Notice to Unitholders of Gamax Funds FCP 

Mediolanum International Funds Limited

4th Floor, The Exchange, Georges Dock, IFSC, Dublin, Ireland

NOTICE TO UNITHOLDERS OF Gamax Funds FCP (the “Fund”)

The board of directors of Mediolanum International Funds Limited (the “Board of Directors”), the management company (the “Management Company” or “MIFL”) of Gamax Funds FCP would like to inform you that with effect as of 25^th April 2022 the following amendments have been made in the prospectus of Gamax Funds (the “Prospectus”) in particular:

I. Amendments with respect to certain cost items

Currently charged at up to a maximum of 0.045% per annum of the net assets of the relevant sub-fund (each a “Sub-Fund”) in section 5 “Taxes and costs” of the Prospectus, the costs related to the reasonable costs, fees, and disbursements of a third-party manager in connection with index calculation, performance assignment, risk control, performance measurement, risk analysis, research, and corresponding services for a Sub-Fund, will be set at 0.045% per annum of the net assets of the relevant Sub-Fund.

II. Amendments to the performance fees mechanics

In order to ensure compliance with the ESMA Guidelines on performance fees in UCITS and certain types of AIFs, the performance fee mechanics will be amended in section 5 “Taxes and costs” of the Prospectus and in section “Investment and distribution policy” of each Sub-Fund’s annex (each an “Annex”).

The performance fee mechanics will not be materially impacted by the amendments.

III. Amendments to the Fee waiver

The possibility for the Management Company to waive, permanently or temporarily, some or all the fees, costs, and disbursements accrued in respect of all or part of the assets under management attributable to the relevant unit class(es) will be introduced with respect to the fees provided for under (i) section 5 “Taxes and costs” of the Prospectus, (ii) section “Management and sale fees” of each Sub-Fund’s Annex, and (iii) section “Performance fee” of each Sub-Fund’s Annex.

IV. Taxonomy Regulation disclosures

In compliance with Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment (the “Taxonomy Regulation”), Section 6.24 “Integration of Sustainability Risks” will be amended to reflect that the Sub-Funds are financial products which do not take into account the criteria for environmentally sustainable economic activities.

V. Amendments to the issue premium

The issue premium will be reduced as follows:

VI. CSSF FAQ – Use of Securities Financing Transactions disclosures

In compliance with the CSSF FAQ – Use of Securities Financing Transactions by, sections 6.8.5. (Securities financing transactions and total return swaps), section 6.8.7 (Collateral and reinvestment of collateral) and 6.21 (Specific risks relating to use of derivative transactions, securities lending transactions, and total return swaps) of the Prospectus and section “Investment and distribution policy” of the Annexes of respectively Gamax Funds - Asia Pacific, Gamax Funds – Maxi Bond and Gamax Funds Junior will be amended to reflect:

· the required disclosures concerning the use or not use of securities lending and of total return swaps; and

· the update to the expected and maximum levels of use of securities lending and total return swaps, as follows:

· that a maximum of 20% of the gross income generated from the total return swap will be attributed to the swap counterparty and to any agent involved in the total return swap.

VII. Formal amendments to the Prospectus

The following formal changes to the Prospectus will be implemented:

· Replacement of references to information agents with references to facility agents;

· Review of definitions and style;

· Formatting and other minor changes will be implemented throughout the Prospectus.

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Capitalized terms not defined herein have the meaning as set forth in the Prospectus.

An updated version of the Prospectus, dated “April 2022”, will be made available at the registered office of the Management Company.

Dublin, 25^th April 2022

The Board of Directors