ARE THERE ANY OTHER STATISTICS AVAILABLE IN YOUR JURISDICTION WHICH ILLUSTRATE CROSS BORDER ACTIVITY?

COMMENTARY:

ITALY: A list of the authorised investment managers and their related funds and data concerning the total assets of Italian CIS can be made available on request.

SPAIN: The Comision Nacional del Mercado de Valores (CNMV) publishes "Quarterly Reports on Collective Investment Institutions", which include statistical data on the evaluation of Foreign CIS marketed in Spain, Refer to Tables 4, 5 and 6 on pages 8 and 9.

USA: Growth in Open-End CIS Investing in Foreign Securities

During the last fifteen years, there has been dramatic growth in the number of U.S. open-end CIS which invest primarily in foreign markets. In 1980, 19 open-end CIS invested primarily in foreign markets. By 1995, there were 609 open-end CIS in this category. During this same period, the assets of such open-end CIS rose from $2 billion to $208 billion. This represents a 3,105% increase in the number of open-end CIS and an increase of 10,300% in fund assets over the fifteen-year period.

(Sources: SEC Records; ICI Mutual Fund Fact Books (1985-1995); 1992 Morningstar Mutual Fund Source book).

Growth in Closed-End CIS Investing in Foreign Securities

Likewise, during the last fifteen years, there has been dramatic growth in the number of U.S. closed-end CIS which invest primarily in foreign markets. In 1980, only 2 closed-end CIS invested primarily in foreign markets. By 1995, there were 124 closed-end CIS in this category. During the same period, the assets of closed-end CIS investing in foreign markets rose from $0.2 billion to $27.6 billion. This represents a 6,100% increase in the number of closed-end CIS and an increase of 13,700% in fund assets over the fifteen-year period.

(Sources: SES Records; ICI Mutual Fund Fact Books (1985-1995), Lipper Closed-End Performance Analysis Service).

Growth in Foreign Advisers Registered in the U.S.

During the last fifteen years, there has been strong growth in the number of foreign investment advisers (ie advisers with an address outside the U.S.) that are registered with the SEC under the Investment Advisers Act of 1940. In 1980, approximately 23 foreign investment advisers were registered with the SEC. By July 1995, 376 foreign investment advisers were registered with the SEC. This represents an increase of 1,535% over the fifteen year period.

(Source: SEC Records).

Growth in U.S. Advisers to Foreign Investment Companies

The SEC staff believes that the number of foreign CIS advised by U.S. registered investment advisers has grown over the last decade. However, the SEC does not compile data on the foreign clients of U.S. registered investment advisers. The SEC is unable to estimate the growth in the number of U.S. advisers to foreign CIS with any precision.