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FP Argonaut merger details

1. Fund details    
Companies impacted Old Mutual Wealth Limited
Old Mutual Wealth Life & Pensions Limited
Old Mutual International Guernsey Limited
Old Mutual Wealth Life Assurance Limited
Old Mutual Wealth Limited
Old Mutual Wealth Life & Pensions Limited
Old Mutual International Guernsey Limited
Fund Group Fund Partners Limited (Argonaut) Fund Partners Limited (Argonaut)
Fund Name FP Argonaut European Income FP Argonaut European Enhanced Income
Type of change Merger Merger
Date merger effective from 11 July 2016 11 July 2016
Deadline for investors to switch out if appropriate 7 July 2016 7 July 2016
Is the event subject to shareholder approval? Yes Yes
2. Merger details    
Name of the new fund (the fund that the previous fund is being merged into) Liontrust European Income Liontrust European Enhanced Income
Will the phasing option automatically continue with the new fund replacing the previous fund? Yes Yes
Will the rebalancing option automatically continue with the new fund replacing the previous fund? If DD date is 10th July rebalancing will cease and will need to be reinstated.
If DD Date is 20th July rebalancing will be redirected into the continuing fund.
If DD date is 10th July rebalancing will cease and will need to be reinstated.
If DD Date is 20th July rebalancing will be redirected into the continuing fund.
Will ongoing direct debit payments automatically be redirected into the new fund? Direct Debits due on 10 July 2016 will be redirected to Cash. Direct Debits due after 10 July will be redirected into the continuing fund. Direct Debits due on 10 July 2016 will be redirected to Cash. Direct Debits due after 10 July will be redirected into the continuing fund.
3. Fund objectives    
Previous fund objective To provide an income in excess of the yield of the MSCI Europe ex UK Index, with long term capital growth by investing in a concentrated portfolio of approximately 30-60 stocks. The fund will invest predominantly in securities of companies predominantly incorporated in Continental Europe and Ireland. To achieve a high income yield with some long term capital growth in Sterling terms by predominantly investing directly in a concentrated portfolio of approximately 30 to 60 stocks of companies incorporated in Continental Europe and Ireland and whose securities are listed on or traded on an eligible market.
New fund objective To provide a high level of income. In order to meet this objective, it is intended that the yield of the fund (the sum of all net distributions in an accounting period divided by the unit price at the end of said period) will be in excess of the net yield of the MSCI Europe ex UK Index each year but this cannot be guaranteed and the yield may also be adjusted in the light of market conditions although it is not expected that this will be a regular occurrence. The fund will predominantly invest in securities of companies incorporated in Continental Europe and Ireland or in companies that are headquartered or quoted outside Europe which derive a significant part of their business from Europe and whose securities are listed or traded on an eligible securities or derivatives exchange. To provide a high income yield. In order to meet this objective, it is intended that the target yield (the sum of all net distributions in an accounting period divided by the unit price at the start of said period) will be in excess of 1.25 times the net yield of the MSCI Europe ex UK index each year but this cannot be guaranteed and the target range may also be adjusted in the light of market conditions although it is not expected that this will be a regular occurrence. The fund will predominantly invest in securities of companies incorporated in Continental Europe and Ireland or in companies that are headquartered or quoted outside Europe which derive a significant part of their business from Europe and whose securities are listed or traded on an eligible securities or derivatives exchange. The fund may also invest in European emerging markets.
4. Charging structure    
Bundled Fund    
Previous AMC 1.50% 1.50%
New AMC 1.50% 1.50%
Previous TER 1.65% 1.65%
New TER 1.65% 1.67%
Previous Reimbursed Amount (Charge Basis 2) 0.50% 0.50%
New Reimbursed Amount(Charge Basis 2) 0.50% 0.50%
Previous Reimbursed Rebate Rate(Charge Basis 3) 0.90% 0.90%
New Reimbursed Rebate Rate (Charge Basis 3) 0.75% 0.75%
Old Mutual Wealth (OMW) Fund    
Previous TER 1.22%  
New TER 1.20%  
     

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