ANIMA PRIMA FUNDS PLC FIRST ADDENDUM TO ... - ANIMA Sgr

The Fund will be authorised to invest up to 100% of its assets in transferable securities, consistent with
the Fund's investment policy above, issued or guaranteed by any of the entities referred to in paragraph
2.12 of Appendix I. Such transferable securities, which may be Euro Debt Instruments, Non-Euro Debt
Instruments and Euro Money Market Instruments, will not embed derivatives and no additional leverage
will arise from investment in these transferable securities.
After the Subscription Period until the Maturity Date
The objective of the Fund is to provide an attractive rate of return over the period up to the Maturity Date.
It is intended to seek to achieve this objective through investment on a global basis (including in
convertible bonds) mainly in a diversified portfolio consisting of Euro Money Market Instruments, Euro
Debt Instruments and Non-Euro Debt Instruments, in each case listed or traded on a Recognised
Exchange, with particular focus on investment in a diversified portfolio of corporate debt securities both of
investment grade and high yield.
The Fund may invest up to 100% of net assets in Euro Money Market Instruments and/or Euro Debt
Instruments and/or Non-Euro Debt Instruments, in each case being of investment grade or better at the
time of investment or, if un-rated, being, in the opinion of the Investment Manager, of comparable quality.
Subsequent to its purchase by the Fund, a security may cease to be rated or its rating may be reduced
below investment grade. The Fund may invest up to 30% of its net assets in securities/instruments of
below investment grade or which are un-rated at the time of purchase. Where an instrument ceases to be
rated or its rating is reduced to below investment grade, the Investment Manager will consider such event
in determining whether the Fund should continue to hold the security.
It is intended that the Euro Debt Instruments and Non-Euro Debt Instruments to be held by the Fund will
have a maximum maturity consistent with the Maturity Date, decreasing to near zero as the Maturity Date
approaches.
Once identified as having an appropriate maturity and having established that they are likely to be
sufficiently stable and liquid to allow the Fund to meet its objective, all Euro Debt Instruments and Non-
Euro Debt Instruments will be subjected to a macro-economic analysis involving assessment of the
European Central Bank policy statements and generally recognized economic indicators of the world
economy. The Investment Manager will also pay particular attention to the analysis of the financial and
credit reports of companies.
The Fund may invest up to 30% of its net assets in convertible bonds which embed derivatives and up to
10% of its net assets in warrants.
In any event, the Fund’s combined exposure to debt or debt related instruments (i) convertibles
(regardless of an instrument’s rating) and (ii) non-convertibles but having a rating of below investment
grade, will not exceed 30% of net assets.
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