Unitholders’ Notices

Notice to Counter Cyclical Equity Fund & Cyclical Equity Fund Unitholders

June 1st 2021

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 COUNTER CYCLICAL EQUITY FUND & CYCLICAL EQUITY FUND UNITHOLDERS

Mediolanum International Funds Limited, manager of CHALLENGE Funds (the “Fund”), wishes to notify Unitholders of the CHALLENGE Counter Cyclical Equity Fund and CHALLENGE Cyclical Equity Fund (together the “Sub-Funds”) that the proposed change of investment objective and policies of each of the Sub-Funds, full details of which are set out in a circular to Unitholders of the Sub-Funds dated 11 May, 2021, were approved at the EGMs of the relevant Sub-Funds held on 28 May, 2021. These changes (as well as the changes to the name of each of the Sub-Funds and classes in the Sub-Funds and certain other non-material changes, also as detailed in the circular to Unitholders) will take effect on or about 14 July, 2021 and a copy of the updated Prospectus of the Fund to be dated on or about 14 July, 2021 will be available at http://www.mifl.ie/products/challenge-funds. 

Mediolanum International Funds Limited 

1 June, 2021