HOW MANY CIS SELL UNITS OUTSIDE YOUR JURISDICTION?

Australia

France

Germany

Hong Kong

Italy

Japan

Luxembourg

Mexico

Netherlands

Spain

Sweden

Switzerland

United Kingdom

USA

n/a

92

253

n/a

n/a

n/a

813 51 (non UCITS) 762 (UCITS)

81

80 (est)

10

33

n/a

180 (est)

n/a

COMMENTARY:

FRANCE: 92; CIS are permitted to sell their units or shares in other jurisdictions (member states of the European Union). It does not mean that they are actually distributed in foreign jurisdictions.

GERMANY: 253; As at 30 June 1995, 253 of the 535 domestic "OGAW-CIS" have at least once received an attestation by the competent authority to the effect that the CIS fulfils the conditions imposed by the Directive (according to article 46 of the OGAW Directive 85/611/EWG). This figure does not include the attestation's provided for Switzerland (although these attestation's also incorporate the notice on fulfilled OGAW features) because Switzerland is neither an EC Member State nor a contracting EEA state. No statistical data is available stating how many of these 253 CIS have sold their shares in other Member States of the European Communities or another contracting State of the Agreement on the European Economic Area.

ITALY: Only a few Italian CIS market their units abroad.

LUXEMBOURG: Of the 1,294 CIS authorised in Luxembourg as of June 30, 1995, 813 were selling their units abroad on the basis of an attestation of compliance delivered by the IML. A breakdown of the relevant figures according to UCITS and non-UCITS is:

 
             Number of CIS         Number of attestation's
 
 UCITS            762                      1,857 

non-UCITS         51                         70 

                ------                     ------ 

Total             813                      1,927

Table 3 on page 7 includes the complete list of the countries (37 in total) to which the 1,927 attestation's of compliance delivered by the IML were destined.

MEXICO: Distribution of Mexican CIS units in foreign markets can be indirectly detected through statistics on foreign investment in CIS. Accordingly, 81 mutual funds had some degree of foreign investment at the end of July 1995.

SPAIN: 10 CIS; 2 of which are Money Market Funds.