Abbreviated Prospectus

 Constituted on 18-09-2001 and registered with the CNMV with date 08-11-2001 and number 2501

 

I) GENERAL INFORMATION ABOUT INVESTMENT FUNDS

 "This document collects the necessary information for the investor to be able to formulate a well founded judgement about the proposed investment. Nevertheless, the information it contains may be modified in the future. Said modifications will be made public in the legally established way and may, should it be the case, grant the participant the corresponding right of separation."

 This prospectus must be delivered together with and inseparably from the annual report of the last period, which includes the last auditors' report of the accounts and the last published quarterly report. These documents can be freely requested from InterMoney Gestión S.G.I.I.C., S.A. or by contacting the Shareholder Service Department on 91 432 64 64, and they can be consulted in the Registers of the CNMV.

 The positive verification and the consequent registering of the prospectus by the CNMV do not imply a recommendation for the subscription of the shareholders referred to, nor does it imply any type of pronouncement about the fund's solvency or the return or quality of the shares offered.

 The Funds' Investments, whatever their investment policy, are subject to market fluctuations and other risks inherent to investment in securities. Therefore, the shareholder must be aware that the net asset value of the share may fluctuate both up and down.

 The detailed composition of the Funds' portfolio may be consulted in the quarterly reports.

 

II) PEOPLE WHO ASSUME RESPONSIBILITY FOR ITS CONTENT

 Mr. Luis Enrique Navarro Barrionuevo, with I.D number: 70.158.003-E, in his capacity as Chairman and Mr. David Vegara Figueras, with I.D number: 43,412,552-Y, in his capacity as Director, on behalf of and representing INTERMONEY GESTION, S.G.I.I.C., S.A.

 And Mr. José María Alonso-Gamo Sandoval, with I.D number: 7.226.908-D, in his capacity as General Manager, on behalf of and representing BANCOVAL, S.A., assume the responsibility for the content of this Prospectus and declare that, in their judgement, the information contained in this prospectus is true and fair and that no information has been omitted that may affect its scope.

 

III) IDENTIFYING INFORMATION

Management company	INTERMONEY GESTIÓN S.G.I.I.C, S.A. Group: CIMD
Depositary	BANCOVAL S.A. Group: DEXIA
Auditor	PRICE WATERHOUSE
Marketers	INTERMONEY S.V. and those legally authorised entities that have signed a marketing contract. It is possible to carry out subscriptions and redemptions of shares through the Telephone Service, Electronic Service and Internet of those marketing institutions who have organised it and signed the corresponding contract.

 

IV) INVESTMENT POLICY

1. Aim of the fund and the management objective: Mixed Fixed Income
   A maximum of 30% of the portfolio in equity assets and at least 70% in medium and long term fixed income assets. This fund will mainly invest in assets whose currency is the euro. The time horizon of these investments is in the medium term.
   
   
2. Investment selection and distribution criteria
    The fixed income portfolio will be invested, primarily, in government debt securities and, to a lesser extent, in private fixed income securities and preference shares.
   
   The minimum rating of the fund's portfolio's private fixed income securities will be A-(Moody's scale) or A3 (Standard and Poor's scale).
   
   The duration of the fixed income portfolio will have as an objective a 2-5 year interval, based on the expectations of the evolution in interest rates, and only in exceptional market circumstances will it go outside that range. The investments in fixed income assets are determined by the expectations of the evolution of interest rates and, should it be the case, the issuer risk.
   
   The investments in equity will be made in companies of high stock exchange capitalisation and with high liquidity.
   
   The investments both in fixed income and in equity will be made, fundamentally, in countries belonging to the European Union and, to a lesser extent, in markets of other countries belonging to the OECD and/or those countries authorised by the National Securities Market Commission (CNMV). The Fund's portfolio will be invested in assets in euros, with investments in non-euro currencies being limited to 5% of the Fund's assets.
   
   The Fund's investments are subject to the limits set in articles 4, 7, 8, 17, 18, 19 y 37 of the the Collective Investment Schemes Regulations.
   
   The fund invests more than 35% of the assets in securities issued by a member state of the European Union, The Autonomous Communities of Spain, the International Bodies that Spain is a member of and those member states of the OECD that present a solvency rating, awarded by an agency specialising in risk rating with well-known prestige, no lower than that of Spain. Specifically, it is anticipated that said percentage will be exceeded in government bonds issued by member states of the EU.
   
    This fund plans to trade in financial derivatives traded on organised derivatives markets with the aim of hedging and as an investment. These instruments involve additional risks to those of the spot market due to the leverage involved. This makes them especially sensitive to price variation in the underlying asset and can multiply the portfolio's value losses.
   
   The fund will not exceed the general limits on using financial derivatives due to market risk and counterparty risk as established in current regulations. Among other things, the commitments for derivatives transactions may not exceed, at any moment, the value of the the Institution's assets, nor may the premiums paid for options bought exceed 10% of said assets.
   
   
3. Risks inherent to investments:
   The issuers of the securities that the fund invests in have a high credit rating. Therefore, in principle, there is a low counterparty risk.
   
   The investment in equity involves the fund's return being affected by the volatility of the markets it invests in. Therefore, there is a high market risk.
   
   Investment in fixed income assets involves an interest rate risk. This fund invests fundamentally in long term assets, whose sensitivity to interest rate fluctuations is high.

V) GENERAL CHARACTERISTICS

The Fund is in euros; however, the subscriptions and redemptions can also be made in pesetas.

 

Minimum initial investment	1 share.
Minimum maintenance investment	Not established.
Type of shareholders the fund is aimed at	Investors willing to assume a medium risk, interested in investing mainly in long term fixed income and, to a lesser extent, in euro zone equity.
Maximum share volume per shareholder	Not established.

 

VI) FEES APPLIED

Fees	Tranches/Terms	%	Calculation base
Annual management fee	Payable quarterly	0.85	Assets
Annual depositary fee	On the percentage of the portfolio invested in national markets and payable quarterly	0.10	Assets
	On the percentage of the portfolio invested in foreign markets and payable quarterly	0.175	Assets

Independently of the Depositary fee, the Depositary may receive fees from the Fund for buying and selling securities, collection of coupons or other similar activities, in accordance with the regulatory general rules of the corresponding fees.

 If the management, depositary or redemption fees or discounts in favour of the fund in redemptions are set or increased, this will be made public in the legally established way, thus allowing the shareholders the right of separation as referred to in Article 35.2 of the LIIC (Collective Investment Schemes Act) as well the corresponding updating of this explanatory prospectus.

 

VII) INFORMATION FOR THE SHAREHOLDER

 

Valuation of subscriptions and redemptions and publishing of the net asset value

The Management Company publishes the fund's net asset value daily in the Boletín de Cotización de la Bolsa de Valores de Madrid (The Madrid Stock Exchange Price Bulletin). For subscriptions and redemptions requested in this fund, the applicable net asset value is that corresponding to the same day as the date of the request. Therefore if a subscription or redemption is requested in Day "D", the net asset value applied will be that corresponding to day "D", which is that which will appear in the Price Bulletin the following day, D+1.
In all cases, the settlement value will be the same for the subscriptions and redemptions requested at the same time. The subscription request will be understood to have been performed in the moment that the sum passes into the fund's account
The Management Company can demand 10 days' notice for redemptions greater than 301,000 euros. In addition, when the total sum of the redemptions to one shareholder within a period of 10 days is equal to or greater than 301,000 euros, the Management Company can demand 10 days' notice for new redemption requests, whatever the amount.

 

Periodic information pattern

The Management Company or the Depositary must remit a statement of the Fund's position to each shareholder, with a regularity no greater than three months in the FI and one month in the FIAMM. If in one period there are no subscriptions or redemptions, the statement of the fund's position may be postponed to the next period, although it will be mandatory to send the statement of the shareholder's position at the end of the financial period.
The Management Company will send free copies of the successive quarterly reports and Annual Reports to the shareholder's address. The shareholder must reject the sending of the quarterly reports on a duly signed written document.

 

VIII) TAX

The yields obtained by the Fund pay Corporate Tax at a fixed rate of 1%. The returns obtained by individual resident shareholders as a consequence of the redemption or transfer of shares are seen as capital gains or losses and capital gains or losses are withheld at 18%. Capital gains obtained in a period less than or equal to one year are liable to the general tax scale. Those obtained in a period of more than one year are taxed at 18%.

Treatment of yields obtained by legal entities, non residents or in special tax systems will be bound by the current legal regulations.

 

IX) IDENTIFYING INFORMATION OF THE MANAGEMENT COMPANY

 

Incorporation date
02-02-1987

Duration Unlimited

Registration date
21-04-1987 and number 69 in the corresponding CNMV register.

Legal address
Pza. Pablo Ruiz Picasso s/n, TORRE PICASSO, PL.22, MADRID Provincia de MADRID

Postcode
28020

The subscribed capital as of 30-09-2001 stands at 959 thousand euros, being fully paid up.

The significant shareholdings of the management company can be consulted in the CNMV Registers.

 

Members of the Board of Directors:

Position	Title	Name
Director	ANA ALVAREZ ORTIZ DE ZUÑIGA	26-06-2000
Director	RAMON MORENO RUBIO	26-06-2000
Director	DAVID VEGARA FIGUERAS	26-06-2000
Director	JUAN MUÑOZ ACHIRICA	26-06-2000
Secretary of the Board:	JUAN MUÑOZ ACHIRICA	26-06-2000
Director	LUIS ENRIQUE NAVARRO BARRIONUEVO	26-06-2000
Chairman:	LUIS ENRIQUE NAVARRO BARRIONUEVO	26-06-2000

 

IX.I) IDENTIFYING INFORMATION OF THE DEPOSITARY AND RELATIONS WITH THE THE MANAGEMENT COMPANY

 

Incorporation date:
28-06-1990

Number:
68 in the corresponding CNMV register.

Legal address:
FERNANDO EL SANTO, 20, MADRID Provincia de MADRID

Postcode
28010

Main activity:
Credit Institution.

The Management Company and the Depositary do not belong to the same financial group according to the circumstances contained in article 4 of the Ley del Mercado de Valores (Stock Exchange Act).

 

IX.II) OTHER COLLECTIVE INVESTMENT SCHEMES MANAGED BY THE SAME MANAGEMENT COMPANY

Title	Fund Type
INTERMONEY TESORERIA, FI	FI
INTERMONEY VARIABLE EURO, FI	FI

 

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