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Public","page_number":82,"box":{"x":34,"y":971,"width":121,"height":6}},{"id":"f8bfefe5-c54a-42b6-8dd5-243d2c1746d8","block_type":"box","text":"Risks","page_number":82,"box":{"x":470,"y":91,"width":60,"height":12}},{"id":"94a2c160-5f0d-4ce0-a110-7fdd15b60040","block_type":"box","text":"The following are important warnings and potential investors should consider the","page_number":82,"box":{"x":151,"y":149,"width":696,"height":11}},{"id":"e1a2b012-9a02-4a93-bdd4-5ef338a3d5e2","block_type":"box","text":"following risk factors before investing in the Company.","page_number":82,"box":{"x":151,"y":169,"width":436,"height":11}},{"id":"8513c2fe-4cf9-406b-9a95-0b503dce0c7f","block_type":"box","text":"The following risk factors may relate to a particular Fund as that Fund invests directly in a","page_number":82,"box":{"x":151,"y":202,"width":696,"height":11}},{"id":"0a6fcbc0-78b1-404a-9a28-74d9d044e23a","block_type":"box","text":"particular asset or because that Fund invests in a collective investment scheme which in turn","page_number":82,"box":{"x":152,"y":222,"width":695,"height":11}},{"id":"13218cdc-7dd2-4822-bec5-3a8593e19980","block_type":"box","text":"invests in a particular asset.","page_number":82,"box":{"x":152,"y":243,"width":204,"height":11}},{"id":"33d7e7cf-e46e-448c-a071-6778f632884c","block_type":"box","text":"General","page_number":82,"box":{"x":151,"y":275,"width":73,"height":11}},{"id":"d47e8c7c-c721-4641-8659-88d7fd85b6b4","block_type":"box","text":"There are inherent risks in investment markets","page_number":82,"box":{"x":151,"y":312,"width":380,"height":8}},{"id":"9533a379-deea-48fe-9adc-d183735bc577","block_type":"box","text":".","page_number":82,"box":{"x":533,"y":319,"width":2,"height":1}},{"id":"03b2ebc5-ccec-4492-80f6-55baae40f596","block_type":"box","text":"Security prices are subject to market","page_number":82,"box":{"x":548,"y":312,"width":300,"height":11}},{"id":"6156cafe-89e6-433c-b8e4-6fef2f469de0","block_type":"box","text":"fluctuations and can move irrationally and be unpredictably affected by many and various","page_number":82,"box":{"x":151,"y":332,"width":696,"height":11}},{"id":"9f9f0b37-1d9a-4436-bcbf-d83d24931639","block_type":"box","text":"factors including political and economic events and rumours","page_number":82,"box":{"x":151,"y":352,"width":446,"height":11}},{"id":"ca1f1711-f908-4bbc-a793-1a897ec96c1d","block_type":"box","text":".","page_number":82,"box":{"x":600,"y":360,"width":2,"height":1}},{"id":"ec758913-f216-4151-9199-397de3f2e7e7","block_type":"box","text":"There can be no assurance that","page_number":82,"box":{"x":609,"y":353,"width":239,"height":8}},{"id":"582e9e24-ce30-49bf-acd5-7ef9a488559c","block_type":"box","text":"any appreciation in value of investments will occur. 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The bankruptcy or default of any counterparty could result in losses to","page_number":82,"box":{"x":151,"y":647,"width":696,"height":11}},{"id":"03e83a79-139f-4f5d-98a6-b156a13b2c2a","block_type":"box","text":"any Fund. In addition, a Fund may bear the risk of loss because a counterparty does not have","page_number":82,"box":{"x":151,"y":667,"width":696,"height":11}},{"id":"aa573437-b73b-4a88-99bb-03ce60e42f7c","block_type":"box","text":"the legal capacity to enter into a transaction, or if the transacti","page_number":82,"box":{"x":151,"y":688,"width":460,"height":11}},{"id":"6da62748-0cc6-42f6-a75d-99a2809c34de","block_type":"box","text":"on becomes unenforceable due","page_number":82,"box":{"x":613,"y":688,"width":235,"height":9}},{"id":"f4f9a7fb-ed04-4b9e-b169-77b1e0527cbd","block_type":"box","text":"to relevant legislation or regulation (see ‘Legal Risk’).","page_number":82,"box":{"x":151,"y":708,"width":391,"height":11}},{"id":"5cdcd2ec-0b4e-4ebd-be8e-fa0fbe65513d","block_type":"box","text":"In the case of any insolvency or failure of any such party, a Fund might recover only a pro rata","page_number":82,"box":{"x":152,"y":735,"width":695,"height":11}},{"id":"1264f21f-9208-4631-bef1-04490169640b","block_type":"box","text":"share of all property","page_number":82,"box":{"x":151,"y":755,"width":149,"height":11}},{"id":"f9804234-ad89-41fd-80ee-b4d2cae9f70c","block_type":"box","text":"available for distribution to all of such party’s creditors and/or customers.","page_number":82,"box":{"x":306,"y":755,"width":541,"height":11}},{"id":"47ef9f18-a019-4cd4-8790-7d7b01623478","block_type":"box","text":"Such an amount may be less than the amounts owed to that Fund.","page_number":82,"box":{"x":151,"y":776,"width":492,"height":11}},{"id":"c7dfd48c-da04-41fc-81fe-89d42d37aeec","block_type":"box","text":"Trading in financial derivative instruments which have not been collateralised gives rise to direct","page_number":82,"box":{"x":151,"y":802,"width":697,"height":11}},{"id":"d49bf496-67e5-458f-9e4a-04e182e5f712","block_type":"box","text":"counterparty exposure. A Fund might mitigate much of this risk by receiving collateral with a","page_number":82,"box":{"x":151,"y":823,"width":696,"height":11}},{"id":"f9de1dc6-616f-4f42-95a2-3eec5195d760","block_type":"box","text":"value at least equal to the exposure to each counterparty but,","page_number":82,"box":{"x":151,"y":843,"width":462,"height":11}},{"id":"e886b0a9-d386-4745-8e62-85ce4f28dc68","block_type":"box","text":"to the extent that any financial","page_number":82,"box":{"x":621,"y":843,"width":226,"height":11}},{"id":"6f462874-4a02-4f21-9843-14455b4911e9","block_type":"box","text":"derivative instrument is not fully collateralised or, to the extent the Fund has provided collateral","page_number":82,"box":{"x":151,"y":864,"width":696,"height":11}},{"id":"541edf21-4db2-4ad3-86ce-13c900a6864c","block_type":"box","text":"to the counterparty under a SFT in excess of the termination value of the underlying contract,","page_number":82,"box":{"x":151,"y":884,"width":695,"height":11}},{"id":"35faeb72-36b4-433a-b4c4-e6f92fcba8c1","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus","page_number":83,"box":{"x":151,"y":923,"width":212,"height":8}},{"id":"ed71ea45-320b-430e-9d9a-b30147947b93","block_type":"box","text":"(","page_number":83,"box":{"x":369,"y":923,"width":3,"height":8}},{"id":"a2dc6339-2614-43c2-b2ad-3e33999c692e","block_type":"box","text":"10 June","page_number":83,"box":{"x":374,"y":923,"width":46,"height":7}},{"id":"bb4d2f18-a569-4c8b-9f0c-088ddbcae5e7","block_type":"box","text":"2026","page_number":83,"box":{"x":424,"y":923,"width":29,"height":7}},{"id":"ac875d10-d595-476d-9745-1bccce414814","block_type":"box","text":")","page_number":83,"box":{"x":455,"y":923,"width":3,"height":8}},{"id":"5efa19b0-e350-4a78-b9c1-c3243e17cad5","block_type":"box","text":"83","page_number":83,"box":{"x":834,"y":923,"width":14,"height":7}},{"id":"2e3e87b5-2d57-4a9e-a485-cdbf415f489c","block_type":"box","text":"Aviva Investors: Public","page_number":83,"box":{"x":34,"y":971,"width":121,"height":6}},{"id":"51557a91-47e4-4f2d-8a17-05a1e8eabc9d","block_type":"box","text":"a default by the counterparty may result in a reduction in the value of a Fund. In the event of","page_number":83,"box":{"x":151,"y":88,"width":697,"height":11}},{"id":"b3b43b3f-bd1f-4f5e-939c-60c858a0c5f6","block_type":"box","text":"the insolvency of the counterparty to a derivative, the Fund of the","page_number":83,"box":{"x":151,"y":108,"width":487,"height":11}},{"id":"3f51ab89-ab2f-4f19-b753-61ebd119655a","block_type":"box","text":"Company","page_number":83,"box":{"x":645,"y":108,"width":71,"height":11}},{"id":"2d3b8b32-6efb-4ad2-9945-53d2f7b78a6f","block_type":"box","text":"will be treated as","page_number":83,"box":{"x":721,"y":108,"width":127,"height":9}},{"id":"0d069b74-a50e-4779-8000-44735d63f9b1","block_type":"box","text":"a general creditor of such counterparty, and will not have any claim with respect to the","page_number":83,"box":{"x":151,"y":128,"width":696,"height":12}},{"id":"62ec4bf6-f450-4523-b64e-5dd033a02cf6","block_type":"box","text":"underlying indebtedness. Consequently, that Fund of the","page_number":83,"box":{"x":152,"y":149,"width":418,"height":11}},{"id":"b8f835f4-41ce-477f-bf97-70b876f68996","block_type":"box","text":"Company","page_number":83,"box":{"x":577,"y":149,"width":70,"height":11}},{"id":"53c28a26-3576-410e-b212-3fe4c8aa8f45","block_type":"box","text":"will be subject to the credit","page_number":83,"box":{"x":652,"y":149,"width":196,"height":11}},{"id":"a65c2931-18bc-4b51-ae8a-db881c376bc7","block_type":"box","text":"risk of the counterparty as well as that of the issuer of the indebtedness. As a result,","page_number":83,"box":{"x":152,"y":170,"width":694,"height":11}},{"id":"46795133-f25d-4ff2-9f1c-901b529b9226","block_type":"box","text":"concentrations of derivatives in any one counterp","page_number":83,"box":{"x":151,"y":190,"width":380,"height":11}},{"id":"38046d50-3ab5-481a-8e4f-0a3b5d15c9c0","block_type":"box","text":"arty may subject a Fund to an additional","page_number":83,"box":{"x":532,"y":190,"width":315,"height":11}},{"id":"f8659370-3253-4822-95c0-83ee15e7885a","block_type":"box","text":"degree of risk with respect to defaults by such counterparty as well as by the issuer of the","page_number":83,"box":{"x":151,"y":210,"width":696,"height":11}},{"id":"c7fe35ff-d5c7-480d-a39b-6dac0ac4ce92","block_type":"box","text":"underlying indebtedness.","page_number":83,"box":{"x":152,"y":231,"width":184,"height":11}},{"id":"8a3ab13d-472a-4e73-9e7e-469898e71da4","block_type":"box","text":"To mitigate counterparty risk the Company will only use preferred counterparties which it","page_number":83,"box":{"x":151,"y":257,"width":696,"height":12}},{"id":"85676330-5a05-430e-a153-95e03dca6e76","block_type":"box","text":"believes to be creditworthy and may reduce the exposure incurred in connection with such","page_number":83,"box":{"x":152,"y":278,"width":695,"height":11}},{"id":"ef66f1ee-c063-4d14-8074-173a0ed92946","block_type":"box","text":"transactions through the use of collateral. A formal review of each new count","page_number":83,"box":{"x":151,"y":298,"width":623,"height":11}},{"id":"9a3a20ca-8fdc-4360-a317-ab03145421f4","block_type":"box","text":"erparty is","page_number":83,"box":{"x":776,"y":298,"width":72,"height":11}},{"id":"8bb2dac6-9ddf-414d-8e63-d311e0392fb5","block_type":"box","text":"completed and all approved counterparties are regularly assessed. However","page_number":83,"box":{"x":151,"y":319,"width":569,"height":11}},{"id":"cb2e8785-45fe-4ae0-99a0-297e8be5aefc","block_type":"box","text":",","page_number":83,"box":{"x":722,"y":326,"width":2,"height":3}},{"id":"3eaafb39-8b97-4318-85bc-65b5e06b8df3","block_type":"box","text":"there can be no","page_number":83,"box":{"x":731,"y":319,"width":117,"height":9}},{"id":"8c920711-bf2d-414a-8f79-fbc3a8c8a9f1","block_type":"box","text":"guarantee that a counterparty will not default or that a Fund of the Company will not sustain","page_number":83,"box":{"x":151,"y":339,"width":696,"height":12}},{"id":"f90807b2-8af6-47f9-a4ee-e52a523b2fa5","block_type":"box","text":"losses as a result.","page_number":83,"box":{"x":152,"y":360,"width":131,"height":9}},{"id":"457ef5ba-32c7-418b-ab3b-185d88a684b7","block_type":"box","text":"The","page_number":83,"box":{"x":151,"y":386,"width":28,"height":9}},{"id":"209f3000-a72d-406d-b15e-e5b180e8a360","block_type":"box","text":"ACD","page_number":83,"box":{"x":184,"y":386,"width":35,"height":9}},{"id":"33fd994e-410a-4064-957a-3c076aec597c","block_type":"box","text":"is free to use one or more separate counterparties for derivative investments","page_number":83,"box":{"x":226,"y":386,"width":568,"height":11}},{"id":"d62614e6-8be5-4a0f-885f-79d8a77a6cae","block_type":"box","text":".","page_number":83,"box":{"x":797,"y":394,"width":1,"height":1}},{"id":"1432562e-fe54-4053-8630-a687786e7e1b","block_type":"box","text":"Some","page_number":83,"box":{"x":806,"y":386,"width":42,"height":9}},{"id":"d86e4cfd-f56e-45e6-8e0c-bd021ff7da17","block_type":"box","text":"or all of these counterparties may be associates of the Aviva Group.","page_number":83,"box":{"x":151,"y":407,"width":502,"height":11}},{"id":"66614aba-badb-4c09-b3cd-96506468d9cb","block_type":"box","text":"Credit Risk","page_number":83,"box":{"x":151,"y":433,"width":97,"height":10}},{"id":"2d2af4c2-226b-4fcc-af7b-c050005c6437","block_type":"box","text":"See also ‘Counterparty Risk’. Credit risk is the risk that the counterparty to a financial instrument","page_number":83,"box":{"x":151,"y":475,"width":697,"height":11}},{"id":"a6bb7458-0dd6-406d-9357-e9c62118ddc3","block_type":"box","text":"will fail to discharge an obligation. Each Fund will be exposed to a credit risk for the parties with","page_number":83,"box":{"x":151,"y":496,"width":696,"height":11}},{"id":"40bff113-deda-403b-800a-4f2a80a8ec20","block_type":"box","text":"whom it trades. 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Further","page_number":87,"box":{"x":151,"y":279,"width":394,"height":11}},{"id":"72fb0669-98bb-4de3-b73c-ffad3698ea1a","block_type":"box","text":"more, there may be additional costs to an","page_number":87,"box":{"x":546,"y":279,"width":301,"height":11}},{"id":"8707e339-6aab-4bfb-a171-8cafa5b301dc","block_type":"box","text":"investor with these strategies, arising out of the double charging incurred, as the underlying","page_number":87,"box":{"x":152,"y":300,"width":695,"height":11}},{"id":"877561d2-4e66-486d-9405-4a0b55b8ce5b","block_type":"box","text":"funds can also have initial","page_number":87,"box":{"x":151,"y":320,"width":194,"height":9}},{"id":"db1ed5ed-646c-476e-a03b-e086586faa70","block_type":"box","text":"or entry charges","page_number":87,"box":{"x":353,"y":320,"width":122,"height":11}},{"id":"d3faa64f-aae7-4d86-9f11-52f6c9d35681","block_type":"box","text":"and annual management charges plus additional","page_number":87,"box":{"x":482,"y":320,"width":365,"height":11}},{"id":"522bb50a-1ac7-4fd5-967b-72dd1c99314b","block_type":"box","text":"attributable expenses. 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There can be no assurance that the","page_number":87,"box":{"x":152,"y":667,"width":695,"height":12}},{"id":"7ceb7584-1bba-4952-a6d2-77065a19c4eb","block_type":"box","text":"liquidi","page_number":87,"box":{"x":152,"y":688,"width":40,"height":11}},{"id":"6b5c52a0-37fa-4333-b15e-37b93bcf6184","block_type":"box","text":"ty of the unregulated collective investment schemes will always be sufficient to meet","page_number":87,"box":{"x":194,"y":688,"width":654,"height":11}},{"id":"ef9fa548-5867-4288-b46b-edaee31dcc3c","block_type":"box","text":"redemption requests as and when made","page_number":87,"box":{"x":152,"y":708,"width":307,"height":11}},{"id":"db9a1a8c-3920-4afb-a1ae-55a5e671f945","block_type":"box","text":".","page_number":87,"box":{"x":461,"y":716,"width":2,"height":1}},{"id":"1d2f7070-a112-4c14-be98-9114270d3948","block_type":"box","text":"Any lack of liquidity may affect the liquidity of the","page_number":87,"box":{"x":471,"y":708,"width":377,"height":11}},{"id":"ee816f42-c31f-4256-a1f4-c569e5a6ccca","block_type":"box","text":"Shares of the Fund and the value of its investments","page_number":87,"box":{"x":151,"y":729,"width":414,"height":9}},{"id":"c7313c0b-43d6-4418-8b33-7ec6011e9622","block_type":"box","text":".","page_number":87,"box":{"x":567,"y":736,"width":2,"height":1}},{"id":"93eb18bf-b594-42cc-8f02-1dae93f2c4eb","block_type":"box","text":"For such reasons the treatment of","page_number":87,"box":{"x":580,"y":729,"width":269,"height":9}},{"id":"7c8c0558-30bb-42be-8530-71c7f6384055","block_type":"box","text":"redemption requests may be postponed in exceptional circumstances including circumstances","page_number":87,"box":{"x":152,"y":750,"width":695,"height":11}},{"id":"4bc29968-223f-4cf3-a6c4-78753bed976f","block_type":"box","text":"in which a lack of liquidity may result in difficulties in determining the net asset value of the","page_number":87,"box":{"x":152,"y":770,"width":695,"height":11}},{"id":"818e2a87-69da-4e9a-8d24-9069f29e316a","block_type":"box","text":"Shares.","page_number":87,"box":{"x":151,"y":790,"width":56,"height":9}},{"id":"f234e973-aed1-4636-8e1e-42e0e3b6f965","block_type":"box","text":"Liquidity Risk","page_number":87,"box":{"x":152,"y":823,"width":131,"height":14}},{"id":"77bd9d1d-4715-4082-bd3c-91b47f66922b","block_type":"box","text":"The absence of adequate liquidity which restricts investment opportunities is known as liquidity","page_number":87,"box":{"x":151,"y":859,"width":697,"height":11}},{"id":"1109a552-0090-406f-a638-d585adb593a8","block_type":"box","text":"risk. Market demand can impact the ability to acquire or liquidate assets, particularly where","page_number":87,"box":{"x":152,"y":880,"width":695,"height":11}},{"id":"0d4b317c-bf9b-4d12-aa56-d0de1944ac39","block_type":"box","text":"positions and contracts entered into are complex and bespoke. Cou","page_number":87,"box":{"x":152,"y":900,"width":509,"height":11}},{"id":"973e66cf-58b1-47ba-b89f-f398a3e162dd","block_type":"box","text":"nterparty liquidity can be","page_number":87,"box":{"x":664,"y":900,"width":184,"height":11}},{"id":"50a86f6d-bc58-4d0d-9164-6f68bdb00713","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus","page_number":88,"box":{"x":151,"y":923,"width":212,"height":8}},{"id":"29e30c26-c174-4dc6-bf23-a8c517e36076","block_type":"box","text":"(","page_number":88,"box":{"x":369,"y":923,"width":3,"height":8}},{"id":"b42caae1-c807-4fce-abd8-1917f04af2cb","block_type":"box","text":"10 June","page_number":88,"box":{"x":374,"y":923,"width":46,"height":7}},{"id":"e167b36a-64bf-40e8-9878-95e46f337719","block_type":"box","text":"2026","page_number":88,"box":{"x":424,"y":923,"width":29,"height":7}},{"id":"4b902bd3-4cb0-42cd-ae8f-3b55af5eaabb","block_type":"box","text":")","page_number":88,"box":{"x":455,"y":923,"width":3,"height":8}},{"id":"1061c71e-a267-4853-b31b-b445e3c5759f","block_type":"box","text":"88","page_number":88,"box":{"x":834,"y":923,"width":14,"height":7}},{"id":"39fee253-202c-4a56-9e4b-40f81e863931","block_type":"box","text":"Aviva Investors: Public","page_number":88,"box":{"x":34,"y":971,"width":121,"height":6}},{"id":"2aeaa6a4-3d11-488b-a41a-687de35b99a4","block_type":"box","text":"reduced by lower credit ratings or large cash outflows and margin calls can increase a fund’s","page_number":88,"box":{"x":152,"y":87,"width":695,"height":12}},{"id":"21a8b66c-36ff-4a2c-a24e-6927516d273f","block_type":"box","text":"liquidity risk. Liquidity risk tends to compound other risks. 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This may affect the value of the Fund and","page_number":88,"box":{"x":152,"y":210,"width":694,"height":11}},{"id":"643fc70e-a255-48a7-a6d6-078ddaff8717","block_type":"box","text":"consequently the share price may fall.","page_number":88,"box":{"x":151,"y":231,"width":280,"height":11}},{"id":"88058ab8-4665-4328-a0b0-0f39924be189","block_type":"box","text":"Concentration risk","page_number":88,"box":{"x":151,"y":337,"width":178,"height":10}},{"id":"fdb123bd-5333-49e6-8ba9-0cb5b9a781ef","block_type":"box","text":"The","page_number":88,"box":{"x":151,"y":373,"width":28,"height":9}},{"id":"a00543f9-55e0-44de-8bdb-4ad3c6a9263e","block_type":"box","text":"investment approach of the","page_number":88,"box":{"x":186,"y":373,"width":203,"height":11}},{"id":"8e11dd5a-d7e7-42bd-bf63-e01e4e6ebc2f","block_type":"box","text":"Aviva Investors","page_number":88,"box":{"x":395,"y":373,"width":114,"height":9}},{"id":"587db058-2d9a-4d41-bc19-50b5faa08674","block_type":"box","text":"UK","page_number":88,"box":{"x":517,"y":373,"width":22,"height":9}},{"id":"7ca39b8c-9efb-4dac-b100-14e9c3beeed3","block_type":"box","text":"Listed","page_number":88,"box":{"x":545,"y":373,"width":43,"height":9}},{"id":"d30e2c5f-ab85-4d58-a3cd-69131e6c0b45","block_type":"box","text":"Equity","page_number":88,"box":{"x":596,"y":373,"width":45,"height":11}},{"id":"77a202d1-463a-4e57-8d21-8d4561118028","block_type":"box","text":"Fund","page_number":88,"box":{"x":648,"y":373,"width":36,"height":9}},{"id":"3af70a31-7fb2-4e6b-8666-e8ce8e55bf41","block_type":"box","text":"(please note that this","page_number":88,"box":{"x":691,"y":373,"width":157,"height":11}},{"id":"e0dab0e9-b8d0-4b52-b3f9-94be643c042c","block_type":"box","text":"fund is in the process of being terminated and is no longer available for new investment)","page_number":88,"box":{"x":151,"y":393,"width":660,"height":11}},{"id":"6b89821b-d18c-4898-87df-e70d5b3fda15","block_type":"box","text":"is to","page_number":88,"box":{"x":819,"y":393,"width":29,"height":9}},{"id":"e18bd625-6b5e-4fe2-bbc8-f8302290e24e","block_type":"box","text":"invest in a relatively small number of securities (subject to the spread limits set out below). This","page_number":88,"box":{"x":152,"y":414,"width":695,"height":11}},{"id":"9b9356df-b9ab-4552-bc8d-299f21289d17","block_type":"box","text":"may result in portfolio concentration in sectors, countries, or other groupings. These potential","page_number":88,"box":{"x":152,"y":434,"width":695,"height":11}},{"id":"7283088c-dd06-4f3c-b294-c45368960fbd","block_type":"box","text":"concentrations mean that a loss arising in a single","page_number":88,"box":{"x":151,"y":455,"width":385,"height":11}},{"id":"9b7b83f1-e585-4260-927e-ebd6c7b2715a","block_type":"box","text":"investment may cause a proportionately","page_number":88,"box":{"x":545,"y":455,"width":303,"height":11}},{"id":"ebe15ea3-f534-43d9-a24d-eee9fbbfd840","block_type":"box","text":"greater loss to the Fund than if a","page_number":88,"box":{"x":151,"y":475,"width":240,"height":11}},{"id":"85aac47c-a4c2-42b7-bcbc-6b381f7c626e","block_type":"box","text":"larger number of investments were made.","page_number":88,"box":{"x":398,"y":475,"width":307,"height":11}},{"id":"3f70bdf4-14e9-4fde-bc3a-f81540d6ca71","block_type":"box","text":"Constituents of an index","page_number":88,"box":{"x":151,"y":508,"width":234,"height":11}},{"id":"f2fd6b3d-e0dd-4de0-be84-ff0c0a7c1641","block_type":"box","text":"Where a constituent of an index accounts for more than 20% of the Index, the Fund’s ability to","page_number":88,"box":{"x":151,"y":544,"width":696,"height":11}},{"id":"0f95bdc5-80de-493c-865f-70909b59efaa","block_type":"box","text":"obtain full exposure is limited by the availability of manufactured securities designed to replicate","page_number":88,"box":{"x":151,"y":565,"width":696,"height":11}},{"id":"c77eed37-2072-4871-9843-bcaca924c813","block_type":"box","text":"its investment performance.","page_number":88,"box":{"x":152,"y":585,"width":203,"height":11}},{"id":"9ecc8efa-8d78-41a2-8c71-6da346df6039","block_type":"box","text":"Credit and Fixed Income","page_number":88,"box":{"x":151,"y":618,"width":233,"height":10}},{"id":"61e10979-b19a-48f6-bbe7-f30c752d944f","block_type":"box","text":"Fixed interest securities are particularly affected by trends in interest rates and inflation. 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For","page_number":95,"box":{"x":152,"y":542,"width":696,"height":11}},{"id":"dd34efbe-c335-4bf2-b5ef-9b5099b2fa84","block_type":"box","text":"example, if at the time of purchase ten percent of the price of a futures contract is deposited as","page_number":95,"box":{"x":151,"y":562,"width":696,"height":11}},{"id":"6b5c671f-6749-4a44-9076-63a930e3c344","block_type":"box","text":"margin, a 10% decrease in the price of the futures contra","page_number":95,"box":{"x":152,"y":583,"width":418,"height":11}},{"id":"a18f37d2-7b29-45f4-ada3-665155302a43","block_type":"box","text":"ct would, if the contract is then closed","page_number":95,"box":{"x":572,"y":583,"width":275,"height":10}},{"id":"a5d99286-3d12-494a-977f-9296594bc563","block_type":"box","text":"out, result in a total loss of the value of margin deposit before any deduction for the brokerage","page_number":95,"box":{"x":151,"y":603,"width":696,"height":11}},{"id":"e568d48a-8e5a-42c8-a40f-e7abc4720e8d","block_type":"box","text":"commission. 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Any","page_number":196,"box":{"x":151,"y":786,"width":697,"height":11}},{"id":"d01664d5-8402-4bec-a2ce-079f91591bfb","block_type":"box","text":"such shortfall in the stewardship allocation shall be temporary u","page_number":196,"box":{"x":151,"y":799,"width":482,"height":12}},{"id":"7e842abf-7819-4d43-9fc1-2b80402ff54e","block_type":"box","text":"ntil such time as the cash is","page_number":196,"box":{"x":636,"y":800,"width":212,"height":8}},{"id":"3dc22145-9429-45e8-ac94-c62fdefa431d","block_type":"box","text":"paid","page_number":196,"box":{"x":152,"y":813,"width":29,"height":11}},{"id":"c1d38d14-0acc-4eda-b6f9-569a54eef7dc","block_type":"box","text":"-","page_number":196,"box":{"x":183,"y":818,"width":4,"height":1}},{"id":"e7395b12-9e92-4652-bc0e-210e99dd557e","block_type":"box","text":"out or invested (as the case may be) in accordance with the Fund’s liquidity management","page_number":196,"box":{"x":188,"y":813,"width":660,"height":11}},{"id":"e64cb36a-b074-410b-ae18-c059b6f247cb","block_type":"box","text":"policies.","page_number":196,"box":{"x":152,"y":827,"width":57,"height":11}},{"id":"604bf78f-5f65-4af2-9419-ed36fd0b8d90","block_type":"box","text":"Outside of its minimum stewardship allocation, up to 30% of the Fund may be in investments","page_number":196,"box":{"x":151,"y":854,"width":696,"height":11}},{"id":"1990e917-129b-430b-b161-fa376cb8a1db","block_type":"box","text":"that do not meet the standards required by the Investment Manager’s investment framework;","page_number":196,"box":{"x":151,"y":868,"width":695,"height":11}},{"id":"0380a0fd-02cf-4b65-8f1c-06d5bbf751ae","block_type":"box","text":"the Investment Manager refers to these as “neutral” assets. Neutral assets","page_number":196,"box":{"x":151,"y":881,"width":546,"height":11}},{"id":"43c78084-7e6a-4310-8f19-d411903bf715","block_type":"box","text":"include investments","page_number":196,"box":{"x":703,"y":882,"width":145,"height":8}},{"id":"7b933dfe-6631-4252-9d9b-b171742e4a70","block_type":"box","text":"where the Investment Manager has determined that the issuing company has an overall neutral","page_number":196,"box":{"x":151,"y":895,"width":696,"height":11}},{"id":"9d244c80-ca63-4b39-b06e-11dd6760e537","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus","page_number":197,"box":{"x":151,"y":923,"width":212,"height":8}},{"id":"28fe6f9e-dfa3-46c1-a095-3eb66736d1b7","block_type":"box","text":"(","page_number":197,"box":{"x":369,"y":923,"width":3,"height":8}},{"id":"fb80bb9f-b2fe-46e8-b924-5e2fd647bf55","block_type":"box","text":"10 June","page_number":197,"box":{"x":374,"y":923,"width":46,"height":7}},{"id":"d5e9ffe5-26be-490d-b0f4-10e3fb9e2b55","block_type":"box","text":"2026","page_number":197,"box":{"x":424,"y":923,"width":29,"height":7}},{"id":"7eda308d-d1ea-4dce-81f9-1ce3a9aa1bd2","block_type":"box","text":")","page_number":197,"box":{"x":455,"y":923,"width":3,"height":8}},{"id":"de2b32f2-43b4-4dc6-91c8-4e8fbdde343e","block_type":"box","text":"197","page_number":197,"box":{"x":828,"y":923,"width":20,"height":7}},{"id":"4b2d40c7-e6e7-49ca-a010-d3725b4011b7","block_type":"box","text":"Aviva Investors: Public","page_number":197,"box":{"x":34,"y":971,"width":121,"height":6}},{"id":"b0a4fabf-4135-4ab6-b0dc-37049fa35b85","block_type":"box","text":"alignment to the three pillars (see “Sustainability Strategy” below), the nature of the asset is","page_number":197,"box":{"x":151,"y":87,"width":696,"height":12}},{"id":"f3da81fa-b1d3-48e3-a4e1-c7252d720510","block_type":"box","text":"such that the sustainability characteristics of the asset are not possible to assess (for example,","page_number":197,"box":{"x":151,"y":101,"width":695,"height":11}},{"id":"e20209f8-259c-45fa-845e-3c0e4b8c1102","block_type":"box","text":"cash, money market instruments, third","page_number":197,"box":{"x":151,"y":115,"width":278,"height":11}},{"id":"c3d47c8b-7cbb-47a0-bff5-fddda1040b05","block_type":"box","text":"-","page_number":197,"box":{"x":431,"y":120,"width":5,"height":1}},{"id":"00f9e462-7e40-4752-8399-4233d4068821","block_type":"box","text":"party funds and deriv","page_number":197,"box":{"x":438,"y":115,"width":152,"height":11}},{"id":"fed298e4-159d-4978-9a67-1c4921bdfe81","block_type":"box","text":"atives) or where there is insufficient","page_number":197,"box":{"x":591,"y":115,"width":257,"height":11}},{"id":"a74c3784-4d7d-4c8f-b0c7-8d1e48ac72bc","block_type":"box","text":"sustainability data available to determine if that investment meets the Investment Manager’s","page_number":197,"box":{"x":151,"y":128,"width":696,"height":12}},{"id":"25e34395-44aa-4f90-9262-317fd3e66624","block_type":"box","text":"criteria (for example, government issued bonds that are not GSS bonds). The Fund may hold","page_number":197,"box":{"x":151,"y":142,"width":696,"height":11}},{"id":"de24ea9a-018b-4746-9d2b-799871ed13b2","block_type":"box","text":"such neutral assets in order to su","page_number":197,"box":{"x":151,"y":156,"width":240,"height":9}},{"id":"7ec59822-cb37-4384-9084-34197059b05f","block_type":"box","text":"pport the financial objectives of the Fund, for liquidity purposes","page_number":197,"box":{"x":393,"y":156,"width":454,"height":11}},{"id":"3607822a-80da-445c-86e1-d051a6f7cf5f","block_type":"box","text":"and for efficient portfolio management purposes.","page_number":197,"box":{"x":151,"y":170,"width":358,"height":11}},{"id":"0329def9-9f70-411d-95c4-00206ee5a047","block_type":"box","text":"The Fund’s minimum stewardship allocation will be reviewed on an ongoing basis against a","page_number":197,"box":{"x":151,"y":197,"width":696,"height":11}},{"id":"2c4d59da-1d0f-4b52-87b1-65426bf32562","block_type":"box","text":"range of key sustainability indicators (KPIs) to ensure that the investments remain compliant","page_number":197,"box":{"x":152,"y":210,"width":695,"height":11}},{"id":"c160cd0c-bcbf-4fe9-82a6-0dcdb90680b0","block_type":"box","text":"with the Investment Manager’s investment framework","page_number":197,"box":{"x":151,"y":224,"width":405,"height":11}},{"id":"032d29b8-7dd8-4c72-a735-f2953fa19da5","block_type":"box","text":"–","page_number":197,"box":{"x":564,"y":229,"width":9,"height":1}},{"id":"95d66b03-0e26-4577-abce-43d97b9ce16e","block_type":"box","text":"please see “Sustaina","page_number":197,"box":{"x":581,"y":224,"width":158,"height":11}},{"id":"a6cf1c9a-50bb-40a4-bdde-5842ad24a73a","block_type":"box","text":"bility Strategy”","page_number":197,"box":{"x":741,"y":224,"width":107,"height":11}},{"id":"296f2c83-50cc-4b26-94ac-380c71e2215a","block_type":"box","text":"below for further information.","page_number":197,"box":{"x":152,"y":238,"width":215,"height":9}},{"id":"0ba42307-95ac-4f55-ad1d-add7c965be13","block_type":"box","text":"The Fund is part of a range of four stewardship multi asset funds, each with their own risk","page_number":197,"box":{"x":151,"y":265,"width":697,"height":11}},{"id":"0f9e54d3-d558-40c1-b9d8-dbc0188d7d1a","block_type":"box","text":"profile, ranging from I (the lowest) to IV (the highest), This Fund is number I in the range with a","page_number":197,"box":{"x":152,"y":279,"width":695,"height":11}},{"id":"9d8252b8-1a65-46f0-a6c2-1bb5087e9f3c","block_type":"box","text":"“defensive” risk profile, as defined by its risk range and Volat","page_number":197,"box":{"x":151,"y":292,"width":457,"height":11}},{"id":"80916b6b-e52f-436e-a05b-9fe16ce63d10","block_type":"box","text":"ility Index. 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To be eligible for","page_number":226,"box":{"x":152,"y":538,"width":696,"height":11}},{"id":"22f11ccf-ef35-4f0a-ac84-99a403c698f6","block_type":"box","text":"investment, the company must meet the Fund’s qualifying criteria through eithe","page_number":226,"box":{"x":152,"y":552,"width":574,"height":11}},{"id":"8c7b891a-3c6a-44be-9b4b-fda693e3c51e","block_type":"box","text":"r the company’s:","page_number":226,"box":{"x":728,"y":552,"width":119,"height":11}},{"id":"4f562b12-4a9c-4555-bd32-cf0a6e4c747d","block_type":"box","text":"•","page_number":226,"box":{"x":182,"y":583,"width":6,"height":5}},{"id":"45eb2a94-47ef-4f3f-b250-341655d92e85","block_type":"box","text":"Products and Services","page_number":226,"box":{"x":212,"y":580,"width":187,"height":9}},{"id":"6fbb5734-203a-4970-a224-5339e0206909","block_type":"box","text":"-","page_number":226,"box":{"x":409,"y":585,"width":4,"height":1}},{"id":"6652a9b6-8df5-49ee-9c76-e6f256358860","block_type":"box","text":"consideration will be given to the revenue a company","page_number":226,"box":{"x":423,"y":580,"width":425,"height":11}},{"id":"d125c917-6522-455a-a32a-2eb58e75ffe2","block_type":"box","text":"generates from products and services that are linked to investment themes that fall","page_number":226,"box":{"x":212,"y":594,"width":635,"height":11}},{"id":"ac48c637-340b-4fc2-a951-54149c70be03","block_type":"box","text":"under one or more of the three pillars.","page_number":226,"box":{"x":212,"y":607,"width":278,"height":11}},{"id":"5de4d38f-0bb0-4dbc-9586-fdd3fae7694b","block_type":"box","text":"•","page_number":226,"box":{"x":182,"y":625,"width":6,"height":4}},{"id":"00ef8505-3b92-413d-9877-d4e32c9c0b8f","block_type":"box","text":"Operations","page_number":226,"box":{"x":212,"y":622,"width":87,"height":11}},{"id":"e638b8a4-5589-4f5a-889b-514d68002305","block_type":"box","text":"-","page_number":226,"box":{"x":308,"y":627,"width":4,"height":1}},{"id":"b351c314-9ae9-491f-9e44-d930c9458101","block_type":"box","text":"consideration is given to the sustainability practices of a company’s","page_number":226,"box":{"x":322,"y":622,"width":525,"height":11}},{"id":"f5108ce4-5add-46cc-ad35-2e6c43681554","block_type":"box","text":"operations.","page_number":226,"box":{"x":212,"y":636,"width":81,"height":10}},{"id":"0faccaef-5819-4eac-aaa2-618f8c61f3a5","block_type":"box","text":"The Investment Manager may look at a range of factors to assess a","page_number":226,"box":{"x":299,"y":635,"width":548,"height":12}},{"id":"65d3c8ec-02dc-42fc-809c-0fabd33a47b9","block_type":"box","text":"company’s operations against investment themes linked to the three pillars, including","page_number":226,"box":{"x":212,"y":649,"width":635,"height":11}},{"id":"0331171a-0528-4305-90a1-a07f11dc833f","block_type":"box","text":"(for example) its g","page_number":226,"box":{"x":212,"y":663,"width":132,"height":11}},{"id":"37c06317-4395-4285-ad8f-b94f4a992983","block_type":"box","text":"overnance commitments, policies and actions to manage social and","page_number":226,"box":{"x":346,"y":663,"width":501,"height":11}},{"id":"9bd88cb9-70d3-45ff-a3e5-fb7c3a5bd584","block_type":"box","text":"environmental issues, and performance compared to peers.","page_number":226,"box":{"x":212,"y":677,"width":440,"height":11}},{"id":"2d5c6efc-5537-4436-83e3-dc2ae7ea546d","block_type":"box","text":"As noted above, a GSS bond may also be included in the Fund’s minimum stewardship","page_number":226,"box":{"x":151,"y":704,"width":696,"height":11}},{"id":"ef39c129-8e60-42b1-850c-e9c2e57b8943","block_type":"box","text":"allocation.","page_number":226,"box":{"x":151,"y":718,"width":73,"height":8}},{"id":"cd685c41-d4cc-4cd8-85b0-25ab1961a821","block_type":"box","text":"See “Sustainability Strategy” below for how the minimum stewardship","page_number":226,"box":{"x":244,"y":717,"width":603,"height":12}},{"id":"0862d4cb-1584-4b5d-8d2b-e1d4408456f4","block_type":"box","text":"allocation is achieved","page_number":226,"box":{"x":151,"y":731,"width":172,"height":9}},{"id":"425e0217-90b5-4012-bd86-4664d8eb2658","block_type":"box","text":".","page_number":226,"box":{"x":326,"y":739,"width":1,"height":1}},{"id":"120700a0-adb5-49e2-bb90-bf8d2163a6e0","block_type":"box","text":"Investors should note that, in the event the Fund has large cash holdings, as a result of or to","page_number":226,"box":{"x":152,"y":758,"width":695,"height":11}},{"id":"8a40019c-a0bf-425c-a47e-ef90dbfb52f8","block_type":"box","text":"facilitate dealing activity, the Fund’s minimum stewardship allocation may fall below 70%. Any","page_number":226,"box":{"x":151,"y":772,"width":697,"height":11}},{"id":"af1f9a58-c192-4d7d-934a-2d70eecf95d5","block_type":"box","text":"such shortfall in the stewardship allocation shall be temporary u","page_number":226,"box":{"x":151,"y":786,"width":482,"height":11}},{"id":"88e37b8d-8071-4f63-bff9-6aacc9fb46a1","block_type":"box","text":"ntil such time as the cash is","page_number":226,"box":{"x":636,"y":786,"width":212,"height":9}},{"id":"25f6be73-c1a5-4534-ad90-dc9535e47eac","block_type":"box","text":"paid","page_number":226,"box":{"x":152,"y":800,"width":29,"height":10}},{"id":"b09c6afd-19b6-4b83-bc4c-f66b0aced3c2","block_type":"box","text":"-","page_number":226,"box":{"x":183,"y":804,"width":4,"height":2}},{"id":"96e02fa2-4db5-43ad-b6ad-b81fe4751611","block_type":"box","text":"out or invested (as the case may be) in accordance with the Fund’s liquidity management","page_number":226,"box":{"x":188,"y":799,"width":660,"height":12}},{"id":"144ffde8-ce17-4034-9348-f1c63b3c0af5","block_type":"box","text":"policies.","page_number":226,"box":{"x":152,"y":813,"width":57,"height":11}},{"id":"9419eb2a-3c64-4fff-bb5f-620c8912fe69","block_type":"box","text":"Outside of its minimum stewardship allocation, up to 30% of the Fund may be in investments","page_number":226,"box":{"x":151,"y":840,"width":696,"height":11}},{"id":"cb9174a7-3f53-4971-8f7f-35ad870aa093","block_type":"box","text":"that do not meet the standards required by the Investment Manager’s investment framework;","page_number":226,"box":{"x":151,"y":854,"width":695,"height":11}},{"id":"44d357c1-ac0e-4da6-a204-3cabc89e65cf","block_type":"box","text":"the Investment Manager refers to these as “neutral” assets. Neutral assets","page_number":226,"box":{"x":151,"y":868,"width":546,"height":11}},{"id":"17775c26-cc92-4604-bcb9-c5de91c5e4eb","block_type":"box","text":"include investments","page_number":226,"box":{"x":703,"y":868,"width":145,"height":8}},{"id":"49b0d0c4-21c0-47da-977b-f7c06dde5179","block_type":"box","text":"where the Investment Manager has determined that the issuing company has an overall neutral","page_number":226,"box":{"x":151,"y":882,"width":696,"height":10}},{"id":"1287bc8c-9bc8-4f91-be52-55aae5e3c894","block_type":"box","text":"alignment to the three pillars (see “Sustainability Strategy” below), the nature of the asset is","page_number":226,"box":{"x":151,"y":895,"width":696,"height":11}},{"id":"ed9dbfa3-40df-4e66-ad58-3bb25ce44854","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus","page_number":227,"box":{"x":151,"y":923,"width":212,"height":8}},{"id":"280f574c-1f38-4fe3-831b-2a7665452b00","block_type":"box","text":"(","page_number":227,"box":{"x":369,"y":923,"width":3,"height":8}},{"id":"b5c0a265-f3e8-4529-81d1-c4781aaa38cf","block_type":"box","text":"10 June","page_number":227,"box":{"x":374,"y":923,"width":46,"height":7}},{"id":"c2405280-8781-4899-987e-654f6200cb3a","block_type":"box","text":"2026","page_number":227,"box":{"x":424,"y":923,"width":29,"height":7}},{"id":"ad674282-6c18-4b44-949f-f7adf54feaa8","block_type":"box","text":")","page_number":227,"box":{"x":455,"y":923,"width":3,"height":8}},{"id":"82adc849-0375-4887-a7b1-127e856a9620","block_type":"box","text":"227","page_number":227,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"59f7076a-5d97-43cd-9a8c-5060174a7215","block_type":"box","text":"Aviva Investors: Public","page_number":227,"box":{"x":34,"y":971,"width":121,"height":6}},{"id":"f6be1df9-68bf-4839-b3c1-3c3dc9e8b05c","block_type":"box","text":"such that the sustainability characteristics of the asset are not possible to assess (for example,","page_number":227,"box":{"x":151,"y":88,"width":695,"height":11}},{"id":"acb39b25-f656-490a-ab4a-4da6837382c2","block_type":"box","text":"cash, money market instruments, third","page_number":227,"box":{"x":151,"y":101,"width":278,"height":11}},{"id":"aea7495d-253f-41eb-84d8-45e7276e7806","block_type":"box","text":"-","page_number":227,"box":{"x":431,"y":106,"width":5,"height":1}},{"id":"7d6ac5e3-013b-4379-ad9d-a26c820b0055","block_type":"box","text":"party funds and derivatives) or where there is insufficient","page_number":227,"box":{"x":438,"y":101,"width":410,"height":11}},{"id":"26093567-9892-4381-85e2-1586daf5d3cb","block_type":"box","text":"sustainability data available to determine if that investme","page_number":227,"box":{"x":151,"y":115,"width":428,"height":11}},{"id":"5dd1b0fb-0ecd-4753-ae33-c08947d406f0","block_type":"box","text":"nt meets the Investment Manager’s","page_number":227,"box":{"x":582,"y":115,"width":266,"height":11}},{"id":"1ab189b9-b908-4c6d-8366-08b5ce824271","block_type":"box","text":"criteria (for example, bonds issued by governments that are not GSS bonds). The Fund may","page_number":227,"box":{"x":151,"y":128,"width":697,"height":12}},{"id":"69db3075-0052-4922-9e52-d72ada0bfb16","block_type":"box","text":"hold such neutral assets in order to support the financial objectives of the Fund, for liquidity","page_number":227,"box":{"x":152,"y":142,"width":695,"height":11}},{"id":"3659bfc0-b2ff-4ff1-888e-f19dac83652a","block_type":"box","text":"purposes and for efficient portfolio","page_number":227,"box":{"x":152,"y":156,"width":250,"height":11}},{"id":"e1b1fab2-9c59-4eca-ba1b-e6bb930f41eb","block_type":"box","text":"management purposes.","page_number":227,"box":{"x":409,"y":156,"width":174,"height":11}},{"id":"87ba05e8-1354-40c3-bd77-75566573777d","block_type":"box","text":"The Fund’s minimum stewardship allocation will be reviewed on an ongoing basis against a","page_number":227,"box":{"x":151,"y":183,"width":696,"height":11}},{"id":"afe5f7f2-39f6-4928-a9a5-143c0a1f8c4b","block_type":"box","text":"range of key sustainability indicators (KPIs) to ensure that the investments remain compliant","page_number":227,"box":{"x":152,"y":197,"width":695,"height":11}},{"id":"ac419eaa-f413-4f68-9209-0b05b009e5ee","block_type":"box","text":"with the Investment Manager’s investment framework","page_number":227,"box":{"x":151,"y":210,"width":405,"height":11}},{"id":"be1c3770-e052-43ba-8c24-f244576dfbcf","block_type":"box","text":"–","page_number":227,"box":{"x":564,"y":215,"width":9,"height":1}},{"id":"3543cdda-9f2b-47bc-bfe0-51a15e97f3c6","block_type":"box","text":"please see “Sustaina","page_number":227,"box":{"x":581,"y":210,"width":158,"height":11}},{"id":"e43b6816-a023-4905-8d40-4218355a43dc","block_type":"box","text":"bility Strategy”","page_number":227,"box":{"x":741,"y":210,"width":107,"height":11}},{"id":"98d926db-e248-4556-b4f3-f605af2f134e","block_type":"box","text":"below for further information.","page_number":227,"box":{"x":152,"y":224,"width":211,"height":9}},{"id":"0d4ffba3-2cc6-494f-9c4b-33ee629876d1","block_type":"box","text":"The Fund is part of a range of four stewardship multi asset funds, each with their own risk","page_number":227,"box":{"x":151,"y":251,"width":697,"height":12}},{"id":"e99875ec-c55c-4bf2-ad80-488c4ae1de3d","block_type":"box","text":"profile, ranging from I (the lowest) to IV (the highest). This Fund is number IV in the range with","page_number":227,"box":{"x":152,"y":265,"width":695,"height":11}},{"id":"cc0a60ac-3ce4-4402-a988-1cd8a3462bbf","block_type":"box","text":"a “balanced” risk profile, as defined by its risk range and Volat","page_number":227,"box":{"x":151,"y":279,"width":461,"height":11}},{"id":"93789046-2695-4e48-804d-91de1a738a37","block_type":"box","text":"ility Index. 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This will be satisfied in respect of collateral where","page_number":268,"box":{"x":151,"y":170,"width":696,"height":11}},{"id":"8e6ddbb1-f940-4343-b212-660a3aa038d7","block_type":"box","text":"the validity of t","page_number":268,"box":{"x":151,"y":190,"width":104,"height":11}},{"id":"d89ad188-57da-4d4d-8442-60fc163c9fc7","block_type":"box","text":"he collateral","page_number":268,"box":{"x":257,"y":190,"width":87,"height":9}},{"id":"4a41ff39-6b26-4431-b5c5-7d94d69f5c93","block_type":"box","text":"or the firm's interest in the collateral is about to expire or has expired","page_number":268,"box":{"x":350,"y":190,"width":497,"height":11}},{"id":"6211d525-b401-4258-bef1-57ea4f964d54","block_type":"box","text":"if sufficient collateral will again be transferred or issued at the latest by the close of business on","page_number":268,"box":{"x":152,"y":210,"width":695,"height":11}},{"id":"5499a870-67c7-4fd9-9c00-fb9712d0a13b","block_type":"box","text":"the day of expiry.","page_number":268,"box":{"x":151,"y":231,"width":126,"height":11}},{"id":"33a25406-54a9-411c-ae45-304aa5576dc1","block_type":"box","text":"The collateral received is","page_number":268,"box":{"x":151,"y":263,"width":190,"height":9}},{"id":"8ca2ffb2-1259-4204-b221-2f0242671545","block_type":"box","text":"valued daily on a mark","page_number":268,"box":{"x":349,"y":263,"width":175,"height":11}},{"id":"7590ac66-1e74-4558-8377-3fb3998f5c05","block_type":"box","text":"-","page_number":268,"box":{"x":525,"y":268,"width":4,"height":1}},{"id":"b1eedcb9-35f6-403c-9720-1c7c2ecf8636","block_type":"box","text":"to","page_number":268,"box":{"x":530,"y":264,"width":13,"height":8}},{"id":"2b3ecced-f31f-43ab-aa8a-6cf611d49338","block_type":"box","text":"-","page_number":268,"box":{"x":544,"y":268,"width":5,"height":1}},{"id":"ce117f5f-e6a9-467d-8536-59f717b21a62","block_type":"box","text":"market basis. 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No additional liquidity","page_number":268,"box":{"x":151,"y":633,"width":612,"height":11}},{"id":"9d3f9d64-384d-4a10-b1da-409553622c11","block_type":"box","text":"or maturity","page_number":268,"box":{"x":770,"y":634,"width":79,"height":10}},{"id":"24928f16-6d93-4ad6-acd5-45b8578583a2","block_type":"box","text":"limits (beyond limits on the type of collateral accepted) are applied in relation to collateral","page_number":268,"box":{"x":152,"y":654,"width":695,"height":11}},{"id":"2b10f920-18a0-4975-93d5-39f78d31bf62","block_type":"box","text":"received","page_number":268,"box":{"x":152,"y":674,"width":61,"height":9}},{"id":"4f8931e6-c839-42be-9092-5a83b75d0160","block_type":"box","text":".","page_number":268,"box":{"x":215,"y":682,"width":2,"height":1}},{"id":"730c02d7-7188-416f-8ca1-9ca874576d4c","block_type":"box","text":"Collateral will be issued by the counterparty in line with the requirements of the FCA 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A haircut","page_number":269,"box":{"x":151,"y":161,"width":308,"height":11}},{"id":"45e46168-7b42-4709-b692-a303142eb8ee","block_type":"box","text":"(a deduction to the valuation)","page_number":269,"box":{"x":465,"y":161,"width":215,"height":11}},{"id":"009be3a9-5df7-40b6-9924-dd0c52295ab6","block_type":"box","text":"is applied to the value","page_number":269,"box":{"x":687,"y":161,"width":161,"height":11}},{"id":"7e9357f6-63ef-4dbd-b14d-ae32a99ec007","block_type":"box","text":"of the collateral to account for any intraday price movements. 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