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TwentyFour Monument Bond Investment Policy Change details

1. Fund details  
Companies impacted Old Mutual Wealth Limited
Old Mutual Wealth Life & Pensions Limited
Fund Group TwentyFour Asset Management LLP
Fund Name PFS TwentyFour Monument Bond
Type of change AMC and Investment Policy Change
Date effective from 01/02/2016
Is the event subject to shareholder approval? Approved
2. Change to charging structure  
Bundled Fund  
Previous AMC 1.15%
New AMC 1.05%
Previous Reimbursed Amount (Charge Basis 2) 0.25%
New Reimbursed Amount (Charge Basis 2) 0.25%
Previous Reimbursed Rebate Rate (Charge Basis 3) 0.50%
New Reimbursed Rebate Rate (Charge Basis 3) 0.40%
Unbundled Fund  
Previous AMC 0.85%
New AMC 0.75%
Previous Reimbursed Rebate Rate (Charge Basis 3) 0.25%
New Reimbursed Rebate Rate (Charge Basis 3) 0.15%
3. Fund objectives  
Previous fund objective & investment policy To aim to provide an attractive level of income relative to prevailing interest rates whilst maintaining a strong focus on capital preservation. The fund will invest in a diversified portfolio of European and Australian residential mortgage-backed securities (“RMBS”) rated at least BBB- (or equivalent) at the time of investment by one or more of Standard & Poor’s, Moody’s Investor Services and Fitch but with a strong focus on the more highly rated securities available.
New fund objective & investment policy To aim to provide an attractive level of income relative to prevailing interest rates whilst maintaining a strong focus on capital preservation. The fund will invest in a diversified portfolio of European and Australian asset-backed securities (ABS), rated at least BBB- (or equivalent) at the time of investment by one or more of Standard & Poor’s, Moody’s Investor Services and Fitch, where the securities will be backed by the assets of institutions and issuers such as but not limited to residential mortgages, commercial mortgages, automobile leases and loans, SME loans and other secured bonds.

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