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Unaudited semi-annual report as at 30th June 2019

Sabadell Funds SICAV Investment Company with Variable Capital governed by Luxembourg Law

R.C.S. Luxembourg B65496

Subscriptions are valid only if made on the basis of the Prospectus and the Key Investor Information Document (KIID) in force, accompanied by the latest annual report and the most recent semi-annual report if this is subsequent to the most recent annual report.

Sabadell Funds SICAV

Contents

1

Organisation ..................................................................................................................................................... 2

Combined statement of net assets ................................................................................................................. 5

SABADELL FUNDS SICAV - GLOBAL EQUITY.............................................................................................. 6 Statement of net assets .................................................................................................................................. 6 Statement of investments and other net assets ............................................................................................. 7 Industrial and geographical classification of investments ............................................................................... 8

SABADELL FUNDS SICAV - CAPITAL APPRECIATION 1 ............................................................................ 9 Statement of net assets .................................................................................................................................. 9 Statement of investments and other net assets ........................................................................................... 10 Industrial and geographical classification of investments ............................................................................. 11

SABADELL FUNDS SICAV - CAPITAL APPRECIATION 2 .......................................................................... 12 Statement of net assets ................................................................................................................................ 12 Statement of investments and other net assets ........................................................................................... 13 Industrial and geographical classification of investments ............................................................................. 14

SABADELL FUNDS SICAV - CAPITAL APPRECIATION 3 .......................................................................... 15 Statement of net assets ................................................................................................................................ 15 Statement of investments and other net assets ........................................................................................... 16 Industrial and geographical classification of investments ............................................................................. 17

SABADELL FUNDS SICAV - DOLLAR ACTIVE FUND PORTFOLIO 25 ...................................................... 18 Statement of net assets ................................................................................................................................ 18 Statement of investments and other net assets ........................................................................................... 19 Industrial and geographical classification of investments ............................................................................. 20

SABADELL FUNDS SICAV - STERLING ACTIVE FUND PORTFOLIO 25 ................................................. 21 Statement of net assets ................................................................................................................................ 21 Statement of investments and other net assets ........................................................................................... 22 Industrial and geographical classification of investments ............................................................................. 23

SABADELL FUNDS SICAV - GLOBAL BALANCED ALLOCATION 40 ....................................................... 24 Statement of net assets ................................................................................................................................ 24 Statement of investments and other net assets ........................................................................................... 25 Industrial and geographical classification of investments ............................................................................. 26

SABADELL FUNDS SICAV - US CORE EQUITY .......................................................................................... 27 Statement of net assets ................................................................................................................................ 27 Statement of investments and other net assets ........................................................................................... 28 Industrial and geographical classification of investments ............................................................................. 30

Notes to the financial statements ................................................................................................................. 31

Additional information ................................................................................................................................... 35


2

Organisation

Registered Office 14, Boulevard Royal L-2449 LUXEMBOURG Board of Directors Chairman José Antonio PEREZ ROGER Chief Investment Officer SABADELL ASSET MANAGEMENT, S.A., S.G.I.I.C., S.U.

Calle Isabel Colbrand, 22 ES-28050 MADRID Directors Gonzalo BARETTINO COLOMA Head of Legal BANCO DE SABADELL, S.A. Avenida Óscar Esplá, 37 ES-03007 ALICANTE Félix SANCHEZ VELAZQUEZ Head of Multimanager Investments SABADELL ASSET MANAGEMENT, S.A., S.G.I.I.C., S.U. Calle Isabel Colbrand, 22 ES-28050 MADRID Josep SENTIS MASOLIVER Head of Insurance and Pensions Investments SABADELL ASSET MANAGEMENT, S.A., S.G.I.I.C., S.U. Calle Isabel Colbrand, 22 ES-28050 MADRID Management Company SABADELL ASSET MANAGEMENT LUXEMBOURG, S.A. 16, Rue Jean-Pierre Brasseur L-1258 LUXEMBOURG Board of Directors of the Management Company Chairman Cirus ANDREU CABOT Chairman of the Board of Directors SABADELL ASSET MANAGEMENT, S.A., S.G.I.I.C , S.U. Calle Isabel Colbrand, 22 ES-28050 MADRID Directors Eric CHINCHON Independent Director ME BUSINESS SOLUTIONS S.à r.l. 16, Rue Jean-Pierre Brasseur L-1258 LUXEMBOURG Xavier MASIP LLONCH Head of the Internal Control Unit

SABADELL ASSET MANAGEMENT, S.A., S.G.I.I.C., S.U. Calle Isabel Colbrand, 22

ES-28050 MADRID


Organisation (continued)

3

Omar MIRANDA Independent Director VETERA LIMITED 10 Shrewsbury Avenue, GB-LONDON SW14 8JZ Marta ROMAGUERA CASADESUS Head of the Financial Planning Unit SABADELL ASSET MANAGEMENT, S.A., S.G.I.I.C., S.U. Calle Isabel Colbrand, 22

ES-28050 MADRID Managers of the Management Didier MORIN Company José Antonio PEREZ ROGER Marc TORT TORNER Domiciliary Agent, Administrative BANQUE DE LUXEMBOURG Agent, Transfer Agent, Depositary Société Anonyme and Paying Agent 14, Boulevard Royal L-2449 LUXEMBOURG Investment Manager SABADELL ASSET MANAGEMENT, S.A., S.G.I.I.C., S.U. Calle Isabel Colbrand, 22 ES-28050 MADRID Independent auditor ERNST & YOUNG Société Anonyme 35E, Avenue John F. Kennedy L-1855 LUXEMBOURG Promotor BANCO DE SABADELL S.A. Avenida Óscar Esplá, 37 ES-03007 ALICANTE Legal Adviser ARENDT & MEDERNACH 41A, Avenue J-F Kennedy L-2082 LUXEMBOURG Distributor in Spain SABADELL ASSET MANAGEMENT, S.A., S.G.I.I.C., S.U. Calle Isabel Colbrand, 22 ES-28050 MADRID


Organisation (continued)

4

Sub-Distributors BANCO DE SABADELL S.A. Avenida Óscar Esplá, 37 ES-03007 ALICANTE ALLFUNDS BANK S.A. Calle Estafeta, 6 La Moraleja, Alcobendas SP-28109 MADRID Administrative and EUROPEAN FUND ADMINISTRATION Transfer Agent’s Subcontractor Société Anonyme 2, Rue d’Alsace L-1122 LUXEMBOURG


Combined statement of net assets (in EUR) as at 30th June 2019

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

5

Assets Securities portfolio at market value 91,161,427.84 Cash at banks 3,163,726.64 Formation expenses, net 184.24 Receivable on issues of shares 575,217.34 Income receivable on portfolio 179,813.53 Advances for purchases of securities 169,100.00 Prepaid expenses 5,044.22

Total assets 95,254,513.81

Liabilities Bank overdrafts 595.68 Payable on purchases of securities 281,606.67 Expenses payable 347,498.62

Total liabilities 629,700.97

Net assets at the end of the period 94,624,812.84

SABADELL FUNDS SICAV - GLOBAL EQUITY

Statement of net assets (in EUR) as at 30th June 2019


6

Assets Securities portfolio at market value 2,216,847.74 Cash at banks 55,074.49 Income receivable on portfolio 922.55 Prepaid expenses 630.64


Liabilities Expenses payable 20,377.80



Breakdown of net assets per share class

Share class Number of

shares

Currency of

share class

NAV per share in currency of

share class

Net assets per share class

(in EUR)

5,356.13938 EUR 420.66 2,253,097.62

2,253,097.62


Statement of investments and other net assets (in EUR) as at 30th June 2019


7

Currency Number / nominal value

Description Cost Market value % of total net assets

Investments in securities

Transferable securities admitted to an official stock exchange listing

Shares

CHF 207 Alcon Inc Reg 8,106.46 11,239.05 0.50 CHF 2,449 Credit Suisse Group AG Reg 52,184.58 25,819.41 1.15 CHF 1,721 Nestlé SA Reg 118,904.38 156,655.71 6.95 CHF 1,035 Novartis AG Reg 59,216.98 83,155.56 3.69 CHF 275 Roche Holding Ltd Pref 63,579.38 68,029.67 3.02

301,991.78 344,899.40 15.31

DKK 691 Novo Nordisk AS B 33,798.78 30,968.39 1.37 EUR 699 Akzo Nobel NV Bearer Reg 46,019.16 57,765.36 2.56 EUR 512 Allianz SE Reg 78,736.31 108,544.00 4.82 EUR 521 ASML Holding NV 47,757.48 95,728.54 4.25 EUR 2,073 Axa SA 45,193.73 47,886.30 2.13 EUR 568 BASF SE Reg 46,170.10 36,306.56 1.61 EUR 358 Bayerische Motorenwerke AG 35,537.39 23,302.22 1.03 EUR 1,543 BNP Paribas SA A 77,946.72 64,443.40 2.86 EUR 598 CapGemini SE 47,823.31 65,391.30 2.90 EUR 607 Daimler AG Reg 43,410.20 29,697.48 1.32 EUR 1,135 Deutsche Post AG Reg 30,865.23 32,801.50 1.46 EUR 898 Heineken NV 69,020.53 88,129.72 3.91 EUR 6,647 ING Groep NV 84,174.85 67,772.81 3.01 EUR 30,756 Intesa Sanpaolo SpA 100,375.33 57,882.79 2.57 EUR 1,623 Koninklijke Ahold Delhaize NV 25,875.58 32,099.69 1.43 EUR 659 Koninklijke DSM NV 33,552.93 71,633.30 3.18 EUR 7,711 Koninklijke KPN NV 23,824.58 20,819.70 0.92 EUR 302 L'Oréal SA 50,943.10 75,651.00 3.36 EUR 426 Michelin SA 37,634.11 47,520.30 2.11 EUR 2,329 Royal Philips NV 57,526.29 88,932.87 3.95 EUR 879 Sanofi SA 78,143.04 66,724.89 2.96 EUR 923 Schneider Electric SE 56,053.36 73,618.48 3.27 EUR 785 Siemens AG Reg 74,143.24 82,111.00 3.64 EUR 1,560 Société Générale SA 58,499.23 34,663.20 1.54 EUR 426 Sodexo 37,028.37 43,792.80 1.94 EUR 47,135 Telecom Italia SpA 52,772.86 22,634.23 1.00 EUR 7,625 Telefonica SA 93,027.21 55,060.13 2.44 EUR 1,366 Wolters Kluwer NV 40,669.28 87,451.32 3.88

1,472,723.52 1,578,364.89 70.05

GBP 660 AstraZeneca Plc 40,057.43 47,472.38 2.11 GBP 2,829 Diageo Plc 65,820.78 106,957.04 4.75 GBP 4,346 GlaxoSmithKline Plc 71,195.01 76,552.14 3.40 GBP 1,650 Prudential Plc 24,316.11 31,633.50 1.40

201,389.33 262,615.06 11.66

Total investments in securities 2,009,903.41 2,216,847.74 98.39

Cash at banks 55,074.49 2.44

Other net assets/(liabilities) -18,824.61 -0.83

Total 2,253,097.62 100.00


Industrial and geographical classification of investments as at 30th June 2019

8

Industrial classification

(in percentage of net assets)

Healthcare 21.00 %

Non-cyclical consumer goods 20.40 %

Financials 19.48 %

Industrials 12.25 %

Raw materials 7.35 %

Technologies 7.15 %

Cyclical consumer goods 6.40 %

Telecommunications services 4.36 %

Total 98.39 %

Geographical classification

(by domicile of the issuer) (in percentage of net assets)

The Netherlands 27.09 %

France 23.07 %

Switzerland 15.31 %

Germany 13.88 %

United Kingdom 11.66 %

Italy 3.57 %

Spain 2.44 %

Denmark 1.37 %

Total 98.39 %

SABADELL FUNDS SICAV - CAPITAL APPRECIATION 1



9

Assets Securities portfolio at market value 10,650,814.12 Cash at banks 1,425,308.59 Income receivable on portfolio 116,240.76 Prepaid expenses 630.64







shares

Currency of

share class


share class


(in EUR)

49,102.21183 EUR 247.58 12,156,489.19

12,156,489.19




10





Bonds

EUR 200,000 Adient Gl Hgs Ltd 3.5% Reg S Sen 16/15.08.24 203,790.00 167,666.00 1.38 EUR 300,000 ArcelorMittal SA 3% EMTN Reg S Sen 15/09.04.21 305,241.00 315,787.50 2.60 EUR 350,000 Ardagh Pac Fin Plc Hgs USA Inc 2.75% Reg S Sen 17/15.03.24 360,990.00 361,845.75 2.98 EUR 350,000 Ball Corp 4.375% Sen 15/15.12.23 403,007.50 405,919.50 3.34 EUR 300,000 Bharti Airtel Intl Netherld BV 3.375% 14/20.05.21 325,560.00 315,289.50 2.59 EUR 300,000 Casino Guichard Perrachon VAR EMTN Lk Rating Ch

11/26.05.21 354,060.00 281,350.50 2.31

EUR 350,000 Crown European Hgs SA 2.625% Reg S Sen 16/30.09.24 363,632.50 378,785.75 3.12 EUR 300,000 EC Finance Plc 2.375% Sen Reg S 17/15.11.22 301,845.00 306,754.50 2.52 EUR 300,000 Fiat Chrysler Fin Europe SA 6.75% EMTN Sen 13/14.10.19 349,380.00 305,806.50 2.51 EUR 400,000 HeidelbergCem Fin Lux SA 7.5% Reg S 10/03.04.20 488,444.00 423,082.00 3.48 EUR 300,000 Huntsman Intl LLC 5.125% Sen 14/15.04.21 330,060.00 323,217.00 2.66 EUR 200,000 Intl Game Technology Plc 4.75% Reg S Sen 15/15.02.23 218,510.00 223,325.00 1.84 EUR 300,000 Intrum AB 2.75% Sen Reg S 17/15.07.22 302,595.00 303,690.00 2.50 EUR 350,000 K+S Aktiengesellschaft 2.625% Sen reg S 17/06.04.23 366,464.00 373,819.25 3.07 EUR 350,000 Merlin Entertainments Plc 2.75% Reg S Sen 15/15.03.22 368,270.00 365,764.00 3.01 EUR 350,000 Mylan N.V. 2.25% Sen Reg S 16/22.11.24 369,145.00 356,998.25 2.94 EUR 200,000 OI European Group BV 3.125% Reg S Sen 16/15.11.24 204,160.00 217,687.00 1.79 EUR 300,000 Orano SA 4.375% EMTN Sen 09/06.11.19 331,314.00 304,708.50 2.51 EUR 400,000 Origin Energy Finance Ltd 2.875% EMTN Ser 1 12/11.10.19 404,240.00 403,468.00 3.32 EUR 350,000 Peugeot SA 2% EMTN Sen 17/23.03.24 360,220.00 369,367.25 3.04 EUR 350,000 Smurfit Kappa Acquisitions 2.375% Reg S Sen 17/01.02.24 368,627.00 376,225.50 3.09 EUR 200,000 Tereos Finance Groupe I 4.125% Sen 16/16.06.23 205,292.00 159,893.00 1.31 EUR 300,000 ThyssenKrupp AG 2.875% EMTN Sen Reg S 19/22.02.24 307,410.00 313,248.00 2.58 EUR 350,000 Worldpay Finance Plc 3.75% Reg S Sen 15/15.11.22 389,186.21 390,939.50 3.22

7,981,443.21 7,744,637.75 63.71

USD 300,000 American Intl Group Inc 3.375% Sen 13/15.08.20 288,449.22 266,357.69 2.19 USD 400,000 AT&T Inc 4.45% Sen 11/15.05.21 402,579.16 364,612.28 3.00 USD 300,000 Cred Agricole SA London 2.75% EMTN Reg S Ser 13

15/10.06.20 274,903.57 264,775.62 2.18

USD 450,000 Ford Motor Cred Co LLC 3.157% Sen 15/04.08.20 414,155.37 396,461.98 3.26 USD 300,000 Glencore Funding LLC 4.125% Reg S Sen 13/30.05.23 273,558.70 273,181.26 2.25 USD 49,000 HP Inc 3.75% Sen 10/01.12.20 45,344.89 43,754.25 0.36 USD 300,000 Jaguar Land Automoti Rover Plc 4.25% Reg S Sen 14/15.11.19 270,983.41 263,629.58 2.17 USD 300,000 JPMorgan Chase & Co 4.4% Sen 10/22.07.20 294,624.54 269,247.83 2.21

2,264,598.86 2,142,020.49 17.62

Total bonds 10,246,042.07 9,886,658.24 81.33

Transferable securities dealt in on another regulated market

Bonds

EUR 350,000 Nokia Oyj 2% EMTN Sen Reg S 17/15.03.24 362,134.50 368,691.75 3.03 USD 450,000 Bayer US Finance II LLC 2.75% Sen 18/15.07.21 390,859.43 395,464.13 3.25

Total bonds 752,993.93 764,155.88 6.28


Cash at banks 1,425,308.59 11.72

Other net assets/(liabilities) 80,366.48 0.67

Total 12,156,489.19 100.00



11



Financials 25.96 %



Healthcare 6.19 %

Utilities 5.83 %


Technologies 3.39 %


Energy 2.25 %

Total 87.61 %



United States of America 22.52 %


France 12.29 %

Luxembourg 8.59 %


Ireland 6.07 %

Germany 5.65 %

Australia 3.32 %

Finland 3.03 %

Sweden 2.50 %

Jersey 1.38 %

Total 87.61 %




12

Assets Securities portfolio at market value 6,597,697.23 Cash at banks 426,382.20 Income receivable on portfolio 24,985.50 Prepaid expenses 630.19







shares

Currency of

share class


share class


(in EUR)

8,901.36293 EUR 789.14 7,024,419.07

7,024,419.07




13





Bonds

EUR 200,000 Adient Gl Hgs Ltd 3.5% Reg S Sen 16/15.08.24 203,790.00 167,666.00 2.39 EUR 200,000 Ardagh Pac Fin Plc Hgs USA Inc 2.75% Reg S Sen 17/15.03.24 206,280.00 206,769.00 2.94 EUR 200,000 Ball Corp 4.375% Sen 15/15.12.23 230,290.00 231,954.00 3.30 EUR 200,000 Bharti Airtel Intl Netherld BV 3.375% 14/20.05.21 217,040.00 210,193.00 2.99 EUR 200,000 Casino Guichard Perrachon VAR EMTN Lk Rating Ch

11/26.05.21 236,040.00 187,567.00 2.67

EUR 200,000 Crown European Hgs SA 2.625% Reg S Sen 16/30.09.24 207,790.00 216,449.00 3.08 EUR 250,000 EC Finance Plc 2.375% Sen Reg S 17/15.11.22 251,537.50 255,628.75 3.64 EUR 200,000 Equinix Inc 2.875% Sen 18/15.03.24 199,420.00 209,405.00 2.98 EUR 200,000 Merlin Entertainments Plc 2.75% Reg S Sen 15/15.03.22 210,440.00 209,008.00 2.98 EUR 200,000 Mylan N.V. 2.25% Sen Reg S 16/22.11.24 207,226.00 203,999.00 2.90 EUR 200,000 Tereos Finance Groupe I 4.125% Sen 16/16.06.23 205,292.00 159,893.00 2.28

2,375,145.50 2,258,531.75 32.15

USD 200,000 American Intl Group Inc 3.375% Sen 13/15.08.20 192,299.47 177,571.79 2.53 USD 140,000 AT&T Inc 4.45% Sen 11/15.05.21 138,388.22 127,614.30 1.82 USD 200,000 Ford Motor Cred Co LLC 3.157% Sen 15/04.08.20 180,346.67 176,205.33 2.51 USD 25,000 HP Inc 3.75% Sen 10/01.12.20 23,096.84 22,323.60 0.32 USD 200,000 Jaguar Land Automoti Rover Plc 4.25% Reg S Sen 14/15.11.19 181,690.58 175,753.05 2.50

715,821.78 679,468.07 9.68

Total bonds 3,090,967.28 2,937,999.82 41.83

Bonds in default of payment

USD 440,000 Venezuela 7.75% REGS 09/13.10.19 265,324.44 103,363.48 1.47

Total bonds in default of payment 265,324.44 103,363.48 1.47

Open-ended investment funds

Investment funds (UCITS)

EUR 3,234.6508 DNB Fd Technology Istl A Cap 799,999.98 871,374.82 12.41 EUR 41,322 Fidelity Fds Gl Technology Y hedged Cap 530,574.48 659,085.90 9.38

1,330,574.46 1,530,460.72 21.79

USD 17,049 F Templeton Inv Fds Technology I Cap 350,897.92 463,843.00 6.60 USD 1,043 Pictet Digital I USD Cap 349,439.60 391,040.27 5.57

700,337.52 854,883.27 12.17

Total investment funds (UCITS) 2,030,911.98 2,385,343.99 33.96

Tracker funds (UCITS)

USD 137,500 iShares V Plc S&P 500 Information Tec Sector UCITS EUR Cap 828,882.94 1,170,989.94 16.67

Total tracker funds (UCITS) 828,882.94 1,170,989.94 16.67


Cash at banks 426,382.20 6.07

Other net assets/(liabilities) 339.64 0.00

Total 7,024,419.07 100.00



14



Investment funds 50.63 %

Financials 13.94 %




Healthcare 2.90 %


Countries and governments 1.47 %

Technologies 0.32 %

Total 93.93 %



Luxembourg 33.96 %

Ireland 19.61 %



France 8.03 %


Jersey 2.39 %

Venezuela 1.47 %

Total 93.93 %




15








shares

Currency of

share class


share class


(in EUR)

659,381.23511 EUR 11.26 7,427,665.59

7,427,665.59




16





Bonds

EUR 200,000 Adient Gl Hgs Ltd 3.5% Reg S Sen 16/15.08.24 203,790.00 167,666.00 2.26 EUR 200,000 Ardagh Pac Fin Plc Hgs USA Inc 2.75% Reg S Sen 17/15.03.24 204,540.00 206,769.00 2.78 EUR 200,000 Casino Guichard Perrachon VAR EMTN Lk Rating Ch

11/26.05.21 236,040.00 187,567.00 2.52

EUR 285,000 Croatia 3.875% Sen 14/30.05.22 285,627.00 317,183.62 4.27 EUR 200,000 Crown European Hgs SA 2.625% Reg S Sen 16/30.09.24 210,040.00 216,449.00 2.91 EUR 250,000 EC Finance Plc 2.375% Sen Reg S 17/15.11.22 251,537.50 255,628.75 3.44 EUR 200,000 Equinix Inc 2.875% Sen 18/15.03.24 199,420.00 209,405.00 2.82 EUR 200,000 Huntsman Intl LLC 5.125% Sen 14/15.04.21 220,040.00 215,478.00 2.90 EUR 200,000 K+S Aktiengesellschaft 2.625% Sen reg S 17/06.04.23 205,980.00 213,611.00 2.88 EUR 200,000 OI European Group BV 3.125% Reg S Sen 16/15.11.24 205,340.00 217,687.00 2.93 EUR 200,000 Tereos Finance Groupe I 4.125% Sen 16/16.06.23 205,292.00 159,893.00 2.15

2,427,646.50 2,367,337.37 31.86

USD 200,000 American Intl Group Inc 3.375% Sen 13/15.08.20 192,299.47 177,571.79 2.39 USD 100,000 AT&T Inc 4.45% Sen 11/15.05.21 100,644.79 91,153.06 1.23 USD 275,000 Ford Motor Cred Co LLC 3.157% Sen 15/04.08.20 253,094.95 242,282.32 3.26 USD 200,000 Jaguar Land Automoti Rover Plc 4.25% Reg S Sen 14/15.11.19 182,134.77 175,753.05 2.37 USD 500,000 Royal Bank of Scotland Gr Plc 6.4% Sen 09/21.10.19 471,366.26 443,863.61 5.98

1,199,540.24 1,130,623.83 15.23

Total bonds 3,627,186.74 3,497,961.20 47.09

Transferable securities dealt in on another regulated market

Bonds

USD 250,000 Bayer US Finance II LLC 2.75% Sen 18/15.07.21 217,144.12 219,702.29 2.96

Total bonds 217,144.12 219,702.29 2.96



EUR 142 Allianz Gl Investors Fd Europe Equity Growth WT EUR Cap 370,374.34 372,311.22 5.01 EUR 930 DNB Fd Technology Istl A Cap 226,271.79 250,530.47 3.37 EUR 14,091 Fidelity Fds Gl Technology Y hedged Cap 228,556.02 224,751.45 3.03 EUR 122,077.83753 Sabadell Interes Euro FI Cartera Cap 1,149,999.96 1,158,128.03 15.59 EUR 71,849.15475 Sabadell Rendimiento FI Cartera Cap 668,676.81 670,060.76 9.02

2,643,878.92 2,675,781.93 36.02

USD 8,277 F Templeton Inv Fds Technology I Cap 227,287.88 225,187.90 3.03 USD 594 Pictet Digital I USD Cap 228,411.40 222,701.75 3.00

455,699.28 447,889.65 6.03



USD 32,765 iShares V Plc S&P 500 Information Tec Sector UCITS EUR Cap 251,248.67 279,036.26 3.76

Total tracker funds (UCITS) 251,248.67 279,036.26 3.76


Cash at banks 295,302.17 3.98


Total 7,427,665.59 100.00



17




Financials 20.04 %



Countries and governments 4.27 %

Healthcare 2.96 %



Total 95.86 %



Spain 24.61 %

Luxembourg 17.44 %



France 7.58 %

Ireland 6.54 %

Croatia 4.27 %


Germany 2.88 %

Jersey 2.26 %

Total 95.86 %

SABADELL FUNDS SICAV - DOLLAR ACTIVE FUND PORTFOLIO 25

Statement of net assets (in USD) as at 30th June 2019


18

Assets Securities portfolio at market value 15,308,890.82 Cash at banks 152,474.00 Receivable on issues of shares 654,999.98 Advances for purchases of securities 192,554.17 Prepaid expenses 718.11


Liabilities Bank overdrafts 398.58 Payable on purchases of securities 320,665.52 Expenses payable 46,887.98





shares

Currency of

share class


share class


(in USD)

14,115.68232 USD 1,129.36 15,941,685.00

15,941,685.00


Statement of investments and other net assets (in USD) as at 30th June 2019


19






EUR 120,574.9974 Sabadell Dolar Fijo FI Cartera Cap 2,159,590.66 2,261,280.34 14.19 EUR 40,867.0423 Sabadell Estados Unid Bolsa FI Cartera Cap 730,662.02 737,053.00 4.62

2,890,252.68 2,998,333.34 18.81

USD 105,074 AB FCP I FCP American Income Portfolio S1 Dist 2,197,026.12 2,388,332.02 14.98 USD 524 Amundi Fds Pioneer US Equity Fundamental Gh J2 USD Cap 707,928.92 794,268.72 4.98 USD 1,727.212 Amundi Funds Pioneer US Bond I USD Cap 1,589,558.24 1,731,512.76 10.86 USD 15,502 JPMorgan Fds US Aggregate Bond I Cap 1,855,085.56 1,990,611.82 12.49 USD 15,329 Legg Mason Gl Fds Plc Western Asset US Core Plus Bond Pr

Cap 1,991,475.79 2,233,741.88 14.01

USD 7,528 Morgan Stanley Inv Fds US Advantage Z Cap 482,826.49 787,278.24 4.94

8,823,901.12 9,925,745.44 62.26



USD 3,930 iShares II Plc USD Treasury Bond 7-10yr UCITS ETF Dist 766,227.82 793,702.80 4.98 USD 5,501 iShares VII Plc Core S&P500 UCITS ETF USD Cap 1,558,037.47 1,591,109.24 9.98

Total tracker funds (UCITS) 2,324,265.29 2,384,812.04 14.96


Cash at banks 152,474.00 0.96

Bank overdrafts -398.58 0.00


Total 15,941,685.00 100.00



20




Total 96.03 %



Luxembourg 48.25 %

Ireland 28.97 %

Spain 18.81 %

Total 96.03 %

SABADELL FUNDS SICAV - STERLING ACTIVE FUND PORTFOLIO 25

Statement of net assets (in GBP) as at 30th June 2019


21

Assets Securities portfolio at market value 5,964,549.37 Cash at banks 203,489.21 Formation expenses, net 164.91 Prepaid expenses 564.46


Liabilities Bank overdrafts 125.88 Expenses payable 23,127.57





shares

Currency of

share class


share class


(in GBP)

541,736.24508 GBP 11.34 6,145,514.50

6,145,514.50


Statement of investments and other net assets (in GBP) as at 30th June 2019


22






EUR 7,124 Jupiter Global Fd (The) European Growth I Cap 223,305.20 312,253.95 5.08 EUR 1,817 Robeco Capital Gh Fds Eur QI Conservative Equity I EUR Cap 247,156.77 293,162.37 4.77 EUR 32,074.20187 Sabadell Europa Valor FI Cartera Cap 321,326.63 288,346.76 4.69

791,788.60 893,763.08 14.54

GBP 903,454.44 Aberdeen Inv Fds ICVC Sterling Bond L GBP Cap 874,658.85 937,333.98 15.25 GBP 463,174 Fidelity Istl Fds UK Aggregate GBP Cap 955,958.94 1,024,540.89 16.67 GBP 8,704 JPMorgan Fds Sterling Bond I Cap 868,890.17 939,118.08 15.28 GBP 422,646 Schroder Stg Broad Mk Bond Fd I Cap 873,283.50 942,500.58 15.34

3,572,791.46 3,843,493.53 62.54



EUR 19,502 iShares STOXX Europe 600 UCITS ETF (DE) Dist 645,730.70 668,285.03 10.88 GBP 40,998 iShares II Plc Core UK Gilts UCITS ETF Dist 548,047.86 559,007.73 9.10

Total tracker funds (UCITS) 1,193,778.56 1,227,292.76 19.98


Cash at banks 203,489.21 3.31



Total 6,145,514.50 100.00



23




Total 97.06 %




Luxembourg 25.13 %

Germany 10.88 %

Ireland 9.10 %

Spain 4.69 %

Total 97.06 %

SABADELL FUNDS SICAV - GLOBAL BALANCED ALLOCATION 40



24

Assets Securities portfolio at market value 22,798,381.57 Cash at banks 561,882.12 Prepaid expenses 718.11







shares

Currency of

share class


share class


(in USD)

218,150.93496 USD 106.70 23,277,674.85

23,277,674.85




25






EUR 10,702 Threadneedle (Lux) Pan Eur Small Cap Opp IE Cap 516,424.17 594,085.41 2.55 USD 27,817 AB SICAV I Eurozone Equity Portfolio I Cap 823,793.57 913,510.28 3.92 USD 28,497 AB SICAV I Low Volatility Equity Ptf I Cap 792,888.69 868,018.62 3.73 USD 14,593 Aberdeen Standard China A Share Equity Fd I Cap 226,972.23 229,658.80 0.99 USD 33,821.64 Aberdeen Standard North American Sm Co Fd I Cap 744,547.54 785,311.42 3.37 USD 383 Amundi Fds Pioneer US Equity Fundamental Gh J2 USD Cap 503,324.69 580,543.74 2.49 USD 13,429 Amundi Funds Pioneer US Bond R2 USD Cap 986,287.94 1,050,416.38 4.51 USD 34,515 BlackRock Global Fds Fixed Income Gl Opportunities D2 Cap 491,526.68 517,034.70 2.22 USD 16,942.81 DWS USD FRN TFC Cap 1,726,724.97 1,755,613.97 7.54 USD 2,414.92 GAM Multibond Local Emerging Bond C Cap 801,822.96 825,878.49 3.55 USD 78,104.63 Goldman Sachs Fds Scv US Core Equity Ptf I Cap 1,111,912.61 1,155,948.52 4.97 USD 29,807 Goldman Sachs Fds SICAV Global Em Mks Equity Ptf I Cap 516,152.05 579,448.08 2.49 USD 12,967 Investec Global Strateg Fd Latin American Equity I Cap 230,942.27 242,482.90 1.04 USD 49,633 M&G (Lux) Investemt Funds 1 Optimal Income CI H Cap 492,006.80 523,583.48 2.25 USD 4,174 MFS Meridian Fds US Value I1 Cap 1,024,702.12 1,130,027.02 4.85 USD 15,057 Morgan Stanley Inv Fds Global Brands Z Cap 988,833.47 1,104,430.95 4.75 USD 90,433.6 Natixis Intl Fds Dublin I Loo Say Multis Inc N1A Cap 926,040.06 942,318.11 4.05 USD 3,976 NN (L) Global Conv Opportunities I Cap 610,694.36 639,062.48 2.75 USD 8,219 Pictet Short-Term Money Market USD I Cap 1,163,321.68 1,178,235.57 5.06 USD 55,533 PIMCO Fds Gl Investors Ser Plc Gl Inv Grade Cred Insti Cap 1,035,135.12 1,131,207.21 4.86 USD 20,915 PIMCO Fds Gl Investors Ser Plc HY Bond Istl Cap 690,790.60 744,155.70 3.20 USD 2,577 Robeco Capital Gh Fds BP US Select Opp Eq I USD Cap 625,749.83 696,150.78 2.99 USD 14,037 Robeco Capital Gh Fds Fin Institutions Bonds IH Cap 1,707,584.05 1,878,431.34 8.07 USD 2,322 Schroder Intl Select Fd US Sm & Mid Cap Equity C Cap 772,413.73 831,739.70 3.57 USD 23,226 Schroder Intl Selection Fd Japanese Opp C USD Hedged Cap 414,445.37 394,772.32 1.70 USD 6,520 UBAM Dynamic US Dollar Bond IC Cap 1,476,466.60 1,506,315.60 6.47

20,885,079.99 22,204,296.16 95.39


Cash at banks 561,882.12 2.41


Total 23,277,674.85 100.00



26




Total 97.94 %



Luxembourg 85.83 %

Ireland 12.11 %

Total 97.94 %

SABADELL FUNDS SICAV - US CORE EQUITY



27



Liabilities Bank overdrafts 119.57 Expenses payable 117,880.39





shares

Currency of

share class


share class


(in USD)

258,513.13203 USD 107.72 27,846,805.94

27,846,805.94




28





Shares

USD 3,004 Accenture Plc A 491,569.29 555,049.08 1.99 USD 445 Alphabet Inc A 479,249.79 481,846.00 1.73 USD 2,218 Amgen Inc 429,932.32 408,733.04 1.47 USD 2,568 Apple Inc 424,641.95 508,258.56 1.82 USD 12,301 AT&T Inc 377,552.51 412,206.51 1.48 USD 13,760 Bank of America Corp 376,692.38 399,040.00 1.43 USD 7,158 Baxter Intl Inc 497,132.68 586,240.20 2.10 USD 8,288 BB&T Corp 403,345.00 407,189.44 1.46 USD 1,809 Becton Dickinson & Co 433,577.76 455,886.09 1.64 USD 924 BlackRock Inc 373,772.04 433,633.20 1.56 USD 992 Boeing Co (The) 331,532.99 361,097.92 1.30 USD 7,836 Bristol Myers Squibb Co 403,672.93 355,362.60 1.28 USD 3,515 Chevron Corp 417,701.37 437,406.60 1.57 USD 9,873 Cisco Systems Inc 484,671.41 540,349.29 1.94 USD 1,956 CME Group Inc A 367,948.64 379,679.16 1.36 USD 8,679 Coca-Cola Co 422,459.73 441,934.68 1.59 USD 1,890 Corteva Inc Reg 45,387.59 55,887.30 0.20 USD 1,911 Costco Wholesale Corp 434,312.25 505,000.86 1.81 USD 5,786 CSX Corp 397,984.38 447,662.82 1.61 USD 1,643 Deere and Co 254,129.59 272,261.53 0.98 USD 4,695 Dow Inc When Issued Reg 278,212.28 231,510.45 0.83 USD 1,890 DowDuPont Inc Reg When Issued 167,573.16 141,882.30 0.51 USD 3,611 Eaton Corp Public Ltd Cie 263,117.68 300,724.08 1.08 USD 3,359 Eli Lilly & Co 387,032.66 372,143.61 1.34 USD 6,083 Emerson Electric Co 387,340.39 405,857.76 1.46 USD 3,162 Equifax Inc 318,829.52 427,628.88 1.54 USD 4,024 Expeditors Intl of Washington Inc 291,007.63 305,260.64 1.10 USD 4,705 Exxon Mobil Corp 362,249.53 360,544.15 1.29 USD 2,480 General Dynamics Corp 422,884.48 450,913.60 1.62 USD 2,270 Harris Corp 317,248.84 429,325.10 1.54 USD 2,399 Home Depot Inc 425,064.90 498,920.03 1.79 USD 7,476 Intel Corp 353,609.57 357,876.12 1.28 USD 2,650 Johnson & Johnson 377,060.27 369,092.00 1.33 USD 4,854 JPMorgan Chase & Co 509,157.04 542,677.20 1.95 USD 1,319 Lockheed Martin Corp Reg 381,740.16 479,509.26 1.72 USD 3,039 Mastercard Inc A 636,094.34 803,906.67 2.89 USD 2,538 Mc Donald's Corp 468,871.83 527,041.08 1.89 USD 4,608 Medtronic Plc Reg 421,817.91 448,773.12 1.61 USD 6,148 Microsoft Corp 687,240.21 823,586.08 2.96 USD 2,471 NextEra Energy Inc 428,296.49 506,209.06 1.82 USD 6,311 Nike Inc B 484,622.40 529,808.45 1.90 USD 5,221 Nordstrom Inc Reg 262,187.13 166,341.06 0.60 USD 1,398 Parker Hannifin Corp 226,300.13 237,673.98 0.85 USD 4,585 Paychex Inc 313,913.86 377,299.65 1.35 USD 3,469 Pepsico Inc 398,730.78 454,889.97 1.63 USD 9,604 Pfizer Inc 417,799.78 416,045.28 1.49 USD 3,422 PNC Financial Serv Group 438,526.80 469,772.16 1.69 USD 3,390 Procter & Gamble Co 315,227.63 371,713.50 1.33 USD 3,631 Prudential Financial Inc 317,287.67 366,731.00 1.32 USD 3,405 Qualcomm Inc 265,395.23 259,018.35 0.93 USD 4,469 Ross Stores Inc 365,673.26 442,967.28 1.59 USD 4,766 Starbucks Corp 316,879.90 399,533.78 1.43 USD 4,813 State Street Corp 318,737.07 269,816.78 0.97 USD 1,980 Stryker Corp 337,592.97 407,048.40 1.46 USD 5,591 Tapestry Inc Reg 207,219.79 177,402.43 0.64 USD 4,338 Texas Instruments Inc 412,300.87 497,828.88 1.79 USD 3,985 The Walt Disney Co 447,689.83 556,465.40 2.00 USD 8,480 TJX Cos Inc 394,858.19 448,422.40 1.61 USD 2,955 United Health Group Inc 774,914.39 721,049.55 2.59


Statement of investments and other net assets (in USD) (continued) as at 30th June 2019


29



USD 3,552 United Technologies Corp 417,160.78 462,470.40 1.66 USD 8,218 US Bancorp 426,990.65 430,623.20 1.55 USD 4,995 Valero Energy Corp 399,600.16 427,621.95 1.54 USD 3,824 Walgreens Boots Alliance Inc 314,028.41 209,058.08 0.75 USD 4,077 Yum! Brands Inc 377,737.33 451,201.59 1.62

Total shares 24,683,090.50 26,778,909.59 96.16



USD 14,614 iShares II Plc MSCI USA Qual Dividend UCITS ETF Dist 510,686.23 516,897.18 1.86 USD 1,871 iShares VII Plc Core S&P500 UCITS ETF USD Cap 482,684.85 541,168.04 1.94

Total tracker funds (UCITS) 993,371.08 1,058,065.22 3.80


Cash at banks 121,806.24 0.44



Total 27,846,805.94 100.00



30




Technologies 17.05 %

Healthcare 16.31 %

Industrials 16.27 %

Financials 13.29 %


Energy 4.40 %


Utilities 1.82 %



Total 99.96 %




Ireland 8.48 %

Total 99.96 %


Notes to the financial statements as at 30th June 2019

31

Note 1 - General information Sabadell Funds SICAV (the "Company") is an open-ended investment company incorporated under the laws of Luxembourg as a Société d'Investissement à Capital Variable ("SICAV") in accordance with the provisions of Part I of the amended Law of 17th December 2010 on Undertakings for Collective Investment. The Company was incorporated for an unlimited period on 29th July 1998 under the name of URQUIJO FONDOS KBL, (SICAV). The Company publishes an audited annual report, including Audited Financial Statements, as of 31st December within four months following the end of the accounting year. Copies of the unaudited semi-annual reports are also prepared within two months following the end of the accounting period. Copies of the annual report and audited financial statements and semi-annual reports are circulated to Shareholders and prospective investors upon request. Copies of the following documents may be obtained free of charge during usual business hours on any bank business day in Luxembourg at the registered office of the Company:

the Articles and any amendments thereto; the latest Prospectus; the latest KIIDs; the Management Company Agreement between the Company and the Management

Company; the Agreements entered into between the Company and Banque de Luxembourg (Depositary

and Principal Paying Agent Agreement, Central Administration Agent, Registrar and Transfer Agent Agreement, and Domiciliation Agreement)

the Investment Management Agreement between the Management Company on behalf of the Company and the Investment Manager;

the Distribution Agreement between the Company, the Management Company and the Distributor; and

the latest annual and semi-annual reports. The complaint settlement procedure of the Management Company foreseen by the CSSF Regulation N° 16-07 relating to the out-of-court resolution of complaints is available at the registered office of the Management Company of the Company. Note 2 - Significant accounting policies a) Presentation of the financial statements The financial statements of the Company are prepared in accordance with the Luxembourg legal and regulatory requirements concerning Undertakings for Collective Investment and with generally accepted accounting principles in Luxembourg. b) Valuation of assets The value of any cash in hand or on deposit, discount notes, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received, is equal to the entire amount thereof, unless the same is unlikely to be paid or received in full, in which case the value thereof shall be determined after making such discount as the Board of Directors of the Company may consider appropriate in such case to reflect the true value thereof; Transferable securities and money market instruments listed or traded on an official stock exchange are valued at the latest available price unless such price is not representative;


Notes to the financial statements (continued) as at 30th June 2019

32

Transferable securities and money market instruments listed or traded on any other Regulated Market are valued at their last available market price on the relevant Valuation Day; In the event that any assets held in the portfolio on the Valuation Day are not listed or dealt in on an official exchange or on any other Regulated Market, or if, with respect to assets listed or dealt in on any stock exchange, or other Regulated Market as aforesaid, the price is not representative of the fair market value of the relevant assets, the value of such assets is based on the reasonably foreseeable sales price determined prudently and in good faith by the Board of Directors of the Company; Money market instruments with remaining maturity of less than one year will be valued pursuant to the following method: the prevailing price for the valuation of an investment will be gradually adjusted from the net acquisition price to the bid price while its yield remains constant. In case of significant change in market conditions, the valuation principles for the money market instruments is adjusted in line with the new market returns; Units and shares of UCITS and other UCIs are valued at their last determined and available Net Asset Value. c) Acquisition cost of securities in the portfolio The acquisition cost of the securities held by the Company that are denominated in currencies other than the reference currency of the Company is converted into this currency at the exchange rate prevailing on the date of purchase. d) Net realised gain/(loss) on securities portfolio

The realised gains and losses on securities portfolio are calculated on the basis of the average acquisition cost. e) Investment portfolio income

Dividend income is recorded at the ex-date, net of any withholding tax. Interest income accrued and payable is recorded, net of any withholding tax. f) Valuation of forward foreign exchange contracts Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the maturity of the contracts. Net unrealised gains or losses are disclosed in the statement of net assets. g) Formation expenses Formation expenses are amortised on a straight line basis over a period of five years. If the launch of a sub-fund occurs after the launch date of the Company, the formation expenses related to the launch of the new sub-fund may be charged to such sub-fund alone and may be amortised over a maximum of five years with effect as from the sub-fund’s launch date. h) Conversion of foreign currencies Cash at banks, other net assets, liabilities and the market value of the securities in portfolio expressed in currencies other than the reference currency of the sub-fund are converted into this currency at the exchange rate prevailing on the date of the financial statements. Income and expenses expressed in currencies other than the reference currency of the sub-fund are converted into this currency at the exchange rate prevailing on the date of the transaction.



33

i) Combined financial statements The combined financial statements of the Company are expressed in EUR and are equal to the sum of the corresponding items in the financial statements of each sub-fund, converted into this currency at the exchange rate prevailing at the date of the financial statements.. At the date of the financial statements, the combination exchange rates are as follows: 1 EUR = 0.8950637 GBP Pound Sterling 1.1387000 USD US Dollar Note 3 - Management fees

The Management Company receives a management fee for the provision of investment management

services, administrative services and marketing services to the Company. The management fee for each

sub-fund is expressed as a percentage of the average Net Asset Value of the relevant sub-fund with

respect to a relevant quarter.

The Management Company pays the Investment Manager out of its own assets.

Management fee

SABADELL FUNDS SICAV - GLOBAL EQUITY 1.75% p.a.

SABADELL FUNDS SICAV - CAPITAL APPRECIATION 1 0.80% p.a.

(min EUR 60.000)


(min EUR 60.000)


SABADELL FUNDS SICAV - DOLLAR ACTIVE FUND PORTFOLIO 25 0.90% p.a.

SABADELL FUNDS SICAV - STERLING ACTIVE FUND PORTFOLIO 25 0.90% p.a.

SABADELL FUNDS SICAV - GLOBAL BALANCED ALLOCATION 40 1.25% p.a.

SABADELL FUNDS SICAV - US CORE EQUITY 1.50% p.a.

The sub-funds SABADELL FUNDS SICAV - DOLLAR ACTIVE FUND PORTFOLIO 25, SABADELL FUNDS SICAV - STERLING ACTIVE FUND PORTFOLIO 25 and SABADELL FUNDS SICAV - GLOBAL BALANCED ALLOCATION 40 invest mainly in other UCITS and/or other UCIs which are also charged management fees by their respective management companies. In this regard, for SABADELL FUNDS SICAV - DOLLAR ACTIVE FUND PORTFOLIO 25 and SABADELL FUNDS SICAV - STERLING ACTIVE FUND PORTFOLIO 25, the level of the management fees that may be charged both to the sub-fund itself and to the other UCITS and/or other UCIs in which it intends to invest will not exceed 3% per annum of the average Net Asset Value of the sub-fund. For SABADELL FUNDS SICAV - GLOBAL BALANCED ALLOCATION 40, the level of the management fees that may be charged both to the sub-fund itself and to the other UCITS and/or other UCIs in which it intends to invest will not exceed 3.25% per annum of the average Net Asset Value of the sub-fund.



34

Note 4 - Depositary and Central Administration costs

BANQUE DE LUXEMBOURG has been appointed as Depositary and Central Administration of the Company. The Company pays to the Depositary with respect to each sub-fund an annual fee payable on a quarterly basis and calculated over the average Net Asset Value of the relevant sub-fund with respect to the relevant quarter. In its function of Administrative Agent, BANQUE DE LUXEMBOURG subcontracts part of its duties to EUROPEAN FUND ADMINISTRATION ("EFA"). The Company pays to the Central Administrator with respect to each sub-fund the corresponding fees, paid on a monthly basis. Note 5 - Subscription, redemption and conversion fees The Company’s Shares are issued at a price equal to the Net Asset Value per Share as of the relevant Valuation Day. In addition to such price, the Company may also charge a subscription fee which will not exceed 5% of the amount subscribed. The redemption price per Share is equal to the Net Asset Value per Share as of the relevant Valuation Day. In addition to such price, the Company may also charge a redemption fee of maximum 0.5% of the Net Asset Value per Share. Any redemption charge is retained by the relevant Distributor. Note 6 - Subscription duty ("taxe d’abonnement") The Company is governed by Luxembourg Law. Pursuant to the legislation and regulations in force, the Company is subject to an annual subscription duty ("taxe d’abonnement") of 0.05% which is payable quarterly and calculated on the basis of the net assets of the Company on the last day of each quarter. Pursuant to Article 175 (a) of the amended Law of 17th December 2010, the net assets invested in Undertakings for Collective Investments already subject to the "taxe d'abonnement" are exempt from this tax. Note 7 - Advances for purchase of securities This item relates to a subscription in a sub-fund for which the final confirmation of subscribed quantities has not yet been received by the depositary as of the Net Asset Value calculation date of the Company. Note 8 - Changes in investments The statement of changes in investments for the reporting period is available free of charge at the registered office of the Company.


Additional information as at 30th June 2019

35

Information concerning the transparency of securities financing transactions and of reuse of cash collateral (regulation EU 2015/2365, hereafter "SFTR") During the reporting period, the Company did not engage in transactions which are subject to the publication requirements of SFTR. Accordingly, no information concerning the transparency of securities financing transactions and of reuse of cash collateral should be reported.

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