Abbreviated Prospectus

 Registered with the CNMV with date 31/05/2001 and number 2402 Prospectus date: 30/5/2001

 "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	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 aims of INTERMONEY VARIABLE EURO FI are those typical of a euro Equity Investment Fund, with more than 75% of the portfolio in equity assets and without the investment in national equity being allowed to exceed 75% of the portfolio. The portfolio not invested in equity will be invested in national and international fixed income securities. The time horizon of these investments is in the short and medium term. The Fund intends to include derivatives in its portfolio.
   
   
2. Investment selection and distribution criteria: the investments will mainly (more than 75%) be carried out in shares listed on national and international markets, authorised by the National Securities Market Commission (CNMV), of the countries that form, at any moment, the European Monetary Union and whose currency is fixed with respect to the euro. The shares will belong to the companies of highest capitalisation in said countries. The investments in equity will be made following criteria of returns, liquidity and stock exchange capitalisation. The portfolio not invested in equity will be invested in national and international fixed income securities, both public and private, issued in euros or in the currencies of the countries that form, at any moment, the European Monetary Union and whose currency is fixed with respect to the euro and in convertible bonds or in preference shares of companies that are listed in any national or international market, providing those securities are listed in organised markets that are authorised by the National Securities Market Commission (CNMV) and form part of the type of equity securities specified previously as those which the Fund may invest in. 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 fund does not intend to invest more than 35% of its assets in securities issued by member states of the European Union, the Autonomous Communities or the International Bodies that Spain is a member of. This fund will not invest in assets whose currency is not the euro. 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'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 intends to invest in derivatives traded on organised European markets with the aims of hedging and investment in order to manage the portfolio more effectively within the limits established in the current legal regulations at each moment and according to the criteria established in the full informative prospectus.
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 investment in equity involves the return of the fund being affected by the volatility of the markets it invests in. The fund also invests in fixed income assets, both public and private. The investment in fixed income involves a market risk due to the price fluctuations of the fixed income assets as a consequence of the variations in the interest rates. It can also be influenced by the perception that the market has of its time horizon and of its issuer. This fund plans to trade in financial derivatives 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.
   
   

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	Not established.
Type of shareholders the fund is aimed at	Risky profile, investors willing to assume a high risk inherent to investment derived principally from possible fluctuations in the evolution of equity and interest rates.
Minimum recommended duration of investment in the fund	More than one year

 

V) FEES APPLIED

Fees	%	Calculation base
Annual management fee	0.95	Fund Assets
Annual depositary fee	0.175(*)	Total assets managed
subscription fee	0.00
Redemption fee	0.00

(*) Maximum effective fee. It will be 0.10% of the effective assets of the fund that are invested in the national markets.

 

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 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 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 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.

 

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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