ANIMA FUND - ANIMA Sgr

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