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Page 1 of 2
NON - UCITS RETAIL SCHEME
KEY INVESTOR INFORMATION
This document provides you with key investor information about this Fund. It is not marketing material. The information is re quired by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest. AI Stewardship Fixed Interest Fund, UK Fund of Fund Accumulation Units, a sub - fund of the Aviva Investors Funds ACS (AIF ACS) (ISIN: GB00BRK13B37). This fund is managed by Aviva Investors UK Fund Services Li mited. OBJECTIVES AND INVESTMENT POLICY
Investment Objectives: The Sub - Fund aims, through the responsible allocation of capital, to provide a net return in excess of the Markit iBoxx® GBP Non Gilt Total Return Index, annualised over rolling 5 year periods by investing in bonds issued by global c ompanies. At least 75% of the Sub - Fund’s investments (the “minimum stewardship allocation”) must contribute to one of three pillars through their products and services or through their operations: Climate - for example, tackling the causes or impacts of cl imate change; Earth - for example, tackling increasing biodiversity loss and resource scarcity; People - for example, tackling social inequality and unfair working practices. Investment Policy Core investment: At least 80% of the Sub - Fund will be invested in investment grade bonds issued by companies, governments or supranational organisations denominated in or hedged to Sterling. Other investments: The Sub - Fund may also invest in other bonds, shares of companies, other funds, derivatives, cash and deposits . Derivatives may be used for investment purposes or to manage the Sub Fund’s cash flows in a cost - effective manner. Derivatives may also be used to reduce risk, such as foreign currency risk within the Sub - Fund. Exclusions: The Sub - Fund is subject to two sets of screens, the Aviva Investors baseline exclusion policy and the stewardship exclusions, which exclude companies that do not meet certain ethical, social and environmental standards, so that the Sub - Fund does not invest in companies that the Investme nt Manager regards as incompatible with the three pillars of Climate, People and Earth. The purpose of these screens is to ensure that the Sub - Fund does not invest in companies that derive prescribed levels of revenue, or have significant reserves from a r ange of activities - please see Appendices 2 and 3 of the Prospectus for information on these investment restrictions If there are any differences between the baseline exclusion policy and the stewardship exclusions, the more restrictive exclusions will ap ply. The Sub - Fund can invest in Green, Social, or Sustainability (GSS) bonds issued by otherwise excluded issuers where there is strong evidence that the proceeds from the GSS bond are intended for projects or initiatives with positive environmental, socia l, or sustainability benefits, and the use of proceeds for that GSS bond meets the requirements of the Investment Manager’s Sustainability Strategy. Investment Strategy and Asset Selection: The Sub - Fund is actively managed, selecting investments aligned to the Sub - Fund’s growth aims and in - line with the Sub - Fund’s Sustainability Strategy (see below). The Investment Manager aims through the responsible allocation of capital (stewardship) to e ncourage companies to improve environmental and/or social outcomes through their products and services, and/or through their operations. The Fund may also invest up to 25% of the portfolio in investments that do not meet the Investment Manager’s investment framework; the Investment Manager refers to these as “neutral” assets, which are deemed to have overall neutral alignment to the three pillars of the “Sustainability Strategy”. As noted above, a GSS bond may also be included in the Fund’s minimum stewards hip allocation. See the “Sustainability Strategy” section for information on how the Prospectus for how the minimum stewardship allocation is achieved. Performance & Risk Strategy: The Sub - Fund's performance is measured against the Markit iBoxx® GBP Non Gi lt Total Return Index (the “Index”).
The Sub - Fund does not base its investment process upon the Index (applying specific exclusions, and the minimum stewardship allocation requirement, that do not apply to the Index), which is only a representation of the investment universe, therefore the Sub - Fund will hold bonds that are not part of the Index, and will only hold a relatively small proportion of bonds relative to the number in the Index. The Sub - Fund uses a “tracking error” to measure the consistency of th e Sub Fund's returns and the returns of the Index. In general, the lower the tracking error, the more consistent the Sub - Fund's returns are relative to the Index, and vice - versa. The Sub - Fund is expected to have an average yearly tracking error of between 0% and 3% when compared to the Index. In certain conditions the Sub - Fund may be outside of this range. The Index represents the performance of broad range of investment grade bond s issued by companies and denominated in Sterling, with a date to maturity exceeding 1 year, but excludes government bonds. The Index has been selected as a benchmark for performance and risk measurement because it is representative of the type of bonds in which the Sub - Fund is likely to invest as, although investors should be aware that due to the Sub - Fund's specific exclusions, and the minimum stewardship allocation requirement, the Index is not an accurate representation of all of the although investors should be aware that due to the Sub - Fund's specific exclusions, and the minimum stewardship allocation requirement, the Index is not an accurate representation of all of the companies available to the Sub - Fund. It is, however, an appropriate measure for th e Sub - Fund's performance. Note: Neither Markit, its Affiliates or any third party data provider makes any warranty, express or implied, as to the accuracy, completeness or timeliness of the data contained herewith nor as to the results to be obtained by re cipients of the data. Neither Markit, its Affiliates nor any datap rovider shall in any way be liable to any recipient of the data for any inaccuracies, errors or omissions in the Markit data, regardless of cause, or for any damages (whether direct or indi rect) resulting therefrom. Markit has no obligation to update, modify or amend the data or to otherwise notify a recipient thereof in the event that any matter stated herein changes or subsequently becomes inaccurate. Without limiting the foregoing, Markit , its Affiliates, or any third party data provider shall have no liability whatsoever to you, whether in contract (including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage suffered by you as a result of or in connection with any opinions, recommendations, forecasts, judgments, or any other conclusions, or any course of action determined, by you or any third party, whether or not based on the content, information or material s contained herein. This is an accumulation unit class and any income from the Fund will remain in the Fund and reflected in the unit price. You can buy or sell units in this fund on any working day. We need to receive your instruction before 14:00pm UK ti me. If you contact us after that time, we will buy or sell units for you at the next working day's price. Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within 5 years. For full investment objectives and pol icy details please refer to the Prospectus.
RISK AND REWARD PROFILE
1 2 3 4 5 6 7
Lower risk H igher risk Typically lower rewards Typically higher rewards This indicator is based on historical data, calculated using European Union rules, and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may change over time. The lowest category does not mean 'risk free'. The value of investments and the income from them will change over time. The Fund price may fall or rise and you may not get back the original amount invested. The Fund has been allocated a risk number based on the historic volatility of its share price or where insufficient information is available the risk number is calculate d on a simulated basis, based on the historic volatility of appropriate asset classes. ESG risk : ESG criteria may limit investment choices and performance may not align with funds with a broader policy. Credit/Default Risk : A bond or money market security could lose value if the issuer's financial health weakens. Below investment grade bonds (also known as high yield securities) typically have greater credit risk than investment
grade securities. If such issuers default and become unable to make payments th ere will be a reduction in income to the Fund and also in the value of bonds held. Under extreme market conditions, defaults could be widespread and their effect on Fund performance significant. Derivatives risk: Derivatives are instruments that can be com plex and highly volatile, have some degree of unpredictability (especially in unusual market conditions), and can create losses significantly greater than the cost of the derivative itself. Hedging risk: Any measures taken to offset specific risks will gen erate costs (which reduce performance), could work imperfectly or not at all, and if they do work will reduce opportunities for gain. Illiquid securities risk: Certain assets held in the Fund could, by nature, be hard to value or to sell at a desired time or at a price considered to be fair (especially in large quantities), and as a result their prices could be very volatile. Fixed Income Risk : Investments in fixed interest securities are impacted by market and credit risk and are sensitive to changes in in terest rates (when interest rates rise, bond values generally fall) and market expectations of future inflation. Bonds that produce a higher level of income usually have a greater risk of default. Full information on the risks applicable to the Fund is detailed in the Prospectus.
Page 2
Page 2 of 2 This key investor information is accurate as at 06/02/2026
One - off charges taken before or after you invest Entry charge None Exit charge None Charges taken from the Fund over a year Ongoing charges 0.03% Charges taken from the Fund under certain specific conditions Performance fee none This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. The charges you pay contribute to the costs of running the fund, including the cost of distributing it, reducing the pot ential growth of your investment.You can find out the actual entry and exit charge from your financial adviser or distributor.
The charges you pay contribute to the costs of running the fund, including the cost of distributing it, reducing the potential growth of your investment. You can find out the actual entry and exit charge from your financial adviser or distributor. Certain charges are deducted from the capital of the Fund. The ongoing charges figure is based on last year's expenses for the year end ing November 2025. The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. For more inf ormation about charges, please refer to the charges section in the Prospectus.
PAST PERFORMANCE
Unit Class iBoxx GBP Non Gilt Index TR
2021 2022 2023 2024 2025 2.6 7.3 1.7 6.9 2.58 7.28
Past performance is not indicative of future performance. It cannot provide a guarantee of returns that you will receive in the future. The fund was launched in April 2015 and issued UK Fund of Fund Accumulation Units in October 2023. Prior to 7 April 202 5 this Sub - Fund was called AI Sustainable Stewardship Fixed Interest Fund. Source: Aviva Investors/Morningstar as at 31 December 2025. Past performance is calculated in GB Pounds. Units are priced in GB Pounds, the fund's base currency. The value of your i nvestment and income from it may go down as well as up and you may not get back the amount you invested. All fees and charges are included in the performance calculation.
PRACTICAL INFORMATION
This document is specific to the Fund and unit class stated at the beginning of this document. The Fund is a Sub - fund of the Aviva Investors Funds ACS (AIF ACS), an umbrella structure comprising different Sub - funds and taking the f orm of a co - ownership scheme. As a consequence of this, the Fund may be treated as tax transparent for the purpose of income and /or gains by relevant taxing jurisdictions. The Prospectus and the annual and half - yearly reports are prepared for the umbrella . The Fund is a non - UCITs retail scheme. This NURS - KII document is specific to this unit class. NURS - KII documents will be available for other unit classes within this Fund where they exist. The Fund's current unit price is calculated on each working day a nd is published daily on our website. The Depositary of the Fund is HSBC Bank plc. It has delegated the function of Custodian of the Fund to HSBC Bank plc. Investors should note that the tax legislation that applies to the Fund may have an impact on the pe rsonal tax position of your investment in the Fund. The Fund is a Sub - fund of AIF ACS, an umbrella structure comprising different Sub - funds.
The assets of the Fund are beneficially owned by the unitholders in the Fund as tenants in common and must not be u sed to discharge any liabilities, or meet any claims against, any person other than the unitholders in the Fund. Further information about the Fund including other unit classes and dealing can be found in the Prospectus, available in English, and also in t he latest annual and half - yearly Report and Accounts (English only) which are available free of charge from our website, www.avivainvestors.com. The details of the up - to - date remuneration policy of the Management Company, including the composition of its r emuneration committee, a description of the key remuneration elements and an overview of how remuneration is determined, are available on the website www.avivainvestors.com. A paper copy of the remuneration policy can be made available upon request and fre e of charge at the Management Company's registered office.
This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority. Aviva Investors UK Fund Services Limited is authorised in the United Kingdo m and regulated by the Financial Conduct Authority. AI Stewardship Fixed Interest Fund
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