Ianual2003 Ien

20
3
0
Annual
report
COMISIN NACIONAL DEL MERCADO DE VALORES
ANNUAL REPORT ON THE

SECURITIES MARKET. 2003
Comisin Nacional del Mercado de Valores.

All information in this publication may be
reproduced with attribution
I.S.B.N.: 84-87870-40-6
Depsito Legal: M. 36.115-2004
Printed by: NEOGRAFIS, S. L. - Pol. Ind. San Jos de Valderas I
C/ Vidrio, 12-14. 28918 LEGANS (Madrid)
ndex
General Index
1. Overview of the Securities Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.1
1.2
1.3
1.4
Economic situation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial flows in the Spanish economy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
World financial markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Securities and derivatives markets in Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2. Primary markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.1
2.2
2.3
2.4
General overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fixed-income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other issues registered at the CNMV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3. Secondary markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.1
3.2
3.3
3.4
Equity markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fixed-income markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Margin trading and security lending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Securities clearing and settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4. Derivatives markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.1 International situation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.2 Spains derivatives markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5. Collective investment schemes and venture capital companies . . . . .

5.1
5.2
5.3
5.4
5.5
General overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Securities investment funds and companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign collective investment schemes marketed in Spain . . . . . . . . . . . . . . . . . . .
Real estate investment funds and companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Venture capital firms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6. Securities firms and fund management companies . . . . . . . . . . . . . . . . . .

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) . . . . . . . . . . . . . . . . . . . . . . .
Annex 1: Primary markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

A.1.1
A.1.2
A.1.3
A.1.4
A.1.5
A.1.6
A.1.7
Primary markets. Issues and outstanding balances . . . . . . . . . . . . . . . . . . . . . .

Issues and public offerings, by instruments. Amounts registered at the
CNMV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital increases through issues of new stock registered at the CNMV,
except primary public offerings. 2003. Detail by issuer . . . . . . . . . . . . . . . . . .
Primary public offerings registered at the CNMV. 2003 . . . . . . . . . . . . . . . . . .
Secondary public offerings registered at the CNMV. 2003 . . . . . . . . . . . . . . . .
Fixed-income issues registered at the CNMV. Main issuers. 2003 . . . . . . . .
Fixed-income issues registered at the CNMV. Preference shares. 2003.
Detail by issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
15
18
23
28
35
35
37
38
45
49
49
57
62
63
67
67
71
79
79
83
90
90
90
95
95
103
104
105
109
111
112
113
114
114
115
116
3
Annual report on the securities markets. 2003

A.1.8
Fixed-income issues registered at the CNMV. Convertible bonds. 2003 . .

Detail by issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.1.9
Fixed-income issues registered at the CNMV. Non-convertibl bonds.2003.
Detail by issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.1.10. Fixed-income issues registered at the CNMV. Mortgage bonds. 2003.
Detail by issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.1.11 Fixed-income issues registered at the CNMV. Territorial bonds. 2003.
Detail by issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.1.12 Fixed-income issues registered at the CNMV. Asset-backed bonds and
notes. 2003. Detail by issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.1.13 Fixed-income issues registered at the CNMV. Commercial paper. 2003.
Detail by issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.1.14 Fixed-income issues registered at the CNMV. Other issues. 2003. Detail
by issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.1.15 Issues of warrants and other financial contracts registered at the CNMV.
2003. Detail by issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Annex 2: Secondary markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Secondary markets. Net revenues and earnings of listed companies.
2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.2.2.1 Secondary markets. Equities. World markets in 2003. Stock market indexes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.2.2.2 Secondary markets. Equities. World markets in 2003. Trading volume,
P/E and dividend yield. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.2.3
Secondary markets. Equities. Spanish stock market indexes in 2003 . .
A.2.4
Secondary markets. Equities. Sector indexes (Madrid Stock Exchange).
2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.2.5
Secondary markets. Equities. Market 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. 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.2.7
Secondary markets. Equities. capitalisation on the Spanish stock markets, by sector. 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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. 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.2.11 Secondary markets. Equities. Effective trading by type. 2003 . . . . . . . . . .
A.2.12 Secondary markets. Equities. Effective trading in the electronic market
by type. 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.2.13 Secondary markets. Equities. Trading by non-residents . . . . . . . . . . . . . . . .
A.2.14 Secondary markets. Equities. Order types on the electronic market.
2000-2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.2.15 Secondary markets. Equities. Concentration of trading on the Spanish
stock markets by sector. 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.2.16 Secondary markets. Equities. Trading frequency on the Spanish stock
exchanges 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.2.17 Secondary markets. Equities. Trading on the Spanish stock markets by
sector. 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.2.18 Secondary markets. Equities. Electronic market. Listed companies. 2003 .
A.2.19 Secondary markets. Equities. Outcry market. Listed companies. 2003 . .
A.2.20 Secondary markets. Equities. Second market . . . . . . . . . . . . . . . . . . . . . . . . . .
116
117
119
119
120
122
124
125
127
A.2.1
129
130
131
132
133
134
135
136
136
137
138
139
140
141
142
142
143
144
145
150
204
ndex
A.2.21
A.2.22
A.2.23
A.2.24
A.2.25
A.2.26
A.2.27
A.2.28
A.2.29
A.2.30
A.2.31
A.2.32
A.2.33
A.2.34
A.2.35
A.2.36
A.2.37
A.2.38
Secondary markets. Equities. Effective trading in Spanish securities on

he New York Stock Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Secondary markets. Fixed-income. Trading volume in organised fixedincome markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Secondary markets. Fixed-income. Government debt book-entry system.
Outstanding balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trading volume. Outright spot trades . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Secondary markets. Fixed-income. AIAF. Number of issuers and issues,
and outstanding balances at 31/December . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Secondary markets. Fixed-income. AIAF. Trading volume. 2003 . . . . . . . .
Secondary markets. Fixed-income. AIAF. Trading volume by sector. 2003
Secondary markets. Fixed-income. Stock exchanges. Number of issuers
and issues, and listed capital at 31/December . . . . . . . . . . . . . . . . . . . . . . . . . .
Secondary markets. Fixed-income. Stock exchanges. Issuers by sector. 2003
Secondary markets. Fixed-income. Stock exchanges. Issues listed by
sector. 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Secondary markets. Fixed-income. Stock exchanges. Outstanding balaces by sector. 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Secondary markets. Fixed-income. Stock exchanges. Convertible issues.
Numbers and listed capital at 31/December . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Secondary markets. Fixed-income. Stock exchanges. Effective trading
volume. 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Secondary markets. Fixed-income. Stock exchanges. Trading volume by
sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
issuer. 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
issue. 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Secondary markets. Stock exchanges and SCLV. Margin trading and
security lending. 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Secondary markets. Stock exchanges and SCLV. Two-way security lending by sector. 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Annex 3: Derivatives markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

A.3.1.a Total trading volume in organised derivatives markets. Detail by instrument . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.3.1.b Open interest in OTC derivatives markets. Detail by risk category . . . . . .
A.3.2
International markets. Trading volume. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.3.3
International markets. Trading volume. Prominent products . . . . . . . . . . . . .
A.3.4
MEFF. Index contracts. Trading volume. Annual and monthly performance in 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.3.5
MEFF. Index contracts. Open interest at end of period. Annual and
monthly performance in 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.3.6
MEFF. Ibex-35 contracts. Trading frequency, number of trades (daily average) and volume per trade. 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.3.7
MEFF. Futures and options on stocks. Trading volume and open interest.
Annual and monthly performance in 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.3.8
MEFF. Stock options. Trading volume and open interest. Detail by contract type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.3.9
MEFF. Government bond contracts. Trading volume. Annual performance
A.3.10 MEFF. Government bond contracts. Open interest. Annual performance
204
205
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
223
223
224
225
226
227
228
229
230
231
232
5

A.3.11
A.3.12
A.3.13
A.3.14
A.3.15
A.3.16
A.3.17
A.3.18
A.3.19
A.3.20
MEFF. Futures on 10Y government bonds. Trading frequency, number of

trades (daily average) and volume per trade . . . . . . . . . . . . . . . . . . . . . . . . . . . .
MEFF. Contracts on short-term interest rates. Trading volume and open
interest. Annual performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
FC&M. Trading volume and open interest. Annual performance . . . . . . . . . .
Market members. 2003. Number per category . . . . . . . . . . . . . . . . . . . . . . . . .
Market members. 2003. No. of members required to attain a given percentage of total trading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Breakdown of trading, by account type. 2003 . . . . . . . . . . . . . . . . . . . . . . . . . .
Breakdown of trading, by customer type. 2003 . . . . . . . . . . . . . . . . . . . . . . . . .
Breakdown of trading, by type. 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Warrant trading on the Madrid Stock Exchange . . . . . . . . . . . . . . . . . . . . . . . . .
Equities warrants, by underlying asset. 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . .
Annex 4: Collective investment schemes and venture

capital companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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 region
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 funds. Breakdown of assets . . . . . .
Investment in securities. Guaranteed 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 . . . .
Annex 5: Securities firms and fund management companies . . . . . . . .

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. Aggregate balance sheet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
233
234
235
235
235
236
236
236
237
238
239
241
242
243
244
244
245
246
248
304
305
306
307
311
312
313
314
315
316
316
317
317
317
318
318
319
321
323
323
323
324
ndex
A.5.3.2
A.5.3.3
A.5.4.1
A.5.4.2
A.5.4.3
A.5.5.1
A.5.5.2
Securities firms. Broker-dealers. Aggregate balance sheet. . . . . . . . . . . . . .

Securities firms. Brokers. Aggregate balance sheet. . . . . . . . . . . . . . . . . . . . . .
Securities firms. Aggregate income statement . . . . . . . . . . . . . . . . . . . . . . . . . .
Securities firms. Broker-dealers. Aggregate income statement . . . . . . . . . .
Securities firms. Brokers. Aggregate income statement . . . . . . . . . . . . . . . . .
Securities firms. Aggregate income statement. Quarterly performance
Securities firms. Broker-dealers. Aggregate income statement. Quarterly
performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.5.5.3 Securities firms. Brokers. Aggregate income statement. Quarterly performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.5.6.1 Securities firms. Return on equity (ROE) before taxes in 2003 . . . . . . . . .
A.5.6.2 Securities firms. Return on equity (ROE) after taxes in 2003 . . . . . . . . . . .
A.5.7
Securities firms. Surplus equity over capital adequacy requirements
in 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.5.8
Securities firms. Volume traded . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.5.9
Securities firms. Results of proprietary trading . . . . . . . . . . . . . . . . . . . . . . . . . .
A.5.10 Securities firms. Commission revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.5.11 Securities firms. Consolidable groups. Type, concentration and composition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.5.12 Securities firms. Consolidable groups. Aggregate balance sheet.. . . . . . . .
A.5.13 Securities firms. Consolidable groups. Aggregate income statement . . . .
A.5.14 Securities firms. Consolidable groups. Commission revenues and expenses. 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.5.15 Securities firms. Consolidable groups. Detail of items eliminated in the
2003 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
portfolio management companies (SGC). Aggregate balance sheet . . . . .
portfolio management companies (SGC). Aggregate income statement
326
328
330
331
332
333
Annex 6 Composition of the CNMV Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
351
Annex 7 Composition of the CNMV Executive Committee . . . . . . . . . . . . .
355
Annex 8 Composition of the CNMV Advisory Committee . . . . . . . . . . . . . .
359
Annex 9 CNMV Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
363
334
335
336
336
337
338
339
340
341
342
344
345
346
346
347
349
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: Economic 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 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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 and asset management firms . . . . . . . . . . . . . . . .
15
17
19
20
21
22
26
28
29
30
31
31
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
36
37
38
39
Chapter 3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
Sector index performance. Madrid Stock Exchange. 2003. . . . . . . . . . . . . . . . . . . . . . . .

Pre-tax profit of IGBM companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Change in the number of listed companies, by market. 2003 . . . . . . . . . . . . . . . . . . . .
Equities trading in Spanish stock markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trading in Spanish stock markets, by sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effective trading of Spanish securities in the New York Stock Exchange . . . . . . . . . .
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50
51
52
54
55
56
57
60
61
62
Chapter 4
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
4.9
4.10
8
International derivatives markets. Total trading by instrument . . . . . . . . . . . . . . . . . . .

International derivatives markets. Trading in certain leading products . . . . . . . . . . .
International derivative markets. Total trading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trading on Spains derivative markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trading in 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67
68
69
71
73
74
74
75
75
76
ndex
Chapter 5
5.1
5.2
5.3
5.4
5.5
5.6
UCITS assets by country in 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Mutual fund assets by type in 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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: status of firms created in 2003 as at 31 December 2003 . . . . . . . . . . . . . . . . . . .
80
81
82
84
85
91
Chapter 6
6.1
6.2
6.3
6.4
Broker-dealers: aggregate income statement in 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . .

Brokers: aggregate income statement in 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Securities firms: commission revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Securities firms: earnings on proprietary trading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
96
96
99
100
Index of figures
Chapter 1
1.1
1.2
1.3
1.4
1.5
1.6
1.7
The Spanish economys savings and borrowing requirements . . . . . . . . . . . . . . . . . . . .

Savings and non-financial investment by households and non-profit institution
serving households . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Savings and non-financial investment by non-financial companies . . . . . . . . . . . . . . .
Official interest rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dollar-euro and yen-euro exchange rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10-year government bond yields and private debt curve (BBB-AAA) . . . . . . . . . . . . .
Stock market index performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
19
21
23
24
25
27
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: breakdown of placements by maturity . . . . . . . . . . . . . . . . . . . . . .
37
39
41
44
44
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
Ibex-35 index performance and implicit volatility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Companies listed in the Spanish equity markets at year-end . . . . . . . . . . . . . . . . . . . .
Capitalisation of the Spanish equity markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Market capitalisation of equities by sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Yearly turnover velocity in the Spanish electronic market . . . . . . . . . . . . . . . . . . . . . . . .
Equities trading in Spanish stock markets by non-residents (half-yearly figures)
Shares held by FIM funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest rates on 3-month commercial paper, interbank deposits and repos in
2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term fixed-income yields in 2003 (corporate vs. public) . . . . . . . . . . . . . . . . . . . .
Public debt. Trading and outstanding balance. 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trading on AIAF by segment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trading in fixed-income securities on the stock exchanges . . . . . . . . . . . . . . . . . . . . . . .
Securities lending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50
52
53
53
54
55
56
57
58
59
60
61
63
Chapter 4
4.1
Trading in Ibex-35 futures and options as a percentage of trading on the electronic market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
75
Chapter 5
5.1
5.2
5.3
5.4
10
Assets managed by UCITS in 2003: by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Worldwide assets managed by UCITS: 4Q03 (market share, %) . . . . . . . . . . . . . . . .
Mutual fund assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Annual yield on Mutual Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
FIAMM
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . .
Fixed-income FIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mixed fixed-income FIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
79
80
81
86
86
86
87
ndex
Mixed equity FIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Spanish, Euro and European equity FIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Guaranteed FIM and global funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
87
87
88
Chapter 6
6.1
6.2
6.3
6.4
6.5
6.6
Broker-dealers: pre-tax earnings and ROE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Brokers: earnings and ROE after taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Securities firms: brokerage of 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: asset under management or advice and pretax earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
97
97
99
101
104
105
11
Index of boxes:
12
Public accounts in industrialised countries ...........................................................................................

The euro-dollar exchange rate.....................................................................................................................
Performance of technological stocks in the main international markets ...............................
Synthetic securitisation....................................................................................................................................
The first transatlantic members in Latibex............................................................................................
Earnings improvement at listed companies .........................................................................................
MEFFs central counterparty for public debt..........................................................................................
International competition in the financial futures and options markets ...............................
New category of member at MEFF.............................................................................................................
New Collective Investment Schemes Law..............................................................................................
Hedge funds...........................................................................................................................................................
Regulation of research and advice activities in the securities markets..................................
16
24
28
42
23
24
25
70
72
82
88
102
CHAPTER 1
OVERVIEW OF THE SECURITIES
MARKETS
Overview of the securities markets
1. Overview of the securities markets

1.1
Economic situation
There was a generalised recovery of the global economy in 2003, with stronger growth than
the previous year and no notable inflation problems, at least in the largest economies. In the
US, there was a notable increase in GDP and imports, which boosted international economic
activity, and the strong growth in Japan suggests that it is finally overcoming the crisis that
has hampered its economy for more than a decade. Latin America also performed positively
following the difficulties suffered in 2002. The main exception in this healthy global economic
scenario was the euro zone, where overall growth was affected by the stagnation of the French,
German and Italian economies.
Table 1.1
International economic indicators
GDP(a)
OECD
US
Japan
Euro zone
Germany
Spain
France
Italy
UK
Latin America
International demand(a)
2001
2002
2003
2001
2002
2003
1.0
0.5
0.4
1.7
1.0
2.8
2.1
1.7
2.1
0.4
1.7
2.2
-0.3
0.9
0.2
2.0
1.1
0.4
1.6
-0.4
2.2
3.1
2.7
0.5
-0.1
2.4
0.5
0.4
2.2
1.5
0.7
0.7
1.2
1.1
-0.7
3.0
2.0
1.4
2.7
-
1.9
2.8
-1.0
0.5
-1.6
2.6
1.5
1.3
2.8
-
2.5
3.3
2.0
1.2
0.3
3.4
1.3
1.3
2.5
-
Saldo
presupuestario(d)
Inflacin(c)
OECD
US
Japan
Euro zone
Germany
Spain
France
Italy
UK
Latin America
2001
2002
2003
2001
2002
2003
2.8
2.0
-1.6
2.3
1.6
3.3
1.4
2.7
2.2
6.0
2.1
1.4
-1.3
2.2
1.3
3.5
1.7
3.1
1.3
12.1
1.9
1.8
-1.4
1.9
1.0
3.1
1.8
2.5
1.5
9.0
-1.1
-0.2
-6.1
-1.7
-2.8
-0.4
-1.5
-2.7
0.7
-3.2
-2.9
-3.3
-7.9
-2.3
-3.5
0.0
-3.3
-2.4
-1.6
-3.0
-3.7
-4.8
-8.0
-2.7
-3.9
0.3
-4.1
-2.5
-3.2
-2.4
Unemploment rate(b)
2001
2002
2003
6.4
4.8
5.0
8.0
7.4
10.5
8.7
9.6
5.1
9.8
6.9
5.8
5.4
8.4
8.1
11.4
9.0
9.1
5.2
10.6
7.1
6.0
5.3
8.8
8.7
11.2
9.7
8.8
5.0
10.7
Saldo cuenta
corriente(d)
2001
-1.1
-3.9
2.1
0.2
0.2
-2.8
1.6
-0.1
-2.4
-2.8
2002
2003
-1.2
-4.6
2.8
0.9
2.2
-2.4
1.9
-0.8
-1.7
-0.9
-1.2
-4.9
3.1
0.4
2.2
-2.8
1.0
-1.5
-1.7
0.4
(a)
Annual rate of change, in real terms (%).

Annual average (% of active population).
(c)
Consumer spending deflator (%).
(d)
Surplus (+) or deficit (-) as a % of GDP
Sources: OECD, INE and ECLAC.
(b)
15
Public accounts in industrialised countries

There was a continuous generalised deterioration in the principal industrialised countries public
accounts, from fiscal equilibrium in 2000 to a 4.7% GDP deficit in 2003. According to the IMFs
estimates, this downturn is due to: (i) the impact of certain budgetary decisions associated with
tax rate cuts and/or the increase in costs (close to 3 percentage points of GDP); and (ii) the
economic slowdown which impacted the government balance by about 2 percentage points of
GDP in 2000-2003.
This departure from the budgetary stability of recent years was not homogenous between countries. The economic slowdown had the greatest impact on the fiscal balance of economies in
the euro zone, especially Germany and Italy, while the US and the UKs public accounts deteriorated most as a result of the very expansive fiscal policy in these economies due to sizeable
defence costs incurred by the war in Iraq and to substantial tax cuts in the US. In Japan, the
public deficit remained high (always exceeding 7% of GDP, except in 2001), without any major
variation; the economic cycle had relatively little impact and fiscal policy was neutral.
In the European Union, the Stability and Growth Pact came under debate when, in 2002, the
public deficit in Germany and France exceeded the ceiling of 3% of GDP imposed by the Pact.
To date, the EUs only demand on these two economies is a budgetary consolidation effort of
at least 0.5% of GDP per year, avoiding the application of sanctions for excessive deficit
The outlook for public accounts in developed countries in the coming years suggests a moderate reduction in public deficits. In the US, the 2005 budget contemplates gradually halving the
public deficit by 2009 by adjusting public expenditure unrelated to defence. The fiscal balance
is also expected to improve gradually in the European Union due to the stability programmes
presented by the various economies, although there are significant variations between Member
States. Generally speaking, there is a certain lack of ambition in the fiscal consolidation in the
various countries, as highlighted by institutions such as the OECD and IMF, although they also
acknowledged the benefits of fiscal expansion for economic growth. These bodies have warned
of the potential medium- to long-term risks of maintaining a sizeable deficit (especially in the
case of the US) and the importance of taking the necessary measures to address the challenges posed by an ageing population in the coming decades.
Government balance (% GDP)
2000
2001
2002
2003
2004
2005
US
Euro zone
Germany
France
Italy
UK
Japan
Canada
1.6
-0.9
1.3
-1.4
-0.6
3.9
-7.5
3.0
-0.2
-1.7
-2.8
-1.4
-2.6
0.8
-6.1
1.4
-3.3
-2.3
-3.5
-3.2
-2.3
-1.5
-7.9
0.8
-4.9
-2.8
-4.0
-4.1
-2.4
-3.0
-8.2
1.2
-4.8
-2.8
-3.5
-3.9
-2.9
-3.0
-7.1
1.0
-3.5
-2.4
-3.1
-3.2
-2.8
-3.0
-6.6
1.3
Advanced economies
0.0
-1.5
-3.7
-4.7
-4.5
-3.6
Source: IMF. World Economic Outlook. April 2004. Estimates in italics.
The arrival of US troops in Baghdad in March changed the economic and financial outlook. Before
this date, the growth of the global economy was weak due to the negative impact of the uncertainties surrounding the war. Following the fall of Baghdad, confidence indexes started to recover
and macroeconomic data finally improved. The occupation of Iraq impacted oil prices, which
initially slumped. However, the price per barrel averaged US$28.9 in 2003, i.e. US$3.9 more than
16
in 2002 due, inter alia, to political problems in exporting countries, the OPEC agreements, strong
demand in China, and the persisting uncertainty regarding the conflict in the Middle East.
Borrowing requirements increased in 2003 due to the greater public deficit in the worlds largest
economies (see table 1.1). Owing to expansive fiscal policy in the US, the deficit stood at 4.8% of
GDP in 2003, while the deficit in the euro zone was 2.7% of GDP due to the reduction in revenues
caused by the economic slowdown (see box). There was an additional increase in the already-large
US current account deficit, which rose 3 tenths of a point to 4.9% of GDP. This current account
deficit was financed in part by the acquisition of financial assets in the US by a number of monetary institutions in Asia in order to avoid a greater depreciation of the US dollar against their
currencies. In the euro zone, the current account surplus fell to 0.4% of GDP in 2003, a year in
which the euro appreciated sharply.
The economic environment in Spain

The Spanish economy was a positive exception within the euro zone. Spains GDP grew 2.4%, i.e.
4 tenths of point more than in 2002 and 1.9% more than the average in the euro zone. The number of people in work rose substantially, and inflation was lower than in 2002 despite economic
growth. The public accounts also contributed to Spains healthy economy, generated a surplus of
0.3% of GDP. The deficit in the current and capital account balance increased by 3 tenths of a
points, to 1.6% of GDP. Economic growth in Spain was underpinned mainly by consumer spending.
Table 1.2
The Spanish economy: Economic indicators
Year-on-year change, except where indicated otherwise
1999
2000
2001
2002
2003
4.2
5.6
4.7
4.2
8.8
8.6
9.0
-1.4
7.7
12.6
4.2
4.6
4.0
5.1
5.7
5.1
6.1
-0.4
10.0
10.6
2.8
3.0
2.8
3.6
3.3
0.4
5.8
-0.2
3.6
4.0
2.0
2.6
2.6
4.4
1.0
-2.7
4.2
-0.6
0.0
1.8
2.4
3.4
3.0
4.6
3.0
2.2
3.7
-1.3
4.0
6.7
CPI December to December

2.9
Employment: 4Q labour force survey (3)
5.7
Unemployment: 4Q labour force survey (% of active population) 15.3
Current & capital account balance (% of GDP)
-1.2
Public administrations budget balance (% of GDP)
-1.2
4.0
5.5
13.4
-2.6
-0.9
2.7
3.1
10.5
-2.0
-0.4
4.0
1.6
11.5
-1.3
0.0
2.6
3.0
11.2
-1.6
0.3
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
Other indicators
(1)
Contribution to GDP growth.

Includes data of non-profit institutions serving households.
The Labour Force Survey data since 2001 were obtained under the National Statistics Institute's (INE) new methodology for this survey.
Sources: INE, Bank of Spain and European Commission.
(2)
(3)
Economic growth in Spain was underpinned mainly by consumer spending and investment in
homes and capital goods. Accordingly, national savings were maintained at around 22.8% of GDP,
while gross fixed capital formation rose by 4 tenths of a point to 25.9%. Owing to the mismatch
between savings and investment, the Spanish economys borrowing requirement increased to
2.0% of GDP (compared with 1.6% in 2002).1.2.
17
1.2 Financial flows in the Spanish economy

As illustrated by Figure 1.1, non-financial companies borrowing requirements remained high in
2003 (at similar levels to the two previous years), while there was a slight saving in the public
administrations, although this was not sufficient to offset the decline in households financial capacity. The most significant characteristics of the financial transactions in these sectors in 2003 are
detailed below.
Figure 1.1
The Spanish economys savings and borrowing requirements
% GDP
No-fnancial companies
Household and Non-profit

institutions serving households
Financial institutions
Public Administrations
Spanish economy
Source: Bank of Spain, "Financial Accounts of the Spanish economy".
Households1
Households registered financial savings2 equivalent to 0.8% of GDP in 2003 (1.5% of GDP in
2002), which is the lowest level since 1995. Their net acquisitions of financial assets reached
10.8% of GDP due to the increase in investments in equities and mutual funds. Acquisitions of
financial liabilities grew to 10% of GDP due to the sharp increase in long-term loans associated
with financing property investments by households.
The net acquisition of financial assets exceeded 80 billion in 2003, which is significantly higher
than 2002 (62.4 billion, see Table 1.3). The distribution of financial investments in this sector
changed in 2003 since the some higher-risk assets gained importance at the expense of more conservative assets. Investments in mutual funds were the destination for close to 30% of households financial flows (compared with 12% in 2002), whereas the weighting of acquisitions of cash,
This segment of the financial accounts includes not only households, but also non-profit institution serving households,
which account for a small percentage of the whole and whose funds come from voluntary contributions by households,
payments from the public administrations and property rental. This group of institutions consists primarily of trade unions
and professional, scientific, religious, recreational and cultural associations.
The financial savings by households and non-profit institution serving households consist of gross savings plus net capital transfers minus non-financial investments, on the basis of which we obtain the financing capacity (+) and borrowing
requirements (-) of this sector, i.e. the difference between net acquisitions of financial assets and net reduction in financial liabilities.
18
deposits and hedging instruments (life insurance and pension funds3) declined from 90% of the
total in 2002 to 59% in 2003, although they continue to be the largest group. Investments in
fixed-income securities also increased, especially long-term securities, following a somewhat
mixed performance in the preceding years.
Figure 1.2
Savings and non-financial investment by households and non-profit
institution serving households
Millions of euros
Millions of euros
Gross savings plus net capital transfers (LH scale)

Gross capital expenditure plus inventory variation (LH scale)
Financing capacity (+)/Borrowing requirement (-) (RH scale)
Source: Bank of Spain, "Financial Accounts of the Spanish economy".
Table 1.3
Net increase in households financial assets
(1)
Amounts in millions of euros
Cash and deposits

Securities other than shares
Loans
Shares and other equities
Shares
Other equities
Mutual funds
Insurance underwriting provisions
Other accounts receivable
Total
1998
1999
2000
2001
2002
2003
10,328
-2,820
40,034
2,973
42,646
-1,033
29,443
549
37,807
-203
31,818
3,859
27,826
-1,637
1,706
27,757
12,554
3,250
51,139
-12,049
-3,238
1,845
-10,656
18,788
5,956
55,702
-11,263
5,514
2,919
-19,696
20,051
6,682
57,084
4,537
-2,823
2,373
4,988
16,923
-84
51,367
7,635 22,687
3,820
3,194
2,553
2,085
1,262 17,408
18,034 15,325
-851
6,888
62,422 80,578
(1)
Includes private non-profit institutions.
Source: Bank of Spain, "Financial accounts of the Spanish economy".
The value of the financial assets held by households at 2003 year-end amounted to 1.27 trillion,
which represents an increase of almost 156.603 billion compared with 2002. This difference between this figure and the value of financial assets acquired by households (see Table 1.3) amounts
These items appear under the section for insurance underwriting provisions, along with the reserves for premiums and
claims.
19

to 76.025 billion and was caused by rallying prices of financial assets in portfolios, especially shares, in line with the stock market recovery during the year4 .
The main characteristics of household investment in financial assets were as follows (see Table
1.4):
Cash and deposits are still the largest component, with over 40% of the portfolio. However, this
represents a decline on 2002.
The accumulated balance of shares represented close to 26% of households financial assets, i.e.
there was a recovery in their relative weighting following a decline of over 6 percentage points
in the three preceding years. Similarly, the decline in investments in mutual funds was turned
around and they once again account for over 12% of households portfolios. However, they are
still far from the record-high attained in 1998 (18.5%).
Contingency hedging instruments retained their weighting in households portfolios (around
15%).
Fixed-income securities continued to play a minor role, although they increased slightly.
Table 1.4
Breakdown (%) of households financial assets(1)
Balance
millons
of euros
Cash and
deposits
Fixedincome
securitis
Shares
Mutual
funds
Insurance
underwriting
provisions
Other
1996
699,990
46.7
3.3
20.1
13.9
10.8
5.1
1997
796,115
40.8
2.8
24.1
17.7
11.3
3.4
1998
935,789
35.8
2.4
28.8
18.8
11.1
3.2
1999
1,029,312
36.4
2.4
29.3
16.6
12.0
3.3
2000
1,066,743
39.1
2.5
27.8
13.4
13.6
3.6
2001
1,125,450
39.6
2.3
27.9
12.5
14.2
3.4
2002
1,109,489
43.0
2.4
23.1
11.9
15.8
3.8
2003
1,266,092
40.2
2.9
26.1
12.1
15.1
3.7
(1)
Includes private non-profit institutions.

Financing of companies
Non-financial companies
Non-financial companies borrowing requirements continued to be higher than the rest of the resident sectors in the Spanish economy. These companies have a financial deficit due to their ordinary activity and capital expenditure.
In 2003, their net financial transactions were negative to the tune of 34.4 billion (4.6% of GDP),
which represents a small increase on 2002 when borrowing requirements amounted to 4.5% of
GDP.
In 2002, net acquisitions of financial assets had totalled 62.422 billion, although asset depreciation in that period due to
major stock market losses caused the balance of financial assets of households and non-profit institution serving households to fall by 15.961 billion to 1.1 trillion.
20

Figure 1.3
Savings and non-financial investment by non-financial companies
Millions of euros
Millions of euros
Gross savings plus net capital transfers (LH scale)

Gross capital expenditure plus inventory variation (LH scale)
Financing capacity (+)/Borrowing requirement (-) (RH scale)
The net acquisition of financial assets by non-financial companies amounted to 127.8 billion in
2003 (114.5 billion in 2002) due to the increase in assets classed as "Other accounts receivable", which are linked to the credit granted by these entities to other companies in the performance of their ordinary activity.
Table 1.5
Net increase in non-financial companies financial liabilities
Shares, held by
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
Total
1999
2000
2001
2002
2003
29,210
2,625
4,209
632
165
21,579
2,314
299
970
2
265
777
47,717
368
29,282
1,007
17,061
44,787
355
78,208
22,412
5,520
-92
3,555
46,814
-7,217
-3,740
-2,868
2
-2,116
1,505
67,832
158
45,538
626
21,510
41,256
-1,823
34,442
6,386
-588
681
1,394
26,569
-717
-323
-707
2
118
193
70,670
-391
42,707
2,031
26,323
36,652
-2,145
42,018
8,990
3,144
997
4,557
24,329
-2,597
-855
-1,228
4
-593
75
66,603
-191
43,915
1,924
20,956
41,120
-1,606
37,812
11,720
11,829
1,863
5,156
7,244
-1,024
-666
-216
5
72
-218
75,397
-57
52,709
1,924
20,821
50,249
-228
124,382 178,256 138,902 145,539 162,206
21

Non-financial companies acquired 162.2 billion of net financial liabilities in 2003, compared with
145.5 billion in 2002. Commercial loans continued to be the main form of financing for non-financial companies, representing close to 78% of the total acquisition of liabilities. Their relative importance increased in 2003 compared with other sources of financing, such as shares (see Table 1.5).
As for counterparties in financing, the importance of non-residents continued to decline, and they
provided close to 20% of funds raised in 2003 (compared with 40% in 2000). All the resident institutional categories gained in importance in financing in this sector, especially financial institutions
and non-financial companies
Financial institutions5
Together with households and non-profit institutions and, more recently, public administrations,
financial institutions tend to present positive net financial savings. As in 2002, this positive balance amounted to 1.5% of GDP, although there was a sharp increase in the acquisition of financial
assets and liabilities.
The acquisition of financial assets by financial institutions increased to 37.1% of GDP in 2003 (compared with 22.7% of GDP in 2002) due to growth in loans and to the acquisition of fixed-income
securities. Acquisitions of liabilities rose to 35.6% of GDP (21.2% in 2002) due to the large volume of funds raised through the issuance of fixed-income securities, deposits and shares and other
equities.
Table 1.6
Net increase in financial institutions financial liabilities
(excluding the Bank of Spain)
1999
2000
2001
Monetary financial institutions

Total
Cash and deposits
Fixed-income
Loans
77,458
48,495
28,598
224
-6,303
766
5,678
87,092 127,679
82,613
99,718
-2,066
14,445
194
318
1,585
11,204
-17
187
4,783
1,808
Non-monetary financial institutions

Total
Cash and deposits
Fixed-income
Loans
33,574
629
6,014
454
7,605
20,202
-1,330
38,632
745
6,376
-1,354
2,922
24,487
5,456
25,721
-1,614
10,133
-1,573
-159
21,720
-2,786
2002
2003
104,004 168,714
85,806 120,125
12,520
41,397
288
49
11,794
6,880
-467
684
-5,937
-422
37,397
444
19,346
213
-3,545
23,584
-2,646
80,968
-811
32,304
-52
29,173
17,118
3,236
Source: Bank of Spain, "Financial accounts of the Spanish economy
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, broker-dealers, 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.).
22

Table 1.6 illustrates the breakdown of funds raised by both monetary and non-monetary financial
institutions. Monetary financial institutions, excluding the Bank of Spain, raised close to 169
billion in funds, 62% more than the previous year. Cash and deposits continued to be the main
funding source for these institutions, although their weighting declined in favour of fixed-income,
which accounted for close to 25% of funds. The third-largest source of funds continued to be the
issuance of shares and other equities, which performed in line with FIAMM subscriptions during the
year.
Non-monetary financial institutions increased their financial liabilities by 116% in 2003 to 80
billion. This large volume of funds was raised primarily in the form of fixed-income instruments
(40%) and shares and other equities (36%) due to sizeable subscriptions in FIM (see Chapter 5).
Insurance underwriting provisions were the third-largest source of funding (21%).
1.3 World financial markets

Securities markets were affected by several factors in 2003. The war in Iraq triggered a change in
trend in the markets of assets issued by private institutions, debt and shares, whose prices rose
considerably as the uncertainty decreased. In addition, these securities appreciated due to increased liquidity caused by expansive monetary policies and low returns on more conservative investments, such as developed countries public debt.
Figure 1.4
Official interest rates
Jan-00
Jul-00
Jan-01
Jul-01
Jan-02
Jul-02
Jan-03
Jul-03
USA: Fed Fund rate

Japan: discount rate
Euro zone: weekly auction minimum rate
Official interest rates

The European Central Bank (ECB) and the Federal Reserve maintained a lax monetary policy,
which was reinforced with additional interest rate cuts. In the first half of 2003, the Federal
Reserve showed that it was concerned about a potential deflationary situation, and cut the intervention rate to 1.0% in June, the lowest rate in over forty years. The ECB cut its minimum rate
twice (in March and June) to 2.0% because of the economic stagnation in the euro zone, where
growth and inflation data and projections fell gradually throughout the year.
23
Currency markets
The euro again appreciated against the major currencies. In 2003, the dollar depreciated 20.4%
against the euro, 8.6% against the Japanese yen and 8.3% against the pound sterling. As in 2002,
the dollar depreciated sharply because the interest rate differential favoured the euro and there
was substantial trade and public deficit in the US economy, where no major correction is expected in the short-term.
Figure 1.5
Dollar-euro and yen-euro exchange rates
yen/euro
(RH)
dollar/euro
(LH)
Jan-99
Jan-00
Jan-01
Jan-02
Jan-03
The euro-dollar exchange rate

The exchange rate of the euro against the dollar has undergone several very different phases
since 1999. The euro depreciated constantly until November 2000 due to stronger economic
growth and higher short-term interest rates in the US. The losses accumulated by the euro in
this period amounted to 30%, and it reached a low of US$0.825.
The euro-dollar exchange rate was marked by volatility from the end of 2000 until the second
quarter of 2002, when the euro recovered slightly to US$0.87. This was due mainly to the
uncertainty about the recovery of the US economy, which slowed greatly in 2001, and to the
instability following the terrorist attacks on 11 September.
Since then, the euro has appreciated continuously against the dollar (with the exception of
summer 2003) because, despite the improvement in economic growth in the US, the exchange market paid more attention to the potential medium-term negative effects of the persistent, huge current account deficit in the US and the increase in its budget deficit (see Table
1.1). In addition, the appreciation of the euro was favoured by higher interest rates in the
euro zone in both the money market (see Figure 1.3) and in the long-term debt market (see
Figure 1.5).
24
Euro-dollar exhange rate and nominal affective euro*

Daily data, baselline 100=4 january 1999
Nominal
effective
dollar/euro
Jan-99
Sep-99
May-00
Jan-01
Sep-01
May-02
Jan-03
Sep-03
(*) Nominal effective exchange rate defined by the ECB with respect to the 12 main trade partners.
Long-term interest rates

US and German debt yields reached record lows in 2003. Owing to the poor economic outlook in
the first half of the year and the downgrade in inflation expectations, lax monetary policy was
expected to be maintained in the US and Germany. However, the improved situation in the US as
from mid-2003 changed these expectations; consequently, the US public debt yield curve steepened6 and debt yield increased (the yield on the 10-year bond was 4.20% at year-end, 14 basis
points more than in 2002). Europes economic situation worsened, causing yields on the German
10-year bond to fall 6 basis points to 4.25%.
Figure 1.6
10-year government bond yields
and private debt curve (BBB-AAA)
Basis points
Jan-03
Apr-03
Jul-03
Oct-03
Euro zone (LH)
USA (LH)
BBB-AAA EUR (RH)
BBB-AAA USD (RH)
Source: Reuters
The spread between 5-year and 2-year debt at 31/12/2003 was 140 basis points in the US, compared with 115 basis
points at 31/12/2003, while in Germany it was 68 basis points at 31/12/2003 and 104 basis points at 31/12/2002.
25
The spread between private and public debt in both dollars and euros declined in 2003. A comparison of yields on 10-year bonds with BBB and AAA ratings illustrates a sharp decline in the cost
of financing for companies with a low credit rating7 (see Figure 1.6). This reduction can be explained by: (i) the improvement in corporate earnings and balance sheets; (ii) the reduction in the
number of company bankruptcies; (iii) market liquidity caused by low intervention rates; and (iv)
low yields on alternative investments, such as public debt.
Equities markets
Following three consecutive years of declining share prices, there was a significant generalised
rally in the worlds stock markets. This upswing was due, inter alia, to (i) the reduction in geopolitical uncertainty, (ii) the acceleration of global economic growth, (iii) lower volatility of these
assets, and (iv) low yields on fixed-income securities, which boosted investments in higher-risk
assets.
The Dow Jones Industrial Average (DJIA) rose 25.3%, the Nikkei rose 24.5% and the EuroStoxx50 gained 15.7%. In Europe, Germanys Dax-30 gained most (37.1%), despite the stagnation of
the German economy, while Italys Mib-30 gained least (only 11.8%)8. There were generalised
gains in Latin America and Asia, particularly Argentina and Brazil.
Table 1.7
Equities markets: indexes and trading in 2003
Market
Indixes
Name
Trading
Change (%)
US$ billion
Change. ($)(1)
Developed countries
New York
Nasdaq
Tokyo
London
Euro zone (2)
Euronext (3)
Germany
Italy
Spain
Latin America
DJIA
Nasdaq
Nikkei
FTSE 100
Euro Stoxx 50
Euronext 100
DAX 30
MIB 30
Ibex 35
25.3
50.0
24.5
13.6
15.7
12.7
37.1
11.8
28.2
9.692.3
7.068.2
2.130.7
3.624.0
4.295.7
1.905.4
1.305.0
823.1
566.2
17.2
6.6
-2.8
-5.9
-7.4
-7.0
-13.3
-10.4
11.4
Buenos Aires
So Paulo
Santiago de Chile
Mexico City
Lima
Merval
Bovespa
IGPA
IPC
IGRA
104.2
97.3
46.2
43.5
74.9
3.1
68.0
6.8
25.9
1.1
89.3
22.3
-22.1
-30.9
19.4
Southeast Asia
South Korea
The Philippines
Hong Kong
Indonesia
Malaysia
Singapore
Thailand
Taiwan
Korea Com Ex
Manila Composite
Hang Seng
Yakarta Comp.
Kuala Lumpur Comp.
SES All-Share
Bangkok SET
Taiwan Weighted Pr.
29.2
41.6
34.9
62.8
22.8
36.4
116.6
32.3
459.2
2.7
296.4
14.8
52.2
92.0
105.1
592.5
-4.9
-31.6
35.4
70.4
-5.7
-29.0
24.3
-14.9
(1)
In local currency.
Volume traded in the stock exchanges of the euro zone countries.
Refers to the markets integrated into Euronext (Paris, Brussels, Amsterdam and the Portuguese bourses).
Source: World Federation of Exchanges.
(2)
(3)
The spread between debt rated BBB and AAA narrowed by 125 basis points to 71 basis points in the euro zone and by
178 basis points to 106 basis points in the US.
Poorer performance in the Italian index reflects the losses caused by the Parmalat financial scandal.
26
The increase in yields was accompanied by a reduction of risk in these markets. Accordingly, average volatility9 declined with respect to the previous year: volatility declined from 23.2% to 15.8%
in the DJIA; from 33.5% to 25.2% in the EuroStoxx-50; and from 24.7% to 21.8% in the Nikkei.
Figure 1.7
Stock market index performance
Dec-02
Feb-03
Apr-03
Jun-03
Aug-03
Oct-03
Dec-03
Daily data. Baseline 100 at 31/12/2002.
The "New Market" indexes gained faster than the conventional indexes following sizeable losses
since the tech bubble burst at the start of the decade. Nasdaq gained 50.0%, Techmarks 42.4%
and TecDax 62.1%. The recovery of those indexes was also accompanied by a reduction in volatility.
Table 1.8
Nuevos Mercados: Evolucin de los ndices y la volatilidad
Country
Germany
US
Spain
France
Italy
Luxembourg
UK
(1)
(2)
(3)
TecDax (2)
Nasdaq
Nuevo Mercado
Nouveau Marche
Nuovo Mercato
Nasdaq Europe (3)
Techmarks
Volatility (%)(1)
Yield(%)
Market
2002
2003
2002
2003
-63.1
-31.5
-47.3
-52.9
-50.1
-64.5
-50.7
62.1
50.0
27.4
26.2
27.3
33.4
42.4
33.6
33.8
32.9
25.6
33.0
24.4
26.9
24.4
22.4
24.7
18.3
22.9
27.0
19.2
Annual average of the standard deviation of daily variations with respect to the previous 20 sessions, re-scaled in annual terms.
In 2003, the Neuer Markt changed its name to TecDax, becoming a segment within the general trading of the German stock market.
Nasdaq Europe ceased to exist in November 2003.
Calculated as the annualised average of the standard deviation of daily of the indexes.
27
Performance of technological stocks in the main international markets

There was a strong recovery in the worlds technological indexes in 2003. The principal
index, the Nasdaq Composite, gained 50%, Germanys TecAll gained 62.1% and the
Spanish Nuevo Mercado 27.4%the first gains since the end of the tech euphoria in 2000.
These markets were created to accommodate the numerous TMT(1) companies, so less
demands were made of issuers. This sector peaked in the 1990s, which translated into
major rallies in share prices
Annual growth of the new market indexes
Nasdaq Composite
TecAll (1)
Nouveau March (2)
Nuovo Mercato (3)
Nuevo Mercado (4)
Techmarks 100
Nasdaq Europe (5)
(1)
(2)
(3)
(4)
(5)
1997
1998
1999
2000
2001
2002
2003
21.6
63.6
22.8
--4.3
--
39.6
174.0
26.4
--52.6
--
85.6
66.2
135.3
--159.6
--
-39.3
-40.0
-2.4
-28.3
-66.3
-32.2
--
-21.1
-60.2
-62.7
-45.6
-22.4
-42.6
-65.5
-31.5
-63.1
-52.9
-50.1
-47.3
-55.9
-64.5
50.0
62.1
26.2
27.3
27.4
56.4
33.4
The TecAll index is the continuation of the Neuer Markt index. This market was created in March 1997.
The Nouveau March was created in March 1996.
The Nuovo Mercato was created in June 1999.
The Nuevo Mercado was created in April 2000.
The Nasdaq Europe market was created in June 2001 and ceased to exist in October 2003..
However, the crisis of confidence in these companies caused a good number of them to close
and reduced share prices. In addition, the decline in capitalisation and trading caused some of
these markets to cease to exist. Germanys Neuer MarktEuropes largest new market in its
timedisappeared in June 2003, and its stocks are now traded on the conventional market. The
Switzerland New Market ceased to exist in July 2003 and Luxembourgs Nasdaq Europe in
November 2003.
Spains Nuevo Mercado was launched on 10 April 2000 with ten stocks issued by companies in
innovative high-tech and other sectors; in other words, the creation of this market coincided
with the crisis of the so-called "new economy". By 2003 year-end, it had accumulated losses
amounting to 82.5%. Nevertheless, new companies have joined this market, which currently
has 14 names.
1
Technology, Media & Telecommunications.
Trading figures varied from market to market. In the US, favourable prices boosted trading, whereas trading fell in Japan and Europe (except Spain) despite higher prices.
1.4 Securities and derivatives markets in Spain
In 2003, Spains stock markets reflected the improved economic situation, with share prices rising
sharply (more so than in other European markets) following three consecutive years of losses. The
upswing in the markets was consolidated since the first quarter of 2003, which favoured a considerable decline in volatility with respect to 2002. In the fixed-income markets, the expectations of
an economic recovery were reflected in interest rate rises in the second half of the year.
The improved market situation did not lead to an increase in financing through capital increases.
The private sector, underpinned by record-low interest rates, covered a large part of borrowing
28
requirements through issues of private fixed-income securities, with notable growth in asset-backed securities. The stock market recovery also boosted investments in assets with a certain degree
of risk, although net subscriptions continued to be concentrated in FIAMM, guaranteed equities
funds and short-term fixed-income funds.
Interest rates and share prices
Yields on Spanish short-term public debt fell by 75 basis points to 2.25%, while benchmark 10year bonds remained unchanged around 4.25%. Accordingly, the slope of the yield curve between three and ten years increased significantly, to 157 basis points. Yields on private fixed-income
performed in line with public debt, so the credit risk spread remained unchanged at 10-15 basis
points (short-term) and 75 basis points (long-term).
The Ibex-35 gained 28% and the Madrid Stock Exchange General Index (IGBM) gained 27%, following three consecutive years of losses. In the first quarter of 2003, share prices continued to decline, and then the first signs of an economic recovery led to an upswing which was maintained until
year-end. The stock market recovery was accompanied by a reduction in volatility due to the
reduction of the uncertainty perceived by investors.
Primary markets and public offerings of securities
Gross issues of securities totalled 235 billion in 2003, 44.5% more than the previous year due
mainly to private fixed-income issues to take advantage of low interest rates.
Public administrations increased their gross issues by 5.3% to 78.5 billion. This is the second
consecutive year of growth after several years of significant declines. The favourable performance by Spains public accounts together with low interest rates enabled debt to be redeemed and
restructured; new issues were mainly in the short-term segment.
Private sector fixed-income issues soared by over 83% in 2003, exceeding 153 billion (almost
double the issues by the public administrations). Issues in Spain grew faster than in the rest of
the euro zone because the Spanish economy is performing better and because of the boost from
the mortgage market, which has greatly increased issues of mortgage-backed securities.
However, although share prices recovered, capital increases fell by 30% in 2003 and, following a
three-year slide, they amounted to little more than 3 billion, very far from the record high in
2000 (when they approached 44 billion). There was also a sharp reduction in secondary public
offerings (see Table 1.9)10.
Table 1.9
Gross issues and public offerings
Millions of euros
Gross issues
Capital increases (1)
of which primary offerings
Marketable public debt (3)
Private fixed-income (1)
Secondary offerings (4)
(1)
(2)
(3)
(4)
10
(2)
1999
2000
164,496
14,748
7,373
92,130
57,591
4,419
180,033
43,937
17,811
87,316
52,300
9,446
2001
2002
153,814 162,853
9,623
4,692
155
0
69,570
74,549
74,626
83,702
3,044
3,330
2003
235,313
3,289
0
78,480
153,543
470
Effective value.
Primary public offerings.
Nominal value.
Includes volume offered in the domestic and international tranches.
In 2003, the number of secondary offerings registered with the CNMV was the same as the previous year (four), although
the total amount was _470 million, compared with _3.3 billion in 2002. Close to 89% of the total amount corresponds
to a single offering by electricity companies to divest their shares in Red Elctrica de Espaa.
29

Trading in the secondary and derivatives markets
Trading in equities on the Spanish stock exchanges increased by 11.4% in 2003 to 495.5 billion
due partly to higher prices and partly to the launch of several public offerings in the year which
generated considerable activity in the days following settlement.
Trading increased only in the Electronic Market (SIBE), while it fell 10.5% in the open outcry segment and 25.5% in the second market.
In the secondary fixed-income markets, trading fell 2.8% in the public debt book-entry system,
while it increased in the other markets (5.5% in fixed-income securities traded in the stock markets and 41% in the AIAF private fixed-income market).
Record-low yields on public debt, together with the increase in private fixed-income issues, boosted trading in the latter, especially in commercial paper, debentures, bonds and mortgage covered
bonds. In the public debt book-entry system, trading declined in bonds and debentures while it
surged in treasury bills. Trading in fixed-income securities on the stock exchanges continued to
grow due mainly to debt issues by Generalitat de Catalunya (the Catalan regional government).
Trading in derivatives declined in 2003 for the second consecutive year. The reduction was most
notable on MEFF and was due mainly to the decline in trading of options on individual stocks.
Conversely, there was a considerable increase in trading in derivatives on other markets (mainly
the German-Swiss market Eurex through broker-dealer MEFF Euroservices S.V.EuroMEFF) in contracts on both European stock indexes and German public debt. There was also strong growth in
trading of warrants.
Table 1.10
Trading in the secondary and derivatives markets
Amounts in millions of euros, unless otherwise indicated
1999
2000
2001
2002
2003
289.354
492.302
444.302
444.936
495.494
2.360.914 1.703.704 1.964.678 2.310.943

44.710
39.802
57.463
71.140
85.766
100.759
143.733
272.470
2.246.881
75.058
384.089
(1)
Equities
Stock exchanges
Fixed-income
Public debt book-entry system
Stock exchanges (1)
AIAF (3)
(2)
Derivatives
MEFF RF (4)
MEFF RV (4)
Warrants (5)
FC&M (4)
3.597
12.838
205
0
1.036
20.966
898
0
285
30.652
1.636
0
51
27.867
1.232
0
1,4
21.747
1.610
0
Pro memoria:
EuroMEFF (4)
17
1.440
3.239
4.199
5.234
(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.
Collective Investment Schemes (IIC)

The assets of collective investment schemes which invest in securities amounted to 232.8 billion
at 2003 year-end, 20.2% more than at the end of the previous year. As illustrated by Table 1.11,
growth in FIM assets was especially strong. There was a considerable inflow of investment into
FIMs in 2003, especially the short-term fixed income and guaranteed equities classes. Equity funds
benefited from portfolio appreciation in the second half of the year.
Assets of real estate IIC grew by close to 35% in 2003, although they continued to represent only
a small proportion of total assets of collective investment schemes (1.2%).
30

Table 1.11
Assets of collective investment schemes
Billions of euros
1999
2000
2001
2002
2003
Securities investment
Mutual funds
FIAMM
FIM
Investment companies
SIM
SIMCAV
Real estate investment
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
200,6
181,3
43,8
137,5
19,3
2,5
16,9
1,5
193,6
174,7
53,4
121,4
18,9
2,0
16,9
2,1
232,8
210,6
58,1
152,6
22,2
2,0
20,2
2,8
Total IIC
220,3
202,7
202,2
195,7
235,7
Securities firms and asset management firms

Securities firms (brokers and broker-dealers) obtained a total of 250 million in pre-tax earnings
in 2003, which represented a 14.9% increase year-on-year.
Commission revenues fell with respect to 2002. Although the stock markets were quite dynamic in
2003, securities firms did not feel all the benefits of this since they lost market share in the handling and execution of orders due to competition from credit entities.
However, owing to the containment of operating expenses, especially significant in the case of broker-dealers, operating margins narrowed by less. In the case of broker-dealers, the improvement
in the "Other gains and losses" item was vital to the increase in pre-tax earnings.
IIC management companies (SGIIC) obtained 444 million in pre-tax earnings, slightly less than
in 2002 (447 million euros). The increase in commissions received for the management of IIC,
linked to the strong growth in assets of IIC managed by these institutions (20.7%), offset only part
of the increase in commissions paid to fund marketers.
As for portfolio management companies, pre-tax earnings fell considerably from 6.2 million in
2002 to 3.8 million in 2003. This decline reflects the removal of seven entities during 2003 and
the sharp decline in commission revenues for assets under advice, which fell by close to 40% in
2003.
Table 1.12
Pre-tax earnings of securities firms and asset management firms
Millions of euros
1999
Securities firms
Broker-dealers
Market members
Non-market members
Brokers
Market members
Non-market members
IIC management companies
Portfolio management companies
2000
2001
2002
2003
400.8
369.7
326.8
42.9
31
10.4
20.7
617
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
249.7
223.4
195.8
27.7
26.2
6.0
20.2
1,012.80
1,007.00
703.6
447.2
443.9
6.1
8.6
2.5
6.2
3.8
31
CHAPTER 2
PRIMARY MARKETS
Primary markets
2. Primary markets
2.1
General overview
Euro zone
Fixed-income issues in the euro zone rose significantly in the year, with issues by euro zone
residents totalling 7.2 trillion, up 8.4% on 2002. Euro-denominated issues (which accounted for 93.6% of the total amount) grew 8.9%, while issues in other currencies increased
1.6%1.
Table 2.1
Fixed-income securities issued by euro zone residents
Amounts in billions of euros
Amount
Change (%)
2002
2003
2002
2003
Gross issues
Short term
Long term
Short term
Long term
Short term
Long term
6,627.9
1,368.2
672.3
695.9
4,442.2
3,579.5
862.7
817.5
741.4
76.1
7,184.6
1,561.5
794.6
766.9
4,717.1
3,735.5
981.6
906.0
798.4
107.6
-1.8
20.6
23.9
17.6
-4.5
-4.6
-4.0
-15.2
-11.4
-40.6
8.4
14.1
18.2
10.2
6.2
4.4
13.8
10.8
7.7
41.4
Outstanding balance(*)
Short term
Long term
Short term
Long term
Short term
Long term
96,795.2
46,930.6
3,885.9
43,044.7
43,454.1
4,284.7
39,169.4
6,410.5
1,136.5
5,274.0
102,587.4
49,300.0
4,614.0
44,686.0
46,393.4
4,648.4
41,745.0
6,894.0
1,202.3
5,691.7
6.8
4.9
12.6
4.3
8.6
5.1
9.0
7.9
-8.0
12.1
6.0
5.0
18.7
3.8
6.8
8.5
6.6
7.5
5.8
7.9
(*)
(*)
Nominal value
Source: European Central Bank.
The bulk of fixed-income issues were by the private sector (Table 2.1), boosted by low interest rates and the expected growth in the economy (albeit less concrete than in other parts
of the world and to a differing extent in each member country). There was also a significant
improvement in perceived issuer credit risk, following better performance in their accounts.
As for public administrations, poor performance by the national accounts of several member
Issues in euros totalled 6.7 trillion while issues in other currencies totalled 456 billion. In 2002, euro issues declined
1.1% and other currency issues 10%.
35
countries, particularly France and Germany, led to a rise in gross issues, albeit smaller than
in 2002.
Equity issues remained low. For the first time since 2000, the amount of gross issues (capital
increases) rebounded, increasing from 54 billion in 2002 to 65 billion in 2003. However, almost
one-quarter of issues belonged to a single large transaction: the capital increase at France
Tlcom, to which the French government contributed a large proportion2.
Spain
Gross securities issues in Spain amounted to 235 billion in 2003 (up 44.4% on 2002) due entirely to fixed-income issues, which represented 99% of the total (table 2.2). In contrast, equity
issues (capital increases) registered at the CNMV fell sharply for the third consecutive year.
Despite the upward trend in share prices, the stock market was not ripe for financing transactions, affecting not only primary but also secondary public offerings, which suffered a drastic
decline3.
Table 2.2
Gross issues in Spain
1999
(1)(2)
2000
2001
2002
2003
Equities
Fixed-income
Short term
Medium and long term
Private sector
Short term
14,748
43,937
9,623
4,692
3,289
149,721 139,617 144,196 158,251 232,024
92,130
87,316
69,570
74,549
78,480
45,061
41,616
28,880
34,746
38,973
47,068
45,701
40,690
39,803
39,507
57,591
52,300
74,626
83,702 153,543
32,555
34,366
45,173
45,576
76,177
25,037
17,934
29,453
38,127
77,366
Total
164,469 183,553
(3)
(1) (4)
Pro memoria:
Secondary offerings
4,419
9,446
153,819 162,943 235,313

3,044
3,330
470
(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 increased its lead over public administrations in raising funds through the
securities markets, since it accounted for two-thirds of total gross issues4. Private sector issues,
including capital increases, totalled 156.8 billion, an increase of 77.4% on 2002, with approximately 98% corresponding to fixed-income. This dynamism in private sector issuing is explained by the growth expectations in the Spanish economy (stronger than in the euro zone as a
whole) and by the strength of the mortgage market, which led to a sharp increase in mortgagebacked issues.
The capital increase (to reduce debt) at France Tlcom totalled 15 billion, of which 9 billion was contributed by the
French government.
Four secondary public offerings were registered at the CNMV in 2003, the same as in 2002. However, the total amount
was 470 million, compared to 3.3 billion in 2002. Around 89% of the total corresponded to a single offering by electricity utilities to divest stakes in Red Elctrica de Espaa.
In 2002, private sector gross issues accounted for 50% of total issues.
36
Primary markets
Gross issues by public administrations amounted to 78.5 billion, 5.3% more than in 2002. Good
performance in public finances took pressure off issuing and led to debt amortisation and restructuring operations. Nevertheless, as in 2002, issues continued to rise moderately, concentrated
exclusively in the short-term segment.
Figure 2.1
Gross issues in Spain, by type of instrument and sector
Public administration fixed-income
2.2
Private fixed-income
Equities
Equities
The stock market recovery did not lead to a rise in capital increases in 2003; on the contrary, the
effective amount of new shares issued fell from 4.7 billion in 2002 to 3.3 billion in 2003, while
the number of issuers dropped from 35 to 32. Nine companies undertook bonus capital increases
totalling 186.6 million, compared with 17 companies and 293.8 million in 2002. No warrant
issues were registered5.
Table 2.3
Capital increases
Effective amount in millions of euros
1999
Primary offerings
Other capital increases
Total
Pro memoria:
Domestic tranche of primary offerings
Amount
% of total
2000
2001
2002
2003
7,373
7,375
17,811
26,126
155
9,468
4,692
3,289
14,748
43,937
9,623
4,692
3,289
4,403
59.7
13,448
75.5
155
100.0
See tables A.1.3 and A.1.4 in the Annex.
37
The largest capital increases were undertaken by companies involved in mergers and acquisitions, including Abertis Infraestructuras, ACS, Sogecable and Banco Popular. The effective
amount of the capital increase at Abertis Infraestructuras was 927.5 million, as part of the
merger of toll road concessions Aurea and Acesa6. A 501.6 million capital increase at construction company ACS was motivated by the absorption of Dragados, another construction
company. Media company Sogecable raised 449.5 million for the merger with Va Digital. The
412.7 million capital increase at Bankinter was in order to finance the acquisition of
Portuguese credit institution Banco Nacional de Crdito Inmobiliario. Overall, these four increases represented almost 70% of the total registered amount.
2.3
Fixed-income
Gross fixed-income issues in the Spanish markets totalled a nominal 232 billion in 2003, a
46.6% increase on 2002, due mainly to the private sector. The nominal amount of private fixedincome issues amounted to 153.6 billion, up 83.6% on 2002. The dynamism in the private sector was evidenced not only by the amounts issued but also by an increase in the number of
issuers, from 108 in 2002 to 137 in 2003. There was a slight drop in the weighting of large
issuers in the total issued amount7.
Table 2.4
Fixed-income issues in Spanish markets
Amount
2002
2003
2002
2003
Gross issues
Public administrations (1)
Short term
Long term
Financial institutions (2) (3)
Short term
Long term
Non-financial companies (2) (3)
Short term
Long term
158,251.3
74,549.0
34,746.0
39,803.0
72,059.3
36,548.2
35,511.1
11,643.0
9,027.4
2,615.6
232,023.2
78,480.0
38,973.0
39,507.0
138,736.1
66,193.0
72,543.1
14,807.1
9,984.0
4,823.1
9.7
7.2
20.3
-2.2
18.1
-1.1
47.5
-14.3
10.0
-51.4
46.6
5.3
12.2
-0.7
92.5
81.1
104.3
27.2
10.6
84.4
Outstanding balance (1)

Short term
Long term
Short term
Long term
Short term
Long term
467,363.4
326,915.8
37,201.7
289,714.1
124,980.2
18,873.1
106,107.1
15,467.5
3,007.5
12,460.0
539,372.7
326,319.1
39,941.1
286,378.1
197,547.7
26,811.1
170,736.5
15,506.0
2,240.9
13,265.1
8.9
2.7
0.7
3.0
33.8
26.4
35.2
-11.8
-30.0
-5.9
15.4
-0.2
7.4
-1.2
58.1
42.1
60.9
0.2
-25.5
6.5
(1)
Nominal value; (2) Issues and shelf registrations filed with the CNMV;
Source: Bank of Spain and CNMV
6
7
Change (%)
(3)
Effective value.
The merger involved the absorption of Aurea by Acesa and the resulting company was renamed Abertis Infraestructuras.
The twelve largest issuers of private fixed-income represented 47% of the nominal amount registered at the CNMV, compared to 52% in 2002. See table A.1.6. in the Annex.
38
Primary markets
As in previous years, financial institutions were the leading issuers of private fixed-income securities, doubling the number of issues and accounting for almost 60% of total fixed-income issues in
Spain (table 2.4). Financial sector issues were concentrated in short-term securities (commercial
paper) and asset-backed securities. At non-financial companies, there was a sharp increase in
long-term issues, accompanied by a more moderate increase in commercial paper, the core segment of this market.
Issuing by public administrations performed differently according to the term. Gross short-term
issues amounted to 39 billion (up 12.2% on 2002), whereas gross long-term issues declined
slightly, from 39.8 billion in 2002 to 39.6 billion in 2003.
The outstanding balance of fixed-income securities issued by Spanish residents rose 15.4% in
2003 to 539.4 billion, solely due to private fixed-income, since redemption of securities issued
by public administrations slightly exceeded gross new issues. As a result, there was a surge in the
weighting of private sector issues in the total outstanding fixed-income balance, rising from 30%
in 2002 to 39.5% in 2003.
Figure 2.2
Billions of euros
Fixed-income issues in the euro zone: breakdown of outstanding balance by issuer
Issues filed with the CNMV

Medium- and long-term issues
A nominal 77.5 billion in medium- and long-term fixed-income issues were registered at the
CNMV (compared with 38 billion in 2002) and the number of issuers rose from 73 to 95. The most
significant increase was with regard to asset-backed issues (mortgage and securitisation bonds)
and in non-convertible bonds and debentures. One of the main new features in 2003 was the introduction of territorial covered bond issues (cdulas territoriales) and the regulation, for the first
time in Spain, of synthetic securitisation issues.
There was a strong recovery in the non-convertible bonds and debentures segment. Issues totalled 15 billion nominal, over four times greater than in 2002. The number of issuers rose from 30
to 43. Financial institutions (38 issuers) accounted for almost 84% of the amount registered in this
39
segment, with the two main issuers being BBVA (3.3 billion) and Banesto Banco de Emisiones
(2.5 billion). The main issuer in the non-financial sector was RTVE (1.5 billion). The bulk of
issues were at floating rates, with most maturing at 10 years or more, although shorter term
bonds represented a greater amount8.
Table 2.5
Fixed-income issues and shelf registrations filed with the CNMV
Breakdown by instrument
Nominal amounts in millions of euros
1999
2000
2001
2002
2003
Long term
Non-convertible bonds and debentures
Convertible bonds and debentures
Mortgage covered bonds
Territorial covered bonds
Securitisation bonds
Preferred shares
Other issues
Short term
Commercial paper
Of which asset-backed
23,773
7,354
800
4,433
6,770
4,416
32,555
32,555
301
17,938
4,974
132
2,643
7,308
2,880
34,366
34,366
1,399
29,463
7,076
456
6,078
11,793
4,060
45,173
45,173
1,144
38,129
3,587
238
11,704
18,803
3,737
60
45,576
45,576
1,120
77,465
15,021
179
17,864
4,200
36,740
3,360
100
76,177
76,177
1,090
Total
56,328
52,304
74,635
83,705
153,642
Issues of convertible bonds and debentures totalled a nominal amount of 179 million, compared with 238 million in 2002. There were just two issuers in this segment (three in 2002):
real estate company Bami, with an issue of around 150 million, and Iberia (around 30
million)9.
The boom in the property market led to renewed growth in the issue of mortgage covered bonds
(cdulas hipotecarias), with the nominal amount rising from 11.7 billion in 2002 to 17.9
billion, while the number of issuers in this important segment remained unchanged (8). The
main issuers were: La Caixa (5.2 billion), SCH (5 billion) and BBVA (3 billion). A further
three entities (Banco Sabadell, Banesto and Caja Madrid) registered 1.5 billion each. In contrast to the non-convertible bonds and debentures segment, fixed-rate issues predominated over
floating-rate issues, both in number and volume10. With regard to maturities, in terms of number and volume, the bulk of issues were under 10 years11.
As indicated above, the first issues of territorial covered bonds took place in 2003 following regulation of this instrument by Law 44/2002, of 22 November, on Measures to Reform the Financial
System12. Three issuers participated in this segment, with issues totalling a nominal amount of
4.2 billion13. The main issuer was SCH (2 billion), followed by Banco de Crdito Local de Espaa
(1.5 billion) and Dexia Sabadell Banco Local (700 million).
9
10
11
12
13
Floating rate issues represented around 82% of the registered total. Issues with maturities greater than or equal to ten
years accounted for 43% of the total. See table A.1.9 of the Annex for further information.
See table A.1.8 in the Annex.
Fixed-rate issues accounted for 88% of the registered total. See table A.1.10 of the Annex for further information.
Issues with maturities under 10 years amounted to 64% of the total registered amount. See table A.1.10 of the Annex
for further information.
From an investors standpoint, territorial covered bonds are very similar to mortgage covered bonds in that they can only
be issued by credit institutions and their purpose is to finance loans from the issuer to territorial public administrations.
Like mortgage covered bonds, they are backed by the entirety of the issuers portfolio of loans to territorial public administrations.
See table A.1.11 of the Annex.
40
Primary markets
Issues of medium- and long-term securitisation bonds rose 95% on 2002, to 36.7 billion14. This
surge in issues was entirely due to asset-backed bonds, which represented 86% of the issued
amount, and the number of issuers (asset securitisation fundsFTA) increased from 16 to 31. A
considerable number of asset-backed bonds were placed with foreign investors, who absorbed
31% of the total. The amount of mortgage-backed bond issues fell 26% and the number of issuers
(mortgage securitisation funds, FTH) decreased from 11 in 2002 to 6. All issues in this segment
were placed in the domestic market.
Despite the decline in mortgage-backed issues, mortgages continued to play a vital role in securitisation: 71% of asset-backed issues corresponded to one-off mortgage covered bonds, mortgage participations and mortgage transfer certificates15. Also significant was the securitisation of
loans to SMEs, which accounted for 20% of asset-backed issues. In addition to these assets, one-
Figure 2.3
Billions of euros
Securitisation issues filed with the CNMV
Mortgage-backed
Other asset-backed
off territorial covered bonds and consumer loans, both originated by financial institutions, were
securitised, as well as construction certificates and other receivables originated by construction and
services companies16. Synthetic securitisation transactions were regulated in 2003 although there
were no such issues in the year (see box below for further information).
Of the most significant individual securitisation operations, the largest transactions were in the
asset-backed bond segment, where four separate issues amounted to 2 million or more. The
two largest issues (3.8 billion and 3.1 billion) were backed by one-off mortgage covered
bonds originated by several savings banks and undertaken by two asset securitisation funds
managed by Ahorro y Titulizacin. The other two issues (2.1 billion and 2 billion) involved the
14
15
16
Among securitisation issues, there were two short-term commercial paper issues amounting to 1.1 billion. For further
information see table A.1.12 of the Annex.
In accordance with Article 18 of Law 44/2002, of 22 November, on Measures to Reform the Financial System, mortgage
bonds relating to loans which do not fulfil the requirements established in Section 2 of Law 2/1981, of 25 March, regulating the mortgage market, may be issued and sold under this denomination.
The securitisation of one-off territorial bonds accounted for 4% of asset-backed bond issues, the same as the securitisation of consumer loans. Transactions backed by construction certificates and other receivables originated by construction companies and other services companies represented just under 1% of the total.
41
securitisation of real estate financing receivables and were undertaken by FTAs managed by
Europea de Titulizacin and Titulizacin de Activos, respectively. One of the most noteworthy
issues backed by other assets or receivables was the securitisation of SME loans worth 1.8
billion by an FTA managed by Santander Central Hispano Titulizacin. With regard to mortgagebacked bonds, only two issues exceeded 1 billion. The largest (1.5 billion) was placed by
Santander Central Hispano Titulizacin and the second (1.25 billion) corresponded to an FTA
managed by Gesticaixa.
Total preferred share issues filed with the CNMV in 2003 amounted to 3.4 billion in nominal
terms, a 10.1% drop on 2002. As in 2002, there were eight issuers, of which six were subsidiaries of Spanish financial institutions and the remaining two were subsidiaries of Spanish electricity
companies17. The largest issue was 1.5 billion by Santander Central Hispano Finance. The other
issues were below 1 billion.
The medium- and long-term issues filed with the CNMV included two subordinated financial contributions performed by Basque cooperatives under the regulation established for these institutions in the corresponding autonomous region legislation18. In nominal terms, the issues amounted to 100 million (included under Other issues in Table 2.5), of which 70 million were issued
by the cooperative Eroski, and the remainder by the cooperative Fagor Electrodomsticos19. Eroski
had also filed an issue of this nature in 2002, with a nominal amount of 90 million.
Synthetic securitisation
Law 62/2003, dated 30 December, on fiscal, administrative and labour measures, increased the
operating possibilities of asset securitisation funds since it authorised those funds to perform
the synthetic securitisation of loans and other receivables, thus recognising and regulating an
activity that has grown significantly in the international arena and in which, to date, Spanish
financial entities could participate only by establishing special purpose vehicles in other countries.
The objective of synthetic securitisation is to transfer all or part of the credit risk of loans or
other receivables to the securitisation fund in return for a consideration or premium. This
transfer is performed through a credit derivative, normally a credit default swap (CDS). In
order to fulfil its commitments in the event of the non-payment of the loans or receivables
covered, the securitisation fund raises third-party funds by issuing fixed-income securities,
whose repayment is conditional on the evolution of credit protection payments made obligatorily by the securitisation fund. Funds thus raised are normally invested in highly-liquid,
high-rating assets (see diagram below).
Unlike traditional securitisation, synthetic securitisation is not intended to securitise a portfolio of loans or receivables by removing it from an entitys balance sheet, but to facilitate
the management of the portfolios credit risk. The covered assets remain on the entitys
balance sheet, while the securitisation fund assumes the credit risk in the terms agreed in
the credit derivative contract. These operations can be especially beneficial to credit institutions as an alternative to traditional securitisation and other credit risk management techniques.
17
18
19
See Table A.1.7 of the Annex.

Article 57 of Law 4/1993, dated 24 June, on Cooperatives in the Basque Country, amended by Article 8 of Law 1/2000,
dated 29 June. In accordance with that law, subordinated financial contributions (i) do not grant voting rights to their
holders in the general assemblies of cooperative partners, (ii) may accrue fixed or variable remuneration, (iii) their term
is until the company is dissolved, although the issuer may call them after five years, and (iv) in terms of the order of
precedence, they come after all common creditors.
42
Primary markets
Diagram of a typical synthetic securitisation operation
Credit derivative
Segurities issue
Agreed premium
Originator
(financial
institution)
Credit protection
payments (at
maturity)
Issue proceeds
Asset
securisation
fund
Investments
Interest and principal

less credit protection
payments
Investors
Interest and principal
Collateral
The new regulation establishes that asset securitisation funds may sign credit derivative contracts only with credit institutions, investment services firms and non-resident institutions
authorised to perform this activity. The regulation also establishes that the assets of the securitisation funds that perform synthetic securitisation operations may consist of deposits at credit institutions and fixed-income securities traded in official secondary markets, including reverse repos. Those deposits and securities may be assigned, encumbered or pledged in any way
as a guarantee of the commitments undertaken by the fund.
Commercial paper
In 2003, 64 issuers filed commercial paper issues and shelf registrations with the CNMV for a
total of 76.2 billion euros, compared with 52 issuers and 45.6 billion in 2002. Placements20
amounted to 155.9 billion, approximately 47% more than the previous year. This dynamism
had an impact on the segments outstanding balance, which totalled 32.2 billion, 36% more
than in 2002.
As illustrated in Figure 2.4, issue interest rates declined until August 2003, and then stabilised. In
December 2003, the average APR of the placements was 2.14%, compared with 3.02% in the
same month of the previous year. Three-month issues were the most common, accounting for 79%
of total placements (see Table 2.5).
The financial sector accounted for 81% of issuers, 87% of the registered amount and 95% of
the placed amount. Within this sector, the largest placements were by Banco Popular Espaol
(30 billion), BBVA Banco de Financiacin (21.3 billion) and Santander Consumer Finance
(11.5 billion). Two of the issuers were asset securitisation funds, whose placements totalled
3.9 billion21. The largest placements by non-financial companies were by Renfe (1.9 billion)
and Telefnica (1.2 billion).
20
21

One asset securitisation fund was managed by Santander Central Hispano Titulizacin and the placement totalled 3.7
billion, and the other was managed by Ahorro y Titulizacin and the placement totalled 190 million.
43

Figure 2.4
APR (%)
Billions of euros
Comercial paper: placement and yields
ja
ja
Placements
Average percentage rate (APR)
Figure 2.5
Commercial paper: break-down of placements by maturity
Up to 3 moths
2.4
3 to 6 moths
6 to 12 moths
Over 12 moths
Other issues registered at the CNMV22
Warrant issues registered with the CNMV amounted to 1.3 billion in notional terms, down approximately 1 billion on 2002. The number of issuers fell from nine to seven. The main underlyings
were the shares of listed companies (57% of the notional amount registered) and equities inde-
22
44
Primary markets
xes (37%). The principal issuer was Socit Gnrale Acceptance (505 million), followed by Caja
Guipzcoa (298 million) 23.
The CNMV also registered issues of other financial contracts marketed by financial institutions,
mainly deposits associated with options. These issues amounted to 501 million euros, compared
with 1.7 billion in 2002. The number of issuers fell from 14 to eight. As in the case of warrants,
shares of listed companies were the most common underlyings, accounting for 95% of the registered amount. Contracts on indexes accounted for the remaining 5%. A single bank, Banesto,
accounted for almost 51% of the registered amount in this segment.
23
A rare occurrence last year was the participation of a non-financial company, Sogecable, as an issuer in this segment.
The underlying of the issue, whose notional amount was 11.4 million, were the shares of Sogecable itself, and the issue
was in the context of the merger of digital platforms Canal Satlite and Va Digital.
45
CHAPTER 3
SECONDARY MARKETS
Secondary markets
3. Secondary markets
3.1
Equity markets
The Spanish stock market ended 2003 with a sizeable gain for the first time in four years. In 2003,
trading volume increased by 11.4% to 495.5 billion euros and market capitalisation gained 28.7%
to 615.6 billion euros.
Index performance
The Ibex-35 index closed the year at 7,737 points, i.e. 28.2% more than at 2002 year-end, after
losing a total of 48.1% in the three previous years. The IGBM (Madrid Stock Exchange General
Index) closed the year at 808.0 points, i.e. 27.4% higher than in 2002. In addition to the general factors stated in chapter 1, the improvement in Latin America, where many large Spanish companies have invested heavily, contributed positively to Spains equity performance. The annualised
implicit volatility of Ibex-35 derivatives declined by 21.6% to 13.1% at 2003 year-end. In the
IGBM, the best performer was the communications and information services sector (+44.5%),
followed by financial services (+31.5%). The only loser was the consumer goods sector (-4.1%)
as a result of large losses by a single stock1.
As in other Western countries, there were two clearly distinct phases in 2003 (see figure 3.1). The
first quarter was shaped by losses in all the Spanish stock markets and strong index volatility due
to instability in the Middle East. The rest of the year was characterised by a bullish trend and lower
volatility.
The shares listed on Latibex (the Latin American market) gained considerably in 2003 due to economic and financial improvement in the region. In 2003, the FTSE Latibex All-Share index gained
37.3% and its volatility decreased.
The first transatlantic members in Latibex

The first transatlantic (i.e. remote) members joined Latibex in 2003: Bradesco Corretora (a
So Paulo Stock Exchange broker) and Banchile Corredores de Bolsa (a Santiago de Chile
broker).
The Latin American Stock Exchange (Latibex) regulation(1) and one of its operating instructions(2) detail the procedure and conditions for becoming a non-resident member of this market. Firms that are already members of Latin American stock markets whose securities are listed on Latibex can be remote members. The requirements include: (i) existence of an agreement between the CNMV and the supervisor of the home market; (ii) compliance with the
requirements for investment services firms not resident in Spain; (iii) membership of a Latin
American stock market whose securities are listed on Latibex and where there are supervision
collaboration mechanisms between that market and Latibex; and (iv) having the necessary
capacity.
The share price of Industria de Diseo Textil, S.A. (Inditex) fell 28.5% in 2003.
49
Latibex provides liquidity, facilitates arbitraging between the various markets, and provides
experience in trading in those securities. Moreover, since BME(3) had already exported technology to several markets in the region, the technical costs of listing are lower (4).
There are now 31 American(5) securities listed on Latibex and their market capitalisation totals
95.5 billion euros, making it one of the largest Latin American securities markets. Moreover,
since it operates within the European time zone, it provides liquidity when the home markets
are closed.
(1)
(2)
(3)
(4)
(5)
Latin American Securities Market Regulation, dated 18 November 1999.

Operating instruction No. 9/2001, dated 16 November 2001, regarding admission of members of Latin American stock markets to the
Latin American securities market.
Bolsas y Mercados Espaoles.
Visual Trader, the multilateral platform used by remote members to trade in Latibex, is owned by BME.
Mexico, Puerto Rico, Panama, Brazil, Peru, Chile, Argentina and the US.
Figure 3.1
Ibex-35 index performance and implicit volatility(1)
8,000
Volatility
% (RH)
7,000
6,000
Ibex-35
(LH)
5,000
Jan. 03
(1)
Mar. 03
Jun. 03
Sep. 03
Dic. 03
Implicit volatility published by MEFF-RV for the front derivative contract.
Table 3.1
Sector index performance. Madrid Stock Exchange. 2003
Yield (% change)
Sector
2002
2003
Consumer goods
-1.0
Capital and intermediate goods
-8.4
Energy
-20.3
Construction
4.2
Financial services
-26.3
Communications and information services -41.6
Market services
-7.3
IGBM
50
-23.1
1Q
2Q
3Q
4Q
-4.1
29.6
25.0
25.4
31.5
44.5
21.3
-9.5
-14.5
2.8
4.7
-8.0
3.4
3.7
14.8
16.4
13.8
3.6
22.6
20.2
10.0
-6.0
7.3
-2.8
4.2
-2.6
1.5
2.8
-1.7
21.2
10.0
11.0
19.8
14.6
3.5
27.4
-3.1
17.2
-0.9
13.3
Secondary markets
Corporate earnings
After sizeable corporate losses in 2002, the companies in the Madrid Stock Exchange General
Index (IGBM) attained pre-tax profit of 35.2 billion euros in 2003 (see figure 3.2) due mainly
to an improvement in Latin American countries, which enabled Spanish companies with investments in the region to reduce their provisions. There were gains in the telecommunications and
bank subsectors with investments in America, and in the electronics and software subsectors,
due to narrower losses at Terra. Conversely, advertising, press and TV companies registered an
aggregate loss of 179 million euros2 and the beverages and tobacco subsector saw profit decline by 27.4%. Of the 106 companies belonging to the IGBM, pre-tax profit increased at 74 companies and decreased at 28 companies in 2003.
Table 3.2
Pre-tax profit of IGBM companies
Million euros and %
2000
Consumer goods
Capital and intermediate goods
Energy
Construction
Financial services
Communications and information
services
Market services
Total IGBM
2001
2002
2003
2003/02 (%)
1,008.3
1,167.0
9,979.8
1,478.1
10,160.1
1,372.1
766.7
7,308.2
1,816.3
10,717.9
1,600.3
917.4
7,816.2
2,141.2
9,679.9
1,459.9
897.0
9,498.0
4,297.4
11,444.2
-8.8%
-2.2%
21.5%
100.7%
18.2%
2,427.9
1,607.5
2,645.6
1,377.9
-26,938.9
1,751.5
5,373.9
2,259.1
29.0%
27,646.7
26,004.6
-3,099.5
35,229.4
Source: Bolsa de Madrid magazine
Earnings improvement at listed companies

Listed companies pre-tax profit grew substantially in 2003. IGBM companies, which posted
a loss of 3.099 billion euros in 2002, recorded a pre-tax profit of 35.229 billion euros in
2003(1).
The bulk of the improvement in listed companies earnings was due not only to an increase in
ordinary profit but also to a reduction in extraordinary losses at companies with sizeable investments in Latin America. The telecommunications sector performed superbly: from a loss of
25.470 billion euros in 2002 to a profit of 5.628 billion euros in 2003 due to narrower extraordinary losses at the Telefnica Group(2). The banking sector also substantially reduced extraordinary expenses related to financial investment write-downs(3) in Latin America so, despite
lower operating profit, pre-tax profit increased by 17.5% to 10.811 billion euros.
The gain by two other leading sectors was due to the general economic improvement. Profits
in the energy sector increased by 21.5% to 9.498 billion euros due mainly to higher oil prices,
which boosted earnings at Repsol YPF(4) and Cepsa. The construction sector reflected strong
performance in Spain and doubled pre-tax profit to 4.297 billion euros.
Two sectors registered a decline in 2003: the advertising, press and television sector recorded a loss of 179.8 million euros due to heavy losses at Sogecable as a result of restructuring costs related to the digital platform merger, whereas the beverages and tobacco sec-
Due to higher losses at Sogecable (+384.2 million euros).
51
tors earnings were positive but they fell substantially due to lower profit at Altadis as a
result of restructuring costs to absorb Moroccan tobacco company Rgie des Tabacs du
Maroc.
(1)
(2)
(3)
(4)
Madrid Stock Exchange data.

The Telefnica Group recorded an extraordinary loss of 1.249 billion euros in 2003, much lower than the 16.218 billion euros in 2002.
Consolidated extraordinary items at Banco Bilbao Vizcaya Argentaria plus Banco Santander Central Hispano went from a loss of 771
million euros in 2002 to a gain of 566 million euros in 2003.
Repsol YPFs ordinary profit increased from 2.202 billion euros to 3.432 billion euros in 2003.
Performance of companies listed in Spanish stock markets

At 2003 year-end, there were 3,235 companies listed in the Spanish stock markets (211 more
than in 2002), of which 159 traded on the electronic market (132 in the Spanish market and 27
in Latibex), 3,054 by open outcry (2,989 SIMs/SIMCAVs and 65 other companies) and 22 in the
second market (see figure 3.2).
Figure 3.2
Companies listed in the Spanish equity markets at year-end
3,000
2,500
2,000
1,500
1,000
Electronic market
SIM/SIMCAV
Second market
Other open outcry
The electronic market figures include Latibex.
Table 3.3
Change in the number of listed companies, by market. 2003
Total
Open
Second
Total
Electronic market
Domestic
Latibex
outcry
market
Listings
275
268
New listings
Listings due to mergers
Change of market
273
0
2
5
0
1
1
0
1
4
0
0
267
0
1
1
0
0
Delistings
64
11
11
50
Exclusions
Exclusions due to mergers
Change of market
53
10
1
6
5
0
6
5
0
0
0
0
45
5
0
2
0
1
211
-5
-9
218
-2
3,024
3,235
164
159
141
132
23
27
2,836
3,054
24
22
Net change
Pro memoria
Listed at 31/12/02
Listed at 31/12/03
52
Secondary markets
A total of 275 companies were listed in 2003 due almost entirely to additions in the open outcry segment (see table 3.3). Four new companies were listed in Latibex, two from Mexico, one from Brazil
and one from the US. A total of 64 companies were delisted, 11 of them in the electronic market.
Market capitalisation
As observed in figure 3.3, at 2003 year-end the market capitalisation of Spains bourses totalled
615.6 billion euros (28.7% more than in 2002); 70.5% corresponded to domestic companies in
the electronic market, 15.5% to Latibex and 8.1% to foreign companies in the electronic market3
(7.7% in 2002). The open outcry markets capitalisation increased by 17.3%.
Figure 3.3
Capitalisation of the Spanish equity markets
billion euros
Electronic market-Spanish
companies
Electronic market-foreign companies
Open
outcry
Latibex
Figure 3.4
Market capitalisation of equities by sector
Other
Oil
Energy &
water
Minig
Other
Oil
Energy &
water
Minig
SIMCAV
SIMCAV
Metal
Metal
Banks
Transport &
comunications
Banks
Construction
Transport &
comunications
Construction
Foreign companies that are listed in the Spanish markets are: Bayer, Volkswagen, Jazztel, EADS, Reno de Medici, Meli
Inversiones Americanas, Commerzbank, Lafarge and Arcelor.
53
The main increases in the sector weightings in 2003 were in oil and metal-mechanical. The weighting of textile & paper and SIMCAVs decreased. Transport & communications became the largest
sector in terms of market capitalisation (20.3%), followed by banks (19.7%).
Trading
Trading amounted to 495.5 billion euros in 2003, i.e. 11.4% higher than in 2002 (see table 3.4)
due mainly to price increases. The electronic market, whose activity rose by 11.6%, concentrated
99.1% of total trading. Regular session trading in the electronic market grew by 12.6% to 457.5
billion euros4 due mainly to an increase in block trading.
Trading was concentrated in a small number of securities. In the electronic market, ten securities
accounted for 81.0% of total trading and the 35 most-traded securities represented 94.8%.
Table 3.4
Equities trading in Spanish stock markets
Amounts in million euros
Trading
2001
Change (%)
2002
2003
440,604.8
3,672.1
2,469.6
660.2
296.7
245.6
439,950.4
4,967.3
3,235.3
948.6
297.8
485.5
491,035.9
4,444.7
3,009.8
871.1
147.5
416.3
-0.1
35.3
31.0
43.7
0.4
97.7
Total stock markets 444,301
444,935
495,494
0.1
Electronic market
Open outcry
Madrid
Barcelona
Bilbao
Valencia
2002/01
2003/02
Share (%)
2002
2003
11.6
-10.5
-7.0
-8.2
-50.5
-14.3
98.9
1.1
0.7
0.2
0.1
0.1
99.1
0.9
0.6
0.2
0.0
0.1
11.4
100.0
100.0
Increased activity in the Spanish stock markets was also reflected in turnover velocity (ratio between regular session trading and market capitalisation), which stood at 102.5%, i.e. 14.2 percentage points higher than in 2002 (see figure 3.5).
Figure 3.5
Yearly turnover velocity in the Spanish electronic market (1)
Turnover velocity
102.5
(1)
73.2
71.5
59.0
Regular session trading as a % of market capitalisation.
See Annex 2.2.12
54
92.1
88.2
88.4
Secondary markets
Trading in individual sectors was very mixed (see table 3.5). Trading increased in ten sectors,
especially banks and oil, and decreased in seven sectors, especially transport & communications.
Turnover velocity in the electronic market was greatest in food (159.0%) and banks (148.6%),
and lowest in finance companies (4.1%) and metal-mechanical (4.7%)
Table 3.5
Trading in Spanish stock markets, by sector(1)
Million euros
1999
Oil
Energy & water
Mining & basic metals
Cement & construction materials
Chemicals
Textile & paper
Metal-mechanical
Food
Construction
Real estate
Transport & communications
Other
Total non-financial sector
Banks
Insurance companies
Portfolio companies
SIM/SIMCAV
Finance companies
Total financial sector
Total
(1)
2000
2001
2002
2003
15,810.6
52,940.4
4,663.3
2,131.1
1,161.3
2,669.3
3,322.2
12,409.4
7,223.6
3,124.5
53,970.8
6,622.9
166,049.2
29,020.0
46,101.3
3,583.2
1,154.2
978.6
834.1
3,851.0
10,019.4
10,345.8
3,148.4
60,756.9
18,291.7
188,084.8
30,699.3
56,658.4
4,163.2
888.9
6,355.2
1,577.8
2,639.4
13,314.0
9,046.1
2,940.0
161,057.4
65,422.0
354,761.8
34,511.2
57,691.7
6,476.5
785.4
3,321.4
10,666.0
2,237.3
9,409.7
9,257.2
2,257.1
144,379.6
32,159.6
313,152.7
30,056.7
62,515.9
7,622.4
763.4
1,670.7
7,899.7
1,109.4
13,947.9
15,287.0
5,664.3
111,475.3
20,013.8
278,026.5
87,409.1
2,309.7
2,747.1
2,538.3
0.0
95,085.3
1,201.9
2,258.2
2,664.4
28.3
129,536.5
1,566.1
3,259.8
3,048.1
0.6
122,665.5
1,233.8
3,748.5
3,472.4
4.1
158,505.0
1,192.7
2,755.9
4,422.7
15.0
95,004.3 101,238.0
261,053.5 289,322.8
137,411.1 131,124.2 166,891.2

492,172.9 444,276.9 444,917.6
Second market data not included.
Other factors in Spanish equities

Despite the 9.7% increase in trading by non-resident investors in 2003, their share of the total
market fell to 50.7% of total trading (54.5% in 2002). As in 2002, they were net sellers, divesting
14.3 billion euros (21.0 billion euros in 2002).
Figure 3.6
Equities trading in Spanish stock markets by non-residents (half-yearly figures)
150,000
millon euros
125,000
100,000
75,000
50,000
25,000
0
Purchases (LH)
Sales (LH)
% Non-residents/total trading (RH)
55
Spanish FIM funds portfolio of Spanish stocks stood at 1.5% of market capitalisation at 2003 yearend (see figure 3.7), one-tenth of a point more than in 2002. Their portfolio of foreign stocks
accounted for 63.8% of the shares held by FIM funds.
Figure 3.7
Shares held by FIM funds
35,000
Million euros
Foreign
Spanish shares as a
% of capitalisation
(RH)
30,000
25,000
Spanish
20,000
15,000
10,000
5,000
0
In 2003, trading of Spanish securities in the New York Stock Exchange decreased to 4.410 billion
dollars, i.e. 22.1% less than in 2003. Trading of Spanish securities on foreign stock markets decreased to 1.2% of trading on Spanish bourses, i.e. two-tenths of a point less than in 2002.
Table 3.6
Effective trading of Spanish securities in the New York Stock Exchange
BBVA
BSCH
Million dollars
1997
410.1
697.5
1998
674.2
699.4
1999
331.4
323.8
2000
292.0
609.9
2001
790.6
555.1
2002
607.7
627.1
2003
496.1
520.7
% of trading on Spanish markets
1997
4.3
6.4
1998
3.1
2.9
1999
1.2
0.7
2000
0.4
1.1
2001
1.5
1.2
2002
0.9
0.9
2003
0.6
0.6
Endesa
Repsol YPF
Telefnica Tel. Mviles
1,043.5
1,107.3
566.8
569.2
430.3
511.7
435.5
2,640.9
2,119.4
1,373.3
1,688.5
1,161.7
1,277.2
890.9
4,682.7
3,513.8
2,183.3
23,163.9
6,300.2
2,629.5
2,042.3
4.9
3.3
1.8
1.8
1.8
2.0
1.2
15.0
12.4
5.1
5.1
3.8
4.6
2.0
12.7
6.2
3.6
14.1
5.2
2.7
1.9
Total
16.6
11.0
10.9
24.4
9,474.7
8,114.2
4,778.6
26,340.0
9,249.0
5,664.2
4,409.8
0.2
0.3
0.5
1.0
5.0
2.6
1.5
4.9
2.3
1.4
1.2
Source: Madrid Stock Exchange
Nuevo Mercado and second market

In 2003, the number of securities listed in the Nuevo Mercado remained unchanged at 145. The
price increases in technological securities (the Ibex-Nuevo Mercado index gained 27.4%) boos5
Abengoa, Amper, Amadeus Global Travel Distribution, Avanzit, Puleva Biotech, Befesa Medio Ambiente, Tecnocom
Telecomunicaciones y Energa, Indra Sistemas, Jazztel, Natraceutical, Service Point Solutions, Telefonica Publicidad e
Informacion, Terra Networks and Zeltia.
56
Secondary markets
ted market capitalisation to 11.9 billion euros (1.9% of total Spanish equities). Trading volume increased by 14.1% to 14.3 billion euros (2.9% of total trading in the Spanish markets).
Trading in the second market remained low in 2003. Twenty-two companies were listed at 2003
year-end (two less than in 2002). Market capitalisation grew by 1.5% to 388.6 million euros but
trading declined by 25.5% to 13.3 million euros.
3.2
Fixed-income markets
In 2003, Spains secondary markets in fixed-income securities operated in a context of low shortand long-term interest rates. Low yields on public debt meant that investors preferred corporate
fixed-income: trading increased in bonds and debentures listed in the stock markets (+5.5%) and
in the AIAF market (+41.0%), but decreased in the government debt book-entry market (-2.8%)
(see table 3.7).
Table 3.7
Trading in organised fixed-income markets
Nominal trading in million euros
(1)
Government debt book-entry market

Bonds and debentures
Treasury bills
2001
2002
2003
1,964,678
1,899,590
65,088
2,310,943
2,270,847
40,096
2,246,881
2,157,130
89,751
-2.8
-5.0
123.8
57,463
2,384
55,079
71,140
2,046
69,094
75,058
2,354
72,704
5.5
15.1
5.2
143,733
100,812
2,001
2,100
38,820
272,470
212,702
3,458
4,164
52,146
384,089
265,604
3,107
20,684
94,694
41.0
24.9
-10.1
396.8
81.6
Stock exchanges(2)
Electronic market
Open outcry
AIAF
Commercial paper
Matador bonds
Mortgage bonds
Change (%)
(1)
Outright spot trades only

Effective amount
Source: Bank of Spain, AIAF and CNMV
(2)
Figure 3.8
Interest rates on 3-month commercial paper, interbank deposits and repos in 2003
3,00
Comercial
paper
2,75
Interbank
deposit
Repo
2,50
2,25
2,00
1,75
1,50
Jan.
Feb.
Mar.
Abr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dic.
57

In the AIAF market, the average yield on 3-month commercial paper fell by 77 basis points and on
12-month commercial paper by 51 basis points; their spread against public debt repos narrowed
slightly (see figure 3.9).
Figure 3.9
Long-term fixed-income yields in 2002 (corporate vs. public)
5.5
5.0
4.5
4.0
3.5
3.0
Jan.
Feb.
Mar.
Abr.
May.
Jun.
AIAF
Jul.
Aug.
Sep.
Oct.
Nov.
Dic.
Public debt
The Spanish ten-year public debt yield stood at 4.25% at 2003 year-end (the same as at 2002
year-end) and the three-year yield narrowed 75 basis points to 2.25%, so the slope curve increased significantly. The spread with respect to German long-term public debt fell from 10 basis points
to five. Yields on over 10-year corporate debt traded in the AIAF market performed in parallel with
sovereign debt and closed 2003 at 4.95%.
Public debt book-entry market
Outright spot trades in the public debt book-entry market decreased by 2.8% to 2.2 trillion euros
in 20036. Trading decreased in bonds and debentures (-5.0%) but increased in Treasury bills
(123.8%). Trading for third parties represented 63.7% of the total debt market, i.e. less than the
65.6% registered in 2002.
AIAF
The private debt market benefited from low yields on public securities. The number of issuers
and issues in the AIAF market increased in 20037. The number of issuers was 270 at 2003 yearend, 42 more than at the end of 2002. The outstanding listed balance increased by 55.2% to
197.1 billion euros due to sharp growth in commercial paper and asset-backed securities (securitisation bonds, and mortgage bonds and territorial covered bonds).
Trading on AIAF increased by 39.5% to 384.1 billion euros in 2003 (see figure 3.11). Commercial
paper was the most dynamic segment of AIAF: trading amounted to 261.6 billion euros, i.e. 56
billion euros more than in 2002, and it accounted for 68.1% of the total volume traded on AIAF.
6
7
Repos attained a nominal amount of 11.2 trillion euros, a 9.7% increase on 2002.
See Chapter 2.
58
Secondary markets
Figure 3.10
Public debt. Trading and outstanding balance. 2003
Million euros
250.000
300,000
Total outstanding balance

(RH)
Treasury bill trading

(LH)
Bond and debenture
trading (LH)
200.000
290,000
150.000
280,000
100.000
270,000
Jan.
Feb.
Mar.
Abr.
May.
Jun.
Jul.
Aug.
Sep. Oct.
Nov.
Dic.
MEFFs central counterparty for public debt

In September 2003, Meffclear began providing central counterparty (CCP) services for MEFF
Renta Fijas fixed-income transactions. This activity is not completely new for the MEFF group
since it expands the other CCP services that it has provided since 1989 regarding futures and
options trading. Until then, the Spanish financial system had only provided CCP services for
derivatives transactions. Nevertheless, CCP services have been provided in Europe for several
years by prestigious companies such as LCH.Clearnet(1) and Eurex Clearing(2).
A central counterpartys main activity is to act as a single counterparty for the parties involved
in transactions with securities or financial instruments, i.e. when a trade is registered in the
CCP, the latter acts as a seller to the buyer and as a buyer to the seller, thus eliminating counterparty risk. The parties are committed to settling their net position with the CCP at the end.
Central counterparties are very advantageous for financial institutions since they provide security and ensure successful trades. Improved risk management and control enables the institutions to save on equity by reducing the necessary amount for complying with their solvency
coefficients. CCP services also eliminate bilateral credit facilities between counterparties.
Meffclear provides counterparty services for the public debt market in both repo and spot trades in the SENAF electronic system and other trading platforms. Its main characteristics are as
follows:
(i) conditions for access: the parties with direct responsibility are the counterpartys clearing
members who can maintain their own accounts and those of clients. Those members and the
clients must own an Iberclear account and have a treasury account at the Bank of Spain.
Clearing members must also have at least 100 million euros in equity and deposit an initial
general guarantee based on their activity for their own account and for third parties.
(ii) clearing of initial positions and margins: the CCP acts as a direct counterparty to clearing
members and clients, so clients are not affected if clearing members fail to comply. Clearing is
not allowed between own accounts and client accounts, so daily margins are calculated independently for each account.
(1)
(2)
LCH.Clearnet is the CCP resulting from the merger between the London Clearing House and Clearnet in mid-2003. LCH.Clearnet provides services to the London Stock Exchange and Euronext.
Eurex Clearing provides CCP services to Deutsche Brse.
59

Asset-backed bonds were the fastest-growing segment (224.2% to 36.7 billion euros) while mortgage-backed bonds expanded by 40.1% to 33.3 billion euros. Trading in territorial covered bonds
amounted to 3.9 billion euros.
Table 3.8
Issuers, listed issues and outstanding balances on AIAF at 31 December
Amounts in million euros
Issuers
Segments
2002
Outstanding balances
Issues
2003
2002
2003
2002
2003
Amount % of total
Amount % of total
Change%
Commercial paper(1)
49
Matador bonds
25
Covered bonds(2)
8
(3)
Bonds and debentures 169
58
21
10
216
1,459
56
22
453
1,504
40
34
581
21,114
3,747
22,052
80,090
16.6
3.0
17.4
63.1
30,282
2,976
41,913
121,972
15.4
1.5
21.3
61.9
43.4
-20.6
90.1
52.3
Total
270
1,990
2,159
127,003
100.0
197,142
100.0
55.2
(1)
(2)
(3)
228
Includes securitised commercial paper.

Includes mortgage and territorial covered bonds.
Includes non-convertible bonds and debentures, mortgage-backed bonds and asset-backed bonds.
Figure 3.11
Trading on AIAF by segment
Million euros
280,0000
240,000
200,000
160,000
120,000
80,000
40,000
0
Commercial
paper
Debentures
and bonds
Mortage
covered
bonds
Territorial
covered
bonds
Matador
bonds
Trading for third-party accounts exceeded 85.7% of total trading, compared with 84.7% in 2002
and 77.6% in 2001. Retail trading (trading with third parties) was especially significant in the segments of territorial and mortgage covered bonds, commercial paper and non-convertible bonds
(see Annex A.2.26).
Stock exchanges
In 2003, ten exchange-traded fixed-income securities were delisted while ten new issues were listed, and the outstanding balance increased by 14.7% to 14.5 billion euros. In absolute terms, the
60
Secondary markets
largest increase was in regional government debt. The sharpest increase in the outstanding balance of debt was by finance companies (239.3%).
Table 3.9
Issuers, listed issues and outstanding balances
on the stock exchange at 31 December
Outstanding balances in million euros
Segments
2002 2003
Issuers
2002
2003
2002
Issues
2003
Change (%)
Corporate
Energy & water
Banks
Finance companies
Other
Public sector and
international agencies
Regional governments
State agencies
International bodies
Other
41
3
5
24
3
9
37
2
5
22
1
7
130
8
14
91
5
12
122
8
15
82
10
7
3,758
55
877
2,354
397
76
5,175
99
1,070
2,430
1,347
230
37.7
80.7
22.0
3.2
239.3
204.0
28
3
2
11
12
22
3
2
6
11
135
43
33
32
27
153
78
26
17
32
8,886
3,134
274
4,805
673
9,325
6,160
269
1,771
1,124
4.9
96.5
-1.7
-63.1
67.0
Total
69
59
265
275
12,644
14,500
14.7
Sources: Stock exchanges and CNMV
Figure 3.12
Trading in fixed-income securities on the stock exchanges
Trading
Regional
governments
debt
(%)
65,000
50,000
Million euros
Regional government debt (%)
80,000
35,000
In 2003, stock-exchange trading in fixed-income securities totalled 73.4 billion euros, a 5.1%
increase on 2002, and was concentrated mainly in the open outcry segments in Barcelona and
Bilbao, where public debt securities issued by the Catalunya and Basque regional governments,
respectively, are traded (71.5 billion euros).
61
3.3
Margin trading and security lending
Margin trading involves granting credit directly related to the buying and selling of securities listed in securities markets8. Margin buying declined by 9.6% to 346.1 million euros whereas shortselling increased by 23.9% (but was still below the buying volume). The outstanding balance grew
slightly in margin buying and significantly in short-selling (see table 3.10).
Table 3.10
Margin trading
Amounts in thousand euros
Margin trading
Margin buying
1995
1996
1997
1998
1999
2000
2001
2002
2003
31,571
115,665
467,239
810,770
677,184
1,121,315
534,132
382,859
346,065
Short-selling
9,009
15,176
37,299
125,392
167,512
151,422
174,106
161,211
199,768
Outstanding balance(1)
Margin buying
3,211
9,318
11,240
23,668
32,606
54,687
43,114
31,452
32,831
Short-selling
243
1,122
3,501
3,588
6,013
4,400
8,531
7,758
17,316
(1)
Amounts at year-end
Source: Madrid Stock Exchange, SCLV and CNMV
The balance of securities lending through securities markets more than doubled in 2003, to 28.9
billion euros9 (see figure 3.13). Securities lending in 2003 amounted to 161.8 billion euros,
51.2% more than in 2002. Securities lending enables investors to borrow Ibex-35 shares for a
maximum of three-and-a-half months from other investors, who receive a specific interest while
saving on deposit and custody fees. When the borrowed securities are sold, the amount of this
transaction remains as collateral at the broker until the transaction is finalised and the securities are returned.
3.4
Securities clearing and settlement
In 2002, the Law on Measures to Reform the Financial System introduced a new legal framework
for securities clearing and settlement systems in Spain. It established the creation of a holding
company through the merger of the SCLV (the Spanish Securities Clearance and Settlement
Service) and CADE (the Government Debt Book-Entry System) to provide clearing and settlement
services for securities listed in Spain.
On 1 April 2003, Iberclearthe trade name for Sociedad de Gestin de los Sistemas de Registro,
Compensacin y Liquidacin de Valores, S.A. Unipersonaltook on the two aforementioned companies responsibilities for registering, clearing and settling securities and became the central securities depository in Spain. Since September 2003, Iberclear is wholly owned by Bolsas y Mercados
Espaoles (BME) since the Bank of Spain exchanged its SCLV stake for a stake in BME.
8
9
Ministerial Order dated 25 March 1991 on the margin system in stock market transactions.
The average outstanding balance was 19.4 billion euros in 2003, i.e. 30.9% higher than in 2002.
62
Secondary markets
Figure 3.13
Securities lending
% of electronic marcket
traininh (RH)
% of electronic
marcket
capitalisation (RH)
Equities settlement increased significantly in 2003, boosted by good stock market performance.
The number of settlements grew by 4.5% to 16.2 million and the total amount rose by 9.3% to
978.3 billion euros.
Iberclear settled 9.8 million fixed-income transactions in the public debt book-entry market in
2003 and 1.5 million transactions in the AIAF market. The nominal value of settlements was 81.0
billion euros in the public debt book-entry market and 3.5 billion euros in the AIAF market.
63
CHAPTER 4
DERIVATIVES MARKETS
Derivative markets
4. Derivative markets
4.1
International situation
Trading in derivatives continued to grow rapidly in 2003, although to a lesser extent than in
the previous two years due to lower volatility in the international financial markets, especially
stock markets. According to the Bank for International Settlements (BIS), the total number of
contracts traded in organised markets worldwide exceeded eight billion in 2003 (see Table 4.1),
i.e. 33% more than the previous year, compared with the year-on-year increase of 37% in
2002 and 47% in 2001. In terms of notional value, trading amounted to $873.7 trillion1. Overthe-counter (OTC) trading also grew significantly, even more so than in previous years. The
notional value of open interest at year-end amounted to $195.5 trillion, 38% more than in
2002, exceeding the 28% and 18% growth recorded in the previous two years (see Annex
A.3.1.b).
Table 4.1
International derivatives markets.
Total trading by instrument
Millions of contracts
2002
2003
Change %
Futures
Interest rates
Securities indexes
Currencies
Commodities
Options
Interest rates
Securities indexes
Individual stocks
Currencies
Commodities
2,156.4
1,147.9
530.3
42.6
435.6
3,906.7
240.3
2,235.5
1,366.5
16.1
48.3
2,836.4
1,573.5
725.1
58.3
479.5
5,209.5
302.3
3,234.3
1,608.0
14.2
50.7
31.5
37.1
36.7
36.9
10.1
33.3
25.8
44.7
17.7
11.8
5.0
Total
6,063.1
8,045.9
32.7
Source: BIS.
Trend in derivatives trading, by underlying

The increase in trading in organised derivatives markets was particularly intense in interest rate
futures and options; the number of contracts rose by 35% and the notional value by 27%,
accentuating the difference in size between this segment and the other groups of derivatives. In
notional value, trading in this segment represented 90.8% of the total in 2003 (see Annex
A.3.1.a).
Products on short-term interest rates referenced to Euribor grew faster than Eurodollar derivatives. Table 4.2 and Annex A.3.3 illustrate that growth in Euribor futures and options traded in
Euronext.Liffe was especially strong, whereas Eurodollar futures traded in the Chicago Mercantile
Exchange (CME) increased slightly and Eurodollar options fell.
In these figures, BIS does not include derivatives on individual stocks and commodities.
67
This performance can be explained by the following factors: (i) greater uncertainty about the
performance of official interest rates in the euro zone; (ii) strong growth in the OTC Interest
Rate Swap (IRS) market denominated in euros, which boosted hedging with Euribor futures; and
(iii) the shift in activity from the OTC markets to the organised markets in the euro zone, underpinned by the use of totally electronic trading systems in the organised markets in the euro
zone.
Trading in long-term interest rate derivatives increased due to intense movement in the underlying market throughout the year (see Chapter 1, section 3). As illustrated by Table 4.2, the increase was greater in contracts traded on the Chicago Board of Trade (CBOT), the direct competitor
of the German-Swiss Eurex market.
Table 4.2
International derivatives markets.
Trading in certain leading products(1)
Thousands of contracts
Underlying
Product
Eurodollar (f)
Euribor (f)
Eurodollar (o)
Euribor (o)
Market(2)
No. contracts traded

2002
2003
% change
CME
Euronext.Liffe
CME
Euronext.Liffe
202,081
105,757
105,581
33,480
208,771
137,692
100,819
57,730
3.3
30.2
4.5
72.4
191,263
114,679
95,786
50,512
244,414
150,087
146,745
73,746
27.8
30.9
53.2
46.0
1,889,882
115,742
86,355
84,343
2,837,725
161,177
116,035
73,668
Short-term
interest rates
3-m
3-m
3-m
3-m
Long-term
interest rates
Euro-Bund (f)
Euro-Bbl (f)
10 year T bonds (f)
30 year T bonds (f)
Eurex
Eurex
CBOT
CBOT
Securities indexes
KOSPI 200 (o)

E-mini S&P 500 (f)
DJ EuroStoxx 50 (f)
CAC 40 (o)
KSE
CME
Eurex
Euronext Paris
50.2
39.3
34.4
12.7
(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)
CBOT: Chicago Board of Trade; 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;
Euronext Paris: French branch of Euronext; KSE: Korea Stock Exchange.
Sources: Futures Industry Association and Futures and OTC World.
Trading in equities derivatives also surged in 2003, despite the lower volatility in the stock exchanges. The increase in trading was not homogenous among the various contracts, but was characterised by the following trends (see Table 4.2 and Annex A.3.3): (i) the concentration of activity in
contracts referenced to the pan-European indexes, in particular the DJ EuroStoxx 50; (ii) the shift
in US markets towards contracts traded on electronic systems (E-mini S&P 500 and E-mini Nasdaq
100), to the detriment of those traded via the traditional open outcry system; and (iii) exponential growth in products referenced to Koreas KOSPI 200 index, mainly options.
Futures and options on the KOSPI 200 index have grown spectacularly since they were introduced
by the Korean Stock Exchange (KSE) in May 1996 and July 1997, respectively. The largest growth
was in options, which have continued to be the most traded contract worldwide in recent years in
terms of both the number of contracts and the notional value. The success of these products is a
result of two factors: the fact that they are smaller than the other contracts in this segment2, and
2
According to market data at the end of April 2004, the nominal value of options on the KOSPI 200 index was 10,005
dollars, clearly below the 113,811 dollars corresponding to options on the S&P 500 index traded on the Chicago Board
Options Exchange (CBOE) and the 33,710 dollars corresponding to options on the DJ Euro Stoxx 50 of Eurex. The nominal
value of futures on the KOSPI 200 index was 50.025 dollars at the same date.
68
Derivative markets
the high participation of retail investors (two-thirds of trading) in this market, mainly via the
Internet.
There was also a substantial increase in trading in currency derivatives on organised markets (up
23%, including futures and options). This growth came after a lengthy slowdown, although this
segment continues to have limited weighting in total trading in organised markets, as these instruments are basically traded via OTC operations. The sharp depreciation of the dollar in 2003
encouraged the use of contracts referenced to the dollars exchange rate against the major international currencies (euro, yen, Canadian dollar, Swiss franc) which are chiefly contracted in the
CME market (see Annex A.3.3).
Trading by market
Sharp growth continued in the Korean Stock Exchange (KSE), which continued to record the most
robust levels of trading worldwide due to strong activity in contracts on stock indexes.
Europes two largest derivatives markets maintained their leading positions on the international
area. Eurex continued to grow due to its lead in derivatives trading in long-term interest rates,
and it further consolidated its competitive position in products referenced to the Pan-European
indexes. Owing to Euronext.Liffes dominance in trading in short-term interest rate derivatives,
Euronext maintained the business volumes recorded the previous year despite the decline in equities contracts.
In the US markets, there were no changes in the competitive positions of the CME and CBOT.
The CME continues to focus mainly on contracts referenced to the dollars short-term interest
rate and activity in the CBOT is centred on public debt. The strongest growth in the main derivative markets was in the electronic International Stock Exchange, which reinforced its competitive position in options on individual stocks, at the expense of the Chicago Board Options
Exchange (CBOE).
Table 4.3
International derivative markets.
Total trading(1)
Thousands of contracts
KSE
Eurex
Euronext
CME
CBOT
CBOE
ISE
Euronext.Liffe
Euronext Paris
OM
2002
2003
Change %
1,932,750
801,201
689,208
558,448
343,883
267,616
152,399
2,899,938
1,014,932
693,232
640,210
454,191
283,946
244,968
50.0
26.7
0.6
14.6
32.1
6.1
60.7
253,986
357,512
60,921
335,826
277,882
72,137
32.2
22.3
18.4
(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)
CBOE: Chicago Board Options Exchange; CBOT: Chicago Board of Trade; 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; Euronext Paris: French branch of Euronext; ISE: International Stock Exchange; KSE:
Korea Stock Exchange: OM: Stockholm Options Market.
Source: Futures Industry Association and Futures and OTC World.
69
International competition in the financial futures

and options markets
Strategic decisions of importance for derivative markets were adopted in 2003. The two main
European markets, Eurex and Euronext, announced plans to create their own derivatives markets in the US to compete directly with the Chicago markets, CBOT and CME, in contracts on
interest rates denominated in dollars. These two new market were launched on February 2004
and March 2004, respectively.
As illustrated in the table below, the European markets clearly had a greater market share in
2003 than in 1997. Eurexs competitive position was greatly strengthened by the introduction
of the euro in the securities markets in 1999: by 2001, Eurex accounted for 61% of trading in
long-term interest rate derivatives. In the last two years, it has lost ground to CBOT. The situation was different in short-term interest rate derivatives, where the US market maintained the
leading position it has held since 1997, although the gap between CME and Euronext.Liffe
narrowed in 2003.
Trading on the main interest rate derivatives markets
Long-term interest rates
Short-term interest rates
% of total
Eurex
CBOT
Euronext.Liffe
CME
1997
14.9
41.7
30.2
48.4
1998
29.9
45.9
40.1
45.4
1999
51.6
39.9
35.7
49.8
2000
53.2
31.3
30.7
43.4
2001
61.4
29.1
31.0
52.4
2002
58.7
35.2
32.1
52.6
2003
57.3
37.3
38.3
45.3
The most significant strategic decisions involved long-term interest rate derivatives. In 2002,
CBOT decided to abandon the traditional open outcry system, which is standard in the US securities markets, and introduce an electronic trading system using Eurexs ACE platform. This
move, together with the favourable financial climate, explains its growth in market share in the
last two years. CBOT decided to end the technological alliance with Eurex in 2003, and to introduce the Liffe.Connect trading system, which belongs to the Euronext group. Immediately
afterwards, Eurex announced plans to launch its own electronic market in the US to trade, inter
alia, futures and options on US public debt.
The distribution of trading among the main international derivatives markets in the future is
now an open question, in which improvements in the markets efficiency will be a determining
factor. This was the objective behind the decision by CBOT and CME to connect their clearing
services, which will enable those who are members of both markets to obtain operating gains
and cost savings (reduced capital requirements, collateral, etc.).
70
Derivative markets
4.2. Spains derivatives markets
Trading in Spains derivatives markets declined considerably in 2003, accentuating the trend
that commenced the previous year. The reduction in trading in Mercado Espaol de Futuros y
Opciones Financieros (MEFF) continued due mainly to lower trading in options on individual
stocks as a result of lower volatility in the Ibex 35 blue chips. In addition, there was a migration towards the European markets, basically Eurex, channelled through MEFF Euroservices S.V.
(EuroMEFF).
The main development in the commodities derivatives markets was the authorisation of the Olive
Oil Futures Market (MFAO) in November 2003. The MFAOSpains second commodities market
opened for trading on 6 February 2004 with futures on minimum quality lampante virgin olive oil.
One of this markets distinguishing features is the presence of a category of industrial members,
which gives non-financial firms the possibility to trade for their account 3.
Table 4.4
Trading on Spains derivative markets
No. of contracts, unless otherwise stated
2002
2003
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)
51,060
51,060
27,866,867
3,515,016
441,745
9,630,899
14,278,332
875
1,371
1,371
21,746,693
3,227,206
243,844
9,768,607
8,507,035
0
97.3
97.3
22.0
8.2
44.8
1.4
40.4
100.0
Total MEFF
27,917,927
21,748,064
22.1
4,198,861
2,583,383
1,604,330
11,148
5,233,561
2,879,779
2,322,356
31,427
24.6
11.5
44.8
181.9
32,116,788
26,981,625
16.0
1,232,351
1,232,351
1,609,839
1,609,839
30.6
30.6
Total EuroMEFF
European debt futures(3)
European indexes contracts(4)
Others(5)
Total MEFF and EuroMEFF
Madrid Stock Exchange
Warrants(6)
FC&M
(1)
(2)
(3)
(4)
(5)
(6)
Includes MINI Ibex 35 futures homogenised to the size of Ibex 35 futures.

Futures and options on S&P Europe 350 and sector indexes (Financial, Technology and Telecommunications).
Includes futures on German debt (Bund, Bbl, Schatz) traded on Eurex and futures on the 10-year notional bond traded on Euronext
Paris.
Includes futures on the DAX 30, DJ Eurostoxx 50 and DJ Stoxx 50 indexes traded on Eurex, futures on the CAC 40, DJ Eurostoxx 50 and
DJ Stoxx 50 indexes traded on Euronext Paris, and futures and options on the PSI 20 index traded on Euronext Lisbon.
Includes futures on Euribor traded on Euronext Paris and futures and options on individual stocks traded on Euronext Lisbon (Portugal
Telecom and EDP).
Premiums traded, in thousands of euros.
3
For more information on the new Olive Oil Futures Market, see the box in Chapter 3 of the 2002 Annual Report on the
Securities Market.
71
MEFF
Strategic actions
The introduction of a new category of memberProprietary Trading Memberswas one MEFFs
main strategic decisions taken in 2003 (see box). Other noteworthy actions were the creation of
the Central Counterpart for the settlement of trades on public debt (MEFFClear4), and the agreement with the Mexican Derivatives Market (MexDer), according to which MEFF will provide technological support for the development of Mexicos options market.
New category of member at MEFF

In January 2004, MEFF introduced a new category of membershipProprietary Trading
Members (PTM). Entities that acquire this status may operate only on their own behalf, which
excludes both direct and indirect investments for third parties. Equity obligations tend to be
lower than for other members who may invest for third parties. PTMs normally perform a large
part of their trading on international derivatives markets and their presence is key to giving the
market depth.
PTMs can be divided into two areas: the first group basically operates intraday, so they do not
tend to hold positions at the closing bell (they are called scalpers or day traders); the
second group, which is smaller than the first, focuses on large arbitrage transactions.
MEFF has established minimum legal, technical and solvency requirements for Proprietary
Trading Members. PTMs must adopt a mercantile legal form which grants them their own
legal personality and the capacity to trade autonomously, although they are not required to
be investment services firms or credit institutions, unlike the other types of member (traders,
clearing members and clearing-custodian members). Accordingly, the equity requirements
are much less demanding since PTMs need only have at least 100 thousand euros in capital
stock(1). Proprietary Trading Members require an electronic connection with the MEFF RV trading system through a single clearing member who will be answerable for the PTMs obligations.
Once an entity receives authorisation by MEFF to act as a PTM(2), it is obliged to file its audited
financial statements at least once per year, unless the entity normally acts as a day trader, in
which case, given that the amount of daily collateral will be zero, the financial statements will
be valid without being audited.
(1)
(2)
The minimum capital stock required is two million euros for securities companies and between 300 and 500 thousand euros for brokers. The requirements for banks and savings banks amount to 18.03 million euros.
At the time of publication of this report, two entities had been authorised to act as Proprietary Trading Members: Marquette Partners
UK LTD and Timber Hill (Europe) AG.
Trading on MEFF and EuroMEFF

Trading on MEFF totalled 21.7 million contracts in 2003; this represents a 22.1% decline year-onyear, i.e. sharper than the reduction in 2002 (-9.8%). Although the decline was generalised, trading in individual stocks, which account for a large part of total trading on MEFF (close to 85% in
the last three years), fell most rapidly. Trading in options declined 40.4%; however, unlike the previous year, this was not offset by the increase in stock futures (very moderate in 2003).
The performance of individual stock derivatives varied. Option trading fell in only nine of a
total of 20 contracts, including options on blue chips; this was determining factor in the decli-
For more information on MEFFClear, see the box in Chapter 3.
72
Derivative markets
ne in total trading in this segment. The lower volatility in some of the largest stocks in the
Ibex 35 explains the sharp decline in trading in these products: 41% in contracts on
Telefnica and more than 50% on SCH, Repsol and BBVA (see Annex A.3.8). There was also
a significant increase in trading in other products whose weighting in the total is limited, in
particular trading in options on Inditex and Sogecable, which tripled compared with the previous year.
Slower growth in stock futures was due mainly to the 10.5% decline in trading in Telefnica
futures.
Table 4.5
Trading in MEFF renta variable
No. of contracts
Ibex 35
(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
3,227,206
132,951
193,868
429,263
455,868
466,638
743,938
877,856
789,707
723,794
537,127
441,745
243,844
Futures
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
European indexes
EuroMEFF
(2)
17,216
179,630
617,278
1,604,330
2,322,356
S&P contracts
13,943
875
0
Shares
(3)
Futures
Options(4)
7,389,886
9,630,899
9,768,607
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
8,507,035
(1)
Includes MINI Ibex 35 futures homogenised to the size of Ibex 35 futures.

Includes contracts traded on other markets via EuroMEFF: futures on the DAX 30, DJ Eurostoxx 50 and DJ Stoxx 50 indexes traded on
Eurex, futures on the CAC 40, DJ Eurostoxx 50 and DJ Stoxx 50 indexes traded on Euronext Paris, and futures and options on the PSI 20
index traded on Euronext Lisbon.
(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.
(2)
Trading in futures and options on stock indexes by Spanish members increased by 4.2% to 5.8
million contracts, in line with the trend observed in international derivatives markets. However,
trading in this segment continued to shift from contracts on the Ibex 35 index to contracts on other
European indexes, especially DJ EuroStoxx 50. Trading in futures and options on Ibex 35 continued
to decline in 2003, falling 12.3% in terms of the numbers of contracts. Effective trading in Ibex 35
futures and options as a proportion of electronic market trading decreased gradually to 55%, compared with over 200% in 1997-99 (see Figure 4.1).
Conversely, trading in derivatives on indexes of other European stock markets traded through
EuroMEFF rose 44.8%. There was a 46% increase in trading of all equities derivatives via
EuroMEFF (to over 2.3 million contracts in 2003), especially in Eurex contracts and, in particular, DJ EuroStoxx 50 futures, which represented the bulk of total trading in these products (see
Table 4.7).
For the last three years, the bulk of interest rate derivatives traded by Spanish members have been
Eurex products traded via EuroMEFF. Trading in futures on German debt (Bund, Bbl and Schatz)
increased by 11.5% in 2003, to 2.9 million contracts (see Table 4.9). Trading in 10-year notional
bond futures, the only contract on MEFF with a fixed-income underlying, decreased once again, to
marginal levels (see Table 4.8)
73

Table 4.6
Open interest in MEFF renta variable
No. of contracts
Ibex 35
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
(1)
(2)
(3)
(4)
European indexes
Shares
Futures(1)
Options
EuroMEFF(2)
S&P contracts(3)
Futures
Options(4)
3,383
16,979
13,847
27,511
27,038
42,384
49,770
61,680
55,657
58,218
43,773
67,483
2,512
5,833
8,941
13,388
28,613
17,684
16,398
71,846
45,305
57,541
46,270
29,739
1,507
8,699
10,243
13,398
13,889
197
0
0
1,184,977
1,290,911
1,309,590
3,955
17,033
22,704
45,435
26,175
267,857
1,694,733
3,340,690
2,748,068
2,209,022
1,033,747
Includes MINI Ibex 35 futures homogenised to the size of Ibex 35 futures. Open interest: 319 contracts at 2002 year-end and 402 at 2003
year-end.
Open interest relates to Spanish members. Includes contracts traded on other markets via EuroMEFF: futures on the DAX 30, DJ Eurostoxx
50 and DJ Stoxx 50 indexes traded on Eurex, futures on the CAC 40, DJ Eurostoxx 50 and DJ Stoxx 50 indexes traded on Euronext Paris,
and futures and options on the PSI 20 index traded on Euronext Lisbon.
Includes futures and options on Standard & Poors European indexes (S&P Europe 350 and sectorial indexes).
Figures for stock options are not strictly comparable due to changes in the par value of some underlying shares.
Table 4.7
Trading in equities derivatives via EuroMEFF
No. of contracts
Market
Underlying
Eurex
DAX 30 (f)
DJ EuroStoxx 50 (f)
DJ Stoxx 50 (f)
Total
Euronext
Paris
CAC 40 (f)
DJ EuroStoxx 50 (f)
DJ Stoxx 50 (f)
Total
Euronext
Lisbon
PSI 20 (f & o)
Shares(2) (f & o)
Total
TOTAL
(1)
(2)
At end of period.
Portugal Telecom and EDP. (f) Futures. (o) Options.
74
Open interest(1)
Volume
2002
2003
2002
2003
142,701
1,278,662
1,674
286,843
1,864,037
3,558
91
10,986
320
399
12,651
178
1,423,037
2,154,438
11,397
13,228
151,318
5,788
0
154,156
85
0
186
15
0
0
0
0
157,106
154,241
201
24,189
8,227
13,677
31,427
1,801
4,694
662
0
32,416
45,104
6,495
662
1,612,557
2,353,782
18,092
13,890
Derivative markets
Figure 4.1
Trading in Ibex 35 futures and options as a percentage of trading
on the electronic market
.
.
.
.
.
Table 4.8
Trading on MEFF renta fija. Futures: trading volume and market size(1)
No. of contracts
Open interest(2)
Volume
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
(1)
(2)
(3)
5 year
bond
10 year
bond
30 year
bond
DEBS(3)
5 year
bond
10 year
bond
30 year
bond
DEBS(3)
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
1,371
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
10
96
0
0
0
0
Data adjusted to the contracts new nominal value.

At end of period.
Futures on a basket of bonds from Germany, France, Italy and Spain.
Table 4.9
Fixed-income derivatives via EuroMEFF
No. of contracts
Market
Underlying
Eurex
Bund (f)
Bobl (f)
Schatz (f)
Total
Euronext
Paris
Euribor (f)
Notionnel (f)
Total
TOTAL
(1)
Open interest(1)
Volume
2002
2003
2002
1,776,321
246,158
560,905
1,878,692
419,091
581,997
4,551
3,322
5,511
2003
4,763
3,545
6,070
2,583,383
2,879,779
13,383
14,377
2,921
0
0
0
0
0
0
0
2,921
2,586,304
2,879,779
13,383
14,377
At end of period. (f) Futures.
75
The warrants markets

Trading in warrants increased substantially once again in 2003, following the slowdown in the
previous year. Premiums traded under the new electronic trading module (in operation since
November 2002) rose by 30.6% to 1.6 billion euros, even though the number and amount of
issues fell significantly (see section 2.4 of Chapter 2).
The consolidation of this segment contrasts with the slowdown in individual stock options on the
MEFF (see above). The performance of the warrants market is related to the flexibility of these
products to adapt to investors characteristics. In addition, the new electronic trading platform has
brought warrants closer to end customers by enabling them to access the markets order book
automatically through market members.
The trading structure of this market did not vary. Although the warrants cover a wide range of
underlying assets, the majority relate to Spanish equities, particularly the three largest companies
in terms of capitalisation listed on the Spanish stock market (Telefnica, BBVA and SCH) and the
Ibex 35. Warrants on international stock indexes continued to represent a small proportion of trading (see Annexes A.3.19 and A.3.20).
Table 4.10
Trading in warrants on the Madrid Stock Exchange*
Amounts in thousands of euros
TOTAL
Volume
1995
1996
1997
1998
1999
2000
2001
2002
2003
(*)
1,078
16,529
150,774
267,619
205,383
898,414
1,635,964
1,232,351
1,609,839
No.
4
11
67
99
197
482
1,092
1,885
1,811
Fixed-income
and currencies
Equities
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
1,575,053
4
5
65
98
188
447
1,035
1,843
1,733
0
0
72,388
130,273
154,871
723,888
1,207,676
817,222
1,094,271
0
0
51
60
119
329
802
1,483
1,383
0
5,589
40
18
3,431
12,012
12,609
8,853
34,627
0
6
2
1
9
28
45
42
66
Volume means premiums traded; the no. refers to the number of issues in which trades were registered in each period.
76
CHAPTER 5
COLLECTIVE INVESTMENT SCHEMES
AND VENTURE CAPITAL COMPANIES
Collective Investment Schemes
5. Collective investment schemes and venture

capital companies
5.1 General overview
Europe
After declining 7% in 2002, assets managed by European UCITS1 rose 12.7% in 2003 to a total
of 3.7 trillion. The growth was mainly in funds with more conservative strategies bonds, debentures and the money markets in the first half of the year and equity funds in the second half of
the year, following the recovery of stock exchanges worldwide (see figure 5.1).
At 2003 year-end, assets managed by collective investment schemes in Europe represented
33.5% of total sector assets worldwide (compared to 30.9% in 2002). US collective investment
schemes continued in the lead, managing 53.1% of total assets (see figure 5.2) although they
dropped almost four percentage points in market share.
Figure 5.1
Assets managed by UCITS in 2003: by type
Billions of euros
Equities
Mixed
12/31/2002
Bonds
Money market
Others
12/31/2003
Source: European Federation of Investment Funds and Companies (FEFSI).
France and Luxemburg continued to dominate the sector in Europe and slightly increased their respective market shares. The volume of assets managed in other major European countries also rose
but with no significant increase in market share (see table 5.1).
1
The term UCITS refers to open-end collective investment schemes which invest in marketable securities and the money
market. The European Federation of Investment Funds and Companies (FEFSI) also offers statistics on schemes which are
not classed as UCITS as they are nationally-regulated funds not offered to the public and/or are closed-end schemes. The
volume of assets managed by these schemes totalled 1.05 billion euros, up 9.9% on December 2002.
79

Figure 5.2
Worldwide assets managed by UCITS: 4Q03 (market share, %)
USA
Europe
Australia
Japan
Othes
Source: European Federation of Investment Funds and Companies (FEFSI).
Table 5.1
UCITS assets by country in 2003
Country
France
Luxemburg
Italy
United Kingdom
Ireland
Germany
Spain
Rest
Total
Volume
Change YoY (%)
Market share (%)
909,300
874.,98
379,045
313,953
285,372
218,780
202.,73
521,810
12.8
14.0
5.1
14.0
19.7
9.7
18.4
10.8
24.5
23.6
10.2
8.5
7.7
5.9
5.5
14.1
3,704,631
12.7
100.0
Fuente: FEFSI.
Spain
Total assets managed by collective investment in Spain rose 20.2% in 2003 to 232.8 billion, which
represents 31.3% of Spanish GDP. The falling trend in managed assets which began in 20002 was
halted in 2003, with an increase in mutual fund and investment company assets. Fund assets totalled 210.6 billion, a 20.5% increase, while investment company assets amounted to 22.2 billion,
up 17.4%.
The sizeable increase in mutual fund assets was due to net subscriptions (79%) and to asset appreciation (21%). The bulk of net subscriptions in the year were in more conservative funds: money
market funds (FIAMM), guaranteed equity funds and short-term fixed-income funds. There was
considerable investment in higher risk funds (equity funds and global funds) in the second half of
the year and significant appreciation, boosted by favourable stock market performance.
The year 2003 marked a turning point for securities investment funds after three years of pronounced declines (see figure 5.3). Asset volumes grew considerably in all four quarters of the year
due mainly to subscriptions to the fund types mentioned above. A significant proportion of the
increase in assets of these funds came from heavy investment by funds of funds and feeder funds
See table A.4.1 in the Annex.
80

Table 5.2
Mutual fund assets by type in 2003
Type
Fixed-income
Mixed fixed-income
Mixed equity
Equity
Rest
Total FIM
Total FIAMM
Total Funds
Assets
Change YoY (%)
% of total assets
66,574
12,398
10,340
55,907
7,353
152,573
58,054
210,627
18.0
-8.1
-6.7
47.8
187.5
25.7
8.8
20.5
31.6
5.9
4.9
26.5
3.5
72.4
27.6
100.0
Figure 5.3
Billions of euros
Mutual fund assets
Dec-
Dec-
Dec-
Dec-
Dec-
Dec-
Dec-
Dec-
Dec-
Dec-
Dec-
Dec-
Dec-
Dec-
which invest in other securities investment companies3. With regard to money market funds
(FIAMM), the increase in assets was notably lower than in the last two years, since growth tailed
off as the year progressed. Declining short-term interest rates limited the appeal of these funds,
which experienced net divestments4 in 4Q03.
As shown in Chapter 1, the weighting of mutual funds in household financial assets rose slightly
to around 12%, still some way short of the high achieved in 19985. Improved conditions in the
securities markets had a positive effect on fund sales. Accordingly, this explains the performance
of mutual funds managed by banks and savings banks, compared with these entities' deposits. Of
the total combined assets of funds and deposits managed by banks and savings banks, the percentage of funds has stabilised at around 20% and shows a slight recovery (see table 5.3).
With regard to performance by other collective investment schemes, assets managed by securities investment companies rose considerably (by 17.2% to 22.19 billion), again concentrated in
open-end securities investment companies (SIMCAV). There was also a sharp increase (over 40%)
in funds managed by foreign collective investment schemes sold in Spain. Assets managed by real
4
5
Of the 32.1 billion asset increase at securities investment companies, almost 9 billion represented units acquired by
funds of funds and feeder funds. These investment affected mainly short-term fixed-income funds.
See annex A.4.6 and A.4.11.
See section 1.2 of Chapter 1.
81
estate investment fund rose over 34%, with a 25% increase in the number of investors, although
the number of funds remained unchanged. Once again, the yield offered by these funds was significantly higher, on average, than that offered by securities investment funds, due to the dynamism of the Spanish real estate sector.
(1)
Ratio
December
December
December
December
December
December
December
December
December
1995
1996
1997
1998
1999
2000
2001
2002
2003
of fund assets
(2)
Table 5.3
to deposits(3) at banks and thrifts (%)
Banks
Thrifts
Total
20
28
35
41
38
35
31
29
29
11
14
19
21
19
15
13
11
13
15
21
27
32
29
25
22
20
21
(1)
Percentages represent the ratio of fund assets to the sum of fund assets plus deposits.
Managed by operators belonging to the financial groups of banks and thrifts.
Using total Spanish-resident private sector liabilities in banks and thrifts, consisting mainly of deposits but also including
repos
Source: Bank of Spain Statistical Bulletin and CNMV.
(2)
(3)
The year 2003 was particularly important in terms of sector regulation, with the approval of the
new Collective Investment Schemes Law6, repealing the previous law introduced in 19847. The
main features introduced by the new law, whose implementing regulations have still to be approved, are detailed in the box below. The new tax regime governing collective investment schemes8
also came into effect in 2003, enabling tax on the redemption or transmission of investments in
collective investment schemes to be deferred when the proceeds are reinvested in another collective investment scheme.
New Collective Investment Schemes Law

The new Collective Investment Schemes Law, which came into force on 5 February 2004, aims to
adapt regulation of such schemes to the changing needs of a sector characterised by increasing
quality- and price-driven demand and greater competition between providers of management services. The basic principles of the Law, whose specific technical features will be implemented by
regulation, are:
6
7
8
Liberalisation of investment policy. The approach based on multiple legally-defined categories of IIC and restricting assets eligible for investment has been abandoned in favour of
greater flexibility and freedom in the definition of IIC investment profiles.
Reinforcement of investor protection. In order to prevent possible conflicts of interest, it was

considered appropriate to reinforce the transparency obligations and codes of conduct.
Improvement of the regime regulating administrative intervention. In order to speed up the

administrative process and reinforce legal certainty for investors.
Law 35/2003 of 4 November, on collective investment schemes.

Law 46/1984, of 26 December, regulating collective investment schemes.
Law 46/2002, of 18 December, on the partial amendment to Personal Income Tax.
82
Although the ultimate impact will depend essentially on the implementing regulations, the
many significant new features introduced will make it possible to anticipate future necessary changes. The main new features of the Law are detailed below, grouped by area of
incidence:
Legal regime. The most significant features in this area are: (i) relaxation of the regime
regulating the IIC offering, in line with existing legislation in other countries, by enabling
the creation of IIC broken into divisions and the possibility of offering different classes of
shares or units within a single IIC; (ii) replacement of the existing classifications used for
financial investment funds with categories based exclusively on the investment approach,
to be determined by the CNMV; (iii) the new regime relating to investment firms, under
which only open-end securities investment company (SICAVs1) will qualify as IICs; (iv) elimination of the listing requirement for these companies; and (v) the speeding-up of the
administrative process.
Financial regime. The most significant aspect in this area has been the broadening of the
range of assets in which IICs can invest (deposits at credit institutions, unlisted money market instruments, and any derivative of an eligible asset). Other noteworthy aspects include:
(i) greater flexibility with regard to certain investment limits (allowing investment of over
5% but less than 50% in other IICs); and (ii) the possibility, within the scope of the new
law and the corresponding implementing regulation, of regulating hedge funds (see box on
this type of IIC below)
Investor protection regime. The most significant provisions in this area are: (i) periodic
reporting, particularly the obligation to disclose all fund or company expenses in the simplified prospectus and in quarterly reports; (ii) fund management companies must now
have an investor relations department and may appoint an investor ombudsman; (iii) fund
managers must inform investors how they vote the shares owned by the funds they manage and must justify their decisions in this area; and (iv) it is possible to regulate cases
where exercise of the aforementioned voting rights is obligatory (according to the size and
stability of the stake held by the fund in a listed company).
Regime regulating IIC managers and depositories. Fund managers may also provide individual portfolio management services and investment advice. With regard to depositories, the
new IIC law requires them to be members of the clearing, settlement and registration
systems of the markets in which they operate.
Cross-border transactions. The new law incorporates the latest EU amendments regarding
IICs into Spanish legislation and regulates, among other aspects, the use of the European
passport by Spanish fund managers that wish to provide services in other EU countries and,
reciprocally, to fund managers from other EU countries wishing to operate in Spain.
(1) Accordingly, closed-end investment companies (SIMs) will no longer be considered as collective investment schemes. The former open-end securities investment companies (SIMCAVs) will now be known as open-end investment
companies (SICAVs).
5.2 Securities investment funds and companies

Funds
Assets and portfolio composition
Growth in mutual funds in 2003 was centred mainly in securities investment funds (FIMs). FIM
assets rose 25.7% to 152.6 million, while FIAMM assets grew 8.8% to 58.1 million. The increase in assets was accompanied by a rise in investor numbers: up 350,000 at FIMs9 and over 182,000
Between 2000 and 2002, FIMs lost almost one million investors. For further information see table A.4.1 of the Annex.
83
at FIAMMs. At 2003 year-end, the sector had a total of 7.6 million investors, of which 75% belonged to FIMs. The number of funds grew moderately, due to mergers aimed at streamlining fund
manager's offerings. At the end of the year, there were 2,554 funds registered, 16 more than in
2002.
Of the increase in assets at securities investment funds, 79% came from net fund subscriptions
and 21% from returns generated by the portfolio. The rise in net fund subscriptions marks a significant change in trend with respect to 2002, when redemptions totalled almost _7 billion. The
positive contribution from net returns also contrasts with over 9 billion in losses in 2002, and is
due mainly to the stock market recovery which began in 2H0310 (see table 5.4).
With respect to FIAMMs, the bulk of the increase in assets also came from net subscriptions,
although they were significantly lower than in 2002, as was portfolio appreciation, due to the
reduction in short-term interest rates11.
Table 5.4
Breakdown of changes in fund assets
FIM
Change in assets
Subscriptions/redemptions (net)
Net yields, of which (*)
Interest
Change in equity prices
Change in fixed-income prices
Gain/loss on derivatives
Commission revenues
Gross profit distributed
(*)
FIAMM
2002
2003
2002
2003
-15,989.9
-6,961.7
-9,028.2
3,994.4
-9,731.2
679.9
-2,519.4
1,832.2
0.0
31,204.3
24,528.0
6,676.3
3,561.1
3,633.0
-271.1
1,335.9
1,792.3
0.0
9,544.8
8,356.4
1,192.3
1,867.0
0.0
-143.3
-9.8
515.3
-3.9
4,687.9
3,843.1
847.5
1,609.1
0.0
-170.8
-6.2
577.2
-2.7
See tables A.4.6 and A.4.11 for a more detailed breakdown.
Fund investment policy in 2003 was as follows12:
A slight increase in the weighting of international assets, both in FIM and FIAMM13. Within international assets, new investment was concentrated in the euro zone.
A sharp rise in investment in other mutual funds, boosted by funds of funds and feeder funds.
The weighting of these investments in total FIM assets has risen considerably14.
Growth in investment in equities, particularly Spanish equities. Nevertheless, investment in

equities fell slightly as a percentage of total assets15.
Increase in the percentage of FIM assets invested in fixed-income securities, due to Spanish
private fixed-income investments and foreign euro-denominated securities16. However, the
weighting of fixed-income in total17 assets fell significantly.
10
See annex A.4.6.

See annex A.4.11.
See annexes A.4.3 and A.4.9.
International assets rose from 53.3% to 54% of total assets at FIMs, and 1.4 percentage points at FIAMMs, to 46.4%.
Stakes in other investment funds as a percentage of total FIM assets rose from 5.2% in 2002 to 13% in 2003.
Securities investment fund assets invested in shares rose 15.1%. however, the weighting of shares in the total assets of
securities investment funds fell from 13.5% in 2002 to 12.4% in 2003.
As shown in table A.4.3 of the Annex, assets invested in Spanish government bonds fell while short-term investment
grew moderately.
The weighting of fixed-income in total FIM assets dropped from 76.9% in 2002 to 69.8% in 2003.
11
12
13
14
15
16
17
84
In FIAMMs, there was a decline in the relative weighting of public fixed-income and repos and
a moderate increase in private fixed-income.
Mutual funds continued to invest heavily in domestic organised markets (see table 5.5), particularly in the fixed-income markets, where they accounted for 19% of the outstanding public debt
balance and almost 10% of the outstanding corporate debt balance at 2003 year-end.
Nevertheless, these percentages continued to fall due mainly to greater opportunities to diversify
the fixed-income portfolio through foreign investment. Spectacular growth in the corporate fixedincome market also accelerated this trend. With respect to the stock market, fund assets invested
in domestic shares were equivalent to 1.5% of the capitalisation of the domestic stock markets,
excluding foreign securities.
Total assets of guaranteed securities funds rose more than 29% in 2003 and the number of investors exceeded two million at year-end. The investment policy of these funds was characterised by
an increase in the weighting of international assets (from 63.3% to 67.9% of total assets), mainly
in fixed-income18. There was a greater weighting of reverse repos in the domestic portfolio, to the
detriment of government bonds and debentures.
Table 5.5
Funds' domestic portfolio in relation to the outstanding balance
of the Spanish market
In %
1999
Listed equities (1)
2000
2001
2002
2003
3,6
2,1
1,6
1,4
1,5
25,9
16,9
14,4
10,6
9,9
Short term
43,2
21,4
28,6
21,2
16,0
Long term
18,4
14,8
7,8
5,2
6,4
38,0
27,2
22,0
20,1
19,2
100,1
94,4
110,5
115,2
106,4
22,0
13,9
8,8
6,3
5,5
Corporate fixed-income (2)
Government fixed-income
Short term
Long term
(1)
Realisation value. The outstanding balance data relate to the capitalisation of Spanish securities in the Electronic Market
and open outcry market.
(2)
Nominal amounts.
Source: CNMV and Bank of Spain.
Yields
There was a significant shift in the trend of mutual fund yields19. All fund types registered positive yields, with the most pronounced increases in equity funds. Funds with a greater percentage
of Spanish equities obtained the biggest yields, as in previous years. Yields fluctuated between
10% in US equity funds (RVIU) and 29% in Spanish equity funds (RVN).
Fixed-income funds obtained positive but much more moderate yields. The reduction in short-term
interest rates led to a decline in the yield on funds investing in short-term fixed income, which ranged between 1.5% at FIAMMs and 1.9% at RFCPs (short-term fixed-income funds). Longer term
fixed-income funds obtained higher yields but which tended to decline following the growth in longterm interest rates in the second half of the year. Mixed fund yields improved due to the greater
18
19
See Annex A.4.13.

See Annex A.4.2.
85
weighting of equities. Several international fund types20 were negatively affected by the depreciation
of the dollar against the euro.
Yields on other funds such as GRV (guaranteed equity) and FGL (global funds), which had a high
volume of subscriptions in 2003, were relatively modest although higher than in 2002.
Guaranteed funds obtained yields of 2.7% (vs. 0.4% in 2002) and global funds 5.8% (vs. -12.4%
in 200221).
Figure 5.4
Annual yield on mutual funds
FIAMM
% per year
FIAMM: Money market funds.
Fixed-income FIM
% per year
RFCP: Short-term fixed-income. RFLP: Long-term fixed-income. RFI: International fixed-income.
20
21
International fixed-income (RFI), International mixed fixed-income (RFMI), International mixed equities. (RVMI).
A large proportion of the growth in global funds in 2003 was associated with the development of hedge funds in Spain
(see box).
86

Mixed fixed-income FIM
% per year
RFM: Mixed fixed-income. RFMI: International mixed fixed-income.
Mixed equity FIM

% per year
RVM: Mixed equities. RVMI: International mixed equity.
Spanish, Euro and European equity FIM

% per year
RVE: Euro equities. RVN: Spanish equity. RVIE: European international equity
87

Guaranteed FIM and global funds
% per year
GRF: Guaranteed fixed-income. GRV: Guaranteed equity. FGL: Global funds.
Commissions and other charges

Despite the increase in managed assets at securities investment funds, the commissions charged
by fund managers amounted to 1.792 million (compared to 1.832 million in 2002). The decrease was mainly in management fees, which accounted for over 90% of commissions. Increased competition between fund managers as a result of the new tax regime for funds, among other factors,
led to a decline in commissions, which dropped from 1.29% in 2002 to 1.19% in 200322, as a percentage of daily average assets.
Commissions charged by FIAMM rose 12% to 577 million in 2003. Management fees declined
slightly, from 0.92% of daily average assets in 2002 to 0.90% in 200323. Fees seem to have stabilised at around 0.90% in the last two years, in contrast to the sharp decline in yields on FIAMM
in the same period24.
Hedge funds
There is no clear, unequivocal definition of a hedge fund1; however, it is possible to list certain
general characteristics usually associated with this type of institution:
22
23
24
They are not usually registered; therefore, they are subject to little or no regulation and
supervision.
They aim for absolute yields, attempting to obtain a return irrespective of market performance.
They use a wide range of financial instruments (leverage, short-selling and derivatives) and
markets.
They take a high commission on the total return (close to 20%).
See Annex A.4.6.

See Annex A.4.11
At 2001 year-end, the average annual yield on FIAMM was 3.56%, whereas it had fallen to 1.5% at 2003 year-end.
88
The fund manager tends to invest in the fund, occasionally holding a sizeable stake.
They require significant minimum investment and/or are not generally available to the
public.
Although there are no official figures for the sector (reporting requirements are low), various
estimates indicate that hedge fund assets have grown steadily worldwide, from $100 billion in
the early 1990s to $700 billion in 20032. Estimates indicate that yields have also been higher
than the usual reference indices for the financial markets and that, in some cases, they have
been more stable3.
Hedge funds use a wide range of strategies which, in simplified terms, can be divided into the
following three categories: (i) "market neutral", which attempt to minimise or significantly
reduce the market risk (almost all types of arbitrage are included in this group); (ii) "market
driven", which look to profit from specific market events such as mergers or bankruptcy; and
(iii) "market trend", which look to exploit trends in the equity, fixed-income or commodities
markets.
The extraordinary growth in the sector in recent years and related concerns regarding systemic crises (the collapse of LTCM), market integrity, money laundering and, particularly, investor protection, have led to a partial review of the regulation in some jurisdictions. Some of the
latest possibilities discussed include: (i) making registration obligatory for hedge fund managers, which would increase the quantity and quality of information available; (ii) enabling retail
investors to access these products, albeit indirectly through funds of funds, provided adequate
information is disclosed regarding their characteristics and risks. There is also a clear need for
cooperation between supervisory authorities, fundamentally to enable the exchange of information.
In Spain, it is estimated that around 100 IICs (around 130,00 investors and 3% of total sector
assets) could be considered as hedge funds. Almost all of these IICs are global funds and in
many cases they are set up as funds of funds. Hedge funds are subject to the same restrictions
as all collective investment schemes (regarding trading in derivatives and unlisted assets and
concentration of investments) as there is currently no specific regulation for hedge funds or
hedge fund managers.
(1) The term hedge fund was first coined in 1949 to describe a fund which combined long and short positions on securities in order to hedge the portfolio against market movements.
(2) Some financial institutions offering data on the sector include: Van Hedge Fund Advisors, Tremont Capital
Management and Credit Suisse First Boston.
(3) Estimates can be biased in two ways: (i) "survival", meaning that occasionally they do not contain data on hedge
funds which have disappeared; and (ii) "sector", which are generally estimates based on information voluntarily supplied by hedge funds.
Investment companies
In 2003, investment companies (SIM and SIMCAV) managed a total of 22.19 billion (up 17.4% on
2002), slightly reducing their weighting in total assets managed by collective investment schemes to
9.5%. Collective investment company performance continues to be driven by SIMCAVs: the number
of SIMCAVs increased from 2,646 in 2002 to close to 2,900, and managed assets rose from 16.93
billion to 20.16 billion at 2003 year-end. The number of SIMs fell, as did the number of investors;
however, there was a moderate increase in managed assets.
With regard to investment patterns, the foreign portfolio increased its weighting in total assets25, with
the rise concentrated mainly in euro-denominated assets. Within the domestic portfolio, there was a
25
At SIMCAVs, the weighting of the foreign portfolio in total assets rose from 39.1% in 2002 to 43.8% in 2003. At SIMs, this
percentage rose from 20.9% to 23.3%. See Annex A.4.15 and A.4.17 for further details.
89
greater weighting of investment in equities and mutual fund shares at both entities, to the detriment
of reverse repos.
5.3 Foreign collective investment schemes marketed in Spain

The total volume of funds managed by foreign IICs marketed in Spain rose 40.1% to 9.2 billion
in 200326, i.e. 3.9% of Spanish IIC assets (vs. 3.4% in 2002). The rise in investment volume was
due to the growth in company assets (up 32.0% to 7.4 billion) and fund assets (90.9% to 1.7
billion).
The total number of foreign IICs rose from 218 in 2002 to 233 in 200327, with the rise concentrated almost exclusively in investment funds. The number of investors at 2003 year-end was
225,214, following an increase at both funds (13,615) and companies (10,841). The largest increase in foreign UCITS marketed in Spain was in those registered in Luxembourg, Ireland and
France: of the 233 schemes marketed in 2003, 165 (i.e. more than 70%) were registered in
Luxembourg.
5.4 Real estate investment funds and companies
Assets managed by real estate investment funds (FII) rose over 34% to 2.8 billion in 2003 and
investor numbers increased by more than 25% to over 88,00028. The sector has registered an
upward trend since 1995, in line with the property boom.
Two new funds were registered in 200329 and two FIIs were de-registered30 (one as a result of a
merger), taking the total number of funds to five31. The fund resulting from the aforementioned
merger is the largest property fund in the sector, representing 68% of assets and 78% of investors. One of the two existing real estate investment companies was de-registered in the year32 and
a new company was registered in February 200433.
The dynamism of the property sector meant that the average yield at these institutions was
almost 7% in 2003 which, albeit one percentage point less than the yield obtained in the previous four years, exceeded the yield obtained on all securities investment funds except equity
funds. With regard to the composition of real estate fund assets, property rose from 73.9%
to 80.2% of total investment in 2003, to the detriment of the securities portfolio (down from
30.1% to 22.4%) Investments in rental assets accounted for 58.6% of total assets, compared with 48.7% in 200234.
5.5 Venture capital firms

The improvement in the global economy in 2003 was not immediately transferred to the venture capital industry in either the US or Europe, where capital invested fell 14% and 16%, res-
26
27
28
29
30
31
32
33
34
See Annex A.4.19.

Many foreign IICs are structured in different subfunds (compartments).
See Annex A.4.20.
Agrupacin Fondo Inmobiliario and Madrid Patrimonio Inmobiliario FII.
Segurfondo Inmobiliario FII and SCH Inmobiliario 2 FII.
Another fund (Sabadell BS Inmobiliario, FII) was registered in January 2004.
Vallehermoso Patrimonio.
BBVA Real Estate 2003
See Annex A.4.21.
90
pectively35. However, in Spain, the venture capital industry ended the year with a sizeable positive balance, in a departure from the trend in the major world economies. Funds raised in 2003
rose 21.2% on 2002 to 1.042 million, with a 38.1% increase in investment to 1.337 million.
These record figures for the venture capital sector in Spain were boosted by two major transactions, the largest undertaken in Spain to date36. The number of venture capital firms continued to increase, reaching 100 at 2003 year-end37, with 6 new companies (65 in total) and 2
new funds (35 in total).
Table 5.6
Basic features of new venture capital firms created under the Venture Capital Law:
status of firms created in 2003 as at 31 December 2003
Features
SCR
FCR(2)
1
1
3
1
6
0
0
2
2
0
0
0
0
12
0
4
Number of investors or shareholders
One
2-3
4-10
Over 10
6
3
2
1
2
0
2
0
Share capital/Initial assets
Under 3 million euros

3-12 million euros
Over 12 million euros
7
4
1
0
2
2
Administration
Internal
Internal+operator
6
6
0
4
0 employees
Up to 4
Over 5
n.a.
5
6
1
0
NA
2
0
10
2
0
2
Promoted by
Type
Structure
Individuals
Public sector
Banks
Academic institutions
Other
(1)
Open-end
Closed-end
Investment policy: sector
New technology
Consumer
Other
Investment policy: phase

of company maturity
Start-up
Start-up & expansion
Expansion
All
2
3
2
5
1
1
2
0
Investment policy: geographical area
Home country
Spain & EU
All
5
7
0
3
1
0
Others
New firms
Transformed from S.A. into SCR
12
0
4
0
12
Total new entities

(1) SCR: Venture capital company.
(2) FCR: Venture capital fund.
35
36
37
Asociacin Espaola de Entidades de Capital-Riesgo (ASCRI): "Informe 2004. Capital Riesgo & Private Equity en Espaa".
Caixa Capital Risk, SGECR for supermarket chain Caprabo and Advent International for Parques Reunidos.
See Annex A.4.22.
91

Financial institutions continued to be the sectors main source of funding (42.1% of total contributions in 2003), followed by non-financial companies (14.9% vs. 8.1% in 2002) and publicsector investors (14.2% vs. 14.4% in 2002). Foreign pension funds also made a sizeable contribution (8.6%) to funds38.
For the third year running, venture capital firms invested more funds than they raised, so unallocated funds were used to cover part of the investment. Some of the significant characteristics of investment made by these firms were as follows:
Investment in expanding companies not only remained the largest segment but also increased
its weighting, representing for 66% of total investment39. Leveraged buy-outs40 accounted for
27.6% of investment, while seed and start-up investment in developing companies totalled just
4.2%, a record low.
Investments continued to be concentrated in consumer-related sectors (27.9%), followed
by the leisure and hospitality sector (20.3%)41. Industrial products and services received
11.2% of total investment42.
Table 5.6 shows the main features of the venture capital firms created in 2003 under the Venture
Capital Law43 and registered at the CNMV. There are 16 closed-end entities (12 companies and 4
funds), promoted mainly by banks and non-financial companies, which cover all the phases of company development in a broad range of sectors and regions.
Venture capital companies and funds promoted under the Venture Capital Law both registered a
pronounced increase in aggregate assets in 2003. Fund assets grew 18.2% to 811 million and
company assets rose 24.1% to 1.923 million. With regard to asset composition, there was significant growth in investment in unlisted securities of non-financial companies44 in both relative and
absolute terms. Current assets, which include investments in listed securities, cash and other
accounts receivable as well as unlisted securities represented 98% of total company assets and
74% of fund assets.
There was significant growth in uncalled capital on the asset side of the balance sheet at funds,
rising from 20.3% of total assets in 2002 to 25.7% in 2003.
38
39
40
41
42
43
44
See Annex A.4.23.

See Annex A.4.24.
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
In 2002, the leisure industry accounted for 9.5% of investment. The sharp rise in 2003 is due to Advent International's
bid for Parques Reunidos, mentioned in a previous footnote.
See Annex A.4.25.
Law 1/1999, dated 5 January, regulating venture capital firms and their operators.
At venture capital funds, the weighting of this investment as a percentage of total assets rose from 32% in 2002 to 38%
in 2003, while at venture capital companies it rose from 57% to 65%.
92
CHAPTER 6
SECURITIES FIRMS AND FUND
MANAGEMENT COMPANIES
Securities firms and fund management companies
6. Securities firms and fund management companies

6.1 Securities firms
Overview
At 2003 year-end, there were 105 securities firms (compared with 110 in 2002). Of these 105
firms, 46 were broker-dealers (sociedad de valores) and 59 were brokers (agencia de valores).
Two broker-dealers registered and seven brokers de-registered during the year. The number of
registered stock exchange members decreased from 55 to 51, of which 37 were broker-dealers
and 14 brokers.
Broker-dealers and brokers had a more favourable year in 2003 than in 2002. Nevertheless, the
improvement in the stock markets was only partially passed on to business volumes due to the
competition from credit institutions for stockbroking business1. The greater competitive pressure
had a negative effect on revenues although the decline was offset by the containment of operating costs. Accordingly, with the improvement in the "Other gains and losses" line-item, the sector as a whole registered earnings before tax of 250 million, up 14.9% on 2002, when earnings
fell 28.5%.
Broker-dealers obtained 223 million in aggregated pre-tax earnings, compared with 202 million
in 2002, due to the improvement in results at stock exchange members (non-members registered
a decline in earnings).
Market members ordinary income fell substantially due to negative performance by net fees,
which was not sufficiently offset by the considerable containment of operating costs; accordingly,
operating profit also fell sharply (see table 6.1). However, a reduction in depreciation & amortisation and provisions, and a rise in "Other gains and losses" led to a 14.6% increase in aggregated
pre-tax earnings to 195.8 million (compared with 170.8 million in 2002).
The sharp increase in the "Other gains and losses" line-item, which is usually marginal, requires
further explanation2 given that, on this occasion, it determined to some extent the positive performance of the sector aggregated earnings. This line-item contains several subheadings and the
rise was due mainly to positive performance by two of these subheadings: "Translation gains" and
"Gains on sale of permanent portfolio and release and application of related provisions". The first
subheading corresponds to a single firm (Merrill Lynch Capital Markets Espaa, S.A. Sociedad de
Valores y Bolsa) and the second subheading to four broker-dealers, all of which made an equal
contribution to the increase3, mainly through the divestment of their holdings in Bolsas y Mercados
Espaoles S.A.
Ordinary income remained practically flat at non-market-members. The aggregated pre-tax earnings of non-members declined 11.9% on 2002 to 27.7 million, due to a sizeable increase in operating expenses, depreciation and amortisation.
The volume of equities traded by securities firms in 1999 represented 100% of total market trading. In 2003, it represented 86.5%; in terms of trading on behalf of third parties, the percentage fell from 86.4% to 74.6% in the same period.
The increase in earnings before tax at broker-dealers with regard to 2002 was approximately _21 million, while the increase in the "Other gains and losses" line-item was over _52 million, of which _22 million correspond to "Translation gains".
Three of which increased their earnings (Deutsche Securities, Sociedad de Valores y Bolsa, S.A., Eurosafei, Sociedad de
Valores y Bolsa, S.A. and Invercaixa Valores, Sociedad de Valores, S.A.) and the fourth reduced its losses (Morgan
Stanley, Sociedad de Valores, S.A.).
95

Table 6.1
Broker-dealers: aggregate income statement in 2003
Total
Financial income
Net income from securities trading
Net commission revenues
Total net revenues
Operating expenses
Operating income
Depreciation & other charges
Other gains & losses
Earnings before taxes
Corporate income tax
Earnings after taxes
Stock exchange
members
Amount
Chg. (%)
Amount
47.7
24.0
495.8
567.5
357.0
210.5
39.2
52.2
223.4
77.0
146.4
-34.7
23.6
-8.7
-10.7
-7.1
-16.1
-18.8
-10.5
9.2
-11.1
44.2
21.8
449.4
515.4
333.1
182.3
38.3
51.8
195.8
67.6
128.2
Chg. (%)
-36.3
7.7
-9.0
-11.7
-8.6
-16.9
19.4
14.6
13.7
15.1
Non-members
Amount Chg. (%)
3.6
2.2
46.4
52.1
23.9
28.2
1.0
0.4
27.7
9.5
18.2
-2.9
-5.3
0.6
18.4
-10.8
20.7
-27.4
-11.9
-14.8
-10.3
Note: The dashes in the table represent changes that are not meaningful. In both cases, there was a shift from losses to
gains, with a significant improvement.
Brokers posted 26 million in pre-tax earnings (see table 6.2), i.e. up 74.4% on 2002. Stock
exchange members and non-members performed differently; the former registered a considerable drop in ordinary revenues due to a reduction in fees, and the latter posted an increase on 2002.
Both groups undertook substantial cost cuts.
Table 6.2
Brokers: aggregate income statement in 2003
Total
Financial income
Total net revenues
Operating expenses
Operating income
Depreciation & other charges
Other gains & losses
Stock exchange
members
Amount
Chg. (%)
Amount
6.7
1.5
135.6
143.9
127.4
16.4
6.3
16.0
26.2
10.3
15.9
2.8
396.7
-4.5
-2.8
-19.7
-30.6
-53.8
74.4
-5.3
282.7
2.1
1.3
28.0
31.4
25.3
6.1
1.0
0.9
6.0
2.1
3.9
Chg. (%)
-18.1
299.7
-29.0
-25.8
-37.6
250.6
-69.9
-48.3
2,977.8
86.5
-
Non-members
Amount Chg. (%)
4.6
0.2
107.7
112.5
102.1
10.4
5.3
15.2
20.2
8.2
12.0
16.2
121.4
4.9
6.4
-13.5
183.8
-9.2
-54.0
36.4
-15.6
136.9
Note: The dashes in the table represent changes that are not meaningful. In both cases, there was a shift from losses to
gains, with a significant improvement.
The aggregated pre-tax earnings of both stock exchange members and non-members increased:
brokers that are stock exchange members registered a rise from under 0.2 million to almost 6
million, while non-members saw an increase from 14.8 million to 20.2 million.
96
Figures 6.1 and 6.2 shows the annual ROE before and after taxes of broker-dealers and brokers,
including stock exchange members and non-members.
Figure 6.1
Millions of euros
Broker-dealers: pre-tax earnings and ROE
Member earnings (LH)

Member ROE (RH)
Non-member earnings (LH)

Non-member ROE (RH)
Figure 6.2
Millions of euros
Brokers: earnings and ROE after taxes
Member earnings (LH)
Non-member earnings (LH)
Member ROE (RH)
Non-member ROE (RH)
97
Overall, average ROE before taxes at securities firms rose significantly from 17% to 23% due to
a reduction in the number of loss-making entities (mainly non-member brokers), which accounted for under a quarter of the total in 2003 (compared with one-third in 2002), and the sizeable
increase in entities registering ROE of over 30%, rising from 11% to 22% of the total.
In line with earnings performance, ROE rose at broker-dealers that are stock exchange members
and at brokers (both members or non-members) taken as a whole. Meanwhile, ROE at non-member broker-dealers fell in 2003.
ROE at broker-dealers grew from 19% to 24%, with a decline in the number of loss-making entities (from 8 to 5). At brokers, average ROE doubled from 7.5% to 15% and although the number
of loss-making entities fell (from 28 to 22), it remains high. A breakdown of ROE by intervals at
broker-dealers and brokers (further divided into stock exchange members and non-members) is
available in Annexes A.5.6.1 and A.5.6.2.
In a context of a moderate rise in earnings but with a significant number of entities still making a
loss, the overall decline in the surplus equity registered at securities firms in the last few years
continued in 2003. This is due principally to the performance of broker-dealers that are stock
exchange members, as they are adjusting their capital to the legal requirements established in the
Capital Adequacy Directive4.
Nevertheless, the sector maintained significant surplus equity coverage in 2003; the coverage
margin or surplus of sector computable equity with respect to the equity required for the solvency
coefficient was 472% at broker-dealers and 192% at brokers, on average (see Annex A.5.7). 98%
of broker-dealers and 73% of brokers had over 100% coverage margin, compared with 91% and
64%, respectively, in 2002.
In 2003, the sector's ownership structure and control underwent a considerable change, with nonresident entities losing ground. At broker-dealers, the percentage of ownership by Spanish financial institutions (banks and savings banks) rose while that of non-residents fell. At 2003 year-end,
38% of broker-dealers capital belonged to non-residents, 46% to resident financial institutions
and the rest to resident individuals or firms.
At brokers, the percentage of ownership held by Spanish non-financial entities rose and that of
resident financial entities and non-resident entities fell. At 2003 year-end, 18% of brokers' capital belonged to non-residents, 27% to resident financial institutions and 55% to resident individuals or firms.
Third-party trading
Securities firms collected 831 million in service fees in 2003, 2.5% less than in 20025. Of that
amount, 80% was collected by broker-dealers and 20% by brokers. The greatest reduction, in
both absolute and relative terms, was in order processing and execution; however, this continued
to be the main revenue source, although its weighting decreased as a proportion of the total, from
63% to 56%.
Gross revenues for processing and execution of equities orders fell 12% as the moderate increase in brokerage volume was not sufficient to offset the decline in brokerage fees in the year.
The volume of equities brokerage increased from 717 billion in 2002 to 763 billion in 2003, of
which 739 billion related to transactions in domestic markets. Equity brokerage revenues amounted to 331 million, of which 289 million related to transactions in Spains markets. The average effective brokerage fees in Spains stock markets fell from 0.47 in 2002 to 0.39 in 2003.
Directive 31/98: European Parliament and Council Directive 98/31/EC of 22 June 1998 amending Council Directive
93/6/EEC on capital adequacy of investment firms and credit institutions.
Since fees were liberalised in 1992, they have gradually declined year-on-year. Performance in the last 10 years is shown
in figure 6.3.
98

Table 6.3
Securities firms: commission revenues
1999
2000
2001
2002
2003
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
467.8
116.5
91.9
34.7
34.6
85.2
1,319.1
83.4
16.6
992.6
80.5
19.5
851.5
78.4
21.6
830.6
80.2
19.8
Brokering
699.3
IIC subscription and reimbursement
138.5
Placement and underwriting
112.9
Transaction advice and design
38.5
Portfolio management and securities custody 33.3
Other
109.4
Total
Broker-dealers (%)
Brokers (%)
1,131.9
79.4
20.6
In fixed-income, the volume of third-party trading by securities firms rose considerably (+88%),
taking the traded volume to 16.3 billion, of which over 99% related to public debt. Despite the
increase in volumes, gross fee revenues dropped 12% on 2002, to 47.9 million.
A notional 3.7 billion in derivatives were traded for third parties (+5.6% vs. 2002), with firms
collecting 89 million in fee revenues (-13%). Products traded in foreign markets accounted for
53% of the brokerage volume in this segment and 28% of gross fees.
Figure 6.3
Securities firms: brokerage of equities traded in domestic markets.
Volume and brokerage fee revenues
.
.
.
.
Billions of euros
.
.
.
%o
.
.
.
.
Brokerage volume (LH)
Average effective brokerage (RH)
99
With respect to other services, the largest contribution to gross revenues came from collective
investment scheme marketing (subscriptions and reimbursements), which amounted to 116
million, down 3.9% on 2002. However, there was a sizeable increase in revenues from issue placement and underwriting (+86%), transaction advice and design (+86%) and, to a lesser extent,
portfolio management and securities deposits (+7%). Gross revenues from all other services fell
11% overall. A breakdown of fee performance is given in Annex A.5.10
Proprietary trading
Net revenues (financial income plus trading portfolio net of provisions for derivatives positions) from proprietary trading at securities firms fell 12% on 2002 to 70 million.
The sectors financial income amounted to 54 million, a 32% reduction on 2002, broken
down as follows: 50% of net revenues related to securities portfolio yields (interest and dividends) and 25% to margins on repos, although they both decreased with respect to 2002
(17% and 26%, respectively). The decline in financial income was due mainly to a reduction in net revenues from Spanish equity yields, repos and various other transactions, since
foreign fixed-income and equity portfolio yields improved on 2002.
After three years of consecutive declines, net revenues from the trading portfolio rose substantially in 2003 to 25.5 million (18.9 million in 2002). This rise was due to a sharp increase in earnings on equities, which registered gains of 79 million (compared to a loss of 93
million in 2002) and, to a lesser extent, on fixed-income (18 million compared with 17
million in 2002). In contrast, derivatives results declined from a gain of 96 million in 2002
to a loss of 70 million in 2003. Provisions for derivatives depressed total revenues by 9.6
million, 48% less than in 2002.
Table 6.4
Securities firms: earnings on proprietary trading
1999
Money market and fixed-income assets
Equities
Derivatives
Other operations
Total
2000
2001
2002
2003
2.9
-3.5
9.9
17.0
18.0
250.8
-220.5
-145.9
-93.3
78.6
-177.2
292.9
185.5
96.2
-70.5
26.3
0.4
0.8
-1.0
-0.5
102.8
69.3
50.3
18.9
25.5
Pro memoria: proprietary trading volume (billions of euros)

Equities
Derivatives
Total
423.5
372.8
297.0
263.6
244.2
70.5
123.0
134.7
136.0
128.9
339.1
196.9
192.6
183.5
72.2
833.1
692.7
624.3
583.1
445.2
Consolidable groups
The CNMV supervised 53 financial groups in 2003, comprising 514 entities of different types,
representing a decrease in the number of groups and an increase in the number of entities on
2002. Of these entities, 21% were agents or representatives of broker-dealers and brokers, 17%
100

were the securities firms themselves, 13% were IIC and FTH management companies and the rest
were other types of firms. 84% of all entities belonged to a group6 and 57% of groups comprised
five or more entities.
Figure 6.4
Pre-tax earnings of consolidable groups. Contribution by securities firms
and other entities
900
800
184.3
700
Other entities
Millions of euros
600
Broker-dealers and dealers

500
392.3
400
70.8
300
616.8
56.1
200
400.8
100
0
303.9
217.3
249.7
2001
2002
2003
-17.6
-100
1999
2000
The sectors consolidated pre-tax earnings amounted to 335 million, 23% more than in
2002. Despite the decline in financial and ordinary income, earnings rose due to containment
of operating costs and a gain in the "Other gains and losses" item.
Broker-dealers and brokers made the greatest contribution to earnings, since other entities
contributed 26% of the consolidated pre-tax earnings (compared to 21% in 2002). Given that
entities other than broker-dealers and brokers increased both their financial and ordinary
income, their contribution to consolidated earnings increased in both line-items. The aforementioned improvement in income was sufficient to offset poorer performance in operating
expenses and in the "Other gains and losses" line-item7.
Among consolidable entities, IIC management companies accounted for a large proportion
(42%) of net fee revenues8.
6
7
8
See A.5.11.
See A.5.13.
See A.5.14.
101
Regulation of research and advice activities in the securities markets

Financial scandals in the last decade have highlighted the fact that, on occasion, analysts'
recommendations have not accurately evaluated the difficulties experienced by certain
companies. Although they have not been found specifically responsible, reports prepared
by analysts and research companies have been cited in legal and regulatory proceedings
initiated in the US.
Securities analysts linked to investment banks or to securities market intermediaries can
find themselves in a conflict of interest if they have an incentive to issue positive recommendations on securities or companies, either because their remuneration is in some way
linked to sales of securities by the company for which they work or because they are under
pressure from investment banking departments. Even independent analysts can have some
form of relationship with the companies that they analyse.
These issues began to be regulated in the US with the introduction of the Sarbanes-Oxley
Act in 2002. The Act published an amendment to be included within a year in the Securities
Exchange Act of 1934 by which the Securities and Exchange Commission (SEC), or the institution empowered by it, must establish regulations to control conflicts of interest arising
when analysts recommend securities in their reports or presentations, to improve the
objectivity of such reports and to supply investors with more reliable information. To this
end, the Sarbanes-Oxley Act included a series of regulations aimed at: (i) fostering greater public trust in securities research reports and protecting the independence and objectivity of analysts; (ii) preventing brokers or dealers who have participated or will participate in securities offerings as underwriters or dealers from publishing or distributing
reports relating to the securities or the issuer; (iii) establishing structural and institutional
safeguards to ensure that securities analysts work separately and independently of
departments relating to investment banking; and (iv) any other issue which the SEC deems
pertinent.
At the end of July 2003, the SEC approved a series of regulations drawn up by self-regulatory bodies* regarding analysts' activities in line with the provisions of the SarbanesOxley Act. Basically, the regulations: (i) separate analyst remuneration from investment
banking influence; (ii) isolate research activities from investment banking; (iii) require better information to be published about agreements between entities which could affect
analysts; (iv) make it obligatory to advise clients when coverage of a company ends; (v)
ensure analysts' independence by preventing them from being threatened by investment
banking departments against issuing an adverse recommendation; and finally (vi) impose
compulsory registration of analysts, and qualification and ongoing training requirements.
Other international bodies such as IOSCO and the EU subsequently addressed these issues.
On 25 September 2003, IOSCO issued a statement of principles to advise securities regulators on how to deal with conflicts of interests in securities research. These recommendations are in line with those approved in the US. The IOSCO Technical Committee published a report on analyst conflicts of interest, which described the different types of conflicts
affecting analysts and measures introduced in various countries to deal with these issues.
On 22 December 2003, a European Commission Directive was published regarding the fair
presentation of investment recommendations and the disclosure of conflicts of interest.
The Directive, which took into account recommendations from the CESR Technical
Committee, establishes rules for the fair presentation of investment recommendations and
the disclosure of conflicts of interest affecting analysts. It draws a distinction between persons producing investment recommendations (who must meet stricter standards) and
those disseminating recommendations made by third parties. In accordance with Article 6
of the Directive on Market Abuse, it should be noted that journalists are covered by speci-
102
fic rules, often involving self-regulation. Nevertheless, financial journalists who produce or
disseminate investment recommendations must respect certain general principles, thus
preserving the freedom of the press while protecting investors and issuers against any risk
of market manipulation by journalists exploiting their considerable influence for their own
gain. The Directive also clearly states that it refers exclusively to public recommendations
and not to private advice.
Following a number of conceptual definitions, the Directive contains two main sections, one
regarding the preparation of recommendations and the other regarding their dissemination. With regard to the former, member states must ensure that: (i) the identity of the
author of the recommendations is clear; (ii) there is a general regulation regarding fair
presentation of investment recommendations (distinction between facts and interpretations, reliability of sources, assumptions used in projections and valuations, and other obligations regarding the analysts' activities); and (iii) they have regulations to ensure the
individuals involved disclose interests and conflicts of interest.
With respect to the dissemination of recommendations made by third parties, the Directive
urges member states to implement appropriate regulation to identify those disseminating
recommendations and a general rules regarding dissemination of recommendations. The
final date for implementation of the Directive in national legislation is 12 October 2004.
In Spain, the Securities Market Law, amended by Law 44/2002 on Measures to Reform the
Financial System, includes a series of measures affecting analysts' activities in Article 79,
which relates to codes of conduct for investment services firms (paragraphs f, g and h).
The measures include the obligation to ensure equal treatment of customers when distributing recommendations and reports, a ban on analysts taking positions for their own
account in securities or financial instruments on which they are carrying out research
during specific periods, and the obligation to disclose to clients any possible conflict of interests relating to advice or investment services offered.
(1)
NASD, NYSE, SIA and AIMR.
6.2 Collective investment scheme management companies (SGIIC)

At 2003 year-end, there were 119 SGIICs registered with the CNMV, five less than in 2002. The
number of managed institutions increased from 5,110 to 5,323, due mainly to the creation of new
SIMCAVs and, to a lesser extent, mutual funds9. Overall, SGIICs managed 233 billion in assets
at 2003 year-end, up 20.7% on 2002. Securities investment funds (FIM and FIAMM) accounted for
90.4% of managed assets, securities investment companies (SIM and SIMCAV) for 8.4%, and real
estate funds for 1.2%10.
There was a rise in managed assets at all types of institutions (40 billion overall), even at SIMs,
despite the reduction in numbers. The greatest increase, in absolute terms, was registered at
securities investment funds (31.2 billion).
Despite the growth in managed assets, commission revenues rose just 2.3% to 2.3 billion11. This
is explained by the decline in commissions charged by FIMs (see Chapter 5). In contrast, com-
The number of FIAMMs managed by SGIICs rose by 3 on 2002, FIMs by 13, SIMCAVs by 207. The number of SIMs mana
ged fell by 10 and real estate funds and companies remained unchanged.
10
See A.5.16.
103
missions paid to marketers increased 3.4%, and their weighting in commission revenues rose from
71% in 2002 to 72% in 2003. Consequently, net commission revenues declined 0.5%.
Figure 6.5
IIC management companies: managed assets and pre-tax earnings
Millions of euros
Millions of euros
Assets (LH)
Earnings (RH)
The decrease in net commissions was accompanied by a moderate increase (2.7%) in financial
income and considerably lower losses on securities portfolios than in 2002, leading to a 1.1%
increase in ordinary income to 693 million. Operating expenses fell 2.3% to 228 million.
However, losses in the "Other gains and losses" line-item led to a 0.7% decline in pre-tax earnings
on 2002, to 444 million12. Sector ROE after taxes stood at 33%, compared with 28% in 2002.
The number of loss-making institutions fell from 30 to 21.
6.3 Portfolio management companies (SGC)

The sector restructuring process continued in 2003, with a further reduction in the number of portfolio management companies. At 2003 year-end, there were 24 SGCs registered at the CNMV,
seven less than in 2002. One new institution was registered in 2003 and eight were removed. The
new institution and four of the eight removed were independent and the other four were linked to
major banks: three of them to Spanish banks13 (SCH and Banco Zaragozano) and the other to
Italian bank Capitalia.
The number of portfolio management contracts remained practically flat but assets under management or advice fell almost 15%. Managed assets rose from 1.8 billion in 2002 to 2.2 billion
in 2003 and assets under advice fell from 4.9 billion to 3.5 billion. Of the managed assets, 89%
11
12
13
Of which 98% corresponded to management fees.

See A.5.18.
Two other companies were removed from the register in early January 2003, having been dissolved in 2002; they belonged to the SCH Group and accounted for a large proportion of assets under management or advice in the sector.
104

related to individual portfolios and the rest to securities investment companies (SIM and SIMCAV)14.
The reduction in assets under management and advice led to a slight decrease in commission revenues: while management commissions rose from 6.1 million in 2002 to 7.8 million in 2003,
advisory service fees fell from 7.6 million to 3.3 million. The volume discounts collected from
other financial institutions for trading in the managed portfolios also fell: from 3.1 million in 2002
to 2.8 million in 2003. Overall, commission revenues fell 18% to 14 million15.
Following the decline in commissions, pre-tax earnings in the sector fell 38% on 2002 from 6.2
million to 3.8 million. ROE after taxes in the sector stood at 7.80%, compared with 10.25% in
2002. The number of loss-making institutions decreased from 10 to 8.
Figure 6.6
Portfolio management companies: asset under management or advice
and pre-tax earnings
.
.
,
.
.
.
.
,
Millions of euros
Millions of euros
.
,
.
.
Assets under management
Assets under advice (LH)
Earning (RH)
6.4 Venture capital firm management companies (SGECR)

At 2003 year-end, there were 31 SGECRs registered at the CNMV, five more than in 2002. In 2003,
one company was removed and six were registered. In addition to the 35 venture capital funds
filed with the CNMV at 2003 year-end, SGECRs managed 20 registered venture capital firms (compared to 33 venture capital funds and 13 venture capital firms in 2002).
At 2003 year-end, the aggregated pre-tax earnings of SGECRs amounted to 4.9 million, down
16% on 2002. ROE after taxes in the sector fell from 13.1% in 2002 to 11.0% in 2003.
14
15
Ver A.5.16.
Ver A.5.18.
105
STATISTICAL ANNEXES
ANNEX 1
PRIMARY MARKETS
Annex 1: Primary markets

A.1.1.
Primary markets. Issues and outstanding balances
1999
2000
2001
2002
2003
Public administrations(1)
Short term
92,130
45,061
47,068
87,316
41,616
45,701
69,570
28,880
40,690
74,549
34,746
39,803
Issues registered at the CNMV

Capital increases(2) (*)
of which primary public offerings(3)
Fixed-income(2)
Short term
72,339
14,748
7,373
57,591
32,555
25,037
96,237
43,937
17,811
52,300
34,366
17,934
84,249
9,623
155
74,626
45,173
29,453
88,395 156,832
4,692
3,289
0
0
83,702 153,543
45,576
76,177
38,127
77,366
4,419
9,446
3,044
Gross issues
Secondary public offerings(3)
78,480
38,973
39,507
3,330
470
Fixed-income issued by residents: outstanding income(1)

Total resident issuers
Short term
Short term
391,392 400,636 429,153 467,363 539,373

77,047
59,996
56,155
59,082
68,993
314,345 340,641 372,998 408,281 470,380
301,627 313,776 318,187 326,916 326,319
54,335
45,730
36,927
37,202
39,941
247,292 268,045 281,261 289,714 286,378
Short term
69,183
15,365
53,818
70,224
11,052
59,172
93,434 124,980 197,548

14,932
18,873
26,811
78,502 106,107 170,737
Short term
20,581
7,347
13,234
16,637
3,214
13,423
17,532
4,296
13,235
15,467
3,008
12,460
15,506
2,241
13,265
18,339
17,316
24,472
23,614
32,205
Pro memoria:
Commercial paper registered at the CNMV:
outstanding balance(1)
(1)
Nominal amount.
Effective value.
Domestic and international tranches.
(*)
The total in 2001 includes a 4.696 billion capital increase performed by Arcelor, registered on 12/21/2001. This issue relates to
Arcelors bild for Aceralia, vetted by the CNMV on 01/03/2002.
Sources: Bank of Spain and CNMV.
(2)
(3)
111

2001
Effective
Equities and fixed-income issues

Capital increases (*)
of which primary public offerings
(1)
Fixed-income
Preference shares
Territorial covered bonds
Convertible/exchangeable bonds and debenture
Asset-backed bonds (1)
Commercial paper-shelf registrations
Other fixed-income issues
Secondary public offerings
Total
(1)
(1)
2002
Nominal
Effective
2003
Nominal
Amount
Chg. (%)
Amount
Amount
Chg. (%)
84,248.9
12.5
78,623.8
88,394.7
4.9
9,622.9
155.0
78.1
99.1
3,988.5
93.0
4,692.4
0.0
51.2
100.0
74,626.0
4,060.0
6,078.2
7,066.2
455.8
11,793.3
45,172.5
0.0
42.7
41.0
130.0
42.2
244.7
61.4
31.4
74,635.3
4,060.0
6,078.2
7,075.5
455.8
11,793.3
45,172.5
0.0
83,702.3
3,736.7
11,704.0
3,585.1
237.7
18,803.2
45,575.6
60.0
12.2
8.0
92.6
49.3
47.8
59.4
0.9
3,044.3
67.8
406.6
3,329.8
9.4
87,293.3
17.4
79,030.4
91,724.5
5.1
Amount
Effective
Amount
Nominal
Chg. (%)
Amount
77.4
155,032.9
3,289.3
0.0
29.9
1,391.4
0.0
83,704.6 153,543.2
3,736.7
3,360.0
11,704.0
17,781.0
4,179.8
3,587.4
15,020.0
237.7
179.3
18,803.2
36,740.4
45,575.6
76,177.0
60.0
105.7
83.4
10.1
51.9
319.0
24.6
95.4
67.1
76.2
153,641.5
3,360.0
17,864.0
4,200.0
15,020.8
179.3
36,740.4
76,177.0
100.0
469.5
85.9
126.9
85,152.8 157,302.0
71.5
155,159.8
84,838.2 156,832.5
1,133.6
0.0
314.6
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
realtes to Arcelors bid for Aceralia, vetted by the CNMV on 01/03/2002.
(* )
Annual report on the securities market. 2003
112
A.1.2.
Issues and public offerings, by instrument. Amounts registered at the CNMV

A.1.3.
Capital increases through issues of new stock registered at the CNMV, except primary
public offerings. 2003.
Detail by issuer
No. of
Issuers
Effective
Issues
amount
Nominal amount
Total
Bonus
issues
Energy and water

SOCIEDAD GENERAL DE AGUAS DE BARCELONA, S.A.
FERSA ENERGIAS RENOVABLES, S.A.
2
1
1
2
1
1
12,044
1,444
10,600
11,444
1,444
10,000
0
0
0
Chemical industry
FAES FARMA, S.A.
LA SEDA DE BARCELONA, S.A.
2
1
1
2
1
1
19,000
0
19,000
30,941
890
30,051
890
890
0
Food, beverages and tobacco

SOS CUETARA, S.A.
SOCIEDAD ANONIMA DAMM
2
1
1
2
1
1
40,955
31,446
9,509
39,586
38,413
1,173
0
0
0
Construction
ACS, ACTIVIDADES DE CONSTRUCCION Y SERVICIOS, S.A.
1
1
1
1
501,623
501,623
81,698
81,698
0
0
Transport and communications

TELEFONICA, S.A.
ABERTIS INFRAESTRUCTURAS, S.A.
JAZZTEL, PLC.
3
1
1
1
8
2
2
4
1,039,589
97,213
927,480
14,896
744,058
196,370
538,771
8,917
174,188
99,157
75,031
0
Financial institutions and insurance companies

BANCO DE VALENCIA, S.A.
GRUPO INMOCARAL, S.A.
BANCO POPULAR ESPAOL, S.A.
VALENCIANA DE NEGOCIOS, S.A.
4
1
1
1
1
5
2
1
1
1
502,730
60,631
25,154
412,672
4,273
16,869
7,846
3,551
5,116
356
1,783
1,783
0
0
0
Real estate
URBANIZACIONES Y TRANSPORTES, S.A.
SOTOGRANDE, S.A.
SACYR VALLEHERMOSO, S.A.
INMOBILIARIA DEL SUR, S.A.
COMPAIA ESPAOLA DE VIVIENDAS EN ALQUILER, S.A.
5
1
1
1
1
1
5
1
1
1
1
1
348,653
1,646
70,225
276,782
0
0
99,902
1,646
4,339
91,047
2,760
110
2,870
0
0
0
2,760
110
Other businesses
INYPSA INFORMES Y PROYECTOS, S.A.
CALPE INVEST, S.A.
SERVICE POINT SOLUTIONS, S.A.
3
1
1
1
3
1
1
1
41,494
1,500
12,708
27,286
9,800
1,500
2,843
5,457
0
0
0
0
Recreational and cultural services

SOGECABLE, S.A.
1
1
1
1
449,497
449,497
57,962
57,962
0
0
Other
TAVEX ALGODONERA, S.A.
INDRA SISTEMAS, S.A.
ZARDOYA OTIS, S.A.
RENO DE MEDICI, S.P.A.
TABLEROS DE FIBRAS, S.A.
DOGI INTERNATIONAL FABRICS, S.A.
EUROPEAN AERONAUTIC DEFENCE AND SPACE CO.
EADS, N.V.
UNIPAPEL, S.A.
URALITA, S.A.
9
1
1
1
1
1
1
10
1
2
1
1
1
1
333,736
0
19,918
0
72,105
208,400
24,850
299,157
2,550
573
1,789
72,105
208,400
3,728
6,859
2,550
0
1,789
0
0
0
1
1
1
1
1
1
2,205
0
6,258
177
2,520
7,315
0
2,520
0
32
39
3,289,321
1,391,417
186,590
TOTAL
113
Effective amount offered

Offered company
TOTAL OFFERED
Nominal amount offered
Total
Domestic
market
Domestic
market
Total
0
* No primary public foreigns were registered in 2003.
A.1.5.
Secondary public offerings registered at the CNMV. 2003
Effective mount
offered
Seller
Offered company
Nominal amount
offered
Total
Domestic
market
Total
Domestic
market
51,098
51,098
51,098
51,098
416,632
416,632
75,751
75,751
CORPORACION FINANCIERA ALBA, S.A.
VODAFONE GROUP PLC
ENDESA, HIDROCANTBRICO, UNION FENOSA

AND IBERDROLA
RED ELECTRICA DE ESPAA, S.A.
ZELTIA S.A.
ZELTIA, S.A.
849
849
ZELTIA S.A.
ZELTIA, S.A.
938
938
469,517
469,517
126,866
126,866
TOTAL OFFERED
114
A.1.4.
Primary public offerings registered at the CNMV. 2003(*)
A.1.6.
Fixed-income issues registered at the CNMV. Main issuers. 2003
Nominal amounts in thousands of euros
Commercial paper
Issuer

Amount
Issuer
Amount
Total fixed-income
%
Issuer
Amount
BANESTO BANCO DE EMISIONES, S.A.
6,000,000
7.90
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
3,350,000
22.48
BANCO SANTANDER CENTRAL HISPANO, S.A.
14,000,000
9.11
6,000,000
7.90
2,500,000
16.78
8,500,000
5.53
SANTANDER CENTRAL HISPANO

INVESTMENT, S.A.
6,000,000
7.90
ENTE PUBLICO RTVE
1,500,000
10.07
CAJA DE AHORROS Y PENSIONES

DE BARCELONA
6,750,000
4.39
BBVA BANCO DE FINANCIACION, S.A.
6,000,000
7.90
REPSOL INTERNATIONAL FINANCE
1,000,000
6.71
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
6,350,000
4.13
4,500,000
5.92
1,000,000
6.71
BANCO DE SABADELL, S.A.
6,000,000
3.91
4,200,000
5.53
BANCO DE CREDITO LOCAL DE ESPAA, S.A.
750,000
5.03
SANTANDER CENTRAL HISPANO

INVESTMENT, S.A.
6,000,000
3.91
SANTANDER CONSUMER FINANCE, S.A.
3,500,000
4.61
BANCO PASTOR, S.A.
620,000
4.16
6,000,000
3.91
REPSOL YPF, S.A.
3,000,000
3.95
CAJA DE GALICIA
450,000
3.02
4,200,000
2.73
BANKINTER, S.A.
3,000,000
3.95
CORES
350,000
2.35
CAJA DE AHORROS Y MONTE DE PIEDAD

DE MADRID
3,800,000
2.47
BANCO PASTOR, S.A.
3,000,000
3.95
ABERTIS
350,000
2.35
AYT CEDULAS CAJAS IV, FTA
3,800,000
2.47
ENDESA, S.A.
2,000,000
2.63
CAJA MADRID
300,000
2.01
BANCO PASTOR, S.A.
3,620,000
2.36
2,000,000
2.63
CAJA DEL MEDITERRANEO
300,000
1.72
49,200,000
26,977,000
64.59
35.41
12 LARGEST ISSUERS
REMAINDER (31 ISSUERS)
12,470,000
2,550,800
83.02
16.98
76,177,000 100,00
TOTAL (43 ISSUERS)
15,020,800
100.00
CAJA DE AHORROS Y MONTE DE PIEDAD

DE MADRID
12 LARGEST ISSUERS
TOTAL (64 ISSUERS)
12 LARGEST ISSUERS
TOTAL (137 ISSUERS)
3,500,000
2.28
72,520,000
81,121,525
47.20
52.80
153,641,525 100.00
115

A.1.7.
Fixed-income issues registered at the CNMV.
Preference shares. 2003
Detail by issuer
Issue
date
BANESTO PREFERENTES, S.A.
BBVA CAPITAL FINANCE, S.A.
BPE PREFERENCE INTERNATIONAL (*)
CAIXA GALICIA PREFERENTES, S.A.,
SOCIEDAD UNIPERSONAL
CANTABRIA PREFERENTES, S.A.
SOCIEDAD UNIPERSONAL
ENDESA CAPITAL FINANCE, LLC.
SANTANDER CENTRAL HISPANO FINANCE, S.A.
UNION FENOSA FINANCIAL SERVICES USA, LLC.
Coupon
Type
(1)
Nominal
amount
Initial (%)
12/18/2003
12/16/2003
12/27/2002
V
V
V
2.34
3.00
2.25
150,000
350,000
100,000
150,000
350,000
100,000
12/29/2003
3.50
140,000
140,000
12/18/2003
03/28/2003
10/07/2003
05/20/2003
V
V
V
V
3.00
3.94
3.00
4.18
55,000
1,500,000
450,000
615,000
55,000
1,500,000
450,000
615,000
3,360,000
3,360,000
TOTAL
(*)
(1)
Effective
amount
Capital increase.
F: fixed; V: variable; Z "0": zero coupon.
A.1.8.
Convertible bonds. 2003
Detail by issuer
Issue
date
Construction
BAMI, S.A. INMOBILIARIA DE CONSTRUCCIONES
Y TERRENOS
IBERIA LINEAS AEREAS DE ESPAA, S.A.
TOTAL
(1)
(2)
Last maturity date.

116
Maturity
date(1)
Coupon
Type (2)
Initial (%)
Nominal
amount
149,745
07/30/2003
07/30/2006
3.00
05/30/2003
05/11/2008
2.71
149,745
29,580
29,580
179,325

A.1.9.
Non-convertible bonds. 2003
Detail by issuer
Issue
date
Maturity
date(1)
Coupon
(2)
Type
Initial (%)

ABERTIS INFRAESTRUCTURAS, S.A.
AUTOPISTAS DEL ATLANTICO, CONCESIONARIA ESPAOLA, S.A
12/15/2003
08/08/2003
06/26/2003
12/09/2005
08/08/2013
06/26/2013
V
F
F
4.95
3.83
Nominal
amount
543,000
350,000
150,000
200,000
193,000

12,597,800
BANCAJA
09/18/2003
09/18/2015
F
3.94
210,000
BANCO ATLANTICO, S.A.
10/01/2003
10/01/2011
2.54
30,000
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. ..........................................................................................................................
3,350,000
11/12/2003
11/12/2015
V
4.50
750,000
10/08/2003
10/20/2005
V
2.16
2,000,000
07/17/2003
07/17/2013
V
2.48
600,000
BANCO DE CREDITO LOCAL DE ESPAA, S.A.
09/29/2003
03/30/2005
2.15
750,000
BANCO DE VALENCIA, S.A.
08/08/2003
08/08/2007
F
2.85
120,000
BANCO GALLEGO, S.A. ........................................................................................................................................................
36,000
10/30/2003
10/30/2013
V
3.25
18,000
06/30/2003
06/30/2013
V
3.75
18,000
BANCO PASTOR, S.A. ..........................................................................................................................................................
620,000
12/19/2003
12/19/2005
V
500,000
09/30/2003
09/30/2013
V
120,000
12/31/2003
06/30/2005
V
1,000,000
2,500,000
09/17/2003
09/29/2013
V
2.53
500,000
10/21/2003
10/21/2005
V
2.18
2,000,000
BANKINTER, S.A. ................................................................................................................................................................
130,000
09/30/2003
09/30/2013
V
2.65
50,000
06/26/2003
06/26/2013
V
2.70
80,000
CAIXA DE AFORROS DE VIGO, OURENSE E PONTEVEDRA (CAIXANOVA) ........................................................................................
240,000
08/04/2003
08/04/2018
V
3.50
120,000
01/26/2004
01/26/2019
V
3.50
120,000
CAIXA DESTALVIS COMARCAL DE MANLLEU
12/01/2003
06/01/2013
V
2.75
10,000
CAIXA DESTALVIS DE CATALUNYA .......................................................................................................................................
256,800
08/19/2003
08/19/2013
C
20,000
08/19/2003
08/19/2013
V
0.97
15,000
08/19/2003
08/19/2008
V
1.06
12,000
07/16/2003
06/27/2013
V
2.31
2,500
07/29/2003
07/29/2016
V
2.31
2,000
10/29/2003
05/19/2015
V
200,000
03/31/2003
10/31/2008
C
5,300
CAIXA DESTALVIS DE SABADELL
09/26/2003
10/01/2013
V
2.96
50,000
CAIXA DESTALVIS DE TARRAGONA
07/15/2003
07/27/2018
V
2.75
20,000
CAIXA DESTALVIS DE TERRASSA
09/29/2003
12/30/2013
V
2.48
60,000
CAJA DE AHORRO PROVINCIAL DE GUADALAJARA
10/10/2003
10/01/2013
V
3.25
4,000
CAJA DE AHORROS DE GALICIA ............................................................................................................................................
450,000
08/01/2003
08/01/2008
F
3.25
240,000
02/28/2003
04/01/2008
F
3.25
120,000
11/03/2003
11/03/2013
F
3.00
90,000
CAJA DE AHORROS DE LA INMACULADA DE ARAGON
12/22/2003
12/22/2013
V
4.00
100,000
CAJA DE AHORROS DE LA RIOJA
06/20/2003
06/20/2013
V
3.00
12,000
CAJA DE AHORROS DE MURCIA
06/30/2003
06/30/2023
V
3.00
70,000
CAJA DE AHORROS DE VITORIA Y ALAVA
04/02/2003
10/01/2004
V
2.81
100,000
CAJA DE AHORROS DEL MEDITERRANEO
11/11/2003
2.30
300,000
CAJA DE AHORROS PROVINCIAL SAN FERNANDO DE SEVILLA Y JEREZ
12/15/2003
12/15/2013
V
3.00
60,000
CAJA DE AHORROS Y MONTE DE PIEDAD DE CORDOBA ...........................................................................................................
210,000
12/01/2003
12/01/2013
V
3.25
60,000
12/05/2003
12/05/2013
V
150,000
CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID ..............................................................................................................
300,000
02/11/2004
02/11/2009
F
4.00
100,000
03/28/2003
03/28/2013
V
200,000
CAJA DE AHORROS Y MONTE DE PIEDAD DE ONTINYENT
04/04/2003
05/28/2013
V
4.00
6,000
CAJA DE AHORROS Y MONTE DE PIEDAD DE SEGOVIA
06/10/2003
06/10/2013
V
3.25
20,000
03/28/2003
03/28/2015
V
4.00
90,000
12/29/2003
12/29/2018
V
4.50
100,000
CAJA ESPAA DE INVERSIONES
10/30/2003
12/29/2018
V
3.75
100,000
CAJA GENERAL DE AHORROS DE GRANADA
06/11/2003
06/11/2009
V
4.00
75,000
CAJA INSULAR DE AHORROS DE CANARIAS
11/10/2003
11/01/2013
V
2.75
30,000
CAJA RURAL DE JAEN, SOCIEDAD COOPERATIVA DE CREDITO
02/28/2003
02/28/2010
V
4.05
21,000
DEUTSCHE BANK, SOCIEDAD ANONIMA ESPAOLA
12/30/2003
12/30/2013
V
3.00
70,000
IBERCAJA ...........................................................................................................................................................................
190,000
MONTE DE PIEDAD Y CAJA DE AHORROS DE HUELVA Y SEVILLA
06/30/2003
06/30/2013
V
3.00
25,000
MONTE DE PIEDAD Y CAJA GENERAL DE AHORROS DE BADAJOZ
06/10/2003
06/10/2023
V
2.50
12,000
(Continues over)
117

(Continued)
A.1.9.
Non-convertible bonds. 2003
Detail by issuer
REPSOL INTERNATIONAL FINANCE, B.V.

UNICAJA
Issue
date
Maturity
date(1)
07/22/2003
09/18/2003
07/22/2013
12/18/2013
Coupon
(2)
Type
F
V
Initial (%)
5.00
2.00
Real estate
CATALONIA PROMODIS 3, S.A. ..............................................................................................................................................
07/30/2003
08/01/2007
V
3.40
07/30/2003
07/30/2007
V
3.30
Public administration, deference and security,
and obligatory social security
CORP. DE RESERVAS ESTRATEGICA DE PRODUCTOS
PETROLIFEROS
(1)
(2)
Last maturity date.

118
1,000,000
60,000
30,000
30,000
10,000
20,000
350,000
07/15/2003
07/15/2013
4.00
Recreational and cultural services

ENTE PUBLICO RTVE ............................................................................................................................................................
12/04/2003
12/04/2008
V
05/09/2003
05/09/2006
V
TOTAL
Nominal
amount
350,000
1,500,000
1,500,000
850,000
650,000
15,020,800

A.1.10.
Mortage bonds. 2003
Detail by issuer
Coupon
Nominal
amount
Issue
date
Maturity
date(1)
17,864,000
1,500,000
1,500,000
04/29/2003
04/29/2013
4.50
1,500,000
1,500,000
05/23/2003
05/23/2010
4.00
3,000,000
3,000,000
01/29/2003
01/29/2013
4.25
90,000
90,000
07/28/2003
10/06/2008
3.00
24,000
24,000
06/10/2003
12/10/2006
2.25
CAJA MADRID
1,500,000
1,500,000
10/22/2003
10/22/2009
3.75
LA CAIXA
5,250,000
750,000
750,000
1,250,000
2,500,000
05/07/2003
11/24/2003
12/24/2003
02/27/2003
04/05/2011
11/24/2018
11/24/2013
03/04/2010
F
F
F
F
5.25
4.75
4.25
3.50
5,000,000
2,000,000
1,500,000
1,500,000
09/05/2003
03/12/2003
12/19/2003
09/10/2010
03/12/2006
12/19/2008
V
F
F
4.00
2.75
3.75
Issue
date
Maturity
date(1)
Financial institutions and insurance companies 4,200,000

BANCO DE CREDITO LOCAL
1,500,000
SCH
2,000,000
DEXIA SABADELL BANCO LOCAL
700,000
04/07/2003
07/02/2003
12/02/2003
04/07/2010
07/08/2013
12/12/2006
TOTAL
4.200.000
Financial institutions and insurance

companies
BANCO SABADELL
BANESTO
BBVA
CAIXANOVA
CAJA BADAJOZ
SCH
TOTAL
(1)
(2)
Type(2)
Initial (%)
17,864,000
Last maturity date

A.1.11.
Territorial bonds. 2003
Detail by issuer
Nominal
amount
(1)
(2)
Coupon
Type(2)
F
F
V
Initial (%)
3.75
3.92
2.16
Last maturity date

119
Detail by issuer
Issue
date
Total
Domestic
market

Total
Domestic
market
MORTGAGE-BACKED BONDS
AYT GENOVA HIPOTECARIO II, FONDO DE TITULIZACION HIPOTECARIA
AYT GENOVA HIPOTECARIO III, FONDO DE TITULIZACION HIPOTECARIA
AYT HIPOTECARIO III, FONDO DE TITULIZACION HIPOTECARIA
AYT HIPOTECARIO IV, FONDO DE TITULIZACION HIPOTECARIA
FONCAIXA HIPOTECARIO 7, FONDO DE TITULIZACION HIPOTECARIA
FONDO DE TITULIZACION HIPOTECARIA, BANESTO 4
05/23/2003
10/31/2003
07/03/2003
07/17/2003
09/26/2003
12/15/2003
5,030,000
800,000
800,000
330,000
350,000
1,250,000
1,500,000
5,030,000
800,000
800,000
330,000
350,000
1,250,000
1,500,000
5,030,000
800,000
800,000
330,000
350,000
1,250,000
1,500,000
5,030,000
800,000
800,000
330,000
350,000
1,250,000
1,500,000
ASSET-BACKED BONDS
AYT CEDULAS CAJAS IV, FONDO DE TITULIZACION DE ACTIVOS
AYT CEDULAS CAJAS V, FONDO DE TITULIZACION DE ACTIVOS
AYT CEDULAS TERRITORIALES CAJAS I, FONDO DE TITULIZACION DE ACTIVOS
AYT FTPYME I, FONDO DE TITULIZACION DE ACTIVOS
AYT PRESTAMOS CONSUMO II, FONDO DE TITULIZACION DE ACTIVOS
BANCAJA 5, FONDO DE TITULIZACION DE ACTIVOS
BANCAJA 6, FONDO DE TITULIZACION DE ACTIVOS
BANKINTER 6, FONDO DE TITULIZACION DE ACTIVOS
BANKINTER I FTPYME FONDO DE TITULIZACION DE ACTIVOS
CAP-TDA 1, FONDO DE TITULIZACION DE ACTIVOS
CEDULAS TDA 1, FONDO DE TITULIZACION DE ACTIVOS
CEDULAS TDA 2, FONDO DE TITULIZACION DE ACTIVOS
CIBELES III FTPYME, FONDO DE TITULIZACION DE ACTIVOS
FONCAIXA FTPYME 1, FONDO DE TITULIZACION DE ACTIVOS
FONDO DE TITULIZACION DE ACTIVOS CONSUMO SANTANDER I
FONDO DE TITULIZACION DE ACTIVOS FTPYME SANTANDER 1
FONDO DE TITULIZACION DE ACTIVOS UCI 9
FTPYME BANCAJA 2 FONDO DE TITULIZACION DE ACTIVOS
FTPYME TDA 4, FONDO DE TITULIZACION DE ACTIVOS
FTPYME TDA SABADELL 2, FONDO DE TITULIZACION DE ACTIVOS
GC FTGENCAT II, FONDO DE TITULIZACION DE ACTIVOS
GC FTPYME PASTOR 1, FONDO DE TITULIZACION DE ACTIVOS
HIPOCAT 6, FONDO DE TITULIZACION DE ACTIVOS
RURAL HIPOTECARIO V FONDO DE TITULIZACION DE ACTIVOS
03/11/2003
12/02/2003
10/22/2003
12/16/2003
06/02/2003
04/14/2003
12/01/2003
09/24/2003
09/08/2003
06/25/2003
06/12/2003
11/19/2003
12/19/2003
11/27/2003
03/04/2003
09/24/2003
06/16/2003
09/19/2003
10/10/2003
11/12/2003
03/28/2003
10/28/2003
09/18/2003
10/28/2003
31,710,400
3,800,000
3,100,000
1,400,000
677,800
200,000
1,000,000
2,080,000
1,350,000
250,000
300,000
1,750,000
2,000,000
500,000
600,000
1,080,000
1,800,000
1,250,000
500,000
250,000
500,000
950,000
225,000
850,000
695,000
22,007,600
3,800,000
3,100,000
1,400,000
677,800
200,000
1,000,000
2,080,000
1,350,000
250,000
150,000
437,500
500,000
500,000
600,000
423,900
1,800,000
239,600
93,800
246,000
136,500
950,000
225,000
192,100
695,000
31,710,400
3,800,000
3,100,000
1,400,000
677,800
200,000
1,000,000
2,080,000
1,350,000
250,000
300,000
1,750,000
2,000,000
500,000
600,000
1,080,000
1,800,000
1,250,000
500,000
250,000
500,000
950,000
225,000
850,000
695,000
22,007,600
3,800,000
3,100,000
1,400,000
677,800
200,000
1,000,000
2,080,000
1,350,000
250,000
150,000
437,500
500,000
500,000
600,000
423,900
1,800,000
239,600
93,800
246,000
136,500
950,000
225,000
192,100
695,000
(Continues over)
120
A.1.12.
Asset-backed bonds and notes. 2003
(Continued)
A.1.12.
Asset-backed bonds and notes. 2003
Detail by issuer
Issue
date
TDA
TDA
TDA
TDA
TDA
TDA
TDA
16 - MIXTO, FONDO DE TITULIZACION DE ACTIVOS

CAM 1, FONDO DE TITULIZACION DE ACTIVOS
CAM 2, FONDO DE TITULIZACION DE ACTIVOS
IBERCAJA 1, FONDO DE TITULIZACION DE ACTIVOS
PASTOR 1, FONDO DE TITULIZACION DE ACTIVOS
ASSET-BACKED NOTES(1)
AYT.4, GRANDES PRESTAMOS, FONDO DE TITULIZACION
DE ACTIVOS
FONDO DE TITULIZACION DE ACTIVOS SANTANDER I
(1)
(2)
Shelf registration.
Programme registration date.
04/24/2003(2)
11/26/2003(2)
532,000
455,000
421,000
1,000,000
1,100,000
600,000
494,600
Domestic
market
145,200
455,000
180,200
20,000
Total
Domestic
market
60,000
100,000
532,000
455,000
421,000
1,000,000
1,100,000
600,000
494,600
145,200
455,000
180,200
20,000
60,000
100,000
1,090,000
1,090,000
1,090,000
1,090,000
90,000
1,000,000
90,000
1,000,000
90,000
1,000,000
90,000
1,000,000
36,740,400
1,090,000
37,830,400
27,037,600
1,090,000
28,127,600
36,740,400
1,090,000
37,830,400
27,037,600
1,090,000
28,127,600
121
TOTAL BONDS
TOTAL NOTES
TOTAL
05/26/2003
10/24/2003
11/14/2003
03/13/2003
06/27/2003
10/08/2003
02/21/2003
Total

A.1.13.
Commercial paper. 2003
Detail by issuer
Registered programmes
Outstanding
Placements balances at
12/31/03
No.
Amount
Energy and water

ENDESA, S.A.
HIDROELECTRICA DEL CANTABRICO, S.A.
IBERDROLA, S.A.
RED ELECTRICA DE ESPAA, S.A.
REPSOL YPF, S.A.
UNION FENOSA, S.A.
6
1
1
1
1
1
1
7,848,000
2,000,000
180,000
1,500,000
168,000
3,000,000
1,000,000
3,203,516
893,973
130,275
798,720
286,000
286,135
808,413
895,537
249,950
8,500
276,920
17,750
128,860
213,557

RED NACIONAL DE LOS FERROCARRILES ESPAOLES
TELEFONICA, S.A.
AUTOPISTA CONCESIONARIA ASTUR-LEONESA, S.A. (1)
2
1
1
1,886,000
700,000
1,000,000
186,000
3,416,712
1,884,575
1,346,137
186,000
1,160,115
553,665
606,450

64
AYT.4, GRANDES PRESTAMOS, FONDO DE TITULIZACION DE ACTIVOS (2)
1
BANCA MARCH, S.A.
1
BANCA PUEYO, S.A.
1
BANCO ATLANTICO, S.A.
3
BANCO DE ANDALUCIA, S.A.
3
BANCO DE CASTILLA, S.A.
1
BANCO DE CREDITO BALEAR, S.A.
1
BANCO DE GALICIA, S.A.
1
BANCO DE LA PEQUEA Y MEDIANA EMPRESA, S.A.
3
BANCO DE VASCONIA, S.A.
1
BANCO GUIPUZCOANO, S.A.
1
BANCO PASTOR, S.A.
2
1
1
BANCO ZARAGOZANO, S.A.
1
1
BANKINTER, S.A.
2
BARCLAYS BANK, S.A.
1
1
BILBAO BIZKAIA KUTXA, AURREZKI KUTXA ETA BAHITETXEA
1
BILBAO HIPOTECARIA, E.F.C., S.A.
1
CAIXA DE AFORROS DE VIGO, OURENSE E PONTEVEDRA (CAIXANOVA)
1
CAIXA DESTALVIS DE CATALUNYA
1
CAJA DE AHORROS DE CASTILLA-LA MANCHA
1
CAJA DE AHORROS DE GALICIA
1
CAJA DE AHORROS DE LA INMACULADA DE ARAGON
1
CAJA DE AHORROS DE LA RIOJA
1
CAJA DE AHORROS DE MURCIA
1
CAJA DE AHORROS DE SANTANDER Y CANTABRIA
1
CAJA DE AHORROS DE VALENCIA, CASTELLON Y ALICANTE, BANCAJA
2
CAJA DE AHORROS DE VITORIA Y ALAVA
1
CAJA DE AHORROS DEL MEDITERRANEO
1
CAJA DE AHORROS MUNICIPAL DE BURGOS
1
CAJA DE AHORROS PROVINCIAL SAN FERNANDO DE SEVILLA Y JEREZ
1
CAJA DE AHORROS Y MONTE DE PIEDAD DE GIPUZKOA Y SAN SEBASTIAN
1
CAJA DE AHORROS Y MONTE DE PIEDAD DE LAS BALEARES
1
66,193,000
90,000
200,000
50,000
378,000
1,110,000
120,000
30,000
150,000
4,500,000
90,000
200,000
3,000,000
4,200,000
6,000,000
1,000,000
6,000,000
3,000,000
1,500,000
6,000,000
900,000
12,000
600,000
1,800,000
500,000
1,000,000
300,000
100,000
600,000
600,000
1,200,000
100,000
1,200,000
300,500
300,000
300,500
300,000
148,640,394 29,824,608
189,900
52,200
873,923
132,537
16,696
16,696
2,853,744
241,080
4,305,315
406,623
442,116
25,698
60,975
5,154
1,170,747
84,162
3,508
8,249,163
1,977,997
836,118
65,646
57,298
46,997
2,856,947
732,276
22,966,602
2,136,699
8,584,899
473,142
10,125,201
346,530
4,000,000
4,000,000
10,509,954
1,876,962
21,344,480
5,428,980
19,030
2,134,273
6,078,040
329,200
265,768
480,200
252,600
376,652
1,376,840
3,566,810
273,500
1,446,582
608,800
610,100
5,273,664
857,181
1,268
570,053
1,716,800
105,900
265,768
226,800
53,300
265,071
577,160
429,540
100,000
440,856
301,800
78,700
89,600
89,600
(Continues over)
122

(Continued)
A.1.13.
Commercial paper. 2003
Detail by issuer
Registered programmes
CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID

CAJA DE AHORROS Y MONTE DE PIEDAD DE NAVARRA
CAJA DE AHORROS Y PENSIONES DE BARCELONA
CAJA ESPAA DE INVERSIONES
CAJA GENERAL DE AHORROS DE CANARIAS
CAJA GENERAL DE AHORROS DE GRANADA
CAJA INSULAR DE AHORROS DE CANARIAS
CAJA LABORAL POPULAR COOP. DE CREDITO
CAJA RURAL DE NAVARRA, S. 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)
LICO LEASING, S.A. SOCIEDAD DE ARRENDAMIENTO FINANCIERO
MONTE DE PIEDAD Y CAJA DE AHORROS DE HUELVA Y SEVILLA
SANTANDER CENTRAL HISPANO INVESTMENT, S.A.
UNICAJA
UNION FINANCIERA ASTURIANA, S.A.
Real estate
PROMOTORA CATALUNYA MEDITERRANEA S.A.
SACYR VALLEHERMOSO, S.A.
TOTAL
(1)
(2)
Outstanding
Placements balances at
12/31/03
No.
Amount
1
1
1
1
1
1
1
1
1
1
2
2,000,000
600,000
1,500,000
300,000
90,000
300,000
150,000
450,000
90,000
500,000
20,000
851,200
172,925
238,000
430,491
500,000
327,000
104,425
113,700
25,435
149,400
3,874,551
203,600
593,700
46,645
1
1
1
1
1
1
1
1,000,000
350,000
600,000
6,000,000
3,500,000
1,000,000
12,000
3,680,000
564,900
1,081,449
510,000
11,495,872
1,588,700
27,308
151,135
60,200
286,900
14,772
14,284
999,800
349,600
312,504
2,275,291
654,000
8,794
250,000
250,000
672,886
73,782
599,104
324,950
75,000
249,950
73
76,177,000
155,933,508 32,205,210
Commercial paper issued without a programme.

Asset securitisation. The amount of the registered programmes is also included in the total of table A.1.12.
123
Detail by issuer
Coupon
Issue
date
Maturity
date
Commerce and other service

EROSKI, SOCIEDAD COOPERATIVA (*)
07/30/2003
Other processing/manufacturing industries

FAGOR ELECTRODOMESTICOS, SOCIEDAD COOPERATIVA (*)
02/11/2004
TOTAL
(*)
(1)
Subordinated financial contributions.

Initial (%)
Nominal
amount
Effective
amount
5.63
70,000
75,740
7.00
30,000
30,000
100,000
105,740
Type(1)
124
A.1.14.
Other issues. 2003
A.1.15.
Issues of warrants and other financial contracts registered at the CNMV. 2003
Detail by issuer
Warrants
Amount(1)
No. of
Issuers
Other financial contracts
Issues
Total
Shares
1
1
1
1
1
63
42
172
126
301
343
1
168,630
76,660
124,620
298,194
143,029
504,655
11,378
142,440
15,660
92,278
145,139
101,414
245,675
11,378
TOTAL
1,048
1,327,166
753,984
(1)
(2)
Premium amount
Nominal amount of contract
Indexes Other
26,190
61,000
9,380
153,055
25,011
214,320
Other
Issuers
Total
Shares
Indexes Other
22,962
16,604
44,660
1
1
1
1
1
1
1
9
8
8
1
2
4
7
66,000
8,000
255,000
105,000
1,800
4,711
14,327
46,000
66,000
8,000
255,000
105,000
1,800
4,711
8,000
26,000
6,327
20,000
488,956 84,226
41
500,838
474,511
26,327
125
B. GUIPUZCOANO
B. VITORIA
BANESTO
BANESTO EMISIONES
BANKINTER
BBVA
BBVA BANCO DE FINANCIACION
CAJA RURAL ARAGONESA Y PIRINEOS, C.C.
CAJAMAR
COMMERZBANK
LA KUTXA - CAJA GUIPUZCOA
SABADELL BANCA PRIVADA
SCH INVESTMENT
SOCIETE GENERALE ACCEPTANCE
SOGECABLE
Amount(2)
No. of
ANNEX 2
SECONDARY MARKETS
A.2.1.
Secondary markets. Net revenues and earnings of listed companies. 2003
Change accumulated in the year (%)
SECTOR
Net revenues
1-03
13.2
2-03
2.4
3-03
2.4
4-03
3.1
4-02
16.3
1-03
2-03
2.3
3-03
4-03
344.4
4-02
160.8
Energy and water

Mining
Oil
Electricity
Water and gas
2.2
6.4
11.2
10.1
4.1
0.1
0.2
5.1
6.9
0.3
2.2
3.3
5.3
2.0
1.0
1.7
0.3
4.8
2.0
2.7
5.5
4.2
13.8
10.5
10.7
53.1
71.4
66.1
61.8
4.6
26.0
49.9
2.1
62.2
19.2
30.6
49.7
9.6
63.5
15.5
28.6
68.6
23.3
32.9
55.1
3.8
34.5
10.9
3.0
3.9
Basic metal industries
13.2
8.7
11.9
15.7
3.5
21.6
26.9
35.3
33.9
7.5
Cement and construction metals

Cement
Construction materials
10.1
2.5
24.5
8.5
0.6
17.5
12.7
4.0
16.6
7.9
3.6
12.7
3.9
3.7
4.1
5.8
10.5
22.5
12.4
5.8
95.3
7.9
26.8
69.9
0.7
15.4
67.0
12.4
17.3
9.0
1.7
3.1
1.6
2.0
4.7
6.7
2.7
6.0
81.5
33.1
Metal processing
2.1
3.3
0.1
2.2
1.6
15.1
4.4
6.0
4.3
12.7
Other processing industries
11.0
9.8
8.2
5.4
7.1
32.8
21.8
20.3
0.7
13.6
Food, beverages and tobacco

Paper and printing
Other manufacturing industries
4.0
5.8
27.1
3.7
1.3
27.2
2.7
0.2
24.3
0.6
3.7
15.3
3.6
1.2
16.9
4.3
36.0
86.8
8.8
15.0
46.8
9.6
2.8
41.8
21.3
12.7
29.6
7.2
3.3
29.4
Construction
11.9
11.2
10.8
12.3
8.1
12.8
13.8
18.6
10.6
5.7
Commerce and other services

Commerce and other services
Media
New technology
4.6
6.3
7.4
0.3
6.7
9.3
6.4
0.7
5.8
7.4
2.8
3.2
7.1
7.7
4.6
6.3
5.8
7.5
0.6
4.0
12.0
29.5
0.9
77.7
221.0
1.3
367.6
139.9
113.7
2.7
119.2
273.2
15.8
9.3
31.8
50.2
29.8
26.4
2.3
10.9
3.7
20.5
12.9
4.8
5.2
0.9
2.1
2.4
8.4
1.9
0.8
18.2
1.6
0.1
8.1
4.9
36.2
46.6
10.6
2.2
7.4
1.9
35.0
13.5
5.9
4.2
12.8
17.8
8.2
Chemical industry

Transport
Car parks and toll roads
Communications
Financial institutions, insurance, etc.

n.a.
Banks, thrifts and other financial
institutions
16.7
Insurance
3.3
Portfolio companies
40.7
Real estate
GRAND TOTAL
129
n.a.: Not availabble.
n.a.
n.a.
n.a.
n.a.
18.9
1.7
30.0
18.8
2.5
28.8
18.6
7.1
54.2
15.2
0.4
22.6
6.8
19.9
8.4
5.0
29.6
54.7
12.7
34.9
12.6
16.9
49.6
17.2
8.4
8.6
18.8
49.7
30.1
29.5
32.2
6.8
20.0
12.3
48.1
46.0
26.4
31.1
14.2
20.0
18.7
2.7
Annex 2: Secondary markets
Agriculture and fishing

A.2.2.1.
Secondary markets. Equities.
World markets in 2003. Stock market indexes
Period
1995
1996
1997
1998
1999
2000
2001
2002
2003
1Q
2Q
3Q
4Q
Index yields (%)

Dow Jones Nasdaq
33.5
26.0
22.6
16.1
25.2
6.2
7.1
16.8
25.3
4.2
12.4
3.2
12.7
Period
39.9
22.7
21.6
39.6
85.6
39.3
21.1
31.5
50.0
0.4
21.0
10.1
12.1
Nikkei
0.7
2.6
21.2
9.3
36.8
27.2
23.5
18.6
24.5
7.1
13.9
12.5
4.5
FTSE 100
20.3
11.6
24.7
14.6
16.2
10.2
16.2
24.5
13.6
8.3
11.6
1.5
9.4
CAC 40
0.5
23.7
29.5
31.5
52.8
0.5
22.0
33.7
16.1
14.5
17.8
1.7
13.5
(a)
DAX 30
7.0
28.2
47.1
17.8
39.0
7.5
19.8
43.9
37.1
16.2
32.9
1.1
21.8
Mib 30
4.2
11.1
58.9
40.9
22.3
1.7
26.2
26.0
11.8
8.0
14.2
1.3
7.9
Index volatility (%)

Nikkei
FTSE 100
17.6
42.0
40.8
35.6
18.3
21.7
7.8
28.1
28.2
2.8
16.9
2.3
15.4
46.7
2.7
20.2
37.3
15.7
14.6
18.8
1.0
15.2
32.5
12.7
14.8
15.3
2.9
11.6
(b)
CAC 40
DAX 30
1995
1996
1997
1998
1999
2000
2001
2002
2003
9.5
11.2
17.5
18.0
15.8
19.6
20.8
23.8
16.3
12.3
14.8
17.1
24.0
27.1
45.8
43.2
33.9
22.5
21.2
14.3
24.4
27.5
19.8
21.7
28.3
25.8
22.4
9.8
9.1
13.9
19.7
18.2
18.3
20.8
24.1
18.7
16.8
12.5
20.9
24.1
19.1
22.8
24.7
32.2
24.5
12.8
11.3
22.2
26.2
22.0
22.7
27.0
36.0
31.2
19.0
18.1
21.7
30.4
20.4
21.2
24.1
27.1
18.5
13.1
12.2
20.3
27.7
19.7
23.1
26.0
29.0
20.1
19.3
22.0
25.5
34.0
26.2
30.8
22.9
1Q
2Q
3Q
4Q
21.5
19.5
13.1
11.3
26.4
22.9
20.2
20.8
19.7
21.1
21.1
27.7
26.3
23.8
13.0
11.9
31.0
31.4
19.0
17.0
42.5
38.6
22.0
22.3
26.2
21.9
13.7
12.4
27.5
24.0
15.8
13.1
35.5
33.0
19.5
17.1
29.4
29.5
17.5
15.3
(a)
Dow Jones Nasdaq
IBEX 35 Euro Stoxx 50 Euronext 100
Mib 30
IBEX 35 Euro Stoxx 50 Euronext 100
Change at end of period over last session of previous period.

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: IFSE and CNMV.
(b)
130

A.2.2.2.
Secondary markets. Equities. World markets in 2003.
Trading volume, P/E and dividend yield
Trading volume
Period
1995 (Bn $)
1996 (Bn $)
1997 (Bn $)
1998 (Bn $)
1999 (Bn $)
2000 (Bn $)
2001 (Bn $)
2002 (Bn $)
2003 (Bn $)
Change 1996/1995
Change 1997/1996
Change 1998/1997
Change 1999/1998
Change 2000/1999
Change 2001/2000
Change 2002/2001
Change 2003/2002
% of NYSE:
1995
1996
1997
1998
1999
2000
2001
2002
2003
Period
P/E:
1995
1996
1997
1998
1999
2000
2001
2002
2003
DIVIDEND YIELD:
1995
1996
1997
1998
1999
2000
2001
2002
2003
(a)
(a)
(a)
(a)
(a)
(a)
(a)
(a)
NYSE
Nasdaq
Tokio
LSE
Euronext
Alemania
Italia
Espaa
Zona Euro
3,082.9
4,063.4
5,777.6
7,317.9
8,945.2
11,060.0
10,489.3
10,311.2
9,692.3
31.8
42.2
26.7
22.2
23.6
5.2
1.7
17.2
2,398.2
3,301.8
4,481.7
5,518.9
10,466.6
19,798.8
11,000.2
7,254.6
7,068.2
37.7
35.7
23.1
89.6
89.2
44.4
34.1
6.6
888.4
938.8
896.1
750.8
1,675.6
2,315.5
1,660.5
1,565.8
2,130.7
21.2
5.7
10.3
123.2
34.0
18.5
3.8
2.8
1,138.4
1,360.3
1,989.5
2,888.0
3,399.3
4,558.7
4,550.5
3,998.5
3,624.0
20.2
40.1
43.2
17.7
42.7
5.0
15.8
5.9
859.2
1,198.7
1,727.7
2,691.1
3,591.9
4,900.3
3,179.8
1,987.2
1,905.4
36.0
67.2
42.0
31.0
59.0
33.3
41.1
7.0
606.5
811.6
1,067.7
1,491.8
1,551.5
2,120.1
1,439.9
1,208.0
1,305.0
41.0
51.4
40.8
4.0
55.8
29.8
20.6
13.3
94.5
103.3
203.3
488.2
539.4
1,106.4
710.2
636.8
823.1
3.4
117.8
143.1
10.5
116.5
28.2
15.8
10.4
63.6
100.7
184.6
291.6
305.6
454.6
397.2
421.3
566.2
61.9
111.7
60.2
10.8
70.1
9.8
0.1
11.4
6,209.8
8,982.8
7,745.0
4,074.7
4,295.7
66.2
31.7
30.2
7.4
100.0
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
72.9
28.8
23.1
15.5
10.3
18.7
20.9
15.8
15.2
22.0
36.9
33.5
34.4
39.5
38.0
41.2
43.4
38.8
37.4
27.9
29.5
29.9
36.8
40.2
44.3
30.3
19.3
19.7
19.7
20.0
18.5
20.4
17.3
19.2
13.7
11.7
13.5
3.1
2.5
3.5
6.7
6.0
10.0
6.8
6.2
8.5
2.1
2.5
3.2
4.0
3.4
4.1
3.8
4.1
5.8
69.4
81.2
73.8
39.5
44.3
P/E and dividend yield(b)

USA
Japan
UK
France
Germany
Italy
Spain
17.2
19.3
22.9
30.2
30.7
26.1
33.3
22.6
21.6
105.2
108.7
41.9
185.2
NEG
57.5
38.0
NEG
66.0
15.1
14.9
16.8
20.4
26.1
23.8
19.6
14.7
16.0
23.8
48.7
24.0
26.2
36.0
28.0
22.7
39.0
53.1
25.5
27.6
22.7
23.5
32.3
23.0
20.2
19.4
40.2
26.9
18.9
24.7
25.0
31.1
27.1
16.8
19.6
16.4
12.6
16.8
22.2
26.1
26.4
20.2
17.6
15.8
16.3
2.3
2.0
1.8
1.3
1.1
1.2
1.4
1.8
1.6
0.7
0.8
0.8
1.0
0.6
0.8
0.9
1.1
1.0
4.0
3.9
3.3
2.5
2.2
2.2
2.7
3.6
3.2
3.4
2.8
2.5
2.1
1.5
1.7
2.4
3.7
2.9
2.7
2.3
2.0
1.9
1.6
2.2
2.8
2.6
2.0
2.1
2.4
2.0
1.4
1.5
2.0
2.7
4.1
3.5
3.8
2.8
2.5
1.5
1.6
1.7
2.0
2.7
2.3
(a)
Local currency.
P/E: ratio of market capitalisation to earnings. Dividend yield: ratio of dividend received to capitalisation (%).
Morgan Stanley.
NEG: negative.
Sources: IFSE, Morgan Stanley and CNMV.
(b)
131

A.2.3.
Spanish stock market indexes in 2003
Period
1995
1996
1997
1998
1999
2000
2001
2002
2003
1Q
2Q
3Q
4Q
Period
1995
1996
1997
1998
1999
2000
2001
2002
2003
1Q
2Q
3Q
4Q
(a)
(b)
Yield (% change over previous period)

Madrid
12.3
39.0
42.2
37.8
16.2
12.7
6.4
23.1
27.4
3.1
17.2
0.9
13.3
Barcelona
13.1
42.8
40.0
33.5
23.2
6.8
9.6
31.2
32.0
2.7
18.9
1.7
16.0
Bilbao
20.4
47.8
45.6
40.0
21.4
18.6
9.9
26.2
26.8
3.9
17.0
1.4
14.3
Valencia
18.7
44.2
40.7
34.0
18.3
12.0
7.6
27.8
32.5
1.9
18.2
0.9
15.3
IBEX 35
17.6
42.0
40.8
35.6
18.3
21.7
7.8
28.1
28.2
2.8
16.9
2.3
15.4
N. Mercado
66.3
22.4
47.3
27.4
5.4
18.4
1.7
0.2
(*)
Latibex
23.4
6.6
34.4
37.3
7.6
13.8
12.2
16.3
N. Mercado
(*)
Latibex
Volatility (%)(**)
Madrid
Barcelona
Bilbao
Valencia
IBEX 35
11.8
11.0
19.0
24.8
17.7
20.7
23.5
25.2
17.6
23.8
20.8
14.1
11.7
13.7
13.5
19.9
25.3
18.4
19.5
28.0
30.0
21.8
30.0
26.7
16.5
14.1
12.6
11.9
19.2
25.6
18.5
22.4
23.8
26.2
18.6
26.3
22.0
14.6
11.7
14.4
12.3
19.4
24.8
17.5
21.2
26.4
29.0
20.3
27.9
25.0
15.5
13.0
13.1
12.2
20.3
27.7
19.7
23.1
26.0
29.0
20.1
27.5
24.0
15.8
13.1
46.5
43.1
33.1
25.1
35.4
27.5
22.0
15.4
38.8
23.8
26.7
21.2
25.9
23.1
17.1
18.6
the Nuevo Mercado became operative at 04/11/00. Its index value started at 10,000 points, assigned to 04/07/00.
The 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.
132
A.2.4.
Sector indexes (Madrid Stock Exchange). 2003 (1)
Period
Yield (rate of change over previous period, in % terms)

Consumer
Investment
2001
2002
2003
3.6
1.0
4.1
19.2
8.4
29.6
1.6
20.3
25.0
17.3
4.2
25.4
10.5
26.3
31.5
12.4
41.6
44.5
3.2
7.3
21.3
6.4
23.1
27.4
1Q
2Q
3Q
4Q
9.5
14.8
6.0
1.7
14.5
16.4
7.3
21.2
2.8
13.8
2.8
10.0
4.7
3.6
4.2
11.0
-8.0
22.6
2.6
19.8
3.4
20.2
1.5
14.6
3.7
10.0
2.8
3.5
3.1
17.2
0.9
13.3
Period
Energy
Construction
Finance
Communications
Market
General
Volatility (%) (2)

Investment
Construction
Finance
Communications
Market
General
18.9
20.3
18.9
17.3
22.4
17.3
16.1
21.9
16.1
20.0
19.4
20.0
30.6
34.6
30.6
39.2
39.5
39.2
16.3
14.4
16.3
23.5
25.5
23.5
1Q
2Q
3Q
4Q
18.4
20.4
14.4
15.9
26.3
21.9
19.8
17.4
22.8
18.5
11.7
9.9
18.1
16.9
12.5
9.4
31.8
28.9
19.7
14.4
37.0
30.3
17.5
17.2
15.6
12.6
10.7
9.4
23.8
20.8
14.1
11.7
(1)
Energy
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. Information on the previous classification can be found 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 on the calculation date
and the previous 30 sessions.
133
Consumer
2001
2002
2003

A.2.5.
Market capitalisation and companies listed on the Spanish stock exchanges
Data for end of period
Period
Madrid
Market capitalisation (Mn):

1994
122,068.0
1995
138,205.7
1996
190,425.3
1997
267,420.0
1998
345,827.0
1999
445,674.5
2000
555,609.4
2001
552,403.9
2002
451,441.9
2003
583,872.2
Barcelona
Bilbao
Valencia
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
547,702.3
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
536,643.5
Pro Memoria
Total
EM(*)
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
540,243.5
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
615,577.9
Outcry
Latibex
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
433,971.0
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
86,057.7
5,073.9
54,866.4
66,091.1
64,687.9
95,549.2
No. of listed companies:

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
375
363
358
384
481
719
1,022
1,477
1,843
1,994
313
305
303
321
375
483
567
715
800
837
262
240
242
248
250
270
305
413
433
421
215
209
211
215
275
380
455
593
617
639
652
615
606
663
872
1,367
1,869
2,512
3,000
3,213
127
127
134
143
149
143
144
143
141
132
525
488
472
520
723
1,219
1,714
2,352
2,836
3,054
5
11
17
23
27
No. of active companies:

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
223
205
206
222
283
459
955
1,374
1,769
1,938
177
161
159
155
205
299
569
653
733
778
117
114
117
105
114
116
321
364
366
369
106
98
102
100
146
235
467
532
551
555
608
585
593
650
816
1,365
1,761
2,384
2,899
3,137
127
126
134
143
149
146
149
147
140
131
481
459
459
507
667
1,219
1,600
2,220
2,737
2,980
5
12
17
22
26
(*)
EM: Electronic market.

Active companies are those which were listed at the end of the period and had registered a trade during the year.
Their market 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.
Pro-memoria:
Listed capital of foreign companies (effective, in millions of euros)
1996
Bayer
20,394.7
Volkswagen
7,805.3
Jazztel
EADs
Reno de Medici
Mela Inv. Americanas
Commerzbank
6,276.4
Lafarge
4,190.3
Arcelor
TOTAL
38,666.7
% of total market capitalisation
19.8
134
1997
1998
1999
2000
2001
2002
2003
20,740.3
13,809.5
11,779.2
5,614.7
51,943.7
19.0
22,123.3
17,704.0
458.0
6,806.5
47,091.7
13.2
26,910.9
14,715.1
314.5
41,940.4
9.0
32,911.6
14,391.1
810.5
18,805.6
245.2
289.3
67,453.4
11.6
23,325.7
13,635.1
346.5
10,883.4
163.6
48,354.4
8.3
13,100.7
9,450.1
275.8
7,949.7
95.6
6,119.5
36,991.5
7.7
14,730.4
11,907.1
184.6
15,331.0
196.9
7,282.4
49,632.4
8.0

A.2.6.
Secondary markets Equities.
Concentration of capital on the Spanish stock markets, by sector. 2003
Number of issuers required to attain a given level of capitalisation
Sector
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Electronic market
25%
50%
Oil
Energy and water
Mining and base metals
Cement and construction materials
Chemicals
Textile & paper
Metal-mechanical
Food
Construction
Real estate
Other
1
1
1
1
1
1
1
1
2
1
1
2
2
3
1
1
1
1
2
1
3
2
2
5
2
5
2
2
1
2
3
2
4
4
2
9
4
11
14
3
5
17
17
15
6
8
9
20
Banks
Insurance
Portfolio companies
SIM
Finance companies
1
1
1
1
1
2
1
1
1
1
4
1
2
1
1
Total 2003
Total 2002
Total 2001
1
3
3
1
10
7
2003 Gini index

2002 Gini index
2001 Gini index
75%
Outcry (4 exchanges)
0.90
0.78
0.80
Total
0
1
1
1
0
1
1
1
1
1
1
1
50%
0
1
1
1
0
2
1
1
1
2
1
1
75%
0
1
2
2
0
3
1
1
1
4
1
2
Total
0
2
3
4
0
6
3
3
2
17
2
6
129
48
22
2
4
1
1
1
1
1
135
0
1
1
1
748
0
1
1
2
1,602
0
1
1
15
2,989
0
30
131
740
1,600
3,006
7
23
19
159
164
161
99
85
63
669
575
400
1,571
1,397
1,105
3,054
2,836
2,356
25%
0.41
0.44
0.44
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 where the share is traded most
frequently.
135

A.2.7.
Capitalisation on the Spanish stock markets, by sector. 2003
Percentage of capitalisation
Total
Sector
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Electronic market* Outcry (4 exchanges)
Latibex
2002
2003
2002
2003
2002
2003
2002
2003
Oil
Energy and water
Chemicals
Textile & paper
Metal-mechanical
Food
Construction
Real estate
Other
7.4
9.7
4.8
0.6
3.1
3.5
4.4
2.3
2.9
1.6
20.4
4.0
8.4
10.1
4.9
0.5
2.8
2.3
5.5
2.1
3.1
1.2
20.2
5.0
5.9
11.7
3.3
0.6
4.4
4.5
6.2
3.0
4.1
1.8
22.5
5.3
6.0
11.2
2.9
0.5
3.8
2.8
7.5
2.4
4.3
1.3
23.7
6.7
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
0.1
0.1
1.3
0.0
0.1
0.0
1.0
0.0
2.0
0.0
0.4
23.7
9.9
17.8
0.0
0.0
2.2
0.0
0.0
0.0
0.0
31.5
1.4
26.7
14.2
18.2
0.0
0.9
1.8
1.5
1.3
0.0
0.0
22.8
1.6
64.8
66.1
73.4
73.1
6.1
5.2
86.5
88.8
Banks
Insurance
Portfolio companies
SIM
Finance companies
19.5
0.7
0.6
14.3
0.0
19.7
0.5
0.5
13.1
0.1
25.0
0.9
0.7
0.0
0.0
25.6
0.6
0.6
0.0
0.0
0.1
0.6
0.5
92.7
0.0
0.1
0.5
0.3
93.9
0.0
13.2
0.0
0.0
0.0
0.3
10.7
0.0
0.0
0.0
0.4
35.2
33.9
26.6
26.9
93.9
94.8
13.5
11.2
100.0
100.0
100.0
100.0
478,342.4 615,966.5 339,634.5 433,971.0
100.0
74,020.0
100.0
86,057.7
100.0
64,687.9
100.0
95,549.2
Total sector financiero

Total
Total (Mn)
(*)
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 shares is traded most
frequently.
A.2.8.
Ownership of shares of listed companies(*) (Madrid Stock Exchange)
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
(*)
Banks
and thrifts
Insurance
companies
Collective
investment
Public
administration
Non-financial
companies
Households
Foreign
Total
15.56
13.44
15.09
15.09
14.06
12.89
11.73
12.78
7.29
7.93
7.08
3.37
2.24
2.68
2.79
2.20
2.60
2.82
3.00
2.29
2.31
2.21
1.65
1.95
3.04
4.23
5.02
7.55
7.41
5.82
4.77
4.86
5.19
16.64
16.39
13.77
12.21
10.87
5.56
0.58
0.34
0.21
0.21
0.44
7.72
6.86
6.80
6.74
6.90
5.87
5.48
10.13
20.26
21.73
22.00
24.44
24.75
22.76
22.22
23.59
29.96
35.08
33.63
30.52
27.96
28.31
30.61
34.38
35.86
36.73
37.36
35.57
36.89
34.30
34.67
35.00
34.77
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
Only domestic companies.

Source: Madrid Stock Exchange magazine dated August-September 2003.
136

A.2.9.
Secondary and derivatives markets. Trading volume
SECONDARY MARKETS
(a)
EQUITIES
Electronic market
Outcry market (b)
Second market
FIXED-INCOME
Govt. debt book-entry market (c) (d)
Treasury bills
Exchanges (a)
Electronic market
Outcry market
AIAF (c)
Commercial paper
Matador bonds
FUTURES & OPTIONS MARKETS
MEFF RF
Govt. bond futures
Govt. bond options
Mibor futures & options
Euribor futures
Trading volume, in million euros

2002
2003
Change (%)
444,935.5
439,950.4
4,967.3
17.9
495,493.9
491,035.9
4,444.7
13.3
11.4
11.6
10.5
25.7
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
2,246,881.5
2,157,130.3
89,751.2
75,058.4
2,354.4
72,704.0
384,089.2
265,603.6
3,107.2
20,684.5
94,693.9
2.8
5.0
123.8
5.5
15.1
5.2
41.0
24.9
10.1
396.8
81.6
Number of contracts, unless stated otherwise

2002
2003
Change (%)
51,060
51,060
0
0
0
1,371
1,371
0
0
0
97.3
97.3
MEFF RV
Ibex-35+ futures
Ibex-35+ options
Stock futures
Stock options
S&P contracts
27,866,867
3,515,016
441,745
9,630,899
14,278,332
875
21,746,693
3,227,206
243,844
9,768,607
8,507,035
0
22.0
8.2
44.8
1.4
40.4
100.0
TOTAL MEFF
27,917,927
21,748,064
22.1
4,198,261
2,583,383
1,604,330
10,548
5,233,561
2,879,779
2,322,356
31,427
24.7
11.5
44.8
197.9
TOTAL EUROMEFF
European govt. bond futures
European index contracts
Other
Madrid Stock Exchange Warrants (e)
FC&M. Futures
1,232.4
0
1,609.8
0
30.6
(a)
Effective amount.
Includes second market.
Nominal amount.
(d)
Includes only outright spot trades.
(e)
Traded premiums, in million euros.
Sources: Bank of Spain and CNMV.
(b)
(c)
137

A.2.10.
Effective trading in equities on the Spanish stock exchanges. 2003
Period
1998
1999
2000
2001
2002
2003
January
February
March
April
May
June
July
August
September
October
November
December
Pro memoria:
Change 03-02 (%)
Share in 2003 (%)
Outcry market
Total
Electronic
market
Outcry
market
Madrid
261,092.6
289,353.9
492,301.7
444,301.8
444,935.5
495,494.0
257,921.1
286,020.4
488,888.5
440,604.8
439,950.4
491,035.9
3,158.2
3,302.4
3,382.2
3,672.1
4,967.3
4,444.7
2,291.0
2,003.1
2,062.4
2,469.6
3,235.3
3,009.8
48,460.3
27,142.2
38,507.5
37,934.2
33,878.1
46,618.8
56,206.8
29,983.1
43,379.3
45,494.2
39,581.3
48,308.3
48,160.7
26,852.3
38,247.6
37,408.0
33,611.6
46,131.7
55,775.1
29,748.2
43,028.9
45,104.1
39,288.3
47,679.3
299.6
289.7
258.3
523.2
265.8
483.4
431.1
233.1
350.1
390.0
292.5
627.9
171.8
164.3
179.2
420.1
179.2
280.8
261.6
180.0
249.1
278.1
210.8
434.8
81.9
89.1
38.9
46.8
40.2
146.5
82.7
28.6
51.6
79.0
46.6
139.4
8.8
7.0
12.3
21.4
9.7
16.3
28.0
6.1
9.6
13.1
7.6
7.5
37.1
29.4
27.9
34.8
36.7
39.8
58.9
18.4
39.8
19.7
27.4
46.3
0.0
0.2
1.6
3.0
0.7
3.7
0.5
1.8
0.3
0.1
0.4
1.1
11.4
100.0
11.6
99.1
10.5
0.9
7.0
67.7
8.2
19.6
50.5
3.3
14.3
9.4
25.5
0.0
Barcelona
475.9
885.1
695.1
660.2
948.6
871.1
Bilbao
176.3
170.2
259.9
296.7
297.8
147.5
Valencia
215.0
244.0
364.7
245.6
485.5
416.3
Second
market
12.7
31.1
18.3
24.9
17.9
13.3
Share: Trading on the electronic, outcry and second markets as percentage of the total and trading on the outcry market in each exchange
as percentage of total outcry trading.
138
A.2.11.
Secondary markets. Equities. Effective trading by type. 2003.
Electronic
market
Total*
Outcry market
Total
Madrid
Barcelona
Bilbao
Valencia
Amount Share (%) Amount Share (%) Amount Share (%) Amount Share (%) Amount Share (%) Amount Share (%) Amount Share (%)
Total trading
Regular trading
Orders
Put-throughts
Block trades
Off-hours
Authorised trades
Art. 36.1 SML trades
Tender offers
Public offerings
Declared trades
Exercise of options
495,480.6
461,500.7
276,421.2
60,399.8
124,679.6
15,980.9
3,088.7
4,704.1
5,119.4
417.4
758.4
3,911.0
491,035.9
457,474.4
272,394.9
60,399.8
124,679.6
15,947.6
3,009.8
4,704.1
4,823.7
417.4
747.8
3,911.0
100.0
93.2
55.5
12.3
25.4
3.2
0.6
1.0
1.0
0.1
0.2
0.8
4,444.7
4,026.3
4,026.3
0.0
0.0
33.3
78.9
0.0
295.7
0.0
10.6
0.0
100.0
90.6
90.6
0.0
0.0
0.7
1.8
0.0
6.7
0.0
0.2
0.0
3,009.8
2,611.8
2,611.8
0.0
0.0
28.4
73.5
0.0
288.1
0.0
8.0
0.0
100.0
86.8
86.8
0.0
0.0
0.9
2.4
0.0
9.6
0.0
0.3
0.0
871.1
851.8
851.8
0.0
0.0
4.6
5.1
0.0
7.3
0.0
2.4
0.0
100.0
97.8
97.8
0.0
0.0
0.5
0.6
0.0
0.8
0.0
0.3
0.0
147.5
146.6
146.6
0.0
0.0
0.3
0.3
0.0
0.2
0.0
0.0
0.0
100.0
99.4
99.4
0.0
0.0
0.2
0.2
0.0
0.2
0.0
0.0
0.0
416.3
416.0
416.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.3
0.0
100.0
99.9
99.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.0
139
* Does not include the second market.
100.0
93.1
55.8
12.2
25.2
3.2
0.6
0.9
1.0
0.1
0.2
0.8
1999
2000
2001
2002
2003
January
February
March
April
May
June
July
August
September
October
November
December
Change (%)
2002-2003
Regular trading
Tender
offers
Public
offerings
Declared
trades
Exercise of
options
2,158.4
11,002.9
382.0
2,116.1
4,704.1
234.8
1,267.6
5,361.9
1,571.2
4,823.7
11,339.6
14,423.2
3,264.4
1,800.5
417.4
187.9
2,909.7
1,290.5
566.5
747.8
1,210.7
3,605.0
4,805.2
4,096.9
3,911.0
185.1
120.1
1,008.9
331.1
550.2
147.6
43.1
74.4
328.2
144.8
58.3
18.2
0.0
0.0
0.0
0.0
1,895.4
0.0
0.0
0.0
0.0
420.0
374.0
2,014.6
789.7
0.0
382.7
28.2
0.0
0.0
2,515.3
48.9
0.0
0.0
908.9
150.1
0.0
0.0
0.7
0.0
0.0
416.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
9.0
0.0
0.7
101.1
186.4
398.1
0.0
0.0
31.3
0.0
21.3
9.2
55.6
824.8
0.2
10.1
767.3
36.7
3.2
1,122.2
23.5
12.5
1,045.5
37.6
122.3
207.0
76.8
32.0
4.5
Total
Orders
285,940.4
488,888.5
440,604.8
439,950.4
491,035.9
246,395.0
445,731.2
420,905.3
406,291.7
457,474.4
181,245.4
307,696.2
281,051.9
259,170.3
272,394.9
53,665.3
98,243.8
90,531.9
76,129.9
60,399.8
11,484.3
39,791.2
49,321.5
70,991.5
124,679.6
9,948.3
9,141.6
3,738.7
18,685.0
15,947.6
14,465.7
807.2
856.8
4,822.4
3,009.8
48,160.7
26,852.3
38,247.6
37,408.0
33,611.6
46,131.7
55,775.1
29,748.2
43,028.9
45,104.1
39,288.3
47,679.3
43,079.6
26,077.3
35,245.8
34,730.6
30,043.2
42,853.4
49,428.6
29,158.5
41,519.5
43,683.4
37,511.9
44,142.5
24,642.6
18,309.5
23,228.1
22,786.5
19,486.9
26,057.9
25,309.2
16,228.1
26,145.6
25,190.1
21,602.5
23,407.9
5,321.8
3,644.5
5,873.6
5,177.1
4,098.3
6,060.0
5,867.0
3,924.5
4,876.1
4,760.7
5,501.3
5,294.9
13,115.1
4,123.3
6,144.1
6,767.0
6,458.1
10,735.5
18,252.3
9,005.9
10,497.8
13,732.7
10,408.1
15,439.7
4,097.0
590.4
784.6
2,317.2
1,011.6
1,760.3
3,353.3
463.2
59.1
801.0
422.7
287.1
11.6
12.6
5.1
20.7
75.6
14.7
Put-throughs Block trades
Offhours
Special autho- Art 36.1 SML(*)

trades
rised trades
Grand
total
140
A.2.12.
Effective trading in the electronic market by type. 2003.

A.2.13.
Trading by non-residents
Year
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
January
February
March
April
May
June
July
August
September
October
November
December
(1)
(2)
Thousands of euros
Purchases
(a)
Sales
(b)
Year-on-year change (%)
Net investment Purchases
Sales
Total
(1)
(a+b)
% of total trading
(2)
Purchases
Sales
Total
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
244,301,011
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
258,626,134
386,084
2,729,112
286,064
455,778
5,170,994
4,444,202
13,993,721
23,663,314
20,994,791
14,325,123
2.3
48.0
100.3
88.0
16.2
92.0
11.7
-4.2
11.7
9.4
72.0
99.9
78.3
17.7
109.4
7.5
4.8
7.9
3.5
59.2
100.1
83.1
16.9
100.6
9.5
4.5
9.7
37.2
43.7
39.9
37.8
44.3
46.5
52.5
51.6
49.2
49.3
36.5
37.9
40.3
38.1
42.4
45.0
55.3
56.9
53.9
52.2
36.8
40.8
40.1
37.9
43.4
45.7
53.9
54.3
51.5
50.8
24,706,330
16,111,254
18,733,855
18,174,417
18,742,807
25,667,939
29,017,204
12,281,921
14,011,793
14,694,031
26,765,320
25,394,140
26,678,803
15,788,902
20,790,753
19,471,164
20,040,016
28,860,450
30,097,323
13,757,788
13,652,485
15,798,920
26,812,130
26,877,400
1,972,473
322,352
2,056,898
1,296,747
1,297,209
3,192,511
1,080,119
1,475,867
359,308
1,104,889
46,810
1,483,260
11.7
8.6
1.0
22.5
13.7
47.4
18.7
26.9
6.7
31.7
55.2
69.7
5.5
19.3
3.4
21.5
13.7
28.7
18.7
19.8
10.8
18.8
58.3
55.2
8.4
14.3
1.3
21.9
13.7
36.9
18.7
23.3
2.7
24.7
56.8
61.9
51.0
59.4
48.6
47.9
55.3
55.1
51.6
41.0
32.3
32.3
67.6
52.6
55.1
58.2
54.0
51.3
59.2
61.9
53.5
45.9
31.5
34.7
67.7
55.6
53.0
58.8
51.3
49.6
57.2
58.5
52.6
43.4
31.9
33.5
67.7
54.1
Year-on-year change for montly data.

The total columns indicate the average of purchases and sales.
141

A.2.14.
Order types on the electronic market. 2000-2003
Orders and trades
Number
2000
Total orders entered
Buy orders
Sell orders
Trades (2)
105,846
50,944
54,903
66,878
2001
(1)
Percentage of total
2002
93,711 110,267
45,228
55,103
48,483
55,164
57,846
62,794
2003
2000
2001
2002
2003
114,184
56,239
57,945
56,114
100.0
48.1
51.9
63.2
100.0
48.3
51.7
61.7
100.0
50.0
50.0
56.9
100.0
49.3
50.7
49.1
74.6
24.8
0.7
81.0
18.4
0.6
83.6
14.6
1.7
83.3
14.5
2.2
Use
Day orders
Time-limit orders
Fill-or-kill orders
79,451
26,395
716
76,399
17,312
612
93,846
16,421
1,934
97,294
16,890
2,579
(1)
Daily average
Trades actually matched
Source: Sociedad de Bolsas
(2)
A.2.15.
Concentration of trading on the Spanish stock markets by sector
Number of issuers required to attain a given level of trading
Sector
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Electronic market
Outcry market (4 exchanges)
25%
50%
75%
Oil
Energy & water
Mining & base metals
Cement & construction materials
Chemicals
Textile & paper
Metal-mechanical
Food
Construction
Real estate
Other
1
1
1
1
1
1
1
1
2
1
1
2
1
2
1
1
1
1
3
1
3
1
1
4
1
2
2
2
1
1
4
1
4
1
1
7
4
11
14
3
5
17
17
15
6
8
9
20
0
1
1
1
0
1
1
1
1
1
1
1
129
Banks
Insurance
Portfolio companies
SIM
Finance companies
1
1
1
1
1
2
1
1
1
1
2
1
1
1
1
Total 2003
Total 2002
2003 Gini index

2002 Gini index
0.91
0.92
Total
75%
Total
0
1
1
1
0
1
1
1
1
2
1
1
0
2
2
2
0
1
1
1
1
3
1
1
0
2
3
4
0
6
3
3
2
17
2
6
48
22
2
4
1
1
1
1
1
23
0
1
1
1
97
0
1
1
2
284
0
1
1
15
2989
0
30
22
95
283
3,006
159
23
96
288
3,054
164
50
192
2,834
25%
50%
0.86
0.89
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 31/12/03 are included in the electronic market total for 2003, regardless
of when they joined the market.
142

A.2.16.
Trading frequency on the Spanish stock exchanges. 2003
Number of issuers in each frequency group
Sector
Total
Total
Total
Total
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
2000
2001
2002
2003
Electronic market
0-50%
50-85% 85-100%
Outcry market
Total
0-50%
50-85% 85-100%
Total
2
4
9
7
9
12
15
13
152
149
148
150
163
165
172
170
1,686
2,799
2,799
3,066
29
31
31
25
26
20
20
12
1,741
2,850
2,850
3,103
Oil
Energy and water
Chemicals
Textile & paper
Metal-mechanical
Food
Construction
Real estate
Other
1
0
0
0
0
2
0
0
0
0
0
1
0
0
2
0
0
1
4
2
0
2
0
0
3
11
12
4
6
14
13
14
7
7
11
20
4
11
14
4
6
17
17
16
7
9
11
21
0
2
4
5
1
8
3
3
2
21
3
8
0
0
0
0
0
0
0
0
0
2
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
2
4
5
1
8
3
4
2
23
3
8
11
122
137
60
63
Banks
Insurance
Portfolio companies
SIM
Finance companies
3
0
0
0
0
1
0
1
0
0
20
3
3
1
1
24
3
4
1
1
0
1
22
2,983
0
1
0
1
21
0
0
0
0
11
0
1
1
23
3,015
0
28
33
3,006
23
11
3,040
Notes:
Frequency: Percentage of sessions in which stocks were traded.
The total columns indicate the number of companies listed at 31/12/03.
In the case of issuers listed on more than one market, the frequency was calculated using the number of days on which trades were registered in any market.
143

A.2.17.
Trading on the Spanish stock markets by sector. 2003
Percentage of trading
Sector
Electronic market
2002
2003
Outcry market (4 exchanges)
Latibex
2002
2003
2002
2003
0
1
2
3
4
5
6
7
8
9
10
11
Oil
Enery and water
Chemicals
Textile & paper
Metal-mechanical
Food
Construction
Real estate
Other
6.8
14.2
1.7
0.2
0.4
1.8
0.3
3.1
3.5
1.2
25.3
4.5
8.4
14.5
1.1
0.1
0.3
2.3
0.3
3.9
4.4
1.0
20.8
5.2
7.7
27.2
14.6
0.0
0.0
4.9
0.0
0.0
0.0
0.0
19.6
0.0
2.4
86.6
3.4
0.0
0.1
0.5
0.0
0.1
0.0
0.0
2.8
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
0.0
0.1
0.0
0.1
0.0
0.7
0.0
0.5
0.1
1.0
6.1
1.1
12
13
14
15
16

Banks
Insurance
Portfolio companies
SIM
Finance companies
63.1
36.0
0.3
0.6
0.0
0.0
62.2
36.8
0.4
0.5
0.0
0.0
74.1
19.4
0.0
0.0
0.0
6.5
96.3
2.7
0.0
0.0
0.0
1.0
10.4
0.1
0.0
0.6
89.0
0.0
9.6
0.1
1.3
0.5
88.5
0.0
36.9
100.0
439,720.8
37.8
100.0
489,307.3
25.9
100.0
229.5
3.7
100.0
1,728.6
89.6
100.0
4,967.3
90.4
100.0
4,444.7

Total
Total (Mn)
Notes:
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 31/12/03 are included in the electronic market for 2003, regardless of when they joinjed the market in that year.
144

A.2.18.
Electronic market. Listed companies. 2003
Companies
Capitalisation (at 31 Dec.)
Annual trading
2002
2003
2002
2003
4,653,128
15,382,880
7,358,311
18,874,549
883,730
29,155,211
2,349,507
38,655,339
1,384,659
11,805,086
8,091,313
12,035,682
1,304,003
1,386,509
3,823,726
2,053,115
16,145,970
8,306,245
14,127,276
1,758,510
1,725,597
4,536,675
1,903,493
27,310,665
9,148,038
16,872,470
662,570
582,271
5,842,464
1,574,460
31,460,448
5,946,824
24,479,200
2,397,471
645,786
4,351,489
1,912,500
2,302,342
393,145
140,220
22,230
83,314
13,268
31,675
2,112,500
2,459,604
355,729
224,580
17,199
90,157
14,474
34,892
793,184
3,154,676
43,183
8,708
5,131
16,752
8,925
3,165
99,336
3,809,784
2,941
34,417
2,816
17,308
1,556
6,199
139,466
131,497
3,939
7,003
999,378
402,840
366,563
175,560
1,308,377
0
485,850
233,035
101,438
12,293
334,903
60,150
175,537
33,020
63,459
37,808
194,250
79,528
420,706
1,087,938
0
84,206
570,290
1,124,069
12,406
50,065
83,871
1,517,746
16,596
40,158
77,938
1,505,881
69,690
31,230
0
354,288
165,300
33,390
14,031,167
57,902
147,542
91,422
20,988
111,315
87,041
109,605
128,403
55,069
0
436,811
179,284
40,847
10,035,619
61,949
224,450
115,845
25,427
438,472
96,355
148,155
21,663
21,238
0
174,308
16,801
1,922
7,417,817
28,576
38,645
40,952
14,342
9,876
52,404
38,900
Comments
DOMESTIC STOCKS
Non-financial sectors
OIL
COMPAA ESPAOLA DE PETRLEOS - CEPSA
REPSOL YPF
ENERGY & WATER
ENAGS
ENDESA
GAS NATURAL SDG
IBERDROLA
RED ELCTRICA DE ESPAA
SOCIEDAD GENERAL DE AGUAS DE BARCELONA
UNIN FENOSA
Former Unin Elctrica

Fenosa
MINING & BASE METALS

ACERALIA CORPORACIN SIDERRGICA
ACERINOX
BEFESA MEDIO AMBIENTE
CIE AUTOMOTIVE
ESPAOLA DEL ZINC
GRUPO DURO FELGUERA
NUEVA MONTAA QUIJANO
S A HULLAS DEL COTO CORTES
TUBOS REUNIDOS
Former AFORASA
Listed 11/08/03 Comes

from outcry market
Former Tubos Forjados
CEMENT & CONSTRUCTION MATERIALS

CEMENTOS PORTLAND
UNILAND CEMENTERA
URALITA
VIDRALA
Delisted 05/08/2003
CHEMICALS
ENERGA E INDUSTRIAS ARAGONESAS EIA
ERCROS
FAES FARMA
ZELTIA
Delisted 12/22/2003
TEXTILE & PAPER

ADOLFO DOMNGUEZ
DOGI
EPPIC (EN LIQUIDACIN)
GRUPO EMPRESARIAL ENCE
IBERPAPEL GESTIN
INDO INTERNACIONAL
INDUSTRIA DE DISEO TEXTIL (INDITEX)
LA SEDA DE BARCELONA
MIQUEL Y COSTAS
PAPELES Y CARTONES DE EUROPA - EUROPA & C SNIACE
TABLEROS DE FIBRAS - TAFISA TAVEX ALGODONERA
UNIPAPEL
27,219
6,640
0 Suspended on 08/06/01
135,170
25,827
2,799
10,657,745
18,513
46,604
79,407
17,971
261,809
39,416
28,712
(Continues over)
145

(Continued)
A.2.18.
Companies

2002
2003
Annual trading
Comments
2002
2003
237,095
121,351
414,309 Suspended on 12/30/2003
38,544
29,758
24,741
1,752
2,724
21,666
2,568
878
36,856
79,103
341,519
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
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
522,010
102,148
74,149
92,605
202,599
288,000
58,244
45,120
84,658
27,270
124,033
69,566
188,830
3,247,105
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
6,640,949
211,802
36,611
431,679
179,550
1,193,995
28,564
387,628
46,580
92,220
128,050
174,253
255,830
167,698
315,962
6,535,607
293,740
43,466
511,697
156,038
1,383,250
34,707
0
68,742
121,496
165,100
188,989
494,798
275,025
344,286
12,124,153
111,829
2,004
62,682
13,081
450,955
1,953
3,851
72,763
25,734
77,944
171,932
88,195
228,257
243,216
17,268,458
109,915
3,159
136,812
34,092
418,386
1,650
5,026 Delisted 02/24/2003
50,308
65,097
43,564
18,360
117,814
382,618
190,217
2,494,338
1,963,495
2,794,144
2,792,092
3,387,394
360,862
1,532,164
3,066,288
4,586,988
3,817,793
0
3,896,555
530,100
2,949,730
1,868,683
2,256,845
2,066,966
6,386,660
2,539,490
165,152
2,469,590
2,593,441
3,210,993
2,768,853
6,579,453 Delisted 12/15/2003
3,007,640
161,650
3,228,721 Former Vallehermoso
307,293
86,665
12,599
827,345
727,247
1,324,189
232,172
1,163,996
5,229
0
296,269
21,389
1,064,290
1,001,559
1,559,464
270,157
1,271,388
8,330
179,058
3,744
500
530,961
264,897
1,759,178
5,082
5,304
4,375
165,288 Delisted 11/24/2003

91,443
2,032 Suspended on 12/29/2003
594,140
341,822
3,464,010
7,620
2,389
49,174
3,555,051
1,700,330
558,227
1,278,147
949,139
6,297,392
0
566,471
2,095,359
0
2,437,878
836,920
60,427
1,586,174
1,018,836
3,098,775 Former ACESA

369,066 Delisted 06/02/2003
123,226
1,943,239
13,146 Delisted 01/30/2003
FOOD
ALTADIS
BARN DE LEY
BODEGAS RIOJANAS
CAMPOFRO ALIMENTACIN
COMPAA VINCOLA DEL NORTE DE ESPAA -CVNEEBRO PULEVA
FEDERICO PATERNINA
KOIPE
NATRA
NATRACEUTICAL
PESCANOVA
PULEVA BIOTECH
SOS CUETARA
TELE PIZZA
VISCOFN
CONSTRUCTION
ACCIONA
ACS, ACTIVIDADES DE CONSTRUCCIN Y SERVICIOS
FOMENTO DE CONSTRUCCIONES Y CONTRATAS
GRUPO DRAGADOS
GRUPO FERROVIAL
OBRASCN HUARTE LAIN
SACYR VALLEHERMOSO
REAL ESTATE
BAMI
GRUPO INMOCARAL
INBESOS
INMOBILIARIA COLONIAL - ICSA INMOBILIARIA URBIS
METROVACESA
SOTOGRANDE
TESTA INMUEBLES EN RENTA
URBANIZACIONES Y TRANSPORTES - URBAS TRANSPORT & COMMUNICATIONS
ABERTIS INFRAESTRUCTURAS
AREA CONCESIONES DE INFRAESTRUCTURAS C.E.
EUROPISTAS CONCESIONARIA ESPAOLA
IBERIA LNEAS AREAS DE ESPAA
IBRICA DE AUTOPISTAS - IBERPISTAS -
(Continues over)
146

(Continued)
A.2.18.
Companies
TELEFNICA
TELEFNICA MVILES
TRANSPORTES AZKAR
Annual trading
2002
2003
2002
2003
41,461,441
26,849,416
218,700
57,686,575
35,856,961
252,720
103,281,737
2,131,940
60,379
94,041,764
2,099,328
50,645
294,630
2,318,700
0
3,773,892
965,552
340,214
157,564
45,150
1,265,971
981,936
65,378
1,358,826
598,611
535,926
76,400
829,553
696,608
1,115,750
2,438,723
420,000
3,038,500
1,941,127
4,607,658
1,133,887
570,933
0
54,495
2,115,898
1,570,207
165,781
2,516,344
796,091
769,904
113,691
3,485,281
1,055,075
1,601,819
2,887,046
264,489
3,650,346
0
1,883,742
393,368
346,683
198,675
11,363
1,261,248
1,587,854
41,638
948,366
327,022
83,106
147,039
2,627,144
633,073
1,068,983
3,840,026
606,737
29,146,171
1,145,131
512,470
197,491
468,607
2,815,238
1,065,508
272,000
4,908,914
25,793
1,484,459
34,994,580
1,499,318
616,179
259,375
527,943
3,470,087
1,426,051
300,800
6,596,136
0
1,292
68,203,669
23,340
2,758
10,447
3,891
220,159
111,108
1,688
1,399,147
305
8,265
74,544,306
28,499
2,231
1,640
2,305
375,666
130,961
678
762,972
46
514,488
968,236
8,462,496
31,185,355
744,300
1,788,940
620,880
1,326,963
10,755,382
44,775,304
0
2,471,983
26,234
72,549
13,044,180
73,306,428
118,998
1,910,873
65,398
155,954
17,614,263
83,271,156
1,349,576
1,994,826
478,800
1,403,494
1,153,027
591,600
2,038,970
0
40,333
1,149,171
2,979
39,620
1,865,259
5,885
1,314,720
97,898
5,993
978,974
1,567,809
107,645
1,690
1,088,945
746,873
36,348
3,291
1,941,706
494,191
42,860
3,627
2,020,096
10,410
15,987
3,732
4,496
Comments
OTHER
ALDEASA
AMADEUS GLOBAL TRAVEL DISTRIBUTION
ANTENA 3 DE TELEVISIN
CENTROS COMERCIALES CARREFOUR
COMPAA DE DISTRIBUCIN INTEGRAL LOGISTA
CORTEFIEL
ENACO
FUNESPAA
GAMESA
INDRA SISTEMAS
PARQUES REUNIDOS
PROMOTORA DE INFORMACIONES (PRISA)
PROSEGUR COMPAA DE SEGURIDAD
RECOLETOS COMPAA EDITORIAL
SERVICE POINT SOLUTIONS
SOGECABLE
SOL MELI
TELEFONICA PUBLICIDAD E INFORMACIN
TERRA NETWORKS
205,453
3,744,925
1,474,161 Listed 10/29/2003
2,891,662
402,130
334,141
175 Delisted 03/18/2003
8,523
1,709,917
2,380,287
257,581
923,815
396,819
145,781
189,313
4,497,825
472,738
1,024,253
3,608,382
Financial sectors
BANKS
BANCO
BANCO
BANCO
BANCO
BANCO
BANCO
BANCO
BANCO
BANCO
BANCO
BANCO
ATLNTICO
BILBAO VIZCAYA ARGENTARIA
DE ANDALUCA
DE CASTILLA
DE CRDITO BALEAR
DE GALICIA
DE SABADELL
DE VALENCIA
DE VASCONIA
ESPAOL DE CRDITO - BANESTO FINANTIA SOFINLOC
BANCO GUIPUZCOANO
BANCO PASTOR
BANCO POPULAR ESPAOL
BANCO SANTANDER CENTRAL HISPANO
BANCO ZARAGOZANO
BANKNTER
Former Banco Esfinge Delisted 03/18/2003
Delisted 11/20/2003
INSURANCE
CATALANA DE OCCIDENTE
CORPORACIN MAPFRE
MAPFRE VIDA
Delisted 02/03/2003
PORTFOLIO COMPANIES
CORPORACIN FINANCIERA ALBA
DINAMIA CAPITAL PRIVADO
FASTIBEX
NH HOTELES
SIM /SIMCAV
COMPAA GENERAL DE INVERSIONES
(Continues over)
147

(Continued)
A.2.18.
Companies

2002
2003
Annual trading
2002
2003
Comments
FOREIGN STOCKS
ARCELOR
6,119,463
7,282,413
3,550,618
1,300,981
13,100,746
14,730,351
5,874
11,236
95,644
196,892
2,624
2,721
7,949,745
9,450,089
15,331,015
11,907,112
75,190
3,011
241,163
6,738
275,839
182,934
681,766
945,464
15,324,929
0
25,459,404
22,288
17,760
0
42,344
1
3,439,546
336,686
1,965,687
650,016
6,932,835
484,468
2,583,553
3,563,382
10,290
1,178
25,505
25,455
8,058
3,028
20,307
1,466,159
621,886
664,764
10,219,103
30,548
1,271,431
16,008,633
1,625
66,172
3,682
259
28,859
788
12,004
42,888
3,660
487
812,473
1,440
1,024,614
376,413
1,699,928
0
11,132
57
9,086
0
1,428,000
773
Listed 11/12/2003
1,238,920
1,703
Listed 11/13/2003
7,457,047
13,755
12,927,268
11,478,109
39,184
10,263,039
19,016
1,848
24,100
23,965
1,722
23,322
Former Globo Cabo
894,240
1,536,400
107
3,194
CHEMICALS
BAYER AKTIENGESELLSCHAFT
TEXTILE & PAPER
RENO DE MEDICI
METAL-MECHANICAL
EUROPEAN AERONAUTIC DEFENCE
VOLKSWAGEN AKTIENGESELLSCHAFT
OTHER
JAZZTEL
LATIBEX STOCKS
Financial sectors
OIL
PETRLEO BRASILEIRO
SUZANO PETRO QUMICA
ENERGY & WATER
CENTRAIS ELTRICAS ELETROBRAS
COMPAA PARANAENSE DE ENERGA
ENDESA CHILE
ENERSIS
COMPAA ENERGTICA DE MINAS GERAIS
GERDAU
COMPANHIA VALE DO RIO DOCE
VOLCN COMPAA MINERA
CHEMICALS
BRASKEM
Listed 08/10/2003
TEXTILE & PAPER

ARACRUZ CELULOSE
COMPANHIA SUZANO DE PAPEL E CELULOSE
METAL-MECHANICAL
ALFA
FOOD
GRUPO MODELO
TRANSPORT & COMMUNICATIONS
AMRICA MVIL
NET SEVIOS DE COMUNICAAO
TELFONOS DE MXICO
OTHER
DISTRIBUCION Y SERVICIOS D&S
(Continues over)
148

(Continued)
A.2.18.
Companies

2002
2003
Annual trading
2002
2003
Comments
Financial sectors
BANKS
BANCO BRADESCO
BANCO DE CHILE
BANCO RO DE LA PLATA
BBVA BANCO FRANCS
CORPORACIN UBC INTERNACIONAL
GRUPO FINANCIERO BBVA BANCOMER
SANTANDER BANCORP
1,986,932
1,748,516
344,877
586,969
0
3,322,788
546,355
3,068,439
2,518,952
173,459
450,709
43,400
3,129,602
846,723
10,787
934
4
21
0
13,781
18,953
11,104
4,787
2
45
673
13,192
17,242
204,990
428,068
14,961
17,437
Listed 11/18/2003
FINANCE COMPANIES
BRADESPAR
149

A.2.19.
Outcry market. Listed companies. 2003
Companies
Annual trading
2002
Date of listing in
2003 & other comments
2002
2003
2003
111,867
18,847
109,905
17,591
36,125
763
1,888
700
0
7,577
11,892
33,242
0
7,603
13,379
36,115
0
2
41
522
0
7
190
395
1,315
61,903
235,200
669,274
0
1,315
111,426
280,000
696,045
0
13
874
5,137
7,256
0
13
10
1,635
1,309
0
Delisted 12/30/2003
45,252
699
57
Delisted 10/01/2003
29,955
0
17,675
4,845
8,439
1,378
45,326
19,967
0
0
18,227
4,695
8,095
0
57,640
33,660
22
0
1,959
697
590
19
3,622
1,551
2,575
0
2,454
0
14
0
294
0
28,774
5,508
87,974
28,774
0
109,210
78
3,999
883
42
34
4,698
676,697
763,828
241,329
15,897
14,977
3,240
15,355
3,240
3,219
26
2,886
23
72,879
0
31,128
6,942
6,075
75,355
0
31,128
7,657
5,625
28,868
0
136
736
35
711
0
59
103
3
OIL
ENERGY & WATER
AGUAS DE VALENCIA
COMPAA DE AGUAS DE SABADELL
FORJAS DE BERRIZ VIUDA DE GASTELURRUTIA
MINERALES Y PRODUCTOS DERIVADOS - MINERSA MINERO SIDERRGICA DE PONFERRADA
SOCIEDAD ANNIMA HULLERA VASCO-LEONESA
Delisted 09/172003
CEMENT & CONSTRUCTION MATERIALS

CELO
CEMENTOS ALFA
CEMENTOS LEMONA
CEMENTOS MOLINS
IBERTUBO
CHEMICALS
LA UNIN RESINERA ESPAOLA
TEXTILE & PAPER
ARMANDO LVAREZ
CARROGGIO S A DE EDICIONES
INDUSTRIAS DEL ACETATO DE CELULOSA - INACSA INDUSTRIAS DEL CURTIDO - INCUSA LIWE ESPAOLA
MANUFACTURAS DE ESTAMBRE
PAPELERA DE NAVARRA
PRIM
222 Delisted 01/08/2003

0
986
181
24
0 Delisted 12/03/2003
27,792
3,060
METAL-MECHANICAL
IBRICA DE MANTENIMIENTO INDUSTRIAL - IMISA JUMBERCA
PMRK INVESTMENT
Delisted
12/19/2001
FOOD
BODEGAS BILBAINAS
PASCUAL HERMANOS
POPULARINSA
SOCIEDAD ANNIMA DAMM
Delisted 05/15/2003
Former Naarden
Internacional
CONSTRUCTION
CLEOP
OBRAS Y SERVICIOS PBLICOS
REAL ESTATE
AHORRO FAMILIAR
ALCINVER AYCO GRUPO INMOBILIARIO
COMPAA DE INVERSIONES CINSA
COMPAA DE TRANSPORTES E INVERSIONES
(Continues over)
150

(Continued)
A.2.19.
Companies
COMPAA ESPAOLA DE VIVIENDAS EN ALQUILER

COMPAA INMOBILIARIA VALENCIANA - CIVSA EGUARS
FINANZAS INMUEBLES CISNEROS
FINEX
FORUM INMOBILIARIO CISNEROS
INCRECISA
INMOBILIARIA BARRIO DE BILBAO
INMOBILIARIA DEL SUR
INMOLEVANTE
LEUCAN
LIBERTAS 7
MONTEBALITO
PROMOCIONES Y CONCIERTOS INMOBILIARIOS
RENFILA
S A PLAYA DE ALBORAYA - SAPLAYA S A RONSA
Annual trading
2003
Date of listing in
2002
2003
2002
91,245
3,420
2,239
101,955
171
39,993
4,801
2,355
151,662
18,947
347
122,080
21,600
807,689
44,235
25,625
367
122,112
3,960
0
103,476
0
29,328
0
0
340,032
27,068
359
185,339
33,000
770,430
0
28,457
353
3,117
16
556
1,082
0
2,665
296
35
1,982
65
41
916
2,981
103,507
286
376
45
477,409
14,563
0
0
18,307
0
393
2,450
0
269,993 Delisted 06/23/2003

1,505
308
1,333
49,813
7,460
2,129
0
159,782
4,770
62,000
0
48,034
22,080
0
0
203,852
8,100
90,000
3,008
1,192
14
24
0
0
419
6,686
85 Delisted 01/08/2003
540
73
0 Delisted 06/24/2003
0 Delisted 10/18/1999
39,914 Delisted 12/30/2003
2,718 03/03/2003
5,084
55,548
55,982
3,439
3,862
439,012
417,444
171
57,130
8,009
520
1,515
4,888
1,080
5,619
2,150
2,955
2,048
41,553
3,258
1,327
12,133
2,319
146,985
2,322
0
0
1,116
5,467
0
2,955
2,048
62,330
0
1,327
10,176
2,666
0
0
130
44
89
426
6
55
0
4,104
26
200
121
915
14,475
35
2,538
54
92
1,108
0
1,902
729
6
4,185
104
149
432
8,456
21,414
62
3,900
157
11/14/2003
Delisted 07/22/2003
Delisted 01/08/2003
Delisted 01/08/2003
Delisted 07/22/2003
01/10/2003
01/15/2003
Delisted 12/02/2003
TRANSPORT & COMMUNICATIONS

COMPAA TRASMEDITERRNEA
FLETAMENTOS MARTIMOS - MARFLET NAVIERA MURUETA
OTHER
ALMACENES GENERALES INTERNACIONALES - AGISA COMPAA LOGISTICA DE HIDROCARBUROS-CLHEL SARDINERO
FRIGORFICOS DE VIGO
GRAND TIBIDABO
GRUCYCSA
INFORMES Y PROYECTOS - INYPSA RSTICAS
Financial companies
BANKS
BANCO DE PROMOCIN DE NEGOCIOS - PROMOBANC INSURANCE
BANCO VITALICIO
PORTFOLIO COMPANIES
CALPE INVEST
CARTERAS REUNIDAS - CARTEMASA CASGO
CRCULO DE VALORES MOBILIARIOS
COMPAA DE INVERSIONES MOBILIARIAS BARCINO
DALTAR
DESARROLLO MOBILIARIO - DEMOSA FOMENTO BALEAR DE INVERSIONES
GAESCO HOLDING
GORBEA
HISPANA HOLDING
INVERPYME
INVERSIONES AZALBA
INVERSIONES IBERSUIZAS
INVERSORA CONDAL DE VALORES MOBILIARIOS
Previously in second
market
816 Delisted 11/03/2003
663 Delisted 04/04/2003
68
330
10 Delisted 05/08/2003
68
0
968
1,623 Delisted 09/15/2003
1
27
155
0 Delisted 09/01/2003
893 Delisted 09/12/2003
(Continues over)
151

(Continued)
A.2.19.
Companies
Annual trading
2002
2003
21,811
1,550
5,757
722
4,745
3,317
119,250
1,326
21,016
1,546
0
722
3,640
5,520
150,030
0
1,722
18
56
1
31
197
4,936
76
1948 INVERSIONS, SIMCAV

1955 INVERSIONES, SIMCAV
2002 GLOBAL FLECHA, SIMCAVF
3-R VALORES, SIMCAV
6V DE VALORES MOBILIARIOS SIMCAV
860 INVERSIONES, SIMCAV
A PONTICELA DE VALORES, SIMCAV
A&G BOLSA
A&G RENTA FIJA I
A.A. INVER PLUSQUAM, SIMCAV
A.M.J EVALUATION, SIMCAV
AAMM DE VALORES SIMCAV
AB CEUTA
ABAE VALORES SIMCAVF SA
ABANDO EQUITIES SIMCAV SA
ABARCAPITAL INVERSIONES, SIMCAV
ABC DE INVERSION MOBILIARIA
ABDUIT 2002, SIMCAV
ABEDUL 1999, SIMCAV
ABENLENDA INVERSIONES, SIMCAV
ABENOJAR INVERSIONES, SIMCAVF
ABILITY
ABISAL 72, SIMCAVF
ABLAA INVEST, SIMCAV
ABRE DE INVERSIONES, SIMCAV
ABRIL 28 INVESTMENT, SIMCAV
ABUVILLA INVERSIONES, SIMCAV
ACACIA BONOMIX, SIMCAV
ACACIA PREMIUM, SIMCAV
ACANTO DE INVERSIONES SIMCAVF
ACATES INVESTMENTS, SIMCAV
ACCIONES, CUPONES Y OBLIGACIONES SEGOVIANAS
ACE GLOBAL, SIMCAV
ACENT EUROPA INVERSIONES, SIMCAV
ACERVO VALORES, SIMCAV
ACHERFOR INVERSIONES, SIMCAV
ACOPA INVERSIONES, SIMCAV
ACQUA GESTIN GLOBAL SIMCAV
ACROPOLIS 2001
ACTAD INVERSIONES, SIMCAV
ACTEDADI, SIMCAV
ACTIMAAF ACCIONES IBRICA, SIMCAV
ACTIUM DE INVERSIONES, SIMCAV
ACTIVILLO, SIMCAV
ACTIVOS AKRA LEUKA, SIMCAV
ACTIVOS CLYS, SIMCAV
ACTIVOS EN RENTA CAPITAL VARIABLE SIMCAV
14,719
8,078
0
27,947
20,843
23,858
17,670
32,320
58,278
11,500
4,970
0
60,100
21,510
32,650
19,954
5,238
0
21,935
0
17,870
4,872
25,100
17,160
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
0
23,473
23,244
16,667
16,186
8,871
27,327
28,849
21,781
24,483
17,165
33,520
58,509
12,750
5,370
24,642
61,600
22,616
38,700
20,675
46,040
35,627
23,980
24,521
19,313
25,718
26,600
18,509
20,400
10,818
29,705
25,932
29,169
7,252
20,567
118,750
29,300
52,408
32,944
22,968
24,723
22,358
76,000
20,410
25,579
23,040
28,548
24,041
24,291
24,010
70,579
5,707
241
0
10
341
0
23
2,871
3,878
1
30
0
1,220
1,046
541
10
0
0
243
0
162
115
10,300
26
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
0
6
685
4,202
4,207
8
69
22
348
149
40
5,903
5,098
0
11
2,225
2,465
567
311
614
14
0
672
0
0
143
663
153
403
853
22
422
420
8
9
59
2,240
12,021
576
151
5
12
6,954
46
66
5,103
3,209
19
645
348
3,181
ACTIVOS LUCENTUM, SIMCAV
23,521
24,435
644
MERCAPITAL
RENTA VARIABLE
SAMOSA
TERREVA
UNIN CATALANA DE VALORES - UCAVASA UNIN DE VALORES - UNIVAL UNIN EUROPEA DE INVERSIONES
XAROA
2002
2003
Date of listing in
318
25
7 Delisted 04/04/2003
0
1,636
1,720
12,927
134 Delisted 11/20/2003
S.I.M. /SIMCAV
01/27/2003
02/04/2003
02/04/2003
02/14/2003
08/01/2003
Former AR CAPITAL
VARIABLE I, SIMCAV
(Continues over)
152

(Continued)
A.2.19.
Companies

2002
2003
Annual trading
2002
2003
ACTIVOS MOBILIARIOS CAHISPA, SIMCAV, S
28,250
30,250
6,252
4,186
ACTUACIONES BURSATILES SIMCAV

ACUARIO 98, SIMCAV
ACUEDUCTO 2002, SIMCAV
ADABAR INVERSIONES, SIMCAVF
ADAGALIA INVERSIONES SIMCAV
ADDITION
ADNO INVERSIONES, SIMCAV
ADORO 99, SIMCAV
ADRASAM INVERSIN
ADRIANA INVERSIONES, SIMCAV
ADSVARA INVERSIONES, SIMCAV
AFINA DARWIN SYSTEMS, SIMCAV
25,643
8,880
0
22,358
15,146
16,980
0
18,278
12,300
9,604
11,299
16,880
27,406
10,100
25,002
22,838
16,588
17,850
26,396
19,481
13,560
11,984
12,862
16,600
65
209
0
11
50
35
0
393
28
297
0
4,808
47
571
72
2,315
189
14
1
394
0
141
14
6,823
37,265
0
20,675
55,096
0
9,220
24,690
18,151
21,040
8,486
0
23,560
6,130
97,240
2,906
14,575
11,785
2,416
19,601
53,500
36,312
13,492
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
0
0
19,954
25,640
14,484
37,927
27,406
21,636
57,004
24,161
9,400
25,771
19,353
22,320
10,530
25,122
25,724
6,311
95,600
2,906
14,400
12,506
2,448
21,789
57,900
38,704
14,190
26,204
17,941
23,740
18,038
16,348
16,668
15,600
770,400
54,241
13,847
25,435
36,662
18,832
18,206
26,936
17,550
22,863
24,474
24,441
20,194
26,160
16,227
43,141
0
15
25
0
11,240
16,068
2
99
1,296
0
0
13
125
146
169
155
68
36
609
778
1,221
4,049
2
26
18
4,815
0
2
200,036
36,288
4,482
0
0
75
152
0
10
1,062
0
0
15
229
432
7,450
6,013
22
16
0
4
7,537
11
150
44
2,201
0
350
760
2
1,012
437
2,147
547
65
526
959
57
651
22
0
5,994
0
3,189
18,467
5,544
2,815
0
3,340
32
0
65
21
886
2
35
21
3
1,655
AGABA INVERSIONES, SIMCAV

AGALIA PATRIMONIO, SIMCAV
AGARUS INVERSIONES SIMCAV
AGATA
AGAVE ATTENUATA DE INVERSIONES SIMCAV SA
AGENDA DE INVERSIONES, SIMCAV
AGISTER 1, SIMCAV
AGIUM INVESTIUM, SIMCAV
AGROPE SANFER, SIMCAV
AGROPEM DE INVERSIONES, SIMCAV
AGUAZUL DE INVERSIONES, SIMCAV
AGUILON DE GATERUELA, SIMCAV
AGUSTINA SIMON ACTIVOS, SIMCAV
AHORRO BURSTIL
AHORRO COLECTIVO, SIMF
AHORRO CORPORACION GESTION GLOBAL SIMCAV
AHORROACTIVO, SIMCAV
AHORROCAPITAL
AIRESE SIMCAVF
AIRUN-INVERSIONES, SIMCAV
AJALVIR
AKENATON INVERSIONES, SIMCAVF
AKORG FINACIERA, SIMCAV
ALADINO DE INVERSIONES, SIMCAV
ALALAY INVERSIONES, SIMCAV
ALAMEDA DE VALORES, SIMCAV
ALANJE INVERSIONES SIMCAV
ALAR 2000, SIMCAV
LAVA INVERSIONES, SIMCAV
ALAZN INVERSIONES 2001, SIMCAV
ALBATROS BOLSA SIMCAV
ALBERANA INVERSIONES SIMCAV
ALBORN ASSETS MANAGEMENT, SIMCAV
ALBUS INVESTMENT, SIMCAV
ALCAMA DE VALORES, SIMCAV
ALCANADA 2000 SIMCAV
ALCE VALORES SIMCAV
ALCIDES INVERSIONES, SIMCAV
ALCO INVERSIONES FINANCIERAS, SIMCAVF
ALCOFAM, SIMCAV
ALCOR CARTERA, SIMCAV
ALCUMAR FINANCIERA, SIMCAV
ALDARA GESTION, SIMCAV
ALDEBORAN 5000 INVERSIONES, SIMCAV
Date of listing in
Former OCTUBRE
NORANTANOU, SIMCAV
02/04/2003
07/28/2003
Former A Y G
INTERNATIONAL
MARKETS, SIMCAV
04/09/2003
10/27/2003
06/03/2003
02/14/2003
03/14/2003
(Continues over)
153

(Continued)
A.2.19.
Companies
ALDECON INVESTMENTS, SIMCAV
ALDERETE DE INVERSIONES, SIMCAV
ALDEU, SIMCAVF
ALEA INVERSIONES, SIMCAV
ALEDAOS DE INVERSION, SIMCAV
ALEDO INVERSIONES, SIMCAV
ALEFOMA
ALEGRANZA DE INVERSIONES, SIMCAV
ALEKOS INVESTMENT, SIMCAV
ALFA CAPITAL
ALFA INVERSIONES
ALFA INVERSIONES BURSATILES, SIMCAV
ALFACARTERA
ALFAGON 1
ALFAMAR INVERSIONES, SIMCAV
ALFATEGO SIMCAV
ALFAVAL 2000 INVERSIONES SIMCAV
ALFIVAL XXI INVERSIONES, SIMCAV
ALFOZ INVERSIONES, SIMCAVF
ALGENID INVERSIONES, SIMCAVF
ALGORA HOWEA SIMCAV SA
ALIA 2001, SIMCAV
ALIALIA, SIMCAV
ALIANTO INVESTMENT, SIMCAV
ALIBUS INVERSIONES, SIMCAV
ALJABA DE INVERSIONES, SIMCAV
ALKEH 2000 SIMCAV
ALKENENCIA, SIMCAV
ALLOCATION
ALLURE INVESTMENTS SIMCAVF
ALMABAR 2001, SIMCAV
ALMADIL INVERSIONES, SIMCAV
AL-MANSUC INVERSIONES, SIMCAV
ALMARO
ALMAVIAL DE INVERSIONES SIMCAV
ALMED DE INVERSIONES, SIMCAV
ALMENDORA INVERSIONES SIMCAV
ALMENSA INVER 21, SIMCAV
ALMORADIEL DE INVERSIONES, SIMCAV
ALMU VALORES, SIMCAVF
ALMUDENA INVERSIONES, SIMCAV
ALMUNIA PATRIMONIO SIMCAVF
ALNAMA STOCK SIMCAV
ALOR CARTERA, SIMCAV
ALPES 2000, SIMCAVF
ALPRO CARTERA, SIMCAV
ALRAYA DE INVERSIONES, SIMCAVF
ALTAE GESTION, SIMCAV
ALTAIS INVEST SIMCAV
ALTEA 99, SIMCAV
ALTEMAR INVERSIONES 99, SIMCAVF
ALTOIS FINANCIERA SIMCAV
ALTOMORO INVERSIONES, SIMCAV
ALTRES XXI
ALTUR INVERSIONES, SIMCAV
ALVAMAN INVERSIONES, SIMCAV
ALVASIL DE INVERSIONES, SIMCAV
AM68, SIMCAV
AMA 899, SIMCAV
AMADE VALORES, SIMCAV

2002
2003
21,693
28,524
21,877
22,246
14,574
24,481
4,700
17,124
17,029
44,440
27,924
22,358
39,238
7,730
30,111
18,907
21,958
6,563
0
0
0
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
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
0
19,954
23,064
13,160
193,412
0
23,208
30,039
22,919
23,930
15,007
24,882
4,780
16,955
17,109
47,680
29,225
23,223
39,166
8,100
30,592
19,765
23,401
6,924
10,319
0
26,765
25,723
14,316
19,954
31,553
9,174
21,588
24,041
418,000
31,072
23,800
10,520
24,483
119,600
20,130
24,820
18,824
25,560
17,760
23,872
15,700
25,523
17,076
22,400
27,754
58,905
27,040
18,915
2,400
9,748
17,360
21,401
20,915
35,750
25,025
20,915
23,377
14,680
194,719
24,401
Annual trading
2002
0
5,010
170
1
1
0
15
1
2
34
82
1
430
552
5
10
0
12
0
0
0
0
127
3
3,725
446
51
279
48
0
2,548
29
0
4,057
1
3
27
7
26
0
46
12
754
700
2,171
12,621
7,073
1,628
27
88
105
13
10
16
0
59
0
402
3,904
0
2003
38
82
101
281
0
17
14
0
25
22
193
2
2,256
46
1,189
2
196
22
14
0
359
12
271
622
1,849
526
20
22
7,280
1
3,151
22
1,243
3,027
855
1
22
14
6
2
685
2,382
1,041
6,341
1
36,001
1,373
3,519
12
125
57
21
22
3,991
2
8
0
2
907
58
Date of listing in
05/29/2003
04/28/2003
07/02/2003
12/18/2003
06/13/2003
(Continues over)
154

(Continued)
A.2.19.
Companies
AMANITA CAESAREA INVERSIONES, SIMCAV
AMARVI DE INVERSIONES, SIMCAV
AMAZONIA INVERSIONES, SIMCAV
AMER 2000, SIMCAVF
AMIC BOLSA SIMCAV
AMICUS 2001, SIMCAV
AMIEVA INVERSIONES, SIMCAVF
AMISTRA GLOBAL, SIMCAV
AMOLAP INVERSIONES, SIMCAVF
AMOTESA INVERSIONES, SIMCAV
AMPIL DE INVERSIONES, SIMCAV
AMYMOD 02, SIMCAV
ANLISIS DE VALORES, SIMCAV
ANLISIS Y GESTIN DE CARTERAS, SIMCAV
ANARA INVERSIONES, SIM
ANATECO INVERSIONES, SIMCAV
ANATOL INVERSIONES, SIMCAV
ANAYEN FINANCE, SIMCAV
ANBOMA FINANZAS E INVERSIONES, SIMCAV
ANCHOR INVERSIONES, SIMCAV
ANCORA CONDAL, SIMCAV
ANDABO INVERSIONES SIMCAV
ANDES INVESTMENTS SIMCAV SA
ANDROMEDA INVESTMENT, SIMCAV
ANESGAR FREE, SIMCAV
ANETO GLOBAL INVESTMENT SIMCAV
ANGONZALSA, SIMCAV
ANILLO INVERSIONES, SIMCAV
ANMAPA INVERSIONES SIMCAV
ANOA FINANZAS, SIMCAV
ANSOLA INVERSIONES, SIMCAV
ANTA DIVERSIFICACION, SIMCAV
ANTA GESTION PATRIMONIAL, SIMCAV
ANTA INTERNACIONAL INVERSION MOBILIARIA, SIM,
ANTA TESORERIA, SIMCAV
ANTALYA
ANTAT INVERSIONES 2000, SIMCAV
ANTELI INVERSIONES SIMCAV
ANTER 99, SIMCAV
ANTIGUA COMPAIA TASTAVINS, SIMCAV
ANTLIA INVESTMENT SIMCAV
ANTOSERRA, SIMCAV
ANTRESMA DE INVERSIONES, SIMCAV
ANZARES INVERSIONES, SIMCAV
ANZOBRE DE INVERSIONES 2001, SIMCAV
APARELLADORS ACTIUS MOBILIARIS, SIMCAV
APLINSA INVERSIONES, SIMCAV
APM 2001, SIMCAV
APROIN 3000, SIMCAV
APUS INVESTMENT SIMCAV
AQUILA VALORES, SIMCAV
AQUILES INVERSIONES SIMCAV
AQUINCUM, SIMCAV
ARAGN CINCO VILLAS, SIMCAV
ARAGN TERCER MILENIO, SIMCAVF
ARALAR DE INVERSIONES
ARALUZ INVERSIONES, SIMCAV
ARANGOI FINANCIERA, SIMCAV
ARANJUEZ BOLSA, SIMCAV
ARBACHU DE INVERSIONES, SIMCAV

2002
2003
20,434
17,484
0
2,789
19,954
24,864
13,383
29,396
20,915
9,548
23,220
0
59,100
18,459
2,960
0
29,474
16,588
24,149
0
23,560
21,156
0
21,200
27,080
23,377
25,964
0
0
18,752
0
34,323
16,354
2,762
0
30,495
11,876
16,643
11,503
4,003
20,675
17,429
21,717
33,512
23,840
0
0
22,838
17,149
16,508
0
24,321
0
20,371
19,609
60,800
0
16,588
217,592
18,519
20,915
17,845
25,012
2,909
22,598
25,747
14,104
32,192
23,800
9,307
23,400
24,642
91,000
18,869
2,800
28,956
32,022
16,828
26,613
24,291
24,920
21,877
24,727
21,950
27,320
27,667
26,445
0
24,772
18,511
0
39,066
16,354
0
24,762
31,635
48,638
18,086
11,804
4,171
22,838
20,915
22,879
36,880
24,521
18,575
25,243
23,800
17,910
18,471
27,972
24,682
25,964
21,012
20,812
62,000
26,445
17,069
287,580
23,906
Annual trading
2002
18
8,108
0
1,811
55
3
0
1,492
13
0
35
0
0
15
59
0
90
11
0
0
222
13
0
332
13
6
13
0
0
10
0
1,663
769
11
0
119
6,739
62
786
0
1
1
2
0
1
0
0
618
0
3
0
188
0
362
631
24,244
0
11
40,931
5
2003
30
327
511
717
209
242
142
7,524
22
2
34
0
50
4
113
2,550
80
21
0
154
312
20
1,998
6,055
29
5
22
0
0
363
0
471
262
0
3,480
3,856
17
4
74
0
1
1
1
0
1
1
3
0
10
928
27
455
22
784
405
2,259
22
22
47,415
55
Date of listing in
02/27/2003
07/232003
12/05/2003
11/27/2003
03/24/2003
12/30/2003
04/28/2003
06/11/2003
05/15/2003
03/10/2003
(Continues over)
155

(Continued)
A.2.19.
Companies
Annual trading
2002
2003
102,520
22,800
17,388
0
22,318
113,680
25,440
18,687
16,668
28,331
26,917
9
1
0
6,365
30,015
13
2
0
5,488
22,655
23,810
5,475
4,923
ARDAUC, SIMCAV
ARDEBLAU INVERSIONES, SIMCAV
ARDIL FINANCIERA, SIMCAVF
ARDIZIA DE INVERSIONES, SIMCAVF
AREITIO MORA INVERSIONES, SIMCAVF
AREKA INVERSIONES
ARELGUIA
ARENBERG ASSET MANAGEMENT SIMCAV
ARETE INVERSIONES, SIMCAV
ARVALO DE INVERSIONES, SIMCAV
ARGALAN INVERSIONES
ARGENTARIA CARTERA DE INVERSIONES
ARGICUIT SIMCAV
ARGIRION INVEST, SIMCAV
ARGULLS FINANCIERA, SIMCAV
ARIEN PATRIMONIO SIMCAVF
ARINVER 2000F
ARITOSA INVERSIONES, SIMCAV
ARIZCUN
ARJO SIETE, SIMCAV
ARMINZA DE INVERSIONES, SIMCAV
AROAGA INVERSIONES, SIMCAV
ARRAIZ CAPITAL 2001, SIMCAV
ARRIBOLA INVERSIONES, SIMCAVF
ARROBA INVEST, SIMCAVF
ARROYO INVERSIONES, SIMCAV
ARS VALORES, SIMCAV
ARSA CARTERA, SIMCAV
ARTAI 2000, SIMCAV
ARTEMIA DE INVERSIONES, SIMCAV
17,155
20,194
31,215
145,200
23,608
36,080
3,703
17,845
19,232
24,074
22,640
363,000
0
22,798
27,246
14,868
29,570
22,944
51,680
20,963
17,172
22,838
22,325
0
23,088
0
32,200
18,520
27,280
11,448
17,912
21,156
32,133
164,600
25,146
37,280
0
19,336
19,713
25,156
23,040
371,000
24,762
24,561
28,929
16,296
0
24,387
54,760
22,069
18,302
23,560
25,475
24,041
24,772
21,997
35,700
20,000
29,800
18,019
5
6
353
46
21
169
662
14
474
1
29
33,000
0
1,567
15
29
1
0
16
5
9,162
11
18
0
1,537
0
938
30
9
1,811
ARTLUMO, SIMCAV
ARUT 98 INVERSIONES, SIMCAV
ARVILIBIA SIMCAVF
ARZALEJOS, SIMCAV
ARZA DE INVERSIONES, SIMCAV
ASERFINANCE DE INVERSIONES, SIMCAV
ASFABE DE INVERSIONES, SIMCAV
ASTIGIA DE INVERSIONES, SIMCAV
ASTIPALEA, SIMCAV
ASTMER INVEST, SIMCAVF
ASTRANTIA, SIMCAV
ASTURIANA DE VALORES
ASUSO VALORES, SIMCAV
ASVI INVERSIONES, SIMCAVF
ATAZAR DE INVERSIONES
ATELANA INVESTMENT SIMCAVF SA
ATIENZA DE INVERSIONES, SIMCAV
ATILIOS, SIMCAV
ATLAS VALORES, SIMCAV
ATN INVERSIONES, SIMCAV
AUCAS DE INVERSIONES, SIMCAV
7,601
8,180
22,018
18,591
22,838
19,182
7,012
0
16,348
0
20,354
109,520
24,531
10,097
91,280
23,319
24,200
21,696
0
10,202
16,955
8,250
8,680
23,168
18,671
22,598
21,707
7,132
24,361
16,828
52,000
20,394
113,840
26,936
11,059
94,880
24,041
26,600
24,208
24,714
13,568
18,326
6
67
2,202
2
8,750
2,207
0
0
11
0
53
710
0
13
240
1
1
0
0
74
781
ARBARIN
ARBAT NUNERO 34, SIMCAV
ARBI DE INVERSIONES, SIMCAV
ARCABI 3000 SIMCAV
ARCO GLOBAL, SIMCAV
ARCO PATRIMONIO, SIMCAV
2002
2003
Date of listing in
Former UNIVERSAL NET

SIMCAV
Former WILD BOAT,
SIMCAV
92
8
438
5,010
886
120
833
3
939
3
30
34,712
4 09/01/2003
1,015
1,189
53
22 Delisted 01/10/2003
0
49
1
421
22
70
1,140 06/11/2003
0
52
3
208
811
369 Former PABEGA
INVERSIONES, SIMCAV
24
63
2,044
1
3,664
652
11
0 04/09/2003
21
12,169 11/06/2003
2
152
649
22
94
1
11
0
4,883 11/09/2003
100
710
(Continues over)
156

(Continued)
A.2.19.
Companies

2002
2003
Annual trading
2002
AREO INVERSIONES
AURIGA CAPITAL, SIMCAV
AURIGA INVESTMENT, SIMCAV
AURRECHE INVERSIONES, SIMCAV
AUTN INVERSIONES, SIMCAVF
AVAL DE INVERSIONES, SIMCAV
AVALLE AHORRO, SIMCAVF
AVEJA INVERSIONES, SIMCAV
AVIA INVERSIONES, SIMCAV
AVILUGAM, SIMCAV
AVOLATIL DE INVERSIONES SIMCAV
AVONDALE, SIMCAV
AVORIAZ INVERSIONES, SIMCAV
AYEDO DE INVERSIONES, SIMCAV
AYNASA, SIMCAV
AYORA PARTICIPACIONES, SIMCAV
AYUA INVERSIONES, SIMCAVF
AZAGRA INVERSIONES, SIMCAV
AZAHAR ORANGE INVERSIONES, SIMCAV
AZAREN INVERSIONES, SIMCAV
AZEVREC, SIMCAV
AZORN INVERSIONES, SIMCAV
AZSEVI INVERSIONES, SIMCAV
AZVERCA DE INVERSIONES, SIMCAV
2,640
20,440
26,750
24,281
0
0
22,215
0
24,441
15,681
21,886
0
19,136
19,312
18,062
12,799
101,850
9,977
24,320
21,958
14,000
10,600
0
24,840
2,808
21,320
27,600
25,002
40,800
26,696
22,616
12,480
24,962
18,494
23,329
25,200
20,963
19,697
20,996
13,288
86,250
10,458
25,400
21,910
14,880
11,460
24,521
28,160
3
44
111
11
0
0
0
0
13
2,180
0
0
23
0
681
621
0
94
608
0
194
2,489
0
122
B&B DE VALORES, SIMCAV

BABUTA INVEST SIMCAV
BACESA DE INVERSIONES, SIMCAV
BACKGROUND INVERSIONES, SIMCAV
BACOARA 21, SIMCAV
BAFOR INVERSIONES, SIMCAV
BAGAL CARTERA, SIMCAV
BAHAUS INVESTMENT, SIMCAVF
BAIMOBEL LINE, SIMCAV
BAJOMIR DE INVERSIONES, SIMCAV
BALAGUER 98 DE INVERSIONES, SIMCAV
BALAITUS INVERSIONES, SIMCAV
BALAYO INVERSIONES, SIMCAV
BALEAR AHORRO, SIMCAV
BALEARES TERCER MILENIO, SIMCAV
BALEMA INVERSIONES SIMCAV
BALGAR INVEST, SIMCAV
BALINCO DE INVERSIONES, SIMCAV
BALINVEST PREMIUM, SIMCAV
BALLESTEROS FINANZAS, SIMCAV
BAMB 2001 DE INVERSIONES, SIMCAV
BANCAJA GESTION
BANCOMERCIO AHORRO I
BANDESCO GLOBAL
PRIVADA GLOBAL
BANDESCO INVERSIONES
4,888
10,050
21,156
3,440
21,156
0
17,172
0
20,680
13,901
15,840
60,702
39,942
36,277
15,559
24,601
7,816
20,955
0
52,288
23,834
112,000
19,560
52,820
5,528
10,710
23,319
3,959
21,636
23,880
18,350
25,243
21,840
17,003
16,480
63,707
40,824
39,162
16,962
24,962
7,816
21,476
0
21,160
24,651
127,000
20,440
109,560
27
2,403
13
294
11
0
0
0
2,836
1
1,227
27
31,319
8,991
785
707
0
2
0
13
0
7,226
175
3,181
87,800
88,700
7,868
BANESTO CEUTA Y MELILLA

BANKAL INVERSIONES 98, SIMCAV
BANKINTER DE INVERSIONES
BANSALIBER
BANSAPA
BANSODAD
BAEZA DE INVERSIONES, SIMCAV
BAPUSA INVERSIONES, SIMCAVF
25,600
18,520
7,415
134,746
24,600
30,288
16,619
23,319
26,080
19,960
7,055
0
25,480
96,944
17,268
25,243
162
608
0
2,670
35
3
1
2,607
2003
41
185
4
20
9
136
0
3
319
475
0
13
49
0
97
57
34,405
958
14
2
2,841
43
6,000
3,600
Date of listing in
04/28/2003
10/27/2003
10/27/2003
06/02/2003
Former VINCKE
INVESTMENTS, SIMCAV
22
0
25
522
22
665
0
1 10/04/2003
69
2
2,054
22
54
18,219
25
157
0
1
0 05/12/2003
20
0
1,868
14
86,721 Former BANESTO BANCA
72,542
Former BANESTO BANCA

PRIVADA INVERSIONES
1,260
206
0
1,619 Delisted 11/17/2003
20
6
37
1,380
(Continues over)
157

(Continued)
A.2.19.
Companies
Annual trading
2002
2003
19,208
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
3,724
17,550
15,876
14,102
18,359
21,164
137,500
267,301
91,600
55,530
116,400
100,400
85,200
18,605
21,621
0
19,986
0
0
21,280
25,000
21,476
41,301
23,007
17,340
29,150
34,510
19,520
24,280
18,640
20,753
15,392
40,260
25,874
27,250
21,800
20,338
21,636
23,940
29,658
18,030
19,365
17,226
19,553
21,741
146,500
289,859
98,800
63,180
125,200
109,800
94,000
20,630
22,150
37,140
20,539
36,953
31,890
22,760
25,520
21,677
47,706
446
0
339
2,176
1,562
474
195
1,044
5,206
178
3,130
218
115
24
1,436
331
12
3,051
1
1,095
21
21
6,220
34,326
4,681
1,306
2,760
8,069
3,624
3
1
0
2
0
0
636
27
20
3,633
BELGRAVIA DELTA, SIMCAV
26,757
25,146
2,090
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
BERGELL SOCIEDAD DE CARTERA, SIMCAVF
BERMAN INVERSIONES FINANCIERAS, SIMCAV
BERPARLA INVERSIONES, SIMCAV
BERZOSA DE INVERSIONES
BESSER INVERSIONES
BESTER ZINS, SIMCAV
BETA FONDOS INTERNACIONAL
BETA TECH INVERSIONES SIMCAV
BETEL INVESTMENT, SIMCAV
BETUS INVERSIONES, SIMCAV
15,314
94,950
16,138
7,609
19,930
18,903
18,992
21,877
0
0
21,680
6,588
26,200
20,386
24,400
31,750
20,875
14,665
20,555
97,500
16,065
7,416
20,555
20,106
19,473
22,358
24,895
23,575
22,640
6,462
27,280
21,612
26,480
33,625
21,797
16,011
600
38
1
49
1,811
25
16
10
0
0
36
4
226
794
2,986
3,191
3
30
BARASONA DE INVERSIONES SIMCAVF SA

BARBATE DE INVERSIONES, SIMCAV
BARCAPITAL SIMCAV
BARCELONA BLACK KNIGHTS 2002, SIMCAV
BARCLAYS PREMIER ACCIONES, SIMCAV
BARCLAYS PREMIER DIVERSIFICADA, SIMCAV
BARGAS INVERSIONES FINANCIERAS, SIMCAV
BARGELD SIMCAV
BARIA ASSET MANAGEMENT, SIMCAVF
BARIGUA, SIMCAV
BARLOVENTO DE INVERSIONES MOBILIARIAS, SIMCAV
BARNAMOLINS, SIMCAV
BARNEVAL INVERSIONES, SIMCAV
BARRA ALTA, SIMCAV
BARRANCO 2000, SIMCAV
BARRARO
BASARTE
BASASIM INVERSIONES, SIMCAV
BASE RIOJA 2, SIMCAV
BASEN INVESTMENT, SIMCAV
BATFAM INVERSIONES 2000, SIMCAV
BAYAHIBE CAPITAL, SIMCAV
BBVA ARAGON, SIMCAV
BBVA CARTERA, SIMCAV
BBVA CATALANA CARTERA, SIMCAV
BBVA CEME INVERSIONES, SIMCAV
BBVA PRIVANZA 25 CARTERA, SIMCAV
BEACON GROWTH INVESTMENTS, SIMCAV
BECARMON DE INVERSIONES, SIMCAV
BECRIGO, SIMCAV
BEDINVER INTERNACIONAL, SIMCAV
BEFINSER, SIMCAVF
BEGOINVEST DE INVERSIONES, SIMCAV
BEJUVIAL, SIMCAV
BELATLANS, SIMCAV
BELEA INVERSIONES, SIMCAV
BELGRAVIA BETA, SIMCAV
2002
2003
Date of listing in
54
1
125
74
749
5,637
12
697
1,435
40
1,085
1
31
3,005
1,414
28
30
518
426
206
22
29
5,784
32,251
2,859
458
14,931
3,024
2,169
2
0
3,325 06/27/2003
0
1 03/14/2003
3 11/27/2003
123
36
7
10,042 Former EURO
INVERSIONES XXI SIMCAV
1,673 Former EURO DELTA
XXI SIMCAV
631
243
1
203
66
26
21
22
4 07/18/2003
812 06/03/2003
1,792
990
1,159
2
638
1,432
4
52
(Continues over)
158

(Continued)
A.2.19.
Companies
BEXCARTERA
BI GRAN PREMIERE, SIMCAV
BI PREMIERE, SIMCAV
BICHAR DE INVERSIONES FINANCIERAS, SIMCAV, S
BIERZO 99 DE INVERSIONES, SIMCAV
BIFERO
BILBAO ELCANO INVERSIONES SIMCAV
BILBAO EQUITY, SIMCAV
BILUTOR
BINITAREF, SIMCAV
BINITERM CARTERA, SIMCAVF
BIRIGARRO, SIMCAV
BITACORA DE VALORES, SIMCAV
BIZCOCHERO INVERSIONES, SIMCAV
BLACADER CAMINOS SIMCAV
BLACK-SCHOLES, SIMCAV
BLOPA INVESTIMENT, SIMCAV
BLUE CHIP INVERSIONES
BLUE DOVE INVERSIONES, SIMCAV
BLUE SEA CARTERA, SIMCAV
BMS BLUE CHIPS, SIMCAV
BMS CARTERA, SIMCAV
BOCCACCIO PLAYA, SIMCAV
BOGEY INVERSIONES, SIMCAV
BOI DE INVERSIONES SIMCAV
BOJ INVESTMENT, SIMCAV
BOLINVER
BOLSA ACTIVA, SIMCAV
BOLSA INTEGRAL SIMCAV
BOLSA MIXTA SIMCAVF
BOLSA TRANSOCEANICA, SIMCAV
BOLSADUERO, SIMCAV
BOLSAGAR
BOLSAID INVERSIONES
BOLSHISPANIA
BOLSIBER
BOMBAY INVESTMENT OFFICE
BOND EQUITY, SIMCAV
BOND INVERSIONES
BONDARRIBI INVESTMENTS, SIMCAV
BONINSA BOLSA, SIMCAV
BOOM CAPITAL, SIMCAV
BOOMING INVERSIONES
BOOTES INVESTMENT SIMCAVF
BORACMO
BORAU INVERSIONES, SIMCAV
BORDOLIQUE, SIMCAV
BORDONAL INVERSIONES, SIMCAVF
BORIZO DE INVERSIONES, SIMCAV
BOSFORO INVERSIONES, SIMCAV
BOTILAN INVER 5 SIMCAV
BOTINO INVERSIONES , SIMCAV
BOTTOM UP INVERSIONES, SIMCAV
BOURDET INVERSIONES, SIMCAV
BOUSQUET INVERSIONES, SIMCAVF
BOVILA DE INVERSIONES, SIMCAV
BOYSEP INVESTMENT SIMCAV
BRAININVEST SIMCAV
BRANCH DE INVERSIONES SIMCAV
BRARIOS-3, SIMCAV

2002
2003
131,040
16,949
20,400
21,080
12,722
49,260
16,645
20,240
3,960
15,554
0
12,626
22,198
0
0
8,655
19,954
1,160
42,119
21,492
29,200
52,300
0
19,473
20,154
16,307
2,700
0
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
0
10,260
16,187
6,250
22,237
23,096
19,962
18,520
0
22,800
15,633
21,429
0
0
17,941
13,198
20,635
4,560
23,761
123,840
17,309
20,800
21,920
14,791
55,080
0
20,920
4,320
15,867
29,990
14,021
24,194
24,569
24,880
8,895
20,627
0
47,600
23,319
30,800
54,900
0
20,194
21,260
18,631
2,813
22,558
40,200
45,900
6,496
8,490
0
29,080
54,400
2,500
13,360
28,750
17,100
26,880
13,080
24,441
10,580
16,828
0
24,617
21,996
21,356
19,440
30,291
24,120
16,114
23,617
25,108
0
18,927
16,203
21,156
4,864
24,291
Annual trading
2002
2,117
538
466
1,404
1
3,950
719
0
1,066
47
0
19
326
0
0
97
17
18
765
103
2
30
0
18
0
3
3,154
0
841
4,006
0
252
0
295
17
393
4
962
52
3
2,689
0
176
3
120
1,504
483
49
17
0
602
11
21
0
0
878
1,212
2
100
4,184
2003
Date of listing in
14
231
243
7
1
3,116
0
1
1,655
50
19 09/01/2003
17
10
58 08/04/2003
2 05/29/2003
52
49
0 Delisted 04/06/2003
515
73
1
1
0
262
1
3
14
800
1
4,771
1
1,329
0
1,732
464
1
18
19
853
3
25
2,833 03/24/2003
421
1,901
73 Delisted 04/12/2003
1,955
1,301
6,903
223
8,998 05/29/2003
12
22
1,504
0 01/27/2003
0 09/12/2003
0
1
1
100
40
(Continues over)
159

(Continued)
A.2.19.
Companies
BRASILITO SIMCAV
BREIXO INVERSIONES SIMCAV
BRENT INVERSIONES, SIMCAV
BRIMO DE INVERSIONES
BRISEIDA DIVERSIFICADA, SIMCAV
BROKREUS
BROSNA, SIMCAV
BRUNARA
BRUNO 2000 DE INVERSIONES SIMCAV
BS INVERSIONES 97, SIMCAV
BSA FINANZAS, SIMCAV
BSN ELITE 10-30,SIMCAV
BSN ELITE 30-50, SIMCAV
BUCALLAR SIMCAV
BUCLE INVERSOR, SIMCAVF
BUDULAQUE ALDAMA, SIMCAV
BUENAVISTA FOG INVERSIONES, SIMCAV
BUENBAS INVERSIONES SIMCAV
BUENDA DE INVERSIONES
BUJARA DE INVERSIONES, SIMCAV
BULK INVERSIONES, SIM
BULL INVEST
BURBIA-99 DE INVERSIONES, SIMCAV
BURMAS INVERSIONES, SIMCAV
BURPLAN, SIMCAV
BURSATIL 2000, SIMCAV
BUSMONDO
BUSSOLA 99, SIMCAV
BUTAL INVERSIONES, SIMCAV
C&S PAMEL INVERSIONES, SIMCAV
CABDAL INVERSIONES, SIMCAV
CABMAR DE INVERSIONES, SIMCAV
CABORIA INVERSIONES, SIMCAV
CADI VALORES, SIMCAV
CADOGAN 37, SIMCAV
CAELU INVESTMENT SIMCAV
CAESAR IMPERATOR I, SIMCAV
CAIXA CASTILLA Y LEON, SIMCAV
CAIXA GLOBAL, SIMCAV
CAIXA INVERSIONES 1, SIMCAV
CAIXA TERRASSA RF, SIMCAV
CAIXA TERRASSA VIDA 1, SIMCAV
CAIXASABADELL INVEST, SIMCAV
CAJALUNA INVERSIONES, SIMCAVF,SA
CAJARIOJA INVERSION, SIMCAV
CALACONTA DE INVERSIONES, SIMCAV
CALAINVEST-98, SIMCAV
CALAIS DE INVERSIONES SIMCAV
CALANISA, SIMCAV
CALCEDONIA, SIMCAV
CALIMA INVEST, SIMCAV
CALLAL INVERSIONES, SIMCAV
CAMABI VALORES, SIMCAV
CAMBRIDGE AVENUE INVERSIONES SIMCAV
CAMELLE INVESTMENT, SIMCAV
CAMERFRAN, SIMCAV
CAMINO PASTORA, SIMCAV
CAMPO DE ORO INVERSIONES, SIMCAV
CAMPOSENA, SIMCAV

2002
2003
21,877
298,800
0,400
0
9,620
7,000
22,280
369,950
38,160
21,588
19,640
22,919
24,726
22,794
13,783
10,145
23,560
17,629
20,120
16,348
44,080
18,013
3,080
19,420
11,219
22,317
15,320
25,450
3,080
16,931
0
15,686
23,079
17,941
0
12,266
24,040
32,022
11,160
24,521
0
52,600
0
0
13,050
25,002
20,850
20,154
11,160
17,364
17,838
17,640
19,393
13,523
14,424
22,838
34,558
19,480
10,307
19,713
20,130
22,334
316,800
10,860
0
8,778
0
23,240
400,050
39,168
22,470
20,440
23,960
26,258
24,364
15,346
10,854
24,257
18,446
20,920
19,473
45,800
17,244
3,190
21,820
13,302
22,775
14,574
24,350
4,860
15,753
24,521
15,867
23,560
19,360
30,952
13,468
25,200
34,474
11,720
25,082
24,561
53,400
208,000
36,210
13,950
25,483
21,800
21,717
11,740
19,288
18,776
19,320
19,753
13,974
16,828
23,800
37,203
20,103
10,758
21,156
20,707
Annual trading
2002
13
50,005
2
0
3
1,045
4
41,180
2
79
103
2,456
579
256
336
55
1,518
656
5
25
5
140
32
475
0
335
2
1,863
1
2
0
10
11
1
0
57
6
3
0
2,789
0
3,950
0
0
901
11
1,097
866
0
522
5
3
27
11
12
199
8,042
0
12
11
3
2003
Date of listing in
948
0
886
0
1
26 Delisted 04/12/2003
3,206
32,497
0
56
213
949
1,886
280
338
68
803
86
3,009
241
31
0
13
1,341
2,349
595
0
1,149
20
1
9 02/04/2003
21
21
2
49 01/27/2003
97
14
1,737
0
782
6,189 03/26/2003
3,248
63,985 03/25/2003
311 06/18/2003
521
1,206
453
830
13
4
2
31
22
22
196
388
11,202
4
20
11
0
(Continues over)
160

(Continued)
A.2.19.
Companies

2002
2003
Annual trading
2002
CAN VENTURA INVERSIONES, SIMCAV

CAN WK FIN SIETE SIMCAV
CAN XULINO, SIMCAV
CANALES 2001 SIMCAV
CANARIAS AHORRO, SIMCAV
CANAY DE INVERSIONES, SIMCAV
CANEELTOO INVESTMENTS, SIMCAV
CANET DE INVERSIONES, SIMCAV
CANIGO INVERSIONES SIMCAVF
CNOVAS 98, SIMCAV
CANSILU, SIMCAV
CANTALAPIEDRA INVERSIONES, SIMCAV
24,521
0
24,281
22,175
36,349
17,844
22,944
0
17,870
30,700
23,103
21,108
24,762
25,203
25,747
23,258
39,234
21,231
23,930
24,281
18,511
35,099
23,992
21,733
11
0
45
3
5,931
153
58
0
1,866
501
61
157
CANTO ASTIAL INVERSIONES, SIMCAV

CANTUESO INVERSIONES, SIMCAV
CANYAMEL INVERSIONES, SIMCAV
CAPCHICOT, SIMCAV
CAPDAMUNT INVERSIONES, SIMCAV
CAPGESA
CAPILOPA, SIMCAV
CAPINVER
CAPITAL 18 BR, SIMCAVF
CAPITAL LANGENBURG, SIMCAVF
CAPITAL MEP
CAPITAL PAV
CAPITAL PENEDES MIXT, SIMCAV
CAPITAL XXI INVERSIONES, SIMCAVF
CAPITALZA
CAPPA Y LAMDA, SIMCAV
CAPQUERS INVERSIONES, SIMCAVF
14,640
16,687
35,159
22,767
22,838
2,855
22,310
1,204
9,280
0
23,080
21,600
34,680
14,016
10,480
0
11,299
17,040
18,491
36,602
24,113
23,560
2,855
23,560
0
8,244
24,642
25,520
24,320
40,260
14,352
10,780
50,500
12,982
118
780
7,000
1
10
5
65
181
496
0
37
38
42
1,176
7
0
2,010
CAR 2000 INVERSIONES MOBILIARIAS, SIMCAV

CAR 2003 INVERSIONES MOBILIARIAS, SIMCAV
CARAMA DE INVERSIONES, SIMCAV
CARAUNA INVERSIONES, SIMCAVF
CARBAR 2002, SIMCAV
CARBONERA MOBILIARIA SIMCAV
CARCANTI, SIMCAV
CARDIEL DE INVERSIONES, SIMCAV
CARFY
CARHEBAPE 1
CARINA INVESTMENT, SIMCAVF
CARISA INVERSIONES, SIMCAV
CARIVEGA DE INVERSIONES SIMCAV
CARO INVERSIONES, SIMCAVF
CAROLA 2000, SIMCAV
CARPE DIEM INVESTMENT, SIMCAV
CARRAN DE INVERSIONES, SIMCAV
CARRASPIENTES SIMCAVF
CARRIEDO, SIMCAV
CARTEALAR, SIMCAV
CARTEBANC
CARTERA 100, SIMCAV
CARTERA 2M5, SIMCAVF
CARTERA 30, SIMCAV
CARTERA ALARCOS, SIMCAV
CARTERA ALFABIA SIMCAV
CARTERA ALHAMAR SIMCAV SA
CARTERA ASEGURADORA
CARTERA BASEIBAR
CARTERA BELLVER 4, SIMCAV
22,838
0
18,960
15,626
0
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
0
23,220
66,769
18,111
24,762
24,161
20,280
16,131
24,170
19,745
22,358
20,200
24,304
0
16,949
25,074
25,204
20,160
15,880
18,463
39,750
23,251
25,964
43,264
29,511
15,506
16,828
24,560
39,195
24,561
37,140
24,085
68,069
19,313
5
0
26
98
0
49
25
1
200
6
269
4,420
2
72
1
27
3
526
151
11
1,623
524
57
7
75
6,718
0
399
1,515
539
2003
Date of listing in
21
48
66
0
6,431
77
321
6 12/05/2003
11
2,498
77
129 Former DELTA INVERSIONES BURSATILES, SIMCAV
1
477
4,941
2
22
7
74
0
367
1 02/04/2003
761
59
334
14
829
2,127 09/10/2003
22 Former ESCRITURA
INVERSIONES, SIMCAV
1
42 01/08/2003
4
73
0 07/21/2003
531
22
3
1,360
0 Delisted 11/11/2003
9
959
971
65
7
22
2
138
206
4,183
540
1,751
50
7,480
76
10,894
41 11/03/2003
248
6,422
81
(Continues over)
161

(Continued)
A.2.19.
Companies
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
CARTERA DANOA, SIMCAV
CARTERA DE ACCIONES - TACISA CARTERA DE INVERSION BURSATIL, SIMCAV
CARTERA DE INVERSIONES ERTIS, SIMCAV
CARTERA DE INVERSIONES INVERGAL, SIMCAV
CARTERA DE INVERSIONES SG4, SIMCAV
CARTERA DE VALORES IAF, SIMCAV
CARTERA DELFI
CARTERA DELFI 2
CARTERA DRAGONERA SIMCAV
CARTERA EMPORDA 2000, SIMCAV
CARTERA EUTOPA, SIMCAV
CARTERA EXTRAMUN, SIMCAV
CARTERA GALATIFE, SIMCAV
CARTERA GLOBAL, SIMCAV
CARTERA INTEGRAL, SIMCAVF
CARTERA INVERONIA, SIMCAV
CARTERA INVERSORA DEL EBRO, SIMCAV
CARTERA KAMINSKI SIMCAV
CARTERA KEFREN, SIMCAVF
CARTERA LD 78 SIMCAV
CARTERA MACAM, SIMCAV
CARTERA MAEN, SIMCAVF
CARTERA MENDIBILE, SIMCAV
CARTERA MILLENNIUM, SIMCAV
CARTERA MOBILIARIA - CARMOSA CARTERA MUDEJAR, SIMCAV
CARTERA MUNDIAL, SIMCAV
CARTERA MUSA, SIMCAV
CARTERA OPTURSA, SIMCAV
CARTERA PIRINEO
CARTERA ROIS, SIMCAV
CARTERA SERTORIO, SIMCAV
CARTERA SUROESTE, SIMCAV
CARTERA TRAMO I, SIMCAV
CARTERA URQUIJO 2, SIMCAV
CARTERA URQUIJO, SIMCAV
CARTERA VILADECANS SIMCAV
CARTERA XEITOSIA, SIMCAV,SA
CARTESOR, SIMCAV
CASA-SANZ SIMCAV
CASAYU INVERSIONES SIMCAV
CASIGRAMA INVERSIONES, SIMCAV
CASIVIDA, SIMCAV
CASSIOPEIA INVESTMENT, SIMCAV
CASTALIA AHORRO, SIMCAV
CASTEINVER
CASTEPLAN-12, SIMCAV
CASTLEWOOD, SIMCAV
CASVA DE INVERSIONES, SIMCAV

2002
2003
15,266
18,992
25,600
21,356
23,279
25,563
25,603
22,838
13,222
21,741
0
62,140
5,329
21,997
14,865
14,010
18,920
92,400
27,800
25,643
14,190
0
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
0
12,020
23,848
23,740
4,240
20,000
25,964
17,840
0
34,343
22,040
0
0
26,394
18,030
26,600
24,906
18,319
19,353
13,943
0
34,456
21,810
24,642
17,670
19,152
27,960
22,598
23,640
25,803
25,844
24,922
16,828
22,799
25,160
68,380
5,890
21,957
14,945
14,010
20,280
102,600
75,600
25,964
15,248
28,248
24,640
21,492
20,461
93,400
29,800
23,920
21,621
24,041
18,519
21,276
25,243
20,715
26,499
472,210
28,087
11,099
21,444
26,745
5,480
22,560
29,570
19,000
22,942
36,556
23,480
27,262
24,435
22,037
20,434
27,650
25,868
19,857
19,272
15,626
54,376
33,194
21,481
24,561
Annual trading
2002
581
540
4,306
6,301
2,759
113
113
689
4
2
0
31
1
1,405
157
10
30
4,807
1,346
114
54
0
1,048
823
481
920
39
2,474
118
2,261
254
93
0
22
648
1,806
0
318
7,792
129
655
32
141
31
0
12,951
8,267
0
0
27
0
74
8,623
178
2,737
1,131
0
0
18
80
2003
69
4,866
15,744
14,163
2,300
112
113
222
4
30
19
43
0
3
36
22
32
13,062
5,114
7,616
150
339
87
2,493
18
6
44
22
148
5,943
25
88
1,800
13
179
20,238
400
1,629
1,293
236
445
63
345
30
3
4,455
4,002
112
305
23
0
1
110
1,376
4
1,215
4
8,565
2,198
301
Date of listing in
03/03/2003
11/08/2003
06/11/2003
03/11/2003
11/03/2003
11/26/2003
(Continues over)
162

(Continued)
A.2.19.
Companies
CAT PATRIMONIS, SIMCAV
CATAFIM, SIMCAV
CATAY INVESTMENT, SIMCAV
CATIMSA
CATOC
CAULES DE INVERSIONES, SIMCAV
CAVER CRESPI, SIMCAV
CAVOLO INVERSIONES, SIMCAV
CBH GLOBAL, SIMCAVF
CCR INVEST 2001 SIMCAV SA
CEBAL INVERSIONES, SIMCAV
CEBEMAR DE INVERSIONES SIMCAV
CEIBA INVERSIONES, SIMCAVF
CELEBES INVERSIONES, SIMCAV
CENTAURUS 2002, SIMCAV
CENTRAL DE INVERSIONES EN VALORES - CEIVASA CENTRAL DE VALORES - CEVALSA CERAL 2000 INVERSIONES, SIMCAV
CERALF INVERSIONES, SIMCAV
CERES INVERSIONES, SIMCAV
CETUS INVERSIONES, SIMCAV
CF GENERAL DE INVERSIONES FINANCIERAS, SIMC
CHAGABER, SIMCAV
CHAMBERTIN, SIMCAV,S A
CHART INVERSIONES
CHERAC 2000 SIMCAV
CHERSA 2001, SIMCAV
CHERSA 2002, SIMCAVF
CHERSWIT, SIMCAV
CHESTER INVESTMENTS, SIMCAV
CHIA INVERSIONES XXI SIMCAVF
CHISPUM INVERSIONES, SIMCAV
CHIVILCOY INVERSIONES, SIMCAV
CHORRONTON INVERSIONES, SIMCAV
CHOWPATTY, SIMCAV
CHULAPICO, SIMCAV
CIFUENTES DE INVERSIONES SIMCAV
CIGARRAL DE INVERSIONES, SIMCAV
CIGNUS VALORES, SIMCAVF
CILAR INVERSIONES, SIMCAV
CIMBALARIA, SIMCAV
CINAMON INVESTMENT, SIMCAV
CININVER FINANZAS, SIMCAV
CISEVI INVERSIONES, SIMCAV
CJ PROFIT SIMCAV
CJ TRADITIONAL, SIMCAV
CLARA INVERSIONES SIMCAV
CLARIANO DE INVERSIONES, SIMCAV
CLAROL INVERSIONES, SIMCAV
CLAVIJO INVERSIONES, SIMCAV,SA
CLEAR INVERSIONES
CLEOMER, SIMCAV
CLINVER GESTIN PATRIMONIAL SIMCAV
CLOVELLY INVESTMENT, SIMCAV
CLUB BANCOMERCIO CIBELES
CLYTES-2001, SIMCAV
CMA GLOBAL 1999, SIMCAVF
CMA GLOBAL 2000, SIMCAVF
CMA GLOBAL INVESTMENTS, SIMCAV
Annual trading
2002
2003
2002
30,360
0
23,079
16,920
40,553
27,680
23,728
23,439
19,600
11,304
20,603
23,569
22,029
23,079
0
101,068
81,000
0
24,441
26,000
27,250
9,568
21,156
21,877
160,020
15,338
0
0
9,420
8,775
37,080
24,081
25,483
17,610
44,903
26,040
24,666
23,271
20,750
11,785
21,420
24,002
23,164
23,319
25,600
0
97,200
0
24,481
27,720
28,150
10,001
20,675
23,800
181,610
16,660
24,762
26,204
9,700
9,256
7,129
0
1,603
127
775
2
31
3,642
35
0
417
1
728
161
0
2,004
2,516
0
91
77
72
3
11
13
36
109
0
0
75
32
22,838
0
10,738
23,920
22,382
24,050
18,855
22,703
16,321
21,637
4,394
0
48,181
0
25,483
28,608
0
20,467
24,281
26,402
6,560
17,920
19,016
21,196
26,320
22,406
23,720
20,915
21,997
23,560
26,685
12,601
24,281
23,151
25,012
19,216
23,473
17,524
22,598
4,639
24,500
49,383
24,387
24,762
28,608
24,561
21,068
24,762
27,917
6,560
73,200
21,156
21,957
29,720
24,065
23,680
22,798
56,796
4,995
0
0
66
5
0
1
5
0
15
534
0
13
0
997
692
0
2
10
12,948
171
16,885
0
1,279
671
1
1,616
33
33
2003
Date of listing in
3,630
7 06/16/2003
1,521
4,018
4,240
8
64
5,458
25
0
7,125
0
3
314
3,614 03/07/2003
1,596 Delisted 11/08/2003
587
0
5
83
71
0
21
22
315
1,616
17 03/13/2003
637 11/032003
32
617 Former BARBADOS
INVERSIONES, SIMCAV
0
8 09/16/2003
14
3,250
55
0
1
0
529
20
854
1
27
10 02/05/2003
17,167
2,409
0 06/30/2003
2,175
1,396
1,538
174
26
19
4
1,461
2
6,753
9,403
5
(Continues over)
163

(Continued)
A.2.19.
Companies
COANTISA INVERSIONES, SIMCAV

COBATILLA INVERSIONES, SIMCAV
COBOS EMPRESAS REUNIDAS, SIMCAV
COKEFIN 99, SIMCAVF
COLEVI INVERSIONES, SIMCAV
COLIGAR DE VALORES, SIMCAV
COLLBATO INVEST, SIMCAVF
COLUMBUS INVERSIONES 2000, SIMCAV
COMEBACK CONSULTANCY, SIMCAVF
COMERMATICA-KABAKH, SIMCAV,SA
COMPAA DE INVERSIONES ANAIL, SIMCAV
COMPASS INVERSIONES, SIMCAV
COMPETITIVE INVESTMENT, SIMCAV
CONCORDIA DE INVERSIONES MEDITERRNEAS, SIMCAV
CONOMA INVERSIONES, SIMCAV
CONSENTUS 2000, SIMCAV
CONSULBIC
CONSULBOLSA
CONSULMIX 60-40, SIMCAVF
CONSULNOR EUROACCIONES, SIMCAV
CONSULNOR INVERSIONES FINANCIERAS LA RIOJA SI
CONSULNOR MULTINACIONALES, SIMCAV
CONTEMPORANIA DINVERSIONS, SIMCAV
CONTINENTAL DEL MAR, SIMCAV
COOPERATIVISME, SIMCAV
COPEY INVESTMENT, SIMCAV
CORATRIL, SIMCAV
CORELLA PATRIMONIO, SIMCAV
CORFIN INVERSIONES, SIMCAV
CORO PATRIMONIO, SIMCAV
CORONA AUSTRALIS INVESTMENT, SIMCAV
CORONDEL INVERSIONES, SIMCAV
CORPORACIN DE INVERSIONES MOBILIARIAS
CORPORAT INVERSIONES
CORTES VICENTE INVERSIONES, SIMCAV
CORTIGOSO INVERSIONES, SIMCAVF
COSTA PLATA INVERSIONES, SIMCAV
COSTA RICA INVERSIONES, SIMCAV
COSTAGES, SIMCAV
COTOMAR INVERSIONES, SIMCAVF
COVA INVERSIONES SIMCAV SA
COVEN INVERSIONES SIMCAV SA
CRECIMIENTO INVERSIONES, SIMCAVF
CREDIT SUISSE COLUMBUS-75, SIMCAV
CREDIT SUISSE ELCANO-50, SIMCAV
CREDIT SUISSE MAGALLANES-25, SIMCAVF
CRINUM INVERSIONES, SIMCAV
CRISTOBALMEMDI, SIMF
CRONISTA CARRERES DE INVERSIONES, SIMCAV
CROSS ROADS INVERSIONES, SIMCAV
CRUCERO DE INVERSIONES SIMCAV
CRUNVER FINANCIERA, SIMCAV
CUBAHORRO, SIMCAV
CUERNAVACA INVEST, SIMCAV
CUETO CALERO, SIMCAVF
CUFATUM, SIMCAV
CUGONRI, SIMCAV
CUINVER 2000, SIMCAV
CUSTREL, SIMCAV
CYNARA DE INVERSIONES, SIMCAV
2002
18,800
24,160
23,689
17,400
11,900
14,190
8,500
25,513
34,618
30,195
15,160
20,322
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
0
18,511
0
24,992
34,258
28,391
22,600
23,906
22,983
17,484
21,356
30,040
22,400
22,078
23,319
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
2003
19,720
25,320
24,411
18,500
12,501
16,787
8,580
20,483
37,503
28,897
15,880
31,878
24,579
18,000
26,925
23,100
56,800
45,920
18,889
16,200
17,449
19,930
25,661
18,944
21,250
24,241
18,343
24,281
22,838
24,281
26,695
35,700
29,265
24,000
24,411
27,046
16,378
25,830
33,880
23,520
22,896
25,002
24,041
1,805
18,951
27,425
16,636
1,878
15,360
21,348
21,765
23,319
21,164
19,833
31,974
26,544
28,368
19,520
7,438
24,561
Annual trading
2002
30
806
760
0
12
6
31
228
12
76
24
3,930
0
1,780
225
0
1,275
754
215
3,050
721
347
58
70
1,705
434
39
0
14
0
4
0
30,565
62
2,039
33
2
1,242
589
384
29
41
27
2,310
4,720
2,724
97
3
80
0
1
3,302
744
11
13
9
25
250
1,457
3,999
2003
31
14
9,005
17
22
3
21
4,708
4,673
505
25
5,476
0
4,988
22
4
705
1,243
219
1,154
521
110
153
21
2,209
289
29
0
0
0
4
0
316
39
18,001
664
0
172
47
73
31
87
22
137
1,486
1
1,439
26
401
0
0
81
378
48
1,496
5
23
10
22
497
Date of listing in
05/21/2003
05/21/2003
(Continues over)
164

(Continued)
A.2.19.
Companies
D&F ROALBA, SIMCAV
DABIFINSA, SIMCAVF
DACINVER
DAEN INVESTMENT, SIMCAVF
DAF INVERSIONES, SIMCAV
DAIMON INVERSIONES, SIMCAVF
DAJAMA INVERSIONES, SIMCAV
DALINVEST INVERSIONES, SIMCAV
DALITA INVERSIONES, SIMCAV
DANBUR 2000, SIMCAVF
DAPA DE INVERSIONES, SIMCAV
DAPHNE INVESTMENTS SIMCAV
DAR
DASC INVESTMENTS, SIMCAV
DASHUR INVESTMENT SIMCAV
DAVMES
DAYMIO INVESTMENTS, SIMCAVF
DAYNEWS SIMCAV SA
DB INSTITUCIONAL, SIMCAV
DEALING INVERSIONES, SIMCAV
DEBARAN DE VALORES MOBILIARIOS SIMCAV
DEHASA INVERSIONES FINANCIERAS, SIMCAV
DEHESA LOS CHOPOS, SIMCAV
DEIMO INVESTMENT, SIMCAVF
DELCASTRO INVERSIONES, SIMCAV
DELFI BOLSA, SIMCAV
DELTAHORRO, SIMCAV
DELZAPEG, SIMCAV
DENARIO INVERSIONES 2001, SIMCAV
DENURB INVERSIONES, SIMCAV
DERRICK INVEST, SIMCAV
DESEMBRE NORANTA-NOU, SIMCAV
DEVON ISLAND, SIMCAVF
DIANA BOAT, SIMCAVF
DIAPASON GESTION, SIMCAV
DIBICO INVERSIONES, SIMCAV
DICASTILLO INVERSIONES, SIMCAV
DIGIT INVERSIONES, SIMCAV
DIMOMGLA INVERSIONES, SIMCAVF
DINER INVERSION 2000 SIMCAV
DINERAHORRO, SIMCAV
DINERCAPITAL, SIMCAV
DINERCARTERA, SIMCAV
DINERGLOBAL, SIMCAV
DINERINVER
DINERINVERSION, SIMCAV
DINERISCAL, SIMCAV
DINERVALOR, SIMCAV
DINERVERA SIMCAV
DIORAMAX INVERSIONES, SIMCAV
DIPACHAR DE INVERSIONES, SIMCAV
DIRDAM LAER, SIMCAV
DIROJU, SIMCAV
DITA INVERSIONES SIMCAVF
DIVALSA DE INVERSIONES, SIMCAV
DIVERSIFICACION FINANCIERA
DIVERSITY INVERSIONES, SIMCAVF
DIVIDENDOS E INCREMENTOS, SIMCAV
DOBLE F STOCKS, SIMCAV
DOBLERS

2002
15,921
17,920
0
20,434
27,132
14,274
22,598
17,838
0
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
25,012
22,318
11,672
29,930
15,802
21,250
19,160
23,050
16,483
23,840
21,826
11,020
0
18,783
16,595
19,080
18,759
21,880
29,000
15,873
15,873
18,400
15,633
0
18,655
23,377
0
17,189
20,875
27,720
23,858
6,784
6,371
31,840
2003
16,017
19,880
74,806
21,156
28,495
15,476
23,079
19,497
24,041
61,904
16,120
17,930
18,620
12,453
62,305
0
61,200
28,288
23,843
11,460
23,950
19,954
25,248
24,521
21,156
24,120
25,734
24,699
15,350
29,930
17,215
21,000
21,400
23,050
17,392
24,321
24,536
11,240
26,705
19,721
18,759
18,720
20,443
22,040
29,000
17,316
20,443
19,480
20,683
24,954
21,252
23,425
24,521
17,237
27,465
28,350
28,884
7,120
7,020
36,080
Annual trading
2002
296
114
0
1
2,463
3,249
10
27
0
3,751
2
57
3
67
88
547
28,555
2
1,599
52
27
13
25,622
1
11
99
646
6,938
978
0
25
1,311
1
0
89
12
1,950
108
0
2,179
3
204
121
0
3
0
0
223
234
0
1,282
0
0
31
42
260
1,374
0
66
286
2003
Date of listing in
193
124
3,961
1,999
90
335
21
22
0 03/24/2003
3,640
7
409
3
682
46
239 Delisted 12/30/2003
10,010
705
2,958
21
22
22
19
0
22
98
372
1,058
514
69
24
1,621
8
2,280
2,439
34
4,675
1,517
0 10/04/2003
0
0
306
2,398
601
6
0
1,649
6
835
6 01/27/2003
2,335
0
0
240
293
1,727
2,892
1
21
165
(Continues over)
165

(Continued)
A.2.19.
Companies

2002
2003
Annual trading
2002
DOBRA INVERSIONES, SIMCAV

DOCE LUNAS INVERSIONES, SIMCAV
DOCK INVERSIONES, SIMCAVF
DOCRES, SIMCAV
DOCUMENTO FILM INVERSIONES SIMCAV
DOGALSA, SIMCAVF
DON CURRO INVERSIONES, SIMCAV
DONADOS 2000 SIMCAV
DONALD INVERSIONES, SIMCAV
DOOHAN INVESTMENT SIMCAV
DOPOL INVERSIONES, SIMCAV
DORALEX DE INVERSIONES, SIMCAV
DORMA VALORES, SIMCAVF
DORNEDA DE INVERSIONES 2002, SIMCAV
23,800
24,401
4,700
19,978
26,835
42,552
9,448
24,641
0
21,636
0
18,271
15,266
16,348
0
24,642
5,000
21,011
28,037
43,754
10,073
24,672
7,380
23,319
11,977
18,992
15,386
17,309
1,199
40
29
90
30
1,362
61
1,030
0
1
0
11
95
9,794
DOSANE, SIMCAV
DOSSAU DE INVERSIONES SIMCAV
DRACO INVERSIONES, SIMCAV
DRAFT INVERSIONES, SIMCAV
DREI INVEST, SIMCAV
DREYER INVESTMENT, SIMCAV
DRIER INVERSIONES, SIMCAVF
DRIVE INVESTMENTS, SIMCAVF
DRIVER INVERSIONES, SIMCAV
DUBHE DE INVERSIONES, SIMCAV
DULCE NOMBRE INVERSIONES SIMCAV
DUNCAN DE INVERSIONES SIMCAV
DUNIE 98 DE INVERSIONES, SIMCAV
DURBANA I, SIMCAV
DURIEN SIMCAV
DUVEN-00, SIMCAV
DYM FINANZAS, SIMCAV
DZ 2000 INVERSIONES, SIMCAV
EARNING INVERSIONES, SIMCAV
EAST STAR
EAST WIND INVERSIONES, SIMCAVF
EBURY INVERSIONES, SIMCAV,SA
ECHO DE INVERSIONES, SIMCAV
ECOLOGIA VIVA, SIMCAV
EDIGA 11, SIMCAV
EDUMONE, SIMCAVF
EFFICIENT ASSET ALLOCATION INVESTMENTS, SIMCA
EFIMA BERGIDUM, SIMCAV
EIDETESA DE INVERSIONES, SIMCAV
23,606
26,525
16,595
14,839
25,002
0
14,040
11,980
17,196
23,777
20,924
21,837
16,040
0
20,234
14,360
0
18,326
0
33,080
13,035
0
18,440
30,131
17,720
20,675
24,772
24,218
18,415
23,886
28,929
21,405
16,570
25,483
25,002
15,819
12,380
18,470
23,236
21,525
22,879
15,480
11,320
21,396
15,618
0
19,913
0
33,760
13,612
24,281
18,720
31,702
19,280
21,636
25,180
24,579
18,439
16
14
2
41
1,513
0
0
292
4
0
2
602
76
0
2
368
0
24
0
493
34
0
28
173
0
6
0
0
16,438
EIKON 99, SIMCAV

EIXAMPLE 2000, SIMCAV
EIZAFI 1, SIMCAV
EIZAFI 2, SIMCAV
EL DORADO INVERSIONES, SIMCAV
EL HAYADAL, SIMCAVF
EL VANTAROS SIMCAV
ELIM AHORRO, SIMCAV
ELMIRON 2000 SIMCAV
ELORBE, SIMCAV
ELORZABAS DE INVERSIONES, SIMCAV
ELVERTON BRATON, SIMCAV
ELYOB CARTERA, SIMCAV
EMENUR DE INVERSIONES, SIMCAV
EMIBE BOLSA SIMCAV
19,400
8,577
21,934
21,982
30,520
20,362
19,473
21,636
17,508
15,560
0
24,360
24,241
15,960
23,570
20,250
8,973
24,050
24,050
31,200
20,939
21,396
23,079
17,532
16,320
6,120
25,760
24,601
16,520
24,534
415
284
5,934
5,934
1,121
120
2
25
0
2
0
156
309
2
1,124
2003
Date of listing in
0
10
13
2
57
1
62
3,102
10 04/29/2003
1
4 10/17/2003
22
40
922 Former GUADAJIRA
CARTERA, SIMCAV
32
2,713
3
14
20
1 04/28/2003
0
404
48
1
0
251
6
0
1
5
0 07/21/2003
712
0
7,661
6,013
0 08/26/2003
7
2,437
2
11
1,043
0
45 Former GARBIZU DE
INVERSIONES, SIMCAV
1
343
3,027
4,346
6,142
110
506
22
0
3
0 07/28/2003
448
90
7
851
(Continues over)
166

(Continued)
A.2.19.
Companies
EMUJAL, SIMCAVF
ENAR 8, SIMCAV
ENDURA CARTERA, SIMCAV
ENREDO INVERSIONES, SIMCAV
ENTRECAR INVERSIONES, SIMCAV
ENTROPIA-PRAXIS, SIMCAV
ENVILU INVERSIONES, SIMCAV
EONIA INVERSIONES, SIMCAV
EPEHIA INVERSIONES, SIMCAV
EPOMENES
EPSILON INVERSIONES BURSATILES, SIMCAV
EQIOMVEST 2000, SIMCAV
EQUAL INVERSIONES, SIMCAV
EQUIVALIA INVERSIONES, SIMCAV
ERCIA DE VALORES MOBILIARIOS
ERDAC INVERSIONES, SIMCAV
EREAGA INVERSIONES, SIMCAV
EREGOS, SIMCAV
EREMUA DE INVERSIONES, SIMCAV
ERISONO, SIMCAV
ERNES INVESTMENT, SIMCAV
ERNIO INGENIEROS, SIMCAV
ESALIBUZ, SIMCAV
ESAR PATRIMONIO SIMCAV
ESASER INVERSIONES, SIMCAV
ESBA DE INVERSIONES, SIMCAV
ESCAL 2000 INVERSIONS, SIMCAV
ESCOPELDOS, SIMCAV
ESF EURORENT, 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
ETORKIZUNA DE INVERSIONES, SIMCAV
EUGEMOR, SIMCAV
EUMAI INVERSIONES, SIMCAVF
EUMAR INVERSIONES SIMCAV
EURE K INVERSIONES, SIMCAV
EURIPIDES, SIMCAV
EURO 21 DE INVERSIONES, SIMCAVF
EUROARGA
EUROARRADI, SIMCAV
EUROBIRDIE, SIMCAV
EUROBOLSA SELECCION, SIMCAV
EUROBOLSA XXI, SIMCAV
EUROBRICK DE INVERSIONES SIMCAV
EUROCAIXA 1, SIM
EUROCOSTERGO DE INVERSIONES, SIMCAV
EURODOLAR INVERSION, SIMCAV
EURODUERO 2002, SIMCAV

2002
2003
Annual trading
2002
24,041
0
8,655
0
30,000
0
11,780
17,388
27,900
37,560
21,396
18,560
22,030
24,521
5,400
18,271
14,384
29,480
18,280
28,849
0
20,683
17,850
19,237
12,902
21,080
18,752
19,954
30,600
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
19,962
25,002
30,360
9,015
24,361
38,700
20,875
12,381
0
30,000
38,920
22,117
20,531
22,270
25,723
5,400
20,434
15,266
30,400
18,800
30,051
49,920
22,848
20,750
19,958
14,264
21,920
19,473
20,675
31,980
14,250
19,680
18,120
17,357
18,319
16,588
23,873
20,925
18,343
20,915
19,184
28,093
0
17,220
22,358
22,256
19,593
20,250
0
0
3,482
0
2
0
12
16
1
177
555
55
120
3,011
51
13
2
4,660
0
0
0
263
18
11
97
2,122
10
13
6,374
119
1,236
22
602
27
873
7,818
15
1,492
11
1
151
0
1
286
2
27
20,161
22,200
104,336
24,920
36,060
22,678
23,600
17,786
14,857
52,000
20,918
0
213,299
24,200
98,566
26,000
37,142
23,079
29,080
19,449
15,410
55,800
21,820
35,750
216,665
138
13,198
27
9,692
2
3,741
709
34
1,859
12
0
0
2003
Date of listing in
5,811
7,528 04/02/2003
9
1 09/10/2003
3
1,011 03/13/2003
22
0
1,957
76
8
4,412
57
9,350
89
22
414
567
0
0
26 11/03/2003
94
836
22
2,872
0
22
22
3,313
241
142
7
101
22
9,944
0
20
1,134
17
1
1,402
0
1
180
0
1,647
28 Former URQUIJO PORTFOLIO
INTERNACIONAL, SIMCAV
161
7,742
1
3,000
1
2,644
1,087
39
1,078
8
3 04/28/2003
0
(Continues over)
167

(Continued)
A.2.19.
Companies
EUROEQUITY INVESTMENT, SIMCAV
EUROFINANZAS RENTA, SIMCAV
EUROHISPANO OPCIONES, SIMCAV

2002
2003
Annual trading
2002
12,677
10,241
23,367
27,391
11,071
24,449
1,695
867
1,229
EUROHUNTERS, SIMCAVF
EUROJUCAR 2002, SIMCAV
EUROLEVANTE INVERSIONES, SIMCAV
EUROMIX
EURONARCEA 2002, SIMCAV
EUROPEA DE GESTION EUROGESA 4, SIMCAVF
EUROPEAN STOCK EXCHANGE, SIMCAV
EUROSTAR ACTIVOS
EUROTALAVE 2002, SIMCAV
EUROTER 2002, SIMCAV
EUROTITULOS
EUROZITRO, SIMCAV
EUROZONA INVERSION, SIMCAV
15,726
101,500
17,718
32,880
245,213
0
15,320
23,700
183,347
24,041
3,400
44,520
25,661
17,198
103,600
19,833
36,120
250,742
27,454
16,760
0
186,957
24,906
3,400
45,420
27,321
298
0
27
518
115
0
0
0
1
1
0
21
2,655
EVEREST 8848, SIMCAV

EVIMUR DE INVERSIONES, SIMCAV
EVLO INVERSIONES SIMCAV
EXPANDMENTS INVERSIONES, SIMCAV
FA GLOBAL, SIMCAV
FACETA INVEST, SIMCAV
FACTOR AHORRO, SIMCAV
FACTOR INVERSIONES
FAGISAQ-1, SIMCAV
FAIMSA
FAIRWAY INVERSIONES, SIMCAV
FAITX DE INVERSIONES, SIMCAV
FAMEGA INVESTMENTS, SIMCAV
FAMGILPAR, SIMCAV SA
FAMI-CUATRO DE INVERSIONES, SIMCAVF
FAMQUIR INVERSIONES, SIMCAV
FANIUL INVERSIONES, SIMCAV
FAPAC INVERSIONES MOBILIARIAS, SIMCAV
FAPERNA INVERSIONES SIMCAV,SA
FAR99 INVERSIONES, SIMCAV
FARWIN WORLWIDE INVESTMENT, SIMCAV
FAZYX INVERSIONES MOBILIARIAS, SIMCAV
FCBARHER INVERSIONES, SIMCAVF
FEBRER NORANTAVUIT, SIMCAV
FELICIA INVERSIONES, SIMCAV
FELICITY LP SIMCAV
FEMAINSA INVERSIONES, SIMCAVF
FENIDES INVERSIONES, SIMCAV
FERNANFLOR DE INVERSIONES
FERRARI 7 INVERSIONES SIMCAV
FERROMAIG, SIMCAV
FEVSA 3000, SIMCAV
FH TEOGAR SIMCAV
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, SIMCAVF
FIMBROBOLSA
FINA DE INVERSIONES 97, SIMCAV
27,288
17,725
48,900
23,617
20,675
19,858
0
15,804
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
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
30,456
18,398
45,450
24,363
22,117
21,208
24,281
16,308
27,130
67,680
16,955
24,916
20,560
22,294
120,000
22,920
24,763
101,760
20,915
10,524
26,054
22,814
25,243
16,785
14,905
16,835
127,200
13,949
673
22,751
22,919
18,319
24,882
42,360
25,680
61,460
15,266
19,393
18,992
17,814
22,526
49,920
23,360
11
3
3
8,383
27
271
0
691
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
1
2,236
24
0
348
88
362
26
1,490
19
15
94
52
858
2003
Date of listing in
2,372
1,677
7,276 Former AFINA INVERSORES
REUNIDOS, SIMCAV
24
2
22
399
3,316
0 05/29/2003
3
0 Delisted 08/07/2003
9,245
0
0
111
171 Former RUA NOVA
INVERSIONES, SIMCAV
24
1
0
23
22
262
492 03/07/2003
706
3
564
1,455
0
2
36
16
66
714
27 06/03/2003
289
441
38
7,127
22
253
783
182
2,549
3
9
0
4,155
43
1
483
2,666
1,894
601
1,941
21
21
1,527
596
9
(Continues over)
168

(Continued)
A.2.19.
Companies

2002
2003
Annual trading
2002
2003
FINABLET, SIMCAV
FINAGON INVERSIONES, SIMCAV
FINANBELA, SIMCAV
FINANCES DE PONENT, SIMCAV
FINANCIACION ACTIVA, SIMCAV
FINANCIACIONES SEGMENTOS ALTERNATIVOS, SIMCAV
FINANCIAL DRAC, SIMCAV
FINANCIAL SPEED, SIMCAV
FINANCIERA BANSANDER
FINANCIERA BERONE, SIMCAV
FINANCIERA BESTESA, SIMCAVF
FINANCIERA CAMBRILS EXPLOTACIONES AGRARIAS, S
28,280
15,040
26,520
22,415
0
19,393
24,121
19,800
79,360
15,867
28,849
18,000
29,120
18,000
27,880
22,944
32,740
20,154
24,401
19,480
0
16,348
29,570
17,840
13
9
2
1
0
1
1
508
1,758
15
13
29
2,425
9
2
2
2,690
1
1
22
1,547
21
22
1,811
FINANCIERA EMPORDANESA, SIMCAV

FINANCIERA INBAY, SIMCAV
FINANCIERA INTERPROVINCIAL, SIMCAV,
25,218
20,700
19,200
25,699
17,794
21,800
605
13
5,452
306
237
1,100
FINANCIERA J PALOMO E HIJOS, SIMCAV

FINANCIERA LAS MORERAS, SIMCAVF
FINANCIERA MUNELVIR, SIMCAV
FINANCIERA OLMEDO, SIMCAV
FINANCIERA PONFERRADA
FINANCIERA TOLINVER, SIMCAV
FINANTER
FINANZAS 24, 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
FINLAR INVERSION, SIMCAV
FINLOVEST SIMCAV
FINVALOR, SIMCAV
FIRST CANION, SIMCAV
FISMON INVERSIONES SIMCAV
FIVALBOLSA GESTION ACTIVA, SIMCAV
FLAKE INVERSIONES SIMCAV
FLAVIOBRIGA DE INVERSIONES, SIMCAV
FLMCINCO, SIMCAV
FLORIDIAN, SIMCAV
FLOROSAN 8BG, SIMCAV
FLOW INVERSIONES, SIMCAVF
FOCUS INVERSIONES
FOEXIN CARTERA, SIMCAV
FOFILADO SIMCAV
FOIX DE INVERSIONES, SIMCAV
FOLONPIE
FOMENSA INVERSIONES, SIMCAV,SA
FOMENTO DE AHORRO E INVERSIONES
FON DE CASTRO, SIMCAV
FONBE DE INVERSIONES SIMCAV
5,223
19,473
12,501
24,960
74,940
18,920
5,612
22,598
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
27,406
20,991
31,854
29,149
19,619
0
23,560
23,713
18,680
20,640
4,141
17,680
8,544
17,550
8,594
38,240
11,380
0
66,990
5,914
21,677
5,289
20,194
17,069
25,680
91,933
19,120
61,800
23,319
9,977
20,434
22,117
51,810
13,320
36,782
18,920
17,797
30,852
21,320
33,600
29,960
31,589
19,954
31,373
26,100
33,657
31,253
20,345
12,180
24,281
24,411
22,080
22,240
4,327
19,440
8,748
17,550
8,494
28,640
13,960
0
56,980
5,529
22,157
13
11
14
13
12,703
253
38
11
425
12
13
6,793
501
739
433
1,522
39
1,462
72
2,576
38
13
10,056
156
0
0
13
0
11
7,171
874
111
1
29
65
11
247
6
36
0
7
0
2
22
20
23
34
7,156
21
36
20
21
23
22
394
7
252
2,409
1,560
2,069
583
71
2,957
2,674
22
3,384
151
311
0
22
172
22
0
291
303
4
9
67
21
0
144
8,739
0
27
599
24
Date of listing in
06/03/2003
Delisted 11/17/2003
Former URPRASA
FINANCIERA, SIMCAV
Former INVERSIONES
GARDON, SIMCAV
04/09/2003
05/30/2003
(Continues over)
169

(Continued)
A.2.19.
Companies

2002
2003
Annual trading
2002
FONCYG SIMCAV
FONLAR FUTURO, SIMCAV
FONMOBA, SIMCAV
FONSIGNIA, SIMCAVF
FONT ROCHA, SIMCAV
FONTECILLA
FONTS FINANZAS, SIMCAVF
FONVIMAR 2000, SIMCAVF
FORALEX
FORAS INVERSIONES SIMCAVF
FORILDOS, SIMCAV
FORSTECT INVESTMENT, SIMCAV
FOURSOME, SIMCAV
FRAGUAS DE INVERSIONES SIMCAV
FRAMADEMO SIMCAVF
FRANCAT INVERSIONES, SIMCAV
FRAY INVERSIONES SIMCAVF
FREEHOLD INVERSIONES, SIMCAV
FRESTON SWAN, SIMCAV
FRINVER MERCADOS, SIMCAV
FUENTE CLARIN, SIMCAV
FUERFIN, SIMCAV
FUNRENT MILENIO, SIMCAV
FUP 99, SIMCAV
FUSOPAR SIMCAV
FUTURVALOR, SIMCAV
GAAP OPTIMA, SIMCAVF
GABOR INVESTMENT, SIMCAVF
GADES FINANZAS DOS, SIMCAV
GADES FINANZAS, SIMCAV
GAESCO CREIXEMENT INVERSIONS, SIMCAV
6,779
28,739
20,480
0
17,800
0
18,271
8,198
4,715
16,835
23,184
20,715
22,160
17,989
0
23,079
0
11,556
0
0
22,160
20,900
5,818
21,925
95,802
14,496
24,593
24,281
19,793
17,790
9,960
7,068
32,311
22,040
0
17,400
3,904
19,713
8,174
11,669
17,917
25,156
21,677
22,760
18,374
23,800
23,800
7,356
11,568
26,466
130,000
28,440
21,100
5,920
21,829
100,802
16,997
26,637
24,762
20,924
18,511
56,628
1
551
11
0
1,064
0
27
0
93
397
213
68
12,038
1
0
10
0
1,188
0
0
5
0
71
28
6,079
1,884
4,565
0
50
13
1,330
GAHERVI, SIMCAV
GAIA CARTERA, SIMCAVF
GAIA CRECIMIENTO, SIMCAVF
GAIF 2001 SIMCAV
GALA CAPITAL, SIMCAVF
GALAFATE INVERSIONES SIMCAV
GALENOS CENTENARIO INVERSIONES, SIMCAV
GALIRUBEN INVERSIONES SIMCAV
GALLEVILLE INVERSIONES, SIMCAV
GAMA BURSATIL
GAMA RENTA INMOBILIARIA, SIMCAV
GAMAZO 20, SIMCAV
GAMBIT 2000, SIMCAV
GAMMA INVERSIONES BURSATILES, SIMCAV
GANABIEN, SIMCAV
GANANCIA PATRIMONIAL, SIM,SA
GARABOLSA, SIM
GARADASA
GARATO INVERSIONES, SIMCAV
GARBI DE VALORES, SIMCAV
GARDAMA DE INVERSIONES, SIMCAV
GARESA DE INVERSIONES, SIMCAV
GAREZ INVERSIONES, SIMCAV
GARION INVERSIONES, SIMCAV
GARNO INVESTMENTS, SIMCAV
GAROS DE INVERSIONES, SIMCAV
GAROZCO 2000, SIMCAV
18,759
0
0
16,348
16,107
48,081
23,883
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
26,600
20,915
21,156
23,079
3,194
19,312
17,550
19,024
24,185
24,257
16,588
15,867
52,216
25,980
18,511
22,694
1,680
16,684
25,162
12,080
16,924
20,825
2,020
2,180
105,250
24,962
22,367
28,600
21,396
24,041
24,281
3,688
20,010
19,713
1
0
0
10
12
0
661
27
0
3
21
2,812
7
328
27
3
222
19
4
0
1,484
62
1,120
10
33
6
39
2003
Date of listing in
1
401
36
0 02/25/2003
386
12
22
500
235
6,121
0
80
10,157
2,997
13
20
63 08/01/2003
60
14 06/02/2003
30 07/28/2003
10
14,468
2
2
14,464
182
16,767
1
18
21
1,212 Former MANRESA
CAPITAL, SIMCAV
0
1,232 09/16/2003
2,228 09/16/2003
22
21
2
223
22
0
2
39
1,209
9
0
22
301
183
8
57
2
3
22
95
22
2
7
22 Former FINANZAS
ALCANTARA, SIMCAV
(Continues over)
170

(Continued)
A.2.19.
Companies

2002
2003
Annual trading
2002
2003
GARROGAR INVERSIONES SIMCAV

GASCONA INVERSIONES, SIMCAV
GAUDI INVERSIONS 2, SIMCAVF
20,915
5,577
17,309
21,877
6,587
18,271
10
145
3,573
22
1,511
1,344
GAUDI INVERSIONS SIMCAV

GAYAR DE INVERSIONES, SIMCAVF
GAZAMIA INVERSIONES, SIMCAV
GAZTELUMENDI INVESTMENTS, SIMCAV
GBI 9000, SIMCAV
GECIP PATRIMONIO, SIMCAV
GEFIX INVERSIONES, SIMCAV
GEINCO ACTIUS MOBILIARIS SIMCAV
GEISER INVERSIONES 2000, SIMCAV
GENERA FINANZAS, SIMCAV,SA
GENERACION 21, SIMCAV
GENIL DE INVERSIONES, SIMCAV
GERCAFOND, SIMCAV
GERION INVERSIONES, SIMCAV
GERLOCAPITAL, SIMCAVF
GERMINA INVEST, SIMCAV
GESAMER INVERSIONES, SIMCAV
GESAPI INVERSIONES, SIMCAVF
GESBOLSA INVERSIONES, SIMCAV
GESCAT XXI SIMCAV
GESGLOBAL INVERSIONES SIMCAV
GESINBESA VALORES, SIMCAV
GESINBOL DE INVERSIONES
GESPRISA INVERSIONES, SIMCAV
GESRENTA, SIMCAV
GESTBOS SIMCAV
GESTIN DE INVERSIONES DEL EBRO, SIMCAVF
GESTIN PATRIMONIAL MARTHAS, SIMCAV
GESTRISA
GG HORIZONE, SIMCAV
GIBARA INVERSIONES, SIMCAV
GIESSEN INVERSIONES, SIMCAV
GIGIA QUINTAS INVERSIONES SIMCAV
GIL AGUEDA INVERSIONES, SIMCAV
GILONDE INVERSIONES, SIMCAVF
GIMKO DE INVERSIONES, SIMCAV
GIROTAI INVERSIONES, SIMCAV
GIZA INVESTMENT, SIMCAV
GLOBAL ANANDA SIMCAV
GLOBAL EFFICIENCY CMA 2001 SIMCAVF
GLOBAL EQUITY, SIMCAV
17,309
7,192
15,729
0
20,050
22,518
0
24,481
9,364
23,319
6,064
17,869
8,758
21,156
17,360
0
14,889
21,156
20,646
22,920
58,630
35,977
43,330
35,725
12,747
19,713
15,338
20,434
10,080
23,439
17,429
27,360
0
0
23,319
18,158
24,361
19,906
16,107
24,481
22,880
19,473
12,287
16,354
24,727
29,514
22,558
0
24,922
9,881
23,800
6,096
19,577
9,621
21,636
17,840
30,411
14,808
21,396
26,646
24,600
59,759
39,919
46,690
57,615
15,152
20,675
20,579
22,638
7,400
24,962
17,429
28,140
24,146
24,281
24,521
20,443
24,682
21,132
17,790
23,560
29,480
2,759
5,079
21
0
2,005
212
0
106
60
10
2,524
0
10
911
1,247
0
2
147
11
4
8,583
154
6
3,685
166
97
2,201
4,921
6
1
1,166
0
0
0
13
1,885
689
5
27
12
2,424
935
8
22
2,731
0
24
0
14
155
221
154
0
28
21
502
4,026
0
21
832
612
6,923
5
21
6,186
87
22
21
386
6
3
331
0
0
0
136
1,017
159
7
23
295
4,255
GLOBAL GROWTH, SIMCAV

GLOBAL INVESTMENTS XXI, SIMCAVF
GLOBAL INVESTOR 2000 ACTIUS MOBILIARIS SIMCAV
GLOBAL PENTA INVERSIONES SIMCAV
GLOBALFINANZAS, SIMCAV
GLOBALMIX, SIMCAV
GLOVAL PROCESOS BOLSA SIMCAV
GOALCIA 2001 SIMCAV
GOC 2002, SIMCAV
GODIL CIA DE INVERSIONES, SIMCAV
GOLDA INVERSIONES, SIMCAV
GOLDEN GROWTH INVESTMENT, SIMCAVF
GOLDEN SHARE INVERSIONES, SIMCAV
5,474
24,400
23,325
17,309
22,840
19,920
17,309
52,649
11,756
19,288
22,398
16,588
0
6,278
29,960
23,525
17,718
24,280
21,000
18,030
51,146
11,876
20,298
23,279
17,501
24,747
10
112
631
23
1
242
11
0
21
1
2
2,008
0
217
1,208
635
45
172
290
9
2
76
1
1
638
8
Date of listing in
Former NISU
INVERSIONES SIMCAV
06/11/2003
07/112003
05/21/2003
08/01/2003
07/28/2003
PAU INVERSIONES
Former TPJ MOLTA
FINANCIERAS, SIMCAV
06/18/2003
(Continues over)
171

(Continued)
A.2.19.
Companies
GOMENAR INVERSIONES, SIMCAV
GOMPOR BOLSA, SIMCAV
GONARA CARTERA, SIMCAV
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
GRAND SLAM INVERSIONES SIMCAV
GRATIL INVEST, SIMCAV
GRATTAROLA INVERSIONES, SIMCAV
GRAZALEMA INVERSIONES, SIMCAVF
GREEN CARTERA, SIMCAV
GREEN FOREST INVEST, SIMCAV
GREGAL INVESTMENTS 2000, SIMCAVF
GRIAL INVERSIONES, SIMCAV
GRIPA, SIMCAVF,SA
GROWTH INVERSIONES, SIMCAV
GRUCALTOR, SIMCAVF
GRUFALER, SIMCAV
GRUNBLICK, SIMCAV
GRUP ARRAHONA 2002, SIMCAV
GRUPO ARCE DE INVERSIONES, SIMCAV
GRUPO ASUNCIN DE INVERSIONES, SIMCAV
GRUPO DE INVERSIONES GESTIN 10 SIMCAVF
GRUPO FCM5, SIMCAV
GRUPO FINANCIERO CABEMA, SIMCAV
GRUPO MARINA DOR, SICMAV
GRUPO SATOCN INVEST, SIMCAV
GSTAAD INVERSIONES, SIMCAV SA
GU IRAU, SIMCAV
GUADALEN DE INVERSIONES SIMCAV
GUADALQUIVIR 2000 DE INVERSIONES SIMCAV
GUADIX99 VALORES, SIMCAV
GUAICANAMAR INVERSIONES, SIMCAVF
GUANABACOBA SIMCAV
GUARDALAVACA INVERSIONES, SIMCAV
GUATEN DE INVERSIONES, SIMCAV
GUERFAL INVERSIONES, SIMCAV
GUESINVER
GUIALMAR, SIMCAV
GURIA INVERSIONES, SIMCAV
GURUGUACTIVOS, SIMCAV
GUZFER INVESTMENT, SIMCAV
H2 O2 INVERSIONES SIMCAV
H2HB INVERSIONES, SIMCAV
HACIENDA DE COVI, SIMCAV
HARVESTER INVESTMENT SIMCAV
HARWICK INVERSIONES MOBILIARIAS, SIMCAVF
HASMINE INVESTMENT SIMCAV SA
HATHOR INVEST, SIMCAVF
HAVEN INVERSIONES, SIMCAV
HAWASS INVESTMENTF
HAYA INVERSIONES, SIMCAV,SA

2002
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
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
0
22,751
18,900
20,929
10,253
12,741
17,870
29,730
11,227
19,857
11,231
18,302
19,954
4,000
18,992
12,261
23,930
24,521
69,854
23,480
24,858
16,600
0
16,684
19,040
23,400
23,392
0
0
15,897
19,072
13,943
22,425
2003
14,134
20,400
24,281
21,920
24,858
23,560
10,003
35,200
32,150
20,418
22,240
15,488
17,670
26,936
24,401
22,848
34,158
21,677
25,909
7,078
24,041
33,717
5,782
11,712
21,164
20,400
21,260
24,858
25,878
16,588
22,328
10,866
12,741
18,351
29,790
13,198
20,507
11,111
18,735
21,636
4,257
19,088
12,092
24,459
25,243
78,115
23,760
25,267
17,850
24,361
17,093
19,857
25,110
26,938
12,152
25,002
16,378
21,380
0
24,100
Annual trading
2002
15
3
1,334
2
1
4
0
181
5
5
3
1
48
0
0
6,334
1
1,525
3,904
23
2
42
66
55
26
167
1
0
268
13
61
29
12
608
0
20
59
498
1
12
1,300
24
16
6,799
8
749
0
97
26
0
297
17
996
208
0
0
1,544
48
2,933
121
2003
Date of listing in
115
8
623
578
29
932
528
3
3
48
7
1
172
500
691 06/18/2003
745
2
1,023
1,000
23
1
27
3
229
28
246
0
43 06/18/2003
31
21
19
10,267
231
3
56
2,276
75
25
1
22
233
45
29
16,057
2
231
0
323
23
270 02/26/2003
1,427
31
101
960
1 12/30/2003
0 08/26/2003
831
1,824
0 Delisted 01/29/2003
95
(Continues over)
172

(Continued)
A.2.19.
Companies
HAZAS DE INVERSIONES, SIMCAV
HEAL INVEST SIMCAV
HECLASAN, SIMCAV
HEDGE INVERSIONES, SIMCAV
HEDWING INVESTMENT SIMCAV
HELDALIN INVERSIONES, SIMCAV
HELP INVERSIONES, SIMCAV
HENA TRES
HERCASOL
HERDOSA, SIMCAV
HEREDEROS TEMPRADO TRIAS, SIMCAV
HEREMARC INVERSIONES SIMCAV
HERLOPAR 2000, SIMCAV
HERMYSO INVERSIONES, SIMCAV
HERNANZAR, SIMCAV
HERPLAN 99 INVERSIONS, SIMCAV
HERTASA INVERSIONES, SIMCAV,S A
HEXASTAR, SIMCAV
HIANA INVERSIONES CARTERA, SIMCAV
HIE DE INVERSIONES
HIGH PROFIT INVERSIONES, SIMCAV
HIJULE, SIMCAV
HIPEMA 2000, SIMCAV
HISPALIS INVERSION XXI, SIMCAV
HISPANA CINCO
HISPANA DOS
HISPASIM SIMCAV
HITERO DE INVERSIONES, SIMCAVF
HMHM FINANCIERA, SIMCAV
HOLDER INVERSIONES, SIMCAV
HOLGUINFRAN, SIMCAV
HOLOP INVERSIONES, SIMCAV
HONTANAS DE INVERSIONES SIMCAV
HORTUS 2001 SIMCAV
HOSIFE 2002, SIMCAV
HUBBLE INVEST, SIM
HUERCEMES, SIMCAV
HUEROS INVERSIONES, SIMCAV
HUPASA DE VALORES MOBILIARIOS
IBERFAMA INVERSIONES SIMCAV
IBERMILENIUM, SIMCAV
IBERSECURITIES INVERSION, SIMCAV
IBIAS DE INVERSIONES SIMCAV
IBIDA
IBS RESERVA, SIMCAV
ICARO 2000, SIMCAV
ICEAM INVERSIONES, SIMCAVF
ICLES INVESTMENTS, SIMCAVF
IDEST INVERSIONES, SIMCAV
IDO INVERSIONES FINANCIERAS, SIMCAV
IFOL, SIMCAV
IGANVAL DE INVERSIONES, SIMCAV
ILERCAVONIA INVERSIONES, SIMCAVF
ILOROPE INVERSIONES, SIMCAV
ILUSTRACIN
IMASI SIMCAV
IMF 2000, SIMCAV
IMPACT INVERSIONES, SIMCAV
IMPERIAL ACTIUS MOBILIARIS SIMCAV

2002
16,138
24,241
22,280
5,070
18,391
26,445
17,550
19,305
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
7,493
2,164
20,443
23,760
15,386
10,040
18,230
17,797
22,900
21,886
23,359
5,000
0
17,310
52,739
17,720
0
17,003
20,563
33,560
18,800
12,855
28,037
8,269
0
0
23,239
22,838
0
22,946
26,344
24,645
8,871
18,759
10,250
2003
17,797
24,882
23,880
5,610
18,952
27,148
17,550
22,260
49,440
33,000
6,431
20,434
28,127
22,935
10,719
21,636
22,598
17,309
18,511
45,960
18,271
25,440
4,025
14,680
47,465
6,082
20,683
24,882
17,309
10,400
18,663
18,615
27,225
23,088
21,717
5,700
26,215
17,766
54,656
18,880
23,800
19,240
21,260
36,800
18,583
13,230
29,870
8,342
0
11,347
24,561
23,640
39,769
23,925
27,125
24,129
9,544
20,611
18,750
Annual trading
2002
11
12
123
22
3
2
37
106
3,017
3,080
4
11
27
0
987
10
10
11
480
326
69
10
742
10
0
52
0
0
13
73
6
24
529
2
500
29
0
0
563
267
0
653
1
147
29
1,353
3,664
277
0
0
1
130
0
21,664
1,075
979
52
29
5,106
2003
1
0
45
8
114
2,940
3,014
133
1,535
4,713
1
22
192
54
1,189
22
21
86
637
523
22
33
4
9
115
0
14,476
1
21
11
3,757
25
135
31
703
11
6
0
2
1,774
830
284
2
35
42
139
670
11
0
40
37
7
2,094
1
755
1
59
121
914
Date of listing in
09/162003
02/04/2003
04/28/2003
07/172003
06/11/2003
Former GENER
NORANTANOU BORSA,
SIMCAV
(Continues over)
173

(Continued)
A.2.19.
Companies

2002
2003
Annual trading
2002
2003
IMPERIAL DE VALORES, SIMCAV
19,016
22,310
1,930
1,958
INAHFAE, SIMCAV
INAMOSA, SIMCAVF
INAT DE INVERSIONES SIMCAV
INBARRE GESTIN, SIMCAV
INBARSAVE
INCHORTA, SIMCAV
INCOME INVERSIONES, SIMCAV
INCREASING, SIMCAV
INDEX INVERSIONES, SIMCAV
INDEX PRESTIGIO, SIMCAV
INDICES BURSATILES 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
INFIPER 2 VALORES, SIMCAV
INFIPER 3 VALORES, SIMCAVF
INFIPER VALORES, SIMCAV
INFLUX INVERSIONES, SIMCAV
INFRAN 95
INGAES INVERSIONES, SIMCAVF
INGERCOVER
INGOAN ACTIUS MOBILIARIS, SIMCAV
INGOSO 2000, SIMCAVF,SA
INGUNZA, SIMCAV
INICIO 2000, SIMCAV
INITAU, SIMCAV
INLEX DE INVERSION, SIMCAV
INMADEL INVERSIONES, SIMCAV
INMEVAL INVERSIONES, SIMCAV
INMOBASA
INMOBILIARIA CALERA Y CHOZAS CARTERA, SIMCAV,
INNSBRUCK INVERSIONES, SIMCAVF
INOINVERSORA
INPAMOSA
INPAYER INVERSIONES, SIMCAV
INPECUARIAS, SIMCAV
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
19,713
22,911
20,440
18,374
2,820
37,081
53,920
26,700
21,539
24,720
10,000
0
23,319
26,714
23,232
32,310
23,560
22,766
11,130
1,924
23,880
22,598
22,496
8,800
20,034
28,450
5,400
29,161
28,097
9,977
24,960
0
17,500
17,773
16,588
27,690
24,272
8,275
13,203
17,244
5,998
22,077
18,326
6,480
21,877
22,766
22,520
19,625
2,820
37,801
54,760
27,750
22,271
25,640
10,750
24,762
25,002
29,602
23,665
36,517
24,521
23,415
12,460
1,924
24,682
23,319
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
13
0
34
699
8
32
257
141
31
2,327
901
0
27
5
329
45
10
0
431
1
2
13
147
517
1
339
84
99
337
21
955
0
245
1,500
22
8,447
87
8,327
792
0
76
745
141
22
22
1
35
722
9
1,836
296
14
3
796
601
0
22
5
0
63
1,368
57
53
1
1
21
47,635
20,800
15,920
18,295
0
21,492
55,860
111,424
16,138
20,963
24,882
1,344
6,978
75,300
21,200
17,800
18,607
24,281
23,151
55,920
138,608
16,835
20,314
25,747
1,368
6,707
929
69
162
12
0
102
3,051
1,699
136
26
10,397
168
27
5,578
52
173
17,128
2
101
2,274
14
13
49
368
60
22
INPISA DOS
INPUT INVERSIONES, SIMCAV
INQUIRABE, SIMCAV
INRA DE INVERSIONES, SIMCAV
INRESA FINANZAS, SIMCAV
INSALAZA SIMCAV
INSAPI
INTERCONTINENTAL DE CARTERA
INTERKALENDA, SIMCAVF
INTERLAKEN INVERSIONES, SIMCAV
INTERMONEY 1, SIMCAV
INTERVALOR
INTOSSALS, SIMCAV
Date of listing in
Former TER DE VALORES
MOBILIARIOS, SIMCAV
02/14/2003
Former SOL
FINANZAS SIMCAV
11/08/2003
(Continues over)
174

(Continued)
A.2.19.
Companies
INVACO
INVEFERSA CAPITAL, SIMCAV
INVEMASA CARTERA, SIMCAV
INVER 15575 EQUITIES SIMCAVF
INVER-99 SIMCAV
INVERA GRN 2000, SIMCAVF
INVERACCIONES CARTERA, SIMCAV
INVERAGUDO 2000, SIMCAV
INVERAL INVERSIONES, SIMCAV,SA
INVERALIA GESTIN, SIMCAVF
INVERANAYET, SIMCAV
INVERAVANCE, SIMCAV
INVERBELA SIMCAV
INVERBLAVA INVERSIONS, SIMCAV
INVERBLOC 2000, SIMCAV
INVERCAT ACTIUS MOBILIARIS SIMCAV
INVERCELLA ACTIUS MOBILIARIS
INVERCHICO, SIMCAV
INVERCODOLS, SIMCAV
INVERCOMPI, SIMCAV
INVERCORIA INVERSIONES, SIMCAV
INVERDINCO
INVERDOCUN ACTIUS MOBILIARIS, SIMCAV
INVERELID, SIMCAV
INVERETIRO, SIMCAV
INVERFINA
INVERFRUT-2001, SIMCAV
INVERGALDANA, SIMCAV
INVERGEINSA, SIMCAVF
INVERGLOBAL ASSISTENCIA ACTIUS MOBILIARIS, SI
INVERGRAMA CARTERA, SIMCAV
INVERIMPAR VALORES, SIMCAV
INVERKAL BOLSA, SIMCAV
INVERKLEIN, 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
INVEROC FINANCIERA, SIMCAV
INVEROD INVERSIONES, SIMCAV
INVEROSCA XXI, SIMCAV
INVERPASTOR
INVERPOLO VEINTIUNO, SIMCAVF
INVER-RENT
INVER-RISK, SIMCAV
INVERSALIA DE VALORES, SIMCAV
INVERSALINAS, SIMCAV
INVERSENECA, SIMCAV
INVERSIO ACTIVA PENEDES 3, SIMCAV
INVERSIO ACTIVA PENEDES, SIMCAV
INVERSIN EN VALORES 3 DE ABRIL, SIMCAV
INVERSIN GLOBAL 2000, SIMCAVF
INVERSIN GLOBAL 2001 SIMCAVF

2002
2003
0
0
0
21,636
30,702
24,041
22,598
26,204
0
0
20,840
18,440
55,800
23,560
16,160
26,000
5,640
18,807
0
19,232
19,232
21,400
11,500
27,106
15,600
764
23,521
28,727
23,271
0
19,713
30,891
16,323
0
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
120,080
0
30,680
36,061
21,876
20,939
17,160
26,850
113,250
20,160
21,372
0
0
25,002
12,140
22,838
28,767
24,722
24,041
22,550
25,002
24,916
27,320
18,480
57,300
24,521
16,400
26,000
0
18,807
26,250
19,473
19,954
24,240
12,000
21,781
16,800
6,332
23,858
30,926
25,675
20,225
20,194
28,848
16,660
25,002
18,463
33,798
16,837
21,886
33,938
21,549
311,100
152,480
110,100
27,200
24,682
25,560
21,156
24,920
130,400
24,617
36,360
36,782
22,838
23,199
16,040
27,150
123,125
20,360
22,165
19,473
Annual trading
2002
0
0
0
28
0
0
11
15
0
0
61
3
181
11
3,129
162
187
688
0
74
11
212
1
610
27
3
1
514
241
0
27
7
15
0
0
257
172
13
68
0
15,556
23,796
42,202
1,928
10
16
13
2,083
56
0
28
11
10
618
2,402
66
2,492
30
312
0
2003
Date of listing in
0
1,193 03/13/2003
0 02/14/2003
2,390
4,376
0
718
5,917
879 02/14/2003
67 09/10/2003
61
9
2
30
0
0
30 Delisted 04/12/03
3
0 11/09/2003
5,085
22
596
29
490
22
4
0
1,322
253
4
1,189
1
39
22 03/24/2003
0
277
53
7
3,796
2
55,130
31,463
35,989
11,489
499
32
11 09/26/2003
13
80
8
389
11
20
736
790
61
1,055
32
493
47
(Continues over)
175

(Continued)
A.2.19.
Companies
INVERSIN MOBILIARIA SIETE F, SIMCAV
INVERSIONES 1965, SIMCAV
INVERSIONES 1992, SIMCAV
INVERSIONES ABABOL, SIMCAV
INVERSIONES ABASOL VI, SIMCAV
INVERSIONES ABERDEEN, SIMCAV
INVERSIONES AGUANAZ, SIMCAVF
INVERSIONES AGUAVIVA I, SIMCAV
INVERSIONES ALBACORA, SIMCAV
INVERSIONES ALBARELO, SIMCAV
INVERSIONES ALCANCIA, SIMCAV
INVERSIONES ALMOZARA, SIMCAV
INVERSIONES ALQUERA SAN VICENTE,SIMCAVF,SA
INVERSIONES ANAMARA, SIMCAV
INVERSIONES ANAMER, SIMCAVF
INVERSIONES ANSO
INVERSIONES ARBIOSTE, SIMCAV
INVERSIONES ARGA
INVERSIONES ARNO, SIMCAV
INVERSIONES ASPE
INVERSIONES AVANTI, SIMCAVF
INVERSIONES AZURITA 2000, SIMCAV
INVERSIONES BAJUAN, SIMCAV
INVERSIONES BANIAR SIMCAVF
INVERSIONES BANZANO
INVERSIONES BARBAZANA, SIMCAV
INVERSIONES BARCAL, SIMCAV
INVERSIONES BARGUE, SIMCAV
INVERSIONES BAZTN
INVERSIONES BEATELLA, SIMCAV
INVERSIONES BEJAR, SIMCAV
INVERSIONES BEREZAL, SIMCAV
INVERSIONES BERKAY, SIMCAV
INVERSIONES BONIFACIO, SIMCAV
INVERSIONES BRASEIN, SIMCAV
INVERSIONES BURSATILES HISPANOEUROPEAS, SIMCA
INVERSIONES CAMECAR, SIMCAV
INVERSIONES CAMINO 21, SIMCAV
INVERSIONES CAMPEA
INVERSIONES CAMPOS DEL MONTIEL, SIMCAV
INVERSIONES CARLINGA, SIMCAV
INVERSIONES CARRETAS, SIMCAV
INVERSIONES CASAU, SIMCAV
INVERSIONES CAUZAR, SIMCAV
INVERSIONES CCUE, SIMCAV
INVERSIONES CERYBO, SIMCAV
INVERSIONES CHAMACA, SIMCAVF,SA
INVERSIONES CHUT, SIMCAV
INVERSIONES CILLA, SIMCAV
INVERSIONES CIZ, SIMCAV
INVERSIONES CLANSA, SIMCAV
INVERSIONES CLASOR, SIMCAVF,SA
INVERSIONES CLIAN SIMCAVF
INVERSIONES COCOA, SIMCAV
INVERSIONES COPU, SIMCAV
INVERSIONES CORAC, SIMCAVF
INVERSIONES CORIDITH, SIMCAV
INVERSIONES COSAN 99, SIMCAV
INVERSIONES COVADONGA SIMCAV
INVERSIONES COVER, SIMCAV

2002
12,500
19,913
16,588
16,858
13,920
17,117
8,620
21,252
27,300
20,434
0
20,254
19,994
18,711
32,154
20,260
21,260
37,647
21,035
0
46,038
18,560
11,768
14,238
50,720
17,069
20,130
0
28,991
15,073
24,008
17,838
32,400
0
0
0
24,641
18,006
33,000
44,787
21,973
23,720
9,235
21,669
23,079
15,242
16,162
0
21,164
18,470
23,800
13,014
0
21,420
20,771
0
0
10,482
21,164
22,839
2003
13,740
20,972
18,511
17,291
16,360
17,982
8,640
22,646
28,150
21,396
24,521
21,156
19,914
19,384
28,608
28,047
22,463
0
20,555
0
48,922
20,360
12,321
16,691
55,640
20,675
20,178
24,521
32,392
17,045
26,339
18,655
31,200
0
24,820
0
26,114
19,593
36,800
141,520
23,415
24,441
10,774
21,284
26,204
17,718
18,062
0
22,318
18,494
28,750
14,315
21,636
22,358
20,290
24,810
0
9,857
24,531
24,962
Annual trading
2002
1,052
2,250
1,281
9,894
10
413
0
39
67
58
0
967
1,234
25
0
653
23
33,431
2,046
0
6,122
39
2,335
1,266
795
13
492
0
7
27
198
27
15
0
0
0
577
729
44
7,650
14
6,011
35
0
25
27
0
0
471
0
2,211
528
0
2,146
205
0
0
1,217
79
4,809
2003
Date of listing in
700
978
2,022
3,729
8
3,486
307
302
181
249
9 11/06/2003
411
3
26
27
2,034
4,287
0
1
0
2,691
27
78
430
1,147
23
0
1,003 10/27/2003
23
24
47
22
5
0 11/13/2003
19 02/19/2003
0 12/18/2003
911
22
224
2 02/04/2003
35
2,269
41
1
22
438
0
0 10/27/2003
703
0
61
762
11
304
48
4 11/27/2003
0 12/05/2003
13
105
600
(Continues over)
176

(Continued)
A.2.19.
Companies
Annual trading
2002
2003
11,328
11,059
18,950
48,954
8,733
0
18,750
4,445
0
8,294
21,200
25,734
13,176
19,817
198,400
24,339
22,944
0
17,364
3,184
15,426
24,242
0
10,800
4,084
0
47,360
18,929
13,925
12,421
21,450
43,172
9,065
24,727
20,450
4,445
26,973
8,534
22,920
34,392
80,233
21,308
206,800
30,399
23,761
0
19,144
21,920
15,346
23,810
25,637
11,080
4,549
0
49,760
20,610
2,289
0
2,131
101
498
0
750
119
0
13
0
1,532
36
19
13,265
9,939
936
0
23
0
1
0
0
45
28
0
42
528
INVERSIONES FINANCIERAS CBA SIMCAVF

INVERSIONES FINANCIERAS CINCINATTI,SIMCAV, S
INVERSIONES FINANCIERAS CRESA, SIMCAV
INVERSIONES FINANCIERAS CUBI, SIMCAV
INVERSIONES FINANCIERAS EUROKAS, SIMCAVF
INVERSIONES FINANCIERAS FERRINVEST, SIMCAVF,
INVERSIONES FINANCIERAS GLASS CERAMICA, SIMCA
INVERSIONES FINANCIERAS MENDEXA, SIMCAVF
INVERSIONES FINANCIERAS NORMAX, SIMCAV
INVERSIONES FINANCIERAS PEPES, SIMCAVF
INVERSIONES FINANCIERAS PERSONALES, SIMCAV, S
INVERSIONES FINANCOR, SIMCAV
INVERSIONES FINANZAS VALDELANDINGA SIMCAV, S
INVERSIONES FLEXIM, SIMCAV
INVERSIONES FOCALIZADAS, SIMCAV
0
22,157
20,625
22,600
15,968
19,866
14,464
0
8,081
23,850
25,040
16,756
9,857
17,653
23,319
29,629
22,598
23,125
23,360
17,329
21,715
13,623
29,151
8,941
26,501
26,240
19,016
10,217
19,721
30,531
0
4,843
2
268
194
3
6
0
430
4
2
1,717
11
594
2,968
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
28,620
0
10,686
6,671
7,904
8,132
6,236
15,633
17,120
0
23,560
23,319
19,232
62,078
23,079
30,660
24,194
12,056
7,609
8,288
8,582
6,508
15,344
17,720
0
25,483
25,243
19,713
64,395
24,762
38
0
1
1,224
6
27
10
1
11
0
13
13
0
150
36
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
CRESA II, SIMCAV

CRESA-3, SIMCAV
DEMETER, SIMCAV
DEVA
DIEMA, SIMCAVF
DOLOMITAS, SIMCAV
DUBLIN, SIMCAV
ECHEMU
EFESO, SIMCAV
EL FRUTAL, SIMCAV
ELIZONDO
EN BOLSA SIGLO XXI, SIMCAV
EN VALORES SIGLO XXI
ENLOR, SIMCAV
ERILO, SIMCAV
ERISTE, SIMCAV
ERUAIN, SIMCAV
ESBE, SIMCAV
ESFIMO SIMCAV
ESTRELLA
EUROMAR, SIMCAV
EVEREST, SIMCAVF
FAMCAS SIMCAVF
FAMEI
FERBA, SIMCAV
FILVOS
FINANCIERAS ARAGONESAS
FINANCIERAS ARENAS, SIMCAVF
FONLANA, SIMCAV
FRANTRAMI, SIMCAV
FROFER, SIMCAV
FUND NET 2001, SIMCAV
GALA XXI, SIMCAV
GALERNA, SIMCAV
GARBI
GARIBAS SIMCAV
GARODIES, SIMCAV
GCU, SIMCAV
GELMA, SIMCAV
GELRO, SIMCAV
GEM 2000, SIMCAVF
GERESA, SIMCAV
GESCAMAR, SIMCAV
2002
2003
Date of listing in
2
0
900
1,070
75
2,428 09/12/2003
10
137
359 10/04/2003
21
25
3
0
28
32,137
503
32
0 07/30/2003
22
2
1
0
20 09/01/2003
649
27
0 Delisted 06/10/2003
154
35 Former INVERSIONES
FILVOS, SIMCAV
116
3
1
4
307
329
582
541
2,793 Former FADOGUE, SIMCAV
21
2
93
22
526
1,343 Former MAPISU
FINANZAS, SIMCAV
26
0 08/01/2003
22
1,103
11
22
21
0
21
0 12/18/2003
22
22
11
141
122
(Continues over)
177

(Continued)
A.2.19.
Companies
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
GFISA 1199, SIMCAV

GIRALBA, SIMCAV
GIRALDA, SIMCAV
GOCAL, SIMCAV
GOYSAMAR SIMCAV
GUMIEL 2002, SIMCAV
HABANA 2000, SIMCAV
HELGUERA, SIMCAV
HERCA
HERRERO
HIFLOR, SIMCAV
IBERBAUM, SIMCAV
IC49, SIMCAV
IMABAR, SIMCAV
INDASA EJEA, SIMCAV
INESFI, SIMCAV
INFANTES, SIMCAV
INMENSA, SIMCAV
INSANCO, SIMCAVF
INSTITUCIONALES, SIMCAV
INTERMARKETS, SIMCAV
INVERARTE SIMCAV
INVERJOTA, SIMCAV
INVESTU, SIMCAV
IPCUS SIMCAV
IPSON, SIMCAV
IRADA, SIMCAV
IREBUA, SIMCAV
IRURITA
ITACA AHORRO, SIMCAV
ITZIAR, SIMCAV
JALABUN, SIMCAV
JALAMA AHORRO, SIMCAV
JALAMA CRECIMIENTO SIMCAV,SA
JALAMA RENTA SIMCAV
JOMANEL, SIMCAV
JOSCELOCARTE, SIMCAV
JULGAB SIMCAV
KISHOO, SIMCAV
LA MATA DEL MORAL, SIMCAV
LA PILONA, SIMCAV
LABRADOR, SIMCAVF
LAGASCA 75, SIMCAV
LARISA, SIMCAV
LEAL
LEALTAD
LECAROZ
LELO, SIMCAV
LES BEDULES, SIMCAV
LIXVA 6, SIMCAV
LLONER
LOIDA, SIMCAV
LONHER
LOS AZULES, SIMCAV
LUTIMO, SIMCAVF
MACBETH, SIMCAV
MACHAQUITO, SIMCAVF
MADEGO 2000, SIMCAV
MADRID SUR, SIMCAV
MARITIMA PASOAL, SIMCAV

2002
9,869
24,931
13,775
11,455
15,320
19,769
19,080
17,989
4,025
64,130
18,711
24,041
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
0
0
25,541
20,483
23,480
24,762
25,320
23,319
0
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
2003
10,277
26,198
13,703
12,140
14,526
20,659
21,120
17,532
16,354
81,100
19,817
25,098
17,268
15,963
20,960
12,116
22,000
41,600
42,560
20,528
30,924
15,482
30,960
12,721
19,954
18,463
24,760
25,243
6,044
93,750
28,127
22,290
25,483
14,625
25,763
31,493
25,483
27,513
23,488
24,121
25,483
26,080
24,041
0
19,560
57,744
88,357
15,584
16,210
11,143
93,694
21,347
22,480
11,424
16,065
26,445
23,800
17,893
13,583
22,358
Annual trading
2002
62
89
870
915
1
979
36
1
29
31,084
19
0
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
0
0
1,424
29
4
96
30
13
0
98
28
193
2
1
46
342
60
73
255
1,587
12
13
23
2
25
2003
65
2,561
13,734
220
0
478
1,604
873
248
6,873
26
2
1,141
256
8
53
4,228
6,054
14
1,365
31
10
27
14
0
22
902
22
16
5,090
22
216
13,680
1,804
10,534
9
1,039
36
71
8
154
18,850
22
0
1,965
199
317
1
1
61
421
48
112
614
1,648
287
21
23
3
22
Date of listing in
08/26/2003
11/03/2003
03/13/2003
(Continues over)
178

(Continued)
A.2.19.
Companies
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
INVERSIONES
MARREBA, SIMCAV
MARYGLO,SIMCAV
MATIPE SIMCAV
MAZONSO, SIMCAV
MEDARA, SIMCAV
MEDIALUNA, SIMCAV
MEERLEN, SIMCAV
MENNDEZ PELAYO, SIMCAV
MERCOMEDINA, SIMCAV
MIDMAR, SIMCAV
MILAMAR 2000, SIMCAV
MISI, SIMCAV
MOBILIARIAS ALICANTE, SIMCAV
MOBILIARIAS GRUPO ADAN
MOBILIARIAS IMAGO, SIMCAV
MOBILIARIAS URQUIOLA
MOLUTI, SIMCAVF
MONEGROS-BAJO ARAGON SIMCAVF
MONSEVI, SIMCAV
MONTALBN, SIMCAV
MONTARTO, SIMCAV
MONTISIELLO, SIMCAV
MONTLLOR, SIMCAV
MOURA SIMCAV
NAIRA, SIMCAVF
NANON, SIMCAV
NEOCLASICAS, SIMCAVF
NEN CMA, SIMCAVF
NIBANI, SIMCAV
OLABERRIA, SIMCAVF
OMNITOT, SIMCAV
PTIMUS, SIMCAV
ORELLANA, SIMCAV
PADUA, SIMCAV
PANTER, SIMCAV
PARAMONTES, SIMCAV
PATRICIO Y AMANCIA SIMCAV
PECUNIA, SIMCAV
PEMASA, SIMCAV
PERMON, SIMCAV
PICO TRES MARES, SIMCAV
PIKAIA, SIMCAV
PIRO, SIMCAV
PLANTEN SIMCAV
POLIVALENTE, SIMCAV
PROGRAMADAS
PUERTO ALEGRE, SIMCAV
QUINTA DIMENSION, SIMCAV
RANZA
REALTTA, SIMCAV
REMELLAN, SIMCAV
RETAMA, SIMCAV
RIO HUECHA, SIMCAV
RIOCOBO, SIMCAV
ROBINIA, SIMCAV
ROSCHELL, SIMCAV
RUGETES SIMCAV
RUSH, SIMCAV
SACARA, SIMCAV
SALESAS I, SIM

2002
21,240
19,256
14,466
19,096
0
0
18,680
70,560
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
14,560
22,185
16,378
36,421
0
24,762
20,354
20,178
7,140
9,965
24,040
0
17,797
19,680
0
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
2003
24,520
20,338
16,388
16,739
24,722
22,318
19,040
76,800
6,401
18,030
26,200
18,247
18,182
61,120
12,314
34,395
8,009
19,954
23,840
13,720
21,765
16,320
22,770
16,474
42,191
0
27,166
21,035
19,168
7,350
10,566
25,363
24,098
19,673
21,520
24,882
13,973
21,068
24,281
24,644
22,358
36,450
21,120
12,915
39,600
14,600
24,601
19,400
26,534
19,890
19,240
16,540
5,710
20,483
28,200
23,560
26,204
21,934
31,753
2,080
Annual trading
2002
0
15
59
202
0
0
37
48,563
28
1,226
38
24
897
2,141
0
194
1,544
6
4
43
22
4
332
4
11,506
0
133
32
17
1,695
187
27
0
522
289
0
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
2003
4
1
2,482
172
56
1,787
5
18
22
22
1,899
22
1,681
3,095
0
173
830
420
5
155
2,177
41
1,547
4,600
32,775
0
981
3
6,031
4,592
599
22
1
4
390
4
0
8,063
22
36
2,742
6,270
2,474
0
699
82
2,842
30
182
5
5
6,425
20
45
22
27
22
2,120
14,963
379
Date of listing in
10/02/2003
09/01/2003
09/16/2003
01/27/2003
(Continues over)
179

(Continued)
A.2.19.
Companies
INVERSIONES SANFE SIMCAV
INVERSIONES SANTA MARINA, SIMCAV
INVERSIONES SELECTIVAS
INVERSIONES SERRABLO
INVERSIONES SEZUR
INVERSIONES SIENA, SIMCAV
INVERSIONES SIERRA DE SAN PEDRO, SIMCAVF
INVERSIONES SINGLADURA SIMCAV
INVERSIONES SOINVISA, SIMCAV
INVERSIONES SOLBUS, SIMCAV
INVERSIONES TAMBRE, SIMCAV
INVERSIONES TEBAICA, 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, SIMCAVF,SA
INVERSIONES VALDELINARES, SIMCAVF
INVERSIONES VALIX-6, SIMCAV
INVERSIONES VALLADOLID SIGLO XXI, SIMCAVF, S
INVERSIONES VALLE ASON, SIMCAVF,SA
INVERSIONES VALLE PALLIN, SIMCAV
INVERSIONES VALLIER, SIMCAV
INVERSIONES VAZPI, SIMCAV
INVERSIONES VERAL
INVERSIONES VERDES SIMCAV
INVERSIONES VERFANI SIMCAV
INVERSIONES VERMA 21
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 ANLISIS ESTRATEGICOS, SIMCAV
INVERSIONES ZAGA
INVERSIONES ZAM, SIMCAV
INVERSIONES ZIARREH, SIMCAV
INVERSIONES ZUBITEL, SIMCAVF
INVERSIONS 4TS, SIMCAV
INVERSIONS AGO, SIMCAV
INVERSIONS DCINC 2000, SIMCAV
INVERSIONS EGERIA, SIMCAV
INVERSIONS EL CIRERER, SIMCAV
INVERSIONS LOLIVERA, SIMCAV
INVERSIONS MOIX, SIMCAV
INVERSIONS PATRIMONI CAPITAL FH, SIMCAV
INVERSIONS POBLE NOU, SIMCAV
INVERSIONS PUIGCERDA 2000
INVERSIONS SACONCA, SIMCAV
INVERSIONS TONA 2000, SIMCAV
INVERSORA MOBILIARIA ESPAOLA
INVERSORA OLARIZU
INVERSORA PATRIMONIAL
INVERSORA SORRIBO, SIMCAV
INVERSUM CARTERA, SIMCAV
INVERSUS INVERSIONES, SIMCAV

2002
13,703
22,983
53,844
60,920
47,672
19,545
39,300
23,575
15,867
18,903
24,041
0
52,250
2,154
21,429
15,626
56,675
17,220
15,633
13,943
24,560
0
0
22,560
16,973
23,920
0
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
55,920
18,200
7,600
18,728
27,346
21,541
2003
15,097
24,233
58,128
50,800
32,360
19,689
21,003
24,000
17,309
20,587
24,481
0
59,000
2,217
21,332
16,588
59,620
19,192
19,192
18,056
25,000
0
24,960
23,160
18,535
22,157
24,041
3,595
25,435
19,958
0
18,030
5,950
0
3,096
0
13,400
13,600
28,671
18,471
18,048
8,500
26,541
34,695
12,116
19,353
11,785
0
14,665
26,200
13,870
0
11,359
61,604
28,613
0
10,800
20,723
27,947
22,815
Annual trading
2002
38
33
0
388
0
911
0
2
48
26
0
0
572
64
0
85
440
522
3,707
488
31
0
0
41
29
173
0
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
6,217
3,453
35
27
7,373
840
2003
Date of listing in
1,164
77
46
67
1,023
3,860
11
15
53
28
1,505
0 09/29/2003
575
67
0
876
241
4
395
119
106
0
13 02/17/2003
234
0
372
0 07/17/2003
16
53
21
0 Delisted 05/14/2003
20
20
364 Delisted 05/29/2003
0
0
370
499
7,397
138
114
21
86
4
1,221
92
0
0
64
35
32
0 Delisted 09/09/2003
71
5,836
9,696
0
80
22
407
4,271
(Continues over)
180

(Continued)
A.2.19.
Companies
INVERSUS PLUS INVERSIONES, SIMCAV
INVERTIA DE GESTIN SIMCAV
INVERUN INVERSIONES, SIMCAV
INVERURBASA
INVERVALOR
INVERVULCANO, SIMCAV
INVERZETA
INVESBECADA, SIMCAV
INVESBRA 2001, SIMCAV
INVESCA CARTERA, SIMCAV
INVESJUST XXI, SIMCAV
INVESMOL SIMCAV
INVESNET 99 SIMCAV
INVEST 2000-2001 DE INVERSIONES, SIMCAV
INVEST NETWORKS WORLDWIDE, SIMCAV
INVEST VALOR, SIMCAV
INVESTALBERT
INVESTBLUE ACTIVOS, SIMCAV
INVESTBLUE DOS ASSETS, SIMCAV
INVESTFAM, SIMCAV
INVESTGODAMA, SIMCAV
INVESTIGACIN, DESARROLLO E IMPLANTACIN, SIM
INVESTMENTS AKNAM, SIMCAV
INVESTMENTS ANSAVE, SIMCAV
INVESTMENTS MASAVE, SIMCAV
INVESTOR VM40, SIMCAV
IRADIER DE INVERSIONES
IRARTEL INVERSIONES SIMCAVF,SA
IRASA INVERSIONS MOBILIARIES, SIMCAV
IRASBALEAK, SIMCAV
IRINEAL, SIMCAVF
IRON ONE
IRU DE INVERSIONES SIMCAV
IRUR GESTION, SIMCAV
IRVING INVEST SIMCAV
ISAGA 2001, SIMCAVF
ISANVAL DE INVERSIONES, SIMCAV
ISCAR FINANZAS, SIMCAV
ISCOSAN FINANCIERA, SIMCAV
ISLA ESMERALDA DE INVERSIONES, SIMCAV
ISLETA DEL MORO INVERSIONES, SIMCAV
ISUNTZA BOLSA, SIMCAV
ITEM INVERSIONES, SIMCAVF
ITH BOLSA SIMCAV
ITUERO INVERSIONES, SIMCAV
ITURINVER
IZAGA DE INVERSIONES
IZNAJAR DE INVERSIONES SIMCAV
J&P ALCARAZ INVERSIONES, SIMCAV
JABATO INVERSIONES, SIMCAV
JAITER INVERSIONES SIMCAV
JANUS INVESTMENT SIMCAV
JAP 99, SIMCAV
JAQUISA INVERSIONES, SIMCAV
JARA BOLSA, SIMCAV
JARAMIEL
JARBA 2000, SIMCAV
JASOCA
JATMOS 99, SIMCAV
JAURINVER INVERSIONES, SIMCAV

2002
21,129
14,274
36,061
28,053
2,236
27,040
11,000
11,083
22,598
35,534
23,800
0
17,965
22,439
0
18,295
4,576
28,758
14,236
19,720
19,313
19,056
0
0
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
0
16,372
18,752
22,040
22,838
17,349
50,880
7,172
4,728
11,960
0
2003
26,210
13,418
37,503
30,693
2,456
28,560
10,890
11,684
31,060
27,521
24,281
42,492
18,711
22,968
24,074
19,040
4,840
30,982
16,040
20,800
20,114
15,892
24,810
30,321
37,900
22,838
12,386
13,361
21,680
18,752
21,413
23,800
19,240
20,747
25,013
25,900
1,635
23,425
19,713
21,284
24,041
22,220
18,134
15,513
24,762
28,760
33,094
12,020
12,032
24,281
17,357
20,534
22,840
23,560
18,872
61,230
7,833
0
12,633
25,243
Annual trading
2002
2,537
0
0
147
0
330
8
345
453
273
10
0
2
541
0
162
87
8,284
0
1
1,081
291
0
0
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
0
4
605
0
10
468
3,896
1,493
12
11,966
0
2003
1,075
424
0
803
1
788
0
163
3,450
722
21
246
2,803
2,508
0
597
68
5,867
3,389
2,440
29
431
15,297
10
82
2,467
119
948
29
20
0
29
2
322
1,727
2
11
901
1,675
5,935
0
396
1,143
3,594
4,905
0
6
101
78
0
5
1,190
0
21
763
5,746
828
0
72
13
Date of listing in
06/30/2003
06/11/2003
10/02/2003
06/11/2003
07/28/2003
06/03/2003
07/02/2003
(Continues over)
181

(Continued)
A.2.19.
Companies
JECOAL INVERSIONES, SIMCAV
JEDI DE INVERSIONES, SIMCAV
JENKINGS INVERSIONES, SIMCAV
JENUSA DE VALORES MOBILIARIOS
JEREMIAS INVERSIONES, SIMCAV
JERIGONDOR, SIMCAV
JERTE DE INVERSIONES, SIMCAV,SA
JFM 2001 CARTERA SIMCAV
JIBACOA INVERSIONES, SIMCAV
JJ CARTERA ACTIVA, SIMCAV
JLC INVEST 2001, SIMCAV
JOGAMI DE INVERSIONES SIMCAV
JOI RECURSOS LIQUIDOS, SIMCAV
JOJUSA 99, SIMCAV
JONATA INVERSIONES, SIMCAVF
JOPA INVERSIONES, SIMCAV
JORICK INVESTMENT SIMCAV
JOSA FINANCE SIMCAV
JOSAN INVERSIONES, SIMCAV
JOTAHORRO, SIMCAV
JQ41 DE VALORES, SIMCAV
JS WANER 2000, SIMCAV
JUDBEM DE INVERSIONES, SIMCAV
JULPER ALPER 2003, SIMCAV,SA
JUMARLU INVERSIONES, SIMCAV
JUMI CARTERA, SIMCAV
JUNIO 99, SIMCAV
JUNLAS INVERSIONES 99, SIMCAVF
JUOSDE INVERSIONES, SIMCAV
JUPASA INVERSIONES, SIMCAV
JUPITER DE INVERSIONES, SIMCAV
JUSA PATRIMONIO 2001, SIMCAV
JUVITEC INVERSIONES, SIMCAV
JVCM ACTIVOS, SIMCAV
JYCARTE, INVERSIONES, SIMCAV
KALMIA DE INVERSIONES SIMCAV
KALYANI, SIMCAV
KAPEMA DE INVERSIONES, SIMCAV
KAPITAL GELD
KARKIPA SIMCAVF
KATAKANA, SIMCAVF
KAWAB INVESTMENT, SIMCAV
KEBEKA 2002, SIMCAVF
KEBLAR DE INVERSIONES, SIMCAVF
KEEPER INVERSIONES, SIMCAV
KELSO BRATON, SIMCAV
KEY 98, SIMCAV
KEY DE VALORES, SIMCAV
KEY RATE INVERSIONES, SIMCAVF
KEY WEST INVERSIONES, SIMCAVF
KGINVES 10, SIMCAV
KGINVES 11, SIMCAVF
KGINVES 7, SIMCAVF
KGINVES 8, SIMCAV
KGINVES 9, SIMCAVF
KGINVES1 SIMCAVF
KGINVES100, SIMCAVF
KGINVES101, SIMCAVF
KGINVES102, SIMCAVF
KGINVES103, SIMCAV

2002
0
22,574
17,352
1,764
0
7,800
16,520
24,882
24,680
23,512
22,439
61,423
0
9,877
22,598
18,030
17,670
16,147
0
14,911
41,250
21,685
23,304
0
0
45,196
6,451
19,292
0
0
16,378
23,079
24,435
24,242
0
13,783
69,700
20,731
22,360
18,200
14,402
25,343
0
1,900,736
168,800
24,720
20,760
17,550
25,240
21,044
13,949
22,607
11,977
20,635
14,719
11,111
0
0
0
24,228
2003
24,531
23,776
19,800
1,764
24,531
8,600
18,680
25,002
27,160
24,858
23,112
25,421
24,521
10,678
22,838
19,954
18,431
17,352
22,418
17,316
43,650
20,699
24,315
27,190
24,481
23,079
6,631
21,917
24,820
25,782
16,402
23,560
25,325
25,012
24,960
19,606
71,600
21,429
24,160
19,690
15,335
26,445
25,098
1,946,383
183,200
27,640
21,360
18,992
27,320
22,150
16,691
24,627
13,420
22,799
16,114
12,554
25,493
26,503
25,301
25,301
Annual trading
2002
0
2
413
2
0
1,454
492
206
18
5
2
6,595
0
1
6
12
3
27
0
0
37
0
1
0
0
10
1,613
0
0
0
1
11
707
701
0
1
6,979
3,320
431
356
0
3,305
0
32,493
56
5
32
24
98
1,706
3,048
3,664
2
7,044
1,054
1,657
0
0
0
300
2003
2
2
77
0
18
947
786
219
40
1
4,000
4,426
9
1
12
22
4
22
0
511
5,011
2,073
0
4
1,202
21,514
8
12
20
0
2
21
206
125
51
1
6,293
1,002
424
145
8
581
0
89,451
19
14
4
22
24
171
2
2
1
62
1,413
213
0
0
754
0
Date of listing in
07/30/2003
04/28/2003
11/06/2003
02/05/2003
07/21/2003
10/04/2003
Former BRIO 21, SIMCAV
06/27/2003
04/30/2003
(Continues over)
182

(Continued)
A.2.19.
Companies
KGINVES104, SIMCAVF
KGINVES105, SIMCAVF
KGINVES107, SIMCAV
KGINVES12, SIMCAV
KGINVES13, SIMCAV
KGINVES14 SIMCAV
KGINVES15, SIMCAV
KGINVES16, SIMCAV
KGINVES17, SIMCAV
KGINVES2, SIMCAV
KGINVES3,SIMCAVF
KGINVES4, SIMCAVF
KGINVES5 SIMCAV
KGINVES6 SIMCAVF
KILMOR INVERSIONES, SIMCAV
KINGSTON INVESTMENT SIMCAV
KIORA INVERSIONES, SIMCAV
KITZBUHEL INVERSIONES, SIMCAV
KIUKET INVERSIONES, SIMCAV
KLANDUR, SIMCAV
KLAPPEN INVERSIONES
KOKINO INVERSIONES SIMCAV
KONTACT EXCHANGE
KOOPMANS INVERSIONES, SIMCAV
KROPNICK INVERSIONES, SIMCAV,SA
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
LA BOQUERA INVERSIONES, SIMCAV
LA CAIXA EXTREMADURA SIMCAV
LA LEGITIMA, SIMCAV
LA LINDARAJA INVERSIONES, SIMCAV
LA MUZA INVERSIONES, SIMCAV
LA NOGUERA AHORRO, SIMCAV
LA NOGUERA DE ORO, SIMCAVF,SA
LA RIPERA DE INVERSIONES, SIMCAV
LA ROMANA INVERSIONES, SIMCAV
LABIERNAG 2000, SIMCAV
LACERTA INVERSIONES, SIMCAV
LAFUVER 2000, SIMCAV
LAGUN INVERSIONES SIMCAV
LAJARINVEST, SIMCAV
LALLO INVERSIONES, SIMCAV
LAMDA INVERSIONES BURSATILES, SIMCAV
LAMPEDUSA INVERSIONES, SIMCAV
LANCE INVERSIONES SIMCAV
LANDON CARTERA DE INVERSIONES, SIMCAVF
LANDSA FINANCIERA, SIMCAV
LANGRE DE INVERSIONES, SIMCAV
LANGREO FINANZAS, SIMCAVF
LAR & MAC 02, SIMCAV
LARK UNITED INVESTMENT SIMCAV
LAS ABRAS DE FUENTES, SIMCAV
LAS ARROYADAS INVERSIONES, SIMCAV
LAS CALLEJAS 2000, SIMCAV

2002
2003
0
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
0
13,775
9,816
16,680
19,120
21,805
3,125
14,863
0
8,570
6,174
7,335
12,891
23,608
24,560
17,550
22,848
18,752
0
21,380
7,628
42,980
14,717
24,041
4,135
21,586
22,737
17,760
26,364
17,718
24,280
20,758
16,444
21,781
22,358
123,808
17,893
17,581
11,419
0
22,718
10,001
18,000
30,051
25,782
25,445
0
29,678
22,174
46,854
21,741
25,589
25,012
16,787
13,660
11,640
16,017
11,304
22,358
19,994
24,401
15,482
12,773
17,520
19,880
23,512
3,250
16,570
25,002
9,652
6,219
7,452
14,622
24,353
25,960
18,271
25,758
19,232
24,481
21,789
7,709
55,020
15,559
30,796
4,135
25,142
24,204
19,280
27,526
19,449
25,040
22,381
17,453
24,642
23,319
127,415
18,422
18,663
11,660
14,785
24,353
11,011
18,240
31,193
Annual trading
2002
0
0
0
3
3,590
82
20,597
3,148
2,811
2
2
58
39,490
182
135
392
0
26
1
1,267
118
2,017
186
24
0
43
51
1,541
2
20
3
11
1,576
13
0
0
10
809
2,405
0
149
31
23
59
21
3,697
3
5
0
12
10
40,636
13
2,408
401
0
1,179
2,279
1,247
0
2003
0
0
0
3
4,148
52
11,142
1,672
766
3,004
1
294
5,138
241
115
2,467
2,056
5,529
7
8
66
0
167
1
3,120
36
63
7,067
1
6,579
13
13
1,668
20
4,720
1,200
20
561
0
4
2,539
31
0
789
27
123
10
6
1
755
20
57,941
167
2
600
60
2
1,557
5,330
3
Date of listing in
07/10/2003
06/03/2003
08/01/2003
05/15/2003
04/15/2003
(Continues over)
183

(Continued)
A.2.19.
Companies
LASARIZA, SIMCAVF
LASCONI INVERSIONES, SIMCAV
LASTRAS GESTION SIMCAV
LATORES 2000 DE INVERSIONES, SIMCAV
LAUCUSAN, SIMCAV
LAULLON INVERSIONES SIMCAV
LAURUS PATRIMONIAL, SIMCAV
LAXMI INVERSIONES, SIMCAV
LAYMO 74, SIMCAV
LAZAREJO, SIM
LEADERSHIP BOLSA, SIMCAV
LEALTAD 2000, SIMCAV
LEBASI DE INVERSIONES, SIMCAV
LECANTAL, SIMCAV
LECIENA DE INVERSIONES, SIMCAV
LEGADI DE INVERSIONES, SIMCAV
LEIRU INVERSIONES, SIMCAV
LEJASA ACTIVOS SIMCAV
LEJONA INVERSIONES, SIMCAV
LEMPIRA, SIMCAVF
LENDA DE INVERSIONES, SIMCAV
LEN VALORES
LEXOVIOS, SIMCAV
LEXUS 99, SIMCAV
LEYRE DE INVERSIONES
LEZAMA-INEAR
LIAN INVERSIONES, SIMCAV
LIBER INVERSIONES, SIMCAV
LIBURNA, SIMCAV
LIENDO DE INVERSIONES
LIERDE
LIFO INVERSIONES, SIMCAV
LIGA MOBILIARIA
LINANTO, SIM
LINDE DE SANSONELIA, SIMCAVF
LINDEN 91 INVERSIONES, SIMCAV
LINKER INVERSIONES, SIMCAV
LINKS INVERSIONES, SIMCAVF
LIRADOS, SIMCAV
LIRATRES, SIMCAV
LIRAUNO, SIMCAV
LITA VALORES, SIMCAV
LIVORNO INVERSIONES, SIMCAVF
LLAVISA, SIMCAV
LLINARES & SEVILA INVERSIONES SIMCAV SA
LLINARES ACOSTA INVERSIONES, SIMCAV
LLOSANTA SIMCAV
LLUC VALORES, SIMCAV
LOBO 3000 SIMCAV
LODARES FINANZAS, SIMCAV
LODIMA GROUP INVESTMENT 2000 SIMCAV
LOFA INVERSIONES, SIMCAVF
LOLUMAJO, SIMCAV
LONCHIVAR, SIMCAVF
LONG INVESTOR SIMCAV
LONG TERM INVESTMENTS, SIMCAV
LOPAFESA SIMCAV
LOPBU-6 SIMCAV
LORA DE INVERSIONES
Annual trading
2002
2003
2002
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
0
11,250
0
19,240
5,772
92,800
24,834
17,845
33,280
57,480
17,010
11,388
16,787
18,320
17,694
24,521
16,041
19,617
18,271
15,476
219,800
24,762
9,599
5,312
279,606
18,687
13,647
22,391
17,436
23,319
11,250
25,050
20,443
6,133
103,450
25,098
19,505
38,040
63,660
19,761
12,073
16,835
41
703
0
0
1
0
1,790
31,668
7,879
260
60
23,711
0
26
1,397
1,529
0
2,495
0
0
1
18,960
271
1,040
3
6,262
93
51
5,067
37,680
9,968
23,473
12,400
2,500
24,148
36,692
8,340
13,396
21,276
6,506
17,357
13,751
18,702
0
18,752
18,752
21,372
16,840
20,880
14,424
20,194
7,693
0
23,800
4,928
16,067
22,454
20,266
86,850
39,040
128,920
24,074
12,600
4,000
24,582
37,955
11,160
13,997
22,077
6,960
18,872
14,569
20,148
25,243
18,752
18,752
22,237
18,960
22,230
14,184
16,989
8,126
25,483
26,560
5,120
16,628
22,069
19,617
83,850
6
253
484
97
6
5
76
70
192
2
59
51
21
221
0
13
11
178
4,328
18
6,313
1,198
0
0
36
1,679
1
150
0
4
2003
Date of listing in
86
96
20,898
85
1
1,820
2,246
31,928
23
201
78
2,120
2
22
706
868
9 03/13/2003
0
2,102 01/23/2003
0
3
1,579
730
885
15
2,297
520
21
2,635 Former REALE ASSET
MANAGEMENT, SIMCAV
104
164
9
94
19
1
14
10
99
1
2,622
59
19
4,464
0 03/07/2003
20
20
227
10,881
6,874
0
525
104
10 02/04/2003
14
1,292
1
2,917
2
1,125
(Continues over)
184

(Continued)
A.2.19.
Companies
Annual trading
2002
2003
2002
2003
LOS BOTEJARES INVERSIONES, SIMCAV

LOS LAPONES INVESTMENT, SIMCAV
LOS MADROALES DE INVERSIONES, SIMCAV
LOSIRAM CUATRO, SIMCAV
LOSVA, SIMCAVF
LOTAMAR INVERSIONES, SIMCAVF
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
LUZON VALORES, SIMCAV
LYNDON INVERSIONES SIMCAV SA
MAASTRICHT INVERSIONES, SIMCAV
MABINVER 2000, SIMCAV
MACALUMA INVERSIONES, SIMCAV
MACAMJU SIMCAV
MACKEREL
MACOIGMA, SIMCAV
MACONHA INVERSIONES, SIMCAV
MACRISON DE INVERSIONES, SIMCAV
MADEVILAR INVERSIONS, SIMCAV
MADRIGAL DE INVERSIONES, SIMCAV
MAESMA INVERSIONES SIMCAV
MAF MARCO, SIMCAV
MAFASA JULSA, SIMCAV
MAFRAMA DE INVERSIONES, SIMCAV
MAGASA VALORES, SIMCAV
MAGESCQ 2000, SIMCAV
MA-GO DE INVERSIONES, SIMCAV
MAGO VALORS 2001, SIMCAV
MAHOGANY INVERSIONES MOBILIARIAS, SIMCAV
MAIMONA INVERSIONES, SIMCAV
MAIVAREN INVERSIONES, SIMCAV
MAIVAREN, SIMCAV
MAJADAS ALTAS, SIMCAV
21,636
16,396
21,573
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
25,480
96,210
12,073
19,473
21,276
20,630
85,560
0
21,949
24,411
24,714
23,800
25,403
11,972
25,782
14,400
22,117
19,680
18,615
19,473
17,220
0
21,693
22,825
21,396
23,560
19,353
21,453
23,920
21,000
17,574
125,540
18,398
62,200
15,300
18,171
21,901
22,703
25,483
15,386
23,064
26,560
102,960
13,083
20,194
23,488
21,304
104,480
24,321
21,829
25,060
25,603
24,200
26,284
12,597
26,118
14,800
26,655
21,040
18,903
20,434
19,048
93,936
22,415
23,300
22,598
10
0
1
0
1
371
3
2,543
2
2,205
367
59
2,326
25
44
1
11
28
230
13
1
27
26,089
0
40
37
4,114
18
2
0
3
2
27
20
2
139
964
0
319
0
27
20
1
0
0
2
129
18,047
4,406
14
0
179
68
1,617
22
47
0
31
10,055
797
20
1
21,355
43,301
1
51
0
83
982
167
0
2
539
23
1
0
21
2,970
33
803
2
22
MAJAI INVERSIONES, SIMCAVF

MAJESTIC DE INVERSIONES, SIMCAV
MAKER INVERSIONES, SIMCAVF
MALI INVERSIONES, SIMCAV
MALLORQUINA DE TITULOS
MALODEI INVERSIONES, SIMCAV
MANATI INVERSIONES, SIMCAV
MANEED INVERSIONES, SIMCAV
MANEL INVERSIONES, SIMCAVF
MANENSPA INVERSIONES, SIMCAVF
MANHATTAN CMB GLOBAL, SIMCAVF
MANILA INVERSIONES GLOBALES, SIMCAV
MANLIU CARTERA, SIMCAV
MANOCAP, SIMCAV
MANRESA ESTALVI, SIMCAV
MAPEA, SIMCAV
MAQUEDA 2000, SIMCAV
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
26,250
0
18,975
25,483
15,320
10,149
8,895
187,920
22,838
19,184
25,002
22,358
12,140
15,546
63,707
8,384
20,707
27,250
24,480
19,192
749
0
76
130
8,759
542
20
11
25
1,011
839
18,966
11
7,525
1,392
0
0
320
1
161
22
6,125
4,612
1,241
2,521
22
1,200
463
601
20
41
1,948
1,221
1,898
Date of listing in
09/05/2003
05/21/2003
Former BARRI CARTERA

DE INVERSIONES,
SIMCAV
03/23/2003
(Continues over)
185

(Continued)
A.2.19.
Companies
MARALBA INVERSIONES, SIMCAV
MARCEN INVERSIONES, SIMCAV
MARCRIS INVERSIONES SIMCAVF
MARELE INVERSIONES, SIMCAV
MARFAM VALORES, SIMCAV
MARGIN INVERSIONES, SIMCAV
MARIBA INVERSIONES, SIMCAV
MARIAN INVERSIONES, SIMCAVF
MARISA FINANZAS, SIMCAV
MARJAMI 2, SIMCAV
MARKT INVERSIONES
MARLIN INVERSIONES, SIMCAV
MARMIRE INVERSIONS, SIMCAV
MARONE DE INVERSIONES, SIMCAV
MARTON Y BERNET SIMCAV
MARU FINANCE, SIMCAV
MARVIKUM INVESTIUM SIMCAV
MARZAL INVERSIONES, SIMCAV
MASVOLTES, SIMCAV
MATCH TEN INVERSIONES, SIMCAVF
MATELCO 234, SIMCAV
MATEUS INV SIMCAV
MATRIX INVERSIONES, SIMCAVF
MATTERHORN INVESTMENTS, SIMCAV
MATURITY INVERSIONES SIMCAV
MATXITXAKO DIVERSIFICADA, SIMCAV
MAVAGO 1999, SIMCAV
MAVER-21 SIMCAV
MAXIMUS INVERSIONES, SIMCAV
MAYMER INVEST, SIMCAV
MAYPRAT INVERSIONES, SIMCAV
MBUMBA SIMCAV
MC 1000 CORPORATE, SIMCAV
MED 2001 INVERSIONES, SIMCAV
MEDIC PRESTIGIO, SIMCAV
MEDIO AMBIENTE Y FINANZAS, SIMCAV
MEDISA 2000, SIMCAVF
MEDITERRANEA 2000 INVERSIONES, SIMCAV
MEGEVE INVERSIONES SIMCAVF
MEJANA
MEJORANA INVERSIONES, SIMCAV
MELVA CARTERA, SIMCAV
MENDIBILE DE INVERSIONES, SIMCAV
MENDILAST, SIMCAV
MEALER, SIMCAV
MERCADAL DE VALORES, SIMCAV
MERCAVENIR, SIMCAV
MERCOR GLOBAL SIMCAV
MEREU DE INVERSIONES, SIMCAV
MERI DACE, SIMCAV
MERIBEL INVERSIONES SIMCAV
MERIDIONAL DE TITULOS, SIMCAV
MERINILLAS INVERSIONES, SIMCAV
MERMELADA AND BENJI, SIMCAV
MERRYHOUSE INVERSIONES, SIMCAV
MERSIR
MESA ERMITA, SIMCAV
MESANA INVERSIONES, SIMCAV
MESSINA ASSET MANAGEMENT, SIMCAVF
METID DE INVERSIONES, SIMCAV

2002
20,924
14,629
19,310
20,266
0
21,035
14,136
18,968
16,828
19,713
46,320
23,000
20,750
20,675
12,020
10,938
24,836
18,027
20,520
18,519
23,271
21,501
6,170
0
19,553
9,540
19,718
18,367
0
24,041
20,132
24,682
0
20,915
23,001
20,202
18,440
41,040
23,536
172,320
0
0
22,246
20,850
0
18,278
5,232
20,683
17,100
19,237
19,881
13,439
17,600
0
17,773
4,312
21,396
24,281
21,907
22,598
2003
21,837
20,678
19,365
20,290
24,772
23,980
15,434
19,617
17,069
21,156
30,950
23,880
22,350
24,521
12,982
11,660
25,297
22,654
21,800
19,649
24,377
22,448
6,280
28,438
21,861
10,940
20,920
17,670
38,000
24,834
20,055
25,924
24,617
21,156
24,121
21,549
18,840
21,640
23,920
0
0
24,241
22,607
22,350
29,870
19,673
5,563
23,761
17,725
21,160
20,218
15,747
17,200
25,483
18,591
4,704
22,117
25,002
23,377
23,079
Annual trading
2002
21
0
207
1
0
44
43
572
13
13
144
12
54
11
12
13
11,314
10,714
3
697
2,713
510
36
0
55
27
13
66
0
0
34
190
0
10
2,957
6
3,013
5
0
334
0
0
0
433
0
1,789
314
7,295
1
13
25
623
3,920
0
606
94
15
1,122
1
11
2003
29
592
27
10,618
599
16
327
1,304
1,232
22
93
4,452
48
21
186
22
8,688
1,000
10
233
3,760
267
14
3
18
23
843
147
3,649
2
291
1,319
58
6,935
2,535
58
193
2,141
8,190
267
0
13
0
1
0
1,888
463
1,788
0
15
120
415
7,084
604
284
110
20
237
1
170
Date of listing in
12/05/2003
08/01/2003
04/28/2003
05/29/2003
Delisted 12/30/2003
06/11/2003
03/06/2003
07/21/2003
10/23/2003
(Continues over)
186

(Continued)
A.2.19.
Companies

2002
2003
Annual trading
2002
METODI FINANCIERA, SIMCAV

METROPOLI PATRIMONIO, SIMCAV
MEYKINVER, SIMCAVF
MEZQUITA DE INVERSIONES, SIMCAV
MICRON INVERSIONES
MIDDLE YOUNG, SIMCAV
MIGJORN INVERSIONS, SIMCAVF
MIJALU, SIMCAV
MILENIO PATRIMONIO, SIMCAV
MILLENIUM INVEST 2000, SIMCAV
MIMBRALES INVERSIONES, SIMCAVF
MINOS INVESTMENT SIMCAVF
MINT INVERSIONES SIMCAVF
MINTREVOD 1600, SIMCAV
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, SIMCAVF
MIX-GLOBAL INVERSIONS, SIMCAV
MIXTO EUROPA 15, SIMCAV
MIZAR INVEST, SIM
MIZUNO, SIMCAVF
MJB SANZGA INVERSIONES, SIMCAV
MLM VALORES, SIMCAVF
MM 4437 INVERSIONES SIMCAV
MOALA INVEST, SIMCAV
MOBILACTIVO SIMCAV
MOBILCAPITAL
MOBILCARTERA
MOBILINVERSION SIMCAV
MOBINVER
MOBINVERSORA
MODERATE, SIMCAV
18,030
24,777
0
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
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
23,561
18,511
25,798
24,802
21,813
13,020
20,350
17,160
0
25,042
20,892
19,857
23,560
21,693
24,762
54,050
21,420
29,457
20,987
52,048
16,147
28,175
21,636
15,488
56,315
12,453
17,694
15,655
13,386
1,620
21,440
24,241
30,051
10,938
35,610
20,443
72,160
71,100
14,911
2,350
6,350
24,441
2
0
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
1,470
1,646
2,191
143
3,071
93
0
61
0
103
11
822
0
138
2,439
0
MODIGLIANI INVERSIONES, SIMCAV

MOENSA
MOLIETE
MOLINA DEL PINAR, SIMCAV
MOLOBA INVERSIONES, SIMCAV
MONCAYO GLOBAL INVESTMENTS SIMCAV
MONITOR CAPITAL, SIMCAV
MONJOFI INVERSIONES, SIMCAV
MONMA INVERSIONES, SIMCAV
MONTALTO INVERSIONES, SIMCAV,SA
MONTE DE VALORES
MONTE GENIL, SIMCAV
MONTECILLO DE INVERSIONES SIMCAV
MONTECRISTO GLOBAL, SIMCAV
MONTECRISTO INVERSIONS SIMCAV
MONTESANCHA DE INVERSIONES, SIMCAV
MONTINVERT CARTERA, SIMCAV
MONTMARTRE DE INVERSIONES, SIMCAV
22,598
22,320
24,120
13,895
0
20,437
21,444
24,281
5,472
25,243
3,300
8,880
22,775
0
23,184
15,777
23,560
18,543
23,319
23,520
26,920
15,626
26,685
22,509
22,454
24,722
5,838
23,840
3,000
9,560
27,575
24,201
25,180
16,017
24,521
19,913
11
30
3
115
0
2
25
8
16
8
92
1,393
63
0
740
2,931
10
1
2003
Date of listing in
4
10,608
2,923 02/19/2003
1,129
13
127
6,013
0
23
0
0
883
17,380
20
351
2,072
2,960
1
69
38
62
20
1
9,048
6,999
9,535
836
5,042
282
1,500
44
1
70
1
420
31
873
0
260
1,700
15 Former CAM MODERATE,
SIMCAV
20
31
25
9
0 03/24/2003
2
53
35
73
0
276
339
103
0 10/14/2003
677
15
20
21
(Continues over)
187

(Continued)
A.2.19.
Companies
MONTRIGALES, SIMCAV
MONTSIRESA, SIMCAVF
MORA DE INVERSIONES, SIMCAV
MORALEJA 2002 INVERSIONES, SIMCAV
MORALZARZAL DE INVERSIONES, SIMCAV
MORCOTE INVERSIONES, SIMCAV
MORGAN STANLEY DINER CEUTA, SIMCAV
MORI ONE, SIMCAV
MORINVEST, SIMCAVF
MORMEDI INVESTMENT, SIMCAV
MORO 2, SIMCAV
MOSEFRA, SIMCAV
MOSEL FINANCE, SIMCAV
MOSEL INVEST,SIMCAV
MOTERFIN, SIMCAV
MOTIVASA DE INVERSIONES
MOULDER INVERSIONES, SIMCAV
MSP EUROGESTION BOLSA
MSP INVESTMENT 2000 SIMCAV
MUDRIN, SIMCAV
MUFOLLSA SIMCAV
MUGUR INVEST, SIMCAV
MULINSAR
MULTICARTERA
MULTIGESTORES TRADING, SIMCAVF
MULTIRESORTS INVERSIONES FINANCIERAS, SIMCAV
MURADA DE INVERSIONES, SIMCAV
MURASI INVERSIONES, SIMCAVF
MURMENDI, SIMCAV
MUSKARIA INVERSIONES, SIMCAV
MUTUALSASA INVERSIONES, SIMCAV
MUTUAVALOR I
MUVI FINANCIERA, SIMCAV
NABOA INVERSIONES SIMCAV
NADIR 98, SIMCAV
NADU INVEST, SIMCAV
NAITAN INVERSIONES, SIMCAV
NAJE ALE DE INVERSION, SIMCAV
NAMACAR, SIMCAV
NANTENI INVERSIONES, SIMCAV
NAPIER INVERSIONES, SIMCAV
NAPOLSI, SIMCAV
NAPULIA DE INVERSIONES, SIMCAV
NARA, SIMCAVF
NAROGIV, SIMCAV
NASECAD INVERSIONES, SIMCAV
NASHIRA CAPITAL, SIMCAV
NAVALLE INVERSIONES SIMCAV
NAVEDA BOLSA, SIMCAV
NAVIERA INVERSIONES, SIMCAV
NAZLET INVESTMENT, SIMCAV
NEMAR INVERSIONES, SIMCAV
NEMESIS TERCER MILENIO, SIMCAVF
NEMORINO SIMCAV
NEMOSA INVERSIONES, SIMCAV
NEPEFRAN INVERSIONES, SIMCAV
NEREI INVERSIONES, SIMCAV
NEREIDA CARTERA, SIMCAV
NEREN INVERSIONES, SIMCAV

2002
2003
Annual trading
2002
2003
8,054
41,877
22,880
0
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
7,040
16,388
0
18,752
17,821
0
1,204
23,367
8,775
49,043
23,640
26,781
29,400
12,946
2,548
31,253
1,261,500
24,429
26,350
17,200
20,360
20,462
30,750
10,200
18,283
0
18,070
0
18,992
17,316
71,820
1,204
24,353
27
51
659
0
3
170
4,977
13
435,131
0
224
4,217
27
51
20,999
0
56
188
3,436
0
13
0
0
1
4,786
22
529
171
531
192
83
2,950
20
79
2
7
295
22
56
601
1
10,055
37
185
0
20
411
598
59
2,549
18,712
18,720
0
14,880
8,480
22,766
5,400
2,212
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
0
24,121
18,300
14,352
19,713
21,877
19,007
9,700
23,800
15,777
93,038
8,474
10,686
18,511
19,760
23,872
15,280
9,220
23,920
6,150
2,260
17,886
11,460
24,922
25,531
17,309
43,465
24,185
17,309
6,615
25,840
61,200
21,797
27,959
24,140
24,682
19,425
14,424
20,595
22,678
0
11,155
24,521
17,797
96,015
8,835
11,227
2
1
0
1
12
8
44
16
2,756
57
337
27
27
0
0
0
27
3
4,219
120
2,459
0
22
5
48
5
370
103
59
10
922
24
4,818
8,393
3
8
22
5
10
9,680
19
20
3,182
32
54
22
22
13,036
0
0
269
159
946
3,412
1,522
9,998
26
7
19
54
513
0
66
1,207
23
25
1,045
810
Date of listing in
03/13/2003
Delisted 04/12/03
05/12/2003
Former INVERSIONES
MONTERRON, SIMCAVF
05/29/2003
(Continues over)
188

(Continued)
A.2.19.
Companies
NERIUM INVESTIUM, SIMCAV
NERVIN INVEST, SIMCAV
NESS DE INVERSIONES, SIMCAV
NETTING INVERSIONES, SIMCAV
NEUTRAL INVERSIONES SIMCAV
NEVA DE INVERSIONES, SIMCAV
NEW DEAL INVERSIONES, SIMCAV
NEWSIF INVERSIONES, SIMCAV
NIBAFER INVERSIONES 2001, SIMCAV
NIBAETA AHORRO, SIMCAV
NICOGUAMA INVERSIONES , SIMCAV
NIKARIC DE INVERSIONES SIMCAV
NIKOBRI, SIMCAV
NISOC INVERSIONS, SIMCAV
NITE HAWK, SIMCAV
NOCEDAL INVERSIONES 2002, SIMCAV
NODO DEL MUNIFICHE, SIMCAV
NODOR 1991, SIMCAV
NOFASURC, SIMCAV
NOGRARO INVESTMENT, SIMCAV
NOMENTANA INVERSIONES, SIMCAV
NOMIT III INTERNACIONAL SIMCAVF
NOMIT INVERSIONES, SIMCAVF
NOMIT IV GLOBAL SIMCAVF
NORAM INVERSIONES 2000, SIMCAV
NORCAFIX
NORDTRADING INVERSIONES, SIMCAV
NORFEU RENTA 24, SIMCAV
NORMANDIA INVESTMENTS, SIMCAV
NORTEA DE VALORES
NORTH CAPE INVERSIONES
NOTE-INVEST SIMCAV
NOTIFIX, SIMCAV
NOVA EUROPA ACTIUS MOBILIARIS, SIMCAV
NOVAFILLOLA SIMCAV
NOVAGESTION INVERSIONES, SIMCAVF SA
NOVAINVER INVESTMENTS 2000, SIMCAVF
NOVAMER
NOVELDA INVERSIONES, SIMCAVF
NOXAR INVERSIONES, SIMCAV
NSARASATE VALORES, SIMCAV
NCLEO FINANZAS, SIMCAV
NUEVA GESTION SIGLO XXI, SIMCAV
NUEVA OLTAL BURSATIL, SIMCAV
NUEVA RIMATRA BURSATIL, SIMCAV
NUEVA RIOJA BURSATIL, SIMCAV
NUEVA XICAL SIMCAV
NUEVOS VALORES
NUMIDE INVERSIONES, SIMCAV
NYATI INVERSIONES, SIMCAV
NYMEX INVERSIONES, SIMCAV
OBAM 99, SIMCAV
OBIS INVERSIONES SIMCAV
OCEJN INVERSIONES SIMCAV
OCHO 99 INVERSIONES SIMCAV
ODAMI DE VALORES, SIMF
ODIEL INVERSIONES, SIMCAV
OFFER INVERSIONES, SIMCAV
OFFICE INVERSIONS, SIMCAV
OFRIS DE INVERSIONES, SIMCAV

2002
2003
34,378
24,840
15,560
19,841
12,741
10,898
0
0
9,075
19,400
22,838
21,188
17,475
19,575
21,680
0
0
24,257
7,465
23,750
25,699
126,814
80,415
251,223
29,149
3,230
0
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
18,406
26,445
18,600
8,720
8,176
25,765
11,880
26,000
17,630
0
7,588
11,119
66,660
21,324
9,476
3,150
13,992
23,954
23,560
0
37,082
25,880
16,186
21,621
11,588
11,940
12,252
0
11,227
20,450
23,079
21,789
18,625
21,500
22,400
24,579
0
25,675
8,210
28,225
25,699
146,947
85,644
289,087
30,652
3,839
24,146
19,238
27,667
0
38,080
5,456
13,262
16,250
19,336
29,700
24,882
0
23,240
22,928
19,328
27,647
19,840
8,736
8,272
28,184
12,301
28,200
19,954
25,202
7,840
11,680
77,700
26,589
9,897
3,150
14,046
24,627
25,002
18,445
Annual trading
2002
1,151
31
4,660
993
3,975
4
0
0
64
257
13
779
781
51
80
0
0
45
197
557
8,955
25,389
32,593
57,953
16,261
47
0
3,000
600
1,543
96
1,399
27
262
292
2,944
1
0
171
1
267
13
30
649
0
0
6
334
5
0
690
78
4,802
1,220
1,396
2
46
123
12
0
2003
Date of listing in
232
148
715
3,712
1,062
0
176 11/272003
0
426
551
20
588
566
45
20
469 09/04/2003
0 11/262003
66
50
1,358
8,413
30
30
27
510
66
11,176 10/23/2003
62
2
922 Delisted 11/18/2003
5,991
1,800
2,701
108
0
4,851
0
0 Delisted 02/18/2003
151
8
277
80
31
0
0
178
20
82
1
888 09/10/2003
80
185
9,125
59
403
2
19
756
20
17 04/15/2003
(Continues over)
189

(Continued)
A.2.19.
Companies

2002
2003
Annual trading
2002
2003
OKER INVERSIONES, SIMCAV

OLARBI
OLEIROS DE INVERSIONES, SIMCAV
OLH INVERSIONES SIMCAV
OLIVARDA, SIMCAV
OLIVENZA GESTIN DIVERSIFICADA, SIMCAV
OLLER INVERSIONES, SIMCAVF
OMBU INVERSIONES SIMCAVF
OMICRON
ONDA GLOBAL DE INVERSIONES, SIMCAV
ONDARZAS E INVERSIONES, SIMCAV
ONEGIN CAPITAL SIMCAV
OPEC INVERSIONES SIMCAV
OPEN CAPITAL 3000, SIMCAV
OPEN CAPITAL SIMCAV
OPEN MARKET INVERSIONES, SIMCAV
OPORTUNIDAD BURSATIL
ORAFLA 2000 SIMCAV
ORCA EQUITY, SIMCAVF
ORDEF
ORECA INVERSIONES, SIMCAV
OREGON 2000, SIMCAV
OREJAS XXI, SIMCAV
ORESTES INVESTMENT, SIMCAV
ORGOR DE VALORES, SIMCAV
ORIA-SARA SIMCAV
ORIOLA DE INVERSIONES SIMCAV
ORMIBASA
OROBAL GESTION, SIMCAV
ORONSIDE, SIMCAV
ORS INVESTMENT, SIMCAV
ORSEVEN
ORTENFENO SIMCAV
ORTESICA, SIMCAV
ORTO-INVERSIONES, SIMCAVF
OSMA DE INVERSIONES, SIMCAV
OSMOSIS INVESTMENT SIMCAV
OTAGO INVERSIONES, SIMCAV
OTIXE VALORES, SIMCAV
OUTLAY 2010, SIMCAV
OUTLOOK INVERSIONES, SIMCAV
OVERALL INVERSIONES SIMCAV
OVIEDO CAPITAL, SIMCAVF
P70 ELECTRA INVERSION, SIMCAV
PACJOR SIGLO XXI, SIMCAV
PADINVER
PAGASARRI DE INVERSIONES, SIMCAV
PALMERAL ACTIVOS, SIMCAV
PALSORI INVERSIONES, SIMCAV
PAMCALERO SPAIN, SIMCAV
PAMPALONA GRUP, SIMCAV
PANAYA INVERSIONES, SIMCAV
PANDO 2000, SIMCAVF
PANDORA FINANCIERA SIMCAV
PANELTA INVERSIONES, SIMCAV
PANIKIRITO DE INVERSIONES, SIMCAV
PAPER FUTURO, SIMCAV
PARFIDES, SIMCAV
28,248
72,360
21,164
19,713
11,400
21,396
18,000
15,666
23,951
15,608
22,850
0
16,606
43,321
40,547
20,226
32,200
18,951
0
11,920
18,560
17,557
17,581
22,117
17,934
0
14,286
22,540
21,636
0
0
19,120
16,595
24,425
15,700
19,720
32,034
22,839
0
6,640
20,755
8,742
0
33,206
0
90,557
16,979
24,100
0
21,540
7,270
14,959
20,010
18,761
0
20,346
17,790
20,675
33,657
75,330
22,246
21,636
11,895
22,117
18,720
16,628
24,572
17,532
27,200
26,469
18,634
46,158
42,732
21,886
43,540
19,432
24,041
13,420
23,440
17,749
18,374
23,560
24,642
30,051
13,973
22,560
21,877
0
26,300
20,020
17,003
25,194
32,200
20,240
34,017
33,609
26,036
6,768
21,501
9,187
25,243
34,769
24,521
107,249
18,206
25,160
27,927
22,718
7,616
14,310
20,731
19,001
0
20,948
18,992
22,670
5,068
2
362
452
59
586
1,799
3
448
0
145
0
652
432
112
50
9,892
1
0
0
24
1
1,488
15
43
0
580
31
13
0
0
306
451
3
0
4
27
4,679
0
0
1,005
43
0
206
0
4,262
1
1,000
0
26
12
3,201
1,984
13
0
52
27
60
PARITY
32,215
29,197
Date of listing in
3,700
115
3,283
22
59
22
710
9
70
1
60
3,532 04/23/2003
88
912
114
19
7,773
1
916 04/28/2003
15
24
0
101
85
911
1,999 01/27/2003
0
22
20
0
4 09/162003
421
349
547
0
4
0
3,449
261 06/18/2003
1
19
16
9 03/07/2003
566
12 07/02/2003
2,380
11
0
1 03/07/2003
72
5,098
0
16
20
0 09/12/2003
142
22
5,771 Former MAITE
CARTERA, SIMCAV
380
(Continues over)
190

(Continued)
A.2.19.
Companies
PARKIA INVESTMENT, SIMCAV
PARNUERA
PARQUE INDEPENDENCIAF
PARTNER GM INVERSIONES, SIMCAV
PARVATI INVERSIONES, SIM
PASGOM INVERSIONES, SIMCAV
PASHMINA 2000, SIMCAV
PATLLARI INVERSION, SIMCAV
PATRICOMPA
PATRIMIX
PATRIMONIAL GLOCESA, SIMCAV
PATRIMONIO BURSATIL SIMCAV
PATRIMONIO DE VALORES
PATRIMONIO GLOBAL, SIMCAV
PATRIMONIOS ZAMORANOS, SIMCAV
PATRINVEST AHORRO, SIMCAV
PATRINVEST INVERSIN, SIMCAV
PATRIRENT DE INVERSIONES, SIMCAV
PATROON INVERSIONES, SIMCAV
PAY OUT INVERSIONES, SIMCAV
PCJ YEGOMI, SIMCAV
PEALMA 1, SIMCAV
PEGASIDES, SIMCAV
PEMYC INVERSIONES, SIMCAV
PENTACORE INVERSIONES, SIM
PENYA EL FRARE, SIMCAV
PEA CABRA, SIMCAVF
PEAFIEL DE INVERSIONES, SIMCAV
PEALARA DE INVERSIONES
PEALVER DOCE
PEASANTA DE VALORES, SIMCAV
PEASEN 2002, SIMCAVF
PEOTE INVERSIONES, SIMCAV
PEOPEI INVERSIONES SIMCAV
PEOPLENET, SIMCAV
PERCAPITAL, SIMCAV
PERCO PATRIMONIAL, SIMCAV
PEREL VALORES SIMCAV
PERICLES INVERSIONES, SIMCAV
PERIGORD CARTERA, SIMCAV
PERLORA INVERSIONES, SIMCAV
PERSEO DE INVERSIONES, SIMCAV
PERSEUS INVERSIONES, SIMCAV
PERUARGO, SIMCAVF
PERUGGIA INVERSIONES, SIMCAV
PERYGON DE INVERSIONES, SIMCAVF
PETO INVERSIONES, SIMCAV
PETRES 2002, SIMCAV
PETRONILA 2000, SIMCAV
PETU, SIMCAV
PHALAENOPSIS, SIMCAV
PHRONESIS DE INVERSIONES, SIMCAV
PIGMANORT, SIMCAV
PIGOYSA DE INVERSIONES, SIMCAV
PIMA XXI, SIMCAV
PINTOFON
PISUEA DE INVERSIONES SIMCAV
PISUERGA ARROYO, SIMCAV
PIXELL INVERSIONES SIMCAVF
PLANAHUR, SIMCAV

2002
2003
21,276
5,742
8,254
19,232
6,010
26,204
11,732
23,280
30,231
33,240
20,675
8,550
9,604
37,890
20,260
12,080
7,465
17,797
0
21,140
13,342
19,841
23,954
26,743
15,000
20,000
5,220
30,250
31,560
1,200
8,904
0
0
34,979
61,634
25,080
123,808
8,060
0
24,722
23,960
22,959
21,200
9,680
12,092
24,281
16,508
0
22,310
19,016
24,435
20,587
23,608
19,914
24,699
24,440
17,718
11,720
20,474
19,232
21,957
61,955
0
19,232
6,130
35,340
13,919
24,266
31,063
36,840
20,434
11,375
104,280
26,879
19,401
14,292
8,366
21,886
24,844
21,477
13,703
20,899
35,490
27,871
11,775
21,520
5,460
31,650
34,280
1,320
8,556
24,762
24,425
36,421
69,101
28,000
127,415
8,480
36,936
25,243
24,161
24,281
22,200
10,080
14,088
24,521
17,349
24,762
22,574
19,569
25,228
21,934
24,545
21,396
26,575
25,960
16,900
11,870
21,436
19,713
Annual trading
2002
124
4
1
11
44
33
0
1,959
52
1,466
10
1
162
4
1
980
178
13
0
201
1,799
1
16,780
3
9
2
0
2
29
34
603
0
0
91
11
647
19,190
131
0
199
1
341
23
0
24
11
578
0
36
56
1
1,442
0
2
430
1,202
27
33
773
13
2003
4
11
0
20
22
4
400
178
161
1,718
20
0
4,893
440
273
1,707
920
78
711
422
22
42
19,238
2,065
268
10
0
2
22
36
0
3,169
0
152
30
372
3,061
201
5,310
294
0
74
40
11
3,341
20
48
2,550
53
63
0
720
39
1
871
41
22
3,614
562
646
Date of listing in
Delisted 10/24/2003
04/28/2003
07/28/2003
10/04/2003
07/28/2003
(Continues over)
191

(Continued)
A.2.19.
Companies
Annual trading
2002
2003
2002
2003
PLATINIUM INVESTMENT, SIMCAV

PLATINO FINANCIERA SIMCAV
PLENCIA DE INVERSIONES, SIMCAV
PLEYADES INVERSIONES, SIMCAV
PLUSCAPITAL
PLUSINVERSION, SIMCAVF
PLUSVALUE INVERSIONES, SIMCAV
PLYZOSMAR, SIMCAV
POFINABI, SIMCAV
POLADAMAR, SIMCAV
POLEO INVERSIONES, SIMCAVF
POLO CAPITAL, SIMCAVF
POMERANA INVERSIONES, SIMCAV
POMODORO INVERSIONES, SIMCAV
PORTALET DE INVERSIONES SIMCAVF
PORTFOLIO 25
PORTFOLIO BENKERS I, SIMCAVF
PORTFOLIO GLOBAL I, SIMCAVF
PORTINARI INVERSIONES, SIMCAV
PORTSIDE INVERSIONES, SIMCAV
POSTERA INVERSIONES, SIMCAVF
POVERSAL INVERSIONES, SIMCAV,SA
POWERPIPO, SIMCAV
PRABUENA, SIMCAV
PRACAS ACTIUS MOBILIARIS, SIMCAV
PRASIUM, SIMCAV
PREM 2000, SIMCAV
PREM-2 ACTIVOS MOBILIARIOS SIMCAV
13,757
106,250
21,480
29,354
0
18,331
22,102
32,100
19,954
24,209
0
19,440
0
22,117
0
536
20,160
13,391
21,956
0
0
22,117
16,876
21,510
23,680
24,200
18,035
21,360
13,949
110,000
23,520
31,438
4,553
18,932
27,369
34,260
19,914
25,435
25,204
17,360
26,204
22,598
24,762
42,304
21,680
13,799
22,325
21,957
30,000
23,079
18,631
23,670
25,480
26,400
18,515
24,240
169
2,998
3
0
0
0
2,508
5
13
41
0
11
0
5,016
0
1
346
3,599
698
0
0
10
477
605
2,533
12
15
5
6,255
1
13
63
14
4,662
6,498
0
3
66
2
4
76
82
104
22
233
8,496
50
2,618
3,645
20
22
193
2,168
21
20
4
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, SIMCAVF
PRININVER, SIMCAV
PRIPUSA, SIMCAVF
PRITUR INVERSIONES, SIMCAVF
PRIVACLAR, SIMCAV
PRIVALIA INVERSIONES, SIMCAVF
PROCESS INVERSIONES SIMCAVF
PROFIT INVERSIONES, SIM
PROFIT INVESTORS, SIMCAV
PROFITALIA, SIMCAVF
PROINCREA INVESTMENT SIMCAV
PROMOCINVER
PROMOVICA INVERSIONES, SIMCAV
PROMOZALIA, SIMCAV
PRONUSERO, SIMCAVF
PROSPECT INVERSIONES, SIMCAV
PROTEAS DE INVERSIONES SIMCAV
PROYECCIN DE RENTAS, SIMCAV
PSJ INDEX GESTIN, SIMCAV
PUEBLA ALCARRIA, SIMCAV
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
0
22,250
20,875
1,420
14,045
0
18,800
59,163
23,058
22,280
0
17,309
10,538
49,200
106,269
21,396
3,720
22,683
18,200
17,172
19,881
16,979
7,188
22,742
21,164
18,330
18,166
17,381
22,896
24,531
0
23,425
21,717
1,580
15,993
24,041
19,809
70,563
23,258
24,480
25,531
18,391
25,964
63,000
110,186
23,560
48
3,284
1,105
40
46
31
22
3,397
192
9,051
44
13
2,396
4,690
0
0
262
49
1
0
27
6,001
0
369
0
1,090
1,584
6,988
2,805
0
20
1,700
3,875
15
44
42
33
0
1
13
15
23
313
3,869
0
324
7
10
2
142
22
4,407
0
12
3,607
1,619
7,588
5,620
4,300
0
Date of listing in
07/30/2003
03/24/2003
10/04/2003
Former INVERCLIMER
ACTIUS MOBILIARIS,
SIMCAV
09/16/2003
08/01/2003
01/27/2003
(Continues over)
192

(Continued)
A.2.19.
Companies

2002
2003
Annual trading
2002
PULSA 1 INVERSIONES, SIMCAV

PULSA INVERSIONES II, SIMCAV
PULSO ACTUAL INVERSIONES, SIMCAV
PYSACO INVERSIONES, SIMCAV
Q-GESTIO MIXTE PLUS, SIMCAV
QUADROPHENIA, SIMCAVF
QUAESTOR INVESTMENTS, SIMCAV
QUANTOP INVESTMENTS SIMCAVF
QUANTUM 2001, SIMCAV
QUEMBRE DE INVERSIONES SIMCAVF
QUEMEN INVESTMENT SIMCAV
QUERQUS INVERSIONES, SIMCAV
QUIESCELL, SIMCAV
QUINCUNCE, SIMCAV
QUINTANS INVERSIONES, SIMCAVF
QUORUM 98, SIMCAVF
QUORUM INVERSIONES, SIMCAV
QUOTA INVERSIONES, SIMCAV
QUOTATION
RACAFER INVERSIONES SIMCAV SA
RADISA INVERSIONES SIMCAV
RAFRA 2000, SIMCAV
RAICHU INVERSIONES SIMCAV
RALLACZED, SIMCAV
RALLY INVESTMENTS, SIMCAV
RANDE SIGLO XXI, SIMCAV
RANGALI & ATOL INVERSIONES, SIMCAVF
RANK INVERSIONES
RASAL CARTERA, SIMCAV
RASEC INVERSIONES, SIMCAVF
RATEVIN VALORES, SIMCAV
RATING INVERSIONES, SIMCAV
RAVISTAR, SIMCAV
RCSCCH 1604, SIMCAV
REBECO-98, SIMCAV
RED JUNGLE PARTICIPACIONES SIMCAV
REINVER INVERSIONES, SIMCAV
REINVERPLUS
RELLTEMA INVERSIONES SIMCAVF SA
REMAR AHORRO, SIMCAV
REMAST INVEST SIMCAVF SA
RENTA INSULAR CANARIA - RINCASA RENTA PROCURADORES, SIMCAV
7,453
18,151
23,920
13,280
12,862
18,717
41,136
22,919
18,470
20,675
7,693
0
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
0
23,800
29,739
21,645
23,750
28,999
14,646
0
17,922
26,200
20,115
10,377
20,920
23,360
13,794
0
44,200
17,364
7,933
20,218
24,441
15,520
13,607
21,559
42,288
24,201
19,048
0
6,900
25,865
31,746
19,642
24,281
8,880
18,469
7,230
12,420
24,521
17,845
16,330
0
16,155
23,840
25,243
24,041
32,602
22,607
25,800
30,301
14,791
24,321
18,661
27,120
19,257
11,580
22,480
23,480
15,038
25,000
48,280
16,763
22
28
126
22
6,516
7,322
3,736
401
2
0
1,563
0
52
0
12
826
1,069
47
1,500
764
1
0
1
45
1
0
11
41
122
30
216
38
0
2
82
9
1,000
387
11
428
0
12,916
0
RENTABILIDAD 2009, SIMCAV

RENTACTIVO CAPITAL, SIMCAV
9,540
32,406
9,732
35,291
0
3,135
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
REVIEW INVERSIONES, SIMCAV
11,850
43,020
1,690
24,600
2,706
21,880
24,600
23,040
15,176
23,064
16,700
10,121
12,450
44,620
3,005
26,440
2,706
22,880
27,240
24,747
16,354
23,473
0
11,551
3
2,331
162
868
2
95
40
414
2,094
1,746
17
51
2003
Date of listing in
20
46
2,681
8
5,121
5,571
671
603
25
0
278
0 05/29/2003
3
0
1,236
1,345
316
47
45
702
0
110
0
49
1
6 09/16/2003
20
15
105
22
715
15
204 06/18/2003
80
3
4
147
142
5
62
3,750 04/28/2003
88
14,300 Former GESTIGOBE,
SIMCAV
0
8,988 Former URQUIJO
PORTFOLIO GLOBAL,
SIMCAV
2
2,610
1
176
2
1,310
20
1,341
1,823
1,901
0 Delisted 09/17/2003
19
(Continues over)
193

(Continued)
A.2.19.
Companies
REX ROYAL BLUE, SIMCAV
REYZA INVERSIONES Y GESTION, SIMCAV
RG 27, SIMCAV
RHEVILO INVERSIONES, SIMCAV
RHODES INVESTMENT, SIMCAV
RHYDON INVERSIONES, SIMCAV,SA
RIBADEO DE INVERSIONES, SIMCAV
RIBASARO, SIMCAV
RIBERAS DEL SOR INVESTMENT, SIMCAV
RICAB 2001 INVERSIONES SIMCAV
RICLA DE INVERSIONES SIMCAV
RIDEO2, SIMCAV
RIJEKA INVESTMENT, SIMCAV
RIMAKVALOR, SIMCAV
RIMALO INVERSIONES, SIMCAV
RIO INVERSIONES 99, SIMCAV
RIO PERLA INVERSIONES, SIMCAV
RIO URUMEA DE INVERSIONES, SIMCAV
RIOFISA INVERSIONES, SIMCAV
RIOTIRON, SIMCAV
RISK EQUITY, SIMCAV
RM 99 DE INVERSIONES, SIMCAV
ROA PATRIMONIO, SIMCAV
ROCILLO DE INVERSIONES, SIMCAV
RODAON INVERSIONES SIMCAV
RODASIL INVERSIONES 2002, SIMCAV
RODEO DE INVERSIONES, SIMCAV
ROINVER PORTFOLIO, SIMCAV
ROLAVI INVERSIONES, SIMCAV
ROLLBACK INVERSIONES, SIMCAV
ROMERCAPITAL, SIMCAV
ROMERO INVERSIONES MOBILIARIAS, SIMCAV
RONDINVER INVERSIONES SIMCAV
ROSALOLES INVERSIONES, SIMCAV
ROSILNU, SIMCAV
ROSSI Y BERTONI INVERSIONES, SIMCAV
ROSTERAL SIMCAV
ROTRESA INVERSIONES, SIMCAVF
ROVIME INVERSIONES, SIMCAV
ROYALTY INVERSIONES, SIMCAVF
RSA 2000 INVESTMENT, SIMCAV
RSA 2001 CARTERA, SIMCAV
RUAL FINANZAS, SIMCAVF
RUBICON INVERSIONES, SIMCAV
RUBICON XXI
RUCANDIO INVERSIONES, SIMCAVF
RUIDERA INVERSIONES SIMCAV
RURAL PATRIMONIOS AGRUPADOS, SIMCAV
RUTEMA DE INVERSIONES, SIMCAV
RUVECAPITAL INVERSIONES, SIMCAV
S&P EUROPE 350 INDICE, SIMCAV
SABBIA INVERSIONES, SIMCAVF
SABOCO INVERSIONES, SIMCAV
SABUC INVERSIONES SIMCAV
SAFETY INVERSIONES, SIMCAVF
SAGEI
SAGGIA INVERSIONES, SIMCAV
SAGIAL INVERSIONES, SIMCAV
SAGITARI 2000, SIMCAV
SAINT RANDY, SIMCAV

2002
17,343
23,880
56,630
9,304
20,434
24,800
20,130
8,474
0
23,824
21,813
30,051
23,439
23,810
0
23,824
0
18,120
20,194
16,828
21,348
12,626
23,848
18,759
32,455
0
21,917
20,915
20,915
7,785
29,209
18,711
22,838
0
18,800
0
23,519
10,337
23,319
0
19,288
0
12,240
2,596
69,700
18,271
20,443
16,138
4,000
0
24,401
17,982
25,795
22,838
22,342
47,850
14,665
13,183
28,548
10,658
2003
18,752
26,560
66,500
9,905
21,636
30,040
21,861
8,835
24,521
24,978
22,342
31,613
24,241
24,772
0
24,401
24,387
19,000
20,434
17,309
22,598
14,141
23,993
20,972
42,311
24,738
22,718
21,156
21,636
8,400
29,930
21,765
23,560
26,977
20,080
25,243
23,764
16,323
23,800
12,386
20,106
24,161
12,840
3,750
75,600
19,857
20,924
16,474
17,120
23,199
24,802
17,982
26,781
24,281
22,896
58,003
15,001
13,966
30,531
17,004
Annual trading
2002
113
786
73
53
1
512
377
11
0
336
1
4,456
3
5,117
0
1,513
0
4
13
31
0
9
0
203
48
0
2
10
613
34
0
49
3,070
0
1
0
13
67
13
0
752
0
0
26
7,322
3,017
440
146
3
0
232
32
1,085
4,368
1,407
5,511
5,118
432
3,971
661
2003
21
10
347
61
1
369
2
20
59
416
1
2,934
4
1,166
0
141
0
6
20
46
2
1
0
386
8,963
80
1
20
20
12
145
21
20
1,443
2
9
20
1,147
20
34
27
1,202
8,717
25
4,390
23
20
29
1,850
55
733
42
982
5,615
2,653
1,074
35
25
1,488
5
Date of listing in
09/292003
11/032003
02/25/2003
08/01/2003
11/062003
03/14/2003
04/30/2003
(Continues over)
194

(Continued)
A.2.19.
Companies
SAKAKI INVESTMENT, SIMCAV
SALAMANCA I
SALAMINA INVESTMENT, SIMCAV
SALDAMOVIL NORANTANOU, SIMCAV
SALDAA DE INVERSIONES, SIMCAV
SALIMAR INVESTMENTS, SIMCAV
SALIME DE INVERSIONES
SALINAS DE INVERSIONES, SIMCAV
SALIONA DE INVERSIONES, SIMCAV
SALLIERCA, SIMCAV
SALVAGO DE INVERSIONES, SIMCAV
SALVIA DE INVERSIONES, SIMCAV
SAMAJOFE, SIMCAV
SAMAROCA, SIMCAV
SAMBOAL DE INVERSIONES, SIMCAVF
SAMMAR
SAN AMARO DE INVERSIONES, SIMCAV
SAN ANTONIO TORRE, SIMCAVF
SANAL 2001, SIMCAVF
SANBABILES, SIMCAV
SANCLAVE, SIMCAV
SANDALOS 2001 SIMCAV
SANINVER INVERSIONES, SIMCAV
SANINVERPA, SIMCAV
SANSEMISA
SANT BERNAT DE INVERSIONES, SIMCAV
SANTA CLARA DE VALORES, SIMCAV
SANTA CROYA DE INVERSIONES SIMCAV
SANTA MARGARITA INVERSIONES SIMCAVF
SANTACABE, SIMCAV
SANTANDER INVERSIONES CEUTA MELILLA
SANTEUL INVEST, SIMCAV
SANTOS NUEVOS, SIMCAV
SANZCOR INVERSIONES SIMCAV
SANZCORIN INVERSIONES, SIMCAV
SAPPHIRE INVERSIONES, SIMCAV
SAPRI INVERSIONES 2000, SIMCAVF
SARLARDU DE INVERSIONES, SIMCAV
SARSUIL INVERSIONES, SIMCAV
SASABE INVERSIONES SIMCAV
SATAFONA, SIMCAV
SATIREV, SIMCAVF
SATLY GLOBAL SECURITIES, SIMCAV
SATNER INVERSIONES, SIMCAV
SATRAPA SIMCAV
SAU DINVERSIONS, SIMCAV
SAUCE VALORES, SIMCAVF
SAVIR 2000 DE INVERSIONES SIMCAV
SAVIR PATRIMONIO, SIMCAVF
SAVOY INVERSIONES, SIMCAVF
SAYCAN-2001, SIMCAV
SAYOA
SBP GLOBAL 1, SIMCAV
Annual trading
2002
2003
2002
2003
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
0
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
0
17,845
18,511
0
11,071
17,640
30,051
59,616
20,531
21,396
0
68,600
42,180
26,234
30,300
28,350
27,800
25,303
26,204
24,991
26,204
11,000
22,823
36,240
26,732
17,316
21,886
25,194
18,086
28,920
15,891
88,950
23,810
6,124
21,040
21,877
23,319
24,233
19,024
22,550
35,700
32,876
139,095
25,565
27,446
10,085
8,895
14,760
26,801
21,384
23,488
20,434
23,920
11,460
16,323
18,831
25,002
18,038
24,281
18,038
18,030
25,500
13,198
18,400
30,952
61,200
23,560
22,838
0
70,000
43,500
28,037
32,400
30,650
28,500
26,985
0
8
0
1
1
2,458
10
2
3
0
1
7,507
33
83
5,999
0
21
27
11
0
0
0
12
2
438
1
4,871
0
626
11
11,338
3
37
2
36
474
0
1,799
13
46
0
201
11
0
664
2
0
0
0
13
0
909
4,436
3,908
5,923
1,081
2,458
613
20,885
22,869
82
1
441
1
0
2
2,476
17
2
3
2
6
183
39
77
2,891
12
8
2,067
20
421
87
1,200
22
0
29
19
32
1
200
20
11
270
869
0
19
297
0
1,131
20
1,226
0
1,799
11
10
147
7
2
1,315
0
22
0
1,399
362
2,053
5,643
3,543
69
147
Date of listing in
10/15/2003
12/05/2003
11/08/2003
07/28/2003
Former MB GLOBAL 1
Former MB GLOBAL 2
Former MB GLOBAL 3
Former MB GLOBAL 5,
SIMCAV
194 Former MB GLOBAL 7,
SIMCAV
(Continues over)
195

(Continued)
A.2.19.
Companies
SC MERCADOS GLOBALES INVERSIONES SIMCAV
SCHAELCHLI INVERSIONES SIMCAV
SCHILARACU INVERSIONES, SIMCAV
SCHOLA DE INVERSIONES, SIMCAV
SEA WOLF SIMCAVF
SEBORUCO, SIMCAV
SECRAM INVERSIONES SIMCAV
SECUOYA DE INVERSIONES, SIMCAV
SECURE INVERSIONES
SECURITY ANALYSIS INVESTMENTS, SIMCAV
SEDOR GLOBAL, SIMCAV
SEGRE 2000, SIMCAV
SEISBECISA, SIM
SELACO 99 INVERSIONES, SIMCAVF
SELECCIN DIVERSIFICADA, SIMCAV
SELEGNA RENTA VARIABLE, SIMCAV
SELEGNA, SIMCAVF
SEMOB 2001, SIMCAV
SENDA DE VITE, SIMCAV
SENESTRELLA, SIMCAV
SENTANI DE VALORES MOBILIARIOS, SIMCAV
SENY 97, SIMCAV
SEQUIA INVERSIONS SIMCAV
SERANTES CARTERA, SIMCAVF
SERECO INVERSIONES, SIMCAV
SERGAMA INVERSIONES, SIMCAV
SERGROBE DE INVERSIONES
SETOBA DE INVERSIONES, SIMCAV
SEVIDON, SIMCAV
SG 2000 INVERSIONES, SIMCAV
SHARE INVERSIONES
SHILLING INVERSIONS, SIMCAVF
SHUTTLE INVERSIONES, SIMCAV
SICBI, SIMCAV
SICEUTA
SIERRA JAPI, SIMCAVF
SIERRA TOLEDANA DE INVERSIONES, SIMCAV
SIGLO XXI BOLSA, SIMCAV
SIGLO XXI INVERSIONES GLOBALES, SIMCAVF
SIGMA DIVERSIFICACION
SIJUCRI, SIMCAV
SILENO INVESTMENT SIMCAVF SA
SILEO 6 INVERSIONS, SIMCAV
SILGA GESTION, SIMCAV
SILGARPO SIMCAV
SILLA INVERSIONES SIMCAV
SILLEIRO DE INVERSIN, SIMCAV
SILOBAR
SILURIC, SIMCAV
SILURO INVERSIONES, SIMCAV
SIMA AHORRO, SIMCAV
SIMA INVERSIONES, SIMCAV
SIMAR INVERSIONES, SIMCAV
SIMCOVAS GRUP, SIMCAV
SIMHERSAN
SIMI PARILLION, SIMCAV
SIMPLICITY SELECT, SIMCAV

2002
2003
Annual trading
2002
22,117
30,561
19,000
7,993
24,962
24,778
20,779
16,131
15,146
21,525
26,080
24,561
0
21,480
3,241
7,533
48,960
25,002
6,900
23,800
0
3,990
27,075
24,276
4,135
27,695
1,372
17,886
26,080
24,266
19,920
5,349
3,080
0
8,177
22,454
28,440
0
0
24,920
23,800
17,120
10,758
25,002
30,170
22,718
31,433
18,398
8,390
25,844
26,455
20,587
16,323
18,030
22,511
0
25,283
24,281
21,480
3,212
8,034
50,320
28,608
7,920
24,762
25,002
4,220
35,200
25,284
4,568
28,464
0
17,910
28,960
24,916
20,440
6,852
3,160
24,209
8,418
23,704
29,360
24,569
24,531
25,280
24,762
18,280
11,359
25,964
31,132
636
16,843
0
6
2
58
0
29
14
770
704
9,024
0
972
1,424
413
0
0
66
10
0
428
2,595
954
40
1,555
33
572
3
300
1
194
44
0
1,033
253
478
0
0
165
2,405
2,348
312
0
16,257
14,162
0
0
251,944
18,752
6,130
24,942
7,653
23,325
20,960
15,681
61,440
0
23,159
15,377
24,820
25,747
26,599
16,400
6,251
25,844
8,494
24,046
22,160
16,306
72,000
0
24,121
2
0
0
96,541
21
10
132
0
16
112
22
0
0
1
2003
Date of listing in
15,201
20,690
0
0
2
73
2,044
38
10,196
1,001
66 Delisted 04/24/2003
9,305
3,273 05/21/2003
5
0
133
3,941
1,496
92
20
9 02/04/2003
276
2,017
90
26
0
0
44
690
6
2
2
17
7 01/08/2003
966
1,627
1,656
140 02/04/2003
0
141
13
495
161
1
3,402 Former BETA MULTIMEDIA,
SIMCAV
2
2 09-17/2003
58
19,587
14
270
940
10
20
1,215
21
0
0 09/12/2003
1
(Continues over)
196

(Continued)
A.2.19.
Companies
Annual trading
2002
2003
2002
SIMSON 2000, SIMCAV

SINAMA INVERSIONES, SIMCAV
SINE QUO NUM, SIMCAV
SINIPOLI
SIROCO EXPECTATIONS, SIMCAV
SIRVAL
SISAPON INVERSORES, SIMCAV
SJJ VALORES COROLYPSO SA, SIMCAV
SNOOPY INVERSIONES, SIMCAV
SOANDRES DE ACTIVOS SIMCAVF
SOCIEDAD DE CARTERA DEL VALLES - SOCARVE SOCIEDAD INSTITUCIONAL FINANCIERA, SIMCAV, S
20,370
11,059
16,299
19,760
99,167
0
16,797
0
19,336
331,200
5,600
12,922
21,453
11,419
17,886
21,760
101,210
0
18,199
18,160
20,034
0
6,200
13,262
26
11
871
32
1
0
227
0
2,349
50,005
63
0
SOCIEDAD MADRILEA DE INVERSIN MOBILIARIA

SOCIEDAD MEDITERRNEA ASSET MANAGEMENT,SIMCAV
SOCIEDAD VALENCIANA TENEDORA DE VALORES, SIMC
SOCIETY FAMITEX, SIMCAV
SOCYAM, SIMCAV
SOFORT GESTIN, SIMCAV
SOFROSINE, SIMCAV
SOGAPRIM, SIMCAV
SOGAZA DE INVERSIONES, SIMCAV
SOIXA
SOL Y SOMBRA, INVERSIONES SIMCAV
SOLCA INVERSIONES, SIMCAV
SOLE BOADA INVERSIONS, SIMCAV
SOLEMEG, SIMCAV
SOLGIM INVERSIONES, SIMCAV
SOLMA INVERSIONES, SIMCAV
SOLRAC INVERSIONES 2000 SIMCAV
SOMOLINOS INVERSIONES, SIMCAV
SOMOSUSA, SIMCAV
SONORA GLOBAL SIMCAV
SOOLHASI, SIMCAV
SORIELA INVERSIONES, SIMCAV
SORNI CAPITAL, SIMCAV
SOROA INVERSIONES, SIMCAV
SORRAL INVERSIONES SIMCAVF
SORUGES DE INVERSIONES, SIMCAV
SOSMART INVERSIONES
SOTAVENTO DE VALORES SIMCAV
SOUK-EL- ARBA SIMCAV
SOUTH HILL
SPILBO INVERSIONES, SIMCAV
SPLIT INVERSIONES, SIMCAV
SPOT INVERSIONES, SIMCAVF
SPQLA DE VALORES, SIMCAVF
SPRINGMAX, SIMCAV
ST MORITZ INVERSIONES, SIMCAV
STAMVALOR INVERSIONES, SIMCAV
STARDUST, SIMCAV
STELLARIA, SIMCAV
STEP GESTIN, SIMCAV
STERLING INVERSIONES, SIMCAV
STOCK AREA, SIMCAV
STOCK INVERSIONES
STRATEGIC CARTERA, SIMCAV
STRIP INVERSIONES, SIMCAV
SUALFER INVERSIONES, SIMCAV
SUBAIDA FINANCIERA, SIMCAVF
33,952
32,840
0
20,194
73,724
35,460
19,100
17,520
20,467
26,963
5,950
10,770
15,031
19,800
0
21,636
18,132
23,401
21,880
17,309
24,440
0
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
23,920
0
22,021
0
25,280
3,288
30,240
19,140
22,320
26,640
15,000
35,360
25,685
19,713
73,724
37,560
21,100
18,960
21,717
26,963
6,491
11,455
15,007
21,700
0
23,319
19,439
29,052
22,760
16,828
25,160
19,180
18,759
14,040
24,978
21,401
17,660
15,921
24,437
150,000
13,895
21,955
12,900
15,360
24,810
16,155
21,156
25,182
12,552
23,175
9,171
30,560
3,540
31,880
52,240
23,080
29,280
0
103
0
2
967
110
24
139
190
3
27
58
2
1,339
0
33
21
889
433
147
24
0
54
18
0
94
419
2
0
104
331
409
0
28
0
32
11
13
1
5
0
207
387
1,113
13,571
181
414
2003
Date of listing in
0
20
254
192
0
0 Delisted 05/15/2003
430
1
18
0
121
15 Former SAFEI
TECNOLOGIA, SIMCAV
101
804
2 04/30/2003
0
633
242
26
128
35
6
22
2,971
0
1
0 11/03/2003
22
21
114
20
16
14
22 11/03/2003
55
33
2
167
205
2
0
47,484
1,535
110
1
75
0
38
386
11 Former EPECUEN, SIMCAV
29
6
7 01/08/2003
64
14
5
2,038
1,030
637
(Continues over)
197

(Continued)
A.2.19.
Companies

2002
2003
Annual trading
2002
2003
SUCCESS INVERSIONES, SIMCAV
27,226
27,707
4,195
3,481
SUJA 12, SIMCAVF

SUNBERPRIZE 13, SIMCAV
SUNDAY DE INVERSIONES, SIMCAV
SUNEO CAPITAL, SIMCAVF
SUNGAVE LAND, SIMCAV
SUNTAN, SIMCAVF
SUPERNEWS INVESTMENT, SIMCAV
SURABAYA 2000, SIMCAV
SURENOR INVERSIONES, SIMCAV
SURFUP, SIMCAV
SWINBERG INVERSIONES, 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 SA
TARCAL INVERSIONES, SIMCAV
TARRACISA
TASDEY DE INVERSIONES, SIMCAV
TATE INVERSIONES SIMCAV
TATESA INVERSIONES, SIMCAV
TAUPO INVERSIONES, SIMCAV
TAWARZAR 2 S-1, SIMCAV
TAWARZAR 2 S-2, SIMCAV
TB SIGLO XXI INVERSIONES, SIMCAV
TEAM SPIRIT, SIMCAV
TEBROS DE INVERSIONES, SIMCAV
TECAMIRA DE INVERSIONES, SIMCAVF
TEEBEEGEE INVESTMENT, SIMCAV
TEGOYO 2003, SIMCAVF
TEHYS INVERSIONES, SIMCAV
TELEIXO INVERSIONES, SIMCAV
TELNET INVERSIONES, SIMCAV
TEMPERA INVERSIONES SIMCAV
TEMPLE FINANCE, SIMCAV
TENA INVERSIONES, SIMCAVF
TENDENCIAS DE VALORES SIMCAV
TENORIO 98, SIMCAV
TEPIC DE INVERSIONES, SIMCAV
TERAINA, SIMCAVF
TERMIA INVERSIONES, SIMCAV
TERRA FINANCE, SIMCAV
TERTON INVERSIONES, SIMCAVF
TESCO VALORES, SIMCAV
TESTARDO INVERSIONES, SIMCAV
TESTARROSA 1985, SIMCAV
TEXERA DE INVERSIONES SIMCAV
TEXFINCO, SIMCAV
TEXRENTA INVERSIONES
TG MANAGEMENT INVERSIONES 2002, SIMCAV
THALASSA DE INVERSIONES, SIMCAV
19,449
0
22,006
21,636
19,048
17,605
0
22,999
25,801
24,985
0
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
0
14,320
17,244
6,852
12,044
21,717
22,045
13,500
16,125
21,597
97,000
20,915
0
0
21,011
13,997
18,343
24,762
30,850
24,377
7,557
17,027
22,880
17,532
5,400
31,080
0
17,045
16,444
24,218
44,100
42,850
22,318
18,711
20,434
37,693
23,858
22,838
21,982
17,893
0
23,199
0
26,878
24,630
12,940
17,164
19,103
17,532
24,762
21,413
38,976
19,481
14,320
21,475
20,779
25,373
24,041
0
19,144
17,581
7,308
14,593
22,678
21,925
13,350
16,550
22,775
96,000
22,758
0
0
21,612
15,103
20,579
25,699
31,350
24,690
8,679
17,508
22,920
17,172
5,589
32,340
23,954
17,574
19,473
24,988
46,171
57,450
23,377
19,336
5
0
9,760
187
10,793
24
0
5,551
3
667
0
273
46
269
4,175
695
22
1
109
115
3
121
213
0
0
2
0
6
0
20,940
4,234
18
1,640
1
19,229
218
0
0
38
19
107
11
94
68
32
10,808
37
1
1
499
0
287
1,169
1
52
45
2
1
4
2
0
226
2,021
4,102
0
2,354
0
2,800
238
9
22
121
1,762
2
30
0
152
6
622
28
30
3
0
7
2
2,889
0
1
1
12,015
3
4
0
0
0
0
39
20
794
502
38
81
22
1,219
33
0
1
2,481
18
109
1
0
32
26
31
1
Date of listing in
Former YANKI INVEST,
SIMCAV
10/22/2003
08/11/2003
06/11/2003
06/11/2003
07/28/2003
09/01/2003
(Continues over)
198

(Continued)
A.2.19.
Companies
THISHUL INVESTMENT SIMCAV
TIBEST CINCO
TIBEST DOS
TICAN DIVERSIFICADA, SIMCAV
TIEBAS DE INVERSIONES, SIMCAV
TITAR DE INVERSIONES
TIGNA VENTURA, SIMCAV
TIGRIS INVERSIONES, SIMCAV
TIMBERLINE INVESTMENT, SIMCAV
TIMING INVERSIONES, SIMCAV
TIQUE INVESTMENT, SIMCAVF
TISU INVEST, SIMCAV
TTULOS ALCALA, SIMCAV
TTULOS BALBOA, SIMCAV
TTULOS BILBAO
TTULOS CUZCO, SIMCAV
TTULOS ESTRAUNZA, SIMCAV
TTULOS GALICIA
TTULOS IGUELDO, SIMCAV
TTULOS IMBACA, SIMCAV
TIZONA INVEST SIMCAV
TOFI DE INVERSIONES, SIMCAVF
TOGAEST INVERSIONES, SIMCAV
TOGOINVEST, SIMCAV
TOJABI INVERSIONES, SIMCAV
TOMASON DE INVERSIONES, SIMCAV
TOMKA INVERSIONES SIMCAV
TOPAZ INVERSIONES SIMCAV
TORDESILLAS DE INVERSIONES, SIMCAV
TORRELLA INVERSIONES, SIMCAV
TORRENOVA INVERSIONES
TORREVALORES, SIMCAV
TORRIJOS INVERSIONES, SIMCAV
TORRLA INVERSIONES 2000, SIMCAV
TOVACOR INVERSIONES, 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
TREVEGIL INVERSIONES, SIMCAV
TRICON INVERSIONES, SIMCAV
TRIENTE INVERSIONES, SIMCAV
TRIFU INVEST, SIMCAVF,SA
TRIGAL INVERSIONES, SIMCAV
TRINIDAD INVERSIONES SIMCAV
TRONADORA DE INVERSIONES, SIMCAVF
TRUCHA INVERSIONES, SIMCAV
TRURE CAPITAL, SIMCAV
TRUST IN ITACA, SIMCAVF
TRUVI DE INVERSIONES, SIMCAV
TTH DE INVERSIONES, SIMCAV
TUCANA INVERSIONES, SIMCAV
TUGO INVERSIONES, SIMCAV
TULIACAN, SIMCAVF
TULIPN DE INVERSIONES, SIMCAV
Annual trading
2002
2003
2002
2003
22,438
14,539
23,310
21,010
15,801
10,308
54,820
6,977
0
18,735
0
20,314
0
0
33,440
3,291
19,240
5,160
25,741
22,030
20,987
23,480
18,671
0
21,636
12,640
25,393
26,599
21,068
14,880
230,516
17,960
12,314
20,675
20,755
18,038
20,779
26,213
16,877
20,611
18,040
0
15,434
20,587
12,333
20,340
0
20,603
10,241
25,150
23,279
19,375
139,860
21,791
17,797
7,392
55,241
9,281
0
19,721
24,521
21,476
39,306
36,782
40,000
3,887
23,088
5,867
29,632
23,377
21,877
24,201
20,074
24,880
22,358
13,040
26,174
28,908
22,342
16,920
245,200
19,720
13,781
21,877
21,982
20,322
22,006
83,901
18,006
20,948
25,320
17,268
16,155
20,924
13,270
23,670
24,962
22,141
9,833
25,400
1,126
2,104
36
267
2
12
0
1,530
0
207
0
2,031
0
0
842
1,028
968
76
965
2,678
103
2,499
514
0
10
2
979
997
790
280
4,453
2,189
5
0
611
0
16
3
137
1
33
0
5,318
837
82
19
0
1
119
1,660
2,312
21
1,600
57
14
74
0
3
0
173
1
1
36
4,590
644
380
834
41
1,420
121
363
3,155
30
68
1,673
502
1,015
723
21
402
16,740
27
432
0
1,559
1,043
20
5
2
0
12
0
887
29
77
155
41
1
1,504
3,497
19,040
19,962
25,290
15,897
20,370
21,720
10,340
0
20,875
20,002
20,587
26,612
16,715
21,789
22,680
10,900
25,143
20,322
0
11
1,420
538
2
27
352
0
1
271
10
4,462
2
3
22
293
17
0
Date of listing in
12/23/2003
05/29/2003
03/13/2003
11/27/2003
04/03/2003
01/10/2003
03/24/2003
Former TORROFISA,
SIMCAV
(Continues over)
199

(Continued)
A.2.19.
Companies

2002
2003
Annual trading
2002
TULUM INVESTMENT, SIMCAV

TUNDRA 99 SIMCAVF
TURA INVESTMENT, SIMCAV
TURQUESA 2000 INVERSIONES, SIMCAV
TUSAK INVERSAM, SIMCAV
TXILUAGI, SIMCAV
TYROL INVERSIONES, SIMCAVF
UBS SELECCIN CRECIMIENTOF
UBS SELECCIN EQUILIBRADA, SIMCAVF
UBS SELECCIN RENTA VARIABLE, SIMCAVF SA
UGBA INVERSIONES, SIMCAV
ULEILA SANTA MARIA INVERSIONES, SIMCAV
ULLS NOUS, SIMCAV
UMASGES, SIMCAV
UNDARTE DE INVERSIONES, SIMCAV
UNIFIN INVESTMENTS, SIMCAVF
UNIFOND
UNIMAT INVERSIONES, SIMCAV
UNIN 400 SIMCAV
UNIN ESPAOLA DE INVERSIONES
UNIN TIRRENIA, SIMCAV
UNIPROM 98 SIMCAV
UNIVEL INVERSIONES, SIMCAV
UNIVERSAL DE INVERSIONES
UPTREND INVESTMENTS, SIMCAVF
URBEL 2000 DE INVERSIONES, SIMCAV
URC PATRIMONIS, SIMCAV
URCUIT, SIMCAV
URMAR INVERSIONES, SIMCAVF
URO INVERSIONES, SIMCAV
URQUIJO CARTERA DINAMICA, SIMCAV
URQUIJO CARTERA FONDOS INTERNACIONALES , SIMC
URQUIJO COOPERACION SIMCAV
15,633
7,513
16,548
20,194
18,752
18,049
21,733
24,281
21,396
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
29,149
12,506
23,593
20,675
18,992
11,568
17,737
0
17,200
16,017
8,414
19,353
21,156
19,232
22,331
22,959
0
22,438
29,570
19,762
18,030
20,434
9,416
20,467
11,000
28,120
23,464
24,306
37,248
24,081
13,080
30,435
1,444
31,253
13,684
25,277
21,636
21,396
13,059
20,693
24,579
36,437
21
0
676
13
13
7,174
639
0
19,008
0
196
12
27
3,360
1
33
1,944
0
136
8
1
8
5,664
114
13
642
1,074
11
13
4
2,201
0
22,122
USATEGI INVERSIONES, SIMCAV

UVAFS, SIMCAVF
UXAMA INVERSIONES
VABUVA, SIMCAV
VACONTE INVERSIONES SIMCAV
VADERCAP INVERSIONES, SIMCAV
VAIMESA
VAINGU INVERSIONES, SIMCAV
VALAIS INVESTMENTS, SIMCAV
VALBORSA, SIMCAV
VALBRAN DE INVERSIONES, SIMCAV
VALCORONA INVERSIONES, SIMCAV ,SA
VALDARBI INVEST, SIMCAVF
VALDEARENAS INVERSIONES, SIMCAV
VALDECAAS 99, SIMCAV
VALDECARROS 2000, SIMCAV
VALDECRUZ INVERSIONES, SIMCAV
VALDEFRADES DE INVERSIONES, SIMCAV
VALDEOLEA DE INVERSIONES SIMCAV
VALDEREY CAPITAL, SIMCAV
VALDILLANA INVERSIONES, SIMCAVF
VALDIS DE INVERSIONES, SIMCAV
VALDORBA INVERSIONES, SIMCAV
VALENCIANA DE VALORES
VALIBESA
VALINRE, SIMCAV
0
0
8,940
12,958
23,560
14,424
38,320
22,358
26,799
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
12,862
24,521
10,340
12,453
25,243
20,194
39,240
23,079
27,040
25,000
18,271
25,440
23,800
12,501
17,965
17,333
16,119
24,967
16,234
19,000
26,586
4,250
10,890
143,520
49,711
26,375
0
0
90
27
0
12
106
1,070
116
12,035
14
4
134
0
1
1,333
0
12
2
502
39
382
0
560
119
454
2003
Date of listing in
2,102
9
152
20
20
373
1,253
1 Delisted 11/24/2003
11,869
19,693
2,325
20
22
20
2,400
2
1,383
0
440
19
1
3
325
2
13
12
980
20
22
562
1,384
14,706 11/06/2003
19,309 Former EMESA
GLOBAL, SIMCAV
1,202
22 01/27/2003
4,960
2,433
0
20
231
22
27
162
21
14
872
0
300
340
0
151
1
7
137
3,616
3
1,259
230
122
(Continues over)
200

(Continued)
A.2.19.
Companies
VALLISOLETANA DE VALORES
VALMER DE INVERSIONES, SIMCAV
VALMON INVERSIONES, SIMCAV
VALOR GLOBAL MUNDIAL 2000, SIMCAV
VALOR XXI
VALORES BILBAINOS
VALORES CORONA
VALORES DE VALDERRAMA, SIMCAVF
VALORES DEL DARRO, SIMCAV
VALORES DEL PRINCIPADO
VALORES DIVERSIFICADOS, SIMCAVF
VALORES GLOBALES, SIMCAV
VALORES INDUSTRIALES
VALORES MADRID
VALORES MEDITERRNEOS
VALORES MOBILIARIOS DEL EBRO, SIMCAV
VALORES MOBILIARIOS HERRERO
VALORES RIOVAL, SIMCAV
VALORES TRADICIONALES, SIMCAV
VALRENT
VALRIMA, SIMCAV
VALRRUBIO SIMCAV
VALSEL INVERSIONES, SIMCAVF
VALSIP INVERSIONES, SIMCAV
VALTISA
VALUE INVERSIONES
VALVANERA INVERSIONES, SIMCAV
VALVERDE INVERSIONES, SIMCAV
VANCOUVER INVERSIONES, SIMCAV
VAPALSA 2002, SIMCAV
VASAN FINANCIERA, SIMCAV
VASANVA, SIMCAV
VAYOMER, SIMCAV
VAZABI GESTION SIMCAV
VELABOIT, SIMCAV
VELLON INVESTMENT, SIMCAV
VENETO INVERSIONES SIMCAV
VENTURADA DE INVERSIONES, SIMCAV
VERIESA
VERTIENTE INVERSIONES, SIMCAV
VERTISOL CARTERA SIMCAVF SA
VERTRA INVERSIONES, SIMCAV
VESENAZ INVERSIONES, SIMCAV
VIATANEXIS, SIMCAV
VICENTE FINANZAS, SIMCAV
VICOLO INVERSIONES, SIMCAVF
VICTORIA VALORES
VIDEOWAVE INVERSIONES, SIMCAV
VIDMES FINANCIAL SIMCAV SA
VIDRIOLA INVERSIONES, SIMCAV
VIFAG 2002, SIMCAV
VIGIL 2001, SIMCAV
VIGORINVERSION SIMCAV
VIKINVEST,SIMCAV,SA
VILACASA DE INVERSIONES, SIMCAV
VILLAMAR INVERSIONES, SIMCAV
VILLAMARTA FINANCE SIMCAV
VILLANDRY DE INVERSIONES, SIMCAV

2002
2003
Annual trading
2002
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
0
0
3,660
18,800
24,411
6,130
21,640
1,996
8,983
16,550
0
9,833
21,789
24,281
10,200
16,588
15,626
16,600
23,439
21,372
21,236
34,720
63,120
24,281
23,415
0
0
18,992
23,776
19,160
0
0
23,800
0
12,360
24,291
18,038
17,532
17,950
62,280
16,640
22,117
18,271
28,400
35,616
2,321
30,051
30,652
4,368
21,165
22,367
0
3,080
8,420
18,280
16,254
25,464
26,386
3,480
19,640
25,854
6,972
22,960
0
9,818
18,575
0
8,871
24,411
25,002
12,140
17,069
16,348
16,920
24,762
22,165
21,765
37,200
68,160
24,762
24,762
22,511
24,121
19,473
25,026
19,800
24,050
24,401
24,281
24,603
12,840
25,734
20,106
19,769
18,550
258
3
27
27
424
17
175
0
18,466
104
1,726
1
0
0
0
1,876
6,858
0
0
60
165
31
2,431
61
39
703
1,510
0
20
1,402
2,974
1
13
13
164
1,350
35
2
27
7
1
6
0
0
11
42
87
0
0
10
0
535
904
829
1
1,524
8,550
35,175
8,755
35,953
40,136
3,177
Date of listing in
2003
264
6
22
21
1,355
26
1,268
1
5,000
348
22
1
0
4
4
37
660
15
4,272
22
108
361
22
21
0
2,200
557
0
22
0
3,820
601
20
21
7
2
49
2
21
63
1
1
17
1
20
58
49
2,599
1
20
0
9
1,066
1,091
4
177
03/06/2003
11/06/2003
05/29/2003
09/01/2003
03/07/2003
03/24/2003
Former PEDEMA
INVERSIONES, SIMCAV
38 Former KAREGO
FINANCE, SIMCAV
3
(Continues over)
201

(Continued)
A.2.19.
Companies
VILLANUEVA DE INVERSIONES, SIMCAV
VILLARIN INVERSIONES SIMCAV
VILLCAD BOLSA, SIMCAV
VIMAL DE INVERSIONES, SIMCAV
VIMASOL INVERSIONES, SIMCAVF, SA
VINADIVIA INVERSIONS, SIMCAV
VINARIA INVERSIONES, SIMCAV
VINCIT-93
VINIDIS INVERSIONES, SIMCAV
VIALES INVERSIONES, SIMCAVF
VIRALSA DE INVERSIONES, SIMCAVF
VIRIATO DE INVERSIONES
VIRIDIA 2000, SIMCAV
VIRKKALA, SIMCAVF
VISCASA
VISIFM, SIMCAV
VISOLDIC, SIMCAV
VIVAR INVERSIONES, SIMCAVF
VIVERO DE INVERSIONES SIMCAV
VOLGA DE VALORES MOBILIARIOS
VOLGA INVERSIONES, SIMCAV
VUIT-NORANTANOU, SIMCAV
WALDO-PHALDO INVESTMENT, SIMCAV
WALFIS FINANCE, SIMCAV
WANA INVERSIONES, SIMCAVF
WATERLANE, SIMCAV
WATT INVERSIONES MOBILIARIAS, SIMCAV
WAWY REEF, SIMCAV
WEBSTER INVERSIONES, SIMCAV
WEST RIVER
WHITE COAST INVESTMENT, SIMCAV
WIENER BLUT
WOLYSEN INVERSIONES, SIMCAV
WORLD POLICY SIMCAV
XAELA INVERSIONS, SIMCAV
XAIGA 2001, SIMCAV
XALOC-MESTRAL, SIMCAV
XAXELS FINANCE, SIMCAV
XITRUSA INVERSIONES, SIMCAV
XYLON-94
YACARETE, SIMCAV
YAINCOA SIMCAV
YAK INVESTMENT, SIMCAV
YBARVI DE INVERSIONES, SIMCAV
YIELD INVERSIONES
YLANG DE INVERSIONES, SIMCAV
YOQUI INVERSIONES, SIMCAV
YORBALINDA 2000 INVERSIONES FINANZAS, SIMCAV
ZABIMA INVERSIONES FINANCIERAS, SIMCAV
ZAMARRN, SIMCAV
ZAMBOA 2001 SIMCAV
ZANETT INVERSIONES, SIMCAVF
ZANISA DE INVERSIONES
ZANZIBAR INVERSIONES SIMCAV
ZAARTU 2000, SIMCAV
ZAVALAGA
ZAWAZKY DE INVERSIONES SIMCAV
ZELESTE 4, SIMCAV
ZELETA DE INVERSIONES
ZERAIN DE INVERSIONES SIMCAV

2002
2003
15,296
14,641
11,191
11,340
0
23,545
0
22,880
21,156
21,080
9,180
4,563
20,170
21,636
21,600
0
0
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
24,792
23,594
12,200
23,040
17,646
14,400
0
38,080
24,762
18,511
29,885
42,096
13,929
21,116
0
16,588
95,850
17,790
0
10,360
7,412
13,316
20,400
14,300
15,079
27,480
44,055
19,553
15,921
16,179
12,201
11,592
29,750
24,146
27,706
24,120
21,877
21,440
10,120
3,790
20,555
22,358
22,840
51,650
24,329
18,080
138,233
6,705
20,675
29,000
19,280
9,702
25,795
24,720
7,668
12,521
23,960
33,800
23,119
26,400
25,874
23,787
12,537
23,473
19,112
15,465
24,521
40,960
25,243
19,232
30,607
49,248
14,007
21,765
0
18,992
26,567
18,992
24,762
12,060
82,380
15,111
21,960
15,680
16,402
27,800
0
21,453
Annual trading
2002
3
763
607
27
0
6
0
56
732
26
35
2
0
0
2
0
0
102
7,155
0
329
353
25
3,268
843
963
18
854
34
239
1
405
25,526
241
3,001
1
52
1,820
0
1
98
13
4
1
432
605
0
134
16
27
0
349
2
1,918
982
113
0
73
79
0
2003
2
1,318
1,320
22
9
0
21
97
20
30
25
9
0
0
3
58
10,010
257
20,716
26
828
477
105
1,433
61
264
3,021
24
13
8,515
636
2,514
1
102
1,079
0
59
2
0
23
238
20
10,534
0
585
1,200
0
226
20
22
1,300
3,356
83
2,128
115
52
2
2
0
11
Date of listing in
11/06/2003
04/25/2003
12/05/2003
11/18/2003
02/27/2003
02/14/2003
Delisted 11/02/2003
(Continues over)
202

(Continued)
A.2.19.
Companies

2002
2003
Annual trading
2002
2003
ZEREPDOM, SIMCAV
ZERMATT-2000, SIMCAV
19,329
25,060
20,194
27,850
416
111
65
1,042
ZESTAO DE INVERSIONES, SIMCAV

ZIAMVE
ZIORVEL, SIMCAVF
ZIRI DE INVERSIONES, SIMCAV
ZONA EURO 3D
ZOOM INVERSIONES, SIMCAVF
ZUBAYDA GESTION DIVERSIFICADA, SIMCAV
ZUBIGON INVERSIONES 2002, SIMCAV
ZUBIREN CAPITAL, SIMCAV
ZUBIRENT INVESTMENTS, SIMCAV
ZUBISE FINANCIERA SIMCAV
ZUGARRAMURDI DE INVERSIONES, SIMCAV
36,120
3,928
20,850
19,408
8,250
20,491
27,707
0
0
22,003
14,875
21,260
40,620
4,312
22,500
20,443
0
23,232
22,887
24,747
6,150
23,570
17,794
21,501
8,062
4
0
1
86
51
522
0
0
5
14
295
732
5
16
100
23
141
518
709
10
4
23,616
55
Date of listing in
Former MULBAL
INVERSIONES, SIMCAV
Delisted 04/12/2003
12/05/2003
05/21/2003
203

A.2.20.
Secondary markets. Equities. Second market
Barcelona
Bilbao
Madrid
17
18
17
16
19
15
14
8
8
7
3
3
1
1
5
3
3
3
3
3
3
3
2
2
4
4
4
4
31
31
29
26
29
24
22
33,404
128,136
177,617
171,314
193,243
262,395
256,918
28,278
39,192
35,345
57,140
42,067
29,005
28,942
57,000
9,472
12,017
12,249
16,580
14,232
13,178
4,435
3,480
5,132
17,935
73,886
77,414
89,596
121,050
180,280
230,111
258,638
325,775
383,047
388,634
6,232
1,605
28,000
8,791
7,461
8,324
5,410
2,092
7,501
487
735
2,507
2,533
77
8,751
2,650
2,200
7,891
8,637
4,789
2,818
27
992
410
898
6,260
2,252
5,029
17,880
12,747
31,097
18,315
24,865
17,899
13,334
No. of securities
1997
1998
1999
2000
2001
2002
2003
Capitalisation(*)
1997
1998
1999
2000
2001
2002
2003
Trading volume(*)
1997
1998
1999
2000
2001
2002
2003
(*)
Valencia
Total
In thousands of euros.
A.2.21.
Secondary markets. Equities. Effective trading in Spanish securities on the New York
Stock Exchange
$Mn
BBVA
BSCH
Endesa
Repsol YPF
Telefnica
Telf. Mviles
Total
Pro Memoria:
Mn
26.3
30.8
625.6
481.4
313.5
409.0
410.1
674.2
331.4
292.0
790.6
607.7
496.1
47.8
107.5
366.3
369.4
310.1
566.3
697.5
699.4
323.8
609.9
555.1
627.1
520.7
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
435.5
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
890.9
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
2,042.3
16.6
11.0
10.9
24.4
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
4,409.8
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
3,899.4
0.2
0.3
0.5
1.0
8.1
9.9
10.3
10.9
13.3
7.2
5.0
2.6
1.5
4.9
2.3
1.4
1.2
Year
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
NYSE to Spanish market ratio (*)
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
1.6
10.1
17.9
21.3
14.9
7.8
4.3
3.1
1.2
0.4
1.5
0.9
0.6
3.2
5.4
12.2
10.1
17.7
10.6
6.4
2.9
0.7
1.1
1.2
0.9
0.6
53.3
43.4
23.4
15.7
26.8
7.6
4.9
3.3
1.8
1.8
1.8
2.0
1.2
65.1
22.7
43.6
40.0
49.9
33.9
15.0
12.4
5.1
5.1
3.8
4.6
2.0
80.4
64.9
39.5
34.9
24.8
13.6
12.7
6.2
3.6
14.1
5.2
2.7
1.9
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.
204

A.2.22.
Secondary markets. Fixed-income.
Trading volume in organised markets
Nominal trading in millions of euros
Change (%)
2000
Government debt book-entry system (*)
Treasury bills
Stock exchanges (**)
Electronic market
Outcry market
AIAF
Commercial paper
Matador bonds
Mortage and territorial covered bonds
Bonds and debentures(1)
2001
2002
2003
1,639,772.0 2,041,757.7 2,310,943.1 2,246,881.5

1,559,952.2 1,983,641.5 2,270,847.2 2,157,130.3
79,819.8
58,116.2
40,095.9
89,751.2
2001/00
2002/01
2003/02
24.5
27.2
-27.2
13.2
14.5
-31.0
-2.8
-5.0
123.8
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
75,058.4
2,354.4
72,704.0
41.2
21.3
42.2
23.8
-14.2
25.4
5.5
15.1
5.2
100,758.8
47,342.4
1,140.6
2,260.4
50,015.5
143,732.8
100,812
2,000.7
2,100.1
38,820
272,470
212,702
3,458.0
4,164.0
52,146
384,089.2
265,603.6
3,107.2
20,684.5
94,693.9
42.7
112.9
75.4
-7.1
-22.4
89.6
111.0
72.8
98.3
34.3
41.0
24.9
-10.1
396.8
81.6
(*)
Includes only outright spot trades.

Effective amount.
(1)
Includes preference shares.
Sources: Bank of Spain, AIAF and CNMV.
(**)
A.2.23.
12/31/02
Amount
Treasury bills
Unstripped bonds and debentures
Principal STRIPs
TOTAL
Pro memoria:
Coupon STRIPs
12/31/03
Change (%)
2003-2002
% of total
Amount
% of total
35,831
235,029
12,582
12.6
82.9
4.4
38,766
233,313
13,155
13.6
81.8
4.6
8.2
-0.7
4.6
283,441
100.0
285,235
100.0
0.6
8,012
2.8
8,367
2.9
4.4
Source: Bank of Spain.
205

A.2.24.
Trading volume (outright spot trades)
1998
1999
2000
2001
2002
2003
January
February
March
April
May
June
July
August
September
October
November
December
Source: Bank of Spain.
206
Treasury
bills
Total
Maturing
under 1 year
Maturing
1-2 years
Maturing
2-4 years
Maturing
over 4 years
100,554
79,839
79,820
58,116
40,096
89,751
1,653,950
1,774,765
1,559,952
1,983,641
2,270,847
2,157,130
76,187
75,618
80,327
75,031
179,855
65,937
79,628
107,920
61,732
222,720
114,683
181,551
375,078
388,767
344,487
397,529
417,820
413,344
1,123,057
1,202,460
1,073,406
1,288,361
1,558,490
1,496,299
2,970
3,494
4,061
6,630
9,515
7,540
7,881
7,240
5,151
8,145
16,379
10,745
244,307
217,301
197,888
177,504
198,271
198,553
207,997
166,891
163,436
158,967
121,394
104,620
15,046
3,316
3,466
3,828
4,505
4,562
8,976
4,213
3,602
2,892
7,085
4,445
14,197
19,033
27,818
17,105
15,850
13,178
10,926
14,418
14,231
13,964
9,042
11,788
53,053
48,377
41,434
26,919
31,005
40,555
36,149
35,802
27,101
25,934
22,534
24,482
162,010
146,575
125,170
129,652
146,912
140,258
151,946
112,459
118,502
116,176
82,733
63,906
A.2.25.
Secondary markets. Fixed-income. AIAF
Number of issuers and issues, and outstanding balances at 31 December
Issuers
Issues
2001
Segments
2001
2002
2003
2001
2002
2002
2003
2003
Amounts
% of total
Amounts
% of total
Amounts
% of total
Change (%)
2003/02
Commercial paper(1)
Matador bonds
Covered bonds(2)
Debentures and bonds
43
31
6
145
49
25
8
169
58
21
10
216
1480
143
17
377
1459
56
22
453
1504
40
34
581
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
3.0
17.4
63.1
30,282.1
2,975.6
41,912.7
121,972.3
15.4
1.5
21.3
61.9
43.4
-20.6
90.1
52.3
TOTAL
200
228
270
2017
1990
2159
103,103.6
100.0
127,003.1
100.0
197,142.7
100.0
55.2
(1)
(2)
Includes corporate commercial paper and securitised commercial paper.

Includes mortgage and territorial covered bonds.
207

Total
Matador
bonds
Non-cover- Non-covertible
Mortgagetible bonds debentures
backed bonds
Asset-backed
bonds
Mortgage
bonds
Territorial
bonds
Commercial Securitised
paper
omm. paper
Preference
shares
2002
272,470
3,458
1,495
13,306
23,793
11,321
4,164
205,540
7,162
2,231
2003
384,089
3,107
6,591
14,608
33,341
36,696
16,745
3,939
261,612
3,991
3,457
30,344
26,250
28,164
31,172
29,391
32,814
35,045
22,055
30,013
37,878
37,198
39,826
321
304
314
333
287
168
281
166
414
340
169
11
31
33
280
365
829
141
84
53
795
2,280
267
1,434
1,028
1,033
961
945
954
366
2,411
1,215
1,852
1,466
1,614
764
2,218
2,207
2,340
3,504
3,125
2,697
3,218
3,325
2,041
2,278
2,497
3,891
1,049
1,473
2,388
1,219
1,084
4,276
1,696
1,066
2,589
3,672
5,698
10,487
3,879
755
1,193
1,492
769
845
1,160
630
1,017
1,908
1,926
1,170
0
0
0
1,522
8
7
2,073
68
132
31
33
67
21,093
19,859
20,076
22,594
21,802
23,648
25,504
15,337
20,652
24,822
24,654
21,571
481
245
434
415
261
414
286
142
447
455
127
286
242
343
178
306
280
259
405
121
206
657
246
212
Change (%) 2003/02
39.5
-10.1
340.9
9.8
40.1
224.2
302.1
27.3
-44.3
54.9
Pro memoria:
proprietary trading (%)
2002
2003
15.3
14.3
94.7
96.3
3.8
1.2
68.6
50.7
83.2
95.8
30.6
25.6
4.9
1.1
0.1
2.3
1.1
12.7
1.7
2.4
1.6
January
February
March
April
May
June
July
August
September
October
November
December
208
A.2.26.
Secondary markets. Fixed-income. AIAF.
Trading volume. 2003
A.2.27.
Secondary markets. Fixed-income. AIAF.
Trading volume by sector. 2003
Sector
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Bonds and
debentures
Mortgagebacked
bonds
Nuclear
securitised
bonds
Total AIAF
Mortgage
bonds
Commercial Securitised
paper
omm. paper
Preference
shares
Territorial
bonds
Mn
Oil
Energy and water
Chemicals
Textile & paper
Metal-mechanical
Food
Construction
Real estate
Other
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
516.8
1,172.5
0.0
0.0
0.0
5.7
0.0
12.5
23.8
4.5
7,325.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
344.3
4,500.7
0.0
0.0
0.0
0.0
0.0
0.0
691.0
0.0
2,210.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
861.1
5,673.2
0.0
0.0
0.0
5.7
0.0
12.5
714.8
4.5
9,536.2
0.0
0.2
1.5
0.0
0.0
0.0
0.0
0.0
0.0
0.2
0.0
2.5
0.0
TOTAL NON-FINANCIAL SECTOR
0.0
9,061.7
0.0
0.0
0.0
7,746.3
0.0
0.0
0.0
16,807.9
4.4
Banks
Insurance
Portfolio companies
SIM
Finance companies
Securities firms
0.0
0.0
0.0
0.0
0.0
0.0
8,231.3
136.4
0.0
0.0
185.7
0.0
0.0
0.0
0.0
0.0
33,340.6
0.0
0.0
0.0
0.0
0.0
36,696.4
0.0
16,745.2
0.0
0.0
0.0
0.0
0.0
250,451.5
0.0
0.0
0.0
916.4
0.0
0.0
0.0
0.0
0.0
3,991.4
0.0
0.0
0.0
0.0
0.0
3,457.0
0.0
3,939.3
0.0
0.0
0.0
0.0
0.0
279,367.3
136.4
0.0
0.0
78,587.5
0.0
72.7
0.0
0.0
0.0
20.5
0.0
TOTAL FINANCIAL SECTOR
0.0
8,553.3
33,340.6
36,696.4
16,745.2
251,367.9
3,991.4
3,457.0
3,939.3
358,091.1
93.2
State
Local governments
Other government agencies
State bodies
0.0
0.0
0.0
0.0
0.0
3,107.2
0.0
234.5
502.3
13.4
2,834.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2,010.4
487.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
234.5
502.3
13.4
4,845.0
3,594.9
0.0
0.1
0.1
0.0
1.3
0.9
TOTAL PUBLIC SECTOR
3,107.2
3,584.9
0.0
0.0
0.0
2,498.1
0.0
0.0
0.0
9,190.1
2.4
TOTAL
3,107.2
21,199.9
33,340.6
36,696.4
16,745.2
261,612.2
3,991.4
3,457.0
3,939.3
384,089.2
100.0
209
18
19
20
21
22
23
Matador
bonds

A.2.28.
Secondary markets. Fixed-income. Stock exchanges.
Number of issuers and issues, and listed capital at 31 December
Madrid
Barcelona
Bilbao
Valencia
Total
Number of issuers
1996
1997
1998
1999
2000
2001
2002
2003
126
117
95
61
73
51
41
38
81
69
65
91
81
54
47
45
86
72
67
93
81
55
49
46
56
54
52
84
77
53
45
42
153
142
115
110
95
63
58
56
Number of issues
1996
1997
1998
1999
2000
2001
2002
2003
683
753
657
569
454
267
176
149
553
508
477
584
491
272
200
220
569
477
405
513
420
274
192
168
503
451
410
546
469
285
221
186
851
937
835
764
636
299
260
275
17,963
16,929
13,998
13,265
10,419
9,174
7,181
4,678
10,813
8,988
8,204
14,934
14,197
9,250
10,039
11,965
15,211
11,567
9,286
12,537
10,428
9,237
8,145
5,736
9,320
7,036
5,806
11,609
10,673
10,501
8,824
6,155
22,424
22,016
19,851
20,521
18,266
10,639
12,644
14,500
Listed capital
(Mn)
1996
1997
1998
1999
2000
2001
2002
2003
Excluding securities listed on the Government Debt Book-Entry market, even where they could be traded on the stock exchange.
210
A.2.29.
Issuers by sector. 2003
Number of issuers
Sector
0
1
2
3
4
5
6
7
8
9
10
11
Oil
Energy and water
Chemicals
Textile & paper
Metal-mechanical
Food
Construction
Real estate
Other
Madrid Stock
Exchange
Barcelona
Stock
Exchange
Bilbao
Stock
Exchange
Valencia
Stock
Exchange
All stock exchanges

Total market
Electronic
market
Outcry
market
0
2
1
1
0
0
0
0
0
1
4
1
0
2
2
1
0
0
0
0
0
1
5
1
0
2
1
1
0
0
0
0
0
1
4
1
0
2
2
1
0
0
0
0
0
1
5
1
0
2
1
1
0
0
0
0
0
1
4
1
0
0
1
0
0
0
0
0
0
0
1
0
10
10
12
10
12
10
12
13
14
15
16
17
15
0
1
0
0
0
17
0
1
0
2
0
16
0
1
0
0
0
18
0
1
0
0
0
21
0
1
0
2
0
15
0
1
0
0
0
7
0
0
0
2
0
16
20
17
19
24
16
1
0
1
4
2
4
1
1
2
5
2
4
1
1
4
5
2
4
1
1
1
4
2
4
1
3
4
6
2
4
1
0
1
4
2
4
0
3
3
2
0
0
TOTAL PUBLIC SECTOR
12
15
17
13
20
12
TOTAL
38
45
46
42
56
38
19
Banks
Insurance
Portfolio companies
SIM
Finance companies
Securities firms

18
19
20
21
22
23
State
Local governments
State bodies
Excluding warrant issues and references listed on the Government Debt Book-Entry market.
211
0
2
1
1
0
0
0
0
0
1
4
1
Number of issues
Sector
0
1
2
3
4
5
6
7
8
9
10
11
Oil
Energy and water
Chemicals
Textile & paper
Metal-mechanical
Food
Construction
Real estate
Other
Madrid Stock
Exchange
Barcelona
Bilbao Stock Valencia Stock
total Exchange
Exchange
Exchange
All stock exchanges

Total market
Electronic
market
Outcry
market
0
8
1
1
0
0
0
0
0
1
14
2
0
8
1
1
0
0
0
0
0
1
14
2
0
8
2
1
0
0
0
0
0
1
15
2
0
8
1
1
0
0
0
0
0
1
14
2
0
8
2
1
0
0
0
0
0
1
15
2
0
8
1
1
0
0
0
0
0
1
14
2
0
0
1
0
0
0
0
0
0
0
1
0
27
27
29
27
29
27
12
13
14
15
16
17
60
0
1
0
0
0
62
0
1
0
10
0
65
0
1
0
0
0
75
0
1
0
0
0
82
0
1
0
10
0
60
0
1
0
0
0
22
0
0
0
10
0
61
73
66
76
93
61
32
18
19
20
21
22
23
8
0
2
8
26
17
8
51
4
14
26
17
8
5
7
10
26
17
8
22
2
8
26
17
8
78
8
16
26
17
8
0
2
8
26
17
0
78
6
8
0
0
61
120
73
83
153
61
92
149
220
168
186
275
149
126
Banks
Insurance
Portfolio companies
SIM
Finance companies
Securities firms
State
Local governments
State bodies
TOTAL PUBLIC SECTOR

TOTAL
212
A.2.30.
Issues listed by sector. 2003
A.2.31.
Outstanding balances, by sector. 2003
Thousands of euros
All stock exchanges
Madrid Stock
Exchange
Barcelona
Bilbao Stock Valencia Stock
total Exchange
Exchange
Exchange
0
98,839
217
72
0
0
0
0
0
149,745
1,069,636
79,510
0
98,839
217
72
0
0
0
0
0
149,745
1,069,636
79,510
0
98,839
278
72
0
0
0
0
0
149,745
1,069,670
79,510
0
98,839
217
72
0
0
0
0
0
149,745
1,069,636
79,510
0
98,839
278
72
0
0
0
0
0
149,745
1,069,670
79,510
0
98,839
217
72
0
0
0
0
0
149,745
1,069,636
79,510
0
0
60
0
0
0
0
0
0
0
34
0
1,398,019
1,398,019
1,398,113
1,398,019
1,398,113
1,398,019
94
900,451
0
152
0
0
0
975,577
0
152
0
1,347,000
0
1,027,744
0
152
0
0
0
2,227,212
0
152
0
0
0
2,429,834
0
152
0
1,347,000
0
900,451
0
152
0
0
0
1,529,383
0
0
0
1,347,000
0
900,603
2,322,729
1,027,896
2,227,364
3,776,986
900,603
2,876,383
1,733
0
69
336,774
269,124
1,771,440
1,733
5,427,771
150
773,774
269,124
1,771,440
1,733
581,769
264,608
420,933
269,124
1,771,440
1,733
150,587
69
336,774
269,124
1,771,440
1,733
6,160,127
264,633
857,933
269,124
1,771,440
1,733
0
69
336,774
269,124
1,771,440
0
6,160,127
264,564
521,160
0
0
TOTAL PUBLIC SECTOR
2,379,139
8,243,991
3,309,608
2,529,726
9,324,990
2,379,139
6,945,851
TOTAL
4,677,761
11,964,740
5,735,617
6,155,110
14,500,089
4,677,761
9,822,328
Sector
0
1
2
3
4
5
6
7
8
9
10
11
Oil
Energy and water
Chemicals
Textile & paper
Metal-mechanical
Food
Construction
Real estate
Other

12
13
14
15
16
17
Banks
Insurance
Portfolio companies
SIM
Finance companies
Securities firms
18
19
20
21
22
23
State
Local governments
State bodies
Electronic
market
Outcry
market
213
Total market

A.2.32.
Convertible issues. Numbers and listed capital at 31 December
Capital in thousands of euros
Total
ISSUES
1997
1998
1999
2000
2001
2002
2003
Madrid
Barcelona
Bilbao
Valencia
0
1
3
3
3
2
0
0
1
3
3
3
2
0
0
1
3
3
3
2
0
0
1
3
3
3
2
0
0
0
3
3
3
2
0
1997
1998
1999
2000
2001
2002
2003
11
7
5
5
2
3
6
11
7
5
5
2
3
6
6
4
5
5
2
3
6
6
4
5
5
2
3
6
1
0
5
5
2
3
6
TOTAL
1997
1998
1999
2000
2001
2002
2003
11
8
8
8
5
5
6
11
8
8
8
5
5
6
6
5
8
8
5
5
6
6
5
8
8
5
5
6
1
0
8
8
5
5
6
0
126
719,579
251,204
206,803
71,024
0
0
126
719,579
251,204
206,803
71,024
0
0
126
719,579
251,204
206,803
71,024
0
0
126
719,579
251,204
206,803
71,024
0
0
0
719,579
251,204
206,803
71,024
0
1997
114,322
1998
70,913
1999
55,973
2000
19,529
2001
1,427
2002
75,689
2003
360,660
114,322
70,913
55,973
19,529
1,427
75,689
360,660
102,164
59,524
55,973
19,529
1,427
75,689
360,660
74,675
7,807
55,973
19,529
1,427
75,689
360,660
67,614
0
55,973
19,529
1,427
75,689
360,660
TOTAL
1997
1998
1999
2000
2001
2002
2003
114,322
71,040
775,552
270,733
208,230
146,713
360,660
102,164
59,650
775,552
270,733
208,230
146,713
360,660
74,675
7,933
775,552
270,733
208,230
146,713
360,660
67,614
0
775,552
270,733
208,230
146,713
360,660
LISTED CAPITAL
1997
1998
1999
2000
2001
2002
2003
214
114,322
71,040
775,552
270,733
208,230
146,713
360,660

A.2.33.
Effective trading volume. 2003
Pro memoria
Outcry market (2)
Total outcry
electronic
market
market
Barcelona
Bilbao
Valencia
share (3)
Total
Electronic
market (1)
54,219.6
53,238.0
44,908.9
40,704.0
57,463.1
71,140.2
75,058.4
25,546.7
2,607.5
2,598.0
1,965.3
2,383.8
2,046.3
2,354.4
28,672.9
50,630.5
42,310.9
38,738.7
55,079.3
69,093.9
72,704.0
10,468.7
23,136.4
28,615.0
30,729.0
50,498.8
64,626.8
65,594.3
17,965.0
27,211.8
13,405.6
7,440.1
4,142.8
4,194.9
6,747.4
239.2
282.3
290.3
569.6
437.6
272.3
362.3
47.1
4.9
5.8
4.8
4.1
2.9
3.1
5,641.1
5,349.9
5,852.5
5,929.0
5,958.8
5,717.5
6,637.9
4,962.0
6,332.9
7,712.5
7,090.5
7,873.8
170.6
203.4
212.5
243.6
202.9
314.7
182.9
95.3
158.0
221.8
153.5
195.2
5,470.4
5,146.5
5,640.0
5,685.4
5,755.9
5,402.8
6,455.0
4,866.7
6,174.9
7,490.7
6,937.1
7,678.6
4,913.6
4,666.0
5,219.8
5,296.4
5,269.1
4,923.5
5,578.5
4,408.5
5,385.8
6,758.7
6,211.6
6,962.8
506.7
453.0
401.6
370.6
451.2
445.0
843.9
432.9
743.6
697.2
704.9
696.7
50.1
27.4
18.5
18.3
35.7
34.3
32.6
25.3
45.5
34.8
20.6
19.1
3.0
3.8
3.6
4.1
3.4
5.5
2.8
1.9
2.5
2.9
2.2
2.5
Change (%)
1998 / 97
1999 / 98
2000 / 99
2001 / 00
2002 / 01
2003 / 02
1.8
15.6
9.4
41.2
23.8
5.5
89.8
0.4
24.4
21.3
14.2
15.1
76.6
16.4
8.4
42.2
25.4
5.2
121.0
23.7
7.4
64.3
28.0
1.5
51.5
50.7
44.5
44.3
1.3
60.8
18.0
2.8
96.2
23.2
37.8
33.1
Share (%)
1998
1999
2000
2001
2002
2003
100.0
100.0
100.0
100.0
100.0
100.0
4.9
5.8
4.8
4.1
2.9
3.1
95.1
94.2
95.2
95.9
97.1
96.9
43.5
63.7
75.5
87.9
90.8
87.4
51.1
29.9
18.3
7.2
5.9
9.0
0.5
0.6
1.4
0.8
0.4
0.5
1997
1998
1999
2000
2001
2002
2003
January
February
March
April
May
June
July
August
September
October
November
December
(1)
(2)
(3)
Includes fixed-income warrant trading: 198 million in 1999, 902 million in 2000, 1.636 billion in 2001, 1.232 billion in 2002 and 1.96
billion in 2003.
All fixed-income trading on the Madrid Stock Exchange is conducted in the electronic market.
Percentage of total fixed-income trading.
215
Millions of euros
% of total trading
Change (%)
Sector
1999
2000
2001
2002
2003
1999
2000
2001
2002
0.0
36.6
0.3
0.0
0.0
0.0
0.0
0.3
0.0
17.9
668.8
0.0
0.0
16.8
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
189.3
0.0
0.0
15.7
0.0
0.0
0.0
2.8
0.0
0.0
0.0
0.0
117.7
0.0
0.0
58.4
0.0
0.0
0.0
0.9
0.0
0.0
0.0
0.0
123.7
0.0
0.0
21.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
7.3
182.5
0.1
0.0
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.5
0.0
0.0
0.0
0.0
0.0
0.0
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
0.0
0.2
0.0
0.0
0.1
0.0
0.0
0.0
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
0.0
0.2
0.0
54.0
42.6
74.9
48.3
100.0
100.0
71.7
100.0
6.6
81.9
297.3
57.8
37.8
271.9
45.8
50.3
66.9
100.0
5.1
63.8
96.2
100.0
100.0
47.5
723.9
206.3
136.2
183.0
211.0
1.6
0.5
0.2
0.3
0.3
71.5
34.0
34.4
15.3
12
13
14
15
16
17
910.6
0.0
0.0
0.0
0.0
0.0
753.7
0.0
0.0
0.0
0.0
0.0
358.2
0.0
0.0
0.0
10.8
0.0
259.3
0.0
0.0
0.0
159.9
0.0
230.5
0.0
0.0
0.0
588.7
0.0
2.0
0.0
0.0
0.0
0.0
0.0
1.9
0.0
0.0
0.0
0.0
0.0
0.6
0.0
0.0
0.0
0.0
0.0
0.4
0.0
0.0
0.0
0.2
0.0
0.3
0.0
0.0
0.0
0.8
0.0
17.2
62.1
100.0
52.5
35.5
27.6
68.4
1.377.5
11.1
127.8
268.2
910.6
753.7
369.0
419.2
819.2
2.0
1.9
0.7
0.6
1.1
17.2
51.0
13.6
95.4
162.0
58.6
58.6
62.6
42,076.3 38,297.5 54,659.8 68,710.3
127.6
21.7
152.3
62.0
149.6
170.3
187.7
96.7
74.1
121.5
75.1
222.6
486.3
172.8
188.4
57.2
55.5
71,498.3
49.9
458.8
124.8
145.1
0.4
94.1
0.3
0.3
0.2
1.1
0.1
96.2
0.1
0.4
0.3
0.4
0.1
97.9
0.3
0.3
0.1
0.3
0.1
98.4
0.1
0.1
0.3
0.1
0.1
97.5
0.1
0.6
0.2
0.2
63.8
9.0
83.0
13.8
63.9
64.5
0.1
42.7
601.4
10.2
38.2
9.0
6.9
25.7
59.3
48.4
196.3
69.7
11.3
4.1
19.5
374.2
43.9
153.9
TOTAL PUBLIC SECTOR
43,076.0 38,842.4 55,321.9 69,211.4 72,332.4
96.3
97.6
99.1
99.1
98.6
9.8
42.4
25.1
4.5
TOTAL
44,710.5 39,802.4 55,827.1 69,813.6 73,362.7
100.0
100.0
100.0
100.0
100.0
11.0
40.3
25.1
5.1
0
1
2
3
4
5
6
7
8
9
10
11
Oil
Energy and water
Chemicals
Textile & paper
Metal-mechanical
Food
Construction
Real estate
Other
Banks
Insurance
Portfolio companies
SIM
Finance companies
Securities firms

18
19
20
21
22
23
State
Local governments
State bodies
Excluding fixed-income warrant trading.
2003 2000/99 2001/00 2002/01 2003/02
216
A.2.34.
Trading volume by sector

A.2.35.
Trading volume by issuer. 2003
Number of issuers required to attain a given percentage of trading
Sector
25%
50%
75%
90%
100%
0
1
1
1
1
0
0
0
0
1
1
1
0
1
1
1
1
0
0
0
0
1
1
1
0
2
1
1
1
0
0
0
0
1
2
1
0
2
1
1
1
0
0
0
0
1
3
1
0
2
1
1
1
0
0
0
0
1
4
1
10
12
13
14
15
16
17
1
0
1
0
1
0
1
0
1
0
1
0
4
0
1
0
1
0
9
0
1
0
1
0
21
0
1
0
2
0
24
18
19
20
21
22
23
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2
1
1
1
1
2
2
1
1
3
1
4
2
6
TOTAL PUBLIC SECTOR
17
TOTAL
51
0
1
2
3
4
5
6
7
8
9
10
11
Oil
Energy and water
Chemicals
Textile & paper
Metal-mechanical
Food
Construction
Real estate
Other
Banks
Insurance
Portfolio companies
SIM
Finance companies
Securities firms
State
Local governments
State bodies

Pro memoria. List of main issuers in terms of trading volume in 2003.
1. Catalonia government ...................................................88.05%
2. Basque government .......................................................9.12%
217

A.2.36.
Trading volume by issue. 2003
Number of issuers required to attain a given percentage of trading
Sector
0
1
2
3
4
5
6
7
8
9
10
11
Oil
Energy and water
Chemicals
Textile & paper
Metal-mechanical
Food
Construction
Real estate
Other
25%
50%
75%
90%
100%
0
1
1
1
1
0
0
0
0
1
2
1
0
1
1
1
1
0
0
0
0
1
3
1
0
2
1
1
1
0
0
0
0
1
6
1
0
2
1
1
1
0
0
0
0
1
8
1
0
8
1
1
1
0
0
0
0
1
13
1
11
25
12
13
14
15
16
17
1
0
1
0
1
0
5
0
1
0
1
0
13
0
1
0
1
0
27
0
1
0
3
0
83
0
1
0
8
0
14
92
18
19
20
21
22
23
3
2
1
1
1
1
9
3
1
1
2
2
18
7
2
2
4
4
28
12
3
4
5
6
55
107
3
8
20
17
TOTAL PUBLIC SECTOR
13
210
TOTAL
14
327
Banks
Insurance
Portfolio companies
SIM
Finance companies
Securities firms
State
Local governments
State bodies
218

A.2.37.
Secondary markets. Stock exchanges and SCLV.
Margin trading and security lending. 2003
Margin trading
(3)
(1)
Security lending
Trading volume
Purchases
Sales
% of
Adjusted (4) electronic
market
(2)
Trading volume
Amounts
% of electronic market
volume (5)
Purchases
Sales
1998
1999
2000
2001
2002
2003
23.668
32.606
54.687
43.114
31.452
32.831
3.588
6.013
4.400
8.531
7.758
17.316
810.770
677.184
1.121.315
534.132
382.859
346.065
125.392
167.512
151.422
174.106
161.211
199.768
7.581.431
10.439.268
12.101.952
20.141.394
14.125.307
28.873.050
2,3
2,5
2,3
3,9
3,5
5,5
48.448.734
62.098.309
87.406.420
89.605.980
106.983.175
161.775.159
20,9
21,7
19,6
21,3
26,3
35,4
January
February
March
April
May
June
July
August
September
October
November
December
26.480
24.585
32.076
30.824
31.948
32.288
34.884
35.843
40.630
39.011
38.005
32.831
9.175
10.894
9.678
15.234
15.299
17.928
16.273
13.811
8.614
14.906
14.705
17.316
24.315
24.838
34.120
30.072
30.057
31.596
38.015
19.150
38.870
26.405
26.386
22.241
18.439
18.201
22.637
18.678
18.334
18.947
13.780
10.799
15.271
20.625
13.260
10.797
15.205.829
13.837.169
14.111.847
15.573.634
15.467.357
21.342.205
24.021.944
19.054.034
19.541.399
23.215.173
22.845.120
28.873.050
3,9
3,6
3,7
3,7
3,7
4,8
5,2
4,0
4,3
4,7
4,6
5,5
18.404.248
5.492.751
10.695.926
11.670.716
9.890.893
17.262.470
20.984.560
7.520.557
10.872.770
16.762.507
11.714.653
20.503.109
42,7
21,1
30,3
33,6
32,9
40,3
42,5
25,8
26,2
38,4
31,2
46,4
(1)
Trades executed under Order dated 25 March 1991, regulating spot transactions on margin.
Trades executed other than under Order dated 25 March 1991, regulating spot transactions on margin.
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.
(2)
(3)
219
Thousands of euros
Sector
0
1
2
3
4
5
6
7
8
9
10
11
Oil
Energy and water
Chemicals
Textile and paper
Metal-mechanical
Food
Construction
Real estate
Other

12
13
14
15
16
Banks
Insurance
Portfolio companies
SIM
Finance companies

Total
January February March

2,801,647
1,443,416
48,420
3,309
349
143,629
2,075
229,055
2,265,267
335,265
1,835,543
182,789
563,747
1,032,574
54,199
68
236
53,032
1,606
615,389
315,420
258,013
937,430
200,018
9,290,765 4,031,733
9,092,439
7,382
13,663
0
0
1,455,846
3,220
1,951
0
0
9,113,483 1,461,018
563,413
1,794,420
120,418
0
113
180,481
1,180
2,560,738
399,461
138,283
1,552,505
114,701
April
May
468,632
812,760
656,995 3,119,647
420,455
184,371
443
1
709
5,630
68,343
135,727
2,450
4,972
268,994
629,238
652,358 1,269,658
95,954
211,864
878,295
656,199
178,775
405,048
7,962,824 2,073,375
14,348
350,544
1,139
31,858
0
0
0
0
3,270,214 7,978,311 2,455,778
Nov.
Dec.
Total
% of
total
% of
trading
752,541
1,497,021
92,475
17,673
653
323,871
2,265
311,347
1,109,156
185,618
1,191,481
965,155
779,936
2,430,075
159,460
20,576
0
164,064
6,306
161,517
594,004
107,658
810,748
1,147,042
2,462,009
5,476,088
286,948
1,717
6,705
292,963
18,388
364,897
679,885
77,464
1,275,727
521,970
14,970,614
28,296,778
1,977,985
49,909
14,513
3,857,019
78,326
9,381,902
9,550,377
1,731,559
12,769,790
5,762,809
9.3
17.5
1.2
0.0
0.0
2.4
0.0
5.8
5.9
1.1
7.9
3.6
36.47
39.11
37.03
16.11
0.88
33.95
4.89
49.78
44.32
36.70
12.55
22.50
4,576,298 6,449,256 6,381,385 11,464,760 88,441,580
54.7
28.88
44.5
0.7
0.1
0.0
0.0
39.96
55.29
8.26
0.00
0.00
July
August
Sept.
954,638
6,317,613
113,784
0
0
326,243
21,550
3,242,464
431,204
160,595
1,186,055
537,385
3,276,752
1,817,450
367,998
125
0
1,367,934
5,975
521,134
875,574
33,867
763,811
819,759
972,147
1,271,861
45,517
434
0
500,541
1,036
175,574
478,957
60,118
764,112
281,946
562,392
1,439,618
83,942
5,563
118
300,190
10,522
301,555
479,432
66,861
917,883
408,222
7,425,712 3,692,405 7,435,115 13,291,529 9,850,379 4,552,242

3,257,296
11,930
987
0
0
October
June
3,893,205 11,015,849
35,620
29,992
42,115
88,339
0
0
0
0
2,961,975
5,187
1,152
0
0
3,970,941 11,134,181 2,968,314
6,268,563 10,257,633
21,570
54,418
6,339
1,200
0
0
0
0
4,811,927
498,794
22,546
0
0
9,014,679
23,427
242
0
0
72,065,612
1,056,434
211,532
0
0
6,296,472 10,313,251 5,333,268 9,038,349 73,333,578
45.3
39.67
18,404,248 5,492,751 10,695,926 11,670,716 9,890,893 17,262,470 20,984,560 7,520,557 10,872,770 16,762,507 11,714,653 20,503,109 161,775,159
100.0
32.95
Note: The last column (% of trading) refers to all trading on the electronic market, not just within the regular sessions.
220
A.2.38.
Secondary markets. Stock exchanges and SCLV.
Two-way security lending by sector. 2003
ANNEX 3
DERIVATIVES MARKET
Annex 3: Derivatives markets

A.3.1.a.
Total trading volume in organised derivatives markets.
Detail by instrument
Number of contracts (millions)
2002
2003
Change (%)
Notional value ($Bn)

2002
2003
Change (%)
Futures
Interest rates
Securities indexes
Currencies
Commodities
2,156.4
1,147.9
530.3
42.6
435.6
2,836.4
1,573.5
725.1
58.3
479.5
31.5
37.1
36.7
36.9
10.1
501,220.3
472,200.9
26,506.3
2,513.1
n.a.
624,691.4
588,326.6
32,428.1
3,936.7
n.a.
24.6
24.6
22.3
56.6
Options
Interest rates
Securities indexes
Individual stocks
Currencies
Commodities
3,906.7
240.3
2,235.5
1,366.5
16.1
48.3
5,209.5
302.3
3,234.3
1,608.0
14.2
50.7
33.3
25.8
44.7
17.7
11.8
5.0
191,302.1
154,509.8
36,369.6
n.a.
422.7
n.a.
248,990.4
205,384.6
43,115.9
n.a.
489.9
n.a.
30.2
32.9
18.5
15.9
Total
6,063.1
8,045.9
32.7
692,522.4
873,681.8
26.2
n.a.: Not available.
A.3.1.b.
Open interest in OTC derivatives markets.
Detail by risk category
Notional value ($Bn)
June 02
Interest rates
Equities
Currencies
Commodities
Other
Total
June 03
Gross market value ($Bn)
Change (%)
June 02
June 03
Change (%)
89,955
2,214
18,068
777
16,496
121,799
2,799
22,088
1,040
21,952
35.4
26.4
22.2
33.8
33.1
2,467
243
1,052
79
609
5,459
260
996
110
1,083
121.3
7.0
5.3
39.2
77.8
127,510
169,678
33.1
4,450
7,908
77.7
Source: Bank for International Settlements.
223

A.3.2.
International markets. Trading volume(1).
Exchange
KSE
EUREX
EURONEXT
CME
CBOT
CBOE
ISE
AMEX
Bovespa
MexDer
Pro-memoria:
EURONEXT.LIFFE
EURONEXT PARIS
EURONEXT AMSTERDAM
OM
MEFF
IDEM/MIF
2002
2003
Change (%)
1,932,749,868
801,200,873
689,207,697
558,447,820
343,882,529
267,616,496
152,399,279
186,039,445
90,884,897
84,274,979
2,899,937,895
1,014,932,312
693,232,284
640,209,634
454,190,749
283,946,495
244,968,190
180,074,778
177,223,140
173,820,944
50.0
26.7
0.6
14.6
32.1
6.1
60.7
3.2
95.0
106.3
253,986,231
357,511,863
77,709,603
60,920,817
27,917,927
17,246,629
335,825,947
277,881,912
79,524,425
72,137,347
21,748,064
17,731,980
32.2
22.3
2.3
18.4
22.1
2.8
Trading volume refers to number of contracts.

Differences in the underlying security prevent direct comparison between markets, but year-on-year
comparisons are meaningful.
Source: Futures Industry Association, Eurex and CNMV.
(1)
AMEX
BOVESPA
CBOE
CBOT
CME
EUREX
EURONEXT
EURONEXT AMSTERDAM
EURONEXT PARIS
EURONEXT.LIFFE
IDEM/MIF
ISE
KSE
MEFF
MexDer
OM
224
American Stock Exchange

Bolsa de Valores de So Paulo
Chicago Board Options Exchange
Chicago Board of Trade
Chicago Mercantile Exchange
Deutsche Terminbrse (DTB) y Swiss Options & Financial Futures Exchange (SOFFEX)
Comprises the spot and derivatives markets of Paris, Amsterdam, Brussels, Lisbon and Oporto
Dutch branch of Euronext
French branch of Euronext, comprising former MATIF and MONEP
Former LIFFE: London International Financial Futures Exchange
Italian Derivatives Market/Italian Futures Market
International Securities Exchange
Korea Stock Exchange
Mercado Espaol de Futuros y Opciones Financieros
Mexican Derivatives Exchange
Stockholm Options Market

A.3.3.
International markets. Trading volume. Prominent products(1).
Underlying asset
Product
(2)
Exchange
No. of contracts traded

2002
2003
Change (%)
Long-term
interest rates
Euro-Bund (f)
Euro-Bobl (f)
Euro-Schatz (f)
10yr Treasury bonds (f)
30 yr Treasury bonds (f)
5 yr Treasury notes (f)
EUREX
EUREX
EUREX
CBOT
CBOT
CBOT
191,263,413
114,678,996
108,760,955
95,786,299
50,512,085
56,082,284
244,414,274
150,087,139
117,370,528
146,745,281
73,746,445
63,521,507
27.8
30.9
7.9
53.2
46.0
13.3
Short-term
interest rates
3M Eurodollar (f)
Interbank Equilibrium (TIIE28)
3M Euribor (f)
3M Eurodollar (o)
3M Euribor (o)
Overnight interest rates (f)
CME
MexDer
EURONEXT.LIFFE
CME
EURONEXT.LIFFE
BM&F
202,080,832
80,595,381
105,756,584
105,580,961
33,480,000
48,568,402
208,771,164
162,077,312
137,692,190
100,819,260
57,730,000
57,640,979
3.3
101.1
30.2
4.5
72.4
18.7
Securities indexes
KOSPI 200 (o)

E-Mini S&P 500 (f)
DJ EuroStoxx 50 (f)
CAC 40 (o)
E-Mini Nasdaq 100 (f)
KOSPI 200 (f)
KSE
1,889,881,704 2,837,724,953
CME
115,741,691
161,176,639
EUREX
86,354,731
116,035,326
EURONEXT PARIS
84,342,670
73,668,131
CME
54,491,180
67,888,938
KSE
42,867,330
62,204,783
50.2
39.3
34.4
12.7
24.6
45.1
Currencies
US dollar/Brazilian real (f)

Euro FX (f)
Shekel/US dollar (o)
Yen (f)
Canadian dollar (f)
Swiss franc (f)
BM&F
CME
TASE
CME
CME
CME
16,132,798
6,986,600
11,542,809
4,394,982
3,134,963
2,830,738
16,784,939
11,193,922
8,312,746
6,085,209
4,219,618
3,596,658
4.0
60.2
28.0
38.5
34.6
27.1
10Y Bono (f)

IBEX (f)
Telefnica (o)
MEFF
MEFF
MEFF
51,060
3,450,985
3,681,651
1,371
3,129,313
2,172,817
97.3
9.3
41.0
Pro-memoria:
Long-term
interest rates
Securities indexes
Stocks
(1)
Trading volume refers to number of contracts. Differences in the underlying security prevent direct comparison between markets, but yearon-year comparisons are meaningful.
Source: Futures Industry Association, Futures and OTC World and CNMV.
(2)
(f) future (o) option.
BM&F
CBOT
CME
EUREX
EURONEXT. LIFFE
EURONEXT PARIS
KSE
MEFF
MexDer
TASE
Bolsa de Mercadorias & Futuros

Chicago Board of Trade
Chicago Mercantile Exchange
Deutsche Terminbrse (DTB) y Swiss Options & Financial Futures Exchange (SOFFEX)
Former LIFFE: London International Financial Futures Exchange
French branch of Euronext, comprises former MATIF and MONEP
Korea Stock Exchange
Mercado Espaol de Futuros y Opciones Financieros
Mexican Derivatives Exchange
Tel Aviv Stock Exchange
225
No. of contracts
On European indexes
On Ibex-35 index
Future
Ibex 35
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
January
February
March
April
May
June
July
August
September
October
November
December
(1)
MINI Ibex
Option
Total
Call
Put
Total
Total
Interconnection(1)
Total
S&P contracts (2)
Total
Total
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
3,129,313
1,883
64,031
97,893
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
3,227,206
73,556
107,235
217,167
220,152
246,979
391,662
497,378
440,576
341,250
273,877
233,364
124,495
59,395
86,632
212,096
235,716
219,660
352,276
380,477
349,131
382,544
263,250
208,381
119,349
132,951
193,868
429,263
455,868
466,638
743,938
877,856
789,707
723,794
537,127
441,745
243,844
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
3,471,051
17,216
179,630
617,278
1,604,330
2,322,356
13,943
875
0
17,216
179,630
631,221
1,605,205
2,322,356
261,112
251,978
282,858
222,638
238,542
294,737
297,217
240,076
258,533
295,219
229,750
256,653
8,315
9,690
11,230
8,917
9,252
8,065
7,817
5,245
7,746
8,826
7,266
5,524
269,427
261,668
294,088
231,555
247,794
302,802
305,034
245,321
266,279
304,045
237,016
262,177
9,573
9,833
13,549
8,682
10,235
11,630
15,951
9,501
8,140
7,361
10,222
9,818
8,883
7,705
13,731
10,740
10,231
8,381
14,878
8,282
7,616
8,121
10,913
9,868
18,457
17,538
27,280
19,423
20,465
20,011
30,829
17,783
15,756
15,482
21,135
19,686
287,884
279,206
321,368
250,978
268,259
322,813
335,863
263,104
282,035
319,527
258,151
281,862
188,683
177,873
258,006
215,581
179,942
209,719
165,078
125,060
273,451
203,178
158,922
166,865
0
0
0
0
0
0
0
0
0
0
0
0
188,683
177,873
258,006
215,581
179,942
209,719
165,078
125,060
273,451
203,178
158,922
166,865
Includes the contracts traded in other markets via EuroMEFF: futures on the DAX 30, DJ EuroStoxx 50 and DJ Stoxx 50 indexes traded in Eurex, futures on the CAC 40, DJ Eurostoxx 50 and
DJ Stoxx 50 indexes traded in Euronext France, and PSI 20 futures and options traded in Euronext Lisbon.
(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. From 22 November 2001, MINI Ibex 35 futures contracts are adjusted to the Ibex-35 futures contracts nominal value; the Ibex-35 options were adjusted to the old nominal value.
226
A.3.4.
MEFF. Index contracts. Trading volume. Annual and monthly performance in 2003
A.3.5.
MEFF. Index contracts. Open interest at end of period. Annual and monthly performance in 2003
No. of contracts
On European indexes
On Ibex-35 index
Future
Ibex 35
MINI Ibex
Option
Total
Call
Put
Total
Total
Interconnection(1)
S&P contracts(2)
Total
Total
Total
3,383
16,979
13,847
27,511
27,038
42,384
49,770
61,680
55,657
58,115
43,454
67,081
103
319
402
3,383
16,979
13,847
27,511
27,038
42,384
49,770
61,680
55,657
58,218
43,773
67,483
1,300
2,992
5,009
7,771
15,769
9,846
9,336
47,607
28,566
35,511
26,622
15,682
1,212
2,841
3,932
5,617
12,844
7,838
7,062
24,239
16,739
22,029
19,648
14,058
2,512
5,833
8,941
13,388
28,613
17,684
16,398
71,846
45,305
57,541
46,270
29,739
5,894
22,813
22,788
40,900
55,650
60,068
66,168
133,526
100,962
115,758
90,043
97,222
1,507
8,699
10,243
13,398
13,889
197
0
0
1,507
8,699
10,440
13,398
13,889
January
February
March
April
May
June
July
August
September
October
November
December
43,089
39,905
39,439
44,611
44,547
57,590
61,432
67,206
62,981
65,898
65,271
67,081
370
278
419
317
399
349
375
322
559
513
457
402
43,459
40,183
39,858
44,928
44,946
57,939
61,807
67,528
63,540
66,411
65,728
67,483
30,880
33,469
20,804
23,887
26,635
17,952
24,960
28,256
22,119
24,391
26,233
15,682
23,560
24,184
17,236
18,928
22,542
14,177
22,225
25,186
17,623
19,673
21,895
14,058
54,440
57,653
38,040
42,816
49,177
32,129
47,184
53,441
39,742
44,063
48,127
29,739
97,899
97,837
77,898
87,743
94,122
90,068
108,991
120,969
103,282
110,474
113,855
97,222
15,685
18,548
16,475
14,068
14,187
11,851
12,997
15,804
13,002
13,473
15,373
13,889
0
0
0
0
0
0
0
0
0
0
0
0
15,685
18,548
16,475
14,068
14,187
11,851
12,997
15,804
13,002
13,473
15,373
13,889
(1)
Open interest corresponds to Spanish members. Includes the contracts traded in other markets via EuroMEFF: futures on the DAX 30, DJ EuroStoxx 50
indexes traded in Eurex, futures on the CAC 40, DJ EuroStoxx 50 and DJ Stoxx 50 indexes traded in Euronext Paris, and PSI 20 futures and options traded in Euronext Lisbon.
(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. From 22 November 2001, MINI Ibex 35 futures contracts are adjusted to the Ibex-35 futures contracts nominal value; the Ibex-35 options were adjusted to the old nominal value.
227
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

A.3.6.
MEFF. Ibex-35 contracts.
Trading frequency, number of trades (daily average)
and volume per trade. 2003
Ibex-35
Future
Option (*)
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 matur
Front contract: last week before maturity
18.3
26.3
76.7
100.0
100.0
100.0
33.3
68.3
97.9
100.0
100.0
100.0
33.3
64.3
98.8
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 matur
Front contract: last week before maturity
0.5
0.8
211.6
4,599.6
4,868.5
4,564.5
9.9
15.5
35.3
104.6
108.4
236.4
10.9
15.9
35.3
115.2
102.8
260.2
3.0
27.6
27.5
Volume per trade (No. of contracts)

(*) Since 2001 year-end, the options multiplier is 1 euro.
228
A.3.7.
MEFF. Futures and options on stocks. Trading volume and open interest. Annual and monthly performance in 2003
No. of contracts
Trading volume
Future
Open interest at end of period
Option (*)
Call
Put
Total
Total
Future
Option (*)
Call
Put
Total
Total
7,389,886
9,630,899
9,768,607
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
4,913,096
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
3,593,939
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
8,507,035
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
18,275,642
1,184,977
1,290,911
1,309,590
3,705
12,313
16,154
37,299
15,399
134,908
876,278
1,774,402
1,453,738
1,055,684
502,600
250
4,720
6,550
8,136
10,776
132,949
818,455
1,566,288
1,294,330
1,153,338
531,147
3,955
17,033
22,704
45,435
26,175
267,857
1,694,733
3,340,690
2,748,068
2,209,022
1,033,747
3,955
17,033
22,704
45,435
26,175
267,857
1,694,733
3,340,690
3,933,045
3,499,933
2,343,337
January
February
March
April
May
June
July
August
September
October
November
December
464,155
274,552
1,823,821
196,099
239,738
1,947,085
175,493
122,028
1,658,686
135,010
139,408
2,592,532
411,464
504,491
498,256
485,874
438,721
682,046
338,883
339,579
347,876
298,233
287,548
280,125
293,908
364,080
590,451
275,564
332,462
312,530
370,503
186,976
302,366
288,382
160,031
116,686
705,372
868,571
1,088,707
761,438
771,183
994,576
709,386
526,555
650,242
586,615
447,579
396,811
1,169,527
1,143,123
2,912,528
957,537
1,010,921
2,941,661
884,879
648,583
2,308,928
721,625
586,987
2,989,343
1,364,319
1,360,308
1,170,630
1,190,187
1,228,401
1,502,678
1,530,756
1,556,161
1,100,093
1,119,711
1,143,662
1,309,590
1,337,528
1,660,772
1,086,955
1,433,712
1,653,528
1,094,046
1,264,050
1,411,581
1,034,226
1,182,600
1,281,113
502,600
1,378,983
1,543,094
993,891
1,193,792
1,410,953
978,156
1,270,653
1,380,195
951,521
1,130,012
1,193,381
531,147
2,716,511
3,203,866
2,080,846
2,627,504
3,064,481
2,072,202
2,534,703
2,791,776
1,985,747
2,312,612
2,474,494
1,033,747
4,080,830
4,564,174
3,251,476
3,817,691
4,292,882
3,574,880
4,065,459
4,347,937
3,085,840
3,432,323
3,618,156
2,343,337
(*) The data are not fully comparable due to changes in the nominal value of the underlying shares of some contracts.
229
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
No. of contracts
Options
Trading volume
2002
Call
Put
Call
Put
19,251
13,253
11,175
16,289
15,760
18,361
65,855
56,203
45,339
33,273
32,896
22,406
122,153
53,462
49,024
16,844
18,594
13,477
2,697,979 758,736 505,338
667,324 570,972 322,462
145,780
27,311
29,502
233,115 208,447 161,599
22,743
37,956
34,728
24,701
19,006
10,567
2,872,638 862,400 517,938
3,371,141 884,269 700,770
19,270
44,567
17,612
3,681,651 1,130,098 1,042,719
31,697
8,855
10,295
139,481 123,442
38,664
23,094
12,365
9,706
74,053
34,504
32,257
2002
Total
Put
523
770
716
1,114
14,892
281
173,071
53,690
1,170
39,856
1,073
1,027
137,898
224,439
57
397,088
504
2,227
730
4,558
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
Total
Call
8,416
8,907
34,193
18,709
63,304
8,110
1,442,086
279,993
73,249
128,957
5,312
14,245
946,716
1,805,443
13,306
2,144,595
4,765
80,897
11,709
35,289
TOTAL MARKET
7,128,201 7,150,131 14,278,332 4,913,096 3,593,939 8,507,035 1,055,684 1,153,338 2,209,022 502,600
Replaced Acesa since its merger with Aurea in April 2003.
24,428
34,121
101,542
55,302
102,486
32,071
1,264,074
893,434
56,813
370,046
72,684
29,573
1,380,338
1,585,039
62,179
2,172,817
19,150
162,106
22,071
66,761
Call
2002
2003
Acerinox
Abertis (1)
Altadis
Amadeus
Banco Popular
Bankinter
BBVA
Endesa
Gas Natural
Iberdrola
Inditex
Indra
Repsol
SCH
Sogecable
Telefnica
Telefnica Mviles
Terra Networks
TPI
Unin Fenosa
(1)
10,835
7,382
31,662
14,564
58,849
8,734
1,255,893
387,331
72,531
104,158
17,431
10,456
1,925,922
1,565,698
5,964
1,537,056
26,932
58,584
11,385
38,764

2003
Total
Futures
1,603
445
1,259
1,013
1,734
8,338
1,846
1,923
18,540
4,772
676
708
308,735 83,914
128,013 47,489
1,812
1,040
61,670 13,880
2,004
5,924
1,980
804
543,842 68,132
495,448 158,412
96
662
627,493 98,595
833
559
3,350
455
1,543
441
6,545
5,094
Put
2,022
2,020
1,596
936
4,301
1,552
89,388
44,494
1,791
46,326
12,435
536
75,295
97,693
795
146,879
962
40
541
1,545
Total
Trading
volume
2,467
3,033
9,934
2,859
9,073
2,260
173,302 1,588,559
91,983
405,986
2,831
60,206
194,403
18,359
16,989
1,340
143,427
452,777
256,105 2,556,715
1,457
245,474 4,316,050
1,521
16,589
495
82,831
982
6,639
Open
interest
2003
Trading
volume
Open
interest
236,258 1,708,074 229,410

72,169 495,232 100,649
47,652 404,427
57,779
341
42,856
1,818
27,050 445,643
32,813
342,829 2,707,548 321,632
557,166 3,864,321 564,061

370
34,196
424
7,076
66,310
1,004
531,147 1,033,747 9,630,899 1,290,911 9,768,607 1,309,590
230
A.3.8.
MEFF. Stock options. Trading volume and open interest. Detail by contract type
A.3.9.
MEFF. MEFF. Government bond contracts. Trading volume. Annual performance
No. of contracts
Futures
Total
market
10Y
Bono
30Y
Bono
159,952
561,762 29,072
776,172 4,422
437,674
3,134,239
2,637,441
8,646,056
7,738,080
8,614,228
7,714,010
12,660,928
10,893,254
13,628,773 5,140 12,455,467
9,731,343 26,027 9,228,552 32,396

3,580,874
13 3,580,215
0
1,035,330
0 1,035,330
0
284,642
284,642
51,060
51,060
1,371
1,371
DEBS
Total*
10
0
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
1,371
Call
Put
6,686
0
120
0
0
2,614
0
0
0
0
Total
9,301
0
120
0
0
Call
67,802
238,422
463,418
476,609
704,563
544,909
198,228
62
0
(*) The total figures include trading in futures and options on the 3Y notional bond and DIFF contracts in the corresponding period.
Data prior to 1999 have been adjusted for comparison with the contracts new nominal value.
Put
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
0
0
30Y Bono
DEBS
Total
Total
0
0
0
0
0
Total*
56,914
282,071
199,644
489,761
902,408
899,962
1,565,412
1,156,240
442,007
636
0
231
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
5Y
Bono
Options
10Y Bono
5Y Bono
No. of contracts
Futures
Total
market
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
(*)
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
10
Options
5Y
Bono
10Y
Bono
30Y
Bono
DEBS
60
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
10
96
0
0
0
0
Total*
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
10
5Y Bono
Call
Put
0
0
0
0
0
0
0
0
Total
0
0
0
0
Bono 10 aos
30Y Bono
DEBS
Put
Total
Total
Total
2,611
25,954
17,001
38,294
38,361
23,104
220
0
0
0
0
0
0
0
Call
850
12,237
9,474
20,666
17,306
11,021
5
0
0
1,761
13,718
7,526
17,628
21,056
12,082
215
0
0
The total figures include open interest in futures and options on the 3Y notional bond and DIFF contracts in the corresponding period.
Data prior to 1999 have been adjusted for comparison with the contracts new nominal value.
Total*
5,467
9,397
2,611
25,954
17,001
38,294
38,361
23,104
220
0
0
232
A.3.10.
MEFF. Government bond contracts. Open interest. Annual performance

A.3.11.
MEFF. Futures on 10Y government bonds.
Trading frequency, number of trades (daily average) and volume per trade
2002
2003
Trading frequency (%)

9-12 months to maturity
2 weeks to 1 month to maturity
Last 2 weeks to maturity
0.0
0.0
10.4
98.1
93.8
100.0
0.0
0.0
4.1
31.0
21.3
70.0
No. of trades (daily average)

2 weeks to 1 month to maturity
Last 2 weeks to maturity
0.0
0.0
1.3
7.6
10.2
21.6
0.0
0.0
0.2
0.7
0.3
2.3
Volume per trade (No. of contracts)
22.2
6.1
Note: Calculations based on average of all maturities in the year.
233
No. of contracts
Trade volume
MIBOR 90+
Future
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
1,040
26,222
42,595
127,271
203,431
352,012
714,576
1,397,648
1,035,890
6,811
0
MIBOR 360+ EURIBOR
Option
Call
217
2,294
613
2,934
4,295
23,712
80,072
92,321
21,796
30
0
Put
Total
Total
60
277
1,317
1,723
4,016
30,239
352
965
43,559
2,114
5,049 132,320
7,149 11,444 214,875
23,399 47,110 399,122
61,247 141,318 855,894
84,431 176,752 1,574,400
24,230 46,027 1,081,917
30
60
6,871
0
0
0
Future
2,111
24,268
17,881
34,975
45,744
17,064
0
0
Future
8,772
306
MIBOR 90+
Future
141
640
1,236
7,782
7,058
13,643
23,820
59,431
19,850
68
MIBOR 360+ EURIBOR
Option
Call
27
155
132
103
649
5,830
10,592
10,388
1,082
0
Put
9
151
0
433
421
6,358
8,361
18,111
1,262
0
Total
36
306
132
536
1,070
12,187
18,954
28,500
2,344
0
Total
Future
Future
177
946
1,368
8,318
8,127
25,830
42,773
87,931
22,194
68
239
1,826
1,115
2,116
2,372
439
291
234
A.3.12.
MEFF. 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 Clementina

1995*
1996
1997
1998
1999
2000
2001
2002
2003
48,258
38,442
248
0
0
0
0
0
27,031
67,079
20,659
66
0
0
0
0
0
30,113
945
Total
Valencia-Late Navel-Navelina Clementina
27,031
145,450
60,046
314
0
0
0
0
0
0
0
0
0
0
0
0
0
80
138
11
0
0
0
0
0
0
101
0
Total
80
239
11
0
0
0
0
0
0
* Data from September 1995, when FC&M commenced trading.
A.3.14.
Market members. 2002. Number per category
MEFF Renta
Variable
Category
Custodians
Clearing members
Clearing-custodian traders
Clearing-custodian members
Traders
Total
MEFF Renta Fija
53
46
22
58
27
16
1
35
121
137
A.3.15.
Market members. 2003
No. of members required to attain a given percentage of total trading
15%
30%
50%
MEFF RV
Ibex 35 futures(*)
Ibex 35 options
Stock futures
Stock options
2
1
1
1
4
2
2
3
8
4
4
6
MEFF RF
10Y bond futures
90%
100%
17
8
10
10
29
14
21
15
84
66
71
69
11
75%
Trading is measured as the sum of contracts bought and sold

(*) Includes MINI Ibex futures.
235

A.3.16.
Breakdown of trading, by account type. 2003
Percentage of trading out of total market
Propietary
Total
Residents
Non-residents
Pro memoria:
Market
makers
Customers
Ibex-35 futures(*)
Ibex-35 options
40.3
36.1
59.7
63.9
31.9
21.6
27.8
42.3
14.4
20.1
Total Ibex 35
38.8
61.2
28.2
33.0
16.5
Stock futures
Stock options
38.6
30.1
61.4
69.9
43.7
9.8
17.7
60.0
4.4
10.9
Total stock trading
34.7
65.3
27.9
37.4
7.4
10Y bond futures
63.2
36.8
12.7
24.1
1.7
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 futures.
A.3.17.
Breakdown of trading, by customer type. 2003
Percentage of trading
MEFF RV
Banks and thrifts
Broker-dealers and brokers
Mutual funds
Pension funds
Insurance companies
Other financial institutions
Other corporate
Individuals
Other
Total customers
MEFF RF
28.6
5.6
27.1
1.3
0.3
24.7
5.9
6.4
0.1
11.9
0.0
29.6
0.0
0.0
53.5
0.0
4.9
0.0
100.0
100.0
57.8
65.5
Pro memoria: non-residents/custome

Trading is measured as the sum of contracts bought and sold
A.3.18.
Breakdown of trading, by type. 2003
Percentage of contracts out of total
Regular
session
Off-session(1)
Put-throughs(2)
Pro memoria:
spread ops.(3)
Ibex-35 futures (*)

Ibex-35 options
80.7
54.1
17.6
40.9
1.6
5.0
26.8
0.0
Total Ibex-35
69.7
27.3
3.0
15.6
Stock futures
Stock options
18.9
22.1
78.6
72.0
2.5
5.9
10.4
0.0
Total stock contracts
20.6
75.2
4.3
5.1
100.0
0.0
0.0
23.9
10Y bond futures

(1)
(2)
(3)
(*)
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.
Includes MINI Ibex futures.
236
A.3.19.
Warrant trading on the Madrid Stock Exchange(*)
Equities
Indexes
Volume
1995
1996
1997
1998
1999
2000
2001
2002
2003
36,496
37,732
43,876
47,782
41,598
55,583
57,578
24,110
38,770
39,001
35,328
22,928
No.
Volume
No.
Fixed-income and currencies

Total
Volume
Interest rates
No.
4
0
0
1,078
4
5
0
0
10,940
5
14
72,388
51 150,734
65
38
130,273
60 267,601
98
69
154,871
119 201,951
188
118
723,888
329 886,188
447
233 1,207,676
802 1,622,860 1,035
360
817,222 1,483 1,223,498 1,843
350 1,094,271 1,383 1,575,053 1,733
165
139
171
185
179
185
164
145
166
163
155
162
79,083
67,841
131,397
159,069
127,433
111,763
71,062
51,137
75,135
81,441
79,495
59,415
699
595
672
738
699
710
621
593
627
622
603
598
115,579
105,574
175,272
206,851
169,032
167,346
128,640
75,248
113,904
120,441
114,823
82,343
674
673
701
680
737
699
723
631
580
750
942
941
Currencies
Commodities
Total
Oil
Volume
No.
Volume
No.
Volume
No.
Volume
0
60
40
18
49
338
31
551
0
0
2
2
1
2
2
1
1
0
0
5,529
0
0
3,382
11,674
12,577
8,301
34,627
0
4
0
0
7
26
44
41
66
0
5,589
40
18
3,431
12,012
12,609
8,853
34,627
0
6
2
1
9
28
45
42
66
0
0
0
0
0
214
495
0
160
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,426
1,720
2,267
2,149
2,396
1,689
2,368
2,536
5,116
4,686
4,680
3,594
16
14
13
27
27
26
28
29
36
32
35
32
1,426
1,720
2,267
2,149
2,396
1,689
2,368
2,536
5,116
4,686
4,680
3,594
25
18
17
14
19
23
22
15
15
19
21
20
0
0
0
13
6
8
9
6
6
35
42
35
* The number refers to issues traded in each period, so monthly data do not necessarily coincide with the years total.
No.
TOTAL
Volume
0
1,078
4
0
16,529
11
0
150,774
67
0
267,619
99
0
205,382
197
7
898,414
482
12 1,635,964 1,092
0 1,232,351 1,885
12 1,609,839 1,811
0
0
0
8
5
6
7
3
5
7
8
7
117,005
107,294
177,539
209,012
171,434
169,043
131,017
77,790
119,026
125,163
119,545
85,972
699
691
718
694
756
722
745
646
595
769
963
961
237
January
February
March
April
May
June
July
August
September
October
NNovember
December
1,078
10,940
78,345
137,328
47,080
162,300
415,185
406,276
480,781
Shares

A.3.20.
Equity warrants, by underlying asset. 2003
Equities
% of total
No. (1)
306,660
217,426
206,562
144,231
62,839
29,707
93,355
19.5
13.8
13.1
9.2
4.0
1.9
5.9
222
156
120
103
75
25
447
Total Spanish shares
1,060,778
67.3
1,148
Foreing
Nokia
Alcatel
Deustche Telekom
France Telecom
KPN
Cisco
Other
10,366
6,723
5,728
3,111
2,557
1,673
3,334
0.7
0.4
0.4
0.2
0.2
0.1
0.2
60
8
49
17
29
10
62
Total foreign shares
33,494
2.1
235
1,094,272
69.5
1,383
424,869
424,869
23,599
11,946
8,803
8,020
3,264
280
27.0
27.0
1.5
0.8
0.6
0.5
0.2
0.0
193
193
49
47
17
25
18
1
Shares
Spanish
Telefnica
BBVA
SCH
Repsol
Endesa
Sogecable
Other
Total shares
Indexes
Ibex 35
Dow Jones
Nasdaq 100
DAX 30
Nikkei 225
EuroStoxx 50
Other
Total indexes
Total equities
(1)
No. of issues made with each underlying asset.
238
Volume
480,781
30.5
350
1,575,053
100.0
1,733
ANNEX 4
COLLECTIVE INVESTMENT SCHEMES
AND VENTURE CAPITAL
COMPANIES
Annex 4: Collective investment schemes and venture capital companies

A.4.1.
Investment in securities. Number of institutions, assets and number of investors
Assets
Thousands of euros
FIM
FIAMM
Total
Year
SIM
Total
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
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
152,572,747
Gauranteed
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
49,230,784
Total
SIMCAV
Guaranteed
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
58,054,417
0
0
0
145,325
274,374
365,163
338,550
268,522
28,012
13,153
11,485
0
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
2,024,539
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
20,163,057
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
210,627,164
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
22,187,596
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
232,814,760
Number of investors
Thousands
FIM
FIAMM
Total
Ao
SIM
Total
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
Guaranteed
900
1,447
1,441
1,334
2,184
3,946
5,976
6,349
6,351
5,842
5,363
5,709
0
0
0
58
424
1,140
1,975
1,828
1,802
1,775
1,642
2,057
Total
SIMCAV
Guaranteed
777
1,101
1,356
1,611
2,107
2,274
2,012
1,689
1,343
1,612
1,727
1,909
TOTAL
Funds
0
0
0
9
15
18
16
15
2
1
0
0
84
75
64
60
57
54
53
50
43
40
32
30
34
26
32
33
33
40
49
77
144
254
306
337
Companies
1,677
2,548
2,797
2,946
4,291
6,221
7,988
8,038
7,693
7,454
7,090
7,618
117
101
97
93
90
93
102
127
187
294
338
367
1,795
2,649
2,893
3,038
4,381
6,314
8,090
8,165
7,880
7,748
7,428
7,985
Number of institutions
Units
FIM
FIAMM
Total
Year
SIM
Total
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
371
441
528
602
788
1,277
1,675
1,964
2,266
2,421
2,373
2,386
Guaranteed
0
0
0
34
132
390
553
547
577
609
579
607
Total
106
130
138
154
181
204
206
203
201
178
165
168
SIMCAV
Guaranteed
0
0
0
1
1
3
3
3
2
1
1
0
TOTAL
Funds
230
224
222
215
217
218
230
211
172
153
129
108
25
27
41
53
68
137
361
883
1,498
2,115
2,646
2,894
477
571
666
756
969
1,481
1,881
2,167
2,467
2,599
2,538
2,554
Companies
255
251
263
268
285
355
591
1,094
1,670
2,268
2,775
3,002
732
822
929
1,024
1,254
1,836
2,472
3,261
4,137
4,867
5,313
5,556
241
%
FIAMM
FIAMM
FIM
IFIAMM RFCP
RFLP
RFM
RVM
RVN
RFI
2001
2002
2003
3.56
2.42
2.42
5.47
3.84
2.72
2.72
4.02
4.34
4.34
0.50
3.84
3.84
6.61
15.92
15.92
8.80
26.91
26.91
2.89
0.64
0.64
2003 1Q
2Q
3Q
4Q
0.59
0.49
0.43
0.3
0.00
0.00
0.00
0.00
0.64
0.63
0.35
0.36
1.09
1.45
0.15
0.08
0.86
3.78
0.03
2.33
4.16
8.82
0.18
6.93
2.1
16.32
0.78
14.05
0.44
1.18
0.2
0.5
RFMI
RVMI
RVE
RVI
RVIE
RVIJ
RVIU
RVIM
1.33
8.61
2.42 17.96
2.42 17.96
19.03 20.85
33.45
33.78 25.41 34.25 24.53
33.45
33.78 25.41 34.25 24.53
0.63
1.69
0.15
1.18
12.31
18.41
0.03
13.27
4.15
6.43
1.06
3.68
12.79
15.61
0.86
10.82
11.3
6.88
17.35
0.49
6.17
9.14
1.3
5.33
7.06
13.74
10.53
7.96
RVIO
GRF
GRV
35.16
35.16
4.42
4.46
4.46
0.24 10.44
0.37 12.42
0.37 12.42
8.23
11.67
3.11
5.51
1.04
0.99
0.2
0.11
0.49
1.54
0.23
1.01
FIAMM:
FIAMM: assets are denominated in euros, with a maximun of 5% in non-euro currencies.
FIAMM Internacional: more than 5% of assets are denominated in non-euro currencies.
FIM:
RFCP: 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 maximun of 5% in non-euro currencies.
RFLP: long-term fixed-income FIM. The average duration of the portfolio must be over 2 years. It does not include equities or equity derivatives.
Assets are denominated in euros, with a maximum of 5% in non-euro currencies.
RFM: mixed fixed-income FIM. Less than 30% of the portfolio in equities.
Assets are denominated in euros, with a maximun of 5% in non-euro currencies.
RVM: mixed equity FIM. Between 30% and 75% of the portfolio in equities.
RVN: Spanish equity FIM. More than 75% of the portfolio in equities traded on Spanish markets and assets from Spanish issuers traded on other markets.
RFI: foreign fixed-income FIM. The portfolio does not include equities or equity derivatives.
More than 5% of assets are denominated in non-euro currencies.
RFMI: foreign mixed fixed-income FIM. Less than 30% of the portfolio in equities. More than 5% of assets are denominated in non-euro currencies.
RVMI: foreign mixed equity FIM. Between 30% and 75% of the portfolio in equities. More than 30% of assets are denominated in non-euro currencies.
RVE: euro equity FIM. More than 75% of the portfolio in equities. Spanish equities may not exceed 75% of the portfolio.
RVI: foreign equity FIM. More than 75% of the portfolio in equities. More than 30% of assets are denominated in non-euro currencies.
RVIE: More than 75% in equities and more than 30% in assts not denominated in euros. European securities represent more than 75% of the equities portfolio.
RVIJ: 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.
RVIU: 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.
RVIM: 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.
RVIO: More than 75% in equities and more than 30% in assets not denominated in euros. Other.
GRF: guaranteed fixed-income FIM. Fund for which there is a third-party guarantee and which guarantees only a fixed yield.
GRV: 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.
FGL: global funds. Funds with no precise definition of investment policy, which do not fit into any of the previous categories.
FGL
1.44
3.78
0.63
1.86
242
A.4.2.
Investment in securities. Yield on mutual funds by portfolio type
A.4.3.
Investment in securities. FIM. Breakdown of assets at market value
12/31/02
1. Assets
2. Cash and cash equivalents
3. Portfolio investments
3.1. Domestic portfolio
3.1.1. Shares
3.1.2. Units in mutual funds
3.1.3. Treasury bills
3.1.4. Other public fixed-income securities
3.1.5. Private money market assets
3.1.6. Other private fixed-income
3.1.7. Purchased Spanish warrants and options
3.1.8. Reverse repos
3.1.9. 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)
121,368,392
4,400,303
116,537,697
51,879,090
5,426,164
4,068,830
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
430,392
% of assets
100.00
3.63
96.02
42.75
4.47
3.35
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
0.35
Amount
152,572,747
6,014,646
147,003,482
64,679,326
6,865,161
12,966,600
1,473,930
12,984,984
4,365,726
5,003,825
43,830
20,975,029
241
82,324,156
74,890,956
6,707,608
5,602,332
60,911,902
1,666,439
2,675
7,433,200
5,355,501
1,271,553
792,388
13,719
39
-445,381
Change
% of assets
Amount
100.00
3.94
96.35
42.39
4.50
8.50
0.97
8.51
2.86
3.28
0.03
13.75
0.00
53.96
49.09
4.40
3.67
39.92
1.09
0.00
4.87
3.51
0.83
0.52
0.01
0.00
-0.29
31,204,355
1,614,343
30,465,785
12,800,236
1,438,997
8,897,770
-210,645
-1,746,950
842,960
2,187,273
33,309
1,357,489
33
17,665,549
17,654,323
761,810
4,261,162
11,407,983
1,222,661
707
11,226
286,981
354,930
-629,674
-1,014
3
-875,773
%
25,71
36,69
26,14
24,67
26,52
218,68
-12,50
-11,86
23,93
77,66
316,60
6,92
0,00
27,32
30,84
12,81
317,72
23,04
275,51
0,00
0,15
5,66
38,72
-44,28
-6,88
0,00
-203,48
243
Amount
12/31/03

A.4.4.
Investment in securities. FIM. Transactions in derivatives
Committed nominal amount

12/31/2002
Amount
Forward purchases
Spot purchases
Purchased futures
Options and warrats (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
TOTAL
12/31/2003
% of assets
Amount
% of assets
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
850,601
391,731
15,027,130
31,129,659
5,932,743
0
1,464,061
53,575
7,301,966
5,718,180
6,106,205
0
0.56
0.26
9.85
20.40
3.89
0.00
0.96
0.04
4.79
3.75
4.00
0.00
45,167,946
37.22
73,975,851
48.49
A.4.5.
Investment in securities. FIM.
Breakdown of the foreign portfolio by region
Fixed-income
Euro zone
TOTAL EURO ZONE
EURO
DANISH KRONE
POUND STERLING
SWEDISH KRONA
REST OF WORLD
US DOLLAR
JAPANESE YEN
REST OF EUROPE
SOUTH AMERICA
OTHER
TOTAL
244
Equities
Warrants
2002
2003
2002
2003
2002
2003
49,467,427
49,260,144
44,551
118,179
44,553
60,904,845
60,814,473
17,006
59,987
13,379
8,792,119
7,260,853
13,591
1,478,693
38,982
13,796,219
12,307,697
11,348
1,391,306
85,868
430,670
430,465
0
205
0
1,666,452
1,666,439
0
13
0
1,458,461
1,089,405
73,247
16,094
0
279,715
799,258
627,260
35,860
13,067
0
123,071
4,482,136
3,197,113
556,099
592,482
46,178
90,264
5,143,489
3,836,309
524,663
636,752
48,092
97,673
27,677
14,461
28
29
10
13,149
13,706
13,686
3
0
17
0
50,925,888
61,704,103
13,274,255
18,939,708
458,347
1,680,158
A.4.6.
Investment in securities. FIM. Breakdown of change in assets
Amount in thousands of euros
1Q
Change in assets
Net subscriptions and
reimbursements
Gross distributed profits
Net yields
2Q
3Q
% of
average
daily assets
Amount
% of
average
daily assets
9,086,800
7.11
9,950,574
7.30
10,255,942
8.02
5,690,077
0.00
Amount
Accumulated
4Q
% of
average
daily assets
5,554,727
4.17
0.00
2003
2002
Amount
% of
average
daily assets
Amount
% of
average
daily assets
3.84
6,612,209
4.41
31,204,310
22.87
15,989,859
12.41
5,106,410
3.53
3,475,598
2.32
24,528,027
17.98
6,961,736
5.40
0.00
0.00
0.00
0.00
Amount
% of
average
daily assets
Amount
1,169,148
0.91
4,260,508
3.12
448,317
0.31
3,136,612
2.09
6,676,289
4.89
9,028,154
7.00
Total yields
760,848
Interest
907,282
Dividends
77,527
Total change in price of
fixed-income (whether
realised or not)
468,616
Total change in price of
equities (whether
realised or not)
1,926,450
Results on derivatives
193,899
Other yields
5,188
Foreign exchange differences
99,112
0.59
0.71
0.06
4,698,376
900,022
167,233
3.45
0.66
0.12
906,318
895,717
109,241
0.63
0.62
0.08
3,624,703
858,126
58,273
2.42
0.57
0.04
8,468,549
3,561,147
412,274
6.21
2.61
0.30
7,195,934
3,994,448
458,281
5.58
3.10
0.36
0.37
418,331
0.31
686,617
0.47
471,434
0.31
271,104
0.20
679,931
0.53
1.51
0.15
0.00
0.08
2,711,083
571,069
26,128
43,234
1.99
0.42
0.02
0.03
549,009
44,945
1,772
7,749
0.38
0.03
0.00
0.01
2,299,376
913,828
12,031
21,435
1.53
0.61
0.01
0.01
3,633,018
1,335,943
31,199
171,530
2.66
0.98
0.02
0.13
9,731,212
2,519,361
51,987
130,008
7.55
1.95
0.04
0.10
0.32
0.29
0.03
0.00
437,868
395,200
34,202
8,466
0.32
0.29
0.03
0.01
458,001
413,889
36,259
7,853
0.32
0.29
0.03
0.01
488,091
443,358
37,623
7,110
0.33
0.30
0.03
0.00
1,792,260
1,622,833
140,352
29,075
1.31
1.19
0.10
0.02
1,832,220
1,659,701
141,633
30,886
1.42
1.29
0.11
0.02
Total expenses
Management fees
Custody fees
Other operating costs
408,300
370,386
32,268
5,646
245
2003

A.4.7.
Investment in securities. FIM and FIAMM.
Assets, number of investors and number of funds
Assets
12/31/2002
Type of fund
Change
Amount
% of total
Amount
% of total
Amount
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
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
41,120,570
10,986,908
6,517,770
7,324,123
5,670,340
1,852,731
5,880,400
3,016,048
4,346,545
0
12,613,821
36,846,586
7,353,316
3,224,311
433,398
1,096,461
406,599
3,882,820
19.52
5.22
3.09
3.48
2.69
0.88
2.79
1.43
2.06
0.00
5.99
17.49
3.49
1.53
0.21
0.52
0.19
1.84
15,246,067
-2,334,208
14,407
-566,084
1,868,882
127,177
-1,104,622
-176,280
641,840
0
-2,873,084
14,059,940
4,795,626
979,875
44,024
397,750
66,847
16,198
58.92
-17.52
0.22
-7.17
49.16
7.37
-15.81
-5.52
17.32
-18.55
61.70
187.50
43.66
11.31
56.93
19.68
0.42
121,368,392
53,366,474
0
53,366,474
174,734,866
69.46
30.54
0.00
30.54
100.00
152,572,747
58,054,417
0
58,054,417
210,627,164
72.44
27.56
0.00
27.56
100.00
31,204,355
4,687,943
0
4,687,943
35,892,298
25.71
8.78
8.78
20.54
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
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 and FIAMM
12/31/2003
Number of investors
12/31/2002
12/31/2003
Type of fund
Amount
% of total

Mixed equity (RVM)
Euro equity (RVE)
Global funds
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
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
659,774
283,847
288,576
352,148
282,858
68,017
197,997
162,170
229,439
0
459,382
1,608,336
199,011
219,077
61,796
51,813
37,918
546,893
8.66
3.73
3.79
4.62
3.71
0.89
2.60
2.13
3.01
0.00
6.03
21.11
2.61
2.88
0.81
0.68
0.50
7.18
95,147
-30,793
-10,615
-62,580
45,482
15,686
-85,517
-35,298
-48,370
0
-101,104
479,274
110,175
39,625
-6,395
11,480
1,889
-72,378
16.85
-9.79
-3.55
-15.09
19.16
29.97
-30.16
-17.88
-17.41
-18.04
42.45
124.02
22.08
-9.38
28.46
5.24
-11.69
5,363,344
1,727,074
0
1,727,074
7,090,418
75.64
24.36
0.00
24.36
100.00
5,709,052
1,908,710
0
1,908,710
7,617,762
74.94
25.06
0.00
25.06
100.00
345,708
181,636
0
181,636
527,344
6.45
10.52
10.52
7.44
Total FIM
FIAMM
International FIAMM
Total FIAMM
Total FIM and FIAMM
Amount
% of total
Change
Amount
(Continues over)
246

(Continued)
A.4.7.
Investment in securities. FIM and FIAMM.
Assets, number of investors and number of funds
Number of funds
12/31/2002
Type of fund
Mixed equity (RVM)
Euro equity (RVE)
Global funds
Total FIM
FIAMM
International FIAMM
Total FIAMM
Total FIM and FIAMM
Amount
% of total
12/31/2003
Amount
% of total
Change
Amount
203
162
173
205
101
69
81
103
124
0
214
388
132
47
29
46
42
226
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
242
162
167
182
110
66
84
83
108
0
191
433
195
53
24
41
42
172
9.59
6.42
6.62
7.21
4.36
2.62
3.33
3.29
4.28
0.00
7.57
17.16
7.73
2.10
0.95
1.63
1.66
6.82
39
0
-6
-23
9
-3
3
-20
-16
0
-23
45
63
6
-5
-5
0
-54
19.21
0.00
-3.47
-11.22
8.91
-4.35
3.70
-19.42
-12.90
-10.75
11.60
47.73
12.77
-17.24
-10.87
0.00
-23.89
2,345
163
0
163
2,508
93.50
6.50
0.00
6.50
100.00
2,355
168
0
168
2,523
93.34
6.66
0.00
6.66
100.00
10
5
0
5
15
0.43
3.07
3.07
0.60
247
1Q
Short-term fixed-income FIM
(RFCP)
AC DEUDA FT FIM
AC DINERPLUS FIM
AF TESORERIA FIM
AHORRO CORP. RENDIMIENTO FIM
ALLIANZ RF CORTO EUROLAND FIMF
ALTAE INSTITUCIONES FIM
ALTAE RENTA FIM
ARCALIA INTERES FIM
ASTURFONDO RENTA FIJA FIM
ASTURFONDO RENTAS FIM
AVIVA DINERO FIM
BANCAJA RENTA FIJA A CORTO 1 FIMS
BANCAJA RENTA FIJA A CORTO 2 FIMS
BANESDEUDA FT FIM
BANESDEUDA FV FIM
BANESTO DINERO FIM
BANESTO EMPRESAS FIM
BANESTO ESPECIAL DR FIM
BANIF INSTITUCIONES FIM
BANIF RF CORTO PLAZO FIM
BANKINTER SOLIDARIDAD FIM
BANKINTER TESORERIA EMPRESAS FIM
BANKOA-AHORRO FONDO FIM
BARCLAYS BONOS CORPORATIVOS FIM
BARCLAYS BONOS CORTO FIM
BARCLAYS GESTION FIMF
BARCLAYS MONETARIO FIM
BARCLAYS RENDIMIENTO EFECTIVO FIM
BARCLAYS TESORERIA FIM
BBK TESORERIA FIM
BBVA AGROCASH FIM
BBVA CASH EMPRESAS FIM
BBVA CORTO PLUS EMPRESAS FIM
BBVA RENTA FIJA CORTO FIM
BBVA RENTA FIJA CORTO PLUS FIM
BBVA TESORERIA FIM
BBVA TESORERIA II FIM
BETA TESORERIA FIM
BG FOND EMPRESA FIM
BG ONDAR RENTA FIM
BK MONETARIO DINAMICO FIMF
BNP PARIBAS CASH PLUS FIM
BNP PARIBAS EVOLUTION FIM
CAAM MONETARIO DINAMICO FIMS
CAI RENTA FIJA FIM
CAI TESORERIA FIM
CAIXA CAT. MERCAT MONETARI FIMP
CAIXA CAT. RENDA FIXA CURT FIMP
CAIXA CATALUNYA 3 FIM
CAIXA CATALUNYA DINER FIMS
2Q
Yield
%
Vol
(1)
Dur
(2)
0.72
0.71
0.43
0.29
0.61
0.68
0.81
0.83
0.75
0.56
0.76
NA
NA
0.98
0.96
0.34
0.58
0.60
0.62
0.91
NA
0.67
0.57
1.43
1.35
1.08
0.59
NA
0.57
0.54
NA
NA
NA
0.41
0.76
0.62
NA
0.68
0.58
0.79
0.64
0.58
0.57
0.79
0.81
0.66
NA
NA
-0.12
NA
0.88
0.23
1.12
0.59
0.19
0.10
0.66
0.54
0.73
0.03
0.53
9.50
9.61
1.48
1.44
0.13
0.18
0.16
0.16
0.71
NA
4.57
6.90
1.52
1.63
0.95
0.08
1.19
5.65
1.37
NA
NA
NA
0.10
0.55
7.73
NA
0.19
2.50
1.01
0.10
8.95
3.38
0.35
0.79
0.22
0.14
89.53
0.30
0.17
1.28
0.64
0.00
1.52
0.00
0.26
0.73
1.13
2.06
0.18
1.21
0.00
0.00
2.33
2.30
0.35
0.37
0.40
0.42
0.18
NA
0.29
0.43
2.16
2.34
0.01
0.11
0.01
0.13
0.18
NA
NA
NA
0.36
0.95
0.28
NA
0.20
0.09
1.38
0.28
0.25
0.00
0.00
1.81
0.55
0.26
2.52
0.22
0.00
Type
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
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
GRF
RFCP
3Q
Yield
%
Vol
(1)
Dur
(2)
0.74
0.65
0.36
0.61
0.54
0.59
0.63
0.71
0.91
0.49
0.80
0.51
0.44
0.88
0.93
0.32
0.53
0.57
0.60
0.49
NA
0.55
0.53
1.23
1.11
1.01
0.54
0.53
0.48
0.46
NA
NA
NA
0.31
0.80
0.52
NA
0.65
0.52
0.48
0.49
0.51
0.56
0.97
1.16
0.62
0.91
1.99
0.29
0.65
0.90
0.19
1.17
0.49
0.22
8.55
0.62
0.55
0.57
1.08
0.60
9.50
0.11
1.49
1.50
0.14
0.16
0.12
0.14
0.11
NA
0.04
0.08
2.22
2.16
1.60
0.18
0.16
0.03
0.01
NA
NA
NA
0.11
0.92
7.41
NA
0.10
1.85
0.58
6.23
8.14
0.16
0.48
0.79
0.18
0.15
1.28
1.24
0.14
1.21
0.46
0.00
0.96
0.00
0.23
0.68
0.80
1.82
0.17
1.10
0.00
0.00
1.87
1.87
0.34
0.23
0.27
0.29
0.21
NA
0.32
0.50
2.33
2.52
0.01
0.14
0.11
0.12
0.14
NA
NA
NA
0.37
0.65
0.37
NA
0.14
0.08
0.82
0.33
0.44
0.00
0.00
1.92
0.48
0.21
2.46
0.05
0.00
Type
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
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
GRF
RFCP
4Q
Yield
%
Vol
(1)
Dur
(2)
0.18
0.48
0.27
0.56
0.33
0.43
0.13
0.34
0.44
0.41
0.34
0.44
0.40
0.08
0.04
0.12
0.31
0.39
0.41
0.48
NA
0.43
0.45
0.15
0.02
0.11
0.43
0.45
0.38
0.39
NA
NA
NA
0.16
0.54
0.42
NA
0.51
0.41
0.15
0.46
0.40
0.44
0.62
0.65
0.43
0.60
0.47
0.17
0.35
0.99
0.19
4.94
0.66
0.19
0.11
0.73
0.40
0.81
1.26
0.43
0.10
0.10
1.69
1.58
0.10
0.14
0.12
0.12
0.07
NA
2.12
5.20
2.78
2.51
1.60
4.13
2.76
5.14
5.66
0.01
2.22
8.45
0.11
1.03
8.41
3.72
7.59
9.80
0.53
0.15
0.13
1.82
0.33
0.90
0.18
4.17
0.98
2.26
3.88
1.34
0.43
0.00
1.23
0.00
0.00
0.00
0.44
1.51
0.21
1.32
0.00
0.00
2.18
2.02
0.31
0.23
0.27
0.25
0.15
NA
0.31
0.52
2.46
2.32
0.01
0.19
0.23
0.17
0.14
0.01
0.20
0.16
0.59
2.14
0.32
0.25
0.19
0.07
0.81
0.02
0.50
0.00
0.00
2.04
0.41
0.18
2.26
0.05
0.00
Type
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
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
2003
Yield
%
Vol
(1)
Dur
(2)
Type
-0.06
0.47
0.26
0.26
0.27
0.44
-0.05
0.31
0.24
0.40
0.52
0.44
0.38
-0.29
-0.28
0.16
0.33
0.41
0.43
0.45
NA
0.42
0.39
-0.55
-0.34
-0.18
0.42
0.44
0.38
0.39
-0.35
0.47
0.53
0.17
0.29
0.40
0.47
0.51
0.39
0.06
0.71
0.33
0.48
0.61
0.23
0.44
0.67
0.62
0.27
0.42
0.90
0.12
1.22
0.69
0.42
6.75
0.48
0.25
0.68
0.01
0.83
0.09
0.10
1.46
1.33
8.50
9.21
0.10
0.10
8.62
0.49
9.72
8.87
2.05
1.90
1.31
3.40
4.20
7.18
1.31
7.34
2.56
8.18
0.10
0.76
8.43
6.41
0.10
9.31
0.46
0.46
6.56
5.35
0.26
0.76
0.11
6.48
0.94
6.92
6.16
0.78
0.60
0.00
1.67
0.01
0.22
0.38
0.40
1.73
0.25
1.13
0.01
0.01
1.94
1.91
0.17
0.18
0.15
0.15
0.20
0.19
0.23
0.54
2.93
2.28
0.01
0.14
0.10
0.14
0.17
0.14
0.23
0.16
0.67
2.22
0.32
0.26
0.28
0.11
0.93
0.01
0.00
0.01
0.00
0.97
0.43
0.26
1.88
0.03
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
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
Yield
%
Vol
(1)
Yield
since
1996
1.59
2.34
1.32
1.74
1.76
2.17
1.52
2.20
2.36
1.87
2.43
NA
NA
1.67
1.65
0.95
1.77
1.99
2.09
2.35
NA
2.08
1.95
2.26
2.16
2.04
1.99
NA
1.83
1.80
NA
NA
NA
1.05
2.41
1.97
NA
2.37
1.90
1.49
2.33
1.83
2.07
3.03
2.88
2.15
NA
NA
0.62
NA
0.92
0.19
0.01
0.61
0.27
0.09
0.63
0.45
0.71
2.53
0.62
9.97
0.10
1.54
1.47
0.12
0.15
0.13
0.13
0.36
0.49
6.39
7.72
2.20
2.08
1.40
0.10
0.25
5.84
1.84
5.83
0.02
8.42
0.11
0.84
8.24
5.46
0.13
2.41
0.68
0.25
9.96
9.02
0.36
0.82
0.18
0.10
30.50
0.16
0.10
12.45
16.26
12.50
10.76
NA
NA
11.50
15.34
9.24
15.37
NA
NA
NA
13.82
14.02
8.16
NA
15.73
16.30
14.33
NA
16.07
21.24
NA
15.62
NA
NA
NA
14.99
14.93
NA
NA
NA
9.63
9.43
15.99
NA
NA
NA
12.02
NA
15.17
2.10
NA
13.30
14.92
NA
NA
13.69
NA
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
1.41
0.50
0.80
1.40
0.00
0.20
1.25
0.50
1.75
0.45
0.50
0.25
0.45
1.50
1.50
1.50
0.60
0.50
0.45
1.10
0.70
0.20
0.50
0.70
1.00
0.05
0.35
0.20
0.50
0.40
0.25
0.10
0.25
1.50
0.85
0.50
0.20
0.20
0.50
1.30
0.70
1.00
0.10
0.20
1.25
0.60
0.15
0.35
0.99
0.84
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
0.50
0.00
2.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
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
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.07
0.06
0.07
0.05
0.14
0.05
0.10
0.10
0.14
0.05
0.11
0.05
0.05
0.00
0.15
0.20
0.15
0.10
0.05
0.20
0.50
0.20
0.00
0.15
0.20
0.00
0.10
0.10
0.15
0.09
0.10
0.05
0.05
0.15
0.15
0.10
0.10
0.05
0.09
0.18
0.10
0.05
0.00
0.04
0.10
0.05
0.05
0.05
0.15
0.10
(Continues over)
248
A.4.8.
Investment in securities. FIM. Yields, volatility and duration
(Continued)
A.4.8.
1Q
(RFCP)
Yield
%
Vol
(1)
Dur
(2)
0.15
0.16
NA
0.77
0.23
1.10
1.04
3.24
3.29
3.47
0.75
0.67
0.66
5.03
0.22
0.29
0.38
0.62
5.76
0.23
0.17
0.23
0.25
0.22
1.35
6.16
0.10
0.01
2.93
0.05
1.16
0.16
0.33
6.22
0.23
8.27
0.16
8.12
6.93
8.83
0.37
1.32
1.31
0.24
0.38
0.12
2.79
0.27
0.15
2.61
0.00
0.00
NA
2.07
0.68
0.00
0.00
0.01
0.01
0.14
2.06
1.83
1.77
0.05
0.00
0.47
0.36
1.22
0.15
0.63
0.24
0.69
0.81
0.62
0.18
0.12
0.24
0.08
0.11
0.01
1.66
0.32
0.53
0.18
0.10
0.16
0.09
0.12
0.28
1.95
0.00
2.31
2.36
0.87
0.11
0.00
0.27
0.49
0.00
0.34
Type
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
GRV
GRV
RFLP
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
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.68
0.82
NA
1.04
0.64
1.72
1.80
0.44
0.53
0.66
0.93
0.98
1.07
0.31
0.36
0.46
0.25
1.13
0.63
0.50
0.50
0.59
0.62
0.51
0.54
0.43
0.62
0.33
0.39
-0.05
2.69
0.83
0.36
0.48
0.51
0.62
0.36
0.52
0.21
0.56
1.05
0.40
0.40
0.61
0.48
0.52
0.56
0.51
0.68
0.46
0.14
0.14
0.22
0.76
0.21
1.22
1.21
2.89
0.02
2.87
0.66
0.63
0.58
9.06
1.65
0.69
7.40
0.68
7.93
0.19
0.15
0.20
0.23
0.18
1.21
0.17
9.98
1.15
2.89
0.11
1.27
0.17
0.26
5.58
0.03
0.17
7.09
3.25
8.97
0.19
0.50
1.35
1.36
9.25
3.46
0.35
2.45
0.24
0.23
0.02
0.00
0.00
0.30
2.10
0.51
0.00
0.00
0.00
0.00
0.00
1.90
1.76
1.69
0.04
0.03
0.00
0.00
1.15
0.13
0.53
0.32
0.49
0.60
0.43
0.14
0.69
0.31
0.12
0.09
0.01
1.68
0.15
0.38
0.14
0.09
0.13
0.10
0.15
0.29
1.84
0.00
2.45
2.78
0.80
0.32
0.03
0.24
0.58
0.00
0.29
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
GRV
RFLP
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
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.39
0.52
0.21
0.43
0.45
0.28
0.35
0.35
0.44
0.57
0.49
0.38
0.51
0.22
0.28
0.18
0.12
0.34
0.50
0.31
0.31
0.40
0.37
0.33
0.45
0.33
0.46
0.77
0.29
0.21
0.82
0.67
0.11
0.38
0.44
0.37
0.31
0.44
0.12
0.37
0.70
-0.25
-0.22
0.40
0.40
0.42
0.47
0.30
0.39
0.36
0.04
4.20
0.30
0.93
0.18
0.93
0.93
2.39
0.02
2.45
0.73
0.71
0.71
3.77
1.08
0.39
1.57
0.98
3.82
0.18
0.18
0.18
0.19
0.19
1.35
0.22
9.44
0.57
2.44
2.59
1.01
0.18
0.19
4.79
4.13
0.22
1.98
1.63
2.39
0.09
0.35
1.12
1.13
0.10
5.74
2.02
1.54
0.61
0.19
1.82
0.00
0.00
0.34
1.83
0.42
0.00
0.00
0.01
0.01
0.16
1.51
1.50
1.47
0.05
0.04
0.43
0.01
1.17
0.13
0.29
0.42
0.42
0.41
0.31
0.16
0.59
0.35
0.41
0.09
0.08
1.89
0.15
0.27
0.20
0.14
0.25
0.19
0.21
0.30
1.77
0.00
2.41
2.52
0.68
0.45
0.21
0.26
1.19
0.00
0.34
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFLP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
2003
Yield
%
Vol
(1)
Dur
(2)
Type
0.46
0.59
0.08
0.18
0.42
0.42
0.49
0.34
0.43
0.57
0.22
0.18
0.28
0.21
0.31
0.16
0.16
0.10
0.49
0.28
0.32
0.38
0.36
0.32
0.43
0.29
0.44
0.29
0.26
0.28
0.83
0.64
0.18
0.35
0.38
0.50
0.29
0.44
0.09
0.35
0.68
0.12
0.10
0.42
0.39
0.43
0.44
0.12
0.40
0.33
6.33
6.20
0.17
0.78
0.11
0.89
0.89
1.55
1.53
0.01
0.64
0.60
0.65
5.44
4.33
0.25
1.16
0.65
6.99
0.13
9.81
0.11
0.12
0.14
1.19
0.13
0.09
0.82
2.21
0.24
1.02
0.12
0.16
2.80
0.02
0.11
0.19
1.93
1.28
9.14
0.28
0.98
0.98
0.20
4.95
0.01
1.07
0.46
0.19
1.61
0.01
0.01
0.38
1.95
0.45
0.01
0.01
0.01
0.01
0.83
1.73
1.68
1.53
0.43
0.24
0.51
0.11
1.12
0.16
0.39
0.42
0.42
0.45
0.38
0.16
0.36
0.42
1.08
0.08
1.12
1.88
0.15
0.14
0.14
0.07
0.14
0.31
0.18
0.24
1.58
0.00
2.70
2.63
0.69
0.30
0.22
0.22
1.01
0.01
0.28
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
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
Yield
%
Vol
(1)
Yield
since
1996
NA
NA
NA
2.61
2.19
3.77
4.11
1.66
2.02
2.57
2.39
2.42
2.91
1.13
1.16
1.15
0.73
2.70
2.36
1.71
1.75
2.01
1.94
1.77
2.05
1.65
2.28
1.79
1.42
NA
5.72
3.05
1.09
1.77
2.03
2.08
1.43
1.96
0.78
1.79
3.35
1.16
1.15
2.09
1.97
0.86
2.09
1.48
1.85
1.70
0.10
0.10
0.24
0.82
0.19
1.05
1.04
3.08
3.01
3.16
0.70
0.66
0.66
3.20
0.11
0.44
0.19
0.75
6.63
0.19
0.15
0.19
0.20
0.19
2.05
0.16
0.10
0.50
3.22
0.14
1.13
0.16
0.24
5.29
0.12
0.16
0.12
4.66
0.06
0.12
0.38
1.21
1.21
0.17
0.19
0.20
2.57
0.42
0.19
2.87
NA
NA
NA
13.82
15.29
13.42
16.39
NA
NA
NA
10.09
11.18
13.97
NA
NA
NA
NA
13.66
NA
12.46
12.69
14.03
13.26
12.64
NA
NA
NA
12.51
11.54
NA
NA
17.44
11.10
14.67
NA
7.55
NA
NA
9.07
13.42
NA
11.46
10.91
13.83
7.83
NA
NA
13.05
NA
17.89
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
0.74
0.25
1.50
1.10
0.65
0.64
0.39
0.75
0.40
0.00
1.40
1.45
0.90
1.00
0.65
1.15
1.15
1.35
0.45
1.00
1.00
0.75
1.00
1.00
0.40
1.00
0.45
1.00
1.00
0.90
0.80
0.50
1.50
0.75
0.50
0.50
0.75
0.45
1.55
1.00
0.20
1.50
1.50
0.50
0.50
0.40
0.40
1.00
0.95
0.70
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
1.00
0.00
0.00
0.00
0.00
1.00
1.00
0.00
1.00
0.00
1.00
0.00
1.00
2.00
1.00
1.00
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
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
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
0.05
0.00
0.15
0.15
0.06
0.10
0.05
0.10
0.10
0.00
0.20
0.20
0.19
0.14
0.10
0.10
0.10
0.14
0.05
0.15
0.20
0.14
0.07
0.05
0.09
0.05
0.05
0.07
0.15
0.10
0.15
0.10
0.10
0.10
0.10
0.10
0.08
0.10
0.10
0.00
0.04
0.10
0.20
0.16
0.15
0.00
0.00
0.00
0.00
0.15
(Continues over)
249
CAIXA CATALUNYA DINER PLUS FIMS

NA
CAIXA CATALUNYA TRESORERIA FIMS NA
CAIXA GALICIA AHORRO FIM
NA
CAIXA GALICIA INV. FIM
0.94
CAIXA GALICIA PATRIMONIOS FIM
0.66
CAIXA PATRIMONI FIMS
1.31
CAIXA PATRIMONI PLUS FIMS
1.42
CAIXAGIRONA PATRIMONI 1 FIMS
0.53
CAIXAGIRONA PATRIMONI 2 FIMS
0.61
CAIXAGIRONA PATRIMONI FIMP
0.75
CAIXANOVA GESTION FIM
0.74
CAIXASABADELL 2-FIX FIM
0.86
CAIXASABADELL 4-FIX FIM
1.02
CAJA INGENIEROS DINERO FIM
0.39
CAJA LABORAL AHORRO 2 FIM
0.21
CAJA LABORAL COMPLEMENTO FIM
0.35
CAJA LABORAL CONFIANZA FIM
0.20
CAJA LABORAL RDTO. FIM
1.12
CAJA LABORAL TESORERIA FIM
0.71
CAJA MURCIA FIM
0.61
CAJA SEGOVIA RENTA FIM
0.61
CAJABURGOS TR FIM
0.62
CAJACANARIAS RENTA FIJA FIM
0.59
CAJARIOJA TESORERIA FIM
0.60
CAM FONDEMPRESA FIM
0.61
CAN AHORRO 1 FIM
0.59
CAN AHORRO 10 FIM
0.74
CANARIAS RENTA FIM
0.40
CANTABRIA DINERO FIM
0.48
CATALANA OCCIDENTE RF CP FIM
NA
CEM PATRIMONI FIM
1.27
CEM TRESORERIA FIM
0.87
CITIFONDO PREMIUM FIM
0.43
CONSTANTFONS FIM
0.55
CONSULNOR TESORERIA FIM
0.69
CREDIT SUISSE MONETARIO FIM
0.58
CRV FONDINERO FIM
0.47
CT PLATINUM 10 FIM
0.55
CTA FISCAL ORO III FIM
0.35
DINERO ACTIVO I FIM
0.50
DINEURO DINAMICO FIMFP
0.88
DWS INVEST FIM
0.89
DWS INVEST II FIM
0.86
EDM RENTA FIM
0.65
ESPIRITO SANTO CASH FIM
0.68
EUROVALOR EMPRESAS VOLUMEN FIM -0.51
EUROVALOR PARTICUL. VOLUMEN FIM 0.61
EUROVALOR RF CORTO FIM
0.54
EUROVALOR SELEC. MONETARIO FIMF 0.36
EUROVALOR-PATRIM. FIM
0.53
2Q
(Continued)
1Q
(RFCP)
Yield
%
EVEREST 2000 FIM

1.14
EXTRARENTA FIM
0.44
F.SOLIDARIO FUN.BERNABE RUIZ FIM -0.09
FAV-ARQUITECTOS FIM
NA
FEMP CORTO PLAZO FIM
0.72
FIBANC ACTIVO FIM
0.55
FONALAVA FIM
0.61
FONCAIXA 10 RF CORTO EURO FIMS 0.39
FONCAIXA 102 CARTERA TR EURO FIMS NA
FONCAIXA 103 FONDANDALUCIA FIM NA
FONCAIXA 107 CARTERA RFC EURO FIMS NA
FONCAIXA 2 RF CORTO EURO FIMS
0.36
0.34
FONCAIXA 46 TESORERIA EURO FIMS 0.60
0.70
0.34
NA
0.37
FONCAIXA 95 TESORERIA EURO FIMS NA
FONCAIXA FC 59 FIM
0.63
FONCAIXA RENTA FIJA CORTO EURO FIMP NA
FONCAIXA TESORERIA EURO FIMP
NA
FONCONSUL FIM
0.79
FOND21 FIM
0.79
FONDACOFAR FIM
1.29
FONDCIRCULO FIM
0.72
FONDEGA SEGURIDAD FIM
0.43
FONDESPAA AHORRO FIM
0.48
FONDESPAA I FIM
0.87
FONDGUISSONA FIM
0.52
FONDICAJA FIM
0.87
FONDMUSINI I FIM
0.48
FONDO EXTRA FIM
1.01
FONDO VALENCIA EMPRESAS FIM
0.54
FONDOATLANTICO FIM
0.56
FONDOATLANTICO PREMIER FIM
0.61
FONDOMIX TESORERIA FIM
0.55
FONDPAMPLONA FIM
0.38
FONJALON RENTA FIJA FIM
0.42
FONPASTOR DINERO FIM
0.67
FONPREMIUM RF FIM
0.73
FONSCATALONIA 1 FIM
0.68
FONSGIRONA FIM
0.28
FONSGIRONA II FIM
0.39
FONSMANLLEU ESTALVI FIM
0.49
2Q
Vol
(1)
Dur
(2)
1.41
1.69
0.02
0.17
0.19
0.45
9.95
0.42
NA
0.68
NA
0.42
0.42
0.41
0.42
0.41
0.43
0.42
2.42
0.41
0.41
0.37
0.42
3.44
0.92
0.44
2.64
1.53
0.78
1.36
0.73
0.01
0.55
0.64
8.74
0.67
1.08
1.37
9.70
0.66
1.19
3.31
9.91
0.01
0.14
0.11
1.13
5.82
3.58
0.23
2.05
0.00
0.01
0.28
0.19
0.54
1.16
0.00
NA
1.22
NA
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.38
0.51
0.19
2.29
2.41
0.94
1.81
0.10
1.45
2.00
0.36
1.97
0.13
1.18
0.11
0.73
1.11
0.25
0.02
0.01
0.40
0.18
1.60
0.18
0.19
0.73
Type
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
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
2.72
0.40
1.63
0.68
0.64
0.55
0.61
0.38
NA
0.85
NA
0.52
0.38
0.62
0.50
0.69
0.52
0.35
0.52
0.68
0.35
0.67
0.35
0.44
0.85
0.95
0.65
0.68
0.95
0.94
0.95
0.34
0.65
1.07
0.49
0.97
0.63
1.01
0.46
0.50
0.84
0.55
0.31
0.34
0.65
0.60
0.97
0.21
0.32
0.46
1.41
2.70
3.84
0.34
0.19
0.36
0.11
0.52
0.25
1.11
0.73
0.52
0.52
0.52
0.53
0.52
0.52
0.52
2.56
0.52
0.52
0.48
0.52
0.02
1.19
0.55
2.49
1.49
0.68
1.42
0.70
9.81
0.69
0.59
8.81
0.60
0.45
1.35
8.57
0.63
0.94
1.74
1.27
1.56
0.16
4.29
1.24
0.06
3.96
0.26
2.29
0.12
0.01
0.68
0.30
0.55
1.14
0.00
0.00
1.62
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.85
0.87
0.15
2.01
1.65
0.93
1.60
0.15
1.32
1.56
0.56
1.60
0.31
1.04
0.11
0.82
0.00
0.08
0.01
0.00
0.46
0.13
1.68
0.00
0.07
0.74
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
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.65
0.37
0.01
0.48
0.49
0.32
0.42
-0.16
0.47
0.08
0.21
-0.01
-0.16
0.09
-0.03
0.15
-0.01
-0.19
0.44
0.15
-0.19
0.19
-0.18
0.36
0.07
0.40
0.57
0.13
0.34
0.14
0.43
0.27
0.13
0.43
0.30
0.38
0.18
0.29
0.38
0.08
0.23
0.39
0.21
0.23
0.48
0.47
-0.01
0.10
0.21
0.26
0.94
2.69
0.47
0.33
0.16
0.30
7.07
0.34
7.52
0.71
0.36
0.34
0.34
0.34
0.34
0.34
0.34
0.34
3.48
0.34
0.34
0.32
0.34
3.15
0.64
0.36
3.69
1.37
0.78
1.62
0.69
1.62
0.45
0.83
0.25
0.75
0.21
1.47
4.06
0.89
1.22
0.10
8.49
1.39
0.77
1.00
1.37
0.04
3.21
0.23
2.23
0.51
0.01
0.64
0.32
0.60
1.29
0.00
0.00
1.44
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.56
0.48
0.18
1.99
1.63
0.86
1.55
0.24
1.02
1.55
0.69
1.52
0.28
1.26
0.09
1.18
0.00
0.10
0.01
0.00
0.30
0.10
1.65
0.15
0.16
0.33
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
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
2003
Yield
%
Vol
(1)
Dur
(2)
Type
0.86
0.37
-0.07
-0.31
0.52
0.32
0.42
0.02
0.46
0.04
0.44
0.17
0.02
0.27
0.15
0.33
0.16
-0.01
0.41
0.33
-0.01
0.35
0.00
0.33
0.10
0.59
0.54
0.05
0.14
-0.18
0.26
0.24
0.18
0.11
0.37
0.14
0.23
0.07
0.36
-0.07
0.05
0.43
0.19
0.23
0.44
0.45
-0.38
0.07
0.18
0.19
1.09
0.11
0.49
0.80
0.12
0.27
0.07
0.15
1.94
0.55
0.15
0.15
0.15
0.15
0.16
0.15
0.15
0.15
1.46
0.15
0.15
0.14
0.15
0.01
0.51
0.16
1.90
1.03
0.61
1.26
0.61
5.15
0.26
0.74
0.22
0.62
0.17
1.33
1.30
0.69
1.00
3.57
3.38
1.56
0.10
1.26
1.13
4.74
2.69
0.12
2.27
0.43
0.01
0.66
0.34
0.51
1.22
0.00
0.00
1.58
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.70
0.55
0.14
1.71
1.63
0.88
1.90
0.22
0.64
1.79
0.64
1.63
0.27
1.53
0.11
0.89
1.36
0.08
0.01
0.01
0.30
0.04
1.94
0.05
0.14
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
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
Yield
%
Vol
(1)
Yield
since
1996
5.46
1.59
1.48
NA
2.39
1.75
2.08
0.64
NA
NA
NA
1.21
0.61
1.59
1.12
1.85
1.20
0.49
1.98
1.87
0.49
NA
0.53
NA
1.65
NA
NA
1.67
2.23
2.20
2.38
1.28
1.45
2.51
1.69
2.37
1.53
2.39
1.75
1.07
1.74
1.94
1.09
1.22
2.26
2.26
1.26
0.66
1.10
1.40
1.24
6.34
1.95
0.49
0.17
0.35
9.45
0.38
0.12
0.80
0.41
0.38
0.39
0.38
0.39
0.38
0.39
0.39
3.04
0.38
0.38
0.35
0.39
2.89
0.86
0.40
1.16
1.37
0.72
1.43
0.69
3.23
0.51
0.71
0.18
0.67
0.27
1.38
1.81
0.73
1.09
6.29
2.51
2.24
0.40
6.63
1.23
5.59
3.85
0.22
NA
NA
NA
NA
NA
16.60
16.35
6.53
NA
NA
NA
10.00
6.52
12.07
9.25
13.56
9.92
6.13
15.70
13.48
5.81
NA
6.26
NA
NA
NA
NA
13.32
10.63
18.68
9.75
11.86
12.25
11.55
15.91
10.95
11.67
15.45
14.51
9.84
NA
14.69
11.29
10.37
NA
NA
12.52
8.29
10.86
11.33
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
1.75
0.55
1.50
0.90
0.10
0.80
0.50
2.00
0.23
1.10
0.50
1.50
2.00
1.10
1.50
0.80
1.50
2.10
0.45
1.00
2.10
0.60
2.10
0.65
1.10
0.00
0.00
1.10
1.50
0.80
1.50
0.90
1.10
1.50
0.55
1.60
1.00
0.88
0.55
1.50
0.65
0.35
1.00
0.95
0.25
0.15
1.35
1.60
1.20
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
Max.
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
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
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.05
0.00
0.20
0.09
0.10
0.00
0.20
0.04
0.15
0.00
0.13
0.20
0.12
0.20
0.17
0.12
0.20
0.04
0.00
0.20
0.15
0.20
0.15
0.13
0.00
0.00
0.10
0.14
0.19
0.09
0.10
0.15
0.20
0.00
0.09
0.10
0.00
0.05
0.20
0.10
0.10
0.20
0.04
0.05
0.10
0.20
0.20
0.20
0.14
(Continues over)
250
A.4.8.
(Continued)
A.4.8.
1Q
(RFCP)
Yield
%
Vol
(1)
Dur
(2)
1.00
0.62
0.91
0.66
NA
0.85
0.58
0.52
0.62
0.49
0.67
0.89
0.60
NA
0.70
0.42
0.71
NA
0.94
0.61
0.50
0.41
0.83
0.50
0.37
0.64
0.84
0.81
0.64
0.95
0.82
0.62
0.65
0.56
NA
0.78
0.68
0.73
0.77
NA
0.19
0.38
0.37
0.89
NA
0.44
0.32
NA
0.75
0.84
0.69
0.19
0.69
0.98
9.38
1.28
0.26
0.26
0.26
1.50
7.29
0.93
0.10
NA
0.12
0.11
7.56
NA
1.11
3.68
0.13
1.40
0.67
0.24
0.10
0.12
0.12
6.06
0.23
0.28
0.49
0.67
2.51
1.00
NA
6.34
6.19
6.18
7.64
NA
0.33
3.21
0.31
1.66
NA
9.51
3.92
NA
2.18
0.64
2.10
0.30
1.96
1.14
0.12
0.01
0.01
0.01
0.01
0.00
0.29
1.78
0.46
NA
0.47
0.45
0.37
NA
1.41
0.16
0.18
0.01
1.86
0.61
0.23
0.81
0.14
0.23
0.53
0.06
0.71
1.11
0.21
0.05
NA
0.31
0.00
0.00
0.21
NA
0.64
0.16
0.26
2.82
NA
0.15
0.00
NA
0.11
0.73
Type
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFLP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFLP
RFCP
RFCP
RFCP
RFCP
3Q
Yield
%
Vol
(1)
Dur
(2)
1.05
0.63
1.04
0.73
0.60
0.62
0.56
0.49
0.60
0.42
0.64
0.76
0.65
NA
0.73
0.47
0.56
NA
0.75
0.55
0.38
0.31
0.92
0.51
0.38
0.74
0.75
0.75
0.57
0.77
0.72
0.63
0.53
0.49
NA
0.67
0.57
0.62
0.66
NA
0.65
0.37
0.66
1.05
NA
0.38
0.31
NA
0.58
0.57
0.58
0.15
0.62
0.92
9.06
1.19
0.27
0.27
0.48
2.26
0.09
1.36
0.19
NA
0.19
0.19
6.88
9.78
0.75
6.21
3.94
1.58
0.62
0.23
8.37
0.19
8.39
6.95
0.18
0.46
0.45
0.77
4.44
1.04
NA
0.04
4.35
4.33
5.72
NA
0.38
6.29
0.46
1.98
6.95
0.09
0.02
NA
0.03
0.36
1.65
0.27
1.65
1.06
0.11
0.01
0.01
0.01
0.01
0.00
0.26
1.71
0.37
NA
0.34
0.36
0.32
0.16
0.88
2.09
0.13
0.01
1.68
0.47
0.24
0.21
0.15
0.26
0.34
1.06
1.14
1.11
0.19
0.05
NA
0.16
0.00
0.00
0.23
NA
0.71
0.09
0.22
2.82
0.00
0.16
0.00
NA
0.20
0.51
Type
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFLP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFLP
RFCP
RFCP
RFCP
RFCP
RFCP
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.51
0.42
0.48
0.15
0.53
0.08
0.32
0.25
0.36
0.33
0.48
0.41
0.39
NA
0.48
0.21
0.45
0.24
0.00
0.45
0.28
0.26
0.28
0.38
0.20
0.53
0.66
0.62
0.32
0.31
0.14
0.18
0.44
0.42
NA
0.54
0.44
0.49
0.60
NA
0.08
0.25
0.51
-0.25
-0.01
0.22
0.19
NA
0.42
0.21
0.74
0.11
0.85
1.17
9.39
1.07
0.20
0.20
0.20
0.03
0.10
1.20
0.27
0.18
0.27
0.30
0.10
4.78
0.77
4.27
4.78
3.06
0.83
0.20
6.06
0.15
5.29
7.33
0.16
0.49
0.53
0.85
1.90
9.97
0.33
3.31
3.12
3.24
4.75
0.18
0.38
4.17
0.36
1.57
0.21
0.03
0.65
0.34
3.63
0.69
1.42
0.30
1.67
1.14
0.08
0.01
0.01
0.01
0.01
0.00
0.37
1.62
0.46
0.41
0.48
0.54
0.34
0.08
0.85
0.00
0.00
0.11
1.72
0.49
0.21
0.31
0.15
0.28
0.00
0.00
0.00
1.32
0.13
0.03
0.00
0.17
0.00
0.00
0.20
0.13
1.24
0.16
0.18
2.33
0.59
0.14
0.00
0.00
0.14
0.66
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
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
2003
Yield
%
Vol
(1)
Dur
(2)
Type
0.33
0.45
0.18
-0.11
0.52
-0.08
0.28
0.21
0.32
0.31
0.48
0.27
0.36
0.32
0.47
0.19
0.44
0.20
0.33
0.42
0.27
0.50
0.11
0.38
0.27
0.48
0.62
0.57
0.31
0.28
0.28
-0.06
0.41
0.40
0.43
0.57
0.47
0.52
0.58
0.52
0.47
0.48
0.50
-0.34
0.39
0.25
0.41
0.72
0.41
0.19
0.61
0.10
0.75
0.95
0.09
0.46
0.11
0.11
0.11
4.34
0.12
0.95
0.18
0.12
0.17
0.17
7.15
8.97
0.42
2.57
4.46
0.45
0.62
0.12
0.26
0.11
5.93
7.13
0.13
0.30
0.40
1.01
1.76
9.04
0.40
3.91
3.75
3.70
5.23
4.50
0.68
0.29
0.36
1.10
0.57
0.11
0.28
0.44
4.39
0.29
1.53
0.24
1.89
0.96
0.11
0.01
0.01
0.01
0.01
0.01
0.61
1.53
0.42
0.36
0.43
0.43
0.44
0.05
0.77
0.14
0.20
0.83
1.74
0.39
1.27
0.28
0.13
0.17
0.39
0.69
1.84
1.20
0.14
0.05
0.00
0.15
0.01
0.01
0.20
0.08
2.06
0.11
0.13
1.05
0.10
0.15
0.00
0.00
0.16
0.71
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
Yield
%
Vol
(1)
Yield
since
1996
2.92
2.14
2.63
1.42
NA
1.48
1.75
1.47
1.92
1.56
2.29
2.36
2.02
NA
2.41
1.30
2.19
NA
2.03
2.06
1.44
1.48
2.15
1.77
1.23
2.40
2.90
2.78
1.86
2.32
1.98
1.38
2.04
1.89
NA
2.59
2.18
2.38
2.65
NA
1.40
1.48
2.05
1.34
NA
1.31
1.24
NA
2.17
1.82
0.66
0.14
0.74
1.01
9.36
1.05
0.22
0.22
0.30
3.57
0.10
1.13
0.20
0.15
0.20
0.21
8.59
0.06
0.80
4.69
0.07
0.22
0.69
0.20
0.15
0.15
8.83
0.07
0.18
0.40
0.47
0.84
3.50
1.73
0.39
5.10
4.93
4.94
6.15
0.13
0.47
0.15
0.38
1.61
0.41
9.29
0.35
0.41
0.04
0.52
13.05
17.72
11.53
12.87
NA
9.01
NA
NA
NA
12.37
NA
12.13
NA
NA
19.06
11.10
NA
NA
16.75
NA
13.11
13.78
10.20
11.93
16.93
NA
16.09
NA
14.46
NA
18.14
11.33
14.57
14.35
NA
NA
NA
NA
NA
NA
11.85
NA
NA
11.75
NA
NA
NA
NA
NA
16.48
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
1.00
0.40
1.40
1.50
0.00
1.35
0.70
1.00
0.60
0.40
0.09
1.20
0.55
0.85
0.25
1.20
0.20
1.00
1.00
0.25
0.80
1.00
1.75
0.85
1.00
0.25
0.05
0.04
0.65
0.45
0.50
1.45
0.65
0.33
0.70
0.10
0.30
0.10
0.10
0.20
1.50
1.00
0.10
1.60
0.90
1.30
0.10
0.26
0.10
0.78
0.00
0.00
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
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
0.00
0.00
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.
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.85
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
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.20
0.15
0.08
0.20
0.00
0.05
0.05
0.05
0.00
0.05
0.05
0.20
0.15
0.10
0.15
0.20
0.05
0.10
0.13
0.10
0.10
0.05
0.15
0.15
0.20
0.05
0.00
0.01
0.10
0.05
0.09
0.04
0.00
0.05
0.02
0.05
0.05
0.05
0.04
0.00
0.15
0.70
0.10
0.10
0.20
0.15
0.03
0.02
0.05
0.18
(Continues over)
251
FONSNOSTRO FIM
FONTESORERIA FIM
FONVALOR FIM
FONVITORIA FIM
GEBASA RENTA FIJA CORTO PLAZO FIMP
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 3 FIM
IBERCAJA CASH FIM
IBERCAJA TESORERIA FIM
IBERSECURITIES TESORERIA FIM
INTERDIN TESORERIA FIM
INTERES 2.000 FIM
INTERMONEY TESORERIA FIM
INVERBAN DINERO FIM
INVERCAJA 31 FIM
INVERFONDO FIM
INVERMONTE FIM
IURISFOND FIM
KUTXAMONETARIO2 FIM
LEASETEN III FIM
LEASETEN RENTA FIJA CORTO FIM
MADRID DINERO FIM
MADRID RENTABILIDAD ANUAL FIM
MADRID TESORERIA FIM
MAPFRE FT FIM
MARCH PREMIER TR FIM
METROPOLIS RENTA FIM
MONETARIO DINAMICO PLUS FIMS
MORGAN STANLEY TESORERIA PLUS FIMP
MS TESORERIA PLUS 100 FIMS
MS TESORERIA PLUS 500 FIMS
MUTUAFONDO CORTO PLAZO FIM
NMAS1 TESORERIA FIM
P&G CRECIMIENTO FIM
P&G MASTER RENTA FIJA FIMP
PATAGON DINERO FIM
PBP CORTO PLAZO PLUS FIM
PREMIUM RENTA FIJA FIM
PRUDFONDO DINERO FIM
PSN. RENTA FIJA FIMS
RENDIMIENTO ABSOLUTO FIMFP
RENTA 4 EUROCASH FIM
RENTA 4 FT FIM
2Q
(Continued)
1Q
(RFCP)
Yield
%
RENTMADRID FIM
0.62
RURAL RENTA FIJA II FIM
0.20
RURAL TOLEDO I FIM
0.31
SABADELL BS DINERO FIMS
0.51
SABADELL BS EURO MONETARIO FIMP 0.79
SABADELL BS FT FIM
0.69
SABADELL BS TESORERIA INSTITUC.FIMS NA
SABADELL CORTO PLAZO EURO FIMP 1.24
SABADELL INTERES EURO 1 FIMS
0.86
1.06
0.92
SABADELL TESORERIA EMPRESA FIMS 0.64
SABADELL TESORERIA PYME FIMS
0.59
SAFEI AHORRO FT FIM
0.54
SAFEI CRECIMIENTO FIM
0.37
SAN FERNANDO MAXIFONDO FIM
0.75
SBP SABADELL TESORERIA FIMS
NA
SCH AHORRO CORTO PLAZO FIM
0.15
SCH AHORRO DIARIO 1 FIM
0.26
SCH AHORRO DIARIO 2 FIM
0.25
SCH CORTO PLAZO PLUS FIM
0.63
SCH DINERO PLUS FIM
-2.04
SCH LIQUIDEZ EMPRESAS FIM
0.60
SCH LIQUIDEZ FIM
0.34
SCH ONGS FIM
0.59
SCH TESORERIA EMPRESAS FIM
0.61
SEGURFONDO MONETARIO FIM
0.78
SOLBANK DINERO FIMS
0.51
SOLBANK INTERES EURO FIMS
0.84
TARRAGONAFONS 10 FIM
0.65
TARRAGONAFONS CASH FIM
NA
TECNOFIM FIMS
0.87
TELEFONICO CORTO FIM
0.60
UBS DINERO FIM
NA
UNIFOND IX FIM
0.35
UNO-E DINERO FIM
0.44
URQUIJO EMPRESA 1 FIM
0.54
URQUIJO RENTA FIM
0.53
VENTURE CASH FIM
NA
VENTURE TESORERIA FIM
NA
VITAL DEUDA I FIM
0.64
ZARAGOZANO RF FIM
0.48
2Q
Vol
(1)
Dur
(2)
1.22
0.13
6.12
0.26
0.27
1.73
NA
1.34
1.28
1.28
1.28
0.26
0.26
0.86
0.17
0.51
0.44
1.13
4.62
3.09
0.01
8.61
0.10
9.18
0.16
0.10
5.39
0.26
1.28
0.22
NA
1.28
5.34
NA
0.99
8.93
6.12
0.64
0.21
0.24
1.26
0.41
1.69
0.25
0.02
0.01
0.72
3.06
NA
1.57
0.01
0.01
0.01
0.01
0.01
1.33
0.30
1.25
0.01
1.79
0.18
0.17
0.17
3.62
0.17
0.25
0.42
0.20
1.00
0.01
0.01
0.63
NA
0.01
0.29
0.00
0.08
0.64
0.11
0.81
0.23
0.11
4.04
0.76
Type
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
GRV
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
3Q
Yield
%
Vol
(1)
Dur
(2)
0.76
0.34
0.27
0.49
0.77
0.52
NA
1.02
0.64
0.84
0.70
0.61
0.56
0.61
0.41
0.87
0.56
0.83
0.15
0.15
0.56
0.81
0.49
0.27
0.50
0.50
0.69
0.48
0.61
0.60
NA
0.64
0.48
0.54
2.66
0.51
0.47
0.47
0.52
0.61
0.43
0.63
1.31
0.11
4.52
0.26
0.28
1.11
NA
1.26
1.20
1.19
1.19
0.27
0.26
0.83
0.13
0.48
0.27
0.71
2.66
1.77
1.88
0.54
6.44
3.66
0.14
6.07
3.20
0.27
1.19
0.21
4.80
1.19
4.76
7.41
2.54
0.13
6.66
0.70
0.23
0.20
1.01
0.40
1.90 RFCP
0.18 RFCP
0.01 RFCP
0.01 RFCP
0.60 RFCP
1.66 RFCP
NA
1.43 RFCP
0.01 RFCP
0.01 RFCP
0.01 RFCP
0.01 RFCP
0.01 RFCP
1.34 RFCP
0.26 RFM
1.24 RFCP
0.01 RFCP
0.58 RFCP
0.16 RFCP
0.14 RFCP
0.13 RFCP
0.12 RFCP
0.16 RFCP
0.17 RFCP
0.31 RFCP
0.11 RFCP
0.82 RFCP
0.01 RFCP
0.01 RFCP
0.00 RFCP
0.02 RFCP
0.01 RFCP
0.33 RFCP
0.26 RVMI
0.01 GRV
0.43 RFCP
0.11 RFCP
1.16 RFCP
0.21 RFCP
0.23 RFCP
3.87 RFCP
0.60 RFCP
Type
4Q
Yield
%
Vol
(1)
Dur
(2)
-0.12
0.19
0.18
0.25
0.52
0.29
NA
0.45
0.09
0.29
0.16
0.37
0.32
0.16
0.23
0.38
0.36
-0.07
0.07
0.07
0.49
0.47
0.45
0.16
0.33
0.38
0.61
0.24
0.07
0.27
0.37
0.11
0.35
0.45
0.82
0.46
0.38
-0.01
0.27
0.36
0.05
0.35
1.30
0.14
0.19
0.20
0.21
0.96
NA
1.12
1.07
1.07
1.07
0.20
0.20
0.88
9.54
0.59
0.20
0.80
1.72
2.15
4.57
0.15
7.91
5.62
0.12
0.05
3.64
0.20
1.07
0.12
4.75
1.07
4.30
0.20
1.40
0.11
1.03
0.80
6.63
0.12
1.47
0.29
0.00
0.20
0.01
0.01
0.56
1.35
NA
1.24
0.01
0.01
0.01
0.01
0.01
1.15
0.31
1.36
0.01
0.57
0.20
0.19
0.14
0.14
0.12
0.13
0.26
0.13
0.76
0.01
0.01
0.40
0.35
0.01
0.30
0.50
0.00
0.33
0.22
1.01
0.13
0.22
3.27
0.64
Type
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
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
2003
Yield
%
Vol
(1)
Dur
(2)
Type
-0.63
0.12
0.15
0.21
0.48
0.21
NA
0.26
-0.08
0.12
-0.01
0.33
0.28
0.01
0.27
0.33
0.34
0.22
0.04
0.04
0.48
0.50
0.41
0.14
0.34
0.39
0.59
0.20
-0.11
0.32
0.42
-0.06
0.36
0.45
0.02
0.41
0.39
-0.12
0.24
0.37
0.19
0.09
0.96
0.11
8.61
0.11
0.11
0.35
4.74
0.48
0.46
0.46
0.46
0.11
0.11
0.74
0.10
0.50
0.11
0.47
0.02
2.08
2.04
6.44
3.92
5.08
9.01
3.42
3.83
0.11
0.46
0.14
0.13
0.46
0.11
9.50
9.77
0.12
1.09
0.46
5.54
0.12
1.00
0.32
2.21
0.30
0.22
0.01
0.18
0.54
0.01
0.99
0.01
0.01
0.01
0.01
0.01
0.95
0.34
1.62
0.01
0.32
0.13
0.12
0.14
0.11
0.12
0.11
0.21
0.11
0.72
0.01
0.01
0.45
0.45
0.01
0.23
0.61
0.01
0.30
0.19
0.51
0.28
0.50
3.22
0.62
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
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
RFCP
Yield
%
Vol
(1)
Yield
since
1996
0.61
0.86
0.91
1.47
2.57
1.72
NA
3.00
1.52
2.33
1.78
1.97
1.77
1.32
1.28
2.35
NA
1.13
0.52
0.52
2.17
-0.28
1.97
0.92
1.78
1.89
2.69
1.45
1.42
1.86
NA
1.57
1.81
NA
3.89
1.83
1.79
0.87
NA
NA
1.30
1.56
1.21
0.12
0.11
0.22
0.23
1.14
4.74
1.11
1.05
1.05
1.05
0.22
0.22
0.83
0.13
0.52
0.23
0.81
0.03
2.88
3.11
4.29
7.73
6.47
0.13
7.15
4.42
0.22
1.05
0.18
9.93
1.05
7.34
0.13
1.55
0.11
1.64
0.67
0.16
0.18
1.20
0.36
11.43
NA
10.39
NA
NA
NA
NA
NA
9.65
14.24
11.04
NA
NA
8.09
13.32
8.75
NA
17.68
7.36
7.29
NA
25.65
14.02
NA
NA
15.61
NA
NA
9.02
12.75
NA
9.97
14.38
NA
5.38
NA
14.93
9.86
NA
NA
NA
10.07
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
2.00
1.50
1.50
1.00
0.00
0.60
0.30
0.00
1.30
0.50
1.00
0.50
0.70
1.35
0.90
1.50
0.50
0.50
1.90
1.90
0.25
0.29
0.60
1.40
0.70
0.50
0.15
1.00
1.40
0.90
0.50
1.15
0.45
0.25
1.25
0.25
0.50
1.60
0.80
0.50
1.40
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
3.00
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
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
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.10
0.05
0.00
0.05
0.05
0.05
0.00
0.10
0.10
0.10
0.10
0.05
0.05
0.15
0.15
0.20
0.05
0.07
0.10
0.10
0.05
0.15
0.10
0.15
0.10
0.10
0.10
0.05
0.10
0.09
0.10
0.10
0.20
0.08
0.05
0.05
0.10
0.10
0.12
0.12
0.10
0.20
(Continues over)
252
A.4.8.
(Continued)
A.4.8.
1Q
Long-term fixed-income FIM
(RFLP)
Yield
%
Vol
(1)
Dur
(2)
0.91
0.88
0.46
0.69
1.27
0.72
1.01
0.45
1.19
1.34
1.00
0.96
1.06
0.99
1.36
0.79
1.37
3.51
0.90
0.50
2.08
1.50
1.36
2.24
1.55
NA
1.27
1.25
0.91
1.89
1.76
1.06
1.37
1.80
1.15
1.08
1.08
1.22
1.74
1.03
1.15
1.06
1.12
1.24
0.66
NA
0.79
1.48
1.55
0.63
1.63
1.26
0.55
0.41
1.96
1.89
2.09
0.93
1.99
1.98
1.61
1.59
2.11
2.29
2.77
2.40
2.33
3.81
2.29
2.41
1.72
1.88
2.25
1.91
3.39
1.19
1.46
1.10
1.94
3.60
3.74
2.00
2.19
3.79
2.20
2.05
1.62
1.00
3.88
1.51
2.94
1.72
1.90
2.34
2.39
NA
1.21
2.29
2.03
0.53
2.57
1.02
1.06
0.91
3.12
2.00
4.83
1.02
2.41
1.55
2.61
2.59
2.93
2.90
3.84
3.02
3.19
3.87
3.30
5.19
2.00
1.89
2.26
2.48
2.67
0.01
1.96
1.47
3.02
4.31
5.99
2.93
3.64
4.51
4.05
3.27
1.93
1.30
5.52
2.07
3.94
2.48
1.05
3.27
3.25
NA
3.10
2.97
2.52
0.84
Type
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
3Q
Yield
%
Vol
(1)
Dur
(2)
1.14
0.78
0.45
0.36
1.55
1.13
1.26
0.76
1.08
1.48
1.33
1.14
1.32
1.02
3.12
0.87
1.04
6.34
0.90
1.48
2.23
1.10
1.07
4.73
1.98
0.56
1.05
1.05
1.00
2.11
2.21
1.16
1.63
2.08
1.31
1.24
0.91
0.78
2.10
0.99
1.36
0.96
1.33
1.37
1.85
NA
1.37
1.97
2.20
0.59
1.68
1.20
0.80
0.76
2.54
2.03
2.26
0.75
1.81
2.19
1.85
1.69
2.08
2.13
2.79
2.24
2.20
2.84
2.22
2.97
1.59
1.50
1.84
2.21
3.91
1.25
1.43
1.06
2.23
4.23
3.33
2.27
2.35
4.25
2.21
2.13
1.47
0.77
4.26
1.35
3.06
1.71
1.90
2.11
2.99
NA
1.52
2.68
2.31
0.54
2.36
1.52
0.67
0.49
3.46
2.84
3.57
1.36
1.94
2.85
2.23
2.81
3.22
3.17
3.71
3.18
3.19
3.70
3.19
3.08
2.53
1.82
2.18
3.73
3.20
2.08
1.84
1.18
2.88
4.36
4.86
2.90
4.06
4.38
4.29
2.77
1.80
1.21
5.51
1.93
4.90
2.37
2.26
4.01
2.57
NA
3.03
2.33
2.59
0.81
Type
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
4Q
Yield
%
Vol
(1)
Dur
(2)
0.26
0.09
0.33
0.38
-0.18
-0.60
0.19
0.19
0.10
-0.02
0.02
-0.04
0.16
0.03
0.34
0.09
0.30
1.56
0.21
-0.31
1.16
0.15
-0.07
1.63
-0.14
0.21
0.09
0.33
-0.03
0.14
0.14
-0.10
0.48
0.22
0.20
-0.25
0.17
0.38
0.17
0.07
-0.33
-0.06
1.04
1.17
0.08
NA
-0.07
-0.07
0.22
0.15
1.87
1.85
0.47
0.29
2.61
2.49
1.60
0.77
2.24
3.16
1.51
1.70
2.02
2.00
3.12
2.35
2.32
2.29
2.34
2.49
1.65
0.46
1.50
1.73
3.90
1.45
1.39
1.07
2.10
4.60
3.06
2.19
2.59
4.20
2.53
2.09
1.61
0.93
3.99
1.36
2.97
1.51
1.74
1.86
1.95
NA
1.58
4.06
1.94
0.42
2.79
2.12
0.56
0.38
3.19
1.93
2.08
1.31
2.53
3.47
2.67
2.88
3.61
3.48
3.86
3.25
3.17
4.42
3.35
3.34
2.93
0.56
1.66
3.39
3.12
2.01
1.86
1.17
2.90
4.76
5.17
2.90
3.89
4.59
4.27
2.93
2.11
1.68
4.55
1.87
4.15
2.28
0.57
3.65
3.17
NA
2.98
2.67
2.58
0.55
Type
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
2003
Yield
%
Vol
(1)
Dur
(2)
Type
-0.24
-0.32
0.29
0.36
-0.38
-0.09
-0.01
0.00
-0.16
-0.28
0.11
-0.46
-0.30
-0.35
-0.06
-0.36
-0.24
2.23
-0.35
-0.48
-1.99
0.15
-0.19
-1.68
-0.78
-0.05
-0.07
0.28
-0.38
-0.47
-0.39
-0.46
0.03
-0.23
-0.20
-0.40
-0.27
0.00
-0.31
-0.14
-0.86
-0.22
-0.74
-1.07
-0.74
NA
-0.26
-0.48
0.03
0.55
1.66
1.48
0.37
0.25
1.61
1.22
1.39
0.66
1.71
2.38
1.11
1.44
1.66
1.60
2.79
1.74
1.73
1.89
1.78
1.86
3.06
0.33
1.20
2.90
3.38
1.21
1.27
1.20
1.78
3.55
2.49
1.93
2.12
3.50
2.01
1.88
1.47
0.86
2.54
1.17
2.24
1.33
1.94
2.19
2.04
0.83
1.28
2.61
1.64
0.91
2.63
2.03
0.65
0.53
3.00
1.67
1.95
1.36
2.34
2.91
2.33
2.92
3.65
4.03
4.14
3.75
3.12
4.34
4.47
2.84
3.45
0.50
1.50
3.72
3.29
1.97
1.88
1.06
2.83
4.74
5.12
2.91
3.70
4.43
3.83
3.02
2.05
1.39
4.16
1.87
2.78
2.23
1.81
4.77
2.26
0.00
2.95
3.24
1.85
1.34
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
Yield
%
Vol
(1)
Yield
since
1996
2.07
1.43
1.54
1.79
2.27
1.15
2.46
1.40
2.22
2.54
2.48
1.60
2.25
1.69
4.82
1.39
2.48
14.28
1.68
1.18
3.47
2.92
2.18
6.99
2.60
NA
2.36
2.94
1.50
3.69
3.76
1.66
3.55
3.91
2.48
1.68
1.89
2.39
3.73
1.96
1.30
1.74
2.76
2.72
1.84
NA
1.84
2.90
4.03
1.93
1.72
1.48
0.57
0.47
2.23
1.97
1.87
0.79
1.95
2.48
1.55
1.61
1.98
2.02
2.88
2.20
2.16
2.82
2.17
2.47
2.13
1.24
1.74
2.28
3.66
1.31
1.39
1.11
2.02
4.03
3.19
2.11
2.33
3.95
2.25
2.05
1.55
0.90
3.73
1.35
2.83
1.58
1.88
2.14
2.39
0.83
1.42
3.00
2.00
0.63
14.02
9.26
12.65
16.32
10.89
12.10
15.22
10.30
16.29
15.70
NA
13.22
17.48
13.73
NA
15.59
19.66
NA
14.45
12.14
18.24
NA
15.68
15.74
18.94
NA
14.56
18.19
11.85
25.38
NA
12.38
28.21
23.03
13.33
13.17
12.10
15.87
NA
10.85
10.71
15.60
16.95
14.83
13.08
NA
12.34
27.44
15.93
NA
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
1.35
1.50
0.50
0.50
1.50
1.50
1.17
1.40
0.65
0.65
1.00
1.50
0.85
1.50
1.65
1.10
0.60
1.40
1.15
1.75
0.50
0.85
1.25
1.00
1.00
0.65
1.50
0.65
1.55
0.65
0.50
1.75
0.60
0.40
1.50
1.50
1.40
1.00
0.25
1.60
1.00
1.40
1.00
1.50
1.20
1.20
1.50
1.00
1.25
1.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
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
0.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
Max.
1.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
1.00
2.00
0.00
1.00
2.00
1.00
2.00
1.00
0.00
0.00
0.00
1.00
0.00
2.00
2.00
1.00
0.00
1.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
1.00
0.00
0.00
0.00
0.00
0.08
0.00
0.02
0.02
0.14
0.10
0.15
0.15
0.10
0.09
0.11
0.20
0.15
0.20
0.10
0.20
0.10
0.20
0.20
0.20
0.10
0.15
0.20
0.15
0.20
0.10
0.09
0.09
0.15
0.15
0.10
0.00
0.10
0.10
0.15
0.00
0.09
0.12
0.10
0.20
0.00
0.09
0.20
0.20
0.14
0.10
0.15
0.00
0.20
0.14
(Continues over)
253
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
AVIVA RENTA FIJA FIM
BANCAJA RENTA FIJA FIM
BANESTO ESPECIAL RF FIM
BANESTO RENTA FIJA BONOS FIM
BANESTO RF PRIVADA FIM
BANIF RENTA FIJA FIM
BANIF RF DURACION FIM
BANIF RF HIGH YIELD FIM
BANIF RF LARGO PLAZO FIM
BANKOA RENTA FONDO FIM
BANKPYME BROKERFOND FIM
BANKPYME FC EUROFIX RF FIM
BANKPYME FT FIM
BANKPYME MULTIVALOR FIM
BARCLAYS BONOS LARGO FIM
BARCLAYS INSTITUCIONES FIM
BASKEFOND FIM
BBK BONO FIM
BBVA DEUDA FIM
BBVA DURACION FIM
BBVA EUSKOFONDO FIM
BBVA FV FIM
BBVA PATRIMONIO FIM
BBVA RENTA FIJA LARGO 6 FIM
BBVA RENTA FIJA LARGO FIM
BCH BONOS FV FIM
BETA DEUDA FT FIM
BETA RENTA FIM
BETA Z-SCORE I FIM
BG URGULL PATRIMONIO FIM
BI EUROBONOS FIM
BIZKAIRENT FT FIM
BK FONDO BONOS FIM
BK FONDO FIJO FIM
BK FT 2 FIM
BK RENTA FIJA PRIVADA FIM
BNP AHORRO FIM
BNP PARIBAS RENTA FIJA PLUS FIM
CAIXA CATALUNYA CAPITAL FIM
CAIXA CATALUNYA FC FIM
2Q
(Continued)
1Q
(RFLP)
Yield
%
CAIXA CATALUNYA FT FIM

0.85
CAIXA CATALUNYA HIGH YIELD FIMF 2.75
CAJA BURGOS RENTA FIM
0.92
CAJA LABORAL RF A LARGO FIM
0.31
CAJASUR RENTA FIJA FIM
1.11
CAM BONOS 1 FIM
1.14
CAM BONOS 2 FIM
0.89
CAM BONOS 3 FT FIM
0.98
CAM FONMEDIC FIM
1.32
CAN AHORRO 31 FIM
0.60
CANTABRIA RENTA FIJA EURO FIM
0.95
CITIFONDO BOND FIM
1.46
CITIFONDO RF FIM
0.80
CREDICOOP RENTA FIM
0.29
CS BONOS FIM
1.81
CT EUROFIX FIM
0.96
DWS INVEST LARGO PLAZO FIM
1.46
EDM AHORRO FIM
0.45
ESPIRITO SANTO FT FIM
1.84
ESPIRITO SANTO RENTA FIJA EURO FIM 1.51
EUROVALOR RF FIM
0.77
FIBANC FT FIM
0.88
FIBANC RENTA FIM
1.36
FONBILBAO FT FIM
0.95
FONBUSA FIM
0.80
FONCAIXA 108 CARTERA RFL EURO FIMS NA
FONCAIXA 109 CARTERA RF PRIV. FIMS NA
FONCAIXA 57 RF LARGO EURO FIMS 0.47
FONCAIXA 67 RF LARGO EURO FIMS 0.48
FONCAIXA 81 RF PRIVADA FIMS
-0.04
FONCAIXA FT 47 FIM
0.86
FONCAIXA RENTA FIJA LARGO EURO FIMP NA
FONCAIXA RENTA FIJA PRIVADA FIMP NA
FONCAM 8 FIM
1.48
FONDEGA RENTA FIM
0.84
FONDESP. REN.ACTIVA FIM
0.89
FONDESPAA ACUMULAT.FIM
0.90
FONDESPAA FT FIM
0.84
FONDESPAA FUTURO FIM
1.01
FONDMAPFRE RENTA FIM
0.90
FONDMAPFRE RENTA LARGO FIM
1.27
FONDMUSINI II FIM
0.46
FONDO SENIORS FIM
1.09
FONDO URBION FIM
1.46
FONDO VALENCIA RENTA FIJA FIM
0.96
FONDONORTE EURO-RENTA FIM
1.22
FONDUERO RENTA FIM
0.75
FONMARCH FIM
0.52
FONPASTOR RF FIM
1.03
FONPENEDES FIM
0.35
2Q
Vol
(1)
Dur
(2)
2.03
2.11
0.75
0.11
2.16
1.71
1.69
1.65
2.21
1.31
1.67
3.66
2.29
0.78
2.03
1.22
3.00
1.80
2.38
1.55
1.64
2.92
2.13
1.55
0.64
NA
NA
1.63
1.55
1.84
1.57
2.50
NA
0.74
1.89
1.52
1.50
1.34
1.63
1.49
2.89
2.98
0.69
2.23
1.24
0.99
1.49
2.51
1.68
1.14
3.33
0.00
1.96
0.23
2.01
3.63
3.24
2.12
2.99
2.08
2.58
4.95
2.97
1.39
2.89
2.01
3.90
1.79
2.82
1.10
2.98
3.79
3.08
1.84
2.31
NA
NA
0.00
0.00
2.76
2.61
2.31
NA
2.04
1.82
1.81
2.14
2.30
2.88
2.32
4.58
0.21
0.90
2.80
2.11
2.01
3.15
1.96
3.22
2.60
Type
RFLP
RFLP
RFLP
GRV
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
3Q
Yield
%
Vol
(1)
Dur
(2)
0.97
7.19
1.06
0.21
1.13
1.37
0.99
0.98
1.32
1.67
1.25
1.54
0.76
0.87
2.46
0.93
0.78
1.09
1.25
0.74
1.31
1.03
2.06
1.33
0.74
NA
NA
1.10
1.19
2.28
1.29
1.57
NA
1.75
1.14
1.34
1.25
1.06
1.35
1.22
1.92
0.38
1.04
1.22
1.05
1.48
1.09
0.00
1.04
0.72
2.98
6.84
0.75
1.55
1.64
1.60
1.67
1.70
1.92
1.37
1.71
3.63
2.05
1.07
2.42
1.34
3.08
0.74
2.40
1.61
1.87
2.91
2.09
2.00
0.72
3.63
NA
2.80
2.59
3.06
2.84
2.93
NA
0.91
2.03
1.91
1.94
1.84
2.16
1.62
3.19
9.13
0.78
2.17
1.39
1.34
1.55
1.86
2.17
0.93
4.45
0.00
1.97
0.09
2.05
3.45
3.19
1.99
2.21
1.57
2.55
5.20
3.14
1.04
2.70
1.97
4.25
1.03
3.07
2.93
2.78
3.39
3.44
2.68
2.33
0.00
NA
0.00
0.00
3.71
4.32
3.82
NA
1.99
2.86
2.14
2.57
2.61
3.75
1.91
3.75
0.31
1.06
2.71
2.04
2.00
1.99
1.80
2.55
2.09
Type
RFLP
RFLP
RFLP
GRV
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
-0.08
1.91
0.56
0.13
0.29
0.08
-0.19
-0.02
0.01
0.30
-0.08
-0.12
-0.16
0.16
0.43
0.00
-0.42
0.39
-0.33
-0.04
-0.24
-0.28
0.27
-0.13
0.34
-0.24
NA
-0.32
-0.16
0.13
0.01
0.07
NA
2.02
-0.44
0.12
0.10
0.15
-0.08
0.13
-0.08
0.17
0.36
0.32
-0.01
0.20
-0.28
-0.04
0.14
0.64
2.51
1.73
1.46
3.21
1.63
1.59
1.72
1.64
1.67
1.56
1.71
3.89
2.10
0.78
1.82
1.37
2.62
0.79
1.86
1.58
1.85
3.33
2.12
2.68
0.79
1.60
2.16
1.54
1.42
2.06
1.54
1.62
2.14
0.88
2.62
1.87
1.85
1.66
1.94
1.62
3.38
0.15
1.11
2.24
1.48
1.36
1.71
1.38
2.33
1.46
4.39
0.00
1.88
0.00
2.00
3.41
3.11
1.85
2.14
2.05
2.32
5.31
3.20
1.00
2.45
2.00
4.84
1.42
3.20
2.68
2.90
3.09
3.16
2.61
2.79
0.00
0.00
0.00
0.00
0.00
2.24
1.79
4.24
1.71
2.14
2.27
3.10
2.70
4.33
2.60
4.30
0.26
1.84
2.60
2.13
2.16
2.00
1.34
2.74
1.68
RFLP
RFLP
RFLP
GRV
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
2003
Yield
%
Vol
(1)
Dur
(2)
Type
-0.59
2.77
-0.02
0.44
-0.14
-0.02
-0.26
-0.29
-0.18
0.23
-0.19
-0.78
-0.55
0.03
0.05
-0.13
-0.03
0.27
-0.71
-0.80
-0.41
-0.99
-0.49
-0.43
0.11
-0.09
0.30
-0.30
-0.14
0.08
0.00
0.10
0.49
1.90
-0.09
-0.32
-0.26
-0.33
-0.08
-0.28
-0.55
0.23
0.49
-0.20
-0.20
0.05
-0.31
0.12
0.04
-1.10
2.07
1.50
1.47
1.50
1.49
1.20
1.15
1.32
1.47
1.32
1.13
3.00
1.72
0.70
1.65
0.93
2.31
0.82
1.29
1.34
1.23
1.76
1.70
1.84
0.86
1.12
1.42
1.12
1.02
1.44
1.14
1.18
1.52
1.00
1.40
1.59
1.59
1.52
1.48
1.95
3.13
0.16
1.32
1.74
1.19
1.31
1.14
1.05
2.01
1.47
4.29
0.01
2.19
4.25
1.74
3.57
3.32
2.12
2.29
1.68
2.10
5.49
3.39
1.20
2.16
2.03
6.06
1.18
1.93
1.47
2.33
2.96
3.11
2.50
2.71
0.00
0.00
0.00
0.00
0.00
1.79
1.63
4.53
1.07
1.93
2.92
3.57
2.68
4.46
2.52
4.25
0.23
1.22
2.43
2.26
2.11
2.02
1.26
3.40
1.46
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
Yield
%
Vol
(1)
Yield
since
1996
1.15
15.35
2.54
1.10
2.41
2.59
1.43
1.66
2.48
2.83
1.93
2.09
0.84
1.35
4.82
1.77
1.78
2.22
2.05
1.41
1.43
0.63
3.21
1.73
2.02
NA
NA
0.95
1.37
2.46
2.18
NA
NA
7.34
1.45
2.03
2.00
1.72
2.21
1.98
2.56
1.25
3.02
2.82
1.79
2.98
1.26
0.61
2.25
0.61
2.43
3.77
1.17
0.75
1.75
1.54
1.58
1.59
1.84
1.40
1.58
3.57
2.05
0.85
2.01
1.23
2.77
1.12
2.05
1.54
1.67
2.80
2.03
2.07
0.76
2.05
1.81
1.88
1.75
2.19
1.89
2.10
1.84
0.89
2.04
1.74
1.73
1.61
1.82
1.68
3.16
0.12
1.01
2.11
1.34
1.27
1.49
1.78
2.06
1.28
17.31
6.66
12.84
NA
13.89
17.24
12.56
14.56
17.64
NA
13.09
16.01
8.97
10.41
20.26
NA
13.47
11.69
15.25
9.90
11.46
14.52
16.33
15.08
15.12
NA
NA
NA
NA
NA
18.32
NA
NA
29.56
15.43
16.27
15.81
15.86
15.61
13.37
13.75
9.75
NA
NA
12.36
16.78
8.43
9.57
NA
9.51
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
1.27
1.00
1.35
1.35
1.35
1.00
1.75
1.30
1.25
1.00
1.50
1.25
1.95
1.50
1.70
1.35
1.50
1.50
1.25
1.50
2.00
1.15
1.10
1.40
1.25
0.61
0.62
1.50
0.75
1.50
0.45
0.00
0.00
0.60
1.35
0.00
1.10
1.10
1.10
1.75
1.85
1.15
1.00
0.65
1.50
1.25
1.75
1.80
1.00
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
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
Max.
0.00
0.00
0.00
1.00
0.00
2.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
0.00
0.00
0.00
0.00
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
0.00
0.00
0.00
Min.
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.13
0.11
0.14
0.14
0.14
0.13
0.14
0.14
0.20
0.05
0.20
0.20
0.20
0.20
0.00
0.10
0.10
0.16
0.12
0.12
0.00
0.10
0.20
0.08
0.12
0.14
0.13
0.14
0.20
0.13
0.04
0.00
0.00
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
0.00
0.20
0.00
(Continues over)
254
A.4.8.
(Continued)
A.4.8.
1Q
(RFLP)
Yield
%
Vol
(1)
Dur
(2)
0.45
1.36
0.97
0.70
0.50
NA
1.28
3.10
0.80
0.54
0.86
0.84
0.53
1.32
0.66
0.99
2.97
NA
1.16
1.22
1.35
0.44
0.74
0.65
0.85
1.11
0.91
0.69
NA
NA
NA
1.27
1.72
0.59
0.89
NA
NA
NA
0.68
1.17
1.11
0.52
0.76
0.82
1.17
1.11
1.41
0.52
0.62
1.15
1.58
1.03
4.14
1.50
1.62
NA
2.19
2.22
1.22
0.33
1.46
1.24
0.24
1.36
0.99
1.49
4.46
NA
2.52
2.65
2.00
5.12
2.48
2.81
0.86
2.77
0.96
0.86
NA
NA
NA
1.18
2.42
0.82
1.44
0.90
4.25
11.32
1.24
2.17
1.30
0.64
1.62
0.68
1.58
4.14
4.35
1.55
1.62
2.20
3.84
1.72
0.01
3.11
3.20
NA
3.62
4.50
3.10
0.68
3.06
1.63
0.65
2.34
1.63
2.57
1.98
0.00
3.67
4.18
2.90
0.09
1.99
3.07
1.52
4.79
1.64
1.36
NA
NA
NA
2.04
4.50
2.53
2.44
2.22
4.49
9.21
1.26
1.99
2.29
1.12
3.17
1.22
2.90
0.01
4.16
3.05
1.93
3.47
Type
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
GRF
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
3Q
Yield
%
Vol
(1)
Dur
(2)
0.70
0.17
2.24
1.32
1.78
NA
1.72
4.24
1.14
0.45
1.26
0.78
0.46
2.85
0.84
1.39
0.46
1.78
1.27
1.62
1.57
0.45
0.29
1.19
1.05
1.75
1.21
0.72
NA
NA
NA
1.24
2.03
0.97
0.17
1.77
1.29
0.87
0.52
1.81
1.31
0.87
1.97
0.82
1.99
2.39
2.76
0.58
1.13
1.14
1.12
0.71
3.93
1.98
2.42
NA
2.66
3.43
1.64
0.26
1.58
1.62
0.23
1.22
1.07
1.71
1.23
2.70
2.79
3.20
2.03
1.71
1.81
2.71
0.96
3.20
1.07
0.97
0.73
0.73
0.73
1.38
2.82
1.04
2.00
1.32
4.22
7.08
1.17
2.87
1.23
0.54
1.98
0.66
1.61
3.93
4.13
1.40
1.33
2.25
1.81
0.87
0.01
3.00
3.70
NA
3.46
4.43
3.09
0.46
1.99
2.69
0.69
2.71
1.73
2.35
1.98
3.30
3.75
4.31
2.76
2.83
1.76
3.15
1.51
4.77
1.73
1.97
0.02
0.00
0.00
2.14
4.68
2.74
2.02
1.98
4.30
8.92
1.63
2.22
2.19
0.84
2.49
0.81
1.86
0.01
5.14
2.60
1.91
2.75
Type
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.58
-0.10
-0.88
0.54
0.34
NA
-0.32
1.90
1.26
0.24
-0.21
-0.03
0.23
0.87
0.01
-0.06
0.10
-0.09
-0.08
0.11
0.18
-0.05
0.17
-0.04
0.23
-0.17
0.28
-0.03
0.55
0.26
0.38
0.19
0.12
0.47
0.37
0.23
-0.11
-0.66
-0.02
0.34
0.19
0.33
0.31
0.32
0.68
-0.73
-0.53
0.27
0.41
0.01
1.31
2.07
2.72
2.46
3.24
0.73
2.77
2.39
2.86
0.12
1.72
1.54
0.26
1.69
1.14
1.50
2.47
2.49
2.81
3.02
1.89
2.27
1.35
3.14
1.01
2.76
1.11
1.27
0.77
0.65
0.74
0.82
3.22
1.41
1.60
1.76
4.48
6.95
1.83
1.31
1.37
0.51
1.51
0.62
1.60
2.72
2.86
1.76
1.68
2.34
1.18
4.95
0.01
2.95
3.92
1.78
3.27
4.20
2.65
0.22
1.96
0.00
0.74
3.22
1.59
2.22
3.87
0.00
0.00
0.00
0.00
0.00
1.41
3.82
1.53
4.81
1.54
1.99
1.08
0.00
0.00
2.39
6.06
2.66
2.04
1.73
4.05
8.50
2.08
0.00
2.36
0.91
2.71
1.04
3.59
0.01
5.43
1.93
2.22
3.30
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
2003
Yield
%
Vol
(1)
Dur
(2)
Type
-1.04
0.00
-0.46
0.28
0.25
-0.11
-0.44
0.78
-4.08
0.18
-0.18
-0.27
0.19
0.91
-0.10
-0.20
-0.71
-0.60
-0.51
-0.68
-0.21
-0.18
0.53
-0.55
0.14
-0.31
0.22
-0.11
0.42
0.14
0.25
0.68
0.72
0.37
0.89
-0.02
-0.71
-2.01
-0.25
-1.03
0.13
0.20
-0.09
0.28
-0.17
-0.31
-0.08
-0.17
0.34
-0.50
1.31
1.58
1.53
1.48
1.90
1.04
1.94
0.89
5.82
6.53
1.12
1.19
0.16
1.11
0.81
1.17
2.02
1.90
1.93
2.15
1.59
1.80
1.17
1.63
0.77
2.15
0.77
0.98
0.83
0.72
0.79
1.01
2.10
1.20
1.01
1.12
2.96
6.04
1.45
2.19
1.21
0.50
1.69
0.84
1.95
1.53
1.61
1.27
1.24
2.05
1.04
5.24
0.01
2.85
3.83
1.20
3.32
0.01
2.33
0.01
1.91
1.86
0.64
1.81
1.29
2.16
4.00
2.53
3.79
5.60
3.08
2.36
1.33
3.49
1.29
4.83
1.34
1.98
1.41
0.01
0.01
2.78
5.27
3.14
2.27
1.48
2.67
8.52
1.80
3.67
2.66
1.02
2.88
1.22
3.37
0.01
5.79
1.80
1.99
2.98
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
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
Yield
%
Vol
(1)
Yield
since
1996
0.68
1.42
1.85
2.86
2.89
NA
2.24
10.36
-0.98
1.42
1.73
1.31
1.42
6.06
1.42
2.13
2.83
NA
1.85
2.27
2.91
0.66
1.75
1.25
2.30
2.40
2.65
1.26
NA
NA
NA
3.43
4.66
2.42
2.34
NA
NA
NA
0.93
2.29
2.78
1.93
2.97
2.26
3.71
2.47
3.57
1.20
2.52
1.79
1.35
1.45
3.25
1.90
2.38
0.92
2.42
2.42
3.44
0.22
1.49
1.41
0.23
1.38
1.02
1.48
2.82
2.39
2.54
2.79
1.89
1.69
1.77
2.64
0.91
2.75
0.99
1.04
0.79
0.70
0.76
1.12
2.68
1.14
1.55
1.38
3.99
7.53
1.45
2.21
1.28
0.55
1.72
0.71
1.70
3.25
3.42
1.51
1.48
2.22
11.54
11.20
6.49
12.90
15.59
NA
14.41
NA
9.79
16.31
11.74
13.21
13.71
18.10
NA
14.64
9.23
NA
15.56
18.52
18.64
NA
NA
13.74
15.79
20.04
17.05
11.62
NA
NA
NA
20.80
21.34
11.32
14.01
NA
NA
NA
11.38
24.23
15.16
10.40
NA
17.53
16.55
16.52
NA
10.75
22.14
13.84
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
1.00
2.00
1.50
1.00
1.20
1.15
1.40
1.35
1.50
1.00
1.30
1.40
1.25
1.75
1.50
1.50
1.50
1.25
1.25
1.40
0.75
1.00
0.90
1.40
0.90
1.25
0.55
1.40
0.45
0.90
0.55
0.20
0.25
1.40
1.50
0.20
0.20
0.20
1.50
1.00
1.50
1.50
1.50
1.00
1.00
0.90
0.00
1.85
1.75
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
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
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
Max.
0.00
0.00
0.00
2.50
1.00
2.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
2.00
0.00
1.00
0.00
3.00
0.00
1.00
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
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
1.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.10
0.10
0.20
0.20
0.10
0.10
0.10
0.10
0.05
0.19
0.09
0.15
0.20
0.10
0.20
0.13
0.10
0.10
0.04
0.10
0.10
0.10
0.10
0.10
0.15
0.10
0.05
0.05
0.02
0.02
0.01
0.06
0.14
0.13
0.05
0.05
0.05
0.20
0.11
0.13
0.05
0.05
0.05
0.05
0.10
0.10
0.19
0.15
0.00
(Continues over)
255
FONPENEDES INVER. FIM

GENERAL RENTA FIM
HERRERO RENTA FIJA FIMS
IBERCAJA FUTURO FIM
IBERCAJA HORIZONTE FIM
IBERCAJA PREMIER FIM
INDOSUEZ FT FIM
INTERDIN HIGH YIELD FIM
INTERVALOR RENTA FIM
INVERCAJA 32 FIM
INVERDEUDA FT RENTA FIM
INVERMADRID FT FIM
IPARFONDO FIM
KUTXAINVER FIM
LIBERTY EURO RENTA FIM
LLOYDS FONDO 1 FIM
LUSO RENTA FIM
MADRID DEUDA ELECCION FIM
MADRID DEUDA FT FIM
MADRID DEUDA PUBLICA EURO FIM
MADRID PREMIERE FIM
MADRID RENTABILIDAD TRIENAL FIM
MARCH PREMIER R.F. FIM
MEDIVALOR FT FIM
MORGAN STANLEY AHORRO FIM
MORGAN STANLEY EURO DEUDA FIM
MORGAN STANLEY FONDO FIM
MORGAN STANLEY FT FIM
MS CORPORATE QUALITY 1 FIMP
MS CORPORATE QUALITY FIMS
MS CORPORATE QUALITY PLUS FIMS
MUTUAFONDO FIM
MUTUAFONDO LP FIM
NOVOCAJAS FIM
RENTA 4 AHORRO FIM
RENTA 4 CUPON 2005 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 BONOS FT RENTA FIM
2Q
(Continued)
1Q
(RFLP)
SCH HIGH YIELD PLUS FIM

SCH RENTA FIJA 1 FIM
SCH RENTA FIJA 2 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
UNIFOND EUROBONOS FIM
URQUIJO LIDER FIM
VENTURE RENTA FIM
2Q
Yield
%
Vol
(1)
Dur
(2)
3.17
1.01
0.94
3.98
1.35
1.62
1.18
1.80
1.05
NA
1.17
NA
3.71
2.14
2.33
3.50
3.07
2.72
1.75
2.30
4.14
NA
1.49
0.27
3.79
3.14
2.99
3.80
4.19
3.87
2.93
4.28
0.01
NA
1.70
0.65
Type
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
6.69
1.24
1.01
6.58
1.73
3.11
1.35
2.18
2.32
NA
0.99
0.68
2.85
2.07
2.04
5.30
2.71
2.80
2.00
2.72
3.93
3.36
1.96
0.60
4.08
3.16
3.16
3.74
4.28
3.82
2.85
4.18
0.01
4.42
3.01
0.62
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
1.59
0.14
-0.10
2.35
0.27
0.58
0.05
0.04
-0.80
-1.06
-0.38
0.33
2.25
2.30
1.98
4.92
3.00
3.12
1.87
2.75
2.72
4.14
2.34
0.99
3.63
3.21
3.24
4.55
4.64
4.07
2.87
4.08
0.01
4.18
1.99
1.34
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
2003
Yield
%
Vol
(1)
Dur
(2)
Type
2.09
-0.42
-0.47
4.75
-0.35
0.07
-0.04
0.22
-0.37
0.48
-0.18
-0.31
1.82
1.75
1.57
3.09
2.28
2.72
1.40
1.82
1.53
2.67
1.34
1.04
4.30
3.43
3.85
4.81
4.58
4.20
2.41
3.38
0.01
0.01
2.00
1.54
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
RFLP
Yield
%
Vol
(1)
Yield
since
1996
14.16
1.97
1.38
18.82
3.02
5.46
2.55
4.29
2.19
NA
1.60
NA
2.78
2.08
2.00
4.32
2.78
2.86
1.77
2.43
3.25
3.46
1.84
0.81
NA
16.56
11.14
NA
21.18
NA
16.09
16.79
15.01
NA
12.76
NA
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
1.15
1.25
2.00
1.15
0.75
1.40
0.65
0.10
1.15
1.25
1.20
1.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Max.
3.00
1.00
2.00
3.00
0.00
3.00
0.00
0.00
0.00
0.00
1.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.10
0.10
0.15
0.10
0.10
0.10
0.15
0.05
0.10
0.15
0.20
0.12
(Continues over)
256
A.4.8.
(Continued)
A.4.8.
1Q
(RFM)
Yield
%
Vol
(1)
Dur
(2)
0.59
-0.16
-0.38
0.46
NA
0.24
-1.40
0.85
-0.17
0.09
-0.07
0.71
1.27
0.92
0.25
-0.15
-1.92
-1.80
0.31
-2.22
-3.56
-1.98
-1.84
-0.77
-3.56
-1.29
0.47
-1.04
-2.21
-1.44
-0.96
0.40
NA
1.03
1.17
0.24
-0.09
1.15
-0.37
-2.73
-1.34
-2.98
0.24
-0.62
-5.72
0.06
-0.90
-1.69
-0.21
-0.20
0.59
2.81
6.33
3.06
NA
3.81
7.86
3.31
2.72
5.71
2.53
2.67
7.51
1.62
0.59
4.66
8.02
6.31
3.73
7.92
10.81
7.86
5.01
3.35
10.28
4.51
3.43
4.79
8.41
7.72
7.92
0.40
1.45
0.99
0.89
3.89
2.77
5.21
8.24
6.40
5.66
7.29
6.73
7.28
10.60
5.68
3.53
6.69
7.22
8.16
0.26
4.17
0.05
1.89
NA
1.31
1.32
1.75
3.60
1.88
1.42
0.11
0.84
0.00
0.00
1.53
0.96
1.68
1.74
0.06
0.28
3.05
1.96
3.07
3.45
1.59
1.39
1.99
2.71
0.01
2.54
0.20
2.84
0.69
0.93
0.10
0.01
0.03
0.10
0.18
1.93
2.22
1.30
0.61
0.49
1.72
0.00
2.43
1.84
1.70
Type
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFCP
RFM
RFM
RFM
RFM
RFI
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.64
1.89
3.58
2.40
NA
2.79
6.38
3.48
1.90
4.24
3.03
2.63
4.04
0.10
0.23
4.11
3.53
4.25
3.30
4.32
4.96
4.36
3.64
2.28
6.31
3.35
2.95
5.13
8.85
5.06
4.59
0.13
2.08
2.35
0.79
3.91
0.26
3.13
4.98
4.08
4.24
5.76
3.62
3.80
7.57
4.20
3.04
4.17
4.68
5.17
0.51
2.12
4.40
2.17
2.36
2.64
5.92
3.81
1.98
3.82
1.50
2.15
5.70
0.36
0.16
3.58
4.67
4.48
2.65
5.13
5.74
5.46
3.95
2.66
7.18
3.59
2.99
3.59
5.62
5.08
4.87
0.18
1.94
0.92
0.51
3.03
0.18
3.84
6.53
5.08
4.25
5.46
3.68
5.06
10.66
3.76
2.82
5.22
4.74
5.15
0.27
3.29
0.05
1.71
1.33
1.41
1.07
1.66
2.71
1.70
1.30
0.05
0.10
0.00
0.00
0.73
0.96
1.71
1.70
0.00
0.32
3.19
2.05
3.23
3.57
1.88
2.67
1.88
2.70
0.01
2.52
0.17
2.37
0.88
0.84
0.10
0.01
0.04
0.12
0.53
1.93
2.22
1.32
1.06
0.88
1.73
0.00
2.56
1.33
1.65
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFCP
RFM
RFM
RFM
RFM
RFI
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.28
0.09
-0.06
0.09
-0.25
0.04
0.17
0.01
0.53
0.04
1.25
0.75
0.35
-1.25
-1.16
0.34
-0.25
-0.28
-0.10
1.01
0.45
0.07
-0.07
-0.51
-0.35
-0.75
0.09
0.17
0.41
0.17
-0.31
0.08
-0.28
0.69
0.28
0.18
-0.13
0.11
-0.49
0.09
0.85
0.71
-0.43
-0.01
3.34
0.06
-0.31
-0.62
-0.17
-0.08
0.35
2.44
3.28
1.64
2.41
1.88
3.43
2.83
2.75
2.80
1.55
2.09
3.88
1.65
2.26
4.21
4.56
3.78
2.29
4.32
3.15
4.82
3.20
2.82
5.72
3.03
4.18
2.55
3.97
4.03
4.05
2.48
1.84
0.81
0.63
2.70
1.34
2.90
4.92
3.84
3.20
4.49
2.70
4.17
6.84
2.81
2.70
3.31
3.55
3.84
0.26
0.30
0.04
1.75
2.33
1.39
1.13
1.45
0.45
1.48
1.22
0.02
0.09
0.00
0.00
1.99
1.15
1.57
1.64
0.00
0.04
3.60
2.40
3.26
3.05
1.65
1.09
0.76
3.06
0.01
2.42
0.14
2.06
0.60
1.02
0.08
0.01
0.03
0.12
0.52
1.82
2.11
1.80
0.93
0.84
1.62
0.00
2.51
1.22
1.44
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFCP
RFM
RFM
RFM
RFM
RFI
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
2003
Yield
%
Vol
(1)
Dur
(2)
Type
1.21
3.83
3.43
1.68
2.36
1.92
3.33
2.93
3.43
3.07
1.84
2.98
2.80
1.36
1.49
3.02
4.16
2.94
2.59
2.36
2.08
2.28
2.00
1.03
3.97
2.56
4.07
1.83
0.87
3.17
2.90
0.12
0.30
1.13
0.15
3.30
-0.06
3.08
4.91
2.58
1.90
2.57
2.93
3.95
4.44
3.04
1.15
1.41
3.68
4.13
0.91
2.35
2.63
1.15
1.94
1.33
3.36
2.10
2.07
2.13
1.27
1.83
2.39
1.91
2.08
2.25
3.65
3.09
1.78
3.41
2.56
3.40
2.13
2.04
4.19
2.60
5.00
2.04
3.61
3.04
3.07
0.14
1.06
0.64
0.56
2.19
0.77
2.50
4.04
2.82
2.59
3.74
2.55
3.30
4.87
2.14
1.89
2.40
2.73
2.98
0.25
0.30
0.05
1.57
2.44
1.07
0.94
1.39
0.36
1.46
1.17
0.00
0.19
0.01
0.01
1.94
1.10
1.52
1.51
0.01
0.06
3.47
2.29
3.42
2.87
2.57
1.33
0.59
4.30
0.01
2.16
0.08
2.20
0.46
0.97
0.14
0.01
0.03
0.11
0.60
1.83
2.14
0.92
0.82
0.76
1.53
0.01
2.10
1.34
1.63
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
Yield
%
Vol
(1)
Yield
since
1996
2.75
5.72
6.66
4.69
NA
5.05
8.56
7.41
5.77
7.59
6.16
7.24
8.70
1.10
0.80
7.45
5.51
5.10
6.21
5.47
3.79
4.69
3.69
2.02
6.22
3.84
7.74
6.12
7.81
7.01
6.26
0.74
NA
5.30
2.41
7.79
-0.03
7.65
9.18
3.96
5.69
6.00
6.44
7.22
9.46
7.51
2.96
3.20
8.12
9.21
0.63
2.46
4.39
2.13
2.23
2.59
5.49
3.09
2.42
3.87
1.79
2.22
5.23
1.53
1.58
3.80
5.49
4.59
2.72
5.47
6.45
5.63
3.74
2.77
7.23
3.52
3.99
3.43
5.77
5.27
5.30
0.23
1.63
0.86
0.67
3.03
0.78
3.76
6.16
4.75
4.11
5.44
4.26
5.17
8.65
3.84
2.81
4.72
4.87
5.41
NA
5.52
NA
NA
NA
10.20
22.13
16.07
7.09
9.45
13.57
15.63
-4.41
NA
NA
2.08
-4.05
-0.42
8.06
NA
0.50
-2.91
NA
-0.33
-4.41
4.27
13.87
NA
5.44
NA
-4.41
8.72
NA
22.95
-5.43
NA
NA
NA
NA
3.27
7.52
NA
8.56
-0.78
6.55
NA
NA
-0.86
NA
3.00
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
0.70
1.50
1.50
1.25
1.30
1.35
1.50
1.60
1.50
1.50
1.25
0.90
1.60
0.00
0.00
1.50
1.70
1.60
0.90
0.95
1.50
0.90
1.40
1.55
1.85
1.65
1.25
1.00
1.35
0.05
2.25
1.60
1.45
0.50
1.40
1.30
0.75
1.20
1.20
1.20
1.35
1.75
1.25
1.18
1.60
1.50
1.35
1.50
2.00
1.55
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
5.00
0.00
0.00
0.00
Max.
0.00
0.00
1.00
1.00
0.00
0.00
2.00
2.00
0.00
1.00
0.00
0.00
0.00
1.00
1.00
0.00
2.00
2.00
2.00
2.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.50
0.00
2.00
2.50
0.00
1.00
0.50
0.00
1.00
0.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
1.00
1.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.50
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
0.10
0.13
0.07
0.08
0.09
0.07
0.14
0.05
0.15
0.08
0.15
0.02
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
0.20
0.15
0.20
0.00
0.20
0.09
0.05
0.05
0.15
0.15
0.00
0.09
0.08
0.08
0.15
0.15
0.10
0.15
0.10
0.12
0.20
0.20
0.08
0.15
(Continues over)
257
30-70 EURO INVERSION FIM

ABA FONDO FIM
AC EC MIXTO FIM
AC FC MIXT FIM
AC FONDANDALUCIA MIXTO FIM
AC FT PLUS FIM
AEGON INVERSION MF FIM
AHORRO CORPORACION VALOR FIM
AHORRO VIDA MIXTO FIM
AHORROFONDO 20 FIM
AI FONDO FIM
ALCALA AHORRO 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
BANIF RF CONVERTIBLES FIM
BANKPYME FC MIXT EURO 15 RV FIM
BANKPYME MULTIFIX 25 RV FIM
BARCLAYS GESTION 25 FIMF
BARCLAYS MIXTO 25 FIM
BBK GESTION ACTIVA 15 FIMF
BBVA FONDANDALUCIA MIXTO FIM
BESTINVER RENTA FIM
BETA RENTA PLUS FIM
BG MIXTO 25 FIM
BI MONETARIO PRIMADO FIM
BK FV MIXTO FIM
BK MIXTO ESPAA 30 FIM
BK MIXTO EUROPA 20 FIM
BNP GLOBAL 15-85 FIM
BNP PARIBAS FONDO SOLIDARIDAD FIM
BOLFOND FIM
BOLSINDEX 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
2Q
(Continued)
1Q
(RFM)
Yield
%
CAJA BADAJOZ INV. FIM

-0.18
CAJA INGENIEROS EUROPA 25 FIM
-2.38
CAJA LABORAL PATRIMONIO FIM
-1.09
CAJABURGOS MIXTO I FIM
0.14
CAJASUR MIXTO FIM
-2.46
CAM MIXTO 25 FIM
0.17
CAN DINAMICO PLUS FIMF
0.28
CAN GESTION 30 FIM
-0.39
CANTABRIA RENTA 20 FIM
-2.41
CASFONDO FIM
0.68
CITIFONDO LIDER FIM
-2.53
CREDIT AGRICOLE MERCAPATRIM. FIM 0.60
CT EUROMIXT 25 FIM
-3.07
DINFONDO FIM
0.27
DWS CAPITAL I FIM
-1.50
DWS EURORENDIMIENTO FIM
0.50
DWS VALOR GLOBAL FIM
0.82
ESPIRITO SANTO MIXTO ESPAA 25 FIM 0.49
ESPIRITO SANTO MIXTO EURO 25 FIM -0.15
ESPIRITO SANTO RENTA PLUS FIM
0.39
ESPIRITO SANTO TESORERIA PLUS FIM 0.37
EUROAGENTES RENTA FIM
0.26
EUROVALOR MIXTO-15 FIM
0.08
0.12
F. VALENCIA FONDO DE FONDOS 30 FIMF -2.31
F.M.C. PORTUARIO DE VALENCIA FIM 0.68
FG MIXTO RENTA FIJA FIM
0.07
FIBANC MIX. RF EUR. FIM
-1.50
FIDEFONDO FIM
0.86
FIDENZIS FDO DE FDOS L20 FIMF
NA
FIDENZIS FONDO DE FONDOS C10 FIMF NA
FINANCIALFOND FIM
1.19
FINESFONDO FIM
-0.03
FOMODI FIM
-1.46
FON FINECO AHORRO FIM
-3.31
FONBILBAO MIXTO FIM
-0.34
FONCAIXA 104 FONDANDALUCIA MIX. FIM NA
FONCAIXA FC MIXT 60 FIM
0.50
FONCOLONYA FIM
1.71
FONDESPAA CATEDRALES FIM
-1.29
FONDESPAA GLOBAL FIM
-1.03
FONDIBAS FIM
0.73
FONDIBAS FUTURO FIM
0.65
FONDMAPFRE RENTA MIXTO FIM
-0.50
FONDMUSINI III FIM
0.34
FONDMUSINI UNIVERS. FIM
0.38
FONDO VALENCIA EUROPA MIXTO 20 FIM -2.34
FONDO VALENCIA RENTA FIJA MIXTA FIM 0.07
2Q
Vol
(1)
Dur
(2)
7.83
7.45
9.17
5.71
7.25
6.56
0.03
8.97
6.16
0.38
6.61
0.85
7.42
3.18
4.67
0.76
1.61
4.42
4.72
0.51
0.15
4.58
4.18
7.89
7.40
6.64
2.51
5.09
4.13
NA
NA
NA
NA
6.77
2.81
5.76
10.05
8.79
0.77
1.03
3.94
4.94
4.87
6.30
4.63
6.50
4.71
5.89
7.52
7.35
1.48
2.13
1.78
1.77
1.71
2.09
0.00
0.46
3.01
0.01
3.28
0.17
1.83
2.11
0.33
0.34
0.29
0.85
0.95
0.08
0.09
0.03
0.35
3.31
0.00
0.56
2.82
3.11
0.89
NA
NA
NA
NA
1.06
3.63
0.85
0.81
0.10
0.85
1.92
2.09
2.05
2.42
0.91
0.85
2.39
0.19
0.21
0.00
0.04
Type
RFM
RFM
RFM
RFM
RFM
RFM
GRV
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
5.20
4.39
6.44
4.18
4.73
4.52
0.61
5.12
4.71
0.12
4.49
0.46
4.83
1.90
3.15
0.54
1.02
4.29
4.09
0.96
0.57
0.45
2.65
5.76
4.80
4.24
2.07
2.02
3.07
NA
NA
NA
NA
6.24
2.07
2.59
6.43
4.99
0.86
0.92
3.03
4.08
4.01
3.06
2.66
4.68
3.39
4.25
3.61
4.60
5.15
5.21
5.38
3.79
5.17
4.70
0.20
5.59
4.66
0.32
4.63
0.20
5.58
2.02
3.44
0.48
0.92
4.71
5.51
1.12
0.44
3.15
2.80
5.70
4.83
3.60
1.97
4.37
2.72
1.78
0.79
1.46
2.34
5.34
2.12
3.80
7.37
6.64
1.97
1.96
2.95
3.69
3.42
3.06
2.13
4.69
3.35
4.07
4.48
4.44
1.62
1.99
1.98
1.76
1.78
1.74
0.00
0.36
2.51
0.01
3.44
0.06
1.77
2.04
0.39
0.40
0.46
1.08
1.24
0.51
0.74
0.03
0.37
3.32
0.00
0.30
1.46
3.28
0.86
0.00
0.00
0.00
0.00
0.91
2.02
1.75
0.83
0.07
3.02
3.10
2.39
1.93
3.30
1.04
0.82
2.06
0.23
0.18
0.01
0.04
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.00
-0.14
0.00
0.06
-0.15
-0.25
0.56
-0.45
0.02
0.12
-0.24
0.32
-0.01
-0.09
0.43
0.20
0.56
-0.29
-0.13
-0.37
-0.25
0.32
0.09
-0.60
1.49
0.51
-0.12
-0.91
-0.05
1.17
0.61
0.44
0.75
1.52
-0.26
0.30
0.33
-0.41
-0.30
-0.20
2.69
0.12
0.41
0.82
0.50
-0.05
0.28
0.43
0.10
0.06
3.88
4.06
3.69
2.83
3.84
4.26
0.18
4.69
3.88
1.89
4.12
0.14
4.43
1.50
3.12
0.59
1.08
3.20
4.12
1.64
1.34
0.02
2.07
4.56
3.52
2.32
2.45
4.34
2.17
2.68
0.97
1.59
2.92
3.72
2.46
2.89
5.23
5.30
1.28
1.00
3.76
3.19
2.75
1.96
1.30
3.85
2.53
3.06
3.53
3.11
1.78
1.93
1.73
1.38
1.07
0.37
0.00
0.39
1.90
4.85
3.18
0.15
1.68
1.95
0.33
0.35
0.32
0.97
1.05
0.49
0.52
0.03
1.26
3.14
0.00
0.31
0.44
2.90
0.89
0.00
0.00
0.00
0.00
0.57
0.96
0.93
0.97
0.05
1.50
1.79
0.38
1.62
3.40
0.99
0.72
2.64
0.20
0.15
0.01
0.02
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
2003
Yield
%
Vol
(1)
Dur
(2)
Type
4.16
2.33
4.31
3.09
3.06
4.07
0.46
4.74
2.74
-0.06
2.83
0.35
2.87
1.17
1.78
0.27
0.59
2.76
2.22
1.08
0.69
0.33
2.01
4.07
3.02
2.52
3.73
2.86
2.83
1.57
0.81
1.17
2.08
2.86
3.85
2.74
3.39
5.86
0.53
0.55
0.96
2.55
2.25
1.81
1.50
3.04
3.25
4.00
2.68
3.03
3.02
3.51
3.42
2.15
3.26
3.15
0.22
3.44
3.02
0.78
2.69
0.84
3.33
1.37
2.42
0.33
0.56
2.59
3.26
1.24
0.75
0.02
1.61
3.28
2.93
2.01
2.10
3.73
1.94
2.18
0.61
1.05
2.40
2.29
2.27
2.66
4.26
4.21
1.51
1.55
1.30
2.54
2.56
1.56
1.08
2.73
2.08
2.54
2.87
2.43
1.51
1.15
1.60
1.51
1.66
0.28
0.02
0.50
1.75
0.03
3.23
0.39
1.39
0.58
0.33
0.34
0.30
0.76
0.76
0.34
0.35
0.04
1.01
2.91
0.01
0.33
0.41
2.81
0.64
0.00
0.00
0.00
0.00
1.13
0.96
0.86
0.83
0.09
1.56
1.79
0.39
1.60
3.47
0.94
0.72
2.52
0.19
0.12
0.01
0.05
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
Yield
%
Vol
(1)
Yield
since
1996
9.38
4.14
9.81
7.62
5.12
8.68
1.93
9.18
5.00
0.87
4.47
1.74
4.52
3.27
3.85
1.51
3.02
7.38
6.11
2.07
1.39
1.37
4.88
9.54
7.05
8.15
5.82
2.44
6.84
NA
NA
NA
NA
12.27
5.70
4.17
6.74
10.30
NA
1.77
8.65
5.48
5.68
6.56
5.40
7.26
7.41
9.29
4.00
7.91
5.30
5.29
5.89
3.87
5.13
4.84
0.18
6.04
4.60
1.06
4.75
0.61
5.43
2.14
3.52
0.56
1.11
3.84
4.49
1.21
0.81
0.03
2.84
5.63
4.99
4.07
2.29
4.42
2.87
2.36
0.81
1.37
2.63
4.83
2.45
3.97
7.11
6.48
1.47
1.44
3.16
3.71
3.53
3.71
2.68
4.66
3.33
4.10
4.94
4.72
NA
4.05
0.95
NA
1.18
-0.43
5.97
NA
-0.67
6.85
-2.88
12.39
NA
6.31
3.80
8.08
12.75
16.17
5.25
8.25
24.01
3.12
8.60
11.39
8.78
29.49
2.21
NA
9.75
NA
NA
NA
NA
15.93
8.68
6.30
8.54
5.87
NA
NA
NA
NA
2.82
1.12
5.34
3.25
18.67
17.56
-0.41
3.77
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
1.50
2.25
2.00
1.50
1.75
1.75
0.20
1.40
1.50
2.00
1.75
1.50
2.00
1.25
1.15
1.30
0.55
1.50
1.00
1.50
1.25
0.50
1.60
2.00
0.95
0.80
1.00
1.50
1.50
1.00
0.70
0.90
1.50
1.10
1.50
1.18
1.50
1.45
1.35
1.35
1.50
1.30
1.10
1.75
1.50
2.00
1.25
1.50
1.50
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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.
1.00
0.00
1.00
0.00
0.00
2.00
0.00
0.00
1.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
1.50
1.50
1.50
1.50
0.00
0.00
0.00
0.00
0.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
1.50
0.00
0.00
1.00
1.00
Min.
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.12
0.20
0.20
0.09
0.20
0.10
0.05
0.10
0.19
0.10
0.20
0.10
0.10
0.10
0.10
0.10
0.00
0.13
0.10
0.15
0.10
0.10
0.00
0.00
0.05
0.15
0.13
0.10
0.15
0.10
0.10
0.10
0.10
0.11
0.13
0.15
0.20
0.10
0.15
0.13
0.15
0.15
0.15
0.10
0.10
0.20
0.10
0.20
0.20
0.20
(Continues over)
258
A.4.8.
(Continued)
A.4.8.
1Q
(RFLP)
Yield
%
Vol
(1)
Dur
(2)
-0.23
-0.10
0.32
-1.03
0.47
-1.18
-0.23
-1.51
-0.20
0.74
0.79
-0.19
-7.12
0.55
-0.88
-1.23
1.20
-0.78
0.69
-2.79
-0.12
0.26
-0.69
-0.08
0.59
2.55
-0.57
-1.14
-3.52
-0.66
1.67
1.90
1.53
-0.41
-1.94
-1.01
-2.89
-2.44
0.60
NA
-3.49
0.68
0.17
1.67
-0.59
0.04
-3.35
-2.13
0.28
-1.79
2.55
8.00
4.77
4.13
0.21
8.66
8.14
9.39
6.09
6.22
1.49
4.45
15.91
7.76
5.89
4.60
2.10
9.87
8.93
7.46
6.04
5.14
4.40
1.80
0.40
10.43
6.13
2.80
8.99
5.08
4.89
2.26
2.30
1.90
7.87
4.78
8.78
8.86
6.36
NA
6.79
5.48
0.51
5.72
4.43
7.41
8.83
6.18
1.45
4.83
1.99
1.55
1.02
0.63
0.07
1.32
2.03
1.05
2.92
0.99
2.90
2.87
2.65
0.42
1.58
1.48
1.71
0.99
1.80
0.00
0.16
1.31
1.25
1.30
0.00
2.04
2.39
2.04
1.18
3.10
2.03
1.31
3.22
4.19
1.02
2.59
3.42
3.25
2.05
NA
0.00
0.00
0.37
1.80
0.95
1.90
0.32
3.24
1.13
4.02
Type
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFMI
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFMI
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
3.55
5.08
3.85
5.67
0.47
5.32
7.65
6.44
4.44
4.41
2.40
4.48
7.24
5.07
4.56
3.51
1.74
6.24
5.27
5.52
4.20
3.16
3.58
2.11
0.81
5.95
4.66
2.24
4.99
4.77
3.69
1.04
1.13
0.97
3.74
4.07
5.97
5.88
5.16
NA
3.17
3.56
0.37
4.25
5.17
3.86
4.64
4.60
-0.14
3.30
1.89
5.15
4.40
3.62
0.05
5.54
5.97
6.47
4.14
4.25
1.88
3.44
9.17
8.06
4.57
3.59
1.25
6.40
5.42
5.10
4.57
3.42
3.18
1.39
0.78
5.86
4.47
2.65
6.21
3.57
2.48
2.33
1.47
1.57
4.59
3.22
5.76
5.71
4.53
0.58
5.33
2.86
0.44
3.87
3.67
4.43
6.18
4.62
3.19
3.91
2.01
1.60
1.07
0.55
0.08
1.29
2.01
1.40
2.82
0.99
2.88
2.39
2.41
0.07
0.02
1.84
1.25
0.89
2.01
0.00
0.17
1.08
1.30
1.37
0.00
2.12
2.03
1.77
1.10
3.13
1.08
1.54
1.47
3.36
1.10
2.01
3.58
3.70
1.98
0.00
0.00
0.00
0.31
1.84
0.77
1.75
0.29
3.25
0.97
4.53
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFMI
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFMI
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.75
-0.16
0.51
-0.25
0.37
0.84
1.06
0.74
-0.46
-0.17
-0.01
-0.06
1.73
0.53
-0.15
0.19
0.36
-0.22
1.14
-0.01
-0.23
-0.18
0.30
0.14
0.25
-0.24
-0.17
-0.44
-0.33
0.02
0.85
-0.46
0.49
0.50
-0.44
-0.12
-0.29
-0.16
-0.42
-0.46
0.78
-2.68
0.04
0.58
0.00
-0.29
-0.37
-0.25
1.49
-0.02
1.89
3.84
2.56
2.86
7.96
4.09
5.18
5.59
3.03
3.32
1.84
3.13
4.18
3.58
3.43
3.24
0.93
4.52
4.33
4.45
3.61
2.28
2.84
1.21
0.81
4.20
3.39
2.99
4.26
2.98
2.66
2.17
0.84
1.61
4.34
2.63
4.51
4.55
3.58
0.12
4.59
0.35
0.32
2.98
3.00
3.05
4.63
4.10
2.11
3.32
2.17
1.43
0.95
0.47
0.13
1.39
2.01
1.33
2.30
0.92
2.91
2.78
2.37
0.39
1.34
1.71
1.00
0.91
2.53
0.00
0.19
1.14
1.35
1.40
0.00
3.51
2.62
1.27
0.93
2.95
1.65
1.36
1.50
0.50
0.94
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4.76
3.19
0.48
2.19
0.32
2.97
0.64
1.47
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFMI
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
2003
Yield
%
Vol
(1)
Dur
(2)
Type
1.93
4.03
2.15
2.24
0.33
4.32
3.65
4.42
2.46
3.19
1.27
3.30
-0.51
2.93
2.76
2.19
0.45
4.56
3.61
2.92
2.73
2.14
2.72
0.99
0.42
3.91
2.54
2.63
3.31
2.54
0.99
2.54
1.40
1.65
4.06
1.81
3.33
3.47
3.56
-0.60
1.08
4.48
0.84
3.36
2.65
2.84
3.42
2.38
0.62
2.30
1.47
2.99
1.55
1.97
6.27
3.32
2.69
3.95
2.18
2.71
1.30
2.34
2.46
3.18
2.79
2.02
0.62
3.56
3.67
3.37
3.15
1.60
2.42
1.12
9.33
3.82
2.39
2.99
3.33
2.30
1.40
2.48
0.93
1.04
3.55
1.83
3.48
3.48
2.65
0.15
3.93
50.24
0.67
2.46
2.20
2.55
3.65
2.67
0.92
2.38
2.05
1.37
0.54
0.56
0.11
1.54
1.54
1.29
2.13
0.87
3.69
2.90
2.41
0.31
1.42
1.52
0.89
0.79
2.66
0.01
0.07
0.88
1.44
1.49
0.01
3.11
2.53
1.36
0.12
2.28
2.44
1.98
1.51
0.44
0.87
0.87
3.49
3.50
1.81
0.01
0.00
0.00
5.06
3.01
0.80
0.72
0.25
3.03
0.50
1.60
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
Yield
%
6.10
9.03
6.98
6.66
1.66
9.49
12.51
10.28
6.31
8.35
4.50
7.66
0.81
9.32
6.34
4.69
3.80
9.98
11.08
5.56
6.66
5.45
5.97
3.18
2.10
12.63
6.52
3.27
4.30
6.75
7.37
5.10
4.63
2.72
5.39
4.76
6.03
6.70
9.10
NA
1.43
6.02
1.42
10.19
7.31
6.54
4.20
4.54
2.27
3.77
Vol
(1)
Yield
since
1996
2.01 14.88
5.35
0.07
3.58
9.27
3.28 23.83
0.12
NA
5.78
3.54
5.85 10.77
6.66
NA
4.14
4.19
4.34
2.22
1.65 15.62
3.44
NA
9.51 -17.89
6.08
3.16
4.34
6.58
3.50
5.44
1.34 11.92
6.55 -2.76
5.93 -3.72
5.34
NA
4.49
NA
3.39
2.59
3.30 16.55
1.41 10.61
0.60 15.20
6.61 -0.55
4.33 -1.02
2.88 -4.43
6.12 -10.27
3.65
2.93
3.12 11.85
2.33
3.01
1.50 11.23
1.57
6.48
5.36 -4.99
3.31 13.25
5.99
NA
6.02 20.46
4.50
7.36
0.25
NA
5.29 -7.28
25.42
NA
0.50
3.35
3.95 18.48
3.45
9.24
4.75 -0.90
6.16 -10.38
4.59
NA
2.10
NA
3.73
NA
% fees
Management
Front end
Back end
Custody
of assets of yield
0.45
1.75
1.60
1.25
0.40
1.05
1.50
1.50
1.80
1.40
1.00
1.00
1.90
2.00
0.75
1.25
1.50
1.50
1.50
0.40
0.85
2.00
0.90
1.75
0.29
1.50
1.75
2.25
1.25
1.35
1.50
2.00
0.40
1.25
1.80
1.00
1.50
1.00
1.00
1.30
1.50
1.25
1.50
2.00
1.50
1.25
1.75
1.40
1.40
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
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
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
Max.
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
1.00
2.00
1.00
1.00
2.00
2.00
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
0.00
2.00
2.50
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
1.00
1.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
1.50
0.00
0.00
3.00
0.00
1.00
Min.
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
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
0.08
0.20
0.07
0.20
0.15
0.15
0.20
0.20
0.20
0.10
0.20
0.20
0.00
0.20
0.08
0.10
0.20
0.10
0.00
0.10
0.00
0.10
0.15
0.10
0.08
0.20
0.00
0.10
0.20
0.10
0.06
0.19
0.13
0.13
0.10
0.08
0.08
0.08
0.10
0.15
0.08
0.19
0.20
0.10
0.10
0.15
0.10
0.10
0.10
(Continues over)
259
FONDONORTE FIM
FONDOSUR FIM
FONDPUEYO FIM
FONDTURIA FIM
FONDUNACSA FIM
FONDUXO FIM
FONGRUM FIM
FONLAIETANA 30 FIM
FONLAIETANA FIM
FONMUTUAL FIM
FONPASTOR 10 FIM
FONPASTOR 25 FIM
FONPENEDES MIXT FIM
FONSMANLLEU BORSA FIM
GIROFONS FIM
IBER FONDO 2000 FIM
IBERAGENTES POPULAR REND. FIM
IBERCAJA RENTA FIM
IM 93 RENTA FIM
ING DIRECT NARANJA MIX.EUR. FIMF
INTERMONEY MIXTO EURO FIM
INVERKOA FIM
INVERMANRESA 2 FIM
INVERMANRESA FIM
JPMF EURIBOR PLUS FIMF
LUSO VALORES FIM
MAPFRE AHORRO PROGRESIVO FIM
MARCHFONDO FIM
MD FOND FIM
MEDIFOND FIM
MIXFOND 2000 FIM
MULTIGESTORES FIM
MUTUALFASA 2 FIM
PATROFONDO FIM
PENTAFONDO MIXTO FIM
PLUSMADRID 15 FIM
PLUSMADRID 25 FIM
PLUSMADRID AHORRO EURO FIM
PLUSMADRID AHORRO FIM
PLUSMADRID FONDANDALUCIA FIM
PSN PLAN DE AHORRO FIMS
RENTA 4 GAP FIM
RENTA 4 INDICE FIM
RENTRIFONDO FIM
RURAL MIXTO 25 FIM
RV FOND FIM
SAFEI FOMENTO FIM
SCH EC MIXTO FIM
SCH ESTRUCTURADO RF MIXTA FIM
SCH FC MIXT FIM
2Q
(Continued)
1Q
(RFLP)
Yield
%
SCH FONDANDALUCIA MIXTO FIM

NA
SCH FV MIXTO FIM
-2.95
SCH MIXTO EUSKADI FIM
-0.77
SCH MIXTO RENTA FIJA 75/25 FIM
-2.38
SCH MIXTO RENTA FIJA 90/10 FIM
0.18
SCH MIXTO RENTA FIJA FIM
0.49
SCH RESPONSABILIDAD FIM
NA
SCH SOLIDARIDAD FIM
-2.21
SEQUEFONDO FIM
0.32
UNIFOND MIXTO FONDANDALUCIA FIM 2.62
URQUIJO AHORRO FIM
-1.92
URQUIJO CAPITAL FIM
-2.29
URQUIJO EURO FIM
-2.26
URQUIJO TESORERIA PLUS FIM
NA
VENTURE MIXTO R.FIJA FIMF
NA
ZARAGOZANO DEUDA MIXTA FIM
-2.08
ZARAGOZANO SELECCION PLATINUM FIMF NA
2Q
Vol
(1)
Dur
(2)
0.96
8.41
4.98
6.49
1.92
3.28
NA
7.13
0.55
12.55
6.52
7.53
7.70
0.13
1.61
6.91
NA
0.00
3.78
3.98
3.58
1.69
1.18
NA
5.21
0.27
0.00
1.04
0.95
1.52
0.11
0.00
0.57
NA
Type
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFMI
RFM
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
-0.22
3.84
4.18
4.43
2.16
2.05
NA
2.02
1.05
2.15
2.98
3.21
3.21
0.28
2.94
4.68
NA
0.11
3.39
3.66
4.65
1.82
1.36
4.87
1.90
0.31
3.11
3.49
4.23
3.92
0.18
2.04
4.71
3.89
0.01
3.30
4.44
4.17
1.90
0.48
0.01
1.59
0.28
3.39
1.95
1.82
1.97
0.13
0.00
0.53
0.00
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.69
-0.65
-0.32
-0.34
-0.38
-0.07
-0.07
-0.05
0.27
-0.68
-0.50
-0.95
-1.21
-0.46
1.06
0.31
-0.13
2.41
4.54
3.27
4.16
1.79
2.00
1.49
1.81
0.33
2.58
2.49
2.78
2.74
1.06
1.99
3.83
0.89
2.91
2.44
4.45
3.80
1.63
0.75
1.28
1.39
0.24
3.40
1.36
1.40
1.59
0.23
0.00
0.62
0.05
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
2003
Yield
%
Vol
(1)
Dur
(2)
Type
1.25
3.51
2.83
3.12
1.19
1.81
0.84
1.03
1.38
1.73
2.54
2.41
2.96
0.46
1.77
3.32
2.11
1.67
3.47
2.29
2.85
1.32
1.45
1.16
1.15
0.97
2.06
2.27
2.67
3.36
0.34
2.11
3.45
1.49
2.12
1.75
4.10
3.68
2.40
0.20
2.63
1.04
0.26
3.45
0.64
0.58
0.57
0.19
0.01
0.55
0.10
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
RFM
Yield
%
Vol
(1)
Yield
since
1996
NA
3.64
5.97
4.75
3.17
4.33
NA
0.73
3.04
5.90
3.05
2.29
2.61
NA
NA
6.24
NA
1.60
5.37
3.69
4.74
1.74
2.16
1.26
3.83
0.61
6.63
4.07
4.73
4.84
0.60
1.98
4.93
1.10
NA
2.54
3.10
4.50
12.88
5.86
NA
NA
-15.76
-24.29
-1.06
-6.66
-1.24
NA
NA
3.39
NA
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
1.40
1.15
2.00
1.60
1.50
1.00
1.49
1.25
0.70
1.40
1.30
2.00
2.00
1.25
1.50
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
2.00
3.00
2.00
0.00
0.00
0.00
3.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
5.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.10
0.10
0.20
0.20
0.10
0.07
0.10
0.10
0.10
0.10
0.20
0.20
0.20
0.20
0.12
0.20
0.10
(Continues over)
260
A.4.8.
(Continued)
A.4.8.
1Q
Mixed equity FIM (RVM)
Yield
%
Vol
(1)
Dur
(2)
Type
19.22
19.54
2.87
15.53
8.54
14.29
7.96
14.84
19.96
8.33
9.07
12.44
20.58
8.54
17.59
8.99
17.85
13.75
19.22
11.37
15.28
24.96
9.69
23.49
13.40
16.57
11.68
9.24
18.26
15.37
2.30
2.10
21.16
2.08
12.56
6.04
7.81
20.85
14.98
2.18
13.89
16.54
10.08
14.91
16.40
14.20
15.10
19.19
26.84
15.10
1.57
1.31
0.00
0.00
1.74
1.75
0.17
0.00
0.00
3.25
0.00
0.00
0.34
0.41
0.38
1.77
1.36
1.50
1.44
0.01
0.11
0.10
0.00
4.58
0.01
0.38
3.81
0.82
0.03
1.46
0.86
1.30
0.36
0.91
1.94
0.20
0.44
0.11
0.13
0.01
0.44
0.48
2.08
1.90
3.05
1.87
1.95
1.32
2.62
1.69
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
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
9.41
10.32
-0.46
11.19
5.24
8.63
6.31
9.52
11.52
6.04
6.40
7.18
12.73
3.63
8.98
5.67
8.77
8.01
10.21
11.07
8.29
12.88
6.15
21.20
8.23
8.16
6.43
4.57
9.09
9.15
0.74
1.17
10.54
0.78
6.17
12.76
7.06
13.78
8.95
2.27
8.12
8.30
6.82
9.61
7.47
9.20
7.98
9.35
12.40
8.96
11.85
11.84
3.06
11.85
6.17
9.48
7.01
10.55
13.51
6.32
6.45
8.52
12.65
4.17
10.98
5.77
11.51
8.89
12.77
7.54
9.93
14.94
6.66
14.65
8.92
10.91
7.99
5.61
11.22
10.12
1.60
1.60
14.30
1.69
8.91
5.11
6.24
15.26
10.71
5.01
11.01
12.57
7.30
10.51
10.36
9.19
11.11
11.85
15.81
10.13
1.48
1.02
0.00
0.00
1.75
1.53
0.10
0.00
0.00
4.18
0.00
0.00
0.18
0.35
0.40
1.57
1.40
1.47
1.26
0.01
0.00
0.10
0.00
2.33
0.01
0.23
2.73
0.61
0.03
1.20
0.91
1.34
0.90
0.90
1.67
0.17
0.38
0.09
0.10
0.01
0.41
0.44
2.10
1.68
2.86
1.55
1.92
1.29
2.20
1.33
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
-0.68
-0.03
-1.29
1.08
0.50
-0.63
0.85
-0.94
0.46
-0.78
-0.84
0.41
-0.04
-0.02
0.04
-0.52
-0.61
-0.76
-0.34
1.04
1.96
0.38
-0.38
1.22
0.44
0.01
0.57
0.62
1.08
-0.42
1.53
1.32
-0.66
0.78
1.10
4.26
1.44
1.13
-0.04
-0.34
0.05
-0.26
1.11
2.57
0.35
2.08
0.90
-0.75
-2.09
-0.59
9.81
10.77
1.23
8.74
4.99
7.14
6.92
8.13
8.64
5.15
5.40
5.62
8.99
2.80
9.68
4.56
9.44
6.92
9.85
5.59
8.63
9.94
5.06
10.52
6.84
8.22
6.27
5.11
9.92
7.48
1.49
1.49
9.51
1.36
9.60
4.49
5.26
11.95
7.99
0.12
8.11
9.54
6.30
8.26
7.25
7.54
8.78
9.80
11.05
7.69
1.35
0.77
0.00
0.00
1.03
1.26
0.03
0.00
0.00
3.01
0.00
0.00
0.00
1.98
0.18
1.50
1.42
1.43
1.25
0.01
0.00
0.04
0.00
3.06
0.01
0.53
2.47
0.37
0.00
1.07
0.37
0.69
1.11
0.06
1.36
0.07
0.32
0.09
0.10
0.01
0.42
0.48
2.03
1.59
2.97
1.92
1.52
1.26
2.35
1.15
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
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
2003
Yield
%
Vol
(1)
Dur
(2)
Type
8.05
8.52
0.53
3.92
5.80
7.51
7.19
8.52
5.91
5.20
5.46
3.90
8.85
2.64
7.77
5.44
7.51
8.32
7.61
7.10
4.31
6.60
5.50
7.38
6.36
6.06
5.66
3.32
6.50
7.27
0.11
0.13
7.13
0.51
2.94
5.75
6.52
9.75
7.03
-0.24
7.37
6.42
3.47
3.66
4.90
3.97
4.98
7.95
6.12
7.36
8.64
9.03
1.40
10.02
3.95
5.74
5.29
7.05
7.13
4.44
4.85
4.87
7.31
2.57
8.25
3.88
8.03
5.98
8.08
5.19
6.95
7.40
3.97
8.58
5.46
6.67
5.23
4.37
8.53
5.97
1.24
1.01
7.85
0.59
4.13
3.42
3.87
10.11
7.14
0.59
6.38
7.87
4.82
6.07
6.02
5.34
7.21
8.64
9.07
6.43
1.38
0.52
0.00
0.00
0.68
1.39
0.00
0.01
0.01
2.68
0.01
0.01
0.01
2.41
0.30
1.48
1.53
1.48
0.94
0.01
0.01
0.07
0.01
5.37
0.01
0.43
2.12
0.14
0.04
0.62
0.16
0.39
0.95
0.03
0.81
0.05
0.25
0.07
0.09
0.01
0.43
0.49
1.90
1.96
2.91
1.73
1.64
1.34
1.88
1.29
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
Yield
%
Vol
(1)
Yield
since
1996
9.14
12.50
-3.11
15.56
14.60
16.08
15.63
16.76
8.65
10.77
11.25
6.66
17.62
3.52
11.38
10.70
8.65
16.04
9.94
21.35
9.04
10.17
11.19
22.60
11.92
9.75
12.93
5.85
10.59
14.25
2.53
2.57
9.77
1.68
8.75
26.79
16.46
19.00
10.61
1.59
14.96
7.05
8.15
10.15
4.38
9.74
8.52
8.90
13.23
14.76
13.08
13.44
2.30
11.83
6.15
9.73
6.88
10.60
13.33
6.25
6.66
8.43
13.42
5.12
12.19
6.13
12.33
9.39
13.21
7.84
10.68
15.83
6.71
15.49
9.18
11.25
8.17
6.37
12.57
10.38
1.70
1.60
14.20
1.53
9.30
4.91
5.99
15.14
10.69
2.53
10.26
12.12
7.40
10.49
10.82
9.67
10.98
13.07
17.12
10.39
-11.95
-29.28
-1.05
-8.28
-9.22
-4.75
22.73
NA
NA
-0.15
NA
NA
-4.85
NA
NA
NA
NA
-7.57
NA
17.18
NA
-14.57
7.58
-2.08
NA
-15.60
10.81
-3.48
NA
4.64
NA
NA
NA
28.90
-7.47
65.16
NA
-32.40
NA
NA
-1.18
-11.19
NA
-4.18
-8.45
-2.30
NA
-18.29
-21.40
-7.92
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
2.00
2.25
2.00
2.00
2.00
2.00
0.75
0.00
0.00
1.50
0.00
0.00
1.25
1.65
2.00
1.50
1.60
1.60
0.85
1.00
1.15
2.00
0.80
1.35
0.05
1.00
1.25
1.90
1.90
0.90
1.25
1.40
0.80
1.60
0.80
1.50
2.25
2.25
2.25
2.00
1.60
1.60
1.50
1.75
1.50
0.00
1.75
2.00
1.35
1.85
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
7.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
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
9.00
0.00
Max.
1.00
2.00
0.00
0.00
0.00
1.00
0.00
1.00
1.00
1.00
1.00
1.00
0.00
0.00
2.00
2.00
2.00
2.00
2.00
0.00
2.00
1.00
0.00
0.75
2.00
2.50
2.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
3.00
1.00
1.00
1.00
1.00
1.00
1.00
0.00
0.00
0.25
0.00
1.00
0.00
0.00
1.50
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
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
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.09
0.18
0.15
0.15
0.06
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
0.00
0.05
0.20
0.14
0.20
0.00
0.20
0.05
0.07
0.10
0.06
0.20
0.10
0.20
0.10
0.10
0.13
0.20
0.20
0.19
0.00
0.20
0.10
0.15
0.15
0.00
0.00
0.15
0.14
0.15
0.20
(Continues over)
261
AC EUROMIX FIM
-7.05
AEGON INVERSION MV FIM
-6.00
AF BOLSA QUALITY FIM
-1.91
AF RENTA VARIABLE FIM
-1.06
AFINA PENTOR ESPAA FIM
2.41
AHORROFONDO FIM
0.03
ALCALA BOLSA FIM
0.62
ALLIANZ EMPRENDEDOR ESPAA FIMF -0.83
ALLIANZ EMPRENDEDOR EUROPA FIMF -8.43
ALLIANZ MIXTO FIM
0.07
ALLIANZ MODERADO ESPAA FIMF
-0.02
ALLIANZ MODERADO EUROPA FIMF
-4.62
ARCALIA GLOBAL FIM
-4.11
ASC ESTALVI FIM
-2.66
ASTURFONDO MIX-RV FIM
-5.20
-0.13
-6.51
ATLANTICO MIXTO FIM
-0.05
ATLANTICO MIXTO PREMIER FIM
-6.98
B.I. EUROMIXTO FIM
0.97
BANCAJA FONDO DE FONDOS 60 FIMF -5.32
BANCAJA RENTA VARIABLE MIXTA FIM -8.80
BANCOFAR FUTURO FIM
-0.34
BANKPYME EUROMIX 60 RV FIM
-6.93
-3.21
BARCLAYS MIXTO 50 FIM
-4.34
BASKEPLUS FIM
-0.15
-2.63
-5.83
BBK MIXTO FIM
-2.01
BBVA GARANTIA 2 FIM
0.13
BBVA GARANTIA FIM
-0.06
BBVA INDICE MIXTO PLUS FIM
-6.69
BBVA OPCIONES 1 FIM
-0.40
BCN MIXTO FIM
-1.57
BESTINVER MIXTO FIM
1.98
BG EUSKOVALOR FIM
0.67
BG IZARBE FIM
-5.77
BG MIXTO 50 FIM
-5.11
BI MIXTO EUROPA FIM (EN DISOLUCION) -0.09
BK MIXTO ESPAA 50 FIM
-1.03
BK MIXTO EUROPA 50 FIM
-6.88
-3.23
-5.47
BNP PARIBAS BOLSA II FIM
-7.73
BNP PARIBAS INSTITUCIONES FIM
-5.32
CAI RENTA MIXTO 40 FIM
-5.12
CAI RENTA MIXTO FIM
-7.05
CAIXA CATALUNYA EUROPA MIXT 75 FIM -3.04
CAIXA GALICIA MIX FIM
-1.32
2Q
(Continued)
1Q
Yield
%
CAJA LABORAL CRECIMIENTO FIM

-11.07
CAM MIXTO 50 FIM
-0.56
CAM MIXTO 75 FIM
-1.69
CAM MIXTO VARIABLE EUROPA FIM
-5.12
CAN GESTION 50 FIM
-0.98
CAN INDEXNAVARRA FIM
0.55
CANTABRIA ACCIONES FIM
-6.01
CAPITAL 2.000 FIM
1.30
CITIFONDO AGIL FIM
-7.11
CRV FONDBOLSA FIM
-7.46
CT EUROMIXT 50 FIM
-6.87
CT EUROMIXT 75 FIM
-10.79
DINERO ACTIVO II FIM
-4.69
DWS CAPITAL II FIM
-2.50
DWS CAPITAL III FIM
-3.33
DWS CAPITAL IV FIM
-4.34
DWS CRECIMIENTO FIM
-2.89
DWS EDELSTAHL FIM
-8.59
DWS EUROPA MIXTO FIM
-7.90
DWS FONCREATIVO FIM
-2.02
DWS MIXTA FIM
-1.17
DWS MIXTA II FIM
-1.08
DWS RENTA FIM
-1.43
ESPIRITO SANTO MIXTO ESPAA 75 FIM -2.19
ESPIRITO SANTO MIXTO EURO 75 FIM -4.57
ETCHEVERRIA FONDO FIM
-2.31
EUROAGENTES BOLSA FIM
2.79
EUROAGENTES PREVISION FIM
2.86
EUROAGENTES UNIVERSAL FIM
3.17
EUROVALENCIA VCG FIM
2.45
-0.71
-9.04
F. ANDALUCIA 2000 FIM
1.43
F. VALENCIA FONDO DE FONDOS 60 FIMF -5.65
FIBANC CRECIMIENTO FIM
-2.40
FIBANC MIX. RV EUR. FIM
-5.68
FINGEST MIXTO FIM
-1.76
FINVERBOLSA FIM
-1.54
FINVEREGA INTERNACIONAL FIM
-7.02
FON FINECO EUROLIDER FIM
-10.15
FON FINECO GESTION FIM
0.62
FON FINECO I FIM
-6.46
FONALCALA FIM
0.03
FONBOLSA PLUS FIM
-4.74
FONBUSA MIXTO FIM
0.49
FONCAFIX FIM
-4.36
FONCAIXA 29 RV MIXTA ESPAA FIMS 0.10
FONCAIXA 38 R.V. MIXTA EURO FIMS -5.90
FONCAIXA 42 R.V. MIXTA ESPAA FIMS 0.84
FONCAIXA 97 RV MIXTA EURO FIMS
NA
2Q
Vol
(1)
Dur
(2)
Type
27.80
13.13
20.33
21.06
15.13
9.30
14.17
10.63
18.40
16.59
15.71
24.39
11.53
6.94
9.41
11.91
12.02
23.46
18.12
7.20
17.99
17.93
6.60
18.11
20.71
6.91
7.85
4.62
6.28
17.86
13.73
25.83
5.75
13.88
14.37
13.20
9.55
17.45
17.70
30.72
13.66
25.19
10.45
13.51
7.34
22.79
6.25
8.95
6.95
6.21
2.12
1.98
0.20
1.52
0.68
0.00
3.10
1.08
1.66
0.77
2.04
2.65
0.00
0.30
0.29
0.27
0.33
1.95
1.65
2.18
1.36
1.23
0.29
0.01
0.01
1.58
0.00
0.00
0.00
0.00
3.93
3.64
1.55
0.00
2.78
2.85
3.67
1.11
1.74
1.08
0.17
1.03
0.18
0.01
1.74
1.12
0.00
0.00
0.00
0.00
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
RVM
RVM
RVN
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
14.50
8.77
12.72
12.08
7.92
5.66
8.49
7.71
9.78
9.79
9.08
13.95
6.15
4.56
5.92
7.33
5.74
14.57
10.94
4.88
11.97
11.99
3.43
11.82
8.53
4.97
6.68
1.49
4.54
15.57
8.85
11.68
3.11
8.98
9.07
2.62
2.67
10.22
7.49
16.75
4.37
13.28
8.17
6.19
5.94
14.29
2.20
2.93
2.18
2.89
16.60
9.43
14.18
14.22
9.52
6.72
10.23
7.96
13.07
12.81
11.20
17.25
8.27
5.09
6.78
8.54
8.16
16.44
14.06
5.05
12.45
12.44
5.31
14.82
16.86
4.27
5.67
0.92
2.71
15.58
9.21
15.30
2.90
9.33
9.17
10.71
7.25
8.31
10.74
20.30
3.88
16.18
8.85
9.51
5.35
13.81
4.86
4.91
4.86
4.79
2.02
1.55
0.00
1.50
0.60
0.00
2.53
1.02
1.54
0.87
2.23
2.91
0.01
0.39
0.37
0.33
0.30
1.83
1.82
2.39
1.53
1.23
0.25
0.01
0.01
1.17
0.00
0.00
0.00
0.00
3.52
3.53
0.37
0.00
3.46
3.03
1.08
0.45
0.41
0.73
0.24
1.08
0.12
0.01
1.63
0.29
0.00
0.00
0.00
0.00
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
RVM
RVM
RVN
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
-0.28
-0.36
-0.54
1.02
-1.37
1.82
0.73
0.55
-0.66
0.34
0.03
-0.14
-0.17
0.73
0.70
0.51
0.09
1.38
0.63
0.58
-0.48
-0.46
-1.23
-1.10
-1.01
0.28
3.12
0.39
2.23
4.12
-0.98
-1.51
0.08
3.25
-0.65
-2.45
-0.50
-0.78
-0.72
-0.67
1.25
0.77
0.67
-0.51
0.41
-0.03
-1.92
-2.32
-1.92
-2.20
11.48
7.78
11.32
15.02
7.98
5.98
8.43
7.22
10.18
10.72
9.00
13.64
6.57
4.66
6.25
7.85
7.54
12.45
12.07
5.03
10.29
10.24
4.82
11.17
13.60
3.43
4.85
0.91
3.33
11.69
7.09
12.72
1.73
7.12
7.76
10.66
8.30
7.67
7.37
14.76
4.20
9.14
7.79
7.02
4.44
9.44
7.44
9.51
7.42
8.91
1.85
0.87
0.00
1.74
0.60
0.00
1.88
1.79
1.41
0.83
2.13
2.50
0.01
0.34
0.32
0.29
1.46
1.55
1.93
2.61
1.78
1.56
1.39
0.01
0.01
1.32
0.00
0.00
0.00
0.00
3.22
3.16
0.43
0.00
3.49
2.56
0.74
1.34
0.89
0.64
0.49
1.48
0.04
0.01
1.97
0.19
0.00
0.00
0.00
0.00
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
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
2003
Yield
%
Vol
(1)
Dur
(2)
Type
9.63
7.37
10.48
10.24
8.04
5.58
4.98
5.93
7.38
6.75
6.02
9.37
4.93
2.44
3.18
4.09
5.71
7.03
6.67
3.43
10.47
10.50
5.06
9.78
7.88
2.79
9.18
1.16
5.57
8.82
6.95
9.64
4.31
5.43
9.24
8.21
10.55
6.48
6.34
11.12
2.51
6.90
8.58
4.75
3.71
9.25
8.93
8.40
8.89
8.06
10.39
5.59
10.06
11.60
5.96
5.29
6.65
5.49
8.05
8.50
6.97
10.69
5.34
3.62
4.86
6.10
6.53
9.33
9.35
3.78
7.31
7.25
5.88
8.71
11.16
2.31
10.98
0.69
2.51
10.20
5.48
10.24
2.60
6.13
6.88
9.58
6.27
5.57
7.34
12.40
2.28
5.94
5.97
6.36
3.09
7.79
7.07
9.96
7.06
9.41
1.68
0.82
0.01
1.45
0.65
0.20
1.65
4.21
1.39
0.85
2.21
2.44
0.02
0.34
0.33
0.28
1.65
2.06
1.90
2.71
1.33
1.10
1.37
0.01
0.01
0.93
0.01
0.01
0.01
0.01
2.92
3.02
1.50
0.00
3.04
2.42
0.55
0.31
0.55
0.44
0.36
1.31
0.00
0.01
1.61
0.33
0.00
0.00
0.00
0.00
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
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
Yield
%
Vol
(1)
Yield
since
1996
11.32
15.72
21.77
18.43
13.86
14.21
7.83
16.23
8.78
8.84
7.74
11.02
5.98
5.21
6.39
7.42
8.64
13.63
9.68
6.91
21.67
21.84
5.79
18.74
10.61
5.70
23.45
6.00
16.40
34.15
14.46
9.69
9.19
11.92
15.53
2.16
10.94
14.65
5.51
15.77
9.01
14.15
18.28
5.42
10.86
19.38
9.30
2.57
10.03
NA
18.00
9.41
14.54
15.89
10.24
6.98
10.29
8.05
13.05
12.56
11.24
17.33
8.29
5.23
7.04
8.88
8.82
16.35
13.83
5.43
12.65
12.61
5.72
13.70
16.00
4.58
7.73
2.41
4.00
14.17
9.41
17.12
3.58
9.63
10.01
11.16
7.99
10.77
11.61
20.82
7.46
15.93
8.45
9.54
5.30
14.68
6.54
8.65
6.70
7.82
-28.11
-1.38
-8.20
-19.15
-11.14
4.32
-10.88
0.04
-13.49
-25.69
NA
NA
-6.30
-0.52
-4.48
-7.84
12.00
5.96
-21.22
10.04
-8.18
-9.45
9.98
-14.47
-37.97
-5.77
4.02
35.80
17.06
-42.09
-0.72
-25.87
-28.23
NA
-15.00
NA
-25.62
-40.55
-20.00
-4.87
NA
1.93
15.08
-11.67
5.03
-6.38
2.66
-10.13
-7.15
NA
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
2.25
1.50
2.00
1.75
2.25
1.20
2.00
2.25
2.25
2.00
2.00
2.00
1.50
1.25
1.35
1.45
1.00
1.00
2.25
0.40
1.75
1.50
1.00
2.25
1.75
2.25
1.35
2.00
1.50
2.00
2.25
2.25
0.90
1.15
2.00
2.00
2.00
2.25
2.25
1.25
0.75
1.50
2.00
1.50
1.25
1.30
1.85
2.00
1.85
1.35
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
1.00
0.00
0.00
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
0.00
0.00
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
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
9.00
Max.
1.00
2.00
2.00
2.00
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
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
4.00
4.00
4.00
Min.
0.00
2.00
2.00
2.00
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
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
0.14
0.19
0.11
0.13
0.15
0.04
0.17
0.20
0.20
0.11
0.10
0.10
0.07
0.10
0.10
0.10
0.00
0.00
0.10
0.00
0.10
0.10
0.10
0.15
0.20
0.15
0.10
0.15
0.11
0.15
0.00
0.00
0.07
0.05
0.20
0.10
0.13
0.13
0.13
0.10
0.10
0.15
0.06
0.15
0.12
0.00
0.08
0.15
0.15
0.20
(Continues over)
262
A.4.8.
(Continued)
A.4.8.
1Q
Yield
%
Vol
(1)
Dur
(2)
2.16
5.29
6.58
20.35
18.14
14.90
19.73
14.51
10.10
17.16
10.71
11.01
16.85
10.86
13.00
11.07
18.04
NA
32.28
13.02
21.61
33.15
8.23
2.82
1.87
20.70
14.18
16.25
18.31
24.80
27.05
12.60
22.08
24.58
13.95
20.46
9.66
10.95
23.00
NA
18.14
22.25
27.94
14.17
20.68
16.30
17.79
11.91
10.01
14.44
1.70
1.32
2.21
0.02
1.31
1.31
2.13
0.84
0.77
2.05
2.33
0.20
0.00
0.35
0.00
3.00
3.11
NA
1.58
0.54
1.01
0.96
0.00
0.19
0.76
0.01
0.01
0.16
1.12
0.81
2.05
0.44
0.37
0.00
0.74
0.00
0.13
0.44
1.66
NA
1.42
0.00
2.51
0.01
0.01
6.08
7.15
2.23
2.10
2.71
Type
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
2.81
3.66
4.37
10.09
8.53
8.61
13.15
8.69
6.37
9.96
6.72
4.37
13.20
9.50
7.76
7.68
12.28
NA
17.38
8.61
13.09
11.66
4.28
2.36
0.58
8.84
7.57
8.85
9.19
11.94
18.67
6.79
15.34
16.02
8.22
11.47
4.98
5.93
13.55
NA
15.00
12.23
16.50
7.34
8.93
9.59
10.07
7.50
7.93
8.97
5.12
5.19
5.36
12.95
11.16
9.25
13.15
10.08
6.52
11.69
7.78
10.77
11.50
9.34
8.96
7.53
12.38
5.34
20.33
8.97
14.27
11.47
4.73
2.24
1.29
13.73
9.45
10.97
11.35
15.91
17.30
8.67
14.73
15.72
9.67
13.57
6.77
7.55
16.16
0.35
10.97
14.80
13.78
9.43
13.71
10.54
9.82
7.10
7.67
8.73
2.21
1.97
0.70
0.05
0.89
1.40
2.06
0.62
0.90
1.75
2.07
0.64
0.00
0.29
0.00
3.04
3.08
0.00
1.07
0.59
1.06
1.11
0.00
0.23
0.78
0.01
0.01
0.19
8.79
0.44
1.64
0.36
0.31
0.00
0.72
0.00
0.10
0.43
1.52
0.00
0.99
0.00
3.42
0.01
0.01
5.29
5.30
2.16
1.57
3.14
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
-1.53
-1.91
0.61
-1.31
-1.18
0.28
0.14
-1.00
1.01
-0.55
-0.53
-0.48
-0.04
-0.81
0.06
-0.25
-0.38
1.02
0.89
0.18
-0.77
1.63
-0.59
-1.23
-0.07
-0.28
0.06
-0.13
-1.12
0.11
0.55
-0.03
1.06
1.98
-0.09
-0.85
1.40
1.19
0.86
0.78
1.96
-1.55
1.77
-0.13
-0.16
1.00
1.29
-0.73
0.37
-0.42
7.83
10.11
4.71
8.93
8.22
7.76
10.67
7.68
3.70
8.89
7.08
8.21
8.44
7.46
6.59
6.34
9.36
3.61
12.31
6.74
10.85
6.46
4.12
3.65
3.20
11.77
9.00
8.79
9.42
11.45
11.52
6.03
10.92
11.81
7.72
10.13
6.66
6.39
11.84
0.32
2.73
11.19
7.99
8.95
11.74
8.96
7.46
5.03
7.31
7.05
1.67
1.98
1.40
0.02
0.83
1.05
1.74
1.02
0.71
1.67
2.56
0.11
0.00
0.24
0.00
3.14
3.12
0.00
1.67
0.03
0.98
1.16
0.00
0.76
0.78
0.01
0.01
0.00
0.83
0.31
1.55
0.49
0.40
0.00
0.77
0.00
0.05
0.36
1.46
0.00
0.77
0.00
2.16
0.01
0.01
6.15
5.51
2.79
1.36
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
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
2003
Yield
%
Vol
(1)
Dur
(2)
Type
9.96
9.50
5.62
8.46
7.50
6.00
8.05
8.35
2.30
7.78
6.49
4.74
8.08
7.08
5.43
6.60
9.82
1.56
8.56
8.27
11.36
5.17
3.36
5.72
0.18
8.01
6.81
8.85
7.09
9.09
11.62
4.75
10.73
9.26
5.20
11.50
2.73
4.07
7.57
0.97
-5.54
11.01
5.36
6.82
8.06
8.73
7.01
5.88
6.85
8.25
7.44
10.59
4.32
7.18
7.71
6.65
7.45
6.17
3.27
6.72
6.04
7.12
6.58
6.14
5.56
5.30
9.66
2.71
9.48
5.76
8.70
5.27
3.57
4.06
1.33
10.22
7.80
10.48
7.23
9.79
9.42
5.07
9.69
9.85
6.18
10.53
5.00
4.92
10.12
0.32
9.80
8.84
5.61
7.66
10.13
7.25
6.37
4.37
6.05
6.15
1.15
1.46
1.60
0.00
0.81
0.97
1.53
0.85
0.57
1.84
2.52
0.08
0.01
0.16
0.01
2.90
3.17
0.00
2.29
0.03
0.93
1.10
0.01
0.78
0.68
0.01
0.01
0.00
0.86
0.31
1.39
0.45
0.31
0.01
0.82
0.13
0.40
0.45
1.71
0.08
0.36
0.01
2.38
0.01
0.01
5.61
5.48
1.72
1.41
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
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
Yield
%
Vol
(1)
Yield
since
1996
NA
NA
8.90
14.60
7.23
10.92
15.38
15.84
9.74
16.09
11.15
5.84
20.45
15.31
14.29
12.45
19.71
NA
12.53
18.55
24.72
23.35
3.38
7.17
0.21
4.41
6.53
11.19
6.35
10.89
29.27
7.31
27.47
17.36
8.92
17.01
5.24
6.52
11.37
NA
2.94
20.85
14.10
5.92
4.85
19.77
17.96
12.81
14.11
14.44
6.34
8.45
5.34
13.35
12.08
10.17
13.56
10.13
6.49
11.79
8.11
9.43
11.54
8.67
8.99
7.89
12.87
3.88
20.64
9.07
14.71
17.94
5.49
3.32
2.07
14.72
10.45
12.00
12.34
16.58
17.71
8.62
15.16
16.55
9.84
14.32
7.24
7.80
16.12
0.33
11.84
15.15
16.34
10.41
14.69
11.29
11.28
7.70
7.92
9.67
NA
NA
-22.29
-13.15
-23.09
NA
NA
3.17
-1.68
-3.70
3.53
-9.68
-3.00
4.01
NA
NA
1.71
NA
-21.75
13.45
-9.34
-29.39
-14.94
-20.27
-6.60
-21.97
-4.47
6.39
NA
-0.34
-15.24
1.59
-6.42
-24.73
-0.07
-31.69
-14.60
-14.55
-17.48
NA
-27.99
-13.91
-18.34
NA
-25.36
-5.22
-10.83
0.57
-10.26
-15.19
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
0.00
0.00
0.70
2.00
2.25
1.40
1.50
2.25
1.50
2.25
1.50
1.00
2.00
2.00
1.80
1.50
1.50
1.25
2.00
0.25
1.00
1.50
2.00
0.60
2.00
2.25
1.10
1.00
2.25
1.70
1.50
1.70
1.50
1.50
1.75
2.25
1.50
0.50
2.00
0.90
1.35
2.25
0.50
1.90
1.90
0.60
0.60
2.00
2.25
1.35
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
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
5.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
Max.
0.00
0.00
3.00
0.00
0.00
0.00
0.00
1.00
0.00
1.50
0.00
0.00
2.00
2.00
0.00
1.00
0.00
1.00
0.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.50
2.00
2.50
0.00
2.00
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
Min.
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
0.00
0.00
0.00
0.10
0.15
0.13
0.15
0.15
0.00
0.10
0.20
0.17
0.10
0.14
0.20
0.10
0.20
0.17
0.05
0.00
0.15
0.17
0.13
0.15
0.03
0.20
0.10
0.10
0.15
0.10
0.20
0.20
0.20
0.20
0.10
0.15
0.10
0.10
0.10
0.14
0.10
0.15
0.17
0.00
0.10
0.10
0.00
0.00
0.20
0.00
0.20
(Continues over)
263
FONCAIXA RV MIXTA ESPAA FIMP

NA
FONCAIXA RV MIXTA EURO FIMP
NA
FONDANETO FIM
-1.81
FONDCHART FIM
-2.74
FONDEGA BOLSA FIM
-7.00
FONDESPAA CRECIM. FIM
-3.93
FONDESPAA DINAMICO FIM
-5.75
FONDGESKOA FIM
-0.63
FONDIBAS MIXTO FIM
-0.17
FONDMAPFRE BOLSA FIM
-1.50
FONDMAPFRE DIVERSIFICACION FIM -1.67
FONDMONTECO FIM
-2.71
FONJALON ACCIONES FIM
-1.51
FONJALON II FIM
-0.85
FONMUTUAL M.V. FIM
0.54
FONPASTOR 50 FIM
-1.79
FONPASTOR 70 FIM
-2.54
FONPENEDES MULTIFONS 25 FIMF
NA
FONPENEDES VARIABLE MIXT FIM
-12.47
FONQUIVIR FIM
0.63
FONSNOSTRO II FIM
-0.21
GESRIOJA FIM
3.36
GESTI GLOBAL FIM
-3.51
GLOBAL ASSETS FUND FIM
0.26
GLOBAL VARIABLE FIM
-0.48
HERRERO CRECIMIENTO FIMS
-10.93
HERRERO FUTURO FIMS
-7.33
HSBC MIXTO ACCIONES FIM
-6.03
IBERAG. POPULAR MIXTO 50 EUROPA FIM-8.01
IBERCAJA CAPITAL EUROPA FIM
-9.30
IBERCAJA CAPITAL FIM
-2.94
IBERCAJA RENTA EUROPA FIM
-4.04
IBERCAJA RENTA PLUS FIM
-1.24
IM 93 MIXTO FIM
-9.22
INBORSA FIM
-4.24
INDOSUEZ BOLSA FIM
-5.05
INDOSUEZ MIXTO FIM
-3.76
INDOSUEZ PATRIMONIO FIM
-4.51
INGENIEROS RENTA FIM
-9.60
INTERMONEY TRADING FIM
NA
INTERVALOR BOLSA FIM
-7.05
INVERBAN FONBOLSA FIM
-1.47
INVERBANSER FIM
-8.66
INVERSABADELL 50 FIMS
-7.49
-10.78
INVERTRES FONDO I FIM
-0.48
INVERTRES FONDO II FIM
-1.12
KUTXAFOND FIM
-0.16
MARCH BOLSA FIM
-1.42
MEDIVALOR GLOBAL FIM
-2.57
2Q
(Continued)
1Q
Yield
%
MORGAN STANLEY EURO GLOBAL FIM -5.60

MORGAN STANLEY FONDO 19 FIM
-5.31
MORGAN STANLEY LEALTAD GLOBAL FIM-3.82
NOVAFONDISA FIM
-0.45
NR FONDO 1 FIM
-0.04
PATRIBOND FIM
1.23
PATRISA FIM
-0.73
PLUSGIRONA FIM
-2.79
PLUSMADRID 2 FIM
-0.73
PLUSMADRID 50 FIM
-7.33
PLUSMADRID 75 FIM
-11.25
PLUSMADRID FIM
-1.08
PLUSMADRID VALOR FIM
-4.30
PREMIUM ACTIVO 1 FIM
-0.01
PREMIUM GESTION ACTIVA FIM
NA
PREMIUM GESTION DINAMICA FIM
NA
PREMIUM GLOBAL MIXTO FIM
NA
RENPROA CHART FIM
0.71
RENTA 4 FONMIXTO FIMF
-0.05
RIVA Y G. ACC. I FIM
-3.03
RURAL MIXTO 50 FIM
-1.52
RURAL MIXTO 75 FIM
-2.87
SABADELL BS MIX 70 FIMP
-10.84
SABADELL MIX 50 FIMP
-7.35
SAFEI PATRIMONIO FIM
-7.21
SAN FERNANDO VALOR FIM
0.00
SANTANDER GROWTH FIM
-1.28
SCH MIXTO ACCIONES FIM
-7.60
SEGURFONDO CONVERTIBLES FIM
-1.75
TARRAGONAFONS 2 FIM
-5.08
VITAL MIXTO FIM
-4.97
ZARAGOZANO BOLSA MIXTO FIM
-7.39
2Q
Vol
(1)
Dur
(2)
12.26
12.53
9.94
11.96
4.51
11.27
9.31
11.95
14.79
19.60
29.41
17.68
11.99
0.16
NA
NA
NA
22.76
0.61
20.53
11.47
17.49
21.56
14.77
18.36
14.30
4.36
19.30
4.89
13.60
16.10
18.33
2.10
2.41
1.21
1.68
0.03
0.54
0.33
1.86
0.00
0.00
0.00
0.00
0.00
0.01
NA
NA
NA
0.00
0.00
2.15
0.00
0.00
3.77
5.00
0.31
2.00
1.42
1.95
4.15
0.32
0.01
0.74
Type
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
3Q
Yield
%
Vol
(1)
Dur
(2)
7.62
7.29
6.96
8.03
3.33
6.33
4.21
7.67
8.51
10.08
15.21
9.84
9.26
-0.05
NA
NA
NA
15.59
0.11
10.98
9.09
15.47
9.86
8.20
9.17
8.60
2.46
9.88
4.47
7.41
8.27
12.03
9.06
9.01
7.94
7.28
4.23
7.58
8.66
8.67
10.05
12.61
19.02
11.94
9.31
6.70
2.37
NA
2.94
11.43
0.33
14.26
8.99
13.00
14.27
9.82
12.44
9.43
3.08
13.13
3.28
9.95
10.93
12.12
1.94
2.14
1.01
1.16
0.02
0.44
0.35
0.02
0.00
0.00
0.00
0.00
0.00
0.01
0.00
NA
0.00
0.00
0.00
1.75
0.03
0.00
4.24
5.00
0.27
1.33
1.55
1.74
3.82
0.33
0.02
0.71
Type
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
4Q
Yield
%
Vol
(1)
Dur
(2)
0.88
0.76
0.46
-0.29
0.43
1.46
1.45
-0.39
-0.67
-0.16
-0.34
-1.30
1.58
-0.06
-0.23
NA
-1.03
1.98
-0.18
-0.58
-0.69
-0.46
0.30
0.36
-0.69
-0.72
0.36
-0.71
-0.45
-0.43
-0.68
0.67
7.34
7.42
6.15
5.76
3.50
5.84
7.03
6.81
7.71
9.45
14.10
9.16
7.17
6.08
0.26
NA
2.45
8.04
0.23
10.05
6.48
9.12
12.26
9.38
9.23
7.13
3.18
10.14
3.62
9.18
7.82
10.21
1.75
1.95
0.83
1.40
0.01
0.40
0.33
1.60
0.00
0.00
0.00
0.00
0.00
0.01
0.01
NA
0.01
0.00
0.00
1.19
0.01
0.00
4.45
5.10
0.30
1.38
1.53
1.65
3.72
0.15
0.01
0.75
Type
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
2003
Yield
%
Vol
(1)
Dur
(2)
Type
4.67
3.95
4.40
5.68
4.56
4.80
4.47
5.32
7.84
7.17
10.84
9.09
5.54
0.80
-0.43
NA
2.13
7.92
0.03
8.78
5.73
8.06
9.00
7.73
6.70
7.42
3.07
7.41
3.01
7.61
6.43
7.66
5.18
5.49
4.35
5.53
3.49
4.30
5.39
5.47
5.95
7.77
11.60
7.09
5.77
1.95
0.81
1.27
3.01
5.59
0.41
8.50
4.79
6.40
10.62
8.06
7.58
5.73
2.47
8.04
4.90
7.94
6.41
8.06
2.01
2.12
1.16
1.35
0.01
0.34
0.29
1.51
0.05
0.06
0.01
0.05
0.06
0.51
0.04
0.13
0.01
0.01
0.01
1.12
0.02
0.01
5.26
5.32
0.27
1.52
1.43
1.57
4.57
0.77
0.02
0.49
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
RVM
Yield
%
Vol
(1)
Yield
since
1996
7.27
6.41
7.89
13.33
8.46
14.44
9.63
9.81
15.39
9.14
12.95
16.99
12.09
0.68
NA
NA
NA
28.12
-0.08
16.39
12.79
20.65
7.09
8.39
7.32
15.82
4.62
8.28
5.26
9.23
8.74
12.44
8.88
9.02
7.42
8.07
3.97
7.69
7.75
8.60
10.19
13.19
19.80
12.15
8.92
0.98
0.56
1.27
2.60
13.63
0.42
14.13
8.35
12.28
15.33
10.87
12.63
9.72
3.35
13.38
4.26
10.42
10.98
12.82
5.79
2.05
NA
23.61
-2.74
11.41
17.79
-5.12
-2.50
NA
NA
-11.19
-9.71
-15.50
NA
NA
NA
NA
-19.26
-7.58
4.06
-14.72
NA
NA
-26.50
-3.70
2.64
-15.39
NA
-7.03
-24.20
-18.66
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
1.50
1.25
0.30
1.45
0.73
1.00
1.50
1.65
1.00
1.75
1.90
2.25
2.00
1.50
1.20
0.90
1.50
1.35
1.80
1.35
2.00
2.25
0.00
0.00
2.25
2.00
0.00
2.25
1.10
1.75
1.90
1.75
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
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
6.00
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
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
1.00
1.00
1.00
1.00
2.00
0.00
0.00
2.00
0.00
0.00
0.00
3.00
3.00
0.00
0.00
0.00
1.00
0.00
3.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.15
0.05
0.10
0.07
0.13
0.15
0.09
0.06
0.06
0.04
0.04
0.03
0.20
0.10
0.10
0.20
0.10
0.10
0.15
0.10
0.20
0.10
0.10
0.15
0.20
0.05
0.20
0.20
0.20
0.05
0.20
(Continues over)
264
A.4.8.
(Continued)
A.4.8.
1Q
Spanish equity FIM (RVN)
Yield
%
Vol
(1)
Dur
(2)
1.17
1.56
1.03
1.89
2.27
1.82
1.22
1.18
1.71
3.09
5.02
1.00
2.25
2.00
NA
2.01
1.61
4.30
0.84
2.48
2.16
0.87
2.58
2.55
2.61
2.35
2.80
2.58
0.09
2.13
2.68
1.55
3.53
1.33
2.24
2.49
3.02
2.14
5.58
0.50
2.62
1.20
1.90
2.42
2.33
3.18
NA
2.07
29.10
30.60
16.92
22.48
27.12
29.30
22.70
11.75
12.23
30.24
27.25
27.39
28.64
28.57
NA
26.56
20.14
30.55
10.46
30.25
30.24
28.96
29.99
8.08
8.08
31.65
2.34
28.69
2.18
29.71
29.74
30.18
36.36
32.32
29.86
31.41
23.70
25.85
33.38
23.10
27.73
29.10
24.75
31.65
29.97
30.50
17.39
28.89
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.09
0.00
0.00
NA
0.00
0.00
0.01
0.01
0.05
0.01
0.01
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
0.00
0.00
0.00
0.92
0.02
0.01
0.00
0.10
0.00
0.03
0.00
0.00
Type
RVN
RVN
RVE
RVN
RVN
RVN
RVE
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
RVN
RVN
RVN
RVN
RVN
3Q
Yield
%
Vol
(1)
Dur
(2)
16.56
16.15
7.31
14.67
15.55
16.42
13.59
13.36
14.49
16.71
18.42
16.27
15.43
15.61
NA
16.72
13.10
17.38
14.85
16.43
16.48
15.93
17.56
17.38
17.33
18.11
5.41
17.05
2.95
16.88
16.28
15.91
22.01
18.60
16.93
21.13
12.57
14.48
17.78
13.63
16.29
16.50
14.57
16.88
16.65
15.82
13.99
15.57
18.49
19.89
8.75
15.94
18.48
19.39
15.59
10.67
11.11
19.99
16.94
17.66
18.59
18.69
NA
16.61
14.03
20.31
8.94
19.44
19.48
19.10
19.69
6.78
6.71
21.20
3.55
19.23
5.16
21.90
21.92
19.15
23.69
21.18
19.80
18.09
15.34
17.31
21.74
15.21
18.07
18.39
17.13
20.92
19.60
19.30
13.17
18.72
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.06
0.00
0.00
NA
0.00
0.00
0.01
0.01
0.06
0.01
0.01
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
0.01
0.00
0.00
0.00
0.86
0.00
0.01
0.01
0.06
0.18
0.03
0.00
0.00
Type
RVN
RVN
RVE
RVN
RVN
RVN
RVE
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
RVN
RVN
RVN
RVN
RVN
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
1.22
1.37
0.91
0.92
1.40
2.19
0.97
0.73
1.23
1.77
0.35
0.32
1.72
1.62
NA
0.28
1.37
0.29
2.25
1.52
0.80
1.24
1.82
5.74
5.78
2.24
2.21
1.48
0.99
1.70
1.59
0.99
0.13
0.26
1.26
1.41
1.82
1.13
3.68
0.92
1.32
1.33
1.23
1.48
1.68
1.89
1.63
1.67
13.78
14.76
5.29
11.94
14.17
14.58
11.46
9.59
10.03
14.72
12.13
12.50
14.59
14.38
6.72
13.05
11.01
15.67
7.81
14.52
14.60
14.01
14.77
6.15
6.14
15.37
5.32
15.04
7.79
17.53
17.74
14.87
17.02
15.16
14.61
12.17
12.57
13.10
15.78
11.55
13.39
13.78
13.49
15.60
14.77
13.89
9.62
14.63
0.08
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.02
0.00
0.00
0.00
0.00
0.06
0.01
0.01
0.08
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.02
0.00
0.00
0.00
0.85
0.02
0.07
0.06
0.03
0.17
0.01
0.00
0.00
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
2003
Yield
%
Vol
(1)
Dur
(2)
Type
14.79
15.10
6.74
13.26
14.81
14.96
10.34
12.16
13.35
15.70
13.25
12.74
14.30
14.51
11.10
13.68
13.06
15.12
7.78
14.94
15.55
15.84
15.68
8.58
8.61
16.36
7.42
14.09
6.75
16.53
16.65
15.18
13.54
13.06
15.47
10.56
15.02
15.06
14.62
13.37
13.55
14.72
15.35
15.71
15.29
13.98
10.34
14.51
11.14
11.36
5.59
10.17
11.29
11.41
9.31
7.83
8.21
11.39
9.84
10.03
11.15
11.19
10.19
10.01
9.38
11.93
4.93
11.46
11.43
11.37
11.51
5.02
5.01
11.99
4.11
11.38
7.31
13.34
13.45
11.45
12.81
11.66
11.63
9.59
10.92
11.10
11.85
10.21
10.55
11.16
11.09
11.95
11.56
10.98
6.61
11.21
0.02
0.01
0.00
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.01
0.03
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.03
0.01
0.03
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.01
0.01
0.00
0.00
0.03
0.01
0.01
0.01
0.39
0.04
0.01
0.01
0.04
0.15
0.00
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
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
Yield
%
Vol
(1)
Yield
since
1996
30.63
29.80
14.66
26.25
27.84
28.53
25.01
29.59
33.63
28.56
27.83
29.34
26.76
27.63
NA
29.66
24.10
28.95
27.64
28.52
30.65
31.47
30.07
38.20
38.31
31.19
18.96
28.17
10.88
31.04
29.91
30.14
33.45
31.96
30.32
32.43
23.30
27.45
22.78
26.99
26.88
30.29
28.06
30.01
29.14
25.40
NA
27.43
19.39
20.49
10.25
15.88
18.76
19.87
15.62
10.12
10.56
20.39
17.88
18.16
19.40
19.36
9.80
17.70
14.28
20.83
8.34
20.23
20.24
19.56
20.25
6.67
6.65
21.41
4.01
19.69
5.97
21.51
21.59
20.19
24.17
21.55
20.22
19.71
16.42
17.79
22.25
15.85
18.63
19.37
17.43
21.37
20.22
20.10
11.66
19.53
22.17
NA
6.00
22.21
22.08
15.11
0.89
NA
NA
NA
NA
10.47
22.76
21.96
NA
15.60
1.39
16.52
NA
15.91
20.30
7.52
18.27
81.36
84.03
25.92
NA
23.06
NA
4.55
15.97
12.73
17.39
6.70
24.44
34.24
31.32
NA
26.35
12.36
17.63
23.03
NA
22.25
20.83
22.94
NA
19.78
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
2.00
1.00
1.35
1.50
2.25
2.00
2.15
1.75
0.25
1.50
0.45
1.50
2.25
2.00
1.35
0.80
2.25
2.25
1.60
2.15
2.25
1.25
1.10
1.50
1.35
2.25
2.25
2.00
2.00
1.15
1.15
0.40
1.75
1.00
2.25
2.25
2.25
1.10
2.20
1.55
2.25
2.25
1.80
1.75
1.90
2.00
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
0.60
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
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
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
0.07
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
Max.
1.00
0.00
0.00
1.00
0.00
0.00
2.00
2.00
0.00
2.00
0.00
1.50
0.00
1.00
0.00
1.00
1.00
2.50
2.00
1.00
1.50
2.00
2.00
3.00
3.00
0.00
0.00
1.00
0.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.04
0.09
0.12
0.14
0.11
0.03
0.08
0.15
0.05
0.20
0.11
0.20
0.20
0.20
0.10
0.10
0.00
0.20
0.15
0.04
0.20
0.20
0.20
0.05
0.05
0.12
0.10
0.00
0.00
0.04
0.03
0.00
0.20
0.00
0.03
0.15
0.20
0.20
0.15
0.11
0.16
0.06
0.20
0.11
0.10
0.15
0.10
0.20
(Continues over)
265
AC ACCIONES FIM
AC IBEX35 INDICE FIM
ACTIBOLSA FIM
ALLIANZ VARIABLE FIM
ALMAGRO VALORES FIM
ALTAE BOLSA FIM
ARCALIA BOLSA FIM
ATLANTICO DIVIDENDO FIMS
ATLANTICO DIVIDENDO PLUS FIMP
ATLANTICO INDICE FIM
AVIVA ESPABOLSA FIM
BANCAJA RENTA VARIABLE FIM
BANESTO RENTA VARIABLE ESPAOLA FIM
BANIF ACCIONES ESPAOLAS FIM
BANIF ALPHA RV ESPAA FIM
BANIF RV ESPAOLA FIM
BANKOA BOLSA FIM
BARCLAYS BOLSA ESPAA FIM
BARCLAYS SMALL CAPS ESPAA FIM
BBK BOLSA FIM
BBVA BOLSA 2 FIM
BBVA BOLSA PLUS FIM
BBVA INDICE PLUS FIM
BESTINFOND FIM
BESTINVER BOLSA FIM
BETA ACCIONES FIM
BETA ESPAA VALOR FIM
BI IBERACCIONES FIM
BI SMALL Y MIDCAPS ESPAA FIM
BK BOLSA ESPAA 2 FIM
BK BOLSA ESPAA FIM
BK FUTURO IBEX FIM
BNP BOLSA FIM
BNP PARIBAS BOLSA PLUS FIM
BOLSA 35 INDICE FIM
BOLSALIDER FIM
BOLSATLANTICO FIM
BOLSATLANTICO PREMIER FIM
CAIXA CATALUNYA INDEX FIM
CAIXASABADELL 7RV FIM
CAJA LABORAL BOLSA FIM
CAJABURGOS BOLSA FIM
CAJASUR HISPANIA FIM
CAM BOLSA INDICE FIM
CAN ACCIONES FIM
CARTERA VARIABLE FIM
CATALANA OCC. BOLSA ESPAOLA FIM
CITIFONDO RV FIM
2Q
(Continued)
1Q
Yield
%
CS BOLSA FIM
11.35
DWS ACCIONES FIM
2.48
DWS BOLSA INSTITUCIONES FIM
2.27
EDM INVERSION FIM
3.00
ESPIRITO SANTO BOLSA ESPAA FIM 3.59
ESPIRITO STO B.ESPAOLA SELECC. FIM 2.50
EUROVALOR BOLSA ESPAOLA FIM
6.04
EUROVALOR BOLSA FIM
2.39
FG ACCIONES FIM
2.78
FIBANC INDICE FIM
2.26
FONBILBAO ACCIONES FIM
1.91
FONCAIXA 117 CARTERA BOL.ESPAA FIM NA
FONCAIXA 33 BOLSA GESTION
ESPAA. FIMS
1.93
FONCAIXA 65 BOLSA INDICE ESPAA FIM 12.43
FONCAIXA BOLSA GESTION ESPAA FIMP NA
FONDESPAA BOLSA FIM
2.18
FONDGALLEGO 21 FIM
1.17
FONDGUISSONA BOLSA FIM
0.30
FONDO HISPANO LUSO RV FIM
2.06
FONDO VALENCIA RENTA VARIABLE FIM 2.05
FONPASTOR RENTA VARIABLE FIM
3.89
FONPENEDES BORSA FIM
4.10
HSBC SPANISH EQUITIES FIM
8.09
IBERAGENTES POPULAR AHORRO FIM 1.54
IBERAGENTES POPULAR BOLSA FIM 3.17
IBERCAJA BOLSA FIM
2.96
IBERSECURITIES BS BOLSA ACTIVA FIM NA
ING DIRECT F. NARANJA IBEX 35 FIM 2.19
JPM SPAIN RV FIM
2.59
KUTXAVALOR FIM
2.05
LIBERTY SPANISH STOCK M. INDEX FIM 2.29
LLOYDS BOLSA FIM
2.35
MADRID BOLSA FIM
2.24
MADRID BOLSA OPORTUNIDAD
ELECC. FIM
NA
MADRID BOLSA OPORTUNIDAD FIM
2.09
MARCH VALORES FIM
1.03
MEDIVALOR R.V. FIM
1.47
METAVALOR FIM
3.60
MORGAN STANLEY BOLSA FIM
1.95
PATAGON IBEX 35 FIM
6.83
PREMIUM BOLSA FIM
NA
PRIVANZA BOLSA FIM
2.44
RENTA 4 BOLSA FIM
0.44
RENTA 4 IBEX 35 FIM
NA
RIO TRUEBA RV FIM
4.08
RURAL INDICE FIM
3.13
SABADELL ESPAA BOLSA FIM
1.91
SAFEI BOLSA ACTIVA FIM
4.69
2Q
Vol
(1)
Dur
(2)
31.09
30.74
30.64
17.89
27.40
20.80
13.78
28.20
13.81
29.66
20.04
NA
0.00
0.00
0.00
0.01
0.01
1.02
0.00
0.00
0.00
0.12
0.01
NA
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
11.93
33.03
NA
30.42
29.08
17.18
28.85
26.89
25.49
31.72
20.82
2.33
28.27
32.77
NA
30.03
28.47
30.57
30.71
25.81
29.89
NA
29.48
19.36
28.05
22.78
30.51
28.91
NA
31.76
29.87
NA
15.04
26.41
29.05
29.02
3Q
Yield
%
Vol
(1)
Dur
(2)
5.14
19.96
20.21
14.14
17.06
12.96
10.99
16.65
8.83
16.13
13.05
NA
29.43
20.05
20.07
10.81
21.19
12.01
8.75
18.44
11.97
19.35
14.13
NA
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.00
0.00
0.10
0.01
NA
0.00
0.00
NA
0.01
0.01
0.00
1.32
0.04
4.24
3.53
0.00
3.66
0.00
0.01
NA
0.00
0.08
0.01
0.00
0.00
0.00
RVN 7.50
RVIE 14.51
NA
RVN 16.82
RVN 16.56
FGL 18.05
RVN 18.59
RVN 16.32
RVN 16.09
RVN 20.90
RVN 10.04
RFI 1.65
RVN 15.97
RVN 19.00
NA
RVN 17.05
RVN 17.40
RVN 16.60
RVN 16.37
RVN 16.84
RVN 17.34
9.97
21.32
NA
20.12
18.48
11.79
18.65
17.38
16.72
20.31
11.29
2.65
18.19
20.95
NA
19.85
18.67
19.23
20.15
17.78
19.54
0.00
0.00
0.01
0.01
0.00
0.00
0.00
NA
0.92
0.00
NA
0.01
0.00
0.01
0.01
RVN
RVN
RVN
RVN
RVE
RVN
RVN
14.70
19.44
13.28
17.53
9.61
20.65
20.39
2.71
20.42
19.29
7.64
7.97
18.37
18.18
19.84
Type
RVN
RVN
RVN
RVN
RVN
RVN
8.21
17.51
13.39
17.63
11.79
17.10
16.90
NA
17.29
15.80
NA
9.92
21.80
14.76
15.88
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
1.02
0.56
0.31
2.09
1.56
3.49
0.09
1.80
0.49
1.66
1.13
NA
22.35
14.86
14.82
9.07
16.35
10.19
8.76
14.18
11.27
14.52
10.60
11.42
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.00
0.00
0.04
0.01
0.00
0.00
0.00
NA
0.01
0.01
0.00
0.14
0.05
0.69
0.60
0.00
3.65
0.00
0.01
NA
0.00
0.01
0.01
0.00
0.00
0.00
RVN
RVIE
RVN
RVN
RVN
RVN
RVN
RVN
1.68
0.81
NA
1.46
1.33
5.38
0.48
0.30
0.26
1.22
0.65
0.26
1.18
1.16
NA
1.47
0.66
1.88
1.83
1.28
2.05
10.44
13.92
11.22
15.10
13.73
9.70
12.84
12.70
13.12
13.60
8.73
2.61
14.14
14.72
8.07
14.81
14.24
14.27
15.09
13.37
14.87
0.00
0.00
0.01
0.01
0.00
0.00
0.00
0.00
0.72
0.00
0.00
0.01
0.00
0.01
0.01
RVN
RVN
RVN
RVN
RVE
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
1.71
1.88
0.39
0.31
4.26
1.15
1.38
0.33
1.64
0.30
1.01
3.72
0.16
1.28
0.49
14.58
14.67
11.00
12.86
10.65
15.02
15.23
0.13
15.25
14.28
18.44
7.27
14.16
13.96
15.36
Type
RVN
RVN
FGL
RVN
RVN
RVN
RVN
RVN
RFI
RVN
RVN
2003
Yield
%
Vol
(1)
Yield
since
1996
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
9.55
34.29
35.33
24.95
26.83
22.43
30.91
28.67
20.69
28.18
22.99
NA
25.66
20.66
20.60
11.86
20.14
13.44
10.07
19.14
11.55
19.96
14.03
11.06
0.00
0.00
0.01
0.01
0.01
0.00
0.06
0.06
0.38
0.36
0.00
3.32
0.00
0.01
0.01
0.01
0.08
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
17.19
10.05
NA
29.96
30.46
37.27
31.24
27.35
27.28
32.49
10.63
2.51
27.40
31.59
NA
30.41
31.20
29.08
28.57
27.77
29.71
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
NA
30.36
24.86
33.49
35.49
31.25
23.84
NA
30.30
30.31
NA
20.17
34.54
27.87
27.15
Yield
%
Vol
(1)
Dur
(2)
Type
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
16.34
15.44
15.54
10.52
14.17
7.41
11.13
15.08
13.51
14.85
12.18
13.73
17.14
11.67
11.51
6.36
12.24
6.45
7.78
11.22
8.20
11.30
8.39
10.42
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.02
0.01
0.01
0.00
0.00
0.00
0.01
0.08
0.00
0.09
0.03
0.44
0.87
0.00
4.01
0.00
0.01
0.00
0.00
0.03
0.01
0.00
0.00
0.00
RVN
RVIE
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RFI
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
13.06
8.86
15.41
15.42
14.77
10.67
13.54
12.12
13.79
12.90
8.67
0.42
14.80
15.29
12.33
15.61
15.48
15.18
15.18
13.45
15.43
9.94
11.00
11.35
11.71
11.14
7.24
11.36
9.84
10.31
9.66
6.74
1.90
11.27
12.15
7.22
11.44
11.00
11.43
11.60
10.38
11.64
0.00
0.00
0.01
0.01
0.00
0.00
0.00
0.01
0.65
0.00
0.00
0.01
0.00
0.01
0.01
RVN
RVN
RVN
RVN
RVE
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
14.59
15.47
10.83
14.82
12.21
15.65
15.30
1.58
15.78
12.37
15.82
9.89
13.85
15.05
14.56
11.37
11.48
8.59
10.50
6.53
11.47
11.68
5.48
11.74
10.37
12.07
6.19
10.98
10.84
12.35
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
6.96
13.19
9.48
7.83
26.54
7.34
NA
19.59
19.89
22.33
3.64
NA
2.00
2.25
1.15
2.25
2.25
1.00
1.50
2.25
2.25
2.00
1.45
0.75
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
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
0.10
0.10
0.16
0.15
0.20
0.00
0.00
0.13
0.15
0.10
0.00
10.67
21.59
11.41
20.60
19.37
12.09
19.21
17.92
17.40
20.61
13.10
2.40
19.10
21.67
7.69
20.30
19.27
20.25
20.69
17.84
20.21
20.84
NA
NA
19.67
25.27
17.39
NA
4.10
NA
4.03
18.66
13.10
18.28
22.12
NA
NA
13.94
21.99
NA
15.20
24.62
1.35
0.75
0.00
1.45
2.00
0.65
2.25
1.75
1.50
2.00
1.00
1.50
2.25
1.50
2.25
0.99
1.60
2.25
2.25
2.00
2.00
9.00
7.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
0.00
0.00
2.00
0.00
3.00
1.00
1.00
0.00
0.00
0.00
0.00
2.50
0.00
0.00
0.00
2.00
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
0.15
0.00
0.15
0.13
0.20
0.01
0.20
0.12
0.00
0.15
0.10
0.10
0.20
0.10
0.10
0.20
0.20
0.10
0.08
0.04
13.70
19.98
13.68
18.52
13.82
20.71
20.17
3.65
21.20
19.83
15.44
9.79
18.46
19.28
20.17
NA
7.27
8.63
16.34
4.61
15.47
NA
NA
22.64
7.49
NA
2.31
19.45
NA
14.51
1.25
1.25
2.25
1.35
2.00
2.25
0.99
1.50
2.25
2.25
0.60
1.50
2.25
1.75
1.35
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
3.00
4.00
0.00
0.00
0.00
0.00
0.00
2.00
3.00
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
0.04
0.04
0.20
0.08
0.20
0.10
0.10
0.20
0.20
0.10
0.10
0.15
0.20
0.10
0.15
(Continues over)
266
A.4.8.
(Continued)
A.4.8.
1Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.73
4.34
1.21
2.10
2.53
2.13
2.45
1.47
2.94
0.63
2.40
2.14
0.06
2.53
2.76
29.06
29.16
28.53
26.76
30.42
26.11
26.12
23.79
4.06
17.16
30.24
22.97
27.68
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.01
0.01
2.62
0.00
0.01
0.00
0.00
RVIO
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RFM
RVN
RVN
RVN
RVN
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.83
17.02
16.61
15.71
16.55
17.02
16.78
16.04
13.64
3.95
9.75
16.82
13.70
15.76
4.24
19.57
18.50
18.75
19.23
19.98
16.67
15.82
14.65
3.23
10.13
19.86
14.65
18.45
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.01
0.01
3.40
0.61
0.01
0.00
0.00
RVIO
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RFM
RVN
RVN
RVN
RVN
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.71
1.42
1.29
1.68
1.30
1.39
0.48
3.56
3.05
0.12
1.33
1.33
1.03
1.54
0.27
14.62
13.76
14.37
14.45
14.93
13.03
14.44
13.13
3.19
6.75
14.80
11.57
14.18
0.01
0.01
0.08
0.00
0.00
0.00
0.00
0.00
0.01
3.35
0.55
0.01
0.00
0.00
RVIO
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RFM
RVN
RVN
RVN
RVN
2003
Yield
%
Vol
(1)
Dur
(2)
Type
3.69
14.78
14.68
14.39
15.38
15.68
13.47
16.32
13.47
2.12
11.54
15.57
11.21
14.52
6.19
11.53
11.14
11.12
11.50
11.66
9.96
11.94
10.31
2.68
8.82
11.45
10.90
11.36
0.01
0.01
0.02
0.01
0.01
0.01
0.01
0.01
0.01
3.48
0.46
0.00
0.00
0.01
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
RVN
Yield
%
Vol
(1)
Yield
since
1996
1.35
26.67
30.40
27.40
29.37
30.66
28.63
28.26
28.96
5.36
23.69
30.36
25.07
27.22
3.13
19.86
19.41
19.35
18.91
20.52
17.54
17.96
16.29
3.34
11.42
20.38
15.78
18.97
NA
32.67
22.93
23.99
9.45
18.13
13.66
19.83
26.61
9.56
15.73
NA
11.88
22.84
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
1.35
2.25
2.00
2.25
1.20
0.85
1.70
1.50
1.25
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
0.00
0.00
0.00
0.00
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
9.00
0.00
Max.
0.00
0.00
2.50
3.00
3.00
1.00
1.00
0.00
0.00
0.00
0.00
2.00
0.00
2.00
Min.
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
2.00
0.15
0.15
0.17
0.20
0.15
0.15
0.10
0.07
0.20
0.12
0.20
0.10
0.06
0.04
267
(Continues over)
SAFEI BOLSA OPORTUNIDAD FIM

SAFEI FONBOLSA FIM
SAN FERNANDO BOLSA FIM
SCH ACCIONES ESPAOLAS FIM
SCH ACCIONES ESPAOLAS PLUS FIM
SCH INDICE ESPAA FIM
SCH RENTA VARIABLE ESPAOLA 100 FIM
SCH TOP 25 ESPAA FIM
SEGURFONDO RENTA VARIABLE FIM
SWISS PATRIMONIO FIM
UNIFOND RV I FIM
UNOE IBEX 35 FIM
URQUIJO BOLSA FIM
URQUIJO INDICE FIM
2Q
(Continued)
1Q
Foreign fixed-income FIM (RFI)
AC BONOS CORPORATIVOS FIM

AC RENTA FIJA PRIVADA FIM
AFINA TRADICIONAL FIMF
ATLANTICO DIVISA FIM
BANCAJA RF INTERNACIONAL FIM
BANESTO RENTA FIJA U.S.A. FIM
BANIF RF DINAMICA FIMF
BANKPYME GLOBAL RENT FIM
BASKEDIVISAS. FIM
BBVA BONOS EMERGENTES FIM
BBVA BONOS INTERNACIONAL FIM
BBVA BONOS USA FIM
BBVA DOLAR CASH FIM
BBVA RENTA LATAM FIM
BG EURO YIELD FIM
BIPOP PROTECCION FIMF
BIPOP RENDIMIENTO FIMF
BNP PARIBAS BONOS FIM
BNP PARIBAS DOLAR FIM
CAIXA CATALUNYA FONS INTERN. FIM
CAJA INGENIEROS RF UNIVERSAL FIM
CAM EUROPA BONOS FIM
CAM HIGH YIELD FIMF
CAM MUNDIAL BONOS FIM
CANTABRIA RENTA FIJA GLOBAL FIM
CONSULNOR EUROBONO FIM
DEXIA IBERAG.BONOS ALTO
RENDIM. FIM
EUROVALOR RF INTER. FIM
FIBANC EUROBOND HY FIM
FIBANCINT. R.F. FIM
FONCAIXA 1 RFC DOLAR FIMS
FONCAIXA 110 CARTERA RFC
DOLAR FIMS
FONCAIXA 111 CARTERA RFL
DOLAR FIMS
FONCAIXA 3 RFL DOLAR FIMS
FONCAIXA 86 RF INTERNACIONAL FIM
FONCAIXA 87 CESTA RENTA FIJA FIMF
FONCAIXA RF CORTO DOLAR FIMP
FONCAIXA RF LARGO DOLAR FIMP
FONDGALEA FIM
FONPENEDES DOLAR FIM
FONPENEDES MULTIFONS FIX FIMF
FONSMANLLEU ESTALVI 2 FIM
HERRERO FONDO INTERNACIONAL FIM
IBERCAJA HIGH YIELD FIMF
IBERCAJA INTERNACIONAL FIM
IBERCAJA SELECCION RENTA FIJA FIMF
INTERDIN FONDO DE SOBERANOS FIM
2Q
Yield
%
Vol
(1)
Dur
(2)
NA
0.85
0.86
0.13
1.37
3.51
1.26
0.76
1.58
1.03
0.40
3.60
4.06
3.45
3.07
0.46
0.90
2.08
3.18
0.83
1.06
1.41
3.12
0.64
0.86
0.02
NA
1.03
0.80
1.48
4.36
9.05
2.57
1.90
3.27
6.71
2.31
7.64
8.90
2.88
2.39
0.17
3.40
6.72
9.60
2.43
3.85
2.41
6.66
3.31
2.39
3.38
NA
1.67
3.34
1.84
5.45
3.22
4.86
2.50
0.77
3.89
3.99
3.52
0.03
1.89
4.47
0.01
0.01
0.86
1.88
2.19
1.21
3.17
0.13
3.98
2.89
4.08
2.94
0.94
1.69
0.25
3.49
1.18
3.39
3.45
1.87
7.65
4.43
2.15
3.46
2.15
0.24
NA
NA
NA
NA
3.48
0.27
0.46
NA
NA
1.48
3.80
NA
0.09
0.76
5.98
1.38
0.23
NA
NA
7.11
1.56
0.65
NA
NA
2.14
8.13
NA
0.98
3.99
4.98
5.78
0.35
NA
NA
2.52
1.66
0.00
NA
NA
2.70
1.15
NA
0.45
5.59
3.81
3.56
0.01
0.00
3Q
Yield
%
Vol
(1)
Dur
(2)
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFMI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
NA
0.85
1.06
0.61
1.65
5.00
0.24
1.18
1.40
3.78
0.13
3.46
5.33
2.08
4.73
0.42
1.01
2.90
2.96
1.87
1.18
1.63
6.10
1.78
1.19
0.47
NA
0.72
1.21
1.28
4.34
10.74
3.55
2.69
3.28
3.80
2.70
9.49
7.37
3.36
2.20
0.14
1.78
7.47
9.46
2.27
2.14
2.33
2.23
2.39
3.01
2.93
NA
1.66
0.00
1.98
5.62
0.10
6.00
2.52
0.73
4.10
4.31
3.11
0.10
1.70
4.10
0.01
0.02
0.98
1.78
2.72
1.53
3.14
0.00
3.94
3.03
3.87
RFI
RFI
RFI
RFI
RFI
3.95
0.02
4.71
1.33
2.50
1.41
4.59
1.95
1.38
8.54
4.24
2.32
3.66
2.25
0.53
NA
NA
NA
NA
1.93
1.02
0.91
NA
NA
2.56
5.45
NA
0.30
1.68
7.12
0.78
0.64
0.50
NA
7.15
2.73
1.19
NA
NA
1.78
7.92
0.43
0.55
4.47
3.24
5.01
0.60
0.24
NA
3.45
4.05
0.00
NA
NA
2.95
1.13
0.00
0.32
5.30
2.90
3.91
0.01
0.00
Type
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFMI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
NA
0.54
0.48
0.52
0.03
1.52
0.83
1.00
0.68
1.42
0.34
2.38
0.22
1.60
1.98
0.22
0.06
2.23
2.30
0.18
0.27
0.13
1.58
0.78
0.67
0.55
0.58
0.94
0.29
2.14
6.08
10.61
2.11
4.14
3.46
4.25
3.05
9.71
9.62
2.35
2.15
0.12
0.61
9.87
17.77
2.01
2.39
2.32
6.30
2.76
4.12
3.46
0.01
1.71
0.00
2.60
5.22
0.05
0.00
2.67
0.65
3.72
3.99
2.91
0.15
0.90
4.10
0.01
0.01
1.83
1.36
2.68
1.77
3.53
0.00
3.89
2.68
3.63
RFI
RFI
RFI
RFI
RFI
1.58
0.24
1.50
0.02
2.35
1.72
2.98
1.71
1.84
8.94
NA
NA
3.16
0.53
0.04
NA
NA
0.70
2.08
0.42
0.24
3.28
2.50
0.02
0.35
0.31
Type
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
2003
Yield
%
Vol
(1)
Dur
(2)
Type
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
0.51
0.04
0.15
1.84
3.82
8.99
1.50
3.68
1.77
0.39
1.72
7.86
7.21
2.64
1.19
0.26
0.15
5.96
6.07
0.06
1.19
0.52
3.54
1.08
3.07
2.53
0.31
0.91
0.61
1.85
5.13
10.41
0.84
4.36
2.52
3.85
1.98
8.57
8.11
4.56
1.73
0.10
0.43
6.35
6.49
1.81
1.66
2.08
1.15
1.83
3.38
3.26
0.44
1.66
0.00
1.53
5.79
0.07
8.43
3.43
0.66
3.72
3.67
2.88
0.23
1.75
4.24
0.01
0.02
1.53
1.20
2.01
1.86
3.50
0.00
4.09
2.46
3.59
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
NA
2.31
1.60
1.62
6.66
17.85
0.83
0.82
5.32
6.76
2.57
16.29
15.91
4.46
11.39
1.37
0.30
12.58
13.77
2.84
3.13
2.66
15.07
0.53
4.40
2.59
3.80
2.22
3.52
2.16
0.00
RFI
RFI
RFI
RFI
RFI
2.60
2.12
1.99
1.82
5.60
1.33
2.10
1.74
2.00
7.01
4.12
1.84
3.68
2.08
0.00
RFI
RFI
RFI
RFI
RFI
9.33
0.00
RFI
5.71
6.99
0.00
7.23
7.05
1.34
0.69
9.63
7.47
1.91
8.32
0.70
1.11
4.17
2.88
5.54
0.94
1.14
0.00
0.00
1.05
0.00
0.32
1.69
2.59
1.02
0.00
0.50
5.32
2.73
4.11
0.01
0.02
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
6.24
5.87
0.06
0.14
5.53
5.79
0.24
8.98
0.44
0.63
0.95
0.91
2.86
0.03
0.31
5.80
5.76
0.74
0.42
7.27
6.01
1.77
12.85
0.69
0.76
2.75
2.11
4.19
0.66
1.29
0.00
0.00
1.38
0.00
0.30
1.52
2.40
0.97
0.00
0.45
5.65
2.93
4.06
0.00
0.02
Yield
%
Vol
(1)
Yield
since
1996
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
0.34
NA
0.91 13.21
0.81
NA
1.74 13.44
5.04
8.52
10.25
NA
2.47
5.67
3.46 21.39
3.15 12.57
4.80
NA
2.55
9.27
8.90
6.58
8.56
6.66
3.42 13.36
2.15 6.37
0.14
NA
1.95
NA
7.74 13.12
11.63 14.49
2.15 26.77
2.64
NA
2.29 20.15
4.75
NA
2.63 25.34
3.30
NA
3.27 16.26
0.20
1.25
1.00
2.00
2.00
1.65
1.00
0.95
1.80
1.65
1.65
1.65
1.00
1.65
1.80
0.60
1.00
0.50
1.00
2.00
1.75
1.00
1.75
2.00
1.80
1.25
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
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
1.00
0.00
0.00
0.15
1.00
2.00
2.00
2.00
2.00
2.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
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
2.00
2.00
0.00
0.00
0.09
0.09
0.09
0.20
0.20
0.10
0.20
0.20
0.09
0.15
0.15
0.20
0.10
0.15
0.20
0.15
0.15
0.00
0.00
0.20
0.20
0.20
0.10
0.12
0.20
0.15
11.52
3.25
6.56
0.29
13.26
1.44
3.39
2.37
1.80
8.08
NA
13.25
NA
16.26
7.87
2.10
2.25
1.75
1.50
1.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
0.00
0.00
0.00
0.00
0.00
0.10
0.00
0.10
0.20
0.20
RFI
NA
8.00
NA
0.30
0.00
0.00
0.00
0.00
0.00
0.20
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
NA
13.70
0.71
1.56
NA
NA
5.04
15.49
NA
1.27
1.85
17.42
4.93
1.20
NA
6.41
6.80
1.75
0.79
8.30
6.64
1.91
9.58
0.64
0.88
3.92
3.49
5.17
0.67
0.14
NA
11.77
NA
NA
NA
NA
NA
NA
NA
7.61
23.80
NA
4.24
8.23
NA
0.55
1.10
1.50
1.50
0.00
0.00
0.50
1.75
1.00
1.60
1.90
1.90
1.80
1.25
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
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
4.00
4.00
4.00
0.00
0.00
0.00
0.00
1.00
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
0.00
0.00
0.00
0.00
0.20
0.20
0.15
0.15
0.00
0.00
0.15
0.00
0.05
0.20
0.10
0.20
0.20
0.20
0.10
(Continues over)
268
A.4.8.
(Continued)
A.4.8.
1Q
Foreign fixed-income FIM (RFI)
Yield
%
Vol
(1)
Dur
(2)
2.63
8.87
9.76
5.97
2.26
1.33
2.38
3.08
3.48
0.91
8.38
4.77
10.51
2.53
3.02
3.66
2.22
NA
2.24
3.03
3.13
1.46
2.57
3.10
1.20
0.36
0.00
3.23
1.93
0.58
3.45
0.02
4.50
0.63
3.00
0.00
NA
0.00
Type
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
3Q
Yield
%
Vol
(1)
Dur
(2)
2.68
2.02
3.93
1.70
2.27
0.47
0.31
5.37
1.51
1.15
2.84
1.30
5.00
0.85
1.52
0.67
5.74
NA
1.69
2.21
7.30
8.43
5.79
2.15
1.35
3.19
3.35
4.44
0.66
6.62
6.77
10.46
0.63
3.60
3.74
3.05
NA
1.40
3.79
3.47
0.75
2.32
2.95
1.31
0.35
0.00
2.82
2.10
0.23
3.92
0.10
1.47
0.79
3.29
0.01
NA
7.46
Type
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.92
0.52
2.19
1.27
0.46
0.12
1.13
1.94
0.76
0.64
2.26
5.66
1.42
0.76
0.71
0.25
1.81
NA
0.85
3.39
7.66
7.96
5.87
2.53
1.54
6.22
3.09
5.20
1.04
6.91
8.02
10.33
0.57
4.80
5.40
3.23
0.38
1.79
3.94
0.00
0.00
0.00
0.00
1.17
0.35
0.00
2.49
1.83
0.09
3.88
0.07
1.92
0.84
3.63
0.01
0.00
6.17
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
2003
Yield
%
Vol
(1)
Dur
(2)
Type
0.88
2.76
5.93
4.82
0.37
2.12
2.12
4.64
3.00
0.31
3.52
1.34
7.58
0.61
3.38
3.66
4.51
0.53
0.50
2.87
7.59
6.10
5.10
1.70
2.05
3.97
2.37
3.85
1.14
5.67
4.76
9.63
0.68
3.90
4.65
2.46
0.33
1.01
2.21
3.10
0.39
1.75
3.44
1.23
0.25
0.00
2.68
1.99
0.46
4.47
0.07
1.56
0.73
3.26
0.00
0.00
0.81
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
RFI
Yield
%
Vol
(1)
Yield
since
1996
2.83
1.01
14.17
8.95
4.08
1.48
3.40
16.70
5.62
3.27
11.71
4.99
15.46
1.72
5.12
4.89
16.78
NA
0.83
2.82
7.88
8.16
5.70
2.19
1.61
4.21
3.01
4.31
0.96
6.96
6.27
10.25
1.37
3.90
4.44
2.79
0.35
1.68
NA
19.69
NA
2.56
NA
16.40
20.45
26.20
8.26
16.71
NA
34.40
NA
16.55
12.63
14.30
NA
NA
NA
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
2.25
1.40
0.75
1.60
1.50
1.50
1.50
0.30
1.50
0.50
1.75
1.65
1.70
1.50
0.75
1.00
0.90
0.60
1.20
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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.
2.00
1.00
0.00
1.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
3.00
0.00
0.00
0.00
0.50
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
0.20
0.09
0.06
0.08
0.11
0.13
0.10
0.02
0.20
0.08
0.05
0.20
0.10
0.10
0.15
0.15
0.10
0.05
0.19
269
(Continues over)
KUTXAINVER2 FIM
0.12
MADRID BONOS INTERNACIONAL FIM 0.72
MADRID DOLAR FIM
2.90
MADRID RENT FIJA FIM
1.43
MADRID TRIPLE B FIM
1.67
MERCHRENTA FIM
0.31
MORGAN STANLEY DIVISA FIM
0.48
MUTUAFONDO HIGH YIELD FIMF
3.83
RENTA INTERNACIONAL FIM
1.96
RENTACASER FIM
1.12
RURAL RENTA FIJA INTERNACIONAL FIM3.63
SABADELL BS DOLAR FIJO FIM
0.78
SCH DOLAR FIM
2.33
SCH RENTA FIJA ACTIVA FIM
0.50
SEGURFONDO ACTIVO DIVISA FIM
0.98
SEGURFONDO DIVISAS FIM
0.86
SEGURFONDO HIGH YIELD FIMF
3.80
UNIFOND MONETARIO DINAMICO FIMF NA
UNIFOND RENTA FIJA GLOBAL FIMF
0.49
2Q
(Continued)
1Q
Foreign mixed fixed-income FIM
(RFMI)
ABANTE VALOR FIMF

ABF MONEY PLUS FIMF
AC MULTIESTRELLAS SELECCION
20 FIMF
ALLIANZ CONSERVADOR GLOBAL FIMF
ALMAGRO DIVISAS FIM
APPLE FOND FIM
ASC PATRIMONI FIM
BANESTO GESTION GLOBAL FIM
BANKPYME GEST.CARTERA
MODERADA FIMF
BBVA BONOS SELECCION FIM
BBVA MIXTO 25 FIM
BBVA SOLIDARIDAD FIM
BENKERS AHORRO FIMF
BI CONVERTIBLES INTERNACIONAL FIM
BIPOP EQUILIBRADO FIMF
BNP P.CONSERV.ASSET ALLOCATION
FIMF
BNP PARIBAS GESTION ACTIVA FIMF
BNP PARIBAS SELECCION FIMF
CAIXA CAT. SELECCIO ACTIVA 25 FIMF
CAN GESTION 15 FIM
CRV FONRENTA FIM
DALMATIAN FIM
DWS SELECTED FUNDS 25 FIMF
EL MONTE FONDO SOLIDARIO FIM
EUROVALOR SELECCION TOP15 FIMF
FONBILBAO GLOBAL 10 FIM
FONCAIXA 25 RFM INTERNACIONAL
FIMS
FIMS
FIMS
FONCAIXA 48 PATRIMONIO RFMI FIMS
FIMS
FONCAIXA 88 CESTA MIXTA 25RV FIMF
FONCAIXA PATRIMONIO 16 FIM
FONCAIXA RFM INTERNACIONAL FIMP
FONDITEL RF MIXTA INTERNACIONAL
FIM
FONDO ARTAC FIM
FONDO BONOS FIM
FONDO MUTUALFASA 1 FIM
2Q
Yield
%
Vol
(1)
Dur
(2)
Type
1.29
0.35
4.76
0.85
0.00
0.39
RFMI
RFMI
0.67
0.53
1.41
0.58
0.74
0.59
3.47
1.63
5.78
6.03
0.51
3.19
2.33
2.04
0.01
1.28
0.39
0.16
1.34
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
3.60
1.21
3.71
1.09
0.00
0.17
0.00
0.00
0.75
0.71
0.84
0.05
RFMI 3.69
RFMI 0.01
RFMI 2.74
RFMI 2.48
RFMI 0.50
RFMI 0.31
3.14
0.51
3.31
4.16
0.74
1.53
7.53
3.80
1.21
3.78
0.27
3.17
5.56
0.00
4.44
1.46
2.19
0.26
3.93
0.00
RFMI 7.61
RFMI 6.54
RFMI 0.96
RFMI 2.86
RFMI 0.16
RFMI 4.24
RFMI 0.44
0.09
0.88
0.15
1.75
0.26
2.29
0.51
2.24
1.03
0.71
0.41
0.02
1.80
2.61
2.19
5.53
4.42
4.40
5.35
7.39
5.29
4.26
2.31
5.25
2.68
5.47
0.05
0.19
0.30
0.00
0.44
3.10
0.57
0.00
1.13
0.00
0.00
3.44
3.84
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
0.34
1.13
0.00
0.48
1.07
0.17
0.61
4Q
2003
% fees
Yield
%
Vol
(1)
Yield
since
1996
RFMI
RFMI
5.13
2.16
3.86
0.97
NA
19.43
1.25
0.75
0.00
0.01
1.33
1.14
0.02
0.04
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
3.61
0.48
1.27
2.42
2.74
0.86
3.29
1.90
4.16
4.83
0.66
1.92
NA
NA
1.77
NA
8.28
NA
3.50
3.49
0.89
1.96
0.36
3.47
4.92
0.00
4.25
0.91
2.04
0.01
2.43
0.00
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
8.37
12.00
1.34
3.36
1.28
2.16
2.11
5.47
3.58
1.01
2.91
0.29
3.25
5.25
3.54
0.82
2.51
1.54
2.17
2.68
4.17
0.06
2.36
1.79
2.84
0.89
1.70
6.35
2.38
4.74
2.62
1.63
3.26
3.87
4.00
2.65
1.27
2.49
2.19
3.66
4.86
0.00
0.00
0.01
0.48
2.91
0.50
0.01
1.34
0.01
0.01
3.32
3.83
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
8.92
3.25
7.68
4.31
4.89
4.71
11.59
2.44
5.37
3.09
6.74
3.71
5.00
RFMI
1.00
1.21
0.00
RFMI
0.00
RFMI
1.05
1.21
0.00
1.23
1.23
0.00
0.00
RFMI
RFMI
1.00
1.21
1.21
1.21
0.66
0.71
0.69
0.76
0.73
0.46
1.13
1.41
1.26
1.28
1.27
1.29
0.00
0.00
1.49
1.54
1.25
1.53
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
1.06
1.74
1.36
1.29
1.31
1.56
NA
0.16
0.31
0.12
2.38
3.21
4.55
1.28
1.66
1.90
4.71
1.48
RFMI
RFMI
RFMI
RFMI
3.48
3.17
0.46
0.47
Yield
%
Vol
(1)
Dur
(2)
Type
Yield
%
Vol
(1)
Dur
(2)
Type
RFMI
RFMI
1.49
0.29
3.69
1.06
0.00
0.00
RFMI
RFMI
1.29
0.29
3.03
0.81
0.00
0.65
0.00
0.00
0.72
1.13
0.06
0.08
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
0.33
1.21
1.64
0.30
0.62
0.43
3.80
2.48
3.30
4.81
0.60
1.18
0.00
0.00
1.62
0.82
0.04
0.02
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
0.26
1.19
0.90
0.33
0.85
0.71
2.56
2.29
3.69
4.06
0.74
0.96
5.49
3.66
1.00
2.84
0.25
3.21
4.71
0.00
4.87
1.33
2.11
0.14
3.60
0.00
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
1.97
1.12
0.01
0.16
0.39
0.57
1.12
4.35
3.25
0.90
2.72
0.27
2.99
5.73
0.00
4.56
0.90
2.48
0.06
3.33
0.00
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
1.13
1.87
0.38
1.63
0.33
2.40
1.45
5.52
3.04
4.38
4.36
2.39
4.14
5.56
4.02
3.45
0.92
2.74
2.85
4.93
4.98
2.01
4.52
5.02
2.78
4.70
5.88
4.17
3.00
3.24
5.64
2.74
4.67
0.10
0.20
0.60
0.00
0.32
3.21
0.75
0.00
1.03
0.00
0.00
3.47
4.10
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
0.22
0.27
0.49
0.19
0.02
0.22
2.00
0.69
0.54
1.06
1.44
0.03
0.19
4.13
1.40
4.43
3.46
2.40
4.26
5.40
4.52
3.01
1.35
3.24
3.24
4.75
1.33
1.40
4.60
0.00
0.31
3.06
0.38
0.00
1.35
0.00
0.00
3.42
3.99
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
1.01
1.88
0.00
RFMI
0.91
1.23
0.00
0.00
RFMI
1.07
1.89
0.00
RFMI
0.85
1.23
1.08
1.06
0.00
0.00
RFMI
RFMI
1.02
1.22
1.88
1.89
0.00
0.00
RFMI
RFMI
0.90
0.69
0.55
0.48
0.51
0.44
0.70
NA
1.04
1.08
1.02
1.04
1.10
1.57
0.00
0.00
1.96
2.06
1.71
2.13
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
1.12
1.26
1.27
1.26
1.20
1.56
1.74
1.97
1.99
2.00
2.01
1.98
0.00
0.00
3.29
3.25
3.00
3.06
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
NA
1.05
1.73
1.02
NA
4.02
4.28
1.71
NA
2.63
4.31
1.99
RFMI
RFMI
RFMI
NA
3.69
2.25
1.14
NA
2.71
4.47
1.11
NA
2.26
4.20
1.51
RFMI
RFMI
RFMI
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.10
0.10
1.10
0.00
2.25
1.35
0.70
1.65
0.00
0.00
0.00
0.00
0.00
0.00
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
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.11
0.14
0.20
0.15
0.10
0.10
NA
20.56
0.89
NA
NA
3.17
NA
0.00
2.00
2.00
1.70
1.35
2.00
1.10
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
2.00
2.00
1.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.20
0.20
0.20
0.05
0.10
0.00
0.15
4.75
2.05
4.83
4.01
2.98
4.48
5.78
4.54
3.30
2.20
4.36
2.75
4.71
NA
NA
30.71
NA
NA
0.44
NA
NA
NA
NA
NA
NA
NA
1.25
0.85
1.00
1.45
1.20
1.50
1.00
1.50
1.75
1.60
1.80
1.75
1.75
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
0.25
0.00
0.00
0.00
0.00
0.20
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
0.05
0.05
0.13
0.10
0.10
0.13
0.00
0.00
0.13
0.13
1.44
1.41
5.82
2.00
0.00
0.00
0.00
4.00
0.00
0.00
RFMI
1.75
1.39
5.00
1.75
0.00
0.00
0.00
4.00
0.00
0.00
0.00
0.00
RFMI
RFMI
1.28
2.36
1.39
1.39
5.97
11.84
1.85
1.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
0.00
0.00
0.00
0.12
0.13
1.11
1.83
1.24
1.25
1.24
1.27
0.00
0.00
1.61
1.71
1.33
1.77
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
2.08
2.79
2.46
2.23
2.49
NA
1.29
1.62
1.43
1.45
1.46
1.56
NA
NA
13.32
10.20
13.45
NA
1.00
1.50
0.75
1.00
0.75
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.20
0.15
0.13
0.16
0.13
0.00
1.95
2.75
3.61
0.87
1.81
1.46
4.62
0.80
RFMI
RFMI
RFMI
RFMI
NA
5.68
3.23
2.77
2.17
3.24
4.25
1.28
NA
NA
24.58
1.70
1.50
0.30
0.35
0.40
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
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.12
0.10
0.10
0.14
(Continues over)
270
A.4.8.
(Continued)
A.4.8.
1Q
Foreign mixed fixed-income FIM
(RFMI)
Yield
%
Vol
(1)
Dur
(2)
Type
3.78
6.96
4.79
1.81
5.92
8.33
8.72
5.92
1.35
2.68
4.66
6.29
5.69
5.68
7.66
NA
0.40
5.66
2.86
7.44
7.34
8.21
8.96
659.38
2.72
0.11
7.55
7.40
2.21
1.84
1.86
2.21
1.13
0.51
1.50
0.00
0.36
0.15
2.14
3.96
0.01
0.01
1.57
0.00
0.00
0.00
2.19
0.24
0.00
1.11
1.29
0.00
0.00
0.84
1.34
0.00
NA
0.93
NA
0.96
4.02
0.76
4.86
5.91
5.27
1.81
5.06
3.32
6.35
0.00
1.77
NA
0.24
0.00
0.37
1.53
5.66
0.20
0.62
3.67
0.01
1.75
4.30
0.14
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFM
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFM
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
3.42
4.61
2.73
2.76
4.84
4.42
2.21
5.32
1.04
2.53
3.96
5.88
3.63
3.66
5.11
0.41
0.48
3.62
3.01
4.87
3.73
5.42
4.75
3.20
3.22
0.73
4.22
3.58
3.81
4.81
3.46
2.03
6.53
5.23
6.68
5.70
0.74
1.80
4.59
4.57
3.95
3.95
4.96
0.27
0.25
4.13
2.84
6.05
5.49
6.24
6.32
4.88
3.23
0.12
4.36
5.49
1.93
6.51
1.86
1.50
0.91
0.00
1.30
0.00
0.28
0.20
1.89
4.11
0.01
0.01
1.61
0.00
0.00
0.00
1.76
0.22
0.00
1.03
1.11
0.00
0.01
0.59
1.02
0.00
RFMI
RFMI
RFM
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
1.28
1.75
NA
0.52
4.81
1.00
2.95
4.30
2.01
2.54
2.27
3.18
3.49
1.63
1.60
NA
0.74
3.30
1.01
3.02
4.12
3.25
1.65
3.88
3.09
4.24
0.00
2.12
NA
0.21
0.00
0.17
1.54
5.20
0.29
0.57
3.92
0.01
1.74
RFMI
2.96
5.07
0.11
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFM
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFM
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
0.62
0.28
0.32
0.07
4.13
0.22
0.36
1.40
0.26
0.82
0.62
0.69
0.61
0.58
0.10
0.21
0.23
0.77
0.38
1.29
1.06
0.08
0.54
0.21
2.11
1.38
0.12
1.14
3.59
4.16
3.42
1.45
4.94
4.06
6.85
5.39
0.59
1.19
4.14
3.83
4.55
4.56
3.78
0.19
0.19
4.50
3.28
6.86
4.82
5.01
4.65
4.82
3.96
1.12
2.98
4.83
1.93
2.41
1.77
1.37
0.70
0.65
1.10
0.01
0.24
0.15
1.90
2.64
0.01
0.01
1.40
0.00
0.00
0.00
1.31
0.18
0.00
0.90
1.39
0.00
0.00
0.59
1.09
0.00
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
0.11
0.19
NA
0.28
0.17
0.12
0.24
0.14
0.57
0.29
0.20
0.73
0.53
1.80
2.28
NA
0.73
3.08
0.95
2.78
4.76
3.32
1.50
4.21
2.96
3.67
0.00
0.00
NA
0.33
0.00
0.00
1.44
5.50
0.33
0.60
0.00
0.02
1.23
RFMI
0.23
4.86
0.21
2003
Yield
%
Vol
(1)
Yield
since
1996
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
4.48
6.64
2.49
2.83
4.00
5.09
1.87
9.97
1.70
3.63
5.23
5.87
1.94
2.04
4.91
NA
NA
3.70
5.50
6.88
3.27
4.78
4.55
5.06
7.64
3.43
6.88
2.82
3.59
4.97
3.67
1.76
5.45
5.78
6.99
5.36
0.86
1.79
4.28
4.61
4.56
4.56
5.17
0.24
0.25
4.48
2.92
6.56
5.55
6.05
6.24
327.45
3.23
0.58
4.79
5.61
0.01
2.12
0.07
1.08
0.01
0.01
1.49
5.85
0.25
0.59
3.52
0.19
1.12
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
NA
2.36
NA
2.05
4.94
1.51
3.64
4.04
1.18
5.42
1.65
3.94
3.64
0.07
RFMI
4.95
Yield
%
Vol
(1)
Dur
(2)
Type
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFM
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFM
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
2.90
3.11
0.72
0.61
0.36
3.50
0.28
2.72
0.26
0.66
3.54
2.86
3.01
3.05
2.06
0.21
0.23
0.78
2.84
1.51
1.81
3.34
2.89
1.82
1.74
0.53
2.89
1.47
3.04
3.09
2.67
1.63
3.80
4.45
5.25
4.21
0.50
0.95
3.55
2.96
3.64
3.64
2.95
0.24
0.24
3.27
2.58
5.69
3.90
3.68
3.64
3.79
2.81
0.22
2.65
4.14
1.97
2.24
1.83
1.42
0.60
0.72
0.86
0.01
0.33
0.20
1.80
1.79
0.01
0.01
1.50
0.01
0.01
0.01
1.29
0.16
0.00
1.34
1.26
0.00
0.00
0.42
0.00
0.01
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
RFMI
0.74
0.10
NA
0.57
2.53
0.20
1.90
3.68
0.63
2.40
0.32
1.79
2.18
1.21
1.53
0.94
0.42
2.30
0.82
2.32
3.82
2.85
1.67
2.92
2.34
3.15
RFMI
1.76
3.68
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
6.32
3.70
0.34
2.30
NA
1.12
NA
NA
0.75
NA
5.61
NA
3.28
2.74
NA
NA
NA
NA
NA
21.16
NA
1.61
NA
NA
NA
NA
0.77
NA
2.00
0.61
1.50
0.50
2.25
1.00
1.70
1.70
2.00
1.10
1.50
1.75
1.90
1.70
2.05
0.20
0.20
1.75
1.00
1.50
1.01
2.25
1.75
0.00
1.00
0.90
0.90
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
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
5.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
3.00
1.00
4.00
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
0.10
0.08
0.20
0.17
0.00
0.10
0.20
0.20
0.15
0.10
0.19
0.10
0.10
0.10
0.17
0.00
0.00
0.00
0.10
0.16
0.15
0.08
0.10
0.10
0.02
0.10
0.10
0.10
1.57
1.67
0.94
0.74
3.28
0.90
3.39
4.76
3.80
1.68
4.09
2.97
4.53
NA
NA
NA
10.76
NA
NA
3.10
NA
NA
10.96
NA
NA
4.44
1.50
1.50
0.90
1.00
0.00
1.50
1.50
0.00
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
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
3.00
1.00
0.00
0.00
2.00
0.00
0.75
0.00
0.00
0.00
1.00
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
4.00
0.08
0.08
0.10
0.16
0.10
0.10
0.00
0.10
0.15
0.07
0.08
0.20
0.27
4.52
10.81
1.40
0.00
0.00
0.00
0.50
0.00
0.20
271
(Continues over)
FONDUERO MIXTO FIM

1.21
FONEMPORIUM FIM
1.41
FONENGIN FIM
1.25
FONMASTER 1 FIMF
0.76
FONPENEDES EUROEME. FIM
4.39
HSBC RENTA MIXTA FIM
2.98
IBERCAJA RENTA INTERNACIONAL FIM 3.38
IBERCAJA SELECCION RENTA 2 FIMF 0.25
INDOSUEZ GLOBAL FIM
0.13
INDOSUEZ RENDIM.. FIM
0.41
INVERBONOS FIM
1.63
INVERSABADELL 10 FIM
2.11
3.92
INVERTECNOCREDIT FIMS
3.93
KUTXAMIXTO 2 FIM
2.10
MADRID CRECIM. DINAMICO ELECC. FIMF NA
MADRID CRECIMIENTO DINAMICO FIMF NA
MADRID GESTION ACTIVA 25 FIMF
1.46
MARCH PREMIER 70/30 FIM
0.78
MERCHFONTEMAR FIM
0.88
MORGAN STANLEY F. CONSERVADOR FIMF 3.24
MORGAN STANLEY FIVA FIM
3.74
MORGAN STANLEY FONDO ETICO FIM 3.52
MS MULTIGESTION CONSERVADOR FIMF 0.24
MUTUAFONDO GESTION BONOS FIMF 0.38
NUCLEFON FIM
0.74
OPEN FUND FIM
0.44
PERFILADO CONSERVADOR FIMFP
3.27
PLUSMADRID INTERN. 15
ELECCION FIM
NA
PLUSMADRID INTERNACIONAL 15 FIM 0.89
PREMIUM CRECIMIENTO ACTIVO FIM
NA
RENTA 4 TESBOL FIM
0.67
RURAL CESTA CONSERVADORA 20 FIMF 2.18
RURAL GES. DINAMICA FIMF
0.18
RURAL MIXTO INTERNACIONAL 25 FIM 1.44
SABADELL BS MIX 25 FIMP
3.66
SAFEI GLOBAL RENTA FIMF
2.00
SEGUNDA GENERACION RENTA FIM
0.11
SOLIDARIO PROUNICEF FIM
0.73
TARRAGONAFONS SELEC 25 FIMF
1.76
VITAL DIVISA FIM
2.51
ZARAGOZANO DEUDA MIXTA
GLOBAL FIM
0.40
2Q
(Continued)
1Q
Foreign mixed equity FIM
(RVMI)
Yield
%
ABANTE SELECCION FIMF

5.30
AC MULTIESTRELLAS SELECCION 35 FIMF 2.15
ALCALA GLOBAL FIM
3.30
ALLIANZ EMPRENDEDOR GLOBAL FIMF
6.46
ALLIANZ MODERADO GLOBAL FIMF
4.83
BANESTO RV MIXTA INTERNACIONAL FIM 5.17
BANIF MULTIFONDOS PREMIER FIMF
3.35
BANKPYME GEST. CARTERA CLASICA FIMF 5.50
BANKPYME TOP CLASS 75 RV FIM
7.92
BAV FONDO DE FONDOS FIMF
2.35
BBVA BONOS CONVERTIBLES FIM
0.16
BBVA EXITO FIMF
3.20
BBVA MIXTO 50 FIM
4.20
BBVA MULTIFONDO EQUILIBRADO FIMF 3.03
BG FONCARTERA 1 FIMF
3.86
BNP GLOBAL 7030 INTERNACIONAL FIMF 6.05
BNP P. DYNAMIC ASSET ALLOCAT. FIMF 7.51
BNP P. MODERATE ASSET ALLOCAT. FIMF 5.38
BNP PARIBAS GLOBAL II FIM
3.54
CAIXA CAT. SELECCIO ACTIVA 50 FIMF 4.58
CAIXANOVA UNIVERSAL FIM
3.53
CAJA INGENIEROS MUNDIAL 50 FIM
3.55
CAADA BLANCH FIM
0.16
4.69
1.87
3.71
FIBANCLATINOAM. RV FIM
2.20
FIMA GLOBAL MARKETS I FIM
1.71
FINVERBOLSA INTERNACIONAL FIM
10.22
4.06
FONBUSA FONDOS FIMF
3.38
FONCAIXA 17 RENTA VARIABLE
MIXTA INTERNA
5.17
FONCAIXA 18 RENTA VARIABLE
MIXTA INTERNA
5.28
FONCAIXA 56 PATRIMONIO RVMI FIMS 4.92
FONCAIXA 89 CESTA MIXTA 50RV FIMF 1.91
FONCAIXA 90 CESTA MIXTA 75RV FIMF 3.85
FONCAIXA COOPERAC. FIM
5.02
FONCAIXA RVM INTERNACIONAL FIMP
NA
FONDESPAA GESTION INTERN. FIM
4.75
FONDONORTE DIVISAS FIM
5.81
FONDUERO EMERGENTES FIMF
0.44
FONDUERO PLUS FIM
5.28
NA
GENERAL COMMERCE FIM
2.48
HIGH RATE FIM
3.73
IBER FONDO 2020 INT.FIM
4.68
2Q
Vol
(1)
Dur
(2)
Type
11.72
7.22
11.14
15.11
8.22
12.53
8.97
14.56
10.56
14.98
22.97
5.35
4.93
11.03
11.80
6.26
6.62
14.48
16.40
12.13
8.21
9.56
12.33
10.00
0.51
10.10
9.82
15.31
17.64
5.93
24.33
10.53
6.87
0.00
0.00
0.00
0.00
0.05
0.00
0.00
1.77
0.00
0.00
3.60
0.00
3.47
0.01
3.50
0.00
0.01
0.00
0.00
0.00
4.91
0.00
1.60
2.98
0.33
0.00
0.00
0.00
0.05
0.00
0.02
3.87
0.99
7.59
7.59
7.50
3.61
6.39
8.15
3.24
11.10
13.71
7.91
12.56
NA
14.38
6.73
14.43
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
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
RVIO
RVMI
RVMI
RVMI
RVMI
7.41
5.14
6.51
7.96
3.75
3.98
2.74
6.05
5.21
11.15
17.87
3.80
2.87
5.42
6.48
5.99
7.60
8.84
8.89
6.72
4.05
6.51
4.78
4.80
0.58
6.75
4.21
6.80
14.36
1.84
13.72
7.24
6.26
9.51
5.45
8.13
10.91
7.27
8.26
6.83
9.63
7.97
10.55
15.71
4.26
3.15
7.60
8.29
5.83
5.84
9.98
9.94
7.57
5.31
9.87
8.34
6.87
0.50
7.91
8.54
12.70
14.77
4.04
18.27
8.10
5.56
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.53
0.00
0.00
2.38
0.00
3.25
0.01
3.58
0.00
0.01
0.00
0.00
0.00
3.09
0.00
1.51
2.82
0.32
0.00
0.00
0.00
0.01
0.00
0.06
4.26
1.03
0.00
RVMI
3.26
5.22
0.00
0.00
0.00
0.00
0.68
1.15
5.39
1.96
0.00
1.09
NA
2.71
4.78
1.85
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
3.26
3.36
2.59
3.66
3.41
3.88
3.52
4.65
9.14
7.82
NA
6.89
5.99
6.41
5.21
5.22
2.64
5.11
5.62
5.50
8.20
9.51
6.98
11.81
10.36
8.61
3.91
9.62
RVMI
RVMI
RVMI
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
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
RVIO
RVMI
RVMI
RVMI
RVMI
2.64
0.99
1.63
2.18
0.72
0.31
0.31
0.70
2.05
2.08
2.21
0.40
0.70
0.38
0.52
2.12
1.91
3.14
2.73
1.85
0.30
1.05
0.18
0.61
0.17
1.97
2.11
3.00
7.00
5.73
0.58
0.27
3.05
9.18
5.72
7.99
10.40
7.31
10.21
8.54
8.15
7.85
8.10
11.47
3.36
3.68
6.19
6.93
6.01
6.01
8.84
8.70
6.40
5.91
6.51
7.87
7.07
0.61
7.89
5.17
8.08
11.97
4.59
12.31
7.47
5.22
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.49
0.00
0.00
3.21
0.00
3.14
0.01
3.51
0.01
0.01
0.00
0.00
0.00
2.97
0.00
1.53
2.65
0.47
0.00
0.00
0.00
2.56
0.00
0.01
3.90
1.00
0.00
RVMI
2.82
9.03
0.00
0.00
0.00
0.00
2.16
2.89
5.43
1.80
0.00
1.38
0.00
0.99
2.28
1.76
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
2.82
2.70
1.51
2.28
2.26
2.53
0.10
0.25
3.78
1.62
1.90
1.05
2.43
1.10
9.03
9.03
4.04
7.91
9.85
9.51
9.49
8.73
5.60
9.57
7.14
6.92
3.40
8.08
2003
% fees
Yield
%
Vol
(1)
Yield
since
1996
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
7.53
4.96
6.18
7.28
4.97
0.53
1.29
4.84
6.87
10.79
17.25
4.97
2.17
5.72
6.96
7.03
9.15
9.95
7.97
6.28
2.41
5.81
4.06
3.15
1.24
4.90
8.87
11.84
40.93
3.36
8.61
6.71
8.93
9.61
5.80
8.63
11.57
7.25
9.85
7.66
10.15
8.43
10.48
15.66
4.14
4.29
7.79
8.49
5.89
6.06
10.75
11.40
8.45
6.08
8.12
8.88
7.57
0.59
8.26
7.27
11.14
14.29
4.69
17.03
8.35
5.89
NA
NA
NA
NA
2.76
NA
NA
12.40
NA
NA
5.63
9.86
8.11
NA
14.83
1.33
NA
5.85
NA
NA
2.57
NA
10.67
10.26
NA
NA
NA
NA
9.65
NA
NA
NA
NA
1.25
1.15
1.20
1.30
1.25
0.00
0.00
2.25
1.55
0.00
1.35
1.35
2.00
1.75
2.20
1.20
1.50
1.75
1.50
1.50
1.25
1.45
1.50
2.25
1.40
1.60
2.00
2.25
2.25
1.35
2.25
1.75
1.25
0.00
RVMI
3.32
8.07
12.00
0.00
0.00
0.00
0.00
1.35
1.56
4.98
2.09
0.01
1.72
0.00
2.72
3.23
1.28
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
3.19
3.92
3.35
4.15
4.43
NA
2.79
1.14
18.49
9.72
NA
8.83
7.47
6.24
8.07
8.05
3.61
6.79
8.66
7.88
9.17
10.06
6.40
10.90
7.61
9.19
4.64
10.07
12.01
NA
NA
NA
NA
NA
NA
17.20
NA
29.65
NA
17.60
1.41
20.06
Yield
%
Vol
(1)
Dur
(2)
Type
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
RVIO
RVMI
RVMI
RVMI
RVMI
2.99
1.02
1.81
2.61
3.89
2.59
1.26
3.52
2.99
3.33
5.69
3.15
0.18
3.20
4.31
1.98
3.54
4.25
4.35
3.34
1.72
3.03
2.77
1.42
0.67
1.11
4.25
5.58
12.69
2.35
7.00
3.43
2.97
7.39
4.40
6.55
8.84
5.93
7.52
5.79
6.37
6.84
5.88
8.24
3.13
5.07
4.94
5.55
5.26
5.47
8.45
8.55
6.22
4.07
5.54
5.63
5.59
0.71
6.63
3.96
5.93
11.98
3.76
8.74
6.70
5.61
0.00
0.00
0.00
0.00
0.00
0.01
0.01
1.27
0.01
0.00
4.53
0.00
2.88
0.00
3.18
0.00
0.01
0.00
0.00
0.01
4.52
0.01
1.68
2.67
0.50
0.01
0.00
0.01
0.76
0.00
0.00
3.78
1.78
0.00
RVMI
8.58
9.42
0.00
0.00
0.00
0.00
2.24
1.52
5.21
2.06
0.00
1.48
0.00
3.00
2.90
1.62
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
8.57
8.68
4.27
6.94
8.78
9.53
1.32
2.34
5.06
9.20
3.55
3.32
2.84
3.61
9.42
9.42
3.84
7.17
9.96
9.93
7.38
7.04
4.42
8.99
5.44
3.05
3.52
6.21
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
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
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
1.00
1.00
0.00
1.00
1.00
0.00
0.00
0.00
1.50
0.00
2.00
2.00
2.00
2.00
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.10
0.11
0.11
0.11
0.10
0.14
0.14
0.20
0.20
0.20
0.20
0.10
0.20
0.10
0.20
0.05
0.10
0.20
0.00
0.00
0.00
0.05
0.08
0.20
0.12
0.10
0.00
0.00
0.20
0.09
0.20
0.13
0.12
1.75
0.00
0.00
0.00
4.00
0.00
0.00
1.75
1.25
1.50
1.50
2.10
0.00
1.60
2.00
1.60
2.00
1.50
2.25
0.35
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
0.00
4.00
4.00
4.00
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
0.09
0.15
0.15
0.15
0.00
0.15
0.08
0.10
0.10
0.05
0.10
0.05
0.15
(Continues over)
272
A.4.8.
(Continued)
A.4.8.
1Q
Foreign mixed equity FIM
(RVMI)
Yield
%
Vol
(1)
Dur
(2)
Type
4.68
6.17
6.13
NA
3.67
5.71
2.15
5.09
0.32
2.07
7.84
16.94
19.09
15.24
NA
12.52
18.67
12.07
17.32
2.31
18.41
17.39
6.55
0.00
3.07
0.00
0.00
0.00
0.00
0.00
0.00
0.63
2.45
7.30
0.45
0.14
5.90
3.98
0.49
4.45
2.95
5.19
5.87
4.07
1.30
0.83
2.12
1.80
1.31
0.32
0.92
2.74
4.43
3.24
3.46
NA
4.45
16.36
8.63
3.86
18.87
12.75
5.55
13.99
8.59
11.50
13.90
11.19
9.21
5.93
8.54
7.24
7.20
3.44
17.33
9.33
9.36
6.22
9.36
5.98
14.09
0.00
0.00
0.00
0.00
0.00
0.13
0.00
0.00
1.44
3.12
1.95
0.58
2.21
1.99
2.03
2.09
2.02
4.41
0.00
2.96
0.01
0.00
0.00
0.41
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
RVMI
RVMI
RVMI
RVIO
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
9.28
11.43
6.93
0.86
6.51
9.91
7.12
8.04
1.46
12.50
9.94
11.27
13.55
10.67
4.17
7.65
11.89
11.65
12.27
1.55
14.88
12.88
6.11
0.00
3.40
0.03
0.01
0.01
0.00
0.00
0.01
0.64
2.57
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
7.50
7.23
4.26
5.34
5.37
3.10
10.00
6.78
7.39
6.63
4.61
6.52
4.66
6.09
5.28
5.31
2.87
11.28
0.45
5.57
5.39
12.02
5.92
6.63
11.11
10.37
4.69
13.43
9.21
3.27
9.93
7.13
8.80
10.23
7.68
8.35
4.38
6.49
5.38
5.46
2.62
14.68
6.95
6.65
6.50
14.03
6.02
10.56
0.00
0.00
0.01
0.00
0.00
0.12
0.00
0.00
1.23
3.30
0.71
0.87
1.09
1.03
1.07
1.09
1.55
4.94
0.00
2.87
0.01
0.00
0.00
0.31
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
0.04
2.34
0.76
2.48
0.56
0.72
0.19
1.33
0.35
3.24
1.86
10.21
11.95
10.96
7.64
5.80
9.61
6.36
11.17
1.28
16.59
11.12
5.05
0.00
3.25
0.01
0.02
0.02
0.00
0.00
0.01
0.49
2.57
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
1.86
0.66
3.26
0.13
0.10
0.16
0.48
0.53
3.38
0.04
1.08
0.53
0.39
0.33
0.30
0.37
0.01
6.65
0.73
0.21
1.31
4.73
2.57
1.83
9.13
8.55
5.86
12.55
8.62
2.06
7.52
5.40
8.33
9.01
6.88
4.76
3.08
4.66
3.81
3.86
2.81
14.72
8.23
6.77
6.20
14.07
5.62
9.63
0.00
0.00
0.00
0.00
0.00
0.11
0.00
0.00
0.35
2.59
0.62
0.58
0.90
0.87
0.88
0.91
0.84
5.44
0.00
2.57
0.01
0.00
0.00
0.32
2003
% fees
Yield
%
Vol
(1)
Yield
since
1996
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
8.55
14.05
3.49
NA
6.60
9.32
6.45
8.47
2.51
17.49
8.91
12.06
14.00
11.65
6.45
8.28
12.71
9.28
12.79
1.63
16.03
12.88
NA
NA
16.48
NA
NA
NA
NA
NA
NA
23.08
3.52
2.25
2.25
2.25
1.35
2.25
2.25
1.75
1.75
1.60
1.50
1.50
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
5.68
12.83
11.26
0.88
1.91
6.87
9.61
6.44
7.82
4.54
2.77
6.35
7.43
8.30
7.38
8.01
5.62
24.83
11.23
4.61
6.41
22.27
NA
8.85
11.53
8.73
5.07
13.93
9.49
3.56
9.95
6.64
9.22
10.54
8.32
7.81
4.25
6.20
5.22
5.23
2.97
15.03
8.14
7.21
6.05
12.12
6.08
10.66
NA
NA
NA
25.66
19.32
7.11
NA
NA
14.78
11.58
NA
8.73
4.62
9.13
0.17
3.35
5.74
24.77
11.73
1.36
NA
NA
NA
17.81
1.19
0.00
1.25
2.25
2.25
1.85
0.00
0.00
2.25
2.25
1.75
0.90
0.70
1.00
1.00
1.00
1.20
2.10
0.70
2.00
1.45
0.95
1.75
2.00
Yield
%
Vol
(1)
Dur
(2)
Type
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
4.18
6.59
2.32
7.30
3.31
4.73
1.74
4.39
1.01
3.30
5.52
7.88
9.50
8.62
6.83
5.01
7.88
4.72
8.80
1.10
13.75
8.16
5.30
0.00
3.36
0.01
0.02
0.02
0.01
0.01
0.00
0.38
1.92
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
RVMI
4.12
4.07
3.49
1.65
0.83
3.32
3.79
3.26
2.43
4.12
1.33
0.62
3.10
3.95
3.56
3.54
2.99
6.15
8.58
3.46
3.00
7.96
4.19
4.92
7.41
6.97
5.55
9.10
6.19
2.21
6.56
4.56
7.65
7.96
6.66
8.14
2.82
4.02
3.49
3.48
2.89
13.00
10.38
5.31
5.04
9.98
6.57
7.09
0.00
0.00
0.00
0.01
0.21
0.24
0.01
0.01
0.01
2.55
0.70
0.07
0.37
0.31
0.31
0.34
0.30
5.52
0.00
2.36
0.14
0.01
0.01
0.18
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
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
2.00
0.00
0.00
2.00
2.00
4.00
4.00
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
0.10
0.20
0.15
0.10
0.20
0.20
0.00
0.00
0.20
0.15
0.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
2.00
2.00
3.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
2.00
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
2.00
0.00
0.00
0.00
0.00
0.15
0.10
0.02
0.09
0.04
0.16
0.20
0.15
0.20
0.10
0.15
0.10
0.01
0.10
0.10
0.10
0.10
0.20
0.10
0.20
0.20
0.10
0.12
0.20
273
(Continues over)
IBERAGENTES POPULAR PRIVATIZAC. FIM

IBERCAJA SELECCION CAPITAL FIMF
INGENIEROS UNIVERS. FIM
INTERDIN GLOBAL BOLSAS FIM
KUTXASELECT1 FIMF
KUTXASELECT2 FIMF
MENCEY PREMIER I FIMF
MERCHUNIVERSAL FIM
MORGAN STANLEY EURO VARIABLE FIM
MORGAN STANLEY FONDOS
MODERADO FIMF
MS MULTIGESTION MODERADO FIMF
MUTUAFONDO GESTION MIXTO FIMF
PLUSMADRID GLOBAL FIM
PLUSMADRID INTERNACIONAL 50 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
SBP SABADELL DIVISAS 1 FIM
SBP SABADELL FONDO 2 FIM
SCH MIXTO IBEROAMERICA FIM
TARFONDO FIM
TARRAGONAFONS GLOBAL FIM
TEBAS INVESTMENT FIM
VENTURE MIXTO R.VARIABLE FIMF
ZARAGOZANO BOLSA MIXTO GLOBAL FIM
2Q
(Continued)
1Q
Euro equity FIM (RVE)
ABF EUROBOLSA FIMF

AC EURO STOXX 50 INDICE FIM
AC EUROACCIONES FIM
ASTURFONDO BOLSA FIM
ATLANTICO BOLSA PREMIER FIM
ATLANTICO EUROACC. FIM
AVIVA EUROBOLSA FIM
BANCAJA CONSTRUCCION FIM
BANCAJA ENERGIA Y COMUNICAC. FIM
BANCAJA EUROPA FINANCIERO FIM
BANCAJA RENTA VARIABLE EURO FIM
BANESTO BOLSAS EUROPEAS FIM
BANIF RV EURO FIM
BANKPYME EUROPA CRECIMIENTO 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 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 SMALL CAPS FIM
BNP BOLSA EUROPEA FIM
BNP PARIBAS EUROPA
CRECIMIENTO FIMF
BNP PARIBAS UTILITIES FIM
BOLSACASER FIM
CAHISPA SMALL CAPS FIM
CAI BOLSA 10 FIM
CAIXA CATALUNYA BORSA
EUROPEA FIM
CAIXA GALICIA EUROBOLSA FIM
CAJA LABORAL BOLSAS
EUROPEAS FIMF
CAJASUR BOLSA EURO FIM
CAM BOLSA EUROPA FIM
CAM EUROPA PYMES FIMF
CAN EURONAVARRA FIM
CANTABRIA BOLSA EURO FIM
CAT CAPITAL 2 FIM
CORTAL CAPITAL DINAMICO FIMF
EJECUTIVOS EUROFOND FIM
ESPIRITO SANTO BOLSA EURO FIM
EUROAGENTES PLUS FIM
2Q
Yield
%
Vol
(1)
Dur
(2)
Type
11.23
13.73
14.81
8.02
12.47
12.25
15.04
0.90
3.13
12.59
12.34
14.44
14.46
11.38
14.90
2.83
15.03
14.25
15.22
8.22
14.35
12.16
12.57
14.94
2.10
14.46
15.46
1.57
11.65
29.33
42.16
38.43
29.06
33.85
31.00
35.58
17.82
24.29
30.44
34.20
38.02
37.98
19.07
39.22
22.72
40.52
43.41
39.87
22.50
37.01
29.95
32.26
38.72
27.33
34.86
38.80
12.90
30.17
0.00
0.01
0.01
0.00
0.00
0.00
0.01
0.17
0.00
0.00
0.05
0.00
0.00
0.01
0.00
0.00
0.01
0.07
0.00
2.82
0.00
0.00
0.01
0.01
0.11
0.00
0.01
0.00
0.00
11.76
0.86
14.50
13.16
14.92
19.75
20.17
38.46
15.18
38.39
17.92
13.28
9.83
13.76
16.30
3.98
12.64
13.93
NA
3.33
5.53
8.26
0.34
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
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
14.10
19.32
18.12
13.85
16.68
14.34
19.45
9.03
11.46
19.58
22.83
19.56
19.97
25.76
29.96
16.18
20.26
20.42
20.59
10.59
19.07
15.37
17.27
20.63
14.81
20.29
20.43
12.47
11.94
21.26
28.52
23.48
18.77
22.28
19.95
21.97
11.77
14.76
25.05
21.42
24.34
23.90
14.95
24.61
13.90
26.18
28.65
25.67
14.85
23.86
21.87
22.26
25.23
20.17
28.15
24.88
11.20
20.04
0.00
0.01
0.01
0.00
0.00
0.00
0.01
0.22
0.00
0.00
0.14
0.00
0.00
0.01
0.00
0.00
0.01
0.07
0.01
2.66
0.00
0.00
0.01
0.01
0.00
0.01
0.01
0.00
0.00
0.00
0.00
0.01
0.00
0.01
RVE
RVE
RVE
RVE
RVE
15.09
13.34
18.39
27.09
17.98
12.70
13.10
23.55
12.97
23.46
41.16
34.62
0.00
0.87
RVE
RVE
22.03
16.43
17.68
35.67
42.64
7.49
32.05
33.42
21.21
13.43
24.47
31.78
16.66
0.00
0.34
0.09
0.12
0.00
0.00
0.00
0.00
1.04
0.01
0.00
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
13.94
16.74
20.77
13.45
15.79
18.59
14.24
9.49
8.36
15.54
13.93
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
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
1.06
1.08
1.72
1.42
1.19
1.87
0.66
3.92
2.09
0.36
3.18
1.13
1.13
11.61
0.05
1.90
0.73
1.22
0.77
0.24
1.06
0.56
0.57
0.82
1.81
0.58
0.87
7.80
0.43
15.51
20.37
18.82
15.15
17.26
16.83
14.98
10.34
10.41
18.84
16.33
18.10
17.75
12.48
17.25
10.11
19.62
20.39
19.30
11.01
17.67
17.64
18.02
18.98
15.85
22.19
18.80
10.92
14.73
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.09
0.00
0.00
0.08
0.00
0.00
0.00
0.00
0.00
0.01
0.06
0.01
2.89
0.00
0.00
0.01
0.01
0.01
0.00
0.01
0.00
0.00
0.00
0.00
0.01
0.00
0.01
RVE
RVE
RVE
RVE
RVE
3.91
1.26
1.40
12.67
1.80
8.89
9.55
18.83
12.63
18.82
30.71
21.36
0.00
0.70
RVE
RVE
2.13
1.57
11.86
22.39
28.84
7.54
21.17
23.25
16.04
10.47
13.87
24.84
10.27
0.00
0.22
0.04
0.15
0.00
0.00
0.00
0.00
0.36
0.01
0.00
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
3.33
2.10
0.94
8.64
0.52
0.76
2.12
1.59
0.24
2.18
0.10
2003
% fees
Yield
%
Vol
(1)
Yield
since
1996
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
12.56
16.18
14.45
17.25
13.70
11.29
14.06
24.92
16.59
17.68
22.19
15.52
15.53
35.19
23.80
30.10
16.21
16.26
16.70
9.08
15.36
14.24
16.31
16.48
27.95
18.44
14.91
36.45
7.80
20.81
28.88
25.85
19.90
23.24
21.55
23.22
12.60
15.78
23.03
22.86
25.52
25.26
14.61
25.75
14.78
27.32
29.39
26.87
15.37
24.95
22.06
23.01
26.27
19.83
26.68
25.99
11.43
20.64
40.41
NA
35.00
30.76
NA
NA
NA
3.33
30.32
NA
27.83
31.37
32.56
2.04
13.99
18.99
NA
NA
27.80
23.97
NA
28.10
37.21
31.68
15.08
28.95
NA
NA
21.20
1.25
1.00
2.00
2.10
1.10
2.25
0.55
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
2.00
0.85
1.75
0.60
1.40
1.85
0.00
0.00
0.01
0.01
0.01
RVE
RVE
RVE
RVE
RVE
13.34
23.24
15.82
39.01
13.92
13.46 7.32
13.59
NA
25.89 32.34
13.33
NA
25.83 43.12
16.03
15.78
0.01
1.26
RVE
RVE
9.31
14.08
7.64
16.69
17.94
7.55
12.99
13.73
11.17
9.46
10.79
15.64
6.71
0.01
0.01
0.04
0.00
0.02
0.00
0.01
0.00
0.01
0.01
0.01
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
14.33
13.76
14.13
28.00
11.94
15.35
NA
13.23
13.03
15.85
29.04
Yield
%
Vol
(1)
Dur
(2)
Type
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
9.96
14.11
15.72
13.57
12.68
13.03
13.14
11.25
10.28
12.19
9.99
14.22
13.86
8.70
11.87
13.08
14.57
13.98
15.04
7.72
14.33
13.37
14.09
14.45
15.92
15.78
13.85
14.34
9.47
13.15
17.94
16.61
12.35
14.50
14.30
13.03
8.48
8.91
14.02
13.49
15.06
14.49
9.29
13.67
7.72
16.15
18.05
15.85
9.68
15.02
15.76
15.61
15.77
12.84
18.10
14.49
10.32
13.07
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.23
0.01
0.01
0.16
0.02
0.05
0.00
0.00
0.00
0.01
0.05
0.01
1.97
0.01
0.01
0.00
0.00
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.01
0.00
0.00
RVE
RVE
RVE
RVE
RVE
7.40
11.07
16.05
11.79
15.57
9.06
8.19
16.67
10.96
16.62
18.68
17.79
0.00
1.10
RVE
RVE
11.52
14.79
8.80
18.23
20.66
8.25
15.03
17.51
12.35
9.43
11.64
19.64
7.52
0.00
0.17
0.03
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.00
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
7.70
15.43
13.96
8.16
11.24
12.16
12.36
5.30
10.15
11.73
12.99
Management
Front end
Back end
Custody
Max.
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
9.00
9.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.25
0.25
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
0.25
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
1.00
2.00
2.00
2.00
0.00
1.50
1.50
1.50
1.50
3.00
1.00
1.50
1.50
1.00
2.00
0.00
0.00
2.00
3.00
0.00
1.00
1.00
5.00
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
0.50
0.50
0.25
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.10
0.09
0.09
0.15
0.20
0.20
0.11
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
0.20
0.00
0.15
0.15
0.09
0.10
0.20
1.25
1.50
0.70
2.25
2.00
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
0.05
0.10
0.20
28.56
NA
23.63 35.49
1.35
2.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.15
0.14
12.23
24.49
29.21
7.82
21.67
23.27
15.41
10.85
16.15
23.79
11.05
2.25
2.25
1.75
1.75
2.25
2.00
2.25
1.75
2.00
2.25
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
1.00
2.00
2.00
0.00
2.00
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
0.05
0.20
0.12
0.08
0.15
0.20
0.10
0.10
0.15
0.20
0.15
NA
17.13
44.50
NA
23.60
NA
NA
NA
23.44
37.35
25.88
of assets of yield
Max.
Min.
(Continues over)
274
A.4.8.
(Continued)
A.4.8.
1Q
Yield
%
Vol
(1)
Dur
(2)
Type
30.29
8.48
38.42
35.31
43.72
28.71
33.39
37.00
0.00
0.00
0.00
0.00
0.15
0.01
0.00
0.01
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
NA
38.27
14.10
37.87
49.87
54.67
NA
40.86
29.37
34.76
13.60
33.12
32.15
30.31
44.80
11.29
15.60
31.18
35.38
30.57
NA
0.00
0.00
0.00
0.00
0.00
NA
0.01
0.00
0.05
0.00
0.01
0.00
0.14
3.56
1.71
0.00
0.01
0.50
0.00
37.24
42.60
34.52
34.13
32.95
40.58
37.57
28.93
17.48
34.51
39.80
21.00
11.94
32.40
28.95
NA
34.15
NA
30.20
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
14.04
3.18
18.42
16.66
20.67
4.56
21.65
18.59
20.23
1.75
23.32
22.00
29.44
21.57
24.13
23.40
0.00
0.00
0.00
0.00
0.05
0.01
0.00
0.01
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVN
RVE
FGL
RVE
RVE
RVE
RVE
NA
18.87
5.50
19.04
17.58
20.63
NA
20.77
18.17
24.00
18.28
16.62
19.47
16.37
24.54
7.22
26.01
13.64
18.74
13.26
NA
24.08
10.65
23.68
22.32
25.36
NA
26.70
18.35
22.38
10.00
21.70
21.63
20.00
30.30
8.07
13.86
18.03
21.73
18.39
NA
0.00
0.00
0.00
0.00
0.00
NA
0.01
0.00
0.12
0.00
0.01
0.00
0.04
0.91
1.56
0.00
0.01
0.11
0.00
0.00
0.04
0.00
0.00
0.45
RVE
RVE
RVE
RVE
RVE
17.40
19.97
16.67
26.92
22.24
23.67
28.79
25.19
18.90
21.69
0.00
1.30
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
NA
0.00
NA
0.00
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
20.33
19.96
8.09
19.88
19.71
20.44
18.58
16.74
15.33
14.08
NA
19.73
NA
17.33
26.41
24.26
21.94
13.47
23.73
25.22
16.60
9.31
20.54
18.82
2.71
23.43
4.73
22.73
RVE
RVE
RVE
RVE
RVE
RVE
RVE
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.21
9.92
1.76
2.00
1.73
4.34
3.18
0.77
15.78
10.53
18.80
17.99
20.81
20.36
18.83
18.34
0.00
0.00
0.00
0.00
0.09
0.00
0.00
0.01
RVE
RVE
RVE
RVE
RVE
RVE
RVN
RVE
FGL
RVE
RVE
RVE
RVE
NA
1.01
2.63
0.67
0.90
0.60
NA
1.36
1.59
4.03
4.13
0.86
1.15
0.53
1.91
0.18
14.46
0.65
0.06
0.45
15.90
17.94
14.60
16.71
16.68
18.94
14.25
19.52
15.02
15.75
7.80
16.32
15.96
16.98
17.32
4.85
13.25
13.27
16.34
12.84
0.00
0.02
0.00
0.00
0.23
RVE
RVE
RVE
RVE
RVE
1.55
1.61
0.95
5.24
0.19
0.00
0.19
0.01
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
1.39
0.94
3.94
8.54
0.55
0.95
4.11
6.23
1.57
1.59
0.44
0.78
1.30
0.41
RVE
RVE
RVE
RVE
RVE
2003
Yield
%
Vol
(1)
Yield
since
1996
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
8.75
15.83
14.43
12.86
15.88
0.64
20.75
15.49
21.09
6.93
25.81
23.91
29.83
22.51
23.76
24.92
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.00
0.01
0.02
0.01
0.01
0.01
0.67
2.15
0.01
0.01
0.32
0.00
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
NA
14.12
4.50
14.33
NA
NA
NA
16.38
23.07
25.53
29.06
14.27
16.55
13.26
8.18
9.90
42.50
12.71
18.74
3.46
14.49
17.73
15.00
8.98
13.37
0.00
0.06
0.01
0.01
0.00
RVE
RVE
RVE
RVE
RVE
16.34
15.67
17.74
9.42
14.56
15.73
10.80
8.04
13.96
12.44
7.72
14.49
9.45
14.50
0.01
0.14
0.00
0.01
0.01
0.00
0.01
0.00
0.01
0.00
0.01
0.01
0.00
0.00
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
Yield
%
Vol
(1)
Dur
(2)
Type
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
10.42
1.99
15.56
13.84
14.09
15.37
11.08
14.04
13.89
1.96
16.63
14.85
18.38
17.64
13.83
14.79
0.01
0.01
0.00
0.17
0.07
0.00
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.07
0.00
0.01
0.00
0.01
0.45
1.88
0.00
0.01
0.16
0.00
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVN
RVE
RVE
RVE
RVE
RVE
RVE
13.73
13.93
12.02
13.27
13.15
15.40
13.99
14.55
12.90
10.72
6.99
11.48
12.88
13.10
10.18
4.31
11.88
6.97
14.33
9.24
14.44
14.96
13.44
13.88
13.94
15.81
15.20
16.34
13.41
13.53
6.65
14.20
13.79
14.35
13.58
3.86
10.91
7.52
13.36
11.39
18.40
19.75
19.37
5.89
16.89
0.00
0.01
0.00
0.00
0.00
RVE
RVE
RVE
RVE
RVE
13.63
13.48
14.02
1.24
14.02
19.55
17.41
20.36
11.57
18.08
19.25
11.87
9.28
16.81
15.34
0.13
17.97
8.58
18.00
0.00
0.18
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.01
0.00
0.01
0.00
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
14.65
14.55
15.77
7.25
13.39
15.21
10.89
11.36
11.55
13.70
2.20
13.66
9.32
12.67
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
26.64
NA
NA
24.63
NA
39.79
NA
26.73
2.15
1.25
2.00
2.25
1.75
2.25
1.75
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
2.00
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
0.10
0.10
0.20
0.00
0.15
0.10
0.15
0.13
15.25
25.51
13.39
24.89
22.33
25.01
14.88
27.58
20.09
23.20
9.95
22.61
22.14
21.37
29.31
7.61
13.77
19.54
23.35
19.88
NA
19.92
25.46
NA
NA
NA
NA
NA
35.23
NA
10.55
30.92
27.79
31.27
32.60
7.05
22.76
25.21
34.65
25.09
0.60
2.25
1.35
0.75
1.35
0.00
0.00
1.45
1.60
2.00
1.75
2.00
2.25
1.80
2.00
0.90
2.25
2.25
1.00
2.00
9.00
0.00
9.00
7.50
9.00
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
4.00
4.00
4.00
4.00
0.00
0.00
0.00
0.00
1.50
1.50
0.00
0.00
0.00
0.00
5.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
0.15
0.15
0.00
0.00
0.00
0.15
0.15
0.11
0.20
0.08
0.14
0.17
0.00
0.05
0.10
0.10
0.15
0.07
12.05
15.36
22.11
22.15
29.35
25.04
28.97
24.64
20.30
22.52
23.35
22.88
NA
30.11
37.30
2.25
2.25
0.95
1.35
2.00
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
3.00
0.00
0.00
0.00
0.00
0.00
0.10
0.20
0.17
0.15
0.02
15.60
18.24
5.42
27.45
16.49
17.41
30.80
35.84
18.59
17.35
NA
17.97
NA
10.88
27.42
25.30
22.70
13.45
24.03
26.70
15.65
9.82
22.09
19.93
5.14
23.79
8.33
22.27
NA
NA
31.30
52.53
22.87
12.42
46.56
25.08
31.84
30.58
NA
15.80
NA
NA
2.25
2.25
2.25
0.30
1.25
1.00
0.75
0.30
2.00
2.00
2.00
0.20
1.00
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
5.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
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
0.10
0.03
0.07
0.00
0.02
0.10
0.10
0.06
0.12
0.11
0.20
0.10
0.05
0.15
(Continues over)
275
EUROCEM BORSA FIM

13.45
EUROINDICE 50 FIM
1.54
EUROSANFERNANDO RV FIM
14.89
EUROV. BOL. EUROPEA FIM
13.29
F.FINECO EURO ELITE FIM
14.35
FIBANCEUROPA RV FIM
12.78
FON FINECO VALOR FIM
13.39
FONBILBAO EUROBOLSA FIM
13.93
FONCAIXA 113 CARTERA BOL.
EURO FIMS
NA
FONCAIXA 5 BOLSA EURO FIMS
14.87
FONCAIXA 52 B. GESTION EURO FIMS 9.18
FONCAIXA 64 PATR. BOLSA EURO FIMS 14.64
FONCAIXA 98 BOLSA EURO FIMS
NA
FONCAIXA BOLSA EURO FIMP
NA
FONCAIXA BOLSA GESTION EURO FIMP NA
FONDESPAA EUROBOLSA FIM
14.71
FONDESPAA VALORES FIM
9.20
FONDO VALENCIA EUROPA FIM
12.11
FONDO VALENCIA RENTA FIM
2.05
FONDONORTE EUROBOLSA FIM
12.85
FONJALON EURO ACCIONES FIM
12.56
FONLIFE FIM
13.49
FONPENEDES EUROBORSA 100 FIM 22.64
FONPROFIT FIM
1.91
GAESCO SMALL CAPS FIM
11.69
GENERAL BOLSA FIM
6.67
GREEN FUND FIM
12.59
HSBC EUROPA ACCIONES FIM
16.76
IBERAGENTES POPULAR BOL.
EUROPA FIM
14.68
INGENIEROS EUROP.DJ FIM
13.87
INTERMONEY VARIABLE EURO FIM
7.34
INTERVALOR ACC.INT. FIM
9.66
LAIETANA BOLSA FIM
7.37
LIBERTY EUROPEAN STOCK
MARKET FIM
15.02
LUSO EUROPA FIM
13.14
MEDIVALOR EUROPEO FIM
12.30
MID CAPS EURO INSTITUCIONALES FIMS 8.67
MORGAN STANLEY BOLSAPLUS FIM 14.65
MORGAN STANLEY EURO INDICE FIM 14.58
MULTIFONDO EFICIENTE FIMF
4.45
MUTUAFONDO VALORES FIM
1.63
NAVARRA ACCIONES FIM
9.25
PENTAFONDO VARIABLE FIM
8.07
PREMIUM GLOBAL DINAMICO EURO FIM NA
PREVIBOLSA FIM
13.98
PROFIT BOLSA FIM
NA
PRUDFONDO VARIABLE FIM
16.46
2Q
(Continued)
1Q
RENTA 4 EUROBOLSA FIM

RURAL EURO RV FIM
SAFEI BOLSA EURO FIM
SCH BOLSA EURO FIM
SCH EUROACCIONES 150 FIM
SCH EUROACCIONES FIM
SEGURFONDO MIDCAPS FIMF
SGAM MID CAPS EURO FIMP
TARRAGONAFONS 4 FIM
UNIFOND EUROBOLSA FIM
URQUIJO CRECIMIENTO FIM
URQUIJO DIVIDENDO FIM
VITAL BOLSA INDICE FIM
ZARAGOZANO R.V. FIM
2Q
Yield
%
Vol
(1)
Dur
(2)
13.04
14.16
14.69
9.04
23.51
14.41
7.54
9.01
12.68
10.96
7.31
NA
NA
9.87
37.77
34.96
36.54
32.01
60.88
38.53
10.71
18.31
33.22
29.18
27.33
NA
45.15
25.01
0.00
0.00
0.01
0.01
0.00
0.00
0.01
0.00
3.16
0.00
0.00
NA
0.00
1.06
Type
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
17.67
19.65
18.17
15.65
30.95
19.83
10.16
20.85
18.59
14.31
14.68
NA
18.33
15.63
26.60
22.07
24.47
18.79
40.49
24.02
9.42
14.02
22.13
15.67
17.12
7.63
24.64
16.95
0.00
0.00
0.01
0.00
0.00
0.00
0.01
0.00
0.73
7.46
0.00
0.00
0.00
1.23
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.89
1.02
1.22
1.45
2.18
1.45
11.85
9.00
0.75
0.00
0.45
2.36
1.56
0.95
19.45
16.32
18.27
16.43
29.30
18.06
14.48
12.02
17.01
8.82
13.67
5.21
18.42
13.64
0.00
0.00
0.01
0.00
0.00
0.00
0.01
0.00
0.01
6.69
0.00
0.00
0.00
0.52
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
2003
Yield
%
Vol
(1)
Dur
(2)
Type
13.26
11.13
14.31
12.56
21.85
14.03
2.64
7.63
13.71
10.80
12.22
10.35
14.04
10.19
16.86
13.63
14.92
12.35
25.03
14.68
11.80
9.80
14.22
11.16
12.26
7.30
15.06
10.93
0.01
0.01
0.01
0.01
0.01
0.02
0.01
0.01
0.01
1.02
0.01
0.01
0.01
0.78
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
RVE
Yield
%
Vol
(1)
Yield
since
1996
14.87
12.96
13.83
16.69
19.39
15.26
16.93
29.01
16.86
12.77
18.74
NA
NA
15.93
26.48
23.32
25.02
21.24
41.43
25.57
11.87
14.03
22.90
18.07
18.59
6.38
24.10
17.52
45.39
NA
30.76
41.37
NA
33.42
NA
NA
6.61
NA
34.94
NA
NA
32.38
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
1.85
2.25
2.25
1.50
2.00
2.25
1.25
0.30
1.75
2.00
2.25
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
3.00
0.00
0.00
3.00
1.00
0.00
0.00
0.00
0.00
2.00
2.00
0.00
2.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
0.00
0.00
0.13
0.20
0.15
0.07
0.10
0.20
0.20
0.15
0.20
0.20
0.10
0.20
0.05
0.10
(Continues over)
276
A.4.8.
(Continued)
A.4.8.
1Q
Foreign equity Europe
FIM (RVIE)
Yield
%
Vol
(1)
Dur
(2)
Type
26.48
33.53
0.00
0.00
16.88
NA
3Q
Vol
(1)
Dur
(2)
Type
RVIE 18.09
RVIE 21.38
18.78
23.14
0.00
0.00
0.00
NA
RVIE 12.31
NA
18.00
NA
20.81
28.58
33.42
29.93
35.59
32.34
31.10
26.20
33.41
14.72
15.80
20.50
38.01
28.62
28.91
39.81
5.68
33.42
32.43
23.08
33.00
32.64
23.79
30.33
32.67
32.51
25.78
35.20
10.66
19.97
34.40
30.40
31.62
19.19
37.82
36.10
24.75
32.13
31.62
35.22
27.02
34.86
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.01
0.00
0.00
0.16
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.00
0.00
0.01
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.00
0.01
0.00
0.00
RVM
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVN
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
RVE
RVE
RVIO
RVIE
7.73
15.58
15.98
20.33
16.83
13.85
14.15
15.80
15.50
25.59
20.94
14.39
21.20
12.67
11.76
23.73
4.70
19.82
15.92
15.70
13.85
12.77
16.20
10.18
15.30
14.21
12.64
18.64
9.42
14.42
14.66
14.32
15.75
17.32
16.46
15.22
14.16
15.00
16.11
12.64
12.82
15.41
21.28
0.00
RVE
16.18
Yield
%
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
RVIE
RVIE
2.06
0.40
15.79
15.57
0.00
0.00
0.00
NA
RVIE
1.16
NA
14.58
9.31
16.90
19.68
22.17
20.23
24.67
19.93
20.26
18.14
20.29
12.63
12.44
15.24
29.93
18.84
18.53
28.53
7.78
22.95
20.62
13.25
21.46
21.18
18.03
19.84
22.66
22.01
17.74
23.17
7.64
12.97
21.83
20.62
21.30
15.04
23.64
22.74
16.29
19.85
20.44
23.23
15.02
22.79
0.00
0.00
0.00
4.57
0.00
0.01
0.01
0.01
0.01
0.00
0.00
0.01
0.00
0.00
0.00
3.02
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
0.01
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.00
0.01
0.00
0.00
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVIE
RVN
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
RVE
RVE
RVIE
RVIE
1.51
0.15
0.11
9.38
1.35
0.43
2.01
3.59
0.17
11.34
9.67
2.20
0.09
0.86
0.14
6.87
13.02
1.91
1.34
3.17
0.17
5.00
1.65
1.46
0.35
0.28
1.22
1.02
5.37
0.38
0.57
0.26
1.41
4.75
0.35
0.81
1.24
0.98
1.14
12.16
1.33
0.01
14.01
0.00
RVE
1.19
2003
% fees
Management
Yield
%
Vol
(1)
Dur
(2)
Type
RVIE
RVIE
5.99
8.63
14.78
12.49
0.00
0.01
RVIE
RVIE
15.08
19.53
19.57 30.50
22.72
NA
2.00
1.25
0.00
0.00
RVIE
RVIE
8.66
10.52
13.20
9.66
0.01
0.01
RVIE
RVIE
12.21
NA
15.86 20.72
9.58
NA
14.42
14.82
14.95
15.05
17.67
14.65
14.70
14.38
14.67
9.43
10.65
12.46
23.18
14.81
13.39
19.73
12.58
17.09
15.37
8.37
15.05
15.16
12.54
13.99
15.89
15.61
14.81
15.87
7.86
9.62
15.40
15.57
16.18
14.11
18.19
17.46
10.88
15.31
15.74
21.46
10.01
16.54
0.00
0.00
0.00
3.47
0.00
0.01
0.00
0.01
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.20
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
0.01
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.00
0.00
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
RVIE
RVIE
RVIE
RVE
RVE
RVIE
RVIE
RVIE
10.43
8.37
10.29
11.12
12.44
10.06
11.35
9.09
10.22
7.12
9.02
10.31
16.84
11.54
8.71
11.59
1.89
10.32
10.86
7.11
10.28
6.63
9.50
8.08
11.54
10.52
10.52
12.48
12.19
9.71
10.71
11.45
11.38
10.74
13.46
12.34
8.69
10.69
11.45
10.52
9.74
11.35
12.17
12.53
11.93
11.93
14.89
13.36
13.10
12.00
13.03
7.81
10.17
8.53
19.00
13.89
11.30
16.03
10.13
13.75
13.90
8.24
12.71
11.65
9.83
12.31
13.42
12.85
13.76
13.72
8.13
7.24
13.86
13.61
13.09
10.49
15.95
15.32
10.06
12.97
13.33
14.28
8.75
13.99
0.00
0.00
0.00
1.08
0.01
0.00
0.00
0.01
0.00
0.00
0.01
0.00
0.01
0.01
0.00
2.73
0.01
0.01
0.01
0.00
0.00
0.01
0.01
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.01
0.01
0.01
0.01
0.00
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
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
11.85
8.39
10.51
24.56
15.19
9.33
9.17
15.91
12.50
32.75
30.60
25.52
20.62
15.84
5.18
23.83
17.36
15.82
15.62
11.33
9.53
9.85
10.66
6.68
NA
10.62
13.20
16.08
29.37
19.48
9.94
11.08
12.31
26.07
12.11
9.68
11.79
12.56
14.68
44.53
10.03
11.88
16.42
19.95
22.27
20.57
24.59
21.46
21.06
18.55
21.90
11.74
12.64
14.86
28.54
19.94
19.32
27.67
9.49
23.12
21.86
14.65
22.04
21.70
17.04
20.39
21.52
22.11
18.68
23.60
8.70
13.39
22.89
21.14
21.79
15.12
25.42
24.34
16.62
21.42
21.52
24.66
16.88
23.51
10.66
0.00
RVE
10.59
9.28
0.01
RVIE
15.40
14.68
Yield
%
Vol
(1)
Yield
since
1996
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.09
0.03
2.25
1.35
0.00
9.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.20
0.20
16.14
NA
25.47
6.04
21.21
26.09
25.42
NA
7.62
NA
17.32
NA
14.80
NA
1.11
NA
NA
25.65
28.43
NA
23.84
NA
NA
25.92
NA
26.83
NA
23.57
NA
NA
32.83
25.30
17.93
1.03
NA
42.81
17.23
22.41
NA
NA
NA
18.58
2.25
2.25
1.35
2.00
1.50
2.25
2.25
2.25
2.25
2.25
2.25
1.15
2.00
1.15
1.25
2.25
1.75
2.00
2.25
1.35
2.25
2.25
1.35
2.25
0.00
2.25
1.75
1.50
1.90
1.90
2.25
1.80
1.75
2.25
0.00
1.90
1.75
2.05
1.15
1.90
1.90
0.90
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
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
0.25
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
0.25
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
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
0.00
2.00
0.00
0.00
0.00
4.00
4.00
4.00
4.00
0.00
1.50
0.00
2.00
2.00
2.00
2.00
4.00
0.00
0.00
0.00
0.00
0.00
1.00
3.00
0.00
3.00
1.00
0.00
0.00
0.50
1.00
0.00
0.00
0.00
0.00
0.00
0.00
1.50
0.00
0.00
1.00
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
0.20
0.20
0.20
0.15
0.20
0.20
0.20
0.20
0.20
0.10
0.12
0.03
0.05
0.01
0.00
0.10
0.10
0.10
0.00
0.15
0.15
0.15
0.15
0.15
0.00
0.20
0.16
0.20
0.20
0.20
0.06
0.12
0.15
0.15
0.10
0.10
0.15
0.20
0.10
0.10
0.10
0.10
NA
0.32
0.00
5.00
5.00
5.00
5.00
0.09
(Continues over)
277
AC EUROFONDO FIM
9.91
ALTAE BOLSA ACTIVA FIM
8.99
BANIF ABN AMRO RV EUROPA
CREC. FIM
9.11
BANIF DIVIDENDO FIM
NA
BANIF GOLDMAN S.RV EUROPA
VALOR FIM
7.38
BANIF INVESCO RV EUROPA FIM
13.59
BANKPYME EUROTOP FIM
13.70
BANKPYME SWISS FIM
14.83
BARCLAYS BOLSA EUROPA FIM
13.47
BBVA BOLSA EUROPA FIM
12.37
BBVA CRECIMIENTO EUROPA FIM
12.34
BBVA MID CAP EUROPA FIM
11.43
BBVA OPORTUNIDADES EUROPA FIM 11.78
BBVA SMALL CAPS EUROPA FIM
11.37
BETA EUROPYME ACC. FIM
9.68
BK DIVIDENDO FIM
2.67
BK RV EUROPEA FIM
14.90
BK SECTOR TELECOMUNICACIONES FIM 8.61
BNP PARIBAS ACCIONES EUROPEAS FIM 13.54
CAHISPA EUROVARIABLE FIM
16.08
CAM EUROPA CONVERGENTE FIMF
2.66
DWS EUROPA BOLSA FIM
14.02
DWS WINFONDO FIM
11.22
EUROVALOR EUROPA FIMF
12.93
FONCAIXA 43 BOLSA EUROPA FIMS 12.61
FONCAIXA 66 SUIZA FIM
13.00
FONCAIXA 94 F. BOLSA EUROPA FIMF 14.45
FONCAIXA BOLSA 54 FIM
11.71
FONCAIXA BOLSA EUROPA FIMP
NA
FONDMAPFRE BOLSA EUROPA FIM
12.11
FONPASTOR ACCIONES EUROPEAS FIM 10.17
IBERCAJA BOLSA EUROPA FIM
13.90
IBERCAJA SECTOR INMOBILIARIO FIM 0.01
IBERCAJA UTILITIES FIM
4.46
KUTXAVALOREURO FIM
12.89
MADRID BOLSA EUROPEA FIM
12.58
MORGAN STANLEY EURO ACCIONES FIM 14.09
MORGAN STANLEY EURO SELECCION FIM 7.36
SABADELL BS ACCIONES EUROPA FIMP 14.85
SABADELL BS EUROPA BOLSA FIMS 14.57
SAFEI EUROPA FIMF
11.00
SCH ACCIONES EUROPEAS FIM
12.43
SCH ACCIONES EUROPEAS PLUS FIM 12.38
SCH CUANTITATIVO EUROPA FIM
3.51
SCH DIVIDENDO EUROPA FIM
12.29
SCH EUROINDICE FIM
12.94
SCH SELECCION FONDOS
EUROPA FIMFP
11.23
2Q
(Continued)
1Q
Foreign equity Europe
FIM (RVIE)
Yield
%
SCH SMALL CAPS EUROPA FIM

7.83
SCH TOP 25 EUROPA FIM
12.93
SEGURFONDO DINAMICO EUROPA FIM 12.30
URQUIJO EUROBOL. 50 FIM
11.63
URQUIJO EUROP. SMALL
COMPANIES FIMF
10.62
VENTURE BOLSA EUROPEA FIM
NA
2Q
Vol
(1)
Dur
(2)
Type
16.68
35.04
29.90
32.88
0.00
0.00
0.01
0.00
RVE
RVIE
RVIE
RVIE
11.42
25.24
0.00
0.00
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
21.41
19.81
12.98
14.35
12.75
23.32
19.67
20.47
0.00
0.00
0.01
0.00
RVIE 17.12
RVIE 16.10
9.42
19.19
0.00
0.00
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
RVE
RVIE
RVIE
RVIE
7.23
1.97
0.65
0.72
10.60
15.88
14.70
13.50
0.00
0.00
0.01
0.00
RVIE
RVIE
6.58
1.70
8.63
14.22
0.00
0.00
2003
% fees
Management
Yield
%
Vol
(1)
Dur
(2)
Type
RVIE
RVIE
RVIE
RVIE
8.12
12.54
10.34
9.73
9.21
12.79
12.50
12.40
0.01
0.01
0.01
0.00
RVIE
RVIE
RVIE
RVIE
29.74
19.71
8.62
10.08
12.77
NA
23.44
NA
20.38
NA
21.45 20.60
2.10
1.90
1.00
1.00
RVIE
RVIE
7.52
10.96
6.40
12.27
0.01
0.01
RVIE
RVIE
19.97
NA
9.36
18.19
1.70
2.00
Yield
%
Vol
(1)
Yield
since
1996
NA
NA
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.10
0.10
0.20
0.12
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
1.00
0.00
0.10
0.12
(Continues over)
278
A.4.8.
(Continued)
A.4.8.
Foreign equity Japan FIM (RVIJ)
BANCAJA RENTA VARIABLE JAPON FIM

BANESTO BOLSA JAPON FIM
BANIF JPMORGAN FLEMING RV
JAPON FIM
BBK BOLSA JAPON FIM
BBVA BOLSA JAPON FIM
BBVA INDICE JAPON PLUS FIM
BK INDICE JAPON FIM
BNP PARIBAS ACCIONES
JAPONESAS FIM
CAIXA CATALUNYA BORSA JAPO FIM
CAJA LABORAL BOLSA 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
SABADELL BS ACCIONES JAPON FIMP
SABADELL BS JAPON BOLSA FIMS
SAFEI JAPON FIMF
SCH JAPON FIM
SCH SELECCION JAPON FIMF
2Q
Yield
%
Vol
(1)
Dur
(2)
Type
13.35
12.08
19.35
21.82
0.00
0.00
11.93
10.07
13.23
5.51
4.36
20.97
26.33
20.74
20.84
21.51
10.88
11.64
4.75
12.30
9.26
11.28
12.21
7.65
6.20
9.97
10.33
6.41
13.37
13.19
10.41
12.09
12.16
21.12
23.19
10.56
21.62
17.03
23.20
21.38
23.12
20.03
23.83
21.14
20.26
23.16
22.14
13.53
21.75
21.73
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
RVIJ
RVIJ
4.83
5.32
18.44
20.32
0.00
0.00
0.00
0.40
5.91
0.44
0.00
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
6.34
9.07
5.48
15.32
14.80
20.45
20.18
20.07
16.82
16.45
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.01
1.44
0.00
0.00
0.01
0.01
0.01
0.00
0.00
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
7.39
13.02
11.11
3.91
5.97
5.73
4.88
9.43
12.30
7.97
8.28
13.87
4.98
4.31
3.87
6.01
7.12
19.89
22.08
9.49
21.13
15.66
20.19
19.45
20.58
15.55
18.90
19.42
17.13
20.61
19.77
13.69
20.16
21.09
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
RVIJ
RVIJ
17.65
18.15
22.77
24.04
0.00
0.00
0.00
0.40
5.99
0.17
0.00
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
20.26
17.96
18.00
13.45
12.48
23.40
24.97
24.24
20.23
19.31
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.01
1.12
0.00
0.00
0.01
0.01
0.01
0.00
0.01
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
18.12
19.09
13.14
17.67
22.66
19.09
15.39
24.69
11.22
19.26
21.66
10.67
15.84
14.68
16.55
18.43
17.76
21.70
27.28
11.90
25.22
19.91
25.60
24.40
26.77
26.37
26.98
24.92
23.70
24.72
23.80
18.70
24.34
20.87
2003
Yield
%
Vol
(1)
Yield
since
1996
RVIJ
RVIJ
7.60
9.55
21.19
23.33
NA
NA
0.01
0.44
0.00
0.05
0.01
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
11.94
15.58
7.48
27.36
24.97
0.00
0.01
0.01
0.00
0.00
0.01
0.02
0.02
0.01
0.96
0.01
0.01
0.01
0.01
0.01
0.01
0.01
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
10.96
13.52
23.96
4.92
17.71
10.34
3.61
28.85
21.78
14.42
16.06
16.72
4.84
2.92
5.50
10.83
10.41
Yield
%
Vol
(1)
Dur
(2)
Type
RVIJ
RVIJ
0.68
0.13
23.21
26.21
0.01
0.01
0.00
0.50
0.00
0.10
0.01
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
0.61
0.11
0.49
3.03
1.19
25.96
30.40
27.08
25.94
25.40
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.01
1.16
0.00
0.00
0.01
0.01
0.01
0.00
0.00
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
RVIJ
1.84
4.55
3.53
2.15
0.21
1.23
2.48
2.25
3.96
1.30
1.75
1.03
0.48
0.88
2.73
0.42
0.35
24.91
30.33
15.89
26.79
23.81
29.14
23.86
28.86
26.27
29.11
26.63
30.50
26.41
25.37
20.97
26.76
22.98
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
2.23
2.25
0.00
0.00
0.00
0.00
0.00
0.00
1.50
3.00
0.00
0.00
0.20
0.15
22.94 24.86
25.83
NA
23.34
NA
21.29 43.57
20.99
NA
2.25
1.65
2.25
0.80
0.60
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
2.00
2.00
2.00
0.00
0.00
0.00
0.00
2.00
0.20
0.10
0.20
0.20
0.09
22.10 22.17
26.08
NA
12.30
NA
23.93
NA
19.51
NA
24.87 22.81
22.47
NA
25.16
NA
22.60
NA
25.12
NA
23.35
NA
23.52 9.02
23.94
NA
22.97
NA
17.17 17.60
23.51
NA
21.80
NA
1.00
1.35
2.25
2.25
1.35
2.25
1.75
2.25
1.90
2.25
2.00
1.35
0.00
1.75
1.75
2.25
2.20
9.00
9.00
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
4.00
0.00
0.00
2.00
2.00
4.00
0.00
0.00
0.00
0.00
3.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.05
0.10
0.15
0.15
0.15
0.00
0.20
0.03
0.05
0.13
0.15
0.05
0.15
0.15
0.10
279
(Continues over)
1Q
A.4.8.
1Q
Foreign equity USA FIM (RVIU)
AC USA FIM
ATLANTICO NORTEAMERICA FIM
BANCAJA RV ESTADOS UNIDOS FIM
BANESTO BOLSA USA FIM
BANIF PIONEER RV USA FIM
BANKPYME US AMERICA FIM
BARCLAYS BOLSA USA 2 FIMS
BARCLAYS BOLSA USA FIMP
BBK BOLSA EEUU FIM
BBK BOLSA NUEVA ECONOMIA 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
DWS NORTEAMERICA BOLSA FIM
ESPIRITO SANTO BOLSA USA FIM
EUROVALOR ESTADOS UNIDOS FIMF
FONCAIXA 114 CARTERA BOLSA
USA FIMS
FONCAIXA 53 BOLSA USA FIMS
FONCAIXA 96 FONDOS BOLSA USA FIMF
FONCAIXA 99 BOLSA USA FIMS
FONCAIXA BOLSA USA FIMP
FONDESPAA USA FIM
FONDMAPFRE BOLSA AMERICA FIM
FONPENEDES BORSA USA FIM
IBERAG. POPULAR NUEVAS TECNOL. FIM
IBERCAJA BOLSA USA FIM
KUTXAVALOREEUU FIM
MADRID BOLSA NEW YORK FIM
SABADELL BS DOLAR BOLSA FIM
SAFEI NORTEAMERICA FIMF
SCH NORTEAMERICA FIM
SCH SELECCION FONDOS USA FIMFP
SEGURFONDO USA FIM
2Q
Yield
%
Vol
(1)
Dur
(2)
Type
6.65
2.76
7.67
6.86
13.33
7.13
3.18
2.78
6.88
5.72
7.80
3.86
3.11
6.45
6.98
3.39
2.57
11.22
2.36
3.53
5.99
6.59
6.35
6.45
27.13
19.21
25.45
28.25
28.11
29.12
21.56
22.73
24.46
27.11
27.56
32.29
22.71
24.61
23.96
22.54
30.53
26.71
14.48
13.67
17.03
25.00
24.21
22.78
0.00
0.00
0.00
0.01
0.01
0.00
0.00
0.01
0.21
0.00
1.96
0.01
0.01
0.00
0.01
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.01
0.00
RVIU
RVIU
RVIU
RVIU
RVIO
RVIU
RVIU
RVIU
RVIU
RVIO
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
NA
7.83
4.20
NA
NA
6.85
6.86
6.16
7.57
8.01
7.40
5.60
4.78
5.90
7.55
4.80
NA
NA
25.09
18.98
26.53
24.47
24.68
25.77
29.48
29.30
25.49
24.14
26.08
23.81
24.46
28.67
19.07
NA
NA
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.61
0.00
0.01
0.01
0.01
0.00
NA
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
9.18
10.04
8.19
9.16
14.72
7.25
12.47
14.70
8.92
13.91
6.11
17.87
13.62
6.91
9.65
14.03
16.07
12.37
13.01
6.05
7.35
7.31
17.20
8.61
18.64
13.53
17.53
19.73
21.95
20.96
14.61
16.14
16.37
21.02
19.15
23.97
16.53
17.27
15.59
15.21
21.57
24.35
11.49
11.17
13.47
18.32
18.79
18.09
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.01
0.35
0.71
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.01
0.00
NA
RVIU 6.86
RVIU 6.50
RVIU 6.54
RVIU 7.91
RVIU 6.58
RVIU 9.74
RVIU 10.86
RVIU 13.88
RVIU 8.40
RVIU 8.66
RVIU 5.95
RVIU 12.41
RVIU 7.80
RVIU 9.13
RVIU 7.71
NA
11.37
16.67
14.81
15.71
17.63
17.36
16.86
21.39
21.55
17.75
16.99
18.20
17.57
17.77
20.55
14.63
NA
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.01
0.00
0.00
0.40
0.00
0.01
0.00
0.02
0.00
NA
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
0.12
1.81
2.54
3.54
0.47
0.08
2.08
2.64
2.06
6.65
0.50
8.95
2.56
2.29
0.79
1.47
6.97
2.19
3.80
2.66
1.91
0.87
0.67
1.92
19.21
13.87
19.06
18.59
18.10
17.20
13.31
13.79
16.34
27.91
18.64
23.81
13.64
17.75
15.69
14.29
22.41
18.91
9.71
16.63
13.29
17.04
18.36
15.65
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.23
0.49
0.00
0.01
0.01
0.00
0.01
0.01
0.01
0.00
0.00
0.01
0.00
0.00
0.01
0.00
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
1.11
1.14
1.11
1.17
1.75
0.13
0.13
3.37
3.26
1.07
0.17
0.76
2.12
0.13
1.89
1.96
NA
15.61
16.85
17.09
15.68
17.78
18.37
17.46
15.96
21.21
18.61
17.81
19.50
16.36
15.05
18.63
13.32
18.09
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.22
0.00
0.01
0.01
0.00
0.00
0.01
2003
% fees
Yield
%
Vol
(1)
Yield
since
1996
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
4.51
14.40
6.45
0.41
3.04
1.73
23.02
27.75
8.94
19.81
0.73
49.11
25.55
3.58
5.67
24.03
44.61
4.94
25.47
6.21
6.91
4.71
17.30
6.44
20.31
14.62
19.58
21.13
21.50
20.77
15.48
16.41
17.76
24.54
20.61
25.32
16.40
18.81
17.34
16.27
24.10
21.70
11.12
14.36
14.00
18.92
19.18
17.74
NA
NA
28.13
NA
17.18
NA
NA
NA
NA
NA
4.64
NA
4.23
NA
36.13
NA
NA
NA
NA
NA
NA
32.22
30.11
NA
2.25
2.00
2.23
2.25
2.25
1.35
1.60
0.00
1.65
1.65
2.25
0.80
0.80
2.25
1.35
0.60
1.15
1.35
2.25
1.75
2.25
2.00
1.60
1.35
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
NA
3.65
6.41
NA
NA
1.30
6.04
11.93
11.52
4.82
3.36
2.61
14.44
3.11
6.69
7.86
NA
13.18
NA
18.22 5.60
16.19
NA
16.56
NA
18.04
NA
18.63
NA
18.89 24.45
21.13
NA
22.43
NA
19.21
NA
18.37
NA
19.92 47.93
17.87 4.47
18.07 27.90
21.39
NA
14.93
NA
14.50
NA
0.60
2.25
1.35
1.35
0.00
1.75
2.25
2.25
2.25
2.00
2.25
1.80
2.25
1.75
2.25
0.32
0.00
Yield
%
Vol
(1)
Dur
(2)
Type
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
2.42
5.00
3.92
2.39
3.15
2.22
10.67
11.63
5.24
4.62
1.97
11.80
11.20
1.33
2.79
10.95
13.55
7.54
9.56
1.13
3.96
3.56
6.16
2.79
14.08
10.49
14.63
15.92
15.48
12.09
10.04
10.37
11.30
21.14
15.10
19.58
9.95
14.03
11.78
10.57
20.64
14.56
7.44
15.26
11.55
13.48
13.69
12.95
0.00
0.01
0.01
0.01
0.00
0.00
0.00
0.01
0.42
0.47
0.00
0.01
0.01
0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.00
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIJ
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
RVIU
4.14
4.04
3.15
4.00
4.89
2.18
3.89
4.09
2.60
4.00
2.54
1.82
9.22
1.51
3.78
3.17
1.74
11.16
11.69
13.28
10.87
12.34
11.87
13.18
14.41
15.42
12.82
12.70
14.06
11.41
12.97
15.50
11.67
13.15
0.00
0.00
0.01
0.00
0.00
0.02
0.00
0.02
0.00
0.00
0.04
0.01
0.01
0.01
0.00
0.01
0.01
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
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
0.25
0.00
5.00
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
0.25
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
1.00
2.00
1.50
3.00
0.00
1.50
2.00
0.00
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
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
2.00
0.00
0.00
0.00
0.00
0.09
0.20
0.20
0.15
0.20
0.20
0.15
0.05
0.10
0.10
0.20
0.20
0.20
0.12
0.00
0.08
0.10
0.15
0.05
0.10
0.15
0.10
0.15
0.15
9.00
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
4.00
4.00
4.00
0.00
0.00
1.50
0.00
0.00
2.00
2.00
4.00
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
5.00
0.00
0.15
0.15
0.15
0.20
0.00
0.15
0.20
0.00
0.10
0.20
0.03
0.01
0.10
0.15
0.15
0.09
0.00
(Continues over)
280
(Continued)
(Continued)
A.4.8.
1Q
Foreign equity emerging
countries FIM (RVIM)
Yield
%
Vol
(1)
Dur
(2)
Type
21.43
0.00
RVIM 15.22
18.45
19.36
24.47
24.71
21.01
25.21
20.98
23.80
13.22
19.30
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
14.83
16.08
16.41
15.50
17.37
15.89
16.32
12.13
13.73
14.88
0.00
12.28
2.41
9.58
7.74
11.74
23.48
14.71
NA
13.13
23.58
2003
Yield
%
Vol
(1)
RVIM
30.32
18.45
5.50
2.25
0.00
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.01
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
21.32
33.05
33.46
23.48
40.97
23.08
34.12
22.95
13.18
15.91
NA
19.99 27.52
19.78 48.80
19.43 46.80
19.54
NA
17.62
NA
19.91 9.02
12.72 19.03
17.45 16.91
15.11
0.00
RVIM
31.65
14.57
RVIM
RVIM
5.72
11.60
14.12
11.52
9.91
4.45
4.67
NA
0.54
10.81
16.41
16.24
9.87
15.32
12.86
15.75
14.38
8.66
16.77
15.07
0.01
0.00
0.01
0.00
0.00
0.02
0.01
0.01
0.00
0.00
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
22.65
13.44
45.84
21.28
27.66
20.11
12.26
NA
25.83
36.45
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
6.06
3.47
7.79
5.21
11.15
7.54
8.30
8.57
9.83
7.06
2.21
10.18
14.62
15.27
13.19
14.02
14.03
14.52
15.60
13.85
16.59
18.08
20.15
17.32
0.00
0.00
0.01
0.01
0.00
0.00
0.01
0.01
0.01
0.01
0.01
0.01
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
17.50
0.00
RVIM
4.85
15.36
0.00
8.42
17.37
0.01
RVIM
16.68
15.61
7.61
11.90
9.80
12.93
10.52
13.01
2.75
16.69
15.33
18.20
17.45
18.14
16.66
12.08
0.01
0.01
0.00
0.00
0.00
0.00
0.00
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
15.36
3.98
9.72
4.99
10.36
4.94
12.65
14.91
15.11
15.66
15.55
16.14
14.94
12.24
Dur
(2)
Type
Yield
%
Vol
(1)
Dur
(2)
Type
0.00 RVIM
8.16
17.13
0.00
RVIM
10.00
16.21
0.00
16.52
19.57
18.86
20.61
19.77
16.27
19.58
11.66
16.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.33
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
10.52
9.50
9.78
11.99
8.72
12.10
10.37
11.24
8.49
13.84
18.27
18.31
19.06
16.51
16.43
17.56
12.72
17.33
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
5.74
10.19
10.26
7.03
15.48
5.96
9.90
6.22
2.43
12.72
16.65
16.06
16.27
14.90
15.87
17.93
12.84
16.47
RVIM 14.54
12.98
0.00 RVIM
12.67
14.81
0.00
RVIM
9.29
0.00
0.00
0.00
0.01
0.00
0.00
0.00
NA
0.00
0.00
RVIM
RFMI
RVIM
RVIM
RVIM
RVIO
RVIM
12.39
3.50
19.05
5.75
13.75
12.04
5.94
NA
RVIM 20.59
RVIM 16.49
16.32
3.20
9.99
6.42
11.73
17.12
11.68
NA
12.59
17.94
0.00
0.00
0.00
0.01
0.00
0.00
0.00
NA
0.00
0.00
RVIM
RFMI
RVIM
RVIM
RVIM
RVIO
RVIM
17.74
8.23
8.99
13.83
13.92
17.20
16.03
NA
15.13
17.03
0.00
0.00
0.00
0.00
0.00
0.00
0.00
NA
0.00
0.00
RVIM
RVIM
RVIM
RVIM
RVIM
RVIO
RVIM
RVIM
RVIM
16.37
1.65
13.05
4.36
11.86
7.96
12.37
NA
11.11
8.25
20.59
19.69
14.20
16.37
20.97
17.91
24.55
16.79
25.37
23.13
16.85
24.21
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.41
0.00
0.00
0.00
0.00
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
16.70
17.50
14.42
15.15
16.20
14.30
18.14
14.72
16.07
15.39
20.80
15.77
18.45
13.94
12.62
14.03
16.27
15.11
18.91
16.00
20.14
20.24
15.86
22.85
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.06
0.00
0.00
0.00
0.00
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
9.48
10.79
12.53
10.23
8.33
10.43
11.61
8.99
8.46
10.92
8.56
8.07
16.16
15.83
14.77
15.77
15.41
15.11
15.35
15.63
17.17
19.46
20.21
16.29
19.11
0.00
RVIM 16.75
16.72
0.00 RVIM
8.40
22.38
0.01
RVIM 19.60
17.54
0.01 RVIM
21.37
16.53
24.07
14.37
23.91
14.81
12.21
0.01
0.01
0.00
0.00
0.00
0.00
0.00
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVMI
16.84
13.81
18.44
12.57
18.91
12.18
10.99
0.01
0.01
0.00
0.00
0.00
0.00
0.00
Type
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
% fees
Yield
since
1996
Vol
(1)
18.29
13.69
15.54
5.81
16.54
6.31
13.52
Dur
(2)
4Q
Yield
%
Yield
%
Vol
(1)
3Q
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
0.00
0.00
0.00
1.00
0.00
0.09
1.90
2.25
2.25
2.25
1.60
1.65
2.25
1.35
2.00
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
1.50
0.00
1.00
1.00
2.00
0.00
2.00
2.00
1.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.15
0.20
0.20
0.20
0.15
0.10
0.20
0.05
0.00
NA
1.50
0.00
0.00
0.00
0.00
0.00
0.10
15.99
9.41
9.79
11.55
12.74
18.65
14.39
8.66
14.65
18.69
NA
3.46
NA
NA
NA
NA
NA
NA
NA
NA
1.35
1.65
2.25
1.75
2.25
2.25
0.50
1.35
1.35
1.35
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
0.00
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
2.00
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
0.20
0.10
0.04
0.10
0.15
0.15
0.00
0.15
0.15
0.15
21.18
20.58
27.91
21.60
33.45
21.87
37.48
26.06
32.93
22.31
30.24
33.29
17.70
16.45
13.84
15.19
16.92
15.82
19.00
15.68
20.14
20.40
18.47
20.47
NA
NA
NA
12.47
NA
NA
NA
16.28
20.76
NA
NA
NA
1.35
1.10
1.50
1.50
2.25
2.25
2.25
1.45
2.25
1.35
1.35
1.35
9.00
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
4.00
0.00
0.00
2.00
2.00
2.00
4.00
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
0.15
0.15
0.10
0.20
0.20
0.20
0.02
0.07
0.20
0.12
0.12
0.12
RVIM
23.02
17.31
NA
2.25
0.00
0.00
0.00
3.00
0.00
0.00
0.01
RVIM
50.02
18.44
NA
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.01
0.01
0.01
0.01
0.01
0.01
0.01
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
RVIM
45.17
21.38
31.85
11.83
34.46
13.75
30.44
17.66
15.32
19.37
15.21
19.53
14.84
11.95
NA
14.93
NA
NA
NA
NA
NA
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
3.00
3.00
3.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.05
0.15
0.10
0.10
0.10
0.20
0.10
(Continues over)
281
AC IBEROAMERICA FIM
4.94
BANCAJA FDO DE FDOS
EMERGENTES FIMF
9.60
BANESTO BOL.IBEROA. FIM
5.01
BANIF RV SILA FIM
5.29
BANIF SGAM RV EMERGENTES FIM
10.81
BARCLAYS LATINOAM. FIM
4.33
BBK BOLSAS EMERG. FIMF
10.58
BBVA BOLSA LATAM FIM
4.94
BBVA MULTIFONDO BOLSA EMERG. FIMF 7.20
BI EMERGENTES FIM
10.44
CAHISPA EMERGENTES
MULTIFONDO FIMF
6.66
CAIXA CATALUNYA BORSA
EMERGENT FIMF
11.30
CAIXA CATALUNYA CHINA FUND FIMF 0.14
CAJA LABORAL MERCADOS EMERG. FIMF 5.05
CAM IBEROAMERICA FIMF
1.47
CAN MERCADOS EMERGENTES FIMF 8.71
CAN TECNOLOGIA FIMF
4.94
EURO CONVERGENCE INSTITUC. FIMS 9.91
EUROVALOR ASIA FIMF
NA
EUROVALOR EUROPA DEL ESTE FIMF 6.59
EUROVALOR IBEROAMERICA FIMF
2.36
FONCAIXA 72 BOLSA P.
EMERGENTES FIM
10.58
FONDESPAA EMERGENTES FIMF
10.48
GAESCO EMERGENTFOND FIMF
7.84
IBERCAJA EMERGENTES FIMF
8.94
IBERCAJA LATINOAMERICA FIMF
4.62
KUTXAEMERGENTE FIMF
10.22
MADRID BOLSA LATINOAMERICANA FIM 3.72
MADRID EMERGENTES GLOBAL FIMF 7.14
MORGAN STANLEY LATINOAMERICA FIM 3.87
RENTA 4 ASIA FIM
10.74
RENTA 4 EUROPA ESTE FIM
2.82
RENTA 4 LATINOAMER. FIM
3.30
RURAL EMERGENTES RENTA
VARIABLE FIM
7.28
SABADELL BS ACC.AMERICA
LATINA FIMP
0.84
SABADELL BS AMERICA LAT.
BOLSA FIMS
1.14
SAFEI EMERGENTES FIMF
8.24
SCH ACCIONES IBEROAMERICANAS FIM 5.27
SCH EMERGENTES EUROPA FIM
10.86
SCH IBEROAMERICA PLUS FIM
5.40
SGAM EURO CONVERGENCE FIMP
9.78
URQUIJO F. LATINOAMERICANOS FIMF 0.73
2Q
(Continued)
1Q
Other foreign equity FIM (RVIO)
ABANTE BOLSA FIMF

ABF ESTRATEGIA 100 FIMF
AC AUSTRALASIA FIM
AC MULTIESTRELLAS SELECCION
90 FIMF
ASTURF. INTERBOLSA FIM
ATLANTICO BOLSA GLOBAL FIM
AVANCE GLOBAL FIM
BANESTO BOLSA INTERNACIONAL FIM
BANESTO ESPECIAL RV FIM
BANESTO S.FINANCIE. FIM
BANESTO S.SALUD FIM
BANESTO S.TECNOLOG. FIM
BANESTO SELECCION F. GLOBAL FIMS
BANIF INVESCO RV GLOBAL FIM
BANKPYME COMUNICACIONES FIM
BANKPYME GEST.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
BBVA BIOFARMA FIM
BBVA BIOGEN FIM
BBVA BOLSA CINCO ESTRELLAS FIMF
BBVA BOLSA INTERNACIONAL FIM
BBVA BOLSA MUNDIAL FIM
BBVA FINANZAS FIM
BBVA INDICE INTERNACIONAL
PLUS FIM
BBVA MID CAP INTERNACIONAL FIM
BBVA NUEVAS TECNOLOGIAS FIM
BBVA OPORTUNIDADES INTERN. FIM
BBVA TELECOMUNICACIONES 2 FIM
BENKERS TECH FIM (EN DISOLUCION)
BESTINVER INTERNACIONAL FIM
BETA ALPHA DINAMICO FIM
BG BOLSA INTERNACIONAL FIM
BI GLOBAL MUNDIAL FIM
BIOGEN INVESTIGACION FIMP
BIPOP CRECIMIENTO FIMF
BIPOP DESARROLLO FIMF
BIPOP VALOR FIMF
BK FONDO INTERNET FIM
BK SECTOR ENERGIA FIM
BK SECTOR FINANZAS FIM
2Q
Yield
%
Vol
(1)
Dur
(2)
Type
8.45
8.49
11.00
19.75
22.51
19.99
0.00
0.00
0.01
7.85
11.19
5.62
3.55
9.33
10.17
13.94
4.98
6.48
7.26
9.58
7.73
21.68
25.67
17.81
27.38
24.94
24.37
29.29
21.79
31.66
15.72
24.46
31.42
9.75
7.81
9.73
11.22
7.55
14.56
8.68
6.43
9.37
4.47
0.66
8.02
8.92
6.55
11.57
9.00
9.55
2.80
9.57
9.29
3.06
16.79
11.14
9.86
10.76
0.25
9.53
8.40
9.02
2.86
4.02
17.02
3Q
Vol
(1)
Dur
(2)
Type
RVIO 10.77
RVIO 10.74
RVIO 7.72
14.94
17.23
16.58
0.00
0.00
0.01
0.00
0.00
0.00
0.01
0.01
0.18
0.00
0.01
0.63
0.00
0.00
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
10.35
11.91
12.45
12.37
9.98
11.00
16.43
5.80
9.96
8.05
11.12
14.83
15.57
17.42
12.83
16.30
17.81
17.28
21.23
18.13
24.31
12.33
17.93
21.75
25.57
15.56
21.17
28.70
22.12
30.21
21.35
21.50
19.79
22.31
17.48
15.92
24.17
22.48
26.67
0.00
0.00
0.00
0.00
0.01
0.00
0.01
0.01
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
16.39
13.38
11.70
15.97
8.83
19.94
11.81
12.54
11.01
5.99
11.21
9.58
9.29
13.07
13.79
29.21
20.71
36.30
24.64
31.91
28.21
20.55
18.87
21.39
26.50
18.58
19.19
18.73
21.71
26.68
24.28
44.00
0.01
0.01
0.01
0.01
0.12
0.00
0.00
0.00
0.01
0.01
0.00
0.02
0.00
0.01
0.00
0.00
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
17.49
11.85
20.77
9.06
12.83
9.20
30.30
6.55
9.75
13.43
12.40
9.53
8.17
10.87
16.35
16.25
29.34
Yield
%
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
RVIO
RVIO
RVIO
3.86
4.37
16.68
13.84
14.51
21.11
0.00
0.00
0.00
0.00
0.00
0.09
0.00
0.19
0.01
0.01
0.01
1.10
0.00
0.00
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
3.14
0.82
1.93
9.62
1.66
1.94
2.43
5.18
9.45
3.12
1.84
4.11
14.43
13.00
11.76
15.86
16.03
15.13
16.50
12.99
26.69
11.99
15.93
19.98
17.09
12.60
16.26
20.10
17.94
21.15
15.85
13.99
14.17
18.14
13.46
13.94
16.58
14.59
19.15
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.01
0.00
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
2.41
7.95
2.78
0.52
2.06
3.94
3.89
1.46
3.26
4.23
2.24
4.71
1.62
1.16
1.98
19.60
15.62
29.59
16.71
21.98
16.67
15.59
17.47
15.73
17.51
15.12
13.27
12.77
14.77
20.48
17.41
34.08
0.01 RVIO
0.00 RVIO
0.00 RVIO
0.01 RVIO
2.54 RVIO
0.00 RVIO
0.00 RVIO
0.00 RVIO
0.01 RVIO
0.01 RVIO
0.00 RVIO
0.00 RVIO
0.00 RVIO
0.01 RVIO
0.00 RVIO
0.00 RVIO
0.00 RVIO
0.99
3.48
7.83
1.83
6.66
11.46
11.51
14.13
2.02
2.76
0.88
2.43
5.14
0.71
5.26
2.20
2.95
2003
% fees
Management
Yield
%
Vol
(1)
Dur
(2)
Type
RVIO
RVIO
RVIO
4.50
5.44
0.12
11.84
13.02
21.22
0.00
0.00
0.00
RVIO
RVIO
RVIO
10.06
11.51
12.01
15.41
NA
17.23
NA
19.93 22.28
1.25
1.25
2.25
0.00
0.00
0.02
0.00
0.30
0.35
0.00
0.00
0.06
0.00
0.00
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
3.90
8.28
6.16
6.93
4.36
4.82
7.29
1.74
4.84
3.56
5.33
6.09
12.71
11.26
9.19
11.88
12.99
12.63
14.16
13.24
21.64
10.74
14.60
13.79
0.00
0.01
0.03
0.00
0.14
0.14
0.01
0.01
0.77
0.01
0.00
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
8.98
8.49
14.84
27.03
5.79
6.56
10.13
3.03
18.00
7.01
7.78
17.02
16.47
17.78
13.31
18.75
18.49
17.93
21.18
16.93
26.34
12.87
18.65
22.64
NA
19.90
NA
NA
43.82
33.89
NA
NA
NA
32.84
NA
29.24
13.03
11.75
12.56
13.69
12.10
15.56
14.18
10.68
14.21
13.19
10.18
13.50
16.35
10.19
16.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.01
0.01
0.00
0.01
0.01
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
7.01
6.63
4.54
5.61
2.55
6.84
3.97
9.66
4.30
1.23
0.93
3.36
4.06
8.20
6.45
9.76
10.72
11.26
10.38
11.45
12.26
13.44
8.84
11.23
13.16
12.58
12.29
13.74
9.14
13.97
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.01
0.01
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
15.12
20.31
8.34
9.29
1.04
13.80
10.28
17.16
8.34
1.84
9.01
9.09
5.26
15.65
9.24
17.45
12.87
15.84
19.55
16.51
21.03
16.54
14.61
15.22
17.12
13.70
14.03
18.15
15.07
19.61
14.34
14.65
32.32
16.46
23.80
118.07
10.40
16.79
15.03
14.36
10.59
11.49
12.12
11.49
21.11
13.24
25.73
0.01
0.00
0.00
0.00
2.30
0.00
0.00
0.00
0.01
0.01
0.00
0.01
0.01
0.01
0.01
0.00
0.01
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
13.17
7.32
4.00
4.72
4.89
0.09
9.76
0.21
4.84
5.47
7.41
4.11
3.54
6.92
7.17
13.69
11.91
12.15
12.87
28.18
13.68
18.77
8.10
9.25
0.08
11.71
10.68
11.34
9.66
10.91
9.52
21.06
9.70
17.52
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.00
0.01
0.00
0.01
0.00
0.01
0.01
0.00
0.01
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
22.19
12.36
31.65
5.16
14.50
17.88
32.70
7.83
5.81
9.71
21.49
5.67
7.86
7.09
35.00
29.64
23.64
19.99
16.28
31.77
18.35
24.62
61.62
15.00
15.45
16.38
18.26
14.27
13.91
14.00
15.14
22.47
17.07
31.98
Yield
%
Vol
(1)
Yield
since
1996
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
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
0.10
0.10
0.09
1.40
2.10
2.00
0.85
2.25
0.90
2.00
2.00
2.00
1.71
2.25
1.35
0.00
0.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
9.00
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
0.25
1.00
2.00
2.00
0.00
3.00
0.00
3.00
3.00
3.00
3.00
0.00
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.50
0.11
0.15
0.20
0.15
0.20
0.20
0.10
0.10
0.10
0.01
0.20
0.20
NA
6.16
19.98
15.00
7.66
6.05
21.73
NA
16.49
NA
NA
9.94
32.74
NA
2.66
0.00
1.35
1.35
1.35
1.35
1.35
1.50
0.05
1.65
2.25
2.25
2.25
2.25
2.25
2.25
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
0.25
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
0.25
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
1.50
1.50
1.50
1.50
1.50
2.00
2.00
0.00
2.00
0.00
2.00
2.00
0.00
2.00
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
0.20
0.20
0.20
0.20
0.20
0.20
0.20
0.00
0.10
0.20
0.20
0.20
0.20
0.20
0.20
NA
10.43
NA
46.53
27.28
NA
97.87
NA
14.91
32.29
NA
NA
NA
NA
NA
NA
NA
0.80
2.25
2.25
2.25
2.25
1.35
1.75
1.00
2.25
2.00
0.45
1.35
1.35
1.35
2.25
1.15
1.15
0.00
0.00
0.00
0.00
0.00
9.00
0.00
9.00
0.00
0.00
0.00
9.00
9.00
9.00
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
2.00
2.00
2.00
2.00
2.00
0.00
3.00
0.00
1.00
2.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.20
0.20
0.20
0.20
0.20
0.12
0.06
0.12
0.20
0.00
0.10
0.15
0.15
0.15
0.01
0.10
0.10
(Continues over)
282
A.4.8.
(Continued)
A.4.8.
1Q
Yield
%
Vol
(1)
Dur
(2)
Type
9.33
8.70
9.45
11.33
12.34
11.38
16.77
9.55
13.51
7.81
6.40
17.39
7.91
3.42
5.88
0.76
1.48
1.96
1.93
0.57
8.28
9.09
7.40
7.86
4.76
8.76
4.01
10.99
7.72
3.68
11.54
4.69
0.50
8.05
5.84
3.21
7.63
9.23
8.78
11.66
8.73
9.39
8.53
7.84
6.31
11.13
8.25
8.86
8.44
9.28
24.84
21.39
20.11
17.57
17.37
16.77
27.61
22.27
23.77
7.60
18.10
27.13
18.84
11.95
11.30
23.59
8.54
5.12
4.17
12.90
23.67
23.61
14.74
18.07
18.32
23.24
11.46
24.35
14.70
25.21
26.31
15.82
48.00
23.58
25.44
6.05
18.69
21.22
25.25
25.45
28.45
24.14
24.63
12.11
14.96
25.35
24.15
19.42
20.87
24.30
0.00
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.07
0.00
0.01
0.10
0.01
0.01
0.01
0.01
0.00
0.01
0.00
0.13
0.00
0.04
0.00
0.00
0.00
0.00
0.00
0.01
0.10
0.01
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.06
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
GRF
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
11.44
8.52
12.68
12.84
5.58
11.34
16.86
13.16
10.10
9.19
6.58
19.53
10.91
14.52
6.35
21.90
2.85
5.13
1.81
8.69
7.89
10.54
9.95
9.45
12.43
9.93
9.59
14.45
9.03
13.36
13.94
10.46
21.51
16.51
8.62
3.39
9.87
12.21
8.35
13.18
9.46
14.43
8.87
6.54
6.20
12.75
13.04
9.52
6.27
15.61
17.30
14.35
12.80
13.56
13.91
16.56
24.97
19.54
24.13
7.34
19.08
23.22
13.74
10.34
9.39
19.26
6.29
5.32
3.47
14.35
15.95
16.51
11.00
12.64
12.65
15.72
8.09
18.13
11.81
15.22
20.23
13.29
25.25
17.57
19.61
6.32
14.33
15.37
17.45
17.75
21.64
16.78
17.58
10.41
12.64
17.91
13.75
13.32
14.15
16.82
0.00
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.90
0.00
0.01
0.05
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.16
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
3.12
0.01
0.00
0.00
0.00
0.01
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.07
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
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
1.80
1.16
2.53
6.39
8.30
1.87
0.22
1.38
4.30
5.05
5.86
2.96
3.25
5.55
8.39
1.63
1.30
1.54
2.02
5.31
0.12
1.57
3.62
2.70
2.45
1.68
3.62
4.09
2.62
0.06
0.24
3.70
8.06
0.34
0.90
3.36
5.47
0.46
0.26
2.69
7.97
0.22
0.14
1.66
3.68
5.58
2.16
2.40
3.19
0.10
15.64
14.46
10.46
12.39
11.34
11.08
19.71
15.62
18.53
5.31
12.61
14.12
12.35
7.74
15.17
18.13
13.41
11.58
9.30
17.80
13.50
15.47
9.61
11.46
12.25
15.29
8.17
16.26
11.41
12.26
16.33
9.06
28.37
14.86
19.00
5.15
8.46
15.07
16.06
15.13
24.61
14.89
15.35
11.84
11.69
13.78
10.02
14.64
13.47
15.03
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
0.01
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.22
0.00
0.08
0.00
0.00
0.00
0.00
0.01
0.01
0.14
0.01
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.07
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
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
2003
Yield
%
Vol
(1)
Dur
(2)
Type
5.03
3.33
6.92
4.93
16.59
7.47
2.89
7.38
0.82
8.93
5.13
8.41
4.36
9.65
3.80
15.87
2.92
7.91
6.63
2.69
6.07
4.58
6.44
3.75
7.14
4.84
7.44
6.20
2.62
12.26
8.09
5.15
4.33
6.69
2.92
10.08
7.07
8.04
2.69
5.59
3.30
4.54
3.01
10.69
3.99
7.30
10.64
4.26
3.19
4.79
11.97
11.63
9.30
10.91
11.61
9.43
16.14
13.39
15.01
6.14
12.93
12.00
11.65
7.27
16.32
16.91
12.75
9.79
10.24
16.52
11.84
11.65
8.96
11.00
10.54
11.67
8.09
13.10
9.50
10.74
13.38
9.01
22.87
13.62
12.06
7.24
6.78
11.44
11.56
10.06
17.38
11.44
11.00
10.13
9.55
11.50
7.71
11.86
10.38
9.13
0.01
0.03
0.01
0.01
0.00
0.01
0.00
0.00
0.01
0.00
0.01
0.01
0.04
0.01
0.01
0.02
0.01
0.01
0.01
0.01
0.02
0.00
0.00
0.31
0.01
0.00
0.01
0.01
0.00
0.01
0.01
0.01
0.10
0.01
0.01
0.01
0.01
0.00
0.00
0.01
0.01
0.00
0.00
0.00
0.01
0.14
0.01
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
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
Yield
%
Vol
(1)
Yield
since
1996
8.04
3.56
11.85
11.70
16.86
8.02
0.30
11.42
1.49
15.19
1.26
3.88
10.06
27.99
12.62
42.47
2.94
12.94
4.32
16.86
4.84
6.76
12.29
7.46
17.53
6.91
17.11
12.62
5.95
22.49
9.21
6.60
37.68
14.70
4.32
13.87
14.62
9.53
1.23
8.40
11.43
8.64
2.44
6.88
7.28
1.51
12.28
6.57
2.79
10.02
18.08
15.90
13.88
13.94
13.92
13.94
22.66
18.09
20.77
6.81
15.98
20.27
14.47
9.59
13.41
19.69
10.70
8.49
7.48
15.54
16.87
17.38
11.36
13.63
13.79
17.03
9.12
18.49
12.05
16.84
19.72
12.19
32.62
17.88
19.60
6.31
12.99
16.22
18.27
18.03
23.40
17.49
17.84
11.25
12.39
17.99
15.32
15.12
15.22
17.24
29.72
NA
NA
NA
NA
NA
39.41
NA
NA
NA
NA
NA
11.83
NA
NA
NA
NA
NA
NA
NA
29.07
NA
8.52
12.75
NA
NA
3.73
NA
NA
NA
40.92
0.79
76.53
41.47
35.69
26.83
NA
NA
NA
27.86
NA
NA
NA
NA
NA
52.06
22.33
23.53
NA
NA
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
2.25
2.25
2.25
1.50
1.35
1.45
1.35
1.35
1.35
1.35
1.35
1.35
2.00
2.25
1.75
2.00
1.75
1.75
1.75
1.75
2.25
2.25
1.30
1.75
0.40
2.25
1.60
2.00
1.75
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.00
1.75
1.35
1.35
1.35
1.50
1.35
1.35
1.35
1.10
1.75
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
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
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
9.00
0.00
9.00
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
0.00
9.00
9.00
9.00
0.00
9.00
9.00
9.00
0.00
0.00
0.00
Max.
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
2.00
2.00
2.00
2.00
2.00
2.00
0.00
2.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
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
2.00
2.00
2.00
2.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.04
0.15
0.10
0.15
0.05
0.15
0.15
0.15
0.20
0.15
0.15
0.11
0.04
0.10
0.11
0.10
0.10
0.10
0.10
0.15
0.20
0.10
0.05
0.15
0.10
0.09
0.10
0.10
0.05
0.15
0.20
0.20
0.15
0.00
0.00
0.00
0.10
0.10
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
(Continues over)
283
BOLSA INTERNACIONAL FIM

C. INGEN. MERCADOS FIM
C.MANRESA MUNDIBORS.FIM
CAHISPA MULTIFONDO FIMF
CAIXA CAT. MATERIES PRIMERES FIM
CAIXA CAT. SELECCIO ACTIVA 75 FIMF
CAIXA CATALUNYA BORSA MUNDIAL FIM
CAIXA CATALUNYA CONSUM FIM
CAIXA CATALUNYA FINANCER FIM
CAIXA CATALUNYA S. IMMOBILIARI FIMF
CAIXA CATALUNYA SANITAT FIM
CAIXA CATALUNYA TELECOMUNIC. FIM
CAJA INGENIEROS MULTIFONDO FIMF
CAJA LABORAL BOLSA UNIVERSAL 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 GESTION 80 FIM
CANTABRIA BOLSA GLOBAL FIM
CREDIT SUISSE MUNDIFOND FIMF
CRV FONDO MULTIPLE FIMF
CS EUROCEANICO FIMF
CT GLOBAL 100 FIM
DREAM TEAM FONDO FIMF
DWS BOLSA UNIVERSAL FIM
EBANKINTER BOLSA. FIM
ESPIRITO SANTO BOLSA GLOBAL FIM
ESPIRITO SANTO PHARMAFUND. FIM
ESPIRITO SANTO TECNOLOGIA FIM
ESPIRITO SANTO TOP RANKING FIMF
EUROVALOR BOLSA INTERNACIONAL FIM
EUROVALOR SEC.INMOB.FIM
FIBANC GLOBAL RV FIM
FIBANC TITANES FIM
FONBILBAO INTERN. FIM
FONCAIXA 61 TECNOL. FIM
FONCAIXA 73 BOLSA S. FINANCIERO FIM
FONCAIXA 74 BOLSA BLUE CHIPS FIM
FONCAIXA 91 CESTA RV FIMF
FONCAIXA 93 BOLSAS MUNDIALES FIMF
FONDESPAA MULTIFONDOS FIMF
FONDESPAA S. CRECIMIENTO FIM
FONDESPAA SECTORIAL VALOR FIM
2Q
(Continued)
1Q
FONDMAPFRE BOLSA ASIA FIMF

FONDMAPFRE BOLSA GLOBAL FIM
FONDMAPFRE TECNOLOGIA FIM
FONDUERO BOLSA FIM
FONDUERO EUROPA FIM
FONDUERO SECTORIAL FIM
FONPASTOR TECNOLOGIA FIMF
FONPENEDES TECNOLOGIA FIM
GAESCO FONDO DE FONDOS FIMF
GAESCO MULTINACIONAL FIM
GAESCO T.F.T. FIM
GLOBAL BOLSA FIM
HSBC GLOBAL ACCIONES FIM
IBERAG. POPULAR SELECC. VALOR FIMF
IBERAGENTES POPULAR BIOGEN FIMS
IBERCAJA BOLSA INTERNACIONAL FIM
IBERCAJA FINANCIERO FIM
IBERCAJA NUEVAS OPORTUNIDADES FIM
IBERCAJA PETROQUIMICO FIM
IBERCAJA SANIDAD FIM
IBERCAJA SELECCION BOLSA FIMF
IBERCAJA TECNOLOGICO FIM
ING DIRECT NARANJA RV GLOBAL FIMF
INGENIEROS BOLSA
MULTISECTORIAL FIM
INTERVALOR FONDOS FIMF
KUTXACRECIMIENTO FIM
KUTXAOPPORTUNITIES FIMF
KUTXARENDIMIENTO FIM
KUTXAVALORINTER FIM
MADRID FARMACIA GLOBAL FIM
MADRID SECTOR FINANCIERO
GLOBAL FIM
MADRID TECNOLOGICO GLOBAL FIM
MADRID TELECOMUNIC. GLOBAL FIM
MARCH GLOBAL FIM
MARCH MULTIFONDO RVI FIMF
MARCH PREMIER BOLSA FIM
MORGAN STANLEY F. SECTORIAL FIMF
MORGAN STANLEY FONDOS
AGRESIVO FIMF
MORGAN STANLEY FONDOS RV FIMF
MORGAN STANLEY INTERNET FIM
MS MULTIGESTION AGRESIVO FIMF
MUTUAFONDO BOLSA FIM
MUTUAFONDO FONDOS FIMF
MUTUAFONDO GESTION ACCIONES FIMF
2Q
Yield
%
Vol
(1)
Dur
(2)
Type
10.19
8.09
2.08
7.47
7.54
5.24
1.81
NA
NA
9.45
9.23
15.45
5.39
8.82
9.76
7.40
0.64
12.50
10.81
8.81
8.42
4.89
8.45
5.33
8.84
16.95
25.99
30.96
16.90
16.90
19.12
15.00
NA
NA
37.60
16.60
35.89
26.81
24.25
25.42
14.48
17.81
25.09
27.27
37.99
22.07
21.40
26.41
30.67
21.04
0.00
0.00
0.00
0.00
0.00
0.00
0.01
NA
NA
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.01
0.00
0.00
0.00
0.01
0.00
7.10
8.29
7.73
8.92
7.04
10.19
4.51
7.42
26.06
14.95
29.64
17.19
18.88
23.68
22.47
23.31
10.34
5.76
9.45
4.45
10.71
4.92
8.17
11.26
8.93
4.48
1.38
7.63
4.71
5.18
3Q
Vol
(1)
Dur
(2)
Type
RVIO 7.42
RVIO 10.75
RVIO 17.12
RVIO 10.04
RVIO 9.98
RVIO 7.20
RVIO 7.96
NA
NA
RVIO 29.97
RVIO 13.08
RVIO 21.23
RVIO 16.97
RVIO 11.79
RVIO 12.52
RVIO 8.45
RVIO 11.42
RVIO 14.13
RVIO 20.19
RVIO 27.80
RVIO 8.49
RVIO 6.94
RVIO 15.51
RVIO 15.67
RVIO 9.15
10.68
17.39
23.25
15.47
15.49
14.55
9.84
19.14
15.18
28.12
12.55
27.11
21.78
12.25
15.62
11.78
14.50
18.91
20.25
25.99
13.58
16.84
17.85
21.31
14.87
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
0.01
0.00
0.01
0.00
0.00
0.00
0.00
0.01
0.00
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
10.02
11.61
12.97
15.04
12.56
10.45
6.38
10.22
18.71
10.43
20.68
13.56
11.89
16.75
18.25
16.31
27.99
28.03
27.04
20.49
18.09
20.51
19.82
0.00
0.00
0.00
0.00
0.01
0.01
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
14.07
10.37
13.61
10.80
12.75
11.27
12.10
25.71
20.17
34.48
8.84
21.30
20.19
11.32
0.00
0.00
0.00
0.00
0.01
0.00
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
12.87
10.32
20.48
11.10
12.34
11.43
10.81
Yield
%
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
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
11.23
0.15
11.34
1.86
2.04
2.02
5.16
3.47
2.64
13.73
6.20
3.69
8.41
2.15
0.85
2.34
0.39
2.09
2.25
7.37
0.72
4.35
2.58
4.68
2.47
13.66
13.38
24.72
12.54
12.66
12.64
17.97
13.90
10.80
19.17
11.94
21.63
20.50
13.52
14.09
9.65
10.13
17.14
17.08
19.52
12.85
13.35
15.02
22.10
13.97
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
0.01
0.00
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
1.12
2.98
2.27
11.08
1.62
1.37
3.99
1.44
14.44
7.47
20.39
14.42
9.08
15.19
15.00
14.39
19.58
20.46
20.10
13.98
11.09
14.04
14.78
0.00
0.00
0.00
0.01
0.01
0.01
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
0.69
6.92
1.03
1.31
2.83
1.85
2.05
17.87
15.43
25.20
16.04
15.01
12.10
11.02
0.00
0.00
0.00
0.00
0.01
0.01
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
2.82
2.50
8.75
1.31
2.07
5.27
5.76
2003
Yield
%
Vol
(1)
Yield
since
1996
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
10.38
10.05
37.50
11.77
12.20
14.28
15.92
NA
NA
41.41
14.99
18.70
29.51
11.24
7.13
6.37
18.45
7.51
18.92
42.85
8.44
1.57
17.85
19.65
5.43
14.77
17.84
25.05
14.31
14.53
14.85
13.86
14.61
11.32
27.26
13.26
26.41
21.74
16.04
17.36
11.31
13.68
19.16
20.25
26.16
15.49
16.41
18.64
23.37
15.85
0.05
0.01
0.00
0.00
0.00
0.00
0.00
0.01
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
11.62
17.58
14.38
10.69
8.84
10.63
10.60
0.00
0.00
0.01
0.01
0.01
0.01
0.02
11.02
12.95
19.82
10.39
11.16
12.09
10.34
0.00
0.00
0.01
0.00
0.02
0.00
0.02
Yield
%
Vol
(1)
Dur
(2)
Type
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
2.86
8.28
7.69
11.85
12.64
14.82
3.99
7.55
5.47
5.66
5.50
11.68
7.95
11.52
6.42
3.51
6.58
5.45
8.50
14.16
9.94
1.17
8.64
4.37
3.40
16.52
10.69
19.96
11.32
12.19
11.75
11.00
11.13
8.12
19.66
10.84
16.78
16.50
10.04
10.60
8.16
10.86
13.29
13.48
15.07
10.89
12.55
11.94
17.36
11.92
0.00
0.00
0.00
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.01
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
0.00
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
5.69
2.65
4.45
2.41
6.73
4.84
0.37
8.35
12.42
6.37
14.84
12.99
7.21
12.56
14.20
11.37
15.27
23.84
18.45
12.58
10.95
12.42
13.65
0.00
0.00
0.00
0.01
0.00
0.01
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
7.98
4.66
5.50
10.34
8.49
10.41
5.34
14.44
14.29
26.16
13.06
13.37
12.22
11.72
0.00
0.00
0.00
0.00
0.01
0.00
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
7.14
4.18
9.54
6.61
11.53
4.87
4.32
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
NA
NA
NA
39.05
29.06
26.13
NA
NA
NA
NA
7.69
NA
43.28
36.56
21.45
22.35
NA
16.84
NA
NA
NA
NA
NA
NA
NA
1.75
2.25
2.25
2.00
2.00
2.25
1.50
2.00
1.75
2.25
1.50
2.25
2.25
1.75
2.15
2.25
1.80
1.80
1.90
1.90
1.90
1.90
2.25
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
1.50
1.50
2.00
0.00
0.00
3.00
1.00
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
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.20
0.20
0.20
0.00
0.10
0.40
0.20
0.05
0.05
0.00
0.10
0.10
0.10
0.17
0.15
0.10
0.03
0.20
0.20
0.20
0.20
0.20
0.20
0.20
0.00
9.22
8.20
11.35
19.20
9.86
5.42
2.11
12.14
18.65
NA
10.42 23.35
22.04
NA
14.74
NA
12.62
NA
17.57 31.01
17.77
NA
16.95
NA
2.25
1.00
2.25
2.25
2.25
2.25
2.25
1.75
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
2.00
2.00
3.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.09
0.10
0.06
0.20
0.03
0.05
0.01
0.00
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
9.68
16.39
9.66
18.34
12.30
18.96
10.66
19.63 26.42
22.82
NA
20.54
NA
14.92 28.30
12.83
NA
14.90
NA
15.13
NA
2.20
2.25
2.25
2.25
1.75
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
3.00
4.00
3.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.09
0.02
0.05
0.20
0.10
0.10
0.15
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
RVIO
10.34
7.28
37.10
18.33
18.13
17.23
15.93
18.15
NA
15.99 9.84
26.94
NA
12.43
NA
15.72 19.77
14.59
NA
11.17
NA
1.35
0.00
2.25
0.00
0.30
0.30
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
0.15
0.12
0.15
0.10
0.02
0.02
0.02
(Continues over)
284
A.4.8.
(Continued)
A.4.8.
1Q
Yield
%
Vol
(1)
Dur
(2)
Type
1.98
9.62
7.48
11.16
11.44
11.62
2.01
10.56
3.79
1.69
5.87
8.23
8.29
16.73
7.76
8.17
8.32
13.55
9.05
4.44
7.17
7.32
7.62
8.47
5.82
2.24
5.19
9.86
31.24
31.26
38.18
31.36
25.51
26.14
4.69
22.91
19.76
30.38
16.49
23.24
27.73
26.03
22.46
21.16
24.22
29.37
25.06
18.96
16.34
15.71
31.96
22.26
10.05
6.10
22.36
19.61
0.00
0.00
0.00
0.00
0.00
0.00
0.40
0.00
0.00
0.01
0.00
0.00
0.00
0.01
0.01
0.01
0.01
0.00
0.01
0.01
0.00
0.00
1.21
0.01
0.01
0.00
0.00
2.18
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
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
15.76
14.84
16.87
9.08
11.61
12.43
3.86
11.03
5.91
11.74
13.71
8.29
10.48
10.08
8.09
8.50
15.02
15.85
9.95
6.07
8.91
8.07
10.39
8.80
8.15
6.70
10.84
11.00
24.82
22.30
26.60
21.24
17.40
17.76
3.70
16.42
9.65
22.40
12.86
15.32
20.57
15.31
15.73
14.97
17.90
21.36
17.84
17.22
12.83
12.32
24.61
15.03
9.99
3.71
15.10
13.73
0.01
0.00
0.00
0.00
0.00
0.00
0.37
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.00
0.01
0.01
0.20
0.01
0.00
0.00
1.11
0.01
0.01
7.13
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
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
9.42
0.04
5.14
3.75
0.98
2.61
1.12
2.07
1.54
7.31
0.57
1.22
2.15
0.86
1.48
2.52
0.57
3.01
1.76
5.68
3.69
3.07
9.50
0.31
1.09
3.01
2.52
6.17
22.78
15.27
24.34
18.11
13.17
14.14
6.44
13.43
6.33
25.21
9.38
14.61
18.80
14.10
13.90
12.81
12.31
16.45
16.00
13.14
12.48
11.99
26.66
14.19
9.98
3.26
12.59
11.19
0.00
0.00
0.00
0.00
0.00
0.00
0.47
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.30
0.00
0.00
0.00
0.04
0.01
0.01
7.05
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
2003
Yield
%
Vol
(1)
Dur
(2)
Type
5.19
8.05
7.72
8.29
8.21
6.89
7.44
6.11
5.16
9.09
3.88
3.32
3.34
10.07
1.82
3.01
8.98
7.25
4.38
1.85
4.19
3.54
3.68
3.87
6.20
5.98
5.93
8.37
18.77
13.90
20.12
14.44
11.27
11.13
6.19
10.45
4.99
19.35
9.04
10.60
15.00
11.20
11.19
12.29
9.95
14.26
13.01
13.35
11.19
10.75
21.31
10.51
9.43
2.97
10.89
9.63
0.02
0.01
0.00
0.01
0.01
0.01
0.79
0.00
0.01
0.01
0.02
0.01
0.00
0.01
0.01
0.01
0.01
0.01
0.13
0.01
0.01
0.01
0.69
0.01
0.01
6.29
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
Yield
%
Vol
(1)
Yield
since
1996
30.60
12.10
22.46
8.87
8.01
8.98
8.12
7.56
8.80
33.02
11.83
3.93
6.96
0.03
3.01
5.23
15.56
10.66
6.22
2.63
9.22
6.89
15.76
3.11
9.36
13.88
8.52
15.11
24.81
21.82
28.11
22.21
17.75
18.23
5.44
16.51
11.68
24.65
12.37
16.60
21.04
17.69
16.36
15.73
17.06
21.24
18.53
15.87
13.39
12.86
26.43
16.09
9.93
4.25
15.87
14.13
NA
NA
NA
27.84
20.64
NA
31.48
NA
NA
NA
NA
NA
NA
NA
35.02
NA
27.04
NA
37.61
37.52
NA
29.33
57.81
13.02
NA
NA
35.61
12.82
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
0.30
1.60
1.60
2.00
2.10
0.00
1.35
1.75
2.25
2.25
0.00
2.25
2.25
1.90
1.35
1.35
1.50
1.90
2.05
1.90
0.32
1.88
1.90
1.50
1.45
1.60
2.25
2.23
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
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
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
3.00
3.00
0.00
0.00
0.00
0.00
1.00
3.00
3.00
5.00
3.00
3.00
0.00
0.00
0.00
2.00
1.50
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
5.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.02
0.12
0.12
0.15
0.15
0.10
0.12
0.05
0.13
0.13
0.20
0.20
0.00
0.10
0.15
0.15
0.20
0.10
0.20
0.10
0.09
0.01
0.10
0.20
0.20
0.10
0.20
0.20
285
(Continues over)
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
PSN PLAN INVERSION FIMS
RENTA 4 ECOFONDO FIM
RENTA 4 TECNOLOGIA FIM
RURAL CESTA DECIDIDA 80 FIMF
RURAL RV INTERNAC. FIM
RURAL TECNOLOGICO RV FIM
SABADELL SECTOR FINANCIERO FIM
SAFEI FONDEFON MUNDIAL FIMF
SAFEI GLOBAL INVERSION FIMF
SBP SABADELL BOLSA 1 FIM
SCH FINANCIERO FIM
SCH INTERNACIONAL ACCIONES FIM
SCH SALUD FIM
SCH SELECCION FONDOS GLOBAL FIMFP
SCH SELECCION GLOBAL FIMS
SCH TECNOLOGICO FIM
SEGURFONDO BOLSA FIM
UNIFOND BOLSA GLOBAL FIMF
URQUIJO GLOBAL FIM
VALENCIA INTERNAC. FIM
2Q
(Continued)
1Q
Guaranteed fixed-income FIM
(GRF)
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 RENTAS DIC2003 FIM
BANKINTER GARANT. 4 FIM
BARCLAYS INTERES GARANTIZADO
1 FIM
2 FIM
3 FIM
6 FIM
BBK GARANTIZADO 1 FIM
BBVA 100 POR 100 FIM
BBVA 2005 FIM
BBVA 2007 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
BBVA BONO 2005 E FIM
BBVA BONO 2005 FIM
BBVA BONO 2007 FIM
BBVA DOBLEBEX FIM
BBVA EXTRA TESORERIA FIM
BBVA FONDPLAZO 2005 B FIM
BBVA FONDPLAZO 2005 FIM
BBVA FONDPLAZO 2006 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 RENTAS CRECIENTE 2006 B FIM
BBVA RENTAS CRECIENTE 2006 C FIM
2Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.42
0.67
0.80
0.60
0.84
0.10
0.75
0.27
0.38
0.36
0.29
0.79
0.57
0.30
0.70
1.32
0.56
0.53
1.51
0.40
1.03
0.73
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
GRF
GRF
GRF
GRF
GRF
0.42
0.66
0.53
0.53
0.64
3.32
0.67
0.12
1.38
0.25
0.07
0.56
0.34
0.07
0.48
2.20
0.75
1.54
GRF
GRF
GRF
1.48
0.43
0.99
1.94
0.33
0.78
0.33
0.09
GRF
0.52
1.19
1.54
0.14
GRF
0.60
5.65
0.07
1.18
0.86
0.96
0.57
1.18
1.23
2.04
0.67
0.78
0.91
0.92
0.66
0.92
1.29
1.32
1.30
1.39
1.29
1.91
1.75
0.69
1.09
3.01
2.33
1.78
1.78
1.56
1.45
1.48
1.39
1.52
1.50
1.55
1.25
2.99
0.28
1.26
0.97
1.21
9.90
0.78
1.84
4.05
0.56
0.94
0.88
0.94
0.79
1.41
1.92
2.05
2.04
2.20
1.65
3.94
3.64
7.13
0.95
3.28
4.05
3.56
3.27
3.14
2.59
2.62
2.40
2.53
2.13
2.18
1.80
3.15
0.20
1.80
1.42
1.66
0.14
0.84
2.37
4.70
0.96
1.31
1.22
1.28
1.19
1.91
2.40
2.48
2.51
2.58
2.14
4.80
3.72
0.20
0.01
2.90
2.98
4.26
3.98
3.71
2.94
2.96
2.95
2.92
2.50
2.52
2.22
2.69
0.01
4Q
2003
% fees
Yield
%
Vol
(1)
Yield
since
1996
GRF
GRF
GRF
GRF
GRF
2.00
1.94
2.28
1.64
2.28
1.61
0.53
0.15
0.19
0.26
17.05
NA
NA
5.81
6.35
0.95
0.50
0.75
1.00
0.40
1.49
0.04
0.80
GRF
GRF
GRF
3.06
1.38
1.97
1.65
0.26
0.73
17.39
NA
14.50
0.12
0.02
GRF
1.93
0.22
0.31
1.22
0.14
GRF
3.15
GRF
0.39
4.42
0.17
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
GRF
GRF
GRF
GRF
GRF
0.16
0.13
0.06
0.36
0.26
0.02
0.58
0.21
0.07
0.26
0.26
0.02
0.05
0.08
0.06
0.11
0.11
0.01
0.73
0.68
0.48
0.07
0.17
0.22
0.72
0.54
0.53
0.21
0.23
0.29
0.21
0.10
0.06
0.04
0.05
0.04
0.81
0.41
0.59
1.14
4.56
1.06
2.98
9.66
0.32
0.28
0.25
0.21
0.72
1.27
1.42
1.42
1.54
1.19
3.13
2.99
1.41
1.21
1.70
1.87
2.87
2.77
2.38
1.90
1.93
1.79
1.88
1.44
1.49
1.23
1.60
1.78
1.14
0.75
0.93
1.43
0.23
1.43
3.98
0.09
0.49
0.45
0.46
0.45
1.05
1.64
1.80
1.81
1.92
1.47
4.01
3.05
0.02
1.58
2.11
2.36
3.78
3.35
3.01
2.30
2.28
2.28
2.32
1.81
1.82
1.55
2.04
2.28
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
GRF
GRF
Yield
%
Vol
(1)
Dur
(2)
Type
Yield
%
Vol
(1)
Dur
(2)
Type
GRF
GRF
GRF
GRF
GRF
0.25
0.27
0.49
0.34
0.39
2.05
0.32
1.58
3.06
0.26
0.00
0.32
0.10
0.00
0.25
GRV
GRF
GRF
GRF
GRF
0.89
0.33
0.44
0.16
0.39
3.20
1.51
2.73
1.82
2.02
2.81
0.08
0.01
0.01
0.01
1.97
0.53
1.30
GRF
GRF
GRF
0.13
0.19
0.18
1.58
5.28
0.52
1.73
0.28
1.04
GRF
GRF
GRF
0.10
0.19
0.26
1.52
2.97
0.42
0.22
0.08
GRF
0.41
0.14
0.04
GRF
0.25
1.34
1.21
0.14
GRF
0.28
1.32
0.14
GRF
GRF
1.35
3.48
0.10
GRF
0.09
2.40
0.10
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
1.00
0.70
0.85
0.51
0.75
1.15
2.19
0.53
0.64
0.76
0.73
0.51
0.89
1.24
1.27
1.25
1.32
1.22
2.03
1.98
0.56
1.23
1.42
1.52
1.94
1.84
1.62
1.51
1.56
1.35
1.52
1.40
1.43
1.16
1.45
1.50
1.11
0.76
1.00
2.06
0.34
1.73
3.93
0.29
0.69
0.60
0.60
0.62
1.24
1.76
1.87
1.89
2.03
1.51
4.05
3.88
4.51
1.63
2.25
2.40
3.59
3.37
3.03
2.44
2.42
2.30
2.37
1.89
1.99
1.65
2.10
2.31
1.56
1.20
1.45
0.01
0.61
2.21
4.51
0.57
1.08
0.99
0.97
0.99
1.65
2.18
2.27
2.29
2.39
1.93
4.57
3.53
0.44
2.00
2.60
2.76
4.15
3.79
3.49
2.72
2.77
2.72
2.72
2.26
2.32
2.00
2.49
2.69
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
GRF
GRF
GRF
GRF
GRF
0.28
0.15
0.17
0.14
0.28
0.07
0.32
0.28
0.08
0.26
0.25
0.02
0.00
0.03
0.09
0.06
0.04
0.23
0.34
0.32
0.47
0.22
0.02
0.01
0.25
0.03
0.17
0.01
0.00
0.01
0.00
0.24
0.20
0.13
0.13
0.07
1.12
0.55
0.84
1.56
0.12
1.49
3.81
0.14
0.47
0.39
0.38
0.40
1.00
1.74
1.87
1.88
2.02
1.54
3.93
3.77
2.85
1.61
2.25
2.48
3.56
3.39
2.95
2.50
2.54
2.25
2.44
1.88
2.00
1.62
2.11
2.42
1.35
0.97
1.23
1.67
0.40
1.65
4.17
0.37
0.79
0.75
0.71
0.72
1.29
1.89
2.04
2.07
2.16
1.66
4.23
3.34
0.24
1.83
2.39
2.59
3.96
3.56
3.23
2.57
2.58
2.52
2.54
2.02
2.09
1.81
2.28
2.50
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
0.00
0.00
0.00
0.00
0.00
5.00
3.00
3.00
5.00
3.00
5.00
3.00
3.00
5.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.20
0.15
0.15
0.20
0.10
0.50
1.07
0.70
0.00
0.00
0.00
0.00
2.00
2.00
0.00
2.00
2.00
0.00
5.00
5.00
0.00
0.00
5.00
0.05
0.10
0.20
NA
0.60
0.00
0.00
0.00
0.00
0.00
0.10
1.33
NA
0.50
0.00
0.50
0.50
3.00
3.00
0.10
1.46
3.07
NA
0.50
0.00
3.00
3.00
0.25
0.25
0.10
2.63
1.85
2.06
1.31
2.50
2.45
3.35
1.71
1.57
2.21
2.18
1.22
1.77
2.49
2.64
2.52
2.66
2.76
2.86
2.72
2.21
2.63
4.32
3.66
2.75
3.06
2.49
2.75
2.83
2.44
2.85
3.26
3.28
2.52
4.58
1.81
1.09
0.70
0.94
0.97
0.43
1.56
3.72
0.33
0.65
0.58
0.61
0.55
1.12
1.69
1.82
1.83
1.97
1.49
3.79
3.59
0.04
1.38
2.45
2.82
3.42
3.22
2.90
2.38
2.40
2.20
2.32
1.85
1.94
1.59
2.32
1.90
NA
NA
NA
NA
13.16
NA
17.78
13.47
14.45
16.29
15.83
13.66
12.46
NA
NA
14.38
NA
16.34
15.47
16.76
17.26
NA
9.61
9.20
16.05
18.86
15.77
NA
19.46
17.49
22.13
14.64
8.00
15.56
20.15
10.15
0.65
1.18
1.05
0.40
1.00
1.00
1.10
0.90
1.30
0.70
0.70
1.60
1.40
1.20
1.20
1.15
1.20
0.90
1.40
1.50
0.10
0.70
1.15
1.05
1.40
0.90
1.40
1.20
1.15
1.15
1.15
0.46
0.55
1.20
0.75
0.67
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
2.00
2.00
2.00
2.00
0.00
2.00
2.00
2.00
2.00
0.00
0.00
3.00
0.00
5.00
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
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
2.00
0.00
0.00
0.25
1.50
1.50
5.00
2.00
2.00
3.00
3.00
2.00
2.00
2.00
0.00
3.00
0.00
0.00
2.00
5.00
3.00
3.00
5.00
0.00
5.00
3.00
5.00
1.00
3.00
1.00
0.00
2.00
2.00
2.00
0.00
0.00
0.00
3.00
5.00
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
0.00
0.00
0.10
0.10
0.10
0.10
0.20
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
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
(Continues over)
286
A.4.8.
(Continued)
A.4.8.
1Q
(GRF)
Yield
%
Vol
(1)
Dur
(2)
1.20
1.21
0.94
0.70
1.03
0.91
0.95
0.77
0.74
0.79
0.81
0.97
1.20
1.28
1.16
0.86
1.27
0.47
0.77
0.56
0.97
NA
NA
1.32
1.95
0.58
1.92
0.07
1.18
0.97
0.98
0.57
1.55
0.54
0.93
NA
1.09
0.55
0.65
0.90
1.53
NA
NA
NA
NA
1.09
0.58
0.78
1.21
0.94
NA
NA
2.78
2.77
1.17
0.42
1.25
1.24
1.17
0.39
0.41
0.65
0.88
1.17
1.28
1.41
1.53
0.70
3.42
0.10
0.61
6.36
0.58
0.96
NA
1.45
1.54
1.31
1.82
0.47
1.75
0.34
0.32
1.68
1.59
0.21
0.72
NA
0.70
0.12
1.18
0.50
2.02
6.49
NA
NA
NA
1.15
0.17
0.43
1.68
0.68
NA
NA
3.87
3.86
1.70
0.91
1.77
1.76
1.73
0.64
0.82
1.11
1.36
1.74
1.90
1.94
2.12
1.04
2.27
0.21
0.74
0.13
0.93
0.02
NA
1.65
2.01
1.71
2.37
0.48
3.16
0.76
0.87
2.50
1.89
0.50
0.90
NA
1.07
0.31
1.65
0.95
1.26
0.00
NA
NA
NA
1.69
0.30
0.78
1.71
0.07
NA
NA
Type
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
3Q
Yield
%
Vol
(1)
Dur
(2)
1.93
1.92
0.77
0.59
0.85
0.75
0.79
0.51
0.54
0.58
0.60
0.72
1.05
1.07
1.08
0.62
1.27
0.54
0.94
0.71
0.77
1.01
NA
1.71
1.27
0.73
1.57
0.30
1.36
0.86
0.70
1.97
1.13
0.39
0.49
NA
0.77
0.37
0.88
0.68
0.85
0.96
NA
NA
NA
0.87
0.61
0.58
1.21
1.44
NA
NA
2.53
2.54
1.05
0.29
1.07
1.05
1.06
0.53
0.25
0.47
0.69
1.05
1.16
1.27
1.49
0.45
2.67
0.22
0.44
0.49
0.57
0.53
NA
1.49
1.50
1.06
1.73
0.21
1.50
0.55
0.25
1.52
1.24
8.31
0.54
NA
0.52
0.21
1.07
0.42
0.57
1.81
1.76
NA
NA
1.03
5.88
0.32
0.83
0.96
NA
NA
3.65
3.65
1.49
0.69
1.52
1.51
1.52
0.40
0.56
0.88
1.11
1.46
1.61
1.70
1.89
0.79
2.13
0.00
0.78
0.67
0.71
0.89
NA
1.53
1.98
1.45
2.23
0.44
2.87
0.54
0.64
2.30
1.63
0.25
0.66
NA
0.86
0.03
1.43
0.72
1.03
2.45
0.19
NA
NA
1.48
0.05
0.55
1.48
4.06
NA
NA
Type
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
4Q
Yield
%
Vol
(1)
Dur
(2)
0.14
0.14
0.09
0.28
0.19
0.08
0.10
0.64
0.28
0.19
0.12
0.16
0.32
0.34
0.21
0.31
0.10
0.25
0.41
0.51
0.36
0.49
NA
0.59
0.23
0.02
0.25
0.06
0.12
0.53
0.38
0.62
0.00
0.33
0.33
NA
0.43
0.77
0.19
0.37
0.35
0.06
0.75
NA
NA
0.23
0.45
0.28
0.18
0.29
NA
NA
2.53
2.52
0.90
0.23
0.94
0.93
0.90
7.94
6.20
0.29
0.54
0.91
1.04
1.13
1.45
0.25
2.98
0.83
0.26
0.33
0.21
0.29
4.57
1.06
1.26
0.82
1.56
6.95
1.51
0.14
0.13
1.39
1.44
8.92
0.12
NA
0.39
0.85
1.01
0.20
0.43
3.15
0.65
0.22
NA
1.03
0.19
0.11
0.96
1.04
0.54
NA
3.42
3.40
1.26
0.28
1.29
1.28
1.24
0.17
0.32
0.63
0.90
1.25
1.39
1.44
1.69
0.53
1.98
0.93
0.56
0.60
0.48
0.65
0.00
1.33
1.81
1.21
2.06
0.23
2.62
0.32
0.48
2.07
1.40
0.03
0.41
NA
0.64
1.22
1.22
0.47
0.80
2.33
0.91
0.12
NA
1.24
0.00
0.32
1.24
3.84
2.88
0.00
Type
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
2003
Yield
%
Vol
(1)
Dur
(2)
Type
0.39
0.40
0.03
0.29
0.12
0.01
0.03
1.40
0.29
0.18
0.08
0.04
0.22
0.25
0.02
0.34
0.56
0.11
0.21
0.20
0.24
0.19
0.38
0.41
0.25
0.00
0.33
0.94
0.03
0.53
0.40
0.29
0.02
0.25
0.41
NA
0.35
0.25
0.13
0.38
0.31
0.57
0.33
0.67
NA
0.15
0.31
0.29
0.18
0.28
0.15
0.42
2.11
2.09
0.66
8.87
0.67
0.66
0.67
1.70
8.37
0.17
0.39
0.65
0.78
0.84
1.12
0.10
1.90
0.49
0.18
0.27
0.19
0.25
3.55
1.13
1.07
0.53
1.30
1.24
1.24
3.65
3.47
0.96
0.78
1.35
2.60
2.64
0.16
0.92
0.54
1.95
0.29
1.78
0.29
0.42
1.89
1.14
1.73
3.55
0.71
0.74
2.07
1.78
3.10
3.14
1.02
0.05
1.04
1.03
1.02
0.05
0.07
0.39
0.66
1.01
1.17
1.24
1.47
0.00
2.04
0.74
0.36
0.39
0.23
0.46
0.01
1.13
1.41
0.98
1.75
0.06
2.47
0.08
0.24
1.84
1.16
0.01
0.17
0.02
0.41
1.00
1.01
0.23
0.55
2.07
0.68
0.84
0.04
1.01
0.01
0.10
1.00
3.61
2.73
2.69
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
Yield
%
Vol
(1)
Yield
since
1996
2.60
2.59
1.85
1.88
2.21
1.77
1.87
3.36
1.86
1.75
1.63
1.90
2.81
2.97
2.44
2.13
2.07
1.37
2.34
1.99
2.36
NA
NA
3.24
3.22
1.30
3.44
1.38
2.65
2.92
2.48
3.49
2.71
1.51
2.18
NA
2.67
1.95
1.86
2.34
3.08
NA
NA
NA
NA
2.36
1.96
1.93
2.80
2.98
NA
NA
2.51
2.50
0.96
0.28
1.00
0.99
0.97
0.92
0.24
0.44
0.65
0.97
1.08
1.18
1.41
0.44
2.80
0.50
0.41
0.33
0.43
0.47
3.87
1.31
1.37
0.97
1.62
0.67
1.52
0.33
0.22
1.42
1.30
0.11
0.45
2.64
0.49
0.64
0.98
0.34
1.08
2.25
0.49
0.40
1.89
1.09
0.13
0.28
1.11
0.88
1.60
1.78
13.12
13.34
18.39
13.55
19.86
18.91
18.10
NA
NA
NA
16.46
NA
NA
22.88
NA
13.54
20.54
NA
NA
NA
NA
NA
NA
NA
15.55
NA
14.97
12.31
16.87
NA
NA
14.13
15.56
NA
NA
NA
16.74
NA
15.94
NA
NA
NA
NA
NA
NA
22.80
18.01
13.33
13.74
NA
NA
NA
% fees
Management
Front end
Back end
Custody
of assets of yield
Mx.
Min.
1.40
1.40
1.27
0.65
0.94
1.39
1.27
0.00
0.65
0.90
1.25
1.25
0.47
0.36
0.80
0.50
0.73
0.45
0.45
0.45
0.45
0.45
0.45
0.95
0.90
1.25
0.70
1.10
1.00
0.40
0.40
1.10
1.30
0.80
0.45
0.20
0.70
0.30
0.90
0.38
0.40
0.50
0.65
0.65
0.65
0.80
0.50
0.95
0.60
0.67
0.40
0.60
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
0.00
3.00
1.00
1.00
1.00
1.00
1.00
1.00
3.00
3.00
3.00
3.00
0.00
3.00
3.00
3.00
3.00
1.00
0.00
5.00
0.00
2.00
5.00
2.00
4.00
4.00
4.00
3.00
3.00
0.00
2.00
1.00
3.00
0.00
0.00
5.00
5.00
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
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
3.00
3.00
3.00
3.00
1.00
0.00
5.00
0.00
0.00
5.00
2.00
4.00
4.00
4.00
3.00
3.00
0.00
0.00
0.00
3.00
0.00
0.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Max.
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
0.00
5.00
1.00
1.00
1.00
1.00
1.00
1.00
0.50
2.00
0.50
2.00
0.00
3.00
3.00
3.00
2.00
1.00
0.00
2.00
0.00
2.00
5.00
0.00
4.00
4.00
4.00
3.00
3.00
0.00
0.00
0.00
0.00
1.00
3.00
3.00
3.00
Min.
0.00
0.00
0.50
0.00
0.50
0.50
0.50
0.00
0.50
0.50
0.50
0.00
0.50
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
3.00
3.00
3.00
2.00
1.00
0.00
2.00
0.00
0.00
5.00
0.00
4.00
4.00
4.00
3.00
3.00
0.00
0.00
0.00
0.00
1.00
3.00
3.00
3.00
0.10
0.10
0.10
0.25
0.10
0.10
0.10
0.00
0.25
0.25
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
0.10
0.10
0.20
0.20
0.10
0.15
0.10
0.10
0.13
0.20
0.05
0.05
0.05
0.00
0.10
0.09
0.00
0.00
0.00
0.05
0.05
0.05
0.10
0.10
0.00
0.15
0.13
0.10
0.10
(Continues over)
287
BBVA TRANQUILIDAD I FIM

BBVA TRANQUILIDAD II FIM
BCH 2000B FIM
BCH 2004A FIM
BCH 4 FIM
BCH 5 B FIM
BCH 5A FIM
BCH RENTAS 3 C 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
BK FT GARANTIA FIM
BSN 20061 FIM
CAIXA CATALUNYA 1A FIM
CAIXA CATALUNYA 1B FIM
CAIXA CATALUNYA 1C FIM
CAIXA CATALUNYA 1D FIM
CAIXA CATALUNYA 1E FIM
CAIXA CATALUNYA DOBLE FIM
CAIXA CATALUNYA PREVISIO FIM
CAIXA GALICIA BETA GARANTIA FIM
CAIXAMANRESA GARANTIT 1 FIM
CAJA LABORAL RENTA ASEGURADA I FIM
CAJA LABORAL RENTA FIM
CAJAINVEST 1 FIM
CAM FUTURO GARANTIZADO 2 FIM
CG DELTA FUTURO FIM
COOPVALOR V FIM
CT CLASSIC 1 FIM
DOBLEMED FIM
EUROVALOR RENTA AO 3 FIM
F. EXTREMADURA GARANTIZADO II FIM
F. EXTREMADURA GARANTIZADO III FIM
F. EXTREMADURA GARANTIZADO IV FIM
F.VALENCIA GARAN. 2 FIM
FON FINECO II GARANTIZADO FIM
FONCAIXA FUTURO 27 FIM
FOND C.C.M. FIM
FOND C.C.M. RENTAS FIM
FONDESPAA RENTA FIJA 1 FIM
2Q
(Continued)
1Q
(GRF)

FONDESPAA SEMESTRAL GTZO FIM
FONDO EXTREMADURA GARANTIZADO
I FIM
FONDO NUEVO FIM
FONDUERO INTERES GARANTIZADO
1 FIM
FONDUERO INTERES GARANTIZADO
2 FIM
FONGENERAL RF PRIVADA GTZO FIM
FONMIX LAIETANA DOS FIM
FONMIX LAIETANA FIM
FONPENEDES GARANTIT FIM
FONPENEDES INTERES GARANTIT
1 FIM
2 FIM
3 FIM
HERRERO FONPLAZO 2 FIM
HERRERO FONPLAZO 5 FIM
HERRERO FONPLAZO III FIM
HERRERO FONPLAZO IV FIM
KUTXAGARANTIZADO2 FIM
KUTXAINDEX4 FIM
KUTXASEG1 FIM
MADRID CRECIMIENTO II FIM
MADRID FONDLIB.2004.FIM
MADRID FONDLIBRETA 2003 FIM
MORGAN STANLEY FONDGARANT.
2005 FIM
PASTOR FIJO 10 FIM
PASTOR FIJO 3 FIM
PASTOR FIJO 4 FIM
PASTOR FIJO 5 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 GARANTIZADO RENTA FIJA
II FIM
RURAL REN.PERI.5 G. FIM
RURALDEUDA FIM
SABADELL BS GARANTIA ANUAL 2 FIM
SBD GARANTIA ANUAL 3 FIM
2Q
Yield
%
Vol
(1)
Dur
(2)
NA
0.53
NA
1.93
NA
0.28
NA
1.76
NA
1.92
1.85
3Q
Yield
%
Vol
(1)
Dur
(2)
GRF
NA
0.56
NA
3.30
NA
0.05
NA
2.42
GRF
NA
2.74
1.85
1.89
2.32
1.54
GRF
1.01
0.75
NA
NA
6.76
2.50
0.47
NA
NA
12.79
3.83
0.81
NA
NA
0.00
4.60
GRF
0.65
0.36
0.74
4Q
2003
Yield
%
Vol
(1)
Yield
since
1996
GRF
GRF
NA
1.84
0.69
2.41
0.44
1.92
GRF
GRF
NA
6.06
0.71
0.89
GRF
0.35
2.34
0.63
0.90
0.99
1.56
1.61
0.02
2.03
3.74
0.12
2.79
0.24
0.24
3.83
GRF
0.39
0.80
0.47
GRF
0.23
0.66
1.31
0.85
0.20
0.20
4.02
3.11
4.48
0.75
0.66
6.69
2.09
3.26
0.96
1.64
1.20
0.44
0.44
0.04
3.14
0.04
0.00
0.00
0.00
0.00
0.00
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
0.30
0.35
0.02
0.33
0.25
0.36
0.48
0.42
0.14
0.32
1.00
0.37
2.03
8.38
0.15
1.09
1.04
1.03
1.53
0.67
1.22
0.72
1.46
0.32
0.42
1.57
1.27
0.10
1.66
0.98
GRF
0.32
0.42
GRF
GRF
GRF
GRF
GRF
GRF
GRF
0.50
0.01
0.26
0.43
0.27
0.30
0.29
0.88
1.37
1.99
1.35
0.20
0.34
0.70
Yield
%
Vol
(1)
Dur
(2)
Yield
%
Vol
(1)
Dur
(2)
Type
GRF
NA
0.37
NA
2.30
NA
0.32
GRF
NA
0.37
0.69
2.17
0.00
0.09
0.91
2.23
GRF
GRF
0.20
0.96
0.22
1.54
0.67
2.15
GRF
GRF
0.29
0.49
0.14
1.32
1.23
1.31
GRF
0.28
0.96
1.13
GRF
0.18
0.37
NA
NA
0.19
3.97
0.59
NA
NA
0.32
4.38
GRF
RVIO
GRF
0.64
NA
NA
0.39
1.90
GRF
GRF
0.27
NA
NA
0.91
0.27
0.15
NA
5.01
2.06
4.14
0.36
0.00
0.01
0.12
4.19
GRF
GRF
GRF
GRF
GRF
0.48
GRF
0.26
1.88
0.25
GRF
0.29
5.21
0.01
0.71
0.91
GRF
0.53
0.38
0.70
GRF
0.23
0.35
0.52
1.35
1.02
0.76
0.78
0.57
1.26
0.43
0.94
0.93
0.64
1.42
1.60
4.71
1.49
1.64
0.54
0.54
0.39
2.78
0.24
1.11
1.05
0.43
2.17
3.14
0.01
1.95
1.54
0.88
0.88
0.62
3.58
0.51
1.58
1.51
0.80
2.79
3.91
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
0.93
1.29
0.93
0.59
0.62
0.38
1.82
0.33
0.74
0.76
0.52
1.35
1.70
0.67
1.34
1.00
0.40
0.40
0.34
2.84
0.13
0.93
0.88
0.25
2.06
3.21
1.23
1.73
1.44
0.72
0.72
0.00
3.37
0.28
1.38
1.28
0.52
2.57
3.75
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
0.22
0.37
0.28
0.26
0.28
0.30
0.04
0.21
0.19
0.20
0.20
0.05
0.28
1.03
0.81
0.50
0.71
0.87
0.65
0.65
0.63
1.19
1.02
1.36
4.84
1.79
0.46
0.50
2.39
0.48
0.29
1.67
1.01
1.74
1.13
0.19
0.80
1.57
0.01
1.46
0.56
2.14
1.40
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
0.92
0.68
0.59
0.60
0.58
1.56
0.95
0.41
1.14
0.85
1.13
0.52
5.78
0.24
0.55
2.23
1.31
0.17
1.66
0.87
1.44
0.93
0.01
0.56
1.29
1.84
1.47
0.33
1.95
1.20
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
0.86
0.67
1.18
GRF
0.71
0.58
0.96
0.34
1.01
0.40
0.58
0.77
0.91
1.47
1.29
1.25
0.13
0.23
0.54
0.80
1.83
0.00
1.92
0.31
0.40
0.88
1.10
1.40
GRF
GRF
GRF
GRF
GRF
GRF
GRF
1.34
1.20
0.39
0.44
0.60
0.74
1.17
1.01
1.45
4.36
1.19
0.40
0.55
1.27
1.44
1.79
0.08
0.20
0.72
0.96
1.29
Type
Type
Type
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
NA
13.85
0.65
1.10
0.00
0.00
5.00
5.00
5.00
5.00
3.00
3.00
3.00
3.00
0.10
0.15
1.05
1.69
NA
22.85
0.65
0.60
0.00
0.00
3.00
5.00
3.00
0.00
3.00
0.00
3.00
0.00
0.05
0.00
3.36
1.44
NA
0.55
0.00
5.00
5.00
0.00
0.00
0.10
GRF
GRF
GRF
GRF
GRF
2.03
NA
NA
4.69
3.14
0.31
1.61
4.31
6.39
3.93
NA
NA
NA
39.93
11.55
0.70
0.60
1.15
1.15
1.00
0.00
0.00
0.00
0.00
0.00
5.00
3.00
3.00
3.00
0.00
5.00
3.00
3.00
3.00
0.00
3.00
3.00
3.00
3.00
0.00
3.00
3.00
3.00
3.00
0.00
0.00
0.05
0.10
0.10
0.00
1.17
GRF
1.60
0.44
NA
1.00
0.00
0.00
0.00
0.00
0.00
0.00
7.08
0.24
GRF
1.74
0.44
NA
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.20
0.10
0.22
0.31
0.33
0.10
0.29
0.12
0.13
0.15
0.26
0.16
0.55
0.53
1.07
0.61
4.99
5.17
6.89
2.68
1.75
0.53
0.44
1.71
1.64
2.57
0.72
1.42
0.88
0.22
0.22
0.02
2.81
0.01
0.91
0.81
0.01
2.16
3.35
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
1.87
3.14
2.46
1.93
2.03
1.35
2.84
1.09
2.01
2.06
1.63
2.68
2.47
0.55
1.32
1.10
0.35
0.35
0.26
2.86
0.14
0.86
0.79
0.25
2.00
3.06
NA
22.37
NA
NA
NA
18.49
10.79
14.40
14.79
NA
NA
NA
16.02
1.00
0.80
0.75
0.73
0.63
0.55
1.10
1.10
1.00
1.00
1.00
1.00
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
3.00
5.00
5.00
5.00
0.00
5.00
0.00
0.00
5.00
0.00
5.00
5.00
0.00
3.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
5.00
0.00
5.00
5.00
0.00
0.00
2.00
2.00
2.00
0.00
5.00
0.00
1.00
1.00
1.00
1.00
1.00
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
0.10
0.05
0.05
0.05
0.20
0.10
0.20
0.10
0.05
0.05
0.05
0.10
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
0.15
0.35
0.15
0.37
0.45
0.24
0.31
0.83
0.01
0.23
0.71
0.28
1.02
1.51
0.64
1.78
0.73
0.86
1.23
0.48
1.00
0.51
1.34
0.08
0.82
1.32
1.06
0.01
1.52
0.76
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
2.42
2.22
1.25
2.03
2.17
2.84
2.41
2.31
2.48
2.44
1.08
2.43
1.14
0.26
0.50
1.53
0.94
0.46
1.53
0.79
21.54
NA
NA
NA
NA
NA
NA
NA
17.12
14.74
0.35
0.34
0.40
0.45
0.30
0.17
0.25
0.57
0.88
0.55
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
2.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
0.00
5.00
5.00
5.00
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
0.15
0.10
0.10
0.15
0.08
0.15
0.10
0.10
0.15
0.10
0.74
GRF
0.32
0.30
0.51
GRF
2.23
0.51
NA
0.65
0.00
3.00
0.00
3.00
0.00
0.00
1.21
1.58
0.00
0.01
0.44
0.66
0.96
GRF
GRF
GRF
GRF
GRF
GRF
GRF
0.26
0.05
0.51
0.78
0.31
0.33
0.18
0.74
0.96
1.62
0.63
4.98
0.20
0.48
1.01
1.39
2.57
2.01
0.22
0.44
0.74
GRF
GRF
GRF
GRF
GRF
GRF
GRF
2.45
2.17
1.58
2.25
1.96
2.29
3.14
0.77
1.28
0.81
0.34
0.35
0.53
1.19
9.61
NA
15.43
NA
15.41
NA
NA
0.60
1.00
0.60
0.54
0.70
0.56
0.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
2.00
3.00
5.00
5.00
5.00
5.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
3.00
1.75
3.00
2.00
2.00
2.00
2.00
0.00
0.00
0.00
2.00
2.00
2.00
2.00
0.04
0.00
0.05
0.05
0.05
0.05
0.05
(Continues over)
288
A.4.8.
(Continued)
A.4.8.
1Q
(GRF)
Yield
%
Vol
(1)
Dur
(2)
0.92
1.12
0.73
1.29
1.22
1.17
0.68
0.45
0.57
0.51
0.52
0.60
0.72
0.69
0.64
0.90
0.79
0.99
1.26
NA
0.84
0.85
1.06
NA
0.68
1.37
0.76
1.10
1.16
0.43
0.59
0.51
0.72
0.79
0.50
0.51
0.47
0.44
1.05
0.52
0.86
0.38
0.57
0.97
0.79
0.90
1.42
2.23
2.01
1.69
1.72
0.25
0.14
7.92
4.74
0.30
0.41
0.57
0.73
0.34
0.96
1.14
1.73
1.81
NA
1.21
0.76
1.12
NA
0.83
1.34
0.66
1.37
1.34
0.19
0.26
0.02
0.34
0.44
4.53
0.15
0.39
0.01
0.66
0.46
0.79
4.21
0.39
0.52
0.66
1.45
1.94
2.73
2.61
2.16
2.34
0.55
0.41
0.04
0.10
0.49
0.76
1.01
1.15
0.77
1.51
1.51
2.22
2.43
NA
2.02
1.25
1.71
NA
6.76
0.00
0.47
0.95
0.95
0.01
0.00
0.07
0.71
0.87
0.03
0.24
0.46
0.00
1.11
0.52
1.06
0.02
0.32
0.96
1.06
0.49
0.97
9.99
1.15
NA
0.81
3Q
Yield
%
Vol
(1)
Dur
(2)
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRV
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRV
GRF
GRF
0.77
0.92
1.18
1.25
1.16
1.13
0.05
0.20
1.25
0.41
0.42
0.44
0.56
0.57
0.47
0.72
0.70
1.02
1.13
NA
1.31
0.74
0.89
NA
0.56
1.30
0.98
0.70
0.76
1.00
1.46
0.34
0.47
0.75
0.20
0.50
0.36
4.56
1.08
0.37
0.83
0.53
0.47
0.77
0.70
0.81
1.29
1.95
2.04
1.54
1.67
1.62
3.86
1.78
1.38
9.58
0.33
0.47
0.55
0.28
0.86
0.92
1.61
1.79
NA
1.43
0.61
1.07
3.94
0.63
5.89
0.67
0.63
0.61
2.26
5.07
0.10
0.26
0.52
0.30
3.07
0.12
4.56
0.78
0.13
0.64
0.62
0.14
0.38
0.55
1.24
1.71
2.46
2.42
1.92
2.15
0.31
0.15
1.24
0.00
0.25
0.52
0.79
0.90
0.53
1.24
1.29
2.00
2.17
NA
1.83
1.02
1.50
4.12
8.18
4.16
0.25
0.73
0.73
2.42
4.28
0.00
0.48
0.65
0.18
0.05
0.24
3.69
0.91
0.30
0.84
1.13
0.13
0.74
0.85
0.29
1.44
GRF
GRF
0.47
0.79
5.96
0.87
NA
0.00
GRF
0.33
0.37
0.00
GRV
0.29
Type
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
4Q
Yield
%
Vol
(1)
Dur
(2)
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRV
GRF
GRF
0.28
0.18
0.03
0.03
0.33
0.13
0.95
1.60
0.11
0.48
0.24
0.21
0.18
0.14
0.22
0.15
0.12
0.15
0.07
NA
0.12
0.22
0.28
0.33
0.08
0.98
0.26
0.32
0.36
0.29
0.54
3.22
0.37
0.30
0.37
0.40
0.34
0.07
0.39
0.31
0.38
0.29
0.35
0.46
0.23
0.60
1.16
1.93
1.71
1.34
1.62
0.65
1.96
0.61
2.27
4.02
4.81
0.22
0.32
3.93
0.61
0.69
1.40
1.69
NA
1.37
0.44
1.03
4.38
0.44
5.10
0.15
0.26
0.26
2.62
4.90
5.42
0.11
0.22
0.23
0.21
1.42
4.30
0.44
2.15
0.38
0.53
0.02
0.23
0.43
1.00
1.49
2.35
2.20
1.70
1.91
0.07
3.70
1.03
2.45
0.00
0.28
0.55
0.66
0.29
1.02
1.05
1.77
1.93
NA
1.62
0.78
1.23
3.52
0.80
4.00
0.33
0.51
0.51
2.05
4.14
4.16
0.25
0.44
0.00
0.00
0.05
3.48
0.69
0.09
0.61
0.87
0.03
0.51
0.65
0.00
1.22
GRF
GRF
0.46
0.28
0.26
0.76
2.05
2.90
GRF
1.57
0.10
2.11
GRF
1.06
Type
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
2003
Yield
%
Vol
(1)
Yield
since
1996
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
2.18
2.31
1.76
2.46
2.83
2.42
2.99
2.02
2.01
0.23
1.56
1.47
1.65
1.55
1.58
1.91
1.64
2.04
2.40
NA
2.38
2.21
2.50
NA
1.43
4.41
2.29
2.46
2.67
2.16
3.17
4.39
1.96
2.27
1.69
1.63
1.85
5.77
2.84
2.37
2.49
1.52
1.69
2.59
2.09
0.71
1.21
1.95
1.83
1.44
1.59
1.20
1.81
0.97
1.44
0.76
0.26
0.39
0.49
0.22
0.75
0.85
1.49
1.67
2.44
1.25
0.59
0.98
3.74
0.59
4.25
0.48
0.76
0.75
1.91
3.91
3.25
0.22
0.36
0.26
2.55
0.44
3.46
0.57
0.92
0.55
0.44
0.59
0.34
0.69
0.02
0.77
GRF
GRF
1.29
2.20
2.29
2.53
GRF
1.43
1.71
GRF
Yield
%
Vol
(1)
Dur
(2)
Type
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
0.19
0.08
0.18
0.12
0.09
0.02
1.39
0.23
0.08
0.21
0.38
0.21
0.19
0.15
0.23
0.13
0.02
0.13
0.08
NA
0.09
0.38
0.25
0.45
0.11
0.70
0.27
0.32
0.36
0.42
0.55
0.27
0.38
0.41
0.60
0.21
0.66
0.64
0.30
1.15
0.39
0.32
0.30
0.36
0.36
0.44
0.89
1.62
1.49
1.11
1.30
1.63
3.00
0.46
1.76
1.49
2.46
8.94
0.15
1.31
0.45
0.48
1.15
1.33
2.44
0.90
0.49
0.59
2.89
0.33
3.12
0.03
0.12
0.12
1.57
3.32
3.53
2.31
6.10
0.35
5.08
0.79
2.79
0.22
1.78
0.17
0.30
1.11
0.07
0.98
0.78
1.26
2.11
1.92
1.46
1.69
3.55
3.23
0.79
2.23
2.22
0.04
0.31
0.43
0.05
0.78
0.79
1.51
1.68
3.46
1.39
0.55
1.00
3.71
0.53
3.77
0.24
0.27
0.27
2.03
3.90
3.96
0.13
0.20
1.37
4.72
1.20
3.30
0.49
4.60
0.37
0.66
0.97
0.28
0.43
0.00
0.98
GRF
GRF
0.14
0.15
0.46
0.62
1.38
2.92
GRF
0.16
0.67
1.94
GRF
0.11
Type
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
GRF
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
12.59
15.53
11.14
14.29
17.97
16.58
20.04
9.84
14.09
15.70
11.26
14.25
12.60
16.94
13.82
17.87
13.61
15.21
12.25
NA
13.97
14.55
NA
NA
11.37
13.37
13.94
15.02
16.15
10.26
12.78
13.27
15.44
10.79
10.65
13.37
18.98
NA
NA
NA
NA
NA
NA
28.25
NA
0.80
1.00
1.20
1.06
0.47
1.03
1.12
1.22
1.30
1.01
1.20
1.02
1.00
1.14
0.97
1.15
1.30
1.19
1.22
0.90
0.75
0.75
0.80
0.75
1.25
0.75
0.95
0.94
0.79
1.05
0.80
1.05
0.87
0.75
1.00
1.10
0.82
0.80
0.89
0.76
0.95
1.00
0.88
0.75
0.90
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
2.00
5.00
2.00
2.00
2.00
2.00
5.00
5.00
2.00
5.00
2.00
2.00
2.00
5.00
2.00
2.50
5.00
5.00
3.00
5.00
3.00
5.00
2.00
0.00
5.00
5.00
5.00
5.00
0.00
0.00
5.00
5.00
5.00
5.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
3.00
5.00
2.00
2.00
2.00
0.00
2.00
2.00
2.00
2.00
5.00
5.00
2.00
5.00
2.00
2.00
2.00
5.00
2.00
2.50
5.00
5.00
3.00
5.00
3.00
5.00
2.00
0.00
5.00
5.00
5.00
5.00
0.00
0.00
5.00
5.00
5.00
5.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
3.00
0.00
1.00
2.00
2.00
5.00
1.00
2.00
2.00
1.00
5.00
5.00
2.00
5.00
2.00
1.00
2.00
5.00
1.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
5.00
1.00
3.00
3.00
3.00
3.00
1.00
1.00
3.00
3.00
3.00
0.50
3.00
1.00
3.00
0.50
3.00
3.00
3.00
3.00
2.50
1.00
0.00
1.00
0.00
0.50
0.50
0.00
0.00
5.00
5.00
0.50
5.00
0.00
1.00
0.50
5.00
1.00
2.50
5.00
0.00
0.00
0.00
0.00
0.00
5.00
1.00
3.00
3.00
3.00
1.00
0.50
0.50
3.00
3.00
3.00
0.50
3.00
1.00
3.00
0.50
3.00
3.00
3.00
3.00
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
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.20
0.20
0.20
0.20
0.20
0.20
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.00
0.10
0.28
0.88
NA
15.85
0.60
0.85
0.00
0.00
0.00
5.00
0.00
0.00
0.00
5.00
0.00
0.00
0.10
0.10
NA
1.55
NA
0.75
0.00
5.00
0.00
3.00
0.00
0.10
2.29
0.82
NA
0.65
0.00
5.00
0.00
5.00
0.00
0.10
(Continues over)
289
SCH RENTAS 3 D FIM

SCH RENTAS 3 E FIM
SCH RENTAS 3 F FIM
SCH RENTAS 4 H FIM
SCH RENTAS CRECIENTES 1 FIM
SCH RENTAS EURIBOR FIM
SCH SUPERMILLENNIUM 10 FIM
TARRAGONAFONS 11 FIM
TARRAGONAFONS 3 FIM
TARRAGONAFONS 5 FIM
TARRAGONAFONS 7 FIM
TARRAGONAFONS 9 FIM
TELEFONICO FIJO FIM
UNIFOND EURORENTA FIM
UNIFOND FONDANDALUCIA FIM
UNIFOND II FIM
UNIFOND III FIM
UNIFOND IV FIM
UNIFOND V FIM
UNIFOND VII FIM
UNIFOND VIII FIM
UNIFOND X FIM
UNIFOND XI FIM
UNIFOND XII FIM
UNIFOND XIV FIM
UNIFOND XIX FIM
UNIFOND XV FIM
UNIFOND XVI FIM
UNIFOND XVIII FIM
UNIFOND XX FIM
UNIFOND XXI FIM
VITAL G3 FIM
ZARAGOZANO RENTA FIJA I GTZO FIM
ZARAGOZANO RENTA FIJA III
GTZDO FIM
ZARAGOZANO RENTA FIJA V GTZO FIM
ZARAGOZANO RENTA FIJA VI
GTZO FIM
ZARAGOZANO RF VII GARANTIZADO
FIM
2Q
(Continued)
1Q
Guaranteed equity FIM (GRV)
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
AC SELECCION GARANTIZADO FIM
ALTAE CESTA ESPAOLA FIM
ALTAE CESTA EUROPEA FIM
ALTAE DOBLE GARANTIA FIM
ARAGON PATRIMONIOS FIMF
ASTURFONDO EUROBOLSA GTZO FIM
ASTURFONDO EUROBOLSA II FIM
ASTURFONDO IBEX GARANTIZADO FIM
ATLANTICO CUPON GARANTIZADO FIM
ATLANTICO GARANTIA ALTERNATIVA FIM
ATLANTICO LIDER 2 FIM
ATLANTICO LIDER FIM
ATLANTICO MUNDIBOLSA 2 FIM
ATLANTICO PLUS FIM
BANCAJA GARANTIZADO JAPONEURO FIM
BANCAJA GARANTIZADO RV 3 FIM
BANCAJA GARANTIZADO RV FIM
BANCAJA GTZO RENTA VARIABLE 2 FIM
BANCAJA GTZO RENTA VARIABLE 4 FIM
BANCAJA TOP GARANTIZADO FIM
BANESTO CAPITAL 105 FIM
BANESTO CAPITAL 95 FIM
BANESTO G PREMIUM GLOBAL FIM
BANESTO G. PREMIUM ACTIVO
LIDER FIM
BANESTO G.PART.CRECIENTE FIM
BANESTO GARANTIZADO OCASION FIM
BANESTO GARANTIZADO PODIUM FIM
BANESTO GTZO BOLSA EUROPEA 4 FIM
BANESTO GTZO CONOCIMIENTO FIM
BANESTO GTZO OCASION 2 FIM
BANESTO GTZO OCASION 3 FIM
BANESTO GTZO PREMIUM
MUNDIAL FIM
BANESTO GTZO PREMIUM MUNDIAL
II FIM
BANESTO PREMIUM EUROPA 2 FIM
BANESTO PREMIUM EUROPA FIM
BANESTO RENTABILIDAD ASEG.
PLUS FIM
2Q
Yield
%
Vol
(1)
Dur
(2)
0.46
0.45
0.67
0.75
0.84
0.47
0.71
0.67
0.88
0.41
0.93
0.41
NA
2.18
0.78
0.87
0.72
0.59
0.02
0.55
1.09
0.81
1.13
0.83
1.51
0.70
0.92
NA
0.67
0.81
NA
0.77
0.20
0.20
0.68
0.97
1.44
0.38
0.81
0.67
1.32
1.20
2.39
3.76
NA
3.90
1.05
9.13
0.73
0.53
1.09
0.19
3.11
1.18
2.51
2.00
1.83
2.41
2.75
0.10
2.04
1.31
5.39
2.32
1.14
1.12
1.20
1.63
2.17
0.40
1.24
1.20
2.14
0.01
1.96
2.27
NA
0.00
1.38
1.71
1.03
2.45
2.51
0.00
2.43
1.23
2.19
1.23
3.10
3.03
2.75
0.00
1.24
3.91
3.90
2.39
0.32
NA
1.48
0.95
0.57
0.74
0.77
0.25
0.64
0.41
0.53
1.02
NA
3.68
3.96
0.58
0.94
0.98
2.33
0.56
0.26
0.25
1.29
NA
2.38
2.40
1.03
1.48
1.51
2.25
0.03
0.54
0.54
0.71
1.59
0.92
0.54
0.52
NA
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.35
0.34
0.57
0.83
1.62
0.29
0.73
0.57
1.70
0.35
2.92
2.46
NA
2.88
0.57
0.74
0.53
2.54
0.89
1.12
2.18
0.65
1.24
0.77
3.85
1.73
3.05
0.73
0.76
1.73
5.04
0.02
0.16
0.16
0.42
0.72
1.13
0.06
0.56
0.42
1.16
1.63
2.70
2.66
4.10
2.35
0.84
1.82
0.56
2.79
1.84
2.24
2.33
0.78
1.62
0.76
2.84
2.20
2.67
3.40
0.76
3.25
9.23
2.40
0.93
0.90
0.98
1.40
1.94
0.17
1.00
0.99
1.93
0.07
1.77
2.04
2.86
0.00
1.16
1.50
0.84
2.43
2.29
3.00
2.22
1.01
1.97
1.01
2.91
2.86
2.54
3.44
1.02
3.61
3.63
2.17
GRV
GRV
GRV
GRV
GRV
GRV
RFCP
GRV
GRV
0.41
NA
3.22
3.04
0.41
0.60
0.62
0.89
0.58
0.14
0.29
0.75
NA
3.89
3.12
0.47
1.11
0.87
1.72
2.05
0.17
0.15
1.04
NA
2.16
2.16
0.79
1.23
1.29
2.00
2.42
0.31
0.33
2.00
GRV
0.70
1.38
1.57
0.61
0.42
1.99
1.03
0.79
GRV
GRV
GRV
0.70
0.39
0.35
NA
NA
NA
Type
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRF
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.16
0.15
0.06
0.06
0.10
0.21
0.06
0.07
0.26
0.89
0.81
0.11
0.43
1.20
0.06
0.03
0.10
0.77
0.19
0.10
0.25
0.17
0.20
0.09
0.91
0.34
0.07
0.90
0.08
0.21
0.56
0.33
1.52
1.45
0.21
0.63
1.69
7.03
0.32
0.21
1.58
3.40
4.11
5.97
2.34
2.96
0.62
0.97
0.41
4.04
2.39
3.35
3.62
0.59
1.47
0.95
3.04
2.43
2.40
4.48
0.91
2.96
7.55
2.20
0.69
0.67
0.75
1.18
1.72
0.19
0.76
0.75
1.71
2.81
0.00
0.00
0.00
0.00
0.94
1.27
0.64
2.20
2.08
2.76
1.96
0.80
1.73
0.79
2.70
2.66
2.29
3.25
0.80
3.37
3.42
1.94
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.05
NA
0.31
0.15
0.04
0.03
0.03
0.13
0.29
0.16
0.28
0.45
2.03
3.39
3.01
0.22
0.56
0.60
1.45
1.96
1.13
1.07
1.75
GRV
0.05
1.36
0.47
0.48
1.75
0.79
0.56
GRV
GRV
GRV
3.44
0.00
GRV
2003
Yield
%
Vol
(1)
Yield
since
1996
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.17
1.09
1.45
1.67
2.16
0.96
1.57
1.46
2.64
1.85
7.83
4.35
NA
2.89
1.42
1.67
1.43
5.29
1.39
3.13
3.66
1.91
2.65
1.97
6.54
1.97
5.75
NA
1.75
1.96
NA
0.03
0.13
0.13
0.42
0.70
1.40
1.37
0.52
0.42
1.48
2.05
3.52
4.81
2.88
3.00
0.78
4.66
0.53
2.73
1.92
2.74
3.08
0.78
1.80
1.35
2.54
2.17
2.46
3.58
1.35
2.63
7.57
2.10
0.55
3.67
1.75
1.69
0.31
0.76
0.79
1.52
1.93
3.50
0.01
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.69
NA
7.39
3.77
1.06
1.38
1.41
0.72
0.22
1.59
1.31
0.91
1.28
GRV
0.15
0.02
0.08
1.27
9.01
0.19
1.28
0.31
0.08
0.07
3.09
3.36
Yield
%
Vol
(1)
Dur
(2)
Type
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.19
0.15
0.15
0.14
0.21
0.01
0.17
0.15
0.30
1.99
4.66
1.32
0.41
1.03
0.00
0.02
0.08
1.29
0.33
1.33
2.31
0.27
0.07
0.27
0.15
0.11
1.61
1.33
0.23
0.37
3.41
0.43
3.89
1.70
0.14
0.31
1.22
2.71
0.16
0.13
1.75
2.23
4.33
5.92
1.89
2.44
0.45
0.76
0.34
2.29
2.07
3.67
3.06
0.33
1.38
1.36
2.18
1.50
1.89
3.19
1.33
2.53
7.21
1.33
0.13
0.01
0.51
0.95
1.45
0.23
0.54
0.52
1.48
2.59
1.32
1.58
2.45
0.01
0.73
1.01
0.45
1.96
1.85
2.52
1.72
0.55
1.49
0.55
2.06
2.30
1.94
3.04
0.56
3.13
3.18
1.60
0.80
0.00
1.99
1.93
0.55
0.99
1.04
1.76
2.18
0.07
0.09
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.00
0.20
2.85
1.52
0.04
0.01
0.00
0.29
0.57
0.86
0.21
0.28
3.48
4.24
2.54
8.82
0.43
0.46
1.25
1.79
1.65
1.60
1.20
1.52
GRV
0.20
0.04
0.02
0.10
1.20
0.21
5.62
1.52
0.55
0.32
GRV
GRV
GRV
3.01
6.93
3.59
GRV
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
4.62
10.12
3.92
0.14
4.46
3.58
NA
5.06
7.67
NA
NA
NA
NA
10.97
7.15
10.70
5.67
NA
1.28
NA
NA
17.85
20.01
NA
5.93
2.09
13.39
NA
NA
NA
NA
5.63
1.30
1.30
1.30
1.30
1.30
1.30
1.30
1.30
1.30
0.85
1.40
1.40
1.00
1.65
1.40
1.40
1.30
0.77
0.80
2.15
1.77
0.92
0.63
1.05
0.60
1.05
0.65
1.45
1.05
1.61
2.20
2.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
4.00
5.00
5.00
5.00
3.00
5.00
5.00
5.00
2.50
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
5.00
0.00
5.00
0.00
0.00
5.00
5.00
5.00
4.00
5.00
5.00
5.00
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
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
5.00
0.00
0.00
5.00
5.00
5.00
4.00
5.00
5.00
5.00
3.00
3.00
0.00
3.00
2.50
5.00
5.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
5.00
0.00
0.00
5.00
5.00
5.00
4.00
5.00
5.00
5.00
3.00
3.00
0.00
3.00
0.00
5.00
5.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
5.00
0.05
0.05
0.04
0.05
0.05
0.04
0.05
0.05
0.05
0.05
0.10
0.10
0.10
0.12
0.20
0.20
0.20
0.10
0.10
0.10
0.10
0.08
0.10
0.15
0.05
0.15
0.05
0.05
0.15
0.10
0.10
0.10
0.69
3.00
3.82
3.21
0.39
0.81
0.76
1.74
1.70
0.84
0.14
NA
NA
NA
NA
15.77
1.05
2.63
NA
NA
8.77
7.68
1.58
1.47
1.90
0.86
1.60
1.57
1.58
2.04
1.67
1.72
1.10
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
5.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
5.00
0.00
0.00
5.00
5.00
5.00
0.00
5.00
0.00
5.00
5.00
5.00
0.00
0.00
0.00
5.00
5.00
0.00
0.00
0.00
5.00
5.00
5.00
0.00
0.00
0.00
5.00
5.00
0.00
0.00
0.00
5.00
5.00
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
1.17
1.29
4.67
1.80
0.00
3.50
3.50
0.00
0.00
0.20
GRV
GRV
GRV
1.43
0.98
0.88
1.36
0.40
0.34
7.25
15.47
NA
1.90
1.70
1.44
0.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
0.00
5.00
5.00
0.10
0.10
0.10
GRV
NA
5.30
NA
0.92
0.00
0.00
0.00
0.00
0.00
0.10
(Continues over)
290
A.4.8.
(Continued)
A.4.8.
1Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.68
0.65
0.49
0.42
0.78
1.64
0.60
3.75
0.00
1.98
0.55
1.49
0.04
2.37
0.38
1.09
3.89
0.21
0.46
0.75
0.26
1.13
0.40
0.46
1.28
0.52
0.98
1.20
0.80
0.53
0.90
0.70
0.77
1.83
0.66
0.97
NA
NA
1.20
3Q
4Q
2003
% fees
Yield
%
Vol
(1)
Yield
since
1996
GRV
GRV
GRV
GRV
1.76
1.15
1.45
5.53
3.05
1.31
2.23
3.23
0.83
NA
3.17
14.56
1.56
1.90
1.27
1.20
0.06
0.14
0.73
GRV
GRV
GRV
0.77
15.36
3.87
0.88
6.20
2.83
13.17
10.78
10.18
0.00
0.23
3.08
1.18
1.87
1.75
1.35
1.21
0.68
6.12
2.72
6.16
0.45
5.31
0.18
5.02
1.36
2.47
0.60
3.28
1.38
0.00
0.55
2.12
1.48
2.45
2.82
1.76
0.11
0.97
3.08
0.26
3.05
0.82
1.71
0.43
0.41
1.30
1.86
1.44
0.67
1.72
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.15
1.49
6.26
2.13
2.01
1.75
2.54
3.10
2.06
10.86
1.82
3.43
1.92
6.82
1.67
5.47
3.82
4.22
NA
NA
2.19
0.13
0.54
4.10
1.52
1.91
0.89
1.68
2.40
0.94
7.34
0.30
4.53
0.70
5.67
0.42
5.47
1.34
2.14
0.60
3.51
1.73
0.14
7.97
0.29
GRV
1.52
GRV
0.14
8.46
0.29
GRV
0.97
GRV
0.07
0.42
0.74
0.90
1.20
GRV
0.09
0.65
0.16
1.62
1.86
GRV
0.04
1.58
9.54
NA
0.89
1.84
0.01
NA
1.21
GRV
GRV
GRV
0.19
NA
NA
0.13
0.53
GRV
0.09
8.16
0.23
0.52
GRV
0.08
0.26
0.53
GRV
0.09
Yield
%
Vol
(1)
Dur
(2)
Type
Yield
%
Vol
(1)
Dur
(2)
Type
Yield
%
Vol
(1)
Dur
(2)
Type
GRV
GRV
GRV
GRV
1.54
0.85
0.24
1.20
2.61
1.37
2.55
2.41
3.66
1.75
0.30
1.26
GRV
GRV
GRV
GRV
0.27
0.21
0.04
0.04
3.58
1.21
0.40
3.28
3.43
1.51
0.07
1.03
GRV
GRV
GRV
GRV
1.18
0.14
0.67
3.79
4.06
0.91
3.58
3.30
3.19
1.28
0.00
0.79
0.77
0.85
0.07
GRV
GRV
GRV
1.02
4.56
0.35
0.63
5.53
0.16
0.55
0.59
0.00
GRV
GRV
GRV
0.25
2.95
0.05
0.36
6.91
0.97
0.30
0.38
0.97
GRV
GRV
GRV
0.45
9.76
3.07
1.18
7.53
5.53
0.23
0.79
4.68
1.67
1.29
0.26
1.93
9.65
1.13
7.79
0.49
0.27
0.91
5.27
0.61
4.74
0.68
1.45
NA
NA
1.93
0.57
1.23
2.80
2.19
0.12
0.60
2.46
0.01
1.57
3.80
0.93
0.18
1.47
2.35
1.06
1.02
1.96
1.35
NA
NA
2.41
GRV
GRV
GRV
GRV
GRV
GRV
GRV
FGL
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.32
0.55
3.45
1.06
0.52
0.29
1.24
1.03
0.83
6.10
0.57
1.50
0.75
3.81
0.57
4.06
1.86
1.45
NA
NA
1.15
0.13
0.60
4.30
1.64
2.20
0.14
1.78
4.65
0.96
8.64
0.30
2.23
0.77
6.59
0.45
5.19
1.29
1.01
NA
NA
1.82
0.16
1.01
2.60
1.95
2.90
0.13
2.20
0.00
1.39
3.50
0.72
3.52
1.26
2.15
0.86
0.83
1.75
2.33
NA
NA
2.16
GRV
GRV
GRV
GRV
GRV
GRV
GRV
FGL
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.20
0.11
0.85
0.05
0.38
0.20
0.04
0.36
0.17
0.33
0.19
0.04
0.13
0.02
0.16
3.57
0.43
0.39
NA
NA
0.02
1.03
0.35
4.12
1.52
2.47
9.76
1.60
0.14
0.92
6.47
0.16
6.20
0.59
5.33
0.28
6.56
1.78
3.00
NA
3.72
1.75
0.15
0.78
2.35
1.72
2.68
0.02
1.99
0.01
1.18
3.29
0.49
3.28
1.03
1.94
0.64
0.61
1.51
2.10
NA
0.89
1.98
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.16
0.08
3.33
0.12
1.46
0.79
0.03
1.16
0.06
3.59
0.25
1.40
0.12
3.64
0.16
3.22
0.81
1.35
NA
0.16
0.19
0.71
0.75
1.13
GRV
0.59
0.56
0.78
GRV
0.07
0.21
0.55
GRV
0.71
0.75
1.13
GRV
0.59
0.56
0.79
GRV
0.07
0.21
0.54
0.81
1.04
1.43
GRV
0.70
0.84
1.20
GRV
0.09
0.63
0.85
1.35
1.77
GRV
0.76
1.16
1.55
GRV
0.02
1.33
1.80
2.28
GRV
1.41
1.64
2.07
GRV
1.28
NA
NA
1.01
1.75
NA
NA
1.39
2.28
NA
NA
1.87
GRV
1.62
NA
NA
1.24
2.07
NA
NA
1.45
GRV
GRV
1.48
NA
NA
1.02
0.50
0.42
0.76
GRV
0.28
0.24
0.50
0.42
0.73
GRV
0.28
0.52
0.43
0.75
GRV
0.29
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
0.00
5.00
5.00
5.00
0.00
0.00
5.00
5.00
0.00
0.00
5.00
5.00
0.10
0.10
0.10
0.10
1.20
1.30
1.09
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
0.10
0.10
0.10
8.16
5.34
22.80
5.60
NA
13.83
9.77
9.80
NA
12.83
10.15
10.70
NA
NA
7.50
55.78
NA
NA
NA
NA
NA
1.30
1.35
1.20
1.30
0.92
1.60
1.10
1.15
1.10
1.10
0.90
1.10
1.10
1.20
1.10
1.10
0.95
1.34
1.28
1.75
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
2.00
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
0.00
0.00
0.00
0.00
0.00
0.00
5.00
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
3.00
5.00
5.00
5.00
3.00
5.00
0.00
5.00
1.00
1.00
1.00
1.00
3.00
0.00
3.00
3.00
3.00
0.00
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
0.12
0.10
0.13
0.15
0.07
0.14
0.15
0.15
0.15
0.14
0.10
0.10
0.10
0.15
0.10
0.48
12.79
1.40
0.00
2.00
0.00
2.00
0.00
0.10
1.51
0.48
1.86
1.40
0.00
2.00
0.00
2.00
0.00
0.10
GRV
1.67
0.77
NA
1.40
0.00
2.00
0.00
2.00
0.00
0.10
0.98
GRV
1.49
1.05
NA
1.90
0.00
5.00
0.00
5.00
0.00
0.10
1.26
1.53
GRV
2.88
1.60
12.04
1.25
0.00
2.00
0.00
2.00
0.00
0.10
GRV
0.02
0.68
NA
0.06
1.23
3.50
2.29
0.64
1.51
0.77
0.01
0.98
GRV
GRV
GRV
GRV
2.95
NA
NA
2.24
1.56
2.72
2.29
1.08
3.63
NA
NA
9.54
1.25
2.25
1.50
1.20
0.00
0.00
0.00
0.00
2.00
5.00
0.00
2.00
0.00
0.00
0.00
0.00
2.00
5.00
5.00
2.00
0.00
0.00
0.00
0.00
0.10
0.20
0.20
0.10
0.27
GRV
0.08
7.05
0.14
GRV
0.96
0.25
13.18
1.60
0.00
2.00
0.00
2.00
0.00
0.10
7.11
0.27
GRV
0.05
5.34
0.13
GRV
0.91
0.24
6.57
1.60
0.00
2.00
0.00
2.00
0.00
0.10
7.14
0.23
GRV
0.09
0.05
0.05
GRV
0.99
0.26
13.70
1.60
0.00
2.00
0.00
2.00
0.00
0.10
(Continues over)
291
BANESTO RENTABILIDAD
ASEGURADA FIM
BANESTO SUPER GTZO EUROPA FIM
BANIF 6 PLUS FIM
BANIF BOLSA GARANTIZADO FIM
BANIF GLOBALIZACION
GARANTIZADO FIM
BANIF SELECCION I FIM
BANIF USA 95% PLUS FIM
BANKOA EUROBANCA GARANTIZADO
FIM
BANKOA GARANTIZADO 50 FIM
BANKOA IBEX 106 GARANTIZADO FIM
BANKOA IBEX GARANTIZADO FIM
BANKOA PODIUM GARANTIZADO FIM
BANKOA SELECCION GARANTIZADO FIM
BARCLAYS GARANTIZADO 1 FIM
BBVA 5X5 EXTRAGARANTIZADO FIM
BBVA BOLPLAZO FIM
BBVA EUROINDICES 2
GARANTIZADO FIM
BBVA EUROINDICES 4
GARANTIZADO FIM
BBVA EUROINDICES 5
GARANTIZADO FIM
BBVA EUROINDICES 6
GARANTIZADO FIM
BBVA EUROINDICES 7
GARANTIZADO FIM
BBVA EUROINDICES 8
GARANTIZADO FIM
BBVA EXTRA 5 GARANTIZADO FIM
BBVA EXTRA 5 II GARANTIZADO FIM
BBVA FONDBOLSA C FIM
BBVA FONDBOLSA INTERNACIONAL
D FIM
E FIM
F FIM
2Q
(Continued)
1Q

G FIM
H FIM
I FIM
BBVA FONDBOLSA JAPON 2 FIM
BBVA FONDBOLSAD FIM
BBVA GARANTIZADO
DOBLE 62006 FIM
BBVA GARANTIZADO FLEXIBLE FIM
BBVA GARANTIZADO FLEXIBLE II FIM
BBVA GARANTIZADO FLEXIBLE III FIM
BBVA GARANTIZADO FLEXIBLE IV FIM
BBVA IBEX 9 FIM
BBVA MUNDIBOLSA 2 FIM
BBVA MUNDIBOLSA 5 FIM
BBVA MUNDIBOLSA GARANTIZADO
2 FIM
3 FIM
4 FIM
5 FIM
6 FIM
FIM
BBVA RANKING GARANTIZADO FIM
BBVA RANKING II GARANTIZADO FIM
BBVA RENOVE III FIM
BBVA RENOVE IV FIM
BCH GTZO ACCION TELEFONICA FIM
BG CAPITAL ASEGUR. FIM
BG VALOR ASEGURADO FIM
BI MULTINDICES 1 FIM
BI OPORTUNIDAD ESPAA 2005 FIM
BK CUPON 4 GARANTIA FIM
BK CUPON GARANTIA LIQUIDEZ FIM
BK CUPON VARIABLE ESPAA FIM
BK EURO GARANTIA 6II FIM
BK EUROGARANTIA 1 FIM
BK G. CONSOLIDACION
EUROJAPON FIM
BK GARANTIA CUPON 20
NOVIEMBRE FIM
BK GARANTIA CUPON 20 OCTUBRE FIM
2Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.51
0.44
0.81
0.69
0.86
0.68
0.88
0.88
0.87
0.96
3Q
4Q
2003
Yield
%
Vol
(1)
Yield
since
1996
GRV
0.99
0.26
0.48
GRV
1.22
0.24
0.77
0.73
0.75
0.70
0.47
1.12
1.09
1.10
1.07
GRV
GRV
GRV
GRV
GRV
1.70
0.12
0.08
0.08
0.02
4.51
0.02
0.04
2.73
0.10
0.67
0.64
1.05
3.06
0.67
0.77
2.61
0.33
1.00
0.98
1.40
1.49
1.03
0.89
GRV
2.52
3.02
2.30
GRV
3.25
4.31
2.64
GRV
0.13
3.83
3.06
GRV
0.37
5.06
2.08
3.36
0.01
1.83
1.82
0.59
1.21
2.66
1.72
1.69
2.78
3.60
2.80
2.17
1.28
1.30
1.76
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.03
0.78
0.76
0.05
0.05
0.09
0.05
2.06
0.14
0.10
0.38
0.24
1.05
0.10
0.22
0.26
0.05
0.66
1.08
GRV
0.45
0.44
0.75
0.75
GRV
GRV
Yield
%
Vol
(1)
Dur
(2)
Type
Yield
%
Vol
(1)
Dur
(2)
Type
Yield
%
Vol
(1)
Dur
(2)
Type
GRV
0.33
0.26
0.53
GRV
0.06
9.15
0.31
GRV
0.10
8.78
0.07
1.21
GRV
0.52
0.63
0.97
GRV
0.01
0.35
0.75
GRV
0.01
0.25
0.85
1.35
1.32
1.33
1.27
1.19
1.82
1.77
1.78
1.74
GRV
GRV
GRV
GRV
GRV
0.52
0.77
0.77
0.78
0.88
0.61
1.20
1.14
1.13
1.13
0.96
1.58
1.55
1.56
1.51
GRV
GRV
GRV
GRV
GRV
0.01
0.01
0.03
0.01
0.11
0.34
1.07
1.01
1.03
0.97
0.74
1.38
1.33
1.34
1.29
GRV
GRV
GRV
GRV
GRV
0.01
0.11
0.09
0.11
0.04
NA
0.75
0.99
1.05
1.25
0.18
0.93
0.92
3.72
0.76
1.32
1.43
1.63
4.81
1.39
1.38
3.14
1.17
1.72
1.84
2.28
2.14
1.84
1.87
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.90
0.56
0.89
0.98
1.19
3.07
0.86
0.79
2.58
0.57
1.10
1.23
1.58
3.98
1.16
1.19
2.90
0.89
1.42
1.44
1.85
1.93
1.47
1.56
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.33
0.06
0.14
0.14
0.10
1.03
0.05
0.03
2.71
0.25
0.93
0.90
1.39
3.32
0.92
1.03
2.76
0.58
1.22
1.22
1.64
1.73
1.25
1.30
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.07
3.08
1.79
GRV
1.97
2.45
1.55
GRV
0.13
3.35
1.19
1.34
4.22
2.72
GRV
3.64
3.60
2.52
GRV
0.12
5.15
2.04
5.78
3.03
GRV
5.52
4.67
2.82
GRV
0.31
0.19
1.00
0.01
GRV
3.05
3.55
3.26
GRV
0.35
2.15
0.04
GRV
0.53
3.48
3.36
1.00
NA
NA
0.97
0.90
0.48
0.60
2.80
1.04
0.98
0.34
0.92
1.42
1.01
0.24
0.27
0.92
1.65
4.98
NA
1.61
1.58
0.41
0.94
5.69
1.40
1.36
2.86
0.61
4.15
2.03
1.34
1.57
1.63
2.26
0.01
NA
2.05
2.05
0.81
1.43
2.88
2.01
2.00
3.05
0.01
3.08
2.40
1.52
1.54
2.00
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.04
1.26
NA
0.87
0.86
0.32
0.58
4.62
0.93
0.97
2.58
3.07
4.15
1.38
0.80
0.98
0.89
1.63
4.26
0.58
1.45
1.44
0.33
0.79
6.95
1.30
1.29
1.86
3.70
3.79
1.90
1.39
1.58
1.46
0.73
0.75
1.30
GRV
0.58
0.39
0.39
0.57
0.57
1.00
1.00
GRV
GRV
0.30
0.30
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
7.54
1.60
0.00
2.00
0.00
2.00
0.00
0.10
0.57
6.54
1.60
0.00
2.00
0.00
2.00
0.00
0.10
1.22
1.55
1.58
1.55
1.99
0.56
1.12
1.07
1.08
1.04
25.25
4.90
3.23
10.15
9.46
1.60
1.60
1.60
1.60
1.20
0.00
0.00
0.00
0.00
0.00
2.00
2.00
2.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
2.00
3.00
3.00
3.00
2.00
0.00
0.00
0.00
0.00
0.00
0.10
0.10
0.10
0.10
0.10
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
NA
1.50
2.10
2.27
2.55
6.80
1.82
1.70
2.94
0.49
1.03
1.09
1.44
3.87
1.07
1.12
NA
NA
7.73
10.39
NA
7.52
10.07
9.69
0.60
1.40
1.15
1.15
1.20
1.10
1.50
1.50
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
2.00
2.00
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
5.00
2.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.97
GRV
3.55
3.01
10.12
1.60
0.00
2.00
0.00
2.00
0.00
0.10
3.66
2.08
GRV
5.71
4.23
8.57
1.25
0.00
2.00
0.00
0.00
0.00
0.10
4.34
3.42
2.38
GRV
12.70
4.63
18.77
1.40
0.00
3.00
0.00
5.00
0.00
0.10
GRV
2.77
3.00
2.83
GRV
5.83
3.07
NA
1.15
0.00
0.00
0.00
0.00
0.00
0.10
3.12
GRV
3.90
3.09
2.93
GRV
4.09
3.46
6.04
1.15
0.00
5.00
0.00
5.00
0.00
0.10
1.42
4.24
3.71
1.17
1.20
4.81
0.64
5.51
1.20
1.20
1.94
3.87
4.02
1.81
2.04
2.15
1.13
1.70
3.16
3.24
1.47
1.46
0.33
0.97
2.44
1.49
1.47
2.56
3.41
2.57
1.91
1.04
1.05
1.50
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.13
1.51
1.24
0.17
0.19
0.08
0.02
5.02
0.28
0.10
1.77
1.87
5.39
0.68
0.99
1.02
0.04
1.06
4.08
4.00
0.87
0.87
1.01
0.42
4.19
1.18
0.91
1.72
3.55
4.09
1.88
1.93
1.96
0.88
1.43
2.92
3.06
1.22
1.20
0.08
0.76
2.21
1.25
1.23
2.32
3.14
2.28
0.00
0.00
0.00
0.00
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.94
NA
NA
1.63
1.52
0.97
1.20
10.62
1.84
2.16
3.65
5.70
7.06
2.99
1.82
2.02
1.90
1.46
3.96
3.35
1.31
1.30
0.26
0.73
5.70
1.28
1.20
2.16
3.24
4.07
1.91
1.71
1.84
1.31
1.93
NA
NA
19.54
8.33
17.46
9.04
19.50
5.61
10.04
4.83
15.81
9.45
NA
5.27
2.99
NA
1.60
1.55
1.65
1.90
1.90
1.52
1.50
1.30
1.20
1.10
1.15
1.68
1.40
1.75
2.10
2.10
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
2.00
5.00
5.00
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
0.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
2.00
5.00
5.00
5.00
5.00
3.00
5.00
5.00
5.00
5.00
3.00
3.00
3.00
5.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
3.00
5.00
5.00
5.00
5.00
0.00
3.00
3.00
5.00
5.00
5.00
5.00
0.10
0.15
0.15
0.10
0.10
0.10
0.15
0.10
0.00
0.00
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.02
0.41
0.85
GRV
0.03
0.30
0.62
GRV
1.27
0.56
5.08
1.85
0.00
5.00
0.00
5.00
0.00
0.09
0.48
0.48
0.38
0.38
0.50
0.51
GRV
GRV
0.30
0.30
0.20
0.20
0.22
0.22
GRV
GRV
0.11
0.10
0.43
0.43
NA
8.95
2.00
2.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
0.10
0.10
(Continues over)
292
A.4.8.
(Continued)
A.4.8.
1Q
Yield
%
Vol
(1)
Dur
(2)
Type
NA
0.31
NA
4.75
0.00
0.17
0.28
0.44
1.38
0.53
0.68
0.79
0.53
0.23
0.45
0.50
0.14
2.06
22.57
0.77
3.27
4.04
0.27
0.10
0.17
0.31
1.63
0.74
1.06
0.95
0.73
NA
0.03
0.09
2.19
NA
NA
1.24
0.81
0.58
0.45
0.87
0.67
0.81
1.08
1.41
0.42
0.42
0.61
0.96
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
GRV
GRV
NA
1.00
3.58
1.46
1.78
1.85
0.22
1.28
0.55
1.04
2.29
2.96
0.41
0.31
0.46
0.67
GRV
GRV
GRV
GRV
GRV
GRV
GRF
GRV
GRV
GRV
0.46
3.13
3.00
0.38
4.26
3.45
0.41
0.27
0.33
0.40
0.67
2.38
2.29
0.46
2.80
2.33
0.11
0.16
4.87
0.21
2.58
1.42
0.69
1.11
5.28
NA
2.05
1.40
4.60
7.49
NA
1.35
1.27
0.51
0.62
0.63
0.79
0.93
1.21
2.48
2.75
1.88
4.14
5.70
2.98
1.80
1.13
1.50
2.41
NA
2.94
0.17
0.19
0.06
NA
0.09
0.65
0.05
0.02
0.15
0.06
0.22
0.09
0.06
0.10
0.07
0.01
2.82
GRV
GRV
GRV
GRV
GRV
3.32
0.60
0.94
0.96
4.63
NA
1.64
1.12
2.67
0.01
NA
1.43
2.14
1.21
0.30
0.51
0.71
0.97
0.97
2.13
0.62
1.65
3.07
3.72
NA
NA
NA
0.61
0.61
0.79
1.81
0.90
0.46
0.32
1.06
0.47
0.36
0.53
0.60
0.67
1.62
3.11
2.30
1.70
2.47
2.91
2.57
1.69
0.17
0.99
1.12
1.66
1.95
2.22
2.38
1.24
0.03
1.63
0.05
1.19
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
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
GRV
GRV
0.00
1.23
2.22
1.69
1.52
1.57
0.01
1.03
0.32
0.80
2.00
2.72
0.15
0.08
0.22
0.44
GRV
GRV
GRV
GRV
GRV
GRV
GRF
GRV
GRV
GRV
0.55
0.23
0.15
0.02
0.23
0.26
0.29
0.05
0.25
0.15
2.93
1.61
1.91
0.25
2.69
2.00
2.86
0.16
0.10
0.12
2.45
1.22
0.54
1.80
4.49
5.33
1.99
0.67
3.50
4.51
NA
1.54
1.48
2.37
0.41
0.60
0.47
0.79
1.03
2.77
1.47
2.36
4.38
5.10
2.75
1.59
0.96
1.25
2.14
3.99
2.70
0.18
0.20
1.54
NA
0.09
0.60
0.16
0.07
0.12
0.05
0.16
0.13
0.06
0.07
3.90
2.86
2.62
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.14
0.16
0.35
0.07
1.12
1.44
0.09
0.42
0.34
0.49
NA
0.29
0.12
0.37
1.59
0.22
0.18
0.24
0.24
0.51
0.02
0.56
0.80
1.34
NA
NA
NA
0.63
0.47
1.21
3.18
4.40
2.15
2.66
2.12
2.61
0.71
0.42
0.45
0.54
1.83
3.69
3.47
1.65
2.37
2.25
1.80
1.47
0.14
0.59
0.86
1.45
1.74
1.97
2.22
1.09
1.76
0.89
2.37
0.98
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
2003
Yield
%
Vol
(1)
Yield
since
1996
GRV
GRV
NA
5.08
2.94
1.65
1.63
0.56
0.31
0.31
1.55
2.17
1.75
1.74
0.95
0.01
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.43
4.87
6.36
0.96
9.43
5.24
0.54
0.30
1.82
1.65
2.30
0.84
0.27
0.50
2.81
2.03
1.63
9.58
2.95
1.54
2.97
0.91
1.10
2.14
2.66
0.36
0.41
1.13
0.68
1.88
0.96
2.78
3.62
4.29
0.00
1.07
0.51
0.79
1.68
3.56
2.20
0.01
0.32
0.06
0.10
0.09
0.33
0.09
0.17
0.08
0.05
0.11
0.11
0.06
0.09
3.49
2.47
2.17
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
NA
4.00
0.03
0.12
0.01
1.35
5.97
2.25
1.74
2.94
2.87
1.09
1.31
0.26
0.24
0.30
1.46
3.66
2.70
2.91
2.62
2.24
1.61
2.55
4.14
0.33
0.51
0.99
1.26
1.49
1.84
0.66
1.32
0.46
1.93
0.23
Yield
%
Vol
(1)
Dur
(2)
Type
GRV
GRV
0.93
2.46
2.87
2.39
0.00
0.00
1.85
0.80
0.43
0.54
1.82
2.44
0.04
0.01
0.03
0.36
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.24
1.48
2.01
0.03
4.01
0.67
0.69
0.26
0.78
0.58
1.95
1.16
2.41
9.44
3.92
1.77
2.83
3.73
0.91
0.98
2.69
1.00
0.34
0.63
3.71
4.88
2.37
0.27
3.60
2.11
0.11
1.74
1.40
2.92
3.11
0.19
0.30
0.50
0.87
2.92
1.47
3.11
4.52
4.09
2.48
1.34
0.73
1.03
1.91
3.77
2.47
0.20
0.35
0.07
0.00
0.09
0.47
0.17
0.16
0.12
0.04
0.14
0.13
0.06
0.06
3.70
2.75
2.40
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRF
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
2.13
0.21
0.26
0.22
1.97
2.03
1.49
0.22
2.00
1.03
1.61
0.28
0.94
0.88
2.36
1.01
0.30
0.29
0.08
0.12
0.12
0.85
2.66
2.58
NA
NA
NA
0.07
0.03
0.33
1.15
0.13
0.77
0.27
0.44
0.31
1.56
0.25
0.29
0.40
1.82
4.31
4.07
2.69
2.50
2.39
1.62
4.32
0.01
0.48
0.70
1.20
1.50
1.74
2.03
0.86
1.54
0.66
2.15
0.74
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
NA
7.07
1.55
1.20
0.00
0.00
5.00
5.00
0.00
0.00
3.00
3.00
0.00
0.00
0.10
0.10
1.81
1.87
11.37
0.47
3.23
2.69
1.43
1.88
0.47
0.53
27.87
1.39
NA
11.07
16.46
10.04
11.37
10.31
19.69
16.24
1.67
1.80
1.30
1.65
1.10
1.50
1.83
1.35
1.95
1.35
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
0.00
5.00
0.00
5.00
5.00
0.00
0.00
5.00
5.00
5.00
2.00
5.00
5.00
5.00
3.00
3.00
5.00
5.00
5.00
5.00
0.00
5.00
0.00
5.00
3.00
0.00
0.00
5.00
0.11
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.09
3.95
0.96
2.64
2.22
7.10
NA
3.03
1.86
2.09
NA
NA
3.27
3.80
1.89
0.02
0.58
1.27
1.73
2.38
3.17
0.10
3.51
5.61
5.97
2.54
1.14
0.49
1.13
4.18
4.28
2.04
0.79
3.73
2.91
2.64
1.42
1.33
2.19
2.11
0.50
0.53
0.87
0.97
2.55
1.79
2.40
3.65
4.85
0.74
10.54
10.02
12.61
13.56
NA
6.24
8.00
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
1.47
NA
14.24
NA
NA
0.72
2.25
1.25
0.90
1.04
0.95
1.00
0.90
1.35
0.90
1.25
1.35
1.35
1.05
1.15
1.35
1.35
1.35
1.35
1.45
1.35
1.00
0.40
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
5.00
5.00
0.00
5.00
5.00
2.00
5.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
0.00
0.00
0.00
0.00
3.00
3.00
3.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
2.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
5.00
0.00
3.00
5.00
0.00
5.00
5.00
2.00
5.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
0.00
0.00
0.00
0.00
3.00
3.00
5.00
5.00
5.00
3.00
5.00
0.00
5.00
5.00
2.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
0.00
0.05
0.10
0.05
0.10
0.10
0.05
0.10
0.09
0.10
0.05
0.10
0.15
0.10
0.05
0.10
0.15
0.15
0.10
0.10
0.10
0.10
0.14
0.10
0.20
GRV
NA
4.00
NA
1.80
0.00
0.00
0.00
0.00
0.00
0.20
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.43
1.04
3.05
10.04
5.92
4.25
5.64
3.49
3.55
3.99
1.46
0.42
0.50
1.69
3.76
3.24
2.32
2.51
2.48
1.95
2.62
0.11
9.16
9.00
7.93
6.08
NA
9.95
9.98
8.61
7.71
NA
6.15
1.60
1.75
1.35
1.35
1.35
1.35
1.35
1.35
1.35
1.35
1.15
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
5.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
5.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
5.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
5.00
0.12
0.13
0.09
0.13
0.14
0.13
0.13
0.13
0.14
0.14
0.10
(Continues over)
293
BK GARANTIA CUPON GANADOR FIM

BK GARANTIA CUPON GANADOR II FIM
BK GARANTIA CUPON GANADOR
III FIM
BK GARANTIA DIVERSIFICACION FIM
BK GARANTIA DOBLE CUPON FIM
BK GARANTIA F. INTERNACIONALES FIM
BK GARANTIA INDICE ESPAA FIM
BK GARANTIA INDICE ESPAA II FIM
BK GARANTIA RECORD FIM
BK GARANTIA RECORD II FIM
BK INDICES GARANTIA FIM
BK INDICES GARANTIA II FIM
BK REVALORIZACION
INTERNACIONAL FIM
BK TRIPLE GARANTIA FIM
BMBOLSA SUPERGARANTIA FIM
BSN BANIF CUPON 2004 FIM
BSN BANIF VALOR MAXIMO GTZO FIM
C.C.M. ANIVERSARIO I FIM
CAI GARANTIZADO FIM
CAIXA CATALUNYA BORSA 1 FIM
CAIXA CATALUNYA CREIXEMENT FIM
CAIXA CATALUNYA FONCLIQUET II FIM
CAIXA GALICIA ALFA GARANTIA FIM
CAJA INGENIEROS AMERICA GTZO FIM
CAJA INGENIEROS MULTICESTA
GTZO FIM
CAJA LABORAL BOLSA
GARANTIZADO FIM
CAJA LABORAL BOLSA GTZO II FIM
CAJA LABORAL BOLSA GTZO III FIM
CAJA LABORAL BOLSA GTZO IV FIM
CAJA LABORAL BOLSA GTZO IX FIM
CAJA LABORAL BOLSA GTZO V FIM
CAJA LABORAL BOLSA GTZO VI FIM
CAJA LABORAL BOLSA GTZO VII FIM
CAJA LABORAL BOLSA GTZO VIII FIM
CAJA LABORAL BOLSA GTZO X FIM
CAJA MURCIA GARANT. FIM
2Q
(Continued)
1Q
CAJABURGOS EUROBOLSAS FIM

CAJABURGOS EUROCUPON FIM
CAJABURGOS EUROPA FIM
CAJABURGOS EUROTOP FIM
CAJABURGOS GLOBAL FIM
CAJABURGOS VALOR FIM
CAJACANARIAS EUROPA
GARANTIZADO FIM
CAJACANARIAS EUROPA GTZO 2 FIM
CAJASTUR VALOR GARANTIZADO FIM
CAM CESTA FONDOS
GARANTIZADO FIM
CAM FUTURO 10 GARANTIZADO FIM
CAM FUTURO GARANTIZADO FIM
CRV BOLSA MUNDIAL GARANTIZADO FIM
CRV COMBIBOLSA GARANTIZADO FIM
CRV EUROBOLSA GAR. FIM
DINERO ACTIVO III FIM
DINERO ACTIVO IV FIM
DWS GLOBALFLEX GARANTIZADO FIM
DWS MULTIFONDO GARANTIZADO FIM
DWS MULTIGESTION ACTIVA GTZO FIM
DWS SECTORIAL 2001 FIM
DWS SELECTOR GARANTIZADO FIM
DWS TRIPLE BENEFICIO GTZO FIM
EUROBOLSA ATLANTICO PLUS FIM
EUROV.IBEX35 ASEG.B FIM
EUROVALOR CESTA GLOBAL FIM
EUROVALOR CUPON MULTIPLE
OPORT. FIM
EUROVALOR DOBLE BENEFICIO FIM
EUROVALOR EUROPA GARANTIZADO
2 FIM
EUROVALOR EUROPA
GARANTIZADO. FIM
EUROVALOR EUROPA GTZO 2 B FIM
EUROVALOR EUROPA MAXIMO
GTZO FIM
EUROVALOR FORMULA 25 FIM
EUROVALOR GARANTIZADO
IBEX1 FIM
EUROVALOR GLOBAL ASEGURADO FIM
2Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.81
0.65
0.82
0.82
0.82
1.03
1.33
0.12
0.99
1.33
1.34
2.00
2.09
0.41
1.66
2.11
2.11
3.28
GRV
GRF
GRV
GRV
GRV
GRV
NA
NA
NA
NA
NA
NA
NA
NA
NA
0.09
0.44
0.38
0.10
0.49
0.25
0.24
0.21
0.33
0.42
0.96
0.93
1.24
0.94
0.78
NA
0.59
0.91
0.01
0.57
1.52
0.40
0.70
0.73
0.72
2.03
1.67
1.85
2.68
2.47
7.41
4.86
4.16
5.39
2.75
1.34
0.63
1.39
1.26
0.31
1.30
2.63
1.48
1.97
0.48
10.94
4.25
2.33
0.90
0.90
1.58
0.01
0.01
2.19
2.22
2.07
2.16
2.55
2.64
0.01
1.75
0.75
2.10
1.46
0.29
0.01
2.57
1.37
1.80
0.88
1.58
2.97
2.08
1.41
0.94
0.36
0.40
0.14
6.39
0.98
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
1.49
0.45
0.85
1.50
1.52
3.83
1.08
1.00
0.74
1.10
1.09
3.02
1.90
0.19
1.40
1.90
1.90
3.08
NA
NA
NA
3.41
NA
1.43
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRF
GRV
GRV
GRV
GRV
GRV
RVM
GRV
GRV
GRV
GRV
1.28
1.25
0.27
1.17
1.87
3.68
3.48
3.15
3.15
2.61
0.95
0.46
1.28
1.00
0.54
1.80
1.76
1.27
1.38
0.36
7.51
1.94
0.79
0.73
0.54
0.31
0.08
GRV
GRV
1.63
2.10
0.44
0.99
0.64
1.64
NA
0.78
0.40
0.05
0.39
0.77
4Q
2003
% fees
Yield
%
Vol
(1)
Yield
since
1996
GRV
GRV
GRV
GRV
GRV
GRV
1.97
1.54
1.79
1.99
2.01
6.49
1.32
0.79
0.71
1.32
1.33
3.36
5.31
18.50
14.75
7.46
6.28
13.22
1.35
0.80
1.20
1.35
1.35
1.10
2.66
0.07
2.58
GRV
GRV
GRV
NA
NA
NA
2.46
1.95
2.22
NA
NA
NA
2.19
4.08
5.18
1.32
1.92
3.56
2.84
2.80
3.17
4.45
0.68
2.71
1.04
0.83
0.82
3.63
2.18
1.26
1.17
0.12
3.14
1.70
1.34
0.53
0.11
0.96
3.22
0.81
1.52
1.54
1.44
1.51
1.92
2.00
2.87
1.07
0.08
1.45
0.77
1.06
2.41
1.66
0.52
1.16
0.17
4.60
2.36
1.45
0.77
0.26
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
3.84
4.36
0.42
1.28
3.08
6.80
5.96
5.55
6.22
6.98
2.45
1.77
2.50
2.33
1.94
NA
2.25
2.99
1.70
0.63
8.16
3.14
0.93
1.58
1.53
2.37
3.57
2.60
2.03
2.37
5.56
3.76
3.33
4.27
3.92
1.03
0.35
1.37
0.97
0.44
4.28
2.58
1.53
1.65
0.33
8.12
2.75
1.70
0.73
0.53
2.55
1.35
3.69
2.11
2.66
2.54
GRV
GRV
3.54
2.95
GRV
0.06
1.03
1.43
GRV
0.31
1.66
GRV
GRV
0.21
0.07
0.15
1.04
0.09
1.45
NA
3.16
3.71
5.67
NA
1.22
2.31
1.67
GRV
GRV
GRV
NA
3.72
2.19
4.97
8.73
2.87
3.10
5.45
4.70
0.43
2.33
0.77
GRV
GRV
3.99
0.10
3.96
0.32
Yield
%
Vol
(1)
Dur
(2)
Type
Yield
%
Vol
(1)
Dur
(2)
Type
GRV
GRF
GRV
GRV
GRV
GRV
0.13
0.42
0.06
0.13
0.12
1.17
1.58
0.23
0.63
1.58
1.59
4.08
1.67
0.00
1.18
1.68
1.67
2.84
GRV
GRV
GRV
GRV
GRV
GRV
0.22
0.01
0.16
0.21
0.21
2.44
1.18
1.56
0.31
1.19
1.19
3.84
1.44
2.69
0.95
1.45
1.44
2.60
3.02
NA
3.02
GRV
GRV
0.07
NA
0.16
2.03
NA
2.56
2.82
NA
2.80
GRV
GRV
0.42
NA
0.19
1.73
1.95
2.43
2.08
3.71
1.66
2.38
2.44
5.95
3.94
3.30
4.07
4.04
1.04
0.28
1.58
1.05
6.49
4.70
2.20
1.33
1.61
0.36
10.55
2.25
1.55
0.81
0.48
1.39
3.94
0.01
1.98
2.02
1.87
1.96
2.35
2.43
3.29
1.53
0.53
1.89
1.24
0.08
2.88
2.38
1.16
1.60
0.65
1.39
2.77
1.86
1.19
0.73
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
RFCP
GRV
GRV
GRV
GRV
GRV
RVM
GRV
GRV
GRV
GRV
0.87
0.95
0.17
0.15
0.14
0.77
0.79
0.93
1.06
1.39
0.29
0.17
0.00
0.13
0.37
0.96
0.17
0.57
0.12
0.17
1.45
0.20
0.20
0.02
0.11
3.03
4.50
2.66
1.42
2.58
4.53
2.97
2.83
4.10
4.99
0.94
6.22
1.39
0.64
3.17
5.11
3.16
1.94
1.74
0.22
4.81
2.11
1.40
0.61
0.27
1.17
3.42
0.01
1.74
1.78
1.65
1.73
2.13
2.23
3.09
1.30
0.24
1.67
0.98
0.05
2.64
2.12
0.84
1.37
0.39
0.00
2.55
1.69
0.97
0.50
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
RFCP
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.74
1.66
0.40
0.14
1.54
3.56
3.47
3.07
3.74
2.40
0.23
0.19
0.04
0.24
0.25
3.66
0.06
0.22
0.19
0.12
0.69
0.97
0.36
0.09
0.15
0.34
0.41
0.10
0.21
0.08
0.00
GRV
GRV
0.27
0.77
0.11
2.76
0.00
2.76
GRV
GRV
GRV
0.88
1.47
1.88
GRV
0.05
1.38
1.66
0.77
2.10
GRV
GRV
0.44
0.89
0.42
1.47
0.54
1.89
GRV
GRV
0.17
0.04
0.19
1.39
NA
1.24
2.11
3.46
NA
1.65
0.00
2.11
GRV
GRV
GRV
NA
2.34
2.09
5.10
NA
3.05
3.06
4.14
NA
1.43
2.48
1.89
GRV
GRV
GRV
NA
0.05
1.63
2.24
3.67
0.75
2.77
1.23
GRV
GRV
4.07
0.64
5.94
0.57
2.56
1.00
GRV
GRV
1.12
0.14
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
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
3.00
5.00
5.00
5.00
5.00
5.00
3.00
5.00
5.00
5.00
5.00
5.00
3.00
5.00
5.00
5.00
5.00
0.15
0.10
0.10
0.13
0.14
0.15
0.80
1.20
0.95
0.00
0.00
0.00
5.00
0.00
5.00
5.00
0.00
5.00
5.00
0.00
5.00
5.00
0.00
5.00
0.05
0.05
0.20
NA
12.26
5.16
1.05
8.70
18.02
15.36
7.77
3.56
14.72
NA
7.70
NA
15.86
NA
NA
9.94
12.13
9.05
6.07
8.05
NA
5.39
3.35
3.65
0.95
1.40
1.20
0.95
0.95
1.30
1.30
1.30
0.80
1.00
0.70
1.10
0.90
0.90
0.75
1.00
1.25
1.45
1.25
1.65
1.25
1.15
2.25
1.50
1.37
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
5.00
2.50
5.00
3.00
4.50
4.50
4.50
4.50
4.50
4.50
5.00
4.00
4.00
0.00
5.00
5.00
5.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
2.50
5.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
4.00
4.00
3.00
5.00
5.00
2.00
2.00
2.00
2.00
2.00
2.00
5.00
2.00
0.00
2.00
2.50
5.00
3.00
4.50
4.50
4.50
4.50
4.50
4.50
5.00
4.00
4.00
0.00
5.00
5.00
2.00
0.00
2.00
2.00
2.00
2.00
5.00
2.00
0.00
2.00
2.50
5.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
4.00
4.00
0.05
0.05
0.05
0.05
0.05
0.10
0.10
0.10
0.10
0.05
0.05
0.15
0.10
0.10
0.00
0.00
0.10
0.05
0.07
0.10
0.10
0.05
0.20
0.00
0.00
1.86
1.75
9.43
6.33
1.25
1.25
0.00
0.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
0.00
0.00
1.99
1.40
8.38
1.50
0.00
4.00
4.00
4.00
4.00
0.00
GRV
GRV
1.27
1.99
0.40
1.40
10.26
1.84
1.25
1.50
0.00
0.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
0.00
0.00
0.01
0.99
2.08
1.45
GRV
GRV
GRV
GRV
NA
6.92
6.45
12.73
8.73
2.72
2.87
4.80
NA
14.27
9.07
13.77
1.25
1.50
1.25
1.48
0.00
0.00
0.00
0.00
0.00
4.00
4.00
4.00
0.00
4.00
4.00
4.00
0.00
4.00
4.00
4.00
0.00
4.00
4.00
4.00
0.00
0.00
0.00
0.00
2.10
0.55
GRV
GRV
7.43
1.66
4.67
0.54
NA
16.40
1.25
1.25
0.00
0.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
0.00
0.00
(Continues over)
294
A.4.8.
(Continued)
A.4.8.
1Q
Yield
%
Vol
(1)
Dur
(2)
NA
0.87
0.61
0.43
NA
4.61
1.25
3.66
NA
1.66
1.64
2.26
0.41
NA
0.75
1.46
0.45
0.69
0.79
0.62
4.26
NA
1.06
2.06
0.41
0.53
0.15
0.34
0.08
NA
1.48
2.68
0.00
0.83
0.00
0.54
0.01
1.27
1.85
0.87
0.81
0.95
0.67
0.44
0.99
0.81
1.25
1.54
1.87
2.27
1.40
1.47
1.47
0.62
0.79
1.57
1.71
1.88
0.43
0.69
1.07
0.97
0.94
1.01
2.21
0.47
1.03
3Q
4Q
2003
Yield
%
Vol
(1)
Yield
since
1996
GRV
GRV
GRV
GRV
NA
1.67
0.81
2.65
4.22
2.41
0.93
3.46
2.53
2.48
0.80
1.95
0.01
0.01
0.65
0.01
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.79
NA
1.89
2.41
0.71
1.81
6.60
2.54
1.72
1.81
1.75
0.87
0.76
0.82
1.22
1.10
1.05
1.03
1.16
2.53
1.74
1.87
1.14
1.05
1.10
1.04
1.35
1.50
1.48
1.59
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
2.99
0.12
0.02
0.19
0.11
0.16
3.61
0.17
0.16
2.43
0.15
1.15
1.06
1.00
0.70
4.85
0.96
0.74
1.76
0.37
1.38
1.32
1.29
0.98
0.12
0.80
0.98
GRV
1.78
2.50
3.44
GRV
1.49
3.58
3.33
GRV
0.32
1.02
3.51
GRV
GRV
0.15
0.00
3.24
2.90
3.05
GRV
0.08
2.38
2.90
GRV
0.13
0.00
RFCP
Yield
%
Vol
(1)
Dur
(2)
Yield
%
Vol
(1)
Dur
(2)
Type
Yield
%
Vol
(1)
Dur
(2)
Type
NA
0.74
0.51
2.41
NA
1.04
0.95
4.22
NA
1.44
1.43
2.05
GRV
GRV
GRV
NA
0.07
0.12
1.32
7.73
0.87
0.79
2.92
0.00
1.22
1.22
1.83
GRV
GRV
GRV
GRV
1.04
0.02
0.18
1.13
4.34
0.68
0.63
2.84
2.88
1.00
0.99
1.61
GRV
GRV
GRV
GRV
GRV
GRV
0.38
NA
0.78
1.25
0.29
0.65
0.48
0.50
0.16
8.95
0.79
1.88
6.39
0.39
4.28
0.22
0.00
0.01
1.27
2.44
0.00
0.88
0.00
0.36
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.64
0.16
0.13
0.06
0.03
0.26
0.69
0.36
3.11
2.75
0.64
1.76
5.15
8.08
6.39
5.29
2.76
2.64
1.02
2.19
0.00
0.00
0.67
0.11
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.64
1.56
0.22
0.24
0.01
0.20
5.99
1.05
2.18
1.50
0.47
1.48
1.71
9.09
8.21
0.56
3.13
2.32
2.48
1.82
1.73
1.76
0.91
1.10
2.13
2.09
2.22
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.76
0.79
0.73
0.86
0.79
0.82
0.63
0.42
1.26
1.20
1.22
2.58
1.80
2.02
1.28
1.24
1.24
0.93
0.98
1.48
1.45
1.63
2.90
2.14
2.33
1.62
1.53
1.56
1.52
1.82
1.95
1.92
2.04
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.20
0.31
0.13
0.10
0.09
0.11
0.11
0.02
0.10
0.13
0.04
2.54
1.88
6.31
1.20
1.11
1.16
1.06
1.55
1.45
1.42
1.58
2.66
1.90
2.09
1.39
1.29
1.34
1.28
1.59
1.70
1.67
1.81
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.31
0.49
0.21
0.00
0.00
0.01
0.03
0.14
0.03
0.04
0.04
4.71
0.60
1.66
1.55
1.57
1.31
7.82
1.06
1.29
2.36
1.06
2.04
2.00
2.00
1.64
0.89
1.47
1.65
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
2.80
0.55
1.03
1.20
1.08
0.92
4.88
0.77
0.92
3.51
0.46
1.55
1.47
1.48
1.11
6.43
0.88
1.13
2.21
0.84
1.83
1.79
1.76
1.43
0.59
1.26
1.44
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.87
0.13
0.09
0.37
0.20
0.27
1.47
0.24
0.25
3.11
0.28
1.49
1.48
1.40
0.95
6.90
1.27
0.96
1.97
0.61
1.62
1.57
1.54
1.21
0.35
1.02
1.20
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
NA
0.19
0.00
GRV
2.42
4.16
4.29
GRV
0.31
3.93
4.03
0.32
6.43
0.28
GRV
0.31
1.31
0.05
GRV
0.38
1.84
NA
NA
NA
NA
3.11
0.01
GRV
0.37
0.44
4.69
0.00
GRV
0.14
5.42
0.00
RFLP
NA
1.31
4.18
3.85
2.55
3.16
GRV
GRV
4.22
3.71
2.76
2.78
2.39
2.90
0.37
1.65
0.04
GRV
1.72
2.78
0.21
1.91
3.15
GRV
2.41
0.44
4.86
0.00
GRV
0.06
Type
GRV
GRV
GRV
GRF
Type
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
NA
NA
NA
NA
1.25
1.65
2.18
1.25
0.00
0.00
0.00
0.00
0.00
4.00
4.00
4.00
0.00
4.00
4.00
4.00
0.00
4.00
4.00
4.00
0.00
4.00
4.00
4.00
0.00
0.00
0.20
0.00
1.91
1.90
0.77
1.81
0.21
0.33
5.25
0.35
NA
NA
14.29
4.28
NA
NA
NA
NA
1.25
0.95
1.30
1.40
0.50
0.50
1.05
0.50
0.00
0.00
0.00
0.00
5.00
5.00
3.00
5.00
4.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
4.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
4.00
5.00
5.00
5.00
0.00
0.00
5.00
0.00
4.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.05
0.10
0.09
0.14
0.14
0.05
0.14
1.87
2.88
2.52
1.83
1.69
1.87
1.45
0.71
2.32
2.12
2.48
2.15
1.84
3.62
1.21
1.17
1.20
0.99
1.14
1.40
1.42
1.59
13.32
28.75
10.27
NA
NA
NA
NA
NA
NA
NA
NA
1.05
1.10
1.15
1.50
1.50
1.50
1.40
1.90
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
4.00
4.00
4.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
4.00
4.00
4.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
4.00
4.00
4.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
4.00
4.00
4.00
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
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
5.42
1.50
2.18
2.75
2.36
2.37
12.70
1.66
2.36
3.55
0.41
1.48
1.41
1.38
1.04
6.59
1.05
1.05
NA
NA
5.10
11.58
10.73
15.27
50.20
0.78
1.41
1.50
1.50
1.40
0.70
1.00
1.00
1.50
1.50
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.81
GRV
NA
3.55
NA
1.20
0.00
4.00
4.00
4.00
4.00
0.00
3.04
3.36
GRV
1.73
1.79
0.94
1.50
0.00
4.00
4.00
4.00
4.00
0.00
4.86
3.60
3.12
GRV
NA
3.30
NA
1.45
0.00
4.00
4.00
4.00
4.00
0.00
GRV
1.44
2.92
3.36
GRV
1.71
1.56
NA
1.45
0.00
4.00
4.00
4.00
4.00
0.00
2.17
2.66
GRV
GRV
3.65
2.83
2.60
2.31
1.97
2.52
GRV
GRV
NA
5.25
3.23
3.04
NA
5.59
1.45
1.55
0.00
0.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
0.00
0.00
2.54
2.80
GRV
0.74
1.80
2.57
GRV
2.76
2.10
2.42
1.30
0.00
4.00
4.00
4.00
4.00
0.00
0.01
2.36
2.65
GRV
0.93
1.67
2.44
GRV
3.57
2.11
10.91
1.20
0.00
4.00
4.00
4.00
4.00
0.00
1.36
3.24
3.44
GRV
0.18
2.67
3.26
GRV
1.05
2.12
NA
1.25
0.00
4.00
4.00
4.00
4.00
0.00
(Continues over)
295
EUROVALOR INDICE MAXIMO FIM

EUROVALOR PLUS 2 FIM
EUROVALOR PLUS FIM
EUROVALOR POPULAR 1 FIM
EUROVALOR RENTABILIDAD
PROTEG. FIM
F.GTZO CONFIANZA II CAJA MURCIA 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 15 G. CUPON PLUS
BOLSA 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 85 GARANTIZADO
IBEX35 FIM
FONCAIXA 92 G. IND. MUNDIALES FIM
FONCAIXA G.MIX.LARGO
EUROVA.106 FIM
FONCAIXA GARAN.CUPON
MEMORIA 51 FIM
FONCAIXA GTZO CUPON
MEMORIA 116 FIM
FONCAIXA GTZO CUPON
MEMORIA 83 FIM
FONCAIXA GTZO EUROVALORES
100 FIM
FONCAIXA GTZO EUROVALORES 44 FIM
FONCAIXA GTZO MIXTO
EUROVAL. 41 FIM
FONCAIXA GTZO MIXTO
EUROVAL. 45 FIM
FONCAIXA GTZO MIXTO
EUROVAL. 82 FIM
2Q
(Continued)
1Q
FONCAIXA GTZO MIXTO

EUROVAL.101 FIM
FONCAIXA GTZO MIXTO
EUROVAL.105 FIM
FONCAIXA GTZO MIXTO
EUROVAL.115 FIM
FONCAIXA GTZO MIXTO
GLOBAL 112 FIM
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
GTZO 1 FIM
FONDESPAA RENTA VARIABLE FIM
FONDMAPFRE B. GARAN.FIM
FONDMAPFRE BOL. GIV FIM
FONDMAPFRE BOLSA
GARANTIZADO II FIM
FONDMAPFRE BOLSA GIX FIM
FONDMAPFRE BOLSA GV FIM
FONDMAPFRE BOLSA GVI FIM
FONDMAPFRE BOLSA GVII FIM
FONDMAPFRE BOLSA GVIII FIM
FONDMAPFRE BOLSA GX FIM
FONDMAPFRE INT.GIII FIM
FONDMAPFRE INTERN.
GARANTIA II FIM
FONDMAPFRE INTERNACIONAL
GTZO FIM
FONDO CONFIANZA GARANTIZADO FIM
FONDO GTD 2 FIM
FONDO SUPER 100 2 FIM
FONDO SUPER 100 FIM
FONDO SUPER 120 FIM
FONDO SUPERSATISFACCION FIM
FONDO SUPERSELECCION 2 FIM
FONDO SUPERSELECCION FIM
FONDO VALENCIA GARANTIZADO
RV 2 FIM
FONDO VALENCIA GARANTIZADO
RV 3 FIM
FONDUERO CAPITAL GARANT. 2 FIM
FONDUERO CAPITAL GARANTIZADO
1 FIM
FONDUERO COMBINADO FIM
FONDUERO GARANTIZADO FIM
FONDUERO INDICE FIM
2Q
Yield
%
Vol
(1)
Dur
(2)
Type
NA
4.41
2.57
NA
5.87
0.00
NA
NA
NA
NA
0.42
0.61
0.51
0.10
0.70
1.77
0.71
1.33
NA
0.17
0.58
0.78
6.10
3.04
4.25
1.14
1.88
NA
1.20
0.01
1.21
0.20
0.20
0.08
1.24
0.09
0.02
0.94
0.86
0.68
2.32
2.22
1.22
0.56
1.92
0.57
0.61
0.62
0.87
0.98
0.13
2.03
3Q
4Q
2003
Yield
%
Vol
(1)
Yield
since
1996
GRV
NA
2.59
2.43
GRV
NA
1.95
2.66
GRV
3.66
0.14
0.71
0.20
4.65
2.47
2.78
0.15
0.16
6.60
1.13
2.36
0.24
7.49
3.96
6.11
0.29
1.68
0.02
0.23
0.22
0.50
0.19
0.20
0.08
0.50
0.10
GRV
GRV
GRV
GRV
1.11
0.04
0.10
0.08
3.25
1.69
0.77
8.13
3.09
3.65
0.39
0.25
0.77
2.28
0.00
3.41
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.51
2.55
0.07
0.10
0.14
0.20
2.44
5.07
2.63
2.92
GRV
1.89
2.62
2.19
1.13
3.91
NA
1.66
4.48
3.92
2.17
2.32
1.95
0.00
4.41
NA
1.65
3.88
3.16
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.09
0.12
0.54
NA
1.19
NA
0.12
0.95
0.91
2.47
GRV
1.01
6.04
2.84
1.56
3.13
0.00
GRV
FGL
1.12
2.34
4.93
4.11
2.39
3.38
0.11
2.16
3.06
0.07
GRV
GRV
GRV
GRV
0.34
1.01
0.87
0.60
Yield
%
Vol
(1)
Dur
(2)
Type
Yield
%
Vol
(1)
Dur
(2)
Type
Yield
%
Vol
(1)
Dur
(2)
Type
GRV
2.30
1.81
2.47
GRV
0.06
2.06
2.18
GRV
1.32
1.37
1.98
GRV
1.62
2.80
2.91
GRV
0.12
2.57
2.64
GRV
0.81
1.73
NA
2.50
0.01
GRV
1.09
2.37
2.92
GRV
0.65
NA
GRV 0.31
RFCP 0.13
GRV 0.59
GRV 6.41
GRV 4.04
GRV 3.39
GRV 0.61
GRV 0.90
NA
0.13
0.75
0.72
6.83
3.64
3.69
0.76
2.09
NA
0.98
0.22
0.94
0.21
0.21
0.08
0.93
0.09
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
NA
0.14
0.66
0.11
2.25
1.01
1.10
0.13
0.00
9.85
1.61
3.62
0.43
7.47
4.16
6.19
0.44
1.83
0.00
0.00
0.22
0.75
0.20
0.21
0.08
0.78
0.10
RVN
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.16
0.05
1.91
0.99
GRV
GRV
GRV
GRV
2.92
1.77
1.08
0.46
2.95
2.30
1.19
0.43
0.16
0.06
1.69
0.75
GRV
GRV
GRV
GRV
0.62
0.02
0.10
0.12
3.80
2.32
1.14
0.25
0.16
0.06
1.47
0.52
5.28
2.36
0.42
0.53
0.72
1.83
1.06
5.66
3.48
0.95
0.83
0.72
1.21
2.69
0.86
3.80
GRV
RFI
GRV
GRV
GRV
GRV
GRV
GRV
3.74
0.63
0.41
0.33
0.53
1.36
0.71
7.96
5.00
1.54
0.35
0.23
0.61
1.95
1.36
7.05
3.32
0.00
0.61
0.47
0.99
2.50
0.16
3.62
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.16
0.10
0.10
0.17
0.11
0.17
0.53
0.57
4.33
4.38
0.13
9.43
0.50
1.94
0.55
5.39
0.89
2.02
3.34
GRV
1.83
2.58
3.15
GRV
0.16
0.89
NA
0.05
NA
NA
NA
1.11
5.66
NA
1.98
1.84
2.38
NA
NA
NA
1.49
16.66
0.23
2.60
0.01
2.45
NA
NA
NA
2.02
0.00
0.00
GRV
GRV
GRV
1.92
4.05
2.46
NA
3.25
NA
1.41
4.84
4.41
2.39
2.53
2.16
NA
0.00
NA
1.80
4.12
3.26
GRV
GRV
GRV
GRV
GRV
GRV
1.47
2.55
2.86
NA
NA
NA
0.37
1.02
4.63
NA
5.54
2.67
GRV
5.76
7.11
NA
0.09
NA
1.17
NA
0.00
FGL
NA
0.02
NA
2.40
1.05
0.39
NA
3.06
1.54
1.63
NA
2.39
3.28
0.00
GRV
GRV
GRV
NA
1.75
1.52
1.14
GRV
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
NA
1.20
0.00
0.00
0.00
4.00
4.00
0.00
2.37
NA
1.10
0.00
4.00
4.00
4.00
4.00
0.00
NA
1.98
NA
1.25
0.00
4.00
4.00
4.00
4.00
0.00
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
NA
1.01
1.86
1.19
13.98
8.42
5.53
1.60
2.07
8.30
0.11
2.22
0.58
7.02
3.74
5.21
0.73
1.88
NA
5.84
7.75
NA
11.73
NA
17.59
NA
5.47
1.45
1.40
0.95
1.20
0.90
1.00
1.10
1.10
1.50
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
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
3.00
5.00
2.50
0.00
5.00
5.00
5.00
2.00
2.00
3.00
5.00
1.00
0.00
0.20
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.05
1.02
0.27
GRV
GRV
GRV
GRV
4.74
2.74
1.76
1.35
3.14
2.15
1.10
0.38
NA
7.30
8.30
NA
1.45
1.10
1.10
1.45
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
2.00
5.00
5.00
2.00
0.50
5.00
5.00
0.15
0.15
0.20
0.20
2.78
4.93
9.48
6.89
0.27
1.39
4.50
4.29
2.87
3.44
0.18
0.00
0.51
1.84
3.75
3.19
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
3.12
1.43
1.20
1.23
1.65
2.32
3.58
16.38
4.47
3.61
0.29
0.29
0.55
1.80
2.44
5.71
4.34
22.44
NA
NA
NA
NA
NA
NA
1.25
1.25
1.40
1.45
1.45
1.35
1.30
1.40
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
0.00
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
4.00
5.00
0.00
5.00
5.00
4.00
5.00
5.00
4.00
5.00
0.00
5.00
5.00
4.00
5.00
0.20
0.20
0.19
0.19
0.17
0.20
0.20
0.20
0.25
1.90
2.69
GRV
2.32
2.31
11.26
1.25
0.00
5.00
5.00
5.00
5.00
0.20
GRV
GRV
GRV
0.12
1.97
2.52
0.92
0.37
NA
2.62
1.48
2.12
1.44
2.81
1.90
4.86
4.25
1.34
1.85
3.66
2.79
1.79
2.11
1.69
4.37
4.09
4.50
1.41
3.56
2.77
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
2.34
NA
5.97
NA
NA
NA
4.02
2.37
NA
1.82
2.87
2.25
3.67
3.65
1.34
1.63
9.12
3.35
11.81
NA
25.18
NA
NA
NA
NA
NA
NA
1.20
0.90
1.42
1.50
1.42
1.54
1.41
1.49
1.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
0.00
0.00
0.00
3.00
0.00
0.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.20
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
2.27
GRV
1.46
3.64
2.04
GRV
NA
5.75
NA
0.65
0.00
0.00
0.00
0.00
0.00
0.05
5.01
4.87
2.91
3.68
GRV
GRV
2.88
2.29
4.18
2.40
2.66
3.43
GRV
GRV
NA
0.00
4.17
2.75
NA
NA
0.85
1.47
0.00
0.00
0.00
5.00
0.00
5.00
0.00
5.00
0.00
5.00
0.05
0.20
3.75
3.12
2.42
3.99
0.00
2.00
2.83
0.31
GRV
GRV
GRV
GRV
0.40
1.67
0.75
0.48
2.07
2.05
2.12
2.29
0.23
1.77
2.59
0.07
GRV
GRV
GRV
GRV
NA
4.86
2.45
1.41
2.70
3.18
2.16
2.86
NA
NA
10.73
6.85
1.40
1.20
1.15
1.15
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
0.20
0.10
0.10
0.10
(Continues over)
296
A.4.8.
(Continued)
A.4.8.
1Q
Yield
%
Vol
(1)
Dur
(2)
NA
NA
NA
NA
0.64
0.20
0.37
NA
0.83
0.42
0.64
0.40
0.57
0.66
NA
0.78
0.99
0.69
0.28
0.54
0.53
1.06
0.61
0.67
0.05
0.57
1.03
0.57
0.58
1.00
0.95
0.19
0.96
0.46
0.51
0.65
1.00
0.96
0.61
0.63
0.46
1.58
NA
NA
0.56
0.70
0.70
1.79
0.32
NA
1.16
0.16
0.25
NA
2.32
0.32
0.91
2.89
0.47
1.62
NA
2.74
4.95
0.13
0.31
0.89
0.89
1.82
0.53
0.76
2.74
0.76
1.49
0.45
0.45
1.48
1.51
2.38
1.52
0.58
0.55
2.18
1.48
1.40
0.74
0.73
2.36
2.90
NA
NA
0.35
1.31
3.72
6.88
9.02
NA
1.72
0.06
0.32
NA
1.29
0.55
1.77
2.31
2.87
1.29
NA
1.48
1.24
0.25
0.20
1.24
1.26
2.27
0.01
1.14
2.87
0.80
2.01
0.83
0.83
1.99
2.11
2.25
2.10
0.99
0.94
3.12
1.98
1.98
1.09
1.18
3.11
3.12
NA
NA
0.65
1.27
2.15
2.65
0.30
NA
0.27
0.65
8.61
1.70
2.74
0.01
1.53
3.32
3Q
Yield
%
Vol
(1)
Dur
(2)
NA
NA
NA
NA
0.74
0.03
0.39
NA
GRV 1.05
GRV 0.17
GRV 0.90
GRV 3.12
GRV 4.00
GRV 0.54
NA
GRV 0.88
GRV 3.15
RFCP 0.58
GRV 0.24
GRV 0.72
GRV 0.74
GRV 1.06
GRV 0.89
GRV 0.55
GRV 3.45
GRV 0.55
GRV 0.93
GRV 0.43
GRV 0.43
GRV 0.91
GRV 0.74
GRV 1.80
GRV 0.96
GRV 0.31
GRV 0.41
GRV 1.49
GRV 0.90
GRV 0.89
GRV 0.61
GRV 0.47
GRV 1.89
GRV 2.15
NA
NA
GRF 0.38
GRV 0.64
GRV 1.63
GRV 3.47
GRV 0.34
0.69
1.02
0.50
1.22
1.90
1.68
0.17
1.25
2.87
5.43
1.84
7.37
0.71
3.96
0.13
2.56
0.75
0.76
1.64
2.42
0.60
2.82
1.14
1.37
0.32
0.32
1.36
1.43
2.22
1.47
0.37
0.35
2.28
1.36
1.33
1.03
0.56
2.27
2.30
NA
NA
0.13
0.66
3.31
6.30
8.61
0.02
1.48
0.06
0.08
1.85
1.16
0.31
1.54
2.07
2.73
1.06
0.01
1.27
1.02
0.05
0.08
1.02
0.94
2.06
3.66
0.95
2.65
0.56
1.80
0.59
0.59
1.77
1.87
2.02
1.87
0.76
0.70
2.88
1.76
1.77
1.77
0.94
2.88
2.89
NA
NA
0.35
1.05
1.95
2.45
0.08
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
RFCP
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
6.03
1.00
2.75
2.42
1.27
2.99
Type
GRV
GRV
GRV
2.69
0.74
3.99
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
NA
5.26
0.01
GRF
GRV
GRV
GRV
GRV
0.97
0.26
0.55
0.32
0.26
0.01
0.19
0.17
0.15
0.19
0.05
1.66
0.25
0.02
0.37
0.02
0.21
0.22
0.06
0.09
0.01
0.82
0.33
0.04
0.16
0.16
0.03
0.04
0.01
0.04
0.06
0.03
0.19
0.04
0.04
0.04
0.12
0.21
0.08
NA
NA
0.29
0.12
0.01
0.43
0.16
2.68
0.97
1.84
1.58
1.40
1.61
1.27
1.17
3.12
3.16
0.54
6.66
0.72
4.19
0.18
0.40
0.43
0.44
1.56
3.28
0.67
3.36
0.33
1.30
0.18
0.18
1.28
1.41
2.07
1.41
0.21
0.16
2.30
1.28
1.28
1.34
0.40
2.19
2.22
3.26
3.16
1.36
0.45
3.37
4.40
8.63
GRV
GRV
GRV
1.69
0.02
1.12
3.81
1.07
3.38
Type
2003
Yield
%
Vol
(1)
Yield
since
1996
GRV
NA
2.71
2.44
0.98
3.36
0.09
1.28
1.52
3.85
1.05
1.69
2.24
0.56
2.72
0.80
0.56
2.61
2.73
0.55
0.56
1.58
3.31
0.46
2.18
0.08
1.33
0.12
0.12
1.32
1.40
1.57
1.41
0.28
0.23
2.50
1.32
1.31
1.35
0.47
2.46
2.49
2.92
2.91
3.35
0.56
1.48
1.93
2.24
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
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
NA
1.12
1.46
1.37
NA
1.85
1.17
1.92
5.91
7.81
1.33
NA
2.07
9.08
3.86
0.30
1.57
1.58
2.05
0.29
1.26
7.07
1.73
1.91
1.36
1.37
1.87
1.63
3.01
1.87
0.67
1.08
1.95
1.87
1.81
1.16
1.27
2.52
4.40
NA
NA
1.27
1.59
2.76
3.11
0.63
2.05
0.78
2.68
GRV
GRV
GRV
NA
1.45
7.34
Yield
%
Vol
(1)
Dur
(2)
Type
GRV
0.37
3.15
2.66
2.67
1.25
3.62
0.33
1.50
0.86
0.07
1.29
1.84
2.48
0.81
2.95
1.03
0.81
0.01
0.01
0.78
0.79
1.81
3.41
0.69
2.42
0.32
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.81
1.73
2.20
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
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRF
GRV
GRV
GRV
GRV
1.43
0.00
0.67
0.29
0.99
1.63
0.39
0.19
2.44
3.27
0.08
1.10
0.14
4.74
2.16
0.25
0.09
0.08
0.14
0.09
0.03
2.60
0.26
0.09
0.19
0.20
0.08
0.11
1.37
0.10
0.03
0.13
0.01
0.08
0.09
0.11
0.05
0.37
0.69
0.59
0.03
0.04
0.12
1.81
1.91
0.18
2.12
0.76
5.34
1.23
1.01
2.05
0.69
0.61
1.84
3.27
0.30
2.23
1.36
3.83
6.50
3.30
0.36
0.38
1.38
3.42
0.15
3.03
7.50
0.94
7.13
7.59
0.92
1.01
2.02
1.02
6.57
0.02
1.83
0.92
0.92
0.98
0.20
1.73
1.77
2.56
4.19
1.35
0.29
3.50
3.42
2.48
1.98
1.04
2.90
GRV
GRV
GRV
3.48
0.45
2.75
2.33
0.86
2.28
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
NA
1.30
0.00
5.00
5.00
5.00
5.00
0.05
2.28
0.99
2.85
0.12
1.47
1.94
0.39
1.02
2.74
3.57
1.26
4.38
1.61
4.27
3.27
1.67
0.65
0.65
1.61
2.68
0.60
3.01
0.70
1.29
0.29
0.29
1.28
1.36
2.18
1.37
0.36
0.34
2.16
1.28
1.25
1.05
0.51
2.15
2.33
2.46
4.02
0.70
0.78
3.49
5.44
1.25
NA
11.01
2.23
9.96
NA
13.56
5.15
7.99
NA
13.34
4.50
NA
17.04
17.03
NA
NA
5.00
7.93
3.83
0.75
NA
NA
3.41
8.50
7.97
6.00
6.32
3.90
17.64
9.17
NA
NA
16.84
13.74
1.21
NA
NA
7.93
6.14
NA
NA
16.45
NA
7.85
13.15
9.46
0.79
2.00
1.50
0.90
1.20
1.40
1.40
1.00
0.85
0.85
1.30
0.85
0.90
1.20
1.35
1.30
1.30
1.30
1.30
1.15
1.35
1.10
0.75
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
1.50
1.50
1.50
1.50
1.10
1.30
1.10
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
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
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
5.00
0.00
3.00
3.00
3.00
5.00
5.00
0.00
5.00
5.00
5.00
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
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
3.00
3.00
3.00
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
5.00
5.00
5.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
0.00
3.00
3.00
3.00
5.00
5.00
0.00
3.00
5.00
5.00
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
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
0.00
3.00
3.00
3.00
0.05
0.10
0.10
0.10
0.10
0.10
0.20
0.00
0.15
0.15
0.20
0.15
0.15
0.19
0.15
0.15
0.20
0.20
0.17
0.19
0.17
0.10
0.05
0.08
0.10
0.10
0.08
0.08
0.10
0.08
0.10
0.10
0.08
0.08
0.10
0.10
0.10
0.08
0.08
0.10
0.10
0.10
0.20
0.20
0.20
0.20
4.20
1.20
2.84
NA
NA
15.93
1.30
1.30
1.25
0.00
0.00
0.00
3.00
3.00
2.00
3.00
3.00
2.00
3.00
3.00
2.00
3.00
3.00
2.00
0.20
0.20
0.05
(Continues over)
297
FONPENEDES G.INT. MES BORSA II FIM

FONPENEDES G.INTERES M.
BORSA I FIM
GARANTIA PLUS 4 FIM
GARANTIZADO TOP MARKETS FIM
GAREXMED FIM
HERRERO BS GAANTIA DOBLE 1 FIM
HERRERO FONDO 125 (SERIE 1) FIM
IBERCAJA INDEX 3 FIM
IBERCAJA PATRIMONIO FIM
IBERCAJA PT III FIM
IBERCAJA RENTA MUNDIAL FIM
INGENIEROS EUROB.G. FIM
INVERDUERO 2000 FIM
KUTXAINDEX FIM
KUTXAINDEX2 FIM
KUTXAINDEX3 FIM
KUTXAINDEX5 FIM
KUTXAINDEX7 FIM
KUTXAINDEX8 FIM
LUSO GARANTIZADO 2004 FIM
MADRID ACCIONES GLOBAL 100 G FIM
MADRID BOLSA 100 FIM
MADRID BOLSA 50 FIM
MADRID BOLSA ACTIVA FIM
MADRID BOLSA EXTRA FIM
MADRID CESTA EUROAMERICANA FIM
MADRID CESTA EUROPEA FIM
MADRID CESTA MUNDIAL FIM
MADRID EURO JAPON FIM
MADRID EUROACCION G FIM
MADRID EUROAMERICA FIM
MADRID GARANTIA IBEX FIM
MADRID GARANTIA MIXTA FIM
MADRID NUEVA ECONOMIA FIM
MADRID RENTABILIDAD DUAL I FIM
MADRID RENTABILIDAD DUAL II FIM
MADRID VALORES PREMIUM 100 FIM
MADRID VALORES PREMIUM 95 FIM
MADRID VALORES PREMIUM III FIM
MARCH BOLSAS INTERN. GTZDO FIM
MARCH EUROBOLSA GARANTIZADO FIM
MARCH EUROTOP GARANTIZADO FIM
MARCH IBEX GARANT. FIM
MARCH MULTIFONDO
GARANTIZADO FIM
MARCH USA GARANTIZADO FIM
MORGAN STANLEY EURO FONDO 1 FIM
2Q
(Continued)
1Q
MORGAN STANLEY GRAN

SELECCION FIM
MORGAN STANLEY USA
GARANTIZADO FIM
MS TRIPLE OPORTUNIDAD FIM
MS TRIPLE OPORTUNIDAD II FIM
MULTIBOLSA DUERO FIM
PASTOR DOBLE GARANTIA FIM
PASTOR EUROBOLSA
GARANTIZADO 1 FIM
PASTOR FIJO 2 FIM
PBP ETERNUM FIM
RENTA 4 BOLSA PLUS FIM
RENTADUERO FIM
RURAL AHORRO II FIM
RURAL CESTA DE INDICES GTZO FIM
RURAL EUROINDICE FIM
RURAL GARANTIZADO RV III FIM
RURAL GARANTIZADO
TECNOLOGIA FIM
RURAL VALOR FIM
RURAL VALOR III FIM
RURAL VALOR IV FIM
SABADELL BS GARANTIA DOBLE 2 FIM
SABADELL BS GARANTIA DOBLE 3 FIM
SABADELL BS GARANTIA EXTRA 1 FIM
SABADELL BS GARANTIA
INTERN. 2 FIM
SUPERIOR 1 FIM
SUPERIOR 2 FIM
SABADELL GARANTIA INTERN. 1 FIM
SABADELL GARANTIA INTERN. 3 FIM
SABADELL GLOBAL FIM
SANTANDER BEST 2 FIM
SANTANDER BEST FIM
SANTANDER EUROSTOXX
GARANTIZADO FIM
SANTANDER GARANTIZADO
ACCION FIM
SANTANDER GARANTIZADO MIXTO FIM
SANTANDER SEGURIDAD 2000 FIM
SANTANDER SELECCION
GARANTIZADO FIM
SANTANDER SELECCION GTZO 2 FIM
SBD EURO GARANTIA FIM
SBD GARANTIA DOBLE 1 FIM
SBD IBEX 2 FIM
SBD INTERNACIONAL 5 GARANTIA FIM
2Q
Yield
%
Vol
(1)
Dur
(2)
Type
11.15
14.03
4.36
0.09
0.39
0.38
1.06
0.59
1.47
0.01
1.35
1.36
0.18
0.76
0.94
0.10
0.19
0.73
0.35
0.36
1.14
0.53
3Q
4Q
2003
Yield
%
Vol
(1)
Yield
since
1996
GRV
17.06
12.27
1.02
0.30
0.79
1.44
1.88
GRV
GRV
GRV
GRV
GRV
2.51
3.05
0.67
1.83
7.25
0.54
2.09
4.32
1.17
0.52
2.61
1.61
0.26
1.48
1.07
1.23
2.05
1.37
0.54
1.94
1.33
0.50
1.32
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.28
0.23
1.38
0.17
1.19
NA
0.24
0.65
7.31
1.01
0.57
1.79
1.97
0.02
0.02
0.01
1.02
0.94
1.31
0.01
0.01
2.36
GRV
2.40
2.16
3.39
2.39
GRV
2.65
1.54
0.56
0.13
0.10
0.14
1.53
5.25
3.19
2.66
3.00
4.84
4.36
2.55
2.20
1.37
2.92
0.28
0.07
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.16
4.92
0.28
0.77
0.77
0.78
GRV
GRV
GRV
0.41
0.51
0.22
0.44
3.97
0.21
0.52
0.78
1.47
1.27
1.24
0.52
1.24
1.24
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.20
0.15
0.20
0.06
0.07
0.20
0.12
0.12
6.44
0.22
1.22
0.98
0.64
5.98
0.68
0.68
Yield
%
Vol
(1)
Dur
(2)
Type
Yield
%
Vol
(1)
Dur
(2)
Type
Yield
%
Vol
(1)
Dur
(2)
Type
GRV
8.88
7.97
4.20
GRV
8.53
13.62
3.99
GRV
11.49
11.89
3.76
1.69
0.07
0.07
2.07
0.01
GRV
GRV
GRV
GRV
GRF
1.25
0.09
0.22
1.26
4.03
1.55
1.41
2.79
1.48
11.56
1.48
0.41
0.00
1.85
0.00
GRV
GRV
GRV
GRV
GRV
0.28
0.85
0.10
0.06
0.02
1.78
4.54
0.29
1.40
2.27
1.25
0.00
0.00
1.67
2.03
GRV
GRV
GRV
GRV
GRV
0.86
3.63
1.17
0.43
2.47
1.50
5.15
5.04
1.03
2.88
1.50
2.50
3.25
4.20
0.84
0.16
1.28
0.67
0.43
1.86
2.30
2.58
1.88
1.25
0.13
1.20
1.08
0.00
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRF
0.86
2.36
1.95
1.62
0.60
0.30
1.19
0.93
1.21
0.92
2.36
2.85
1.46
0.68
1.60
1.09
0.54
1.63
1.59
2.13
61.54
1.74
1.02
0.00
1.00
0.89
1.64
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.06
0.51
0.13
0.14
0.12
0.38
0.00
0.39
0.02
0.81
2.76
3.86
1.88
0.46
3.16
1.09
0.42
2.04
1.34
1.92
2.27
1.61
0.79
2.15
1.62
0.71
1.47
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.12
1.49
3.67
0.15
0.51
2.02
1.50
0.34
1.99
0.60
0.58
0.53
0.72
0.55
NA
0.57
0.61
0.91
1.74
0.51
0.11
NA
0.29
0.91
0.41
1.19
0.90
0.29
NA
0.52
GRV
GRV
GRV
GRV
GRV
0.58
1.52
1.59
0.44
3.12
NA
0.10
0.70
0.20
0.99
0.69
0.09
NA
0.30
GRV
GRV
GRV
GRV
GRV
GRV
0.83
0.06
1.53
0.59
0.48
NA
0.32
0.49
1.10
1.39
0.80
2.58
NA
1.28
0.49
0.07
0.79
1.15
0.01
NA
0.07
GRV
GRV
GRV
GRV
GRV
GRV
0.18
0.45
0.09
0.37
0.37
NA
0.34
0.43
7.18
0.01
GRV
3.37
5.05
2.59
GRV
0.56
2.77
NA
NA
NA
NA
2.89
2.78
GRV
0.12
NA
0.09
0.38
2.06
0.53
2.43
NA
1.88
1.85
2.88
0.42
2.81
NA
2.62
1.81
3.35
0.77
0.55
GRV
GRV
GRV
GRV
GRV
NA
4.91
2.60
1.99
0.38
3.10
1.70
4.01
2.32
3.05
0.33
7.08
0.01
2.58
1.69
3.48
0.51
0.30
GRV
GRV
GRV
GRV
GRV
GRV
0.50
0.44
0.76
GRV
0.40
0.34
0.52
0.57
1.09
0.64
0.66
2.58
0.67
1.02
1.04
1.04
GRV
GRV
GRV
0.53
2.71
0.59
0.47
4.08
0.47
0.67
0.63
0.83
0.08
0.15
0.65
0.40
0.40
0.37
0.61
1.90
1.22
1.18
0.45
1.09
1.09
0.76
1.04
1.59
1.38
1.39
0.70
1.39
1.39
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.46
0.52
0.69
0.91
1.00
0.49
0.98
0.98
0.51
0.47
1.76
0.97
1.27
0.30
1.25
1.25
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
NA
1.35
0.00
3.00
3.00
2.00
2.00
0.05
1.58
3.53
2.54
1.34
6.07
4.04
21.84
1.16
2.88
NA
1.25
1.25
1.25
1.15
1.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
2.00
5.00
5.00
2.00
2.00
2.00
5.00
5.00
2.00
2.00
2.00
5.00
5.00
2.00
2.00
2.00
5.00
5.00
0.05
0.02
0.02
0.10
0.10
1.82
5.39
5.44
1.82
1.97
2.29
3.07
2.84
3.75
1.00
2.44
3.63
2.48
0.64
2.07
1.29
0.50
1.53
8.96
11.48
13.06
37.27
7.80
9.63
NA
14.75
14.66
1.00
0.83
0.92
1.80
1.15
0.60
0.70
0.60
0.60
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
5.00
2.50
5.00
3.00
3.00
3.00
3.00
5.00
5.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
5.00
5.00
0.00
2.50
5.00
3.00
3.00
3.00
3.00
5.00
5.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.15
0.10
0.15
0.10
0.10
0.05
0.00
0.00
0.05
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.90
1.32
3.58
1.87
2.61
NA
1.47
0.59
0.88
1.46
0.60
0.90
1.97
0.15
NA
5.97
14.84
2.98
NA
NA
NA
1.00
1.00
0.80
0.75
0.92
1.03
1.30
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
5.00
0.00
5.00
0.00
0.00
0.00
0.00
5.00
0.00
5.00
0.00
0.00
3.00
3.00
5.00
0.00
5.00
0.00
0.00
0.00
0.00
5.00
0.00
5.00
0.00
0.00
0.00
0.00
0.10
0.10
0.10
2.02
GRV
5.71
3.09
14.21
1.40
0.00
5.00
5.00
5.00
5.00
0.10
2.64
2.20
GRV
NA
3.02
NA
1.56
0.00
5.00
5.00
5.00
5.00
0.10
1.97
2.89
1.52
0.14
0.14
2.41
2.40
3.27
1.79
2.41
0.06
3.28
2.35
2.01
1.17
2.72
0.04
0.01
GRV
GRV
GRV
GRV
GRV
GRV
NA
8.45
3.91
4.05
1.20
9.80
3.95
3.21
2.20
2.85
0.27
4.68
NA
14.45
NA
45.54
7.99
NA
1.10
1.40
1.35
0.15
1.31
1.22
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
0.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
0.10
0.10
0.04
0.10
0.10
0.10
GRV
0.16
6.10
0.04
GRV
1.23
0.28
7.32
1.23
0.00
5.00
5.00
5.00
5.00
0.10
0.54
0.55
0.55
GRV
GRV
GRV
0.19
4.92
0.22
8.96
4.02
9.09
0.29
0.31
0.31
GRV
GRV
GRV
1.70
9.49
1.69
0.46
3.74
0.42
0.20
19.43
NA
1.08
1.52
0.88
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
0.10
0.10
0.10
0.28
0.54
1.16
0.95
0.96
0.25
0.96
0.96
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.14
0.08
0.01
0.44
0.02
0.23
0.01
0.01
0.18
0.14
0.63
0.65
0.46
1.86
0.46
0.46
0.04
0.31
0.96
0.74
0.74
0.04
0.74
0.74
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.48
1.38
0.34
1.34
1.24
1.58
1.52
1.52
0.33
0.41
1.47
0.98
0.95
0.27
0.93
0.93
NA
15.01
7.99
NA
7.21
9.33
8.24
8.55
0.98
1.20
1.94
1.00
1.35
1.05
1.36
1.36
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
5.00
0.10
0.10
0.10
0.08
0.10
0.05
0.10
0.10
(Continues over)
298
A.4.8.
(Continued)
A.4.8.
1Q
3Q
4Q
2003
Yield
%
Vol
(1)
Yield
since
1996
GRV
GRV
1.31
1.33
0.99
0.37
3.07
2.24
1.86
1.05
3.40
1.24
1.27
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.57
4.55
5.57
1.79
2.58
1.83
1.30
0.49
1.47
0.46
0.74
2.73
6.94
0.35
0.26
3.59
0.27
4.45
0.79
1.39
0.79
1.05
1.67
0.89
0.06
0.55
1.81
0.01
3.01
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
NA
1.46
0.18
0.37
3.90
0.00
3.32
6.99
8.03
5.12
0.01
1.80
0.38
0.41
1.34
GRV
1.43
3.76
0.19
GRV
0.62
1.28
0.49
GRV
0.06
1.85
0.26
GRV
2.54
7.02
0.07
GRV
0.07
1.86
3.86
0.07
0.36
GRV
GRV
0.44
1.65
4.19
2.95
0.20
0.06
GRV
GRV
0.67
0.67
3.18
0.73
GRV
1.31
0.67
Yield
%
Vol
(1)
Dur
(2)
Type
Yield
%
Vol
(1)
Dur
(2)
Type
Yield
%
Vol
(1)
Dur
(2)
Type
Yield
%
Vol
(1)
Dur
(2)
Type
0.72
0.63
1.32
0.57
1.59
0.93
GRV
GRV
0.62
0.47
0.93
0.40
1.47
0.77
GRV
GRV
0.03
0.11
0.94
0.19
1.16
0.49
GRV
GRV
0.06
0.11
0.65
8.75
0.96
0.28
0.42
0.08
0.31
0.91
0.35
0.86
0.43
4.56
3.25
2.87
1.31
0.17
1.57
2.42
0.07
2.96
2.67
1.76
0.00
1.94
1.92
GRV
GRV
GRV
GRV
GRV
GRV
GRV
0.63
2.81
2.58
0.75
0.28
0.85
0.87
2.39
3.19
3.17
1.25
1.05
1.27
2.10
3.78
2.61
2.40
1.53
0.00
1.68
1.76
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.26
0.01
0.51
0.10
0.34
0.11
0.02
3.84
2.85
3.12
0.97
1.92
1.21
1.21
3.38
2.48
2.14
1.30
3.88
1.49
1.51
GRV
GRV
GRV
GRV
GRV
GRV
GRV
1.80
1.77
2.72
0.02
1.58
0.00
0.02
3.55
2.58
3.09
0.68
4.23
0.90
0.91
0.78
0.22
0.84
0.74
1.18
0.66
0.09
0.59
2.80
0.62
0.66
0.97
3.04
0.98
1.48
3.72
0.77
0.67
0.70
6.04
0.36
3.25
1.51
2.08
1.51
1.78
2.42
0.22
0.58
1.18
2.44
0.49
3.57
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRF
GRV
0.69
0.80
0.69
0.71
2.60
0.71
0.42
0.61
4.14
0.46
3.21
0.86
2.15
0.87
1.34
3.39
0.20
0.57
0.71
3.88
0.14
3.67
1.27
1.90
1.25
1.49
2.13
0.06
0.37
0.97
2.27
0.27
3.40
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRF
GRV
0.11
0.13
0.11
0.07
0.84
0.26
0.08
0.10
0.86
0.41
0.19
0.60
1.64
0.61
0.98
2.81
1.52
0.27
0.50
7.16
2.34
3.52
1.04
1.62
1.03
1.29
1.92
0.00
0.17
0.77
1.81
0.08
3.20
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRV
GRF
GRV
0.06
0.09
0.06
0.17
1.08
0.46
0.29
0.12
3.14
0.42
1.71
NA
1.93
0.66
0.84
1.29
NA
5.87
0.39
0.39
1.79
NA
2.47
1.01
0.98
1.98
GRV
GRV
GRV
GRV
NA
2.11
0.51
0.70
1.81
NA
4.01
0.27
0.27
6.51
NA
2.25
0.72
0.77
1.76
GRV
GRV
GRV
GRV
NA
0.33
0.22
0.43
0.48
NA
3.84
0.12
0.15
6.69
NA
2.05
0.54
0.59
1.56
GRV
GRV
GRV
GRV
0.18
3.96
0.19
GRV
0.44
4.19
0.20
GRV
1.11
4.44
0.20
NA
NA
NA
NA
2.03
0.00
GRV
0.80
4.64
0.75
0.84
0.93
GRV
0.54
0.64
0.71
GRV
0.20
0.17
1.73
0.24
GRV
1.18
1.41
0.11
GRV
0.86
5.98
0.20
GRV
2.60
5.73
0.20
1.30
1.78
0.07
GRV
0.31
2.46
1.36
0.45
1.72
2.61
0.06
0.17
GRV
GRV
0.17
2.36
0.18
0.76
3.96
3.24
0.19
0.06
GRV
GRV
1.84
1.03
3.08
0.85
0.89
1.21
0.32
9.98
0.07
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
NA
5.45
1.76
1.35
0.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
0.10
0.10
2.89
2.99
3.08
1.08
2.33
1.26
1.77
7.71
8.46
10.14
1.55
4.05
0.55
NA
1.54
1.55
1.70
1.30
1.60
1.33
1.50
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
0.00
5.00
5.00
5.00
5.00
0.00
5.00
0.00
5.00
5.00
5.00
5.00
0.00
0.10
0.10
0.10
0.10
0.10
0.10
0.10
1.52
0.53
1.71
1.35
3.35
1.16
0.88
1.43
5.29
1.91
5.46
0.76
2.16
0.76
1.17
3.20
3.50
0.49
0.57
5.40
0.24
3.76
20.76
NA
15.86
14.04
19.94
10.41
0.67
1.54
NA
NA
15.13
1.26
1.55
1.35
1.49
1.46
0.90
0.95
1.65
0.63
1.20
0.90
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
0.00
5.00
5.00
0.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
0.00
5.00
5.00
0.00
5.00
5.00
5.00
1.00
0.00
3.00
3.00
5.00
5.00
5.00
0.00
5.00
5.00
5.00
1.00
0.00
3.00
3.00
5.00
5.00
0.10
0.10
0.10
0.10
0.10
0.05
0.05
0.05
0.05
0.05
0.20
GRV
GRV
GRV
GRV
GRV
NA
1.28
1.58
2.36
7.66
0.00
4.37
0.25
0.25
5.41
NA
NA
8.38
10.49
19.15
1.40
1.05
1.50
0.75
0.75
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
3.00
3.00
0.00
0.00
3.00
3.00
3.00
0.00
0.00
3.00
3.00
3.00
0.00
0.00
3.00
3.00
3.00
0.20
0.15
0.06
0.07
0.09
0.20
GRV
2.82
4.10
NA
1.25
0.00
0.00
0.00
5.00
0.00
0.15
2.49
0.40
GRV
NA
3.09
NA
1.85
0.00
5.00
0.00
3.00
0.00
0.10
0.06
8.31
0.00
GRV
1.56
0.83
4.83
0.90
0.00
0.00
0.00
0.00
0.00
0.15
GRV
0.02
1.16
0.12
GRV
1.42
1.56
20.75
1.20
0.00
0.00
0.00
5.00
0.00
0.10
0.20
GRV
2.05
5.69
0.21
GRV
8.29
6.13
NA
1.45
0.00
5.00
0.00
5.00
0.00
0.10
2.09
0.07
GRV
0.02
1.27
0.07
GRV
1.53
1.95
14.36
1.45
0.00
0.00
0.00
5.00
0.00
0.10
0.05
1.07
2.05
3.77
0.07
0.17
GRV
GRV
0.05
2.26
1.02
2.76
0.07
0.38
GRV
GRV
1.63
3.10
1.71
3.32
13.68
NA
1.45
1.40
0.00
0.00
0.00
5.00
0.00
0.00
5.00
5.00
0.00
0.00
0.10
0.10
GRV
GRV
1.10
1.29
4.44
3.26
0.20
0.07
GRV
GRV
1.45
1.36
4.00
4.18
0.20
0.07
GRV
GRV
2.83
5.17
4.16
3.44
3.16
0.70
1.25
1.30
0.00
0.00
0.00
5.00
0.00
0.00
5.00
5.00
0.00
0.00
0.15
0.10
0.83
1.00
GRV
GRV
0.21
0.23
2.85
0.74
0.76
0.79
GRV
GRV
0.25
0.02
1.82
0.58
0.71
0.57
GRV
GRV
0.70
1.97
2.79
0.74
NA
NA
1.00
0.90
0.00
0.00
0.00
5.00
0.00
0.00
5.00
2.50
0.00
0.00
0.12
0.10
0.02
GRV
0.09
0.03
0.00
GRV
0.88
2.93
0.21
GRV
0.83
1.52
1.81
1.30
0.00
5.00
0.00
5.00
0.00
0.10
(Continues over)
299

SBD VALOR GARANTIZADO FIM
SCH BOLSA ESPAOLA
ASEGURADO FIM
SCH BOLSA EURO ASEGURADO FIM
SCH BOLSA GARANTIZADO FIM
SCH EUROINDICE GARANTIZADO FIM
SCH GLOBAL INDICES ASEGURADO 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 VIII FIM
UNIFOND XVII FIM
URQUIJO GARANT. 3 FIM
URQUIJO GTZO ACCIONES
INTERNAC. FIM
VALENCIA GTZO RENTA VARIABLE FIM
VITAL EURO INDICES FIM
VITAL EURO PLUS FIM
VITAL INDICES I FIM
ZARAG. GTZO CINCO ESTRELLAS
II FIM
ZARAGOZANO GARANTIZADO
BOLSA 8 FIM
BOLSA IV FIM
BOLSA V FIM
BOLSA VI FIM
MIXTO I FIM
MIXTO II FIM
ZARAGOZANO GTZO BOLSA VII FIM
ZARAGOZANO GTZO CINCO
ESTRELLAS FIM
ZARAGOZANO GTZO MIXTO III FIM
ZARAGOZANO GTZO PRIMERA
CLASE FIM
ZARAGOZANO GTZO PRIVILEGIO FIM
ZARAGOZANO GTZO RF
EMERGENTE FIM
2Q
(Continued)
1Q
Global funds (FGL)
Yield
%
A&G MULTISELECTION FUND FIMF

7.07
ABANTE ASESORES GLOBAL FIMF
3.97
ABANTE PATRIMONIO GLOBAL FIMF
NA
ABANTE RENTABILIDAD ABSOLUTA FIMF NA
AC BIENESTAR FIM
6.52
AC DIVISA FIM
7.91
AC EMERGENTES FIM
10.45
AC GESTION DINAMICA FIM
NA
AC PROTECCION ACTIVA 95 FIM
NA
AC TECNOLOGICO FIM
1.99
AFINA ESTRATEGICO FIM
5.72
ARCALIA COYUNTURA FIM
0.90
ARCALIA SELECCION FIM
3.81
ARTE FINANCIERO FIM
1.27
ASTURFONDO GLOBAL FIM
4.24
ATLANTICO EVOLUCION FIMF
0.41
ATLANTICO GESTION DINAMICA FIMF 0.32
ATLANTICO MULTIFONDO AZUL 2 FIMF 0.72
ATLANTICO MULTIFONDO AZUL 3 FIMF 3.12
ATLANTICO MULTIFONDO AZUL FIMF 3.50
ATLANTICO MULTIG. ALTERNATIVA FIMF 0.51
AVIVA GESTION GLOBAL FIM
8.34
AZPELAN FIM
2.92
BANCAJA FDO DE FDOS 90
GLOBAL FIMF
8.21
BANCAJA FDO DE FDOS INTERN. FIMF 7.03
BANESTO GARANTIZADO
DINAMICO FIMF
NA
BANESTO GESTION DINAMICA 1 FIMF 1.65
BANESTO GTZO DINAMICO PLUS FIMF NA
BANIF GLOBAL 398 FIMF
1.75
BANIF GLOBAL UNIVERSAL FIM
NA
BANIF RENDIMIENTO PLUS FIMF
0.71
BANIF RIESGO ABIERTO FIM
0.08
BANKINTER LONG SHORT. FIM
NA
BARCLAYS GESTION TOTAL FIMF
7.89
BBVA AGRO ALTERNATIVO FIM
NA
BBVA BOLSA ACTIVA FIM
0.30
BBVA GESTION ACTIVA FIM
0.16
BBVA MIXTO GLOBAL FIM
3.44
BBVA MULTIFONDO ALTERNATIVO FIMF 0.48
BBVA MULTIFONDO DINAMICO FIMF 6.91
BCH SAYPLUS FIM
1.74
BELGRAVIA EPSILON FIM
NA
BETA ACTIVOS FIM
0.53
BETA CRECIMIENTO FIM
9.55
BETA STOCKS TRADING FIM
2.22
BETA VALOR FIM
3.22
BG RENTA ALTERNATIVA FIMF
0.56
BK MULTIFONDOS DINAMICO FIMF
4.28
2Q
Vol
(1)
Dur
(2)
8.31
9.08
NA
NA
23.81
25.11
19.58
NA
0.21
34.34
11.89
14.11
21.17
4.53
12.15
1.10
0.44
2.66
7.13
6.45
0.93
30.84
8.08
0.00
0.00
NA
NA
0.00
0.00
0.00
NA
0.11
0.00
0.00
0.25
0.00
0.01
0.00
0.11
0.02
0.00
0.00
0.00
0.00
0.01
1.76
22.55
20.11
NA
2.34
5.00
7.85
NA
4.47
NA
0.72
3.38
1.00
21.91
NA
1.19
1.81
9.52
2.20
14.19
4.25
NA
6.38
22.25
3.79
9.91
0.11
12.61
3Q
Vol
(1)
Dur
(2)
3.97
5.78
NA
NA
FGL 7.67
FGL 7.94
FGL 16.36
NA
FGL 1.74
FGL 11.30
RVIO 0.78
FGL 10.51
RVE 12.64
FGL 0.17
FGL 7.24
GRV 2.30
FGL 0.80
FGL 3.87
FGL 8.34
FGL 6.88
FGL 0.90
FGL 17.33
FGL 4.19
7.85
7.36
NA
2.43
17.66
17.18
17.03
NA
1.78
24.43
1.41
9.45
11.70
9.17
8.81
3.64
0.44
3.39
6.36
5.00
0.53
17.15
5.94
0.00
0.00
NA
0.00
0.00
0.00
0.00
NA
0.01
0.00
0.00
0.15
0.00
0.01
0.00
0.00
0.02
0.00
0.00
0.00
0.00
0.01
0.52
0.00
0.00
FGL
FGL
12.76
10.20
14.83
14.42
0.00
0.00
NA
0.36
0.61
0.49
NA
0.00
NA
0.00
0.00
0.01
0.01
NA
0.06
0.08
4.84
0.00
0.01
0.60
0.00
0.39
0.00
0.00
0.00
0.35
0.00
NA
1.73
3.60
5.88
NA
RVMI 1.67
NA
FGL 0.49
FGL 0.51
FGL 1.96
FGL 13.59
NA
FGL 0.48
FGL 0.91
FGL 4.96
FGL 1.45
FGL 9.95
FGL 2.24
FGL 0.18
FGL 0.48
FGL 13.91
FGL 2.18
FGL 4.58
GRF 0.46
FGL 11.86
NA
0.81
2.05
5.29
NA
5.47
NA
0.32
3.12
3.55
15.07
NA
0.71
1.49
5.96
1.46
12.04
1.91
0.31
7.42
16.52
3.73
7.03
6.46
11.62
Type
Yield
%
FGL
FGL
FGL
FGL
RVMI
4Q
Yield
%
Vol
(1)
Dur
(2)
FGL
FGL
RVIO
FGL
RVE
FGL
FGL
GRV
FGL
FGL
FGL
FGL
FGL
FGL
FGL
4.39
3.14
NA
0.81
2.10
0.04
9.37
NA
0.02
6.29
2.65
0.20
1.06
0.28
0.25
0.41
0.52
1.48
3.69
3.13
0.31
0.68
0.95
7.55
8.06
NA
0.96
14.75
15.66
17.83
0.59
1.45
27.36
10.11
6.80
8.47
0.14
9.65
2.48
0.40
2.69
5.70
4.70
0.35
10.75
5.71
0.00
0.00
NA
0.00
0.00
0.26
0.00
0.01
0.15
0.00
0.00
0.10
0.00
0.01
0.40
0.00
0.02
0.00
0.00
0.00
0.00
1.64
0.45
FGL
FGL
3.01
6.28
12.73
15.05
NA
0.06 FGL
0.05 FGL
0.07 FGL
NA
0.00 RVMI
NA
0.00 FGL
0.03 FGL
0.01 FGL
0.01 FGL
NA
0.09 FGL
0.09 FGL
5.27 FGL
0.00 FGL
0.00 FGL
0.67 FGL
0.00 RFCP
0.00 FGL
0.00 FGL
0.00 FGL
0.01 FGL
0.16 GRF
0.00 FGL
NA
0.10
0.26
0.42
NA
1.84
NA
0.38
0.30
2.10
2.33
NA
0.84
1.13
0.20
0.20
6.26
1.24
0.09
0.33
1.16
1.13
0.41
0.27
4.04
0.17
0.68
2.07
4.29
NA
3.63
1.80
0.44
2.66
2.20
12.36
2.00
1.53
1.32
4.94
1.10
12.04
3.60
1.40
0.09
15.10
2.14
7.62
0.04
10.16
Type
FGL
FGL
FGL
FGL
FGL
FGL
2003
Yield
%
Vol
(1)
Yield
since
1996
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
0.82
7.15
NA
NA
0.47
4.81
21.70
NA
NA
26.84
6.34
18.93
19.61
2.03
9.76
2.75
1.92
7.63
15.76
11.15
1.99
18.96
6.98
7.02
8.08
2.05
0.80
17.53
17.99
17.65
1.04
1.51
27.50
8.68
9.61
13.36
2.25
10.09
2.02
0.44
2.88
6.34
5.20
0.58
19.13
6.79
0.01
0.01
FGL
FGL
0.01
4.69
8.76
12.83
0.01
7.62
0.01
0.01
0.07
0.01
0.00
0.01
0.92
0.35
2.54
0.02
0.00
1.14
0.01
0.22
0.00
0.07
0.02
0.00
0.01
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
Yield
%
Vol
(1)
Dur
(2)
Type
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
RVE
FGL
FGL
GRV
FGL
FGL
FGL
FGL
FGL
FGL
FGL
0.05
2.27
NA
0.40
1.96
5.40
6.78
0.36
0.87
5.13
3.97
6.88
9.24
0.32
7.15
0.44
0.28
2.84
6.37
4.50
0.26
9.87
6.78
2.51
7.58
2.05
0.74
11.58
11.08
15.47
1.06
1.37
22.47
7.40
5.85
7.46
0.12
9.23
1.33
0.46
2.62
5.83
4.16
0.31
10.01
6.99
0.01
0.00
0.00
0.00
0.00
0.01
0.00
0.02
0.02
0.01
0.00
0.05
0.01
0.01
0.39
0.01
0.02
0.01
0.01
0.01
0.01
3.44
0.44
0.00
0.00
FGL
FGL
6.44
3.78
10.35
14.30
0.00
0.20
0.01
0.13
NA
1.14
0.00
0.00
0.01
0.00
0.00
0.01
0.90
0.44
4.73
0.00
0.01
0.78
0.00
0.34
0.00
0.00
0.01
0.01
0.01
FGL
FGL
FGL
FGL
0.27
0.84
2.41
4.12
NA
2.49
11.99
0.73
1.44
0.88
10.81
0.55
0.27
0.04
2.61
0.78
3.75
6.00
0.49
0.32
5.99
0.92
6.44
0.25
9.43
0.20
0.73
2.66
4.42
9.15
4.56
13.05
0.62
2.33
0.82
10.23
1.91
1.70
0.88
3.53
1.00
11.24
5.18
3.69
8.67
12.65
1.35
5.62
0.38
8.93
Type
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
RFCP
FGL
FGL
FGL
FGL
GRF
FGL
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
NA
NA
NA
NA
NA
31.36
35.69
NA
NA
NA
NA
14.83
8.38
11.73
NA
8.85
11.72
NA
NA
NA
9.38
NA
NA
1.00
1.00
1.00
1.25
2.25
2.00
2.25
1.00
0.50
2.25
1.35
1.75
0.75
1.25
2.10
1.35
1.00
1.20
1.30
1.25
1.35
1.90
1.50
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
9.00
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
1.00
1.00
0.00
1.00
1.00
0.00
0.00
0.00
1.25
2.00
2.00
2.00
2.00
2.00
2.00
2.00
0.00
2.00
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
0.12
0.10
0.10
0.10
0.09
0.09
0.09
0.09
0.05
0.09
0.09
0.15
0.10
0.00
0.15
0.10
0.10
0.10
0.10
0.10
0.10
0.11
0.10
13.48
13.01
15.83
NA
16.19 18.15
1.55
1.50
0.00
0.00
0.00
0.00
0.00
0.00
2.00
1.50
0.00
0.00
0.05
0.20
NA
4.38
6.48
8.72
NA
4.26
NA
2.32
2.18
NA
18.64
NA
0.74
1.92
4.19
1.96
12.84
5.17
NA
1.68
10.46
6.60
7.28
1.56
21.91
0.19
1.33
3.19
5.67
9.15
4.59
11.98
0.55
2.90
2.39
15.58
3.04
1.34
1.42
6.39
1.52
12.49
3.97
2.14
8.29
17.06
2.94
7.73
0.20
10.98
1.10
1.50
1.50
1.50
1.35
0.70
0.70
0.55
1.00
2.00
0.00
1.70
1.30
1.20
2.00
1.35
1.35
1.75
1.00
0.70
2.25
1.00
1.65
1.15
1.00
0.00
0.00
0.00
0.00
9.00
9.00
9.00
0.00
9.00
0.10
0.00
0.00
9.00
9.00
0.00
9.00
9.00
0.00
9.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
3.00
3.00
3.00
0.00
0.00
0.00
0.00
0.00
3.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
1.00
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
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
1.00
0.10
0.10
0.10
0.10
0.20
0.10
0.10
0.10
0.20
0.00
0.05
0.20
0.20
0.10
0.20
0.10
0.05
0.20
0.10
0.09
0.12
0.12
0.10
0.10
0.07
NA
NA
NA
NA
NA
19.19
NA
NA
23.17
NA
NA
NA
NA
NA
11.92
NA
4.14
16.95
NA
12.01
39.10
NA
19.93
17.38
0.74
Max.
Min.
(Continues over)
300
A.4.8.
(Continued)
A.4.8.
1Q
Global funds (FGL)
Yield
%
Vol
(1)
Dur
(2)
Type
5.98
0.00
3.41
3.68
5.62
10.64
11.16
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
FGL
6.37
5.61
0.00
0.24
0.00
0.34
0.00
0.48
FGL
FGL
FGL
FGL
FGL
2.45
0.22
5.20
9.53
5.89
2.84
1.26
4.30
8.64
6.09
3.97
0.00
FGL
4.28
2.36
31.73
20.66
3.85
2.89
NA
NA
NA
13.45
18.51
20.77
0.00
0.00
0.17
0.00
0.00
NA
NA
NA
0.00
0.00
0.00
FGL
FGL
FGL
FGL
FGL
20.20
NA
NA
17.49
8.25
0.48
14.75
16.05
12.11
NA
8.92
FGL
4Q
Yield
%
Vol
(1)
Yield
since
1996
FGL
11.54
5.92
1.53
0.01
1.75
0.00
1.81
FGL
FGL
FGL
FGL
FGL
3.27
2.79
7.31
13.59
6.39
4.13
4.00
FGL
1.71
11.93
8.08
6.09
3.66
NA
NA
0.13
5.88
4.70
3.29
1.19
13.30
8.45
8.26
4.82
0.49
0.25
0.69
12.62
10.31
16.71
0.01
0.01
0.01
0.00
0.01
0.01
0.01
0.01
0.00
0.00
0.00
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
8.05
NA
NA
3.83
0.61
0.46
9.60
9.33
7.02
0.29
6.88
10.36
0.36
0.55
13.55
8.68
0.97
7.50
8.25
6.02
1.67
6.27
0.35
RFM
2.27
NA
0.33
6.68
1.50
13.18
9.55
7.18
14.08
2.93
NA
0.12
0.00
0.00
0.00
0.98
0.00
0.01
0.00
FGL
RVM
FGL
FGL
FGL
FGL
FGL
FGL
NA
NA
NA
2.84
0.38
0.57
2.57
3.67
1.24
5.83
10.40
0.00
0.00
0.66
0.00
Yield
%
Vol
(1)
Dur
(2)
Type
FGL
1.49
6.35
0.01
0.37
0.00
0.28
0.00
0.52
FGL
FGL
FGL
FGL
FGL
0.63
0.30
0.63
2.96
2.42
2.13
1.47
3.81
7.33
5.46
3.49
0.00
FGL
1.25
3.73
15.94
12.38
7.68
6.10
NA
NA
NA
16.51
12.04
14.81
4.17
20.21
13.81
7.47
4.51
NA
NA
0.67
10.77
13.82
15.80
0.00
0.00
0.10
0.00
0.00
NA
NA
0.00
0.00
0.00
0.00
FGL
FGL
FGL
FGL
FGL
0.00
NA
NA
0.00
0.11
0.53
0.00
0.00
1.73
NA
1.40
5.60
NA
NA
RVIO 10.34
FGL 6.04
RFCP 0.66
FGL 11.97
FGL 11.21
FGL 12.48
NA
RVMI 5.75
5.11
0.40
RFM
NA
0.24
10.88
NA
16.70
14.13
NA
30.62
6.96
NA
0.08
0.00
NA
0.00
1.34
NA
0.01
0.00
NA
NA
6.59
1.25
8.23
NA
0.00
0.00
0.48
NA
FGL
FGL
FGL
FGL
RVM
FGL
FGL
FGL
FGL
FGL
RFLP
FGL
2003
Yield
%
Vol
(1)
Dur
(2)
Type
FGL
4.66
5.59
0.01
0.34
0.00
0.61
0.00
0.51
FGL
FGL
FGL
FGL
FGL
1.03
1.65
2.59
4.08
3.62
1.93
1.62
3.57
7.99
5.02
3.23
1.37
FGL
0.41
1.12
15.52
10.68
9.76
5.23
NA
NA
0.74
11.96
12.43
20.76
0.00
0.00
0.02
0.00
0.00
NA
NA
0.01
0.00
0.00
0.00
FGL
FGL
FGL
FGL
FGL
RFCP
FGL
FGL
FGL
0.70
1.93
0.70
6.45
4.25
NA
NA
0.86
10.78
3.18
7.55
10.84
NA
NA
13.98
19.11
0.51
10.67
11.97
9.90
NA
5.79
0.01 FGL
NA
NA
0.00 RVIO
0.08 FGL
0.89 FGL
0.00 FGL
0.00 FGL
3.36 FGL
NA
1.12 RVMI
2.42
NA
NA
3.85
4.39
0.30
0.66
0.31
1.72
NA
0.54
10.71
NA
NA
14.49
10.95
1.02
7.76
9.06
7.77
0.03
6.17
0.01
NA
NA
0.00
0.08
1.45
0.00
0.00
6.59
0.01
1.19
3.39
3.49
0.34
0.06
2.74
NA
1.03
6.62
NA
12.21
10.09
NA
21.85
0.81
NA
0.42
7.62
NA
13.70
12.36
7.12
19.57
1.80
NA
0.19
0.00
NA
0.00
1.32
0.00
0.01
0.00
NA
0.29
1.67
NA
3.45
0.77
0.41
2.55
1.11
NA
NA
NA
3.06
0.47
5.49
NA
5.86
1.40
6.25
6.76
0.00
0.00
0.63
0.00
RFM
FGL
RVM
FGL
FGL
FGL
FGL
FGL
FGL
RFLP
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
RFLP
FGL
FGL
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
NA
1.00
0.00
0.00
0.00
0.00
0.00
0.07
2.65
2.23
4.42
8.78
7.39
19.98
11.11
1.10
6.86
17.14
1.00
1.00
0.70
1.00
0.85
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
4.04
3.75
NA
0.80
0.00
0.00
0.00
0.00
0.00
0.00
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
6.19
16.03
16.83
21.50
14.68
NA
NA
NA
29.12
9.85
25.44
2.55 14.34
21.46
NA
14.19 26.61
7.69
NA
4.48
NA
0.49
NA
0.25
NA
0.71
NA
12.34
NA
14.16
NA
18.68
NA
1.35
0.25
1.50
0.45
0.45
1.05
1.05
1.00
1.75
1.75
1.75
9.00
0.00
0.00
9.00
9.00
9.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.05
0.20
0.05
0.05
0.05
0.05
0.10
0.15
0.15
0.15
0.01
0.01
1.02
0.00
0.07
2.57
0.55
1.09
8.64
0.02
1.41
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
3.40
NA
NA
9.96
7.57
1.24
NA
NA
21.39
NA
12.03
13.73
0.36
0.55
15.00
12.55
0.79
10.38
11.14
9.27
1.26
6.93
NA
NA
NA
NA
NA
7.81
NA
NA
3.16
NA
NA
2.25
1.20
1.50
1.80
2.00
1.50
2.25
2.25
2.25
1.45
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
2.00
2.00
0.00
1.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.10
0.10
0.15
0.04
0.10
0.10
0.10
0.20
0.15
0.10
2.06
0.40
FGL
5.35
3.54
NA
1.00
9.00
0.00
0.00
0.00
0.00
0.20
NA
0.44
0.44
1.34
8.78
3.63
10.49
12.01
1.24
5.89
0.54
0.49
1.80
9.06
8.48
6.63
11.53
1.83
0.01
0.64
0.01
0.75
0.01
0.82
0.01
0.04
0.01
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
NA
2.84
4.16
NA
25.58
10.36
NA
28.30
5.90
5.89
NA
0.41 14.67
7.46 6.49
1.71
NA
13.45 7.22
11.38 27.22
7.02
NA
20.37 44.00
3.97 13.84
0.00
1.00
1.50
0.50
2.00
1.50
2.25
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
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
0.10
0.00
0.13
0.10
0.12
0.10
0.15
0.15
NA
1.84
0.01
FGL
NA
1.84
NA
1.35
0.00
0.00
0.00
0.00
0.00
0.15
3.85
0.33
3.87
6.22
2.94
0.30
5.08
9.17
0.01
0.01
0.54
0.00
FGL
FGL
FGL
FGL
8.56
1.72
7.83
NA
5.00
0.15
6.47
9.43
NA
13.25
NA
NA
2.25
0.50
0.50
2.20
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
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.04
0.10
(Continues over)
301
BK MULTIFONDOS EQUILIBRADO FIMF 1.27

BNP PARIBAS GLOB.ASSET
ALLOCAT.FIMF
0.86
BNP PARIBAS GLOBAL DIVISA FIM
0.60
BNP PARIBAS GLOBAL III FIMF
1.18
BNP PARIBAS INVERSION I FIMF
3.22
BNP PARIBAS INVERSION II FIMF
5.32
BNP PARIBAS MANAGEMENT
FUND FIMF
1.86
BNP PARIBAS SELEC. ALTERNATIVA
FIMF
0.05
BOMERBE FIM
12.29
BONARENDA FIM
4.47
CAIXA CAT.DINAMICO FIMF
0.09
CAIXA CAT.EQUILIB. FIMF
0.02
CAIXA CATALUNYA DINAMICO 2 FIMF NA
CAIXA CATALUNYA EQUILIBRIO 2 FIMF NA
CAIXAGIRONA DIMANIC FIMF
NA
CAIXAGIRONA EMERGENT FIMF
5.51
CAIXAGIRONA GLOBAL FIMF
9.24
CAIXAGIRONA TELENET FIMF
1.65
CAIXAMANRESA OPORTUNITATS
GLOB. FIM
11.52
CAJAMAR DINAMIFONDO 1 FIMF
NA
CAJAMAR DINAMIFONDO 2 FIMF
NA
CAJASUR GLOBAL FIMF
7.58
CAM EMERGENTE FIMF
3.41
CAN SELECCION FIMF
0.41
CAT CAPITAL 1 FIM
NA
CATALANA OCCIDENTE PATRIMONIO FIM NA
CATALUNYA FONS FIM
0.86
CEM DINAMIC FIMF
NA
COMPOSITUM GESTION FIM
0.35
CORDOBA RURAL RENTAB.
ABSOLUTA FIM
0.43
CREACION DE CULTURA EN
ESPAOL FIMF
NA
DINVALOR GLOBAL FIMF
1.05
DWS SELECCION ALTERNATIVA FIMF 4.32
EDM VALORES UNO FIM
NA
ESPINOSA PART. INV. FIM
0.55
ESPIRITO SANTO CARTERA GLOBAL FIM 4.01
ESTUBROKER GAC I FIM
NA
EUROFONDO FIM
8.33
EUROVALENCIA AHORRO FIM
2.63
EUROVALOR GESTION ALTERNATIVA
FIMF
NA
EUROVALOR SELECCION FLEXIBLE
FIMF
1.37
EXTRAFONDO BANESTO FIMF
0.53
FIBANC EXCELLENT FIM
2.15
FIDENZIS F.DE FDOS L100 GLOBAL FIMF NA
2Q
(Continued)
1Q
Global funds (FGL)
FIDENZIS F.DE FDOS L35 GLOBAL FIMF

FIMA MARKET NEUTRAL I FIM
FLEXIBLE ASSET ALLOCATION FIM
FONCAIXA 75 GLOBAL FIM
FONCANARIAS INTERNACIONAL FIM
FONDCOYUNTURA FIM
FONDEGA GLOBAL FIM
FONDESPAA AUDAZ FIMF
FONDESPAA CONSERVADOR FIMF
FONDESPAA EMPRENDEDOR FIMF
FONDESPAA MODERADO FIMF
FONDGESTION GLOBAL FIM
FONDITEL ALBATROS FIM
FONDITEL VELOCIRAPTOR FIM
FONDMAPFRE MULTISELECCION FIMF
FONDO JALON FIM
FONDO LEVANTE FIMF
FONDO PERMANENCIA FIM
FONDO SUPERGESTION FIMF
FONDOGAESCO FIM
FONGAUDI FIM
FONHUESCA 2000 FIM
FONJARAMA 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
HSBC RENTA NEUTRAL FIM
IBERAG.POPULAR MULTIG.
ALTERNAT.FIMF
IBERSECURITIES GLOBAL FIM
INTERDIN GESTION ALTERNATIVA FIM
INTERDIN GLOBAL FONDOS FIMF
INVERACTIVO GLOBAL FIM
KUTXADINAMICO FIMF
LAREDO FONDO FIM
LEALTAD MUNDIAL FIM
MADRID GESTION ALTERNATIVA FIM
MADRID GESTION DINAMICA FIM
MADRID MULTIGESTION
DINAMICA FIMF
MERCHFONDO FIM
MERCHOPORTUNIDADES FIM
2Q
Yield
%
Vol
(1)
Dur
(2)
NA
4.56
5.87
0.24
2.67
1.21
13.03
4.59
NA
2.92
0.62
0.88
NA
NA
5.76
NA
2.10
2.23
NA
0.45
0.42
0.04
2.96
1.11
1.41
2.92
4.11
0.39
16.80
1.53
2.08
2.45
12.52
0.50
3.50
0.62
0.86
NA
4.27
13.87
1.69
15.08
12.49
31.50
14.88
NA
9.98
5.14
0.61
NA
NA
15.65
NA
13.10
7.33
NA
0.22
0.91
14.75
3.36
10.02
5.59
21.75
14.13
16.03
40.64
15.93
56.05
59.61
32.80
1.29
8.74
6.77
6.83
NA
0.01
3.52
1.77
0.51
0.01
2.95
0.00
NA
0.00
0.00
0.01
NA
NA
0.00
NA
0.75
1.54
NA
0.69
0.04
0.63
0.51
2.12
0.01
0.93
0.00
0.28
0.16
0.06
0.71
1.02
0.01
0.01
1.38
0.00
0.61
0.41
NA
NA
1.13
1.40
NA
1.72
3.70
2.46
1.19
1.37
NA
NA
2.38
3.68
NA
12.17
7.47
1.63
2.34
1.44
0.29
NA
1.89
28.81
NA
3Q
Yield
%
Vol
(1)
Dur
(2)
NA
1.04
6.86
0.91
5.72
10.62
13.24
6.27
NA
4.52
2.53
0.15
NA
NA
6.65
NA
8.78
4.93
NA
0.73
0.18
9.97
3.42
6.09
4.06
12.65
15.05
10.55
26.64
11.86
8.57
14.58
17.16
0.21
4.45
1.76
4.87
2.61
3.85
10.26
2.93
8.40
8.61
19.22
7.81
1.89
5.12
2.71
4.17
NA
NA
11.48
NA
9.27
5.14
NA
0.23
0.55
9.38
2.02
7.10
3.97
18.79
9.49
10.75
30.61
10.16
10.24
13.24
21.92
0.87
5.13
4.27
5.65
0.00
0.01
3.90
4.28
0.45
0.01
0.00
0.00
0.00
0.00
0.00
0.01
NA
NA
0.00
NA
1.40
1.43
NA
0.75
0.18
0.47
0.53
1.09
0.01
1.16
0.00
0.29
3.02
0.03
1.30
1.24
0.00
0.15
1.08
0.00
0.65
0.00
NA
NA
0.00
0.00
NA
0.42
3.83
0.00
0.00
1.10
NA
NA
FGL 0.52
FGL 0.71
NA
FGL 4.01
RVIO 3.44
FGL 0.76
FGL 0.27
1.14
NA
NA
2.50
3.25
NA
3.64
3.89
0.54
1.26
0.00
NA
NA
0.03
0.00
NA
0.19
2.78
0.00
0.00
0.00
0.00
NA
RFI
FGL
2.19
20.54
NA
0.00
0.00
NA
Type
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
RVM
FGL
FGL
RVM
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
RVM
FGL
3.54
16.38
NA
Type
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
RVM
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
RVM
FGL
FGL
FGL
FGL
RVIO
FGL
FGL
RFI
FGL
4Q
Yield
%
Vol
(1)
Dur
(2)
0.89
0.35
1.55
1.20
0.09
0.72
0.79
0.21
0.12
0.46
0.22
0.27
NA
NA
1.87
NA
3.51
0.53
NA
0.23
0.43
1.01
0.10
0.82
0.82
6.42
5.31
0.48
7.83
0.66
2.25
2.43
0.09
1.09
0.91
1.05
1.39
4.17
2.41
11.61
1.87
6.82
7.42
13.42
7.01
1.12
4.74
2.37
0.52
4.53
4.03
10.26
7.85
9.07
4.31
NA
0.26
1.34
6.25
2.86
6.11
4.17
16.43
10.34
8.48
21.23
8.40
6.45
9.56
16.14
2.42
5.33
3.10
5.17
0.00
0.01
4.55
1.81
0.96
0.02
0.00
0.00
0.01
0.00
0.00
0.01
1.12
0.61
0.00
0.06
1.77
1.33
NA
1.32
0.17
0.43
0.93
2.05
0.01
0.98
0.00
0.18
0.09
0.03
1.11
1.26
0.00
0.11
1.01
0.00
0.61
0.08
NA
NA
1.75
0.39
NA
0.49
2.56
0.06
0.63
0.99
1.96
1.64
3.91
2.03
NA
2.98
4.67
0.23
1.24
0.00
0.13
0.00
0.00
0.00
NA
1.14
2.08
0.00
0.00
FGL
FGL
FGL
FGL
FGL
0.52
3.97
NA
2.81
21.63
NA
0.00
0.00
NA
FGL
FGL
Type
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
FGL
RVM
FGL
FGL
FGL
FGL
2003
Yield
%
Vol
(1)
Yield
since
1996
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
FGL
FGL
FGL
NA
3.82
4.17
0.82
9.52
22.65
6.96
7.00
NA
4.84
3.43
1.19
NA
NA
6.46
NA
18.39
6.02
NA
1.91
3.30
18.57
12.45
10.44
9.20
19.09
29.12
20.61
27.98
20.12
10.01
22.44
13.28
0.78
6.43
4.68
11.05
3.78
3.15
11.28
2.12
9.74
8.89
20.53
9.86
0.96
6.67
3.31
0.53
5.84
5.71
11.99
0.13
10.17
5.26
0.00
0.33
1.14
9.57
3.21
7.23
4.47
16.98
11.08
11.10
29.08
10.87
28.52
30.86
22.54
1.54
6.77
4.54
5.50
0.00
0.34
0.01
0.01
0.01
0.00
0.89
1.87
0.01
0.01
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
1.58
NA
NA
4.49
1.53
NA
9.44
3.89
2.47
2.32
0.01
0.00
0.01
FGL
FGL
FGL
4.33
28.46
NA
Yield
%
Vol
(1)
Dur
(2)
Type
2.66
0.09
1.97
0.88
6.34
8.77
9.47
5.76
0.59
2.86
1.74
0.12
10.61
12.68
3.98
0.47
7.40
2.80
NA
0.49
2.25
6.70
5.50
4.42
4.34
2.33
11.14
8.15
12.65
8.34
1.20
6.95
10.62
0.01
6.57
1.18
5.36
3.70
0.40
8.62
1.73
5.93
5.44
11.73
7.49
0.99
5.42
2.12
0.68
6.60
6.61
9.55
0.14
8.53
3.34
0.00
0.51
1.46
4.66
4.12
4.54
3.87
7.59
9.37
6.91
17.90
6.56
2.70
6.03
14.37
1.04
7.05
3.04
3.86
0.00
0.01
4.56
1.94
0.81
0.01
0.01
0.00
0.01
0.00
0.01
0.01
0.41
0.44
0.00
0.08
3.29
1.22
0.00
1.77
0.19
0.35
0.90
1.89
0.02
0.87
0.00
0.16
2.73
0.01
1.28
1.23
0.00
0.06
1.12
0.01
0.59
0.01
4.01
0.77
3.33
0.45
NA
3.95
1.69
0.69
0.20
0.92
3.00
2.80
6.24
1.32
1.38
2.42
3.22
1.54
1.33
0.16
5.86
NA
1.27
18.83
6.34
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
Max.
Min.
NA
NA
NA
NA
NA
34.96
42.17
NA
NA
NA
NA
20.69
NA
NA
NA
NA
26.13
4.11
NA
7.79
17.54
0.08
NA
10.00
1.40
2.82
41.85
11.52
43.56
7.51
6.12
20.80
45.71
NA
NA
NA
19.46
1.50
1.35
0.65
1.35
0.85
2.00
2.25
0.50
0.50
0.50
0.50
1.35
1.35
1.35
1.75
0.20
0.85
0.70
1.35
1.50
0.70
0.75
1.00
1.00
0.80
1.50
1.10
0.50
2.25
2.25
0.85
0.75
2.25
2.25
1.50
0.00
1.35
0.00
9.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
6.00
9.00
0.00
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
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
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
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
1.50
0.00
0.00
4.00
3.00
1.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
1.50
0.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.10
0.10
0.15
0.15
0.10
0.10
0.13
0.05
0.05
0.05
0.05
0.10
0.12
0.12
0.20
0.05
0.00
0.05
0.10
0.15
0.12
0.10
0.13
0.10
0.10
0.19
0.08
0.15
0.10
0.10
0.10
0.10
0.15
0.20
0.10
0.00
0.20
1.12
2.71
2.34
4.09
2.73
1.38
6.61
5.10
1.18
1.61
NA
NA
NA
NA
NA
NA
29.65
NA
1.22
6.05
0.50
1.10
1.35
1.00
2.00
1.00
0.85
1.00
2.00
0.00
9.00
0.00
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
3.00
2.00
0.00
0.00
1.50
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.06
0.15
0.10
0.10
0.10
0.20
0.05
0.15
0.10
0.10
2.14
22.77
6.34
NA
0.56
NA
1.25
1.35
1.25
0.00
9.00
7.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
1.00
1.00
0.00
1.00
1.00
0.10
0.13
0.20
(Continues over)
302
A.4.8.
(Continued)
A.4.8.
1Q
Global funds (FGL)
(1)
(2)
Volatility.
Duration.
Yield
%
Vol
(1)
Dur
(2)
9.75
0.93
7.43
2.62
0.35
2.50
NA
NA
0.92
NA
NA
0.58
0.91
0.30
0.89
0.20
2.36
1.83
2.77
0.74
0.26
5.92
0.02
0.65
6.64
0.03
4.69
0.70
1.48
0.11
NA
NA
1.86
1.26
1.07
NA
0.11
NA
0.63
0.21
2.72
4.28
NA
NA
NA
7.26
8.77
6.47
NA
1.14
0.12
10.96
0.68
10.12
10.65
7.79
21.07
NA
NA
3.54
NA
NA
14.65
12.02
2.32
15.13
20.29
8.03
7.48
10.80
0.28
25.68
11.82
4.09
5.29
15.12
3.54
19.24
3.65
7.51
3.93
NA
NA
2.39
4.95
7.24
NA
3.34
NA
0.62
1.44
6.29
15.02
NA
NA
NA
18.30
21.36
12.89
9.35
0.60
0.13
0.01
1.63
0.00
0.00
0.27
0.00
NA
NA
0.27
NA
NA
0.43
0.02
0.00
0.00
0.00
0.08
0.87
0.00
0.06
0.00
0.00
0.00
0.29
0.01
0.12
0.92
0.77
2.21
0.00
NA
NA
0.17
0.00
0.00
NA
0.00
NA
0.00
0.57
2.46
0.00
NA
NA
NA
1.46
0.00
0.00
0.00
0.94
0.00
Type
FGL
FGL
FGL
FGL
FGL
FGL
Yield
%
1.94
0.64
4.18
1.01
0.36
6.49
NA
NA
FGL 2.83
NA
NA
FGL 9.36
FGL 7.07
FGL 2.31
FGL 7.28
FGL 12.28
FGL 0.51
FGL 3.12
FGL 6.51
FGL 0.37
FGL 15.20
FGL 10.46
FGL 2.50
FGL 2.90
FGL 7.99
FGL 1.37
FGL 9.87
RVMI 0.27
RVMI 4.01
FGL 3.59
NA
NA
FGL 1.65
FGL 0.16
RVM 5.36
NA
FGL 0.44
NA
FGL 0.98
FGL 1.30
FGL 3.94
FGL 10.55
NA
NA
NA
FGL 8.08
FGL 13.94
FGL 9.51
FGL 7.91
GRF 0.77
GRV 0.01
Vol
(1)
7.68
0.84
2.57
1.37
0.10
12.82
2.71
2.22
2.55
NA
NA
9.35
7.38
1.57
8.33
12.51
7.53
5.94
7.11
0.47
16.33
8.99
2.80
3.54
10.29
2.15
13.67
1.46
4.30
2.07
NA
NA
0.80
2.21
5.62
1.38
3.12
2.30
0.66
0.79
4.30
11.26
2.50
2.12
NA
10.60
14.14
10.63
8.81
0.45
0.02
3Q
Dur
(2)
Type
0.00 FGL
0.88 FGL
0.00 FGL
0.00 FGL
0.21 FGL
0.00 FGL
0.00 FGL
0.00 FGL
0.25 FGL
NA
NA
0.36 FGL
0.02 FGL
0.00 FGL
0.00 FGL
0.00 FGL
0.07 FGL
0.80 FGL
0.00 FGL
0.06 FGL
0.00 FGL
0.00 FGL
0.00 FGL
0.27 FGL
0.01 FGL
0.08 FGL
0.95 FGL
0.07 FGL
0.09 RVMI
0.02 FGL
NA
NA
0.03 FGL
0.01 FGL
0.07 FGL
0.00 FGL
0.02 FGL
0.00 FGL
0.00 FGL
0.70 FGL
2.41 FGL
0.02 FGL
0.00 FGL
0.00 FGL
NA
0.96 FGL
0.00 FGL
0.00 FGL
0.00 FGL
0.69 GRF
0.00 FGL
4Q
Yield
%
Vol
(1)
Dur
(2)
1.07
0.42
1.50
1.05
0.30
3.63
0.23
0.06
0.14
NA
NA
0.44
1.00
2.72
0.02
0.22
6.25
0.67
1.50
0.36
0.21
4.17
0.62
0.18
3.35
0.42
0.78
0.10
0.44
0.23
NA
NA
0.19
0.08
0.50
0.16
0.32
1.18
0.48
0.33
3.09
1.38
1.27
0.89
NA
1.35
4.63
4.92
4.11
0.29
0.09
6.03
0.05
3.00
1.39
0.13
7.56
3.00
0.13
2.77
NA
5.14
6.65
4.15
21.43
5.49
9.05
10.68
3.47
4.72
1.80
11.44
8.45
3.15
2.73
10.19
1.62
10.21
1.02
0.40
2.11
0.42
0.36
0.65
1.42
4.03
0.51
2.65
4.04
0.67
1.82
6.53
10.28
5.10
3.26
NA
7.31
10.94
12.15
8.00
0.44
0.83
0.00
0.12
0.00
0.00
0.19
0.00
0.01
0.01
0.41
NA
0.00
4.53
0.01
0.00
0.00
0.00
0.07
0.71
0.00
0.08
0.00
0.00
0.00
0.27
0.01
0.30
0.81
0.04
0.03
0.01
0.00
0.00
0.23
0.01
0.03
0.00
0.01
0.00
0.10
1.12
3.40
0.09
0.00
0.00
NA
1.14
0.00
0.00
0.00
0.10
0.00
Type
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
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
GRF
FGL
2003
Yield
%
Vol
(1)
Dur
(2)
Type
6.37
0.49
3.68
0.68
0.26
4.02
1.96
1.39
3.59
NA
0.59
5.58
3.57
6.53
4.13
8.73
7.95
2.60
3.36
1.55
8.76
5.11
2.25
3.32
6.47
1.78
5.25
2.35
0.69
2.48
0.21
0.38
0.82
0.29
3.92
0.44
1.53
4.70
0.49
2.48
1.31
9.45
5.71
3.83
NA
6.74
8.07
4.72
5.52
0.18
1.39
3.80
4.09
3.01
1.32
0.10
4.71
3.12
5.95
2.75
0.27
4.18
4.71
3.12
22.02
3.54
6.08
8.86
1.95
3.10
1.37
7.14
7.24
2.10
2.42
9.50
2.05
8.04
1.85
0.51
2.72
0.35
0.34
0.72
1.55
4.13
0.96
2.28
3.87
0.77
1.42
4.56
8.61
6.00
3.82
0.15
7.28
9.55
10.95
8.91
9.83
3.18
0.01
0.12
0.01
0.00
0.40
0.01
0.01
0.01
0.56
0.01
0.01
4.12
0.01
0.01
0.01
0.01
0.08
0.73
0.01
0.06
0.01
0.01
0.01
0.01
0.01
0.35
0.92
0.41
0.02
12.78
0.01
0.01
3.89
0.01
12.98
0.12
0.09
0.01
0.06
0.99
1.57
0.18
0.01
0.01
0.01
0.40
0.01
0.01
0.01
0.01
0.01
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
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
Yield
%
Vol
(1)
Yield
since
1996
0.31
2.50
1.49
0.08
1.29
11.92
NA
NA
5.41
NA
NA
16.64
13.02
6.48
10.74
22.10
12.11
8.46
11.43
3.05
25.35
13.80
5.48
6.81
10.94
2.72
11.08
1.82
3.63
6.52
NA
NA
4.59
1.04
8.85
NA
2.42
NA
2.60
4.38
5.60
14.22
NA
NA
NA
5.54
17.54
12.54
NA
2.40
1.42
7.65
0.54
5.69
5.43
0.10
13.07
2.89
3.96
2.95
0.27
4.47
9.59
7.50
15.51
9.22
13.10
8.91
5.16
7.05
1.17
16.63
9.34
3.12
3.67
11.54
2.45
13.48
2.23
4.33
2.82
0.38
0.35
1.35
2.90
5.43
0.74
2.87
3.86
0.69
1.43
5.53
11.59
5.02
3.28
0.15
11.79
14.78
11.75
8.77
0.44
1.66
NA
NA
NA
NA
14.18
NA
NA
NA
18.14
NA
NA
21.59
6.78
9.13
10.74
18.88
25.10
1.95
1.84
NA
15.55
2.42
7.75
5.70
5.03
9.12
22.29
9.14
5.48
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
2.76
0.65
NA
NA
NA
NA
23.62
NA
NA
NA
9.98
6.80
% fees
Management
Front end
Back end
Custody
of assets of yield
Max.
Min.
1.35
0.30
1.00
1.35
1.20
1.00
2.00
0.00
0.70
0.50
0.00
1.50
0.90
1.35
1.30
1.20
1.00
1.00
0.80
0.00
1.15
1.35
0.40
1.85
1.50
1.45
1.35
1.00
0.70
1.30
1.10
0.40
1.20
1.35
1.50
0.40
1.10
1.35
1.30
0.75
1.25
1.35
0.00
0.00
1.75
2.00
1.55
1.50
2.00
1.10
1.50
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
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
0.00
0.00
0.00
0.00
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
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
9.00
0.00
0.00
9.00
0.00
18.00
0.00
9.00
18.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
18.00
0.00
9.00
7.00
0.00
0.00
0.00
9.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
9.00
9.00
9.00
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
Max.
0.00
0.00
4.00
0.00
0.00
0.00
2.00
2.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
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
2.00
0.00
1.00
2.00
1.50
0.00
0.00
0.00
Min.
0.00
0.00
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
1.00
0.00
0.00
0.00
0.00
0.00
0.12
0.05
0.00
0.09
0.07
0.01
0.20
0.20
0.12
0.08
0.10
0.11
0.10
0.07
0.05
0.10
0.10
0.10
0.13
0.20
0.02
0.13
0.11
0.10
0.15
0.15
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
0.12
0.20
0.12
0.10
0.10
0.10
0.20
0.05
0.20
0.12
0.00
0.00
303
MICOTRENDS GLOBAL FUND FIM

MULTIACTIVO GLOBAL FIM
MULTIFONDOS VITAL FIMF
MULTIGESTORES ALTERNATIVOS FIMF
PENTAFONDO RENTA FIM
PENTATHLON FIM
PREMIUM ACTIVO 2 FIM
PREMIUM GLOBAL EXITO FIM
PRISMAFONDO FIM
PRIVADO LIQUIDEZ DINAMICA FIMF
R4 CTA TRADING FIM
RENTA 4 ACCIONES MIXTO FIM
RENTA 4 ACTIVO FIMF
RENTA 4 AGORA FIM
RENTA 4 CAPITAL 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 AZUL FIMF
RIO TRUEBA FOND MIX FIMF
RIVA Y GARCIA DISCRECIONAL FIM
RIVA Y GARCIA GLOBAL FIM
SBP SABADELL RENTAB. ABSOLUTA FIM
SCH EQUILIBRIO ACTIVO FIMF
SCH LIQUIDEZ ACTIVA FIMF
SCH LIQUIDEZ ACTIVA PLUS FIMF
SCH PROTECCION ACTIVA FIMF
SCH RELATIVE VALUE FIM
SCH REVALORIZACION ACTIVA FIMF
SCH RIESGO ABIERTO 1 FIM
SCH SELECCION ALTERNATIVA FIMF
SECURITY FUND FIMF
SEGURFONDO GLOBAL FIM
ST COLECTIVO FINANCIERO FIM
URQUIJO F. ESTRATEGIA DECIDIDA FIMF
URQUIJO F. ESTRATEGIA MODERADA FIMF
URQUIJO INVERSION SOLIDARIA FIM
URQUIJO UNIVERSAL FIM
VALENCIA FDO DE FDOS 90 GLOBAL FIMF
VALENCIA FDO DE FDOS INTERN. FIMF
VENTURE GESTION GLOBAL FIMF
VITAL G1 FIMF
WINCS GESTION ACTIVA FIM
2Q

12/31/2002
1. Assets
3.1.1. Shares
3.1.2. Units in mutual funds
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
12/31/2003
Amount
% of assets
Amount
53,366,474
1,323,577
52,084,668
28,051,510
0
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
41,771
100.00
2.48
97.60
52.56
0.00
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
0.08
58,054,417
1,741,524
56,366,443
29,405,407
0
0
4,982,764
474,935
7,176,912
2,945,814
0
13,824,982
0
26,961,036
26,959,909
0
0
26,959,800
109
0
1,127
0
0
1,127
0
0
53,550
% of assets
100.00
3.00
97.09
50.65
0.00
0.00
8.58
0.82
12.36
5.07
0.00
23.81
0.00
46.44
46.44
0.00
0.00
46.44
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.09
Change
Amount
4,687,943
417,947
4,281,775
1,353,897
0
0
112,091
439,483
1,540,035
1,408,056
0
1,042,620
0
2,927,878
2,959,735
0
0
2,959,626
109
0
31,857
0
0
31,857
0
0
11,779
%
8.78
31.58
8.22
4.83
2.20
48.06
27.32
91.57
7.01
12.18
12.33
12.33
96.58
96.58
28.20
304
A.4.9.
Investment in securities. FIAMM. Breakdown of assets at market value

A.4.10.
Investment in securities. FIAMM. Transactions in derivatives.
12/31/2002
Forward purchases
Spot purchases
Purchased futures
Options and warrants (call purchase, put sale)
Forward sales
Spot sales
Sold futures
Total
12/31/2003
Amount
% of assets
Amount
% of assets
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
89,876
300,355
0
0
0
0
0
0
734,266
943,200
0
0
0.15
0.52
0.00
0.00
0.00
0.00
0.00
0.00
1.26
1.62
0.00
0.00
1,678,672
3.15
2,067,697
3.56
305
Amount in thousands of euros

2003
1Q
Amount
Accumulated
2Q
% of
average
Amount
daily assets
3Q
% of
average
daily assets
Amount
4Q
% of
average
daily assets
Amount
2003
% of
average
Amount
daily assets
2002
% of
average
daily assets
Amount
% of
average
daily assets
Change in assets
2,031,553
3.71
1,860,609
3.31
1,368,496
2.34
572,715
0.98
4,687,943
8.29
9,544,756
19.34
Net subscriptions and

reimbursements
1,767,014
3.23
1,618,574
2.88
1,191,605
2.04
734,083
1.26
3,843,110
6.80
8,356,368
16.93
787
0.00
716
0.00
612
0.00
555
0.00
2,670
0.00
3880
0.01
265,326
0.48
242,750
0.43
177,504
0.30
161,923
0.28
847,503
1.50
1,192,255
2,42
Total yields
403,327
Interest
444,671
Total changes in price of fixedincome (whether realised
or not)
35,227
Total changes in price of
equities (whether realised
or not)
14
Results on derivatives
3,993
Other yields
2,106
Foreign exchange differences
4
0.74
0.81
386,325
427,134
0.69
0.76
326,371
368,218
0.56
0.63
308,680
369,044
0.53
0.63
1,424,703
1,609,067
2.52
2.85
1,707,574
1,866,970
3.46
3.78
0.06
36,126
0.06
39,320
0.07
60,101
0.10
170,774
0.30
143,255
0.29
0.00
0.01
0.00
0.00
21
2,438
2,265
1
0.00
0.00
0.00
0.00
20
890
1,648
9
0.00
0.00
0.00
0.00
2
1,175
1,438
2
0.00
0.00
0.00
0.00
25
6,146
7,457
12
0.00
0.01
0.01
0.00
3
9,782
6,547
191
0.00
0.02
0.01
0.00
0.25
0.22
0.03
0.00
143,575
126,262
16,656
657
0.26
0.22
0.03
0.00
148,867
130,866
16,885
1,116
0.25
0.22
0.03
0.00
146,757
129,287
16,663
807
0.25
0.22
0.03
0.00
577,200
508,220
65,345
3,635
1.02
0.90
0.12
0.01
515,319
454,174
55,591
5,554
1.04
0.92
0.11
0.01
Gross distributed profits

Net yields
Total expenses
Management fees
Custody fees
Other operating costs
138,001
121,805
15,141
1,055
306
A.4.11.
Investment in securities. FIAMM. Breakdown of change in assets
A.4.12.
Investment in securities. FIAMM. Yields, volatility and duration
1Q
Vol
(1)
Dur
(2)
0.60
0.44
0.51
0.40
0.44
0.53
0.42
0.53
0.59
0.37
0.42
0.51
0.45
0.56
0.43
NA
0.60
NA
0.68
0.53
0.51
0.56
0.53
0.49
0.51
0.49
0.47
NA
0.59
NA
NA
0.49
0.49
0.56
0.44
0.49
0.57
0.47
0.49
0.49
0.49
0.52
0.45
0.56
0.43
0.48
0.49
0.49
NA
NA
0.50
0.46
1.60
1.35
4.37
5.76
0.44
6.65
2.76
6.43
6.35
7.72
2.88
2.87
0.13
0.11
5.82
0.11
0.01
0.08
1.26
3.04
4.72
7.09
0.21
0.10
1.61
8.07
9.42
0.10
9.51
0.11
9.59
0.11
0.12
6.19
2.23
2.58
0.23
3.08
0.01
2.49
1.44
0.04
1.56
6.27
0.08
4.48
4.65
5.21
NA
NA
8.17
5.08
0.00
0.13
0.17
0.01
0.28
0.27
0.18
0.16
0.13
0.04
0.12
0.12
0.46
0.45
0.27
0.29
0.42
0.29
0.55
0.31
0.20
0.28
0.51
0.19
0.20
0.45
0.44
0.34
0.45
0.41
0.45
0.46
0.44
0.11
0.08
0.09
0.20
0.19
0.52
0.62
0.53
0.29
0.49
0.24
0.21
0.15
0.16
0.17
NA
NA
0.45
0.34
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.54
0.35
0.41
0.31
0.28
0.45
0.35
0.44
0.50
0.31
0.34
0.44
0.44
0.48
0.34
0.41
0.53
0.54
0.63
0.45
0.41
0.61
0.43
0.37
0.43
0.40
0.39
0.43
0.51
0.54
0.55
0.43
0.44
0.46
0.38
0.43
0.49
0.36
0.40
0.41
0.44
0.39
0.40
0.57
0.34
0.37
0.39
0.38
NA
NA
FIAMM 0.48
FIAMM 0.46
1.49
1.78
5.47
1.16
0.47
0.10
7.07
5.26
5.61
1.75
9.34
9.34
0.12
0.10
3.08
4.49
4.33
5.20
5.17
2.38
4.87
4.97
0.17
0.06
9.57
9.75
0.11
0.11
0.10
0.10
0.14
0.10
0.12
0.11
1.86
2.01
0.13
1.48
5.19
3.49
4.20
0.03
0.06
6.58
4.67
6.01
6.15
6.62
0.10
3.41
0.11
8.75
0.00
0.18
0.18
0.01
0.33
0.25
0.17
0.18
0.00
0.02
0.10
0.11
0.37
0.38
0.19
0.30
0.33
0.32
0.32
0.42
0.18
0.47
0.51
0.10
0.17
0.45
0.40
0.39
0.40
0.38
0.34
0.39
0.37
0.10
0.09
0.09
0.39
0.17
0.32
0.32
0.32
0.33
0.33
0.48
0.18
0.21
0.21
0.22
0.11
0.14
0.48
0.31
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Type
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.45
0.30
0.34
0.22
0.35
0.29
0.27
0.39
0.45
0.24
0.25
0.35
0.25
0.33
0.24
0.33
0.41
0.46
0.51
0.38
0.30
0.47
0.28
0.31
0.36
0.29
0.28
0.37
0.41
0.47
0.46
0.28
0.27
0.31
0.27
0.32
0.47
0.28
0.30
0.29
0.28
0.28
0.22
0.42
0.20
0.31
0.32
0.32
0.38
0.36
0.23
0.23
1.08
2.01
2.38
9.15
0.10
9.98
7.03
6.56
1.06
2.61
9.96
9.10
0.08
8.38
3.54
0.02
2.41
2.45
2.33
4.43
1.72
8.47
0.18
6.60
2.01
8.75
8.14
9.68
8.36
9.20
0.10
8.38
0.10
4.40
1.13
0.01
0.08
1.52
2.80
3.05
3.34
3.30
5.15
6.49
4.73
0.02
2.42
2.69
1.72
3.30
0.21
9.75
0.00
0.12
0.17
0.00
0.19
0.00
0.18
0.20
0.00
0.28
0.08
0.08
0.41
0.42
0.24
0.34
0.30
0.30
0.30
0.49
0.12
0.43
0.55
0.17
0.22
0.35
0.28
0.34
0.32
0.34
0.33
0.41
0.44
0.14
0.07
0.08
0.23
0.21
0.30
0.28
0.30
0.30
0.30
0.50
0.00
0.16
0.17
0.17
0.10
0.15
0.49
0.21
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
2003
Yield
%
Vol
(1)
Dur
(2)
Type
0.44
0.27
0.31
0.21
0.34
0.26
0.25
0.35
0.41
0.19
0.23
0.33
0.24
0.31
0.21
0.32
0.39
0.44
0.48
0.33
0.28
0.43
0.23
0.28
0.36
0.25
0.26
0.33
0.38
0.44
0.48
0.26
0.25
0.31
0.25
0.30
0.36
0.27
0.28
0.27
0.27
0.27
0.24
0.38
0.21
0.28
0.29
0.29
0.38
0.39
0.21
0.24
1.17
1.80
3.79
9.03
6.07
4.66
3.91
8.42
1.27
0.12
1.16
1.22
8.28
0.08
3.02
2.02
5.68
6.34
6.39
0.10
6.85
7.89
0.22
1.36
9.19
9.87
9.44
9.21
9.13
9.23
0.11
8.50
8.38
3.91
9.98
1.00
7.88
7.25
4.44
5.01
3.69
2.61
6.80
7.64
3.33
3.92
0.03
4.16
3.68
4.53
0.22
1.42
0.00
0.10
0.19
0.01
0.28
0.19
0.19
0.15
0.17
0.27
0.11
0.11
0.39
0.39
0.22
0.25
0.23
0.22
0.23
0.56
0.10
1.56
0.52
0.11
0.35
0.36
0.34
0.34
0.32
0.32
0.29
0.40
0.39
0.14
0.11
0.10
0.41
0.31
0.18
0.22
0.20
0.22
0.23
0.00
0.20
0.19
0.17
0.18
0.17
0.31
0.37
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
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Yield
%
Vol
(1)
Yield
since
1996
2.05
1.37
1.57
1.14
1.41
1.54
1.30
1.71
1.98
1.12
1.25
1.64
1.39
1.69
1.22
NA
1.95
NA
2.32
1.70
1.50
2.07
1.48
1.46
1.68
1.44
1.42
NA
1.91
NA
NA
1.46
1.46
1.65
1.35
1.56
1.90
1.38
1.48
1.47
1.49
1.46
1.32
1.95
1.18
1.45
1.49
1.48
NA
NA
1.43
1.40
1.99
0.02
4.47
0.03
0.33
8.75
2.06
1.65
1.76
6.79
2.33
2.33
0.11
0.10
4.45
6.07
4.27
6.13
4.70
6.22
4.01
0.07
0.20
7.19
5.01
9.36
0.09
0.10
9.66
0.10
0.11
9.97
0.11
7.35
2.32
2.51
0.14
4.46
4.19
4.13
3.93
4.38
0.05
0.07
5.95
0.04
4.75
5.16
6.46
3.91
0.17
5.66
NA
12.41
12.93
11.13
12.95
13.12
11.92
13.99
NA
11.15
11.11
14.03
11.33
14.14
11.83
NA
15.68
NA
NA
13.90
12.94
12.33
12.07
25.43
14.28
11.60
12.60
NA
16.03
NA
NA
13.09
12.89
13.03
11.39
12.88
14.01
11.95
12.64
12.85
12.86
12.62
10.92
15.44
11.05
12.35
12.04
11.66
NA
NA
12.94
11.82
% fees
Management
Front end
Back end
Custody
of assets of yield Max.

0.10
1.00
1.00
1.00
0.90
0.90
1.00
0.60
0.40
1.00
0.98
0.70
1.00
0.75
1.00
0.70
0.35
0.25
0.10
0.75
0.75
0.25
1.00
0.90
0.65
1.00
1.00
0.65
0.50
0.25
0.15
1.00
1.00
0.90
1.00
0.85
0.50
1.00
0.85
0.85
0.85
0.85
1.00
0.45
1.00
1.00
1.00
1.00
0.65
0.45
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
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
1.00
Min.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.05
0.06
0.05
0.10
0.02
0.10
0.07
0.15
0.10
0.10
0.15
0.05
0.15
0.15
0.15
0.05
0.15
0.05
0.05
0.00
0.15
0.10
0.14
0.10
0.09
0.00
0.10
0.10
0.10
0.05
0.05
0.10
0.10
0.07
0.15
0.09
0.00
0.09
0.15
0.15
0.15
0.15
0.15
0.10
0.15
0.14
0.15
0.14
0.05
0.15
0.15
0.15
(Continues over)
307
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
BANESTO MONETARIO FIAMM
BANIF DINERO FIAMM
BANIF TESORERIA FT FIAMM
BANKINTER DINERO 1 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 FIAMM
BBVA DINERO II FIAMM
BBVA DINERO III FIAMM
BBVA DINERO IV FIAMM
BBVA LIQUIDEZ FIAMM
BCH FONDIMO 1 FIAMM
BCH FONDIMO 2 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 FIAMM
BK MONETARIO FIAMM
BNP CASH FIAMM
BROKERDINER FIAMM
CAI DINERO FIAMM
CAIXA GALICIA DR FIAMM
CAIXASAB. 1-DINER FIAMM
CAJA EXTREMADURA FIAMM
CAJA INGENIEROS TESORERIA FIAMM
CAJA LABORAL AHORRO FIAMM
CAJA LABORAL DR FIAMM
Yield
%
2Q
(Continued)
1Q
CAJA MURCIA DINERO FIAMM

CAJACANARIAS DINERO FIAMM
CAJASUR DINERO FIAMM
CAM DINERO 1 FIAMM
CAM DINERO AHORRO FIAMM
CAM DINERO PLATINUM FIAMM
CAM DINERO PLUS FIAMM
CAM DINERO PREMIER FIAMM
CAN DINERNAVARRA FIAMM
CAN TESORERIA FIAMM
CANARIAS DINERO 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
DINERATLANTICO FIAMM
DINERBANC FIAMM
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
ESPIRITO SANTO DR FIAMM
ESPIRITO SANTO TOP
SEGURIDAD 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
FONCUENTA FIAMM
FONDCIRCULO DR FIAMM
FONDESPAA II FIAMM
2Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.49
0.49
0.59
0.54
0.53
NA
0.58
0.62
0.40
0.45
0.47
0.57
0.56
0.43
0.41
0.77
0.45
0.48
0.48
0.53
0.45
0.44
0.50
0.54
0.54
0.51
0.43
0.41
0.48
0.49
0.47
0.46
0.48
0.66
4.53
4.99
3.29
5.31
5.73
NA
5.56
5.41
6.46
6.91
5.45
2.82
3.91
4.28
4.07
0.20
0.02
0.05
4.46
0.10
6.66
6.18
4.35
0.11
7.14
0.04
2.78
5.78
0.05
5.29
0.14
0.14
0.15
9.79
0.16
0.17
0.18
0.28
0.29
0.01
0.28
0.28
0.22
0.22
0.13
0.05
0.23
0.23
0.13
0.48
0.17
0.29
0.29
0.30
0.18
0.15
0.17
0.13
0.19
0.18
0.27
0.20
0.18
0.19
0.33
0.33
0.34
0.13
0.41
0.49
0.45
0.45
0.48
0.57
0.58
0.39
0.49
0.49
0.52
0.48
0.40
NA
0.52
0.49
0.51
1.43
5.73
2.71
0.15
0.11
0.10
0.10
1.49
1.02
0.15
0.16
0.15
6.59
0.19
1.84
4.82
5.99
0.05
0.40
0.31
0.44
0.42
0.29
0.31
0.05
0.09
0.44
0.43
0.45
0.19
0.39
0.19
0.18
0.16
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
0.37
0.39
0.39
0.44
0.43
0.48
0.47
0.52
0.32
0.37
0.38
0.51
0.49
0.36
0.34
0.78
0.40
0.35
0.35
0.51
0.36
0.35
0.39
0.67
0.42
0.41
0.37
0.35
0.38
0.40
0.39
0.39
0.41
0.50
5.38
6.08
8.99
4.56
5.19
1.58
4.70
0.05
5.78
5.13
6.31
6.44
5.00
9.62
3.22
0.23
0.03
5.30
0.05
0.22
3.28
6.01
6.35
4.88
0.19
6.03
2.12
0.05
0.06
7.71
0.12
0.12
0.12
4.50
0.18
0.20
0.11
0.25
0.26
0.11
0.25
0.27
0.19
0.18
0.17
0.04
0.18
0.19
0.06
0.51
0.15
0.32
0.32
0.39
0.18
0.20
0.21
0.17
0.10
0.20
0.37
0.15
0.20
0.20
0.46
0.44
0.44
0.22
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
0.36
0.44
0.38
0.45
0.43
0.49
0.51
0.33
0.46
0.48
0.51
0.47
0.22
0.53
0.44
0.39
0.40
1.42
8.49
2.41
0.14
0.13
9.02
9.54
1.06
2.07
0.20
0.22
0.21
1.05
0.20
1.15
0.06
6.93
0.03
0.45
0.26
0.36
0.39
0.30
0.31
0.16
0.06
0.48
0.48
0.48
0.16
0.52
0.12
0.19
0.18
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
0.31
0.32
0.23
0.31
0.31
0.48
0.35
0.40
0.25
0.30
0.31
0.41
0.40
0.28
0.23
0.37
0.30
0.24
0.24
0.27
0.31
0.30
0.32
0.59
0.31
0.34
0.28
0.23
0.31
0.28
0.28
0.28
0.31
0.37
3.88
2.62
0.13
3.14
3.23
2.68
3.17
3.28
1.69
4.94
2.78
2.08
2.17
2.55
3.62
0.35
1.53
3.84
4.24
0.20
4.73
8.18
2.61
4.19
9.25
2.51
4.69
3.19
2.61
2.44
0.12
0.11
0.11
0.05
0.17
0.15
0.12
0.20
0.19
0.16
0.20
0.19
0.21
0.20
0.14
0.05
0.21
0.21
0.05
0.49
0.20
0.30
0.30
0.47
0.20
0.13
0.17
0.07
0.16
0.17
0.46
0.00
0.17
0.10
0.35
0.35
0.31
0.42
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
0.26
0.29
0.28
0.23
0.25
0.36
0.39
0.23
0.38
0.29
0.30
0.26
0.27
0.35
0.35
0.31
0.28
2.12
0.15
1.70
9.06
9.14
6.79
0.07
1.17
9.91
0.19
0.20
0.19
1.36
0.19
1.15
2.52
1.24
0.26
0.65
0.31
0.40
0.42
0.30
0.31
0.21
0.05
0.45
0.44
0.44
0.20
0.46
0.18
0.15
0.10
2003
% fees
Yield
%
Vol
(1)
Yield
since
1996
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
1.47
1.49
1.50
1.58
1.56
NA
1.72
1.92
1.20
1.39
1.44
1.90
1.82
1.32
1.23
2.42
1.44
1.31
1.30
1.59
1.38
1.34
1.50
2.20
1.57
1.58
1.31
1.26
1.46
1.41
1.44
1.43
1.53
1.88
0.04
4.92
9.08
4.55
4.82
9.38
4.64
4.67
1.88
1.67
5.26
4.07
3.85
5.78
3.76
0.25
2.82
4.88
4.94
0.18
1.59
1.77
4.76
7.79
0.11
4.63
5.74
5.78
0.05
5.55
0.12
0.12
0.12
7.43
11.94
12.10
12.92
12.56
12.47
NA
13.56
14.85
10.64
12.59
11.31
15.62
14.61
11.40
13.68
14.29
NA
10.89
10.92
11.76
11.80
11.68
12.00
16.02
12.05
12.64
11.38
11.43
11.58
12.02
12.81
12.80
13.50
14.06
1.00
1.00
1.00
1.00
1.00
0.20
0.90
0.70
1.00
0.90
1.00
0.40
0.50
1.00
1.00
0.70
1.00
1.00
1.00
1.00
1.00
1.00
1.00
0.30
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
0.90
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
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
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
0.14
0.14
0.15
0.14
0.14
0.05
0.09
0.04
0.15
0.10
0.05
0.10
0.15
0.15
0.07
0.00
0.10
0.15
0.15
0.13
0.10
0.10
0.14
0.10
0.00
0.05
0.15
0.10
0.10
0.14
0.10
0.10
0.10
0.15
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
1.30
1.43
1.38
1.37
1.39
1.62
1.70
1.18
1.71
1.52
1.61
1.46
1.12
NA
1.63
1.48
1.47
0.02
0.12
2.72
0.12
0.11
0.10
0.10
1.90
1.96
0.17
0.19
0.18
9.40
0.19
2.33
4.97
5.36
10.30
12.15
12.11
12.06
12.71
13.59
14.94
11.55
13.87
12.09
13.42
11.74
9.90
NA
13.45
11.92
11.66
1.00
1.00
1.00
1.00
1.00
1.00
0.90
1.00
0.60
1.00
1.00
1.00
1.00
0.55
0.80
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
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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.08
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
0.15
0.05
0.14
Yield
%
Vol
(1)
Dur
(2)
Type
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
0.29
0.29
0.29
0.28
0.28
0.49
0.32
0.38
0.22
0.27
0.27
0.40
0.37
0.24
0.24
0.48
0.29
0.23
0.23
0.28
0.26
0.24
0.29
0.39
0.29
0.31
0.23
0.26
0.28
0.23
0.30
0.29
0.32
0.33
3.53
4.18
4.58
1.96
1.95
1.65
1.82
0.01
9.53
8.65
4.73
2.00
1.93
0.02
2.54
0.16
1.82
2.02
3.34
0.17
4.22
1.04
0.03
7.02
0.06
3.26
9.25
0.07
3.62
3.28
0.10
0.10
0.11
6.70
0.17
0.18
0.19
0.17
0.18
0.16
0.17
0.17
0.20
0.17
0.18
0.07
0.22
0.21
0.09
0.38
0.18
0.22
0.22
0.33
0.12
0.09
0.16
0.06
0.14
0.16
0.47
0.30
0.16
0.06
0.32
0.32
0.34
0.32
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
0.27
0.20
0.25
0.23
0.23
0.19
0.21
0.23
0.37
0.25
0.27
0.24
0.24
0.34
0.32
0.28
0.28
1.82
0.14
1.61
7.90
9.66
0.13
0.12
6.14
1.88
0.15
0.16
0.14
2.45
0.16
1.92
3.79
3.69
0.16
0.50
0.25
0.38
0.38
0.28
0.24
0.21
0.08
0.37
0.37
0.36
0.13
0.37
0.14
0.17
0.19
Management
Front end
Back end
Custody
Min.
Max.
Min.
(Continues over)
308
A.4.12.
(Continued)
A.4.12.
1Q
Yield
%
Vol
(1)
Dur
(2)
Type
Yield
%
Vol
(1)
Dur
(2)
0.56
0.49
0.64
NA
0.48
0.46
0.45
0.47
0.51
0.41
0.51
0.46
0.50
0.55
0.51
0.45
0.39
0.44
0.48
0.48
7.00
4.00
6.22
NA
0.16
9.63
4.12
0.07
8.33
1.01
2.52
1.66
0.05
6.18
0.18
1.33
3.85
9.45
5.08
0.10
0.17
0.18
0.13
NA
0.45
0.27
0.10
0.16
0.80
0.13
0.14
0.09
0.17
0.28
0.19
0.01
0.06
0.04
0.25
0.44
FIAMM 0.51
FIAMM 0.38
FIAMM 0.52
NA
FIAMM 0.41
FIAMM 0.42
FIAMM 0.37
FIAMM 0.40
FIAMM 0.37
FIAMM 0.33
FIAMM 0.43
FIAMM 0.42
FIAMM 0.40
FIAMM 0.47
FIAMM 0.39
FIAMM 0.38
FIAMM 0.32
FIAMM 0.37
FIAMM 0.35
FIAMM 0.44
4.09
6.14
6.51
NA
0.17
8.86
2.55
4.04
6.04
7.62
8.29
7.55
6.92
6.57
0.17
1.23
1.05
7.48
1.45
0.10
0.15
0.20
0.17
NA
0.46
0.26
0.12
0.17
0.71
0.11
0.12
0.26
0.20
0.26
0.11
0.01
0.01
0.08
0.17
0.35
0.41
0.53
0.41
0.48
0.41
0.52
0.43
0.54
0.60
0.55
0.53
0.51
0.65
0.44
0.48
0.54
0.51
0.57
0.57
0.53
0.49
0.50
0.57
0.54
0.49
0.72
0.52
0.64
NA
0.54
0.36
6.49
6.54
7.63
1.62
5.25
5.19
5.26
0.16
0.13
0.11
0.11
0.12
1.39
7.00
7.23
0.05
0.21
0.09
3.15
8.92
6.28
3.79
3.37
8.42
8.19
2.98
0.16
1.09
NA
0.13
0.02
0.25
0.17
0.05
0.18
0.23
0.19
0.21
0.30
0.22
0.26
0.27
0.27
0.28
0.22
0.20
0.53
0.25
0.27
0.19
0.28
0.02
0.12
0.12
0.26
0.24
0.12
0.24
0.53
NA
0.44
0.08
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
8.63
5.06
6.93
2.18
6.13
6.65
3.99
0.19
0.13
0.15
0.13
0.14
3.99
5.45
4.86
3.86
6.77
9.33
4.14
9.86
8.38
3.10
2.70
7.82
7.91
0.03
0.20
1.63
7.40
0.12
2.41
0.21
0.16
0.07
0.19
0.26
0.21
0.19
0.23
0.22
0.20
0.23
0.22
0.07
0.20
0.21
0.59
0.19
0.26
0.16
0.31
0.02
0.10
0.11
0.26
0.23
0.00
0.31
0.51
0.12
0.27
0.00
0.38
0.45
0.33
0.41
0.33
0.42
0.35
0.66
0.62
0.63
0.60
0.60
0.65
0.35
0.39
0.44
0.44
0.56
0.41
0.50
0.42
0.41
0.48
0.47
0.41
0.62
0.58
0.57
NA
FIAMM 0.51
FIAMM 0.30
3Q
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
0.42
0.32
0.46
NA
0.26
0.21
0.26
0.30
0.27
0.25
0.35
0.33
0.31
0.34
0.28
0.30
0.23
0.28
0.28
0.27
8.25
2.48
3.99
0.13
9.34
8.34
1.82
7.95
3.96
3.96
5.92
0.23
2.72
6.94
8.41
1.25
2.09
1.94
2.16
9.20
0.28
0.15
0.16
0.00
0.00
0.00
0.13
0.26
0.65
0.08
0.09
0.66
0.16
0.31
0.33
0.01
0.02
0.10
0.24
0.41
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
0.25
0.32
0.24
0.32
0.26
0.34
0.25
0.41
0.44
0.38
0.35
0.35
0.67
0.25
0.29
0.37
0.28
0.39
0.31
0.35
0.34
0.28
0.36
0.38
0.32
0.56
0.31
0.50
0.39
0.36
0.20
0.12
8.98
8.09
8.79
1.31
2.71
3.17
0.27
0.17
0.15
0.13
0.15
1.32
3.59
2.21
3.27
0.05
0.10
2.13
7.10
6.49
1.82
2.40
9.20
8.68
2.59
0.11
6.89
0.12
0.13
2.55
0.29
0.30
0.16
0.16
0.19
0.18
0.14
0.22
0.31
0.30
0.19
0.29
0.19
0.16
0.16
0.58
0.00
0.00
0.13
0.28
0.02
0.12
0.13
0.20
0.24
0.11
0.44
0.61
0.30
0.39
0.07
Type
FIAMM
FIAMM
FIAMM
2003
Yield
%
Vol
(1)
Yield
since
1996
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
1.84
1.50
2.07
NA
1.39
1.30
1.34
1.41
1.39
1.24
1.63
1.47
1.50
1.67
1.43
1.46
1.20
1.37
1.37
1.44
7.13
0.04
5.80
0.12
0.13
8.75
4.08
6.91
7.63
1.80
2.16
0.19
5.24
7.28
0.14
1.90
2.19
1.99
4.77
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
1.25
1.62
1.21
1.52
1.24
1.60
1.24
1.91
2.05
1.88
1.78
1.75
2.67
1.27
1.45
1.70
1.50
1.89
1.62
1.60
1.58
1.47
1.80
1.74
1.50
2.45
1.73
2.22
NA
1.74
1.08
0.10
7.27
0.01
0.04
5.45
5.11
4.23
0.20
0.14
0.13
0.12
0.13
7.48
0.05
4.86
5.08
0.11
9.83
3.73
9.55
6.71
3.51
3.44
8.60
8.44
3.45
0.17
1.98
0.12
0.13
5.19
Yield
%
Vol
(1)
Dur
(2)
Type
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
0.34
0.30
0.44
0.42
0.24
0.20
0.26
0.23
0.25
0.23
0.33
0.25
0.28
0.31
0.24
0.31
0.25
0.28
0.26
0.25
7.46
3.55
5.11
0.10
5.73
6.41
5.31
6.81
9.58
1.28
1.10
0.28
3.75
8.01
8.44
1.46
3.25
1.38
6.64
9.02
0.23
0.17
0.15
0.07
0.23
0.20
0.21
0.21
0.67
0.12
0.11
0.54
0.16
0.51
0.86
0.01
0.17
0.07
0.27
0.39
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
0.22
0.30
0.24
0.31
0.22
0.31
0.21
0.29
0.38
0.31
0.28
0.27
0.68
0.23
0.28
0.34
0.25
0.35
0.32
0.21
0.33
0.28
0.37
0.34
0.28
0.53
0.31
0.48
0.42
0.31
0.21
0.12
6.70
9.55
5.53
6.49
3.78
2.06
0.16
0.11
0.10
0.10
0.10
2.13
1.86
1.31
5.81
3.77
8.80
2.23
0.10
4.54
2.50
3.00
8.19
0.08
3.10
0.17
1.69
0.14
0.13
9.05
0.29
0.26
0.18
0.13
0.14
0.17
0.20
0.20
0.27
0.28
0.16
0.27
0.05
0.13
0.16
0.55
0.14
0.24
0.14
0.23
0.02
0.11
0.17
0.26
0.26
0.11
0.40
0.74
0.35
0.40
0.15
% fees
Management
Front end
Back end
Custody
Min.
Max.
Min.
15.00
12.07
16.76
NA
12.43
11.40
12.00
12.28
12.63
11.07
14.04
13.34
12.13
12.53
12.63
13.09
11.75
12.51
11.76
12.73
0.55
1.00
0.15
0.10
1.00
1.00
1.00
1.00
1.00
0.98
0.70
0.75
1.00
1.00
1.00
0.75
1.00
0.80
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
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
1.00
0.00
0.00
0.00
0.00
0.15
0.09
0.10
0.07
0.10
0.10
0.12
0.15
0.13
0.15
0.05
0.14
0.15
0.10
0.15
0.00
0.13
0.10
0.09
0.10
11.35
12.04
11.57
13.24
10.64
12.19
11.67
13.03
NA
13.83
12.39
12.25
13.28
11.16
12.59
15.29
11.87
14.84
12.09
13.09
13.74
11.91
14.70
13.91
12.31
18.46
12.97
15.85
NA
13.10
11.06
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
1.00
0.60
1.00
0.75
0.75
1.00
0.10
1.00
0.25
0.50
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
3.33
0.00
0.00
0.00
0.00
0.00
0.00
2.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
0.08
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
0.10
0.07
0.07
0.00
0.14
0.14
0.04
0.00
0.05
0.05
0.00
0.15
(Continues over)
309
FONDESPAA TR FIAMM
FONDINERO FIAMM
FONDINERO GALLEGO FIAMM
FONDITEL DINERO FIAMM
FONDJOVER FIAMM
FONDMADRID FIAMM
FONDMAPFRE DINERO FIAMM
FONDO 111 FIAMM
FONDO ACTIVO LUSO ESPAOL FIAMM
FONDO VALENCIA DINERO FIAMM
FONDO VALENCIA ORO FIAMM
FONDUERO DINERO 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 MARKET FIAMM
LLOYDS TESORERIA FIAMM
LUSO DINERO FIAMM
MADRID FOND MONET.FIAMM
MADRID FOND ORO FIAMM
MARCH DINERO FIAMM
MEDINER FIAMM
MERCHBANC FT FIAMM
MORGAN STANLEY DINERPLUS FIAMM
MORGAN STANLEY FONDO 25 FIAMM
MULTIF. 2 PASTOR FIAMM
MULTIFONDO PASTOR FIAMM
MUTUAFONDO DINERO FIAMM
PRIVANZA DINERO FIAMM
PROFIT DINERO FIAMM
RURAL DINER PLUS FIAMM
RURAL DINERO FIAMM
RURALRENTA FV FIAMM
2Q
(Continued)
1Q
SAFEI EFECTIVO FT FIAMM

SCH MONETARIO FIAMM
SCH MONETARIO FT RENTA FIAMM
SCH TESORERIA FIAMM
SGAM EURIBOR FIAMM
TARRAGONAFONS 1 FIAMM
TIBESTFOND FIAMM
UNIFOND DINERO FIAMM
UNIFOND PATRIMONIO FIAMM
URQUIJO DINERO FIAMM
URQUIJO MONETARIO FIAMM
VITALDINERO FIAMM
ZARAGOZANO DINERO FIAMM
ZARAGOZANO TESORERIA FIAMM
(1)
(2)
Volatility.
Duration.
2Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.39
0.44
0.43
0.51
0.58
0.50
0.52
0.55
0.69
0.45
0.42
0.46
0.52
0.67
0.13
6.50
0.06
0.11
1.72
0.12
5.88
0.25
0.27
4.72
9.52
7.89
0.22
0.13
0.32
0.24
0.24
0.46
0.00
0.32
0.15
0.59
0.61
0.21
0.11
0.23
0.23
0.20
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
3Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.40
0.39
0.34
0.46
0.50
0.43
0.62
0.50
0.70
0.34
0.35
0.45
0.34
0.60
0.11
0.03
4.21
0.10
1.12
7.60
0.21
0.25
0.33
1.34
0.01
0.12
0.14
0.10
0.28
0.20
0.20
0.37
0.00
0.27
0.67
0.52
0.57
0.18
0.14
0.18
0.17
0.14
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
4Q
Yield
%
Vol
(1)
Dur
(2)
Type
0.24
0.27
0.24
0.30
0.41
0.28
0.29
0.29
0.51
0.28
0.26
0.28
0.35
0.46
0.10
1.89
3.90
9.05
1.51
3.45
0.31
0.14
0.12
3.38
2.23
3.77
5.31
8.64
0.23
0.20
0.23
0.42
0.00
0.26
0.52
0.36
0.47
0.23
0.19
0.34
0.19
0.15
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
2003
Yield
%
Vol
(1)
Dur
(2)
Type
0.22
0.25
0.20
0.28
0.38
0.30
0.24
0.30
0.48
0.25
0.27
0.28
0.32
0.46
0.10
2.39
4.17
8.71
2.45
0.05
0.36
0.16
0.12
6.93
1.12
3.63
6.69
6.42
0.23
0.21
0.22
0.39
0.01
0.26
0.39
0.16
0.25
0.29
0.20
0.11
0.14
0.17
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
FIAMM
Yield
%
Vol
(1)
Yield
since
1996
1.25
1.36
1.21
1.57
1.88
1.52
1.68
1.65
2.40
1.32
1.29
1.47
1.55
2.22
0.11
4.42
5.04
0.10
2.49
8.08
0.26
0.21
0.23
4.85
2.05
7.89
0.14
0.10
12.23
11.98
11.09
13.48
16.37
11.36
14.15
12.27
NA
10.32
11.27
12.34
11.64
NA
% fees
Management
Front end
Back end
Custody

1.00
1.00
1.00
0.85
0.25
1.00
0.50
1.00
0.25
1.00
1.00
1.00
1.00
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
Max.
0.00
1.00
0.00
0.00
0.00
0.00
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
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
0.15
0.15
0.15
0.15
0.10
0.14
0.06
0.15
0.05
0.15
0.10
0.15
0.15
0.00
310
A.4.12.
A.4.13.
Investment in securities. Guaranteed funds. Breakdown of assets
12/31/2002
Amount
Amount
36,684,193
948,063
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
339,965
100.00
3.20
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
0.57
49,230,784
1,752,029
48,395,853
14,992,386
0
0
2,654
653,879
0
7,760,225
338,510
223,968
4,876,071
1,101,392
35,687
33,403,467
0
0
45
31,312,986
0
438,165
1,652,271
0
917,098
Change
%
100.00
3.20
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
0.57
Amount
12,546,591
803,966
12,319,758
2,145,826
0
0
350
65,495
0
351,717
55,432
30,458
1,911,323
465,605
30,496
10,173,932
18
0
215
9,256,274
0
305,242
1,223,133
0
577,133
%
34.20
84.80
34.15
16.70
11.65
11.13
4.34
19.58
11.97
64.47
73.23
587.48
43.80
100.00
82.69
41.97
41.06
285.02
169.76
311
1. Assets
3.1 Domestic portfolio
3.1.1 Shares
3.1.2 Unlisted shares
3.1.3 Units in mutual funds
3.1.4 Private in mutual funds
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 Reverse 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 assets
3.2.7 Warrants and options
3.2.8 Reverse repos
12/31/2003

A.4.14.
Investment in securities. Guaranteed funds. Transactions in derivatives.
Thousands of euros
12/31/2002
Amount
Forward purchases
Spot purchases
Purchased futures
Forward sales
Spot sales
Sold futures
TOTAL
312
% of assets
12/31/2003
Amount
% of assets
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
418,256
59,164
651,924
30,454,675
5,438,159
0
504,010
32,486
36,477
3,726,091
5,621,327
0
0.85
0.12
1.32
61.86
11.05
0.00
1.02
0.07
0.07
7.57
11.42
0.00
23,915,775
65.21
46,942,569
95.35
A.4.15.
Investment in securities. SIM. Breakdown of assets at market value
12/31/2002
1. Assets
3.1.1. Shares and units in mutual funds
3.2.1. Euros
3.2.1.1. Shares
3.2.2. Other
3.2.2.1. Shares
1,974,492
39,933
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
13,876
% of assets
100.00
2.02
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
0.70
Amount
2,024,539
45,125
1,975,619
1,503,824
814,053
1,086
62,421
6,043
27,808
24
592,179
210
471,795
362,247
164,836
15,435
178,953
2,493
530
109,548
84,287
10,602
14,155
0
504
3,795
% of assets
100.00
2.23
97.58
74.28
40.21
0.05
3.08
0.30
1.37
0.00
29.25
0.01
23.30
17.89
8.14
0.76
8.84
0.12
0.03
5.41
4.16
0.52
0.70
0.00
0.02
0.19
Change
Amount
50,047
5,192
54,936
3,832
50,057
1,275
1,624
2,310
11,777
24
39,734
1,813
58,768
52,651
32,183
931
16,854
2,389
294
6,117
8,691
1,166
1,912
0
504
10,081
%
2.53
13.00
2.86
0.25
6.55
54.00
2.54
61.88
29.75
6.29
89.62
14.23
17.01
24.26
6.42
10.40
2,297.12
124.58
5.91
11.50
9.91
11.90
72.65
313
Amount
12/31/2003

A.4.16.
Investment in securities. SIM. Transactions in derivatives.
Thousands of euros
12/31/2002
Amount
Forward purchases
Spot purchases
Purchased futures
Forward sales
Spot sales
Sold futures
Total
314
12/31/2003
% of assets
Amount
% of assets
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
250
0
21,985
18,872
0
0
6,792
0
6,337
13,485
0
0
0.01
0.00
1.09
0.93
0.00
0.00
0.34
0.00
0.31
0.67
0.00
0.00
43,198
2.19
67,721
3.35
A.4.17.
Investment in securities. SIMCAV. Breakdown of assets at market value
Importes en miles de euros
12/31/2002
Amount
% of assets
Amount
16,925,915
485,774
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
115,968
100.00
2.87
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
0.69
20,163,057
683,320
19,320,524
10,489,785
3,692,673
63,232
857,414
143,893
245,119
2,891
5,483,929
634
8,830,739
5,989,052
1,746,168
1,557,393
2,590,742
94,462
287
2,841,687
1,801,277
810,390
227,297
2,723
0
159,213
% of assets
100.00
3.39
95.82
52.02
18.31
0.31
4.25
0.71
1.22
0.01
27.20
0.00
43.80
29.70
8.66
7.72
12.85
0.47
0.00
14.09
8.93
4.02
1.13
0.01
0.00
0.79
Variacin
Amount
3,237,142
197,546
2,996,351
776,844
1,094,024
89,826
23,721
50,781
113,339
631
267,310
488
2,219,507
1,675,998
420,859
504,041
665,827
85,678
407
543,509
280,585
256,570
4,163
2,371
180
43,245
%
19.13
40.67
18.36
8.00
42.10
58.69
2.69
26.09
86.01
27.92
4.65
334.25
33.57
38.86
31.76
47.85
34.59
975.39
58.65
23.65
18.45
46.33
1.87
673.58
100.00
37.29
315
1. Assets
3.1.1. Shares and units in mutual funds
3.2.1. Euros
3.2.1.1. Shares
3.2.2. Other
3.2.2.1. Shares
12/31/2003

A.4.18.
Investment in securities. SIMCAV. Transactions in derivatives.
Thousands of euros
12/31/2002
Amount
Forward purchases
Spot purchases
Purchased futures
Forward sales
Spot sales
Sold futures
Total
12/31/2003
% of assets
Amount
% of assets
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
76,469
7,396
437,146
1,071,915
0
0
958,532
5,309
269,879
747,417
0
0
0.38
0.04
2.17
5.32
0.00
0.00
4.75
0.03
1.34
3.71
0.00
0.00
1,975,781
11.67
3,574,063
17.73
A.4.19.
Investment in securities. Foreign collective investment schemes marketed in Spain
Change
12/31/2002
Investment (thousands of euros)

Funds
Companies
of which guaranteed
Number of investors
Funds
Companies
of which guaranteed
No. of schemes
Funds
Companies
(*)
Home country
Luxembourg
Ireland
France
Germany
UK
The Netherlands
(*)
12/31/2003
Absolute
6,538,012
895,432
5,642,580
73,481
9,158,738
1,709,815
7,448,923
24,149
2,620,726
814,383
1,806,343
-49,332
40.1
90.9
32.0
-67.1
200,758
16,962
183,796
1,708
225,214
30,577
194,637
365
24,456
13,615
10,841
-1,343
12.2
80.3
5.9
-78.6
218
82
136
233
97
136
15
15
0
6.9
18.3
0.0
157
28
19
9
4
1
165
32
21
10
4
1
8
4
2
1
0
0
5.1
14.3
10.5
11.1
0.0
0.0
Many of these schemes are structured into sub-funds (compartments). Ocassionally, it is the sub-funds which are guaranteed.
316

A.4.20.
Investment in real estate. FII. Number, assets and investors
Year
Assets
1995
1996
1997
1998
1999
2000
2001
2002
2002
71,557
85,091
131,874
396,193
871,113
1,215,822
1,520,472
2,112,569
2,840,700
No. of investors
No. of FII funds
Yield
4
4
4
5
5
5
5
5
5
nd
2.70
6.91
6.09
7.97
7.73
7.49
7.87
6.89
1,897
2,174
4,617
14,250
33,042
43,200
52,752
70,506
88,501
A.4.21.
Investment in real estate. FII. Breakdown of assets
12/31/2002
1.
2.
3.
4.
5.
6.
Assets
Cash and cash equivalents
Securities
Homes
Other property
Other items
Pro memoria:
Leased property
12/31/2003
Change
Amount
% of assets
Amount
% of assets
Amount
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
2,840,700
32,147
635,635
971,779
1,306,286
-105,147
100.0
1.1
22.4
34.2
46.0
-3.7
728,131
22,966
745
360,175
357,466
-13,221
34.5
250.1
0.1
58.9
37.7
-14.4
1,028,163
48.7
1,665,038
58.6
636,874
61.9
A.4.22.
Number of venture capital institutions(1)
Year
Venture capital companies
Venture capital funds
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
0
2
5
7
10
11
12
15
14
14
16
17
19
23
40
51
59
65
0
0
1
4
6
6
6
7
7
8
10
10
12
19
25
31
33
35
0
2
6
11
16
17
18
22
21
22
26
27
31
42
65
82
92
100
(1)
Data at period close.
Source: CNMV.
317

A.4.23.
Breakdown of funds raised by venture capital institutions,
by type of investor
2002
2003
Amount
Amount
Pension funds
Insurance companies
Funds of funds
Individuals
Public investors
Academic institutions
Securities markets
Other
Capital gains for reinvestments
353.7
114.4
23.4
70.9
69.4
48.9
124.0
0.0
22.8
0.0
32.6
41.1
13.3
2.7
8.2
8.1
5.7
14.4
0.0
2.6
0.0
3.8
439.0
89.9
40.1
101.9
154.9
28.1
148.1
4.1
5.9
29.3
1.1
42.1
8.6
3.8
9.8
14.9
2.7
14.2
0.4
0.6
2.8
0.1
Total
860.0
100.0
1,042.4
100.0
Source: ASCRI/webcapitalriesgo.
A.4.24.
Breakdown of investment by venture capital institutions,
by phase of development
2002
2003
Phase of development
Seed
Start-up
Expansion
Substitution
MBO/MBI(1)
Other
Total
(1)
Management Buy-Out / Management Buy-In.

318
Amount
Amount
13.0
93.1
594.3
0.4
238.4
29.0
1.3
9.6
61.4
0.0
24.6
3.0
7.0
49.2
882.0
25.0
368.8
5.0
0.5
3.7
66.0
1.9
27.6
0.4
968
100.0
1,336.9
100.0

A.4.25.
Breakdown of investments by venture capital institutions,
by sector
2002
2003
Sector
Amount
Amount
Communications
IT
Other electronic
Biotechnology
Healthcare/Medicine
Energy
Consumer products
Industrial products and services
Chemical & plastics
Robotics
Other production
Transport
Financial services
Hospitality/Leisure
Other services
Agriculture
Construction
Other
25.6
38.6
9.0
8.1
25.9
70.5
235.9
99.0
103.2
0.3
35.0
31.0
1.9
91.9
99.5
25.1
15.4
52.2
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
69.2
18.2
5.9
5.6
32.5
110.8
373.4
150.4
12.6
6.4
39.4
68.2
3.8
271
41.9
31.4
42.4
54.1
5.2
1.4
0.4
0.4
2.4
8.3
27.9
11.2
0.9
0.5
2.9
5.1
0.3
20.3
3.1
2.3
3.2
4.0
Investment in the year
968.2
100.0
1336.9
100.0
319
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
12/31/02 12/31/03 12/31/02 12/31/03 12/31/02 12/31/03

Broker-dealers
Stock exchange members
Non-members
45
37
8
46
37
9
96
94
2
98
96
2
6,335
711
5,624
6,111
591
5,520
Brokers
Non-members
65
18
47
59
14
45
18
8
10
18
6
12
513
68
445
322
57
265
Total
Non-members
110
55
55
105
51
54
114
102
12
116
102
14
6,848
779
6,069
6,433
648
5,785
Foreign branches
Investment services from
with free provision
19
19
763
743
A.5.2.1.
Securities firms. Ownership by financial institutions
Data at 12/31/2003
Number of institutions
Owned by domestic
financial institutions
Total
Total
Owned by foreign financial

institutions
> 50% 10-50% < 10%
Total
Other
> 50% 10-50% < 10%
Broker-dealers
46
Stock exchange members 37
Non-members
9
20
15
5
18
14
4
2
1
1
0
0
0
18
15
3
17
14
3
1
1
0
0
0
0
8
7
1
Brokers
59
Non-members
45
12
1
11
10
1
9
2
0
2
0
0
0
20
3
17
16
2
14
4
1
3
0
0
0
27
10
17
TOTAL
105
Non-members
54
32
16
16
28
15
13
4
1
3
0
0
0
38
18
20
33
16
17
5
2
3
0
0
0
35
17
18
A.5.2.2.
Securities firms. Ownership by financial institutions
Percentage of share capital
Data at 12/31/2003
Spanish financial institutions

Other
Other
residents
financial
intermediaries
Nonresidents
Total
Broker-dealers
Non-members
100.0
100.0
100.0
45.7
39.5
79.0
10.9
12.4
3.1
22.2
25.1
7.2
12.6
2.1
68.8
0.0
0.0
0.0
16.8
19.7
1.0
37.5
40.8
20.0
Brokers
Non-members
100.0
100.0
100.0
26.7
7.2
29.7
13.3
7.2
14.3
12.4
0.0
14.2
0.0
0.0
0.0
1.0
0.0
1.2
55.5
76.2
52.4
17.8
16.5
18.0
TOTAL
Non-members
100.0
100.0
100.0
41.8
38.2
61.9
11.4
12.2
9.6
20.2
24.1
11.3
10.0
2.0
33.9
0.2
0.0
7.0
41.6
21.9
19.3
16.6
39.9
18.8
Total
Banks
Thrifts
Insurance
companies
323
In thousands of euros
Annual average (*)
Total broker-dealers
and brokers
12/31/02
1. Cash
12/31/03
Total
2002
Broker-dealers
2003
2002
Brokers
2003
2002
2003
3,142
15,636
5,854
7,803
4,634
6,050
1,220
1,753
2. Financial intermediaries
Direct investment
2.1. Demand deposits
2.2. Other balances
1,609,180
718,414
890,766
2,590,615
756,891
1,833,724
2,185,682
730,030
1,455,652
2,255,722
681,473
1,574,250
1,975,985
637,755
1,338,230
1,968,425
595,938
1,372,487
209,697
92,276
117,422
287,298
85,535
201,763
3. Trading portfolio
3.1. Equities
3.2. Fixed-income
3.2.1. To maturity
3.3. Options purchased
3.4. Less, provision for valuation
9,679,806
610,601
7,480,390
130,627
7,349,763
1,602,309
13,494
7,200,035
1,535,515
5,425,582
217,120
5,208,462
244,510
5,572
6,832,025
790,269
5,626,967
153,857
5,473,111
430,571
15,783
7,104,619
880,297
5,270,873
151,006
5,119,868
962,829
9,380
6,745,857
767,256
5,561,930
144,229
5,417,702
430,570
13,899
7,019,166
855,851
5,208,575
145,285
5,063,290
962,829
8,088
86,168
23,013
65,037
9,628
55,409
1
1,883
85,453
24,446
62,298
5,720
56,578
0
1,292
4. Credit to individual clients
126,609
80,805
137,271
115,108
129,541
103,595
7,730
11,513
5. Permanent equity portfolio (net)
123,433
144,646
160,435
175,115
151,154
134,327
9,281
40,788
6. Doubtful investments, in default

or in litigation (net)
6,054
4,744
4,035
6,072
3,296
5,603
739
469
7. Expired investments
4,585
11
766
31
667
18
98
13
91,182
79,172
103,741
86,452
81,642
67,326
22,099
19,126
289,817
533,119
268,666
316,161
241,392
287,006
27,275
29,155
11,933,808 10,648,783
9,698,474
10,067,083
9,334,167
9,591,514
364,307
475,568
8. Tangible fixed assets

9. Sundry accounts
TOTAL ASSETS
(*) Averages of montly balances.
324
A.5.3.1.
Securities firms. Aggregate balance sheet. Assets
(Continued)
A.5.3.1.
Securities firms. Aggregate balance sheet. Liabilities
Annual average (*)
Total broker-dealers
and brokers
1. Equity
1.1. Share capital
1.2. Reserves
1.3. Less, own shares and
shareholders
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
4.3. 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
(*) Averages of monthly balances.
2003
2002
2003
1,310,466
515,447
795,792
773
1,254,876
533,478
722,328
930
1,137,734
409,483
728,771
520
1,070,313
428,124
642,839
651
172,732
105,964
67,021
253
184,563
105,354
79,489
279
162,310
128,147
131,702
119,659
118,859
8,488
12,843
7,449,353
1,140,092
6,309,261
7,902,882
3,200,604
4,702,278
6,329,388
1,627,432
4,701,956
6,369,787
2,091,378
4,278,409
6,296,434
1,594,478
4,701,956
6,323,262
2,044,853
4,278,409
32,954
32,954
0
46,525
46,525
0
1,012,531
533,091
289,097
243,994
94,568
92,150
2,418
384,872
769,889
454,585
154,007
300,578
54,699
35,533
19,166
260,605
917,738
495,246
245,816
249,429
80,684
67,114
13,570
341,809
825,599
395,818
132,192
263,626
114,623
109,561
5,061
315,159
817,619
442,721
245,816
196,905
80,570
67,114
13,457
294,327
653,110
335,832
132,192
203,640
114,552
109,561
4,990
202,726
100,120
52,524
0
52,524
114
0
114
47,482
172,490
59,986
0
59,986
71
0
71
112,433
0
384,872
0
260,605
0
341,809
0
315,159
0
294,327
0
202,726
0
47,482
0
112,433
98,711
105,824
104,540
104,431
101,211
102,258
3,329
2,173
12/31/03
1,177,840
531,475
647,523
1,158
1,022,374
527,534
495,738
898
135,880
2003
Brokers
2002
12/31/02
2002
Broker-dealers
5,517
1,425
20,629
12,630
20,627
12,604
26
2,053,976
684,079
887,565
1,368,058
840,884
1,311,110
46,681
56,948
11,933,808 10,648,783 9,698,474 10,067,083
9,334,167
9,591,514
364,307
475,568
325
2. Income for the year
Total
Annual average (*)
Total
broker-dealers
12/31/02
1. Cash
Total
12/31/03
2002

2003
2002
2003
Non-members
2002
2003
2,208
14,971
4,634
6,050
4,603
6,001
31
50
2. Financial intermediaries
Direct investment
2.2. Other balances
1,341,660
631,151
710,509
2,304,691
662,700
1,641,991
1,975,985
637,755
1,338,230
1,968,425
595,938
1,372,487
1,870,463
586,891
1,283,571
1,836,822
535,346
1,301,475
105,522
50,863
54,659
131,603
60,592
71,011
3. Trading portfolio
3.1. Equities
3.2. Fixed-income
3.2.1. To maturity
9,563,230
584,367
7,387,652
119,116
7,268,536
1,602,309
11,098
7,117,168
1,510,629
5,366,882
215,619
5,151,263
244,510
4,853
6,745,857
767,256
5,561,930
144,229
5,417,702
430,570
13,899
7,019,166
855,851
5,208,575
145,285
5,063,290
962,829
8,088
5,539,622
648,993
4,802,233
93,147
4,709,086
97,960
9,564
5,098,252
715,905
4,343,984
118,475
4,225,509
45,059
6,697
1,206,235
118,264
759,697
51,082
708,616
332,609
4,336
1,920,914
139,946
864,591
26,810
837,780
917,769
1,391
4. Credit to individual clients
118,220
69,137
129,541
103,595
122,489
103,085
7,052
510
5. Permanent equity portfolio (net)
113,692
130,903
151,154
134,327
132,752
117,298
18,403
17,029
5,972
4,091
3,296
5,603
3,272
5,557
24
46
6. Doubtful investments, in default or

in litigation (net)
7. Expired investments
4,582
11
667
18
394
18
273
8. Tangible fixed assets
73,115
61,082
81,642
67,326
79,360
65,332
2,282
1,993
9. Sundry accounts
TOTAL ASSETS
(*) Averages of montly balances.
260,746
477,032
241,392
287,006
227,773
273,467
13,619
13,539
11,483,425
10,179,086
9,334,167
9,591,514
7,980,727
7,505,831
1,353,440
2,085,683
326
A.5.3.2.
Securities firms. Broker-dealers. Aggregate balance sheet. Assets
(Continued)
A.5.3.2.
Securities firms. Broker-dealers. Aggregate balance sheet. Liabilities
Annual average (*)
Total
broker-dealers
12/31/02
12/31/03
Total
2002
2003
2002
2003
Non-members
2002
2003
980,590
414,017
567,093
520
849,368
428,563
421,547
742
1,137,734
409,483
728,771
520
1,070,313
428,124
642,839
651
994,442
342,609
652,353
520
918,869
359,876
559,643
651
143,292
66,875
76,418
0
151,444
68,248
83,196
0
131,721
146,394
119,659
118,859
102,598
105,084
17,061
13,775
7,408,815
1,099,554
6,309,261
7,856,778
3,154,500
4,702,278
6,296,434
1,594,478
4,701,956
6,323,262
2,044,853
4,278,409
5,572,918
1,487,970
4,084,948
5,359,490
1,770,123
3,589,368
723,517
106,508
617,008
963,771
274,730
689,041
873,498
482,061
289,097
192,964
94,485
92,150
2,335
296,952
593,168
384,307
154,007
230,300
54,596
35,533
19,063
154,265
817,619
442,721
245,816
196,905
80,570
67,114
13,457
294,327
653,110
335,832
132,192
203,640
114,552
109,561
4,990
202,726
701,510
421,426
236,463
184,962
77,435
64,061
13,374
202,650
631,706
324,100
123,723
200,378
114,550
109,561
4,988
193,056
116,109
21,296
9,353
11,943
3,136
3,053
83
91,677
21,404
11,732
8,470
3,263
2
0
2
9,670
0
296,952
0
154,265
0
294,327
0
202,726
0
202,650
0
193,056
0
91,677
0
9,670
96,211
103,704
101,211
102,258
101,211
102,258
5,517
1,425
20,627
12,604
20,627
12,604

intermediaries
3.2. Repos
4.1. Residents
4.1.1. Repos
4.2. Non-residents
4.2.1. Repos
4.3. Other
on margin
deposits
5. Subordinated financing and other
debt securities
6. Financing through sale of borrowed
securities
7. Sundry accounts
TOTAL LIABILITIES
1,987,073
628,249
840,884
1,311,110
487,422
375,821
353,462
935,289
11,483,425
10,179,086
9,334,167
9,591,514
7,980,727
7,505,831
1,353,440
2,085,683
327
1. Equity
1.1. Share capital
1.2. Reserves
sahreholders
Annual average (*)
Total
brokers
12/31/02
Total
12/31/03
2002
2003
2002
2003
Non-members
2002
2003
1.
Cash
934
665
1.220
1.753
356
106
864
1.647
2.
Financial intermediaries
Direct investment
2.2. Other balances
267,520
87,263
180,257
285,924
94,191
191,733
209,697
92,276
117,422
287,298
85,535
201,763
70,162
49,499
20,663
60,488
44,285
16,203
139,536
42,777
96,759
226,809
41,249
185,560
3.
Trading portfolio
3.1. Equities
3.2. Fixed-income
3.2.1. To maturity
116,576
26,234
92,738
11,511
81,227
0
2,396
82,867
24,886
58,700
1,501
57,199
0
719
86,168
23,013
65,037
9,628
55,409
1
1,883
85,453
24,446
62,298
5,720
56,578
0
1,292
26,548
5,671
21,069
1,578
19,492
1
193
28,281
4,737
23,559
258
23,301
0
16
59,620
17,342
43,968
8,051
35,917
0
1,690
57,172
19,709
38,739
5,462
33,277
0
1,276
4.
Credit to individual clients
8,389
11,668
7,730
11,513
3,846
5,018
3,884
6,495
5.
Permanent equity portfolio (net)
9,741
13,743
9,281
40,788
7,422
6,747
1,859
34,041
6.
Doubtful investments, in default

or in litigation (net)
82
653
739
469
210
46
530
424
7.
Expired investments
98
13
98
12
8.
Tangible fixed assets
18,067
18,090
22,099
19,126
9,382
7,392
12,717
11,735
9.
Sundry accounts
29,071
56,087
27,275
29,155
6,618
4,877
20,657
24,278
450,383
469,697
364,307
475,568
124,543
112,957
239,764
362,612
TOTAL ASSETS
328
A.5.3.3.
Securities firms. Brokers. Aggregate balance sheet. Assets
(Continued)
A.5.3.3.
Securities firms. Brokers. Aggregate balance sheet. Liabilities
Annual average (*)
Total
brokers
1. Equity
1.1. Share capital
1.2. Reserves
shareholders
intermediaries
3.2. Repos
4.1. Residents
4.1.1. Repos
4.2. Non-residents
4.2.1. Repos
4.3. Other
on margins
deposits
5. Subordinated financing and other
debt securities
6. Financing through sale of borrowed
securities
7. Sundry accounts
TOTAL LIABILITIES
12/31/02
12/31/03
2002
2003
2002
2003
197,250
117,458
80,430
638
173,006
98,971
74,191
156
172,732
105,964
67,021
253
184,563
105,354
79,489
279
56,611
30,602
26,125
116
4,159
15,916
8,488
12,843
40,538
40,538
0
46,104
46,104
0
32,954
32,954
0
139,033
51,030
0
51,030
83
0
83
87,920
176,721
70,278
0
70,278
103
0
103
106,340
Non-members
2002
2003
47,534
25,181
22,470
117
116,121
75,362
40,897
138
137,029
80,173
57,019
162
313
2,016
8,175
10,827
46,525
46,525
0
7,027
7,027
0
3,941
3,941
0
25,926
25,926
0
42,583
42,583
0
100,120
52,524
0
52,524
114
0
114
47,482
172,490
59,986
0
59,986
71
0
71
112,433
44,656
42,497
0
42,497
112
0
112
2,047
47,203
44,302
0
44,302
71
0
71
2,830
55,464
10,027
0
10,027
1
0
1
45,436
125,287
15,684
0
15,684
0
0
0
109,604
87,920
106,340
47,482
112,433
2,047
2,830
45,436
109,604
2,500
2,120
3,329
2,173
1,191
90
2,138
2,083
26
26
66,903
55,830
46,681
56,948
14,743
12,147
31,939
44,801
450,383
469,697
364,307
475,568
124,543
112,957
239,764
362,612
329
Total
Total
Financial income
Financial revenues
Financial costs
Gains on securities
Losses on securities
Commission revenues
Brokering
IIC subscription & reimbursement
Portfolio management
Other
Comission expenses
Broker-dealers
2002
2003
Chg. (%)
2002
2003
79,564
237,646
158,082
54,426
170,149
115,723
31.6
28.4
26.8
73,050
224,841
151,791
47,728
158,115
110,387
18,916
1,801,209
1,782,293
25,542
878,003
852,461
35.0
51.3
52.2
19,430
1,798,271
1,778,841
684,994
851,467
533,901
49,287
121,224
17,530
129,525
166,473
631,405
830,621
467,762
91,890
116,477
19,465
135,027
199,216
7.8
2.4
12.4
86.4
3.9
11.0
4.2
19.7
542,958
667,195
418,617
46,920
108,091
7,027
86,540
124,237
Brokers
Chg. (%)
2002
2003
Chg. (%)
34.7
29.7
27.3
6,514
12,805
6,291
6,698
12,034
5,336
2.8
6.0
15.2
24,017
875,869
851,852
23.6
51.3
52.1
514
2,938
3,452
1,525
2,134
609
396.7
27.4
82.4
495,762
666,046
382,583
89,296
98,629
7,711
87,827
170,284
8.7
0.2
8.6
90.3
8.8
9.7
1.5
37.1
142,036
184,272
115,284
2,367
13,133
10,503
42,985
42,236
135,643
164,575
85,179
2,594
17,848
11,754
47,200
28,932
4.5
10.7
26.1
9.6
35.9
11.9
9.8
31.5
Total net revenues
783,474
711,373
9.2
635,438
567,507
10.7
148,036
143,866
2.8
Operating expenses
Personnel
General
543,168
333,232
209,936
484,446
296,309
188,137
10.8
11.1
10.4
384,503
237,014
147,489
357,026
219,914
137,112
7.1
7.2
7.0
158,665
96,218
62,447
127,420
76,395
51,025
19.7
20.6
18.3
Operating income
240,306
226,927
5.6
250,935
210,481
16.1
10,629
16,446
Depreciation and other charges

Depreciation
Other charges
57,348
39,089
18,259
45,521
35,942
9,579
20.6
8.1
47.5
48,306
31,203
17,103
39,246
27,657
11,589
18.8
11.4
32.2
9,042
7,886
1,156
6,275
8,285
2,010
30.6
5.1
273.9
Other gains and losses
34,326
68,247
98.8
376
52,204
13,984.0
34,702
16,043
53.8
217,284
249,653
14.9
202,253
223,439
10.5
15,031
26,214
74.4
81,404
87,343
7.3
70,532
77,045
9.2
10,872
10,298
5.3
135,880
162,310
19.5
131,721
146,394
11.1
4,159
15,916
282.7
EARNINGS AFTER TAXES
330
A.5.4.1.
Securities firms. Aggregate income statement
A.5.4.2.
Securities firms. Broker-dealers. Aggregate income statement
Total
Financial income
Financial revenues
Financial costs

Commission revenues
Brokering
Other
Comission expenses
Non-members
2002
2003
Var. (%)
2002
2003
Var. (%)
2002
2003
Var. (%)
73,050
224,841
151,791
47,728
158,115
110,387
34.7
29.7
27.3
69,387
193,790
124,403
44,170
132,313
88,143
36.3
31.7
29.1
3,663
31,051
27,388
3,558
25,802
22,244
2.9
16.9
18.8
19,430
1,798,271
1,778,841
24,017
875,869
851,852
23.6
51.3
52.1
20,285
1,458,368
1,438,083
21,843
689,023
667,180
7.7
52.8
53.6
855
339,903
340,758
2,174
186,846
184,672
45.0
45.8
542,958
667,195
418,617
46,920
108,091
7,027
86,540
124,237
495,762
666,046
382,583
89,296
98,629
7,711
87,827
170,284
8.7
0.2
8.6
90.3
8.8
9.7
1.5
37.1
493,985
603,555
407,443
44,146
67,422
6,303
78,241
109,570
449,407
602,984
368,279
89,296
59,506
6,792
79,111
153,577
9.0
0.1
9.6
102.3
11.7
7.8
1.1
40.2
48,973
63,640
11,174
2,774
40,669
724
8,299
14,667
46,355
63,062
14,304
0
39,123
919
8,716
16,707
5.3
0.9
28.0
100.0
3.8
26.9
5.0
13.9
Total net revenues
635,438
567,507
10.7
583,657
515,420
11.7
51,781
52,087
0.6
Operating expenses
Personnel
General
384,503
237,014
147,489
357,026
219,914
137,112
7.1
7.2
7.0
364,335
224,370
139,965
333,140
205,383
127,757
8.6
8.5
8.7
20,168
12,644
7,524
23,886
14,531
9,355
18.4
14.9
24.3
Operating income
250,935
210,481
16.1
219,322
182,280
16.9
31,613
28,201
10.8
48,306
31,203
17,103
39,246
27,657
11,589
18.8
11.4
32.2
47,510
30,368
17,142
38,285
26,762
11,523
19.4
11.9
32.8
796
835
39
961
895
66
20.7
7.2
269.2

Depreciation
Other charges
376
52,204
986
51,761
610
443
27.4
202,253
223,439
10.5
170,826
195,756
14.6
31,427
27,683
11.9
70,532
77,045
9.2
59,414
67,570
13.7
11,118
9,475
14.8
131,721
146,394
11.1
111,412
128,186
15.1
20,309
18,208
10.3
331

Gains on securities
Total
Financial income
Financial revenues
Financial costs
Gains on securities
Commission revenues
Brokering
Other
Commission expenses

2002
2003
Var. (%)
Non-members
2002
2003
Var. (%)
2002
2003
Var. (%)
6,514
12,805
6,291
6,698
12,034
5,336
2.8
6.0
15.2
2,542
2,911
369
2,082
2,238
156
18.1
23.1
57.7
3,972
9,894
5,922
4,616
9,796
5,180
16.2
1.0
12.5
514
2,938
3,452
1,525
2,134
609
396.7
27.4
82.4
336
577
241
1,343
1,441
98
299.7
149.7
59.3
850
2,361
3,211
182
693
511
121.4
70.6
84.1
142,036
184,272
115,284
2,367
13,133
10,503
42,985
42,236
135,643
164,575
85,179
2,594
17,848
11,754
47,200
28,932
4.5
10.7
26.1
9.6
35.9
11.9
9.8
31.5
39,421
55,432
45,537
19
1,015
521
8,340
16,011
27,973
33,866
25,663
88
1,167
669
6,279
5,893
29.0
38.9
43.6
363.2
15.0
28.4
24.7
63.2
102,615
128,840
69,747
2,348
12,118
9,982
34,645
26,225
107,670
130,709
59,516
2,506
16,681
11,085
40,921
23,039
4.9
1.5
14.7
6.7
37.7
11.0
18.1
12.1
Total net revenues
148,036
143,866
2.8
42,299
31,398
25.8
105,737
112,468
6.4
Operating expenses
Personnel
General
158,665
96,218
62,447
127,420
76,395
51,025
19.7
20.6
18.3
40,565
22,368
18,197
25,318
14,663
10,655
37.6
34.4
41.4
118,100
73,850
44,250
102,102
61,732
40,370
13.5
16.4
8.8
Operating income
10,629
16,446
1,734
6,080
250.6
12,363
10,366
183.8
9,042
7,886
1,156
6,275
8,285
2,010
30.6
5.1
273.9
3,185
2,021
1,164
959
1,051
92
69.9
48.0
107.9
5,857
5,865
8
5,316
7,234
1,918
9.2
23.3
34,702
16,043
53.8
1,645
850
48.3
33,057
15,193
54.0
15,031
26,214
74.4
194
5,971
2,977.8
14,837
20,243
36.4
10,872
10,298
5.3
1,099
2,050
86.5
9,773
8,248
15.6
4,159
15,916
282.7
905
3,921
5,064
11,995
136.9

Depreciation
Other charges
332
A.5.4.3.
Securities firms. Brokers. Aggregate income statement
A.5.5.1.
Securities firms. Aggregate income statement.
Quarterly performance
Quarter
2002
Financial income
Financial revenues
Financial costs

Commission revenues
Brokering
Other
Comission expenses
1Q02
2Q02
3Q02
4Q02
1Q03
2Q03
3Q03
4Q03
79,564
237,646
158,082
54,426
170,149
115,723
11,064
50,231
39,167
24,146
61,923
37,777
13,708
52,926
39,218
30,646
72,566
41,920
18,084
55,021
36,937
22,091
51,876
29,785
12,012
35,863
23,851
2,239
27,389
25,150
18,916
1,801,209
1,782,293
25,542
878,003
852,461
7,002
502,088
495,086
308
296,951
297,259
2,431
585,797
588,228
14,653
416,373
401,720
13,035
293,000
279,965
8,800
213,201
204,401
2,214
155,938
158,152
5,921
215,864
209,943
684,994
851,467
533,901
49,287
121,224
17,530
129,525
166,473
631,405
830,621
467,762
91,890
116,477
19,465
135,027
199,216
173,202
217,718
143,567
8,517
34,282
4,519
26,833
44,516
204,570
247,815
148,830
27,351
29,062
4,525
38,047
43,245
154,256
193,782
122,814
5,565
30,271
4,624
30,508
39,526
152,966
192,152
118,690
7,854
27,609
3,862
34,137
39,186
165,320
230,376
125,151
46,775
27,006
3,857
27,587
65,056
174,556
222,271
122,324
37,493
27,285
4,729
30,440
47,715
161,056
201,111
125,700
5,524
27,836
3,993
38,058
40,055
130,473
176,863
94,587
2,098
34,350
6,886
38,942
46,390
Total net revenues
783,474
711,373
191,268
228,408
165,533
198,265
196,439
205,447
170,854
138,633
Operating expenses
Personnel
General
543,168
333,232
209,936
484,446
296,309
188,137
136,538
83,007
53,531
129,014
80,596
48,418
127,333
75,883
51,450
150,283
93,746
56,537
123,803
75,097
48,706
127,507
81,064
46,443
122,645
73,942
48,703
110,491
66,206
44,285
Operating income
240,306
226,927
54,730
99,394
38,200
47,982
72,636
77,940
48,209
28,142

Depreciation
Other charges
57,348
39,089
18,259
45,521
35,942
9,579
9,896
9,318
578
11,898
9,048
2,850
9,749
9,697
52
25,805
11,026
14,779
9,721
9,337
384
9,985
9,426
559
16,253
9,457
6,796
9,562
7,722
1,840
34,326
68,247
8,435
8,880
6,089
10,922
7,715
13,281
10,681
36,570
217,284
249,653
53,269
96,376
34,540
33,099
70,630
81,236
42,637
55,150
81,404
87,343
42
81,362
87,343
135,880
162,310
53,269
96,334
34,540
48,263
70,630
81,236
42,637
32,193
333

Gains on securities
2003
Quarter
2002
2003
73,050
224,841
151,791
1Q02
2Q02
3Q02
4Q02
1Q03
47,728
158,115
110,387
9,527
47,122
37,595
21,927
58,255
36,328
12,216
49,882
37,666
29,380
69,582
40,202
15,979
51,206
35,227
20,333
48,713
28,380
10,865
33,645
22,780
551
24,551
24,000
19,430
1,798,271
1,778,841
24,017
875,869
851,852
7,038
501,849
494,811
682
296,699
296,017
2,471
584,461
586,932
14,181
415,262
401,081
13,265
292,759
279,494
8,464
212,670
204,206
2,241
156,206
158,447
4,529
214,234
209,705

Commission revenues
Brokering
Other
Comission expenses
542,958
667,195
418,617
46,920
108,091
7,027
86,540
124,237
495,762
666,046
382,583
89,296
98,629
7,711
87,827
170,284
138,617
172,960
114,944
7,958
30,987
2,071
17,000
34,343
167,385
199,442
117,805
26,836
25,831
2,175
26,795
32,057
118,438
146,844
94,013
5,086
26,816
1,476
19,453
28,406
118,518
147,949
91,855
7,040
24,457
1,305
23,292
29,431
128,206
184,115
97,758
46,226
24,031
1,479
14,621
55,909
141,903
182,954
101,592
36,679
23,436
1,580
19,667
41,051
130,705
165,071
106,596
5,147
24,622
1,428
27,278
34,366
94,948
133,906
76,637
1,244
26,540
3,224
26,261
38,958
Total net revenues
635,438
567,507
155,182
189,994
128,183
162,079
157,450
170,700
139,329
100,028
Operating expenses
Personnel
General
384,503
237,014
147,489
357,026
219,914
137,112
100,673
61,817
38,856
91,368
57,879
33,489
90,259
54,998
35,261
102,203
62,320
39,883
90,488
55,713
34,775
93,039
58,792
34,247
91,303
54,783
36,520
82,196
50,626
31,570
Operating income
250,935
210,481
54,509
98,626
37,924
59,876
66,962
77,661
48,026
17,832
48,306
31,203
17,103
39,246
27,657
11,589
8,064
7,410
654
9,815
7,088
2,727
7,414
7,722
308
23,013
8,983
14,030
7,893
7,578
315
10,157
7,672
2,485
14,643
8,005
6,638
6,553
4,402
2,151
376
52,204
2,662
3,719
858
7,615
3,770
6,867
6,815
34,752
202,253
223,439
49,107
92,530
31,368
29,248
62,839
74,371
40,198
46,031
70,532
77,045
42
70,490
77,045
131,721
146,394
49,107
92,488
31,368
41,242
62,839
74,371
40,198
31,014
Financial income
Financial revenues
Financial costs
Gains on securities

Depreciation
Other charges
2Q03
3Q03
4Q03
334
A.5.5.2.
Securities firms. Broker-dealers. Aggregate income statement.
A.5.5.3.
Securities firms. Brokers. Aggregate income statement.
Quarter
2002
Financial income
Financial revenues
Financial costs

Commission revenues
Brokering
Other
Comission expenses
1Q02
2Q02
3Q02
4Q02
1Q03
2Q03
3Q03
4Q03
6,514
12,805
6,291
6,698
12,034
5,336
1,537
3,109
1,572
2,219
3,668
1,449
1,492
3,044
1,552
1,266
2,984
1,718
2,105
3,815
1,710
1,758
3,163
1,405
1,147
2,218
1,071
1,688
2,838
1,150
514
2,938
3,452
1,525
2,134
609
36
239
275
990
252
1,242
40
1,336
1,296
472
1,111
639
230
241
471
336
531
195
27
268
295
1,392
1,630
238
142,036
184,272
115,284
2,367
13,133
10,503
42,985
42,236
135,643
164,575
85,179
2,594
17,848
11,754
47,200
28,932
34,585
44,758
28,623
559
3,295
2,448
9,833
10,173
37,185
48,373
31,025
515
3,231
2,350
11,252
11,188
35,818
46,938
28,801
479
3,455
3,148
11,055
11,120
34,448
44,203
26,835
814
3,152
2,557
10,845
9,755
37,114
46,261
27,393
549
2,975
2,378
12,966
9,147
32,653
39,317
20,732
814
3,849
3,149
10,773
6,664
30,351
36,040
19,104
377
3,214
2,565
10,780
5,689
35,525
42,957
17,950
854
7,810
3,662
12,681
7,432
Total net revenues
148,036
143,866
36,086
38,414
37,350
36,186
38,989
34,747
31,525
38,605
Operating expenses
Personnel
General
158,665
96,218
62,447
127,420
76,395
51,025
35,865
21,190
14,675
37,646
22,717
14,929
37,074
20,885
16,189
48,080
31,426
16,654
33,315
19,384
13,931
34,468
22,272
12,196
31,342
19,159
12,183
28,295
15,580
12,715
Operating income
10,629
16,446
221
768
276
11,894
5,674
279
183
10,310
9,042
7,886
1,156
6,275
8,285
2,010
1,832
1,908
76
2,083
1,960
123
2,335
1,975
360
2,792
2,043
749
1,828
1,759
69
172
1,754
1,926
1,610
1,452
158
3,009
3,320
311
34,702
16,043
5,773
5,161
5,231
18,537
3,945
6,414
3,866
1,818
15,031
26,214
4,162
3,846
3,172
3,851
7,791
6,865
2,439
9,119
10,872
10,298
10,872
10,298
4,159
15,916
4,162
3,846
3,172
7,021
7,791
6,865
2,439
1,179

Depreciation
Other charges
335

Gains on securities
2003

A.5.6.1.
Securities firms. Return on equity (ROE) before taxes(1) in 2003
Average(2)
(%)
No. of firms, by ROE bracket

Loss
0-15% 16-30% 31-45% 46-60% 61-75% 76-100% > 100%
Broker-dealers
24.40
Stock exchange members 25.52
Non-members
18.62
5
4
1
17
14
3
11
8
3
9
8
1
1
0
1
0
0
0
0
0
0
3
3
0
Agencias de Valores
15.06
Non-members
15.17
22
4
18
18
6
12
7
1
6
5
2
3
3
1
2
2
0
2
0
0
0
2
0
2
Total
22.88
Non-members
16.96
27
8
19
35
20
15
18
9
9
14
10
4
4
1
3
2
0
2
0
0
0
5
3
2
(1)
(2)
ROE=earnings before taxes/(equity + interin 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 brokerdealers 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.
Equity-weighted average.
A.5.6.2.
Securities firms. Return on equity (ROE) after taxes(1) in 2003
Average(2)
(%)
Broker-dealers
15.99
Non-members
12.25
No. of firms, by ROE bracket

Loss
0-15% 16-30% 31-45% 46-60% 61-75% 76-100% > 100%
5
4
1
22
18
4
15
12
3
1
0
1
0
0
0
1
1
0
0
0
0
2
2
0
9.33
9.67
9.23
22
4
18
21
6
15
7
3
4
5
0
5
1
1
0
1
0
1
1
0
1
1
0
1
Total
14.90
Non-members
10.79
27
8
19
43
24
19
22
15
7
6
0
6
1
1
0
2
1
1
1
0
1
3
2
1
Brokers
Non-members
(1)
(2)
ROE=earnings before taxes/(equity + interin 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 brokerdealers 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.
Equity-weighted average.
336
A.5.7.
Securities firms. Surplus equity over capital adequacy requirements(1) in 2003
Broker-dealers
750,738
Stock exchange members 622,822
Non-members
127,916
Number of firms, in terms of surplus equity

< 50%
< 100% < 150% < 200% < 300% < 400% < 500% < 750% < 1000% > 1000%
16,320
16,833
14,213
472.51
444.25
684.52
1
0
1
3
3
0
6
5
1
2
2
0
5
3
2
7
5
2
5
5
0
7
7
0
5
4
1
5
3
2
88,045
31,104
56,941
1,492
2,222
1,265
192.37
395.27
150.24
16
1
15
11
1
10
3
1
2
6
2
4
6
2
4
3
0
3
4
2
2
6
3
3
1
1
0
3
1
2
Total
838,783
Stock exchange members 653,926
Non-members
184,857
7,988
12,822
3,423
409.86
441.65
326.68
17
1
16
14
4
10
9
6
3
8
4
4
11
5
6
10
5
5
9
7
2
13
10
3
6
5
1
8
4
4
Brokers
Non-members
(1)
(2)
(3)
(4)
Surplus computable equity over that required for capital adequacy purposes.
Thousands of euros.
Average weighted by each firms required equity.
Coverage margin as a % of required equity.
337
Average surplus(3)
Total
(2)
surplus
Amount(2)
%(4)
Amounts in billions of euros
Total
2002
Money market & government bonds
Domestic stock markets
Other domestic markets
Foreign markets
Other fixed-income
Foreign markets
Equities
Foreign markets
Derivatives
Foreign markets
2003
Trading for third parties
Proprietary trading
Chg. (%)
2002
2003
Chg. (%)
2002
2003
Chg. (%)
8,827.4
60.7
8,118.1
648.6
125.0
6.8
79.5
38.7
853.4
824.9
1.7
26.8
3,675.6
13.4
1,630.4
2,031.8
16,424.4
44.0
14,805.1
1,575.3
137.0
5.3
98.7
33.0
892.2
857.1
2.2
32.9
3,760.9
19.1
1,782.2
1,959.6
86.06
27.62
82.37
142.86
9.55
21.75
24.10
14.84
4.54
3.90
29.46
22.79
2.32
42.80
9.31
3.55
8,596.9
60.7
7,890.3
646.0
91.9
6.1
69.9
15.9
717.5
692.5
1.4
23.5
3,492.1
12.3
1,477.5
2,002.3
16,210.6
43.5
14,596.4
1,570.7
106.6
5.2
86.6
14.8
763.3
738.8
1.9
22.6
3,688.7
19.0
1,723.1
1,946.6
88.56
28.22
84.99
143.15
15.94
14.32
23.79
7.07
6.39
6.68
35.19
3.91
5.63
54.56
16.62
2.78
230.5
0.1
227.8
2.7
33.1
0.7
9.6
22.8
136.0
132.4
0.3
3.3
183.5
1.1
152.9
29.5
213.8
0.4
208.7
4.6
30.4
0.1
12.1
18.2
128.9
118.2
0.3
10.3
72.2
0.1
59.1
13.0
7.27
542.16
8.36
72.53
8.17
82.66
26.38
20.26
5.21
10.68
5.53
215.08
60.67
92.48
61.33
56.09
13,481.5
21,214.4
57.36
12,898.4
20,769.2
61.02
583.1
445.2
23.65

Foreign markets
905.8
9,829.7
2,745.9
925.4
16,688.2
3,600.8
2.16
69.77
31.13
771.6
9,439.1
2,687.7
806.6
16,407.9
3,554.7
4.54
73.83
32.26
134.2
390.6
58.3
118.8
280.3
46.1
11.47
28.23
20.96
Breakdown by type of fund

Broker-dealers
Brokers
Non-members
Broker-dealers
Brokers
3,711.5
2,007.4
1,704.2
9,770.0
66.9
9,703.1
3,488.3
2,037.4
1,450.9
17,726.1
57.1
17,668.9
6.01
1.50
14.86
81.43
14.57
82.10
3,153.7
1,450.7
1,703.0
9,744.7
42.2
9,702.5
3,059.3
1,610.2
1,449.1
17,709.9
41.5
17,668.4
2.99
10.99
14.91
81.74
1.50
82.10
557.8
556.7
1.2
25.3
24.7
0.6
429.0
427.2
1.8
16.2
15.6
0.6
23.09
23.25
54.13
35.99
36.87
1.91
13,481.5
21,214.4
57.36
12,898.4
20,769.2
61.02
583.1
445.2
23.65
TOTAL
TOTAL
338
A.5.8.
Securities firms. Volume traded
A.5.9.
Securities firms. Results of propietary trading
Total
TOTAL
Breakdown by type of firm
Broker-dealers
Brokers
Non-members
Broker-dealers
Brokers
TOTAL
Securities portfolio
Other provisions
2002
2003
2002
2003
2002
2003
2002
2003
5,206
20,076
15,683
4,393
68,695
75,143
6,448
96,219
18,136
1,703
11,105
38,579
35,826
2,753
96,456
82,579
13,877
70,452
13,447
0
5,634
2,682
1,905
777
24,589
17,028
7,561
0
18,136
1,703
5,809
3,690
2,788
902
17,891
9,929
7,962
0
13,447
0
428
17,394
13,778
3,616
93,284
92,171
1,113
96,219
0
0
16,914
34,889
33,038
1,851
78,565
72,650
5,915
70,452
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
229
7,347
2,039
5,503
229
26,591
2,039
15,628
0
985
0
546
0
18,259
0
9,579
80,221
70,389
79,564
54,426
18,916
25,542
18,259
9,579
74,244
72,530
1,714
5,977
2,847
3,130
58,007
54,490
3,517
12,382
5,666
6,716
71,929
69,387
2,542
7,635
3,663
3,972
46,252
44,170
2,082
8,174
3,558
4,616
20,621
20,285
336
1,705
855
850
23,186
21,843
1,343
2,356
2,174
182
18,306
17,142
1,164
47
39
8
11,431
11,523
92
1,852
66
1,918
80,221
70,389
79,564
54,426
18,916
25,542
18,259
9,579
(*) Adjustments arising from the valuation of derivatives used in hedges.
339
Money market & government bonds
Other fixed-income securities
Domestic portfolio
Foreign portfolio
Equities
Domestic portfolio
Foreign portfolio
Derivatives
Repos
Market credit transactions
Deposits and other transactions with financial
intermediaries
Other transactions
Financial income

A.5.10.
Securities firms. Commission revenues
2002
2003
Structure (%)
Change
(%)
2002
2003
Breakdown by type of service

Brokering
533,901
467,762
12.39
62.70
56.31
54,517
31,325
13,994
9,198
47,909
30,730
10,850
6,329
12.12
1.90
22.47
31.19
6.40
3.68
1.64
1.08
5.77
3.70
1.31
0.76
Equities
Domestic official secondary markets
Foreign markets
377,497
327,885
2,956
46,656
331,023
288,753
2,739
39,531
12.31
11.93
7.34
15.27
44.33
38.51
0.35
5.48
39.85
34.76
0.33
4.76
Derivatives
Foreign markets
101,887
57,259
21,114
23,514
88,830
47,376
16,213
25,241
12.82
17.26
23.21
7.34
11.97
6.72
2.48
2.76
10.69
5.70
1.95
3.04
121,224
49,287
18,685
32,462
95,908
116,477
91,890
34,660
34,624
85,208
3.92
86.44
85.50
6.66
11.16
14.24
5.79
2.19
3.81
11.26
14.02
11.06
4.17
4.17
10.26
851,467
830,621
2.45
100.00
100.00

Broker-dealers
Brokers
658,987
603,555
55,432
636,850
602,984
33,866
3.36
0.09
38.91
77.39
70.88
6.51
76.67
72.59
4.08
Non-members
Broker-dealers
Brokers
192,480
63,640
128,840
193,771
63,062
130,709
0.67
0.91
1.45
22.61
7.47
15.13
23.33
7.59
15.74
851,467
830,621
2.45
100.00
100.00
452,980
407,443
45,537
393,942
368,279
25,663
13.03
9.61
43.64
84.84
76.31
8.53
84.22
78.73
5.49
80,921
11,174
69,747
73,820
14,304
59,516
8.78
28.01
14.67
15.16
2.09
13.06
15.78
3.06
12.72
533,901
467,762
12.39
100.00
100.00
166,473
199,216
19.67

Foreign markets

Corporate
Portfolio management and securities custody
Other
TOTAL
Breakdown by type of firm
TOTAL
Pro memoria:
Breakdown of brokering commissions
by type of firm
Broker-dealers
Brokers
Non-members
Broker-dealers
Brokers
TOTAL
Comission expenses
340

A.5.11.
Securities firms. Consolidable groups.
Types, as defined in Royal Decree 1343/92
Number of
Groups constituted around:
Groups
Firms
2002
2003
2002
2003
Non-resident credit institutions (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)
11
19
27
12
18
23
58
147
172
123
258
133
TOTAL
57
53
377
514
Concentration
Number of
Groups comprising:
Groups
Firms
2002
2003
2002
2003
Five or more firms

Less than five firms
27
30
30
23
289
88
424
90
TOTAL
57
53
377
514
Number
Composition
Type of firm
Agents of broker-dealers and brokers
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
TOTAL
2002
Number
2003
%
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
110
66
56
29
33
30
14
7
19
5
1
42
102
21.4
12.8
10.9
5.6
6.4
5.8
2.7
1.4
3.7
1.0
0.2
8.2
19.8
377
100.0
514
100
(*) Marketing of pension and retirement plans, marketing of insurance, currency brokers, SIM, companies with no activity or in liquidation.
341

Total consolidated
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
Securities firms
Difference
12/31/02
12/31/03
12/31/02
12/31/03
12/31/02
229,633
169,929
59,704
171,830
103,474
225,221
141,386
83,835
142,911
153,486
126,614
91,182
35,432
0
123,433
135,104
79,172
55,932
0
144,646
103,019
78,747
24,272
171,830
19,959
44.86
46.34
40.65
100.00
19.29
90,117
62,214
27,903
142,911
8,840
40.01
44.00
33.28
100.00
5.76
7,727
9,919,040
1,289,617
1,828,002
6,610
383,964
5,312
9,091,045
88,452
2,670,877
18,696
638,046
6,054
9,679,806
126,609
1,609,180
3,142
258,970
4,744
7,200,035
80,805
2,590,615
15,636
477,198
1,673
239,234
1,163,008
218,822
3,468
124,994
21.65
2.41
90.18
11.97
52.47
32.55
568
1,891,010
7,647
80,262
3,060
160,848
10.69
20.80
8.65
3.01
16.37
25.21
13,034,046 11,933,808
10,648,783
2,006,089
14.39
2,385,263
18.30
13,939,897
12/31/03
342
A.5.12.
Securities firms. Consolidable groups. Aggregate balance sheet. Assets
(Continued)
A.5.12.
Securities firms. Consolidable groups. Aggregate balance sheet. Liabilities
Total consolidated
TOTAL LIABILITIES
Difference
12/31/02
12/31/03
12/31/02
12/31/03
12/31/02
12/31/03
1,823,285
916,935
744,855
1,673,771
917,470
569,028
1,177,840
531,475
737,727
1,022,374
527,534
566,707
645,445
385,460
7,128
35.40
42.04
0.96
651,397
389,936
2,321
38.92
42.50
0.41
51,447
212,942
139,527
39,977
6,817
29,770
217,043
193,435
42,803
6,805
91,362
0
135,880
0
0
71,867
0
162,310
0
0
39,915
212,942
3,647
39,977
6,817
77.58
100.00
2.61
100.00
100.00
42,097
217,043
31,125
42,803
6,805
141.41
100.00
16.09
100.00
100.00
104,759
7,479,025
2,143,107
16,217
2,187,246
114,979
9,295,792
832,329
16,789
857,343
98,711
7,449,353
1,018,048
35,596
2,018,380
105,824
7,902,882
771,314
36,485
647,594
6,048
29,672
1,125,059
19,379
168,866
5.77
0.40
52.50
119.50
7.72
9,155
1,392,910
61,015
19,696
209,749
7.96
14.98
7.33
117.31
24.47
13,939,960 13,034,046
11,933,808
10,648,783
2,006,152
14.39
2,385,263
18.30
343
Equity
Capital
Reserves
() Ow shares, shareholders and
interim dividends
Reserves at consolidated companies
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
Securities firms

Total consolidated
Securities firms
12/31/02
12/31/03
12/31/02
12/31/02
12/31/03
78,396
235,821
157,425
67,591
180,931
113,340
79,564
237,646
158,082
54,426
170,149
115,723
1,168
1,825
657
1.49
0.77
0.42
13,165
10,782
2,383
19.48
5.96
2.10

Gain on trading portfolio
Loss on trading portfolio
16,025
1,876,573
1,860,548
37,835
959,989
922,154
18,916
1,801,209
1,782,293
25,542
878,003
852,461
2,891
75,364
78,255
18.04
4.02
4.21
12,293
81,986
69,693
32.49
8.54
7.56

Commission revenues
Brokering fees and commissions paid
939,123
1,434,705
495,582
910,552
1,445,032
534,480
684,994
851,467
166,473
631,405
830,621
199,216
254,129
583,238
329,109
27.06
40.65
66.41
279,147
614,411
335,264
30.66
42.52
62.73
Total net revenues
1,033,544
1,015,978
783,474
711,373
250,070
24.20
304,605
29.98
813,812
443,003
751,208
413,068
600,516
333,232
529,967
296,309
213,296
109,771
26.21
24.78
221,241
116,759
29.45
28.27
370,809
338,140
267,284
233,658
103,525
27.92
104,482
30.90
Financial income
Interest and dividends from investments
Interest on liabilities
Operating expenses
Personnel expenses
General expenses, depreciation and other
provisions
12/31/03
Difference
53,608
70,727
34,326
68,247
19,282
35.97
2,480
3.51
273,340
335,497
217,284
249,653
56,056
20.51
85,844
25.59
107,072
121,810
81,404
87,343
25,668
23.97
34,467
28.30
166,268
213,687
135,880
162,310
30,388
18.28
51,377
24.04
282
3,943
282
100.00
3,943
100.00
166,550
209,744
135,880
162,310
30,670
18.41
47,434
22.62
Minority interests
CONSOLIDATED SECTOR EARNINGS
344
A.5.13.
Securities firms. Consolidable groups. Aggregate income statement
A.5.14.
Securities firms. Consolidable groups. Commission revenues and expenses. 2003
Total consolidated (1)
Breakdown by type of service
Amount
Structure (%)
Amount
Structure (%)
Amount
1,445,170
537,700
100.0
37.2
830,621
467,762
100.0
56.3
614,549
69,938
100.0
11.4
42.5
13.0
619,117
91,891
23,730
70,123
15,372
45,873
4,251
198
36,916
2,6
42.8
6.4
1.6
4.9
1.1
3.2
0.3
0.0
49.054
116,477
91,890
19,465
34,660
15,159
36,154
0
0
5,9
14.0
11.1
2.3
4.2
1.8
4.4
0.0
0.0
12.138
502,640
1
4,265
35,463
213
9,719
4,251
198
2,0
81.8
0.0
0.7
5.8
0.0
1.6
0.7
0.0
32.9
81.2
0.0
18.0
50.6
1.4
21.2
100.0
100.0
533,302
469,345
63,957
100.0
88.0
12.0
199,216
160,831
38,385
100.0
80.7
19.3
334,086
308,514
25,572
100.0
92.3
7.7
62.6
65.7
40.0
911,868
631,405
280,463
30.8
Commission expenses
Securities transactions
Transactions not related to securities
TOTAL NET COMMISSION REVENUES
Breakdown of commission revenues by type of firm

Broker-dealers and brokers
IIC and FTH operators
Advisory and consulting services
Holding companies
Portfolio managers
Agents of broker-dealers and brokers
Pension fund managers
Real estate holding companies
Instrumental companies
Other financial firms
TOTAL
(1)
(2)
(3)
Difference (3)
Consolidable groups plus independent broker-dealers and brokers.

Total broker-dealers and brokers.
Difference between (1) and (2).
Revenues
Amount
Expenses
Structure (%)
Amount
Structure (%) Contribution (%)
Net commissions
Structure (%)
Amount
Structure (%)
749,699
609,140
19,796
5,713
3,413
211
17,817
3,275
823
35,283
51.9
42.2
1.4
0.4
0.2
0.0
1.2
0.2
0.1
2.4
175,134
345,389
16
1,794
262
3,798
5,763
0
0
1,145
32.8
64.8
0.0
0.3
0.0
0.7
1.1
0.0
0.0
0.2
574,564
263,751
19,780
3,919
3,151
3,587
12,054
3,275
823
34,138
63.0
28.9
2.2
0.4
0.3
0.4
1.3
0.4
0.1
3.7
1,445,170
100.0
533,302
100.0
911,868
100.0
345
Commission revenues
Brokering
Subscription, reimbursement & mgmt. of IIC
& pension funds
Underwriting, search and placement
Advisory services
Custody and registration of securities
Other revenues from securities transactions
Computer services
Property rental
Other revenues not related to securities
Securities firms (2)

A.5.15.
Securities firms. Consolidable groups.
Detail of items eliminated in the 2003 income statement
Eliminated
Amount
Balance in
consolidation
Structure (%)
Revenues
Commission revenues
Interest and dividends from investments
Other revenues
Gains on trading portfolio
171,061
112,126
35,478
21,203
2,254
100.0
65.5
20.7
12.4
1.3
3,192,506
1,442,170
180,723
597,972
971,641
Expenses
Commission expenses
Interest on liabilities
General expenses and provisions
Other expenses
Personnel expenses
Loss on trading portfolio
136,823
105,651
3,507
18,156
6,945
1,751
813
100.0
77.2
2.6
13.3
5.1
1.3
0.6
2,550,881
534,473
113,339
372,920
197,013
410,983
922,153
34,237
641,625
Net income
A.5.16.
Collective investment scheme management companies (SGIIC) and portfolio management companies (SGC). Number of companies and assets under management or advice
SGIIC
12/31/02
Number of companies
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 portfolios
Number
Assets
Advisory service contracts
Number
Assets
346
SGC
12/31/02
12/31/03
119
4.0
31
24
29.2
5,110
5,323
192,981,621 232,915,327
4.2
20.7
4,926
6,917,489
4,956
6,022,311
0.6
14.9
5,110
5,323
192,981,621 232,915,327
4.2
20.7
37
176,397
46
229,617
19.6
23.2
168
58,054,417
1.8
8.8
2,373
2,386
121,368,392 152,572,747
0.5
25.7
124
165
53,366,474
12/31/03
Chg. (%)
Chg. (%)
95
903,767
85
1,457,762
10.5
61.3
0
0
0
0
0.0
0.0
2,471
15,221,345
2,678
17,980,283
8.4
18.1
37
176,397
46
229,617
19.6
23.2
5
2,112,569
5
2,840,700
0.0
34.5
1
9,074
1
9,418
0.0
3.8
3,337
1,848,817
4,511
2,246,363
26.0
17.7
1,552
4,892,275
399
3,546,331
289.0
38.0
A.5.17.
Collective investment scheme management companies (SGIIC) and portfolio management companies (SGC). Aggregate
balance sheet. Assets
SGIIC
1.
2.
3.
4.
Uncalled capital
Fixed assets
Deferred charges
Current assets
4.1. Accounts receivable
4.2. Securities portfolio
4.2.1. Government funds
4.2.2. Listed securities
4.2.3. Other securities
4.2.4. Interest
4.2.5. Provisions
4.3. Own shares
4.4. Cash
4.5. Accrual adjustments
TOTAL ASSETS
12/31/03
Amount
0.0
5.5
0.1
94.4
15.9
66.4
39.8
15.6
11.1
0.2
0.3
0.0
11.5
0.6
49.9
8.0
7,391.7
0.6
1.9
9.9
11.0
14.4
310.3
22.3
69.8
36.5
159.9
0
4,232
97
48,307
11,645
28,009
22,198
4,270
1,927
38
424
0
4,558
397
0.0
8.0
0.2
91.8
30.0
48.8
35.1
13.0
1.1
0.2
0.6
0.0
12.0
1.0
100.0
0.9
46,892
100.0
Amount
601
105,925
24
1,687,912
288,249
1,074,467
794,767
243,019
48,004
3,595
14,918
0
320,953
4,243
0.0
5.5
0.0
94.5
16.9
63.6
48.8
11.1
4.3
0.2
0.8
0.0
13.8
0.1
301
97,473
1,798
1,678,199
282,841
1,180,621
707,425
277,948
196,961
2,792
4,505
0
203,710
11,027
100.0 1,777,771
1,794,462
12/31/02
Chg.
(%)
Amount
12/31/03
%
Chg.
(%)
0
1,912
68
44,648
7,797
32,232
24,962
2,985
4,284
8
7
0
4,196
423
0.0
4.1
0.1
95.8
16.7
69.1
53.5
6.4
9.2
0.0
0.0
0.0
9.0
0.9
54.8
29.9
7.6
33.0
15.1
12.5
30.1
122.3
78.9
98.3
7.9
6.5
46,628
100.0
0.6
Amount
347
12/31/02
SGC
A.5.17.
Collective investment scheme management companies (SGIIC) and portfolio management companies (SGC). Aggregate
balance sheet. Liabilities
SGIIC
12/31/02
SGC
12/31/03
12/31/02
12/31/03
Amount
Amount
Chg.
(%)
Amount
Chg.
(%)
56.7
14.5
33.3
0.5
23.0
14.5
1,024,366
278,872
609,342
1,411
291,119
156,378
57.6
15.7
34.3
0.1
16.4
8.8
1.2
4.3
0.7
81.6
0.5
5.6
38,026
17,846
17,873
1,161
3,899
431
71.4
40.7
43.0
9.0
2.2
1.2
32,587
16,323
14,739
811
2,360
24
69.9
35.0
31.6
1.7
5.1
0.1
14.3
8.5
17.5
30.1
39.5
94.4
12
0.0
0.0
100.0
0.0
0.0
3. Provisions for contingencies and expenses
44,455
2.3
22,873
1.3
48.5
146
4.6
42
0.1
71.2
4. Long-term liabilities
90,368
3.2
120,975
6.8
33.9
4,235
3.4
5,318
11.4
25.6
622,882
37.8
609,557
34.3
2.1
4,485
20.6
8,681
18.6
93.6
1,794,462
100.0
1,777,771
100.0
0.9
46,892
100.0
46,628
100.0
0.6
1. Equity
1.1. Capital stock
1.2. Reserves
1.3. Prior years income
1.4. Income for the year
1.5. Interim dividend
2. Deferred revenues
5. Current liabilities
TOTAL LIABILITIES
Amount
1,036,745
291,473
613,595
7,684
289,636
165,643
348
(Continued)
A.5.18.
Collective investment scheme management companies (SGIIC) and portfolio management companies (SGC). Income
statement
SGIIC
Year
2002
SGC
Change
Absolute
34,002
45,654
11,652
34,914
28,714
6,200
912
16,940
17,852
10,047
12,885
22,932
350
8,692
9,042
661,412
2,304,914
2,258,987
40,623
0
0
0
2,572
2,732
1,643,502
1,643,502
Total net revenues
Year
Change
2002
2003
2.68
37.11
153.21
1,657
2,188
531
1,913
1,773
140
256
415
671
15.45
18.97
126.37
9,697
4,193
13,890
96.52
32.54
60.57
185
443
258
181
97
278
366
346
20
197.84
78.10
7.75
658,348
2,358,041
2,301,141
47,945
0
0
0
2,485
6,470
1,699,693
1,699,693
3,064
53,127
42,154
7,322
0
0
0
87
3,738
56,191
56,191
0.46
2.30
1.87
18.02
3.38
136.82
3.42
3.42
16,915
16,915
1,502
0
4,638
2,984
1,654
7,638
3,137
0
0
13,941
13,941
1,713
0
6,107
2,915
3,192
3,299
2,822
0
0
2,974
2,974
211
0
1,469
69
1,538
4,339
315
0
0
17.58
17.58
14.05
31.67
2.31
92.99
56.81
10.04
685,367
692,912
7,545
1.10
18,757
15,673
3,084
16.44
Operating expenses
Personnel
General
233,822
119,840
113,982
228,383
122,913
105,470
5,439
3,073
8,512
2.33
2.56
7.47
12,352
6,851
5,501
11,183
6,500
4,683
1,169
351
818
9.46
5.12
14.87
Operating income
451,545
464,529
12,984
2.88
6,405
4,490
1,915
29.90

Depreciation
Other charges
16,786
15,930
856
17,158
16,549
609
372
619
247
2.22
3.89
28.86
483
431
52
519
504
15
36
73
37
7.45
16.94
71.15
12,417
3,479
15,896
128.02
307
135
442
143.97
447,176
443,892
3,284
0.73
6,229
3,836
2,393
38.42
166,979
155,225
11,754
7.04
2,333
1,562
771
33.05
280,197
288,667
8,470
3.02
3,896
2,274
1,622
41.63
Financial income
Financial revenues
Financial costs
Gains on securities
Commission revenues
IIC management
Front-end and back-end fees
Fixed fees
Variable fees
Advisory services
Other revenues
Commission expenses
Fund marketing
Absolute
349
2003
ANNEX 6
COMPOSITION
OF THE CNMV BOARD
Annex 6: Composition of the CNMV Board
Annex 6
Composition of the CNMV Board
President:
Blas Calzada Terrados
Vice-president:
Juan Jess Roldan Fernndez
Commissioners:
Beln Romana Garca1

Gonzalo Gil Garca
Soledad Plaza y Jabat
Juan Junquera Gonzlez
Luis Perezagua Clamagirand
Secretary:
Jos Mara Garrido Garca
Replaces Gloria Hernndez Garca as Director General of Treasury and Finance Policy, appointed by Royal Decree
910/2003, dated 11 July.
353
ANNEX 7
COMPOSITION OF THE CNMV
EXECUTIVE COMMITTEE
Annex 7: Composition of the CNMV Executive Committee
Annex 7
Composition of the CNMV Executive Committee(2)
President:
Blas Calzada Terrados
Vice-president:
Juan Jess Roldan Fernndez
Commissioners:
Soledad Plaza y Jabat

Juan Junquera Gonzlez
Luis Perezagua Clamagirand
Secretary:
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.
357
ANNEX 8
COMPOSITION OF THE CNMV
ADVISORY COMMITTEE
Annex 8: Composition of the CNMV Advisory Committee
Annex 8
Composition of the CNMV Advisory Committee(3)
President:
Juan Jess Roldn Fernndez
Secretary:
Representatives
Issuers:
Jess Lpez-Brea y Lpez de Rodas

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

Javier Trib Boixareu
Stock exchange members:

Sebastin Albella Amigo
Gregorio Arranz Pumar
Jorge Bergareche Busquet
Ignacio Gmez Sancha
Consumers and users council:
Jorge Caminero Rodrguez
Autonomous regions:
Valencian government:
Jos Manuel Uncio Lacasa
Catalan government:
Sadurn Anfosso i Borrell
Basque government:
Juan Miguel Bilbao Garai
Alternative representatives
Issuers:
David Herrero Garca

Luis Felipe Marcos Garca
Investors:
Luis Munrriz Moreno

Jos Palomeras Pags
CNMV Board resolution dated 25 March 2002.
361
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:
Valencian government:
Javier Gomar Parra
Catalan government:
Josep Mara Snchez i Pascual4
Basque government:
Miguel Bengoechea Romero
Replaces Jaume Piera i Llovera. Notification from the Department of Economy and Finance of the Catalan Government on
18 December 2002.
362
ANNEX 9
CNMV DIRECTORS
Annex 9: CNMV Directors
Annex 9
CNMV Directors
Directorate-General of Markets and Investors:

Primary Markets:
Secondary Markets:
Investors Affairs:
Directorate-General of Securities Markets
Participants
Authorisation and Registration:
Supervision:
Directorate-General of Legal Affairs
and Secretary to the Board:
Legal Counsel and
Deputy Secretary to the Board:
Litigation and
Enforcement:
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

Silvia Garca Malsipica5
Directorates:
Director attached to the President:
Research and Statistics:
International Relations:
Information Systems:
General Secretariat:
Internal Control:
Rafael Snchez de la Pea

M Nieves Garca Santos
Juan Carlos Recoder Casso
Javier Nozal Milln
Salvador Meca Gmez
Margarita Garca Muoz
Appointed, at the proposal of the President of the CNMV, by Board resolution dated 31 March 2004.
365

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20

COMISIN NACIONAL DEL MERCADO DE VALORES

ANNUAL REPORT ON THE

Comisin Nacional del Mercado de Valores.

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

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

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

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

Annual report on the securities markets. 2003

Fixed-income issues registered at the CNMV. Convertible bonds. 2003 . .

Annex 2: Secondary markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Secondary markets. Equities. Effective trading in Spanish securities on

Annex 3: Derivatives markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annual report on the securities markets. 2003

MEFF. Futures on 10Y government bonds. Trading frequency, number of

Annex 4: Collective investment schemes and venture

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

Annex 5: Securities firms and fund management companies . . . . . . . .

Securities firms. Broker-dealers. Aggregate balance sheet. . . . . . . . . . . . . .

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

Annex 7 Composition of the CNMV Executive Committee . . . . . . . . . . . . .

Annex 8 Composition of the CNMV Advisory Committee . . . . . . . . . . . . . .

Annex 9 CNMV Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annual report on the securities markets. 2003

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

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

Sector index performance. Madrid Stock Exchange. 2003. . . . . . . . . . . . . . . . . . . . . . . .

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

UCITS assets by country in 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Broker-dealers: aggregate income statement in 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annual report on the securities markets. 2003

The Spanish economys savings and borrowing requirements . . . . . . . . . . . . . . . . . . . .

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

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

Assets managed by UCITS in 2003: by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

Annual report on the securities markets. 2003

Public accounts in industrialised countries ...........................................................................................

Overview of the securities markets

1. Overview of the securities markets

Annual rate of change, in real terms (%).

Annual report on the securities markets. 2003

Public accounts in industrialised countries

Source: IMF. World Economic Outlook. April 2004. Estimates in italics.

Overview of the securities markets

The economic environment in Spain

CPI December to December

GDP (constant prices)

Contribution to GDP growth.

Annual report on the securities markets. 2003

1.2 Financial flows in the Spanish economy

Household and Non-profit

Source: Bank of Spain, "Financial Accounts of the Spanish economy".

Overview of the securities markets

Gross savings plus net capital transfers (LH scale)

Source: Bank of Spain, "Financial Accounts of the Spanish economy".

Amounts in millions of euros

Cash and deposits

Annual report on the securities markets. 2003

Includes private non-profit institutions.

Overview of the securities markets

Gross savings plus net capital transfers (LH scale)

Source: Bank of Spain, "Financial accounts of the Spanish economy".

124,382 178,256 138,902 145,539 162,206