ANIMA FUND - ANIMA Sgr

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.
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