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Fund Closure - BNY Mellon Evolution Global Alpha Fund

The Directors of BNY Mellon Global Funds plc (“BNY MGF”) in consultation with the investment manager, Mellon Capital Management Corporation (the “Investment Manager”), have taken the decision to close the BNY Mellon Evolution Global Alpha fund on or around 14 March 2014.

Impacts on
these products

Why is the fund closing?

BNY Mellon constantly reviews the structure and position of funds within their range. As part of this process they have concluded that the small size of the BNY Mellon Evolution Global Alpha fund may be preventing it from achieving the economies of scale in ongoing operating costs that would best serve the interests of investors.

Please note that leading up to the closure the Investment Manager may proceed to move positions in the fund to cash or liquid assets. The fund will therefore cease to be invested in accordance with its investment objective and policies with immediate effect.

The EUR and USD share classes feature in our guided architecture products Quantum, Oracle, Paragon and LifePlan.

What happens now?

We will no longer accept any new business into the BNY Mellon Evolution Global Alpha fund, and it has been removed from the above fund ranges with immediate effect.

Regular premium payments

As the fund can no longer accept subscriptions we have taken some immediate action. Policies paying regular premiums into the closing fund will be redirected into the Pictet Absolute Return Global Diversified fund of the same currency, effective immediately. This fund has been selected as the closest alternative within our fund ranges.

Current unit holdings

We will allow policies to continue to hold existing units in the BNY Mellon Evolution Global Alpha fund up until 5 March 2014. At any time before this date, policyholders or appointed investment advisers can send us instructions to switch the BNY Mellon Evolution Global Alpha holding into any other fund from the available range.

Where we do not receive alternative instructions from policyholders or investment advisers by 5 March 2014, we will automatically switch remaining holdings into the Pictet Absolute Return Global Diversified fund of the same currency.

Any regular premiums will also continue to be allocated to the Pictet Absolute Return Global Diversified Fund until such time as we receive alternative instructions.

Online switching

Registered users of our Online Service Centre who have the fund switching facility can make switches quickly and efficiently online and also redirect regular premiums, without the need to fax us any forms.

Letters have been issued to affected policyholders, or their appointed investment advisers, with copies to their servicing financial advisers, making them aware of the fund closure. The original fund manager notification and sample letters can be viewed opposite.