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BBVA DURBANA INTERNATIONAL FUND
Société d'Investissement à Capital Variable
Annual Report and Audited FinancialStatements as at
December 31, 2013
à compartiments multiples
R.C.S. Luxembourg B 27 711
2
BBVA DURBANA INTERNATIONAL FUND
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 -
...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS ............................................................................................................................................................................... 44
...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................................................ 45
...........................................................................................................................................................................................................................................................TER (total expense ratio) AND PTR (portfolio turnover rate) ..................................................................................................................... 46
...........................................................................................................................................................................................................................................................STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUEPER SHARE ..................................................................................................................................................................................................................... 47
...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS AND OTHER NET ASSETS .................................................................................................................. 48
...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................ 49
...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS ........................................................................................................................... 50
....................................................................................................................................................................................................................BBVA&PARTNERS EUROPEAN ABSOLUTE RETURN 44BBVA DURBANA INTERNATIONAL FUND -
...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS ............................................................................................................................................................................... 51
...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................................................ 52
...........................................................................................................................................................................................................................................................TER (total expense ratio) AND PTR (portfolio turnover rate) ..................................................................................................................... 53
...........................................................................................................................................................................................................................................................STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUEPER SHARE ..................................................................................................................................................................................................................... 54
...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS AND OTHER NET ASSETS .................................................................................................................. 55
...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................ 57
...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS ........................................................................................................................... 58
....................................................................................................................................................................................................................BBVA AUGUSTUS NEUTRAL PLUS 51BBVA DURBANA INTERNATIONAL FUND -
...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................................................ 59
...........................................................................................................................................................................................................................................................STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUEPER SHARE ..................................................................................................................................................................................................................... 60
....................................................................................................................................................................................................................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
BBVA DURBANA INTERNATIONAL FUND
TABLE OF CONTENTS(continued)
...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS ............................................................................................................................................................................... 61
...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................................................ 62
...........................................................................................................................................................................................................................................................TER (total expense ratio) AND PTR (portfolio turnover rate) ..................................................................................................................... 63
...........................................................................................................................................................................................................................................................STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUEPER SHARE ..................................................................................................................................................................................................................... 64
...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS AND OTHER NET ASSETS .................................................................................................................. 65
...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................ 67
...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS ........................................................................................................................... 68
.................................................................................................................................................................................................................... 61BBVA DURBANA INTERNATIONAL FUND - BBVA USD CORPORATE BOND FUND(previously RENTA FIJA CORTO PLAZO USD)
...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS ............................................................................................................................................................................... 69
...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................................................ 70
...........................................................................................................................................................................................................................................................TER (total expense ratio) AND PTR (portfolio turnover rate) ..................................................................................................................... 71
...........................................................................................................................................................................................................................................................STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUEPER SHARE ..................................................................................................................................................................................................................... 72
...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS AND OTHER NET ASSETS .................................................................................................................. 73
...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................ 76
...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS ........................................................................................................................... 77
....................................................................................................................................................................................................................LA ENCINA 69BBVA DURBANA INTERNATIONAL FUND -
...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS ............................................................................................................................................................................... 78
...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................................................ 79
...........................................................................................................................................................................................................................................................TER (total expense ratio) AND PTR (portfolio turnover rate) ..................................................................................................................... 80
...........................................................................................................................................................................................................................................................STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUEPER SHARE ..................................................................................................................................................................................................................... 81
...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS AND OTHER NET ASSETS .................................................................................................................. 82
...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................ 84
...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS ........................................................................................................................... 85
....................................................................................................................................................................................................................BBVA AUGUSTUS EQUITY 78BBVA DURBANA INTERNATIONAL FUND -
...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................................................ 86
...........................................................................................................................................................................................................................................................STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUEPER SHARE ..................................................................................................................................................................................................................... 87
....................................................................................................................................................................................................................RENTA USD 86BBVA DURBANA INTERNATIONAL FUND -
...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS ............................................................................................................................................................................... 88
...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................................................ 89
...........................................................................................................................................................................................................................................................TER (total expense ratio) AND PTR (portfolio turnover rate) ..................................................................................................................... 90
...........................................................................................................................................................................................................................................................STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUEPER SHARE ..................................................................................................................................................................................................................... 91
...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS AND OTHER NET ASSETS .................................................................................................................. 92
...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................ 94
...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS ........................................................................................................................... 95
.................................................................................................................................................................................................................... 88BBVA DURBANA INTERNATIONAL FUND - BBVA EUR CORPORATE BOND FUND(previously RENTA EURO)
...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................................................ 96
...........................................................................................................................................................................................................................................................STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUEPER SHARE ..................................................................................................................................................................................................................... 97
....................................................................................................................................................................................................................BBVA DURBANA RENTA VARIABLE GLOBAL USD 96BBVA DURBANA INTERNATIONAL FUND -
BBVA DURBANA INTERNATIONAL FUND
4
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TABLE OF CONTENTS (continued)
BBVA DURBANA INTERNATIONAL FUND - BBVA GLOBAL EQUITY FUND (previously BBVA DURBANA RENTA VARIABLE GLOBAL EUR)………….98 ..
STATEMENT OF NET ASSETS ......................................................................................................................................................................................
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ..........................................................................................................................
TER (total expense ratio) AND PTR (portfolio turnover rate) ...........................................................................................................................................
STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE PER SHARE ......................................................................................................................................................................................................................
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ................................................................................................................. ..................
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................................
ECONOMIC CLASSIFICATION OF THE INVESTMENTS ..........................................................................................................................................
98 99 100
101 102 104 105
BBVA DURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET MODERATE USD FUND ................................. ................. 106 (previously BBVA DURBANA MULTIESTRATEGIA 80/20 USD)
STATEMENT OF NET ASSETS ......................................................................................................................................................................................
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ..........................................................................................................................
TER (total expense ratio) AND PTR (portfolio turnover rate) ...........................................................................................................................................
STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE PER SHARE ......................................................................................................................................................................................................................
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ................................................................................................................. ..................
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................................
ECONOMIC CLASSIFICATION OF THE INVESTMENTS ..........................................................................................................................................
106
107
108
109
110
112
113
BBVA DURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET MODERATE EUR FUND .................................................... 114 (previously BBVA DURBANA MULTIESTRATEGIA 80/20 EUR)
STATEMENT OF NET ASSETS ......................................................................................................................................................................................
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ..........................................................................................................................
TER (total expense ratio) AND PTR (portfolio turnover rate) ...........................................................................................................................................
STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE PER SHARE ......................................................................................................................................................................................................................
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ................................................................................................................. ..................
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................................
ECONOMIC CLASSIFICATION OF THE INVESTMENTS ..........................................................................................................................................
114
115
116
117
118
120
121
BBVA DURBANA INTERNATIONAL FUND - GLOBAL INVESTMENTS.......................................................................................
STATEMENT OF NET ASSETS ......................................................................................................................................................................................
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ..........................................................................................................................
TER (total expense ratio) AND PTR (portfolio turnover rate) ...........................................................................................................................................
STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE PER SHARE ......................................................................................................................................................................................................................
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ................................................................................................................. ..................
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................................
ECONOMIC CLASSIFICATION OF THE INVESTMENTS ..........................................................................................................................................
122 122
123
124
125
126
128
129
BBVA DURBANA INTERNATIONAL FUND - TABA DE INVERSIONES........................................................................................
STATEMENT OF NET ASSETS ......................................................................................................................................................................................
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ..........................................................................................................................
TER (total expense ratio) AND PTR (portfolio turnover rate) ...........................................................................................................................................
STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE PER SHARE ......................................................................................................................................................................................................................
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ................................................................................................................. ..................
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................................
ECONOMIC CLASSIFICATION OF THE INVESTMENTS ..........................................................................................................................................
130 130
131
132
133
134
136
137
5
BBVA DURBANA INTERNATIONAL FUND
TABLE OF CONTENTS(continued)
...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS ............................................................................................................................................................................... 138
...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................................................ 139
...........................................................................................................................................................................................................................................................TER (total expense ratio) AND PTR (portfolio turnover rate) ..................................................................................................................... 140
...........................................................................................................................................................................................................................................................STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUEPER SHARE ..................................................................................................................................................................................................................... 141
...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS AND OTHER NET ASSETS .................................................................................................................. 142
...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................ 144
...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS ........................................................................................................................... 145
....................................................................................................................................................................................................................DRIZA 138BBVA DURBANA INTERNATIONAL FUND -
...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS ............................................................................................................................................................................... 146
...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................................................ 147
...........................................................................................................................................................................................................................................................TER (total expense ratio) AND PTR (portfolio turnover rate) ..................................................................................................................... 148
...........................................................................................................................................................................................................................................................STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUEPER SHARE ..................................................................................................................................................................................................................... 149
...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS AND OTHER NET ASSETS .................................................................................................................. 150
...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................ 152
...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS ........................................................................................................................... 153
....................................................................................................................................................................................................................ESTAY 146BBVA DURBANA INTERNATIONAL FUND -
...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS ............................................................................................................................................................................... 154
...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................................................ 155
...........................................................................................................................................................................................................................................................TER (total expense ratio) AND PTR (portfolio turnover rate) ..................................................................................................................... 156
...........................................................................................................................................................................................................................................................STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUEPER SHARE ..................................................................................................................................................................................................................... 157
...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS AND OTHER NET ASSETS .................................................................................................................. 158
...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................ 161
...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS ........................................................................................................................... 162
....................................................................................................................................................................................................................AMURA 154BBVA DURBANA INTERNATIONAL FUND -
...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS ............................................................................................................................................................................... 163
...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................................................ 164
...........................................................................................................................................................................................................................................................TER (total expense ratio) AND PTR (portfolio turnover rate) ..................................................................................................................... 165
...........................................................................................................................................................................................................................................................STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUEPER SHARE ..................................................................................................................................................................................................................... 166
...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS AND OTHER NET ASSETS .................................................................................................................. 167
...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................ 169
...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS ........................................................................................................................... 170
....................................................................................................................................................................................................................BITACORA 163BBVA DURBANA INTERNATIONAL FUND -
...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS ............................................................................................................................................................................... 171
...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................................................ 172
...........................................................................................................................................................................................................................................................TER (total expense ratio) AND PTR (portfolio turnover rate) ..................................................................................................................... 173
...........................................................................................................................................................................................................................................................STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUEPER SHARE ..................................................................................................................................................................................................................... 174
...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS AND OTHER NET ASSETS .................................................................................................................. 175
...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................ 177
...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS ........................................................................................................................... 178
....................................................................................................................................................................................................................SEXTANTE 171BBVA DURBANA INTERNATIONAL FUND -
BBVA DURBANA INTERNATIONAL FUND
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TABLE OF CONTENTS (continued)
BBVA DURBANA INTERNATIONAL FUND - SPINNAKER..............................................................................................................
STATEMENT OF NET ASSETS ......................................................................................................................................................................................
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ..........................................................................................................................
TER (total expense ratio) AND PTR (portfolio turnover rate) ...........................................................................................................................................
STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE PER SHARE ......................................................................................................................................................................................................................
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ................................................................................................................. ..................
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................................
ECONOMIC CLASSIFICATION OF THE INVESTMENTS ..........................................................................................................................................
179 179
180
181
182
183
186
187
BBVA DURBANA INTERNATIONAL FUND - BBVA DURBANA RENTA PLUS EUR..................................................................
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ..........................................................................................................................
STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE PER SHARE ......................................................................................................................................................................................................................
188 188
189
BBVA DURBANA INTERNATIONAL FUND - BBVA GLOBAL BOND FUND................................................................................. 190 (previously BBVA DURBANA RENTA PLUS USD)
STATEMENT OF NET ASSETS ......................................................................................................................................................................................
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ..........................................................................................................................
STATISTICAL INFORMATION ......................................................................................................................................................................................
TER (total expense ratio) AND PTR (portfolio turnover rate) ...........................................................................................................................................
CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE PER SHARE ...........................................................
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ................................................................................................................. ..................
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................................
ECONOMIC CLASSIFICATION OF THE INVESTMENTS ..........................................................................................................................................
190
191
192
193
194
195
198
199
BBVA DURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET FLEXIBLE........................................................................... 200 (previously BBVA DURBANA DINAMICO)
STATEMENT OF NET ASSETS ......................................................................................................................................................................................
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ..........................................................................................................................
TER (total expense ratio) AND PTR (portfolio turnover rate) ...........................................................................................................................................
STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE PER SHARE ......................................................................................................................................................................................................................
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ................................................................................................................. ..................
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................................
ECONOMIC CLASSIFICATION OF THE INVESTMENTS ..........................................................................................................................................
200
201
202
203
204
206
207
BBVA DURBANA INTERNATIONAL FUND - RUMBO .....................................................................................................................
STATEMENT OF NET ASSETS ......................................................................................................................................................................................
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ..........................................................................................................................
TER (total expense ratio) AND PTR (portfolio turnover rate) ...........................................................................................................................................
STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE PER SHARE ......................................................................................................................................................................................................................
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ................................................................................................................. ..................
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................................
ECONOMIC CLASSIFICATION OF THE INVESTMENTS ..........................................................................................................................................
208 208
209
210
211
212
214
215
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BBVA DURBANA INTERNATIONAL FUND
TABLE OF CONTENTS(continued)
...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS ............................................................................................................................................................................... 216
...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................................................ 217
...........................................................................................................................................................................................................................................................TER (total expense ratio) AND PTR (portfolio turnover rate) ..................................................................................................................... 218
...........................................................................................................................................................................................................................................................STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUEPER SHARE ..................................................................................................................................................................................................................... 219
...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS AND OTHER NET ASSETS .................................................................................................................. 220
...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................ 221
...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS ........................................................................................................................... 222
....................................................................................................................................................................................................................ESLORA 216BBVA DURBANA INTERNATIONAL FUND -
...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS ............................................................................................................................................................................... 223
...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................................................ 224
...........................................................................................................................................................................................................................................................TER (total expense ratio) AND PTR (portfolio turnover rate) ..................................................................................................................... 225
...........................................................................................................................................................................................................................................................STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUEPER SHARE ..................................................................................................................................................................................................................... 226
...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS AND OTHER NET ASSETS .................................................................................................................. 227
...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................ 229
...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS ........................................................................................................................... 230
....................................................................................................................................................................................................................COMPAS 223BBVA DURBANA INTERNATIONAL FUND -
...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS ............................................................................................................................................................................... 231
...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................................................ 232
...........................................................................................................................................................................................................................................................TER (total expense ratio) AND PTR (portfolio turnover rate) ..................................................................................................................... 233
...........................................................................................................................................................................................................................................................STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUEPER SHARE ..................................................................................................................................................................................................................... 234
...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS AND OTHER NET ASSETS .................................................................................................................. 235
...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................ 237
...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS ........................................................................................................................... 238
....................................................................................................................................................................................................................ESTRIBOR 231BBVA DURBANA INTERNATIONAL FUND -
...........................................................................................................................................................................................................................................................STATEMENT OF NET ASSETS ............................................................................................................................................................................... 239
...........................................................................................................................................................................................................................................................STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................................................ 240
...........................................................................................................................................................................................................................................................TER (total expense ratio) AND PTR (portfolio turnover rate) ..................................................................................................................... 241
...........................................................................................................................................................................................................................................................STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUEPER SHARE ..................................................................................................................................................................................................................... 242
...........................................................................................................................................................................................................................................................STATEMENT OF INVESTMENTS AND OTHER NET ASSETS .................................................................................................................. 243
...........................................................................................................................................................................................................................................................GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS ................................................................................................................ 244
...........................................................................................................................................................................................................................................................ECONOMIC CLASSIFICATION OF THE INVESTMENTS ........................................................................................................................... 245
246....................................................................................................................................................................................................................NOTES TO THE FINANCIAL STATEMENTS ...........................................................................................................................
....................................................................................................................................................................................................................BARLOVENTO 239BBVA DURBANA INTERNATIONAL FUND -
BBVA DURBANA INTERNATIONAL FUND
8
DIRECTORS AND ADMINISTRATION
REGISTERED OFFICE BBVA DURBANA INTERNATIONAL FUND 20, Boulevard Emmanuel Servais L - 2535 Luxembourg RC 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 ROTHSCHILD EUROPE Mr. José Luis RODRÍGUEZ ÁLVAREZ BBVA 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 ROTHSCHILD EUROPE Mr. Hernán Luis TORRES RUIZ (until June 26, 2013) BBVA Suiza S.A. MANAGERS Mr. Santiago ALMENDRES CORTÁZAR BANCO BILBAO VIZCAYA ARGENTARÍA, S.A. Ms. Esther PEREZ VILLALON (from May 28, 2013) BANCO BILBAO VIZCAYA ARGENTARÍA, S.A. Mr. José Luis RODRIGUEZ ALVAREZ BBVA LuxInvest
CUSTODIAN BANK, REGISTRAR, TRANSFER AGENT, PAYING AGENT, ADMINISTRATIVE AND DOMICILIARY AGENT, LISTING AGENT BANQUE PRIVEE EDMOND DE ROTHSCHILD EUROPE 20, Boulevard Emmanuel Servais L - 2535 Luxembourg PROMOTOR AND PRINCIPAL DISTRIBUTOR BANCO BILBAO VIZCAYA ARGENTARIA, S.A. Paseo de la Castellana, 81 E - 28046 Madrid REVISEUR D’ENTREPRISES AGREE KPMG Luxembourg S.à r.l. 9, Allée Scheffer L - 2520 Luxembourg INVESTMENT MANAGERS BBVA ASSET MANAGEMENT S.A., S.G.I.I.C. Paseo de la Castellana, 81 E - 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 GLOBAL EUR), BBVA EUR CORPORATE BOND FUND (previously BBVA DURBANA RENTA EURO), BBVA DURBANA MULTI-ASSET MODERATE EUR FUND (previously BBVA DURBANA MULTIESTRATEGIA 80/20 EUR), BBVA DURBANA MULTI-ASSET MODERATE USD FUND (previously BBVA DURBANA MULTIESTRATEGIA 80/20 USD), BBVA DURBANA GLOBAL BOND FUND (previously BBVA DURBANA RENTA PLUS USD), and BBVA DURBANA MULTI-ASSET FLEXIBLE FUND (previously BBVA DURBANA DINAMICO).
BBVA DURBANA INTERNATIONAL FUND
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 Chapultepec 11000 Mexico D.F COUNTERPARTIES FOR DERIVATIVES INSTRUMENTS Deutsche Bank AG London Branch: Winchester House 1 Great Winchester Street London EC2N2DB JP Morgan JPMorgan - Futures and Options 12th Floor, 125 London Wall, London, EC2Y 5AJ Banco Bilbao Vizcaya Argentaria SA Succursale Madrid Calle Clara Del Rey 26,2 Planta E - 28002 Madrid Banque Privée Edmond de Rothschild Europe 20, Boulevard Emmanuel Servais L - 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 MANAGEMENT, S.A. S.G.I.I.C. has surrogated in all rights and liabilities in the position of BBVA PATRIMONIOS GESTORA, S.G.I.I.C., S.A. as a consequence of the merger.
BBVA DURBANA INTERNATIONAL FUND
10
GENERAL INFORMATION 1 - INFORMATION TO THE SHAREHOLDERS Annual reports and semi-annual reports are at the disposal of the shareholders with the administrative agent. The periodical reports contain financial information regarding the BBVA DURBANA INTERNATIONAL FUND (“SICAV”), the composition and evolution of its assets and its consolidated situation. The list of movements that took place in the composition of the securities portfolio for the financial year starting on
January 1, 2013 are available for free with the head office of the administrative agent. The shares of the Sub-Funds of the SICAV are, or will be on issue, listed on the Luxembourg Stock Exchange. Subscriptions cannot be received on the basis of financial reports. Subscriptions are valid only if made on the basis of the current prospectus, supplemented by the last annual report and the most recent semi-annual report if published thereafter.
2 - NET ASSET VALUE PER SHARE The accounts of every Sub-Fund are held in the currency corresponding to each of these Sub-Funds. The net asset value is calculated for each Sub-Fund and is expressed in the corresponding currency. The net asset value is calculated every bank business day in Luxembourg for all Sub-Funds except for the Sub-Funds, AMURA, GLOBAL INVESTMENTS, DRIZA, RUMBO, SPINNAKER, ESLORA, COMPAS, ESTRIBOR and BARLOVENTO which are calculated every first and third monday of each month on the basis of the last known quotations. The net asset value of the shares of every Sub-Fund is calculated by dividing the net assets of the Sub-Fund by the total number of shares of the Sub-Fund in issue at that time. The net assets of every Sub-Fund correspond to the difference between the total assets and total liabilities excluding capital of each Sub-Fund.
The net asset value of the shares of each share class is calculated by dividing the net assets of the Sub-Fund allocated to this share class by the total number of shares of said share class in issue at that time. The net assets of every share class correspond to the difference between the total assets and total liabilities excluding capital of each share class. The annual report shows all Sub-Funds with a Net Asset Value dated 31 December 2013 while for the above Sub-Funds, the last tradable Net Asset Value was dated 16 December 2013 due to the NAV calculation frequency as described in the Prospectus. For these Sub-Funds, a non-tradable Net Asset Value was calculated on 31 December 2013 for the purpose of these financial statements. These non-tradable Net Assets Values were based on the latest available market prices of the investments as at 31 December 2013.
3 - INFORMATION TO SHAREHOLDERS IN SWITZERLAND Banque Privée Edmond de Rothschild S.A., Geneva, was authorised by the Swiss Financial Market Supervisory Authority as Swiss representative of the SICAV and acts also as paying agent. The prospectus, the simplified prospectus, the articles, the annual and semi-annual reports of the SICAV, as well as the list of the purchases and sales which the SICAV has undertaken during the financial year, may be obtained, on simple request and free of charge, at the head office of the Swiss representative, Banque Privée Edmond de Rothschild S.A., 18, rue de Hesse, CH-1204 Geneva. The Total Expense Ratio (TER) and the Portfolio Turnover Rate (PTR) as at December 31, 2013 for each Sub-Fund are calculated in accordance with the recommendations of the S.F.A., approved by the Swiss Financial Market Supervisory Authority.
TER (Total Expense Ratio) The Total Expense Ratio (TER) represents the ratio of the total expenses, except transactions fees, annually supported by the Fund for each Sub-Fund. The TER should be calculated as follows : TER = Total charges of the Sub-Fund/Average net asset value of the Sub-Fund. Average net asset value of the Sub-Fund = Amount of net assets over the year / Observation’s number. The TER is calculated for the preceding 12 months at the close of the annual report. In the case of newly launched Sub-Funds, the operating expenses are annualized.
BBVA DURBANA INTERNATIONAL FUND
11
GENERAL INFORMATION (continued)
PTR (Portfolio Turnover Rate) As an indicator of the relevance of the additional costs incurred by the Sub-Fund at the time of the purchase or sale of investments, the internationally recognized PTR is disclosed, in accordance with the standard method below: PTR = ((amount 1 – amount 2)/average net assets of the Sub-Fund) x 100 Amount 1 = Total securities transactions = X + Y
Purchase of securities = X Sale of securities = Y Amount 2 = Total transactions involving Sub-Fund shares = S + T Issues of Sub-Fund shares = S Redemption of Sub-Fund shares = T Each Sub-Fund’s PTR and TER are detailed in this Annual Report in the “TER/PTR” section.
BBVA DURBANA INTERNATIONAL FUND
12
3 - INFORMATION TO SHAREHOLDERS IN SWITZERLAND (continued) Performances of Sub-Funds distributed in Switzerland :
Sub-Funds
Cla
sses
of S
hare
s
Sub-
Cla
sses
Dat
e of
laun
ch
Performances *
N.A
.V. a
s at 3
1.12
.11
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
Cla
sses
of S
hare
s
Sub-
Cla
sses
Dat
e of
laun
ch
Performances * N
.A.V
. as a
t 31.
12.1
2
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
BBVA DURBANA INTERNATIONAL FUND
13
3 - INFORMATION TO SHAREHOLDERS IN SWITZERLAND (continued)
Sub-Funds
Cla
sses
of S
hare
s
Sub-
Cla
sses
Dat
e of
laun
ch
Performances *
N.A
.V. a
s at 3
1.12
.13
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 merged 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 DURBANA RENTA PLUS USD); and BBVA DURBANA RENTA VARIABLE GLOBAL USD absorbed by BBVA GLOBAL EQUITY FUND (previously BBVA DURBANA RENTA 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-Fund BBVA GLOBAL BOND became class A. * Performances are historical and are not necessarily an indication of future results, they do not include redemption or subscription‘s commissions and fees.
BBVA DURBANA INTERNATIONAL FUND
14
4 - RISK MANAGEMENT PROCESS (Unaudited) The Company will use a risk-management process which enables it to monitor and measure at any time the risk of each Sub-Fund’s portfolio positions and their contribution to the overall risk profile of each Sub-Fund. The Company will employ a process for accurate and independent assessment of the value of any OTC derivative instruments. While assessing the risks involved in the management of the assets of each Sub-Fund, the Company will, in addition to the global exposure, monitor risks such as market risks, liquidity risks, counterparty risks and operational risks. The Company will calculate the global exposure of each Sub-Fund by using either the commitment conversion methodology ("CCM") or the Value-at-Risk methodology ("VaR or VaR approach") depending on the Company’s assessment of the risk profile of the various Sub-Funds resulting their investment policy. For Sub-Funds using the CCM the positions on financial derivative instruments will be converted into equivalent positions on the underlying assets (as an alternative method 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 the absolute value of each commitment, after consideration of possible effects of netting and hedging in accordance with applicable laws and regulations. Other Sub-Funds which so indicate in the relevant Appendix will measure their global exposure using the VaR approach (either absolute VaR or relative VaR, as further defined below). The VaR approach permits the quantification of the maximum potential loss which might be generated by a Sub-Fund’s portfolio in normal market conditions. The loss is thereby estimated on the basis of a given holding period and a certain confidence level.GEDI:2410285v13 The absolute VaR calculates a Sub-Fund’s global exposure as a percentage of the Net Asset Value of the Sub- Fund and is measured against an absolute limit of 20% as defined by the CSSF. In the absence of a perceptible reference portfolio or benchmark the absolute VaR approach is generally an appropriate approach. The relative VaR of a Sub-Fund is expressed as a multiple of the VaR of a benchmark or reference portfolio and is limited to no more than twice the VaR on the comparable benchmark or reference portfolio. Information on the reference portfolio of the relevant Sub-Fund may be obtained free of charge from the registered office of the Company. VaR reports for these Sub-Funds will be produced and monitored on a daily basis based on the following criteria: - 1 month holding period; - 99% confidence levels;
- stress testing and back testing will also be applied on an ad hoc basis. The Sub-Funds using the VaR approach are also required to disclose the expected level of leverage. The leverage is thereby calculated by means of the CCM in accordance with CSSF Circular 11/512. The methodology used by each Sub-fund and the expected level of leverage (if applicable) will be indicated in the Appendix of the relevant Sub-Fund. Upon request of an investor, the Company will provide supplementary information relating to the quantitative limits that apply in the risk management of each Sub-Fund, to the methods chosen to this end and to the recent evolution of the risks and yields of the main categories of instruments. All Sub-Funds follow the Commitment Approach except the following Sub-Funds which use an absolute VaR approach to monitor their global risk level: BBVA&PARTNERS EUROPEAN ABSOLUTE RETURN The expected level of leverage is between 80%-120% of the Net Asset Value. Higher levels of leverage are however possible. The highest leverage level should be approximately 250% of the Net Asset Value. BBVA AUGUSTUS NEUTRAL PLUS (previously BBVA & PARTNERS DYNAMIC) The expected level of leverage is between 100%-150% of the Net Asset Value. Higher levels of leverage are however possible. The highest leverage level should be approximately 250% of the Net Asset Value.
2013 Average
VAR Max.
VAR Min.
VAR BBVA & Partners European
Absolute Return 2.24% 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 Return 46.59% 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 month of June, all derivatives positions were bought to zero before the new manager took control.
BBVA DURBANA INTERNATIONAL FUND
15
REPORT ON THE ACTIVITIES*
BBVA DURBANA INTERNATIONAL FUND - BBVA DURBANA LATAM FIXED INCOME
During the 4Q13 in LATAM region, the most important news came from Mexico, in which the approvals of the structural reforms took place during the last quarter of 2013, with the Energy and Fiscal Reforms being the highlight. Following the approval of these reforms S&P decided to upgrade the sovereign credit rating in early December from BBB to BBB+, aligning the rating to the one of its peers and citing “the passage of a landmark energy reform, supported by some changes in the fiscal framework” which in their view “bolsters Mexico´s growth prospect”. However, and in contrast, 2013 GDP forecast for Mexico was revised downward to around 1.1% (final figure to be release next February).
On the other hand Brazil continued to post weak economic data that put pressure on local yields amid higher inflation that threat to finish close to 6.00% and well above the Central Bank (CB) objective of 4.5%. This caused the COPOM to increase the SELIC rate 100bps in the 4Q13 in order to reach 10.00% by the year end. However the last minutes by the COPOM signal that the restrictive monetary policy phase may be close to an end. On the fiscal side most recent data post the biggest threat for a sovereign credit rating downgrade with the current account deficit reaching 3.6% of GDP and Primary Surplus shrinking to 1.5% of GDP.
In Chile the Central Bank decided to decrease the overnight rate in order to reach 4.50%, in line with market expectation amid a so announced call by the Central Bank citing downward activity risks. On the other hand in Colombia the Central Bank decided to keep the reference rate at 3.25% while in Peru the Central Bank reduced the overnight rate by 25bps in November in order to reach 4.00%. In terms of inflation, in Peru the data close at 2.9% near the higher range band but within the Central Bank target range of 2% +/-1. In Colombia CPI was close 2.00% and the GDP growth reached 5.1% in the 3Q while in Chile inflation figures were close to 3.0% in 2013 and GDP data released in November reaching a 4.70% growth in YoY terms.
We were active during the last quarter especially in Mexico and Brazil. In Brazil we decided to keep an OW country allocation strategy in with a close to neutral position in duration favoring the short end of the curve as local yields reach maximum levels and carry levels relative to the rest of the countries in the region still very attractive. In México by the way we decided to decrease the country allocation exposure as most of the
Structural Reforms were already priced in and the FED tapering started to make noise in local curve. We kept our 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 in the 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 still for the recovery to consolidate and produce employment. However, in the course of the year we saw signs of improvement in periphery economies which should start to strengthen in 2014. Regarding prices, fears of deflation in the Eurozone have eased, although the headline figure and underlying inflation in 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 recent months, news of tapering from the Fed, a Fiscal settlement in the US and an advance in the Banking Union in the Eurozone contributed towards equity markets in developed markets closing near to year-highs with a historic maximum in the US and highs of the past 4-5 years in both Europe and Japan. The price of basic materials recovered in the second half some of the marked fall in the first half and the US dollar fell against the currencies in developed markets, with noteworthy strength in the euro which rose by 6.0% against the dollar in the second half and 4.5% in the full-fear to levels of 1.38.
Performance by geographic areas in the final quarter was much the same as what we saw during the course of the year with developed markets (+15.9% in 2H) outperforming emerging markets (+6.6% in 2H). European markets outperformed US markets in the second half of the year (+19.5% against 15.1% in the US), however the S&P500 outperformed in the full-year with a rise of 29.6% as compared to 17.9% rise in the Eurostoxx50. In the final quarter of the year, the Eurotop100 index rose by 5.7% while the Eurostoxx50 rose by 7.5%. Within Europe, we saw a significant recovery in the peripheral markets – Spain and Italy, the Ibex35 rose by 27.7% in the second half with a full-year rise of 21.4%.
BBVA DURBANA INTERNATIONAL FUND
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 two months was accompanied by a fall in levels of volatility (the VIX index closed in 13.7%). In the second part of the year we saw rotation into more cyclical sectors such as Technology, Industrials, Consumer Services and Basic Materials while more defensive plays such as Utilities, Healthcare and Energy saw less investor appetite. We highlight the rise in Telecoms and Financials in Europe (with news of M&A and better financial results than expected, respectively). The year ended in positive territory in all European sectors with positive moves of over 20% in Telecoms, Technology, Consumer Services and Healthcare and the main laggards were Basic Materials, Oil & Gas and Utilities. The NAV of the fund at the end of December was 125.62 while the monthly close in September was 126.91. Over the past three months, the European Absolute Return fund maintained a pro- cyclical bias in Cyclical over Defensive names, buying into corporate events such as M&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 KPN, Telecom Italia and Vodafone (restructuring plays) vs. basket of European equity indices. In Financials, the fund opened long in Zurich Financial vs. Insurance sector and in Pharma, long Novartis vs. sector and long Grifols vs. sector. In Technology, the fund was long Alcatel vs. Ericsson (the position was closed after doubling the expected profit level) and long Infineon vs. sector. We also opened a long position in Europe against USA indices. We maintain our positive view on European Equity markets in 2014, driven by profit- growth which should take the place of multiple expansion in the context of a recovery in economic growth in the main European economies. We will also see strong investor appetite for European equity funds which should remain as one of the most attractive asset classes in 2014.
BBVA ASSET MANAGEMENT S.G.I.I.C., S.A
BBVA DURBANA INTERNATIONAL FUND - BBVA AUGUSTUS NEUTRAL PLUS Despite the Eurozone exiting recessionary territory in the 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 still for the recovery to consolidate and produce employment. However, in the course of the year we saw signs of improvement in periphery economies which should start to strengthen in 2014. Regarding prices, fears of deflation in the Eurozone have eased, although the headline figure and underlying inflation in 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 recent months, news of tapering from the Fed, a Fiscal settlement in the US and an advance in the Banking Union in the Eurozone contributed towards equity markets in developed markets closing near to year-highs with a historic maximum in the US and highs of the past 4-5 years in both Europe and Japan. The price of basic materials recovered in the second half some of the marked fall in the first half and the US dollar fell against the currencies in developed markets, with noteworthy strength in the euro which rose by 6.0% against the dollar in the second half and 4.5% in the full-fear to levels of 1.38. Performance by geographic areas in the final quarter was much the same as what we saw during the course of the year with developed markets (+15.9% in 2H) outperforming emerging markets (+6.6% in 2H). European markets outperformed US markets in the second half of the year (+19.5% against 15.1% in the US), however the S&P500 outperformed in the full-year with a rise of 29.6% as compared to 17.9% rise in the Eurostoxx50. In the final quarter of the year, the Eurotop100 index rose by 5.7% while the Eurostoxx50 rose by 7.5%. Within Europe, we saw a significant recovery in the peripheral markets – Spain and Italy, the Ibex35 rose by 27.7% in the second half with a full-year rise of 21.4%. The upward move in equity indices over the past two months was accompanied by a fall in levels of volatility (the VIX index closed in 13.7%). In the second part of the year we saw rotation into more cyclical sectors such as Technology, Industrials, Consumer Services and Basic Materials while more defensive plays such as Utilities, Healthcare and Energy saw less investor appetite. We highlight the rise in Telecoms and Financials in Europe (with news of M&A and better financial results than expected, respectively). The year ended in positive territory in all European sectors with positive moves of over 20% in Telecoms, Technology, Consumer Services and Healthcare and the main laggards were Basic Materials, Oil & Gas and Utilities.
BBVA DURBANA INTERNATIONAL FUND
17
REPORT ON THE ACTIVITIES* (continued)
BBVA DURBANA INTERNATIONAL FUND - BBVA AUGUSTUS NEUTRAL PLUS (continued) The NAV of the fund at the end of December was 109.17 while the monthly close in September was 109.29. We maintain our positive view on European Equity markets in 2014, driven by profit- growth which should take the place of multiple expansion in the context of a recovery in economic growth in the main European economies. We will also see strong investor appetite for European equity funds which should remain as one of the most attractive asset classes in 2014.
BBVA ASSET MANAGEMENT S.G.I.I.C., S.A.
BBVA DURBANA INTERNATIONAL FUND - BBVA USD CORPORATE BOND FUND (previously RENTA FIJA CORTO PLAZO USD) US monetary policy has been the main market driver for fixed income markets during the 3rd quarter. Expectations about the Fed's actions have shifted considerably, starting with a clearly dovish tone at the beginning of the quarter to tapering expectations as the macro data improved and ending with the Fed surprising the markets by continuing current purchases programmes at September's FOMC meeting. As a result volatility on US Treasuries increase considerably 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 at September's FOMC meeting, the market corrected some of the sell-off closing the 10yr Treasury at 2,61%, a mere 12bps 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 levels for an extended period while keeping all its tools available, including a potential new LTRO. Given this safety net from the ECB and signs of improvement on economic conditions on peripheral countries, spreads of these countries improved considerably during the quarter. Activity in the fund was affected by a reduction in assets under management during the quarter, reducing the exposure to some long-dated corporate names such as UPS, BP and Verizon while increase the exposure to European corporates in USD (Telefónica). The fund remains split between financials and corporates, investing predominantly in the short to medium part of the curve of European corporates and in UK lower-tier
2 and US senior financials.
BBVA ASSET MANAGEMENT S.G.I.I.C., S.A. BBVA DURBANA INTERNATIONAL FUND - LA ENCINA 2013 has seen moderate economic growth, showing a more sustainable balance between developed and emerging areas. US growth has reached 1.6%, despite moments of uncertainty regarding fiscal policy and budget tensions. Europe remains relatively weak in terms of economic growth. Developing economies have generally remained weak, particularly those economies with external imbalances, which are more dependent on export demand and external investment flows. Low inflation rates have generally allowed for pro-growth monetary policy. This has been particularly the case in Japan, with economic policy targeting 2% inflation rate as monetary base expanded aggressively. ECB has cut rates, and the Federal Reserve delayed until December expected reduction in monetary stimulus. During the year, we have also seen how financial tensions have abated, particularly with regards to European sovereign bond markets, monetary and fiscal policy uncertainties in the US, and Chinese economic slowdown. All these factors have contributed to strong equity markets, which started the year from attractive valuation levels. Performance has been very dependent on monetary conditions, Japanese equities leading as economic stimulus measures were put in place and JPY weakened. US equity markets reached historic highs supported by reasonable economic growth and as decision to remove stimulus measures were delayed. Europe recovered, particularly during the last part of the year supported also by monetary policy (rate cut) as well as reduction in sovereign bond spreads. Core sovereign bond markets seem to have turned during the year, as yields seem set to rise as economic growth consolidates and risk factors abate. Credit spreads have reached low levels as investors search for yield.
BBVA DURBANA INTERNATIONAL FUND
18
REPORT ON THE ACTIVITIES* (continued) BBVA DURBANA INTERNATIONAL FUND - LA ENCINA (continued) During 2014 we still see value in equity markets, particularly in Europe where valuation levels and earnings may prove supportive relative to US markets. Core sovereign bonds and investment grade credit may face a progressive rise in yield levels as economies consolidate, although in a context of contained inflation levels and accommodative monetary policy. In terms of currencies, we expect JPY to remain weak vs. other developed currencies given Japanese economic policy, and the USD to strengthen gradually vs. the euro, given differential growth levels and expected progressive monetary policy tightening to continue in US. Returns for the year amount to 10.15%. Portfolio remains relatively constant with approximately 40% invested in equities. In terms of regional exposure, the portfolio is increasingly biased towards European equities vs. USA. With regards to fixed income, our policy is to keep short duration, currently being under two years.
BBVA PATRIMONIOS GESTORAS S.G.I.I.C, S.A. BBVA DURBANA INTERNATIONAL FUND - BBVA AUGUSTUS EQUITY
Despite the Eurozone exiting recessionary territory in the 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 still for the recovery to consolidate and produce employment. However, in the course of the year we saw signs of improvement in periphery economies which should start to strengthen in 2014. Regarding prices, fears of deflation in the Eurozone have eased, although the headline figure and underlying inflation in 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 recent months, news of tapering from the Fed, a Fiscal settlement in the US and an advance in the Banking Union in the Eurozone contributed towards equity markets in developed markets closing near to year-highs with a historic maximum in the US and highs of the past 4-5 years in both Europe and Japan. The price of basic materials recovered in the second half some of the marked fall in the first half and the US dollar fell against the currencies in developed markets, with noteworthy
strength in the euro which rose by 6.0% against the dollar in the second half and 4.5% in the full-fear to levels of 1.38.
Performance by geographic areas in the final quarter was much the same as what we saw during the course of the year with developed markets (+15.9% in 2H) outperforming emerging markets (+6.6% in 2H). European markets outperformed US markets in the second half of the year (+19.5% against 15.1% in the US), however the S&P500 outperformed in the full-year with a rise of 29.6% as compared to 17.9% rise in the Eurostoxx50. In the final quarter of the year, the Europtop100 index rose by 5.7% while the Eurostoxx50 rose by 7.5%. Within Europe, we saw a significant recovery in the peripheral markets – Spain and Italy, the Ibex35 rose by 27.7% in the second half with a full-year rise of 21.4%. The upward move in equity indices over the past two months was accompanied by a fall in levels of volatility (the VIX index closed in 13.7%). In the second part of the year we saw rotation into more cyclical sectors such as Technology, Industrials, Consumer Services and Basic Materials while more defensive plays such as Utilities, Healthcare and Energy saw less investor appetite. We highlight the rise in Telecoms and Financials in Europe (with news of M&A and better financial results than expected, respectively). The year ended in positive territory in all European sectors with positive moves of over 20% in Telecoms, Technology, Consumer Services and Healthcare and the main laggards were Basic Materials, Oil & Gas and Utilities.
The NAV of the fund at the end of December was 113,65 while the monthly close in September was 109,43.
Over the past three months, the BBVA Augustus Equity fund maintained a pro-cyclical bias in Cyclical over Defensive names, buying into corporate events such as M&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 KPN, Telecom Italia and Vodafone (restructuring plays) vs. basket of European equity indices. In Financials, the fund opened long in Zurich Financial vs. Insurance sector and in Pharma, long Novartis vs. sector and long Grifols vs. sector. We also opened a long position in Europe against USA indices.
BBVA DURBANA INTERNATIONAL FUND
19
REPORT ON THE ACTIVITIES* (continued) BBVA DURBANA INTERNATIONAL FUND - BBVA AUGUSTUS EQUITY (continued) We maintain our positive view on European Equity markets in 2014, driven by profit- growth which should take the place of multiple expansion in the context of a recovery in economic growth in the main European economies. We will also see strong investor appetite for European equity funds which should remain as one of the most attractive asset classes in 2014.
BBVA ASSET MANAGEMENT S.G.I.I.C., S.A
BBVA DURBANA INTERNATIONAL FUND - BBVA EUR CORPORATE BOND FUND US monetary policy has been the main market driver for fixed income markets during the 3rd quarter. Expectations about the Fed's actions have shifted considerably, starting with a clearly dovish tone at the beginning of the quarter to tapering expectations as the macro data improved and ending with the Fed surprising the markets by continuing current purchases programmes at September's FOMC meeting. As a result volatility on US Treasuries increase considerably with tapering expectations provoking a sell-off in rates, with the 10yr UST reaching 3%. Finally, due the "disappointment" of the Fed's inaction at September's FOMC meeting, the market corrected some of the sell-off closing the 10yr Treasury at 2,61%, a mere 12bps higher than at the beginning of the quarter. On the other hand, ECB remained on a dovish tone throughout the quarter, making clear its intention to maintain rates at low levels for an extended period while keeping all its tools available, including a potential new LTRO. Given this safety net from the ECB and signs of improvement on economic conditions on peripheral countries, spreads of these countries improved considerably during the quarter. Activity in the fund was affected by a reduction in assets under management during the quarter, reducing the exposure to some financial names (RBS, MS and Santander), while increasing the exposure to lower-tier 2 paper of core names such as HSBC and Rabobank. The fund remains with an overweight exposure to financials, both seniors and lower-tier 2s, corporate hybrids and Spanish corporates.
BBVA ASSET MANAGEMENT S.G.I.I.C., S.A.
BBVA DURBANA INTERNATIONAL FUND - BBVA GLOBAL EQUITY FUND (previously BBVA DURBANA RENTA VARIABLE GLOBAL EUR) The global economy is entering a new phase in which developed markets are growing at a faster pace while emerging markets are facing a worse than expected growth projections. The US economy recovery appears solid despite the government shutdown and spending cuts automatic adjustments. In fact, positive economic data supports this statement: the 4.1% 3rd quarter annual growth rate, the 2% increase in private consumption and the data improvement in consumer confidence, employment and family wealth. Moreover, the latest realised indicators in the 4th quarter support an average GDP growth for 2013 close to 2%. The Euro zone is a different case, despite the end of the crisis in the 2nd quarter, growth is proving to be sluggish (+0.1% in the 3rd Quarter) and there might be a slightly contraction of a 0.4% (-0,6% in 2012). There is a long way until the recovery of the economy and the employment data. Nevertheless, 2013 is been the year when peripheral countries started the recovery, and they might converge in 2014 with core Europe. In the other hand, China starts to stabilize, given the difficulties it suffered at the beginning of the year, annual GDP growth in the 3rd quarter closed at 7.8% and authorities continue to reform. Inflation continues to be the main topic, nevertheless, the deflation fears draw away in the eurozone, with core and headline inflation stalking at 0.9% in November. In the US core inflation is at 1.2% and headline inflation is at 1.7% in November. In this environment, stock markets experienced an upward trend, MSCI World +8.04%. The momentum in the equity market was lead by developed markets; S&P 500 (+9.92%) outperforming the Eurostoxx 50 (+7.46%). A weaker yen is benefiting Japanese equities, Nikkei 225 +12.70%. MSCI Emerging markets is behind developed markets, +1.54% in the last three months. Regarding fixed income markets, credit spreads tightened in the fourth quarter and 10 year yields widened both in Germany and in the US. During the quarter we have maintained an exposure to the equity market ranging between the 80% and 107%. Our positions were mainly on US and Eurozone Equities. We favoured US sectors such as materials, technology and energy but also utilities and telecom sectors. In October we entered in periphery equity markets where we saw value given improvements in economic data.
BBVA DURBANA INTERNATIONAL FUND
20
REPORT ON THE ACTIVITIES* (continued)
BBVA DURBANA INTERNATIONAL FUND - BBVA GLOBAL EQUITY FUND (previously BBVA DURBANA RENTA VARIABLE GLOBAL EUR) (continued)
In equities, the US technology sector investment has been the biggest contributor to the fund performance. On the other hand, our exposure to equities in telecommunications, energy and utilities has reduced the gains in the fund. Geographically, core and periphery Europe equity markets haven´t contributed to the returns of the fund and the material sector has remained flat.
BBVA ASSET MANAGEMENT S.G.I.I.C., S.A.
BBVA DURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET MODERATE USD FUND (previously BBVA DURBANA MULTIESTRATEGIA 80/20 USD) The global economy is entering a new phase in which developed markets are growing at a faster pace while emerging markets are facing a worse than expected growth projections. The US economy recovery appears solid despite the government shutdown and spending cuts automatic adjustments. In fact, positive economic data supports this statement: the 4.1% 3rd quarter annual growth rate, the 2% increase in private consumption and the data improvement in consumer confidence, employment and family wealth. Moreover, the latest realised indicators in the 4th quarter support an average GDP growth for 2013 close to 2%. The Euro zone is a different case, despite the end of the crisis in the 2nd quarter, growth is proving to be sluggish (+0.1% in the 3rd Quarter) and there might be a slightly contraction of a 0.4% (-0.6% in 2012). There is a long way until the recovery of the economy and the employment data. Nevertheless, 2013 is been the year when peripheral countries started the recovery, and they might converge in 2014 with core Europe. In the other hand, China starts to stabilize, given the difficulties it suffered at the beginning of the year, annual GDP growth in the 3rd quarter closed at 7.8% and authorities continue to reform. Inflation continues to be the main topic, nevertheless, the deflation fears draw away in the eurozone, with core and headline inflation stalking at 0.9% in November. In the US core inflation is at 1.2% and headline inflation is at 1.7% in November. In this environment, stock markets experienced an upward trend, MSCI World +8.04%. The momentum in the equity market was lead by developed markets; S&P 500 (+9.92%) outperforming the Eurostoxx 50 (+7.46%). A weaker yen is benefiting Japanese equities, Nikkei 225
+12.70%. MSCI Emerging markets i s behind developed markets, +1.54% in the last three months. Regarding fixed income markets, credit spreads tightened in the fourth quarter and 10 year yields widened both in Germany and in the US. During the quarter we have maintained a cautious stance to the equity market, with an exposure ranging between the 30% and 50% of the total assets. We favoured US sectors such as materials, technology and energy but also utilities and telecoms. At the beginning of October we entered in periphery equity markets where we saw more value given improvements in economic data. In fixed income, we have a flattening of the US yield curve and we are long credit spreads. In equities, the US technology sector investment has been the biggest contributor to the fund performance along with the positions in corporate credit. On the other hand, our exposures to telecommunications, energy and utilities equities have reduced the gains in the fund. Geographically, core and periphery Europe equity markets haven´t contributed to the returns of the fund and the material sector has remained flat.
BBVA ASSET MANAGEMENT S.G.I.I.C., S.A. BBVA DURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET MODERATE EUR FUND (previously BBVA DURBANA MULTIESTRATEGIA 80/20 EUR) The global economy is entering a new phase in which developed markets are growing at a faster pace while emerging markets are facing a worse than expected growth projections. The US economy recovery appears solid despite the government shutdown and spending cuts automatic adjustments. In fact, positive economic data supports this statement: the 4.1% 3rd quarter annual growth rate, the 2% increase in private consumption and the data improvement in consumer confidence, employment and family wealth. Moreover, the latest realised indicators in the 4th quarter support an average GDP growth for 2013 close to 2%. The Euro zone is a different case, despite the end of the crisis in the 2nd quarter, growth is proving to be sluggish (+0.1% in the 3rd Quarter) and there might be a slightly contraction of a 0.4% (-0.6% in 2012). There is a long way until the recovery of the economy and the employment data. Nevertheless, 2013 is been the year when peripheral countries started the recovery, and they might converge in 2014 with core Europe. In the other hand, China starts to stabilize, given the difficulties it suffered at the beginning of the year, annual GDP growth
BBVA DURBANA INTERNATIONAL FUND
21
REPORT ON THE ACTIVITIES* (continued)
BBVA DURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET MODERATE EUR FUND (previously BBVA DURBANA MULTIESTRATEGIA 80/20 EUR) (continued) in the 3rd quarter closed at 7.8% and authorities continue to reform. Inflation continues to be the main topic, nevertheless, the deflation fears draw away in the eurozone, with core and headline inflation stalking at 0.9% in November. In the US core inflation is at 1.2% and headline inflation is at 1.7% in November. In this environment, stock markets experienced an upward trend, MSCI World +8.04%. The momentum in the equity market was lead by developed markets; S&P 500 (+9.92%) outperforming the Eurostoxx 50 (+7.46%). A weaker yen is benefiting Japanese equities, Nikkei 225 +12.70%. MSCI Emerging markets i s behind developed markets, +1.54% in the last three months. Regarding fixed income markets, credit spreads tightened in the fourth quarter and 10 year yields widened both in Germany and in the US. During the quarter we have maintained a cautious stance to the equity market, with an exposure ranging between the 30% and 50% of the total assets. We favoured US sectors such as materials, technology and energy but also utilities and telecoms. At the beginning of October we entered in periphery equity markets where we saw more value given improvements in economic data. In fixed income, we have a flattening of the US yield curve and we are long credit spreads. In equities, the US technology sector investment has been the biggest contributor to the fund performance along with the positions in corporate credit. On the other hand, our exposures to telecommunications, energy and utilities equities have reduced the gains in the fund. Geographically, core and periphery Europe equity markets haven´t contributed to the returns of the fund and the material sector has remained flat.
BBVA ASSET MANAGEMENT S.G.I.I.C., S.A. BBVA DURBANA INTERNATIONAL FUND - GLOBAL INVESTMENTS 2013 has seen moderate economic growth, showing a more sustainable balance between developed and emerging areas. US growth has reached 1.6%, despite moments of uncertainty regarding fiscal policy and budget tensions. Europe remains relatively weak in terms
of economic growth. Developing economies have generally remained weak, particularly those economies with external imbalances, which are more dependent on export demand and external investment flows. Low inflation rates have generally allowed for pro-growth monetary policy. This has been particularly the case in Japan, with economic policy targeting 2% inflation rate as monetary base expanded aggressively. ECB has cut rates, and the Federal Reserve delayed until December expected reduction in monetary stimulus. During the year, we have also seen how financial tensions have abated, particularly with regards to European sovereign bond markets, monetary and fiscal policy uncertainties in the US, and Chinese economic slowdown. All these factors have contributed to strong equity markets, which started the year from attractive valuation levels. Performance has been very dependent on monetary conditions, Japanese equities leading as economic stimulus measures were put in place and JPY weakened. US equity markets reached historic highs supported by reasonable economic growth and as decision to remove stimulus measures were delayed. Europe recovered, particularly during the last part of the year supported also by monetary policy (rate cut) as well as reduction in sovereign bond spreads. Core sovereign bond markets seem to have turned during the year, as yields seem set to rise as economic growth consolidates and risk factors abate. Credit spreads have reached low levels as investors search for yield. During 2014 we still see value in equity markets, particularly in Europe where valuation levels and earnings may prove supportive relative to US markets. Core sovereign bonds and investment grade credit may face a progressive rise in yield levels as economies consolidate, although in a context of contained inflation levels and accommodative monetary policy. In terms of currencies, we expect JPY to remain weak vs. other developed currencies given Japanese economic policy, and the USD to strengthen gradually vs. the euro, given differential growth levels and expected progressive monetary policy tightening to continue in US.
BBVA DURBANA INTERNATIONAL FUND
22
REPORT ON THE ACTIVITIES* (continued)
BBVA DURBANA INTERNATIONAL FUND - GLOBAL INVESTMENTS (continued) Returns in 2013 amount to 0.03%. Since August, as direct fixed income exposure has been reduced, equity exposure has increased progressively, particularly through equity and (marginally) convertible bond funds. In terms of currency exposure, portfolio holds aprox. 10% in USD and 10% in GBP.
BBVA PATRIMONIOS GESTORAS S.G.I.I.C, S.A. BBVA DURBANA INTERNATIONAL FUND - TABA DE INVERSIONES 2013 has seen moderate economic growth, showing a more sustainable balance between developed and emerging areas. US growth has reached 1.6%, despite moments of uncertainty regarding fiscal policy and budget tensions. Europe remains relatively weak in terms of economic growth (-0.4%). Developing economies have generally remained weak, particularly those economies with external imbalances, which are more dependent on export demand and external investment flows. Low inflation rates have generally allowed for pro-growth monetary policy. This has been particularly the case in Japan, with economic policy targeting 2% inflation rate as monetary base expanded aggressively. ECB has cut rates, and the Federal Reserve delayed until December expected reduction in monetary stimulus. During the year, we have also seen how financial tensions have abated, particularly with regards to European sovereign bond markets, monetary and fiscal policy uncertainties in the US, and Chinese economic slowdown. All these factors have contributed to strong equity markets, which started the year from attractive valuation levels. Performance has been very dependent on monetary conditions, Japanese equities leading as economic stimulus measures were put in place and JPY weakened. US equity markets reached historic highs supported by reasonable economic growth and as decision to remove stimulus measures were delayed. Europe recovered, particularly during the last part of the year supported also by monetary policy (rate cut) as well as reduction in sovereign bond spreads. Core sovereign bond markets seem to have turned during the year, as yields seem set to rise as economic growth
consolidates and risk factors abate. Credit spreads have reached low levels as investors search for yield. During 2014 we still see value in equity markets, particularly in Europe where valuation levels and earnings may prove supportive relative to US markets. Core sovereign bonds and investment grade credit may face a progressive rise in yield levels as economies consolidate, although in a context of contained inflation levels and accommodative monetary policy. In terms of currencies, we expect JPY to remain weak vs. other developed currencies given Japanese economic policy, and the USD to strengthen gradually vs. the euro, given differential growth levels and expected progressive monetary policy tightening to continue in US. Returns during 2013 amount to 7.41%. Portfolio structure remains diversified in terms of assets and regional exposure, investing both in securities and a diversified fund basket. Equity investments are expected to remain around 1/3 total assets.
BBVA PATRIMONIOS GESTORAS S.G.I.I.C, S.A.
BBVA DURBANA INTERNATIONAL FUND - DRIZA 2013 has seen moderate economic growth, showing a more sustainable balance between developed and emerging areas. US growth has reached 1.6%, despite moments of uncertainty regarding fiscal policy and budget tensions. Europe remains relatively weak in terms of economic growth (-0.4%). Developing economies have generally remained weak, particularly those economies with external imbalances, which are more dependent on export demand and external investment flows. Low inflation rates have generally allowed for pro-growth monetary policy. This has been particularly the case in Japan, with economic policy targeting 2% inflation rate as monetary base expanded aggressively. ECB has cut rates, and the Federal Reserve delayed until December expected reduction in monetary stimulus. During the year, we have also seen how financial tensions have abated, particularly with regards to European sovereign bond markets, monetary and fiscal policy uncertainties in the US, and Chinese economic slowdown.
BBVA DURBANA INTERNATIONAL FUND
23
REPORT ON THE ACTIVITIES* (continued)
BBVA DURBANA INTERNATIONAL FUND - DRIZA (continued)
All these factors have contributed to strong equity markets, which started the year from attractive valuation levels. Performance has been very dependent on monetary conditions, Japanese equities leading as economic stimulus measures were put in place and JPY weakened. US equity markets reached historic highs supported by reasonable economic growth and as decision to remove stimulus measures were delayed. Europe recovered, particularly during the last part of the year supported also by monetary policy (rate cut) as well as reduction in sovereign bond spreads. Core sovereign bond markets seem to have turned during the year, as yields seem set to rise as economic growth consolidates and risk factors abate. Credit spreads have reached low levels as investors search for yield. During 2014 we still see value in equity markets, particularly in Europe where valuation levels and earnings may prove supportive relative to US markets. Core sovereign bonds and investment grade credit may face a progressive rise in yield levels as economies consolidate, although in a context of contained inflation levels and accommodative monetary policy. In terms of currencies, we expect JPY to remain weak vs. other developed currencies given Japanese economic policy, and the USD to strengthen gradually vs. the euro, given differential growth levels and expected progressive monetary policy tightening to continue in US. This sub-fund was launched in may, and portfolio has been invested progressively, in a diversified portfolio of aprox 20 equities (in Europe direct investments, and funds for USA exposure), and 60% fixed income and cash. Return for the period has been 3.50%.
BBVA PATRIMONIOS GESTORAS S.G.I.I.C, S.A.
BBVA DURBANA INTERNATIONAL FUND - ESTAY 2013 has seen moderate economic growth, showing a more sustainable balance between developed and emerging areas. US growth has reached 1.6%, despite moments of uncertainty regarding fiscal policy and budget tensions. Europe remains relatively weak in terms of economic growth (-0.4%). Developing economies have generally remained weak, particularly those economies with external imbalances, which are more dependent on export
demand and external investment flows. Low inflation rates have generally allowed for pro-growth monetary policy. This has been particularly the case in Japan, with economic policy targeting 2% inflation rate as monetary base expanded aggressively. ECB has cut rates, and the Federal Reserve delayed until December expected reduction in monetary stimulus. During the year, we have also seen how financial tensions have abated, particularly with regards to European sovereign bond markets, monetary and fiscal policy uncertainties in the US, and Chinese economic slowdown. All these factors have contributed to strong equity markets, which started the year from attractive valuation levels. Performance has been very dependent on monetary conditions, Japanese equities leading as economic stimulus measures were put in place and JPY weakened. US equity markets reached historic highs supported by reasonable economic growth and as decision to remove stimulus measures were delayed. Europe recovered, particularly during the last part of the year supported also by monetary policy (rate cut) as well as reduction in sovereign bond spreads. Core sovereign bond markets seem to have turned during the year, as yields seem set to rise as economic growth consolidates and risk factors abate. Credit spreads have reached low levels as investors search for yield. During 2014 we still see value in equity markets, particularly in Europe where valuation levels and earnings may prove supportive relative to US markets. Core sovereign bonds and investment grade credit may face a progressive rise in yield levels as economies consolidate, although in a context of contained inflation levels and accommodative monetary policy. In terms of currencies, we expect JPY to remain weak vs. other developed currencies given Japanese economic policy, and the USD to strengthen gradually vs. the euro, given differential growth levels and expected progressive monetary policy tightening to continue in US. Returns in 2013 amount to 3.31%. The sub fund was launched in april, with 2 mm eur initial assets. It primarily invests in equities through a diversified mix of direct investments and funds.
BBVA PATRIMONIOS GESTORAS S.G.I.I.C, S.A.
BBVA DURBANA INTERNATIONAL FUND
24
REPORT ON THE ACTIVITIES* (continued)
BBVA DURBANA INTERNATIONAL FUND - AMURA 2013 has seen moderate economic growth, showing a more sustainable balance between developed and emerging areas. US growth has reached 1.6%, despite moments of uncertainty regarding fiscal policy and budget tensions. Europe remains relatively weak in terms of economic growth (-0.4%). Developing economies have generally remained weak, particularly those economies with external imbalances, which are more dependent on export demand and external investment flows. Low inflation rates have generally allowed for pro-growth monetary policy. This has been particularly the case in Japan, with economic policy targeting 2% inflation rate as monetary base expanded aggressively. ECB has cut rates, and the Federal Reserve delayed until December expected reduction in monetary stimulus. During the year, we have also seen how financial tensions have abated, particularly with regards to European sovereign bond markets, monetary and fiscal policy uncertainties in the US, and Chinese economic slowdown. All these factors have contributed to strong equity markets, which started the year from attractive valuation levels. Performance has been very dependent on monetary conditions, Japanese equities leading as economic stimulus measures were put in place and JPY weakened. US equity markets reached historic highs supported by reasonable economic growth and as decision to remove stimulus measures were delayed. Europe recovered, particularly during the last part of the year supported also by monetary policy (rate cut) as well as reduction in sovereign bond spreads. Core sovereign bond markets seem to have turned during the year, as yields seem set to rise as economic growth consolidates and risk factors abate. Credit spreads have reached low levels as investors search for yield. During 2014 we still see value in equity markets, particularly in Europe where valuation levels and earnings may prove supportive relative to US markets. Core sovereign bonds and investment grade credit may face a progressive rise in yield levels as economies consolidate, although in a context of contained inflation levels and accommodative monetary policy. In terms of currencies, we expect JPY to remain weak vs. other developed currencies given Japanese economic policy, and the USD to strengthen gradually vs. the euro, given differential growth levels and expected
progressive monetary policy tightening to continue in US. Portfolio remains balanced in terms of asset allocation and regional exposure. Equity investments amount to aprox. 40% assets, implemented through a diversified basket of stocks, funds and ETFs. Direct fixed income investments are mainly concentrated in Spain, which amount to aprox. 1/3 assets.
BBVA PATRIMONIOS GESTORAS S.G.I.I.C, S.A. BBVA DURBANA INTERNATIONAL FUND - BITACORA 2013 has seen moderate economic growth, showing a more sustainable balance between developed and emerging areas. US growth has reached 1.6%, despite moments of uncertainty regarding fiscal policy and budget tensions. Europe remains relatively weak in terms of economic growth (-0.4%). Developing economies have generally remained weak, particularly those economies with external imbalances, which are more dependent on export demand and external investment flows. Low inflation rates have generally allowed for pro-growth monetary policy. This has been particularly the case in Japan, with economic policy targeting 2% inflation rate as monetary base expanded aggressively. ECB has cut rates, and the Federal Reserve delayed until December expected reduction in monetary stimulus. During the year, we have also seen how financial tensions have abated, particularly with regards to European sovereign bond markets, monetary and fiscal policy uncertainties in the US, and Chinese economic slowdown. All these factors have contributed to strong equity markets, which started the year from attractive valuation levels. Performance has been very dependent on monetary conditions, Japanese equities leading as economic stimulus measures were put in place and JPY weakened. US equity markets reached historic highs supported by reasonable economic growth and as decision to remove stimulus measures were delayed. Europe recovered, particularly during the last part of the year supported also by monetary policy (rate cut) as well as reduction in sovereign bond spreads. Core sovereign bond markets seem to have turned during the year, as yields seem set to rise as economic growth consolidates and risk factors abate. Credit spreads have reached low levels as investors search for yield.
BBVA DURBANA INTERNATIONAL FUND
25
REPORT ON THE ACTIVITIES* (continued)
BBVA DURBANA INTERNATIONAL FUND – BITACORA (continued) During 2014 we still see value in equity markets, particularly in Europe where valuation levels and earnings may prove supportive relative to US markets. Core sovereign bonds and investment grade credit may face a progressive rise in yield levels as economies consolidate, although in a context of contained inflation levels and accommodative monetary policy. In terms of currencies, we expect JPY to remain weak vs. other developed currencies given Japanese economic policy, and the USD to strengthen gradually vs. the euro, given differential growth levels and expected progressive monetary policy tightening to continue in US. Assets remain invested primarily in equities through a diversified portfolio of funds (90% aprox). Recently investment in emerging markets has been reduced. Returns for the year amount to 17.05%.
BBVA PATRIMONIOS GESTORAS S.G.I.I.C, S.A. BBVA DURBANA INTERNATIONAL FUND - RUMBO 2013 has seen moderate economic growth, showing a more sustainable balance between developed and emerging areas. US growth has reached 1.6%, despite moments of uncertainty regarding fiscal policy and budget tensions. Europe remains relatively weak in terms of economic growth (-0.4%). Developing economies have generally remained weak, particularly those economies with external imbalances, which are more dependent on export demand and external investment flows. Low inflation rates have generally allowed for pro-growth monetary policy. This has been particularly the case in Japan, with economic policy targeting 2% inflation rate as monetary base expanded aggressively. BCE has cut rates, and the Federal Reserve delayed until December expected reduction in monetary stimulus. During the year, we have also seen how financial tensions have abated, particularly with regards to European sovereign bond markets, monetary and fiscal policy uncertainties in the US, and Chinese economic slowdown. All these factors have contributed to strong equity markets, which started the year from attractive valuation
levels. Performance has been very dependent on monetary conditions, Japanese equities leading as economic stimulus measures were put in place and JPY weakened. US equity markets reached historic highs supported by reasonable economic growth and as decision to remove stimulus measures were delayed. Europe recovered, particularly during the last part of the year supported also by monetary policy (rate cut) as well as reduction in sovereign bond spreads. Core sovereign bond markets seem to have turned during the year, as yields seem set to rise as economic growth consolidates and risk factors abate. Credit spreads have reached low levels as investors search for yield. During 2014 we still see value in equity markets, particularly in Europe where valuation levels and earnings may prove supportive relative to US markets. Core sovereign bonds and investment grade credit may face a progressive rise in yield levels as economies consolidate, although in a context of contained inflation levels and accommodative monetary policy. In terms of currencies, we expect JPY to remain weak vs. other developed currencies given Japanese economic policy, and the USD to strengthen gradually vs. the euro, given differential growth levels and expected progressive monetary policy tightening to continue in US. Returns in 2013 amount to 2.19%. The sub fund was launched in September, with 2 mm eur initial assets. It aims for a balanced profile with aprox. 30% invested in equities. It will invest both in direct securities and funds.
BBVA PATRIMONIOS GESTORAS S.G.I.I.C, S.A. BBVA DURBANA INTERNATIONAL FUND - SEXTANTE 2013 has seen moderate economic growth, showing a more sustainable balance between developed and emerging areas. US growth has reached 1.6%, despite moments of uncertainty regarding fiscal policy and budget tensions. Europe remains relatively weak in terms of economic growth (-0.4%). Developing economies have generally remained weak, particularly those economies with external imbalances, which are more dependent on export demand and external investment flows.
BBVA DURBANA INTERNATIONAL FUND
26
REPORT ON THE ACTIVITIES* (continued)
BBVA DURBANA INTERNATIONAL FUND – SEXTANTE (continued) Low inflation rates have generally allowed for pro-growth monetary policy. This has been particularly the case in Japan, with economic policy targeting 2% inflation rate as monetary base expanded aggressively. ECB has cut rates, and the Federal Reserve delayed until December expected reduction in monetary stimulus. During the year, we have also seen how financial tensions have abated, particularly with regards to European sovereign bond markets, monetary and fiscal policy uncertainties in the US, and Chinese economic slowdown. All these factors have contributed to strong equity markets, which started the year from attractive valuation levels. Performance has been very dependent on monetary conditions, Japanese equities leading as economic stimulus measures were put in place and JPY weakened. US equity markets reached historic highs supported by reasonable economic growth and as decision to remove stimulus measures were delayed. Europe recovered, particularly during the last part of the year supported also by monetary policy (rate cut) as well as reduction in sovereign bond spreads. Core sovereign bond markets seem to have turned during the year, as yields seem set to rise as economic growth consolidates and risk factors abate. Credit spreads have reached low levels as investors search for yield. During 2014 we still see value in equity markets, particularly in Europe where valuation levels and earnings may prove supportive relative to US markets. Core sovereign bonds and investment grade credit may face a progressive rise in yield levels as economies consolidate, although in a context of contained inflation levels and accommodative monetary policy. In terms of currencies, we expect JPY to remain weak vs. other developed currencies given Japanese economic policy, and the USD to strengthen gradually vs. the euro, given differential growth levels and expected progressive monetary policy tightening to continue in US.
Returns for the year amount to +4.87%. Portfolio remains balanced in terms of asset allocation, with little change in the last quarter. Exposure in terms of equities and FX is managed actively with listed derivatives, having recently increased equity exposure through investments in listed derivatives (Ibex, Dax, SP500). High yield exposure has been marginally reduced.
BBVA PATRIMONIOS GESTORAS S.G.I.I.C, S.A. BBVA DURBANA INTERNATIONAL FUND - SPINNAKER 2013 has seen moderate economic growth, showing a more sustainable balance between developed and emerging areas. US growth has reached 1.6%, despite moments of uncertainty regarding fiscal policy and budget tensions. Europe remains relatively weak in terms of economic growth (-0.4%). Developing economies have generally remained weak, particularly those economies with external imbalances, which are more dependent on export demand and external investment flows. Low inflation rates have generally allowed for pro-growth monetary policy. This has been particularly the case in Japan, with economic policy targeting 2% inflation rate as monetary base expanded aggressively. ECB has cut rates, and the Federal Reserve delayed until December expected reduction in monetary stimulus. During the year, we have also seen how financial tensions have abated, particularly with regards to European sovereign bond markets, monetary and fiscal policy uncertainties in the US, and Chinese economic slowdown. All these factors have contributed to strong equity markets, which started the year from attractive valuation levels. Performance has been very dependent on monetary conditions, Japanese equities leading as economic stimulus measures were put in place and JPY weakened. US equity markets reached historic highs supported by reasonable economic growth and as decision to remove stimulus measures were delayed. Europe recovered, particularly during the last part of the year supported also by monetary policy (rate cut) as well as reduction in sovereign bond spreads. Core sovereign bond markets seem to have turned during the year, as yields seem set to rise as economic growth consolidates and risk factors abate. Credit spreads have reached low levels as investors search for yield.
BBVA DURBANA INTERNATIONAL FUND
27
REPORT ON THE ACTIVITIES* (continued)
BBVA DURBANA INTERNATIONAL FUND – SPINNAKER (continued) During 2014 we still see value in equity markets, particularly in Europe where valuation levels and earnings may prove supportive relative to US markets. Core sovereign bonds and investment grade credit may face a progressive rise in yield levels as economies consolidate, although in a context of contained inflation levels and accommodative monetary policy. In terms of currencies, we expect JPY to remain weak vs. other developed currencies given Japanese economic policy, and the USD to strengthen gradually vs. the euro, given differential growth levels and expected progressive monetary policy tightening to continue in US. Returns in 2013 amount to -0.02%. During recent months this portfolio increased exposure to equities, currently amounting to 30% assets (from less than 10% at the start of the year). Duration of its fixed income portfolio has generally been less than one year, and concentrated in ‘core’ government bonds. 1/3 of assets are invested in USD securities, dragging somewhat performance during the period.
BBVA PATRIMONIOS GESTORAS S.G.I.I.C, S.A. BBVA DURBANA INTERNATIONAL FUND - BBVA GLOBAL BOND FUND (previously BBVA DURBANA RENTA PLUS USD) At the beginning of the third quarter we continue increasing exposure duration to governments, mainly by reducing coverage made earlier in futures, taking advantage 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 the different areas, USA and UK where increases in profitability were much stronger than in the core of Europe, we sold long positions and we bought U.S. benchmark 10 years and 10 years in UK against the German 10 year. With regards curves we change the position we had opened, flattening 5-30 in Germany, by
an equivalent 10-30 , trying to anticipate a10 years down-performance compared to 5 in an environment of rising rates. During the month of September, with us 10 yrs yielding levels of 2.80% we bought a call spread to protect the fund against a possible return in the market. In the peripheral zone and after the rise in yields on Spanish curve spent the semester with a small long position in the 5 yrs, and we increased it in early July. After the succession of news affecting stability in the political arena of the country and assuming that this could affect the risk premium as we saw on the near past, we decided to neutralize part of this long position by selling the bonds. In September also we closed half the Eurodollar strategy (September 14 to September 15) after it had reached the first target level. On the credit side we have remained stable over the period, there has been only switching activity for changing issuers. In FX, we have continued to increase the long position in dollars versus Euros. At the beginning of October and after the most recent data we decided to shorten the duration of the fund selling USA futures and at the end of the year we shorted a bit more.. In Europe we did some switching activity moving from ASW products, very tight, to benchmark products and changing the core countries from Netherlands to Austria trying to avoid some bad news on the real state contagion over the economy. Also prior to the last meeting of the Fed in December, we put to work the Spread USA / Eur 10 years (buying USA / selling Europe) to the possibility that the tapering could be anticipated. On the periphery we switch out the Spanish 5 yrs into the Spanish 15 yr. after the strong 5yr. rally, leaving the 15 yr. more interesting to invest into. Also during this last quarter we opened a position in high yield. Initially 5% of the fund in Usa HY, subsequently reduced to 2.5 % and we also bought 7.5 % in European HY and at the same time we have reduced our exposure of high grade credit we held. Finally at the end of the year we increased our exposure to the dollar against the euro buying it.
BBVA ASSET MANAGEMENT S.G.I.I.C., S.A.
BBVA DURBANA INTERNATIONAL FUND
28
REPORT ON THE ACTIVITIES* (continued) BBVA DURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET FLEXIBLE (previously BBVA DURBANA DINAMICO) The global economy is entering a new phase in which developed markets are growing at a faster pace while emerging markets are facing a worse than expected growth projections. The US economy recovery appears solid despite the government shutdown and spending cuts automatic adjustments. In fact, positive economic data supports this statement: the 4.1% 3rd quarter annual growth rate, the 2% increase in private consumption and the data improvement in consumer confidence, employment and family wealth. Moreover, the latest realised indicators in the 4th quarter support an average GDP growth for 2013 close to 2%. The Euro zone is a different case, despite the end of the crisis in the 2nd quarter, growth is proving to be sluggish (+0.1% in the 3rd Quarter) and there might be a slightly contraction of a 0.4% (-0.6% in 2012). There is a long way until the recovery of the economy and the employment data. Nevertheless, 2013 is been the year when peripheral countries started the recovery, and they might converge in 2014 with core Europe. In the other hand, China starts to stabilize, given the difficulties it suffered at the beginning of the year, annual GDP growth in the 3rd quarter closed at 7.8% and authorities continue to reform. Inflation continues to be the main topic, nevertheless, the deflation fears draw away in the eurozone, with core and headline inflation stalking at 0.9% in November. In the US core inflation is at 1.2% and headline inflation is at 1.7% in November. In this environment, stock markets experienced an upward trend, MSCI World +8.04%. The momentum in the equity market was lead by developed markets; S&P 500 (+9.92%) outperforming the Eurostoxx 50 (+7.46%). A weaker yen is benefiting Japanese equities, Nikkei 225 +12.70%. MSCI Emerging markets i s behind developed markets, +1.54% in the last three months. Regarding fixed income markets, credit spreads tightened in the fourth quarter and 10 year yields widened both in Germany and in the US. During the quarter we have maintained a cautious stance to the equity market, with an exposure ranging between the 30% and 50% of the total assets. In order to compensate the cautious positioning, we preferred cyclical sectors and, regionally, Europe. At the beginning of October we entered in periphery equity markets where we saw value given improvements in
economic data. In fixed income, we have a flattening of the US yield curve and we are long credit spreads.
In equities, the US technology sector investment has been the biggest contributor to the fund performance along with the positions in corporate credit. On the other hand, our exposure to equities in telecommunications, energy and utilities has reduced the gains in the fund. Periphery equity markets haven´t contributed to the returns of the fund and the material sector has remained flat. During the quarter we have maintained a cautious stance to the equity market, with an exposure ranging between the 4% and 28% of the total assets. We favoured US sectors such as materials, technology and energy but also utilities and telecoms At the beginning of October we entered in periphery equity markets where we saw more value given improvements in economic data. In fixed income, we have a flattening of the US yield curve and we are long credit spreads. In equities, the US technology sector investment has been the biggest contributor to the fund performance along with the positions in corporate credit. On the other hand, our exposures to telecommunications, energy and utilities equities were the main detractors of the fund. Geographically, core and periphery Europe equity markets haven´t contributed to the returns of the fund and the material sector has remained flat.
BBVA ASSET MANAGEMENT S.G.I.I.C., S.A.
BBVA DURBANA INTERNATIONAL FUND - ESLORA 2013 has seen moderate economic growth, showing a more sustainable balance between developed and emerging areas. US growth has reached 1.6%, despite moments of uncertainty regarding fiscal policy and budget tensions. Europe remains relatively weak in terms of economic growth (-0.4%). Developing economies have generally remained weak, particularly those economies with external imbalances, which are more dependent on export demand and external investment flows. Low inflation rates have generally allowed for pro-growth monetary policy. This has been particularly the case in Japan, with economic policy targeting 2% inflation rate as monetary base expanded aggressively. ECB has cut rates, and the Federal Reserve delayed until December expected reduction in monetary stimulus.
BBVA DURBANA INTERNATIONAL FUND
29
REPORT ON THE ACTIVITIES* (continued) BBVA DURBANA INTERNATIONAL FUND - ESLORA (continued)
During the year, we have also seen how financial tensions have abated, particularly with regards to European sovereign bond markets, monetary and fiscal policy uncertainties in the US, and Chinese economic slowdown. All these factors have contributed to strong equity markets, which started the year from attractive valuation levels. Performance has been very dependent on monetary conditions, Japanese equities leading as economic stimulus measures were put in place and JPY weakened. US equity markets reached historic highs supported by reasonable economic growth and as decision to remove stimulus measures were delayed. Europe recovered, particularly during the last part of the year supported also by monetary policy (rate cut) as well as reduction in sovereign bond spreads. Core sovereign bond markets seem to have turned during the year, as yields seem set to rise as economic growth consolidates and risk factors abate. Credit spreads have reached low levels as investors search for yield. During 2014 we still see value in equity markets, particularly in Europe where valuation levels and earnings may prove supportive relative to US markets. Core sovereign bonds and investment grade credit may face a progressive rise in yield levels as economies consolidate, although in a context of contained inflation levels and accommodative monetary policy. In terms of currencies, we expect JPY to remain weak vs. other developed currencies given Japanese economic policy, and the USD to strengthen gradually vs. the euro, given differential growth levels and expected progressive monetary policy tightening to continue in US. This Sub-Fund has recently been launched (16 december 2013), initial assets have amounted to 7 mm usd. Portfolio will be being progressively constructed, investments expected in a balanced portfolio of individual securities, a diversified basket of funds, biased towards equity investments.
BBVA PATRIMONIOS GESTORAS S.G.I.I.C, S.A.
BBVA DURBANA INTERNATIONAL FUND - COMPAS 2013 has seen moderate economic growth, showing a more sustainable balance between developed and emerging areas. US growth has reached 1.6%, despite moments of uncertainty regarding fiscal policy and budget tensions. Europe remains relatively weak in terms of economic growth (-0.4%). Developing economies have generally remained weak, particularly those economies with external imbalances, which are more dependent on export demand and external investment flows. Low inflation rates have generally allowed for pro-growth monetary policy. This has been particularly the case in Japan, with economic policy targeting 2% inflation rate as monetary base expanded aggressively. BCE has cut rates, and the Federal Reserve delayed until December expected reduction in monetary stimulus. During the year, we have also seen how financial tensions have abated, particularly with regards to European sovereign bond markets, monetary and fiscal policy uncertainties in the US, and Chinese economic slowdown. All these factors have contributed to strong equity markets, which started the year from attractive valuation levels. Performance has been very dependent on monetary conditions, Japanese equities leading as economic stimulus measures were put in place and JPY weakened. US equity markets reached historic highs supported by reasonable economic growth and as decision to remove stimulus measures were delayed. Europe recovered, particularly during the last part of the year supported also by monetary policy (rate cut) as well as reduction in sovereign bond spreads. Core sovereign bond markets seem to have turned during the year, as yields seem set to rise as economic growth consolidates and risk factors abate. Credit spreads have reached low levels as investors search for yield. During 2014 we still see value in equity markets, particularly in Europe where valuation levels and earnings may prove supportive relative to US markets. Core sovereign bonds and investment grade credit may face a progressive rise in yield levels as economies consolidate, although in a context of contained inflation levels and accommodative monetary policy.
BBVA DURBANA INTERNATIONAL FUND
30
REPORT ON THE ACTIVITIES* (continued)
BBVA DURBANA INTERNATIONAL FUND - COMPAS (continued) In terms of currencies, we expect JPY to remain weak vs. other developed currencies given Japanese economic policy, and the USD to strengthen gradually vs. the euro, given differential growth levels and expected progressive monetary policy tightening to continue in US. This Sub-Fund has recently been launched (16 December 2013), initial assets have amounted to 7 mm usd. Portfolio will be being progressively constructed, investments expected in a balanced portfolio of individual securities, a diversified basket of funds, biased towards equity investments.
BBVA PATRIMONIOS GESTORAS S.G.I.I.C, S.A.
BBVA DURBANA INTERNATIONAL FUND - ESTRIBOR 2013 has seen moderate economic growth, showing a more sustainable balance between developed and emerging areas. US growth has reached 1,6%, despite moments of uncertainty regarding fiscal policy and budget tensions. Europe remains relatively weak in terms of economic growth (-0.4%). Developing economies have generally remained weak, particularly those economies with external imbalances, which are more dependent on export demand and external investment flows. Low inflation rates have generally allowed for pro-growth monetary policy. This has been particularly the case in Japan, with economic policy targeting 2% inflation rate as monetary base expanded aggressively. BCE has cut rates, and the Federal Reserve delayed until December expected reduction in monetary stimulus. During the year, we have also seen how financial tensions have abated, particularly with regards to European sovereign bond markets, monetary and fiscal policy uncertainties in the US, and Chinese economic slowdown. All these factors have contributed to strong equity markets, which started the year from attractive valuation levels. Performance has been very dependent on monetary conditions, Japanese equities leading as economic stimulus measures were put in place and JPY weakened. US equity markets reached historic highs supported by reasonable economic growth and as decision to remove stimulus measures were delayed. Europe recovered,
particularly during the last part of the year supported also by monetary policy (rate cut) as well as reduction in sovereign bond spreads. Core sovereign bond markets seem to have turned during the year, as yields seem set to rise as economic growth consolidates and risk factors abate. Credit spreads have reached low levels as investors search for yield. During 2014 we still see value in equity markets, particularly in Europe where valuation levels and earnings may prove supportive relative to US markets. Core sovereign bonds and investment grade credit may face a progressive rise in yield levels as economies consolidate, although in a context of contained inflation levels and accommodative monetary policy. In terms of currencies, we expect JPY to remain weak vs. other developed currencies given Japanese economic policy, and the USD to strengthen gradually vs. the euro, given differential growth levels and expected progressive monetary policy tightening to continue in US. This Sub-Fund has recently been launched (16 December 2013), initial assets have amounted to 7 mm usd. Portfolio will be being progressively constructed, investments expected in a balanced portfolio of individual securities, a diversified basket of funds, biased towards equity investments.
BBVA PATRIMONIOS GESTORAS S.G.I.I.C, S.A. BBVA DURBANA INTERNATIONAL FUND - BARLVENTO
2013 has seen moderate economic growth, showing a more sustainable balance between developed and emerging areas. US growth has reached 1.6%, despite moments of uncertainty regarding fiscal policy and budget tensions. Europe remains relatively weak in terms of economic growth (-0.4%). Developing economies have generally remained weak, particularly those economies with external imbalances, which are more dependent on export demand and external investment flows. Low inflation rates have generally allowed for pro-growth monetary policy. This has been particularly the case in Japan, with economic policy targeting 2% inflation rate as monetary base expanded aggressively. ECB has cut rates, and the Federal Reserve delayed until December expected reduction in monetary stimulus.
BBVA DURBANA INTERNATIONAL FUND
31
REPORT ON THE ACTIVITIES* (continued)
BBVA DURBANA INTERNATIONAL FUND - BARLVENTO (continued) During the year, we have also seen how financial tensions have abated, particularly with regards to European sovereign bond markets, monetary and fiscal policy uncertainties in the US, and Chinese economic slowdown. All these factors have contributed to strong equity markets, which started the year from attractive valuation levels. Performance has been very dependent on monetary conditions, Japanese equities leading as economic stimulus measures were put in place and JPY weakened. US equity markets reached historic highs supported by reasonable economic growth and as decision to remove stimulus measures were delayed. Europe recovered, particularly during the last part of the year supported also by monetary policy (rate cut) as well as reduction in sovereign bond spreads. Core sovereign bond markets seem to have turned during the year, as yields seem set to rise as economic growth consolidates and risk factors abate. Credit spreads have reached low levels as investors search for yield. During 2014 we still see value in equity markets, particularly in Europe where valuation levels and earnings may prove supportive relative to US markets. Core sovereign bonds and investment grade credit may face a progressive rise in yield levels as economies consolidate, although in a context of contained inflation levels and accommodative monetary policy. In terms of currencies, we expect JPY to remain weak vs. other developed currencies given Japanese economic policy, and the USD to strengthen gradually vs. the euro, given differential growth levels and expected progressive monetary policy tightening to continue in US.
This Sub-Fund has recently been launched (16 December 2013), initial assets have amounted to 7 mm usd.
Portfolio will be being progressively constructed, investments expected in a balanced portfolio of individual securities, a diversified basket of funds, biased towards equity investments.
BBVA PATRIMONIOS GESTORAS S.G.I.I.C, S.A.
BBVA DURBANA INTERNATIONAL FUND - BBVA DURBANA RENTA VARIABLE GLOBAL USD BBVA DURBANA INTERNATIONAL FUND - RENTA FIJA CORTO PLAZO EUR BBVA DURBANA INTERNATIONAL FUND - BBVA DURBANA RENTA PLUS EUR BBVA DURBANA INTERNATIONAL FUND - RENTA USD These Sub-Funds have been absorbed on March 4, 2013 by other Sub-Funds of BBVA DURBANA INTERNATIONAL FUND. Since the close of the fiscal year, any significant development has been included in the documents presented to the Shareholders. In reference to the foreseeable developments of the Fund, we shall continue, as in the past, to ensure that the Fund's business grows in a satisfactory manner while being aware of the opportunities which may arise.
* Indications and comparisons are historical and are not necessarily an indication of future results.
BBVA DURBANA INTERNATIONAL FUND
REPORT OF THE REVISE UR D'ENTREPRISES AGREE
To the Shareholders of BBVA DURBANA INTERNATIONAL FUND 20, Boulevard Emmanuel Servais L - 2535 Luxembourg
We have audited the accompanying financial statements of BBV A DURBAN A INTERNATIONAL FUND ("the SICA V") and each of its sub-funds, which comprise the statement of net assets and the statement of investments and other net assets as at December 31, 2013 and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory information.
Board of Directors of the SICA V responsibility for the financial statements
The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and for such internal control as the Board of Directors of the SICA V determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Responsibility of the Reviseur d'Entreprises agree
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the Reviseur d'Entreprises agree, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Reviseur d'Entreprises agree considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control.
32
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICA V, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of BBV A DURBANA INTERN A TI ON AL FUND and each of its sub-funds as of December 31, 2013, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.
Other matter
Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.
Luxembourg, April 9, 2014 KPMG Luxembourg S.a r.l. Ca · et de v · ion agree
33
BBVA DURBANA INTERNATIONAL FUND
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
BBVA DURBANA INTERNATIONAL FUND
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)
The notes are an integral part of these financial statements
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)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A
Net asset value per shareShares outstanding
CLASS X
Net asset value per shareShares outstanding
CLASS I
72.8176,363.379
92.8115,794.008
103.5510,232.000
36
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA LATAM FIXED INCOME
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2013
NET ASSETS AT THE BEGINNING OF THE YEAR 11,140,411.64
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)
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
(1,551,258.92)
MOVEMENTS IN CAPITAL
Subscriptions of shares 4,638,712.06Redemptions of shares (6,142,538.07)
(1,503,826.01)
NET ASSETS AT THE END OF THE YEAR 8,085,326.71
(in USD)
The notes are an integral part of these financial statements
37
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA LATAM FIXED INCOME
STATISTICAL INFORMATIONYear ended December 31, 2013
Class A
Shares outstanding at the beginning of the year 118,599.974
Subscriptions of shares 34,860.034
Redemptions of shares (77,096.629)
Shares outstanding at the end of the year 76,363.379
NET ASSET VALUE PER SHARE USD
Highest 87.6905.10.13
Lowest 70.1808.22.13
At the end of the year 72.81
Class X
12,116.008
3,678.000
(0.000)
15,794.008
USD
110.5205.10.13
88.8908.22.13
92.81
Class I
0.000
11,319.000
(1,087.000)
10,232.000
USD
123.7005.10.13
99.3508.22.13
103.55
SHARES
38
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA LATAM FIXED INCOME
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Year ended December 31, 2013
Class A
2.28%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
Class X
0.48%
-
Class I
0.99%
-
PTR (Portfolio Turnover Rate) 493.00%
39
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA LATAM FIXED INCOME
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA LATAM FIXED INCOME
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in USD)
The notes are an integral part of these financial statements
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
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA LATAM FIXED INCOME
The notes are an integral part of these financial statements
FaceValue
Description Cost Valueper
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
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA LATAM FIXED INCOME
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
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA LATAM FIXED INCOME
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
Government bonds 88.57Banks and other credit institutions 0.29
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 11.14NET ASSETS 100.00
88.86
44
BBVA DURBANA INTERNATIONAL FUND BBVA&PARTNERS EUROPEAN ABSOLUTERETURN
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 6,454,496.69- Net unrealised result 16,994.83
6,471,491.52
Cash:- Cash at sight (see notes) 520,738.62
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)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A125.62
55,456.499
45
BBVA DURBANA INTERNATIONAL FUND BBVA&PARTNERS EUROPEAN ABSOLUTERETURN
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2013
NET ASSETS AT THE BEGINNING OF THE YEAR 25,707,477.52
INCOME
Income from investments:- Bond interest, net (see notes) (3,470.25)
(3,470.25)
EXPENSES
Bank interest, net 35,008.57
Fees:- Global fee (see notes) 237,295.91- Performance fee (see notes) 11,219.00- Custodian and Administration fees (see notes) 39,007.43
Other expenses:- Annual tax (see notes) 5,950.82- Audit and legal fees 4,213.85- Printing and publishing fees 771.66- Transaction fees 47,576.95- Administrative and other expenses 12,348.19
393,392.38
NET OPERATING RESULT (396,862.63)
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)
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
(139,639.51)
MOVEMENTS IN CAPITAL
Subscriptions of shares 8,671,906.82Redemptions of shares (27,273,145.95)
(18,601,239.13)
NET ASSETS AT THE END OF THE YEAR 6,966,598.88
(in EUR)
The notes are an integral part of these financial statements
46
BBVA DURBANA INTERNATIONAL FUND BBVA&PARTNERS EUROPEAN ABSOLUTERETURN
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Year ended December 31, 2013
Class A
1.98%
0.07%
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
PTR (Portfolio Turnover Rate) 758.00%
47
BBVA DURBANA INTERNATIONAL FUND BBVA&PARTNERS EUROPEAN ABSOLUTERETURN
STATISTICAL INFORMATION
Year ended December 31, 2013
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
BBVA DURBANA INTERNATIONAL FUND BBVA&PARTNERS EUROPEAN ABSOLUTERETURN
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in EUR)
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
92.896,471,491.526,454,496.69
TOTAL INVESTMENTS 92.896,471,491.526,454,496.69
Cash/(bank overdraft) 7.39514,875.03Other assets and liabilities (0.28)(19,767.67)
TOTAL NET ASSETS 100.006,966,598.88
Ccy
49
BBVA DURBANA INTERNATIONAL FUND BBVA&PARTNERS EUROPEAN ABSOLUTERETURN
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
Italy 31.95Spain 31.50France 25.83Jersey 2.50Netherlands 1.11
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 7.11NET ASSETS 100.00
92.89
% ofnet
assets
COUNTRIES
50
BBVA DURBANA INTERNATIONAL FUND BBVA&PARTNERS EUROPEAN ABSOLUTERETURN
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
Government bonds 88.11Oil 2.50Data transmission 2.28
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 7.11NET ASSETS 100.00
92.89
51
BBVA DURBANA INTERNATIONAL FUND BBVA AUGUSTUS NEUTRAL PLUS
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 3,470,912.72- Net unrealised result (52,908.57)
3,418,004.15
Cash:- Cash at sight (see notes) 734,865.28
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
Other liabilities:- Taxes and expenses payable 23,545.21- Unrealised loss on futures (see notes) 54,705.07
78,576.61
NET ASSETS 4,074,804.11
(in EUR)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A109.17
37,325.225
52
BBVA DURBANA INTERNATIONAL FUND BBVA AUGUSTUS NEUTRAL PLUS
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2013
NET ASSETS AT THE BEGINNING OF THE YEAR 17,938,611.70
INCOME
Income from investments:- Dividends, net (see notes) 169,984.84- Bond interest, net (see notes) (205.81)
169,779.03
EXPENSES
Bank interest, net 4,287.50
Fees:- Global fee (see notes) 183,315.81- Performance fee (see notes) 114,450.00- Custodian and Administration fees (see notes) 30,706.63
Other expenses:- Annual tax (see notes) 4,934.18- Audit and legal fees 5,721.56- Printing and publishing fees 668.36- Transaction fees 5,668.93- Administrative and other expenses 8,110.71
357,863.68
NET OPERATING RESULT (188,084.65)
Net realised result on:- Sales of investments and futures (see notes) 859,545.06- Foreign exchange (29,807.60)- Swaps 137,970.91
NET REALISED RESULT 779,623.72
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)
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
399,050.94
MOVEMENTS IN CAPITAL
Subscriptions of shares 35,893.59Redemptions of shares (14,298,752.12)
(14,262,858.53)
NET ASSETS AT THE END OF THE YEAR 4,074,804.11
(in EUR)
The notes are an integral part of these financial statements
53
BBVA DURBANA INTERNATIONAL FUND BBVA AUGUSTUS NEUTRAL PLUS
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Year ended December 31, 2013
Class A
2.83%
0.94%
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
PTR (Portfolio Turnover Rate) 425.00%
54
BBVA DURBANA INTERNATIONAL FUND BBVA AUGUSTUS NEUTRAL PLUS
STATISTICAL INFORMATION
Year ended December 31, 2013
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
Shares outstanding at the beginning of the year 168,852.353
Subscriptions of shares 330.434
Redemptions of shares (131,857.562)
Shares outstanding at the end of the year 37,325.225
NET ASSET VALUE PER SHARE EUR
Highest 110.7805.23.13
Lowest 106.1701.02.13
At the end of the year 109.17
SHARES
55
BBVA DURBANA INTERNATIONAL FUND BBVA AUGUSTUS NEUTRAL PLUS
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in EUR)
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
0.6124,970.6825,682.69TOTAL NETHERLANDS
Ccy
56
BBVA DURBANA INTERNATIONAL FUND BBVA AUGUSTUS NEUTRAL PLUS
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
83.883,418,004.153,470,912.72
TOTAL INVESTMENTS 83.883,418,004.153,470,912.72
Cash/(bank overdraft) 18.03734,538.95Other assets and liabilities (1.91)(77,738.99)
TOTAL NET ASSETS 100.004,074,804.11
Ccy
57
BBVA DURBANA INTERNATIONAL FUND BBVA AUGUSTUS NEUTRAL PLUS
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
Spain 35.30Italy 16.65United Kingdom 14.31Germany 5.68Switzerland 5.67France 5.10Netherlands 0.61Jersey 0.56
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 16.12NET ASSETS 100.00
83.88
% ofnet
assets
COUNTRIES
58
BBVA DURBANA INTERNATIONAL FUND BBVA AUGUSTUS NEUTRAL PLUS
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
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
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 16.12NET ASSETS 100.00
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
Income from investments:- Bond interest, net (see notes) 160,043.97
160,043.97
EXPENSES
Bank interest, net 367.76
Fees:- Global fee (see notes) 32,343.30- Custodian and Administration fees (see notes) 15,397.59
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 OPERATING RESULT 79,495.17
Net realised result on:- Sales of investments and futures (see notes) 159,942.15
NET REALISED RESULT 239,437.32
Change in net unrealised appreciation/(depreciation) on:- Investments (218,564.65)
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
20,872.67
MOVEMENTS IN CAPITAL
Subscriptions of shares 3,634,489.52Redemptions of shares (38,688,956.60)
(35,054,467.08)
NET ASSETS AT THE END OF THE PERIOD 0.00
(in EUR)
The notes are an integral part of these financial statements
60
BBVA DURBANA INTERNATIONAL FUND RENTA FIJA CORTO PLAZO EUR
STATISTICAL INFORMATION
Period from January 1, 2013 to March 4, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
Subscriptions of shares 34,633.000
Redemptions of shares (368,662.000)
Shares outstanding at the end of the period 0.000
NET ASSET VALUE PER SHARE EUR
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)
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 29,571,764.78- Net unrealised result (483,508.78)
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)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS D101.46
304,729.000
62
BBVA DURBANA INTERNATIONAL FUND BBVA USD CORPORATE BOND FUND(previously RENTA FIJA CORTO PLAZO USD)
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2013
NET ASSETS AT THE BEGINNING OF THE YEAR 51,808,771.66
INCOME
Income from investments:- Bond interest, net (see notes) 1,180,053.65
1,180,053.65
EXPENSES
Fees:- Global fee (see notes) 312,241.87- Custodian and Administration fees (see notes) 102,007.90
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
NET OPERATING RESULT 674,565.10
Net realised result on:- Sales of investments and futures (see notes) 194,360.57
NET REALISED RESULT 868,925.67
Change in net unrealised appreciation/(depreciation) on:- Investments (980,743.61)
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
(111,817.94)
MOVEMENTS IN CAPITAL
Subscriptions of shares 2,334,407.08Redemptions of shares (22,674,889.68)
(20,340,482.60)
DIVIDEND PAID (see notes) (439,900.11)
NET ASSETS AT THE END OF THE YEAR 30,916,571.01
(in USD)
The notes are an integral part of these financial statements
63
BBVA DURBANA INTERNATIONAL FUND BBVA USD CORPORATE BOND FUND(previously RENTA FIJA CORTO PLAZO USD)
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Year ended December 31, 2013
The notes are an integral part of these financial statements
Class D
1.19%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
PTR (Portfolio Turnover Rate) 254.00%
64
BBVA DURBANA INTERNATIONAL FUND BBVA USD CORPORATE BOND FUND(previously RENTA FIJA CORTO PLAZO USD)
STATISTICAL INFORMATION
Year ended December 31, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
outstanding
NetAssets
Ccy Net assetvalue
per share
834,993.000 98.9982,656,667.35Class A12.31.11 USD
505,069.000 102.5851,808,771.66Class A12.31.12 USD
304,729.000 101.4630,916,571.01Class D*12.31.13 USD
Class D
Shares outstanding at the beginning of the year 505,069.000
Subscriptions of shares 22,565.000
Redemptions of shares (222,905.000)
Shares outstanding at the end of the year 304,729.000
NET ASSET VALUE PER SHARE USD
Highest 104.3305.03.13
Lowest 99.6607.09.13
At the end of the year 101.46
SHARES
* Class A became class D as at March 4, 2013
65
BBVA DURBANA INTERNATIONAL FUND BBVA USD CORPORATE BOND FUND(previously RENTA FIJA CORTO PLAZO USD)
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in USD)
The notes are an integral part of these financial statements
FaceValue
Description Cost Valueper
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
TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
BBVA DURBANA INTERNATIONAL FUND BBVA USD CORPORATE BOND FUND(previously RENTA FIJA CORTO PLAZO USD)
The notes are an integral part of these financial statements
FaceValue
Description Cost Valueper
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
TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
94.0929,088,256.0029,571,764.78
TOTAL INVESTMENTS 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
BBVA DURBANA INTERNATIONAL FUND BBVA USD CORPORATE BOND FUND(previously RENTA FIJA CORTO PLAZO USD)
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
United States of America 43.51United Kingdom 18.00Spain 12.42France 7.25Italy 4.87Curacao 4.82Jersey 3.22
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 5.91NET ASSETS 100.00
94.09
% ofnet
assets
COUNTRIES
68
BBVA DURBANA INTERNATIONAL FUND BBVA USD CORPORATE BOND FUND(previously RENTA FIJA CORTO PLAZO USD)
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
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
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 5.91NET ASSETS 100.00
94.09
69
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA LA ENCINA
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 16,915,561.31- Net unrealised result 2,353,974.84
19,269,536.15
Cash:- Cash at sight (see notes) 4,543,002.37
Other assets:- Interest receivable 102,044.71
23,914,583.23
LIABILITIES
Other liabilities:- Taxes and expenses payable 52,626.97
52,626.97
NET ASSETS 23,861,956.26
(in EUR)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A112.93
211,300.000
70
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA LA ENCINA
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2013
NET ASSETS AT THE BEGINNING OF THE YEAR 21,232,320.70
INCOME
Income from investments:- Dividends, net (see notes) 216,396.59- Bond interest, net (see notes) 239,874.20
456,270.79
EXPENSES
Bank interest, net 1.26
Fees:- Global fee (see notes) 102,569.23- Custodian and Administration fees (see notes) 56,432.23
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 OPERATING RESULT 263,264.75
Net realised result on:- Sales of investments and futures (see notes) 434,840.08- Foreign exchange (15,412.82)
NET REALISED RESULT 682,692.01
Change in net unrealised appreciation/(depreciation) on:- Investments 1,504,725.55
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
2,187,417.56
MOVEMENTS IN CAPITAL
Subscriptions of shares 442,218.00442,218.00
NET ASSETS AT THE END OF THE YEAR 23,861,956.26
(in EUR)
The notes are an integral part of these financial statements
71
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA LA ENCINA
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Year ended December 31, 2013
Class A
0.85%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
PTR (Portfolio Turnover Rate) 131.00%
72
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA LA ENCINA
STATISTICAL INFORMATION
Year ended December 31, 2013
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
Shares outstanding at the beginning of the year 207,100.000
Subscriptions of shares 4,200.000
Redemptions of shares (0.000)
Shares outstanding at the end of the year 211,300.000
NET ASSET VALUE PER SHARE EUR
Highest 112.9312.31.13
Lowest 102.3301.02.13
At the end of the year 112.93
SHARES
73
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA LA ENCINA
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in EUR)
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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% 01.24.14-01.18.13600,000 SPAIN LETRAS DEL TESORO 18MO EUR 99.809 598,851.90 2.51598,768.61
0% 04.16.14-10.19.12700,000 SPAIN LETRAS DEL TESORO 6MO EUR 99.930 699,510.00 2.93698,646.24
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
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA LA ENCINA
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
UNITED STATES OF AMERICA
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
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA LA ENCINA
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
14.373,429,335.412,318,605.64TOTAL UNITED STATES OF AMERICA
TOTAL EQUITIES 39.549,436,063.607,172,913.71
TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
UNITED STATES OF AMERICA
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 INVESTMENTS 80.7519,269,536.1516,915,561.31
Cash/(bank overdraft) 19.044,543,002.37Other assets and liabilities 0.2149,417.74
TOTAL NET ASSETS 100.0023,861,956.26
Ccy
76
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA LA ENCINA
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
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
Other assets/(liabilities) and liquid assets 19.25NET ASSETS 100.00
80.75
% ofnet
assets
COUNTRIES
77
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA LA ENCINA
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
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
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 19.25NET ASSETS 100.00
80.75
78
BBVA DURBANA INTERNATIONAL FUND BBVA AUGUSTUS EQUITY
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 10,686,160.50- Net unrealised result 76,435.04
10,762,595.54
Cash:- Cash at sight (see notes) 950,816.32
Other assets:- Unrealised gain on futures (see notes) 94,338.14
11,807,750.00
LIABILITIES
Bank overdraft:- Cash at sight (see notes) 20,457.62
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)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A113.65
100,739.561
79
BBVA DURBANA INTERNATIONAL FUND BBVA AUGUSTUS EQUITY
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2013
NET ASSETS AT THE BEGINNING OF THE YEAR 25,268,578.57
INCOME
Income from investments:- Dividends, net (see notes) 425,592.70
425,592.70
EXPENSES
Bank interest, net 4,199.49
Fees:- Global fee (see notes) 298,044.27- Performance fee (see notes) 446,476.00- Custodian and Administration fees (see notes) 54,260.58
Other expenses:- Annual tax (see notes) 9,625.14- Audit and legal fees 11,224.69- Printing and publishing fees 971.76- Transaction fees 9,315.66- Administrative and other expenses 11,742.75
845,860.34
NET OPERATING RESULT (420,267.64)
Net realised result on:- Sales of investments and futures (see notes) 4,983,287.41- Foreign exchange (14,506.19)- Swaps 179,900.30
NET REALISED RESULT 4,728,413.88
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)
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
4,480,846.60
MOVEMENTS IN CAPITAL
Subscriptions of shares 2,254,669.86Redemptions of shares (20,554,794.79)
(18,300,124.93)
NET ASSETS AT THE END OF THE YEAR 11,449,300.24
(in EUR)
The notes are an integral part of these financial statements
80
BBVA DURBANA INTERNATIONAL FUND BBVA AUGUSTUS EQUITY
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Year ended December 31, 2013
Class A
3.75%
2.02%
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
PTR (Portfolio Turnover Rate) 380.00%
81
BBVA DURBANA INTERNATIONAL FUND BBVA AUGUSTUS EQUITY
STATISTICAL INFORMATION
Year ended December 31, 2013
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
Shares outstanding at the beginning of the year 272,856.215
Subscriptions of shares 22,156.870
Redemptions of shares (194,273.524)
Shares outstanding at the end of the year 100,739.561
NET ASSET VALUE PER SHARE EUR
Highest 113.6512.31.13
Lowest 92.5701.02.13
At the end of the year 113.65
SHARES
82
BBVA DURBANA INTERNATIONAL FUND BBVA AUGUSTUS EQUITY
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in EUR)
The notes are an integral part of these financial statements
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
TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
42,846 GLENCORE XSTRATA PLC GBP 3.127 161,038.73 1.41169,695.83
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
33,035 BANCO BILBAO VIZCAYA ARGENTARIA SA - REGSHS
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
13,322 ABB LTD - REG SHS CHF 23.480 255,247.13 2.23233,725.55
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
BBVA DURBANA INTERNATIONAL FUND BBVA AUGUSTUS EQUITY
The notes are an integral part of these financial statements
Quantity Description Cost Valueper
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
TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
94.0010,762,595.5410,686,160.50
TOTAL INVESTMENTS 94.0010,762,595.5410,686,160.50
Cash/(bank overdraft) 8.13930,358.70Other assets and liabilities (2.13)(243,654.00)
TOTAL NET ASSETS 100.0011,449,300.24
Ccy
84
BBVA DURBANA INTERNATIONAL FUND BBVA AUGUSTUS EQUITY
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
United Kingdom 36.42France 14.58Switzerland 14.18Germany 12.28Spain 6.30Italy 6.11Netherlands 2.72Jersey 1.41
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 6.00NET ASSETS 100.00
94.00
% ofnet
assets
COUNTRIES
85
BBVA DURBANA INTERNATIONAL FUND BBVA AUGUSTUS EQUITY
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
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
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 6.00NET ASSETS 100.00
94.00
86
BBVA DURBANA INTERNATIONAL FUND RENTA USD
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from January 1, 2013 to March 4, 2013
NET ASSETS AT THE BEGINNING OF THE PERIOD 80,843,184.08
INCOME
Income from investments:- Bond interest, net (see notes) 505,405.43
505,405.43
EXPENSES
Bank interest, net 343.96
Fees:- Global fee (see notes) 181,611.24- Performance fee (see notes) 67,367.00- Custodian and Administration fees (see notes) 32,347.35
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 OPERATING RESULT 155,912.39
Net realised result on:- Sales of investments and futures (see notes) 1,596,347.32
NET REALISED RESULT 1,752,259.71
Change in net unrealised appreciation/(depreciation) on:- Investments (1,365,844.67)
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
386,415.04
MOVEMENTS IN CAPITAL
Subscriptions of shares 258,299.30Redemptions of shares (81,111,773.92)
(80,853,474.62)
DIVIDEND PAID (see notes) (376,124.50)
NET ASSETS AT THE END OF THE PERIOD 0.00
(in USD)
The notes are an integral part of these financial statements
87
BBVA DURBANA INTERNATIONAL FUND RENTA USD
STATISTICAL INFORMATION
Period from January 1, 2013 to March 4, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
Shares outstanding at the beginning of the period 758,932.000
Subscriptions of shares 2,422.000
Redemptions of shares (761,354.000)
Shares outstanding at the end of the period 0.000
NET ASSET VALUE PER SHARE USD
Highest 107.0001.15.13
Lowest 106.4302.13.13
At the end of the period 106.5403.04.13
**
SHARES
88
BBVA DURBANA INTERNATIONAL FUND BBVA EUR CORPORATE BOND FUND(previously RENTA EURO)
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 39,182,770.55- Net unrealised result 604,271.40
39,787,041.95
Cash:- Cash at sight (see notes) 4,709,738.14
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)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS I
Net asset value per shareShares outstanding
CLASS P
100.2170,000.000
112.29340,485.027
89
BBVA DURBANA INTERNATIONAL FUND BBVA EUR CORPORATE BOND FUND(previously RENTA EURO)
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2013
NET ASSETS AT THE BEGINNING OF THE YEAR 22,398,375.47
INCOME
Income from investments:- Bond interest, net (see notes) 1,543,951.10Other income 594.33
1,544,545.43
EXPENSES
Bank interest, net 19.12
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
NET OPERATING RESULT 980,922.30
Net realised result on:- Sales of investments and futures (see notes) 892,778.96
NET REALISED RESULT 1,873,701.26
Change in net unrealised appreciation/(depreciation) on:- Investments (584,136.53)
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
1,289,564.73
MOVEMENTS IN CAPITAL
Subscriptions of shares 46,481,449.40Redemptions of shares (24,821,657.45)
21,659,791.95
DIVIDEND PAID (see notes) (99,491.00)
NET ASSETS AT THE END OF THE YEAR 45,248,241.15
(in EUR)
The notes are an integral part of these financial statements
90
BBVA DURBANA INTERNATIONAL FUND BBVA EUR CORPORATE BOND FUND(previously RENTA EURO)
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Year ended December 31, 2013
The notes are an integral part of these financial statements
Class I
0.77%
0.00%
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
Class P
1.27%
0.00%
PTR (Portfolio Turnover Rate) 241.00%
91
BBVA DURBANA INTERNATIONAL FUND BBVA EUR CORPORATE BOND FUND(previously RENTA EURO)
STATISTICAL INFORMATION
Year ended December 31, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
outstanding
NetAssets
Ccy Net assetvalue
per share
* first valuation
465,497.000 97.7245,487,172.84Class D12.31.11 EUR
70,000.000 99.986,998,913.91Class I11.27.13* EUR204,439.000 109.5622,398,375.47Class D12.31.12 EUR
70,000.000 100.217,014,713.66Class I**12.31.13 EUR340,485.027 112.2938,233,527.49Class P EUR
Class I
Shares outstanding at the beginning of the year 0.000
Subscriptions of shares 70,000.000
Redemptions of shares (0.000)
Shares outstanding at the end of the year 70,000.000
NET ASSET VALUE PER SHARE EUR
Highest 100.2212.20.13
Lowest 99.8512.06.13
At the end of the year 100.21
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
** Class D became class P as at March 4, 2013
92
BBVA DURBANA INTERNATIONAL FUND BBVA EUR CORPORATE BOND FUND
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in EUR)
The notes are an integral part of these financial statements
FaceValue
Description Cost Valueper
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
TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
(previously RENTA EURO)
93
BBVA DURBANA INTERNATIONAL FUND BBVA EUR CORPORATE BOND FUND
The notes are an integral part of these financial statements
FaceValue
Description Cost Valueper
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
UNITED STATES OF AMERICA
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
16.237,342,090.607,292,327.32TOTAL UNITED STATES OF AMERICA
TOTAL BONDS 87.9339,787,041.9539,182,770.55
TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
87.9339,787,041.9539,182,770.55
TOTAL INVESTMENTS 87.9339,787,041.9539,182,770.55
Cash/(bank overdraft) 10.414,709,738.14Other assets and liabilities 1.66751,461.06
TOTAL NET ASSETS 100.0045,248,241.15
Ccy
(previously RENTA EURO)
94
BBVA DURBANA INTERNATIONAL FUND BBVA EUR CORPORATE BOND FUND
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
Spain 30.51United Kingdom 22.19United States of America 16.23France 10.46Belgium 4.98Netherlands 2.55Italy 1.01
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 12.07NET ASSETS 100.00
87.93
% ofnet
assets
COUNTRIES
(previously RENTA EURO)
95
BBVA DURBANA INTERNATIONAL FUND BBVA EUR CORPORATE BOND FUND
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
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
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 12.07NET ASSETS 100.00
87.93
(previously RENTA EURO)
96
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA RENTA VARIABLE GLOBAL USD
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from January 1, 2013 to March 4, 2013
NET ASSETS AT THE BEGINNING OF THE PERIOD 39,299,397.54
INCOME
Income from investments:- Dividends, net (see notes) 84,717.12
84,717.12
EXPENSES
Bank interest, net 459.72
Fees:- Global fee (see notes) 127,126.99- Custodian and Administration fees (see notes) 17,070.71
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 OPERATING RESULT (94,039.66)
Net realised result on:- Sales of investments and futures (see notes) 4,168,825.62- Foreign exchange (17,568.57)
NET REALISED RESULT 4,057,217.39
Change in net unrealised appreciation/(depreciation) on:- Investments (2,183,877.00)
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
1,873,340.39
MOVEMENTS IN CAPITAL
Redemptions of shares (41,172,737.93)(41,172,737.93)
NET ASSETS AT THE END OF THE PERIOD 0.00
(in USD)
The notes are an integral part of these financial statements
97
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA RENTA VARIABLE GLOBAL USD
STATISTICAL INFORMATION
Period from January 1, 2013 to March 4, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
outstanding
NetAssets
Ccy Net assetvalue
per share
** last 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
Subscriptions of shares 0.000
Redemptions of shares (173.000)
Shares outstanding at the end of the period 0.000
NET ASSET VALUE PER SHARE EUR
Highest 117.6903.04.13
Lowest 110.0701.02.13
At the end of the period 117.6903.04.13
**
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 GLOBAL EQUITY FUND (previously BBVA DURBANA RENTA VARIABLE GLOBAL EUR)
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 26,974,319.61- Net unrealised result 1,296,466.17
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
Bank overdraft:- Cash at sight (see notes) 205,018.52
Other liabilities:- Taxes and expenses payable 205,355.24- Unrealised loss on futures (see notes) 142,629.80- Unrealised loss on forward foreign exchange contracts on currencies
(see notes) 8.98
- Other 10,560.20563,572.74
NET ASSETS 34,526,295.56
(in EUR)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS EUR
Net asset value per shareShares outstanding
CLASS A USD
153.6955,761.730
116.97305,778.575
99
BBVA DURBANA INTERNATIONAL FUND BBVA GLOBAL EQUITY FUND
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2013
NET ASSETS AT THE BEGINNING OF THE YEAR 11,133,285.08
INCOME
Income from investments:- Dividends, net (see notes) 210,474.17Other income 1,816.01
212,290.18
EXPENSES
Bank interest, net 2,771.83
Fees:- Global fee (see notes) 638,951.40- Custodian and Administration fees (see notes) 76,667.73
Other expenses:- Annual tax (see notes) 7,392.14- Amortisation of formation/reorganisation expenses (see notes) 2,464.00- Audit and legal fees 32,555.29- Printing and publishing fees 1,766.98- Transaction fees 25,686.22- Administrative and other expenses 28,094.88
816,350.47
NET OPERATING RESULT (604,060.29)
Net realised result on:- Sales of investments and futures (see notes) 5,031,325.20- Foreign exchange 45,528.43
NET REALISED RESULT 4,472,793.34
Change in net unrealised appreciation/(depreciation) on:- Investments (319,927.00)- Forward foreign exchange contracts on currencies 11.13- Futures 269,376.92
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
4,422,254.39
MOVEMENTS IN CAPITAL
Subscriptions of shares 31,474,422.79Redemptions of shares (12,503,666.70)
18,970,756.09
NET ASSETS AT THE END OF THE YEAR 34,526,295.56
(in EUR)
The notes are an integral part of these financial statements
(previously BBVA DURBANA RENTA VARIABLE GLOBAL EUR)
100
BBVA DURBANA INTERNATIONAL FUNDBBVA GLOBAL EQUITY FUND
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Year ended December 31, 2013
The notes are an integral part of these financial statements
Class EUR
2.47%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
Class A USD
2.40%
-
PTR (Portfolio Turnover Rate) 470.00%
(previously BBVA DURBANA RENTA VARIABLE GLOBAL EUR)
101
BBVA DURBANA INTERNATIONAL FUND BBVA GLOBAL EQUITY FUND
STATISTICAL INFORMATION
Year ended December 31, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
outstanding
NetAssets
Ccy Net assetvalue
per share
* first valuation** Class A became class A EUR as at March 4, 2013
145,239.000 120.7017,529,677.66Class A12.31.11 EUR85,534.000 130.1611,133,285.08Class A12.31.12 EUR
365,435.270 100.1836,609,821.33Class A USD03.05.13* USD
55,761.730 153.698,569,968.33Class A EUR**12.31.13 EUR305,778.575 116.9735,766,557.44Class A USD USD
Class EUR
Shares outstanding at the beginning of the year 85,534.000
Subscriptions of shares 4,654.730
Redemptions of shares (34,427.000)
Shares outstanding at the end of the year 55,761.730
NET ASSET VALUE PER SHARE EUR
Highest 156.1611.18.13
Lowest 130.0901.02.13
At the end of the year 153.69
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
(previously BBVA DURBANA RENTA VARIABLE GLOBAL EUR)
102
BBVA DURBANA INTERNATIONAL FUND BBVA GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in EUR)
The notes are an integral part of these financial statements
Quantity Description Cost Valueper
security
Marketvalue
(see notes)
% ofnet
assets
1,690 EUROSTOXX50 C3125 JAN14 EUR 34.000 57,460.00 0.1769,611.10
GERMANY
OPTIONS
UNDEFINED
0.1757,460.0069,611.10TOTAL GERMANY
4,200 S&P500 P1750 DEC14 USD 82.000 249,936.25 0.72256,303.94
UNITED STATES OF AMERICA
0.72249,936.25256,303.94TOTAL UNITED STATES OF AMERICA
TOTAL OPTIONS 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
OPEN-ENDED INVESTMENT FUNDS
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
8.372,891,302.472,709,519.84TOTAL UNITED KINGDOM
17,411 ISHARES US UTILITIES ETF USD 95.840 1,210,979.02 3.511,242,473.02
UNITED STATES OF AMERICA
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
21.117,288,777.476,700,903.98TOTAL UNITED STATES OF AMERICA
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
(previously BBVA DURBANA RENTA VARIABLE GLOBAL EUR)
103
BBVA DURBANA INTERNATIONAL FUND BBVA GLOBAL EQUITY FUND
The notes are an integral part of these financial statements
Quantity Description Cost Valueper
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 INVESTMENTS 81.8828,270,785.7826,974,319.61
Cash/(bank overdraft) 17.946,195,367.34Other assets and liabilities 0.1860,142.44
TOTAL NET ASSETS 100.0034,526,295.56
Ccy
(previously BBVA DURBANA RENTA VARIABLE GLOBAL EUR)
104
BBVA DURBANA INTERNATIONAL FUND BBVA GLOBAL EQUITY FUND
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
World 25.42United States of America 21.83Japan 11.41European Monetary Union 9.77United Kingdom 8.37Italy 4.91Germany 0.17
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 18.12NET ASSETS 100.00
81.88
% ofnet
assets
COUNTRIES
(previously BBVA DURBANA RENTA VARIABLE GLOBAL EUR)
105
BBVA DURBANA INTERNATIONAL FUND BBVA GLOBAL EQUITY FUND
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
Investment funds 80.99Stock exchange index 0.89
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 18.12NET ASSETS 100.00
81.88
(previously BBVA DURBANA RENTA VARIABLE GLOBAL EUR)
106
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET MODERATE USD FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 USD)
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 47,379,783.66- Net unrealised result 1,832,825.53
49,212,609.19
Cash:- Cash at sight (see notes) 9,875,181.10
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
Other liabilities:- Taxes and expenses payable 240,638.33- Unrealised loss on futures (see notes) 252,420.47- Unrealised loss on forward foreign exchange contracts on currencies
(see notes) 7.13
5,258,690.46
NET ASSETS 54,023,737.63
(in USD)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A116.57
463,435.897
107
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET MODERATE USD FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 USD)
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2013
NET ASSETS AT THE BEGINNING OF THE YEAR 72,044,231.52
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
Bank interest, net 1,957.19
Fees:- Global fee (see notes) 827,246.42- Custodian and Administration fees (see notes) 142,920.71
Other expenses:- Annual tax (see notes) 23,106.15- Amortisation of formation/reorganisation expenses (see notes) 1,460.00- Audit and legal fees 49,365.12- Printing and publishing fees 3,078.24- Transaction fees 34,883.95- Administrative and other expenses 43,629.37
1,127,647.15
NET OPERATING RESULT (753,838.01)
Net realised result on:- Sales of investments and futures (see notes) 8,755,595.18- Foreign exchange 151,278.47
NET REALISED RESULT 8,153,035.64
Change in net unrealised appreciation/(depreciation) on:- Investments (3,809,688.45)- Forward foreign exchange contracts on currencies 19.12- Futures (68,263.31)
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
4,275,103.00
MOVEMENTS IN CAPITAL
Subscriptions of shares 7,128,736.98Redemptions of shares (29,424,333.87)
(22,295,596.89)
NET ASSETS AT THE END OF THE YEAR 54,023,737.63
(in USD)
The notes are an integral part of these financial statements
108
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET MODERATE USD FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 USD)
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Year ended December 31, 2013
The notes are an integral part of these financial statements
Class A
1.77%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
PTR (Portfolio Turnover Rate) 424.00%
109
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET MODERATE USD FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 USD)
STATISTICAL INFORMATION
Year ended December 31, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
Shares outstanding at the beginning of the year 659,683.987
Subscriptions of shares 62,003.463
Redemptions of shares (258,251.553)
Shares outstanding at the end of the year 463,435.897
NET ASSET VALUE PER SHARE USD
Highest 117.5410.23.13
Lowest 109.2001.02.13
At the end of the year 116.57
SHARES
110
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET MODERATE USD FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 USD)
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in USD)
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
security
Marketvalue
(see notes)
% ofnet
assets
3,892,000 SPAIN LETRAS DEL TESORO EUR 99.885 5,356,819.41 9.925,349,594.960% 03.14.14-03.15.13
SPAIN
BONDS
TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
7,054,000 SPAIN LETRAS DEL TESORO 12MO EUR 99.980 9,718,125.16 17.989,553,973.190% 01.24.14-01.18.13
27.9015,074,944.5714,903,568.15TOTAL SPAIN
TOTAL BONDS 27.9015,074,944.5714,903,568.15
TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
27.9015,074,944.5714,903,568.15
1,900 EUROSTOXX50 C3125 JAN14 EUR 34.000 89,015.66 0.16106,478.13
GERMANY
OPTIONS
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
UNITED STATES OF AMERICA
0.60319,800.00327,210.00TOTAL UNITED STATES OF AMERICA
TOTAL OPTIONS 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
EUROPEAN MONETARY UNION
OPEN-ENDED INVESTMENT FUNDS
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
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET MODERATE USD FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 USD)
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
UNITED STATES OF AMERICA
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
13.447,259,766.776,568,106.70TOTAL UNITED STATES OF AMERICA
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
TOTAL OPEN-ENDED INVESTMENT FUNDS 62.0533,523,669.2431,834,070.05
TOTAL INVESTMENT FUNDS 62.0533,523,669.2431,834,070.05
TOTAL INVESTMENTS 91.0949,212,609.1947,379,783.66
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
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET MODERATE USD FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 USD)
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
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
Other assets/(liabilities) and liquid assets 8.91NET ASSETS 100.00
91.09
% ofnet
assets
COUNTRIES
113
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET MODERATE USD FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 USD)
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
Investment funds 62.05Government bonds 27.90Options 1.14
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 8.91NET ASSETS 100.00
91.09
114
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET MODERATE EUR FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 EUR)
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 20,430,561.83- Net unrealised result 322,006.28
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
Bank overdraft:- Cash at sight (see notes) 125,742.04
Other liabilities:- Taxes and expenses payable 103,369.50- Unrealised loss on futures (see notes) 94,818.25- Unrealised loss on forward foreign exchange contracts on currencies
(see notes) 2.48
323,932.27
NET ASSETS 23,686,896.36
(in EUR)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A113.39
208,899.035
115
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET MODERATE EUR FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 EUR)
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2013
NET ASSETS AT THE BEGINNING OF THE YEAR 38,147,135.92
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
Bank interest, net 2,049.91
Fees:- Global fee (see notes) 353,403.71- Custodian and Administration fees (see notes) 63,921.21
Other expenses:- Annual tax (see notes) 8,738.63- Amortisation of formation/reorganisation expenses (see notes) 1,152.00- Audit and legal fees 22,631.19- Printing and publishing fees 1,316.90- Transaction fees 20,165.16- Administrative and other expenses 29,523.82
502,902.53
NET OPERATING RESULT (363,138.24)
Net realised result on:- Sales of investments and futures (see notes) 4,030,867.77- Foreign exchange (73,165.56)
NET REALISED RESULT 3,594,563.97
Change in net unrealised appreciation/(depreciation) on:- Investments (2,438,553.42)- Forward foreign exchange contracts on currencies 25.15- Futures 3,573.08
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
1,159,608.78
MOVEMENTS IN CAPITAL
Subscriptions of shares 6,897,760.10Redemptions of shares (22,517,608.44)
(15,619,848.34)
NET ASSETS AT THE END OF THE YEAR 23,686,896.36
(in EUR)
The notes are an integral part of these financial statements
116
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET MODERATE EUR FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 EUR)
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Year ended December 31, 2013
The notes are an integral part of these financial statements
* The figures used to calculate the TER are annualized
Class A
1.81%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
PTR (Portfolio Turnover Rate) 434.00%
117
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET MODERATE EUR FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 EUR)
STATISTICAL INFORMATION
Year ended December 31, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
Shares outstanding at the beginning of the year 347,878.000
Subscriptions of shares 60,517.035
Redemptions of shares (199,496.000)
Shares outstanding at the end of the year 208,899.035
NET ASSET VALUE PER SHARE EUR
Highest 116.4105.23.13
Lowest 109.4701.02.13
At the end of the year 113.39
SHARES
118
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET MODERATE EUR FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 EUR)
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in EUR)
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
security
Marketvalue
(see notes)
% ofnet
assets
2,340,000 SPAIN LETRAS DEL TESORO EUR 99.885 2,337,309.00 9.872,337,136.380% 03.14.14-03.15.13
SPAIN
BONDS
TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
3,724,000 SPAIN LETRAS DEL TESORO 12MO EUR 99.980 3,723,255.20 15.723,719,904.370% 01.24.14-01.18.13
25.596,060,564.206,057,040.75TOTAL SPAIN
TOTAL BONDS 25.596,060,564.206,057,040.75
TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
25.596,060,564.206,057,040.75
1,190 EUROSTOXX50 C3125 JAN14 EUR 34.000 40,460.00 0.1749,016.10
GERMANY
OPTIONS
UNDEFINED
490 EUROSTOXX50 P2950 DEC14/EUX EUR 179.400 87,906.00 0.3789,518.100.54128,366.00138,534.20TOTAL GERMANY
2,400 S&P500 P1750 DEC14 USD 82.000 142,820.71 0.60146,459.39
UNITED STATES OF AMERICA
0.60142,820.71146,459.39TOTAL UNITED STATES OF AMERICA
TOTAL OPTIONS 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
EUROPEAN MONETARY UNION
OPEN-ENDED INVESTMENT FUNDS
INVESTMENT FUNDS
9.572,266,448.732,221,923.86TOTAL EUROPEAN MONETARY UNION
18,463 ISHARES II PLC FTSE MIB UCITS ETF- EUR EUR 11.405 210,570.52 0.89211,075.61
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
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET MODERATE EUR FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 EUR)
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
security
Marketvalue
(see notes)
% ofnet
assets
1,412,000.0000 ABSOLUTE INSIGHT FUNDS PLC UK EQUITYMARKET NEUTRAL-B2P-EUR
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
UNITED STATES OF AMERICA
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
12.132,874,157.882,701,743.53TOTAL UNITED STATES OF AMERICA
1,145.000 DEXIA ASSET MANAGEMENT INDEX ARBITRAGEFCP
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 OPEN-ENDED INVESTMENT FUNDS 60.8814,420,817.2014,088,527.49
TOTAL INVESTMENT FUNDS 60.8814,420,817.2014,088,527.49
TOTAL INVESTMENTS 87.6120,752,568.1120,430,561.83
Cash/(bank overdraft) 12.793,029,268.71Other assets and liabilities (0.40)(94,940.46)
TOTAL NET ASSETS 100.0023,686,896.36
Ccy
120
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET MODERATE EUR FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 EUR)
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
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
Other assets/(liabilities) and liquid assets 12.39NET ASSETS 100.00
87.61
% ofnet
assets
COUNTRIES
121
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET MODERATE EUR FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 EUR)
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
Investment funds 60.88Government bonds 25.59Options 1.14
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 12.39NET ASSETS 100.00
87.61
122
BBVA DURBANA INTERNATIONAL FUND GLOBAL INVESTMENTS
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 3,796,306.57- Net unrealised result (23,081.44)
3,773,225.13
Cash:- Cash at sight (see notes) 142,895.26
Other assets:- Interest receivable 17,291.10- Formation/reorganisation expenses, net (see notes) 4,187.00
3,937,598.49
LIABILITIES
Other liabilities:- Taxes and expenses payable 10,068.91- Unrealised loss on futures (see notes) 5,824.06
15,892.97
NET ASSETS 3,921,705.52
(in EUR)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A99.24
39,519.000
123
BBVA DURBANA INTERNATIONAL FUND GLOBAL INVESTMENTS
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2013
NET ASSETS AT THE BEGINNING OF THE YEAR 3,920,443.27
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
Bank interest, net 67.10
Fees:- Global fee (see notes) 23,429.38- Custodian and Administration fees (see notes) 10,046.56
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 OPERATING RESULT 57,585.20
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)
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
1,262.25
NET ASSETS AT THE END OF THE YEAR 3,921,705.52
(in EUR)
The notes are an integral part of these financial statements
124
BBVA DURBANA INTERNATIONAL FUND GLOBAL INVESTMENTS
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Year ended December 31, 2013
The notes are an integral part of these financial statements
Class A
1.01%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
PTR (Portfolio Turnover Rate) 181.00%
125
BBVA DURBANA INTERNATIONAL FUND GLOBAL INVESTMENTS
STATISTICAL INFORMATION
Year ended December 31, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
Shares outstanding at the beginning of the year 39,519.000
Subscriptions of shares 0.000
Redemptions of shares (0.000)
Shares outstanding at the end of the year 39,519.000
NET ASSET VALUE PER SHARE EUR
Highest 99.5511.18.13
Lowest 97.8412.16.13
At the end of the year 99.24
SHARES
126
BBVA DURBANA INTERNATIONAL FUND GLOBAL INVESTMENTS
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in EUR)
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
OPEN-ENDED INVESTMENT FUNDS
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
EUROPEAN MONETARY UNION
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
UNITED STATES OF AMERICA
7.70301,920.00277,578.00TOTAL UNITED STATES OF AMERICA
Ccy
127
BBVA DURBANA INTERNATIONAL FUND GLOBAL INVESTMENTS
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
TOTAL OPEN-ENDED INVESTMENT FUNDS 61.402,407,930.932,391,952.54
TOTAL INVESTMENT FUNDS 61.402,407,930.932,391,952.54
TOTAL INVESTMENTS 96.213,773,225.133,796,306.57
Cash/(bank overdraft) 3.64142,895.26Other assets and liabilities 0.155,585.13
TOTAL NET ASSETS 100.003,921,705.52
Ccy
128
BBVA DURBANA INTERNATIONAL FUND GLOBAL INVESTMENTS
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
World 40.29Spain 22.67France 12.14European Community 10.85United States of America 7.70European Monetary Union 2.56
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 3.79NET ASSETS 100.00
96.21
% ofnet
assets
COUNTRIES
129
BBVA DURBANA INTERNATIONAL FUND GLOBAL INVESTMENTS
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
Investment funds 61.40Government bonds 17.83Foodstuffs and non-alcoholic drinks 7.69Banks and other credit institutions 4.84Energy and public utilities 4.45
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 3.79NET ASSETS 100.00
96.21
130
BBVA DURBANA INTERNATIONAL FUND TABA DE INVERSIONES
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 3,181,948.70- Net unrealised result 233,930.26
3,415,878.96
Cash:- Cash at sight (see notes) 136,808.24
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
Other liabilities:- Taxes and expenses payable 6,764.38
6,764.38
NET ASSETS 3,558,493.35
(in EUR)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A108.79
32,709.000
131
BBVA DURBANA INTERNATIONAL FUND TABA DE INVERSIONES
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2013
NET ASSETS AT THE BEGINNING OF THE YEAR 3,313,123.63
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
Fees:- Global fee (see notes) 10,268.41- Custodian and Administration fees (see notes) 10,038.56
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 OPERATING RESULT 14,476.90
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
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
245,369.72
NET ASSETS AT THE END OF THE YEAR 3,558,493.35
(in EUR)
The notes are an integral part of these financial statements
132
BBVA DURBANA INTERNATIONAL FUND TABA DE INVERSIONES
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Year ended December 31, 2013
The notes are an integral part of these financial statements
Class A
0.80%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
PTR (Portfolio Turnover Rate) 43.00%
133
BBVA DURBANA INTERNATIONAL FUND TABA DE INVERSIONES
STATISTICAL INFORMATION
Year ended December 31, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
Shares outstanding at the beginning of the year 32,709.000
Subscriptions of shares 0.000
Redemptions of shares (0.000)
Shares outstanding at the end of the year 32,709.000
NET ASSET VALUE PER SHARE EUR
Highest 108.7912.31.13
Lowest 101.1106.25.13
At the end of the year 108.79
SHARES
134
BBVA DURBANA INTERNATIONAL FUND TABA DE INVERSIONES
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in EUR)
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
6,596 BANCO SANTANDER SA - REG SHS EUR 6.506 42,913.58 1.2149,341.16
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
4.84172,092.24139,345.05TOTAL SWITZERLAND
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
BBVA DURBANA INTERNATIONAL FUND TABA DE INVERSIONES
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
OPEN-ENDED INVESTMENT FUNDS
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
UNITED STATES OF AMERICA
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
16.44585,135.27523,301.34TOTAL UNITED STATES OF AMERICA
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
TOTAL OPEN-ENDED INVESTMENT FUNDS 63.292,252,225.362,109,468.20
TOTAL INVESTMENT FUNDS 63.292,252,225.362,109,468.20
TOTAL INVESTMENTS 95.993,415,878.963,181,948.70
Cash/(bank overdraft) 3.84136,808.24Other assets and liabilities 0.175,806.15
TOTAL NET ASSETS 100.003,558,493.35
Ccy
136
BBVA DURBANA INTERNATIONAL FUND TABA DE INVERSIONES
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
World 29.43United States of America 16.44European Community 15.71Spain 14.06Germany 9.03Switzerland 4.84France 4.45United Kingdom 2.03
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 4.01NET ASSETS 100.00
95.99
% ofnet
assets
COUNTRIES
137
BBVA DURBANA INTERNATIONAL FUND TABA DE INVERSIONES
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
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
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 4.01NET ASSETS 100.00
95.99
138
BBVA DURBANA INTERNATIONAL FUND DRIZA
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 1,795,259.76- Net unrealised result 105,608.62
1,900,868.38
Cash:- Cash at sight (see notes) 263,959.38
Other assets:- Interest receivable 18,411.50- Formation/reorganisation expenses, net (see notes) 5,091.00
2,188,330.26
LIABILITIES
Other liabilities:- Taxes and expenses payable 7,508.09
7,508.09
NET ASSETS 2,180,822.17
(in EUR)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A103.50
21,070.000
139
BBVA DURBANA INTERNATIONAL FUND DRIZA
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
Income from investments:- Dividends, net (see notes) 1,933.65- Bond interest, net (see notes) 28,268.75
30,202.40
EXPENSES
Fees:- Global fee (see notes) 9,208.83- Custodian and Administration fees (see notes) 5,754.30
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 OPERATING RESULT 11,439.01
Net realised result on:- Sales of investments and futures (see notes) (43,051.45)- Foreign exchange 5.99
NET REALISED RESULT (31,606.45)
Change in net unrealised appreciation/(depreciation) on:- Investments 105,608.62
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
74,002.17
MOVEMENTS IN CAPITAL
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)
The notes are an integral part of these financial statements
140
BBVA DURBANA INTERNATIONAL FUND DRIZA
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Period from May 21, 2013 to December 31, 2013
The notes are an integral part of these financial statements
Class A
1.41%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
PTR (Portfolio Turnover Rate) 37.00%
141
BBVA DURBANA INTERNATIONAL FUND DRIZA
STATISTICAL INFORMATION
Period from May 21, 2013 to December 31, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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 beginning of the period 0.000
Subscriptions of shares 21,370.000
Redemptions of shares (300.000)
Shares outstanding at the end of the period 21,070.000
NET ASSET VALUE PER SHARE EUR
Highest 103.5012.31.13
Lowest 98.2306.30.13
At the end of the period 103.50
SHARES
142
BBVA DURBANA INTERNATIONAL FUND DRIZA
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in EUR)
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
BBVA DURBANA INTERNATIONAL FUND DRIZA
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
security
Marketvalue
(see notes)
% ofnet
assets
5,000 GLENCORE XSTRATA PLC GBP 3.127 18,792.74 0.8619,293.61
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
1.8840,985.0038,793.31TOTAL NETHERLANDS
5,465 BANCO BILBAO VIZCAYA ARGENTARIA SA - REGSHS
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
1,400 ABB LTD - REG SHS CHF 23.480 26,823.75 1.2324,299.23
SWITZERLAND
1.2326,823.7524,299.23TOTAL SWITZERLAND
700 CHEVRON CORP USD 124.910 63,454.34 2.9162,282.95
UNITED STATES OF AMERICA
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
TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
UNITED STATES OF AMERICA
OPEN-ENDED INVESTMENT FUNDS
INVESTMENT FUNDS
5.09110,976.00100,775.40TOTAL UNITED STATES OF AMERICA
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
TOTAL OPEN-ENDED INVESTMENT FUNDS 9.73212,136.00200,466.40
TOTAL INVESTMENT FUNDS 9.73212,136.00200,466.40
TOTAL INVESTMENTS 87.161,900,868.381,795,259.76
Cash/(bank overdraft) 12.10263,959.38Other assets and liabilities 0.7415,994.41
TOTAL NET ASSETS 100.002,180,822.17
Ccy
144
BBVA DURBANA INTERNATIONAL FUND DRIZA
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
Spain 46.64France 11.50United States of America 9.51Italy 5.75Germany 5.15World 4.64Netherlands 1.88Switzerland 1.23Jersey 0.86
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 12.84NET ASSETS 100.00
87.16
% ofnet
assets
COUNTRIES
145
BBVA DURBANA INTERNATIONAL FUND DRIZA
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
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
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 12.84NET ASSETS 100.00
87.16
146
BBVA DURBANA INTERNATIONAL FUND ESTAY
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 1,659,994.06- Net unrealised result 154,588.42
1,814,582.48
Cash:- Cash at sight (see notes) 320,354.44
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
Other liabilities:- Taxes and expenses payable 6,723.88
6,724.40
NET ASSETS 2,133,468.67
(in EUR)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A103.32
20,650.000
147
BBVA DURBANA INTERNATIONAL FUND ESTAY
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from April 15, 2013 to December 31, 2013
NET ASSETS AT THE BEGINNING OF THE PERIOD 0.00
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
Bank interest, net 2.68
Fees:- Global fee (see notes) 9,158.19- Custodian and Administration fees (see notes) 7,042.45
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 OPERATING RESULT (14,046.22)
Net realised result on:- Sales of investments and futures (see notes) (68,177.51)- Foreign exchange (3,906.02)
NET REALISED RESULT (86,129.75)
Change in net unrealised appreciation/(depreciation) on:- Investments 154,588.42
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
68,458.67
MOVEMENTS IN CAPITAL
Subscriptions of shares 2,065,010.002,065,010.00
NET ASSETS AT THE END OF THE PERIOD 2,133,468.67
(in EUR)
The notes are an integral part of these financial statements
148
BBVA DURBANA INTERNATIONAL FUND ESTAY
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Period from April 15, 2013 to December 31, 2013
The notes are an integral part of these financial statements
Class A
1.32%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
PTR (Portfolio Turnover Rate) 175.00%
149
BBVA DURBANA INTERNATIONAL FUND ESTAY
STATISTICAL INFORMATION
Period from April 15, 2013 to December 31, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
Shares outstanding at the beginning of the period 0.000
Subscriptions of shares 20,650.000
Redemptions of shares (0.000)
Shares outstanding at the end of the period 20,650.000
NET ASSET VALUE PER SHARE EUR
Highest 103.3212.31.13
Lowest 94.0406.25.13
At the end of the period 103.32
SHARES
150
BBVA DURBANA INTERNATIONAL FUND ESTAY
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in EUR)
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
1.9140,669.7440,055.01TOTAL 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
UNITED STATES OF AMERICA
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
BBVA DURBANA INTERNATIONAL FUND ESTAY
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
OPEN-ENDED INVESTMENT FUNDS
INVESTMENT FUNDS
15,800.000 FRANKLIN TEMPLETON INVESTMENT FUNDS SICAVEUROP GROWTH FD -A- (EUR)
EUR 14.480 228,784.00 10.72201,838.00
12,570.00 INVESCO FUNDS SICAV PAN EUROPEAN EQUITY-A EUR 17.160 215,701.20 10.11204,000.4025.95553,712.50512,610.43TOTAL EUROPEAN COMMUNITY
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
8.18174,423.92161,604.01TOTAL SWITZERLAND
23,300.00 BLACKROCK GLOBAL FUNDS SICAV US GROWTH -D2RF-
USD 13.720 231,993.67 10.87211,425.56
UNITED STATES OF AMERICA
10.87231,993.67211,425.56TOTAL UNITED STATES OF AMERICA
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
TOTAL INVESTMENTS 85.051,814,582.481,659,994.06
Cash/(bank overdraft) 15.02320,353.92Other assets and liabilities (0.07)(1,467.73)
TOTAL NET ASSETS 100.002,133,468.67
Ccy
152
BBVA DURBANA INTERNATIONAL FUND ESTAY
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
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
Other assets/(liabilities) and liquid assets 14.95NET ASSETS 100.00
85.05
% ofnet
assets
COUNTRIES
153
BBVA DURBANA INTERNATIONAL FUND ESTAY
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
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
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 14.95NET ASSETS 100.00
85.05
154
BBVA DURBANA INTERNATIONAL FUND AMURA
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 13,021,203.72- Net unrealised result 596,061.85
13,617,265.57
Cash:- Cash at sight (see notes) 2,653,642.01
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
Other liabilities:- Taxes and expenses payable 17,486.39
17,486.39
NET ASSETS 16,352,927.94
(in EUR)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A109.99
148,670.491
155
BBVA DURBANA INTERNATIONAL FUND AMURA
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2013
NET ASSETS AT THE BEGINNING OF THE YEAR 15,272,211.55
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
Fees:- Global fee (see notes) 23,816.13- Custodian and Administration fees (see notes) 14,481.85
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
NET OPERATING RESULT 289,721.76
Net realised result on:- Sales of investments and futures (see notes) (7,744.99)- Foreign exchange (18,605.35)
NET REALISED RESULT 263,371.42
Change in net unrealised appreciation/(depreciation) on:- Investments 817,344.97
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
1,080,716.39
NET ASSETS AT THE END OF THE YEAR 16,352,927.94
(in EUR)
The notes are an integral part of these financial statements
156
BBVA DURBANA INTERNATIONAL FUND AMURA
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Year ended December 31, 2013
The notes are an integral part of these financial statements
Class A
0.39%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
PTR (Portfolio Turnover Rate) 17.00%
157
BBVA DURBANA INTERNATIONAL FUND AMURA
STATISTICAL INFORMATION
Year ended December 31, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
Shares outstanding at the beginning of the year 148,670.491
Subscriptions of shares 0.000
Redemptions of shares (0.000)
Shares outstanding at the end of the year 148,670.491
NET ASSET VALUE PER SHARE EUR
Highest 110.4011.18.13
Lowest 103.3202.04.13
At the end of the year 109.99
SHARES
158
BBVA DURBANA INTERNATIONAL FUND AMURA
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in EUR)
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
700,000 FONDO DE AMORTIZACION DEL DEFICITELECTRICO
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% 07.27.4927.154,440,101.274,270,312.27TOTAL 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
1.06173,725.40150,540.58TOTAL NETHERLANDS
500 INDUSTRIA DE DISENO TEXTIL INDITEX SA - REGSHS
EUR 119.800 59,900.00 0.3735,927.83
SPAIN
Ccy
159
BBVA DURBANA INTERNATIONAL FUND AMURA
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
security
Marketvalue
(see notes)
% ofnet
assets
46,200 TELEFONICA SA EUR 11.835 546,777.00 3.35764,129.933.72606,677.00800,057.76TOTAL SPAIN
300 AMAZON.COM INC USD 398.790 86,822.37 0.5260,432.75
UNITED STATES OF AMERICA
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
TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
OPEN-ENDED INVESTMENT FUNDS
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
2.26369,523.41296,318.27TOTAL 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
UNITED STATES OF AMERICA
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
15.342,508,694.782,512,573.79TOTAL UNITED STATES OF AMERICA
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
BBVA DURBANA INTERNATIONAL FUND AMURA
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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 OPEN-ENDED INVESTMENT FUNDS 42.326,920,704.366,416,369.84
TOTAL INVESTMENT FUNDS 42.326,920,704.366,416,369.84
TOTAL INVESTMENTS 83.2713,617,265.5713,021,203.72
Cash/(bank overdraft) 16.232,653,642.01Other assets and liabilities 0.5082,020.36
TOTAL NET ASSETS 100.0016,352,927.94
Ccy
161
BBVA DURBANA INTERNATIONAL FUND AMURA
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
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
Other assets/(liabilities) and liquid assets 16.73NET ASSETS 100.00
83.27
% ofnet
assets
COUNTRIES
162
BBVA DURBANA INTERNATIONAL FUND AMURA
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
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
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 16.73NET ASSETS 100.00
83.27
163
BBVA DURBANA INTERNATIONAL FUND BITACORA
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 4,593,401.74- Net unrealised result 967,746.15
5,561,147.89
Cash:- Cash at sight (see notes) 13,391.29
Other assets:- Formation/reorganisation expenses, net (see notes) 2,096.00
5,576,635.18
LIABILITIES
Other liabilities:- Taxes and expenses payable 15,013.74
15,013.74
NET ASSETS 5,561,621.44
(in EUR)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A111.49
49,885.000
164
BBVA DURBANA INTERNATIONAL FUND BITACORA
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2013
NET ASSETS AT THE BEGINNING OF THE YEAR 4,751,395.93
INCOME
Income from investments:- Dividends, net (see notes) 158.74Other income 23,790.56
23,949.30
EXPENSES
Bank interest, net 25.00
Fees:- Global fee (see notes) 50,792.56- Custodian and Administration fees (see notes) 13,000.07
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
NET OPERATING RESULT (48,033.22)
Net realised result on:- Sales of investments and futures (see notes) 312,632.12- Foreign exchange (1,947.76)
NET REALISED RESULT 262,651.14
Change in net unrealised appreciation/(depreciation) on:- Investments 547,574.37
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
810,225.51
NET ASSETS AT THE END OF THE YEAR 5,561,621.44
(in EUR)
The notes are an integral part of these financial statements
165
BBVA DURBANA INTERNATIONAL FUND BITACORA
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Year ended December 31, 2013
The notes are an integral part of these financial statements
Class A
1.39%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
PTR (Portfolio Turnover Rate) 128.00%
166
BBVA DURBANA INTERNATIONAL FUND BITACORA
STATISTICAL INFORMATION
Year ended December 31, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
Shares outstanding at the beginning of the year 49,885.000
Subscriptions of shares 0.000
Redemptions of shares (0.000)
Shares outstanding at the end of the year 49,885.000
NET ASSET VALUE PER SHARE EUR
Highest 111.4912.31.13
Lowest 94.8401.02.13
At the end of the year 111.49
SHARES
167
BBVA DURBANA INTERNATIONAL FUND BITACORA
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in EUR)
The notes are an integral part of these financial statements
Quantity Description Cost Valueper
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
OPEN-ENDED INVESTMENT FUNDS
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
11.26626,377.00594,235.50TOTAL EUROPEAN COMMUNITY
31,200.00 FIDELITY FUNDS SICAV IBERIA -A-ACC EUR EUR 14.030 437,736.00 7.87340,018.00
EUROPEAN MONETARY UNION
7.87437,736.00340,018.00TOTAL EUROPEAN MONETARY UNION
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
UNITED STATES OF AMERICA
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
BBVA DURBANA INTERNATIONAL FUND BITACORA
The notes are an integral part of these financial statements
Quantity Description Cost Valueper
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
TOTAL OPEN-ENDED INVESTMENT FUNDS 99.995,561,147.894,593,401.74
TOTAL INVESTMENT FUNDS 99.995,561,147.894,593,401.74
TOTAL INVESTMENTS 99.995,561,147.894,593,401.74
Cash/(bank overdraft) 0.2413,391.29Other assets and liabilities (0.23)(12,917.74)
TOTAL NET ASSETS 100.005,561,621.44
Ccy
169
BBVA DURBANA INTERNATIONAL FUND BITACORA
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
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
Other assets/(liabilities) and liquid assets 0.01NET ASSETS 100.00
99.99
% ofnet
assets
COUNTRIES
170
BBVA DURBANA INTERNATIONAL FUND BITACORA
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
Investment funds 99.99
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 0.01NET ASSETS 100.00
99.99
171
BBVA DURBANA INTERNATIONAL FUND SEXTANTE
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 2,577,190.08- Net unrealised result 45,984.94
2,623,175.02
Cash:- Cash at sight (see notes) 331,136.89
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
Bank overdraft:- Cash at sight (see notes) 107,297.68
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)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A99.60
29,100.000
172
BBVA DURBANA INTERNATIONAL FUND SEXTANTE
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2013
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
Bank interest, net 219.93
Fees:- Global fee (see notes) 18,109.13- Custodian and Administration fees (see notes) 10,028.55
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
NET OPERATING RESULT 7,972.05
Net realised result on:- Sales of investments and futures (see notes) 135,027.07- Foreign exchange (13,467.27)
NET REALISED RESULT 129,531.85
Change in net unrealised appreciation/(depreciation) on:- Investments 45,984.94- Futures 50,888.87
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
226,405.66
MOVEMENTS IN CAPITAL
Subscriptions of shares 1,731,648.001,731,648.00
NET ASSETS AT THE END OF THE YEAR 2,898,233.13
(in EUR)
The notes are an integral part of these financial statements
173
BBVA DURBANA INTERNATIONAL FUND SEXTANTE
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Year ended December 31, 2013
The notes are an integral part of these financial statements
Class A
1.28%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
PTR (Portfolio Turnover Rate) 308.00%
174
BBVA DURBANA INTERNATIONAL FUND SEXTANTE
STATISTICAL INFORMATION
Year ended December 31, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
Shares outstanding at the beginning of the year 9,900.000
Subscriptions of shares 19,200.000
Redemptions of shares (0.000)
Shares outstanding at the end of the year 29,100.000
NET ASSET VALUE PER SHARE EUR
Highest 99.6012.31.13
Lowest 87.5206.25.13
At the end of the year 99.60
SHARES
175
BBVA DURBANA INTERNATIONAL FUND SEXTANTE
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in EUR)
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
3.5% 07.01.23-07.01.1375,000.00 TELEFONICA SA EUR 100.625 75,468.75 2.6037,315.56
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
3.3095,706.00108,203.37TOTAL NETHERLANDS
2,700 SABMILLER PLC GBP 31.010 100,637.01 3.4799,834.79
UNITED STATES OF AMERICA
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
BBVA DURBANA INTERNATIONAL FUND SEXTANTE
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
70.762,050,682.822,038,717.47
11,900.000 JPMORGAN FUNDS SICAV GLOBAL CONVERTIBLESEUR-A-EUR
EUR 14.050 167,195.00 5.77149,103.00
WORLD
OPEN-ENDED INVESTMENT FUNDS
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
TOTAL OPEN-ENDED INVESTMENT FUNDS 19.75572,492.20538,472.61
TOTAL INVESTMENT FUNDS 19.75572,492.20538,472.61
TOTAL INVESTMENTS 90.512,623,175.022,577,190.08
Cash/(bank overdraft) 7.72223,839.21Other assets and liabilities 1.7751,218.90
TOTAL NET ASSETS 100.002,898,233.13
Ccy
177
BBVA DURBANA INTERNATIONAL FUND SEXTANTE
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
United States of America 21.52World 19.75Spain 15.09France 14.50Germany 12.80Brazil 3.55Netherlands 3.30
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 9.49NET ASSETS 100.00
90.51
% ofnet
assets
COUNTRIES
178
BBVA DURBANA INTERNATIONAL FUND SEXTANTE
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
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
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 9.49NET ASSETS 100.00
90.51
179
BBVA DURBANA INTERNATIONAL FUND SPINNAKER
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 2,581,704.81- Net unrealised result 5,069.86
2,586,774.67
Cash:- Cash at sight (see notes) 317,434.03
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
Other liabilities:- Taxes and expenses payable 8,285.54
8,285.54
NET ASSETS 2,926,261.42
(in EUR)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A96.74
30,250.000
180
BBVA DURBANA INTERNATIONAL FUND SPINNAKER
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2013
NET ASSETS AT THE BEGINNING OF THE YEAR 1,935,167.96
INCOME
Income from investments:- Dividends, net (see notes) 6,512.65- Bond interest, net (see notes) 52,286.79
58,799.44
EXPENSES
Bank interest, net 114.71
Fees:- Global fee (see notes) 16,016.29- Custodian and Administration fees (see notes) 10,041.75
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
NET OPERATING RESULT 27,093.14
Net realised result on:- Sales of investments and futures (see notes) (49,924.59)- Foreign exchange (4,301.59)
NET REALISED RESULT (27,133.04)
Change in net unrealised appreciation/(depreciation) on:- Investments 22,029.00
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
(5,104.04)
MOVEMENTS IN CAPITAL
Subscriptions of shares 996,197.50996,197.50
NET ASSETS AT THE END OF THE YEAR 2,926,261.42
(in EUR)
The notes are an integral part of these financial statements
181
BBVA DURBANA INTERNATIONAL FUND SPINNAKER
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Year ended December 31, 2013
The notes are an integral part of these financial statements
Class A
1.19%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
PTR (Portfolio Turnover Rate) 239.00%
182
BBVA DURBANA INTERNATIONAL FUND SPINNAKER
STATISTICAL INFORMATION
Year ended December 31, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
Shares outstanding at the beginning of the year 20,000.000
Subscriptions of shares 10,250.000
Redemptions of shares (0.000)
Shares outstanding at the end of the year 30,250.000
NET ASSET VALUE PER SHARE EUR
Highest 97.2404.02.13
Lowest 95.4410.07.13
At the end of the year 96.74
SHARES
183
BBVA DURBANA INTERNATIONAL FUND SPINNAKER
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in EUR)
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
3.57104,425.00106,578.25TOTAL NETHERLANDS
100,000 TELEFONICA EMISIONES SA EMTN EUR 106.320 106,320.00 3.63106,661.254.375% 02.02.16-02.02.06
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
BBVA DURBANA INTERNATIONAL FUND SPINNAKER
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
3.48101,960.00103,221.25TOTAL 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
UNITED STATES OF AMERICA
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
19.79579,268.02608,868.64TOTAL UNITED STATES OF AMERICA
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
2,800 ARCELORMITTAL SA - NEW REG EUR 12.970 36,316.00 1.2429,023.47
LUXEMBOURG
1.2436,316.0029,023.47TOTAL LUXEMBOURG
700 ASML HOLDING NV EUR 68.040 47,628.00 1.6347,160.91
NETHERLANDS
1.6347,628.0047,160.91TOTAL NETHERLANDS
8,000 BANCO SANTANDER SA - REG SHS EUR 6.506 52,048.00 1.7850,873.19
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
BBVA DURBANA INTERNATIONAL FUND SPINNAKER
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
OPEN-ENDED INVESTMENT FUNDS
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
UNITED STATES OF AMERICA
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
7.40216,488.40203,040.40TOTAL UNITED STATES OF AMERICA
TOTAL OPEN-ENDED INVESTMENT FUNDS 8.59251,255.40234,364.66
TOTAL INVESTMENT FUNDS 8.59251,255.40234,364.66
TOTAL INVESTMENTS 88.402,586,774.672,581,704.81
Cash/(bank overdraft) 10.85317,434.03Other assets and liabilities 0.7522,052.72
TOTAL NET ASSETS 100.002,926,261.42
Ccy
186
BBVA DURBANA INTERNATIONAL FUND SPINNAKER
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
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
Other assets/(liabilities) and liquid assets 11.60NET ASSETS 100.00
88.40
% ofnet
assets
COUNTRIES
187
BBVA DURBANA INTERNATIONAL FUND SPINNAKER
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
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
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 11.60NET ASSETS 100.00
88.40
188
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA RENTA PLUS 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 6,654,399.59
INCOME
Income from investments:- Dividends, net (see notes) 16,493.29- Bond interest, net (see notes) 11,605.25
28,098.54
EXPENSES
Bank interest, net 167.52
Fees:- Global fee (see notes) 12,847.39- Custodian and Administration fees (see notes) 2,305.42
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 OPERATING RESULT 5,319.62
Net realised result on:- Sales of investments and futures (see notes) 443,098.82- Foreign exchange 4,440.51
NET REALISED RESULT 452,858.95
Change in net unrealised appreciation/(depreciation) on:- Investments (446,739.45)
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
6,119.50
MOVEMENTS IN CAPITAL
Subscriptions of shares 5,001.08Redemptions of shares (6,665,520.17)
(6,660,519.09)
NET ASSETS AT THE END OF THE PERIOD 0.00
(in EUR)
The notes are an integral part of these financial statements
189
BBVA DURBANA INTERNATIONAL FUND BBVA DURBANA RENTA PLUS EUR
STATISTICAL INFORMATION
Period from January 1, 2013 to March 4, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
Shares outstanding at the beginning of the period 61,347.000
Subscriptions of shares 46.000
Redemptions of shares (61,393.000)
Shares outstanding at the end of the period 0.000
NET ASSET VALUE PER SHARE EUR
Highest 109.2001.10.13
Lowest 107.5102.06.13
At the end of the period 108.3903.04.13
**
SHARES
190
BBVA DURBANA INTERNATIONAL FUND BBVA GLOBAL BOND FUND (previously BBVA DURBANA RENTA PLUS USD)
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 61,223,421.51- Net unrealised result (746,921.59)
60,476,499.92
Cash:- Cash at sight (see notes) 6,474,196.32
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
Bank overdraft:- Cash at sight (see notes) 177,528.37
Other liabilities:- Taxes and expenses payable 307,516.74- Unrealised loss on futures (see notes) 306,012.34- Unrealised loss on forward foreign exchange contracts on currencies
(see notes) 328.33
- Other 37,835.70829,221.48
NET ASSETS 66,938,456.84
(in USD)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A EUR
Net asset value per shareShares outstanding
CLASS A USD
Net asset value per shareShares outstanding
CLASS I EUR
97.374,488.654
103.54627,388.086
99.6910,000.000
191
BBVA DURBANA INTERNATIONAL FUND BBVA GLOBAL BOND FUND (previously BBVA DURBANA RENTA PLUS USD)
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2013
NET ASSETS AT THE BEGINNING OF THE YEAR 9,592,564.93
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
Bank interest, net 2,093.26
Fees:- Global fee (see notes) 838,487.07- Custodian and Administration fees (see notes) 141,560.29
Other expenses:- Annual tax (see notes) 33,634.34- Amortisation of formation/reorganisation expenses (see notes) 3,164.00- Audit and legal fees 54,638.49- Printing and publishing fees 3,576.95- Transaction fees 21,138.50- Administrative and other expenses 21,539.98
1,119,832.88
NET OPERATING RESULT 554,355.87
Net realised result on:- Sales of investments and futures (see notes) (573,187.79)- Foreign exchange 239,091.02
NET REALISED RESULT 220,259.10
Change in net unrealised appreciation/(depreciation) on:- Investments (1,424,039.51)- Forward foreign exchange contracts on currencies (328.33)- Futures (29,214.13)
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
(1,233,322.87)
MOVEMENTS IN CAPITAL
Subscriptions of shares 94,146,112.47Redemptions of shares (35,566,897.69)
58,579,214.78
NET ASSETS AT THE END OF THE YEAR 66,938,456.84
(in USD)
The notes are an integral part of these financial statements
192
BBVA DURBANA INTERNATIONAL FUND BBVA GLOBAL BOND FUND (previously BBVA DURBANA RENTA PLUS USD)
STATISTICAL INFORMATIONYear ended December 31, 2013
The notes are an integral part of these financial statements
Class A EUR
Shares outstanding at the beginning of the year 0.000
Subscriptions of shares 43,580.955
Redemptions of shares (39,092.301)
Shares outstanding at the end of the year 4,488.654
NET ASSET VALUE PER SHARE EUR
Highest 101.5605.03.13
Lowest 95.9209.06.13
At the end of the year 97.37
Class A USD
90,541.000
826,398.085
(289,550.999)
627,388.086
USD
107.8301.14.13
102.0009.06.13
103.54
Class I EUR
0.000
10,000.000
(0.000)
10,000.000
EUR
100.1411.29.13
99.4412.05.13
99.69
SHARES
193
BBVA DURBANA INTERNATIONAL FUND BBVA GLOBAL BOND FUND (previously BBVA DURBANA RENTA PLUS USD)
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Year ended December 31, 2013
The notes are an integral part of these financial statements
Class A EUR
1.79%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
Class A USD
1.76%
-
Class I EUR
0.79%
-
PTR (Portfolio Turnover Rate) 379.00%
194
BBVA DURBANA INTERNATIONAL FUND BBVA GLOBAL BOND FUND (previously BBVA DURBANA RENTA PLUS USD)
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
outstanding
NetAssets
Ccy Net assetvalue
per share
* first valuation
127,404.000 89.8211,443,431.63Class D 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 D USD
4,488.654 97.37437,038.49Class A EUR12.31.13 EUR627,388.086 103.5464,962,442.59Class A USD USD
10,000.000 99.69996,948.38Class I EUR EUR
The notes are an integral part of these financial statements
12.31.11
12.31.12
**
** Class D became class A USD as at March 4, 2013
195
BBVA DURBANA INTERNATIONAL FUND BBVA GLOBAL BOND FUND (previously BBVA DURBANA RENTA PLUS USD)
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in USD)
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
BBVA DURBANA INTERNATIONAL FUND BBVA GLOBAL BOND FUND (previously BBVA DURBANA RENTA PLUS USD)
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
600,000 TELEFONICA EMISIONES SA EMTN EUR 114.095 943,304.19 1.41895,531.365.811% 09.05.17-09.19.12
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
15.4410,340,547.769,935,445.06TOTAL UNITED KINGDOM
TOTAL BONDS 70.3147,063,757.9246,715,244.76
TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
OPEN-ENDED INVESTMENT FUNDS
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
BBVA DURBANA INTERNATIONAL FUND BBVA GLOBAL BOND FUND (previously BBVA DURBANA RENTA PLUS USD)
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
TOTAL OPEN-ENDED INVESTMENT FUNDS 20.0413,412,742.0014,508,176.75
TOTAL INVESTMENT FUNDS 20.0413,412,742.0014,508,176.75
TOTAL INVESTMENTS 90.3560,476,499.9261,223,421.51
Cash/(bank overdraft) 9.416,296,667.95Other assets and liabilities 0.24165,288.97
TOTAL NET ASSETS 100.0066,938,456.84
Ccy
198
BBVA DURBANA INTERNATIONAL FUND BBVA GLOBAL BOND FUND (previously BBVA DURBANA RENTA PLUS USD)
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
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
Other assets/(liabilities) and liquid assets 9.65NET ASSETS 100.00
90.35
% ofnet
assets
COUNTRIES
199
BBVA DURBANA INTERNATIONAL FUND BBVA GLOBAL BOND FUND (previously BBVA DURBANA RENTA PLUS USD)
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
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
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 9.65NET ASSETS 100.00
90.35
200
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET FLEXIBLE(previously BBVA DURBANA DINAMICO)
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 22,846,029.11- Net unrealised result 252,609.68
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
Bank overdraft:- Cash at sight (see notes) 928,777.98
Other liabilities:- Taxes and expenses payable 115,420.56- Unrealised loss on futures (see notes) 107,237.51- Unrealised loss on forward foreign exchange contracts on currencies
(see notes) 7,315.11
1,158,751.16
NET ASSETS 22,566,940.40
(in EUR)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A EUR
Net asset value per shareShares outstanding
CLASS A USD
121.9657,892.612
110.45193,453.468
201
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET FLEXIBLE(previously BBVA DURBANA DINAMICO)
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2013
NET ASSETS AT THE BEGINNING OF THE YEAR 17,237,775.20
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
Bank interest, net 1,381.00
Fees:- Global fee (see notes) 222,302.81- Custodian and Administration fees (see notes) 33,457.10
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
NET OPERATING RESULT (250,089.23)
Net realised result on:- Sales of investments and futures (see notes) 1,764,789.03- Foreign exchange (629,770.86)
NET REALISED RESULT 884,928.94
Change in net unrealised appreciation/(depreciation) on:- Investments (554,136.68)- Forward foreign exchange contracts on currencies (7,307.85)- Futures (45,069.73)
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
278,414.68
MOVEMENTS IN CAPITAL
Subscriptions of shares 24,550,472.13Redemptions of shares (19,499,721.61)
5,050,750.52
NET ASSETS AT THE END OF THE YEAR 22,566,940.40
(in EUR)
The notes are an integral part of these financial statements
202
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET FLEXIBLE(previously BBVA DURBANA DINAMICO)
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Year ended December 31, 2013
The notes are an integral part of these financial statements
Class A EUR
2.23%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
Class A USD
2.22%
-
PTR (Portfolio Turnover Rate) 185.00%
203
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET FLEXIBLE(previously BBVA DURBANA DINAMICO)
STATISTICAL INFORMATION
Year ended December 31, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
outstanding
NetAssets
Ccy Net assetvalue
per share
84,107.000 103.128,672,979.65Class A EUR12.31.11 EUR97,219.000 93.529,091,466.48Class A USD USD
72,947.000 115.538,427,676.01Class A EUR12.31.12 EUR105,997.000 106.4011,278,305.82Class A USD USD
57,892.612 121.967,060,323.39Class A EUR12.31.13 EUR193,453.468 110.4521,367,401.90Class A USD USD
Class A EUR
Shares outstanding at the beginning of the year 72,947.000
Subscriptions of shares 61,783.484
Redemptions of shares (76,837.872)
Shares outstanding at the end of the year 57,892.612
NET ASSET VALUE PER SHARE EUR
Highest 126.5303.18.13
Lowest 114.7201.02.13
At the end of the year 121.96
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
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET FLEXIBLE(previously BBVA DURBANA DINAMICO)
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in EUR)
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
security
Marketvalue
(see notes)
% ofnet
assets
2,249,000 SPAIN LETRAS DEL TESORO EUR 99.885 2,246,413.65 9.952,246,248.800% 03.14.14-03.15.13
SPAIN
BONDS
TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
3,680,000 SPAIN LETRAS DEL TESORO 12MO EUR 99.980 3,679,264.00 16.313,675,953.080% 01.24.14-01.18.13
26.265,925,677.655,922,201.88TOTAL SPAIN
TOTAL BONDS 26.265,925,677.655,922,201.88
TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
26.265,925,677.655,922,201.88
1,100 EUROSTOXX50 C3125 JAN14 EUR 34.000 37,400.00 0.1745,309.00
GERMANY
OPTIONS
UNDEFINED
590 EUROSTOXX50 P2950 DEC14/EUX EUR 179.400 105,846.00 0.46107,787.100.63143,246.00153,096.10TOTAL GERMANY
2,800 S&P500 P1750 DEC14 USD 82.000 166,624.16 0.74170,869.29
UNITED STATES OF AMERICA
0.74166,624.16170,869.29TOTAL UNITED STATES OF AMERICA
TOTAL OPTIONS 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
OPEN-ENDED INVESTMENT FUNDS
INVESTMENT FUNDS
2.87647,293.80645,691.15TOTAL EUROPEAN COMMUNITY
12,658 DB X-TRACKERS II SICAV EONIA TR INDEX-1C- EUR 139.758 1,769,056.76 7.841,770,697.81
EUROPEAN MONETARY UNION
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
12,832 ISHARES II PLC FTSE MIB UCITS ETF- EUR EUR 11.405 146,348.96 0.65146,233.45
ITALY
0.65146,348.96146,233.45TOTAL ITALY
Ccy
205
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET FLEXIBLE(previously BBVA DURBANA DINAMICO)
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
1,275,083.0000 ABSOLUTE INSIGHT FUNDS PLC UK EQUITYMARKET NEUTRAL-B2P-EUR
EUR 1.102 1,405,651.50 6.231,397,019.04
UNITED KINGDOM
6.231,405,651.501,397,019.04TOTAL UNITED KINGDOM
3,969 ISHARES US UTILITIES ETF USD 95.840 276,053.97 1.22284,485.89
UNITED STATES OF AMERICA
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
8.761,977,678.281,890,845.73TOTAL UNITED STATES OF AMERICA
1,033.000 DEXIA ASSET MANAGEMENT INDEX ARBITRAGEFCP
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
TOTAL OPEN-ENDED INVESTMENT FUNDS 74.7316,863,090.9816,599,861.84
TOTAL INVESTMENT FUNDS 74.7316,863,090.9816,599,861.84
TOTAL INVESTMENTS 102.3623,098,638.7922,846,029.11
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
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET FLEXIBLE(previously BBVA DURBANA DINAMICO)
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
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
BBVA DURBANA INTERNATIONAL FUND BBVA MULTI-ASSET FLEXIBLE(previously BBVA DURBANA DINAMICO)
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
Investment funds 74.73Government bonds 26.26Options 1.37
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets (2.36)NET ASSETS 100.00
102.36
208
BBVA DURBANA INTERNATIONAL FUND RUMBO
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 1,864,196.20- Net unrealised result 54,664.39
1,918,860.59
Cash:- Cash at sight (see notes) 98,183.43
Other assets:- Interest receivable 28,285.96- Formation/reorganisation expenses, net (see notes) 5,427.00
2,050,756.98
LIABILITIES
Other liabilities:- Taxes and expenses payable 6,924.24
6,924.24
NET ASSETS 2,043,832.74
(in EUR)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A102.19
20,000.000
209
BBVA DURBANA INTERNATIONAL FUND RUMBO
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from September 5, 2013 to December 31, 2013
NET ASSETS AT THE BEGINNING OF THE PERIOD 0.00
INCOME
Income from investments:- Dividends, net (see notes) 3,005.34- Bond interest, net (see notes) 13,610.33
16,615.67
EXPENSES
Fees:- Global fee (see notes) 3,970.12- Custodian and Administration fees (see notes) 2,808.16
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 OPERATING RESULT 7,788.65
Net realised result on:- Sales of investments and futures (see notes) (18,611.51)- Foreign exchange (8.79)
NET REALISED RESULT (10,831.65)
Change in net unrealised appreciation/(depreciation) on:- Investments 54,664.39
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
43,832.74
MOVEMENTS IN CAPITAL
Subscriptions of shares 2,000,000.002,000,000.00
NET ASSETS AT THE END OF THE PERIOD 2,043,832.74
(in EUR)
The notes are an integral part of these financial statements
210
BBVA DURBANA INTERNATIONAL FUND RUMBO
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Period from September 5, 2013 to December 31, 2013
The notes are an integral part of these financial statements
Class A
1.35%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
PTR (Portfolio Turnover Rate) 190.00%
211
BBVA DURBANA INTERNATIONAL FUND RUMBO
STATISTICAL INFORMATION
Period from September 5, 2013 to December 31, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
Shares outstanding at the beginning of the period 0.000
Subscriptions of shares 20,000.000
Redemptions of shares (0.000)
Shares outstanding at the end of the period 20,000.000
NET ASSET VALUE PER SHARE EUR
Highest 102.1912.31.13
Lowest 99.9409.16.13
At the end of the period 102.19
SHARES
212
BBVA DURBANA INTERNATIONAL FUND RUMBO
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in EUR)
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
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
TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
100,000 FONDO DE AMORTIZACION DEL DEFICITELECTRICO
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
4.4% 10.31.23-05.21.1336,000.00 TELEFONICA SA EUR 100.625 36,225.00 1.7717,919.31
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
2.0842,448.7540,191.10TOTAL NETHERLANDS
9,393 BANCO SANTANDER SA - REG SHS EUR 6.506 61,110.86 2.9960,080.41
SPAIN
4,850 TELEFONICA SA EUR 11.835 57,399.75 2.8160,121.495.80118,510.61120,201.90TOTAL SPAIN
Ccy
213
BBVA DURBANA INTERNATIONAL FUND RUMBO
The notes are an integral part of these financial statements
Quantityor
FaceValue
Description Cost Valueper
security
Marketvalue
(see notes)
% ofnet
assets
12,000 BARCLAYS PLC GBP 2.720 39,224.96 1.9239,878.92
UNITED KINGDOM
1.9239,224.9639,878.92TOTAL UNITED KINGDOM
TOTAL EQUITIES 15.58318,379.47320,369.19
TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
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
OPEN-ENDED INVESTMENT FUNDS
INVESTMENT FUNDS
3,775.00 INVESCO FUNDS SICAV PAN EUROPEAN EQUITY-A EUR 17.160 64,779.00 3.1762,038.756.36129,958.50123,901.75TOTAL EUROPEAN COMMUNITY
4,650.00 FIDELITY FUNDS SICAV IBERIA -A-ACC EUR EUR 14.030 65,239.50 3.1960,722.00
EUROPEAN MONETARY UNION
3.1965,239.5060,722.00TOTAL EUROPEAN MONETARY UNION
1,000.000 MORGAN STANLEY INVEST FUNDS SICAV USGROWTH -ZH-EUR-
EUR 41.890 41,890.00 2.0539,805.00
UNITED STATES OF AMERICA
2.0541,890.0039,805.00TOTAL UNITED STATES OF AMERICA
3,045.33 FIDELITY FUNDS SICAV GLOBAL OPPORTUNITIES -A-EUR-
EUR 13.390 40,776.97 2.0039,917.50
WORLD
4,430.000 JPMORGAN FUNDS SICAV GLOBAL CONVERTIBLESEUR-A-EUR
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
TOTAL OPEN-ENDED INVESTMENT FUNDS 21.69443,329.87425,274.35
TOTAL INVESTMENT FUNDS 21.69443,329.87425,274.35
TOTAL INVESTMENTS 93.891,918,860.591,864,196.20
Cash/(bank overdraft) 4.8098,183.43Other assets and liabilities 1.3126,788.72
TOTAL NET ASSETS 100.002,043,832.74
Ccy
214
BBVA DURBANA INTERNATIONAL FUND RUMBO
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
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
Other assets/(liabilities) and liquid assets 6.11NET ASSETS 100.00
93.89
% ofnet
assets
COUNTRIES
215
BBVA DURBANA INTERNATIONAL FUND RUMBO
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
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
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 6.11NET ASSETS 100.00
93.89
216
BBVA DURBANA INTERNATIONAL FUND ESLORA
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 4,339,209.20- Net unrealised result 88,457.43
4,427,666.63
Cash:- Cash at sight (see notes) 2,664,496.67
Other assets:- Formation/reorganisation expenses, net (see notes) 7,845.28
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)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A100.95
70,000.000
217
BBVA DURBANA INTERNATIONAL FUND ESLORA
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from December 16, 2013 to December 31, 2013
NET ASSETS AT THE BEGINNING OF THE PERIOD 0.00
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 OPERATING RESULT (5,359.00)
Net realised result on:- Sales of investments and futures (see notes) (0.01)- Foreign exchange 3,834.42
NET REALISED RESULT (1,524.59)
Change in net unrealised appreciation/(depreciation) on:- Investments 88,457.43- Futures (20,550.00)
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
66,382.84
MOVEMENTS IN CAPITAL
Subscriptions of shares 7,000,000.007,000,000.00
NET ASSETS AT THE END OF THE PERIOD 7,066,382.84
(in USD)
The notes are an integral part of these financial statements
218
BBVA DURBANA INTERNATIONAL FUND ESLORA
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Period from December 16, 2013 to December 31, 2013
The notes are an integral part of these financial statements
Class A
1.81%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
PTR (Portfolio Turnover Rate) (38.00%)
219
BBVA DURBANA INTERNATIONAL FUND ESLORA
STATISTICAL INFORMATION
Period from December 16, 2013 to December 31, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
Shares outstanding at the beginning of the period 0.000
Subscriptions of shares 70,000.000
Redemptions of shares (0.000)
Shares outstanding at the end of the period 70,000.000
NET ASSET VALUE PER SHARE USD
Highest 100.9512.31.13
Lowest 100.0012.16.13
At the end of the period 100.95
SHARES
220
BBVA DURBANA INTERNATIONAL FUND ESLORA
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in USD)
The notes are an integral part of these financial statements
Quantity Description Cost Valueper
security
Marketvalue
(see notes)
% ofnet
assets
11,000.00 BLACKROCK GLOBAL FUNDS SICAV EUROPEANGROWTH -A2-EUR-
EUR 28.970 439,111.77 6.21418,428.40
EUROPEAN COMMUNITY
OPEN-ENDED INVESTMENT FUNDS
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
24.581,736,742.171,684,325.20TOTAL EUROPEAN COMMUNITY
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
UNITED STATES OF AMERICA
5.13362,181.00352,384.44TOTAL UNITED STATES OF AMERICA
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
1,700.00000 PICTET SICAV USD SHORT MID-TERM BONDS -P-USD-
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
TOTAL OPEN-ENDED INVESTMENT FUNDS 62.664,427,666.634,339,209.20
TOTAL INVESTMENT FUNDS 62.664,427,666.634,339,209.20
TOTAL INVESTMENTS 62.664,427,666.634,339,209.20
Cash/(bank overdraft) 37.712,664,496.67Other assets and liabilities (0.37)(25,780.46)
TOTAL NET ASSETS 100.007,066,382.84
Ccy
221
BBVA DURBANA INTERNATIONAL FUND ESLORA
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
World 29.80European Community 24.58United States of America 5.13Japan 3.15
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 37.34NET ASSETS 100.00
62.66
% ofnet
assets
COUNTRIES
222
BBVA DURBANA INTERNATIONAL FUND ESLORA
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
Investment funds 62.66
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 37.34NET ASSETS 100.00
62.66
223
BBVA DURBANA INTERNATIONAL FUND COMPAS
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 4,404,192.04- Net unrealised result 94,962.71
4,499,154.75
Cash:- Cash at sight (see notes) 2,600,536.89
Other assets:- Formation/reorganisation expenses, net (see notes) 7,845.28
7,107,536.92
LIABILITIES
Other liabilities:- Taxes and expenses payable 5,168.26- Unrealised loss on futures (see notes) 20,550.00- Other 7,910.28
33,628.54
NET ASSETS 7,073,908.38
(in USD)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A101.06
70,000.000
224
BBVA DURBANA INTERNATIONAL FUND COMPAS
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from December 16, 2013 to December 31, 2013
NET ASSETS AT THE BEGINNING OF THE PERIOD 0.00
EXPENSES
Fees:- Global fee (see notes) 1,744.99- Custodian and Administration fees (see notes) 569.78
Other expenses:- Annual tax (see notes) 552.31- Amortisation of formation/reorganisation expenses (see notes) 65.00- Audit and legal fees 2,301.18- Transaction fees 80.63- Administrative and other expenses 143.31
5,457.20
NET OPERATING RESULT (5,457.20)
Net realised result on:- Foreign exchange 4,952.87
NET REALISED RESULT (504.33)
Change in net unrealised appreciation/(depreciation) on:- Investments 94,962.71- Futures (20,550.00)
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
73,908.38
MOVEMENTS IN CAPITAL
Subscriptions of shares 7,000,000.007,000,000.00
NET ASSETS AT THE END OF THE PERIOD 7,073,908.38
(in USD)
The notes are an integral part of these financial statements
225
BBVA DURBANA INTERNATIONAL FUND COMPAS
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Period from December 16, 2013 to December 31, 2013
The notes are an integral part of these financial statements
Class A
1.81%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
PTR (Portfolio Turnover Rate) (37.00%)
226
BBVA DURBANA INTERNATIONAL FUND COMPAS
STATISTICAL INFORMATION
Period from December 16, 2013 to December 31, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
Shares outstanding at the beginning of the period 0.000
Subscriptions of shares 70,000.000
Redemptions of shares (0.000)
Shares outstanding at the end of the period 70,000.000
NET ASSET VALUE PER SHARE USD
Highest 101.0612.31.13
Lowest 100.0012.16.13
At the end of the period 101.06
SHARES
227
BBVA DURBANA INTERNATIONAL FUND COMPAS
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in USD)
The notes are an integral part of these financial statements
Quantity Description Cost Valueper
security
Marketvalue
(see notes)
% ofnet
assets
4,000 ARCELORMITTAL SA - NEW REG EUR 12.970 71,488.12 1.0164,982.84
LUXEMBOURG
EQUITIES
TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
1.0171,488.1264,982.84TOTAL LUXEMBOURG
TOTAL EQUITIES 1.0171,488.1264,982.84
TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
1.0171,488.1264,982.84
11,000.00 BLACKROCK GLOBAL FUNDS SICAV EUROPEANGROWTH -A2-EUR-
EUR 28.970 439,111.77 6.21418,428.40
EUROPEAN COMMUNITY
OPEN-ENDED INVESTMENT FUNDS
INVESTMENT FUNDS
15,400.000 FRANKLIN TEMPLETON INV FUNDS SICAVFRANKLIN MUTUAL EUROPEAN -I-ACC-EUR
EUR 20.720 439,687.76 6.21426,856.50
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 1.96138,544.22
275,000.000 BNY MELLON GLOBAL FUNDS PLC ABSOLUT ERETURN EQUITY-R-USD-HEDGED
USD 1.021 280,637.50 3.97280,189.88
24.551,736,742.171,684,325.20TOTAL EUROPEAN COMMUNITY
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 5.12352,384.44
UNITED STATES OF AMERICA
5.12362,181.00352,384.44TOTAL UNITED STATES OF AMERICA
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 5.86415,468.44
1,300.000 JPMORGAN INVESTMENT FUNDS SICAV GLOBALCONVERTIBLES-A-USD
USD 163.270 212,251.00 3.00209,757.39
1,700.00000 PICTET SICAV USD SHORT MID-TERM BONDS -P-USD-
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
BBVA DURBANA INTERNATIONAL FUND COMPAS
The notes are an integral part of these financial statements
Quantity Description Cost Valueper
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
TOTAL OPEN-ENDED INVESTMENT FUNDS 62.594,427,666.634,339,209.20
TOTAL INVESTMENT FUNDS 62.594,427,666.634,339,209.20
TOTAL INVESTMENTS 63.604,499,154.754,404,192.04
Cash/(bank overdraft) 36.762,600,536.89Other assets and liabilities (0.36)(25,783.26)
TOTAL NET ASSETS 100.007,073,908.38
Ccy
229
BBVA DURBANA INTERNATIONAL FUND COMPAS
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
World 29.77European Community 24.55United States of America 5.12Japan 3.15Luxembourg 1.01
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 36.40NET ASSETS 100.00
63.60
% ofnet
assets
COUNTRIES
230
BBVA DURBANA INTERNATIONAL FUND COMPAS
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
Investment funds 62.59Mining industry 1.01
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 36.40NET ASSETS 100.00
63.60
231
BBVA DURBANA INTERNATIONAL FUND ESTRIBOR
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 4,404,192.04- Net unrealised result 94,962.71
4,499,154.75
Cash:- Cash at sight (see notes) 2,600,536.89
Other assets:- Formation/reorganisation expenses, net (see notes) 7,845.28
7,107,536.92
LIABILITIES
Other liabilities:- Taxes and expenses payable 5,168.26- Unrealised loss on futures (see notes) 20,550.00- Other 7,910.28
33,628.54
NET ASSETS 7,073,908.38
(in USD)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A101.06
70,000.000
232
BBVA DURBANA INTERNATIONAL FUND ESTRIBOR
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from December 16, 2013 to December 31, 2013
NET ASSETS AT THE BEGINNING OF THE PERIOD 0.00
EXPENSES
Fees:- Global fee (see notes) 1,744.99- Custodian and Administration fees (see notes) 569.78
Other expenses:- Annual tax (see notes) 552.31- Amortisation of formation/reorganisation expenses (see notes) 65.00- Audit and legal fees 2,301.18- Transaction fees 80.63- Administrative and other expenses 143.31
5,457.20
NET OPERATING RESULT (5,457.20)
Net realised result on:- Foreign exchange 4,952.87
NET REALISED RESULT (504.33)
Change in net unrealised appreciation/(depreciation) on:- Investments 94,962.71- Futures (20,550.00)
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
73,908.38
MOVEMENTS IN CAPITAL
Subscriptions of shares 7,000,000.007,000,000.00
NET ASSETS AT THE END OF THE PERIOD 7,073,908.38
(in USD)
The notes are an integral part of these financial statements
233
BBVA DURBANA INTERNATIONAL FUND ESTRIBOR
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Period from December 16, 2013 to December 31, 2013
The notes are an integral part of these financial statements
Class A
1.81%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
PTR (Portfolio Turnover Rate) (37.00%)
234
BBVA DURBANA INTERNATIONAL FUND ESTRIBOR
STATISTICAL INFORMATION
Period from December 16, 2013 to December 31, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
Shares outstanding at the beginning of the period 0.000
Subscriptions of shares 70,000.000
Redemptions of shares (0.000)
Shares outstanding at the end of the period 70,000.000
NET ASSET VALUE PER SHARE USD
Highest 101.0612.31.13
Lowest 100.0012.16.13
At the end of the period 101.06
SHARES
235
BBVA DURBANA INTERNATIONAL FUND ESTRIBOR
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in USD)
The notes are an integral part of these financial statements
Quantity Description Cost Valueper
security
Marketvalue
(see notes)
% ofnet
assets
4,000 ARCELORMITTAL SA - NEW REG EUR 12.970 71,488.12 1.0164,982.84
LUXEMBOURG
EQUITIES
TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
1.0171,488.1264,982.84TOTAL LUXEMBOURG
TOTAL EQUITIES 1.0171,488.1264,982.84
TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET
1.0171,488.1264,982.84
11,000.00 BLACKROCK GLOBAL FUNDS SICAV EUROPEANGROWTH -A2-EUR-
EUR 28.970 439,111.77 6.21418,428.40
EUROPEAN COMMUNITY
OPEN-ENDED INVESTMENT FUNDS
INVESTMENT FUNDS
15,400.000 FRANKLIN TEMPLETON INV FUNDS SICAVFRANKLIN MUTUAL EUROPEAN -I-ACC-EUR
EUR 20.720 439,687.76 6.21426,856.50
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 1.96138,544.22
275,000.000 BNY MELLON GLOBAL FUNDS PLC ABSOLUT ERETURN EQUITY-R-USD-HEDGED
USD 1.021 280,637.50 3.97280,189.88
24.551,736,742.171,684,325.20TOTAL EUROPEAN COMMUNITY
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 5.12352,384.44
UNITED STATES OF AMERICA
5.12362,181.00352,384.44TOTAL UNITED STATES OF AMERICA
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 5.86415,468.44
1,300.000 JPMORGAN INVESTMENT FUNDS SICAV GLOBALCONVERTIBLES-A-USD
USD 163.270 212,251.00 3.00209,757.39
1,700.00000 PICTET SICAV USD SHORT MID-TERM BONDS -P-USD-
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
BBVA DURBANA INTERNATIONAL FUND ESTRIBOR
The notes are an integral part of these financial statements
Quantity Description Cost Valueper
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
TOTAL OPEN-ENDED INVESTMENT FUNDS 62.594,427,666.634,339,209.20
TOTAL INVESTMENT FUNDS 62.594,427,666.634,339,209.20
TOTAL INVESTMENTS 63.604,499,154.754,404,192.04
Cash/(bank overdraft) 36.762,600,536.89Other assets and liabilities (0.36)(25,783.26)
TOTAL NET ASSETS 100.007,073,908.38
Ccy
237
BBVA DURBANA INTERNATIONAL FUND ESTRIBOR
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
World 29.77European Community 24.55United States of America 5.12Japan 3.15Luxembourg 1.01
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 36.40NET ASSETS 100.00
63.60
% ofnet
assets
COUNTRIES
238
BBVA DURBANA INTERNATIONAL FUND ESTRIBOR
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
Investment funds 62.59Mining industry 1.01
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 36.40NET ASSETS 100.00
63.60
239
BBVA DURBANA INTERNATIONAL FUND BARLOVENTO
STATEMENT OF NET ASSETSDecember 31, 2013
ASSETS
Portfolio: (see notes)- Cost 4,339,209.20- Net unrealised result 88,457.43
4,427,666.63
Cash:- Cash at sight (see notes) 2,664,496.67
Other assets:- Formation/reorganisation expenses, net (see notes) 7,845.28
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)
The notes are an integral part of these financial statements
Net asset value per shareShares outstanding
CLASS A100.95
70,000.000
240
BBVA DURBANA INTERNATIONAL FUND BARLOVENTO
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from December 16, 2013 to December 31, 2013
NET ASSETS AT THE BEGINNING OF THE PERIOD 0.00
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 OPERATING RESULT (5,359.00)
Net realised result on:- Sales of investments and futures (see notes) (0.01)- Foreign exchange 3,834.42
NET REALISED RESULT (1,524.59)
Change in net unrealised appreciation/(depreciation) on:- Investments 88,457.43- Futures (20,550.00)
NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS
66,382.84
MOVEMENTS IN CAPITAL
Subscriptions of shares 7,000,000.007,000,000.00
NET ASSETS AT THE END OF THE PERIOD 7,066,382.84
(in USD)
The notes are an integral part of these financial statements
241
BBVA DURBANA INTERNATIONAL FUND BARLOVENTO
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)Period from December 16, 2013 to December 31, 2013
The notes are an integral part of these financial statements
Class A
1.81%
-
TER including the performance-related fee:
Performance-related fee as a percentage of the average net assets:
PTR (Portfolio Turnover Rate) (38.00%)
242
BBVA DURBANA INTERNATIONAL FUND BARLOVENTO
STATISTICAL INFORMATION
Period from December 16, 2013 to December 31, 2013
The notes are an integral part of these financial statements
CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND
IN NET ASSET VALUE PER SHARE
Date ShareClass
Number of shares
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
Shares outstanding at the beginning of the period 0.000
Subscriptions of shares 70,000.000
Redemptions of shares (0.000)
Shares outstanding at the end of the period 70,000.000
NET ASSET VALUE PER SHARE USD
Highest 100.9512.31.13
Lowest 100.0012.16.13
At the end of the period 100.95
SHARES
243
BBVA DURBANA INTERNATIONAL FUND BARLOVENTO
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
December 31, 2013(in USD)
The notes are an integral part of these financial statements
Quantity Description Cost Valueper
security
Marketvalue
(see notes)
% ofnet
assets
11,000.00 BLACKROCK GLOBAL FUNDS SICAV EUROPEANGROWTH -A2-EUR-
EUR 28.970 439,111.77 6.21418,428.40
EUROPEAN COMMUNITY
OPEN-ENDED INVESTMENT FUNDS
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
24.581,736,742.171,684,325.20TOTAL EUROPEAN COMMUNITY
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
UNITED STATES OF AMERICA
5.13362,181.00352,384.44TOTAL UNITED STATES OF AMERICA
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
1,700.00000 PICTET SICAV USD SHORT MID-TERM BONDS -P-USD-
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
TOTAL OPEN-ENDED INVESTMENT FUNDS 62.664,427,666.634,339,209.20
TOTAL INVESTMENT FUNDS 62.664,427,666.634,339,209.20
TOTAL INVESTMENTS 62.664,427,666.634,339,209.20
Cash/(bank overdraft) 37.712,664,496.67Other assets and liabilities (0.37)(25,780.46)
TOTAL NET ASSETS 100.007,066,382.84
Ccy
244
BBVA DURBANA INTERNATIONAL FUND BARLOVENTO
GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS
December 31, 2013(in %)
World 29.80European Community 24.58United States of America 5.13Japan 3.15
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 37.34NET ASSETS 100.00
62.66
% ofnet
assets
COUNTRIES
245
BBVA DURBANA INTERNATIONAL FUND BARLOVENTO
ECONOMIC CLASSIFICATION OF THE INVESTMENTS
December 31, 2013(in %)
Investment funds 62.66
ECONOMIC SECTORS % ofnet
assets
TOTAL INVESTMENTS
Other assets/(liabilities) and liquid assets 37.34NET ASSETS 100.00
62.66
BBVA DURBANA INTERNATIONAL FUND
246
NOTES TO THE FINANCIAL STATEMENTS December 31, 2013
GENERAL BBVA DURBANA INTERNATIONAL FUND (the «Fund») was incorporated under the name BILBAO VIZCAYA INTERNATIONAL FUND as an investment company with variable capital (Société d'Investissement à Capital Variable) in accordance with the law of August 10, 1915 and its amending laws regarding commercial companies, as well as on undertakings for collective investment in accordance with part I of the law of December 17, 2010 on undertakings for collective investment, as amended (hereafter the “Law”). The Legal Notice regarding the issue of shares was deposited with the Office of the District Court of and in Luxembourg. The articles of association of the SICAV were published on May 6, 1988 in the Mémorial, Recueil Spécial des Sociétés et Associations du Luxembourg (Official Journal, Section of Companies and Association of Luxembourg) and were
deposited with the Office of the District Court of Luxembourg where copies can be obtained. The Articles of Incorporation were amended for the last time on November 18, 2013. These amendments have been published in the Mémorial on December 14, 2013. The capital of the SICAV is at any time equal to the total net assets of the various Sub-Funds (the “Sub-Funds”). The Board of Directors of the Fund has approved the common merger proposal which determines that, effective on March 4, 2013, the following Sub-Funds of the Fund in accordance with the article I (20) a) of the Luxembourg law of 17 December 2010 contributed all their assets and liabilities to the following sub-funds of the Fund as detailed hereinafter:
Absorbed Sub-funds (the "Absorbed Sub-
Funds")
Share classes of Absorbed Sub-
Funds
Absorbing Sub-funds
(the "Absorbing Sub- Funds")
Share classes of Absorbing Sub-Funds
Exchange ratios
Renta Fija Corto Plazo EUR Class A Renta Euro Class D 0.96263 BBVA Durbana Renta Plus EUR
Class D BBVA Durbana Renta Plus USD
Class A (EUR) 1.08385
Renta USD Class D BBVA Durbana Renta Plus USD
Class D 1.01081
BBVA Durbana Renta Variable Global USD
Class A (EUR) & A (USD)
BBVA Durbana Renta Variable Global EUR
Class A &
A (USD)
0.84444
1.29930 On the merger date, the following Absorbing Sub-Funds and Share classes changed their names from: • Renta Euro into BBVA EUR Corporate Bond Fund (and Class D became Class P); • BBVA Durbana Renta Plus USD into BBVA Global Bond Fund Class D will became Class A (USD); • BBVA Durbana Renta Variable Global EUR into BBVA Global Equity Fund (and Class A became Class A (EUR); • Renta Fija Corto Plazo USD into BBVA USD Corporate Bond Fund • BBVA Durbana Multiestrategia 80/20 EUR into BBVA Multi-Asset Moderate EUR Fund • BBVA Durbana Multiestrategia 80/20 USD into BBVA Multi-Asset Moderate USD Fund • BBVA Durbana Dinamico into BBVA Multi-Asset Flexible Fund As a result of the merger and in accordance with the article 1 (20) a) of the Luxembourg law of 17 December 2010, the Absorbed Sub-funds of the Fund ceased to exist and all their shares as well.
As at December 31, 2013, the SICAV was composed of 25 Sub-Funds. During the year-ended, the following Sub-Funds have been launched: 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 it reporting currency from USD to EUR as at March 4, 2013. The object of the SICAV is to offer its shareholders the possibility to access international financial markets and to share the results of a professional management focused on capital increase.
BBVA DURBANA INTERNATIONAL FUND
247
SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES a) Basis of preparation The Fund prepares its combined financial statements and those of each Sub-Fund in conformity with legal and regulatory requirements in Luxembourg. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent 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 stock exchange or regulated market is calculated on the basis of the last available price. The value of securities dealt in on the over the counter market or on any other regulated market is based on the last available price. The last available price for the Brazilian Treasury bonds held in the portfolio of the Sub-Fund BBVA DURBANA Latam Fixed Income is a price including the interest that has accrued since the issue of the most recent coupon payment (i.e. dirty price). In the event that the securities held in the portfolio on the relevant valuation date are not listed or exchanged on a stock exchange or another regulated market or if the price as determined pursuant to paragraph above is not representative of the fair market value of the relevant securities, the value of such securities is determined based on the reasonably foreseeable sales price determined prudently and in good faith by the Board of Directors of the SICAV. More specifically, where the fair values of securities or financials instruments cannot be derived from active markets at a valuation date they are determined using a variety of valuation techniques, comparison to similar instruments for which market observable prices exist, and options pricing models and other relevant valuation models, including models provided by counterparties or service providers as well as broker statements in order to reflect what is believed to be the fair value of those securities at the portfolio’s valuation point. The input to these models is taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. The judgments include considerations of liquidity and model inputs such as correlation and volatility for longer dated instruments. Use of available information and application of judgment are inherent in the formation of estimates. Actual results in the future could differ from
such estimates and the differences may be material to the valuation retained. Units or shares in open-ended undertakings for collective investment shall be valued on the basis of their last available net asset value, except for Exchange Traded Funds (ETF) for which the last available price is used. c) Valuation of swaps Total Return Swaps are agreements between the SICAV and third parties which allow the SICAV to acquire an exposure to the price movement of specific securities without actually purchasing the securities. Upon entering into a swap agreement, the SICAV is required to deposit with a broker initial cash margin equal to a certain percentage of the contract amount. Variation margin payments are made or received by the SICAV depending upon the fluctuation in the value of the underlying securities. While the contract or notional amounts reflect the involvement of the SICAV in these financial instruments, risks arise from possible adverse movements in the prices of the underlying securities and foreign exchange rates. Total Return Swaps are valued using the difference between the previous day's closing price and the weighted average/reset price of the underlying securities, adjusted by the accrued interest of the fix leg of the contract and by the dividends and commission payments if applicable. Swaps contracts entered by the SICAV are being reset/paid on a monthly basis. d) Valuation of listed futures and options
Futures and options are valued by reference to the last available price on the relevant market. The market prices used are the futures/options exchange settlement prices. e) Valuation of forward foreign exchange cotnracts Forward foreign exchange contracts on currencies are valued at the forward rate applicable at the statement of net assets date for the remaining period until maturity. Gains or losses resulting from forward foreign exchange contracts are recognised in the statement of operations and changes in net assets. f) Valuation of repurchase agreements Under a global Master Repurchase agreement with JP Morgan, the SICAV purchases securities and agrees to re-sell them at a mutually agreed upon date and price. Repurchase agreements and reverse repurchase are valued at cost with interest accrued from the date of purchase.
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248
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
g) Net realised gain or loss on sales of investments, futures and options Profits or losses on securities sales are calculated on the basis of the weighted average price of such securities. Profits or losses on future and options sales are calculated on 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 are calculated on the weighted average price basis. i) Conversion of foreign currencies Assets and liabilities expressed in currencies other than the Sub-Fund’s reporting currency are converted into the reporting currency at the exchange rates prevailing on the valuation date. Income and expenses in currencies other than the Sub-Fund’s reporting currency are converted at the 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 the reporting currency of the Sub-Funds, the acquisition cost is calculated on the basis of the exchange rate at the day of such acquisition. Expenses incurred on the acquisition and/or sale of an investment are included under Transaction fees in the Statement of Operations and Changes in Net Assets. k) Formation/reorganisation expenses Formation expenses are amortised on a straight line basis over a period of 5 years. If a new Sub-Fund is created in the future, the upfront costs for the Sub-Fund will be borne by the Sub-Fund exclusively and will be amortized over a period of 5 years with effect from the launch date of the said Sub-Fund. l) Income and expense recognition Dividends are taken into account on the date upon which the relevant investments are first listed as ex-dividend. Interest income is accrued on a daily basis. Income is recorded net of withholding tax, if any. m) Exchange rates as at December 31, 2013
1 EUR = 8.981498 ARS 1 EUR = 1.540213 AUD 1 EUR = 3.250932 BRL 1 EUR = 1.464073 CAD 1 EUR = 1.225481 CHF
1 EUR = 724.0605 CLP 1 EUR = 2,662.407 COP 1 EUR = 0.83197 GBP 1 EUR = 10.68429 HKD 1 EUR = 144.8289 JPY 1 EUR = 18.04725 MXN 1 EUR = 8.35982 NOK 1 EUR = 3.853713 PEN 1 EUR = 8.850027 SEK 1 EUR = 2.960524 TRY 1 EUR = 1.377951 USD
PRESENTATION BASIS OF COMBINED FINANCIAL STATEMENTS
The combined financial statements of the SICAV are expressed in EUR. Consequently, net assets and net results of each Sub-Fund expressed in a foreign currency other than EUR are converted and combined in EUR at the exchange rate applicable at the date of the financial statements. The difference between opening Net Assets stated at exchange rates ruling at the beginning of the year and their value at the end of the year is shown as an exchange difference in the Combined Statement of Operations and Changes 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% per annum of its net assets, such tax being payable quarterly and calculated on the basis of the net assets at the end of the relevant quarter. However such rate is decreased to 0.01% per annum of their Net Asset Value for specific classes of shares reserved to institutional investors in a Sub-Fund (ie Class I). In accordance with article 175 of the law of December 17, 2010, the value of assets represented by shares held in other organisms for collective investment already subject to the subscription fee is free from such taxation. Under current law and practice, the SICAV is not liable to Luxembourg taxes on income or capital gains, nor are dividends paid by the SICAV liable to any Luxembourg withholding tax. Interests, dividends and capital gains on securities may be subject to withholding or capital gains taxes in certain countries.
BBVA DURBANA INTERNATIONAL FUND
249
TRANSACTIONS FEE The total amount of transaction fees is included in the statement of operations and changes in net assets and includes Custodian and Sub-Custodian fees, Correspondent’s expenses and Brokerage fees.
GLOBAL FEE The SICAV pays a Global Fee which includes fees for the Investment Managers and the distributors. The Global Fee is payable quarterly and calculated on the average net asset value of each Sub-Fund concerned for the quarter in question. The Global Fee is set per annum as follows:
Sub-Funds % BBVA DURBANA LATAM FIXED INCOME - class A - class I
1.75 0.50
BBVA&PARTNERS EUROPEAN ABSOLUTE RETURN - class A
1.50 BBVA AUGUSTUS NEUTRAL PLUS - class A
1.50
RENTA FIJA CORTO PLAZA EUR (last valuation : 03.04.13) - class A
0.50 BBVA USD CORPORATE BOND FUND (previously RENTA FIJA CORTO PLAZA USD) - class D (previously class A)
0.80 LA ENCINA - class A up to 10 million euros from 10 to 20 million euros from 20 million euros
0.65 0.55 0.45
BBVA AUGUSTUS EQUITY - class A
1.35
RENTA USD (last valuation : 03.04.13) - class D
1.25 BBVA EUR CORPORATE BOND FUND (previously RENTA EURO) - class P (previously class D)
0.80 BBVA DURBANA RENTA VARIABLE GLOBAL USD (last valuation : 03.04.13) - class A (USD) / - class A ( EUR)
1.80 BBVA GLOBAL EQUITY FUND (previously BBVA DURBANA RENTA VARIABLE GLOBAL EUR) - class A EUR (previously class A) - class A USD
2.00 2.00
BBVA MULTI-ASSET MODERATE USD FUND (previously BBVA DURBANA MULTIESTRATEGIA 80/20 USD) - class A
1.35 BBVA MULTI-ASSET MODERATE EUR FUND(previously BBVA DURBANA MULTIESTRATEGIA 80/20 EUR) - class A
1.35 GLOBAL INVESTMENTS -class A
0.60
TABA DE INVERSIONES - class A
0.30
DRIZA
- class A 0.75 ESTAY - class A
0.65
AMURA - class A
0.15
BITACORA - class A
0.70
RUMBO - class A
0.70
SEXTANTE - class A
0.70
SPINNAKER - class A
0.60
AMURA - class A
0.15
BBVA DURBANA RENTA PLUS EUR (last valuation : 03.04.13) - class D
1.40 BBVA GLOBAL BOND FUND (previously BBVA DURBANA RENTA PLUS USD) - class A (USD) (previously class D) - class A (EUR)
1.35 1.35
BBVA MULTI-ASSET FLEXIBLE (previously BBVA DURBANA DINAMICO) - class A (USD) - class A (EUR)
1.70 1.70
ESLORA - class A
0.60
COMPAS - class A
0.60
ESTRIBOR - class A
0.60
BARLOVENTO - class A
0.60
PRINCIPAL DISTRIBUTOR On January 1, 2009, the SICAV and BANCO BILBAO VIZCAYA ARGENTARIA, S.A. signed a Principal Distributor Agreement for an unlimited duration.
PERFORMANCE FEE
The Investment Manager may, in addition to the management fee payable out of the Global Fee, be entitled to a performance fee. The performance fee is calculated and accrued on each Valuation Day on the basis of the Net Asset Value, after deduction of all costs as well as of the Global Fee (but not the performance fee) adjusted in order to take into account all subscriptions during the period of calculation of the performance fee so as not to impact the calculation of the performance fee. If redemptions are made on a date other than the date of payment of the performance fee, but where performance fees have been accrued, the portion of the accruals attributable to such redemptions shall be paid at the end of the relevant quarter.
BBVA DURBANA INTERNATIONAL FUND
250
PERFORMANCE FEE (continued)
The following Sub-Funds are entitled to a performance fee:
Sub-Funds % BBVA & PARTNERS EUROPEAN ABSOLUTE 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 business days following the last day of each calendar year, except for BBVA&PARTNERS EUROPEAN ABSOLUTE RETURN and BBVA AUGUSTUS NEUTRAL PLUS, the performance fee is payable within fifteen business days following 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 the two following values:
- the last Net Asset Value per share of the previous financial year (for the first financial year of the Company the initial subscription price shall be used);
- the last Net Asset Value per share having given rise, during a quarter of the financial year in question, to payment of a performance fee.
- If the Net Asset Value per share is lower than the high water mark, no performance fee shall accrue
**20% of the Sub-Fund’s return (calculated over a whole year) in excess of the Benchmark (Iboxx USD liquid IG Index), provided that the returns are positive. The amount of performance fee per Sub-Fund is detailed in 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 time signed on April 1, 2003 as amended on January 21, 2010, BANQUE PRIVEE EDMOND DE ROTHSCHILD EUROPE was appointed Registrar Transfer, Domiciliary, Administrative and Paying Agent, and Custodian and is entitled to a commission paid out of the assets of the SICAV. The commission is calculated per quarter on the
basis of the average value of net assets of the SICAV for the relevant quarter.
DISTRIBUTION POLICY
The annual general meeting of shareholders may, upon proposal of the Board, resolve on the portion of the investment income to be allocated to each Sub-Fund, and within each Sub-Fund on the allocation of investment income between distributing shares and accumulation shares pro rata to the corresponding assets.
The portion of investment income allocated to accumulation shares shall be reinvested in the SICAV and shall thus increase the Net Asset Value relating to the accumulation shares. With respect to the investment income allocated to distributing shares, the distributable amount for each Sub-Fund may consist of interests, dividends, realised or unrealised capital gains and other realised income after deduction of costs, realised or unrealised capital losses as well as the capital of such Sub-Fund, within the limits set forth by article 27 of the law of 2010. Dividends payable to holders of distributing shares shall be payable within five months following the end of the financial year. Upon proposal of the Board, the general meeting may also decide the distribution to shareholders of a dividend in a form of shares in the relevant Sub-Funds in proportion of existing shares of the same class. With respect to distributing shares, any dividend declared but not claimed within five years after its allocation shall be forfeited to the Sub-Fund concerned. No interest shall be paid on a dividend declared by the SICAV and held by the SICAV on behalf of the shareholders. The Board may decide on the payment of interim dividend in compliance with legal requirements. Dividend announcement shall be made in newspapers with appropriate circulation. During the year, the following dividends have been paid and are included in the caption “Dividend paid” in the Statement of operations and changes in net assets of the Sub-Fund concerned:
Sub-Funds Classes Dividend Date
RENTA USD Class D USD 0.50 06.02.13 EUR CORPORATE BOND FUND (previously RENTA EUR)
Class D EUR 0.50 06.02.13
USD CORPORATE BOND FUND (previously RENTA FIJA CORTO PLAZO USD)
Class D USD 1.21404 04.10.13
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251
BRAZILIAN TAX
For the Sub-Fund BBVA DURBANA LATAM FIXED INCOME, the Brazilian tax amounts to EUR 65,136.56 and is recorded in the caption “transactions fees” in the statement of operations and changes in net assets.
CHANGES IN THE INVESTMENT PORTFOLIO
A copy of the changes in the investment portfolio for the period ended December 31, 2013 is available free of charge at the registered office of the Fund.
SUBSEQUENT EVENTS The Board of Directors approved on January 10, 2014, a dividend distribution of USD 0.59598 per share in proportion to their holding in the Sub-Fund BBVA USD Corporate Bond Fund on January 10, 2014. Two Sub-Funds were launched on March 3, 2014: Garanti Turkish Fixed Income Fund and Garanti Turkish Equity Fund.
COLLATERAL HELD AT BROKERS
The caption “Cash at sight” is composed of the following amounts serving as collateral given for the commitments resulting from futures, options and swap contracts: Sub-Fund JP Morgan (EUR) JP Morgan (USD) BBVA&PARTNERS EUROPEAN ABSOLUTE RETURN 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 - 920,594.04 BBVA MULTI-ASSET MODERATE EUR FUND 277,207.62 - GLOBAL INVESTMENTS 13,216.37 - SEXTANTE 99,002.72 - BBVA GLOBAL BOND FUND - 1,117,636.34 BBVA MULTI-ASSET FLEXIBLE FUND 177,138.80 - ESLORA - 49,650.00 COMPAS - 49,650.00 ESTRIBOR - 49,650.00 BARLOVENTO - 49,650.00 Total 1,723,467.09 2,236,830.38
252
BBVA DURBANA INTERNATIONAL FUND
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
Commitment as at
12.31.13EUR
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.
EUROSTOXX50 MAR14FUT/EUX
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
Contract(s) UnrealisedresultEUR
Commitmentas at
12.31.13EUR
Quantity Size Price as at12.31.13
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 with JP Morgan :
253
BBVA DURBANA INTERNATIONAL FUND
EUROSTOXX50 MAR14FUT/EUX
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
Contract(s) UnrealisedresultEUR
Commitment as at
12.31.13EUR
Quantity Size Price as at12.31.13
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
EUROSTOXX50 MAR14FUT/EUX
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
Contract(s) UnrealisedresultEUR
Commitment as at
12.31.13EUR
Quantity Size Price as at12.31.13
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
As at December 31, 2013, the following futures contract(s) was (were) outstanding with JP Morgan :
254
BBVA DURBANA INTERNATIONAL FUND
CAC40 JAN14 10 4,298.50 (947,699.85) (49,716.49)Sale 16 EUR (897,983.36)FUTURES ON INDEX
EUROSTOXX50 MAR14FUT/EUX
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
TOPIX MARCH14 10,000 1,302.50 619,617.49 19,237.89Purchase 5 JPY 600,379.608,721,600.16 71,399.91 8,650,200.25
BBVA DURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET MODERATE USD FUND
Sale /Purchase
Contract(s) UnrealisedresultUSD
Commitmentas at
12.31.13USD
Quantity Size Price as at12.31.13
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
As at December 31, 2013, the following futures contract(s) was (were) outstanding with JP Morgan:
255
BBVA DURBANA INTERNATIONAL FUND
CAC40 JAN14 10 4,298.50 (429,850.00) (22,550.00)Sale 10 EUR (407,300.00)FUTURES ON INDEX
EUROSTOXX50 MAR14FUT/EUX
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
TOPIX MARCH14 10,000 1,302.50 359,732.79 12,262.68Purchase 4 JPY 347,470.114,138,349.63 39,400.66 4,098,948.97
BBVA DURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET MODERATE EUR FUND
Sale /Purchase
Contract(s) UnrealisedresultEUR
Commitment as at
12.31.13EUR
Quantity Size Price as at12.31.13
CommitmentEUR
GERMANY BOBL 5Y MAR14FUT/EUX
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.
EUROSTOXX50 MAR14FUT/EUX
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
Contract(s) UnrealisedresultEUR
Commitment as at
12.31.13EUR
Quantity Size Price as at12.31.13
CommitmentEUR
(Continued)
FUTURES
As at December 31, 2013, the following futures contract(s) was (were) outstanding with JP Morgan :
256
BBVA DURBANA INTERNATIONAL FUND
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
Contract(s) UnrealisedresultEUR
Commitment as at
12.31.13EUR
Quantity Size Price as at12.31.13
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
GERMANY BOBL 5Y MAR14FUT/EUX
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
Contract(s) UnrealisedresultUSD
Commitment as at
12.31.13USD
Quantity Size Price as at12.31.13
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 1,000,000 99.63 5,729,011.93 9,486.92Purchase 23 USD 5,719,525.0190 DAYS EUR/USD SEPT. 15 1,000,000 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
As at December 31, 2013, the following futures contract(s) was (were) outstanding with JP Morgan :
257
BBVA DURBANA INTERNATIONAL FUND
CAC40 JAN14 10 4,298.50 (730,745.00) (38,335.00)Sale 17 EUR (692,410.00)FUTURES ON INDEX
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
Contract(s) UnrealisedresultEUR
Commitment as at
12.31.13EUR
Quantity Size Price as at12.31.13
CommitmentEUR
GERMANY BOBL 5Y MAR14FUT/EUX
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
Contract(s) UnrealisedresultUSD
Commitment as at
12.31.13USD
Quantity Size Price as at12.31.13
CommitmentUSD
(Continued)
FUTURES
As at December 31, 2013, the following futures contract(s) was (were) outstanding JP Morgan :
258
BBVA DURBANA INTERNATIONAL 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 - COMPAS is included in the statement of net assets of the Sub-Fund.
BBVA DURBANA INTERNATIONAL FUND - COMPAS
Sale /Purchase
Contract(s) UnrealisedresultUSD
Commitment as at
12.31.13USD
Quantity Size Price as at12.31.13
CommitmentUSD
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 - ESTRIBOR is included in the statement of net assets of the Sub-Fund.
BBVA DURBANA INTERNATIONAL FUND - ESTRIBOR
Sale /Purchase
Contract(s) UnrealisedresultUSD
Commitment as at
12.31.13USD
Quantity Size Price as at12.31.13
CommitmentUSD
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 - BARLOVENTO is included in the statement of net assets of the Sub-Fund.
BBVA DURBANA INTERNATIONAL FUND - BARLOVENTO
Sale /Purchase
Contract(s) UnrealisedresultUSD
Commitment as at
12.31.13USD
Quantity Size Price as at12.31.13
CommitmentUSD
(Continued)
FUTURES
As at December 31, 2013, the following futures contract(s) was (were) outstanding with JP Morgan :
259
BBVA DURBANA INTERNATIONAL FUND
FORWARD FOREIGN EXCHANGE CONTRACTS ON CURRENCIES
The total amount of cash collateral of each Sub-Fund as at December 31, 2013 is disclosed in the Statement of net assets of each Sub-Fund under the caption “Margin accounts” for the collateral relating to the outstanding Forward foreign exchange contracts on currencies.
As at December 31, 2013, the following forward foreign exchange contract(s) on currencies was (were) outstanding with JP MORGAN:
BBVA DURBANA INTERNATIONAL FUND - BBVA AUGUSTUS NEUTRAL PLUS
Sale Purchase Maturity Unrealised in EUR
EUR 4,912.35 CHF 6,027.50 01.06.14 6.39
6.39 The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2013 for BBVA DURBANA INTERNATIONAL FUND - BBVA AUGUSTUS NEUTRAL PLUS is included in the statement of net assets of the Sub- Fund.
BBVA DURBANA INTERNATIONAL FUND - BBVA AUGUSTUS EQUITY
Sale Purchase Maturity Unrealised in EUR
CHF 12,666.97 EUR 10,323.44 01.06.14 (13.44)
(13.44)
The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2013 for BBVA DURBANA INTERNATIONAL FUND - BBVA AUGUSTUS EQUITY is included in the statement of net assets of the Sub-Fund.
BBVA DURBANA INTERNATIONAL FUND - BBVA GLOBAL EQUITY FUND
Sale Purchase Maturity Unrealised in EUR JPY 3,396,682.00 EUR 23,473.96 01.07.14 20.11 CHF 8,471.35 EUR 6,904.06 01.06.14 (8.98) 11.13
The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2013 for BBVA DURBANA INTERNATIONAL FUND - BBVA GLOBAL EQUITY FUND is included in the statement of net assets of the Sub-Fund.
BBVA DURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET MODERATE USD FUND
Sale Purchase Maturity Unrealised in USD JPY 3,239,414.00 USD 30,848.04 01.07.14 26.25 CHF 4,680.30 USD 5,255.75 01.06.14 (7.13) 19.12
The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2013 for BBVA DURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET MODERATE USD FUND is included in the statement of net assets of the Sub-Fund.
260
BBVA DURBANA INTERNATIONAL FUND
(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
Sale Purchase Maturity
USD 370,000.00 EUR 268,602.54 03.31.14 82.07
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
82.07
BBVA DURBANA INTERNATIONAL FUND - BBVA GLOBAL BOND FUND
Sale Purchase Maturity
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
Sale Purchase Maturity
EUR 15,683,313.63 USD 21,600,421.00 03.31.14 (7,218.34) *
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 (96.77) *
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.
(7,307.85)
JPY 4,666,611.00 EUR 32,250.25 01.07.14 27.63
The contracts marked with a * are those specifically related to Share Class Hedging.
BBVA DURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET MODERATE EUR FUND
BBVA DURBANA INTERNATIONAL FUND
OPTIONS
As at December 31, 2013, the following short option contract(s) was (were) outstanding with JP Morgan. For the collateral linked to these outstanding 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 5,281,250.00 4,200 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 3,718,750.00 490 EUROSTOXX50 P2950 DEC14/EUX EUR 1,445,500.00
2,400 S&P500 P1750 DEC14 USD 4,200,000.00
BBVA DURBANA INTERNATIONAL FUND - BBVA MULTI-ASSET MODERATE USD FUND Quantity Description Currency Underlying value Commitment PURCHASE OF OPTIONS
1,900 EUROSTOXX50 C3125 JAN14/EUX EUR 5,937,500.00 3,900 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 3,437,500.00 590 EUROSTOXX50 P2950 DEC14/EUX EUR 1,740,500.00
2,800 S&P500 P1750 DEC14 USD 4,900,000.00
261
Underlying value
0.000.00
Underlying value
0.000.000.00
0.000.000.00
0.000.000.00