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avivainvestors.com

Aviva Investors: Public Aviva Investors: Public Aviva Aviva Investors: Public Investors: Public

AVI VA INVESTORS

PORTFOLIO FUNDS ICVC

An Investment Company with Variable Capital Registered in England and Wa les under Registered Number IC499 Product Reference: 458968

Prospectus

This Prospectus is dated, and is valid as at 10 June 2026

Prepared in accordance with the Open Ended Investment Companies Regulations 2001 and the Collective Investment Schemes Sourcebook

Aviva Investors UK Fund Services Limited

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Introduction

This document is important: If you are in any doubt as to the meaning of any information in this Prospectus or as to whether an investment in the Aviva Investors Portfolio Funds ICVC or its Fund s is suitable for you, you should consult your financial adviser .

This is the Prospectus of Aviva Investors Portfolio Funds ICVC valid as at 10 June 2026 . This Prospectus has been prepared by Aviva Investors UK Fund Services Limited in accordance

with the rules contained in the Financial Conduct Authority’s Collective Investment Schemes Sourcebook (COLL Sourcebook) and Investment Funds (FUND) Sourcebook, wh ich forms part

of the Financial Conduct Authority (“Financial Conduct Authority”) Handbook .

(In the event that a rule in COLL which applies to the ACD (or the Depositary of the Company)

conflicts with either a rule in FUND transposing the AIFMD or the AIFMD Level 2 Regulation, the COLL Rule is modified to the extent necessary to be compatible with the FUND Rule o r the

AIFMD Level 2 Regulation .)

This Prospectus has been prepared solely for, and is being made available to , investors for the purposes of evaluating an investment in Shares in the Funds. Investors should only consider

investing in the Funds if they understand the risks involved including the risk of losing all capital

invested .

The Company is incorporated in England and Wales as an investment company with variable capital (ICVC) under registered number IC499. The Company is authorised by the Financial

Conduct Authority as a Non - UCITS Retail Scheme and is an alternative investment fund . The Shareholders are not liable for the debts of the Company.

AIUKFSL is the ACD of the Company and the Company’s Alternative Investment Fund Manager . AIUKFSL is responsible for the information contained in this Prospectus . To the best

of its knowledge and belief (having taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts, does not contain any

untrue or misleading statement and does not omit any thing likely to affect the import ance of such information or any matters required by the UK AI FM Regime and the Financial Conduct

Authority’s COLL Sourcebook to be included in it. AIUKFSL accepts responsibility for the Prospectus accordingly .

This document has been approved by AIUKFSL for the purpose of section 21 of the Financial

Services and Markets Act 2000 and copies of this Prospectus have been sent to the Financial

Conduct Authority (previously known as the Financial Services Authority) and to the Depositary.

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This Prospectus is based on information, law and practice as at the date of this Prospectus. This Prospectus will be updated in accordance with the requirements of the COLL Sourcebook and the UK AIFM Regime and will cease to have any effect on the

publication by the Company of a subsequent Prospectus .

Potential investors should check with AIUKFSL that this is the most recently published

Prospectus . Neither the Company nor AIUKFSL will be bound by or accept any liability either in respect of any application for Shares made on the basis of this Prospectus or

in respect of any reliance on this Prospectus once it has been superseded.

Before acquiring Shares in the Company, please ensure you have received the

Company’s most recent and up to date version of this Prospectus and, if you wish, the Instrument of Incorporation of the Company, the latest annual or half yearly report, the

Key I nvestor Information Document and the Supplementary Information Document.

Details of how you may obtain these and other documents of the Company are set out in this

Prospectus. Details of how you may obtain the latest price of Shares are also set out in this Prospectus.

No person has been authorised by the Company to give any information or to make any

representations in connection with the offering of Shares other than those contained in the Prospectus and, if given or made, such information or representations must not b e relied on as having been made by the Company . The delivery of this Prospectus (whether or not accompanied by any reports) or the issue of Shares shall not, under any circumstances, create

any implication that the matters stated in this Prospectus or the affairs of the Company have remained unchanged since the date of this Prospectus.

The Company , AIUKSL or both may have obligations to report details of Share holders and their interest in the Funds to HM Revenue & Customs . This is because the UK has entered into

intergovernmental information exchange agreements with the United States of America (as a result of the Foreign Account Tax Compliance Act (“FATCA”)) and other countries (as a result

of the Common Reporting Standard ) and has introduced domestic law to implement the requirements of those regimes. Consequently, the Company is requir ed to collect and/or report

information about certain types of Share holders in the Company . Such information may include the identity of Share holders, their tax identification numbers, their status under the information

exchange agreements, their tax residency status, payments made to the Share holders in respect of their Shares and the value of the Shares at the end of the calendar year. The

Company may pass this information to HM Revenue & Customs who may, if necessary, share this information with overseas government agencies (including those outside the EEA).

Although it is the intention of AIUKFSL that all of the Funds shall comply with the FATCA

provisions, AIUKSL is not able to guarantee that this will always be the case. Any failure in this

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regard may result in withholding tax of 30% being deducted from US sourced payments. Were such tax to be suffered , it shall be charged to the relevant Fund.

A condition of investing, or of continuing to invest, is that, upon request from AIUKFSL or its

delegate, Share holders provide accurate information to be passed on to HM Revenue & Customs which may, as already stated, be shared with other overseas government agencies.

The Company is marketable to all retail investors.

As permitted by the Financial Conduct Authority Handbook, all Shareholders will be registered as “retail investors” for the purposes of the client classification and investor protection rules in

Chapter 3 of the Financial Conduct Authority’s Conduct of Bus iness Sourcebook (but for no other purpose). This classification will not affect the day - to - day interactions between

Shareholders who are per se professional clients or eligible counterparties and the Company

or AIUKFSL .

Intending potential investors should not treat the contents of this document as advice relating to investment, legal, taxation or any other matters and are recommended to consult their own

professional advisers concerning the acquisition, holding or dispos al of Shares.

The distribution of this document and the offering or sale of Shares in certain jurisdictions may

be restricted by law . No action has been taken by the Company or AIUKFSL that would permit

an offer of Shares or possession or distribution of this document in any jurisdiction where action for that purpose is required, other than in the United Kingdom. This document does not

c onstitute an offer of or an invitation to purchase or subscribe for any Shares by anyone in any jurisdiction in which such offer or invitation is not authorised or to any person to whom it is

unlawful to make such offer or invitation . Persons into whose po ssession this document comes are required by the Company and AIUKFSL to inform themselves about and to observe any

such restrictions.

The provisions of the Company’s Instrument of Incorporation are binding on each of its

Shareholders (who are taken to have notice of them).

References to times in this Prospectus are to London times unless otherwise stated.

The Instrument of Incorporation, this Prospectus and all deals in Shares are governed by and at all times subject to the laws of England and Wales . T he Courts of England shall have exclusive jurisdiction in relation to any claim made in relation to them. All dealing,

correspondence and communication with investors in relation to this Prospectus shall take

place in English.

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Definitions

In this Prospectus the words and expressions set out in the first column below shall have the meanings set opposite them unless the context requires otherwise. Words and expressions

contained in this Prospectus but not defined within it shall have the same meaning s as in the Act or the Regulations (as defined below) unless the contrary is stated.

Accumulation Shares means Shares (of whatever Class) issued from time to time in respect

of a Fund and in respect of which income allocated thereto is credited periodically to capital pursuant to the COLL Sourcebook and the

Instrument of Incorporation;

ACD or AIUKFSL means the authorised corporate director of the Company, Aviva

Investors UK Fund Services Limited;

Act means the Financial Services and Markets Act 2000;

Administrator means the administrator of the Company, SS&C Financial Services

Europe Limited ;

AIFM Directive or AIFMD

means Directive 2011/61/EU of the European Parliament and of the

Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and

Regulations (EC) No 1060/2009 and (EU) No 1095/2010 ;

AIFMD Level 2

Regulation

means the UK version of Commission delegated regulation (EU) No 231/2013 supplementing Directive 2011/16/EU of the European

Parliament and of the Council with regard to exemptions, general

operating conditions, depositaries, leverage, transparency and supervision, which is part of UK law by virtue of the EUWA ;

AIFM Regulations m eans the Alternative Investment Fund Managers Regulations 2013

as amended or re - enacted from time to time which implements the AIFM Directive in the UK;

Approved Bank means in relation to a bank account opened by the Company:

(a) if the account is opened at a branch in the United Kingdom;

(i) the Bank of England; or

(ii) the central bank of a member state of the OECD; or

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(iii) a bank or a building society; or

(iv) a bank which is supervised by the central bank or other banking regulator of a member state of the

OECD; or

(b) if the account is opened elsewhere:

(i) a bank in (a); or

(ii) a bank which is regulated in the Isle of Man or the Channel Islands; or

(d) a credit institution established in an EEA State and duly

authorised by the relevant Home State regulator ;

Associate as defined in the glossary of the Financial Conduct Authority

Handbook;

Auditors means the auditors of the Company, Ernst & Young LLP;

Benchmark

Regulation

means the UK version of Regulation (EU) No. 2016/1011 of the

European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts

or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No

596/2014, which is part of UK law by virtue of the EUWA ;

Business Day means Monday to Friday, and other days at the ACD’s discretion,

except for (unless the ACD otherwise decides) a bank holiday in England and Wales or any other day on which the London Stock

Exchange is closed;

CCP has the meaning ascribed to it in the glossary of definitions to the

F inancia l Conduct A uthority Handbook ;

Class or Classes means in relation to Shares (according to the context) all the Shares relating to a single Fund or a particular class or classes of Share

relating to a single Fund;

COLL refers to the relevant chapter or rule in the COLL Sourcebook;

COLL Sourcebook means the Collective Investment Schemes Sourcebook issued by the Financial Conduct Authority as part of the Financial Conduct Authority

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Handbook, as amended or re - issued from time to time, which shall, for the avoidance of doubt, not include the guidance or evidential

requirements it contains;

Company means Aviva Investors Portfolio Funds ICVC;

Conversion Fee means the fee charged in respect of a Conversion and referred to in

more detail in the section headed “Fees and Expenses” below ;

Convert, Converted or

Conversion

means the exchange of Shares of one Type or Class for Shares of

another Type or Class within the same Fund;

Custodian means the custodian of the Scheme Property, JPMorgan Chase Bank, National Association (London Branch) ;

Dealing Day means 9am to 5pm on any Business Day;

Depositary means the depositary of the Company, J.P. Morgan Europe Limited ;

Distribution Period means each period by reference to which income is calculated , be it the annual accounting period or the interim half - yearly accounting

period, as appropriate ;

EEA means the European Economic Area ;

EEA State means a member state of the European Union and any other state

which is within the EEA , as defined in the glossary to the Financial Conduct Authority Handbook;

Eligible Institution means one of certain eligible institutions as defined in the glossary to the Financial Conduct Authority Handbook;

EMIR means the UK version of Regulation (EU) No 648/2012 on OTC

derivatives, central counterparties and trade repositories, which is

part of UK law by virtue of the EUWA , sometimes referred to as the "European Markets Infrastructure Regulation" as amended by Regulation (EU) 2019/834 of the European Parliament and of the

Council of 20 May 2019;

Entry Charge means the fee charged on a purchase of Shares and referred to in

more detail in the section headed “Fees and Expenses” below and previously referred to as the “initial charge”;

EPM means efficient portfolio management;

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EUWA means the European Union (Withdrawal) Act 2018 ;

Exit Charge means the fee charged on redemption of Shares and referred to in more detail in the section headed “Fees and Expenses” below and

previously referred to as the “redemption charge”;

Financial Conduct

Authority or FCA

means the Financial Conduct Authority or any successor or

replacement regulatory body;

Financial Conduct

Authority Handbook

means the Financial Conduct Authority Handbook of Rules and

Guidance as amended or re - issued from time to time;

Foreign Law Contract means a foreign law contract as defined in the COLL Sourcebook;

Fund or Funds means any (or all) of the sub - funds of the Company (as the context

dictates) listed in Appendix I of this Prospectus ;

FUND refers to the relevant chapter or rule in the FUND Sourcebook;

Fund Management Fee means the single fixed rate charge (subject to any applicable scale discount) paid from the Scheme Property of a Fund to cover the fees

and expenses in relation to the operation and administration of the Company and/or that Fund and referred to in more detail in the section headed “Fees and Expenses” below;

FUND Sourcebook means the Investment Funds Sourcebook issued by the Financial Conduct Authority as part of the Financial Conduct Authority

Handbook, as amended or re - issued from time to time;

HMRC or HM Revenue and Customs

His Majesty's Revenue and Customs ;

Home State regulator has the meaning ascribed to it in the glossary of definitions to the F inancia l Conduct A uthority Handbook ;

ICVC means an investment company with variable capital which may also be referred to as an open - ended investment company (OEIC);

Income Shares means Shares (of whatever Class) issued from time to time in respect of a Fund and in respect of which income is distributed periodically to Shareholders in accordance with the COLL Sourcebook and the

Instrument of Incorporation;

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Instrument of Incorporation

means the instrument of incorporation of the Company as amended from time to time;

Investment Manager means Aviva Investors Global Services Limited;

Investor Protection Fee

means a dilution levy as defined in the COLL Sourcebook and referred to in more detail in the section headed “Fees and Expenses”

below;

Larger Denomination

has the meaning given in the OEIC Regulations . Shares are available

in larger and smaller denominations with the Smaller Denomination Share representing a defined proportion of a L arger D enomination

S hare ;

MiFI Regulations means the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (SI 2017/701) ;

Net Asset Value or NAV

means the value of the Scheme Property of the Company or Fund less the liabilities of the Company or Fund as calculated in

accordance with the Instrument of Incorporation;

OEIC Regulations means the Open - Ended Investment Companies Regulations 2001 as

amended or re - enacted from time to time;

Ongoing Charge means the annual cost of operating the Company and the Funds and referred to in more detail in the section headed “Fees and Expenses” below;

PRIIPs Regulation means the UK version of Regulation (EU) No 1286/2014 of the

European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance - based investment products (PRIIPs), which is part of UK law by virtue of the EUW A;

Register means the register of Shareholders maintained by the Registrar in accordance with the OEIC Regulations at the offices of the

Administrator who acts as the Registrar’s de legate for the purpose of day - to - day operation of the R egister ;

Registrar means the registrar of the Company, Aviva Investors UK Fun d Services Limited;

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Regulations means the OEIC Regulations and the COLL Sourcebook and FUND Sourcebook, AIFM Regulations and the AIFM Directive (as appropriate);

Scheme Property means the property of the Company or of any Fund as appropriate;

SDRT means stamp duty reserve tax;

Securities Financing Transaction

means a securities financing transaction as defined in Article 3(11) of SFTR;

SFTR means the UK version of Regulation (EU) 2015/2365 of the European

Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending

Regulation (EU) No 648/2012 as amended by the Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU

Exit) Regulations 2019 , which is part of UK law by virtue of the EUWA ; Share or Shares means a share or shares in a Fund (including Larger Denomination Shares and Smaller Denomination Shares);

Shareholder means a holder of registered Shares;

Smaller Denomination Share

means one thousandth of a Larger Denomination Share;

Switch or Switching means the exchange of Shares of one Class or Fund for Shares of another Class or Fund;

Switching Fee means the fee charged in respect of a Switch and referred to in more detail in the section headed “Fees and Expenses” below ;

TRS means total return swaps, being the exchange of the right to receive

the total return, coupons plus capital gains or losses, of a specified reference asset, index or basket of assets against the right to make

fixed or floating payments;

Type means the type of Share available within a Class. The categories of

Type available for each Fund and Class are set out in Appendix I and may be Income Shares or Accumulation Shares ;

UCITS means an Undertaking for Collective Investment in Transferable

Securities w hich is a UCITS Scheme or an EEA UCITS scheme, the

latter as defined in the Financial Conduct Authority Handbook;

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UCITS Directive means the European Parliament and Council Directive of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in

transferable securities (UCITS) (No 2009/65/EC), as amended ;

UCITS Scheme means a UK UCITS , as defined below ;

UK means the United Kingdom of Great Britain and Northern Ireland ;

UK AIF means an alternative investment fund within the scope of the UK

AIFM Regime and as defined in the Financial Conduct Authority Handbook;

UK AIFM means an alternative investment fund manager established in the

UK and with a Part 4A permission to carry on the regulated activity of managing an alternative investment fund ;

UK AIFM Regime means (i) the FUND Sourcebook, (ii) other rules in the Financial Conduct Authority Handbook which when made implemented AIFMD , (iii) the AIFMD Level 2 Regulation and (iv) the AIFM Regulations ;

UK UCITS means, in accordance with sections 236A and 237 of the Financial

Services and Markets Act 2000, a collective investment scheme which may consist of several sub - funds, which is either an authorised

unit trust scheme, an authorised contractual scheme, or an authori sed open - ended investment company with the sole object of

collective investment of capital raised from the public in transferable securities or other liquid financial assets, operating on the principle of

risk - spreading , with units which are, at the request of holders, repurchased or redeemed, directly or indirectly, out of those undertakings’ assets, and which has identified itself as a UCITS in its

prospectus and has been authorised accordingly by the FCA ;

Unclaimed Money means money held by the ACD in accordance with the FCA’s Client

Asset (CASS) Rules, on behalf of a Shareholder following the sale of Shares in a Fund, or any other payment due to a Shareholder in

respect of their investment in a Fund, which the ACD has been unable to pay to the Shareholder. This excludes unclaimed distributions of

income ;

Valuation Point means the point, whether on a periodic basis or for a particular

valuation, at which the ACD carries out a valuation of the Scheme Property for the purposes of determining the price at which Shares of

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a Class in any Fund may be issued, cancelled or redeemed as described in the ‘Valuation’ section; and

VAT means value added tax.

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Company Details

General

The Company is authorised by the Financial Conduct Authority . It was authorised with effect from 5 March 2007.

Head Office : 80 Fenchurch Street, London, EC3M 4AE

Address for Service : The Head Office is the address in the United Kingdom for service on the Company of notices or other documents required or authorised to

be served on the Company.

Base Currency : The base currency of the Company and Funds is Pounds Sterling.

Share Capital : Maximum: £100,000,000,000 . : Minimum: £100 .

Shares in the Company and Funds have no par value . The share capital of the Company will

at all times equal the sum of the Net Asset Values of each of the Funds. Shares in the Company are not listed on any investment exchange.

Shareholders are not liable for the debts of the Company.

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Directory

The Company and Head Office Aviva Investors Portfolio Funds ICVC

80 Fenchurch Street, London, EC3M 4AE

Authorised Corporate Director and Alternative Investment Fund Manager

Aviva Investors UK Fund Services Limited

80 Fenchurch Street, London, EC3M 4AE

Investment Manager Aviva Investors Global Services Limited

80 Fenchurch Street, London, EC3M 4AE

Securities Lending Agent The Bank of New York Mellon, London Branch

160 Queen Victoria Street , London, EC 4V 4LA

Administrator SS&C Financial Services Europe Limited

( company number 02669935)

SS&C House, St Nicholas Lane

Basildon, Essex, SS15 5FS

Depositary J.P. Morgan Europe Limited

25 Bank Street

Canary Wharf

London , E14 5JP

Custodian JPMorgan Chase Bank, National Association

(London Branch)

25 Bank Street

Canary Wharf

London , E14 5JP

Auditors Ernst & Young LLP

25 Churchill Place

London

E14 5EY

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Fund Accounting and Pricing Agent: J.P. Morgan Chase Bank, National

Association (London Branch)

25 Bank Street

Canary Wharf

London, E14 5JP

Registrar Aviva Investors UK Fund Services Limited

80 Fenchurch Street, London, EC3M 4AE

For more information about the roles listed, please see the section headed ‘Management and

Administration ’ below.

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The Constitution of the Company and the Funds

The Company

The Company is incorporated in England and Wales as an open - ended investment company with variable capital and is an “umbrella company” under the Regulations, which means that

the Company issues Shares linked to different Funds.

The Company is an alternative investment fund and a UK AIF for the purposes of the UK AIFM Regime . T he Company is authorised by the Financial Conduct Authority as a Non - UCITS Retail Scheme for the purposes of the COLL Sourcebook .

The Funds

Each Fund is invested in accordance with the investment objective and investment policy

applicable to that Fund and as if it were a separate “Non - UCITS Retail Scheme” for the purposes of the COLL Sourcebook . For investment purposes the assets of each Fund will be

treated as separate from those of every other Fund . The Funds set out below are those currently available :

Fund Typical Investor Profile

Aviva Investors Multi - Manager Flexible

Fund

This Fund is intended for any investor who is prepared to risk loss of their capital to potentially get higher

returns, by way of capital growth and who plans to stay invested for at least 5 years.

The target market of the fund is any investor who has read the Key Investor Information Document (KIID),

wants an investment with an investment objective and policy as described in the KIID, has a risk appetite

consistent with the risk indicator displayed in and is aware of the risks associated with investing that the

KIID describes.

The fund is appropriate for an investor with basic knowledge, or an informed investor or an experienced

investor. It can be purchased with or without professional financial advice. It has been classified as

a non - complex investment product so there is no

r equirement to have prior knowledge or experience of

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this type of investment before investing – but you

should read the KIID and fit into this target market description before making any decisions.

The fund is designed to be used as a standalone solution but may also be used as part of a portfolio of investments. It is not guaranteed and the value of the

F und can go up or down . This F und is not for investors who require full capital protection or have no appetite

for risk.

Aviva Investors Multi - Manager 40 - 85% Shares Fund

This F und is intended for any investor who is prepared to risk loss of their capital to potentially get higher

returns, by way of a mixture of income and capital

growth and who plans to stay invested for at least 5

year s .

The target market of the Fund is any investor who has

read the Key Investor Information Document (KIID), wants an investment with an investment objective and

policy as described in the KIID, has a risk appetite consistent with the risk indicator displayed in and is

aware of the risks associated with investing that the KIID describes.

The fund is appropriate for an investor with basic knowledge, or an informed investor or an experienced

investor. It can be purchased with or without professional financial advice. It has been classified as

a non - complex investment product so there is no

r equirement to have prior knowledge or experience of

this type of investment before investing – but you should read the KIID and fit into this target market description before making any decisions.

The fund is designed to be used as a standalone solution but may also be used as part of a portfolio of

investments. It is not guaranteed and the value of the Fund can go up or down . This F und is not for investors

who require full capital protection or have no appetite for risk.

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Aviva Investors Multi - Manager 20 - 60%

Shares Fund

This F und is intended for any investor who is prepared

to risk loss of their capital to potentially get higher returns, by way of a mixture of income and capital

growth and who plans to stay invested for at least 5

years.

The target market of the Fund is any investor who has read the Key Investor Information Document (KIID),

wants an investment with an investment objective and policy as described in the KIID, has a risk appetite

consistent with the risk indicator displayed in and is aware of the risks associated with investing that the

KIID describes.

The fund is appropriate for an investor with basic knowledge, or an informed investor or an experienced

investor. It can be purchased with or without professional financial advice. It has been classified as

a non - complex investment product so there is no

r equirement to have prior knowledge or experience of

this type of investment before investing – but you should read the KIID and fit into this target market

description before making any decisions.

The fund is designed to be used as a standalone solution but may also be used as part of a portfolio of

investments. It is not guaranteed and the value of the Fund can go up or down . This F und is not for investors

who require full capital protection or have no appetite for risk.

Aviva Investors Multi - asset Core Fund I The Aviva Investors Multi - asset Core Fund range

currently comprises 5 funds, ranging from I (offering the lowest risk profile), to V (offering the highest risk

profile). The Aviva Investors Multi - asset Core Fund I, is the first Fund in this range. Investors should consider

their fund choices in the context of the other funds available within this range , and also the funds available

within the Aviva Investors Multi - asset Plus Fund range, to ensure that the fund selected is the most suitable. The lowest category does not mean ‘risk free’. This

Fund is intended for any investors, including retail

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investors, who are defensive investors, who

understand the volatility managed , m ulti - asset approach to investing and who aim for a return through both capital growth and income from their investment‡,

but who are prepared to risk loss of their capital to

potentially get higher returns. The Aviva Investors Multi - asset Core range is suitable for investors who are

prepared to take on a narrower range of volatility and incur a lower level of charges on their investment in

return for a lower potential return, co mpared to the equivalent fund in the Aviva Investors Multi - asset Plus

range . Investors should plan to stay invested for at

least 5 years, and should understand the risks and the

investment objective and policy of the Fund.

A defensive investor will expect day to day fluctuations

in value, but would expect volatility to be managed with

the aim that fluctuations in the medium to long term remain below those which may be experienced on the other funds within the Aviva Investors Multi - asset Core

Fund range . A defensive investor is prepared to accept the risk that they may lose some or all of their money

in return for the possibility of better returns than a UK bank or building society deposit account might offer,

but would not ex pect to see the potential levels of

volatility or growth in the medium to long term normally associated with the other funds within the Aviva Investors Multi - asset Core Fund range. While bank and

deposit accounts are relatively safe, investment in this

Fund is at risk and investors could get back less than originally invested. Also, interest may be paid on money deposited in a bank or building society and

access to your money may be easier.

The target market of the F und is any investor who has read the Key Investor Information Document (KIID),

wants an investment with an investment objective and policy as described in the KIID, has a risk appetite

consistent with the risk indicator displayed in the KIID

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and is aware of the risks associated with investing that

the KIID describes .

The F und is appropriate for an investor with basic knowledge, or an informed investor or an experienced

investor. It can be purchased with or without professional financial advice. It has been classified as

a non - complex investment product so there is no requir ement to have prior knowledge or experience of

this type of investment before investing – but you should read the KIID and fit into this target market description before making any decisions. The F und is designed to be used as a standalone solution but may

also be used as part of a portfolio of investments. It is not guaranteed and the value of the F und can go up or

down . This F und is not for investors who require full

capital protection or have no appetite for risk. ‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi - asset Core Fund II The Aviva Investors Multi - asset Core Fund range currently comprises 5 funds, ranging from I (offering the

lowest risk profile), to V (offering the highest risk profile). The Aviva Investors Multi - asset Core Fund II,

is the second Fund in this range. Investors should consider their fund choices in the context of the other

funds available within this range , and also the funds available within the Aviva Investors Multi - asset Plus

Fund range, to ensure that the fund selected is the most suitable . The lowest cat egory does not mean ‘risk

free’. This Fund is intended for any investors, including retail investors, who are cautious investors who

understand the volatility managed , m ulti - asset approach to investing and who aim for a return through

both capital growth and income from their investment‡, but who are prepared to risk loss of their capital to

potentially get higher returns. The Aviva Investors Multi - asset Core range is suitable for investors who are

prepared to take on a narrower range of volatility and incur a lower level of charges on their investment in

return for a lower potential return, compared to the

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equivalent fund in the Aviva Investors Multi - asset Plus

range. Investors should plan to stay invested for at least 5 years, and should understand the risks and the

investment objective and policy of the Fund.

A cautious investor will expect wider day to day fluctuations in value than those normally associated

with more defensive investment strategies (such as those employed for the Aviva Investors Multi - asset

Core Fund I), but would expect volatility to be managed with the aim that fluctuations in the medium to long term

remain below those associated with the strategies employed by the Aviva Investors Multi - asset Core

Funds III, IV and V . A cautious investor is prepared to accept the risk that they may lose some or all of their money and acknowledges that the risk of loss is

greater, in retur n for the potential for a higher rate of

growth, compared to more defensive investment strategies, but would not expect to see the potential levels of volatility or growth in the medium to long term

normally associated with the strategies employed by

the A viva Investors Multi - a sset Funds III, IV and V.

The target market of the F und is any investor who has read the Key Investor Information Document (KIID),

wants an investment with an investment objective and policy as described in the KIID, has a risk appetite

consistent with the risk indicator displayed in the KIID and is aware of the risks associated with investing that

the KIID describes .

The F und is appropriate for an investor with basic

knowledge, or an informed investor or an experienced investor. It can be purchased with or without

professional financial advice. It has been classified as

a non - complex investment product so there is no

requir ement to have prior knowledge or experience of this type of investment before investing – but you

should read the KIID and fit into this target market

description before making any decisions. The F und is

designed to be used as a standalone solution but may

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also be used as part of a portfolio of investments. It is

not guaranteed and the value of the F und can go up or down . This F und is not for investors who require full

capital protection or have no appetite for risk . ‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi - asset Core Fund III The Aviva Investors Multi - asset Core Fund range currently comprises 5 funds, ranging from I (offering the lowest risk profile), to V (offering the highest risk

profile). The Aviva Investors Multi - asset Core Fund III,

is the third Fund in this range. Investors should consider their fund choices in the context of the other funds available within this range , and also the funds

available within the Aviva Investors Multi - asset Plus

Fund range, to ensure that the fund selected is the

most suitable . The lowest category does not mean ‘risk free’. This Fund is intended for any investors, including

retail investors, who are moderately cautious inv estors who understand the volatility managed , m ulti - asset approach to investing and who aim for a return through both capital growth and income from their investment‡,

but who are prepared to risk loss of their capital to potentially get higher returns. The Aviva Investors

Multi - asset Core range is suitable for investors who are prepared to take on a narrower range of volatility and

incur a lower level of charges on their investment in return for a lower potential return, compared to the

equivalent fund in the Aviva Investors Multi - asset Plus

range. Investors should plan to stay invested for at

least 5 years, and should understand the risks and the investment objective and policy of the Fund.

A moderately cautious investor will expect wider day to

day fluctuations in value than those normally associated with defensive and more cautious

investment strategies (such as those employed for the Aviva Investors Multi - asset Core Funds I and II), but

would expect volatility to be managed with the aim that fluctuations in the medium to long term remain below

those associated with the strategies employed by the

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Aviva Investors Multi - asset Core Funds IV and V . A

moderately cautious investor is prepared to accept the risk that they may lose some or all of their money and

acknowledges that the risk of loss is greater, in return for the potential for a higher rate of growth, compared

to defensive and more cautious investment strategies, but would not expect to see the potential levels of

volatility or growth in the medium to long term normally associated with the strategies employed by the Aviva

Investors Multi - a sset Funds IV and V.

The target market of the F und is any investor who has read the Key Investor Information Document (KIID),

wants an investment with an investment objective and policy as described in the KIID, has a risk appetite

consistent with the risk indicator displayed in the KIID and is aware of the risks associated with investing that

the KIID describes .

The F und is appropriate for an investor with basic

knowledge, or an informed investor or an experienced

investor. It can be purchased with or without professional financial advice. It has been classified as

a non - complex investment product so there is no requir ement to have prior knowledge or experience of this type of investment before investing – but you should read the KIID and fit into this target market description before making any decisions. The F und is

designed to be used as a standalone solution but may also be used as part of a portfolio of investments. It is

not guaranteed and the value of the F und can go up or down . This F und is not for investors who require full

capital protection or have no appetite for risk. ‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi - asset Core Fund IV The Aviva Investors Multi - asset Core Fund range currently comprises 5 funds, ranging from I (offering the

lowest risk profile), to V (offering the highest risk profile). The Aviva Investors Multi - asset Core Fund IV,

is the fourth Fund in this range. Investors should

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consider their fund choices in the context of the other

funds available within this range , and also the funds available within the Aviva Investors Multi - asset Plus

Fund range, to ensure that the fund selected is the most suitable. The lowest category does not mean ‘risk free’. This Fund is intended for any investors, including

retail investors, who are balanced investors who

understand the volatility managed , m ulti - asset approach to investing and who aim for a return through

both capital growth and income f rom their investment ‡ , but who are prepared to risk loss of their capital to

potentially get higher returns. The Aviva Investors Multi - asset Core range is suitable for investors who are

prepared to take on a narrower range of volatility and incur a lower level of charges on their investment in return for a lower potential return, compared to the equivalent fund in the Aviva Investors Multi - asset Plus

range. Investors should plan to stay invested for at least 5 years, and should understand the risks and the investment objective and policy of the Fund.

A balanced investor will expect wider day to day fluctuations in value than those normally associated with more cautious investment strategies (such as

those employed for the Aviva Investors Multi - asset Core Funds I, II and III), but would expect volatility to

be managed with the aim that fluctuations in the medium to long term remain below those associated

with more adventurous strategies (such as those employed for the Aviva Investors Multi - asset Core

Fund V) . A balanced investor is prepared to accept the risk that they may lose some or all of their money and

acknowledges that the risk of loss is greater, in return for the potential for a higher rate of growth, compared

to more cautious investment strategies, but would not expect to see the potential level s of volatility or growth

in the medium to long term normally associated with more adventurous strategies.

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The target market of the F und is any investor who has

read the Key Investor Information Document (KIID), wants an investment with an investment objective and

policy as described in the KIID, has a risk appetite consistent with the risk indicator displayed in the KIID

and is aware of the risks associated with investing that the KIID describes .

The F und is appropriate for an investor with basic

knowledge, or an informed investor or an experienced investor. It can be purchased with or without professional financial advice. It has been classified as

a non - complex investment product so there is no

requir ement to have prior knowledge or experience of this type of investment before investing – but you

should read the KIID and fit into this target market

description before making any decisions. The F und is

designed to be used as a standalone solution but may also be used as part of a portfolio of investments. It is not guaranteed and the value of the F und can go up or down . This F und is not for investors who require full capital protection or have no appetite for risk. ‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Inves tors Multi - asset Core Fund V The Aviva Investors Multi - asset Core Fund range

currently comprises 5 funds, ranging from I (offering the lowest risk profile), to V (offering the highest risk

profile). The Aviva Investors Multi - asset Core Fund V, is the fifth Fund in this range. Investors should consider

their fund choices in the context of the other funds available within this range , and also the funds available

within the Aviva Investors Multi - asset Plus Fund range, to ensure that the fund selected is the most suitable . The lowest categ ory does not mean ‘risk free’ . This Fund is intended for any investors, including retail

investors, who are adventurous investors who understand the volatility managed , m ulti - asset

approach to investing and who aim for a return through both capital growth and income from their investment ‡ , but who are prepared to risk loss of their capital to

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potentially get higher returns. The Aviva Investors

Multi - asset Core range is suitable for investors who are prepared to take on a narrower range of volatility and

incur a lower level of charges on their investment in return for a lower potential return, compared to the

equivalent fund in the Aviva Investors Multi - asset Plus

range. Investors should plan to stay invested for at

least 5 years, and should understand the risks and the investment objective and policy of the Fund.

An adventurous investor will expect wider day to day fluctuations in value than those normally associated

with more defensive, cautious or balanced investment

strategies (such as those employed for the other funds in the Aviva Investors Multi - asset Core Funds range),

but would expect volatility to be managed with the aim that fluctuations in the medium to long term remain

below those associated with more adventurous strategies (such as a fund that only invests in a single asset class, such as equities) . An adventurous investor is prepared to accept the risk that they may lose some or all of their money and acknowledges that the risk of

loss is greater, in return for the potential for a higher rate of growth, compared to more defensive, cautious

and balanced investment strategies, but would not expect to see the potential levels of volatility or growth

in the medium to long term normally associated with more adventurous strategies .

The target market of the F und is any investor who has read the Key Investor Information Document (KIID), wants an investment with an investment objective and

policy as described in the KIID, has a risk appetite

consistent with the risk indicator displayed in the KIID and is aware of the risks associated with investing that the KIID describes .

The F und is appropriate for an investor with basic knowledge, or an informed investor or an experienced

investor. It can be purchased with or without

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professional financial advice. It has been classified as

a non - complex investment product so there is no requirement to have prior knowledge or experience of

this type of investment before investing – but you should read the KIID and fit into this target market

description before making any decisions. The F und is designed to be used as a standalone solution but may

also be used as part of a portfolio of investments. It is not guaranteed and the value of the F und can go up or

down . This F und is not for investors who require full capital protection or have no appetite for risk. ‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi - asset Plus Fund I The Aviva Investors Multi - asset Plus Fund range currently comprises 5 funds, ranging from I (offering the

lowest risk profile), to V (offering the highest risk profile). The Aviva Investors Multi - asset Plus Fund I, is the first Fund in this range. Investors should consider their fund choices in the context of the other funds

available within this range , and also the funds available

within the Aviva Investors Multi - asset Core Fund range, to ensure that the fund selected is the most suitable. The lowest categ ory does not mean ‘risk free’. This

Fund is intended for any investors, including retail investors, who are defensive investors, who

understand the volatility managed , m ulti - asset approach to investing and who aim for a return through

both capital growth and income from their investment‡, but who are prepared to risk loss of their capital to

potentially get higher returns. The Aviva Investors Multi - asset Plus range is suitable for investors who are

prepared to take on a wider range of volatility and incur a higher level of charges on their investment in return

for a greater potential return, compared to the equivalent fund i n the Aviva Investors Multi - asset Core

range. Inv estors should plan to stay invested for at least 5 years, and should understand the risks and the

investment objective and policy of the Fund.

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A defensive investor will expect day to day fluctuations

in value, but would expect volatility to be managed with the aim that fluctuations in the medium to long term

remain below those which may be experienced on the other funds within the Aviva Investors Multi - asset Plus

Fund range. A defensive investor is prepared to accept the risk that they may lose some or all of their money

in return for the possibility of better returns than a UK bank or building society deposit account might offer,

but would not ex pect to see the potential levels of volatility or growth in the medium to long term normally associated with the other funds within the Aviva

Investors Multi - asset Plus Fund range. While bank and

deposit accounts are relatively safe, investment in this Fund is at risk and investors could get back less than

originally invested. Also, interest may be paid on money deposited in a bank or building society and

access to your money may be easier. The target market of the F und is any investor who has read the Key Investor Information Document (KIID),

wants an investment with an investment objective and

policy as described in the KIID, has a risk appetite consistent with the risk indicator displayed in the KIID and is aware of the risks associated with investing that

the KIID describes.

The F und is appropriate for an investor with basic

knowledge, or an informed investor or an experienced investor. It can be purchased with or without

professional financial advice. It has been classified as

a non - complex investment product so there is no

requir ement to have prior knowledge or experience of this type of investment before investing – but you

should read the KIID and fit into this target market description before making any decisions.

The F und is designed to be used as a standalone solution but may also be used as part of a portfolio of investments. It is not guaranteed and the value of the

F und can go up or down . This F und is not for investors

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who require full capital protection or have no appetite

for risk. ‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi - asset Plus Fund II The Aviva Investors Multi - asset Plus Fund range currently comprises 5 funds, ranging from I (offering the lowest risk profile), to V (offering the highest risk

profile). The Aviva Investors Multi - asset Plus Fund II, is

the second Fund in this range. Investors should consider their fund choices in the context of the other funds available within this range , and also the funds

available within the Aviva Investors Multi - asset Core

Fund range, to ensure that the fund selected is the

most suitable . The lowest category does not mean ‘risk free’. This Fund is intended for any investors, including

retail investors, who are cautious investors who

understand the volatility managed , m ulti - asset approach to investing and who aim for a return through both capital growth and income from their investment‡,

but who are prepared to risk loss of their capital to

potentially get higher returns. The Aviva Investors Multi - asset Plus range is suitable for investors who are prepared to take on a wider range of volatility and incur

a higher level of charges on their inv estment in return for a greater potential return, compared to the

equivalent fund in the Aviva Investors Multi - asset Core

range. Investors should plan to stay invested for at

least 5 years, and should understand the risks and the investment objective and policy of the Fund.

A cautious investor will expect wider day to day

fluctuations in value than those normally associated with more defensive investment strategies (such as

those employed for the Aviva Investors Multi - asset Plus Fund I), but would expect volatility to be managed

with the aim that fluctuations in the medium to long term remain below those associated with the strategies

employed by the Aviva Investors Multi - asset Plus Funds III, IV and V . A cautious investor is prepared to

accept the risk that they may lose some or all of their

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money and acknowledges that the risk of loss is

greater, in return for the potential for a higher rate of growth, compared to more defensive investment

strategies, but would not expect to see the potential levels of volatility or growth in the medium to lo ng term

normally associated with the strategies employed by the Aviva Investors Multi - a sset Funds III, IV and V.

The target market of the F und is any investor who has read the Key Investor Information Document (KIID),

wants an investment with an investment objective and policy as described in the KIID, has a risk appetite

consistent with the risk indicator displayed in the KIID and is aware of the risks associated with investing that

the KIID describes.

The F und is appropriate for an investor with basic knowledge, or an informed investor or an experienced

investor. It can be purchased with or without professional financial advice. It has been classified as

a non - complex investment product so there is no requir ement to have prior knowledge or experience of

this type of investment before investing – but you should read the KIID and fit into this target market

description before making any decisions. The F und is designed to be used as a standalone solution bu t may also be used as part of a portfolio of investments. It is not guaranteed and the value of the F und can go up or

down . This F und is not for investors who require full capital protection or have no appetite for risk ‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi - asset Plus Fund III The Aviva Investors Multi - asset Plus Fund range currently comprises 5 funds, ranging from I (offering the

lowest risk profile), to V (offering the highest risk profile). The Aviva Investors Multi - asset Plus Fund III, is the third Fund in this range. Investors should consider their fund choices in the context of the other

funds available within this range , and also the funds

available within the Aviva Investors Multi - asset Core

Fund range, to ensure that the fund selected is the

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most suitable . The lowest category does not mean ‘risk

free’. This Fund is intended for any investors, including retail investors, who are moderately cautious investors

who understand the volatility managed , m ulti - asset approach to investing and who aim for a return through

both capital growth and income from their investment ‡, but who are prepared to risk loss of their capital to

potentially get higher returns. The Aviva Investors Multi - asset Plus range is suitable for investors who are

prepared to take o n a wider range of volatility and incur a higher level of charges on their investment in return for a greater potential return, compared to the

equivalent fund in the Aviva Investors Multi - asset Core

range. Investors should plan to stay invested for at least 5 years, and should understand the risks and the investment objective and policy of the Fund.

A moderately cautious investor will expect wider day to day fluctuations in value than those normally associated with defensive and more cautious

investment strategies (such as those employed for the

Aviva Investors Multi - asset Plus Funds I and II), but

would expect volatility to be managed with the aim that fluctuations in the medium to long term remain below

those associated with the strategies employed by the

Aviva Investors Multi - asset Plus Funds IV and V . A moderately cautious investor is prepared to accept the risk that they may lose some or all of their money and

acknowledges that the risk of loss is greater, in return for the potential for a higher rate of growth, compared

to defensive and more cautious investment strategies, but would not expect to see the potential levels of

volatility or growth in the medium to long term normally

associated with the strategies employed by the Aviva Investors Multi - a sset Funds IV and V.

The target market of the F und is any investor who has read the Key Investor Information Document (KIID),

wants an investment with an investment objective and policy as described in the KIID, has a risk appetite

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consistent with the risk indicator displayed in the KIID

and is aware of the risks associated with investing that the KIID describes.

The F und is appropriate for an investor with basic

knowledge, or an informed investor or an experienced investor. It can be purchased with or without

professional financial advice. It has been classified as

a non - complex investment product so there is no

requir ement to have prior knowledge or experience of this type of investment before investing – but you should read the KIID and fit into this target market

description before making any decisions. The F und is

capital protection or have no appetite for risk. ‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi - asset Plus Fund IV The Aviva Investors Multi - asset Plus Fund range currently comprises 5 funds, ranging from I (offering the lowest risk profile), to V (offering the highest risk

profile). The Aviva Investors Multi - asset Plus Fund IV, is the fourth Fund in this range. Investors should

consider their fund choices in the context of the other funds available within this range , and also the funds

available within the Aviva Investors Multi - asset Core Fund range, to ensure that the fund selected is the

most suitable. The lowest category does not mean ‘risk free’. This Fund is intended for any investors, including

retail investors, who are balanced investors who understand the volatility managed , m ulti - asset

approach to investing and who aim for a return through both capital growth and income from their investment ‡ , but who are prepared to risk loss of their capital to potentially get higher returns. The Aviva Investors

Multi - asset Plus range is suitable for investors who are prepared to take on a wider range of volatility and incur

a higher level of charges on their inv estment in return

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for a greater potential return, compared to the

equivalent fund in the Aviva Investors Multi - asset Core

range. Investors should plan to stay invested for at

least 5 years, and should understand the risks and the investment objective and policy of the Fund.

A balanced investor will expect wider day to day

fluctuations in value than those normally associated with more cautious investment strategies (such as

those employed for the Aviva Investors Multi - asset Plus Funds I, II and III), but would expect volatility to be managed with the aim that fluctuations in the medium

to long term remain below those associated with more

adventurous strategies (such as those employed for the Aviva Investors Multi - asset Plus Fund V). A

balanced investor is prepared to accept the risk that they may lose some or all of their money and

acknowledges that the risk of loss is greater, in return for the potential for a higher rate of growth, compared

to more cautious investment strat egies, but woul d not expect to see the potential levels of volatility or growth

in the medium to long term normally associated with more adventurous strategies.

The target market of the F und is any investor who has read the Key Investor Information Document (KIID),

wants an investment with an investment objective and policy as described in the KIID, has a risk appetite

consistent with the risk indicator displayed in the KIID and is aware of the risks associated with investing that

the KIID describes.

The F und is appropriate for an investor with basic

knowledge, or an informed investor or an experienced investor. It can be purchased with or without

professional financial advice. It has been classified as

a non - complex investment product so there is no

requir ement to have prior knowledge or experience of this type of investment before investing – but you

should read the KIID and fit into this target market

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description before making any decisions. The F und is

designed to be used as a standalone solution but may also be used as part of a portfolio of investments. It is

not guaranteed and the value of the F und can go up or down . This F und is not for investors who require full

capital protection or have no appetite for risk.

‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi - asset Plus Fund V The Aviva Investors Multi - asset Plus Fund range

currently comprises 5 funds, ranging from I (offering the lowest risk profile), to V (offering the highest risk

profile). The Aviva Investors Multi - asset Plus Fund V, is the fifth Fund in this range. Investors should consider

their fund choices in the context of the other funds available within this range , and also the funds available

within the Aviva Investors Multi - asset Core Fund range, to ensure that the fund selected is the most suitable . The lowest category does not mean ‘risk free’ . This Fund is intended for any investors, including retail

investors, who are adventurous investors who understand the volatility managed , m ulti - asset approach to investing and who aim for a return through both capital growth and income from their investment ‡ , but who are prepared to risk loss of their capital to potentially get higher returns. The Aviva Investors

Multi - asset Plus range is suitable for investors who are prepared to take on a wider range of volatility and incur

a higher level of charges on th eir investment in return for a greater potential return, compared to the

equivalent fund in the Aviva Investors Multi - asset Core

range. Investors should plan to stay invested for at

least 5 years, and should understand the risks and the investment objective and policy of the Fund.

An adventurous investor will expect wider day to day

fluctuations in value than those normally associated with more defensive, cautious or balanced investment strategies (such as those employed for the other funds

in the Aviva Investors Multi - asset Plus Funds range),

but would expect volatility to be managed with the aim

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that fluctuations in the medium to long term remain

below those associated with more adventurous strategies (such as a fund that only invests in a single

asset class, such as equities) . An adventurous investor is prepared to accept the risk that they may lose some

or all of their money and acknowledges that the risk of loss is greater, in return for the potential for a higher

rate of growth, compared to more defensive, cautious and balanc ed investment strategies, but would not

expect to see the potential le vels of volatility or growth in the medium to long term normally associated with

more adventurous strategies .

The target market of the F und is any investor who has read the Key Investor Information Document (KIID),

wants an investment with an investment objective and policy as described in the KIID, has a risk appetite

consistent with the risk indicator displayed in the KIID and is aware of the risks associated with investing that

the KIID describes.

The F und is appropriate for an investor with basic knowledge, or an informed investor or an experienced

investor. It can be purchased with or without professional financial advice. It has been classified as

a non - complex investment product so there is no requir ement to have prior knowledge or experience of

this type of investment before investing – but you should read the KIID and fit into this target market

description before making any decisions.

The F und is designed to be used as a standalone

solution but may also be used as part of a portfolio of investments. It is not guaranteed and the value of the

F und can go up or down . This F und is not for investors who require full capital protection or have no appetite

for risk.

‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested.

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Aviva Investors Multi - A sset Stewardship

Fund I

The Aviva Investors Multi - asset Stewardship Fund

range currently comprises 4 funds, ranging from I (offering the lowest risk profile), to IV (offering the

highest risk profile). The Aviva Investors Multi - asset Stewardship Fund I is the first Fund in this r ange. Investors should consider their fund choices in the context of the other funds available within this range to

ensure that the fund selected is the most suitable. The lowest category does not mean ‘risk free’. This Fund is

intended for any investors, including retail investors, who are defensive investors aiming to grow their

investment and whose investment goals align with the sustainable aims of the Fund. Investors should

understand the volatility managed multi - asset approach to investing and be prep ared to risk loss of

their capital to potentially get higher returns. Investors should plan to stay invested for at least 5 years, and

should understand the risks and the investment objective and policy of the Fund. A defensive investor

will expect day to day fluctuations in value, but would

expect volatility to be managed with the aim that fluctuations in the medium to long term remain below

those which may be experienced on the other funds

within the Aviva Investors Multi - asset Stewardship

Fund range. A d efensive investor is prepared to accept the risk that they may lose some or all of their money

in return for the possibility of better returns than a UK bank or building society deposit account might offer,

but would not expect to see the potential levels of

volatility or growth in the medium to long term normally associated with the other funds within the Aviva Investors Multi - asset Stewardship Fund range. While

bank and deposit accounts are relatively safe,

investment in this Fund is at risk and investors could get back less than originally invested. Also, interest may be paid on money deposited in a bank or building

society and access to your money may be easier. The target market of the Fund is any investor who has

read : (i) the Key Investor Information Document (KIID), wants an investment with an investment objective and

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policy as described in the KIID, has a risk appetite

consistent with the risk indicator displayed in the KIID and is aware of the risks associated with investing that

the KIID describes and (ii) the Consumer Disclosure Document (CDD) outlining the sustainability

characteristics of the Fund . The Fund is appropriate for an investor with basic knowledge, or an informed

investor or an experienced investor. It can be purchased with or without professional financial advice.

It has been classified as a non - complex investment product so there is no requirement to have prior knowledge or experience of this type of investment

before investing – but you should read the KIID and

CDD and fit into this target market description before making any decisions. The Fund is designed to be used

as a standalone solution but may also be used as part of a portfolio of investments. It is not guaranteed and

the value of the Fund can go up or down . This Fund is not for investors who require full capital protection or have no appetite f or risk.

‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi - Asset Stewardship

Fund II

The Aviva Investors Multi - asset Stewardship Fund

range currently comprises 4 funds, ranging from I (offering the lowest risk profile), to IV (offering the

highest risk profile). The Aviva Investors Multi - asset Stewardship Fund II is the second Fund in this range. Investors should consider their fund choices in the context of the other funds available within this range to

ensure that the fund selected is the most suitable. The lowest category does not mean ‘risk free’. This Fund is

intended for any investors , including retail investors, who are cautious investors aiming to grow their

investment and whose investment goals align with the sustainable aims of the Fund. Investors should

understand the volatility managed multi - asset approach to investing and be pre pared to risk loss of

their capital to potentially get higher returns. Investors should plan to stay invested for at least 5 years, and

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should understand the risks and the investment

objective and policy of the Fund. A cautious investor will expect wider day to day

fluctuations in value than those normally associated with more defensive investment strategies (such as

those employed for the Aviva Investors Multi - asset Stewardship Fund I), but would expect volatility to be

managed with the aim that fluctuations in the medium to long term remain below those associated with the

strategies employed by the Aviva Investors Multi - asset Stewardship Funds III and IV . A cautious investor is

prepared to accept the risk that they ma y lose some or all of their money and acknowledges that the risk of

loss is greater, in return for the potential for a higher rate of growth, compared to more defensive investment

strategies, but would not expect to see the potential levels of volatility o r growth in the medium to long term

normally associated with the strategies employed by the Aviva Investors Multi - asset Funds III and IV. The target market of the Fund is any investor who has

read : (i) the Key Investor Information Document (KIID),

wants an investment with an investment objective and policy as described in the KIID, has a risk appetite

consistent with the risk indicator displayed in the KIID and is aware of the risks associated with inve sting that

the KIID describes and (ii) the Consumer Disclosure

Document (CDD) outlining the sustainability characteristics of the Fund . The Fund is appropriate for

an investor with basic knowle dge, or an informed

investor or an experienced investor. It can be purchased with or without professional financial advice. It has been classified as a non - complex investment

product so there is no requirement to have prior knowledge or experience of this type of investment

before investing – but you should read the KIID and CDD and fit into this target market description before

making any decisions . The Fund is designed to be used as a standalone solution but may also be used as part

of a portfolio of inve stments. It is not guaranteed and the value of the Fund can go up or down . This Fund is

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not for investors who require full capital protection or

have no appetite for risk . ‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi - Asset Stewardship Fund III

The Aviva Investors Multi - asset Stewardship Fund range currently comprises 4 funds, ranging from I (offering the lowest risk profile), to IV (offering the

highest risk profile). The Aviva Investors Multi - asset Stewardship Fund III is the third Fund in this range.

Investors should consider their fund choices in the context of the other fun ds available within this range to ensure that the fund selected is the most suitable . The lowest category does not mean ‘risk free’. This Fund is

intended for any investors, including retail investors,

who are moderately cautious investors aiming to grow t heir investment and whose investment goals align with the sustainable aims of the Fund. Investors should

understand the volatility managed multi - asset approach to investing and be prepared to risk loss of

their capital to potentially get higher returns. In vestors should plan to stay invested for at least 5 years, and

should understand the risks and the investment objective and policy of the Fund.

A moderately cautious investor will expect wider day to day fluctuations in value than those normally

associated with defensive and more cautious investment strategies (such as those employed for the

Aviva Investors Multi - asset Stewardship Funds I and II), but would expect volatility to be managed with the

aim that fluctuations in the medium to long term remain below those associated with the strategies employed

by the Aviva Investors Multi - asset Stewardship Fund IV. A moderately cautious investor is prepar ed to

accept the risk that they may lose some or all of their money and acknowledges that the risk of loss is

greater, in return for the potential for a higher rate of growth, compared to defensive and more cautious

investment strategies, but would not exp ect to see the potential levels of volatility or growth in the medium to

long term normally associated with the strategies

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employed by the Aviva Investors Multi - asset

Stewardship Fund IV. The target market of the Fund is any investor who has

read : (i) the Key Investor Information Document (KIID), wants an investment with an investment objective and

policy as described in the KIID, has a risk appetite consistent with the risk indicator displayed in the KIID

and is aware of the risks associated with inve sting that the KIID describes and (ii) the Consumer Disclosure

Document (CDD) outlining the sustainability characteristics of the Fund . The Fund is appropriate for

an investor with basic knowle dge, or an informed

investor or an experienced investor. It can be

purchased with or without professional financial advice. It has been classified as a non - complex investment

product so there is no requirement to have prior knowledge or experience of this type of investment

before investing – but you should read the KIID and CDD and fit into this target market description before

making any decisions . The Fund is designed to be used as a standalone solution but may also be used as part of a portfolio of inve stments. It is not guaranteed and the value of the Fund can go up or down . This Fund is not for investors who require full capital protection or

have no appetite for risk. ‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi - Asset Stewardship Fund IV

The Aviva Investors Multi - asset Stewardship Fund range currently comprises 4 funds, ranging from I

(offering the lowest risk profile), to IV (offering the highest risk profile). The Aviva Investors Multi - asset Stewardship Fund IV is the fourth Fund in this range. Investors should consider their fund choices in the

context of the other funds available within this range to ensure that the fund selected is the most suitable. The

lowest category does not mean ‘risk free’. This Fund is intended for any investors , including retail investors,

who are balanced investors aiming to grow their investment and whose investment goals align with the

sustainable aims of the Fund. Investors should

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understand the volatility managed multi - asset

approach to investing and be prepared to risk loss of their capital to potentially get higher returns. Investors

should plan to stay invested for at least 5 years, and should understand the risks and the invest ment

objective and policy of the Fund. A balanced investor will expect wider day to day

fluctuations in value than those normally associated with more cautious investment strategies (such as

those employed for the Aviva Investors Multi - asset Stewardship Funds I, II and III), but would expect

vo latility to be managed with the aim that fluctuations

in the medium to long term remain below those

associated with more adventurous strategies. A balanced investor is prepared to accept the risk that they may lose some or all of their money and

acknowledg es that the risk of loss is greater, in return

for the potential for a higher rate of growth, compared to more cautious investment strategies, but would not expect to see the potential levels of volatility or growth

in the medium to long term normally asso ciated with

more adventurous strategies. The target market of the Fund is any investor who has

read : (i) the Key Investor Information Document (KIID),

wants an investment with an investment objective and

policy as described in the KIID, has a risk appetite consistent with the risk indicator displayed in the KIID and is aware of the risks associated with inve sting that

the KIID describes and (ii) the Consumer Disclosure Document (CDD) outlining the sustainability

characteristics of the Fund . The Fund is appropriate for an investor with basic knowle dge, or an informed

investor or an experienced investor. It can be purchased with or without professional financial advice.

It has been classified as a non - complex investment product so there is no requirement to have prior

knowledge or experience of this type of investment before investing – but you should read the KIID and

CDD and fit into this target market description before making any decisions . The Fund is designed to be used

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as a standalone solution but may also be used as part

of a portfolio of investments. It is not guaranteed and the value of the Fund can go up or down . This Fund is

not for investors who require full capital protection or have no appetite for risk. ‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors UK Listed Equity Fund (please note that this fund is in the process

of being terminated and is no longer available for new investment)

The Fund is intended for any investor who is prepared to risk loss of their capital to potentially get higher

returns, by way of income and capital growth and who plans to stay invested for at least 5 years. The target

market of the Fund is any investor who has read the

KIID , wants an investment with an investment objective and policy as described in the KIID, and is aware of the

risks associated with investing that the KIID describes.

The F und is appropriate for an investor with basic knowledge, or an informed investor or an experienced

investor. It can be purchased with or without professional financial advice. It has been classified as

a non - complex investment product so there is no requirement to have prior knowle dge or experience of

this type of investment before investing – but you should read the KIID and fit into this target market

description before making any decisions.

It is designed to be used as a standalone solution or

form part of a portfolio of investments. The product is not guaranteed and the value of the product can go up

or down.

Details of these Funds, including their investment objectives and policies, can be found in

Appendix I.

Additional Funds

Further additional Funds may be established in the future by the ACD from time to time with the

approval of the Financial Conduct Authority and the agreement of the Depositary. Approval by the Financial Conduct Authority in this context refers only to approval under the OEIC

Regulations 2001 (as amended) and does not in any way indicate or suggest endorsement or approval of the Funds as an investment.

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Allocation of Assets and Liabilities

Each Fund comprises a specific portfolio of assets and liabilities, which are attributable to the Class or Classes of Shares issued in respect of that Fund . So far as the Shareholders are

concerned each Fund is treated as a separate entity and its assets invested for its exclusive benefit.

Each Fund is a segregated portfolio of assets and, accordingly, the assets of a Fund belong

exclusively to that Fund and shall not be used to discharge directly or indirectly the liabilities of, or claims against, any other person or body, including the Company , or any other Fund , and

shall not be available for any such purpose.

While the provisions of the OEIC Regulations provide for segregated liability between Funds , the concept of segregated liability is relatively new. Accordingly, where claims are brought by

local creditors in foreign courts or under Foreign Law Contracts , it is not yet known how those foreign courts will react to Regulations 11A and 11B of the OEIC Regulations .

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Classes of Share

The Company may issue several Classes of Share in respect of each Fund . Classes may be

distinguished on the basis of different criteria which may include (amongst other criteria) their minimum subscription and minimum holding . Access to certain Classes may also be restricted

or be subject to eligibility criteria . The Classes currently available along with the details of subscription, holding criteria, any eligibility criteria for a Class or any restrictions on availability

are listed below:

Class Minima and Restrictions

Class 1 :

For all Funds except Aviva Investors Multi asset Core Fund I, Aviva Investors Multi asset Core Fund II, Aviva Investors Multi asset Core Fund III, Aviva Investors Multi asset Core Fund IV, Aviva Investors Multi asset Core Fund V, Aviva Investors M ulti asset Stewardship Fund I, Aviva Investors Multi - asset Stewardship Fund I I, Aviva Investors Multi asset Stewardship Fund I II, Aviva Investors Multi - asset Stewardship Fund I V

• Minimum initial subscription £1,000 (less the Entry Charge)

• Minimum additional subscription £250 (less the Entry Charge)

• Minimum redemption £250

• Minimum holding £500 (less any Entry Charges deducted)

Please note:

No commission is payable for investments in this Class.

Class 1 :

For Aviva Investors Multi - asset Core Fund I, Aviva Investors Mult i - asset Core Fund II, Aviva Investors Multi - asset Core Fund III, Aviva Investors Multi - asset Core Fund IV, Aviva Investors Multi - asset Core Fund V only

• Minimum initial subscription £ 5 ,000 (less the Entry Charge)

• Minimum additional subscription £250 (less the Entry Charge)

• Minimum redemption £250

• Minimum holding £500 (less any Entry Charges deducted)

Please note: No commission is payable for investments in this Class.

Class 2 : • Minimum aggregate subscription across all Funds £ 1 00,000 (less

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the Entry Charge)

• Minimum holding in any one Fund £ 10 ,000 (less the Entry Charge)

Class 7: • Minimum initial subscription £10,000,000

• Minimum additional subscription £500,000

• Minimum holding £10,000,000

Please note: Class 7 Shares are only available to Aviva plc, its Associates and any fund or investment entity managed or advised

by any such company.

Shareholders in Class 7 (being a “Relevant Shareholder” and a “Relevant Class” for the purposes of the section below entitled

“Minimum Holdings”) should note the conversion rights that apply, as set out in the section entitled Minimum Holdings below.

Class 7 Shares for the Aviva Investors MAF Stewardship range are

not yet available . Class 8 in respect of

all Funds other than the Aviva Investors UK

Listed Equity Fund (please note that this

fund is in the process of being terminated

and is no longer available for new

investment) :

• Minimum initial subscription £10,000,000

• Minimum additional subscription £500,000

• Minimum holding £10,000,000

Please note: Class 8 Shares are only available to Aviva plc, its Associates and

any fund or investment entity managed or advised by any such company. Investment in Class 8 is subject to separate written

agreement with the ACD pursuant to which, amongst other things, ad ditional fees will be payable.

Shareholders in Class 8 (being a “Relevant Shareholder” and a “Relevant Class” for the purposes of the section below entitled

“Minimum Holdings”) should note the conversion rights that apply, as

set out in the section entitled Minimum Holdings below.

Class 8 in respect of the Aviva Investors UK

Listed Equity Fund only (please note that

this fund is in the process of being

terminated and is no

• Minimum aggregate subscription across all Funds £3,000,000

• Minimum additional subscription £200,000

• Minimum holding in any one Fund £200,000

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longer available for

new investment) :

Please note:

Class 8 Shares are only available to Aviva plc, its Associates and any fund or investment entity managed or advised by any such

company. Investment in Class 8 is subject to separate written agreement with the ACD pursuant to which, amongst other things,

ad ditional fees will be payable.

Shareholders in Class 8 (being a “Relevant Shareholder” and a

“Relevant Class” for the purposes of the section below entitled “Minimum Holdings”) should note the conversion rights that apply, as set out in the section entitled Minimum Holdings below.

Class 9: • Minimum initial subscription £100,000,000 (less the Entry Charge )

• Minimum holding £100,000,000 (less the Entry Charge)

Please note Class 9 shares are only available either:

(A) for investment by any direct to consumer (D2C) platform operated by an Aviva group company which is able to subscribe an amount in excess of the minimum subscription

and holding criteria as set out above; or

(B) for investment either : i. directly by an independent financial advisor or a discretionary fund manager (or its nominee or custodian);

or ii. indirectly by a platform (or its nominee or custodian)

investing on behalf of those of its customers that are

advised or managed by such independent financial

advisor or discretionary fund manager,

and on the basis that:

a) the minimum subscription and holding criteria as set out above shall be required to be satisfied in aggregate for all investments in a Fund directly by, and/or indirectly on

behalf of clients advised or managed by, a particular financial adviser or discretionary fund manager (as

applicable); and b) in the case of any such indirect investment , the relevant platform shall procure that the availability of Class 9 is “ringfenced” such that none of its other customers,

including but not limited to a customer which is advised

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and/or managed by any firm other than an independent

financial advisor or a discretionary fund manager meeting this criteria, is permitted access to Class 9 .

Shareholders referred to in paragraph (B) above in Class 9 (being

a “Relevant Shareholder” and a “Relevant Class” for the purposes of the section below entitled “Minimum Holdings”) should note the

conversion rights that apply, as set out in the section entitled Minimum Holdings below .

Class D: • Minimum initial subscription : N/A

• Minimum additional subscription : N/A

• Minimum holding N/A

Please note: Class D shares are only available for investment by the Aviva

Investors Multi - asset Plus Fund range. Class D Shares for the Aviva Investors MAF Stewardship range

are not yet available .

The ACD has the ability to have different eligibility criteria and/or to apply lower minima than

those listed above.

Each of the Classes may have a different Fund Management Fee ascribed to them . The details

of the charges , including in relation to any discount to the Fund Management Fee payable, are to be found in the section headed ‘Fees and Expenses’ below . As a result of differences in the

Fund Management Fee for the different Classes, monies may be deducted from Classes of the

same Fund in unequal proportions . In these circumstances the proportionate interests of the

Classes will be adjusted accordingly (for an expla nation of proportionate interests please refer to the paragraph headed ‘Proportionate entitlements’ within the section headed “ I ncome and Distributions” below ).

The types of Shares presently available in each Fund are set out in the details of the relevant Funds (see Appendix I).

Further Classes or Types of Share may be established from time to time by the ACD with the approval of the Financial Conduct Authority and the agreement of the Depositary . On the

introduction of any new Fund, Type or Class, either a revised Prospectus or a supplemental Prospectus will be prepared setting out the relevant details of each Fund, Type or Class.

Fair treatment of Shareholders

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The ACD shall take all reasonable steps so that it ensures fair treatment of all Shareholders . Any preferential treatment accorded by the ACD to one or more Shareholders should not result in an overall material disadvantage to other Shareholders .

A Shareholder should note that fair treatment does not necessarily equate to equal or identical treatment, and that the terms and conditions of a Shareholder's holding of Shares may differ to

those of other shareholders . For example, as explained above, the terms and conditions of the Classes of Shares in issue in respect of a Fund may vary as to the minimum subscription, minimum holding amount and applicable fees.

The Company and/or the ACD may from time to time enter into side letters or agreements with

particular Shareholders which may alter, modify or change the effective terms on which such Shares are held by such Shareholders from those terms which are describe d in this Prospectus,

for example in terms of, among other things, the level of fees, redemption notice periods and information rights .

All Shares are in registered form . Share certificates will not be issued . Shareholders will be able

to monitor their holdings by a statement showing transactions in Shares and current holdings which will be sent out to all Shareholders, or in the case of joint holdings to the first - named,

twice a year by the Administrator acting as delegate to the Registrar for the maintenance of the Register . The register is prima facie evidence of matters properly entered into it.

The ACD is responsible for the register of Shareholders and has delegated responsibility for its maintenance to SS&C Financial Services Europe Limited (the Administrator) .

The register may be inspected at the Administrator’s address (see Directory) during normal business hours by any Shareholder or any Shareholder’s duly authorised agent . If any Shareholder requires evidence of title to Shares then , upon such proof of identity as it shall

reasonably require , the Administrator, acting as delegate to the Registrar for the maintenance of the Register, will provide the Shareholder with a copy of the relevant entry in the register .

Shareholders must notify the Administrator, in its capacity as delegate to the Registrar for the maintenance of the Register, of any change of address . If Shareholders have changed name

and wish for the register to be updated, please contact us to confirm our requirements.

Switching

Shareholders are entitled (subject to certain restrictions) to Switch all or some of their Shares in one Class or Fund for Shares in another Class or Fund in the Company (but not into any

other funds or classes outside of the Company of which the ACD is the authorised corporate

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director or authorised fund manager) . Details of this Switching facility and the restrictions are set out in the section entitled ‘Switching’ below.

Converting

Shareholders are entitled (subject to certain restrictions) to Convert all or some of their Shares of one Class or Type for Shares of another Class or Type within the same Fund. Details of this

Conversion facility and the restrictions are set out in the section entitled ‘Converting’ below.

Income Shares and Accumulation Shares

Income Shares

Holders of Income Shares will receive distributions .

Each such distribution of income made in respect of any Fund at a time when more than one

Class is in issue will be done by reference to the relevant Shareholders’ proportionate interests in the Scheme Property of the Fund in question .

Shareholders can choose to have their distribution of income paid direct to their bank or building society current account . Alternatively, Shareholders may choose to have their income

distributions automatically reinvested, to purchase further Shares of the same Class and Fund at the prevailing Net Asset Value without attracting an Entry Charge. For regular savings plans

invested in Income Shares the income distribution is automatically reinvested in Shares of the same Class and Fund ( without attracting an Entry Charge ) unless this supplements a lump sum

investment on which income payment has been selected.

In the event that there is a delay or failure by a Shareholder to produce information or

documentation to satisfy anti - money laundering due diligence requirements (please see the paragraph headed “Money Laundering” in the “Dealing in Shares” section below), a ny distribution payments due may not be released by the ACD until the requested information has

been provided .

Distributions to holders of Income Shares will be made following the end of each Distribution Period on the basis set out in the paragraph headed “Distributions” in the “Income and

Distribution” section below .

Accumulation Shares

A number of Funds will have Accumulation Shares (for details of these Funds see Appendix I). Holders of Accumulation Shares do not receive cash distributions . Instead a ny income arising

in respect of an Accumulation Share is automatically accumulated and is reflected in the price of each Accumulation Share. Allocation of income in respect of Accumulation Shares will be

transferred to the capital property of each Fund within two months of the end of the Distribution

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Period to which that income relates, but will be reflected in the capital value of Accumulation Shares on the first business day following the end of that Distribution Period . No Entry Charge

is levied on this accumulation .

General

In respect of income arising for both Income Shares and Accumulation Shares , t ax vouchers

will be issued and tax accounted for where appropriate .

Where both Income Shares and Accumulation Shares are in existence in relation to a Fund, the relevant Shareholders’ proportionate interests in the Scheme Property of the Fund

represented by each Accumulation Share increases as income is accumulated . Further, in

these circumstances, the income of the Fund is allocated between Income Shares and Accumulation Shares according to the relevant Shareholders’ proportionate interests in the

Scheme Property of the Fund represented by the Accumulation Shares and Income Shares in existence at the end of the relevant Distribution Period .

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Dealing in Shares

The ACD’s offices are open from at least 9am until at least 5pm on each Dealing Day .

Investors should be aware that the Aviva Investors Multi - Manager Flexible Fund, the Aviva Investors Multi - Manager 40 - 85% Shares Fund , and the Aviva Investors Multi Manager 20 - 60% Shares Fund operate a 5pm dealing cut - off. Instructions to deal in Shares in relation to those Funds which are received and accepted by the ACD before 5pm on a

Dealing Day will be processed at the 9am Valuation Point on the next Dealing Day in respect of the Aviva Investors Multi - Manager Flexible Fund, the Aviva Investors Multi - Manager 40 - 85% Shares Fund, and the Aviva Investors Multi - Manager 20 - 60% Shares Fund . All instructions received and accepted after this time will be held over and processed at the 9am Valuation Point on the next following Dealing Day . For example, an instruction received in any of the

Aviva Investors Multi - Manager Flexible Fund, the Aviva I nvestors Multi - Manager 40 - 85% Shares Fund and the Aviva Investors Multi - Manager 20 - 60% Shares Fund by 11am on a Tuesday will be processed at the 9am Valuation Point on Wednesday . However, an instruction

received in the Aviva Investors Multi - Manager Flexible Fund, the Aviva Investors Multi - Manager 40 - 85% Shares Fund, and the Aviva Investors Multi - Manager 20 - 60% Shares Fund by 5.15pm

on a Tuesday will not be processed until the 9am Valuation Point on Thursday .

Investors should be aware that all Funds in the Aviva Investors Multi - asset Core Fund

range , the Aviva Investors Multi - asset Plus Fund range and the Aviva Investors Multi asset Stewardship Fund range operate a 12 noon dealing cut - off. Instructions to deal in Shares in relation to those Funds which are received and accepted by the ACD by 12 noon on

a Dealing Day will be dealt with at the price calculated as at the 11.59pm Valuation Point on that Dealing Day. All instructions received and accepted after the 12 noon dealing cut off point

on a Dealing Day will be held over and dealt with at the price calculated as at the 11.59pm Valuation Point for the next Dealing Day. For example, an instruction received by 11.00am on a Tuesday will be processed at the 11.59pm Valuation Point on that day . However, an instruction received at 1.00pm on a Tuesday will not be processed until the 11.59pm Valuation

Point on Wednesday .

For all other Funds instructions to deal in Shares received up to 2pm on a Business Day will be processed as at that time. Instructions received after 2pm will be processed on

the next Dealing Day .

Pricing

The Company deals on the basis of “single pricing” . This has the effect that subject to the Entry Charge, the Investor Protection Fee and any Exit Charge (for further information see the section

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headed ‘ Fees and Expenses ’ below ) both the issue and the redemption price of a Share at a particular Valuation Point will be the same.

The price per Share at which Shares may be bought or sold is the Net Asset Value of its Class

(calculated at the relevant Valuation Point) divided by the number of Shares of that Class in issue . In addition the ACD reserves the right to make an Entry Charge on Shares purchased

and a n Exit Charge on Shares sold . For both purchases and sales, an Investor Protection Fee

may be imposed . There is no current intention to impose a n Exit Charge in respect of any Fund or Class .

The Company deals on a forward pricing basis (and not on the basis of published prices) . A

forward price is the price calculated at the next Valuation Point after the sale or purchase is deemed to be accepted by the ACD (for details of the Valuation Point see the section headed

“Valuation ” below ).

Share Prices

Information on the prices of Shares will be available by telephoning 0800 051 2003 * or on the internet at www.avivainvestors.com . Prices may also be published in some newspapers . The ACD does not accept responsibility for the accuracy of the prices published in or the non publication of prices by newspapers for reasons beyond the control of the ACD.

* Telephone calls may be recorded by the ACD, its delegates, their duly appointed agents and any of their respective related, associated or affiliated companies for records keeping, security and/or training purposes, please see the paragraph “ Telephone Recording ” below for further information.

Buying Shares

Applications to purchase Shares can be made by telephoning the ACD on 0800 051 2003 * (subject to subsequent completion of an application/registration form for administrative and

verification purposes), or by sending a completed application form to the ACD .

Application forms are available from the ACD by writing to the Administrator, by telephoning the

ACD or on the internet at www.avivainvestors.com .

Applications for Shares in the Aviva Investors Multi - Manager Flexible Fund, the Aviva Investors

Multi - Manager 40 - 85% Shares Fund , and the Aviva Investors Multi - Manager 20 - 60% Shares

Fund , which are received and accepted by the ACD by 5pm on a Dealing Day will be dealt with

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at the price calculated as at the Valuation Point on the next Dealing Day . Applications received and accepted after that time will be held over and dealt with at the price calculated as at the Valuation Point for the next following Dealing Day .

Applications for Shares in the Aviva Investors Multi - asset Core Fund range , the Aviva Investors Multi - asset Plus Fund range and the Aviva Investors Multi - asset Stewardship Fund range which

are received and accepted by the ACD by 12 noon on a Dealing Day will be dealt with at the price calculated as at the 11.59pm Valuation Point on that Dealing Day. Applications received

and accepted after the 12 noon dealing cut off point on a Dealing Day will be held over and dealt with at the price calculated as at the 1 1.59pm Valuation Point for the next Dealing Day .

For all other Funds instructions to deal in Shares received up to 2pm on a Business Day will be processed as at that time . Instructions received after 2pm will be processed on the next Dealing

Day.

The ACD has the right to reject, on reasonable grounds relating to the circumstances of the

applicant, any application for Shares in whole or part, and in this event the ACD will return any money sent, or the balance of such monies, at the risk of the applicant.

In respect of Class 8 only, an application for Shares will not be accepted by the ACD unless the

applicant has entered into the separate written agreement referred to above .

Any subscription monies remaining after a whole number of Shares has been issued will not be

returned to the applicant . Instead, Smaller Denomination Shares will be issued in such circumstances . A Smaller Denomination Share is equivalent to one thousandth of a Larger

Denomination Share.

Applications for purchase will not be acknowledged but , save where the purchase is via a regular savings plan (see below), a contract note will be issued by the end of the Business Day following the relevant Dealing Day or, if the confirmation of the purchase of the Shares is

received by the ACD from a third party, no later than the first B usiness D ay following receipt of the confirmation from the third party , together with, where appropriate, a notice of the applicant’s

right to cancel . The contract note will give details of the Shares purchased and the price used.

An applicant who is a consumer (meaning any natural person acting for purposes outside their trade, business or profession, or as further defined in the Financial Conduct Authority

Handbook, hereafter a “Consumer”) and who has received face to face advice in respect of their investment has the statutory right to cancel their application to buy Shares at any time

during the 14 days after the date on which they receive a cancellation notice from the ACD. However, the ACD has chosen to extend this statutory ca ncellation period and instead offers

all Consumers the right to cancel their application for a 30 day period from the receipt of the cancellation notice . If a Consumer decides to cancel the contract, and the value of the

investment has fallen at the time the ACD receives the completed cancellation notice, the

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Consumer will not receive a full refund as an amount equal to any fall in value will be deducted from the sum originally invested . The determination of any shortfall will be based upon the price of the Fund at the next Dealing Day following the ACD’s receipt of the completed cancellation

notice.

If payment has not already been made settlement of the full purchase price and any related

fees and expenses is due immediately and in respect of all Funds by no later than four Business Days following the Valuation Point relevant to the subscription request, as set out above. The ACD, at its discretion, may delay issuing the Shares until payment is received . If settlement is not made within a reasonable period, the ACD has the right to cancel any Shares issued in

respect of the application.

In applying for Shares, prospective Shareholders agree to subscribe for Shares on the basis

of, and to be bound by, the terms of the Instrument of Incorporation and this Prospectus as applicable in respect of their holding of Shares.

Share certificates will not be issued in respect of registered Shares . Ownership of Shares will be evidenced by an entry on the Register of Shareholders . Statements covering periodic

distributions on Shares will show the number of Shares held by the recipient . Individual statements of a Shareholder’s (or in the case of joint holdings, the first named holder’s) Shares

will also be issued at any time on request by the registered holder.

Regular Savings Plan

The ACD operates a regular savings plan for Class 1 . The regular savings plan is subject to a

minimum monthly subscription of £50 in any one Fund . This minimum may be waived by the ACD at its discretion . Contract notes for the purchase of Shares will not be issued to

Shareholders investing through a regular savings plan. Regular savings may be permitted in Class 2 shares at the manager’s discretion.

Delivery Versus Payment Exemption on the purchase of Shares

The ACD makes use of the ‘delivery versus payment’ (DVP) exemption for Shareholders who

consent , as set out in the FCA’s Client Asset (CASS) Rules .

The use of the DVP exemption is limited to payments we receive from Shareholder s by electronic bank transfer or via commercial settlement systems (e.g. EMX or Clearstream) for

the purposes of settling a transaction in Shares .

The DVP exemption for payments received from Shareholders by electronic bank transfer

provides a period, during which the monies received will not be treated as “ client money ” within the meaning of the FCA’s Client Asset (CASS) Rules , from the point that the ACD receives a Shareholder’s money until the close of the next business day.

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Payments received from Shareholders via commercial settlement systems will not typically be treated as client money during the same period as that which applies to other payment methods

mentioned above . However for payments received via commercial settlement systems the ACD

reserves the right to extend the period during which money is not treated as client money until the close of business three business days after the receipt of a Shareholder’s money.

Money which is not treated as client money will not be held in a segregated client bank account and will not be protected from the insolvency of the ACD.

Should the ACD still hold Shareholder money after the expiry of the DVP exemption period, the ACD will protect Shareholde r money as client money until the transaction has been settled.

If a Shareholder makes payment to the ACD by cheque, debit card or direct debit the ACD will

protect the Shareholder’s at the time of receipt and will not use the DVP exemption.

Selling Shares

A Shareholder wishing to sell Shares should contact the ACD by telephoning 0800 051 2003 * or in writing . Instructions to sell are irrevocable . Unless the ACD agrees otherwise, it will not accept instructions to sell Shares on the basis of an authority communicated by electronic

means . However, the ACD may, at its discretion, introduce further methods in the future.

Every Shareholder is entitled on any Business Day to request that the Company redeem their

Shares and the Company will be required to redeem them in accordance with the procedures

set out below.

Redemption requests for the Aviva Investors Multi - Manager Flexible Fund, the Aviva Investors Multi - Manager 40 - 85% Shares Fund , and the Aviva Investors Multi - Manager 20 - 60% Shares

Fund received and accepted by the ACD by 5pm on a Dealing Day will be dealt with at the price calculated as at the Valuation Point in respect of the relevant Fund on the next Dealing Day . All

requests received and accepted after that time will be held over and dealt with at the price calculated as at the Valuation Point for the next following Dealing Day .

Redemption requests f or the Aviva Investors Multi - asset Core Fund range , the Aviva Investors Multi - asset Plus Fund range and the Aviva Investors Multi - asset Stewardship Fund range which

are received and accepted by the ACD by 12 noon on a Dealing Day will be dealt with at the price calculated as at the 11.59pm Valuation Point on that Dealing Day. A ll requests received

and accepted after the 12 noon dealing cut off point on a Dealing Day will be held over and dealt with at the price calculated as at the 11.59pm Valuation Point for the next Dealing Day .

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For all other Funds redemption requests received up to 2pm on a Business Day will be processed as at that time . Instructions received after 2pm will be processed on the next Dealing

Day.

A contract note giving details of the number and price of Shares sold will be sent to the selling Shareholder (the first named in the case of joint holders) together (if sufficient written

instructions have not already been given) with a form of renunciation for completion and execution by the Shareholder (and in the case of joint holders, by all the joint holders) no later

than the end of the Business Day following the day of the Valuation Point by reference to which the redemption price is determined or, if the confirmation of the sale of the Shares is received

by the ACD from a third party, no later than the first B usiness D ay following receipt of the confirmation from the third party . In respect of all Funds the redemption monies will be paid

within four Business Days , of the later of :

1. the receipt by the ACD of the form of renunciation (or other sufficient written instructions)

duly signed by all the relevant Shareholders and completed as to the appropriate number of Shares, together with any other appropriate evidence of title, and

2. the Valuation Point by reference to which the redemption price is determined.

However where money is owing on the earlier sale of the Shares to be redeemed and has not

been received and cleared by the time the redemption proceeds would otherwise be payable, then the redemption proceeds for those Shares will not be sent until such ti me as the initial

money has been received and cleared.

For the sale of Shares in Class 8 , if any payment due from the Shareholder under the terms of

the separate written agreement entered into as a condition to investing in that Class is overdue at the time of the Shareholder’s request to redeem Shares, the ACD will have the right to deduct

the outstanding amount from the redemption proceeds before paying the remainder (if any) to the Shareholder in satisfaction of the redemption request.

Delivery Versus Payment Exemption on the sale of Shares

The ACD makes use of the ‘delivery versus payment’ (DVP) exemption for Shareholders who

consent , as set out in the FCA’s Client Asset (CASS) Rules .

The use of the DVP exemption is limited to payments the ACD make s to Shareholders by

electronic bank transfer and via commercial settlement systems (e.g. EMX or Clearstream).

All these methods of payment should clear in the Shareholder’s account on the payment date . However, should such payments fail to clear on the payment date, the DVP exemption provides

a period during which the ACD is not required to treat the payment as “ client money ” within the

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meaning of the FCA’s Client Asset (CASS) Rules . For payments made to a Shareholder by electronic bank transfer this period begins on the date the ACD is due to pay the proceeds to the Shareholder until the close of the next business day.

Payments made to Shareholders via commercial settlement systems will not typically be treated as client money during the same period as that which applies to other payment methods

mentioned above . However for payments made via commercial settlement systems the ACD

reserves the right to extend the period during which money is not treated as client money until the close of business three business days after the date the money is due and payable to the

Shareholder.

Money which is not treated as client money will not be held in a segregated client bank account and will not be protected from the insolvency of the ACD.

Should the ACD still hold Shareholder money after the expiry of the DVP exemption period, it will protect Shareholder money as client money until payment can be made.

If the ACD pays the proceeds from the sale of a Shareholder’s Shares by cheque, the money

will be treated as client money and held in a segregated client bank account from the date the ACD issues the cheque, so it remains protected until it is cashed.

Minimum Redemption

Part of a Shareholder’s holding may be sold but the ACD reserves the right to refuse a

redemption request if the value of the Shares of any Fund to be redeemed is less than the minimum redemption amounts as stated in the section entitled ‘Classes of Share’ above .

Additionally, the ACD reserves the right to refuse a redemption request for part of Shareholder’s

holding if the value of the remaining holding would fall below the minimum holding (if any) in a Fund or Class or the minimum holding in a Fund or Class as se t out in the section entitled

‘Classes of Share’ above.

Minimum H olding

In respect of a Relevant Shareholder’s holding in a Relevant Class (as such terms are defined in the table set out in the section headed “Shares” above) , if : (i) following a redemption, cancellation, Switch or transfer, the holding in th e Relevant

Class falls below the minimum holding specified above ; and/ or (ii) (in the case of Class 7 and 8 only) following a redemption, cancellation, Switch or transfer, the eligibility criteria for the Relevant Class is otherwise breached ; and/or

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(iii) (in the case of Class 9 only) the Relevant Shareholder fails to meet the “ringfencing”

requirement; and/or (iv) (in the case of Class 8 only) the Relevant Shareholder breaches the terms of the

separate commercial agreement with the ACD in respect of investment in Class 8 ; the ACD has discretion to Convert the Relevant Shareholder’s entire holding into another Class ; (a) in the case of (i) and (ii) with a lower minimum holding (if available) ; and/or (b) in the case of (iii) where no such ringfencing requirement applies; and/or

investing in it . The alternative Class is likely to have higher charges than the Relevant Class held by the

Relevant Shareholder (in the case of Class 8, when aggregated with amounts charged pursuant

to that separate agreement) . The ACD may use this discretion at any time but will give a minimum of 60 days’ prior notice to the Relevant Shareholder. Failure by the ACD to use its

discretion immediately after such redemption, cancellation, Switch or transfer will not constitute a waiver of this right. The value of Shares for t he purpose of this section is calculated by

reference to their prevailing price. The minimum holding requirements will not be treated as being breached if the value of Shares held falls below the relevant minimum solely as a result

of a fall in the Share p rice . This provision does not apply in respect of the holdings of any direct to consumer (D2C) platform operated by an Aviva group company which may be invested in

Class 9 .

Regular Capital Withdrawal Facility for Multi - asset Plus Funds

The Multi - asset Plus Fund range offers Shareholders, subject to meeting certain requirements, the option to receive regular capital withdrawals through the monthly, quarterly, half - yearly or

annual redemption of Shares.

This facility is currently only available for Shareholders in the Aviva Investors Multi - asset Plus Fund I, the Aviva Investors Multi - asset Plus Fund II, the Aviva Investors Multi - asset Plus Fund

III, the Aviva Investors Multi - asset Plus Fund IV and the Aviva Investors Multi - asset Plus Fund V. For the facility to be available for a Multi - asset Plus Fund, a Shareholder must have an

investment of £10,000 (net of Entry Charges ) at any time when a regular capital withdrawal is made in that Multi - asset Plus Fund and must have been invested in that Fund for at least 1 year

continuously before receiving their first redemption proceeds . Additional investments will not be subject to this qualification p eriod .

This facility is not available for Shareholders who invest on a regular monthly basis.

The level of regular capital withdrawals currently permitted for each Multi - asset Plus Fund are

subject to the maximum and minimum levels set out below.

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Maximum and Minimum withdrawals:

• Minimum monthly withdrawal - £25

• Minimum quarterly withdrawal - £75

• Minimum half- f- yearly withdrawal - £150

• Minimum annual withdrawal - £300

• Minimum percentage withdrawal per annum is 3% of the value of the Shareholder's investment

in the Fund at the time of the redemption.

• Maximum percentage withdrawal per annum is 5% of the value of the Shareholder's

investment in the Fund at the time of the redemption.

The ACD has the discretion to apply lower minima than those listed above.

If investors wish to apply for this facility then they should complete the details as appropriate on the application form, or alternatively write to Aviva Investors UK Fund Services Limited at

PO Box 10410 , Chelmsford, CM99 2 AY , at any time. The written instruction must be received and accepted by the ACD 9 days before the first regular capital withdrawal can be taken.

For monthly withdrawals, Shares will be redeemed on the 6th of each month or the preceding Business Day as appropriate.

For quarterly withdrawals you will select the month on which the quarterly withdrawals will

begin, Shares will be redeemed on the 6th day of each quarterly month that you have selected or the preceding Business Day as appropriate.

For half- f- yearly withdrawals you will select the month on which the half - yearly withdrawals will begin, Shares will be redeemed on the 6th day of the half - yearly months you have selected or

the preceding Business Day as appropriate.

For annual withdrawals you will select the month of the year on which the annual withdrawals

will be made. Shares will be redeemed on the 6th day of that month each year or the preceding

Business Day as appropriate.

If you do not select a start month for your first monthly, quarterly, half - yearly or annual

withdrawals, then your withdrawals will begin from the 6th of the month following your written request, provided your written request is received and accepted by th e ACD 9 days before that

date .

For all redemptions, proceeds will be paid within four Business Days of the valuation point.

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However where money is owing on the earlier sale of the Shares to be redeemed and has not been received and cleared by the time the redemption proceeds would otherwise be payable, then the redemption proceeds for those Shares will not be sent until such ti me as the initial money has been received and cleared.

Shareholders who select the Regular Capital Withdrawal Facility should be aware that regular capital withdrawals would result in a reduction of capital if the amount withdrawn exceeds the

capital appreciation of their investment.

Shareholders should also be aware that the Regular Capital Withdrawal Facility for the Multi asset Plus Funds creates the potential for capital gains tax liability, and they should consult with their financial adviser as appropriate.

Switching

Subject to the qualifications below, a Shareholder may at any time Switch all or some of his

Shares of one Class or Fund ( “ Original Shares ” ) for a number of Shares of another Class or Fund ( “ New Shares ” ) . The number of New Shares issued is determined by the following

formula:

O x (CP x ER) N = SP

Where:

N is the number of New Shares to be issued;

O is the number of Original Shares to be Switched ;

CP is the published dealing price at which one Share of the original Class/Fund can be redeemed;

ER is 1 (for same currency Shares ) ; and

SP is the published dealing price at which a New Share in the new Class/Fund can be purchased ,

in the case of both CP and SP, the price referred to is the published dealing price at the applicable Valuation Point .

Each number referred to in the definition of N or O shall be expressed to the third decimal place and rounded up thereto in the case of N, so that the integer represents the number of Larger Denomination Shares and the decimal when multiplied by 1,000 represents the number of

Smaller Denomination Shares.

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If a Shareholder wishes to Switch Shares he should apply to the ACD in the same manner as for a sale as set out in the section headed “Selling Shares” above. Applications to Switch Shares between Classes or Types within the same Fund will be deemed to be applications to Convert

Shares and will be dealt with in accordance with the Conversion process described below.

The ACD may at its discretion impose restrictions as to the Classes/Funds for which a Switch

may be affected.

If the Switch would result in the Shareholder holding a number of Original Shares or New

Shares of a value which is less than the minimum holding in the Fund or Class concerned, the ACD may, if it thinks fit, Switch the whole of the applicant’s holding of Original Shares to New

Shares or refuse to effect any Switch of the Original Shares . No Switch will be made during any period when the right of Shareholders to require the redemption of their Shares is suspended . The general provisions on procedures relating to redemption will apply eq ually to a Switch . Switching requests received and accepted for the Aviva Investors Multi - Manager Flexible Fund,

the Aviva Investors Multi - Manager 40 - 85% Shares Fund , and the Aviva Investors Multi Manager 20 - 60% Shares Fund before 5pm on a Dealing Day will be processed at the Valuation

Point on the next Dealing Day. Switching requests received and accepted after this time will be held over until the Valuation Point on the n ext following Dealing Day.

Switching requests f or Aviva Investors Multi - asset Core Fund range , the Aviva Investors Multi asset Plus Fund range and the Aviva Investors Multi - asset Stewardship Fund range which are received and accepted by the ACD by 12 noon on a Dealing Day will be dealt with at the price

calculated as at the 11.59pm Valuation Point on that Dealing Day . Switching requests received and accepted after the 12 noon dealing cut off point on a Dealing Day will be held over and

dealt with at the price calculated as at the 11.59pm Valuation Point for the next Dealing Day .

For all other Funds Switching requests received and accepted up to 2pm on a Business Day

will be processed as at that time . Instructions received after 2pm will be processed on the next Dealing Day.

A Switching F ee may be charged on the Switch ing of Shares between Funds and a dditionally circumstances may arise on Switch ing when the ACD imposes an Investor Protection Fee . For

further details in respect of the level and impact of any such Switching Fee or Investor Protection Fee, please see the section headed “Fees and Expenses” below. The ACD may

adjust the number of New Shares to be issued to reflect the imposition of any Switching F ee together with any other charges or levies in respect of the issue or sale of the New Shares or

repurchase or cancellation of the Original Shares as may be permitted by the COLL Sourcebook and the Instrument of Incorporation.

A Shareholder who Switches Shares in one Fund or Class for Shares in any other Fund or

Class will not be given a right to withdraw from or cancel the transaction.

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It should be noted that a Switch of Shares in one Fund for Shares in any other Fund is treated as a realisation and will, for persons subject to United Kingdom taxation, be a disposal for the purposes of UK taxation.

For further details of the tax implications of a Switch, please see the section headed “Taxation” below.

Converting

A Shareholder may at any time Convert all or some of his Shares of one Class or Type

( “ Original Shares ” ) for a number of Shares of another Class or Type ( “ New Shares ” ) in the same Fund.

Conversions will be effected by the ACD recording the change of Type or Class on the Register of the Company.

The number of New Shares on such a Conversion shall be determined in accorda nce with the

following formula:

N = CP2

O O x ( (CP1 1 x E ER)

where:

N is the number of New Shares to be issued ;

O is the number of Original Shares to be Converted;

CP1 is the published dealing price at which one Share of the original Class or Type may be

redeemed ;

ER is 1 (for same currency Shares) ; and

CP2 is the published dealing price at which a single Share of the new Class or Type may be

purchased,

in the case of CP1 and CP2 the price referred to is the published mid - market price at the

applicable Valuation P oint for both the Original Shares and the New Shares respectively .

Each number referred to in the definition of N or O shall be expressed to the third decimal place and rounded up thereto in the case of N, so that the integer represents the number of L arger D enomination Shares and the decimal, when multiplied by 1,000, represents the number of S maller D enomination Shares.

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If a Shareholder wishes to Convert Shares from one Class or Type to another, he should apply to the ACD in the same manner as for a sale as set out in the section above headed “ Selling Shares” .

The Conversion shall take place no later than four business days after the Conversion request is received by the ACD or at such other Valuation Point agreed by the ACD at the request of

the Shareholder.

The ACD may at its discretion impose restrictions as to the Classes or Types for which a

Conversion may be effected.

If the Conversion would result in the Shareholder holding a number of Original Shares or New

Shares which are less than the required minimum holding for the Class or Type concerned, the ACD may, if it thinks fit, Convert the whole of the applicant’s Origin al Shares to New Shares or

refuse to effect any Conversion of the Original Shares . No Conversion will be made during any period when the right of Shareholders to require the redemption of their Shares is suspended . The general provisions on procedures rela ting to redemption will apply equally to a Conversion.

A Conversion Fee may be charged on the Conversion . For further details in respect of the level and impact of any such Conversion Fee, please see the section headed “Fees and Expenses”

below . The ACD may adjust the number of New Shares to reflect the imposition of any Conversion F ee together with any other charges or levies in respect of the New Shares or the

Original Shares as may be permitted pursuant to the COLL Sourcebook and the Instrument of Incorporation.

A Shareholder who Converts Shares in one Class or Type for Shares in any other Class or Type in the same Fund will not be given a right to withdraw from or cancel the transaction.

Please note that the ACD will process any Shareholder request to exchange existing Shares for Shares of another Class or Type within the same Fund as a Conversion in

accordance with the provisions of this section.

It should be noted that a Conversion of Shares in one Fund for Shares in the same Fund is not normally treated as a realisation and will not normally, for persons subject to

United Kingdom taxation, be a disposal for the purposes of UK taxation , unless it is from

a hedged Class to an unhedged Class (or vice versa) .

For further details of the tax implications of the Conversion , please see the section headed ‘ Taxation’ below .

Transfers

Shareholders are entitled to transfer their Shares to another person or body. All transfers must

be in writing in the form of an instrument of transfer approved by the ACD for this purpose.

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Completed instruments of transfer must be returned to the ACD. For further details, please see the paragraph entitled “Transfers of Shares” in the section headed “Instrument of Incorporation”

below .

Compulsory Transfer , Redemption and Conversion

Shares in the Company may not be acquired or held by any person in circumstances ( “ R elevant

C ircumstances ” ):

1. which constitute a breach of the law or governmental regulation (or any interpretation

of a law or regulation by a competent authority) of any country or territory; or

2. which would (or would if other Shares were acquired or held in the circumstances) result in the Company incurring any liability to taxation or suffering any other pecuniary

disadvantage or other adverse consequence (including a requirement to register unde r any securities or investment or similar laws or governmental regulation of any country

or territory).

In this connection, the ACD has a discretion to reject any application for the purchase, sale or Switching of Shares.

If it comes to the notice of the ACD that any Shares ( “ A ffected Shares ” ) have been acquired or are being held directly or beneficially in any of these R elevant C ircumstances or by virtue of which the Shareholder or Shareholders in question is/are not qualified to hold such Shares or

if it reasonably believes this to be the case, the ACD may give notice to the holder(s) of the

A ffected Shares requiring the transfer of such Shares to a person who is qualified or entitled to own them or that a request in writi ng be given for the redemption or cancellation of such Shares in accordance with the COLL Sourcebook . If any person upon whom such a notice is served

does not within thirty days after the date of such notice transfer his A ffected Shares to a person qualified to own them or establish to the satisfaction of the ACD (whose judgement shall be

final and binding) that he and any person on whose behalf he holds the A ffected Shares are qualified and entitled to own them, he shall be deemed upon the expiration of the thirty day

period to have given a request in writing for the redemption or cancellation (at the discretion of the ACD) of all the A ffected Shares pursuant to the COLL Sourcebook.

A person who becomes aware that he has acquired or holds A ffected Shares in any of these R elevant C ircumstances , or by virtue of which he is not qualified to hold such A ffected Shares,

must immediately, unless he has already received a notice as set out above, either transfer all their A ffected Shares to a person qualified to own them or give a request in writing for the

redemption of all their A ffected Shares pursuant to the COLL Sourcebook.

In circumstances where the ACD has determined that a Class of a Fund is to be closed, the ACD is able to effect the compulsory conversion of Shares from the closing Class to another

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Class of the Fund. Such compulsory C onversion will only be effected where the rights attaching to the new Class are the same, or more favourable than the Class that is to be closed and where the ACD has satisfied itself that the conversion will not result in prejudice to investors in

the Fun d. The ACD will give prior notice to the Shareholders in the Fund prior to such a

compulsory conversion being effected.

The ACD is also able to effect a compulsory Conversion in respect of certain Classes of Share as described above, specifically (A) of Class 9 Shares in any Fund in the Aviva Investors Multi asset Plus Fund range and the Aviva Investors Multi - asset Stewardship Fund range , where a shareholding falls below the specified minimum holding , and (B) of Class 8 Shares in Aviva

Investors Multi - asset Plus Fund I, Aviva Investors Multi - asset Plus Fund II, Aviva Investors Multi - asset Plus Fund IV, Aviva Investors Multi - Manager 20 - 60% Shares Fund, Aviva Investors

Multi - Manager 40 - 85% Shares Fund, Aviva Investors Multi - Manager Flexible Fund and any Fund in the Aviva Investors Multi - ass et Stewardship Fund range to another Class where a

Shareholder breaches the terms of the separate agreement with the ACD and/or where a shareholding falls below the specified minimum holding or fails to meet any other eligibility

criteria for this Class ; and (C) Class 7 Shares in any Fund in the Aviva Investors Multi - asset Stewardship Fund range to another Class where a shareholding falls below the specified

minimum holding .

(see the sections entitled “Minimum holdings” above within the “Dealing in Shares” section ) .

In addition, the ACD may carry out a compulsory Conversion of some or all of the Shares in

any Class into Shares of another Class where it reasonably believes that such Conversion is in the best interests of a Shareholder or Shareholder s (for example, when such a conversion

would achieve cost savings). The ACD will give at least 60 days’ prior written notice to the

relevant Shareholders prior to such a compulsory Conversion being effected. The right of

Shareholders to redeem their Shares prior to a Conversion taking effect will not be affected.

Please note that, for any redemption that would leave a residual holding of less than the

applicable minimum holding , the ACD has the discretion to require redemption of the entire

holding. Please see the section above entitled “Selling Shares” for more information on redemptions.

In Specie Redemptions ( Redemptions in kind )

If a Shareholder requests the redemption or cancellation of Shares the ACD may arrange that

in place of payment of the price of the Shares in cash, the Company cancels the Shares and transfers Scheme Property (or, if required by the Shareholder, the net pr oceeds of sale of

relevant Scheme Property), to the Shareholder . This only applies however if the Shares represent over 5 % (or such smaller percentage as the ACD may decide) of the Fund’s value.

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Before the proceeds of the cancellation of Shares become payable, the ACD must give written notice to the Shareholder that the Scheme Property or the proceeds of sale of Scheme Property will be transferred to that Shareholder.

The Scheme Property to be transferred will be selected by the ACD in consultation with the Depositary . They must take reasonable care to ensure that the property concerned would not

be likely to result in any material prejudice to the interests of shareholders.

In Specie Applications ( Applications in kind )

The ACD may, at its discretion and by special arrangement, agree to arrange for the Company to issue Shares in exchange for assets other than money, but will only do so where the

Depositary has taken reasonable care to determine that the Company’s acquisition of those assets in exchange for the Shares is not likely to result in any ma terial prejudice to the interests

of Shareholders or potential Shareholders of the Fund concerned.

The ACD will ensure that the beneficial interest in the assets concerned is transferred to or for

the account of the Company with effect from the date of issue of the Shares.

The ACD will not issue Shares in any Fund in exchange for assets the holding of which would be inconsistent with the investment objective of that Fund.

General

To satisfy a request for the issue, redemption or exchange of Shares, the ACD will normally

sell Shares to , or repurchase Shares from , Shareholders to meet such requests .

The ACD is entitled to hold Shares for its own account and to satisfy requests for sale from its

own holding . Although the ACD dealing in Shares held by it, for its own account, is not with the intention of making a profit there will be occasions when such dealings do give rise to a profit.

In some circumstances and in accordance with the COLL Sourcebook, the Company will issue

or cancel Shares to meet such requests . The COLL Sourcebook requires the ACD to procure the issue or cancellation by the Company where necessary to meet any obligation to sell or

redeem Shares .

The ACD is under no obligation to account to the Company or to Shareholders for any profit it

makes on the issue, reissue or cancellation of Shares and will not do so .

The amount to be charged by or paid to the ACD for the sale of a Share by the ACD will not be

more than the price of a Share notified to the Depositary at the relevant Valuation Point plus

any Entry Charge and/or Investor Protection Fee which may apply.

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The amount to be paid by the ACD for the redemption of a Share will not be less than the price of a Share notified to the Depositary at the relevant Valuation Point minus any Exit Charge or Investor Protection Fee which may apply.

Market timing

The Funds are intended to be a medium to long - term investment vehicle and are not designed

to be used by investors for speculating on short - term market or currency movements. Information on the typical investor profile and target market for each Fund is se t out above. The

ACD may refuse to accept a subscription or a Switch between Funds if it has reasonable grounds, in relation to the Shareholder concerned, for refusing to accept a subscription or a

Switch from them . In particular, the ACD may exercise this discretion if it believes the Shareholder has been or intends to engage in market timing activities . The ACD does not

condone or engage in market timing activities.

Money Laundering

Under current legislation in the United Kingdom to prevent money laundering, persons conducting investment business are responsible for compliance with applicable anti - money laundering regulations. In order to comply with those regulations and protect Shareholders from fraud, the ACD is required to carry out due diligence checks on all Shareholders or potential

Shareholders and any party giving instructions for a Shareholder or their estate, at the s tart of the investment and on an on - going basis.

The ACD may use an external agency to verify the identity of Shareholders , potential Shareholders or any party giving instructions for a Shareholder, for anti - money laundering

purposes.

The ACD is also required to ensure that any existing Shareholder data and due diligence

records are kept up to date during the time of the investment including on the sale, purchase or transfer of Shares or distribution of income . Shareholders may therefore be contact ed by the

ACD from time to time to check that the information held is still valid or to request updates of the documentation or information h e ld by the ACD .

In the event of a delay or failure to produce any information or documentation required to satisfy

the ACD’s due diligence requirements, the ACD reserves the right to refuse to carry out the transaction requested, including accepting additional subscriptio ns or releasing the investment

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(including any distribution payments due to the Shareholders), until the requested information has been provided.

Shareholders will be advised as to the information required in advance of any restrictions placed

on their account. Liquidity Risk Management

The ACD maintains a liquidity management policy to monitor the liquidity risk of the Funds . The liquidity management systems and procedures employed by the ACD are designed with a view to ensuring that each Fund may respond appropriately to redemption requests in accordance

with the COLL Sourcebook and FUND Sourcebook . The ACD conducts periodic stress tests under both normal and exceptional liquidity conditions in order to assess the liquidity risk for

each Fund .

Each fund’s net redemptions are to be compared with a minimum liquidity threshold for

redemptions. Such a threshold will take into consideration the following:

• The risk tolerance profile and liquidity needs of the investors in the funds.

• The typical pattern of shareholder activity: fairly stable net in - and outflows or a highly

volatile pattern with occasionally very large net redemptions.

• Concentration of ownership of the fund among its shareholders.

AIUKFSL currently has multiple options available to choose from when addressing liquidity

concerns within its scope of daily operations, including the following which are listed in order of least disruption to the shareholders:

• Portfolio managers manage the Fund taking the redemption and subscription risks into consideration on a daily basis.

• The Fund matches subscriptions and redemptions as much as possible.

• The Fund may have cash to meet normal redemptions.

• The Fund has lines of credit available; these can temporarily be utilised to meet unexpected unit holder redemptions.

• In - specie redemption: the Fund may distribute underlying investments, equivalent to the value of the shareholder’s Shares in the relevant Fund, rather than cash, in

satisfaction of the redemption.

Finally, if none of the above is feasible, the funds may liquidate the most liquid assets first in order to minimise capital loss to existing shareholders.

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Suspension of Dealings in Shares

The ACD may, with the prior agreement of the Depositary and will, if the Depositary so requires,

temporarily suspend the issue, cancellation, sale, redemption and exchange of any Class of Shares in any of the Funds, if the ACD or the Depositary is of the o pinion that due to exceptional circumstances there is good and sufficient reason to do so, having regard to the interests of

Shareholders or potential Shareholders. The ACD will ensure that a notification of suspension

is made to all Shareholders as soon a s practicable after suspension commences .

Such a suspension will continue for as long as it is justified having regard to the interests of Shareholders or potential Shareholders and must cease as soon as practicable after the

exceptional circumstances referred to above have ceased . The ACD and Depositary must formally review the suspension at least every 28 days and inform the Financial Conduct

Authority of the results of the review .

During the period of suspension the ACD may agree to issue, redeem or exchange Shares in which case all deals accepted during, and outstanding prior to, the suspension will be

undertaken at prices calculated at the first relevant Valuation Point after resu mption of dealing .

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Valuation

The basis of valuation of the Company’s or a Fund’s investments for the purpose of calculating the issue and redemption price of Shares as stipulated in the COLL Sourcebook and the

Instrument of Incorporation is summarised below.

The price of a Share is calculated by reference to the Net Asset Value of the Fund and Class

to which it relates at the Valuation Point .

The Valuation Point for the Aviva Investors Multi - Manager Flexible Fund, the Aviva Investors

Multi - Manager 40 - 85% Shares Fund and the Aviva Investors Multi - Manager 20 - 60% Shares Fund is 9 .00 am on each Dealing Day . The Valuation Point for each of the Funds in the Aviva

Investors Multi - asset Core Fund range the Aviva Investors Multi - asset Plus Fund range and the Aviva Investors Multi - asset Stewardship range is 11.59pm on each Dealing Day . The Valuation Point for all other Funds is 2 .00 pm on each Dealing Day .

The ACD may carry out an additional valuation at any time if it considers it desirable to do so.

The ACD is responsible for the proper valuation of the assets of the Fund s , the calculation of

the Net Asset Value and the publication of the Net Asset Value, and shall do so on the basis set out in this Prospectus, subject to the Fair Value Pricing provisions which will then be utilised

in respect of the dual pricing arrangement.

The ACD has put in place procedures to ensure the proper and independent valuation of the

assets of the Fund s . Valuations shall be performed impartially and will all due skill, care and diligence.

Calculation of the Net Asset Value

The Net Asset Value of the Company and each Fund will be calculated in accordance with the following provisions:

1. All the property of the Company or the Fund (as the case may be), including receivables, will be included in the calculation subject as set out below.

2. Property which is not cash (or other assets dealt with in paragraph 3 below) or a

contingent liability transaction will be valued as follows and the prices used shall (subject as follows) be the most recent prices which it is practicable to obtain:

(a) units or shares in a collective investment scheme:

(i) if a single price for buying and selling units or shares is quoted, that price;

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(ii) if separate buying and selling prices are quoted, the average of those

prices provided that the buying price has been reduced by any entry or

initial charge included in it and the selling price has been increased by any exit or redemption charge attributable to it; or

(iii) if the ACD, in its absolute discretion, determines the price obtained is unreliable or no recent traded price is available or if no recent price exists,

a value which the ACD, in its absolute discretion, determines is fair and

reasonable provided that the ACD will be entitled to rely upon the advice

of a professional adviser which the ACD reasonably believes to be qualified to give such advice;

(b) exchange - traded derivative contracts:

(i) if a single price for buying and selling the exchange - traded derivative

contract is quoted, at that price; or (ii) if separate buying and selling prices are quoted, at the average of the two prices

(c) over - the - counter derivative contracts shall be valued in accordance with the method of valuation as shall have been agreed between the ACD and the Depositary;

(d) any other instruments :

(i) if a single price for buying and selling the security is quoted, that price; or

(ii) if separate buying and selling prices are quoted, the average of the two

prices; or

(iii) if the ACD, in its absolute discretion, determines that the price obtained is unreliable or no recent traded price is available or if no recent price

exists, a value which the ACD, in its absolute discretion, determines is fair and reasonable provided that the ACD will be en titled to rely upon the

advice of a professional adviser which the ACD reasonably believes to be qualified to give such advice; and

(iv) any item of Scheme Property other than that described in paragraphs 2(a)

and 2(b) above (or paragraphs 4 and 5 below): a value which the ACD,

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in its absolute discretion, determines represents a fair and reasonable mid - market price.

3. Real property held within the Scheme Property shall be valued by a standing

independent valuer on the basis of a full valuation with physical inspection at least once

a year . Any inspection of adjacent properties of a similar nature may be limited to that of only one such representative property . The standing independent valuer shall also value each immovable on the basis of a review of the last full valuation, at least once a

month . The figure arrived at under that valuation is used as part of the valuatio n for the

Scheme Property calculated on each Business Day for the following month . Any valuation of an immovable by a standing independent valuer must be on the basis

prescribed as an ‘open market value’ in the Statements of Asset Valuation Practice and Guidance Notes published by the Royal Institution of Chartered Surveyors, but subject

to the Regulations.

4. Cash and amounts held in current and deposit accounts and in other time - related

deposits shall be valued at their nominal values.

5. Property which is a contingent liability transaction shall be treated as follows:

(a) in respect of a written option (and the premium for the writing of which has

become part of the Scheme Property), the amount of the net valuation of premium receivable shall be deducted . If the property is an off - exchange

derivative the method of valuation shall be agreed between the ACD and the Depositary;

(b) an off exchange future shall be valued at the net value of closing out in

accordance with a valuation method agreed between the ACD and the Depositary; and

of margin on closing out (whether as a positive or negative value) . If the property is an off- f- exchange derivative, the method of valuation shall be agreed

between the ACD and Depositary.

6. In determining the value of the Scheme Property, all instructions given to issue or cancel Shares received prior to the Valuation Point shall be assumed to have been

carried out (and any cash paid or received) whether or not this is in fact the case.

7. Subject to paragraphs 8, 9 and 15 below, agreements for the unconditional sale or

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purchase of Scheme Property which are in existence but uncompleted shall be assumed to have been completed and all consequential action required to have been

taken . Such unconditional agreements need not be taken into account if made shortly

before the valuation takes place and if the ACD, in its absolute discretion, determines

their omission will not materially affect the final Net Asset Value.

8. Futures or contracts for differences which are not yet due to be performed and

unexpired and unexercised written or purchased options shall not be included under

paragraph 7.

9. All agreements are to be included under paragraph 7 which are, or ought reasonably to have been, known to the person valuing the property.

10. An estimated amount for anticipated tax liabilities at the Valuation Point shall be deducted including (as applicable and without limitation) tax on chargeable gains,

income tax, corporation tax, VAT, stamp duty, SDRT and any foreign taxes or duties.

11. An estimated amount for any liabilities payable out of the Scheme Property and any tax or duty thereon, treating periodic items as accruing from day to day, shall be deducted.

12. The principal amount of any outstanding borrowings whenever repayable and any

accrued but unpaid interest on borrowings shall be deducted.

13. An estimated amount for accrued claims for tax of whatever nature which may be recoverable shall be added.

14. Any other credits or amounts due to be paid into the Scheme Property shall be added.

15. A sum representing any interest or any income accrued, both on cash and interest

bearing securities, due or deemed to have accrued but not received shall be added.

16. Currencies or values in currencies other than the Company’s base currency or (as the case may be) the designated currency of a sub fund shall be translated at the relevant

Valuation Point at a rate of exchange that is not likely to result in any material p rejudice to the interests of Shareholders and/or potential Shareholders.

Notwithstanding the foregoing, the ACD may, at its discretion, use other generally recognised

valuation principles in order to reach a proper valuation of the Net Asset Value of the Company or a Fund, in the event that it is impractical or manifestly incor rect to carry out a valuation of an

investment in accordance with the above rules or it considers such principles better reflect the

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valuation of a security, interest or position and are in accordance with generally accepted accounting principles.

Fair Value Pricing

The ACD may, in its absolute discretion and in circumstances where:

1. it believes that no reliable price for the property in question exists; or

2. such price, if it does exist, does not reflect the ACD’s best estimate of the value of such

property, value the Scheme Property or any part of Scheme Property at a price which, in its opinion,

reflects a fair and reasonable price for that property ( fair value pricing ).

The ACD is permitted to use fair value pricing in specific circumstances and pursuant to

processes and methodologies that it must have notified to the Depositary . Examples of the circumstances in which the ACD might consider using fair value pricing where a Fund’s

Valuation Point is set during the time when markets in which its portfolio is invested are closed for trading include (without limitation) :

1. market movements above a pre - set trigger level in other correlated open markets;

2. war, natural disaster, terrorism;

3. government actions or political instability;

4. currency realignment or devaluation;

5. changes in interest rates;

6. corporate activity;

7. credit default or distress; or

8. litigation.

Even if a Fund’s Valuation Point is set during the time other markets are open for trading, other

scenarios might include (without limitation) :

1. failure of a pricing provider;

2. closure or failure of a market;

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3. volatile or “fast” markets;

4. markets closed over national holidays;

5. stale or unreliable prices; or

6. listings suspensions or de - listings.

Utilising fair value pricing may assist the ACD in fulfilling its responsibilities in connection with the proper valuation of assets and calculation of sale and redemption prices on the basis

explained in this Prospectus.

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Income and Distributions

Accounting periods

The annual accounting period of the Company ends each year on 28 February (the accounting

reference date) and the interim half yearly accounting period ends each year on 31 August .

Distributions

The Funds will make dividend distributions or accumulations except where over 60% of the Fund’s property has been invested throughout the Distribution Period in interest - bearing

investments, in which case it will make interest distributions or accumulations unless the ACD

considers it more appropriate that dividend distributions or accumulations should be made in

respect of that Distribution Period . Please contact the ACD for further information regarding the type of distribution paid by each Fund .

Distributions to the holders of Income Shares will be made within two months of the end of each

Distribution Period . Distributions in respect of all Funds will therefore be made as follows:

Distribution Period Ends Income Distribution Paid on or before

28 February 30 April

31 August 31 October

The amount available for distribution in any Distribution Period is calculated in accordance with

the allocation procedure set out below . Distributions may be made by cheque or bank transfer or such other means of payment as may be permitted by the ACD in each year.

If a distribution of income remains unclaimed for a period of six years after it has become due, it will be forfeited and will revert to the relevant Fund . If the Fund is no longer in existence, the

income will revert to the Company.

The amount available for distribution in any Distribution Period is calculated by taking the

aggregate of the income received or receivable for the account of the relevant Fund in respect of that Distribution Period . The ACD then makes such other adjustments as it considers appropriate (and after consulting the Auditors as appropriate) in relation to taxation, income

equalisation, income unlikely to be received within 12 months following the relevant income

allocation date, income which should not be accoun ted for on an accrual basis because of lack of information as to how it accrues, transfers between the income and capital account and other

matters.

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Allocations of income

On or before each income allocation date (being the date that is two months after the end of

the relevant Distribution Period ), the ACD will calculate the amount available for income allocation for the immediately preceding Distribution Period , will inform the Depositary of that amount and allocate the available income to the Shares of each Class in issue in respect of

that Fund, taking account of the procedure set out below and the proportionate amounts of

available income attributable to each Class in a F und.

The income available for distribution or accumulation in relation to a Fund is determined in accordance with the COLL Sourcebook and the Instrument of Incorporation.

As at the end of each Distribution Period , the ACD will arrange for the Depositary to transfer the Amount of income allocated to Classes of Shares that distribute income (being in essence

the amount available for income allocation calculated in accordance with COLL) to the distribution account.

The income available for allocation and distribution in respect of each Class of Share is calculated by taking the aggregate of the income property received or receivable for the account of such Class of Share in respect of that period, deducting charges a nd expenses paid or payable by such Class of Share out of the income in respect of the period, adding the ACD’s

best estimate of any relief from tax on such charges and expenses, and making other adjustments which the ACD considers appropriate in relation to both income and expenses (including taxation), after consulting the Auditors when required to do so, in relation to:

1. taxation;

2. potential income which is unlikely to be received until 12 months after the income allocation date;

3. income which should not be accounted for on an accrual basis because of lack of

information about how it accrues;

4. any transfers between the income account and capital account that are required in relation to:

a. stock dividends;

b. income equalisation included in income allocations from other collective investment schemes

c. the allocation of payments in accordance with COLL 6.7.10R (allocation payments to capital or income);

d. taxation; and

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e. the aggregate amount of income property included in units issued and units cancelled during the period.

5. making any other adjustments or any reimbursement of set - up costs that the ACD

considers appropriate after consulting the Auditors.

An allocation of income (whether annual or interim) to be made in respect of each Share issued

by the Company or sold by the ACD during the Distribution Period in respect of which that income allocation is made will be of the same amount as the allocation to be made in respect

of the other Shares of the same Class in a Fund.

Each allocation of income made at a time when more than one Class is in issue in a Fund shall

be done by reference to the relevant Shareholders’ proportionate interests in the property of that Fund . These will be ascertained by reference to the “ Proportion Account ” for each such

Class described in the paragraph entitled “Proportionate entitlements ” below .

The ACD will distribute the income allocated to Income Shares of each Class in a Fund among

their holders in proportion to the numbers of such Shares held, or treated as held, by them respectively at the end of the relevant Distribution Period . The ACD will pay the distribution to

the holders of Income Shares in accordance with the instructions.

The amount of income allocated to the holders of a Class of Accumulation Shares will become part of the capital property (as defined in the COLL Sourcebook) attributable to those Shares

as at the end of the relevant Distribution Period . Where other Classes are in issue in respect of

a Fund during that Distribution Period , the interests of the holders of Accumulation Shares in

the amount of income allocated to a particular Class must be satisfied by an adjustment, as at the end of the period, in the proporti on of the value of the Scheme Property to which the price

of an Accumulation Share in the relevant Class is related . The adjustment must be such as will ensure that the price per Share of an Accumulation Share of the relevant Class remains

unchanged despite the transfer of income to the capital property of the Company.

Income equalisation

The following provisions shall apply in respect of Shares in issue in respect of each of the Funds.

An allocation of income (whether annual or interim) to be made in respect of each Share to which this clause applies issued by the Company or sold by the ACD during the Distribution

Period in respect of which that income allocation is made shall be of the same amount as the

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allocation to be made in respect of the other Shares in the same Class in issue in respect of the same Fund but shall include a capital sum ( income equalisation ) representing the ACD’s best estimate of the amount of income included in the price of that Share.

The amount of income equalisation in respect of any Share shall be either:

1. the actual amount of income included in the issue price of that Share; or

2. an amount arrived at by taking the aggregate of the amounts of income included in the

price in respect of Shares of that Class issued or sold in the annual or interim Distribution Period in question and dividing that aggregate amount by the number of

such Shares and applying the resultant average to each of the Shares in question.

Proportionate entitlements

Where Funds have more than one Class of Share in issue, the proportionate interests of each

Class of Share in the amount available for income allocation will be determined in accordance with the Instrument of Incorporation.

The proportionate interests of each Class in the assets and income of the Fund shall be

calculated as follows:

A notional account will be maintained for each Class . Each account will be referred to as a

“Proportion Account” . The word proportion in the following paragraphs used in connection with a Class of Share means the proportion which the balance on the Proportion Account for that

Class at the relevant time bears to the aggregate of all the balances on all the Proportion Accounts maintained in respect of the Fund at that time.

There will be credited to a Proportion Account:

1. upon an initial or subsequent subscription for any Share of the relevant Class, the

subscription price of that Share;

2. on each Dealing Day, that Class’s proportion of the amount by which the Net Asset

Value of the Fund exceeds the Net Asset Value of the Fund on the preceding Dealing

Day (ignoring in the calculations of the Net Asset Value all costs, charges, liabilities of any kind and expenses incurred solely in respect of one or more Class of Share);

3. that Class’s proportion of the income of the Fund received and receivable (except to

the extent already taken into account);

4. any notional tax benefit allocated to that Class (except to the extent already taken into account); and

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5. any other amount which the ACD considers to be appropriate to credit to that Proportion

Account.

There will be debited to a Proportion Account:

1. upon redemption of any Share of the relevant Class, the redemption price of that Share;

2. on each Dealing Day, that Class’s proportion of the amount by which the Net Asset

Value of the Fund is less than the Net Asset Value of the Fund on the preceding Dealing Day (ignoring in the calculations of the Net Asset Value all costs, charges, liabiliti es of

any kind and expenses incurred solely in respect of one or more Class of Share);

3. upon any amount becoming due and payable as a distribution in respect of Shares of the relevant Class, the amount to be distributed in respect of that Class;

4. all costs, charges, liabilities of any kind and expenses incurred solely in respect of that

Class;

5. that Class’s share of the costs, charges, liabilities of any kind and expenses incurred in respect of that Class and one or more other Class or Classes; and

6. any notional tax liability allocated to that Class (except to the extent already taken into

account).

Any tax liability in respect of the Fund and any tax benefit received or receivable in respect of the Fund will be allocated between Classes in order to achieve, so far as possible, the same

result as would have been achieved if each Class were itself a Fu nd so as not materially to prejudice that Class . The allocation will be carried out by the ACD after consultation with the

Auditors.

Where a Class is denominated in a currency which is not the base currency of the Fund, the

balance of the Proportion Account shall be translated into the base currency of the Fund in order to ascertain the proportions of all Classes . Translations between currencies shall be at a

rate that is not likely to result in any material prejudice to the interests of Shareholders or potential Shareholders of any Class.

The Proportion Accounts are:

1. memorandum accounts maintained for the purpose of calculating proportions . They do not represent debts from the Company to Shareholders or the other way round;

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2. maintained such that each credit and debit to a Proportion Account shall be allocated to that account on the basis of that Class’s proportion immediately before the allocation . All such adjustments shall be made as are necessary to ensure that on no occasion on which the proportions are ascertained is any amount counted more than once.

The Company may adopt a method of calculating the amount of income to be allocated between the Shares in issue in respect of any Fund which is different to the method set out above

provided that the ACD is satisfied that such method is fair to Shareholders and that it is

reasonable to adopt such method in the given circumstances.

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Risks

The following are important warnings and potential investors should consider the following risk factors before investing in the Company.

The following risk factors may relate to a particular Fund as that Fund invests directly in a particular asset or because that Fund invests in a collective investment scheme which in turn

invests in a particular asset.

General

There are inherent risks in investment markets . Security prices are subject to market fluctuations and can move irrationally and be unpredictably affected by many and various factors including political and economic events and rumours . There can be no assurance that any appreciation in value of investments will occur. The value of investments and any income derived from them may go down as well as up and investors may receive less than the original

amount invested.

There is no guarantee that the investment objective of any Fund will actually be achieved . The

level of any yield for a Fund may be subject to fluctuations and is not guaranteed.

It is important to note that past performance is not a guide to future returns or growth . Shares should be viewed as a medium to long term investment.

Investors will need to decide whether or not an investment vehicle of this nature is appropriate for their requirements.

Counterparty Risk

See also ‘Credit Risk’. The bankruptcy or default of any counterparty could result in losses to any Fund. In addition, a Fund may bear the risk of loss because a counterparty does not have

the legal capacity to enter into a transaction, or if the transacti on becomes unenforceable due to relevant legislation or regulation (see ‘Legal Risk’).

In the case of any insolvency or failure of any such party, a Fund might recover only a pro rata share of all property available for distribution to all of such party’s creditors and/or customers.

Such an amount may be less than the amounts owed to that Fund.

Trading in financial derivative instruments which have not been collateralised gives rise to direct

counterparty exposure. A Fund might mitigate much of this risk by receiving collateral with a value at least equal to the exposure to each counterparty but, to the extent that any financial

derivative instrument is not fully collateralised or, to the extent the Fund has provided collateral to the counterparty under a SFT in excess of the termination value of the underlying contract,

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a default by the counterparty may result in a reduction in the value of a Fund. In the event of the insolvency of the counterparty to a derivative, the Fund of the Company will be treated as a general creditor of such counterparty, and will not have any claim with respect to the

underlying indebtedness. Consequently, that Fund of the Company will be subject to the credit

risk of the counterparty as well as that of the issuer of the indebtedness. As a result, concentrations of derivatives in any one counterp arty may subject a Fund to an additional degree of risk with respect to defaults by such counterparty as well as by the issuer of the

underlying indebtedness.

To mitigate counterparty risk the Company will only use preferred counterparties which it

believes to be creditworthy and may reduce the exposure incurred in connection with such transactions through the use of collateral. A formal review of each new count erparty is

completed and all approved counterparties are regularly assessed. However , there can be no guarantee that a counterparty will not default or that a Fund of the Company will not sustain

losses as a result.

The ACD is free to use one or more separate counterparties for derivative investments . Some

or all of these counterparties may be associates of the Aviva Group.

Credit Risk

See also ‘Counterparty Risk’. Credit risk is the risk that the counterparty to a financial instrument

will fail to discharge an obligation. Each Fund will be exposed to a credit risk for the parties with whom it trades. Investing in sovereign debt, any oth er debt guaranteed by a sovereign

government, or corporate debt entails risks related to the issuer’s ability and willingness to repay principal and pay interest. A default by the issuer of the bond may impact the value of a Fund.

Short - term cash equivalen t investments, such as commercial paper, bankers’ acceptances, certificates of deposit, and repurchase transactions, are not guaranteed by any government

and are subject to some risk of default.

Credit risk may also arise through a default by one or several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one

institution causes a series of defaults by the other institutions. Th is is sometimes referred to as a "systemic risk" and may adversely affect financial intermediaries, such as clearing agencies,

clearing houses, banks, securities firms and exchanges, with which the Company interacts on

a daily basis.

Effect of Entry Charge

Where charged, the Entry Charge is deducted from the investment at outset . Hence investors , having paid an Entry Charge, who redeem their Shares in the short term may not (even in the absence of a fall in the value of the relevant investments) realise the original amount invested.

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Charges to Capital

Where charges are made to the income of a Fund and income is not sufficient to meet charges

and expenses, or where the investment objective of a Fund is to prioritise the generation of income over capital growth, or in circumstances where they have equal p riority, all or part of

the Fund Management Fee may be charged against capital instead of against income . This will only be done with the approval of the Depositary . It is also possible to charge other costs against

capital instead of against income. This may limit capital growth . For further information on this, including confirmation as to which Funds have the Fund Management Fee charged to capital

and which Funds have the Fund Management Fee charged to income, please see the section headed “Fees and Expenses” below .

Suspension of Dealings

In certain circumstances the right to redeem Shares may be suspended (see the section headed “Suspension of Dealings in Shares ” above ).

Legal Risk

The unexpected application of a law or regulation, or because contracts are not legally

enforceable or documented correctly may result in a loss to the Fund and cause the Share price to fall .

Operational Risk

There is a dependency upon the ability to process transactions in different markets and currencies. Shortcomings or failures in internal processes, people or systems could lead to,

among other consequences, financial loss and reputation damage. In addition , the ability to

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