38. Transactions for the account of third parties

As of December 31, 2012, 2011 and 2010, 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
	2012	2011	2010
Financial instruments entrusted by third parties	504,801	540,519	534,243
Conditional bills and other securities received for collection	6,399	6,681	4,256
Securities received in credit	5,915	2,303	999

As of December 31, 2012, 2011 and 2010, 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
	2012	2011	2010
Commercialized by the Group
Investment companies and mutual funds	40,118	43,134	41,006
Pension funds	84,500	73,783	72,598
Customer portfolios managed on a discretionary basis	28,138	26,349	25,435
Of which:
Portfolios managed on a discretionary	11,998	11,179	10,494
Commercialized by the Group managed by third parties outside the Group
Investment companies and mutual funds	70	50	76
Pension funds	29	17	21
Saving insurance contracts	-	-	-
Total	152,855	143,333	139,136