............
RENTA 30 FIM ........................................
RURAL CESTA CONSERVAD. 20 FIMF ...
RURAL GES. DINAMICA FIMF ...............
RURAL MIXTO INTERNAC. 25 FIM .......
SABADELL MIX 25 FIMP ........................
SAFEI GLOBAL RENTA FIMF ..................
SCH INTERNACIONAL MIXTO RF FIM ..
SEGUNDA GENERACION RENTA FIM ...
SOLIDARIO PROUNICEF FIM ................
TARRAGONAFONS SELEC 25 FIMF .......
VITAL DIVISA FIM ..................................
(Continued)
3.41
NA
0.10
0.02
0.19
0.22
0.04
0.61
0.00
0.25
0.01
0.86
NA
0.78
Yield
(%)
5.60
NA
4.02
1.38
2.37
1.48
3.18
4.62
4.30
3.93
0.99
3.96
2.82
3.36
Volatility
2.27
NA
0.30
1.60
0.01
0.04
1.38
5.37
0.24
2.48
1.41
2.47
0.01
1.20
RFM
RFMI
RFMI
RFM
RFMI
RFMI
RFMI
RFMI
RFM
RFMI
RFMI
RFMI
RFMI
Dura- Fund
tion type
Q1
5.50
NA
3.95
1.11
1.69
0.84
3.20
3.84
5.94
2.51
0.28
5.22
3.69
4.22
Yield
(%)
6.24
NA
4.85
1.54
2.83
1.49
3.92
4.74
3.70
3.70
1.10
4.75
3.16
4.68
Volatility
2.28
NA
0.28
1.38
0.00
0.02
1.32
5.68
0.93
2.88
0.76
2.79
0.01
1.28
RFM
RFMI
RFMI
RFM
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
Dura- Fund
tion type
Q2
4.89
NA
4.28
1.06
2.53
0.15
2.95
3.78
3.75
1.04
0.06
2.30
3.86
4.62
Yield
(%)
9.92
NA
7.88
2.26
6.37
2.15
6.28
6.78
6.39
6.97
1.83
7.42
5.90
8.77
Volatility
1.56
NA
0.32
1.28
0.00
0.65
1.28
4.85
0.43
3.18
0.65
3.00
0.01
1.60
RFM
RFMI
RFMI
RFM
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
Dura- Fund
tion type
Q3
Volatility
4.56 7.46
NA 0.55
3.11 5.23
4.49 26.96
0.76 4.19
0.67 0.86
0.98 4.59
0.40 4.64
0.17 5.01
0.63 5.07
1.49 1.65
2.58 5.95
0.78 3.21
1.40 6.45
Yield
(%)
1.45
0.01
0.04
0.00
0.00
0.50
1.11
5.03
0.48
3.15
0.66
2.95
0.01
1.48
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
Dura- Fund
tion type
Q4
Volatility
9.23 7.55
NA 0.55
5.11 5.73
2.26 13.63
3.63 4.25
0.10 1.57
5.16 4.66
7.28 5.30
9.63 4.99
3.16 5.10
1.17 1.45
5.83 5.71
NA 4.10
8.09 6.19
Yield
(%)
2002
2.70
NA
5.96
NA
NA
NA
1.63
NA
NA
NA
NA
NA
NA
NA
Yield
since
1996
% fees
0.90
0.00
1.50
1.25
0.00
1.50
1.50
0.00
1.50
1.50
0.80
1.75
1.45
2.00
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
Min.
1.00
0.00
0.00
0.00
2.00
0.00
0.75
0.00
0.00
3.00
0.00
1.00
0.00
4.00
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
4.00
Min.
Back end
0.10
0.10
0.15
0.15
0.10
0.10
0.00
0.10
0.15
0.20
0.07
0.08
0.20
0.27
Custody
267
268
ABANTE SELECCION FIMF ....................

AFINA EQUILIBRADO FIMF ..................
ALCALA GLOBAL FIM ...........................
ALLIANZ EMPRENDEDOR G. FIMF .......
ALLIANZ MODERADO GLOBAL FIMF ..
B.I. FONDO INTERNAC. MIXTO FIM ....
BANESTO MULTIFONDOS DEC. FIMF ..
BANESTO RV MIXTA INTERNAC. FIM ...
BANKPYME GESTION C. CLASICA FIMF .
BANKPYME TOP CLASS 75 RV FIM .......
BAV FONDO DE FONDOS FIMF ..........
BBVA BONOS CONVERTIBLES FIM ......
BBVA EXITO FIMF ..................................
BBVA MIXTO 50 FIM .............................
BBVA MULTIFONDO EQUILIB. FIMF ....
BCH MIXTO IBEROAME. FIM ................
BCH MULTIFONDOS DECIDIDO FIMF .
BG FONCARTERA 1 FIMF ......................
BNP GLOBAL 7030 INTERNAC. FIMF ...
BNP P. DYNAMIC ASSET ALLOC. FIMF ...
BNP P. MODERATE ASSET ALLO. FIMF ...
BNP PARIBAS GLOBAL II FIM ...............
BNP PARIBAS INVERSION I FIMF ..........
BSN BANIF INVERSIONES FIM ..............
BSN BANIF MULTIF. PREMIER FIMF ......
BSN BANIF REVALORIZACION FIM ......
CAIXA CATALUNYA S. ACTIVA 50 FIMF
CAIXANOVA UNIVERSAL FIM ...............
CAJA INGENIEROS MUNDIAL 50 FIM ...
CAADA BLANCH FIM .........................
COMPOSITUM GESTION FIM ...............
(Continued)
NA
0.81
1.32
1.82
0.90
0.41
0.62
0.71
2.92
0.11
0.93
0.13
0.94
2.05
1.25
1.09
0.91
0.83
8.21
0.01
1.10
0.69
1.06
0.54
0.45
0.08
0.03
0.54
0.02
NA
1.42
0.72
1.39
0.14
Yield
(%)
3.88
5.30
7.56
9.87
3.81
6.87
10.84
8.05
7.88
10.81
12.30
8.47
11.99
4.99
5.78
9.36
7.09
9.43
14.65
11.28
3.90
11.39
10.20
7.15
4.15
12.11
12.78
8.01
12.91
NA
4.54
6.71
4.48
2.92
Volatility
0.01
0.00
0.00
0.00
3.62
0.02
0.01
0.01
0.01
0.01
2.15
0.00
3.32
1.51
2.64
0.01
3.09
0.00
4.51
0.00
0.01
0.01
0.01
0.00
3.52
0.00
2.19
0.01
1.95
NA
1.55
1.64
1.15
1.08
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVM
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
FGL
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
FGL
RVMI
RVMI
RVMI
Dura- Fund
tion type
Q1
7.13
6.29
9.36
12.37
5.02
8.77
16.01
11.70
6.81
12.00
11.07
12.53
16.97
6.09
6.80
10.86
7.80
14.31
23.80
12.18
10.16
14.42
14.90
11.33
3.83
9.29
15.37
14.78
14.84
NA
10.15
8.70
4.34
6.11
Yield
(%)
5.57
6.01
8.85
11.74
5.03
10.23
13.67
10.23
10.81
11.66
11.64
10.89
14.22
4.59
8.89
10.61
8.64
7.72
17.95
11.61
7.71
10.43
13.07
9.94
4.36
11.31
12.92
7.74
12.77
NA
9.09
7.62
3.98
6.43
Volatility
0.00
0.00
0.00
0.00
2.33
0.00
0.00
0.00
0.00
0.00
2.34
0.00
3.23
1.20
3.19
0.01
2.33
0.01
3.70
0.00
0.01
0.00
0.00
0.00
4.72
0.00
2.35
0.00
2.40
NA
1.18
2.57
0.93
1.92
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVM
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
FGL
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
Dura- Fund
tion type
Q2
8.06
4.88
8.30
11.76
1.42
6.77
13.99
7.15
9.36
12.58
14.04
13.31
18.70
5.90
4.59
10.85
10.85
5.70
15.03
12.60
7.39
13.82
12.36
7.96
1.63
11.98
11.50
7.42
11.40
NA
8.15
7.21
0.57
7.56
Yield
(%)
11.74
9.75
14.52
19.36
4.07
10.81
22.24
15.18
14.07
21.09
24.38
20.01
28.53
8.66
16.46
16.49
16.68
9.06
23.26
21.11
11.67
18.69
20.12
14.37
6.91
15.90
21.25
14.18
20.94
NA
17.71
13.05
1.32
15.26
Volatility
0.00
0.00
0.00
0.00
2.92
0.00
0.00
0.00
0.01
0.00
2.66
0.00
2.78
1.78
3.24
0.00
3.64
0.00
3.62
0.00
0.01
0.00
0.00
0.00
4.73
0.00
2.93
0.00
3.23
NA
1.63
3.02
0.64
1.46
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
Dura- Fund
tion type
Q3
0.84
0.74
0.57
0.33
4.41
0.99
0.52
0.79
3.49
2.53
1.40
6.05
8.66
2.17
0.06
4.61
2.52
1.77
9.73
2.99
0.59
0.16
1.50
1.76
1.00
1.32
0.06
3.84
0.14
NA
1.66
1.02
0.61
2.76
Yield
(%)
9.55
7.60
11.57
15.58
7.42
7.99
15.20
10.06
9.41
15.00
17.54
16.07
24.22
7.89
7.67
12.29
11.45
6.25
17.28
15.64
8.05
13.72
15.72
11.06
5.14
11.96
15.73
10.98
15.77
0.20
13.97
10.96
0.70
8.07
Volatility
0.01
0.00
0.00
0.00
1.50
0.00
0.01
0.01
0.01
0.02
2.38
0.00
2.96
0.01
3.23
0.00
3.16
0.00
3.92
0.00
0.01
0.01
0.00
0.00
3.35
0.00
3.16
0.00
3.19
0.01
1.85
2.76
0.30
1.48
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
RVMI
Dura- Fund
tion type
Q4
FIM FOREIGN MIXED EQUITY (RVMI)
NA
9.48
15.31
21.01
9.69
14.46
28.59
19.23
10.02
21.04
21.77
19.69
25.96
15.31
10.02
17.77
16.50
19.97
23.12
20.95
15.39
25.62
25.77
19.39
6.76
19.04
25.13
23.72
24.67
NA
17.30
15.04
5.63
10.70
Yield
(%)
9.05
7.41
11.03
14.70
5.31
9.17
16.16
11.26
10.87
15.29
17.35
14.71
21.11
6.79
10.56
12.58
11.64
8.31
18.86
15.54
8.39
14.05
15.33
11.01
5.27
13.02
16.14
10.65
16.04
0.20
12.45
9.98
3.10
9.40
Volatility
2002
NA
NA
NA
NA
NA
5.67
NA
NA
12.45
NA
5.03
NA
0.59
14.66
3.05
NA
5.26
14.62
NA
NA
NA
7.25
NA
NA
0.86
NA
25.40
NA
16.24
NA
11.45
5.56
NA
NA
Yield
since
1996
% fees
1.25
1.15
1.20
1.30
1.25
1.25
2.25
2.00
1.00
1.50
2.25
0.00
1.35
1.35
2.00
1.75
2.20
1.20
2.10
1.50
1.50
1.75
0.00
0.00
1.25
0.00
1.55
1.65
0.85
1.45
1.50
2.25
1.40
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
9.00
9.00
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
0.25
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
0.25
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
Min.
0.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
1.50
0.00
2.00
2.00
2.00
2.00
3.00
3.00
1.00
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
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
0.50
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
Min.
Back end
0.10
0.11
0.11
0.11
0.09
0.10
0.14
0.14
0.00
0.10
0.20
0.20
0.20
0.10
0.20
0.10
0.20
0.05
0.40
0.10
0.10
0.20
0.00
0.00
0.00
0.00
0.20
0.10
0.05
0.05
0.08
0.20
0.12
0.10
Custody
DALMATIAN FIM ...................................

DIRECTIVOS PLUS FIM .........................
DWS SELECTED FUNDS 50 FIMF ..........
ESPIRITO SANTO RENTA VALOR FIM ...
FINVERBOLSA INTERNACIONAL FIM ...
FONBUSA FONDOS FIMF .....................
FONCAIXA 17 MIXTO 50 RV E. 1 FIM ..
FONCAIXA 18 MIXTO 50 RV E. 2 FIM ..
FONCAIXA 56 PATRIMONIO 50 RV FIM
FONCAIXA 89 CESTA MIXTA 50RV FIMF
FONCAIXA 90 CESTA MIXTA 75RV FIMF
FONCAIXA COOPERAC. FIM ................
FONDESPAA GESTION INTERN. FIM .
FONDO GLOBAL 398 FIM ..................
FONDOESTE FIM ..................................
FONDONORTE DIVISAS FIM ................
FONDUERO DIVISAS FIM .....................
FONDUERO EMERGENTES FIMF ..........
FONDUERO PLUS FIM ..........................
FONINDEX INTERN. FIM ......................
GENERAL COMMERCE FIM ...................
HIGH RATE FIMF ...................................
HSBC EUROINVERSION FIM ................
HSBC EUROWEALTH FIM .....................
IBER FONDO 2020 INT.FIM ..................
IBERAGENTES POPULAR PRIVAT. FIM ..
IBERCAJA EUROPA FIM .........................
IBERCAJA SELECCION CAPITAL FIMF ....
INDOSUEZ UNIVERSAL FIM .................
(Continued)
1.92
1.07
0.95
3.00
0.28
0.22
0.77
1.03
1.64
0.59
0.47
0.44
0.54
0.33
0.57
0.94
0.78
1.41
0.32
0.56
0.01
0.44
5.88
0.34
1.46
0.41
0.56
1.08
0.35
0.78
0.61
0.08
0.79
2.33
Yield
(%)
5.77
13.69
5.61
12.12
5.86
9.19
14.48
7.76
10.98
5.90
6.31
6.32
5.80
5.31
9.07
10.96
7.21
10.31
5.75
9.12
10.27
8.95
7.23
13.75
6.45
8.43
6.53
4.66
3.33
11.17
12.27
6.91
11.14
12.65
Volatility
0.55
1.74
0.01
3.59
0.01
0.00
0.01
3.88
3.48
0.94
1.52
1.20
1.59
0.00
0.00
1.73
2.08
6.12
0.16
1.96
1.99
2.36
4.15
2.24
0.65
3.27
2.84
0.01
0.01
1.90
7.55
0.64
0.00
0.51
RFMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVM
RVIO
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
Dura- Fund
tion type
Q1
2.07
14.10
8.95
15.60
8.28
12.44
11.67
10.84
15.37
10.03
4.87
4.88
3.83
4.03
8.61
8.54
2.37
14.31
6.22
10.21
14.19
5.00
1.11
8.04
10.40
6.61
7.31
3.68
4.84
10.86
15.13
7.24
13.39
17.60
Yield
(%)
6.47
13.36
6.06
12.47
6.83
10.77
15.53
10.46
14.74
5.63
6.27
6.27
6.32
5.27
9.64
10.66
6.07
11.39
6.47
10.44
11.34
7.50
5.08
11.42
6.66
9.73
6.71
4.90
4.64
11.63
11.85
8.82
13.83
15.16
Volatility
0.39
1.59
0.00
0.01
0.00
0.00
0.03
3.83
3.44
1.28
0.98
1.05
1.20
0.00
0.00
0.66
1.09
5.92
0.39
1.75
1.93
1.57
0.00
1.09
0.52
3.19
1.92
0.00
0.00
2.01
4.47
0.61
0.00
0.50
RFMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVM
RVIO
RVMI
RVMI
RVMI
RVM
RVMI
RVMI
RVMI
Dura- Fund
tion type
Q2
4.46
13.88
7.17
12.55
8.76
14.56
17.90
8.08
13.14
7.27
3.21
3.26
4.36
1.83
8.08
11.07
3.03
8.74
6.39
12.27
9.78
10.08
0.38
15.61
7.80
11.11
7.64
0.24
7.42
13.98
13.20
9.39
14.68
12.49
Yield
(%)
6.11
23.67
11.51
24.31
12.35
20.46
29.83
15.86
24.16
10.38
7.52
7.50
7.63
5.36
13.88
15.08
6.87
18.00
12.53
18.58
19.51
15.96
3.75
23.38
12.27
16.31
13.80
0.38
12.54
24.46
22.47
16.46
25.31
20.60
Volatility
0.33
1.13
0.00
0.01
0.00
0.00
0.02
3.87
3.38
1.30
1.64
1.67
1.21
0.00
0.00
1.10
1.69
6.35
0.63
1.87
1.82
1.64
0.00
1.18
0.54
3.37
2.10
0.00
0.00
2.27
0.00
0.69
0.00
0.36
Yield
(%)
Volatility
0.34
3.28
0.01
0.01
0.01
0.01
0.02
3.99
3.68
0.99
1.42
1.43
1.44
0.00
0.00
0.68
1.20
6.17
0.51
1.57
1.83
0.95
0.01
0.88
0.55
2.94
2.17
0.00
0.01
2.24
0.00
1.15
0.00
0.34
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
RVMI
Dura- Fund
tion type
Q4
RFMI
1.25 5.35
RVMI
0.63 14.60
RVMI 0.43 8.69
RVMI 2.75 16.90
RVMI
1.72 8.47
RVMI
3.45 13.79
RVMI
4.16 23.11
RVMI
2.87 11.47
RVMI
3.53 17.44
RVMI 0.34 7.71
RVMI 0.40 8.21
RVMI 0.41 8.26
RVMI 0.07 9.32
RVMI
0.09 6.27
RVMI
0.93 13.21
RVMI
0.35 14.29
RVMI
0.31 6.72
RVMI
0.47 12.16
RVMI
1.59 7.56
RVMI
2.41 13.47
RVMI
0.24 12.98
RVMI
1.78 12.98
RVMI 1.55 1.88
RVMI
2.47 19.78
RVMI 0.80 10.19
RVMI
2.27 14.48
RVMI
2.43 8.98
RVMI 31.05 19.45
RVMI
3.32 7.58
RVMI
1.99 17.63
RVM
0.88 19.03
RVMI
2.95 13.07
RVMI
6.02 21.16
RVMI
2.58 13.38
Dura- Fund
tion type
Q3
3.45
26.36
15.04
30.38
14.64
22.45
25.04
16.56
25.14
16.36
8.72
8.76
8.58
6.00
14.73
19.15
5.78
22.54
11.11
19.78
22.40
13.44
3.48
20.75
19.25
14.75
11.81
34.46
8.66
22.40
26.14
13.41
21.03
27.75
Yield
(%)
5.96
16.97
8.38
17.25
8.81
14.36
21.78
11.84
17.63
7.72
7.14
7.15
7.41
5.58
11.70
12.96
6.73
13.39
8.55
13.50
14.09
11.89
4.53
17.83
9.29
12.74
9.54
10.82
7.94
17.20
17.13
11.99
18.88
15.88
Volatility
2002
NA
NA
NA
26.17
NA
NA
NA
NA
NA
NA
8.61
3.30
NA
NA
NA
NA
10.66
NA
NA
17.41
NA
NA
NA
NA
26.31
21.55
2.58
NA
NA
9.94
NA
NA
NA
19.30
Yield
since
1996
% fees
1.00
1.80
1.60
1.60
2.00
2.25
2.25
1.75
1.75
1.25
1.75
1.75
1.25
1.50
1.50
2.10
1.85
1.60
0.75
0.50
2.00
2.00
1.60
2.00
2.00
2.25
0.40
1.50
1.50
1.20
2.25
1.50
2.25
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
4.00
4.00
0.00
4.00
4.00
4.00
4.00
0.00
0.00
0.00
0.00
2.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
3.00
2.50
2.00
2.00
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
4.00
4.00
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
Min.
Back end
0.10
0.15
0.10
0.15
0.00
0.00
0.20
0.15
0.15
0.12
0.00
0.00
0.09
0.15
0.15
0.15
0.08
0.15
0.10
0.10
0.08
0.09
0.10
0.02
0.14
0.10
0.05
0.20
0.20
0.15
0.10
0.20
0.20
0.05
Custody
269
INGENIEROS UNIVERS. FIM .................

KUTXASELECT1 FIMF ............................
KUTXASELECT2 FIMF ............................
MADRID GESTION ACTIVA 50 FIMF ....
MADRID GESTION ACTIVA 75 FIMF ....
MB DIVISAS 1 FIM ................................
MB FONDO 2 FIM ................................
MB FONDO 22 FIM ..............................
MB FONDO 33 FIM ..............................
MB FONDO 4 FIM ................................
MB FONDO 44 FIM ..............................
MB FONDO 5 FIM ................................
MB FONDO 55 FIM ..............................
MENCEY PREMIER I FIMF ......................
MERCHUNIVERSAL FIM ......................
MORGAN STANLEY EURO V. FIM ........
MORGAN STANLEY F. MOD. FIMF .......
MUTUAFONDO GEST. MIXTO FIMF ....
PLUSMADRID GLOBAL FIM .................
PLUSMADRID INTERNAC. 50 FIM ........
PRIVANZA DIVISA FIM ..........................
RENTA 4 INTERNAC. FIM ......................
RURAL CESTA MODERADA 60 FIMF ....
RURAL CESTA PRUDENTE 40 FIMF .......
RURAL MULTIFONDO 75 FIMF ............
RURAL MX INTERN. 50 FIM ..................
SAFEI GLOBAL PATRIMONIO FIMF ......
SANTANDER MULT. DECIDIDO FIMF ...
SCH INTER. MIXTO ACCIONES FIM .....
SCH REVALORIZACION PLUS FIM .......
TARFONDO FIM ....................................
TARRAGONAFONS GLOBAL FIM .........
TARRAGONAFONS SELEC 50 FIMF ......
TEBAS INVESTMENT FIM ......................
URQUIJO LATINOAMERICA FIM ..........
ZARAGOZANO BOLSA M. GLOBAL FIM .
(Continued)
270
0.97
0.22
0.37
0.67
0.20
0.14
0.15
0.04
0.30
0.25
0.42
0.18
0.20
0.11
4.46
1.45
1.41
3.19
1.16
2.02
4.02
1.29
0.93
1.94
0.10
0.18
0.65
0.03
0.36
0.02
1.13
0.49
NA
0.67
4.29
1.00
Yield
(%)
9.84
4.40
7.71
8.16
12.30
13.21
4.99
7.24
6.58
5.28
5.53
6.19
5.34
4.36
16.91
9.74
5.99
3.15
13.01
10.82
10.85
2.22
8.43
5.09
7.74
9.03
7.56
11.27
10.80
12.70
14.11
9.17
NA
6.05
11.25
8.64
Volatility
2.72
0.00
0.00
0.01
0.01
1.71
2.30
2.39
2.44
2.38
2.25
2.22
2.23
0.00
0.46
2.88
0.01
0.00
0.01
4.42
4.18
0.15
0.01
0.01
1.26
3.18
3.42
0.01
1.15
2.35
0.01
4.03
NA
0.86
0.09
2.30
Yield
(%)
13.09
6.65
11.52
9.85
14.37
13.54
6.28
9.42
9.22
7.20
7.14
8.56
7.26
4.41
20.98
11.75
9.44
2.76
18.27
11.60
9.59
2.48
9.32
5.04
10.97
11.57
11.36
12.05
14.77
14.54
10.54
9.40
NA
RVMI 7.09
RVMI 16.25
RVMI 13.30
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVM
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVM
RVMI
RVMI
RVMI
Dura- Fund
tion type
Q1
11.75
7.16
10.98
9.25
13.99
14.24
5.98
9.04
8.64
6.58
6.70
7.97
6.53
4.31
21.59
11.43
9.49
4.01
15.37
10.47
9.87
4.91
10.56
5.97
6.79
11.60
7.22
11.53
12.81
12.64
13.72
8.18
5.04
8.48
14.72
15.60
Volatility
2.75
0.00
0.00
0.00
0.00
0.95
1.98
2.26
2.23
2.17
2.65
2.11
2.16
0.00
0.48
3.42
0.00
0.01
0.00
5.08
4.09
0.17
0.00
0.00
1.09
3.49
2.64
0.00
1.38
2.95
0.00
3.72
0.01
0.85
0.03
2.54
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
RVM
RVMI
RVM
RVMI
RVMI
RVMI
RVMI
RVMI
Dura- Fund
tion type
Q2
11.81
9.42
13.40
8.82
14.16
6.48
4.17
6.02
6.13
5.10
5.91
5.21
3.83
1.58
9.49
12.86
13.16
1.67
13.03
7.51
7.74
3.98
11.76
6.91
9.51
11.94
7.41
12.84
11.87
10.95
9.13
7.10
6.70
7.58
8.27
9.09
Yield
(%)
20.13
17.33
24.52
16.06
24.54
14.91
8.45
12.92
13.16
9.89
10.71
11.31
7.25
2.79
28.52
21.56
22.04
3.67
26.73
15.80
17.73
9.04
19.48
12.48
11.74
20.32
12.81
21.26
21.30
21.32
15.62
13.70
9.17
11.22
16.83
18.50
Volatility
3.12
0.00
0.00
0.00
0.00
0.80
1.46
1.45
1.36
1.29
1.13
1.23
1.37
0.00
0.50
3.67
0.00
0.00
4.54
3.53
0.14
0.00
0.00
1.34
3.37
2.14
0.00
1.61
3.73
0.00
3.80
0.01
0.93
0.00
2.27
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
RVM
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
Dura- Fund
tion type
Q3
1.66
3.60
1.75
1.38
1.34
4.12
3.21
4.06
3.88
3.58
3.52
3.55
2.66
0.93
4.97
2.40
0.92
0.29
2.95
1.57
0.84
1.89
2.71
2.94
0.71
1.17
0.51
2.36
0.47
1.14
7.19
0.43
0.51
1.19
5.87
1.25
Yield
(%)
16.56
12.88
18.55
12.43
18.73
10.17
5.90
9.47
9.75
7.67
7.89
7.50
5.02
2.64
22.19
16.67
15.91
3.44
19.32
13.23
14.20
4.58
13.04
9.25
10.37
14.07
9.90
15.57
16.27
16.25
20.65
9.19
5.37
6.54
13.23
14.13
Volatility
2.95
0.00
0.00
0.01
0.01
0.69
1.22
0.88
1.00
1.18
1.26
1.04
1.02
0.00
0.61
3.66
0.01
0.00
0.01
0.01
3.46
0.15
0.00
0.00
1.59
3.36
2.23
0.01
2.41
4.32
0.01
3.24
0.01
0.93
0.01
1.80
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
RVMI
RVMI
RVMI
Dura- Fund
tion type
Q4
22.83
12.21
21.75
17.22
25.36
15.93
7.16
11.38
11.74
8.54
9.17
10.08
8.26
4.94
28.28
22.40
19.51
1.05
27.68
21.16
19.27
3.36
17.05
7.23
19.92
21.37
18.88
21.51
24.27
23.01
11.88
15.88
NA
13.69
15.18
19.40
Yield
(%)
15.22
11.67
16.89
11.95
18.14
13.34
6.51
9.96
9.90
7.61
8.01
8.53
6.16
3.64
22.81
15.66
14.82
3.61
19.46
12.81
13.57
5.78
13.63
8.77
9.45
14.47
9.70
15.55
15.91
16.22
16.35
10.34
6.86
8.37
14.31
14.75
Volatility
2002
10.55
NA
NA
NA
NA
13.19
3.78
11.44
5.71
0.85
3.55
5.94
NA
NA
22.93
NA
NA
NA
18.18
12.25
0.72
5.91
NA
NA
NA
NA
NA
NA
NA
NA
12.11
NA
NA
NA
NA
13.72
Yield
since
1996
% fees
2.25
2.25
2.25
1.75
1.75
0.90
0.70
1.00
1.00
1.00
0.80
1.00
1.20
1.60
1.50
1.50
1.12
1.25
2.25
2.25
2.00
1.85
0.00
0.00
2.25
2.25
1.75
1.50
2.00
1.15
0.70
2.00
1.45
0.95
1.00
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
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
Min.
0.00
2.00
2.00
4.00
4.00
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
1.00
0.00
1.00
0.00
2.00
2.00
3.00
3.00
0.00
3.00
3.00
0.00
0.00
2.00
0.00
0.00
0.50
2.00
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
2.00
0.00
0.00
0.50
0.00
Min.
Back end
0.15
0.20
0.20
0.00
0.00
0.10
0.01
0.10
0.10
0.10
0.10
0.10
0.10
0.20
0.14
0.15
0.15
0.02
0.09
0.04
0.20
0.16
0.20
0.15
0.00
0.00
0.15
0.10
0.20
0.10
0.10
0.20
0.20
0.10
0.10
0.15
Custody
ABF EUROBOLSA FIMF .........................

AC EURO STOXX 50 INDICE FIM .........
AC EUROACCIONES FIM ......................
ACTIBOLSA FIM ....................................
ACTIVOS EN RENTA BOLSA EURO FIM ..
ARCALIA BOLSA FIM .............................
ARCALIA SELECCION FIM .....................
ASTURFONDO BOLSA FIM ...................
ATLANTICO BOLSA PREMIER FIM ........
ATLANTICO EUROACC. FIM .................
BANCAJA CONSTRUCCION FIM ..........
BANCAJA ENERGIA Y COMUNIC. FIM .
BANCAJA EUROPA FINANCIERO FIM ...
BANCAJA RENTA VAR. EURO FIM ........
BANESTO BOLSAS EUROPEAS FIM ......
BANIF RV EURO FIM .............................
BANKPYME EUROPA CREC. FIM ...........
BANKPYME EUROVALOR FIM ..............
BANKPYME IBERBOLSA FIM .................
BARCLAYS BOLSA EURO FIM ...............
BBK BOLSA EURO FIM ..........................
BBVA INDICE EUROPA PLUS FIM .........
BBVA MIX 80 FIM ..................................
BESTINVER EUROPA FIM ......................
BETA CRECIMIENTO FIM .......................
BETA EURO ACCIONES FIM ..................
BG EUROMARKET BOLSA FIM .............
BI EURO ACCIONES FIM .......................
BK BOLSA EURIBEX FIM ........................
BK BOLSA EUROPA FIM ........................
BK INDICE EUROPEO 50 FIM ...............
BK RV EUROPEA FIM ............................
BNP BOLSA EUROPEA FIM ...................
BNP PARIBAS EUROPA CREC. FIMF ......
(Continued)
0.62
NA
1.14
2.84
1.19
4.80
0.61
0.76
0.26
1.06
6.87
6.66
0.14
2.51
1.60
1.69
3.35
0.58
4.02
1.42
1.67
0.81
0.05
0.90
2.29
0.18
1.28
1.65
0.53
0.86
0.76
0.92
1.89
1.26
Yield
(%)
19.25
NA
22.05
5.31
19.49
14.00
16.58
17.55
19.37
19.35
11.34
14.03
15.44
19.92
21.30
21.67
13.79
20.22
14.22
20.10
20.55
19.89
11.66
19.51
10.92
14.12
18.21
18.81
19.33
17.64
20.62
17.26
14.90
11.27
Volatility
0.00
NA
0.01
0.01
0.00
0.01
0.01
0.01
0.00
0.01
0.22
0.17
0.00
0.01
0.01
0.01
0.00
0.00
0.00
0.01
0.11
0.01
1.88
0.01
0.57
0.01
0.01
0.01
0.05
0.21
0.01
0.09
0.01
0.01
Yield
(%)
RVE 16.63
NA
RVE 23.79
RVM 4.22
RVE 18.16
RVE 9.90
RVE 9.27
RVE 15.27
RVE 18.03
RVE 16.35
RVIO 2.53
RVIO 16.95
RVIO 11.86
RVE 15.20
RVE 16.36
RVE 16.37
RVE 17.27
RVE 24.28
RVE 10.71
RVE 16.06
RVE 14.41
RVE 15.89
RVE 9.78
RVE 16.33
RVE 13.23
RVE 13.82
RVE 17.50
RVE 16.53
RVE 14.78
RVE 13.92
RVE 16.66
RVE 14.09
RVE 12.73
RVE 15.54
Dura- Fund
tion type
Q1
25.17
NA
28.74
5.52
26.03
16.54
11.96
21.25
25.36
24.47
12.61
18.34
17.24
22.87
25.75
26.13
14.56
27.30
16.76
26.65
27.10
25.78
14.23
23.95
11.91
18.62
24.35
24.66
20.03
20.19
26.30
20.81
19.54
13.30
Volatility
0.00
NA
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.00
0.00
0.03
0.00
0.00
0.00
0.00
0.00
0.01
0.12
0.01
1.24
0.00
0.00
0.00
0.01
0.00
0.21
0.00
0.00
0.18
0.00
0.00
Yield
(%)
RVE 25.21
NA
RVE 29.77
RVM 13.41
RVE 28.87
RVE 20.65
RVE 15.56
RVE 23.50
RVE 25.83
RVE 25.67
RVIO 17.44
RVIO 16.22
RVIO 29.08
RVE 27.08
RVE 27.22
RVE 27.01
RVE 28.23
RVE 33.10
RVE 23.45
RVE 29.64
RVE 28.59
RVE 29.30
RVE 17.10
RVE 27.20
RVE 14.42
RVE 23.61
RVE 23.15
RVE 28.84
RVE 19.57
RVE 22.90
RVE 28.74
RVE 23.43
RVE 22.03
RVE 21.26
Dura- Fund
tion type
Q2
45.00
0.27
53.34
25.93
51.75
30.48
29.79
41.19
48.24
46.36
20.72
32.58
41.62
46.69
50.75
51.25
26.57
51.12
33.94
51.77
50.74
52.85
29.67
49.01
20.05
39.48
42.58
51.51
38.30
38.24
51.22
38.17
40.88
26.48
Volatility
0.00
0.01
0.01
0.01
0.00
0.00
0.01
0.00
0.00
0.00
0.10
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.01
0.06
0.00
2.26
0.00
0.00
0.00
0.01
0.01
0.09
0.00
0.00
0.08
0.00
0.00
RVE
RVE
RVE
RVN
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
Dura- Fund
tion type
Q3
1.11
3.40
8.29
3.96
8.04
10.35
12.46
7.85
9.00
5.67
4.61
8.37
10.44
7.22
4.95
4.99
10.63
19.89
14.15
7.50
6.62
8.91
3.19
8.01
0.83
1.79
7.12
7.46
7.94
4.28
8.37
4.33
2.10
2.54
Yield
(%)
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.01
0.01
0.01
0.14
0.01
0.01
0.04
0.01
0.00
0.02
0.00
0.00
0.01
0.09
0.01
2.44
0.01
0.01
0.01
0.00
0.01
0.27
0.00
0.00
0.35
0.01
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
Dura- Fund
tion type
Q4
30.47
12.03
38.36
18.24
38.68
22.44
25.05
30.23
34.73
31.06
14.77
25.74
36.64
34.52
34.57
34.45
24.40
43.17
24.80
40.82
42.23
38.91
21.32
35.62
15.52
29.18
32.17
37.84
28.06
32.13
35.42
33.04
28.33
20.84
Volatility
FIM EURO EQUITY (RVE)
37.34
NA
42.70
16.23
37.86
17.32
13.32
30.63
33.90
34.99
10.03
29.62
30.86
35.36
37.15
36.99
32.12
39.62
18.83
37.42
35.92
35.76
22.87
34.80
26.84
33.11
32.96
37.22
26.41
31.39
36.13
32.00
31.84
30.95
Yield
(%)
31.63
11.37
37.78
16.42
36.42
22.02
22.14
29.23
33.96
32.17
15.46
23.92
30.33
32.97
35.16
35.44
21.00
37.91
23.98
37.20
37.36
36.89
20.58
34.24
15.13
27.37
30.91
35.77
27.68
28.52
35.58
28.81
27.90
19.17
Volatility
2002
NA
NA
NA
16.41
NA
2.10
NA
20.06
NA
NA
2.55
22.06
NA
NA
32.24
32.38
NA
NA
15.93
NA
NA
26.70
NA
NA
28.41
NA
NA
32.94
9.26
17.91
NA
NA
NA
NA
Yield
since
1996
% fees
1.25
1.00
2.00
1.35
1.50
2.15
0.75
2.10
1.10
2.25
1.50
1.50
2.23
2.00
2.25
1.60
1.35
1.35
1.35
1.80
1.65
0.80
2.25
1.00
2.25
2.25
2.25
2.00
0.85
1.75
0.60
2.00
1.85
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
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
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
0.25
0.25
0.25
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
0.25
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
Min.
0.00
0.00
1.00
1.00
0.00
0.00
0.00
2.00
2.00
2.00
1.50
1.50
1.50
1.50
3.00
1.00
1.50
1.50
1.00
2.00
0.00
2.00
2.00
0.00
0.00
0.00
1.00
1.00
5.00
1.00
0.00
0.00
0.00
0.00
Max.
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
0.50
0.50
0.25
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
Min.
Back end
0.10
0.09
0.09
0.12
0.07
0.00
0.00
0.15
0.20
0.20
0.20
0.20
0.20
0.20
0.10
0.20
0.20
0.20
0.20
0.15
0.10
0.20
0.20
0.13
0.12
0.12
0.20
0.00
0.15
0.15
0.09
0.05
0.20
0.00
Custody
271
272
BNP PARIBAS UTILITIES FIM .................

BOLSACASER FIM .................................
BSN BANIF RV EUROPEA FIM ...............
CAHISPA SMALL CAPS FIM ...................
CAI BOLSA 10 FIM ................................
CAIXA CATALUNYA B. EUROPEA FIM ..
CAIXA GALICIA EUROBOLSA FIM ........
CAJA LABORAL B. EUROPEAS FIMF .....
CAJASUR BOLSA EURO FIM .................
CAM BOLSA EUROPA FIM ....................
CAM EUROPA PYMES FIMF ..................
CAN EURONAVARRA FIM .....................
CANTABRIA BOLSA EURO FIM .............
CONSTEL. MAS. IND. RV EUROPA FIMP
CONSTEL. MAS. IND. RV PORT. FIMP ..
CORTAL CAPITAL DINAMICO FIMF ......
CRV EUROINDICE BOLSA FIM ..............
EJECUTIVOS EUROFOND FIM ..............
EUROAGENTES PLUS FIM .....................
EUROCEM BORSA FIM ..........................
EUROINDICE 50 FIM .............................
EUROSANFERNANDO RV FIM .............
EUROV. BOL. EUROPEA FIM ................
EUROVALOR BOLSA IBERICA FIM ........
F.FINECO EURO ELITE FIM ....................
FIBANCEUROPA RV FIM .....................
FON FINECO VALOR FIM .....................
FONBILBAO EUROBOLSA FIM .............
FONCAIXA 64 PT EURO FIM ................
FONCAIXA BOLSA 5 FIM ......................
FONDESPAA EUROBOLSA FIM ..........
FONDESPAA VALORES FIM ................
FONDO VALENCIA EUROPA FIM .........
(Continued)
2.50
0.65
0.45
5.91
1.34
0.10
1.01
3.25
1.10
1.93
2.53
0.13
0.28
15.66
16.31
0.43
1.17
0.91
6.40
1.04
0.30
0.81
0.05
NA
1.39
0.87
5.43
0.95
0.63
0.86
0.10
2.11
2.95
2.44
Yield
(%)
8.77
20.91
17.52
9.64
22.01
18.88
19.80
7.99
18.23
21.90
5.39
15.01
18.01
19.46
1.80
9.40
18.81
13.25
11.24
15.13
0.23
21.60
18.80
NA
20.47
19.28
15.87
18.73
19.08
19.00
17.75
19.84
17.57
19.85
Volatility
0.01
0.01
0.02
0.00
0.01
0.01
0.91
0.00
0.66
0.22
0.17
0.01
0.00
0.00
0.00
0.00
0.07
0.01
0.00
0.01
0.11
0.00
0.01
NA
0.27
0.00
0.01
0.01
0.00
0.00
0.01
0.01
0.00
0.01
RVE
RVE
RVE
RVIE
RVE
RVE
RVE
RVE
RVE
RVE
RVN
RVE
RVIE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVN
RVIE
RFM
RVE
RVE
Dura- Fund
tion type
Q1
4.58
23.11
15.73
15.21
24.00
19.45
21.35
12.43
16.03
15.93
9.21
15.76
17.52
19.61
21.64
14.39
15.32
16.76
7.15
15.27
0.45
23.55
16.19
NA
15.78
18.15
13.27
15.75
15.42
15.93
13.31
15.46
13.45
15.08
Yield
(%)
12.10
28.32
21.29
11.30
28.71
25.74
25.56
10.08
23.79
28.64
4.91
20.45
22.98
2.54
2.79
8.60
25.36
15.62
13.34
19.82
0.06
28.64
23.91
NA
26.77
26.47
18.28
24.37
24.98
24.72
21.49
26.60
19.94
22.89
Volatility
0.00
0.01
0.00
0.00
0.01
0.00
0.71
0.00
0.34
0.28
0.02
0.00
0.00
0.00
0.00
0.00
0.08
0.01
0.00
0.01
0.09
0.00
0.00
NA
0.29
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
RVE
RVE
RVE
RVIE
RVE
RVE
RVE
RVE
RVE
RVE
RVN
RVE
RVIE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVM
RVE
RVE
RVE
RVIE
RFM
RVE
RVE
Dura- Fund
tion type
Q2
15.96
28.51
23.54
24.53
29.89
32.37
26.91
18.96
26.54
29.47
11.39
25.74
27.97
27.15
30.71
12.40
28.32
16.60
16.37
22.88
0.43
29.35
25.99
NA
29.49
30.83
25.95
27.76
28.55
28.89
25.98
29.80
25.63
27.87
Yield
(%)
24.48
52.31
45.41
16.80
53.31
52.25
47.72
23.92
47.47
52.57
8.84
45.01
43.01
2.87
3.28
17.70
50.52
27.82
21.73
41.35
1.49
53.09
46.50
0.31
52.52
51.09
36.37
49.37
50.30
50.70
45.34
53.97
37.77
47.41
Volatility
0.00
0.01
0.00
0.00
0.01
0.00
1.07
0.00
0.42
0.11
0.02
0.00
0.00
0.00
0.00
0.00
0.06
0.01
0.00
0.00
0.05
0.00
0.00
0.00
0.27
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
Yield
(%)
Volatility
0.00
0.00
0.01
0.00
0.01
0.01
1.19
0.00
0.45
0.10
0.02
0.01
0.00
0.00
0.00
0.01
0.06
0.00
0.01
0.00
0.06
0.00
0.00
0.01
0.15
0.00
0.00
0.01
0.00
0.00
0.00
0.02
0.00
0.04
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
Dura- Fund
tion type
Q4
RVN
2.13 17.31
RVE
7.98 38.06
RVIE
3.92 29.54
RVE
5.27 17.58
RVE
8.09 38.36
RVE 13.18 45.11
RVE
7.38 34.45
RVE
0.74 16.30
RVE
6.96 33.96
RVE
7.01 42.56
RVE
0.86 5.85
RVE
4.26 31.60
RVE
7.14 32.64
RVE 56.09 8.86
RVE 66.51 13.45
RVE
0.09 13.06
RVE
7.54 35.11
RVE
1.34 18.98
RVE
8.96 15.47
RVE
2.51 26.44
RVE
0.65 1.26
RVE
7.98 38.15
RVE
8.69 33.65
RVE 0.81 0.13
RVE
6.78 43.63
RVE
4.67 37.24
RVE
9.44 32.00
RVIE
7.26 36.23
RVE
7.79 37.96
RVE
7.45 37.62
RVE
4.31 33.70
RVE
7.77 37.88
RVE
5.74 29.61
RVE
7.68 34.59
Dura- Fund
tion type
Q3
16.06
41.03
32.74
28.66
43.17
38.41
38.90
26.18
34.74
37.77
16.80
34.70
36.16
78.31
84.78
25.26
35.48
30.30
9.98
32.31
1.85
42.15
32.62
NA
37.46
41.25
25.89
35.35
35.28
36.32
33.00
37.39
33.95
35.66
Yield
(%)
16.88
37.09
30.58
14.59
37.76
38.36
33.82
16.02
33.03
38.56
6.58
30.50
30.94
12.08
10.42
12.82
34.81
19.84
16.12
27.71
0.99
37.55
32.71
0.16
38.32
35.85
27.35
34.49
35.46
35.45
31.71
37.15
27.62
33.25
Volatility
2002
NA
22.07
NA
NA
33.94
NA
NA
NA
NA
42.38
NA
NA
NA
NA
NA
NA
NA
NA
NA
15.44
NA
NA
NA
NA
NA
31.08
NA
NA
NA
8.66
NA
NA
NA
NA
Yield
since
1996
% fees
1.50
0.70
0.80
2.25
2.00
1.35
2.00
2.25
2.25
1.75
1.75
2.25
2.00
0.15
0.15
1.75
2.10
2.00
0.50
2.15
1.25
2.00
2.25
2.25
1.75
2.25
1.75
1.75
0.75
2.25
1.35
1.45
1.60
2.00
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
7.50
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
1.00
1.00
1.00
2.00
2.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
4.00
4.00
0.00
0.00
1.50
Max.
0.00
0.00
1.00
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
4.00
4.00
4.00
0.00
0.00
0.00
Min.
Back end
0.00
0.05
0.05
0.10
0.20
0.15
0.14
0.05
0.20
0.12
0.08
0.15
0.20
0.05
0.05
0.10
0.20
0.15
0.15
0.10
0.10
0.20
0.00
0.00
0.15
0.10
0.15
0.15
0.15
0.00
0.15
0.15
0.15
0.11
Custody
FONDO VALENCIA RENTA FIM ............

FONDONORTE EUROBOLSA FIM ........
FONJALON EURO ACCIONES FIM .......
FONPASTOR ACC. EUROPEAS FIM ......
FONPENEDES EUROBORSA 100 FIM ...
GAESCO SMALL CAPS FIM ...................
GENERAL BOLSA FIM ............................
GESCAFONDO BOLSA FIM ...................
GREEN FUND FIM .................................
HSBC EUROPA ACCIONES FIM ............
HSBC PROY. GLOB.FIM (EN DIS.) .........
IBERAGENTES POP. BOLSA EUROPA FIM .
IBERSECURITIES INDICE EURO FIM ......
INGENIEROS EUROP.DJ FIM .................
INTERMONEY VARIABLE EURO FIM .....
INTERVALOR ACC.INT. FIM ..................
LAIETANA BOLSA FIM ...........................
LIBERTY EUR. STOCK MARKET FIM ......
LUSO EUROPA FIM ...............................
MEDIVALOR EUROPEO FIM .................
METAVALOR FIM ...................................
MID CAPS EURO INSTITUC. FIMS ........
MID CAPS EURO RETAIL FIMS ..............
MORGAN STANLEY BOLSAPLUS FIM ...
MORGAN STANLEY EURO INDICE FIM ...
MORGAN STANLEY EURO RV AGR. FIM .
MULTIFONDO EFICIENTE FIMF ............
MUTUAFONDO VALORES FIM ............
NAVARRA ACCIONES FIM ....................
PENTAFONDO VARIABLE FIM ..............
PLUS ULTRA EUROBOLSA FIM .............
PREVIBOLSA FIM ...................................
PRUDFONDO VARIABLE FIM ...............
RENTA 4 EUROBOLSA FIM ...................
(Continued)
0.89
0.59
0.46
0.80
2.18
5.93
4.45
1.85
0.58
1.38
3.16
0.95
1.47
1.96
7.57
0.26
1.36
3.21
6.61
0.29
2.22
6.94
1.36
0.16
0.56
1.98
0.44
11.68
1.45
0.75
2.01
0.36
0.15
1.78
Yield
(%)
2.07
17.03
13.95
13.14
20.04
9.29
13.75
15.09
19.76
14.53
0.12
19.62
21.71
20.05
13.57
16.08
20.73
17.25
23.93
18.88
20.18
9.62
2.16
18.69
19.89
19.50
1.51
7.68
18.59
17.60
19.41
18.72
18.67
18.60
Volatility
0.00
0.01
0.01
0.00
0.45
0.00
0.01
0.01
0.39
0.01
0.00
0.00
0.01
0.02
0.01
0.01
1.35
0.01
2.05
0.00
0.00
0.01
0.00
0.01
0.01
0.00
0.01
0.01
0.21
0.01
0.01
0.01
0.00
0.01
RVE
RVE
RVE
RVIE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVN
RVE
RVMI
RVE
RVE
RVE
RFCP
RVE
RVE
RVE
RVE
RVM
RVE
RVE
Dura- Fund
tion type
Q1
5.87
15.91
13.26
10.73
17.81
13.91
3.87
15.42
20.99
14.03
2.28
15.89
15.36
14.24
19.32
19.38
21.54
16.52
20.52
16.91
4.76
10.46
5.57
17.55
16.15
16.74
0.42
7.48
18.88
15.30
17.04
17.31
17.67
22.05
Yield
(%)
12.16
22.91
17.94
14.69
26.84
11.41
20.47
15.74
25.42
20.86
11.53
24.62
28.77
26.08
22.36
20.21
25.17
26.01
28.08
25.59
12.65
12.14
3.74
23.40
25.65
16.72
2.28
10.97
20.74
21.31
23.24
23.21
23.15
27.71
Volatility
0.00
0.01
0.00
0.01
4.32
0.00
0.01
0.01
0.87
0.00
0.00
0.00
0.00
0.02
0.00
0.00
0.23
0.00
1.62
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.01
0.00
0.00
0.00
RVE
RVE
RVE
RVIE
RVIE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RFCP
RVE
RVE
RVE
RVE
RVE
RVE
RVE
Dura- Fund
tion type
Q2
17.83
28.36
20.70
19.98
32.09
23.95
19.42
20.81
28.47
28.69
0.81
28.78
29.53
27.83
17.45
22.82
28.35
30.43
26.19
27.79
16.32
20.33
0.20
28.10
29.40
0.55
0.46
19.02
26.24
23.68
24.66
28.01
28.11
29.12
Yield
(%)
20.20
45.98
33.17
48.38
56.40
16.29
40.92
34.27
48.64
45.44
5.77
49.92
52.60
48.34
40.39
33.85
45.74
52.33
49.47
49.74
22.76
20.64
10.65
43.21
52.50
2.28
1.47
17.24
39.89
41.21
43.65
43.08
43.06
47.54
Volatility
0.00
0.01
0.01
0.01
3.45
0.00
0.01
0.01
1.16
0.00
0.00
0.00
0.00
0.02
0.00
0.00
0.92
0.00
1.31
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
RVE
RVE
RVE
RVIE
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
Dura- Fund
tion type
Q3
5.81
5.29
0.03
4.89
14.75
5.94
2.26
1.84
11.38
10.39
1.88
7.36
6.98
6.59
3.30
14.14
13.18
7.95
14.23
8.72
10.48
3.32
3.94
6.93
8.85
37.59
0.55
6.03
8.82
7.90
6.54
7.89
6.49
5.54
Yield
(%)
0.00
0.01
0.00
0.01
3.75
0.01
0.00
0.01
0.36
0.01
0.00
0.00
0.01
0.02
0.01
0.01
0.65
0.01
1.07
0.00
0.00
0.01
0.00
0.01
0.01
0.00
0.01
0.01
0.00
0.01
0.01
0.01
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
Dura- Fund
tion type
Q4
13.28
31.82
26.35
26.24
42.39
18.07
30.00
30.74
33.88
33.61
0.13
36.48
43.18
42.97
30.59
32.54
36.20
40.15
37.62
36.95
16.28
16.77
8.18
33.11
39.31
62.35
6.18
11.65
32.63
30.22
30.14
33.17
32.56
40.31
Volatility
17.43
36.20
31.55
24.47
37.35
26.54
17.26
35.47
37.42
33.27
2.03
36.30
37.13
35.33
26.00
28.80
37.24
35.29
37.41
34.95
10.01
21.18
10.69
36.51
35.93
17.47
1.89
11.29
35.83
30.78
34.74
35.55
37.07
40.65
Yield
(%)
13.75
31.63
24.18
29.41
39.37
14.55
28.36
25.61
34.01
31.26
6.46
34.93
38.74
36.50
28.71
27.06
33.70
36.77
36.38
35.07
18.50
15.62
7.09
31.31
36.85
34.02
3.61
12.67
29.53
29.25
30.74
31.26
31.06
35.62
Volatility
2002
0.12
NA
NA
NA
NA
43.78
32.81
25.19
24.49
9.35
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
6.73
NA
NA
20.05
NA
NA
NA
NA
30.25
19.51
NA
11.52
NA
42.78
Yield
since
1996
% fees
1.75
2.00
2.25
1.75
2.00
2.25
2.25
2.25
1.00
2.00
2.15
2.25
1.55
2.25
0.95
1.35
2.00
2.25
2.25
2.25
2.00
0.30
1.70
1.25
1.00
0.80
0.75
0.30
2.00
2.00
1.80
0.20
1.50
1.85
0.00
0.00
0.00
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
1.00
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
1.00
1.50
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
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
0.20
0.08
0.14
0.16
0.00
0.10
0.10
0.20
0.15
0.07
0.20
0.10
0.05
0.20
0.17
0.15
0.02
0.10
0.03
0.07
0.20
0.00
0.02
0.02
0.10
0.10
0.10
0.07
0.13
0.12
0.11
0.10
0.15
0.13
Custody
273
274
RURAL EURO RV FIM ...........................

SAFEI BOLSA EURO FIM .......................
SANTANDER ACC. EUROPEAS FIM ......
SCH ACCIONES EUROPEAS PLUS FIM .
SCH EUROACCIONES 150 FIM .............
SCH EUROACCIONES FIM ....................
SCH INNOVACION MED. EURO FIM ...
SCH MEDIA EURO FIM .........................
SCH SELECCION EUROPA FIMS ............
SCH SELECCION EUROPA PLUS FIMS ..
SCH SELECCION F. EUROPA FIMFP ......
SCH SEMICONDUCTORES EURO FIM ..
SCH SMALL CAPS EUROPA FIM ............
SCH SMALL CAPS EUROPA PLUS FIM ..
SEGURFONDO MIDCAPS FIMF ..........
SELECCION ACCIONES EUROPA FIM ...
SGAM MID CAPS EURO FIMP ..............
TARRAGONAFONS 4 FIM .....................
UNIFOND EUROBOLSA FIM ................
URQUIJO CRECIMIENTO FIM ...............
ZARAGOZANO R.V. FIM .......................
(Continued)
1.89
1.83
0.11
0.27
2.57
1.01
16.38
10.83
1.89
2.14
2.87
10.14
8.06
7.72
5.84
0.01
NA
0.46
1.87
0.78
1.40
Yield
(%)
19.31
19.48
17.74
17.60
7.17
20.54
25.18
23.62
8.59
8.51
8.94
40.20
9.57
9.40
12.51
17.68
5.72
14.55
12.87
14.24
12.27
Volatility
0.01
0.00
0.08
0.01
0.00
0.10
0.01
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.01
0.01
0.01
0.30
0.01
0.01
2.75
RVE
RVE
RVIE
RVIE
RVIO
RVE
RVE
RVE
RVIE
RVIE
RVIE
RVE
RVIE
RVIE
RVIO
RVE
RVE
RVE
RVE
RVE
RVE
Dura- Fund
tion type
Q1
17.75
17.63
15.87
15.87
22.92
16.44
27.15
27.71
13.66
13.68
13.75
32.12
8.48
8.70
16.42
10.69
10.91
15.00
14.48
10.94
13.39
Yield
(%)
25.58
25.77
21.19
21.19
37.83
23.66
31.82
28.01
9.85
9.89
10.28
44.02
12.69
12.66
12.41
15.33
12.92
20.23
20.13
16.54
17.56
Volatility
0.00
0.01
0.50
0.00
0.00
0.09
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.33
0.00
0.00
1.36
RVE
RVE
RVIE
RVIE
RVE
RVE
RVE
RVE
RVIE
RVIE
RVIE
RVE
RVIE
RVIE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
Dura- Fund
tion type
Q2
27.85
28.86
23.17
23.96
42.64
25.43
12.55
15.52
19.52
19.53
19.94
34.24
19.18
19.98
21.59
22.03
21.40
23.61
19.60
17.96
17.08
Yield
(%)
44.64
50.92
43.81
45.71
77.84
49.63
40.73
41.24
23.80
23.78
24.80
54.83
21.78
21.86
17.97
33.50
21.83
41.59
39.89
29.40
29.44
Volatility
0.00
0.01
0.01
0.00
0.00
0.02
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.51
0.00
0.00
1.40
RVE
RVE
RVE
RVIE
RVE
RVE
RVE
RVE
RVIE
RVIE
RVIE
RVE
RVIE
RVIE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
Dura- Fund
tion type
Q3
8.51
9.10
3.47
2.94
8.41
5.34
4.86
8.88
0.25
0.41
0.80
12.41
4.58
4.59
1.33
2.45
3.55
6.70
6.42
2.50
4.21
Yield
(%)
0.00
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.00
0.01
0.01
0.01
0.02
0.00
0.00
0.01
0.01
1.67
0.00
0.01
1.16
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
Dura- Fund
tion type
Q4
34.98
37.00
28.72
29.81
60.51
35.20
24.41
32.38
16.50
16.51
17.17
61.84
16.84
17.04
10.96
26.24
17.65
30.87
28.88
22.39
19.61
Volatility
36.82
37.23
33.05
33.97
53.30
35.03
44.13
40.71
29.02
28.76
28.40
44.73
16.40
17.69
31.56
28.66
NA
30.39
28.20
25.69
26.20
Yield
(%)
32.81
35.63
29.79
30.75
53.34
34.42
31.38
32.18
16.07
16.06
16.74
51.30
16.11
16.17
13.97
24.44
17.55
28.95
27.54
21.58
20.81
Volatility
2002
NA
33.08
18.21
NA
NA
27.55
NA
NA
NA
NA
NA
NA
NA
NA
NA
34.63
NA
NA
NA
30.58
24.38
Yield
since
1996
% fees
2.25
2.25
1.75
1.15
2.00
2.25
1.90
1.90
1.88
1.25
0.32
1.90
2.00
1.25
1.25
2.00
0.30
1.75
2.00
2.25
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
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
5.00
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
1.00
3.00
3.00
1.00
0.00
0.00
3.00
3.00
5.00
0.00
3.00
3.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
Max.
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
2.00
0.00
Min.
Back end
0.00
0.15
0.20
0.10
0.10
0.20
0.10
0.10
0.01
0.01
0.09
0.10
0.10
0.10
0.20
0.01
0.15
0.20
0.20
0.10
0.00
Custody
AC EUROFONDO FIM ..........................

ALTAE BOLSA ACTIVA FIM ....................
BANKPYME EUROTOP FIM ...................
BANKPYME SWISS FIM .........................
BARCLAYS BOLSA EUROPA FIM ...........
BBVA BOLSA EUROPA FIM ...................
BBVA CRECIMIENTO EUROPA FIM .......
BBVA MID CAP EUROPA FIM ................
BBVA OPORTUNIDADES EUROPA FIM ..
BBVA SMALL CAPS EUROPA FIM ..........
BETA EUROPYME ACC. FIM ..................
BK SECTOR ENERGIA FIM .....................
BK SECTOR FINANZAS FIM ..................
BK SECTOR TELECOMUNICAC. FIM .......
BNP PARIBAS ACCIONES EUR. FIM ........
BSN BANIF ACCIONES EUROPEAS FIM ..
BSN BANIF INVESCO BEST OF EUR. FIM
BSN BANIF OPORTUN. EUROPEAS FIM
CAHISPA EUROVARIABLE FIM ..............
CAM EUROPA CONVERGENTE FIMF ....
DWS EUROPA BOLSA FIM ....................
DWS WINFONDO FIM .........................
EUROVALOR EUROPA FIMF .................
EUROVALOR SEC.INMOB.FIM ..............
FONCAIXA 65 PT EUR. FIM ..................
FONCAIXA 66 SUIZA FIM .....................
FONCAIXA 94 F. BOLSA EUROPA FIMF ..
FONDMAPFRE BOLSA EUROPA FIM ....
HERRERO BOLSA 100 FIMS ..................
IBERCAJA BOLSA EUROPA FIM .............
IBERCAJA SECTOR INMOBILIARIO FIM
IBERCAJA UTILITIES FIM ........................
(Continued)
3.30
2.04
1.28
3.10
0.06
0.36
0.74
5.86
2.04
0.89
9.47
4.91
3.11
8.57
0.15
0.32
2.16
7.43
0.78
2.34
1.61
1.56
0.75
12.21
0.49
4.25
0.14
0.34
0.31
2.70
0.62
0.45
10.13
2.36
Yield
(%)
18.83
18.64
15.33
13.57
16.60
16.12
19.55
11.41
20.32
10.02
8.99
7.20
16.98
23.91
12.35
17.46
13.37
9.90
20.78
4.96
15.63
12.43
14.85
7.69
16.94
12.73
1.03
15.71
14.22
17.48
17.32
17.22
6.63
8.98
Volatility
0.00
0.01
0.00
0.00
0.01
0.01
0.01
0.01
0.00
0.00
0.01
0.00
0.00
0.00
0.01
0.01
0.00
0.00
0.08
0.01
0.01
0.01
0.01
0.01
0.01
1.39
0.01
0.00
0.11
0.00
0.01
0.01
0.00
0.00
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIO
RVIO
Dura- Fund
tion type
Q1
24.44
17.19
15.60
15.34
17.63
16.10
19.05
12.97
19.17
12.47
11.53
6.47
12.54
28.28
10.70
16.10
10.62
7.55
28.53
3.17
17.74
14.18
14.79
1.81
15.96
10.12
0.34
15.95
15.88
17.40
18.68
18.24
1.07
7.03
Yield
(%)
23.56
24.59
20.61
20.80
21.48
22.00
25.62
14.51
24.84
12.12
11.12
12.78
23.01
29.99
16.34
20.95
15.80
14.88
28.11
3.96
20.40
21.54
17.53
8.89
22.20
20.27
21.42
20.87
17.62
23.23
23.33
23.63
9.98
13.00
Volatility
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
0.00
0.00
0.00
0.00
0.00
0.24
0.01
0.00
0.00
0.00
0.00
0.00
1.31
0.01
0.00
0.00
0.00
0.01
0.01
0.00
0.00
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
Dura- Fund
tion type
Q2
19.90
24.03
23.11
24.71
25.38
25.69
27.29
21.39
25.80
29.38
23.48
11.47
31.73
13.60
20.15
23.83
18.49
18.16
35.01
1.28
24.90
25.21
23.93
8.16
24.21
18.96
2.42
22.78
17.08
24.39
22.38
25.67
13.01
16.73
Yield
(%)
40.78
48.60
45.36
40.03
46.85
47.46
48.87
32.09
47.72
18.61
20.58
24.50
50.64
36.51
35.23
43.91
33.27
22.58
51.73
5.70
41.45
44.37
32.96
11.14
46.48
42.36
10.40
44.87
41.25
45.97
45.06
48.67
13.40
22.75
Volatility
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.24
0.01
0.00
0.00
0.00
0.00
0.00
0.14
0.00
0.00
0.08
0.00
0.01
0.01
0.00
0.00
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
Dura- Fund
tion type
Q3
4.52
7.59
5.04
5.21
7.00
5.09
8.55
0.81
9.03
1.48
0.26
2.76
20.47
14.70
2.67
3.18
2.37
3.66
15.06
2.74
3.65
5.36
3.65
5.35
5.06
2.43
0.54
4.85
1.78
6.02
3.18
10.15
7.94
3.75
Yield
(%)
26.54
33.73
31.78
30.54
33.30
32.36
34.60
23.54
35.91
16.59
16.06
16.45
42.41
30.09
24.13
29.34
26.18
17.39
42.28
4.05
31.27
30.90
24.33
6.19
33.28
26.65
21.99
31.60
26.62
31.56
30.18
35.28
10.73
14.62
Volatility
0.00
0.01
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.14
0.01
0.00
0.01
0.01
0.01
0.01
0.14
0.01
0.00
0.01
0.00
0.01
0.01
0.00
0.00
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
Dura- Fund
tion type
Q4
FIM FOREIGN EQUITY EUROPE (RVIE)
38.83
33.70
32.70
30.86
34.26
34.72
36.58
26.99
35.94
38.56
25.69
10.74
25.83
35.02
26.67
33.85
23.82
15.75
46.97
0.51
34.94
31.32
32.31
10.53
33.42
25.90
1.70
32.17
28.79
35.57
34.47
32.76
4.51
17.79
Yield
(%)
28.81
33.57
30.72
28.30
32.02
32.01
34.24
22.13
34.12
15.06
15.18
16.58
36.36
30.69
23.83
29.91
23.71
17.00
38.11
4.75
29.18
29.98
23.68
8.81
32.01
27.88
16.24
30.58
27.18
31.64
30.95
33.67
10.66
15.80
Volatility
2002
37.67
NA
NA
5.19
22.85
20.02
12.21
NA
NA
NA
NA
NA
NA
NA
NA
36.80
NA
NA
NA
NA
16.59
NA
NA
NA
NA
NA
NA
21.19
NA
NA
NA
NA
NA
NA
Yield
since
1996
% fees
2.00
1.25
1.35
2.00
1.50
2.25
2.25
2.25
2.25
2.25
2.25
1.15
1.15
1.15
1.25
2.20
2.25
2.20
2.25
1.75
2.00
2.25
1.35
2.25
0.75
2.25
1.35
2.25
2.25
2.25
1.25
1.50
1.90
1.90
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
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
7.50
0.00
9.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
0.00
0.00
0.00
0.00
0.00
Min.
1.00
0.00
1.50
1.00
2.50
2.00
2.00
2.00
2.00
2.00
1.50
1.00
0.00
1.00
0.00
1.00
0.00
1.00
0.00
2.00
0.00
0.00
0.00
0.00
4.00
4.00
4.00
4.00
4.00
1.50
0.00
2.00
2.00
2.00
Max.
0.00
0.00
0.50
1.00
0.00
0.00
0.00
0.00
0.00
0.00
1.50
1.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
4.00
4.00
0.00
4.00
4.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.09
0.03
0.20
0.15
0.20
0.20
0.20
0.20
0.20
0.10
0.12
0.10
0.10
0.01
0.00
0.20
0.10
0.20
0.10
0.10
0.10
0.00
0.15
0.00
0.15
0.15
0.15
0.15
0.15
0.20
0.10
0.20
0.20
0.20
Custody
275
276
MADRID BOLSA EUROPEA FIM ............

MORGAN STANLEY EURO AC. FIM ......
MORGAN STANLEY EURO SELEC. FIM .
MORGAN STANLEY EUR. RV AGRES. FIM
SABADELL ACCIONES EUROPA FIMP ...
SABADELL EUROPA BOLSA FIMS .........
SAFEI EUROPA FIMF ..............................
SCH EUROINDICE FIM ..........................
SCH TOP 25 EUROPA FIM ....................
SEGURFONDO DINAMICO EUROPA FIM
URQUIJO EUROBOL. 50 FIM ................
URQUIJO F. EUR. SMALL COMP. FIMF ..
ZURICH EUROACCIONES FIMS ............
(Continued)
0.06
0.34
5.77
1.07
1.00
0.51
0.19
0.15
2.85
1.04
0.16
2.57
0.46
Yield
(%)
15.47
16.17
11.68
17.47
18.25
17.36
11.16
17.48
19.51
16.58
12.86
6.53
17.36
Volatility
0.01
0.01
0.01
0.00
0.01
0.01
0.00
0.01
0.01
0.01
0.01
0.01
0.01
RVIE
RVE
RVE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVE
RVIE
RVIE
Dura- Fund
tion type
Q1
15.74
17.35
12.77
19.38
19.33
18.78
15.31
16.73
16.19
15.06
13.85
11.21
18.85
Yield
(%)
20.39
20.95
13.97
17.82
24.63
23.34
11.36
21.94
23.08
20.93
20.31
8.15
23.37
Volatility
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.00
0.01
0.00
0.00
0.01
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVE
RVIE
RVIE
Dura- Fund
tion type
Q2
22.48
23.38
25.02
0.56
23.24
22.48
17.89
24.02
22.85
21.17
22.50
23.31
22.53
Yield
(%)
42.67
40.44
24.33
2.28
47.49
45.07
30.45
47.87
46.00
44.49
41.35
16.04
45.08
Volatility
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.01
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
Dura- Fund
tion type
Q3
3.17
3.18
2.91
9.47
3.68
3.23
0.16
4.58
4.81
3.19
3.85
1.84
3.02
Yield
(%)
30.31
29.95
18.50
17.06
31.78
30.16
20.36
32.98
32.71
28.94
28.72
11.32
30.20
Volatility
0.01
0.01
0.00
0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
Dura- Fund
tion type
Q4
FIM FOREIGN EQUITY EUROPE (RVIE)
32.65
34.88
28.81
12.20
35.16
34.68
30.45
33.74
34.17
31.62
30.77
31.44
34.94
Yield
(%)
29.31
28.62
18.06
15.27
32.62
30.96
20.12
32.47
32.19
29.87
28.08
11.39
30.97
Volatility
2002
21.06
16.47
9.57
NA
NA
32.77
15.70
NA
NA
NA
24.01
NA
NA
Yield
since
1996
% fees
1.80
1.75
2.25
0.80
0.00
1.90
1.75
0.90
1.90
1.00
1.00
1.70
2.00
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
Min.
4.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
3.00
0.00
0.00
1.00
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
1.00
0.00
Min.
Back end
0.12
0.15
0.15
0.10
0.10
0.10
0.15
0.10
0.10
0.20
0.12
0.10
0.05
Custody
AC JAPON FIM ......................................

BANCAJA RENTA VARIABLE JAPON FIM
BANESTO BOLSA JAPON FIM ...............
BBK BOLSA JAPON FIM ........................
BBVA BOLSA JAPON FIM ......................
BBVA INDICE JAPON PLUS FIM ............
BI JAPON FIM ........................................
BK INDICE JAPON FIM ..........................
BNP PARIBAS ACC. JAPONESAS FIM ....
BSN BANIF ACCIONES JAPON FIM ......
CAIXA CATALUNYA BORSA JAPO FIM ..
CAJA LABORAL BOLSA JAPON FIMF ....
CAN JAPON FIMF ..................................
DEXIA IBERAG.JAPON FIM ....................
EUROVALOR JAPON FIMF ....................
FONDESPAA JAPON FIM ....................
FONPENEDES B. JAPO FIM ...................
IBERCAJA JAPON FIM ............................
KUTXAVALORJAPON FIM .....................
MADRID BOLSA JAPONESA FIM ...........
RENTA 4 JAPON FIM .............................
RURAL JAPON RENTA VARIABLE FIM ...
SABADELL ACCIONES JAPON FIMP .....
SABADELL JAPON BOLSA FIMS ............
SAFEI JAPON FIMF ................................
SCH JAPON FIM ....................................
SCH JAPON PLUS FIM ..........................
YENBOLCAM FOND FIM ......................
(Continued)
3.34
4.18
5.14
5.70
4.03
4.63
3.39
6.20
4.68
5.19
7.16
4.09
2.89
6.52
3.69
6.38
NA
8.61
9.87
3.42
3.27
6.54
2.48
3.99
3.41
2.96
4.96
5.48
4.59
Yield
(%)
34.67
28.84
32.19
30.74
29.38
23.39
32.31
24.67
28.20
31.50
31.99
14.21
21.68
30.56
24.91
30.63
12.77
30.70
27.26
29.49
29.69
24.87
27.95
28.65
27.25
20.90
32.02
32.54
26.12
Volatility
0.01
0.00
0.01
0.07
0.00
0.62
0.00
0.01
0.00
0.01
0.01
0.01
0.00
0.00
0.00
0.10
0.00
0.00
0.01
2.05
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.02
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIO
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
Dura- Fund
tion type
Q1
9.11
8.38
9.94
5.95
8.77
5.11
5.58
4.53
5.42
9.71
7.41
3.01
6.42
8.75
8.42
8.70
6.81
5.68
8.71
6.07
7.22
7.03
8.24
4.47
4.61
7.94
9.76
9.69
5.09
Yield
(%)
23.48
20.70
22.91
20.71
20.14
18.10
22.02
18.70
16.79
23.16
23.10
11.64
14.84
22.08
15.06
23.00
19.44
22.13
20.57
19.67
20.49
19.58
19.55
20.60
19.55
13.22
23.24
23.43
19.19
Volatility
0.01
0.00
0.53
0.33
0.00
0.48
0.00
0.00
0.00
0.72
0.00
0.00
0.00
0.00
0.00
0.64
0.00
0.00
0.01
2.22
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.81
0.00
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIO
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
Dura- Fund
tion type
Q2
13.98
10.53
13.48
12.85
13.47
9.37
10.52
9.23
11.97
13.22
12.24
8.21
11.06
12.92
10.49
13.20
13.08
12.60
10.84
11.65
10.49
14.21
10.13
14.86
14.50
10.65
13.32
13.05
11.68
Yield
(%)
26.08
23.91
25.87
26.17
24.88
24.07
26.38
24.92
24.09
25.47
28.42
13.26
15.77
25.63
19.29
27.55
26.07
28.06
27.80
26.76
23.75
27.07
25.49
30.80
29.23
16.25
25.50
25.52
21.41
Volatility
0.01
0.00
1.32
0.42
5.64
0.62
0.00
0.00
0.00
1.29
0.00
0.00
0.00
0.00
0.00
0.43
0.00
0.00
0.01
1.89
0.00
0.00
0.00
0.00
0.01
0.01
0.00
1.19
0.02
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIO
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
Dura- Fund
tion type
Q3
10.80
9.00
13.67
11.28
10.51
7.79
10.94
7.90
10.55
13.44
14.26
7.46
8.52
11.77
10.70
10.79
11.32
12.20
8.38
12.53
13.64
7.95
10.16
12.65
12.40
11.21
13.33
13.16
3.22
Yield
(%)
24.40
20.76
24.46
25.32
22.92
22.13
24.12
23.25
23.07
24.51
24.87
12.67
18.81
24.16
20.45
24.71
22.01
25.25
29.07
24.17
23.37
22.52
19.85
31.20
29.59
16.33
24.43
24.41
20.65
Volatility
0.01
0.01
0.01
0.23
5.30
0.66
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.20
0.00
0.00
0.01
1.65
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.02
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
Dura- Fund
tion type
Q4
FIM FOREIGN EQUITY JAPAN (RVIJ)
27.92
22.29
29.27
23.13
26.50
17.02
22.20
15.24
22.04
28.66
25.34
14.24
21.67
25.32
24.10
24.79
NA
21.40
18.06
24.93
25.93
21.78
24.08
26.11
26.13
24.81
28.84
28.07
15.15
Yield
(%)
Yield
since
1996
27.52
NA
23.80
NA
26.62
NA
26.01
NA
24.59
NA
22.08
NA
26.49
NA
23.06
NA
23.43
NA
26.38 40.77
27.35
NA
13.02
NA
18.00
NA
25.84
NA
20.26
NA
26.67
NA
22.23
NA
26.77
NA
26.45
NA
25.31
NA
24.57
NA
23.73
NA
23.50
NA
28.20
NA
26.77
NA
16.93 30.36
26.54
NA
26.74
NA
22.02
NA
Volatility
2002
% fees
2.25
2.23
2.05
1.65
2.25
0.80
1.35
0.60
1.00
2.00
1.35
2.25
2.25
2.25
1.35
2.25
1.75
2.25
1.90
2.25
2.00
1.35
2.25
0.00
1.75
1.75
2.10
1.25
2.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
9.00
0.00
9.00
0.00
0.00
0.00
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
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
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
3.00
0.00
2.00
2.00
1.25
2.00
0.00
1.00
0.00
1.00
0.00
2.00
0.00
4.00
0.00
0.00
2.00
2.00
4.00
0.00
3.00
0.00
0.00
0.00
3.00
3.00
0.00
Max.
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
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.
Back end
0.09
0.20
0.10
0.10
0.20
0.20
0.00
0.09
0.00
0.20
0.15
0.05
0.15
0.10
0.15
0.15
0.15
0.00
0.20
0.03
0.05
0.13
0.00
0.15
0.05
0.15
0.10
0.10
0.15
Custody
277
278
AC IBEROAMERICA FIM ........................

BANCAJA RENTA VAR. EMER. FIM ........
BANESTO BOL.IBEROA. FIM .................
BARCLAYS LATINOAM. FIM ..................
BBK BOLSAS EMERG. FIMF ...................
BBVA BOLSA LATAM FIM ......................
BBVA MULTIF. BOLSA EMERG. FIMF .....
BI EMERGENTES FIM .............................
BSN BANIF ACCIONES EMERG. FIM .....
BSN BANIF SILA FIM .............................
CAHISPA EMERGENTES MULTIF. FIMF ..
CAIXA CATALUNYA BORSA EMERG. FIMF
CAJA LABORAL MERCADOS EMERG. FIMF
CAM IBEROAMERICA FIMF ...................
CAN LATINOAMERICA FIMF .................
CAN MERCADOS EMERGENTES FIMF ..
EURO CONVERGENCE INSTIT. FIMS ....
EURO CONVERGENCE RETAIL FIMS ....
EUROVALOR EUROPA DEL ESTE FIMF .
EUROVALOR IBEROAMERICA, FIMF ....
FONCAIXA 72 BOLSA PAISES EMERG. FIM
FONDESPAA EMERGENTES FIMF .......
GAESCO EMERGENTFOND FIMF .........
IBERAG. AMERIC.LAT. FIM ....................
IBERCAJA EMERGENTES FIMF ...............
IBERCAJA LATINOAMERICA FIMF .........
KUTXAEMERGENTE FIMF ......................
MADRID BOLSA LATINOAM. FIM ........
MADRID EMERGENTES GLOBAL FIM ...
MORGAN STANLEY LATINOAM. FIM ...
RENTA 4 ASIA FIM .................................
RENTA 4 EUROPA ESTE FIM ..................
RENTA 4 LATINOAMER. FIM .................
RURAL EMERGENTES RENTA VAR. FIM
(Continued)
9.14
7.03
9.84
9.53
11.05
7.86
9.24
10.73
11.49
10.22
9.51
13.48
12.46
4.78
9.03
12.00
12.15
22.88
16.93
9.88
8.13
13.22
11.66
10.94
10.93
8.82
12.81
9.76
9.04
8.24
8.93
15.67
5.87
13.71
Yield
(%)
17.78
18.54
22.27
21.46
15.28
21.04
13.62
16.48
17.77
22.59
13.24
12.05
10.14
10.39
16.93
11.35
20.39
43.72
16.76
18.89
14.82
14.81
13.19
19.12
13.35
17.17
13.34
20.29
17.42
21.62
15.16
19.53
22.27
17.82
Volatility
0.01
0.01
0.01
0.00
0.04
0.00
0.00
0.00
0.01
0.01
0.00
0.01
0.00
0.01
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.01
0.00
0.00
0.01
0.01
0.01
0.01
RVIO
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVMI
RVIM
RVIM
RVIM
RVIM
RVIM
RVIO
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
Dura- Fund
tion type
Q1
29.05
27.21
28.60
29.75
20.35
27.38
18.64
19.17
20.04
28.89
18.09
11.68
9.20
29.66
28.94
17.51
10.80
6.29
11.26
30.56
18.98
17.68
17.80
27.96
20.07
29.17
19.62
29.64
21.79
30.93
13.71
11.51
20.56
21.51
Yield
(%)
25.09
24.80
24.66
27.55
18.13
24.96
12.34
19.04
18.60
25.51
13.30
11.19
9.68
18.98
20.07
11.73
14.50
6.73
13.93
23.60
19.76
18.59
13.12
24.63
13.93
18.63
13.39
26.47
19.42
26.87
16.71
18.65
20.16
18.50
Volatility
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
RVIO
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVMI
RVIM
RVIM
RVIM
RVIM
RVIM
RVIO
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
Dura- Fund
tion type
Q2
23.11
18.12
22.23
23.08
14.72
23.97
13.39
15.01
14.78
22.52
14.74
12.00
13.43
14.06
22.63
12.97
1.26
2.33
4.84
17.72
16.29
12.77
13.62
18.37
14.17
20.33
14.29
20.28
15.46
24.45
16.39
6.22
23.64
15.63
Yield
(%)
34.16
28.64
32.89
36.23
21.51
33.36
14.05
25.21
25.34
33.69
16.75
11.80
15.24
16.35
30.08
15.33
19.52
81.59
20.71
30.97
25.99
21.25
17.31
34.43
18.57
25.72
16.89
36.13
25.58
36.06
22.18
26.24
32.27
24.35
Volatility
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
RVIO
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVMI
RVIM
RVIM
RVIM
RVIM
RVIM
RVIO
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
Dura- Fund
tion type
Q3
9.67
4.33
9.59
10.44
0.00
10.31
0.51
1.15
4.14
10.36
1.05
4.87
5.17
3.43
7.43
1.26
8.77
0.22
5.13
8.45
4.23
0.42
0.32
7.69
0.62
7.86
0.16
7.00
2.82
11.78
3.14
8.11
12.83
2.80
Yield
(%)
23.43
23.52
25.05
26.45
17.33
25.39
10.93
18.58
21.36
25.53
13.18
14.08
12.17
7.70
21.54
12.24
14.31
8.28
12.05
22.53
22.39
16.55
13.19
25.48
14.43
16.70
14.87
26.62
20.89
27.12
23.49
17.63
26.29
21.72
Volatility
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.01
0.00
0.01
0.00
0.01
0.00
0.01
0.00
0.00
0.00
0.00
0.01
0.01
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.00
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
Dura- Fund
tion type
Q4
34.71
33.45
33.16
34.64
24.56
34.31
23.43
23.05
20.89
32.98
22.72
16.10
7.03
34.49
35.60
18.57
7.44
12.21
3.81
31.92
23.56
18.36
20.46
29.74
23.43
33.76
22.16
34.12
25.87
36.87
23.88
3.78
27.55
22.59
Yield
(%)
26.17
24.41
26.86
28.78
18.42
26.90
13.01
20.29
21.19
27.50
14.43
12.52
12.23
14.50
23.07
13.02
17.50
46.72
16.34
24.76
21.34
18.16
14.55
26.80
15.46
20.29
14.97
28.28
21.26
28.78
19.85
20.92
25.95
21.02
Volatility
2002
FIM FOREIGN EQUITY EMERGING COUNTRIES (RVIM)
41.31
NA
47.55
NA
NA
39.20
37.78
NA
29.09
30.07
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
24.08
NA
NA
NA
37.44
49.11
NA
NA
NA
NA
Yield
since
1996
% fees
2.25
2.23
2.25
1.60
1.65
2.25
1.35
2.00
2.25
2.25
1.50
1.35
2.25
1.75
2.25
2.25
0.50
1.50
1.35
1.35
1.35
1.10
1.50
2.25
1.50
2.25
2.25
2.25
2.25
2.25
1.35
1.35
1.35
2.25
0.00
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
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
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
Min.
1.00
1.50
0.00
2.00
0.00
2.00
2.00
1.00
1.00
1.00
0.00
0.00
1.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
0.00
0.00
2.50
2.00
2.00
2.00
4.00
5.00
0.00
0.00
0.00
0.00
3.00
Max.
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
2.00
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
Min.
Back end
0.09
0.20
0.10
0.15
0.10
0.20
0.05
0.00
0.20
0.15
0.10
0.20
0.04
0.10
0.15
0.15
0.00
0.00
0.15
0.15
0.15
0.15
0.10
0.10
0.20
0.20
0.20
0.02
0.07
0.20
0.12
0.12
0.12
0.00
Custody
SABADELL ACC. AMERICA LATINA FIMP

SABADELL AMERICA LAT. BOLSA FIMS ..
SAFEI EMERGENTES FIMF ......................
SCH ACCIONES IBEROAMER. FIM ........
SCH EMERGENTES EUROPA FIM ..........
SCH IBEROAMERICA PLUS FIM ............
SGAM EURO CONVERGENCE FIMP .....
URQUIJO FONDOS LATINOAMER. FIMF ...
(Continued)
11.32
10.23
11.45
9.94
14.76
10.46
NA
8.17
Yield
(%)
22.84
21.68
15.58
22.33
22.63
22.46
14.29
16.80
Volatility
0.00
0.01
0.00
0.01
0.01
0.00
0.01
0.01
RVIM
RVIM
RVIM
RVIM
RVIE
RVIM
RVIM
RVIM
Dura- Fund
tion type
Q1
31.29
30.18
22.70
29.05
9.91
29.94
11.09
28.14
Yield
(%)
28.23
26.68
13.49
25.06
12.57
25.76
15.03
18.68
Volatility
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
RVIM
RVIM
RVIM
RVIM
RVIE
RVIM
RVIM
RVIM
Dura- Fund
tion type
Q2
24.28
23.43
14.08
22.46
2.84
23.13
1.28
16.35
Yield
(%)
37.66
35.71
18.09
33.18
20.66
34.81
20.68
22.88
Volatility
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
RVIM
RVIM
RVIM
RVIM
RVIE
RVIM
RVIM
RVIM
Dura- Fund
tion type
Q3
7.83
6.93
0.19
10.15
9.79
11.19
9.37
12.17
Yield
(%)
28.04
26.61
15.18
25.88
14.92
26.69
14.69
18.23
Volatility
0.01
0.01
0.00
0.01
0.01
0.00
0.01
0.01
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
Dura- Fund
tion type
Q4
37.55
36.99
25.84
33.38
10.29
33.86
NA
27.07
Yield
(%)
Yield
since
1996
30.05
NA
28.48
NA
15.95 33.06
27.26
NA
18.26
NA
28.18
NA
16.97
NA
19.68
NA
Volatility
2002
FIM FOREIGN EQUITY EMERGING COUNTRIES (RVIM)

% fees
0.00
1.75
1.75
2.25
2.00
1.25
0.50
1.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
3.00
3.00
3.00
0.00
1.00
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
Min.
Back end
0.15
0.05
0.15
0.10
0.10
0.10
0.20
0.10
Custody
279
ABANTE BOLSA FIMF .............................

ABF ESTRATEGIA 100 FIMF ....................
AC AUSTRALASIA FIM............................
AC MULTIESTRELLAS SELECCION 90 FIMF.
AFINA ESTRATEGICO FIMF.....................
ASTURF. INTERBOLSA FIM .....................
ATLANTICO BOLSA GLOBAL FIM..........
AVANCE GLOBAL FIM............................
BANESTO BOLSA INTERNACIONAL FIM ....
BANESTO ESPECIAL RV FIM ...................
BANESTO MULTIFONDOS AUDAZ FIMF....
BANESTO S. FINANCIE. FIM...................
BANESTO S. SALUD FIM ........................
BANESTO S. TECNOLOG. FIM ...............
BANESTO SELECCION FONDOS GLOBAL FIMS .
BANKPYME COMUNICACIONES FIM....
BANKPYME GESTION CARTERA AVANZADA FIMF..
BANKPYME MULTI TOP FUNDS FIMF....
BANKPYME MULTIGESTORAS FIMF.......
BANKPYME MULTIOCIO FIM.................
BANKPYME MULTISALUD FIM...............
BANKPYME MUNDIFINANZAS FIM.......
BARCLAYS BOLSA GLOBAL FIMF...........
BBK FONDO INTERN. FIMF ...................
BBK SECTORES CREC. FIMF....................
BBVA BIOFARMA FIM.............................
BBVA BIOGEN FIMS ...............................
BBVA BOLSA CINCO ESTRELLAS FIMF...
BBVA BOLSA INTERNACIONAL FIM ......
BBVA BOLSA MUNDIAL FIM..................
BBVA CONSUMO FIM............................
BBVA FINANZAS FIM..............................
BBVA INDICE INTERNACIONAL PLUS FIM .
(Continued)
280
NA
1.06
7.50
2.76
2.03
0.01
3.10
9.24
0.40
0.73
0.50
3.23
0.36
6.63
1.03
8.34
0.00
0.04
0.27
5.04
2.16
4.00
0.63
5.13
0.79
9.48
1.65
3.81
1.90
0.06
NA
4.79
3.32
0.13
Yield
(%)
8.62
14.83
24.63
13.76
7.60
13.26
16.80
24.44
18.69
17.06
14.95
20.30
13.23
32.08
11.27
25.78
13.94
11.15
13.01
16.35
14.10
18.47
13.67
13.72
12.90
24.68
12.92
11.11
10.48
15.99
NA
12.42
18.09
16.08
Volatility
0.00
0.01
0.00
0.00
0.00
0.01
0.01
0.04
0.01
0.01
0.00
0.00
0.01
0.08
0.00
0.00
0.00
0.01
0.01
0.00
0.01
0.00
0.01
0.00
0.32
0.04
0.01
0.00
0.00
0.01
NA
0.00
0.00
0.00
Yield
(%)
17.28
19.13
12.59
17.13
11.37
15.60
22.28
24.24
22.17
17.47
16.17
17.33
22.65
33.00
19.71
30.65
19.43
19.22
16.62
22.79
21.98
15.24
18.08
15.01
19.19
34.88
22.57
11.66
16.70
20.50
NA
RVIO 17.23
RVIO 15.29
RVIO 14.19
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q1
14.75
20.73
19.08
16.57
9.96
16.74
20.72
19.81
20.50
19.42
14.93
20.75
18.69
38.37
10.85
29.97
17.06
10.89
12.78
17.49
18.12
17.26
15.10
17.24
16.02
29.97
20.82
13.50
9.32
18.50
3.84
14.99
19.03
20.75
Volatility
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.11
0.00
0.00
0.00
0.00
0.00
0.06
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.08
0.00
0.01
0.00
0.00
0.01
0.01
0.00
0.01
0.01
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q2
17.29
19.21
14.33
17.33
4.76
21.39
18.88
7.43
19.57
22.52
16.37
23.67
9.32
23.65
16.03
23.66
22.33
17.19
17.59
18.27
10.08
22.20
17.65
21.54
17.96
21.58
9.67
9.41
15.20
19.51
14.56
14.87
20.83
23.50
Yield
(%)
23.00
35.14
22.16
27.45
8.17
33.39
28.87
17.80
35.35
38.16
26.00
40.61
35.14
45.40
19.01
42.11
33.12
20.30
27.33
32.24
34.07
36.60
23.52
34.26
26.08
39.42
34.20
31.82
17.65
32.95
29.16
27.43
34.86
40.67
Volatility
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.18
0.00
0.00
0.00
0.01
0.00
0.00
0.01
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q3
1.02
3.07
8.14
0.20
7.74
4.55
4.51
5.04
0.46
2.96
1.31
0.91
1.75
7.77
2.34
20.58
8.64
1.40
0.17
0.30
0.16
2.16
1.56
7.03
0.03
7.96
2.06
2.86
3.05
1.61
2.41
3.35
2.05
8.64
Yield
(%)
16.61
24.10
21.05
22.23
15.73
26.11
21.66
28.13
25.89
27.29
18.31
33.71
18.13
39.47
13.57
37.01
25.98
15.01
18.80
24.94
17.55
32.96
17.35
27.12
20.26
34.69
17.28
14.86
14.63
26.46
22.46
20.12
31.30
30.43
Volatility
0.00
0.00
0.01
0.00
0.00
0.01
0.01
0.23
0.21
0.01
0.00
0.01
0.01
0.27
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.01
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q4
FIM FOREIGN EQUITY OTHER (RVIO)
NA
37.34
26.05
29.74
20.54
30.63
36.15
39.56
37.36
33.68
28.63
34.26
30.84
48.52
33.47
41.50
32.02
32.14
30.98
33.51
31.25
29.94
34.01
24.96
33.20
50.09
32.63
20.83
30.23
34.95
NA
28.64
29.29
28.59
Yield
(%)
18.00
24.96
21.89
20.83
10.92
23.92
22.62
22.98
26.09
26.97
19.22
30.30
23.00
39.34
14.22
34.63
24.00
15.02
19.07
23.84
22.48
27.87
17.94
24.69
19.61
32.93
22.88
19.71
13.58
24.58
25.89
19.74
27.02
28.80
Volatility
2002
NA
NA
36.33
NA
NA
26.62
NA
NA
30.34
25.93
NA
NA
NA
NA
NA
20.42
NA
7.22
23.19
18.18
NA
NA
29.90
NA
NA
NA
NA
NA
NA
19.55
NA
NA
NA
NA
Yield
since
1996
% fees
1.25
1.25
2.25
1.40
1.50
2.10
2.00
0.85
2.25
0.90
1.50
2.00
2.00
2.00
1.71
1.35
0.00
1.35
1.35
1.35
1.35
1.35
1.50
0.00
1.65
1.65
2.25
1.80
2.25
2.25
2.25
2.25
2.25
0.80
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
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
0.00
0.25
0.00
0.25
0.25
0.25
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
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
0.25
0.00
0.25
0.25
0.25
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
Min.
0.00
0.00
1.00
1.00
0.00
2.00
2.00
0.00
3.00
0.00
3.00
3.00
3.00
3.00
3.00
1.50
0.00
1.50
1.50
1.50
1.50
1.50
2.00
2.00
0.00
0.00
2.00
0.00
2.00
2.00
0.00
2.00
2.00
2.00
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
0.50
0.00
0.50
0.50
0.50
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
Min.
Back end
0.10
0.10
0.09
0.11
0.09
0.15
0.20
0.15
0.20
0.20
0.10
0.10
0.10
0.10
0.01
0.20
0.20
0.20
0.20
0.20
0.20
0.20
0.20
0.05
0.10
0.10
0.20
0.10
0.20
0.20
0.20
0.20
0.20
0.20
Custody
BBVA MATERIAS PRIMAS FIM ................

BBVA MID CAP INTERNACIONAL FIM ..
BBVA NUEVAS TECNOLOGIAS FIM.......
BBVA OPORTUNIDADES INTERNACIONAL FIM
BBVA TELECOMUNICACIONES 2 FIM ...
BBVA URBANISMO FIM .........................
BCH INTERNACIONAL ACCIONES FIM .
BCH INTERNET FIM................................
BCH MULTIFONDOS AUDAZ FIMF .......
BCH SALUD FIM.....................................
BCH SECTOR SERVICIOS FIM.................
BCH TECNOLOGICO FIM ......................
BENKERS TECH FIM................................
BESTINVER INTERNACIONAL FIM .........
BETA JAPON ACCIONES FIM..................
BG BOLSA INTERNACIONAL FIM ..........
BI GLOBAL MUNDIAL FIM.....................
BI MULTIMED. DIGIT. FIM......................
BIOGEN INVESTIGACION FIMP.............
BIOGEN INVESTIGACION II FIMS..........
BIPOP CRECIMIENTO FIMF ....................
BIPOP DESARROLLO FIMF.....................
BIPOP VALOR FIMF ................................
BK FONDO INTERNET FIM ....................
BM-FONDEX FIMF..................................
BM-TECHFONDEX FIMF.........................
BOLSA INTERNACIONAL FIM ................
BSN BANIF ACCIONES INTERNACIONAL FIM..
BSN BANIF ENERGIA Y COMUNICACIONES FIM....
BSN BANIF FINANCIERO FIM ................
BSN BANIF INVESCO TOP OF THE WORLD FIM ....
BSN BANIF MULTIFONDO FIMF............
BSN BANIF PRESTIGIO FIM....................
BSN BANIF SIGLO XXI FIM.....................
(Continued)
11.89
6.15
4.50
0.29
7.30
7.73
0.68
5.74
0.68
0.55
2.95
6.03
3.19
5.29
3.26
0.18
0.14
2.30
4.20
4.15
NA
NA
NA
10.24
4.51
13.94
1.89
0.41
5.22
3.43
0.05
0.50
0.56
0.98
Yield
(%)
14.66
12.01
32.71
15.96
27.54
10.94
18.49
32.24
15.51
13.32
14.20
31.65
31.34
11.77
29.29
13.94
5.58
26.70
15.34
14.57
NA
NA
NA
30.43
13.58
23.50
15.73
18.37
19.24
18.86
14.51
12.17
18.11
19.12
Volatility
0.00
0.01
0.01
0.01
0.01
0.00
0.23
0.18
0.00
0.01
0.01
0.04
0.00
0.70
0.00
0.01
0.97
0.01
0.00
0.00
NA
NA
NA
0.01
0.01
0.00
0.01
0.19
0.01
0.00
0.00
0.01
0.01
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIJ
RVIO
RVMI
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q1
12.55
14.77
37.25
19.92
32.97
9.65
21.58
33.15
16.16
23.08
16.18
32.72
32.29
12.52
8.07
17.83
13.34
36.51
17.82
17.28
NA
NA
NA
21.71
15.29
31.07
22.31
21.29
25.08
15.52
18.70
20.02
20.19
28.93
Yield
(%)
15.68
14.69
42.09
19.40
35.23
11.69
20.19
37.89
14.74
19.20
15.85
38.01
33.19
11.62
20.03
16.41
13.78
40.88
19.37
18.59
0.27
0.27
0.26
32.84
10.80
23.71
20.18
19.85
25.00
21.16
17.19
11.37
19.40
22.88
Volatility
0.01
0.01
0.41
0.01
0.46
0.00
0.14
0.16
0.00
0.00
0.00
0.04
0.00
1.17
0.00
0.01
0.95
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.01
0.01
0.00
2.39
0.00
0.00
0.00
0.00
0.00
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIJ
RVIO
RVMI
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q2
20.18
19.52
26.21
22.85
23.70
22.17
19.70
23.80
16.51
9.30
15.39
23.99
20.12
24.27
10.68
18.15
19.47
25.93
10.00
9.93
0.39
0.39
0.39
18.88
14.47
20.28
20.47
19.13
21.46
24.23
14.04
15.50
18.28
21.19
Yield
(%)
35.92
28.22
49.23
34.56
40.96
26.47
34.92
44.97
25.69
35.76
25.62
45.81
41.53
21.16
23.97
30.60
31.79
50.13
33.93
32.45
3.78
3.53
3.39
32.27
19.25
29.83
34.60
34.45
38.00
40.02
29.21
19.40
34.70
38.98
Volatility
0.00
0.00
4.20
0.00
6.00
0.00
0.00
0.16
0.00
0.00
0.00
0.10
0.00
1.29
0.00
0.01
1.04
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.01
0.01
0.00
8.12
0.00
0.00
0.00
0.00
0.00
0.00
Yield
(%)
Volatility
0.00
0.00
4.00
0.00
6.03
0.00
0.23
0.29
0.00
0.01
0.01
0.25
0.00
0.01
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.22
0.00
0.01
0.01
0.00
0.02
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q4
RVIO
1.91 22.47
RVIO
0.07 23.09
RVIO 11.42 45.80
RVIO
3.33 26.38
RVIO 15.57 37.49
RVIO 1.69 22.33
RVIO
0.35 25.47
RVIO
7.72 39.25
RVIO
0.96 19.47
RVIO 1.98 18.30
RVIO 2.57 21.44
RVIO
8.92 39.99
RVIO 10.63 42.58
RVIO
4.72 18.73
RVIO 15.84 23.04
RVIO
2.05 23.20
RVMI
2.55 25.92
RVIO 18.58 46.90
RVIO
3.95 16.70
RVIO
3.56 15.99
RVIO 5.52 8.66
RVIO 5.32 8.34
RVIO 4.49 8.71
RVIO 16.16 28.35
RVIO
0.46 17.57
RVIO
5.18 29.53
RVIO
2.29 26.84
RVIO 0.32 25.67
RVIO 13.92 30.35
RVIO
0.81 33.26
RVIO
1.27 22.60
RVIO 2.88 13.83
RVIO
1.75 26.59
RVIO
5.44 29.03
Dura- Fund
tion type
Q3
20.41
27.14
50.73
36.35
45.21
25.52
37.24
48.28
28.85
31.24
28.86
47.66
42.08
26.95
28.64
31.25
28.34
45.52
26.34
26.04
NA
NA
NA
33.79
30.49
50.26
37.99
36.81
36.47
33.26
29.19
34.04
34.00
41.53
Yield
(%)
23.96
20.74
43.21
25.30
35.95
19.29
25.74
39.08
19.47
23.39
19.92
39.42
37.73
16.65
24.34
22.17
21.99
42.49
22.70
21.71
5.16
4.97
5.18
31.19
15.75
27.03
25.54
25.54
29.25
29.82
21.76
14.69
25.72
28.77
Volatility
2002
NA
29.14
NA
27.33
5.10
14.63
30.16
NA
NA
NA
NA
NA
NA
28.04
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
29.54
15.03
32.46
NA
NA
NA
38.78
46.58
Yield
since
1996
% fees
2.25
2.25
2.25
2.25
2.25
2.25
2.00
1.75
1.50
1.90
1.90
1.75
1.35
1.75
2.25
2.25
2.00
1.35
0.45
0.50
1.35
1.35
1.35
2.25
2.25
2.25
2.25
1.95
1.95
1.95
2.25
1.85
1.95
1.95
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
9.00
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
2.00
2.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
0.00
0.00
0.00
1.00
2.00
1.00
0.00
0.00
2.50
2.50
2.50
0.00
0.00
0.00
0.00
1.00
1.00
0.00
0.00
1.00
1.00
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
0.20
0.20
0.20
0.20
0.20
0.10
0.20
0.25
0.10
0.10
0.10
0.10
0.12
0.13
0.12
0.20
0.00
0.00
0.10
0.03
0.15
0.15
0.15
0.00
0.15
0.15
0.15
0.20
0.20
0.20
0.10
0.10
0.20
0.20
Custody
281
282
C. INGEN. MERCADOS FIM ...................

C.MANRESA MUNDIBORS.FIM..............
CAHISPA MULTIFONDO FIMF ...............
CAIXA CATALUNYA BORSA MUNDIAL FIM
CAIXA CATALUNYA CONSUM FIM........
CAIXA CATALUNYA FINANCER FIM.......
CAIXA CATALUNYA MATERIES PRIMERES FIM ..
CAIXA CATALUNYA SANITAT FIM ..........
CAIXA CATALUNYA SECTOR IMMOBILIARI FIMF....
CAIXA CATALUNYA SELECCIO ACTIVA 75 FIMF
CAIXA CATALUNYA TELECOMUNICACIONS FIM....
CAJA INGENIEROS MULTIFONDO FIMF
CAJA LABORAL BOLSA UNIVERSAL FIMF...
CAJASUR GLOBAL FIMF.........................
CAM ASIA FIMF ......................................
CAM GLOBAL FIM..................................
CAM SALUD Y OCIO FIMF.....................
CAM SECTOR FINANCIERO FIMF ..........
CAM SECTOR INDUSTRIAL FIMF ...........
CAM SECTOR TECNOLOGICO FIMF......
CAN BIENESTAR FIMF ............................
CAN FINANCIERO FIMF.........................
CAN NAVARRA GLOBAL FIM.................
CAN TECNOLOGIA FIMF .......................
CANTABRIA BOLSA GLOBAL FIM ..........
CREDIT SUISSE TOP FONDOS FIMF ......
CRV BOLSA UNIVERSAL FIM..................
CRV FONDO MULTIPLE FIMF ................
CS EUROCEANICO FIMF........................
CT GLOBAL 100 FIM ..............................
DREAM TEAM FONDO FIMF..................
DWS BOLSA TURISMO FIM ...................
DWS BOLSA UNIVERSAL FIM ................
DWS INNOVACION BOLSA FIMP..........
(Continued)
0.68
1.66
3.24
0.89
2.13
4.96
7.85
5.83
7.49
NA
13.29
1.25
1.74
2.63
5.14
2.88
0.28
1.23
2.61
3.10
0.51
1.64
1.08
8.69
1.59
0.85
1.95
1.37
NA
1.48
4.01
9.92
1.23
4.80
Yield
(%)
13.21
12.59
12.20
12.24
12.30
15.03
12.44
8.55
4.57
NA
17.14
11.36
9.42
13.09
9.91
13.74
8.68
12.22
4.30
15.37
9.07
15.85
15.50
27.93
14.82
12.19
11.91
12.13
0.41
14.45
12.32
14.30
15.72
19.47
Volatility
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.01
0.01
NA
0.01
1.49
0.01
0.01
0.01
0.16
0.01
0.01
0.01
0.01
0.00
0.00
0.01
0.00
0.00
0.01
0.07
0.39
0.01
0.00
0.00
0.01
0.01
0.01
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q1
18.11
15.88
16.99
12.53
12.26
11.09
8.28
5.27
2.37
NA
19.79
15.20
6.28
16.74
10.33
9.04
13.77
13.14
3.40
18.23
19.47
16.08
19.21
32.99
22.24
17.19
18.51
16.14
13.87
22.01
21.26
13.76
18.88
18.57
Yield
(%)
16.35
16.49
12.92
13.48
13.70
13.63
11.27
14.05
5.51
NA
17.55
12.04
8.40
14.83
11.09
15.92
9.12
12.12
3.49
14.78
12.78
15.19
17.82
30.77
19.16
12.20
17.00
11.86
12.31
19.74
14.19
15.40
18.40
22.89
Volatility
0.04
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
NA
0.00
3.54
0.00
0.00
0.01
0.29
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.08
1.42
0.00
0.00
0.00
0.00
0.00
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q2
16.78
19.22
18.53
22.05
16.94
17.70
18.49
9.27
6.15
NA
21.47
13.74
12.69
15.61
6.65
0.44
4.49
9.12
4.51
6.19
10.85
20.03
19.47
23.40
18.85
11.97
17.17
14.17
14.31
20.01
16.27
23.27
20.24
15.08
Yield
(%)
27.38
35.66
22.76
27.62
25.62
28.52
27.57
26.19
8.91
NA
32.89
21.84
17.74
23.47
12.23
29.74
13.89
17.18
7.10
14.41
25.08
31.80
34.97
37.04
33.33
17.57
29.54
23.04
22.23
33.88
20.17
30.30
30.13
32.14
Volatility
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
NA
0.00
4.24
0.00
0.00
0.01
0.10
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.07
0.20
0.00
0.00
0.00
0.00
0.00
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q3
1.83
7.41
1.76
3.15
4.05
1.82
0.39
5.47
1.63
NA
16.54
1.96
4.60
2.00
2.82
22.68
1.68
0.47
0.17
0.55
5.34
2.59
1.10
6.89
1.31
3.27
2.49
1.62
3.90
2.17
0.31
4.68
2.77
9.31
Yield
(%)
22.19
24.57
15.92
27.76
27.62
31.92
21.99
17.38
7.93
0.11
35.20
17.16
14.75
16.73
10.11
27.94
7.34
6.75
4.31
7.00
15.38
25.76
24.11
30.99
24.70
15.98
21.88
15.89
18.59
26.32
13.33
22.86
23.93
24.22
Volatility
0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.01
3.80
0.01
0.01
0.01
0.08
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.01
0.06
0.15
0.04
0.01
0.01
0.01
0.01
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q4
31.07
25.80
31.41
29.04
28.58
21.80
19.68
23.49
3.13
NA
36.35
27.38
12.92
29.32
14.48
15.31
19.25
19.72
5.19
25.26
31.70
30.03
34.94
49.90
37.09
30.09
32.17
28.22
NA
37.21
31.21
30.67
32.70
28.03
Yield
(%)
Yield
since
1996
20.67
NA
24.21
NA
16.66
NA
21.78 28.97
21.08
NA
23.83
NA
19.70
NA
17.79
NA
7.05
NA
0.11
NA
27.30
NA
16.28
NA
13.26
NA
17.61
NA
10.95
NA
23.12
NA
10.14
NA
12.70
NA
5.03
NA
13.42
NA
16.80
NA
23.39
NA
24.46
NA
32.09
NA
24.19
NA
14.78
NA
21.26
NA
16.48
NA
16.38
NA
24.88
NA
15.53 12.37
21.91
NA
22.90
NA
25.26
NA
Volatility
2002
% fees
2.25
2.25
1.50
1.35
1.35
1.35
1.35
1.35
1.35
1.45
1.35
2.00
2.25
1.80
1.75
2.00
1.75
1.75
1.75
1.75
2.25
2.25
2.25
2.25
2.25
1.90
2.25
1.75
0.40
2.25
1.60
1.85
2.00
0.45
0.00
0.00
0.00
9.00
9.00
9.00
9.00
9.00
9.00
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
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
2.00
2.00
2.00
2.00
2.00
2.00
2.00
0.00
0.00
0.00
0.00
2.00
1.00
0.00
0.00
0.00
1.00
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
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
1.00
0.00
0.00
0.00
0.00
Min.
Back end
0.04
0.15
0.10
0.15
0.15
0.15
0.15
0.15
0.20
0.05
0.15
0.11
0.04
0.15
0.10
0.11
0.10
0.10
0.10
0.10
0.15
0.15
0.15
0.15
0.20
0.00
0.07
0.05
0.15
0.10
0.09
0.10
0.10
0.05
Custody
DWS INNOVACION BOLSA I FIMS........

DWS MAXBLUE INNOVACION BOLSA FIMS....
DWS SELECTED FUNDS 75 FIMF ...........
EBANKINTER BOLSA, FIM ....................
ESPIRITO SANTO ACCIONES GLOBAL FIM.
EUROVALOR BOLSA INTERNACIONAL FIM ....
EUROVALOR SELECCION TOP-100 FIMF ...
FIBANC GLOBAL RV FIM .......................
FIBANC TECNOCOM FIM ......................
FIBANC TITANES FIM .............................
FIBANC-LATINOAM. RV FIM..................
FONBILBAO INTERN. FIM......................
FONBILBAO MULTIFONDOS FIMF........
FONCAIXA 61 TECNOL. FIM..................
FONCAIXA 73 BOLSA SECTOR FINANCIERO FIM ...
FONCAIXA 74 BOLSA BLUE CHIPS FIM.
FONCAIXA 91 CESTA RENTA VARIABLE FIMF...
FONCAIXA 93 FONDOS BOLSAS MUNDIALES FIMF
FONCAIXA BOLSA 62 FIM......................
FONDBARCLAYS GLOBAL HEALTH FIMF...
FONDESPAA MULTIFONDOS FIMF.....
FONDESPAA SECTORIAL CRECIMIENTO FIM.
FONDESPAA SECTORIAL VALOR, FIM
FONDMAPFRE BOLSA ASIA FIMF ..........
FONDMAPFRE BOLSA GLOBAL FIM......
FONDMAPFRE TECNOLOGIA FIM.........
FONDOS MUNDIALES BK FIMF.............
FONDUERO BOLSA FIM ........................
FONDUERO INTERNACIONAL FIM .......
FONDUERO SECTORIAL FIM .................
FONINDEX FONDEFON FIM..................
FONMIX LAIETANA FIM .........................
FONPASTOR TECNOLOGIA FIMF ..........
(Continued)
4.85
4.50
1.79
3.35
4.89
1.71
0.67
3.30
4.70
1.41
2.54
0.93
1.52
5.02
1.76
0.51
1.14
0.18
13.00
1.31
3.30
0.98
10.81
1.12
6.53
2.00
3.87
0.61
2.44
0.91
8.01
4.85
1.18
6.76
Yield
(%)
18.10
17.81
8.01
16.05
13.97
17.29
11.61
13.61
23.96
15.15
17.00
14.55
12.81
27.86
17.85
14.91
14.08
1.03
19.07
8.79
14.83
12.31
23.33
13.19
9.04
15.15
31.23
9.88
18.48
18.42
19.37
16.10
16.74
13.46
Volatility
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
8.16
0.01
0.12
0.01
0.01
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.01
0.01
0.01
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIU
RVIU
RVIM
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q1
17.70
17.10
13.29
10.63
17.79
26.22
15.55
19.42
33.87
23.42
14.85
21.49
17.81
32.94
14.94
20.63
14.34
0.28
26.20
6.45
24.99
20.07
22.68
18.99
10.69
16.38
34.81
12.49
10.50
10.67
15.80
21.58
16.09
15.83
Yield
(%)
21.19
20.63
8.82
17.25
15.16
24.87
13.62
18.05
30.55
21.67
14.18
19.35
13.90
35.39
19.04
18.92
17.18
21.37
27.43
12.64
19.16
16.33
16.51
15.81
14.45
19.36
38.13
10.12
15.16
15.39
15.92
15.15
20.70
10.90
Volatility
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4.55
0.00
0.07
0.01
0.01
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIU
RVIU
RVIM
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q2
14.30
13.64
11.58
18.04
16.02
16.46
19.00
20.73
23.88
17.36
9.02
21.49
16.40
26.11
21.78
16.33
21.52
1.72
18.51
18.46
8.34
20.11
16.20
17.67
10.85
20.50
33.34
12.40
21.43
21.63
21.72
14.04
18.67
13.15
Yield
(%)
29.49
28.65
17.30
33.26
28.97
39.64
26.81
34.66
35.39
37.99
19.11
32.94
25.83
44.19
36.38
34.82
35.14
6.29
33.06
34.41
27.42
31.16
28.34
29.37
16.84
36.23
44.76
18.04
33.01
33.27
36.41
27.16
36.01
13.35
Volatility
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
1.25
0.00
0.04
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.05
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.01
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q3
8.03
8.11
1.15
8.67
0.93
3.53
5.49
2.74
10.39
3.17
7.83
5.87
1.04
10.81
2.59
0.80
5.00
6.20
14.16
0.56
1.16
0.81
1.96
1.04
7.33
4.21
9.70
1.78
2.68
2.71
13.17
2.98
3.40
0.18
Yield
(%)
22.31
21.60
13.05
22.21
19.68
27.39
18.38
25.54
33.98
26.66
19.66
26.35
19.23
41.10
31.77
24.99
27.76
16.62
31.19
21.65
15.44
21.44
19.55
28.46
14.99
25.82
40.87
14.80
26.24
26.34
30.56
18.09
26.44
16.33
Volatility
0.01
0.01
0.01
0.00
0.01
0.00
0.01
0.00
2.16
0.00
0.04
0.01
0.01
0.01
0.00
0.00
0.00
0.01
0.06
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.00
0.01
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q4
27.51
26.09
22.86
17.73
33.73
37.28
27.35
32.21
47.04
35.63
18.59
35.35
30.97
47.85
30.53
33.40
28.62
7.71
40.27
23.15
34.28
36.26
43.34
31.85
21.40
32.11
54.18
21.50
29.56
28.75
31.38
37.78
30.27
31.72
Yield
(%)
23.28
22.66
12.48
23.38
20.44
28.65
18.74
24.52
31.59
26.89
17.73
24.54
18.81
37.93
27.62
24.74
25.18
13.93
28.45
21.88
20.02
21.68
22.46
23.06
14.24
25.58
39.39
13.75
24.38
24.52
27.08
19.82
26.15
13.73
Volatility
2002
NA
NA
NA
NA
33.10
NA
NA
NA
NA
NA
NA
20.72
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
17.36
30.98
NA
27.79
30.61
26.71
NA
Yield
since
1996
% fees
1.75
0.50
1.75
2.25
2.25
2.25
2.25
2.25
2.25
2.00
2.25
1.75
2.00
1.35
1.35
1.35
1.50
1.35
1.35
1.35
1.60
1.10
1.75
1.75
1.75
2.25
2.25
0.60
2.00
2.00
2.25
1.35
2.00
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
9.00
9.00
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
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
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
4.00
4.00
4.00
4.00
4.00
4.00
4.00
2.00
0.00
0.00
0.00
1.50
1.50
1.50
2.00
2.00
0.00
0.00
0.00
0.00
3.00
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
4.00
4.00
4.00
4.00
0.00
4.00
4.00
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
Min.
Back end
0.00
0.00
0.10
0.04
0.15
0.00
0.00
0.10
0.10
0.10
0.20
0.15
0.05
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.20
0.20
0.20
0.06
0.00
0.10
0.40
0.12
0.20
0.20
Custody
283
284
FONPENEDES TECNOLOGIA FIM ..........

GAESCO FONDO DE FONDOS FIMF ....
GAESCO MULTINACIONAL FIM ............
GAESCO T.F.T. FIM..................................
GESTECNOLOGIA FIM ...........................
GLOBAL BOLSA FIM...............................
HSBC GLOBAL ACCIONES FIM..............
HSBC UNIVERSAL FIM ...........................
IBERAGENTES POPULAR BIOGEN FIMS
IBERAGENTES POPULAR SELECCION VALOR FIMF .
IBERCAJA BOLSA INTERNACIONAL FIM
IBERCAJA FINANCIERO FIM ...................
IBERCAJA NUEVAS OPORTUNIDADES FIM......
IBERCAJA PETROQUIMICO FIM.............
IBERCAJA SANIDAD FIM ........................
IBERCAJA SELECCION BOLSA FIMF........
IBERCAJA TECNOLOGICO FIM ..............
INDOSUEZ CRECIMIENTO FIM..............
INDOSUEZ VALOR FIM..........................
ING DIRECT FONDO NARANJA RV GLOBAL FIMF..
INGENIEROS BOLSA MULTISECTORIAL FIM.....
INTERVALOR FONDOS FIMF .................
KUTXACRECIMIENTO FIM......................
KUTXAOPPORTUNITIES FIMF................
KUTXARENDIMIENTO FIM.....................
KUTXAVALOREURO FIM........................
KUTXAVALORINTER FIM........................
LEALTAD MUNDIAL FIM ........................
MADRID FARMACIA GLOBAL FIM.........
MADRID GESTION ACTIVA 100 FIMF....
MADRID SECTOR FINANCIERO GLOBAL FIM..
MADRID TECNOLOGICO GLOBAL FIM
MADRID TELECOMUNICACIONES GLOBAL FIM....
MARCH GLOBAL FIM.............................
(Continued)
13.63
3.13
4.22
8.17
6.11
3.05
1.43
2.07
4.43
1.90
0.55
3.62
8.47
8.66
0.25
1.51
8.87
6.95
4.04
0.39
3.04
0.91
7.86
1.14
1.24
0.51
2.49
1.24
2.14
1.96
1.77
8.39
11.00
2.22
Yield
(%)
29.12
10.72
22.26
24.10
30.04
13.79
14.41
11.47
14.66
8.93
14.22
19.67
16.44
14.19
11.33
14.19
24.23
26.75
11.37
15.95
19.68
9.82
21.87
13.19
9.99
14.73
12.57
11.54
16.22
16.49
17.30
26.77
22.84
16.76
Volatility
0.00
0.01
0.00
0.00
0.11
0.01
0.01
0.01
0.00
0.44
0.01
0.00
0.00
0.00
0.01
0.00
0.01
0.00
0.00
0.01
0.04
0.01
0.00
0.00
0.00
0.00
0.00
3.25
0.00
0.01
0.00
0.01
0.00
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVMI
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q1
38.60
15.10
24.38
27.80
25.57
19.56
17.98
20.24
17.20
16.79
18.25
15.49
20.68
11.90
22.96
16.64
32.48
29.22
14.80
19.62
22.55
12.85
31.33
18.03
14.25
15.01
18.34
13.65
25.98
18.33
13.70
29.20
29.69
16.14
Yield
(%)
39.84
10.44
24.26
24.66
33.70
19.48
18.36
19.32
18.29
9.69
16.09
20.08
24.32
16.54
18.76
17.65
33.04
27.48
14.18
13.47
22.03
8.08
32.02
13.55
14.44
21.44
17.12
11.16
21.57
18.63
18.70
32.01
28.96
15.08
Volatility
0.00
0.00
0.00
0.00
0.19
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
2.08
0.00
0.00
0.00
0.00
0.00
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIE
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q2
26.87
17.14
24.92
23.02
22.50
11.63
20.02
17.23
10.01
10.92
16.36
22.15
29.20
16.73
10.80
19.76
20.78
22.45
19.55
16.34
22.89
12.02
23.05
17.29
16.15
24.69
17.24
7.59
8.19
18.74
22.32
22.87
17.94
16.11
Yield
(%)
54.40
20.43
41.92
31.02
39.29
21.95
33.21
36.30
32.28
18.89
32.01
38.38
41.59
34.43
34.06
34.17
40.73
32.21
27.79
26.50
36.18
19.59
40.44
18.78
26.12
48.67
32.64
10.69
37.50
32.97
39.30
42.13
35.41
30.04
Volatility
0.00
0.00
0.00
0.00
0.04
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.02
0.00
0.00
0.00
0.00
0.00
0.00
3.23
0.00
0.00
0.00
0.00
0.00
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q3
37.74
1.94
7.94
8.56
6.00
2.42
1.41
7.44
3.33
1.76
1.27
3.57
14.81
1.75
2.58
6.41
18.43
12.40
4.92
0.20
8.21
1.38
15.01
3.27
2.64
4.23
1.61
1.41
2.63
1.70
5.75
11.79
17.71
1.28
Yield
(%)
46.70
15.99
36.28
31.07
35.72
20.66
25.37
16.42
15.94
12.37
23.56
34.03
38.00
22.44
18.21
26.90
36.93
31.11
23.25
20.24
29.67
26.06
36.76
15.57
20.75
33.32
24.80
9.41
20.07
25.83
32.54
37.67
32.96
16.51
Volatility
0.00
0.01
0.00
0.01
0.06
0.01
0.01
0.01
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.02
0.01
0.00
0.00
0.00
0.00
0.00
4.34
0.00
0.01
0.01
0.01
0.00
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q4
46.58
28.86
41.30
44.59
42.59
29.42
36.26
30.55
26.41
25.80
30.38
29.39
30.07
18.89
32.88
27.75
42.27
42.59
25.19
32.88
37.34
23.70
44.00
33.67
29.14
33.63
33.04
22.31
35.24
31.19
27.85
44.08
39.55
32.09
Yield
(%)
44.04
15.13
32.47
28.14
35.01
19.34
24.08
23.06
21.59
13.25
22.74
29.43
32.13
23.42
22.36
24.71
34.60
29.73
20.47
19.81
27.89
17.60
33.81
15.57
18.97
32.44
23.23
10.79
25.35
24.52
28.71
35.37
30.71
20.61
Volatility
2002
NA
20.01
NA
44.22
82.10
NA
14.50
NA
NA
24.15
11.63
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
27.74
NA
NA
NA
NA
29.40
NA
NA
NA
Yield
since
1996
% fees
2.25
1.50
2.25
2.25
2.00
1.75
2.15
2.15
1.80
2.25
1.80
1.90
1.90
1.90
1.90
2.25
1.90
1.60
1.60
0.00
2.25
1.00
2.25
2.25
2.25
2.25
2.25
1.00
2.25
1.75
2.20
2.25
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
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
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
2.00
2.00
2.00
0.00
3.00
4.00
3.00
4.00
3.00
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
Min.
Back end
0.00
0.10
0.10
0.10
0.20
0.17
0.15
0.20
0.03
0.10
0.20
0.20
0.20
0.20
0.20
0.20
0.20
0.05
0.05
0.00
0.09
0.15
0.06
0.20
0.03
0.06
0.05
0.15
0.01
0.00
0.09
0.02
0.05
0.20
Custody
MARCH MULTIFONDO RV INTERNACIONAL FIMF.

MARCH PREMIER BOLSA FIM ................
MORGAN STANLEY FONDOS AGRESIVO FIMF
MORGAN STANLEY FONDOS RV FIMF .
MORGAN STANLEY FONDOS SECTORIAL FIMF
MORGAN STANLEY GLOBAL RV AGRESIVO FIM....
MORGAN STANLEY INTERNET FIM .......
MUNDIFOND 2000 FIMF.......................
MUTUAFONDO BOLSA FIM..................
MUTUAFONDO FONDOS FIMF............
MUTUAFONDO GESTION ACCIONES FIMF
MUTUAFONDO TECNOLOGICO FIMF .
NAVARRA ACC.SIG.XXI FIM ...................
NAVARRA ACC.TECNOL. FIM ................
NAVARRA ACCION.INT.FIM...................
PENTAFONDO INTERN.FIM...................
PERFILADO AGRESIVO FIMFP................
PERFORMANCE FUND FIM....................
PHARMAFUND, FIM ..............................
PSN PLAN INVERSION FIMS ..................
RENTA 4 ECOFONDO FIM .....................
RURAL BIOMED FIMS ............................
RURAL CESTA BURSATIL 100 FIMF ........
RURAL CESTA DECIDIDA 80 FIMF .........
RURAL RENTA VARIABLE MULTIFONDO FIMF.
RURAL RV INTERNAC. FIM ....................
RURAL TECNOLOGICO RENTA VARIABLE FIM.
SABADELL SECTOR FINANCIERO FIM ...
SAFEI GLOBAL INVERSION FIMF ...........
SAFEI GLOBAL SECTORES FIMF .............
SAFEI SECTOR TECNOLOGIA FIM..........
SANTANDER CONSUMO FIM................
SANTANDER FONDO FINANCIERO FIM
SANTANDER INTERNET FIM ..................
(Continued)
Volatility
0.42
16.48
9.50
14.14
12.57
17.14
28.64
7.44
11.40
12.72
8.67
22.73
14.54
28.05
18.36
13.45
NA
14.75
8.59
11.35
17.91
4.94
11.53
9.50
11.17
15.85
19.88
16.63
13.19
13.76
1.25
12.08
20.23
32.67
Yield
(%)
NA
1.66
2.48
1.21
0.78
4.46
4.15
1.76
3.79
0.13
6.76
5.95
3.92
5.01
0.62
0.04
NA
5.11
1.36
1.44
4.16
NA
1.41
1.90
2.25
1.05
1.90
0.18
0.96
0.13
0.79
8.68
3.28
5.49
0.01
0.06
0.01
0.01
0.00
0.00
0.01
0.02
0.01
0.01
0.00
0.00
0.00
0.00
0.21
0.01
NA
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.01
0.01
0.01
0.01
0.00
0.00
0.01
0.01
0.00
0.04
RVIO
RVIO
RVE
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVE
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q1
5.86
16.55
14.22
18.42
22.25
19.60
35.95
13.72
20.62
15.10
7.69
32.55
16.12
32.53
20.30
16.48
NA
15.09
13.72
9.80
17.19
8.91
17.37
13.25
14.29
22.89
31.31
13.21
20.96
19.14
2.08
10.86
17.39
33.44
Yield
(%)
5.04
15.28
14.47
15.76
15.29
18.41
37.14
8.63
19.61
13.85
7.87
33.08
17.27
33.33
21.37
17.32
NA
14.36
13.84
12.88
19.28
9.79
17.94
13.14
9.52
22.29
28.56
19.79
13.51
13.26
1.87
11.75
20.82
39.78
Volatility
0.01
8.78
0.00
0.00
0.00
0.00
0.00
0.04
0.00
0.01
0.00
0.00
0.00
0.00
NA
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.00
0.07
RVIO
RVIO
RVE
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVE
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q2
10.00
15.37
21.22
17.33
16.33
0.55
28.95
12.65
18.04
12.23
12.05
22.32
22.01
24.81
24.80
21.43
NA
10.85
11.22
18.09
18.96
8.18
19.68
15.14
14.24
16.90
19.51
36.93
15.56
13.66
1.59
9.86
22.52
22.20
Yield
(%)
11.74
29.83
33.95
27.13
25.72
1.73
48.74
16.96
33.76
20.05
11.05
35.68
37.01
43.05
41.70
33.29
NA
10.51
23.54
24.41
23.90
26.09
29.76
22.49
17.94
33.40
41.22
53.50
24.87
25.74
1.22
25.23
40.22
45.28
Volatility
0.01
5.99
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
NA
0.16
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.02
0.01
0.00
0.00
0.14
RVIO
RVIO
RVE
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q3
0.94
0.90
1.61
0.19
2.47
47.51
18.49
0.27
9.77
1.12
0.73
11.69
4.34
14.15
7.36
4.83
NA
1.31
2.30
8.68
6.71
1.62
5.84
5.38
2.46
4.65
6.47
17.04
2.50
3.12
2.02
5.08
0.99
8.76
Yield
(%)
10.15
16.31
25.22
19.89
19.35
76.31
46.34
11.83
22.70
15.27
10.00
31.08
27.28
41.72
32.66
26.17
9.40
6.60
13.21
17.50
28.00
13.48
23.16
17.29
14.04
24.65
32.08
46.62
18.50
18.35
5.66
15.19
33.45
39.60
Volatility
0.00
0.18
0.01
0.01
0.00
0.00
0.01
0.01
0.01
0.01
0.00
0.01
0.00
0.00
0.00
0.01
0.01
0.23
0.01
0.01
0.01
0.00
0.00
0.00
0.01
0.00
0.02
0.00
0.00
0.00
0.00
0.01
0.01
0.29
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q4
NA
31.17
29.62
31.62
32.82
13.94
48.31
23.11
31.29
24.74
13.95
44.96
29.06
45.00
36.05
31.19
NA
27.23
22.70
18.54
31.37
NA
28.76
20.96
26.69
33.65
42.26
36.05
35.54
32.45
2.46
17.11
33.24
46.78
Yield
(%)
Yield
since
1996
8.89
NA
20.48
NA
23.04
NA
20.02
NA
19.09
NA
40.57
NA
41.38
NA
11.94
NA
23.50 14.52
15.82
NA
9.61
NA
31.31
NA
25.82
NA
37.35
NA
30.22
NA
24.03
NA
9.40
NA
12.07
NA
15.87 14.26
17.48
NA
22.78
NA
17.01
NA
21.86
NA
16.50
NA
13.67 18.60
25.04
NA
31.64
NA
38.18
NA
18.29
NA
18.59
NA
3.07
NA
17.08
NA
30.09
NA
39.81
NA
Volatility
2002
% fees
1.75
1.15
1.29
1.50
1.50
0.80
2.25
1.30
0.30
0.30
1.50
0.50
1.60
1.60
2.00
2.10
0.00
1.35
2.25
1.75
2.25
1.80
0.00
0.00
2.25
2.25
2.25
1.90
1.35
1.35
1.35
1.90
1.90
1.90
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
5.00
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
3.00
2.00
2.00
3.00
3.00
3.00
0.00
0.00
0.00
0.00
1.00
1.00
3.00
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
0.20
0.10
0.15
0.12
0.15
0.10
0.15
0.10
0.02
0.01
0.02
0.04
0.13
0.13
0.15
0.15
0.10
0.12
0.20
0.15
0.13
0.10
0.20
0.20
0.00
0.00
0.00
0.10
0.15
0.15
0.15
0.10
0.10
0.10
Custody
285
286
SANTANDER MULTIFONDOS AGRESIVO FIMF

SANTANDER TECNOLOG. FIM ..............
SCH CRECIMIENTO TECNOLOGICO FIM ...
SCH GRANDES VALORES FIM................
SCH INDUSTRIA Y ENERGIA FIM...........
SCH INNOVACION MEDICA DOLAR FIM ..
SCH OCIO FIM .......................................
SCH PRIVATIZACIONES FIM...................
SCH SELECCION FONDOS GLOBAL FIMFP .....
SCH SELECCION FONDOS TECNOLOGIA FIMFP....
SCH SELECCION GLOBAL FIMS.............
SCH SELECCION GLOBAL PLUS FIMS ...
SCH SELECCION TECNOLOGIA FIMS....
SCH TELECOMUNICACIONES FIM ........
SEGURFONDO BOLSA FIM....................
SEGURFONDO SMALL-CAPS FIM..........
SMB BOLSA 1 FIM ..................................
TARRAGONAFONS SELEC 75 FIMF........
UNIFOND BOLSA GLOBAL FIMF...........
URQUIJO GLOBAL FIM..........................
VALENCIA INTERNAC. FIM.....................
ZARAGOZ. RV GLOBAL FIM..................
(Continued)
0.58
5.39
3.32
NA
2.29
12.72
1.52
9.14
1.58
1.11
1.03
7.69
0.37
8.63
1.11
1.32
0.53
NA
0.75
3.22
1.56
3.61
Yield
(%)
15.48
32.60
31.59
17.44
18.63
33.45
19.67
13.94
12.13
17.68
11.55
17.75
16.95
20.81
13.35
14.06
16.18
NA
11.71
14.09
15.08
11.65
Volatility
0.00
0.07
0.00
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.00
0.00
0.00
0.01
0.01
0.00
0.01
NA
0.00
0.01
0.01
0.01
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIU
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIE
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q1
16.29
32.66
32.38
19.66
18.32
38.83
24.63
7.05
20.27
33.93
19.81
33.97
33.12
28.25
17.29
13.08
18.64
NA
12.09
18.68
19.54
15.83
Yield
(%)
14.86
37.81
37.35
20.39
17.37
47.73
21.73
16.67
11.39
27.83
10.86
24.02
26.72
32.75
15.49
12.93
20.89
9.00
9.19
17.55
15.88
19.08
Volatility
0.00
0.05
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.02
0.01
0.00
0.00
0.00
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIU
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q2
16.59
23.69
24.41
16.17
21.19
4.59
20.26
18.74
16.31
22.16
16.06
18.84
21.75
22.58
15.45
17.84
23.16
2.15
13.19
14.09
17.07
14.66
Yield
(%)
26.16
44.50
44.23
32.90
31.12
51.98
35.86
25.56
19.80
31.85
19.01
26.13
30.57
39.55
31.45
20.51
40.39
1.91
22.70
32.53
26.58
24.36
Volatility
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
0.01
0.01
0.00
0.01
0.01
0.00
0.00
0.00
0.13
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q3
1.41
7.73
8.21
1.09
1.60
2.78
0.63
0.33
2.06
11.65
2.38
2.34
10.35
25.38
1.94
1.81
9.51
2.04
0.75
3.63
1.15
0.63
Yield
(%)
19.52
39.04
39.36
23.88
24.81
29.57
28.47
19.90
14.14
24.55
13.57
13.58
23.58
33.28
23.31
18.51
27.50
3.76
11.93
23.51
22.47
19.53
Volatility
0.00
0.27
0.20
0.01
0.01
0.01
0.01
0.01
0.00
0.02
0.01
0.01
0.00
0.00
0.01
0.00
0.01
0.01
0.01
0.01
0.16
0.03
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Dura- Fund
tion type
Q4
28.78
47.62
46.53
NA
33.10
47.64
38.60
17.83
33.62
41.95
33.61
51.69
42.04
36.37
27.92
30.81
31.90
NA
24.83
29.93
35.06
25.10
Yield
(%)
Yield
since
1996
19.66
NA
38.94
NA
38.64
NA
24.90
NA
23.80
NA
41.98
NA
27.38
NA
19.66
NA
14.91
NA
26.39
NA
14.28
NA
21.22
NA
25.33
NA
32.68
NA
22.23 1.95
16.90
NA
28.00 25.38
2.96
NA
14.91
NA
23.15 34.09
20.69
NA
19.33
NA
Volatility
2002
% fees
1.50
1.75
2.15
1.85
1.90
1.90
1.90
2.00
0.32
0.32
1.88
1.25
1.88
1.90
1.50
1.25
1.50
1.45
1.60
2.25
2.23
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
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
1.00
3.00
0.00
3.00
3.00
3.00
3.00
5.00
5.00
3.00
3.00
3.00
3.00
0.00
0.00
0.00
0.00
0.00
2.00
1.50
0.50
Max.
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
2.00
0.00
0.00
Min.
Back end
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.09
0.09
0.01
0.01
0.01
0.10
0.20
0.20
0.20
0.20
0.10
0.20
0.20
0.25
Custody
AC USA FIM............................................
ATLANTICO NORTEAMERICA FIM .........
BANCAJA RV ESTADOS UNIDOS FIM....
BANESTO BOLSA USA FIM.....................
BANKPYME US AMERICA FIM................
BARCLAYS BOLSA USA 2 FIMS...............
BARCLAYS BOLSA USA FIMP .................
BBK BOLSA EEUU FIM............................
BBVA BOLSA USA FIM............................
BBVA INDICE NASDAQ PLUS FIM .........
BBVA INDICE USA PLUS FIM .................
BETA USA ACCIONES FIM ......................
BI AMERICA FIM .....................................
BK INDICE AMERICA FIM .......................
BK INDICE NASDAQ 100 FIM................
CAIXA CATALUNYA BORSA USA FIM.....
CAJA LABORAL BOLSA USA FIMF..........
CAM RENTA VARIABLE USA FIMF..........
CAN NORTEAMERICA FIMF ...................
CONSTEL. MASTER INDICE TECNOLOGICO FIMP ..
CONSTELACION MASTER INDICE RV USA FIMP
DWS NORTEAMERICA BOLSA FIM ........
EUROVALOR ESTADOS UNIDOS FIMF..
FONCAIXA 96 FONDOS BOLSA USA FIMF......
FONDESPAA USA FIM .........................
FONDMAPFRE BOLSA AMERICA FIM ....
FONPENEDES BORSA USA FIM..............
IBERAGENTES POPULAR NUEVAS TECNOLOG. FIM......
IBERCAJA BOLSA USA FIM .....................
IBERSECURITIES INDICE TECNOLOGIA FIM.....
IBERSECURITIES INDICE USA FIM..........
KUTXAVALOREEUU FIM ........................
MADRID BOLSA NEW YORK FIM ..........
(Continued)
2.17
0.95
0.57
1.30
NA
0.18
0.23
4.77
0.04
7.40
0.12
0.71
1.30
0.51
7.17
0.16
0.26
1.23
1.28
18.17
8.07
1.31
0.06
0.21
4.15
NA
3.89
3.84
4.59
NA
6.03
0.18
0.44
0.47
Yield
(%)
22.04
17.09
15.12
21.39
NA
16.06
16.86
16.90
17.83
32.81
16.72
15.64
16.17
13.89
29.30
16.76
11.98
12.46
13.63
31.19
28.44
19.37
16.64
1.06
16.88
10.05
19.15
22.17
25.17
NA
34.46
18.80
15.78
18.72
Volatility
0.00
0.01
0.01
0.01
NA
0.00
0.01
0.36
0.01
0.01
0.01
0.01
0.00
0.01
0.00
0.01
0.00
0.01
0.00
0.00
0.00
0.01
0.01
0.01
0.08
0.00
0.00
0.00
0.00
NA
0.29
0.28
0.96
0.01
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIO
RVIU
RVIU
RVIU
RVIU
Dura- Fund
tion type
Q1
28.50
24.56
19.61
25.51
NA
14.25
14.44
16.89
23.77
27.39
12.88
23.30
23.39
13.24
26.12
17.94
11.16
21.45
21.12
19.58
19.27
23.22
22.39
0.33
21.77
15.76
24.63
26.47
27.91
NA
36.79
24.96
22.64
24.53
Yield
(%)
28.01
26.78
17.05
25.78
NA
20.06
20.96
19.31
23.47
42.73
19.54
20.51
21.93
19.28
36.15
18.90
11.65
18.64
14.07
2.55
2.54
22.82
18.68
21.37
21.22
19.61
21.72
31.59
28.03
NA
46.23
24.79
21.62
22.49
Volatility
0.00
0.00
0.00
0.00
NA
0.00
0.01
0.39
0.00
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.01
0.32
0.00
0.00
0.00
0.00
NA
0.07
0.07
0.92
0.00
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIO
RVIU
RVIU
RVIU
RVIU
Dura- Fund
tion type
Q2
18.09
16.12
16.09
17.99
NA
16.88
17.12
16.21
17.68
20.07
16.88
15.29
15.48
17.15
18.91
20.02
14.47
12.13
15.36
27.20
26.75
17.56
13.03
2.19
16.59
14.19
16.58
21.05
19.75
NA
20.27
16.30
15.59
16.63
Yield
(%)
41.75
33.70
31.97
38.94
NA
33.53
34.79
35.53
37.89
50.23
35.91
34.34
38.89
32.26
44.05
34.35
23.61
23.36
24.99
2.89
2.79
37.71
30.22
6.26
38.05
37.80
37.38
41.96
42.60
23.72
52.72
40.25
36.97
40.11
Volatility
0.00
0.00
0.00
0.00
NA
0.00
0.01
0.28
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.08
0.00
0.00
0.00
0.00
0.00
0.30
0.32
1.09
0.00
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIO
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
Dura- Fund
tion type
Q3
2.25
4.03
1.89
0.51
NA
7.16
7.97
5.06
0.94
18.74
9.29
1.69
0.71
7.42
16.08
6.37
6.49
1.91
1.51
80.87
55.02
2.32
1.27
2.52
3.05
0.14
1.01
11.12
6.52
4.22
11.36
1.70
1.49
1.59
Yield
(%)
30.03
23.68
28.72
29.30
20.38
27.68
28.64
29.61
30.02
40.17
26.77
25.51
28.73
22.95
36.82
31.86
19.09
13.67
19.82
163.43
8.54
27.58
24.15
19.15
29.30
26.35
28.30
34.20
34.08
28.11
42.45
31.19
28.25
29.22
Volatility
0.00
0.01
0.01
0.24
0.00
0.00
0.01
0.24
0.00
0.01
0.01
0.01
0.00
0.00
0.00
0.01
0.00
0.01
0.00
0.00
0.00
0.01
0.01
0.01
0.79
0.00
0.00
0.00
0.00
0.00
0.08
0.09
2.74
0.01
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
Dura- Fund
tion type
Q4
FIM FOREIGN EQUITY USA (RVIU)
41.42
33.54
34.20
39.40
NA
23.76
23.27
23.35
36.63
36.19
20.96
35.67
33.94
22.38
35.44
30.30
19.30
33.12
31.36
90.83
75.54
34.38
31.61
4.53
29.97
NA
38.96
37.97
41.20
NA
47.26
36.01
33.44
35.78
Yield
(%)
31.48
26.19
24.46
29.73
20.38
25.38
26.39
26.61
28.48
42.17
25.98
25.14
27.92
23.24
37.16
26.80
17.46
17.70
18.89
84.48
15.90
27.92
23.19
14.71
27.76
28.24
27.71
33.47
33.35
26.45
44.71
30.02
27.01
28.98
Volatility
2002
NA
NA
NA
NA
NA
NA
NA
NA
45.73
NA
11.87
NA
32.38
NA
NA
NA
NA
NA
NA
NA
NA
19.92
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
44.18
Yield
since
1996
% fees
2.25
2.00
2.23
2.10
1.35
1.60
0.00
1.65
2.25
0.80
0.80
2.25
1.35
0.60
1.15
1.35
2.25
1.75
2.25
0.15
0.15
2.00
1.35
1.35
2.25
1.75
2.25
2.25
2.25
2.00
1.35
1.55
2.25
1.80
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
9.00
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
0.25
0.00
5.00
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
0.00
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
1.00
2.00
1.50
3.00
1.50
2.00
0.00
0.00
2.00
2.00
2.00
0.00
1.00
0.00
1.00
0.00
1.00
2.00
0.00
0.00
0.00
0.00
0.00
4.00
4.00
0.00
1.50
0.00
2.50
2.00
1.50
1.50
2.00
4.00
Max.
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
1.00
0.00
0.00
2.00
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
Min.
Back end
0.09
0.20
0.20
0.10
0.20
0.15
0.05
0.10
0.20
0.20
0.20
0.12
0.00
0.08
0.10
0.15
0.05
0.10
0.15
0.05
0.05
0.10
0.15
0.15
0.15
0.15
0.20
0.00
0.10
0.20
0.05
0.05
0.03
0.01
Custody
287
288
RENTA 4 TECNOLOGIA FIM...................

RURAL ESTADOS UNIDOS RENTA VARIABLE FIM
SABADELL DOLAR BOLSA FIM ..............
SAFEI NORTEAMERICA FIMF ..................
SCH MEDIA DOLAR FIM ........................
SCH NORTEAMERICA PLUS FIM ............
SCH SELECCION FONDOS USA FIMF....
SCH SELECCION USA FIMS....................
SCH SELECCION USA PLUS FIMS...........
SCH SEMICONDUCTORES DOLAR FIM.
SCH TECNOINDICE FIM.........................
SCH USA BLUE CHIPS FIM.....................
(Continued)
6.55
0.41
3.79
0.72
6.22
0.29
0.47
1.10
0.92
13.59
6.39
1.47
Yield
(%)
32.53
14.08
15.55
16.44
24.38
21.38
14.31
13.79
13.63
41.48
35.82
21.62
Volatility
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.00
0.00
0.00
0.28
0.26
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
Dura- Fund
tion type
Q1
26.63
21.67
10.71
22.91
35.32
25.62
24.28
23.73
23.92
38.34
36.02
25.81
Yield
(%)
41.41
19.74
16.49
18.34
31.54
25.70
14.87
14.28
14.30
47.88
47.71
25.64
Volatility
0.00
0.00
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.08
0.07
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
Dura- Fund
tion type
Q2
21.77
14.36
14.12
15.57
14.71
17.91
14.96
14.87
14.73
34.19
20.96
18.13
Yield
(%)
46.78
31.66
30.84
29.08
44.78
39.38
21.77
20.85
20.88
58.70
50.94
40.12
Volatility
0.00
0.00
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.26
0.00
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
Dura- Fund
tion type
Q3
14.77
1.41
7.07
1.86
3.71
0.99
2.35
2.74
2.61
5.01
12.38
1.16
Yield
(%)
38.83
22.79
23.63
22.79
34.87
29.46
15.44
14.82
14.82
62.93
41.55
29.50
Volatility
0.01
0.01
0.01
0.00
0.01
0.24
0.01
0.01
0.01
0.23
0.06
0.24
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
Dura- Fund
tion type
Q4
FIM FOREIGN EQUITY USA (RVIU)
38.43
31.70
14.79
36.58
46.34
38.52
37.41
37.55
37.41
51.60
46.80
39.45
Yield
(%)
Yield
since
1996
40.42
NA
23.12
NA
22.62 3.60
22.35 21.19
34.93
NA
29.90
NA
17.04
NA
16.36
NA
16.34
NA
53.80
NA
44.63
NA
30.19
NA
Volatility
2002
% fees
2.25
2.25
2.25
1.75
1.90
1.15
0.32
1.88
1.25
1.90
0.90
2.10
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
0.00
0.00
Min.
0.00
3.00
0.00
0.00
0.00
3.00
5.00
3.00
3.00
0.00
3.00
3.00
Max.
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.13
0.00
0.10
0.15
0.10
0.10
0.09
0.01
0.01
0.10
0.10
0.10
Custody
ASTURFON. C G GAR.I FIM...................

ASTURFONDO PLAZO I FIM..................
ASTURFONDO PLAZO II FIM.................
ASTURFONDO PLAZO III FIM................
ASTURFONDO PLAZO IV FIM ...............
BANCAJA GARANTIZADO RENTA FIJA FIM
BANESTO GARANTIZADO RENTA FIJA FIM
BANESTO RENTAS DIC2003 FIM............
BANKINTER GARANT. 4 FIM..................
BARCLAYS INTERES GARANTIZADO 1 FIM
BBK GARANTIZADO 1 FIM....................
BBVA 100 POR 100 FIM .........................
BBVA 2002 FIM.......................................
BBVA 2005 FIM.......................................
BBVA 2007 FIM.......................................
BBVA 5 AOS-C FIM ..............................
BBVA 5 AOS-D FIM..............................
BBVA BONO 2002 A FIM .......................
BBVA BONO 2003 A FIM .......................
BBVA BONO 2003 FIM...........................
BBVA BONO 2004 A FIM .......................
BBVA BONO 2004 B FIM .......................
BBVA BONO 2004 C FIM .......................
BBVA BONO 2004 D FIM.......................
BBVA BONO 2004 FIM...........................
BBVA BONO 2005 B FIM .......................
BBVA BONO 2005 C FIM .......................
BBVA BONO 2005 D FIM.......................
(Continued)
0.13
0.18
0.71
0.71
0.48
0.53
0.40
0.31
0.45
0.70
0.49
0.24
0.22
0.55
0.50
0.36
0.04
0.05
0.15
0.43
0.65
0.01
0.01
0.07
0.08
0.08
0.44
0.31
0.34
0.41
0.56
NA
NA
0.24
Yield
(%)
0.82
0.59
0.21
0.84
2.23
3.57
0.47
1.16
0.93
0.15
0.37
0.54
1.77
1.10
2.45
0.40
0.82
1.13
0.45
2.08
3.62
0.48
0.49
0.49
0.51
1.26
1.44
1.57
1.61
0.14
1.76
NA
NA
0.25
Volatility
1.15
1.69
0.36
1.21
0.13
0.15
0.78
1.64
1.84
0.10
0.67
0.85
2.51
0.06
0.19
0.78
1.10
1.70
0.77
3.08
5.59
0.74
0.76
0.88
1.31
1.70
2.15
2.25
2.38
0.00
2.68
NA
NA
0.46
GRF
GRF
GRF
GRF
GRF
GRV
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
Dura- Fund
tion type
Q1
1.07
2.11
0.77
1.71
0.51
0.63
0.99
1.32
1.59
1.12
0.99
1.07
1.80
1.31
1.49
0.97
1.10
1.21
0.75
2.09
2.68
0.46
0.50
0.77
1.15
1.55
1.58
1.72
1.73
0.90
1.84
NA
NA
0.49
Yield
(%)
0.60
0.97
1.58
0.65
1.96
2.27
0.36
0.94
0.58
0.53
0.20
0.40
1.54
0.96
1.61
0.27
0.47
0.84
0.27
1.75
3.00
0.30
0.35
0.30
0.63
0.92
1.18
1.17
1.14
0.85
1.50
0.36
NA
0.14
Volatility
0.93
1.47
0.12
0.99
0.00
0.00
0.55
1.45
1.67
0.94
0.46
0.77
2.35
2.04
2.28
0.55
0.87
1.48
0.53
2.93
5.51
0.44
0.43
0.63
1.09
1.53
1.95
2.02
2.13
1.84
2.51
2.86
NA
0.03
GRF
GRF
GRF
GRF
GRF
GRV
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
Dura- Fund
tion type
Q2
1.13
2.47
0.76
1.77
1.54
4.48
0.84
1.61
1.96
1.78
0.96
1.04
3.19
2.42
2.72
0.83
1.13
1.73
0.65
3.38
5.35
0.35
0.34
0.71
1.31
1.84
2.33
2.39
2.41
2.07
2.85
3.37
NA
3.51
Yield
(%)
0.60
1.22
1.46
0.67
1.11
6.90
0.12
1.09
0.99
1.19
0.13
0.33
1.89
1.76
1.97
0.10
0.41
0.94
0.12
2.46
3.95
1.62
1.55
0.20
0.63
1.11
1.63
1.56
1.55
1.53
2.04
2.41
4.29
2.73
Volatility
0.73
1.26
0.00
0.78
1.15
2.63
0.31
1.21
1.44
0.88
0.23
0.53
2.23
1.83
2.08
0.32
0.61
1.28
0.32
2.80
5.31
0.21
0.20
0.26
0.88
1.32
1.76
1.82
1.95
1.65
2.03
2.74
2.83
2.61
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
Dura- Fund
tion type
Q3
0.67
0.41
1.30
1.01
0.92
1.76
0.78
0.79
1.08
1.02
2.24
0.68
1.34
1.14
1.30
0.72
0.69
0.94
0.51
1.42
2.26
0.47
0.78
0.45
0.66
0.93
1.00
1.12
1.18
0.87
1.22
1.52
1.54
1.61
Yield
(%)
0.29
4.17
0.69
4.59
0.51
1.94
1.58
0.57
2.61
0.55
1.83
0.15
1.54
1.09
1.26
1.28
0.14
0.61
3.39
1.82
3.60
0.27
0.92
0.02
0.30
0.66
1.02
0.99
1.01
0.97
1.43
1.79
1.96
1.87
Volatility
0.51
0.81
0.92
2.43
0.05
0.98
1.25
0.32
1.98
1.64
1.86
0.08
0.38
1.05
0.10
2.52
5.06
0.01
0.01
0.04
0.65
1.11
1.56
1.61
1.75
1.43
2.14
2.60
2.63
2.66
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
Dura- Fund
tion type
Q4
FIM GUARANTEED FIXED-INCOME (GRF)
3.03
4.39
3.59
3.20
3.49
7.55
3.04
3.45
4.24
4.69
4.75
3.05
6.22
5.53
6.13
2.91
2.90
3.98
2.07
6.58
9.90
1.27
1.62
2.01
3.23
4.30
4.53
5.00
5.05
4.31
5.42
NA
NA
5.95
Yield
(%)
0.61
2.27
0.36
2.40
0.62
3.61
0.30
0.98
1.52
0.72
0.95
0.39
1.71
1.15
1.43
0.25
0.53
0.91
0.27
2.07
3.59
0.32
0.55
0.31
0.55
1.02
1.35
1.36
1.37
1.01
1.72
2.01
2.77
1.69
Volatility
2002
21.45
NA
NA
NA
NA
25.43
NA
NA
24.74
NA
NA
NA
NA
NA
NA
NA
NA
24.30
19.77
NA
34.24
14.38
14.46
18.65
NA
25.63
18.98
22.17
21.82
19.16
25.05
NA
NA
22.32
Yield
since
1996
% fees
0.80
0.50
0.15
0.60
0.40
0.50
0.09
1.07
0.00
0.60
0.50
0.50
0.65
1.08
1.05
0.30
0.40
1.00
1.10
1.00
1.10
2.00
2.00
1.40
0.97
0.90
1.30
0.70
0.70
1.60
1.40
1.20
1.20
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
3.00
5.00
3.00
0.00
5.00
2.00
0.00
0.50
3.00
0.00
0.00
5.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
2.00
2.00
0.00
2.00
0.00
2.00
2.00
2.00
2.00
0.00
2.00
2.00
2.00
5.00
3.00
3.00
5.00
3.00
0.00
5.00
2.00
0.00
0.50
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
Min.
0.00
0.00
0.00
0.00
0.00
0.00
3.00
5.00
0.00
3.00
3.00
0.25
0.25
1.50
1.50
2.00
2.00
2.00
3.00
2.00
3.00
5.00
5.00
3.00
2.00
3.00
2.00
2.00
2.00
0.00
3.00
0.00
0.00
2.00
Max.
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
3.00
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
Min.
Back end
0.15
0.15
0.05
0.10
0.10
0.05
0.10
0.10
0.00
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.20
0.15
0.20
0.15
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
Custody
289
290
BBVA BONO 2005 E FIM........................

BBVA BONO 2005 FIM...........................
BBVA BONO 2007 FIM...........................
BBVA DOBLE-BEX FIM............................
BBVA EXTRA TESORERIA 2 FIM..............
BBVA FONDPLAZO 2002-A FIM ............
BBVA FONDRENTAS CRECIENTE-A FIM.
BBVA FONDRENTAS CRECIENTE-B FIM.
BBVA FONDRENTAS CRECIENTE-C FIM.
BBVA FONPLAZO I FIM..........................
BBVA PLAN RENTA FIM..........................
BBVA PLAN RENTAS 10 B FIM ...............
BBVA PLAN RENTAS 10 FIM...................
BBVA RENTA CRECIENTE 2006 FIM........
BBVA RENTAS 2006 B FIM......................
BBVA RENTAS 2006 C FIM .....................
BBVA RENTAS 2006 FIM.........................
BBVA RENTAS CRECIENTE 2005 B FIM ..
BBVA RENTAS CRECIENTE 2005 C FIM ..
BBVA RENTAS CRECIENTE 2005 FIM......
BBVA TRANQUILIDAD I FIM..................
BBVA TRANQUILIDAD II FIM.................
BCH 1998 FIM ........................................
BCH 1999-A FIM.....................................
BCH 1999-B FIM.....................................
BCH 2000-B FIM.....................................
BCH 2002 FIM ........................................
BCH 2004 FIM ........................................
BCH 2004-A FIM.....................................
BCH 4 FIM ..............................................
BCH 5 B FIM ..........................................
BCH 5-A FIM ..........................................
BCH RENTAS 2 K FIM ............................
BCH RENTAS 2 M FIM ...........................
(Continued)
NA
0.60
0.78
0.96
0.75
0.18
0.16
0.16
0.21
0.31
0.69
0.66
0.75
NA
0.76
0.67
0.65
0.32
0.39
0.38
2.87
2.77
0.17
0.13
0.06
0.67
0.32
0.09
0.21
0.74
0.82
0.16
0.08
0.03
Yield
(%)
NA
2.06
3.39
2.99
3.42
0.22
0.65
0.73
0.81
0.48
2.93
2.98
2.97
4.06
2.42
2.32
2.34
0.17
0.60
0.27
2.73
2.63
1.04
0.64
0.86
1.76
0.28
0.84
1.17
1.70
1.69
2.59
0.56
0.52
Volatility
NA
3.07
5.39
4.55
0.21
0.46
0.68
0.68
1.21
0.85
4.56
4.64
4.48
2.55
3.65
3.62
3.58
0.39
0.03
0.25
4.54
4.53
1.62
1.09
1.35
2.64
0.52
1.35
1.83
2.70
2.69
2.64
0.81
0.82
GRF
GRF
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
GRF
GRF
GRF
Dura- Fund
tion type
Q1
NA
1.97
2.65
2.47
0.80
0.39
0.68
0.63
1.13
0.71
2.41
2.88
2.65
2.31
2.56
2.52
2.28
0.50
0.43
1.53
2.37
2.34
1.30
1.11
1.12
1.14
0.65
0.97
1.43
1.95
1.83
1.80
0.72
0.67
Yield
(%)
NA
1.75
2.85
2.39
7.85
8.54
0.22
0.26
0.63
0.37
2.46
2.54
2.46
2.13
2.10
2.03
2.08
5.88
9.21
1.00
2.16
2.16
0.77
0.59
0.75
2.21
0.10
0.54
0.82
1.47
1.49
1.40
0.38
0.35
Volatility
NA
2.79
5.27
4.42
0.09
0.23
0.46
0.46
0.99
0.62
4.32
4.54
3.32
3.46
3.42
3.36
3.43
0.17
0.01
2.76
4.37
4.36
1.25
0.66
1.12
2.41
0.34
1.14
1.58
2.43
2.48
2.41
0.56
0.58
GRF
GRF
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
GRF
GRF
GRF
Dura- Fund
tion type
Q2
NA
3.35
5.26
4.99
0.84
0.40
0.55
0.54
1.54
0.72
4.38
4.81
4.51
3.89
3.86
3.85
3.87
2.78
0.47
3.27
4.30
4.29
1.33
0.85
1.32
2.74
0.60
1.18
1.83
2.78
2.67
2.73
0.55
0.51
Yield
(%)
NA
2.37
3.96
3.75
4.78
8.58
4.95
3.96
0.80
0.42
3.28
3.63
3.39
2.82
2.80
2.78
2.82
3.41
6.62
2.35
3.24
3.24
0.76
0.23
0.73
2.00
8.39
0.61
1.00
2.05
2.06
2.00
0.17
0.16
Volatility
NA
2.75
5.18
4.31
0.22
0.01
0.24
0.25
0.79
0.40
4.15
4.36
3.11
3.31
3.36
3.26
3.30
2.83
0.01
2.65
4.21
4.19
0.96
0.39
0.84
2.17
0.06
0.73
1.36
2.23
2.23
2.16
0.33
0.33
GRF
GRF
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
GRF
GRF
GRF
Dura- Fund
tion type
Q3
NA
1.44
1.97
1.81
0.78
0.37
0.53
0.51
0.64
0.71
1.79
1.81
1.64
1.65
1.65
1.62
1.55
1.77
2.09
1.39
1.33
1.33
0.72
0.52
0.70
1.21
4.08
0.53
0.96
1.38
1.26
1.21
0.48
0.44
Yield
(%)
1.92
1.68
3.47
2.99
7.14
2.28
2.11
2.24
0.44
0.10
2.96
2.92
2.81
2.33
2.28
2.19
2.27
1.87
1.37
1.73
2.48
2.47
0.40
0.29
0.32
1.25
5.12
0.36
0.69
1.31
1.30
1.24
2.03
3.71
Volatility
2.75
2.40
4.97
3.87
0.35
0.01
0.01
0.01
0.56
0.16
4.27
4.20
3.98
3.14
3.20
3.07
3.09
2.66
2.67
2.42
4.00
3.97
0.71
0.06
0.61
1.92
2.51
0.70
1.13
1.99
1.97
1.90
0.07
0.09
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
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
Dura- Fund
tion type
Q4
NA
6.27
9.33
8.48
3.21
1.34
1.94
1.85
3.13
2.48
8.06
9.05
8.21
NA
7.45
7.46
7.19
5.46
3.41
6.71
5.09
5.17
3.22
2.63
3.23
4.46
5.73
2.60
4.07
5.44
5.00
6.01
1.83
1.66
Yield
(%)
1.92
2.01
3.47
3.10
6.09
0.11
0.34
0.39
0.70
0.37
2.95
3.07
2.95
2.69
2.44
2.37
2.42
1.96
0.76
1.57
2.74
2.71
0.78
0.48
0.70
1.86
2.59
0.62
0.95
1.68
1.68
1.89
0.35
0.32
Volatility
2002
NA
29.65
32.70
32.26
19.42
15.82
18.66
18.44
23.54
NA
27.16
33.71
29.31
NA
23.83
24.11
27.82
21.53
NA
NA
19.98
17.80
12.85
15.12
18.78
21.73
22.85
19.07
NA
24.06
23.45
23.24
15.73
15.73
Yield
since
1996
% fees
1.20
0.90
1.40
1.50
0.10
1.15
1.20
1.20
1.20
1.05
1.40
0.90
1.40
1.20
1.15
1.15
1.15
0.46
0.55
1.20
1.40
1.40
0.90
0.45
0.80
1.27
1.19
1.50
0.65
0.94
1.39
1.27
1.27
1.47
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
3.00
0.00
0.00
2.00
2.00
2.00
2.00
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
2.50
2.00
2.00
2.00
2.00
2.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
2.00
2.00
2.00
2.50
2.00
2.00
2.00
2.00
2.00
2.00
2.00
Min.
5.00
3.00
3.00
5.00
0.00
5.00
3.00
3.00
3.00
2.00
1.00
3.00
1.00
0.00
2.00
2.00
2.00
0.00
0.00
0.00
2.00
2.00
2.00
2.00
2.00
2.00
5.00
1.00
2.00
2.00
2.00
2.00
2.00
2.00
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
0.50
0.50
0.50
0.50
2.50
0.00
0.00
0.50
0.50
0.50
0.00
0.50
Min.
Back end
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
0.25
0.25
0.10
0.10
0.10
0.20
0.25
0.10
0.10
0.10
0.10
0.10
Custody
BCH RENTAS 2 N FIM ...........................

BCH RENTAS 2 P FIM ............................
BCH RENTAS 3 B FIM ............................
BCH RENTAS 3 C FIM ............................
BCH RENTAS 4 E FIM ............................
BCH RENTAS 4 F FIM ............................
BCH RENTAS 4 G FIM ...........................
BCH RENTAS 5 D FIM ...........................
BCH RENTAS 5 E FIM ............................
BCH RENTAS 5 F 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 S FIM ............................
BCH RENTAS 5 T FIM ............................
BG RENTA ASEGURADA FIM ................
BK GARANTIA CUPON 5 II FIM ............
BK SEGURVIDA FIM ..............................
BSN 2006-1 FIM ....................................
C.GALICIA ALFA G. FIM .........................
CAIXA CATALUNYA 1 FIM .....................
CAIXA CATALUNYA 1-A FIM .................
CAIXA CATALUNYA 1-B FIM .................
CAIXA CATALUNYA 1-C FIM .................
CAIXA CATALUNYA DOBLE FIM ...........
CAIXA CATALUNYA PREVISIO FIM ........
(Continued)
0.10
0.02
0.16
0.08
0.23
0.06
0.30
0.14
0.08
0.00
0.01
0.15
0.15
0.28
0.55
0.66
0.49
0.50
0.46
0.24
0.20
0.16
0.95
0.13
0.54
0.35
NA
NA
0.05
0.09
0.38
0.81
0.85
0.27
Yield
(%)
0.63
0.83
0.98
1.00
0.50
0.57
1.04
0.55
0.72
0.81
0.91
1.08
1.14
1.37
1.66
1.79
1.80
1.85
2.15
0.67
0.62
0.52
2.70
0.36
0.17
0.58
0.61
NA
0.90
0.56
0.14
2.06
2.16
1.05
Volatility
0.99
1.27
1.50
1.53
0.88
1.07
1.49
0.91
1.16
1.23
1.38
1.70
1.73
1.98
2.28
2.66
2.80
2.83
2.95
1.17
0.89
0.93
2.49
0.77
0.13
0.66
0.49
NA
1.42
0.63
0.01
2.55
3.12
1.45
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
Dura- Fund
tion type
Q1
0.94
1.14
1.39
1.56
0.93
0.94
0.97
0.88
1.16
1.15
1.23
1.46
1.47
1.55
1.58
1.80
2.10
2.15
2.03
1.11
1.06
1.04
2.91
0.75
1.10
1.09
1.12
NA
0.93
0.64
1.23
1.82
2.31
0.83
Yield
(%)
0.51
0.71
0.81
0.79
0.31
0.45
0.76
0.35
0.50
0.56
0.65
0.76
0.87
1.12
1.24
1.38
1.54
1.52
1.71
0.53
0.38
0.40
2.70
0.25
0.42
0.33
0.52
NA
0.61
0.18
1.52
1.52
1.93
0.96
Volatility
0.75
1.01
1.27
1.32
0.64
0.84
1.26
0.69
1.11
1.13
1.17
1.49
1.53
1.79
2.01
2.42
2.56
2.60
2.72
0.96
0.66
1.00
2.91
0.53
0.38
0.56
0.82
NA
1.15
0.38
2.36
2.21
2.65
1.22
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
Dura- Fund
tion type
Q2
0.89
1.21
1.55
1.73
0.83
0.95
0.84
0.82
1.29
1.28
1.41
1.82
1.83
2.18
2.55
2.74
3.08
3.06
3.25
1.20
0.94
1.19
4.69
0.64
1.02
0.95
1.08
NA
1.01
0.56
2.34
2.39
1.83
1.57
Yield
(%)
0.38
0.64
0.89
0.93
0.20
0.47
0.66
0.22
0.54
0.61
0.77
0.93
1.09
1.50
1.70
1.98
2.15
2.07
2.33
0.53
0.28
0.61
3.02
0.10
0.58
0.26
0.49
0.68
0.64
6.64
1.86
1.93
2.36
0.88
Volatility
0.53
0.80
0.94
1.09
0.42
0.65
0.78
0.40
0.79
0.75
0.77
1.24
1.31
1.59
1.82
2.16
2.35
2.40
2.55
0.75
0.43
0.81
2.70
0.31
0.52
0.40
0.52
0.32
1.02
0.15
2.26
2.12
2.48
1.12
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
Dura- Fund
tion type
Q3
0.49
0.69
0.83
1.10
0.65
0.54
0.38
0.55
0.78
0.71
0.73
0.96
0.91
1.00
0.82
1.22
1.43
1.53
1.51
0.74
0.63
0.71
2.23
0.53
0.78
0.67
0.65
1.23
0.06
0.80
2.03
1.30
1.85
0.55
Yield
(%)
0.12
0.36
0.42
0.48
0.11
0.20
0.36
8.95
0.63
0.42
0.37
0.61
0.59
0.85
1.12
1.26
1.34
1.39
1.58
0.29
9.38
0.41
2.54
1.23
0.27
0.25
0.26
1.02
1.01
0.92
2.09
1.53
1.90
0.83
Volatility
0.31
0.55
0.79
0.86
0.01
0.41
0.54
0.01
0.68
0.69
0.72
1.01
1.05
1.35
1.58
1.92
2.11
2.16
2.32
0.52
0.21
0.61
1.93
0.08
0.43
0.13
0.35
1.04
0.63
0.01
2.22
1.96
2.46
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
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
Dura- Fund
tion type
Q4
2.45
3.09
3.65
4.53
2.66
2.51
1.89
2.41
3.34
3.17
3.40
4.13
4.11
4.51
4.46
5.17
6.23
6.35
6.45
3.34
2.86
3.13
9.09
2.07
3.48
3.09
NA
NA
1.95
2.10
6.10
4.75
5.21
2.70
Yield
(%)
0.46
0.66
0.82
0.83
0.32
0.45
0.75
0.35
0.61
0.62
0.71
0.87
0.96
1.24
1.47
1.65
1.76
1.75
1.98
0.53
0.40
0.50
2.78
0.23
0.39
0.38
0.48
0.94
0.81
0.55
1.60
1.79
2.11
0.94
Volatility
2002
15.76
17.86
20.47
NA
NA
NA
NA
20.83
NA
NA
NA
NA
NA
NA
19.66
NA
NA
26.52
NA
22.75
16.61
21.21
37.73
17.99
NA
NA
NA
NA
19.01
NA
21.80
NA
20.89
15.80
Yield
since
1996
% fees
0.93
0.65
0.48
0.00
0.55
1.05
2.00
0.95
0.70
0.90
0.80
0.65
0.65
0.90
1.25
1.25
0.47
0.36
0.80
0.90
0.44
0.00
0.73
1.00
0.45
0.45
0.45
0.45
1.35
0.95
0.90
1.25
0.70
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
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
2.00
2.00
5.00
5.00
0.00
3.00
3.00
1.00
1.00
1.00
1.00
0.00
3.00
0.00
3.00
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
2.00
2.00
2.00
5.00
5.00
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
Min.
1.00
1.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
0.50
2.00
2.00
2.00
2.00
2.00
2.00
5.00
5.00
0.00
5.00
3.00
1.00
1.00
1.00
1.00
2.00
0.50
0.00
0.50
2.00
0.00
Max.
1.00
1.00
0.00
0.00
0.50
0.50
0.50
1.00
0.00
0.00
0.00
0.50
0.50
0.50
0.50
0.00
0.50
0.00
0.50
0.00
5.00
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
Min.
Back end
0.10
0.10
0.10
0.00
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
0.10
0.10
0.05
0.00
0.20
0.14
0.05
0.05
0.05
0.05
0.16
0.10
0.10
0.20
0.20
0.20
Custody
291
292
CAIXA GALICIA BETA GARANTIA FIM ..

CAIXAMANRESA GARANTIT 1 FIM .......
CAJA LABORAL RENTA ASEGURADA I FIM
CAJA LABORAL RENTA FIM ...................
CAJABURGOS RENTA FIJA I FIM ...........
CAJAINVEST 1 FIM ................................
CAJAINVEST 1 PLUS FIM .......................
CAJAINVEST 2 FIM ................................
CAM FUTURO GARANTIZADO 2 FIM ..
COOPVALOR V FIM ..............................
CT GARANTIT 2001-1 FIM ....................
CT GARANTIT 2001-2 FIM ....................
DINERO ACTIVO III FIM ........................
DOBLEMED FIM ....................................
EUROVALOR PLAZOS FIM ....................
EUROVALOR RENTA AO 2 FIM ..........
F.VALENCIA GARAN. 2 FIM ...................
FON FINECO II GARANTIZADO FIM ....
FONCAIXA FUTURO 15 FIM .................
FOND C.C.M. FIM .................................
FOND C.C.M. RENTAS FIM ...................
FONDESPAA SEMESTRAL GARANTIZADO FIM .
FONDO NUEVO FIM ............................
FONDUERO INTERES GARANTIZADO 1 FIM
FONDUERO INTERES GARANTIZADO 2 FIM
FONPENEDES GARANTIT FIM ..............
FONPENEDES INTERES GARANTIT 1 FIM ..
(Continued)
0.53
0.89
0.70
0.32
0.37
0.48
0.60
0.50
0.59
0.42
NA
0.53
0.33
0.13
0.24
0.38
0.02
0.45
0.59
NA
0.58
0.15
0.07
0.21
0.11
0.19
0.27
0.59
0.92
0.60
NA
0.17
0.59
0.44
Yield
(%)
5.76
3.73
0.10
0.47
0.32
1.66
7.49
5.91
5.78
0.32
1.49
0.21
0.47
0.87
0.77
1.18
0.85
0.45
0.24
NA
2.63
0.77
0.50
1.24
0.46
0.53
0.63
2.67
2.70
1.12
NA
0.72
5.05
0.77
Volatility
0.09
0.26
0.50
0.79
0.23
2.82
0.28
0.28
0.28
0.49
0.01
0.53
0.77
1.26
1.37
2.20
0.85
0.71
0.40
NA
2.55
1.19
0.80
1.62
0.78
0.90
1.04
0.28
3.99
0.64
NA
0.79
0.01
0.47
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
Dura- Fund
tion type
Q1
1.74
0.89
0.80
0.97
0.48
1.44
0.64
0.54
0.66
0.69
1.04
0.70
0.97
1.24
1.29
1.40
0.92
0.96
0.75
NA
1.74
1.24
0.72
1.21
0.69
0.87
1.18
0.54
2.77
0.76
NA
0.81
1.20
0.59
Yield
(%)
2.12
5.92
3.22
0.26
5.53
1.46
4.06
2.42
2.29
0.13
0.77
5.72
0.43
1.18
0.62
1.12
0.51
0.26
3.83
NA
1.69
0.65
0.48
0.95
0.35
0.65
0.67
1.61
2.47
0.17
0.88
0.70
0.71
3.63
Volatility
3.74
0.04
0.25
0.58
0.05
2.51
0.05
0.05
0.05
0.26
1.58
0.14
0.55
1.02
1.15
2.25
0.62
0.47
0.16
NA
2.36
0.97
0.58
1.42
0.55
0.84
0.90
0.05
3.83
0.41
0.00
0.56
1.14
0.25
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
Dura- Fund
tion type
Q2
3.32
1.08
0.93
0.84
0.50
1.81
1.47
0.85
0.64
0.62
1.99
0.82
0.83
1.28
1.36
2.59
0.83
0.79
0.63
NA
2.80
1.26
0.58
1.91
0.56
1.03
1.27
0.59
4.61
0.79
2.30
0.69
1.42
0.66
Yield
(%)
2.44
0.81
9.63
0.10
1.31
1.50
0.73
0.44
3.15
2.32
1.13
0.28
0.21
0.87
0.60
1.85
0.26
7.95
0.21
NA
3.10
0.58
0.28
1.03
0.12
0.72
0.68
2.53
3.51
1.13
2.10
0.19
0.84
0.04
Volatility
3.55
1.22
0.33
0.34
0.06
2.29
0.87
0.95
0.01
0.03
1.36
0.01
0.32
0.78
0.94
2.05
0.39
0.24
0.00
NA
2.16
0.77
0.35
1.20
0.32
0.82
0.82
0.28
3.64
0.17
1.23
0.32
0.96
0.01
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
Dura- Fund
tion type
Q3
1.48
1.29
0.93
0.81
3.10
2.15
0.83
0.78
0.52
0.53
1.17
1.31
0.71
0.82
0.55
1.29
0.50
0.79
1.93
NA
1.39
0.86
0.46
1.07
0.45
0.61
0.85
0.63
2.84
0.75
0.96
0.58
0.72
0.88
Yield
(%)
1.81
0.56
0.45
2.03
2.51
1.82
0.37
0.60
8.64
8.27
0.68
0.55
5.36
0.65
0.31
0.82
0.15
3.21
1.39
4.37
1.40
0.37
8.67
0.60
0.01
0.35
0.41
1.66
2.55
2.54
0.71
7.96
0.41
0.72
Volatility
3.35
0.98
1.09
0.11
2.66
2.07
0.64
0.72
0.01
0.01
1.13
1.31
0.08
0.55
0.74
1.84
0.15
0.01
1.18
0.01
1.89
0.52
0.12
0.99
0.08
0.12
2.26
0.05
2.62
0.01
1.01
0.07
0.66
1.19
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
Dura- Fund
tion type
Q4
Volatility
7.23 1.87
4.22 0.49
3.40 0.24
2.97 0.27
4.50 1.29
4.99 1.63
3.59 0.42
2.70 0.38
2.44 5.68
2.29 0.18
NA 0.86
3.39 0.33
2.88 0.34
3.51 0.92
3.47 0.60
4.97 1.32
2.24 0.52
3.03 0.26
3.97 0.72
NA 4.37
5.44 2.32
3.56 0.61
1.83 0.38
4.03 0.99
1.82 0.30
2.73 0.58
3.61 0.61
2.36 1.93
9.55 2.87
2.93 0.56
NA 1.56
2.28 0.51
4.00 0.59
2.59 0.53
Yield
(%)
2002
23.65
NA
NA
NA
NA
20.06
38.26
NA
NA
NA
NA
22.58
NA
NA
NA
26.39
NA
NA
NA
NA
26.74
19.61
15.98
25.88
16.94
13.89
NA
NA
28.82
NA
NA
19.75
NA
NA
Yield
since
1996
% fees
1.00
0.40
0.40
0.40
1.10
1.30
0.40
0.80
0.40
0.80
0.45
0.70
0.30
0.30
0.75
0.90
1.25
0.25
0.38
0.40
0.80
0.50
1.50
0.95
1.50
0.60
0.23
1.10
0.60
0.40
0.70
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
3.00
3.00
3.00
5.00
3.00
1.00
3.00
3.00
0.00
0.00
5.00
2.00
5.00
5.00
5.00
2.00
4.00
4.00
4.00
0.00
2.00
1.00
3.00
3.00
3.00
0.00
0.00
5.00
5.00
0.00
5.00
0.00
0.00
0.00
3.00
3.00
3.00
5.00
3.00
1.00
3.00
3.00
0.00
0.00
5.00
0.00
5.00
5.00
5.00
2.00
4.00
4.00
4.00
0.00
0.00
0.00
3.00
3.00
3.00
0.00
0.00
5.00
0.00
0.00
5.00
0.00
0.00
0.00
Min.
3.00
3.00
3.00
5.00
2.00
1.00
3.00
3.00
0.00
0.00
2.00
2.00
5.00
5.00
5.00
0.00
4.00
4.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
3.00
0.00
0.00
3.00
0.00
0.00
0.00
Max.
3.00
3.00
3.00
5.00
2.00
1.00
3.00
3.00
0.00
0.00
2.00
0.00
5.00
5.00
5.00
0.00
4.00
4.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
3.00
0.00
0.00
3.00
0.00
0.00
0.00
Min.
Back end
0.15
0.10
0.10
0.10
0.13
0.20
0.10
0.05
0.05
0.05
0.05
0.00
0.10
0.10
0.00
0.09
0.00
0.00
0.00
0.00
0.10
0.10
0.00
0.00
0.00
0.15
0.13
0.15
0.00
0.00
0.00
0.00
0.00
0.00
Custody

FONSAVIA FIM ......................................
HERRERO FONPLAZO 2 FIM ................
HERRERO FONPLAZO 5 FIM ................
HERRERO FONPLAZO III FIM ...............
HERRERO FONPLAZO IV FIM ...............
IBERCAJA PT II FIM ................................
KUTXAGARANTIZADO-2 FIM ...............
KUTXAINDEX 4 FIM ..............................
KUTXASEG1 FIM ....................................
MADRID CRECIMIEN. I FIM ..................
MADRID CRECIMIENTO II FIM ..............
MADRID FONDLIB.2003 FIM ................
MADRID FONDLIB.2004.FIM ................
MADRID FONDLIBR. 3 FIM ..................
MADRID FONDLIBRETA 2006 FIM ........
MADRID FONDLIBRETA 5 FIM ..............
MORGAN STANLEY FONDGARANTIA 2005 FIM .
PASTOR FIJO 10 FIM ..............................
PASTOR FIJO 3 FIM ................................
PASTOR FIJO 4 FIM ................................
PASTOR FIJO 5 FIM ................................
PASTOR FIJO 6 FIM ................................
PASTOR FIJO 7 FIM ................................
PASTOR FIJO 8 FIM ................................
PASTOR FIJO 9 FIM ................................
PASTOR RENTA GARANTIZADA 1 FIM .
PASTOR RENTA GARANTIZADA 2 FIM .
RURAL GARANTIZADO RENTA FIJA I FIM .
RURAL REN.PERI.5 G. FIM ....................
RURALDEUDA FIM ................................
RURALDEUDA II FIM .............................
SANTANDER RENTA 2003 FIM ..............
SANTANDER SIGLO XXI 3 FIM ..............
(Continued)
0.23
0.42
0.52
0.22
0.74
0.56
0.01
0.05
0.22
0.19
0.07
0.51
0.26
0.53
0.18
0.36
0.39
0.66
NA
0.10
0.57
0.68
0.21
0.36
0.38
NA
0.11
0.49
0.12
0.89
0.01
0.18
0.05
0.19
Yield
(%)
0.60
1.94
1.88
0.54
0.06
0.12
0.57
1.06
5.13
0.98
0.66
1.48
1.10
1.54
1.10
0.28
3.96
1.63
NA
0.73
9.10
1.35
0.76
0.78
0.95
6.56
0.29
0.37
1.20
1.91
0.84
0.57
0.66
0.54
Volatility
0.89
1.31
2.77
0.78
0.26
0.31
0.66
1.51
0.73
1.38
1.10
2.55
1.72
2.42
1.56
0.55
0.24
2.61
NA
1.12
0.18
0.19
1.07
0.98
0.79
0.01
0.08
0.46
1.87
2.65
1.19
1.09
1.05
1.00
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
RFM
GRF
GRF
GRF
GRF
GRF
GRF
GRV
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
Dura- Fund
tion type
Q1
0.77
0.12
1.88
0.86
0.78
0.65
0.84
1.34
1.20
1.13
1.00
1.78
1.40
1.80
1.29
0.66
0.41
2.06
NA
1.10
0.96
0.63
0.92
1.08
0.96
0.93
0.01
0.64
1.57
1.84
1.03
0.94
1.01
1.02
Yield
(%)
0.36
0.97
1.50
0.30
1.95
3.11
0.41
0.83
2.27
0.75
0.49
1.37
0.94
1.26
0.81
9.68
4.97
1.61
NA
0.57
0.34
0.17
0.64
0.65
0.33
0.91
6.66
0.04
1.15
1.54
0.68
0.42
0.52
0.50
Volatility
0.68
0.01
2.55
0.55
0.01
0.08
0.47
1.08
0.51
0.41
0.86
2.30
1.48
2.22
1.34
0.31
0.02
2.34
NA
0.84
1.48
0.01
0.74
0.74
0.57
1.20
0.89
0.20
1.52
2.47
0.96
0.86
0.81
0.74
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
RFM
GRF
GRF
GRF
GRF
GRF
GRF
GRV
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
Dura- Fund
tion type
Q2
0.85
4.93
3.25
0.74
2.33
0.65
0.55
1.61
0.10
1.33
0.90
2.65
1.74
2.55
1.55
0.61
4.62
2.95
NA
1.06
1.73
2.21
0.83
1.00
0.87
1.54
2.88
0.60
1.98
2.91
1.08
1.05
0.98
0.95
Yield
(%)
0.30
6.48
2.13
0.12
1.96
0.01
0.19
0.95
0.64
0.80
0.41
1.88
1.10
1.79
0.96
4.98
3.65
2.05
NA
0.48
1.16
2.74
0.37
0.37
0.14
0.83
4.81
4.26
1.36
2.01
0.57
0.65
0.40
0.36
Volatility
0.46
0.00
2.36
0.32
1.43
0.01
0.01
1.07
0.21
0.39
0.59
2.07
1.27
1.96
1.11
0.10
4.25
2.20
NA
0.63
1.25
2.01
0.46
0.51
0.39
1.00
2.58
0.04
1.53
2.29
0.76
0.65
0.57
0.52
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
RFM
GRF
GRF
GRF
GRF
GRF
GRF
GRV
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
Dura- Fund
tion type
Q3
0.55
1.05
1.59
0.61
1.05
2.13
0.41
0.86
2.48
0.65
0.53
1.36
0.85
1.22
0.76
1.86
1.74
1.61
NA
0.62
0.97
1.00
0.52
0.68
0.74
0.81
1.50
1.44
1.18
1.45
0.71
0.73
0.56
0.59
Yield
(%)
0.25
0.10
1.47
1.08
0.73
2.14
1.42
2.61
2.64
0.44
0.15
1.21
0.62
1.14
0.51
0.98
2.80
1.37
1.12
0.25
0.62
0.86
3.07
0.24
7.09
0.59
1.66
0.90
0.87
1.40
0.34
0.26
0.13
7.15
Volatility
0.23
0.01
2.17
0.08
1.20
1.20
0.01
0.86
3.78
0.72
0.35
1.83
1.03
1.73
0.88
2.98
4.09
1.94
1.32
0.42
1.02
1.78
0.22
0.25
0.12
0.77
2.36
1.59
1.35
2.11
0.53
0.42
0.34
0.28
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
Dura- Fund
tion type
Q4
2.41
6.61
6.31
2.46
4.99
4.04
1.82
3.81
1.13
2.93
2.52
5.35
3.78
5.11
3.45
3.54
7.28
6.05
NA
2.92
4.30
4.58
2.50
3.17
2.99
NA
4.55
3.20
4.67
5.37
2.85
2.94
2.63
2.78
Yield
(%)
0.40
3.45
1.79
0.32
1.06
1.08
0.37
1.55
3.12
0.78
0.47
1.52
0.97
1.47
0.88
0.53
2.33
1.71
1.12
0.54
0.68
1.45
0.53
0.55
0.50
0.74
2.57
0.49
1.17
1.76
0.64
0.50
0.48
0.41
Volatility
2002
NA
NA
23.96
NA
NA
NA
17.99
24.49
NA
19.35
NA
19.17
NA
NA
21.16
NA
23.81
24.71
NA
NA
NA
NA
NA
NA
NA
NA
23.00
19.06
NA
NA
20.82
NA
21.38
20.88
Yield
since
1996
% fees
1.00
0.00
0.80
0.75
0.73
0.63
1.25
0.55
1.10
1.10
1.00
1.00
1.00
1.00
1.00
1.00
1.40
0.35
0.34
0.75
0.45
0.30
0.80
0.17
0.25
0.69
1.00
0.55
0.65
1.00
1.00
1.00
0.79
0.63
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
5.00
5.00
5.00
0.00
2.00
5.00
2.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
2.00
5.00
3.00
5.00
0.08
5.00
5.00
5.00
5.00
3.00
5.00
3.00
2.00
1.00
1.00
5.00
5.00
0.00
0.00
3.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
2.00
5.00
3.00
5.00
0.08
5.00
5.00
5.00
5.00
3.00
5.00
0.00
0.00
0.00
0.00
5.00
5.00
Min.
0.00
0.00
0.00
2.00
2.00
2.00
0.00
2.00
5.00
5.00
1.00
1.00
1.00
1.00
0.00
1.00
1.00
0.00
5.00
3.00
5.00
5.00
5.00
5.00
5.00
5.00
3.00
5.00
3.00
2.50
1.00
1.00
5.00
5.00
Max.
0.00
0.00
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
5.00
3.00
5.00
5.00
5.00
5.00
5.00
5.00
3.00
5.00
0.00
0.00
0.00
0.00
5.00
5.00
Min.
Back end
0.00
0.10
0.10
0.05
0.05
0.05
0.20
0.20
0.10
0.20
0.10
0.10
0.05
0.05
0.10
0.05
0.10
0.15
0.10
0.20
0.15
0.00
0.10
0.15
0.10
0.15
0.14
0.10
0.00
0.00
0.00
0.00
0.10
0.10
Custody
293
294
SBD GARANTIA ANUAL 2 FIM ..............

SCH RENTAS 3 D FIM ............................
SCH RENTAS 3 E FIM .............................
SCH RENTAS 4 H FIM ............................
SCH RENTAS CRECIENTES 1 FIM ...........
SCH RENTAS CRECIENTES 2 FIM ...........
SCH SUPERMILLENNIUM 2 FIM ............
SCH SUPERMILLENNIUM FIM ...............
TELEFONICO BK FT FIM ........................
TELEFONICO FIJO FIM ..........................
UNIFOND I FIM .....................................
UNIFOND II FIM ....................................
UNIFOND III FIM ...................................
UNIFOND IV FIM ..................................
UNIFOND V FIM ...................................
UNIFOND VIII FIM ................................
UNIFOND X FIM ...................................
UNIFOND XI FIM ..................................
UNIFOND XII FIM .................................
UNIFOND XIV FIM ................................
UNIFOND XV FIM .................................
UNIFOND XVI FIM ................................
UNIFOND XVII FIM ...............................
(Continued)
0.12
0.76
0.66
0.58
0.43
0.39
0.74
0.46
0.49
0.11
0.00
0.72
0.61
0.65
0.57
0.45
0.24
0.50
0.62
0.49
0.64
0.38
0.44
0.48
0.08
0.13
0.63
0.54
0.78
0.24
0.37
0.09
0.56
0.72
Yield
(%)
0.43
0.10
0.20
0.25
1.56
1.76
2.25
0.12
0.15
0.90
0.86
3.57
0.22
0.17
0.19
0.44
0.48
7.96
2.32
0.14
1.55
0.33
0.32
0.32
0.69
0.76
8.40
0.14
7.39
0.79
0.28
0.56
0.14
7.45
Volatility
1.27
0.11
0.40
0.55
2.37
2.96
3.51
0.30
0.35
1.72
2.02
0.08
0.43
0.31
0.32
0.54
0.78
0.31
0.13
1.18
5.77
0.60
0.59
0.59
0.83
0.84
0.08
0.27
0.37
1.12
0.03
0.75
0.26
0.17
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
Dura- Fund
tion type
Q1
1.34
0.71
0.72
0.72
1.74
1.99
2.30
0.51
0.59
1.35
1.54
1.29
0.70
0.71
0.63
0.75
0.83
0.61
1.61
0.59
1.65
0.75
0.81
0.84
0.69
0.83
0.67
0.64
0.58
1.05
0.84
0.85
0.57
0.65
Yield
(%)
0.87
1.15
1.67
0.14
1.32
1.39
2.03
1.71
3.25
1.03
1.14
0.57
0.26
1.04
2.97
0.13
0.28
2.37
0.79
2.88
1.24
0.19
0.18
0.16
0.43
0.44
2.34
3.62
0.01
0.62
0.73
0.67
3.86
2.55
Volatility
1.16
0.01
0.20
0.37
2.14
2.67
3.25
0.03
0.11
1.50
1.75
1.88
0.00
0.07
0.08
0.31
0.53
0.08
2.34
0.12
5.78
0.36
0.36
0.36
0.63
0.63
0.00
0.13
0.21
0.90
1.13
0.49
0.01
0.00
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
GRF
Dura- Fund
tion type
Q2
1.53
2.86
0.72
0.77
2.48
2.69
3.56
1.98
0.96
1.67
2.03
2.12
1.46
1.50
0.65
0.66
0.69
1.77
2.82
0.57
2.27
0.66
0.73
0.76
0.57
0.70
1.93
0.69
0.56
1.10
1.24
0.74
1.74
1.72
Yield
(%)
0.79
2.32
3.08
2.15
1.78
1.95
2.71
2.07
0.74
1.13
1.43
1.55
0.93
1.03
4.97
1.22
9.30
1.83
2.10
2.63
1.63
0.05
4.78
4.06
0.24
0.24
2.35
0.10
7.49
0.52
0.77
0.31
4.49
4.05
Volatility
0.92
1.44
0.01
0.13
1.41
2.47
3.09
2.64
0.00
1.25
1.50
1.63
1.26
1.99
0.00
0.07
0.31
1.69
2.11
0.01
5.94
0.15
0.14
0.12
0.39
0.39
1.14
0.14
0.29
0.70
0.91
0.35
0.95
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
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
Dura- Fund
tion type
Q3
0.82
1.06
1.62
0.70
1.16
1.71
1.58
1.67
1.64
0.82
0.85
0.98
0.85
1.08
1.64
1.19
0.61
1.20
1.51
1.95
1.02
0.63
0.65
0.67
0.40
0.53
0.88
1.01
0.67
0.69
0.71
0.83
0.79
0.88
Yield
(%)
0.37
0.74
1.00
2.14
1.11
1.62
2.01
1.66
1.14
0.58
0.79
0.88
0.74
1.13
1.73
1.49
1.38
1.04
1.40
1.59
1.05
0.07
6.99
5.18
1.54
1.80
0.63
0.32
0.36
0.29
0.50
0.21
0.46
0.48
Volatility
0.68
1.20
1.44
0.01
1.71
2.25
2.84
2.42
2.59
1.00
1.27
1.40
1.01
1.75
1.77
2.67
0.07
1.46
1.91
1.27
5.97
0.03
0.03
0.03
0.17
0.16
0.93
1.09
0.26
0.47
0.67
0.17
0.74
0.71
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
Dura- Fund
tion type
Q4
3.85
5.48
3.78
2.81
5.02
6.10
6.82
4.69
3.73
3.78
4.48
5.22
3.67
3.99
3.53
3.08
2.40
4.14
6.71
3.65
4.34
2.44
2.64
2.78
1.74
2.20
4.17
2.91
2.62
3.11
3.19
2.52
3.71
4.02
Yield
(%)
0.66
1.24
0.52
0.14
1.48
1.71
2.29
1.34
0.69
0.94
1.10
0.94
0.62
0.77
0.88
0.78
0.28
1.06
1.34
0.81
1.41
0.19
0.19
0.18
0.42
0.46
1.22
0.19
0.19
0.58
0.61
0.48
2.27
2.05
Volatility
2002
NA
20.93
NA
NA
17.71
NA
19.84
18.55
17.50
16.59
20.92
19.19
NA
23.71
18.82
17.77
19.74
19.83
NA
18.39
20.49
17.60
18.71
19.99
11.74
13.68
17.94
15.82
17.09
NA
NA
NA
NA
NA
Yield
since
1996
% fees
0.54
0.70
0.56
0.43
0.80
1.00
1.06
0.47
1.03
1.02
1.00
1.14
0.97
1.15
1.30
1.22
0.75
0.75
0.80
0.50
1.25
0.95
0.94
0.75
1.60
1.08
0.87
0.75
1.13
0.75
1.25
0.89
1.15
0.81
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
2.00
2.00
5.00
2.00
2.00
5.00
2.00
2.00
2.00
5.00
2.00
5.00
3.00
5.00
3.00
0.00
2.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
1.00
5.00
5.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
2.00
2.00
0.00
2.00
2.00
5.00
2.00
2.00
2.00
5.00
2.00
5.00
3.00
5.00
3.00
0.00
2.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
0.00
5.00
5.00
Min.
2.00
2.00
2.00
2.00
1.00
2.00
5.00
1.00
2.00
5.00
2.00
1.00
2.00
5.00
1.00
5.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
3.00
3.00
3.00
3.00
2.00
3.00
3.00
0.00
3.00
3.00
Max.
2.00
2.00
2.00
2.00
1.00
0.00
0.00
0.50
0.50
5.00
0.00
1.00
0.50
5.00
1.00
5.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
3.00
3.00
3.00
3.00
0.00
3.00
3.00
0.00
3.00
3.00
Min.
Back end
0.05
0.05
0.05
0.04
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
0.20
0.20
0.05
0.20
0.05
0.05
0.05
0.20
0.20
0.05
0.05
0.05
0.20
0.05
0.04
0.05
0.05
Custody
Volatility
2.05
1.16
1.03
1.26
0.35
0.34
UNIFOND XVIII FIM .............................. 0.01

VITAL G1 FIM ........................................ 0.03
VITAL G3 FIM ........................................ 0.05
ZARAGOZANO RENTA FIJA I GARANTIZADO FIM . 0.56
ZARAGOZANO RENTA FIJA III GTZDO FIM .. 0.88
ZARAGOZANO RENTA FIJA V GARANTIZ. FIM ..... 0.43
0.33
1.84
1.80
1.87
0.00
0.33
GRV
GRF
GRF
GRF
GRV
GRV
Dura- Fund
tion type
Q1
0.62
1.58
1.64
1.50
0.86
1.58
Yield
(%)
1.19
0.99
1.06
0.94
0.57
0.69
Volatility
0.03
1.64
1.58
1.67
0.93
0.00
Yield
(%)
GRF
1.67
GRF 10.52
GRF
2.14
GRF
2.03
GRF
1.02
GRV
3.14
Dura- Fund
tion type
Q2
2.03
1.11
1.17
1.47
0.65
3.18
Volatility
1.50
1.45
1.37
1.48
0.71
1.84
GRF
GRF
GRF
GRF
GRF
GRF
Dura- Fund
tion type
Q3
1.19
0.58
1.18
1.07
0.85
1.31
Yield
(%)
0.98
0.73
0.66
0.89
0.51
1.32
Volatility
1.26
1.23
1.16
1.28
0.50
1.69
GRF
GRF
GRF
GRF
GRF
GRF
Dura- Fund
tion type
Q4
Volatility
3.53 1.64
8.48 1.02
5.10 1.01
4.09 1.18
3.65 0.53
6.60 1.78
Yield
(%)
2002
NA
12.33
30.38
NA
NA
NA
Yield
since
1996
% fees
0.95
0.80
0.75
0.90
0.60
0.85
0.00
0.00
0.00
0.00
0.00
0.00
5.00
3.00
3.00
0.00
0.00
5.00
5.00
3.00
3.00
0.00
0.00
0.00
Min.
Yield
(%)
(Continued)
3.00
3.00
3.00
0.00
5.00
5.00
Max.
3.00
3.00
3.00
0.00
0.00
0.00
Min.
Back end
0.05
0.00
0.00
0.10
0.10
0.10
Custody
295
AC CAPITAL 1 FIM .................................

AC CAPITAL 2 FIM .................................
AC CAPITAL 3 FIM .................................
AC CAPITAL 4 FIM .................................
AC CAPITAL 5 FIM .................................
AC CAPITAL 6 FIM .................................
AC CAPITAL 7 FIM .................................
AC CAPITAL 8 FIM .................................
AC EUROINVERSION FIM .....................
ALTAE CESTA ESPAOLA FIM ................
ALTAE CESTA EUROPEA FIM ..................
ARAGON PATRIMONIOS FIMF .............
ASTURFONDO EUROBOLSA GARANTIZADO FIM .
ASTURFONDO EUROBOLSA II FIM ......
ASTURFONDO IBEX GARANTIZADO FIM .
ATLANTICO LIDER FIM .........................
ATLANTICO MUNDIBOLSA 2 FIM ........
ATLANTICO MUNDIBOLSA 4 FIM ........
ATLANTICO MUNDIBOLSA FIM ...........
ATLANTICO PLUS FIM ...........................
BANCAJA GA.IBEX35 3 FIM ...................
BANCAJA GARANTIZADO JAPONEURO FIM
BANCAJA GARANTIZADO RENTA VARIABLE 2 FIM
BANCAJA GARANTIZADO RENTA VARIABLE FIM
BANCAJA TOP GARANTIZADO FIM .....
BANESTO G PREMIUM GLOBAL FIM ....
BANESTO GARANT. BOLSA EUROPEA 2003 FIM .
BANESTO GARANT. BOLSA EUROPEA 2003A FIM
BANESTO GARANT. PREMIUM ACTIVO LIDER FIM
BANESTO GARANTIZADO BOLSA EUROPEA 4 FIM
BANESTO GARANTIZADO OCASION FIM
(Continued)
296
0.03
0.12
1.14
0.93
0.67
0.71
0.27
1.06
0.57
NA
NA
4.64
0.79
0.22
1.34
NA
0.42
0.10
0.10
0.46
0.05
0.40
0.90
0.59
0.63
0.77
0.34
0.38
0.42
1.38
1.35
2.24
0.32
NA
Yield
(%)
1.02
0.98
1.62
6.90
1.37
1.14
1.42
2.83
1.54
2.68
NA
5.49
1.12
4.37
2.55
NA
1.60
0.50
4.18
8.04
0.42
2.63
1.38
0.70
5.62
8.63
1.02
1.00
2.92
1.54
6.61
4.12
0.15
NA
Volatility
1.98
1.96
2.04
2.38
2.90
1.23
2.08
2.09
2.88
2.86
NA
0.01
0.01
2.50
1.79
NA
2.11
0.77
0.63
0.01
0.73
2.08
0.23
0.00
2.11
3.17
1.51
1.50
2.24
1.99
2.45
2.47
0.32
NA
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q1
0.79
0.79
0.83
4.77
1.67
1.07
1.02
0.24
1.06
2.78
NA
8.31
3.48
2.17
0.46
NA
1.68
0.70
1.04
2.92
0.75
1.34
1.13
3.31
1.38
5.86
1.25
1.05
1.13
1.20
4.52
1.81
1.12
NA
Yield
(%)
1.08
1.05
1.33
5.74
3.92
0.85
1.59
1.68
3.00
7.00
0.24
7.35
4.65
4.63
1.18
NA
1.22
0.32
2.49
4.69
0.43
1.24
0.51
7.11
4.06
9.46
0.83
0.88
1.69
1.15
6.67
3.47
1.56
NA
Volatility
1.77
1.74
1.83
2.19
2.71
1.03
1.87
1.83
2.69
2.62
0.00
0.00
1.97
2.32
1.60
NA
1.93
0.54
0.41
2.70
0.52
1.89
0.01
3.53
1.87
3.14
1.28
1.26
2.00
1.75
2.00
2.22
0.00
NA
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q2
Volatility
1.42 0.98
1.41 0.97
2.01 1.28
1.67 4.43
1.85 3.24
1.15 0.84
2.09 1.47
2.00 1.27
3.06 2.79
0.89 4.12
2.07 5.11
7.74 10.62
1.09 2.05
1.39 2.67
1.89 1.35
NA
NA
2.24 1.60
0.39 0.29
0.89 2.17
1.38 2.22
0.64 0.23
2.55 2.63
0.64 0.02
2.24 7.19
1.19 3.42
1.82 7.30
1.42 0.94
1.41 0.86
0.92 2.12
1.89 1.46
0.36 5.42
2.21 2.09
1.74 13.18
NA
NA
Yield
(%)
1.57
1.54
1.65
2.02
2.55
0.80
1.67
1.64
2.53
2.45
2.74
0.00
1.79
2.14
1.41
NA
1.67
0.32
0.24
2.52
0.31
1.71
0.00
3.39
1.68
2.88
1.03
1.02
1.75
1.51
1.95
2.00
2.72
NA
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q3
0.67
0.66
0.96
0.55
1.38
0.62
1.03
0.96
1.39
1.96
1.75
1.24
0.97
0.98
0.88
NA
1.20
0.26
0.67
1.21
0.77
1.13
4.96
2.16
1.07
1.00
0.65
0.66
0.15
0.74
0.86
0.94
0.56
NA
Yield
(%)
0.48
0.48
0.86
1.40
1.94
0.60
0.98
0.86
1.71
2.34
3.94
5.52
1.11
5.96
0.91
5.27
1.32
0.15
0.76
1.71
0.49
1.26
6.21
2.91
1.63
3.68
0.45
0.42
1.33
0.82
1.34
1.19
5.70
2.66
Volatility
1.36
1.34
1.42
1.82
2.37
0.62
1.46
1.42
2.34
2.19
2.48
0.01
1.58
1.22
0.01
1.46
0.08
0.06
2.32
0.01
1.47
2.97
3.21
1.46
2.69
0.79
0.78
1.53
1.27
1.70
1.75
2.48
2.67
Yield
(%)
0.93
0.91
1.32
5.06
2.83
0.89
1.39
1.83
2.37
4.68
4.50
7.64
2.69
4.57
1.64
5.27
1.46
0.34
2.69
2.76
0.41
2.07
3.22
5.30
3.95
7.60
0.85
0.83
2.10
1.30
5.47
2.97
7.26
2.66
Volatility
2002
GRV 2.86
GRV 2.77
GRV 2.65
GRV 6.72
GRV 0.86
GRV 2.13
GRV 3.91
GRV 1.64
GRV 2.80
GRV
NA
GRV
NA
GRV 10.38
GRV 0.69
GRV 1.56
GRV 1.89
GRV
NA
GRV 4.77
GRV 1.46
GRV 1.17
GRV 0.06
GRV 2.23
GRV 4.68
GRV 7.79
GRV 2.86
GRV 0.23
GRV 7.38
GRV 3.00
GRV 2.76
GRV 0.49
GRV 2.44
GRV 4.65
GRV 0.96
GRV 0.24
GRV
NA
Dura- Fund
tion type
Q4
FIM GUARANTEED EQUITY (GRV)
24.30
32.08
10.23
NA
NA
NA
NA
10.52
NA
NA
NA
NA
NA
NA
23.63
NA
NA
NA
NA
28.43
NA
NA
36.38
NA
NA
11.20
32.22
35.07
NA
34.30
NA
NA
NA
NA
Yield
since
1996
% fees
1.30
1.30
1.30
1.30
1.30
1.30
1.30
1.30
1.30
1.40
1.40
1.65
1.40
1.40
1.30
2.25
0.92
1.30
0.31
0.73
1.35
1.05
0.65
1.05
1.05
2.25
1.50
1.10
1.58
1.60
1.57
1.58
2.04
1.90
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
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
2.50
5.00
5.00
5.00
5.00
5.00
0.00
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
5.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
5.00
5.00
5.00
0.00
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
0.00
5.00
0.00
Min.
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
3.00
0.00
2.50
0.00
5.00
0.00
5.00
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
0.00
0.00
0.00
Max.
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
3.00
0.00
0.00
0.00
5.00
0.00
5.00
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
0.00
0.00
0.00
Min.
Back end
0.05
0.05
0.04
0.05
0.05
0.04
0.05
0.05
0.05
0.10
0.10
0.12
0.20
0.20
0.20
0.20
0.08
0.10
0.09
0.10
0.15
0.15
0.05
0.15
0.15
0.10
0.20
0.10
0.10
0.10
0.10
0.10
0.10
0.10
Custody
BANESTO GARANTIZADO PODIUM FIM ..

BANESTO GARANTIZADO PREMIUM MUNDIAL FIM
BANESTO GTZO PREMIUM MUNDIAL II FIM ..
BANESTO PREMIUM EUROPA 2 FIM ....
BANESTO PREMIUM EUROPA FIM .......
BANESTO SUPER GARANTIZADO EUROPA FIM
BANKOA EUROBANCA GARANTIZADO FIM
BANKOA EUROSTOXX 50 GARANTIZADO FIM
BANKOA GARANTIZADO 50 FIM .........
BANKOA GLOBAL 1 FIM .......................
BANKOA IBEX 106 GARANTIZADO FIM
BANKOA IBEX GARANTIZADO FIM .....
BARCLAYS GARANTIZADO 1 FIM ........
BBK GARANTIZADO 5 FIM ...................
BBVA BOLPLAZO FIM ...........................
BBVA EUROINDICES 2 GARANTIZADO FIM .
BBVA FONBOLSA I FIM .........................
BBVA FONCATALANA 8 GLOBAL FIM ..
BBVA FONDBOLSA 1-A FIM ..................
BBVA FONDBOLSA A FIM .....................
BBVA FONDBOLSA B FIM .....................
(Continued)
Volatility
0.02 3.50
0.29 3.08
1.01 1.83
0.93 2.07
0.67 1.20
0.49 0.94
0.30 1.00
0.33 1.03
0.85 3.25
0.18 0.77
0.94 2.29
2.63 5.59
3.32 5.96
1.60 9.34
0.12 0.39
0.52 1.35
0.11 1.06
1.43 11.13
0.50 0.36
0.93 3.56
1.39 3.63
NA
NA
NA 4.82
0.92 1.67
0.91 1.67
1.26 1.80
1.65 2.75
1.24 5.34
1.28 5.44
0.64 1.01
0.41 4.14
0.34 0.15
0.09 0.80
0.11 0.82
Yield
(%)
0.32
2.96
2.93
2.00
1.75
0.01
1.48
1.54
2.07
0.76
0.36
3.06
3.28
2.50
0.76
1.91
1.09
2.26
0.35
1.94
1.91
NA
3.23
2.11
2.07
2.57
2.75
3.01
3.01
0.84
1.09
0.32
1.20
1.22
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q1
0.79
2.81
2.43
0.65
1.18
2.00
1.16
1.18
0.29
0.68
0.13
1.65
3.24
7.41
0.75
1.53
0.91
1.50
0.13
0.82
1.57
NA
0.15
1.12
1.10
1.28
0.92
3.65
3.65
0.67
1.65
0.41
0.90
0.92
Yield
(%)
1.63
5.00
3.60
1.50
0.94
3.18
0.80
0.83
1.94
0.34
0.94
4.00
6.37
9.53
0.27
1.04
0.99
8.63
1.05
1.61
2.25
NA
2.12
1.21
1.20
1.44
2.44
4.94
5.01
0.31
3.12
1.29
0.62
0.63
Volatility
0.08
2.71
2.71
1.76
1.51
2.72
1.26
1.30
1.86
0.54
0.13
2.86
3.10
2.30
0.53
1.72
0.82
2.07
0.11
1.75
1.72
NA
3.15
1.95
1.91
2.37
2.56
2.83
2.83
0.60
0.87
0.08
0.99
1.00
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q2
1.36
1.15
2.01
1.84
1.63
0.17
1.39
1.44
2.18
0.62
0.54
1.90
2.56
0.56
0.59
2.17
0.99
2.54
1.47
2.17
3.14
NA
2.63
2.22
2.20
2.70
2.58
1.49
1.41
0.67
1.31
0.40
1.06
1.08
Yield
(%)
2.44
3.47
2.75
1.45
1.12
4.98
0.82
0.86
1.64
0.11
0.48
3.11
4.39
6.68
0.12
1.29
1.01
6.31
4.84
1.38
3.47
NA
2.21
1.65
1.64
2.05
2.19
2.90
2.93
0.18
4.10
3.70
0.73
0.75
Volatility
0.00
2.48
2.47
1.51
1.27
2.47
1.03
1.09
1.67
0.31
0.00
2.63
2.90
2.09
0.27
1.51
0.59
1.88
2.85
1.54
1.51
NA
3.02
1.73
1.69
2.20
2.40
2.65
2.66
0.37
0.45
0.01
0.76
0.79
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q3
2.27
0.92
1.16
0.72
0.73
0.97
0.70
0.71
0.96
0.50
4.39
1.42
1.60
1.14
0.51
1.00
0.19
0.90
1.86
0.92
2.04
NA
1.35
0.91
0.92
1.18
1.11
1.95
2.03
0.49
1.22
0.38
0.51
0.52
Yield
(%)
4.72
1.72
1.48
0.82
0.67
3.59
0.46
0.49
0.96
4.08
6.56
1.63
1.79
1.47
6.27
0.83
0.88
1.21
4.74
0.88
4.29
3.13
1.83
0.91
0.90
1.29
1.47
1.54
1.55
6.62
1.76
3.51
0.30
0.31
Volatility
2.57
2.23
2.24
1.27
1.03
2.24
0.80
0.83
1.45
0.08
3.01
2.42
2.68
1.88
0.06
1.31
0.38
1.66
1.34
1.32
0.01
2.62
1.36
1.36
1.65
2.00
2.46
2.48
0.07
0.26
3.00
0.56
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
GRV
Dura- Fund
tion type
Q4
2.83
0.50
0.34
2.28
2.90
0.40
2.98
3.02
2.57
1.63
5.81
1.03
2.52
7.34
1.98
4.23
1.99
4.52
3.74
2.98
5.41
NA
NA
3.35
3.33
3.93
1.06
1.55
1.57
1.19
2.15
1.55
2.40
2.43
Yield
(%)
3.30
3.53
2.58
1.54
1.02
3.51
0.81
0.84
2.12
0.43
3.54
3.87
4.98
7.51
0.25
1.16
0.99
7.72
3.45
2.12
3.51
3.13
2.55
1.42
1.41
1.70
2.29
4.00
4.07
0.54
3.43
1.76
0.65
0.66
Volatility
2002
NA
32.56
NA
28.55
NA
NA
NA
NA
NA
NA
NA
24.82
NA
NA
11.56
14.67
35.90
NA
NA
25.80
46.49
NA
NA
NA
NA
NA
NA
NA
NA
NA
19.01
21.20
44.47
45.02
Yield
since
1996
% fees
0.86
1.80
1.90
1.70
1.44
1.90
1.30
1.35
1.35
1.20
1.20
1.30
1.10
1.10
1.10
0.90
1.10
1.10
1.20
1.10
1.10
0.00
1.50
1.40
1.40
1.40
1.90
1.25
1.25
1.40
1.40
1.25
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
0.00
5.00
3.50
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
2.00
2.00
2.00
2.00
5.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
5.00
3.50
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
0.00
Min.
0.00
0.00
0.00
5.00
5.00
0.00
5.00
3.00
5.00
5.00
5.00
5.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
0.00
5.00
2.00
2.00
2.00
5.00
2.00
2.00
2.00
2.00
0.00
3.00
3.00
Max.
0.00
0.00
0.00
5.00
5.00
0.00
3.00
3.00
5.00
5.00
1.00
1.00
3.00
3.00
3.00
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
Min.
Back end
0.10
0.20
0.10
0.10
0.10
0.10
0.00
0.00
0.00
0.00
0.00
0.00
0.12
0.13
0.15
0.07
0.14
0.15
0.15
0.15
0.14
0.00
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
297
298
BBVA FONDBOLSA C FIM .....................

BBVA FONDBOLSA E FIM .....................
BBVA FONDBOLSA EMERGENTES FIM .
BBVA FONDBOLSA INTERNACIONAL D FIM ..
BBVA FONDBOLSA INTERNACIONAL E FIM .
BBVA FONDBOLSA INTERNACIONAL F FIM .
BBVA FONDBOLSA INTERNACIONAL G FIM
BBVA FONDBOLSA INTERNACIONAL H FIM
BBVA FONDBOLSA INTERNACIONAL I FIM .
BBVA FONDBOLSA JAPON 2 FIM .........
BBVA FONDBOLSA JAPON FIM ............
BBVA FONDBOLSA RENOVE II FIM ......
BBVA FONDBOLSA-D FIM ....................
BBVA GARANTIZADO FLEXIBLE FIM ....
BBVA GARANTIZADO FLEXIBLE II FIM .
BBVA GARANTIZADO FLEXIBLE III FIM
BBVA GARANTIZADO FLEXIBLE IV FIM
BBVA IBEX 3 A FIM ................................
BBVA IBEX 4 A FIM ................................
BBVA IBEX 5 A FIM ................................
BBVA IBEX 6 B FIM ................................
BBVA IBEX 9 FIM ...................................
BBVA MUNDIBOLSA 2 FIM ...................
BBVA MUNDIBOLSA 5 FIM ...................
BBVA MUNDIBOLSA GARANTIZADO 2 FIM
BBVA MUNDIBOLSA GARANTIZADO FIM
BBVA RENOVE III FIM ............................
BBVA RENOVE IV FIM ...........................
BCH BOLSA GARANT.3 FIM ..................
BCH BOLSA GARANTIZ. FIM ................
BCH BOLSA GARANTIZADO 2 FIM ......
BCH BOLSA GARANTIZADO 4 FIM ......
(Continued)
2.63
0.22
0.21
0.60
0.60
0.52
0.50
0.93
0.94
0.75
0.75
0.74
0.05
0.14
2.57
0.49
0.37
0.37
1.11
0.16
0.02
0.26
0.08
0.30
1.12
1.11
0.52
0.37
1.73
1.77
0.01
1.13
0.20
0.83
Yield
(%)
7.04
3.33
0.27
3.01
3.06
2.99
1.33
2.13
2.12
1.93
1.98
1.91
0.46
1.19
6.85
1.77
1.48
1.40
2.28
2.98
3.74
4.14
0.54
0.20
2.94
2.91
0.42
0.11
3.53
3.71
0.93
2.90
0.69
1.79
Volatility
2.71
0.73
0.51
1.89
1.86
1.81
1.82
2.16
2.18
2.87
2.85
2.80
0.79
0.78
2.67
1.23
1.46
1.59
1.81
0.61
0.95
1.06
0.81
0.36
2.75
2.70
0.01
0.00
2.79
2.82
0.95
0.56
0.79
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
GRV
Dura- Fund
tion type
Q1
2.36
0.36
0.46
1.21
1.20
1.16
1.34
0.79
0.79
1.86
1.95
1.92
0.65
0.33
2.26
0.60
0.20
0.13
0.27
0.66
1.11
1.58
0.71
0.46
0.40
0.37
0.38
3.96
1.22
1.34
0.91
0.55
0.75
0.81
Yield
(%)
4.53
2.63
6.00
2.36
2.42
2.38
0.96
1.30
1.30
1.54
1.59
1.57
0.28
1.17
4.39
1.66
1.38
1.37
1.42
1.85
2.61
3.02
0.37
6.36
2.03
1.99
2.17
4.52
2.80
2.94
0.40
2.16
0.38
0.44
Volatility
2.53
0.54
0.29
1.53
1.46
1.46
1.62
1.97
1.97
2.69
2.67
1.34
0.56
0.53
2.52
1.02
1.25
1.36
1.62
0.35
0.68
0.83
0.57
0.06
2.54
2.55
0.00
2.90
2.64
2.61
0.71
0.32
0.56
0.56
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q2
1.97
0.74
0.50
1.38
1.39
1.31
1.77
2.27
2.28
3.08
3.08
3.03
0.54
0.37
1.99
0.88
1.19
1.27
1.33
0.20
0.85
1.36
0.64
1.56
2.89
2.88
0.64
0.70
2.39
2.38
0.84
0.27
0.60
0.33
Yield
(%)
2.69
4.71
8.53
6.65
6.72
6.56
1.29
1.63
1.63
2.28
2.35
2.32
0.15
1.06
2.61
0.83
0.91
0.96
0.97
1.96
3.36
4.25
0.27
6.52
2.08
2.08
8.27
3.18
2.26
2.29
0.28
0.93
0.17
0.59
Volatility
2.37
0.31
0.06
1.44
1.43
1.38
1.40
1.79
1.81
2.44
2.53
2.46
0.35
0.32
2.35
0.81
1.09
1.18
1.47
0.18
0.45
0.48
0.33
2.54
2.35
2.35
2.19
2.72
2.46
2.44
0.49
0.08
0.31
0.33
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q3
1.32
2.65
0.08
0.18
0.17
0.17
0.74
0.96
0.96
1.09
1.16
1.23
0.42
0.56
1.25
1.10
1.33
1.40
1.01
1.51
1.26
1.22
0.46
1.86
1.26
1.19
1.47
1.37
1.18
1.19
0.55
0.56
0.54
0.57
Yield
(%)
1.42
2.67
0.34
1.57
1.57
1.51
0.74
1.01
1.01
1.50
1.46
1.48
1.53
0.93
1.45
0.84
0.83
0.89
0.77
1.09
1.33
1.91
1.76
6.09
1.42
1.46
5.39
1.53
1.56
1.55
0.10
3.61
0.18
6.46
Volatility
2.07
0.01
0.01
0.97
0.97
0.97
1.04
1.57
1.58
2.00
1.98
1.98
0.11
0.00
1.94
1.42
1.91
2.09
1.26
0.02
0.22
0.29
0.09
2.34
2.07
1.98
1.98
2.51
2.24
2.23
0.25
0.01
0.01
0.08
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q4
Volatility
1.78 4.46
1.30 3.45
1.25 0.22
0.61 3.93
0.63 3.98
0.52 3.88
3.37 1.12
3.10 1.59
3.10 1.59
5.35 1.86
5.51 1.90
5.52 1.87
1.67 0.28
0.29 1.09
1.66 4.34
0.89 1.35
1.96 1.19
2.18 1.19
0.93 1.49
0.80 2.08
0.70 2.91
1.99 3.47
1.90 0.36
1.03 4.49
2.60 2.20
2.57 2.19
3.04 4.96
1.59 2.90
0.56 2.66
0.40 2.76
2.34 0.53
0.86 1.86
1.69 0.42
0.88 0.97
Yield
(%)
2002
34.47
27.02
0.77
24.65
25.17
NA
27.30
24.79
NA
8.61
6.92
26.07
7.44
NA
34.89
NA
NA
29.18
NA
22.53
26.39
17.56
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Yield
since
1996
% fees
1.20
1.20
1.40
1.60
1.60
1.60
1.60
1.60
1.60
1.60
1.60
1.60
1.60
2.20
1.20
1.40
1.15
1.15
1.20
0.80
0.70
1.40
1.10
1.10
1.50
1.50
1.60
1.60
1.90
1.90
0.85
0.91
1.10
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
3.00
0.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
3.00
2.00
5.00
5.00
5.00
5.00
2.00
2.00
2.00
5.00
2.00
2.00
2.00
2.00
2.00
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
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
5.00
5.00
5.00
5.00
Min.
2.00
3.00
0.00
2.00
2.00
2.00
2.00
2.00
2.00
3.00
3.00
3.00
3.00
5.00
2.00
5.00
5.00
5.00
5.00
0.00
0.00
2.00
5.00
2.00
2.00
2.00
2.00
2.00
5.00
5.00
3.00
3.00
3.00
3.00
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
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
3.00
3.00
Min.
Back end
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
0.10
0.10
0.10
0.10
0.15
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.25
0.10
0.10
0.10
Custody
BCH EUROPA 2 FIM ..............................

BCH GARANTIZADO ACCION TELEFONICA FIM
BCH MULTIBOLSA GARANTIZADO 5 FIM .
BCH MULTIBOLSA GARANTIZADO 6 FIM .
BG CAPITAL ASEGUR. FIM ....................
BG EUROINDICES GARANTIZADO FIM
BI MULTINDICES 1 FIM .........................
BI OPORTUNIDAD ESPAA 2005 FIM ..
BK EURO GARANTIA 6-II FIM ...............
BK EURO-GARANTIA 1 FIM ..................
BK EUROTELECO-JAPON GARANTIA FIM .
BK GARANTIA CONSOLIDACION EURO-JAPON FIM .
BK GARANTIA CUPON 20 FIM .............
BK GARANTIA CUPON 20 NOVIEMBRE FIM
BK GARANTIA CUPON 20 OCTUBRE FIM .
BK GARANTIA CUPON 5 FIM ...............
BK GARANTIA DIVERSIFICACION FIM .
BK GARANTIA EUROPA 50 FIM ............
BK GARANTIA FONDOS INTERNACIONALES FIM .
BK GARANTIA GLOBAL-JAPON FIM .....
BK GARANTIA JAPON 2003 FIM ...........
BK GARANTIA MUNDIAL 50 FIM .........
BK JAPON GARANTIA FIM ....................
BK TRIPLE GARANTIA FIM ....................
BM-BOLSA SUPERGARANTIA FIM ........
BSN BANIF CUPON 2004 FIM ..............
BSN BANIF SELECCION I FIM ................
BSN BANIF SELECCION II FIM ...............
BSN BANIF SELECCION V FIM ..............
BSN BANIF SELECCION VI FIM .............
BSN BANIF SELECCION VII FIM ............
BSN BANIF SELECCION VIII FIM ...........
(Continued)
Volatility
1.69 12.07
0.01 1.38
0.06 0.67
0.03 0.66
0.70 8.35
1.13 1.68
1.13 8.03
0.94 8.08
0.18 0.16
1.77 6.18
0.02 4.97
0.20 8.66
0.14 0.74
0.66 2.20
2.59 7.51
0.16 213.36
0.15 2.76
0.45 0.19
2.26 2.96
0.09 0.55
0.57 2.40
0.17 0.54
0.08 0.57
0.21 0.86
0.30 7.16
1.28 3.13
0.17 1.09
1.22 1.94
0.60 6.33
0.45 0.49
0.38 1.01
0.82 1.28
1.08 4.47
0.04 0.50
Yield
(%)
0.75
1.79
1.04
0.98
2.24
0.78
2.94
2.90
0.32
2.28
2.27
0.00
1.04
2.15
2.13
6.03
6.11
0.44
2.20
2.99
2.20
0.81
0.95
1.20
0.73
2.55
1.84
2.54
0.80
0.55
1.50
1.53
1.03
0.56
Yield
(%)
GRV 12.87
GRV 0.80
GRV 0.81
GRV 0.78
GRV 5.08
GRV 0.19
GRV 3.92
GRV 5.10
GRV 0.22
GRV 2.80
GRV 2.75
GRV 1.34
GRV 0.74
GRV 0.75
GRV 3.19
GRV 1.07
GRV 1.08
GRF
0.70
GRV 1.39
GRV 0.63
GRV 0.95
GRV 0.55
GRV 0.77
GRV 0.92
GRV 0.31
GRV 1.72
GRV 4.08
GRV 0.66
GRV 3.79
GRV 0.61
GRV 1.25
GRV 1.21
GRV 1.89
GRV 0.40
Dura- Fund
tion type
Q1
13.64
1.20
0.54
0.51
7.71
1.24
6.08
8.41
0.23
4.61
4.66
2.30
0.52
1.27
4.40
2.27
2.27
0.10
2.25
0.43
1.28
0.42
0.43
0.69
7.09
3.09
6.14
1.84
6.07
0.12
0.80
0.81
5.03
0.13
Volatility
0.46
1.55
0.80
0.76
2.04
0.54
2.75
2.65
0.00
2.04
2.05
2.32
0.79
1.93
1.73
5.33
5.12
0.21
1.97
3.62
1.96
0.56
0.72
0.96
0.10
2.32
1.66
2.24
0.56
0.31
1.25
1.28
0.77
0.32
GRV
GRV
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
GRV
GRV
Dura- Fund
tion type
Q2
Volatility
5.34 15.00
1.54 1.16
0.76 0.39
0.75 0.37
1.58 5.01
0.07 1.21
0.62 4.48
0.60 4.42
0.93 2.97
1.38 3.43
1.42 3.51
2.29 1.95
0.73 0.38
2.02 1.40
1.33 0.58
1.21 1.13
1.21 1.13
0.64 1.95
1.01 3.10
0.48 0.37
2.15 1.55
0.40 0.14
0.68 0.25
0.89 0.56
0.50 0.28
2.16 2.83
2.20 1.14
2.41 2.10
0.47 2.76
0.27 0.53
1.35 0.88
1.39 0.94
0.32 1.55
0.52 4.97
Yield
(%)
0.27
1.30
0.55
0.53
1.84
0.31
2.50
2.44
2.88
1.84
1.84
2.11
0.56
1.73
1.85
4.66
4.72
0.09
1.74
0.31
1.73
0.31
0.48
0.75
0.01
2.10
1.43
1.99
0.33
0.07
1.02
1.05
0.54
0.08
GRV
GRV
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
GRV
GRV
Dura- Fund
tion type
Q3
Volatility
9.81 19.09
0.69 0.58
0.35 0.13
0.35 0.12
0.65 1.37
0.26 2.62
1.25 1.53
1.21 1.60
1.39 2.16
1.34 2.25
1.23 2.47
1.42 1.63
0.41 0.27
1.03 1.07
0.66 0.29
0.70 0.76
0.70 0.73
0.74 2.41
1.88 2.11
0.39 0.11
0.74 1.05
0.30 4.54
0.49 0.14
0.54 0.38
2.25 5.93
1.01 1.62
1.09 1.04
1.27 1.28
0.46 1.25
0.52 0.10
0.68 0.42
0.39 0.61
0.39 0.48
0.62 0.33
Yield
(%)
0.01
1.05
0.31
0.31
1.61
3.11
2.21
2.20
2.65
1.76
2.24
1.52
0.70
1.51
0.09
1.28
0.09
0.25
0.54
3.19
2.01
1.34
1.75
0.08
0.01
0.78
0.79
0.31
0.01
Yield
(%)
Volatility
2002
GRV 10.96 15.30

GRV 3.06 1.12
GRV 1.88 0.48
GRV 1.93 0.46
GRV 6.63 6.25
GRV 1.28 1.78
GRV 4.41 5.56
GRV 2.47 6.29
GRV 2.75 1.85
GRV 1.63 4.37
GRV 0.18 4.03
GRV 2.57 1.74
GRV 1.75 0.51
GRV 3.16 1.55
GRV 3.81 4.36
GRV 0.66 105.95
GRV 0.66 1.91
GRV 2.56 1.21
GRV 1.98 2.66
GRV 1.41 0.40
GRV 3.29 1.66
GRV 1.08 0.35
GRV 1.86 0.39
GRV 2.16 0.65
GRV 3.38 2.98
GRV 0.12 2.75
GRV 1.07 3.25
GRV 3.13 1.84
GRV 3.48 4.60
GRV 1.86 0.37
GRV 2.93 0.82
GRV 2.17 0.96
GRV 2.88 3.46
GRV 1.58 0.31
Dura- Fund
tion type
Q4
0.05
25.27
18.16
22.21
24.58
NA
NA
41.33
NA
26.18
NA
NA
52.11
NA
37.16
NA
NA
NA
2.33
6.00
NA
7.37
7.41
23.10
9.35
NA
53.67
19.63
17.80
NA
11.69
29.13
NA
27.75
Yield
since
1996
% fees
1.15
1.52
1.50
1.50
1.50
1.30
1.20
1.10
1.75
0.00
2.10
1.40
1.67
0.00
1.05
2.00
0.00
1.30
0.00
1.60
0.00
2.00
1.50
1.63
1.50
0.00
1.25
0.90
1.30
1.20
1.15
1.25
1.30
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
0.00
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
0.00
5.00
5.00
0.00
5.00
0.00
5.00
0.00
5.00
5.00
5.00
5.00
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
0.00
5.00
5.00
5.00
0.00
0.00
5.00
0.00
5.00
0.00
0.00
0.00
5.00
0.00
0.00
5.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
Min.
0.00
3.00
3.00
3.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
5.00
0.00
5.00
5.00
0.00
2.00
0.00
5.00
0.00
5.00
5.00
5.00
5.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
Max.
0.00
3.00
3.00
3.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
5.00
0.00
0.00
5.00
0.00
2.00
0.00
0.00
0.00
5.00
0.00
0.00
5.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
Min.
Back end
0.25
0.10
0.10
0.10
0.15
0.10
0.00
0.00
0.10
0.00
0.10
0.10
0.11
0.00
0.10
0.10
0.00
0.10
0.00
0.20
0.00
0.10
0.10
0.09
0.10
0.00
0.05
0.10
0.10
0.10
0.10
0.10
0.10
0.10
Custody
299
300
BSN BANIF VALOR MAXIMO GARANTIZADO FIM

CAI BOLSA GARANT. FIM .....................
CAI GARANTIZADO FIM .......................
CAIXA CATALUNYA BORSA 1 FIM ........
CAIXA CATALUNYA BORSA 10 FIM ......
CAIXA CATALUNYA CREIXEMENT FIM ..
CAIXA CATALUNYA FONCLIQUET II FIM ..
CAJA INGENIEROS AMERICA GARANTIZADO FIM .
CAJA LABORAL BOLSA GARANTIZADO FIM
CAJA LABORAL BOLSA GARANTIZADO II FIM
CAJA LABORAL BOLSA GARANTIZADO III FIM
CAJA LABORAL BOLSA GARANTIZADO IV FIM
CAJA LABORAL BOLSA GARANTIZADO IX FIM
CAJA LABORAL BOLSA GARANTIZ. V FIM ......
CAJA LABORAL BOLSA GARANTIZADO VI FIM
CAJA LABORAL BOLSA GARANTIZADO VII FIM
CAJA LABORAL BOLSA GARANTIZADO VIII FIM
CAJA LABORAL BOLSA GARANTIZADO X FIM
CAJA LABORAL BOLSA GARANTIZADO XI FIM
CAJA LABORAL BOLSA GARANTIZADO XII FIM
CAJA LABORAL BOLSA GARANTIZADO XIII FIM
CAJA LABORAL BOLSA GARANTIZADO XIV FIM
CAJA MURCIA GARANT.FIM .................
CAJABURGOS EUROBOLSAS FIM .........
CAJABURGOS EUROPA FIM ..................
CAJABURGOS EUROTOP FIM ...............
(Continued)
1.08
0.06
0.15
0.11
NA
0.10
0.13
0.01
0.10
0.37
1.15
1.71
NA
0.29
NA
NA
0.40
0.77
3.74
0.36
0.10
0.37
0.39
0.33
0.32
0.26
0.41
0.23
0.21
0.07
0.13
0.80
1.73
0.44
Yield
(%)
5.61
1.06
0.55
2.39
NA
0.39
0.53
0.67
0.90
1.87
4.91
5.51
3.88
0.82
NA
NA
1.16
1.36
5.20
0.76
0.57
1.27
1.33
1.18
1.61
0.77
0.89
0.72
0.90
2.22
1.06
0.42
3.43
2.51
Volatility
0.81
2.05
0.77
0.20
NA
0.05
0.05
0.19
0.08
0.19
0.05
0.07
0.14
0.01
NA
NA
1.82
1.99
2.51
0.02
0.90
0.45
0.47
0.84
0.30
1.27
1.47
1.19
0.77
1.21
2.04
0.05
2.45
2.91
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q1
1.09
0.74
0.73
1.12
NA
0.46
0.70
0.91
1.07
0.96
2.24
3.42
3.51
6.64
NA
NA
0.97
0.49
0.70
3.79
0.86
1.21
0.20
0.20
0.03
1.07
1.17
0.93
1.74
0.05
0.81
4.47
0.79
3.84
Yield
(%)
4.63
1.14
0.43
2.50
NA
7.59
0.31
0.46
0.52
0.97
3.63
4.83
5.17
6.72
NA
8.59
1.12
1.30
2.74
4.53
0.47
1.23
0.79
0.88
0.90
0.69
0.81
0.66
1.31
2.31
1.14
4.92
2.46
4.54
Volatility
0.56
1.84
0.55
0.21
NA
0.04
0.05
0.17
0.08
0.19
0.05
0.13
0.13
0.06
NA
0.01
1.58
1.71
2.29
2.61
0.70
0.03
0.40
0.73
0.11
1.10
1.27
0.99
0.56
0.99
1.83
2.68
2.25
2.70
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q2
0.90
1.33
0.62
0.83
NA
2.54
0.46
0.87
1.16
1.99
1.24
1.28
0.54
0.23
NA
0.08
1.57
1.92
1.59
0.67
0.63
3.00
0.77
0.03
0.69
0.75
1.02
1.10
0.42
0.59
1.45
1.59
2.21
1.88
Yield
(%)
2.82
0.99
0.22
3.92
NA
2.43
0.27
0.49
0.57
1.46
1.67
1.83
2.97
6.71
3.01
8.44
1.10
1.38
3.22
5.31
0.25
6.46
0.99
0.87
1.26
0.38
0.56
0.87
3.64
2.18
1.00
3.46
1.61
3.07
Volatility
2.87
1.64
0.32
0.20
NA
0.10
0.06
0.17
0.07
0.28
0.06
0.20
0.14
0.06
0.06
3.22
1.42
1.56
2.07
2.42
0.34
0.06
0.03
0.10
0.00
0.35
0.61
0.80
0.34
0.81
1.63
2.50
2.06
2.52
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q3
Volatility
3.12 10.84
0.69 0.46
0.49 1.21
1.21 2.13
NA 6.89
1.33 1.34
0.65 0.80
0.30 0.28
0.57 0.30
0.84 0.77
0.89 1.22
1.34 1.86
1.28 1.09
2.16 2.72
2.19 4.92
1.95 6.23
1.03 0.78
0.89 0.90
1.56 1.73
1.92 2.97
0.46 4.46
2.99 4.24
0.27 2.45
0.76 0.52
1.23 3.39
0.45 7.69
0.53 0.26
0.61 0.38
1.56 2.49
0.14 0.86
0.73 0.48
1.33 1.81
1.15 1.09
1.34 1.75
Yield
(%)
2.65
1.42
0.08
0.21
0.24
0.10
0.05
0.16
0.07
0.17
0.05
0.10
0.14
0.05
0.20
3.02
1.20
1.34
1.82
2.13
0.10
2.56
1.43
0.03
1.80
0.14
0.40
0.58
0.11
0.59
1.41
2.30
1.84
2.31
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q4
0.02
2.84
2.00
0.87
NA
4.49
0.63
2.08
2.72
3.45
1.29
2.56
NA
4.13
NA
NA
3.20
2.54
1.38
0.93
1.86
1.49
1.64
1.34
2.23
2.03
2.32
2.43
0.06
0.32
3.15
0.87
0.80
1.15
Yield
(%)
6.70
0.95
0.37
2.83
6.89
1.42
0.53
0.50
0.62
1.35
3.22
3.90
3.61
5.01
4.78
7.10
1.06
1.27
3.48
3.84
0.39
4.00
1.54
0.89
2.04
0.56
0.69
0.69
2.36
1.98
0.96
3.19
2.34
3.18
Volatility
2002
NA
16.83
7.03
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
24.90
NA
NA
37.33
33.73
36.10
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
10.21
NA
31.99
NA
Yield
since
1996
% fees
1.04
1.15
1.10
0.90
1.35
1.35
1.35
1.35
1.35
1.35
1.35
1.35
1.35
1.45
1.35
1.60
1.60
1.75
1.35
1.35
1.35
1.35
1.35
1.35
1.35
1.35
1.35
1.35
1.35
1.35
0.90
1.35
1.20
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
5.00
5.00
5.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
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
3.00
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
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
3.00
5.00
5.00
5.00
Min.
5.00
5.00
5.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
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
3.00
5.00
5.00
5.00
Max.
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
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
3.00
5.00
5.00
5.00
Min.
Back end
0.10
0.10
0.10
0.09
0.10
0.15
0.16
0.15
0.15
0.15
0.15
0.10
0.10
0.10
0.10
0.20
0.12
0.13
0.09
0.13
0.14
0.13
0.13
0.13
0.14
0.14
0.14
0.14
0.15
0.13
0.10
0.15
0.10
0.13
Custody
CAJABURGOS GLOBAL FIM ..................

CAJABURGOS VALOR FIM ....................
CAM BOLSA GARANTIZADO 3 FIM .....
CAM CESTA FONDOS GARANTIZADO FIM .
CAM FUTURO 3 GARANTIZADO FIM ..
CAM FUTURO GARANTIZADO FIM .....
CITIGARANT EUROTOP ESP FIM ..........
CRV BOLSA MUNDIAL GARANTIZADO FIM
CRV COMBIBOLSA GARANTIZADO FIM ...
CRV EUROBOLSA GAR. FIM .................
DWS GLOBALFLEX GARANTIZADO FIM ...
DWS MULTIFONDO GARANTIZADO FIM .
DWS MULTIGESTION ACTIVA GARANTIZADO FIM
DWS SECTORIAL 2001 FIM ...................
DWS TRIPLE BENEFICIO GARANTIZADO FIM .
EBANKINTER GARANTIA SELECCION FIM ....
EUROBOLSA ATLANTICO 2 FIM ...........
EUROBOLSA ATLANTICO FIM ..............
EUROBOLSA ATLANTICO PLUS FIM .....
EUROTOP 2002 FIM ..............................
EUROV. INTERI. 2000 FIM .....................
EUROV.IBEX35 ASEG.B FIM ...................
EUROVALOR CESTA GLOBAL FIM ........
EUROVALOR EUROPA GARANTIZADO 2 B FIM
EUROVALOR EUROPA GARANTIZADO 2 FIM
EUROVALOR EUROPA GARANTIZADO, FIM ..
EUROVALOR FORMULA 25 FIM ...........
EUROVALOR FORMULA 40 FIM ...........
EUROVALOR GARANTIZADO BOLSA JAPONESA FIM
(Continued)
0.60
0.08
0.17
0.82
0.64
0.46
0.48
0.44
0.86
0.12
1.16
0.64
0.39
NA
2.43
0.34
0.57
0.18
0.69
NA
0.51
0.13
0.52
1.37
0.55
0.04
2.53
1.45
1.08
1.54
1.16
1.11
0.35
0.05
Yield
(%)
2.37
0.52
0.53
4.38
1.65
1.02
1.34
1.45
1.09
2.36
2.71
2.20
1.89
NA
8.91
0.90
2.07
1.17
1.18
NA
0.85
1.73
4.35
5.63
1.34
1.50
5.93
2.24
0.88
1.59
1.64
4.47
0.74
0.81
Volatility
2.90
0.76
0.80
2.34
5.76
5.94
0.76
5.64
6.64
5.47
2.55
0.06
1.60
NA
2.29
3.36
2.06
2.45
1.78
NA
1.53
0.74
0.91
2.87
0.09
0.76
2.15
1.75
0.01
0.01
1.61
2.44
1.02
1.17
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q1
3.91
0.69
0.87
1.31
0.45
0.61
0.67
0.14
0.72
0.34
0.53
0.31
1.05
NA
5.29
1.07
1.08
0.98
1.57
NA
1.23
0.56
2.49
2.64
0.53
0.91
2.28
0.98
3.22
3.18
1.29
1.24
0.29
1.05
Yield
(%)
4.20
0.30
0.41
5.67
1.48
1.18
0.22
1.52
1.24
1.68
1.66
1.39
1.12
5.05
11.25
2.88
2.13
3.03
0.96
NA
0.80
1.71
3.72
3.87
1.00
0.51
4.79
1.11
5.47
5.45
1.15
3.81
2.21
0.66
Volatility
2.70
0.54
0.57
2.14
5.29
5.78
0.54
5.44
6.44
5.31
2.36
0.06
1.40
2.71
2.08
3.13
1.87
2.38
1.58
NA
1.31
0.52
0.71
2.68
0.00
0.54
1.96
1.57
2.71
2.70
1.40
2.25
2.68
0.94
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q2
1.90
0.56
0.67
1.66
0.35
1.61
0.53
0.35
0.60
0.03
2.34
1.36
1.77
1.14
0.87
1.03
1.15
0.51
2.10
NA
1.44
0.50
1.68
0.14
0.12
0.81
1.05
2.14
0.35
0.37
1.65
1.28
1.46
1.04
Yield
(%)
2.85
0.12
0.19
6.76
6.42
5.55
0.36
0.82
0.67
0.89
1.66
1.31
1.23
3.85
5.21
4.86
3.09
4.03
1.12
6.66
0.87
2.28
5.90
2.66
4.98
0.27
2.42
1.59
4.89
4.82
1.32
2.74
7.73
0.52
Volatility
2.51
0.31
0.33
1.97
2.61
2.58
0.01
0.01
0.01
5.18
2.17
0.06
1.18
2.52
1.89
2.96
1.75
2.19
1.36
0.00
1.10
0.30
0.49
2.48
3.93
0.31
1.76
1.35
2.51
2.51
1.20
2.06
2.50
0.76
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q3
1.35
0.48
0.55
1.26
1.47
2.05
3.84
1.62
0.04
2.09
1.52
0.38
1.40
1.40
1.24
1.00
0.94
0.78
2.69
1.68
0.79
0.98
0.96
1.08
2.16
0.54
1.17
0.86
1.29
1.29
1.01
1.29
1.73
0.68
Yield
(%)
1.79
9.04
1.57
3.10
4.21
5.00
6.91
4.16
3.34
3.16
1.22
1.10
0.93
1.93
1.11
3.19
3.63
2.62
7.33
2.05
0.52
1.23
2.72
1.45
3.82
0.22
1.12
0.88
2.05
2.01
0.90
2.09
4.05
0.37
Volatility
2.32
0.08
0.09
1.78
2.41
2.37
2.26
2.36
2.75
2.99
1.96
0.06
0.96
2.31
1.67
2.78
1.58
2.02
1.10
1.93
0.90
0.08
0.29
2.28
2.52
0.08
1.61
1.15
2.30
2.30
0.98
1.86
2.30
0.53
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q4
Volatility
1.36 2.98
1.82 0.31
2.29 0.35
2.53 5.17
2.22 4.01
4.81 3.83
5.58 3.55
2.29 2.37
2.16 1.90
2.27 2.20
3.24 1.91
1.41 1.56
3.88 1.35
NA 3.66
7.27 7.65
0.61 3.29
0.42 2.82
0.49 2.91
0.21 3.82
NA 1.94
2.97 0.79
0.23 1.78
2.71 4.34
0.38 3.74
3.14 3.27
2.24 0.81
2.63 4.04
2.52 1.57
1.26 3.86
0.79 3.88
2.79 1.30
0.19 3.41
0.31 4.54
2.73 0.62
Yield
(%)
2002
NA
23.48
11.77
NA
19.84
NA
15.79
14.14
NA
NA
NA
NA
28.63
NA
24.53
NA
NA
NA
32.44
NA
30.50
NA
38.87
NA
NA
31.97
13.47
15.05
NA
NA
NA
NA
NA
32.10
Yield
since
1996
% fees
1.35
1.25
0.90
0.95
0.95
0.95
1.30
1.30
1.30
0.80
0.70
1.85
1.10
0.90
0.90
1.25
1.45
1.25
1.65
1.65
1.35
1.03
0.40
2.25
0.00
1.25
1.50
1.37
1.50
1.50
1.25
1.50
1.48
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
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
2.50
5.00
2.50
4.50
4.50
4.50
4.50
4.50
5.00
5.00
5.00
5.00
0.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
2.00
4.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
2.50
5.00
2.50
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
0.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
2.00
4.00
Min.
5.00
5.00
0.00
3.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
0.00
2.50
5.00
2.50
4.50
4.50
4.50
4.50
4.50
5.00
5.00
5.00
5.00
0.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
Max.
5.00
5.00
0.00
3.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
0.00
2.50
5.00
2.50
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
0.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
Min.
Back end
0.14
0.15
0.10
0.05
0.05
0.05
0.10
0.10
0.10
0.10
0.05
0.00
0.15
0.10
0.10
0.10
0.05
0.07
0.10
0.10
0.09
0.09
0.08
0.20
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Custody
301
302
EUROVALOR GLOBAL ASEGURADO FIM .

EUROVALOR INTERIND. FIM ................
EUROVALOR PLUS 2 FIM ......................
EUROVALOR PLUS FIM .........................
EUROVALOR POPULAR 1 FIM ..............
FIBANC EUROPA GARANTIZADO FIM .
FIBANC MULTIBOLSAS GARANTIZADO FIM
FON FINECO EUROINVERSION FIM ....
FON FINECO JAPON FIM ......................
FON FINECO OPTIM. G FIM .................
FON FINECO TECNOLOGIA FIM ..........
FONCAIXA 20 GARANTIZADO MIXTO 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 PATRIMONIO G. BOLSA EURO FIM
FONCAIXA 83 PATRIMONIO G. BOL. JAPON FIM .
FONCAIXA 85 GARANTIZADO IBEX35 FIM ..
FONCAIXA 92 G. INDICES MUNDIALES FIM
(Continued)
Volatility
0.37 1.62
0.10 1.23
1.96 4.23
1.68 4.75
NA
NA
0.35 7.21
1.07 3.88
0.12 1.05
0.72 10.42
0.23 0.50
0.14 0.73
0.87 11.82
0.62 2.59
0.46 2.25
0.48 1.66
NA
NA
NA
NA
0.52 2.83
0.76 3.09
0.50 2.60
0.17 0.84
0.48 0.79
0.67 1.39
0.63 1.55
1.55 3.46
0.89 6.18
2.76 5.57
2.15 4.53
1.12 4.99
3.35 3.31
0.19 1.42
1.24 6.34
0.96 8.84
1.74 5.50
Yield
(%)
2.08
0.77
2.46
2.40
NA
2.40
3.47
1.50
1.75
0.89
1.12
0.49
2.62
2.55
2.58
NA
NA
2.91
2.89
2.96
0.80
0.79
0.20
1.83
2.88
0.68
2.90
2.88
2.56
1.75
0.89
0.79
2.58
2.55
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
Dura- Fund
tion type
Q1
1.55
0.74
0.81
3.15
NA
5.83
4.27
1.39
1.56
0.93
1.06
11.13
0.47
1.02
0.40
NA
NA
0.67
0.86
0.22
0.23
0.55
0.68
0.41
2.35
4.32
3.04
2.03
1.82
6.39
0.02
6.07
5.11
2.14
Yield
(%)
1.32
0.40
3.04
4.42
NA
8.13
5.80
0.88
9.76
0.39
0.71
13.68
2.18
2.02
1.44
1.12
4.65
2.40
2.41
1.56
0.54
0.65
1.62
0.97
4.43
5.47
5.71
4.45
3.72
4.92
0.82
5.88
7.48
4.04
Volatility
1.88
0.54
2.27
2.22
NA
2.18
3.34
1.48
1.55
0.66
1.09
0.27
2.42
2.35
2.38
1.43
1.70
2.71
2.70
2.77
0.58
0.58
0.01
1.62
2.69
0.45
2.70
2.68
2.37
1.55
0.68
0.56
2.38
2.34
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
Dura- Fund
tion type
Q2
Volatility
2.36 1.65
0.59 0.10
1.92 1.83
0.80 4.47
NA
NA
2.50 7.04
0.02 3.52
1.85 1.18
2.96 7.56
0.97 0.31
1.38 0.77
18.82 43.64
1.35 1.68
2.13 2.00
2.14 1.66
1.09 0.96
0.04 1.89
1.23 1.90
2.09 2.29
2.29 1.87
0.65 0.27
0.63 0.28
0.35 6.08
1.84 1.29
0.98 2.36
1.98 5.55
0.50 3.82
0.22 2.96
1.04 2.00
0.74 6.99
0.59 0.26
1.96 3.99
2.70 6.00
0.93 2.07
Yield
(%)
1.68
0.31
2.08
2.04
NA
1.97
3.09
1.30
1.38
0.51
0.91
0.05
2.24
2.14
2.18
1.22
1.51
2.56
2.55
2.60
0.36
0.35
2.77
1.42
2.52
0.24
2.53
2.50
2.19
1.35
0.44
0.33
2.22
2.15
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
Dura- Fund
tion type
Q3
1.10
0.50
1.17
0.95
NA
0.93
1.83
1.06
0.61
0.81
0.81
1.42
1.32
1.03
1.26
0.75
0.76
1.67
1.21
1.67
0.58
0.58
2.66
0.90
1.27
0.46
1.19
1.20
1.23
4.96
0.44
0.47
0.78
1.24
Yield
(%)
0.94
9.81
1.25
1.50
6.82
2.82
2.73
0.74
1.62
0.27
0.61
0.86
1.08
1.30
1.22
0.59
0.67
1.24
1.50
1.50
1.47
1.39
5.09
0.81
1.45
0.44
1.39
1.35
1.19
5.36
0.10
0.25
1.66
1.23
Volatility
1.46
0.08
1.87
1.85
2.46
1.74
2.85
1.12
1.31
0.25
0.74
2.51
2.01
1.91
1.96
1.02
1.31
2.33
2.30
2.41
0.12
0.12
2.55
1.28
2.24
0.01
2.18
2.17
1.85
1.12
0.21
0.09
1.70
1.84
Yield
(%)
Volatility
2002
Yield
since
1996
GRV 4.70 1.42 29.98

GRV 1.95 0.64
7.12
GRV 0.27 2.84
NA
GRV 3.10 4.02
NA
GRV
NA 6.82
NA
GRV 7.66 6.64 30.01
GRV 3.55 4.16
NA
GRV 4.24 0.99
NA
GRV 4.38 8.11
NA
GRV 2.97 0.38
NA
GRV 3.43 0.72
NA
GRV 26.19 23.77 15.13
GRV 1.57 1.97
NA
GRV 4.71 1.93
NA
GRV 3.35 1.52
NA
GRV
NA 0.92
NA
GRV
NA 2.21
NA
GRV 1.71 2.18
NA
GRV 5.01 2.39
NA
GRV 3.71 1.94
NA
GRV 1.63 0.51
NA
GRV 2.25 0.53
NA
GRV 4.41 3.98
NA
GRV 2.53 1.20
NA
GRV 1.69 3.14 11.28
GRV 6.63 4.98
4.11
GRV 0.32 4.49 17.59
GRV 1.49 3.57 16.65
GRV 0.70 3.32
3.04
GRV 8.72 5.38 37.70
GRV 0.82 0.83
NA
GRV 8.64 4.78
0.63
GRV 7.85 6.57
NA
GRV 1.75 3.62
NA
Dura- Fund
tion type
Q4

% fees
1.25
1.25
1.65
2.18
1.25
1.30
1.40
0.50
0.50
0.00
0.50
1.10
1.50
1.50
1.50
1.40
1.90
1.50
1.50
1.50
1.00
1.00
1.50
1.50
1.40
1.15
0.70
1.00
1.00
1.50
1.50
1.50
1.50
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
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
4.00
4.00
4.00
4.00
4.00
5.00
5.00
5.00
0.00
0.00
5.00
4.00
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
0.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
4.00
4.00
4.00
4.00
4.00
5.00
5.00
0.00
0.00
0.00
0.00
4.00
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
0.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
Min.
4.00
4.00
4.00
4.00
4.00
5.00
5.00
0.00
2.00
0.00
0.00
4.00
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
0.00
0.00
0.00
3.00
3.00
3.00
3.00
3.00
3.00
Max.
4.00
4.00
4.00
4.00
4.00
5.00
5.00
0.00
0.00
0.00
0.00
4.00
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
0.00
0.00
0.00
3.00
3.00
3.00
3.00
3.00
3.00
Min.
Back end
0.00
0.00
0.00
0.20
0.00
0.10
0.09
0.14
0.14
0.10
0.14
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Custody

FONDAVILA GARANT. 3 FIM ................
FONDESPAA INT. II FIM ......................
FONDESPAA INT. III FIM .....................
FONDESPAA INT.GAR. FIM ................
FONDESPAA INT.IV FIM .....................
FONDESPAA INTERNACIONAL 7 FIM .....
FONDESPAA INTERNACIONAL V FIM ....
FONDESPAA INTERNACIONAL VI FIM .....
FONDESPAA MULTIBOLSA GARANTIZADO 1 FIM .....
FONDESPAA RENTA VARIABLE FIM ...
FONDMAPFRE B. GARAN.FIM ..............
FONDMAPFRE BOL. GIV FIM ...............
FONDMAPFRE BOLSA GARANTIZADO II FIM .
FONDMAPFRE BOLSA GV FIM .............
FONDMAPFRE BOLSA GVI FIM ............
FONDMAPFRE BOLSA GVII FIM ...........
FONDMAPFRE BOLSA GVIII FIM ..........
FONDMAPFRE EUROPA G FIM .............
FONDMAPFRE INT.GIII FIM ..................
FONDMAPFRE INTERNACIONAL GARANTIA II FIM .
FONDMAPFRE INTERNACIONAL GARANT. FIM .......
FONDO IBEX 2 BK FIM .........................
FONDO RENTA GARANT. FIM ..............
FONDO SUPERSATISFACCION FIM ......
FONDO VALENCIA GTZO RENTA VARIABLE FIM
FONDUERO COMBINADO FIM ............
FONDUERO GARANT. FIM ...................
FONDUERO INDICE FIM .......................
GARANMED 3 FIM ................................
GARANMED 4 FIM ................................
GARANTIA PLUS 4 FIM .........................
GAREXMED FIM ....................................
HERRERO FONDO 125 (SERIE 1) FIM ...
(Continued)
Volatility
0.36 2.03
0.02 1.07
0.18 2.68
1.16 2.74
0.23 31.17
0.20 0.51
1.50 1.84
0.86 1.63
2.58 6.09
NA
NA
1.76 8.33
2.64 3.76
0.37 1.26
0.25 0.19
0.34 1.14
0.40 1.20
1.80 2.95
1.43 5.17
0.49 2.80
0.02 0.48
0.49 0.85
3.15 3.50
0.04 0.38
0.76 1.55
1.06 8.63
NA
NA
NA
NA
0.70 1.28
0.09 0.55
0.29 0.38
0.12 0.48
1.38 2.42
0.02 0.99
0.46 0.11
Yield
(%)
1.16
2.06
0.77
2.08
1.05
0.78
0.06
2.11
0.29
NA
1.10
2.72
1.93
0.47
1.77
1.63
2.00
3.42
1.36
0.78
0.22
3.35
1.01
0.74
0.01
NA
NA
0.78
0.78
0.61
0.75
2.54
1.22
0.31
GRV
GRV
GRV
GRV
GRV
GRV
GRF
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
FGL
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q1
0.09
0.71
0.68
0.49
1.06
0.72
0.73
1.59
1.61
NA
5.88
0.43
1.22
0.58
1.15
0.61
0.81
2.65
1.33
0.68
1.68
3.20
0.60
0.63
1.11
NA
NA
0.17
0.71
0.72
0.78
0.34
1.15
0.56
Yield
(%)
1.60
1.14
1.91
2.64
2.49
0.41
0.47
1.57
3.17
NA
6.26
2.35
1.14
0.12
0.92
1.34
1.82
5.01
2.68
0.35
2.24
5.81
0.25
0.33
3.63
9.25
NA
0.61
0.62
0.25
0.38
1.99
0.72
1.00
Volatility
0.94
1.85
0.54
1.88
0.83
0.55
0.00
1.91
0.26
NA
1.01
2.48
1.70
0.27
1.53
1.38
1.80
3.24
1.13
0.54
3.85
3.15
0.67
0.52
0.00
0.00
NA
0.55
0.55
0.39
0.53
2.33
1.01
0.08
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
Dura- Fund
tion type
Q2
Volatility
0.62 0.69
1.30 0.99
0.63 1.88
1.07 1.29
1.28 2.67
0.58 0.25
2.09 8.83
2.18 1.73
2.81 2.81
NA
NA
0.13 6.07
2.53 1.90
2.06 1.34
0.50 5.24
1.86 1.11
1.85 1.08
2.04 1.33
1.73 2.65
1.14 3.45
0.53 0.12
1.26 3.76
1.38 4.07
0.45 5.54
0.39 0.28
2.62 2.13
1.58 17.41
NA
NA
0.61 0.31
0.62 0.34
0.64 0.12
0.61 0.18
2.60 2.14
1.12 0.65
0.51 1.63
Yield
(%)
0.73
1.64
0.32
1.65
0.62
0.32
0.08
1.70
0.23
NA
0.92
2.31
1.47
0.00
1.32
1.18
1.61
3.07
0.92
0.31
3.71
2.98
0.36
0.00
2.51
2.84
0.00
0.32
0.32
0.21
0.31
2.13
0.78
0.01
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q3
Volatility
0.46 0.26
0.65 0.46
0.74 0.71
0.86 0.81
0.68 0.93
0.50 1.56
0.64 7.52
1.09 1.07
1.62 2.73
NA 2.52
1.52 1.77
1.46 1.40
0.91 0.78
0.40 5.77
0.89 0.67
0.94 0.85
1.14 0.97
1.45 1.66
1.08 1.81
0.48 7.17
1.82 1.82
1.53 1.87
0.36 230.75
0.28 1.75
1.05 1.51
2.18 10.84
2.41 2.23
0.50 6.79
0.50 6.64
0.55 1.39
0.49 1.74
1.31 1.30
0.72 0.38
3.09 5.37
Yield
(%)
0.50
1.43
0.08
1.43
0.41
0.08
0.08
1.47
0.20
0.16
0.83
2.11
1.22
3.65
1.07
0.96
1.41
2.89
0.53
0.00
3.50
2.78
0.05
0.01
2.26
2.66
2.51
0.08
0.08
0.06
0.08
1.89
0.55
1.62
Yield
(%)
Volatility
2002
GRV 1.53 1.34

GRV 2.69 0.96
GRV 0.76 1.92
GRV 0.26 2.05
GRV 99.99 15.64
GRV 2.01 0.35
GRV 0.74 5.90
GRV 4.04 1.54
GRV 0.14 3.97
GRV
NA 2.52
GRV 6.01 6.11
GRV 0.85 2.54
GRV 3.87 1.16
GRV 0.94 2.90
GRV 3.60 0.99
GRV 3.03 1.14
GRV 0.53 1.94
GRV 0.96 3.93
GRV 1.89 2.75
GRV 1.73 0.31
GRV 5.35 2.41
GRV 3.51 4.09
GRV 1.45 115.84
GRV 0.55 0.80
GRV 1.46 4.84
GRV
NA 13.24
GRV
NA 2.23
GRV 0.57 0.73
GRV 1.93 0.45
GRV 2.23 0.23
GRV 2.01 0.32
GRV 2.85 2.03
GRV 3.04 0.73
GRV 4.67 2.70
Dura- Fund
tion type
Q4
NA
10.55
NA
NA
NA
NA
40.30
NA
11.19
NA
36.49
45.97
NA
NA
NA
NA
NA
NA
NA
NA
NA
22.59
1.25
18.90
NA
NA
NA
12.85
20.27
14.31
NA
18.48
27.56
15.13
Yield
since
1996
% fees
1.50
1.20
1.30
1.20
1.45
1.05
1.10
1.10
1.50
1.45
1.10
1.10
1.45
1.25
1.40
1.45
1.45
1.35
1.00
1.40
1.25
1.20
1.60
1.50
1.41
1.05
1.20
1.15
1.15
0.90
1.15
2.00
0.90
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
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
5.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
5.00
5.00
0.00
0.00
5.00
5.00
5.00
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
5.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
5.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
Min.
3.00
5.00
5.00
5.00
5.00
5.00
3.00
5.00
2.50
5.00
2.00
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
3.00
0.00
5.00
5.00
5.00
3.00
2.00
5.00
3.00
5.00
Max.
3.00
5.00
5.00
5.00
5.00
5.00
3.00
5.00
1.00
2.00
0.50
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
5.00
0.00
0.00
0.00
5.00
5.00
5.00
3.00
2.00
5.00
3.00
5.00
Min.
Back end
0.00
0.20
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.20
0.20
0.20
0.19
0.19
0.17
0.20
0.20
0.20
0.20
0.20
0.10
0.10
0.10
0.15
0.10
0.10
0.10
0.10
0.15
0.10
0.10
0.10
Custody
303
304
IBERAG. JAPON CLIQ. FIM ....................

IBERCAJA CRECIMIENTO FIM ................
IBERCAJA EURO FIM .............................
IBERCAJA INDICE, FIM ..........................
IBERCAJA PATRIMONIO FIM .................
IBERCAJA PT III FIM ...............................
INGENIEROS EUROB.G. FIM .................
INVERDUERO 2000 FIM ........................
KUTXAINDEX FIM .................................
KUTXAINDEX2 FIM ...............................
KUTXAINDEX3 FIM ...............................
KUTXAINDEX5 FIM ...............................
KUTXAINDEX6 FIM ...............................
KUTXAINDEX7 FIM ...............................
KUTXAINDEX8 FIM ...............................
LUSO GARANTIZADO 2004 FIM ..........
MADRID ACCIONES GLOBAL 100 G FIM ..
MADRID ACCIONES GLOBAL 95 G FIM
MADRID BOLSA 100 FIM ......................
MADRID BOLSA 50 FIM ........................
MADRID BOLSA ACTIVA FIM ................
MADRID BOLSA EXTRA FIM .................
MADRID CESTA EURO-AMERICANA FIM
MADRID CESTA EUROPEA FIM .............
MADRID CESTA MUNDIAL FIM ............
MADRID EURO JAPON FIM ..................
MADRID EUROACCION G FIM ............
MADRID EUROAMERICA FIM ...............
MADRID EUROST.2002 FIM ..................
MADRID EUROST.2003 FIM ..................
MADRID GARANTIA IBEX FIM ..............
MADRID GARANTIA MIXTA FIM ...........
(Continued)
1.10
0.03
0.06
0.38
1.11
0.23
0.31
1.39
1.49
2.00
1.69
1.69
0.40
0.02
0.30
0.51
0.01
0.69
2.23
0.05
0.33
0.32
2.40
0.40
0.84
0.04
0.64
0.55
0.20
2.38
0.40
0.42
0.80
NA
Yield
(%)
1.10
2.93
4.96
1.22
3.48
0.45
2.96
2.25
6.63
3.60
2.63
2.63
0.97
0.74
0.73
1.45
0.69
1.01
4.33
2.27
1.17
1.17
5.13
0.54
1.13
0.64
1.35
1.35
1.08
5.20
2.96
5.09
0.24
NA
Volatility
0.74
0.81
0.28
1.52
1.72
0.55
0.77
2.24
2.32
2.13
2.11
2.12
0.06
0.78
1.10
1.95
0.56
1.68
2.89
0.77
1.72
1.73
2.89
0.04
0.57
0.52
1.89
1.89
0.27
2.89
0.76
0.79
0.01
NA
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q1
0.94
0.75
0.47
1.07
0.31
0.64
0.87
1.14
3.18
3.31
0.40
0.40
1.02
0.25
0.87
1.45
0.56
1.22
2.53
0.58
1.31
1.31
4.35
1.71
2.55
1.58
1.26
1.41
0.23
4.29
1.79
2.85
4.79
NA
Yield
(%)
1.90
1.98
0.53
1.17
2.15
0.19
2.19
1.43
5.73
3.78
1.67
1.68
2.80
0.60
0.58
1.10
0.19
0.98
3.06
1.51
0.95
0.96
4.47
4.15
3.36
4.13
1.03
1.03
0.31
4.50
2.21
4.21
6.19
1.69
Volatility
0.53
0.57
0.04
1.28
1.49
0.31
0.53
2.02
2.12
1.91
1.90
1.90
1.98
0.55
1.00
1.75
0.33
1.47
2.65
0.53
1.51
1.51
2.65
2.73
2.88
2.73
1.69
1.66
0.06
2.65
0.52
0.55
2.66
1.73
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q2
0.50
0.08
1.02
1.24
1.18
0.57
0.68
2.13
0.06
0.50
1.94
1.94
1.33
0.03
1.08
2.04
0.70
1.77
1.96
0.64
1.71
1.71
0.89
0.88
3.82
0.86
1.70
1.86
0.56
0.94
1.31
2.32
1.07
0.91
Yield
(%)
0.20
0.89
0.94
1.30
1.32
4.90
2.47
1.80
3.86
5.46
1.35
1.35
2.31
0.89
0.65
1.50
0.45
1.14
2.10
1.49
1.13
1.14
2.69
5.00
8.82
4.95
1.30
1.27
3.87
2.69
2.84
5.17
3.60
1.21
Volatility
0.35
0.33
2.65
1.03
1.26
0.07
0.28
1.76
1.92
1.71
1.69
1.70
2.70
0.23
0.77
1.56
0.00
1.25
2.48
0.29
1.28
1.30
2.43
2.55
2.66
2.55
1.44
1.42
3.43
2.43
0.28
0.31
2.43
1.54
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q3
0.66
1.51
3.64
0.60
1.06
0.52
0.86
1.12
0.27
2.24
1.28
1.31
1.41
0.67
0.60
0.87
0.32
1.06
1.31
2.81
0.75
0.75
1.31
1.02
1.37
1.25
0.65
0.74
1.29
1.31
0.92
1.07
1.28
0.84
Yield
(%)
7.88
2.03
6.10
0.53
0.71
2.42
0.79
1.17
3.09
3.74
1.01
1.03
2.52
0.42
1.20
2.82
3.53
0.94
1.45
3.54
0.67
0.67
1.34
1.42
4.17
1.36
0.74
0.73
2.34
1.35
1.02
2.12
1.28
0.66
Volatility
0.04
0.09
2.55
0.80
1.02
0.01
0.04
1.53
1.70
1.49
1.50
1.52
2.47
0.11
0.57
1.35
0.01
1.03
2.24
3.45
1.05
1.05
2.21
2.30
2.49
2.32
1.22
1.18
3.37
2.21
0.01
0.06
2.21
1.29
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q4
3.22
0.64
5.26
2.54
0.81
1.97
0.39
3.00
4.31
2.65
1.92
1.94
2.13
0.97
2.26
3.90
1.60
3.38
1.57
1.61
3.48
3.48
4.58
1.18
0.83
1.16
2.99
3.50
2.29
4.46
2.58
4.49
1.76
NA
Yield
(%)
1.10
2.09
3.98
1.10
2.18
0.25
2.25
1.73
5.03
4.24
1.79
1.79
2.27
0.69
0.83
1.85
0.43
1.04
2.96
2.37
1.01
1.02
3.74
3.35
5.23
3.32
1.14
1.14
2.34
3.78
2.39
4.33
3.68
1.25
Volatility
2002
8.79
7.43
NA
19.56
23.40
NA
8.13
10.16
26.14
15.20
21.77
35.77
NA
NA
NA
NA
NA
7.54
NA
NA
36.13
23.18
NA
26.20
39.48
NA
NA
NA
NA
25.66
NA
NA
NA
NA
Yield
since
1996
% fees
0.92
1.00
0.85
1.40
1.00
0.85
0.85
1.30
0.90
1.20
1.30
1.30
1.30
1.15
1.30
1.35
1.30
0.75
1.50
1.50
1.30
1.30
1.50
1.50
1.50
1.50
2.00
1.50
1.40
1.50
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
0.18
0.00
0.00
0.00
0.00
0.00
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
0.00
5.00
5.00
5.00
5.00
5.00
2.00
5.00
5.00
5.00
5.00
0.00
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
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
5.00
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
Min.
0.00
3.00
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
0.00
5.00
3.00
0.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
0.00
3.00
3.00
3.00
Max.
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
3.00
0.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
0.00
3.00
3.00
3.00
Min.
Back end
0.15
0.20
0.15
0.20
0.00
0.20
0.20
0.20
0.15
0.19
0.20
0.20
0.17
0.19
0.20
0.17
0.00
0.05
0.08
0.08
0.10
0.10
0.08
0.08
0.10
0.08
0.10
0.10
0.08
0.08
0.08
0.08
0.10
0.10
Custody
MADRID NUEVA ECONOMIA FIM ........

MARCH BOLSAS INTERNACIONALES GTZDO FIM
MARCH EUROBOLSA GARANTIZADO FIM
MARCH EUROTOP GARANTIZADO FIM
MARCH IBEX GARANT. FIM ..................
MARCH USA GARANTIZADO FIM ........
MORGAN STANLEY EURO FONDO 1 FIM
MORGAN STANLEY JAPON AHORRO FIM
MORGAN STANLEY JAPON PLUS FIM ..
MORGAN STANLEY USA GARANTIZADO FIM
MULTIBOLSA DUERO FIM ....................
NAVARRA GARANTIA FIM ....................
PASTOR EUROBOLSA GARANTIZADO 1 FIM .
PASTOR FIJO 2 FIM ................................
RENTA 4 BOLSA PLUS FIM ....................
RENTADUERO FIM ................................
RURAL AHORRO II FIM .........................
RURAL CESTA DE INDICES GARANTIZADO FIM
RURAL EUROINDICE FIM ......................
RURAL GARANTIZADO TECNOLOGIA FIM
RURAL VALOR FIM ................................
RURAL VALOR III FIM ...........................
RURAL VALOR IV FIM ...........................
SABADELL GLOBAL FIM ........................
SANT. LATIN.ASEGUR. FIM ...................
SANTANDER A BOLSA INDICES FIM .....
SANTANDER A ELECCION FIM .............
SANTANDER A EUROPA FIM .................
SANTANDER BEST 2 FIM .......................
SANTANDER BEST, FIM .........................
SANTANDER BOLSA EUROPEA ASEGURADO 2 FIM
SANTANDER EUROSTOXX GARANTIZADO FIM
SANTANDER GARANTIZADO ACCION FIM
SANTANDER GARANTIZADO MIXTO FIM .
(Continued)
Volatility
0.57 1.41
NA 4.31
0.01 0.76
0.04 1.45
0.45 1.09
NA
NA
1.35 3.07
0.05 2.50
0.18 7.57
0.15 2.52
0.85 4.37
1.13 1.44
0.33 0.38
0.11 0.51
0.77 11.37
1.92 3.01
0.06 0.56
0.25 0.17
0.78 4.62
0.29 1.77
0.38 1.52
0.25 0.43
0.24 1.45
0.87 9.41
0.23 0.34
0.02 0.67
0.30 2.27
0.00 0.67
0.64 1.46
1.26 2.25
0.62 4.53
0.91 1.59
0.93 3.95
1.76 2.13
Yield
(%)
2.10
1.05
0.90
0.68
1.43
NA
0.78
0.99
0.98
2.59
2.78
0.40
0.32
0.78
2.80
2.12
1.15
0.17
1.90
1.72
1.50
0.81
1.74
4.16
0.53
1.03
0.95
1.02
1.72
1.53
0.50
1.72
2.00
1.99
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
GRV
GRV
GRV
Dura- Fund
tion type
Q1
1.47
2.34
1.73
0.95
1.27
NA
0.84
0.15
1.30
2.20
3.24
0.42
0.18
0.74
8.75
0.80
1.09
0.35
1.54
1.36
1.28
0.83
0.44
8.50
0.48
0.89
0.47
0.87
1.11
2.04
1.19
1.13
1.80
2.28
Yield
(%)
1.17
5.71
2.36
2.18
1.30
4.55
1.55
2.10
6.15
5.59
3.34
4.01
2.62
0.36
14.27
2.66
0.48
6.67
3.77
1.20
0.83
0.31
1.44
10.73
0.38
0.54
1.52
0.54
1.06
2.25
2.50
0.99
6.04
1.99
Volatility
1.83
1.94
0.01
0.05
1.22
2.18
0.55
0.76
0.76
2.39
2.59
0.18
2.49
0.72
2.62
1.90
0.95
0.00
1.68
1.52
1.31
0.59
1.52
4.30
0.33
0.79
0.71
0.79
1.49
1.27
0.27
1.49
1.77
1.75
Yield
(%)
Volatility
1.63
1.72
2.52
2.99
1.01
1.96
0.32
0.52
0.52
2.10
2.51
0.00
0.51
0.32
2.55
1.68
0.75
1.58
1.50
1.32
1.15
0.35
1.32
4.10
0.15
0.56
0.47
0.53
1.25
1.04
0.04
1.25
1.49
1.52
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
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q3
GRV
1.99 1.53
GRV
1.56 2.01
GRV 1.67 8.45
GRV
0.88 3.90
GRV
1.15 1.24
GRV 0.96 5.31
GRV
0.46 0.25
GRV
0.21 0.89
GRV 0.98 2.64
GRV
0.30 3.37
GRV
1.76 3.49
GRV
0.44 0.46
GRV
1.09 2.78
GRV
0.62 0.24
GRV 10.27 16.71
GRV
2.21 2.24
GRV
1.19 0.46
GRV
0.86 3.08
GRV
0.87 2.75
GRV
1.68 1.17
GRV
1.62 1.02
GRF
0.80 0.19
GRV
1.66 1.17
GRV
2.39 4.00
GRV
0.44 0.22
GRV
0.85 0.39
GRV
0.53 0.47
GRV
0.89 0.41
GRV
1.41 1.18
GRV
1.63 2.36
GRV
0.79 3.69
GRV
1.68 1.14
GRV
1.09 4.97
GRV
0.68 2.71
Dura- Fund
tion type
Q2
Volatility
0.84 0.93
0.99 1.08
1.98 9.34
0.60 11.38
0.39 0.53
1.01 2.99
0.47 1.44
0.27 0.21
0.02 0.44
1.59 2.22
1.37 1.56
0.42 4.87
1.31 1.25
0.48 2.78
3.31 7.37
1.06 1.39
0.72 0.27
1.36 1.93
1.72 1.67
1.04 1.10
0.90 0.60
0.76 0.35
1.06 0.70
2.07 2.46
0.28 0.20
0.44 0.13
0.47 4.13
0.42 0.13
0.77 0.59
0.79 1.21
4.08 6.22
0.78 0.59
0.86 1.50
1.30 1.31
Yield
(%)
1.40
1.50
2.35
2.83
0.53
1.73
0.08
0.30
0.30
1.89
2.30
0.00
2.01
0.08
2.12
1.46
0.54
1.40
1.31
1.11
0.97
1.18
1.11
3.86
0.01
0.31
0.23
0.31
1.01
0.79
2.68
1.01
1.26
1.27
Yield
(%)
Volatility
2002
Yield
since
1996
GRV 3.76 1.29

NA
GRV
NA 3.73
NA
GRV 2.01 6.45
NA
GRV 2.49 6.18
NA
GRV 2.36 1.09 35.96
GRV
NA 4.36
NA
GRV 1.26 1.72 12.75
GRV 0.69 1.69 16.02
GRV 2.06 5.04
1.69
GRV 0.19 3.68
6.97
GRV 1.04 3.37
NA
GRV 0.14 0.76
NA
GRV 2.94 2.03 11.02
GRV 1.97 0.33 10.85
GRV 16.07 12.97 28.88
GRV 0.51 2.42 14.25
GRV 3.09 0.46 15.64
GRV 2.85 1.83
NA
GRV 0.24 3.39
NA
GRV 3.83 1.34
NA
GRV 3.46 1.06 12.11
GRV 2.67 0.33 19.89
GRV 2.94 1.24
NA
GRV 3.54 7.55 45.11
GRV 1.44 0.30
6.28
GRV 2.21 0.48 29.13
GRV 0.22 1.38
NA
GRV 2.19 0.49
NA
GRV 2.66 1.13
NA
GRV 3.21 2.08
NA
GRV 4.29 4.47 51.24
GRV 2.68 1.15 28.19
GRV 1.06 4.45
NA
GRV 2.47 2.12 35.43
Dura- Fund
tion type
Q4

% fees
1.50
1.10
1.30
1.10
1.30
1.30
1.25
1.25
1.25
1.25
1.15
1.50
1.00
1.15
1.80
1.15
1.00
0.70
0.60
1.00
1.00
0.80
0.75
0.15
1.60
1.20
1.20
1.30
1.31
1.22
1.42
1.23
1.08
1.52
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
3.00
3.00
3.00
3.00
2.00
2.00
2.00
2.00
5.00
0.00
5.00
3.00
2.50
5.00
1.00
3.00
3.00
1.00
1.00
3.00
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
3.00
3.00
3.00
3.00
2.00
2.00
2.00
2.00
5.00
0.00
5.00
3.00
0.00
5.00
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
Min.
3.00
0.00
3.00
3.00
3.00
3.00
2.00
2.00
2.00
2.00
5.00
0.00
5.00
3.00
2.50
5.00
1.00
3.00
3.00
1.00
1.00
3.00
3.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
Max.
3.00
0.00
3.00
3.00
3.00
3.00
2.00
2.00
2.00
2.00
5.00
0.00
5.00
3.00
0.00
5.00
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
Min.
Back end
0.10
0.20
0.20
0.20
0.20
0.20
0.05
0.05
0.05
0.05
0.10
0.05
0.15
0.10
0.10
0.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.10
0.15
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
Custody
305
306
SANTANDER SEGURIDAD 2000 FIM ....

SANTANDER SELECCION GARANTIZADO 2 FIM
SANTANDER SELECCION GARANTIZADO FIM
SANTANDER SP500 ASEGURADO FIM .
SBD BANCOS GARANTIA FIM ..............
SBD EURO GARANTIA FIM ...................
SBD GARANTIA DOBLE 1 FIM ..............
SBD IBEX 2 FIM .....................................
SBD INT. 4 GARANTIA FIM ...................
SBD INTERN. GARANT. FIM ..................
SBD INTERNACIONAL 3 GARANTIA FIM
SBD INTERNACIONAL GARANTIA 2 FIM
SBD TELECOM GARANTIA FIM .............
SBD VALOR GARANTIZADO FIM .........
SCH EUROINDICE GARANTIZADO FIM
SCH RENTABILIDAD EUROPA FIM ........
SCH RENTABILIDAD USA FIM ...............
SCH SECTOR BANCOS GARANTIZADO FIM
SCH SEGURIDAD EUROPA FIM ............
SCH SELECCION GARANTIZADO 3 FIM
UNIFOND BOLSA I FIM ........................
UNIFOND BOLSA II FIM .......................
UNIFOND BOLSA III FIM ......................
UNIFOND BOLSA V FIM .......................
UNIFOND BOLSA VI FIM ......................
UNIFOND BOLSA VIII FIM ....................
UNIFOND IX FIM ..................................
UNIFOND VII FIM .................................
(Continued)
0.15
0.02
1.59
0.14
0.19
0.49
NA
2.87
0.00
0.52
0.01
0.53
2.42
2.42
NA
0.11
0.20
0.17
1.48
0.21
0.79
0.88
0.42
0.99
0.43
1.78
0.18
0.50
0.49
0.21
0.29
NA
1.80
0.34
Yield
(%)
1.58
4.38
2.45
3.85
1.76
0.82
NA
9.19
0.56
2.29
0.52
1.30
7.01
7.01
2.02
0.59
1.04
3.33
5.20
1.41
0.92
5.16
0.81
4.55
3.64
2.58
0.57
5.09
0.23
0.30
0.75
NA
8.42
1.65
Volatility
2.01
1.99
1.73
0.56
1.16
0.64
NA
2.22
0.76
0.41
0.77
1.53
2.22
2.22
0.01
0.84
1.43
1.77
2.74
0.01
0.12
2.48
0.28
2.46
2.71
0.34
0.97
1.36
0.01
0.54
1.16
NA
0.88
0.89
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q1
1.55
4.01
0.55
1.22
0.28
0.59
NA
4.40
0.64
0.83
0.63
1.11
4.78
4.78
4.06
0.82
1.24
2.92
3.18
3.33
1.57
1.37
0.95
2.02
2.75
0.29
0.76
3.34
2.90
0.34
0.99
NA
6.51
0.50
Yield
(%)
1.18
6.92
1.46
2.33
1.43
0.66
NA
7.04
0.32
1.69
0.32
0.98
5.68
5.68
5.78
0.49
0.86
3.10
4.04
4.67
3.97
4.80
0.83
4.45
7.51
1.08
0.58
3.77
4.60
0.42
0.63
NA
7.56
0.90
Volatility
1.74
1.77
1.49
0.33
1.01
0.43
NA
2.15
0.55
0.35
0.55
1.43
2.14
2.14
2.37
0.69
1.22
1.69
2.52
2.66
2.71
2.25
3.22
2.25
2.41
0.10
0.77
1.24
2.06
0.35
0.90
NA
0.68
0.69
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q2
Volatility
2.12 1.46
0.90 6.42
1.73 1.09
1.29 4.31
1.32 0.71
0.44 7.78
NA 1.80
0.30 5.01
0.53 0.15
0.93 2.17
0.59 0.15
1.81 1.22
0.49 3.50
0.49 3.50
1.68 1.97
0.72 0.31
1.44 0.89
1.39 1.43
1.51 2.83
0.66 4.67
1.13 4.77
0.80 4.36
1.97 10.17
1.72 3.22
0.63 5.04
2.11 6.12
0.97 0.46
0.01 2.18
0.84 3.71
0.51 5.40
1.11 0.57
NA
NA
1.68 6.35
0.79 0.29
Yield
(%)
1.51
1.52
1.25
0.15
0.78
2.13
0.01
1.92
0.32
0.26
0.32
1.19
1.91
1.92
2.14
0.46
0.99
1.45
2.27
2.27
2.50
2.00
2.62
1.98
2.25
2.89
0.60
1.00
1.76
0.26
0.73
NA
0.46
0.47
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q3
0.92
0.35
0.68
2.34
0.75
1.17
0.74
1.24
0.40
1.44
0.46
0.87
1.21
1.21
1.25
0.46
0.71
0.80
1.25
1.12
0.99
0.99
1.14
1.04
1.26
0.57
0.27
0.31
0.77
0.47
0.66
NA
0.65
0.66
Yield
(%)
0.82
1.73
0.76
4.08
0.39
5.75
2.11
1.75
0.31
1.49
0.36
0.61
1.54
1.54
1.26
1.28
0.44
0.79
1.37
1.68
3.12
1.53
5.01
1.18
1.72
5.18
3.54
0.83
1.76
5.62
1.17
5.92
1.83
0.10
Volatility
1.27
1.28
1.00
0.01
0.55
1.93
1.73
1.70
0.08
0.04
0.08
0.98
1.71
1.71
1.94
0.22
0.76
1.23
2.01
2.21
2.24
1.59
2.35
1.75
2.03
2.64
0.39
0.80
1.38
0.17
0.53
0.01
0.25
0.24
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
GRV
GRV
Dura- Fund
tion type
Q4
Volatility
4.51 1.30
4.56 5.28
1.35 1.59
2.25 3.74
2.17 1.21
1.82 4.88
NA 1.94
6.26 6.36
1.58 0.37
0.19 1.95
1.67 0.36
3.29 1.07
5.50 4.91
5.49 4.91
NA 3.49
2.11 0.42
3.21 0.85
0.96 2.43
1.95 3.66
1.80 3.51
0.94 3.52
0.48 4.21
0.51 5.73
0.30 3.62
1.33 4.95
4.82 4.26
2.19 1.84
3.51 3.38
0.84 3.11
1.54 0.26
3.08 0.82
NA 5.92
9.15 6.56
1.61 0.95
Yield
(%)
2002
NA
NA
NA
19.84
NA
NA
NA
36.28
NA
21.59
NA
41.97
NA
NA
NA
NA
NA
NA
NA
5.02
NA
NA
NA
32.54
NA
54.52
22.55
NA
NA
NA
NA
NA
8.57
12.78
Yield
since
1996
% fees
0.88
1.20
0.98
1.60
0.65
1.94
1.00
1.35
1.60
1.15
1.35
1.05
1.36
1.36
1.76
1.28
0.95
1.35
1.30
1.33
1.50
1.26
1.55
1.35
1.49
1.46
1.20
2.25
1.65
1.50
1.20
0.63
1.25
1.19
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
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
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
5.00
5.00
0.00
5.00
5.00
Min.
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
5.00
0.00
5.00
5.00
5.00
3.00
3.00
3.00
3.00
3.00
0.00
3.00
3.00
Max.
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
5.00
0.00
5.00
5.00
5.00
3.00
3.00
3.00
3.00
3.00
0.00
3.00
3.00
Min.
Back end
0.10
0.10
0.10
0.15
0.06
0.10
0.08
0.10
0.10
0.10
0.10
0.05
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
0.05
0.20
0.05
0.05
0.05
0.05
0.05
0.05
Custody
URQUIJO GARANT. 3 FIM ....................

VITAL EURO INDICES FIM .....................
VITAL EURO PLUS FIM ..........................
VITAL INDICES I FIM ..............................
WIN-CS EUROTOP-100 FIM ..................
ZARAGOZANO BOLSA II FIM ...............
ZARAGOZANO GARANTIZADO BOLSA III FIM
ZARAGOZANO GARANTIZADO BOLSA IV FIM
ZARAGOZANO GARANTIZADO BOLSA V FIM
ZARAGOZANO GARANTIZADO BOLSA VI FIM
ZARAGOZANO GARANTIZADO BOLSA VII FIM
ZARAGOZANO GARANTIZADO MIXTO I FIM
ZARAGOZANO GARANTIZADO MIXTO II FIM
ZARAGOZANO GARANTIZADO MIXTO III FIM
ZARAGOZANO GARANTIZADO PRIMERA CLASE FIM
ZARAGOZANO GARANTIZADO PRIVILEGIO FIM
ZARAGOZANO GTZDO CINCO ESTRELLAS FIM
ZARAGOZANO GTZO CINCO ESTRELLAS II FIM
(Continued)
0.11
1.34
1.39
0.42
0.07
0.18
0.15
0.65
2.02
0.19
1.56
0.27
0.27
2.53
NA
0.73
0.37
0.49
Yield
(%)
2.77
2.19
2.69
0.31
1.77
0.40
0.53
8.62
4.79
0.35
0.43
0.22
0.22
5.18
6.74
4.43
4.79
1.49
Volatility
0.78
1.82
1.79
0.01
0.01
0.58
0.83
1.72
0.38
0.38
0.00
0.05
0.05
0.52
2.27
2.01
0.00
0.18
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q1
0.49
0.19
0.15
1.36
0.94
0.63
0.81
3.81
0.06
0.34
5.37
0.34
0.34
0.87
5.97
2.19
0.21
0.39
Yield
(%)
2.17
1.60
1.88
1.77
2.53
0.27
0.36
6.62
4.85
7.67
0.77
2.25
2.13
2.79
7.31
2.79
0.16
5.85
Volatility
0.55
1.63
1.59
2.57
0.00
0.42
0.65
1.53
0.19
0.00
0.00
0.00
0.00
0.00
1.02
1.81
0.00
0.00
Yield
(%)
GRV 0.17
GRV
1.65
GRV
1.81
GRV
3.11
GRV 0.38
GRV
0.62
GRV
0.75
GRV 0.51
GRV
4.04
GRV
1.33
GRV 14.37
GRV
0.27
GRV
0.10
GRV
0.32
GRV
0.50
GRV
2.07
GRV 4.11
GRV 4.13
Dura- Fund
tion type
Q2
1.38
0.96
0.93
2.29
1.15
0.25
0.36
3.47
3.24
1.38
8.93
4.86
3.93
3.43
6.53
1.55
8.56
8.56
Volatility
0.32
1.42
1.39
2.38
0.00
0.26
0.32
1.34
0.06
0.00
0.00
0.06
0.06
0.00
0.98
1.62
0.00
0.00
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
Dura- Fund
tion type
Q3
2.43
0.85
1.03
1.85
0.74
0.47
0.53
0.84
1.46
0.39
3.06
2.97
2.98
0.85
2.12
1.10
1.62
1.60
Yield
(%)
2.24
0.55
0.54
1.84
1.20
6.97
9.21
0.81
1.64
6.15
1.61
2.52
2.49
4.25
3.51
1.39
5.57
5.60
Volatility
0.01
1.22
1.19
2.19
0.01
0.14
0.18
1.13
0.11
0.18
0.36
0.07
0.06
0.07
0.93
1.41
0.19
0.19
Yield
(%)
Volatility
2002
GRV 1.86 2.21

GRV 1.33 1.47
GRV 1.57 1.74
GRV 6.89 1.74
GRV 1.22 1.75
GRV 1.92 0.28
GRV 2.26 0.37
GRV 4.12 5.71
GRV 3.49 3.88
GRV 2.26 3.17
GRV 22.67 4.71
GRV 3.88 2.76
GRV 3.71 2.35
GRV 3.89 3.63
GRV
NA 6.21
GRV 0.21 2.83
GRV 2.71 5.15
GRV 1.74 5.21
Dura- Fund
tion type
Q4
13.94
26.94
29.17
36.51
NA
NA
4.09
NA
NA
NA
NA
34.26
27.54
2.47
NA
NA
NA
NA
Yield
since
1996
% fees
0.90
1.50
0.75
0.75
1.50
1.35
1.35
0.90
1.20
1.45
1.40
1.45
1.45
1.30
1.00
0.90
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
3.00
3.00
3.00
0.00
5.00
5.00
5.00
0.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
0.00
0.00
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
0.00
0.00
0.00
0.00
Min.
5.00
3.00
3.00
3.00
0.00
2.50
2.50
2.50
5.00
5.00
5.00
5.00
5.00
5.00
5.00
2.50
5.00
5.00
Max.
5.00
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
Min.
Back end
0.20
0.06
0.07
0.09
0.00
0.10
0.10
0.15
0.10
0.10
0.10
0.10
0.10
0.10
0.12
0.10
0.15
0.15
Custody
307
308
A&G MULTISELECTION FUND FIMF .....

ABANTE ASESORES GLOBAL FIMF ........
AC ARCO IRIS FIM .................................
AC BIENESTAR FIM ................................
AC DIVISA FIM ......................................
AC EMERGENTES FIM ............................
AC MATERIAS PRIMAS FIM ...................
AC TECNOLOGICO FIM ........................
AFINA SELECCION FIMF ........................
ARCALIA COYUNTURA FIM ..................
ARTE FINANCIERO FIM .........................
ASTURFONDO GLOBAL FIM ................
ATLANTICO GESTION DINAMICA FIMF
ATLANTICO MULTIFONDO AZUL 2 FIMF .
ATLANTICO MULTIFONDO AZUL 3 FIMF .
ATLANTICO MULTIFONDO AZUL FIMF
ATLANTICO MULTIGESTION ALTERNATIVA FIMF
AZPELAN FIM ........................................
BANCAJA FDO DE FDOS INTERNACIONALES FIMF ..
BANCAJA FONDO DE FONDOS 90 GLOBAL FIMF
BANIF DIVERSIFICACION FIMF .............
BANIF RIESGO ABIERTO FIM ................
BARCLAYS FONDESLA FIMF ..................
BARCLAYS GESTION TOTAL FIMF .........
BBVA BOLSA ACTIVA FIM .....................
BBVA GESTION ACTIVA FIM .................
BBVA MIXTO GLOBAL FIM ...................
BBVA MULTIFONDO ALTERNATIVO FIMF .
BBVA MULTIFONDO DINAMICO FIMF
BCH SAYPLUS FIM .................................
BETA ACTIVOS FIM ................................
BETA STOCKS TRADING FIM ................
BK FONDO DE FONDOS MIXTO GLOBAL FIMF .
BM-CARTERA GLOBAL FIM ...................
(Continued)
NA
NA
1.48
1.28
1.05
8.82
9.41
7.02
0.07
1.56
0.21
3.02
0.56
NA
NA
0.06
0.38
0.62
0.64
0.76
NA
0.40
2.38
4.27
NA
NA
0.75
NA
2.55
0.93
0.52
NA
0.09
3.49
Yield
(%)
NA
3.66
15.27
12.11
18.25
17.59
16.52
37.63
6.84
11.90
2.38
8.45
0.17
NA
NA
1.90
1.01
6.21
15.70
12.91
NA
3.56
3.89
14.46
6.65
1.97
7.14
NA
10.42
8.98
0.14
NA
5.41
11.23
Volatility
NA
0.01
0.00
0.00
3.63
0.00
0.01
0.01
0.00
4.12
0.54
0.09
0.34
NA
NA
0.01
0.18
1.05
0.01
0.01
NA
0.02
0.03
0.00
0.02
0.05
3.43
NA
0.01
2.04
0.31
NA
0.00
1.30
Yield
(%)
NA
6.81
19.29
23.27
24.04
22.05
12.56
39.30
9.11
13.36
4.48
4.95
0.63
NA
NA
FGL 12.97
GRV
0.43
FGL 7.41
RVIO 18.53
RVE 13.45
NA
FGL
1.34
FGL 8.07
RVIO 15.12
FGL
0.96
FGL
0.75
FGL 7.67
NA
FGL 16.57
FGL 13.07
FGL
0.73
NA
FGL 7.12
FGL 10.71
RVIO
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
RFMI
FGL
GRF
Dura- Fund
tion type
Q1
NA
5.88
17.49
19.72
21.20
19.96
15.38
46.42
8.64
15.19
4.57
5.32
0.01
NA
NA
10.39
0.13
7.33
15.11
14.48
0.41
2.20
6.63
12.12
1.77
2.33
8.56
NA
9.93
10.74
0.12
NA
6.59
10.45
Volatility
NA
0.00
0.00
0.00
0.01
0.01
0.00
0.01
0.00
0.72
0.28
0.05
0.05
NA
NA
0.00
0.00
0.93
0.00
0.00
0.00
0.01
0.04
0.00
0.01
0.04
2.39
NA
0.01
0.39
0.35
NA
0.00
0.48
Yield
(%)
NA
6.73
18.45
13.12
17.78
16.53
18.66
20.86
5.02
14.10
6.32
7.89
0.61
NA
NA
FGL 7.76
GRV
0.46
FGL 6.60
RVIO 16.15
RVE 17.57
FGL
0.25
FGL
1.16
FGL 5.70
RVIO 12.66
FGL
0.92
FGL
0.50
FGL 9.85
NA
FGL 13.33
FGL
0.89
FGL
0.80
NA
FGL 5.75
FGL 12.38
RVIO
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
RFM
FGL
GRF
Dura- Fund
tion type
Q2
NA
9.88
24.15
34.76
35.38
26.27
33.77
54.01
8.45
21.19
9.74
9.46
1.20
2.85
10.00
10.84
1.74
12.49
23.35
28.72
0.25
3.51
7.35
34.60
1.45
2.83
15.19
NA
16.69
0.32
0.17
NA
9.42
19.21
Volatility
NA
0.00
0.00
0.00
0.01
0.00
0.00
0.01
0.00
0.36
1.06
0.01
0.00
0.00
0.00
0.00
0.00
1.90
0.00
0.00
0.00
0.08
0.02
0.00
0.06
0.11
3.79
NA
0.00
0.23
0.33
0.00
0.00
1.58
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
FGL
FGL
FGL
FGL
Dura- Fund
tion type
Q3
NA
1.02
3.18
3.29
2.46
4.28
1.88
10.13
7.44
6.78
0.08
0.34
0.85
0.92
2.38
1.93
0.91
2.52
0.00
2.50
0.52
0.36
0.59
4.30
1.18
0.89
2.52
NA
3.31
0.09
0.64
12.88
1.00
4.44
Yield
(%)
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.37
0.92
0.03
0.01
0.01
0.00
0.01
0.01
1.81
0.01
0.00
0.01
0.05
0.01
0.01
0.03
0.11
4.12
0.00
0.00
0.50
0.26
0.01
0.00
1.10
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
Dura- Fund
tion type
Q4
4.48
8.31
21.63
21.43
28.29
20.79
23.82
43.92
15.50
17.15
9.33
9.80
0.34
2.24
7.77
6.56
0.77
10.67
19.05
23.50
0.56
3.48
0.10
22.75
1.90
1.93
10.37
1.55
12.71
3.50
7.97
6.93
7.30
18.26
Volatility
GLOBAL FUNDS (FGL)
NA
NA
35.33
36.35
35.34
26.16
20.72
50.81
20.04
19.28
10.40
14.80
2.68
NA
NA
21.32
2.20
11.89
32.12
27.44
NA
3.30
10.73
19.38
NA
NA
15.32
NA
28.30
13.19
2.71
NA
11.66
27.85
Yield
(%)
4.48
7.96
20.08
23.62
26.81
21.62
23.72
46.14
10.45
16.84
7.27
8.48
0.19
2.50
8.75
8.34
0.64
9.57
18.72
21.07
0.43
3.24
5.40
22.90
3.10
2.33
10.83
1.55
12.86
7.31
0.13
6.93
7.38
15.37
Volatility
2002
NA
NA
49.62
NA
29.01
45.35
18.52
NA
NA
18.64
4.86
NA
20.74
NA
NA
NA
NA
NA
NA
NA
NA
36.93
11.79
NA
NA
NA
0.95
NA
23.73
12.15
14.39
NA
NA
19.66
Yield
since
1996
% fees
1.00
1.00
2.00
2.25
2.00
2.25
2.00
2.25
1.50
1.75
1.25
2.10
1.00
1.20
1.30
1.25
1.35
1.50
1.50
1.55
1.35
1.00
0.50
0.00
1.30
1.20
2.00
1.35
1.35
1.75
0.70
1.00
1.00
1.50
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
9.00
0.00
0.00
9.00
9.00
0.00
9.00
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
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
Min.
0.00
0.00
1.00
1.00
1.00
1.00
1.00
1.00
0.00
0.00
1.25
2.00
2.00
2.00
2.00
2.00
2.00
2.00
1.50
2.00
0.00
0.00
0.00
2.00
2.00
2.00
2.00
2.00
2.00
1.00
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
Min.
Back end
0.12
0.10
0.08
0.09
0.09
0.09
0.08
0.09
0.09
0.15
0.00
0.15
0.10
0.10
0.10
0.10
0.10
0.10
0.20
0.05
0.10
0.20
0.09
0.05
0.20
0.10
0.20
0.10
0.05
0.20
0.08
0.12
0.07
0.12
Custody
BNP PARIBAS GLOBAL ASSET ALLOCATION FIMF

BNP PARIBAS GLOBAL DIVISA FIM ......
BNP PARIBAS GLOBAL III FIMF .............
BNP PARIBAS GLOBAL TRADING FIMF
BNP PARIBAS INSTITUCIONES FIM ......
BNP PARIBAS INVERSION II FIMF .........
BNP PARIBAS MANAGEMENT FUND FIMF
BOMERBE FIM .......................................
BONA-RENDA FIM ................................
BSN BANIF UNIVERSAL FIM .................
CAI GLOBAL FIM ...................................
CAIXA CAT.DINAMICO FIMF .................
CAIXA CAT.EQUILIB. FIMF .....................
CAIXA GALICIA SELECCION FIMF .........
CAIXAGIRONA EMERGENT FIMF ..........
CAIXAGIRONA GLOBAL FIMF ..............
CAIXAGIRONA TELENET FIMF ..............
CAIXAMANRESA OPORTUNITATS GLOBALS FIM
CAM EMERGENTE FIMF ........................
CATALUNYA FONS FIM .........................
DINVALOR GLOBAL FIMF .....................
ESPINOSA PART. INV. FIM .....................
EUROFONDO FIM ................................
EUROVALENCIA AHORRO FIM .............
EUROVALOR SELECCION FLEXIBLE FIMF ..
F. VALENCIA FDO DE FDOS 90 GLOBAL FIMF
F. VALENCIA FONDO DE FONDOS INTERN. FIMF
FIBANC EXCELLENT FIM .......................
FIMA MARKET NEUTRAL I FIM .............
FLEXIBLE ASSET ALLOCATION FIM .......
FONCAIXA 75 GLOBAL FIM ..................
FONCANARIAS INTERNACIONAL FIM .
FONDCOYUNTURA FIM .......................
FONDEGA GLOBAL FIM .......................
(Continued)
0.43
1.43
0.21
0.21
1.03
0.58
0.83
NA
1.04
1.05
1.33
2.42
3.57
0.33
10.14
1.17
7.46
2.88
4.43
3.41
0.47
2.35
2.08
4.32
0.76
0.91
NA
0.69
0.23
0.15
0.29
0.37
4.21
0.86
Yield
(%)
3.22
8.01
4.14
2.04
7.76
8.46
3.91
NA
8.64
14.07
17.75
6.83
4.71
1.61
13.10
11.37
19.51
12.12
5.71
7.16
0.34
16.77
13.90
3.39
0.18
12.63
NA
4.78
8.18
10.34
3.89
10.39
7.80
13.11
Volatility
0.01
0.01
0.00
0.09
1.93
0.00
0.01
NA
0.24
0.54
0.00
0.00
0.01
0.01
0.00
0.00
0.00
0.01
0.36
0.53
0.19
0.01
0.01
0.01
0.00
0.00
NA
1.22
0.01
2.86
2.14
0.95
0.01
0.51
Yield
(%)
RFMI 0.90
FGL 12.88
RVMI 2.14
FGL
0.86
FGL 6.61
FGL 2.60
FGL 4.94
NA
RFM 10.33
FGL 15.19
FGL 23.90
FGL 6.83
FGL 4.84
FGL
0.33
FGL 14.78
FGL 17.69
FGL 25.88
FGL 12.80
FGL 9.02
RFM 5.04
FGL
0.68
RVE 7.58
RVN 12.56
FGL 3.27
FGL 7.55
RVE 13.45
NA
FGL 9.66
FGL
0.30
FGL 14.41
FGL
1.47
FGL 11.73
FGL 1.76
RVE 14.45
Dura- Fund
tion type
Q1
0.89
7.86
4.30
1.97
9.28
9.26
4.01
27.18
11.77
13.12
20.99
5.59
4.47
1.47
12.32
13.21
22.99
14.46
5.57
8.20
0.17
13.62
17.63
7.33
8.21
14.01
NA
9.85
1.03
12.08
2.27
11.36
8.10
20.41
Volatility
0.00
0.00
0.00
0.09
1.84
0.00
0.00
0.00
0.22
0.48
0.01
0.00
0.00
0.01
0.00
0.00
0.00
0.01
0.29
0.60
0.12
0.00
0.06
0.00
0.00
0.00
NA
0.72
0.01
3.02
2.04
0.90
0.00
0.27
FGL
FGL
FGL
FGL
FGL
FGL
FGL
RVMI
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
RVE
Dura- Fund
tion type
Q2
2.36
0.31
4.06
0.89
9.68
7.52
3.90
22.27
15.61
12.31
18.12
0.28
1.82
0.34
12.44
17.13
19.31
17.23
1.56
13.15
1.03
13.55
24.17
6.72
13.88
16.98
NA
8.52
0.87
10.39
1.60
11.90
10.43
22.79
Yield
(%)
3.99
9.71
8.04
4.06
16.99
13.10
6.45
42.55
22.87
22.15
36.32
6.19
4.15
1.43
16.77
22.63
25.51
23.99
6.11
14.13
0.34
19.46
37.42
10.24
16.42
25.88
NA
16.18
2.16
20.01
1.92
21.46
14.09
41.37
Volatility
0.00
0.01
0.00
0.10
2.31
0.00
0.01
0.00
0.22
0.52
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.01
0.04
0.71
0.13
0.00
0.01
0.00
0.00
0.00
NA
0.84
0.01
2.38
2.20
0.66
0.01
0.33
FGL
FGL
FGL
FGL
FGL
FGL
FGL
RVMI
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
RVE
Dura- Fund
tion type
Q3
0.94
2.63
1.70
1.94
0.33
1.53
0.42
4.52
6.96
0.65
1.73
1.87
0.16
0.31
3.41
0.20
11.86
1.26
0.41
5.81
1.42
4.71
9.21
5.00
5.18
1.78
NA
2.75
0.89
0.61
1.01
2.59
5.03
4.36
Yield
(%)
0.01
0.01
0.01
0.01
1.60
0.01
0.01
0.22
0.58
0.00
0.01
0.01
0.02
0.01
0.01
0.00
0.01
0.04
1.18
0.12
0.01
0.03
0.01
0.00
0.00
0.01
0.31
0.01
3.57
0.78
0.75
0.01
0.39
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
Dura- Fund
tion type
Q4
3.17
4.76
5.28
2.50
12.30
10.71
3.77
29.72
18.42
16.33
28.78
5.18
2.27
1.54
11.91
16.56
26.61
21.75
4.69
15.62
0.39
15.88
28.22
6.73
10.76
21.15
5.60
12.43
3.85
15.73
0.92
15.99
10.43
29.20
Volatility
GLOBAL FUNDS (FGL)
0.13
14.55
4.31
1.69
14.50
9.08
7.50
NA
18.22
25.34
35.77
6.61
0.52
1.32
15.02
30.86
38.08
29.02
6.87
9.76
3.64
18.30
26.08
1.17
15.63
27.53
NA
15.67
1.23
22.72
3.83
20.51
3.69
31.65
Yield
(%)
2.61
7.87
5.69
2.78
12.17
10.57
4.71
35.07
16.55
16.89
27.13
6.02
4.07
1.53
13.86
16.67
24.05
18.85
5.64
11.99
0.33
16.64
26.22
7.43
10.80
19.32
5.60
11.66
2.22
15.10
2.49
15.54
10.51
28.26
Volatility
2002
NA
9.18
4.94
14.48
3.64
NA
NA
NA
35.12
28.12
NA
NA
NA
NA
NA
NA
NA
NA
NA
9.65
NA
NA
49.13
NA
NA
NA
NA
NA
NA
NA
NA
NA
20.76
29.30
Yield
since
1996
% fees
1.25
1.00
0.00
0.00
0.70
0.00
0.80
0.25
1.50
1.75
2.25
0.45
0.45
1.75
1.75
1.75
1.75
2.25
2.00
2.25
1.00
2.00
2.25
2.00
2.25
1.55
1.50
0.50
1.35
0.65
1.35
0.85
2.00
2.25
0.00
9.00
0.00
9.00
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
3.00
9.00
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
Min.
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
2.00
0.00
0.00
0.00
1.00
2.00
0.00
0.00
0.00
1.00
0.00
0.00
2.00
1.50
0.00
0.00
0.00
4.00
3.00
1.00
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
2.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
0.00
0.00
0.00
Min.
Back end
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.05
0.20
0.20
0.14
0.05
0.05
0.10
0.15
0.15
0.15
0.15
0.04
0.20
0.10
0.15
0.15
0.15
0.00
0.05
0.20
0.04
0.10
0.15
0.15
0.10
0.10
0.13
Custody
309
310
FONDESPAA AUDAZ FIMF .................

FONDESPAA EMPRENDEDOR FIMF ...
FONDESPAA MODERADO FIMF ........
FONDGESTION GLOBAL FIM ...............
FONDGUISSONA BOLSA FIM ...............
FONDMAPFRE MULTISELECCION FIMF
FONDO LEVANTE FIMF ........................
FONDOGAESCO FIM ............................
FONDUERO ALFA FIMF ........................
FONGAUDI FIM ....................................
FONGLOBAL GESTION FIM ..................
FONJARAMA FIM ...................................
FONPROFIT FIM ....................................
FONSGLOBAL RENTA FIM ....................
FONSVALLADOLID FIM ........................
FONTALENTO FIM .................................
FONTIBREFONDO FIMF ........................
FONVALCEM FIM ..................................
GAESCOQUANT FIM ............................
GENERAL PLUSFONDO FIM .................
GESCAFONDO FIM ...............................
GESDIVISA FIM ......................................
GIROBORSA FIM ...................................
GLOBAL FINANCIAL TRADING FIM .....
GOACO MIXTO FIM ..............................
HERMES GLOBAL FIM ...........................
IBERAGENTES P.MULTIGEST.ALTERNATIVA FIMF
INTERDIN GLOBAL FONDOS FIMF ......
INVERACTIVO GLOBAL FIM .................
LAREDO FONDO FIM ...........................
MADRID GESTION DINAMICA FIM ......
MERCHFONDO FIM ..............................
MICOTRENDS GLOBAL FUND FIM ......
MULTIACTIVO GLOBAL FIM .................
(Continued)
NA
NA
NA
0.56
8.31
0.25
1.27
0.60
0.23
0.64
0.80
1.42
0.43
1.98
1.02
4.89
4.55
0.06
0.82
4.57
4.70
7.18
1.64
0.88
2.52
1.54
0.23
3.19
0.01
2.45
2.33
6.34
NA
0.62
Yield
(%)
2.72
2.72
2.72
3.53
9.67
9.54
7.46
0.79
6.76
4.53
4.22
3.43
5.44
6.10
2.19
12.40
13.36
12.36
21.15
8.88
7.48
14.11
18.55
1.13
9.58
17.57
1.69
4.70
3.67
11.50
1.14
25.80
NA
0.15
Volatility
0.00
0.00
0.00
0.56
0.00
0.00
0.91
0.26
0.01
0.01
0.01
0.77
3.39
2.16
0.01
0.98
0.00
0.43
4.01
0.29
0.61
1.03
0.00
0.25
0.80
0.01
0.00
0.01
0.13
0.86
0.01
0.00
NA
0.63
FGL
FGL
FGL
FGL
FGL
FGL
FGL
RVN
RFM
FGL
FGL
FGL
RVM
FGL
FGL
FGL
FGL
FGL
FGL
RVIE
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
Dura- Fund
tion type
Q1
10.40
6.32
3.14
0.86
3.46
11.37
16.91
0.06
0.24
1.60
5.70
3.11
3.94
5.09
0.87
17.48
24.26
11.64
28.62
5.86
7.07
15.63
17.92
0.81
8.65
12.54
0.88
1.64
0.16
14.69
0.84
28.67
NA
0.88
Yield
(%)
9.33
6.11
2.98
3.20
10.49
7.86
17.87
0.53
1.07
3.82
5.09
3.81
7.49
7.84
3.14
16.68
15.15
12.61
28.69
9.90
7.08
15.01
22.97
0.68
9.92
14.54
1.01
2.12
4.90
14.60
2.41
31.88
NA
0.29
Volatility
0.00
0.00
0.00
0.52
0.00
0.00
0.41
0.32
0.00
0.14
0.01
0.49
3.38
2.07
0.00
0.97
0.00
0.67
0.11
0.11
0.45
0.63
0.00
0.02
0.56
0.00
0.00
0.00
0.00
0.79
0.29
0.00
NA
0.54
FGL
FGL
FGL
FGL
FGL
FGL
FGL
RVN
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
RVIE
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
Dura- Fund
tion type
Q2
9.17
8.77
4.57
0.29
13.95
12.50
8.50
0.14
0.24
6.90
4.55
3.73
7.91
9.07
2.45
9.93
15.81
14.92
36.88
15.80
0.33
2.54
26.83
1.07
5.15
10.00
0.49
0.34
3.99
12.70
2.74
18.94
NA
1.21
Yield
(%)
17.81
13.35
6.94
3.89
13.79
22.61
22.87
0.66
3.53
16.89
7.59
3.94
16.13
14.47
5.38
20.71
22.65
20.84
52.40
19.01
5.42
9.56
48.20
0.65
12.90
22.00
1.42
1.88
7.34
22.81
4.07
45.42
NA
0.65
Volatility
0.00
0.00
0.00
0.38
0.00
0.00
0.93
0.35
0.00
0.13
0.01
0.36
2.44
1.91
0.00
1.03
0.00
0.58
0.24
0.10
0.41
0.61
0.00
0.02
1.91
0.00
0.00
0.00
0.26
0.00
0.00
NA
1.04
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
Dura- Fund
tion type
Q3
0.52
0.54
0.32
1.53
5.96
1.52
3.82
0.91
0.21
11.12
0.15
3.38
3.81
3.64
4.02
4.00
6.35
5.61
17.22
6.70
0.86
4.42
7.53
0.96
2.23
6.05
0.84
0.96
0.69
5.07
0.09
6.20
NA
0.81
Yield
(%)
0.00
0.00
0.00
0.01
0.00
0.00
2.69
0.35
0.01
0.14
0.01
0.44
2.26
2.03
0.01
0.99
0.01
0.56
0.06
0.09
0.60
0.92
0.01
0.02
1.42
0.01
0.00
0.01
0.01
0.24
0.01
0.00
0.01
0.85
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
Dura- Fund
tion type
Q4
10.81
9.19
5.11
1.83
15.12
16.22
15.33
0.76
1.11
15.40
5.30
3.05
11.34
9.81
5.72
24.35
14.75
16.84
42.40
14.41
6.92
9.16
33.74
1.86
11.05
11.65
1.42
2.89
2.25
17.01
1.83
34.69
4.35
0.45
Volatility
GLOBAL FUNDS (FGL)
NA
NA
NA
3.27
4.65
23.44
22.07
1.60
0.92
1.14
10.85
2.20
8.57
8.79
1.61
26.48
35.27
20.65
47.62
11.57
10.38
20.31
36.48
3.78
13.65
17.81
0.67
6.24
3.48
23.67
5.91
42.49
NA
3.57
Yield
(%)
13.01
9.89
5.21
3.21
12.64
14.57
16.96
0.70
9.13
11.92
5.72
3.63
10.96
10.14
4.41
19.18
17.10
16.18
38.57
13.83
6.81
12.33
33.15
1.19
10.98
16.96
1.41
3.10
4.93
17.12
2.62
35.36
4.35
0.43
Volatility
2002
NA
NA
NA
NA
NA
NA
NA
10.42
NA
10.47
10.65
NA
5.58
NA
0.95
8.27
49.43
15.64
NA
0.93
4.30
1.82
NA
NA
NA
NA
NA
NA
NA
26.31
3.93
2.86
NA
NA
Yield
since
1996
% fees
0.50
0.50
0.50
1.35
0.65
1.75
0.85
1.50
2.00
0.70
2.00
1.00
0.90
1.00
0.80
1.50
1.10
0.50
2.25
2.25
1.00
0.75
2.25
2.25
1.50
1.00
0.50
1.00
2.00
0.85
0.00
1.35
1.35
0.30
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
5.00
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
9.00
9.00
9.00
0.00
0.00
0.00
9.00
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
0.00
0.00
0.00
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
3.00
0.00
1.50
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
2.00
3.00
0.00
0.00
3.00
0.00
1.00
1.00
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
1.00
0.00
0.00
Min.
Back end
0.05
0.05
0.05
0.10
0.20
0.20
0.00
0.15
0.19
0.12
0.15
0.13
0.05
0.10
0.10
0.19
0.08
0.15
0.10
0.10
0.20
0.10
0.15
0.20
0.10
0.10
0.06
0.10
0.10
0.05
0.10
0.13
0.12
0.05
Custody
MULTIFONDOS VITAL FIMF ..................

NR FONDO II FIM .................................
PENTAFONDO RENTA FIM ....................
PENTATHLON FIM .................................
PLUS ULTRA GESTION GLOBAL FIM ....
PRISMAFONDO FIM ..............................
RENTA 4 ACCIONES MIXTO FIM ...........
RENTA 4 ACTIVO FIMF ..........................
RENTA 4 CAPIT. PLUS FIMF ...................
RENTA 4 CARTERA FIMF ........................
RENTA 4 CICLOS FIM ............................
RENTA 4 DELTA FIM ...............................
RENTA 4 GLOBAL FIM ...........................
RENTA 4 INTRADIA FIM ........................
RENTA 4 MERCADOS FIMF ...................
RENTA 4 MULTIFONDOS FIMF .............
RENTA 4 PREMIER FIMF .........................
RENTA 4 VALOR FIMF ...........................
RENTA AZUL FIMF .................................
RIO TRUEBA FOND MIX FIMF ..............
RIVA Y GARCIA DISCRECIONAL FIM ....
RIVA Y GARCIA GLOBAL FIM ................
SCH LONG-SHORT EUROPA FIM .........
SCH RELATIVE VALUE FIM ....................
SCH RIESGO ABIERTO FIM ....................
SCH SELECCION ALTERNATIVA FIMF ....
SECURITY FUND FIMF ..........................
SEGURFONDO GLOBAL FIM ................
ST COLECTIVO FINANCIERO FIM .........
URQUIJO UNIVERSAL FIM ....................
(Continued)
,34
0.23
0.56
2.07
1.04
2.24
2.15
3.02
2.16
4.07
2.28
1.86
1.05
0.72
4.02
1.87
2.53
0.05
1.72
0.23
1.44
2.04
1.04
NA
0.53
NA
0.44
0.04
2.37
0.32
Yield
(%)
7.00
0.81
0.14
7.29
16.46
7.74
8.48
6.92
16.68
10.69
3.37
3.47
9.83
0.13
10.87
7.78
8.02
1.74
4.83
9.88
14.53
12.29
6.10
1.52
2.23
NA
3.22
4.79
10.77
7.94
Volatility
0.01
0.00
0.24
4.15
0.39
0.83
1.17
1.41
0.01
0.00
0.17
0.51
0.01
0.04
2.34
0.01
0.17
0.83
0.39
0.01
0.01
1.23
0.01
0.00
0.01
NA
1.01
1.59
0.01
1.06
Yield
(%)
10.57
0.14
0.52
15.77
13.94
8.04
12.04
8.10
10.67
12.81
5.53
4.70
8.38
1.05
11.07
14.47
9.15
8.94
3.04
17.25
1.40
14.26
5.21
2.11
1.64
NA
FGL 4.30
FGL 6.62
FGL 13.83
RVM 8.80
FGL
FGL
FGL
FGL
FGL
FGL
RVM
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
Dura- Fund
tion type
Q1
7.11
0.13
0.30
15.56
18.83
6.68
16.46
9.30
11.64
18.73
8.28
7.57
11.83
0.28
17.17
8.28
7.00
7.16
6.84
12.46
1.16
15.56
4.52
4.32
2.11
NA
2.47
6.35
13.36
12.37
Volatility
0.01
0.00
0.28
0.16
0.49
0.58
1.65
1.19
0.00
0.00
0.19
0.60
0.00
0.04
1.59
0.00
0.17
3.82
0.58
0.01
0.03
1.22
0.23
0.00
0.00
NA
0.60
1.78
0.00
0.97
Yield
(%)
10.79
0.65
0.64
12.55
21.46
3.17
13.93
12.48
10.27
17.61
7.76
6.49
13.03
0.69
17.96
12.83
2.52
4.18
5.09
15.81
1.23
14.65
0.04
1.39
1.28
NA
FGL 2.28
FGL 5.94
FGL 11.73
RVM 12.90
FGL
FGL
FGL
FGL
FGL
FGL
RVM
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
Dura- Fund
tion type
Q2
14.44
1.45
0.36
22.72
33.83
4.43
24.38
13.22
15.50
27.34
14.63
13.15
21.50
3.37
26.90
16.54
8.12
7.13
11.43
21.73
2.29
27.16
2.94
4.26
3.11
0.15
2.61
9.52
18.62
21.93
Volatility
0.01
0.00
0.24
0.14
0.23
0.57
0.23
0.00
0.00
0.00
0.16
0.52
0.00
0.06
0.00
0.00
0.41
1.19
0.29
0.01
0.01
1.22
0.01
0.04
0.00
0.56
2.14
0.00
1.78
FGL
FGL
FGL
FGL
FGL
FGL
RVM
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
Dura- Fund
tion type
Q3
1.08
0.95
0.57
8.14
1.66
0.43
5.09
2.35
5.39
5.45
0.09
3.84
5.19
0.31
9.52
0.27
4.57
2.49
2.70
1.02
1.56
7.09
0.34
1.18
0.04
0.46
0.02
1.16
3.17
1.85
Yield
(%)
0.01
0.01
0.24
0.01
0.06
0.53
0.18
0.02
0.01
0.01
0.11
0.51
0.01
0.05
0.01
0.01
0.17
1.81
0.31
0.01
0.04
1.52
0.21
0.01
0.02
0.01
0.50
1.65
0.01
1.69
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
Dura- Fund
tion type
Q4
10.56
1.00
0.20
20.80
18.47
4.27
14.26
8.52
15.40
17.16
14.12
8.98
17.19
0.89
22.96
11.96
12.69
3.58
5.91
14.57
2.16
19.64
3.03
5.09
2.94
0.50
1.84
8.19
16.74
16.23
Volatility
GLOBAL FUNDS (FGL)
18.28
1.23
2.30
22.00
32.00
12.57
18.73
15.20
13.69
21.16
10.95
5.73
15.30
2.80
16.88
24.26
13.35
10.54
3.86
29.79
2.83
23.23
6.56
NA
3.44
NA
6.88
11.19
23.38
19.35
Yield
(%)
10.35
0.98
0.26
17.80
23.12
5.99
17.02
9.89
15.00
19.58
11.17
9.06
15.88
0.48
20.59
11.82
9.28
5.52
7.72
15.46
7.41
19.62
4.35
4.25
2.64
0.38
2.60
7.48
15.28
15.59
Volatility
2002
NA
NA
17.80
NA
NA
13.04
NA
9.98
18.78
9.28
23.99
NA
0.90
NA
23.04
NA
NA
1.23
5.92
NA
7.79
28.93
NA
NA
NA
NA
8.40
5.16
NA
14.17
Yield
since
1996
% fees
1.00 9.00
0.90 0.00
1.50 0.00
1.00 9.00
1.90 0.00
0.70 0.00
1.50 0.00
0.90 0.00
1.30 0.00
1.20 0.00
1.00 0.00
1.00 0.00
0.80 0.00
0.00 ####
1.15 0.00
1.35 9.00
0.40 7.00
0.90 0.00
1.85 0.00
1.50 0.00
1.45 0.00
1.35 9.00
2.00 0.00
1.35 9.00
1.10 9.00
1.35 9.00
0.75 0.00
1.25 0.00
1.35 5.00
2.00 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
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
5.00
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
Min.
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
3.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
Max.
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
1.00
Min.
Back end
0.00
0.15
0.07
0.01
0.11
0.12
0.12
0.05
0.05
0.10
0.10
0.10
0.13
0.20
0.02
0.13
0.11
0.07
0.10
0.15
0.15
0.15
0.10
0.10
0.10
0.10
0.12
0.20
0.12
0.20
Custody
311
312
43,830,303
1,427,109
42,401,547
22,882,925
0
3,399,142
575,710
4,683,258
1,017,561
0
13,207,254
0
19,518,622
19,421,852
0
0
19,421,852
0
0
96,770
0
0
96,770
0
0
1,647
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 public 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. Other............................................................................
3.2.2.1. Shares.............................................................
3.2.2.2. Units in mutual funds .....................................
3.2.2.3. Fixed-income .................................................
3.2.2.5. Unlisted portfolio ...........................................
4. Net balance (debtors - creditors) .....................................................
Amount
0.00
96.74
52.21
0.00
7.76
1.31
10.68
2.32
0.00
30.13
0.00
44.53
44.31
0.00
0.00
44.31
0.00
0.00
0.22
0.00
0.00
0.22
0.00
0.00
3.26
100.00
% of assets
31-12-2001
41,771
52,084,668
28,051,510
0
5,094,855
914,418
5,636,877
1,537,758
0
14,867,602
0
24,033,158
24,000,174
0
0
24,000,174
0
0
32,984
0
0
32,984
0
0
1,323,577
53,366,474
Amount
0.08
97.60
52.56
0.00
9.55
1.71
10.56
2.88
0.00
27.86
0.00
45.03
44.97
0.00
0.00
44.97
0.00
0.00
0.06
0.00
0.00
0.06
0.00
0.00
2.48
100.00
% of assets
31-12-2002
43,418
9,683,121
5,168,585
0
1,695,713
338,708
953,619
520,197
0
1,660,348
0
4,514,536
4,578,322
0
0
4,578,322
0
0
63,786
0
0
63,786
0
0
103,532
Change
2,636.19
22.84
22.59
49.89
58.83
20.36
51.12
12.57
23.13
23.57
23.57
65.92
65.92
7.25
21.76
Importes en miles de euros
9,536,171
Amount
A.4.9. INVESTMENT IN SECURITIES. FIAMM. BREAKDOWN OF ASSETS AT MARKET VALUE
A.4.10. INVESTMENT IN SECURITIES. FIAMM. TRANSACTIONS IN DERIVATIVES

Committed nominal amount (1)
31-12-2001
31-12-2002
Amount
% of assets
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.................................................
30,158
101,265
36,075
0
0
0
0
0
929,616
0
0
0
0.07
0.23
0.08
0.00
0.00
0.00
0.00
0.00
2.12
0.00
0.00
0.00
11,667
1,469,229
0
0
0
0
0
1,010
196,766
0
0
0
0.02
2.75
0.00
0.00
0.00
0.00
0.00
0.00
0.37
0.00
0.00
0.00
TOTAL............................................................................
1,097,114
2.50
1,678,672
3.15
313
314
0.78
0.86
0.07
0.00
0.01
0.00
0.00
855
231,820
353,074
388,291
31,347
1
4,134
115
150
121,254
103,223
12,451
5,580
Gross distributed profits, ..........
Net yields...............................
Total yields..............................
Interest ...............................
Total changes in price of
fixed-income whether
(realised or not) ..............
Total changes in price of
equities (whether
(realised or not) ..............
Results on derivatives .........
Other yields .......................
Foreign exchange
differences........................
Total expenses .......................

Management fees ...............
Custody fees.......................
Other operating costs .........
0.27
0.23
0.03
0.01
0.51
0.00
8.90
4,032,240
Net subscriptions and

reimbursements ..................
9.41
4,263,218
% of
average
daily
assets
Change in assets.....................
Amounts
Q1
123,490
112,467
13,773
2,750
5
720
1,294
57,577
433,482
493,074
309,992
983
1,298,459
1,607,468
Amounts
Q2
0.25
0.23
0.03
0.01
0.00
0.00
0.00
0.00
0.12
0.88
1.01
0.63
0.00
2.65
3.28
% of
average
daily
assets
Q3
132,938
117,065
14,388
1,485
24
1
3,942
2,361
13,977
472,355
464,658
339,417
1,051
1,591,914
1,930,280
Amounts
2002
0.26
0.23
0.03
0.00
0.00
0.00
0.01
0.00
0.03
0.94
0.92
0.67
0.00
3.15
3.82
% of
average
daily
assets
137,637
121,419
14,979
1,239
13
4
986
3,007
68,308
448,663
520,947
311,026
991
1,433,755
1,743,790
Amounts
Q4
0.26
0.23
0.03
0.00
0.00
0.00
0.00
0.01
0.13
0.85
0.99
0.59
0.00
2.72
3.31
% of
average
daily
assets
394,469
348,131
41,819
4,519
186
70
933
12,608
49,896
1,681,434
1,644,823
1,286,965
3929
9,179,160
10,462,214
Amounts
2001
1.02
0.90
0.11
0.01
0.00
0.00
0.00
0.03
0.13
4.33
4.24
3.32
0.01
23.66
26.96
% of
average
daily
assets
515,319
454,174
55,591
5,554
191
3
9,782
6,547
143,255
1,707,574
1,866,970
1,192,255
3,880
8,356,368
9,544,756
Amounts
2002
1.04
0.92
0.11
0.01
0.00
0.00
0.02
0.01
0.29
3.46
3.78
2.42
0.01
16.93
19.34
% of
average
daily
assets
Acumulado
A.4.11. INVESTMENT IN SECURITIES. FIAMM. BREAKDOWN OF CHANGE IN ASSETS
ABANTE TESORERIA FIAMM..................

AC CUENTA FT FIAMM ..........................
AC DINERO FIAMM ............................
AHORRO ACTIVO FT FIAMM ................
ALCALA DINERO FIAMM.......................
ALTAE DINERO FIAMM ..........................
ASTURFONDO DINERO FIAMM............
ATLANT. DINERFOND FIAMM...............
ATLANTICO AZUL PREMIER FIAMM......
ATLAS RENTA FIAMM ............................
BANCAJA DINERO FIAMM.....................
BANCAJA DINERO PLUS FIAMM ...........
BANKOA TESORERIA FIAMM.................
BANKPYME FV FIAMM...........................
BANKPYME MULTIDINERO FIAMM.......
BARCLAYS DINERO FIAMM ..................
BARCLAYS EUROCASH FIAMM .............
BBK FONDINERO FIAMM......................
BBVA ACTIVOS FT FIAMM.....................
BBVA DINERO 2 FIAMM ........................
BBVA DINERO FIAMM ...........................
BCH FONDIMO 1 FIAMM......................
BCH FONDIMO 2 FIAMM......................
BCH MONETARIO FT FIAMM ................
BETA DINERO FIAMM ............................
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.......................
NA
0.57
0.60
0.54
0.60
0.42
0.56
0.60
0.69
0.48
0.52
0.61
0.53
0.50
0.55
0.35
0.33
0.48
0.50
0.63
0.51
0.42
0.38
0.44
0.36
0.56
0.61
0.89
0.48
0.59
0.56
0.56
0.70
0.57
0.53
0.84
Yield
(%)
0.78
4.79
0.20
0.54
3.11
0.20
8.98
3.00
1.31
2.30
2.08
1.91
0.11
0.11
0.22
0.28
0.28
0.16
7.84
8.40
0.09
0.14
0.16
0.11
0.31
2.70
3.09
0.38
0.14
2.86
5.21
2.02
0.02
3.12
3.13
1.05
Volatility
0.02
0.17
0.14
0.01
0.15
0.39
0.14
0.11
0.10
0.15
0.18
0.17
0.37
0.35
0.51
0.58
0.56
0.54
0.33
0.31
0.30
0.43
0.41
0.21
0.39
0.13
0.14
0.11
0.33
0.26
0.29
0.26
0.26
0.26
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
FIAMM
FIAMM
Dura- Fund
tion type
Q1
0.70
0.57
0.47
0.51
0.65
0.67
0.57
0.57
0.70
0.50
0.56
0.65
0.66
0.64
0.39
0.82
0.83
0.77
0.59
0.73
0.62
0.69
0.71
0.59
0.59
0.54
0.58
0.80
0.61
0.57
0.58
0.59
0.72
0.57
0.54
0.60
Yield
(%)
3.91
2.28
0.14
9.92
7.99
0.19
3.43
4.66
4.66
5.06
3.23
2.67
5.78
8.61
0.47
0.25
0.26
0.15
3.56
4.25
6.05
0.14
0.15
7.72
0.15
1.78
2.21
0.13
0.16
1.54
0.02
3.18
1.55
2.46
2.52
1.33
Volatility
0.02
0.22
0.20
0.01
0.30
0.33
0.20
0.12
0.13
0.14
0.17
0.17
0.23
0.24
0.34
0.53
0.56
0.41
0.16
0.21
0.23
0.51
0.57
0.27
0.07
0.12
0.11
0.06
0.37
0.26
0.28
0.24
0.31
0.24
0.25
0.16
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
IFIAM
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
0.75
0.59
0.66
0.54
0.80
0.52
0.59
0.65
0.72
0.53
0.58
0.68
0.65
0.64
0.76
0.82
0.79
0.75
0.61
0.72
0.60
0.78
0.76
0.60
0.66
0.58
0.63
0.61
0.72
0.61
0.60
0.61
0.73
0.60
0.57
0.50
Yield
(%)
9.86
7.80
0.11
3.25
0.22
0.19
4.15
2.91
1.76
3.10
2.44
2.61
6.93
2.66
0.41
0.30
0.23
9.49
2.64
3.18
3.70
0.21
0.21
9.23
5.92
2.49
3.12
0.12
0.11
2.80
1.69
1.77
1.70
1.77
1.34
0.20
Volatility
0.21
0.20
0.01
0.24
0.30
0.15
0.10
0.10
0.09
0.14
0.14
0.18
0.23
0.45
0.48
0.33
0.28
0.28
0.26
0.26
0.48
0.47
0.22
0.05
0.11
0.11
0.03
0.27
0.24
0.23
0.22
0.22
0.58
0.32
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
FIAMM
FIAMM
Dura- Fund
tion type
Q3
0.72
0.55
0.60
0.50
0.72
0.58
0.55
0.60
0.68
0.49
0.53
0.63
0.62
0.58
0.89
0.68
0.61
0.62
0.62
0.72
0.60
0.59
0.58
0.53
0.63
0.53
0.59
0.69
0.58
0.58
0.57
0.57
0.69
0.57
0.52
0.55
Yield
(%)
0.01
9.46
4.70
0.10
0.17
8.01
7.85
4.95
2.95
1.22
2.01
0.02
6.28
2.96
1.34
0.26
0.11
2.43
0.06
7.64
7.94
0.11
0.11
5.29
0.05
1.33
0.01
0.12
3.85
1.09
1.27
4.10
1.29
1.88
1.60
0.02
Volatility
0.01
0.11
0.75
0.01
0.26
0.24
0.14
0.15
0.16
0.06
0.11
0.11
0.17
0.13
0.31
0.54
0.23
0.17
0.27
0.29
0.21
0.37
0.39
0.22
0.06
0.10
0.08
0.06
0.20
0.38
0.40
0.39
0.38
0.27
0.38
0.05
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
NA
2.30
2.35
2.10
2.80
2.20
2.28
2.44
2.83
2.02
2.21
2.60
2.48
2.39
2.62
2.69
2.58
2.66
2.33
2.83
2.36
2.50
2.45
2.18
2.26
2.23
2.43
3.02
2.40
2.36
2.33
2.36
2.87
2.34
2.18
1.29
Yield
(%)
0.22
6.27
0.13
0.27
0.15
0.17
7.19
2.84
7.76
2.85
2.53
2.39
6.43
7.49
0.75
0.28
0.23
0.12
5.49
6.31
7.05
0.16
0.16
8.66
0.17
2.18
2.62
0.22
0.12
2.23
3.09
0.02
1.79
2.38
2.29
0.86
Volatility
2002
% fees
NA
14.78
14.72
13.03
15.03
14.68
13.95
16.08
NA
12.71
12.60
16.18
15.90
15.10
12.92
13.73
27.70
NA
13.41
17.96
14.98
15.36
15.04
12.89
15.42
12.99
14.74
15.12
13.73
14.77
15.09
15.21
18.38
14.64
12.37
11.82
0.10
1.00
1.00
1.00
0.90
0.90
1.00
0.60
0.40
1.00
0.98
0.70
0.75
0.75
0.75
1.00
0.90
0.65
1.00
0.50
1.00
1.00
1.00
1.00
0.90
1.00
0.85
0.50
1.00
0.85
0.85
0.85
0.35
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
1996
of assets of yield Max. Min.
A.4.12. INVESTMENT IN SECURITIES. FIAMM. YIELDS, VOLATILITY AND DURATION
0.00
0.00
0.00
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
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
Min.
Back end
0.05
0.06
0.05
0.01
0.02
0.10
0.07
0.15
0.10
0.10
0.15
0.05
0.00
0.15
0.15
0.14
0.10
0.09
0.00
0.10
0.10
0.10
0.10
0.15
0.06
0.15
0.09
0.00
0.09
0.15
0.15
0.15
0.15
0.00
0.15
0.08
Custody
315
316
BNP ACTIVOS FIAMM............................

BNP CASH FIAMM .................................
BROKERDINER FIAMM...........................
BSN BANIF DINERO FIAMM..................
BSN BANIF TR FT FIAMM ......................
CAI DINERO FIAMM ..............................
CAIXA GALICIA DR FIAMM....................
CAIXASAB. 1-DINER FIAMM ..................
CAJA LABORAL AHORRO FIAMM .........
CAJA LABORAL DR FIAMM....................
CAJA MURCIA DR FIAMM......................
CAJACANARIAS DINERO FIAMM ..........
CAJASUR DINERO FIAMM .....................
CAM DINERO 1 FIAMM.........................
CAM DINERO AHORRO FIAMM ...........
CAM DINERO PLUS FIAMM...................
CAM DINERO PREMIER FIAMM.............
CAN DINERNAVARRA FIAMM ...............
CAN TESORERIA FIAMM........................
CANARIAS DINERO FIAMM...................
CATALUNYA DINER FIAMM...................
CATALUNYA PLUS FIAMM.....................
CITICASH FUND FIAMM........................
CITIDINERO FIAMM...............................
CITIMONEY FIAMM ...............................
CREDIT AGRIC. MERCADINERO FIAMM.
CS TR FIAMM .........................................
CT DINER FIAMM...................................
CTA FISCAL ORO FIAMM.......................
CTA FISCAL ORO I FIAMM.....................
DINER 2000 FIAMM ...............................
DINERACTIVO FIAMM...........................
DINERATLANTICO FIAMM.....................
DINERBANC FIAMM ..............................
(Continued)
0.48
0.61
0.46
0.46
0.47
0.56
0.60
0.57
0.43
0.54
0.57
0.58
0.53
0.57
0.57
0.60
0.66
0.52
0.57
0.56
0.69
0.68
0.74
0.68
0.56
0.45
0.77
0.52
0.53
0.53
0.33
0.52
0.51
0.55
Yield
(%)
0.10
9.08
0.02
0.15
6.31
0.18
0.19
0.18
0.16
3.13
0.20
0.17
5.50
0.04
0.03
4.08
3.79
2.66
4.50
0.18
0.14
0.12
0.24
0.24
0.38
0.12
0.36
6.70
3.64
3.76
5.62
9.42
0.04
2.01
Volatility
0.31
0.28
0.22
0.44
0.20
0.14
0.14
0.14
0.49
0.14
0.14
0.14
0.27
0.29
0.31
0.29
0.32
0.14
0.13
0.14
0.18
0.17
0.01
0.04
0.04
0.47
0.51
0.23
0.25
0.25
0.58
0.23
0.14
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
0.62
0.77
0.57
0.73
0.58
0.45
0.42
0.43
0.74
0.61
0.43
0.43
0.63
0.55
0.56
0.59
0.65
0.53
0.58
0.42
0.55
0.57
0.72
0.68
0.56
0.71
0.76
0.57
0.54
0.54
0.72
0.58
0.45
0.55
Yield
(%)
0.12
0.13
6.65
0.13
6.78
0.12
0.15
0.14
0.12
8.02
0.15
0.14
6.61
7.60
6.90
7.43
6.66
2.59
2.06
0.15
0.23
0.17
1.68
2.70
0.02
0.19
0.49
0.02
0.02
2.94
9.17
8.13
6.58
1.57
Volatility
0.40
0.37
0.19
0.51
0.26
0.20
0.18
0.20
0.43
0.26
0.19
0.20
0.26
0.24
0.25
0.24
0.25
0.19
0.16
0.19
0.15
0.15
1.27
1.79
1.59
0.34
0.43
0.17
0.24
0.26
0.40
0.27
0.14
0.12
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
0.58
0.75
0.81
0.84
0.61
0.63
0.64
0.64
0.72
0.67
0.64
0.66
0.67
0.67
0.67
0.72
0.76
0.55
0.60
0.64
0.36
0.46
0.72
0.71
0.60
0.94
1.02
0.59
0.57
0.57
0.63
0.65
0.57
0.55
Yield
(%)
0.18
0.16
0.21
0.21
8.81
0.10
0.11
0.12
6.48
9.04
0.13
0.12
7.33
8.11
7.93
8.30
7.24
8.08
8.96
0.13
0.59
0.46
0.14
0.13
0.20
0.74
0.45
1.53
1.33
1.34
8.18
0.20
1.12
2.22
Volatility
0.42
0.39
0.17
0.46
0.24
0.20
0.19
0.20
0.35
0.32
0.19
0.19
0.20
0.26
0.26
0.26
0.25
0.16
0.16
0.18
0.25
0.28
0.04
0.22
0.22
0.08
0.37
0.13
0.40
0.26
0.24
0.23
0.10
0.10
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
0.46
0.62
0.61
0.64
0.53
0.56
0.57
0.57
0.71
0.62
0.58
0.57
0.59
0.63
0.64
0.67
0.74
0.51
0.56
0.55
0.77
0.80
0.65
0.66
0.54
0.51
0.75
0.56
0.53
0.53
0.52
0.54
0.53
0.51
Yield
(%)
4.62
4.10
0.13
0.11
4.67
4.71
5.11
5.33
0.10
8.60
5.21
5.45
4.14
4.73
4.81
4.86
4.48
5.10
4.62
6.09
0.72
0.45
0.05
7.01
8.96
9.05
0.25
2.10
2.30
2.34
0.13
6.70
4.27
8.11
Volatility
0.31
0.25
0.10
0.35
0.22
0.82
0.13
0.91
0.32
0.30
0.87
0.83
0.17
0.21
0.21
0.21
0.20
0.17
0.16
0.90
0.19
0.26
0.05
0.19
0.19
0.18
0.43
0.11
0.27
0.27
0.22
0.19
0.12
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
2.15
2.78
2.47
2.69
2.21
2.22
2.25
2.24
2.62
2.46
2.24
2.25
2.44
2.45
2.45
2.61
2.84
2.12
2.32
2.19
2.40
2.53
2.86
2.75
2.28
2.62
3.34
2.26
2.19
2.19
2.21
2.31
2.07
2.18
Yield
(%)
0.12
0.11
0.13
0.16
0.06
0.12
0.14
0.13
0.12
7.64
0.14
0.13
6.09
6.44
6.13
6.49
5.80
4.46
4.63
0.14
0.49
0.34
0.14
0.14
0.22
0.39
0.40
3.88
2.66
0.02
9.91
0.12
3.97
0.01
Volatility
2002
% fees
14.22
17.61
12.81
16.19
14.00
14.45
13.69
12.97
15.39
13.13
13.77
13.95
NA
13.94
13.94
15.23
16.56
12.12
14.57
12.82
13.38
15.62
17.81
16.67
12.96
16.00
15.92
NA
12.38
12.38
12.89
12.76
13.58
13.42
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
0.90
0.70
1.00
0.90
1.00
1.00
0.90
0.40
0.50
1.00
1.00
0.70
1.00
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
0.00
0.00
0.00
0.00
0.00
0.00
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
1996
of assets of yield Max. Min.
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
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
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
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
Min.
Back end
0.15
0.10
0.15
0.15
0.15
0.14
0.15
0.14
0.15
0.15
0.14
0.14
0.10
0.14
0.14
0.09
0.04
0.15
0.10
0.15
0.14
0.09
0.10
0.15
0.15
0.07
0.00
0.10
0.00
0.00
0.13
0.15
0.10
0.10
Custody
DINERBURGOS FIAMM .........................

DINERCAM FIAMM ................................
DINERCOOP FIAMM..............................
DINERFONDO FIAMM...........................
DINERKOA FIAMM.................................
DINERMADRID FT FIAMM.....................
DINERO21 FIAMM .................................
DINERPAMPLONA FIAMM.....................
DWS DINER FIAMM...............................
DWS DINER II FIAMM............................
DWS DINERPLUS FIAMM ......................
E-BANKINTER DINERO I FIAMM............
ESPIRITO SANTO DR FIAMM .................
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 .............................
FONDCIRCULO DR FIAMM...................
FONDESPAA II FIAMM ........................
FONDESPAA TR FIAMM ......................
FONDINERO FIAMM..............................
FONDINERO GALLEGO FIAMM ............
FONDJOVER FIAMM..............................
FONDMADRID FIAMM..........................
FONDMAPFRE DINERO FIAMM ............
(Continued)
0,57
0,69
0,53
0,61
0,44
0,51
0,57
0,58
0,53
0,52
0,55
0,79
0,94
0,54
0,53
0,49
0,41
0,66
0,64
0,52
0,63
0,50
0,52
0,47
0,35
0,60
0,58
0,59
0,53
0,56
0,77
0,37
0,50
0,53
Yield
(%)
0,19
3,03
5,50
0,20
0,10
0,02
0,19
0,18
0,12
0,12
0,11
2,10
0,25
7,48
0,11
7,48
0,15
7,80
7,66
3,03
7,62
0,15
0,15
0,14
0,00
6,70
0,21
0,19
0,18
0,14
0,21
0,20
6,13
3,33
Volatility
0,13
0,17
0,19
0,14
0,31
0,10
0,13
0,14
0,31
0,31
0,29
0,27
0,27
0,39
0,20
0,41
0,18
0,26
0,13
0,07
0,32
0,31
0,29
0,12
0,13
0,14
0,14
0,66
0,14
0,13
0,46
0,17
0,18
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
0,47
0,73
0,59
0,46
0,56
0,58
0,42
0,43
0,67
0,67
0,68
0,80
0,48
0,57
0,59
0,61
0,68
0,54
0,63
0,48
0,64
0,64
0,66
0,64
2,20
0,61
0,43
0,42
0,72
0,49
0,60
0,73
0,62
0,65
Yield
(%)
0,12
4,68
0,13
0,14
6,93
4,10
0,15
0,15
0,15
0,15
0,15
1,58
1,18
0,10
0,14
6,70
0,14
0,14
0,13
0,16
0,19
9,56
8,12
7,46
0,00
1,12
0,15
0,16
0,20
9,15
0,16
0,17
4,04
7,89
Volatility
0,19
0,15
0,32
0,19
0,26
0,13
0,19
0,19
0,36
0,36
0,36
0,30
0,16
0,34
0,39
0,28
0,56
0,19
0,27
0,08
0,10
0,28
0,28
0,28
0,09
0,21
0,19
0,19
0,76
0,19
0,21
0,34
0,20
0,20
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
0,63
0,85
0,70
0,67
0,56
0,59
0,65
0,65
0,75
0,74
0,78
0,82
0,71
0,55
0,55
0,60
0,76
0,74
0,86
0,61
0,65
0,71
0,72
0,69
0,57
0,63
0,65
0,66
0,72
0,62
0,84
0,89
0,63
0,61
Yield
(%)
0,11
0,12
0,15
0,11
3,70
0,05
0,12
0,13
0,16
0,16
0,18
2,57
0,30
0,13
0,12
0,26
0,20
0,16
0,13
7,48
4,87
0,12
0,12
0,12
8,37
9,45
0,13
0,14
0,22
0,08
0,13
0,24
7,12
6,29
Volatility
0,19
0,24
0,31
0,20
0,14
0,09
0,19
0,18
0,35
0,36
0,36
0,33
0,21
0,33
0,33
0,25
0,48
0,24
0,27
0,19
0,01
0,38
0,38
0,38
0,10
0,14
0,18
0,19
0,60
0,19
0,18
0,41
0,18
0,18
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
0,60
0,71
0,68
0,60
0,53
0,52
0,57
0,58
0,58
0,57
0,60
0,78
0,70
0,43
0,39
0,54
0,58
0,64
0,66
0,54
0,62
0,59
0,60
0,57
0,52
0,60
0,58
0,58
0,69
0,58
0,76
0,65
0,57
0,53
Yield
(%)
4,94
7,53
0,30
0,05
9,71
1,31
5,62
5,68
0,13
0,13
0,13
8,81
0,27
0,19
0,17
4,27
0,10
0,11
0,10
0,11
7,93
0,11
0,10
0,10
5,70
1,56
5,51
5,99
0,11
3,89
6,75
0,16
4,22
5,52
Volatility
0,13
0,26
0,21
0,83
0,15
0,07
0,90
0,90
0,30
0,30
0,25
0,18
0,26
0,24
0,20
0,39
0,25
0,27
0,09
0,01
0,27
0,27
0,27
0,05
0,14
0,89
0,94
0,48
0,79
0,89
0,32
0,20
0,12
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
2,29
3,01
2,52
2,36
2,11
2,22
2,24
2,26
2,54
2,53
2,64
3,23
1,86
2,10
2,07
2,26
2,45
2,60
2,81
2,17
2,56
2,47
2,52
2,39
1,99
2,46
2,26
2,27
2,68
2,28
3,00
2,66
2,34
2,34
Yield
(%)
0,12
7,74
0,18
0,14
6,50
3,68
0,14
0,14
0,14
0,15
0,15
1,91
0,64
0,13
0,14
0,14
0,15
0,12
0,11
0,10
9,85
0,12
0,12
0,11
4,22
1,14
0,15
0,15
0,18
0,09
0,15
0,20
5,62
6,09
Volatility
2002
13,46
17,14
13,38
14,47
13,08
13,35
13,04
13,78
14,87
14,92
15,73
NA
15,80
14,27
14,52
14,12
14,74
15,30
17,01
13,48
15,33
13,71
15,58
13,33
11,36
14,63
13,64
13,26
NA
13,85
19,08
14,19
13,01
13,50
1,00
0,30
1,00
1,00
1,00
1,00
1,00
1,00
1,00
1,00
0,90
0,10
0,75
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
1,00
1,00
0,55
1,00
0,15
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
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
Min.
Front end
% fees
Yield
since Management
1996
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
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
Min.
Back end
0,14
0,10
0,00
0,05
0,15
0,10
0,10
0,14
0,10
0,10
0,10
0,05
0,15
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
0,14
0,14
0,15
0,09
0,10
0,10
0,10
0,12
Custody
317
318
FONDO 111 FIAMM...............................

FONDO 25 FIAMM ................................
FONDO ACTIVO LUSO ESPAOL FIAMM .
FONDO VALENCIA DINERO FIAMM.....
FONDO VALENCIA ORO FIAMM ..........
FONDUERO DINERO FIAMM................
FONDUERO TESORERIA FIAMM ...........
FONGENERAL DINERO FIAMM.............
FONMANRESA FIAMM...........................
FONPENEDES DINER FIAMM.................
FONPENEDES RENDES GARANTIT FIAMM.
FONSCATALONIA 2 FIAMM...................
GAESCO FONDO FT FIAMM .................
GESTI ALMAGRO FIAMM.......................
HISPAMER DINERO 1 FIAMM................
IBERAGENTES POPULAR DINERO FT FIAMM
IBERCAJA DINERO FIAMM.....................
IBERCAJA DINERO II FT RENTA FIAMM..
INDOSUEZ ORO FIAMM .......................
INDOSUEZ TR 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 .......................
(Continued)
0.42
0.60
0.62
0.52
0.60
0.33
0.33
0.58
0.55
0.61
0.58
0.52
0.57
0.52
0.43
0.41
0.55
0.51
0.61
0.54
0.60
0.48
0.43
0.48
0.50
0.48
0.45
0.59
0.45
0.49
0.67
0.56
0.61
0.74
Yield
(%)
0.18
0.14
7.55
2.30
3.52
0.34
0.31
0.19
0.11
0.13
1.33
2.00
2.65
4.55
0.15
0.23
0.10
1.81
9.94
0.01
0.16
6.18
0.26
0.21
0.17
0.16
0.18
5.07
8.64
9.41
0.03
0.18
7.89
0.21
0.74
0.24
0.39
0.17
0.20
0.71
0.57
0.13
0.43
0.23
0.01
0.20
0.18
0.23
0.44
0.37
0.31
0.19
0.09
0.11
0.13
0.20
0.65
0.47
0.46
0.42
0.44
0.40
0.31
0.30
0.31
0.22
0.29
0.18
Vola- Duratility tion
Q1
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
Fund
type
0.57
0.71
0.49
0.57
0.69
0.82
0.74
0.41
0.70
0.64
0.60
0.55
0.60
0.57
0.69
0.57
0.63
0.56
0.58
0.48
0.44
0.58
0.81
0.70
0.74
0.71
0.70
0.66
0.57
0.62
0.71
0.56
0.78
0.57
Yield
(%)
0.26
0.12
0.14
2.75
0.05
0.29
0.22
0.16
0.14
0.15
1.28
4.18
3.88
3.55
0.15
8.28
0.10
3.23
8.87
0.01
0.15
0.07
0.26
0.14
0.15
0.14
0.14
5.65
5.24
5.40
0.16
0.20
7.47
5.29
Volatility
0.84
0.26
0.86
0.18
0.24
0.51
0.45
0.20
0.43
0.22
0.01
0.23
0.15
0.13
0.49
0.16
0.28
0.25
0.18
0.29
0.20
0.19
0.38
0.32
0.23
0.27
0.25
0.17
0.23
0.23
0.83
0.16
0.23
0.18
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
0.62
0.78
0.42
0.57
0.72
0.79
0.73
0.65
0.71
0.65
0.60
0.57
0.61
0.58
0.78
0.59
0.68
0.58
0.62
0.57
0.68
0.62
0.80
0.79
0.75
0.75
0.73
0.71
0.56
0.61
0.62
0.61
0.74
0.51
Yield
(%)
0.30
9.95
0.12
2.32
6.12
0.17
0.16
0.13
0.14
0.17
1.33
1.30
1.54
4.14
0.22
0.04
8.83
1.23
1.98
2.61
0.13
7.79
0.30
0.18
0.19
0.19
0.19
5.14
8.98
1.02
9.86
0.18
0.12
0.10
Volatility
0.66
0.16
0.81
0.14
0.18
0.33
0.31
0.19
0.31
0.25
0.01
0.04
0.09
0.21
0.43
0.11
0.21
0.09
0.08
0.14
0.19
0.20
0.31
0.31
0.32
0.26
0.35
0.34
0.16
0.16
0.67
0.23
0.20
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
Q3
0.60
0.67
0.52
0.52
0.63
0.63
0.58
0.58
0.65
0.58
0.57
0.51
0.56
0.52
0.59
0.55
0.62
0.52
0.58
0.53
0.61
0.55
0.62
0.61
0.63
0.62
0.60
0.69
0.53
0.58
0.60
0.54
0.76
0.59
Yield
(%)
0.10
5.32
9.41
1.35
3.45
8.71
8.01
5.54
0.08
0.26
0.30
9.81
5.58
0.10
0.11
0.05
0.23
7.89
0.00
3.86
0.05
5.70
0.20
0.13
0.15
0.15
0.14
3.34
7.50
7.49
0.06
0.22
0.10
6.83
Volatility
0.52
0.14
0.71
0.10
0.14
0.19
0.18
0.94
0.31
0.23
0.01
0.08
0.05
0.26
0.36
0.10
0.14
0.08
0.12
0.23
0.91
0.30
0.41
0.25
0.32
0.30
0.33
0.10
0.80
0.71
0.53
0.17
0.20
0.19
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
2.24
2.79
2.06
2.21
2.67
2.60
2.40
2.25
2.63
2.50
2.37
2.16
2.36
2.21
2.52
2.14
2.50
2.19
2.41
2.14
2.35
2.25
2.69
2.60
2.64
2.58
2.50
2.67
2.13
2.32
2.62
2.29
2.91
2.44
Yield
(%)
0.23
0.11
0.11
2.28
4.85
0.24
0.21
0.14
0.12
0.19
0.15
2.40
5.22
6.51
0.16
0.13
0.14
2.06
1.31
2.71
0.13
0.06
0.26
0.17
0.17
0.16
0.17
4.94
5.15
5.53
0.10
0.20
0.09
0.12
Volatility
2002
14.17
16.90
14.09
12.57
16.15
14.89
14.08
13.91
13.84
14.20
15.37
13.89
14.09
13.28
14.84
13.33
13.24
13.54
15.20
12.57
13.73
13.63
14.37
NA
15.55
13.48
13.39
13.20
13.11
14.86
17.32
13.82
16.94
13.82
1.00
0.75
1.00
0.98
0.70
0.75
1.00
1.00
1.00
1.00
0.75
1.00
0.80
1.00
1.00
1.00
1.00
1.00
0.75
1.00
1.00
1.00
1.00
0.60
1.00
1.00
1.00
1.00
1.00
0.80
0.72
1.00
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.
Front end
% fees
Yield
since Management
1996
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
1.00
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
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
Min.
Back end
0.15
0.00
0.13
0.15
0.05
0.14
0.05
0.15
0.10
0.15
0.00
0.13
0.10
0.09
0.10
0.15
0.15
0.15
0.10
0.15
0.05
0.06
0.15
0.00
0.00
0.15
0.15
0.15
0.15
0.15
0.06
0.09
0.10
0.15
Custody
MEDINER FIAMM ...................................

MERCHBANC FT FIAMM........................
MORGAN STANLEY DINERPLUS FIAMM....
MULTIF. 2 PASTOR FIAMM.....................
MULTIFONDO PASTOR FIAMM.............
MUTUAFONDO DINERO FIAMM .........
PRIVANZA DINERO FIAMM...................
PROFIT DINERO FIAMM ........................
RURAL DINERO FIAMM.........................
RURALRENTA FV FIAMM .......................
SAFEI EFECTIVO FT FIAMM....................
SANTANDER DR FT FIAMM ...................
SCH MONETARIO FIAMM......................
SCH TESORERIA FIAMM.........................
SG MIBOR FIAMM .................................
TARRAGONAFONS 1 FIAMM ................
TIBESTFOND FIAMM..............................
TOP CASH FIAMM .................................
UNIFOND DINERO FIAMM ...................
UNIFOND PATRIMONIO FIAMM...........
URQUIJO DINERO FIAMM ....................
URQUIJO MONETARIO FIAMM.............
VITALDINERO FIAMM............................
ZARAGOZANO DINERO FIAMM...........
ZARAGOZANO TESORERIA FIAMM ......
(Continued)
0.64
0.62
0.54
0.52
0.48
0.76
0.19
0.71
0.49
0.45
0.35
0.48
0.29
0.43
0.73
0.47
0.52
0.51
0.41
NA
0.50
0.52
0.53
0.57
NA
Yield
(%)
8.12
8.29
0.10
0.15
0.12
8.62
0.18
4.50
0.10
6.84
0.22
6.98
0.32
0.13
8.20
8.63
0.36
7.04
0.31
0.37
0.16
0.11
3.59
0.16
NA
Volatility
0.18
0.02
0.26
0.28
0.28
0.20
0.31
0.30
0.18
0.52
0.21
0.51
0.44
0.01
0.37
0.02
0.01
0.61
0.38
0.23
0.14
0.07
0.21
NA
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
0.62
0.63
0.65
0.68
0.62
0.89
0.51
0.77
0.60
0.55
0.66
0.59
0.76
0.73
0.73
0.61
0.55
0.51
0.68
0.90
0.57
0.56
0.57
0.49
NA
Yield
(%)
0.11
0.11
0.10
0.27
0.27
5.62
0.30
1.33
0.17
5.45
0.14
7.65
0.24
0.15
1.01
0.10
7.50
9.21
0.23
0.24
0.03
7.55
5.35
0.24
0.39
Volatility
0.19
0.02
0.31
0.22
0.24
0.18
0.35
0.43
0.42
0.21
0.30
0.26
0.58
0.51
0.00
0.34
0.01
0.00
0.38
0.40
0.14
0.09
0.05
0.20
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
Dura- Fund
tion type
Q2
0.70
0.64
0.71
0.70
0.65
0.88
0.83
0.80
0.72
0.55
0.70
0.61
0.64
0.83
0.75
0.65
0.66
0.52
0.65
0.82
0.61
0.57
0.61
0.58
0.83
Yield
(%)
0.11
0.11
9.19
0.19
0.19
4.05
0.25
1.63
0.16
5.35
0.18
8.14
0.13
0.21
5.66
0.10
0.21
3.31
0.16
6.49
7.88
5.93
7.35
0.31
0.11
Volatility
0.18
0.02
0.17
0.30
0.27
0.15
0.24
0.49
0.46
0.11
0.41
0.23
0.25
0.46
0.00
0.20
0.01
0.00
0.24
0.27
0.13
0.26
0.34
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
0.60
0.61
0.56
0.64
0.58
0.85
0.69
0.76
0.73
0.48
0.57
0.53
0.53
0.61
0.73
0.56
0.70
0.49
0.69
0.88
0.55
0.53
0.56
0.67
0.74
Yield
(%)
9.27
7.86
6.05
9.59
0.10
3.37
9.91
2.00
0.34
3.12
0.16
5.24
4.82
0.11
1.33
3.22
0.62
1.35
0.14
7.81
4.43
0.01
0.10
0.36
0.12
Volatility
0.21
0.02
0.14
0.23
0.26
0.14
0.28
0.45
0.38
0.13
0.36
0.22
0.19
0.36
0.01
0.07
0.02
0.01
0.37
0.16
0.29
0.14
0.20
0.21
0.19
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
2.58
2.51
2.49
2.57
2.34
3.43
2.25
3.06
2.56
2.04
2.29
2.22
2.23
2.62
2.98
2.31
2.44
2.04
2.45
NA
2.25
2.19
2.29
2.33
NA
Yield
(%)
0.10
0.10
9.32
0.18
0.18
5.84
0.22
0.02
0.21
5.42
0.18
7.16
0.21
0.16
1.00
9.07
0.38
9.39
0.22
0.19
9.51
5.91
7.27
0.28
0.24
Volatility
2002
14.32
15.66
13.50
15.97
14.08
20.12
15.19
17.59
14.90
13.33
14.52
13.04
14.18
15.35
19.14
12.60
15.85
14.01
14.36
NA
12.40
13.68
14.03
13.42
NA
1.00
0.60
1.00
0.75
1.00
0.10
1.00
0.25
1.00
1.00
1.00
1.00
1.00
0.85
0.25
1.00
0.50
1.00
1.00
0.25
1.00
1.00
1.00
1.00
0.50
0.00
3.33
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
Min.
Front end
% fees
Yield
since Management
1996
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
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
Min.
Back end
0.10
0.08
0.07
0.14
0.14
0.04
0.00
0.05
0.00
0.15
0.15
0.15
0.15
0.15
0.00
0.14
0.06
0.10
0.15
0.05
0.15
0.10
0.15
0.15
0.00
Custody
319
320
40,521,132
1,297,912
39,452,751
19,640,514
14,314
0
0
2,104,196
0
11,511,931
290,736
638,829
3,578,700
1,374,685
127,123
19,812,237
0
0
0
17,670,033
0
595,087
1,518,140
28,977
229,531
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. Foreign portfolio......................................................................
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 assetss ...................................................
3.2.7. Warrants and options....................................................
3.2.8. Repos ...........................................................................
4. Net balance (debtors - creditors)......................................................
Amount
31-12-2001
0.57
97.36
48.47
0.04
0.00
0.00
5.19
0.00
28.41
0.72
1.58
8.83
3.39
0.31
48.89
0.00
0.00
0.00
43.61
0.00
1.47
3.75
0.07
3.20
100.00
339,965
36,076,095
12,846,560
0
0
3,004
588,384
0
8,111,942
283,078
254,426
2,964,748
635,787
5,191
23,229,535
18
0
260
22,056,712
0
743,407
429,138
0
948,063
36,684,193
Amount
31-12-2002
0.93
98.34
35.02
0.00
0.00
0.01
1.60
0.00
22.11
0.77
0.69
8.08
1.73
0.01
63.32
0.00
0.00
0.00
60.13
0.00
2.03
1.17
0.00
2.58
100.00
110,434
3,376,656
6,793,954
14,314
0
3.004
1,515,812
0
3,399,989
7,658
384,403
613,952
738,898
121,932
3,417,298
18
0
260
4,386,679
0
148,320
1,089,002
28,977
349,849
3,836,939
Amount
Change
48.11
8.56
34.59
100.00
72.04
29.53
2.63
60.17
17.16
53.75
95.92
17.25
24.83
24.92
71.73
100.00
26.95
9.47
A.4.13. INVESTMENT IN SECURITIES. GUARANTEED MUTUAL FUNDS. BREAKDOWN OF ASSETS AT MARKET VALUE
A.4.14. INVESTMENT IN SECURITIES. GUARANTEED MUTUAL FUNDS.

TRANSACTIONS IN DERIVATIVES
Committed amount (1)
31-12-2001
Amount
31-12-2002
% of assets
Amount%
% of assets

Spot purchases ...............................................................
Financial swaps. Collection rights...................................
Forward sales .................................................................
Spot sales .......................................................................
Sold futures ....................................................................
1,132,760
198,734
781,518
23,801,784
1,116,360
0
1,852,646
58,778
116,343
4,027,264
401,151
0
2.80
0.49
1.93
58.79
2,76
0.00
4.58
0.15
0.29
9.95
0.99
0.00
538,694
72,550
405,789
17,687,103
688,937
0
481,798
1,151
55,396
2,986,277
998,080
0
1.47
0.20
1.11
48.23
1.88
0.00
1.31
0.00
0.15
8.14
2,72
0.00
TOTAL............................................................................
33,487,338
82.71
23,915,775
65.21
321
322
2,491,169
55,601
2,412,619
1,710,193
947,191
5,430
83,083
139,462
37,450
42
492,963
4,572
702,426
467,120
247,015
22,758
197,047
300
0
235,306
176,605
28,025
30,043
66
567
22,949
1. Assets ..............................................................................................

3.1.2. Treasury bills ................................................................
3.1.3. Other public fixed-income securities ............................
3.1.5. Other private fixed-income...........................................
3.1.6. Purchased Spanish warrants and options ......................
3.1.7. Repos ...........................................................................
3.2.1. Euros ............................................................................
3.2.1.1. Shares.............................................................
3.2.1.3. Fixed-income .................................................
3.2.2. Other............................................................................
3.2.2.1. Shares.............................................................
3.2.2.3. Fixed-income .................................................
Amount
0.92
96.85
68.65
38.02
0.22
3.34
5.60
1.50
0.00
19.79
0.18
28.20
18.75
9.92
0.91
7.91
0.01
0.00
9.45
7.09
1.12
1.21
0.00
0.02
2.23
100.00
% of assets
31-12-2001
13,876
1,920,683
1,507,656
763,996
2,361
64,045
3,733
39,585
0
631,913
2,023
413,027
309,596
132,653
14,504
162,099
104
236
103,431
75,596
11,768
16,067
0
0
39,933
1,974,492
Amount
0.70
97.27
76.36
38.69
0.12
3.24
0.19
2.00
0.00
32.00
0.10
20.92
15.68
6.72
0.73
8.21
0.01
0.01
5.24
3.83
0.60
0.81
0.00
0.00
2.02
100.00
% of assets
31-12-2002
9,073
491,936
202,537
183,195
3,069
19,038
135,729
2,135
42
138,950
2,549
289,399
157,524
114,362
8,254
34,948
196
236
131,875
101,009
16,257
13,976
66
567
15,668
516,677
Amount
Change
39.54
20.39
11.84
19.34
56.52
22.91
97.32
5.70
100.00
28.19
55.75
41.20
33.72
46.30
36.27
17.74
65.33
56.04
57.19
58.01
46.52
100.00
100.00
28.18
20.74
A.4.15. INVESTMENT IN SECURITIES. SIM. BREAKDOWN OF ASSETS AT MARKET VALUE
A.4.16. INVESTMENT IN SECURITIES. SIM. TRANSACTIONS IN DERIVATIVES

31-12-2001
31-12-2002
Amount
% of assets
Amount
% of assets

Spot purchases ...............................................................
Forward sales .................................................................
Spot sales .......................................................................
Sold futures ....................................................................
220
1,542
12,470
3,118
0
0
18,650
340
6,008
1,278
0
0
0.01
0.06
0.50
0.13
0.00
0.00
0.75
0.01
0.24
0.05
0.00
0.00
324
0
15,866
6,076
0
0
9,877
281
9,623
1,151
0
0
0.02
0.00
0.80
0.31
0.00
0.00
0.50
0.01
0.49
0.06
0.00
0.00
TOTAL............................................................................
43,626
1.75
43,198
2.19
(1) En miles de euros.
323
324
16,854,507
529,582
16,318,239
8,985,593
2,215,408
85,552
1,037,165
97,230
165,128
2,928
5,381,379
803
7,332,646
3,871,274
1,788,129
393,751
1,678,089
11,109
196
3,461,372
2,547,052
497,388
413,672
3,059
201
6,686
1. Assets ..............................................................................................
2. Cash and cash equivalents ..............................................................

3.1. Domestic portfolio ..................................................................
3.1.2. Treasury bills ................................................................
3.1.3. Other public fixed-income securities ............................
3.1.5. Other private fixed-income...........................................
3.1.6. Purchased Spanish warrants and options ......................
3.1.7. Repos ...........................................................................
3.2.1. Euros ............................................................................
3.2.1.1. Shares.............................................................
3.2.1.3. Fixed-income .................................................
3.2.2. Other............................................................................
3.2.2.1. Shares.............................................................
3.2.2.3. Fixed-income .................................................
Amount
0.04
96.82
53.31
13.14
0.51
6.15
0.58
0.98
0.02
31.93
0.00
43.51
22.97
10.61
2.34
9.96
0.07
0.00
20.54
15.11
2.95
2.45
0.02
0.00
3.14
100.00
% of assets
31-12-2001
115,968
16,324,173
9,712,941
2,598,649
153,058
881,135
194,674
131,780
2,260
5,751,239
146
6,611,232
4,313,054
1,325,309
1,053,352
1,924,915
8,784
694
2,298,178
1,520,692
553,820
223,134
352
180
485,774
16,925,915
Amount
0.69
96.44
57.39
15.35
0.90
5.21
1.15
0.78
0.01
33.98
0.00
39.06
25.48
7.83
6.22
11.37
0.05
0.00
13.58
8.98
3.27
1.32
0.00
0.00
2.87
100.00
% of assets
31-12-2002
109,282
5,934
727,348
383,241
67,506
156,030
97,444
33,348
668
369,860
657
721,414
441,780
462,820
659,601
246,826
2,325
498
1,163,194
1,026,360
56,432
190,538
2,707
21
43,808
71,408
Amount
Change
1,634.49
0.04
8.09
17.30
78.91
15.04
100.22
20.20
22.81
6.87
81.82
9.84
11.41
25.88
167.52
14.71
20.93
254.08
33.60
40.30
11.35
46.06
88.49
10.45
8.27
0.42
A.4.17. INVESTMENT IN SECURITIES. SIMCAV. BREAKDOWN OF ASSETS AT MARKET VALUE
A.4.18. INVESTMENT IN SECURITIES. SIMCAV. TRANSACTIONS IN DERIVATIVES

31-12-2001
31-12-2002
Amount
% of assets
Amount
% of assets

Spot purchases ...............................................................
Forward sales .................................................................
Spot sales .......................................................................
Sold futures ....................................................................
128,810
7,110
353,846
345,184
74,371
0
1,149,288
4,008
167,180
109,833
74,371
0
0.76
0.04
2.10
2.05
0.44
0.00
6.82
0.02
0.99
0.65
0.44
0.00
131,806
4,315
279,011
385,909
0
0
951,317
10,638
110,745
102,040
0
0
0.78
0.03
1.65
2.28
0.00
0.00
5.62
0.06
0.65
0.60
0.00
0.00
TOTAL............................................................................
2,414,001
14.32
1,975,781
11.67
A.4.19. INVESTMENT IN SECURITIES. FOREIGN COLLECTIVE

INVESTMENT SCHEMES MARKETED IN SPAIN (*)
Change
31-12-2001
31-12-2002
Absolute
Investment (thousands of euros).................................

Funds ................................................................
Companies ........................................................
of which guaranteed......................................
7,533,828
883,313
6,650,515
692,100
6,538,012
895,432
5,642,580
73,481
995,816
12,119
1,007,935
618,619
13.2
1.4
15.2
89.4
Number of investors ..................................................

Funds ................................................................
Companies ........................................................
of which guaranteed......................................
199,954
23,415
176,539
16,724
200,758
16,962
183,796
1,708
804
6,453
7,257
15,016
0.4
27.6
4.1
89.8
Number of institutions...............................................
Funds ................................................................
Companies ........................................................
191
70
121
218
82
136
27
12
15
14.1
17.1
12.4
Home country ...........................................................

Luxembourg ......................................................
Ireland...............................................................
France ...............................................................
Germany ...........................................................
UK.....................................................................
The Netherlands................................................
146
20
13
9
3
0
157
28
19
9
4
1
11
8
6
0
1
1
7.5
40.0
46.2
0,0
33.3
(*) Many of these institutions are structured into sub-funds (compartments). Occasionally, it is the sub-funds which are guaranteed.
325
A.4.20. INVESTMENT IN REAL ESTATE. FII. NUMBER, ASSETS AND INVESTORS

Year
Assets (1)
No. of investors
No. of FII funds
Yield (2)
1995
1996
1997
1998
1999
2000
2001
2002
71,557
85,091
131,874
396,193
871,113
1,215,822
1,520,472
2,112,569
1,897
2,174
4,617
14,250
33,042
43,200
52,752
70,506
4
4
4
5
5
5
5
5
nd
2.70
6.91
6.09
7.97
7.73
7.49
7.87

(2) annual %.
A.4.21. INVESTMENT IN REAL ESTATE. FII. BREAKDOWN OF ASSETS

31/12/2001
Amount
1.
2.
3.
4.
5.
6.
31/12/2002
% of assets
Amount
Change
% of assets
Amount
Assets.....................................
Cash and cash equivalents.....
Securities ...............................
Homes ...................................
Other property .......................
Other items............................
1,520,472
13,322
460,689
477,426
700,774
131,739
100.0
0.9
30.3
31.4
46.1
8.7
2,112,569
9,181
634,890
611,604
948,820
91,926
100.0
0.4
30.1
29.0
44.9
4.4
592,097
4,141
174,201
134,178
248,046
39,813
38.9
31.1
37.8
28.1
35.4
30.2
Pro memoria:
Leased property ..........................
873,164
57.4
1,028,163
48.7
154,999
17.8
A.4.22. NUMBER OF VENTURE CAPITAL INSTITUTIONS (1)
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
(1) Data at period close.
Source: CNMV.
326
Venture capital companies
Venture capital funds
Total
0
2
5
7
10
11
12
15
14
14
16
17
19
23
40
51
59
0
0
1
4
6
6
6
7
7
8
10
10
12
19
25
31
34
0
2
6
11
16
17
18
22
21
22
26
27
31
42
65
82
93
A.4.23. BREAKDOWN OF FUNDS RAISED BY VENTURE CAPITAL INSTITUTIONS

BY TYPE OF INVESTOR
2001
2002
Amount
Amount
Financial institutions ............................

Pension funds.......................................
Insurance companies ...........................
Funds of funds......................................
Non-financial companies .....................
Individuals ...........................................
Public investors....................................
Academic institutions...........................
Securities markets ................................
Other ...................................................
Capital gains for reinvestments.............
462,629
91,179
117,911
126,443
35,594
151,044
27,170
969
28,501
14,625
11,212
43.3
8.5
11.0
11.8
3.3
14.2
2.5
0.1
2.7
1.4
1.1
353,719
114,396
23,382
70,878
69,401
48,869
124,024
0
22,751
0
32,579
41.1
13.3
2.7
8.2
8.1
5.7
14.4
0.0
2.6
0.0
3.8
TOTAL .................................................
1,067,276
100.0
859,999
100.0
Source: ASCRI (Asociacin Espaola de Capital Inversin).
A.4.24. BREAKDOWN OF INVESTMENT BY VENTURE CAPITAL

INSTITUTIONS, BY PHASE OF DEVELOPMENT
2001
2002
Phase of development
Amount
Amount
Seed.....................................................
Start-up ................................................
Expansion ............................................
Substitution ..........................................
MBO/MBI(1) ........................................
Other ...................................................
9,396
110,911
782,876
148,716
183,016
5,534
0.8
8.9
63.2
12.0
14.6
0.5
13,009
93,117
594,297
395
238,427
28,950
1.3
9.6
61.4
0.0
24.6
3.0
TOTAL .................................................
1,240,448
100.0
968,196
100.0
(1) Management Buy-Out/Management Buy-In.

327
A.4.25. BREAKDOWN OF INVESTMENTS BY VENTURE CAPITAL INSTITUTIONS,

BY SECTOR
2001
2002
Sector
Amount
Amount
Communications..................................
IT .........................................................
Other electronic...................................
Biotechnology......................................
Healthcare/Medicine............................
Energy..................................................
Consumer products ..............................
Industrial products and services ...........
Chemicals & plastics ............................
Robotics...............................................
Other production .................................
Transport ..............................................
Financial services.................................
Hospitality/Leisure ...............................
Other services ......................................
Agriculture ...........................................
Construction ........................................
Other ...................................................
29,497
108,719
186
351
168,766
105,677
309,376
78,228
9,382
211
125,154
21,485
4,972
47,169
133,745
2,406
91,411
3,713
2.4
8.8
0.0
0.0
13.6
8.5
24.9
6.3
0.8
0.0
10.1
1.7
0.4
3.8
10.8
0.2
7.4
0.3
25,576
38,634
9,048
8,082
25,886
70,482
235,941
99,034
103,226
300
34,995
31,021
1,851
91,863
99,462
25,120
15,431
52,243
2.6
4.0
0.9
0.8
2.7
7.3
24.4
10.2
10.7
0.0
3.6
3.2
0.2
9.5
10.3
2.6
1.6
5.4
Yearly investment ................................
1,240,448
100.0
968,196
100.0
328
Annex 5
Securities firms and fund
management companies
Annex 5: SECURITIES FIRMS AND FUND MANAGEMENT COMPANIES
A.5.1. SECURITIES FIRMS. NUMBER, BRANCHES AND AGENTS

Number of firms
Number of branches
Number of agents
31-12-01
31-12-02
31-12-01
31-12-02
31-12-01
31-12-02
Broker-dealers.......................................
Stock exchange members ..................
Non-members ...................................
48
39
9
44
36
8
73
62
11
96
94
2
6,011
795
5,216
6,335
711
5,624
Brokers..................................................
Non-members ...................................
62
20
42
66
19
47
19
8
11
18
8
10
762
92
670
513
68
445
Total......................................................
Non-members ...................................
110
59
51
110
55
55
92
70
22
114
102
12
6,773
887
5,886
6,848
779
6,069
Foreign branches...................................
ISF (*) with free provision ....................
16
692
19
744
(*) ISF: Investment services firms
A.5.2.1. SECURITIES FIRMS. OWNERSHIP BY FINANCIAL INSTITUTIONS

Data at 31/12/2002
Number of institutions
Owned by domestic financial
institutions
Total
Owned by foreign financial

institutions
Other
Total
> 50%
10-50%
< 10%
Total
> 50%
10-50%
< 10%
Broker-dealers ..........................
Stock exchange members .......
Non-members ........................
44
36
8
20
16
4
18
14
4
2
2
0
0
0
0
19
15
4
18
14
4
1
1
0
0
0
0
5
5
0
Brokers .....................................
Non-members ........................
66
19
47
14
2
12
10
2
8
3
0
3
1
0
1
20
4
16
14
2
12
6
2
4
0
0
0
32
13
19
TOTAL ......................................
Non-members ........................
110
55
55
34
18
16
28
16
12
5
2
3
1
0
1
39
19
20
32
16
16
7
3
4
0
0
0
37
18
19
A.5.2.2. SECURITIES FIRMS. OWNERSHIP BY FINANCIAL INSTITUTIONS

Percentage of share capital
Data at 31/12/2002
Spanish financial institutions

Total
Banks
Thifts
Insurance
companies
Other
financial
intermediaries
Other
residents
Nonresidents
Broker-dealers ........................... 100.0%

Stock exchange members ........ 100.0%
Non-members.......................... 100.0%
39.3%
32.1%
75.7%
7.8%
8.9%
2.5%
18.8%
21.1%
7.4%
12.7%
2.1%
65.9%
0.0%
0.0%
0.0%
17.3%
20.7%
0.0%
43.4%
47.2%
24.3%
Brokers....................................... 100.0%
Non-members.......................... 100.0%
29.2%
12.7%
34.8%
9.9%
4.4%
11.8%
14.3%
7.1%
16.8%
4.0%
0.0%
5.3%
0.9%
1.2%
0.9%
33.8%
39.0%
32.1%
37.0%
48.3%
33.2%
TOTAL........................................ 100.0%
Non-members.......................... 100.0%
36.9
30.4%
51.9%
8.3%
8.5%
7.9%
17.8%
19.9%
12.8%
10.6%
1.9%
30.6%
0.2%
0.1%
0.5%
21.2%
22.3%
18.7%
41.9%
47.3%
29.4%
Total
331
332
3,598,722
886,799
2,711,923
6,463,342
993,234
5,148,272
91,540
5,056,732
334,232
-12,396
194,682
168,770
-1,874
84
114,445
282,921
10,826,839
2. 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.
5,745
1. Cash...................................................................
31-12-01
11,932,652
290,598
91,176
4,582
6,053
124,257
126,639
9,678,750
609,545
7,480,390
130,627
7,349,763
1,602,309
-13,494
1,607,455
719,911
887,544
3,142
31-12-02
Total broker-dealers
and brokers
10,004,822
317,362
110,519
65
1,181
207,833
184,727
6,751,510
1,438,269
5,145,942
134,613
5,011,329
187,461
-20,163
2,425,441
883,209
1,542,232
6,184
2001
Total
9,698,474
268,666
103,741
766
4,035
160,435
137,271
6,832,025
790,269
5,626,967
153,857
5,473,111
430,571
-15,783
2,185,682
730,030
1,455,652
5,854
2002
9,637,845
294,062
84,619
61
497
168,578
176,787
6,668,862
1,415,563
5,084,888
127,492
4,957,396
187,461
-19,049
2,239,259
766,160
1,473,099
5,120
2001
9,334,167
241,392
81,642
667
3,296
151,154
129,541
6,745,857
767,256
5,561,930
144,229
5,417,702
430,570
-13,899
1,975,985
637,755
1,338,230
4,634
2002
Broker-dealers
Annual average (*)
A.5.3.1. SECURITIES FIRMS. AGGREGATED BALANCE SHEET. ASSETS
366,977
23,300
25,900
684
39,255
7,940
82,648
22,706
61,055
7,121
53,933
0
-1,114
186,182
117,049
69,134
1,063
2001
Brokers
364,307
27,275
22,099
98
739
9,281
7,730
86,168
23,013
65,037
9,628
55,409
1
-1,883
209,697
92,276
117,422
1,220
2002
In thousands of euros
195,133
7,466,694
3,106,724
4,359,970
887,792
577,381
245,270
332,111
24,692
18,460
6,232
285,719
0
285,719
129,657
21,625
956,069
10,826,846
2. Income for 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..........................
4.3. Other .........................................................
4.3.1. Deferred spot sales on margin .........
4.3.2. Transaction guarantee deposits........
5. Subordinated financing and other debt

securities............................................................
6. Financing through sale of borrowed securities ...
7. Sundry accounts.................................................
TOTAL LIABILITIES.................................................
1,169,876
518,731
651,872
-727
31-12-01
11,932,652
2,050,996
5,517
98,711
1,012,560
533,083
289,097
243,986
94,568
92,150
2,418
384,909
0
384,909
7,448,618
1,139,357
6,309,261
138,410
1,177,840
531,475
647,523
-1,158
31-12-02
Total broker-dealers
and brokers
10,004,835
714,985
88,594
127,547
964,385
627,574
330,918
296,656
23,573
6,562
17,011
313,237
4
313,233
6,467,536
2,328,756
4,138,780
199,672
1,442,116
505,419
937,526
-828
2001
Total
9,698,474
887,565
20,629
104,540
917,738
495,246
245,816
249,429
80,684
67,114
13,570
341,809
0
341,809
6,329,388
1,627,432
4,701,956
128,147
1,310,466
515,447
795,792
-773
2002
9,637,847
666,935
88,591
126,213
882,567
552,581
330,918
221,663
23,028
6,562
16,466
306,957
4
306,953
6,429,180
2,290,400
4,138,780
188,602
1,255,760
387,431
868,850
-520
2001
9,334,167
840,884
20,627
101,211
817,619
442,721
245,816
196,905
80,570
67,114
13,457
294,327
0
294,327
6,296,434
1,594,478
4,701,956
119,659
1,137,734
409,483
728,771
-520
2002
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)
366,987
48,050
1,334
81,818
74,993
0
74,993
545
0
545
6,280
0
6,280
38,356
38,356
0
11,070
186,356
117,988
68,676
-308
2001
Brokers
364,307
46,681
3,329
100,120
52,524
0
52,524
114
0
114
47,482
0
47,482
32,954
32,954
0
8,488
172,732
105,964
67,021
-253
2002
333
334
10,454,465
TOTAL ASSETS........................................................
253,874
-2,519

(net) ...................................................................
9. Sundry accounts.................................................
159,940
80
187,548
89,327
6,368,303
971,325
5,074,273
77,914
4,996,359
334,232
-11,527
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.......................
3,393,135
742,974
2,650,161
Direct investment...............................................
2.1. Demand deposits .......................................
2.2. Other balances...........................................
4,777
1. Cash...................................................................
31-12-01
11,483,425
260,746
73,115
4,582
5,972
113,692
118,220
9,563,230
584,367
7,387,652
119,116
7,268,536
1,602,309
-11,098
1,341,660
631,151
710,509
2,208
31-12-02
Total
broker-dealers
9,637,845
294,062
84,619
61
497
168,578
176,787
6,668,862
1,415,563
5,084,888
127,492
4,957,396
187,461
-19,049
2,239,259
766,160
1,473,099
5,120
2001
Total
9,334,167
241,392
81,642
667
3,296
151,154
129,541
6,745,857
767,256
5,561,930
144,229
5,417,702
430,570
-13,899
1,975,985
637,755
1,338,230
4,634
2002
8,887,982
286,523
81,034
61
442
153,633
171,355
6,052,236
1,310,790
4,602,925
102,027
4,500,898
154,502
-15,981
2,137,614
722,684
1,414,930
5,085
2001
7,980,727
227,773
79,360
394
3,272
132,752
122,489
5,539,622
648,993
4,802,233
93,147
4,709,086
97,960
-9,564
1,870,463
586,891
1,283,571
4,603
2002
Annual average (*)
35
2001
749,863
7,539
3,585
55
14,945
5,432
616,627
104,772
481,963
25,464
456,498
32,959
-3,068
1,353,440
13,619
2,282
273
24
18,403
7,052
1,206,235
118,264
759,697
51,082
708,616
332,609
-4,336
105,522
50,863
54,659
31
2002
Non-members
101,645
43,476
58,169
A.5.3.2. SECURITIES FIRMS. BROKER-DEALERS. AGGREGATED BALANCE SHEET. ASSETS
186,469
7,427,865
3,067,895
4,359,970
788,558
503,151
245,270
257,881
24,509
18,460
6,049
260,898
0
260,898
126,213
21,625
892,415
10,454,466

3.1. Deposits and 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............................
4.3. Other .........................................................
4.3.1. Deferred spot sales on margin ..........
4.3.2. Transaction guarantee deposits .........

securities............................................................
7. Sundry accountss ...............................................
1,011,321
421,727
590,114
-520
31-12-01
11,483,425
1,987,073
5,517
96,211
873,498
482,061
289,097
192,964
94,485
92,150
2,335
296,952
0
296,952
7,408,815
1,099,554
6,309,261
131,721
980,590
414,017
567,093
-520
31-12-02
Total
broker-dealers
9,637,847
666,935
88,591
126,213
882,567
552,581
330,918
221,663
23,028
6,562
16,466
306,957
4
306,953
6,429,180
2,290,400
4,138,780
188,602
1,255,760
387,431
868,850
-520
2001
Total
9,334,167
840,884
20,627
101,211
817,619
442,721
245,816
196,905
80,570
67,114
13,457
294,327
0
294,327
6,296,434
1,594,478
4,701,956
119,659
1,137,734
409,483
728,771
-520
2002
8,887,984
606,851
88,591
126,213
813,452
532,159
328,973
203,186
22,968
6,562
16,406
258,325
4
258,321
5,969,360
2,211,307
3,758,054
177,167
1,106,350
317,526
789,344
-520
2001
7,980,727
487,422
20,627
101,211
701,510
421,426
236,463
184,962
77,435
64,061
13,374
202,650
0
202,650
5,572,918
1,487,970
4,084,948
102,598
994,442
342,609
652,353
-520
2002
Annual average (*)
749,864
60,084
69,115
20,423
1,946
18,477
60
0
60
48,632
0
48,632
459,819
79,093
380,726
11,435
149,410
69,905
79,505
0
1,353,440
353,462
116,109
21,296
9,353
11,943
3,136
3,053
83
91,677
0
91,677
723,517
106,508
617,008
17,061
143,292
66,875
76,418
0
2002
Non-members
2001
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)
335
336
205,587
143,825
61,762
95,039
21,909
73,999
13,626
60,373
0
869
7,134
8,830
645
4
25,118
29,047
372,374
Direct investment...............................................
2.1. Demand deposits .......................................
2.2. Other balances...........................................
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.......................

(net) ...................................................................
9. Sundry accounts.................................................
TOTAL ASSETS........................................................
968
31-12-01
1. Cash...................................................................
Total
brokers
449,227
29,852
18,061
81
10,565
8,419
115,520
25,178
92,738
11,511
81,227
0
2,396
265,795
88,760
177,035
934
31-12-02
366,977
23,300
25,900
684
39,255
7,940
82,648
22,706
61,055
7,121
53,933
0
1,114
186,182
117,049
69,134
1,063
2001
Total
364,307
27,275
22,099
98
739
9,281
7,730
86,168
23,013
65,037
9,628
55,409
1
1,883
209,697
92,276
117,422
1,220
2002
154,820
6,207
9,571
129
6,276
4,212
36,189
5,578
30,735
2,386
28,350
0
125
92,054
73,613
18,442
183
2001
124,543
6,618
9,382
210
7,422
3,846
26,548
5,671
21,069
1,578
19,492
1
193
70,162
49,499
20,663
356
2002
Annual average (*)
A.5.3.3. SECURITIES FIRMS. BROKERS. AGGREGATED BALANCE SHEET. ASSETS
212,157
17,093
16,330
555
32,979
3,728
46,459
17,129
30,319
4,736
25,583
0
989
94,128
43,436
50,692
880
2001
239,764
20,657
12,717
98
530
1,859
3,884
59,620
17,342
43,968
8,051
35,917
0
1,690
139,536
42,777
96,759
864
2002
Non-members
8,664
38,829
38,829
0
99,234
74,230
0
74,230
183
0
183
24,821
0
24,821
3,444
0
63,654
372,380

3.1. Deposits and other balances ......................
3.2. Repos.........................................................

4.1. Residents....................................................
4.1.1. Repos..............................................
4.2. Non-residents.............................................
4.2.1. Repos..............................................
4.3. Other .........................................................
4.3.1. Deferred spot sales on margin .........
4.3.2. Transaction guarantee deposits .......

securities............................................................
7. Sundry accounts.................................................
158,555
97,004
61,758
207
31-12-01
Total
brokers
449,227
63,923
2,500
139,062
51,022
0
51,022
83
0
83
87,957
0
87,957
39,803
39,803
0
6,689
197,250
117,458
80,430
638
31-12-02
366,987
48,050
1,334
81,818
74,993
0
74,993
545
0
545
6,280
0
6,280
38,356
38,356
0
11,070
186,356
117,988
68,676
308
2001
Total
364,307
46,681
3,329
100,120
52,524
0
52,524
114
0
114
47,482
0
47,482
32,954
32,954
0
8,488
172,732
105,964
67,021
253
2002
154,822
17,441
311
66,478
64,356
0
64,356
330
0
330
1,792
0
1,792
10,791
10,791
0
4,571
55,228
27,141
28,209
122
2001
124,543
14,743
1,191
44,656
42,497
0
42,497
112
0
112
2,047
0
2,047
7,027
7,027
0
313
56,611
30,602
26,125
116
2002
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)
212,165
30,609
1,023
15,340
10,637
0
10,637
215
0
215
4,488
0
4,488
27,565
27,565
0
6,500
131,128
90,848
40,467
187
2001
239,764
31,939
2,138
55,464
10,027
0
10,027
1
0
1
45,436
0
45,436
25,926
25,926
0
8,175
116,121
75,362
40,897
138
2002
Non-members
337
338
68,930
296,666
227,736
50,261
3,433,086
3,382,825
789,284
992,572
640,392
54,982
138,339
19,544
139,315
203,288
908,475
578,337
351,453
226,884
330,138
59,604
49,035
10,569
33,411
303,945
108,808
195,137
FINANCIAL INCOME....................................................
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 INCOME...................................................
DEPRECIATION AND OTHER CHARGES......................
Depreciation .............................................................
Other charges............................................................
OTHER GAINS AND LOSSES........................................
EARNINGS BEFORE TAXES ...........................................
CORPORATE INCOME TAX ..........................................
EARNINGS AFTER TAXES .............................................
2001
135,880
81,404
217,284
34,326
39,089
18,259
57,348
240,306
333,232
209,936
543,168
783,474
684,994
851,467
533,901
49,287
121,224
17,530
129,525
166,473
18,916
1,801,209
1,782,293
79,564
237,646
158,082
2002
Total
30.4
25.2
28.5
2.7
20.3
72.8
3.8
27.2
5.2
7.5
6.1
13.8
13.2
14.2
16.6
10.4
12.4
10.3
7.0
18.1
62.4
47.5
47.3
15.4
19.9
30.6
Chg. (%)
186,471
97,933
284,404
4,554
41,058
8,085
49,143
328,993
258,679
164,028
422,707
751,700
640,084
799,094
514,334
52,685
123,358
9,687
99,030
159,010
50,289
3,430,622
3,380,333
61,327
282,301
220,974
2001
131,721
70,532
202,253
376
31,203
17,103
48,306
250,935
237,014
147,489
384,503
635,438
542,958
667,195
418,617
46,920
108,091
7,027
86,540
124,237
19,430
1,798,271
1,778,841
73,050
224,841
151,791
2002
Broker-dealers
29.4
28.0
28.9
108.3
24.0
111.5
1.7
23.7
8.4
10.1
9.0
15.5
15.2
16.5
18.6
10.9
12.4
27.5
12.6
21.9
61.4
47.6
47.4
19+1
20.4
31.3
Chg. (%)
A.5.4.1. SECURITIES FIRMS. AGGREGATED INCOME STATEMENT
8,666
10,875
19,541
28,857
7,977
2,484
10,461
1,145
92,774
62,856
155,630
156,775
149,200
193,478
126,058
2,297
14,981
9,857
40,285
44,278
28
2,464
2,492
7,603
14,365
6,762
2001
4,159
10,872
15,031
34,702
7,886
1,156
9,042
10,629
96,218
62,447
158,665
148,036
142,036
184,272
115,284
2,367
13,133
10,503
42,985
42,236
514
2,938
3,452
6,514
12,805
6,291
2002
Brokers
52.0
0.0
23.1
20.3
1.1
53.5
13.6
3.7
0.7
2.0
5.6
4.8
4.8
8.5
3.0
12.3
6.6
6.7
4.6
1,735.7
19.2
38.5
14.3
10.9
7.0
Chg. (%)
61,327
282,301
220,974
50,289
3,430,622
3,380,333
640,084
799,094
514,334
52,685
123,358
9,687
99,030
159,010
751,700
422,707
258,679
164,028
328,993
49,143
41,058
17,103
4,554
284,404
97,933
186,471
Financial costs...........................................................


Brokering ..............................................................
Portfolio management...........................................
Other ....................................................................
OPERATING EXPENSES.................................................
Personnel ..................................................................
General .....................................................................

Depreciation .............................................................
Other charges............................................................
2001
131,721
70,532
202,253
376
48,306
31,203
111.5
250,935
384,503
237,014
147,489
635,438
542,958
667,195
418,617
46,920
108,091
7,027
86,540
124,237
19,430
1,798,271
1,778,841
73,050
224,841
151,791
2002
Total
29.4
28.0
28.9
1.7
24.0
8,253
23.7
9.0
8.4
10.1
15.5
15.2
16.5
18.6
10.9
12.4
27.5
12.6
21.9
61.4
47.6
47.4
19.1
20.4
31.3
Chg. (%)
176,514
87,780
264,294
3,002
37,048
28,795
17,142
298,340
398,067
243,369
154,698
696,407
593,615
736,928
504,355
52,523
78,240
8,008
93,802
143,313
46,276
3,165,459
3,119,183
56,516
255,238
198,722
2001
111,412
59,414
170,826
986
47,510
30,368
107.7
219,322
364,335
224,370
139,965
583,657
493,985
603,555
407,443
44,146
67,422
6,303
78,241
109,570
20,285
1,458,368
1,438,083
69,387
193,790
124,403
2002
36.9
32.3
35.4
28.2
5.5
168
26.5
8.5
7.8
9.5
16.2
16.8
18.1
19.2
15.9
13.8
21.3
16.6
23.5
56.2
53.9
53.9
22.8
24.1
37.4
Chg. (%)
9,957
10,153
20,110
1,552
12,095
12,263
39
30,653
24,640
15,310
9,330
55,293
46,469
62,166
9,979
162
45,118
1,679
5,228
15,697
4,013
265,163
261,150
4,811
27,063
22,252
2001
A.5.4.2. SECURITIES FIRMS. BROKER-DEALERS. AGGREGATED INCOME STATEMENT
20,309
11,118
31,427
610
796
835
76.8
31,613
20,168
12,644
7,524
51,781
48,973
63,640
11,174
2,774
40,669
724
8,299
14,667
855
339,903
340,758
3,663
31,051
27,388
2002
Non-members
104.0
9.5
56.3
60.7
93.4
93.2
3.1
18.1
17.4
19.4
6.4
5.4
2.4
12.0
1,612.3
9.9
56.9
58.7
6.6
28.2
30.5
23.9
14.7
23.1
Chg. (%)
339
340
7,603
14,365
6,762
28
2,464
2,492
149,200
193,478
126,058
2,297
14,981
9,857
40,285
44,278
156,775
155,630
92,774
62,856
1,145
10,461
7,977
2,484
28,857
19,541
10,875
8,666
Financial costs...........................................................


Brokering ..............................................................
Portfolio management ...........................................
Other ....................................................................
OPERATING EXPENSES.................................................
Personnel ..................................................................
General .....................................................................

Depreciation .............................................................
Other charges............................................................
2001
4,159
10,872
15,031
34,702
9,042
7,886
1,156
10,629
158,665
96,218
62,447
148,036
142,036
184,272
115,284
2,367
13,133
10,503
42,985
42,236
514
2,938
3,452
6,514
12,805
6,291
2002
Total
52.0
0.0
23.1
20.3
13.6
1.1
53.5
2.0
3.7
0.7
5.6
4.8
4.8
8.5
3.0
12.3
6.6
6.7
4.6
1,735.7
19.2
38.5
14.3
10.9
7.0
Chg. (%)
4,941
2,838
7,779
2,649
2,020
629
10,434
41,491
22,904
18,587
51,925
47,570
68,158
56,787
579
1,242
667
8,883
20,588
56
605
549
4,299
4,630
331
2001
905
1,099
194
1,645
3,185
2,021
1,164
1,734
40,565
22,368
18,197
42,299
39,421
55,432
45,537
19
1,015
521
8,340
16,011
336
577
241
2,542
2,911
369
2002
61.3
97.5
20.2
0.0
85.1
83.4
2.2
2.3
2.1
18.5
17.1
18.7
19.8
96.7
18.3
21.9
6.1
22.2
500.0
4.6
56.1
40.9
37.1
11.5
Chg. (%)
3,725
8,037
11,762
28,863
7,812
5,957
1,855
9,289
114,139
69,870
44,269
104,850
101,630
125,320
69,271
1,718
13,739
9,190
31,402
23,690
84
1,859
1,943
3,304
9,735
6,431
2001
A.5.4.3. SECURITIES FIRMS. BROKERS. AGGREGATED INCOME STATEMENT
5,064
9,773
14,837
33,057
5,857
5,865
8
12,363
118,100
73,850
44,250
105,737
102,615
128,840
69,747
2,348
12,118
9,982
34,645
26,225
850
2,361
3,211
3,972
9,894
5,922
2002
Non-members
35.9
21.6
26.1
14.5
25.0
1.5
33.1
3.5
5.7
0.0
0.8
1.0
2.8
0.7
36.7
11.8
8.6
10.3
10.7
911.9
27.0
65.3
20.2
1.6
7.9
Chg. (%)
68,930
296,666
227,736
50,261
3,433,086
3,382,825
789,284
992,572
640,392
54,982
138,339
19,544
139,315
203,288
908,475
578,337
351,453
226,884
330,138
59,604
49,035
10,569
33,411
303,945
108,808
195,137
FINANCIAL INCOME.....................................................
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 INCOME ...................................................
DEPRECIATION AND OTHER CHARGES ......................

Depreciation ..............................................................
Other charges ............................................................
OTHER GAINS AND LOSSES.........................................
EARNINGS BEFORE TAXES............................................
CORPORATE INCOME TAX ...........................................
EARNINGS AFTER TAXES ..............................................
2001
135,880
81,404
217,284
34,326
57,348
39,089
18,259
240,306
543,168
333,232
209,936
783,474
166,473
684,994
851,467
533,901
49,287
121,224
17,530
129,525
18,916
1,801,209
1,782,293
79,564
237,646
158,082
2002
119,221
119,221
12,571
6,149
7,623
1,474
112,799
141,238
88,028
53,210
254,037
60,348
224,704
285,052
202,480
12,873
35,091
4,925
29,683
14,083
890,674
876,591
15,250
80,006
64,756
Q1-01
108,856
108,856
10,945
12,576
8,551
4,025
110,487
138,913
82,786
56,127
249,400
51,147
196,627
247,774
161,990
22,211
35,372
4,266
23,935
25,428
707,620
682,192
27,345
89,550
62,205
Q2-01
53,678
53,678
5,381
2,263
8,779
11,042
46,034
126,013
76,127
49,886
172,047
43,769
166,046
209,815
130,563
9,191
33,687
5,561
30,813
11,040
927,036
938,076
17,041
72,269
55,228
Q3-01
86,618
108,808
22,190
4,514
43,142
24,082
19,060
60,818
172,173
104,512
67,661
232,991
48,024
201,907
249,931
145,359
10,707
34,189
4,792
54,884
21,790
907,756
885,966
9,294
54,841
45,547
Q4-01
53,269
53,269
8,435
9,896
9,318
578
54,730
136,538
83,007
53,531
191,268
44,516
173,202
217,718
143,567
8,517
34,282
4,519
26,833
7,002
502,088
495,086
11,064
50,231
39,167
Q1-02
Quarter
96,334
42
96,376
8,880
11,898
9,048
2,850
99,394
129,014
80,596
48,418
228,408
43,245
204,570
247,815
148,830
27,351
29,062
4,525
38,047
308
296,951
297,259
24,146
61,923
37,777
Q2-02
13,708
52,926
39,218
Q3-02
34,540
34,540
6,089
9,749
9,697
52
38,200
127,333
75,883
51,450
165,533
39,526
154,256
193,782
122,814
5,565
30,271
4,624
30,508
48,263
81,362
33,099
10,922
25,805
11,026
14,779
47,982
150,283
93,746
56,537
198,265
39,186
152,966
192,152
118,690
7,854
27,609
3,862
34,137
14,653
416,373
401,720
30,646
72,566
41,920
Q4-02
2,431
585,797
588,228
A.5.5.1. SECURITIES FIRMS. AGGREGATED INCOME STATEMENT. QUARTERLY PERFORMANCE
341
342
61,327
282,301
220,974
50,289
3,430,622
3,380,333
640,084
799,094
514,334
52,685
123,358
9,687
99,030
159,010
751,700
422,707
258,679
164,028
328,993
49,143
41,058
8,085
4,554
284,404
97,933
186,471
Financial costs ...........................................................


Brokering ...............................................................
Other .....................................................................

Personnel ...................................................................
General......................................................................
OPERTING INCOME......................................................

Depreciation ..............................................................
Other charges ............................................................
2001
131,721
70,532
202,253
376
48,306
31,203
17,103
250,935
384,503
237,014
147,489
635,438
542,958
667,195
418,617
46,920
108,091
7,027
86,540
124,237
19,430
1,798,271
1,778,841
73,050
224,841
151,791
2002
112,723
112,723
3,298
3,878
5,809
1,931
113,303
99,817
62,782
37,035
213,120
184,682
230,860
162,557
12,648
31,055
2,523
22,077
46,178
14,627
890,312
875,685
13,811
78,324
64,513
Q1-01
103,839
103,839
4,492
10,489
6,543
3,946
109,836
101,421
61,225
40,196
211,257
161,334
201,923
129,823
21,727
30,931
2,435
17,007
40,589
25,135
707,086
681,951
24,788
85,187
60,399
Q2-01
50,097
50,097
669
4,164
6,728
10,892
46,602
90,501
55,174
35,327
137,103
131,848
165,287
101,178
8,233
29,735
2,319
23,822
33,439
9,886
926,760
936,646
15,141
67,779
52,638
Q3-01
80,188
97,933
17,745
2,567
38,940
21,978
16,962
59,252
130,968
79,498
51,470
190,220
162,220
201,024
120,776
10,077
31,637
2,410
36,124
38,804
20,413
906,464
886,051
7,587
51,011
43,424
Q4-01
9,527
47,122
37,595
Q1-02
49,107
49,107
2,662
8,064
7,410
654
54,509
100,673
61,817
38,856
155,182
138,617
172,960
114,944
7,958
30,987
2,071
17,000
34,343
7,038
501,849
494,811
Qarter
92,488
42
92,530
3,719
9,815
7,088
2,727
98,626
91,368
57,879
33,489
189,994
167,385
199,442
117,805
26,836
25,831
2,175
26,795
32,057
682
296,699
296,017
21,927
58,255
36,328
Q2-02
A.5.5.2. SECURITIES FIRMS. BROKER-DEALERS. AGGREGATED INCOME STATEMENT.

QUARTERLY PERFORMANCE
31,368
31,368
858
7,414
7,722
308
37,924
90,259
54,998
35,261
128,183
118,438
146,844
94,013
5,086
26,816
1,476
19,453
28,406
2,471
584,461
586,932
12,216
49,882
37,666
Q3-02
41,242
70,490
29,248
7,615
23,013
8,983
14,030
59,876
102,203
62,320
39,883
162,079
118,518
147,949
91,855
7,040
24,457
1,305
23,292
29,431
14,181
415,262
401,081
29,380
69,582
40,202
Q4-02
7,603
14,365
6,762
28
2,464
2,492
149,200
193,478
126,058
2,297
14,981
9,857
40,285
44,278
156,775
155,630
92,774
62,856
1,145
10,461
7,977
2,484
28,857
19,541
10,875
8,666
Financial costs ...........................................................


Brokering ...............................................................
Other .....................................................................

Personnel ...................................................................
General......................................................................
OPERATING INCOME ...................................................

Depreciation ..............................................................
Other charges ............................................................
2001
4,159
10,872
15,031
34,702
9,042
7,886
1,156
10,629
158,665
96,218
62,447
148,036
142,036
184,272
115,284
2,367
13,133
10,503
42,985
42,236
514
2,938
3,452
6,514
12,805
6,291
2002
6,498
6,498
9,273
2,271
1,814
457
504
41,421
25,246
16,175
40,917
40,022
54,192
39,923
225
4,036
2,402
7,606
14,170
544
362
906
1,439
1,682
243
Q1-01
5,017
5,017
6,453
2,087
2,008
79
651
37,492
21,561
15,931
38,143
35,293
45,851
32,167
484
4,441
1,831
6,928
10,558
293
534
241
2,557
4,363
1,806
Q2-01
3,581
3,581
6,050
1,901
2,051
150
568
35,512
20,953
14,559
34,944
34,198
44,528
29,385
958
3,952
3,242
6,991
10,330
1,154
276
1,430
1,900
4,490
2,590
Q3-01
6,430
10,875
4,445
7,081
4,202
2,104
2,098
1,566
41,205
25,014
16,191
42,771
39,687
48,907
24,583
630
2,552
2,382
18,760
9,220
1,377
1,292
85
1,707
3,830
2,123
Q4-01
4,162
4,162
5,773
1,832
1,908
76
221
35,865
21,190
14,675
36,086
34,585
44,758
28,623
559
3,295
2,448
9,833
10,173
36
239
275
1,537
3,109
1,572
Q1-02
Quarter
A.5.5.3. SECURITIES FIRMS. BROKERS. AGGREGATED INCOME STATEMENT.

QUARTERLY PERFORMANCE
3,846
3,846
5,161
2,083
1,960
123
768
37,646
22,717
14,929
38,414
37,185
48,373
31,025
515
3,231
2,350
11,252
11,188
990
252
1,242
2,219
3,668
1,449
Q2-02
3,172
3,172
5,231
2,335
1,975
360
276
37,074
20,885
16,189
37,350
35,818
46,938
28,801
479
3,455
3,148
11,055
11,120
40
1,336
1,296
1,492
3,044
1,552
Q3-02
7,021
10,872
3,851
18,537
2,792
2,043
749
11,894
48,080
31,426
16,654
36,186
34,448
44,203
26,835
814
3,152
2,557
10,845
9,755
472
1,111
639
1,266
2,984
1,718
Q4-02
343
A.5.6.1. SECURITIES FIRMS. RETURN ON EQUITY (ROE) BEFORE TAXES (1) IN 2002
Average (2)
(%)
Number of institutions, by ROE bracket

Loss
0-15%
16-30%
31-45%
46-60%
61-75% 76-100%
> 100%
Broker-dealers
Non-members
18.97
18.50
22.00
8
8
0
19
16
3
12
8
4
1
1
0
0
0
0
0
0
0
1
1
0
3
2
1
Brokers
Non-members
7.47
0.34
10.34
28
9
19
20
6
14
9
2
7
2
1
1
1
0
1
1
0
1
2
1
1
1
0
1
Total
Non-members
17.14
17.43
16.16
36
17
19
39
22
17
21
10
11
3
2
1
1
0
1
1
0
1
3
2
1
4
2
2
(1) ROE = earnings before taxes/(equity + interim dividend) expressed as a percentage. Equity is calculated in accordance with the public balance sheet and the
reserved balance sheet established in Annex 2 of CNMV Circular 5/1990 regarding the accounting standards for broker-dealers and brokers. Since this item is presented net of the interim dividend without including income for the year, the dividend is added back to calculate ROE.
(2) Equity-weighted average.
A.5.6.2. SECURITIES FIRMS. RETURN ON EQUITY (ROE) AFTER TAXES (1) IN 2002
Average (2)
(%)
Number of institutions, by ROE bracket

Loss
0-15%
16-30%
31-45%
46-60%
61-75% 76-100%
> 100%
Broker-dealers
Non-members
12.35
12.07
14.21
8
8
0
23
20
3
9
5
4
0
0
0
1
1
0
0
0
0
1
0
1
2
2
0
Brokers
Non-members
2.07
1.57
3.53
29
9
20
24
7
17
6
2
4
1
0
1
1
0
1
1
0
1
1
1
0
1
0
1
Total
Non-members
10.72
11.27
8.86
37
17
20
47
27
20
15
7
8
1
0
1
2
1
1
1
0
1
2
1
1
3
2
1
(1) ROE = earnings before taxes/(equity + interim dividend) expressed as a percentage. Equity is calculated in accordance with the public balance sheet and the
reserved balance sheet established in Annex 2 of CNMV Circular 5/1990 regarding the accounting standards for broker-dealers and brokers. Since this item is presented net of the interim dividend without including income for the year, the dividend is added back to calculate ROE.
(2) Equity-weighted average.
344
505.57
551.84
386.06
231.4
276.42
216.66
607.43
579.96
846.95
Surplus computable equity over that required for capital adequacy purposes.
Thousands of euros.
Coverage margin as a % of required equity.
Average weighted by each firms required equity.
9,264
14,315
4,023
Total ........................................... 1,000,540

787,314
Non-members.........................
213,226
(1)
(2)
(3)
(4)
1,938
1,923
1,945
124,045
36,540
87,505
Brokers.......................................
Non-members.........................
19,920
20,855
15,715
876,495
750,774
125,721
Broker-dealers............................
Non-members.........................
Average margin (3)

Total
margin (2) Amount (2)
% (4)
16
6
10
14
4
10
2
2
0
< 50%
8
3
5
6
1
5
2
2
0
< 100%
7
3
4
5
1
4
2
2
0
< 150%
13
6
7
11
4
7
2
2
0
< 200%
14
5
9
8
2
6
6
3
3
< 300%
8
2
6
5
0
5
3
2
1
< 400%
11
7
4
2
0
2
9
7
2
< 500%
Number of institutions, in terms of coverage margin (3)
14
11
3
8
4
4
6
6
0
< 750%
8
7
1
3
2
1
5
5
0
< 1000%
A.5.7. SECURITIES FIRMS. EQUITY COVERAGE OF CAPITAL ADEQUACY REQUIREMENTS (1) IN 2002
10
6
4
3
1
2
7
5
2
> 1000%
345
346
89.9
6.4
57.9
25.5
903.7
867.1
2.9
33.7
3,073.6
13.3
1,463.9
1,596.4
12,454.3
1,612.2
8,916.2
1,925.9
Other fixed-income .......................................................

Domestic stock markets.............................................
Other domestic markets ...........................................
Foreign markets.........................................................
Equities .........................................................................
Foreign markets.........................................................
Derivatives ....................................................................
Foreign markets.........................................................
TOTAL ..........................................................................
Foreign markets.........................................................
3,581.0
2,024.8
1,556.2
8,873.3
59.1
8,814.1
12,454.3
Stock exchange members ..............................................

Broker-dealers ..........................................................
Brokers......................................................................
Non-members ...............................................................
Broker-dealers ..........................................................
Brokers......................................................................
TOTAL ..........................................................................
Breakdown by type of fund
8,387.2
725.3
7,391.5
270.4
Breakdown by instrument
Money market & government bonds..............................
Foreign markets.........................................................
2001
13,481.4
9,769.9
66.9
9,703.0
3,711.5
2,007.4
1,704.2
13,481.4
1,879.1
8,856.4
2,745.9
3,675.6
13.4
1,630.4
2,031.8
853.4
824.9
1.7
26.7
125.0
6.8
79.5
38.7
8,827.4
1,034.0
7,144.8
648.6
2002
Total
8.2
10.1
13.1
10.1
3.6
0.9
9.5
8.2
16.6
0.7
42.6
19.6
0.5
11.4
27.3
5.6
4.9
40.5
20.6
39.1
5.5
37.2
52.0
5.2
42.6
3.3
139.9
Chg. (%)
11,830.0
8,851.5
38.0
8,813.5
2,978.6
1,424.3
1,554.3
11,830.0
1,479.6
8,450.0
1,900.5
2,881.0
12.6
1,279.8
1,588.6
769.0
735.6
2.6
30.8
69.9
6.2
49.3
14.4
8,110.1
725.2
7,118.2
266.6
2001
12,898.3
9,744.6
42.2
9,702.5
3,153.7
1,450.7
1,703.0
12,898.3
1,744.9
8,465.8
2,687.6
3,492.1
12.3
1,477.5
2,002.3
717.4
692.5
1.4
23.5
91.9
6.1
69.9
15.9
8,596.9
1,034.0
6,917.0
646.0
2002
9.0
10.1
11.1
10.1
5.9
1.9
9.6
9.0
17.9
0.2
41.4
21.2
2.0
15.4
26.0
6.7
5.9
47.5
23.8
31.5
2.0
42.0
10.1
6.0
42.6
2.8
142.3
Chg. (%)
Trading for third parties
A.5.8. SECURITIES FIRMS. VOLUME TRADED
624.3
21.8
21.2
0.6
602.5
600.6
1.9
624.3
132.6
466.2
25.4
192.6
0.7
184.1
7.8
134.7
131.5
0.2
2.9
20.0
0.3
8.7
11.0
277.0
0.1
273.2
3.7
2001
583.1
25.3
24.7
0.6
557.8
556.7
1.2
583.1
134.2
390.6
58.3
183.5
1.1
152.9
29.5
136.0
132.4
0.3
3.3
33.1
0.7
9.6
22.8
230.5
0.1
227.8
2.7
2002
Proprietary trading
6.6
16.0
16.6
4.1
7.4
7.3
38.3
6.6
1.2
16.2
129.4
4.7
44.4
16.9
279.3
1.0
0.6
32.8
13.8
65.9
182.1
10.3
106.9
16.8
13.8
16.6
28.2
Chg. (%)
Amounts in billions of euros
110,048
108,780
1,268
185,463
25,763
1,757
26,140
10,782
108,622
Equities ..................................................................................
Domestic portfolio ............................................................
Foreign portfolio ...............................................................
Derivatives.............................................................................
Repos.....................................................................................
Market credit transactions ......................................................
Deposits and other transactions with financial

intermediaries .......................................................................
Other transactions..................................................................
TOTAL ...................................................................................
10,357
8,992
1,365
108,622
Non-members ........................................................................
Broker-dealers ...................................................................
Brokers ..............................................................................
TOTAL ...................................................................................
(*) Adjustments arising from the valuation of derivatives used in hedges.
98,265
94,539
3,726
Stock exchange members.......................................................

Broker-dealers ...................................................................
Brokers ..............................................................................
5,624
26,668
24,944
1,724
Money market & government bonds ......................................

Other fixed-income securities ...............................................
Domestic portfolio ............................................................
Foreign portfolio ...............................................................
Breakdown by instrument
2001
Total
80,216
5,953
2,824
3,129
74,263
72,538
1,725
80,216
7,353
880
1,703
18,137
96,220
68,724
75,172
6,448
5,208
19,439
15,684
3,755
2002
68,930
8,115
4,811
3,304
60,815
56,516
4,299
68,930
20,540
26,140
1,757
25,763
35,821
34,251
1,570
9,140
2,049
1,599
450
2001
79,579
7,635
3,663
3,972
71,944
69,394
2,550
79,579
26,591
880
1,703
18,137
24,589
17,028
7,561
5,634
2,045
1,906
139
2002
Financial income
50,261
3,929
4,013
84
46,332
46,276
56
50,261
811
185,463
145,869
143,031
2,838
14,764
24,619
23,345
1,274
2001
18,893
1,729
879
850
20,622
20,286
336
18,893
982
96,220
93,313
92,200
1,113
426
17,394
13,778
3,616
2002
Securities portfolio
A.5.9. SECURITIES FIRMS. RESULTS OF PROPRIETARY TRADING
10,569
1,687
168
1,855
8,882
8,253
629
10,569
10,569
0
0
0
0
0
0
0
2001
18,256
47
40
7
18,303
17,142
1,161
18,256
18,256
0
0
0
0
0
0
0
2002
Other provisions
347
A.5.10. SECURITIES FIRMS. COMMISSION REVENUES

2001
2002
Brokering.........................................................................
640,392
533,901

Domestic official secondary markets........................
Other domestic markets ..........................................
Foreign markets .......................................................
60,089
35,125
13,986
10,978
Equities........................................................................
Domestic official secondary markets .......................
Other domestic markets ..........................................
Foreign markets .......................................................
Change (%)
Structure (%)
2001
2002
16.6
64.5
62.7
54,517
31,325
13,994
9,198
9.3
10.8
0.1
16.2
6.1
3.5
1.4
1.1
6.4
3.7
1.6
1.1
494,967
418,936
6,854
69,177
377,497
327,885
2,956
46,656
23.7
21.7
56.9
32.6
49.9
42.2
0.7
7.0
44.3
38.5
0.3
5.5
Derivatives ..................................................................
Domestic official secondary markets .......................
Other domestic markets...........................................
Foreign markets .......................................................
85,336
58,537
12,154
14,645
101,887
57,259
21,114
23,514
19.4
2.2
73.7
60.6
8.6
5.9
1.2
1.5
12.0
6.7
2.5
2.8
IIC subscription & reimbursement ...................................

Placement and underwriting ............................................
Corporate ........................................................................
Portfolio management and securities custody ..................
Other...............................................................................
138,339
54,982
15,208
35,060
108,591
121,224
49,287
18,685
32,462
95,908
12.4
10.4
22.9
7.4
11.7
13.9
5.5
1.5
3.5
10.9
14.2
5.8
2.2
3.8
11.3
TOTAL.............................................................................
992,572
851,467
14.2
100.0
100.0
Stock exchange members ................................................

Broker-dealers .............................................................
Brokers .......................................................................
805,086
736,928
68,158
658,987
603,555
55,432
18.1
18.1
18.7
81.1
74.2
6.9
77.4
70.9
6.5
Non-members..................................................................
Broker-dealers .............................................................
Brokers .......................................................................
187,486
62,166
125,320
192,480
63,640
128,840
2.7
2.4
2.8
18.9
6.3
12.6
22.6
7.5
15.1
TOTAL.............................................................................
992,572
851,467
14.2
100.0
100.0
Stock exchange members ................................................

Broker-dealers .............................................................
Brokers .......................................................................
561,142
504,355
56,787
452,980
407,443
45,537
19.3
19.2
19.8
87.6
78.8
8.9
84.8
76.3
8.5
Non-members..................................................................
Broker-dealers .............................................................
Brokers .......................................................................
79,250
9,979
69,271
80,921
11,174
69,747
2.1
12.0
0.7
12.4
1.6
10.8
15.2
2.1
13.1
TOTAL.............................................................................
640,392
533,901
16.6
100.0
100.0
Commission expenses......................................................
203,288
166,473
18.1
Breakdown by type of service
Pro memoria
Breakdown of commissions for order processing
and execution by type of firm
348
A.5.11. SECURITIES FIRMS. CONSOLIDABLE GROUPS.

TYPE, CONCENTRATION AND COMPOSITION
Types, as defined in Royal Decree 1343/92
Number of
Groups constituted around:
Groups
Firms
2001
2002
2001
2002
Non-resident credit insitutions (Title I of R.D. 1343/92)..............................

Broker-dealers and brokers (Title II of R.D. 1343/92) ..................................
Other financial institutions (Title IV of R.D. 1343/92) .................................
12
20
22
11
19
27
65
152
152
58
147
172
TOTAL .......................................................................................................
54
57
369
377
Concentration
Number of
Number of consolidated entities per group:
Groups
Firms
2001
2002
2001
2002
Five or more firms .....................................................................................

Less than five firms ....................................................................................
24
30
27
30
280
89
289
88
TOTAL .......................................................................................................
54
57
369
377
Composition
Type of firm
2001
Number
2002
%
Number
Agents of broker-dealers and dealers ..........................................................

IIC and FTH operators ................................................................................
Brokers.......................................................................................................
Broker-dealers ............................................................................................
Holding companies....................................................................................
Instrumental companies .............................................................................
Advisory and consulting services................................................................
Portfolio managers .....................................................................................
Pension fund managers ..............................................................................
Computer services......................................................................................
Real estate holding companies ...................................................................
Other financial institutions (*) ....................................................................
Other institutions .......................................................................................
88
56
47
26
29
12
7
8
14
7
6
25
44
23.8
15.2
12.7
7.1
7.9
3.2
1.9
2.2
3.8
1.9
1.6
6.8
11.9
76
53
48
25
28
14
10
8
14
9
4
29
59
20.2
14.1
12.7
6.6
7.4
3.7
2.7
2.1
3.7
2.4
1.1
7.7
15.6
TOTAL .......................................................................................................
369
100.0
377
100.0
(*) Marketing of pension and retirement plans, marketing of insurance, currency brokers, SIM, companies with no activity or in liquidation.
349
350
253,886
174,348
79,538
198,529
123,530
4,954
6,185,974
220,825
3,684,646
8,654
388,133
11,069,131
Fixed assets ........................................................

Tangible fixed assets .......................................
Intangibles......................................................
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 ...................................................
31-12-2001
13,940,109
384,018
6,833
1,826,821
1,290,602
9,919,043
7,778
103,476
171,830
229,708
170,004
59,704
31-12-2002
Total consolidated
10,826,839
242,023
5,745
3,598,724
194,682
6,463,341
1,875
168,770
155,429
114,445
40,984
31-12-2001
11,933,808
258,970
3,142
1,609,180
126,609
9,679,806
6,054
123,433
126,614
91,182
35,432
31-12-2002
Securities firms
242,292
146,110
2,909
85,922
26,143
277,367
6,829
45,240
198,529
98,457
59,903
38,554
31-12-2001
2.19
37.64
33.61
2.33
11.84
4.48
36.62
100.00
38.78
34.36
48.47
2,006,301
125,048
3,691
217,641
1,163,993
239,237
1,724
19,957
171,830
103,094
78,822
24,272
31-12-2002
Difference
14.39
32.56
54.02
11.91
90.19
2.41
22.17
19.29
100.00
44.88
46.36
40.65
A.5.12. SECURITIES FIRMS. CONSOLIDABLE GROUPS. AGGREGATED BALANCE SHEET. ASSETS
51,447
212,942
87,445
177,389
220,906
41,960
7,643
131,074
6,724,194
1,042,599
12,147
1,124,576
11,069,130
Income for the year ............................................
Minority interests ...............................................
Negative differences in consolidation.................
Subordinated financing and other debt securities
Financing from financial intermediaries..............
Financing from clients ........................................
Special allowances.............................................
Sundry accounts.................................................
TOTAL LIABILITIES ...........................................
13,940,172
2,187,499
16,217
2,143,012
7,478,930
104,759
6,817
39,977
139,677
1,823,284
916,935
744,854
31-12-2002
1,764,031
841,192
832,895
31-12-2001
Total consolidated
10,826,844
927,277
28,792
909,416
7,466,694
129,657
195,133
119,716
0
1,169,875
518,731
770,860
31-12-2001
11,933,808
2,018,380
35,596
1,018,048
7,449,353
98,711
135,880
91,362
0
1,177,840
531,475
737,727
31-12-2002
Securities firms
242,286
197,299
16,645
133,183
742,500
1,417
7,643
41,960
25,773
32,271
177,389
594,156
322,461
62,035
31-12-2001
2.19
17.54
137.03
12.77
11.04
1.08
100.00
100.00
11.67
36.90
100.00
33.68
38.33
7.45
2,006,364
169,119
19,379
1,124,964
29,577
6,048
6,817
39,977
3,797
39,915
212,942
645,444
385,460
7,127
31-12-2002
Difference
14.39
7.73
119.50
52.49
0.40
5.77
100.00
100.00
2.72
77.58
100.00
35.40
42.04
0.96
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)
351
352
138,340
236,311
1,348
234,963
EARNINGS AFTER TAXES................................................
MINORITY INTERESTS ...................................................
CONSOLIDATED SECTOR EARNINGS ...........................
798,756
432,279
366,477
OPERATING EXPENSES...................................................
Personnel expenses .....................................................
General expenses, depreciation and other provisions .
34,200
1,139,207
TOTAL NET REVENUES...................................................
374,651
1,010,024
1,581,950
571,926
NET COMMISSION REVENUES ......................................

Commission revenues..................................................
Brokering fees and commissions paid ..........................
EARNINGS BEFORE TAXES .............................................
49,864
3,271,260
3,221,396
NET INCOME FROM SECURITIES TRADING ..................

Gain on trading portfolio.............................................
Loss on trading portfolio..............................................
OTHER GAINS AND LOSSES ..........................................
79,319
266,145
186,826
FINANCIAL INCOME.........................................
Interest and dividends from investments ......................
Interest on liabilities ....................................................
31-12-2001
166,550
282
166,268
107,072
273,340
53,608
813,812
443,003
370,809
1,033,544
939,123
1,434,705
495,582
16,025
1,876,573
1,860,548
78,396
235,821
157,425
31-12-2002
Total consolidated
195,136
195,136
108,808
303,944
33,412
637,944
351,453
286,491
908,476
789,285
992,573
203,288
50,261
3,433,086
3,382,825
68,930
296,666
227,736
31-12-2001
135,880
135,880
81,404
217,284
34,326
600,516
333,232
267,284
783,474
684,994
851,467
166,473
18,916
1,801,209
1,782,293
79,564
237,646
158,082
31-12-2002
Securities firms
39,827
1,348
41,175
29,532
70,707
788
160,812
80,826
79,986
230,731
220,739
589,377
368,638
397
161,826
161,429
10,389
30,521
40,910
31-12-2001
16.95
100.00
17.42
21.35
18.87
2.30
20.13
18.70
21.83
20.25
21.85
37.26
64.46
0.80
4.95
5.01
13.10
11.47
21.90
30,670
282
30,388
25,668
56,056
19,282
213,296
109,771
103,525
250,070
254,129
583,238
329,109
2,891
75,364
78,255
1,168
1,825
657
18.41
100.00
18.28
23.97
20.51
35.97
26.21
24.78
27.92
24.20
27.06
40.65
66.41
18.04
4.02
4.21
1.49
0.77
0.42
31-12-2002
Difference
A.5.13. SECURITIES FIRMS. CONSOLIDABLE GROUPS. AGGREGATED INCOME STATEMENT
499,933
30,774
69,159
944,581
COMMISSION EXPENSES ...................................................................

Securities transactions .....................................................................
Transactions not related to securities................................................
TOTAL NET COMMISSION REVENUES ..............................................
769,525
598,179
15,227
4,165
3,421
339
13,770
1,781
1,172
36,935
1,444,514
TOTAL.................................................................................................
Amount
Revenues
Broker-dealers and brokers ..................................................................

IIC and FTH operators .........................................................................
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............................................................................
(1) Consolidable groups plus independent broker-dealers and brokers

(2) Total broker-dealers and brokers.
(3) Difference between (1) and (2).
100.0
86.2
13.8
100.0
40.0
44.3
3.4
2.0
2.0
1.1
4.2
0.2
0.1
2.7
Structure (%)
685,124
166,438
131,842
34,596
851,562
533,992
121,218
49,287
17,530
18,685
14,932
55,473
0
0
40,445
Amount
100.0
79.2
20.8
100.0
62.7
14.2
5.8
2.1
2.2
1.8
6.5
0.0
0.0
4.7
100.0
53.3
41.4
1.1
0.3
0.2
0.0
1.0
0.1
0.1
2.6
Structure (%)
499,933
144,732
342,370
1,165
1,702
360
3,338
5,049
0
1
1,216
Amount
Expenses
259,457
333,495
298,932
34,563
592,952
43,732
519,047
2
11,888
10,327
495
5,139
2,691
840
1,209
Amount
100.0
29.0
68.5
0.2
0.3
0.1
0.7
1.0
0.0
0.0
0.2
Structure (%)
Structure (%)
Securities firms (2)
Breakdown of commission revenues by type of firm
1,444,514
577,724
640,265
49,289
29,418
29,012
15,427
60,612
2,691
840
39,236
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
Consolidated total (1)
Breakdown by type of service
27.5
66.7
69.4
50.0
41.0
7.6
81.1
0.0
40.4
35.6
3.2
8.5
100.0
100.0
3.1
Contribution (%)
944,581
624,793
255,809
14,062
2,463
3,061
2,999
8,721
1,781
1,171
35,719
Amount
100.0
66.1
27.1
1.5
0.3
0.3
0.3
0.9
0.2
0.1
3.8
Structure (%)
Net commissions
100.0
89.6
10.4
100.0
7.4
87.5
0.0
2.0
1.7
0.1
0.9
0.5
0.1
0.2
Structure (%)
Difference (3)
A.5.14. SECURITIES FIRMS. CONSOLIDABLE GROUPS. COMMISSION REVENUES AND EXPENSES. 2002
353
A.5.15. SECURITIES FIRMS. CONSOLIDABLE GROUPS DETAIL

OF ITEMS ELIMINATED IN THE 2002 INCOME STATEMENT
Eliminated
Amount
Structure (%)
Balance in
consolidation
REVENUES ...........................................................
Commission revenues.......................................
Interest and dividends from investments ...........
Other revenues.................................................
Gains on trading portfolio ................................
206,789
112,464
58,824
32,328
3,173
100.0
54.4
28.4
15.6
1.5
3,626,897
1,434,705
235,821
79,798
1,876,573
EXPENSES.............................................................
Commission expenses ......................................
Interest on liabilities .........................................
General expenses and provisions......................
Other expenses.................................................
Personnel expenses ..........................................
Loss on trading portfolio...................................
178,929
101,717
3,618
45,490
23,001
1,532
3,571
100.0
56.8
2.0
25.4
12.9
0.9
2.0
3,385,075
495,582
157,425
402,327
26,190
443,003
1,860,548
NET......................................................................
27,860
241,822
A.5.16. COLLECTIVE INVESTMENT SCHEME MANAGEMENT COMPANIES (SGIIC)

AND PORTFOLIO MANAGEMENT COMPANIES (SGC). NUMBER
OF COMPANIES AND ASSETS UNDER MANAGEMENT OR ADVICE
SGIIC
Number of companies .......................................
SGC
31-12-2001
31-12-2002
Chg. (%)
31-12-2001
31-12-2002
Chg. (%)
123
124
0.8
35
31
12.9
4,716
5,110
199,427,273 192,981,621
8.4
3.2
16,679
13,410,124
4,926
6,917,489
238.6
93.9
4,716
5,110
199,427,273 192,981,621
8.4
3.2
17
219,342
37
176,397
54.1
24.3
Assets under management or advice

Total
Number of portfolios..........................................
Assets.................................................................
Breakdown by portfolio type.............................
IIC
Number .........................................................
Assets.............................................................
FIAMM
Number .........................................................
Assets.............................................................
FIM
Number .........................................................
Assets.............................................................
SIM
Number .........................................................
Assets.............................................................
SIMCAV
Number .........................................................
Assets.............................................................
Real estate mutual funds
Number .........................................................
Assets.............................................................
Real estate investment companies
Number .........................................................
Assets.............................................................
Other managed portfolioss
Number .........................................................
Assets.............................................................
Advisory service contracts
Number ........................................................
Assets.............................................................
354
178
43,830,303
165
53,366,474
7.3
21.8
2,421
2,373
137,470,645 121,368,392
2.0
11.7
116
1,331,270
95
903,767
18.1
32.1
0
0
0
0
0.0
0.0
1,996
15,274,583
2,471
15,221,345
23.8
0.3
17
219,342
37
176,397
54.1
24.3
5
1,520,472
5
2,112,569
0.0
38.9
0
0
1
9,074
2,984
2,968,094
3,337
1,848,817
10.6
60.5
13,678
13,177,104
1,552
4,892,275
781.3
169.3
301
109,543
204
1,883,752
336,969
1,268,841
972,907
221,424
85,851
4,946
16,285
0
275,202
2,732
1,993,798
1. UNCALLED CAPITAL ..............................................................
2. FIXED ASSETS .........................................................................
3. DEFERRED CHARGES .............................................................
4. CURRENT ASSETS...................................................................
4.1. ACCOUNTS RECEIVABLE ...............................................
4.2. SECURITIES PORTFOLIO ................................................
4.2.1. Government debt .................................................
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
100.0
94.5
16.9
63.6
48.8
11.1
4.3
0.2
0.8
0.0
13.8
0.1
0.0
5.5
0.0
31-12-2001
1,794,462
1,687,912
288,249
1,074,467
794,767
243,019
48,004
3,595
14,918
0
320,953
4,243
24
105,925
601
Amount
100.0
94.1
16.1
59.9
44.3
13.5
2.7
0.2
0.8
0.0
17.9
0.2
0.0
5.9
0.0
31-12-2002
SGIIC
10.0
10.4
14.5
15.3
18.3
9.8
44.1
27.3
8.4
16.6
55.3
88.2
3.3
99.7
Chg. (%)
52,635
48,307
15,783
25,670
18,492
6,837
578
93
329
0
6,329
522
97
4,232
Amount
100.0
91.8
30.0
48.8
35.1
13.0
1.1
0.2
0.6
0.0
12.0
1.0
0.2
8.0
0.0
31-12-2001
46,892
44,609
11,645
28,009
22,198
4,270
1,927
38
424
0
4,558
397
80
2,203
Amount
100.0
95.1
24.8
59.7
47.3
9.1
4.1
0.1
0.9
0.0
9.7
0.8
0.2
4.7
0.0
31-12-2002
SGC
10.9
7.7
26.2
9.1
20.0
37.5
233.4
59.1
28.9
28.0
23.9
17.5
47.9
Chg. (%)

AND PORTFOLIO MANAGEMENT COMPANIES (SGC). AGGREGATED BALANCE SHEET. ASSETS
355
356
63,638
753,984
1,993,828
TOTAL LIABILITIES......................................................................
45,276
3. PROVISIONS FOR CONTINGENCIES AND EXPENSES ...........
5. CURRENT LIABILITIES ............................................................
2. DEFERRED REVENUES............................................................
4. LONG-TERM LIABILITIES........................................................
1,130,896
289,097
663,630
9,219
457,619
288,671
Amount
100.0
37.8
3.2
2.3
0.0
56.7
14.5
33.3
0.5
23.0
14.5
31-12-2001
1,794,462
622,882
90,368
44,455
12
1,036,745
291,473
613,595
7,684
289,636
165,643
Amount
34.7
5.0
2.5
0.0
57.8
16.2
34.2
0.4
16.1
9.2
100.0
31-12-2002
SGIIC
10.0
17.4
42.0
1.8
1,100.0
8.3
0.8
7.5
16.7
36.7
42.6
Chg. (%)
52,635
10,837
1,815
2,426
37,557
21,435
22,653
4,754
1,158
619
Amount
100.0
20.6
3.4
4.6
0.0
71.4
40.7
43.0
9.0
2.2
1.2
31-12-2001
46,892
4,485
4,235
146
38,026
17,846
17,873
1,161
3,899
431
Amount
100.0
9.6
9.0
0.3
0.0
81.1
38.1
38.1
2.5
8.3
0.9
31-12-2002
SGC
10.9
58.6
133.3
94.0
1.2
16.7
21.1
75.6
30.4
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)
67,636
63,402
4,234
3,725
51,681
55,406
900,937
2,522,474
2,464,944
48,778
0
0
0
3,146
5,606
1,621,537
1,621,537
964,848
236,038
119,766
116,272
728,810
13,262
12,135
1,127
15,597
699,951
247,615
452,336
FINANCIAL INCOME.............................................
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 INCOME ...........................................
DEPRECIATION AND OTHER CHARGES...............

Depreciation ......................................................
Other charges.....................................................
OTHER GAINS AND LOSSES.................................
EARNINGS BEFORE TAXES....................................
CORPORATE INCOME TAX...................................
EARNINGS AFTER TAXES ......................................
2001
Year
280,196
166,979
447,175
12,417
16,786
15,930
856
451,544
233,823
119,840
113,983
685,367
661,412
2,304,914
2,258,987
40,623
0
0
0
2,572
2,732
1,643,502
1,643,502
10,047
12,885
22,932
34,002
45,654
11,652
2002
SGIIC
172,140
80,636
252,776
28,014
3,524
3,795
271
277,266
2,215
74
2,289
279,481
239,525
217,560
205,957
8,155
0
0
0
574
2,874
21,965
21,965
6,322
38,796
32,474
33,634
17,748
15,886
Absolute
Change
38.06
32.57
36.11
26.57
31.27
24.05
38.04
0.94
0.06
1.97
28.97
26.59
8.62
8.36
16.72
18.25
51.27
1.35
1.35
169.72
75.07
58.61
49.73
27.99
1,158
3,704
2,546
357
999
980
19
3,902
27,097
16,980
10,117
30,999
28,309
28,309
601
0
7,905
7,580
325
8,985
10,818
0
0
92
493
401
2,598
2,654
56
2001
Year
3,896
2,333
6,229
307
483
431
52
6,405
12,352
6,851
5,501
18,757
16,915
16,915
1,502
0
4,638
2,984
1,654
7,638
3,137
0
0
185
443
258
1,657
2,188
531
2002
SGC
5,054
1,371
3,683
664
516
549
33
2,503
14,745
10,129
4,616
12,242
11,394
11,394
901
0
3,267
4,596
1,329
1,347
7,681
0
0
93
50
143
941
466
475
Change
37.01
144.66
51.65
56.02
173.68
64.15
54.42
59.65
45.63
39.49
40.25
40.25
149.92
41.33
60.63
408.92
14.99
71.00
101.09
10.14
35.66
36.22
17.56
848.21
Absolute

AND PORTFOLIO MANAGEMENT COMPANIES (SGC). AGGREGATED INCOME STATEMENT
357
Annex 6
Composition
of the CNMV Board
COMPOSITION OF THE CNMV BOARD
1
2
3
4
5
President:
Blas Calzada
Vice-president:
Juan Jess Roldan Fernndez
Commissioners:
Gloria Hernandez Garca1

Gonzalo Gil Garca 2
Soledad Plaza y Jabat 3
Juan Junquera Gonzlez 4
Luis Perezagua Clamagirand5
Secretary:
Jos Mara Garrido Garca
Director General of Treasury and Finance Policy

Deputy Governor of the Bank of Spain
Re-appointed by Order of the Ministry of Economy dated 18 November 2002.
Appointed by Order of the Ministry of Economy dated 18 January 2002.
Appointed by Order of the Ministy of Economy dated 28 June 2002.
361
Annex 7
Composition
of the CNMV Executive
Committee
COMPOSITION OF THE CNMV EXECUTIVE

COMMITTEE1
President:
Blas Calzada
Vice-president:
Juan Jess Roldan Fernndez
Commissioners:
Soledad Plaza y Jabat

Juan Junquera Gonzlez
Luis Perezagua Clamagirand
Secretary:
1
The creation, constitution and functions of the Executive Committee are regulated by Article 18 of Securities Market
Law 24/1988, dated 28 July, as amended by Law 44/2002, dated 22 November, on Measures to Reform the Financial System.
365
Annex 8
Composition
of the CNMV Advisory
Committee
COMPOSITION OF THE CNMV ADVISORY

COMMITTEE
President:
Juan Jess Roldn Fernndez
Secretary :
REPRESENTATIVES1
Issuers:
Jess Lpez-Brea y Lpez de Rodas

Javier Lpez Madrid
Carlos Cern Bombn 2
Investors:
Enrique Goi Beltrn de Garizurieta

Javier Trib Boixareu
Stock Exchange Members:
Sebastin Albella Amigo

Gregorio Arranz Pumar
D. Jorge Bergareche Busquet
Ignacio Gmez Sancha
Consumers and Users Council 3:
Jorge Caminero Rodrguez
Autonomous regions
Valencian Government 4:
Jos Manuel Uncio Lacasa
Catalan Government 5:
Sadurn Anfosso i Borrell 6
Basque Government 7:
Juan Miguel Bilbao Garai
CNMV Board resolution dated 25 March 2002.

Carlos Cern Bombn replaced Manuel Gistau Moreno, who ceased to be a member on 25 September 2002.
3
Consumers and Users Council Standing Committee resolution dated 14 February 2002.
4
Valencian Government Decree 18/2002, dated 8 February.
5
Ratification of the previous representative and alternative representative notified in writing by the Department of
Economy and Finance of the Catalan Government on 8 February 2002.
6
Sadurn Anfosso i Borrell replaced Josep Bada i Snchez, who ceased to be a member on 14 May 2002 (Catalan
Government Decree 136/2002).
7
Ratification of the previous representative and alternative representative notified in writing by the Department of
Finance and Public Administration of the Basque Government.
2
369
ALTERNATIVE REPRESENTATIVES
Issuers:
David Herrero Garca

Luis Felite Marcos Garca
Investors:
Luis Munrriz Moreno

Jos Palomeras Pags
Stock Exchange Members:
Juan Luis Muoz Pardo

Jos Mara Ramrez Nez de Prado
Jaime Aguilar Fernndez-Hontoria
Jos Antonio de Bonilla y Moreno
Consumers and Users Council:
Manuel Pardos Vicente
Autonomous regions
370
Valencian Government:
Javier Gomar Parra
Catalan Government:
Jaume Pera i Lloveras
Basque Government:
Miguel Bengoechea Romero
Annex 9
Structure
of the CNMV
STRUCTURE OF THE CNMV

Directorate-General of Markets and Investors:
Primary Markets:
Secondary Markets:
Investor Affairs:
Directorate-General of Securities Market Participants:
Authorisation and Registration:
Supervision:
Directorate-General of Legal Affairs and Inspection
and Secretary to the Board:
Deputy Secretary to the Board:
Angel Benito Benito

Carlos Lzaro Recacha
Antonio Mas Sirvent
Elena Brito Alonso
Sol Hernndez Olmo
Antonio Moreno Espejo
M Jos Gmez Yubero

Javier Rodrguez Pellitero
Directorates:
Director attached to the President:
International Relations:
Research and External Relations:
Information Systems:
General Secretary:
Rafael Snchez de la Pea

Juan Carlos Recoder Casso
M Nieves Garca Santos
Javier Nozal Milln
Salvador Meca Gmez
373

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COMISIN NACIONAL DEL MERCADO DE VALORES

Original Title in Spanish: Informe Anual sobre los Mercados de Valores.

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

2. Primary markets ....................................................................................................................

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

3. Secondary markets ................................................................................................................

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

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

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

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

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

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

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

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

Annual report on the Securities Markets. 2002

Annex 2. Secondary markets ..................................................................................................... 109

A.2.22. Secondary markets. Fixed-income. Trading volume ..................................................

Anexo 3. Derivatives markets .................................................................................................... 207

Total trading volume in organised derivatives markets. Detail by instrument .................

Annual report on the Securities Markets. 2002

Breakdown of trading, by customer type. 2002 ........................................................

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

Annex 5. Securities firms and management companies .............................................................. 329

Securities firms. Volume traded ................................................................................

Annex 6. Composition of the CNMV Board ............................................................................... 359

Annual report on the Securities Markets. 2002

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

Fixed-income securities issued by euro zone residents ................................................

Sector index performance (Madrid stock exchange) in 2002 ........................................

International derivatives markets. Total trading by instrument .....................................

UCITS assets by country in 2002 .................................................................................

Broker-dealers: Aggregated income statement in 2002 .................................................

Annual report on the Securities Markets. 2002

Savings and non-financial investment by households and non-profit institutions serving

Gross issues in Spain, by type of instrument and sector ...............................................

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

UCITS assets by type in 2002 ......................................................................................

Broker-dealers: pre-tax earnings and ROE ....................................................................

Annual report on the Securities Markets. 2002

1. OVERVIEW OF THE SECURITIES MARKETS

Annual report on the Securities Markets. 2002

Internal demand (a)

Unemployment rate (b)

Budget balance (d)

Current account balance (d)

OVERVIEW OF THE SECURITIES MARKETS

The economic environment in Spain

GDP (constant prices) . . . . . . . . . . . . . . . . . . . . . . . . . .

(1) Contribution to GDP growth.

Annual report on the Securities Markets. 2002

1.2. Financial flows in the Spanish economy

Gross saving plus net capital transfers (LH scale)

OVERVIEW OF THE SECURITIES MARKETS

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

(1) Includes private non-profit institutions.

Insurance underwriting provisions

(1) Includes private non-profit institutions..

Annual report on the Securities Markets. 2002

Source: Bank of Spain, Federal Reserve and ECB.

OVERVIEW OF THE SECURITIES MARKETS

SAVINGS AND NON-FINANCIAL INVESTMENT BY NON-FINANCIAL COMPANIES

Gross savings plus net capital transfers (LH scale)

Annual report on the Securities Markets. 2002

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