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AVIVA INVESTORS
LUXEMBOURG SICAV
Prospectus
March 2026 avivainvestors.com
Page 2
Contents
Sub-Fund Descriptions 4 Emerging Markets Bond Fund 5 Emerging Markets Corporate Bond Fund 7 Emerging Markets Local Currency Bond Fund 9 Global Climate Credit Fund 11 Global Climate Equity Fund 16 Global Emerging Markets Core Fund 20 Global Emerging Markets Equity Unconstrained Fund 22 Global Emerging Markets Index Fund 24 Global Equity Endurance Fund 26 Global Equity Income Fund 28 Global High Yield Bond Fund 30 Global Hybrid Bond Fund 34 Global Investment Grade Corporate Bond Fund 36 Global Sovereign Bond Fund 39 Global Unconstrained Credit Fund 41 Multi-Strategy Target Return Fund 44 Natural Capital Global Equity Fund 47 ReturnPlus Fund 51 Senior ABS Income Fund 53 Short Duration Global High Yield Bond Fund 55 UK Equity Unconstrained Fund 58 Notes on Sub-Fund Costs 60 Risk Descriptions 62 More About Derivatives and Efficient Portfolio Management 69 General Investment Restrictions and Eligible Assets for UCITS Funds 73
Responsible Investment Policy 78 Investing in the Sub-Funds 86 The Fund 96 The Management Company 100 Who's Who 102 EU SFDR Annex II – Pre-contractual Disclosures 104 Emerging Markets Bond Fund 105 Emerging Markets Corporate Bond Fund 115 Emerging Markets Local Currency Bond Fund 126 Global Climate Credit Fund 137 Global Emerging Markets Core Fund 153 Global Emerging Markets Equity Unconstrained Fund 163 Global Equity Endurance Fund 173 Global Equity Income Fund 183 Global High Yield Bond Fund 194 Global Hybrid Bond Fund 204 Global Investment Grade Corporate Bond Fund 214 Global Sovereign Bond Fund 225 Global Unconstrained Credit Fund 235 Multi-Strategy Target Return Fund 247 ReturnPlus Fund 258 Short Duration Global High Yield Bond Fund 269 UK Equity Unconstrained Fund 280 EU SFDR Annex III – Pre-contractual Disclosures 290 Global Climate Equity Fund 291 Natural Capital Global Equity Fund 309
Prospectus Page 2 of 323 Aviva Investors
Additional Information for Investors in the Principality of Liechtenstein
32 4
Page 3
A Word to Potential Investors
Who Can Invest in the Fund
Public distribution of this Prospectus and public offering of the Shares is legal only where the Shares are registered. In some cases, private placement of Shares may be permitted where Shares are not registered. None of the Shares have been, nor will be, registered under the United States Securities Act of 1933 (the “Securities Act”) and none of the Shares may be offered or sold in the United States of America, or any of its territories or possessions or areas subject to its jurisdiction, or to or for the benefit of a US Person, unless the Shares are offered and sold in a transaction exempt from or not subject to the registration requirements of the Securities Act and any other applicable U.S. state securities laws. Neither the Fund nor any Sub-Fund will be registered under the United States Investment Company Act of 1940 (the “1940 Act”) and investors will not be entitled to the benefits of such registration. Any re-sales or transfers of the Shares in the US or to US Persons may constitute a violation of US law and requires the prior written consent of the Fund. Applicants for Shares will be required to certify whether they are a US Person. The US Employee Retirement Income Security Act of 1974, as amended (“ERISA”) governs the investment of the assets of certain employee benefit plans. Benefit plan investors are not permitted to invest in the Fund. While the Shares are not publicly offered in Canada, they may be offered via private placement as permitted under Canadian law, on a basis that is exempt from the requirement to prepare and file a prospectus and to Canadian investors that are both accredited investors (as per National Instrument 45-106) and permitted clients (as per National Instrument 31- 103 and Multilateral Instrument 32-102). The Management Company is not registered in Canada and may rely on one or more exemptions from applicable Canadian securities registration requirements. If a Canadian-resident Investor, or an Investor that has become a Canadian-resident after purchasing Shares does not
qualify, or no longer qualifies, as a permitted client, the Investor will not be able to purchase any additional Shares and may be required to redeem its outstanding Shares. Every potential investor is responsible for knowing and following the laws and regulations that apply to Shareholders. For more information on restrictions on Share ownership, including whether the Board considers an investor to be eligible to invest in the Sub-Funds or any particular Share Class, please contact the Registrar and Transfer Agent.
Which Information to Rely On
In deciding whether to invest in these Shares, investors should rely only on the information in the Prospectus, the relevant KIID, and the most recent Financial Reports of the Fund (which must accompany this Prospectus). These documents contain the only approved information about the Sub-Fund(s). Because the Prospectus and KIID may be updated from time to time, investors should make sure that they have the most recent versions. In case of any inconsistency in translations of the Prospectus, the English version will prevail. No Sub-Fund in this Prospectus is intended as a complete investment plan, nor are all Sub-Funds appropriate for all investors. Before investing in a Sub-Fund, each prospective Shareholder should read the Prospectus and should understand the risks, costs and terms of investment of that Sub-Fund. The Board also recommends that investors consult an investment advisor and a tax advisor before investing. The decision to invest in any Sub-Fund, and if so how much, should be based on a realistic analysis of the investor’s own financial circumstances and tolerance for investment risk. As with any investment, future performance may differ from past performance, and Shareholders could lose money. There is no guarantee that any Sub-Fund will meet its objectives or achieve any particular level of future performance. These are investments, not bank deposits.
Prospectus Page 3 of 323 Aviva Investors
Page 4
Introduction
All of the Sub-Funds described on the
following pages are Sub-Funds of the
Fund, Aviva Investors. The Fund exists
to manage capital for the benefit of
those who invest in its Sub-Funds.
Each Sub-Fund has the general
investment objective of providing
investors with the opportunity for
income and/or medium and long-term
capital growth. More specific objectives
of each Sub-Fund are provided in the
descriptions that begin on the next
page. In addition, all Sub-Funds are subject to the general investment
policies and restrictions that appear under section “General Investment
Restrictions and Eligible Assets”.
The Management Company, which has
overall management responsibility for
the Fund, and the Investment
Manager, which handles the day-to
day management of the Sub-Funds, are both Aviva companies. The
Management Company provides
overall direction and supervision of the
Investment Manager. More information
about the Fund and about other
service providers can be found in
sections “The Fund” and “The
Management Company”.
Terms with Specific Meanings The following terms have these specific meanings within the Prospectus: 2010 Law Luxembourg law of December 17, 2010 on Undertakings for Collective Investment, as amended from time to time. Articles of Incorporation The Articles of Incorporation of the Fund, as amended from time to time. Board The Board of Directors of the Fund. Business Day Any day that is a full bank business day in Luxembourg. CET Central European Time. CSSF Commission de Surveillance du Secteur Financier, the Luxembourg financial supervisory authority. Dealing Day A day on which a Sub-Fund processes orders in its Shares. The Dealing Day for each Sub-Fund is described in “Sub-Fund Descriptions”. Eligible State A member state of the EU, OECD or any other state that the Board considers appropriate with regard to the investment objectives of each Sub-Fund. Eligible States in this category include the countries of Asia, Oceania, Australia, the American continent, Africa and Central and Eastern Europe with regard to the investment objectives and policy of each Sub-Fund and with due consideration to the market characteristics of the country in question. EU European Union. Financial Reports Annual and semi-annual reports of the Fund. Fund Aviva Investors. GDPR General Data Protection Regulation (EU) 2016/679 KIID Key Investor Information Document. Member State A member state of the EU or of the European Economic Area. NAV Net asset value. Prospectus This document, as amended from time to time. Reference Currency The currency in which a Sub-Fund is denominated. Regulated Market A market that meets the requirements stated in item 21 of Article 4 of the European Parliament and the Council Directive 2014 / EU of 15 May 2014 on markets in financial instruments (and amending Directive 2002 / 92 / EC and Directive 2011 / 61 / EU) as well as any other market in an Eligible State which is regulated, operates regularly and is recognised and open to the public. Shares Shares of any Sub-Fund. Share Class Any class of Shares. A Share Class may have its own cost and fee structure, currency denomination, hedging policy, minimums, holding amounts, investor eligibility requirements, tax characteristics, and other features. Shareholder Any person or entity owning Shares of any Sub-Fund. Sub-Fund Any Sub-Fund of the Fund. US The United States of America, including its territories and possessions. US Person Any person who is in any one of the following categories: (a) a person included in the definition of “US person” under Rule 902 of Regulation S under the Securities Act, (b) a citizen of the United States. For the avoidance of doubt, a person is excluded from this definition of US Person only if he or it does not satisfy any of the definitions of “US person” in Rule 902 and is not a citizen of the United States. Valuation Day A day on which a NAV is calculated for a Sub-Fund. Unless stated otherwise in the description of a specific Sub-Fund, each Dealing Day is a Valuation Day. Currency Abbreviations AUD Australian dollar CAD Canadian dollar CHF Swiss franc EUR Euro GBP British pound sterling NOK Norwegian Krone NZD New Zealand dollar SEK Swedish Kroner SGD Singapore dollar USD US dollar Words and expressions that are not defined in the Prospectus but are defined in the 2010 Law have the same meaning as in the 2010 Law.
Prospectus Page 4 of 323 Aviva Investors
SUB-FUND DESCRIPTIONS
Page 5
Investment Objectives and Policy
Investment Objectives To earn income and increase the value of the Shareholder’s investment over the long term (5 years or more).
Investment Policy The Sub-Fund invests mainly in bonds issued by governments and corporations in emerging market countries. Specifically, at all times, the Sub-Fund invests at least two-thirds of total net assets (excluding ancillary liquid assets, eligible deposits, money market instruments and money market funds) in bonds of governmental, quasi-governmental, supranational, bank or corporate issuers that have their registered office, or do most of their business, in emerging market countries anywhere in the world. The Sub-Fund may invest up to 5% of total net assets in unrated securities and up to 10% of total net assets in distressed securities. The Sub-Fund may also invest up to 5% in contingent convertible bonds. For full details of the risks applicable to investing in these bonds, please refer to section “Risk Descriptions”. For liquidity management purposes, the Sub-Fund may also hold ancillary liquid assets within the meaning of point 9 listed under “Permitted Securities and Transaction” of section “General Investment Restrictions and Eligible Assets for UCITS Fund”. For the same purposes, the Sub-Fund may also invest on an ancillary basis in eligible deposits within the meaning of point 8 of the same section referred to above, money market instruments or money market funds. Under unfavourable market circumstances during which the investment strategy would become impossible to continue implementing and the Sub-Fund would no longer be able to achieve its investment objective, the Sub-Fund may, on a temporary basis, invest up to 100% of its net assets in such assets. For the avoidance of doubt, investment in such assets is not part of the core investment policy of the Sub-Fund. Sustainability Disclosures This Sub-Fund promotes environmental and social characteristics however does not have a sustainable investment objective.
To be eligible for investment, sovereign issuers must meet the minimum standard of the Investment Managers’ ESG Sovereign Assessment. Furthermore, all investments that are selected as part of the Investment Manager’s ESG analysis must follow good governance practices and not be excluded by the Investment Manager’s ESG Baseline Exclusions Policy. It may however not be possible to perform ESG analysis on cash, derivatives and other third-party collective investment schemes. The Investment Manager actively engages with issuers with the aim of positively influencing behaviour and helping to create competitive returns. The Investment Manager integrates qualitative and quantitative data on adverse sustainability impacts into its investment processes. Whilst the Sub-Fund may invest in underlying investments that contribute to climate change mitigation and/or climate change adaptation, the Sub-Fund does not make any minimum commitment to invest in one or more environmentally sustainable investments. The ESG analysis and considerations described are incorporated into the investment process but may not always have a material impact on investments in the Sub-Fund. For detailed
information on the impact of the ESG analysis on the SubFund’s benchmark at a point in time, please see the website www.avivainvestors.com. Further information regarding how the Investment Manager integrates ESG into its investment approach (including information on the Investment Manager’s ESG Baseline Exclusions Policy, its ESG Sovereign Assessment and proprietary sovereign ESG model) and how it engages with companies/ sovereigns is available in the Responsible Investment Philosophy section and on the website www.avivainvestors.com. Please also refer to the ESG Screening Impact appendix to this Prospectus, which provides an overview of specific ESG considerations that may apply to this Sub-Fund. Further details can also be found in the Annex II – Precontractual Disclosure.
Derivatives and Techniques The Sub-Fund may use derivatives for investment purposes by creating opportunistically both long and synthetic covered short positions with the aim of maximizing positive returns. This will notably allow a more efficient risk budgeting while meeting the tracking error objective without additional or unwanted risk. The Sub-Fund’s derivatives may include currency forwards (deliverable or non-deliverable), interest rate swaps, crosscurrency swaps, swaptions, futures, options, forward rate agreements, foreign exchange options and credit default swaps. The Sub-Fund may also use derivatives for hedging and for efficient portfolio management. Securities lending Expected level: 10% of total net assets; maximum: 20%. Securities made available for lending: all securities held by the Sub-Fund from time to time Reference Currency USD. Benchmark (performance comparison) JP Morgan EMBI Global Index . The Sub-Fund’s performance is compared against the JP Morgan EMBI Global Index (the “Benchmark” or the “Index”), however the reference benchmark is not aligned with all of the environmental or social characteristics promoted by the SubFund. The Sub-Fund is actively managed and does not base its investment process upon the Index, which is only a representation of the investment universe. Therefore the SubFund 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 is expected to have an average yearly tracking error of between 1% and 3% when compared to the Index. In certain conditions the Sub-Fund may be outside of this range. Sub-Fund Dealing Day Orders to buy, switch and redeem Shares are processed each Business Day.
Prospectus Page 5 of 323 Aviva Investors
EMERGING MARKETS BOND FUND
Aviva Investors —
Page 6
Risks
See “Risk Descriptions” for more information.
Main Risks . Counterparty . Credit . Currency . Derivatives . Distressed securities . Emerging Markets . Interest rate . Liquidity . Market . Sustainability
Other Important Risks . Operational Risk Management Method Commitment approach.
Planning your Investment
Designed for Investors who understand the risks of the Sub-Fund and plan to invest for at least 5 years. The Sub-Fund may appeal to investors who want to do any of the following: . gain exposure to emerging bond markets . earn a combination of income and investment growth
One-off charges, taken before or after Shareholders invest Charges taken from the Sub-Fund over a year
Charges taken from the Sub-Fund under specific conditions
Class Currency ISIN Type of Share
Entry Charge (Max)
Switching Charge (Max)
Exit Charge (Max)
Management Fee
Distribution Fee
Fixed Fee Performance Fee A USD LU0274939478 Accumulation 5.00% 1.00% None 1.200% None 0.125% None Ah EUR LU0401379044 Accumulation 5.00% 1.00% None 1.200% None 0.135% None B USD LU0180621863 Accumulation 5.00% 1.00% None 1.200% 0.25% 0.135% None Bm USD LU0206569211 Distribution 5.00% 1.00% None 1.200% 0.25% 0.135% None Bmh EUR LU0726752743 Distribution 5.00% 1.00% None 1.200% 0.25% 0.135% None I USD LU0180621947 Accumulation 5.00% 1.00% None 0.600% None 0.105% None Ia USD LU2086873879 Distribution 5.00% 1.00% None 0.600% None 0.095% None Ih CHF LU0923982770 Accumulation 5.00% 1.00% None 0.600% None 0.095% None Ih EUR LU0401379127 Accumulation 5.00% 1.00% None 0.600% None 0.095% None Imh GBP LU2633328575 Distribution 5.00% 1.00% None 0.600% None 0.105% None Iyh GBP LU2455387667 Accumulation 5.00% 1.00% None 0.600% None 0.030% None K EUR LU1329693706 Accumulation 5.00% 1.00% None Max 0.600% None 0.100% None K USD LU2677537925 Accumulation 5.00% 1.00% None 0.250% None 0.100% None Kh EUR LU1540968507 Accumulation 5.00% 1.00% None Max 0.600% None 0.095% None Mmh GBP LU3232286800 Distribution 5.00% 1.00% None Max 0.405% None 0.105% None R EUR LU2947862103 Accumulation None 1.00% None 0.600% None 0.135% None R USD LU2947862285 Accumulation None 1.00% None 0.600% None 0.105% None Rah EUR LU1944462503 Distribution None 1.00% None 0.600% None 0.125% None Rmh GBP LU2736028106 Distribution None 1.00% None 0.600% None 0.105% None Ryh CHF LU2240326509 Accumulation None 1.00% None 0.600% None 0.135% None V USD LU0631496246 Accumulation None 1.00% None 0.000% None 0.095% None Zh GBP LU0532757456 Accumulation None 1.00% None 0.000% None 0.075% None Zmh GBP LU3062705838 Distribution None 1.00% None 0.000% None 0.075% None Zqh EUR LU0725747298 Distribution None 1.00% None 0.000% None 0.080% None Zyh GBP LU1329693888 Accumulation None 1.00% None 0.000% None 0.075% None Additional information about the fees appears under section “Notes on Sub-Funds Costs”. Information for distributors and placement agents: Fee Pricing Category 5.
Prospectus Page 6 of 323 Aviva Investors
EMERGING MARKETS BOND FUND (Cont.)
Aviva Investors —
Page 7
Investment Objectives and Policy
Investment Objectives To earn income and increase the value of the Shareholder’s investment over the long term (5 years or more).
Investment Policy The Sub-Fund invests mainly in bonds issued by corporations in emerging market countries. Specifically, at all times, the Sub-Fund invests at least two-thirds of total net assets (excluding ancillary liquid assets, eligible deposits, money market instruments and money market funds) in bonds of corporate or governmental issuers that have their registered office, or do most of their business, in emerging market countries anywhere in the world. The Sub-Fund may invest up to 5% of total net assets in unrated securities and up to 10% of total net assets in distressed securities. The Sub-Fund may also invest up to 5% in contingent convertible bonds. For full details of the risks applicable to investing in these bonds, please refer to section “ Risk Descriptions ”. For liquidity management purposes, the Sub-Fund may also hold ancillary liquid assets within the meaning of point 9 listed under “Permitted Securities and Transaction” of section “General Investment Restrictions and Eligible Assets for UCITS Fund”. For the same purposes, the Sub-Fund may also invest on an ancillary basis in eligible deposits within the meaning of point 8 of the same section referred to above, money market instruments or money market funds. Under unfavourable market circumstances during which the investment strategy would become impossible to continue implementing and the Sub-Fund would no longer be able to achieve its investment objective, the Sub-Fund may, on a temporary basis, invest up to 100% of its net assets in such assets. For the avoidance of doubt, investment in such assets is not part of the core investment policy of the Sub-Fund.
Sustainability Disclosures This Sub-Fund promotes environmental and social characteristics however does not have a sustainable investment objective.
To be eligible for investment, all investments that are selected as part of the Investment Manager’s ESG analysis must follow good governance practices and not be excluded by the Investment Manager’s ESG Baseline Exclusions Policy. It may however not be possible to perform ESG analysis on cash, derivatives and other third-party collective investment schemes.
The Investment Manager actively engages with companies and uses voting rights with the aim of positively influencing company behaviour and helping to create competitive returns. The Investment Manager integrates qualitative and quantitative data on adverse sustainability impacts into its investment processes. Whilst the Sub-Fund may invest in underlying investments that contribute to climate change mitigation and/or climate change adaptation, the Sub-Fund does not make any minimum commitment to invest in one or more environmentally sustainable investments. The ESG analysis and considerations described are incorporated into the investment process but may not always have a material impact on investments in the Sub-Fund.
For detailed information on the impact of the ESG analysis on the Sub-Fund’s benchmark at a point in time, please see the website www.avivainvestors.com. Further information regarding how the Investment Manager integrates ESG into its investment approach (including information on its ESG Baseline Exclusions Policy) and how it engages with companies is available in the Responsible Investment Philosophy section and on the website www. avivainvestors.com. Please also refer to the ESG Screening Impact appendix to this Prospectus, which provides an overview of specific ESG considerations that may apply to this Sub-Fund. Further details can also be found in the Annex II – Precontractual Disclosure.
Derivatives and Techniques The Sub-Fund may use derivatives for investment purposes. The Sub-Fund’s derivatives may include futures, options, swap contracts, swaptions, currency forwards, foreign exchange options and credit default swaps. The Sub-Fund may also use derivatives for hedging and efficient portfolio management. Securities lending Expected level: 10% of total net assets; maximum: 20%. Securities made available for lending: all securities held by the Sub-Fund from time to time. Reference Currency USD. Benchmark (performance comparison) JP Morgan CEMBI Broad Diversified Index . The Sub-Fund’s performance is compared against the JP Morgan CEMBI Broad Diversified Index (the “Benchmark” or the “Index”), however the reference benchmark is not aligned with all of the environmental or social characteristics promoted by the Sub-Fund. The Sub-Fund is actively managed and does not base its investment process upon the Index, which is only a representation of the investment universe. Therefore the SubFund 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 is expected to have an average yearly tracking error of between 1% and 3% when compared to the Index. In certain conditions the Sub-Fund may be outside of this range. Sub-Fund Dealing Day Orders to buy, switch and redeem Shares are processed each Business Day.
Risks
See “Risk Descriptions” for more information.
Main Risks . Counterparty . Credit . Currency . Derivatives . Distressed securities . Emerging Markets . Interest rate . Liquidity . Market . Sustainability
Prospectus Page 7 of 323 Aviva Investors
EMERGING MARKETS CORPORATE BOND FUND
Aviva Investors —
Page 8
Other Important Risks . Operational Risk Management Method Commitment approach.
Planning your Investment
Designed for Investors who understand the risks of the Sub-Fund and plan to invest for at least 5 years. The Sub-Fund may appeal to investors who want to do any of the following: . gain exposure to emerging bond markets . earn a combination of income and investment growth
One-off charges, taken before or after Shareholders invest Charges taken from the Sub-Fund over a year
Charges taken from the Sub-Fund under specific conditions
Class Currency ISIN Type of Share
Entry Charge (Max)
Switching Charge (Max)
Exit Charge (Max)
Management Fee
Distribution Fee
Fixed Fee Performance Fee Ay USD LU2431969141 Accumulation 5.00% 1.00% None 1.600% None 0.105% None I USD LU1550133976 Accumulation 5.00% 1.00% None 0.800% None 0.120% None Ih EUR LU0654799310 Accumulation 5.00% 1.00% None 0.800% None 0.115% None Iqh EUR LU2401842229 Distribution 5.00% 1.00% None 0.800% None 0.115% None Iyh GBP LU2455387741 Accumulation 5.00% 1.00% None 0.800% None 0.055% None Kh EUR LU3062704609 Accumulation 5.00% 1.00% None Max 0.400% None 0.110% None Kqh EUR LU1184721287 Distribution 5.00% 1.00% None Max 0.800% None 0.110% None Ry USD LU2431969224 Accumulation None 1.00% None 0.800% None 0.105% None Zmh GBP LU3062704781 Distribution None 1.00% None 0.000% None 0.095% None Zyh EUR LU1989841595 Accumulation None 1.00% None 0.000% None 0.090% None Zyh GBP LU1985010260 Accumulation None 1.00% None 0.000% None 0.095% None Additional information about the fees appears under section “Notes on Sub-Funds Costs”. Information for distributors and placement agents: Fee Pricing Category 7.
Prospectus Page 8 of 323 Aviva Investors
EMERGING MARKETS CORPORATE BOND FUND
(Cont.)
Aviva Investors —
Page 9
Investment Objectives and Policy
Investment Objectives To earn income and increase the value of the Shareholder’s investment over the long term (5 years or more).
Investment Policy The Sub-Fund invests mainly in the currencies of emerging market countries and in bonds issued by corporations and governments in these countries. Specifically, at all times, the Sub-Fund invests at least two-thirds of total net assets (excluding ancillary liquid assets, eligible deposits, money market instruments and money market funds) in bonds with a minimum rating of B- by Standard and Poor’s and Fitch, or B3 by Moody’s. These bonds must be denominated in local currencies and must be issued by governmental, quasi-governmental, supranational, bank or corporate issuers that have their registered office, or do most of their business, in emerging market countries anywhere in the world. The Sub-Fund may also invest in credit-linked notes. The Sub-Fund may invest via the China Interbank Bond Market. The Sub-Fund may also invest up to 5% of total net assets in unrated securities and up to 10% of total net assets in distressed securities. The Sub-Fund may invest up to 5% in contingent convertible bonds. For full details of the risks applicable to investing in these bonds, please refer to section “ Risk Descriptions ”. For liquidity management purposes, the Sub-Fund may also hold ancillary liquid assets within the meaning of point 9 listed under “Permitted Securities and Transaction” of section “General Investment Restrictions and Eligible Assets for UCITS Fund”. For the same purposes, the Sub-Fund may also invest on an ancillary basis in eligible deposits within the meaning of point 8 of the same section referred to above, money market instruments or money market funds. Under unfavourable market circumstances during which the investment strategy would become impossible to continue implementing and the Sub-Fund would no longer be able to achieve its investment objective, the Sub-Fund may, on a temporary basis, invest up to 100% of its net assets in such assets. For the avoidance of doubt, investment in such assets is not part of the core investment policy of the Sub-Fund. Sustainability Disclosures This Sub-Fund promotes environmental and social characteristics however does not have a sustainable investment objective.
To be eligible for investment, sovereign issuers must meet the minimum standard of the Investment Managers’ ESG Sovereign Assessment. Furthermore, all investments that are selected as part of the Investment Manager’s ESG analysis must follow good governance practices and not be excluded by the Investment Manager’s ESG Baseline Exclusions Policy. It may however not be possible to perform ESG analysis on cash, derivatives and other third-party collective investment schemes. The Investment Manager actively engages with issuers with the aim of positively influencing behaviour and helping to create competitive returns. The Investment Manager integrates qualitative and quantitative data on adverse sustainability impacts into its investment processes.
Whilst the Sub-Fund may invest in underlying investments that contribute to climate change mitigation and/or climate change adaptation, the Sub-Fund does not make any minimum commitment to invest in one or more environmentally sustainable investments. The ESG analysis and considerations described are incorporated into the investment process but may not always have a material impact on investments in the Sub-Fund. For detailed information on the impact of the ESG analysis on the SubFund’s benchmark at a point in time, please see the website www.avivainvestors.com. Further information regarding how the Investment Manager integrates ESG into its investment approach (including information on the Investment Manager’s ESG Baseline Exclusions Policy, its ESG Sovereign Assessment and proprietary sovereign ESG model) and how it engages with companies/ sovereigns is available in the Responsible Investment Philosophy section and on the website www.avivainvestors.com. Please also refer to the ESG Screening Impact appendix to this Prospectus, which provides an overview of specific ESG considerations that may apply to this Sub-Fund. Further details can also be found in the Annex II – Precontractual Disclosure.
Derivatives and Techniques The Sub-Fund may use derivatives for investment purposes by creating opportunistically both long and synthetic covered short positions with the aim of maximizing positive returns. This will notably allow a more efficient risk budgeting while meeting the tracking error objective without additional or unwanted risk. The Sub-Fund’s derivatives may include currency forwards (deliverable or non-deliverable), interest rate swaps, crosscurrency swaps, swap contracts, swaptions, futures, options, forward rate agreements and credit default swaps. The Sub-Fund may use interest rate swap strategies or other yield curve management strategies to manage duration and to manage the yield curve via steepening/flattening. Interest rate swap strategies, longer dated FX forwards and other derivative instruments (particularly shorter-dated investments) may give rise to higher levels of leverage and are important tools to manage risk as well as provide opportunities for generating investment returns. Consequently, the Sub-Fund’s leverage may rise when the Investment Manager deems it most appropriate to use such instruments to adjust the Sub-Fund’s interest rate exposure according to market conditions. The Sub-Fund may also use derivatives for hedging and for efficient portfolio management. Securities lending Expected level: 10% of total net assets; maximum: 20%. Securities made available for lending: all securities held by the Sub-Fund from time to time. Reference Currency Until 26 March 2026 EUR From 27 March 2026 USD Sub-Fund Dealing Day Orders to buy, switch and redeem Shares are processed each Business Day.
Prospectus Page 9 of 323 Aviva Investors
EMERGING MARKETS LOCAL CURRENCY BOND
FUND
Aviva Investors —
Page 10
Risks
See “Risk Descriptions” for more information.
Main Risks . Counterparty . Credit . Currency . Derivatives . Distressed securities . Emerging Markets . Interest rate . Leverage . Liquidity . Market . Sustainability Other Important Risks . China Interbank Bond Market (CIBM) . Operational Risk Management Method Relative VaR. Benchmark (performance comparison and risk management) JPM GBI-EM Global Diversified Index The Sub-Fund’s performance is compared and the Sub-Fund’s global exposure is monitored against the JPM GBI-EM Global Diversified Index (the “Benchmark” or the “Index”), however the reference benchmark is not aligned with all of the environmental or social characteristics promoted by the SubFund. The Sub-Fund is actively managed and does not base its investment process upon the Index, which is only a representation of the investment universe. Therefore the SubFund 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 is expected to have an
average yearly tracking error of between 1% and 3% when compared to the Index. In certain conditions the Sub-Fund may be outside of this range. Expected Level of Leverage 900% of the NAV of the Sub-Fund, although it is possible that this level might be higher from time to time. The expected level of leverage is calculated using the sum of notionals approach. The volume and type of derivatives used by the Sub-Fund may cause the sum of the notionals figure to vary significantly over time. It should be noted that this figure is not an indicator of economic leverage within the Sub-Fund. A figure for leverage based on the sum of the notionals of the derivatives used may appear high as it does not take into account the effect of any netting or hedging arrangements that the Sub-Fund has in place even though these netting and hedging arrangements may reduce exposure. There may be circumstances of higher leverage consumption, for example with higher usage of shorter-dated interest rate swaps and longer dated FX forwards. Whilst shorter duration strategies are more leverage intensive than those with a longer duration, this higher leverage does not equate to higher volatility. The interest rate swaps and foreign exchange markets are some of the most liquid within financial markets, with daily turnover of OTC interest rate derivatives and FX spot and forwards at high levels. The Investment Manager therefore considers that the use of these strategies does not impact on the Sub-Fund’s overall liquidity profile.
Planning your Investment
Designed for Investors who understand the risks of the Sub-Fund and plan to invest for at least 5 years. The Sub-Fund may appeal to investors who want to do any of the following: . gain exposure to emerging bond markets . earn a combination of income and investment growth
One-off charges, taken before or after Shareholders invest Charges taken from the Sub-Fund over a year
Charges taken from the Sub-Fund under specific conditions
Class Currency ISIN Type of Share
Entry Charge (Max)
Switching Charge (Max)
Exit Charge (Max)
Management Fee
Distribution Fee
Fixed Fee Performance Fee A EUR LU0273494806 Accumulation 5.00% 1.00% None 1.200% None 0.200% None Aa EUR LU1099408798 Distribution 5.00% 1.00% None 1.200% None 0.185% None B EUR LU0273496686 Accumulation 5.00% 1.00% None 1.200% 0.25% 0.185% None B USD LU0490651758 Accumulation 5.00% 1.00% None 1.200% 0.25% 0.105% None Bm EUR LU0274935138 Distribution 5.00% 1.00% None 1.200% 0.25% 0.180% None I EUR LU0273498039 Accumulation 5.00% 1.00% None 0.600% None 0.125% None I GBP LU1859008861 Accumulation 5.00% 1.00% None 0.600% None 0.100% None I USD LU1600503905 Accumulation 5.00% 1.00% None 0.600% None 0.125% None Ia EUR LU0861996451 Distribution 5.00% 1.00% None 0.600% None 0.130% None Ia GBP LU0280564948 Distribution 5.00% 1.00% None 0.600% None 0.360% None R GBP LU1859008945 Accumulation None 1.00% None 0.600% None 0.320% None Zy GBP LU1329465741 Accumulation None 1.00% None 0.000% None 0.105% None Additional information about the fees appears under section “Notes on Sub-Funds Costs”. Information for distributors and placement agents: Fee Pricing Category 5.
Prospectus Page 10 of 323 Aviva Investors
EMERGING MARKETS LOCAL CURRENCY BOND
FUND (Cont.)
Aviva Investors —
Page 11
Investment Objectives and Policy
Investment Objectives To generate income and increase the value of the Shareholder’s investment by outperforming the Benchmark over the long term (5 years or more). This will be achieved by investing in bonds issued by companies that are deemed to be effectively responding to climate change. The Sub-Fund aims to achieve these financial goals while aligning the Sub-Fund with a net zero emissions pathway by 2050.
Investment Policy Until 31 March 2026 , the Sub-Fund invests at least 80% of total net assets (excluding derivatives for efficient portfolio management) in bonds of companies from anywhere in the world (including emerging markets) that are responding to climate change and meet the Investment Manager’s eligibility criteria as described below (the “core” investment). At least 50% of the Sub-Fund’s total net assets (excluding derivatives for efficient portfolio management) will qualify as Sustainable Investment that contribute to positive environmental outcomes and support the transition to a lowcarbon economy (see “Responsible Investment” section). In this core investment, the Sub-Fund invests into the following investment categories: . “Solutions”, which will invest in corporate bond issuers whose goods and services provide solutions for climate change mitigation and adaptation; . “Operations” which allocates to companies that are aligning or have already aligned their business models and operations to be resilient in a warmer climate and adaptable to a low-carbon economy. . Green, Social and Sustainability (“GSS”) bonds , where the use of proceeds is allocated to projects that have positive environmental, social, or sustainability benefits and complies with the Paris-Aligned Benchmark (PAB) Exclusions, with the exception of the UNGC and OECD exclusions, which will be assessed at the level of the issuing company. . Sustainability-Linked Bonds (“SLB”), where these bonds are tied to the achievement of Key Performance Indicators (“KPIs”) that promote positive environmental, social or sustainability outcomes and the issuers comply with the Paris-Aligned Benchmark (PAB) Exclusions. Also, the Sub-Fund aims to support the global transition towards net zero by focusing on companies with decarbonisation pathways that align with a well-below 2°C pathway, with the objective of aligning the Sub-Fund to a net zero emissions pathway by 2050. The Sub-Fund may invest up to 20% of the total net assets (excluding derivatives for efficient portfolio management) in government bonds. Bond investments may include asset-backed securities (ABS) and mortgage-backed securities (MBS) which are typically invested in European and North American markets. Underlying assets of ABS and MBS may include rental income on commercial real estate, shopping centres and pubs. The Sub-Fund may invest up to 5% of the NAV in ABS/MBS. The Sub-Fund may invest up to 5% in contingent convertible bonds. For full details of the risks applicable to investing in these bonds, please refer to the section “Risk Descriptions”. The Sub-Fund may also invest up to 5% of the NAV in unrated securities, up to 15% of the NAV in high yield bonds and up to 5% of the NAV in distressed securities.
The expected average rating of the portfolio will be investment grade or in line with the average rating of the underlying index. In case of downgrade of the rating of a security after its acquisition, any decision on whether to continue to hold such assets would be made with a view to the wider credit rating of the portfolio as a whole along with standard investment analysis on the future of the asset itself. For liquidity management purposes, the Sub-Fund may also hold ancillary liquid assets within the meaning of point 9 listed under “ Permitted Securities and Transaction ” of section “ General Inv estment Restri ctions and Eligible Assets for UCITS Fund ”. For the same purposes, the Sub-Fund may also invest on an ancillary basis in eligible deposits within the meaning of point 8 of the same section referred to above, money market instruments or money market funds. Under unfavourable market circumstances during which the investment strategy would become impossible to continue implementing and the Sub-Fund would no longer be able to achieve its investment objective, the Sub-Fund may, on a temporary basis, invest up to 100% of its net assets in such assets. For the avoidance of doubt, investment in such assets is not part of the core investment policy of the Sub-Fund. From 1 April 2026 , the Sub-Fund invests at least 80% of total net assets (excluding derivatives for efficient portfolio management) in bonds of companies from anywhere in the world (including emerging markets) that are responding to climate change and meet the Investment Manager’s eligibility criteria as described below (the “core” investment). At least 50% of the Sub-Fund’s total net assets (excluding derivatives for efficient portfolio management) will qualify as Sustainable Investment that contribute to positive environmental outcomes and support the transition to a lowcarbon economy (see “Responsible Investment” section). In this core investment, the Sub-Fund invests into the following investment categories: . “Solutions”, which will invest in corporate bond issuers whose goods and services provide solutions for climate change mitigation and adaptation; . “Operations” which allocates to companies that are aligning or have already aligned their business models and operations to be resilient in a warmer climate and adaptable to a low-carbon economy. . Green, Social and Sustainability (“GSS”) bonds , where the use of proceeds is allocated to projects that have positive environmental, social, or sustainability benefits and complies with the Paris-Aligned Benchmark (PAB) Exclusions, with the exception of the UNGC and OECD exclusions, which will be assessed at the level of the issuing company. . Sustainability-Linked Bonds (“SLB”), where these bonds are tied to the achievement of Key Performance Indicators (“KPIs”) that promote positive environmental, social or sustainability outcomes and the issuers comply with the Paris-Aligned Benchmark (PAB) Exclusions. Also, the Sub-Fund aims to support the global transition towards net zero by focusing on companies with decarbonisation pathways that align with a well-below 2°C pathway, with the objective of aligning the Sub-Fund to a net zero emissions pathway by 2050. The Sub-Fund may invest up to 20% of the total net assets (excluding derivatives for efficient portfolio management) in government bonds. Bond investments may include asset-backed securities (ABS) and mortgage-backed securities (MBS) which
Prospectus Page 11 of 323 Aviva Investors
GLOBAL CLIMATE CREDIT FUND
Aviva Investors —
Page 12
are typically invested in European and North American markets. Underlying assets of ABS and MBS may include rental income on commercial real estate, shopping centres and pubs. The Sub-Fund may invest up to 5% of total net assets in ABS/MBS. The Sub-Fund may invest up to 20% of total net assets (in aggregate) in Additional tier-1 (AT1), Restricted tier-1 (RT1) and contingent convertible bonds. For full details of the risks applicable to investing in these bonds, please refer to the section “Risk Descriptions”. The Sub-Fund may also invest up to 5% of total net assets in unrated securities, up to 15% of total net assets in high yield bonds and up to 5% of total net assets in distressed securities. The expected average rating of the portfolio will be investment grade or in line with the average rating of the underlying index. In case of downgrade of the rating of a security after its acquisition, any decision on whether to continue to hold such assets would be made with a view to the wider credit rating of the portfolio as a whole along with standard investment analysis on the future of the asset itself. For liquidity management purposes, the Sub-Fund may also hold ancillary liquid assets within the meaning of point 9 listed under “ Permitted Securities and Transaction ” of section “ General Inv estment Restri ctions and Eligible Assets for UCITS Fund ”. For the same purposes, the Sub-Fund may also invest on an ancillary basis in eligible deposits within the meaning of point 8 of the same section referred to above, money market instruments or money market funds. Under unfavourable market circumstances during which the investment strategy would become impossible to continue implementing and the Sub-Fund would no longer be able to achieve its investment objective, the Sub-Fund may, on a temporary basis, invest up to 100% of its net assets in such assets. For the avoidance of doubt, investment in such assets is not part of the core investment policy of the Sub-Fund. Derivatives and Techniques The Sub-Fund may use derivatives for investment purposes. The Sub-Fund’s derivatives may include futures, options, swap contracts, swaptions, currency forwards, foreign exchange options, interest rate futures, credit default swaps, interest rate swaps and total return swaps. The Sub-Fund may also use derivatives for hedging and for efficient portfolio management (EPM). Derivative usage (other than for EPM purposes) will either form part of the core Investment, and therefore apply look through to the eligibility criteria, or form part of the Sub-Fund’s other holdings which are not subject to the eligibility criteria. Securities lending Expected level: 0% of total net assets; maximum: 0%. Securities made available for lending: N/A. Total Return Swaps Expected level: 0% of total net assets; maximum 30% Underlying securities in scope: individual credit securities and credit indices
Strategy The Sub-Fund is actively managed. The Investment Manager believes that the risks and opportunities associated with climate change demand urgent action, as limiting its impacts is imperative not only for protecting the environment but also for ensuring long-term economic growth and stability. Addressing climate change by transitioning to a low-carbon economy can mitigate systematic risks, unlock new opportunities and create more resilient markets. Companies that effectively manage their
impact on climate and adapt to these challenges are better positioned to thrive in this evolving landscape, presenting an opportunity to deliver sustainable value over the long term. Companies will be identified as eligible for core investment if they satisfy the “Solutions” or “Operations” criteria and comply with the Paris-Aligned Benchmark (PAB) Exclusions, or are GSS bonds or SLB bonds, provided that issuers of the latter comply with the PAB Exclusions. If a company fails the PAB Exclusions, the Investment Manager may invest in GSS bonds, if in its opinion the use of proceeds of that specific bond supports the climate objectives of the Sub-Fund and complies with the PAB Exclusions, with the exception of the UNGC and OECD exclusions, which will be assessed at the level of the issuing company. If so, such investment is part of the core investment. Also, the Sub-Fund aims to support the global transition to net zero by focusing on companies with decarbonisation pathways that align with a well-below 2°C pathway. Specifically, the SubFund’s strategy includes targeting: . By 2030, at least 50% of assets in companies with either Science Based Targets initiative (SBTi)-verified targets, SBTicommitted targets (with a requirement to achieve verification within 24 months), or targets that meet an equivalent standard; . By 2040, a goal of reaching 100% SBTi-verified or equivalent alignment.
For companies without SBTi verification, equivalent standards must be robust, science-based, and aligned with a pathway to limit global
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