Challenge - Notice to Euro Bond Fund/Euro Income Fund & International Bond Fund Unitholders

NOTICE TO UNITHOLDERS

Mediolanum International Funds Limited (“MIFL”), manager of CHALLENGE Funds, wishes to notify Unitholders of the following sub-funds of CHALLENGE Funds, of the following fee waivers in respect of a portion of its management fee (as disclosed in the Fund’s Prospectus) which shall each take effect from on or about July 5, 2021 until such time as further notified to:-

• 0.35% for CHALLENGE Euro Bond Fund;
• 0.30% for CHALLENGE Euro Income Fund; and
• 0.10% for CHALLENGE International Bond Fund.

MIFL is implementing the temporary fee waivers above for the benefit of the investors in light of the current fixed income market conditions and interest rate levels.

Mediolanum International Funds Limited

Fourth Floor,

The Exchange,

IFSC,

Dublin 1,

Ireland.

Dublin, 2 July, 2021