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Fund Closure - US Dollar Income Fund

As a result of a review, we will be closing the US Dollar Income Fund and transferring all holdings into the USD Currency Reserve Fund on 8 September 2016.

Why is the fund closing?

Following a recent review of our fund ranges we identified that 2 funds had similar investment strategies - the "US Dollar Income Fund" and the "USD Currency Reserve Fund".


Both funds are denominated in US Dollars and sit in the money market sector. The low US Federal Reserve bank interest rates in recent years have impacted the growth potential available on money market funds, however, in comparison out of the two funds the Currency Reserve Fund has experienced better growth over the last 5 years whilst benefitting from a lower annual management charge.


As a result of the review, we will be closing the US Dollar Income Fund and transferring all holdings into the USD Currency Reserve Fund (the ‘receiving’ fund) on 8 September 2016. The switch will be carried out free of charge.


With immediate effect the US Dollar Income Fund is closed to switches in, however policyholders can still switch out of the fund ahead of the closure date.


Policyholders invested in the closing fund have been written to. Full details, including fund codes for the closing and receiving funds, can be found in the sample letter opposite.


Alternative fund options

Should policyholders not wish to be switched into the receiving fund they can choose to switch into any of the funds available to their policy by completing and returning the relevant switch instruction form.


Details of the funds available can be found in the Fund Centre page for each product and a Switch instruction form can be obtained from the Downloads tab.


However, if policyholders are happy to accept the receiving fund then they do not need to do anything.