Abbreviated Prospectus

 registered with the CNMV with date 9 / February / 2001 and number 2,311 Prospectus date: 9/02/2001

 "There is a full prospectus, which the Fund Management Regulations form an integral part of, which can be freely requested in INTERMONEY GESTIÓN SGIIC or by contacting the shareholder service department on 91 432 64 64 and which can be consulted in the Registers on the CNMV, where it is registered."

 This prospectus is included in the official 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.

 This prospectus must be delivered together and inseparably with the annual report of the last period, which includes the last auditors' report of the accounts and the last published quarterly report.

 

I) 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	Mainly 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.

 

II) INVESTMENT POLICY

1. Aim of the fund and the management objective:The investment aim of INTERMONEY TESORERÍA F.I. will be that typical of a short term fixed income investment fund. Equity assets and derivatives are not included in the portfolio. The assets are in euros, with a maximum of 5% in non-euro currencies. The investment policy will pursue, in this order, the conservation and security of the Fund's assets, its liquidity, and the returns of the assets that comprise it. The objective of the fund is the search for investment opportunities in the area of fixed income assets, both public and private within the euro zone, with the average duration of the portfolio being between zero and two years in accordance with the evolution perspectives of market interest rates.
   
   
2. Investment selection and distribution criteria: The investments will be made in national and international Fixed Income securities belonging to the euro zone. A maximum of 5% can be invested in fixed income assets in dollars, pounds and yen, trying to maintain a high issuer credit quality. The maximum investment percentages set in each moment for each type of asset will be scrupulously respected, as well as the liquidity coefficient, whose coverage will be carried out in a sight account in the depositary bank or in repurchase transactions with an agreement to repurchase one-day Government Debts. The fund intends to invest more than 35% of the assets in securities issued by a member state of the European Union, the Autonomous Communities of Spain or International Bodies that Spain is a member of.
   
   
3. Risks inherent to investments: In accordance with the management objective, the fund's investments are subject to market fluctuations and other risks inherent to investment in securities and the shareholder must be aware that the net asset value may fluctuate both up and down. The fund cannot perform transactions with financial derivative instruments.

IV) 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	1 share.
Type of shareholders the fund is aimed at	Conservative profile, investors willing to assume a low risk inherent to investment and derived principally from possible fluctuations in the evolution of interest rates.
Minimum recommended duration of investment in the fund	More than one year

 

V) FEES APPLIED

Fees	%	Calculation base
Annual management fee	0.25	Assets
Annual depositary fee	0.10	Total assets managed
subscription fee	0.00
Redemption fee	0.00

 

VI) 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 Bulletin de Cortication 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 settlement 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 net asset 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 will demand 10 days' notice for repayments greater than 301,000 euros. In addition, when the total sum of the repayments to one participant within a period of 10 days is equal to or greater than 301,000 euros the Management Company will demand 10 days' notice for new repayment 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.

 

VII) 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%. The full prospectus contains detailed information about the tax rate applicable to resident and non-resident shareholders.

 

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