BBVA DURBANA INTERNATIONAL FUND€¦ · Banco Bilbao Vizcaya Argentaria SA Succursale Madrid Calle Clara Del Rey 26,2 Planta E - 28002 Madrid Banque Privée Edmond de Rothschild Europe

BBVA DURBANA INTERNATIONAL FUND

Soci t d'Investissement Capital Variable

Annual Report and Audited FinancialStatements as at

December 31, 2013

compartiments multiples

R.C.S. Luxembourg B 27 711

2


TABLE OF CONTENTS

...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS ............................................................................................................................................................................... 35

...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................................................ 36

...........................................................................................................................................................................................................................................................STATISTICAL INFORMATION ............................................................................................................................................................................... 37

...........................................................................................................................................................................................................................................................TER (total expense ratio) AND PTR (portfolio turnover rate) ..................................................................................................................... 38

...........................................................................................................................................................................................................................................................CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE PER SHARE .............................. 39

...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS AND OTHER NET ASSETS .................................................................................................................. 40

...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................ 42

...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS ........................................................................................................................... 43

....................................................................................................................................................................................................................BBVA DURBANA LATAM FIXED INCOME 35BBVA DURBANA INTERNATIONAL FUND -




...........................................................................................................................................................................................................................................................STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUEPER SHARE ..................................................................................................................................................................................................................... 47




....................................................................................................................................................................................................................BBVA&PARTNERS EUROPEAN ABSOLUTE RETURN 44BBVA DURBANA INTERNATIONAL FUND -








....................................................................................................................................................................................................................BBVA AUGUSTUS NEUTRAL PLUS 51BBVA DURBANA INTERNATIONAL FUND -



....................................................................................................................................................................................................................RENTA FIJA CORTO PLAZO EUR 59BBVA DURBANA INTERNATIONAL FUND -

8....................................................................................................................................................................................................................DIRECTORS AND ADMINISTRATION .......................................................................................................................................

10....................................................................................................................................................................................................................GENERAL INFORMATION ...............................................................................................................................................................

15....................................................................................................................................................................................................................REPORT ON THE ACTIVITIES ......................................................................................................................................................

32....................................................................................................................................................................................................................REPORT OF THE REVISEUR D'ENTREPRISES AGREE .....................................................................................................

33....................................................................................................................................................................................................................COMBINED STATEMENT OF NET ASSETS .............................................................................................................................

34....................................................................................................................................................................................................................COMBINED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ......................................................

3


TABLE OF CONTENTS(continued)








.................................................................................................................................................................................................................... 61BBVA DURBANA INTERNATIONAL FUND - BBVA USD CORPORATE BOND FUND(previously RENTA FIJA CORTO PLAZO USD)








....................................................................................................................................................................................................................LA ENCINA 69BBVA DURBANA INTERNATIONAL FUND -








....................................................................................................................................................................................................................BBVA AUGUSTUS EQUITY 78BBVA DURBANA INTERNATIONAL FUND -



....................................................................................................................................................................................................................RENTA USD 86BBVA DURBANA INTERNATIONAL FUND -








.................................................................................................................................................................................................................... 88BBVA DURBANA INTERNATIONAL FUND - BBVA EUR CORPORATE BOND FUND(previously RENTA EURO)



....................................................................................................................................................................................................................BBVA DURBANA RENTA VARIABLE GLOBAL USD 96BBVA DURBANA INTERNATIONAL FUND -

5










....................................................................................................................................................................................................................DRIZA 138BBVA DURBANA INTERNATIONAL FUND -








....................................................................................................................................................................................................................ESTAY 146BBVA DURBANA INTERNATIONAL FUND -








....................................................................................................................................................................................................................AMURA 154BBVA DURBANA INTERNATIONAL FUND -








....................................................................................................................................................................................................................BITACORA 163BBVA DURBANA INTERNATIONAL FUND -








....................................................................................................................................................................................................................SEXTANTE 171BBVA DURBANA INTERNATIONAL FUND -

7










....................................................................................................................................................................................................................ESLORA 216BBVA DURBANA INTERNATIONAL FUND -








....................................................................................................................................................................................................................COMPAS 223BBVA DURBANA INTERNATIONAL FUND -








....................................................................................................................................................................................................................ESTRIBOR 231BBVA DURBANA INTERNATIONAL FUND -








246....................................................................................................................................................................................................................NOTES TO THE FINANCIAL STATEMENTS ...........................................................................................................................

....................................................................................................................................................................................................................BARLOVENTO 239BBVA DURBANA INTERNATIONAL FUND -


8

DIRECTORS AND ADMINISTRATION

REGISTERED OFFICE

BBVA DURBANA INTERNATIONAL FUND20, Boulevard Emmanuel ServaisL - 2535 LuxembourgRC Luxembourg B 27 711

BOARD OF DIRECTORS

MEMBERS

Ms. Esther PEREZ VILLALON(from May 28, 2013)BANCO BILBAO VIZCAYA ARGENTARÍA, S.A.

Mr. Edward De BURLET(from June 27, 2013)BANQUE PRIVEE EDMOND DE ROTHSCHILDEUROPE

Mr. José Luis RODRÍGUEZ ÁLVAREZBBVA LuxInvest

Mr. Sergio FERNADEZ PACHECO RUIZ VILLAR(until May 28, 2013)BBVA ASSET MANAGEMENT, S.A., S.G.I.I.C.

Ms. Maria Belén RICO ARÉVALO(until April 17, 2013)BANCO BILBAO VIZCAYA ARGENTARÍA, S.A.

Mr. Santiago ALMENDRES CORTÁZAR(until April 17, 2013)BBVA ASSET MANAGEMENT, S.A., S.G.I.I.C.

Ms. Nuria TEJADA(until June 28, 2013)BANQUE PRIVEE EDMOND DE ROTHSCHILDEUROPE

Mr. Hernán Luis TORRES RUIZ(until June 26, 2013)BBVA Suiza S.A.

MANAGERS

Mr. Santiago ALMENDRES CORTÁZARBANCO BILBAO VIZCAYA ARGENTARÍA, S.A.

Ms. Esther PEREZ VILLALON(from May 28, 2013)BANCO BILBAO VIZCAYA ARGENTARÍA, S.A.

Mr. José Luis RODRIGUEZ ALVAREZBBVA LuxInvest

CUSTODIAN BANK, REGISTRAR, TRANSFERAGENT, PAYING AGENT, ADMINISTRATIVEAND DOMICILIARY AGENT, LISTING AGENT

BANQUE PRIVEE EDMOND DE ROTHSCHILDEUROPE20, Boulevard Emmanuel ServaisL - 2535 Luxembourg

PROMOTOR AND PRINCIPAL DISTRIBUTOR

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.Paseo de la Castellana, 81E - 28046 Madrid

REVISEUR D�ENTREPRISES AGREE

KPMG Luxembourg S.à r.l.9, Allée SchefferL - 2520 Luxembourg

INVESTMENT MANAGERS

BBVA ASSET MANAGEMENT S.A. S.G.I.I.C.Paseo de la Castellana, 81E - 28046 Madrid

FOR THE SUB-FUNDS:

BBVA&PARTNERS EUROPEAN ABSOLUTE RETURN,BBVA AUGUSTUS NEUTRAL PLUS,BBVA AUGUSTUS EQUITY,BBVA USD CORPORATE BOND FUND,(previously RENTA FIJA CORTO PLAZO USD),BBVA GLOBAL EQUITY FUND,(previously BBVA DURBANA RENTA VARIABLE GLOBALEUR),BBVA EUR CORPORATE BOND FUND (previously BBVADURBANA RENTA EURO),BBVA DURBANA MULTI-ASSET MODERATE EUR FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20EUR),BBVA DURBANA MULTI-ASSET MODERATE USD FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20USD),BBVA DURBANA GLOBAL BOND FUND (previously BBVADURBANA RENTA PLUS USD),and BBVA DURBANA MULTI-ASSET FLEXIBLE FUND(previously BBVA DURBANA DINAMICO).


9

DIRECTORS AND ADMINISTRATION (continued)

INVESTMENT MANAGERS (continued)

FOR THE SUB-FUNDS (from November 13, 2013):

LA ENCINA,TABA DE INVERSIONES,DRIZA,ESTAY,AMURA,BITACORA,GLOBAL INVESTMENTS,SEXTANTE,RUMBO,SPINNAKER,ESLORA,COMPAS,ESTRIBOR,and BARLVENTO

SUB-INVESTMENT MANAGERS

BBVA PATRIMONIOS GESTORA S.G.I.I.C, S.A.*C/ Padilla, 17 (1 Planta )E - 28006 Madrid

FOR THE SUB-FUNDS (until November 13, 2013):

LA ENCINA,TABA DE INVERSIONES,DRIZA,ESTAY,AMURA,BITACORA,GLOBAL INVESTMENTS,SEXTANTE,RUMBO,SPINNAKER,ESLORA,COMPAS,ESTRIBOR,and BARLVENTO

FOR THE SUB-FUND :

BBVA DURBANA LATAM FIXED INCOME,

BBVA BANCOMER GESTION S.A. de C.V.Montes Urales, 620, 1st floor,Colonia Lomas Chapultepec11000 Mexico D.F

COUNTERPARTIES FOR DERIVATIVESINSTRUMENTS

Deutsche Bank AG London Branch:Winchester House1 Great Winchester StreetLondon EC2N2DB

JP MorganJPMorgan - Futures and Options12th Floor, 125 London Wall,London, EC2Y 5AJ

Banco Bilbao Vizcaya Argentaria SASuccursale MadridCalle Clara Del Rey 26,2 PlantaE - 28002 Madrid

Banque Privée Edmond de Rothschild Europe20, Boulevard Emmanuel ServaisL - 2535 Luxembourg

*BBVA PATRIMONIOS GESTORA, S.G.I.I.C., S.A. merged by absorption with BBVA ASSET MANAGEMENT, S.A.,S.G.I.I.C. on November 13, 2013. BBVA ASSET MA GEMENT, S.A. S.G.I.I.C. has surrogated in all rights and liabilitiesin the position of BBVA PATRIMONIOS GESTORA, S.G.I.I.C., S.A. as a consequence of the merger.


10

GENERAL INFORMATION

1 - INFORMATION TO THE SHAREHOLDERS

Annual reports and semi-annual reports are at the disposalof the shareholders with the administrative agent.

The periodical reports contain financial informationregarding the BBVA DURBANA INTERNATIONALFUND (�SICAV�), the composition and evolution of itsassets and its consolidated situation.

The list of movements that took place in the compositionof the securities portfolio for the financial year starting on

January 1, 2013 are available for free with the head officeof the administrative agent.

The shares of the Sub-Funds of the SICAV are, or will beon issue, listed on the Luxembourg Stock Exchange.

Subscriptions cannot be received on the basis of financialreports. Subscriptions are valid only if made on the basisof the current prospectus, supplemented by the last annualreport and the most recent semi-annual report if publishedthereafter.

2 - NET ASSET VALUE PER SHARE

The accounts of every Sub-Fund are held in the currencycorresponding to each of these Sub-Funds. The net assetvalue is calculated for each Sub-Fund and is expressed in thecorresponding currency. The net asset value is calculatedevery bank business day in Luxembourg for all Sub-Fundsexcept for the Sub-Funds, AMURA, GLOBALINVESTMENTS, DRIZA, RUMBO, SPINNAKER,ESLORA, COMPAS, ESTRIBOR and BARLOVENTOwhich are calculated every first and third monday of eachmonth on the basis of the last known quotations.

The net asset value of the shares of every Sub-Fund iscalculated by dividing the net assets of the Sub-Fund by thetotal number of shares of the Sub-Fund in issue at that time.The net assets of every Sub-Fund correspond to thedifference between the total assets and total liabilitiesexcluding capital of each Sub-Fund.

The net asset value of the shares of each share class iscalculated by dividing the net assets of the Sub-Fundallocated to this share class by the total number of shares ofsaid share class in issue at that time. The net assets of everyshare class correspond to the difference between the totalassets and total liabilities excluding capital of each shareclass.

The annual report shows all Sub-Funds with a Net AssetValue dated 31 December 2013 while for the above Sub-Funds, the last tradable Net Asset Value was dated 16December 2013 due to the NAV calculation frequency asdescribed in the Prospectus.

For these Sub- unds, a non-tradable Net Asset Value wascalculated on 31 December 2013 for the purpose of thesefinancial statements. These non-tradable Net Assets Valueswere based on the latest available market prices of theinvestments as at 31 December 2013.

3 - INFORMATION TO SHAREHOLDERS IN SWITZERLAND

Banque Privée Edmond de Rothschild S.A., Geneva, wasauthorised by the Swiss Financial Market SupervisoryAuthority as Swiss representative of the SICAV and actsalso as paying agent. The prospectus, the simplifiedprospectus, the articles, the annual and semi-annual reportsof the SICAV, as well as the list of the purchases and saleswhich the SICAV has undertaken during the financialyear, may be obtained, on simple request and free ofcharge, at the head office of the Swiss representative,Banque Privée Edmond de Rothschild S.A., 18, rue deHesse, CH-1204 Geneva.

The Total Expense Ratio (TER) and the Portfolio TurnoverRate (PTR) as at December 31, 2013 for each Sub-Fundare calculated in accordance with the recommendations ofthe S.F.A., approved by the Swiss Financial MarketSupervisory Authority.

TER (Total Expense Ratio)The Total Expense Ratio (TER) represents the ratio of thetotal expenses, except transactions fees, annuallysupported by the Fund for each Sub-Fund.

The TER should be calculated as follows :TER = Total charges of the Sub-Fund/Average net assetvalue of the Sub-Fund.Average net asset value of the Sub-Fund = Amount of netassets over the year / Observation�s number.

The TER is calculated for the preceding 12 months at theclose of the annual report. In the case of newly launchedSub-Funds, the operating expenses are annualized.


11

GENERAL INFORMATION (continued)

PTR (Portfolio Turnover Rate)

As an indicator of the relevance of the additional costsincurred by the Fund at the time of the purchase or sale

nvestments, the internationally recognized PTRdisclosed, in accordance with the standard method below:

PTR = ((amount 1 � amount 2)/average net of theFund) x 100

Amount 1 = Total securities transactions = X + Y

Purchase of securities = XSale of securities = YAmount 2 = Total transactions involving Fund shares

+ T

Issues of Fund shares = SRedemption of Fund shares = TEach Sub-Fund�s PTR and TER are detailed in this AnnualReport in the �TER/PTR� section.


12

3 - INFORMATION TO SHAREHOLDERS IN SWITZERLAND (continued)

Performances of Sub-Funds distributed in Switzerland :

Sub-Funds

Performances *

2011

BBVA DURBANA LATAM FIXED INCOME A USD 03/11/2003 77.25 -1.72%

BBVA DURBANA LATAM FIXED INCOME I USD 31/07/2007 112.28 -0.43%

BBVA DURBANA RENTA FIJA CORTO PLAZA EUR A EUR 29/05/2009 102.57 1.67%

BBVA DURBANA RENTA FIJA CORTO PLAZA USD A USD 29/05/2009 98.99 -1.30%BBVA DURBANA GRANDFATHERING BOND ** A EUR 24/06/2005 - -%

RENTA USD D USD 13/03/2009 100.17 -5.30%

RENTA EURO D EUR 13/03/2009 97.72 -5.69%

BBVA DURBANA RENTA VARIABLE GLOBAL USD A USD 29/05/2009 111.04 -11.49%BBVA DURBANA RENTA VARIABLE GLOBAL USD A EUR 12/12/2011 100.70 0.70%

BBVA DURBANA RENTA VARIABLE GLOBAL EUR A EUR 29/05/2009 120.70 -7.42%

BBVA DURBANA MULTIESTRATEGIA 80/20 EUR A EUR 05/03/2010 95.31 -6.80%BBVA DURBANA MULTIESTRATEGIA 80/20 USD A USD 05/03/2010 92.22 -10.60%

** Last valuation : 06.09.11

Sub-Funds

Performances *

2012

BBVA DURBANA LATAM FIXED INCOME A USD 03/11/2003 83.28 7.81%

BBVA DURBANA LATAM FIXED INCOME I USD 31/07/2007** - -

BBVA DURBANA LATAM FIXED INCOME X USD 16/07/2012 104.27 3.84%

BBVA DURBANA RENTA FIJA CORTO PLAZA EUR A EUR 29/05/2009 104.88 2.25%

BBVA DURBANA RENTA FIJA CORTO PLAZA USD A USD 29/05/2009 102.58 3.63%

RENTA USD D USD 13/03/2009 106.52 6.34%

RENTA EURO D EUR 13/03/2009 109.56 12.12%

BBVA DURBANA RENTA VARIABLE GLOBAL USD A USD 29/05/2009 124.05 11.72%

BBVA DURBANA RENTA VARIABLE GLOBAL USD A EUR 12/12/2011 110.70 9.93%

BBVA DURBANA RENTA VARIABLE GLOBAL EUR A EUR 29/05/2009 130.16 7.84%

BBVA DURBANA MULTIESTRATEGIA 80/20 EUR A EUR 05/03/2010 109.66 15.06%

BBVA DURBANA MULTIESTRATEGIA 80/20 USD A USD 05/03/2010 109.21 18.42%

BBVA DURBANA RENTA PLUS EUR D EUR 05/20/2011 108.47 18.39%

BBVA DURBANA RENTA PLUS USD D USD 05/20/2011 105.95 17.96%

BBVA DURBANA DINAMICO A EUR 05/20/2011 115.53 12.03%

BBVA DURBANA DINAMICO A USD 05/20/2011 106.40 13.72%**Last valuation: 07.13.12


13

3 - INFORMATION TO SHAREHOLDERS IN SWITZERLAND (continued)

Sub-Funds

Performances *

2013

BBVA DURBANA LATAM FIXED INCOME A USD 03/11/2003 72.81 -12.57%

BBVA DURBANA LATAM FIXED INCOME I USD 31/07/2007 103.55 -12.13%

BBVA DURBANA LATAM FIXED INCOME X USD 16/07/2012 92.81 -10.99%RENTA FIJA CORTO PLAZA EUR * A EUR 29/05/2009 - -BBVA USD CORPORATE BOND FUND(previously BBVA DURBANA RENTA FIJA CORTO PLAZA USD ) A USD 29/05/2009 101.46 -1.09%

RENTA USD* D USD 13/03/2009 - -BBVA EUR CORPORATE BOND FUND(previously RENTA EURO) P EUR 13/03/2009 112.29 2.49%BBVA DURBANA RENTA VARIABLE GLOBAL USD* A USD 29/05/2009 - -

BBVA DURBANA RENTA VARIABLE GLOBAL USD* A EUR 12/12/2011 - -BBVA GLOBAL EQUITY FUND(previously BBVA DURBANA RENTA VARIABLE GLOBAL EUR) A EUR 29/05/2009 153.69 18.08%BBVA MULTI-ASSET MODERATE EUR FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 EUR) A EUR 05/03/2010 113.39 3.40%BBVA MULTI-ASSET MODERATE USD FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 USD) A USD 05/03/2010 116.57 6.74%

BBVA DURBANA RENTA PLUS EUR* D EUR 05/20/2011 - -BBVA GLOBAL BOND FUND(previously BBVA DURBANA RENTA PLUS USD ) A USD 05/20/2011 103.54 -2.27%BBVA MULTI-ASSET FLEXIBLE FUND(previously BBVA DURBANA DINAMICO) A EUR 05/20/2011 121.96 5.57%BBVA MULTI-ASSET FLEXIBLE FUND(previously BBVA DURBANA DINAMICO) A USD 05/20/2011 110.45 3.81%

* These Sub-Funds have been on March 4, 2013:

BBVA DURBANA RENTA FIJA CORTO PLAZO EUR absorbed by RENTA EURO;BBVA DURBANA RENTA PLUS EUR and RENTA USD absorbed by BBVA GLOBAL BOND FUND (previously BBVA DURBANARENTA PLUS USD); andBBVA DURBANA RENTA VARIABLE GLOBAL USD absorbed by BBVA GLOBAL EQUITY FUND (previously BBVA DURBANARENTA VARIABLE GLOBAL EUR).

The class D of the Sub-Fund BBVA EUR CORPORATE BOND FUND became class P and the class D of the Sub-FundBBVA GLOBAL BOND became class A.

* Performances are historical and are not necessarily an indication of future results, they do not include redemption orsubscription�s commissions and fees.


14

4 - RISK MANAGEMENT PROCESS ( naudited)

The Company will use a risk-management process whichenables it to monitor and measure at any time the risk ofeach Sub-Fund�s portfolio positions and their contributionto the overall risk profile of each Sub-Fund. The Companywill employ a process for accurate and independentassessment of the value of any OTC derivativeinstruments.

While assessing the risks involved in the management ofthe assets of each Sub-Fund, the Company will, in additionto the global exposure, monitor risks such as market risks,liquidity risks, counterparty risks and operational risks.

The Company will calculate the global exposure of eachSub-Fund by using either the commitment conversionmethodology ("CCM") or the Value-at-Risk methodology("VaR or VaR approach") depending on the Company�sassessment of the risk profile of the various Sub-Fundsresulting their investment policy.

For Sub-Funds using the CCM the positions on financialderivative instruments will be converted into equivalentpositions on the underlying assets (as an alternativemethod the notional amount may be used). Any Sub-Fund�s global exposure, limited to 100% of the Sub-Fund�s total net assets will then equal the sum of theabsolute value of each commitment, after consideration ofpossible effects of netting and hedging in accordance withapplicable laws and regulations.

Other Sub-Funds which so indicate in the relevantAppendix will measure their global exposure using theVaR approach (either absolute VaR or relative VaR, asfurther defined below). The VaR approach permits thequantification of the maximum potential loss which mightbe generated by a Sub-Fund�s portfolio in normal marketconditions. The loss is thereby estimated on the basis of agiven holding period and a certain confidencelevel.GEDI:2410285v13The absolute VaR calculates a Sub-Fund�s global exposureas a percentage of the Net Asset Value of the Sub- Fundand is measured against an absolute limit of 20% asdefined by the CSSF. In the absence of a perceptiblereference portfolio or benchmark the absolute VaRapproach is generally an appropriate approach. Therelative VaR of a Sub-Fund is expressed as a multiple ofthe VaR of a benchmark or reference portfolio and islimited to no more than twice the VaR on the comparablebenchmark or reference portfolio. Information on thereference portfolio of the relevant Sub-Fund may beobtained free of charge from the registered office of theCompany.

VaR reports for these Sub-Funds will be produced andmonitored on a daily basis based on the followingcriteria:- 1 month holding period;- 99% confidence levels;

- stress testing and back testing will also be applied on anad hoc basis.

The Sub-Funds using the VaR approach are also requiredto disclose the expected level of leverage. The leverage isthereby calculated by means of the CCM in accordancewith CSSF Circular 11/512.The methodology used by each Sub-fund and the expectedlevel of leverage (if applicable) will be indicated in theAppendix of the relevant Sub-Fund. Upon request of aninvestor, the Company will provide supplementaryinformation relating to the quantitative limits that apply inthe risk management of each Sub-Fund, to the methodschosen to this end and to the recent evolution of the risksand yields of the main categories of instruments.All Sub-Funds follow the Commitment Approach exceptthe following Sub-Funds which use an absolute VaRapproach to monitor their global risk level:

BBVA&PARTNERS EUROPEAN ABSOLUTERETURN

The expected level of leverage is between 80%-120% ofthe Net Asset Value. Higher levels of leverage arehowever possible. The highest leverage level should beapproximately 250% of the Net Asset Value.

BBVA AUGUSTUS NEUTRAL PLUS (previouslyBBVA & PARTNERS DYNAMIC)

The expected level of leverage is between 100%-150% ofthe Net Asset Value. Higher levels of leverage arehowever possible. The highest leverage level should beapproximately 250% of the Net Asset Value.

2013 Average

VAR

Max.

VAR

Min.

VAR

BBVA & Partners European

Absolute Return2.24% 7.65% 0.06%

BBVA Augustus Neutral Plus

(previously BBVA & Partners

Dynamic)

2.52.% 4.84% 0.89%

Leverage Exposure - 2013 Average Max. Min

BBVA & Partners European

Absolute Return46.59% 96.85% 0%*

BBVA Augustus Neutral Plus

(previously BBVA & Partners

Dynamic)

69.76% 130.71% 30.31%

*Please note when the fund manager changed in the monthof June, all derivatives positions were bought to zerobefore the new manager took control.


15

REPORT ON THE ACTIVITIES*

BBVA DURBANA INTERNATIONAL FUND - BBVADURBANA LATAM FIXED INCOME

During the 4Q13 in LATAM region, the most importantnews came from Mexico, in which the approvals ofthe structural reforms took place during the lastquarter of 2013, with the Energy and Fiscal Reformsbeing the highlight. Following the approval of thesereforms S&P decided to upgrade the sovereign creditrating in early December from BBB to BBB+, aligningthe rating to the one of its peers and citing �the passageof a landmark energy reform, supported by somechanges in the fiscal framework� which in their view�bolsters Mexico´s growth prospect�. However, and incontrast, 2013 GDP forecast for Mexico was reviseddownward to around 1.1% ( nal figure to be releasenext February).

On the other hand Brazil continued to post weakeconomic data that put pressure on local yields amidhigher inflation that threat to finish close to 6.00% andwell above the Central Bank (CB) objective of 4.5%.This caused the COPOM to increase the SELIC rate100bps in the 4Q13 in order to reach 10.00% by theyear end. However the last minutes by the COPOMsignal that the restrictive monetary policy phase may beclose to an end. On the fiscal side most recent datapost the biggest threat for a sovereign credit ratingdowngrade with the current account deficit reaching3.6% of GDP and Primary Surplus shrinking to 1.5% ofGDP.

In Chile the Central Bank decided to decrease theovernight rate in order to reach 4.50%, in line withmarket expectation amid a so announced call by theCentral Bank citing downward activity risks. On theother hand in Colombia the Central Bank decided tokeep the reference rate at 3.25% while in Peru theCentral Bank reduced the overnight rate by 25bps inNovember in order to reach 4.00%. In terms ofinflation, in Peru the data close at 2.9% near thehigher range band but within the Central Bank targetrange of 2% +/-1. In Colombia CPI was close 2.00% andthe GDP growth reached 5.1% in the 3Q while inChile inflation figures were close to 3.0% in 2013 andGDP data released in November reaching a 4.70%growth in YoY terms.

We were active during the last quarter especially inMexico and Brazil. In Brazil we decided to keep anOW country allocation strategy in with a close to neutralposition in duration favoring the short end of the curveas local yields reach maximum levels and carry levelsrelative to the rest of the countries in the region stillvery attractive. In México by the way we decided todecrease the country allocation exposure as most of the

Structural Reforms were already priced in and the FEDtapering started to make noise in local curve. We keptour UW exposure to Colombia, Chile and Peru .

BBVA BANCOMER GESTION S.A. de C.V.

BBVA DURBANA INTERNATIONAL FUND - BBVA&PARTNERS EUROPEAN ABSOLUTE RETURN

Despite the Eurozone exiting recessionary territory inthe second quarter, economic growth is still weak(+0.1% quarterly growth in the third quarter) and for thefull year expectations point towards a fall of 0.4%(from -0.6% in 2012); and it will take some time stillfor the recovery to consolidate and produceemployment. However, in the course of the year wesaw signs of improvement in periphery economieswhich should start to strengthen in 2014. Regardingprices, fears of deflation in the Eurozone have eased,although the headline figure and underlying inflationin November was 0.9%, well below half-year levels(1.6% and 1.2% respectively) and the close of 2012(2.2% and 1.5% respectively).

The publication of positive macro data over recentmonths, news of tapering from the Fed, a Fiscalsettlement in the US and an advance in the BankingUnion in the Eurozone contributed towards equitymarkets in developed markets closing near to year-highswith a historic maximum in the US and highs of thepast 4-5 years in both Europe and Japan. The price ofbasic materials recovered in the second half some of themarked fall in the first half and the US dollar fell againstthe currencies in developed markets, with noteworthystrength in the euro which rose by 6.0% against thedollar in the second half and 4.5% in the full-fear tolevels of 1.38.

Performance by geographic areas in the final quarterwas much the same as what we saw during thecourse of the year with developed markets(+15.9% in 2H) outperforming emerging markets(+6.6% in 2H). European markets outperformed USmarkets in the second half of the year (+19.5% against15.1% in the US), however the S&P500 outperformed inthe full-year with a rise of 29.6% as compared to17.9% rise in the Eurostoxx50. In the final quarter of theyear, the Eurotop100 index rose by 5.7% while theEurostoxx50 rose by 7.5%. Within Europe, we saw asignificant recovery in the peripheral markets � Spainand Italy, the Ibex35 rose by 27.7% in the second halfwith a full-year rise of 21.4%.


16

REPORT ON THE ACTIVITIES* (continued)

BBVA DURBANA INTERNATIONAL FUND - BBVA&PARTNERS EUROPEAN ABSOLUTE RETURN(continued)

The upward move in equity indices over the past twomonths was accompanied by a fall in levels of volatility(the VIX index closed in 13.7%). In the second part of theyear we saw rotation into more cyclical sectors such asTechnology, Industrials, Consumer Services and BasicMaterials while more defensive plays such as Utilities,Healthcare and Energy saw less investor appetite. Wehighlight the rise in Telecoms and Financials in Europe(with news of M&A and better financial results thanexpected, respectively). The year ended in positiveterritory in all European sectors with positive moves ofover 20% in Telecoms, Technology, Consumer Servicesand Healthcare and the main laggards were BasicMaterials, Oil & Gas and Utilities.

The NAV of the fund at the end of December was125.62 while the monthly close in September was126.91. Over the past three months, the EuropeanAbsolute Return fund maintained a pro- cyclical bias inCyclical over Defensive names, buying into corporateevents such as M&A, restructuring and other corporatenews. In sectors, we continue to be positioned long inTelecoms vs. Food & Beverages together with along position in KPN Telecom Italia Vodafone(restructuring plays) vs. basket of European equityindices. In Financials, the fund opened long in ZurichFinancial vs. Insurance sector and in Pharma, longNovartis vs. sector and long Grifols vs. sector. InTechnology, the fund was long Alcatel vs. Ericsson(the position was closed after doubling the expectedprofit level) and long Infineon vs. sector. We alsoopened a long position in Europe against USA indices.

We maintain our positive view on European Equitymarkets in 2014, driven by profit- growth which shouldtake the place of multiple expansion in the context of arecovery in economic growth in the main Europeaneconomies. We will also see strong investor appetite forEuropean equity funds which should remain as one of themost attractive asset classes in 2014.

BBVA ASSET MANAGEMENT S.G.I.I.C., S.A

BBVA DURBANA INTERNATIONAL FUND - BBVAAUGUSTUS NEUTRAL PLUS

Despite the Eurozone exiting recessionary territory inthe second quarter, economic growth is still weak(+0.1% quarterly growth in the third quarter) and for

the full year expectations point towards a fall of 0.4%(from -0.6% in 2012); and it will take some time stillfor the recovery to consolidate and produceemployment. However, in the course of the year we sawsigns of improvement in periphery economies whichshould start to strengthen in 2014. Regarding prices, fearsof deflation in the Eurozone have eased, although theheadline figure and underlying inflation in Novemberwas 0.9%, well below half-year levels (1.6% and 1.2%respectively) and the close of 2012 (2.2% and 1.5%respectively).

The publication of positive macro data over recentmonths, news of tapering from the Fed, a Fiscalsettlement in the US and an advance in the BankingUnion in the Eurozone contributed towards equitymarkets in developed markets closing near to year-highswith a historic maximum in the US and highs of the past4-5 years in both Europe and Japan. The price of basicmaterials recovered in the second half some of themarked fall in the first half and the US dollar fell againstthe currencies in developed markets, with noteworthystrength in the euro which rose by 6.0% against the dollarin the second half and 4.5% in the full-fear to levels of1.38.

Performance by geographic areas in the final quarter wasmuch the same as what we saw during the course ofthe year with developed markets (+15.9% in 2H)outperforming emerging markets (+6.6% in 2H).European markets outperformed US markets in thesecond half of the year (+19.5% against 15.1% in theUS), however the S&P500 outperformed in the full-yearwith a rise of 29.6% as compared to 17.9% rise in theEurostoxx50. In the final quarter of the year, theEurotop100 index rose by 5.7% while the Eurostoxx50rose by 7.5%. Within Europe, we saw a significantrecovery in the peripheral markets � Spain and Italy, theIbex35 rose by 27.7% in the second half with a full-yearrise of 21.4%. The upward move in equity indices overthe past two months was accompanied by a fall in levelsof volatility (the VIX index closed in 13.7%). In thesecond part of the year we saw rotation into more cyclicalsectors such as Technology, Industrials, ConsumerServices and Basic Materials while more defensive playssuch as Utilities, Healthcare and Energy saw less investorappetite. We highlight the rise in Telecoms andFinancials in Europe (with news of M&A and betterfinancial results than expected, respectively). The yearended in positive territory in all European sectors withpositive moves of over 20% in Telecoms, Technology,Consumer Services and Healthcare and the main laggardswere Basic Materials, Oil & Gas and Utilities.


17


BBVA DURBANA INTERNATIONAL FUND - BBVAAUGUSTUS NEUTRAL PLUS (continued)

The NAV of the fund at the end of December was 109.17while the monthly close in September was 109.29.


BBVA ASSET MANAGEMENT S.G.I.I.C., S.A.

BBVA DURBANA INTERNATIONAL FUND - BBVAUSD CORPORATE BOND FUND (previously RENTAFIJA CORTO PLAZO USD)

US monetary policy has been the main market driver forfixed income markets during the 3rd quarter.Expectations about the Fed's actions have shiftedconsiderably, starting with a clearly dovish tone at thebeginning of the quarter to tapering expectations as themacro data improved and ending with the Fed surprisingthe markets by continuing current purchases programmesat September's FOMC meeting.

As a result volatility on US Treasuries increaseconsiderably with tapering expectations provoking a sell-off in rates, with the 10yr US Treasury reaching 3%.Finally, due the "disappointment" of the Fed's inaction atSeptember's FOMC meeting, the market corrected someof the sell-off closing the 10yr Treasury at 2,61%, a mere12bps higher than at the beginning of the quarter.

On the other hand, European Central Bank (� ECB�)remained on a dovish tone throughout the quarter,making clear its intention to maintain rates at low levelsfor an extended period while keeping all its toolsavailable, including a potential new LTRO. Given thissafety net from the ECB and signs of improvement oneconomic conditions on peripheral countries, spreads ofthese countries improved considerably during the quarter.

Activity in the fund was affected by a reduction in assetsunder management during the quarter, reducing theexposure to some long-dated corporate names such asUPS, BP and Verizon while increase the exposure toEuropean corporates in USD (Telefónica). The fundremains split between financials and corporates,investing predominantly in the short to medium part ofthe curve of European corporates and in UK lower-tier

2 and US senior financials.


BBVA DURBANA INTERNATIONAL FUND - LAENCINA

2013 has seen moderate economic growth, showing amore sustainable balance between developed andemerging areas. US growth has reached . %, despitemoments of uncertainty regarding fiscal policy andbudget tensions. Europe remains relatively weak in termsof economic growth. Developing economies havegenerally remained weak, particularly those economieswith external imbalances, which are more dependent onexport demand and external investment flows.

Low inflation rates have generally allowed for pro-growthmonetary policy. This has been particularly the case inJapan, with economic policy targeting 2% inflation rate asmonetary base expanded aggressively. ECB has cut rates,and the Federal Reserve delayed until December expectedreduction in monetary stimulus.

During the year, we have also seen how financial tensionshave abated, particularly with regards to Europeansovereign bond markets, monetary and fiscal policyuncertainties in the US, and Chinese economic slowdown.

All these factors have contributed to strong equitymarkets, which started the year from attractive valuationlevels. Performance has been very dependent on monetaryconditions, Japanese equities leading as economicstimulus measures were put in place and JPY weakened.US equity markets reached historic highs supported byreasonable economic growth and as decision to removestimulus measures were delayed. Europe recovered,particularly during the last part of the year supported alsoby monetary policy (rate cut) as well as reduction insovereign bond spreads.

Core sovereign bond markets seem to have turned duringthe year, as yields seem set to rise as economic growthconsolidates and risk factors abate. Credit spreads havereached low levels as investors search for yield.


18


BBVA DURBANA INTERNATIONAL FUND -LA ENCINA (continued)

During 2014 we still see value in equity markets,particularly in Europe where valuation levels and earningsmay prove supportive relative to US markets. Coresovereign bonds and investment grade credit may face aprogressive rise in yield levels as economies consolidate,although in a context of contained inflation levels andaccommodative monetary policy.

In terms of currencies, we expect JPY to remain weak vs.other developed currencies given Japanese economicpolicy, and the USD to strengthen gradually vs. the euro,given differential growth levels and expected progressivemonetary policy tightening to continue in US.

Returns for the year amount to 10.15%. Portfolio remainsrelatively constant with approximately 40% invested inequities. In terms of regional exposure, the portfolio isincreasingly biased towards European equities vs. USA.With regards to fixed income, our policy is to keep shortduration, currently being under two years.

BBVA PATRIMONIOS GESTORAS S.G.I.I.C, S.A.

BBVA DURBANA INTERNATIONAL FUND - BBVAAUGUSTUS EQUITY

Despite the Eurozone exiting recessionary territory inthe second quarter, economic growth is still weak(+0.1% quarterly growth in the third quarter) and for thefull year expectations point towards a fall of 0.4%(from -0.6% in 2012); and it will take some time stillfor the recovery to consolidate and produceemployment. However, in the course of the year wesaw signs of improvement in periphery economieswhich should start to strengthen in 2014. Regardingprices, fears of deflation in the Eurozone have eased,although the headline figure and underlying inflationin November was 0.9%, well below half-year levels(1.6% and 1.2% respectively) and the close of 2012(2.2% and 1.5% respectively).

The publication of positive macro data over recentmonths, news of tapering from the Fed, a Fiscalsettlement in the US and an advance in the BankingUnion in the Eurozone contributed towards equitymarkets in developed markets closing near to year-highswith a historic maximum in the US and highs of thepast 4-5 years in both Europe and Japan. The price ofbasic materials recovered in the second half some of themarked fall in the first half and the US dollar fell againstthe currencies in developed markets, with noteworthy

strength in the euro which rose by 6.0% against thedollar in the second half and 4.5% in the full-fear tolevels of 1.38.

Performance by geographic areas in the final quarterwas much the same as what we saw during thecourse of the year with developed markets(+15.9% in 2H) outperforming emerging markets(+6.6% in 2H). European markets outperformed USmarkets in the second half of the year (+19.5% against15.1% in the US), however the S&P500 outperformed inthe full-year with a rise of 29.6% as compared to17.9% rise in the Eurostoxx50. In the final quarter of theyear, the Europtop100 index rose by 5.7% while theEurostoxx50 rose by 7.5%. Within Europe, we saw asignificant recovery in the peripheral markets � Spainand Italy, the Ibex35 rose by 27.7% in the second halfwith a full-year rise of 21.4%. The upward move inequity indices over the past two months wasaccompanied by a fall in levels of volatility (the VIXindex closed in 13.7%). In the second part of the year wesaw rotation into more cyclical sectors such asTechnology, Industrials, Consumer Services and BasicMaterials while more defensive plays such as Utilities,Healthcare and Energy saw less investor appetite. Wehighlight the rise in Telecoms and Financials in Europe(with news of M&A and better financial results thanexpected, respectively). The year ended in positiveterritory in all European sectors with positive moves ofover 20% in Telecoms, Technology, Consumer Servicesand Healthcare and the main laggards were BasicMaterials, Oil & Gas and Utilities.

The NAV of the fund at the end of December was113,65 while the monthly close in September was109,43.

Over the past three months, the BBVA Augustus Equityfund maintained a pro-cyclical bias in Cyclical overDefensive names, buying into corporate events such asM&A, restructuring and other corporate news. In sectors,we continue to be positioned long in Telecoms vs. Food& Beverages together with a long position in KPNTelecom Italia Vodafone (restructuring plays) vs.basket of European equity indices. In Financials, thefund opened long in Zurich Financial vs. Insurancesector and in Pharma, long Novartis vs. sector and longGrifols vs. sector. We also opened a long position inEurope against USA indices.


19


BBVA DURBANA INTERNATIONAL FUND - BBVAAUGUSTUS EQUITY (continued)


BBVA ASSET MANAGEMENT S.G.I.I.C., S.A

BBVA DURBANA INTERNATIONAL FUND - BBVAEUR CORPORATE BOND FUND

US monetary policy has been the main market driver forfixed income markets during the 3rd quarter.Expectations about the Fed's actions have shiftedconsiderably, starting with a clearly dovish tone at thebeginning of the quarter to tapering expectations as themacro data improved and ending with the Fed surprisingthe markets by continuing current purchases programmesat September's FOMC meeting.

As a result volatility on US Treasuries increaseconsiderably with tapering expectations provoking a sell-off in rates, with the 10yr UST reaching 3%. Finally, duethe "disappointment" of the Fed's inaction at September'sFOMC meeting, the market corrected some of the sell-offclosing the 10yr Treasury at 2,61%, a mere 12bps higherthan at the beginning of the quarter.

On the other hand, ECB remained on a dovish tonethroughout the quarter, making clear its intention tomaintain rates at low levels for an extended period whilekeeping all its tools available, including a potential newLTRO. Given this safety net from the ECB and signs ofimprovement on economic conditions on peripheralcountries, spreads of these countries improvedconsiderably during the quarter.

Activity in the fund was affected by a reduction in assetsunder management during the quarter, reducing theexposure to some financial names (RBS, MS andSantander), while increasing the exposure to lower-tier 2paper of core names such as HSBC and Rabobank. Thefund remains with an overweight exposure to financials,both seniors and lower-tier 2s, corporate hybrids andSpanish corporates.


BBVA DURBANA INTERNATIONAL FUND - BBVAGLOBAL EQUITY FUND (previously BBVADURBANA RENTA VARIABLE GLOBAL EUR)

The global economy is entering a new phase in whichdeveloped markets are growing at a faster pace whileemerging markets are facing a worse than expectedgrowth projections. The US economy recovery appearssolid despite the government shutdown and spendingcuts automatic adjustments. In fact, positive economicdata supports this statement: the 4.1% 3rd quarter annualgrowth rate, the 2% increase in private consumption andthe data improvement in consumer confidence,employment and family wealth. Moreover, the latestrealised indicators in the 4th quarter support an averageGDP growth for 2013 close to 2%. The Euro zone is adifferent case, despite the end of the crisis in the 2ndquarter, growth is proving to be sluggish (+0.1% in the3rd Quarter) and there might be a slightly contraction of a0.4% (-0,6% in 2012). There is a long way until therecovery of the economy and the employment data.Nevertheless, 2013 is been the year when peripheralcountries started the recovery, and they might converge in2014 with core Europe. In the other hand, China starts tostabilize, given the difficulties it suffered at the beginningof the year, annual GDP growth in the 3rd quarter closedat 7.8% and authorities continue to reform.

Inflation continues to be the main topic, nevertheless, thedeflation fears draw away in the eurozone, with core andheadline inflation stalking at 0.9% in November. In theUS core inflation is at 1.2% and headline inflation is at1.7% in November.

In this environment, stock markets experienced an upwardtrend, MSCI World +8.04%. The momentum in the equitymarket was lead by developed markets; S&P 500(+9.92%) outperforming the Eurostoxx 50 (+7.46%). Aweaker yen is benefiting Japanese equities, Nikkei 225+12.70%. MSCI Emerging markets is behind developedmarkets, +1.54% in the last three months. Regarding fixedincome markets, credit spreads tightened in the fourthquarter and 10 year yields widened both in Germany andin the US.

During the quarter we have maintained an exposure to theequity market ranging between the 80% and 107%. Ourpositions were mainly on US and Eurozone Equities. Wefavoured US sectors such as materials, technology andenergy but also utilities and telecom sectors. In Octoberwe entered in periphery equity markets where we sawvalue given improvements in economic data.


20


BBVA DURBANA INTERNATIONAL FUND - BBVAGLOBAL EQUITY FUND (previously BBVADURBANA RENTA VARIABLE GLOBAL EUR)(continued)

In equities, the US technology sector investment has beenthe biggest contributor to the fund performance. On theother hand, our exposure to equities intelecommunications, energy and utilities has reduced thegains in the fund. Geographically, core and peripheryEurope equity markets haven´t contributed to the returnsof the fund and the material sector has remained flat.


BBVA DURBANA INTERNATIONAL FUND - BBVAMULTI-ASSET MODERATE USD FUND (previouslyBBVA DURBANA MULTIESTRATEGIA 80/20 USD)

The global economy is entering a new phase in whichdeveloped markets are growing at a faster pace whileemerging markets are facing a worse than expectedgrowth projections. The US economy recoveryappears solid despite the government shutdown andspending cuts automatic adjustments. In fact, positiveeconomic data supports this statement: the 4.1% 3rdquarter annual growth rate, the 2% increase in privateconsumption and the data improvement in consumerconfidence, employment and family wealth. Moreover,the latest realised indicators in the 4th quarter support anaverage GDP growth for 2013 close to 2%. The Eurozone is a different case, despite the end of the crisis inthe 2nd quarter, growth is proving to be sluggish (+0.1%in the 3rd Quarter) and there might be a slightlycontraction of a 0.4% (-0.6% in 2012). There is a longway until the recovery of the economy and theemployment data. Nevertheless, 2013 is been the yearwhen peripheral countries started the recovery, and theymight converge in 2014 with core Europe. In the otherhand, China starts to stabilize, given the difficulties itsuffered at the beginning of the year, annual GDP growthin the 3rd quarter closed at 7.8% and authorities continueto reform.


In this environment, stock markets experienced an upwardtrend, MSCI World +8.04%. The momentum in theequity market was lead by developed markets; S&P 500(+9.92%) outperforming the Eurostoxx 50 (+7.46%). Aweaker yen is benefiting Japanese equities, Nikkei 225

+12.70%. MSCI Emerging markets i s behinddeveloped markets, +1.54% in the last three months.Regarding fixed income markets, credit spreads tightenedin the fourth quarter and 10 year yields widened bothin Germany and in the US.

During the quarter we have maintained a cautious stanceto the equity market, with an exposure ranging betweenthe 30% and 50% of the total assets. We favoured USsectors such as materials, technology and energy but alsoutilities and telecoms. At the beginning of October weentered in periphery equity markets where we saw morevalue given improvements in economic data. In fixedincome, we have a flattening of the US yield curve andwe are long credit spreads.

In equities, the US technology sector investment hasbeen the biggest contributor to the fund performancealong with the positions in corporate credit. On theother hand, our exposures to telecommunications,energy and utilities equities have reduced the gains inthe fund. Geographically, core and periphery Europeequity markets haven´t contributed to the returns of thefund and the material sector has remained flat.


BBVA DURBANA INTERNATIONAL FUND - BBVAMULTI-ASSET MODERATE EUR FUND (previouslyBBVA DURBANA MULTIESTRATEGIA 80/20 EUR)

The global economy is entering a new phase in whichdeveloped markets are growing at a faster pace whileemerging markets are facing a worse than expectedgrowth projections. The US economy recoveryappears solid despite the government shutdown andspending cuts automatic adjustments. In fact, positiveeconomic data supports this statement: the 4.1% 3rdquarter annual growth rate, the 2% increase in privateconsumption and the data improvement in consumerconfidence, employment and family wealth. Moreover,the latest realised indicators in the 4th quarter support anaverage GDP growth for 2013 close to 2%. The Eurozone is a different case, despite the end of the crisis inthe 2nd quarter, growth is proving to be sluggish (+0.1%in the 3rd Quarter) and there might be a slightlycontraction of a 0.4% (-0.6% in 2012). There is a longway until the recovery of the economy and theemployment data. Nevertheless, 2013 is been the yearwhen peripheral countries started the recovery, and theymight converge in 2014 with core Europe. In the otherhand, China starts to stabilize, given the difficulties itsuffered at the beginning of the year, annual GDP growth


21


BBVA DURBANA INTERNATIONAL FUND - BBVAMULTI-ASSET MODERATE EUR FUND (previouslyBBVA DURBANA MULTIESTRATEGIA 80/20 EUR)(continued)

in the 3rd quarter closed at 7.8% and authorities continueto reform.


In this environment, stock markets experienced an upwardtrend, MSCI World +8.04%. The momentum in theequity market was lead by developed markets; S&P 500(+9.92%) outperforming the Eurostoxx 50 (+7.46%). Aweaker yen is benefiting Japanese equities, Nikkei 225+12.70%. MSCI Emerging markets i s behinddeveloped markets, +1.54% in the last three months.Regarding fixed income markets, credit spreads tightenedin the fourth quarter and 10 year yields widened bothin Germany and in the US.

During the quarter we have maintained a cautious stanceto the equity market, with an exposure ranging betweenthe 30% and 50% of the total assets. We favoured USsectors such as materials, technology and energy but alsoutilities and telecoms. At the beginning of October weentered in periphery equity markets where we saw morevalue given improvements in economic data. In fixedincome, we have a flattening of the US yield curve andwe are long credit spreads.

In equities, the US technology sector investment hasbeen the biggest contributor to the fund performancealong with the positions in corporate credit. On theother hand, our exposures to telecommunications,energy and utilities equities have reduced the gains inthe fund. Geographically, core and periphery Europeequity markets haven´t contributed to the returns of thefund and the material sector has remained flat.


BBVA DURBANA INTERNATIONAL FUND -GLOBAL INVESTMENTS

2013 has seen moderate economic growth, showing amore sustainable balance between developed andemerging areas. US growth has reached . %, despitemoments of uncertainty regarding fiscal policy andbudget tensions. Europe remains relatively weak in terms

of economic growth. Developing economies havegenerally remained weak, particularly those economieswith external imbalances, which are more dependent onexport demand and external investment flows.

Low inflation rates have generally allowed for pro-growth monetary policy. This has been particularly thecase in Japan, with economic policy targeting 2%inflation rate as monetary base expanded aggressively.ECB has cut rates, and the Federal Reserve delayed untilDecember expected reduction in monetary stimulus.During the year, we have also seen how financialtensions have abated, particularly with regards toEuropean sovereign bond markets, monetary and fiscalpolicy uncertainties in the US, and Chinese economicslowdown.

All these factors have contributed to strong equitymarkets, which started the year from attractive valuationlevels. Performance has been very dependent onmonetary conditions, Japanese equities leading aseconomic stimulus measures were put in place and JPYweakened. US equity markets reached historic highssupported by reasonable economic growth and asdecision to remove stimulus measures were delayed.Europe recovered, particularly during the last part of theyear supported also by monetary policy (rate cut) as wellas reduction in sovereign bond spreads.


During 2014 we still see value in equity markets,particularly in Europe where valuation levels andearnings may prove supportive relative to USmarkets. Core sovereign bonds and investment gradecredit may face a progressive rise in yield levels aseconomies consolidate, although in a context ofcontained inflation levels and accommodative monetarypolicy.

In terms of currencies, we expect JPY to remain weakvs. other developed currencies given Japanese economicpolicy, and the USD to strengthen gradually vs. theeuro, given differential growth levels and expectedprogressive monetary policy tightening to continue in US.


22


BBVA DURBANA INTERNATIONAL FUND -GLOBAL INVESTMENTS (continued)

Returns in 2013 amount to 0.03%. Since August, asdirect fixed income exposure has been reduced, equityexposure has increased progressively, particularly throughequity and (marginally) convertible bond funds. In termsof currency exposure, portfolio holds aprox. 10% in USDand 10% in GBP.


BBVA DURBANA INTERNATIONAL FUND - TABADE INVERSIONES

2013 has seen moderate economic growth, showing amore sustainable balance between developed andemerging areas. US growth has reached %, despitemoments of uncertainty regarding fiscal policy andbudget tensions. Europe remains relatively weak in termsof economic growth (-0.4%). Developing economies havegenerally remained weak, particularly those economieswith external imbalances, which are more dependent onexport demand and external investment flows.

Low inflation rates have generally allowed for pro-growth monetary policy. This has been particularly thecase in Japan, with economic policy targeting 2%inflation rate as monetary base expanded aggressively.ECB has cut rates, and the Federal Reserve delayed untilDecember expected reduction in monetary stimulus.

During the year, we have also seen how financialtensions have abated, particularly with regards toEuropean sovereign bond markets, monetary and fiscalpolicy uncertainties in the US, and Chinese economicslowdown.

All these factors have contributed to strong equitymarkets, which started the year from attractive valuationlevels. Performance has been very dependent onmonetary conditions, Japanese equities leading aseconomic stimulus measures were put in place andJPY weakened. US equity markets reached historichighs supported by reasonable economic growth and asdecision to remove stimulus measures were delayed.Europe recovered, particularly during the last part of theyear supported also by monetary policy (rate cut) as wellas reduction in sovereign bond spreads.

Core sovereign bond markets seem to have turned duringthe year, as yields seem set to rise as economic growth

consolidates and risk factors abate. Credit spreads havereached low levels as investors search for yield.During 2014 we still see value in equity markets,particularly in Europe where valuation levels andearnings may prove supportive relative to USmarkets. Core sovereign bonds and investment gradecredit may face a progressive rise in yield levels aseconomies consolidate, although in a context ofcontained inflation levels and accommodative monetarypolicy.


Returns during 2013 amount to 7.41%. Portfoliostructure remains diversified in terms of assets andregional exposure, investing both in securities and adiversified fund basket. Equity investments are expectedto remain around 1/3 total assets.


BBVA DURBANA INTERNATIONAL FUND -DRIZA





23


BBVA DURBANA INTERNATIONAL FUND -DRIZA (continued)


Core sovereign bond markets seem to have turned duringthe year, as yields seem set to rise as economic growthconsolidates and risk factors abate. Credit spreads havereached low levels as investors search for yield.During 2014 we still see value in equity markets,particularly in Europe where valuation levels andearnings may prove supportive relative to USmarkets. Core sovereign bonds and investment gradecredit may face a progressive rise in yield levels aseconomies consolidate, although in a context ofcontained inflation levels and accommodative monetarypolicy.


This sub-fund was launched in may, and portfolio hasbeen invested progressively, in a diversified portfolio ofaprox 20 equities (in Europe direct investments, andfunds for USA exposure), and 60% fixed income and cash.Return for the period has been 3.50%.


BBVA DURBANA INTERNATIONAL FUND - ESTAY

2013 has seen moderate economic growth, showing a moresustainable balance between developed and emerging areas.US growth has reached %, despite moments ofuncertainty regarding fiscal policy and budget tensions.Europe remains relatively weak in terms of economicgrowth (-0.4%). Developing economies have generallyremained weak, particularly those economies withexternal imbalances, which are more dependent on export

demand and external investment flows. Low inflation rateshave generally allowed for pro-growth monetary policy.This has been particularly the case in Japan, with economicpolicy targeting 2% inflation rate as monetary baseexpanded aggressively. ECB has cut rates, and the FederalReserve delayed until December expected reduction inmonetary stimulus.


All these factors have contributed to strong equity markets,which started the year from attractive valuation levels.Performance has been very dependent on monetaryconditions, Japanese equities leading as economicstimulus measures were put in place and JPY weakened.US equity markets reached historic highs supported byreasonable economic growth and as decision to removestimulus measures were delayed. Europe recovered,particularly during the last part of the year supported alsoby monetary policy (rate cut) as well as reduction insovereign bond spreads.




Returns in 2013 amount to 3.31%. The sub fund waslaunched in april, with 2 mm eur initial assets. Itprimarily invests in equities through a diversified mix ofdirect investments and funds.



24


BBVA DURBANA INTERNATIONAL FUND -AMURA







In terms of currencies, we expect JPY to remain weakvs. other developed currencies given Japanese economicpolicy, and the USD to strengthen gradually vs. theeuro, given differential growth levels and expected

progressive monetary policy tightening to continue in US.

Portfolio remains balanced in terms of asset allocationand regional exposure. Equity investments amount toaprox. 40% assets, implemented through a diversifiedbasket of stocks, funds and ETFs. Direct fixed incomeinvestments are mainly concentrated in Spain, whichamount to aprox. 1/3 assets.


BBVA DURBANA INTERNATIONAL FUND -BITACORA







25


BBVA DURBANA INTERNATIONAL FUND �BITACORA (continued)



Assets remain invested primarily in equities through adiversified portfolio of funds (90% aprox). Recentlyinvestment in emerging markets has been reduced.Returns for the year amount to 17.05%.


BBVA DURBANA INTERNATIONAL FUND -RUMBO


Low inflation rates have generally allowed for pro-growth monetary policy. This has been particularly thecase in Japan, with economic policy targeting 2%inflation rate as monetary base expanded aggressively.BCE has cut rates, and the Federal Reserve delayed untilDecember expected reduction in monetary stimulus.


All these factors have contributed to strong equitymarkets, which started the year from attractive valuation

levels. Performance has been very dependent onmonetary conditions, Japanese equities leading aseconomic stimulus measures were put in place and JPYweakened. US equity markets reached historic highssupported by reasonable economic growth and asdecision to remove stimulus measures were delayed.Europe recovered, particularly during the last part of theyear supported also by monetary policy (rate cut) as wellas reduction in sovereign bond spreads.




Returns in 2013 amount to 2.19%. The sub fund waslaunched in September, with 2 mm eur initial assets. Itaims for a balanced profile with aprox. 30% invested inequities. It will invest both in direct securities and funds.


BBVA DURBANA INTERNATIONAL FUND -SEXTANTE



26


BBVA DURBANA INTERNATIONAL FUND �SEXTANTE (continued)







Returns for the year amount to +4.87%. Portfolio remainsbalanced in terms of asset allocation, with little change inthe last quarter. Exposure in terms of equities and FX ismanaged actively with listed derivatives, having recentlyincreased equity exposure through investments in listedderivatives (Ibex, Dax, SP500). High yield exposure hasbeen marginally reduced.


BBVA DURBANA INTERNATIONAL FUND -SPINNAKER

2013 has seen moderate economic growth, showing amore sustainable balance between developed andemerging areas. US growth has reached %, despitemoments of uncertainty regarding fiscal policy and budgettensions. Europe remains relatively weak in terms ofeconomic growth (-0.4%). Developing economies havegenerally remained weak, particularly those economieswith external imbalances, which are more dependent onexport demand and external investment flows.






27


BBVA DURBANA INTERNATIONAL FUND �SPINNAKER (continued)



Returns in 2013 amount to -0.02%. During recent monthsthis portfolio increased exposure to equities, currentlyamounting to 30% assets (from less than 10% at the startof the year). Duration of its fixed income portfolio hasgenerally been less than one year, and concentrated in�core� government bonds. 1/3 of assets are invested inUSD securities, dragging somewhat performance duringthe period.


BBVA DURBANA INTERNATIONAL FUND - BBVAGLOBAL BOND FUND (previously BBVADURBANA RENTA PLUS USD)

At the beginning of the third quarter we continueincreasing exposure duration to governments, mainly byreducing coverage made earlier in futures, takingadvantage of the rise in profitability levels we showed.During the months of July and August we bought U.S.10-year bond at 2.50 % levels and 2.80 %.Furthermore, given the different performance of thedifferent areas, USA and UK where increases inprofitability were much stronger than in the core ofEurope, we sold long positions and we bought U.S.benchmark 10 years and 10 years in UK against theGerman 10 year. With regards curves we change theposition we had opened, flattening 5-30 in Germany, by

an equivalent 10-30 , trying to anticipate a10 yearsdown-performance compared to 5 in an environment ofrising rates. During the month of September, with us10 yrs yielding levels of 2.80% we bought a call spreadto protect the fund against a possible return in the market.In the peripheral zone and after the rise in yields onSpanish curve spent the semester with a small longposition in the 5 yrs, and we increased it in early July.After the succession of news affecting stability in thepolitical arena of the country and assuming that this couldaffect the risk premium as we saw on the near past, wedecided to neutralize part of this long position by sellingthe bonds. In September also we closed half theEurodollar strategy (September 14 to September 15) afterit had reached the first target level. On the credit side wehave remained stable over the period, there has been onlyswitching activity for changing issuers. In FX, we havecontinued to increase the long position in dollars versusEuros.

At the beginning of October and after the most recentdata we decided to shorten the duration of the fundselling USA futures and at the end of the year weshorted a bit more.. In Europe we did some switchingactivity moving from ASW products, very tight, tobenchmark products and changing the core countries fromNetherlands to Austria trying to avoid some bad news onthe real state contagion over the economy.

Also prior to the last meeting of the Fed in December, weput to work the Spread USA / Eur 10 years (buying USA /selling Europe) to the possibility that the tapering couldbe anticipated.

On the periphery we switch out the Spanish 5 yrs intothe Spanish 15 yr. after the strong 5yr. rally, leaving the15 yr. more interesting to invest into.

Also during this last quarter we opened a position in highyield. Initially 5% of the fund in Usa HY, subsequentlyreduced to 2.5 % and we also bought 7.5 % in EuropeanHY and at the same time we have reduced ourexposure of high grade credit we held. Finally at theend of the year we increased our exposure to the dollaragainst the euro buying it.



28


BBVA DURBANA INTERNATIONAL FUND - BBVAMULTI-ASSET FLEXIBLE (previously BBVADURBANA DINAMICO)

The global economy is entering a new phase in whichdeveloped markets are growing at a faster pace whileemerging markets are facing a worse than expectedgrowth projections. The US economy recoveryappears solid despite the government shutdown andspending cuts automatic adjustments. In fact, positiveeconomic data supports this statement: the 4.1% 3rdquarter annual growth rate, the 2% increase in privateconsumption and the data improvement in consumerconfidence, employment and family wealth. Moreover,the latest realised indicators in the 4th quarter support anaverage GDP growth for 2013 close to 2%. The Eurozone is a different case, despite the end of the crisis inthe 2nd quarter, growth is proving to be sluggish (+0.1%in the 3rd Quarter) and there might be a slightlycontraction of a 0.4% (-0.6% in 2012). There is a longway until the recovery of the economy and theemployment data. Nevertheless, 2013 is been the yearwhen peripheral countries started the recovery, and theymight converge in 2014 with core Europe. In the otherhand, China starts to stabilize, given the difficulties itsuffered at the beginning of the year, annual GDP growthin the 3rd quarter closed at 7.8% and authorities continueto reform.


In this environment, stock markets experienced an upwardtrend, MSCI World +8.04%. The momentum in theequity market was lead by developed markets; S&P 500(+9.92%) outperforming the Eurostoxx 50 (+7.46%). Aweaker yen is benefiting Japanese equities, Nikkei 225+12.70%. MSCI Emerging markets i s behinddeveloped markets, +1.54% in the last three months.Regarding fixed income markets, credit spreads tightenedin the fourth quarter and 10 year yields widened bothin Germany and in the US.

During the quarter we have maintained a cautious stanceto the equity market, with an exposure ranging betweenthe 30% and 50% of the total assets. In order tocompensate the cautious positioning, we preferredcyclical sectors and, regionally, Europe. At thebeginning of October we entered in periphery equitymarkets where we saw value given improvements in

economic data. In fixed income, we have a flattening ofthe US yield curve and we are long credit spreads.

In equities, the US technology sector investment hasbeen the biggest contributor to the fund performancealong with the positions in corporate credit. On the otherhand, our exposure to equities in telecommunications,energy and utilities has reduced the gains in the fund.Periphery equity markets haven´t contributed to thereturns of the fund and the material sector has remainedflat.

During the quarter we have maintained a cautious stanceto the equity market, with an exposure ranging betweenthe 4% and 28% of the total assets. We favoured USsectors such as materials, technology and energy but alsoutilities and telecoms At the beginning of October weentered in periphery equity markets where we saw morevalue given improvements in economic data. In fixedincome, we have a flattening of the US yield curve andwe are long credit spreads.

In equities, the US technology sector investment hasbeen the biggest contributor to the fund performancealong with the positions in corporate credit. On the otherhand, our exposures to telecommunications, energy andutilities equities were the main detractors of the fund.Geographically, core and periphery Europe equitymarkets haven´t contributed to the returns of the fundand the material sector has remained flat.


BBVA DURBANA INTERNATIONAL FUND -ESLORA

2013 has seen moderate economic growth, showing amore sustainable balance between developed andemerging areas. US growth has reached %, despitemoments of uncertainty regarding fiscal policy and budgettensions. Europe remains relatively weak in terms ofeconomic growth (-0.4%). Developing economies havegenerally remained weak, particularly those economieswith external imbalances, which are more dependent onexport demand and external investment flows.



29


BBVA DURBANA INTERNATIONAL FUND -ESLORA (continued)






This Sub-Fund has recently been launched(16 december 2013), initial assets have amounted to 7 mmusd.

Portfolio will be being progressively constructed,investments expected in a balanced portfolio of individualsecurities, a diversified basket of funds, biased towardsequity investments.


BBVA DURBANA INTERNATIONAL FUND -COMPAS

2013 has seen moderate economic growth, showing amore sustainable balance between developed andemerging areas. US growth has reached 1.6%, despitemoments of uncertainty regarding fiscal policy andbudget tensions. Europe remains relatively weak in termsof economic growth (-0.4%). Developing economies havegenerally remained weak, particularly those economieswith external imbalances, which are more dependent onexport demand and external investment flows.

Low inflation rates have generally allowed for pro-growthmonetary policy. This has been particularly the case inJapan, with economic policy targeting 2% inflation rate asmonetary base expanded aggressively. BCE has cut rates,and the Federal Reserve delayed until December expectedreduction in monetary stimulus.






30


BBVA DURBANA INTERNATIONAL FUND -COMPAS (continued)


This Sub-Fund has recently been launched (16 December2013), initial assets have amounted to 7 mm usd.



BBVA DURBANA INTERNATIONAL FUND -ESTRIBOR

2013 has seen moderate economic growth, showing amore sustainable balance between developed andemerging areas. US growth has reached 1,6%, despitemoments of uncertainty regarding fiscal policy andbudget tensions. Europe remains relatively weak in termsof economic growth (-0.4%). Developing economies havegenerally remained weak, particularly those economieswith external imbalances, which are more dependent onexport demand and external investment flows.

Low inflation rates have generally allowed for pro-growth monetary policy. This has been particularly thecase in Japan, with economic policy targeting 2%inflation rate as monetary base expanded aggressively.BCE has cut rates, and the Federal Reserve delayed untilDecember expected reduction in monetary stimulus.


All these factors have contributed to strong equitymarkets, which started the year from attractive valuationlevels. Performance has been very dependent on monetaryconditions, Japanese equities leading as economicstimulus measures were put in place and JPY weakened.US equity markets reached historic highs supported byreasonable economic growth and as decision to removestimulus measures were delayed. Europe recovered,

particularly during the last part of the year supported alsoby monetary policy (rate cut) as well as reduction insovereign bond spreads.




This Sub-Fund has recently been launched (16 December2013), initial assets have amounted to 7 mm usd.



BBVA DURBANA INTERNATIONAL FUND -BARLVENTO




31


BBVA DURBANA INTERNATIONAL FUND -BARLVENTO (continued)






This Sub-Fund has recently been launched (16December 2013), initial assets have amounted to 7 mmusd.

Portfolio will be being progressively constructed,investments expected in a balanced portfolio ofindividual securities, a diversified basket of funds,biased towards equity investments.


BBVA DURBANA INTERNATIONAL FUND - BBVADURBANA RENTA VARIABLE GLOBAL USDBBVA DURBANA INTERNATIONAL FUND -RENTA FIJA CORTO PLAZO EURBBVA DURBANA INTERNATIONAL FUND - BBVADURBANA RENTA PLUS EURBBVA DURBANA INTERNATIONAL FUND -RENTA USD

These Sub-Funds have been absorbed on March 4, 2013by other Sub-Funds of BBVA DURBANAINTERNATIONAL FUND.

Since the close of the fiscal year, any significantdevelopment has been included in the documentspresented to the Shareholders.

In reference to the foreseeable developments of the Fund,we shall continue, as in the past, to ensure that the Fund'sbusiness grows in a satisfactory manner while being awareof the opportunities which may arise.

* Indications and comparisons are historical and are not necessarily an indication of future results

33


COMBINED STATEMENT OF NET ASSETSDecember 31, 2013

ASSETS

Portfolio: (see notes)300,505,508.60- Cost

7,420,331.32- Net unrealised result307,925,839.92

Cash:47,143,438.56- Cash at sight (see notes)

50,000.02- Margin accounts (see notes)

Other assets:1,833,771.22- Interest receivable

16,889.03- Dividend receivable70,773.62- Formation/reorganisation expenses, net (see notes)

1,103,191.32- Unrealised gain on futures (see notes)162.51- Unrealised gain on forward foreign exchange contracts

on currencies(see notes)

358,144,066.20

LIABILITIES

Bank overdraft:4,980,804.49- Cash at sight (see notes)

Other liabilities:1,572,390.06- Taxes and expenses payable

929,184.61- Unrealised loss on futures (see notes)7,583.46- Unrealised loss on forward foreign exchange contracts

on currencies(see notes)

83,720.19- Other7,573,682.81

NET ASSETS 350,570,383.39

(in EUR)

The notes are an integral part of these financial statements

34


COMBINED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2013

NET ASSETS AT THE BEGINNING OF THE YEAR 451,360,047.92

INCOME

Income from investments:- Dividends, net (see notes)1,654,163.47- Bond interest, net (see notes)5,316,381.86Bank interest, net 31,074.54Other income 45,207.50

7,046,827.37

EXPENSES

Bank interest, net 54,575.09

Fees:- Global fee (see notes)4,394,341.24- Performance fee (see notes)621,738.24- Custodian and Administration fees (see notes)896,727.81

Other expenses:- Annual tax (see notes)159,656.85- Amortisation of formation/reorganisation expenses (see notes)20,211.81- Audit and legal fees 302,249.83- Printing and publishing fees 18,806.56- Transaction fees 282,399.67- Administrative and other expenses 315,490.96

7,066,198.06

NET OPERATING RESULT (19,370.69)

Net realised result on:- Sales of investments and futures (see notes)28,359,230.21- Foreign exchange (457,850.47)- Swaps 526,961.83

NET REALISED RESULT 28,408,970.88

Change in net unrealised appreciation/(depreciation) on:- Investments (8,684,150.68)- Forward foreign exchange contracts on currencies (7,420.95)- Futures 175,305.90- Swaps (398,918.80)

NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS

19,493,786.35

MOVEMENTS IN CAPITAL

Subscriptions of shares 232,442,784.99Redemptions of shares (343,676,059.53)

(111,233,274.54)

DIVIDEND PAID (see notes) (691,692.30)

EXCHANGE DIFFERENCE (8,358,484.04)

NET ASSETS AT THE END OF THE YEAR 350,570,383.39

(in EUR)


35

BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA LATAM FIXED INCOME

STATEMENT OF NET ASSETSDecember 31, 2013

ASSETS

Portfolio: (see notes)- Cost 7,588,939.82- Net unrealised result (404,401.31)

7,184,538.51

Cash:- Cash at sight (see notes)922,225.84

Other assets:- Interest receivable 21,926.01

8,128,690.36

LIABILITIES

Other liabilities:- Taxes and expenses payable 37,698.82- Other 5,664.83

43,363.65

NET ASSETS 8,085,326.71

(in USD)


Net asset value per shareShares outstanding

CLASS A


CLASS X


CLASS I

72.8176,363.379

92.8115,794.008

103.5510,232.000

36


STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2013


INCOME

Income from investments:- Bond interest, net (see notes)567,010.92

567,010.92

EXPENSES

Bank interest, net 508.46

Fees:- Global fee (see notes)154,588.66- Custodian and Administration fees (see notes)27,386.93

Other expenses:- Annual tax (see notes)4,672.64- Audit and legal fees 13,700.51- Printing and publishing fees 645.04- Transaction fees 154,467.36- Administrative and other expenses 9,646.78

365,616.38

NET OPERATING RESULT 201,394.54

Net realised result on:- Sales of investments and futures (see notes)(1,223,448.07)- Foreign exchange (14,898.41)

NET REALISED RESULT (1,036,951.94)

Change in net unrealised appreciation/(depreciation) on:- Investments (514,306.98)


(1,551,258.92)



(1,503,826.01)


(in USD)


39


CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND

IN NET ASSET VALUE PER SHARE

Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

* first valuation** last valuation

15,946.458 100.411,601,119.77Class X07.16.12* USD

22,222.460 77.251,716,742.45Class A12.31.11 USD13,530.000 112.281,519,187.51Class I USD

8,919.000 117.841,051,024.97Class I01.15.13* USD

118,599.974 83.289,877,018.51Class A12.31.12 USD12,116.008 104.271,263,393.13Class X USD

13,530.000 117.861,594,628.5107.13.12 Class I** USD

76,363.379 72.815,559,967.32Class A12.31.13 USD15,794.008 92.811,465,842.32Class X USD10,232.000 103.551,059,517.07Class I USD

40


STATEMENT OF INVESTMENTSAND OTHER NET ASSETS

December 31, 2013(in USD)


FaceValue

Description Cost Valueper

security

Marketvalue

(see notes)

% ofnet

assets

2,000 BRAZIL - NOTAS DO TESOURO NACIONAL SERIE F BRL 1,042.884 884,080.98 10.93930,677.3210% 01.01.15-07.01.10

BRAZIL

BONDS

TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET

1,000 BRAZIL - NOTAS DO TESOURO NACIONAL SERIE F BRL 893.299 378,636.87 4.68424,511.6410% 01.01.23-03.09.12

2,000 BRAZIL - NOTAS DO TESOURO NACIONAL SERIE F BRL 972.207 824,166.18 10.19847,377.9410% 01.01.18-01.01.12

5,000 BRAZIL - NOTAS DO TESOURO NOCIONAL SERIE F BRL 994.723 2,108,134.00 26.082,153,080.4710% 01.01.17-01.05.07

51.884,195,018.034,355,647.37TOTAL BRAZIL

500 BANCO CENTRALE DE CHILE INDEXE SUR LINFLATION

CLP 2,498,784.832 23,777.39 0.2925,323.86

3% 03.01.22-03.14.12

CHILE

0.2923,777.3925,323.86TOTAL CHILE

700,000,000 COLOMBIA COP 123.746 448,344.47 5.55460,950.1510% 07.24.24-03.19.09

COLOMBIA

5.55448,344.47460,950.15TOTAL COLOMBIA

50,000 UNITED MEXICAN STATES MXN 107.911 411,963.33 5.10420,056.478% 12.17.15-12.29.05

MEXICO

23,000 UNITED MEXICAN STATES MXN 101.203 177,723.17 2.20201,227.376.5% 06.09.22-02.15.12

47,000 UNITED MEXICAN STATES - SERIE M MXN 102.701 368,549.11 4.56402,246.926.5% 06.10.21-02.03.11

35,000 UNITED MEXICAN STATES - SERIE M20 MXN 128.031 342,141.71 4.23367,229.8310% 12.05.24-12.30.04

60,000 UNITED MEXICAN STATES BONOS MXN 102.318 468,733.64 5.79517,234.117.75% 11.13.42-04.20.12

19,000 UNITED MEXICAN STATES BONOS DE DESARROLLO MXN 113.729 164,986.21 2.04186,961.618.5% 05.31.29-01.15.09

19,100 UNITED MEXICAN STATES BONOS DE DESARROLLO MXN 106.730 155,647.70 1.93180,060.017.5% 06.03.27-01.18.07

Ccy

41



FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

50,000 UNITED MEXICAN STATES BONOS DE DESARROLLO MXN 112.021 427,653.75 5.29472,002.128% 06.11.20-02.25.10

31.142,517,398.622,747,018.44TOTAL MEXICO

TOTAL BONDS 88.867,184,538.517,588,939.82

TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET

88.867,184,538.517,588,939.82

TOTAL INVESTMENTS 88.867,184,538.517,588,939.82

Cash/(bank overdraft) 11.41922,225.84Other assets and liabilities (0.27)(21,437.64)

TOTAL NET ASSETS 100.008,085,326.71

Ccy

42


GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS

December 31, 2013(in %)

Brazil 51.88Mexico 31.14Colombia 5.55Chile 0.29

TOTAL INVESTMENTS

Other assets/(liabilities) and liquid assets 11.14NET ASSETS 100.00

88.86

% ofnet

assets

COUNTRIES

43


ECONOMIC CLASSIFICATIONOF THE INVESTMENTS


Government bonds 88.57Banks and other credit institutions 0.29

ECONOMIC SECTORS % ofnet

assets

TOTAL INVESTMENTS


88.86

44

BBVA DURBANA INTERNATIONAL FUND BBVA&PARTNERS EUROPEAN ABSOLUTERETURN


ASSETS

Portfolio: (see notes)- Cost 6,454,496.69- Net unrealised result 16,994.83

6,471,491.52


Other assets:- Unrealised gain on futures (see notes)50,303.31

7,042,533.45

LIABILITIES

Bank overdraft:- Cash at sight (see notes)5,863.59

Other liabilities:- Taxes and expenses payable 35,755.87- Unrealised loss on futures (see notes)34,315.11

75,934.57

NET ASSETS 6,966,598.88

(in EUR)



CLASS A125.62

55,456.499

45




INCOME

Income from investments:- Bond interest, net (see notes)(3,470.25)

(3,470.25)

EXPENSES


Fees:- Global fee (see notes)237,295.91- Performance fee (see notes)11,219.00- Custodian and Administration fees (see notes)39,007.43


393,392.38


Net realised result on:- Sales of investments and futures (see notes)229,570.73- Foreign exchange 22,795.75- Swaps 209,090.62

NET REALISED RESULT 64,594.47

Change in net unrealised appreciation/(depreciation) on:- Investments (136,491.36)- Futures 18,896.14- Swaps (86,638.76)


(139,639.51)



(18,601,239.13)


(in EUR)


47


STATISTICAL INFORMATION

Year ended December 31, 2013



Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

385,863.449 125.1348,284,656.04Class A12.31.11 EUR

203,767.993 126.1625,707,477.52Class A12.31.12 EUR

55,456.499 125.626,966,598.88Class A12.31.13 EUR

Class A

Shares outstanding at the beginning of the year 203,767.993

Subscriptions of shares 68,720.319

Redemptions of shares (217,031.813)

Shares outstanding at the end of the year 55,456.499

NET ASSET VALUE PER SHARE EUR

Highest 127.2808.20.13

Lowest 123.4404.30.13

At the end of the year 125.62

SHARES

48



December 31, 2013(in EUR)


Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

1,800,000 FRANCE TREASURY BILLS EUR 99.981 1,799,658.00 25.831,799,044.990% 03.06.14-03.14.13

FRANCE

BONDS


25.831,799,658.001,799,044.99TOTAL FRANCE

2,150,000 ITALY BUONI ORDINARY DEL TESORO EUR 99.750 2,144,625.00 30.782,143,874.410% 05.30.14-11.29.13

ITALY

30.782,144,625.002,143,874.41TOTAL ITALY

2,200,000 SPAIN LETRAS DEL TESORO 12MO EUR 99.736 2,194,197.50 31.502,194,268.650% 05.16.14-05.17.13

SPAIN

31.502,194,197.502,194,268.65TOTAL SPAIN

TOTAL BONDS 88.116,138,480.506,137,188.05

112,700 TELECOM ITALIA SPA EUR 0.721 81,256.70 1.1778,113.07

ITALY

EQUITIES

1.1781,256.7078,113.07TOTAL ITALY

13,500 GENEL ENERGY PLC GBP 10.750 174,435.32 2.50159,080.71

JERSEY

2.50174,435.32159,080.71TOTAL JERSEY

33,000 KONINKLIJKE KPN NV EUR 2.343 77,319.00 1.1180,114.86

NETHERLANDS

1.1177,319.0080,114.86TOTAL NETHERLANDS

TOTAL EQUITIES 4.78333,011.02317,308.64


92.896,471,491.526,454,496.69




Ccy

49




Italy 31.95Spain 31.50France 25.83Jersey 2.50Netherlands 1.11

TOTAL INVESTMENTS


92.89

% ofnet

assets

COUNTRIES

50




Government bonds 88.11Oil 2.50Data transmission 2.28


assets

TOTAL INVESTMENTS


92.89

51

BBVA DURBANA INTERNATIONAL FUND BBVA AUGUSTUS NEUTRAL PLUS


ASSETS


3,418,004.15


Other assets:- Unrealised gain on futures (see notes) 504.90- Unrealised gain on forward foreign exchange contracts on currencies

(see notes) 6.39

4,153,380.72

LIABILITIES

Bank overdraft:- Cash at sight (see notes) 326.33


78,576.61

NET ASSETS 4,074,804.11

(in EUR)



CLASS A109.17

37,325.225

52




INCOME

Income from investments:- Dividends, net (see notes)169,984.84- Bond interest, net (see notes) (205.81)

169,779.03

EXPENSES




357,863.68


Net realised result on:- Sales of investments and futures (see notes)859,545.06- Foreign exchange (29,807.60)- Swaps 137,970.91


Change in net unrealised appreciation/(depreciation) on:- Investments (171,752.00)- Forward foreign exchange contracts on currencies 6.39- Futures (73,305.17)- Swaps (135,522.00)


399,050.94


Subscriptions of shares 35,893.59Redemptions of shares (14,298,752.12)

(14,262,858.53)


(in EUR)


54






Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

90,932.318 105.099,555,718.56Class A12.31.11 EUR

168,852.353 106.2417,938,611.70Class A12.31.12 EUR

37,325.225 109.174,074,804.11Class A12.31.13 EUR

Class A


Subscriptions of shares 330.434




Highest 110.7805.23.13

Lowest 106.1701.02.13


SHARES

55





Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

600,000 ITALY BUONI ORDINARY DEL TESORO SERIES 12MESI

EUR 99.910 599,460.00 14.71598,331.36

0% 03.14.14-03.14.13

ITALY

BONDS


14.71599,460.00598,331.36TOTAL ITALY

1,300,000 SPAIN LETRAS DEL TESORO EUR 99.885 1,298,505.00 31.871,294,394.540% 03.14.14-03.15.13

SPAIN

31.871,298,505.001,294,394.54TOTAL SPAIN

TOTAL BONDS 46.581,897,965.001,892,725.90

1,911 GDF SUEZ EUR 17.095 32,668.55 0.8034,938.73

FRANCE

EQUITIES

215 LOUIS VUITTON MOET HENESSY SA EUR 132.600 28,509.00 0.7028,823.28716 SANOFI EUR 77.120 55,217.92 1.3652,566.16644 SOCIETE GENERALE SA -A- EUR 42.220 27,189.68 0.6724,706.84

1,441 TOTAL SA EUR 44.530 64,167.73 1.5760,973.745.10207,752.88202,008.75TOTAL FRANCE

294 ALLIANZ SE - REG SHS EUR 130.350 38,322.90 0.9434,308.44

GERMANY

601 BAYER AG - REG SHS EUR 101.950 61,271.95 1.5051,210.16482 BMW BAYERISCHE MOTOREN WERKE AG

MUENCHENEUR 85.220 41,076.04 1.0131,327.87

497 SAP AG EUR 62.310 30,968.07 0.7627,531.31604 SIEMENS AG - REG SHS EUR 99.290 59,971.16 1.4754,091.26

5.68231,610.12198,469.04TOTAL GERMANY

3,065 ENI SPA EUR 17.490 53,606.85 1.3253,976.87

ITALY

8,015 ENTE NAZIONALE PER L'ENERGIA ELETTRICA SPA EUR 3.174 25,439.61 0.6222,644.241.9479,046.4676,621.11TOTAL ITALY

6,075 GLENCORE XSTRATA PLC GBP 3.127 22,833.18 0.5624,058.24

JERSEY

0.5622,833.1824,058.24TOTAL JERSEY

367 ASML HOLDING NV EUR 68.040 24,970.68 0.6125,682.69

NETHERLANDS


Ccy

56



Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

4,684 BANCO BILBAO VIZCAYA ARGENTARIA SA - REGSHS

EUR 8.948 41,912.43 1.0337,989.84

SPAIN

78,760 BODACLICK SA EUR 0.650 51,194.00 1.26176,447.043,935 TELEFONICA SA EUR 11.835 46,570.73 1.1443,150.68

3.43139,677.16257,587.56TOTAL SPAIN

1,889 ABB LTD - REG SHS CHF 23.480 36,192.90 0.8933,168.38

SWITZERLAND

1,668 CREDIT SUISSE GROUP - REG SHS CHF 27.270 37,117.14 0.9138,741.781,180 NESTLE SA - REG SHS (CHF) CHF 65.300 62,876.53 1.5464,324.16

980 NOVARTIS AG - REG SHS CHF 71.200 56,937.63 1.4055,773.85131 SYNGENTA AG - REG SHS CHF 355.200 37,969.74 0.9339,550.93

5.67231,093.94231,559.10TOTAL SWITZERLAND

10,693 BARCLAYS PLC GBP 2.720 34,952.70 0.8635,598.38

UNITED KINGDOM

3,634 BG GROUP PLC GBP 12.975 56,674.08 1.3951,741.78989 BRITISH AMERICAN TOBACCO PLC GBP 32.380 38,491.54 0.9439,507.24

4,984 BT GROUP PLC GBP 3.794 22,728.34 0.5620,559.532,257 DIAGEO PLC GBP 20.000 54,256.75 1.3353,959.292,261 GLAXOSMITHKLINE PLC GBP 16.115 43,794.86 1.0743,484.798,163 HSBC HOLDINGS PLC GBP 6.624 64,992.36 1.6068,565.353,415 PRUDENTIAL PLC GBP 13.400 55,003.17 1.3548,094.69

717 RECKITT BENCKISER GROUP PLC GBP 47.930 41,306.54 1.0139,077.243,924 REED ELSEVIER PLC GBP 8.990 42,401.47 1.0439,199.301,329 RIO TINTO PLC GBP 34.095 54,463.80 1.3449,816.667,297 TESCO PLC GBP 3.344 29,324.99 0.7232,805.69

15,679 VODAFONE GROUP PLC GBP 2.370 44,664.13 1.1039,790.3914.31583,054.73562,200.33TOTAL UNITED KINGDOM

TOTAL EQUITIES 37.301,520,039.151,578,186.82


83.883,418,004.153,470,912.72




Ccy

57




Spain 35.30Italy 16.65United Kingdom 14.31Germany 5.68Switzerland 5.67France 5.10Netherlands 0.61Jersey 0.56

TOTAL INVESTMENTS


83.88

% ofnet

assets

COUNTRIES

58




Government bonds 46.58Banks and other credit institutions 5.07Oil 4.28Pharmaceutical and cosmetics industry 3.83Data transmission 2.80Chemicals 2.43Electrotechnical and electronic industry 2.36Insurance 2.29Tobacco and alcohol 2.27Foodstuffs and non-alcoholic drinks 1.54Energy and public utilities 1.42Non-ferrous metals 1.34Miscellaneous services 1.26Graphic industry and publishing houses 1.04Road vehicles 1.01Miscellaneous consumer goods 1.01Internet and software services 0.76Retail trade 0.72Textiles and clothing industry 0.70Electronics and semiconductors 0.61Miscellaneous trading companies 0.56


assets

TOTAL INVESTMENTS


83.88

59

BBVA DURBANA INTERNATIONAL FUND RENTA FIJA CORTO PLAZO EUR

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from January 1, 2013 to March 4, 2013

NET ASSETS AT THE BEGINNING OF THE PERIOD 35,033,594.41

INCOME


160,043.97

EXPENSES



Other expenses:- Annual tax (see notes)3,438.58- Amortisation of formation/reorganisation expenses (see notes) 208.55- Audit and legal fees 2,216.21- Printing and publishing fees 193.29- Transaction fees 39.20- Administrative and other expenses 26,344.32

80,548.80


Net realised result on:- Sales of investments and futures (see notes)159,942.15




20,872.67



(35,054,467.08)

NET ASSETS AT THE END OF THE PERIOD 0.00

(in EUR)


60

BBVA DURBANA INTERNATIONAL FUND RENTA FIJA CORTO PLAZO EUR


Period from January 1, 2013 to March 4, 2013




Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

** last valuation

558,431.000 102.5757,277,603.78Class A12.31.11 EUR

334,029.000 104.8835,033,594.41Class A12.31.12 EUR

335,809.000 104.9435,240,306.5503.04.13 Class A** EUR

Class A

Shares outstanding at the beginning of the period 334,029.000



Shares outstanding at the end of the period 0.000


Highest 105.0002.25.13

Lowest 104.8901.02.13

At the end of the period 104.9403.04.13

**

SHARES

61

BBVA DURBANA INTERNATIONAL FUND BBVA USD CORPORATE BOND FUND(previously RENTA FIJA CORTO PLAZO USD)


ASSETS


29,088,256.00

Cash:- Cash at sight (see notes)1,602,856.46

Other assets:- Interest receivable 328,077.97- Formation/reorganisation expenses, net (see notes)1,066.94

31,020,257.37

LIABILITIES

Other liabilities:- Taxes and expenses payable 103,686.36

103,686.36

NET ASSETS 30,916,571.01

(in USD)



CLASS D101.46

304,729.000

62




INCOME

Income from investments:- Bond interest, net (see notes)1,180,053.65

1,180,053.65

EXPENSES


Other expenses:- Annual tax (see notes)20,205.70- Amortisation of formation/reorganisation expenses (see notes)2,048.00- Audit and legal fees 37,502.83- Printing and publishing fees 2,237.76- Administrative and other expenses 29,244.49

505,488.55






(111,817.94)



(20,340,482.60)

DIVIDEND PAID (439,900.11)


(in USD)


64







Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

834,993.000 98.9982,656,667.35Class12.31.11 USD

505,069.000 102.5851,808,771.66Class12.31.12 USD

304,729.000 101.4630,916,571.01Class D12.31.13 USD

Class D





NET ASSET VALUE PER SHARE USD

Highest 104.3305.03.13

Lowest 99.6607.09.13


SHARES

65





FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

1,500,000 SCHLUMBERGER INVESTMENT SA - REG-S USD 99.315 1,489,725.00 4.821,597,997.663.3% 09.14.21-09.14.11

CURACAO

BONDS


4.821,489,725.001,597,997.66TOTAL CURACAO

1,000,000 CREDIT AGRICOLE SA - REG SHS USD 99.685 996,850.00 3.22996,506.772.625% 10.03.18-10.03.13

FRANCE

1,000,000 GDF SUEZ - REG-S USD 99.380 993,800.00 3.211,002,005.541.625% 10.10.17-10.10.12

250,000 SOCIETE GENERALE SA USD 100.899 252,247.50 0.82249,619.342.625% 10.01.18-10.01.13

7.252,242,897.502,248,131.65TOTAL FRANCE

1,350,000 ENEL FINANCE INTERNATIONAL NV REG-SHS USD 111.595 1,506,532.50 4.871,503,125.546.25% 09.15.17-09.20.07

ITALY

4.871,506,532.501,503,125.54TOTAL ITALY

1,000,000 GLENCORE FUNDING LLC FRN - REG-SHS USD 99.659 996,590.00 3.221,000,035.261.39585% 05.27.16-05.30.13

JERSEY

3.22996,590.001,000,035.26TOTAL JERSEY

1,000,000 BANCO BILBAO VIZCAYA ARGENTARIA SA REG-S USD 109.240 1,092,400.00 3.531,097,024.255.75% 07.20.17-07.20.07

SPAIN

1,150,000 IBERDROLA FINANCE IRELAND LTD REG-S USD 107.165 1,232,397.50 3.991,234,790.165% 09.11.19-09.11.09

1,350,000 TELEFONICA EMISIONES SA USD 112.333 1,516,495.50 4.901,490,588.275.877% 07.15.19-07.06.09

12.423,841,293.003,822,402.68TOTAL SPAIN

2,400,000 BARCLAYS BANK PLC USD 106.687 2,560,488.00 8.292,567,125.935.14% 10.14.20-10.14.10

UNITED KINGDOM

250,000 BP CAPITAL MARKETS PLC USD 100.365 250,912.50 0.81250,036.722.241% 09.26.18-09.26.13

1,700,000 IMPERIAL TOBACCO FINANCE PLC REG-S - INDEXESUR RATING

USD 98.635 1,676,795.00 5.421,702,687.52

2.05% 02.11.18-02.11.131,000,000 LLOYDS TSB BANK PLC USD 107.575 1,075,750.00 3.481,103,234.50

4.2% 03.28.17-03.28.1218.005,563,945.505,623,084.67TOTAL UNITED KINGDOM

Ccy

66



FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

1,500,000 BANK OF AMERICA CORP USD 99.805 1,497,075.00 4.841,499,540.162% 01.11.18-01.11.13

UNITED STATES OF AMERICA

1,750,000 CITIGROUP INC USD 108.530 1,899,275.00 6.151,932,910.244.45% 01.10.17-01.10.12

1,500,000 GOLDMAN SACHS GROUP INC USD 100.275 1,504,125.00 4.871,518,935.012.375% 01.22.18-01.22.13

1,000,000 GOOGLE INC USD 104.650 1,046,500.00 3.381,106,535.013.625% 05.19.21-05.19.11

1,250,000 INTEL CORP USD 99.860 1,248,250.00 4.041,308,540.213.3% 10.01.21-09.19.11

1,250,000 JPMORGAN CHASE & CO USD 95.785 1,197,312.50 3.871,255,896.973.25% 09.23.22-09.24.12

2,750,000 MORGAN STANLEY USD 109.290 3,005,475.00 9.733,025,454.404.75% 03.22.17-03.22.12

1,000,000 NBC UNIVERSAL MEDIA LLC USD 105.791 1,057,910.00 3.421,127,340.214.375% 04.01.21-08.19.11

1,000,000 WELLS FARGO & CO USD 99.135 991,350.00 3.211,001,835.111.5% 01.16.18-12.26.12

43.5113,447,272.5013,776,987.32TOTAL UNITED STATES OF AMERICA

TOTAL BONDS 94.0929,088,256.0029,571,764.78


94.0929,088,256.0029,571,764.78


Cash/(bank overdraft) 5.181,602,856.46Other assets and liabilities 0.73225,458.55

TOTAL NET ASSETS 100.0030,916,571.01

Ccy

67




United States of America 43.51United Kingdom 18.00Spain 12.42France 7.25Italy 4.87Curacao 4.82Jersey 3.22

TOTAL INVESTMENTS


94.09

% ofnet

assets

COUNTRIES

68




Banks and other credit institutions 42.28Holding and finance companies 29.64Data transmission 4.90Electronics and semiconductors 4.04Other 3.42Internet and software services 3.38Mining industry 3.22Energy and public utilities 3.21


assets

TOTAL INVESTMENTS


94.09

69

BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA LA ENCINA


ASSETS

Portfolio: (see notes)- Cost 16,915,561.31- Net unrealised result 2,353,974.84

19,269,536.15


Other assets:- Interest receivable 102,044.71

23,914,583.23

LIABILITIES


52,626.97

NET ASSETS 23,861,956.26

(in EUR)



CLASS A112.93

211,300.000

70




INCOME

Income from investments:- Dividends, net (see notes)216,396.59- Bond interest, net (see notes)239,874.20

456,270.79

EXPENSES



Other expenses:- Annual tax (see notes)11,516.47- Audit and legal fees 18,181.88- Printing and publishing fees 886.59- Transaction fees 378.96- Administrative and other expenses 3,039.42

193,006.04


Net realised result on:- Sales of investments and futures (see notes)434,840.08- Foreign exchange (15,412.82)


Change in net unrealised appreciation/(depreciation) on:- Investments 1,504,725.55


2,187,417.56


Subscriptions of shares 442,218.00442,218.00


(in EUR)


72






Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

202,700.000 98.9120,048,207.85Class A12.31.11 EUR

207,100.000 102.5221,232,320.70Class A12.31.12 EUR

211,300.000 112.9323,861,956.26Class A12.31.13 EUR

Class A



Redemptions of shares (0.000)



Highest 112.9312.31.13

Lowest 102.3301.02.13


SHARES

73





Quantityor

FaceValue


security

Marketvalue

(voir notes)

% ofnet

assets

200,000 CARREFOUR BANQUE SA EMTN EUR 103.365 206,730.00 0.87207,267.252.875% 09.25.15-09.25.12

FRANCE

BONDS


250,000 CARREFOUR SA EMTN EUR 103.560 258,900.00 1.08265,002.255.125% 10.10.14-10.10.07

200,000 SUEZ ENVIRONNEMENT CO EMTN EUR 101.130 202,260.00 0.85216,409.254.875% 04.08.14-04.08.09

2.80667,890.00688,678.75TOTAL FRANCE

200,000 BMW FINANCE NV EMTN EUR 102.490 204,980.00 0.86209,545.504% 09.17.14-09.17.09

GERMANY

250,000 VOLKSWAGEN BANK GMBH EMTN EUR 100.700 251,750.00 1.05257,139.753.125% 04.11.14-04.11.11

1.91456,730.00466,685.25TOTAL GERMANY

500,000 BBVA SENIOR FINANCE SA EMTN EUR 103.860 519,300.00 2.18500,287.253.25% 03.21.16-03.21.13

SPAIN

400,000 FONDO DE AMORTIZACION DEL DEFICITELECTRICO

EUR 104.500 418,000.00 1.75398,697.25

4% 12.17.15-12.11.12600,000 FONDO DE AMORTIZACION DEL DEFICIT

ELECTRICOEUR 102.080 612,480.00 2.57599,863.25

2.875% 09.17.16-05.03.13300,000 INSTITUTO DE CREDITO OFICIAL EMTN EUR 101.490 304,470.00 1.28299,314.25

2.375% 10.31.15-09.05.13200,000 SANTANDER INTERNATIONAL DEBT SA EMTN EUR 106.825 213,650.00 0.90206,827.25

4.625% 03.21.16-09.21.121,000,000 SPAIN EUR 106.285 1,062,850.00 4.451,045,057.50

4.25% 10.31.16-09.06.111,400,000 SPAIN EUR 104.215 1,459,010.00 6.111,422,218.50

3.75% 10.31.15-09.25.12500,000 SPAIN EUR 102.390 511,950.00 2.15509,877.25

3% 04.30.15-03.09.10750,000 SPAIN LETRAS DEL TESORO 12MO EUR 99.980 749,850.00 3.14746,058.47



0% 02.21.14-08.24.12300,000 TELEFONICA EMISIONES SA EUR 100.365 301,095.00 1.26310,977.25

4.674% 02.07.14-02.07.07300,000 TELEFONICA EMISIONES SA EMTN EUR 106.320 318,960.00 1.34319,929.25

4.375% 02.02.16-02.02.06100,000 SANTANDER US DEBT SA UNIPERSONAL REG SHS USD 103.255 74,933.70 0.3175,976.64

3.781% 10.07.15-10.07.1032.887,844,910.607,732,498.96TOTAL SPAIN

Ccy

74



Quantityor

FaceValue


security

Marketvalue

(voir notes)

% ofnet

assets

200,000 TESCO PLC EMTN EUR 112.750 225,500.00 0.95226,051.255.875% 09.12.16-09.12.08

UNITED KINGDOM

400,000 VODAFONE GROUP PLC FRN EMTN EUR 100.120 400,480.00 1.67391,996.470.589% 06.06.14-06.06.07

2.62625,980.00618,047.72TOTAL UNITED KINGDOM

TOTAL BONDS 40.219,595,510.609,505,910.68

3,700 REGIE NATIONALE DES USINES RENAULT SA EUR 58.450 216,265.00 0.91137,411.37

FRANCE

EQUITIES

9,500 SOCIETE GENERALE SA -A- EUR 42.220 401,090.00 1.67282,366.497,800 TOTAL SA EUR 44.530 347,334.00 1.46364,808.41

4.04964,689.00784,586.27TOTAL FRANCE

3,000 BMW BAYERISCHE MOTOREN WERKE AGMUENCHEN

EUR 85.220 255,660.00 1.07219,413.23

GERMANY

4,000 SAP AG EUR 62.310 249,240.00 1.04237,670.795,200 SIEMENS AG - REG SHS EUR 99.290 516,308.00 2.17380,939.09

4.281,021,208.00838,023.11TOTAL GERMANY

5,000 ENI SPA EUR 17.490 87,450.00 0.3796,197.90

ITALY

50,000 ENTE NAZIONALE PER L'ENERGIA ELETTRICA SPA EUR 3.174 158,700.00 0.66150,546.001.03246,150.00246,743.90TOTAL ITALY

15,000 ARCELORMITTAL SA - NEW REG EUR 12.970 194,550.00 0.82191,534.20

LUXEMBOURG

0.82194,550.00191,534.20TOTAL LUXEMBOURG

70,000 MAPFRE SA - REG SHS EUR 3.113 217,910.00 0.91197,140.81

PORTUGAL

0.91217,910.00197,140.81TOTAL PORTUGAL

20,000 IBERDROLA SA EUR 4.635 92,700.00 0.3993,280.12

SPAIN

20,000 TELEFONICA SA EUR 11.835 236,700.00 0.99304,398.4015,050 VIDRALA SA EUR 37.440 563,472.00 2.36290,951.85

3.74892,872.00688,630.37TOTAL SPAIN

1,400 ROCHE HOLDING AG -BJ- CHF 249.200 284,688.17 1.19181,601.60

SWITZERLAND

500 SYNGENTA AG - REG SHS CHF 355.200 144,922.67 0.61160,491.951.80429,610.84342,093.55TOTAL SWITZERLAND

9,000 ROYAL DUTCH SHELL PLC -A- EUR 25.905 233,145.00 0.98197,705.24

UNITED KINGDOM

45,000 HSBC HOLDINGS PLC GBP 6.624 358,282.03 1.50415,918.1335,000 PRUDENTIAL PLC GBP 13.400 563,722.05 2.36317,429.85

4,400 RECKITT BENCKISER GROUP PLC GBP 47.930 253,485.01 1.06155,217.024,000 RIO TINTO PLC GBP 34.095 163,924.12 0.69152,784.57

164,000 VODAFONE GROUP PLC GBP 2.370 467,180.14 1.96326,501.058.552,039,738.351,565,555.86TOTAL UNITED KINGDOM

5,200 CATERPILLAR INC USD 90.810 342,691.33 1.44260,261.85


7,000 COCA COLA CO USD 41.310 209,855.01 0.88138,495.45650 GOOGLE INC -A- USD 1,120.710 528,655.44 2.21243,678.95

6,000 HARLEY DAVIDSON INC USD 69.240 301,491.04 1.26215,928.72

Ccy

75



Quantityor

FaceValue


security

Marketvalue

(voir notes)

% ofnet

assets

1,400 IBM CORP USD 187.570 190,571.31 0.80120,750.2320,000 INTEL CORP USD 25.960 376,791.23 1.58334,122.80

4,000 JOHNSON & JOHNSON INC USD 91.590 265,872.95 1.11199,974.924,000 MC DONALD'S CORP USD 97.030 281,664.51 1.18187,426.173,200 PRAXAIR INC USD 130.030 301,967.11 1.27234,053.025,000 TOLL BROTHERS INC USD 37.000 134,257.28 0.56109,287.886,000 UNITED TECHNOLOGIES CORP USD 113.800 495,518.20 2.08274,625.65


TOTAL EQUITIES 39.549,436,063.607,172,913.71


79.7519,031,574.2016,678,824.39

15,000 SELECT SECTOR SPDR TRUST FINANCIAL USD 21.860 237,961.95 1.00236,736.92


OPEN-ENDED INVESTMENT FUNDS

INVESTMENT FUNDS

1.00237,961.95236,736.92TOTAL UNITED STATES OF AMERICA

TOTAL OPEN-ENDED INVESTMENT FUNDS 1.00237,961.95236,736.92

TOTAL INVESTMENT FUNDS 1.00237,961.95236,736.92



TOTAL NET ASSETS 100.0023,861,956.26

Ccy

76




Spain 36.62United States of America 15.37United Kingdom 11.17France 6.84Germany 6.19Switzerland 1.80Italy 1.03Portugal 0.91Luxembourg 0.82

TOTAL INVESTMENTS


80.75

% ofnet

assets

COUNTRIES

77




Government bonds 21.29Data transmission 7.22Banks and other credit institutions 6.40Mortgage & funding institutions MBA 4.32Holding and finance companies 4.22Insurance 3.27Internet and software services 3.25Road vehicles 3.24Oil 2.81Packaging industries 2.36Pharmaceutical and cosmetics industry 2.30Electrotechnical and electronic industry 2.17Aeronautical and astronomical industry 2.08Retail trade 2.03Chemicals 1.88Electronics and semiconductors 1.58Machinery and apparatus construction 1.44Hotels, restaurants and leisure 1.18Miscellaneous consumer goods 1.06Energy and public utilities 1.05Investment funds 1.00Foodstuffs and non-alcoholic drinks 0.88Environmental services & recycling 0.85Mining industry 0.82Office supplies and computers 0.80Non-ferrous metals 0.69Building and building materials 0.56


assets

TOTAL INVESTMENTS


80.75

78

BBVA DURBANA INTERNATIONAL FUND BBVA AUGUSTUS EQUITY


ASSETS


10,762,595.54


Other assets:- Unrealised gain on futures (see notes)94,338.14

11,807,750.00

LIABILITIES


Other liabilities:- Taxes and expenses payable 302,683.87- Unrealised loss on futures (see notes)24,669.93- Unrealised loss on forward foreign exchange contracts on currencies

(see notes) 13.44

- Other 10,624.90358,449.76

NET ASSETS 11,449,300.24

(in EUR)



CLASS A113.65

100,739.561

79




INCOME

Income from investments:- Dividends, net (see notes)425,592.70

425,592.70

EXPENSES




845,860.34


Net realised result on:- Sales of investments and futures (see notes)4,983,287.41- Foreign exchange (14,506.19)- Swaps 179,900.30


Change in net unrealised appreciation/(depreciation) on:- Investments (157,960.26)- Forward foreign exchange contracts on currencies (13.44)- Futures 87,164.46- Swaps (176,758.04)


4,480,846.60



(18,300,124.93)


(in EUR)


81






Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

256,690.374 79.8620,500,092.89Class A12.31.11 EUR

272,856.215 92.6125,268,578.57Class A12.31.12 EUR

100,739.561 113.6511,449,300.24Class A12.31.13 EUR

Class A






Highest 113.6512.31.13

Lowest 92.5701.02.13


SHARES

82





Quantity Description Cost Valueper

security

Marketvalue

(see notes)

% ofnet

assets

13,480 GDF SUEZ EUR 17.095 230,440.60 2.01245,897.36

FRANCE

EQUITIES


1,512 LOUIS VUITTON MOET HENESSY SA EUR 132.600 200,491.20 1.75221,155.107,702 SANOFI EUR 77.120 593,978.24 5.19580,189.934,544 SOCIETE GENERALE SA -A- EUR 42.220 191,847.68 1.68173,293.94

10,161 TOTAL SA EUR 44.530 452,469.33 3.95429,812.0514.581,669,227.051,650,348.38TOTAL FRANCE

2,070 ALLIANZ SE - REG SHS EUR 130.350 269,824.50 2.36241,234.93

GERMANY

2,011 BAYER AG - REG SHS EUR 101.950 205,021.45 1.79171,469.683,398 BMW BAYERISCHE MOTOREN WERKE AG

MUENCHENEUR 85.220 289,577.56 2.53272,477.32

3,506 SAP AG EUR 62.310 218,458.86 1.91194,067.144,259 SIEMENS AG - REG SHS EUR 99.290 422,876.11 3.69381,478.58

12.281,405,758.481,260,727.65TOTAL GERMANY

21,614 ENI SPA EUR 17.490 378,028.86 3.29380,074.11

ITALY

56,523 ENTE NAZIONALE PER L'ENERGIA ELETTRICA SPA EUR 3.174 179,404.00 1.57159,564.23197,900 TELECOM ITALIA SPA EUR 0.721 142,685.90 1.25137,123.38

6.11700,118.76676,761.72TOTAL ITALY


JERSEY

1.41161,038.73169,695.83TOTAL JERSEY

2,590 ASML HOLDING NV EUR 68.040 176,223.60 1.54181,141.85

NETHERLANDS

57,900 KONINKLIJKE KPN NV EUR 2.343 135,659.70 1.18140,486.632.72311,883.30321,628.48TOTAL NETHERLANDS


EUR 8.948 295,597.18 2.58267,705.43

SPAIN

149,462 BODACLICK SA EUR 0.650 97,150.30 0.85415,528.5227,756 TELEFONICA SA EUR 11.835 328,492.26 2.87299,365.47

6.30721,239.74982,599.42TOTAL SPAIN


SWITZERLAND

11,761 CREDIT SUISSE GROUP - REG SHS CHF 27.270 261,711.46 2.29273,020.588,200 NESTLE SA - REG SHS (CHF) CHF 65.300 436,938.57 3.82446,807.266,916 NOVARTIS AG - REG SHS CHF 71.200 401,817.02 3.51384,121.72

922 SYNGENTA AG - REG SHS CHF 355.200 267,237.40 2.33278,286.2114.181,622,951.581,615,961.32TOTAL SWITZERLAND

Ccy

83




security

Marketvalue

(see notes)

% ofnet

assets

94,270 BARCLAYS PLC GBP 2.720 308,144.74 2.69314,618.65

UNITED KINGDOM

25,631 BG GROUP PLC GBP 12.975 399,728.49 3.49365,094.486,971 BRITISH AMERICAN TOBACCO PLC GBP 32.380 271,308.94 2.37279,027.94

35,151 BT GROUP PLC GBP 3.794 160,297.66 1.40144,914.9715,774 DIAGEO PLC GBP 20.000 379,196.23 3.31376,948.7115,948 GLAXOSMITHKLINE PLC GBP 16.115 308,907.69 2.70306,625.5457,575 HSBC HOLDINGS PLC GBP 6.624 458,401.95 3.99483,748.0624,082 PRUDENTIAL PLC GBP 13.400 387,872.99 3.39339,159.70

5,061 RECKITT BENCKISER GROUP PLC GBP 47.930 291,565.38 2.55259,348.5027,670 REED ELSEVIER PLC GBP 8.990 298,993.01 2.61275,995.76

9,374 RIO TINTO PLC GBP 34.095 384,156.18 3.36351,101.2151,462 TESCO PLC GBP 3.344 206,814.12 1.81231,384.10

110,575 VODAFONE GROUP PLC GBP 2.370 314,990.52 2.75280,470.0836.424,170,377.904,008,437.70TOTAL UNITED KINGDOM

TOTAL EQUITIES 94.0010,762,595.5410,686,160.50


94.0010,762,595.5410,686,160.50



TOTAL NET ASSETS 100.0011,449,300.24

Ccy

84




United Kingdom 36.42France 14.58Switzerland 14.18Germany 12.28Spain 6.30Italy 6.11Netherlands 2.72Jersey 1.41

TOTAL INVESTMENTS


94.00

% ofnet

assets

COUNTRIES

85




Banks and other credit institutions 13.23Pharmaceutical and cosmetics industry 11.40Oil 10.73Data transmission 9.45Electrotechnical and electronic industry 5.92Insurance 5.75Tobacco and alcohol 5.68Chemicals 4.12Foodstuffs and non-alcoholic drinks 3.82Energy and public utilities 3.58Non-ferrous metals 3.36Graphic industry and publishing houses 2.61Miscellaneous consumer goods 2.55Road vehicles 2.53Internet and software services 1.91Retail trade 1.81Textiles and clothing industry 1.75Electronics and semiconductors 1.54Miscellaneous trading companies 1.41Miscellaneous services 0.85


assets

TOTAL INVESTMENTS


94.00

86

BBVA DURBANA INTERNATIONAL FUND RENTA USD



INCOME


505,405.43

EXPENSES



Other expenses:- Annual tax (see notes)7,138.24- Audit and legal fees 3,748.50- Printing and publishing fees 341.33- Administrative and other expenses 56,595.42

349,493.04


Net realised result on:- Sales of investments and futures (see notes)1,596,347.32


Change in net unrealised appreciation/(depreciation) on:- Investments (1,365,844.67)


386,415.04



(80,853,474.62)



(in USD)


87

BBVA DURBANA INTERNATIONAL FUND RENTA USD






Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

** last valuation

1,264,816.000 100.17126,693,791.45Class D12.31.11 USD

758,932.000 106.5280,843,184.08Class D12.31.12 USD

724,205.000 106.5477,153,200.8003.04.13 Class D** USD

Class D






Highest 107.0001.15.13

Lowest 106.4302.13.13


**

SHARES

88

BBVA DURBANA INTERNATIONAL FUND BBVA EUR CORPORATE BOND FUND(previously RENTA EURO)


ASSETS


39,787,041.95


Other assets:- Interest receivable 889,267.39- Formation/reorganisation expenses, net (see notes) 975.45

45,387,022.93

LIABILITIES

Other liabilities:- Taxes and expenses payable 130,778.11- Other 8,003.67

138,781.78

NET ASSETS 45,248,241.15

(in EUR)



CLASS I


CLASS P

100.2170,000.000

112.29340,485.027

89




INCOME

Income from investments:- Bond interest, net (see notes)1,543,951.10Other income 594.33

1,544,545.43

EXPENSES


Fees:- Global fee (see notes)371,745.92- Performance fee (see notes) 704.00- Custodian and Administration fees (see notes)103,456.34

Other expenses:- Annual tax (see notes)21,074.94- Amortisation of formation/reorganisation expenses (see notes) 940.00- Audit and legal fees 33,175.20- Printing and publishing fees 2,483.64- Transaction fees 194.00- Administrative and other expenses 29,829.97

563,623.13






1,289,564.73



21,659,791.95



(in EUR)


91







Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

* first valuation

465,497.000 97.7245,487,172.84Class12.31.11 EUR

70,000.000 99.986,998,913.91Class I11.27.13* EUR204,439.000 109.5622,398,375.47Class12.31.12 EUR

70,000.000 100.217,014,713.66Class I12.31.13 EUR340,485.027 112.2938,233,527.49Class P EUR

Class I

Shares outstanding at the beginning of the year 0.000





Highest 100.2212.20.13

Lowest 99.8512.06.13


Class P

204,439.000

362,042.017

(225,995.990)

340,485.027

EUR

112.3212.20.13

107.1806.25.13

112.29

SHARES

BBVA DURBANA INTERNATIONAL FUND BBVA EUR CORPORATE BOND FUND




FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

2,195,000 SOLVAY FINANCE FRN - PERPETUAL EUR 102.696 2,254,177.20 4.982,211,039.254.199% 11.12.13

BELGIUM

BONDS


4.982,254,177.202,211,039.25TOTAL BELGIUM

1,500,000 CARREFOUR SA EMTN EUR 109.180 1,637,700.00 3.621,676,251.554% 04.09.20-04.09.10

FRANCE

500,000 GDF SUEZ FRN - PERPETUAL EUR 106.430 532,150.00 1.18523,777.254.75% 07.10.13

500,000 GDF SUEZ FRN - PERPETUAL EUR 103.375 516,875.00 1.14491,747.253.875% 07.10.13

5.942,686,725.002,691,776.05TOTAL FRANCE

459,000 A2A SPA EMTN EUR 99.585 457,095.15 1.01457,012.243.625% 01.13.22-12.13.13

ITALY

1.01457,095.15457,012.24TOTAL ITALY

1,000,000 RABOBANK NEDERLAND NV EMTN EUR 115.370 1,153,700.00 2.551,150,027.255.875% 05.20.19-05.20.09

NETHERLANDS

2.551,153,700.001,150,027.25TOTAL NETHERLANDS

1,500,000 AYT CEDULAS CAJAS V FONDO DE TITULIZATIONDE ACTIVOS SERIES -B-

EUR 107.645 1,614,675.00 3.571,510,387.25

4.75% 12.04.18-12.04.03

SPAIN

600,000 AYT CEDULAS CAJAS VIII FONDO DE TITULIZATIONDE ACTIVOS SER. -B-

EUR 104.190 625,140.00 1.38625,527.25

4.25% 11.18.19-11.18.041,900,000 BANKINTER SA EUR 107.735 2,046,965.00 4.522,000,927.25

4.125% 03.22.17-03.22.121,500,000 BBVA SENIOR FINANCE SA EMTN EUR 107.640 1,614,600.00 3.571,587,161.68

4.875% 04.15.16-04.15.111,550,000 CAIXABANK SA EUR 108.040 1,674,620.00 3.701,646,309.50

4.25% 01.26.17-06.28.06700,000 CAIXABANK SA EMTN EUR 101.716 712,012.00 1.57697,836.25

2.5% 04.18.17-10.18.131,000,000 GAS NATURAL CAPITAL MARKETS SA EMTN EUR 115.115 1,151,150.00 2.541,124,817.25

5.375% 05.24.19-05.24.111,000,000 IBERDROLA INTERNATIONAL BV EMTN EUR 110.230 1,102,300.00 2.441,086,537.25

4.5% 09.21.17-09.21.122,000,000 SANTANDER ISSUANCES SA UNIPERSONAL FRN

EMTNEUR 96.532 1,930,648.00 4.271,860,260.28

1.043% 03.23.17-03.23.071,500,000 TELEFONICA EMISIONES SA EMTN EUR 111.165 1,667,475.00 3.691,602,582.25

4.693% 11.11.19-11.10.09

Ccy



FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

1,500,000 TELEFONICA EMISIONES SA EMTN EUR 114.095 1,711,425.00 3.781,701,018.625.811% 09.05.17-09.19.12

35.0315,851,010.0015,443,364.83TOTAL SPAIN

1,500,000 BARCLAYS BANK PLC EMTN EUR 113.515 1,702,725.00 3.761,679,099.506% 01.14.21-07.14.10

UNITED KINGDOM

1,800,000 HSBC HOLDINGS PLC EUR 116.300 2,093,400.00 4.632,082,339.256.25% 03.19.18-03.19.08

1,500,000 IMPERIAL TOBACCO FINANCE PLC EMTN EUR 114.700 1,720,500.00 3.801,778,277.255% 12.02.19-12.01.11

2,646,000 NATIONWIDE BUILDING SOCIETY EMTN EUR 103.900 2,749,194.00 6.072,652,328.114.125% 03.20.23-03.20.13

1,750,000 NGG FINANCE PLC FRN EUR 101.510 1,776,425.00 3.931,745,179.504.25% 06.18.76-03.18.13

22.1910,042,244.009,937,223.61TOTAL UNITED KINGDOM

602,000 BANK OF AMERICA CORP EMTN EUR 100.530 605,190.60 1.34600,887.432.5% 07.27.20-07.25.13


1,000,000 CITIGROUP INC EMTN EUR 109.580 1,095,800.00 2.421,116,437.254.375% 01.30.17-01.30.07

1,500,000 GOLDMAN SACHS GROUP INC EMTN EUR 108.665 1,629,975.00 3.601,650,467.194.375% 03.16.17-03.16.10

1,000,000 JPMORGAN CHASE & CO FRN EMTN EUR 99.180 991,800.00 2.19915,037.250.627% 10.12.15-10.12.05

1,500,000 MORGAN STANLEY EUR 101.585 1,523,775.00 3.371,498,034.502.25% 03.12.18-03.12.13

1,400,000 MORGAN STANLEY EMTN EUR 106.825 1,495,550.00 3.311,511,463.704.5% 02.23.16-02.23.11


TOTAL BONDS 87.9339,787,041.9539,182,770.55


87.9339,787,041.9539,182,770.55



TOTAL NET ASSETS 100.0045,248,241.15

Ccy




Spain 30.51United Kingdom 22.19United States of America 16.23France 10.46Belgium 4.98Netherlands 2.55Italy 1.01

TOTAL INVESTMENTS


87.93

% ofnet

assets

COUNTRIES




Holding and finance companies 35.04Banks and other credit institutions 31.08Data transmission 7.47Mortgage & funding institutions MBA 4.95Retail trade 3.62Energy and public utilities 3.33Electrotechnical and electronic industry 2.44


assets

TOTAL INVESTMENTS


87.93

96

BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA RENTA VARIABLE GLOBAL USD



INCOME

Income from investments:- Dividends, net (see notes)84,717.12

84,717.12

EXPENSES



Other expenses:- Annual tax (see notes)3,252.86- Amortisation of formation/reorganisation expenses (see notes) 309.20- Audit and legal fees 1,725.14- Printing and publishing fees 225.89- Administrative and other expenses 28,586.27

178,756.78


Net realised result on:- Sales of investments and futures (see notes)4,168,825.62- Foreign exchange (17,568.57)


Change in net unrealised appreciation/(depreciation) on:- Investments (2,183,877.00)


1,873,340.39


Redemptions of shares (41,172,737.93)(41,172,737.93)


(in USD)


97

BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA RENTA VARIABLE GLOBAL USD






Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

* valuation

27,548.000 100.702,774,034.01Class A EUR12.31.11 EUR493,968.500 111.0454,849,127.32Class A USD USD

173.000 110.7019,151.38Class A EUR12.31.12 EUR316,611.500 124.0539,274,140.66Class A USD USD

1.000 117.69117.6903.04.13 Class A EUR** EUR281,255.500 129.9336,543,581.9103.04.13 Class A USD** USD

Class A EUR

Shares outstanding at the beginning of the period 173.000





Highest 117.6903.04.13

Lowest 110.0701.02.13


**

Class A USD

316,611.500

0.000

(316,611.500)

0.000

USD

132.1202.20.13

124.3301.02.13

129.9303.04.13

**

SHARES

98

BBVA DURBANA INTERNATIONAL FUND BBVA G OBAL EQUITY FUND


ASSETS


28,270,785.78

Cash:- Cash at sight (see notes)6,400,385.85- Margin accounts (see notes) 0.01

Other assets:- Dividend receivable 5,684.02- Formation/reorganisation expenses, net (see notes) 985.81- Unrealised gain on futures (see notes)412,006.72- Unrealised gain on forward foreign exchange contracts on currencies

(see notes) 20.11

35,089,868.30

LIABILITIES



(see notes) 8.98

- Other 10,560.20563,572.74

NET ASSETS 34,526,295.56

(in EUR)



CLASS EUR


CLASS A USD

153.6955,761.730

116.97305,778.575

99




INCOME

Income from investments:- Dividends, net (see notes)210,474.17Other income 1,816.01

212,290.18

EXPENSES




816,350.47


Net realised result on:- Sales of investments and futures (see notes)5,031,325.20- Foreign exchange 45,528.43


Change in net unrealised appreciation/(depreciation) on:- Investments (319,927.00)- Forward foreign exchange contracts on currencies 11.13- Futures 269,376.92


4,422,254.39



18,970,756.09


(in EUR)


101







Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

* first valuation Class A became class A EUR as at March 4, 2013

145,239.000 120.7017,529,677.66Class12.31.11 EUR

85,534.000 130.1611,133,285.08Class12.31.12 EUR365,435.270 100.1836,609,821.33Class A USD03.05.13* USD

55,761.730 153.698,569,968.33Class EUR12.31.13 EUR305,778.575 116.9735,766,557.44Class A USD USD

Class EUR






Highest 156.1611.18.13

Lowest 130.0901.02.13


Class A USD

0.000

396,633.263

(90,854.688)

305,778.575

USD

116.9712.31.13

100.1004.19.13

116.97

SHARES

102






security

Marketvalue

(see notes)

% ofnet

assets

1,690 EUROSTOXX50 C3125 JAN14 EUR 34.000 57,460.00 0.1769,611.10

GERMANY

UNDEFINED

0.1757,460.0069,611.10TOTAL GERMANY

4,200 S&P500 P1750 DEC14 USD 82.000 249,936.25 0.72256,303.94



TOTAL 0.89307,396.25325,915.04

UNDEFINED 0.89307,396.25325,915.04

73,500.00 FIDELITY FUNDS SICAV IBERIA -Y- EUR EUR 12.620 927,570.00 2.69846,100.00

EUROPEAN MONETARY UNION


INVESTMENT FUNDS

77,850 ISHARES II PLC EURO STOXX 50 UCITS ETF EUR 31.430 2,446,825.50 7.082,342,650.599.773,374,395.503,188,750.59TOTAL EUROPEAN MONETARY UNION

148,750 ISHARES II PLC FTSE MIB UCITS ETF- EUR EUR 11.405 1,696,493.75 4.911,689,315.28

ITALY

4.911,696,493.751,689,315.28TOTAL ITALY

196,200 ISHARES PLC MSCI JAPAN UCITS ETF- EUR- EUR 8.925 1,751,085.00 5.071,684,205.65

JAPAN

26,860.000 JPMORGAN INVESTMENT FUNDS SICAV JAPANSELECT EQUITY -C(ACC)-EUR-HDG

EUR 81.490 2,188,821.40 6.342,015,392.13

11.413,939,906.403,699,597.78TOTAL JAPAN

182,500.000 M&G INVESTMENT FUNDS (2) UK GROWTH I-GBP GBP 13.181 2,891,302.47 8.372,709,519.84

UNITED KINGDOM


17,411 ISHARES US UTILITIES ETF USD 95.840 1,210,979.02 3.511,242,473.02


27.000 PARVEST SICAV EQUITY USA-I-USD USD 184,943.630 3,623,841.89 10.493,197,752.9094,612 SELECT SECTOR SPDR TRUST TECHNOLOGY USD 35.740 2,453,956.56 7.112,260,678.06


18,587.000 DWS INVEST SICAV TOP DIVIDEND -FC- EUR 142.150 2,642,142.05 7.662,557,174.39

WORLD

80,004.00 FIDELITY FUNDS SICAV GLOBALTELECOMMUNICATIONS -Y-EUR-

EUR 14.920 1,193,659.68 3.461,119,341.83

76,478.00 BLACKROCK GLOBAL FUNDS SICAV WORLDMINING -A2-

USD 45.530 2,526,971.08 7.322,609,338.19

Ccy

103




security

Marketvalue

(see notes)

% ofnet

assets

76,828 ISHARES GLOBAL ENERGY ETF USD 43.220 2,409,741.13 6.982,374,462.6925.428,772,513.948,660,317.10TOTAL WORLD

TOTAL OPEN-ENDED INVESTMENT FUNDS 80.9927,963,389.5326,648,404.57

TOTAL INVESTMENT FUNDS 80.9927,963,389.5326,648,404.57



TOTAL NET ASSETS 100.0034,526,295.56

Ccy

104




World 25.42United States of America 21.83Japan 11.41European Monetary Union 9.77United Kingdom 8.37Italy 4.91Germany 0.17

TOTAL INVESTMENTS


81.88

% ofnet

assets

COUNTRIES

105




Investment funds 80.99Stock exchange index 0.89


assets

TOTAL INVESTMENTS


81.88

106

BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET MODERATE USD FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 USD)


ASSETS


49,212,609.19


Other assets:- Dividend receivable 8,723.28- Formation/reorganisation expenses, net (see notes)1,731.11- Unrealised gain on futures (see notes)184,157.16- Unrealised gain on forward foreign exchange contracts on currencies

(see notes) 26.25

59,282,428.09

LIABILITIES

Bank overdraft:- Cash at sight (see notes)4,765,624.53


(see notes) 7.13

5,258,690.46

NET ASSETS 54,023,737.63

(in USD)



CLASS A116.57

463,435.897

107




INCOME

Income from investments:- Dividends, net (see notes)328,662.36- Bond interest, net (see notes)44,822.62Other income 324.16

373,809.14

EXPENSES




1,127,647.15


Net realised result on:- Sales of investments and futures (see notes)8,755,595.18- Foreign exchange 151,278.47


Change in net unrealised appreciation/(depreciation) on:- Investments (3,809,688.45)- Forward foreign exchange contracts on currencies 19.12- Futures (68,263.31)


4,275,103.00



(22,295,596.89)


(in USD)


109







Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

1,122,286.248 92.22103,501,705.03Class A12.31.11 USD

659,683.987 109.2172,044,231.52Class A12.31.12 USD

463,435.897 116.5754,023,737.63Class A12.31.13 USD

Class A






Highest 117.5410.23.13

Lowest 109.2001.02.13


SHARES

110





Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets


SPAIN

BONDS



27.9015,074,944.5714,903,568.15TOTAL SPAIN

TOTAL BONDS 27.9015,074,944.5714,903,568.15


27.9015,074,944.5714,903,568.15


GERMANY

UNDEFINED

830 EUROSTOXX50 P2950 DEC14/EUX EUR 179.400 205,179.72 0.38208,457.330.54294,195.38314,935.46TOTAL GERMANY

3,900 S&P500 P1750 DEC14 USD 82.000 319,800.00 0.60327,210.00



TOTAL 1.14613,995.38642,145.46

UNDEFINED 1.14613,995.38642,145.46

137,000 ISHARES II PLC EURO STOXX 50 UCITS ETF EUR 31.430 5,933,334.71 10.985,705,516.92



INVESTMENT FUNDS

10.985,933,334.715,705,516.92TOTAL EUROPEAN MONETARY UNION

31,242 ISHARES II PLC FTSE MIB UCITS ETF- EUR EUR 11.405 490,984.77 0.91484,221.13

ITALY

0.91490,984.77484,221.13TOTAL ITALY

218,519 ISHARES PLC MSCI JAPAN UCITS ETF- JPY- JPY 1,290.000 2,681,977.39 4.962,618,941.19

JAPAN

4.962,681,977.392,618,941.19TOTAL JAPAN

Ccy

111



Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

2,786,000.0000 ABSOLUTE INSIGHT FUNDS PLC UK EQUITYMARKET NEUTRAL-B2P-EUR

EUR 1.102 4,232,083.39 7.834,076,127.06

UNITED KINGDOM

269,329 ISHARES PLC FTSE 100 UCITS ETF GBP 6.670 2,975,329.28 5.512,899,789.5713.347,207,412.676,975,916.63TOTAL UNITED KINGDOM

5,063 ISHARES SHORT TREASURY BOND ETF USD 110.250 558,195.75 1.03558,594.09


9,842 ISHARES US UTILITIES ETF USD 95.840 943,257.28 1.75943,758.6221,586 SELECT SECTOR SPDR TRUST ENERGY USD 88.510 1,910,576.86 3.541,718,274.9841,630 SELECT SECTOR SPDR TRUST MATERIALS USD 46.220 1,924,138.60 3.561,636,676.1153,822 SELECT SECTOR SPDR TRUST TECHNOLOGY USD 35.740 1,923,598.28 3.561,710,802.90


2,250.000 DEXIA ASSET MANAGEMENT INDEX ARBITRAGEFCP

EUR 1,358.910 4,213,151.86 7.794,075,946.99

WORLD

46,670.00 FIDELITY FUNDS SICAV GLOBALTELECOMMUNICATIONS -Y-EUR-

EUR 14.920 959,490.16 1.78883,621.98

13,976.000 DWS INVEST SICAV TOP DIVIDEND -A2- USD 137.440 1,920,861.44 3.561,803,436.771.000 GOLDMAN SACHS FUNDS PLC US DOLLAR LIQUID

RESERVES -INSTIT-USD 12,215.110 12,215.11 0.0212,212.69

1.000 JPMORGAN LIQUIDITY FUNDS SICAV US DOLLARLIQUIDITY -D-

USD 10,019.050 10,019.05 0.0210,018.59

214,935.000 M&G OPTIMAL INCOME FUND -C-H-GROSS HEDGED-USD-

USD 13.188 2,834,455.31 5.252,696,130.46

18.429,950,192.939,481,367.48TOTAL WORLD




Cash/(bank overdraft) 9.465,109,556.57Other assets and liabilities (0.55)(298,428.13)

TOTAL NET ASSETS 100.0054,023,737.63

Ccy

112




Spain 27.90World 18.42United States of America 14.04United Kingdom 13.34European Monetary Union 10.98Japan 4.96Italy 0.91Germany 0.54

TOTAL INVESTMENTS


91.09

% ofnet

assets

COUNTRIES

113




Investment funds 62.05Government bonds 27.90

1.14


assets

TOTAL INVESTMENTS


91.09

114

BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET MODERATE EUR FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 EUR)


ASSETS


20,752,568.11

Cash:- Cash at sight (see notes)3,155,010.74- Margin accounts (see notes) 0.01

Other assets:- Dividend receivable 3,471.81- Formation/reorganisation expenses, net (see notes)1,359.00- Unrealised gain on futures (see notes)98,391.33- Unrealised gain on forward foreign exchange contracts on currencies

(see notes) 27.63

24,010,828.63

LIABILITIES



(see notes) 2.48

323,932.27

NET ASSETS 23,686,896.36

(in EUR)



CLASS A113.39

208,899.035

115




INCOME

Income from investments:- Dividends, net (see notes)133,886.04- Bond interest, net (see notes) (0.35)Other income 5,878.60

139,764.29

EXPENSES




502,902.53




Change in net unrealised appreciation/(depreciation) on:- Investments (2,438,553.42)- Forward foreign exchange contracts on currencies 25.15- Futures 3,573.08


1,159,608.78



(15,619,848.34)


(in EUR)


117







Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

551,594.000 95.3152,572,251.36Class A12.31.11 EUR

347,878.000 109.6638,147,135.92Class A12.31.12 EUR

208,899.035 113.3923,686,896.36Class A12.31.13 EUR

Class A






Highest 116.4105.23.13

Lowest 109.4701.02.13


SHARES

118





Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets


SPAIN

BONDS



25.596,060,564.206,057,040.75TOTAL SPAIN

TOTAL BONDS 25.596,060,564.206,057,040.75


25.596,060,564.206,057,040.75


GERMANY

UNDEFINED


2,400 S&P500 P1750 DEC14 USD 82.000 142,820.71 0.60146,459.39



TOTAL 1.14271,186.71284,993.59

UNDEFINED 1.14271,186.71284,993.59

72,111 ISHARES II PLC EURO STOXX 50 UCITS ETF EUR 31.430 2,266,448.73 9.572,221,923.86



INVESTMENT FUNDS

9.572,266,448.732,221,923.86TOTAL EUROPEAN MONETARY UNION


ITALY

0.89210,570.52211,075.61TOTAL ITALY

119,839 ISHARES PLC MSCI JAPAN UCITS ETF- JPY- JPY 1,290.000 1,067,407.34 4.511,056,456.17

JAPAN

4.511,067,407.341,056,456.17TOTAL JAPAN

Ccy

119



Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets


EUR 1.102 1,556,588.80 6.581,544,278.20

UNITED KINGDOM

157,299 ISHARES PLC FTSE 100 UCITS ETF GBP 6.670 1,261,083.89 5.321,254,158.9311.902,817,672.692,798,437.13TOTAL UNITED KINGDOM

5,816 ISHARES US UTILITIES ETF USD 95.840 404,517.49 1.71411,508.56


12,757 SELECT SECTOR SPDR TRUST ENERGY USD 88.510 819,420.82 3.46779,598.8224,602 SELECT SECTOR SPDR TRUST MATERIALS USD 46.220 825,213.75 3.48749,965.1131,808 SELECT SECTOR SPDR TRUST TECHNOLOGY USD 35.740 825,005.82 3.48760,671.04



EUR 1,358.910 1,555,951.95 6.561,550,513.70

WORLD

5,790.000 DWS INVEST SICAV TOP DIVIDEND -FC- EUR 142.150 823,048.50 3.47812,939.3327,581.00 FIDELITY FUNDS SICAV GLOBAL

TELECOMMUNICATIONS -Y-EUR-EUR 14.920 411,508.52 1.74387,579.05

107.000 GOLDMAN SACHS FUNDS PLC EURO LIQUIDRESERVES - INSTITUTIONAL CLASS

EUR 12,435.300 1,330,577.10 5.621,330,521.89

60,218.000 M&G OPTIMAL INCOME FUND -A-EUR- EUR 17.660 1,063,473.97 4.491,017,337.2221.885,184,560.045,098,891.19TOTAL WORLD





TOTAL NET ASSETS 100.0023,686,896.36

Ccy

120




Spain 25.59World 21.88United States of America 12.73United Kingdom 11.90European Monetary Union 9.57Japan 4.51Italy 0.89Germany 0.54

TOTAL INVESTMENTS


87.61

% ofnet

assets

COUNTRIES

121





1.14


assets

TOTAL INVESTMENTS


87.61

122

BBVA DURBANA INTERNATIONAL FUND GLOBAL INVESTMENTS


ASSETS


3,773,225.13



3,937,598.49

LIABILITIES


15,892.97

NET ASSETS 3,921,705.52

(in EUR)



CLASS A99.24

39,519.000

123




INCOME

Income from investments:- Dividends, net (see notes)5,926.20- Bond interest, net (see notes)91,344.30Other income 161.77

97,432.27

EXPENSES



Other expenses:- Annual tax (see notes)1,237.38- Amortisation of formation/reorganisation expenses (see notes)1,152.00- Audit and legal fees 3,032.60- Printing and publishing fees 226.58- Transaction fees 231.95- Administrative and other expenses 423.52

39,847.07


Net realised result on:- Sales of investments and futures (see notes)(90,609.31)- Foreign exchange 5.78

NET REALISED RESULT (33,018.33)

Change in net unrealised appreciation/(depreciation) on:- Investments 40,104.64- Futures (5,824.06)


1,262.25


(in EUR)


125







Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

* first valuation

39,519.000 100.003,951,900.00Class A08.03.12* EUR

39,519.000 99.203,920,443.27Class A12.31.12 EUR

39,519.000 99.243,921,705.52Class A12.31.13 EUR

Class A






Highest 99.5511.18.13

Lowest 97.8412.16.13


SHARES

126





Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

300,000 DANONE EMTN EUR 100.480 301,440.00 7.69325,090.256.375% 02.04.14-12.08.08

FRANCE

BONDS


7.69301,440.00325,090.25TOTAL FRANCE

700,000 SPAIN LETRAS DEL TESORO 6MO EUR 99.930 699,510.00 17.83699,343.000% 02.21.14-08.24.12

SPAIN

17.83699,510.00699,343.00TOTAL SPAIN

TOTAL BONDS 25.521,000,950.001,024,433.25

10,200 GDF SUEZ EUR 17.095 174,369.00 4.45190,746.70

FRANCE

EQUITIES

4.45174,369.00190,746.70TOTAL FRANCE

29,200 BANCO SANTANDER SA - REG SHS EUR 6.506 189,975.20 4.84189,174.08

SPAIN

4.84189,975.20189,174.08TOTAL SPAIN

TOTAL EQUITIES 9.29364,344.20379,920.78


34.811,365,294.201,404,354.03

8,480.000 FRANKLIN TEMPLETON INV FUNDS SICAVFRANKLIN MUTUAL EUROPEAN-A-ACC-EUR-

EUR 22.870 193,937.60 4.95190,151.80

EUROPEAN COMMUNITY


INVESTMENT FUNDS

13,500.00 INVESCO FUNDS SICAV PAN EUROPEAN EQUITY-A EUR 17.160 231,660.00 5.90200,995.0010.85425,597.60391,146.80TOTAL EUROPEAN COMMUNITY

765.00000 PICTET SICAV EUR SHORT MID-TERM BONDS -P- EUR 131.430 100,543.95 2.5699,656.80


2.56100,543.9599,656.80TOTAL EUROPEAN MONETARY UNION

1,850.0000 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -DH-EUR-

EUR 163.200 301,920.00 7.70277,578.00



Ccy

127



Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

13,250.00 BLACKROCK GLOBAL FUNDS SICAV EURO SHORTDURATION BOND -A2-

EUR 15.370 203,652.50 5.19200,455.00

WORLD

2,350.000 DWS INVEST SICAV TOP DIVIDEND -FC- EUR 142.150 334,052.50 8.52329,467.50745.000 JPMORGAN INVESTMENT FUNDS SICAV INCOME

OPPORTUNITY -A-EUR-HEDGED-EUR 134.820 100,440.90 2.5699,916.00

28,900.00 SCHRODER INTL SELECTION FUND SICAV EUROSHORT TERM BOND -B-

EUR 6.990 202,011.00 5.15200,103.00

23.000 GOLDMAN SACHS FUNDS PLC STERLING LIQUIDRESERVES -ADMINISTRATION-

GBP 13,576.180 375,316.46 9.58394,136.14

4,000.00000 PICTET SICAV USD SHORT MID-TERM BONDS -P-USD-

USD 125.530 364,396.02 9.29399,493.30

40.291,579,869.381,623,570.94TOTAL WORLD




Cash/(bank overdraft) 3.64142,895.26Other assets and liabilities 0.155,585.13


Ccy

128




World 40.29Spain 22.67France 12.14European Community 10.85United States of America 7.70European Monetary Union 2.56

TOTAL INVESTMENTS


96.21

% ofnet

assets

COUNTRIES

129




Investment funds 61.40Government bonds 17.83Foodstuffs and non-alcoholic drinks 7.69Banks and other credit institutions 4.84Energy and public utilities 4.45


assets

TOTAL INVESTMENTS


96.21

130

BBVA DURBANA INTERNATIONAL FUND TABA DE INVERSIONES


ASSETS


3,415,878.96


Other assets:- Interest receivable 10,141.99- Dividend receivable 250.47- Formation/reorganisation expenses, net (see notes)2,096.00- Unrealised gain on forward foreign exchange contracts on currencies

(see notes) 82.07

3,565,257.73

LIABILITIES


6,764.38

NET ASSETS 3,558,493.35

(in EUR)



CLASS A108.79

32,709.000

131




INCOME

Income from investments:- Dividends, net (see notes)19,522.37- Bond interest, net (see notes)17,357.35Bank interest, net 2,842.91Other income 2,228.99

41,951.62

EXPENSES


Other expenses:- Annual tax (see notes)1,219.51- Amortisation of formation/reorganisation expenses (see notes)1,152.00- Audit and legal fees 2,714.11- Printing and publishing fees 209.01- Administrative and other expenses 1,873.12

27,474.72


Net realised result on:- Sales of investments and futures (see notes)(15,498.84)- Foreign exchange 1,783.52

NET REALISED RESULT 761.58

Change in net unrealised appreciation/(depreciation) on:- Investments 244,526.07- Forward foreign exchange contracts on currencies 82.07


245,369.72


(in EUR)


133







Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

32,909.000 98.443,239,517.08Class A12.31.11 EUR

32,709.000 101.293,313,123.63Class A12.31.12 EUR

32,709.000 108.793,558,493.35Class A12.31.13 EUR

Class A






Highest 108.7912.31.13

Lowest 101.1106.25.13


SHARES

134





Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

100,000 GAS NATURAL CAPITAL MARKETS SA EMTN EUR 102.215 102,215.00 2.87102,776.505.25% 07.09.14-07.09.09

SPAIN

BONDS


100,000 SANTANDER INTERNATIONAL DEBT SA EUR 100.630 100,630.00 2.8399,892.254.25% 04.07.14-04.07.11

100,000 TELEFONICA EMISIONES SA EMTN EUR 107.480 107,480.00 3.02104,245.254.967% 02.03.16-11.03.11

8.72310,325.00306,914.00TOTAL SPAIN

TOTAL BONDS 8.72310,325.00306,914.00

1,000 EDF ELECTRICITE DE FRANCE EUR 25.685 25,685.00 0.7227,439.90

FRANCE

EQUITIES

125 LOUIS VUITTON MOET HENESSY SA EUR 132.600 16,575.00 0.4715,128.05445 SANOFI EUR 77.120 34,318.40 0.9735,095.01350 SCHNEIDER ELECTRIC SA EUR 63.400 22,190.00 0.6215,405.60735 TOTAL SA EUR 44.530 32,729.55 0.9229,880.67

3.70131,497.95122,949.23TOTAL FRANCE

540 BASF SE REG EUR 77.490 41,844.60 1.1831,418.34

GERMANY

750 BAYER AG - REG SHS EUR 101.950 76,462.50 2.1440,256.591,000 DAIMLER AG - REG SHS EUR 62.900 62,900.00 1.7637,786.61

820 SAP AG EUR 62.310 51,094.20 1.4435,158.33555 SIEMENS AG - REG SHS EUR 99.290 55,105.95 1.5550,336.59

8.07287,407.25194,956.46TOTAL GERMANY


SPAIN

4,546 IBERDROLA SA EUR 4.635 21,070.71 0.5925,203.91915 TECNICAS REUNIDAS SA EUR 39.485 36,128.78 1.0235,238.14

7,594 TELEFONICA SA EUR 11.835 89,874.99 2.52124,607.345.34189,988.06234,390.55TOTAL SPAIN

1,230 NESTLE SA - REG SHS (CHF) CHF 65.300 65,540.79 1.8459,377.29

SWITZERLAND

390 ROCHE HOLDING AG -BJ- CHF 249.200 79,305.99 2.2350,078.3294 SYNGENTA AG - REG SHS CHF 355.200 27,245.46 0.7729,889.44


600 ROYAL DUTCH SHELL PLC -A- EUR 25.905 15,543.00 0.4415,406.65

UNITED KINGDOM

1,600 BG GROUP PLC GBP 12.975 24,952.81 0.7025,832.87

Ccy

135



Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

4,000 HSBC HOLDINGS PLC GBP 6.624 31,847.29 0.8932,685.692.0372,343.1073,925.21TOTAL UNITED KINGDOM

TOTAL EQUITIES 23.98853,328.60765,566.50


32.701,163,653.601,072,480.50

3,300.00 BLACKROCK GLOBAL FUNDS SICAV EUROPEANGROWTH -A2-EUR-

EUR 28.970 95,601.00 2.6979,943.00

EUROPEAN COMMUNITY


INVESTMENT FUNDS

1,205.270 GLG EUROPEAN EQUITY ALTERNATIVE CLASS DN-EUR

EUR 113.370 136,641.46 3.84129,020.00

4,500.00 INVESCO FUNDS SICAV PAN EUROPEAN EQUITY-A EUR 17.160 77,220.00 2.1760,100.003,410.000 MFS MERIDIAN FUNDS SICAV EUROPEAN VALUE -

A1-EUR-EUR 28.020 95,548.20 2.6980,226.20

3,500.000 MORGAN STANLEY INVEST FUNDS SICAV EUROCORPORATE BOND -A-EUR-

EUR 44.040 154,140.00 4.32149,110.00

15.71559,150.66498,399.20TOTAL EUROPEAN COMMUNITY

625 LYXOR UCITS ETF CAC40 FCP EUR 42.830 26,768.75 0.7525,285.07

FRANCE

0.7526,768.7525,285.07TOTAL FRANCE

400 ISHARES DAX (DE) EUR 85.750 34,300.00 0.9626,090.76

GERMANY

0.9634,300.0026,090.76TOTAL GERMANY

8,750.000 PIMCO GIS PLC TOTAL RETURN BOND -E- EUR-HEDGED

EUR 18.660 163,275.00 4.59168,738.00


1,810 POWERSHARES QQQ TRUST SERIES 1 USD 87.960 115,539.34 3.2598,449.383,315 SELECT SECTOR SPDR TRUST FINANCIAL USD 21.860 52,589.59 1.4852,812.871,260 SELECT SECTOR SPDR TRUST HEALTH CARE USD 55.440 50,694.39 1.4251,836.211,515 SPDR S&P500 ETF TRUST -SERIES-1- USD 184.670 203,036.95 5.70151,464.88


8,600.00 BLACKROCK GLOBAL FUNDS SICAV EURO SHORTDURATION BOND -A2-

EUR 15.370 132,182.00 3.71129,373.00

WORLD

23.000 JPMORGAN LIQUIDITY FUNDS SICAV EUROLIQUIDITY -C-

EUR 13,690.140 314,873.22 8.86312,925.25

1,350.000 JULIUS BAER MULTIBOND SICAV ABSOLUTERETURN BOND FUND PLUS -B-

EUR 132.360 178,686.00 5.02179,990.40

13,900.000 M&G OPTIMAL INCOME FUND -A-EUR- EUR 17.660 245,479.56 6.91231,016.4914,100.000 PIMCO GIS PLC UNCONSTRAINED BOND -E-HEDGED-

EUR-EUR 11.490 162,009.00 4.55167,936.00

450 ISHARES MSCI EMERGING MARKETS ETF USD 41.770 13,640.90 0.3815,150.6929.431,046,870.681,036,391.83TOTAL WORLD






Ccy

136




World 29.43United States of America 16.44European Community 15.71Spain 14.06Germany 9.03Switzerland 4.84France 4.45United Kingdom 2.03

TOTAL INVESTMENTS


95.99

% ofnet

assets

COUNTRIES

137




Investment funds 63.29Data transmission 5.54Banks and other credit institutions 4.93Chemicals 4.09Pharmaceutical and cosmetics industry 3.20Holding and finance companies 2.87Electrotechnical and electronic industry 2.17Oil 2.06Foodstuffs and non-alcoholic drinks 1.84Road vehicles 1.76Internet and software services 1.44Energy and public utilities 1.31Machinery and apparatus construction 1.02Textiles and clothing industry 0.47


assets

TOTAL INVESTMENTS


95.99

138

BBVA DURBANA INTERNATIONAL FUND DRIZA


ASSETS


1,900,868.38



2,188,330.26

LIABILITIES


7,508.09

NET ASSETS 2,180,822.17

(in EUR)



CLASS A103.50

21,070.000

139


STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from May 21, 2013 to December 31, 2013

NET ASSETS AT THE BEGINNING OF THE PERIOD 0.00

INCOME


30,202.40

EXPENSES


Other expenses:- Annual tax (see notes) 765.54- Amortisation of formation/reorganisation expenses (see notes) 659.00- Audit and legal fees 1,654.19- Printing and publishing fees 36.09- Transaction fees 117.60- Administrative and other expenses 567.84

18,763.39


Net realised result on:- Sales of investments and futures (see notes)(43,051.45)- Foreign exchange 5.99


Change in net unrealised appreciation/(depreciation) on:- Investments 105,608.62


74,002.17


Subscriptions of shares 2,137,000.00Redemptions of shares (30,180.00)

2,106,820.00

NET ASSETS AT THE END OF THE PERIOD 2,180,822.17

(in EUR)


141



Period from May 21, 2013 to December 31, 2013




Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

* first valuation

21,370.000 100.002,137,000.00Class A05.21.13* EUR

21,070.000 103.502,180,822.17Class A12.31.13 EUR

Class A




Shares outstanding at the end of the period 21,070.000


Highest 103.5012.31.13

Lowest 98.2306.30.13

At the end of the period 103.50

SHARES

142





Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

100,000 TELECOM ITALIA SPA - REG-S EUR 99.330 99,330.00 4.55102,213.254% 01.21.20-12.21.12

ITALY

BONDS


4.5599,330.00102,213.25TOTAL ITALY

100,000 BBVA INTERNATIONAL PREFERRED SA FRN SERIE E- PERPETUAL

EUR 103.505 103,505.00 4.75102,537.25

8.5% 10.29.49

SPAIN

200,000 GAS NATURAL FENOSA FINANCE BV EMTN EUR 105.567 211,134.00 9.68205,524.503.875% 04.11.22-04.11.13

100,000 REPSOL SA EUR 98.490 98,490.30 4.5298,287.253.5% 07.01.23-07.01.13

100,000 SANTANDER FINANCE PREFERRED SAUNIPERSONAL FRN - PERPETUAL

EUR 104.500 104,500.00 4.79106,037.25

10.5% 07.27.49300,000 SPAIN EUR 102.065 306,195.00 14.04301,021.25

4.4% 10.31.23-05.21.1390,000.00 TELEFONICA SA EUR 100.625 90,562.50 4.1545,121.81

4.184% 11.29.22-11.29.1241.93914,386.80858,529.31TOTAL SPAIN

TOTAL BONDS 46.481,013,716.80960,742.56

400 AIR LIQUIDE SA EUR 102.800 41,120.00 1.8940,273.16

FRANCE

EQUITIES

800 EUROPEAN AERONAUTIC DEFENCE AND SPACE NV EUR 55.810 44,648.00 2.0541,317.341,325 GDF SUEZ EUR 17.095 22,650.88 1.0425,049.38

160 LOUIS VUITTON MOET HENESSY SA EUR 132.600 21,216.00 0.9720,402.00300 MICHELIN SA B- REG SHS EUR 77.250 23,175.00 1.0620,434.12400 SANOFI EUR 77.120 30,848.00 1.4130,257.26

3,500 VIVENDI SA EUR 19.155 67,042.50 3.0864,339.2611.50250,700.38242,072.52TOTAL FRANCE

550 SAP AG EUR 62.310 34,270.50 1.5730,465.19

GERMANY

250 SIEMENS AG - REG SHS EUR 99.290 24,822.50 1.1420,987.77270 VOLKSWAGEN AG EUR 196.900 53,163.00 2.4445,906.49

5.15112,256.0097,359.45TOTAL GERMANY

1,500 ENI SPA EUR 17.490 26,235.00 1.2026,322.29

ITALY

1.2026,235.0026,322.29TOTAL ITALY

Ccy

143



Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets


JERSEY

0.8618,792.7419,293.61TOTAL JERSEY

1,400 UNILEVER NV - CERT OF SHS EUR 29.275 40,985.00 1.8838,793.31

NETHERLANDS



EUR 8.948 48,900.82 2.2438,408.02

SPAIN

5,000 BANCO SANTANDER SA - REG SHS EUR 6.506 32,530.00 1.4932,043.951,800 TELEFONICA SA EUR 11.835 21,303.00 0.9821,922.83

4.71102,733.8292,374.80TOTAL SPAIN


SWITZERLAND


700 CHEVRON CORP USD 124.910 63,454.34 2.9162,282.95


400 UNITED TECHNOLOGIES CORP USD 113.800 33,034.55 1.5131,252.644.4296,488.8993,535.59TOTAL UNITED STATES OF AMERICA

TOTAL EQUITIES 30.95675,015.58634,050.80


77.431,688,732.381,594,793.36

680.0000 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -DH-EUR-

EUR 163.200 110,976.00 5.09100,775.40



INVESTMENT FUNDS


7,200.000 JPMORGAN FUNDS SICAV GLOBAL CONVERTIBLESEUR-A-EUR

EUR 14.050 101,160.00 4.6499,691.00

WORLD

4.64101,160.0099,691.00TOTAL WORLD






Ccy

144




Spain 46.64France 11.50United States of America 9.51Italy 5.75Germany 5.15World 4.64Netherlands 1.88Switzerland 1.23Jersey 0.86

TOTAL INVESTMENTS


87.16

% ofnet

assets

COUNTRIES

145




Holding and finance companies 19.22Government bonds 14.04Investment funds 9.73Data transmission 9.68Oil 8.63Banks and other credit institutions 3.73Aeronautical and astronomical industry 3.56Graphic industry and publishing houses 3.08Road vehicles 2.44Electrotechnical and electronic industry 2.37Chemicals 1.89Foodstuffs and non-alcoholic drinks 1.88Internet and software services 1.57Pharmaceutical and cosmetics industry 1.41Rubber and tyres 1.06Energy and public utilities 1.04Textiles and clothing industry 0.97Miscellaneous trading companies 0.86


assets

TOTAL INVESTMENTS


87.16

146

BBVA DURBANA INTERNATIONAL FUND ESTAY


ASSETS


1,814,582.48


Other assets:- Interest receivable 187.08- Dividend receivable 128.07- Formation/reorganisation expenses, net (see notes)4,941.00

2,140,193.07

LIABILITIES

Bank overdraft:- Cash at sight (see notes) 0.52


6,724.40

NET ASSETS 2,133,468.67

(in EUR)



CLASS A103.32

20,650.000

147


STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from April 15, 2013 to December 31, 2013


INCOME

Income from investments:- Dividends, net (see notes)2,309.07- Bond interest, net (see notes)1,671.49Other income 1,189.90

5,170.46

EXPENSES



Other expenses:- Annual tax (see notes) 401.10- Amortisation of formation/reorganisation expenses (see notes) 809.00- Audit and legal fees 1,595.07- Printing and publishing fees 33.54- Transaction fees 458.75- Administrative and other expenses (284.10)

19,216.68


Net realised result on:- Sales of investments and futures (see notes)(68,177.51)- Foreign exchange (3,906.02)




68,458.67


Subscriptions of shares 2,065,010.002,065,010.00


(in EUR)


149



Period from April 15, 2013 to December 31, 2013




Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

* First valuation

19,650.000 100.001,965,000.00Class A04.15.13* EUR

20,650.000 103.322,133,468.67Class A12.31.13 EUR

Class A






Highest 103.3212.31.13

Lowest 94.0406.25.13


SHARES

150





Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

51,000.00 TELEFONICA SA EUR 100.625 51,318.75 2.4125,213.564.184% 11.29.22-11.29.12

SPAIN

BONDS


2.4151,318.7525,213.56TOTAL SPAIN

TOTAL BONDS 2.4151,318.7525,213.56

1,100 CSL LTD AUD 68.960 49,250.34 2.3150,274.06

AUSTRALIA

EQUITIES

2.3149,250.3450,274.06TOTAL AUSTRALIA

2,500 CAMECO CORP (USD) USD 20.770 37,682.75 1.7737,179.27

CANADA

1.7737,682.7537,179.27TOTAL CANADA

1,000 EUROPEAN AERONAUTIC DEFENCE AND SPACE NV EUR 55.810 55,810.00 2.6246,434.56

FRANCE

2.6255,810.0046,434.56TOTAL FRANCE

355 LINDE AG EUR 152.050 53,977.75 2.5349,974.90

GERMANY

290 VOLKSWAGEN AG EUR 196.900 57,101.00 2.6749,639.855.20111,078.7599,614.75TOTAL GERMANY

4,100 HOEGH LNG HOLDING LTD NOK 47.800 23,443.08 1.1023,521.01

NORWAY

1.1023,443.0823,521.01TOTAL NORWAY

200 ROCHE HOLDING AG -BJ- CHF 249.200 40,669.74 1.9140,055.01

SWITZERLAND


8,770 BP PLC GBP 4.881 51,446.54 2.4150,074.02

UNITED KINGDOM

1,000 RECKITT BENCKISER GROUP PLC GBP 47.930 57,610.23 2.7053,812.335.11109,056.77103,886.35TOTAL UNITED KINGDOM

3,330 BANK OF AMERICA CORP USD 15.570 37,626.94 1.7637,912.96


745 BAXTER INTERNATIONAL INC USD 69.550 37,602.74 1.7636,672.885,490 CHESAPEAKE ENERGY CORP USD 27.140 108,130.52 5.0694,987.99

50 GOOGLE INC -A- USD 1,120.710 40,665.80 1.9137,376.491,305 MICROSOFT CORP USD 37.430 35,448.38 1.6636,839.88

Ccy

151



Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

13,300 SIRIUS XM HOLDINGS INC USD 3.490 33,685.51 1.5836,784.7613.73293,159.89280,574.96TOTAL UNITED STATES OF AMERICA

TOTAL EQUITIES 33.75720,151.32681,539.97


36.16771,470.07706,753.53

8,900.000 FRANKLIN TEMPLETON INV FUNDS SICAVFRANKLIN MUTUAL EUROPEAN -H1- CHF

CHF 15.040 109,227.30 5.12106,772.03

EUROPEAN COMMUNITY


INVESTMENT FUNDS

15,800.000 FRANKLIN TEMPLETON INVESTMENT FUNDS SICAVEUROP GROWTH FD -A- (EUR)

EUR 14.480 228,784.00 10.72201,838.00


186.000 JULIUS BAER MULTISTOCK SICAV SWISS SMALL &MID CAP STOCK FUND -C-

CHF 587.240 89,129.59 4.1880,847.40

SWITZERLAND

212.000 JULIUS BAER MULTISTOCK SICAV SWISS STOCK -B-FUND

CHF 493.050 85,294.33 4.0080,756.61


23,300.00 BLACKROCK GLOBAL FUNDS SICAV US GROWTH -D2RF-

USD 13.720 231,993.67 10.87211,425.56



480.000 JPMORGAN FUNDS SICAV GLOBAL HEALTHCARE -AUSD-

USD 238.220 82,982.32 3.8967,600.53

WORLD

3.8982,982.3267,600.53TOTAL WORLD

TOTAL OPEN-ENDED INVESTMENT FUNDS 48.891,043,112.41953,240.53

TOTAL INVESTMENT FUNDS 48.891,043,112.41953,240.53




Ccy

152




European Community 25.95United States of America 24.60Switzerland 10.09Germany 5.20United Kingdom 5.11World 3.89France 2.62Spain 2.41Australia 2.31Canada 1.77Norway 1.10

TOTAL INVESTMENTS


85.05

% ofnet

assets

COUNTRIES

153




Investment funds 48.89Oil 7.47Pharmaceutical and cosmetics industry 3.67Internet and software services 3.57Miscellaneous consumer goods 2.70Road vehicles 2.67Aeronautical and astronomical industry 2.62Machinery and apparatus construction 2.53Data transmission 2.41Biotechnology 2.31Mining industry 1.77Banks and other credit institutions 1.76Holding and finance companies 1.58Transportation 1.10


assets

TOTAL INVESTMENTS


85.05

154

BBVA DURBANA INTERNATIONAL FUND AMURA


ASSETS


13,617,265.57


Other assets:- Interest receivable 96,295.58- Dividend receivable 927.17- Formation/reorganisation expenses, net (see notes)2,284.00

16,370,414.33

LIABILITIES


17,486.39

NET ASSETS 16,352,927.94

(in EUR)



CLASS A109.99

148,670.491

155




INCOME

Income from investments:- Dividends, net (see notes)71,321.66- Bond interest, net (see notes)251,269.48Bank interest, net 28,231.63Other income 1,640.93

352,463.70

EXPENSES


Other expenses:- Annual tax (see notes)6,553.90- Amortisation of formation/reorganisation expenses (see notes)1,152.00- Audit and legal fees 12,553.42- Printing and publishing fees 641.79- Transaction fees 913.89- Administrative and other expenses 2,628.96

62,741.94






1,080,716.39


(in EUR)


157







Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

108,530.000 96.1810,438,732.41Class A12.31.11 EUR

148,670.491 102.7315,272,211.55Class A12.31.12 EUR

148,670.491 109.9916,352,927.94Class A12.31.13 EUR

Class A






Highest 110.4011.18.13

Lowest 103.3202.04.13


SHARES

158





Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

350,000 COMUNIDAD DE MADRID EUR 103.965 363,877.50 2.23347,832.254.75% 03.26.15-03.26.12

SPAIN

BONDS



EUR 100.755 705,285.00 4.31703,877.25

4.8% 03.17.14-01.25.11300,000 FONDO DE AMORTIZACION DEL DEFICIT

ELECTRICOEUR 104.500 313,500.00 1.92299,032.25

4% 12.17.15-12.11.12700,000 FONDO DE AMORTIZACION DEL DEFICIT

ELECTRICOEUR 105.125 735,875.00 4.50722,437.25

5% 06.17.15-02.24.111,000,000 FONDO DE RESTRUCTURACION ORDENADA

BANCARIAEUR 101.565 1,015,650.00 6.21968,201.25

3% 11.19.14-11.19.09300,000 JUNTA DE CASTILLA Y LEON EUR 102.110 306,330.00 1.87294,937.25

4.5% 10.31.14-03.30.12400,000 BBVA INTERNATIONAL PREFERRED SA FRN SERIES

Z - PERPETUALGBP 103.900 499,537.07 3.05443,500.34

9.1% 10.29.49400,000 SANTANDER FINANCE PREFERRED SA

UNIPERSONAL FRN - PERPETUALGBP 104.006 500,046.70 3.06490,494.43

11.3% 07.27. 927.154,440,101.274,270,312.27TOTAL SPAIN

TOTAL BONDS 27.154,440,101.274,270,312.27

2,820 BNP PARIBAS SA EUR 56.650 159,753.00 0.98149,708.89

FRANCE

EQUITIES

3,400 DANONE EUR 52.320 177,888.00 1.09163,934.293,370 GDF SUEZ EUR 17.095 57,610.15 0.3599,380.021,120 L'OREAL SA EUR 127.700 143,024.00 0.8799,777.96

3.29538,275.15512,801.16TOTAL FRANCE

2,465 BASF SE REG EUR 77.490 191,012.85 1.17140,109.13

GERMANY

3,400 DEUTSCHE BANK AG - REG SHS EUR 34.675 117,895.00 0.72149,252.831,750 DEUTSCHE BOERSE AG - REG SHS EUR 60.200 105,350.00 0.64100,045.58

2.53414,257.85389,407.54TOTAL GERMANY

6,520 KONINKLIJKE PHILIPS NV EUR 26.645 173,725.40 1.06150,540.58

NETHERLANDS


500 INDUSTRIA DE DISENO TEXTIL INDITEX SA - REGSHS

EUR 119.800 59,900.00 0.3735,927.83

SPAIN

Ccy

159



Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets


300 AMAZON.COM INC USD 398.790 86,822.37 0.5260,432.75


1,900 COCA COLA CO USD 41.310 56,960.64 0.3559,921.4196 GOOGLE INC -A- USD 1,120.710 78,078.34 0.4860,311.25

790 MC DONALD'S CORP USD 97.030 55,628.74 0.3460,471.67980 PEPSICO INC USD 82.940 58,986.99 0.3659,943.98

2,700 PFIZER INC USD 30.630 60,017.36 0.3759,921.411,130 TARGET CORP USD 63.270 51,885.07 0.3260,372.28

465 VISA INC -A- USD 222.680 75,145.03 0.4660,339.823.20523,524.54481,714.57TOTAL UNITED STATES OF AMERICA

TOTAL EQUITIES 13.802,256,459.942,334,521.61


40.956,696,561.216,604,833.88

27,000.000 FRANKLIN TEMPLETON INV FUNDS SICAV ASIANGROWTH-A-ACC-EUR-

EUR 23.610 637,470.00 3.90741,265.00

ASIA


INVESTMENT FUNDS

3.90637,470.00741,265.00TOTAL ASIA

1,900 ISHARES MSCI BRAZIL CAPPED INDEX USD 44.680 61,607.40 0.38100,901.30

BRAZIL

0.3861,607.40100,901.30TOTAL BRAZIL

68,700.0000 CF NEPTUNE INVESTMENT FUND EUROPEANOPPORTUNITIES -B-

GBP 4.475 369,523.41 2.26296,318.27

EUROPEAN COMMUNITY


11,180.00 HENDERSON HORIZON FUND SICAV AMERICANEQUITY -A2-

USD 17.430 141,418.20 0.8698,720.98

NORTH AMERICA

0.86141,418.2098,720.98TOTAL NORTH AMERICA

69,000 ACCION IBEX 35 ETF FI EUR 10.050 693,450.00 4.24559,414.12

SPAIN

4.24693,450.00559,414.12TOTAL SPAIN

52,836.56 FIDELITY FUNDS SICAV US HIGH YIELD -A- USD 12.320 472,401.58 2.89437,694.17


84,000.000 PIMCO FUNDS GIS PLC TOTAL RETURN BOND -E- USD 24.080 1,467,918.24 8.971,617,703.956,700 POWERSHARES QQQ TRUST SERIES 1 USD 87.960 427,687.07 2.62359,686.47

189.000 UBAM SICAV NEUBERGER BERMAN US EQUITYVALUE -IC-

USD 1,025.720 140,687.89 0.8697,489.20


10,100 BELGRAVIA BETA SICAV SA EUR 32.710 330,371.00 2.02300,179.44

WORLD

736.00000 BESTINVER SICAV INTERNATIONAL -R- EUR 527.068 387,922.05 2.37299,839.2233,880.00 HENDERSON STRATEGIC INVESTMENT FUNDS

CREDIT ALPHA -EUR-Y-EUR 10.970 371,666.99 2.27350,068.29

2,575.000 PARETURN SICAV CARTESIO EQUITY -IB- EUR 136.350 351,101.25 2.15299,458.7514,100.000 MORGAN STANLEY INVESTMENT FUNDS SICAV

GLOBAL BRANDS -Z-USD-USD 42.080 430,587.03 2.63312,472.18

3,200.0000 ROBECO CAPITAL GROWTH FUNDS SICAV HIGHYIELD BONDS-IH-USD-

USD 209.610 486,774.79 2.98442,857.29

Ccy

160



Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

792.00 UOB GLOBAL STRATEGIES FUND PLC PARADIGM -B-USD

USD 261.180 150,117.46 0.92102,301.21

15.342,508,540.572,107,176.38TOTAL WORLD





TOTAL NET ASSETS 100.0016,352,927.94

Ccy

161




Spain 35.11United States of America 18.54World 15.34Asia 3.90France 3.29Germany 2.53European Community 2.26Netherlands 1.06North America 0.86Brazil 0.38

TOTAL INVESTMENTS


83.27

% ofnet

assets

COUNTRIES

162




Investment funds 42.32Holding and finance companies 12.96Mortgage & funding institutions MBA 10.73Data transmission 3.35Government bonds 2.23Banks and other credit institutions 2.16Other 1.87Foodstuffs and non-alcoholic drinks 1.80Chemicals 1.17Electronics and semiconductors 1.06Luxury industries 0.87Retail trade 0.84Internet and software services 0.48Pharmaceutical and cosmetics industry 0.37Textiles and clothing industry 0.37Energy and public utilities 0.35Hotels, restaurants and leisure 0.34


assets

TOTAL INVESTMENTS


83.27

163

BBVA DURBANA INTERNATIONAL FUND BITACORA


ASSETS


5,561,147.89


Other assets:- Formation/reorganisation expenses, net (see notes)2,096.00

5,576,635.18

LIABILITIES


15,013.74

NET ASSETS 5,561,621.44

(in EUR)



CLASS A111.49

49,885.000

164




INCOME

Income from investments:- Dividends, net (see notes) 158.74Other income 23,790.56

23,949.30

EXPENSES



Other expenses:- Annual tax (see notes) 432.65- Amortisation of formation/reorganisation expenses (see notes)1,152.00- Audit and legal fees 4,188.55- Printing and publishing fees 269.58- Transaction fees 175.00- Administrative and other expenses 1,947.11

71,982.52






810,225.51


(in EUR)


166







Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

44,710.000 84.163,762,668.69Class A12.31.11 EUR

49,885.000 95.254,751,395.93Class A12.31.12 EUR

49,885.000 111.495,561,621.44Class A12.31.13 EUR

Class A






Highest 111.4912.31.13

Lowest 94.8401.02.13


SHARES

167






security

Marketvalue

(see notes)

% ofnet

assets

8,000.00 SCHRODER INTL SELECTION SICAV ASIAN EQUITYYIELD -A-

USD 23.630 137,189.16 2.47151,144.33

ASIA


INVESTMENT FUNDS

2.47137,189.16151,144.33TOTAL ASIA

6,900.00 INVESCO FUNDS SICAV GREATER CHINA EQUITY-C USD 49.330 247,016.69 4.44228,265.87

CHINA

4.44247,016.69228,265.87TOTAL CHINA

19,250.000 FRANKLIN TEMPLETON INVESTMENT FUNDS SICAVEUROP GROWTH FD -A- (EUR)

EUR 14.480 278,740.00 5.01273,465.00

EUROPEAN COMMUNITY

9,750.000 JP MORGAN FUNDS SICAV EUROPE SMALL CAP -A- EUR 18.540 180,765.00 3.25172,007.5013,600.000 JPMORGAN FUNDS SICAV EUROPE EQUITY PLUS -

JPM A-EUREUR 12.270 166,872.00 3.00148,763.00


31,200.00 FIDELITY FUNDS SICAV IBERIA -A-ACC EUR EUR 14.030 437,736.00 7.87340,018.00



1,060.000 DWS AKTIEN STRATEGIE DEUTSCHLAND FD EUR 258.570 274,084.20 4.92171,056.50

GERMANY

1,330.000 DWS DEUTSCHLAND FUND EUR 162.100 215,593.00 3.88149,973.098.80489,677.20321,029.59TOTAL GERMANY

42,400.00 FIDELITY FUNDS SICAV ITALY-E-EUR ACC EUR 7.247 307,272.80 5.52258,076.60

ITALY

5.52307,272.80258,076.60TOTAL ITALY

6,600.000 GOLDMAN SACHS FUNDS SICAV JAPAN PORTFOLIO-OTHER CCY-ACC-EUR-HDG

EUR 15.830 104,478.00 1.8892,053.00

JAPAN

1.88104,478.0092,053.00TOTAL JAPAN

12,700.000 JPMORGAN FUNDS SICAV RUSSIA -A- USD 12.820 118,156.56 2.12112,682.56

RUSSIA

2.12118,156.56112,682.56TOTAL RUSSIA

13,125.00 INVESCO FUNDS SICAV US VALUE EQUITY A USD 30.620 291,655.79 5.25288,605.15


2,606.000 LEGG MASON GLOBAL FUNDS PLC CLEARBRIDGEUS AGGRESSIVE GRW -A-

USD 151.080 285,724.50 5.14202,153.75

20,360.255 MFS MERIDIAN FD SICAV US CONCENTRATEDGROWTH -A1-

USD 14.050 207,599.18 3.73149,828.57

18,000.000 MFS MERIDIAN SICAV US VALUE -A1- USD 20.380 266,221.29 4.79206,982.406,455.000 MORGAN STANLEY INVEST FUNDS SICAV US

GROWTH -A-USD-USD 59.140 277,040.76 4.98273,172.18

2,096.0000 ROBECO CAPITAL GROWTH FUNDS SICAV USPREMIUM EQUITIES -D-

USD 182.790 278,041.62 5.00188,630.32

Ccy

168




security

Marketvalue

(see notes)

% ofnet

assets

290.000 UBS (LUX) EQUITY FCP SMALL CAPS USA -P- USD 660.830 139,076.53 2.5095,813.5331.391,745,359.671,405,185.90TOTAL UNITED STATES OF AMERICA

10,000.000 CREDIT SUISSE EQUITY FUND (LUX) FCP GLOBALPRESTIGE -B-

EUR 19.640 196,400.00 3.53156,615.00

WORLD

9,350.000 M&G OPTIMAL INCOME FUND -A-EUR- EUR 17.660 165,124.74 2.97150,971.971,300.00000 PICTET SICAV PREMIUM BRANDS-P-EUR EUR 126.770 164,801.00 2.96123,576.00

1,130.0000 ROBECO CAPITAL GROWTH FUNDS SICAV GLOBALCONSUMER TRENDS EQ-D-EUR-

EUR 118.750 134,187.50 2.41132,212.00

11,100.000 ABERDEEN GLOBAL SICAV EMERGING MARKETSSMALLER COMPANIES -A2-

USD 18.477 148,841.91 2.68138,985.66

8,500.000 FRANKLIN TEMPLETON INVESTMENT FUNDS SICAVBIOTECNO DISCOVERY -A-

USD 23.310 143,789.54 2.5993,534.09

6,070.000 MORGAN STANLEY INVEST FUNDS SICAV GLOBALBRANDS FUND -A- USD

USD 89.610 394,740.12 7.10294,815.67

24.241,347,884.811,090,710.39TOTAL WORLD






Ccy

169




United States of America 31.39World 24.24European Community 11.26Germany 8.80European Monetary Union 7.87Italy 5.52China 4.44Asia 2.47Russia 2.12Japan 1.88

TOTAL INVESTMENTS


99.99

% ofnet

assets

COUNTRIES

170




Investment funds 99.99


assets

TOTAL INVESTMENTS


99.99

171

BBVA DURBANA INTERNATIONAL FUND SEXTANTE


ASSETS


2,623,175.02


Other assets:- Interest receivable 4,874.22- Formation/reorganisation expenses, net (see notes)4,127.00- Unrealised gain on futures (see notes)50,956.91

3,014,270.04

LIABILITIES


Other liabilities:- Taxes and expenses payable 8,671.19- Unrealised loss on futures (see notes) 68.04

116,036.91

NET ASSETS 2,898,233.13

(in EUR)



CLASS A99.60

29,100.000

172



NET ASSETS AT THE BEGINNING OF THE YEAR 940,179.47

INCOME

Income from investments:- Dividends, net (see notes)12,370.04- Bond interest, net (see notes)34,862.73Other income 2,394.63

49,627.40

EXPENSES



Other expenses:- Annual tax (see notes)1,139.59- Amortisation of formation/reorganisation expenses (see notes)1,152.00- Audit and legal fees 2,114.77- Printing and publishing fees 184.61- Transaction fees 7,902.17- Administrative and other expenses 804.60

41,655.35




Change in net unrealised appreciation/(depreciation) on:- Investments 45,984.94- Futures 50,888.87


226,405.66




(in EUR)


174







Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

* first valuation

9,900.000 100.00990,000.00Class A07.23.12* EUR

9,900.000 94.97940,179.47Class A12.31.12 EUR

29,100.000 99.602,898,233.13Class A12.31.13 EUR

Class A






Highest 99.6012.31.13

Lowest 87.5206.25.13


SHARES

175





Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

100,000 ABENGOA SA EMTN EUR 109.340 109,340.00 3.7799,407.258.5% 03.31.16-03.31.10

SPAIN

BONDS


100,000 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SACONV

EUR 99.985 99,985.00 3.4594,637.25

6.5% 10.30.14-10.30.09155,000 REPSOL SA EUR 98.490 152,659.97 5.27147,897.25


4.184% 11.29.22-11.29.1215.09437,453.72379,257.31TOTAL SPAIN

TOTAL BONDS 15.09437,453.72379,257.31

19,300 AMBEV SA ADR USD 7.350 102,946.30 3.55119,074.33

BRAZIL

EQUITIES

3.55102,946.30119,074.33TOTAL BRAZIL

4,400 BUREAU VERITAS REGISTRE INTL DE CLASSIF DENAVIRES ET D'AERONEFS SA

EUR 21.245 93,478.00 3.23102,411.30

FRANCE

1,200 CIE GENERALE D'OPTIQUE ESSILORINTERNATIONAL SA

EUR 77.280 92,736.00 3.20100,299.58

1,000 L'OREAL SA EUR 127.700 127,700.00 4.41131,471.69800 LOUIS VUITTON MOET HENESSY SA EUR 132.600 106,080.00 3.66106,416.68

14.50419,994.00440,599.25TOTAL FRANCE

2,236 DAIMLER AG - REG SHS EUR 62.900 140,644.40 4.85136,043.81

GERMANY

1,002 LINDE AG EUR 152.050 152,354.10 5.26145,661.033,980 SUEDZUCKER AG EUR 19.620 78,087.60 2.69107,155.98

12.80371,086.10388,860.82TOTAL GERMANY

1,950 HEINEKEN NV EUR 49.080 95,706.00 3.30108,203.37

NETHERLANDS


2,700 SABMILLER PLC GBP 31.010 100,637.01 3.4799,834.79


434 APPLE INC USD 561.110 176,727.38 6.10163,194.89700 CHEVRON CORP USD 124.910 63,454.34 2.1962,458.68

3,950 COCA COLA CO USD 41.310 118,418.18 4.09113,442.19600 IBM CORP USD 187.570 81,673.42 2.8285,440.70

Ccy

176



Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

1,000 UNITED TECHNOLOGIES CORP USD 113.800 82,586.37 2.8578,351.1421.52623,496.70602,722.39TOTAL UNITED STATES OF AMERICA

TOTAL EQUITIES 55.671,613,229.101,659,460.16


70.762,050,682.822,038,717.47


EUR 14.050 167,195.00 5.77149,103.00

WORLD


INVESTMENT FUNDS

15,000.000 M&G OPTIMAL INCOME FUND -A-EUR- EUR 17.660 264,906.00 9.14249,607.004,150 ISHARES III PLC S&P500 UCITS -USD- USD 46.615 140,391.20 4.84139,762.61

19.75572,492.20538,472.61TOTAL WORLD






Ccy

177




United States of America 21.52World 19.75Spain 15.09France 14.50Germany 12.80Brazil 3.55Netherlands 3.30

TOTAL INVESTMENTS


90.51

% ofnet

assets

COUNTRIES

178




Investment funds 19.75Tobacco and alcohol 10.32Office supplies and computers 8.92Oil 7.46Building and building materials 7.22Foodstuffs and non-alcoholic drinks 6.78Aeronautical and astronomical industry 6.08Machinery and apparatus construction 5.26Road vehicles 4.85Luxury industries 4.41Textiles and clothing industry 3.66Pharmaceutical and cosmetics industry 3.20Data transmission 2.60


assets

TOTAL INVESTMENTS


90.51

179

BBVA DURBANA INTERNATIONAL FUND SPINNAKER


ASSETS


2,586,774.67


Other assets:- Interest receivable 26,263.39- Dividend receivable 96.87- Formation/reorganisation expenses, net (see notes)3,978.00

2,934,546.96

LIABILITIES


8,285.54

NET ASSETS 2,926,261.42

(in EUR)



CLASS A96.74

30,250.000

180




INCOME


58,799.44

EXPENSES



Other expenses:- Annual tax (see notes)1,332.41- Amortisation of formation/reorganisation expenses (see notes)1,152.00- Audit and legal fees 2,267.01- Printing and publishing fees 174.54- Transaction fees 3.42- Administrative and other expenses 604.17

31,706.30






(5,104.04)


Subscriptions of shares 996,197.50996,197.50


(in EUR)


182







Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

* first valuation

20,000.000 100.002,000,000.00Class A07.13.12* EUR

20,000.000 96.761,935,167.96Class A12.31.12 EUR

30,250.000 96.742,926,261.42Class A12.31.13 EUR

Class A






Highest 97.2404.02.13

Lowest 95.4410.07.13


SHARES

183





Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

80,000 ANHEUSER-BUSCH INBEV NV EUR 100.885 80,708.00 2.7686,162.456.57% 02.27.14-02.27.09

BELGIUM

BONDS


2.7680,708.0086,162.45TOTAL BELGIUM

100,000 CARREFOUR BANQUE SA EMTN EUR 103.365 103,365.00 3.53103,647.252.875% 09.25.15-09.25.12

FRANCE

100,000 KERING EUR 103.725 103,725.00 3.55105,047.253.75% 04.08.15-04.08.10

7.08207,090.00208,694.50TOTAL FRANCE

100,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCEEMTN

EUR 103.620 103,620.00 3.54103,827.25

4% 01.19.15-01.19.05

GERMANY

75,000 E.ON INTERNATIONAL FINANCE BV EMTN EUR 100.260 75,195.00 2.5779,134.254.875% 01.28.14-01.28.09

150,000.00 GERMANY TREASURY BILLS EUR 99.984 149,976.00 5.13150,015.790% 03.12.14-09.11.13

11.24328,791.00332,977.29TOTAL GERMANY

100,000 ENEL FINANCE INTERNATIONAL NV REG-SHS USD 111.595 80,986.17 2.7782,734.196.25% 09.15.17-09.20.07

ITALY

2.7780,986.1782,734.19TOTAL ITALY

100,000 KONINKLIJKE KPN NV EMTN EUR 104.425 104,425.00 3.57106,578.254% 06.22.15-06.22.05

NETHERLANDS



SPAIN

100,000 SANTANDER US DEBT SA UNIPERSONAL REG SHS USD 103.255 74,933.70 2.5676,855.153.781% 10.07.15-10.07.10

6.19181,253.70183,516.40TOTAL SPAIN

100,000 VOLVO TREASURY AB FRN EMTN EUR 100.610 100,610.00 3.44100,224.251.017% 05.16.16-05.16.13

SWEDEN

3.44100,610.00100,224.25TOTAL SWEDEN

Ccy

184



Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

100,000 BP CAPITAL MARKETS PLC EMTN EUR 101.960 101,960.00 3.48103,221.253.1% 10.07.14-10.07.10

UNITED KINGDOM


40,000 BANK OF AMERICA CORP USD 102.425 29,732.54 1.0234,460.277.375% 05.15.14-05.13.09


125,000 MORGAN STANLEY USD 102.955 93,394.98 3.1998,983.634.2% 11.20.14-11.20.09

125,000 TIME WARNER CABLE INC USD 102.680 93,145.52 3.1899,209.843.5% 02.01.15-12.11.09

150,000 US TREASURY NOTES USD 100.047 108,908.28 3.72110,584.840.25% 04.30.14-04.30.12

250,000 US TREASURY NOTES - SERIES AH-2014 USD 100.027 181,478.35 6.20190,569.190.25% 01.31.14-01.31.12

100,000 US TREASURY NOTES - SERIES AK-2014 USD 100.051 72,608.35 2.4875,060.870.25% 03.31.14-03.31.12


TOTAL BONDS 60.321,765,091.891,812,977.22

600 BNP PARIBAS SA EUR 56.650 33,990.00 1.1629,945.90

FRANCE

EQUITIES

1,700 GDF SUEZ EUR 17.095 29,061.50 0.9930,902.99450 SANOFI EUR 77.120 34,704.00 1.1936,378.91

3.3497,755.5097,227.80TOTAL FRANCE

300 ALLIANZ SE - REG SHS EUR 130.350 39,105.00 1.3435,191.14

GERMANY

450 BASF SE REG EUR 77.490 34,870.50 1.1931,388.55550 SAP AG EUR 62.310 34,270.50 1.1730,378.03400 SIEMENS AG - REG SHS EUR 99.290 39,716.00 1.3530,620.02

5.05147,962.00127,577.74TOTAL GERMANY

1,900 ENI SPA EUR 17.490 33,231.00 1.1435,242.24

ITALY

1.1433,231.0035,242.24TOTAL ITALY


LUXEMBOURG


700 ASML HOLDING NV EUR 68.040 47,628.00 1.6347,160.91

NETHERLANDS



SPAIN

1,000 RED ELECTRICA CORPORACION SA EUR 48.500 48,500.00 1.6646,623.613,000 TELEFONICA SA EUR 11.835 35,505.00 1.2135,112.01

4.65136,053.00132,608.81TOTAL SPAIN

6,800 TESCO PLC GBP 3.344 27,327.66 0.9330,276.43

UNITED KINGDOM

Ccy

185



Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

15,500 VODAFONE GROUP PLC GBP 2.370 44,154.22 1.5135,245.532.4471,481.8865,521.96TOTAL UNITED KINGDOM

TOTAL EQUITIES 19.49570,427.38534,362.93


79.812,335,519.272,347,340.15

900 ISHARES V PLC MSCI JAPAN EUR HEDGED UCITSETF

EUR 38.630 34,767.00 1.1931,324.26

JAPAN


INVESTMENT FUNDS

1.1934,767.0031,324.26TOTAL JAPAN

700 POWERSHARES QQQ TRUST SERIES 1 USD 87.960 44,683.72 1.5341,047.04


650 SELECT SECTOR SPDR TRUST ENERGY USD 88.510 41,751.47 1.4340,531.202,700 SELECT SECTOR SPDR TRUST FINANCIAL USD 21.860 42,833.15 1.4640,238.941,150 SELECT SECTOR SPDR TRUST INDUSTRIAL USD 52.260 43,614.75 1.4940,252.681,300 SELECT SECTOR SPDR TRUST MATERIALS USD 46.220 43,605.31 1.4940,970.54







Ccy

186




United States of America 27.19Germany 16.29Spain 10.84France 10.42United Kingdom 5.92Netherlands 5.20Italy 3.91Sweden 3.44Belgium 2.76Luxembourg 1.24Japan 1.19

TOTAL INVESTMENTS


88.40

% ofnet

assets

COUNTRIES

187




Holding and finance companies 25.08Government bonds 17.53Data transmission 13.10Investment funds 8.59Retail trade 4.48Banks and other credit institutions 3.96Tobacco and alcohol 2.76Energy and public utilities 2.65Electronics and semiconductors 1.63Electrotechnical and electronic industry 1.35Insurance 1.34Mining industry 1.24Chemicals 1.19Pharmaceutical and cosmetics industry 1.19Internet and software services 1.17Oil 1.14


assets

TOTAL INVESTMENTS


88.40

188

BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA RENTA PLUS EUR



INCOME


28,098.54

EXPENSES



Other expenses:- Annual tax (see notes) 239.10- Amortisation of formation/reorganisation expenses (see notes) 208.55- Audit and legal fees 330.18- Printing and publishing fees 101.88- Administrative and other expenses 6,578.88

22,778.92


Net realised result on:- Sales of investments and futures (see notes)443,098.82- Foreign exchange 4,440.51




6,119.50



(6,660,519.09)


(in EUR)


189

BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA RENTA PLUS EUR






Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

** last valuation

79,502.000 91.627,283,656.04Class D12.31.11 EUR

61,347.000 108.476,654,399.59Class D12.31.12 EUR

38,477.000 108.394,170,357.2303.04.13 Class D** EUR

Class D






Highest 109.2001.10.13

Lowest 107.5102.06.13


**

SHARES

190

BBVA DURBANA INTERNATIONAL FUND BBVA GLOBAL BOND FUND(previously BBVA DURBANA RENTA PLUS USD)


ASSETS


60,476,499.92


Other assets:- Interest receivable 532,860.93- Formation/reorganisation expenses, net (see notes)7,322.94- Unrealised gain on futures (see notes)276,798.21

67,767,678.32

LIABILITIES



(see notes) 328.33

- Other 37,835.70829,221.48

NET ASSETS 66,938,456.84

(in USD)



CLASS A EUR


CLASS A USD


CLASS I EUR

97.34,488.654

103.54627,388.086

99.6910,000.000

191




INCOME

Income from investments:- Dividends, net (see notes)8,558.77- Bond interest, net (see notes)1,662,818.88Other income 2,811.10

1,674,188.75

EXPENSES




1,119,832.88


Net realised result on:- Sales of investments and futures (see notes)(573,187.79)- Foreign exchange 239,091.02


Change in net unrealised appreciation/(depreciation) on:- Investments (1,424,039.51)- Forward foreign exchange contracts on currencies (328.33)- Futures (29,214.13)


(1,233,322.87)



58,579,214.78


(in USD)


194




Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

* first valuation

127,404.000 89.8211,443,431.63Class USD

41,703.295 99.684,157,050.15Class A EUR03.05.13* EUR10,000.000 100.00999,970.64Class I EUR11.27.13* EUR

90,541.000 105.959,592,564.93Class USD

4,488.654 97.343 , .4Class A EUR12.31.13 EUR627,388.086 103.5464,9 , .Class A USD USD10,000.000 99.69996,948.38Class I EUR EUR


195





Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

2,125,000 AUSTRALIA - SERIES 133 AUD 110.250 2,095,997.45 3.132,178,953.635.5% 04.21.23-05.23.11

AUSTRALIA

BONDS


3.132,095,997.452,178,953.63TOTAL AUSTRALIA

2,125,000 AUSTRIA EUR 100.150 2,932,538.94 4.382,938,545.701.15% 10.19.18-09.27.13

AUSTRIA

859,000 AUSTRIA EUR 95.515 1,130,573.09 1.691,138,739.841.75% 10.20.23-04.17.13

6.074,063,112.034,077,285.54TOTAL AUSTRIA

1,550,000.00 BELGIUM OLO SERIE 63 EUR 109.220 2,332,747.70 3.482,282,094.513.5% 06.28.17-03.28.11

BELGIUM

895,000.00 BELGIUM OLO SERIE 68 EUR 97.480 1,202,188.19 1.801,193,096.432.25% 06.22.23-01.16.13

827,000 SOLVAY FINANCE FRN - PERPETUAL EUR 102.696 1,170,288.50 1.751,115,417.874.199% 11.12.13

7.034,705,224.394,590,608.81TOTAL BELGIUM

4,425,000 CANADA CAD 102.050 4,250,083.08 6.354,470,277.062.5% 06.01.15-11.23.09

CANADA

6.354,250,083.084,470,277.06TOTAL CANADA

1,500,000 FRANCE OAT EUR 112.805 2,331,597.11 3.492,294,470.774.25% 10.25.17-09.11.07

FRANCE

850,000 CREDIT AGRICOLE SA LONDON BRANCH REG-S USD 99.495 845,707.50 1.26846,474.212.125% 04.17.18-04.17.13

4.753,177,304.613,140,944.98TOTAL FRANCE

750,000 ENEL FINANCE INTERNATIONAL NV REG-SHS USD 111.595 836,962.50 1.25834,487.506.25% 09.15.17-09.20.07

ITALY

1.25836,962.50834,487.50TOTAL ITALY

1,000,000 ABBEY NATIONAL TREASURY SERVICES PLC EMTN EUR 98.510 1,357,419.92 2.031,344,023.591.625% 11.26.20-11.26.13

SPAIN

1,300,000 AYT CEDULAS CAJAS V FONDO DE TITULIZATIONDE ACTIVOS SERIES -B-

EUR 107.645 1,928,284.52 2.881,701,334.36

4.75% 12.04.18-12.04.03700,000 BBVA SENIOR FINANCE SA EMTN EUR 103.860 1,001,798.23 1.50904,522.34

3.25% 03.21.16-03.21.13

Ccy

196



Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

2,700,000 SPAIN EUR 105.485 3,924,536.49 5.863,825,967.025.15% 10.31.28-07.16.13


13.689,155,343.358,671,378.67TOTAL SPAIN

1,850,000 EIB EUROPEAN INVESTMENT BANK EMTN EUR 99.265 2,530,473.40 3.782,464,808.301.5% 07.15.20-03.13.13

SUPRANATIONAL ORGANISATIONS

2,125,000 EIB EUROPEAN INVESTMENT BANK USD 109.775 2,332,718.75 3.492,539,410.244.875% 02.15.36-03.02.06

1,000,000 IADB - INTERAMERICAN DEVELOPMENT BK EMTN USD 128.791 1,287,910.00 1.921,428,016.557% 06.15.25-06.12.95

9.196,151,102.156,432,235.09TOTAL SUPRANATIONAL ORGANISATIONS

13,500,000 SWEDEN SEK 108.855 2,288,080.60 3.422,383,628.423.5% 06.01.22-06.01.10

SWEDEN

3.422,288,080.602,383,628.42TOTAL SWEDEN

1,050,000 BANK OF SCOTLAND PLC EUR 112.775 1,631,683.93 2.441,579,077.153.875% 02.07.20-02.08.05

UNITED KINGDOM

650,000 BARCLAYS BANK PLC EMTN EUR 117.970 1,056,620.02 1.58980,919.256.625% 03.30.22-03.30.11

650,000 NATIONWIDE BUILDING SOCIETY EMTN EUR 103.900 930,599.48 1.39833,743.774.125% 03.20.23-03.20.13

850,000 NGG FINANCE PLC FRN EUR 101.510 1,188,944.70 1.781,093,714.224.25% 06.18.76-03.18.13

1,000,000 ROYAL BANK OF SCOTLAND PLC EMTN SERIES 3 EUR 113.165 1,559,358.70 2.331,510,727.793.875% 10.19.20-10.19.10

1,425,000.00 UNITED KINGDOM TREASURY STOCK GBP 91.505 2,159,661.93 3.222,129,822.881.75% 09.07.22-06.22.12

1,700,000 BARCLAYS BANK PLC USD 106.687 1,813,679.00 2.701,807,440.005.14% 10.14.20-10.14.10


TOTAL BONDS 70.3147,063,757.9246,715,244.76


70.3147,063,757.9246,715,244.76

425,000.00 FIDELITY FUNDS SICAV EUROPEAN HIGH YIELD-A-ACC-USD HEDGED

USD 12.300 5,227,500.00 7.815,193,658.14

EUROPEAN COMMUNITY


INVESTMENT FUNDS

7.815,227,500.005,193,658.14TOTAL EUROPEAN COMMUNITY

45,900.00000 PICTET SICAV LATIN AMERICAN LOCAL CURRENCYDEBT -I-USD-

USD 140.180 6,434,262.00 9.617,577,321.60

LATIN AMERICA

9.616,434,262.007,577,321.60TOTAL LATIN AMERICA

Ccy

197



Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

66,000.000 PIMCO GIS PLC HIGH YIELD BOND INSTITUTIONAL USD 26.530 1,750,980.00 2.621,737,197.01

WORLD

2.621,750,980.001,737,197.01TOTAL WORLD




Cash/(bank overdraft) 9.416,296,667.95Other assets and liabilities 0.2416 , .

TOTAL NET ASSETS 100.0066,938,456.84

Ccy

198




United Kingdom 15.44Spain 13.68Latin America 9.61Supranational Organisations 9.19European Community 7.81Belgium 7.03Canada 6.35Austria 6.07France 4.75Sweden 3.42Australia 3.13World 2.62Italy 1.25

TOTAL INVESTMENTS


90.35

% ofnet

assets

COUNTRIES

199




Government bonds 36.82Investment funds 20.04Banks and other credit institutions 13.73European organisations 7.27Holding and finance companies 6.28Mortgage & funding institutions MBA 2.88Supranational organisations 1.92Data transmission 1.41


assets

TOTAL INVESTMENTS


90.35

200

BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET FLEXIBLE(previously BBVA DURBANA DINAMICO)


ASSETS


23,098,638.79

Cash:- Cash at sight (see notes)511,770.07- Margin accounts (see notes)50,000.00

Other assets:- Formation/reorganisation expenses, net (see notes)3,107.66- Unrealised gain on futures (see notes)62,167.78- Unrealised gain on forward foreign exchange contracts on currencies

(see notes) 7.26

23,725,691.56

LIABILITIES



(see notes)7,315.11

1,158,751.16

NET ASSETS 22,566,940.40

(in EUR)



CLASS A EUR


CLASS A USD

121.9657,892.612

110.45193,453.468

201




INCOME

Income from investments:- Dividends, net (see notes)52,069.20- Bond interest, net (see notes) 0.22Other income 3,236.47

55,305.89

EXPENSES



Other expenses:- Annual tax (see notes)4,832.20- Amortisation of formation/reorganisation expenses (see notes)1,280.66- Audit and legal fees 17,547.55- Printing and publishing fees 528.69- Transaction fees 10,503.74- Administrative and other expenses 13,561.37

305,395.12




Change in net unrealised appreciation/(depreciation) on:- Investments (554,136.68)- Forward foreign exchange contracts on currencies (7,307.85)- Futures (45,069.73)


278,414.68



5,050,750.52


(in EUR)


203







Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share




Class A EUR






Highest 126.5303.18.13

Lowest 114.7201.02.13


Class A USD

105,997.000

202,709.468

(115,253.000)

193,453.468

USD

114.8203.18.13

106.5001.02.13

110.45

SHARES

204





Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets


SPAIN

BONDS



26.265,925,677.655,922,201.88TOTAL SPAIN

TOTAL BONDS 26.265,925,677.655,922,201.88


26.265,925,677.655,922,201.88


GERMANY

UNDEFINED


2,800 S&P500 P1750 DEC14 USD 82.000 166,624.16 0.74170,869.29



TOTAL 1.37309,870.16323,965.39

UNDEFINED 1.37309,870.16323,965.39

5,205.00 BLACKROCK STRATEGIC FUNDS EUROPEANABSOLUTE RETURN -A2-

EUR 124.360 647,293.80 2.87645,691.15

EUROPEAN COMMUNITY


INVESTMENT FUNDS


12,658 DB X-TRACKERS II SICAV EONIA TR INDEX-1C- EUR 139.758 1,769,056.76 7.841,770,697.81


67,398 ISHARES II PLC EURO STOXX 50 UCITS ETF EUR 31.430 2,118,319.14 9.392,111,060.9617.233,887,375.903,881,758.77TOTAL EUROPEAN MONETARY UNION


ITALY

0.65146,348.96146,233.45TOTAL ITALY

Ccy

205



Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

13,397 ISHARES V PLC MSCI JAPAN EUR HEDGED UCITSETF

EUR 38.630 517,526.11 2.29462,741.33

JAPAN

2.29517,526.11462,741.33TOTAL JAPAN


EUR 1.102 1,405,651.50 6.231,397,019.04

UNITED KINGDOM


3,969 ISHARES US UTILITIES ETF USD 95.840 276,053.97 1.22284,485.89


8,797 SELECT SECTOR SPDR TRUST ENERGY USD 88.510 565,058.01 2.50551,901.1816,943 SELECT SECTOR SPDR TRUST MATERIALS USD 46.220 568,311.38 2.52520,923.6321,909 SELECT SECTOR SPDR TRUST TECHNOLOGY USD 35.740 568,254.92 2.52533,535.03



EUR 1,358.910 1,403,754.03 6.221,400,176.00

WORLD

4,006.000 DWS INVEST SICAV TOP DIVIDEND -FC- EUR 142.150 569,452.90 2.52551,828.3519,099.00 FIDELITY FUNDS SICAV GLOBAL

TELECOMMUNICATIONS -Y-EUR-EUR 14.920 284,957.08 1.26273,319.53

172.000 GOLDMAN SACHS FUNDS PLC EURO LIQUIDRESERVES - INSTITUTIONAL CLASS

EUR 12,435.300 2,138,871.60 9.482,139,034.36

113.000 JPMORGAN LIQUIDITY FUNDS SICAV EUROLIQUIDITY -C-

EUR 13,690.140 1,546,985.82 6.861,547,150.32

132,341.000 M&G OPTIMAL INCOME FUND -A-EUR- EUR 17.660 2,337,195.00 10.362,264,063.8136.708,281,216.438,175,572.37TOTAL WORLD




Cash/(bank overdraft) (1.63)(367,007.91)Other assets and liabilities (0.73)(164,690.48)

TOTAL NET ASSETS 100.0022,566,940.40

Ccy

206




World 36.70Spain 26.26European Monetary Union 17.23United States of America 9.50United Kingdom 6.23European Community 2.87Japan 2.29Italy 0.65Germany 0.63

TOTAL INVESTMENTS

Other assets/(liabilities) and liquid assets (2.36)NET ASSETS 100.00

102.36

% ofnet

assets

COUNTRIES

207





1.37


assets

TOTAL INVESTMENTS

Other assets/(liabilities) and liquid assets (2.36)NET ASSETS 100.00

102.36

208

BBVA DURBANA INTERNATIONAL FUND RUMBO


ASSETS


1,918,860.59



2,050,756.98

LIABILITIES


6,924.24

NET ASSETS 2,043,832.74

(in EUR)



CLASS A102.19

20,000.000

209


STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from , 2013 to December 31, 2013


INCOME


16,615.67

EXPENSES


Other expenses:- Annual tax (see notes) 457.67- Amortisation of formation/reorganisation expenses (see notes) 323.00- Audit and legal fees 1,044.19- Printing and publishing fees 7.57- Transaction fees 78.40- Administrative and other expenses 137.91

8,827.02


Net realised result on:- Sales of investments and futures (see notes)(18,611.51)- Foreign exchange (8.79)




43,832.74




(in EUR)


211



Period from , 2013 to December 31, 2013




Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

* first valuation

20,000.000 100.002,000,000.00Class A09.05.13* EUR

20,000.000 102.192,043,832.74Class A12.31.13 EUR

Class A






Highest 102.1912.31.13

Lowest 99.9409.16.13


SHARES

212





Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

150,000 ITALY BUONI DEL TESORO POLIENNALI EUR 104.655 156,982.50 7.68152,720.754.5% 05.01.23-03.01.13

ITALY

BONDS


100,000 TELECOM ITALIA SPA - REG-S EUR 99.330 99,330.00 4.8696,421.254% 01.21.20-12.21.12

12.54256,312.50249,142.00TOTAL ITALY

100,000 BBVA SENIOR FINANCE SA EMTN EUR 107.640 107,640.00 5.27106,598.254.875% 04.15.16-04.15.11

SPAIN


EUR 113.005 113,005.00 5.53111,877.25

5.9% 03.17.21-03.31.11100,000 GAS NATURAL CAPITAL MARKETS SA EMTN EUR 118.855 118,855.00 5.82115,137.25

6% 01.27.20-09.25.1295,000 INSTITUTO DE CREDITO OFICIAL EMTN EUR 106.425 101,103.75 4.95100,155.85

4.375% 05.20.19-05.20.09100,000 REPSOL INTERNATIONAL FINANCE BV EMTN EUR 111.625 111,625.00 5.46110,394.25

4.875% 02.19.19-01.19.12100,000 SANTANDER INTERNATIONAL DEBT SA EUR 108.255 108,255.00 5.30106,359.25

4.125% 10.04.17-10.04.10200,000 SPAIN EUR 102.065 204,130.00 9.98200,969.25


4.184% 11.29.22-11.29.1244.08900,838.75869,410.66TOTAL SPAIN

TOTAL BONDS 56.621,157,151.251,118,552.66

400 AIR LIQUIDE SA EUR 102.800 41,120.00 2.0140,273.16

FRANCE

EQUITIES

2,050 GDF SUEZ EUR 17.095 35,044.75 1.7139,713.94545 SANOFI EUR 77.120 42,030.40 2.0640,110.17

5.78118,195.15120,097.27TOTAL FRANCE

1,450 UNILEVER NV - CERT OF SHS EUR 29.275 42,448.75 2.0840,191.10

NETHERLANDS



SPAIN


Ccy

213



Quantityor

FaceValue


security

Marketvalue

(see notes)

% ofnet

assets

12,000 BARCLAYS PLC GBP 2.720 39,224.96 1.9239,878.92

UNITED KINGDOM


TOTAL EQUITIES 15.58318,379.47320,369.19


72.201,475,530.721,438,921.85

2,850.000 FRANKLIN TEMPLETON INV FUNDS SICAVFRANKLIN MUTUAL EUROPEAN-A-ACC-EUR-

EUR 22.870 65,179.50 3.1961,863.00

EUROPEAN COMMUNITY


INVESTMENT FUNDS


4,650.00 FIDELITY FUNDS SICAV IBERIA -A-ACC EUR EUR 14.030 65,239.50 3.1960,722.00



1,000.000 MORGAN STANLEY INVEST FUNDS SICAV USGROWTH -ZH-EUR-

EUR 41.890 41,890.00 2.0539,805.00



3,045.33 FIDELITY FUNDS SICAV GLOBAL OPPORTUNITIES -A-EUR-

EUR 13.390 40,776.97 2.0039,917.50

WORLD


EUR 14.050 62,241.50 3.0460,495.90

2,030.000 MFS MERIDIAN FUNDS SICAV GLOBAL EQUITY-A1- EUR 20.400 41,412.00 2.0340,126.303,500.000 M&G OPTIMAL INCOME FUND -A-EUR- EUR 17.660 61,811.40 3.0260,305.90

10.09206,241.87200,845.60TOTAL WORLD






Ccy

214




Spain 49.88Italy 12.54World 10.09European Community 6.36France 5.78European Monetary Union 3.19Netherlands 2.08United States of America 2.05United Kingdom 1.92

TOTAL INVESTMENTS


93.89

% ofnet

assets

COUNTRIES

215




Investment funds 21.69Government bonds 17.66Holding and finance companies 16.55Banks and other credit institutions 15.16Data transmission 9.44Mortgage & funding institutions MBA 5.53Foodstuffs and non-alcoholic drinks 2.08Pharmaceutical and cosmetics industry 2.06Chemicals 2.01Energy and public utilities 1.71


assets

TOTAL INVESTMENTS


93.89

216

BBVA DURBANA INTERNATIONAL FUND ESLORA


ASSETS


4,427,666.63



7,100,008.58

LIABILITIES

Other liabilities:- Taxes and expenses payable 5,165.46- Unrealised loss on futures (see notes)20,550.00- Other 7,910.28

33,625.74

NET ASSETS 7,066,382.84

(in USD)



CLASS A100.95

70,000.000

217


STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from December 16, 2013 to December 31, 2013


EXPENSES

Fees:- Global fee (see notes)1,743.14- Custodian and Administration fees (see notes) 569.77

Other expenses:- Annual tax (see notes) 551.37- Amortisation of formation/reorganisation expenses (see notes) 65.00- Audit and legal fees 2,301.18- Transaction fees 80.63- Administrative and other expenses 47.91

5,359.00


Net realised result on:- Sales of investments and futures (see notes) (0.01)- Foreign exchange 3,834.42




66,382.84




(in USD)


219



Period from December 16, 2013 to December 31, 2013




Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

* First valuation

70,000.000 100.007,000,000.00Class A12.16.13* USD

70,000.000 100.957,066,382.84Class A12.31.13 USD

Class A






Highest 100.9512.31.13

Lowest 100.0012.16.13


SHARES

220






security

Marketvalue

(see notes)

% ofnet

assets


EUR 28.970 439,111.77 6.21418,428.40

EUROPEAN COMMUNITY


INVESTMENT FUNDS

15,400.000 FRANKLIN TEMPLETON INV FUNDS SICAVFRANKLIN MUTUAL EUROPEAN -I-ACC-EUR

EUR 20.720 439,687.76 6.23426,856.50

1,700.000 MFS MERIDIAN FUNDS SICAV EUROPEAN VALUE -I1-EUR-

EUR 187.110 438,308.43 6.20420,306.20

3,600.000 MORGAN STANLEY INVEST FUNDS SICAV EUROCORPORATE BOND -ZD-

EUR 28.020 138,996.71 1.97138,544.22

275,000.000 BNY MELLON GLOBAL FUNDS PLC ABSOLUT ERETURN EQUITY-R-USD-HEDGED

USD 1.021 280,637.50 3.97280,189.88


8,300 ISHARES PLC MSCI JAPAN UCITS ETF- USD USD 26.850 222,855.00 3.15209,771.38

JAPAN

3.15222,855.00209,771.38TOTAL JAPAN

18,100.0000 BROWN ADVISORY FUNDS PLC US EQUITY GROWTH-B- USD

USD 20.010 362,181.00 5.13352,384.44



1,500.000 JULIUS BAER MULTIBOND SICAV ABSOLUTERETURN BOND FUND PLUS -C-

EUR 136.220 281,556.81 3.98279,496.01

WORLD

11,100.000 M&G OPTIMAL INCOME FUND -C-H- GROSS(HEDGED) EUR

EUR 18.348 280,635.91 3.97279,032.40

30,000.000 FRANKLIN TEMPLETON INV FUNDS SICAVFRANKLIN TECHNOLOGY -A-USD-

USD 9.380 281,400.00 3.98276,156.73

34.000 GOLDMAN SACHS FUNDS PLC US DOLLAR LIQUIDRESERVES -INSTIT-

USD 12,215.110 415,313.74 5.89415,468.44

1,300.000 JPMORGAN INVESTMENT FUNDS SICAV GLOBALCONVERTIBLES-A-USD

USD 163.270 212,251.00 3.00209,757.39


USD 125.530 213,401.00 3.02213,779.38

8,600.000 PIMCO GIS PLC HIGH YIELD BOND USD 24.430 210,098.00 2.97209,740.4416,100.00 SCHRODER INTL SELECTION FUND SICAV

EMERGING MARKETS -A-USD 13.120 211,232.00 2.99209,297.39

29.802,105,888.462,092,728.18TOTAL WORLD






Ccy

221




World 29.80European Community 24.58United States of America 5.13Japan 3.15

TOTAL INVESTMENTS


62.66

% ofnet

assets

COUNTRIES

222






assets

TOTAL INVESTMENTS


62.66

223

BBVA DURBANA INTERNATIONAL FUND COMPAS


ASSETS


4,499,154.75



7,107,536.92

LIABILITIES


33,628.54

NET ASSETS 7,073,908.38

(in USD)



CLASS A101.06

70,000.000

224




EXPENSES



5,457.20


Net realised result on:- Foreign exchange 4,952.87

NET REALISED RESULT (504.33)



73,908.38




(in USD)


226







Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

* First valuation

70,000.000 100.007,000,000.00Class A12.16.13* USD

70,000.000 101.067,073,908.38Class A12.31.13 USD

Class A






Highest 101.0612.31.13

Lowest 100.0012.16.13


SHARES

227






security

Marketvalue

(see notes)

% ofnet

assets


LUXEMBOURG

EQUITIES



TOTAL EQUITIES 1.0171,488.1264,982.84


1.0171,488.1264,982.84


EUR 28.970 439,111.77 6.21418,428.40

EUROPEAN COMMUNITY


INVESTMENT FUNDS


EUR 20.720 439,687.76 6.21426,856.50


EUR 187.110 438,308.43 6.20420,306.20


EUR 28.020 138,996.71 1.96138,544.22


USD 1.021 280,637.50 3.97280,189.88



JAPAN

3.15222,855.00209,771.38TOTAL JAPAN


USD 20.010 362,181.00 5.12352,384.44




EUR 136.220 281,556.81 3.98279,496.01

WORLD


EUR 18.348 280,635.91 3.97279,032.40


USD 9.380 281,400.00 3.98276,156.73


USD 12,215.110 415,313.74 5.86415,468.44


USD 163.270 212,251.00 3.00209,757.39


USD 125.530 213,401.00 3.02213,779.38

8,600.000 PIMCO GIS PLC HIGH YIELD BOND USD 24.430 210,098.00 2.97209,740.44

Ccy

228




security

Marketvalue

(see notes)

% ofnet

assets

16,100.00 SCHRODER INTL SELECTION FUND SICAVEMERGING MARKETS -A-

USD 13.120 211,232.00 2.99209,297.39

29.772,105,888.462,092,728.18TOTAL WORLD






Ccy

229




World 29.77European Community 24.55United States of America 5.12Japan 3.15Luxembourg 1.01

TOTAL INVESTMENTS


63.60

% ofnet

assets

COUNTRIES

230




Investment funds 62.59Mining industry 1.01


assets

TOTAL INVESTMENTS


63.60

231

BBVA DURBANA INTERNATIONAL FUND ESTRIBOR


ASSETS


4,499,154.75



7,107,536.92

LIABILITIES


33,628.54

NET ASSETS 7,073,908.38

(in USD)



CLASS A101.06

70,000.000

232




EXPENSES



5,457.20


Net realised result on:- Foreign exchange 4,952.87

NET REALISED RESULT (504.33)



73,908.38




(in USD)


234







Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

* First valuation

70,000.000 100.007,000,000.00Class A12.16.13* USD

70,000.000 101.067,073,908.38Class A12.31.13 USD

Class A






Highest 101.0612.31.13

Lowest 100.0012.16.13


SHARES

235






security

Marketvalue

(see notes)

% ofnet

assets


LUXEMBOURG

EQUITIES



TOTAL EQUITIES 1.0171,488.1264,982.84


1.0171,488.1264,982.84


EUR 28.970 439,111.77 6.21418,428.40

EUROPEAN COMMUNITY


INVESTMENT FUNDS


EUR 20.720 439,687.76 6.21426,856.50


EUR 187.110 438,308.43 6.20420,306.20


EUR 28.020 138,996.71 1.96138,544.22


USD 1.021 280,637.50 3.97280,189.88



JAPAN

3.15222,855.00209,771.38TOTAL JAPAN


USD 20.010 362,181.00 5.12352,384.44




EUR 136.220 281,556.81 3.98279,496.01

WORLD


EUR 18.348 280,635.91 3.97279,032.40


USD 9.380 281,400.00 3.98276,156.73


USD 12,215.110 415,313.74 5.86415,468.44


USD 163.270 212,251.00 3.00209,757.39


USD 125.530 213,401.00 3.02213,779.38

8,600.000 PIMCO GIS PLC HIGH YIELD BOND USD 24.430 210,098.00 2.97209,740.44

Ccy

236




security

Marketvalue

(see notes)

% ofnet

assets

16,100.00 SCHRODER INTL SELECTION FUND SICAVEMERGING MARKETS -A-

USD 13.120 211,232.00 2.99209,297.39

29.772,105,888.462,092,728.18TOTAL WORLD






Ccy

237




World 29.77European Community 24.55United States of America 5.12Japan 3.15Luxembourg 1.01

TOTAL INVESTMENTS


63.60

% ofnet

assets

COUNTRIES

238




Investment funds 62.59Mining industry 1.01


assets

TOTAL INVESTMENTS


63.60

239

BBVA DURBANA INTERNATIONAL FUND BARLOVENTO


ASSETS


4,427,666.63



7,100,008.58

LIABILITIES


33,625.74

NET ASSETS 7,066,382.84

(in USD)



CLASS A100.95

70,000.000

240




EXPENSES



5,359.00


Net realised result on:- Sales of investments and futures (see notes) (0.01)- Foreign exchange 3,834.42




66,382.84




(in USD)


242







Date ShareClass

Number ofshares

outstanding

NetAssets

Ccy Net assetvalue

per share

* First valuation

70,000.000 100.007,000,000.00Class A12.16.13* USD

70,000.000 100.957,066,382.84Class A12.31.13 USD

Class A






Highest 100.9512.31.13

Lowest 100.0012.16.13


SHARES

243






security

Marketvalue

(see notes)

% ofnet

assets


EUR 28.970 439,111.77 6.21418,428.40

EUROPEAN COMMUNITY


INVESTMENT FUNDS


EUR 20.720 439,687.76 6.23426,856.50


EUR 187.110 438,308.43 6.20420,306.20


EUR 28.020 138,996.71 1.97138,544.22


USD 1.021 280,637.50 3.97280,189.88



JAPAN

3.15222,855.00209,771.38TOTAL JAPAN


USD 20.010 362,181.00 5.13352,384.44




EUR 136.220 281,556.81 3.98279,496.01

WORLD


EUR 18.348 280,635.91 3.97279,032.40


USD 9.380 281,400.00 3.98276,156.73


USD 12,215.110 415,313.74 5.89415,468.44


USD 163.270 212,251.00 3.00209,757.39


USD 125.530 213,401.00 3.02213,779.38

8,600.000 PIMCO GIS PLC HIGH YIELD BOND USD 24.430 210,098.00 2.97209,740.4416,100.00 SCHRODER INTL SELECTION FUND SICAV

EMERGING MARKETS -A-USD 13.120 211,232.00 2.99209,297.39

29.802,105,888.462,092,728.18TOTAL WORLD






Ccy

244




World 29.80European Community 24.58United States of America 5.13Japan 3.15

TOTAL INVESTMENTS


62.66

% ofnet

assets

COUNTRIES

245






assets

TOTAL INVESTMENTS


62.66


NOTES TO THE FINANCIAL STATEMENTSDecember 31, 2013

GENERAL

BBVA DURBANA INTERNATIONAL FUND (the«Fund») was incorporated under the name BILBAOVIZCAYA INTERNATIONAL FUND as an investmentcompany with variable capital (Société d'Investissement àCapital Variable) in accordance with the law of August 10,1915 and its amending laws regarding commercialcompanies, as well as on undertakings for collectiveinvestment in accordance with part I of the law ofDecember 17, 2010 on undertakings for collectiveinvestment, as amended (hereafter the �Law�). The LegalNotice regarding the issue of shares was deposited with theOffice of the District Court of and in Luxembourg.

The articles of association of the SICAV were published onMay 6, 1988 in the Mémorial, Recueil Spécial des Sociétéset Associations du Luxembourg (Official Journal, Sectionof Companies and Association of Luxembourg) and were

deposited with the Office of the District Court ofLuxembourg where copies can be obtained.

The Articles of Incorporation were amended for the lasttime on November 18, 2013. These amendments have beenpublished in the Mémorial on December 14, 2013.

The capital of the SICAV is at any time equal to the totalnet assets of the various Sub-Funds (the �Sub-Funds�).

The Board of Directors of the Fund has approved thecommon merger proposal which determines that, effectiveon March 4, 2013, the following Sub-Funds of the Fund inaccordance with the article I (20) a) of the Luxembourglaw of 17 December 2010 contributed all their assets andliabilities to the following sub-funds of the Fund asdetailed hereinafter:

Absorbed Sub-funds(the "Absorbed Sub-

Funds")

Share classes ofAbsorbed Sub-

Funds

Absorbing Sub-funds

(the "AbsorbingSub- Funds")

Share classes ofAbsorbingSub-Funds

Exchange ratios

Renta Fija Corto Plazo EUR Class A Renta Euro Class D 0.96263BBVA Durbana Renta PlusEUR

Class D BBVA Durbana RentaPlus USD

Class A (EUR) 1.08385

Renta USD Class D BBVA Durbana RentaPlus USD

Class D 1.01081

BBVA Durbana Renta VariableGlobal USD

Class A (EUR) &A (USD)

BBVA Durbana RentaVariable Global EUR

Class A &

A (USD)

0.84444

1.29930

On the merger date, the following Absorbing Sub-Fundsand Share classes changed their names from:

� Renta Euro into BBVA EUR Corporate Bond Fund (andClass D became Class P);� BBVA Durbana Renta Plus USD into BBVA GlobalBond Fund Class D will became Class A (USD);� BBVA Durbana Renta Variable Global EUR into BBVAGlobal Equity Fund (and Class A became Class A (EUR);� Renta Fija Corto Plazo USD into BBVA USD CorporateBond Fund� BBVA Durbana Multiestrategia 80/20 EUR into BBVAMulti-Asset Moderate EUR Fund� BBVA Durbana Multiestrategia 80/20 USD into BBVAMulti-Asset Moderate USD Fund� BBVA Durbana Dinamico into BBVA Multi-AssetFlexible Fund

As a result of the merger and in accordance with the article1 (20) a) of the Luxembourg law of 17 December 2010,the Absorbed Sub-funds of the Fund ceased to exist and alltheir shares as well.

As at December 31, 2013, the SICAV was composed of 25Sub-Funds.

During the year-ended, the following Sub-Funds have beenlaunched:

DRIZA (first valuation: 05/21/13)RUMBO (first valuation: 09/05/13)ESTAY (first valuation: 04/15/13)BARLOVENTO, COMPAS, ESLORA and ESTRIBOR(first valuation: 12/16/13)

The Sub-Fund BBVA Multi-Asset Flexible changed itreporting currency from USD to EUR as at March 4, 2013.

The object of the SICAV is to offer its shareholders thepossibility to access international financial markets and toshare the results of a professional management focused oncapital increase.


SUMMARY OF SIGNIFICANTACCOUNTING POLICIES

a) Basis of preparation

The Fund prepares its combined financial statements andthose of each Sub-Fund in conformity with legal andregulatory requirements in Luxembourg. The preparationof financial statements in conformity with generallyaccepted accounting principles requires management tomake estimates and assumptions that affect the reportedamounts of assets and liabilities and disclosures ofcontingent assets and liabilities during the reporting year.Actual results could differ from those estimates.

b) Evaluation of the securities portfolio

The value of any securities listed or exchanged on a stockexchange or regulated market is calculated on the basis ofthe last available price. The value of securities dealt in onthe over the counter market or on any other regulatedmarket is based on the last available price. The lastavailable price for the Brazilian Treasury bonds held in theportfolio of the Sub-Fund BBVA DURBANA LatamFixed Income is a price including the interest that hasaccrued since the issue of the most recent coupon payment(i.e. dirty price).

In the event that the securities held in the portfolio on therelevant valuation date are not listed or exchanged on astock exchange or another regulated market or if the priceas determined pursuant to paragraph above is notrepresentative of the fair market value of the relevantsecurities, the value of such securities is determined basedon the reasonably foreseeable sales price determinedprudently and in good faith by the Board of Directors ofthe SICAV.

More specifically, where the fair values of securities orfinancials instruments cannot be derived from activemarkets at a valuation date they are determined using avariety of valuation techniques, comparison to similarinstruments for which market observable prices exist, andoptions pricing models and other relevant valuationmodels, including models provided by counterparties orservice providers as well as broker statements in order toreflect what is believed to be the fair value of thosesecurities at the portfolio�s valuation point. The input tothese models is taken from observable markets wherepossible, but where this is not feasible, a degree ofjudgment is required in establishing fair values.

The judgments include considerations of liquidity andmodel inputs such as correlation and volatility for longerdated instruments. Use of available information andapplication of judgment are inherent in the formation ofestimates. Actual results in the future could differ from

such estimates and the differences may be material to thevaluation retained.

Units or shares in open-ended undertakings for collectiveinvestment shall be valued on the basis of their lastavailable net asset value, except for Exchange TradedFunds (ETF) for which the last available price is used.

c) Valuation of swaps

Total Return Swaps are agreements between the SICAVand third parties which allow the SICAV to acquire anexposure to the price movement of specific securitieswithout actually purchasing the securities. Upon enteringinto a swap agreement, the SICAV is required to depositwith a broker initial cash margin equal to a certainpercentage of the contract amount. Variation marginpayments are made or received by the SICAV dependingupon the fluctuation in the value of the underlyingsecurities. While the contract or notional amounts reflectthe involvement of the SICAV in these financialinstruments, risks arise from possible adverse movementsin the prices of the underlying securities and foreignexchange rates.

Total Return Swaps are valued using the differencebetween the previous day's closing price and the weightedaverage/reset price of the underlying securities, adjustedby the accrued interest of the fix leg of the contract and bythe dividends and commission payments if applicable.Swaps contracts entered by the SICAV are being reset/paidon a monthly basis.

d) Valuation of listed futures and options

Futures and options are valued by reference to the lastavailable price on the relevant market. The market pricesused are the futures/options exchange settlement prices.

e) Valuation of forward foreign exchange cotnracts

Forward foreign exchange contracts on currencies arevalued at the forward rate applicable at the statement of netassets date for the remaining period until maturity. Gainsor losses resulting from forward foreign exchangecontracts are recognised in the statement of operations andchanges in net assets.

f) Valuation of repurchase agreements

Under a global Master Repurchase agreement with JPMorgan, the SICAV purchases securities and agrees to re-sell them at a mutually agreed upon date and price.Repurchase agreements and reverse repurchase are valuedat cost with interest accrued from the date of purchase.


2

SUMMARY OF SIGNIFICANTACCOUNTING POLICIES (continued)

g) Net realised gain or loss on sales of investments,futures and options

Profits or losses on securities sales are calculated on thebasis of the weighted average price of such securities.Profits or losses on future and options sales are calculatedon the basis of the first in first out principle.

h) Net realised gain or loss on swaps transactions

Net realised gains or losses on swaps transactions arecalculated on the weighted average price basis.

i) Conversion of foreign currencies

Assets and liabilities expressed in currencies other than theSub-Fund�s reporting currency are converted into thereporting currency at the exchange rates prevailing on thevaluation date. Income and expenses in currencies otherthan the Sub-Fund�s reporting currency are converted atthe rate of exchange prevailing at payment date.

j) Acquisition costs of the securities held in the portfolio

For securities expressed in a currency other than thereporting currency of the Sub-Funds, the acquisition cost iscalculated on the basis of the exchange rate at the day ofsuch acquisition. Expenses incurred on the acquisitionand/or sale of an investment are included underTransaction fees in the Statement of Operations andChanges in Net Assets.

k) Formation/reorganisation expenses

Formation expenses are amortised on a straight line basisover a period of 5 years. If a new Sub-Fund is created inthe future, the upfront costs for the Sub-Fund will be borneby the Sub-Fund exclusively and will be amortized over aperiod of 5 years with effect from the launch date of thesaid Sub-Fund.

l) Income and expense recognition

Dividends are taken into account on the date upon whichthe relevant investments are first listed as ex-dividend.Interest income is accrued on a daily basis. Income isrecorded net of withholding tax, if any.

m) Exchange rates as at December 31, 2013

1 EUR = 8.981498 ARS1 EUR = 1.540213 AUD1 EUR = 3.250932 BRL1 EUR = 1.464073 CAD1 EUR = 1.225481 CHF

1 EUR = 724.0605 CLP1 EUR = 2,662.407 COP1 EUR = 0.83197 GBP1 EUR = 10.68429 HKD1 EUR = 144.8289 JPY1 EUR = 18.04725 MXN1 EUR = 8.35982 NOK1 EUR = 3.853713 PEN1 EUR = 8.850027 SEK1 EUR = 2.960524 TRY1 EUR = 1.377951 USD

PRESENTATION BASIS OF COMBINEDFINANCIAL STATEMENTS

The combined financial statements of the SICAV areexpressed in EUR.

Consequently, net assets and net results of each Sub-Fundexpressed in a foreign currency other than EUR areconverted and combined in EUR at the exchange rateapplicable at the date of the financial statements.

The difference between opening Net Assets stated atexchange rates ruling at the beginning of the year and theirvalue at the end of the year is shown as an exchangedifference in the Combined Statement of Operations andChanges in Net Assets.

ANNUAL TAX

The SICAV is governed by the Luxembourg taxation laws.

Under the currently applicable legislation and regulation,the SICAV is liable in Luxembourg to a tax of 0.05% perannum of its net assets, such tax being payable quarterlyand calculated on the basis of the net assets at the end ofthe relevant quarter.

However such rate is decreased to 0.01% per annum oftheir Net Asset Value for specific classes of sharesreserved to institutional investors in a Sub-Fund (ie ClassI). In accordance with article 175 of the law of December17, 2010, the value of assets represented by shares held inother organisms for collective investment already subjectto the subscription fee is free from such taxation.

Under current law and practice, the SICAV is not liable toLuxembourg taxes on income or capital gains, nor aredividends paid by the SICAV liable to any Luxembourgwithholding tax. Interests, dividends and capital gains onsecurities may be subject to withholding or capital gainstaxes in certain countries.


2

TRANSACTIONS FEE

The total amount of transaction fees is included in thestatement of operations and changes in net assets andincludes Custodian and Sub-Custodian fees,Correspondent�s expenses and Brokerage fees.

GLOBAL FEE

The SICAV pays a Global Fee which includes fees for theInvestment Managers and the distributors. The Global Feeis payable quarterly and calculated on the average net assetvalue of each Sub-Fund concerned for the quarter inquestion. The Global Fee is set per annum as follows:

Sub-Funds %

BBVA DURBANA LATAM FIXED INCOME- class A- class I

1.750.50

BBVA&PARTNERS EUROPEAN ABSOLUTERETURN - class A 1.50BBVA AUGUSTUS NEUTRAL PLUS- class A 1.50RENTA FIJA CORTO PLAZA EUR (lastvaluation : 03.04.13)- class A 0.50BBVA USD CORPORATE BOND FUND(previously RENTA FIJA CORTO PLAZA USD) - class D (previously class A) 0.80LA ENCINA- class Aup to 10 million eurosfrom 10 to 20 million eurosfrom 20 million euros

0.650.550.45

BBVA AUGUSTUS EQUITY- class A 1.35RENTA USD(last valuation : 03.04.13)- class D 1.25BBVA EUR CORPORATE BOND FUND(previously RENTA EURO) - class P (previously class D) 0.80BBVA DURBANA RENTA VARIABLEGLOBAL USD (last valuation : 03.04.13)- class A (USD) / - class A ( EUR) 1.80BBVA GLOBAL EQUITY FUND (previouslyBBVA DURBANA RENTA VARIABLEGLOBAL EUR)- class A EUR (previously class A)- class A USD

2.002.00

BBVA MULTI-ASSET MODERATE USD FUND(previously BBVA DURBANAMULTIESTRATEGIA 80/20 USD)- class A 1.35BBVA MULTI-ASSET MODERATE EURFUND(previously BBVA DURBANAMULTIESTRATEGIA 80/20 EUR)- class A 1.35GLOBAL INVESTMENTS-class A

0.60

TABA DE INVERSIONES- class A

0.30

DRIZA

- class A 0.75ESTAY- class A 0.65AMURA- class A 0.15BITACORA- class A 0.70RUMBO- class A 0.70SEXTANTE- class A 0.70SPINNAKER- class A 0.60AMURA- class A 0.15BBVA DURBANA RENTA PLUS EUR(last valuation : 03.04.13)- class D 1.40BBVA GLOBAL BOND FUND (previouslyBBVA DURBANA RENTA PLUS USD)- class A (USD) (previously class D)- class A (EUR)

1.351.35

BBVA MULTI-ASSET FLEXIBLE (previouslyBBVA DURBANA DINAMICO)- class A (USD)- class A (EUR)

1.701.70

ESLORA- class A 0.60COMPAS- class A 0.60ESTRIBOR- class A 0.60BARLOVENTO- class A 0.60

PRINCIPAL DISTRIBUTOR

On January 1, 2009, the SICAV and BANCO BILBAOVIZCAYA ARGENTARIA, S.A. signed a PrincipalDistributor Agreement for an unlimited duration.

PERFORMANCE FEE

The Investment Manager may, in addition to themanagement fee payable out of the Global Fee, be entitledto a performance fee.

The performance fee is calculated and accrued on eachValuation Day on the basis of the Net Asset Value, afterdeduction of all costs as well as of the Global Fee (but notthe performance fee) adjusted in order to take into accountall subscriptions during the period of calculation of theperformance fee so as not to impact the calculation of theperformance fee.

If redemptions are made on a date other than the date ofpayment of the performance fee, but where performancefees have been accrued, the portion of the accrualsattributable to such redemptions shall be paid at the end ofthe relevant quarter.


250

PERFORMANCE FEE (continued)

The following Sub-Funds are entitled to a performancefee:

Sub-Funds %

BBVA & PARTNERS EUROPEANABSOLUTE RETURN

- Class A 15%*

BBVA AUGUSTUS NEUTRAL PLUS- Class A 15%*

BBVA AUGUSTUS EQUITY- Class A 9%

RENTA USD (last valuation : 03.04.13) 20%**

The performance fee is payable within fifteen businessdays following the last day of each calendar year, exceptfor BBVA&PARTNERS EUROPEAN ABSOLUTERETURN and BBVA AUGUSTUS NEUTRAL PLUS, theperformance fee is payable within fifteen business daysfollowing the last day of each calendar quarter.

*subject to an annual �high water mark� principle.

The annual high water mark is defined as the greater of thetwo following values:

- the last Net Asset Value per share of the previousfinancial year (for the first financial year of theCompany the initial subscription price shall beused);

- the last Net Asset Value per share having givenrise, during a quarter of the financial year inquestion, to payment of a performance fee.

- If the Net Asset Value per share is lower than thehigh water mark, no performance fee shall accrue

**20% of the Sub-Fund�s return (calculated over a wholeyear) in excess of the Benchmark (Iboxx USD liquid IGIndex), provided that the returns are positive.

The amount of performance fee per Sub-Fund is detailedin the Statement of Operations and Changes of each Sub-Fund concerned.

CUSTODY AND ADMINISTRATION FEES

By way of an agreement of an unlimited period of timesigned on April 1, 2003 as amended on January 21, 2010,BANQUE PRIVEE EDMOND DE ROTHSCHILDEUROPE was appointed Registrar Transfer, Domiciliary,Administrative and Paying Agent, and Custodian and isentitled to a commission paid out of the assets of theSICAV. The commission is calculated per quarter on the

basis of the average value of net assets of the SICAV forthe relevant quarter.

DISTRIBUTION POLICY

The annual general meeting of shareholders may, uponproposal of the Board, resolve on the portion of theinvestment income to be allocated to each Sub-Fund, andwithin each Sub-Fund on the allocation of investmentincome between distributing shares and accumulationshares pro rata to the corresponding assets.

The portion of investment income allocated toaccumulation shares shall be reinvested in the SICAV andshall thus increase the Net Asset Value relating to theaccumulation shares. With respect to the investmentincome allocated to distributing shares, the distributableamount for each Sub-Fund may consist of interests,dividends, realised or unrealised capital gains and otherrealised income after deduction of costs, realised orunrealised capital losses as well as the capital of such Sub-Fund, within the limits set forth by article 27 of the law of2010.

Dividends payable to holders of distributing shares shall bepayable within five months following the end of thefinancial year. Upon proposal of the Board, the generalmeeting may also decide the distribution to shareholders ofa dividend in a form of shares in the relevant Sub-Funds inproportion of existing shares of the same class.

With respect to distributing shares, any dividend declaredbut not claimed within five years after its allocation shallbe forfeited to the Sub-Fund concerned.

No interest shall be paid on a dividend declared by theSICAV and held by the SICAV on behalf of theshareholders. The Board may decide on the payment ofinterim dividend in compliance with legal requirements.Dividend announcement shall be made in newspapers withappropriate circulation.

During the year, the following dividends have been paidand are included in the caption �Dividend paid� in theStatement of operations and changes in net assets of theSub-Fund concerned:

Sub-Funds Classes Dividend Date

RENTA USD Class D USD 0.50 06.02.13EUR CORPORATEBOND FUND(previously RENTA EUR)

Class D EUR 0.50 06.02.13

USD CORPORATEBOND FUND(previously RENTA FIJACORTO PLAZO USD)

Class D USD 1.21404 04.10.13


2

BRAZILIAN TAX

For the Sub-Fund BBVA DURBANA LATAM FIXEDINCOME, the Brazilian tax amounts to EUR 65,136.56and is recorded in the caption �transactions fees� in thestatement of operations and changes in net assets.

CHANGES IN THE INVESTMENTPORTFOLIO

A copy of the changes in the investment portfolio for theperiod ended December 31, 2013 is available free ofcharge at the registered office of the Fund.

SUBSEQUENT EVENTS

The Board of Directors approved on January 10, 2014, adividend distribution of USD 0.59598 per share inproportion to their holding in the Sub-Fund BBVA USDCorporate Bond Fund on January 10, 2014.

Two Sub-Funds were launched on March 3, 2014: GarantiTurkish Fixed Income Fund and Garanti Turkish EquityFund.

COLLATERAL HELD AT BROKERS

The caption �Cash at sight� is composed of the following amounts serving as collateral given for the commitments resultingfrom futures, options and swap contracts:

Sub-Fund JP Morgan (EUR) JP Morgan (USD)BBVA&PARTNERS EUROPEAN ABSOLUTERETURN 122,173.20 -BBVA AUGUSTUS NEUTRAL PLUS 124,150.58 -BBVA AUGUSTUS EQUITY 99,662.46 -BBVA GLOBAL EQUITY FUND 810,915.34 -BBVA MULTI-ASSET MODERATE USD FUND - 920,594.04BBVA MULTI-ASSET MODERATE EUR FUND 277,207.62 -GLOBAL INVESTMENTS 13,216.37 -SEXTANTE 99,002.72 -BBVA GLOBAL BOND FUND - 1,117,636.34BBVA MULTI-ASSET FLEXIBLE FUND 177,138.80 -ESLORA - 49,650.00COMPAS - 49,650.00ESTRIBOR - 49,650.00BARLOVENTO - 49,650.00Total 1,723,467.09 2,236,830.38


EUROSTOXX50 MAR14FUT/EUX

10 3,108.00 186,480.00 9,290.00Purchase 6 EUR 177,190.00FUTURES ON INDEX

SMI MARCH14 10 8,112.00 (132,388.81) (5,042.92)Sale 2 CHF (127,345.89)S&P 500 E-MINI MAR14FUT/CME

50 1,841.10 (334,028.47) (13,144.51)Sale 5 USD (320,883.96)

STOXX 600 INSUR MARCH14 50 228.00 (239,400.00) (5,985.00)Sale 21 EUR (233,415.00)STOXX 600 OIL & GAS MARCH14

50 332.30 (232,610.00) (5,110.00)Sale 14 EUR (227,500.00)

(751,947.29) (19,992.43) (731,954.86)

BBVA DURBANA INTERNATIONAL FUND - BBVA&PARTNERS EUROPEAN ABSOLUTE RETURN

Sale /Purchase

Contract(s) UnrealisedresultEUR

as at12.31.13

EUR

Quantity Size Price as at12.31.13

CommitmentEUR

AXA SA MARCH 14 100 20.14 245,716.54 19,833.54Purchase 122 EUR 225,883.00FUTURES ON SECURITIES

BAYER AG MARCH14 100 102.00 (173,407.14) (5,032.68)Sale 17 EUR (168,374.46)SANOFI MARCH14 100 76.32 152,641.20 2,399.00Purchase 20 EUR 150,242.20TULLOW OIL PLC MARCH14 1,000 8.57 175,202.09 2,927.91Purchase 17 GBP 172,274.18UNICREDIT SPA DEC 13FUT/EUX

1,000 5.30 217,095.00 12,919.10Purchase 41 EUR 204,175.90

VODAFONE GRP PLCMARCH14

1,000 2.37 85,443.92 2,933.76Purchase 30 GBP 82,510.16

702,691.60 35,980.63 666,710.97

The net unrealised result on the outstanding futures contract(s) as at December 31, 2013 for BBVA DURBANA INTERNATIONALFUND - BBVA&PARTNERS EUROPEAN ABSOLUTE RETURN is included in the statement of net assets of the Sub-Fund.


10 3,108.00 (466,200.00) (29,400.00)Sale 15 EUR (436,800.00)FUTURES ON INDEX

FTSE100 MARCH 14 10 6,697.50 (402,508.37) (18,179.74)Sale 5 GBP (384,328.63)SMI MARCH14 10 8,112.00 (132,388.81) (5,042.92)Sale 2 CHF (127,345.89)

(1,001,097.18) (52,622.66) (948,474.52)

BBVA DURBANA INTERNATIONAL FUND - BBVA AUGUSTUS NEUTRAL PLUS

Sale /Purchase


as at12.31.13

EUR


CommitmentEUR

EUR/CHF MARCH14 125,000 1.22 124,930.52 504.90Purchase 1 CHF 124,425.62FUTURES ON EXCHANGE RATES

EUR/GBP MARCH14 125,000 0.83 375,328.91 (2,082.41)Purchase 3 GBP 377,411.32500,259.43 (1,577.51) 501,836.94

The net unrealised result on the outstanding futures contract(s) as at December 31, 2013 for BBVA DURBANA INTERNATIONALFUND - BBVA AUGUSTUS NEUTRAL PLUS is included in the statement of net assets of the Sub-Fund.

FUTURES

As at December 31, 2013, the following futures contract(s) was (were) outstanding :

2



10 3,108.00 1,243,200.00 70,770.00Purchase 40 EUR 1,172,430.00FUTURES ON INDEX

FTSE100 MARCH 14 10 6,697.50 402,508.37 14,657.98Purchase 5 GBP 387,850.39SMI MARCH14 10 8,112.00 66,194.41 950.65Purchase 1 CHF 65,243.76S&P 500 E-MINI MAR14FUT/CME

50 1,841.10 (601,251.25) (23,660.12)Sale 9 USD (577,591.13)

1,110,651.53 62,718.51 1,047,933.02

BBVA DURBANA INTERNATIONAL FUND - BBVA AUGUSTUS EQUITY

Sale /Purchase


as at12.31.13

EUR


CommitmentEUR

VODAFONE GRP PLCMARCH14

1,000 2.37 150,950.92 5,182.97Purchase 53 GBP 145,767.95FUTURES ON SECURITIES

150,950.92 5,182.97 145,767.95

EUR/CHF MARCH14 125,000 1.22 (249,861.04) (1,009.81)Sale 2 CHF (248,851.23)FUTURES ON EXCHANGE RATES

EUR/GBP MARCH14 125,000 0.83 (500,438.55) 2,776.54Sale 4 GBP (503,215.09)(750,299.59) 1,766.73 (752,066.32)

The net unrealised result on the outstanding futures contract(s) as at December 31, 2013 for BBVA DURBANA INTERNATIONALFUND - BBVA AUGUSTUS EQUITY is included in the statement of net assets of the Sub-Fund.

CAC40 JAN14 10 4,298.50 (1,289,550.00) (67,650.00)Sale 30 EUR (1,221,900.00)FUTURES ON INDEX


10 3,108.00 8,640,240.00 381,910.00Purchase 278 EUR 8,258,330.00

FTSE100 MARCH 14 10 6,697.50 80,501.67 3,587.87Purchase 1 GBP 76,913.80SMI MARCH14 10 8,112.00 728,138.47 9,335.11Purchase 11 CHF 718,803.36S&P 500 E-MINI MAR14FUT/CME

50 1,841.10 2,405,005.00 3,396.35Purchase 36 USD 2,401,608.65

TOPIX MARCH14 10,000 1,302.50 359,732.79 12,262.68Purchase 4 JPY 347,470.1110,924,067.93 342,842.01 10,581,225.92

BBVA DURBANA INTERNATIONAL FUND - BBVA GLOBAL EQUITY FUND

Sale /Purchase


as at12.31.13

EUR


CommitmentEUR

CAD MARCH14 125,000 1.47 (501,375.24) (1,451.43)Sale 4 CAD (499,923.81)FUTURES ON EXCHANGE RATES

EUR FIX MARCH14 125,000 1.38 (10,381,389.36) (40,050.40)Sale 83 USD (10,341,338.96)EUR/AUD MARCH14 125,000 1.55 (755,934.58) (19,283.05)Sale 6 AUD (736,651.53)EUR/CHF MARCH14 125,000 1.22 374,791.56 1,514.71Purchase 3 CHF 373,276.85EUR/GBP MARCH14 125,000 0.83 1,376,206.01 (7,635.49)Purchase 11 GBP 1,383,841.50EUR/JPY MARCH14 125,000 145.09 (250,449.28) (6,559.43)Sale 2 JPY (243,889.85)

(10,138,150.89) (73,465.09) (10,064,685.80)

The net unrealised result on the outstanding futures contract(s) as at December 31, 2013 for BBVA DURBANA INTERNATIONALFUND - BBVA GLOBAL EQUITY FUND is included in the statement of net assets of the Sub-Fund.

(Continued)

FUTURES



CAC40 JAN14 10 4,298.50 (947,699.85) (49,716.49)Sale 16 EUR (897,983.36)FUTURES ON INDEX


10 3,108.00 2,526,777.02 1,625.98Purchase 59 EUR 2,525,151.04

FTSE100 MARCH 14 10 6,697.50 1,109,273.93 36,685.95Purchase 10 GBP 1,072,587.98IBEX35 JAN14 10 9,869.40 543,982.14 37,336.97Purchase 4 EUR 506,645.17SMI MARCH14 10 8,112.00 1,003,339.44 12,807.11Purchase 11 CHF 990,532.33S&P 500 E-MINI MAR14FUT/CME

50 1,841.10 3,866,310.00 13,422.50Purchase 42 USD 3,852,887.50


BBVA DURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET MODERATE USD FUND

Sale /Purchase

Contract(s) UnrealisedresultUSD

as at12.31.13

USD


CommitmentUSD

GERMANY BOBL 5Y MAR14FUT/EUX

100,000 124.43 (171,458.49) 1,805.12Sale 1 EUR (173,263.61)FUTURES ON INTEREST RATES

US T.NT 10Y MAR14 FUT/CBT 100,000 123.05 6,644,531.52 (126,921.48)Purchase 54 USD 6,771,453.00US T.NT 2Y MARCH14 200,000 109.91 (19,783,125.00) 34,966.05Sale 90 USD (19,818,091.05)

(13,310,051.97) (90,150.31) (13,219,901.66)

APPLE INC MARCH 14 100 558.53 (279,265.00) (3,305.00)Sale 5 USD (275,960.00)FUTURES ON SECURITIES

(279,265.00) (3,305.00) (275,960.00)

AUD MARCH14 100,000 0.89 799,380.00 (19,530.00)Purchase 9 USD 818,910.00FUTURES ON EXCHANGE RATES

CAD MARCH14 100,000 0.94 845,280.00 (810.00)Purchase 9 USD 846,090.00CHF MARCH14 125,000 1.13 (422,137.50) 975.00Sale 3 USD (423,112.50)EUR FIX MARCH14 125,000 1.38 (24,129,000.00) (43,750.00)Sale 140 USD (24,085,250.00)EUR/JPY MARCH14 125,000 145.09 172,553.36 4,513.34Purchase 1 JPY 168,040.02GBP MARCH14 62,500 1.66 (1,138,362.50) (8,387.50)Sale 11 USD (1,129,975.00)JPY MARCH14 125,000 0.95 (831,512.50) 20,781.25Sale 7 USD (852,293.75)

(24,703,799.14) (46,207.91) (24,657,591.23)

The net unrealised result on the outstanding futures contract(s) as at December 31, 2013 for BBVA DURBANA INTERNATIONALFUND - BBVA MULTI-ASSET MODERATE USD FUND is included in the statement of net assets of the Sub-Fund.

(Continued)

FUTURES





10 3,108.00 1,460,760.00 5,980.00Purchase 47 EUR 1,454,780.00

FTSE100 MARCH 14 10 6,697.50 483,010.04 19,213.42Purchase 6 GBP 463,796.62IBEX35 JAN14 10 9,869.40 197,388.00 13,548.00Purchase 2 EUR 183,840.00SMI MARCH14 10 8,112.00 397,166.44 5,140.84Purchase 6 CHF 392,025.60S&P 500 E-MINI MAR14FUT/CME

50 1,841.10 1,670,142.36 5,805.72Purchase 25 USD 1,664,336.64


BBVA DURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET MODERATE EUR FUND

Sale /Purchase


as at12.31.13

EUR


CommitmentEUR


100,000 124.43 (871,010.00) 7,550.00Sale 7 EUR (878,560.00)FUTURES ON INTEREST RATES

US T.NT 10Y MAR14 FUT/CBT 100,000 123.05 2,857,502.93 (50,930.29)Purchase 32 USD 2,908,433.22US T.NT 2Y MARCH14 200,000 109.91 (8,933,188.79) 15,284.18Sale 56 USD (8,948,472.97)US T.NT 5Y MARCH14 100,000 119.31 86,586.87 (1,139.52)Purchase 1 USD 87,726.39

(6,860,108.99) (29,235.63) (6,830,873.36)

APPLE INC MARCH 14 100 558.53 (121,600.08) (1,439.09)Sale 3 USD (120,160.99)FUTURES ON SECURITIES

(121,600.08)( 1,439.09) (120,160.99)

CAD MARCH14 125,000 1.47 (376,031.43) (1,088.57)Sale 3 CAD (374,942.86)FUTURES ON EXCHANGE RATES

EUR FIX MARCH14 125,000 1.38 (5,003,079.21) (3,864.44)Sale 40 USD (4,999,214.77)EUR/AUD MARCH14 125,000 1.55 (377,967.29) (9,641.53)Sale 3 AUD (368,325.76)EUR/CHF MARCH14 125,000 1.22 124,930.52 504.90Purchase 1 CHF 124,425.62EUR/GBP MARCH14 125,000 0.83 750,657.82 (4,164.81)Purchase 6 GBP 754,822.63EUR/JPY MARCH14 125,000 145.09 500,898.56 13,101.59Purchase 4 JPY 487,796.97

(4,380,591.03) (5,152.86) (4,375,438.17)

The net unrealised result on the outstanding futures contract(s) as at December 31, 2013 for BBVA DURBANA INTERNATIONALFUND - BBVA MULTI-ASSET MODERATE EUR FUND is included in the statement of net assets of the Sub-Fund.


10 3,108.00 (62,160.00) (3,480.00)Sale 2 EUR (58,680.00)FUTURES ON INDEX

S&P 500 E-MINI MAR14FUT/CME

50 1,841.10 (66,805.69) (2,344.06)Sale 1 USD (64,461.63)

(128,965.69) (5,824.06) (123,141.63)

The net unrealised result on the outstanding futures contract(s) as at December 31, 2013 for BBVA DURBANA INTERNATIONALFUND - GLOBAL INVESTMENTS is included in the statement of net assets of the Sub-Fund.

BBVA DURBANA INTERNATIONAL FUND - GLOBAL INVESTMENTS

Sale /Purchase


as at12.31.13

EUR


CommitmentEUR

(Continued)

FUTURES


5


DAX MARCH14 25 9,605.50 960,550.00 25,900.00Purchase 4 EUR 934,650.00FUTURES ON INDEX

IBEX35 JAN14 10 9,869.40 493,470.00 15,570.00Purchase 5 EUR 477,900.00S&P 500 E-MINI MAR14FUT/CME

50 1,841.10 467,639.86 9,486.91Purchase 7 USD 458,152.95

1,921,659.86 50,956.91 1,870,702.95

BBVA DURBANA INTERNATIONAL FUND - SEXTANTE

Sale /Purchase


as at12.31.13

EUR


CommitmentEUR

EUR FIX MARCH14 125,000 1.38 (625,384.90) (68.04)Sale 5 USD (625,316.86)FUTURES ON EXCHANGE RATES

(625,384.90) (68.04) (625,316.86)

The net unrealised result on the outstanding futures contract(s) as at December 31, 2013 for BBVA DURBANA INTERNATIONALFUND - SEXTANTE is included in the statement of net assets of the Sub-Fund.

GERMANY BD 10Y MAR14FUT/EUX

100,000 139.17 (8,054,318.79) 128,480.19Sale 42 EUR (8,182,798.98)FUTURES ON INTEREST RATES


100,000 124.43 (7,201,256.64) 75,814.89Sale 42 EUR (7,277,071.53)

GERMANY BUXL 30Y MAR14 100,000 122.02 1,513,238.66 (24,059.03)Purchase 9 EUR 1,537,297.69GERMANY SCHATZ 2YMARCH14

100,000 110.30 19,910,433.02 (2,707.67)Purchase 131 EUR 19,913,140.69

LONG GILT MARCH14 100,000 106.56 6,000,662.64 (139,655.06)Purchase 34 GBP 6,140,317.70US T.BD 30Y MAR14 FUT/CBT 100,000 128.31 (1,668,062.50) 28,539.03Sale 13 USD (1,696,601.53)US T.NT 10Y MAR14 FUT/CBT 100,000 123.05 738,281.28 (14,953.08)Purchase 6 USD 753,234.36US T.NT 2Y MARCH14 200,000 109.91 (19,343,500.00) 30,247.18Sale 88 USD (19,373,747.18)

(8,104,522.33) 81,706.45 (8,186,228.78)

BBVA DURBANA INTERNATIONAL FUND - BBVA GLOBAL BOND FUND

Sale /Purchase


as at12.31.13

USD


CommitmentUSD

CAD MARCH14 100,000 0.94 (4,414,240.00) 4,230.00Sale 47 USD (4,418,470.00)FUTURES ON EXCHANGE RATES

EUR FIX MARCH14 125,000 1.38 (38,434,050.00) (64,787.50)Sale 223 USD (38,369,262.50)GBP MARCH14 62,500 1.66 (2,380,212.50) (17,537.50)Sale 23 USD (2,362,675.00)USD/SEK MARCH14 2,000,000 0.16 (2,175,740.00) (35,700.00)Sale 7 USD (2,140,040.00)90 DAYS EUR/USD SEPT. 14 0,000 99.63 5,729,011.93 9,486.92Purchase 23 USD 5,719,525.0190 DAYS EUR/USD SEPT. 15 0,000 99.13 (5,699,975.00 )(6,612.50)Sale 23 USD (5,693,362.50)

(47,375,205.58) (110,920.58) (47,264,285.00)

The net unrealised result on the outstanding futures contract(s) as at December 31, 2013 for BBVA DURBANA INTERNATIONALFUND - BBVA GLOBAL BOND FUND is included in the statement of net assets of the Sub-Fund.

(Continued)

FUTURES




DAX MARCH14 25 9,605.50 (240,137.50) (13,950.00)Sale 1 EUR (226,187.50)EUROSTOXX50 MAR14FUT/EUX

10 3,108.00 808,080.00 630.00Purchase 26 EUR 807,450.00

FTSE100 MARCH 14 10 6,697.50 885,518.41 15,541.41Purchase 11 GBP 869,977.00IBEX35 JAN14 10 9,869.40 98,694.00 6,774.00Purchase 1 EUR 91,920.00

821,409.91 (29,339.59) 850,749.50

BBVA DURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET FLEXIBLE FUND

Sale /Purchase


as at12.31.13

EUR


CommitmentEUR


100,000 124.43 (1,742,020.00) 13,480.00Sale 14 EUR (1,755,500.00)FUTURES ON INTEREST RATES

US T.NT 10Y MAR14 FUT/CBT 100,000 123.05 2,678,909.00 (54,258.37)Purchase 30 USD 2,733,167.37US T.NT 2Y MARCH14 200,000 109.91 (8,135,582.65) 14,275.07Sale 51 USD (8,149,857.72)

(7,198,693.65) (26,503.30) (7,172,190.35)

EUR FIX MARCH14 125,000 1.38 1,876,154.70 3,401.79Purchase 15 USD 1,872,752.91FUTURES ON EXCHANGE RATES

EUR/CHF MARCH14 125,000 1.22 374,791.56 1,514.71Purchase 3 CHF 373,276.85EUR/GBP MARCH14 125,000 0.83 125,109.64 (694.14)Purchase 1 GBP 125,803.78EUR/JPY MARCH14 125,000 145.09 250,449.28 6,550.80Purchase 2 JPY 243,898.48

2,626,505.18 10,773.16 2,615,732.02

The net unrealised result on the outstanding futures contract(s) as at December 31, 2013 for BBVA DURBANA INTERNATIONALFUND - BBVA MULTI-ASSET FLEXIBLE FUND is included in the statement of net assets of the Sub-Fund.

EUR FIX MARCH14 125,000 1.38 (2,068,200.00) (20,550.00)Sale 12 USD (2,047,650.00)FUTURES ON EXCHANGE RATES

(2,068,200.00) (20,550.00) (2,047,650.00)

The net unrealised result on the outstanding futures contract(s) as at December 31, 2013 for BBVA DURBANA INTERNATIONALFUND - ESLORA is included in the statement of net assets of the Sub-Fund.

BBVA DURBANA INTERNATIONAL FUND - ESLORA

Sale /Purchase


as at12.31.13

USD


CommitmentUSD

(Continued)

FUTURES




(2,068,200.00) (20,550.00) (2,047,650.00)

The net unrealised result on the outstanding futures contract(s) as at December 31, 2013 for BBVA DURBANA INTERNATIONALFUND - COMPAS is included in the statement of net assets of the Sub-Fund.

BBVA DURBANA INTERNATIONAL FUND - COMPAS

Sale /Purchase


as at12.31.13

USD


CommitmentUSD


(2,068,200.00) (20,550.00) (2,047,650.00)

The net unrealised result on the outstanding futures contract(s) as at December 31, 2013 for BBVA DURBANA INTERNATIONALFUND - ESTRIBOR is included in the statement of net assets of the Sub-Fund.

BBVA DURBANA INTERNATIONAL FUND - ESTRIBOR

Sale /Purchase


as at12.31.13

USD


CommitmentUSD


(2,068,200.00) (20,550.00) (2,047,650.00)

The net unrealised result on the outstanding futures contract(s) as at December 31, 2013 for BBVA DURBANA INTERNATIONALFUND - BARLOVENTO is included in the statement of net assets of the Sub-Fund.

BBVA DURBANA INTERNATIONAL FUND - BARLOVENTO

Sale /Purchase


as at12.31.13

USD


CommitmentUSD

(Continued)

FUTURES


260


(Continued)

FORWARD FOREIGN EXCHANGE CONTRACTS ON CURRENCIES

Sale Purchase Maturity

CHF 2,344.10 EUR 1,910.42 01.06.14 (2.48)

The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2013 for BBVADURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET MODERATE EUR FUND is included in the statement of net assets ofthe Sub-Fund.

Unrealised inEUR

25.15

BBVA DURBANA INTERNATIONAL FUND - TABA DE INVERSIONES


USD 370,000.00 EUR 268,602.54 03.31.14 82.

The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2013 for BBVADURBANA INTERNATIONAL FUND - TABA DE INVERSIONES is included in the statement of net assets of the Sub-Fund.

Unrealised inEUR

82.

BBVA DURBANA INTERNATIONAL FUND - BBVA GLOBAL BOND FUND


USD 6,891.50 EUR 4,999.95 03.31.14 (1.96)*

Unrealised inUSD

USD 1,988,536.16 EUR 1,442,905.48 03.31.14 (326.37)*

The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2013 for BBVADURBANA INTERNATIONAL FUND - BBVA GLOBAL BOND FUND is included in the statement of net assets of the Sub-Fund.

(328.33)

BBVA DURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET FLEXIBLE FUND


EUR 15,683,313.63 USD 21,600,421.00 03.31.14 (7,2 . )*

Unrealised inEUR

JPY 1,226,179.00 EUR 8,473.94 01.07.14 7.26USD 49,680.66 EUR 35,958.02 03.31.14 (96. )*

The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2013 for BBVADURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET FLEXIBLE FUND is included in the statement of net assets of theSub-Fund.

(7,3 . )


OPTIONS

As at 3 , 2013, the following short option contract(s) was (were) outstanding with JP Morgan. For the collateral linked to theseoutstanding options contract(s) please refer to the previous note "COLLATERAL HELD AT BROKERS"

BBVA DURBANA INTERNATIONAL FUND - BBVA GLOBAL EQUITY FUND

Quantity Description Currency Commitment

PURCHASE OF OPTIONS

1,690 EUROSTOXX50 C3125 JAN14/EUX EUR 5,281,250.004,200 S&P500 P1750 DEC14 USD 7,350,000.00

BBVA DURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET MODERATE EUR FUND

Quantity Description Currency Commitment

PURCHASE OF OPTIONS

1,190 EUROSTOXX50 C3125 JAN14/EUX EUR 3,718,750.00490 EUROSTOXX50 P2950 DEC14/EUX EUR 1,445,500.00

2,400 S&P500 P1750 DEC14 USD 4,200,000.0

BBVA DURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET MODERATE FUND

Quantity Description Currency Underlying value Commitment

PURCHASE OF OPTIONS

1,900 EUROSTOXX50 C3125 JAN14/EUX EUR 5,937,500.003,900 S&P500 P1750 DEC14 USD 6,825,000.00

830 EUROSTOXX50 P2950 DEC14/EUX EUR 2,448,500.00

BBVA DURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET FLEXIBLE

Quantity Description Currency Underlying value Commitment

PURCHASE OF OPTIONS

1,100 EUROSTOXX50 C3125 JAN14/EUX EUR 3,437,500.00590 EUROSTOXX50 P2950 DEC14/EUX EUR 1,740,500.00

2,800 S&P500 P1750 DEC14 USD 4,900,000.00

Underlying value

Underlying value

Documents

BBVA DURBANA INTERNATIONAL FUND€¦ · Banco Bilbao Vizcaya Argentaria SA Succursale Madrid Calle Clara Del Rey 26,2 Planta E - 28002 Madrid Banque Privée Edmond de Rothschild Europe