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Aviva Investors: Public
AVI VA INVESTORS
INVESTMENT FUNDS ICVC
Prospectus
Aviva Investors UK Fund Services Limited
Registered in England and Wales under Registered Number IC 0000 14 Product Reference: 186932
This Prospectus is d ated, and is valid as at 25 August 2026
Prepared in accordance with the Open Ended Investment Companies Regulations 2001 and the Collective Investment Schemes Sourcebook
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 2
CONTENTS
Contents
Contents 2 Introduction 3 Definitions 6 Company Details 14 Directory 15 The Constitution of the Company and the Funds 17 Shares 31 Dealing in Shares 37 Valuation 52 Income and Distributions 57 Risks 64 Management and Administration 91 Fees and Expenses 102 Changes to the Company and the Funds 125 Instrument of Incorporation 127 Meetings and Voting Rights 129 Taxation 133 Winding up of the Company and Termination of Funds 137 General Information 140 Appendix 1 Investment Objectives, Investment Polices and Classes 147 Appendix 2 Aviva Investors’ Baseline Exclusion policy 199 Appendix 3 Investment and Borrowing Powers and Restrictions 203 Appendix 4 Government and Public Securities Issuers 237 Appendix 5 Eligible Securities Markets and Eligible Derivatives Markets 239 Appendix 6 Other Collective Investment Schemes Managed by the ACD 251 Appendix 7 Past Performance 254 Appendix 8 Directors of the ACD 283 Appendix 9 Delegates and Sub - Delegates of the Depositary 284 Appendix 10 Remuneration Policy 287
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 3
INTRODUCTION
This document is important: If you are in any doubt as to the meaning of any information in this Prospectus or as to whether an investment in the Aviva Investors Investment Funds ICVC or
one of its sub - funds is suitable for you, you should consult your financial adviser.
This is the Prospectus of Aviva Investors Investment Funds ICVC valid as at 25 August 2026 . This Prospectus has been prepared by Aviva Investors UK Fund Services Limited in accordance with the rules contained in the Financial Conduct Authority’s Collective Investment Schemes Sourcebook (COLL
Sourcebook) which forms part of the Financial Conduct A uthority Handbook .
This Prospectus has been prepared solely for, and is being made available to investors for , the
purposes of evaluating an investment in Shares in the Funds. Investors should only consider investing in the Funds if they understand the risks involved including the risk of losing all capital invested.
The Company is incorporated in England and Wales as an investment company with variable capital
(ICVC) under registered number IC 0000 14. The Shareholders are not liable for the debts of the Company.
AIUKFSL is the ACD of the Company. AIUKFSL is responsible for the information contained in this
Prospectus . To the best of its knowledge and belief (having taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts, does not
contain any untrue or misleading statement and does not omit any thing likely to affect the import ance of such information or any matters required to be included in it by the COLL Sourcebook. AIUKFSL
accepts responsibility for the Prospectus accordingly .
This document has been approved by AIUKFSL for the purpose of section 21 of the Financial Services and Markets Act 2000 and copies of this Prospectus have been sent to the Financial Conduct Authority
and to the Depositary.
This Prospectus is based on information, law and practice as at the date of this Prospectus. This Prospectus will be updated in accordance with the requirements of the Financial Conduct Authority and will cease to have any effect on the publication by the Company of a subsequent
Prospectus. Potential investors should check with AIUKFSL that this is the most recently
published Prospectus. Neither the Company nor AIUKFSL will be bound by or accept any
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 4
liability either in respect of any application for Shares made on the basis of this Prospectus or in respect of any reliance on this Prospectus once it has been superseded.
No person has been authorised by the Company to give any information or to make any representations
in connection with the offering of Shares other than those contained in the Prospectus and, if given or made, such information or representations must not b e relied on as having been made by the Company . The delivery of this Prospectus (whether or not accompanied by any reports) or the issue of Shares
shall not, under any circumstances, create any implication that either the matters stated in this Prospectus or the affairs of the Company have remained unchanged since the date of this Prospectus.
The Company is marketable to all retail investors.
As permitted by the Financial Conduct Authority Handbook, all Shareholders will be registered as “retail
investors” for the purposes of the client classification and investor protection rules in Chapter 3 of the Financial Conduct Authority’s Conduct of Bus iness Sourcebook (but for no other purpose). This
classification will not affect the day - to - day interactions between Shareholders who are per se professional clients or eligible counterparties and the Company or A IUKFSL .
Intending potential investors should not treat the contents of this document as advice relating to
investment, legal, taxation or any other matters and are recommended to consult their own professional
advisers concerning the acquisition, holding or dispos al of Shares.
The distribution of this document and the offering or sale of Shares in certain jurisdictions may be
restricted by law . No action has been taken by the Company or AIUKFSL that would permit an offer of Shares or possession or distribution of this document in any jurisdiction where action for that purpose
is required, other than in the United Kingdom . This document does not constitute an offer of or an invitation to purchase or subscribe for any Shares by anyone in any jurisdiction in which such offer or
invitation is not authorised or to any person to whom it is unlawful to make such offer or invitatio n . Persons into whose possession this document comes are required by the Company and AIUKFSL to
inform themselves about and to observe any such restrictions.
The Company, AIUKSL or both may have obligations to report details of Shareholders and their interest in the Funds to HM Revenue & Customs . This is because the UK has entered into intergovernmental
information exchange agreements with the United States of America (as a result of the Foreign Account Tax Compliance Act (“FATCA”)) and other countries (as a result of the Common Reporting Standar d)
and has introduced domestic law to implement the requirements of those regimes. Consequently, the Company is required to collect and/or report information about certain types of Shareholders in the
Company. Such information may include the identity of S hareholders, their tax identification numbers, their status under the information exchange agreements, their tax residency status, payments made to
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 5
the Shareholders in respect of their Shares and the value of the Shares at the end of the calendar year. The Company may pass this information to HM Revenue & Customs who may, if necessary, share this information with overseas government agencies (includin g those outside the EEA).
Although it is the intention of AIUKFSL that all of the Funds shall comply with the FATCA provisions, AIUKSL is not able to guarantee that this will always be the case. Any failure in this regard may result in withholding tax of 30% being deducted from US sourced payments. Were such tax to be suffered, it
shall be charged to the relevant Fund.
A condition of investing, or of continuing to invest, is that, upon request from AIUKFSL or its delegate, Shareholders provide accurate information to be passed on to HM Revenue & Customs which may, as
already stated, be shared with other overseas governme nt agencies.
The provisions of the Company’s Instrument of Incorporation are binding on each of its Shareholders (who are taken to have notice of them).
References to times in this Prospectus are to London times unless otherwise stated.
The Instrument of Incorporation, this Prospectus and all deals in Shares are governed by and at all
times subject to the laws of England and Wales . The Courts of England shall have exclusive jurisdiction
in relation to any claim made i n relation to them. All dealing, correspondence and communication with investors in relation to this Prospectus shall take place in English .
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 6
DEFINITIONS
In this Prospectus the words and expressions set out in the first column below shall have the meanings
set opposite them unless the context requires otherwise. Words and expressions contained in this Prospectus but not defined within it shall have the same meanings as in the Act or the Regulations (as
defined below) unless the contrary is stated.
Accumulation Shares means Shares (of whatever Class) issued from time to time in respect of a Fund and in respect of which income allocated thereto is credited periodically
to capital pursuant to the COLL Sourcebook and the Instrument of Incorporation;
ACD or AIUKFSL means the authorised corporate director of the Company, Aviva Investors UK
Fund Services Limited;
Act means the Financial Services and Markets Act 2000;
Administrator means the administrator of the Company, SS&C Financial Services Europe Limited ;
Approved Bank means in relation to a bank account opened by the Company:
(a) if the account is opened at a branch in the United Kingdom; (i) the Bank of England; or
(ii) the central bank of a member state of the OECD; or (iii) a bank or a building society; or (iv) a bank which is supervised by the central bank or other banking regulator of a member state of the OECD; or
(b) if the account is opened elsewhere: (i) a bank in (a); or
(ii) a bank which is regulated in the Isle of Man or the Channel
Islands; or (c) a bank supervised by the South African Reserve Bank; or
(d) a credit institution established in an EEA State and duly authorised by the relevant Home State regulator ;
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 7
Associate as defined in the glossary of the Financial Conduct Authority Handbook;
Auditors means the auditors of the Company, Ernst & Young LLP;
Bank of England Base Rate
means the Bank of England Official Bank Rate;
Benchmark
Regulation
means the UK version of Regulation (EU) No. 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks
in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and
2014/17/EU and Regulation (EU) No 596/2014, which is part of UK law by virtue of the EUWA;
Business Day means Monday to Friday, and other days at the ACD’s discretion, except for
(unless the ACD otherwise decides) a bank holiday in England and Wales or any other day on which the London Stock Exchange is closed;
CCP has the meaning ascribed to it in the glossary of definitions to the F inancia l
Conduct A uthority Handbook ;
Class or Classes means in relation to Shares (according to the context) all the Shares relating to a single Fund or a particular class or classes of Share relating to a single
Fund;
COLL refers to the relevant chapter or rule in the COLL Sourcebook;
COLL Sourcebook means the Collective Investment Schemes Sourcebook issued by the Financial Conduct Authority as part of the Financial Conduct Authority
Handbook, as amended or re - issued from time to time, which shall, for the avoidance of doubt, not include the guidance o r evidential requirements it
contains;
Company means Aviva Investors Investment Funds ICVC;
Conversion Fee means the fee charged in respect of a Conversion and referred to in more detail in the section headed “Fees and Expenses” below ;
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 8
Convert, Converted or Conversion
means the exchange of Shares of one Type or Class for Shares of another Type or Class within the same Fund;
Custodian means the custodian of the Scheme Property, JPMorgan Chase Bank,
National Association (London Branch) ;
Dealing Day means any Business Day;
Depositary means the depositary of the Company, J.P. Morgan Europe Limited ;
Distribution Period means each period by reference to which income is calculated, be it the
annual accounting period, the interim half - yearly accounting period or each
quarter or month of the annual accounting period , as appropriate;
EEA means the European Economic Area;
EEA State means a member state of the European Union and any other state which is
within the EEA , as defined in the glossary to the Financial Conduct Authority Handbook;
EEA UCITS
Scheme
means a collective investment scheme established in accordance with the UCITS Directive in an EEA State;
Eligible Institution means one of certain eligible institutions as defined in the glossary to the Financial Conduct Authority Handbook;
EMIR means the UK version of Regulation (EU) No 648/2012 on OTC derivatives,
central counterparties and trade repositories, which is part of UK law by virtue of the EUWA, sometimes referred to as the "European Markets Infrastructure
Regulation" as amended by Re gulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019;
Entry Charge means the fee charged on a purchase of Shares and referred to in more detail
in the section headed “Fees and Expenses” below and previously referred to as the “initial charge” ;
EPM means efficient portfolio management;
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 9
EUWA means the European Union (Withdrawal) Act 2018;
Exit Charge means the fee charged on redemption of Shares and referred to in more
detail in the section headed “Fees and Expenses” below and previously referred to as the “redemption charge” ;
Financial Conduct
Authority or FCA
means the Financial Conduct Authority or any successor or replacement
regulatory body;
Financial Conduct
Authority Handbook
means the Financial Conduct Authority Handbook of Rules and Guidance as
amended or re - issued from time to time (previously known as the FSA
Handbook);
Foreign Law Contract means a foreign law contract as defined in the COLL Sourcebook;
Fund or Funds means any (or all) of the sub - funds of the Company (as the context dictates)
listed in Appendix 1 of this Prospectus ;
Fund Management
Fee
means the single fixed rate charge (subject to any applicable scale discount)
paid from the Scheme Property of a Fund to cover the fees and expenses in relation to the operation and administration of the Company and/or that Fund and referred to in more detail in the section headed “Fees and Expenses” below;
HMRC or HM
Revenue and Customs
His Majesty’s Revenue and Customs;
Home State regulator has the meaning ascribed to it in the glossary of definitions to the Financial Conduct Authority Handbook;
ICVC means an investment company with variable capital which may also be
referred to as an open - ended investment company (OEIC);
Income Shares means Shares (of whatever Class) issued from time to time in respect of a Fund and in respect of which income is distributed periodically to
Shareholders in accordance with the COLL Sourcebook and the Instrument of Incorporation;
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 10
Instrument of Incorporation
means the instrument of incorporation of the Company as amended from time to time;
Investment Manager means Aviva Investors Global Services Limited (except for Aviva Investors
Continental European Equity Fund whose Investment Manager is MFS International (UK) Limited and Aviva US Equity Income Fund I whose Investment Manager is River Road Asset Management LLC ) ;
Investor Protection Fee
means a dilution levy as defined in the COLL Sourcebook and referred to in
more detail in the section headed “Fees and Expenses” below ;
Larger Denomination Share
has the meaning given in the OEIC Regulations. Shares are available in larger and smaller denominations with the Smaller Denomination Share
representing a defined proportion of a Larger Denomination Share;
MiFI Regulations means the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (SI 2017/701);
Net Asset Value or NAV
means the value of the Scheme Property of the Company or Fund less the
liabilities of the Company or Fund as calculated in accordance with the Instrument of Incorporation;
OEIC Regulations means the Open - Ended Investment Companies Regulations 2001 as
amended or re - enacted from time to time;
Ongoing Charge means the annual cost of operating the Company and the Funds and referred to in more detail in the section headed “Fees and Expenses” below ;
PRC means The People’s Republic of China;
PRIIPs Regulation means the UK version of Regulation (EU) No 1286/2014 of the European
Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance - based investment products
(PRIIPs), which is part of UK law by virtue of t he EUWA;
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 11
Register means the register of Shareholders maintained by the Registrar in accordance with the OEIC Regulations at the offices of the Administrator who
act s as the Registrar’s de legate for the purpose of day - to - day operation of
the R egister ;
Registrar means the registrar of the Company, Aviva Investors UK Fund Services
Limited ;
Regulations means the OEIC Regulations , the UCITS Regulations and the COLL
Sourcebook;
Scheme Property means the property of the Company or of any Fund as appropriate;
SDRT means stamp duty reserve tax;
Securities Financing Transaction or SFT
means a securities financing transaction as defined in Article 3(11) SFTR;
SFTR means the UK version of Regulation (EU) 2015/2365 of the European
Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU)
No 648/2012 as amended by the Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019, which
is part of UK law by virtue of the EUWA;
Share or Shares means a share or shares in a Fund (including Larger Denomination Shares and Smaller Denomination Shares);
Shareholder means a holder of registered Shares;
Smaller
Denomination Share
means one thousandth of a Larger Denomination Share;
Switch or Switching means the exchange of Shares of one Class or Fund for Shares of another
Class or Fund;
Switching Fee means the fee charged in respect of a Switch and referred to in more detail in the section headed “Fees and Expenses” below ;
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 12
TRS t otal return swaps involve the exchange of the right to receive the total return, coupons plus capital gains or losses, of a specified reference asset, index or basket of assets against the right to make fixed or floating payments;
Type means the type of Share available within a Class. The categories of Type available for each Fund and Class are set out in Appendix 1 and may be Income Shares or Accumulation Shares ;
UCITS means an Undertaking for Collective Investment in Transferable Securities
which is a UCITS Scheme or an EEA UCITS S cheme ;
UCITS Directive means the European Parliament and Council Directive of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to
undertakings for collective investment in transferable securities (UCITS) (No 2009/65/EC), as amended , which applies to EEA UCITS Schemes ;
UCITS Regulations means the COLL Sourcebook and the Collective Investment Schemes
(Amendment etc) (EU Exit) Regulations 2019 No.325 including any amendments or updates made in relation thereto;
UCITS Scheme means a UK UCITS, as defined below ;
UK means the United Kingdom of Great Britain and Northern Ireland;
UK AIF means an alternative investment fund that is:
(a) an authorised fund; or (b) not an authorised fund but has its registered office or head office in the
UK;
UK AIFM means an alternative investment fund manager established in the UK and with a Part 4A permission to carry on the regulated activity of managing an
alternative investment fund ;
UK UCITS means, in accordance with sections 236A and 237 of the Financial Services and Markets Act 2000, a collective investment scheme which may consist of
several sub - funds, which is either an authorised unit trust scheme, an authorised contractual scheme, or an authorised open - ended investment
company with the sole object of collective investment of capital raised from
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 13
the public in transferable securities or other liquid financial assets, operating on the principle of risk - spreading, with units which are, at the request of holders, repurchased or redeemed, directly or indirectly, out of those
undertakings’ assets, and w hich has identified itself as a UCITS in its
prospectus and has been authorised accordingly by the FCA;
Unclaimed Money means money held by the ACD in accordance with the FCA’s Client Asset
(CASS) Rules, on behalf of a Shareholder following the sale of Shares in a Fund, or any other payment due to a Shareholder in respect of their
investment in a Fund, which the ACD has bee n unable to pay to the Shareholder. This excludes unclaimed distributions of income ;
Valuation Point means the point, whether on a periodic basis or for a particular valuation, at
which the ACD carries out a valuation of the Scheme Property for the purposes of determining the price at which Shares of a Class in any Fund
may be issued, cancelled or redeeme d as described in the ‘Valuation’
section; and
VAT means value added tax.
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 14
COMPANY DETAILS
General
The Company is authorised by the Financial Conduct Authority . It was authorised with effect from
9 September 1998.
Head Office : 80 Fenchurch Street, London, EC3M 4AE
Address for Service : The Head Office is the address in the United Kingdom for service on the
Company of notices or other documents required or authorised to be served on the Company.
Base Currency : The base currency of the Company and Funds is Pounds Sterling.
Share Capital : Maximum: £100,000,000,000 . : Minimum: £100 .
Shares in the Company and Funds have no par value . The share capital of the Company will at all times equal the sum of the Net Asset Values of each of the Funds . Shares in the Company are not listed on
any investment exchange.
Shareholders are not liable for the debts of the Company.
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 15
DIRECTORY
The Company and Head Office Aviva Investors Investment Funds ICVC 80 Fenchurch Street, London, EC3M 4AE
Authorised Corporate Director Aviva Investors UK Fund Services Limited
80 Fenchurch Street, London, EC3M 4AE
Investment Manager for all Funds except for Aviva Investors Continental European Equity Fund and Aviva Investors US Equity Income Fund I
Aviva Investors Global Services Limited
80 Fenchurch Street, London, EC3M 4AE
Investment Manager for Aviva Investors Continental European Equity Fund
MFS International (UK) Limited
1 Carter Lane , London , EC4V 5ER
Investment Manager for Aviva Investors US Equity Income Fund I
River Road Asset Management LLC Registered office:
c/o Corporation Service Company
251 Little Falls Drive
Wilmington, DE 19808
Business address: 462 South Fourth Street
Suite 2000
Louisville
KY 40202 United States of America
Securities Lending Agent The Bank of New York Mellon, London Branch 160 Queen Victoria Street , London, EC 4V 4LA
Administrator SS&C Financial Services Europe Limited
SS&C House
St Nicholas House
Basildon
Essex SS15 5FS
Depositary J.P. Morgan Europe Limited 25 Bank Street
Canary Wharf
London
E14 5JP
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 16
Custodian JPMorgan Chase Bank, National Association (London Branch)
25 Bank Street Canary Wharf
London
E14 5JP
Auditors Ernst & Young LLP
25 Churchill Place
London
E14 5EY
Fu nd Accounting and Pricing Agent J.P. Morgan Chase Bank, National Association (London Branch) 25 Bank Street
Canary Wharf
London, E14 5JP
Registrar Aviva Investors Investment Funds ICVC
80 Fenchurch Street, London, EC3M 4AE
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 17
THE CONSTITUTION O F T HE COMPANY A ND T HE FUNDS
The Company
The Company is a UK UCITS operating under the COLL Sourcebook and is constituted as an “umbrella company” under the Regulations, which means that the Company issues Shares linked to different
Funds.
The Funds
Each Fund is invested in accordance with the investment objective and investment policy applicable to that Fund and as if it were a separate “ UK UCITS” for the purposes of the COLL Sourcebook . For
investment purposes the assets of each Fund will be treated as separate from those of every other
Fund . The Funds set out below are those currently available:
Fund Name Typical Investor Profile and Target Market Description
Aviva Investors UK Listed Equity Unconstrained
Fund
This F und is intended for any investor who is
prepared to risk loss of their capital to potentially get higher returns, by way of capital growth and
who plans to stay invested for at least 5 years. The target market of the F und is any investor who has
read the Key Investor Information Document (KIID), wants an investment with an investment
objective and policy as described in the KIID, has a risk appetite consistent with the risk indicator
displayed in and is aware of the ris ks associated with investing that the KIID describes. The F und is
appropriate for an investor with basic knowledge, or an informed investor or an experienced investor.
It can be purchased with or without professional financial advice. It has been classified as a non complex investment product so there is no requir ement to have prior knowledge or experience of this type of investment before investing – but you should read the KIID and fit into this target market description before making any decisions . The F und is designed to be used as part of a portfolio of
investments, but may also be used as a standalone
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 18
solution. It is not guaranteed and the value of the
F und can go up or down . This F und is not for investors who require full capital protection or have
no appetite for risk.
Aviva Investors UK Listed Small and Mid - Cap Fund
This F und is intended for any investor who is prepared to risk loss of their capital to potentially
get higher returns, by way of capital growth and who plans to stay invested for at least 5 years. The
target market of the F und is any investor who has read the Key Investor Information Document
(KIID), wants an investment with an investment objective and policy as described in the KIID, has
a risk appetite consistent with the risk indicator displayed in and is aware of the ris ks associated
with investing that the KIID describes. The F und is appropriate for an investor with basic knowledge,
or an informed investor or an experienced investor. It can be purchased with or without professional
financial advice. It has been classified as a non complex investment product so there is no
requir ement to have prior knowledge or experience of this type of investment before investing – but you
should read the KIID and fit into this target market description before making any decisions . The F und is designed to be used as part of a portfolio of
investments, but may also be used as a standalone
solution. It is not guaranteed and the value of the F und can go up or down . This F und is not for investors who require full capital protection or have
no appetite for risk.
Aviva Investors UK Listed Equity Income Fund This F und is intended for any investor who is
prepared to risk loss of their capital to potentially get higher returns, by way of income and capital
growth and who plans to stay invested for at least 5 years. The target market of the F und is any
investor who has read the Key Investor Information Document (KIID), wants an investment with an
investment objective and policy as described in the
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 19
KIID, has a risk appetite consistent with the risk
indicator displayed in and is aware of the risks associated with investing that the KIID describes.
The F und is appropriate for an investor with basic knowledge, or an informed investor or an
experienced investor. It can be purchased with or without professional financial advice. It has been
classified as a non - complex investment product so there is no requir ement to have prior knowledge or
experience of this type of investment before investing – but you should read the KIID and fit into this target market description before making any
decisions . The F und is designed to be used as part
of a portfolio of investments, but may also be used as a standalone solution. It is not guaranteed and the value of the F und can go up or down . This F und is not for investors who require full capital
protection or have no appetite for risk.
Aviva Investors UK Smaller Companies Fund (please note that this fund is in the process of
being terminated and is no longer available for new investment)
This F und is intended for any investor, including a retail investor, who is prepared to risk loss of their
capital to potentially get higher returns, by way of capital growth and who plans to stay invested for at
least 5 years. The target market of the F und is any investor who has read the Key Investor Information
Document (KIID), wants an investment with an investment objective and policy as described in the
KIID, has a risk appetite consistent with the risk indicator displayed and is aware of the risks
associated with investing that the KIID describes. The F und is appropriate for an investor with basic knowledge, or an informed investor or an
experienced investor. It can be purchased with or
without professional financial advice. It has been classified as a non - complex investment product so
there is no requir ement to have prior knowledge or experience of this type of investment before
investing – but you should read the KIID and fit into this target market description before making any
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 20
decisions. The F und is designed to be used as part
of a portfolio of investments, but may also be used as a standalone solution. It is not guaranteed and
the value of the F und can go up or down . This F und is not for investors who require full capital
protection or have no appetite for risk.
Aviva Investors Global Equity Income Fund This F und is intended for any investor who is prepared to risk loss of their capital to potentially
get higher returns, by way of income and capital growth and who plans to stay invested for at least
5 years. The target market of the F und is any investor who has read the Key Investor Information
Document (KIID), wants an investment with an investment objective and policy as described in the
KIID, has a risk appetite consistent with the risk indicator displayed in and is aware of the ris ks
associated with investing that the KIID describes.
The F und is appropriate for an investor with basic
knowledge, or an informed investor or an experienced investor. It can be purchased with or
without professional financial advice. It has been classified as a non - complex investment product so there is no requir ement to have prior knowledge or experience of this type of investment before
investing – but you should read the KIID and fit into this target market description before making any
d ecisions .
The F und is designed to be used as part of a portfolio of investments, but may also be used as a
standalone solution. It is not guaranteed and the value of the F und can go up or down . This F und is not for investors who require full capital protection
or have no appetite for risk.
Aviva Investors Continental European Equity
Fund
This F und is intended for any investor who is
prepared to risk loss of their capital to potentially get higher returns, by way of capital growth and
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 21
who plans to stay invested for at least 5 years . The
target market of the F und is any investor who has read the Key Investor Information Document
(KIID), wants an investment with an investment objective and policy as described in the KIID, has
a risk appetite consistent with the risk indicator displayed and is aware of the risks associated with
investing that the KIID describes. The F und is appropriate for an investor with basic
knowledge, or an informed investor or an experienced investor. It can be purchased with or without professional financial advice. It has been
classified as a non - complex investment product so
there is no requir ement to have prior knowledge or experience of this type of investment before
investing – but you should read the KIID and fit into
this target market description before making any
decisions. The F und is designed to be used as part of a portfolio of investments, but may also be used
as a standalone solution. It is not guaranteed and the value of the F und can go up or down . This F und is not for investors who require full capital
protection or have no appetite for risk.
Aviva Investors Sterling Corporate Bond Fund This F und is intended for any investor who is prepared to risk loss of their capital to potentially
get higher returns, by way of income and who plans
to stay invested for at least 5 years. The target market of the F und is any investor who has read the Key Investor Information Document (KIID),
wants an investment with an investment objective and policy as described in the KIID, has a risk
appetite consistent with the risk indicator displayed in and is aware of the ris ks associated with investing that the KIID describes. The F und is appropriate for an investor with basic knowledge,
or an informed investor or an experienced investor. It can be purchased with or without professional
financial advice. It has been classified as a non -
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 22
complex investment product so there is no
requirement to have prior knowledge or experience of this type of investment before investing – but you
should read the KIID and fit into this target market description before making any decisions. The F und
is designed to be used as part of a portfolio of investments, but may also be used as a standalone
solution. It is not guaranteed and the value of the F und can go up or down . This F und is not for
investors who require full capital protection or have no appetite for risk.
Aviva Investors Higher Income Plus Fund This F und is intended for any investor who is
prepared to risk loss of their capital to potentially get higher returns, by way of income and who plans
to stay invested for at least 5 years. The target market of the F und is any investor who has read
the Key Investor Information Document (KIID), wants an investment with an investment objective
and policy as described in the KIID, has a risk appetite consistent with the risk indicator displayed
in and is aware of the ris ks associated with investing that the KIID describes.
The F und is appropriate for an investor with basic knowledge, or an informed investor or an
experienced investor. It can be purchased with or without professional financial advice. It has been
classified as a non - complex investment product so there is no requir ement to have prior knowledge or
experience of this type of investment before investing – but you should read the KIID and fit into this target market description before making any
decisions. The F und is designed to be used as part
of a portfolio of investments, but may also be used as a standalone solution. It is not guaranteed and the value of the F und can go up or down . This F und is not for investors who require full capital
protection or have no appetite for risk.
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 23
Aviva Investors Managed High Income Fund This F und is intended for any investor who is
prepared to risk loss of their capital to potentially get higher returns, by way of income and who plans
to stay invested for at least 5 years. The target market of the F und is any investor who has read
the Key Investor Information Document (KIID), wants an investment with an investment objective
and policy as described in the KIID, has a risk appetite consistent with the risk indicator displayed
in and is aware of the ris ks associated with investing that the KIID describes.
The F und is appropriate for an investor with basic knowledge, or an informed investor or an
experienced investor. It can be purchased with or without professional financial advice. It has been
classified as a non - complex investment product so there is no requir ement to have prior knowledge or
experience of this type of investment before investing – but you should read the KIID and fit into
this target market description before making any decisions . The F und is designed to be used as part
of a portfolio of investments, but may also be used as a standalone solution. It is not guaranteed and
the value of the F und can go up or down . This F und is not for investors who require full capital
protection or have no appetite for risk.
Aviva Investors UK Index Tracking Fund This F und is intended for any investor who is prepared to risk loss of their capital to potentially
get higher returns, by way of capital growth and who plans to stay invested for at least 5 years.
The target market of the F und is any investor who has read the Key Investor Information Document
(KIID), wants an investment with an investment objective and policy as described in the KIID, has
a risk appetite consistent with the risk indicator displayed in and is aware of the ris ks associated
with investing that the KIID describes . The F und is appropriate for an investor with basic knowledge,
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 24
or an informed investor or an experienced investor.
It can be purchased with or without professional financial advice. It has been classified as a non complex investment product so there is no requirement to have prior knowledge or experience
of this type of investment before investing – but you should read the KIID and fit into this target market
description before making any decisions. The F und is designed to be used as part of a portfolio of
investments, but may also be used as a standalone solution. It is not guaranteed and the value of the
F und can go up or down . This F und is not for
investors who require full capital protection or have
no appetite for risk.
Aviva Investors International Index Tracking Fund
This F und is intended for any investor who is prepared to risk loss of their capital to potentially
get higher returns, by way of capital growth and who plans to stay invested for at least 5 years. The
target market of the F und is any investor who has read the Key Investor Information Document
(KIID), wants an investment with an investment objective and policy as described in the KIID, has
a risk appetite consistent with the risk indicator displayed in and is aware of the ris ks associated
with investing that the KIID describes . The F und is appropriate for an investor with basic
knowledge, or an informed investor or an experienced investor. It can be purchased with or
without professional financial advice. It has been classified as a non - complex investment product so
there is no requir ement to have prior knowledge or experience of this type of investment before
investing – but you should read the KIID and fit into this target market description before making any
decisions. The F und is designed to be used as part of a portfolio of investments, but may also be used
as a standalone solution. It is not guaranteed and the value of the F und can go up or down . This F und
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 25
is not for investors who require full capital
protection or have no appetite for risk.
Aviva Investors Multi - asset Income Fund This F und is intended for any investor who
understands the multi - asset approach to investing and who aims for a return of both income and capital growth from their investment, but who is
prepared to risk loss of their capital to potentially get higher returns . Investors should plan to stay invested for at least 5 years , and should understand the risks and the investment objective
and policy of the Fund . The target market of the F und is any investor who has read the Key Investor
Information Document (KIID), wants an investment with an investment objective and policy as
described in the KIID, has a risk appetite consistent with the risk indicator displayed in and is aware of
the ris ks associated with investing that the KIID describes.
The F und is appropriate for an investor with basic knowledge, or an informed investor or an
experienced investor. It can be purchased with or without professional financial advice. It has been
classified as a non - complex investment product so there is no requir ement to have prior knowledge or
experience of this type of investment before investing – but you should read the KIID and fit into
this target market description before making any decisions. The F und is designed to be used as a
standalone solution but may also be used as part of a portfolio of investments. It is not guaranteed
and the value of the F und can go up or down . This F und is not for investors who require full capital
protection or have no appetite for risk.
Aviva Investors Strategic Bond Fund This F und is intended for any investor who is prepared to risk loss of their capital to potentially
get higher returns, by way of income or by reinvestment of income for growth and who plans
to stay invested for at least 5 years. The target
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 26
market of the F und is any investor who has read
the Key Investor Information Document (KIID), wants an investment with an investment objective
and policy as described in the KIID, has a risk appetite consistent with the risk indicator displayed
in and is aware of the ris ks associated with investing that the KIID describes. The F und is
appropriate for an investor with basic knowledge, or an informed investor or an experienced investor.
It can be purchased with or without professional financial advice. It has been classified as a non complex investment product so there is no requir ement to have prior knowledge or experience
of this type of investment before investing – but you should read the KIID and fit into this target market description before making any decisions. The F und is designed to be used as part of a portfolio of
investments, but may also be used as a standalone solution. It is not guaranteed and the value of the
F und can go up or down . This F und is not for
investors who require full capital protection or have no appetite for risk.
Aviva Investors Multi - Strategy Target Return Fund
The Fund is intended for any investor who is prepared to risk loss of their capital in order to look
for a positive return over rolling three - year periods where volatility is also managed to a target of less
than half the volatility of global equities over the same rolling three - year periods. Volatility, in this
case, is the extent to which the share price of the Fund fluctuates over a period of time. Investors
should understand that to achieve its aims the Fund will invest in an actively managed, risk
diversified multi - strategy p ortfolio and will understand that in addition to traditional assets
such as equities, bonds and cash the Fund makes significant use of investment strategies based on
advanced derivative techniques and are aware of associated risks of this type of strategy. An investor
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 27
must be willing to accept that the aims of the Fund
are not guaranteed, and the Fund may not deliver positive returns or achieve the target level of
volatility over three year rolling periods, or any period, and consequently their capital is at risk . The
target market of the F und is any investor who has read the Key Investor Information Document
(KIID), wants an investment with an investment objective and policy as described in the KIID, has
a risk appetite consistent with the risk indicator displayed in and is aware of the ris ks associated
with investing that the KIID describes.
The F und is appropriate for an investor with basic
knowledge, or an informed investor or an experienced investor . It can be purchased with or
without professional financial advice. It has been classified as a non - complex investment product so
there is no requirement to have prior knowledge or experience of this type of investment before
investing – but you should read the KIID and fit into this target market description before making any
decisions. The F und is designed to be used both as a standalone solution or as part of a portfolio of
investments. It is not guaranteed, and the value of the F und can go up or down . This F und is not for
investors who require full capital protection or have no appetite for risk .
Aviva Investors Global Equity Endurance Fund This F und is intended for any investor who is
prepared to risk loss of their capital to potentially get higher returns, by way of capital growth and
who plans to stay invested for at least 5 years . The target market of the F und is any investor who has
read the Key Investor Information Document (KIID), wants an investment with an investment
objective and policy as described and has a risk appetite consistent with the risk indicator displayed
and is aware of the risks associate d with investing
Page 28
AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 28
that the KIID describes. The F und is appropriate for
an investor with basic knowledge, or an informed investor or an experienced investor . It can be
purchased with or without professional financial advice. It has been classified as a non - complex
investment product so there is no requirement to have prior knowledge or experience of this type of
investment before investing – but you should read the KIID and fit into this target market description
before making any decisions. The F und is designed to be used as part of a portfolio of
investments but may also be used as a standalone solution. It is not guaranteed, and the value of the
F und can go up or down . This F und is not for investors who require full capital protection or have no appetite for risk.
Aviva Investors Global Emerging Markets Equity Unconstrained Fund (please note that this fund
is in the process of being terminated and is no longer available for new investment)
This Fund is intended for any investor, including a retail investor, who is prepared to risk loss of their
capital to potentially get higher returns, by way of capital growth and who plans to stay invested for at
least 5 years. The target market of the F und is any investor who has read the Key Investor Information
Document (KIID), wants an investment with an investment objective and policy as described in the
KIID, has a risk appetite consistent with the risk indicator displayed in and is aware of the ris ks
associated with investing that the KIID describes.
The Fund is appropriate for an investor with basic
knowledge, or an informed investor or an experienced investor. It can be purchased with or
without professional financial advice. It has been classified as a non - complex investment product so
there is no r equirement to have prior knowledge or experience of this type of investment before
investing – but you should read the KIID and fit into this target market description before making any
decisions. The F und is designed to be used as part of a portfolio of investments, but may also be used
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 29
as a standalone solution. It is not guaranteed, and
the value of the F und can go up or down . This F und is not for investors who require full capital
protection or have no appetite for risk.
Aviva Investors Global Climate Aware Equity Fund
The Fund is suitable for investors who aim for growth from their investment. Investors should
have a long - term investment horizon (in excess of 5 years) and should be looking to invest in shares
of global companies which are responding to climate change by orientating their business
models to be resilient in a warmer climate and a lower carbon economy; or by providing solutions to
mitigate climate change or help communities adapt to the adverse impacts of climate change. Investors
should understand the risk s applicable to the Fund and its investment policy, including the
“Transitions” and “Solutions” criteria used to select investments for the Fund and the screening of
companies deriving certain levels of revenue from producing, or generating electricity fro m certain
fossil fuels. An investor in the Fund should have read the Fund’s Consumer Disclosure Document
outlining the key sustainability characteristics of the Fund.
Aviva Investors US Equity Income Fund I This Fund is intended for institutional investors,
professional investors (including discretionary fund managers) and investors who have been advised
to invest in the Fund by an independent financial adviser. Investors should be prepared to risk loss
of th eir capital to potentially get higher returns, by way of income and capital growth and who plans to
stay invested for at least 5 years. The Fund is designed to be used as part of a portfolio of
investments, but may also be used as a standalone solution. It is not guaranteed, and the value of the
Fund can go up or down. This Fund is not for investors who require full capital protection or have
no appetite for risk.
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 30
Details of these Funds, including their investment objectives and policies, can be found in Appendix 1 .
Additional Funds
Further additional Funds may be established in the future by the ACD from time to time with the approval
of the Financial Conduct Authority and the agreement of the Depositary. Approval by the Financial
Conduct Authority in this context refers only to approval under the OEIC Regulations 2001 (as amended) and does not in any way indicate or suggest endorsement or approval of the Funds as an
investment.
Allocation of Assets and Liabilities
Each Fund comprises a specific portfolio of assets and liabilities, which are attributable to the Class or
Classes of Shares issued in respect of that Fund . So far as the Shareholders are concerned each Fund is treated as a separate entity and its assets invested for its exclusive benefit.
Each Fund is a segregated portfolio of assets and, accordingly, the assets of a Fund belong exclusively to that Fund and shall not be used to discharge directly or indirectly the liabilities of, or claims against,
any other person or body, including the Co mpany, or any other Fund, and shall not be available for any
such purpose.
While the provisions of the OEIC Regulations provide for segregated liability between Funds, the
concept of segregated liability is relatively new. Accordingly, where claims are brought by local creditors in foreign courts or under Foreign Law Contracts, i t is not yet known how those foreign courts will react
to Regulations 11A and 11B of the OEIC Regulations.
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 31
SHARES
The Company may issue several Classes of Share in respect of each Fund . Classes may be
distinguished on the basis of different criteria which may include (amongst other criteria) their minimum subscription and minimum holding . Access to certain Classes may also be restricted or be subject to
eligibility criteria . The Classes currently available along with the details of subscription, holding criteria, any eligibility criteria for a Class or any restrictions on availability are listed below:
Class Minima and Restrictions
Class 1 • Minimum initial subscription £1,000 (less the Entry Charge)
• Minimum additional subscription £250 (less the Entry Charge)
• Minimum redemption £250
• Minimum holding £500 (less any Entry Charges deducted)
Please note: No commission is payable for investments in this Class.
Class A: For the Aviva
Investors UK Index Tracking Fund only
• Minimum initial subscription £50,000,000
• Minimum additional subscription £250
• Minimum redemption £250
• Minimum holding £50,000,000
Please note : Shareholders in Class A (being a “Relevant Shareholder” and
a “Relevant Class” for the purposes of the section below entitled “Minimum Holding”) should note the conversion rights that apply as set out in the section entitled “ Minimum Holding ” below . Class 2 • Minimum aggregate subscription across all Funds £ 1 00,000 (less the Entry Charge )
• Minimum holding in any one Fund £ 10 ,000 (less the Entry Charge )
Please note: Shareholders in Class 2 of the Aviva Investors Global Equity Endurance Fund and the Aviva Investors Global Emerging Markets Equity
Unconstrained Fund (please note that this fund is in the process of being terminated and is no longer available for new investment) (being a “Relevant Shareholder” and a “Relevant Class” for the purposes of the section below
entitled “Minimum Holding”) should note the conversion rights that apply, as
set out in the section entitled “ Minimum Holding ” below.
Class 3 • Minimum initial subscription £10,000,000
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 32
• Minimum additional subscription £500,000
• Minimum holding £10,000,000
Please note: Class 3 Shares are only available to Aviva Plc in - house funds,
and discretionary managed clients of Aviva Investors Global Services Limited.
Please note: Shareholders in Class 3 (being a “Relevant Shareholder” and a “Relevant Class” for the purposes of the section below entitled “Minimum
Holding”) should note the conversion rights that apply as set out in the
section entitled “ Minimum Holding ” below . Class 4 • Minimum initial subscription £5,000,000 (less the Entry Charge )*
• Minimum holding £ 1 ,000,000 (less the Entry Charge )*
* Class 4 Shares are only available for investment either: i. directly by an independent financial advisor or a discretionary fund manager (or its nominee or custodian); or
ii. indirectly by a platform (or its nominee or custodian) investing on
behalf of those of its customers that are advised or managed by such
independent financial advisor or discretionary fund manager,
and on the basis that:
a) the minimum subscription and holding criteria as set out above shall
be required to be satisfied in aggregate for all investments in a Fund directly by, and/or indirectly on behalf of clients advised or managed by, a particular financial adviser or discret ionary fund manager (as
applicable); and b) in the case of any such indirect investment, the relevant platform shall
procure that the availability of Class 4 is “ringfenced” such that none of its other customers, including but not limited to a customer which is
advised and/or managed by any firm oth er than an independent financial advisor or a discretionary fund manager meeting this criteria,
is permitted access to Class 4.
Please note: Shareholders in Class 4 (being a “Relevant Shareholder” and a “Relevant Class” for the purposes of the section below entitled “Minimum
Holding”) should note the conversion rights that apply, as set out in the
section entitled “ Minimum Holding ” below.
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 33
Class 5 • Minimum initial subscription £1,000,000 (less the Entry Charge) *
• Minimum holding £ 5 00,000 (less the Entry Charge) *
* Class 5 Shares are only available for investment either:
i. directly by an independent financial advisor or a discretionary fund
manager (or its nominee or custodian); or
ii. indirectly by a platform (or its nominee or custodian) investing on behalf of those of its customers that are advised or managed by such independent financial advisor or discretionary fund manager,
and on the basis that:
a) the minimum subscription and holding criteria as set out above shall be required to be satisfied in aggregate for all investments in a Fund
directly by, and/or indirectly on behalf of clients advised or managed by, a particular financial adviser or discret ionary fund manager (as
applicable); and b) in the case of any such indirect investment, the relevant platform shall
procure that the availability of Class 5 is “ringfenced” such that none of its other customers, including but not limited to a customer which is
advised and/or managed by any firm other than an independent financial advisor or a discretionary fund manager meeting this criteria,
is permitted acce ss to Class 5 .
Please note: Shareholders in Class 5 (being a “Relevant Shareholder” and a “Relevant Class” for the purposes of the section below entitled “Minimum
Holding”) should note the conversion rights that apply, as set out in the section entitled “ Minimum Holding ” below.
Class 6 • Minimum initial subscription £1,000 (less the Entry Charge)
• Minimum additional subscription £250 (less the Entry Charge)
• Minimum redemption £250
• Minimum holding £500 (less any Entry Charges deducted)
Please note: No commission is payable for investments in this Class.
Class 7 • Minimum initial subscription £ 7 , 5 00 ,00 0 (less the Entry Charge)
• Minimum additional subscription £50 0,000 (less the Entry Charge)
• Minimum holding £5 , 00 0,000 (less any Entry Charges deducted)
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 34
Please note: Shareholders in Class 7 (being a “Relevant Shareholder”
and a “Relevant Class” for the purposes of the section below entitled “Minimum Holding”) should note the conversion rights that apply, as set
out in the section entitled “ Minimum Holding ” below . Class 8 • Minimum initial subscription £10,000,000
• Minimum additional subscription £500,000
• Minimum holding £10,000,000
Please note: Class 8 Shares are only available to Aviva plc, its Associates
and any fund or investment entity managed or advised by any such company. Investment in Class 8 is subject to separate written agreement with the ACD pursuant to which, amongst other things, ad ditional fees will
be payable.
Shareholders in Class 8 (being a “Relevant Shareholder” and a “Relevant Class” for the purposes of the section below entitled “Minimum Holding”)
should note the conversion rights that apply, as set out in the section entitled “ Minimum Holding ” below . Class 9 • Minimum initial subscription £100,000,000 (less the Entry Charge)
• Minimum additional subscription £1,000,000 (less the Entry Charge)
• Minimum holding £100,000,000
Please note: Class 9 Shares are only available to Aviva group companies or for distribution by those companies.
The ACD has the ability to have different eligibility criteria and/or to apply lower minima than those listed
above.
Each of the Classes may have a different Fund Management Fee ascribed to them . The details of these charges , including in relation to any discount to the Fund Management Fee payable, are to be found in
the section headed ‘Fees and Expenses’ below . As a result of differences in the Fund Management Fee for the different Classes, monies may be deducted from Classes of the same Fund in unequal
proportions . In these circumstances the proportionate interests of the Classes will be adjusted accordingly (for an explanation of proportionate interests , please refer to the section headed
‘Proportionate entitlements’ below ).
Net Income Shares and/or net Accumulation Shares are available within each Class . Gross Income Shares and gross Accumulation Shares in each Fund may also be issued but are not currently offered.
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 35
The types of Shares presently available in each Fund are set out in the details of the relevant Funds (see Appendix 1 ).
Further Classes or Types of Share may be established from time to time by the ACD with the approval of the Financial Conduct Authority and the agreement of the Depositary . On the introduction of any new Fund, Type or Class, either a revised Prospectus or a supplemental Prospectus will be prepared setting
out the relevant details of each Fund, Type or Class.
Switching
Shareholders are entitled (subject to certain restrictions) to Switch all or some of their Shares in one Class or Fund for Shares in another Class or Fund in the Company (but not into any other funds or classes outside of the Company of which the ACD is the authorised corporate director or authorised
fund manager) . Details of this S witching facility and the restrictions are set out in the section headed “Switching” below .
Converting
Shareholders are entitled (subject to certain restrictions) to Convert all or some of their Shares of one Class or Type for Shares of another Class or Type within the same Fund. Details of this Conversion
facility and the restrictions are set out in the section headed “Converting” below .
Income Shares and Accumulation Shares
Income Shares
Holders of Income Shares will receive distributions .
Each such distribution of income made in respect of any Fund at a time when more than one Class is in issue will be done by reference to the relevant Shareholders’ proportionate interests in the Scheme
Property of the Fund in question .
Shareholders can choose to have their distribution of income paid direct to their bank or building society
current account . Alternatively, Shareholders may choose to have their income distributions
automatically reinvested, to purchase further Shares of the same Class and Fund at the prevailing Net Asset Value without attracting an Entry Charge . For regular savings plans invested in Income Shares
the income distribution is automatically reinvested in Shares of the same Class and Fund ( without
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 36
attracting an Entry Charge ) unless this supplements a lump sum investment on which income payment has been selected.
In the event that there is a delay or failure by a Shareholder to produce information or documentation
to satisfy anti - money laundering due diligence requirements (please see the paragraph headed “Money Laundering” in the “Dealing in Shares” section below), any distribution payments due may not
be released by the ACD until the requested information has been provided.
Distributions to holders of Income Shares will be made following the end of each Distribution Period on the basis set out in the paragraph headed “Distributions” in the “Income and Distribution” section
below .
Accumulation Shares
A number of Funds will have A ccumulation Shares (for details of these Funds see Appendix 1 ) . Holders of Accumulation Shares do not receive cash distributions . Instead, a ny income arising in respect of an
Accumulation Share is automatically accumulated and is reflected in the price of each Accumulation Share . Allocation of income in respect of A ccumulation Shares will be transferred to the capital property
of each Fund within two months of the end of the Distribution Period to which that income relates, but will be reflected in the capital value of A ccumulation Shares on the first business day following the end
of that Distribution Period . No Entry Charge is levied on this accumulation .
General In respect of income arising on both I ncome Shares and Accumulation Shares , t ax vouchers will be
issued and tax accounted for where relevant .
Where both I ncome Shares and Accumulation Shares are in existence in relation to a Fund, the relevant Shareholders’ proportionate interests in the Scheme Property of the Fund represented by each
Accumulation Share increases as income is accumulated . Further, in these circumstances, the income of the Fund is allocated between Income Shares and Accumulation Shares according to the relevant
Shareholders’ proportionate interests in the Scheme Property of the Fund represented by the Accumulation Shares and Income Shares in existence at the end of the relevant Distribution Period .
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 37
DEALING IN SHARES
The ACD’s offices are open from at least 9am until at least 5pm on each Dealing Day .
Pricing
The Company deals on the basis of “single pricing” . This has the effect that subject to the Entry Charge,
the Investor Protection Fee and any Exit Charge both the issue and the redemption price of a Share at a particular Valuation Point will be the same.
The price per Share at which Shares may be bought or sold is the Net Asset Value of its Class
(calculated at the relevant Valuation Point) divided by the number of Shares of that Class in issue . In addition , the ACD reserves the right to make an Entry Charge on Shares purchased and an Exit Charge
on Shares sold . For both purchases and sales, an Investor Protection Fee may be imposed . There is no current intention to impose an Exit Charge in respect of any Fund or Class .
The Company deals on a forward pricing basis (and not on the basis of published prices) . A forward price is the price calculated at the next Valuation Point after the sale or purchase is deemed to be
accepted by the ACD (for details of the Valuation Point see the section headed “Valuation ” below ).
Information on the prices of Shares will be available by telephoning 0800 051 2003 * or on the internet
at www.avivainvestors.com . Prices may also be published in some newspapers . The ACD does not
accept responsibility for the accuracy of the prices published in or the non - publication of prices by newspapers for reasons beyond the control of the ACD.
* Telephone calls may be recorded by the ACD, its delegates, their duly appointed agents and any of their respective related, associated or affiliated companies for record keeping, security and/or training purposes, please see the paragraph “Telephone Reco rding” below for further information.
Buying Shares
Applications to purchase Shares can be made by telephoning the ACD on 0800 051 2003 * (subject to subsequent completion of an application/registration form for administrative and verification purposes),
or by sending a completed application form to the ACD . Application forms are available from the ACD by writing to the Administrator , by telephoning the ACD or on the internet at www.avivainvestors.com .
* Telephone calls may be recorded by the ACD, its delegates, their duly appointed agents and any of their respective related, associated or affiliated companies for record keeping, security and/or training purposes, please see the paragraph “Telephone Reco rding” below for further information.
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 38
For all Funds other than the Aviva Investors Multi - Strategy Target Return Fund and the Aviva Investors Global Equity Income Fund, applications for Shares which are received and accepted by the ACD by
the Valuation Point on a Dealing Day will be dealt with at the price calculated as at the Valuation Point for that day . Applications received and accepted after that time will be dealt with at the price calculated
as at the Valuation Point for the following Dealing Day.
For the Aviva Investors Multi - Strategy Target Return Fund and the Aviva Investors Global Equity
Income Fund, applications which are received and accepted by the ACD by 12 noon on a Dealing Day
will be dealt with at the price calculated as at the Valuation Point on that Dealing Day . Applications received and accepted after the 12 noon dealing cut off point on a Dealing Day will be held over and dealt with at the price calculated as at the Valuation Point for the next Dealing Day .
The ACD has the right to reject, on reasonable grounds relating to the circumstances of the applicant,
any application for Shares in whole or part, and in this event the ACD will return any money sent, or the balance of such monies, at the risk of the appl icant.
In respect of Class 8 only, an application for Shares will not be accepted by the ACD unless the applicant
has entered into the separate written agreement referred to above.
Any subscription monies remaining after a whole number of Shares has been issued will not be returned
to the applicant . Instead, Smaller Denomination Shares will be issued in such circumstances . A Smaller
Denomination Share is equivalent to one thousandth of a Larger Denomination Share.
Applications for purchase will not be acknowledged but a contract note will , save where the purchase is via a regular savings plan (see below), be issued by the end of the Business Day following the relevant
Dealing Day, together with, where appropriate, a notice of the applicant’s right to cancel . The contract note will give details of the Shares purchased and the price used.
An applicant who is a consumer (meaning any natural person acting for purposes outside their trade,
business or profession, or as further defined in the Financial Conduct Authority Handbook, hereafter a “Consumer”) and who has received face to face advice in respect of their investment has the statutory
right to cancel their application to buy Shares at any time during the 14 days after the date on which they receive a cancellation notice from the ACD. However, the ACD has chosen to extend this statutory
ca ncellation period and instead offers all Consumers the right to cancel their application for a 30 day period from the receipt of the cancellation notice . If a Consumer decides to cancel the contract, and the
value of the investment has fallen at the time the ACD receives the completed cancellation notice, the Consumer will not receive a full refund as an amount equal to any fall in value will be deducted fr om the
sum originally invested . The determination of any shortfall will be based upon the price of the Fund at the next Dealing Day following the ACD’s receipt of the completed cancellation notice.
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If payment has not already been made settlement of the full purchase price and any related fees and
expenses is due immediately . The ACD, at its discretion, may delay issuing the Shares until payment
is received . If settlement is not made within a reasonable period, the ACD has the right to cancel any
Shares issued in respect of the application.
Share certificates will not be issued in respect of registered Shares . Ownership of Shares will be
evidenced by an entry on the Register of Shareholders . Statements covering periodic distributions on Shares will show the number of Shares held by the recipient . Individual statements of a Shareholder’s
(or in the case of joint holdings, the first named holder’s) Shares will also be issued at any time on
request by the registered holder.
Regular Savings Plan
The ACD operates a regular savings plan for Class 1 and Class 6. The regular savings plan is subject normally to a minimum monthly subscription of £50 in any one Fund . Contract notes for the purchase
of Shares will not be issued to Shareholders investing through a regular savings plan. Regular savings may be permitted in Class 2 S hares at the ACD ’s discretion.
Delivery Versus Payment Exemption on the purchase of Shares
The ACD makes use of the ‘delivery versus payment’ (DVP) exemption for Shareholders who consent , as set out in the F CA ’s Client Asset (CASS) Rules .
The use of the DVP exemption is limited to payments the ACD receive s from Shareholders by electronic bank transfer or via commercial settlement systems (e.g. EMX or Clearstream) for the purposes of
settling a transaction in Shares .
The DVP exemption for payments received from a Shareholder by electronic bank transfer provides a
period, during which the monies received will not be treated as " client money ” , within the meaning of
the FCA’s Client Asset (CASS) Rules , from the point the ACD receive s a Shareholder’s money until the close of the next business day.
Payments received from Shareholders via commercial settlement systems will not typically be treated as client money during the same period as that which applies to other payment methods mentioned
above . However for payments received via commercial settlement systems the ACD reserve s the right to extend the period during which money is not treated as client money until the close of business three business days after the receipt of the Shareholder’s money.
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 40
Money which is not treated as client money will not be held in a segregated client bank account and will not be protected from the insolvency of the ACD. Should the ACD still hold Shareholder money after the expiry of the DVP exemption period, the ACD
will protect Shareholde r money as client money until the transaction has been settled.
If a Shareholder make s payment to the ACD by cheque, debit card or direct debit, the ACD will
protect the Shareholder ’s money at the time of receipt and will not use the DVP exemption.
Selling Shares
A Shareholder wishing to sell Shares should contact the ACD by telephoning 0800 051 2003 * or in writing . Instructions to sell are irrevocable . Unless the ACD agrees otherwise, it will not accept instructions to sell Shares on the basis of an authority communicated by electronic means . However,
the ACD may, at its discretion, introduce further methods in the future.
* Telephone calls may be recorded by the ACD, its delegates, their duly appointed agents and any of their respective related, associated or affiliated companies for record keeping, security and/or training purposes, please see the paragraph “Telephone Reco rding” below for further information.
Every Shareholder is entitled on any Business Day to request that the Company redeem their Shares
and the Company will be required to redeem them in accordance with the procedures set out below.
For all Funds other than the Aviva Investors Multi - Strategy Target Return Fund and the Aviva Investors Global Equity Income Fund, redemption requests received and accepted by the ACD by the Valuation
Point on a Dealing Day will be dealt with at the price calculated as at the Valuation Point for that Dealing
Day . All requests received and accepted after that time will be dealt with at the price calculated as at
the Valuation Point for the following Dealing Day.
For the Aviva Investors Multi - Strategy Target Return Fund and the Aviva Investors Global Equity Income Fund, redemption requests which are received and accepted by the ACD by 12 noon on a
Dealing Day will be dealt with at the price calculated as at the Valuation Point on that Dealing Day . All requests received and accepted after the 12 noon dealing cut off point on a Dealing Day will be held
over and dealt with at the price calculated as at the Valuation Point for the next Dealing Day . A contract note giving details of the number and price of Shares sold will be sent to the selling
Shareholder (the first named in the case of joint holders) together (if sufficient written instructions have not already been given) with a form of renunciati on for completion and execution by the Shareholder
(and in the case of joint holders, by all the joint holders) no later than the end of the Business Day following the day of the Valuation Point by reference to which the redemption price is determined . The
redemption monies will be paid within four Business Days of the later of :
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1. the receipt by the ACD of the form of renunciation (or other sufficient written instructions) duly signed by all the relevant Shareholders and completed as to the appropriate number of Shares, together with any other appropriate evidence of title ; and
2. the Valuation Point following receipt by the ACD of the request to redeem.
However where money is owing on the earlier sale of the Shares to be redeemed and has not been
received and cleared by the time the redemption proceeds would otherwise be payable, then the redemption proceeds for those Shares will not be sent until such ti me as the initial money has been received and cleared.
For the sale of Shares in Class 8 , if any payment due from the Shareholder under the terms of the separate written agreement entered into as a condition to investing in that Class is overdue at the time of the Shareholder’s request to redeem Shares, the ACD will have the right to deduct the outstanding amount from the redemption proceeds before paying the remainder (if any) to the Shareholder in
satisfaction of the redemption request.
Delivery Versus Payment Exemption on the sale of Shares
The ACD makes use of the ‘delivery versus payment’ (DVP) exemption, for Shareholders who consent, as set out in the FCA’s Client Asset (CASS) Rules .
The use of the DVP exemption is limited to payments the ACD make s to Shareholders by electronic bank transfer and via commercial settlement systems (e.g. EMX or Clearstream).
All these methods of payment should clear in the Shareholder’s account on the payment date . However,
should such payments fail to clear on the payment date, the DVP exemption provides a period during which the ACD is not required to treat the payment as “ client money ” within the meaning of the FCA’s
Client Asset (CASS) Rules . For payments made to a Shareholder by electronic bank transfer this period begins on the date the ACD is due to pay the proceeds to the Shareholder until the close of the next
business day.
Payments made to Shareholders via commercial settlement systems will not typically be treated as
client money during the same period as that which applies to other payment methods mentioned above . However for payments made via commercial settlement systems the ACD reserve s the right to extend the period during which money is not treated as client money until the close of business three business
days after the date the money is due and payable.
Money which is not treated as client money will not be held in a segregated client bank account and will not be protected from the insolvency of the ACD.
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Should the ACD still hold S hareholder money after the expiry of the DVP exemption period, it will protect Shareholder money as client money until payment can be made.
If the ACD pay s the proceeds from the sale of a Shareholder’s Shares by cheque, the money will be
treated as client money and held in a segregated client bank account from the date the ACD issue s the cheque so it remains protected until it is cash ed .
Minimum Redemption
Part of a Shareholder’s holding may be sold but the ACD reserves the right to refuse a redemption
request if the value of the Shares of any Fund to be redeemed is less than the minimum redemption amounts as stated in the table set out in the section headed “Shares” above .
Additionally the ACD reserves the right to refuse a redemption request for part of Shareholder’s holding
if the value of the remaining holding would fall below the minimum aggregate investment amount (if any) in a Fund or Class or the minimum holding in a Fund or Class as set out in the table set out in the section headed “Shares” above.
Minimum H olding
In respect of a Relevant Shareholder’s holding in a Relevant Class (as such terms are defined in the table set out in the section headed “Shares” above) if : (i) following a redemption, cancellation, Switch or transfer, the holding in the Relevant Class
falls below the minimum holding specified above ; and/or
(ii) (in the case of Class 3 or Class 8 only) following a redemption, cancellation, Switch or transfer, the eligibility criteria for the Relevant Class is otherwise breached; and/or (iii) (in the case of Class 4 or Class 5 only) the Relevant Shareholder fails to meet the
“ringfencing” requirement; and/or (iv) (in the case of Class 8 only) the Relevant Shareholder breaches the terms of the separate
commercial agreement with the ACD in respect of investment in Class 8 ; the ACD has discretion to Convert the Relevant Shareholder’s entire holding into another Class :
(a) In the case of (i) and (ii) with a lower minimum holding (if available) ; and/or (b) In the case of (iii) where no such ringfencing requirement applies; and/or
(c) In the case of (iv) where no such written agreement is required as a condition to investing in it .
The alternative Class is likely to have higher charges than the Relevant Class held by the Relevant Shareholder (in the case of Class 8, when aggregated with amounts charged pursuant to that separate
agreement) . The ACD may use this discretion at any time but will give a minimum of 60 days’ prior notice to the Relevant Shareholder. Failure by the ACD to use its discretion immediately after such
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redemption, cancellation, Switch or transfer will not constitute a waiver of this right. The value of Shares for the purpose of this section is calculated by reference to their prevailing price. The minimum holding requirements will not be treated as being breached if the value of Shares held falls below the relevant
minimum solely as a result of a fall in the Share price.
Switching
Subject to the qualifications below, a Shareholder may at any time Switch all or some of their Shares
of one Class or Fund ( “ Original Shares ” ) for a number of Shares of another Class or Fund ( “ New Shares ” ) . The number of New Shares issued is determined by the following formula:
O x (CP x ER)
N = SP
w here : N is the number of New Shares to be issued;
O is the number of Original Shares to be Switched ;
CP is the published dealing price at which one Share of the original Class/Fund can be redeemed;
ER is 1 (for same currency Shares ) ; and
SP is the published dealing price at which a New Share in the new Class/Fund can be purchased ,
in the case of CP and SP, the price referred to is the published dealing price at the applicable Valuation Point .
Each number referred to in the definition of N or O shall be expressed to the third decimal place and
rounded up thereto in the case of N, so that the integer represents the number of Larger Denomination
Shares and the decimal when multiplied by 1,000 represents the number of Smaller Denomination Shares.
If a Shareholder wishes to Switch Shares they should apply to the ACD in the same manner as for a
sale as set out in the section above headed “Selling Shares ” . Applications to Switch Shares between Classes or Types within the same Fund will be deemed to be applications to Convert Shares and will
be dealt with in accordance with the Conversion process described below with the exception of the
Aviva Investors UK In dex Tracking Fund and the Aviva Investors Multi - Strategy Target Return Fund
where the applications will be dealt with in accordance with this “Switching” section.
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The ACD may at its discretion impose restrictions as to the Classes/Funds for which a Switch may be affected.
If the Switch would result in the Shareholder holding a number of Original Shares or New Shares of a
value which is less than the minimum holding in the Fund or Class concerned, the ACD may, if it thinks fit, S witch the whole of the applicant’s holding of Original Shares to New Shares or refuse to effect any
Switch of the Original Shares . No Switch will be made during any period when the right of Shareholders to require the redemption of their Shares is suspended . The general provisions on procedures relating to redemption will apply equally to a Switch . For all Funds other than the Aviva Investors Multi - Strategy
Target Return Fund and the Aviva Investors Global Equity Income Fund, Switching requests received
after a Valuation Point will be held over until the next day which is a Dealing Day in the relevant Fund(s) or Class(es). For the Aviva Investors Multi - Strategy Target Return Fund and the Aviva Investors Global
Equity Income Fund, Switching requests received after the dealing cut off point will be held over until the next day which is a Dealing Day.
A Switching Fee may be charged on the S witching of Shares between Funds and a dditionally circumstances may arise on S witching when the ACD imposes an Investor Protection Fee . For further details in respect of the level and impact of any such Switching Fee or Investor Protection Fee, please
see the section headed “Fees and Expenses” below . The ACD may adjust the number of New Shares to be issued to reflect the imposition of any Switching F ee together with any other charges or levies in respect of the issue or sale of the New Shares or repurchase or cancellation of the Original Shares as may be permitted by the COLL Sourcebook and the Instrument of Incorporation.
A Shareholder who S witches Shares in one Fund or Class for Shares in any other Fund or Class will
not be given a right to withdraw from or cancel the transaction.
It should be noted that a Switch of Shares in one Fund for Shares in any other Fund is treated as a realisation and will, for persons subject to United Kingdom taxation, be a disposal for the
purposes of UK taxation.
It should be noted that a Switch of Shares in one Fund for Shares in the same Fund is not normally treated as a realisation and will not normally, for persons subject to United Kingdom
taxation, be a disposal for the purposes of UK taxation, unless it is from a hedged Class to an unhedged Class (or vice versa).
For further details on the tax implications of the Switch , please see the section headed ‘Taxation’ below .
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Converting
With the exception of the Aviva Investors UK Index Tracking Fund and the Aviva Investors Multi Strategy Target Return Fund a Shareholder may at any time Convert all or some of their Shares of one
Class or Type ( “ Original Shares ” ) for a number of Shares of another Class or Type ( “ New Shares ” ) in the same Fund.
Conversions will be effected by the ACD recording the change of Type or Class on the Register of the
Company.
The number of New Shares on such a Conversion shall be determined in accordance with the following formula:
N =
where: N is the number of New Shares to be issued ;
O is the number of Original Shares to be Converted;
CP1 is the published dealing price at which one Share of the original Class or Type can be redeemed ;
ER is 1 (for the same currency Shares) ; and
CP2 is the published dealing price at which a single Share of the new Class or Type can be purchased,
in the case of CP1 and CP2, the price referred to is the published mid - market dealing price at the applicable Valuation Point for both the Original Shares and New Shares respectively .
Each number referred to in the definition of N or O shall be expressed to the third decimal place and
rounded up thereto in the case of N, so that the integer represents the number of L arger D enomination Shares and the decimal, when multiplied by 1,000, represents the number of S maller D enomination
Shares.
If a Shareholder wishes to Convert Shares from one Class or Type to another, they should apply to the ACD in the same manner as for a sale as set out in the section above headed ‘Selling Shares’ .
CP2
O O x (CP1 1 x ER)
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 46
The Conversion shall take place no later than four Business Days after the Conversion request is received by the ACD or at such other V aluation P oint agreed by the ACD at the request of the Shareholder.
The ACD may at its discretion impose restrictions as to the Classes or Types for which a Conversion may be effected.
If the Conversion would result in the Shareholder holding a number of Original Shares or New Shares
which are less than the required minimum holding for the Class or Type concerned, the ACD may, if it thinks fit, Convert the whole of the applicant’s Origin al Shares to New Shares or refuse to effect any
Conversion of the Original Shares . No Conversion will be made during any period when the right of Shareholders to require the redemption of their Shares is suspended . The general provisions on
procedures relating to redemption will apply equally to a Conversion.
A Conversion Fee may be charged on the Conversion . For further details in respect of the level and impact of any such Conversion Fee , please see the section headed “Fees and Expenses” below . The
ACD may adjust the number of New Shares to reflect the imposition of any Conversion F ee together with any other charges or levies in respect of the New Shares or the Original Shares as may be
permitted pursuant to the COLL Sourcebook and the Instrument of Incorporation.
A Shareholder who Converts Shares in one Class or Type for Shares in any other Class or Type in the same Fund will not be given a right to withdraw from or cancel the transaction.
With the exception of the Aviva Investors UK Index Tracking Fund and the Aviva Investors
Multi - Strategy Target Return Fund please note that the ACD will process any Shareholder request to exchange existing Shares for Shares of another Class or Type within the same Fund
as a Conversion in accordance with the provisions of this section.
It should be noted that a Conversion of Shares in one Fund for Shares in the same Fund is not
normally treated as a realisation and will not normally, for persons subject to United Kingdom taxation, be a disposal for the purposes of UK taxation, unless it is from a hedged Class to an unhedged Class (or vice versa).
For further details on the tax implications of the Conversion , please see the section headed ‘ Taxation’
below .
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 47
Transfers
Shareholders are entitled to transfer their Shares to another person or body. All transfers must be in
writing in the form of an instrument of transfer approved by the ACD for this purpose. Completed instruments of transfer must be returned to the ACD . For further details please see the section headed “Instrument of Incorporation” below.
Compulsory Transfer, Redemption and Conversion
Shares in the Company may not be acquired or held by any person in circumstances ( “ R elevant
C ircumstances ” ):
1. which constitute a breach of the law or governmental regulation (or any interpretation of a law or regulation by a competent authority) of any country or territory; or
2. which would (or would if other Shares were acquired or held in the circumstances) result in the
Company incurring any liability to taxation or suffering any other pecuniary disadvantage or other adverse consequence (including a requirement to register unde r any securities or
investment or similar laws or governmental regulation of any country or territory).
In this connection, the ACD has a discretion to reject any application for the purchase, sale or S witching of Shares.
If it comes to the notice of the ACD that any Shares ( “ A ffected Shares ” ) have been acquired or are
being held directly or beneficially in any of these R elevant C ircumstances or by virtue of which the Shareholder or Shareholders in question is/are not qualified to hold such Shares or if it reasonably
believes this to be the case, the ACD may give notice to the holder(s) of the A ffected Shares requiring the transfer of such Shares to a person who is qualified or entitled to own them or that a request in writing be given for the redemption or cancellation of such Shares in accordance with the COLL
Sourcebook . If any person upon whom such a notice is served does not within thirty days after the date
of such notice transfer their A ffected Shares to a person qualified to own them or establish to the satisfaction of the ACD (whose judgement shall be final and binding) that they and any person on whose behalf they hold the A ffected Shares are qualified and entitled to own them, they shall be deemed upon the expiration of the thirty day period to have given a request in writing for the redemption or cancellation (at the discretion of the ACD) of all the A ffected Shares pursuant to the COLL Sourcebook.
A person who becomes aware that they ha ve acquired or holds A ffected Shares in any of these
R elevant C ircumstances , or by virtue of which they are not qualified to hold such A ffected Shares, must
immediately, unless they ha ve already received a notice as set out above, either transfer all their
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 48
A ffected Shares to a person qualified to own them or give a request in writing for the redemption of all their A ffected Shares pursuant to the COLL Sourcebook.
In circumstances where the ACD has determined that a Class of a Fund is to be closed, the ACD is
able to effect the compulsory Conversion of Shares from the closing Class to another Class of the Fund. Such compulsory Conversion will only be effected where the rights attaching to the new Class are the same, or more favourable than the Class that is to be closed and where the ACD has satisfied itself that
the Conversion will not result in prejudice to investors in the Fund. The ACD will give prior notice to t he Shareholders in the Fund prior to such a compulsory Conversion being effected.
The ACD is also able to effect a compulsory Conversion of:
• Class 2 Shares in respect of the Aviva Investors Global Equity Endurance Fund , the Aviva Investors Global Emerging Market s Equity Unconstrained Fund (please note that this fund is
in the process of being terminated and is no longer available for new investment) and the Aviva Investors Global Climate Aware Equity Fund ;
• Class 4 , 5 or 7 Shares for all applicable Funds ,
to another Class where a shareholding falls below the specified minimum holding (see the section s entitled “Minimum H olding” above within the “Dealing in Shares” section ) ; and
• Class 3 Shares in respect of all Funds to another Class where a shareholding falls below the specified minimum holding or fails to meet any other eligibility criteria for this Class ;
• Class 8 Shares in Aviva Investors Global Equity Endurance Fund, Aviva Investors Higher
Income Plus Fund and Aviva Investors Managed High Income Fund to another Class where a Shareholder breaches the terms of the separate agreement with the ACD and/or where a
shareholding falls below the specified minimum holding or fails to meet any other eligibility criteria for this Class ,
(see the sections entitled “Minimum H olding” above within the “Dealing in Shares” section) .
In addition, the ACD may carry out a compulsory Conversion of some or all of the Shares in any Class
into Shares of another Class where it reasonably believes that such Conversion is in the best interests of a Shareholder or Shareholder s (for example, when such a conversion would achieve cost savings).
The ACD will give at least 60 days’ prior written notice to the relevant Shareholders prior to such a compulsory Conversion being effected. The right of Shareholders to redeem their Shares prior to a
Conversion taking effect will not be affected.
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Please note that, for any redemption that would leave a residual holding of less than the applicable minimum holding , the ACD has the discretion to require redemption of the entire holding. Please see the section above entitled “Selling Shares” for more information on redemptions.
In Specie Redemptions ( Redemptions in kind )
If a Shareholder requests the redemption or cancellation of Shares the ACD may arrange that in place of payment of the price of the Shares in cash, the Company cancels the Shares and transfers Scheme
Property (or, if required by the Shareholder, the net pr oceeds of sale of relevant Scheme Property), to the Shareholder . This only applies however if the Shares represent over 5% (or such smaller
percentage as the ACD may decide) of the Fund’s value.
Before the proceeds of the cancellation of Shares become payable, the ACD must give written notice to the Shareholder that the Scheme Property or the proceeds of sale of Scheme Property will be
transferred to that Shareholder.
The Scheme Property to be transferred will be selected by the ACD in consultation with the Depositary . They must ensure that the selection is made with a view to achieving no more advantage or
disadvantage to the Shareholder requesting cancellation/redemption than to the continuing Shareholders of the Fund concerned.
In Specie Applications ( Applications in kind )
The ACD may, at its discretion and by special arrangement, agree to arrange for the Company to issue Shares in exchange for assets other than money, but will only do so where the Depositary has taken reasonable care to determine that the Company’s acquisit ion of those assets in exchange for the Shares is not likely to result in any material prejudice to the interests of Shareholders or potential Shareholders
of the Fund concerned.
The ACD will ensure that the beneficial interest in the assets concerned is transferred to or for the account of the Company with effect from the date of issue of the Shares.
The ACD will not issue Shares in any Fund in exchange for assets the holding of which would be
inconsistent with the investment objective of that Fund.
General
To satisfy a request for the issue, redemption or exchange of Shares, the ACD will normally sell Shares
to , or repurchase Shares from , Shareholders to meet such requests .
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 50
The ACD is entitled to hold Shares for its own account and to satisfy requests for sale from its own holding . Although the ACD dealing in Shares held by it, for its own account, is not with the intention of making a profit there will be occasions when such dealings do give rise to a profit.
In some circumstances and in accordance with the COLL Sourcebook, the Company will issue or cancel
Shares to meet such requests . The COLL Sourcebook requires the ACD to procure the issue or cancellation by the Company where necessary to meet any obligation to sell or redeem Shares .
The ACD is under no obligation to account to the Company or to Shareholders for any profit it makes
on the issue, reissue or cancellation of Shares and will not do so .
The amount to be charged by or paid to the ACD for the sale of a Share by the ACD will not be more than the price of a Share notified to the Depositary at the relevant Valuation Point plus any Entry Charge
and/or Investor Protection Fee which may apply.
The amount to be paid by the ACD for the redemption of a Share will not be less than the price of a Share notified to the Depositary at the relevant Valuation Point minus any Exit Charge or Investor Protection Fee which may apply.
Market timing
The Funds are intended to be a medium to long - term investment vehicle and are not designed to be used by investors for speculating on short - term market or currency movements. Information on the
typical investor profile and target market for each Fund is se t out above. The ACD may refuse to accept a subscription or a Switch between Funds if it has reasonable grounds, in relation to the Shareholder
concerned, for refusing to accept a subscription or a Switch from them . In particular, the ACD may exercise this discretion if it believes the Shareholder has been or intends to engage in market timing
activities . The ACD does not condone or engage in market timing activities.
Money Laundering
Under current legislation in the United Kingdom to prevent money laundering, persons conducting
investment business are responsible for compliance with applicable anti - money laundering regulations. In order to comply with those regulations and protect Shareholders from fraud, the ACD is required to
carry out due diligence checks on all Shareholders or potential Shareholders and any party giving instructions for a Shareholder or their estate, at the start of the investment and on an on - going basis .
The ACD may use an external agency to verify the identity of Shareholders , potential Shareholders or any party giving instructions for a Shareholder, for anti - money laundering purposes.
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The ACD is also required to ensure that any existing Shareholder data and due diligence records are kept up to date during the time of the investment including on the sale, purchase or transfer of Shares or distribution of income . Shareholders may therefore be contact ed by the ACD from time to time to
check that the information held is still valid or to request updates of the documentation or information
h e ld by the ACD .
In the event of a delay or failure to produce any information or documentation required to satisfy the
ACD’s due diligence requirements , the ACD reserves the right to refuse to carry out the transaction
requested, including accept ing additional subscriptions or releas ing the investment (including any
distribution payments due to the Shareholder s ) , until the requested information has been provided.
Shareholders will be advised as to the information required in advance of any restrictions placed on
their account.
Suspension of Dealings in Shares
The ACD may, with the prior agreement of the Depositary , and will, if the Depositary so requires,
temporarily suspend the issue, cancellation, sale, redemption and exchange of any Class of Shares in any of the Funds, if the ACD or the Depositary is of the opinion that due to exceptional circumstances
there is g ood and sufficient reason to do so, having regard to the interests of Shareholders or potential Shareholders. The ACD will ensure that a notification of suspension is made to all Shareholders as
soon as practicable after suspension commences .
Such a suspension will continue for as long as it is justified having regard to the interests of Shareholders or potential Shareholders and must cease as soon as practicable after the exceptional
circumstances referred to above have ceased . The ACD and Depositary must formally review the suspension at least every 28 days and inform the Financial Conduct Authority of the results of the
review .
During the period of suspension the ACD may agree to issue, redeem or exchange Shares in which case all deals accepted during, and outstanding prior to, the suspension will be undertaken at prices
calculated at the first relevant Valuation Point after resu mption of dealing .
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 52
VALUATION
The basis of valuation of the Company’s or a Fund’s investments for the purpose of calculating the
issue and redemption price of Shares as stipulated in the COLL Sourcebook and the Instrument of Incorporation is summarised below .
The price of a Share is calculated by reference to the Net Asset Value of the Fund and Class to which
it relates at the Valuation Point . The Valuation Point for all Funds other than the Aviva Investors UK Index Tracking Fund , the Aviva Investors Multi - Strategy Target Return Fund and the Aviva Investors
Global Equity Income Fund is 12 noon on each Dealing Day.
The Valuation Point for the Aviva Investors UK Index Tracking Fund is 5.00 pm on each Dealing Day. The Valuation Point for the Aviva Investors Multi - Strategy Target Return Fund and the Aviva Investors
Global Equity Income Fund is 11.59 pm on each Dealing Day.
Investors should be aware that the Aviva Investors Multi - Strategy Target Return Fund and the Aviva Investors Global Equity Income Fund operate a 12 noon dealing cut - off. Instructions to deal in Shares
in relation to these Funds which are received and accepted by the ACD before 12 noon on a Dealing Day will be processed at the 11.59pm Valuation Point on that Dealing Day . All instructions received and
accepted after this time will be held over and processed at the 11.59pm Valuation Point on the next Dealing Day . For example, an instruction received by 11 .00 am on a Tuesday will be processed at the
11.59pm Valuation Point on that day . However, an instruction received at 1.00pm on a Tuesday will not be processed until the 11.59pm Valuation Point on Wednesday .
For all other Funds instructions to deal in Shares received up to Valuation Point on a Business Day will
be processed as at that time . Instructions received after the Valuation Point on a Business Day will be processed on the next Dealing Day .
The ACD may carry out an additional valuation at any time if it considers it desirable to do so.
Calculation of the net asset value
The Net Asset Value of the Scheme Property of the Company and each Fund will be calculated in
accordance with the following provisions:
1. All the property of the Company or the Fund (as the case may be), including receivables, will be included in the calculation subject as set out below.
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2. Property which is not cash (or other assets dealt with in paragraphs 3 and 4 below) or a contingent liability transaction will be valued as follows and the prices used shall (subject as follows) be the most recent prices which it is practicable to obtain:
(a) units or shares in a collective investment scheme:
(i) if a single price for buying and selling units or shares is quoted, that price; or
(ii) if separate buying and selling prices are quoted, the average of those prices
provided that the buying price has been reduced by any entry or initial charge
included in it and the selling price has been increased by any exit or redemption charge attributable to it; or
(iii) if the ACD, in its absolute discretion, determines the price obtained is unreliable or no recent traded price is available or if no recent price exists, a value which the
ACD, in its absolute discretion, determines is fair and reasonable provided that
the ACD will be entitled to rely upon the advice of a professional adviser which
the ACD reasonably believes to be qualified to give such advice;
(b) exchange - traded derivative contracts:
(i) if a single price for buying and selling the exchange - traded derivative contract is quoted, at that price; or
(ii) if separate buying and selling prices are quoted, at the average of the two prices
(c) over - the - counter derivative contracts shall be valued in accordance with the method of valuation as shall have been agreed between the ACD and the Depositary;
(d) any other investment:
(i) if a single price for buying and selling the security is quoted, that price; or
(ii) if separate buying and selling prices are quoted, the average of the two prices; or
(iii) if the ACD, in its absolute discretion, determines that the price obtained is
unreliable or no recent traded price is available or if the most recent price available does not reflect the ACD’s best estimate of the value , at a value which
the ACD, in its absolute discretion, determines is fair and reasonable provided
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that the ACD will be entitled to rely upon the advice of a professional adviser which the ACD reasonably believes to be qualified to give such advice; and
(iv) any item of Scheme Property other than that described in paragraphs 2(a), 2 (b),
2 (c) above: at a value which the ACD, in its absolute discretion, determines represents a fair and reasonable mid - market price.
3. Cash and amounts held in current, deposit and margin accounts and in other time related
deposits shall be valued at their nominal values.
4. In determining the value of the Scheme Property, all instructions given to issue or cancel Shares
received prior to the Valuation Point shall be assumed (unless the contrary is shown) to have
been carried out and any cash payment made or received and all consequential action required by the Regulations, the Instrument of Incorporation or this Prospectus shall be assumed (unless the contrary has been shown) to have been taken .
5. Subject to paragraphs 6 and 7 below, agreements for the unconditional sale or purchase of
Scheme Property which are in existence but uncompleted shall be assumed to have been completed and all consequential action required to have been taken . Such unconditional
agreements need not be taken into account if made shortly before the valuation takes place and if the ACD, in its absolute discretion, determines their omission will not materially affect the
final Net Asset Value.
6. Futures or contracts for differences which are not yet due to be performed and unexpired and unexercised written or purchased options shall not be included under paragraph 5.
7. All agreements are to be included under paragraph 5 which are, or ought reasonably to have
been, known to the person valuing the property assuming that all other persons in the ACD’s employment take all reasonable steps to inform it immediately of the making of any agreement .
8. An estimated amount for anticipated tax liabilities (on unrealised capital gains where the
liabilities have accrued and are payable out of the Scheme Property of the Scheme; on realised capital gains in respect of previously completed and current accounting periods; and on income
where liabilities have accr ued) at the Valuation Point shall be deducted including (as applicable and without limitation) tax on chargeable gains, income tax, corporation tax, VAT, stamp duty,
SDRT and any foreign taxes or duties.
9. An estimated amount for any liabilities payable out of the Scheme Property and any tax or duty thereon, treating periodic items as accruing from day to day, shall be deducted.
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10. The principal amount of any outstanding borrowings whenever repayable and any accrued but unpaid interest on borrowings shall be deducted.
11. An estimated amount for accrued claims for tax of whatever nature which may be recoverable
shall be added.
12. Any other credits or amounts due to be paid into the Scheme Property shall be added.
13. A sum representing any interest or any income accrued, both on cash and interest bearing securities, due or deemed to have accrued but not received , and any SDRT provision
anticipated to be received, shall be added.
14. Currencies or values in currencies other than the Company’s base currency or (as the case
may be) the designated currency of a Fund shall be translated at the relevant Valuation Point at a rate of exchange that is not likely to result in any material preju dice to the interests of
Shareholders and/or potential Shareholders.
Notwithstanding the foregoing, the ACD may, at its discretion, use other generally recognised valuation principles in order to reach a proper valuation of the Net Asset Value of the Company or a Fund, in the
event that it is impractical or manifestly incorrect to carry out a valuation of an investment in accordance
with the above rules or it consi ders such principles better reflect the valuation of a security, interest or
position and are in accordance with generally accepted accounting principles.
Fair Value Pricing
The ACD may, in its absolute discretion and in circumstances where:
1. it believes that no reliable price for the property in question exists; or
2. such price, if it does exist, does not reflect the ACD’s best estimate of the value of such property,
value the Scheme Property or any part of Scheme Property at a price which, in its opinion, reflects a fair and reasonable price for that property ( fair value pricing ).
The ACD is permitted to use fair value pricing in specific circumstances and pursuant to processes and
methodologies that it must have notified to the Depositary . Examples of the circumstances in which the ACD might consider using fair value pricing where a Fund’s Valuation Point is set during the time when
markets in which its portfolio is invested are closed for trading include (without limitation) :
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1. market movements above a pre - set trigger level in other correlated open markets; 2. war, natural disaster, terrorism;
3. government actions or political instability; 4. currency realignment or devaluation;
5. changes in interest rates; 6. corporate activity;
7. credit default or distress; or
8. litigation.
Even if a Fund’s Valuation Point is set during the time other markets are open for trading, other
scenarios might include (without limitation) :
1. failure of a pricing provider;
2. closure or failure of a market; 3. volatile or “fast” markets;
4. markets closed over national holidays;
5. stale or unreliable prices; or 6. listings suspensions or de - listings.
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INCOME AND DISTRIBUTIONS
Accounting periods
The annual accounting period of the Company ends each year on 15 October (the accounting reference
date) and the interim half yearly accounting period ends each year on 15 April . The Aviva Investors Multi - Strategy Target Return Fund, Aviva Investors Strategic Bond Fund , Aviva Investors US Equity
Income Fund I and Aviva Investors Global Equity Income Fund will also have quarterly interim
Distribution Period s ending each year on 15 January and 15 July . The Aviva Investors Higher Income Plus Fund, Aviva Investors Sterling Corporate Bond Fund , Aviva Investors Multi - asset Income Fund and Aviva Investors Managed High Income Fund will, in addition to the annual and interim accounting
periods, have monthly interim Distribution Period s ending on the 15th of each of the remaining 10
months.
Distributions
The Funds will make dividend distributions or accumulations except where over 60% of the Fund’s property has been invested throughout the Distribution Period in interest - bearing investments,
in which case it will make interest distributions or accumulation s unless the ACD considers it more appropriate that dividend distributions or accumulations should be made in respect of that Distribution
Period . Please contact the ACD for further information regarding the type of distribution paid by each Fund.
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Distributions to the holders of Income Shares will be made within two months of the end of each Distribution Period , with the exception of Funds that pay monthly . Distributions will therefore be made as follows:
Distribution Period Ends Income Distribution Paid on or before
15 October 15 December
15 January* 15 March*
15 April** 15 June**
15 July* 15 September*
*Funds with quarterly interim Distribution Period s only.
**Funds with quarterly and 6 monthly interim Distribution Period s only.
For the Aviva Investors Global Equity Endurance Fund , the Aviva Investors Global Emerging Markets Equity Unconstrained Fund (please note that this fund is in the process of being terminated and is no
longer available for new investment) and the Aviva Investors Global Climate Aware Equity Fund , distributions are accumulated annually. For the Aviva Investors Multi - Strategy Target Return Fund,
distributions are accumulated quarterly.
For Funds that make monthly distributions, distributions will be made as follows:
• The Aviva Investors Higher Income Plus Fund distributes income on or before the 14th day of the
month following each Distribution Period end date .
• The Aviva Investors Sterling Corporate Bond Fund distributes income on or before the 27th day of the month following each Distribution Period end date.
• The Aviva Investors Managed High Income Fund distributes income on or before the 27th day of the month following each Distribution Period end date.
• The Aviva Investors Multi - asset Income Fund distributes income on or before the 14 th day of the
month following each Distribution Period end date .
The amount available for distribution in any Distribution Period is calculated in accordance with the allocation procedure set out below . Distributions may be made by cheque or bank transfer or such other
means of payment as may be permitted by the ACD in each year.
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If a distribution of income remains unclaimed for a period of six years after it has become due, it will be forfeited and will revert to the Fund . If the Fund is no longer in existence, the income will revert to the Company . The amount available for distribution in any Distribution Period is calculated by taking the aggregate of the income received or receivable for the account of the relevant Fund in respect of that
Distribution Period . The ACD then makes such other adjustments as it considers appropriate (and after consulting the Auditors as appropriate) in relation to taxation, income equalisation, income unlikely to be received within 12 months following the relevant income allocation date, income which should not be accounted for on an accrual basis because of lack of information as to how it accrues, transfers
between the income and capital account and other matters.
Allocations of income
On or before each income allocation date (being the date that is two months after the end of the relevant
Distribution Period ), the ACD will calculate the amount available for income allocation for the
immediately preceding Distribution Period , will inform the Depositary of that amount and allocate the available income to the Shares of each Class in issue in respect of that Fund, taking account of the
procedure set out below and the proportionate amounts of available income attributable to each Class
in a Fund.
The income available for distribution or accumulation in relation to a Fund is determined in accordance
with the COLL Sourcebook and the Instrument of Incorporation.
As at the end of each relevant Distribution Period , the ACD will arrange for the Depositary to transfer the amount of income allocated to Classes that distribute income (being in essence the amount
available for income allocation calculated in accordance with COLL) to the distribution account.
The income available for allocation and distribution in respect of each Class is calculated by taking the aggregate of the income property received or receivable for the account of such Class in respect of that
period, deducting charges and expenses paid o r payable by such Class out of the income in respect of the period, adding the ACD’s best estimate of any relief from tax on such charges and expenses, and
making other adjustments which the ACD considers appropriate in relation to both income and
expenses (including taxation), after consulting the Auditors when required to do so, in relation to:
1. taxation;
2. potential income which is unlikely to be received until 12 months after the income allocation date;
3. income which should not be accounted for on an accrual basis because of lack of information about how it accrues;
4. any transfers between the income account and capital account that are required in relation to:
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(i) stock dividends;
(ii) income equalisation included in income allocations from other collective investment schemes;
(iii) the allocation of payments in accordance with COLL 6.7.10R (Allocation of payments to income or capital);
(iv) taxation; and
(v) the aggregate amount of income property included in Shares issued and Shares cancelled during the period.
5. making any other adjustments or any reimbursement of set - up costs that the ACD considers
appropriate after consulting the Auditors.
An allocation of income (whether annual or interim) to be made in respect of each Share issued by the Company or sold by the ACD during the Distribution Period in respect of which that income allocation
is made will be of the same amount as the allocation to be made in respect of the other Shares of the same Class in a Fund.
Each allocation of income made at a time when more than one Class is in issue in a Fund shall be done by reference to the relevant Shareholders’ proportionate interests in the property of that Fund . These will be ascertained by reference to the “ Proportion Account ” for each such Class described in the section entitled “Proportionate entitlements” below.
The ACD will distribute the income allocated to Income Shares of each Class in a Fund among their
holders in proportion to the numbers of such Shares held, or treated as held, by them respectively at the end of the relevant Distribution Period . The ACD will pay the distribution to the holders of Income
Shares in accordance with the instructions.
The amount of income allocated to the holders of a Class of Accumulation Shares will become part of the capital property (as defined in the COLL Sourcebook) attributable to those Shares as at the end of
the relevant Distribution Period . Where other Classes are in issue in respect of a Fund during that Distribution Period , the interests of the holders of Accumulation Shares in the amount of income
allocated to a particular Class must be satisfied by an adjustment, as at the end of the period, in the proportion of the value of the Scheme Property to which the price of an Ac cumulation Share in the
relevant Class is related . The adjustment must be such as will ensure that the price per Share of an Accumulation Share of the relevant Class remains unchanged despite the transfer of income to the
capital property of the Company.
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Income equalisation
The following provisions shall apply in respect of Shares in issue in respect of each of the Funds.
An allocation of income (whether annual or interim) to be made in respect of each Share to which this clause applies issued by the Company or sold by the ACD during the Distribution Period in respect of
which that income allocation is made shall be of the same amount as the allocation to be made in
respect of the other Shares in the same Class in issue in respect of the same Fund but shall include a capital sum ( income equalisation ) representing the ACD’s best estimate of the amount of income included in the price of that Share.
The amount of income equalisation in respect of any Share shall be either:
1. the actual amount of income included in the issue price of that Share; or
2. an amount arrived at by taking the aggregate of the amounts of income included in the price in
respect of Shares of that Class issued or sold in the annual or interim Distribution Period in question and dividing that aggregate amount by the number of such Shares and applying the
resultant average to each of the Shares in question.
Proportionate entitlements
Where Funds have more than one C lass in issue, the proportionate interests of each C lass , in the
amount available for income allocation will be determined in accordance with the Instrument of Incorporation.
The proportionate interests of each Class in the assets and income of the Fund shall be calculated as
follows:
A notional account will be maintained for each Class . Each account will be referred to as a “Proportion
Account” . The word proportion in the following paragraphs used in connection with a Class of Share
means the proportion which the balance on the Proportion Account for that Class at the relevant time bears to the aggregate of all the balances on all the Proportion Accounts maintained in respect of the
Fund at that time.
There will be credited to a Proportion Account:
1. upon an initial or subsequent subscription for any Share of the relevant Class, the subscription price of that Share;
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2. on each Dealing Day, that Class’s proportion of the amount by which the Net Asset Value of
the Fund exceeds the Net Asset Value of the Fund on the preceding Dealing Day (ignoring in the calculations of the Net Asset Value all costs, charges, liabilities of any kind and expenses incurred solely in respect of one or more Class of Share);
3. that Class’s proportion of the income of the Fund received and receivable (except to the extent already taken into account);
4. any notional tax benefit allocated to that Class (except to the extent already taken into account);
and
5. any other amount which the ACD considers to be appropriate to credit to that Proportion
Account.
There will be debited to a Proportion Account:
1. upon redemption of any Share of the relevant Class, the redemption price of that Share;
2. on each Dealing Day, that Class’s proportion of the amount by which the Net Asset Value of
the Fund is less than the Net Asset Value of the Fund on the preceding Dealing Day (ignoring in the calculations of the Net Asset Value all costs, charges, liabiliti es of any kind and expenses
incurred solely in respect of one or more Class of Share);
3. upon any amount becoming due and payable as a distribution in respect of Shares of the relevant Class, the amount to be distributed in respect of that Class;
4. all costs, charges, liabilities of any kind and expenses incurred solely in respect of that Class;
5. that Class’s share of the costs, charges, liabilities of any kind and expenses incurred in respect
of that Class and one or more other Class or Classes; and
6. any notional tax liability allocated to that Class (except to the extent already taken into account).
Any tax liability in respect of the Fund and any tax benefit received or receivable in respect of the Fund will be allocated between Classes in order to achieve, so far as possible, the same result as would have
been achieved if each Class were itself a Fu nd so as not materially to prejudice that Class . The allocation will be carried out by the ACD after consultation with the Auditors.
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Where a Class is denominated in a currency which is not the base currency of the Fund, the balance of the Proportion Account shall be translated into the base currency of the Fund in order to ascertain the proportions of all Classes . Translations between currencies shall be at a rate that is not likely to result in any material prejudice to the interests of Shareholders or potential Shareholders of any Class.
The Proportion Accounts are:
1. memorandum accounts maintained for the purpose of calculating proportions . They do not represent debts from the Company to Shareholders or the other way round;
2. maintained such that each credit and debit to a Proportion Account shall be allocated to that
account on the basis of that Class’s proportion immediately before the allocation . All such
adjustments shall be made as are necessary to ensure that on no occasion on which the proportions are ascertained is any amount counted more than once.
The Company may adopt a method of calculating the amount of income to be allocated between the Shares in issue in respect of any Fund which is different to the method set out above provided that the
ACD is satisfied that such method is fair to Shareholders and that it is reasonable to adopt such method
in the given circumstances.
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RISKS
The following are important warnings and potential investors should consider the following risk
factors before investing in the Company.
The following risk factors may relate to a particular Fund as that Fund invests directly in a particular
asset or because that Fund invests in a collective investment scheme which in turn invests in a particular asset.
General
There are inherent risks in investment markets . Security prices are subject to market fluctuations and
can move irrationally and be unpredictably affected by many and various factors including political and
economic events and rumours . There can be no assurance that any appreciation in value of investments
will occur. The value of investments and the income derived from them may go down as well as up and investors may receive less than the original amount invested.
There is no guarantee that the investment objectives of any Fund will be achieved . It is important to
note that past performance is not a guide to future returns or growth . Shares should be viewed as a medium to long term investment.
Investors will need to decide whether or not an investment vehicle of this nature is appropriate for their
requirements.
Counterparty Risk See also ‘Credit Risk’. The bankruptcy or default of any counterparty could result in losses to any Fund.
In addition, a Fund may bear the risk of loss because a counterparty does not have the legal capacity
to enter into a transaction, or if the transacti on becomes unenforceable due to relevant legislation or regulation (see ‘Legal Risk’).
In the case of any insolvency or failure of any such party, a Fund might recover only a pro rata share of
all property available for distribution to all of such party’s creditors and/or customers. Such an amount
may be less than the amounts owed to that Fu nd.
Trading in financial derivative instruments which have not been collateralised gives rise to direct counterparty exposure. A Fund might mitigate much of this risk by receiving collateral with a value at
least equal to the exposure to each counterparty but, to the extent that any financial derivative instrument is not fully collateralised or, to the extent the Fund has provided collateral to the counterparty
under a SFT in excess of the termination value of the underlying contract, a default by the counterpa rty
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may result in a reduction in the value of a Fund. In the event of the insolvency of the counterparty to a derivative, the Fund of the Company will be treated as a general creditor of such counterparty, and will not have any claim with respect to the underlying indebtedness. Consequently, that Fund of the
Company will be subject to the credit risk of the counterparty as well as that of the issuer of the
indebtedness. As a result, concentrations of derivatives in any one counterparty may subject a Fund to an additional degree of risk with respect to defaults by suc h counterparty as well as by the issuer of the
underlying indebtedness.
To mitigate counterparty risk the Company will only use preferred counterparties which it believes to be
creditworthy and may reduce the exposure incurred in connection with such transactions through the use of collateral. A formal review of each new counterparty is completed and all approved cou nterparties are regularly assessed. However there can be no guarantee that a counterparty will not default or that
a Fund of the Company will not sustain losses as a result.
The ACD is free to use one or more separate counterparties for derivative investments . Some or all of
these counterparties may be associates of the Aviva Group.
Credit Risk
See also ‘Counterparty Risk’. Credit risk is the risk that the counterparty to a financial instrument will fail to discharge an obligation. Each Fund will be exposed to a credit risk for the parties with whom it
trades. Investing in sovereign debt, any oth er debt guaranteed by a sovereign government, or corporate debt entails risks related to the issuer’s ability and willingness to repay principal and pay interest. A
default by the issuer of the bond may impact the value of a Fund. Short - term cash equivalen t investments, such as commercial paper, bankers’ acceptances, certificates of deposit, and repurchase
transactions, are not guaranteed by any government and are subject to some risk of default.
Credit risk may also arise through a default by one or several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one institution causes a
series of defaults by the other institutions. Th is is sometimes referred to as a "systemic risk" and may adversely affect financial intermediaries, such as clearing agencies, clearing houses, banks, securities
firms and exchanges, with which the Company interacts on a daily basis.
Equities
In general, equities involve higher risks than bonds or money market instruments. Equities can lose value rapidly, and can remain at low prices indefinitely. Equities of companies that appear to be priced below true value may continue to be undervalued. If a company goes through bankruptcy or other financial restructuring, its equities may lose most or all of their value.
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Derivatives usage
Over - the - Counter Counterparty (OTC) and Market Risk Each of the Funds may hold OTC derivative positions . The fair value of these derivatives will take into
account their tendency, in some cases, to have limited liquidity and higher price volatility . In addition, a Fund holding OTC derivatives will be exposed to credit risk on counterparties with whom the transactions are made and will bear the risk of settlement default with those counterparties .
Liquidity Risk When trading derivatives; market demand can impact the ability to acquire or liquidate assets, particularly where positions and contracts entered into are complex and bespoke. Counterparty liquidity can be reduced by lower credit ratings or large cash outf lows and margin calls can increase a Fund’s
liquidity risk.
Credit Default Swaps The Funds may use credit default swaps. A credit default swap is a bilateral financial contract in which
one counterparty (the protection buyer) pays a periodic fee in return for a contingent payment by the protection seller following a credit event of a r eference issuer. The protection buyer must either sell
particular obligations issued by the reference issuer for its par value (or some other designated reference or strike price) when a credit event (such as bankruptcy or insolvency) occurs or receive a
c ash settlement based on the difference between the market price and such reference price. The Funds may use credit default swaps in order to hedge the specific credit risk of some of the issuers in their
portfolio by buying protection. As with any OTC deri vative , a Fund holding credit default swaps will be exposed to counterparty risk with whom the transactions are made and will bear the risk of settlement
default with those counterparties. There is also the risk of legal disputes as to whether a credit event has o ccurred, which could mean that a Fund cannot realise the full value of the credit default swap. In
addition, capability to close out positions before maturity may be limited .
Exchange - Traded Futures Contracts A particular risk associated with this type of contract is the means by which the futures contract is
required to be terminated. A futures contract can only be terminated by entering into an offsetting transaction. This needs a liquid secondary market on t he exchange on which the original position was established. The ACD will use its judgement to establish that there appears to be a liquid secondary
market for such instruments but there can be no assurance that such a market will exist for any particular
c ontract at any point in time. In that event, it might not be possible to establish or liquidate a position. In addition, because the instrument underlying a futures contract traded by the Fund will often be different from the instrument or market being hed ged or to which exposure is sought, the correlation risk could be significant and could result in losses to the Fund. The use of futures involves basis risk the risk that changes in the value of the underlying instrument will not be fully reflected in th e value of
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the futures contract. The liquidity of a secondary market in futures contracts is also subject to the risk of trading halts, suspensions, exchange or clearing house equipment failures, government intervention, insolvency of a brokerage firm, clearing house or exchange or other disruptions of normal trading
activity. Each securities exchange typically has the right to suspend or limit trading in all securities which
it lists. Such a suspension would render it impossible for the Fund to liquidate positions and, accordingly, expose the Company to losses and delays in its ability to redeem Shares . There is also a degree of leverage inherent in futures trading i.e. the loan margin deposits normally required in futures trading
means that such trading may be leveraged.
Forward Currency Contracts Forward contracts, are not traded on exchanges, are not standardised and each transaction tends to be negotiated on an individual basis. Forward and ‘cash’ trading is substantially unregulated.
There is no requirement that the principals who deal in the forward markets are required to continue to make markets in the currencies they trade and these markets can experience periods of illiquidity,
sometimes of significant duration. Disruptions can oc cur in any market traded by the Fund due to unusually high trading volume, political intervention or other factors. The imposition of controls by
governmental authorities might also limit such forward trading to less than that which the ACD would otherwise recommend, to the possible detriment of the Fund. In respect of such trading, the Fund is
subject to the risk of counterparty failure or the inability or refusal by a counterparty to perform with respect to such contracts. Market illiquidity or disruption could result in major losses to the Fund.
The ACD considers that derivative usage in respect of any Fund other than the Aviva Investors
Multi - Strategy Target Return Fund and the Aviva Investors Strategic Bond Fund:
• is not likely significantly to amplify the movement of the prices of Shares in that Fund; and
• is not expected to increase the risk profile of that Fund compared to the risk profile the Fund would have if it invested directly in the underlying assets.
Details of derivatives usage and the associated risks in respect of the Aviva Investors Multi Strategy Target Return Fund and the Aviva Investors Strategic Bond Fund are detailed in the sections headed ‘ Additional risks for the Aviva Investors Multi - Strategy Target Return Fund’ and
‘Additional risk for the Aviva Investors Stra tegic Bond Fund’ below.
Liquidity Risk
The absence of adequate liquidity which restricts investment opportunities is known as liquidity risk.
Liquidity risk tends to compound other risks. If a Fund has a position in an illiquid asset, its limited ability
to liquidate that position at short noti ce will compound its market risk.
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Currency Exchange Rates
Investments for some Funds will be made in assets denominated in various currencies and exchange
rate movements may affect the value of an investment favourably or unfavourably, separately from the gains or losses otherwise made by such investments.
Effect of Entry Charge
Where charged , the Entry Charge is deducted from the investment at outset . Hence investors, having
paid an Entry Charge, who redeem their Shares in the short term may not (even in the absence of a fall in the value of the relevant investments) realise the original amount invested.
Emerging Markets
In general, investment in emerging markets (such as the less developed markets of Asia, Africa, South
America, and Eastern Europe) involve higher risk than developed markets (such as those of Western Europe, the United States of America, and Japan).
Risks that may be higher in emerging markets include:
• failed or delayed settlement of market transactions ;
• lack of standardi s ed or reliable custody and/or registration arrangements, particularly in Russia,
where the securities are not directly held or controlled by the Depositary or its local agent ; This may give rise to difficulties and delays in settling, realising and recovering assets of the Funds . • c ompanies in emerging markets may not be subject (i) t o accounting, auditing and financial
reporting standards, practices and disclosure requirements comparable to those applicable to companies in major markets; and (ii) to the same level of government supervision and
regulation of stock exchanges as countrie s with mo re advanced securities markets;
• political, economic, or social instability which means conditions may change without notice;
• unfavourable changes in regulations and laws ;
• excessive fees, trading costs or taxation, or outright seizure of assets ;
• rules or practices that place outside investors at a disadvantage ;
• incomplete, misleading, or inaccurate information about securities and/or their issuers could
affect the accuracy of security valuations;
• manipulation of market prices by large investors ;
• currency risk, due to restrictive currency control regulations, artificial conversion rates, and
greater short - term fluctuation in currency exchange rates;
• arbitrary delays and unscheduled market closures ; and
• fraud and corruption .
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Accordingly, certain emerging markets may not afford the same level of investor protection as would apply in more developed jurisdictions.
Restrictions on foreign investment in emerging markets may preclude investment in certain securities
by certain Funds and, as a result, limit investment opportunities for the Funds . Substantial government involvement in, and influence on, the economy may affect the value of securities in certain emerging
markets. The Fund s could be adversely affected by the introduction of new restrictions over the repatriation of capital, dividends, interest or other income from emerging market countries. Economic or political conditions could lead to the revocation or variation of consent to repatriate monies back to the Funds. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain
emerging markets may mean that from time to time the ACD may experience more difficulty or delays
in purchasing , selling , or receiving settlement for securities , than would be expected in a more developed market s .
The legislative framework may be relatively new and untested and there can be no assurance regarding
how local courts or agencies will react to questions arising from a Fund’s investment in such countries.
There is no guarantee that arrangements made between the Depositary and any agent, sub - custodian
or their delegate will be upheld by a local court, or that any judgement obtained by the Depositary or
the Fund will be enforced by the local court .
Investors should consider whether or not investment in such Funds is either suitable for or should
constitute a substantial part of an investor’s portfolio.
China
Investors should be aware that, in addition to the “Emerging Markets” risks outlined above, investment
in China exposes Funds to particular risks, as further outlined in this section. Generally, investors should note that the rights of investors in China a re uncertain, government intervention is common and unpredictable, and many of the market systems are unproven. Chinese authorities may impose measures that result in additional costs and/or have the effect of blocking, limiting or otherwise
restricting tr ading, potentially hindering a Fund in implementing its intended investment strategy.
Stock Connect Risk Certain Fund s may invest in China A - Shares through the Shanghai - Hong Kong Stock Connect and the
Shenzhen - Hong Kong Stock Connect programmes (the “Stock Connect”). The Stock Connect is a securities trading and clearing linked programme developed by Hong Kong Exchanges a nd Clearing
Limited ("HKEx"), the Hong Kong Securities Clearing Company Limited ("HKSCC"), Shanghai Stock Exchange, Shenzhen Stock Exchange and China Securities Depository and Clearing Corporation
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Limited ("ChinaClear ") with an aim to achieve mutual stock market access between mainland China and Hong Kong. The Stock Connect allows foreign investors to trade certain Shanghai Stock Exchange or Shenzhen Stock Exchanges listed China A - Shares through their Hong Kong based b rokers. Any Fund seeking to invest via the Stock Connect is subject to the following additional risks:
• Clearing and Settlement Risk: The HKSCC and ChinaClear have established the clearing links and each will become a participant of each other to facilitate clearing and settlement of cross boundary trades. For cross - boundary trades initiated in a market, the clearing house of that market will on one hand clear and settle with its own clearing participants, and on the other
hand undertake to fulfil the clearing and settlement obligations of its clearing participants with the counterparty clearing house. As the national central counterparty of the PRC’s securities
market, ChinaClear operates a comprehensive network of clearing, settlement and stock
holding infrastructure. ChinaClear has established a risk management framework and measures that are approved and supervised by the China Securities Regulatory Commission.
The ch ances of a ChinaClear default are considered to be remote. In the event ChinaClear defaults, HKSCC's liabilities under its market contracts with clearing participants will be limited
to assisting clearing participants in pursuing their claims against ChinaClear. HKSCC should act in good faith to seek recovery of the outstanding stocks and monies from ChinaClear
through available legal channels or the liquidation of ChinaClear. In that event, the Fund may not fully recover its losses or its Stock Connect securities or the process of recovery could be
delayed.
• Legal/Beneficial Ownership: Where securities are held in custody on a cross - border basis, there are specific legal/beneficial ownership risks linked to compulsory requirements of the local Central Securities Depositaries, HKSCC and ChinaClear . As in other emerging and less developed markets, the legislative framework is only beginning to develop the concept of legal/formal ownership and of beneficial ownership or interest in securities. In addition, HKSCC,
as nominee holder, does not guarantee the title to Stock Connect securities held through it and is under no obligation to enforce title or other rights associated with ownership on behalf of
beneficial owners. Consequently, the courts may consider that any nominee or custodian as
registered h older of Stock Connect securities would have full ownership thereof, and that those
Stock Connect securities would form part of the pool of assets of such entity available for distribution to creditors of such entities and/or that a beneficial owner may ha ve no rights
whatsoever in respect thereof. Consequently the Fund and the Depositary cannot ensure that the Fund’s ownership of these securities or title thereto is assured. To the extent that HKSCC
is deemed to be performing safekeeping functions with respect to assets held through it, it should be noted that the Depositary and the Fund will have no legal relationship with HKSCC
and no direct legal recourse against HKSCC in the event that the Fund suffer s losses resulting from the performance or insolvency of HKSCC.
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• No Protection by Investor Compensation Fund: Investments through the Stock Connect are
conducted through brokers, and are subject to the risks of default by such brokers in their obligations. The Funds’ investments under the Stock Connect are not covered b y the Hong
Kong’s Investor Compensation Fund, which is established to pay compensation to investors of any nationality who suffer pecuniary losses as a result of default of a licensed intermediary or
authorised financial institution in relation to exchange - traded products in Hong Kong. Therefore the Fund is exposed to the risks of default of the broker(s) it engage s in its trading in China A Shares through the Stock Connect. Further, since the Fund is carrying out trading through securities brokers in Hong Kong but not PRC brokers, it is not protected by the China Securities
Investor Protection Fund in the PRC.
• Operational risk: The Stock Connect provides a channel for investors from Hong Kong and
overseas to access the PRC Stock Exchanges directly. The Stock Connect is premised on the functioning of the operational systems of the relevant market participants. Ma rket participants
are able to participate in these programmes subject to meeting certain information technology capability, risk management and other requirements as may be specified by the relevant
exchange and/or clearing house. The securities regimes an d legal systems of the two markets differ significantly and market participants may need to address issues arising from the
differences on an on - going basis. Further, the “connectivity” in the Stock Connect requires routing of orders across the border. The re is no assurance that the order routing systems will
function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to function properly, trading in both markets through
the progr amme can be disrupted. The Fund’s ability to access the China A - Shares market (and hence to pursue its investment strategy) will be adversely affected. The HKSCC provides
clearing, settlement, nominee functions and other related services of the trades executed by Hong Kong market particip ants. PRC regulations which include certain restrictions on selling
and buying will apply to all market participants. In the case of sale, pre - delivery of shares is required to the broker. Because of such requirements, the Fund may not be able to purchase
and/or dispose of holdings of in a timely manner.
• Quota limitations risk: The Stock Connect is subject to quota limitations. Trading under the
Shanghai - Hong Kong Stock Connect and the Shenzhen - Hong Kong Stock Connect will be subject to a daily quota respectively (“Daily Quota”). The Daily Quota will apply on a “net buy”
basis. In particular, once the remaining balance of the Daily Quota drops to zero or the Daily Quota is exceeded during the opening call auction session, new buy orders will be rejected
(though investors will be allowed to sell their cross - boundary securities regardless of the quota balance). Therefore, quota limitations may restrict the Fund’s ability to invest in China A - Shares
through the Stock Connect on a timely basis, and the Fund may not be able to effectively pursue its investment strategies.
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• Regulatory risk: Any changes in laws, regulations and policies of the China A - Shares market
or rules in relation to Stock Connect may affect trading capabilities and/or share prices. Additionally, the Stock Connect is a novel concept and is subject to regulations promulgated by
regulatory authorities and implementation rules made by the stock exchanges in the PRC and
Hong Kong. Further, new regulations may be promulgated from time to time by the regulators in connection with operations and cross - border legal enforcement in connection with cross border trades under the Stock Connect. Also, the current regulations are subject to change.
There can be no assurance that the Stock Connect will not be abolished. Any Fund which may invest via the Stock Connect may be adversely affected as a result of such changes.
China Interbank Bond Market (“CIBM”) and Bond Connect Risk The CIBM is an interbank bond market where the products traded include government bonds, policy
bank bonds and corporate bonds. Certain Funds may invest in the CIBM through “Bond Connect”, an
initiative d eveloped by the China Foreign Exchange Trade System & National Interbank Funding
Centre, China Central Depository & Clearing Co r poration Limited , Shanghai Clearing House, Hong Kong Exchanges and Clearing Limited ("HKEx"), and Central Moneymarkets Unit (“CMU”) . Bond Connect is a trading link between China and Hong Kong which allows eligible foreign investors to invest in bonds circulated in the CIBM, with the trading link accessed via electronic bond trading platforms
such as Tradeweb and Bloomberg . All bonds traded by eligible foreign investors will be registered in the name of C M U, which will hold such bonds as a nominee owner.
Any Fund seeking to invest via Bond Connect is subject to the following additional risks:
• Reliance on Third Parties Risk: currently, the settlement and custody of bonds traded via Bond Connect is carried out through the settlement and custody link between the CMU (as offshore
custody agent), and China Central Depository & Clearing Co and Shanghai Clearing House (as onshore custodian and clearing institutions). Consequently, the relevant filings, registrations
with PRC and account opening have to be carried out by third parties. As such, the relevant Fund is subject to the risk of default a nd errors by such third parties. The Funds may also be
exposed to risks associated with settlement procedures and the default of counterparties.
• Operational risk: Bond Connect provides a channel for investors from Hong Kong and overseas
to access the CIBM . It is premised on the functioning of the operational systems of the relevant market participants. Market participants are able to participate in these programmes subject to
meeting certain information technology capability, risk management and other requireme nts as may be specified by the relevant exchange and/or clearing house. The securities regimes and
legal systems of the two markets differ significantly and market participants may need to address issues arising from the differences on an on - going basis. F urther, the “connectivity” in
Bond Connect requires routing of orders across the border , through newly developed trading platforms and operational systems . There is no assurance that the se systems will function
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properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to function properly, trading in both markets through the
programme can be disrupted. Further, Funds accessing the CIBM through Bond Connect may
be subject to risks or delays inherent in order execution and settlement systems. A Fund’s
ability to access the CIBM (and hence to pursue its investment strategy) could therefore be adversely affected.
• Volatility and Liquidity risk: There are no investment quotas for bonds traded on the CIBM via the northbound trading link of Bond Connect. Nevertheless, market volatility and potential lack
of liquidity due to the particular trading volumes of certain bon ds on the CIBM may result in significant price fluctuation from time to time. The bonds may also be hard to sell. In addition, there may be large bid/offer spreads on the prices of such bonds which could cause a Fund to
incur significant trading costs. Fun ds investing via Bond Connect could therefore struggle to acquire or dispose of bonds at their true value, and could suffer losses when selling such
investments.
• Taxation: Any changes in Chinese tax law or applicable policies, including subsequent retroactive enforcement by the tax authorities of any tax, may result in loss to the Funds.
• Legal/Beneficial Ownership: Where bonds are held in custody on a cross - border basis, there are specific legal/beneficial ownership risks linked to compulsory requirements of the local
agents . As in other emerging and less developed markets, the legislative framework is only
beginning to develop the concept of legal/formal ownership and of beneficial ownership or
interest in securities. Consequently , the Fund and the Depositary cannot ensure that the Fund’s
ownership of bonds held via Bond Connect is assured. It should be noted that the Depositary
and the Fund have no legal relationship with the CMU, the China Central Depositary & Clearing
Co or the Shanghai Clearing House, and no direct legal recourse against them in the event that
the Fund suffer s losses resulting from the performance or insolvency of any of the CMU, the China Central Depositary & Clearing Co or the Shanghai Clearing House .
• No Protection by Investor Compensation Fund: The Funds’ investments via Bond Connect are not covered by either the Hong Kong’s Investor Compensation Fund or the China Securities Investor Protection Fund in the PRC (see the above warning under “Stock Connect Risk; No
Protection by Investor Compensation Fund”) .
• Regulatory risk: Any changes in laws, regulations and policies of the CIBM or rules in relation to Bond Connect may affect trading capabilities and/or investment returns . Bond Connect is a
novel concept and is subject to regulations promulgated by regulatory authorities and implementation rules made by relevant market participants, such as custody and settlement
agents in C hina and Hong Kong. N ew regulations may be promulgated from time to time by the
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regulators in connection with operations and cross - border legal enforcement in connection with
cross - border trades under Bond Connect or the CIBM more generally . Also, the current
regulations are subject to change and any such changes may have potential retrospective effect . There can be no assurance that Bond Connect will not be suspended from time to time
or abolished. Any Fund which may invest via Bond Connect may be adversely affected as a result of such changes.
Investment in Smaller Companies Smaller companies’ securities may be less liquid than the securities of larger companies as a result of
inadequate trading volume or restrictions on trading . Smaller companies may possess greater potential
for growth, but can also involve greater risks, such as limited product lines and markets, and financial or managerial resources . Trading in such securities may be subject to more abrupt price movements
and greater fluctuations in available liquidity than trading in the securities of larger companies.
Participation Notes Participation notes (“P - Notes”) are issued by banks or broker - dealers and are designed to offer a return
linked to the performance of a particular underlying equity security or market. P - Notes can have the
characteristics or take the form of various instru ments, including, but not limited to, certificates or warrants.
The holder of a P - Note that is linked to a particular underlying security is entitled to receive any
dividends paid in connection with the underlying security. However, the holder of a P - Note generally does not receive voting rights as it would if it direc tly owned the underlying security. P - Notes constitute
direct, general and unsecured contractual obligations of the banks or broker - dealers that issue them, which therefore subject the Fund to counterparty risk.
Investments in P - Notes involve certain risks in addition to those associated with a direct investment in the underlying foreign securities or foreign securities markets whose return they seek to replicate. For
instance, there can be no assurance that the t rading price of a P - Note will equal the value of the underlying foreign security or foreign securities market that it seeks to replicate. As the purchaser of a
P - Note, a Fund is relying on the creditworthiness of the counterparty issuing the P - Note and has no rights under a P - Note against the issuer of the underlying security. Therefore, if such counterparty were
to become insolvent, a Fund would lose its investment. The risk that a Fund may lose its investments due to the insolvency of a single counterparty may be amplified to the extent a Fund purchases P - Notes issued by one issuer or a small number of issuers.
P - Notes also include transaction costs in addition to those applicable to a direct investment in securities.
Due to liquidity and transfer restrictions, the secondary markets on which P - Notes are traded may be
less liquid than the markets for other securities, which may lead to the absence of readily available
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market quotations for securities and may cause the value of the P - Notes to decline. Accordingly, it may be more difficult for a Fund to accurately assign a daily value to such securities.
Equity and Mortgage Real Estate Investment Trusts (REITs)
An Equity REIT is a company that owns income - producing real estate. Therefore, investing in Equity REITs exposes the Funds to property - related risks such as: changes in the values of properties (which
may be affected by such factors as general economic and market conditions , interest rates and tax consideration) ; changes in rental rates and income; operating expenses (including the company’s ability
to finance property purchases and renovations and manage its cash flows ) ; and occupancy rates; potential for defaults on leases and payments; and competition within the property market affecting the
availability of potential investments. Accordingly, investors should be aware that since Equity REITS may be invested in a limited number of projects or in particular market segment, they are more
susceptible to adverse developments affecting a single project or market segment than more broadly diversified investments. Such factors may cause variability in the dividends payable by an Equity REIT
and may lead to volatility in the Net Asset Value per ordinary share and the trading price of ordinary shares of Equity REITs.
A Mortgage REIT is a company that loans money for mortgages to owners of real estate, or purchases existing mortgages or mortgage - backed securities. Their revenues are generated primarily by the
interest that they earn on the mortgage loans. Mortgage REITs are sensitive to changes in short - term and long - term interest rates. When interest rates rise, Mortgage REITs typically lose value. However,
Mortgage REITs may also lose value when interest rates fall, and more mortgages are prepaid, limiting the amount of interest income Mortgage REITs can generate. Some Mortgage REITs may be exposed
to higher credit risk depending on the creditworthiness of the underlying borrowers and whether they are guaranteed by a government agency. If mortgages go into default, the Mortgage REITs tha t hold
them may lose value. Please also see the risks associated with mortgaged - backed securities as outlined below.
Credit , Debt and other F ixed I nterest S ecurities
Credit and Default Risk
If the financial health , or the perceived financial health, of the issuer of a bond or money market security weakens, the value of the bond or money market security may fall. In extreme cases, the issuer may delay scheduled payments to investor s causing a reduction in the income received by the Fund; or may become unable to make its payments at all, and the issuer’s bonds or money market securities may
become worthless. Under extreme market or economic conditions, defaults could be widespread and their effect on Fund performance significant. Credit and default risk are greater for sub - investment grade
bonds (see below), also known as high - yield securities, than investmen t grade securities.
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Interest Rate Risk The price of a bond or a fixed income security is dependent upon interest rates. When i nterest rates rise the value of bond s generally fall , and vice - versa. The longer the term of a bond or fixed income
instrument, the more sensitive it will be to fluctuations in value from interest rate changes. Interest rate risk is also generally greater the higher the credit quality of a bond. Changes in interest rates may have a significant effect on a Fund.
Sub - Investment Grade (or High - Yield) Bonds These bonds are usually issued by companies without long track records of sales and earnings, or by
those companies with questionable credit strength. They have a lower credit rating than investment grade bonds, may be subject to greater market fluctuation s and have a higher risk of default. The secondary market for sub - investment grade bonds may be less liquid than that of higher - rated securities and they may be more difficult to sell in adverse conditions . Sub - investment grade bonds therefore carry a degree of risk both to the income and capital value of a Fund.
Emerging Market Corporate Debt Securities The market values of these securities are sensitive to individual corporate developments and changes
in economic conditions. Emerging markets issuers may be highly leveraged and may not have more traditional methods of financing available to them. Therefor e, their ability to service their debt obligations
during an economic downturn or during sustained periods of rising interest rates may be impaired, resulting in a higher risk of default.
Emerging Market Sovereign Debt Securities
Investing in sovereign debt securities will expose the relevant Fund to the direct or indirect consequences of political, social or economic changes in the emerging market countries that issue the
securities. The ability and willingness of sovereign issuers in emerging market countries , or the governmental authorities that control repayment of their debt , to pay principal and interest on such debt
when due may depend on general economic and political conditions within the relevant country. Some
c ountries in which a Fund might invest have historically experienced, and may continue to experience,
high rates of inflation, high interest rates, exchange rate fluctuations, trade difficulties and extreme poverty and unemployment. Many of these countries are also characterised by polit ical uncertainty or
instability. As a result , a governmental issuer may default on its obligations. If such a default occurs, the relevant Fund may have limited legal recourse against the issuer and/or guarantor. Remedies may,
in some cases, be pursued in the courts of the defaulting party itself, and the ability of the holder of foreign sovereign debt securities to obtain recourse may be subject to the political climate in the relevant
country.
Sovereign issuers in emerging market countries have been among the world's largest debtors to
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commercial banks, other governments, international financial organisations and other financial institutions. These issuers have in the past experienced substantial difficulties in servicing their external debt obligations, which have led to defaults on cer tain obligations and the restructuring of certain
indebtedness. Holders of certain foreign sovereign debt securities may be requested to participate in
the restructuring of such obligations and to extend further loans to their issuers.
Asset - Backed Securities Asset - backed securities represent interests in pools of consumer loans such as : credit card receivables,
motor vehicle loans and leases, or leases on equipment such as computers , and are subject to certain additional risks. Due to the nature of the underlying assets, the ability of an issuer of asset - backed
securities to enforce its security interest in the underlying assets may be limited.
T he principal (amount loaned) on asset - backed securities may be prepaid at any time . Voluntary prepayment of the loan will reduce the yield and market value of an asset - backed security .
Rising interest rates tend to extend the duration of asset - backed securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, volatility of asset - backed
securities may increase . The risk of default by borrowers is greater during periods of rising interest rates and/or unemployment rates.
When interest rates are declining, there are usually more prepayments of loans as borrowers are
motivated to pay off debt and refinance at new lower rates, which will shorten the life of asset - backed securities, reducing the potential capital growth. The reinvestment of cash received from prepayments
will, therefore, usually be on less attractive terms and at a lower interest rate than the original investment, lowering the yield payable . The incidence of p repayment of asset - backed securities will
also be affected by o ther factors including general economic and other demographic conditions.
If a Fund purchases asset - backed securities that are “subordinated” to other interests in the same pool of assets, that Fund, as a holder of those securities, may only receive payments after the pool’s
obligations to other investors have been satisfied.
I nstability in the markets for asset - backed securities may affect the liquidity of such securities, which
means that the Fund may be unable to sell such securities at an advantageous time and price. As a result, the value of such securities may decrease and the Fund may incur greater losses on the sale of
such securities than under more stable market conditions. Furthermore, instability and illiquidity in the market for lower - rated asset - backed securities may affect the overall market for such securities, th ereby impacting the liquidity and value of higher - rated securities.
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Mortgage - Backed Securities Mortgage - backed securities are debt instruments which provide securitised interest in a pool of mortgage loans. Cash flows from the pool of mortgages represent repayment of the principal sum
borrowed and/or interest payments arising on the mortgage loans.
As t he principal sum borrowed may be prepaid at any time , v oluntary prepayment of mortgages within
the pool will reduce the yield and market value of mortgage - backed securit ies .
Mortgage - backed securities are sensitive to changes in interest rates resulting in prepayment and extension risk.
Prepayment risk is normally precipitated by a decline in interest rates where mortgages in the pool are paid off more quickly than anticipated as borrowers are motivated to pay off debt and refinance at new
lower rates . In these cases, the principal sum borrowed will be returned prematurely, meaning future interest payments that would have otherwise been paid will no longer be received, shortening the life
of the asset. The reinvestment of cash received from prepayments will, therefore, also usually be on less attractive terms and at a lower interest rate than the original investment, lowering the yield payable .
Conversely an increase in interest rates may lead to extension risk where mortgages in the pool are
paid off less quickly than anticipated, thus increasing the duration of mortgage - backed securities making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, volatility of mortgage - backed securities may increase . The risk of default by borrowers is greater during periods of rising interest rates and/or unemployment rates.
If a Fund purchases mortgage - backed securities that are “subordinated” to other interests in the same
mortgage pool, that Fund, as a holder of those securities, may only receive payments after the pool’s obligations to other investors have been satisfied. For example, an unexpectedly high rate of defaults
on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund as a holder of such subordinated securities, reducing the values of
those securities or in some cases rendering them worthless.
Certain mortgage - backed securities may include securities backed by pools of mortgage loans made to “subprime” borrowers or borrowers with blemished credit histories; the risk of defaults is generally
higher in the case of mortgage pools that include such subprime mortgages. The underwriting standards for subprime loans are more flexible than the standards generally used by banks for borrowers with
non - blemished credit histories with regard to the borrower’s credit standing and repayment ability. Borrowers who qualify generally have impaired credit histories, which may include a record of major
derogatory credit items such as outstanding judgments or prior bankruptcies. In addition, they may not have the documentation required to qualify for a standard mortg age loan. As a result, the mortgage
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loans in the mortgage pool are likely to experience rates of delinquency, foreclosure and bankruptcy that are higher, and that may be substantially higher, than those experienced by mortgage loans
underwritten in a more traditional manner. In addition, cha nges in the values of the mortgaged
properties, as well as changes in interest rates, may have a greater effect on the delinquency,
foreclosure, bankruptcy and loss experience of the mortgage loans in the mortgage pool than on mortgage loans originated in a more traditional manner.
I nstability in the markets for mortgage - backed securities may affect the liquidity of such securities, which
means that a Fund may be unable to sell such securities at an advantageous time and price. As a result, the value of such securities may decrease, a nd a Fund may incur greater losses on the sale of such
securities than under more stable market conditions. Furthermore, instability and illiquidity in the market for lower - rated mortgage - backed securities may affect the overall market for such securities, thereby impacting the liquidity and value of higher - rated securities.
Convertible Securities
Convertible securities include corporate bonds, notes, preferred stocks or debt - securities of issuers that can be converted into (that is, exchanged for) common stocks or other equity securities at a stated price
or rate. Convertible securities also includ e other securities, such as warrants, that provide an opportunity for equity participation. Because convertible securities can be converted into equity
securities they may involve the risks of both equity and debt/fixed interest investments.
They may also involve opportunity risks, for example their value will normally vary in some proportion
with those of the underlying equity securities and their price appreciation may be less than that for pure equity securities of the same or similar issuers . Due to the conversion feature, convertible securities
generally yield less than non - convertible fixed income securities of similar credit quality and maturity.
A Fund’s investment in convertible securities may at times include securities that have a mandatory
conversion feature, where securities convert automatically into common stock at a specified date and conversion ratio, or that are convertible at the option of the issuer. When conversion is not at the option
of the holder, a Fund may be required to convert the security into the un derlying common stock even at times when the value of the underlying common stock has declined substantially.
SFTs
The primary risk in any SFT is counterparty credit risk (see “Counterparty Risk”).
Risk is mitigated by the choice of counterparty and the use of collateral. In the event of a counterparty
default, collateral securities delivered by the failing counterparty are sold, and the sale proceeds used to purchase replacement loan securities. The re is a risk that these collateral sale proceeds are
insufficient to purchase the replacement loan securities, leading the Fund to incur a loss. This risk is mitigated by the fact that all SFT activity is governed by industry standard legal documentation a nd
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collateralised to a minimum value of 100% of the loan portfolio plus a premium . Collateral, consisting of liquid, marketable securities, is valued daily on a mark - to - market basis.
SFTs also involve operational liquidity risk arising where a Fund may be unable to settle the sale of a
security if it cannot be recalled from a borrowing counterparty on a timely basis. This risk is mitigated by a comprehensive set of systems and procedur es in place to ensure that any security on loan may
be recalled at any time as required from the borrowing counterparty.
Investment in other funds
Where a Fund invests in other collective investment schemes or exchange traded funds, in accordance with its investment objectives and policy, it will assume any specific risks associated with those schemes
or funds. Some funds, such as Exchange Traded Fun ds may have significant exposure to derivative investments, and as such counterparty default risk would be considered a specific risk of these funds.
In addition, there are certain risks of more general application associated with such investments. Further more, there may be additional costs to an investor with these strategies, arising out of the double
charging incurred, as the underlying funds can also have initial or entry charges and annual management charges plus additional attributable expenses . In addition to the fees and expenses levied
by a Fund, there may be charges levied by the underlying funds in which it invests. These underlying charges will indirectly affect the investor’s investment .
Exclusion Policies
Where a Fund applies an exclusion policy (for example, the Aviva Investors ’ baseline exclusion policy )
or ESG - based exclusionary criteria in its investment selection process, this may result in the relevant Fund foregoing opportunities to buy certain investments when it might otherwise be advantageous to do so, and/or selling investments when it might be disadvantageous to do so.
Environmental, Social and Governance (ESG) risk
If a Fund has an explicit sustainability objective, or is required to invest in accordance with specific ESG
investment criteria , this may limit the choice of investments. The Fund may not perform in line (either positively or negatively) with either the market (as represented by the relevant benchmark s / indices used by the relevant Fund) or other f unds that have a broader investment policy . A Fund with a sustainability objective or which invests in accordance with specific ESG investment criteria may exercise any voting rights it has in relation to an investment in a manner that is consistent with such objective or criteria , which may not always be consistent with maximising the investment performance
of the relevant investment or issuer.
In evaluating an investment based on ESG criteria, the Investment Manager is dependent upon
information and data from third party resources, including the counterparty and data providers, which may be incomplete, inaccurate, inconsistent or unavailable. As a result, there is a risk that the
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Investment Manager may incorrectly assess an investment or issuer. There is also a risk that the Investment Manager may not apply the relevant ESG criteria correctly or that a Fund with a sustainability objective or which invests in accordance with specific ESG criteria may nonetheless gain limited exposure to investments which are not consistent with the Fund’s objective or investment criteria .
Constituents of an index
Where a constituent of an index accounts for more than 20% of the Index, the Fund’s ability to obtain full exposure is limited by the availability of manufactured securities designed to replicate its investment
performance by virtue of COLL Sourcebook.
Suspension of Dealings
In certain circumstances the right to redeem Shares may be suspended (see the section headed “Suspension of Dealings in Shares” above).
Charges to Capital
Where the investment objective of a Fund is to prioritise the generation of income over capital growth,
or in circumstances where they have equal priority, all or part of the Fund Management Fee may be charged against capital instead of against income . This will only be done with the approval of the
Depositary . It is also possible to charge other costs against capital instead of against income . This may limit capital growth . For further information on this, including confirmation as to which Funds have the
Fund Management Fee charged to capital and which Funds have the Fund Management Fee charged to income, please see the section headed “Fees and Expenses” below .
Inflation
Inflation will reduce the purchasing power of your money when your investment is redeemed.
Operational Risk
There is a dependency upon the ability to process transactions in different markets and currencies.
Shortcomings or failures in internal processes, people or systems could lead to, among other consequences, financial loss and reputation damage. In addition , the ability to conduct business may
be adversely impacted by a disruption in the infrastructure that supports the business and the communities in which they are located.
Cybersecurity Risk
With the increasing use of the internet and technology in connection with the operations of the Company, the ACD, the Investment Manager and of other service providers, the Company is
susceptible to greater operational and information security risks throug h breaches in cyber security.
Cyber security breaches include, without limitation, infection by computer viruses and gaining unauthorised access to systems through "hacking" or other means for the purpose of misappropriating
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assets or sensitive information, corrupting data, or causing operations to be disrupted. Cyber security breaches may also occur in a manner that does not require gaining unauthorised access, such as
denial - of- f- service attacks or situations where authorised individuals intentionally or unintentionally release confidential information stored on the ACD’s, the Investment Manager's or other service
provider's systems. A cyber security breach may cause disruptions and impact the Company's business operations, whi ch could potentially result in financial losses, inability to determine the net asset value, violation of applicable law, regulatory penalties and/or fines, compliance and other costs. The Company
and its Shareholders could be negatively impacted as a resu lt. In addition, because the Company works
closely with third - party service providers, indirect cyber security breaches at such third - party service providers may subject the Company and its Shareholders to the same risks associated with direct cyber
securi ty breaches. Further, indirect cyber security breaches at an issuer of securities in which a Sub Fund invests may similarly negatively impact the relevant Sub - Fund and its Shareholders.
Legal risk
Legal Risk is the risk of loss due to the unexpected application of a law or regulation, or because contracts are not legally enforceable or documented correctly. The risks are largely minimised in respect
of OTC Derivatives by ensuring that contracts know n as “ISDA agreements” are in place with
counterparties prior to trading.
Additional risks for the Aviva Investors Multi - Strategy Target Return Fund
1. Use of Derivatives
1.1 General
There are certain investment risks that apply in relation to the use of financial derivative instruments.
The Aviva Investors Multi - Strategy Target Return Fund may use financial derivative instruments as a
cheaper or more liquid alternative to other invest ments, to attempt to hedge or reduce the overall risk of its investments, or as part of the principal investment policies and strategies used in the pursuit of its investment objectives. The Fund’s ability to use these strategies may be limited by market conditions, regulatory limits and tax considerations. Investments in financial derivative instruments are subject to
normal market fluctuations and other risks inhe rent in investment in securities. In addition, the use of financial derivative instruments involves special risks, and risks different from, and, in certain cases,
greater than, the risks presented by more traditional investments, including:
• dependence on the Investment Manager’s ability to accurately predict movements in the price of the underlying security and the fact that the skills needed to use these strategies are different from those
needed to select portfolio securities; • imperfect correlation between the movements in securities or currency on which a financial derivative
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 83
instruments contract is based and movements in the securities or currencies in the Fund; • the absence of a liquid market for any particular instrument at any particular time which may inhibit the ability of the Fund to liquidate a financial derivative instrument at an advantageous price;
• possible impediments to efficient portfolio management or the ability to meet repurchase requests
or other short - term obligations because a percentage of the Fund’s assets may be segregated to
cover its obligations.
Should the Investment Manager’s expectations in employing such techniques and instruments be incorrect or ineffective, the Fund may suffer a substantial loss, having an adverse effect on
the Net Asset Value of the Shares. Such strategies might also be unsu ccessful and incur losses for the Fund, due to market conditions.
The use of derivatives also means that the Net Asset Value of the Fund may at times be volatile.
However, as the Aviva Investors Multi - Strategy Target Return Fund aims to manage volatility by seeking to operate with less than half the volatility of global equities, the ACD does not consider
that the proposed derivative usage is likely to significantly amplify the movement of share prices in the Fund. It is noted however, that the ability of the Fund to operate to a target of less than
half the volatility of global equities is not guaranteed .
The Investment Manager employs a risk management process to oversee and manage derivatives exposure within the Fund.
1.2 Swaps
The Aviva Investors Multi - Strategy Target Return Fund may enter into a variety of swaps contracts
including those detailed below. Swap contracts are subject to counterparty credit risk, which is the possibility that the other party to the swap contract may default on its obligations. Collateralisation
arrangements will be in place to minimize this counterparty credit risk.
Interest Rate Swaps The Aviva Investors Multi - Strategy Target Return Fund may enter into interest rate swaps. Interest rate
swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest, such as an exchange of fixed rate payments for floating rate payments. As the Fund
enters into interest rate swaps on a net basis, the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. Interest rate swaps
ent ered into on a net basis do not involve the physical delivery of investments, other underlying assets or principal. Accordingly, it is intended that the risk of loss with respect to interest rate swaps is limited
to the net amount of interest payments that the Fund is contractually obligated to make. If the other
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 84
party to an interest rate swap defaults, in normal circumstances the Funds’ risk of loss consists of the
net amount of interest payments that the Fund is contractually entitled to receive.
Inflation Swaps
These are derivative contracts which typically exchange fixed rate interest payments for inflation - linked coupon payments. As actual rates of inflation do not always match expectations, Inflation Swaps are subject to inflation risk. Where the Fund has ente red into a swap to receive a fixed rate interest payment,
losses may be incurred if inflation exceeds expectations. Conversely, if the Fund has entered into a swap to pay a fixed rate interest payment, losses may be incurred if inflation is lower than expe cted.
Dividend Swaps
These are over - the - counter financial derivative contracts. They consist of a series of payments made between two parties at defined intervals over a fixed term (e.g., annually over 5 years). One party - the holder of the fixed leg - will pay its counterpar ty a pre - designated fixed payment at each interval. The other party - the holder of the floating leg - will pay its counterparty the total dividends that were paid
out by a selected underlying, which can be a single company, a basket of companies, or all t he members of an index. The payments are multiplied by a notional number of shares. The contract is usually
arranged such that its value at signing is zero. This is accomplished by making the value of the fixed leg equal to the value of the floating leg - in other words, the fixed leg will be equal to the average
expected dividends over the term of the swap. Therefore, the fixed leg of the swap can be used to estimate market forecasts of the dividends that will be paid out by the underlying. If the Investme nt Manager is incorrect in its forecasts of future dividends, the investment performance of the Fund could be less favourable than it would have been if these investment techniques were not used.
Variance Swaps
A Variance Swap is an over the counter swap agreement that allows one to speculate on or hedge risks associated with the magnitude of movement, i.e. volatility, of some underlying security/market, like an
exchange rate, interest rate, or stock index. Varia nce Swaps are subject to interest rate risk with an additional risk that the variance of the underlying security/market may vary from expectations at the
point the position is entered into. Adverse movements in either case would result in losses to the Fun d.
Credit default swaps In addition to the usage of credit default swaps as set out in the section headed “Derivatives Usage”
under the general heading “Risk” above, the Aviva Investors Multi - Strategy Target Return Fund may also buy protection under credit default swaps without holding the underlying assets . The Fund may
also sell protection under credit default swaps in order to acquire a specific credit exposure. Selling protection in this way means that the Fund is exposed to the creditworthiness of the reference issuer
without any legal recourse to such r eference issuer .
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AI Inv estment Funds ICVC Prospectus ( 25 August 2026 ) 85
Total Return Swaps
The Aviva Investors Multi - Strategy Target Return Fund may use TRS . A TRS is a swap agreement in
which the total return of a security is exchanged for some other cash flow, usually tied to a funding reference rate . TRS are subject to interest rate risk with an additional risk that underlying
security/market movements may vary from expectations at the point the position is entered into . Adverse movements in either case would result in losses to the Fund. TRS are also subject to
counterparty credit risk, which is the possibility that the other party to the swap contract may default on its obligations. Collateralisation arrangements will be in place to minimize this counterparty credit risk .
1.3 Options/Swaptions
The Aviva Investors Multi - Strategy Target Return Fund may enter into option and swaption contracts. These contracts gives the right, but not the obligation, to buy or sell an underlying asset or instrument
at a specified strike price on or before a specified date. Over the counter options although providing greater flexibility may involve greater credit risk than exchange - traded options as they are not backed
by the clearing organisation of the exchanges where they are traded, and as such, there is a risk that the seller will not settle as agreed.
Purchased options/swaptions
Purchased Option/Swaption contracts are exposed to a maximum loss equal to the price paid for the option/swaption (the premium) and no further liability.
Written Options/Swaptions
Written options/swaptions give the right of potential exercise to a third party. This creates exposure for the Fund as it may have to deliver out the underlying investments and should the market move unfavourably result in a loss. The maximum loss for the writer of a put option is equal to the strike price
less the premium received. The maximum loss for the writer of an uncovered call option is unlimited.
The maximum loss for the writer of an uncovered swaption is unlimited. In the case of a written option the notional underlying is not delivered upon exercise as the contract is cash settled. The Fund’s financial liability is therefore linked to the marked - to - market value of the notional underlying
investments.
1. 4 Short positions
Holding a short position is when a security that the Fund does not physically own is sold. This is done
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