Proposed merger of AXA Framlington Equity Income fund

7 April 2015 - AXA Framlington are currently writing to clients, proposing the merger of their Equity Income fund with their Monthly Income fund.

Investors in the fund are being asked to vote on the change and a formal meeting of unit holders will be held at the company's London offices at 9.30am on 23rd April 2015. Investors unable or not wanting to attend the meeting can complete a Form of Proxy (non ISA holders) or Letter of Declaration (ISA holders) and return it by 9.30am on 21st April 2015.

The fund factsheet and Key Investor Information Document for the Monthly Income fund can be found in the Research Centre on the Chelsea website at www.chelseafs.co.uk/research/funds/.

Commenting on the proposal, Darius McDermott, Chelsea's managing director, said: “The funds are very similar and run by the same manager, so the proposal makes sense. Hopefully the economies of scale it will achieve will bring the overall cost of the fund down for investors.”