BPS Spectrum of the Five-Brane and Black Hole Entropy

We propose a formulation of 11-dimensional M-theory in terms of five-branes with closed strings on their world-volume. We use this description to construct the complete spectrum of BPS states in compactifications to six and five dimensions. We compute the degeneracy for fixed charge and find it to be in accordance with U-duality (which in our formulation is manifest in six dimensions) and the statistical entropy formula of the corresponding black hole. We also briefly comment on the four-dimensional case.