Table 1

Germany - Breakdown of 548 foreign authorised foreign funds (plus 850 sub funds of umbrella funds) are as follows:

482 CIS (plus 829 sub-funds) are in possession of a European Passport, and are UCITS according to EEC Directive No 85/611/EWG.

66 CIS (plus 21 sub-funds) do not have a European Passport. The location of some of the registered offices of these 66 CIS is as follows:

Switzerland:	17
Bermuda:	1
Panama:	3
Canada:	9
USA:	10
European Member States	26

Presently, a large number of notices have been submitted in order to allow more foreign CIS to be marketed in Germany.

Most of the 482 European CIS/UCITS in possession of a European Passport have their registered office in Luxembourg where also many US companies have established a branch.

Table 2:

Luxembourg - Number of Foreign CIS Marketed in Luxembourg

UCITS	1991	1992	1993	1994	30.06.95
Germany	26	78	102	108	114
Belgium	0	2	4	5	5
France	0	0	1	1	2
Non UCITS
Germany	0	1	1	1	4
Total	26	81	108	115	125

Table 3:

Luxembourg - Number of attestation's for selling abroad delivered to Luxembourg CIS (30.06.95)

Germany	462	Portugal	22	Sri Lanka	2
France	211	Sweden	22	Jordania	2
UK	169	Denmark	17	Pakistan	2
Switzerland	163	India	17	Turkey	2
Belgium	160	Iceland	11	Brazil	1
Austria	143	Finland	9	Guernsey	1
Spain	111	Norway	8	Kuwait	1
Italy	106	Colombia	6	Chile	1
Netherlands	94	Gibralter	5	Indonesia	1
Corea	61	Taiwan	5	Singapore	1
Greece	36	Isle of Man	4	USA	1
Hong Kong	36	Jersey	3
Ireland	29	Canada	2
				Total	1,927

Table 4: Table 5:

Spain - Foreign CIS Registered in Spain Spain - Distribution of Foreign CIS Registered in the

(Basic Data) CNMV by Marketed Volume

			Variation			Intervals	Number of	% over	Total assets	% over total
	31/12/94	31/12/93	Absolute	%			Foreign CIS	Total CIS	(Marketed Volume)	investors
Total assets (marketed volume)	106,038	45,921	60,117	130.9		More than 5.000	4	5.71	55,271	52.12
Pta.Million						2.001 - 5.000	9	12.86	27,455	25.89
						901 - 2.000	13	18.57	16,930	15.97
Number of Investors	24,583	7,864	16,719	212.6		401 - 900	5	7.14	3,454	3.26
						201 - 400	6	8.57	1,754	1.65
Number of Institutions	70	56	14	25		101 - 200	6	8.57	725	0.68
						51 - 100	1	1.43	96	0.09
Funds	32	30	2	6.7		21 - 50	9	12.86	302	0.28
Companies	38	26	12	46.2		0 - 20	17	24.29	51	0.05
Country of origin						TOTAL	70	100	106,038	100
Luxembourg	61	48
United Kingdom	6	6
Belgium	1	1
Ireland	1	1
France	1	0

Table 6:

Spain - Distribution of Foreign CIS Registered in the CNMV by Number of Investors

Intervals	Number of	% over	Number of	% over total
	Foreign CIS	total CIS	Investors	Investors
More than 800	6	8.57	15,272	62.12
601 - 800	5	7.14	3,567	14.51
401 - 600	3	4.29	1,393	5.67
251 - 400	7	10	2,174	8.84
151 - 250	4	5.71	871	3.54
61 - 150	10	14.29	937	3.81
21 - 60	8	11.43	237	0.96
11 - 20	4	5.71	60	0.24
0 - 10	23	32.86	72	0.29
TOTAL	70	100	24,583	100