38. Transactions on behalf of third parties

As of December 31, 2013, 2012 and 2011 the details of the most significant items under this heading are as follows:

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Transactions on Behalf of Third Parties	Millions of Euros
	2013	2012	2011
Financial instruments entrusted by third parties	560,640	502,047	537,404
Conditional bills and other securities received for collection	3,505	3,951	4,285
Securities received in credit	3,844	5,915	2,231

As of December 31, 2013, 2012 and 2011 the off-balance sheet customer funds managed by the BBVA Group are as follows:

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Off-Balance Sheet Customer Funds by Type	Millions of Euros
	2013	2012	2011
Commercialized by the Group
Investment companies and mutual funds	43,600	40,118	43,134
Pension funds	21,074	84,500	73,783
Customer portfolios managed on a discretionary basis	31,073	28,138	26,349
Of which:
Portfolios managed on a discretionary	7,038	11,998	11,179
Commercialized by the Group managed by third parties outside the Group
Investment companies and mutual funds	127	70	50
Pension funds	30	29	17
Saving insurance contracts	-	-	-
Total	95,904	152,855	143,333