Société d'Investissement à Capital Variable...Mr. João António Braga da Silva Pratas Senior Director of Banco BPI, S.A. Member of the Board of BPI Gestão de Activos - Sociedade

CaixaBank Global SICAVSociété d'Investissement à Capital Variable

R.C.S. Luxembourg B-179158Annual Report, including Audited Financial Statements as at December 31, 2019

CaixaBank Global SICAV

CaixaBank Global Sicav - CAIXABANK GLOBAL ALBUS FUND

CaixaBank Global Sicav - CAIXABANK GLOBAL ITER FUND

CaixaBank Global Sicav - CAIXABANK GLOBAL IBERIAN EQUITY FUND

CaixaBank Global Sicav - CAIXABANK GLOBAL EURO SHORT DURATION FUND

CaixaBank Global Sicav - CAIXABANK GLOBAL ALPHA FUND

No subscription can be received on the basis of these financial statements. Subscriptions are only valid if made on the basis of the current prospectus and relevant KeyInvestor Information Document ("KIID") which will be accompanied by a copy of the latest Annual Report, including audited Financial Statements and a copy of thelatest available Semi-Annual Report, if published after such Annual Report, including audited Financial Statements.


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Table of Contents

Organisation of the SICAV 3

Directors' Report 6

Report of the Réviseur d'entreprises agréé 10

Statistics 12

Combined Statement of Net Assets as at December 31, 2019 14

Combined Statement of Operations and Changes in Net Assets for the year ended December 31, 2019 14


Statement of Net Assets as at December 31, 2019 15

Statement of Operations and Changes in Net Assets for the year ended December 31, 2019 15

Statement of Changes in Number of Shares 15

Securities Portfolio as at December 31, 2019 16

Financial derivative instruments as at December 31, 2019 17

Portfolio Breakdowns 18

Top Ten Holdings 18








Top Ten Holdings 22








Top Ten Holdings 25








Top Ten Holdings 29


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Table of Contents








Top Ten Holdings 32

Notes to the Financial Statements 33

Unaudited Information 38

CaixaBank Global SICAV Organisation of the SICAV Register office 60, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg Board of Directors of the SICAV Mr. Juan Pedro Bernal Aranda Chairman General Director CaixaBank Asset Management SGIIC, S.A.U. Spain Mr. Javier Estrada Fernández-Hontoria Private Banking CIO and UHNW Managing Director CaixaBank, S.A. Spain Mr. Henry Kelly Managing Director KellyConsult S.à r.l. Grand Duchy of Luxembourg Mr. Jean-Michel Loehr Independent Director Grand Duchy of Luxembourg Mrs. Michèle Eisenhuth Partner Arendt & Medernach Grand Duchy of Luxembourg Management Company CaixaBank Asset Management Luxembourg S.A. (since July 1, 2019) 46B, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg MDO Management Company S.A. (until June 30, 2019) 19, rue de Bitbourg L-1273 Luxembourg Grand Duchy of Luxembourg Board of Directors of the Management Company (since July 1, 2019) Mr. Juan Pedro Bernal Aranda General Director CaixaBank Asset Management SGIIC, S.A.U. Spain Mr. Javier Estrada Fernández-Hontoria Private Banking CIO and UHNW Managing Director CaixaBank, S.A. Spain Mr. João António Braga da Silva Pratas Senior Director of Banco BPI, S.A. Member of the Board of BPI Gestão de Activos - Sociedade Gestora de Fundos de Investimento Mobiliário, S.A. Member of the Board of BPI Vida e Pensões, Companhia de Seguros, S.A. Portugal Mr. Henry Kelly Managing Director KellyConsult S.à r.l. Grand Duchy of Luxembourg

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CaixaBank Global SICAV Organisation of the SICAV (continued) Board of Directors of the Management Company (since July 1, 2019) (continued) Mrs. María Cartagena Puerta Asset Management Director CaixaBank, S.A. Spain Mrs. Tracey Elizabeth McDermott Darlington 8 An Der Uecht L-5371 Schuttrange Grand Duchy of Luxembourg Board of Directors of the Management Company (until June 30, 2019) Chairman Mr. Géry Daeninck Director MDO Management Company S.A. Grand Duchy of Luxembourg Mr. John Li How Cheong Director MDO Management Company S.A. Grand Duchy of Luxembourg Mr. Martin Peter Vogel Director MDO Management Company S.A. Grand Duchy of Luxembourg Mr. Yves Wagner Director MDO Management Company S.A. Grand Duchy of Luxembourg Mr. Carlo Montagna Director MDO Management Company S.A. Grand Duchy of Luxembourg Conducting Officers of the Management Company (since July 1, 2019) Mr. Nuno Paulo Da Silva Araujo Malheiro CaixaBank Asset Management Luxembourg S.A. Grand Duchy of Luxembourg Mr. Ignacio Najera-Aleson Saiz CaixaBank Asset Management Luxembourg S.A. Grand Duchy of Luxembourg Mr. Eric Brice Chinchon ME Business Solution S.à r.l. Grand Duchy of Luxembourg Conducting Officers of the Management Company (until June 30, 2019) Mr. Eyjolfsson Pall Conducting officer MDO Management Company S.A. Grand Duchy of Luxembourg Mr. Kim Kirsch Head of legal and compliance MDO Management Company S.A. Grand Duchy of Luxembourg

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CaixaBank Global SICAV Organisation of the SICAV (continued) Conducting Officers of the Management Company (until June 30, 2019) (continued) Mr. Riccardo Del Tufo Chief Risk Officer MDO Management Company S.A. Grand Duchy of Luxembourg Domiciliary Agent, Depositary, Administrative Agent, Registrar and Transfer Agent BNP Paribas Securities Services, Luxembourg Branch 60, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg Investment Manager CaixaBank Asset Management SGIIC, S.A.U. Paseo de la Castellana, 51 28046 Madrid Spain Cabinet de révision agréé / Independent Auditor Deloitte Audit Société à responsabilité limitée 20, boulevard de Kockelscheuer L-1821 Luxembourg Grand Duchy of Luxembourg Luxembourg Legal Adviser Arendt & Medernach S.A. 41A, avenue J.F. Kennedy L-2082 Luxembourg Grand Duchy of Luxembourg Global Distributor CaixaBank, S.A. Calle Pintor Sorolla, 2-4 46002 Valencia Spain

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CaixaBank Global SICAV Directors’ Report Dear Investors, We are pleased to present the Annual Report, including Audited Financial Statements of CaixaBank Global SICAV (the “Company”) as at December 31, 2019. It includes the Investment Management Report produced on behalf of the Board of Directors of the Company for the active sub-funds. The Company is registered in the Grand Duchy of Luxembourg as a Société d’Investissement à Capital Variable pursuant to Part I of the Law of December 17, 2010 (the “Law”) related to Undertakings for Collective Investment on Transferable Securities, as amended. Since August 1, 2013 until June 30, 2019, the Company appointed MDO Management Company S.A. as Management Company. From July 1, 2019, CaixaBank Asset Management Luxembourg S.A. has been appointed as new Management Company. CaixaBank Asset Management Luxembourg S.A. is a Luxembourg management company licensed by the Commission de Surveillance du Secteur Financier to manage Undertaking for Collective Investments in Transferable Securities as per Chapter 15 of the amended Law of December 17, 2010. Role and Responsibility of the Board of Directors of the Company (the “Board”) The responsibility of the Board is governed by Luxembourg Law. With respect to the Annual Report, including Audited Financial Statements of the Company, the duties of the Board are governed by the Law of December 10, 2010 on, inter alia, the accounting and annual accounts of Undertakings for Collective Investment and by the amended December 17, 2010 Law. Board Composition Our Board is composed of a majority of independent directors and as a whole has a breadth of investment knowledge, financial skills, as well as legal and other experience relevant to the Company’s business. Directors are elected annually by shareholders at the Annual General Meeting. Board Meetings and Corporate governance In 2019 the Board has formally met each quarter in line with our objectives to meet at least quarterly, with additional meetings being convened as required from time to time by the business of the Company. For 2019 the attendance rate at Board meetings was 100%. Prior to each Board meeting, the Directors received detailed and timely information allowing them to be prepared for the items under discussion during the meeting. For each quarterly meeting the Board receives reports consolidated by the Management Company on the basis of information received from the Investment Manager, the Distributor, the Depositary Bank, the Administrator, the Transfer Agent, the Risk Management and the Auditor. Senior representatives of the Management Company and other providers attend Board meetings to enable the Directors to question the reports presented to them. Once a year, the agenda includes, among other matters, the approval of the Annual Report, including Audited Financial Statements. The Board is responsible for ensuring that a high level of corporate governance is met and considers that the Company has complied with the best practices in the Luxembourg funds industry. In particular, the Board has adopted and is committed to follow the ALFI Code of Conduct which sets out principles of good governance. The Board undertakes an annual review of ongoing compliance with the principles of the Code. Annual General Meeting The next Annual General Meeting of the Company will be held on April 14, 2020 at the Registered Office of the Company to consider matters relating to the year ended on December 31, 2019. Investment Management Report It is difficult to remember in history a year as 2019, with all main asset classes with strong performance, almost mirroring 2018 but on an increased manner, achieving as a result a positive absolute outcome, for bonds and equities, over both years. It has also been a year where the Euro kept underperforming against the main currencies and where commodities remained strong, on both copper and crude oil as good indicators of activity. From an economical point of view, it has been a year where we have seen a deceleration trend on global growth. Almost all regions registered growth figures below 2018 levels. There was fear of a recession on the first half of the year, mainly due to the weak industrial sector leading indicators and the US sovereign curve inversion. Nevertheless, the service sector kept a strong pace, in a global economy that today is much more reliant on this sector than on the industrials. The US-China trade war had a big impact on specific sectors while others were resilient.

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CaixaBank Global SICAV Directors’ Report (continued) Investment Management Report (continued) There was a sharp slowdown in different geographical areas, quite more acute in Europe, as it has a higher exposition to Asia than the US. Besides the trade war and its weight on market sentiment, there have been other events across the year that affected the markets. On one hand, monetary policy, on the other hand the different European elections and specifically in the UK, which gave Brexit, a strong impulse. Moreover, we also had the Hong Kong protests, the Chilean and the Madrid Climate Conference (COP25). During 2019, despite the good equity market performance, very low corporate earnings were observed. The 2018 last quarter market sharp drawdown on top of a good corporate earnings year has had its contrary in 2019, where valuations stretched while earnings were on pressure. We finished both years with higher valuation multiples, with a slight increase on earnings and market levels. This market behavior partially relies on the monetary policy that, if in 2018 was restrictive across the main Central Banks, in 2019, had a radical shift towards the same expansive mode seen on previous years. The major shift happened in the US, which lowered its rate three times on 2019, after its last restrictive move on November of 2018. Moreover, an announcement of a new purchase program for 60 billion per month for at least six months was made - solving out the liquidity issues behind the balance sheet reduction, and the repo liquidity injections to amend the fiscal calendar tightness and imbalances. Europe followed a similar trend where the ECB announced a new bond purchase program for both, sovereign and investment grade corporates. In Europe, Lagarde replaced Mario Draghi as president of the ECB and started a deep revision of the Eurozone monetary policy that will take place in 2020. After five years, the Swedish Central Bank increased its rates out of the negative territory space, there has been a strong criticism of their consequences. In China there were different cash reserve and rate reductions. On the fixed income market with subdued inflation levels, below Central Bank targets, and an expansive monetary policy, bonds registered lower yields on all time horizons. Until August, we saw flattening curves and, from there on, a slight steepness as the market expected that this environment would trigger a higher activity and future inflation. The year also was good for the investment grade credit market, high yield and emerging fixed income debt. As recession fears decreased and the yield of one third of investment grade issues were negative, drove investors to hunt yield by increasing their risks, and focusing their appetite for a lower part of the quality ladder. Thus, a stretch down in the primary market, due to the supply – demand imbalance occurred. During the year, emerging markets hard and local currency matched their performance, we should take into account that the former has a higher duration than the latter. On equities, the US market has outperformed, with prices soaring above 30% and the technological sector above 40%. Energy was the worst global sector on developed markets. In Europe, telecommunications was the only sector with a negative performance. On a geographical basis, in developed markets, Spain and UK (despite the strong end of 2019 after their elections and high expectations of a clear path for Brexit) were the worst two markets. The growth bias and big cap have overcome the value bias and small cap companies. Emerging and Japanese market achieved close to a 20% return on 2020. As we already mentioned, commodities had a positive year highlighting big markets as gold and crude oil. There was an important increase on food prices in China caused by pork, which could be seen on the general Chinese inflation figures. The improvement on activity indicators at the end of the year gave support to the commodity markets. The developed currencies had a better behavior against the Euro. Chinese yuan depreciated while the trade war developed and came back to initial levels at the end of the year. We could see this pattern on several emerging market currencies as the Indian Rupee or the Brazilian Real. Only the Argentinian Peso and the Turkish Lira were not able to recover prior levels. CaixaBank Global Sicav - CAIXABANK GLOBAL ALBUS FUND CAIXABANK GLOBAL ALBUS FUND (the "sub-fund") was launched on October 1, 2013. The sub-fund invests in multiple asset classes including money market instruments, equities, bonds and currencies. CAIXABANK GLOBAL ALBUS FUND may take exposure to assets such as commodities, infrastructures and real estate by investing through eligible ETFs, UCITS or other eligible UCI pursuant to the UCITS directive The sub-fund has a multi-asset and flexible portfolio, changing its exposure to different assets and geographical areas depending on the market conditions and the view of the Investment Manager. The equity portfolio is built primarily on a long bias view and we use derivatives mainly for equity market neutral strategy. The long European equities are the most important portfolio exposure and main risk contributor. Regarding fixed income portfolio, our focus is Spanish and Italian government bonds. On the corporate bond side, the main issuers are from the financial sector. The target split is 10.55% for government bonds, 10% for corporate bond and 2% for EM fixed income. The biggest currency exposure of the sub-fund, has a tactical stance, and is in US Dollar with around 14%

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CaixaBank Global SICAV Directors’ Report (continued) CaixaBank Global Sicav - CAIXABANK GLOBAL ALBUS FUND (continued) The sub-fund has generated a positive performance of 10.76% (Class E) during 2019. The main positive return driver was the exposure to equity market with also a positive contribution from fixed income investments while currency overlay has been negative for the sub-fund. Volatility was 7.42% during the period from January 1, 2019 to end of the year. CaixaBank Global Sicav - CAIXABANK GLOBAL ITER FUND CAIXABANK GLOBAL ITER FUND (the "sub-fund") was launched on December 3, 2013. The sub-fund holds equities, fixed income and cash, with a focus in fixed income market, and it seeks capital protection over the medium term. The sub-fund may get exposure to assets such as commodities, infrastructures and real estate by investing through eligible ETFs, UCITS or other eligible UCI pursuant to the UCITS directive. CAIXABANK GLOBAL ITER FUND has a long bias investment process and we use derivatives mainly for equity market neutral strategy. Until mid-summer the equity exposure has been built through a limited number of stocks, which have a value and dividend bias, predictable and conservative finance business models with a good cash generation. Since then it has was switched to a more diversified approach, closer to the market performance. The long European equities are the most important equity portfolio exposure. On the bond side, the investment focus is in Spanish and Italian government bonds and investment corporate bonds; the target composition is 45% in government bonds, and 25% in corporate bonds. The main corporate bond issuers come from within the financial sector. The biggest currency exposure of the sub-fund is in US Dollar, with around 10% of the Total Net Assets at year-end. The sub-fund generated returns of 2.72% (Class E) during 2019. The main return driver was exposure to equities and fixed income investments. However, the currency overlay was a drag to overall performance of portfolios. Volatility was 1.98% during the year. CaixaBank Global Sicav - CAIXABANK GLOBAL IBERIAN EQUITY FUND CAIXABANK GLOBAL IBERIAN EQUITY FUND (the "sub-fund") was launched on October 1, 2015. The investment objective of the sub-fund is to provide long-term capital growth by investing primarily in a portfolio of securities issued by Spanish companies. Therefore, at least 60% of its net assets are invested in securities of small, medium or large capitalization companies that are domiciled in Spain. The sub-fund may also invest, to a limited extent, in companies from other European countries and up to a maximum of 10% of its net assets in companies from any OECD country. CAIXABANK GLOBAL IBERIAN EQUITY FUND (Class B) returned 5.29% in 2019. The stock selection criteria used in the process of building the portfolio underlies this performance. Volatility was 12.55% during the year (2019). The sub-fund has exposure of close to 100% at the end of the reporting year. This exposure is constructed with direct investment in securities and with derivatives (Ibex 35 futures). CaixaBank Global Sicav - CAIXABANK EURO SHORT DURATION FUND CAIXABANK EURO SHORT DURATION FUND (the "sub-fund") was launched on October 2, 2015. The investment policy is very flexible regarding the duration and the credit risk. Duration can range from a maximum of 15 years to a minimum of negative 3 years. The sub-fund can invest in debt securities (including a maximum exposure of 10% of contingent convertible securities) and in equities. For debt securities, no minimum rating is required for issuers to be invested in. For equity, the maximum exposure is 15%, for both long and short positions, including exposure through convertible bonds. Exposure to currency risk may represent 100% of the sub-fund's net assets. The investment focus is on short-term euro fixed income. At least 70% of the portfolio has a maturity of less than five years. It may invest up to 10% in foreign currencies. The target duration of the portfolio is less than three years. The average rating of the portfolio is equal to or better than BBB-. Throughout the year the duration has moved in a range between 1.75 and 2 years. Political tensions in Italy, Brexit and trade war between United States and China have continued dominating the markets. On top of this, the Central Bank policies and its outlook have been key to understanding the financial market performance. The sub-fund's portfolio has been invested primarily in credit and peripheral debt, especially Italian. These two market segments have been the main contributors to the fund's profitability. As of December 31, 2019, the sub-fund had a duration of 1.91 years. As of December 31, 2019, performance has been positive for the full year, 0.35% (B Share class). Volatility over the period has been 0.56%.

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Directors’ Report (continued)


CAIXABANK GLOBAL ALPHA FUND (the "sub-fund") was launched on October 1, 2015.

Investment ideas are selected from a broad European universe of small, medium and, primarily, large capitalization companies.

CAIXABANK GLOBAL ALPHA FUND (Class B) returned -0.44% in 2019. The stock selection criteria used in the process of building the portfolio underlies this performance.

Volatility was 5.14% over the year.

The sub-fund had a net long exposure of 26.66% at the end of the year and gross exposure of 136,66% (long equity positions represented 82% and Short positions 55%). The short book was primarily constructed with Index Futures of DJ Stoxx50, Ibex35 and Stoxx 600 Oil.

Outlook 2020

Since the end of 2019, the expansion of COVID-19 has generated an unprecedented health crisis globally. This event affects economic activity worldwide significantly and, as a result, could affect the financial situation of the Fund. The measure of impact depends on future developments that cannot be reliably predicted, including, among others, actions to contain or treat the disease and mitigate its impact on the economies of the affected countries, or the social and economic policies that are being implemented by the governments of the affected countries.

Board of Directors of the Company

Luxembourg, April 1, 2020

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To the Shareholders of CaixaBank Global SICAV Société d'investissement à capital variable (SICAV) 60, Avenue John Fitzgerald Kennedy L-1855 Luxembourg Grand-Duchy of Luxembourg

REPORT OF THE REVISEUR D’ENTREPRISES AGREE

Opinion

We have audited the financial statements of CaixaBank Global SICAV and of each of its sub-funds (the “Fund”), which comprise the statement of net assets and the statement of investments and other net assets as at December 31, 2019, and the statement of operations and changes in net assets for the year then ended and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund and of each of its sub-funds as at December 31, 2019, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

Basis for Opinion

We conducted our audit in accordance with the Law of July 23, 2016 on the audit profession (Law of July 23, 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier (CSSF). Our responsibilities under the Law of July 23, 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the Réviseur d’Entreprises Agréé for the Audit of the Financial Statements” section of our report. We are also independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other information

The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our report of the Réviseur d'Entreprises Agréé thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard.

Société à responsabilité limitée au capital de 35.000 € RCS Luxembourg B 67.895 Autorisation d’établissement 10022179

Deloitte Audit Société à responsabilité limitée 20, boulevard de Kockelscheuer L-1821 Luxembourg Grand Duchy of Luxembourg

Tel: +352 451 451 www.deloitte.lu

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Responsibility of the Board of Directors of the Company for the Financial Statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibilities of the « Réviseur d’entreprises agréé » for the Audit of the Financial Statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the Réviseur d’Entreprises Agréé that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law dated July 23, 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Law dated July 23, 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and performaudit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraudmay involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control;

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosuresmade by the Board of Directors of the Fund;

• Conclude on the appropriateness of the Board of Directors of the Fund’s use of the going concern basis of accounting and, based onthe audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt onthe Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attentionin our report of the Réviseur d’Entreprises Agréé to the related disclosures in the financial statements or, if such disclosures areinadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report of theRéviseur d’Entreprises Agréé. However, future events or conditions may cause the Fund to cease to continue as a going concern;

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether thefinancial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

For Deloitte Audit, Cabinet de Révision Agréé

Nicolas Hennebert, Réviseur d'Entreprises Agréé Partner

Luxembourg, April 1, 2020

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The accompanying notes are an integral part of these financial statements.

Statistics


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

863,678,644.48 1,314,452,178.94 1,680,686,274.46EUR

Net asset value per share

A 12.1735 11.0856 12.4981EURC 12.6344 11.4409 12.8214EURE 12.8747 11.6237 12.9874EURI 10.7017 9.6614 10.7909EURM 10.1560 9.1624 -EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

A 64,063.40 99,183.13 121,357.53C 55,676,296.23 96,659,936.41 112,384,671.29E 10,727,564.16 17,713,702.20 18,250,995.54I 218,613.43 111,829.44 111,829.44M 1,871,638.52 53,835.86 -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

94,097,932.24 177,535,355.29 380,040,600.79EUR


A 9.9477 9.7620 10.3951EURB 9.7100 9.4808 10.0401EURC 10.3454 10.0910 10.6754EURE 10.4706 10.1933 10.7622EURI 9.7259 9.4655 9.9904EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

A 5,229.06 12,462.73 15,545.30B 4,019,882.69 7,349,166.42 14,421,579.17C 4,043,554.36 7,821,780.46 16,599,906.13E 1,202,527.31 2,685,346.75 5,236,772.62I 60,576.69 151,665.20 151,665.20−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

5,098,389.98 4,998,105.25 5,690,923.84EUR


A 9.4903 9.0777 10.5941EURB 9.2558 8.7911 10.2092EURI 9.9819 9.4077 10.8174EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

A 5,288.44 9,649.05 8,442.59B 6,183.16 23,509.82 18,885.62I 500,000.00 500,000.00 500,000.00−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

86,407,397.63 50,088,901.01 20,039,979.98EUR

December 31, 2017December 31, 2019 December 31, 2018


13


Statistics


A 9.9624 9.9314 10.0870EURB 9.7884 9.7543 9.9081EURC 9.8603 9.8256 9.9816EURE 9.8651 9.8286 9.9833EURG (activated on December 12, 2019) 9.9992 - -EURI 9.9185 9.8635 10.0010EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

A 123,511.09 28,207.91 30,057.57B 776,641.41 351,575.88 101,236.31C 1,842,421.26 1,059,282.43 233,880.16E 1,347,659.26 185,672.13 140,000.00G (activated on December 12, 2019) 900,000.00 - -I 3,741,864.98 3,461,892.61 1,500,000.00−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

4,180,209.60 4,237,015.85 4,661,997.86EUR


A 8.8377 8.8890 9.7782EURB 8.1136 8.1494 8.9511EURI 8.2429 8.2375 9.0014EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

A 1,290.94 3,847.46 2,741.51B 5,838.88 10,312.66 15,023.12I 500,000.00 500,000.00 500,000.00−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

December 31, 2017December 31, 2019 December 31, 2018

14



Combined Statement

EUR

AssetsInvestment in securities at cost 876,132,104.11Unrealised appreciation / (depreciation) on securities 57,802,200.09

Investment in securities at market value 2.c 933,934,304.20Investment in options contracts at market value 2.c, 11 94,330.00Cash at bank 2.c 112,341,771.44Receivable for investment sold 4,143,394.96Receivable on subscriptions 5,101.37Receivable on withholding tax reclaim 964,689.47Other Receivables 648.25Net unrealised appreciation on futures contracts 2.c, 10 2,765,070.40Dividends and interest receivable 3,798,378.81

Total assets 1,058,047,688.90

LiabilitiesAccrued expenses 2,359,522.93Payable on redemptions 2,221,291.76Net unrealised depreciation on futures contracts 2.c, 10 4,300.28

Total liabilities 4,585,114.97

Net assets at the end of the year 1,053,462,573.93

Notes

Statement of Net Assets as at December 31, 2019

IncomeDividends (net of withholding taxes) 2.d 15,652,864.01Interest on bonds 2.d 9,140,184.49Bank interest 68,709.98Other income 8,430.96

Total income 24,870,189.44

ExpensesManagement fees 4 10,914,223.85Depositary fees 6 449,315.35Domiciliary, Administrative and Registrar and TransferAgent's fees

7 338,548.16

Professional fees 194,963.71Transaction costs 13 1,432,984.82Taxe d'abonnement 8 583,794.98Management Company fees 5 386,270.29Bank interest 553,328.62Other expenses 12 341,527.19

Total expenses 15,194,956.97

Net investment income / (loss) 9,675,232.47

Net realised gain / (loss) on: Investments 2.e 1,163,408.86Foreign currencies transactions 2.b (82,940.15)Futures contracts 2.c (34,957,881.16)Options contracts 2.c (6,056,226.13)

Net realised gain / (loss) for the year (30,258,406.11)

Net change in unrealised appreciation / (depreciation) on: Investments 2.e 149,180,965.69Futures contracts 2.c 3,362,297.79Options contracts 2.c (3,140,870.00)

Increase / (Decrease) in net assets as a result ofoperations

119,143,987.37

Proceeds received on subscription of shares 142,994,528.10Net amount paid on redemption of shares (759,987,497.88)Net assets at the beginning of the year 1,551,311,556.34

Net assets at the end of the year 1,053,462,573.93

EURNotes

Statement of Operations and Changes in Net Assets forthe year ended December 31, 2019

15



CaixaBank Global Sicav - CAIXABANK GLOBAL ALBUS FUND (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2019

EUR

AssetsInvestment in securities at cost 706,891,740.64Unrealised appreciation / (depreciation) on securities 58,421,591.81

Investment in securities at market value 2.c 765,313,332.45Cash at bank 2.c 92,165,934.19Receivable for investment sold 4,134,114.07Receivable on withholding tax reclaim 870,816.31Other Receivables 648.25Net unrealised appreciation on futures contracts 2.c, 10 2,642,409.91Dividends and interest receivable 2,504,225.15

Total assets 867,631,480.33

LiabilitiesAccrued expenses 1,969,257.50Payable on redemptions 1,983,578.35

Total liabilities 3,952,835.85

Net assets at the end of the year 863,678,644.48

Notes


IncomeDividends (net of withholding taxes) 2.d 14,805,253.34Interest on bonds 2.d 5,933,707.49Bank interest 47,240.54



7 139,770.56

Professional fees 126,711.96Transaction costs 13 1,367,483.11Taxe d'abonnement 8 499,452.41Management Company fees 5 335,865.03Bank interest 479,102.65Other expenses 12 260,173.43



Net realised gain / (loss) on: Investments 2.e 5,897,655.07Foreign currencies transactions 2.b (214,603.83)Futures contracts 2.c (34,071,832.45)Options contracts 2.c (5,690,293.12)


Net change in unrealised appreciation / (depreciation) on: Investments 2.e 141,190,418.65Futures contracts 2.c 2,764,711.18Options contracts 2.c (2,942,500.00)


114,622,895.40

Proceeds received on subscription of shares 82,297,085.47Net amount paid on redemption of shares (647,693,515.33)Net assets at the beginning of the year 1,314,452,178.94


EURNotes


Number of shares in issue atthe end of the year

Number of shares in issue atthe beginning of the year

Number of sharessubscribed

Number of sharesredeemed

Statement of Changes in Number of Shares

A 99,183.13 4,247.27 (39,367.00) 64,063.40

C 96,659,936.41 1,816,456.85 (42,800,097.03) 55,676,296.23

E 17,713,702.20 1,804,036.68 (8,790,174.72) 10,727,564.16

I 111,829.44 159,625.75 (52,841.76) 218,613.43

M 53,835.86 3,764,697.95 (1,946,895.29) 1,871,638.52


16

CaixaBank Global Sicav - CAIXABANK GLOBAL ALBUS FUND (in EUR)


Securities Portfolio as at December 31, 2019

BELGIAN RETAIL 2.25% 13-22/06/2023 EUR 660,311.53 0.08602,000.00

Transferable securities admitted to an official exchange listing

Bonds and other debt instrumentsGovernment

BELGIAN 0.8% 15-22/06/2025 EUR 1,934,855.41 0.221,827,237.00BELGIAN 0.8% 17-22/06/2027 EUR 1,259,866.97 0.151,182,000.00COMUNIDAD MADRID 4.125% 14-21/05/2024

EUR 2,355,280.00 0.272,000,000.00

DEUTSCHLAND REP 0.25% 18-15/08/2028 EUR 1,442,718.10 0.171,380,000.00DEUTSCHLAND REP 1.75% 14-15/02/2024 EUR 3,746,130.55 0.433,421,455.00FADE 0.5% 18-17/03/2023 EUR 1,326,572.00 0.151,300,000.00FINNISH GOVT 0.5% 17-15/09/2027 EUR 705,963.60 0.08675,000.00FRANCE O.A.T. 0% 16-25/05/2021 EUR 705,910.80 0.08700,000.00FRANCE O.A.T. 0% 16-25/05/2022 EUR 780,810.80 0.09770,000.00FRANCE O.A.T. 1% 15-25/11/2025 EUR 1,670,747.67 0.191,555,000.00FRANCE O.A.T. 1.75% 13-25/05/2023 EUR 6,068,608.90 0.705,629,429.00FRANCE O.A.T. 1.75% 14-25/11/2024 EUR 2,098,356.20 0.241,900,000.00FRANCE O.A.T. 2.75% 12-25/10/2027 EUR 2,690,267.36 0.312,200,000.00FRANCE O.A.T. 8.25% 92-25/04/2022 EUR 965,172.80 0.11800,000.00IRISH GOVT 0.9% 18-15/05/2028 EUR 289,675.44 0.03270,000.00IRISH GOVT 1% 16-15/05/2026 EUR 382,541.85 0.04357,000.00IRISH GOVT 3.9% 13-20/03/2023 EUR 371,558.17 0.04326,000.00ITALY BTPS 0.2% 17-15/10/2020 EUR 8,757,753.91 1.018,726,000.00ITALY BTPS 0.65% 16-15/10/2023 EUR 2,533,297.50 0.292,500,000.00ITALY BTPS 1.2% 17-01/04/2022 EUR 4,182,594.30 0.484,077,000.00ITALY BTPS 1.5% 15-01/06/2025 EUR 728,345.10 0.08700,000.00ITALY BTPS 2% 15-01/12/2025 EUR 2,118,340.22 0.251,980,000.00ITALY BTPS 2.8% 18-01/12/2028 EUR 1,800,646.06 0.211,590,000.00ITALY BTPS 3.5% 14-01/03/2030 EUR 2,044,956.54 0.241,705,000.00ITALY BTPS 3.75% 14-01/09/2024 EUR 1,088,277.54 0.13950,000.00ITALY BTPS 4.25% 09-01/03/2020 EUR 38,055,164.31 4.4137,773,000.00ITALY BTPS 4.5% 10-01/03/2026 EUR 1,221,435.22 0.141,001,000.00ITALY BTPS 4.5% 13-01/05/2023 EUR 3,874,218.40 0.453,400,000.00ITALY BTPS 9% 93-01/11/2023 EUR 5,844,451.60 0.684,397,631.00JUNTA CASTILLA 4% 14-30/04/2024 EUR 2,340,260.00 0.272,000,000.00NETHERLANDS GOVT 0.5% 16-15/07/2026 EUR 310,285.54 0.04295,000.00NETHERLANDS GOVT 0.75% 17-15/07/2027 EUR 205,812.56 0.02192,000.00NETHERLANDS GOVT 2% 14-15/07/2024 EUR 1,093,570.96 0.13984,000.00NETHERLANDS GOVT 5.5% 98-15/01/2028 EUR 875,171.40 0.10600,000.00PORTUGUESE OTS 2.125% 18-17/10/2028 EUR 575,741.60 0.07500,000.00PORTUGUESE OTS 2.875% 15-15/10/2025 EUR 865,268.78 0.10745,000.00REP OF AUSTRIA 0.75% 18-20/02/2028 EUR 1,045,139.62 0.12980,000.00REP OF AUSTRIA 1.2% 15-20/10/2025 EUR 803,588.20 0.09740,000.00SPANISH GOVT 0.05% 17-31/01/2021 EUR 452,431.80 0.05450,000.00SPANISH GOVT 0.4% 17-30/04/2022 EUR 2,910,444.30 0.342,858,000.00SPANISH GOVT 0.45% 17-31/10/2022 EUR 1,541,418.79 0.181,508,000.00SPANISH GOVT 1.4% 18-30/04/2028 EUR 495,021.80 0.06455,000.00SPANISH GOVT 1.45% 17-31/10/2027 EUR 2,915,770.44 0.342,671,000.00SPANISH GOVT 1.6% 15-30/04/2025 EUR 2,634,300.48 0.312,426,000.00SPANISH GOVT 2.15% 15-31/10/2025 EUR 572,497.44 0.07510,000.00SPANISH GOVT 3.8% 14-30/04/2024 EUR 1,636,922.00 0.191,400,000.00SPANISH GOVT 4% 10-30/04/2020 EUR 1,169,899.52 0.141,153,000.00SPANISH GOVT 4.4% 13-31/10/2023 EUR 14,747,968.26 1.7112,544,000.00US TREASURY N/B 2.125% 14-30/09/2021 USD 25,618,857.94 2.9728,500,000.00

164,515,200.28 19.05

BANCO BILBAO VIZ 3.5% 17-10/02/2027 EUR 701,976.00 0.08600,000.00Banks

BANK OF AMER CRP 2.375% 14-19/06/2024 EUR 438,756.00 0.05400,000.00BANKINTER SA 0.875% 19-05/03/2024 EUR 720,062.00 0.08700,000.00BARCLAYS BK PLC 6.625% 11-30/03/2022 EUR 1,349,459.80 0.161,180,000.00BPCE 14-08/07/2026 FRN EUR 2,076,980.00 0.242,000,000.00CAIXABANK 17-15/02/2027 EUR 740,026.00 0.09700,000.00CITIGROUP INC 2.125% 14-10/09/2026 EUR 1,774,768.00 0.211,600,000.00CREDIT SUISSE 17-17/07/2025 FRN EUR 1,566,262.60 0.181,510,000.00GOLDMAN SACHS GP 1.625% 16-27/07/2026

EUR 2,347,708.00 0.262,200,000.00

JPMORGAN CHASE 2.875% 13-24/05/2028 EUR 2,215,666.44 0.261,836,000.00MORGAN STANLEY 1.75% 16-11/03/2024 EUR 1,332,014.18 0.151,253,000.00SANTANDER ISSUAN 3.25% 16-04/04/2026 EUR 1,025,361.00 0.12900,000.00UBS GROUP FUNDIN 2.125% 16-04/03/2024 EUR 1,511,930.00 0.181,400,000.00UNICREDIT SPA 2.125% 16-24/10/2026 EUR 575,421.00 0.07530,000.00

18,376,391.02 2.13

NameQuantity/Nominal

Market valuein EUR

Currency %NAV

EDP FINANCE BV 0.375% 19-16/09/2026 EUR 722,695.84 0.08731,000.00Energy

EDP FINANCE BV 1.125% 16-12/02/2024 EUR 1,465,345.70 0.171,415,000.00ELEC DE FRANCE 4.125% 12-25/03/2027 EUR 1,780,100.00 0.211,400,000.00ELEC DE FRANCE 4.625% 09-11/09/2024 EUR 1,272,190.50 0.151,050,000.00ENEL FIN INTL NV 1.966% 15-27/01/2025 EUR 2,279,907.00 0.272,100,000.00ENGIE 0.875% 18-19/09/2025 EUR 1,876,122.00 0.221,800,000.00IBERDROLA FIN SA 1.25% 18-28/10/2026 EUR 1,805,689.00 0.211,700,000.00INNOGY FINANCE II BV 5.75% 03-14/02/2033

EUR 780,783.36 0.09496,000.00

REPSOL INTL FIN 2.25% 14-10/12/2026 EUR 1,133,780.00 0.131,000,000.00TOTAL CAP INTL 1.023% 18-04/03/2027 EUR 2,112,020.00 0.242,000,000.00TOTAL S.A. 16-29/12/2049 EUR 1,424,280.00 0.161,245,000.00

16,652,913.40 1.93

AT&T INC 1.8% 18-05/09/2026 EUR 1,178,595.00 0.141,100,000.00Telecommunication

AT&T INC 2.35% 18-05/09/2029 EUR 436,663.50 0.05390,000.00AT&T INC 2.4% 14-15/03/2024 EUR 1,622,070.00 0.181,500,000.00AT&T INC 3.15% 17-04/09/2036 EUR 1,316,352.84 0.151,122,000.00DEUTSCHE TEL FIN 7.5% 03-24/01/2033FRN

EUR 1,234,170.00 0.14700,000.00

ORANGE 0.875% 16-03/02/2027 EUR 1,134,287.00 0.131,100,000.00ORANGE 14-29/10/2049 FRN EUR 97,188.00 0.0191,000.00ORANGE 19-31/12/2049 FRN EUR 739,564.00 0.09700,000.00ORANGE 2% 19-15/01/2029 EUR 1,229,756.00 0.141,100,000.00TELEFONICA EMIS 1.447% 18-22/01/2027 EUR 1,272,528.00 0.151,200,000.00TELEFONICA EUROP 18-31/12/2049 FRN EUR 734,132.00 0.09700,000.00TELEFONICA EUROP 5.875% 03-14/02/2033 EUR 775,650.24 0.09502,000.00

11,770,956.58 1.36

ALLIANZ SE 19-25/09/2049 FRN EUR 1,388,954.00 0.161,400,000.00Insurance

AXA SA 14-20/05/2049 FRN EUR 1,602,608.00 0.191,400,000.00CRDT AGR ASSR 15-29/01/2049 FRN EUR 793,408.00 0.09700,000.00MAPFRE 17-31/03/2047 EUR 941,944.00 0.11800,000.00

4,726,914.00 0.55

AMADEUS IT GROUP 0.875% 18-18/09/2023 EUR 2,157,078.00 0.252,100,000.00Diversified services

SANEF 1.875% 15-16/03/2026 EUR 2,353,890.00 0.272,200,000.004,510,968.00 0.52

GRAND CITY PROP 1.5% 18-22/02/2027 EUR 1,868,436.00 0.211,800,000.00Real estate

INMOBILIARIA COL 1.625% 17-28/11/2025 EUR 1,265,724.00 0.151,200,000.00VONOVIA BV 1.8% 19-29/06/2025 EUR 1,172,842.00 0.141,100,000.00

4,307,002.00 0.50

ANHEUSER-BUSCH INBE 2.875% 12-25/09/2024

EUR 1,377,268.32 0.161,212,000.00Food services

CARREFOUR SA 1% 19-17/05/2027 EUR 2,475,960.00 0.292,400,000.003,853,228.32 0.45

CRH FUNDING 1.875% 15-09/01/2024 EUR 1,554,883.86 0.181,461,000.00Building materials

HEIDELBERGCEMENT 2.25% 16-30/03/2023 EUR 2,142,910.00 0.252,024,000.003,697,793.86 0.43

ALLERGAN FUNDING 2.625% 18-15/11/2028

EUR 807,303.00 0.09700,000.00Cosmetics

BAYER CAP CORPNV 0.625% 18-15/12/2022

EUR 1,117,721.00 0.131,100,000.00

FRESENIUS FIN IR 3% 17-30/01/2032 EUR 941,231.05 0.11809,000.002,866,255.05 0.33

ARCELORMITTAL 2.25% 19-17/01/2024 EUR 1,148,142.14 0.131,097,000.00Metal

BHP BILLITON FIN 15-22/04/2076 FRN EUR 1,712,134.98 0.201,613,000.002,860,277.12 0.33

BMW FINANCE NV 0.375% 19-24/09/2027 EUR 499,448.82 0.06503,000.00Auto Parts & Equipment

DAIMLER AG 1.4% 16-12/01/2024 EUR 786,427.50 0.09750,000.00


Market valuein EUR

Currency %NAV


17




RCI BANQUE 1.625% 18-26/05/2026 EUR 822,608.00 0.09800,000.002,108,484.32 0.24

ASML HOLDING NV 1.375% 16-07/07/2026 EUR 1,072,390.00 0.121,000,000.00Electric & Electronic

1,072,390.00 0.12

241,318,773.95 27.94

EDP-ENERGIAS DE PORTUGAL SA EUR 9,522,055.20 1.102,464,300.00

SharesEnergy

ENEL SPA EUR 9,773,504.00 1.121,382,000.00GALP ENERGIA SGPS SA EUR 8,942,980.00 1.04600,200.00REPSOL SA EUR 8,738,261.14 1.01627,298.00TOTAL SA EUR 9,225,000.00 1.07187,500.00

46,201,800.34 5.34

BANCO SANTANDER SA EUR 9,642,423.00 1.122,585,100.00Banks

ERSTE GROUP BANK AG EUR 9,413,580.00 1.09280,500.00LLOYDS BANKING GROUP PLC GBP 9,662,182.10 1.1113,099,600.00UNICREDIT SPA EUR 9,594,438.00 1.11736,900.00

38,312,623.10 4.43

GLAXOSMITHKLINE PLC GBP 9,626,146.22 1.11458,500.00Cosmetics

GRIFOLS SA EUR 9,730,728.00 1.13309,600.00SANOFI EUR 9,589,340.00 1.11107,000.00

28,946,214.22 3.35

AXA SA EUR 9,117,943.20 1.06363,120.00Insurance

ZURICH INSURANCE GROUP AG CHF 9,352,125.12 1.0825,600.0018,470,068.32 2.14

TELECOM ITALIA SPA EUR 9,255,547.08 1.0816,634,700.00Telecommunication

TELEFONICA SA EUR 8,498,609.60 0.981,364,800.0017,754,156.68 2.06

PEUGEOT SA EUR 8,520,000.00 0.99400,000.00Auto Parts & Equipment

RENAULT SA EUR 8,773,440.00 1.01208,000.0017,293,440.00 2.00

INTL CONSOLIDATED AIRLINE-DI EUR 10,222,076.00 1.181,415,800.00Transportation

10,222,076.00 1.18

ABB LTD-REG CHF 9,917,737.81 1.15461,300.00Electric & Electronic

9,917,737.81 1.15

RECKITT BENCKISER GROUP PLC GBP 9,909,399.89 1.15137,000.00Distribution & Wholesale

9,909,399.89 1.15

CRH PLC EUR 9,720,075.00 1.13272,500.00Building materials

9,720,075.00 1.13

ARCELORMITTAL EUR 9,651,114.00 1.12617,000.00Metal

9,651,114.00 1.12

SIEMENS AG-REG EUR 9,339,865.22 1.0880,143.00Diversified machinery

9,339,865.22 1.08

VIVENDI EUR 9,037,000.00 1.05350,000.00Media

9,037,000.00 1.05

234,775,570.58 27.18


Market valuein EUR

Currency %NAV

REPSOL SA RTS 31/12/2019 EUR 265,347.05 0.03627,298.00

RightsEnergy

265,347.05 0.03

265,347.05 0.03

AMUNDI INDEX MSCI EM UCITS USD 40,186,290.07 4.65682,200.00

Funds

Undertakings for collective investmentOpen-ended Funds

DBX MSCI EMERGING MKTS DR 1C USD 21,440,236.08 2.48458,500.00DBX MSCI JAPAN JPY 33,844,545.80 3.92590,900.00DBX NIKKEI 225 (DR) EUR 8,480,090.00 0.98422,000.00ISHARES CORE EM IMI ACC USD 5,770,419.50 0.67214,409.00ISHARES CORE S&P 500 UCITS ETF USD 160,161,128.46 18.55561,289.00ISHARES JPM EM LCAL GOVT USD SHSUSD ETF

USD 19,070,930.96 2.21344,000.00

288,953,640.87 33.46

288,953,640.87 33.46

Total securities portfolio 765,313,332.45 88.61


Market valuein EUR

Currency %NAV

EUR/CHF CURRENCY FUTURE16/03/2020

CHF 9,084,636.6179.00 (67,680.54)

Futures contracts

EUR-JPY 16/03/2020 JPY 33,814.8833.00 56,470.86EURO / GBP FUTURE 16/03/2020 GBP 13,571,723.6192.00 60,054.88EURO BUXL 30Y BONDS 06/03/2020 EUR 3,052,600.00(20.00) 118,800.00EURO FX CURR FUT (CME)16/03/2020

USD 156,792,873.051,408.00 1,980,449.89

EURO OAT FUTURE FRENCH GOVTB 06/03/2020

EUR 3,500,442.0033.00 (49,170.00)

EURO STOXX 50 - FUTURE20/03/2020

EUR 13,332,734.00(356.00) 58,380.00

EURO-BOBL FUTURE 06/03/2020 EUR 42,810,068.00(419.00) 171,790.00EURO-BONO 10YR 6% 06/03/2020 EUR 108,947.00(1.00) (360.00)EURO-BTP FUTURE 06/03/2020 EUR 675,348.00(6.00) (2,940.00)IBEX35 EURO 17/01/2020 EUR 9,740,184.00102.00 (38,709.00)SHORT TERM EURO BTP FUTURES06/03/2020

EUR 1,636,688.0016.00 4,480.00

S&P 500 E-MINI FUTURE 20/03/2020 USD 28,496,124.72198.00 429,082.40TOPIX INDX FUTR 12/03/2020 JPY 34,571,780.60245.00 200,839.92ULTRA 10 YEAR US TREASURY NOT20/03/2020

USD 14,155,079.73163.00 (279,078.50)

2,642,409.91

Total Futures contracts 2,642,409.91

NameQuantity Commitmentin EUR

Currency Unrealisedappreciation /(depreciation)

in EUR

Financial derivative instruments as at December 31,2019

Summary of net assets

2,642,409.91 0.31Total financial derivative instruments

%NAV

765,313,332.45 88.61Total securities portfolio

92,165,934.19 10.67Cash at bank

3,556,967.93 0.41Other assets and liabilities

863,678,644.48 100.00Total net assets


18



Nature allocation % of portfolio % of netassets

Undertakings for collective investment 37.76 33.46

Bonds and other debt instruments 31.53 27.94

Shares 30.68 27.18

Rights 0.03 0.03

100.00 88.61

Country allocation % of portfolio % of netassets

Ireland 28.51 25.26

Italy 13.26 11.75

Luxembourg 12.54 11.10

Spain 12.13 10.77

France 11.89 10.53

United States 5.00 4.42

United Kingdom 3.99 3.53

Switzerland 2.92 2.59

Portugal 2.60 2.31

Germany 2.46 2.18

Netherlands 2.23 1.98

Other 2.47 2.19

100.00 88.61

Portfolio Breakdowns

Top Ten Holdings Market value % ofnet

assets

ISHARES CORE S&P 500 UCITS ETF 160,161,128.46 18.55Open-ended Funds

AMUNDI INDEX MSCI EM UCITS 40,186,290.07 4.65Open-ended Funds

ITALY BTPS 4.25% 09-01/03/2020 38,055,164.31 4.41Government

DBX MSCI JAPAN 33,844,545.80 3.92Open-ended Funds

US TREASURY N/B 2.125% 14-30/09/2021 25,618,857.94 2.97Government

DBX MSCI EMERGING MKTS DR 1C 21,440,236.08 2.48Open-ended Funds

ISHARES JPM EM LCAL GOVT USD SHS USDETF

19,070,930.96 2.21Open-ended Funds

SPANISH GOVT 4.4% 13-31/10/2023 14,747,968.26 1.71Government

INTL CONSOLIDATED AIRLINE-DI 10,222,076.00 1.18Transportation

ABB LTD-REG 9,917,737.81 1.15Electric & Electronic

EUR

Sector

Top Ten Holdings

19



CaixaBank Global Sicav - CAIXABANK GLOBAL ITER FUND (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2019

EUR

AssetsInvestment in securities at cost 83,031,513.96Unrealised appreciation / (depreciation) on securities (59,333.47)

Investment in securities at market value 2.c 82,972,180.49Investment in options contracts at market value 2.c, 11 94,330.00Cash at bank 2.c 10,588,682.72Receivable on withholding tax reclaim 88,402.31Net unrealised appreciation on futures contracts 2.c, 10 83,205.49Dividends and interest receivable 648,873.19


LiabilitiesAccrued expenses 263,181.67Payable on redemptions 114,560.29

Total liabilities 377,741.96


Notes


IncomeDividends (net of withholding taxes) 2.d 614,853.84Interest on bonds 2.d 1,961,350.72Bank interest 21,256.51Other income 27.22



7 61,886.04

Professional fees 34,662.03Transaction costs 13 48,179.23Taxe d'abonnement 8 60,221.14Management Company fees 5 26,768.14Bank interest 49,257.09Other expenses 12 46,126.70



Net realised gain / (loss) on: Investments 2.e (3,667,491.55)Foreign currencies transactions 2.b 109,601.61Futures contracts 2.c (437,018.47)Options contracts 2.c (365,933.01)


Net change in unrealised appreciation / (depreciation) on: Investments 2.e 6,718,648.99Futures contracts 2.c 615,315.67Options contracts 2.c (198,370.00)


3,963,429.50

Proceeds received on subscription of shares 4,224,219.69Net amount paid on redemption of shares (91,625,072.24)Net assets at the beginning of the year 177,535,355.29


EURNotes







A 12,462.73 - (7,233.67) 5,229.06

B 7,349,166.42 263,741.31 (3,593,025.04) 4,019,882.69

C 7,821,780.46 155,617.96 (3,933,844.06) 4,043,554.36

E 2,685,346.75 7,343.15 (1,490,162.59) 1,202,527.31

I 151,665.20 - (91,088.51) 60,576.69


20

CaixaBank Global Sicav - CAIXABANK GLOBAL ITER FUND (in EUR)



CAISSE AMORT DET 4.375% 06-25/10/2021 EUR 1,077,941.70 1.15990,000.00



EFSF 3.375% 11-05/07/2021 EUR 1,435,977.40 1.531,357,000.00ESM 0% 18-17/01/2022 EUR 556,412.85 0.59551,860.00FINNISH GOVT 0.375% 14-15/09/2020 EUR 363,520.14 0.39361,000.00FRANCE O.A.T. 0% 18-25/02/2021 EUR 3,957,355.33 4.213,929,983.00FRANCE O.A.T. 0% 19-25/02/2022 EUR 3,309,438.82 3.523,270,000.00FRANCE O.A.T. 3.75% 05-25/04/2021 EUR 3,228,401.81 3.433,052,259.00IRISH GOVT 0.8% 15-15/03/2022 EUR 1,088,418.14 1.161,058,892.00ITALY BTPS 0.35% 17-15/06/2020 EUR 976,518.76 1.04974,000.00ITALY BTPS 0.45% 16-01/06/2021 EUR 4,104,603.75 4.364,069,000.00ITALY BTPS 2.3% 18-15/10/2021 EUR 8,502,493.90 9.038,159,000.00ITALY BTPS 3.75% 13-01/05/2021 EUR 4,709,647.20 5.014,476,000.00ITALY BTPS 3.75% 14-01/09/2024 EUR 1,756,136.27 1.871,533,000.00PORTUGUESE OTS 2.2% 15-17/10/2022 EUR 722,007.43 0.77673,757.00PORTUGUESE OTS 3.85% 05-15/04/2021 EUR 639,701.52 0.68605,122.00REP OF AUSTRIA 3.9% 05-15/07/2020 EUR 370,808.91 0.39362,000.00SPANISH GOVT 0.05% 18-31/10/2021 EUR 2,016,642.60 2.142,000,000.00SPANISH GOVT 1.4% 14-31/01/2020 EUR 5,007,635.00 5.315,000,000.00SPANISH GOVT 5.85% 11-31/01/2022 EUR 1,199,311.96 1.271,061,000.00US TREASURY N/B 2.125% 14-30/09/2021 USD 3,510,232.99 3.733,905,000.00

48,533,206.48 51.58

BANCO BILBAO VIZ 0.625% 17-17/01/2022 EUR 608,892.00 0.64600,000.00Banks

BANK OF AMER CRP 2.375% 14-19/06/2024 EUR 190,858.86 0.20174,000.00BANKINTER SA 0.875% 19-05/03/2024 EUR 308,598.00 0.33300,000.00BANQ FED CRD MUT 0.375% 17-13/01/2022 EUR 302,673.00 0.32300,000.00BNP PARIBAS 14-20/03/2026 FRN EUR 369,953.62 0.39358,000.00CAIXA GERAL DEPO 1% 15-27/01/2022 EUR 102,372.00 0.11100,000.00CAJAS RURALES UN 1.25% 15-26/01/2022 EUR 102,885.00 0.11100,000.00CRED SUIS GP FUN 1.25% 15-14/04/2022 EUR 318,881.50 0.34310,000.00CREDIT AGRICOLE 0.75% 16-01/12/2022 EUR 409,604.00 0.44400,000.00CREDIT SUISSE LD 1.375% 14-31/01/2022 EUR 385,721.16 0.41374,000.00DNB BOLIGKREDITT 0.25% 16-18/04/2023 EUR 318,669.18 0.34314,000.00GOLDMAN SACHS GP 3.25% 13-01/02/2023 EUR 266,196.78 0.28243,000.00HSBC HOLDINGS 1.5% 16-15/03/2022 EUR 645,375.00 0.68625,000.00ING BANK NV 0% 19-08/04/2022 EUR 501,005.00 0.53500,000.00INTESA SANPAOLO 3.5% 14-17/01/2022 EUR 532,782.30 0.57499,000.00JPMORGAN CHASE 2.75% 13-01/02/2023 EUR 216,712.00 0.23200,000.00KBC GROEP NV 1% 16-26/04/2021 EUR 406,192.00 0.43400,000.00KBC GROEP NV 15-11/03/2027 FRN EUR 103,532.00 0.11100,000.00MORGAN STANLEY 1.75% 16-11/03/2024 EUR 411,404.22 0.44387,000.00MORGAN STANLEY 1.875% 14-30/03/2023 EUR 158,640.00 0.17150,000.00NATIONWIDE BLDG 0.5% 17-23/02/2024 EUR 202,601.52 0.22198,000.00NORDEA MORTGAGE 0.25% 18-28/02/2023 EUR 318,942.36 0.34314,000.00SOCIETE GENERALE 14-16/09/2026 FRN EUR 311,274.00 0.33300,000.00UBS GROUP FUNDIN 2.125% 16-04/03/2024 EUR 424,420.35 0.45393,000.00

7,918,185.85 8.41


EDP FINANCE BV 2.625% 14-18/01/2022 EUR 353,200.55 0.38335,000.00ELEC DE FRANCE 3.875% 12-18/01/2022 EUR 108,185.00 0.11100,000.00ENEL FIN INTL NV 4.875% 12-17/04/2023 EUR 250,797.60 0.27216,000.00ENI SPA 0.75% 16-17/05/2022 EUR 149,912.07 0.16147,000.00GDF SUEZ 0.5% 15-13/03/2022 EUR 405,224.00 0.43400,000.00GDF SUEZ 3.5% 10-18/10/2022 EUR 220,802.00 0.23200,000.00IBERDROLA INTL 1.125% 15-27/01/2023 EUR 413,264.00 0.44400,000.00IBERDROLA INTL 3% 13-31/01/2022 EUR 212,946.00 0.23200,000.00INNOGY FINANCE 0.75% 18-30/11/2022 EUR 214,903.50 0.23211,000.00REPSOL INTL FIN 0.5% 17-23/05/2022 EUR 304,014.00 0.32300,000.00REPSOL INTL FIN 2.625% 13-28/05/2020 EUR 404,732.00 0.43400,000.00REPSOL INTL FIN 3.625% 13-07/10/2021 EUR 106,614.00 0.11100,000.00RWE FINANCE BV 6.5% 09-10/08/2021 EUR 334,404.60 0.36302,000.00TOTAL CAP CANADA 1.125% 14-18/03/2022 EUR 514,870.00 0.55500,000.00TOTAL CAPITAL 3.125% 10-16/09/2022 EUR 228,468.35 0.24209,000.00TOTAL SA 15-29/12/2049 FRN EUR 404,507.65 0.43395,000.00

4,937,519.32 5.25


Market valuein EUR

Currency %NAV

AT&T INC 1.45% 14-01/06/2022 EUR 362,700.80 0.39352,000.00Telecommunication

AT&T INC 2.4% 14-15/03/2024 EUR 421,738.20 0.45390,000.00AT&T INC 2.65% 13-17/12/2021 EUR 408,950.81 0.43391,000.00ORANGE SA 3.375% 10-16/09/2022 EUR 439,668.00 0.47400,000.00ORANGE 0.5% 19-15/01/2022 EUR 303,435.00 0.32300,000.00ORANGE 14-29/10/2049 FRN EUR 386,616.00 0.41362,000.00TELEFONICA EMIS 0.75% 16-13/04/2022 EUR 406,964.00 0.43400,000.00TELEFONICA EMIS 3.987% 13-23/01/2023 EUR 336,369.00 0.36300,000.00VODAFONE GROUP 4.65% 10-20/01/2022 EUR 394,914.36 0.42359,000.00VODAFONE GROUP 5.375% 07-06/06/2022 EUR 264,609.54 0.28234,000.00

3,725,965.71 3.96

BMW FINANCE NV 0.125% 19-13/07/2022 EUR 272,149.04 0.29271,000.00Auto Parts & Equipment

BMW FINANCE NV 0.25% 18-14/01/2022 EUR 272,106.00 0.29270,000.00DAIMLER INTL FIN 0.25% 18-11/05/2022 EUR 118,621.86 0.13118,000.00GEN MOTORS FIN 0.2% 19-02/09/2022 EUR 397,724.00 0.42400,000.00RCI BANQUE 0.75% 17-12/01/2022 EUR 423,231.90 0.45419,000.00

1,483,832.80 1.58

ALLIANZ SE 13-29/10/2049 FRN EUR 462,860.00 0.49400,000.00Insurance

MUNICH RE 11-26/05/2041 FRN EUR 433,308.00 0.46400,000.00NN GROUP NV 1% 15-18/03/2022 EUR 366,810.38 0.39358,000.00

1,262,978.38 1.34

BAT INTL FINANCE 1% 15-23/05/2022 EUR 382,168.16 0.41374,000.00Agriculture

IMP BRANDS FIN 2.25% 14-26/02/2021 EUR 616,828.96 0.65604,000.00998,997.12 1.06

GE CAP EUR FUND 4.35% 06-03/11/2021 EUR 292,327.70 0.31271,000.00Financial services

SANTAN CONS FIN 0.875% 17-24/01/2022 EUR 611,256.00 0.65600,000.00903,583.70 0.96

ALLERGAN FUNDING 0.5% 17-01/06/2021 EUR 686,393.52 0.73681,000.00Cosmetics

686,393.52 0.73

VONOVIA BV 0.75% 17-25/01/2022 EUR 203,216.00 0.22200,000.00Real estate

VONOVIA BV 0.875% 16-10/06/2022 EUR 408,304.00 0.43400,000.00611,520.00 0.65

BHP BILLITON FIN 15-22/04/2076 FRN EUR 542,406.06 0.58511,000.00Metal

542,406.06 0.58

HEIDELBERGCEMENT 2.25% 16-30/03/2023 EUR 206,456.25 0.22195,000.00Building materials

206,456.25 0.22

FRESENIUS FIN IR 0.875% 17-31/01/2022 EUR 139,067.33 0.15137,000.00Healthcare

139,067.33 0.15

71,950,112.52 76.47

ITALY BOTS 0% 19-13/11/2020 EUR 2,083,889.08 2.212,080,000.00

Other transferable securities

Money market instrumentsGovernment

2,083,889.08 2.21

2,083,889.08 2.21

DBX MSCI EUROPE (DR) EUR 2,849,440.00 3.0344,000.00

Funds


ISHARES EURO CORP EX-FIN 1-5 EUR 611,105.00 0.655,500.00


Market valuein EUR

Currency %NAV


21




ISHARES JPM EM LCAL GOVT USD SHSUSD ETF

USD 2,716,498.89 2.8949,000.00

ISHARES MSCI EUROPE EUR SHS ETF EUR 2,761,135.00 2.93107,000.008,938,178.89 9.50

8,938,178.89 9.50



Market valuein EUR

Currency %NAV

E-MINI MSCI EMERGING MARKETS20/03/2020

USD 1,290,920.2726.00 31,037.86

Futures contracts


CHF 1,149,954.0010.00 (8,567.16)

EUR-JPY 16/03/2020 JPY 6,148.16(6.00) (10,267.43)EURO / GBP FUTURE 16/03/2020 GBP 3,983,005.8427.00 16,238.12EURO FX CURR FUT (CME)16/03/2020

USD 890,868.60(8.00) (11,198.22)

EURO-SCHATZ FUTURE 06/03/2020 EUR 12,833,096.00127.00 (5,080.00)IBEX35 EURO 17/01/2020 EUR 572,952.006.00 (2,277.00)NIKKEI 225 (OSE) 12/03/2020 JPY 193,926.271.00 2,696.99S&P 500 E-MINI FUTURE 20/03/2020 USD 5,037,193.7635.00 87,149.22STOXX 600(SXXP) 20/03/2020 EUR 1,226,728.0059.00 885.00TOPIX INDX FUTR 12/03/2020 JPY 1,128,874.478.00 6,558.04ULTRA 10 YEAR US TREASURY NOT20/03/2020

USD 1,215,773.7214.00 (23,969.93)

83,205.49

Total Futures contracts 83,205.49



in EUR


CALL EURO STOXX 50 - OPTIO20/03/20 3675

EUR45.00 1,018,437.37 56,430.00

Options contracts

PUT EURO STOXX 50 - OPTION20/03/20 3250

EUR(250.00) 659,146.40 (32,000.00)

PUT EURO STOXX 50 - OPTION20/03/20 3400

EUR250.00 1,194,702.85 57,000.00

PUT EURO-SCHATZ FUTURE21/02/2020 111.8

285.00 EUR 9,150,430.09 11,400.00

PUT EURO-SCHATZ FUTURE24/01/2020 111.7

EUR300.00 1,990,785.95 1,500.00

94,330.00

Options contracts 94,330.00

NameQuantity Market valuein EUR

Currency Commitmentin EUR

Total financial derivative instruments 177,535.49


177,535.49 0.19Total financial derivative instruments

%NAV


10,588,682.72 11.25Cash at bank

359,533.54 0.38Other assets and liabilities

94,097,932.24 100.00Total net assets


22






Money market instruments 2.51 2.21

100.00 88.18


Italy 27.50 24.25

France 19.15 16.88

Spain 12.77 11.24

Ireland 9.17 8.09





Supranational - Multinational 1.73 1.53

Other 8.00 7.06

100.00 88.18



assets


SPANISH GOVT 1.4% 14-31/01/2020 5,007,635.00 5.31Government



FRANCE O.A.T. 0% 18-25/02/2021 3,957,355.33 4.21Government

US TREASURY N/B 2.125% 14-30/09/2021 3,510,232.99 3.73Government

FRANCE O.A.T. 0% 19-25/02/2022 3,309,438.82 3.52Government

FRANCE O.A.T. 3.75% 05-25/04/2021 3,228,401.81 3.43Government

DBX MSCI EUROPE (DR) 2,849,440.00 3.03Open-ended Funds

ISHARES MSCI EUROPE EUR SHS ETF 2,761,135.00 2.93Open-ended Funds

EUR

Sector

Top Ten Holdings

23



CaixaBank Global Sicav - CAIXABANK GLOBAL IBERIAN EQUITY FUND (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2019

EUR

AssetsInvestment in securities at cost 4,829,938.14Unrealised appreciation / (depreciation) on securities 38,399.15

Investment in securities at market value 2.c 4,868,337.29Cash at bank 2.c 246,975.37Receivable for investment sold 9,280.89Receivable on withholding tax reclaim 892.65Dividends and interest receivable 2,598.10


LiabilitiesAccrued expenses 24,995.36Payable on redemptions 958.96Net unrealised depreciation on futures contracts 2.c, 10 3,740.00



Notes


IncomeDividends (net of withholding taxes) 2.d 117,355.14Other income 7,737.54

Total income 125,092.68

ExpensesManagement fees 4 40,642.52Depositary fees 6 31,259.73Domiciliary, Administrative and Registrar and TransferAgent's fees

7 41,048.11

Professional fees 9,924.15Transaction costs 13 5,509.30Taxe d'abonnement 8 586.35Management Company fees 5 4,952.20Bank interest 1,805.84Other expenses 12 10,972.29

Total expenses 146,700.49

Net investment income / (loss) (21,607.81)

Net realised gain / (loss) on: Investments 2.e (199,925.09)Foreign currencies transactions 2.b (4.84)Futures contracts 2.c (20,124.64)

Net realised gain / (loss) for the year (241,662.38)

Net change in unrealised appreciation / (depreciation) on: Investments 2.e 545,647.28Futures contracts 2.c (2,345.20)


301,639.70

Proceeds received on subscription of shares 99,999.97Net amount paid on redemption of shares (301,354.94)Net assets at the beginning of the year 4,998,105.25


EURNotes







A 9,649.05 - (4,360.61) 5,288.44

B 23,509.82 10,861.18 (28,187.84) 6,183.16

I 500,000.00 - - 500,000.00


24

CaixaBank Global Sicav - CAIXABANK GLOBAL IBERIAN EQUITY FUND (in EUR)



APPLUS SERVICES SA EUR 249,660.00 4.9021,900.00


SharesDiversified services

GLOBAL DOMINION ACCESS SA EUR 149,697.45 2.9441,013.00PROSEGUR CASH SA EUR 26,616.80 0.5219,600.00PROSEGUR COMP SEGURIDAD EUR 285,752.00 5.5977,650.00

711,726.25 13.95

CIE AUTOMOTIVE SA EUR 182,742.52 3.588,669.00Auto Parts & Equipment

GESTAMP AUTOMOCION SA EUR 195,870.20 3.8545,700.00TALGO SA EUR 142,719.15 2.8023,435.00

521,331.87 10.23

ACS ACTIVIDADES CONS Y SERV EUR 112,297.50 2.203,150.00Building materials

OBRASCON HUARTE LAIN S.A. EUR 53,966.72 1.0650,912.00SACYR SA EUR 307,507.20 6.03118,272.00TECNICAS REUNIDAS SA EUR 42,840.00 0.841,800.00

516,611.42 10.13

BANCO BILBAO VIZCAYA ARGENTA EUR 157,462.80 3.0931,600.00Banks

BANCO SANTANDER SA EUR 184,411.20 3.6249,440.00BANKIA SA EUR 139,833.75 2.7473,500.00

481,707.75 9.45

ALTRI SGPS SA EUR 105,080.00 2.0618,500.00Forest products & Paper

ENCE ENERGIA Y CELULOSA SA EUR 179,463.00 3.5248,900.00NAVIGATOR CO SA/THE EUR 111,228.00 2.1831,000.00

395,771.00 7.76

GRUPO CATALANA OCCIDENTE SA EUR 269,167.15 5.288,641.00Insurance

MAPFRE SA EUR 113,280.00 2.2248,000.00382,447.15 7.50

IBERDROLA SA EUR 100,980.00 1.9811,000.00Energy

RED ELECTRICA CORPORACION SA EUR 23,302.50 0.461,300.00REPSOL SA EUR 181,090.00 3.5413,000.00SARAS SPA EUR 57,360.00 1.1340,000.00

362,732.50 7.11

CIA DE DISTRIBUCION INTEGRAL EUR 9,045.00 0.18450.00Transportation

CONSTRUCC Y AUX DE FERROCARR EUR 290,977.00 5.717,097.00INTL CONSOLIDATED AIRLINE-DI EUR 54,150.00 1.067,500.00

354,172.00 6.95

ALMIRALL SA EUR 109,800.00 2.157,500.00Cosmetics

LABORATORIOS FARMACEUTICOS R EUR 132,760.40 2.615,441.00242,560.40 4.76

TUBACEX SA EUR 194,055.93 3.8168,571.00Diversified machinery

194,055.93 3.81

INDRA SISTEMAS SA EUR 191,384.00 3.7518,800.00Office & Business equipment

191,384.00 3.75

COCA-COLA EUROPEAN PARTNERS EUR 105,150.50 2.062,311.00Food services

DISTRIBUIDORA INTERNACIONAL EUR 48,737.84 0.96477,354.00153,888.34 3.02

ERCROS SA EUR 70,330.88 1.3827,473.00Chemical


Market valuein EUR

Currency %NAV

MAIRE TECNIMONT SPA EUR 69,272.00 1.3628,000.00139,602.88 2.74

MASMOVIL IBERCOM SA EUR 83,394.00 1.644,100.00Internet

83,394.00 1.64

VIDRALA SA EUR 65,121.50 1.28695.00Storage & Warehousing

65,121.50 1.28

TELEFONICA SA EUR 36,739.30 0.725,900.00Telecommunication

36,739.30 0.72

PROMOTORA DE INFORMACIONES-A EUR 29,592.00 0.5820,550.00Media

29,592.00 0.58

4,862,838.29 95.38

REPSOL SA RTS 31/12/2019 EUR 5,499.00 0.1113,000.00

RightsEnergy

5,499.00 0.11

5,499.00 0.11



Market valuein EUR

Currency %NAV

TELEFONICA SA 20/03/2020 EUR 68,497.00110.00 (3,740.00)

Futures contracts

(3,740.00)

Total Futures contracts (3,740.00)



in EUR



(3,740.00) (0.07)Total financial derivative instruments

%NAV


246,975.37 4.84Cash at bank

(13,182.68) (0.26)Other assets and liabilities

5,098,389.98 100.00Total net assets


25

CaixaBank Global Sicav - CAIXABANK GLOBAL IBERIAN EQUITY FUND (in EUR)



Shares 99.89 95.38

Rights 0.11 0.11

100.00 95.49


Spain 90.80 86.70

Portugal 4.44 4.24

Italy 2.60 2.49


100.00 95.49



assets

SACYR SA 307,507.20 6.03Building materials

CONSTRUCC Y AUX DE FERROCARR 290,977.00 5.71Transportation

PROSEGUR COMP SEGURIDAD 285,752.00 5.59Diversified services

GRUPO CATALANA OCCIDENTE SA 269,167.15 5.28Insurance

APPLUS SERVICES SA 249,660.00 4.90Diversified services

GESTAMP AUTOMOCION SA 195,870.20 3.85Auto Parts &Equipment

TUBACEX SA 194,055.93 3.81Diversifiedmachinery

INDRA SISTEMAS SA 191,384.00 3.75Office & Businessequipment

BANCO SANTANDER SA 184,411.20 3.62Banks

CIE AUTOMOTIVE SA 182,742.52 3.58Auto Parts &Equipment

EUR

Sector

Top Ten Holdings

26



CaixaBank Global Sicav - CAIXABANK GLOBAL EURO SHORT DURATION FUND (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2019

EUR

AssetsInvestment in securities at cost 77,956,820.62Unrealised appreciation / (depreciation) on securities (699,470.42)

Investment in securities at market value 2.c 77,257,350.20Cash at bank 2.c 8,663,202.80Receivable on subscriptions 5,101.37Receivable on withholding tax reclaim 369.35Net unrealised appreciation on futures contracts 2.c, 10 39,455.00Dividends and interest receivable 640,420.38


LiabilitiesAccrued expenses 76,315.35Payable on redemptions 122,186.12



Notes


IncomeDividends (net of withholding taxes) 2.d 22,419.96Interest on bonds 2.d 1,245,126.28Other income 377.23



7 53,622.49

Professional fees 14,192.60Transaction costs 13 9,268.54Taxe d'abonnement 8 23,084.76Management Company fees 5 13,878.19Bank interest 19,149.14Other expenses 12 14,095.09


Net investment income / (loss) 863,185.56

Net realised gain / (loss) on: Investments 2.e (720,629.96)Foreign currencies transactions 2.b 296.02Futures contracts 2.c 2,563.91

Net realised gain / (loss) for the year 145,415.53

Net change in unrealised appreciation / (depreciation) on: Investments 2.e 71,041.29Futures contracts 2.c 36,805.79


253,262.61

Proceeds received on subscription of shares 56,373,222.97Net amount paid on redemption of shares (20,307,988.96)Net assets at the beginning of the year 50,088,901.01


EURNotes







A 28,207.91 195,211.55 (99,908.37) 123,511.09

B 351,575.88 962,659.51 (537,593.98) 776,641.41

C 1,059,282.43 2,064,036.29 (1,280,897.46) 1,842,421.26

E 185,672.13 1,268,446.18 (106,459.05) 1,347,659.26

G (activated on December 12, 2019) - 900,000.00 - 900,000.00

I 3,461,892.61 315,134.95 (35,162.58) 3,741,864.98


27

CaixaBank Global Sicav - CAIXABANK GLOBAL EURO SHORT DURATION FUND (in EUR)



COMUNIDAD MADRID 4.688% 10-12/03/2020

EUR 621,870.48 0.72616,000.00



ESM 0% 18-17/01/2022 EUR 0.59 0.000.59IRISH GOVT 0% 17-18/10/2022 EUR 506,022.10 0.59500,000.00ITALY BTPS 0.35% 17-15/06/2020 EUR 2,606,723.60 3.022,600,000.00ITALY BTPS 0.45% 16-01/06/2021 EUR 2,925,375.00 3.392,900,000.00ITALY BTPS 2.3% 18-15/10/2021 EUR 6,252,600.00 7.236,000,000.00ITALY BTPS 3.75% 13-01/05/2021 EUR 3,051,380.00 3.532,900,000.00ITALY BTPS 3.75% 14-01/09/2024 EUR 3,322,110.37 3.842,900,000.00ITALY BTPS 5.5% 12-01/11/2022 EUR 3,797,715.90 4.393,300,000.00PORTUGUESE OTS 2.2% 15-17/10/2022 EUR 3,214,842.00 3.723,000,000.00PORTUGUESE OTS 3.85% 05-15/04/2021 EUR 634,286.82 0.73600,000.00

26,932,926.86 31.16


EDP FINANCE BV 2.625% 14-18/01/2022 EUR 632,598.00 0.73600,000.00EDP FINANCE BV 4.125% 13-20/01/2021 EUR 200,472.96 0.23192,000.00EDP SA 15-16/09/2075 FRN EUR 531,340.00 0.61500,000.00ELEC DE FRANCE 3.875% 12-18/01/2022 EUR 649,110.00 0.75600,000.00ELEC DE FRANCE 4.625% 09-11/09/2024 EUR 484,644.00 0.56400,000.00ENEL SPA 14-15/01/2075 FRN EUR 502,215.00 0.58500,000.00ENEL SPA 18-24/11/2078 FRN EUR 208,594.00 0.24200,000.00IBERDROLA FIN SA 1% 16-07/03/2024 EUR 932,958.00 1.08900,000.00IBERDROLA INTL 3.5% 13-01/02/2021 EUR 936,180.00 1.08900,000.00INNOGY FINANCE 1.5% 18-31/07/2029 EUR 107,305.00 0.12100,000.00REPSOL INTL FIN 0.5% 17-23/05/2022 EUR 506,690.00 0.59500,000.00REPSOL INTL FIN 15-29/12/2049 FRN EUR 313,062.00 0.36300,000.00REPSOL INTL FIN 2.625% 13-28/05/2020 EUR 202,366.00 0.23200,000.00REPSOL INTL FIN 3.625% 13-07/10/2021 EUR 1,812,438.00 2.111,700,000.00TOTAL CAP INTL 0.625% 17-04/10/2024 EUR 619,074.00 0.72600,000.00TOTAL SA 15-29/12/2049 FRN EUR 204,814.00 0.24200,000.00TOTAL SA 16-29/12/2049 EUR 758,674.00 0.88700,000.00

10,534,556.96 12.19

BANCO SANTANDER 1.375% 17-09/02/2022 EUR 823,104.00 0.95800,000.00Banks

BANK OF AMER CRP 17-04/05/2023 EUR 403,628.00 0.47400,000.00BANKIA 17-15/03/2027 EUR 527,155.00 0.61500,000.00BANQ FED CRD MUT 2.625% 14-18/03/2024 EUR 441,436.00 0.51400,000.00BNP PARIBAS 14-20/03/2026 FRN EUR 826,712.00 0.96800,000.00BPCE 15-30/11/2027 FRN EUR 428,044.00 0.50400,000.00CREDIT SUISSE 13-18/09/2025 FRN EUR 832,624.00 0.97800,000.00GOLDMAN SACHS GP 17-09/09/2022 EUR 200,876.00 0.23200,000.00GOLDMAN SACHS GP 3.25% 13-01/02/2023 EUR 219,092.00 0.25200,000.00ING BANK NV 0% 19-08/04/2022 EUR 601,206.00 0.70600,000.00INTESA SANPAOLO 6.625% 13-13/09/2023 EUR 418,425.00 0.48350,000.00JPMORGAN CHASE 2.75% 13-01/02/2023 EUR 433,424.00 0.50400,000.00MORGAN STANLEY 17-08/11/2022 EUR 251,465.00 0.29250,000.00MORGAN STANLEY 1.875% 14-30/03/2023 EUR 528,800.00 0.61500,000.00SOCIETE GENERALE 14-16/09/2026 FRN EUR 622,548.00 0.72600,000.00SOCIETE GENERALE 17-01/04/2022 EUR 707,189.00 0.82700,000.00

8,265,728.00 9.57

AT&T INC 18-03/08/2020 FRN EUR 150,220.50 0.17150,000.00Telecommunication

AT&T INC 18-05/09/2023 FRN EUR 507,445.00 0.59500,000.00AT&T INC 1.875% 12-04/12/2020 EUR 304,230.00 0.35300,000.00AT&T INC 2.4% 14-15/03/2024 EUR 756,966.00 0.88700,000.00AT&T INC 2.65% 13-17/12/2021 EUR 784,432.50 0.91750,000.00NOKIA OYJ 1% 17-15/03/2021 EUR 1,110,219.00 1.281,100,000.00NOKIA OYJ 2% 19-11/03/2026 EUR 103,954.00 0.12100,000.00ORANGE 0.5% 19-15/01/2022 EUR 1,416,030.00 1.641,400,000.00TELEFONICA EMIS 1.788% 19-12/03/2029 EUR 108,624.00 0.13100,000.00TELEFONICA EMIS 3.987% 13-23/01/2023 EUR 672,738.00 0.78600,000.00TELEFONICA EUROP 16-31/12/2049 EUR 211,440.00 0.24200,000.00VODAFONE GROUP 4.65% 10-20/01/2022 EUR 440,016.00 0.51400,000.00

6,566,315.00 7.60

DEUTSCHE ANN FIN 14-29/12/2049 FRN EUR 214,380.00 0.25200,000.00Real estate


Market valuein EUR

Currency %NAV

GRAND CITY PROP 15-29/12/2049 FRN EUR 638,784.00 0.74600,000.00INMOBILIARIA COL 2.728% 15-05/06/2023 EUR 761,754.00 0.88700,000.00VONOVIA BV 0.125% 19-06/04/2023 EUR 199,458.00 0.23200,000.00VONOVIA BV 0.75% 17-25/01/2022 EUR 812,864.00 0.94800,000.00

2,627,240.00 3.04

FIAT FIN & TRADE 4.75% 14-22/03/2021 EUR 953,397.00 1.11900,000.00Auto Parts & Equipment

GEN MOTORS FIN 0.2% 19-02/09/2022 EUR 397,724.00 0.46400,000.00GEN MOTORS FIN 17-10/05/2021 EUR 451,566.00 0.52450,000.00

1,802,687.00 2.09

CARREFOUR SA 0.75% 16-26/04/2024 EUR 921,060.00 1.07900,000.00Food services

921,060.00 1.07

ASML HOLDING NV 0.625% 16-07/07/2022 EUR 610,356.00 0.71600,000.00Electric & Electronic

610,356.00 0.71

AXA SA 10-16/04/2040 FRN EUR 101,438.00 0.12100,000.00Insurance

MUNICH RE 11-26/05/2041 FRN EUR 433,308.00 0.50400,000.00534,746.00 0.62

ALLERGAN FUNDING 0.5% 17-01/06/2021 EUR 201,584.00 0.23200,000.00Cosmetics

ALLERGAN FUNDING 18-15/11/2020 FRN EUR 300,315.00 0.35300,000.00501,899.00 0.58

HEIDELCEMENT FIN 3.25% 13-21/10/2021 EUR 211,444.00 0.24200,000.00Building materials

ITALCEMENTI FIN 10-19/03/2020 EUR 101,159.00 0.12100,000.00312,603.00 0.36

BHP BILLITON FIN 15-22/04/2076 FRN EUR 106,146.00 0.12100,000.00Metal

106,146.00 0.12

59,716,263.82 69.11

ITALY BOTS 0% 19-12/06/2020 EUR 4,004,775.80 4.634,000,000.00

Other transferable securities

Money market instrumentsGovernment

ITALY BOTS 0% 19-14/10/2020 EUR 5,010,081.75 5.805,000,000.009,014,857.55 10.43

9,014,857.55 10.43

ISHARES EUR CORP BOND 1-5YR UC EUR 8,526,228.83 9.8776,489.00

Funds


8,526,228.83 9.87

8,526,228.83 9.87



Market valuein EUR

Currency %NAV

EURO-BOBL FUTURE 06/03/2020 EUR 8,275,932.00(81.00) 35,560.00

Futures contracts

EURO-BUND FUTURE 06/03/2020 EUR 1,979,439.00(19.00) 15,080.00



in EUR



28



EURO-SCHATZ FUTURE 06/03/2020 EUR 19,603,312.00194.00 (9,585.00)SHORT TERM EURO BTP FUTURES06/03/2020

EUR 8,183,440.0080.00 (1,600.00)

39,455.00

Total Futures contracts 39,455.00



in EUR



39,455.00 0.05Total financial derivative instruments

%NAV


8,663,202.80 10.03Cash at bank

447,389.63 0.51Other assets and liabilities

86,407,397.63 100.00Total net assets


29





Money market instruments 11.67 10.43


100.00 89.41


Italy 41.55 37.13

Ireland 11.69 10.46


France 10.72 9.61


Spain 5.76 5.15

Portugal 5.67 5.06


Other 3.92 3.50

100.00 89.41



assets

ISHARES EUR CORP BOND 1-5YR UC 8,526,228.83 9.87Open-ended Funds


ITALY BOTS 0% 19-14/10/2020 5,010,081.75 5.80Government

ITALY BOTS 0% 19-12/06/2020 4,004,775.80 4.63Government



PORTUGUESE OTS 2.2% 15-17/10/2022 3,214,842.00 3.72Government




EUR

Sector

Top Ten Holdings

30



CaixaBank Global Sicav - CAIXABANK GLOBAL ALPHA FUND (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2019

EUR

AssetsInvestment in securities at cost 3,422,090.75Unrealised appreciation / (depreciation) on securities 101,013.02

Investment in securities at market value 2.c 3,523,103.77Cash at bank 2.c 676,976.36Receivable on withholding tax reclaim 4,208.85Dividends and interest receivable 2,261.99


LiabilitiesAccrued expenses 25,773.05Payable on redemptions 8.04Net unrealised depreciation on futures contracts 2.c, 10 560.28



Notes


IncomeDividends (net of withholding taxes) 2.d 92,981.73Bank interest 212.93Other income 288.97

Total income 93,483.63


7 42,220.96

Professional fees 9,472.97Transaction costs 13 2,544.64Taxe d'abonnement 8 450.32Management Company fees 5 4,806.73Bank interest 4,013.90Other expenses 12 10,159.68


Net investment income / (loss) (44,361.44)

Net realised gain / (loss) on: Investments 2.e (146,199.61)Foreign currencies transactions 2.b 21,770.89Futures contracts 2.c (431,469.51)

Net realised gain / (loss) for the year (600,259.67)

Net change in unrealised appreciation / (depreciation) on: Investments 2.e 655,209.48Futures contracts 2.c (52,189.65)


2,760.16

Proceeds received on subscription of shares -Net amount paid on redemption of shares (59,566.41)Net assets at the beginning of the year 4,237,015.85


EURNotes







A 3,847.46 - (2,556.52) 1,290.94

B 10,312.66 - (4,473.78) 5,838.88

I 500,000.00 - - 500,000.00


31

CaixaBank Global Sicav - CAIXABANK GLOBAL ALPHA FUND (in EUR)



CAIRN ENERGY PLC GBP 76,183.99 1.8231,490.00


SharesEnergy

ENEL SPA EUR 88,400.00 2.1112,500.00INTERNATIONAL PETROLEUM CORP SEK 52,359.07 1.2513,200.00LUNDIN PETROLEUM AB SEK 74,215.22 1.782,450.00NESTE OYJ EUR 122,529.00 2.933,950.00REPSOL SA EUR 85,530.20 2.056,140.00SARAS SPA EUR 37,427.40 0.9026,100.00SHELF DRILLING LTD NOK 13,173.49 0.327,300.00TOTAL SA EUR 79,753.20 1.911,621.00

629,571.57 15.07

GLAXOSMITHKLINE PLC GBP 134,367.14 3.216,400.00Cosmetics

GRIFOLS SA EUR 89,638.36 2.142,852.00NOVARTIS AG-REG CHF 137,807.73 3.311,630.00

361,813.23 8.66

CREDIT AGRICOLE SA EUR 62,944.75 1.514,870.00Banks

ERSTE GROUP BANK AG EUR 84,571.20 2.022,520.00LLOYDS BANKING GROUP PLC GBP 86,298.46 2.06117,000.00NATIXIS EUR 77,972.60 1.8719,700.00UNICREDIT SPA EUR 4,687.20 0.11360.00

316,474.21 7.57

KONINKLIJKE KPN NV EUR 36,044.70 0.8613,700.00Telecommunication

ORANGE EUR 103,320.00 2.477,875.00TELECOM ITALIA-RSP EUR 105,121.08 2.52192,600.00VODAFONE GROUP PLC GBP 63,737.16 1.5236,800.00

308,222.94 7.37

AXA SA EUR 112,995.00 2.704,500.00Insurance

MUENCHENER RUECKVER AG-REG EUR 123,610.00 2.96470.00SAMPO OYJ-A SHS EUR 66,147.00 1.581,700.00

302,752.00 7.24

AIR LIQUIDE SA EUR 96,543.00 2.31765.00Chemical

BORR DRILLING LTD NOK 49,616.99 1.196,460.00CGG SA EUR 76,428.00 1.8326,400.00JOHNSON MATTHEY PLC GBP 58,693.10 1.401,660.00

281,281.09 6.73

ANHEUSER-BUSCH INBEV SA/NV EUR 85,797.80 2.051,180.00Food services

CARREFOUR SA EUR 62,790.00 1.504,200.00PERNOD RICARD SA EUR 106,001.00 2.54665.00

254,588.80 6.09

INDUSTRIA DE DISENO TEXTIL EUR 48,495.90 1.161,542.00Distribution & Wholesale

RECKITT BENCKISER GROUP PLC GBP 99,817.31 2.391,380.00148,313.21 3.55

CRH PLC EUR 100,946.10 2.412,830.00Building materials

TECNICAS REUNIDAS SA EUR 37,128.00 0.891,560.00138,074.10 3.30

PORSCHE AUTOMOBIL HLDG-PRF EUR 65,307.20 1.56980.00Auto Parts & Equipment

RENAULT SA EUR 60,190.86 1.441,427.00125,498.06 3.00

ASML HOLDING NV EUR 102,843.00 2.46390.00Electric & Electronic

102,843.00 2.46


Market valuein EUR

Currency %NAV

ACERINOX SA EUR 45,202.50 1.084,500.00Metal

ARCELORMITTAL EUR 41,393.00 0.992,650.0086,595.50 2.07

MASMOVIL IBERCOM SA EUR 81,360.00 1.954,000.00Internet

81,360.00 1.95

TENARIS SA EUR 48,240.00 1.154,800.00Diversified machinery

48,240.00 1.15

3,185,627.71 76.21

REPSOL SA RTS 31/12/2019 EUR 2,597.22 0.066,140.00

RightsEnergy

2,597.22 0.06

2,597.22 0.06

ISHARES EUR GOVT 1-3YR EUR 334,878.84 8.012,322.00

Funds


334,878.84 8.01

334,878.84 8.01



Market valuein EUR

Currency %NAV


CHF 114,995.40(1.00) 856.72

Futures contracts

FTSEMIB INDEX - FTSE / MIB IN20/03/2020

EUR 117,531.85(1.00) (350.00)

IBEX35 EURO 17/01/2020 EUR 381,968.00(4.00) 1,908.00STOXX 50 - FUTURES 20/03/2020 EUR 1,395,242.30(41.00) 410.00STOXX 600 BASIC RESSOURCES20/03/2020

EUR 69,247.50(3.00) 795.00

STOXX 600 HEALTHCARE 20/03/2020 EUR 227,355.005.00 2,200.00STOXX 600 OIL&GAS 20/03/2020 EUR 350,504.00(22.00) (6,380.00)

(560.28)

Total Futures contracts (560.28)



in EUR



(560.28) (0.01)Total financial derivative instruments

%NAV


676,976.36 16.19Cash at bank

(19,310.25) (0.46)Other assets and liabilities

4,180,209.60 100.00Total net assets


32

CaixaBank Global Sicav - CAIXABANK GLOBAL ALPHA FUND (in EUR)



Shares 90.42 76.21


Rights 0.07 0.06

100.00 84.28


France 23.81 20.08


Ireland 12.37 10.42

Spain 11.07 9.33

Italy 6.69 5.64

Germany 5.36 4.52

Finland 5.36 4.51


Switzerland 3.91 3.31


Belgium 2.44 2.05

Austria 2.40 2.02

Sweden 2.11 1.78

Other 3.27 2.76

100.00 84.28



assets

ISHARES EUR GOVT 1-3YR 334,878.84 8.01Open-ended Funds

NOVARTIS AG-REG 137,807.73 3.31Cosmetics

GLAXOSMITHKLINE PLC 134,367.14 3.21Cosmetics

MUENCHENER RUECKVER AG-REG 123,610.00 2.96Insurance

NESTE OYJ 122,529.00 2.93Energy

AXA SA 112,995.00 2.70Insurance

PERNOD RICARD SA 106,001.00 2.54Food services

TELECOM ITALIA-RSP 105,121.08 2.52Telecommunication

ORANGE 103,320.00 2.47Telecommunication

ASML HOLDING NV 102,843.00 2.46Electric & Electronic

EUR

Sector

Top Ten Holdings

CaixaBank Global SICAV Notes to the Financial Statements as at December 31, 2019 Note 1. General information CaixaBank Global SICAV (the “SICAV”), has been incorporated on July 31, 2013 for an unlimited period of time as a société d’investissement à capital variable (“SICAV”). It is organised as a société anonyme under the laws of the Grand Duchy of Luxembourg, authorised by the Part I of the amended Law of December 17, 2010 (the “Law”) relating to Undertakings for Collective Investment in Transferable Securities (“UCITS”) and listed on the official list of UCITS, held with the Regulatory Authority, having an umbrella structure. The SICAV is registered with the Luxembourg trade and companies register under number B-179158. Since July 1, 2019, CaixaBank Asset Management Luxembourg S.A. (the “Management Company”) has been appointed as Management Company of the SICAV in replacement of MDO Management Company S.A.. The Management Company is accredited as Management Company in accordance with chapter 15 of the Law. At a meeting held March 26, 2015, the Board of Directors of the SICAV (“the Board”) resolved to adopt the ALFI Code of Conduct. An annual assessment is performed by the Board to ensure the continuing adherence of the SICAV to the principles and recommendations of the ALFI Code of Conduct. The registered office of the SICAV is located at 60, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg. The following Sub-Funds are open to subscription as at December 31, 2019: - CaixaBank Global SICAV - CAIXABANK GLOBAL ALBUS FUND (the “Sub-Fund”) - CaixaBank Global SICAV - CAIXABANK GLOBAL ITER FUND (the “Sub-Fund”) - CaixaBank Global SICAV - CAIXABANK GLOBAL IBERIAN EQUITY FUND (the “Sub-Fund”) - CaixaBank Global SICAV - CAIXABANK GLOBAL EURO SHORT DURATION FUND (the “Sub-Fund”) - CaixaBank Global SICAV - CAIXABANK GLOBAL ALPHA FUND (the “Sub-Fund”) Shares of each Sub-Fund may be divided into Classes: A, B, C, D, E, G*, I and M. Classes A, B, C, D, E and G* within the respective Sub-Fund are intended for retail investors and may differ as to the minimum investment, subsequent investment and holding amounts. Classes I are reserved exclusively to Institutional Investors who invest on their own account and, with respect to entities incorporated in the EU, Institutional Investor means Eligible Counterparty and per se Professional Investors as defined under MIFID II. Classes M are intended for distributors, portfolio managers or platforms that have been approved by the Global Distributor and that have signed a separate fee agreement with their customers. The classes of Shares A, B, C, D, E, G*, I and M may be distributing or not and/or currency hedged or not. As at December 31, 2019 the Sub-Funds’ open Share classes are A, B, C, E, I, G* and M. All opened classes are capitalising and non-hedged. The main objective of the SICAV is to provide the investors with a choice of professionally managed Sub-Funds investing in a wide range of eligible assets under the UCITS Directive (Undertaking for Collective Investment as defined by the Law) in order to achieve an optimum return from capital invested, while reducing investment risk through diversification. *activated on December 12, 2019. Note 2. Summary of significant accounting policies The SICAV's financial statements are prepared in accordance with legal and regulatory requirements in Luxembourg relating to Undertakings for Collective Investment in Transferable Securities and generally accepted accounting principles. a) Combination of the different Sub-Funds The combined financial statements of CaixaBank Global SICAV are expressed in Euro (EUR) and obtained by converting and adding the financial statements of the Sub-Funds denominated in currencies other than Euro (EUR) at the rate of exchange prevailing at the end of the year. b) Currency conversion The accounts of each Sub-Fund are kept in the currency of its net asset value and the financial statements are expressed in the same currency. The acquisition cost of securities purchased in a currency other than that of the Sub-Fund is converted into the currency of the Sub-Fund on the basis of the exchange rates prevailing on the date on which the securities are acquired. Income and expenses denominated in a currency other than that of the Sub-Fund are converted into the currency of the Sub-Fund on the basis of the exchange rates prevailing on the transaction date.

33

CaixaBank Global SICAV Notes to the Financial Statements as at December 31, 2019 (continued) Note 2. Summary of significant accounting policies (continued) b) Currency conversion (continued) The market value of the securities in the portfolio (determined as described below), receivables, bank deposits, debts and other net assets denominated in a currency other than that of the Sub-Fund are converted into the currency of the Sub-Fund on the basis of the exchange rates prevailing as at December 31, 2019; the foreign exchange differences resulting from the conversion of receivables, bank deposits, debts and other net assets are included in the net realised gain/loss on foreign currencies transactions for the year relating to in the Statement of Operations and Changes in Net Assets. c) Valuation of investments (i) The value of any cash in hand or on deposit, bills and demand notes payable and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received is deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such discount as the Board of Directors of the SICAV may consider appropriate in such case to reflect the true value thereof; (ii) The value of Transferable Securities, Money Market Instruments and any financial assets listed or dealt in on a stock exchange of another State or on a Regulated Market, or on any Other Regulated Market of a Member State or of an Other State, shall be based on the last available closing or settlement price in the relevant market prior to the time of valuation, or any other price deemed appropriate by the Board of Directors of the SICAV; (iii) The value of any assets held in a Sub-Fund which are not listed or dealt in on a stock exchange of another State or on a Regulated Market or on any Other Regulated Market of a Member State or of an Other State or if, with respect to assets quoted or dealt in on any stock exchange or dealt in on any such Regulated Markets, the last available closing or settlement price is not representative of their value, such assets are stated at fair market value or otherwise at the fair value at which it is expected they may be resold, as determined in good faith by or under the direction of the Board of Directors of the SICAV; (iv) Units or Shares of open-ended UCI (Undertaking for Collective Investment as defined by the Law) are valued at their last determined and available official net asset value as reported or provided by such UCI or their agents, or, if such price is not representative of the fair market value of such assets, then the price shall be determined by the Board of Directors of the SICAV on a fair and equitable basis. Units or Shares of a closed-ended UCI are valued in accordance with the valuation rules set out in items (ii) and (iii); (v) The liquidating value of futures contracts, forward or options contracts not traded on a stock exchange of an Other State or on Regulated Markets, or on Other Regulated Markets shall mean their net liquidating value determined, pursuant to the policies established prudently and in good faith by the Board of Directors of the SICAV, on a basis consistently applied for each different variety of contracts. The liquidating value of futures, forward or options contracts traded on a stock exchange of an Other State or on Regulated Markets, or on other Regulated Markets shall be based upon the last available settlement or closing prices as applicable to these contracts on a stock exchange or on Regulated Markets, or on Other Regulated Markets on which the particular futures, forward or options contracts are traded on behalf of the SICAV; provided that if a future, forward or options contract could not be liquidated on the day with respect to which assets are being determined, the basis for determining the liquidating value of such contract shall be such value as the Board of Directors of the SICAV may deem fair and reasonable. All net realised gains and losses and net changes in unrealised appreciation and depreciation are included in the Statement of Operations and Changes in Net Assets; (vi) All other securities, instruments and other assets are valued at fair market value, as determined in good faith pursuant to procedures established by the Board of Directors of the SICAV. d) Income Dividends are recognised as income on the date when Shares are quoted ex-dividend for the first time. Dividends and interest received by the SICAV on its investments are in many cases subject to irrecoverable withholding taxes at source. A provision is created for interest at the time of each Net Asset Value calculation. e) Net Realised gains and losses on sales of investments Investments in securities are accounted for on a trade date basis. Realised gains and losses on sales of investments are calculated on the average cost basis. Other principles such as FIFO (First In First Out) are also acceptable. All net realised gains and losses and net changes in unrealised appreciation and depreciation are included in the Statement of Operations and Changes in Net Assets. Note 3. Sales charges The subscription of Shares are subject to a maximum Sales Charge being a percentage of the Net Asset Value or Initial Price of the Shares being subscribed as indicated (if applicable) in each Sub-Fund’s Supplement to remunerate the distributors of the Shares. Sub-Fund Classes Sales charges CaixaBank Global SICAV - CAIXABANK GLOBAL ALBUS FUND A Maximum 5% C 0% E 0% I 0% M 0%

34

CaixaBank Global SICAV Notes to the Financial Statements as at December 31, 2019 (continued) Note 3. Sales charges (continued) Sub-Fund Classes Sales charges CaixaBank Global SICAV - CAIXABANK GLOBAL ITER FUND A Maximum 5% B Maximum 3% C 0% E 0% I 0% M 0% CaixaBank Global SICAV - CAIXABANK GLOBAL IBERIAN EQUITY FUND A Maximum 5% B Maximum 5% D 0% I 0% M 0% CaixaBank Global SICAV - CAIXABANK GLOBAL EURO SHORT DURATION FUND A Maximum 3% B Maximum 3% C Maximum 1% D 0% E 0% G* 0% I 0% M 0% CaixaBank Global SICAV - CAIXABANK GLOBAL ALPHA FUND A Maximum 5% B Maximum 5% C Maximum 3% E 0% I 0% M 0% Note 4. Management fees The Investment Manager and distributors are entitled to a Management Fee to be paid out of the relevant Sub-Fund’s net assets. Such Management Fee is accrued for each Dealing Day and is payable monthly in arrears and calculated on the average net assets of the respective year for each Class of the relevant Sub-Fund (before deduction of the Management Fee) at the annual rates set as follows: Sub-Fund Classes Management Fee CaixaBank Global SICAV - CAIXABANK GLOBAL ALBUS FUND A 1.50% C 0.90% E 0.60% I 0.60% M 0.50% CaixaBank Global SICAV - CAIXABANK GLOBAL ITER FUND A 1.40% B 0.85% C 0.75% E 0.55% I 0.55% M 0.45% CaixaBank Global SICAV - CAIXABANK GLOBAL IBERIAN EQUITY FUND A 2.20% B 1.50% D 1.10% I 0.75% M 0.60% CaixaBank Global SICAV - CAIXABANK GLOBAL EURO SHORT DURATION FUND A 1.00% B 0.78% C 0.69% D 0.60% E 0.44% G* 0.28% I 0.28% M 0.20% *activated on December 12, 2019.

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CaixaBank Global SICAV Notes to the Financial Statements as at December 31, 2019 (continued) Note 4. Management fees (continued) Sub-Fund Classes Management fee CaixaBank Global SICAV - CAIXABANK GLOBAL ALPHA FUND A 1.75% B 1.60% C 1.38% E 1.13% I 1.13% M 0.60% The Investment Manager and the Global Distributor or the distributors may choose to waive all or any portion of the Management Fee at their absolute discretion for an indefinite period. Note 5. Management Company fees The SICAV pays a Management Company Fee to the Management Company, payable quarterly, at an annual rate of 0.05% maximum per annum, with a minimum of EUR 15,000 per annum, which is calculated on the average total net assets of the Sub-Fund(s). The Management Company is also entitled to receive an annual fee of EUR 3,500 per non-complex Sub-Fund for the performance of risk management services. Note 6. Depositary fees The Depositary Agent receives a monthly fee which does not exceed 0.75% per annum of the net assets for each Sub-Fund (at the end of the relevant month). Note 7. Domiciliary, Administrative and Registrar and Transfer Agent’s fees The Domiciliary, Administrative and Registrar and Transfer Agent receive for the accomplishment of their functions a maximum annual fee of 2% of each Sub-Fund’s average Net Asset Value per year. For the year ended December 31, 2019, the Domiciliary, Administrative and Registrar and Transfer Agent fees are included in the Statement of Operations and Changes in Net Assets. In addition, the Domiciliary, Administrative and Registrar and Transfer Agent are entitled to be reimbursed by the SICAV its reasonable out-of-pocket expenses. Note 8. Taxe d'abonnement The SICAV is subject in Luxembourg to a “taxe d’abonnement” of 0.05% per annum on its Net Asset Value, except for the Shares reserved for Institutional Investors who may benefit from the reduced rate of 0.01%. The “taxe d’abonnement” is payable quarterly and is calculated on the basis of the net assets of the SICAV at the end of the relevant quarter. In accordance with article 175 (a) of the Law, the portion of the net assets invested in UCIs already subject to the “taxe d’abonnement” is exempt from this tax. Note 9. Foreign exchange The value of the assets and liabilities denominated in a currency other than the reference currency of the relevant Sub-Fund (EUR) are converted at the rates of exchange prevailing in Luxembourg at the time of the determination of the corresponding Net Asset Value. As at December 31, 2019, the foreign exchange rates were as follows: 1 EUR = 1.087000 CHF 1 EUR = 9.863750 NOK 1 EUR = 0.847350 GBP 1 EUR = 1.122500 USD 1 EUR = 121.987700 JPY 1 EUR = 7.472500 DKK 1 EUR = 10.507750 SEK Note 10. Futures contracts As at December 31, 2019, the following Sub-Funds held positions in futures contracts. The derivatives clearing agent for these positions is Banco Santander, and the Sub-Funds have not pledged any collateral: CaixaBank Global SICAV - CAIXABANK GLOBAL ALBUS FUND CaixaBank Global SICAV - CAIXABANK GLOBAL ITER FUND CaixaBank Global SICAV - CAIXABANK GLOBAL IBERIAN EQUITY FUND CaixaBank Global SICAV - CAIXABANK GLOBAL EURO SHORT DURATION FUND CaixaBank Global SICAV - CAIXABANK GLOBAL ALPHA FUND

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CaixaBank Global SICAV Notes to the Financial Statements as at December 31, 2019 (continued) Note 11. Options contracts As at December 31, 2019, the following Sub-Fund held positions in options contracts. The derivatives clearing agent for these positions is Banco Santander, and the Sub-Fund has not pledged any collateral: CaixaBank Global SICAV - CAIXABANK GLOBAL ITER FUND Note 12. Other expenses The caption “Other expenses” is mainly composed of Directors’ fees, VAT on Depositary fees, CSSF fees, Operating fees and banking fees. Note 13. Transaction costs The SICAV incurred transaction costs which have been defined as brokerage fees, certain taxes and certain depositary fees relating to the purchase and sale of transferable securities, money market instruments or other eligible assets. The global amounts of transaction costs are taken into account through the Statements of Operations and Changes in Net Assets. In line with market practices for debt securities, the transaction costs are included in the spreads relating to the purchase and sale of debt securities. Note 14. Other income The caption “Other income” is mainly composed of exceptional profits. Note 15. Changes in the composition of the Securities Portfolio The report on changes in the composition of the Securities Portfolio for each Sub-Fund during the year is available upon request and free of charge at the registered office of the SICAV. Note 16. Subsequent Events As explained by the manager on page 9, the expansion of COVID-19 affects economic activity worldwide significantly. The Board of Directors of the Fund is monitoring the situation actively as well as its potential side effects on the fund activities which have been minimal so far. All the sub funds are managed accordingly to their investment policy and the prospectus. The NAV are calculated on a daily basis and available at www.caixabankassetmanagement.com. The Management Company has made an assessment and has carried out a rigorous analysis of the possible quantitative effect on CaixaBank Global SICAV and they concluded that the COVID 19 situation has not had an extraordinary impact on the Fund in terms of redemptions.

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Unaudited information

Remuneration policy

The management company has adopted a remuneration policy pursuant to applicable laws and regulations with the objective to ensure that its remuneration structure is in line with its interests and those of the collective investment schemes it manages and to prevent risk taking which is inconsistent with the risk profiles, rules or articles of incorporation or management regulations of the collective investment schemes it manages.

With respect to the financial year ended December 31, 2019 (as of that date, the management company had a headcount of 4 employees), the total fixed and variable remuneration paid by the management company to its employees amounted to EUR 709,195.22 and to EUR 33,562.40 respectively. The total remuneration paid by the management company to senior management and members of its staff whose actions have a material impact on the risk profile of the collective investment schemes managed amounted to EUR 742,757.62. The Board of Directors of the management company has reviewed the implementation of the remuneration policy and has not identified any deficiency in that respect. Moreover, the current version of the remuneration policy was not updated in the course of the financial year ended December 31, 2019.

The amounts paid to each independent Director for the year ended December 31, 2019 are as follow:

Directors Remunerations

Mr. Jean-Michel Loehr EUR 25,000.00

Mr. Henry Kelly EUR 25,000.00

Mrs. Michèle Eisenhuth EUR 25,000.00

Total EUR 75,000.00

Security Financing Transaction Regulation (SFTR)

CaixaBank Global SICAV is not subject to SFTR disclosure.

Global exposure

The global exposure of all the Sub-funds of CaixaBank Global SICAV is determined by using the commitment approach. The global exposure through the use of Derivatives will not exceed the total net value of the Sub-Funds.

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Société d'Investissement à Capital Variable...Mr. João António Braga da Silva Pratas Senior Director of Banco BPI, S.A. Member of the Board of BPI Gestão de Activos - Sociedade

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