BBVA International Fund - Banque Privée Edmond de Rothschild ...
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<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
Société d'Investissement à Capital Variable<br />
à compartiments multiples<br />
Unaudited Semi-Annual Report<br />
as at<br />
June 30, 2010
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
TABLE OF CONTENTS<br />
DIRECTORS ....................................................................................................................................................................................................................<br />
AND ADMINISTRATION INFORMATION TO THE SHAREHOLDERS, INFORMATION TO THE<br />
SHAREHOLDERS ....................................................................................................................................................................................................................<br />
IN SWITZERLAND NET ....................................................................................................................................................................................................................<br />
ASSET VALUE PER SHARE COMBINED ....................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS COMBINED ....................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS 8<br />
10<br />
12<br />
13<br />
14<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong> DURBANA GLOBAL 15<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 15<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 16<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 17<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 18<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 19<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 20<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 21<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 22<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong> DURBANA EUROPEAN EQUITY 23<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 23<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 24<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 25<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 26<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 27<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 28<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 30<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 31<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong> DURBANA LATAM EQUITY 32<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 32<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 33<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 34<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 35<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 36<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 37<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 40<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 41<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong> DURBANA LATAM FIXED INCOME 42<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 42<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 43<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 44<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 45<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 46<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 47<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 49<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 50<br />
3
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
TABLE OF CONTENTS<br />
(continued)<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong>&PARTNERS EUROPEAN ABSOLUTE RETURN 51<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 51<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 52<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 53<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 54<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 55<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 56<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 57<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 58<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong> DURBANA LATAM SHORT TERM 59<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 59<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 60<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 61<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 62<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 63<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 64<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 66<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 67<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong> DURBANA GLOBAL EQUITY 68<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 68<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 69<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 70<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 71<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 72<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 73<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 76<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 77<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong>&PARTNERS DYNAMIC 78<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 78<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 79<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 80<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 81<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 82<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 83<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 85<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 86<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong> DURBANA MONETARIO EUR 87<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 87<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 88<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 89<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 90<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 91<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 92<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 95<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 96<br />
4
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
TABLE OF CONTENTS<br />
(continued)<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong> DURBANA MONETARIO USD 97<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 97<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 98<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 99<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 100<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 101<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 102<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 106<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 107<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong> DURBANA GRANDFATHERING BOND 108<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 108<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 109<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 110<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 111<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 112<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 113<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 114<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 115<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong> DURBANA LA ENCINA 116<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 116<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 117<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 118<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 119<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 120<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 121<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 124<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 125<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong>&PARTNERS AHORRO DINAMICO 126<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 126<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 127<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 128<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 129<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 130<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 131<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 133<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 134<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong>&PARTNERS AUGUSTUS 135<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 135<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 136<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 137<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 138<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 139<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 140<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 143<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 144<br />
5
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
TABLE OF CONTENTS<br />
(continued)<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong> DURBANA MIXTO 145<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 145<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 146<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 147<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 148<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 149<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 150<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 151<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 152<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong> DURBANA DOLLAR CASH 153<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 153<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 154<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 155<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 156<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 157<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 158<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 159<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 160<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong> DURBANA RENTA USD 161<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 161<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 162<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 163<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 164<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 165<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 166<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 170<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 171<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong> DURBANA RENTA EURO 172<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 172<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 173<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 174<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 175<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 176<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 177<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 180<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 181<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL USD 182<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 182<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 183<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 184<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 185<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 186<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 187<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 190<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 191<br />
6
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
TABLE OF CONTENTS<br />
(continued)<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL EUR 192<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 192<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 193<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 194<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 195<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 196<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 197<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 200<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 201<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 EUR 202<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 202<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 203<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 204<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 205<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 206<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 207<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 210<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 211<br />
....................................................................................................................................................................................................................<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 USD 212<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF NET ASSETS 212<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 213<br />
...........................................................................................................................................................................................................................................................<br />
STATISTICAL INFORMATION 214<br />
...........................................................................................................................................................................................................................................................<br />
TER (total expenses ratio) AND PTR (portfolio turnover rate) 215<br />
...........................................................................................................................................................................................................................................................<br />
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 216<br />
...........................................................................................................................................................................................................................................................<br />
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 217<br />
...........................................................................................................................................................................................................................................................<br />
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 220<br />
...........................................................................................................................................................................................................................................................<br />
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 221<br />
NOTES ....................................................................................................................................................................................................................<br />
TO THE FINANCIAL STATEMENTS 222<br />
7
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
DIRECTORS AND ADMINISTRATION<br />
REGISTERED OFFICE<br />
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
20, Boulevard Emmanuel Servais<br />
L - 2535 Luxembourg<br />
RC Luxembourg B 27 711<br />
ADMINISTRATIVE ADVISOR, PROMOTOR AND<br />
PRINCIPAL DISTRIBUTOR<br />
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.<br />
Paseo <strong>de</strong> la Castellana, 81<br />
E - 28046 Madrid<br />
BOARD OF DIRECTORS<br />
MEMBERS<br />
Ms. Jesús GARCÍA CEÑA<br />
<strong>BBVA</strong> ASSET MANAGEMENT, S.A., S.G.I.I.C.<br />
Ms. Santiago ALMENDRES CORTÁZAR<br />
<strong>BBVA</strong> & PARTNERS ALTERNATIVE<br />
INVESTMENTS, S.A., A.V.<br />
Ms. Alejandro ALFARO CARRAL<br />
<strong>BBVA</strong> BANCOMER GESTIÓN, S.A. DE C.V.<br />
Ms Nuria TEJADA<br />
BANQUE PRIVEE EDMOND DE ROTHSCHILD<br />
EUROPE<br />
MANAGERS<br />
Ms. Esther PEREZ VILLALON<br />
Banco Bilbao Vizcaya Argentaria, S.A.<br />
Mr. José Luis RODRIGUEZ ALVAREZ<br />
<strong>BBVA</strong> LuxInvest<br />
CUSTODIAN BANK, REGISTRAR, TRANSFER,<br />
PAYING AGENT, ADMINISTRATIVE AND<br />
DOMICILIARY AGENT, LISTING AGENT<br />
BANQUE PRIVEE EDMOND DE ROTHSCHILD<br />
EUROPE<br />
20, Boulevard Emmanuel Servais<br />
L - 2535 Luxembourg<br />
INDEPENDENT AUDITOR<br />
ERNST & YOUNG S.A.<br />
7, parc d’Activité Syrdall<br />
L - 5365 Luxembourg<br />
INVESTMENT MANAGERS<br />
FOR THE SUB-FUNDS :<br />
<strong>BBVA</strong> DURBANA GLOBAL,<br />
<strong>BBVA</strong> DURBANA EUROPEAN EQUITY,<br />
<strong>BBVA</strong> DURBANA GLOBAL EQUITY,<br />
<strong>BBVA</strong> DURBANA GRANDFATHERING BOND<br />
and <strong>BBVA</strong> DURBANA DOLLAR CASH:<br />
<strong>BBVA</strong> ASSET MANAGEMENT S.A. S.G.I.I.C.<br />
Paseo <strong>de</strong> Recoletos, 10<br />
E - 28046 Madrid<br />
FOR THE SUB-FUNDS :<br />
<strong>BBVA</strong> DURBANA LA ENCINA<br />
and <strong>BBVA</strong> DURBANA MIXTO :<br />
<strong>BBVA</strong> PATRIMONIOS GESTORA S.G.I.I.C, S.A.<br />
C/ Padilla, 17 (1 Planta )<br />
E - 28006 Madrid<br />
FOR THE SUB-FUNDS :<br />
<strong>BBVA</strong> DURBANA MONETARIO EUR,<br />
<strong>BBVA</strong> DURBANA MONETARIO USD,<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL EUR,<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL USD,<br />
<strong>BBVA</strong> DURBANA RENTA EUR<br />
and <strong>BBVA</strong> DURBANA RENTA USD:<br />
<strong>BBVA</strong> SUIZA S.A.<br />
63 Zeltweg<br />
P.O. Box 3930<br />
8021 Zurich<br />
8
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
DIRECTORS AND ADMINISTRATION (continued)<br />
INVESTMENT MANAGERS (continued)<br />
FOR THE SUB-FUNDS :<br />
<strong>BBVA</strong>&PARTNERS EUROPEAN ABSOLUTE RETURN,<br />
<strong>BBVA</strong>&PARTNERS AHORRO DINAMICO,<br />
<strong>BBVA</strong>&PARTNERS AUGUSTUS,<br />
and <strong>BBVA</strong>&PARTNERS DYNAMIC:<br />
<strong>BBVA</strong>&PARTNERS ALTERNATIVE INVESTMENTS,<br />
S.A., A.V.<br />
Pozuelo <strong>de</strong> Alarcon<br />
Vía <strong>de</strong> las Dos Castillas, 33<br />
E - 28046 Madrid<br />
COUNTERPARTIES FOR DERIVATIVES<br />
INSTRUMENTS<br />
Deutsche Bank AG London Branch:<br />
Winchester House<br />
1 Great Winchester Street<br />
London EC2N2DB<br />
JP Morgan<br />
JPMorgan - Futures and Options<br />
12th Floor, 125 London Wall,<br />
London, EC2Y 5AJ<br />
FOR THE SUB-FUNDS :<br />
<strong>BBVA</strong> DURBANA LATAM EQUITY,<br />
<strong>BBVA</strong> DURBANA LATAM FIXED INCOME<br />
and <strong>BBVA</strong> DURBANA LATAM SHORT TERM :<br />
<strong>BBVA</strong> BANCOMER GESTION S.A. <strong>de</strong> C.V.<br />
Montes Urales, 620, 1st floor,<br />
Colonia Lomas Chapultepec<br />
11000 Mexico D.F<br />
9
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
INFORMATION TO THE SHAREHOLDERS<br />
Annual reports and semi-annual reports are at the disposal<br />
of the sharehol<strong>de</strong>rs with the administrative agent.<br />
There periodical reports contain financial information<br />
regarding the <strong>BBVA</strong> DURBANA INTERNATIONAL<br />
FUND (“SICAV”), the composition and evolution of its<br />
assets and its consolidated situation.<br />
The list of movements that took place in the composition<br />
of the securities portfolio for the financial year starting on<br />
January 1, 2009 are available for free with the head office<br />
of the administrative agent.<br />
The shares of the Sub-<strong>Fund</strong>s of the SICAV are, or will be<br />
on issue, listed on the Luxembourg Stock Exchange.<br />
Subscriptions cannot be received on the basis of financial<br />
reports. Subscriptions are valid only if ma<strong>de</strong> on the basis<br />
of the current prospectus, supplemented by the last annual<br />
report and the most recent semi-annual report if published<br />
thereafter.<br />
INFORMATION TO SHAREHOLDERS IN SWITZERLAND<br />
<strong>Banque</strong> <strong>Privée</strong> <strong>Edmond</strong> <strong>de</strong> <strong>Rothschild</strong> S.A., Geneva, was<br />
authorised by the Swiss Financial Market Supervisory<br />
Authority as Swiss representative of the SICAV and acts<br />
also as paying agent. The prospectus, the simplified<br />
prospectus, the articles, the annual and semi-annual reports<br />
of the SICAV, as well as the list of the purchases and sales<br />
which the SICAV has un<strong>de</strong>rtaken during the financial<br />
year, may be obtained, on simple request and free of<br />
charge, at the head office of the Swiss representative,<br />
<strong>Banque</strong> <strong>Privée</strong> <strong>Edmond</strong> <strong>de</strong> <strong>Rothschild</strong> S.A., 18, rue <strong>de</strong><br />
Hesse, CH-1204 Geneva.<br />
The Total Expense Ratio (TER) and the Portfolio Turnover<br />
Rate (PTR) as at June 30, 2010 for each Sub-<strong>Fund</strong> are<br />
calculated in accordance with the recommendations of the<br />
S.F.A., approved by the Swiss Financial Market<br />
Supervisory Authority.<br />
TER (Total Expense Ratio)<br />
The Total Expense Ratio (TER) represents the ratio of the<br />
total expenses, except transactions fees, annually<br />
supported by the <strong>Fund</strong> for each Sub-<strong>Fund</strong>.<br />
The TER should be calculated as follows :<br />
TER = Total charges of the Sub-<strong>Fund</strong>/Average net asset<br />
value of the Sub-<strong>Fund</strong><br />
Average net asset value of the Sub-<strong>Fund</strong> = Amount of net<br />
assets over the year / Observation’s number.<br />
PTR (Portfolio Turnover Rate)<br />
As an indicator of the relevance of the additional costs<br />
incurred by the <strong>Fund</strong> at the time of the purchase or sale of<br />
investments, the internationally recognized PTR is<br />
disclosed, in accordance with the standard method below:<br />
PTR = ((amount 1 – amount 2)/average net wealth of the<br />
<strong>Fund</strong>) x 100<br />
Amount 1 = Total securities transactions = X + Y<br />
Purchase of securities = X<br />
Sale of securities = Y<br />
Amount 2 = Total transactions involving <strong>Fund</strong> shares = S<br />
+ T<br />
Issues of <strong>Fund</strong> shares = S<br />
Re<strong>de</strong>mption of <strong>Fund</strong> shares = T<br />
Each Sub-<strong>Fund</strong>’s PTR and TER are <strong>de</strong>tailed in this Annual<br />
Report in the “TER/PTR” section.<br />
Performances of Sub-<strong>Fund</strong>s distributed in Switzerland :<br />
Performances *<br />
Sub-<strong>Fund</strong>s<br />
Classes of Shares<br />
Sub-Classes<br />
Date of launch<br />
N.A.V. as at 31.12.07<br />
2007<br />
<strong>BBVA</strong> DURBANA LATAM FIXED INCOME A USD 03/11/2003 74.51 10.93%<br />
<strong>BBVA</strong> DURBANA LATAM FIXED INCOME I USD 31/07/2007 102.87 2.14%<br />
<strong>BBVA</strong> DURBANA GRANDFATHERING BOND A EUR 24/06/2005 49.03 0.33%<br />
10
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
INFORMATION TO SHAREHOLDERS IN SWITZERLAND (continued)<br />
Performances *<br />
Sub-<strong>Fund</strong>s<br />
Classes of Shares<br />
Sub-Classes<br />
Date of launch<br />
N.A.V. as at 31.12.08<br />
2008<br />
<strong>BBVA</strong> DURBANA LATAM FIXED INCOME A USD 03/11/2003 56.77 (23.81)%<br />
<strong>BBVA</strong> DURBANA LATAM FIXED INCOME I USD 31/07/2007 79.38 (21.18)%<br />
<strong>BBVA</strong> DURBANA GRANDFATHERING BOND A EUR 24/06/2005 50.45 2.90%<br />
Performances *<br />
Sub-<strong>Fund</strong>s<br />
Classes of Shares<br />
Sub-Classes<br />
Date of launch<br />
N.A.V. as at 31.12.09<br />
2009<br />
<strong>BBVA</strong> DURBANA LATAM FIXED INCOME A USD 03/11/2003 70.20 23.66%<br />
<strong>BBVA</strong> DURBANA LATAM FIXED INCOME I USD 31/07/2007 99.44 25.27%<br />
<strong>BBVA</strong> DURBANA GRANDFATHERING BOND A EUR 24/06/2005 50.97 1.03%<br />
<strong>BBVA</strong> DURBANA RENTA USD D USD 13/03/2009 107.22 9.87%<br />
<strong>BBVA</strong> DURBANA RENTA EUR D EUR 13/03/2009 108.30 10.99%<br />
Performances *<br />
Sub-<strong>Fund</strong>s<br />
Classes of Shares<br />
Sub-Classes<br />
Date of launch<br />
N.A.V. as at 30.06.2010<br />
2010<br />
<strong>BBVA</strong> DURBANA LATAM FIXED INCOME A USD 03/11/2003 72.88 3.82%<br />
<strong>BBVA</strong> DURBANA LATAM FIXED INCOME I USD 31/07/2007 103.90 4.49%<br />
<strong>BBVA</strong> DURBANA MONETARIO EUR A EUR 29/05/2009 100.63 0.63%<br />
<strong>BBVA</strong> DURBANA MONETARIO USD A USD 29/05/2009 100.59 0.05%<br />
<strong>BBVA</strong> DURBANA GRANDFATHERING BOND A EUR 24/06/2005 51.19 0.43%<br />
<strong>BBVA</strong> DURBANA RENTA USD D USD 13/03/2009 106.68 6.68%<br />
<strong>BBVA</strong> DURBANA RENTA EUR D EUR 13/03/2009 106.23 6.23%<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL USD A USD 29/05/2009 101.20 1.20%<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL EUR A EUR 29/05/2009 117.33 2.50%<br />
* Performances are historical and are not necessarily an indication of future results, they do not inclu<strong>de</strong> re<strong>de</strong>mption or<br />
subscription‘s commissions and fees.<br />
11
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
NET ASSET VALUE PER SHARE<br />
The accounts of every Sub-<strong>Fund</strong> are held in the currency<br />
corresponding to each of these Sub-<strong>Fund</strong>s. The net asset<br />
value is calculated for each Sub-<strong>Fund</strong> and is expressed in the<br />
corresponding currency. The net asset value is calculated<br />
every bank business day in Luxembourg for all Sub-<strong>Fund</strong>s<br />
except for the Sub-<strong>Fund</strong>s <strong>BBVA</strong> DURBANA MIXTO,<br />
<strong>BBVA</strong> DURBANA RENTA USD, <strong>BBVA</strong> DURBANA<br />
RENTA EUR, <strong>BBVA</strong> DURBANA RENTA VARIABLE<br />
GLOBAL USD* and <strong>BBVA</strong> DURBANA RENTA<br />
VARIABLE GLOBAL EUR* which are calculated every<br />
first and third monday of each month on the basis of the last<br />
known quotations.<br />
The net asset value of the shares of every Sub-<strong>Fund</strong> is<br />
calculated by dividing the net assets of the Sub-<strong>Fund</strong> by the<br />
total number of shares of the Sub-<strong>Fund</strong> in issue at that time.<br />
The net assets of every Sub-<strong>Fund</strong> correspond to the<br />
difference between the total assets and total liabilities of each<br />
Sub-<strong>Fund</strong>.<br />
The net asset value of the shares of each share class is<br />
calculated by dividing the net assets of the Sub-<strong>Fund</strong><br />
allocated to this share class by the total number of shares of<br />
said share class in issue at that time. The net assets of every<br />
share class correspond to the difference between the total<br />
assets and total liabilities of each share class.<br />
* The net asset value of both Sub-<strong>Fund</strong>s is calculated every bank business day in Luxembourg since November 5, 2009<br />
12
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
COMBINED STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 642,091,137.63<br />
- Net unrealised result (8,590,439.65)<br />
633,500,697.98<br />
Cash:<br />
- Cash at sight (see notes) 350,536,531.97<br />
- Margin accounts 33,403,345.35<br />
Other assets:<br />
- Interest receivable 3,612,713.13<br />
- Divi<strong>de</strong>nd receivable 26,485.89<br />
- Formation/reorganisation expenses, net (see notes) 59,763.62<br />
- Unrealised gain on futures (see notes) 1,018,550.18<br />
- Unrealised gain on swaps contracts (see notes) 1,767,887.44<br />
- Prepaid expenses 10,193.20<br />
1,023,936,168.76<br />
LIABILITIES<br />
Bank overdraft:<br />
- Cash at sight 10,471,979.49<br />
Other liabilities:<br />
- Taxes and expenses payable<br />
- Unrealised loss on futures (see notes)<br />
3,739,484.39<br />
297,316.73<br />
- Unrealised loss on swaps contracts (see notes) 3,888,159.15<br />
- Other 22,520.13<br />
18,419,459.89<br />
NET ASSETS 1,005,516,708.87<br />
The notes are an integral part of these financial statements<br />
13
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
COMBINED STATEMENT OF OPERATIONS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in EUR)<br />
INCOME<br />
Income from investments:<br />
- Divi<strong>de</strong>nds, net 1,829,778.19<br />
- Bond interest, net (see notes) 5,691,241.76<br />
Bank interest, net 2,036.51<br />
7,523,056.46<br />
EXPENSES<br />
Bank interest, net 261,022.36<br />
Fees:<br />
- Global fee (see notes) 5,702,894.66<br />
- Performance fee (see notes) 71,340.00<br />
- Custodian and Administration fees 961,579.32<br />
Other expenses:<br />
- Annual tax (see notes) 251,461.53<br />
- Amortisation of formation/reorganisation expenses (see notes) 8,384.08<br />
- Audit and legal fees 106,992.14<br />
- Printing and publishing fees 22,890.75<br />
- Administrative and other expenses 436,280.23<br />
7,822,845.07<br />
NET OPERATING RESULT (299,788.61)<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) 397,857.92<br />
- Foreign exchange 1,012,001.71<br />
- Swaps 5,748,751.21<br />
NET REALISED RESULT 6,858,822.23<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments (17,504,519.96)<br />
- Futures 395,829.73<br />
- Swaps (2,435,931.38)<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A<br />
RESULT OF OPERATIONS<br />
(12,685,799.38)<br />
The notes are an integral part of these financial statements<br />
14
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GLOBAL<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in USD)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 7,507,179.26<br />
- Net unrealised result (1,397,360.86)<br />
6,109,818.40<br />
Cash:<br />
- Cash at sight (see notes) 414,142.43<br />
Other assets:<br />
- Interest receivable 14,455.84<br />
- Prepaid expenses 265.56<br />
6,538,682.23<br />
LIABILITIES<br />
Other liabilities:<br />
- Taxes and expenses payable 37,798.87<br />
37,798.87<br />
NET ASSETS 6,500,883.36<br />
CLASS A<br />
Net asset value per share<br />
Shares outstanding<br />
1,372.43<br />
4,736.758<br />
The notes are an integral part of these financial statements<br />
15
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GLOBAL<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in USD)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 8,690,478.37<br />
INCOME<br />
Income from investments:<br />
- Divi<strong>de</strong>nds, net 9,554.77<br />
- Bond interest, net (see notes) 31,994.59<br />
41,549.36<br />
EXPENSES<br />
Bank interest, net 889.66<br />
Fees:<br />
- Global fee (see notes) 68,694.36<br />
- Custodian and Administration fees 9,862.60<br />
Other expenses:<br />
- Annual tax (see notes) 1,134.52<br />
- Audit and legal fees 1,059.95<br />
- Printing and publishing fees 189.11<br />
- Administrative and other expenses 5,133.34<br />
86,963.54<br />
NET OPERATING RESULT (45,414.18)<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) (567,901.40)<br />
- Foreign exchange (69,964.18)<br />
NET REALISED RESULT (683,279.76)<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments (130,916.91)<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
(814,196.67)<br />
MOVEMENTS IN CAPITAL<br />
Subscriptions of shares 3,023.09<br />
Re<strong>de</strong>mptions of shares (1,378,421.43)<br />
(1,375,398.34)<br />
NET ASSETS AT THE END OF THE PERIOD 6,500,883.36<br />
The notes are an integral part of these financial statements<br />
16
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GLOBAL<br />
STATISTICAL INFORMATION<br />
Period from January 1, 2010 to June 30, 2010<br />
SHARES<br />
Class A<br />
Shares outstanding at the beginning of the period 5,650.044<br />
Subscriptions of shares 1.962<br />
Re<strong>de</strong>mptions of shares (915.248)<br />
Shares outstanding at the end of the period 4,736.758<br />
NET ASSET VALUE PER SHARE<br />
USD<br />
Highest 1,565.01<br />
01.12.10<br />
Lowest 1,356.04<br />
06.09.10<br />
At the end of the period 1,372.43<br />
17
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GLOBAL<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
Class A<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
2.15%<br />
-<br />
PTR (Portfolio Turnover Rate) 6.00%<br />
18
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GLOBAL<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
12.31.07 Class A 9,775.655 19,028,126.23 USD<br />
1,946.48<br />
12.31.08 Class A<br />
6,949.702 9,058,530.67 USD<br />
1,303.44<br />
12.31.09 Class A<br />
5,650.044 8,690,478.37 USD<br />
1,538.13<br />
06.30.10 Class A<br />
4,736.758 6,500,883.36 USD<br />
1,372.43<br />
19
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GLOBAL<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in USD)<br />
Number<br />
or<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
BONDS<br />
UNITED STATES OF AMERICA<br />
195,000 US TREASURY BONDS USD 204,240.38 120.656 235,279.69 3.62<br />
5.25% 02.15.99 - 02.15.29<br />
190,000 US TREASURY NOTES USD 197,546.00 112.945 214,596.09 3.30<br />
4.75% 05.17.04 - 05.15.14<br />
500,000 US TREASURY NOTES - SERIES A2013 USD 473,229.58 108.102 540,507.80 8.32<br />
3.875% 02.15.03 - 02.15.13<br />
430,000 US TREASURY NOTES - SERIES E2013 USD 437,071.03 110.438 474,881.25 7.30<br />
4.25% 11.15.03 - 11.15.13<br />
TOTAL UNITED STATES OF AMERICA<br />
1,312,086.99<br />
1,465,264.83 22.54<br />
TOTAL BONDS 1,312,086.99<br />
1,465,264.83 22.54<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
1,312,086.99<br />
1,465,264.83<br />
22.54<br />
INVESTMENT FUNDS<br />
OPEN-ENDED INVESTMENT FUNDS<br />
EUROPEAN MONETARY UNION<br />
33,000 ACCION DJ EUROSTOXX 50 ETF FI EUR 2,049,264.05 26.455 1,067,174.62 16.42<br />
TOTAL EUROPEAN MONETARY UNION<br />
JAPAN<br />
2,049,264.05<br />
1,067,174.62<br />
8,000 NIKKEI 225 EXCHANGE TRADED FUND UNITS JPY 980,771.47 9,560.000 863,546.15 13.28<br />
TOTAL JAPAN<br />
SPAIN<br />
980,771.47<br />
863,546.15<br />
28,000 ACCION IBEX 35 ETF FI EUR 335,410.52 9.460 323,789.64 4.98<br />
TOTAL SPAIN<br />
UNITED STATES OF AMERICA<br />
335,410.52<br />
323,789.64<br />
87,750.00 BLACKROCK GLOBAL FUNDS US FLEXIBLE EQUITY USD 1,514,580.29 13.660 1,198,665.00 18.43<br />
-A2-USD-<br />
134,695.10 FIDELITY FUNDS SICAV AMERICA -A- USD 1,315,065.94 8.845 1,191,378.16 18.33<br />
TOTAL UNITED STATES OF AMERICA<br />
2,829,646.23<br />
2,390,043.16<br />
TOTAL OPEN-ENDED INVESTMENT FUNDS 6,195,092.27<br />
4,644,553.57 71.44<br />
TOTAL INVESTMENT FUNDS 6,195,092.27<br />
4,644,553.57 71.44<br />
16.42<br />
13.28<br />
4.98<br />
36.76<br />
TOTAL INVESTMENTS IN SECURITIES 7,507,179.26<br />
6,109,818.40 93.98<br />
Cash/(bank overdraft) 414,142.43 6.37<br />
Other assets and liabilities (23,077.47) (0.35)<br />
TOTAL NET ASSETS 6,500,883.36 100.00<br />
The notes are an integral part of these financial statements<br />
20
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GLOBAL<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
United States of America 59.30<br />
European Monetary Union 16.42<br />
Japan 13.28<br />
Spain 4.98<br />
TOTAL INVESTMENTS IN SECURITIES<br />
93.98<br />
Other assets and liabilities 6.02<br />
NET ASSETS 100.00<br />
21
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GLOBAL<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Investment funds 71.44<br />
Bonds of governments and towns 22.54<br />
TOTAL INVESTMENTS IN SECURITIES<br />
93.98<br />
Other assets and liabilities 6.02<br />
NET ASSETS 100.00<br />
22
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA EUROPEAN EQUITY<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 6,076,318.15<br />
- Net unrealised result (372,673.78)<br />
5,703,644.37<br />
Cash:<br />
- Cash at sight (see notes) 1,068,625.61<br />
- Margin accounts 151,899.89<br />
Other assets:<br />
- Prepaid expenses 229.70<br />
6,924,399.57<br />
LIABILITIES<br />
Other liabilities:<br />
- Taxes and expenses payable<br />
- Unrealised loss on futures (see notes)<br />
38,332.61<br />
60,351.48<br />
98,684.09<br />
NET ASSETS 6,825,715.48<br />
CLASS A<br />
Net asset value per share<br />
Shares outstanding<br />
1,158.77<br />
5,890.487<br />
The notes are an integral part of these financial statements<br />
23
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA EUROPEAN EQUITY<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in EUR)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 8,058,310.55<br />
INCOME<br />
Income from investments:<br />
- Divi<strong>de</strong>nds, net 123,215.50<br />
123,215.50<br />
EXPENSES<br />
Bank interest, net 1,417.98<br />
Fees:<br />
- Global fee (see notes) 69,262.98<br />
- Custodian and Administration fees 9,406.62<br />
Other expenses:<br />
- Annual tax (see notes) 1,778.29<br />
- Audit and legal fees 610.82<br />
- Printing and publishing fees 185.59<br />
- Administrative and other expenses 5,451.44<br />
88,113.72<br />
NET OPERATING RESULT 35,101.78<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) 11,683.77<br />
- Foreign exchange 82,259.75<br />
NET REALISED RESULT 129,045.30<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments (330,327.76)<br />
- Futures (82,706.35)<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
(283,988.81)<br />
MOVEMENTS IN CAPITAL<br />
Subscriptions of shares 60,413.07<br />
Re<strong>de</strong>mptions of shares (1,009,019.33)<br />
(948,606.26)<br />
NET ASSETS AT THE END OF THE PERIOD 6,825,715.48<br />
The notes are an integral part of these financial statements<br />
24
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA EUROPEAN EQUITY<br />
STATISTICAL INFORMATION<br />
Period from January 1, 2010 to June 30, 2010<br />
SHARES<br />
Class A<br />
Shares outstanding at the beginning of the period 6,671.923<br />
Subscriptions of shares 51.000<br />
Re<strong>de</strong>mptions of shares (832.436)<br />
Shares outstanding at the end of the period 5,890.487<br />
NET ASSET VALUE PER SHARE<br />
EUR<br />
Highest 1,282.94<br />
04.16.10<br />
Lowest 1,104.83<br />
05.26.10<br />
At the end of the period 1,158.77<br />
25
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA EUROPEAN EQUITY<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
Class A<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
2.27%<br />
-<br />
PTR (Portfolio Turnover Rate) 153.00%<br />
26
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA EUROPEAN EQUITY<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
12.31.07 Class A 10,458.895 18,136,213.09 EUR<br />
1,734.05<br />
12.31.08 Class A<br />
8,191.935 8,351,863.06 EUR<br />
1,019.52<br />
12.31.09 Class A<br />
6,671.923 8,058,310.55 EUR<br />
1,207.79<br />
06.30.10 Class A<br />
5,890.487 6,825,715.48 EUR<br />
1,158.77<br />
27
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA EUROPEAN EQUITY<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
EQUITIES<br />
FRANCE<br />
46,189 ALCATEL LUCENT SA EUR 114,715.16 2.122 98,013.06 1.44<br />
10,836 AXA SA EUR 210,837.11 12.745 138,104.82 2.02<br />
3,322 CARREFOUR SA EUR 119,634.67 32.740 108,762.28 1.59<br />
2,066 EDF ELECTRICITE DE FRANCE EUR 82,733.72 31.430 64,934.38 0.95<br />
5,823 FRANCE TELECOM SA EUR 123,723.70 14.285 83,181.56 1.22<br />
2,070 LOUIS VUITTON MOET HENESSY SA EUR 163,316.34 89.810 185,906.70 2.72<br />
3,146 SOCIETE GENERALE SA -A- EUR 157,065.04 34.300 107,907.80 1.58<br />
4,683 TOTAL SA EUR 195,034.14 36.965 173,107.10 2.54<br />
2,126 VINCI SA EUR 81,173.59 34.340 73,006.84 1.07<br />
TOTAL FRANCE<br />
1,248,233.47<br />
1,032,924.54 15.13<br />
GERMANY<br />
2,329 BAYER AG - REG SHS EUR 120,072.94 46.000 107,134.00 1.57<br />
3,795 DAIMLER AG - REG SHS EUR 130,344.18 41.920 159,086.40 2.33<br />
10,035 E.ON AG EUR 296,991.29 22.180 222,576.30 3.26<br />
2,950 SIEMENS AG - REG SHS EUR 209,979.15 74.020 218,359.00 3.20<br />
TOTAL GERMANY<br />
757,387.56<br />
707,155.70 10.36<br />
LUXEMBOURG<br />
4,162 ARCELOR MITTAL SA - NEW REG EUR 108,842.14 22.355 93,041.51 1.36<br />
TOTAL LUXEMBOURG<br />
108,842.14<br />
93,041.51 1.36<br />
NETHERLANDS<br />
2,958 HEINEKEN NV EUR 104,197.40 34.870 103,145.46 1.51<br />
20,874 ING GROEP NV - CERT OF SHS EUR 153,034.08 6.176 128,917.82 1.89<br />
13,809 KONINKLIJKE KPN NV EUR 126,254.36 10.475 144,649.28 2.12<br />
TOTAL NETHERLANDS<br />
383,485.84<br />
376,712.56 5.52<br />
SOUTH AFRICA<br />
6,337 BRITISH AMERICAN TOBACCO PLC GBP 162,387.40 21.365 166,523.89 2.44<br />
TOTAL SOUTH AFRICA<br />
162,387.40<br />
166,523.89 2.44<br />
SPAIN<br />
15,420 BANCO BILBAO VIZCAYA ARGENTARIA SA - REG<br />
SHS<br />
EUR 111,098.30 8.612 132,797.04 1.95<br />
9,354 REPSOL YPF SA EUR 153,485.56 16.665 155,884.41 2.28<br />
TOTAL SPAIN<br />
SWEDEN<br />
The notes are an integral part of these financial statements<br />
28<br />
264,583.86<br />
288,681.45<br />
19,568 TELEFON AB ERICSSON -B- SEK 139,046.20 87.250 179,775.59 2.63<br />
TOTAL SWEDEN<br />
SWITZERLAND<br />
139,046.20<br />
179,775.59<br />
4,232 CREDIT SUISSE GROUP - REG SHS CHF 136,617.61 40.920 130,924.14 1.92<br />
9,239 NESTLE SA - REG SHS (CHF) CHF 223,139.08 52.200 364,614.49 5.35<br />
4,177 NOVARTIS AG - REG SHS CHF 149,309.78 52.600 166,107.28 2.43<br />
1,111 ROCHE HOLDING AG -BJ- CHF 143,752.03 149.100 125,236.28 1.83<br />
4.23<br />
2.63
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA EUROPEAN EQUITY<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
13,255 UBS AG - REG SHS CHF 201,357.37 14.460 144,906.04 2.12<br />
14,471 XSTRATA PLC GBP 174,961.49 8.868 157,838.94 2.31<br />
TOTAL SWITZERLAND<br />
UNITED KINGDOM<br />
1,029,137.36<br />
1,089,627.17<br />
16,618 ROYAL DUTCH SHELL PLC -A- EUR 441,518.38 20.750 344,823.50 5.06<br />
2,716 ANGLO AMERICAN PLC GBP 76,468.97 23.505 78,519.94 1.15<br />
32,855 BAE SYSTEMS PLC GBP 122,129.15 3.135 126,686.10 1.86<br />
49,595 BARCLAYS PLC GBP 176,270.82 2.706 165,034.73 2.42<br />
22,191 BP PLC GBP 170,470.56 3.189 87,040.49 1.28<br />
78,654 BT GROUP PLC GBP 131,012.29 1.301 125,860.09 1.84<br />
12,150 GLAXOSMITHKLINE PLC GBP 170,679.38 11.430 170,809.66 2.50<br />
39,863 HSBC HOLDINGS PLC GBP 310,056.62 6.152 301,631.19 4.42<br />
5,324 IMPERIAL TOBACCO GROUP PLC GBP 104,204.73 18.790 123,042.39 1.80<br />
143,591 VODAFONE GROUP PLC GBP 280,403.42 1.392 245,753.87 3.60<br />
TOTAL UNITED KINGDOM<br />
1,983,214.32<br />
1,769,201.96<br />
TOTAL EQUITIES 6,076,318.15<br />
5,703,644.37 83.56<br />
15.96<br />
25.93<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
6,076,318.15<br />
5,703,644.37<br />
83.56<br />
TOTAL INVESTMENTS IN SECURITIES 6,076,318.15<br />
5,703,644.37 83.56<br />
Cash/(bank overdraft) 1,220,525.50 17.88<br />
Other assets and liabilities (98,454.39) (1.44)<br />
TOTAL NET ASSETS 6,825,715.48 100.00<br />
The notes are an integral part of these financial statements<br />
29
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA EUROPEAN EQUITY<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
United Kingdom 25.93<br />
Switzerland 15.96<br />
France 15.13<br />
Germany 10.36<br />
Netherlands 5.52<br />
Spain 4.23<br />
Swe<strong>de</strong>n 2.63<br />
South Africa 2.44<br />
Luxembourg 1.36<br />
TOTAL INVESTMENTS IN SECURITIES<br />
83.56<br />
Other assets and liabilities 16.44<br />
NET ASSETS 100.00<br />
30
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA EUROPEAN EQUITY<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Banks and other credit institutions 16.30<br />
Oil 11.16<br />
Data transmission 9.25<br />
Electrotechnical and electronic industry 6.80<br />
Pharmaceutical and cosmetics industry 6.76<br />
Tobacco and alcohol 5.75<br />
Foodstuffs and non-alcoholic drinks 5.35<br />
Energy and public utilities 4.21<br />
Mining industry 3.67<br />
Textiles and clothing industry 2.72<br />
Road vehicles 2.33<br />
Insurance 2.02<br />
Aeronautical and astronomical industry 1.86<br />
Retail tra<strong>de</strong> 1.59<br />
Chemicals 1.57<br />
Non-ferrous metals 1.15<br />
Building and building materials 1.07<br />
TOTAL INVESTMENTS IN SECURITIES<br />
83.56<br />
Other assets and liabilities 16.44<br />
NET ASSETS 100.00<br />
31
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM EQUITY<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in USD)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 4,763,567.87<br />
- Net unrealised result 358,827.93<br />
5,122,395.80<br />
Cash:<br />
- Cash at sight (see notes) 268,443.21<br />
Other assets:<br />
- Divi<strong>de</strong>nd receivable 4,099.70<br />
- Prepaid expenses 149.64<br />
5,395,088.35<br />
LIABILITIES<br />
Other liabilities:<br />
- Taxes and expenses payable 31,692.58<br />
31,692.58<br />
NET ASSETS 5,363,395.77<br />
CLASS A<br />
Net asset value per share<br />
Shares outstanding<br />
2,556.63<br />
2,097.837<br />
The notes are an integral part of these financial statements<br />
32
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM EQUITY<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in USD)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 6,231,244.93<br />
INCOME<br />
Income from investments:<br />
- Divi<strong>de</strong>nds, net 68,982.07<br />
68,982.07<br />
EXPENSES<br />
Bank interest, net 173.14<br />
Fees:<br />
- Global fee (see notes) 54,498.80<br />
- Custodian and Administration fees 7,402.72<br />
Other expenses:<br />
- Annual tax (see notes) 1,373.42<br />
- Audit and legal fees 830.64<br />
- Printing and publishing fees 135.55<br />
- Administrative and other expenses 26,348.21<br />
90,762.48<br />
NET OPERATING RESULT (21,780.41)<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) 367,161.10<br />
- Foreign exchange 15,666.24<br />
NET REALISED RESULT 361,046.93<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments (1,171,266.04)<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
(810,219.11)<br />
MOVEMENTS IN CAPITAL<br />
Re<strong>de</strong>mptions of shares (57,630.05)<br />
(57,630.05)<br />
NET ASSETS AT THE END OF THE PERIOD 5,363,395.77<br />
The notes are an integral part of these financial statements<br />
33
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM EQUITY<br />
STATISTICAL INFORMATION<br />
Period from January 1, 2010 to June 30, 2010<br />
SHARES<br />
Class A<br />
Shares outstanding at the beginning of the period 2,118.834<br />
Subscriptions of shares 0.000<br />
Re<strong>de</strong>mptions of shares (20.997)<br />
Shares outstanding at the end of the period 2,097.837<br />
NET ASSET VALUE PER SHARE<br />
USD<br />
Highest 3,045.57<br />
01.11.10<br />
Lowest 2,428.39<br />
05.21.10<br />
At the end of the period 2,556.63<br />
34
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM EQUITY<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
Class A<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
2.34%<br />
-<br />
PTR (Portfolio Turnover Rate) 406.00%<br />
35
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM EQUITY<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
12.31.07 Class A 3,088.385 10,654,963.48 USD<br />
3,450.01<br />
12.31.08 Class A<br />
2,277.035 3,476,612.02 USD<br />
1,526.82<br />
12.31.09 Class A<br />
2,118.834 6,231,244.93 USD<br />
2,940.88<br />
06.30.10 Class A<br />
2,097.837 5,363,395.77 USD<br />
2,556.63<br />
36
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM EQUITY<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in USD)<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
EQUITIES<br />
ARGENTINA<br />
29 TENARIS SA / ADR USD 781.19 34.610 1,003.69 0.02<br />
TOTAL ARGENTINA<br />
781.19<br />
1,003.69 0.02<br />
BERMUDA<br />
334 CREDICORP LTD USD 18,821.41 90.890 30,357.26 0.57<br />
TOTAL BERMUDA<br />
18,821.41<br />
30,357.26 0.57<br />
BRAZIL<br />
3,500 ALL AMERICA LATINA LOGISTICA SA UNITS - CONS<br />
OF 4 PFD + 1 SHS<br />
BRL 30,755.75 14.200 27,447.95 0.51<br />
26 BANCO DO BRASIL SA BRL 404.40 24.650 353.95 0.01<br />
11,565 BM&F BOVESPA SA BOLSA DE VALORES<br />
BRL 57,806.01 11.600 74,089.59 1.38<br />
MERCADORIAS E FUTUROS<br />
7,575 BRADESPAR SA - PREF SHS BRL 117,072.81 32.790 137,175.83 2.56<br />
744 BRASIL FOODS SA - BRF BRL 8,060.16 23.700 9,738.11 0.18<br />
1,300 CIA DE CONCESSOES RODOVIARIAS BRL 20,431.65 37.380 26,837.14 0.50<br />
121 COMPANHIA BRASILEIRA DE DISTRIBUICAO BRL 2,457.18 62.980 4,208.64 0.08<br />
2,500 CYRELA BRAZIL REALTY SA EMPREENDIMENTOS E BRL 29,739.98 19.510 26,937.10 0.50<br />
PARTCIPACOES<br />
3,000 FERTILIZANTES FOSFATADOS SA FOSFERTIL - PREF BRL 30,596.11 13.500 22,367.04 0.42<br />
SHS<br />
11,237 ITAU UNIBANCO HOLDING SA BRL 141,638.64 32.500 201,691.35 3.76<br />
51 ITAUSA INVESTIMENTOS ITAU SA PREF SHS BRL 229.44 10.710 301.66 0.01<br />
3,100 LOJAS AMERICANAS SA PREF SHS BRL 25,370.29 13.080 22,393.55 0.42<br />
1,118 LOJAS RENNER SA BRL 17,347.66 49.000 30,254.60 0.56<br />
1,900 MARFRIG ALIMENTOS SA BRL 22,612.57 16.880 17,712.49 0.33<br />
9,018 MRV ENGENHARIA PARTICIPACOES SA BRL 59,739.80 12.710 63,300.82 1.18<br />
1,435 NATURA COSMETICOS SA BRL 18,844.39 40.000 31,700.45 0.59<br />
1,761 NET SERVICOS DE COMMUNICACAO SA BRL 18,285.52 17.000 16,533.39 0.31<br />
16,877 OGX PETROLEO E GAS PARTICIPACOES SA BRL 108,662.99 16.720 155,842.20 2.91<br />
4,513 PDG REALTY SA EMPREEDIMENTOS E<br />
BRL 41,289.91 15.240 37,984.27 0.71<br />
PARTICIPACOES<br />
35 SUZANO PAPEL E CELULOSE SA -A- PREF SHS BRL 282.61 15.210 294.00 0.01<br />
6,269 USINAS SIDERURGICAS DE MINAS GERAIS SA - PREF BRL 170,225.37 48.110 166,566.31 3.11<br />
SHS -A-<br />
16,346 BANCO BRADESCO SA - ADR USD 230,041.60 15.860 259,247.56 4.82<br />
4,679 BANCO SANTANDER (BRASIL) SA / ADR USD 61,627.23 10.330 48,334.07 0.90<br />
5,144 BRF FOOD SA - 1 ADR REPR. 2 SHS USD 60,294.72 13.260 68,209.44 1.27<br />
320 CENTRAIS ELETRICAS BRASILEIRAS SA / ADR USD 4,702.23 13.360 4,275.20 0.08<br />
1,825 CENTRAIS ELETRICAS BRASILEIRAS SA / ADR USD 24,936.60 15.830 28,889.75 0.54<br />
1,398 CIA DE BEBIDAS DAS AMERICAS - PREF SHS ADR USD 99,519.97 101.010 141,211.98 2.63<br />
4,412 CIA ENERGETICA DE MINAS GERAIS - ADR USD 61,372.24 14.670 64,724.04 1.21<br />
9,925 CIA VALE DO RIO DOCE-A/ADR USD 178,884.31 21.020 208,623.50 3.89<br />
300 COMPANHIA BRASILEIRA DISTRIBUICAO PAO USD 21,748.55 69.520 20,856.00 0.39<br />
ACUCAR - ADR REPR.2 PREF REG-S<br />
39 COMPANHIA PARANAENSE DE ENERGIA / ADR -B- USD 650.18 20.650 805.35 0.02<br />
7,042 COMPANHIA SIDERURGICA NACIONAL ADR USD 71,937.40 14.690 103,446.98 1.93<br />
1,252 FIBRIA CELULOSE SA / ADR USD 21,841.39 14.800 18,529.60 0.35<br />
9,971 GERDAU SA - ADR USD 114,973.96 13.180 131,417.78 2.45<br />
15,053 ITAU UNIBANCO HOLDING SA / ADR USD 266,105.97 18.010 271,104.53 5.04<br />
7,158 PETROLEO BRASILEIRO SA / ADR USD 306,082.68 34.320 245,662.56 4.58<br />
The notes are an integral part of these financial statements<br />
37
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM EQUITY<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
3,819 PETROLEO BRASILEIRO SA / ADR USD 108,507.23 29.800 113,806.20 2.12<br />
52 TELE NORTE LESTE PARTICIPACAOES SA PREF SHS / USD 960.94 14.960 777.92 0.01<br />
ADR<br />
9,933 VALE SA / ADR USD 221,059.16 24.350 241,868.55 4.51<br />
5,024 VIVO PARTICIPACOES SA / ADR USD 135,229.59 25.920 130,222.08 2.43<br />
TOTAL BRAZIL<br />
CHILE<br />
2,912,329.19<br />
3,175,743.53<br />
81,400 AES GENER SA CLP 34,401.60 239.260 35,718.89 0.67<br />
930 BANCO DE CREDITO E INVERSIONES SA CLP 35,465.47 22,363.000 38,143.14 0.71<br />
9,005 CENCOSUD SA CLP 40,245.78 2,462.700 40,672.30 0.76<br />
1,205 COMPANIA DE ACEROS DEL PACIFICO CLP 37,217.92 16,885.000 37,315.70 0.70<br />
5,568 FALABELLA SOCIEDAD ANOMINA COMERCIAL E CLP 35,986.63 3,534.900 36,097.72 0.67<br />
INDUTSTRIAL<br />
820 CIA CERVECERIAS UNIDAS SA / ADR USD 30,282.78 43.090 35,333.80 0.66<br />
1,978 LAN AIRLINES SA / ADR USD 34,619.81 18.510 36,612.78 0.68<br />
TOTAL CHILE<br />
COLOMBIA<br />
248,219.99<br />
259,894.33<br />
1,141 BANCOLOMBIA SA / ADR USD 43,617.59 50.130 57,198.33 1.07<br />
675 ECOPETROL SA / ADR USD 14,041.15 28.670 19,352.25 0.36<br />
TOTAL COLOMBIA<br />
ITALY<br />
57,658.74<br />
76,550.58<br />
938 ENERSIS SA / ADR USD 17,844.92 19.910 18,675.58 0.35<br />
TOTAL ITALY<br />
LUXEMBOURG<br />
17,844.92<br />
18,675.58<br />
11 TERNIUM SA / ADR USD 259.57 32.920 362.12 0.01<br />
TOTAL LUXEMBOURG<br />
MEXICO<br />
9,424 ALFA SAB DE CV -A- MXN 74,479.92 96.780 71,018.48 1.32<br />
10 ALSEA SAB DE CV MXN 8.13 12.100 9.42 0.00<br />
137,796 AMERICA MOVIL SAB DE CV -L- MXN 280,805.78 30.790 330,367.10 6.16<br />
46,000 CONTROLADORA COMERCIAL MEXICANA SAB DE MXN 41,615.91 11.540 41,334.64 0.77<br />
CV - UNITS 1SH -C- + 3SHS -B-<br />
100 EMBOTELLADORAS ARCA SA MXN 329.20 44.100 343.39 0.01<br />
27,842 EMPRESAS ICA SAB DE CV MXN 64,959.03 30.390 65,884.25 1.23<br />
19,673 GENOMMA LAB INTERNACIONAL SAB DE CV MXN 69,492.84 42.950 65,793.69 1.23<br />
21,280 GRUPO AEROPORTUARIO DEL PACIFICO SAB DE CV MXN 78,034.11 37.550 62,220.29 1.16<br />
1 GRUPO ELEKTRA SA DE CV MXN 42.18 518.520 40.38 0.00<br />
11,400 GRUPO SIMEC SAB DE CV -B- MXN 27,459.69 30.390 26,976.53 0.50<br />
100 INDUSTRIAS CH SAB DE CV -B- MXN 321.99 43.690 340.20 0.01<br />
3,000 INDUSTRIAS PENOLES SAB DE CV MXN 54,913.79 252.140 58,899.76 1.10<br />
33,524 MEXICHEM SAB DE CV MXN 93,450.31 33.550 87,578.77 1.63<br />
15,220 CEMEX SAB DE CV / ADR USD 161,661.26 9.670 147,177.40 2.74<br />
3 DESARROLLADORA HOMEX SAB DE CV USD 91.34 25.240 75.72 0.00<br />
340 EMPRESAS ICA SAB DE CV ADR REPR. 12 SHS USD 2,062.73 9.380 3,189.20 0.06<br />
41 TELEFONOS DE MEXICO SAB DE CV / ADR USD 730.48 14.110 578.51 0.01<br />
TOTAL MEXICO<br />
PERU<br />
259.57<br />
950,458.69<br />
362.12<br />
961,827.73<br />
1,844 COMPANIA DE MINAS BUENAVENTURA SA / ADR USD 56,364.25 38.440 70,883.36 1.32<br />
150 INTERGROUP FINANCIAL SERVICES CORP USD 3,227.83 20.730 3,109.50 0.06<br />
TOTAL PERU<br />
UNITED STATES OF AMERICA<br />
59,592.08<br />
73,992.86<br />
2,981 REDECARD SA BRL 39,028.31 25.500 41,981.28 0.78<br />
29,814 WAL-MART DE MEXICO SAB DE CV -V- MXN 53,104.20 28.640 66,488.07 1.24<br />
2,595 SOUTHERN COPPER CORP USD 73,019.99 26.540 68,871.30 1.28<br />
59.21<br />
4.85<br />
1.43<br />
0.35<br />
0.01<br />
17.93<br />
1.38<br />
The notes are an integral part of these financial statements<br />
38
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM EQUITY<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
710 ULTRAPAR PARTICIPACOES SA /ADR - REPR.1 PREF<br />
SH<br />
TOTAL UNITED STATES OF AMERICA<br />
USD 14,637.92 47.290 33,575.90 0.63<br />
179,790.42<br />
210,916.55<br />
3.93<br />
TOTAL EQUITIES 4,445,756.20<br />
4,809,324.23 89.68<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
4,445,756.20<br />
4,809,324.23<br />
89.68<br />
OTHER TRANSFERABLE SECURITIES<br />
EQUITIES<br />
BRAZIL<br />
5,500 CIELO SA BRL 44,817.69 15.200 46,169.99 0.86<br />
20 COMPANHIA BRASILEIRA DE DISTRIBUICAO -B- BRL 446.03 62.980 695.65 0.01<br />
TOTAL BRAZIL<br />
45,263.72<br />
46,865.64<br />
TOTAL EQUITIES 45,263.72<br />
46,865.64 0.87<br />
TOTAL OTHER TRANSFERABLE SECURITIES 45,263.72<br />
46,865.64 0.87<br />
INVESTMENT FUNDS<br />
OPEN-ENDED INVESTMENT FUNDS<br />
BRAZIL<br />
1,666 ISHARES MSCI BRAZIL FREE INDEX USD 107,111.89 61.960 103,225.36 1.92<br />
663 MARKET VECTORS ETF TRUST BRAZIL SMALL-CAP USD 25,945.21 43.620 28,920.06 0.54<br />
TOTAL BRAZIL<br />
133,057.10<br />
132,145.42<br />
0.87<br />
2.46<br />
CHILE<br />
499 ISHARES INC MSCI CHILE INVESTABLE MARKET<br />
INDEX<br />
TOTAL CHILE<br />
LATIN AMERICA<br />
10 ISHARES TRUST S&P LATIN AMERICA 40 INDEX<br />
FUND<br />
TOTAL LATIN AMERICA<br />
MEXICO<br />
2,200 ISHARES INC MSCI MEXICO INVESTABLE MARKET<br />
INDEX FUND<br />
TOTAL MEXICO<br />
USD 29,741.58 56.690 28,288.31 0.53<br />
29,741.58<br />
28,288.31<br />
0.53<br />
USD 453.24 41.420 414.20 0.01<br />
453.24<br />
414.20<br />
0.01<br />
USD 109,296.03 47.890 105,358.00 1.96<br />
109,296.03<br />
105,358.00<br />
1.96<br />
TOTAL OPEN-ENDED INVESTMENT FUNDS 272,547.95<br />
266,205.93 4.96<br />
TOTAL INVESTMENT FUNDS 272,547.95<br />
266,205.93 4.96<br />
TOTAL INVESTMENTS IN SECURITIES 4,763,567.87<br />
5,122,395.80 95.51<br />
Cash/(bank overdraft) 268,443.21 5.01<br />
Other assets and liabilities (27,443.24) (0.52)<br />
TOTAL NET ASSETS 5,363,395.77 100.00<br />
The notes are an integral part of these financial statements<br />
39
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM EQUITY<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
Brazil 62.54<br />
Mexico 19.89<br />
Chile 5.38<br />
United States of America 3.93<br />
Colombia 1.43<br />
Peru 1.38<br />
Bermuda 0.57<br />
Italy 0.35<br />
Argentina 0.02<br />
Luxembourg 0.01<br />
Latin America 0.01<br />
TOTAL INVESTMENTS IN SECURITIES<br />
95.51<br />
Other assets and liabilities 4.49<br />
NET ASSETS 100.00<br />
40
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM EQUITY<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Holding and finance companies 15.76<br />
Mining industry 13.21<br />
Banks and other credit institutions 9.30<br />
Data transmission 8.92<br />
Oil 6.70<br />
Non-ferrous metals 6.38<br />
Building and building materials 5.21<br />
Investment funds 4.96<br />
Miscellaneous services 4.83<br />
Retail tra<strong>de</strong> 4.14<br />
Tobacco and alcohol 3.29<br />
Other 2.67<br />
Precious stones and metals 2.42<br />
Transportation 1.69<br />
Energy and public utilities 1.66<br />
Agriculture and fishing 1.45<br />
Real estate companies 1.21<br />
Pharmaceutical and cosmetics industry 0.59<br />
Chemicals 0.42<br />
Paper and timber 0.36<br />
Foodstuffs and non-alcoholic drinks 0.33<br />
Packaging industries 0.01<br />
TOTAL INVESTMENTS IN SECURITIES<br />
95.51<br />
Other assets and liabilities 4.49<br />
NET ASSETS 100.00<br />
41
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM FIXED INCOME<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in USD)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 5,795,588.96<br />
- Net unrealised result 54,447.56<br />
5,850,036.52<br />
Cash:<br />
- Cash at sight (see notes) 533,951.14<br />
Other assets:<br />
- Interest receivable 198,781.97<br />
- Divi<strong>de</strong>nd receivable 7,312.50<br />
- Prepaid expenses 239.16<br />
6,590,321.29<br />
LIABILITIES<br />
Bank overdraft:<br />
- Cash at sight 3.80<br />
Other liabilities:<br />
- Taxes and expenses payable 29,830.11<br />
29,833.91<br />
NET ASSETS 6,560,487.38<br />
CLASS A<br />
Net asset value per share<br />
Shares outstanding<br />
CLASS I<br />
Net asset value per share<br />
Shares outstanding<br />
72.88<br />
70,731.911<br />
103.90<br />
13,530.000<br />
The notes are an integral part of these financial statements<br />
42
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM FIXED INCOME<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in USD)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 7,208,512.50<br />
INCOME<br />
Income from investments:<br />
- Divi<strong>de</strong>nds, net 30,971.87<br />
- Bond interest, net (see notes) 267,392.17<br />
298,364.04<br />
EXPENSES<br />
Bank interest, net 253.62<br />
Fees:<br />
- Global fee (see notes) 51,146.48<br />
- Custodian and Administration fees 8,607.96<br />
Other expenses:<br />
- Annual tax 1,285.20<br />
- Audit and legal fees 1,123.95<br />
- Printing and publishing fees 223.07<br />
- Administrative and other expenses 7,100.25<br />
69,740.53<br />
NET OPERATING RESULT 228,623.51<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) (229,355.17)<br />
- Foreign exchange (34,644.71)<br />
NET REALISED RESULT (35,376.37)<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments 314,546.79<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
279,170.42<br />
MOVEMENTS IN CAPITAL<br />
Subscriptions of shares 21,801.47<br />
Re<strong>de</strong>mptions of shares (948,997.01)<br />
(927,195.54)<br />
NET ASSETS AT THE END OF THE PERIOD 6,560,487.38<br />
The notes are an integral part of these financial statements<br />
43
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM FIXED INCOME<br />
STATISTICAL INFORMATION<br />
Period from January 1, 2010 to June 30, 2010<br />
SHARES<br />
Class A<br />
Shares outstanding at the beginning of the period 83,515.262<br />
Subscriptions of shares 300.244<br />
Re<strong>de</strong>mptions of shares (13,083.595)<br />
Shares outstanding at the end of the period 70,731.911<br />
Class I<br />
13,530.000<br />
0.000<br />
(0.000)<br />
13,530.000<br />
NET ASSET VALUE PER SHARE<br />
USD<br />
Highest 74.82<br />
04.15.10<br />
Lowest 69.10<br />
02.08.10<br />
At the end of the period 72.88<br />
USD<br />
106.42<br />
06.21.10<br />
98.01<br />
02.08.10<br />
103.90<br />
44
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM FIXED INCOME<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
TER including the performance-related fee:<br />
Class A<br />
2.40%<br />
Class I<br />
1.11%<br />
Performance-related fee as a percentage of the average net assets:<br />
-<br />
-<br />
PTR (Portfolio Turnover Rate) 145.00%<br />
45
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM FIXED INCOME<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
12.31.07 Class A 195,843.787 14,591,702.48 USD<br />
74.51<br />
Class I<br />
30,850.000 3,173,471.77 USD<br />
102.87<br />
12.31.08 Class A<br />
143,000.616 8,117,603.34 USD<br />
56.77<br />
Class I<br />
30,850.000 2,448,758.71 USD<br />
79.38<br />
12.31.09 Class A<br />
83,515.262 5,863,101.38 USD<br />
70.20<br />
Class I<br />
13,530.000 1,345,411.12 USD<br />
99.44<br />
06.30.10 Class A<br />
70,731.911 5,154,786.92 USD<br />
72.88<br />
Class I<br />
13,530.000 1,405,700.46 USD<br />
103.90<br />
* first valuation<br />
46
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM FIXED INCOME<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in USD)<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
BONDS<br />
BELGIUM<br />
600,000 AMBEV INTERNATIONAL FINANCE CO LTD BRL 309,154.52 96.738 320,552.85 4.89<br />
9.5% 03.27.09 - 07.24.17<br />
TOTAL BELGIUM<br />
309,154.52<br />
320,552.85 4.89<br />
BRAZIL<br />
1,100 BRAZIL - NOTAS DO TESOURO NACIONAL SERIE F BRL 623,676.04 954.513 579,866.57 8.84<br />
10% 07.06.07 - 01.01.13<br />
TOTAL BRAZIL<br />
623,676.04<br />
579,866.57 8.84<br />
CHILE<br />
200,000 EMPRESA NACIONAL DEL PETROLEO SA REG-S USD 208,650.19 106.000 212,000.00 3.23<br />
6.25% 07.08.09 - 07.08.19<br />
TOTAL CHILE<br />
208,650.19<br />
212,000.00 3.23<br />
COLOMBIA<br />
550,000,000 COLOMBIA COP 323,337.54 129.250 370,278.72 5.64<br />
9.85% 06.28.07 - 06.28.27<br />
500,000,000 COLOMBIA COP 278,923.29 128.863 335,609.12 5.12<br />
12% 02.24.05 - 10.22.15<br />
TOTAL COLOMBIA<br />
602,260.83<br />
705,887.84 10.76<br />
MEXICO<br />
5,500,000 AMERICA MOVIL SAB DE CV MXN 526,447.58 103.995 445,374.79 6.78<br />
9% 10.05.05 - 01.15.16<br />
300,000 TELEFONOS DE MEXICO SAB DE CV MXN 28,107.37 103.258 24,121.08 0.37<br />
8.75% 01.31.06 - 01.31.16<br />
100,000 UNITED MEXICAN STATES - MI10 MXN 824,878.99 107.223 834,907.65 12.72<br />
8% 12.31.03 - 12.19.13<br />
40,000 UNITED MEXICAN STATES BONOS DE DESARROLLO MXN 317,504.02 108.171 336,915.76 5.14<br />
8% 02.23.10 - 06.11.20<br />
TOTAL MEXICO<br />
1,696,937.96<br />
1,641,319.28 25.01<br />
PERU<br />
837,000 REPUBLIC OF PERU SERIE 7 PEN 352,446.59 116.252 344,557.20 5.25<br />
8.6% 07.08.05 - 08.12.17<br />
TOTAL PERU<br />
352,446.59<br />
344,557.20 5.25<br />
SPAIN<br />
30,000 TELEFONICA FINANZAS MEXICO FRN SERIES 05 MXN 213,993.15 100.067 233,755.34 3.56<br />
5.26% 09.30.05 - 09.24.10<br />
TOTAL SPAIN<br />
213,993.15<br />
233,755.34 3.56<br />
SUPRANATIONAL ORGANISATIONS<br />
1,150,000 EIB EUROPEAN INVESTMENT BANK EMTN BRL 485,326.24 99.623 632,717.90 9.65<br />
9.25% 10.16.07 - 10.16.12<br />
The notes are an integral part of these financial statements<br />
47
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM FIXED INCOME<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
500,000 IFC INTERNATIONAL FINANCE CORP BRL 265,293.58 100.350 277,102.80 4.22<br />
9.25% 09.16.09 - 09.16.13<br />
TOTAL SUPRANATIONAL ORGANISATIONS<br />
UNITED STATES OF AMERICA<br />
750,619.82<br />
909,820.70<br />
565,000 ELETROPAULO ELECTRICIDADE METROPOLITANA BRL 341,406.55 100.000 312,034.05 4.76<br />
DE SAO PAULO - REG-S<br />
19.125% 06.28.05 - 06.28.10<br />
1,000,000 BMW US CAPITAL LLC EMTN MXN 77,900.97 101.974 79,403.61 1.21<br />
7.75% 06.08.07 - 06.08.11<br />
TOTAL UNITED STATES OF AMERICA<br />
419,307.52<br />
391,437.66<br />
TOTAL BONDS 5,177,046.62<br />
5,339,197.44 81.38<br />
13.87<br />
5.97<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
5,177,046.62<br />
5,339,197.44<br />
81.38<br />
OTHER TRANSFERABLE SECURITIES<br />
BONDS<br />
MEXICO<br />
65,000 PETROLEOS MEXICANOS PEMEX -B1- CERT<br />
BURSATILES DE CORTO PLAZO<br />
8.38% 12.01.09 - 10.14.10<br />
TOTAL MEXICO<br />
MXN 618,542.34 100.930 510,839.08 7.79<br />
618,542.34<br />
510,839.08<br />
7.79<br />
TOTAL BONDS 618,542.34<br />
510,839.08 7.79<br />
TOTAL OTHER TRANSFERABLE SECURITIES 618,542.34<br />
510,839.08 7.79<br />
TOTAL INVESTMENTS IN SECURITIES 5,795,588.96<br />
5,850,036.52 89.17<br />
Cash/(bank overdraft) 533,947.34 8.14<br />
Other assets and liabilities 176,503.52 2.69<br />
TOTAL NET ASSETS 6,560,487.38 100.00<br />
The notes are an integral part of these financial statements<br />
48
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM FIXED INCOME<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
Mexico 32.80<br />
Supranational Organisations 13.87<br />
Colombia 10.76<br />
Brazil 8.84<br />
United States of America 5.97<br />
Peru 5.25<br />
Belgium 4.89<br />
Spain 3.56<br />
Chile 3.23<br />
TOTAL INVESTMENTS IN SECURITIES<br />
89.17<br />
Other assets and liabilities 10.83<br />
NET ASSETS 100.00<br />
49
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM FIXED INCOME<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Bonds of governments and towns 42.71<br />
Oil 11.02<br />
Data transmission 10.71<br />
European organisations 9.65<br />
Other 4.89<br />
Energy and public utilities 4.76<br />
Supranational organisations 4.22<br />
Holding and finance companies 1.21<br />
TOTAL INVESTMENTS IN SECURITIES<br />
89.17<br />
Other assets and liabilities 10.83<br />
NET ASSETS 100.00<br />
50
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS EUROPEAN ABSOLUTE<br />
RETURN<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 34,660,416.74<br />
- Net unrealised result (400,942.60)<br />
34,259,474.14<br />
Cash:<br />
- Cash at sight (see notes) 247,124,858.99<br />
- Margin accounts 26,304,687.96<br />
Other assets:<br />
- Unrealised gain on futures (see notes) 593,860.38<br />
- Unrealised gain on swaps contracts (see notes) 1,726,187.59<br />
- Prepaid expenses 5,037.90<br />
310,014,106.96<br />
LIABILITIES<br />
Bank overdraft:<br />
- Cash at sight 9,496,762.63<br />
Other liabilities:<br />
- Taxes and expenses payable<br />
- Unrealised loss on futures (see notes)<br />
1,412,608.30<br />
204,560.00<br />
- Unrealised loss on swaps contracts (see notes) 3,626,864.53<br />
14,740,795.46<br />
NET ASSETS 295,273,311.50<br />
CLASS A<br />
Net asset value per share<br />
Shares outstanding<br />
128.63<br />
2,295,502.025<br />
The notes are an integral part of these financial statements<br />
51
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS EUROPEAN ABSOLUTE<br />
RETURN<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in EUR)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 263,957,005.72<br />
INCOME<br />
Income from investments:<br />
- Divi<strong>de</strong>nds, net 226,353.33<br />
- Bond interest, net (see notes) 299,537.15<br />
525,890.48<br />
EXPENSES<br />
Bank interest, net 137,014.68<br />
Fees:<br />
- Global fee (see notes) 2,390,376.73<br />
- Performance fee (see notes) 11,303.00<br />
- Custodian and Administration fees 255,554.45<br />
Other expenses:<br />
- Annual tax (see notes) 79,536.17<br />
- Audit and legal fees 19,982.31<br />
- Printing and publishing fees 6,205.21<br />
- Administrative and other expenses 157,244.19<br />
3,057,216.74<br />
NET OPERATING RESULT (2,531,326.26)<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) (2,929,053.39)<br />
- Foreign exchange 447,455.98<br />
- Swaps 5,784,277.19<br />
NET REALISED RESULT 771,353.52<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments (2,242,724.23)<br />
- Futures 62,956.35<br />
- Swaps (1,745,868.27)<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
(3,154,282.63)<br />
MOVEMENTS IN CAPITAL<br />
Subscriptions of shares 139,633,693.52<br />
Re<strong>de</strong>mptions of shares (105,163,105.11)<br />
34,470,588.41<br />
NET ASSETS AT THE END OF THE PERIOD 295,273,311.50<br />
The notes are an integral part of these financial statements<br />
52
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS EUROPEAN ABSOLUTE<br />
RETURN<br />
STATISTICAL INFORMATION<br />
Period from January 1, 2010 to June 30, 2010<br />
SHARES<br />
Class A<br />
Shares outstanding at the beginning of the period 2,034,950.669<br />
Subscriptions of shares 1,074,520.221<br />
Re<strong>de</strong>mptions of shares (813,968.865)<br />
Shares outstanding at the end of the period 2,295,502.025<br />
NET ASSET VALUE PER SHARE<br />
EUR<br />
Highest 131.05<br />
01.15.10<br />
Lowest 128.46<br />
04.30.10<br />
At the end of the period 128.63<br />
53
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS EUROPEAN ABSOLUTE<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
Class A<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
2.00%<br />
0.23%<br />
PTR (Portfolio Turnover Rate) 22.00%<br />
54
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS EUROPEAN ABSOLUTE<br />
RETURN<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
12.31.07 Class A 1,420,374.435 162,416,785.33 EUR<br />
114.35<br />
12.31.08 Class A<br />
834,669.969 100,831,682.94 EUR<br />
120.80<br />
12.31.09 Class A<br />
2,034,950.669 263,957,005.72 EUR<br />
129.71<br />
06.30.10 Class A<br />
2,295,502.025 295,273,311.50 EUR<br />
128.63<br />
55
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS EUROPEAN ABSOLUTE<br />
RETURN<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
EQUITIES<br />
FRANCE<br />
171,100 BNP PARIBAS SA EUR 7,445,495.02 44.770 7,660,147.00 2.59<br />
292,000 SOCIETE GENERALE SA -A- EUR 9,000,356.50 34.300 10,015,600.00 3.39<br />
TOTAL FRANCE<br />
16,445,851.52<br />
17,675,747.00 5.98<br />
ITALY<br />
120,000 AZIMUT HOLDING SPA EUR 1,000,728.91 6.830 819,600.00 0.28<br />
234,000 INTESA SANPAOLO SPA EUR 541,192.36 2.185 511,290.00 0.17<br />
TOTAL ITALY<br />
1,541,921.27<br />
1,330,890.00 0.45<br />
SPAIN<br />
880,800 BANCO BILBAO VIZCAYA ARGENTARIA SA - REG<br />
SHS<br />
TOTAL SPAIN<br />
EUR 8,435,736.73 8.612 7,585,449.60 2.57<br />
8,435,736.73<br />
7,585,449.60<br />
2.57<br />
UNITED STATES OF AMERICA<br />
325,400 BANK OF AMERICA CORP USD 4,221,041.48 14.370 3,825,256.28 1.30<br />
50,600 JPMORGAN CHASE & CO USD 1,608,744.10 36.610 1,515,432.04 0.51<br />
111,100 WELLS FARGO & CO USD 2,407,121.64 25.600 2,326,699.22 0.79<br />
TOTAL UNITED STATES OF AMERICA<br />
8,236,907.22<br />
7,667,387.54<br />
TOTAL EQUITIES 34,660,416.74<br />
34,259,474.14 11.60<br />
2.60<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
34,660,416.74<br />
34,259,474.14<br />
11.60<br />
TOTAL INVESTMENTS IN SECURITIES 34,660,416.74<br />
34,259,474.14 11.60<br />
Cash/(bank overdraft) 263,932,784.32 89.39<br />
Other assets and liabilities (2,918,946.96) (0.99)<br />
TOTAL NET ASSETS 295,273,311.50 100.00<br />
The notes are an integral part of these financial statements<br />
56
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS EUROPEAN ABSOLUTE<br />
RETURN<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
France 5.98<br />
United States of America 2.60<br />
Spain 2.57<br />
Italy 0.45<br />
TOTAL INVESTMENTS IN SECURITIES<br />
11.60<br />
Other assets and liabilities 88.40<br />
NET ASSETS 100.00<br />
57
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS EUROPEAN ABSOLUTE<br />
RETURN<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Banks and other credit institutions 11.32<br />
Holding and finance companies 0.28<br />
TOTAL INVESTMENTS IN SECURITIES<br />
11.60<br />
Other assets and liabilities 88.40<br />
NET ASSETS 100.00<br />
58
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM SHORT TERM<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in USD)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 7,233,524.48<br />
- Net unrealised result 93,196.17<br />
7,326,720.65<br />
Cash:<br />
- Cash at sight (see notes) 922,159.15<br />
Other assets:<br />
- Interest receivable 155,730.13<br />
- Prepaid expenses 307.04<br />
8,404,916.97<br />
LIABILITIES<br />
Other liabilities:<br />
- Taxes and expenses payable 37,181.50<br />
37,181.50<br />
NET ASSETS 8,367,735.47<br />
CLASS A<br />
Net asset value per share<br />
Shares outstanding<br />
67.61<br />
123,758.609<br />
The notes are an integral part of these financial statements<br />
59
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM SHORT TERM<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in USD)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 10,199,607.92<br />
INCOME<br />
Income from investments:<br />
- Bond interest, net (see notes) 333,556.51<br />
333,556.51<br />
EXPENSES<br />
Bank interest, net 989.14<br />
Fees:<br />
- Global fee (see notes) 64,238.28<br />
- Custodian and Administration fees 11,955.89<br />
Other expenses:<br />
- Annual tax (see notes) 2,160.06<br />
- Audit and legal fees 1,305.65<br />
- Printing and publishing fees 223.57<br />
- Administrative and other expenses 5,166.80<br />
86,039.39<br />
NET OPERATING RESULT 247,517.12<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) 26,106.17<br />
- Foreign exchange (2,949.18)<br />
NET REALISED RESULT 270,674.11<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments (7,271.35)<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
263,402.76<br />
MOVEMENTS IN CAPITAL<br />
Subscriptions of shares 18,080.00<br />
Re<strong>de</strong>mptions of shares (2,113,355.21)<br />
(2,095,275.21)<br />
NET ASSETS AT THE END OF THE PERIOD 8,367,735.47<br />
The notes are an integral part of these financial statements<br />
60
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM SHORT TERM<br />
STATISTICAL INFORMATION<br />
Period from January 1, 2010 to June 30, 2010<br />
SHARES<br />
Class A<br />
Shares outstanding at the beginning of the period 154,939.749<br />
Subscriptions of shares 270.133<br />
Re<strong>de</strong>mptions of shares (31,451.273)<br />
Shares outstanding at the end of the period 123,758.609<br />
NET ASSET VALUE PER SHARE<br />
USD<br />
Highest 67.84<br />
04.22.10<br />
Lowest 65.86<br />
02.09.10<br />
At the end of the period 67.61<br />
61
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM SHORT TERM<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
Class A<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
1.75%<br />
-<br />
PTR (Portfolio Turnover Rate) 75.00%<br />
62
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM SHORT TERM<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
12.31.07 Class A 255,027.735 15,188,217.53 USD<br />
59.56<br />
12.31.08 Class A<br />
216,331.060 12,263,742.35 USD<br />
56.69<br />
12.31.09 Class A<br />
154,939.749 10,199,607.92 USD<br />
65.83<br />
06.30.10 Class A<br />
123,758.609 8,367,735.47 USD<br />
67.61<br />
63
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM SHORT TERM<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in USD)<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
BONDS<br />
BELGIUM<br />
470,000 COMPANHIA BRASILEIRA DE BEBIDAS USD 548,250.16 112.625 529,337.50 6.33<br />
10.5% 06.15.02 - 12.15.11<br />
TOTAL BELGIUM<br />
548,250.16<br />
529,337.50 6.33<br />
BRAZIL<br />
300,000 BRASKEM SA EMTN - REG-S TRANCHE 5 USD 384,482.78 123.588 370,762.50 4.43<br />
11.75% 01.22.04 - 01.22.14<br />
135,000 FEDERATIVE REPUBLIC OF BRAZIL USD 172,603.96 127.150 171,652.50 2.05<br />
10.5% 07.14.04 - 07.14.14<br />
600,000 FEDERATIVE REPULIC OF BRAZIL USD 755,162.26 122.300 733,800.00 8.78<br />
10.25% 06.17.03 - 06.17.13<br />
20,000 PETROBRAS INTERNATIONAL FINANCE COMPANY USD 19,660.74 114.500 22,900.00 0.27<br />
LTD<br />
7.875% 02.11.09 - 03.15.19<br />
270,000 VALE OVERSEAS LTD USD 274,549.79 109.230 294,921.00 3.52<br />
6.25% 11.21.06 - 01.23.17<br />
TOTAL BRAZIL<br />
CHILE<br />
1,606,459.53<br />
1,594,036.00<br />
400,000 EMPRESA NACIONAL DEL PETROLEO SA REG-S USD 409,732.44 106.000 424,000.00 5.07<br />
6.25% 07.08.09 - 07.08.19<br />
TOTAL CHILE<br />
COLOMBIA<br />
409,732.44<br />
424,000.00<br />
200,000 BANCOLOMBIA SA USD 185,054.00 107.500 215,000.00 2.57<br />
6.875% 05.25.07 - 05.25.17<br />
800,000 COLOMBIA USD 797,372.82 117.350 938,800.00 11.22<br />
7.375% 01.13.09 - 03.18.19<br />
200,000 COLOMBIA USD 293,054.73 148.580 297,160.00 3.55<br />
11.75% 02.25.00 - 02.25.20<br />
3,000 COLOMBIA USD 3,732.23 120.100 3,603.00 0.04<br />
10.75% 12.09.02 - 01.15.13<br />
TOTAL COLOMBIA<br />
COSTA RICA<br />
1,279,213.78<br />
1,454,563.00<br />
225,000 COSTA RICA - REG-S USD 249,245.33 105.238 236,785.50 2.83<br />
9% 03.01.01 - 03.01.11<br />
TOTAL COSTA RICA<br />
MEXICO<br />
249,245.33<br />
236,785.50<br />
800 UNITED MEXICAN STATES - SERIE M20 MXN 8,768.09 124.838 7,776.56 0.09<br />
10% 12.30.04 - 12.05.24<br />
50,000 UNITED MEXICAN STATES BONOS DE DESARROLLO MXN 410,484.04 103.657 403,570.23 4.82<br />
- M10<br />
7.25% 12.28.06 - 12.15.16<br />
350,000 AMERICA MOVIL SAB DE CV USD 349,728.76 109.600 383,600.00 4.58<br />
5.5% 10.25.04 - 03.01.14<br />
19.05<br />
5.07<br />
17.38<br />
2.83<br />
The notes are an integral part of these financial statements<br />
64
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM SHORT TERM<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
95,000 GRUPO TELEVISA SA USD 103,135.40 106.865 101,521.75 1.21<br />
8% 09.13.01 - 09.13.11<br />
75,000 PEMEX PROJECT FUNDING MASTER TRUST USD 78,849.20 102.240 76,680.00 0.92<br />
9.125% 09.28.01 - 10.13.10<br />
250,000 PETROLEOS MEXICANOS PEMEX EMTN REGS USD 248,182.71 104.225 260,562.50 3.11<br />
4.875% 09.18.09 - 03.15.15<br />
300,000 UNITED MEXICAN STATES USD 387,510.51 134.450 403,350.00 4.82<br />
8.3% 08.13.01 - 08.15.31<br />
300,000 UNITED MEXICAN STATES MTN TRANCHE21 USD 294,054.57 110.990 332,970.00 3.98<br />
5.95% 12.23.08 - 03.19.19<br />
TOTAL MEXICO<br />
1,880,713.28<br />
1,970,031.04 23.53<br />
400,000<br />
PERU<br />
REPUBLIC OF PERU USD 455,673.74 113.150 452,600.00 5.41<br />
9.125% 10.31.02 - 02.21.12<br />
TOTAL PERU<br />
455,673.74<br />
452,600.00 5.41<br />
UNITED STATES OF AMERICA<br />
325,000 ELETROPAULO ELECTRICIDADE METROPOLITANA<br />
DE SAO PAULO - REG-S<br />
19.125% 06.28.05 - 06.28.10<br />
TOTAL UNITED STATES OF AMERICA<br />
BRL 213,031.82 100.000 179,488.61 2.15<br />
213,031.82<br />
179,488.61<br />
2.15<br />
VENEZUELA<br />
100,000 VENEZUELA USD 97,807.17 87.629 87,629.00 1.05<br />
13.625% 08.06.98 - 08.15.18<br />
450,000 VENEZUELA USD 493,397.23 88.500 398,250.00 4.76<br />
10.75% 03.25.04 - 09.19.13<br />
TOTAL VENEZUELA<br />
591,204.40<br />
485,879.00<br />
TOTAL BONDS 7,233,524.48<br />
7,326,720.65 87.56<br />
5.81<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
7,233,524.48<br />
7,326,720.65<br />
87.56<br />
TOTAL INVESTMENTS IN SECURITIES 7,233,524.48<br />
7,326,720.65 87.56<br />
Cash/(bank overdraft) 922,159.15 11.02<br />
Other assets and liabilities 118,855.67 1.42<br />
TOTAL NET ASSETS 8,367,735.47 100.00<br />
The notes are an integral part of these financial statements<br />
65
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM SHORT TERM<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
Mexico 23.53<br />
Brazil 19.05<br />
Colombia 17.38<br />
Belgium 6.33<br />
Venezuela 5.81<br />
Peru 5.41<br />
Chile 5.07<br />
Costa Rica 2.83<br />
United States of America 2.15<br />
TOTAL INVESTMENTS IN SECURITIES<br />
87.56<br />
Other assets and liabilities 12.44<br />
NET ASSETS 100.00<br />
66
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LATAM SHORT TERM<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Bonds of governments and towns 53.40<br />
Oil 12.61<br />
Holding and finance companies 11.04<br />
Data transmission 5.79<br />
Banks and other credit institutions 2.57<br />
Energy and public utilities 2.15<br />
TOTAL INVESTMENTS IN SECURITIES<br />
87.56<br />
Other assets and liabilities 12.44<br />
NET ASSETS 100.00<br />
67
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GLOBAL EQUITY<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in USD)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 4,286,182.78<br />
- Net unrealised result (601,159.80)<br />
3,685,022.98<br />
Cash:<br />
- Cash at sight (see notes) 641,545.35<br />
- Margin accounts 61,022.53<br />
Other assets:<br />
- Prepaid expenses 144.12<br />
4,387,734.98<br />
LIABILITIES<br />
Other liabilities:<br />
- Taxes and expenses payable<br />
- Unrealised loss on futures (see notes)<br />
26,194.85<br />
16,985.57<br />
43,180.42<br />
NET ASSETS 4,344,554.56<br />
CLASS A<br />
Net asset value per share<br />
Shares outstanding<br />
44.27<br />
98,148.433<br />
The notes are an integral part of these financial statements<br />
68
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GLOBAL EQUITY<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in USD)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 5,123,629.15<br />
INCOME<br />
Income from investments:<br />
- Divi<strong>de</strong>nds, net 38,789.97<br />
Bank interest, net 2,489.43<br />
41,279.40<br />
EXPENSES<br />
Fees:<br />
- Global fee (see notes) 44,975.65<br />
- Custodian and Administration fees 6,677.35<br />
Other expenses:<br />
- Annual tax (see notes) 1,142.34<br />
- Audit and legal fees 1,014.62<br />
- Printing and publishing fees 113.82<br />
- Administrative and other expenses 6,161.57<br />
60,085.35<br />
NET OPERATING RESULT (18,805.95)<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) (2,332.93)<br />
- Foreign exchange (34,258.41)<br />
NET REALISED RESULT (55,397.29)<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments (602,599.07)<br />
- Futures (16,300.80)<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
(674,297.16)<br />
MOVEMENTS IN CAPITAL<br />
Re<strong>de</strong>mptions of shares (104,777.43)<br />
(104,777.43)<br />
NET ASSETS AT THE END OF THE PERIOD 4,344,554.56<br />
The notes are an integral part of these financial statements<br />
69
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GLOBAL EQUITY<br />
STATISTICAL INFORMATION<br />
Period from January 1, 2010 to June 30, 2010<br />
SHARES<br />
Class A<br />
Shares outstanding at the beginning of the period 100,330.201<br />
Subscriptions of shares 0.000<br />
Re<strong>de</strong>mptions of shares (2,181.768)<br />
Shares outstanding at the end of the period 98,148.433<br />
NET ASSET VALUE PER SHARE<br />
USD<br />
Highest 54.31<br />
04.15.10<br />
Lowest 44.27<br />
06.30.10<br />
At the end of the period 44.27<br />
70
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GLOBAL EQUITY<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
Class A<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
2.33%<br />
-<br />
PTR (Portfolio Turnover Rate) 162.00%<br />
71
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GLOBAL EQUITY<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
12.31.07 Class A 69,197.843 5,020,153.59 USD<br />
72.55<br />
12.31.08 Class A<br />
139,051.264 5,730,039.08 USD<br />
41.21<br />
12.31.09 Class A<br />
100,330.201 5,123,629.15 USD<br />
51.07<br />
06.30.10 Class A<br />
98,148.433 4,344,554.56 USD<br />
44.27<br />
72
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GLOBAL EQUITY<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in USD)<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
EQUITIES<br />
BERMUDA<br />
2,401 COVIDIEN PLC USD 88,449.11 40.180 96,472.18 2.22<br />
TOTAL BERMUDA<br />
88,449.11<br />
96,472.18 2.22<br />
FRANCE<br />
8,585 ALCATEL LUCENT SA EUR 28,207.22 2.122 22,268.94 0.51<br />
1,903 AXA SA EUR 59,464.46 12.745 29,647.80 0.68<br />
591 CARREFOUR SA EUR 30,043.20 32.740 23,652.66 0.54<br />
385 EDF ELECTRICITE DE FRANCE EUR 19,622.22 31.430 14,791.73 0.34<br />
1,082 FRANCE TELECOM SA EUR 33,217.24 14.285 18,893.89 0.43<br />
385 LOUIS VUITTON MOET HENESSY SA EUR 39,642.93 89.810 42,266.78 0.98<br />
584 SOCIETE GENERALE SA -A- EUR 66,455.11 34.300 24,486.16 0.56<br />
836 TOTAL SA EUR 50,586.98 36.965 37,775.55 0.88<br />
395 VINCI SA EUR 23,237.75 34.340 16,581.02 0.38<br />
TOTAL FRANCE<br />
350,477.11<br />
230,364.53 5.30<br />
GERMANY<br />
433 BAYER AG - REG SHS EUR 30,161.64 46.000 24,347.79 0.56<br />
706 DAIMLER AG - REG SHS EUR 33,259.87 41.920 36,177.60 0.83<br />
1,865 E.ON AG EUR 86,043.87 22.180 50,565.48 1.17<br />
548 SIEMENS AG - REG SHS EUR 63,940.61 74.020 49,584.21 1.14<br />
TOTAL GERMANY<br />
213,405.99<br />
160,675.08 3.70<br />
LUXEMBOURG<br />
773 ARCELOR MITTAL SA - NEW REG EUR 51,986.16 22.355 21,123.61 0.49<br />
TOTAL LUXEMBOURG<br />
51,986.16<br />
21,123.61 0.49<br />
NETHERLANDS<br />
589 HEINEKEN NV EUR 28,418.02 34.870 25,106.20 0.58<br />
3,880 ING GROEP NV - CERT OF SHS EUR 38,725.37 6.176 29,292.25 0.67<br />
2,670 KONINKLIJKE KPN NV EUR 36,046.18 10.475 34,188.42 0.79<br />
TOTAL NETHERLANDS<br />
103,189.57<br />
88,586.87 2.04<br />
SOUTH AFRICA<br />
1,226 BRITISH AMERICAN TOBACCO PLC GBP 38,709.34 21.365 39,381.94 0.91<br />
TOTAL SOUTH AFRICA<br />
38,709.34<br />
39,381.94 0.91<br />
SPAIN<br />
2,866 BANCO BILBAO VIZCAYA ARGENTARIA SA - REG<br />
SHS<br />
EUR 40,798.45 8.612 30,171.30 0.69<br />
1,679 REPSOL YPF SA EUR 35,023.41 16.665 34,203.45 0.79<br />
TOTAL SPAIN<br />
SWEDEN<br />
75,821.86<br />
64,374.75<br />
3,637 TELEFON AB ERICSSON -B- SEK 38,720.73 87.250 40,845.23 0.94<br />
TOTAL SWEDEN<br />
38,720.73<br />
40,845.23<br />
1.48<br />
0.94<br />
The notes are an integral part of these financial statements<br />
73
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GLOBAL EQUITY<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
SWITZERLAND<br />
753 CREDIT SUISSE GROUP - REG SHS CHF 34,394.32 40.920 28,476.25 0.66<br />
1,717 NESTLE SA - REG SHS (CHF) CHF 64,583.63 52.200 82,831.02 1.91<br />
777 NOVARTIS AG - REG SHS CHF 42,776.41 52.600 37,771.04 0.87<br />
219 ROCHE HOLDING AG -BJ- CHF 38,055.16 149.100 30,176.86 0.69<br />
2,464 UBS AG - REG SHS CHF 38,327.08 14.460 32,927.69 0.76<br />
2,581 XSTRATA PLC GBP 45,070.83 8.868 34,412.60 0.79<br />
TOTAL SWITZERLAND<br />
UNITED KINGDOM<br />
263,207.43<br />
246,595.46<br />
2,987 ROYAL DUTCH SHELL PLC -A- EUR 111,108.64 20.750 75,764.73 1.75<br />
496 ANGLO AMERICAN PLC GBP 19,689.19 23.505 17,528.54 0.40<br />
6,645 BAE SYSTEMS PLC GBP 35,590.99 3.135 31,321.05 0.72<br />
8,965 BARCLAYS PLC GBP 45,831.68 2.706 36,467.13 0.84<br />
3,991 BP PLC GBP 47,376.41 3.189 19,135.51 0.44<br />
14,620 BT GROUP PLC GBP 27,784.57 1.301 28,597.52 0.66<br />
2,259 GLAXOSMITHKLINE PLC GBP 43,919.54 11.430 38,820.95 0.89<br />
7,410 HSBC HOLDINGS PLC GBP 77,298.70 6.152 68,539.08 1.58<br />
990 IMPERIAL TOBACCO GROUP PLC GBP 31,085.97 18.790 27,968.28 0.64<br />
26,689 VODAFONE GROUP PLC GBP 83,924.93 1.392 55,836.63 1.29<br />
TOTAL UNITED KINGDOM<br />
UNITED STATES OF AMERICA<br />
523,610.62<br />
399,979.42<br />
1,277 APACHE CORP USD 129,893.16 84.190 107,510.63 2.47<br />
352 APPLE INC USD 94,509.53 251.530 88,538.56 2.04<br />
3,561 BB&T CORP USD 114,767.32 26.310 93,689.91 2.16<br />
1,933 CELGENE CORP USD 107,198.98 50.820 98,235.06 2.26<br />
4,707 CISCO SYSTEMS INC USD 104,944.21 21.310 100,306.17 2.31<br />
3,491 CVS CAREMARK CORP USD 135,084.13 29.320 102,356.12 2.36<br />
2,014 DEERE & CO USD 88,595.96 55.680 112,139.52 2.58<br />
1,421 FREEPORT MCMORAN COPPER & GOLD USD 124,437.95 59.130 84,023.73 1.93<br />
707 GOLDMAN SACHS GROUP INC USD 88,161.82 131.270 92,807.89 2.14<br />
213 GOOGLE INC -A- USD 74,550.25 444.950 94,774.35 2.18<br />
4,406 MARATHON OIL CORP USD 130,546.80 31.090 136,982.54 3.14<br />
2,925 METLIFE INC USD 156,804.84 37.760 110,448.00 2.54<br />
4,061 MICROSOFT CORP USD 114,470.75 23.010 93,443.61 2.15<br />
7,480 NEWELL RUBBERMAID INC USD 110,607.00 14.640 109,507.20 2.52<br />
3,670 OMNICOM GROUP INC USD 131,839.27 34.300 125,881.00 2.90<br />
2,863 PG&E CORP USD 121,845.41 41.100 117,669.30 2.71<br />
2,441 PHILIP MORRIS INTERNATIONAL INC USD 111,438.16 45.840 111,895.44 2.58<br />
5,544 TOLL BROTHERS INC USD 110,340.44 16.360 90,699.84 2.09<br />
2,170 TRAVELERS COMPANIES INC USD 116,206.18 49.250 106,872.50 2.46<br />
3,723 VERIZON COMMUNICATIONS LTD USD 121,032.16 28.020 104,318.46 2.40<br />
1,525 VISA INC -A- USD 115,263.11 70.750 107,893.75 2.48<br />
TOTAL UNITED STATES OF AMERICA<br />
2,402,537.43<br />
2,189,993.58<br />
TOTAL EQUITIES 4,150,115.35<br />
3,578,392.65 82.37<br />
5.68<br />
9.21<br />
50.40<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
4,150,115.35<br />
3,578,392.65<br />
82.37<br />
The notes are an integral part of these financial statements<br />
74
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GLOBAL EQUITY<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
INVESTMENT FUNDS<br />
OPEN-ENDED INVESTMENT FUNDS<br />
JAPAN<br />
11,176 NIKKO EXCHANGE TRADED INDEX FUND TOPIX<br />
UNITS<br />
TOTAL JAPAN<br />
JPY 136,067.43 845.000 106,630.33 2.45<br />
136,067.43<br />
106,630.33<br />
2.45<br />
TOTAL OPEN-ENDED INVESTMENT FUNDS 136,067.43<br />
106,630.33 2.45<br />
TOTAL INVESTMENT FUNDS 136,067.43<br />
106,630.33 2.45<br />
TOTAL INVESTMENTS IN SECURITIES 4,286,182.78<br />
3,685,022.98 84.82<br />
Cash/(bank overdraft) 702,567.88 16.17<br />
Other assets and liabilities (43,036.30) (0.99)<br />
TOTAL NET ASSETS 4,344,554.56 100.00<br />
The notes are an integral part of these financial statements<br />
75
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GLOBAL EQUITY<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
United States of America 50.40<br />
United Kingdom 9.21<br />
Switzerland 5.68<br />
France 5.30<br />
Germany 3.70<br />
Japan 2.45<br />
Bermuda 2.22<br />
Netherlands 2.04<br />
Spain 1.48<br />
Swe<strong>de</strong>n 0.94<br />
South Africa 0.91<br />
Luxembourg 0.49<br />
TOTAL INVESTMENTS IN SECURITIES<br />
84.82<br />
Other assets and liabilities 15.18<br />
NET ASSETS 100.00<br />
76
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GLOBAL EQUITY<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Banks and other credit institutions 12.54<br />
Oil 9.47<br />
Data transmission 5.73<br />
Insurance 5.68<br />
Tobacco and alcohol 4.71<br />
Office supplies and computers 4.35<br />
Internet & software services 4.33<br />
Energy and public utilities 4.22<br />
Retail tra<strong>de</strong> 2.90<br />
Graphic industry and publishing houses 2.90<br />
Machinery and apparatus construction 2.58<br />
Miscellaneous consumer goods 2.52<br />
Building and building materials 2.47<br />
Pharmaceutical and cosmetics industry 2.45<br />
Investment funds 2.45<br />
Electrotechnical and electronic industry 2.43<br />
Biotechnology 2.26<br />
Other 2.22<br />
Precious stones and metals 1.93<br />
Foodstuffs and non-alcoholic drinks 1.91<br />
Mining industry 1.28<br />
Textiles and clothing industry 0.98<br />
Road vehicles 0.83<br />
Aeronautical and astronomical industry 0.72<br />
Chemicals 0.56<br />
Non-ferrous metals 0.40<br />
TOTAL INVESTMENTS IN SECURITIES<br />
84.82<br />
Other assets and liabilities 15.18<br />
NET ASSETS 100.00<br />
77
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS DYNAMIC<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 4,038,582.54<br />
- Net unrealised result (208,623.37)<br />
3,829,959.17<br />
Cash:<br />
- Cash at sight (see notes) 8,216,264.58<br />
- Margin accounts 677,358.77<br />
Other assets:<br />
- Formation/reorganisation expenses, net (see notes) 900.00<br />
- Unrealised gain on futures (see notes) 160,713.30<br />
- Unrealised gain on swaps contracts (see notes) 15,418.58<br />
- Prepaid expenses 687.70<br />
12,901,302.10<br />
LIABILITIES<br />
Bank overdraft:<br />
- Cash at sight 328,195.55<br />
Other liabilities:<br />
- Taxes and expenses payable<br />
- Unrealised loss on futures (see notes)<br />
62,378.94<br />
2,310.00<br />
- Unrealised loss on swaps contracts (see notes) 64,437.81<br />
457,322.30<br />
NET ASSETS 12,443,979.80<br />
CLASS A<br />
Net asset value per share<br />
Shares outstanding<br />
109.90<br />
113,232.051<br />
The notes are an integral part of these financial statements<br />
78
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS DYNAMIC<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in EUR)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 28,360,621.09<br />
INCOME<br />
Income from investments:<br />
- Divi<strong>de</strong>nds, net 59,772.04<br />
- Bond interest, net (see notes) 5,544.40<br />
65,316.44<br />
EXPENSES<br />
Bank interest, net 3,448.51<br />
Fees:<br />
- Global fee (see notes) 133,343.07<br />
- Performance fee (see notes) 38,690.00<br />
- Custodian and Administration fees 22,026.78<br />
Other expenses:<br />
- Annual tax (see notes) 3,109.00<br />
- Amortisation of formation/reorganisation expenses (see notes) 300.00<br />
- Audit and legal fees 3,064.65<br />
- Printing and publishing fees 613.45<br />
- Administrative and other expenses 26,931.63<br />
231,527.09<br />
NET OPERATING RESULT (166,210.65)<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) 129,566.43<br />
- Foreign exchange 179,299.52<br />
- Swaps 115,008.69<br />
NET REALISED RESULT 257,663.99<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments (98,311.91)<br />
- Futures 187,824.09<br />
- Swaps (128,021.11)<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
219,155.06<br />
MOVEMENTS IN CAPITAL<br />
Subscriptions of shares 3,699,914.93<br />
Re<strong>de</strong>mptions of shares (19,835,711.28)<br />
(16,135,796.35)<br />
NET ASSETS AT THE END OF THE PERIOD 12,443,979.80<br />
The notes are an integral part of these financial statements<br />
79
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS DYNAMIC<br />
STATISTICAL INFORMATION<br />
Period from January 1, 2010 to June 30, 2010<br />
SHARES<br />
Class A<br />
Shares outstanding at the beginning of the period 259,650.757<br />
Subscriptions of shares 33,718.543<br />
Re<strong>de</strong>mptions of shares (180,137.249)<br />
Shares outstanding at the end of the period 113,232.051<br />
NET ASSET VALUE PER SHARE<br />
EUR<br />
Highest 110.99<br />
06.16.10<br />
Lowest 108.14<br />
05.26.10<br />
At the end of the period 109.90<br />
80
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS DYNAMIC<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
Class A<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
2.87%<br />
1.03%<br />
PTR (Portfolio Turnover Rate) 193.00%<br />
81
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS DYNAMIC<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
12.31.07 Class A 409,504.666 42,576,980.28 EUR<br />
103.97<br />
12.31.08 Class A<br />
287,789.506 27,765,577.93 EUR<br />
96.48<br />
12.31.09 Class A<br />
259,650.757 28,360,621.09 EUR<br />
109.23<br />
06.30.10 Class A<br />
113,232.051 12,443,979.80 EUR<br />
109.90<br />
82
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS DYNAMIC<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
EQUITIES<br />
AUSTRIA<br />
4,300 RHI AG EUR 87,290.12 19.350 83,205.00 0.67<br />
TOTAL AUSTRIA<br />
87,290.12<br />
83,205.00 0.67<br />
BELGIUM<br />
1,500 ANHEUSER-BUSCH INBEV SA EUR 62,646.93 39.740 59,610.00 0.48<br />
16,000 RECTICEL SA EUR 95,981.07 7.640 122,240.00 0.98<br />
TOTAL BELGIUM<br />
158,628.00<br />
181,850.00 1.46<br />
FRANCE<br />
1,000 FAIVELEY TRANSPORT SA EUR 59,346.80 54.200 54,200.00 0.44<br />
2,000 LAFARGE SA EUR 94,709.76 45.075 90,150.00 0.72<br />
1,700 SOCIETE GENERALE SA -A- EUR 60,525.58 34.300 58,310.00 0.47<br />
600 TOTAL SA EUR 23,050.78 36.965 22,179.00 0.18<br />
TOTAL FRANCE<br />
237,632.92<br />
224,839.00 1.81<br />
GERMANY<br />
2,200 BASF SE EUR 101,683.72 45.110 99,242.00 0.80<br />
3,200 CENTROTEC SUSTAINABLE AG EUR 41,765.23 12.860 41,152.00 0.33<br />
2,100 HEIDELBERGCEMENT AG EUR 97,517.22 39.170 82,257.00 0.66<br />
TOTAL GERMANY<br />
240,966.17<br />
222,651.00 1.79<br />
ITALY<br />
6,700 ANSALDO STS SPA EUR 93,741.90 13.230 88,641.00 0.71<br />
8,500 BUZZI UNICEM SPA EUR 92,983.91 8.280 70,380.00 0.57<br />
8,200 ENI SPA EUR 134,032.66 15.190 124,558.00 1.00<br />
TOTAL ITALY<br />
320,758.47<br />
283,579.00 2.28<br />
LUXEMBOURG<br />
11,000 PRYSMIAN SPA EUR 136,908.66 11.840 130,240.00 1.05<br />
7,900 SES SA - FIDUCIARY DEPOSIT RECEIPT EUR 132,472.52 17.115 135,208.50 1.08<br />
TOTAL LUXEMBOURG<br />
269,381.18<br />
265,448.50 2.13<br />
MEXICO<br />
57,000 CORPORACION GEO SAB DE CV -B- MXN 109,354.26 34.610 125,664.66 1.01<br />
30,000 GRUPO MEXICO SAB -B- MXN 63,377.58 30.500 58,285.13 0.47<br />
3,300 AMERICA MOVIL SAB DE CV ADR REPR.20 -L- USD 101,623.66 47.500 128,231.22 1.02<br />
6,000 DESARROLLADORA HOMEX SAB DE CV USD 130,299.45 25.240 123,887.31 1.00<br />
TOTAL MEXICO<br />
404,654.95<br />
436,068.32 3.50<br />
NETHERLANDS<br />
3,000 FUGRO NV - CERT. OF SHS EUR 126,698.32 38.260 114,780.00 0.92<br />
10,100 HEIJMANS NV EUR 133,290.66 11.680 117,968.00 0.95<br />
17,700 STMICROELECTRONICS NV EUR 128,743.64 6.584 116,536.80 0.94<br />
6,900 TNT NV EUR 150,470.30 20.780 143,382.00 1.15<br />
2,400 VOPAK NV EUR 70,199.96 30.190 72,456.00 0.58<br />
TOTAL NETHERLANDS<br />
609,402.88<br />
565,122.80 4.54<br />
The notes are an integral part of these financial statements<br />
83
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS DYNAMIC<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
SPAIN<br />
6,300 CLINICA BAVIERA SA EUR 50,517.40 7.840 49,392.00 0.40<br />
12,900 CODERE SA EUR 118,764.97 6.350 81,915.00 0.66<br />
230 CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES EUR 89,707.11 334.750 76,992.50 0.62<br />
SA<br />
16,500 GRUPO CATALANA OCCIDENTE SA EUR 260,642.35 12.190 201,135.00 1.62<br />
12,000 LABORATORIOS FARMACEUTICOS ROVI SA EUR 59,570.03 4.650 55,800.00 0.45<br />
34,400 TELEFONICA SA EUR 523,883.78 15.255 524,772.00 4.22<br />
TOTAL SPAIN<br />
UNITED KINGDOM<br />
1,103,085.64<br />
990,006.50<br />
4,500 SAFT GROUPE EUR 139,975.18 24.910 112,095.00 0.90<br />
TOTAL UNITED KINGDOM<br />
139,975.18<br />
112,095.00<br />
TOTAL EQUITIES 3,571,775.51<br />
3,364,865.12 27.05<br />
7.97<br />
0.90<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
3,571,775.51<br />
3,364,865.12<br />
27.05<br />
OTHER TRANSFERABLE SECURITIES<br />
EQUITIES<br />
FRANCE<br />
4,500 DAT SAFT GROUPE 10-06.30.10 EUR 0.00 0.000 0.00 0.00<br />
TOTAL FRANCE<br />
SPAIN<br />
30,575 BODACLICK SA EUR 85,023.50 2.780 84,998.50 0.68<br />
TOTAL SPAIN<br />
0.00<br />
85,023.50<br />
0.00<br />
84,998.50<br />
TOTAL EQUITIES 85,023.50<br />
84,998.50 0.68<br />
TOTAL OTHER TRANSFERABLE SECURITIES 85,023.50<br />
84,998.50 0.68<br />
INVESTMENT FUNDS<br />
OPEN-ENDED INVESTMENT FUNDS<br />
CHINA<br />
10,600 HANG SENG H-SHARES INDEX ETF HKD 123,599.80 115.600 128,775.46 1.03<br />
TOTAL CHINA<br />
HONG KONG<br />
123,599.80<br />
128,775.46<br />
10,100 ISHARES MSCI INDEX FUND SERIES HONG KONG USD 119,054.06 14.770 122,036.03 0.98<br />
TOTAL HONG KONG<br />
119,054.06<br />
122,036.03<br />
0.00<br />
0.68<br />
1.03<br />
0.98<br />
MEXICO<br />
3,300 ISHARES INC MSCI MEXICO INVESTABLE MARKET<br />
INDEX FUND<br />
TOTAL MEXICO<br />
USD 139,129.67 47.890 129,284.06 1.04<br />
139,129.67<br />
129,284.06<br />
1.04<br />
TOTAL OPEN-ENDED INVESTMENT FUNDS 381,783.53<br />
380,095.55 3.05<br />
TOTAL INVESTMENT FUNDS 381,783.53<br />
380,095.55 3.05<br />
TOTAL INVESTMENTS IN SECURITIES 4,038,582.54<br />
3,829,959.17 30.78<br />
Cash/(bank overdraft) 8,565,427.80 68.83<br />
Other assets and liabilities 48,592.83 0.39<br />
TOTAL NET ASSETS 12,443,979.80 100.00<br />
The notes are an integral part of these financial statements<br />
84
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS DYNAMIC<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
Spain 8.65<br />
Mexico 4.54<br />
Netherlands 4.54<br />
Italy 2.28<br />
Luxembourg 2.13<br />
France 1.81<br />
Germany 1.79<br />
Belgium 1.46<br />
China 1.03<br />
Hong Kong 0.98<br />
United Kingdom 0.90<br />
Austria 0.67<br />
TOTAL INVESTMENTS IN SECURITIES<br />
30.78<br />
Other assets and liabilities 69.22<br />
NET ASSETS 100.00<br />
85
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS DYNAMIC<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Data transmission 7.37<br />
Building and building materials 4.90<br />
Investment funds 3.05<br />
Transportation 2.44<br />
Oil 2.10<br />
Chemicals 1.78<br />
Insurance 1.62<br />
Machinery and apparatus construction 1.28<br />
Real estate companies 1.01<br />
Electronics & semiconductors 0.94<br />
Electrotechnical and electronic industry 0.90<br />
Other 0.68<br />
Tobacco and alcohol 0.48<br />
Non-ferrous metals 0.47<br />
Banks and other credit institutions 0.47<br />
Pharmaceutical and cosmetics industry 0.45<br />
Road vehicles 0.44<br />
Healthcare, education & social services 0.40<br />
TOTAL INVESTMENTS IN SECURITIES<br />
30.78<br />
Other assets and liabilities 69.22<br />
NET ASSETS 100.00<br />
86
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO EUR<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 75,915,884.32<br />
- Net unrealised result (348,970.07)<br />
75,566,914.25<br />
Cash:<br />
- Cash at sight (see notes) 5,404,105.90<br />
Other assets:<br />
- Interest receivable<br />
- Formation/reorganisation expenses, net (see notes)<br />
479,584.14<br />
3,912.00<br />
81,454,516.29<br />
LIABILITIES<br />
Other liabilities:<br />
- Taxes and expenses payable 165,212.35<br />
- Other 5,000.00<br />
170,212.35<br />
NET ASSETS 81,284,303.94<br />
CLASS A<br />
Net asset value per share<br />
Shares outstanding<br />
100.63<br />
807,748.000<br />
The notes are an integral part of these financial statements<br />
87
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO EUR<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in EUR)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 86,597,333.93<br />
INCOME<br />
Income from investments:<br />
- Bond interest, net (see notes) 915,399.04<br />
915,399.04<br />
EXPENSES<br />
Bank interest, net 7,790.11<br />
Fees:<br />
- Global fee (see notes) 216,201.75<br />
- Custodian and Administration fees 89,545.49<br />
Other expenses:<br />
- Annual tax (see notes) 20,947.73<br />
- Amortisation of formation/reorganisation expenses (see notes) 500.00<br />
- Audit and legal fees 14,193.61<br />
- Printing and publishing fees 2,732.08<br />
- Administrative and other expenses 13,318.49<br />
365,229.26<br />
NET OPERATING RESULT 550,169.78<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) (352,643.35)<br />
NET REALISED RESULT 197,526.43<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments (196,491.23)<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
1,035.20<br />
MOVEMENTS IN CAPITAL<br />
Subscriptions of shares 20,326,771.22<br />
Re<strong>de</strong>mptions of shares (25,640,836.41)<br />
(5,314,065.19)<br />
NET ASSETS AT THE END OF THE PERIOD 81,284,303.94<br />
The notes are an integral part of these financial statements<br />
88
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO EUR<br />
STATISTICAL INFORMATION<br />
Period from January 1, 2010 to June 30, 2010<br />
SHARES<br />
Class A<br />
Shares outstanding at the beginning of the period 860,433.000<br />
Subscriptions of shares 201,679.000<br />
Re<strong>de</strong>mptions of shares (254,364.000)<br />
Shares outstanding at the end of the period 807,748.000<br />
NET ASSET VALUE PER SHARE<br />
EUR<br />
Highest 100.95<br />
04.20.10<br />
Lowest 100.57<br />
06.17.10<br />
At the end of the period 100.63<br />
89
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO EUR<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
Class A<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
0.84%<br />
-<br />
PTR (Portfolio Turnover Rate) 120.00%<br />
90
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO EUR<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
* 05.29.09 Class A<br />
185,390.000 18,539,000.00 EUR<br />
100.00<br />
12.31.09 Class A<br />
860,433.000 86,597,333.93 EUR<br />
100.64<br />
06.30.10 Class A<br />
807,748.000 81,284,303.94 EUR<br />
100.63<br />
* first valuation<br />
91
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO EUR<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
BONDS<br />
AUSTRALIA<br />
2,000,000 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD EUR 2,059,040.80 101.350 2,027,000.00 2.49<br />
EMTN<br />
4.625% 11.08.07 - 11.08.10<br />
TOTAL AUSTRALIA<br />
2,059,040.80<br />
2,027,000.00 2.49<br />
2,000,000<br />
AUSTRIA<br />
KA FINANZ AG FRN EMTN EUR 2,050,037.25 102.045 2,040,900.00 2.51<br />
4.67% 08.16.99 - 08.16.11<br />
TOTAL AUSTRIA<br />
2,050,037.25<br />
2,040,900.00 2.51<br />
2,600,000<br />
BELGIUM<br />
DEXIA MUNICIPAL AGENCY FRN EMTN EUR 2,608,773.20 100.721 2,618,746.00 3.22<br />
2% 11.05.04 - 11.05.10<br />
TOTAL BELGIUM<br />
2,608,773.20<br />
2,618,746.00 3.22<br />
2,000,000<br />
FRANCE<br />
BANQUE PSA FINANCE FRN EMTN EUR 2,003,035.00 99.475 1,989,500.00 2.45<br />
2.065% 02.04.10 - 08.05.11<br />
TOTAL FRANCE<br />
2,003,035.00<br />
1,989,500.00 2.45<br />
GERMANY<br />
2,000,000 DEPFA ACS BANK FRN EMTN EUR 1,901,241.30 96.116 1,922,324.00 2.36<br />
0.679% 07.04.07 - 12.20.12<br />
2,200,000 DEUTSCHE BANK AG LONDON EMTN S3033 EUR 2,327,637.25 107.166 2,357,645.40 2.90<br />
4.55% 06.10.08 - 06.10.13<br />
3,000,000 DEUTSCHE PFANDBREIFBANK AG FRN EUR 2,995,837.10 99.999 2,999,970.00 3.70<br />
0.699% 06.09.05 - 07.05.10<br />
1,500,000 EUROHYPO AG EUR 1,564,235.00 100.500 1,507,500.00 1.85<br />
6.25% 05.31.02 - 05.31.12<br />
2,000,000 KFW KREDITANSTALT FUER WIEDERAUFBAU FRN EUR 2,020,037.25 100.540 2,010,800.00 2.47<br />
EMTN<br />
2.2981% 02.21.03 - 02.21.11<br />
TOTAL GERMANY<br />
ITALY<br />
The notes are an integral part of these financial statements<br />
92<br />
10,808,987.90<br />
10,798,239.40<br />
2,500,000 INTESA SANPAOLO SPA EMTN EUR 2,451,787.25 98.108 2,452,700.00 3.02<br />
0% 06.07.07 - 06.07.11<br />
1,000,000 MONTE DEI PASCHI DI SIENA EMTN EUR 1,060,438.05 103.170 1,031,700.00 1.27<br />
6% 06.20.08 - 06.20.11<br />
1,000,000 TELECOM ITALIA FINANCE EMTN STEP CPN EUR 1,064,037.25 104.148 1,041,482.00 1.28<br />
7.5% 04.20.01 - 04.20.11<br />
TOTAL ITALY<br />
NETHERLANDS<br />
4,576,262.55<br />
4,525,882.00<br />
5,000,000 FORTIS BANK NEDERLAND NV FRN EMTN EUR 5,000,037.25 99.830 4,991,485.00 6.15<br />
1.436% 03.30.10 - 03.30.12<br />
3,000,000 ING BANK NV FRN EMTN EUR 2,997,076.35 99.288 2,978,634.00 3.66<br />
1.257% 03.08.10 - 03.08.12<br />
13.28<br />
5.57
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO EUR<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
1,503,000 RABOBANK NEDERLAND NV FRN EMTN EUR 1,488,008.10 99.012 1,488,144.35 1.83<br />
1.5% 11.29.04 - 11.29.11<br />
TOTAL NETHERLANDS<br />
SPAIN<br />
9,485,121.70<br />
9,458,263.35<br />
1,999,995.78 BANCO SANTANDER SA FRN EUR 2,185,232.64 106.709 2,134,175.50 2.63<br />
10% 05.27.91 - 05.27.11<br />
1,000,000 <strong>BBVA</strong> SA EUR 997,637.25 96.810 968,100.00 1.19<br />
2.5% 04.07.10 - 10.07.13<br />
1,000,000 <strong>BBVA</strong> SENIOR FINANCE SA FRN EMTN EUR 1,000,038.35 95.030 950,300.00 1.17<br />
1.062% 01.22.10 - 01.22.13<br />
2,000,000 GENERALITAT DE CATALUNYA EUR 2,085,037.25 101.583 2,031,650.00 2.50<br />
4.125% 04.23.07 - 04.23.13<br />
3,000,000 SANTANDER INTERNATIONAL DEBT SA FRN EMTN EUR 2,990,139.10 98.680 2,960,400.00 3.64<br />
0.824% 06.20.07 - 06.20.11<br />
TOTAL SPAIN<br />
SWITZERLAND<br />
9,258,084.59<br />
9,044,625.50<br />
2,500,000 CREDIT SUISSE LONDON EMTN EUR 2,660,037.25 104.980 2,624,500.00 3.23<br />
5.125% 03.30.09 - 03.30.12<br />
500,000 UBS AG LONDON BRANCH EMTN EUR 523,811.92 104.150 520,750.00 0.64<br />
4.625% 07.06.09 - 07.06.12<br />
TOTAL SWITZERLAND<br />
UNITED KINGDOM<br />
3,183,849.17<br />
3,145,250.00<br />
3,000,000 BMW UK CAPITAL PLC FRN REG-S EUR 2,979,037.25 99.650 2,989,500.00 3.68<br />
1.224% 03.30.10 - 09.30.11<br />
2,000,000 BP CAPITAL MARKETS PLC EMTN SERIES 46 EUR 1,982,537.25 98.000 1,960,000.00 2.41<br />
TRANCHE 1<br />
4.5% 11.08.07 - 11.08.12<br />
3,000,000 HSBC FINANCE CORP FRN EMTN EUR 2,984,445.21 99.890 2,996,700.00 3.69<br />
0.918% 09.14.05 - 09.14.10<br />
4,000,000 IMPERIAL TOBACCO FINANCE PLC EMTN EUR 3,990,037.25 99.720 3,988,800.00 4.91<br />
0% 06.17.10 - 09.17.10<br />
2,000,000 NATIONWIDE BUILDING SOCIETY FRN EMTN EUR 1,988,378.30 99.975 1,999,500.00 2.46<br />
0.763% 08.02.05 - 08.02.10<br />
2,000,000 ROTHSCHILD CONTINUATION FINANCE PLC FRN EUR 1,964,637.25 97.815 1,956,308.00 2.41<br />
EMTN<br />
0.929% 09.18.06 - 09.19.11<br />
1,000,000 ROYAL BANK OF SCOTLAND PLC FRN EMTN EUR 1,016,537.25 101.120 1,011,200.00 1.24<br />
3.25334% 02.23.07 - 02.23.12<br />
1,000,000 UBS AG LONDON BRANCH FRN EMTN EUR 1,000,317.35 100.020 1,000,200.00 1.23<br />
0.993% 12.10.07 - 12.10.10<br />
TOTAL UNITED KINGDOM<br />
UNITED STATES OF AMERICA<br />
17,905,927.11<br />
17,902,208.00<br />
2,000,000 CITIGROUP INC FRN EMTN EUR 1,950,038.00 98.880 1,977,600.00 2.43<br />
0.852% 06.03.04 - 06.03.11<br />
2,000,000 GOLDMAN SACHS GROUP INC EUR 2,036,437.35 100.200 2,004,000.00 2.47<br />
4.25% 08.04.03 - 08.04.10<br />
2,000,000 MERRILL LYNCH & CO INC FRN EMTN EUR 1,880,118.00 97.850 1,957,000.00 2.41<br />
0.854% 10.31.06 - 10.31.11<br />
3,000,000 MERRILL LYNCH SA FRN EMTN SERIES 180 EUR 2,962,834.45 99.825 2,994,750.00 3.68<br />
0.948% 09.29.05 - 09.29.10<br />
11.64<br />
11.13<br />
3.87<br />
22.03<br />
The notes are an integral part of these financial statements<br />
93
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO EUR<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
3,000,000 MORGAN STANLEY EMTN EUR 3,147,337.25 102.765 3,082,950.00 3.79<br />
6.5% 04.15.08 - 04.15.11<br />
TOTAL UNITED STATES OF AMERICA<br />
11,976,765.05<br />
12,016,300.00<br />
TOTAL BONDS 75,915,884.32<br />
75,566,914.25 92.97<br />
14.78<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
75,915,884.32<br />
75,566,914.25<br />
92.97<br />
TOTAL INVESTMENTS IN SECURITIES 75,915,884.32<br />
75,566,914.25 92.97<br />
Cash/(bank overdraft) 5,404,105.90 6.65<br />
Other assets and liabilities 313,283.79 0.38<br />
TOTAL NET ASSETS 81,284,303.94 100.00<br />
The notes are an integral part of these financial statements<br />
94
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO EUR<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
United Kingdom 22.03<br />
United States of America 14.78<br />
Germany 13.28<br />
Netherlands 11.64<br />
Spain 11.13<br />
Italy 5.57<br />
Switzerland 3.87<br />
Belgium 3.22<br />
Austria 2.51<br />
Australia 2.49<br />
France 2.45<br />
TOTAL INVESTMENTS IN SECURITIES<br />
92.97<br />
Other assets and liabilities 7.03<br />
NET ASSETS 100.00<br />
95
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO EUR<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Banks and other credit institutions 56.16<br />
Holding and finance companies 20.83<br />
Mortgage & funding institutions MBA 3.70<br />
Road vehicles 3.68<br />
Other 3.64<br />
Bonds of governments and towns 2.50<br />
Real estate companies 2.46<br />
TOTAL INVESTMENTS IN SECURITIES<br />
92.97<br />
Other assets and liabilities 7.03<br />
NET ASSETS 100.00<br />
96
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO USD<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in USD)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 117,224,803.50<br />
- Net unrealised result (790,066.98)<br />
116,434,736.52<br />
Cash:<br />
- Cash at sight (see notes) 23,629,418.22<br />
Other assets:<br />
- Interest receivable<br />
- Formation/reorganisation expenses, net (see notes)<br />
996,620.84<br />
8,234.94<br />
141,069,010.52<br />
LIABILITIES<br />
Other liabilities:<br />
- Taxes and expenses payable 278,327.69<br />
278,327.69<br />
NET ASSETS 140,790,682.83<br />
CLASS A<br />
Net asset value per share<br />
Shares outstanding<br />
100.59<br />
1,399,711.000<br />
The notes are an integral part of these financial statements<br />
97
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO USD<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in USD)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 130,880,676.45<br />
INCOME<br />
Income from investments:<br />
- Bond interest, net (see notes) 1,777,602.86<br />
1,777,602.86<br />
EXPENSES<br />
Bank interest, net 28,066.35<br />
Fees:<br />
- Global fee (see notes) 360,347.18<br />
- Custodian and Administration fees 141,983.73<br />
Other expenses:<br />
- Annual tax (see notes) 34,308.46<br />
- Amortisation of formation/reorganisation expenses (see notes) 1,024.00<br />
- Audit and legal fees 10,525.70<br />
- Printing and publishing fees 3,937.11<br />
- Administrative and other expenses 18,618.29<br />
598,810.82<br />
NET OPERATING RESULT 1,178,792.04<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) (573,041.50)<br />
NET REALISED RESULT 605,750.54<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments (572,299.32)<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
33,451.22<br />
MOVEMENTS IN CAPITAL<br />
Subscriptions of shares 65,423,965.99<br />
Re<strong>de</strong>mptions of shares (55,547,410.83)<br />
9,876,555.16<br />
NET ASSETS AT THE END OF THE PERIOD 140,790,682.83<br />
The notes are an integral part of these financial statements<br />
98
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO USD<br />
STATISTICAL INFORMATION<br />
Period from January 1, 2010 to June 30, 2010<br />
SHARES<br />
Class A<br />
Shares outstanding at the beginning of the period 1,301,797.000<br />
Subscriptions of shares 650,099.000<br />
Re<strong>de</strong>mptions of shares (552,185.000)<br />
Shares outstanding at the end of the period 1,399,711.000<br />
NET ASSET VALUE PER SHARE<br />
USD<br />
Highest 100.75<br />
04.28.10<br />
Lowest 100.37<br />
05.28.10<br />
At the end of the period 100.59<br />
99
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO USD<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
Class A<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
0.82%<br />
-<br />
PTR (Portfolio Turnover Rate) 40.00%<br />
100
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO USD<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
* 05.29.09 Class A<br />
159,588.000 15,958,800.00 USD<br />
100.00<br />
12.31.09 Class A<br />
1,301,797.000 130,880,676.45 USD<br />
100.54<br />
06.30.10 Class A<br />
1,399,711.000 140,790,682.83 USD<br />
100.59<br />
* first valuation<br />
101
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO USD<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in USD)<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
BONDS<br />
ARUBA<br />
2,000,000 UFJ FINANCE ARUBA AEC USD 2,251,454.68 112.195 2,243,900.00 1.59<br />
6.75% 07.25.03 - 07.15.13<br />
TOTAL ARUBA<br />
2,251,454.68<br />
2,243,900.00 1.59<br />
AUSTRALIA<br />
3,000,000 AUSTRALIA & NEW ZEALAND BANKING GRP LTD<br />
FRN EMTN<br />
0.53925% 03.20.06 - 03.20.11<br />
TOTAL AUSTRALIA<br />
USD 2,993,747.93 99.800 2,994,000.00 2.13<br />
2,993,747.93<br />
2,994,000.00<br />
2.13<br />
BELGIUM<br />
5,000,000 BELGIUM FRN EMTN USD 5,000,107.06 99.950 4,997,500.00 3.55<br />
0.45313% 08.06.09 - 08.06.12<br />
TOTAL BELGIUM<br />
EUROPEAN COMMUNITY<br />
5,000,107.06<br />
4,997,500.00<br />
1,000,000 COUNCIL OF EUROPE EMTN USD 1,047,163.35 101.490 1,014,900.00 0.72<br />
4.375% 04.01.05 - 12.01.10<br />
TOTAL EUROPEAN COMMUNITY<br />
FRANCE<br />
1,047,163.35<br />
1,014,900.00<br />
4,000,000 DEXIA CREDIT LOCAL DE FRANCE FRN EMTN USD 4,595,295.45 111.850 4,474,000.00 3.18<br />
8% 05.30.06 - 05.30.13<br />
TOTAL FRANCE<br />
GERMANY<br />
4,595,295.45<br />
4,474,000.00<br />
1,000,000 LDKB BADEN WUERTTEMBERG-FOERDERBANK FRN USD 1,000,291.95 99.807 998,068.00 0.71<br />
EMTN - SERIES 5262<br />
0.60906% 08.05.09 - 11.04.11<br />
2,000,000 NRW.BANK EMTN USD 2,085,049.14 101.255 2,025,100.00 1.44<br />
4.75% 11.02.05 - 11.02.10<br />
TOTAL GERMANY<br />
IRELAND<br />
3,085,341.09<br />
3,023,168.00<br />
5,000,000 ALLIED IRISH BANKS PLC EMTN USD 5,031,677.93 100.119 5,005,940.00 3.56<br />
3% 05.15.09 - 08.16.10<br />
TOTAL IRELAND<br />
ITALY<br />
5,031,677.93<br />
5,005,940.00<br />
2,000,000 INTESA SANPAOLO SPA NY FRN USD 1,990,852.22 98.798 1,975,968.00 1.40<br />
0.64438% 11.04.09 - 11.04.11<br />
2,000,000 UNICREDIT SPA FRN EMTN USD 1,979,874.75 98.950 1,979,000.00 1.41<br />
0.4315% 10.04.04 - 10.04.11<br />
TOTAL ITALY<br />
3,970,726.97<br />
3,954,968.00<br />
3.55<br />
0.72<br />
3.18<br />
2.15<br />
3.56<br />
2.81<br />
The notes are an integral part of these financial statements<br />
102
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO USD<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
JAPAN<br />
2,000,000 BANK OF TOKYO-MITSUBISHI UFJ LTD USD 2,152,551.02 104.877 2,097,540.00 1.49<br />
7.4% 06.15.01 - 06.15.11<br />
TOTAL JAPAN<br />
NETHERLANDS<br />
The notes are an integral part of these financial statements<br />
103<br />
2,152,551.02<br />
2,097,540.00<br />
2,000,000 NEDERLANDSE WATERSCHAPSBANK NV EMTN USD 1,998,595.40 100.425 2,008,500.00 1.43<br />
1.375% 01.20.10 - 02.17.12<br />
5,110,000 SCOTLAND INTERNATIONAL FINANCE NO 2 BV - USD 5,234,838.99 100.567 5,138,978.81 3.65<br />
REG-S<br />
7.7% 08.22.00 - 08.15.10<br />
TOTAL NETHERLANDS<br />
SINGAPORE<br />
7,233,434.39<br />
7,147,478.81<br />
3,000,000 DBS BANK LTD - REG-S USD 3,183,050.05 103.935 3,118,050.00 2.21<br />
7.125% 05.17.01 - 02.15.11<br />
TOTAL SINGAPORE<br />
SPAIN<br />
3,183,050.05<br />
3,118,050.00<br />
6,000,000 <strong>BBVA</strong> US SENIOR SA UNIPERSONAL FRN REG-S USD 6,000,058.66 99.268 5,956,080.00 4.23<br />
0.66406% 11.24.09 - 05.24.11<br />
2,000,000 SANTANDER US DEBT SA UNIPERSONAL FRN USD 1,992,057.05 99.977 1,999,548.00 1.42<br />
0.36281% 07.23.07 - 07.23.10<br />
1,000,000 SPAIN EMTN - REG-S USD 1,039,254.09 100.120 1,001,200.00 0.71<br />
4.125% 07.20.05 - 07.20.10<br />
TOTAL SPAIN<br />
SUPRANATIONAL ORGANISATIONS<br />
9,031,369.80<br />
8,956,828.00<br />
2,000,000 ADB - ASIAN DEVELOPMENT BANK EMTN USD 2,084,796.80 100.710 2,014,200.00 1.43<br />
4.125% 07.26.05 - 09.15.10<br />
2,000,000 NORDIC INVESTMENT BANK USD 1,995,096.82 101.135 2,022,700.00 1.44<br />
1.625% 01.28.10 - 01.28.13<br />
2,000,000 NORDIC INVESTMENT BANK EMTN USD 2,057,056.80 101.510 2,030,200.00 1.44<br />
3.125% 01.18.08 - 02.15.11<br />
TOTAL SUPRANATIONAL ORGANISATIONS<br />
SWITZERLAND<br />
6,136,950.42<br />
6,067,100.00<br />
1,000,000 UBS AG JERSEY BRANCH FRN EMTN USD 890,055.03 93.750 937,500.00 0.67<br />
0.45438% 04.18.06 - 04.18.16<br />
3,000,000 UBS AG LONDON BRANCH FRN EMTN USD 2,997,356.77 99.980 2,999,400.00 2.13<br />
1.06578% 10.26.09 - 10.26.11<br />
TOTAL SWITZERLAND<br />
UNITED KINGDOM<br />
3,887,411.80<br />
3,936,900.00<br />
5,000,000 ANGLO IRISH BANK CORP LTD USD 5,033,302.63 100.050 5,002,500.00 3.56<br />
2.375% 10.02.09 - 09.29.10<br />
4,000,000 BANK OF SCOTLAND PLC EMTN USD 4,104,045.58 102.600 4,104,000.00 2.91<br />
5.28% 01.29.07 - 01.29.14<br />
3,000,000 BP CAPITAL MARKETS PLC EMTN REG-S USD 2,950,090.79 97.060 2,911,800.00 2.07<br />
3.625% 05.29.08 - 05.27.11<br />
4,500,000 HSBC FINANCE CORP USD 4,610,748.40 100.354 4,515,930.00 3.21<br />
4.625% 09.15.05 - 09.15.10<br />
2,000,000 LLOYDS TSB BANK PLC - REG-S USD 2,012,672.44 101.010 2,020,200.00 1.43<br />
2.3% 04.01.09 - 04.01.11<br />
2,000,000 ROYAL BANK OF SCOTLAND PLC FRN EMTN USD 2,002,258.20 100.009 2,000,174.00 1.42<br />
0.93894% 10.19.09 - 07.19.10<br />
1,000,000 ROYAL BK SCOTLAND PLC FRN EMTN USD 861,554.87 79.015 790,150.00 0.56<br />
0.52781% 06.29.05 - 09.29.15<br />
TOTAL UNITED KINGDOM<br />
UNITED STATES OF AMERICA<br />
21,574,672.91<br />
21,344,754.00<br />
1,000,000 AMERICAN HONDA FINANCE CORP FRN -144A- USD 1,008,140.06 100.599 1,005,985.00 0.71<br />
1.28925% 06.20.08 - 06.20.11<br />
1.49<br />
5.08<br />
2.21<br />
6.36<br />
4.31<br />
2.80<br />
15.16
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO USD<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
2,000,000 BERKSHIRE HATHAWAY INC FRN USD 2,000,055.81 100.178 2,003,564.00 1.42<br />
0.55359% 02.11.10 - 02.10.12<br />
2,000,000 CITIGROUP INC USD 2,074,059.57 103.546 2,070,920.00 1.47<br />
5.1% 09.29.06 - 09.29.11<br />
3,000,000 CITIGROUP INC FRN USD 2,994,808.89 100.010 3,000,303.00 2.13<br />
0.57281% 08.13.07 - 08.13.10<br />
1,150,000 CITIGROUP INC FRN USD 1,129,141.56 98.334 1,130,835.25 0.80<br />
0.53506% 05.18.06 - 05.18.11<br />
1,000,000 GECC GENERAL ELECTRIC CAPITAL CORP FRN USD 949,447.04 94.510 945,104.00 0.67<br />
EMTN<br />
0.67925% 09.28.06 - 12.20.13<br />
2,000,000 GECC GENERAL ELECTRIC CAPITAL CORP FRN USD 1,878,847.81 94.587 1,891,740.00 1.34<br />
EMTN<br />
0.60925% 11.27.06 - 12.20.13<br />
1,000,000 GECC GENERAL ELECTRIC CAPITAL CORP FRN USD 927,557.52 98.220 982,200.00 0.70<br />
EMTN SERIE A TRANCHE 78<br />
0.414% 04.10.07 - 04.10.12<br />
1,150,000 GOLDMAN SACHS GROUP INC FRN USD 1,136,731.56 97.005 1,115,559.80 0.79<br />
0.53313% 02.14.07 - 02.06.12<br />
2,000,000 JPMORGAN CHASE & CO FRN USD 1,987,300.06 99.098 1,981,960.00 1.41<br />
0.66425% 12.21.06 - 12.21.11<br />
3,000,000 JPMORGAN CHASE & CO FRN USD 3,007,589.25 100.022 3,000,669.00 2.13<br />
0.85825% 09.24.07 - 09.24.10<br />
2,000,000 KRAFT FOODS INC USD 2,194,251.29 108.482 2,169,632.20 1.54<br />
6.25% 05.20.02 - 06.01.12<br />
1,000,000 PFIZER INC FRN USD 1,026,296.52 101.430 1,014,304.00 0.72<br />
2.48706% 03.24.09 - 03.15.11<br />
840,000 ROCHE HOLDINGS INC FRN -144A- USD 865,450.61 101.293 850,860.36 0.60<br />
3.44688% 02.25.09 - 02.25.11<br />
3,000,000 WELLS FARGO & CO FRN USD 2,983,587.13 100.042 3,001,254.00 2.14<br />
0.68469% 08.22.07 - 08.20.10<br />
2,500,000 WESTPAC BANKING CORP USD 2,510,360.76 100.675 2,516,875.00 1.79<br />
2.25% 11.19.09 - 11.19.12<br />
1,000,000 3M CO USD 1,081,055.35 109.115 1,091,152.00 0.78<br />
4.375% 08.21.08 - 08.15.13<br />
TOTAL UNITED STATES OF AMERICA<br />
29,754,680.79<br />
29,772,917.61<br />
TOTAL BONDS 110,929,635.64<br />
110,149,944.42 78.24<br />
21.14<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
110,929,635.64<br />
110,149,944.42<br />
78.24<br />
OTHER TRANSFERABLE SECURITIES<br />
BONDS<br />
GERMANY<br />
900,000 BAYERISCHE LANDESBANK GIROZENTRALE NY USD 874,858.85 99.577 896,192.10 0.64<br />
FRN<br />
0.42013% 12.30.03 - 03.31.14<br />
2,500,000 DEUTSCHE BANK AG LONDON FRN EMTN USD 2,383,800.91 96.330 2,408,250.00 1.70<br />
4.779% 09.19.05 - 09.19.12<br />
TOTAL GERMANY<br />
NETHERLANDS<br />
3,258,659.76<br />
3,304,442.10<br />
2,000,000 SNS BANK NV EMTN USD 2,036,450.75 100.548 2,010,960.00 1.43<br />
4.625% 09.07.05 - 09.07.10<br />
TOTAL NETHERLANDS<br />
2,036,450.75<br />
2,010,960.00<br />
2.34<br />
1.43<br />
The notes are an integral part of these financial statements<br />
104
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO USD<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
SPAIN<br />
1,000,000 SANTANDER US DEBT SA UNIPERSONAL 144A USD 1,000,057.35 96.939 969,390.00 0.69<br />
2.485% 01.19.10 - 01.18.13<br />
TOTAL SPAIN<br />
1,000,057.35<br />
969,390.00<br />
TOTAL BONDS 6,295,167.86<br />
6,284,792.10 4.46<br />
TOTAL OTHER TRANSFERABLE SECURITIES 6,295,167.86<br />
6,284,792.10 4.46<br />
0.69<br />
TOTAL INVESTMENTS IN SECURITIES 117,224,803.50<br />
116,434,736.52 82.70<br />
Cash/(bank overdraft) 23,629,418.22 16.78<br />
Other assets and liabilities 726,528.09 0.52<br />
TOTAL NET ASSETS 140,790,682.83 100.00<br />
The notes are an integral part of these financial statements<br />
105
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO USD<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
United States of America 21.14<br />
United Kingdom 15.16<br />
Spain 7.05<br />
Netherlands 6.51<br />
Germany 4.49<br />
Supranational Organisations 4.31<br />
Ireland 3.56<br />
Belgium 3.55<br />
France 3.18<br />
Italy 2.81<br />
Switzerland 2.80<br />
Singapore 2.21<br />
Australia 2.13<br />
Aruba 1.59<br />
Japan 1.49<br />
European Community 0.72<br />
TOTAL INVESTMENTS IN SECURITIES<br />
82.70<br />
Other assets and liabilities 17.30<br />
NET ASSETS 100.00<br />
106
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MONETARIO USD<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Banks and other credit institutions 51.28<br />
Holding and finance companies 15.64<br />
Supranational organisations 4.31<br />
Bonds of governments and towns 4.26<br />
Other 4.23<br />
Foodstuffs and non-alcoholic drinks 1.54<br />
Pharmaceutical and cosmetics industry 0.72<br />
European organisations 0.72<br />
TOTAL INVESTMENTS IN SECURITIES<br />
82.70<br />
Other assets and liabilities 17.30<br />
NET ASSETS 100.00<br />
107
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GRANDFATHERING BOND<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 654,049.73<br />
- Net unrealised result (23,052.75)<br />
630,996.98<br />
Cash:<br />
- Cash at sight (see notes) 159,012.83<br />
Other assets:<br />
- Interest receivable 20,409.30<br />
- Prepaid expenses 31.90<br />
810,451.01<br />
LIABILITIES<br />
Other liabilities:<br />
- Taxes and expenses payable 4,920.02<br />
4,920.02<br />
NET ASSETS 805,530.99<br />
CLASS A<br />
Net asset value per share<br />
Shares outstanding<br />
51.19<br />
15,737.134<br />
The notes are an integral part of these financial statements<br />
108
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GRANDFATHERING BOND<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in EUR)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 1,633,798.07<br />
INCOME<br />
Income from investments:<br />
- Bond interest, net (see notes) 32,949.74<br />
32,949.74<br />
EXPENSES<br />
Bank interest, net 252.11<br />
Fees:<br />
- Global fee (see notes) 5,298.13<br />
- Custodian and Administration fees 5,007.26<br />
Other expenses:<br />
- Annual tax (see notes) 299.99<br />
- Audit and legal fees 220.88<br />
- Printing and publishing fees 53.04<br />
- Administrative and other expenses 4,158.60<br />
15,290.01<br />
NET OPERATING RESULT 17,659.73<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) (60,538.15)<br />
NET REALISED RESULT (42,878.42)<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments 48,778.10<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
5,899.68<br />
MOVEMENTS IN CAPITAL<br />
Re<strong>de</strong>mptions of shares (834,166.76)<br />
(834,166.76)<br />
NET ASSETS AT THE END OF THE PERIOD 805,530.99<br />
The notes are an integral part of these financial statements<br />
109
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GRANDFATHERING BOND<br />
STATISTICAL INFORMATION<br />
Period from January 1, 2010 to June 30, 2010<br />
SHARES<br />
Class A<br />
Shares outstanding at the beginning of the period 32,056.775<br />
Subscriptions of shares 0.000<br />
Re<strong>de</strong>mptions of shares (16,319.641)<br />
Shares outstanding at the end of the period 15,737.134<br />
NET ASSET VALUE PER SHARE<br />
EUR<br />
Highest 51.35<br />
05.25.10<br />
Lowest 50.57<br />
05.10.10<br />
At the end of the period 51.19<br />
110
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GRANDFATHERING BOND<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
Class A<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
2.13%<br />
-<br />
PTR (Portfolio Turnover Rate) (8.00%)<br />
111
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GRANDFATHERING BOND<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
12.31.07 Class A 128,486.000 6,299,098.36 EUR<br />
49.03<br />
12.31.08 Class A<br />
77,984.189 3,934,154.27 EUR<br />
50.45<br />
12.31.09 Class A<br />
32,056.775 1,633,798.07 EUR<br />
50.97<br />
06.30.10 Class A<br />
15,737.134 805,530.99 EUR<br />
51.19<br />
112
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GRANDFATHERING BOND<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
BONDS<br />
GERMANY<br />
65,000 DEUTSCHE PFANDBRIEFBANK AG SERIES 392 EUR 80,388.64 116.082 75,452.98 9.36<br />
6% 09.14.00 - 09.14.15<br />
65,000 DZ BANK AG EMTN - SERIES 952 EUR 68,675.45 108.760 70,694.00 8.78<br />
4.25% 01.16.04 - 01.16.14<br />
70,000 LAND HESSEN SERIE 3 EUR 74,589.16 102.480 71,736.00 8.90<br />
5.75% 10.26.00 - 01.04.11<br />
65,000 LANDESBANK BADEN WUERTTEMBERG SERIE 250 EUR 66,471.00 100.015 65,009.75 8.07<br />
5.5% 04.06.00 - 07.06.10<br />
65,000 LANDESBANK RHEINLAND-PFALZ SERIE 591 EUR 75,234.14 102.520 66,638.00 8.27<br />
5.75% 09.15.00 - 01.14.11<br />
65,000 LDKB BADEN WUERTTEMBERG-FOERDERBANK EUR 66,466.05 100.040 65,026.00 8.07<br />
EMTN - SERIES 5002<br />
5.5% 04.04.00 - 07.04.10<br />
65,000 NORDDEUTSCHE LANDESBANK GIROZENTRALE EUR 75,018.34 102.070 66,345.50 8.24<br />
EMTN - SERIES 7<br />
5.75% 12.04.00 - 12.06.10<br />
TOTAL GERMANY<br />
ITALY<br />
506,842.78<br />
480,902.23<br />
65,000 ITALY EUR 72,104.60 105.435 68,532.75 8.51<br />
9.25% 03.07.91 - 03.07.11<br />
TOTAL ITALY<br />
SUPRANATIONAL ORGANISATIONS<br />
72,104.60<br />
68,532.75<br />
65,000 EIB EUROPEAN INVESTMENT BANK EUR 75,102.35 125.480 81,562.00 10.13<br />
5.625% 02.23.98 - 02.15.28<br />
TOTAL SUPRANATIONAL ORGANISATIONS<br />
75,102.35<br />
81,562.00<br />
TOTAL BONDS 654,049.73<br />
630,996.98 78.33<br />
59.69<br />
8.51<br />
10.13<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
654,049.73<br />
630,996.98<br />
78.33<br />
TOTAL INVESTMENTS IN SECURITIES 654,049.73<br />
630,996.98 78.33<br />
Cash/(bank overdraft) 159,012.83 19.74<br />
Other assets and liabilities 15,521.18 1.93<br />
TOTAL NET ASSETS 805,530.99 100.00<br />
The notes are an integral part of these financial statements<br />
113
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GRANDFATHERING BOND<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
Germany 59.69<br />
Supranational Organisations 10.13<br />
Italy 8.51<br />
TOTAL INVESTMENTS IN SECURITIES<br />
78.33<br />
Other assets and liabilities 21.67<br />
NET ASSETS 100.00<br />
114
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA GRANDFATHERING BOND<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Banks and other credit institutions 41.43<br />
Bonds of governments and towns 17.41<br />
European organisations 10.13<br />
Mortgage & funding institutions MBA 9.36<br />
TOTAL INVESTMENTS IN SECURITIES<br />
78.33<br />
Other assets and liabilities 21.67<br />
NET ASSETS 100.00<br />
115
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LA ENCINA<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 14,619,422.11<br />
- Net unrealised result (215,577.04)<br />
14,403,845.07<br />
Cash:<br />
- Cash at sight (see notes) 2,240,021.39<br />
Other assets:<br />
- Interest receivable<br />
- Formation/reorganisation expenses, net (see notes)<br />
66,789.18<br />
212.00<br />
- Prepaid expenses 355.00<br />
16,711,222.64<br />
LIABILITIES<br />
Other liabilities:<br />
- Taxes and expenses payable 32,336.30<br />
32,336.30<br />
NET ASSETS 16,678,886.34<br />
CLASS A<br />
Net asset value per share<br />
Shares outstanding<br />
92.87<br />
179,600.000<br />
The notes are an integral part of these financial statements<br />
116
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LA ENCINA<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in EUR)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 13,736,352.84<br />
INCOME<br />
Income from investments:<br />
- Divi<strong>de</strong>nds, net 129,533.38<br />
- Bond interest, net (see notes) 74,870.75<br />
204,404.13<br />
EXPENSES<br />
Bank interest, net 747.89<br />
Fees:<br />
- Global fee (see notes) 38,811.93<br />
- Custodian and Administration fees 17,731.00<br />
Other expenses:<br />
- Annual tax (see notes) 3,853.03<br />
- Amortisation of formation/reorganisation expenses (see notes) 300.00<br />
- Audit and legal fees 2,305.48<br />
- Printing and publishing fees 314.68<br />
- Administrative and other expenses 2,527.68<br />
66,591.69<br />
NET OPERATING RESULT 137,812.44<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) 7,052.60<br />
- Foreign exchange 9,859.53<br />
NET REALISED RESULT 154,724.57<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments (190,386.07)<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
(35,661.50)<br />
MOVEMENTS IN CAPITAL<br />
Subscriptions of shares 2,978,195.00<br />
2,978,195.00<br />
NET ASSETS AT THE END OF THE PERIOD 16,678,886.34<br />
The notes are an integral part of these financial statements<br />
117
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LA ENCINA<br />
STATISTICAL INFORMATION<br />
Period from January 1, 2010 to June 30, 2010<br />
SHARES<br />
Class A<br />
Shares outstanding at the beginning of the period 148,300.000<br />
Subscriptions of shares 31,300.000<br />
Re<strong>de</strong>mptions of shares (0.000)<br />
Shares outstanding at the end of the period 179,600.000<br />
NET ASSET VALUE PER SHARE<br />
EUR<br />
Highest 96.39<br />
04.16.10<br />
Lowest 89.93<br />
02.08.10<br />
At the end of the period 92.87<br />
118
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LA ENCINA<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
Class A<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
0.92%<br />
-<br />
PTR (Portfolio Turnover Rate) 136.00%<br />
119
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LA ENCINA<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
12.31.07 Class A 126,800.000 13,143,422.96 EUR<br />
103.65<br />
12.31.08 Class A<br />
126,800.000 10,361,358.69 EUR<br />
81.71<br />
12.31.09 Class A<br />
148,300.000 13,736,352.84 EUR<br />
92.63<br />
06.30.10 Class A<br />
179,600.000 16,678,886.34 EUR<br />
92.87<br />
120
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LA ENCINA<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
Number<br />
or<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(voir notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
BONDS<br />
FRANCE<br />
300,000 EDF ELECTRICITE DE FRANCE EMTN EUR 329,693.25 109.230 327,690.00 1.96<br />
5.625% 11.26.08 - 01.23.13<br />
300,000 SANOFI-AVENTIS EMTN EUR 313,823.50 104.560 313,680.00 1.88<br />
3.5% 05.18.09 - 05.17.13<br />
100,000 SUEZ ENVIRONNEMENT CO EMTN EUR 107,865.25 108.790 108,790.00 0.65<br />
4.875% 04.08.09 - 04.08.14<br />
TOTAL FRANCE<br />
751,382.00<br />
750,160.00 4.49<br />
GERMANY<br />
100,000 BMW FINANCE NV EMTN EUR 104,168.25 105.808 105,807.90 0.63<br />
4% 09.17.09 - 09.17.14<br />
250,000 DEUTSCHE TELEKOM AG FRN EUR 250,591.00 99.735 249,337.50 1.49<br />
1.132% 11.29.06 - 05.23.12<br />
300,000 RWE FINANCE BV EMTN EUR 336,393.50 112.100 336,300.00 2.03<br />
5.75% 11.20.08 - 11.20.13<br />
TOTAL GERMANY<br />
691,152.75<br />
691,445.40 4.15<br />
100,000<br />
PORTUGAL<br />
BANCO SANTANDER TOTTA SA EMTN EUR 99,630.10 99.464 99,464.00 0.60<br />
3.75% 06.12.09 - 06.12.12<br />
TOTAL PORTUGAL<br />
99,630.10<br />
99,464.00 0.60<br />
SPAIN<br />
100,000 AYT CEAMI I FONDO DE TITULIZACION DE ACTIVOS EUR 99,662.90 99.155 99,154.60 0.59<br />
3.125% 06.23.09 - 06.22.12<br />
500,000 SANTANDER INTERNATIONAL DEBT SA FRN EMTN EUR 491,228.10 101.885 509,425.00 3.05<br />
5.125% 04.11.08 - 04.11.11<br />
1,100,000 SPAIN EUR 1,108,335.61 100.050 1,100,550.00 6.60<br />
2.75% 01.13.09 - 04.30.12<br />
150,000 SPAIN EUR 153,777.25 102.020 153,030.00 0.92<br />
3.9% 01.16.07 - 10.31.12<br />
400,000 SPAIN EUR 388,428.10 100.170 400,680.00 2.40<br />
3.25% 04.12.05 - 07.30.10<br />
1,100,000 SPAIN EUR 1,140,239.03 101.540 1,116,940.00 6.70<br />
4.1% 01.15.08 - 04.30.11<br />
400,000 SPAIN EUR 398,654.50 98.820 395,280.00 2.37<br />
3.3% 07.07.09 - 10.31.14<br />
800,000 SPAIN LETRAS DEL TESORO 12M EUR 782,334.07 97.604 780,834.48 4.68<br />
0% 06.18.10 - 06.17.11<br />
TOTAL SPAIN<br />
4,562,659.56<br />
4,555,894.08 27.31<br />
250,000<br />
UNITED KINGDOM<br />
VODAFONE GROUP PLC FRN EMTN EUR 247,119.17 96.670 241,675.00 1.45<br />
1.056% 06.06.07 - 06.06.14<br />
TOTAL UNITED KINGDOM<br />
247,119.17<br />
241,675.00 1.45<br />
TOTAL BONDS 6,351,943.58<br />
6,338,638.48 38.00<br />
The notes are an integral part of these financial statements<br />
121
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LA ENCINA<br />
Number<br />
or<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(voir notes)<br />
% of<br />
net<br />
assets<br />
EQUITIES<br />
FRANCE<br />
2,900 BNP PARIBAS SA EUR 211,707.99 44.770 129,833.00 0.78<br />
4,000 EDF ELECTRICITE DE FRANCE EUR 135,459.18 31.430 125,720.00 0.75<br />
13,000 FRANCE TELECOM SA EUR 255,837.99 14.285 185,705.00 1.11<br />
6,000 GDF SUEZ EUR 158,418.10 23.500 141,000.00 0.85<br />
3,200 LOUIS VUITTON MOET HENESSY SA EUR 235,670.53 89.810 287,392.00 1.72<br />
7,800 TOTAL SA EUR 364,808.41 36.965 288,327.00 1.73<br />
TOTAL FRANCE<br />
GERMANY<br />
The notes are an integral part of these financial statements<br />
122<br />
1,361,902.20<br />
1,157,977.00<br />
6,400 BAYER AG - REG SHS EUR 277,166.53 46.000 294,400.00 1.77<br />
9,000 DAIMLER AG - REG SHS EUR 355,160.32 41.920 377,280.00 2.25<br />
9,000 E.ON AG EUR 288,450.24 22.180 199,620.00 1.20<br />
3,700 RWE AG -A- EUR 250,369.21 53.720 198,764.00 1.19<br />
4,700 SIEMENS AG - REG SHS EUR 336,297.56 74.020 347,894.00 2.09<br />
TOTAL GERMANY<br />
LUXEMBOURG<br />
1,507,443.86<br />
1,417,958.00<br />
11,100 ARCELOR MITTAL SA - NEW REG EUR 291,233.69 22.355 248,140.50 1.49<br />
TOTAL LUXEMBOURG<br />
NETHERLANDS<br />
291,233.69<br />
248,140.50<br />
1,200 HEINEKEN NV EUR 41,721.17 34.870 41,844.00 0.25<br />
21,000 KONINKLIJKE KPN NV EUR 232,216.41 10.475 219,975.00 1.32<br />
10,000 KONINKLIJKE PHILIPS ELECTRONICS NV EUR 240,789.96 24.720 247,200.00 1.48<br />
TOTAL NETHERLANDS<br />
SPAIN<br />
514,727.54<br />
509,019.00<br />
46,000 IBERDROLA RENOVABLES SA EUR 215,267.19 2.572 118,312.00 0.71<br />
TOTAL SPAIN<br />
SWITZERLAND<br />
215,267.19<br />
118,312.00<br />
15,400 NESTLE SA - REG SHS (CHF) CHF 451,702.90 52.200 607,756.59 3.64<br />
2,000 ROCHE HOLDING AG -BJ- CHF 263,701.21 149.100 225,447.85 1.35<br />
6,700 XSTRATA PLC GBP 79,312.48 8.868 73,078.63 0.44<br />
TOTAL SWITZERLAND<br />
UNITED KINGDOM<br />
794,716.59<br />
906,283.07<br />
15,300 ROYAL DUTCH SHELL PLC -A- EUR 336,098.91 20.750 317,475.00 1.90<br />
10,500 BG GROUP PLC GBP 128,579.06 10.060 129,920.36 0.78<br />
6,000 BHP BILLITON PLC GBP 110,088.89 17.545 129,477.57 0.78<br />
16,600 HSBC HOLDINGS PLC GBP 189,951.55 6.152 125,607.14 0.75<br />
25,000 PRUDENTIAL PLC GBP 210,251.77 5.085 156,358.28 0.94<br />
3,600 RECKITT BENCKISER GROUP PLC GBP 124,439.37 31.320 138,680.11 0.83<br />
120,000 VODAFONE GROUP PLC GBP 236,850.07 1.392 205,378.22 1.23<br />
TOTAL UNITED KINGDOM<br />
UNITED STATES OF AMERICA<br />
1,336,259.62<br />
1,202,896.68<br />
5,600 CATERPILLAR INC USD 255,196.72 60.070 275,189.51 1.66<br />
4,000 COCA COLA CO USD 149,088.43 50.120 164,005.07 0.98<br />
6,000 CVS CAREMARK CORP USD 134,567.51 29.320 143,913.47 0.86<br />
5,200 DEERE & CO USD 217,864.72 55.680 236,858.40 1.42<br />
300 GOOGLE INC -A- USD 92,792.18 444.950 109,199.01 0.65<br />
2,300 IBM CORP USD 183,279.19 123.480 232,332.88 1.39<br />
14,000 INTEL CORP USD 227,743.60 19.450 222,758.28 1.34<br />
2,200 JOHNSON & JOHNSON INC USD 107,659.66 59.060 106,292.43 0.64<br />
4,600 MC DONALD'S CORP USD 175,878.29 65.870 247,874.42 1.50<br />
8,000 MICROSOFT CORP USD 182,159.42 23.010 150,588.85 0.90<br />
2,200 NATIONAL OILWELL VARCO INC USD 66,396.47 33.070 59,517.28 0.36<br />
3,100 OCCIDENTAL PETROLEUM CORP USD 152,276.45 77.150 195,651.80 1.17<br />
4,500 UNITED TECHNOLOGIES CORP USD 183,875.91 64.910 238,951.82 1.43<br />
6.94<br />
8.50<br />
1.49<br />
3.05<br />
0.71<br />
5.43<br />
7.21
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LA ENCINA<br />
Number<br />
or<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(voir notes)<br />
% of<br />
net<br />
assets<br />
5,300 VERIZON COMMUNICATIONS LTD USD 117,149.29 28.020 121,487.12 0.73<br />
TOTAL UNITED STATES OF AMERICA<br />
2,245,927.84<br />
2,504,620.34<br />
TOTAL EQUITIES 8,267,478.53<br />
8,065,206.59 48.36<br />
15.03<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
14,619,422.11<br />
14,403,845.07<br />
86.36<br />
TOTAL INVESTMENTS IN SECURITIES 14,619,422.11<br />
14,403,845.07 86.36<br />
Cash/(bank overdraft) 2,240,021.39 13.43<br />
Other assets and liabilities 35,019.88 0.21<br />
TOTAL NET ASSETS 16,678,886.34 100.00<br />
The notes are an integral part of these financial statements<br />
123
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LA ENCINA<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
Spain 28.02<br />
United States of America 15.03<br />
Germany 12.65<br />
France 11.43<br />
United Kingdom 8.66<br />
Switzerland 5.43<br />
Netherlands 3.05<br />
Luxembourg 1.49<br />
Portugal 0.60<br />
TOTAL INVESTMENTS IN SECURITIES<br />
86.36<br />
Other assets and liabilities 13.64<br />
NET ASSETS 100.00<br />
124
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA LA ENCINA<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Bonds of governments and towns 23.67<br />
Energy and public utilities 6.66<br />
Data transmission 6.10<br />
Oil 5.94<br />
Foodstuffs and non-alcoholic drinks 4.62<br />
Other 3.88<br />
Pharmaceutical and cosmetics industry 3.87<br />
Electrotechnical and electronic industry 3.32<br />
Machinery and apparatus construction 3.08<br />
Electronics & semiconductors 2.82<br />
Holding and finance companies 2.66<br />
Road vehicles 2.25<br />
Banks and other credit institutions 2.13<br />
Mining industry 1.93<br />
Chemicals 1.77<br />
Textiles and clothing industry 1.72<br />
Internet & software services 1.55<br />
Hotels, restaurants and leisure 1.50<br />
Aeronautical and astronomical industry 1.43<br />
Office supplies and computers 1.39<br />
Insurance 0.94<br />
Retail tra<strong>de</strong> 0.86<br />
Precious stones and metals 0.78<br />
Miscellaneous services 0.65<br />
Mortgage & funding institutions MBA 0.59<br />
Tobacco and alcohol 0.25<br />
TOTAL INVESTMENTS IN SECURITIES<br />
86.36<br />
Other assets and liabilities 13.64<br />
NET ASSETS 100.00<br />
125
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS AHORRO DINAMICO<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 6,522,409.18<br />
- Net unrealised result (390,842.28)<br />
6,131,566.90<br />
Cash:<br />
- Cash at sight (see notes) 27,877,115.57<br />
- Margin accounts 4,427,187.44<br />
Other assets:<br />
- Formation/reorganisation expenses, net (see notes) 1,500.00<br />
- Unrealised gain on futures (see notes) 263,976.50<br />
- Unrealised gain on swaps contracts (see notes) 24,965.52<br />
- Prepaid expenses 1,140.40<br />
38,727,452.33<br />
LIABILITIES<br />
Bank overdraft:<br />
- Cash at sight 646,972.61<br />
Other liabilities:<br />
- Taxes and expenses payable<br />
- Unrealised loss on futures (see notes)<br />
95,519.32<br />
3,990.00<br />
- Unrealised loss on swaps contracts (see notes) 104,744.09<br />
851,226.02<br />
NET ASSETS 37,876,226.31<br />
CLASS A<br />
Net asset value per share<br />
Shares outstanding<br />
111.64<br />
339,263.404<br />
The notes are an integral part of these financial statements<br />
126
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS AHORRO DINAMICO<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in EUR)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 40,725,281.60<br />
INCOME<br />
Income from investments:<br />
- Divi<strong>de</strong>nds, net 95,985.31<br />
- Bond interest, net (see notes) 26,165.40<br />
122,150.71<br />
EXPENSES<br />
Bank interest, net 8.89<br />
Fees:<br />
- Global fee (see notes) 104,550.05<br />
- Performance fee (see notes) 13,876.00<br />
- Custodian and Administration fees 49,265.58<br />
Other expenses:<br />
- Annual tax (see notes) 10,482.39<br />
- Amortisation of formation/reorganisation expenses (see notes) 500.00<br />
- Audit and legal fees 3,496.58<br />
- Printing and publishing fees 1,081.00<br />
- Administrative and other expenses 30,623.72<br />
213,884.21<br />
NET OPERATING RESULT (91,733.50)<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) 122,539.51<br />
- Foreign exchange 163,874.56<br />
- Swaps 83,095.23<br />
NET REALISED RESULT 277,775.80<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments (207,556.38)<br />
- Futures 284,875.71<br />
- Swaps (142,505.52)<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
212,589.61<br />
MOVEMENTS IN CAPITAL<br />
Subscriptions of shares 3,768,571.76<br />
Re<strong>de</strong>mptions of shares (6,830,216.66)<br />
(3,061,644.90)<br />
NET ASSETS AT THE END OF THE PERIOD 37,876,226.31<br />
The notes are an integral part of these financial statements<br />
127
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS AHORRO DINAMICO<br />
STATISTICAL INFORMATION<br />
Period from January 1, 2010 to June 30, 2010<br />
SHARES<br />
Class A<br />
Shares outstanding at the beginning of the period 366,586.173<br />
Subscriptions of shares 33,799.593<br />
Re<strong>de</strong>mptions of shares (61,122.362)<br />
Shares outstanding at the end of the period 339,263.404<br />
NET ASSET VALUE PER SHARE<br />
EUR<br />
Highest 112.20<br />
04.27.10<br />
Lowest 110.83<br />
05.26.10<br />
At the end of the period 111.64<br />
128
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS AHORRO DINAMICO<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
Class A<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
1.34%<br />
0.51%<br />
PTR (Portfolio Turnover Rate) 111.00%<br />
129
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS AHORRO DINAMICO<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
12.31.07 Class A 843,762.962 87,827,309.93 EUR<br />
104.09<br />
12.31.08 Class A<br />
461,217.821 47,750,166.43 EUR<br />
103.53<br />
12.31.09 Class A<br />
366,586.173 40,725,281.60 EUR<br />
111.09<br />
06.30.10 Class A<br />
339,263.404 37,876,226.31 EUR<br />
111.64<br />
130
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS AHORRO DINAMICO<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
EQUITIES<br />
AUSTRIA<br />
7,200 RHI AG EUR 146,070.48 19.350 139,320.00 0.37<br />
TOTAL AUSTRIA<br />
146,070.48<br />
139,320.00 0.37<br />
BELGIUM<br />
2,500 ANHEUSER-BUSCH INBEV SA EUR 104,374.21 39.740 99,350.00 0.26<br />
26,600 RECTICEL SA EUR 172,727.43 7.640 203,224.00 0.54<br />
TOTAL BELGIUM<br />
277,101.64<br />
302,574.00 0.80<br />
FRANCE<br />
1,700 FAIVELEY TRANSPORT SA EUR 102,047.35 54.200 92,140.00 0.24<br />
3,200 LAFARGE SA EUR 151,497.81 45.075 144,240.00 0.38<br />
3,000 SOCIETE GENERALE SA -A- EUR 106,761.66 34.300 102,900.00 0.27<br />
1,600 TOTAL SA EUR 61,363.76 36.965 59,144.00 0.16<br />
TOTAL FRANCE<br />
421,670.58<br />
398,424.00 1.05<br />
GERMANY<br />
3,500 BASF SE EUR 161,739.42 45.110 157,885.00 0.42<br />
5,200 CENTROTEC SUSTAINABLE AG EUR 67,890.22 12.860 66,872.00 0.18<br />
3,400 HEIDELBERGCEMENT AG EUR 157,895.54 39.170 133,178.00 0.35<br />
TOTAL GERMANY<br />
387,525.18<br />
357,935.00 0.95<br />
ITALY<br />
7,400 ANSALDO STS SPA EUR 103,567.90 13.230 97,902.00 0.26<br />
14,100 BUZZI UNICEM SPA EUR 149,484.72 8.280 116,748.00 0.31<br />
13,500 ENI SPA EUR 221,453.36 15.190 205,065.00 0.54<br />
TOTAL ITALY<br />
474,505.98<br />
419,715.00 1.11<br />
LUXEMBOURG<br />
17,000 PRYSMIAN SPA EUR 212,106.18 11.840 201,280.00 0.53<br />
13,000 SES SA - FIDUCIARY DEPOSIT RECEIPT EUR 217,827.72 17.115 222,495.00 0.59<br />
TOTAL LUXEMBOURG<br />
429,933.90<br />
423,775.00 1.12<br />
MEXICO<br />
52,500 CORPORACION GEO SAB DE CV -B- MXN 100,738.37 34.610 115,743.77 0.31<br />
50,000 GRUPO MEXICO SAB -B- MXN 105,594.44 30.500 97,141.89 0.26<br />
3,600 AMERICA MOVIL SAB DE CV ADR REPR.20 -L- USD 110,866.55 47.500 139,888.60 0.37<br />
9,800 DESARROLLADORA HOMEX SAB DE CV USD 212,920.74 25.240 202,349.27 0.53<br />
TOTAL MEXICO<br />
530,120.10<br />
555,123.53 1.47<br />
NETHERLANDS<br />
4,800 FUGRO NV - CERT. OF SHS EUR 202,600.39 38.260 183,648.00 0.48<br />
16,400 HEIJMANS NV EUR 216,385.02 11.680 191,552.00 0.51<br />
29,500 STMICROELECTRONICS NV EUR 214,444.77 6.584 194,228.00 0.51<br />
11,500 TNT NV EUR 249,251.70 20.780 238,970.00 0.63<br />
4,000 VOPAK NV EUR 120,566.68 30.190 120,760.00 0.32<br />
TOTAL NETHERLANDS<br />
1,003,248.56<br />
929,158.00 2.45<br />
The notes are an integral part of these financial statements<br />
131
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS AHORRO DINAMICO<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
SPAIN<br />
10,800 CLINICA BAVIERA SA EUR 86,553.40 7.840 84,672.00 0.22<br />
21,000 CODERE SA EUR 205,940.69 6.350 133,350.00 0.35<br />
390 CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES EUR 151,370.01 334.750 130,552.50 0.34<br />
SA<br />
27,400 GRUPO CATALANA OCCIDENTE SA EUR 432,730.17 12.190 334,006.00 0.88<br />
20,000 LABORATORIOS FARMACEUTICOS ROVI SA EUR 99,867.01 4.650 93,000.00 0.25<br />
56,800 TELEFONICA SA EUR 861,838.76 15.255 866,484.00 2.29<br />
TOTAL SPAIN<br />
UNITED KINGDOM<br />
1,838,300.04<br />
1,642,064.50<br />
7,500 SAFT GROUPE EUR 232,304.16 24.910 186,825.00 0.49<br />
TOTAL UNITED KINGDOM<br />
232,304.16<br />
186,825.00<br />
TOTAL EQUITIES 5,740,780.62<br />
5,354,914.03 14.14<br />
4.33<br />
0.49<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
5,740,780.62<br />
5,354,914.03<br />
14.14<br />
OTHER TRANSFERABLE SECURITIES<br />
EQUITIES<br />
FRANCE<br />
7,500 DAT SAFT GROUPE 10-06.30.10 EUR 0.00 0.000 0.00 0.00<br />
TOTAL FRANCE<br />
SPAIN<br />
48,561 BODACLICK SA EUR 135,024.58 2.780 134,999.58 0.36<br />
TOTAL SPAIN<br />
0.00<br />
135,024.58<br />
0.00<br />
134,999.58<br />
TOTAL EQUITIES 135,024.58<br />
134,999.58 0.36<br />
TOTAL OTHER TRANSFERABLE SECURITIES 135,024.58<br />
134,999.58 0.36<br />
INVESTMENT FUNDS<br />
OPEN-ENDED INVESTMENT FUNDS<br />
CHINA<br />
17,600 HANG SENG H-SHARES INDEX ETF HKD 205,093.98 115.600 213,815.86 0.56<br />
TOTAL CHINA<br />
HONG KONG<br />
205,093.98<br />
213,815.86<br />
17,900 ISHARES MSCI INDEX FUND SERIES HONG KONG USD 213,910.98 14.770 216,281.69 0.57<br />
TOTAL HONG KONG<br />
213,910.98<br />
216,281.69<br />
0.00<br />
0.36<br />
0.56<br />
0.57<br />
MEXICO<br />
5,400 ISHARES INC MSCI MEXICO INVESTABLE MARKET<br />
INDEX FUND<br />
TOTAL MEXICO<br />
USD 227,599.02 47.890 211,555.74 0.56<br />
227,599.02<br />
211,555.74<br />
0.56<br />
TOTAL OPEN-ENDED INVESTMENT FUNDS 646,603.98<br />
641,653.29 1.69<br />
TOTAL INVESTMENT FUNDS 646,603.98<br />
641,653.29 1.69<br />
TOTAL INVESTMENTS IN SECURITIES 6,522,409.18<br />
6,131,566.90 16.19<br />
Cash/(bank overdraft) 31,657,330.40 83.58<br />
Other assets and liabilities 87,329.01 0.23<br />
TOTAL NET ASSETS 37,876,226.31 100.00<br />
The notes are an integral part of these financial statements<br />
132
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS AHORRO DINAMICO<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
Spain 4.69<br />
Netherlands 2.45<br />
Mexico 2.03<br />
Luxembourg 1.12<br />
Italy 1.11<br />
France 1.05<br />
Germany 0.95<br />
Belgium 0.80<br />
Hong Kong 0.57<br />
China 0.56<br />
United Kingdom 0.49<br />
Austria 0.37<br />
TOTAL INVESTMENTS IN SECURITIES<br />
16.19<br />
Other assets and liabilities 83.81<br />
NET ASSETS 100.00<br />
133
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS AHORRO DINAMICO<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Data transmission 3.78<br />
Building and building materials 2.63<br />
Investment funds 1.69<br />
Transportation 1.21<br />
Oil 1.18<br />
Chemicals 0.96<br />
Insurance 0.88<br />
Machinery and apparatus construction 0.69<br />
Electronics & semiconductors 0.51<br />
Electrotechnical and electronic industry 0.49<br />
Other 0.36<br />
Real estate companies 0.31<br />
Banks and other credit institutions 0.27<br />
Tobacco and alcohol 0.26<br />
Non-ferrous metals 0.26<br />
Pharmaceutical and cosmetics industry 0.25<br />
Road vehicles 0.24<br />
Healthcare, education & social services 0.22<br />
TOTAL INVESTMENTS IN SECURITIES<br />
16.19<br />
Other assets and liabilities 83.81<br />
NET ASSETS 100.00<br />
134
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS AUGUSTUS<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 25,578,644.30<br />
- Net unrealised result (615,285.38)<br />
24,963,358.92<br />
Cash:<br />
- Cash at sight (see notes) 4,465,825.05<br />
- Margin accounts 1,792,291.08<br />
Other assets:<br />
- Formation/reorganisation expenses, net (see notes) 1,500.00<br />
- Unrealised gain on swaps contracts (see notes) 1,315.75<br />
- Prepaid expenses 637.30<br />
31,224,928.10<br />
LIABILITIES<br />
Bank overdraft:<br />
- Cash at sight 45.59<br />
Other liabilities:<br />
- Taxes and expenses payable<br />
- Unrealised loss on futures (see notes)<br />
146,924.95<br />
12,210.00<br />
- Unrealised loss on swaps contracts (see notes) 92,112.73<br />
251,293.27<br />
NET ASSETS 30,973,634.83<br />
CLASS A<br />
Net asset value per share<br />
Shares outstanding<br />
85.48<br />
362,370.439<br />
The notes are an integral part of these financial statements<br />
135
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS AUGUSTUS<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in EUR)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 35,546,224.05<br />
INCOME<br />
Income from investments:<br />
- Divi<strong>de</strong>nds, net 288,537.91<br />
- Bond interest, net (see notes) 425.91<br />
288,963.82<br />
EXPENSES<br />
Bank interest, net 50,334.62<br />
Fees:<br />
- Global fee (see notes) 238,976.76<br />
- Performance fee (see notes) 7,471.00<br />
- Custodian and Administration fees 42,167.23<br />
Other expenses:<br />
- Annual tax (see notes) 8,472.12<br />
- Amortisation of formation/reorganisation expenses (see notes) 500.00<br />
- Audit and legal fees 5,012.57<br />
- Printing and publishing fees 800.59<br />
- Administrative and other expenses 37,825.68<br />
391,560.57<br />
NET OPERATING RESULT (102,596.75)<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) 1,507,433.27<br />
- Foreign exchange 305,499.03<br />
- Swaps (233,629.89)<br />
NET REALISED RESULT 1,476,705.66<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments (2,757,785.88)<br />
- Futures (43,785.00)<br />
- Swaps (419,536.48)<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
(1,744,401.70)<br />
MOVEMENTS IN CAPITAL<br />
Subscriptions of shares 3,191,446.86<br />
Re<strong>de</strong>mptions of shares (6,019,634.38)<br />
(2,828,187.52)<br />
NET ASSETS AT THE END OF THE PERIOD 30,973,634.83<br />
The notes are an integral part of these financial statements<br />
136
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS AUGUSTUS<br />
STATISTICAL INFORMATION<br />
Period from January 1, 2010 to June 30, 2010<br />
SHARES<br />
Class A<br />
Shares outstanding at the beginning of the period 393,609.638<br />
Subscriptions of shares 35,453.774<br />
Re<strong>de</strong>mptions of shares (66,692.973)<br />
Shares outstanding at the end of the period 362,370.439<br />
NET ASSET VALUE PER SHARE<br />
EUR<br />
Highest 96.04<br />
04.16.10<br />
Lowest 81.03<br />
05.26.10<br />
At the end of the period 85.48<br />
137
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS AUGUSTUS<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
Class A<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
3.69%<br />
1.97%<br />
PTR (Portfolio Turnover Rate) 472.00%<br />
138
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS AUGUSTUS<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
12.31.07 Class A 467,687.238 49,325,484.97 EUR<br />
105.47<br />
12.31.08 Class A<br />
306,655.157 18,637,029.63 EUR<br />
60.78<br />
12.31.09 Class A<br />
393,609.638 35,546,224.05 EUR<br />
90.31<br />
06.30.10 Class A<br />
362,370.439 30,973,634.83 EUR<br />
85.48<br />
* first valuation<br />
139
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS AUGUSTUS<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
EQUITIES<br />
AUSTRIA<br />
22,000 RHI AG EUR 438,297.52 19.350 425,700.00 1.37<br />
TOTAL AUSTRIA<br />
438,297.52<br />
425,700.00 1.37<br />
BELGIUM<br />
12,000 ANHEUSER-BUSCH INBEV SA EUR 445,080.57 39.740 476,880.00 1.54<br />
74,900 RECTICEL SA EUR 467,578.70 7.640 572,236.00 1.85<br />
TOTAL BELGIUM<br />
912,659.27<br />
1,049,116.00 3.39<br />
BERMUDA<br />
44,300 DOCKWISE LTD NOK 865,490.68 155.500 870,027.75 2.81<br />
TOTAL BERMUDA<br />
865,490.68<br />
870,027.75 2.81<br />
CHINA<br />
336,000 CHINA UNICOM (HONG KONG) LTD HKD 309,997.21 10.540 372,176.80 1.20<br />
TOTAL CHINA<br />
309,997.21<br />
372,176.80 1.20<br />
FRANCE<br />
4,000 FAIVELEY TRANSPORT SA EUR 233,130.52 54.200 216,800.00 0.70<br />
10,100 LAFARGE SA EUR 557,237.07 45.075 455,257.50 1.47<br />
9,100 SOCIETE GENERALE SA -A- EUR 323,715.61 34.300 312,130.00 1.01<br />
TOTAL FRANCE<br />
1,114,083.20<br />
984,187.50 3.18<br />
GERMANY<br />
11,500 BASF SE EUR 495,927.16 45.110 518,765.00 1.68<br />
29,900 CENTROTEC SUSTAINABLE AG EUR 331,564.12 12.860 384,514.00 1.24<br />
10,000 HEIDELBERGCEMENT AG EUR 465,885.89 39.170 391,700.00 1.26<br />
63,300 TUI AG - REG SHS EUR 445,031.86 7.249 458,861.70 1.48<br />
TOTAL GERMANY<br />
1,738,409.03<br />
1,753,840.70 5.66<br />
ITALY<br />
25,000 ANSALDO STS SPA EUR 345,991.13 13.230 330,750.00 1.07<br />
73,200 BUZZI UNICEM SPA EUR 775,385.17 8.280 606,096.00 1.96<br />
36,800 ENI SPA EUR 632,825.91 15.190 558,992.00 1.80<br />
42,000 ITALCEMENTI FABBRICHE RIUNITE CEMENTO SPA EUR 427,376.05 6.275 263,550.00 0.85<br />
126,000 PANARIAGROUP INDUSTRIE CERAMICHE SPA EUR 249,304.93 1.808 227,808.00 0.74<br />
9,300 SEMPERIT AG HOLDING EUR 266,837.34 28.055 260,911.50 0.84<br />
TOTAL ITALY<br />
2,697,720.53<br />
2,248,107.50 7.26<br />
LUXEMBOURG<br />
55,000 PRYSMIAN SPA EUR 704,459.49 11.840 651,200.00 2.10<br />
46,900 SES SA - FIDUCIARY DEPOSIT RECEIPT EUR 740,344.76 17.115 802,693.50 2.59<br />
TOTAL LUXEMBOURG<br />
1,444,804.25<br />
1,453,893.50 4.69<br />
MEXICO<br />
365,000 CORPORACION GEO SAB DE CV -B- MXN 556,167.18 34.610 804,694.75 2.60<br />
210,000 GRUPO MEXICO SAB -B- MXN 440,782.19 30.500 407,995.94 1.32<br />
The notes are an integral part of these financial statements<br />
140
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS AUGUSTUS<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
29,900 DESARROLLADORA HOMEX SAB DE CV USD 665,547.42 25.240 617,371.76 1.99<br />
TOTAL MEXICO<br />
NETHERLANDS<br />
1,662,496.79<br />
1,830,062.45<br />
11,800 FUGRO NV - CERT. OF SHS EUR 496,896.64 38.260 451,468.00 1.46<br />
52,400 HEIJMANS NV EUR 690,460.54 11.680 612,032.00 1.98<br />
9,300 KONINKLIJKE BOSKALIS WESTMINSTER NV EUR 275,259.42 32.105 298,576.50 0.96<br />
103,200 STMICROELECTRONICS NV EUR 723,200.86 6.584 679,468.80 2.19<br />
40,400 TNT NV EUR 828,948.56 20.780 839,512.00 2.72<br />
18,100 VOPAK NV EUR 420,328.26 30.190 546,439.00 1.76<br />
TOTAL NETHERLANDS<br />
RUSSIA<br />
3,435,094.28<br />
3,427,496.30<br />
30,100 GAZPROM OAO - ADR REPR.4 SHS USD 508,954.67 19.090 470,065.79 1.52<br />
95,000 ROSNEFT OIL COMPANY OJSC / GDR USD 559,673.12 6.180 480,284.20 1.55<br />
TOTAL RUSSIA<br />
SPAIN<br />
1,068,627.79<br />
950,349.99<br />
25,000 AMADEUS IT HOLDING SA EUR 275,040.07 13.000 325,000.00 1.05<br />
47,400 CLINICA BAVIERA SA EUR 379,646.20 7.840 371,616.00 1.20<br />
88,400 CODERE SA EUR 838,118.19 6.350 561,340.00 1.81<br />
1,800 CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES EUR 696,778.97 334.750 602,550.00 1.95<br />
SA<br />
70,400 GRUPO CATALANA OCCIDENTE SA EUR 1,155,877.55 12.190 858,176.00 2.77<br />
102,646 LABORATORIOS FARMACEUTICOS ROVI SA EUR 635,792.06 4.650 477,303.90 1.54<br />
104,000 TELEFONICA SA EUR 1,583,995.29 15.255 1,586,520.00 5.12<br />
TOTAL SPAIN<br />
SWITZERLAND<br />
5,565,248.33<br />
4,782,505.90<br />
1,700 ROCHE HOLDING AG -BJ- CHF 198,895.57 149.100 191,630.67 0.62<br />
10,400 SCHINDLER HOLDING AG - CERT CHF 588,576.11 91.400 718,650.93 2.32<br />
751 ZEHNDER GROUP AG CHF 508,110.88 1,609.000 913,554.45 2.95<br />
TOTAL SWITZERLAND<br />
UNITED KINGDOM<br />
1,295,582.56<br />
1,823,836.05<br />
2,000 SAFT GROUPE EUR 56,460.80 24.910 49,820.00 0.16<br />
TOTAL UNITED KINGDOM<br />
56,460.80<br />
49,820.00<br />
TOTAL EQUITIES 22,604,972.24<br />
22,021,120.44 71.10<br />
5.91<br />
11.07<br />
3.07<br />
15.44<br />
5.89<br />
0.16<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
22,604,972.24<br />
22,021,120.44<br />
71.10<br />
OTHER TRANSFERABLE SECURITIES<br />
EQUITIES<br />
SPAIN<br />
154,676 BODACLICK SA EUR 430,024.28 2.780 429,999.28 1.39<br />
TOTAL SPAIN<br />
430,024.28<br />
429,999.28<br />
TOTAL EQUITIES 430,024.28<br />
429,999.28 1.39<br />
TOTAL OTHER TRANSFERABLE SECURITIES 430,024.28<br />
429,999.28 1.39<br />
INVESTMENT FUNDS<br />
OPEN-ENDED INVESTMENT FUNDS<br />
CHINA<br />
107,000 HANG SENG H-SHARES INDEX ETF HKD 1,303,194.21 115.600 1,299,903.22 4.20<br />
TOTAL CHINA<br />
1,303,194.21<br />
1,299,903.22<br />
1.39<br />
4.20<br />
The notes are an integral part of these financial statements<br />
141
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS AUGUSTUS<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
HONG KONG<br />
62,400 ISHARES MSCI INDEX FUND SERIES HONG KONG USD 747,446.51 14.770 753,965.21 2.43<br />
TOTAL HONG KONG<br />
747,446.51<br />
753,965.21<br />
2.43<br />
MEXICO<br />
11,700 ISHARES INC MSCI MEXICO INVESTABLE MARKET<br />
INDEX FUND<br />
TOTAL MEXICO<br />
USD 493,007.06 47.890 458,370.77 1.48<br />
493,007.06<br />
458,370.77<br />
1.48<br />
TOTAL OPEN-ENDED INVESTMENT FUNDS 2,543,647.78<br />
2,512,239.20 8.11<br />
TOTAL INVESTMENT FUNDS 2,543,647.78<br />
2,512,239.20 8.11<br />
TOTAL INVESTMENTS IN SECURITIES 25,578,644.30<br />
24,963,358.92 80.60<br />
Cash/(bank overdraft) 6,258,070.54 20.20<br />
Other assets and liabilities (247,794.63) (0.80)<br />
TOTAL NET ASSETS 30,973,634.83 100.00<br />
The notes are an integral part of these financial statements<br />
142
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS AUGUSTUS<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
Spain 16.83<br />
Netherlands 11.07<br />
Mexico 7.39<br />
Italy 7.26<br />
Switzerland 5.89<br />
Germany 5.66<br />
China 5.40<br />
Luxembourg 4.69<br />
Belgium 3.39<br />
France 3.18<br />
Russia 3.07<br />
Bermuda 2.81<br />
Hong Kong 2.43<br />
Austria 1.37<br />
United Kingdom 0.16<br />
TOTAL INVESTMENTS IN SECURITIES<br />
80.60<br />
Other assets and liabilities 19.40<br />
NET ASSETS 100.00<br />
143
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong>&PARTNERS AUGUSTUS<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Building and building materials 13.82<br />
Data transmission 11.01<br />
Oil 9.14<br />
Machinery and apparatus construction 9.03<br />
Investment funds 8.11<br />
Transportation 5.55<br />
Chemicals 3.53<br />
Insurance 2.77<br />
Real estate companies 2.60<br />
Electronics & semiconductors 2.19<br />
Pharmaceutical and cosmetics industry 2.16<br />
Tobacco and alcohol 1.54<br />
Hotels, restaurants and leisure 1.48<br />
Other 1.39<br />
Non-ferrous metals 1.32<br />
Healthcare, education & social services 1.20<br />
Internet & software services 1.05<br />
Banks and other credit institutions 1.01<br />
Rubber and tyres 0.84<br />
Road vehicles 0.70<br />
Electrotechnical and electronic industry 0.16<br />
TOTAL INVESTMENTS IN SECURITIES<br />
80.60<br />
Other assets and liabilities 19.40<br />
NET ASSETS 100.00<br />
144
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MIXTO<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 35,325,730.84<br />
- Net unrealised result 635,537.51<br />
35,961,268.35<br />
Cash:<br />
- Cash at sight (see notes) 163,083.48<br />
Other assets:<br />
- Formation/reorganisation expenses, net (see notes) 1,425.83<br />
- Prepaid expenses 1,003.90<br />
36,126,781.56<br />
LIABILITIES<br />
Other liabilities:<br />
- Taxes and expenses payable 41,525.78<br />
41,525.78<br />
NET ASSETS 36,085,255.78<br />
CLASS A<br />
Net asset value per share<br />
Shares outstanding<br />
104.83<br />
344,220.618<br />
The notes are an integral part of these financial statements<br />
145
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MIXTO<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in EUR)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 36,238,325.04<br />
EXPENSES<br />
Bank interest, net 155.58<br />
Fees:<br />
- Global fee (see notes) 47,419.33<br />
- Custodian and Administration fees 17,300.55<br />
Other expenses:<br />
- Annual tax (see notes) 9,471.57<br />
- Amortisation of formation/reorganisation expenses (see notes) 442.86<br />
- Audit and legal fees 5,491.69<br />
- Printing and publishing fees 839.88<br />
- Administrative and other expenses 2,895.68<br />
84,017.14<br />
NET OPERATING RESULT (84,017.14)<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) 57,390.24<br />
NET REALISED RESULT (26,626.90)<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments (12,442.42)<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
(39,069.32)<br />
MOVEMENTS IN CAPITAL<br />
Re<strong>de</strong>mptions of shares (113,999.94)<br />
(113,999.94)<br />
NET ASSETS AT THE END OF THE PERIOD 36,085,255.78<br />
The notes are an integral part of these financial statements<br />
146
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MIXTO<br />
STATISTICAL INFORMATION<br />
Period from January 1, 2010 to June 30, 2010<br />
SHARES<br />
Class A<br />
Shares outstanding at the beginning of the period 345,307.056<br />
Subscriptions of shares 0.000<br />
Re<strong>de</strong>mptions of shares (1,086.438)<br />
Shares outstanding at the end of the period 344,220.618<br />
NET ASSET VALUE PER SHARE<br />
EUR<br />
Highest 104.95<br />
01.18.10<br />
Lowest 104.83<br />
06.21.10<br />
At the end of the period 104.83<br />
147
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MIXTO<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
Class A<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
0.43%<br />
-<br />
PTR (Portfolio Turnover Rate) 380.00%<br />
148
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MIXTO<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
12.31.07 Class A 349,226.575 35,210,465.72 EUR<br />
100.82<br />
12.31.08 Class A<br />
346,368.241 35,800,727.41 EUR<br />
103.36<br />
12.31.09 Class A<br />
345,307.056 36,238,325.04 EUR<br />
104.95<br />
06.30.10 Class A<br />
344,220.618 36,085,255.78 EUR<br />
104.83<br />
149
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MIXTO<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
Number<br />
or<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
BONDS<br />
SPAIN<br />
5,500,000 SPAIN LETRAS DEL TESORO EUR 5,488,441.34 99.957 5,497,642.70 15.24<br />
0% 07.17.09 - 07.23.10<br />
5,200,000 SPAIN LETRAS DEL TESORO EUR 5,190,285.75 99.936 5,196,675.64 14.40<br />
0% 08.21.09 - 08.20.10<br />
300,000 SPAIN LETRAS DEL TESORO EUR 298,037.29 99.254 297,763.05 0.83<br />
0% 12.18.09 - 12.17.10<br />
5,200,000 SPAIN LETRAS DEL TESORO EUR 5,183,559.80 99.653 5,181,956.00 14.36<br />
0% 10.23.09 - 10.22.10<br />
5,200,000 SPAIN LETRAS DEL TESORO EUR 5,172,230.13 99.472 5,172,547.12 14.33<br />
0% 11.20.09 - 11.19.10<br />
4,700,000 SPAIN LETRAS DEL TESORO EUR 4,690,755.60 99.806 4,690,889.52 13.00<br />
0% 09.18.09 - 09.24.10<br />
TOTAL SPAIN<br />
26,023,309.91<br />
26,037,474.03 72.16<br />
TOTAL BONDS 26,023,309.91<br />
26,037,474.03 72.16<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
26,023,309.91<br />
26,037,474.03<br />
72.16<br />
INVESTMENT FUNDS<br />
OPEN-ENDED INVESTMENT FUNDS<br />
EUROPEAN MONETARY UNION<br />
452,201.45689 <strong>BBVA</strong> AHORRO EMPRESAS FI EUR 3,098,145.08 7.297 3,299,777.34 9.14<br />
753,186.24928 <strong>BBVA</strong> EXTRA TESORERIA FI EUR 6,204,275.85 8.795 6,624,016.98 18.36<br />
TOTAL EUROPEAN MONETARY UNION<br />
9,302,420.93<br />
9,923,794.32<br />
TOTAL OPEN-ENDED INVESTMENT FUNDS 9,302,420.93<br />
9,923,794.32 27.50<br />
TOTAL INVESTMENT FUNDS 9,302,420.93<br />
9,923,794.32 27.50<br />
27.50<br />
TOTAL INVESTMENTS IN SECURITIES 35,325,730.84<br />
35,961,268.35 99.66<br />
Cash/(bank overdraft) 163,083.48 0.45<br />
Other assets and liabilities (39,096.05) (0.11)<br />
TOTAL NET ASSETS 36,085,255.78 100.00<br />
The notes are an integral part of these financial statements<br />
150
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MIXTO<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
Spain 72.16<br />
European Monetary Union 27.50<br />
TOTAL INVESTMENTS IN SECURITIES<br />
99.66<br />
Other assets and liabilities 0.34<br />
NET ASSETS 100.00<br />
151
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MIXTO<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Bonds of governments and towns 72.16<br />
Investment funds 27.50<br />
TOTAL INVESTMENTS IN SECURITIES<br />
99.66<br />
Other assets and liabilities 0.34<br />
NET ASSETS 100.00<br />
152
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA DOLLAR CASH<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in USD)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 1,069,924.28<br />
- Net unrealised result (276.59)<br />
1,069,647.69<br />
Cash:<br />
- Cash at sight (see notes) 98,853.40<br />
Other assets:<br />
- Prepaid expenses 201.71<br />
1,168,702.80<br />
LIABILITIES<br />
Other liabilities:<br />
- Taxes and expenses payable 5,319.32<br />
5,319.32<br />
NET ASSETS 1,163,383.48<br />
CLASS A<br />
Net asset value per share<br />
Shares outstanding<br />
99.01<br />
11,749.948<br />
The notes are an integral part of these financial statements<br />
153
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA DOLLAR CASH<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in USD)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 2,760,435.18<br />
EXPENSES<br />
Bank interest, net 505.89<br />
Fees:<br />
- Global fee (see notes) 4,368.67<br />
- Custodian and Administration fees 6,660.08<br />
Other expenses:<br />
- Annual tax (see notes) 486.09<br />
- Audit and legal fees 268.71<br />
- Printing and publishing fees 60.25<br />
- Administrative and other expenses 4,699.73<br />
17,049.42<br />
NET OPERATING RESULT (17,049.42)<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) 598.99<br />
- Foreign exchange (45.41)<br />
NET REALISED RESULT (16,495.84)<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments (22.64)<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
(16,518.48)<br />
MOVEMENTS IN CAPITAL<br />
Re<strong>de</strong>mptions of shares (1,580,533.22)<br />
(1,580,533.22)<br />
NET ASSETS AT THE END OF THE PERIOD 1,163,383.48<br />
The notes are an integral part of these financial statements<br />
154
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA DOLLAR CASH<br />
STATISTICAL INFORMATION<br />
Period from January 1, 2010 to June 30, 2010<br />
SHARES<br />
Class A<br />
Class A<br />
Shares outstanding at the beginning of the period<br />
Subscriptions of shares<br />
Re<strong>de</strong>mptions of shares<br />
Shares outstanding at the end of the period<br />
27,649.815<br />
0.000<br />
(15,899.867)<br />
11,749.948<br />
NET ASSET VALUE PER SHARE<br />
Highest<br />
Lowest<br />
At the end of the period<br />
USD<br />
99.83<br />
01.07.10<br />
99.01<br />
06.30.10<br />
99.01<br />
155
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA DOLLAR CASH<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
Class A<br />
1.15%<br />
-<br />
Class A<br />
PTR (Portfolio Turnover Rate) 331.00%<br />
156
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA DOLLAR CASH<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
* 06.30.08 Class A<br />
4,400.000 440,000.00 USD<br />
100.00<br />
Class A<br />
30,428.666 3,063,069.80 USD<br />
100.66<br />
* 04.08.09 Class I<br />
1,500.000 14,999,982.56 USD<br />
9,999.99<br />
** 10.16.09 Class I<br />
250.000 2,496,849.11 USD<br />
9,987.40<br />
Class A<br />
27,649.815 2,760,435.18 USD<br />
99.84<br />
Class A<br />
11,749.948 1,163,383.48 USD<br />
99.01<br />
* first valuation<br />
** last valuation<br />
157
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA DOLLAR CASH<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in USD)<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
BONDS<br />
UNITED STATES OF AMERICA<br />
400,000 US TREASURY BILLS USD 399,983.26 99.971 399,883.32 34.37<br />
0% 03.11.10 - 09.09.10<br />
150,000 US TREASURY BILLS USD 150,015.39 99.981 149,972.00 12.89<br />
0% 02.11.10 - 08.12.10<br />
70,000 US TREASURY BILLS USD 70,013.09 99.957 69,969.91 6.01<br />
0% 04.01.10 - 09.30.10<br />
250,000 US TREASURY BILLS USD 249,904.18 99.950 249,875.55 21.48<br />
0% 10.22.09 - 10.21.10<br />
50,000 US TREASURY BILLS USD 50,011.87 99.959 49,979.58 4.30<br />
0% 04.15.10 - 10.14.10<br />
150,000 US TREASURY BILLS USD 149,996.49 99.978 149,967.33 12.89<br />
0% 02.18.10 - 08.19.10<br />
TOTAL UNITED STATES OF AMERICA<br />
1,069,924.28<br />
1,069,647.69 91.94<br />
TOTAL BONDS 1,069,924.28<br />
1,069,647.69 91.94<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
1,069,924.28<br />
1,069,647.69<br />
91.94<br />
TOTAL INVESTMENTS IN SECURITIES 1,069,924.28<br />
1,069,647.69 91.94<br />
Cash/(bank overdraft) 98,853.40 8.50<br />
Other assets and liabilities (5,117.61) (0.44)<br />
TOTAL NET ASSETS 1,163,383.48 100.00<br />
The notes are an integral part of these financial statements<br />
158
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA DOLLAR CASH<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
United States of America 91.94<br />
TOTAL INVESTMENTS IN SECURITIES<br />
91.94<br />
Other assets and liabilities 8.06<br />
NET ASSETS 100.00<br />
159
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA DOLLAR CASH<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Bonds of governments and towns 91.94<br />
TOTAL INVESTMENTS IN SECURITIES<br />
91.94<br />
Other assets and liabilities 8.06<br />
NET ASSETS 100.00<br />
160
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA USD<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in USD)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 135,810,655.85<br />
- Net unrealised result 391,951.90<br />
136,202,607.75<br />
Cash:<br />
- Cash at sight (see notes) 14,653,702.79<br />
Other assets:<br />
- Interest receivable<br />
- Formation/reorganisation expenses, net (see notes)<br />
873,355.80<br />
14,077.74<br />
151,743,744.08<br />
LIABILITIES<br />
Other liabilities:<br />
- Taxes and expenses payable 568,819.06<br />
- Other 10,662.99<br />
579,482.05<br />
NET ASSETS 151,164,262.03<br />
CLASS D<br />
Net asset value per share<br />
Shares outstanding<br />
106.68<br />
1,417,046.000<br />
The notes are an integral part of these financial statements<br />
161
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA USD<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in USD)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 96,615,079.44<br />
INCOME<br />
Income from investments:<br />
- Divi<strong>de</strong>nds, net 264,114.80<br />
- Bond interest, net (see notes) 1,429,893.80<br />
1,694,008.60<br />
EXPENSES<br />
Bank interest, net 13,384.81<br />
Fees:<br />
- Global fee (see notes) 851,499.68<br />
- Custodian and Administration fees 128,416.81<br />
Other expenses:<br />
- Annual tax (see notes) 35,781.81<br />
- Amortisation of formation/reorganisation expenses (see notes) 1,880.00<br />
- Audit and legal fees 18,620.75<br />
- Printing and publishing fees 3,072.49<br />
- Administrative and other expenses 53,730.08<br />
1,106,386.43<br />
NET OPERATING RESULT 587,622.17<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) 1,340,348.49<br />
NET REALISED RESULT 1,927,970.66<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments (1,203,635.43)<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
724,335.23<br />
MOVEMENTS IN CAPITAL<br />
Subscriptions of shares 69,448,076.89<br />
Re<strong>de</strong>mptions of shares (14,034,697.03)<br />
55,413,379.86<br />
DIVIDEND PAID (1,588,532.50)<br />
NET ASSETS AT THE END OF THE PERIOD 151,164,262.03<br />
The notes are an integral part of these financial statements<br />
162
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA USD<br />
STATISTICAL INFORMATION<br />
Period from January 1, 2010 to June 30, 2010<br />
SHARES<br />
Class D<br />
Shares outstanding at the beginning of the period 901,099.000<br />
Subscriptions of shares 646,934.000<br />
Re<strong>de</strong>mptions of shares (130,987.000)<br />
Shares outstanding at the end of the period 1,417,046.000<br />
NET ASSET VALUE PER SHARE<br />
USD<br />
Highest 107.73<br />
01.18.10<br />
Lowest 106.01<br />
06.17.10<br />
At the end of the period 106.68<br />
163
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA USD<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
Class D<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
1.22%<br />
1.22%<br />
PTR (Portfolio Turnover Rate) 187.00%<br />
164
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA USD<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
* 03.13.09 Class D<br />
440,196.000 44,019,600.00 USD<br />
100.00<br />
12.31.09 Class D<br />
901,099.000 96,615,079.44 USD<br />
107.22<br />
06.30.10 Class D<br />
1,417,046.000 151,164,262.03 USD<br />
106.68<br />
* first valuation<br />
165
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA USD<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in USD)<br />
Number<br />
or<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
BONDS<br />
ARUBA<br />
1,000,000 UFJ FINANCE ARUBA AEC USD 1,126,368.00 112.195 1,121,950.00 0.74<br />
6.75% 07.25.03 - 07.15.13<br />
TOTAL ARUBA<br />
1,126,368.00<br />
1,121,950.00 0.74<br />
AUSTRALIA<br />
2,000,000 MACQUARIE GROUP LTD EMTN USD 2,213,055.81 109.060 2,181,200.00 1.44<br />
7.3% 08.06.09 - 08.01.14<br />
TOTAL AUSTRALIA<br />
2,213,055.81<br />
2,181,200.00 1.44<br />
BELGIUM<br />
500,000 ANHEUSER BUSCH INBEV WORLDWIDE INC USD 499,039.67 102.625 513,125.00 0.34<br />
3.625% 03.29.10 - 04.15.15<br />
3,000,000 FORTIS BANQUE SA FRN EMTN USD 2,797,657.65 91.250 2,737,500.00 1.81<br />
0.70406% 05.22.07 - 05.22.17<br />
2,000,000 KBC IFIMA NV FRN EMTN USD 1,750,046.72 82.497 1,649,934.00 1.09<br />
8.5% 02.07.05 - 02.07.25<br />
TOTAL BELGIUM<br />
5,046,744.04<br />
4,900,559.00 3.24<br />
FRANCE<br />
1,700,000 BGL BNP PARIBAS SA FRN EMTN USD 1,651,596.13 95.885 1,630,045.00 1.08<br />
0% 05.24.05 - 05.24.12<br />
2,000,000 BNP PARIBAS FRN EMTN USD 1,720,052.92 94.470 1,889,400.00 1.25<br />
0.49563% 04.27.07 - 04.27.17<br />
1,000,000 BNP PARIBAS FRN EMTN USD 990,053.44 98.265 982,650.00 0.65<br />
0.68406% 05.23.05 - 11.23.15<br />
2,000,000 CFF CIE DE FINANCEMENT FONCIER FRN EMTN USD 1,969,048.92 97.610 1,952,200.00 1.29<br />
0.35375% 10.16.06 - 10.16.13<br />
3,000,000 CREDIT AGRICOLE SA LONDON FRN EMTN USD 2,947,550.90 95.570 2,867,100.00 1.90<br />
0.73644% 12.13.05 - 03.13.16<br />
2,000,000 DEXIA CREDIT LOCAL DE FRANCE FRN EMTN USD 2,298,047.71 111.850 2,237,000.00 1.48<br />
8% 05.30.06 - 05.30.13<br />
1,000,000 NATIXIS EMTN FRN USD 830,059.14 87.436 874,358.00 0.58<br />
0.55281% 12.15.06 - 01.15.19<br />
3,000,000 NATIXIS EMTN FRN USD 3,053,302.72 101.360 3,040,800.00 2.01<br />
1.48406% 08.23.06 - 08.23.13<br />
1,900,000 SOCIETE GENERALE FRN EMTN USD 1,738,556.63 95.630 1,816,970.00 1.20<br />
0.51531% 10.20.06 - 10.20.16<br />
TOTAL FRANCE<br />
17,198,268.51<br />
17,290,523.00 11.44<br />
GERMANY<br />
1,000,000 DEUTSCHE BANK AG LONDON FRN EMTN USD 992,048.06 98.715 987,150.00 0.65<br />
1.77875% 09.24.08 - 09.24.15<br />
TOTAL GERMANY<br />
992,048.06<br />
987,150.00 0.65<br />
IRELAND<br />
2,000,000 ALLIED IRISH BANKS PLC FRN EMTN USD 1,640,050.39 71.985 1,439,700.00 0.95<br />
0.63781% 07.30.04 - 07.30.15<br />
The notes are an integral part of these financial statements<br />
166
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA USD<br />
Number<br />
or<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
2,000,000 DEPFA ACS BANK FRN EMTN USD 1,616,056.66 79.077 1,581,540.00 1.05<br />
0.45425% 05.09.07 - 06.20.17<br />
TOTAL IRELAND<br />
ITALY<br />
3,256,107.05<br />
3,021,240.00<br />
2,250,000 ENEL FINANCE INTERNATIONAL SA REG-S USD 2,250,045.63 100.955 2,271,487.50 1.50<br />
3.875% 10.07.09 - 10.07.14<br />
TOTAL ITALY<br />
LUXEMBOURG<br />
2,000,000 UNICREDIT LUXEMBOURG FINANCE SA FRN EMTN -<br />
144A-<br />
0.63781% 10.24.06 - 01.13.17<br />
TOTAL LUXEMBOURG<br />
NETHERLANDS<br />
2,250,045.63<br />
2,271,487.50<br />
2.00<br />
1.50<br />
USD 1,680,050.46 95.392 1,907,844.00 1.26<br />
1,680,050.46<br />
1,907,844.00<br />
2,000,000 ABN AMRO BANK NV FRN EMTN USD 1,850,068.00 86.010 1,720,200.00 1.14<br />
0.50438% 01.17.07 - 01.17.17<br />
3,000,000 AEGON NV USD 3,003,108.52 103.769 3,113,076.00 2.06<br />
4.625% 11.27.09 - 12.01.15<br />
2,000,000 ING BANK NV FRN EMTN - REG-S USD 1,857,546.13 90.315 1,806,300.00 1.19<br />
0.65906% 05.23.06 - 05.23.16<br />
1,000,000 RABOBANK NEDERLAND NV - PERPETUAL USD 1,007,523.53 107.760 1,077,596.00 0.71<br />
7% 10.22.07<br />
3,000,000 ROYAL BK OF SCOTLAND NV FRN USD 2,600,063.28 80.430 2,412,900.00 1.60<br />
1.23719% 03.09.05 - 03.09.15<br />
TOTAL NETHERLANDS<br />
SWEDEN<br />
10,318,309.46<br />
10,130,072.00<br />
2,000,000 NORDEA BANK AB FRN EMTN USD 1,934,055.18 96.570 1,931,400.00 1.27<br />
0.73719% 12.09.05 - 06.09.16<br />
1,000,000 SVENSKA HANDELSBANKEN AB FRN EMTN USD 972,556.40 97.735 977,350.00 0.65<br />
0.68706% 03.15.06 - 03.15.16<br />
TOTAL SWEDEN<br />
SWITZERLAND<br />
2,906,611.58<br />
2,908,750.00<br />
5,000,000 UBS AG JERSEY BRANCH FRN EMTN USD 4,800,248.85 93.750 4,687,500.00 3.10<br />
0.45438% 04.18.06 - 04.18.16<br />
TOTAL SWITZERLAND<br />
UNITED KINGDOM<br />
4,800,248.85<br />
4,687,500.00<br />
3,500,000 AVIVA PLC FRN EMTN USD 3,076,354.06 86.500 3,027,500.00 2.00<br />
0.87925% 12.19.06 - 06.19.17<br />
2,000,000 BANK OF SCOTLAND PLC EMTN USD 2,047,845.08 102.600 2,052,000.00 1.36<br />
5.28% 01.29.07 - 01.29.14<br />
1,000,000 BP CAPITAL MARKETS PLC USD 904,050.37 84.915 849,150.00 0.56<br />
3.875% 03.10.09 - 03.10.15<br />
2,000,000 BP CAPITAL MARKETS PLC USD 1,790,050.37 83.180 1,663,600.00 1.10<br />
4.75% 03.10.09 - 03.10.19<br />
4,900,000 HSBC HOLDINGS PLC FRN EMTN USD 4,468,957.85 96.425 4,724,825.00 3.13<br />
0.4915% 10.05.06 - 10.06.16<br />
500,000 SHELL INTERNATIONAL FINANCE BV USD 499,454.67 100.830 504,152.00 0.33<br />
1.875% 03.25.10 - 03.25.13<br />
500,000 SHELL INTERNATIONAL FINANCE BV USD 497,689.67 102.850 514,250.00 0.34<br />
4.375% 03.25.10 - 03.25.20<br />
4,000,000 STANDARD CHARTERED BANK FRN EMTN USD 3,710,048.37 94.683 3,787,300.00 2.51<br />
0.83719% 11.29.06 - 03.28.18<br />
TOTAL UNITED KINGDOM<br />
UNITED STATES OF AMERICA<br />
16,994,450.44<br />
17,122,777.00<br />
1,000,000 ANGLO AMERICAN CAPITAL PLC USD 1,175,054.87 119.550 1,195,500.00 0.79<br />
9.375% 04.08.09 - 04.08.14<br />
1.26<br />
6.70<br />
1.92<br />
3.10<br />
11.33<br />
The notes are an integral part of these financial statements<br />
167
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA USD<br />
Number<br />
or<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
3,000,000 BANK OF AMERICA CORP EMTN USD 3,226,797.70 104.200 3,126,000.00 2.07<br />
5.8% 06.07.07 - 06.07.12<br />
2,000,000 BANK OF AMERICA CORP FRN USD 1,790,050.05 89.872 1,797,434.00 1.19<br />
0.81706% 06.26.06 - 06.15.16<br />
2,000,000 BERKSHIRE HATHAWAY INC FRN USD 2,000,056.06 100.254 2,005,086.00 1.33<br />
0.85813% 02.11.10 - 02.11.13<br />
3,000,000 BLACKSTONE HOLDINGS FINANCE CO LLC USD 3,072,668.00 103.990 3,119,700.00 2.06<br />
6.625% 08.20.09 - 08.15.19<br />
2,000,000 CITIGROUP INC USD 2,159,605.69 106.440 2,128,800.00 1.41<br />
6.5% 08.19.08 - 08.19.13<br />
2,000,000 DEUTSCHE BANK AG FRN EMTN USD 1,905,109.98 96.500 1,930,000.00 1.28<br />
1.23588% 08.17.04 - 02.17.15<br />
1,000,000 FEDEX CORP USD 1,221,080.07 127.355 1,273,546.00 0.84<br />
8% 01.16.09 - 01.15.19<br />
3,000,000 GECC GENERAL ELECTRIC CAPITAL CORP FRN USD 2,685,355.08 89.225 2,676,759.00 1.77<br />
EMTN<br />
0.60588% 02.01.07 - 01.31.17<br />
2,000,000 GECC GENERAL ELECTRIC CAPITAL CORP FRN USD 1,695,050.89 85.922 1,718,434.00 1.14<br />
EMTN<br />
0.68925% 12.12.06 - 12.28.18<br />
3,000,000 GOLDMAN SACHS GROUP INC USD 3,199,556.29 103.900 3,117,000.00 2.06<br />
5.35% 01.17.06 - 01.15.16<br />
2,000,000 GOLDMAN SACHS GROUP INC USD 2,081,997.69 106.316 2,126,320.00 1.41<br />
5% 09.22.04 - 10.01.14<br />
4,000,000 JPMORGAN CHASE & CO FRN EMTN USD 4,099,136.46 102.126 4,085,044.00 2.70<br />
5.377% 03.07.06 - 03.31.16<br />
250,000 L-3 COMMUNICATIONS CORP USD 249,248.18 100.969 252,421.25 0.17<br />
4.75% 05.21.10 - 07.15.20<br />
2,000,000 MORGAN STANLEY USD 2,050,038.95 100.455 2,009,100.00 1.33<br />
4.75% 03.30.04 - 04.01.14<br />
1,000,000 PRUDENTIAL FIANCIAL INC EMTN -B- USD 1,048,557.35 104.275 1,042,745.00 0.69<br />
4.75% 04.01.04 - 04.01.14<br />
2,000,000 SWISS RE TREASURY (US) CORP EMTN USD 2,084,653.96 104.800 2,096,000.00 1.39<br />
4.125% 09.17.09 - 09.17.13<br />
1,000,000 VERIZON COMMUNICATIONS INC USD 1,264,560.15 130.525 1,305,249.00 0.86<br />
8.75% 11.04.08 - 11.01.18<br />
1,000,000 WELLS FARGO & CO USD 998,429.45 102.483 1,024,829.00 0.68<br />
3.75% 10.01.09 - 10.01.14<br />
TOTAL UNITED STATES OF AMERICA<br />
38,007,006.87<br />
38,029,967.25<br />
TOTAL BONDS 106,789,314.76<br />
106,561,019.75 70.49<br />
25.17<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
106,789,314.76<br />
106,561,019.75<br />
70.49<br />
OTHER TRANSFERABLE SECURITIES<br />
BONDS<br />
SPAIN<br />
2,000,000 SANTANDER US DEBT SA UNIPERSONAL 144A USD 2,000,057.35 96.566 1,931,324.00 1.28<br />
3.724% 01.19.10 - 01.20.15<br />
TOTAL SPAIN<br />
UNITED KINGDOM<br />
2,000,057.35<br />
1,931,324.00<br />
2,000,000 LLOYDS TSB BANK PLC FRN EMTN USD 2,008,055.90 100.570 2,011,400.00 1.33<br />
2.5% 10.16.09 - 10.16.14<br />
TOTAL UNITED KINGDOM<br />
2,008,055.90<br />
2,011,400.00<br />
TOTAL BONDS 4,008,113.25<br />
3,942,724.00 2.61<br />
TOTAL OTHER TRANSFERABLE SECURITIES 4,008,113.25<br />
3,942,724.00 2.61<br />
1.28<br />
1.33<br />
The notes are an integral part of these financial statements<br />
168
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA USD<br />
Number<br />
or<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
INVESTMENT FUNDS<br />
OPEN-ENDED INVESTMENT FUNDS<br />
UNITED STATES OF AMERICA<br />
50,000 ISHARES TRUST BARCLAYS INTERMEDIATE CREDIT<br />
BOND FUND<br />
188,400 ISHARES TRUST IBOXX USD INVESTMENT GRADE<br />
CORPORATE BOND FUND<br />
TOTAL UNITED STATES OF AMERICA<br />
USD 4,985,054.67 105.300 5,265,000.00 3.48<br />
USD 20,028,173.17 108.460 20,433,864.00 13.52<br />
25,013,227.84<br />
25,698,864.00<br />
TOTAL OPEN-ENDED INVESTMENT FUNDS 25,013,227.84<br />
25,698,864.00 17.00<br />
TOTAL INVESTMENT FUNDS 25,013,227.84<br />
25,698,864.00 17.00<br />
17.00<br />
TOTAL INVESTMENTS IN SECURITIES 135,810,655.85<br />
136,202,607.75 90.10<br />
Cash/(bank overdraft) 14,653,702.79 9.69<br />
Other assets and liabilities 307,951.49 0.21<br />
TOTAL NET ASSETS 151,164,262.03 100.00<br />
The notes are an integral part of these financial statements<br />
169
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA USD<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
United States of America 42.17<br />
United Kingdom 12.66<br />
France 11.44<br />
Netherlands 6.70<br />
Belgium 3.24<br />
Switzerland 3.10<br />
Ireland 2.00<br />
Swe<strong>de</strong>n 1.92<br />
Italy 1.50<br />
Australia 1.44<br />
Spain 1.28<br />
Luxembourg 1.26<br />
Aruba 0.74<br />
Germany 0.65<br />
TOTAL INVESTMENTS IN SECURITIES<br />
90.10<br />
Other assets and liabilities 9.90<br />
NET ASSETS 100.00<br />
170
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA USD<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Banks and other credit institutions 46.69<br />
Holding and finance companies 20.14<br />
Investment funds 17.00<br />
Insurance 4.06<br />
Data transmission 0.86<br />
Mortgage & funding institutions MBA 0.84<br />
Tobacco and alcohol 0.34<br />
Other 0.17<br />
TOTAL INVESTMENTS IN SECURITIES<br />
90.10<br />
Other assets and liabilities 9.90<br />
NET ASSETS 100.00<br />
171
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA EURO<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 63,508,913.22<br />
- Net unrealised result (1,045,292.72)<br />
62,463,620.50<br />
Cash:<br />
- Cash at sight (see notes) 10,979,732.01<br />
Other assets:<br />
- Interest receivable<br />
- Formation/reorganisation expenses, net (see notes)<br />
703,369.35<br />
10,888.14<br />
74,157,610.00<br />
LIABILITIES<br />
Other liabilities:<br />
- Taxes and expenses payable 285,005.88<br />
- Other 8,797.14<br />
293,803.02<br />
NET ASSETS 73,863,806.98<br />
CLASS D<br />
Net asset value per share<br />
Shares outstanding<br />
106.23<br />
695,297.000<br />
The notes are an integral part of these financial statements<br />
172
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA EURO<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in EUR)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 48,394,328.15<br />
INCOME<br />
Income from investments:<br />
- Divi<strong>de</strong>nds, net 78,079.59<br />
- Bond interest, net (see notes) 963,794.20<br />
1,041,873.79<br />
EXPENSES<br />
Bank interest, net 5,801.34<br />
Fees:<br />
- Global fee (see notes) 420,671.47<br />
- Custodian and Administration fees 69,130.20<br />
Other expenses:<br />
- Annual tax (see notes) 17,595.76<br />
- Amortisation of formation/reorganisation expenses (see notes) 1,454.00<br />
- Audit and legal fees 10,033.41<br />
- Printing and publishing fees 1,626.16<br />
- Administrative and other expenses 30,676.15<br />
556,988.49<br />
NET OPERATING RESULT 484,885.30<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) (233,395.95)<br />
NET REALISED RESULT 251,489.35<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments (1,023,448.38)<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
(771,959.03)<br />
MOVEMENTS IN CAPITAL<br />
Subscriptions of shares 34,529,186.20<br />
Re<strong>de</strong>mptions of shares (7,507,320.84)<br />
27,021,865.36<br />
DIVIDEND PAID (780,427.50)<br />
NET ASSETS AT THE END OF THE PERIOD 73,863,806.98<br />
The notes are an integral part of these financial statements<br />
173
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA EURO<br />
STATISTICAL INFORMATION<br />
Period from January 1, 2010 to June 30, 2010<br />
SHARES<br />
Class D<br />
Shares outstanding at the beginning of the period 446,837.000<br />
Subscriptions of shares 318,084.000<br />
Re<strong>de</strong>mptions of shares (69,624.000)<br />
Shares outstanding at the end of the period 695,297.000<br />
NET ASSET VALUE PER SHARE<br />
EUR<br />
Highest 109.48<br />
04.19.10<br />
Lowest 105.89<br />
06.11.10<br />
At the end of the period 106.23<br />
174
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA EURO<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
Class D<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
1.21%<br />
0.02%<br />
PTR (Portfolio Turnover Rate) 406.00%<br />
175
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA EURO<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
* 03.13.09 Class D<br />
130,663.000 13,066,300.00 EUR<br />
100.00<br />
12.31.09 Class D<br />
446,837.000 48,394,328.15 EUR<br />
108.30<br />
06.30.10 Class D<br />
695,297.000 73,863,806.98 EUR<br />
106.23<br />
* first valuation<br />
176
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA EURO<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
Number<br />
or<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
BONDS<br />
BELGIUM<br />
1,000,000 FORTIS BANQUE SA FRN EMTN EUR 1,003,066.00 100.770 1,007,700.00 1.36<br />
4.25% 03.23.06 - 03.23.21<br />
TOTAL BELGIUM<br />
1,003,066.00<br />
1,007,700.00 1.36<br />
BERMUDA<br />
2,000,000 FIDELITY INTERNATIONAL EMTN EUR 2,088,037.35 103.105 2,062,100.00 2.79<br />
6.25% 03.21.02 - 03.21.12<br />
TOTAL BERMUDA<br />
2,088,037.35<br />
2,062,100.00 2.79<br />
CAYMAN ISLANDS<br />
1,000,000 <strong>BBVA</strong> BANCOMER SA CAYMAN ISLANDS BRANCH<br />
FRN REG-S<br />
4.799% 05.17.07 - 05.17.17<br />
TOTAL CAYMAN ISLANDS<br />
EUR 957,537.35 91.875 918,750.00 1.24<br />
957,537.35<br />
918,750.00<br />
1.24<br />
FRANCE<br />
2,000,000 AXA SA FRN EUR 2,019,577.15 99.250 1,985,000.00 2.69<br />
6.75% 12.15.00 - 12.15.20<br />
2,000,000 CREDIT AGRICOLE SA FRN PERPETUAL EUR 1,350,037.25 60.690 1,213,800.00 1.64<br />
3.45% 02.04.05<br />
1,000,000 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 1,034,939.90 103.130 1,031,300.00 1.40<br />
3.375% 06.22.05 - 06.22.12<br />
1,000,000 SOCIETE GENERALE EUR 993,737.25 100.800 1,008,000.00 1.36<br />
3% 03.31.10 - 03.31.15<br />
TOTAL FRANCE<br />
5,398,291.55<br />
5,238,100.00 7.09<br />
GERMANY<br />
1,000,000 ALLIANZ FINANCE II BV EMTN FRN EUR 1,042,351.04 104.370 1,043,700.00 1.41<br />
6.125% 05.31.02 - 05.31.22<br />
3,000,000 DEPFA ACS BANK FRN EMTN EUR 2,673,974.50 90.187 2,705,595.00 3.67<br />
0.634% 10.04.06 - 10.04.16<br />
500,000 DEUTSCHE BANK AG EMTN EUR 498,497.25 100.980 504,900.00 0.68<br />
5% 06.24.10 - 06.24.20<br />
1,000,000 DEUTSCHE BANK AG STEP EMTN EUR 979,037.25 96.000 960,000.00 1.30<br />
1.524% 01.16.04 - 01.16.14<br />
1,000,000 HDI GERLING INDUSTRIE VERSICHERUNG AG FRN EUR 1,021,038.30 99.813 998,125.00 1.35<br />
7% 08.12.04 - 08.12.24<br />
TOTAL GERMANY<br />
6,214,898.34<br />
6,212,320.00 8.41<br />
ITALY<br />
2,000,000 INTESA SANPAOLO SPA EUR 1,986,877.25 98.500 1,970,000.00 2.67<br />
3.25% 04.28.10 - 04.28.17<br />
1,000,000 INTESA SANPAOLO SPA FRN EMTN EUR 949,537.25 94.645 946,450.00 1.28<br />
3.271% 04.07.05 - 04.07.25<br />
2,000,000 MEDIASET SPA EUR 2,010,037.25 100.670 2,013,400.00 2.72<br />
5% 02.01.10 - 02.01.17<br />
The notes are an integral part of these financial statements<br />
177
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA EURO<br />
Number<br />
or<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
1,000,000.00 MEDIOCREDITO LOMBARDO SPA FRN EUR 1,077,537.25 104.200 1,042,000.00 1.41<br />
5.5% 11.05.98 - 11.06.18<br />
TOTAL ITALY<br />
MEXICO<br />
6,023,989.00<br />
5,971,850.00<br />
% of<br />
net<br />
assets<br />
2,000,000 AMERICA MOVIL SAB DE CV EUR 1,990,329.50 99.600 1,992,000.00 2.70<br />
4.75% 06.28.10 - 06.28.22<br />
TOTAL MEXICO<br />
NETHERLANDS<br />
1,990,329.50<br />
1,992,000.00<br />
1,750,000 ASR NEDERLAND NV FRN - PERPETUAL EUR 1,009,787.25 58.000 1,015,000.00 1.37<br />
2.944% 08.10.09<br />
3,000,000 DEUTSCHE HYPOTHEKENBANK AG FRN EMTN EUR 3,420,037.25 115.430 3,462,900.00 4.69<br />
SERIES 87<br />
8.014% 11.16.05 - 11.16.15<br />
1,000,000 FORTIS BANK NEDERLAND (HLDG) NV FRN EMTN EUR 960,038.10 91.625 916,250.00 1.24<br />
1.502% 06.22.05 - 06.22.15<br />
TOTAL NETHERLANDS<br />
PORTUGAL<br />
5,389,862.60<br />
5,394,150.00<br />
1,500,000 BANCO SANTANDER TOTTA SA EMTN EUR 1,495,887.94 95.992 1,439,875.50 1.95<br />
2.625% 04.15.10 - 04.15.13<br />
500,000 BANCO SANTANDER TOTTA SA EMTN EUR 512,285.00 99.464 497,320.00 0.67<br />
3.75% 06.12.09 - 06.12.12<br />
TOTAL PORTUGAL<br />
SPAIN<br />
2,008,172.94<br />
1,937,195.50<br />
2,000,000 <strong>BBVA</strong> SA MTGE EUR 2,003,757.25 96.960 1,939,200.00 2.63<br />
3% 10.09.09 - 10.09.14<br />
3,200,000 <strong>BBVA</strong> SUBORDINATED CAPITAL SA FRN EMTN EUR 3,096,021.54 90.750 2,904,000.00 3.93<br />
0.944% 10.23.06 - 10.24.16<br />
1,500,000 SANTANDER ISSUANCES SA UNIPERSONAL FRN EUR 1,415,288.10 91.228 1,368,415.50 1.85<br />
EMTN<br />
0.983% 03.23.07 - 03.23.17<br />
TOTAL SPAIN<br />
SWEDEN<br />
6,515,066.89<br />
6,211,615.50<br />
500,000 NORDEA BANK AB EMTN EUR 496,362.25 100.890 504,450.00 0.68<br />
4% 06.29.10 - 06.29.20<br />
TOTAL SWEDEN<br />
SWITZERLAND<br />
496,362.25<br />
504,450.00<br />
1,000,000 UBS AG JERSEY BRANCH FRN EMTN EUR 970,037.10 97.705 977,050.00 1.32<br />
0.833% 11.17.05 - 11.17.15<br />
TOTAL SWITZERLAND<br />
UNITED KINGDOM<br />
970,037.10<br />
977,050.00<br />
1,000,000 BARCLAYS BANK PLC EMTN EUR 1,044,051.00 103.895 1,038,950.00 1.41<br />
4.875% 03.31.03 - 03.31.13<br />
2,000,000 BP CAPITAL MARKETS PLC EMTN SERIES 46 EUR 1,977,437.25 98.000 1,960,000.00 2.65<br />
TRANCHE 1<br />
4.5% 11.08.07 - 11.08.12<br />
2,000,000 HSBC BANK PLC FRN EMTN EUR 1,940,038.30 97.500 1,950,000.00 2.64<br />
0.948% 03.24.06 - 03.29.16<br />
2,000,000 LLOYDS TSB BANK PLC FRN EMTN EUR 2,012,038.00 101.835 2,036,700.00 2.77<br />
2.9% 10.16.09 - 10.16.14<br />
1,000,000 NATIONWIDE BUILDING SOCIETY FRN EMTN EUR 970,037.25 97.435 974,350.00 1.32<br />
3.375% 02.17.05 - 08.17.15<br />
2,000,000 OLD MUTUAL PLC FRN EMTN EUR 1,845,037.25 84.320 1,686,400.00 2.28<br />
4.5% 01.17.07 - 01.18.17<br />
2,000,000 ROYAL BANK OF SCOTLAND PLC FRN EMTN EUR 2,088,035.00 101.120 2,022,400.00 2.74<br />
3.25334% 02.23.07 - 02.23.12<br />
TOTAL UNITED KINGDOM<br />
11,876,674.05<br />
11,668,800.00<br />
8.08<br />
2.70<br />
7.30<br />
2.62<br />
8.41<br />
0.68<br />
1.32<br />
15.81<br />
The notes are an integral part of these financial statements<br />
178
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA EURO<br />
Number<br />
or<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
UNITED STATES OF AMERICA<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
2,000,000 CITIGROUP FUNDING PLC FRN EMTN EUR 1,862,716.83 94.000 1,880,000.00 2.55<br />
4.7% 03.14.07 - 03.14.17<br />
1,000,000 GE CAPITAL EUROPEAN FUNDING EMTN EUR 1,056,318.62 107.810 1,078,100.00 1.46<br />
5.375% 09.23.09 - 01.23.20<br />
1,000,000 GECC GENERAL ELECTRIC CAPITAL CORP FRN EUR 880,037.25 83.990 839,900.00 1.14<br />
5.5% 09.05.07 - 09.15.67<br />
1,000,000 GOLDMAN SACHS GROUP INC FRN EMTN EUR 913,838.30 85.010 850,100.00 1.15<br />
1.004% 01.30.07 - 01.30.17<br />
1,000,000 MERRILL LYNCH & CO INC EMTN EUR 914,037.25 87.610 876,100.00 1.19<br />
5.2% 05.11.07 - 05.11.22<br />
2,000,000 MORGAN STANLEY FRN EMTN EUR 1,754,384.00 82.620 1,652,400.00 2.24<br />
1.064% 01.16.07 - 01.16.17<br />
TOTAL UNITED STATES OF AMERICA<br />
7,381,332.25<br />
7,176,600.00<br />
TOTAL BONDS 58,313,657.17<br />
57,272,681.00 77.54<br />
9.73<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
58,313,657.17<br />
57,272,681.00<br />
77.54<br />
OTHER TRANSFERABLE SECURITIES<br />
BONDS<br />
CAYMAN ISLANDS<br />
250,000 VOTO VOTORANTIM LTD - REG-S EUR 249,049.75 99.120 247,800.00 0.34<br />
5.25% 04.28.10 - 04.28.17<br />
TOTAL CAYMAN ISLANDS<br />
GERMANY<br />
249,049.75<br />
247,800.00<br />
1,000,000 DEUTSCHE POSTBANK AG FRN EUR 938,037.10 92.000 920,000.00 1.24<br />
0.963% 11.04.05 - 11.04.15<br />
TOTAL GERMANY<br />
938,037.10<br />
920,000.00<br />
TOTAL BONDS 1,187,086.85<br />
1,167,800.00 1.58<br />
TOTAL OTHER TRANSFERABLE SECURITIES 1,187,086.85<br />
1,167,800.00 1.58<br />
INVESTMENT FUNDS<br />
OPEN-ENDED INVESTMENT FUNDS<br />
0.34<br />
1.24<br />
EUROPEAN COMMUNITY<br />
33,100 ISHARES PLC MARKIT IBOXX EURO CORPORATE<br />
BOND<br />
TOTAL EUROPEAN COMMUNITY<br />
EUR 4,008,169.20 121.545 4,023,139.50 5.45<br />
4,008,169.20<br />
4,023,139.50<br />
5.45<br />
TOTAL OPEN-ENDED INVESTMENT FUNDS 4,008,169.20<br />
4,023,139.50 5.45<br />
TOTAL INVESTMENT FUNDS 4,008,169.20<br />
4,023,139.50 5.45<br />
TOTAL INVESTMENTS IN SECURITIES 63,508,913.22<br />
62,463,620.50 84.57<br />
Cash/(bank overdraft) 10,979,732.01 14.86<br />
Other assets and liabilities 420,454.47 0.57<br />
TOTAL NET ASSETS 73,863,806.98 100.00<br />
The notes are an integral part of these financial statements<br />
179
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA EURO<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
United Kingdom 15.81<br />
United States of America 9.73<br />
Germany 9.65<br />
Spain 8.41<br />
Italy 8.08<br />
Netherlands 7.30<br />
France 7.09<br />
European Community 5.45<br />
Bermuda 2.79<br />
Mexico 2.70<br />
Portugal 2.62<br />
Cayman Islands 1.58<br />
Belgium 1.36<br />
Switzerland 1.32<br />
Swe<strong>de</strong>n 0.68<br />
TOTAL INVESTMENTS IN SECURITIES<br />
84.57<br />
Other assets and liabilities 15.43<br />
NET ASSETS 100.00<br />
180
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA EURO<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Banks and other credit institutions 37.05<br />
Holding and finance companies 19.80<br />
Insurance 9.10<br />
Investment funds 5.45<br />
Data transmission 5.42<br />
Mortgage & funding institutions MBA 4.69<br />
Textiles and clothing industry 1.40<br />
Real estate companies 1.32<br />
Other 0.34<br />
TOTAL INVESTMENTS IN SECURITIES<br />
84.57<br />
Other assets and liabilities 15.43<br />
NET ASSETS 100.00<br />
181
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL USD<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in USD)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 42,498,022.46<br />
- Net unrealised result (2,047,160.66)<br />
40,450,861.80<br />
Cash:<br />
- Cash at sight (see notes) 1,381,737.43<br />
Other assets:<br />
- Formation/reorganisation expenses, net (see notes) 6,840.61<br />
41,839,439.84<br />
LIABILITIES<br />
Other liabilities:<br />
- Taxes and expenses payable 227,339.51<br />
227,339.51<br />
NET ASSETS 41,612,100.33<br />
CLASS A<br />
Net asset value per share<br />
Shares outstanding<br />
101.20<br />
411,178.000<br />
The notes are an integral part of these financial statements<br />
182
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL USD<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in USD)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 38,983,229.49<br />
INCOME<br />
Income from investments:<br />
- Divi<strong>de</strong>nds, net 329,568.38<br />
329,568.38<br />
EXPENSES<br />
Bank interest, net 4,107.48<br />
Fees:<br />
- Global fee (see notes) 382,845.66<br />
- Custodian and Administration fees 51,048.90<br />
Other expenses:<br />
- Annual tax (see notes) 10,378.09<br />
- Amortisation of formation/reorganisation expenses (see notes) 854.00<br />
- Audit and legal fees 3,518.59<br />
- Printing and publishing fees 1,283.25<br />
- Administrative and other expenses 12,468.65<br />
466,504.62<br />
NET OPERATING RESULT (136,936.24)<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) 300,143.51<br />
- Foreign exchange 6,003.90<br />
NET REALISED RESULT 169,211.17<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments (4,767,346.62)<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
(4,598,135.45)<br />
MOVEMENTS IN CAPITAL<br />
Subscriptions of shares 18,583,164.85<br />
Re<strong>de</strong>mptions of shares (11,356,158.56)<br />
7,227,006.29<br />
NET ASSETS AT THE END OF THE PERIOD 41,612,100.33<br />
The notes are an integral part of these financial statements<br />
183
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL USD<br />
STATISTICAL INFORMATION<br />
Period from January 1, 2010 to June 30, 2010<br />
SHARES<br />
Class A<br />
Shares outstanding at the beginning of the period 342,088.000<br />
Subscriptions of shares 169,337.000<br />
Re<strong>de</strong>mptions of shares (100,247.000)<br />
Shares outstanding at the end of the period 411,178.000<br />
NET ASSET VALUE PER SHARE<br />
USD<br />
Highest 120.11<br />
04.15.10<br />
Lowest 101.16<br />
06.08.10<br />
At the end of the period 101.20<br />
184
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL USD<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
Class A<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
1.99%<br />
-<br />
PTR (Portfolio Turnover Rate) 312.00%<br />
185
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL USD<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
* 05.29.09 Class A<br />
268,763.000 26,876,300.00 USD<br />
100.00<br />
12.31.09 Class A<br />
342,088.000 38,983,229.49 USD<br />
113.96<br />
06.30.10 Class A<br />
411,178.000 41,612,100.33 USD<br />
101.20<br />
* first valuation<br />
186
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL USD<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in USD)<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
EQUITIES<br />
LUXEMBOURG<br />
16 FAIRPOINT COMMUNICATIONS INC - IN<br />
BANKRUPTCY<br />
TOTAL LUXEMBOURG<br />
USD 376.97 0.053 0.85 0.00<br />
376.97<br />
0.85<br />
0.00<br />
UNITED STATES OF AMERICA<br />
2,000 REGIONAL BANK HOLDERS TRUST USD 164,242.77 73.225 146,450.00 0.35<br />
4,000 TELECOM HOLDRS TRUST USD 91,498.77 22.650 90,600.00 0.22<br />
TOTAL UNITED STATES OF AMERICA<br />
255,741.54<br />
237,050.00 0.57<br />
TOTAL EQUITIES 256,118.51<br />
237,050.85 0.57<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
256,118.51<br />
237,050.85<br />
0.57<br />
INVESTMENT FUNDS<br />
OPEN-ENDED INVESTMENT FUNDS<br />
ASIA<br />
19,000 ISHARES INC MSCI ALL COUNTRY ASIA EX JAPAN<br />
INDEX FUND<br />
USD 942,092.45 52.070 989,330.00 2.38<br />
14,200 ISHARES INC MSCI PACIFIC EX-JAPAN INDEX FUND USD 519,850.02 35.740 507,508.00 1.22<br />
TOTAL ASIA<br />
BRAZIL<br />
1,461,942.47<br />
1,496,838.00<br />
7,000 ISHARES MSCI BRAZIL FREE INDEX USD 497,153.07 61.960 433,720.00 1.04<br />
TOTAL BRAZIL<br />
CANADA<br />
497,153.07<br />
433,720.00<br />
57,500 ISHARES INC MSCI CANADA INDEX FUND USD 1,378,225.93 24.820 1,427,150.00 3.43<br />
TOTAL CANADA<br />
CHINA<br />
1,378,225.93<br />
1,427,150.00<br />
21,000 ISHARES TRUST FTSE/XINHUA CHINA 25 INDEX USD 890,682.02 39.130 821,730.00 1.97<br />
FUND<br />
1,500 PROSHARES TRUST ULTRA FTSE/XINHUA CHINA 25 USD 90,149.18 60.610 90,914.85 0.22<br />
TOTAL CHINA<br />
EUROPEAN COMMUNITY<br />
980,831.20<br />
912,644.85<br />
88,000 ISHARES INC MSCI EMU INDEX USD 2,856,604.73 28.550 2,512,400.00 6.04<br />
TOTAL EUROPEAN COMMUNITY<br />
FRANCE<br />
2,856,604.73<br />
2,512,400.00<br />
15,000 ISHARES INC MSCI FRANCE INDEX FUND USD 331,228.52 19.560 293,400.00 0.71<br />
TOTAL FRANCE<br />
331,228.52<br />
293,400.00<br />
3.60<br />
1.04<br />
3.43<br />
2.19<br />
6.04<br />
0.71<br />
The notes are an integral part of these financial statements<br />
187
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL USD<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
GERMANY<br />
22,000 ISHARES INC MSCI GERMANY INDEX USD 447,352.85 18.710 411,620.00 0.99<br />
TOTAL GERMANY<br />
JAPAN<br />
447,352.85<br />
411,620.00<br />
244,000 ISHARES INC MSCI INDEX FUND SERIES JAPAN USD 2,323,973.79 9.200 2,244,800.00 5.39<br />
TOTAL JAPAN<br />
2,323,973.79<br />
2,244,800.00<br />
0.99<br />
5.39<br />
LATIN AMERICA<br />
6,000 DIREXION SHARES ETF TRUST DAILY LATIN<br />
AMERICA BULL 3X SHARES<br />
15,000 ISHARES TRUST S&P LATIN AMERICA 40 INDEX<br />
FUND<br />
TOTAL LATIN AMERICA<br />
MEXICO<br />
3,000 ISHARES INC MSCI MEXICO INVESTABLE MARKET<br />
INDEX FUND<br />
TOTAL MEXICO<br />
NORTH AMERICA<br />
11,000 ISHARES TRUST S&P NORTH AMERICAN<br />
TECHNOLOGY MULTIMEDIA NETWORKING<br />
TOTAL NORTH AMERICA<br />
USD 140,183.48 21.220 127,320.00 0.31<br />
USD 673,201.96 41.420 621,300.00 1.49<br />
813,385.44<br />
748,620.00<br />
1.80<br />
USD 156,242.40 47.890 143,670.00 0.35<br />
156,242.40<br />
143,670.00<br />
0.35<br />
USD 321,346.84 24.620 270,821.10 0.65<br />
321,346.84<br />
270,821.10<br />
0.65<br />
SOUTH KOREA<br />
8,500 ISHARES INC MSCI SOUTH KOREA INDEX FUND USD 405,836.86 44.710 380,035.00 0.91<br />
TOTAL SOUTH KOREA<br />
SWEDEN<br />
The notes are an integral part of these financial statements<br />
188<br />
405,836.86<br />
380,035.00<br />
8,000 ISHARES INC MSCI SWEDEN INDEX FUND USD 193,671.80 22.830 182,640.00 0.44<br />
TOTAL SWEDEN<br />
SWITZERLAND<br />
193,671.80<br />
182,640.00<br />
15,000 ISHARES INC MSCI SWITZERLAND INDEX FUND USD 349,008.16 19.990 299,850.00 0.72<br />
TOTAL SWITZERLAND<br />
TAIWAN<br />
349,008.16<br />
299,850.00<br />
35,000 ISHARES MSCI TAIWAN INDEX USD 458,280.58 11.200 392,000.00 0.94<br />
TOTAL TAIWAN<br />
UNITED KINGDOM<br />
458,280.58<br />
392,000.00<br />
179,500 ISHARES INC MSCI UNITED KINGDOM INDEX USD 2,519,517.00 13.440 2,412,480.00 5.80<br />
TOTAL UNITED KINGDOM<br />
UNITED STATES OF AMERICA<br />
2,519,517.00<br />
2,412,480.00<br />
19,000 DIREXION SHARES ETF TRUST DAILY LARGE CAP<br />
BEAR 3X SHARES<br />
USD 331,773.96 18.250 346,750.00 0.83<br />
6,500 DIREXION SHARES ETF TRUST DAILY LARGE CAP USD 309,040.37 39.100 254,150.00 0.61<br />
BULL 3X SHARES<br />
5,000 ISHARES TRUST DOW JONES US REAL ESTATE USD 212,171.96 47.210 236,050.00 0.57<br />
INDEX FUND<br />
4,000 ISHARES TRUST RUSSEL 2000 INDEX FUND USD 251,971.29 61.080 244,320.00 0.59<br />
18,300 ISHARES TRUST RUSSELL 1000 INDEX FUND USD 1,065,492.19 57.140 1,045,662.00 2.51<br />
2,000 OIL SERVICE HOLDRS TRUST USD 255,477.45 94.640 189,280.00 0.45<br />
2,000 PHARMACEUTICAL HOLDRS TRUST DEPOSIT USD 133,606.30 59.580 119,160.00 0.29<br />
RECEIPTS<br />
13,000 POWERSHARES QQQ TRUST SERIES 1 USD 475,079.01 42.710 555,230.00 1.33<br />
1,000 PROSHARES TRUST ULTRA SMALLCAP600 USD 32,648.31 29.310 29,310.00 0.07<br />
6,000 PROSHARES TRUST ULTRA S&P500 USD 212,703.58 32.230 193,380.00 0.46<br />
5,000 SEMICONDUCTOR HOLDERS TRUST DEPOSIT USD 108,284.14 25.920 129,600.00 0.31<br />
RECEIPT<br />
11,500 SPDR CONSUMER DISCRETIONARY SELECT SECTOR USD 263,849.77 29.130 334,995.00 0.81<br />
FUND<br />
21,000 SPDR CONSUMER STAPLES SELECT SECTOR FUND USD 482,858.52 25.470 534,870.00 1.29<br />
0.91<br />
0.44<br />
0.72<br />
0.94<br />
5.80
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL USD<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
18,000 SPDR ENERGY SELECT SECTOR FUND USD 1,002,438.60 49.680 894,240.00 2.15<br />
32,000 SPDR FINANCIAL SELECT SECTOR FUND USD 482,159.97 13.810 441,920.00 1.06<br />
19,000 SPDR HEALTH CARE SELECT SECTOR FUND USD 531,110.92 28.190 535,610.00 1.29<br />
17,800 SPDR INDUSTRIAL SELECT SECTOR FUND USD 393,342.28 27.450 488,610.00 1.17<br />
15,000 SPDR MATERIALS SELECT SECTOR FUND USD 455,989.14 28.360 425,400.00 1.02<br />
48,500 SPDR S&P 500 ETF TRUST -SERIES-1- USD 5,073,050.17 103.220 5,006,170.00 12.04<br />
13,000 SPDR UTILITIES SELECT SECTOR FUND USD 392,523.34 28.260 367,380.00 0.88<br />
TOTAL UNITED STATES OF AMERICA<br />
WORLD<br />
12,465,571.27<br />
12,372,087.00<br />
22,500 DIREXION SHARES ETF TRUST DAILY EMERGING<br />
MARKETS BULL 3X SHARES<br />
USD 562,787.96 21.110 474,975.00 1.14<br />
70,000 ISHARES MSCI EMERGING MARKETS INDEX FUND USD 2,681,091.40 37.320 2,612,400.00 6.28<br />
152,000 ISHARES TRUST MSCI ALL COUNTRY WORLD INDEX USD 6,078,586.57 37.600 5,715,200.00 13.73<br />
FUND<br />
50,000 ISHARES TRUST MSCI EAFE INDEX USD 2,667,652.86 46.510 2,325,500.00 5.59<br />
5,000 SPDR INDEX SHARES FUNDS S&P EMERGING USD 266,152.97 57.970 289,850.00 0.70<br />
MIDDLE EAST & AFRICA<br />
1,000 VANGUARD INDEX FUNDS FTSE ALL WORLD EX US USD 80,290.90 75.390 75,390.00 0.18<br />
SMALL CAP ETF<br />
46,000 VANGUARD INTERNATIONAL EQUITY INDEX FUND USD 1,945,168.38 38.820 1,785,720.00 4.29<br />
TOTAL WORLD STOCK<br />
TOTAL WORLD<br />
14,281,731.04<br />
13,279,035.00 31.91<br />
TOTAL OPEN-ENDED INVESTMENT FUNDS 42,241,903.95<br />
40,213,810.95 96.64<br />
TOTAL INVESTMENT FUNDS 42,241,903.95<br />
40,213,810.95 96.64<br />
29.73<br />
TOTAL INVESTMENTS IN SECURITIES 42,498,022.46<br />
40,450,861.80 97.21<br />
Cash/(bank overdraft) 1,381,737.43 3.32<br />
Other assets and liabilities (220,498.90) (0.53)<br />
TOTAL NET ASSETS 41,612,100.33 100.00<br />
The notes are an integral part of these financial statements<br />
189
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL USD<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
World 31.91<br />
United States of America 30.30<br />
European Community 6.04<br />
United Kingdom 5.80<br />
Japan 5.39<br />
Asia 3.60<br />
Canada 3.43<br />
China 2.19<br />
Latin America 1.80<br />
Brazil 1.04<br />
Germany 0.99<br />
Taiwan 0.94<br />
South Korea 0.91<br />
Switzerland 0.72<br />
France 0.71<br />
North America 0.65<br />
Swe<strong>de</strong>n 0.44<br />
Mexico 0.35<br />
TOTAL INVESTMENTS IN SECURITIES<br />
97.21<br />
Other assets and liabilities 2.79<br />
NET ASSETS 100.00<br />
190
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL USD<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Investment funds 96.35<br />
Holding and finance companies 0.86<br />
TOTAL INVESTMENTS IN SECURITIES<br />
97.21<br />
Other assets and liabilities 2.79<br />
NET ASSETS 100.00<br />
191
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL EUR<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 19,720,271.28<br />
- Net unrealised result 1,589,366.72<br />
21,309,638.00<br />
Cash:<br />
- Cash at sight (see notes) 2,507,153.85<br />
Other assets:<br />
- Divi<strong>de</strong>nd receivable<br />
- Formation/reorganisation expenses, net (see notes)<br />
17,150.00<br />
4,589.00<br />
23,838,530.85<br />
LIABILITIES<br />
Other liabilities:<br />
- Taxes and expenses payable 128,807.24<br />
128,807.24<br />
NET ASSETS 23,709,723.61<br />
CLASS A<br />
Net asset value per share<br />
Shares outstanding<br />
117.33<br />
202,084.000<br />
The notes are an integral part of these financial statements<br />
192
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL EUR<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from January 1, 2010 to June 30, 2010<br />
(in EUR)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 21,011,647.46<br />
INCOME<br />
Income from investments:<br />
- Divi<strong>de</strong>nds, net 78,936.18<br />
78,936.18<br />
EXPENSES<br />
Bank interest, net 2,107.94<br />
Fees:<br />
- Global fee (see notes) 208,256.92<br />
- Custodian and Administration fees 28,598.98<br />
Other expenses:<br />
- Annual tax (see notes) 5,939.45<br />
- Amortisation of formation/reorganisation expenses (see notes) 576.00<br />
- Audit and legal fees 4,181.37<br />
- Printing and publishing fees 759.03<br />
- Administrative and other expenses 7,063.72<br />
257,483.41<br />
NET OPERATING RESULT (178,547.23)<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) 578,884.21<br />
- Foreign exchange 1,758.79<br />
NET REALISED RESULT 402,095.77<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments 138,745.85<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
540,841.62<br />
MOVEMENTS IN CAPITAL<br />
Subscriptions of shares 7,451,023.12<br />
Re<strong>de</strong>mptions of shares (5,293,788.59)<br />
2,157,234.53<br />
NET ASSETS AT THE END OF THE PERIOD 23,709,723.61<br />
The notes are an integral part of these financial statements<br />
193
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL EUR<br />
STATISTICAL INFORMATION<br />
Period from January 1, 2010 to June 30, 2010<br />
SHARES<br />
Class A<br />
Shares outstanding at the beginning of the period 183,667.000<br />
Subscriptions of shares 63,230.000<br />
Re<strong>de</strong>mptions of shares (44,813.000)<br />
Shares outstanding at the end of the period 202,084.000<br />
NET ASSET VALUE PER SHARE<br />
EUR<br />
Highest 126.55<br />
04.27.10<br />
Lowest 109.41<br />
02.08.10<br />
At the end of the period 117.33<br />
194
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL EUR<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
Class A<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
1.97%<br />
-<br />
PTR (Portfolio Turnover Rate) 347.00%<br />
195
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL EUR<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
* 05.29.09 Class A<br />
158,477.000 15,847,700.00 EUR<br />
100.00<br />
12.31.09 Class A<br />
183,667.000 21,011,647.46 EUR<br />
114.40<br />
06.30.10 Class A<br />
202,084.000 23,709,723.61 EUR<br />
117.33<br />
* first valuation<br />
196
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL EUR<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
INVESTMENT FUNDS<br />
OPEN-ENDED INVESTMENT FUNDS<br />
ASIA<br />
35,000 LYXOR INTL ASSET MANAGEMENT FCP ETF MSCI<br />
AC ASIA PAC EX JAPAN -A-<br />
TOTAL ASIA<br />
EUR 1,013,782.18 30.960 1,083,600.00 4.57<br />
1,013,782.18<br />
1,083,600.00<br />
4.57<br />
BRAZIL<br />
15,000 LYXOR INTL ASSET MANAGEMENT FCP ETF BRAZIL<br />
(IBOVESPA) -A-<br />
TOTAL BRAZIL<br />
EUR 386,299.50 27.370 410,550.00 1.73<br />
386,299.50<br />
410,550.00<br />
1.73<br />
CHINA<br />
2,000 LYXOR INTL ASSET MANAGEMENT ETF CHINA<br />
ENTERPRISE FCP<br />
TOTAL CHINA<br />
EUR 226,326.56 119.240 238,480.00 1.01<br />
226,326.56<br />
238,480.00<br />
1.01<br />
EUROPEAN COMMUNITY<br />
1,200 AMUNDI INVESTMENT SOLUTIONS ETF MSCI EUROP EUR 164,808.64 153.110 183,732.00 0.77<br />
CONSUMER STAPLES FCP<br />
1,000 AMUNDI INVESTMENT SOLUTIONS ETF MSCI EUR 132,460.19 126.690 126,690.00 0.53<br />
EUROPE VALUE FCP<br />
7,000 ISHARES DJ STOXX 600 AUTOMOBILES & PARTS (DE) EUR 181,267.51 24.860 174,020.00 0.73<br />
18,000 LYXOR INTERNATIONAL ASSET MGT ETF STOXX EUR 369,833.00 19.720 354,960.00 1.50<br />
EUROPE 600 BANKS FCP<br />
11,500 LYXOR INTERNATIONAL ASSET MGT ETF STOXX EUR 578,126.00 46.470 534,405.00 2.26<br />
EUROPE 600 BASIC RESSOURCES<br />
9,000 LYXOR INTERNATIONAL ASSET MGT ETF STOXX EUR 336,467.23 38.570 347,130.00 1.46<br />
EUROPE 600 HEALTHCARE FCP<br />
15,000 LYXOR INTERNATIONAL ASSET MGT ETF STOXX EUR 230,784.83 14.435 216,525.00 0.91<br />
EUROPE 600 INSURANCE FCP<br />
13,000 LYXOR INTERNATIONAL ASSET MGT ETF STOXX EUR 426,879.47 28.215 366,795.00 1.56<br />
EUROPE 600 OIL & GAS FCP<br />
10,000 LYXOR INTERNATIONAL ASSET MGT ETF STOXX EUR 239,594.11 25.440 254,400.00 1.07<br />
EUROPE 600 TELECOMMUNICATIONS<br />
TOTAL EUROPEAN COMMUNITY<br />
2,660,220.98<br />
2,558,657.00 10.79<br />
EUROPEAN MONETARY UNION<br />
8,000 CREDIT AGRICOLE STRUCTURED AM ETF DJ EURO<br />
STOXX 50 FCP<br />
EUR 347,625.65 41.970 335,760.00 1.41<br />
10,000 ISHARES II PLC EURO STOXX 50 EUR 278,238.14 25.845 258,450.00 1.09<br />
5,000 LYXOR INTERNATIONAL ASSET MGT ETF XBEAR EUR 206,221.66 40.570 202,850.00 0.86<br />
EUROSTOXX50 FCP<br />
TOTAL EUROPEAN MONETARY UNION<br />
832,085.45<br />
797,060.00 3.36<br />
FRANCE<br />
3,000 AMUNDI INVESTMENT SOLUTIONS ETF MSCI<br />
EUROPE GROWTH FCP<br />
EUR 297,215.68 96.550 289,650.00 1.21<br />
4,300 LYXOR INTL ASSET MANAGEMENT CAC 40 MASTER EUR 153,292.80 35.680 153,424.00 0.65<br />
UNIT<br />
8,000 LYXOR/SGAM ETF LEVERAGED CAC 40 FCP EUR 159,136.14 18.230 145,840.00 0.62<br />
TOTAL FRANCE<br />
GERMANY<br />
609,644.62<br />
588,914.00<br />
2,000 ISHARES DAX (DE) EUR 103,911.45 55.220 110,440.00 0.47<br />
2.48<br />
The notes are an integral part of these financial statements<br />
197
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL EUR<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
2,000 MULTI UNITS LUXEMBOURG SICAV LYXOR ETF<br />
LEVDAX<br />
TOTAL GERMANY<br />
ITALY<br />
15,000 LYXOR INTL ASSET MANAGEMENT ETF<br />
LEVERAGED FTSE/MIB FCP<br />
TOTAL ITALY<br />
JAPAN<br />
20,000 LYXOR INTL ASSET MANAGEMENT ETF JAPAN<br />
TOPIX<br />
TOTAL JAPAN<br />
RUSSIA<br />
15,000 LYXOR INTL ASSET MANAGEMENT ETF RUSSIA (DJ<br />
RUSSIA TITANS 10) -A-<br />
TOTAL RUSSIA<br />
EUR 76,862.32 37.290 74,580.00 0.31<br />
180,773.77<br />
185,020.00<br />
0.78<br />
EUR 211,328.51 12.260 183,900.00 0.78<br />
211,328.51<br />
183,900.00<br />
0.78<br />
EUR 1,404,910.18 77.350 1,547,000.00 6.52<br />
1,404,910.18<br />
1,547,000.00<br />
6.52<br />
EUR 446,126.23 28.110 421,650.00 1.78<br />
446,126.23<br />
421,650.00<br />
1.78<br />
SOUTH KOREA<br />
2,000 LYXOR ASSET MANAGEMENT ETF KOREA FCP -A- EUR 68,366.16 31.900 63,800.00 0.27<br />
39,400 LYXOR INTL ASSET MANAGEMENT ETF MSCI USA EUR 2,840,609.81 81.710 3,219,374.00 13.58<br />
FCP -A-<br />
TOTAL SOUTH KOREA<br />
2,908,975.97<br />
3,283,174.00 13.85<br />
SPAIN<br />
12,000 ACCION IBEX 35 ETF FI EUR 123,389.88 9.460 113,520.00 0.48<br />
TOTAL SPAIN<br />
TAIWAN<br />
123,389.88<br />
113,520.00<br />
5,000 ISHARES MSCI TAIWAN FUND EUR 110,007.70 23.130 115,650.00 0.49<br />
TOTAL TAIWAN<br />
UNITED KINGDOM<br />
110,007.70<br />
115,650.00<br />
255,000 ISHARES PLC FTSE 100 FUND (EUR) EUR 1,418,278.77 6.015 1,533,825.00 6.47<br />
TOTAL UNITED KINGDOM<br />
1,418,278.77<br />
1,533,825.00<br />
0.48<br />
0.49<br />
6.47<br />
UNITED STATES OF AMERICA<br />
1,800 CREDIT AGRICOLE STRUCTURED AM ETF<br />
LEVERAGED MSCI USA FCP<br />
10,000 LYXOR INTERNATIONAL ASSET MGT ETF<br />
LEVERAGED NASDAQ 100 FCP<br />
TOTAL UNITED STATES OF AMERICA<br />
EUR 320,816.53 206.660 371,988.00 1.57<br />
EUR 162,243.03 16.615 166,150.00 0.70<br />
483,059.56<br />
538,138.00<br />
2.27<br />
WORLD<br />
29,500 AMUNDI INVESTMENT SOLUTIONS ETF MSCI USA<br />
FCP<br />
EUR 2,171,960.49 91.080 2,686,860.00 11.33<br />
16,000 ISHARES II PLC FTSE BRIC 50 -EUR- EUR 338,783.80 21.880 350,080.00 1.48<br />
44,000 LYXOR INTERNATIONAL ASSET MGT ETF EURO EUR 660,583.49 14.085 619,740.00 2.61<br />
STOXX 50 DAILY LEVERAGE FCP<br />
206,000 LYXOR INTL ASSET MANAGEMENT ETF MSCI EUR 1,256,137.75 7.510 1,547,060.00 6.53<br />
EMERGING MARKETS -A-<br />
The notes are an integral part of these financial statements<br />
198
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL EUR<br />
Number Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
29,000 LYXOR INTL ASSET MANAGEMENT ETF MSCI<br />
WORLD FCP -A-<br />
TOTAL WORLD<br />
EUR 2,277,595.89 86.440 2,506,760.00 10.57<br />
6,705,061.42<br />
7,710,500.00<br />
32.52<br />
TOTAL OPEN-ENDED INVESTMENT FUNDS 19,720,271.28<br />
21,309,638.00 89.88<br />
TOTAL INVESTMENT FUNDS 19,720,271.28<br />
21,309,638.00 89.88<br />
TOTAL INVESTMENTS IN SECURITIES 19,720,271.28<br />
21,309,638.00 89.88<br />
Cash/(bank overdraft) 2,507,153.85 10.57<br />
Other assets and liabilities (107,068.24) (0.45)<br />
TOTAL NET ASSETS 23,709,723.61 100.00<br />
The notes are an integral part of these financial statements<br />
199
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL EUR<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
World 32.52<br />
South Korea 13.85<br />
European Community 10.79<br />
Japan 6.52<br />
United Kingdom 6.47<br />
Asia 4.57<br />
European Monetary Union 3.36<br />
France 2.48<br />
United States of America 2.27<br />
Russia 1.78<br />
Brazil 1.73<br />
China 1.01<br />
Italy 0.78<br />
Germany 0.78<br />
Taiwan 0.49<br />
Spain 0.48<br />
TOTAL INVESTMENTS IN SECURITIES<br />
89.88<br />
Other assets and liabilities 10.12<br />
NET ASSETS 100.00<br />
200
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE GLOBAL EUR<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Investment funds 89.88<br />
TOTAL INVESTMENTS IN SECURITIES<br />
89.88<br />
Other assets and liabilities 10.12<br />
NET ASSETS 100.00<br />
201
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 EUR<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 52,435,934.54<br />
- Net unrealised result (2,200,716.77)<br />
50,235,217.77<br />
Cash:<br />
- Cash at sight (see notes) 3,906,016.20<br />
Other assets:<br />
- Interest receivable<br />
- Formation/reorganisation expenses, net (see notes)<br />
357,550.22<br />
5,391.00<br />
54,504,175.19<br />
LIABILITIES<br />
Other liabilities:<br />
- Taxes and expenses payable 192,674.06<br />
192,674.06<br />
NET ASSETS 54,311,501.13<br />
CLASS A<br />
Net asset value per share<br />
Shares outstanding<br />
97.37<br />
557,789.000<br />
The notes are an integral part of these financial statements<br />
202
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 EUR<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from March 5, 2010 to June 30, 2010<br />
(in EUR)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 0.00<br />
INCOME<br />
Income from investments:<br />
- Divi<strong>de</strong>nds, net 26,653.06<br />
- Bond interest, net (see notes) 158,081.73<br />
184,734.79<br />
EXPENSES<br />
Bank interest, net 6,921.36<br />
Fees:<br />
- Global fee (see notes) 180,765.60<br />
- Custodian and Administration fees 31,313.83<br />
Other expenses:<br />
- Annual tax (see notes) 11,184.71<br />
- Amortisation of formation/reorganisation expenses (see notes) 359.00<br />
- Audit and legal fees 4,201.38<br />
- Printing and publishing fees 68.95<br />
- Administrative and other expenses 1,786.54<br />
236,601.37<br />
NET OPERATING RESULT (51,866.58)<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) 996,150.77<br />
- Foreign exchange (79,681.15)<br />
NET REALISED RESULT 864,603.04<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments (2,200,716.77)<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
(1,336,113.73)<br />
MOVEMENTS IN CAPITAL<br />
Subscriptions of shares 56,060,856.37<br />
Re<strong>de</strong>mptions of shares (413,241.51)<br />
55,647,614.86<br />
NET ASSETS AT THE END OF THE PERIOD 54,311,501.13<br />
The notes are an integral part of these financial statements<br />
203
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 EUR<br />
STATISTICAL INFORMATION<br />
Period from March 5, 2010 to June 30, 2010<br />
SHARES<br />
Class A<br />
Shares outstanding at the beginning of the period 0.000<br />
Subscriptions of shares 562,008.000<br />
Re<strong>de</strong>mptions of shares (4,219.000)<br />
Shares outstanding at the end of the period 557,789.000<br />
NET ASSET VALUE PER SHARE<br />
EUR<br />
Highest 100.56<br />
05.14.10<br />
Lowest 96.99<br />
05.26.10<br />
At the end of the period 97.37<br />
204
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 EUR<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
Class A<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
1.72%<br />
-<br />
PTR (Portfolio Turnover Rate) 99.00%<br />
205
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 EUR<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
* 03.05.10 Class A<br />
184,496.000 18,449,600.00 EUR<br />
100.00<br />
06.30.10 Class A<br />
557,789.000 54,311,501.13 EUR<br />
97.37<br />
* First valuation<br />
206
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 EUR<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in EUR)<br />
Number<br />
or<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
BONDS<br />
CAYMAN ISLANDS<br />
1,000,000 <strong>BBVA</strong> BANCOMER SA CAYMAN ISLANDS BRANCH<br />
FRN REG-S<br />
4.799% 05.17.07 - 05.17.17<br />
TOTAL CAYMAN ISLANDS<br />
EUR 952,537.25 91.875 918,750.00 1.69<br />
952,537.25<br />
918,750.00<br />
1.69<br />
FRANCE<br />
2,000,000 AXA SA FRN EUR 2,059,037.35 99.250 1,985,000.00 3.65<br />
6.75% 12.15.00 - 12.15.20<br />
2,000,000 BNP PARIBAS CAPITAL TRUST IV FRN NON CUM - EUR 1,840,037.25 92.750 1,855,000.00 3.42<br />
PERPETUAL<br />
6.342% 01.24.02<br />
1,000,000 GE CAPITAL EUROPEAN FUNDING FRN EMTN EUR 976,938.90 94.958 949,580.00 1.75<br />
0.845% 07.28.04 - 07.28.14<br />
2,400,000 SOCIETE GENERALE SA FRN - REG-S PERPETUAL EUR 2,237,077.15 90.490 2,171,760.00 4.00<br />
7.756% 05.22.08<br />
TOTAL FRANCE<br />
GERMANY<br />
7,113,090.65<br />
6,961,340.00<br />
2,000,000 DEUTSCHE BANK AG FRN EMTN EUR 1,930,074.60 92.490 1,849,800.00 3.41<br />
1.029% 09.20.04 - 09.20.16<br />
TOTAL GERMANY<br />
1,930,074.60<br />
1,849,800.00<br />
12.82<br />
3.41<br />
JERSEY<br />
80,000 ETFS COMMODITY SECURITIES LTD CRUDE OIL -<br />
EUR- PERPETUAL<br />
0% 09.27.06<br />
88,500 ETFS METAL SECURITIES LTD SILVER PERPETUAL<br />
(EUR)<br />
0% 04.24.07<br />
TOTAL JERSEY<br />
EUR 1,580,852.20 19.735 1,578,800.00 2.91<br />
EUR 1,310,944.37 14.870 1,315,995.00 2.42<br />
2,891,796.57<br />
2,894,795.00<br />
5.33<br />
NETHERLANDS<br />
2,000,000 ING GROEP NV FRN EUR 1,874,237.25 94.562 1,891,242.00 3.48<br />
0.84% 04.11.06 - 04.11.16<br />
2,000,000 ROYAL BK OF SCOTLAND NV FRN EMTN EUR 1,745,037.25 82.500 1,650,000.00 3.04<br />
1.457% 06.08.05 - 06.08.15<br />
TOTAL NETHERLANDS<br />
SPAIN<br />
3,619,274.50<br />
3,541,242.00<br />
1,000,000 BANCO BILBAO VIZCAYA ARGENTARIA SA FRN EUR 965,037.25 97.000 970,000.00 1.79<br />
4.5% 11.12.03 - 11.12.15<br />
1,000,000 <strong>BBVA</strong> INTERNATIONAL PREFERRED SA FRN PERP EUR 835,037.25 74.585 745,850.00 1.37<br />
4.952% 09.20.06<br />
2,000,000 <strong>BBVA</strong> SUBORDINATED CAPITAL SA FRN EMTN EUR 1,937,537.25 89.540 1,790,800.00 3.30<br />
0.854% 04.03.07 - 04.03.17<br />
1,000,000 SANTANDER ISSUANCES SA UNIPERSONAL FRN EUR 1,035,037.25 98.000 980,000.00 1.80<br />
EMTN<br />
5.435% 10.24.07 - 10.24.17<br />
6.52<br />
The notes are an integral part of these financial statements<br />
207
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 EUR<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Number<br />
or<br />
Face<br />
Value<br />
1,000,000 SANTANDER ISSUANCES SA UNIPERSONAL FRNL<br />
SERIES 3<br />
0.902% 03.03.06 - 03.03.16<br />
TOTAL SPAIN<br />
SWITZERLAND<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
EUR 935,037.25 92.240 922,400.00 1.70<br />
5,707,686.25<br />
5,409,050.00<br />
1,000,000 UBS AG JERSEY BRANCH FRN PERPETUAL EUR 740,037.25 72.955 729,550.00 1.34<br />
4.28% 04.15.05<br />
TOTAL SWITZERLAND<br />
UNITED KINGDOM<br />
740,037.25<br />
729,550.00<br />
2,000,000 BARCLAYS BANK PLC FRN EMTN EUR 1,915,074.60 93.555 1,871,100.00 3.44<br />
0.819% 01.20.06 - 04.20.16<br />
1,000,000 BP CAPITAL MARKETS PLC EMTN SERIES 46 EUR 991,287.25 98.000 980,000.00 1.80<br />
TRANCHE 1<br />
4.5% 11.08.07 - 11.08.12<br />
2,000,000 HSBC BANK PLC FRN EMTN EUR 1,870,037.25 90.890 1,817,800.00 3.35<br />
1.054% 09.30.05 - 09.30.20<br />
2,000,000 HSBC CAPITAL FUNDING LP FRN - PERPETUAL EUR 1,875,037.25 89.250 1,785,000.00 3.29<br />
5.3687% 10.24.03<br />
TOTAL UNITED KINGDOM<br />
UNITED STATES OF AMERICA<br />
6,651,436.35<br />
6,453,900.00<br />
1,000,000 CITIGROUP INC FRN EMTN EUR 903,437.25 89.040 890,400.00 1.64<br />
0.863% 02.09.06 - 02.09.16<br />
2,000,000 GOLDMAN SACHS GROUP INC FRN EMTN EUR 1,836,688.25 85.010 1,700,200.00 3.13<br />
1.004% 01.30.07 - 01.30.17<br />
2,000,000 JPMORGAN CHASE & CO FRN EMTN EUR 1,905,177.25 89.550 1,791,000.00 3.30<br />
1.04% 10.12.05 - 10.12.15<br />
1,000,000 MERRILL LYNCH & CO INC FRN EMTN EUR 937,297.25 91.720 917,200.00 1.69<br />
0.914% 01.31.07 - 01.31.14<br />
2,000,000 MORGAN STANLEY EMTN FRN EUR 1,895,188.25 90.575 1,811,500.00 3.33<br />
1.063% 05.02.07 - 05.02.14<br />
TOTAL UNITED STATES OF AMERICA<br />
7,477,788.25<br />
7,110,300.00<br />
TOTAL BONDS 37,083,721.67<br />
35,868,727.00 66.04<br />
9.96<br />
1.34<br />
11.88<br />
13.09<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
37,083,721.67<br />
35,868,727.00<br />
66.04<br />
OTHER TRANSFERABLE SECURITIES<br />
BONDS<br />
CAYMAN ISLANDS<br />
500,000 VOTO VOTORANTIM LTD - REG-S EUR 498,062.25 99.120 495,600.00 0.91<br />
5.25% 04.28.10 - 04.28.17<br />
TOTAL CAYMAN ISLANDS<br />
498,062.25<br />
495,600.00<br />
TOTAL BONDS 498,062.25<br />
495,600.00 0.91<br />
TOTAL OTHER TRANSFERABLE SECURITIES 498,062.25<br />
495,600.00 0.91<br />
INVESTMENT FUNDS<br />
OPEN-ENDED INVESTMENT FUNDS<br />
0.91<br />
EUROPEAN COMMUNITY<br />
30,000 LYXOR INTERNATIONAL ASSET MGT ETF STOXX<br />
EUROPE 600 BASIC RESSOURCES<br />
58,400 LYXOR INTERNATIONAL ASSET MGT ETF STOXX<br />
EUROPE 600 OIL & GAS FCP<br />
TOTAL EUROPEAN COMMUNITY<br />
EUR 1,543,379.70 46.470 1,394,100.00 2.57<br />
EUR 1,947,910.87 28.215 1,647,756.00 3.03<br />
3,491,290.57<br />
3,041,856.00<br />
5.60<br />
The notes are an integral part of these financial statements<br />
208
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 EUR<br />
Number<br />
or<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
EUROPEAN MONETARY UNION<br />
40,700 LYXOR INTL ASSET MANAGEMENT ETF MSCI<br />
EUROPE FCP -A-<br />
TOTAL EUROPEAN MONETARY UNION<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
EUR 3,588,368.87 86.340 3,514,038.00 6.47<br />
3,588,368.87<br />
3,514,038.00<br />
6.47<br />
UNITED STATES OF AMERICA<br />
32,000 POWERSHARES GLOBAL FUND IRELAND PLC EQQQ<br />
FUND CLASS EUR<br />
TOTAL UNITED STATES OF AMERICA<br />
WORLD<br />
10,500 AMUNDI INVESTMENT SOLUTIONS ETF MSCI<br />
WORLD EX EMU FCP<br />
30,000 AMUNDI INVESTMENT SOLUTIONS ETF MSCI<br />
WORLD FCP<br />
110,000 DIREXION SHARES ETF TRUST DAILY EMERGING<br />
MARKETS BULL 3X SHARES<br />
TOTAL WORLD<br />
EUR 1,200,969.56 35.490 1,135,680.00 2.09<br />
1,200,969.56<br />
1,135,680.00<br />
2.09<br />
EUR 1,172,854.44 105.990 1,112,895.00 2.05<br />
EUR 3,205,840.50 105.560 3,166,800.00 5.83<br />
USD 2,194,826.68 21.110 1,899,621.77 3.50<br />
6,573,521.62<br />
6,179,316.77<br />
11.38<br />
TOTAL OPEN-ENDED INVESTMENT FUNDS 14,854,150.62<br />
13,870,890.77 25.54<br />
TOTAL INVESTMENT FUNDS 14,854,150.62<br />
13,870,890.77 25.54<br />
TOTAL INVESTMENTS IN SECURITIES 52,435,934.54<br />
50,235,217.77 92.49<br />
Cash/(bank overdraft) 3,906,016.20 7.19<br />
Other assets and liabilities 170,267.16 0.32<br />
TOTAL NET ASSETS 54,311,501.13 100.00<br />
The notes are an integral part of these financial statements<br />
209
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 EUR<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
United States of America 15.18<br />
France 12.82<br />
United Kingdom 11.88<br />
World 11.38<br />
Spain 9.96<br />
Netherlands 6.52<br />
European Monetary Union 6.47<br />
European Community 5.60<br />
Jersey 5.33<br />
Germany 3.41<br />
Cayman Islands 2.60<br />
Switzerland 1.34<br />
TOTAL INVESTMENTS IN SECURITIES<br />
92.49<br />
Other assets and liabilities 7.51<br />
NET ASSETS 100.00<br />
210
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 EUR<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Banks and other credit institutions 40.32<br />
Investment funds 25.54<br />
Holding and finance companies 22.07<br />
Insurance 3.65<br />
Other 0.91<br />
TOTAL INVESTMENTS IN SECURITIES<br />
92.49<br />
Other assets and liabilities 7.51<br />
NET ASSETS 100.00<br />
211
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 USD<br />
STATEMENT OF NET ASSETS<br />
June 30, 2010<br />
(in USD)<br />
ASSETS<br />
Portfolio:<br />
(see notes)<br />
- Cost 44,240,372.11<br />
- Net unrealised result (2,166,296.81)<br />
42,074,075.30<br />
Cash:<br />
- Cash at sight (see notes) 1,981,665.36<br />
Other assets:<br />
- Interest receivable<br />
- Formation/reorganisation expenses, net (see notes)<br />
187,535.26<br />
6,841.11<br />
44,250,117.03<br />
LIABILITIES<br />
Other liabilities:<br />
- Taxes and expenses payable 142,768.82<br />
142,768.82<br />
NET ASSETS 44,107,348.21<br />
CLASS A<br />
Net asset value per share<br />
Shares outstanding<br />
94.08<br />
468,822.000<br />
The notes are an integral part of these financial statements<br />
212
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 USD<br />
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS<br />
Period from March 5, 2010 to June 30, 2010<br />
(in USD)<br />
NET ASSETS AT THE BEGINNING OF THE PERIOD 0.00<br />
INCOME<br />
Income from investments:<br />
- Divi<strong>de</strong>nds, net 141,462.05<br />
- Bond interest, net (see notes) 88,936.38<br />
230,398.43<br />
EXPENSES<br />
Bank interest, net 6,664.07<br />
Fees:<br />
- Global fee (see notes) 133,075.91<br />
- Custodian and Administration fees 24,091.48<br />
Other expenses:<br />
- Annual tax (see notes) 8,264.62<br />
- Amortisation of formation/reorganisation expenses (see notes) 462.00<br />
- Audit and legal fees 3,534.37<br />
- Printing and publishing fees 65.58<br />
- Administrative and other expenses 2,098.68<br />
178,256.71<br />
NET OPERATING RESULT 52,141.72<br />
Net realised result on:<br />
- Sales of investments and futures (see notes) 26,225.44<br />
NET REALISED RESULT 78,367.16<br />
Change in net unrealised appreciation/(<strong>de</strong>preciation)<br />
on:<br />
- Investments (2,166,296.81)<br />
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT<br />
OF OPERATIONS<br />
(2,087,929.65)<br />
MOVEMENTS IN CAPITAL<br />
Subscriptions of shares 48,257,433.51<br />
Re<strong>de</strong>mptions of shares (2,062,155.65)<br />
46,195,277.86<br />
NET ASSETS AT THE END OF THE PERIOD 44,107,348.21<br />
The notes are an integral part of these financial statements<br />
213
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 USD<br />
STATISTICAL INFORMATION<br />
Period from March 5, 2010 to June 30, 2010<br />
SHARES<br />
Class A<br />
Shares outstanding at the beginning of the period 0.000<br />
Subscriptions of shares 489,871.000<br />
Re<strong>de</strong>mptions of shares (21,049.000)<br />
Shares outstanding at the end of the period 468,822.000<br />
NET ASSET VALUE PER SHARE<br />
USD<br />
Highest 100.53<br />
04.21.10<br />
Lowest 94.08<br />
06.30.10<br />
At the end of the period 94.08<br />
214
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 USD<br />
TER (total expense ratio) AND PTR (portfolio turnover rate) (Unaudited)<br />
June 30, 2010<br />
Class A<br />
TER including the performance-related fee:<br />
Performance-related fee as a percentage of the average net assets:<br />
1.74%<br />
-<br />
PTR (Portfolio Turnover Rate) 66.00%<br />
215
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 USD<br />
CHANGES IN THE NUMBER OF SHARES,<br />
OF NET ASSETS AND<br />
OF NET ASSET VALUE PER SHARE<br />
Date<br />
Share<br />
Class<br />
Number of<br />
shares<br />
outstanding<br />
Net<br />
Assets<br />
Ccy<br />
Net asset<br />
value<br />
per share<br />
* 03.05.10 Class A<br />
131,820.000 13,182,000.00 USD<br />
100.00<br />
06.30.10 Class A<br />
468,822.000 44,107,348.21 USD<br />
94.08<br />
* First valuation<br />
216
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 USD<br />
STATEMENT OF INVESTMENTS IN SECURITIES<br />
AND OTHER NET ASSETS<br />
June 30, 2010<br />
(in USD)<br />
Number<br />
or<br />
Face<br />
Value<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
TRANSFERABLE SECURITIES ADMITTED TO AN<br />
OFFICIAL STOCK EXCHANGE OR DEALT IN ON<br />
ANOTHER REGULATED MARKET<br />
BONDS<br />
JERSEY<br />
48,000 ETFS COMMODITY SECURITIES LTD CRUDE OIL - USD 1,176,864.75 24.230 1,163,040.00 2.63<br />
USD- PERPETUAL<br />
0% 09.27.06<br />
45,700 ETFS METAL SECURITIES LTD SILVER PERPETUAL USD 828,473.72 18.300 836,310.00 1.90<br />
0% 04.24.07<br />
TOTAL JERSEY<br />
2,005,338.47<br />
1,999,350.00 4.53<br />
NETHERLANDS<br />
1,250,000 AEGON NV FRN - PERPETUAL USD 737,545.95 58.807 735,088.75 1.67<br />
3.891% 07.15.04<br />
TOTAL NETHERLANDS<br />
NORWAY<br />
737,545.95<br />
735,088.75<br />
500,000 DNB NOR BANK ASA FRN - PERP USD 506,295.74 99.605 498,023.50 1.13<br />
7.729% 06.29.01<br />
TOTAL NORWAY<br />
506,295.74<br />
498,023.50<br />
1.67<br />
1.13<br />
SPAIN<br />
2,000,000 <strong>BBVA</strong> INTERNATIONAL PREFERRED SA FRN PFD -<br />
PERPETUAL<br />
5.919% 10.18.07<br />
1,000,000 SANTANDER ISSUANCES SA UNIPERSONAL FRN -<br />
144A-<br />
0.89925% 06.20.06 - 06.20.16<br />
TOTAL SPAIN<br />
USD 1,400,051.17 72.703 1,454,050.00 3.29<br />
USD 950,060.80 92.500 925,000.00 2.10<br />
2,350,111.97<br />
2,379,050.00<br />
5.39<br />
1,000,000<br />
SWITZERLAND<br />
UBS AG JERSEY BRANCH FRN EMTN USD 959,050.54 93.750 937,500.00 2.13<br />
0.45438% 04.18.06 - 04.18.16<br />
TOTAL SWITZERLAND<br />
959,050.54<br />
937,500.00 2.13<br />
UNITED KINGDOM<br />
2,000,000 BARCLAYS BANK PLC FRN REG-S USD 1,895,106.53 90.875 1,817,500.00 4.11<br />
0.48781% 06.27.06 - 06.27.16<br />
1,500,000 BARCLAYS BANK PLC FRN REG-S PERPETUAL USD 1,470,046.89 96.945 1,454,175.00 3.30<br />
8.55% 09.19.00<br />
1,000,000 BP CAPITAL MARKETS PLC USD 953,796.04 92.100 921,000.00 2.09<br />
5.25% 11.07.08 - 11.07.13<br />
1,000,000 HBOS PLC FRN EMTN USD 805,050.84 77.025 770,250.00 1.75<br />
0.73781% 06.06.07 - 09.06.17<br />
2,000,000 HSBC CAPITAL FUNDING FRN PERPETUAL USD 1,880,051.90 88.950 1,779,000.00 4.03<br />
4.61% 06.27.03<br />
1,000,000 HSBC HOLDINGS PLC FRN EMTN USD 955,047.12 96.425 964,250.00 2.19<br />
0.4915% 10.05.06 - 10.06.16<br />
1,000,000 ROYAL BK SCOTLAND PLC FRN EMTN USD 840,051.29 77.035 770,350.00 1.75<br />
0.494% 04.11.06 - 04.11.16<br />
1,000,000 STANDARD CHARTERED BANK FRN EMTN USD 965,051.01 94.400 944,000.00 2.14<br />
0.83719% 12.09.05 - 06.09.16<br />
The notes are an integral part of these financial statements<br />
217
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 USD<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Number<br />
or<br />
Face<br />
Value<br />
1,300,000 STANDARD CHARTERED PLC FRN REG-S<br />
PERPETUAL<br />
6.409% 12.08.06<br />
TOTAL UNITED KINGDOM<br />
UNITED STATES OF AMERICA<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
USD 1,166,344.12 86.250 1,121,252.60 2.54<br />
10,930,545.74<br />
10,541,777.60<br />
1,000,000 CITIGROUP INC FRN USD 913,051.29 89.920 899,200.00 2.04<br />
0.62656% 11.05.04 - 11.05.14<br />
1,550,000 GECC GENERAL ELECTRIC CAPITAL CORP FRN USD 1,520,596.97 97.112 1,505,231.35 3.41<br />
EMTN<br />
1.36925% 02.13.08 - 12.20.13<br />
3,000,000 GOLDMAN SACHS GROUP INC FRN USD 2,824,440.99 92.467 2,774,001.00 6.29<br />
0.98819% 03.22.06 - 03.22.16<br />
2,000,000 MORGAN STANLEY SERIE F FRN USD 1,826,255.30 87.115 1,742,290.00 3.95<br />
0.75438% 10.18.06 - 10.18.16<br />
1,000,000 UBS PREFERRED FUNDING TRUST I FRN USD 986,302.22 97.600 976,000.00 2.21<br />
8.622% 10.10.00 - 10.01.10<br />
1,000,000 WACHOVIA BANK NA FRN USD 949,555.69 96.120 961,200.00 2.18<br />
0.72438% 11.03.04 - 11.03.14<br />
TOTAL UNITED STATES OF AMERICA<br />
9,020,202.46<br />
8,857,922.35<br />
TOTAL BONDS 26,509,090.87<br />
25,948,712.20 58.83<br />
23.90<br />
20.08<br />
TOTAL TRANSFERABLE SECURITIES ADMITTED<br />
TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN<br />
ON ANOTHER REGULATED MARKET<br />
26,509,090.87<br />
25,948,712.20<br />
58.83<br />
OTHER TRANSFERABLE SECURITIES<br />
BONDS<br />
MEXICO<br />
650,000 BANCOMER SA INSTITUCION DE BANCA MULTIPLE - USD 650,050.42 101.200 657,800.00 1.49<br />
REG-S<br />
7.25% 04.22.10 - 04.22.20<br />
TOTAL MEXICO<br />
650,050.42<br />
657,800.00<br />
TOTAL BONDS 650,050.42<br />
657,800.00 1.49<br />
TOTAL OTHER TRANSFERABLE SECURITIES 650,050.42<br />
657,800.00 1.49<br />
INVESTMENT FUNDS<br />
OPEN-ENDED INVESTMENT FUNDS<br />
EUROPEAN COMMUNITY<br />
68,000 ISHARES S&P EUROPE 350 INDEX USD 2,262,294.94 31.350 2,131,800.00 4.83<br />
TOTAL EUROPEAN COMMUNITY<br />
UNITED STATES OF AMERICA<br />
2,262,294.94<br />
2,131,800.00<br />
20,599 ISHARES TRUST IBOXX USD HIGH YIELD<br />
CORPORATE BOND<br />
USD 1,743,922.50 84.900 1,748,855.10 3.97<br />
6,000 OIL SERVICE HOLDRS TRUST USD 760,701.09 94.640 567,840.00 1.29<br />
26,400 SEMICONDUCTOR HOLDERS TRUST DEPOSIT USD 774,166.66 25.920 684,288.00 1.55<br />
RECEIPT<br />
19,000 SPDR ENERGY SELECT SECTOR FUND USD 1,080,002.17 49.680 943,920.00 2.14<br />
86,000 SPDR FINANCIAL SELECT SECTOR FUND USD 1,269,672.72 13.810 1,187,660.00 2.69<br />
TOTAL UNITED STATES OF AMERICA<br />
WORLD<br />
44,000 DIREXION SHARES ETF TRUST DAILY DEVELOPED<br />
MARKETS BULL 3X SHARES<br />
140,000 DIREXION SHARES ETF TRUST DAILY EMERGING<br />
MARKETS BULL 3X SHARES<br />
20,000 ISHARES II PLC JP MORGAN USD EMERGING<br />
MARKETS BOND FUND<br />
18,500 ISHARES TRUST MSCI ALL COUNTRY WORLD INDEX<br />
FUND<br />
5,628,465.14<br />
5,132,563.10<br />
1.49<br />
4.83<br />
11.64<br />
USD 2,190,881.08 38.550 1,696,200.00 3.85<br />
USD 3,320,757.03 21.110 2,955,400.00 6.69<br />
USD 2,057,713.91 103.200 2,064,000.00 4.68<br />
USD 773,659.97 37.600 695,600.00 1.58<br />
The notes are an integral part of these financial statements<br />
218
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 USD<br />
Description Ccy<br />
Cost Value<br />
per<br />
security<br />
Number<br />
or<br />
Face<br />
Value<br />
44,000 POWERSHARES DB MULTI-SECTOR COMMODITY<br />
TRUST DB BASE METALS<br />
TOTAL WORLD<br />
Market<br />
value<br />
(see notes)<br />
% of<br />
net<br />
assets<br />
USD 847,458.75 18.000 792,000.00 1.80<br />
9,190,470.74<br />
8,203,200.00<br />
TOTAL OPEN-ENDED INVESTMENT FUNDS 17,081,230.82<br />
15,467,563.10 35.07<br />
TOTAL INVESTMENT FUNDS 17,081,230.82<br />
15,467,563.10 35.07<br />
18.60<br />
TOTAL INVESTMENTS IN SECURITIES 44,240,372.11<br />
42,074,075.30 95.39<br />
Cash/(bank overdraft) 1,981,665.36 4.49<br />
Other assets and liabilities 51,607.55 0.12<br />
TOTAL NET ASSETS 44,107,348.21 100.00<br />
The notes are an integral part of these financial statements<br />
219
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 USD<br />
GEOGRAPHICAL CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
COUNTRIES<br />
% of<br />
net<br />
assets<br />
United States of America 31.72<br />
United Kingdom 23.90<br />
World 18.60<br />
Spain 5.39<br />
European Community 4.83<br />
Jersey 4.53<br />
Switzerland 2.13<br />
Netherlands 1.67<br />
Mexico 1.49<br />
Norway 1.13<br />
TOTAL INVESTMENTS IN SECURITIES<br />
95.39<br />
Other assets and liabilities 4.61<br />
NET ASSETS 100.00<br />
220
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
<strong>BBVA</strong> DURBANA MULTISTRATEGIA 80/20 USD<br />
ECONOMIC CLASSIFICATION<br />
OF THE INVESTMENTS IN SECURITIES<br />
June 30, 2010<br />
(in %)<br />
ECONOMIC SECTORS<br />
% of<br />
net<br />
assets<br />
Banks and other credit institutions 37.07<br />
Investment funds 35.07<br />
Holding and finance companies 21.58<br />
Insurance 1.67<br />
TOTAL INVESTMENTS IN SECURITIES<br />
95.39<br />
Other assets and liabilities 4.61<br />
NET ASSETS 100.00<br />
221
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
June 30, 2010<br />
GENERAL<br />
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND (the<br />
«SICAV») was incorporated un<strong>de</strong>r the name BILBAO<br />
VIZCAYA INTERNATIONAL FUND as an investment<br />
company with variable capital (Société d'Investissement à<br />
Capital Variable) in accordance with the law of August 10,<br />
1915 and its amending laws regarding commercial<br />
companies, as well as on un<strong>de</strong>rtakings for collective<br />
investment in accordance with part I of the law of<br />
December 20, 2002. The Legal Notice regarding the issue<br />
of shares was <strong>de</strong>posited with the Office of the District<br />
Court of and in Luxembourg.<br />
The articles of association of the SICAV were published on<br />
May 6, 1988 in the Mémorial, Recueil Spécial <strong>de</strong>s Sociétés<br />
et Associations du Luxembourg (Official Journal, Section<br />
of Companies and Association of Luxembourg) and were<br />
<strong>de</strong>posited with the Office of the District Court of<br />
Luxembourg where copies can be obtained.<br />
The articles of association were amen<strong>de</strong>d for the last time<br />
on October 30, 2009. The last amendments were published<br />
in the Mémorial, Recueil <strong>de</strong>s Sociétés on November 24,<br />
2009.<br />
The capital of the SICAV is at any time equal to the total<br />
net assets of the various sub-funds (the “Sub-<strong>Fund</strong>s”).<br />
During the period en<strong>de</strong>d June 30, 2010, the following Sub-<br />
<strong>Fund</strong>s were launched as follows:<br />
As of March 5, 2010:<br />
- <strong>BBVA</strong> Durbana Multitrategia 80/20 USD<br />
- <strong>BBVA</strong> Durbana Multitrategia 80/20 EUR<br />
As at June 30, 2010, the SICAV was composed of 22 Sub-<br />
<strong>Fund</strong>s.<br />
The object of the SICAV is to offer its sharehol<strong>de</strong>rs the<br />
possibility to access international financial markets and to<br />
share the results of a professional management focused on<br />
capital increase.<br />
SUMMARY OF SIGNIFICANT<br />
ACCOUNTING POLICIES<br />
a) Evaluation of the securities portfolio<br />
The value of any securities listed or exchanged on a stock<br />
exchange or regulated market is calculated on the basis of<br />
the last available price. The value of securities <strong>de</strong>alt in on<br />
the over the counter market or on any other regulated<br />
market is based on the last available price.<br />
In the event that the securities held in the portfolio on the<br />
relevant valuation date are not listed or exchanged on a<br />
stock exchange or another regulated market or if the price<br />
as <strong>de</strong>termined pursuant to paragraph above is not<br />
representative of the fair market value of the relevant<br />
securities, the value of such securities is <strong>de</strong>termined based<br />
on the reasonably foreseeable sales price <strong>de</strong>termined<br />
pru<strong>de</strong>ntly and in good faith by the Board of Directors of<br />
the SICAV.<br />
More specifically, where the fair values of securities or<br />
financials instruments cannot be <strong>de</strong>rived from active<br />
markets at a valuation date they are <strong>de</strong>termined using a<br />
variety of valuation techniques, comparison to similar<br />
instruments for which market observable prices exist, and<br />
options pricing mo<strong>de</strong>ls and other relevant valuation<br />
mo<strong>de</strong>ls, including mo<strong>de</strong>ls provi<strong>de</strong>d by counterparties or<br />
service provi<strong>de</strong>rs as well as broker statements in or<strong>de</strong>r to<br />
reflect what is believed to be the fair value of those<br />
securities at the portfolio’s valuation point. The input to<br />
these mo<strong>de</strong>ls is taken from observable markets where<br />
possible, but where this is not feasible, a <strong>de</strong>gree of<br />
judgment is required in establishing fair values. The<br />
judgments inclu<strong>de</strong> consi<strong>de</strong>rations of liquidity and mo<strong>de</strong>l<br />
inputs such as correlation and volatility for longer dated<br />
instruments. Use of available information and application<br />
of judgment are inherent in the formation of estimates.<br />
Actual results in the future could differ from such<br />
estimates and the differences may be material to the<br />
valuation retained.<br />
Units or shares in open-en<strong>de</strong>d un<strong>de</strong>rtakings for collective<br />
investment shall be valued on the basis of their last<br />
available net asset value.<br />
222
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
SUMMARY OF SIGNIFICANT<br />
ACCOUNTING POLICIES (continued)<br />
b) Valuation of swaps<br />
Total Return Swaps are agreements between the SICAV<br />
and third parties which allow the SICAV to acquire an<br />
exposure to the price movement of specific securities<br />
without actually purchasing the securities. Upon entering<br />
into a swap, the SICAV is required to <strong>de</strong>posit with a<br />
broker initial cash margin equal to a certain percentage of<br />
the contract amount. Variation margin payments are ma<strong>de</strong><br />
or received by the SICAV <strong>de</strong>pending upon the fluctuation<br />
in the value of the un<strong>de</strong>rlying securities. While the<br />
contract or notional amounts reflect the involvement of the<br />
SICAV in these financial instruments, risks arise from<br />
possible adverse movements in the prices of the<br />
un<strong>de</strong>rlying securities and foreign exchange rates.<br />
Total Return Swaps are valued using the difference<br />
between the previous day's closing price and the weighted<br />
average/reset price of the un<strong>de</strong>rlying securities, adjusted<br />
by the accrued interest of the fix leg of the contract and by<br />
the divi<strong>de</strong>nds and commission payments if applicable.<br />
Swaps contracts entered by the SICAV are being<br />
reset/paid on a monthly basis.<br />
c) Valuation of futures and options<br />
Futures and options are valued by reference to the last<br />
available price on the relevant market. The market prices<br />
used are the futures/options exchange settlement prices.<br />
d) Valuation of repurchase agreements<br />
Un<strong>de</strong>r a global Master Repurchase agreement with JP<br />
Morgan, the SICAV purchases securities and agrees to resell<br />
them at a mutually agreed upon date and price.<br />
Repurchase agreements and reverse repurchase are valued<br />
at cost with interest accrued from the date of purchase.<br />
e) Net realised gain or loss on sales of investments and<br />
futures<br />
Profits or losses on securities sales are calculated on the<br />
basis of the weighted average price of such securities.<br />
Profits or losses on futures sales are calculated on the basis<br />
of the first in first out principle.<br />
f) Net realised gain or loss on swaps transactions<br />
EUR are converted into EUR at the exchange rates<br />
prevailing on the date of the balance sheet. Income and<br />
expenses in currencies other than EUR are converted into<br />
EUR at the rate of exchange prevailing at payment date.<br />
h) Acquisition costs of the securities held in the portfolio<br />
For securities expressed in a currency other than the<br />
reporting currency of the sub-funds, the acquisition cost is<br />
calculated on the basis of the exchange rate at the day of<br />
such acquisition. Expenses are charged to the Statement of<br />
Operations and changes in Net Assets. Expenses incurred<br />
on the acquisition and/or sale of an investment are<br />
inclu<strong>de</strong>d within the cost of that investment except for<br />
transaction fees.<br />
i) Formation expenses<br />
Formation expenses are amortised on a straight line basis<br />
over a period of 5 years. If a new sub-fund is created in the<br />
future, the upfront costs for the sub-fund will be borne by<br />
the sub-fund exclusively and will be amortized over a<br />
period of 5 years with effect from the launch date of the<br />
said sub-fund.<br />
j) Income and expense recognition<br />
Divi<strong>de</strong>nds are taken into account on the date upon which<br />
the relevant investments are first listed as ex-divi<strong>de</strong>nd.<br />
Interest income is accrued on a daily basis. Income is<br />
recor<strong>de</strong>d net of withholding tax, if any.<br />
k) Exchange rates as at June 30, 2010<br />
1 USD = 0.818062 EUR<br />
1 USD = 7.784251 HKD<br />
1 USD = 12.842498 MXN<br />
1 USD = 88.565041 JPY<br />
1 USD = 6.477199 NOK<br />
1 USD = 0.665114 GBP<br />
1 USD = 1 919.837601 COP<br />
1 USD = 1.082051 CHF<br />
1 USD = 7.769040 SEK<br />
1 USD = 1.173983 AUD<br />
1 USD = 2.823999 PEN<br />
1 USD = 1.810700 BRL<br />
1 USD = 3.930005 ARS<br />
1 USD = 1.585496 TRY<br />
Net realised gains or losses on swaps transactions are<br />
calculated on the weighted average price basis.<br />
g) Conversion of foreign currencies<br />
The accounting records and the financial statements of<br />
each sub-fund are expressed in Euros (EUR). Bank<br />
accounts, other net assets and market value of the<br />
investments in securities expressed in currencies other than<br />
223
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
PRESENTATION BASIS OF COMBINED<br />
FINANCIAL STATEMENTS<br />
The combined financial statements of the SICAV are<br />
expressed in EUR. Consequently, net assets and net results<br />
of each sub-fund expressed in a foreign currency other<br />
than EUR are converted and combined in EUR at the<br />
exchange rate applicable at the date of the financial<br />
statements.<br />
ANNUAL TAX<br />
The SICAV is governed by the Luxembourg taxation laws.<br />
Un<strong>de</strong>r the currently applicable legislation and regulation,<br />
the SICAV is liable in Luxembourg to a tax of 0.05% per<br />
annum of its net assets, such tax being payable quarterly<br />
and calculated on the basis of the net assets at the end of<br />
the relevant quarter.<br />
However such rate is <strong>de</strong>creased to 0.01% per annum of<br />
their Net Asset Value for specific classes of shares<br />
reserved to institutional investors in a sub-fund (ie Class<br />
I).<br />
In accordance with article 129 of the law of December 20,<br />
2002, the value of assets represented by shares held in<br />
other organisms for collective investment already subject<br />
to the subscription fee is free from such taxation.<br />
Un<strong>de</strong>r current law and practice, the SICAV is not liable to<br />
Luxembourg taxes on income or capital gains, nor are<br />
divi<strong>de</strong>nds paid by the SICAV liable to any Luxembourg<br />
withholding tax. Interests, divi<strong>de</strong>nds and capital gains on<br />
securities may be subject to withholding or capital gains<br />
taxes in certain countries.<br />
CASH AT SIGHT<br />
The reverse repurchase agreements are recor<strong>de</strong>d as part of<br />
the cash at sight as follows:<br />
The related securities to these repurchase agreements<br />
consists of government bonds admitted to exchange listing<br />
or <strong>de</strong>alt in on another regulated market. The revenue on<br />
reverse repurchase agreements are recor<strong>de</strong>d un<strong>de</strong>r the<br />
caption "Income from investments: Bonds interests, net".<br />
GLOBAL FEE<br />
The SICAV will pay a Global Fee to the Administrative<br />
Advisor which inclu<strong>de</strong>s fees for the Administrative<br />
Advisor, the Investment Managers and the distributors.<br />
quarter in question. The Global Fee is set at a maximum<br />
amount per annum as:<br />
Sub-<strong>Fund</strong>s %<br />
<strong>BBVA</strong> DURBANA GLOBAL<br />
1.75<br />
- class A<br />
<strong>BBVA</strong> DURBANA EUROPEAN EQUITY<br />
- class A 1.85<br />
<strong>BBVA</strong> DURBANA LATAM EQUITY<br />
- class A 1.85<br />
<strong>BBVA</strong> DURBANA LATAM FIXED INCOME<br />
- class A<br />
- class I<br />
1.75<br />
0.50<br />
<strong>BBVA</strong>&PARTNERS EUROPEAN ABSOLUTE<br />
RETURN<br />
- class A 1.50<br />
<strong>BBVA</strong> DURBANA LATAM SHORT TERM<br />
- class A 1.35<br />
<strong>BBVA</strong> DURBANA GLOBAL EQUITY<br />
- class A 1.80<br />
<strong>BBVA</strong>&PARTNERS DYNAMIC<br />
- class A 1.50<br />
<strong>BBVA</strong> DURBANA MONETARIO EUR<br />
- class A 0.50<br />
<strong>BBVA</strong> DURBANA MONETARIO USD<br />
- class A 0.50<br />
<strong>BBVA</strong> DURBANA GRANDFATHERING BOND<br />
- class A 0.75<br />
<strong>BBVA</strong> DURBANA LA ENCINA<br />
- class A<br />
up to 10 million euros<br />
from 10 to 20 million euros<br />
from 20 million euros<br />
0.65<br />
0.55<br />
0.45<br />
<strong>BBVA</strong>&PARTNERS AHORRO DINAMICO -<br />
class A 0.50<br />
<strong>BBVA</strong>&PARTNERS AUGUSTUS<br />
- class A 1.35<br />
<strong>BBVA</strong> DURBANA MIXTO<br />
- class A<br />
<strong>BBVA</strong> DURBANA DOLLARS CASH<br />
- class A<br />
- class I<br />
0.25<br />
0.40<br />
0.10<br />
<strong>BBVA</strong> DURBANA RENTA USD<br />
- class D 1.25<br />
<strong>BBVA</strong> DURBANA RENTA EUR<br />
- class D 1.25<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE<br />
GLOBAL USD<br />
- class A<br />
<strong>BBVA</strong> DURBANA RENTA VARIABLE<br />
GLOBAL EUR<br />
- class A<br />
<strong>BBVA</strong> DURBANA MULTI STRATEGIA 80/20<br />
USD<br />
- class A<br />
<strong>BBVA</strong> DURBANA <strong>BBVA</strong> DURBANA MULTI<br />
STRATEGIA 80/20 EUR<br />
- class A<br />
1.80<br />
1.80<br />
1.35<br />
1.35<br />
The Global Fee is payable quarterly and calculated on the<br />
average net asset value of each sub-fund concerned for the<br />
224
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
ADMINISTRATIVE ADVISOR AND<br />
PRINCIPAL DISTRIBUTOR<br />
On 1 st December 2006, the SICAV and BANCO BILBAO<br />
VIZCAYA ARGENTARIA, S.A. signed an Administrative<br />
Advisory and Principal Distributor Agreement for an<br />
unlimited duration.<br />
PERFORMANCE FEE<br />
The Investment Manager may, in addition to the<br />
management fee payable out of the Global Fee, be entitled<br />
to a performance fee.<br />
The following sub-funds are entitled to a performance fee:<br />
- <strong>BBVA</strong> & PARTNERS EUROPEAN<br />
ABSOLUTE RETURN<br />
- <strong>BBVA</strong> & PARTNERS DYNAMIC<br />
- <strong>BBVA</strong> & PARTNERS AHORRO DINAMICO<br />
- <strong>BBVA</strong> & PARTNERS AUGUSTUS<br />
- <strong>BBVA</strong> DURBANA MIXTO<br />
- <strong>BBVA</strong> DURBANA RENTA USD<br />
- <strong>BBVA</strong> DURBANA RENTA EUR<br />
The performance fee computation method and rate are<br />
<strong>de</strong>tailed in the prospectus dated November 2009 of the<br />
SICAV.<br />
CUSTODY AND ADMINISTRATION FEES<br />
By way of an agreement of an unlimited period of time<br />
signed on April 1, 2003 amen<strong>de</strong>d on May 1, 2009,<br />
BANQUE PRIVEE EDMOND DE ROTHSCHILD<br />
EUROPE was appointed Registrar Transfer, Domiciliary,<br />
Administrative and Paying Agent, and Custodian and is<br />
entitled to a commission paid out of the assets of the<br />
SICAV. The commission is calculated per quarter on the<br />
basis of the average value of net assets of the SICAV for<br />
the relevant quarter.<br />
DISTRIBUTION POLICY<br />
The annual general meeting of sharehol<strong>de</strong>rs may, upon<br />
proposal of the Board, resolve on the portion of the<br />
investment income to be allocated to each Sub-<strong>Fund</strong>, and<br />
within each Sub-<strong>Fund</strong> on the allocation of investment<br />
income between distributing shares and accumulation<br />
shares pro rata to the corresponding assets.<br />
The portion of investment income allocated to<br />
accumulation shares shall be reinvested in the SICAV and<br />
shall thus increase the Net Asset Value relating to the<br />
accumulation shares. With respect to the investment<br />
income allocated to distributing shares, the distributable<br />
amount for each Sub-<strong>Fund</strong> may consist of interests,<br />
divi<strong>de</strong>nds, realised or unrealised capital gains and other<br />
realised income after <strong>de</strong>duction of costs, realised or<br />
unrealised capital losses as well as the capital of such Sub-<br />
<strong>Fund</strong>, within the limits set forth by article 27 of the law of<br />
2002.<br />
Divi<strong>de</strong>nds payable to hol<strong>de</strong>rs of distributing shares shall<br />
be payable within five months following the end of the<br />
financial year. Upon proposal of the Board, the general<br />
meeting may also <strong>de</strong>ci<strong>de</strong> the distribution to sharehol<strong>de</strong>rs of<br />
a divi<strong>de</strong>nd in a form of shares in the relevant Sub-<strong>Fund</strong>s in<br />
proportion of existing shares of the same class.<br />
With respect to distributing shares, any divi<strong>de</strong>nd <strong>de</strong>clared<br />
but not claimed within five years after its allocation shall<br />
be forfeited to the Sub-<strong>Fund</strong> concerned.<br />
No interest shall be paid on a divi<strong>de</strong>nd <strong>de</strong>clared by the<br />
SICAV and held by the SICAV on behalf of the<br />
sharehol<strong>de</strong>rs. The Board may <strong>de</strong>ci<strong>de</strong> on the payment of<br />
interim divi<strong>de</strong>nd in compliance with legal requirements.<br />
Divi<strong>de</strong>nd announcement shall be ma<strong>de</strong> in newspapers with<br />
appropriate circulation.<br />
CHANGES IN THE INVESTMENT<br />
PORTFOLIO<br />
A copy of the changes in the investment portfolio for the<br />
period en<strong>de</strong>d June 30, 2010 is available free of charge at<br />
the registered office of the <strong>Fund</strong>.<br />
225
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
FUTURES<br />
As at June 30, 2010, the following futures contract(s) was (were) outstanding :<br />
Sale /<br />
Purchase<br />
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND - <strong>BBVA</strong> DURBANA EUROPEAN EQUITY<br />
Quantity Contract(s)<br />
Size Price as at<br />
06.30.10<br />
FUTURES ON INDEX<br />
Market value<br />
as at<br />
06.30.10<br />
EUR<br />
Unrealised<br />
result<br />
EUR<br />
Commitment<br />
EUR<br />
Purchase 28 DJ EUROSTOX50 SEPT. 10 10 2,568.00 EUR 719,040.00 (36,680.00) 755,720.00<br />
Purchase 4 FTSE 100 SEPT. 10 10 4,880.50 GBP 240,112.21 (15,030.07) 255,142.28<br />
Purchase 3 SMI SEPT. 10 10 6,096.00 CHF 138,262.58 (8,641.41) 146,903.99<br />
1,097,414.79 (60,351.48) 1,157,766.27<br />
The net unrealised result on the outstanding futures contract(s) as at June 30, 2010 for <strong>BBVA</strong> DURBANA INTERNATIONAL FUND -<br />
<strong>BBVA</strong> DURBANA EUROPEAN EQUITY is inclu<strong>de</strong>d in the statement of net assets of the Sub-<strong>Fund</strong>.<br />
Sale /<br />
Purchase<br />
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND - <strong>BBVA</strong>&PARTNERS EUROPEAN ABSOLUTE RETURN<br />
Quantity Contract(s)<br />
Size Price as at<br />
06.30.10<br />
FUTURES ON INDEX<br />
Market value<br />
as at<br />
06.30.10<br />
EUR<br />
Unrealised<br />
result<br />
EUR<br />
Commitment<br />
EUR<br />
Purchase 172 DJ EUROSTOX50 SEPT. 10 10 2,568.00 EUR 4,416,960.00 (204,560.00) 4,621,520.00<br />
Sale 80 S&P 500 E-MINI SEPT. 10 50 1,026.60 USD (3,359,289.80) 270,287.68 (3,629,577.48)<br />
1,057,670.20 65,727.68 991,942.52<br />
FUTURES ON SECURITIES<br />
Sale 1,686 DEUT BK JULY 10 100 46.70 EUR (7,873,620.00) 323,572.70 (8,197,192.70)<br />
(7,873,620.00) 323,572.70 (8,197,192.70)<br />
The net unrealised result on the outstanding futures contract(s) as at June 30, 2010 for <strong>BBVA</strong> DURBANA INTERNATIONAL FUND -<br />
<strong>BBVA</strong>&PARTNERS EUROPEAN ABSOLUTE RETURN is inclu<strong>de</strong>d in the statement of net assets of the Sub-<strong>Fund</strong>.<br />
Sale /<br />
Purchase<br />
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND - <strong>BBVA</strong> DURBANA GLOBAL EQUITY<br />
Quantity Contract(s)<br />
Size Price as at<br />
06.30.10<br />
Market value<br />
as at<br />
06.30.10<br />
USD<br />
Unrealised<br />
result<br />
USD<br />
Commitment<br />
USD<br />
Purchase 8<br />
FUTURES ON INDEX<br />
S&P 500 E-MINI SEPT. 10 50 1,026.60 USD 410,640.00 (11,340.00) 421,980.00<br />
Purchase 4 TOPIX SEPT. 10 10,000 838.50 JPY 378,704.50 (5,645.57) 384,350.07<br />
789,344.50 (16,985.57) 806,330.07<br />
The net unrealised result on the outstanding futures contract(s) as at June 30, 2010 for <strong>BBVA</strong> DURBANA INTERNATIONAL FUND -<br />
<strong>BBVA</strong> DURBANA GLOBAL EQUITY is inclu<strong>de</strong>d in the statement of net assets of the Sub-<strong>Fund</strong>.<br />
226
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
FUTURES<br />
(Continued)<br />
As at June 30, 2010, the following futures contract(s) was (were) outstanding :<br />
Sale /<br />
Purchase<br />
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND - <strong>BBVA</strong>&PARTNERS DYNAMIC<br />
Quantity Contract(s)<br />
Size Price as at<br />
06.30.10<br />
FUTURES ON INDEX<br />
Market value<br />
as at<br />
06.30.10<br />
EUR<br />
Unrealised<br />
result<br />
EUR<br />
Commitment<br />
EUR<br />
Sale 17 DJ EUROSTOXX TLCOM SEPT. 50 349.30 EUR (296,905.00) 8,472.95 (305,377.95)<br />
10<br />
Sale 47 DJ EUROSTOX50 SEPT. 10 10 2,568.00 EUR (1,206,960.00) 44,685.28 (1,251,645.28)<br />
Sale 35 DJ STOXX SC 200 SEPT. 10 200 149.60 EUR (1,047,200.00) 46,900.00 (1,094,100.00)<br />
Sale 20 DJ STOXX 600 RETL SEPT. 10 50 251.00 EUR (251,000.00) 5,922.64 (256,922.64)<br />
Purchase 11 DJ STOXX 600 TLCOM SEPT. 50 240.60 EUR 132,330.00 (2,310.00) 134,640.00<br />
10<br />
Sale 19 S&P 500 E-MINI SEPT. 10 50 1,026.60 USD (797,831.33) 54,732.43 (852,563.76)<br />
(3,467,566.33) 158,403.30 (3,625,969.63)<br />
The net unrealised result on the outstanding futures contract(s) as at June 30, 2010 for <strong>BBVA</strong> DURBANA INTERNATIONAL FUND -<br />
<strong>BBVA</strong>&PARTNERS DYNAMIC is inclu<strong>de</strong>d in the statement of net assets of the Sub-<strong>Fund</strong>.<br />
Sale /<br />
Purchase<br />
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND - <strong>BBVA</strong>&PARTNERS AHORRO DINAMICO<br />
Quantity Contract(s)<br />
Size Price as at<br />
06.30.10<br />
FUTURES ON INDEX<br />
Market value<br />
as at<br />
06.30.10<br />
EUR<br />
Unrealised<br />
result<br />
EUR<br />
Commitment<br />
EUR<br />
Sale 27 DJ EUROSTOXX TLCOM SEPT. 50 349.30 EUR (471,555.00) 13,457.04 (485,012.04)<br />
10<br />
Sale 81 DJ EUROSTOX50 SEPT. 10 10 2,568.00 EUR (2,080,080.00) 79,628.17 (2,159,708.17)<br />
Sale 57 DJ STOXX SC 200 SEPT. 10 200 149.60 EUR (1,705,440.00) 76,380.00 (1,781,820.00)<br />
Sale 33 DJ STOXX 600 RETL SEPT. 10 50 251.00 EUR (414,150.00) 9,772.35 (423,922.35)<br />
Purchase 19 DJ STOXX 600 TLCOM SEPT. 50 240.60 EUR 228,570.00 (3,990.00) 232,560.00<br />
10<br />
Sale 28 S&P 500 E-MINI SEPT. 10 50 1,026.60 USD (1,175,751.43) 84,738.94 (1,260,490.37)<br />
(5,618,406.43) 259,986.50 (5,878,392.93)<br />
The net unrealised result on the outstanding futures contract(s) as at June 30, 2010 for <strong>BBVA</strong> DURBANA INTERNATIONAL FUND -<br />
<strong>BBVA</strong>&PARTNERS AHORRO DINAMICO is inclu<strong>de</strong>d in the statement of net assets of the Sub-<strong>Fund</strong>.<br />
Sale /<br />
Purchase<br />
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND - <strong>BBVA</strong>&PARTNERS AUGUSTUS<br />
Quantity Contract(s)<br />
Size Price as at<br />
06.30.10<br />
FUTURES ON INDEX<br />
Market value<br />
as at<br />
06.30.10<br />
EUR<br />
Unrealised<br />
result<br />
EUR<br />
Commitment<br />
EUR<br />
Purchase 74 DJ EUROSTOX50 SEPT. 10 10 2,568.00 EUR 1,900,320.00 (12,210.00) 1,912,530.00<br />
1,900,320.00 (12,210.00) 1,912,530.00<br />
The net unrealised result on the outstanding futures contract(s) as at June 30, 2010 for <strong>BBVA</strong> DURBANA INTERNATIONAL FUND -<br />
<strong>BBVA</strong>&PARTNERS AUGUSTUS is inclu<strong>de</strong>d in the statement of net assets of the Sub-<strong>Fund</strong>.<br />
227
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
SWAPS TRANSACTIONS<br />
As of June 30, 2010, the <strong>Fund</strong> had entered into the following contracts:<br />
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND - <strong>BBVA</strong>& PARTNERS EUROPEAN ABSOLUTE<br />
RETURN<br />
Currency Description Notional as at<br />
June 30, 2010<br />
Unrealised gain/(loss) on Swaps<br />
GBP<br />
EUR<br />
CHF<br />
EUR<br />
EUR<br />
SEK<br />
USD<br />
Deutsche Bank-Total return<br />
swap - Jan 5, 2011<br />
Deutsche Bank-Total return<br />
swap - Jan 4, 2011<br />
Deutsche Bank-Total return<br />
swap - Jan 19, 2011<br />
Deutsche Bank-Total return<br />
swap - Mar 3, 2011<br />
Deutsche Bank-Total return<br />
swap - Aug 4, 2010<br />
Deutsche Bank-Total return<br />
swap - Jul 29, 2010<br />
Deutsche Bank-Total return<br />
swap - Oct 21, 2010<br />
SHORT LONG In CCY In EUR<br />
- - 1,019,163.85 1,253,527.71<br />
(10,435,657.10) - (348,360.28) (348,360.28)<br />
(5,755,082.00) 11,057,460.00 (920,575.47) (695,981.75)<br />
- 673,530.00 (1,422,168.63) (1,422,168.63)<br />
(12,600,828.00) 2,563,282.50 (1,129,686.70) (1,129,686.70)<br />
(38,094,040.00) - (291,242.61) (30,667.17)<br />
(6,759,507.00) - 577,780.02 472,659.88<br />
(1,900,676.94)<br />
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND - <strong>BBVA</strong>& PARTNERS DYNAMIC<br />
Currency Description Notional as at<br />
June 30, 2010<br />
Unrealised gain/(loss) on Swaps<br />
USD<br />
USD<br />
EUR<br />
EUR<br />
CHF<br />
GBP<br />
NOK<br />
SOK<br />
Deutsche Bank-Total return<br />
swap - Jan 6, 2011<br />
Deutsche Bank-Total return<br />
swap - Jan 6, 2011<br />
Deutsche Bank-Total return<br />
swap - Feb 15, 2011<br />
Deutsche Bank-Total return<br />
swap - May 11, 2011<br />
Deutsche Bank-Total return<br />
swap - Feb 2, 2011<br />
Deutsche Bank-Total return<br />
swap - Feb 8 , 2011<br />
Deutsche Bank-Total return<br />
swap - Sep 2, 2010<br />
Deutsche Bank-Total return<br />
swap - May 31, 2011<br />
SHORT LONG In CCY In EUR<br />
- 149,229.00 (33,102.15) (27,079.61)<br />
- - 5,852.24 4,787.50<br />
- 306,731.50 (16,231.18) (16,231.18)<br />
- - (7,993.17) (7,993.17)<br />
- 604,780.00 (2,699.52) (2,040.92)<br />
- 201,563.00 (9,018.96) (11,092.93)<br />
- 901,900.00 32,933.57 4,159.47<br />
- - 61,460.11 6,471.61<br />
(49,019.23)<br />
228
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND<br />
SWAPS TRANSACTIONS (continued)<br />
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND - <strong>BBVA</strong>& PARTNERS AHORRO DINAMICO<br />
Currency Description Notional as at<br />
June 30, 2010<br />
Unrealised gain/(loss) on Swaps<br />
EUR<br />
EUR<br />
CHF<br />
GBP<br />
NOK<br />
SEK<br />
USD<br />
USD<br />
Deutsche Bank-Total return<br />
swap - Feb 15, 2011<br />
Deutsche Bank-Total return<br />
swap - May 16, 2011<br />
Deutsche Bank-Total return<br />
swap - Feb 2, 2011<br />
Deutsche Bank-Total return<br />
swap - Feb 8, 2011<br />
Deutsche Bank-Total return<br />
swap - Sep 2, 2010<br />
Deutsche Bank-Total return<br />
swap - May 31, 2011<br />
Deutsche Bank-Total return<br />
swap - Jan 6, 2011<br />
Deutsche Bank-Total return<br />
swap - Jan 6, 2011<br />
SHORT LONG In CCY In EUR<br />
- 481,103.00 (26,383.27) (26,383.27)<br />
- - (13,407.90) (13,407.90)<br />
- 1,008,450.00 (3,706.45) (2,802.18)<br />
- 329,813.00 (14,606.89) (17,965.85)<br />
- 1,306,200.00 47,696.89 6,024.06<br />
- - 103,713.94 10,920.84<br />
- 242,631.00 (54,011.67) (44,184.89)<br />
- - 9,804.41 8,020.62<br />
(79,778.57)<br />
<strong>BBVA</strong> DURBANA INTERNATIONAL FUND - <strong>BBVA</strong>& PARTNERS AUGUSTUS<br />
Currency Description Notional as at<br />
June 30, 2010<br />
Unrealised gain/(loss) on Swaps<br />
GBP<br />
EUR<br />
CHF<br />
USD<br />
Deutsche Bank-Total return<br />
swap - Jan 22, 2011<br />
Deutsche Bank-Total return<br />
swap - Apr 21, 2011<br />
Deutsche Bank-Total return<br />
swap - Feb 3, 2012<br />
Deutsche Bank-Total return<br />
swap - June 3, 2011<br />
SHORT LONG In CCY In EUR<br />
- 1,118,592.04 (1,725.71) (2,122.55)<br />
- 2,326,878.57 (84,894.13) (84,891.13)<br />
- 2,590,930.00 (6,744.51) (5,099.05)<br />
- 593,750.00 1,608.38 1,315.75<br />
(90,796.98)<br />
229
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