BBVA International Fund - Banque Privée Edmond de Rothschild ...

BBVA DURBANA INTERNATIONAL FUND
BBVA DURBANA LATAM EQUITY
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS
Period from January 1, 2010 to June 30, 2010
(in USD)
NET ASSETS AT THE BEGINNING OF THE PERIOD 6,231,244.93
INCOME
Income from investments:
- Dividends, net 68,982.07
68,982.07
EXPENSES
Bank interest, net 173.14
Fees:
- Global fee (see notes) 54,498.80
- Custodian and Administration fees 7,402.72
Other expenses:
- Annual tax (see notes) 1,373.42
- Audit and legal fees 830.64
- Printing and publishing fees 135.55
- Administrative and other expenses 26,348.21
90,762.48
NET OPERATING RESULT (21,780.41)
Net realised result on:
- Sales of investments and futures (see notes) 367,161.10
- Foreign exchange 15,666.24
NET REALISED RESULT 361,046.93
Change in net unrealised appreciation/(depreciation)
on:
- Investments (1,171,266.04)
NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT
OF OPERATIONS
(810,219.11)
MOVEMENTS IN CAPITAL
Redemptions of shares (57,630.05)
(57,630.05)
NET ASSETS AT THE END OF THE PERIOD 5,363,395.77
The notes are an integral part of these financial statements
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