# Securities lending
#### The SICAV’s commitment on loans of securities as at December 31, 2021 was as follows:
| GENERALI INVESTMENTS SICAV | Sub-fund currency | Market value of securities lent (in sub-fund currency) | Collateral amount received (in sub- fund currency) | Type of collateral received | Quality of collateral received |
| --- | --- | --- | --- | --- | --- |
| Central & Eastern European Equity | EUR | 9,378,312.15 | 9,078,741.01 | Equity and Government Bonds | Investment Grade |
| Euro Equity | EUR | 23,449,335.50 | 21,804,258.31 | Equity, Corporate Bonds and Government Bonds | Investment Grade |
| Euro Equity Controlled Volatility | EUR | 26,913,131.38 | 26,938,504.70 | Equity and Government Bonds | Investment Grade |
| Euro Future Leaders | EUR | 24,345,747.30 | 23,603,136.47 | Equity and Government Bonds | Investment Grade |

| GENERALI INVESTMENTS SICAV | Sub-fund currency | Market value of securities lent (in sub-fund currency) | Collateral amount received (in sub- fund currency) | Type of collateral received | Quality of collateral received |
| --- | --- | --- | --- | --- | --- |
| SRI World Equity | EUR | 274,936,767.97 | 271,151,840.79 | Equity, Corporate Bonds and Government Bonds | Investment Grade |
| Convertible Bond | EUR | 15,774,253.80 | 16,590,220.10 | Equity and Government Bonds | Investment Grade |
| Euro Bond | EUR | 266,143,395.12 | 257,416,356.33 | Equity, Corporate Bonds and Government Bonds | Investment Grade |
| Euro Bond 1-3 Years | EUR | 112,943,353.32 | 108,860,540.53 | Equity, Corporate Bonds and Government Bonds | Investment Grade |
| Euro Aggregate Bond | EUR | 111,715,867.78 | 113,411,055.45 | Equity and Government Bonds | Investment Grade |
| Euro Corporate Bond | EUR | 70,566,764.92 | 66,392,182.71 | Equity and Government Bonds | Investment Grade |
| SRI Euro Corporate Short Term Bond | EUR | 75,226,788.79 | 76,587,098.57 | Equity, Corporate Bonds and Government Bonds | Investment Grade |
| Euro Short Term Bond | EUR | 31,851,783.83 | 32,969,983.37 | Equity and Government Bonds | Investment Grade |
| Absolute Return Multi Strategies | EUR | 2,636,313.60 | 2,852,934.58 | Equity and Government Bonds | Investment Grade |
| Global Multi Asset Income | EUR | 13,337,341.24 | 13,940,546.99 | Equity and Government Bonds | Investment Grade |
| Global Income Opportunities | EUR | 40,129,468.18 | 45,340,766.21 | Equity and Government Bonds | Investment Grade |
| Income Partners Asian Debt Fund | EUR | 22,994,176.20 | 24,761,220.59 | Equity and Government Bonds | Investment Grade |

BNP PARIBAS SECURITIES SERVICES has acted as principal and exclusive borrower except for the sub-funds GENERALI INVESTMENTS SICAV - Central & Eastern European Equity, GENERALI INVESTMENTS SICAV - Euro Equity Controlled Volatility, GENERALI INVESTMENTS SICAV - Euro Future Leaders, GENERALI INVESTMENTS SICAV - Convertible Bond, GENERALI
INVESTMENTS SICAV - Absolute Return Multi Strategies, GENERALI INVESTMENTS SICAV - Global Multi Asset Income, GENERALI INVESTMENTS SICAV - Global Income Opportunities and GENERALI INVESTMENTS SICAV - Income Partners Asian Debt Fund for which SHAREGAIN LTD acts as the securities lending agent. The counterparty for securities lending transactions is BNP PARIBAS SECURITIES SERVICES.

#### For the year ended December 31, 2021, the direct-indirect costs and fees are detailed below:
| GENERALI INVESTMENTS SICAV | Sub-fund currency | Direct-indirect costs and fees (in sub-fund currency) |
| --- | --- | --- |
| Central & Eastern European Equity | EUR | 6,731.65 |
| Euro Equity | EUR | 4,577.91 |
| Euro Equity Controlled Volatility | EUR | 7,584.71 |
| Euro Future Leaders | EUR | 11,813.46 |
| European Equity Recovery | EUR | 299.30 |
| SRI World Equity | EUR | 12,260.18 |
| Convertible Bond | EUR | 8,451.26 |
| Euro Bond | EUR | 4,014.21 |
| Euro Bond 1-3 Years | EUR | 11,270.13 |
| Euro Aggregate Bond | EUR | 7,012.99 |
| Euro Corporate Bond | EUR | 9,776.65 |
| SRI Euro Corporate Short Term Bond | EUR | 4,402.10 |
| Euro Green & Sustainable Bond | EUR | 4,076.54 |
| Euro Short Term Bond | EUR | 2,848.65 |
| SRI Euro Premium High Yield | EUR | 2,032.32 |
| Absolute Return Multi Strategies | EUR | 11,328.34 |
| Global Multi Asset Income | EUR | 11,012.77 |
| Global Income Opportunities | EUR | 13,634.59 |
| Income Partners Asian Debt Fund | EUR | 11,958.46 |

Direct-indirect costs and fees are incurred when securities lending transactions are placed through Sharegain, the relevant Sub-fund will be repaid the gross revenue received from securities lending transactions less the costs and fees paid to Sharegain, potentially amounting to up to 15% of the gross revenue (the result being the “Residual Revenue”), and less a fee of 15% of the Residual Revenue paid to the Management Company for the monitoring of the securities lending activities. When lending the securit ies is
made through the BNP Program, the Management Company receives a fee of 15% of the gross revenue received from the borrower for the monitoring of the securities lending program. The remainder of the gross revenue, that is 85%, is received by the lending Sub- funds.
The net amount of securities lending income generated by the SICAV for the whole period is disclosed in the Statement of Operations and Changes in Net Assets in the account "Net Securities lending income".
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Translation (ENFR, 2021-12-31):
# Prêts de titres
#### Les engagements de la SICAV en matière de prêts de titres au 31 décembre 2021 s’établissaient comme suit :
| GENERALI INVESTMENTS SICAV | Devise du compartiment | Valeur de marché des titres prêtés (dans la devise du compartiment) | Montant de la garantie reçue (dans la devise du compartiment) | Nature de la garantie reçue | Qualité de la garantie collaterale reçue |
| --- | --- | --- | --- | --- | --- |
| Central & Eastern European Equity | EUR | 9.378.312,15 | 9.078.741,01 | Actions et Obligations d’Etat | Valeur d’investissement |
| Euro Equity | EUR | 23.449.335,50 | 21.804.258,31 | Actions, Obligations d’Etat et de Société | Valeur d’investissement |
| Euro Equity Controlled Volatility | EUR | 26.913.131,38 | 26.938.504,70 | Actions et Obligations d’Etat | Valeur d’investissement |
| Euro Future Leaders | EUR | 24.345.747,30 | 23.603.136,47 | Actions et Obligations d’Etat | Valeur d’investissement |
| SRI World Equity | EUR | 274.936.767,97 | 271.151.840,79 | Actions, Obligations d’Etat et de Société | Valeur d’investissement |
| Convertible Bond | EUR | 15.774.253,80 | 16.590.220,10 | Actions et Obligations d’Etat | Valeur d’investissement |
| Euro Bond | EUR | 266.143.395,12 | 257.416.356,33 | Actions, Obligations d’Etat et de Société | Valeur d’investissement |
| Euro Bond 1-3 Years | EUR | 112.943.353,32 | 108.860.540,53 | Actions, Obligations d’Etat et de Société | Valeur d’investissement |
| Euro Aggregate Bond | EUR | 111.715.867,78 | 113.411.055,45 | Actions et Obligations d’Etat | Valeur d’investissement |
| Euro Corporate Bond | EUR | 70.566.764,92 | 66.392.182,71 | Actions et Obligations d’Etat | Valeur d’investissement |
| SRI Euro Corporate Short Term Bond | EUR | 75.226.788,79 | 76.587.098,57 | Actions, Obligations d’Etat et de Société | Valeur d’investissement |
| Euro Short Term Bond | EUR | 31.851.783,83 | 32.969.983,37 | Actions et Obligations d’Etat | Valeur d’investissement |
| Absolute Return Multi Strategies | EUR | 2.636.313,60 | 2.852.934,58 | Actions et Obligations d’Etat | Valeur d’investissement |
| Global Multi Asset Income | EUR | 13.337.341,24 | 13.940.546,99 | Actions et Obligations d’Etat | Valeur d’investissement |
| Global Income Opportunities | EUR | 40.129.468,18 | 45.340.766,21 | Actions et Obligations d’Etat | Valeur d’investissement |
| Income Partners Asian Debt Fund | EUR | 22.994.176,20 | 24.761.220,59 | Actions et Obligations d’Etat | Valeur d’investissement |

L'activité de prêt de titres est gérée par BNP PARIBAS SECURITIES SERVICES en qualité d'emprunteur exclusif à l’exception des compartiments GENERALI INVESTMENTS SICAV - Central & Eastern European Equity, GENERALI INVESTMENTS SICAV - Euro Equity Controlled Volatility, GENERALI INVESTMENTS SICAV - Euro Future Leaders, GENERALI INVESTMENTS SICAV - Convertible Bond, GENERALI INVESTMENTS SICAV - Absolute Return Multi Strategies, GENERALI INVESTMENTS SICAV - Global Multi Asset Income, GENERALI INVESTMENTS SICAV - Global Income Opportunities and GENERALI INVESTMENTS SICAV - Income Partners Asian Debt Fund pour lesquels SHAREGAIN LTD agit comme agent prêteur. La contrepartie des opérations de prêt de titres est BNP PARIBAS SECURITIES SERVICES.

#### Au 31 décembre 2021, les coûts et charges directs et indirects liés aux activités de prêt de titres sont précisés ci-dessous.
| GENERALI INVESTMENTS SICAV | Devise du compartiment | Coûts et Frais directs- indirects (dans la devise du compartiment) |
| --- | --- | --- |
| Central & Eastern European Equity | EUR | 6.731,65 |
| Euro Equity | EUR | 4.577,91 |
| Euro Equity Controlled Volatility | EUR | 7.584,71 |
| Euro Future Leaders | EUR | 11.813,46 |
| European Equity Recovery | EUR | 299,30 |
| SRI World Equity | EUR | 12.260,18 |
| Convertible Bond | EUR | 8.451,26 |
| Euro Bond | EUR | 4.014,21 |
| Euro Bond 1-3 Years | EUR | 11.270,13 |
| Euro Aggregate Bond | EUR | 7.012,99 |
| Euro Corporate Bond | EUR | 9.776,65 |
| SRI Euro Corporate Short Term Bond | EUR | 4.402,10 |
| SRI Euro Green & Sustainable Bond | EUR | 4.076,54 |
| Euro Short Term Bond | EUR | 2.848,65 |
| SRI Euro Premium High Yield | EUR | 2.032,32 |
| Absolute Return Multi Strategies | EUR | 11.328,34 |
| Global Multi Asset Income | EUR | 11.012,77 |
| Global Income Opportunities | EUR | 13.634,59 |
| Income Partners Asian Debt Fund | EUR | 11.958,46 |

Les coûts directs indirects et les frais sont encourus lorsque les opérations de prêt de titres sont placées par l’intermédia ire de Sharegain, le compartiment concerné sera remboursé des revenus bruts provenant des opérations de prêt de titres moins les coûts et frais payés à Sharegain, potentiellement à hauteur de 15% du revenu brut (le résultat étant le «revenu résiduel»), et diminué d’une commission de 15% du revenu résiduel versée à la Société de Gestion pour le suivi des activités de prêt de titres. Lors du prêt des titres par le biais du Programme BNP, la Société de Gestion perçoit une commission de 15% du revenu brut perçu de l’emprunteu r pour le suivi du programme de prêt de titres. Le reste du revenu brut, soit 85 %, est perçu par les Compartiments prêteurs.
Le montant net correspondant au revenu provenant de prêts de titres généré par la SICAV pour l’ensemble de la période est indiqué dans l’état des opérations et des variations des actifs nets, à la rubrique « Revenu net provenant de prêts de titres ».
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