Société d'Investissement à Capital Variable...CaixaBank Wealth SICAV Société d'Investissement à Capital Variable R.C.S. Luxembourg B-203451 Annual Report, including Audited Financial

CaixaBank Wealth SICAVSociété d'Investissement à Capital Variable

R.C.S. Luxembourg B-203451Annual Report, including Audited Financial Statements for the year ended

December 31, 2019

CaixaBank Wealth SICAV

CaixaBank Wealth Sicav - CAIXABANK WEALTH SALUTARIS FUND

CaixaBank Wealth Sicav - CAIXABANK WEALTH INVESTO FUND

CaixaBank Wealth Sicav - CAIXABANK WEALTH DEPENDABLE 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 Key Investor Information Document ("KIID") which will be accompanied by a copy of the latest Annual Report, including Audited Financial Statements and a copy of the latest 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 2

Directors' Report 5

Report of the Réviseur d'entreprises agréé 8

Statistics 10

Combined Statement of Net Assets as at December 31, 2019 11

Combined Statement of Operations and Changes in Net Assets for the year ended December 31, 2019 11


Statement of Net Assets as at December 31, 2019 12

Statement of Operations and Changes in Net Assets for the year ended December 31, 2019 12

Statement of Changes in Number of Shares 12

Securities Portfolio as at December 31, 2019 13

Financial derivative instruments as at December 31, 2019 14

Portfolio Breakdowns 15

Top Ten Holdings 15







Top Ten Holdings 19






Financial derivative instruments as at December 31, 2019 21


Top Ten Holdings 22

Notes to the Financial Statements 23

Unaudited Information 27

CaixaBank Wealth 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. Javier Estrada Fernández-Hontoria Chairman Private Banking CIO and UHNW Managing Director CaixaBank, S.A. Spain Mr. Juan Pedro Bernal Aranda General Director CaixaBank Asset Management SGIIC, S.A.U. 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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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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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 Wealth SICAV Directors’ Report Dear Investors, We are pleased to present the Annual Report, including Audited Financial Statements of CaixaBank Wealth 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, as amended. Since January 20, 2016 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, amongst 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. 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.

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CaixaBank Wealth SICAV Directors’ Report (continued) Investment Management Report (continued) 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 on 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 on 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 on 2018 was restrictive across the main Central Banks, on 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 Wealth Sicav - CAIXABANK WEALTH SALUTARIS FUND CAIXABANK WEALTH SALUTARIS FUND (the "sub-fund") was launched on February 2, 2017. The sub-fund holds equities, fixed income and cash, with the focus in fixed income market seeking a 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. In equities, a priority was given to geographic areas where profit growth is substantial and valuations are attractive. These investments were made through direct shareholdings in companies and through ETFs, funds and futures, in order to take a directional position. In fixed income, the main objective was preservation of capital being the largest risk the rise in interest rates. For this reason, duration was kept below two years. A large portion of the portfolio consists of direct bonds, a majority of them floating rate notes. ETFs and futures are also used to take positions in some markets, or to tactically modify duration. The biggest currency exposure of the sub-fund is in US dollars, around 6%. The sub-fund returned 6.69% (Class E) in 2019. The main positive return driver was exposure to equities and fixed income investments. Volatility was 2.61% during the year. We have a positive outlook for European equity markets this year. We think that fixed income returns are going to be conditioned by the maturity of the economic cycle and proximity of rate increases in 2019. Risk premiums and corporate risk premiums should be supported by ongoing ECB reinvestments.

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CaixaBank Wealth SICAV Directors’ Report (continued) CaixaBank Wealth Sicav - CAIXABANK WEALTH INVESTO FUND CAIXABANK WEALTH INVESTO FUND (the "sub-fund") was launched on July 4, 2016. The sub-fund invests in multiple asset classes, including money market instruments, equities, bonds and currencies. CAIXABANK WEALTH INVESTO FUND may get exposure to assets 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 market conditions and view of Investment Manager. On the bond side, investment is focused on Italian government bonds, including inflation linkers and investment corporate bonds. The fixed income portfolio duration has been around 1.07 years. The main corporate bond issuers come from financial sector companies. On the equity side, the sub-fund is focused in European equities and has an exposure of 39% at the end of the year. This exposure is constructed with direct investment in securities and a 2.6% in an ETF. The biggest currency exposure of the sub-fund is dollar, around 8.9%. The sub-fund generated returns of 11.96% (Class I) in 2019. The main positive return driver was exposure to equity, and the exposure to fixed income markets and foreign currencies investments also had a positive return. Volatility was 4.33% during the year. As we close the year, we hold a positive outlook for peripheral bonds and European equity market. Such assets should outperform as long as the QE program of European Central Bank remains in place, economic data are improving and monetary policy remains slightly dovish. Volatility could increase due to political issues. CaixaBank Wealth Sicav - CAIXABANK WEALTH DEPENDABLE FUND CAIXABANK WEALTH DEPENDABLE FUND (the "sub-fund") was launched on September 6, 2018. The sub-fund invests in multiple asset classes including money market instruments, equities, bonds, alternative assets and currencies. 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. In equities, a priority was given to geographic areas where profit growth is substantial and valuations are attractive. These investments were made through ETFs and funds, in order to take a directional position. In fixed income, the main objective was preservation of capital. A large portion of the portfolio consists of floating rate notes and convertible bonds. The biggest currency exposure of the sub-fund is in US dollars, around 2%. The sub-fund had returns of 13.46% (Class I) in 2019. The main positive return driver was exposure to equities and fixed income investments. Volatility was 5.09% during the year. 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 Wealth 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 Wealth 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 ouropinion. 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−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

19,900,623.23 18,640,999.33 19,939,483.72EUR

Net asset value per share

A 9.85 9.30 10.01EURE 10.19 9.55 10.18EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

A 8,644.75 2,270.76 2,376.00E 1,945,000.00 1,950,000.00 1,956,000.00−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


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

21,703,585.45 19,156,123.40 20,300,332.93EUR


A 11.13 10.04 10.60EURI 11.41 10.20 10.66EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

A 12,200.73 7,866.56 587.59I 1,889,530.60 1,871,220.35 1,904,234.75−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


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

36,552,365.56 18,646,117.12 -EUR


A 10.37 - -EURI 10.58 9.32 -EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

A 3.12 - -I 3,455,646.45 2,000,000.00 -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

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

11



Combined Statement

EUR

AssetsInvestment in securities at cost 66,580,500.64Unrealised appreciation / (depreciation) on securities 3,541,004.96

Investment in securities at market value 2.c 70,121,505.60Cash at bank 2.c 8,032,405.66Receivable on withholding tax reclaim 11,117.84Net unrealised appreciation on futures contracts 2.c, 10 23,915.91Dividends and interest receivable 2.d 165,648.38

Total assets 78,354,593.39

LiabilitiesInvestment in option at market value 2.c, 11 85,995.55Accrued expenses 112,022.56Payable on fund shares repurchased 1.04

Total liabilities 198,019.15

Net assets at the end of the year 78,156,574.24

Notes

Statement of Net Assets as at December 31, 2019

IncomeDividends (net of withholding taxes) 2.d 337,781.56Interest on bonds 2.d 292,018.15Bank interest 4,662.08Other income 14 1,152.18

Total income 635,613.97

ExpensesManagement fees 4 303,930.63Domiciliary, Administrative, Registrar, Transfer Agent’s,Depositary Bank's and Management Company's fees

5, 6, 7 222,867.26

Transaction costs 13 8,801.64Taxe d'abonnement 8 12,215.52Bank interest 20,326.40Other expenses 12 2,468.75

Total expenses 570,610.20

Net investment income / (loss) 65,003.77

Net realised gain / (loss) on:Investments 2.e 74,221.17Foreign currencies transactions 2.b 14,799.82Futures contracts 2.c 180,532.94Options and swaps 2.c (18,960.00)

Net realised gain / (loss) for the year 315,597.70

Net change in unrealised appreciation / (depreciation) on:Investments 2.e 6,080,484.34Futures contracts 2.c 47,052.44Options and swaps 2.c (9,804.65)

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

6,433,329.83

Proceeds received on subscription of shares 15,762,154.71Net amount paid on redemption of shares (482,150.15)Net assets at the beginning of the year 56,443,239.85


EURNotes

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

12



CaixaBank Wealth Sicav - CAIXABANK WEALTH SALUTARIS FUND (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2019

EUR

AssetsInvestment in securities at cost 18,189,578.20Unrealised appreciation / (depreciation) on securities 552,560.37

Investment in securities at market value 2.c 18,742,138.57Cash at bank 2.c 1,159,677.99Receivable on withholding tax reclaim 589.45Net unrealised appreciation on futures contracts 2.c, 10 13,345.71Dividends and interest receivable 2.d 39,920.56


LiabilitiesAccrued expenses 55,049.05



Notes


IncomeDividends (net of withholding taxes) 2.d 61,173.31Interest on bonds 2.d 84,646.86Bank interest 1,967.56



5, 6, 7 75,964.32

Transaction costs 13 1,338.61Taxe d'abonnement 8 8,880.03Bank interest 2,477.81Other expenses 12 882.84


Net investment income / (loss) (58,660.75)

Net realised gain / (loss) on:Investments 2.e (18,306.96)Foreign currencies transactions 2.b 7,284.92Futures contracts 2.c 51,576.16

Net realised gain / (loss) for the year (18,106.63)

Net change in unrealised appreciation / (depreciation) on:Investments 2.e 1,229,346.43Futures contracts 2.c 35,971.76


1,247,211.56

Proceeds received on subscription of shares 103,455.45Net amount paid on redemption of shares (91,043.11)Net assets at the beginning of the year 18,640,999.33


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 2,270.76 10,528.42 (4,154.43) 8,644.75

E 1,950,000.00 - (5,000.00) 1,945,000.00


13

CaixaBank Wealth Sicav - CAIXABANK WEALTH SALUTARIS FUND (in EUR)


Securities Portfolio as at December 31, 2019

BANCO BILBAO VIZ 18-09/03/2023 FRN EUR 699,615.00 3.52700,000.00

Transferable securities admitted to an official exchange listing

Bonds and other debt instrumentsBanks

BANK OF AMER CRP 17-07/02/2022 EUR 703,689.00 3.54700,000.00BANKINTER SA 17-06/04/2027 EUR 313,317.00 1.57300,000.00BNP PARIBAS 17-22/09/2022 EUR 709,464.00 3.57700,000.00GOLDMAN SACHS GP 17-09/09/2022 EUR 803,504.00 4.04800,000.00INTESA SANPAOLO 17-19/04/2022 EUR 504,315.00 2.53500,000.00KBC GROUP NV 17-24/11/2022 EUR 705,201.00 3.54700,000.00MEDIOBANCA SPA 17-18/05/2022 EUR 301,311.00 1.51300,000.00MORGAN STANLEY 16-27/01/2022 EUR 803,336.00 4.04800,000.00SOCIETE GENERALE 17-22/05/2024 EUR 705,999.00 3.55700,000.00UNICREDIT SPA 15-19/02/2020 FRN EUR 700,707.00 3.52700,000.00

6,950,458.00 34.93

AT&T INC 18-05/09/2023 FRN EUR 710,423.00 3.57700,000.00Telecommunication

NOKIA OYJ 1% 17-15/03/2021 EUR 201,858.00 1.01200,000.00912,281.00 4.58

ALLERGAN FUNDING 18-15/11/2020 FRN EUR 400,420.00 2.01400,000.00Cosmetics

BAYER CAP CORPNV 18-26/06/2022 FRN EUR 501,635.00 2.52500,000.00902,055.00 4.53

MAPFRE 17-31/03/2047 EUR 470,972.00 2.36400,000.00Insurance

NN GROUP NV 4.625% 14-08/04/2044 EUR 345,699.00 1.74300,000.00816,671.00 4.10

RCI BANQUE 18-12/01/2023 FRN EUR 691,383.00 3.47700,000.00Auto Parts & Equipment

691,383.00 3.47

AMADEUS IT GROUP 18-18/03/2022 FRN EUR 501,190.00 2.52500,000.00Diversified services

501,190.00 2.52

REDEXIS GAS FIN 2.75% 14-08/04/2021 EUR 308,508.00 1.55300,000.00Energy

308,508.00 1.55

11,082,546.00 55.68

EDP-ENERGIAS DE PORTUGAL SA EUR 46,368.00 0.2312,000.00

SharesEnergy

ENEL SPA EUR 59,814.98 0.318,458.00REPSOL SA EUR 49,827.61 0.253,577.00TOTAL SA EUR 41,229.60 0.21838.00

197,240.19 1.00

ANHEUSER-BUSCH INBEV SA/NV EUR 52,714.75 0.26725.00Food services

DANONE GROUPE EUR 111,367.30 0.561,507.00164,082.05 0.82

ALPHABET INC-CL C USD 77,422.09 0.3965.00Internet

AMAZON.COM INC USD 79,016.77 0.4048.00156,438.86 0.79

CIE AUTOMOTIVE SA EUR 41,106.00 0.211,950.00Auto Parts & Equipment

GESTAMP AUTOMOCION SA EUR 53,575.00 0.2712,500.00PORSCHE AUTOMOBIL HLDG-PRF EUR 36,052.24 0.18541.00

130,733.24 0.66

INDRA SISTEMAS SA EUR 91,620.00 0.469,000.00Office & Business equipment

91,620.00 0.46

NameQuantity/Nominal

Market valuein EUR

Currency %NAV

MAPFRE SA EUR 48,870.88 0.2420,708.00Insurance

SAMPO OYJ-A SHS EUR 38,910.00 0.201,000.0087,780.88 0.44

CREDIT AGRICOLE SA EUR 37,753.93 0.192,921.00Banks

ING GROEP NV EUR 26,698.62 0.132,498.0064,452.55 0.32

TELECOM ITALIA SPA EUR 30,526.89 0.1554,865.00Telecommunication

TELEFONICA SA EUR 29,933.19 0.154,807.0060,460.08 0.30

FRESENIUS SE & CO KGAA EUR 52,689.00 0.261,050.00Cosmetics

52,689.00 0.26

AIR LIQUIDE SA EUR 44,801.00 0.23355.00Chemical

44,801.00 0.23

SIEMENS AG-REG EUR 32,514.66 0.16279.00Diversified machinery

32,514.66 0.16

CRH PLC EUR 24,969.00 0.13700.00Building materials

24,969.00 0.13

1,107,781.51 5.57

REPSOL SA RTS 31/12/2019 EUR 1,513.07 0.013,577.00

RightsEnergy

1,513.07 0.01

1,513.07 0.01

ALLIANZ GLOBAL ARTIF INT-WT EUR 211,133.86 1.06160.96

Funds

Undertakings for collective investmentOpen-ended Funds

BGF-CONTINENT EUR FL-I2 EUR 404,150.85 2.0318,867.92CANDR BONDS-EURO SHRT TR-I-C EUR 449,537.98 2.26204.65ISHARES AUTOMATION&ROBOTICS USD 114,471.71 0.5815,117.00ISHARES CORE EM IMI ACC USD 452,329.15 2.2716,807.00ISHARES CORE S&P 500 UCITS ETF USD 406,331.58 2.041,424.00ISHARES EDGE MSCI ERP VALUE EUR 239,267.00 1.2038,000.00ISHARES EUR CORP BOND 1-5YR UC EUR 2,192,503.43 11.0219,669.00ISHARES EURO ULTRASHORT BOND EUR 598,636.92 3.015,978.00ISHARES HY CORP EUR 193,124.11 0.971,829.00ISHARES STOXX EUROPE 600 AUTO &PARTS

EUR 94,940.00 0.482,000.00

ISHR MSCI AC FAR EAST X-JP EUR 156,488.00 0.793,100.00JANUS HENDERSON HORIZON PAN EUSMALLER

EUR 0.25 0.000.00

JPMORGAN F-GL CONVERT EU-A-EUR-CAP

EUR 414,921.46 2.0826,178.01

PICTET - DIGITAL USD 234,616.86 1.18573.53ROBECO CAP US PE I SHS USD USD 201,180.33 1.01681.76UBS ETF MSCI USA VALUE EUR 186,664.50 0.942,475.00

6,550,297.99 32.92

6,550,297.99 32.92

Total securities portfolio 18,742,138.57 94.18


Market valuein EUR

Currency %NAV


14



EURO E-MINI FUT 16/03/2020 USD 556,792.8710.00 6,987.75

Futures Contracts

EURO STOXX 50 - FUTURE20/03/2020

EUR 299,612.00(8.00) 160.00

EURO-BUND FUTURE 06/03/2020 EUR 104,181.00(1.00) 1,660.00IBEX MINI INDEX 17/01/2020 EUR 95,492.0010.00 (442.00)S&P 500 E-MINI FUTURE 20/03/2020 USD 287,839.642.00 4,979.96

13,345.71

Total Futures Contracts 13,345.71

NameQuantity Commitmentin EUR

Currency Unrealisedappreciation /(depreciation)

in EUR

Financial derivative instruments as at December 31,2019

Summary of net assets

13,345.71 0.07Total financial derivative instruments

%NAV

18,742,138.57 94.18Total securities portfolio

1,159,677.99 5.83Cash at bank

(14,539.04) (0.08)Other assets and liabilities

19,900,623.23 100.00Total net assets


15



Nature allocation % of portfolio % of netassets

Bonds and other debt instruments 59.13 55.68

Undertakings for collective investment 34.95 32.92

Shares 5.91 5.57

Rights 0.01 0.01

100.00 94.18

Country allocation % of portfolio % of netassets

Ireland 24.35 22.95

United States 16.95 15.98

France 12.50 11.78

Luxembourg 12.36 11.63

Spain 12.28 11.56

Italy 8.52 8.02

Netherlands 6.31 5.94

Belgium 4.04 3.80

Other 2.69 2.52

100.00 94.18

Portfolio Breakdowns

Top Ten Holdings Market value % ofnet

assets

ISHARES EUR CORP BOND 1-5YR UC 2,192,503.43 11.02Open-ended Funds

GOLDMAN SACHS GP 17-09/09/2022 803,504.00 4.04Banks

MORGAN STANLEY 16-27/01/2022 803,336.00 4.04Banks

AT&T INC 18-05/09/2023 FRN 710,423.00 3.57Telecommunication

BNP PARIBAS 17-22/09/2022 709,464.00 3.57Banks

SOCIETE GENERALE 17-22/05/2024 705,999.00 3.55Banks

KBC GROUP NV 17-24/11/2022 705,201.00 3.54Banks

BANK OF AMER CRP 17-07/02/2022 703,689.00 3.54Banks

UNICREDIT SPA 15-19/02/2020 FRN 700,707.00 3.52Banks

BANCO BILBAO VIZ 18-09/03/2023 FRN 699,615.00 3.52Banks

EUR

Sector

Top Ten Holdings

16



CaixaBank Wealth Sicav - CAIXABANK WEALTH INVESTO FUND (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2019

EUR


Investment in securities at market value 2.c 20,034,718.46Cash at bank 2.c 1,617,731.03Receivable on withholding tax reclaim 10,528.39Dividends and interest receivable 2.d 85,855.80


LiabilitiesAccrued expenses 45,248.23



Notes


IncomeDividends (net of withholding taxes) 2.d 226,840.29Interest on bonds 2.d 202,741.80Bank interest 1,657.52Other income 14 1,152.18



5, 6, 7 79,160.03

Transaction costs 13 6,076.23Taxe d'abonnement 8 2,101.88Bank interest 5,240.87Other expenses 12 1,507.90


Net investment income / (loss) 216,249.04

Net realised gain / (loss) on: Investments 2.e 236,656.14Foreign currencies transactions 2.b 11,371.08Futures contracts 2.c (3,860.00)

Net realised gain / (loss) for the year 460,416.26

Net change in unrealised appreciation / (depreciation) on: Investments 2.e 1,817,078.91Futures contracts 2.c 2,400.00


2,279,895.17

Proceeds received on subscription of shares 656,667.18Net amount paid on redemption of shares (389,100.30)Net assets at the beginning of the year 19,156,123.40


EURNotes







A 7,866.56 4,496.84 (162.67) 12,200.73

I 1,871,220.35 54,003.25 (35,693.00) 1,889,530.60


17

CaixaBank Wealth Sicav - CAIXABANK WEALTH INVESTO FUND (in EUR)



BANCO BILBAO VIZ 17-12/04/2022 EUR 302,304.00 1.39300,000.00


Bonds and other debt instrumentsBanks

BANCO SANTANDER 1.375% 17-09/02/2022 EUR 205,776.00 0.95200,000.00BANCO SANTANDER 17-21/03/2022 EUR 404,320.00 1.87400,000.00BANK OF AMER CRP 17-04/05/2023 EUR 345,101.94 1.59342,000.00BANK OF AMER CRP 17-07/02/2022 EUR 100,527.00 0.46100,000.00BANK OF AMER CRP 2.375% 14-19/06/2024 EUR 109,689.00 0.51100,000.00BANKIA 17-15/03/2027 EUR 210,862.00 0.97200,000.00BANKINTER SA 17-06/04/2027 EUR 104,439.00 0.48100,000.00BNP PARIBAS 14-20/03/2026 FRN EUR 103,339.00 0.48100,000.00BNP PARIBAS 17-22/09/2022 EUR 304,056.00 1.40300,000.00BNP PARIBAS 3.8% 17-10/01/2024 USD 187,406.68 0.86200,000.00CITIGROUP INC 2.9% 16-08/12/2021 USD 181,095.77 0.83200,000.00GOLDMAN SACHS GP 17-09/09/2022 EUR 313,366.56 1.44312,000.00INTESA SANPAOLO 17-19/04/2022 EUR 430,685.01 1.99427,000.00JPMORGAN CHASE 1.5% 15-27/01/2025 EUR 106,459.00 0.49100,000.00KBC GROUP NV 17-24/11/2022 EUR 100,743.00 0.46100,000.00MORGAN STANLEY 17-08/11/2022 EUR 299,746.28 1.38298,000.00RABOBANK 14-26/05/2026 FRN EUR 103,219.00 0.48100,000.00SANTANDER UK GRP 18-27/03/2024 FRN EUR 200,790.00 0.93200,000.00SOCIETE GENERALE 17-22/05/2024 EUR 403,428.00 1.86400,000.00UNICREDIT SPA 13-28/10/2025 FRN EUR 104,210.00 0.48100,000.00

4,621,563.24 21.30

FADE 0.5% 19-17/06/2023 EUR 510,730.00 2.34500,000.00Government

ITALY BTPS I/L 2.35% 14-15/09/2024 EUR 472,833.35 2.18421,892.00ITALY BTPS 1.45% 18-15/05/2025 EUR 207,611.40 0.96200,000.00ITALY BTPS 3.75% 14-01/09/2024 EUR 229,111.06 1.06200,000.00ITALY BTPS 4.5% 13-01/03/2024 EUR 583,000.00 2.68500,000.00ITALY BTPS 4.5% 13-01/05/2023 EUR 341,842.80 1.58300,000.00ITALY BTPS 5.5% 12-01/11/2022 EUR 425,804.51 1.96370,000.00ITALY CCTS EU 15-15/06/2022 FRN EUR 301,838.22 1.39300,000.00SPAIN I/L BOND 0.3% 16-30/11/2021 EUR 270,453.82 1.25262,442.50US TREASURY N/B 1.625% 19-15/08/2029 USD 390,618.04 1.80450,000.00

3,733,843.20 17.20

AT&T INC 18-05/09/2023 FRN EUR 405,956.00 1.88400,000.00Telecommunication

ORANGE 19-31/12/2049 FRN EUR 211,304.00 0.97200,000.00TELEFONICA EUROP 16-31/12/2049 EUR 211,440.00 0.97200,000.00TELEFONICA EUROP 19-31/12/2049 FRN EUR 335,598.00 1.55300,000.00VODAFONE GROUP 0.9% 19-24/11/2026 EUR 103,044.00 0.47100,000.00

1,267,342.00 5.84

ENEL SPA 14-15/01/2075 FRN EUR 200,886.00 0.93200,000.00Energy

IBERDROLA INTL 17-31/12/2049 FRN EUR 206,190.00 0.95200,000.00TOTAL S.A. 16-29/12/2049 EUR 214,006.00 0.98200,000.00

621,082.00 2.86

CARREFOUR SA 0.75% 16-26/04/2024 EUR 102,340.00 0.47100,000.00Food services

HEINEKEN NV 1% 16-04/05/2026 EUR 209,082.00 0.96200,000.00NESTLE HOLDINGS 1.375% 16-13/07/2021 USD 88,571.05 0.41100,000.00

399,993.05 1.84

ALLIANZ SE 14-29/09/2049 FRN EUR 111,543.00 0.51100,000.00Insurance

ASSICURAZIONI 12-12/12/2042 FRN EUR 120,705.00 0.56100,000.00232,248.00 1.07

ACCOR 2.375% 15-17/09/2023 EUR 216,260.00 1.00200,000.00Lodging & Restaurants

216,260.00 1.00

INMOBILIARIA COL 1.625% 17-28/11/2025 EUR 210,954.00 0.97200,000.00Real estate

210,954.00 0.97

11,303,285.49 52.08


Market valuein EUR

Currency %NAV

LOREAL EUR 279,840.00 1.291,060.00

SharesCosmetics

NOVO NORDISK A/S-B DKK 532,953.50 2.4610,300.00ROCHE HOLDING AG-GENUSSCHEIN CHF 881,048.76 4.073,050.00SANOFI EUR 376,404.00 1.734,200.00UNILEVER NV EUR 332,995.00 1.536,500.00

2,403,241.26 11.08

AXA SA EUR 433,147.50 1.9917,250.00Insurance

MUENCHENER RUECKVER AG-REG EUR 218,290.00 1.01830.00SAMPO OYJ-A SHS EUR 151,749.00 0.703,900.00

803,186.50 3.70

ABB LTD-REG CHF 187,046.00 0.868,700.00Electric & Electronic

ASML HOLDING NV EUR 527,400.00 2.432,000.00714,446.00 3.29

ALSTOM EUR 101,352.00 0.472,400.00Diversified machinery

SIEMENS AG-REG EUR 489,468.00 2.254,200.00590,820.00 2.72

BANCO SANTANDER SA EUR 234,266.38 1.0862,806.00Banks

ING GROEP NV EUR 161,388.80 0.7415,100.00KBC GROUP NV EUR 134,120.00 0.622,000.00

529,775.18 2.44

MICROSOFT CORP USD 245,857.46 1.141,750.00Computer software

SAP SE EUR 204,544.00 0.941,700.00450,401.46 2.08

HEINEKEN NV EUR 180,348.00 0.831,900.00Food services

NESTLE SA-REG CHF 216,885.92 1.002,250.00397,233.92 1.83

HENKEL AG & CO KGAA VORZUG EUR 119,860.00 0.551,300.00Distribution & Wholesale

INDUSTRIA DE DISENO TEXTIL EUR 232,730.00 1.077,400.00352,590.00 1.62

ORSTED A/S DKK 64,543.33 0.30700.00Energy

REPSOL SA EUR 163,970.03 0.7511,771.00VESTAS WIND SYSTEMS A/S DKK 103,603.88 0.481,150.00

332,117.24 1.53

VODAFONE GROUP PLC GBP 277,118.07 1.28160,000.00Telecommunication

277,118.07 1.28

AIR LIQUIDE SA EUR 213,782.80 0.981,694.00Chemical

JOHNSON MATTHEY PLC GBP 49,500.21 0.231,400.00263,283.01 1.21

ACCOR SA EUR 175,016.00 0.814,192.00Lodging & Restaurants

175,016.00 0.81

VIVENDI EUR 149,756.00 0.695,800.00Media

149,756.00 0.69

CRH PLC EUR 124,809.33 0.583,499.00Building materials

124,809.33 0.58


Market valuein EUR

Currency %NAV


18




CAPGEMINI SE EUR 119,790.00 0.551,100.00Office & Business equipment

119,790.00 0.55

INTL CONSOLIDATED AIRLINE-DI GBP 118,014.99 0.5416,000.00Transportation

118,014.99 0.54

7,801,598.96 35.95

US TREASURY BILL 0% 19-23/01/2020 USD 356,041.85 1.64400,000.00

Money market instrumentsGovernment

356,041.85 1.64

356,041.85 1.64

REPSOL SA RTS 31/12/2019 EUR 6,881.79 0.0316,269.00

RightsEnergy

6,881.79 0.03

6,881.79 0.03

UBS ETF MSCI EMERG. MAR. SRI EUR 115,887.30 0.539,300.00

Funds


UBS ETF MSCI USA SRI UCITS USD 451,023.07 2.083,870.00566,910.37 2.61

566,910.37 2.61



Market valuein EUR

Currency %NAV

Summary of net assets%

NAV20,034,718.46 92.31Total securities portfolio

1,617,731.03 7.45Cash at bank

51,135.96 0.24Other assets and liabilities

21,703,585.45 100.00Total net assets


19





Shares 38.94 35.95


Other 1.81 1.67

100.00 92.31


France 17.93 16.53

Italy 17.06 15.77

Spain 14.85 13.69

United States 14.69 13.57

Netherlands 11.32 10.44

Switzerland 6.41 5.93

Germany 5.71 5.26

Denmark 3.50 3.24

United Kingdom 3.15 2.91


Other 2.55 2.36

100.00 92.31



assets

ROCHE HOLDING AG-GENUSSCHEIN 881,048.76 4.07Cosmetics

ITALY BTPS 4.5% 13-01/03/2024 583,000.00 2.68Government

NOVO NORDISK A/S-B 532,953.50 2.46Cosmetics

ASML HOLDING NV 527,400.00 2.43Electric & Electronic

FADE 0.5% 19-17/06/2023 510,730.00 2.34Government

SIEMENS AG-REG 489,468.00 2.25Diversifiedmachinery

ITALY BTPS I/L 2.35% 14-15/09/2024 472,833.35 2.18Government

UBS ETF MSCI USA SRI UCITS 451,023.07 2.08Open-ended Funds

AXA SA 433,147.50 1.99Insurance

INTESA SANPAOLO 17-19/04/2022 430,685.01 1.99Banks

EUR

Sector

Top Ten Holdings

20



CaixaBank Wealth Sicav - CAIXABANK WEALTH DEPENDABLE FUND (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2019

EUR


Investment in securities at market value 2.c 31,344,648.57Cash at bank 2.c 5,254,996.64Net unrealised appreciation on futures contracts 2.c, 10 10,570.20Dividends and interest receivable 2.d 39,872.02


LiabilitiesInvestment in option at market value 2.c, 11 85,995.55Accrued expenses 11,725.28Payable on fund shares repurchased 1.04



Notes


IncomeDividends (net of withholding taxes) 2.d 49,767.96Interest on bonds 2.d 4,629.49Bank interest 1,037.00



5, 6, 7 67,742.91

Transaction costs 13 1,386.80Taxe d'abonnement 8 1,233.61Bank interest 12,607.72Other expenses 12 78.01


Net investment income / (loss) (92,584.52)

Net realised gain / (loss) on:Investments 2.e (144,128.01)Foreign currencies transactions 2.b (3,856.18)Futures contracts 2.c 132,816.78Options and swaps 2.c (18,960.00)

Net realised gain / (loss) for the year (126,711.93)

Net change in unrealised appreciation / (depreciation) on:Investments 2.e 3,034,059.00Futures contracts 2.c 8,680.68Options and swaps 2.c (9,804.65)


2,906,223.10

Proceeds received on subscription of shares 15,002,032.08Net amount paid on redemption of shares (2,006.74)Net assets at the beginning of the year 18,646,117.12


EURNotes







A - 207.14 (204.02) 3.12

I 2,000,000.00 1,455,646.45 - 3,455,646.45


21

CaixaBank Wealth Sicav - CAIXABANK WEALTH DEPENDABLE FUND (in EUR)



ITALY BOTS 0% 19-13/03/2020 EUR 2,301,647.03 6.292,300,000.00



ITALY BOTS 0% 19-14/01/2020 EUR 2,300,380.31 6.292,300,000.00ITALY BOTS 0% 19-14/02/2020 EUR 2,301,155.18 6.302,300,000.00

6,903,182.52 18.88

6,903,182.52 18.88

NORWEGIAN GOVT 3.75% 10-25/05/2021 NOK 1,823,482.96 4.9917,400,000.00

Bonds and other debt instrumentsGovernment

1,823,482.96 4.99

1,823,482.96 4.99

UK T-BILL 0% 19-01/06/2020 GBP 1,411,655.16 3.861,200,000.00

Other transferable securities


1,411,655.16 3.86

1,411,655.16 3.86

BGF-CONTINENT EUR FL-I2 EUR 1,712,242.61 4.6879,936.63

Funds


BGF-GBL ALLOCATION-I2 EUR EUR 797,186.83 2.1813,450.09BLACKROCK STR GL EV D-A2RFHE EUR 209,650.25 0.571,945.71CANDR BONDS-EURO SHRT TR-I-C EUR 502,681.29 1.38228.84CAPITAL GP NEW PERS-ZEUR EUR 1,175,169.01 3.2284,605.40DEU FLOATING RATE NOTES-IC EUR 2,001,709.24 5.4923,739.44GOLD SACHS GLB CORE-IESNAPA EUR 1,068,228.65 2.9244,361.66ISHARES CORE EM IMI ACC EUR 680,778.00 1.8625,200.00ISHARES MSCI JP EUR-AC ACC SHS EURETF

EUR 731,766.00 2.0014,700.00

ISHARES MSCI WORLD EUR-H EUR 1,420,125.00 3.8925,000.00ISHARES ST 600 HE CARE DE EUR 712,153.25 1.957,825.00ISHR MSCI AC FAR EAST X-JP EUR 873,304.00 2.3917,300.00ISHR STOXX EUR 600 BANKS DE EUR 574,480.00 1.5740,000.00JGF-GLOBAL CONVERTIBLE I EUR ACCCAPITA

EUR 1,016,937.00 2.7872,846.49

JPM ASIA PACIFIC EQY-IAEUR EUR 705,056.42 1.935,014.63JPM INV-GLB INCOME-I EUR 1,486,781.06 4.0712,241.92JPMORGAN F-EMR MK EQ-I2 USD USD 1,174,485.79 3.2111,496.99LUMY-MARSH WAC TP MN U-BEURA EUR 187,663.23 0.511,375.93MUL LY INF L IG SHS-ACC-CAPITALISATION

EUR 1,052,894.50 2.886,650.00

MW LIQUID ALPHA-B EUR EUR 198,053.70 0.541,886.57PICTET-MULTI ASST GL OP-IEUR EUR 1,330,391.86 3.6410,383.14ROBECO BP GLOBAL PREM EQ-IEU EUR 1,042,374.00 2.855,995.48ROBECO CAP US PE I SHS USD USD 552,216.24 1.511,871.34

21,206,327.93 58.02

21,206,327.93 58.02



Market valuein EUR

Currency %NAV

EURO E-MINI FUT 16/03/2020 USD 445,434.308.00 5,590.20

Futures Contracts



in EUR

Financial derivative instruments as at December 31,2019

EURO-BUND FUTURE 06/03/2020 EUR 312,543.00(3.00) 4,980.00

10,570.20

Total Futures Contracts 10,570.20



in EUR

CALL S&P 500 INDEX - SPX19/06/2020 3200

USD(7.00) 1,120,397.09 (85,995.55)

Options

(85,995.55)

Total Options (85,995.55)

NameQuantity Market valuein EUR

Currency Commitmentin EUR

Total financial derivative instruments (75,425.35)

Summary of net assets

(75,425.35) (0.21)Total financial derivative instruments

%NAV

31,344,648.57 85.75Total securities portfolio

5,254,996.64 14.38Cash at bank

28,145.70 0.08Other assets and liabilities

36,552,365.56 100.00Total net assets


22

CaixaBank Wealth Sicav - CAIXABANK WEALTH DEPENDABLE FUND (in EUR)




Money market instruments 26.53 22.74


100.00 85.75



Italy 22.02 18.88

Ireland 12.46 10.68

Norway 5.82 4.99

United Kingdom 4.50 3.86

Germany 4.10 3.52

100.00 85.75



assets

ITALY BOTS 0% 19-13/03/2020 2,301,647.03 6.29Government



DEU FLOATING RATE NOTES-IC 2,001,709.24 5.49Open-ended Funds

NORWEGIAN GOVT 3.75% 10-25/05/2021 1,823,482.96 4.99Government

BGF-CONTINENT EUR FL-I2 1,712,242.61 4.68Open-ended Funds

JPM INV-GLB INCOME-I 1,486,781.06 4.07Open-ended Funds

ISHARES MSCI WORLD EUR-H 1,420,125.00 3.89Open-ended Funds

UK T-BILL 0% 19-01/06/2020 1,411,655.16 3.86Government

PICTET-MULTI ASST GL OP-IEUR 1,330,391.86 3.64Open-ended Funds

EUR

Sector

Top Ten Holdings


Notes to the Financial Statements as at December 31, 2019

Note 1. General information

CaixaBank Global Wealth SICAV (the “SICAV”), has been incorporated on January 20, 2016 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-203451.

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 18, 2016, 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 investors:

- CaixaBank Wealth SICAV - CAIXABANK WEALTH SALUTARIS FUND - CaixaBank Wealth SICAV - CAIXABANK WEALTH INVESTO FUND - CaixaBank Wealth SICAV - CAIXABANK WEALTH DEPENDABLE FUND

Shares of each Sub-Fund may be divided into the Share classes: A, B, C, D, E, and I.

Share classes A, B, C, D and E within the respective Sub-Fund are intended for retail investors and may differ as to the minimum investment and holding amounts.

Share class I is reserved exclusively to institutional investors.

The Share classes A, B, C, D, E and I may be distributing or not and/or currency hedged or not. The active classes A, I and E are non-hedged.

As at December 31, 2019, Share classes A, I and E are open to subscription.

The main objective of the SICAV is to provide Shareholders with medium to long-term capital appreciation by investing in a dynamic and diversified portfolio of assets.

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 Wealth 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 the Sub-Funds 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.

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 and debts are included in the net realised gain/loss on foreign currencies transactions for the year in the Statement of Operations and Changes in Net Assets.

23


Notes to the Financial Statements as at December 31, 2019 (continued)

Note 2. Summary of significant accounting policies (continued)

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 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 appreciations and depreciations 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 of investments

Investments in securities are accounted for on a trade date basis. Realised gains and losses on investments are calculated on the average cost basis. Other principles such as FIFO (First In First Out) are acceptable. All net realised gains and losses and net changes in unrealised appreciations and depreciations 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 the Sub-Fund’s Supplement to remunerate the distributors of the Shares.

Sub-Fund Classes Sales charges CaixaBank Wealth SICAV - CAIXABANK WEALTH SALUTARIS FUND A Maximum 5%

E Maximum 5%

CaixaBank Wealth SICAV - CAIXABANK WEALTH INVESTO FUND A Maximum 5% I Maximum 5%

CaixaBank Wealth SICAV - CAIXABANK WEALTH DEPENDABLE FUND A Maximum 5% E Maximum 5% I Maximum 5%

24


Notes to the Financial Statements as at December 31, 2019 (continued)

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 Wealth SICAV - CAIXABANK WEALTH SALUTARIS FUND A 1.50%

E 0.60%

CaixaBank Wealth SICAV - CAIXABANK WEALTH INVESTO FUND A 1.50% I 0.60%

CaixaBank Wealth SICAV - CAIXABANK WEALTH DEPENDABLE FUND A 1.50% E 0.60% I 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 0.10% 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 of the 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 the 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 = 1.122500 USD 1 EUR = 0.847350 GBP 1 EUR = 7.472500 DKK 1 EUR = 10.507750 SEK 1 EUR = 9.863750 NOK

Note 10. Futures contracts

As at December 31, 2019, the following Sub-Funds held futures contracts. The derivatives clearing agent for these positions is Banco Santander, and the Sub-Funds have not pledged any collateral:

CaixaBank Wealth SICAV - CAIXABANK WEALTH SALUTARIS FUND CaixaBank Wealth SICAV - CAIXABANK WEALTH DEPENDABLE FUND

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CaixaBank Wealth 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 Wealth SICAV - CAIXABANK WEALTH DEPENDABLE FUND Note 12. Other expenses The caption “Other expenses” is mainly composed of 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 fees 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 of the 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 7, 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 Wealth 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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CaixaBank Wealth SICAV 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 committee 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 15,000.00

Mr. Henry Kelly EUR 15,000.00

Mrs. Michèle Eisenhuth EUR 15,000.00

Total EUR 45,000.00 Security Financing Transaction Regulation (SFTR) CaixaBank Wealth SICAV is not subject to SFTR disclosure. Global exposure The global exposure of all the Sub-funds of CaixaBank Wealth 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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Documents

Société d'Investissement à Capital Variable...CaixaBank Wealth SICAV Société d'Investissement à Capital Variable R.C.S. Luxembourg B-203451 Annual Report, including Audited Financial