ANIMA FUND - ANIMA Sgr

VISA 2012/88190-2098-0-PC 

L'apposition du visa ne peut en aucun cas servir 

d'argument de publicité 

Luxembourg, le 2012-11-09 

Commission de Surveillance du Secteur Financier 

ANIMA FUND 

(Open End Fund in accordance with Part I of the Luxembourg Law of 17 December 2010 on 

undertakings for collective investment) 

Prospectus 

November 2012 

______________________________________________________ 

Page 1/36

CONTENTS 

INTRODUCTION ............................................................................................................................................................ 4 

1. MANAGEMENT COMPANY .................................................................................................................................... 4 

1.1 BOARD OF DIRECTORS ........................................................................................................................................ 4 

1.2 CONDUCTING OFFICERS ..................................................................................................................................... 4 

2. PORTFOLIO MANAGER .......................................................................................................................................... 4 

3. CUSTODIAN BANK AND PRINCIPAL PAYING AGENT ................................................................................... 4 

4. CENTRAL ADMINISTRATION AGENT ................................................................................................................ 4 

5. FUND AUDITOR ......................................................................................................................................................... 5 

6. AUDITOR OF THE MANAGEMENT COMPANY................................................................................................. 5 

7. UNIT DISTRIBUTORS AND PAYING AGENTS/CORRESPONDENT BANKS................................................ 5 

8. PAST PERFORMANCE.............................................................................................................................................. 5 

9. RISK PROFILE............................................................................................................................................................ 5 

10. ONGOING CHARGES.............................................................................................................................................. 6 

11. THE FUND.................................................................................................................................................................. 6 

11.1. SUBFUNDS .................................................................................................................................................................. 7 

11.1.1 ANIMA FUND – EURO BOND........................................................................................................................... 10 

11.1.2 ANIMA FUND – EMERGING EQUITY................................................................................................................ 10 

11.1.3 ANIMA FUND – EURO EQUITY ........................................................................................................................ 11 

11.1.4 ANIMA FUND – VISCONTEO INTERNATIONAL................................................................................................. 11 

11.1.5 ANIMA FUND – FONDATTIVO INTERNATIONAL............................................................................................... 12 

11.1.6 ANIMA FUND – SAVING.................................................................................................................................. 12 

11.1.7 ANIMA FUND – PERFORMANCE TARGET ........................................................................................................ 12 

11.1.8 ANIMA FUND – FONDIMPIEGO INTERNATIONAL ............................................................................................. 13 

11.1.9 ANIMA FUND – LIQUIDITY PLUS..................................................................................................................... 14 

11.1.10 ANIMA FUND – EUROPEAN EQUITY................................................................................................................ 14 

11.1.11 ANIMA FUND – US EQUITY ............................................................................................................................ 15 

11.1.12 ANIMA FUND – PACIFIC EQUITY .................................................................................................................... 15 

11.1.13 ANIMA FUND – GLOBAL VALUE..................................................................................................................... 15 

11.1.14 ANIMA FUND – PIANETA INTERNATIONAL ..................................................................................................... 16 

11.2 INVESTMENT PRINCIPLES .................................................................................................................................. 16 

11.2.1 AUTHORISED INVESTMENTS ........................................................................................................................... 16 

11.2.2 RISK DIVERSIFICATION ................................................................................................................................... 18 

11.2.3 INVESTMENT RESTRICTIONS ........................................................................................................................... 20 

11.2.4 TECHNIQUES AND INSTRUMENTS WITH TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS AS 

UNDERLYINGS ..................................................................................................................................................... 21 

Page 2/36

12 MANAGEMENT AND ORGANISATION.................................................................................................... 22 

13 CUSTODIAN BANK ....................................................................................................................................... 23 

14 CENTRAL ADMINISTRATION AGENT ....................................................................................................23 

15 INVESTMENT IN THE ANIMA FUND ....................................................................................................... 24 

15.1 CONDITIONS FOR THE ISSUE AND REDEMPTION OF UNITS................................................................................ 24 

15.2 NET ASSET VALUE, ISSUE AND REDEMPTION PRICE.......................................................................................... 24 

15.3 ISSUE AND SUBSCRIPTION OF UNITS .................................................................................................................. 26 

15.4 REDEMPTION OF UNITS...................................................................................................................................... 27 

15.5 CONVERSION OF UNITS...................................................................................................................................... 28 

15.6 SUSPENSION OF THE CALCULATION OF NET ASSET VALUE, OF ISSUE AND REDEMPTION ................................ 29 

15.7 DISTRIBUTION OF INCOME ................................................................................................................................29 

15.8 EXPENSES PAID BY THE FUND ........................................................................................................................... 30 

16 FINANCIAL YEAR......................................................................................................................................... 33 

17 PERIODIC REPORTS AND PUBLICATIONS ........................................................................................... 33 

18 MANAGEMENT REGULATIONS ............................................................................................................... 33 

19 LIQUIDATION AND MERGING OF THE FUND AND ITS SUBFUNDS OR UNIT CLASSES .......... 33 

20 APPLICABLE LAW, PLACE OF PERFORMANCE AND AUTHORITATIVE LANGUAGE............. 35 

21 STATUTE OF LIMITATIONS ...................................................................................................................... 35 

22 TAX STATUS................................................................................................................................................... 35 

23 DOCUMENTATION ....................................................................................................................................... 36 

24 SPECIFICATIONS FOR THE INDIVIDUAL COUNTRIES IN WHICH FUND UNITS ARE SOLD.. 36 

Page 3/36

Introduction 

Standing offer for the subscription of units of the subfunds (the ”Subfunds”) of Anima Fund (the ”Fund”). 

Subscriptions may only be made in reference to this prospectus (the ”prospectus”), the Key Investor 

Information (the ”KII”), as well as the most recent annual and semi-annual report (subject to availability). 

Only the information contained in the prospectus or in one of the documents named in the prospectus is to be 

considered reliable. The documents may be consulted at the registered office of the Management Company. 

1. Management Company 

Anima Management Company S.A., is a public limited company registered with the Commercial Register of 

Luxembourg under number B 60 170, 33A avenue J.F. Kennedy, L-1855 Luxembourg . 

1.1 Board of Directors 

- Armando CARCATERRA, Chairman, 

Director, Anima SGR S.p.A., Milan, Italy; 

- Pierre-Antoine BOULAT, Director, 

Chief Executive Officer, UBS Fund Services (Luxembourg) S.A., Luxembourg; 

- Davide SOSIO, Director, 

General Manager, Anima Asset Management ltd, Dublin, Ireland; 

- Giorgio LANFRANCHI, Director, 

Director, ANIMA SGR S.p.A., Milan, Italy. 

1.2 Conducting Officers 

- Olivier HUMBERT 

- Pierre GOES 

2. Portfolio manager 

ANIMA SGR S.p.A. (with the exception of the Subfunds “Anima Fund - Euro Bond” and “Anima Fund - Liquidity 

Plus”) 

Corso Garibaldi, 99 

I 20121 Milan, Italy 

ANIMA Asset Management Ltd. (only for the Subfunds “Anima Fund - Euro Bond” and “Anima Fund - Liquidity 

Plus”) 

Block A – 10th Floor 

George’s Quay Plaza 

1, George’s Quay 

Dublin 2 

Republic of Ireland 

3. Custodian Bank and principal paying agent 

UBS (Luxembourg) S.A. 

33A avenue J.F. Kennedy, 

L-1855 Luxembourg 

4. Central Administration Agent 

UBS Fund Services (Luxembourg) S.A. 

33A avenue J.F. Kennedy, 


Page 4/36

5. Fund auditor 

PricewaterhouseCoopers S.à r.l. 

400, route d'Esch 

B.P. 1443 


6. Auditor of the Management Company 

PricewaterhouseCoopers S.à r.l. 

400, route d'Esch 

B.P. 1443 


7. Unit distributors and paying agents/correspondent banks 

7.a Paying agents / Correspondent banks 

Banca Popolare dell’Etruria e del Lazio S.c. 

Via Calamandrei 255 

I-52100 Arezzo, Italy 

BNP Paribas Securities Services S.A., 

Via Ansperto 5 

I-20100 Milan, Italy 

as well as sales agents from different countries in which units are sold 

7.b Unit distributors 

Banca Popolare dell’Etruria e del Lazio S.c. 

Via Calamandrei 255 

I-52100 Arezzo, Italy 

Banca Federico del Vecchio S.p.A. 

Via dei Banchi, n. 5 

50123 Firenze 

Banca Popolare Lecchese S.p.A. 

Piazza Manzoni, angolo Via Azzone Visconti 

23900 Lecco 

8. Past performance 

The past performance of each Subfund is outlined in the respective KII. 

9. Risk profile 

Subfund investments may be subject to substantial fluctuations and no guarantee can be given that the value of 

a subscribed unit of the Subfund will not fall below its purchase price. 

The factors that can lead to these fluctuations and influence the scale include but are not restricted to: 

� company-specific changes 

� changes in interest rates 

� changes in exchange rates 

� changes affecting economic factors such as employment, public expenditure and indebtedness, inflation 

� modification of legislative framework 

� changes in investor confidence in investment classes (such as equities), markets, countries, industries 

and sectors 

� changes to the prices of commodities 

By diversifying investments, the portfolio manager endeavours to partially mitigate the negative impact of such 

risks on the value of the Subfunds. 

Page 5/36

10. Ongoing charges 

The ongoing charges for each Subfund are set forth in the respective KII. 

Portfolio Turnover (”PTO”) 

The PTO is calculated on the basis of the financial year by applying the following formula: 

Securities purchased = X 

Securities sold = Y 

Total 1 = Total of securities transactions = X+Y 

Subscriptions to equities in the Subfund = S 

Redemptions of equities in the Subfund = T 

Total 2 = Total of equity transactions in the Subfund = S+T 

Average monthly total assets = M 

Turnover = [(Total 1 – Total 2)/M]*100 

The PTO for each Subfund is set forth in the respective KII. 

11. The Fund 

Anima Fund denominated Etruria Fund until December 16 th 2010 (the ”Fund”) is an open-ended mutual fund, 

under Luxembourg law, without legal personality, established under the Management Regulations approved by the 

Board of Directors of Anima Management Company S.A. (the “Management Company”) previously 

denominated Etruria Fund Management Company S.A. on July 25 th 1997, registered at the District Court of 

Luxembourg on August 8 th 1997. The Management Regulations were published for the first time in Mémorial, 

Recueil des Sociétés et Associations of Luxembourg (hereinafter the ”Mémorial”) on September 3 rd 1997 and most 

recently after the amendment of 16 December 2011 by way of notice published in the Mémorial on January 2 nd 

2012. The Fund is subject to Part I of the Law of December 17 th 2010 on undertakings for collective investment (the 

”2010 Law”). 

The Management Regulations may be amended in observance of the provisions of the law. Each amendment 

will be published by means of a notice of the mention in the Mémorial and, if necessary, in the official 

publications specified for the respective countries in which Fund units are sold. The new Management 

Regulations enter into force upon the publication of the mention in the Mémorial. The most recent version is 

deposited at the Commercial Register of the District Court in Luxembourg for inspection. 

As a mutual fund, Anima Fund has no legal personality. The assets of the Subfunds of the Fund are the undivided 

property of the participants of each Subfund and are separate from those of the Management Company. The total 

net assets of each Subfund are the joint property of all investors who have equal rights in proportion to the 

number of units held. These assets are separate from the assets of the Management Company. The securities 

and other assets of the Fund are managed by the Management Company as its own funds in the interest of and 

for the account of the unitholders. 

The Management Company draws the investor’s attention to the fact that any investor will only be able to fully 

exercise his investor rights directly against the Fund, if the investor is registered himself and in his own name in 

the unitholders’ register of the Fund. In cases where an investors invests in the Fund through an intermediary 

investing into the Fund in his own name but on behalf of the investor, it may not always be possible for the 

investor to exercise certain unitholder rights directly against the Fund. Investors are advised to take advice on 

their rights. 

Page 6/36

11.1. Subfunds 

Unitholders may currently invest in the following Subfunds: 

Subfunds 

MARKETS SUB FUNDS 

Reference currency Unit class 

Anima Fund – Euro Bond EUR ”R” and ”I” 

Anima Fund – Emerging Equity EUR ”R” and ”I” 

Anima Fund – Euro Equity EUR ”R” and ”I” 

Anima Fund – Saving EUR ”R” and ”I” 

Anima Fund – Liquidity Plus EUR ”R” and ”I” 

Anima Fund – European Equity EUR ”R” and ”I” 

Anima Fund – US Equity EUR ”R” and ”I” 

Anima Fund – Pacific Equity EUR ”R” and ”I” 

Anima Fund – Global Value EUR ”R” and ”I” 

Anima Fund – Pianeta International 

STRATEGIES SUB FUNDS 

EUR ”R” and ”I” 

Anima Fund – Fondattivo International EUR ”R” and ”I” 

Anima Fund – Performance Target EUR ”R” and ”I” 

Anima Fund – Fondimpiego International 

PROFILES SUB FUNDS 

EUR ”R” and ”I” 

Anima Fund – Visconteo International EUR ”R” and ”I” 

The Management Company may issue several unit classes for each Subfund. Subfunds without a specific class 

are suitable for all types of investors. 

For the others, the following unit classes are offered: 

� Class ”R” units are suitable for all types of investors. 

� Class ”I” units are reserved to institutional investors. 

Typical investor profile 

Anima Fund – Euro Bond 

The Subfund is suitable for investors with a medium investment time horizon and/or prepared to accept a 

medium level of volatility. 

Anima Fund – Emerging Equity 

Anima Fund – Euro Equity 

Anima Fund – European Equity 

Anima Fund – US Equity 

Anima Fund – Pacific Equity 

Anima Fund – Global Value 

The Subfunds are suitable for investors who wish to invest in stock market funds which aim to realize a 

significant increase in the value of the capital invested, with a long time frame (6-8 years) and a high level of risk. 

Anima Fund – Visconteo International 

The Subfund is suitable for investors who wish to invest in a balanced fund which aims to realize a moderate 

increase in the value of the capital invested, with a medium/long time frame (5-6 years) and a medium level of 

risk. 

Page 7/36

Anima Fund – Fondattivo International 

The Subfund is suitable for investors who wish to invest in a flexible fund with a long term investment time 

frame (4-7 years) with a high level of risk and which is intended to pursue yield objectives without 

predetermined constraints regarding the classes of investment and geographical areas in which to invest. 

Anima Fund – Saving 

The Subfund is suitable for investors who wish to invest in a flexible bond investment fund which aims to realize 

a gradual increase in the value of the capital invested, with a short time frame (1,5-3years) and a low level of 

risk. 

Anima Fund – Performance Target 

The Subfund is suitable for investors who wish to invest in a flexible fund which aims to realize an annual yield 

equal to the 3-month Euribor index + 60 b.p., with a medium time frame (2-4 years) and a medium level of risk. 

Anima Fund – Fondimpiego International 

The Subfund is suitable for investors who wish to invest in a mixed bond investment fund which aims to invest 

over the medium term (3-5 years) with a high level of risk and is intended to realize a moderate increase in the 

value of the capital invested. 

Anima Fund – Liquidity Plus 

The Subfund is suitable for investors with a short investment time horizon and/or prepared to accept a low level 

of volatility. 

Anima Fund – Pianeta International 

The Subfund is suitable for investors who wish to invest in a bond investment fund which aims to realize a 

gradual increase in the value of the capital invested, with a medium time frame (3-5 years) and a medium level 

of risk. 

Investment objective and investment policy of the Subfunds 

Investment objectives 

The Fund provides investors with an opportunity for investment in all types of assets through professionally 

managed Subfunds, each with its own specific investment objective and policy, more fully described under 

investment policy, in order to achieve long-term capital growth. The Fund will seek maximum capital 

appreciation (income plus capital gains) without undue risk. 

General investment policy 

The assets of the Subfunds shall be invested following the principle of risk diversification. The Subfunds will 

invest their net assets in bonds, securities, similar fixed-term and floating rate interest bearing securities (debt 

securities), convertible bonds, warrant bonds, warrants on transferable securities, equities, other certificates such 

as cooperative shares and participation certificates (equities and equity rights), short-term securities and other 

participation certificates. 

As stated in points 11.2.1.1 g) and 11.2.4 of the investment objectives, the Management Company may, within 

legal limits and for purposes of satisfying the investment policy of each Subfund, make use of specific financial 

techniques and instruments whose underlyings are securities, money market instruments or other financial 

instruments. The implementation of these techniques and instruments, as well as the focus, are described in the 

KII. 

In its effort to achieve this objective the Management Company must observe the investment restrictions as 

described in the Management Regulations. 

The currency of account of the each Subfund indicates solely the currency in which the net asset value of the 

Subfund is calculated and not the investment currency of that Subfund. Investments are made in those 

currencies which maximise the performance of the Subfunds. 

Each Subfund may, while observing the following investment principles, deal in futures, options and swaps 

(swaps, total return swaps, credit default swaps) on financial instruments in accordance with the investment 

principles (11.2.1.g) and conduct transactions in options for purposes other than hedging. 

Page 8/36

Derivatives markets are volatile and the possibility of returns, as well as the possibility of losses, are greater than 

investments in securities. These techniques and instruments are only implemented in compliance with the 

investment policy of the different Subfunds and do not compromise the quality. The same applies for option 

certificates on transferable securities. 

The Subfunds may invest up to 10% of their net assets in UCIs and UCITS. 

Risks related to the use of derivatives are: 

Derivatives may carry risks different from, and possibly greater than, those of traditional investments. These market 

risks apply to all investments. In addition, management risk must be taken into consideration given that the use of 

derivatives requires not only an understanding of the underlying instruments but also of the derivatives products 

themselves, without, however, being able to observe the performance of products in all possible market conditions. 

Finally, there is a credit risk if another party to the derivative product fails to comply with the provisions of the 

derivatives contract, as well as liquidity risk. Other types of risks are not excluded. 

The credit risk of derivative products traded on an exchange is generally lower than the risks associated with 

derivatives that are traded over-the-counter, because the clearing agents who assume the function of issuer or 

counterparty for each derivative traded on an exchange assume a performance guarantee. To reduce the overall risk 

of loss, such guarantee is supported by a daily payment system (i.e. hedging requirements) maintained by the 

clearing agent. There is no comparable clearing agent guarantee for derivative products traded over-the-counter and 

the Management Company or its delegated must take into account the creditworthiness of each over-the-counter 

counterparty derivative product when evaluating potential credit risk. 

There are liquidity risks because certain instruments are difficult to buy or sell. If the derivative transactions are 

particularly significant, or if the relevant market is illiquid (as is the case for many derivatives traded OTC), 

transactions may not be able to be effected or a position may not be able to be achieved at a favourable price. 

The risk of an incorrect determination of the price or valuation of derivative products is another risk inherent in the 

use of derivatives, as well as the risk resulting from the imperfect correlation between the derivative products and 

their assets, interest rates and underlying indices. Many derivatives are complex and frequently valued subjectively. 

Inadequate valuations can result in increased margin requirements to counterparties or a loss of value for the Fund. 

Derivative products are not always in direct or parallel relation with the value of the assets, interest rates or indices 

from which they are derived. For these reasons, the use of derivative products is not always an effective means of 

attaining the Fund's investment objective and may at times even have the opposite effect. 

Limits concerning global exposure 

The Global Risk Exposure calculation method in accordance with applicable laws and regulations can be 

prepared based either on the commitment approach or the Value at Risk approach (relative or absolute). The 

calculation method for the active Subfunds of the Fund is defined in the table below. 

Active Subfunds Risk Profile Expected 

level of 

leverage 

(absolute 

Page 9/36 

value) 

Anima Fund – Euro Bond Commitment approach n.a. n.a. 

Anima Fund – Emerging Equity Commitment approach n.a. n.a. 

Anima Fund – Euro Equity Commitment approach n.a. n.a. 

Anima Fund – Visconteo International Commitment approach n.a. n.a. 

Anima Fund – Fondattivo International Commitment approach n.a. n.a. 

Anima Fund – Saving Commitment approach n.a. n.a. 

Anima Fund – Performance Target Commitment approach n.a. n.a. 

Anima Fund – Fondimpiego International Commitment approach n.a. n.a. 

Anima Fund – Liquidity Plus Commitment approach n.a. n.a. 

Anima Fund – European Equity Commitment approach n.a. n.a. 

Anima Fund – US Equity Commitment approach n.a. n.a. 

Anima Fund – Pacific Equity Commitment approach n.a. n.a. 

Anima Fund – Global Value Commitment approach n.a. n.a. 

Anima Fund – Pianeta International Commitment approach n.a. n.a. 

Reference 

Portfolio 

(Benchmark) 1

1 In accordance with CSSF Circular 11/512, reference portfolio must be disclosed for Subfunds for which the 

Global Risk Exposure is calculated using the Relative Value at Risk Approach. 

Collateral Management 

If the Fund enters into OTC transactions, it may be exposed to risks related to the creditworthiness of the OTC 

counterparties: when the Fund enters into futures contracts, options and swap transactions or uses other derivative 

techniques it is subject to the risk that an OTC counterparty may not meet (or can not meet) its obligations under a 

specific or multiple contracts. Counterparty risk can be reduced by depositing a security. If the Fund is owed a 

security pursuant to an applicable agreement, such security shall be held in custody by the Custodian 

Bank/Custodian in favour of the Fund. Bankruptcy and insolvency events or other credit events with the Custodian 

Bank or within their subcustodian/correspondent bank network may result in the rights of the Fund in connection 

with the security to be delayed or restricted in other ways. If the Fund is owed a security pursuant to an applicable 

agreement, then any such security is to be transferred to the OTC counterparty as agreed between the Fund and the 

OTC counterparty. Bankruptcy and insolvency events or other credit events with the OTC counterparty, the 

Custodian Bank or within their subcustodian/correspondent bank network may result in the rights or recognition of 

the Fund in connection with the security to be delayed, restricted or even eliminated, which would force the Fund to 

fulfil its obligations in the framework of the OTC transaction, in spite of any security that had previously been made 

available to cover any such obligation. 

11.1.1 Anima Fund – Euro Bond 

This is a Subfund investing in primarily Euro denominated medium/long-term debt securities listed or traded on any 

Recognised Exchanges. The Subfund is denominated in Euro. 

The objective of the Subfund is to provide an attractive rate of return. The Subfund will seek to achieve this objective 

through investment in a diversified portfolio consisting of commercial paper and/or fixed- and/ or floating rate 

transferable debt securities of all types (including corporate debt securities, bonds and notes, zero-coupon and 

discount bonds, debentures) issued by sovereign, supranational entities and/or corporate issuers. The Subfund will 

only invest in securities/instruments of investment grade or better at the time of investment or, if un-rated, which are 

in the opinion of the Portfolio Manager of comparable quality. Investments are made mainly in the regulated 

markets of countries belonging to the Euro area. 

The Subfund may invest also in a diversified portfolio consisting of inflation-linked debt securities issued by Member 

States participating in the Euro. 

The Subfund is authorised to invest up to 100% of its assets in transferable securities consistent with the Subfund’s 

investment policy above. 

Shares acquired by the conversion of bonds or the use of warrants will be disposed of within a reasonable period of 

time in the interest of subscribers. The Subfund has a duration of up to 10 years. 

Where considered appropriate, the Subfund may utilise techniques and instruments such as futures, options, stock 

lending arrangements and forward currency contracts for efficient portfolio management and/or to protect against 

exchange risks within the conditions and limits laid down by the law in force. Forward currency contacts may be 

used, but solely for hedging purposes. The Subfund may also use forward foreign exchange contracts to alter the 

currency characteristics of transferable securities held by the Subfund where the Portfolio Manager considers it 

appropriate to retain the credit quality of a particular transferable security but wishes to obtain a currency exposure 

consistent with the Subfund’s investment objective. Because currency positions held by the Subfund may not 

correspond with the asset positions held performance may be influenced by movements in foreign exchange rates. 

The Portfolio Manager may use stock lending arrangements, in accordance with point 11.2.4.1 of the Fund’s 

prospectus, for efficiency purpose up to 100% of net asset value of the Subfund. 

11.1.2 Anima Fund – Emerging Equity 

The Subfund invests mainly in equities, other equity shares (cooperative shares and participation certificates, etc.), 

warrants on securities listed or traded on regulated markets of emerging countries and developing countries or 

companies of emerging countries and developing countries listed or traded in other regulated markets, at varying 

stages of capitalization and liquidity levels, with broad diversification of the investments in the various economic 

sectors. Investments are made mainly in the regulated markets of emerging countries and developing countries. 

The value of financial instruments denominated in foreign currency may reach 100% of the Subfund’s total 

activities. 

Page 10/36

The Portfolio Manager may partially or fully hedge the exchange-rate risk of the asset with respect to Subfund’s 

currency of account. This can be achieved either directly (hedging a currency against the reference currency with 

futures, swaps, non-deliverable forwards and options on currencies) or indirectly (hedging the currency against a 

third currency which is then hedged against the currency of account). 

In accordance with the investment objective of the Subfund, within the limits and under the conditions provided for 

by the law in force and with respect of point 11.2.1.1 g) and 11.2.1.3, the Portfolio Manager may use derivative 

instruments for the purposes of hedging, efficiency and portfolio management. 

The Portfolio Manager may use securities lending instrument, in accordance with point 11.2.4.1, for efficiency 

purpose up to 100% of net asset value of the Subfund. 

Financial instruments are selected by making a macroeconomic and industrial analysis to determine the weightings 

of individual countries and sectors and an economic/financial analysis to select above all companies with an 

interesting investment profile in relation to assessment parameters deemed significant. 

11.1.3 Anima Fund – Euro Equity 


warrants on securities of companies listed or traded on any regulated markets of the Euro area or of issuers 

belonging to the Euro area listed or traded on other regulated markets, at varying stages of capitalization, with 

broad diversification of the investments in the various economic sectors. 

The main currencies in which the Subfund may invest are the EUR, the other European currencies, and residually 

other currencies. 













11.1.4 Anima Fund – Visconteo International 

The Subfund invests mainly in bonds, notes, other fixed-term or floating rate securities, money markets 

instruments, deposits, convertible bonds and bonds cum warrants and warrants on securities, equities, other equity 

shares (cooperative shares and participation certificates) and short-term securities. 

For monetary and bond instruments, the Subfund invests in sovereign issuers, international organizations and 

corporate issuers, mainly in the regulated markets of the Euro area and of other developed countries. The Subfund 

has a duration (derivatives included and Funds excluded) of up to 8 years. 

For stock market instruments, the Subfund invests in issuers at varying stages of capitalization, with broad 

diversification of the investments in the various economic sectors, mainly in the regulated markets of the Euro area. 

Investments in stock market financial instruments may be made for a value not exceeding 40% of the Subfund’s 

total activities. 

These investments will be denominated in EUR and in worldwide currencies. 

The value of financial instruments denominated in foreign currency held by the Subfund may not exceed 50% of 

the Subfund’s total activities. In any case, financial instruments expressed in foreign currency must not be exposed 

to risks associated with exchange rate fluctuations exceeding 30% of the Subfund’s total activities. 






Financial instruments are selected on the basis of a macroeconomic analysis of the main variables of the major 

world economies, with particular attention to monetary policies implemented by the Central Banks, and on the 

basis of an analysis of the balance sheet and credit of the principal issuing companies on the bond markets (e.g. 

asset ratios, debt levels, yield differentials in relation to risk-free activities). For the stock market part of the 

Subfund, investments are made on the basis of a macroeconomic and industrial analysis to determine the 

weightings of individual countries and sectors and an economic/financial analysis to select above all companies with 

an interesting investment profile in relation to assessment parameters deemed significant. 

Page 11/36

11.1.5 Anima Fund – Fondattivo International 

The Subfund invests in equities, other equity shares (cooperative shares and participation certificates), short-term 

securities, bonds, notes, deposits, other fixed-term or floating rate securities, convertible bonds and bonds cum 

warrants and warrants on securities in any currency, money market instruments, UCIs, UCITS of issuers of any kind 

of credit rating and capitalization, operating in all economic sectors, listed, in the process of being listed and/or 

traded in all recognized official or regulated markets, including ”other regulated markets”. Provision is made for 

investment in ”non-investment grade” bonds or bonds without a rating. 

The Subfund has no obligation to allocate the portfolio between various classes of activity and may therefore invest 

in any of these without any quantitative restriction; the composition of the portfolio may therefore undergo 

frequent changes both in terms of its geographical distribution and in the ratio between the various classes of 

activity. 

The investments will be made in worldwide currencies. 

The value of financial instruments denominated in foreign currency held by the Subfund may represent 100% of 

the Subfund’s total activities. 

The Portfolio Manager usually applies an active currency overlay. In case a partial or full currency hedging is 

needed, this can be achieved either directly (hedging a currency against the reference currency with futures, swaps, 

non-deliverable forwards and options on currencies) or indirectly (hedging the currency against a third currency 

which is then hedged against the currency of account). 


by the law in force and with respect of points 11.2.1.1 g) and 11.2.1.3, the Portfolio Manager may use derivative 




For the monetary and bond part of the Subfund, financial instruments are selected on the basis of a 

macroeconomic analysis of the main variables of the major world economies, with particular attention to monetary 

policies implemented by the Central Banks, and on the basis of an analysis of the balance sheet and credit of the 

principal issuing companies on the bond markets (e.g. asset ratios, debt levels, yield differentials in relation to riskfree 

activities). For the stock market part of the Subfund, investments are made on the basis of a macroeconomic 

and industrial analysis to determine the weightings of individual countries and sectors and an economic/financial 

analysis to select above all companies with an interesting investment profile in relation to assessment parameters 

deemed significant. 

11.1.6 Anima Fund – Saving 

The Subfund invests mainly in bonds, notes, other fixed-term or floating rate securities, money market instruments, 

deposits, convertible bonds and bonds cum warrants, of sovereign issuers, international organizations and 

corporate issuers. 

The duration (derivatives included and Funds excluded) of the Subfund may vary from 1 to 6 years. 

Stock market securities or share options are excluded. 

Investments are made mainly in the regulated markets of the Euro area. 

The value of financial instruments denominated in foreign currencies held by the Subfund may not exceed 30% of 

the Subfund’s total activities. In any case, currency risk is hedged or at least minimised. 









asset ratios, debt levels, yield differentials in relation to risk-free activities) having regard to the opportunities for 

investment, including by means of arbitrage operations, on the yield curves of the rates of the various countries 

considered. 

11.1.7 Anima Fund – Performance Target 

In view of the fact that the aim of the Subfund is to realize an absolute return, the management style is sufficiently 

flexible providing the possibility to concentrate and subdivide investments based on market progress, also making 

use of strategies based on financial derivatives. 

Page 12/36

The Subfund invests primarily in bonds, other fixed-term or floating rate securities of sovereign issuers, international 

organizations and corporate issuers, money markets instruments and deposits. The Subfund may also invest in 

equities, other equity shares (cooperative shares and participation certificates) of issuers at varying degrees of 

capitalization with broad diversification in various economic sectors, may be made up to a value not exceeding 

20% of the Subfund’s total activities. 

The Subfund has a duration (derivatives included and Funds excluded) of up to 10 years. 

Financial instruments expressed in currencies other than the Euro must not be exposed to risks associated with 

exchange rate fluctuations exceeding 20% of the Subfund’s total activities. 

The Subfund invests mainly in the regulated markets of the Member States belonging to the European Monetary 

Union, North America and Japan and, residually, in other markets including emerging countries. 

The Subfund also invests residually in financial instruments with a rating below investment grade. 

The Subfund invests primarily in the abovementioned instruments without any geographical or sectoral restriction. 









asset ratios, debt levels, yield differentials in relation to risk-free activities). For the stock market part of the 

Subfund, investments are made on the basis of a macroeconomic and industrial analysis to determine the 

weightings of individual countries and sectors and an economic/financial analysis to select above all companies with 

an interesting investment profile in relation to assessment parameters deemed significant. 

11.1.8 Anima Fund – Fondimpiego International 

The Subfund invests mainly in bonds, notes, other fixed-term or floating rate securities, money market instruments, 

deposits, convertible bonds and bonds cum warrants and warrants on securities denominated in any currency. The 

Subfund may also invest in equities, other equity shares (cooperative shares and participation certificates) and shortterm 

securities in accordance with the limits set out hereunder. 

Investments are made in bonds of sovereign issuers or of international organizations and corporate issuers, 

denominated in any currency, preference being given to those denominated in the major currencies, as well as in 

stock market securities, listed, in the process of being listed and/or traded in all recognized official or regulated 

markets. Exposure to stock market risk may not exceed 20% of the Subfund’s total activities. 

Investments in ”non-investment grade” bonds or bonds without a rating may represent a significant share of the 

portfolio. 

The Subfund has a duration (derivatives included and Funds excluded) up to 10 years. 

These investments will be denominated in EUR and in worldwide currencies. 



The Portfolio Manager usually applies an active currency overlay. In case a partial or full hedging is needed, this can 

be achieved either directly (hedging a currency against the reference currency with futures, swaps, non-deliverable 

forwards and options on currencies) or indirectly (hedging the currency against a third currency which is then 

hedged against the currency of account). Financial instruments are selected having regard to the monetary policy 

measures and objectives of the major Central Banks and in light of the opportunities for investment, including by 

means of arbitrage operations, on the yield curves of the medium/long term interest rates of the various countries 

considered. 

In selecting financial instruments the yields and exchange rates of the individual bond issuers are assessed; in the 

case of corporate issuers, the yield spreads compared to government securities issued in the same currency for the 

same duration are also assessed. 






The Portfolio Manager does not propose to replicate the composition of markets and the relevant indexes and may 

select securities or classes of securities in significantly differing proportions over time; bonds may be selected in 

respect of which the credit rating (investment grade corporate bonds, non-investment grade corporate bonds, 

corporate bonds without a rating and/or bonds of issuers belonging to so-called ”emerging” countries) is the 

relevant variable for the purpose of fixing the price. Significant differences in the Subfund’s composition compared 

to that of the markets and the relevant indexes are therefore possible. 

Page 13/36

11.1.9 Anima Fund – Liquidity Plus 

This is a Subfund investing in primarily Euro denominated money-market instruments listed or traded on any 

recognised exchanges worldwide. The Fund is denominated in Euro. 

The objective of the Subfund is to provide liquidity and current income, to the extent consistent with 

preservation of the capital. The Subfund will seek to achieve this objective through investment mainly in moneymarket 

instruments (including treasury bills, commercial paper, certificates of deposit) and/or, short term fixed- 

and/or floating rate transferable debt securities of all types (including corporate debt securities, bonds and notes, 

zero-coupon and discount bonds, debentures) denominated in Euro and issued by sovereign, supranational 

entities and/or corporate issuers. The Subfund will only invest in securities/instruments of investment grade or 

better at the time of investment or, if un-rated, which are in the opinion of the Portfolio Manager of comparable 

quality. The Subfund will not invest in emerging markets. 

By way of clarification, the Subfund is a money market fund which complies with CESR’s ESMA Guidelines. The 

Subfund will invest in accordance with the CESR ESMA guidelines. The Subfund will maintain a euro-weighted 

average maturity of 6 months or less and will only invest in securities with a residual maturity until the legal 

redemption date of less than or equal to two years provided that the time remaining until the next interest reset 

date is less than or equal to 397 days. In addition, the Subfund will not have a weighted average life of more 

than one year. Subject to the aforementioned maturity limit, the Subfund may invest in variable or floating rate 

securities which bear interest at rates subject to periodic adjustment or provide for periodic recovery of principal 

on demand. Under certain conditions, these securities may be deemed to have remaining maturities equal to the 

time remaining until the next interest adjustment date or the date on which principal may be recovered on 

demand. Floating rate securities must also reset to a money market rate of index. The Subfund may also invest, 

consistent with the requirements of the law in force at the time and the Subfund’s investment restrictions, in 

other collective investment schemes which comply with the definition of a short-term money market fund or 

money market fund as outlined in CESR’s ESMA Guidelines including schemes managed by the Portfolio 

Manager or its affiliates. 

Where considered appropriate the Subfund may utilise techniques and instruments such as futures, options, 

stock lending arrangements and forward currency contracts for efficient portfolio management and/or to protect 

against exchange risks within the conditions and limits laid down by the law in force. Forward currency contracts 

or other financial derivative instruments which give exposure to foreign exchange may be used, but solely for 

hedging purposes. Because currency positions held by the Subfund may not correspond with the asset positions 

held performance may be strongly influenced by movements in foreign exchange rates. Investments 

denominated in currencies other than Euro are not permitted unless the exposure is fully hedged. 

Investors in the Subfund should note that an investment in the Subfund is neither insured nor guaranteed by any 

government, government agencies or instrumentalities or any bank guarantee fund. Shares of the Subfund are 

not deposits or obligations of, or guaranteed or endorsed by, any bank and the amount invested in Shares may 

fluctuate up and/or down. An investment in the Subfund involves certain investment risks, including the possible 

loss of principal. 

The Portfolio Manager may use securities lending instrument, in accordance with point 11.2.4.1 of the Fund’s 

prospectus, for efficiency purpose up to 100% of net asset value of the Subfund. 

11.1.10 Anima Fund – European Equity 


warrants on securities of companies or issuers at varying stages of capitalization, with broad diversification of the 

investments in the various economic sectors. 

Investments are made mainly in securities listed or traded in regulated markets of the European continent or in 

European companies which are listed in other regulated markets. 










Page 14/36






11.1.11 Anima Fund – US Equity 


warrants on securities certificates of companies or issuers at varying stages of capitalization, with broad 

diversification of the investments in the various economic sectors. 

Investments are made mainly in securities listed or traded in regulated markets of the American continent or in 

North American companies which are listed or traded in other regulated markets. 


activities. 













11.1.12 Anima Fund – Pacific Equity 


warrants on securities of companies or issuers at varying stages of capitalization and liquidity, with broad 

diversification of the investments in the various economic sectors. 

Investments are made mainly in securities listed or traded in the regulated markets of Asia (Japan included) and 

Oceania or Asian (including Japan) or Oceanian companies which are listed or traded in other regulated markets. 


activities. 













11.1.13 Anima Fund – Global Value 


warrants on securities of companies or issuers at varying stages of capitalization, with broad diversification of the 

investments in the various economic sectors. 

Investments are made with broad geographical diversification and mainly in the regulated markets of the Member 

States of the Europe, America and the Pacific area (Asia and Oceania). 

These investments will be denominated in worldwide currencies. 


activities. 





Page 15/36









11.1.14 Anima Fund – Pianeta International 

The Subfund invests primarily in bond, other fixed-term or floating rate securities, of sovereign issuers, international 

organizations and corporate issuers, the latter for an amount which may not exceed 30% of the Subfund’s 

activities. Convertible bonds, warrant bonds, money markets instruments and deposits are included. Shares 

acquired by the conversion of bonds or the use of warrants will be disposed of within a reasonable period of time 

in the interest of subscribers. 

The Subfund has a duration (derivatives included and Funds excluded) of up to 10 years. 

Investments are made mainly in all the regulated markets. 

These investments will be denominated in worldwide currencies. 

The value of financial instruments denominated in foreign currency held by the Subfund may reach 100% of the 

Subfund’s total activities. 













asset ratios, debt levels, yield differentials in relation to risk-free activities). 

11.2 Investment principles 

In addition, the investments of each Subfund are subject to the following provisions: 

11.2.1 Authorised investments 

11.2.1.1. The investments of the Fund and each of its Subfunds must comprise only one or more of the 

following: 

a) transferable securities and money market instruments listed or traded on a regulated market, as defined 

Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004; 

b) transferable securities and money market instruments traded on another regulated market in a Member 

State , which operates regularly and is recognised and open to the public; for the purpose of this 

prospectus, the term ”Member State” refers to a member state as defined in the 2010 Law; 

c) transferable securities and money market instruments listed on an official stock exchange in a non-Member 

State of the European Union or traded on another regulated market in a non-Member State of the 

European Union which operates regularly and is recognised and open to the public in another authorised 

state in accordance with the Management Regulations; 

d) recently issued transferable securities and money market instruments, provided that: 

the terms of issue provide for admission to official listing on a stock exchange or trading on regulated 

market mentioned in point 11.2.1.1 a) to 11.2.1.1. c) within one year of initial issue; 

Page 16/36

e) units of UCITS authorised according to Directive 2009/65/EEC and/or other UCIs within the meaning of 

Article 1(2) a) and b) of Directive 2009/65/EC, whether or not located in a Member State, provided that: 

- such other UCI have been approved in accordance with statutory rules subjecting them to 

supervision that, in the opinion of the Commission de Surveillance du Secteur Financier (hereinafter 

”CSSF”), is equivalent to that which applies under Community law, and that adequate provision 

exists for ensuring cooperation between authorities; 

- the level of protection for unitholders in such other UCIs is equivalent to that provided for 

unitholders in a UCITS, and in particular that the rules on asset segregation, borrowing, lending, and 

uncovered sales of transferable securities and money market instruments are equivalent to the 

requirements of Directive 2009/65/EC; 

- the business of the other UCIs is reported in semi-annual and annual reports to enable an 

assessment to be made of the assets and liabilities, income and operations over the reporting period; 

- no more than 10% of the assets of the UCITS or of the other UCIs, whose acquisition is 

contemplated, can, according to their constitutional documents, in aggregate be invested in units of 

other UCITS or other UCIs; 

Each Subfund may also acquire Shares of another Subfund subject to the provisions of point 11.2.2.8 

here below. 

f) deposits with credit institutions which are repayable on demand or have the right to be withdrawn, and 

maturing in no more than 12 months, provided that the credit institution has its registered office in a 

Member State or, if the registered office of the credit institution is situated in a third state, provided that 

it is subject to prudential rules considered by the CSSF to be equivalent to those laid down in 

Community law; 

g) financial derivative instruments, including equivalent cash-settled instruments, traded on an exchange or 

on a regulated market referred to in points 11.2.1.1 a) to 11.2.1.1 c) above, and/or financial derivative 

instruments dealt in over-the-counter (”OTC derivatives”), provided that: 

- the underlying consist of instruments covered by 11.2.1.1, financial or micro-economic indices, 

interest rates, foreign currencies or other underlyings in which the Fund may invest, within the 

framework of its investment policy, either directly or via other existing UCIs or UCITS; 

- the counterparties in transactions involving OTC derivatives are institutions subject to official 

supervision belonging to the categories admitted by the CSSF; and 

- the OTC derivatives are subject to reliable and verifiable valuation on a daily basis and can be sold, 

liquidated or closed by an offsetting transaction at any time at their fair market value at the 

Management Company’ s initiative; 

h) money market instruments other than those traded on a regulated market and which fall under Article 1 

of the 2010 Law, provided that the issue or issuer of such instruments is itself regulated for the purpose 

of protecting investors and savings, and provided that they are: 

- issued or guaranteed by a central, regional or local authority or the central bank of an Member State, 

the European Central Bank, the European Union or European Investment Bank, by a non-Member 

State, or, in the case of a federal state, a Member State of the federation or by a public international 

body of which at least one Member State is a member; 

- issued by an undertaking any securities of which are traded on regulated markets referred to in 

points 11.2.1.1 a) to 11.2.1.1 c); 

- issued or guaranteed by an institution that is subject to official supervision in accordance with the 

criteria laid down by Community law or by an institution that is subject to supervision that, in the 

opinion of the CSSF, is at least as stringent as that provided for by Community law and complies with 

it. 

- issued by other bodies belonging to the categories approved by the CSSF provided that investments 

in such instruments are subject to investor protection equivalent to that laid down in the first, the 

second or the third indent and provided that the issuer is a company whose capital and reserves 

amount at least to ten million euro (EUR 10,000,000.-) and which presents and publishes its annual 

accounts in accordance with 4th Council Directive 78/660/EEC, is an entity which, within a group of 

companies which includes one or several listed companies, is dedicated to the financing of the group 

or is an entity which is dedicated to the financing of securitisation vehicles which benefit from a 

banking liquidity line; 

Page 17/36

11.2.1.2. Nevertheless: 

- each Subfund may not invest more than 10% of its net assets in transferable securities 

and money market instruments other than those referred to in paragraph 11.2.1.1. 

- a Subfund may not acquire either precious metals or certificates representing them. 

11.2.1.3 The Management Company shall ensure that its global exposure relating to derivative products 

does not exceed the total net asset value of the Fund's portfolio. Within the framework of its investment 

policy, each Subfund, within the limits set out in points 11.2.2.2 and 11.2.2.3, may invest in derivative 

products provided that the overall risk exposure of the underlying assets does not exceed the investment 

limits cited in point 11.2.2.2 below. 

11.2.2 Risk diversification 

11.2.2.1. In accordance with the principle of risk diversification, the Management Company may not invest more 

than 10% of the net assets of a Subfund in transferable securities or money market instruments issued by a 

single entity. The Management Company may not invest more than 20% of the assets of a Subfund in 

deposits made with the same entity. The risk exposure to a counterparty of each Subfund in an OTC 

derivative transaction may not exceed 10% of its net assets when the counterparty is a credit institution 

referred to in point 11.2.1.1 f), or 5% of its net assets in the other cases. 

11.2.2.2. The total value of the transferable securities and money market instruments held by the Subfund in the 

issuing bodies in each of which it invests more than 5% of its net assets must not exceed 40% of the value 

of its net assets. This limitation does not apply to deposits and OTC derivative transactions made with 

institutions subject to prudential supervision. 

Notwithstanding the individual limits laid down in 11.2.2.1., a Subfund shall not combine, where this would 

lead to investing more than 20% of its assets in a single entity, any of the following: 

- investments in transferable securities or money market instruments issued by that entity; 

- deposits made with that entity; or 

- risk arising from OTC derivatives transactions undertaken with that entity. 

11.2.2.3 The limit mentioned in paragraph 11.2.2.1. is raised to a maximum of 35% for transferable securities 

or money market instruments issued or guaranteed by an Member State or its local authorities, by a 

OECD Member State or by public international bodies of which one or more Member States belong. 

11.2.2.4 The 10% limit mentioned in the first sentence of paragraph 11.2.2.1, above, may be raised to a maximum 

of 25% for certain bonds when they are issued by a credit institution having registered headquarters in an 

Member State that is legally subject to special supervision designed to protect holders of the bonds. In 

particular, the amounts originating from the issue of the bonds must be invested, in conformity with the 

law, in assets that adequately cover, for the entire duration of the validity of the bonds, the related 

liabilities and that will be distributed as redemption of the capital and in payment of interest incurred in 

the event of default by the issuer. 

If a Subfund invests more than 5% of its net assets in the bonds referred to in the paragraph above issued 

by a single issuer, the total value of these assets may not exceed 80% of the value of the assets of the 

Subfund. 

11.2.2.5 The transferable securities and money market instruments referred to in paragraphs 11.2.2.3 and 11.2.2.4 

are not taken into account for the purpose of calculating the limit of 40% referred to in paragraph 

11.2.2.2. 

The limits specified in paragraphs 11.2.2.1 to 11.2.2.4 may not be cumulative; for this reason, a Subfund 

may not invest in securities or money market instruments of a single entity made pursuant to paragraphs 

11.2.2.1 to 11.2.2.4 in the form of deposits or in derivatives may not exceed 35% of the net assets of that 

Subfund. 

Companies which are included in the same group for the purposes of consolidated accounts, as defined in 

accordance with Directive 83/349/EEC or in accordance with recognised international accounting rules, are 

regarded as a single entity for the purpose of calculating the limits contained in this paragraph 11.2.2. 

A Subfund may, however, cumulatively invest up to 20% of its net assets in transferable securities and 

money market instruments within a single group. 

Page 18/36

Without prejudice to the limits laid down in paragraphs 11.2.3.1 to 11.2.3.3, the limits laid down in 

11.2.2.1 to 11.2.2.5 may be raised to a maximum of 20% for investments in equities and/or debt 

securities issued by a single entity when the aim of the Subfunds’ investment policy is to replicate the 

composition of a certain equity or debt securities index which is recognised by the CSSF, on the following 

basis: 

- the composition of the index is sufficiently diversified; 

- the index represents an adequate benchmark for the market to which it refers; 

- it is published in an appropriate manner. 

The 20% limit mentioned above is increased to 35% when it appears justified by exceptional 

circumstances on the markets, especially on the regulated markets in which certain transferable securities 

or money market instruments are predominant. An investment up to this limit is only authorised for a 

single issuer. 

11.2.2.6 Following the principle of risk diversification, any Subfund can invest up to 100% of its net 

assets in different transferable securities and money market instruments issued or 

guaranteed by a Member State, one or more of its local authorities, a OECD Member State or 

public international body to which one or more Member States of the European Union 

belong. These securities or money market instruments must be divided into at least six 

different issues, with securities or money market instruments a single issue not exceeding 

30% of the total net assets of a Subfund. 

11.2.2.7 A Subund may acquire the units of UCITS and/or other UCIs referred to in 11.2.1.1 e), provided that no 

more than 20% of its net assets are invested in a single UCITS or other UCI. 

For the purposes of applying this investment limit, each Subfund of a UCI with multiple Subfunds shall be 

considered as a separate entity, provided that the principle of segregation of commitments of the different 

Subfunds is ensured in relation to third parties. 

Investments made in units of UCI other than UCITS may not exceed, in aggregate, 30% of the net assets 

of the Subfund. 

The assets of such UCITS or other UCIs are not taken into account in calculating the limits set forth in 

point 11.2.2. 

If a Subfund invests a substantial portion of its assets in other UCITS or UCIs, the maximum level of 

management fees that can be levied both at the level of the Subfund itself and at the level of other 

UCITS and/or UCIs in which it plans to invest will be indicated in the description of the corresponding 

Subfund in the prospectus. The maximum level of management fees charged both at the level of the 

Subfund itself and at the level of other UCITS and/or UCIs in which it invests will be detailed in its 

annual report. 

11.2.2.8 The Subfunds may subscribe, acquire and/or hold units that are to be issued by or have been issued by 

one or more other Subfunds, provided that: 

- the target Subfund does not, in turn, invest in the Subfund invested in this target Subfund; and 

- no more than 10% of the assets of the target Subfund may be invested in aggregate in units of other 

UCIs; and 

- voting rights, if any, attaching to the relevant securities are suspended for as long as they are held by 

the Subfund concerned and without prejudice to the appropriate processing in the accounts and the 

periodic reports; and 

- in any event, for as long as these securities are held by the Subfund, their value will not be taken into 

consideration for the calculation of the net assets of the Subfund for the purposes of verifying the 

minimum threshold of the net assets imposed by the 2010 Law; and 

- there is no duplication of management/subscription or redemption fees between those at the level of 

the Subfund that has invested in the target Subfund or at the level of the target Subfund. 

Page 19/36

11.2.2.9 Specific Rules for Master / Feeder structures 

a) A feeder Subfund is a Subfund of the Fund, which has been approved to invest, by way of 

derogation from article 2, paragraph (2), first indent of the 2010 Law, at least 85% of its assets in 

units of another UCITS or Sub-Fund thereof (hereafter referred to as the "master UCITS"). 

b) A feeder Subfund may hold up to 15% of its assets in one or more of the following: 

i. ancillary liquid assets in accordance with Article 41, paragraph (2), second sub-paragraph of the 

2010 Law; 

ii. financial derivative instruments, which may be used only for hedging purposes, in accordance 

with Article 41, paragraph (1), point g) and Article 42, paragraphs (2) and (3) of the 2010 

Law; 

iii. movable and immovable property which is essential for the direct pursuit of its business. 

c) For the purposes of compliance with Article 42, paragraph (3) of the 2010 Law, the feeder Subfund 

shall calculate its global exposure related to financial derivative instruments by combining its own 

direct exposure under point b) ii. above, with: 

i. either the master UCITS' actual exposure to financial derivative instruments in proportion to the 

feeder Sub-Fund’s investment into the master UCITS; 

ii. or the master UCITS' potential maximum global exposure to financial derivative instruments 

provided for in the master UCITS management regulations or instruments of incorporation in 

proportion to the feeder Sub-Fund's investment into the master UCITS. 

d) A master UCITS is a UCITS, or a Subfund thereof, which: 

i. has, among its shareholders, at least one feeder UCITS; 

ii. is not itself a feeder UCITS; and 

iii. does not hold units of a feeder UCITS. 

e) If a master UCITS has at least two feeder UCITS as shareholders, article 2, paragraph (2), first indent 

and Article 3, second indent of the 2010 Law shall not apply. 

11.2.3 Investment restrictions 

The Fund is prohibited from: 

11.2.3.1 acquiring equities with voting rights that would enable it to exert a significant influence on the 

management of the borrower in question; 

11.2.3.2 acquiring more than: 

- 10% of the non-voting shares of a single issuer; 

- 10% of the debt securities issued by a single issuer; 

- 25% of the units of a single UCITS and/or other UCI; 

- 10% of the money market instruments of a single issuer. 

The limits laid down in the second, third and fourth indents may be disregarded at the time of 

acquisition if at that time the gross amount of the debt securities or of the money market instruments, 

or the net amount of the instruments in issue cannot be determined. 

11.2.3.3 The limits under paragraphs 11.2.3.1 and 11.2.3.2 are waived as to: 

a) transferable securities and money market instruments issued or guaranteed by a 

Member State or its local authorities; 

b) transferable securities and money market instruments issued or guaranteed by a non-Member State 

of the European Union or its local authorities; 

c) transferable securities and money market instruments issued by public international bodies of which 

one or more Member States of the European Union are members; 

d) the units held in the capital of a company incorporated in a non- Member State of the European 

Union and investing its assets mainly in securities of issuers having their registered office in that 

State, if under the legislation of that State such a holding represents the only way in which the 

Subfund can invest in the securities of the issuers of that State. However, this derogation shall not 

apply if, in the framework of its investment policy, the company of the non-Member State of the 

European Union respects the limits set forth in paragraphs 11.2. 2.1 to 11.2.2.5, 11.2.2.7, 11.2.3.1 

and 11.2.3.2. When the limits defined in Articles 43 and 46 of the 2010 Law are exceeded, Article 

49 shall apply mutatis mutandis. 

e) the units held by the one or more investment companies in the capital of one or more subsidiary 

companies carrying on the business of management, advice or marketing in the country/state where 

the subsidiary is established, in regard to the repurchase of units at shareholders’ request exclusively 

on its or their behalf. 

Page 20/36

The limits in 11.2.2 and 11.2.3.1 to 11.2.3.3 shall not apply when exercising subscription rights attaching to 

transferable securities or money market instruments which form part of their assets. 

If the limits mentioned above are exceeded unintentionally or due to the exercise of subscription rights, the 

Management Company must attach top priority in its sales of securities to rectifying the situation while, at the same 

time, taking the best interests of the unitholders into account. 

While ensuring observance of the principle of risk diversification, recently created Subfunds may derogate from the 

investment limits for a period of six months following the date of their approval. 

11.2.3.4 Neither: 

- the Management Company nor 

- the Custodian Bank, acting for account of a Subfund, are authorised to take out loans. 

A Subfund may, however, acquire foreign currency by means of a back-to-back loan. 

In derogation of the above, a Subfund may borrow the equivalent of: 

a) up to 10% of its net assets, provided that the loan is temporary; 

b) up to 10% of its net assets, provided that the loan is taken out for purposes of acquiring real estate 

essential for the direct pursuit of its business; in such case, the total of such loans and those provided for 

in point a) may in no case exceed 15% of its net assets. 

11.2.3.5 Without prejudice to the application of point 11.2.1, neither 


- the Custodian Bank, acting for account of a Subfund, are authorised to grant credits or act as 

guarantor on behalf of third parties. 

This restriction does not prevent the acquisition of transferable securities, money market 

instruments or other financial instruments specified in points 11.2.1.1 e), 11.2.1.1 g) and 

11.2.1.1 h) that are not fully paid-up. 

11.2.3.6 Neither: 


- the Custodian Bank, acting for account of a Subfund, 

are authorised to carry out uncovered sales of transferable securities, money market instruments or 

other financial instruments referred to in points 11.2.1.1.e), 11.2.1.1 g) and 11.2.1.1 h). 

11.2.4 Techniques and instruments with transferable securities and money market instruments as 

underlyings 

In conformity with 11.2.1.1 g), the Management Company may, within legal limits and for purposes of applying the 

investment policy of each Subfund, make use of specific financial techniques and instruments whose underlyings are 

securities, money market instruments or other financial instruments. 

The Management Company must use a risk-management process which enables it to monitor and measure at all 

times the risks associated with its different investments and their contribution to the overall risk profile of the 

investment portfolio; it will also use a procedure that permits a precise, independent measurement of the value 

of OTC derivatives. It must regularly notify the CSSF in accordance with the rules set by it (les règles détaillées) of 

the types of derivatives contained in the portfolio, the risks associated with the underlying securities, the 

investment limits and the methods used for measuring the risks associated with derivatives transactions. 

If such transactions relate to the use of derivatives, the terms and limits must comply with the provisions of the 

Luxembourg 2010 Law. 

The Management Company may under no circumstances deviate from its investment objectives for these 

transactions. 

The Management Company ensures that the overall risk associated with derivatives does not exceed the overall 

net value of its portfolio. 

The risk exposure is calculated taking into account the market value of the underlying assets, the risk of loss, 

foreseeable future market movements and the time available to liquidate the positions. 

Investments made by a UCITS in index-based derivative products need not be taken into account in application 

of the investment limits in paragraph 11.2.2. 

When a transferable security or money market instrument embeds a derivative product, it must be taken into 

account when complying with the provisions of paragraph 11.2.2. 

11.2.4.1 Securities lending 

The Management Company, acting for account of the Fund, may also lend portions of its securities 

portfolio to third parties. In general, lending may only be effected via recognised clearing houses such as 

Clearstream International or Euroclear, or through the intermediary of prime financial institutions that 

specialise in such activities and in the modus specified by them. 

Page 21/36

In the case of securities lending transactions, the Management Company, acting in the name of the Fund 

must, receive a collateral, the value of which should at least correspond to the total value of the securities 

lent out and any accrued interest thereon. 

This collateral must consist of cash and cash equivalents and/or securities issued or guaranteed by an 

OECD member country or its public central, regional and local authorities or international organisations, 

and which are blocked in the Fund’s name until the expiry of the respective agreement. Such a guarantee 

is not required if the securities lending transaction is carried out by Clearstream International or Euroclear 

or another organisation which guarantees that the value of the securities lent out will be refunded. 

11.2.4.2 Securities repurchase agreements 

The Management Company, acting in the name of the Fund, may, for any Subfund, engage on an 

ancillary basis in repurchase agreements involving the purchase and sale of securities where the seller has 

the right or obligation to repurchase the securities sold from the buyer at a fixed price and within a certain 

period stipulated by both parties upon conclusion of the agreement. 

Acting for account of the Fund, the Management Company may enter into repurchase transactions either 

as a buyer or a seller. However, any transactions of this kind are subject to the following guidelines: 

- Securities may only be purchased or sold under a repurchase agreement if the counterparty is a 

first class financial institution specialising in this kind of transaction. 

- as long as the repurchase agreement is valid, the securities bought cannot be sold before the 

right to repurchase the securities has been exercised or the repurchase period has expired. 

- in addition, it must be ensured that the volume of repurchase agreements of each Subfund is 

structured in such a way that the Subfund can meet its redemption obligations towards its 

unitholders at any time. 

11.2.4.3 Other techniques and instruments 

The techniques and instruments mentioned above may be modified by the Management Company if new 

instruments and techniques are developed and offered on the financial market, under the condition that they are in 

conformity with the investment policy and restrictions of the Subfund in question and with the Luxembourg 2010 

Law. 

12 Management and organisation 

The exclusive object of the Management Company is the creation and management of one or more undertakings 

for collective investment under Luxembourg law, with the administration of its own assets being only on an 

ancillary basis. 

Acting in its own name, but for account of the unitholders of the fonds commun de placement, it may effect the 

transactions necessary for the realisation of its business object, while remaining within the limits of Article 13 of the 

2010 Law. 

The Fund is managed by the Management Company for account of the unitholders. The Management Company 

was established in Luxembourg on 10 July 1997 as a société anonyme under Luxembourg law. Its registered office 

is located at 33A avenue J.F. Kennedy, L-1855 Luxembourg. The Articles of Incorporation of the Company were 

lodged with the Registry of the District Court of Luxembourg and published in the Mémorial on 18 August 1997 

and for the last time on 23 November 2010 following the Extraordinary General Meeting of shareholders held on 

03 November 2010. 

The Company is registered with the Registre de Commerce of the District of Luxembourg under number B 60 170. 

The exclusive object of the Management Company is the creation and management of one or more fonds commun 

de placement under Luxembourg law, with the administration of its own assets being only on an ancillary basis. 

Acting in its own name, but for account of the unitholders of the Fund, it may effect the transactions necessary for 

the realisation of its business object, while remaining within the limits of the 2010 Law, in conformity with Article 3 

of the coordinated Articles of Association and Article 2 of the Management Regulations. It may, at the expense of 

the Fund, seek the assistance of other establishments or companies in the implementation of the investment policy 

of the Fund. 

The capital of the Management Company is EUR 125,000, fully paid in, represented by 5,000 shares of EUR 25 

each, fully owned by Anima SGR SpA. 

The Management Company has been established for an unlimited period of time. 

Page 22/36

13 Custodian Bank 

UBS (Luxembourg) S.A., the Custodian Bank of the Fund (the ”Custodian Bank”), is a public limited company 

under Luxembourg law established for an unlimited period of time on 20 August 1973. Its capital, entirely paid in, 

totals CHF 150 million. 

The Management Company appoints and removes the Custodian Bank. Either the Custodian Bank or the 

Management Company may terminate the Custodian Bank’s duties at any time, subject to at least three months’ 

written notice on either side, it being understood that any decision by the Management Company to end the 

Custodian Bank’s appointment is conditional on another custodian bank taking on the duties and responsibilities of 

the Custodian Bank as defined in the management regulations, and also that, if the Management Company 

terminates the appointment of the Custodian Bank, the Custodian Bank will continue to perform its duties until 

such time as the Custodian Bank has been relieved of all the Fund’s assets that it held or had arranged to be held 

on behalf of the Fund. Should notice of termination of the contract be given by the Custodian Bank, the 

Management Company will be required to appoint a new custodian bank to take over the duties and 

responsibilities of the Custodian Bank as defined in the Management Regulations, on the understanding that, from 

the date when the notice of termination expires and until such time as a new Custodian Bank is appointed by the 

Management Company, the Custodian Bank will only be required to undertake all necessary measures to ensure 

that the unitholders’ best interests are safeguarded. 

The Custodian Bank carries out its duties and assumes the responsibilities resulting from the 2010 Law as well as 

the Custodian Agreement concluded between the Management Company and the Custodian Bank as amended 

from time to time (the ”Custodian Agreement”). In such function, the Custodian Bank holds in safe custody 

the Fund’s assets duly entrusted to the Custodian Bank for such purpose. The Custodian Bank furthermore 

performs all customary banking duties relating to the Fund’s accounts and securities as well as all routine 

administrative work in connection with the Fund’s assets. 

Pursuant to the 2010 Law and the Custodian Agreement, the Custodian is responsible for 

(i) the general supervision of all assets of the Fund and, for 

(ii) the safekeeping of the assets entrusted to and held by the Custodian Bank or on its behalf and 

(iii) the administrative work in connection with applicable obligations of the Custodian Bank. 

It ensures that 

- the sale, issue, redemption, conversion and cancellation of units are carried out in accordance with the law or 

the Management Regulations; 

- the value of the units is calculated in accordance with the law and the Management Regulations; 

- the distributions are made pursuant to the provisions of Article 12 of the Management Regulations; 

- the countervalue of the transactions involving the assets of the Fund is transferred within the usual time limits. 

It will execute orders and comply with the instructions of the Management Company, provided that these are 

compatible with the legal requirements and Management Regulations. 

14 Central Administration Agent 

UBS Fund Services (Luxembourg) S.A., a public limited company under Luxembourg law, a wholly-owned subsidiary 

of UBS, has been appointed Central Administration Agent of the Fund (the ”Central Administration Agent”) by 

the Management Company. 

The duties of the Central Administration Agent include: 

- Fund accounting; 

- calculation of the net asset value; 

- the issue, redemption and conversion of units; 

- the preparation of the prospectus and the financial reports; 

- the correspondence and transmission of other documents intended for the unitholders; 

Page 23/36

15 Investment in the Anima Fund 

15.1 Conditions for the issue and redemption of units 

Subfund units are issued and redeemed each business day. In this context, ”business day” refers to the normal 

banking days (i.e. each day on which banks are open during normal business hours) in Luxembourg, with the 

exception of individual, non-statutory rest days in Luxembourg as well as days on which exchanges in the main 

countries in which the Subfund invests are closed.. ”Non-statutory rest days” are days on which banks and 

financial institutions are closed. No issue or redemption will take place on days on which the Management 

Company has decided not to calculate net asset value as described in the section ”Suspension of the net asset 

value calculation and of the issue, redemption and conversion of units”. In addition, the Management Company 

is empowered to reject subscription applications at its discretion. 

The Company does not authorise market timing and late trading transactions, which, in its consideration, are 

contrary to the interests of the unitholders. The Management Company is entitled to reject requests for 

subscription and conversion if it considers them to correspond to such practices. The Management Company is 

also entitled to take any measures it deems necessary to protect the other unitholders against such practices. 

Applications for subscription and redemption received by the Central Administration Agent no later than 16:00 

or 08:00 in case of Anima Fund - Pacific Equity (Central European Time) on a business day will be processed on 

the next business day (valuation date) based on the price calculated on that day. Earlier closing times for receipt 

of orders can apply to orders placed with sales agencies in Luxembourg or abroad to ensure punctual forwarding 

to the Central Administrative Agent. The earlier closing times can be requested from the relevant sales agencies. 

For applications for subscription and redemption received by the Central Administration Agent after 16:00 or 

08:00 in case of Anima Fund - Pacific Equity (Central European Time) on a business day, the next business day 

will be considered to be the order date. 

This also applies to applications for conversion of units from one Subfund to units of another Subfund of Anima 

Fund, which are effected on the basis of the net asset values of the corresponding Subfunds. 

The net asset value used for calculation purposes is therefore not yet known when the orders are placed 

(”forward pricing”). It will be calculated on the valuation date on the basis of the last known prices (i.e. closing 

prices or if such do not reflect reasonable market value in the opinion of the Management Company, at the last 

prices available at the time of valuation). The different valuation principles are described in the following 

paragraph. 

If the total amount of subscriptions or redemptions of units of a Subfund on a given exchange-trading day 

equals a net inflow or outflow of capital, the net asset value of the Subfund may be increased or decreased as a 

result (swinging single pricing ”SSP”). The maximum adjustment totals 1% of the net asset value. The 

transaction fees and assumed taxes that may be attributed to the Subfund, as well as the estimated 

supply/demand spread of the assets in which the Fund invests may be taken into account. The adjustment results 

in an increase in the net asset value if the net movements have resulted in an increase in all the units of the 

Fund. The adjustment results in a decrease in the net asset value if the net movements result in a decrease in 

units. The Board of Directors may establish a threshold value for each Subfund. This may be the net movement 

on an exchange-trading day relative to the net assets or an absolute amount in the currency of the Subfund in 

question. The net asset value will be adjusted only if the limit has been exceeded on an exchange-trading day. 

In lieu of adjusting the net asset value described above, the transaction fees and assumed taxes that may be 

attributed to the investors, as well as the estimated supply/demand spread of the assets in which the Fund 

invests may be taken into account. 

15.2 Net asset value, issue and redemption price 

The net asset value and the issue and redemption price per unit of a Subfund or of a class of units are expressed 

in the various currencies of account in which the different Subfunds or classes of units are denominated and are 

calculated each working day by dividing the total net assets of the Subfund or allocated to each class of units by 

the number of units issued in the class of units in question of that Subfund. The percentage of the overall net 

asset value corresponding to a class of units in question of a Subfund is determined by the relationship between 

the units issued in each class of units and the total number of units issued by the Subfund, changing with each 

issue or redemption of units. The net asset value attributable to each unit class increases or decreases by 

amounts received or paid out. 

Page 24/36

The assets of each Subfund are valued as follows: 

a) Securities, derivatives and other exchange-listed investments are valued at the last known market price. If 

the securities, derivatives or other investments are listed on more than one exchange, they will be valued on 

the basis of the last available price on the exchange that constitutes the principal market for those 

investments. 

For securities, derivatives and other investments for which the transaction volumes on an exchange are 

limited and for which there is a secondary market between securities brokers on which prices are 

established at prevailing market conditions, the Management Company may value such securities, 

derivatives and other investments as a function of those prices. Securities, derivatives and other investments 

that are not listed on an exchange, but which are traded on another regulated market which is recognised, 

open to the public and operates regularly, are valued at the last available price on that market; 

b) The securities, derivatives and other investments that are not listed on an exchange or traded on another 

regulated market and for which no adequate price is available are valued by the Management Company in 

accordance with other fundamental principles that it determines in good faith on the base of likely sales 

prices. 

c) The valuation of derivatives that are not listed on an exchange (over-the-counter instruments) is carried out 

on the basis of prices obtained from independent sources. If only one independent pricing source is 

available for valuing a derivative, the probability of the valuation price is tested by means of model 

calculations recognised by the Management Company and its auditor on the basis of the market value of 

the underlying instrument from which the derivative derives. 

d) Units of other undertakings for collective investment in securities (UCITS) and/or undertakings for collective 

investment (UCI) are valued at their last known net asset value. 

e) For money market securities, the valuation price is progressively aligned to the redemption price based on 

the acquisition price and takes into account the yields generated. In the event of material changes in market 

conditions, the valuation basis of the different investments is adjusted to the new market yields. 

f) Securities, derivatives and other investments that are denominated in a currency other than the currency of 

account of the corresponding Subfund and which are not hedged by means of currency transactions are 

valued at the middle-market rate of exchange (midway between the bid and offer rate) obtained from 

external financial information providers. 

g) Time and fiduciary funds are valued at their nominal value plus accrued interest. 

h) The value of swap transactions is calculated by the counterparty to the swap, on the basis of the net 

present value of all cash flows, both inflows and outflows. This method of calculation is recognised by the 

Management Company and has been reviewed by the auditor. 

For the Subfunds whose investment policy provides for investment primarily in money market securities with 

residual terms of less than 12 months, the share of assets made up of short-term fixed-income securities shall be 

valued as follows. 

Based on the net acquisition price and by keeping the calculated investment return constant, the value of these 

securities is successively adjusted to the redemption price thereof. The valuation price may thus differ from the 

last known market price. The valuation price will be regularly compared to the market yields. In the event of 

material changes in market conditions, the valuation basis is adjusted on the new market yields. 

If, based on specific circumstances, a valuation carried out based on the above rules proves to be impossible or 

imprecise, the Management Company shall have the right to apply, in good faith, other generally accepted and 

verifiable valuation criteria for purposes of carrying out a fair valuation of the net assets. 

In extraordinary circumstances, additional valuations may be carried out during the day, in which case they will 

be applied to subsequent issues and redemptions of shares. 

Page 25/36

15.3 Issue and subscription of units 

The minimum amount for the first subscription per each investor as well as for any subsequent subscriptions, are 

shown in the table here below: 

Subfund Minimum First 

Subscription 

Amount 

Page 26/36 

Minimum 

Subsequent 

Subscription 

Amount 

Anima Fund – Euro Bond I 100,000 EUR 0 EUR 

Anima Fund – Euro Bond R 150 EUR 150 EUR 

Anima Fund – Emerging Equity I 100,000 EUR 0 EUR 

Anima Fund – Emerging Equity R 150 EUR 150 EUR 

Anima Fund – Euro Equity I 100,000 EUR 0 EUR 

Anima Fund – Euro Equity R 150 EUR 150 EUR 

Anima Fund – Visconteo International I 100,000 EUR 0 EUR 

Anima Fund – Visconteo International R 150 EUR 150 EUR 

Anima Fund – Fondattivo International I 100,000 EUR 0 EUR 

Anima Fund – Fondattivo International R 150 EUR 150 EUR 

Anima Fund – Saving I 100,000 EUR 0 EUR 

Anima Fund – Saving R 150 EUR 150 EUR 

Anima Fund – Performance Target I 100,000 EUR 0 EUR 

Anima Fund – Performance Target R 150 EUR 150 EUR 

Anima Fund – Fondimpiego International I 100,000 EUR 0 EUR 

Anima Fund – Fondimpiego International R 150 EUR 150 EUR 

Anima Fund – Liquidity Plus I 100,000 EUR 0 EUR 

Anima Fund – Liquidity Plus R 150 EUR 150 EUR 

Anima Fund – European Equity I 100,000 EUR 0 EUR 

Anima Fund – European Equity R 150 EUR 150 EUR 

Anima Fund – US Equity I 100,000 EUR 0 EUR 

Anima Fund – US Equity R 150 EUR 150 EUR 

Anima Fund – Pacific Equity I 100,000 EUR 0 EUR 

Anima Fund – Pacific Equity R 150 EUR 150 EUR 

Anima Fund – Global Value I 100,000 EUR 0 EUR 

Anima Fund – Global Value R 150 EUR 150 EUR 

Anima Fund – Pianeta International I 100,000 EUR 0 EUR 

Anima Fund – Pianeta International R 150 EUR 150 EUR 

However, the Management Company reserves the right to waive the above mentioned minimum amounts, 

whenever it deems it appropriate or necessary. 

Subscriptions orders of Fund’s units will be accepted by the Central Administration Agent on every business day in 

Luxembourg. 

The issue price calculated on the next business day shall apply for all subscriptions received by the Central 

Administration Agent no later than 16:00 or 08:00 in case of Anima Fund - Pacific Equity (Central European Time) 

(cut-off time) on a business day in Luxembourg. 

The payment of the unit issue price of a Subfund shall be made by transfer or wire in the reference currency in 

which the Subfund is denominated in favour of the Subfund in question no later than the third banking day 

following the subscription date, 

Any taxes, duties and stamp duties that may be charged in a subscription country will be charged in addition. 

A subscription fee of a maximum of 2% (calculated on the net asset value) may be charged in favour of the agents 

that the Management Company has commissioned to distribute the units 

The Management Company, at its discretion, may accept subscriptions in kind, in whole or in part. In this case, 

the contribution in kind must be compatible with the investment policy and the investment restrictions of each 

Subfund. In addition, these investments will be audited by the Management Company’s appointed auditors. The 

relevant costs will be borne by the investor. 

Certificates will normally be delivered on request without undue delay after establishment of the issue price, 

with the investor being invoiced for delivery fees in line with customary banking practice. 

Bearer certificates shall only be issued in denominations of 1, 10, 100 and 1,000 units.

The certificates shall bear the signatures of the Management Company and of the Custodian Bank. All signatures 

may be reproduced using mechanical means. 

Fractional units may be issued up to three decimals. No physical certificate will be issued for such fractional units. 

All units issued or in circulation have the same rights. The terms and conditions provide for the possibility of 

launching different categories of units with specific properties within a Subfund. Fractional units may also be 

issued. However, such fractional units will not be vested in a security. Instead they will be included in the 

account of the unitholder by inscription to the securities account of his choice. Such fractional units confer no 

voting right during General Meetings, but do entitle the unitholder to participate in the distribution of the 

proceeds of liquidation on a pro rata basis if the Subfund or the unit class in question is liquidated. 

Units of Subfunds or classes reserved to private investors may also be subscribed through savings plans, payment 

plans or conversion plans, in accordance with the locally prevailing market standards. Further information on this 

subject can be requested from local distributors. 

Prevention of money laundering 

Distributors of Fund units must respect the provisions of Luxembourg law of 12 November 2004 on the 

prevention of money laundering and against the financing of terrorism, each as amended, as well as the 

statutory instruments and the applicable circulars of the CSSF. 

Amongst others, subscribers must establish their identity with the distributors or the sales agent that collects 

their subscription. The distributor or sales agent must request, at a minimum, the following identification from 

subscribers: for natural persons, a certified copy (by the distributor or sales agent or local administrative 

authority) of the passport/identity card and tax identification number (TIN) assigned to the investor by the 

administration of the country where he is resident for tax, for corporations or other legal persons, a certified 

copy of the memorandum, a certified copy of the extract from the Commercial Register, a copy of the latest 

published annual report, the full names of the beneficial owners (”beneficial owner”), in other words, the final 

shareholders. 

The distributor will ensure that the sales agencies strictly comply with the identity verification procedure specified 

above. UBS Fund Services (Luxembourg) S.A. and the Management Company may at any time request proof of 

compliance with these provisions from the distributor. UBS Fund Services (Luxembourg) S.A. controls the 

observance of the above mentioned provisions for any subscription/redemption requests it receives from 

distributors and sales agencies established in non-FATF countries. 

In addition, the distributor and its sales agencies must also respect all provisions regarding the prevention of 

money laundering in force in their respective country. 

Countries adhering to the provisions of the Financial Action Task Force are considered to be members of FATF. 

15.4 Redemption of units 

The unitholders may at any time request the redemption of their units by submitting to the Central Administration 

Agent or to another authorised agent an irrevocable redemption request accompanied by the unit certificates, if 

applicable. Redemption requests may be made by submitting any certificates issued to the Management 

Company, the Central Administration Agent or the Custodian Bank, as well as any other distributor or paying 

agent/correspondent bank authorised to this end. 

The redemption price calculated on the next business day shall apply for all redemption requests received by the 

Central Administration Agent no later than 16:00 or 08:00 in case of Anima Fund - Pacific Equity (Central 

European Time) (cut-off time) on a business day in Luxembourg. For any redemption application received by the 

Central Administration Agent after the cut-off time, the applicable redemption price will be based on the price 

calculated on the second following business day. 

The cash equivalent for redeemed Subfund units is paid three business days after the order date, unless legal 

provisions, such as foreign exchange controls or restrictions on capital movements, or other circumstances 

beyond the control of the custodian, make it impossible to transfer the redemption amount to the country in 

which the redemption application was submitted. 

Any taxes, commissions and other fees incurred in the respective countries in which fund units are sold will be 

charged. 

The development of the net asset value determines whether the redemption price is higher or lower than the 

issue price paid by the investor. 

Page 27/36

If applicable, any taxes, duties and stamp and related duties will be deducted. 

Depending on the performance of the net assets of the Fund, the redemption price may be higher or lower than 

the issue price paid by the investor. The development of the net asset value determines whether the redemption 

price is higher or lower than the issue price paid by the investor. 

In the event of an excessively large volume of redemption applications, the custodian and the Management 

Company may decide to delay execution of the redemption applications until the corresponding assets of the 

Fund are sold without unnecessary delay. If such a measure is necessary, all redemption orders received on the 

same day will be settled at the same price. 

The Management Company, at its discretion, may accept redemptions in kind, in whole or in part. However, if 

applicable, the redemptions must be in accordance with the respective Subfund’s investment policy and 

restrictions. They will also be submitted for review by the appointed auditor. Any costs incurred will be borne by 

the investor. 

15.5 Conversion of units 

The unitholders may at any time and without charge move from one Subfund to another by submitting to the 

Central Administration Agent or to another authorised establishment an irrevocable conversion request 

accompanied by the unit certificates to be converted. 

However, the following exceptions apply: 

� The conversion is only possible into units issued; no conversion is possible if the issue of units by the 

Subfund has been suspended 

� The right to convert units is subject to compliance with any conditions applicable to the class or category 

of unit into which conversion is to be effected 

The same procedures apply to the submission of conversion applications as apply to the issue and redemption of 

units. 

The exchange rates and the issue and redemption prices for each Subfund in effect on the working day following 

the conversion request are the basis for the calculation of the conversion ratio. 

The calculation is made in accordance with the following formula: 

B * C * D 

A = ------------- 

E 

- A represents the number of units in the new Subfund into which the conversion is made 

- B represents the number of units in the Subfund from which the conversion is made 

- C represents the redemption price of the units to be converted 

- D represents the exchange rate between the Subfunds concerned. If the two Subfunds are denominated in 

the same reference currency, this coefficient is 1. 

- E represents the issue price of units in the Subfund into which the conversion is made. 

For all conversion requests received by the Central Administration Agent after 16:00 or 08:00 in case of Anima 

Fund - Pacific Equity (Central European Time) (cut-off time), on a business day in Luxembourg, the exchange rates 

and the issue and redemption prices in effect on the second following business day in Luxembourg are the basis for 

the calculation of the conversion ratio. 

Any taxes, duties and stamp duties that may be charged in a subscription country will be charged to the unitholder. 

During a conversion, the new certificates will be delivered upon request and without undue delay, with the 

investor being invoiced for delivery fees in line with customary banking practice. 

Shareholders are advised to obtain independent advice regarding local taxation implications (if any) arising upon 

the conversion of Shares. If, under the laws of any jurisdiction in which the Fund markets its Units, a legal 

obligation is imposed on the Fund or its duly authorized delegates to withhold taxation upon the conversion of 

Units held by or for the benefit of investors resident such jurisdictions, the Fund may not be in a position to process 

requests for the conversion of Units from one Fund to another in accordance with the procedures outlined above. 

In such circumstances, any conversion request received may be processed as two separate transactions, namely (i) 

as a redemption from the Original Fund (in respect of which a Conversion / Redemption Fee may be payable, if 

specifically disclosed in the KII, and (ii) as a subscription to the New Fund (in respect of which the amount available 

for subscription will be the redemption proceeds net of the applicable Conversion / Redemption Fee and net of any 

applicable withholding tax). Such redemption and consequent subscription cannot be executed on the same 

Dealing Day. 

Page 28/36

15.6 Suspension of the calculation of net asset value, of issue and redemption 

The Management Company is authorised to temporarily suspend the calculation of the net asset value, or the issue, 

redemption and conversion of units of one or more Subfunds between different Subfunds in the following cases: 

- when one or more stock exchanges or markets on which a significant proportion (50% or more) of the Fund’s 

assets are valued, are closed, other than for normal holidays, or if trading is suspended there, or if those stock 

exchanges or markets are subject to restrictions or to significant short-term fluctuations; 

- if events beyond the responsibility or influence of the Management Company make it impossible to access 

Fund assets under normal conditions or such access would be detrimental to the interests of the unitholders; 

- if interruptions in the communications channels or any other cause prevent the determination of the value of a 

substantial proportion (50% or more) of the assets of the Fund; 

- if foreign exchange restrictions or restrictions on the movement of capital hinder the execution of transactions 

for account of the Fund. 

The suspension of the calculation of net asset value, of the issue and redemption of units and of conversion 

between different Subfunds will be published in a Luxembourg daily newspapers, and, if necessary, in foreign daily 

newspapers. 

Moreover, the Management Company shall have the right to: 

a) reject any application to subscribe for units, at its discretion, 

b) redeem, at any time, units that have been acquired in violation of an exclusion measure. 

15.7 Distribution of income 

In conformity with Article 12 of the Management Regulations, the Management Company determines, after 

closing the annual financial statements, whether and to what extent the different Subfunds or classes of units 

will make distributions. 

Any distributions made to unitholders will be paid out as quickly as possible. 

Distributions not claimed within five years of their payment date will be subject to the statute of limitations and the 

corresponding assets will be returned to the respective Subfund of the Fund. 

Distributions will be made upon presentation of coupons. The Management Company will determine the method 

of payment. 

Distributions may not be so large as to cause the net assets of the Fund to fall below the statutory minimum 

assets laid down by the provisions of the law. Any distributions made will be paid out within four months of the 

closing date of the financial period. 

The Management Company may decide to make interim distributions or to suspend distributions. 

The Board of Directors does not currently expect distributions. 

Entitlements to distributions of dividends and allocations not claimed within five years of falling due shall lapse 

and be paid back into the Subfund or unit class of the Fund concerned. If that Subfund or unit class has already 

been liquidated, the distributions and allocations shall accrue to the other Subfunds of the same Fund in 

proportion to their respective net asset values. In the framework of the use of profit and capital gains, the 

Management Company may also provide for the issue of bonus units. Offset of gains will be calculated so that 

amounts paid out satisfy the shareholders. 

Distributions will be made on presentation of coupons. The method of payment shall be determined by the 

Management Company. 

Page 29/36

15.8 Expenses paid by the Fund 

The Fund pays commissions in favour of the Management Company, the Custodian Bank, the Central 

Administration Agent, the Portfolio Managers and the Distributors. These commissions are in the amount of the 

percentages listed in the table below: 

Subfunds Flat Fee 

Anima Fund – Euro Bond I Max 0,50% p.a. 

Anima Fund – Euro Bond R Max 1,20% p.a. 

Anima Fund – Euro Equity I Max 1,00% p.a. 

Anima Fund – Euro Equity R Max 2,20% p.a. 

Anima Fund – Emerging Equity I Max 1,00% p.a. 

Anima Fund – Emerging Equity R Max 2,20% p.a. 

Anima Fund – Visconteo International I Max 0,70% p.a. 

Anima Fund – Visconteo International R Max 1,50% p.a. 

Anima Fund – Saving I Max 0, 90% p.a. 

Anima Fund – Saving R Max 1,20% p.a. 

Anima Fund – Performance Target I Max 0,40% p.a. 

Anima Fund – Performance Target R Max 0,80% p.a. 

Anima Fund – Liquidity PlusI Max 0,37% p.a. 

Anima Fund – Liquidity Plus R Max 0,70% p.a. 

Anima Fund – European Equity I Max 1,00% p.a. 

Anima Fund – European Equity R Max 2,20% p.a. 

Anima Fund – Fondattivo International I Max 1,10% p.a. 

Anima Fund – Fondattivo International R Max 2,35% p.a. 

Anima Fund – Fondimpiego International I Max 0,95% p.a. 

Anima Fund – Fondimpiego International R Max 1,40% p.a. 

Anima Fund – Pianeta International I Max 0,60% p.a. 

Anima Fund – Pianeta International R Max 1,40% p.a. 

Anima Fund – US Equity I Max 1,00% p.a. 

Anima Fund – US Equity R Max 2,20% p.a. 

Anima Fund – Pacific Equity I Max 1,00% p.a. 

Anima Fund – Pacific Equity R Max 2,20% p.a. 

Anima Fund – Global Value I Max 1,00% p.a. 

Anima Fund – Global Value R Max 2,20% p.a. 

These commissions are calculated on the basis of the net assets of the Subfunds and are payable monthly. 

In addition a performance fee is applied if the fund’s performance is positive over the reference time frame and 

if it exceeds the performance of the reference parameter indicated (positive overperformance), also over the 

reference time frame. 

Reference time frame: from the beginning of the calendar year. 

Frequency of calculation: daily. 

Frequency of payment: annual. 

The payment rate, calculated on the lower between the net asset value of the fund on the reference date and 

the average of net asset value from the beginning of the calendar year up to the reference date, and is equal to: 

� 20% of the overperformance 

The amount of the payment is equal to the amount calculated on the basis of the rates indicated in the 

preceding point. 

The performance fee is paid out of the fund’s liquid assets on the fifth working day of the calendar year 

following the reference year and the fund is debited with an equal amount. 

The performance fee described in the preceding points applies to all sections of the fund, with the exception of 

the Anima Fund – Liquidity Plus. 

Page 30/36

The reference parameters of each Subfund used for the purpose of calculating the performance fee are as 

follows: 

Sections Reference parameter 

Anima Fund – Euro Bond 95% BofA Merrill Lynch Euro Direct Government 

5% BofA Merrill Lynch Euro Currency LIBID Overnight 

Anima Fund – Visconteo International 30% MSCI EMU 

20% JP Morgan GBI Global (in Euro) 

20% JP Morgan GBI EMU 

15% MTS BOT Lordo 

15% Bofa Merrill Lynch Euro Large Cap Corporate 

Anima Fund – US Equity 100% MSCI USA (in Euro) 

Anima Fund – European Equity 100% MSCI Europe (in Euro) 

Anima Fund – Pacific Equity 100% MSCI All Countries Asia Pacific (in Euro) 

Anima Fund – Global Value 100% MSCI World Index (in Euro) 

Anima Fund – Emerging Equity 100% MSCI Emerging Markets (in Euro) 

Anima Fund – Saving 50% MTS BOT Lordo 

30% JP Morgan GBI EMU 

20%Bofa Merrill Lynch Euro Large Cap Corporate 

Anima Fund – Performance Target 100% Euribor 3 m+60 b.p. 

Anima Fund – Euro Equity 100% MSCI EMU 

Anima Fund – Pianeta International 80% JP Morgan GBI Global (in Euro) 

10% MTS BOT Lordo 

10% Bofa Merrill Lynch Euro Large Cap Corporate 

The variation in the reference parameter is calculated on the basis of the indexes provided at 13.00 on the day of 

calculation. 

All the stock market indexes used are ”price indexes”. 

As regards the Subfund Anima Fund – Performance Target, the index number of the reference parameter is 

calculated on the basis of the value of the 3-month Euribor rate provided by 13:00 on the day of calculation, 

according to the following formula: 

I di t-1 = I di t-2 X(1+r di t-1) 

Where 

I di t+0 = 1,000 

r = daily return on a 3-month deposit in Euro, calculated on the basis of the 3-month Euribor rate + 60 b.p. 

The formula uses the JP Morgan Cash methodology for calculating indexes. The Cash index measures the overall 

return from the daily reinvestment of a deposit in Euro. 

Information concerning the Euribor index can be found on the Information System Provider Bloomberg (ticker 

EUR003M) and Thomson Financial (ticker EIBOR3M). 

In detail, for the purpose of applying the performance fee, the following steps are taken: 

at the end of each day the percentage variations in the share of the fund and its reference parameter are 

calculated in relation to the period that runs from the beginning of the current calendar year up to the reference 

date. 

If the fund’s performance is positive and greater than that of its reference parameter, the difference between 

the two variations, which is defined as overperformance, is calculated. 

The overperformance is multiplied by a factor equal to 20%. 

Page 31/36

The resulting figure, is applied to the lower between the net asset value of the fund on the reference date and 

the average of net asset value from the beginning of the calendar year up to the reference date. 

The amount obtained represents the relevant performance fee for the day in question. 

The said performance fee is entered that day as a liability in the fund’s accounts. The following day the 

procedure described above will be carried out once again, producing as a result a possible new performance fee. 

This fee will replace that of the preceding day; the said fee may be greater or smaller depending on whether the 

overperformance of the fund, compared to the reference parameter, is greater or smaller compared to the figure 

calculated on the preceding day. However, if the application of the algorithm does not support the application 

of fee, the existing liability will be deleted. 

Any performance fee existing at the end of the current calendar year is paid out of the fund’s liquid assets on 

the fifth working day of the calendar year following the reference year and the fund is debited with an equal 

amount. 

In case of redemption, the accrued performance fee attributable to the redeemed shares will be crystallized and 

paid to the Portfolio Manager at the same date as defined in the previous sentence. 

The annual maximum percentage limit on the overall average net value of the fund in the calendar year will be 

equal to the sum of the management commission for each fund and any incentive commission which, 

nevertheless, may not exceed10% per annum. 

Anima Fund - Fondattivo International and Anima Fund - Fondimpiego International shall pay a performance fee 

of 20% of the positive difference between (1) The Net Asset Value Per Share of the Fund (after accruals of all 

fees except Performance Fees) on the NAV Valuation Day, and (2) The High Water Mark (HWM).For these two 

SubFunds, the performance fee will be calculated and crystallized at each valuation date, and these crystallized 

amounts will be paid at the end of each month. HWM is equal to the highest NAV on which a performance fee 

has paid on a previous valuation date, adjusted by subscription and redemptions. 

In addition, the following expenses are charged to the Fund or to the different Subfunds: 

- all other duties and any taxes due on the assets and income of the Fund, in particular the Grand Duchy of 

Luxembourg’s taxe d’abonnement of 0.05% p.a. on total net assets, and payable at the end of each 

quarter. If any Subfund or any class of a Subfund is reserved to institutional investors, the taxe 

d’abonnement may be reduced to 0.01% p.a. on the total net assets of that specific Subfund or class, as 

well as all duties and taxes that are levied on the expenses and the commissions charged to the Fund or on 

the securities or other transactions; 

- Costs for trades settlement from a minimum of EUR 7.5 to a maximum of EUR 155 per trade 

- customary expenses and brokerage fees charged by third-party banks, related parties and brokers; 

- remuneration of the paying agents/correspondent banks; 

- the cost of exceptional measures, particularly audits or legal proceedings undertaken to safeguard the 

interests of unitholders; 

- expenses in relation to the printing of certificates, the preparation, printing and storage of administrative 

documents, prospectuses, the corresponding documents for the Fund's sales countries and explanatory 

reports with authorities and official bodies; the fees payable for the initial registration of the Fund and/or the 

Subfunds with authorities and maintenance of stock exchange listings, if necessary; the costs of preparing, 

translating, printing and distributing periodic reports and other documents required by law or the Management 

Regulations. 

- the costs of accounting and calculating the net asset value, the costs of preparing, distributing and 

publishing notices to unitholders, the fees of legal advisers, experts and independent auditors, and all 

similar expenses. 

- supplementary commissions payable for services rendered by the Central Administration Agent in relation 

to the 2010 Law. 

Expenses that can be precisely allocated to the different Subfunds will be taken into account in those Subfunds. 

Expenses relating to several or all Subfunds will be taken into account for the Subfunds in question in proportion 

to their net asset values. 

All recurring expenses will be charged first to the Fund’s income, then to realised capital gains or to the Fund’s 

assets. Other expenses may be amortised over a period not to exceed five years. 

Page 32/36

The preliminary expenses incurred during the launch of one or more additional Subfunds will be amortised over a 

period of 5 years and applied only to the new Subfunds. 

For Subfunds that invest a significant portion of their assets in other UCIs management fees may be charged both 

by the Fund and by the UCIs in which they invest. Such management fees are however included in the Flat Fee as 

indicated above. Investments in units or shares of funds managed by Anima SGR S.p.A. or by a company controlled 

by Anima SGR S.p.A. shall not give rise to the levying of subscription or redemption fees upon subscription or 

redemption of shares. 

If Subfund investments are made in funds that make payments to reimburse all or part of the fees and commissions 

levied on their assets, such payments will be fully added to the assets of the Subfunds involved. 

16 Financial year 

The Fund's accounting year shall end on 31 December each year. 

17 Periodic reports and publications 

An annual report is published for each Subfund and the Fund on 31 December and a semi-annual report on 30 

June of each year. In the above reports, the specific conditions in each Subfund or each class of units are 

presented in the currency of account of that Subfund or that unit class. The consolidated breakdown of the 

Fund’s overall assets is prepared in EUR. 

The annual report, which is published within four months of the end of the financial year, contains the annual 

accounts audited by the independent auditors. 

These reports are available to unitholders at the registered office of the Management Company and the Custodian 

Bank. 

The issue and redemption price of units of each Subfund shall be made public each calculation day in Luxembourg 

at the registered office of the Management Company and the Custodian Bank. 

The mention of any amendments to the Fund’s Management Regulations will be published in the Mémorial. 

Information notices to the unitholders will also be published in a Luxembourg daily newspaper and, if necessary, in 

foreign daily newspapers. 

The key investor information is published on the website "www.animasgr.it". Furthermore the key investor 

information documents will be supplied to shareholders on request and free of charge. 

Complaints of shareholders may be filed with the Fund, the Custodian and any paying agent or distributor. 

Complaints will be dealt with properly in a timely manner. 

18 Management Regulations 

The rights and obligations of the unitholders, as well as those incumbent upon the Management Company and the 

Custodian Bank, are determined by the Management Regulations. The Management Company may amend the 

Management Regulations, if necessary, after having obtained the authorisations required by law. All amendments 

will be published as provided in the section ”Periodic reports and publications” and enter into force upon 

publication of the mention in the “Mémorial”. 

19 Liquidation and merging of the Fund and its Subfunds or unit classes 

Liquidation of the Fund and its Subfunds or unit classes 

Unitholders, their heirs or other beneficiaries may not demand the division or liquidation of either the Fund or an 

individual Subfund or unit class. The Management Company is empowered, however, to liquidate the Fund or the 

Subfunds and unit classes provided that, taking into account the interests of the unitholders, such liquidation is 

considered reasonable or necessary for the protection of the Management Company and the Fund or for reasons 

of investment policy. 

Page 33/36

If the total net asset value of a Subfund or of a unit class within a Subfund has fallen below a value that the Board 

of Directors has fixed as the minimum value for the economically efficient management of that Subfund or that 

unit class, or that value is not reached, or in the event of a substantial change in the political, economic and 

monetary environment, or as part of a rationalisation, the Management Company may decide to redeem and 

cancel all units of the corresponding unit class(es) at the net asset value (taking into account the actual realisation 

prices and realisation cost of the investment) as at the valuation day or date on which the decision takes effect. 

The decision to liquidate a Subfund or unit class will be published in a Luxembourg daily newspaper and, if 

necessary, in the official publications specified for the respective countries in which Fund units are sold as listed in 

this prospectus. No units may be issued after the date of such a decision and each conversion into the Subfund/unit 

class concerned will be suspended. The redemption of units or conversion from the Subfund/unit class concerned 

will still be possible even after this decision has been implemented. This ensures that the Subfund or unit class will 

take any liquidation costs into account. Those holding units in the Subfund/unit class at the time the decision to 

liquidate is taken will consequently bear such costs. In the event of liquidation, the Management Company will 

realise the Fund’s assets in the best interests of the unitholders and instruct the Custodian Bank to distribute the 

net proceeds from the liquidation of the Subfund/unit class to the unitholders of said Subfund/unit class in 

proportion to their respective holdings. Any liquidation proceeds which cannot be distributed to the unitholders on 

completing the liquidation (which could last up to nine months) will be immediately deposited with the “Caisse de 

Consignation”. 

Liquidation of the Fund is mandatory in the cases prescribed by law and in the event of the Management Company 

being liquidated. Notice of such liquidation is published in at least two daily newspapers (one of them being a 

Luxembourg daily newspaper) as well as in the ”Mémorial”. The liquidation procedure is identical for the Fund and 

its Subfunds; any liquidation proceeds which cannot be distributed to unitholders at the end of the liquidation 

procedure are immediately deposited with the ”Caisse de Consignation”. 

Each Subfund of the Fund being a feeder Subfund shall be liquidated, if its master UCITS is liquidated divided 

into two or more UCITS or merged with another UCITS, unless the CSSF approves: 

a) the investment of at least 85 % of the assets of the feeder Sub-Fund in units of another master UCITS; or 

b) its conversion into a Sub-Fund which is not a feeder Subfund. 

Without prejudice to specific provisions regarding compulsory liquidation, the liquidation of a Subfund of the 

Fund being a master Subfund shall take place no sooner than three months after the master Subfund has 

informed all of its shareholders and the CSSF of the binding decision to liquidate. 

Mergers of the Fund or of Subfunds with another UCITS or other subfunds thereof; mergers of one or 

more Subfunds within the Fund; Division of Subfunds 

"Merger" means an operation whereby: 

a) one or more UCITS or sub-funds thereof, the "merging UCITS/ subfund", on being dissolved without 

going into liquidation, transfer all of their assets and liabilities to another existing UCITS or a sub-fund thereof, 

the "receiving UCITS", in exchange for the issue to their shareholders of shares of the receiving UCITS and, if 

applicable, a cash payment not exceeding 10% of the net asset value of those shares; 

b) two or more UCITS or sub-funds thereof, the "merging UCITS/ subfund", on being dissolved without 

going into liquidation, transfer all of their assets and liabilities to a UCITS which they form or a sub-fund thereof, 

the "receiving UCITS/ subfund", in exchange for the issue to their shareholders of shares of the receiving 

UCITS and, if applicable, a cash payment not exceeding 10% of the net asset value of those shares; 

c) one or more UCITS or sub-funds thereof, the "merging UCITS/ subfund", which continue to exist until the 

liabilities have been discharged, transfer their net assets to another sub-fund of the same UCITS, to a UCITS 

which they form or to another existing UCITS or a sub-fund thereof, the "receiving UCITS/ subfund". 

Mergers can be performed in accordance with the form, modalities and information requirements provided for 

by the 2010 Law; the legal consequences of mergers are governed by and described in the 2010 Law. 

Under the same circumstances as provided in the previous Section, the Board may decide to reorganise a Sub- 

Fund and/or share class by means of a merger with another existing Sub-Fund and/or share class within the Fund 

or with another UCITS established in Luxembourg or in another Member-State or to another sub-fund and/or 

share class within such other UCITS (the "new fund/subfund") and to re-designate the Shares of the relevant 

Sub-Fund or share class concerned as shares of another sub-fund and/or share class (following a split or 

consolidation, if necessary, and the payment of the amount corresponding to any fractional entitlement to 

shareholders). Such decision will be published in the same manner as described in the previous Section (and, in 

addition, the publication will contain information in relation to the new fund or sub-fund). During a period of 

thirty days following the publication of such a decision, shareholders may request redemption or conversion of 

their Shares, free of charge. 

Page 34/36

Under the same circumstances as provided in the previous Section, the Board may decide to reorganise a Sub- 

Fund and/or share class by means of a division into two or more sub-funds and/or share classes. Such decision 

will be published in the same manner as described herein (and, in addition, the publication will contain 

information about the two or more new sub-funds). During a period of thirty days following the publication of 

such a decision, shareholders may request redemption or conversion of their Shares, free of charge. 

Where a Subfund of the Fund has been established as a master Subfund, no merger or division of shall become 

effective, unless the master Subfund has provided all of its shareholders and the CSSF with the information 

required by law, by sixty days before the proposed effective date. Unless the CSSF or the competent authorities 

of the home Member State of the feeder-UCITS, as the case may be, have granted the feeder-UCITS approval to 

continue to be a feeder-UCITS of the master Subfund resulting from the merger or division of such master 

Subfund, the master Subfund shall enable the feeder-UCITS to repurchase or redeem all shares in the master 

Subfund before the merger or division becomes effective. 

The shareholders of both, the merging and receiving Subfund have the right to request, without any charge 

other than those retained by the Subfund to meet disinvestment costs, the repurchase or redemption of their 

shares or, where possible, to convert them into shares of another Subfund of the Fund with similar investment 

policy or shareholders may also convert their shares into another UCITS managed by the Management Company 

or by any other company with which the Management Company is linked by common management or control, 

or by a substantial direct or indirect holding. This right shall become effective from the moment that the 

shareholders of the merging and those of the receiving Subfund have been informed of the proposed merger 

and shall cease to exist five working days before the date for calculating the exchange ratio. 

The Board may temporarily suspend the subscription, repurchase or redemption of Shares, provided that any 

such suspension is justified for the protection of the shareholders. 

If a Subfund of the Fund is the receiving sub-fund, the entry into effect of the merger shall be made public 

through all appropriate means by the Fund and shall be notified to the CSSF and, where appropriate, to the 

competent authorities of the home Member States of the other UCITS involved in the merger. 

Under the same circumstances as provided in the previous Section, the general meeting of shareholders of the 

Fund may decide with no quorum requirement and simple majority to merge the whole Fund with another 

UCITS established in Luxembourg or in another Member State or with any sub-fund thereof. 

A merger which has been taken in accordance with the provisions of the 2010 Law cannot be declared null and 

void. 

20 Applicable law, place of performance and authoritative language 

The District Court of Luxembourg shall have jurisdiction over any disputes among unitholders, the Management 

Company and the Custodian Bank Luxembourg law shall apply. However, if claims are presented by investors in 

other countries, the Management Company and/or the Custodian Bank may elect to make themselves or the Fund 

subject to the jurisdiction of the countries in which units in the Fund are offered and sold. 

The English-language version of this prospectus shall be binding; for their account and for account of the Fund, the 

Management Company and the Custodian Bank may, however, recognise as binding translations approved by 

them into the languages of countries in which units are offered and sold, and these shall be binding in respect of 

units sold to investors in those countries. 

21 Statute of limitations 

Claims of unitholders against the Management Company or the Custodian Bank will lapse five years after the date 

of the event that gave rise to the rights claimed. 

22 Tax status 

The Fund is subject to Luxembourg legislation. It is up to subscribers of units to learn about the law and all 

provisions relating to the acquisition, possession and possible sale of units in force in the country in which they 

are domiciled or of which they are nationals. 

In accordance with current Luxembourg law, the Fund is not subject to any Luxembourg withholding tax, or 

income, capital-gains or wealth tax. 

According to the tax legislation currently in force, unitholders are not required to pay any Luxembourg income, 

gift, inheritance or other tax in Luxembourg, unless they are domiciled in Luxembourg, have a residence in 

Luxembourg or maintain a permanent establishment there or were previously domiciled in Luxembourg and hold 

more than 10% of net Fund assets. 

Page 35/36

However, the Grand Duchy of Luxembourg’s taxe d’abonnement of 0.05% p.a. is levied on the net assets of 

each Subfund; it is payable at the end of each quarter. The net assets of each Subfund at the end of each 

quarter are the basis for calculation of the tax. If a Subfund or a unit class of a Subfund is reserved to 

institutional investors, the taxe d’abonnement totals 0.01% p.a. on total net assets of that Subfund or unit class. 

The attention of the shareholders is drawn to the fact that the law of 21 June 2005 has transposed into 

Luxembourg law Council Directive 2003/48/EC on taxation of savings income in the form of interest payments 

(the ”Directive”). Under the provisions of the Savings Directive since 1 July 2005 cross-border interest payments 

to natural persons residing in another Member State are subject to witholding tax or are subject to the 

automatic transmission of information. The dividends paid out by a Subfund of the Fund are subject to the 

Savings Directive if more than 15% of the Subfund’s assets are invested in debt securities as defined in the 

Directive. The shareholders' proceeds at the time of a disposal of shares shall be subject to withholding or to the 

automatic transmission of information if more than 25% of the assets of the Subfund in question are invested in 

debt securities. 

The different figures shown are based on the most recently data available at the time of calculating the 

respective figures. 

To the extent the Subfund is not subject to the Savings Directive or if it does not affect the shareholder, the 

shareholder is not liable for any Luxembourg withholding tax on capital gains, income, gift, inheritance or 

otherwise, except for investors domiciled, residing or having a permanent establishment in Luxembourg and for 

certain former residents of Luxembourg if they own more than 10% of the shares of the Fund. 

The tax implications described in brief above are not exhaustive. Investors are therefore invited to consult 

professionals about current law and regulations and, if necessary, with regard to the subscription, redemption, 

ownership and sale of shares in their country of residence. 

23 Documentation 

The following documents are available from the registered office of the Management Company: 

1) the Management Regulations 

2) the Fund’s most recent annual and semi-annual reports 

The following documents are kept at the registered office of the Management Company, where they are 

available for inspection: 

1) the coordinated Articles of Incorporation of the Management Company 

2) the agreements concluded between the Management Company and the Custodian Bank, the Central 

Administrative Agent and the Portfolio Manager. 

These agreements may be altered by common consent of the parties involved. 

24 Specifications for the individual countries in which Fund units are sold 

Sale in Italy 

Paying agents / Correspondent banks 

As part of the distribution of shares in Italy, the fund instructs one or more local payment agents/correspondent 

banks for distribution services to make payments and to forward to the central administrative body information 

concerning applications made by Italian investors for subscriptions, redemptions and conversions. 

The payment agents/correspondent banks in Italy receive a maximum ”payment agent commission”: 

� up to 0.15% through subscription or redemption; this amount cannot be less than EUR 20 nor greater 

than EUR 160 for subscription; nor less than EUR 13 nor greater than EUR 160 for redemption. 

� EUR 25 for the initial subscription in the framework of the savings plan and through redemption; EUR 2.5 

for each subsequent subscription within the framework of the savings plan. 

Page 36/36

ANIMA FUND - ANIMA Sgr

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?