CaixaBank Global SICAV

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CaixaBank Global SICAV

Société d'Investissement à Capital Variable

R.C.S. Luxembourg B-179158

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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 FLEXIBLE STRATEGY FUND

Caixabank Global Sicav - CAIXABANK GLOBAL EQUITY ALPHA FUND

No subscription can be received on the basis of financial reports. 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 and a copy of the latest available semi-annual report, if published after

such annual report.

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CaixaBank Global SICAV

1

CaixaBank Global SICAV

Organisation of the Sicav

3

Board of Directors

Mr. Guillermo Hermida Lazcano

Chief Investment Officer

Caixabank Asset Management S.G.I.I.C., S.A.U.

Spain (until December 16, 2015)

Mr. Juan Pedro Bernal Aranda

Chairman

Chief Commercial Officer

CaixaBank Asset Management S.G.I.I.C, S.A.U.

Spain (changed from Director to Chairman as from December 16, 2015)

Mr. Henry Kelly

Managing Director KellyConsult S.à r.l.

Grand Duchy of Luxembourg

Mr. William Jones

Managing Partner

ManagementPlus (Luxembourg) S.A.

Grand Duchy of Luxembourg (until December 16, 2015)

Mr. Jean-Michel Loehr

Independent Director

Grand Duchy of Luxembourg (since December 16, 2015)

Mrs. Michèle Eisenhuth

Partner

Arendt & Medernach

Grand Duchy of Luxembourg

Mr. Francisco Javier Estrada Fernández Hontoria

Private Banking CIO

UHNW Managing Director, Caixabank S.A.

Spain (since December 16, 2015)

Management Company

MDO Management Company S.A. 19, rue de Bitbourg

L-1273 Luxembourg

Grand Duchy of Luxembourg

Board of Directors of the Management Company

Mr. Géry Daeninck

Director

Independent Management Consultant Belgium

Mr. Garry Pieters

Independent Management Consultant Grand Duchy of Luxembourg

Mr. John Li

Independent Management Consultant Grand Duchy of Luxembourg

Mr. Martin Peter Vogel

Chief Executive Officer

MDO Management Company S.A. Grand Duchy of Luxembourg

Mr. Yves Wagner

Associate

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Organisation of the Sicav (continued)

4

Conducting Officers of the Management Company

Mr. Eduard Van Wijk

Independent Director

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

Mr. Riccardo Del Tufo

Head of Operations and Deputy CEO

MDO Management Company S.A. Grand Duchy of Luxembourg

Mrs. Laurence Magloire

Chief Operations Officer

MDO Management Company S.A. Grand Duchy of Luxembourg

(until November 14, 2015)

Domiciliary Agent, Custodian, Administrative Agent, Registrar and Transfer Agent

BNP Paribas Securities Services, Luxembourg Branch

33, rue de Gasperich

L-5826 Hesperange

Grand Duchy of Luxembourg (until December 31, 2015)

BNP Paribas Securities Services, Luxembourg Branch

60, avenue J.F. Kennedy

L-1855 Luxembourg

Grand Duchy of Luxembourg (since January 1, 2016)

Investment Manager

Caixabank Asset Management S.G.I.I.C., S.A.U.

Avenida Diagonal, 621-629

ES-08028 Barcelona

Spain

Cabinet de révision agréé / Independent Auditor

Deloitte Audit

Société à responsabilité limitée

560, rue de Neudorf L-2220 Luxembourg

Grand Duchy of Luxembourg

Luxembourg Legal Adviser

Arendt & Medernach

41A, avenue J. F. Kennedy

L-2082 Luxembourg

Grand Duchy of Luxembourg

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CaixaBank Global SICAV

Investment Management Report

5

Caixabank Global SICAV – CAIXABANK GLOBAL ALBUS FUND

Caixabank Global SICAV – CAIXABANK GLOBAL ALBUS FUND was launched on October 1

st

_{, 2013. The sub-fund invests in multiple asset classes}

including money market instruments, equities, bonds and currencies Caixabank Global SICAV – CAIXABANK GLOBAL ALBUS may get exposure to

assets such as commodities, infrastructures and real estate by investing through eligible ETFs, UCITS or other eligible UCITS 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 markets conditions and view

of Investment Manager.

Nowadays, the target portfolio composition by asset class is 60% equity, 20% fixed income, 10% equity market neutral and 10% cash.

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.

Regarding fixed income portfolio, our focus are Spanish and Italian government bonds, including inflation linkers. On the corporate bond side, the main issuers are

on the financial sector. The target split is 10% for government bonds, 7% for corporate bond and 3% for EM fixed income. The maturity portfolio is around 5 years.

The sub-fund has generated a performance of 5,04% (Class E) during 2015. The main return driver was the exposure to equity market and currencies, with a

positive return from equity market neutral strategy and flat performance from fixed income investment.

Volatility was 12,60% during the period from January 1, 2015 to end of year.

We have a positive outlook for peripheral bonds and European equity market. Such assets should outperform since QE program of European Central Bank is

working. Liquidity from ECB should be a key factor driving peripheral bonds and equity markets higher. We consider the possibility of volatility increase, resulting

from a negative performance in EM countries and commodities market.

Caixabank Global SICAV – CAIXABANK GLOBAL ITER FUND

Caixabank Global SICAV – CAIXABANK GLOBAL ITER FUND was launched on December 3, 2013. The sub-fund holds equities, fixed income and cash, with

focus in fixed income market and it seeks a capital protection over the medium term. The sub-fund may get exposure to assets as commodities, infrastructures and

real estate by investing through eligible ETFs, UCITS or other eligible UCITS pursuant to the UCITS directive.

Nowadays, the target portfolio composition by asset class is 15% equity, 55% fixed income, 15% equity market neutral and 15% cash.

Caixabank Global SICAV – CAIXABANK GLOBAL ITER FUND has a long bias investment process and we use derivatives mainly for equity market neutral

strategy. The equity exposure is built through a limited number of stocks, which has a value and dividend bias, predictable and conservative finance business

model with a good cash generation. The long European equities are the most important equity portfolio exposure.

Regarding bond side, the investment is focus in Spanish and Italian government bonds and investment corporate bonds; the target composition is 33% in

government bonds, including inflation linkers, and 22% in corporate bonds. The fixed income portfolio maturity is around 4 years. The main corporate bond issuers

come from the financial sector companies.

The fund has a total currency exposure of 15% out of which the biggest is to the USD for around 10% of the net assets.

The sub-fund has generated a performance of 1,46% (Class E) since January 1, 2015. The main return driver was the exposure to equity market and currencies,

with a positive return from equity market neutral strategy and flat performance from fixed income investment. The volatility was 4,01% during the period from

January 1, 2015 to end of year.

We have a positive outlook for peripheral bonds and European equity market. Such assets should outperformance since QE program of European Central Bank is

working. Liquidity from ECB should be a key factor driving peripheral bonds and equity markets higher. We consider the possibility of volatility increase, resulting

from a negative performance in EM countries and commodities market.

Caixabank Global Sicav - CAIXABANK GLOBAL IBERIAN EQUITY FUND

Caixabank Global Sicav - CAIXABANK GLOBAL IBERIAN EQUITY FUND was launched on October 1st, 2015. The investment objective of the 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 will be invested in

securities of small, medium or large capitalization companies that are domiciled in Spain. The 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 Sicav - CAIXABANK GLOBAL IBERIAN EQUITY FUND (Class B) has returned -10,58% since inception (1

st

_{October 2015). The stock selection}

criteria used in the process of building the portfolio, is behind this performance.

Volatility was 17,84% during the period from October 1, 2015 to the end of the year.

The fund has an exposure of 100% to the stock market at the end of the period (31/12/15). This exposure is constructed with direct investment in securities and

with derivatives (Ibex35 futures).

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Investment Management Report

6

Caixabank Global SICAV – CAIXABANK GLOBAL FLEXIBLE STRATEGY FUND

Caixabank Global SICAV – CAIXABANK GLOBAL FLEXIBLE STRATEGY FUND was launched on October 2, 2015. The investment policy is very flexible

regarding duration and credit risk. The duration can range from a maximum of 15 years to a minimum of negative 3 years. The fund can invest in debt securities

(including a maximum exposure of 10% of contingent convertible securities) and in equities. For the debt securities no minimum rating will be 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.

During this period (from the inception date 02/10/2015 until 31/12/2015) the sub fund has returned 0.12% (Class B). Volatility was 4.20% during the period.

During most of this period the sub fund has been invested fully in Cash as the total net assets of the sub fund have not been important enough to build a portfolio

according to the investment policy of the sub-fund.

As for the last weeks of the year, the sub fund has started to build a fixed income portfolio composed by corporate and government bonds. The former is based

mainly in subordinated financial debt and the latter has an important weight in Italian, US and German government bonds.

The equity exposure as of December 31

st

_{was 5.44% through Euro Stoxx 50 Futures as the total net asset of the sub fund were not important enough to replicate a}

single name equity portfolio.

Caixabank Global SICAV – CAIXABANK GLOBAL EQUITY ALPHA FUND

Caixabank Global SICAV – CAIXABANK GLOBAL EQUITY ALPHA FUND was launched on October 1st, 2015. The Fund uses a directional long/short equity

strategy with the intention of capturing upside performance, while providing downside protection. Investment ideas are selected from a broad European universe of

small, medium and, primarily, large capitalization companies.

Caixabank Global SICAV – CAIXABANK GLOBAL EQUITY ALPHA FUND (Class B) has returned -1.55% since inception (1

st

_{October 2015). A long net exposure}

to Equity has been the main contributor to performance.

Volatility was 6.48% during the period from October 1, 2015 to the end of the year.

The Fund has a Net Long Exposure of 75% at the end of the period (31/12/15). This net exposure is almost fully constructed with Long Equity positions. Short

positions have been limited to minor currency hedges.

Inflows have been gradually growing since inception. Although the Fund has reached the minimum required size in order to be managed in an efficient way,

pending modifications of the Prospectus has prevented the implementation of a Long Short Equity Portfolio Strategy during the entire period.

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Deloitte

.

To

the Shareholders of CaixaBank Global SICAV

Societe d'lnvestissement

a

Capital Variable

60, avenue J.F. Kennedy

L-1855 Luxembourg

Grand Duchy of Luxembourg

REPORT OF THE REVISEUR D'ENTREPRISES AGREE

Deloitte Audit

Societe

a

responsabilite limitee 560, rue de Neudorf L-2220 Luxembourg B.P. 1173 L-1011 Luxembourg Tel: +352 451 451 Fax: +352 451 452 992 www.deloitte.lu

Following our appointment by the Annual General Meeting of the SICAV dated April 14, 2015, we have audited the accompanying financial statements of

CaixaBank Global SICAV (the

"

SICAV') and of each of its Sub-Funds, which comprise the Combined Statement of Net Assets, the Statement of Net Assets

and the Securities Portfolio of each of its Sub-Funds as at December 31, 2015, the Combined Statement of Operations and Changes in Net Assets and the

Statement of Operations and Changes in Net Assets of each of its Sub-Funds for the period then ended, and a summary of significant accounting policies

and other explanatory notes to the financial statements.

Responsibility of the Board of Directors of the SICA V for the financial statements

The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg

legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV

determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibility of the reviseur d'entreprises agree

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International

Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with

ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected

depend on the reviseur d'entreprises agree's judgement, including the assessment of the risks of material misstatement of the financial statements, whether

due to fraud or error. In making those risk assessments, the reviseur d'entreprises agree considers internal control relevant to the entity's preparation and

fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of

expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used

and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial

statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, these financial statements give a true and fair view of the financial position of CaixaBank Global SICAV and of each of its Sub-Funds as at

December 31, 2015 and of the results of their operations and changes in their net assets for the period then ended in accordance with the Luxembourg legal

and regulatory requirements relating to the preparation of the financial statements.

Other matter

Supplementary

information

included

in

the annual report has been reviewed in the context of our mandate but has not been subject to specific audit

procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no

observation to make concerning such information in the context of the financial statements taken as a whole.

For Deloitte Audit, Cabinet de revision agree

~

Nicolas Hennebert, Reviseur d'entreprises agree

-

-Partner

Luxembourg, March 18, 2016

560, rue de Neudorf

L-2220 Luxembourg

Societe a responsabilitl!: limitee au capital de 35.()(X) EUR

RCS Luxembourg B 67 895

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8

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

Statistics

Caixabank Global Sicav - CAIXABANK GLOBAL ALBUS FUND

Net Asset Value

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− 1,208,007,944.52 369,657,548.92 123,965,742.59 EUR A EUR 11.4172 10.9666 10.3767 C EUR 11.5732 11.0509 10.3943 E EUR 11.6530 11.0936 10.4031 I EUR 9.6741 -

-Net asset value per share

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− Number of shares A 132,317.34 141,757.36 128,262.12 C 89,938,755.56 28,262,727.45 10,367,420.08 E 14,158,468.48 5,027,533.55 1,429,644.45 I 65,412.05 - -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Caixabank Global Sicav - CAIXABANK GLOBAL ITER FUND

Net Asset Value

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− 318,856,652.37 88,263,804.22 20,586,176.73 EUR A EUR 10.4592 10.3958 10.0020 B EUR 9.9910 - -C EUR 10.6016 10.4699 10.0081 E EUR 10.6468 10.4936 10.0098 I EUR 9.8753 -

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− Number of shares A 30,539.86 31,894.24 38,983.73 B 5,792,294.49 - -C 17,677,758.23 7,079,512.19 1,907,284.53 E 6,836,341.36 1,316,118.50 110,684.12 I 47,568.92 - -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Caixabank Global Sicav - CAIXABANK GLOBAL IBERIAN EQUITY FUND

Net Asset Value

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

5,094,082.77 -

-EUR

B EUR 8.9422 -

-I EUR 9.3300 -

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− Number of shares B 47,986.44 - -I 500,000.00 - -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− * launched on October 1, 2015.

Caixabank Global Sicav - CAIXABANK GLOBAL FLEXIBLE STRATEGY FUND

Net Asset Value

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

14,954,331.78 -

-EUR

B EUR 9.9358 -

-I EUR 9.9103 -

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− Number of shares B 8,944.07 - -I 1,500,000.00 - -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− * launched on October 2, 2015. December 31, 2013 December 31, 2015 December 31, 2014

(11)

CaixaBank Global SICAV

9

Statistics

Caixabank Global Sicav - CAIXABANK GLOBAL EQUITY ALPHA FUND

Net Asset Value

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− 6,708,569.56 - -EUR B EUR 9.8406 - -C EUR 9.8470 - -E EUR 9.8499 - -I EUR 9.7743 -

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− Number of shares B 122,697.84 - -C 39,725.17 - -E 22,620.94 - -I 500,000.00 - -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− * launched on October 1, 2015. December 31, 2013 December 31, 2015 December 31, 2014

(12)

10

Combined Statement

EUR Assets

Investment in securities at cost 1,387,857,989.57

Unrealised appreciation / (depreciation) on securities (7,347,534.84) Investment in securities at market value 2 c) 1,380,510,454.73

Cash at bank 175,810,822.02

Receivable on subscriptions 5,759,614.29

Other assets 37,087.43

Net unrealised appreciation on futures contracts 27,983.56

Dividends and interest receivable 3,769,500.96

Formation expenses 2 f) 276.27

Total assets 1,565,915,739.26

Liabilities

Accrued expenses 2,884,266.99

Payable on redemptions 4,323,045.19

Net unrealised depreciation on futures contracts 2 c), 11 5,086,846.08

Total liabilities 12,294,158.26

Net assets at the end of the year / period 1,553,621,581.00

Notes

Statement of Net Assets as at December 31, 2015

Income

Dividends (net of withholding taxes) 2 d) 12,658,466.65

Interest on bonds 2 d) 6,719,581.35 Bank interest 2.56 Total income 19,378,050.56 Expenses Management fees 4 8,739,657.39 Custodian fees 6 242,541.02

Domiciliary, Administrative and Registrar and Transfer

Agent's fees 7 302,592.29

Professional fees 200,158.53

Transaction costs 2 e) 3,499,161.71

Taxe d'abonnement 8 579,730.62

Management Company fees 5 386,297.95

Amortisation of formation expenses 2 f) 2,401.09

Bank interest 8,552.29

Other expenses 12 179,385.51

Total expenses 14,140,478.40

Net investment income / (loss) 5,237,572.16

Net realised gain / (loss) on:

Investments 2 c) (10,755,880.94)

Foreign currencies transactions 2 b) (377,726.50)

Futures contracts 2 c) 14,146,399.04

Forward foreign exchange contracts 2 c) 9,839.91

Options contracts 1,648,790.00

Net realised gain / (loss) for the year 9,908,993.67

Net change in unrealised appreciation / (depreciation) on:

Investments 2 c) (17,460,664.22)

Futures contracts 2 c), 11 (5,058,862.52)

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

operations (12,610,533.07)

Proceeds received on subscription of shares 1,355,288,784.57 Net amount paid on redemption of shares (246,978,023.64)

Net assets at the beginning of the year 457,921,353.14

Net assets at the end of the year / period 1,553,621,581.00

EUR Notes

Statement of Operations and Changes in Net Assets for

the year ended December 31, 2015

(13)

11

CaixaBank Global SICAV

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

Statement of Operations and Changes in Net Assets for the

year ended December 31, 2015

EUR Assets

Investment in securities at cost 1,075,202,282.25

Unrealised appreciation / (depreciation) on securities (2,998,280.37) Investment in securities at market value 2 c) 1,072,204,001.88

Cash at bank 140,891,032.03

Other assets 37,087.43

Formation expenses 2 f) 276.27

Total assets 1,218,457,933.67

Liabilities

Accrued expenses 2,322,792.02

Payable on redemptions 3,885,173.26

Net unrealised depreciation on futures contracts 2 c), 11 4,242,023.87

Net assets at the end of the year 1,208,007,944.52

Notes

Statement of Net Assets as at December 31, 2015

Income

Interest on bonds 2 d) 4,336,713.67

Total income 15,664,493.34

Expenses

Management fees 4 7,411,127.37

Custodian fees 6 201,280.65

Transaction costs 2 e) 3,080,767.77

Amortisation of formation expenses 2 f) 2,401.09

Bank interest 7,617.86

Total expenses 11,955,958.74

Investments 2 c) (10,150,255.35)

Forward foreign exchange contracts 2 c) 9,839.91

Options contracts 1,530,603.00

Investments 2 c) (12,256,924.23)

Futures contracts 2 c), 11 (4,242,023.87)

operations (10,347,768.35)

Proceeds received on subscription of shares 1,047,121,714.08 Net amount paid on redemption of shares (198,423,550.13)

Net assets at the end of the year 1,208,007,944.52

EUR Notes

Statement of Operations and Changes in Net Assets for

the year ended December 31, 2015

Number of shares in issue at the end of the year Number of shares in issue at

the beginning of the year Number of sharessubscribed Number of sharesredeemed

Statement of Changes in Number of Shares

A 141,757.36 42,217.86 (51,657.88) 132,317.34

C 28,262,727.45 73,902,364.90 (12,226,336.79) 89,938,755.56

E 5,027,533.55 13,513,831.39 (4,382,896.46) 14,158,468.48

(14)

12

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

Securities Portfolio as at December 31, 2015

DEUTSCHE TELEKOM AG-REG EUR 5,808,120.00 0.48 348,000.00

Transferable securities admitted to an official exchange listing Shares Telecommunication NOKIA EUR 31,207,540.00 2.58 4,732,000.00 ORANGE EUR 32,597,194.77 2.71 2,105,082.00 TELEFONICA SA EUR 28,534,709.19 2.36 2,787,954.00 VODAFONE GROUP PLC GBP 30,666,068.54 2.54 10,227,342.00 128,813,632.50 10.67 BANKIA SA EUR 5,477,400.00 0.45 5,100,000.00 Banks

CREDIT SUISSE GROUP AG-REG CHF 5,983,998.53 0.50 300,000.00

DANSKE BANK A/S DKK 32,261,998.08 2.67

1,300,000.00

ING GROEP NV EUR 30,542,501.85 2.53

2,453,213.00

INTESA SANPAOLO EUR 31,147,192.29 2.58

10,086,526.00 105,413,090.75 8.73 AXA SA EUR 31,965,526.95 2.65 1,266,965.00 Insurance PRUDENTIAL PLC GBP 30,721,159.62 2.54 1,478,970.00 62,686,686.57 5.19

NOVO NORDISK A/S-B DKK 6,162,489.20 0.51

115,000.00

Cosmetics

ROCHE HOLDING AG-GENUSSCHEIN CHF 32,433,915.76 2.69 127,600.00

38,596,404.96 3.20

INTL CONSOLIDATED AIRLINE-DI EUR 33,141,375.00 2.74 4,005,000.00 Transportation 33,141,375.00 2.74 ENGIE EUR 32,241,875.00 2.67 1,975,000.00 Energy 32,241,875.00 2.67 ALSTOM EUR 31,276,415.72 2.59 1,110,471.00

Auto Parts & Equipment

31,276,415.72 2.59

VINCI SA EUR 30,984,569.66 2.56

523,919.00

Building materials

30,984,569.66 2.56

SKF AB-B SHARES SEK 30,232,044.68 2.50

2,018,000.00 Diversified machinery 30,232,044.68 2.50 BHP BILLITON PLC GBP 26,696,153.59 2.21 2,589,000.00 Metal 26,696,153.59 2.21 520,082,248.43 43.06

ISHARES CORE EURO CORP BOND UC EUR 27,917,100.87 2.31 220,802.00

Undertakings for collective investment Open-ended Funds

ISHARES EM LOCAL GOV BOND USD 26,865,038.18 2.22 484,977.00

ISHARES MSCI EM MK USD SHS ETF USD USD 59,823,032.31 4.95 2,116,800.00

ISHARES S P 500 VALUE INDEX FD USD 44,008,285.00 3.64 540,000.00

ISHARES S+P GLBL TECH SECTOR USD 33,192,207.65 2.75 369,093.00

ISHARES S+P 500 B ACC USD 114,172,649.96 9.46 644,457.00

NOMURA ETF-NIKKEI 225 EXCH JPY 113,350,078.92 9.38 758,821.00

419,328,392.89 34.71 419,328,392.89 34.71

ITALY BTPS I/L 2.35% 14-15/09/2024 EUR 13,949,415.25 1.16 12,074,520.00

Bonds and other debt instruments Government ITALY BTPS 1.5% 14-01/08/2019 EUR 16,907,242.37 1.41 16,229,000.00 ITALY BTPS 1.5% 15-01/06/2025 EUR 10,312,051.00 0.85 10,300,000.00 ITALY BTPS 4% 10-01/09/2020 EUR 10,423,818.00 0.86 9,000,000.00 Name Quantity/

Nominal Currency Market valuein EUR NAV%

ITALY BTPS 4.5% 08-01/08/2018 EUR 10,911,692.40 0.90 9,800,000.00

SPAIN I/L BOND 1.8% 14-30/11/2024 EUR 11,237,442.70 0.93 10,232,433.54

SPANISH GOVT 2.75% 14-31/10/2024 EUR 8,787,782.50 0.73 8,050,000.00

SPANISH GOVT 3.75% 13-31/10/2018 EUR 10,783,765.87 0.89 9,801,000.00

93,313,210.09 7.73

BANCO SABADELL 0.625% 15-03/11/2020 EUR 3,274,590.00 0.27 3,300,000.00

Banks

BANKIA 3.5% 14-17/01/2019 EUR 3,159,150.00 0.26 3,000,000.00

BPE FINANCIACION 2% 15-03/02/2020 EUR 3,977,960.00 0.33 4,000,000.00

CAIXA GALICIA 4.375% 07-23/01/2019 EUR 1,761,771.20 0.15 1,600,000.00

CAJAS RURALES UN 1% 15-22/10/2020 EUR 5,272,122.00 0.44 5,300,000.00

INTESA SANPAOLO 5% 12-28/02/2017 EUR 6,010,935.00 0.50 5,700,000.00

SANTANDER CONSUM 1% 14-10/06/2016 EUR 501,995.00 0.04 500,000.00

23,958,523.20 1.99

ENAGAS FIN SA 2.5% 14-11/04/2022 EUR 1,082,430.00 0.09 1,000,000.00

Energy

REDEXIS GAS FIN 2.75% 14-08/04/2021 EUR 2,856,438.00 0.24 2,700,000.00

REPSOL INTL FIN 4.375% 12-20/02/2018 EUR 3,111,526.00 0.25 2,900,000.00

7,050,394.00 0.58

SANTAN CONS FIN 0.9% 15-18/02/2020 EUR 5,236,771.00 0.43 5,300,000.00

Financial services

5,236,771.00 0.43

TELEFONICA EMIS 2.242% 14-27/05/2022 EUR 2,577,525.00 0.21 2,500,000.00

Telecommunication

2,577,525.00 0.21

AUTOSTRADE PER L 1.875% 15-04/11/2025 EUR 656,937.27 0.05 649,000.00

Diversified services

656,937.27 0.05

132,793,360.56 10.99

Total securities portfolio 1,072,204,001.88 88.76

Name Quantity/

EUR-JPY 14/03/2016 JPY 34,867,941.01

279.00 (789,966.36)

Futures contracts

EURO / GBP FUTURE 14/03/2016 GBP 34,960,170.61

279.00 466,072.52

EURO FX CURR FUT (CME)

14/03/2016 USD 150,442,856.49

1,201.00 (1,974,869.16)

EURO STOXX 50 - FUT 18/03/2016 EUR 122,123,220.00

(3,721.00) (1,883,655.87)

EURO-BUND FUTURE 08/03/2016 EUR 6,632,640.00

42.00 (39,480.00)

EURO-SCHATZ FUTURE 08/03/2016 EUR 89,765,550.00

805.00 (20,125.00)

(4,242,023.87)

Total Futures contracts (4,242,023.87)

Name Quantity Commitment in EUR Currency Unrealised appreciation / (depreciation) in EUR

Financial derivative instruments as at December 31,

2015

Total financial derivative instruments (4,242,023.87)

Summary of net assets

(4,242,023.87) (0.35) Total financial derivative instruments

% NAV

1,072,204,001.88 88.76

Total securities portfolio

140,891,032.03 11.66

Cash at bank

(845,065.52) (0.07)

Other assets and liabilities

1,208,007,944.52 100.00 Total net assets

(15)

CaixaBank Global SICAV

13

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

Nature allocation % of portfolio % of net

assets

Shares 48.50 43.06

Undertakings for collective investment 39.11 34.71

Bonds and other debt instruments 12.39 10.99

100.00 88.76

Country allocation % of portfolio % of net

assets Ireland 21.33 18.94 France 14.84 13.18 Spain 11.59 10.28 Japan 10.57 9.38 Italy 9.36 8.31 United Kingdom 8.22 7.29 United States 7.20 6.39 Denmark 3.58 3.18 Switzerland 3.58 3.19 Netherlands 3.41 3.02 Finland 2.91 2.58 Sweden 2.82 2.50 Other 0.59 0.52 100.00 88.76

Portfolio Breakdowns

Top Ten Holdings Market value % of

net assets ISHARES S+P 500 B ACC Open-ended Funds 114,172,649.96 9.46 NOMURA ETF-NIKKEI 225 EXCH Open-ended Funds 113,350,078.92 9.38 ISHARES MSCI EM MK USD SHS ETF USD Open-ended Funds 59,823,032.31 4.95 ISHARES S P 500 VALUE INDEX FD Open-ended Funds 44,008,285.00 3.64 ISHARES S+P GLBL TECH SECTOR Open-ended Funds 33,192,207.65 2.75 INTL CONSOLIDATED AIRLINE-DI Transportation 33,141,375.00 2.74

ORANGE Telecommunication 32,597,194.77 2.71

ROCHE HOLDING AG-GENUSSCHEIN Cosmetics 32,433,915.76 2.69

DANSKE BANK A/S Banks 32,261,998.08 2.67

ENGIE Energy 32,241,875.00 2.67

EUR Sector

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14

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

Statement of Operations and Changes in Net Assets for the

year ended December 31, 2015

EUR Assets

Investment in securities at cost 291,247,126.68

Unrealised appreciation / (depreciation) on securities (4,092,982.25) Investment in securities at market value 2 c) 287,154,144.43

Cash at bank 29,485,655.82

Total assets 320,611,952.64

Liabilities

Accrued expenses 504,255.66

Payable on redemptions 437,871.93

Net unrealised depreciation on futures contracts 2 c), 11 813,172.68

Net assets at the end of the year 318,856,652.37

Notes

Statement of Net Assets as at December 31, 2015

Income

Interest on bonds 2 d) 2,347,696.11

Total income 3,667,196.61

Expenses

Management fees 4 1,306,683.52

Custodian fees 6 35,948.15

Transaction costs 2 e) 400,781.13

Bank interest 866.82

Total expenses 2,101,556.20

Investments 2 c) (597,740.95)

Options contracts 118,187.00

Investments 2 c) (4,947,467.77)

Futures contracts 2 c), 11 (813,172.68)

operations (1,594,451.33)

Proceeds received on subscription of shares 279,905,083.51

Net amount paid on redemption of shares (47,717,784.03)

Net assets at the end of the year 318,856,652.37

EUR Notes

Statement of Operations and Changes in Net Assets for

the year ended December 31, 2015

Number of shares in issue at the end of the year Number of shares in issue at

the beginning of the year Number of sharessubscribed Number of sharesredeemed

Statement of Changes in Number of Shares

A 31,894.24 3,065.62 (4,420.00) 30,539.86

B - 5,926,035.37 (133,740.88) 5,792,294.49

C 7,079,512.19 13,647,132.45 (3,048,886.41) 17,677,758.23

E 1,316,118.50 6,706,908.46 (1,186,685.60) 6,836,341.36

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CaixaBank Global SICAV

15

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

Securities Portfolio as at December 31, 2015

FADE 3.375% 13-17/03/2019 EUR 218,374.00 0.07 200,000.00

Transferable securities admitted to an official exchange listing Bonds and other debt instruments

Government

INSTIT CRDT OFCL 5% 06-14/11/2016 USD 1,040,914.11 0.33 1,100,000.00

ITALY BTPS I/L 2.35% 14-15/09/2024 EUR 7,927,917.65 2.48 6,862,352.20

ITALY BTPS I/L 3.1% 11-15/09/2026 EUR 4,107,024.51 1.29 3,291,642.00 ITALY BTPS 0.75% 14-15/01/2018 EUR 2,334,716.20 0.73 2,300,000.00 ITALY BTPS 1.5% 14-01/08/2019 EUR 5,802,781.44 1.82 5,570,000.00 ITALY BTPS 3.5% 13-01/12/2018 EUR 5,159,697.60 1.62 4,700,000.00 ITALY BTPS 3.75% 10-01/03/2021 EUR 5,776,375.00 1.81 5,000,000.00 ITALY BTPS 4% 10-01/09/2020 EUR 6,485,931.20 2.02 5,600,000.00 ITALY BTPS 4.25% 09-01/09/2019 EUR 5,707,140.00 1.79 5,000,000.00 ITALY BTPS 4.5% 08-01/08/2018 EUR 5,233,158.60 1.64 4,700,000.00 ITALY BTPS 4.5% 13-01/03/2024 EUR 3,728,232.00 1.17 3,000,000.00 ITALY BTPS 4.75% 12-01/05/2017 EUR 4,623,126.17 1.45 4,349,000.00 ITALY BTPS 4.75% 12-01/06/2017 EUR 5,050,172.18 1.58 4,731,000.00

SPAIN I/L BOND 0.55% 14-30/11/2019 EUR 6,507,093.09 2.03 6,340,379.16

SPAIN I/L BOND 1.8% 14-30/11/2024 EUR 4,993,317.92 1.57 4,546,745.65

SPANISH GOVT 0.5% 14-31/10/2017 EUR 5,388,807.29 1.69 5,341,000.00

SPANISH GOVT 2.1% 13-30/04/2017 EUR 2,328,881.50 0.73 2,266,000.00

SPANISH GOVT 2.75% 14-30/04/2019 EUR 5,399,990.00 1.69 5,000,000.00

SPANISH GOVT 3.15% 05-31/01/2016 EUR 4,512,804.80 1.42 4,502,000.00

SPANISH GOVT 3.75% 13-31/10/2018 EUR 5,507,961.63 1.73 5,006,000.00

SPANISH GOVT 3.8% 06-31/01/2017 EUR 1,457,786.40 0.46 1,400,000.00

SPANISH GOVT 4.1% 08-30/07/2018 EUR 4,293,182.40 1.35 3,900,000.00

SPANISH GOVT 4.25% 11-31/10/2016 EUR 2,920,098.72 0.92 2,820,000.00

106,505,484.41 33.39

BANCO MARE NOSTR 3.125%

14-21/01/2019 EUR 431,184.00 0.14

400,000.00

Banks

BANCO POP ESPAN 4% 06-18/10/2016 EUR 412,020.00 0.13 400,000.00

BANCO SABADELL 0.625% 15-03/11/2020 EUR 694,610.00 0.22 700,000.00

BANCO SABADELL 3.375% 13-23/01/2018 EUR 425,812.00 0.13 400,000.00

BANK OF AMER CRP 13-22/03/2016 FRN USD 2,763,905.00 0.87 3,000,000.00

BANKIA 3.5% 14-17/01/2019 EUR 3,896,285.00 1.21 3,700,000.00

BBVA SENIOR FIN 3.25% 13-21/03/2016 EUR 1,308,749.00 0.41 1,300,000.00

BPE FINANCIACION 2.875% 13-19/05/2016 EUR 1,008,610.00 0.32 1,000,000.00

CAIXABANK 2.5% 13-18/04/2017 EUR 822,520.00 0.26 800,000.00

CAJA MADRID 4.25% 06-05/07/2016 EUR 917,919.00 0.29 900,000.00

CAJA RURAL NAV 2.875% 13-11/06/2018 EUR 424,680.00 0.13 400,000.00

CAJAS RURALES UN 1% 15-22/10/2020 EUR 1,094,214.00 0.34 1,100,000.00

GOLDMAN SACHS GP 4.375%

10-16/03/2017 EUR 1,154,769.00 0.36

1,100,000.00

INTESA SANPAOLO 4.375% 12-15/10/2019 EUR 2,596,470.00 0.81 2,300,000.00

INTESA SANPAOLO 4.75% 07-15/06/2017 EUR 425,776.00 0.13 400,000.00

MORGAN STANLEY 3.75% 12-21/09/2017 EUR 1,072,021.72 0.34 1,012,000.00

NATL AUSTRALIABK 1.875% 12-13/01/2023 EUR 1,176,923.06 0.37 1,103,000.00

SANTANDER CONSUM 1% 14-10/06/2016 EUR 602,394.00 0.19 600,000.00

SANTANDER INTL 4.625% 12-21/03/2016 EUR 605,700.00 0.19 600,000.00

21,834,561.78 6.84

EDP FINANCE BV 4.125% 13-20/01/2021 EUR 317,846.34 0.10 294,000.00

Energy

EDP FINANCE BV 4.875% 13-14/09/2020 EUR 895,888.00 0.28 800,000.00

ELEC DE FRANCE 2.25% 13-27/04/2021 EUR 966,096.00 0.30 900,000.00

IBERDROLA INTL 4.25% 12-11/10/2018 EUR 110,785.00 0.03 100,000.00

REDEXIS GAS FIN 2.75% 14-08/04/2021 EUR 634,764.00 0.20 600,000.00

REPSOL INTL FIN 4.375% 12-20/02/2018 EUR 1,716,704.00 0.54 1,600,000.00

4,642,083.34 1.45

CRITERIA CAIXA 1.625% 15-21/04/2022 EUR 1,145,016.00 0.36 1,200,000.00

Financial services

HUTCH WHAM INTL 4.75% 09-14/11/2016 EUR 831,000.00 0.26 800,000.00

SANTAN CONS FIN 0.9% 15-18/02/2020 EUR 592,842.00 0.19 600,000.00

2,568,858.00 0.81

ORANGE 1.875% 13-03/09/2018 EUR 728,483.00 0.23 700,000.00

Telecommunication

TELFONICA DEUTSC 1.875% 13-22/11/2018 EUR 1,114,095.90 0.35 1,073,000.00

1,842,578.90 0.58

ALLIANZ FINANCE 4.75% 09-22/07/2019 EUR 1,326,950.50 0.42 1,150,000.00 Insurance 1,326,950.50 0.42 BASF SE 1.375% 14-22/01/2019 EUR 855,597.24 0.27 828,000.00 Chemical 855,597.24 0.27 ST GOBAIN 3.625% 12-28/03/2022 EUR 723,950.80 0.23 635,000.00 Building materials 723,950.80 0.23

ANGLO AMERICAN 2.75% 12-07/06/2019 EUR 583,817.04 0.18 738,000.00

Metal

583,817.04 0.18

DAIMLER AG 2.375% 12-12/09/2022 EUR 368,254.00 0.12 340,000.00

Auto Parts & Equipment

368,254.00 0.12

AUTOSTRADE PER L 1.875% 15-04/11/2025 EUR 145,761.12 0.05 144,000.00 Diversified services 145,761.12 0.05 141,397,897.13 44.34 BANKIA SA EUR 2,262,918.00 0.71 2,107,000.00 Shares Banks

CREDIT SUISSE GROUP AG-REG CHF 2,447,455.40 0.77 122,700.00

DANSKE BANK A/S DKK 4,653,172.80 1.46

187,500.00

ING GROEP NV EUR 4,527,044.10 1.42

363,618.00

SOCIETE GENERALE EUR 4,493,646.63 1.41

105,559.00

UNICREDIT SPA EUR 4,535,745.50 1.42

883,300.00

22,919,982.43 7.19

DEUTSCHE TELEKOM AG-REG EUR 2,453,430.00 0.77 147,000.00 Telecommunication NOKIA EUR 4,647,496.50 1.46 704,700.00 ORANGE EUR 4,504,509.08 1.41 290,895.00 TELEFONICA SA EUR 4,346,251.81 1.36 424,646.00 VODAFONE GROUP PLC GBP 4,679,583.92 1.47 1,560,673.00 20,631,271.31 6.47 GLAXOSMITHKLINE PLC GBP 4,650,409.96 1.46 249,642.00 Cosmetics

NOVO NORDISK A/S-B DKK 2,470,354.36 0.77

46,100.00

ROCHE HOLDING AG-GENUSSCHEIN CHF 4,626,154.13 1.45 18,200.00

11,746,918.45 3.68

ENGIE EUR 4,603,650.00 1.44

282,000.00

Energy

ROYAL DUTCH SHELL PLC - A SHS EUR 4,759,095.29 1.50 225,603.00 9,362,745.29 2.94 BHP BILLITON PLC GBP 4,882,436.74 1.53 473,500.00 Metal 4,882,436.74 1.53

INTL CONSOLIDATED AIRLINE-DI EUR 4,592,625.00 1.44 555,000.00 Transportation 4,592,625.00 1.44 VINCI SA EUR 4,578,973.64 1.44 77,426.00 Building materials 4,578,973.64 1.44 78,714,952.86 24.69

I SHARES NIKKEI 225 JPY 8,747,345.06 2.74

58,320.00

Undertakings for collective investment Open-ended Funds

ISHARES BC EU CP BD 1-5 EUR 9,562,808.00 3.00 87,700.00

ISHARES CORE EURO CORP BOND UC EUR 6,346,278.39 1.99 50,194.00

ISHARES EURO CORP BND LC EUR 4,518,409.85 1.42 34,354.00

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16

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

Securities Portfolio as at December 31, 2015

ISHARES FTSE EPRA/NAR DEV MK USD 8,084,575.48 2.54 362,754.00

37,259,416.78 11.69 37,259,416.78 11.69

US TREASURY BILL 0% 15-03/03/2016 USD 3,865,749.13 1.21 4,200,000.00

Other transferable securities Money market instruments Government

29,781,877.66 9.34

Total securities portfolio 287,154,144.43 90.06

EUR-JPY 14/03/2016 JPY 3,249,342.17

26.00 (73,616.94)

Futures contracts

EURO / GBP FUTURE 14/03/2016 GBP 4,009,768.67

32.00 53,456.35

EURO FX CURR FUT (CME)

14/03/2016 USD 11,524,348.71

92.00 (78,916.51)

EURO STOXX 50 - FUT 18/03/2016 EUR 46,144,920.00

(1,406.00) (706,395.58)

EURO-BUND FUTURE 08/03/2016 EUR 1,737,120.00

11.00 (3,850.00)

EURO-SCHATZ FUTURE 08/03/2016 EUR 31,222,800.00

280.00 (3,850.00)

(813,172.68)

Total Futures contracts (813,172.68)

Name Quantity Commitment in EUR Currency Unrealised appreciation / (depreciation) in EUR

Financial derivative instruments as at December 31,

2015

Total financial derivative instruments (813,172.68)

Summary of net assets

(813,172.68) (0.26)

Total financial derivative instruments

% NAV

287,154,144.43 90.06

Total securities portfolio

29,485,655.82 9.25

Cash at bank

3,030,024.80 0.95

Other assets and liabilities

318,856,652.37 100.00

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CaixaBank Global SICAV

17

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

Nature allocation % of portfolio % of net

assets

Bonds and other debt instruments 49.24 44.34

Shares 27.41 24.69

Undertakings for collective investment 12.98 11.69

Money market instruments 10.37 9.34

100.00 90.06

Country allocation % of portfolio % of net

assets Italy 24.25 21.81 Spain 24.22 21.82 United States 12.11 10.91 Ireland 9.93 8.95 France 7.17 6.46 United Kingdom 6.81 6.14 Netherlands 3.32 2.99 Japan 3.05 2.74 Denmark 2.48 2.23 Switzerland 2.46 2.22 Other 4.20 3.79 100.00 90.06

Portfolio Breakdowns

Top Ten Holdings Market value % of

net assets ISHARES BC EU CP BD 1-5 Open-ended Funds 9,562,808.00 3.00 I SHARES NIKKEI 225 Open-ended Funds 8,747,345.06 2.74 ISHARES FTSE EPRA/NAR DEV MK Open-ended Funds 8,084,575.48 2.54 ITALY BTPS I/L 2.35% 14-15/09/2024 Government 7,927,917.65 2.48 US TREASURY BILL 0% 15-23/06/2016 Government 7,716,050.09 2.42 SPAIN I/L BOND 0.55% 14-30/11/2019 Government 6,507,093.09 2.03 ITALY BTPS 4% 10-01/09/2020 Government 6,485,931.20 2.02 US TREASURY BILL 0% 15-18/08/2016 Government 6,422,357.01 2.01 ISHARES CORE EURO CORP BOND UC Open-ended Funds 6,346,278.39 1.99 US TREASURY BILL 0% 15-28/04/2016 Government 5,978,692.17 1.88

EUR Sector

CaixaBank Global SICAV

CaixaBank Global SICAV

Société d'Investissement à Capital Variable

R.C.S. Luxembourg B-179158

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 FLEXIBLE STRATEGY FUND

Caixabank Global Sicav - CAIXABANK GLOBAL EQUITY ALPHA FUND

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus and relevant Key Investor

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such annual report.

CaixaBank Global SICAV

Table of Contents

Table of Contents

CaixaBank Global SICAV

Organisation of the Sicav

Board of Directors

Mr. Guillermo Hermida Lazcano

Chief Investment Officer

Caixabank Asset Management S.G.I.I.C., S.A.U.

Spain (until December 16, 2015)

Mr. Juan Pedro Bernal Aranda

Chairman

Chief Commercial Officer

CaixaBank Asset Management S.G.I.I.C, S.A.U.

Spain (changed from Director to Chairman as from December 16, 2015)

Mr. Henry Kelly

Managing Director KellyConsult S.à r.l.

Grand Duchy of Luxembourg

Mr. William Jones

Managing Partner

ManagementPlus (Luxembourg) S.A.

Grand Duchy of Luxembourg (until December 16, 2015)

Mr. Jean-Michel Loehr

Independent Director

Grand Duchy of Luxembourg (since December 16, 2015)

Mrs. Michèle Eisenhuth

Partner

Arendt & Medernach

Grand Duchy of Luxembourg

Mr. Francisco Javier Estrada Fernández Hontoria

Private Banking CIO

UHNW Managing Director, Caixabank S.A.

Spain (since December 16, 2015)

Management Company

MDO Management Company S.A. 19, rue de Bitbourg

L-1273 Luxembourg

Grand Duchy of Luxembourg

Board of Directors of the Management Company

Mr. Géry Daeninck

Director

Independent Management Consultant Belgium

Mr. Garry Pieters

Independent Management Consultant Grand Duchy of Luxembourg

Mr. John Li

Independent Management Consultant Grand Duchy of Luxembourg

Mr. Martin Peter Vogel

Chief Executive Officer

MDO Management Company S.A. Grand Duchy of Luxembourg

Mr. Yves Wagner

Associate

Organisation of the Sicav (continued)

Conducting Officers of the Management Company

Mr. Eduard Van Wijk

Independent Director

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

Mr. Riccardo Del Tufo

Head of Operations and Deputy CEO

MDO Management Company S.A. Grand Duchy of Luxembourg

Mrs. Laurence Magloire

Chief Operations Officer

MDO Management Company S.A. Grand Duchy of Luxembourg

(until November 14, 2015)

Domiciliary Agent, Custodian, Administrative Agent, Registrar and Transfer Agent

BNP Paribas Securities Services, Luxembourg Branch

_{, 2013. The sub-fund invests in multiple asset classes}

_{October 2015). The stock selection}