FALTA DE CAPACITACIÓN DE LOS OPERADORES JURÍDICOS

SPINNAKER

2. Investment Objective and Policy

The investment objective of the Sub-Fund is to maximise total returns by investing, either directly or through the use of financial derivative instruments, opportunistically in a global portfolio of equities, convertible and fixed income securities, money market instruments as well as shares or units of UCITS and other UCIs without any consideration as to industrial sector or geographical diversification.

The Sub-Fund may, to a limited extent, gain exposure to alternative asset classes (such as commodities, real estate, hedge funds and private equity), through investments in UCITS and other UCIs, equities, and financial derivative instruments on financial indices which are eligible in accordance with investment restriction I. (A) (1) under the section "Investment Restrictions" and through other investments within the limits of investment restriction I. (A) (2).

Financial indices to which this Sub-Fund may gain exposure will be compliant with article 9 of the Commission Directive 2007/16/EC of 19th March 2007, as amended from time to time, and as implemented in Luxembourg law.

The financial derivative instruments the Sub-Fund may use for hedging and/or for investment purposes may include, but are not limited to, total return swaps, futures, options, contracts for difference, forward contracts on financial instruments and options on such contracts and swap contracts also including credit default swaps (as protection buyer or seller), variance and volatility swaps and credit linked notes. Financial derivative instruments may also be used for hedging purposes. The underlyings of such financial derivative instruments also include financial indices, interest rates, foreign exchange rates or currencies.

There are no specific restrictions concerning the allocation between each type of assets, the quality of their issuer (public or private), their rating, duration or the currency in which they are denominated.

The Investment Manager will use its best ideas to identify investment opportunities on the financial markets over time. As a result, the Investment Manager taking into account, amongst other factors, his expectations of performance of the investments, may invest up to 100% of the Sub-Fund’s assets in one single type of assets either opportunistically or as a defensive strategy.

The Investment Manager may also invest up to 100% of the Sub-Fund’s assets in assets issued or guaranteed by one single public issuer in accordance with investment restriction I. (C) (vii) under the section "Investment Restrictions".

The Sub-Fund may hold cash and cash equivalents on an ancillary basis.

3. Sub-Fund’s Risk Profile

The Sub-Fund will normally invest in a diversified portfolio of assets and may potentially be subject to risks linked to investments in equities, debt securities as well as money market instruments.

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To the extent that the Sub-Fund may invest, to a limited extent, in alternative asset classes (such as commodities, real estate, hedge funds and private equity) the Sub-Fund could be subject to additional risks linked to this kind of assets.

The Sub-Fund will use financial derivative instruments to achieve its investment policy. The risks associated with the financial derivative instruments are further detailed under the section "Risk Factors".

As the Sub-Fund has a wide flexibility in terms of asset allocation, the risks may be higher if investments are concentrated in one particular country, sector, issuer or type of assets.

Investors’ attention is drawn to the fact that, as the Sub-Fund may invest 100% of its assets in different securities issued or guaranteed by one single public issuer, the Sub-Fund may be fully exposed to the risk of default of that particular issuer.

In addition, investments in unrated securities and in emerging markets may trigger higher risks than investments in traditional equity or debt securities.

The Sub-Fund may invest in assets denominated in any currency. Insofar as the Sub-Fund's assets are not denominated in Euro and/or not hedged against currencies other than Euro, the Sub-Fund may be exposed to currency fluctuation.

4. Global Exposure

The method used to calculate the global exposure of this Sub-Fund is the CCM.

5. Profile of the Typical Investor

The Sub-Fund will suit for investors who seek the benefits of variable asset allocation among a diversified mix of equities and fixed income instruments. In certain circumstances, the Investment Manager could allocate up to 100% of the portfolio to one certain type of assets. It is therefore also suitable for investors who are comfortable with and understand the risks of investing in all these different scenarios. The investors must be able to accept significant temporary losses, thus the Sub-Fund is suitable for investors who can afford to set aside the capital for at least 5 years.

6. Investment Manager

The Board has appointed BBVA ASSET MANAGEMENT, S.A., S.G.I.I.C. as Investment Manager to manage the Sub-Fund's assets on a discretionary basis. BBVA ASSET MANAGEMENT, S.A., S.G.I.I.C. has, with the consent of the Company, delegated its investment management functions to BBVA PATRIMONIOS GESTORA, S.G.I.I.C., S.A.

7. Reference Currency

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8. Share Classes

Class A shares Minimum investment n.a.

Minimum holding n.a.

Subscription fee up to 2% of the applicable NAV Redemption fee up to 2% of the applicable NAV

Global Fee up to 1%

By derogation to the investment restriction I. (E) (iii), when investing in other UCITS or UCIs, the total management fee (excluding any performance fee, if any) charged to such Sub-Fund and each of the UCITS or other UCIs concerned shall not exceed 3.50% of the relevant net assets under management. The share thereof levied by the Investment Manager or any other company to which the Investment Manager is linked by common management or control, or by a substantial holding (i.e., more than 10% of the capital or voting rights) will not exceed 2.50%. The Company will indicate in its annual report the total management fees charged both to the relevant Sub-Fund and to the UCITS and other UCIs in which such Sub-Fund has invested during the relevant period.

9. Frequency of Calculation of the Net Asset Value

Each Valuation Day provided that Valuation Days for this Sub-Fund are the first and third Monday of each month. If the first and/or third Monday is not a Business Day, then a Valuation Day will be the next Business Day.

10. Dividends

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XXI. BBVA DURBANA INTERNATIONAL FUND – BBVA GLOBAL BOND FUND