CHALLENGE FUNDS
UCITS authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended.
NOTICE TO UNITHOLDERS
Mediolanum International Funds Limited (the “Manager”), manager of Challenge Funds (the “Fund”), wishes to notify Unitholders of the Fund that it reserves the right to impose an “anti-dilution levy” in respect of all sub-funds of the Fund, which would represent a provision for market spreads, duties and charges and other dealing costs relating to the acquisition or disposal of assets, capped at 2%, in the event of net subscription or redemption requests exceeding 5% of the Net Asset Value of a sub-fund. Such levy, if imposed, would preserve the value of the underlying assets and be paid into the account of the relevant sub-fund. The Prospectus will be updated to reflect such levy on or about December 4, 2019, a copy of which will be available at http://www.mifl.ie/products/challenge-funds.
Mediolanum International Funds Limited
November 20, 2019
