# Organisation
GENERALI INVESTMENTS SICAV (the “SICAV”) is an investment company, qualifying as a “Société d’Investissement à Capital Variable“ incorporated on March 14, 2002 for an unlimited duration pursuant to the law of August 10, 1915 on commercial companies, as amended, and under part I of the Luxembourg law of December 17, 2010 on undertakings for collective investment, as amended. The SICAV is registered at the Luxembourg Commercial Register under the number B86432 and is established at 60, avenue J.F. Kennedy L - 1855 Luxembourg. The SICAV has an umbrella structure.
Generali Investments Luxembourg S.A., the “Management Company”, a limited liability company, “société anonyme”, having its registered office at 4, rue Jean Monnet L - 2180 Luxembourg has been designated to serve as Management Company of the SICAV.
The Management Company has been designated as management company under the UCITS Directive of: APERTURE INVESTORS SICAV, GENERALI AKTIVMIX DYNAMIK PROTECT 80, GENERALI FONDSSTRATEGIE AKTIEN GLOBAL, GENERALI INVESTMENTS GLOBAL SOLUTIONS FUND, GENERALI KOMFORT, GENERALI MULTI PORTFOLIO SOLUTIONS SICAV, GENERALI SMART FUNDS, GP & G FUND, LUMYNA FUNDS, LUMYNA-MARSHALL WACE UCITS SICAV, MARSHALL WACE
UCITS FUNDS PLC, PLENISFER INVESTMENTS SICAV and VOBA FUND; as well as management company under the AIFM Directive of: ATHORA BELGIUM FCP-FIS, ATHORA BELGIUM REAL ESTATE FCP SIF, DIV TAUX, FENICE 190 GENERALI EUROPEAN PROGRAM FOR SUSTAINABLE ECONOMY, GENERALI CORE + FUND S.C.S. – FIS, GENERALI CORE HIGH STREET RETAIL FUND - RAIF, GENERALI DIVERSIFICATION, GENERALI EUROPE INCOME HOLDING S.A., GENERALI EUROPEAN CAPITAL STRUCTURE CREDIT FUND, GENERALI EUROPEAN REAL ESTATE INCOME INVESTMENTS GMBH & CO. GESCHLOSSENE INVESTMENTS KG, GENERALI EXKLUSIV FONDS S.A. SICAV-RAIF, GENERALI K-EUROPE INVESTMENT RAIF, GENERALI MULTI ALTERNATIVE ASSETS, GENERALI MULTI MANAGER SOLUTIONS UMBRELLA, GENERALI PRIVATE CREDIT S.C.SP - RAIF, GENERALI REAL ESTATE ASSET REPOSITIONNING S.A., GENERALI REAL ESTATE DEBT INVESTMENT FUND, GENERALI REAL ESTATE LIVING INVESTMENT FUND, GENERALI REAL ESTATE LOGISTICS FUND SICAV-SIF, GENERALI REAL ESTATE MULTI-MANAGER ASIA FUND S.C.SP - RAIF, GENERALI SHOPPING CENTRE FUND S.C.S. SICAV-SIF, GENERALI SPECIAL SITUATIONS FUND S.C.SP, GIP PRIVATE DEBT FUND-OF-FUNDS LUX FCP-RAIF, GIP PRIVATE DEBT FUND OF FUNDS III FCP-RAIF, LUMYNA SPECIALIST FUNDS and RETAIL ONE FUND.

#### Merged sub-fund

#### One sub-fund was merged during the year ended December 31, 2021.

#### With effective date January 29, 2021, the sub-fund “European Equity Recovery” was merged into the sub-fund “Euro Future Leaders” with following merger ratios:
| Absorbed sub-fund | Receiving sub-fund | Share-Class | Merger ratio |
| --- | --- | --- | --- |
| European Equity Recovery | Euro Future Leaders | Class B Accumulation shares | 0.48550086 |
| European Equity Recovery | Euro Future Leaders | Class D Accumulation shares | 0.61373646 |
| European Equity Recovery | Euro Future Leaders | Class E Accumulation shares | 0.63106571 |
| European Equity Recovery | Euro Future Leaders | Class R Accumulation shares | 0.84152000 |
| European Equity Recovery | Euro Future Leaders | Class Z Accumulation shares | 0.96869000 |
| European Equity Recovery | Euro Future Leaders | Class A Distribution shares | 0.68126262 |
| European Equity Recovery | Euro Future Leaders | Class D Distribution shares | 0.91904799 |


#### Change in the name of sub-funds
With effective date January 13, 2021, the Board of Directors decided to rename the sub-funds “Total Return Euro High Yield” and “Euro Bond 3-5 Years”, respectively into “SRI Euro Premium High Yield” and “Euro Aggregate Bond”.
With effective date September 29, 2021, the Board of Directors decided to rename the sub-funds “Sustainable World Equity”, “Euro Corporate Short Term Bond” and “Euro Green & Sustainable Bond”, respectively into “SRI World Equity”, “SRI Euro Corporate Short Term Bond” and “SRI Euro Green & Sustainable Bond”.

#### As at December 31, 2021, twenty-one sub-funds were available to the investors:

#### Sub-funds name	Currency
- Equity Sub-fundsGENERALI INVESTMENTS SICAV - Central & Eastern European Equity (“Central & Eastern European Equity”)	EUR GENERALI INVESTMENTS SICAV - Euro Equity (“Euro Equity”)	EUR GENERALI INVESTMENTS SICAV - Euro Equity Controlled Volatility (“Euro Equity Controlled Volatility”)	EUR GENERALI INVESTMENTS SICAV - Euro Future Leaders (“Euro Future Leaders“)	EURGENERALI INVESTMENTS SICAV - SRI World Equity (“SRI World Equity”)	EURGENERALI INVESTMENTS SICAV - SRI Ageing Population (“SRI Ageing Population”)	EURGENERALI INVESTMENTS SICAV - SRI European Equity (“SRI European Equity”)	EUR
- 
#### Bond / Debt Sub-funds


#### GENERALI INVESTMENTS SICAV - Central & Eastern European Bond (“Central & Eastern European Bond”)	EUR GENERALI INVESTMENTS SICAV - Convertible Bond ("Convertible Bond")	EUR

#### GENERALI INVESTMENTS SICAV - Euro Bond (“Euro Bond”)	EUR

#### GENERALI INVESTMENTS SICAV - Euro Bond 1-3 Years (“Euro Bond 1-3 Years”)	EUR

#### GENERALI INVESTMENTS SICAV - Euro Aggregate Bond (“Euro Aggregate Bond”)	EUR
GENERALI INVESTMENTS SICAV - Euro Corporate Bond (“Euro Corporate Bond”)	EUR GENERALI INVESTMENTS SICAV - SRI Euro Corporate Short Term Bond (“SRI Euro Corporate Short Term Bond”)	EUR GENERALI INVESTMENTS SICAV - SRI Euro Green & Sustainable Bond (“SRI Euro Green & Sustainable Bond”)	EUR GENERALI INVESTMENTS SICAV - Euro Short Term Bond (“Euro Short Term Bond”)	EUR GENERALI INVESTMENTS SICAV - SRI Euro Premium High Yield (“SRI Euro Premium High Yield”)	EUR
- 
#### Absolute Return Sub-fund


#### GENERALI INVESTMENTS SICAV - Absolute Return Multi Strategies (“Absolute Return Multi Strategies”)	EUR
- 
#### Multi-Asset Sub-fund


#### GENERALI INVESTMENTS SICAV - Global Multi Asset Income (“Global Multi Asset Income”)	EUR
- 
#### Sub-funds dedicated to Generali Group


#### GENERALI INVESTMENTS SICAV - Global Income Opportunities (“Global Income Opportunities”)	EUR GENERALI INVESTMENTS SICAV - Income Partners Asian Debt Fund (“Income Partners Asian Debt Fund”)	EUR
The SICAV may issue different classes of shares (class A-B-C-D-E-G-R-Z), as determined by the Board of Directors of the SICAV, which may differ inter alia in their fee structure and distribution policy applying to them. These classes of shares are sub-divided into accumulation of income or distribution of income categories. Classes of shares A, B, C and G are reserved for institutional investors and classes of shares D and E for retail investors.

#### Class of shares A is reserved only for investments made by the Insurance Companies of Generali Group and also for other investors designated by the Board of Directors of the SICAV.
Class of shares G is reserved only for investments made by the institutional investors approved by the Board of Directors of the SICAV. Class of shares R is reserved to investors in certain jurisdictions and are either themselves or their appointed nominees registered holders of R shares.

#### Class of shares Z is reserved only for Investments made by the investment funds of Generali Group and also for other investors designated by the Board of Directors of the SICAV.
Classes of shares in currencies other than the base currency of a sub-fund are available for the sub-fund Global Income Opportunities. The hedged shares are covered largely by hedging financial instruments. The objective of the hedging of financial instruments is to cover the exchange-related risks between the currency of a sub-fund and the share’s currency. The shares hedged against currency risk are denominated with the letter “H”.

#### The investment policy of the SICAV is to invest in a range of diversified securities, conforming to the investment policy of each particular sub-fund, with the objective of long term capital growth.
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Translation (ENFR, 2021-12-31):
# Organisation
GENERALI INVESTMENTS SICAV (la « SICAV ») est une société d’investissement, reconnue comme « Société d’Investissement à Capital Variable » constituée le 14 mars 2002 pour une durée indéterminée conformément à la loi du 10 août 1915 relative aux sociétés commerciales, telle que modifiée, et conformément à la partie I de la loi luxembourgeoise modifiée du 17 décembre 2010 relative aux organismes de placement collectif. La SICAV est enregistrée au Registre de Commerce du Luxembourg sous le numéro B86432. Son siège est établi au 60, avenue J.F. Kennedy L - 1855 Luxembourg.
Generali Investments Luxembourg S.A., la « Société de gestion » société anonyme, ayant son siège social établi au 4, rue Jean Monnet L - 2180 Luxembourg a été désigné pour servir en tant que Société de gestion de la SICAV.
La Société de Gestion du Fonds a été désignée société de gestion régissant sous la directive UCITS de: APERTURE INVESTORS SICAV, GENERALI AKTIVMIX DYNAMIK PROTECT 80, GENERALI FONDSSTRATEGIE AKTIEN GLOBAL, GENERALI INVESTMENTS GLOBAL SOLUTIONS FUND, GENERALI KOMFORT, GENERALI MULTI PORTFOLIO SOLUTIONS SICAV, GENERALI SMART FUNDS, GP & G FUND, LUMYNA FUNDS, LUMYNA-MARSHALL WACE UCITS SICAV, MARSHALL WACE
UCITS FUNDS PLC, PLENISFER INVESTMENTS SICAV et VOBA FUND; ainsi que société de gestion régissant sous la directive AIFM de: ATHORA BELGIUM FCP-FIS, ATHORA BELGIUM REAL ESTATE FCP SIF, DIV TAUX, FENICE 190 GENERALI EUROPEAN PROGRAM FOR SUSTAINABLE ECONOMY, GENERALI CORE + FUND S.C.S. – FIS, GENERALI CORE HIGH STREET RETAIL FUND - RAIF, GENERALI DIVERSIFICATION, GENERALI EUROPE INCOME HOLDING S.A., GENERALI EUROPEAN CAPITAL STRUCTURE CREDIT FUND, GENERALI EUROPEAN REAL ESTATE INCOME INVESTMENTS GMBH & CO. GESCHLOSSENE INVESTMENTS KG, GENERALI EXKLUSIV FONDS S.A. SICAV-RAIF, GENERALI K-EUROPE INVESTMENT RAIF, GENERALI MULTI ALTERNATIVE ASSETS, GENERALI MULTI MANAGER SOLUTIONS UMBRELLA, GENERALI PRIVATE CREDIT S.C.SP - RAIF, GENERALI REAL ESTATE ASSET REPOSITIONNING S.A., GENERALI REAL ESTATE DEBT INVESTMENT FUND, GENERALI REAL ESTATE LIVING INVESTMENT FUND, GENERALI REAL ESTATE LOGISTICS FUND SICAV-SIF, GENERALI REAL ESTATE MULTI-MANAGER ASIA FUND S.C.SP - RAIF, GENERALI SHOPPING CENTRE FUND S.C.S. SICAV-SIF, GENERALI SPECIAL SITUATIONS FUND S.C.SP, GIP PRIVATE DEBT FUND-OF-FUNDS LUX FCP-RAIF, GIP PRIVATE DEBT FUND OF FUNDS III FCP-RAIF, LUMYNA SPECIALIST FUNDS et RETAIL ONE FUND..

#### Fusion de compartiment

#### Un compartiment a fusionné durant l’exercice se terminant le 31 décembre 2021:
Avec effet au 29 Janvier 2021, le compartiment GENERALI INVESTMENTS SICAV - European Equity Recovery a fusionné dans le compartiment GENERALI INVESTMENTS SICAV - Euro Future Leaders avec les ratios suivants :
| Compartiment absorbé | Compartiment recevant | Classe | Ratio de fusion |
| --- | --- | --- | --- |
| European Equity Recovery | Euro Future Leaders | Classe B Capitalisation | 0,48550086 |
| European Equity Recovery | Euro Future Leaders | Classe D Capitalisation | 0,61373646 |
| European Equity Recovery | Euro Future Leaders | Classe E Capitalisation | 0,63106571 |
| European Equity Recovery | Euro Future Leaders | Classe R Capitalisation | 0,84152000 |
| European Equity Recovery | Euro Future Leaders | Classe Z Capitalisation | 0,96869000 |
| European Equity Recovery | Euro Future Leaders | Classe A Distribution | 0,68126262 |
| European Equity Recovery | Euro Future Leaders | Classe D Distribution | 0,91904799 |


#### Changement de nom de compartiment

#### Avec effet au 13 Janvier 2021, le Conseil d’Administration a décidé de renommer le compartiment GENERALI INVESTMENTS SICAV

#### - Total Return Euro High Yield et GENERALI INVESTMENTS SICAV - Euro Bond 3-5 Years, respectivement en «SRI Euro Premium High Yield». et «Euro Aggreage Bond».
Avec effet au 29 Septembre 2021, le Conseil d’Administration a décidé de renommer le compartiment GENERALI INVESTMENTS SICAV - « Sutainable World Equity », « Euro Corporate Short Term Bond » et « Euro Green & Sustainable Bond », respectivement en ‘ « SRI World Equity », « SRI Euro Corporate Short Term Bond » et « SRI Euro Green & Sustainable Bond».

#### Au 31 décembre 2021, vingt-et-un compartiments étaient à la disposition des investisseurs :
| Nom des compartiments | Devise |
| --- | --- |
| 1. Compartiments actions |  |
| GENERALI INVESTMENTS SICAV - Central & Eastern European Equity (« Central & Eastern European Equity ») | EUR |
| GENERALI INVESTMENTS SICAV - Euro Equity (« Euro Equity ») | EUR |
| GENERALI INVESTMENTS SICAV - Euro Equity Controlled Volatility (« Euro Equity Controlled Volatility ») | EUR |
| GENERALI INVESTMENTS SICAV - Euro Future Leaders (« Euro Future Leaders ») | EUR |
| GENERALI INVESTMENTS SICAV - SRI World Equity (« SRI World Equity ») | EUR |
| GENERALI INVESTMENTS SICAV - SRI Ageing Population (« SRI Ageing Population ») | EUR |
| GENERALI INVESTMENTS SICAV - SRI European Equity (« SRI European Equity ») | EUR |

| 2. Compartiments d’obligations/ de créances |  |
| --- | --- |
| GENERALI INVESTMENTS SICAV - Central & Eastern European Bond (« Central & Eastern European Bond ») | EUR |
| GENERALI INVESTMENTS SICAV - Convertible Bond (« Convertible Bond ») | EUR |
| GENERALI INVESTMENTS SICAV - Euro Bond (« Euro Bond ») | EUR |
| GENERALI INVESTMENTS SICAV - Euro Bond 1-3 Years (« Euro Bond 1-3 Years ») | EUR |
| GENERALI INVESTMENTS SICAV - Euro Aggregate Bond (« Euro Aggregate Bond ») | EUR |
| GENERALI INVESTMENTS SICAV - Euro Corporate Bond (« Euro Corporate Bond ») | EUR |
| GENERALI INVESTMENTS SICAV - SRI Euro Corporate Short Term Bond (« SRI Euro Corporate Short Term Bond ») | EUR |
| GENERALI INVESTMENTS SICAV - SRI Euro Green & Sustainable Bond (« SRI Euro Green & Sustainable Bond ») | EUR |
| GENERALI INVESTMENTS SICAV - Euro Short Term Bond (« Euro Short Term Bond ») | EUR |
| GENERALI INVESTMENTS SICAV - SRI Euro Premium High Yield (« SRI Euro Premium High Yield ») | EUR |

| 3. Compartiments à rendement absolu |  |
| --- | --- |
| GENERALI INVESTMENTS SICAV - Absolute Return Multi Strategies (« Absolute Return Multi Strategies ») | EUR |

| 4. Compartiment diversifé |  |
| --- | --- |
| GENERALI INVESTMENTS SICAV - Global Multi Asset Income (« Global Multi Asset Income ») | EUR |

| 5. Compartiments réservés au Groupe Generali |  |
| --- | --- |
| GENERALI INVESTMENTS SICAV - Global Income Opportunities (« Global Income Opportunities ») | EUR |
| GENERALI INVESTMENTS SICAV - Income Partners Asian Debt Fund (« Income Partners Asian Debt Fund ») | EUR |

La SICAV peut émettre différentes classes d’actions (A-B-C-D-E-G-R-Z), tel que décidé par le Conseil d’Administration de la SICAV, dont la structure tarifaire et la politique de distribution peuvent être différentes d’une classe à l’autre. Ces classes d’actions sont divisées en actions de distribution et actions de capitalisation. Les Classes d’actions A, B, C et G sont réservées aux investisseurs institutionnels et les classes d’actions D et E aux investisseurs privés.
La classe d’actions A est uniquement réservée aux investissements réalisés par les compagnies d’assurance du groupe Generali et aux autres investisseurs désignés par le Conseil d’Administration de la SICAV.

#### La classe d’actions G est uniquement réservée aux investisseurs institutionnels approuvés par le Conseil d’Administration de la SICAV.

#### La classe d’actions R est réservée aux investisseurs de certaines juridictions qui sont, eux-mêmes ou leurs représentants nommés, détenteurs inscrits des actions R.
La classe d’actions Z est uniquement réservée aux investissements réalisés par les fonds d’investissement du groupe Generali et aux autres investisseurs désignés par le Conseil d’administration de la SICAV.
Les classes d’actions libellées dans d’autres devises que la devise de base d’un compartiment sont disponibles pour le compartiment Global Income Opportunities. Les parts sont largement couvertes par des instruments financiers. L’objectif des instruments financiers de couvertures est de couvrir les risques relatifs au change entre la devise d’un compartiment et celle de la part. La dénominat ion des actions couvertes contre le risque de devise comporte la lettre « H ».
La politique d’investissement de la SICAV consiste à investir dans une gamme variée de valeurs mobilières, conformément à la politique d’investissement de chaque compartiment et à l’objectif de croissance à long terme du capital.
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