In May 2005 the value under management of UCITS and Special Investment Funds increased 1,5% and 5,4% respectively, compared with the previous month, reaching a total of €25 666,6 million . T wo new funds started operating, Fundo de Capital Garantido BBVA Extra 5 Acções managed by BBVA Gest and Millenium Disponível – Fundo de Investimento de Tesouraria, managed by Millennium BCP.

The total investment in listed securities rose 1,4%, compared to April 2005, reaching €17 910,2 million, with an increase of investments in Holland (21,2%) and a drop in investments in securities listed in Portugal (-20,4%) being of note. Luxembourg continued to be the most sought after country, followed by the United Kingdom and Ireland.

The investment in national shares on the regulated markets of the stock exchange, in said period, rose to € 717,7 million. This represents a decrease of 5% compared to April 2005. Within the main shares, only EDP registered a positive growth rate (4,1%). The international shares of the European Union and outside the European Union markets increased in comparison to the previous month, reaching € 754,5 million (6,6%) and € 582,6 million (7,6%) respectively.

With regard to the portfolio composition of the funds, it is worth noting the monthly growth of investment in securities (1,6%), particularly the investment in foreign securities: public debt (4,5%), shares (7%) and investment units (10,9%). On the other hand, the investments in national bonds fell by 28%.

Millennium BCP maintained the lead in market share in terms of value managed (19.7%) and Caixagest continued to manage the most number of funds (38). The Multiobrigações fund managed by Santander Gestão de Activos is the largest fund.

07 June 2005

Table 1 – Aggregate Benchmarks

Unit: 10^6 Euro

Table 2 – Investment per Country

Unit: 10^6 Euro

Table 3 – Value of Investment in Domestic and Foreign Shares (10 largest)

Unit: 10^6 Euro

Shares	May - 05		monthly Δ Value
	Value	%
DOMESTIC MARKET
EDP	78,7	11,0%	4,1%
BCP	61,2	8,5%	-6,9%
SONAE SGPS	61,1	8,5%	-12,9%
PORTUGAL TELECOM	49,6	6,9%	-10,4%
BRISA (Privat.)	45,7	6,4%	-1,7%
SEMAPA	39,0	5,4%	-2,6%
PT MULTIMÉDIA	36,3	5,1%	-15,0%
IMPRESA	31,3	4,4%	-11,9%
BPI	31,2	4,4%	-2,8%
SONAE.COM	26,4	3,7%	-7,1%
Sub-total	460,5	64,2%	-6,4%
Others	257,2	35,8%	-2,2%
TOTAL Domestic Shares (1)	717,7	100,0%	-5,0%
EUROPEAN UNION MARKET
TOTAL EFINA	28,4	3,8%	5,8%
TELEFONICA	18,1	2,4%	-0,9%
SANOFI-AVENTIS	17,2	2,3%	8,5%
E ON AG	17,1	2,3%	28,6%
ROYAL DUTCH PETROLEUM	17,0	2,2%	5,1%
VODAFONE	15,7	2,1%	7,1%
ING GROEP N.V.	15,4	2,0%	10,8%
ENI SPA	14,1	1,9%	8,4%
BNP PARIBAS	13,2	1,7%	18,9%
NOKIA	12,9	1,7%	-0,6%
Sub-total	169,1	22,4%	8,3%
Others	585,4	77,6%	6,2%
TOTAL EU Shares (2)	754,5	100,0%	6,6%
NON EU MARKET
PFIZER	13,8	2,4%	4,9%
GENERAL ELECTRICS	11,6	2,0%	12,0%
NESTLE	9,5	1,6%	5,7%
PROCTER & GAMBLE	9,4	1,6%	10,7%
ROCHE	9,3	1,6%	12,1%
MICROSOFT	8,7	1,5%	4,6%
NOVARTIS	8,1	1,4%	13,6%
EXXON MOBIL CORP	7,9	1,4%	8,1%
CITIGROUP	6,5	1,1%	59,6%
COCA COLA	5,9	1,0%	18,0%
Sub-total	90,7	15,6%	11,8%
Others	491,9	84,4%	6,8%
TOTAL Non-EU Shares (3)	582,6	100,0%	7,6%
Total International Shares (2)+(3)	1.337,1	-	7,0%
TOTAL	2.054,8		2,5%

Note: Refers solely to shares on Regulated Markets of Stock Exchanges.

Table 4 – Weight of bonds of Domestic Groups issued abroad * in foreign bonds held by Securities Investment Funds (10 largest)

Unit: 10^6 Euro

Table 5 – Investment per Type of Asset and Market

Unit: 10^6 Euro

Table 6 – Number of Funds and Market Share (10 largest)

Table 7 – Ranking of funds (10 highest)

Unit: 10^6 Euro