Notice to Unitholders of Challenge Solidity & Return

CHALLENGE FUNDS
(the “Fund”)

(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 the Fund, wishes to notify Unitholder(s) of Challenge Solidity & Return (the “Sub-Fund”) of certain changes to the investment strategy of the Sub-Fund to reflect the Sub-Fund’s ability to gain exposures of (i) up to 20% of its Net Asset Value in event-linked bonds with very minimal exposure to man‑made events linked to extreme mortality and extreme morbidity of less than 5% of its Net Asset Value, and (ii) up to 20% of the Net Asset Value of the Sub-Fund in UCITS and / or alternative investment funds (including exchange traded funds) which satisfy the requirements of the Central Bank for UCITS Acceptable Investment in Investment Funds which will have materially similar objectives and policies to the Sub-Fund, with effect from on or about 15 May 2026 (the “Effective Date”). The Manager also wishes to notify Unitholder(s) of related updates to the “Risk Factors” as disclosed in the Prospectus of the Fund to update risk factor disclosures in respect of event-linked bonds and collateralised loan obligations.

The Manager believes that these changes are in the best interests of Unitholders as it will better position the Sub-Fund to achieve its stated investment objective.

The Manager confirms that there is no resulting change to the expected level of volatility and risk related to the Sub-Fund.

The Sub-Fund Information Card to the Prospectus will be updated to reflect the above changes on or about the Effective Date, a copy of which will be available at http://www.mifl.ie/products/challenge-funds.

Mediolanum International Funds Limited
17 April 2026