GENERALI INVESTMENTS GLOBAL SOLUTIONS FUND Unaudited semi-annual report as at RCS Luxembourg N K1183

Transcription

1 GENERALI INVESTMENTS GLOBAL SOLUTIONS FUND Unaudited semi-annual report as at RCS Luxembourg N K1183

2 GENERALI INVESTMENTS GLOBAL Unaudited semi-annual report as at SOLUTIONS FUND Contents 3 Management and Administration 3 Board of Directors of the Management Company 22 General Information Obiettivo Rendimento 4 Statement of Net Assets 6 Statement of Operations and Changes in Net Assets 8 Key Figures and Changes in number of units Portfolio Obiettivo Rendimento Emerging 4 Statement of Net Assets 6 Statement of Operations and Changes in Net Assets 8 Key Figures and Changes in number of units Portfolio Obiettivo Cedola Obiettivo Cedola II 4 Statement of Net Assets 6 Statement of Operations and Changes in Net Assets 9 Key Figures and Changes in number of units Portfolio Bridge Statement of Net Assets 7 Statement of Operations and Changes in Net Assets 9-10 Key Figures and Changes in number of units Portfolio Bridge Statement of Net Assets 7 Statement of Operations and Changes in Net Assets 10 Key Figures and Changes in number of units 21 Portfolio 4 Statement of Net Assets 6 Statement of Operations and Changes in Net Assets 8-9 Key Figures and Changes in number of units Portfolio 2

3 Management and Administration Management and Administration Investment Manager Generali Investments Europe S.p.A. Società di Gestione del Risparmio Via Machiavelli, 4 I Trieste Management Company Generali Investments Luxembourg S.A. 4, rue Jean Monnet L Luxembourg Custodian and Paying Agent BNP Paribas Securities Services 60, avenue J.F Kennedy L Luxembourg Central Administration, Registrar and Transfer Agent BNP Paribas Securities Services 60, avenue J.F Kennedy L Luxembourg Legal Advisor Arendt & Medernach S.A. 41 A, avenue J.F. Kennedy L Luxembourg Réviseur d entreprises agréé Ernst & Young S.A. 35 E, avenue J.F. Kennedy L Luxembourg Board of Directors of the Management Company Chairman Mr Santo Borsellino Chief Executive Officer Generali Investments Europe S.p.A. Società di gestione del risparmio Via Machiavelli, 4 I Trieste Directors Mr Pierre Bouchoms General Manager Generali Investments Luxembourg S.A 4, rue Jean Monnet L Luxembourg Mr Dominique Clair Chief Executive Officer Generali Investments Holding S.p.A. Via Machiavelli, 4 I Trieste Mrs Sophie Mosnier Independent Director 45, rue de la Forêt L-1534 Luxembourg (since April 6, 2017) Mr Geoffroy Linard de Guertechin Independent Director 2, rue Jean-Pierre Beicht L-1226 Luxembourg (since April 6, 2017) Mr Thierry Martin Legal Representative Generali Investments Europe S.p.A Società di Gestione del Risparmio - French Branch 2, rue Pillet-Will F Paris CEDEX 09 (until April 6, 2017) Mr Andreas Hoffmann Chief Investment Officer EMEA Assicurazioni Generali Corso Italia, 6 I Milan (until April 6, 2017) 3

4 GENERALI INVESTMENTS GLOBAL SOLUTIONS FUND Unaudited semi-annual report as at Statement of Net Assets as at Statement of Net Assets Combined Obiettivo Rendimento Obiettivo Rendimento Emerging Obiettivo Cedola Obiettivo Cedola II Assets 391,370, Securities portfolio at market value 328,383, ,554, ,294, ,781, ,822, ,473, ,523, ,609, ,084, Cost price 326,799, Unrealised profit/(loss) on the securities 1,584, portfolio Cash at bank 11,881, ,561, (2,266,753.98) 957, ,724, (902,180.91) 4,696, ,958, , ,420, ,985, ,098, ,267, Interest receivable 5,692, ,365, , ,493, ,114, Formation expenses 26, , , , Brokers receivable 40,428, ,606, ,258, ,564, Placement fees 4,839, Net unrealised appreciation on forward foreign 3, exchange contracts Net unrealised appreciation on financial futures 115, ,262, , , , , ,467, ,142, Liabilities 41,621, Bank overdrafts 1,526, ,968, , ,222, ,00 10,771, ,00 289, Interest payable 3, Brokers payable 39,067, ,092, ,477, ,156, , Redemptions payable 481, , , , , Accrued management fees 406, , , , , Accrued custody and administrative fees 27, , , , , Other liabilities 107, , , , , Net asset value 349,749, ,586, ,558, ,702, ,320,

5 Statement of Net Assets as at Statement of Net Assets as at Statement of Net Assets Bridge 2021 Bridge Assets 50,531, Securities portfolio at market value 46,080, Cost price 44,577, Unrealised profit/(loss) on the securities 1,502, portfolio Cash at bank 3,286, Interest receivable 909, Formation expenses Brokers receivable Placement fees 254, Net unrealised appreciation on forward foreign exchange contracts Net unrealised appreciation on financial futures Liabilities 287, Bank overdrafts Interest payable Brokers payable 170, Redemptions payable Accrued management fees 96, Accrued custody and administrative fees 3, Other liabilities 14, Net asset value 50,244, ,419, ,578, ,992, , , , , , , , , , ,337,

6 GENERALI INVESTMENTS GLOBAL SOLUTIONS FUND Unaudited semi-annual report as at Statement of Operations and Changes in Net Assets for the period from to Statement of Operations and Changes in Net Assets Combined Obiettivo Rendimento Obiettivo Rendimento Emerging Obiettivo Cedola Obiettivo Cedola II Income 7,517, ,054, , ,864, ,324, Net interest on bonds 7,410, ,012, , ,834, ,307, Bank interest on cash account 1, , Securities lending income 2, Other financial income 103, , , , , Expenses 1,917, , , , , Management fees 812, , , , , Taxe d'abonnement 85, , , , , Administrative fees 77, , , , , Professional and legal fees 109, , , , , Amortisation of formation expenses 2, , Bank interest on overdrafts 11, , , , Transaction costs 1, Amortisation of placement fees 733, , , , , Other expenses 81, , , , , Net income/(loss) from investments 5,600, ,565, , ,411, , Net realised profit / loss on: - sales of securities (136,946.18) 69, (206,484.66) (106,213.21) 179, forward foreign exchange contracts 2,276, , , , financial futures 20, , , foreign exchange 248, , , , Net realised profit/(loss) 8,009, Movement in net unrealised appreciation / depreciation on: - securities 1,035, ,389, , ,418, (757,810.18) 2,027, , ,163, , forward foreign exchange contracts (146,559.79) (50,684.09) (95,875.70) - financial futures 115, , , Increase/(decrease) in net assets as a result of operations 9,014, ,477, , ,300, ,903, Dividends paid (4,050,800.59) (1,682,179.64) (1,364,043.50) Redemption accumulation units (1,413,329.32) Redemption distribution units (6,066,489.39) (2,951,909.66) (495,353.02) (1,495,982.88) (733,765.66) Increase/(decrease) in net assets (2,515,986.27) (2,156,561.00) 137, ,69 (193,972.67) Net assets at the begining of the period 352,265, ,742, ,421, ,897, ,514, Net assets at the end of the period 349,749, ,586, ,558, ,702, ,320,

7 Statement of Operations and Changes in Net Assets for the period from to Statement of Operations and Changes in Net Assets for the period from to Statement of Operations and Changes in Net Assets Bridge 2021 Bridge Income 1,085, Net interest on bonds 1,081, Bank interest on cash account Securities lending income Other financial income 3, Expenses 296, Management fees 195, Taxe d'abonnement 10, Administrative fees 11, Professional and legal fees 29, Amortisation of formation expenses Bank interest on overdrafts 1, Transaction costs Amortisation of placement fees 33, Other expenses 14, Net income/(loss) from investments 789, Net realised profit / loss on: - sales of securities 402, forward foreign exchange contracts - financial futures - foreign exchange Net realised profit/(loss) 1,191, Movement in net unrealised appreciation / depreciation on: - securities 360, forward foreign exchange contracts - financial futures Increase/(decrease) in net assets as a result of operations 1,552, Dividends paid (1,004,577.45) Redemption accumulation units (1,413,329.32) Redemption distribution units (257,454.26) Increase/(decrease) in net assets (1,123,195.00) Net assets at the begining of the period 51,367, Net assets at the end of the period 50,244, , , , , , , , , , , , , (476,155.00) (181,134.34) 328, , (132,023.91) 15, ,321, ,337,

8 GENERALI INVESTMENTS GLOBAL SOLUTIONS FUND Unaudited semi-annual report as at Key Figures and Changes in number of units Obiettivo Rendimento Period ending as at: Total Net Assets 93,586, ,742, ,361, Class R Distribution units Number of units 913, , , Net asset value per units Dividend per unit units outstanding as at Units issued Units redeemed Units outstanding as at Class R Distribution units 942, , , Obiettivo Rendimento Emerging Period ending as at: Total Net Assets 32,558, ,421, ,599, Class R Distribution units Number of units 317, , , Net asset value per units Dividend per unit 1.90 units outstanding as at Units issued Units redeemed Units outstanding as at Class R Distribution units 322, , , Obiettivo Cedola Period ending as at: Total Net Assets 85,702, ,897, ,444, Class R Distribution units Number of units 823, , , Net asset value per units Dividend per unit

9 Key Figures and Changes in number of units units outstanding as at Units issued Units redeemed Units outstanding as at Class R Distribution units 838, , , Obiettivo Cedola II Period ending as at: Total Net Assets 62,320, ,514, Class R Distribution units Number of units 590, , Net asset value per units Dividend per unit 2.30 units outstanding as at Units issued Units redeemed Units outstanding as at Class R Distribution units 597, , , Bridge 2021 Period ending as at: Total Net Assets 50,244, ,367, Class RD Distribution units Number of units 110, , Net asset value per units Dividend per unit 2.20 Class RD2 Distribution units Number of units 224, , Net asset value per units Dividend per unit 2.20 Class RA2 Accumulation units Number of units 45, , Net asset value per units Class ID Distribution units Number of units 94, , Net asset value per units Dividend per unit 2.80 units outstanding as at Units issued Units redeemed Units outstanding as at Class RD Accumulation units 111, ,

10 GENERALI INVESTMENTS GLOBAL SOLUTIONS FUND Unaudited semi-annual report as at units outstanding as at Units issued Units redeemed Units outstanding as at Class RD2 Distribution units 225, , , Class RA2 Accumulation units 58, , , Class ID Distribution units 94, , Bridge Period ending as at: Total Net Assets 25,337, ,321, Class RD Distribution units Number of units 73, , Net asset value per units Dividend per unit Class RD2 Distribution units Number of units 172, , Net asset value per units Class RA2 Accumulation units Number of units 3, , Net asset value per units units outstanding as at Units issued Units redeemed Units outstanding as at Class RD Distribution units 73, , Class RD2 Distribution units 173, , Class RA2 Accumulation units 3, ,

11 Portfolio Portfolio Obiettivo Rendimento Statement of Investments as at Description Currency Quantity Market value in % of NAV Transferable securities admitted to an official exchange listing and/or dealt in on another regulated market Bonds France AXA SA 10-16/04/2040 FRN 3,050,000 3,419, VEOLIA ENVRNMT 13-29/01/2049 FRN 2,700,000 2,783, ENGIE 13-29/07/2049 FRN 2,000,000 2,247, SOLVAY FIN 13-29/05/2049 FRN 2,070,000 2,194, ELEC DE FRANCE 13-29/12/2049 FRN 2,000,000 2,127, ARKEMA 14-29/10/2049 FRN 1,900,000 2,064, ORANGE 14-28/02/2049 FRN 1,740,000 1,871, CNP ASSURANCES 10-14/09/2040 FRN 800, , ,633, The Netherlands UPC HOLDING BV 6.375% 12-15/09/2022 2,700,000 2,820, DEUTSCHE ANN FIN 14-29/12/2049 FRN 2,200,000 2,374, KPN NV 13-29/03/2049 FRN 2,130,000 2,266, ALLIANZ FINANCE 11-08/07/2041 FRN 1,700,000 2,006, TELEFONICA OP 14-31/03/2049 FRN 1,700,000 1,846, VOLKSWAGEN INTFN 14-29/03/2049 FRN 1,570,000 1,660, ,976, United Kingdom NGG FINANCE 13-18/06/2076 FRN 2,420,000 2,620, ROYAL BK SCOTLND 14-25/03/2024 FRN 2,350,000 2,437, ICAP GR HLD PLC 3.125% 14-06/03/2019 1,410,000 1,476, VIRGIN MEDIA FIN 4.5% 15-15/01/2025 1,200,000 1,253, BARCLAYS BK PLC 6% 10-14/01/2021 1,000,000 1,167, BOPARAN FINANCE 4.375% 14-15/07/ , , SSE PLC 15-29/12/2049 FRN 700, , STANDARD CHART 13-21/10/2025 FRN 600, , ,282, United States of America AT&T INC 4.45% 11-15/05/2021 USD 2,320,000 2,164, JEFFERIES GROUP 2.375% 14-20/05/2020 2,050,000 2,158, TIME WARNER CABL 4% 11-01/09/2021 USD 2,340,000 2,146, GOLDMAN SACHS GP 5.25% 11-27/07/2021 USD 2,160,000 2,077, HEWLETT-PACK CO 4.3% 11-01/06/2021 USD 2,120,000 1,974, ,521, Italy UNICREDIT SPA 6.7% 08-05/06/2018 2,790,000 2,950, INTESA SANPAOLO 6.625% 08-08/05/2018 2,800,000 2,946, TELECOM ITALIA 4% 12-21/01/2020 1,990,000 2,173, ENEL SPA 14-15/01/2075 FRN 2,000,000 2,173, ,243, Luxembourg WIND ACQ 7% 14-23/04/2021 2,450,000 2,557, FIAT FIN & TRADE 6.75% 13-14/10/2019 1,750,000 1,969, CNH IND FIN 2.875% 14-27/09/2021 1,800,000 1,944, EDREAMS ODIGEO S 8.5% 16-01/08/ , , ARCELORMITTAL 2.875% 14-06/07/ , , ,201, Germany MUNICH RE 11-26/05/2041 FRN 2,000,000 2,387, UNITYMEDIA 5.125% 13-21/01/2023 2,680,000 2,045, PRESTIGEBIDCO 6.25% 16-15/12/ , , BAYER AG 14-01/07/2075 FRN 500, , ,955, Jersey HSBC BANK FUND 04-29/04/2049 FRN GBP 3,080,000 3,877, ,877, Spain BBVA SUB CAP UNI 14-11/04/2024 FRN 2,500,000 2,629, >>> 11

12 GENERALI INVESTMENTS GLOBAL SOLUTIONS FUND Unaudited semi-annual report as at Statement of Investments as at Description Currency Quantity Market value in % of NAV CAMPOFRIO FOOD 3.375% 15-15/03/2022 1,500,000 1,239, ,868, Belgium ARGENTA SPBNK 3.875% 16-24/05/2026 2,000,000 2,162, ,162, Japan SOFTBANK GROUP CORP 4.625% 13-15/04/2020 1,940,000 2,137, ,137, Denmark TDC 15-26/02/3015 FRN 1,390,000 1,433, ,433, Total Bonds 90,294, Total Transferable securities admitted to an official exchange listing and/or dealt in on another regulated market 90,294, Derivative instruments Futures Name Currency Commitment in Quantity Unrealized profit or (loss) in % of NAV O FX CURR FUT (CME) 18/09/2017 USD 8,162, , , Total Futures 47, Forward foreign exchange contracts To pay To receive Maturity Commitment Unrealized profit or % of NAV (loss) in 3,489, ,071,000 GBP 29/09/17 3,489, , , Total Forward foreign exchange contracts 3, Total financial derivative instruments 51, Total portfolio 90,346, >>

13 Portfolio Obiettivo Rendimento Emerging Statement of Investments as at Description Currency Quantity Market value in % of NAV Transferable securities admitted to an official exchange listing and/or dealt in on another regulated market Bonds United States of America FRESENIUS MED 5.625% 12-31/07/2019 USD 1,380,000 1,278, GOLDMAN SACHS GP 6% 10-15/06/2020 USD 1,310,000 1,263, MORGAN STANLEY 5.75% 11-25/01/2021 USD 1,030, , BANK OF AMER CRP 5.875% 10-05/01/2021 USD 850, , CEMEX FINANCE 9.375% 12-12/10/2022 USD 870, , HEWLETT-PACK CO 3.75% 10-01/12/2020 USD 186, , ,352, France ORANGE 14-28/02/2049 FRN 1,100,000 1,182, CREDIT LOGEMENT 06-29/03/2049 SR 1,200, , AXA SA 5.5% 13-29/07/2049 USD 950, , CNP ASSURANCES 10-14/09/2040 FRN 500, , ELEC DE FRANCE 13-29/12/2049 FRN 500, , ,131, United Kingdom BRIT SKY BROADCA 9.5% 08-15/11/2018 USD 1,250,000 1,200, BOPARAN FINANCE 4.375% 14-15/07/ , , STANDARD CHART 13-21/10/2025 FRN 560, , NGG FINANCE 13-18/06/2076 FRN 300, , ,775, Luxembourg WIND ACQ 7% 14-23/04/ , , HANNOVER FINANCE 10-14/09/2040 FRN 600, , EDREAMS ODIGEO S 8.5% 16-01/08/ , , ,131, Germany UNITYMEDIA 5.125% 13-21/01/2023 1,170, , PRESTIGEBIDCO 6.25% 16-15/12/ , , BAYER AG 14-01/07/2075 FRN 500, , ,078, The Netherlands UPC HOLDING BV 6.375% 12-15/09/2022 1,240,000 1,295, BHARTI AIRTEL IN 3.375% 14-20/05/ , , ,979, Hong Kong BRIGHT FOOD HK 3% 13-21/05/2018 USD 1,550,000 1,359, ,359, Mexico AMERICA MOVIL SA 13-06/09/2073 FRN 910, , PETROLEOS MEXICA 3.125% 13-27/11/ , , ,275, Guernsey CRED SUIS GP FUN 2.75% 16-26/03/2020 USD 1,410,000 1,244, ,244, Cayman Islands HUTCHISON 13-29/05/2049 FRN 980,000 1,003, ,003, Italy SNAM 3.5% 12-13/02/ , , BANCO POPOLARE 6% 10-05/11/ , , , India ICICI BANK LTD 5.75% 10-16/11/2020 USD 970, , , Spain TELEFONICA EMIS 5.462% 11-16/02/2021 USD 960, , , Belgium ARGENTA SPBNK 3.875% 16-24/05/ , , , Total Bonds 26,822, Total Transferable securities admitted to an official exchange listing and/or dealt in on another regulated 26,822, market >>> 13

14 GENERALI INVESTMENTS GLOBAL SOLUTIONS FUND Unaudited semi-annual report as at Financial derivative instruments as at Derivative instruments Futures Name Currency Commitment in Quantity Unrealized profit or (loss) in % of NAV O FX CURR FUT (CME) 18/09/2017 USD 11,553, , , Total Futures 67, Total financial derivative instruments 67, Total portfolio 26,890, >>

15 Portfolio Obiettivo Cedola Statement of Investments as at Description Currency Quantity Market value in % of NAV Transferable securities admitted to an official exchange listing and/or dealt in on another regulated market Bonds France CREDIT LOGEMENT 06-29/03/2049 SR 3,500,000 2,867, ELEC DE FRANCE 13-29/12/2049 FRN 2,500,000 2,659, TOTAL SA 15-29/12/2049 FRN 2,500,000 2,535, SOLVAY FIN 13-29/05/2049 FRN 2,350,000 2,491, NUMERICABLE 5.375% 14-15/05/2022 2,010,000 2,099, ARKEMA 14-29/10/2049 FRN 1,900,000 2,064, BPCE 09-29/09/2049 FRN 1,610,000 2,036, ORANGE 14-29/10/2049 FRN 1,770,000 1,926, CNP ASSURANCES 10-14/09/2040 FRN 700, , BANQ FED CRD MUT 04-29/12/2049 FRN 209, , ,660, The Netherlands UPC HOLDING BV 6.75% 13-15/03/2023 3,230,000 3,456, RABOBANK 09-29/12/2049 FRN USD 2,380,000 2,427, ENECO HOLDING NV 14-29/12/2049 FRN 1,800,000 1,900, GAS NAT FENOSA F 14-29/11/2049 FRN 1,600,000 1,731, REPSOL INTL FIN 15-29/12/2049 FRN 1,000,000 1,044, NE PROPERTY COOP 3.75% 15-26/02/ , , OI OPEAN GRP 6.75% 10-15/09/ , , ,678, Luxembourg WIND ACQ 4% 14-15/07/2020 2,790,000 2,821, CNH IND FIN 2.875% 14-27/09/2021 1,920,000 2,073, FIAT FIN & TRADE 4.75% 14-22/03/2021 1,840,000 2,031, WIND ACQ 7% 14-23/04/2021 1,800,000 1,878, EDREAMS ODIGEO S 8.5% 16-01/08/2021 1,000,000 1,091, ,897, United States of America DAIMLER FINANCE 3.875% 11-15/09/2021 USD 2,630,000 2,428, JEFFERIES GROUP 2.375% 14-20/05/2020 1,400,000 1,474, TENET HEALTHCARE 15-15/06/2020 USD 1,500,000 1,325, AVIS BUDGET CAR 5.125% 14-01/06/2022 USD 1,500,000 1,299, ,527, United Kingdom NGG FINANCE 13-18/06/2076 FRN 1,900,000 2,057, BARCLAYS BK PLC 6% 10-14/01/2021 1,000,000 1,167, CENTRICA PLC 15-10/04/2076 FRN 1,000,000 1,027, BOPARAN FINANCE 4.375% 14-15/07/2021 1,000, , SSE PLC 15-29/12/2049 FRN 656, , STANDARD CHART 13-21/10/2025 FRN 500, , ,436, Germany UNITYMEDIA 5.625% 13-15/04/2023 3,220,000 2,389, BAYER AG 14-01/07/2075 FRN 1,980,000 2,071, PRESTIGEBIDCO 6.25% 16-15/12/2023 1,000,000 1,086, ,547, Italy INTESA SANPAOLO 09-29/10/2049 FRN 2,050,000 2,334, ENEL SPA 14-15/01/2075 FRN 2,090,000 2,270, BANCO POPOLARE 3.5% 14-14/03/ , , ,384, Denmark DONG A/S 13-08/07/3013 FRN 3,010,000 3,144, AP MOELLER 1.75% 16-18/03/ , , ,249, Cayman Islands HUTCHISON 13-29/05/2049 FRN 3,140,000 3,215, ,215, Australia BHP BILLITON FIN 15-22/04/2076 FRN 2,000,000 2,207, ORIGIN ENER FIN 3.5% 13-04/10/ , , ,564, >>> 15

16 GENERALI INVESTMENTS GLOBAL SOLUTIONS FUND Unaudited semi-annual report as at Statement of Investments as at Description Currency Quantity Market value in % of NAV Sweden NORDEA BANK AB 4.875% 11-13/05/2021 USD 2,610,000 2,457, ,457, Mexico PETROLEOS MEXICA 3.125% 13-27/11/2020 2,050,000 2,161, ,161, Belgium ARGENTA SPBNK 3.875% 16-24/05/2026 1,000,000 1,081, KBC GROEP NV 14-29/03/2049 FRN 750, , ,856, Switzerland UBS AG 14-12/02/2026 FRN 800, , , Total Bonds 81,523, Total Transferable securities admitted to an official exchange listing and/or dealt in on another regulated market 81,523, Total portfolio 81,523, >>

17 Portfolio Obiettivo Cedola II Statement of Investments as at Description Currency Quantity Market value in % of NAV Transferable securities admitted to an official exchange listing and/or dealt in on another regulated market Bonds France ENGIE 13-29/07/2049 FRN 2,600,000 2,922, AXA SA 10-16/04/2040 FRN 2,600,000 2,915, CNP ASSURANCES 10-14/09/2040 FRN 2,300,000 2,658, REXEL SA 3.25% 15-15/06/2022 1,460,000 1,518, HORIZON HOLD III 5.125% 15-01/08/2022 1,110,000 1,175, SOCIETE GENERALE 09-29/09/2049 FRN 950,000 1,121, ELEC DE FRANCE 13-29/12/2049 FRN 400, , BANQ FED CRD MUT 04-29/12/2049 FRN 209, , ,907, The Netherlands ALLIANZ FINANCE 11-08/07/2041 FRN 2,000,000 2,361, ZIGGO SECURED FI 3.75% 15-15/01/2025 1,500,000 1,569, TELEFONICA OP 13-29/09/2049 FRN 1,300,000 1,560, ABN AMRO BANK NV 6.375% 11-27/04/2021 1,240,000 1,506, REPSOL INTL FIN 15-29/12/2049 FRN 1,050,000 1,096, ,093, Luxembourg TALANX FINANZ 12-15/06/2042 FRN 1,800,000 2,366, ARCELORMITTAL 2.875% 14-06/07/2020 1,940,000 2,074, CIRSA FUNDING LX 5.875% 15-15/05/2023 1,180,000 1,240, FIAT FIN & TRADE 4.75% 14-22/03/2021 1,110,000 1,225, ,906, United Kingdom BARCLAYS BK PLC 6% 10-14/01/2021 1,800,000 2,102, NGG FINANCE 13-18/06/2076 FRN 1,920,000 2,079, CENTRICA PLC 15-10/04/2076 FRN 700, , ,900, Germany BAYER AG 14-01/07/2075 FRN 2,260,000 2,364, COMMERZBANK AG 7.75% 11-16/03/2021 1,000,000 1,226, UNITYMEDIA 5.75% 12-15/01/2023 1,360,000 1,044, ,635, Italy ENEL SPA 14-15/01/2075 FRN 1,390,000 1,510, BANCO POPOLARE 3.5% 14-14/03/2019 1,440,000 1,495, INTESA SANPAOLO 16-29/12/2049 FRN 780, , ,830, Australia ORIGIN ENER FIN 2.5% 13-23/10/2020 2,090,000 2,224, BHP BILLITON FIN 15-22/04/2076 FRN 1,200,000 1,324, ,549, Switzerland UBS AG 14-12/02/2026 FRN 2,530,000 2,797, ,797, India ONGC VIDESH LTD 2.75% 14-15/07/2021 1,980,000 2,107, ,107, Spain BBVA SUB CAP UNI 14-11/04/2024 FRN 2,000,000 2,103, ,103, Denmark AP MOELLER 1.75% 16-18/03/2021 1,910,000 1,992, ,992, Belgium KBC GROEP NV 14-29/03/2049 FRN 1,530,000 1,582, ,582, Cayman Islands UPCB FINANCE IV 4% 15-15/01/2027 1,500,000 1,569, ,569, United States of America JEFFERIES GROUP 2.375% 14-20/05/2020 1,100,000 1,158, ,158, >>> 17

18 GENERALI INVESTMENTS GLOBAL SOLUTIONS FUND Unaudited semi-annual report as at Statement of Investments as at Description Currency Quantity Market value in % of NAV Mexico PETROLEOS MEXICA 3.125% 13-27/11/ , , , Total Bonds 59,084, Total Transferable securities admitted to an official exchange listing and/or dealt in on another regulated market 59,084, Total portfolio 59,084, >>

19 Portfolio Bridge 2021 Statement of Investments as at Description Currency Quantity Market value in % of NAV Transferable securities admitted to an official exchange listing and/or dealt in on another regulated market Bonds France ENGIE 13-29/07/2049 FRN 2,200,000 2,472, AXA SA 10-16/04/2040 FRN 2,100,000 2,354, CNP ASSURANCES 10-14/09/2040 FRN 1,900,000 2,195, REXEL SA 3.25% 15-15/06/2022 1,210,000 1,258, HORIZON HOLD III 5.125% 15-01/08/ , , SOCIETE GENERALE 09-29/09/2049 FRN 800, , ELEC DE FRANCE 13-29/12/2049 FRN 400, , BANQ FED CRD MUT 04-29/12/2049 FRN 209, , ,797, The Netherlands ALLIANZ FINANCE 11-08/07/2041 FRN 1,600,000 1,888, ABN AMRO BANK NV 6.375% 11-27/04/2021 1,380,000 1,676, TELEFONICA OP 13-29/09/2049 FRN 1,100,000 1,320, ZIGGO SECURED FI 3.75% 15-15/01/2025 1,240,000 1,297, REPSOL INTL FIN 15-29/12/2049 FRN 750, , ,966, Luxembourg TALANX FINANZ 12-15/06/2042 FRN 1,500,000 1,971, ARCELORMITTAL 2.875% 14-06/07/2020 1,690,000 1,807, CIRSA FUNDING LX 5.875% 15-15/05/ ,000 1,030, FIAT FIN & TRADE 4.75% 14-22/03/ ,000 1,015, ,825, United Kingdom BARCLAYS BK PLC 6% 10-14/01/2021 1,490,000 1,740, NGG FINANCE 13-18/06/2076 FRN 1,590,000 1,721, CENTRICA PLC 15-10/04/2076 FRN 500, , ,975, Germany BAYER AG 14-01/07/2075 FRN 1,870,000 1,956, COMMERZBANK AG 7.75% 11-16/03/ , , UNITYMEDIA 5.75% 12-15/01/2023 1,130, , ,805, Italy ENEL SPA 14-15/01/2075 FRN 1,150,000 1,249, BANCO POPOLARE 3.5% 14-14/03/2019 1,190,000 1,236, INTESA SANPAOLO 16-29/12/2049 FRN 645, , ,167, Switzerland UBS AG 14-12/02/2026 FRN 2,100,000 2,321, ,321, Spain BBVA SUB CAP UNI 14-11/04/2024 FRN 1,700,000 1,787, ,787, Australia BHP BILLITON FIN 15-22/04/2076 FRN 900, , ORIGIN ENER FIN 2.5% 13-23/10/ , , ,770, India ONGC VIDESH LTD 2.75% 14-15/07/2021 1,640,000 1,745, ,745, Denmark AP MOELLER 1.75% 16-18/03/2021 1,660,000 1,731, ,731, Cayman Islands UPCB FINANCE IV 4% 15-15/01/2027 1,240,000 1,297, ,297, Mexico PETROLEOS MEXICA 3.125% 13-27/11/ , , , >>> 19

20 GENERALI INVESTMENTS GLOBAL SOLUTIONS FUND Unaudited semi-annual report as at Statement of Investments as at Description Currency Quantity Market value in % of NAV Belgium ARGENTA SPBNK 3.875% 16-24/05/ , , , Total Bonds 46,080, Total Transferable securities admitted to an official exchange listing and/or dealt in on another regulated market 46,080, Total portfolio 46,080, >>

21 Portfolio Bridge Statement of Investments as at Description Currency Quantity Market value in % of NAV Transferable securities admitted to an official exchange listing and/or dealt in on another regulated market Bonds France MFINANCE FRANCE 2% 14-26/11/2021 1,100,000 1,161, BPCE 14-08/07/2026 FRN 1,100,000 1,158, SUEZ 15-29/12/2049 FRN 1,100,000 1,137, CNP ASSURANCES 11-30/09/2041 FRN 800, , ARKEMA 14-29/10/2049 FRN 800, , BANQ FED CRD MUT 04-29/12/2049 FRN 70,000 57, ,368, Luxembourg WIND ACQ 7% 14-23/04/2021 1,000,000 1,043, GLENCORE FINANCE 1.625% 14-18/01/2022 1,000,000 1,019, ALTICE 7.25% 14-15/05/ , , SWISSPORT INVEST 9.75% 15-15/12/ , , ,470, Germany MERCK 14-12/12/2074 FRN 1,100,000 1,158, DEUTSCHE BANK AG 1.25% 14-08/09/2021 1,100,000 1,123, UNITYMEDIA 5.625% 13-15/04/ , , ,876, Australia COM BK AUSTRALIA 15-22/04/2027 FRN 1,100,000 1,131, ORIGIN ENER FIN 3.5% 13-04/10/2021 1,000,000 1,114, ,245, The Netherlands ALLIANZ FINANCE 11-08/07/2041 FRN 1,000,000 1,180, LGE HOLDCO VI 7.125% 14-15/05/ , , ,080, United Kingdom BARCLAYS BK PLC 6.625% 11-30/03/ ,000 1,117, HSBC HOLDINGS 14-29/12/2049 FRN 500, , ROYAL BK SCOTLD 5.25% 05-29/06/ , , ,057, Italy INTESA SANPAOLO 09-29/10/2049 FRN 600, , BANCO POPOLARE 6% 10-05/11/ , , BANCA POP MILANO 7.125% 11-01/03/ , , ,787, Switzerland UBS AG 14-12/02/2026 FRN 900, , CREDIT SUISSE 13-18/09/2025 FRN 220, , ,243, Belgium ARGENTA SPBNK 3.875% 16-24/05/2026 1,100,000 1,189, ,189, United States of America JEFFERIES GROUP 2.375% 14-20/05/2020 1,100,000 1,158, ,158, Sweden NORDEA BANK AB 16-07/09/2026 1,100,000 1,100, ,100, Total Bonds 24,578, Total Transferable securities admitted to an official exchange listing and/or dealt in on another regulated market 24,578, Total portfolio 24,578, >> 21

22 GENERALI INVESTMENTS GLOBAL Unaudited semi-annual report as at SOLUTIONS FUND General Information 1. Changes in portfolio composition The details of the changes in portfolio composition for the period ended June 30, 2017, are at the disposal of the unitholders at the registered office of the Management Company of the Fund and are available upon request free of charge. 22

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