Notice to Unitholders of CHALLENGE Solidity & Return

(UCITS authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended)

Mediolanum International Funds Limited (“MIFL”), manager of CHALLENGE Funds, wishes to notify Unitholders of CHALLENGE Solidity & Return (the “Sub-Fund”) that the Sub-Fund will no longer invest in equities, narrowing the sector focus of the Sub-Fund from multi-asset to a more fixed-income focus. The Sub-Fund was established as a multi-asset fund product albeit with a flexible investment policy (for example to invest up to 100% in any one asset class) but the current focus is investment in fixed-income securities, which MIFL now wish to clarify in the investment policies of the Sub-Fund...

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