BBVA Durbana Int Fd Multi-Asset Defensive EUR A

The Sub-Fund seeks to provide capital appreciation through a flexible investment approach focused on diversification and risk control. For this purpose it will invest its assets directly or indirectly in a global portfolio composed of fixed income, floating rate notes, equity securities and convertible bonds. The portfolio can also invest in UCITS or UCIs with absolute return innovative strategies such as volatility or relative value strategies (including equity market neutral, convertible arbitrage, event driven), fixed income strategies (including asset backed securities and mortgage backed securities, fixed income arbitrage) or commodity strategies (including multi-strategy). The Sub-Fund may follow commodity strategies (including multi-strategy) by investing up to 10% in derivatives on financial commodity indices complying with articles 8 and 9 of the Commission Directive 2007/16/EC of 19th March 2007, as amended from time to time, and as implemented in Luxembourg law.