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The registered office address is at","page_number":8,"box":{"x":523,"y":605,"width":400,"height":11}},{"id":"3c12bd1e-ec26-4989-8213-2edd9f2dff88","block_type":"box","text":"160 Queen Victoria Street, London, EC4V 4LA.","page_number":8,"box":{"x":524,"y":619,"width":348,"height":10}},{"id":"57c60044-f3bb-410b-9370-a43cd391c814","block_type":"box","text":"The principal business activity of the Depositary is the","page_number":8,"box":{"x":523,"y":646,"width":400,"height":11}},{"id":"5259f52d-98a2-4ddd-bac9-659d6813c7dc","block_type":"box","text":"provision of custodial, banking and related financial","page_number":8,"box":{"x":524,"y":660,"width":398,"height":11}},{"id":"c2e5e1f3-ec8a-4ca1-8e36-f2f8744e52d8","block_type":"box","text":"services. The Depositary is authorised by the","page_number":8,"box":{"x":523,"y":674,"width":400,"height":11}},{"id":"918a6599-df15-4c68-b21f-33eec4d49840","block_type":"box","text":"Prudential Regulation Authority and is dual-regulated","page_number":8,"box":{"x":524,"y":687,"width":399,"height":11}},{"id":"f1ae80db-3a56-4fc5-a380-1373b1705d73","block_type":"box","text":"by the Financial Conduct Authority and the Prudential","page_number":8,"box":{"x":524,"y":701,"width":398,"height":11}},{"id":"296a2762-e3da-4d3d-bdda-8e48638bf2c0","block_type":"box","text":"Regulation Authority.","page_number":8,"box":{"x":524,"y":714,"width":153,"height":12}},{"id":"11411e74-a97b-4ab1-aff4-89d6072143f4","block_type":"box","text":"Terms of Appointment","page_number":8,"box":{"x":523,"y":742,"width":178,"height":11}},{"id":"284e55aa-aa00-4e96-adef-3e086b7c879f","block_type":"box","text":"The ACS Manager, acting for and on behalf of the","page_number":8,"box":{"x":523,"y":769,"width":400,"height":11}},{"id":"cc6cd74f-5632-44ea-8dfe-2d2f0dbe697e","block_type":"box","text":"Scheme, is required to enter into a written contract with","page_number":8,"box":{"x":523,"y":782,"width":399,"height":12}},{"id":"aae202e1-8a0d-4ca0-b37d-6fbf0f1b52a5","block_type":"box","text":"the Depositary to evidence its appointment. The","page_number":8,"box":{"x":523,"y":796,"width":400,"height":11}},{"id":"8c06c577-c5aa-4631-8534-cd53b8e2760b","block_type":"box","text":"Depositary was appointed under an agreement that","page_number":8,"box":{"x":524,"y":810,"width":399,"height":11}},{"id":"5fe4fd88-419f-4a0d-bfcf-15b21bf6fd02","block_type":"box","text":"took effect on 7 September 2026 (the “Depositary","page_number":8,"box":{"x":523,"y":824,"width":400,"height":11}},{"id":"e61007e0-c6d6-4ded-bb3a-1e4f12d68eae","block_type":"box","text":"Agreement”). 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The Depositary has delegated","page_number":9,"box":{"x":62,"y":210,"width":399,"height":11}},{"id":"ce5e5dad-b582-4634-bc8f-91f76a388325","block_type":"box","text":"safekeeping of the assets of the Scheme to The Bank","page_number":9,"box":{"x":62,"y":223,"width":400,"height":12}},{"id":"fc33621b-eaca-4c40-b082-518fdbf1323b","block_type":"box","text":"of New York Mellon SA/NV and/or The Bank of New","page_number":9,"box":{"x":62,"y":237,"width":400,"height":9}},{"id":"53ddbd90-4d08-47ff-b45d-0c91226221b7","block_type":"box","text":"York Mellon (the “Global Sub-Custodians”).","page_number":9,"box":{"x":62,"y":250,"width":319,"height":12}},{"id":"5a0ca922-13fd-4a20-8b49-259727b7b36c","block_type":"box","text":"The Global Sub-Custodians may sub-delegate","page_number":9,"box":{"x":62,"y":278,"width":399,"height":11}},{"id":"657f0974-06fd-4e37-9366-5eae846ad517","block_type":"box","text":"safekeeping of assets in certain markets in which 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AIGSL may terminate its","page_number":11,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"4356205b-cc9d-41ca-9d83-17b6cc0f4847","block_type":"box","text":"investment management agreement on giving six","page_number":11,"box":{"x":62,"y":60,"width":400,"height":11}},{"id":"903fb039-4aae-4e92-aa4a-201cc6386881","block_type":"box","text":"months' notice to the ACS Manager, however, in","page_number":11,"box":{"x":62,"y":73,"width":399,"height":11}},{"id":"59973e6a-9468-4670-a178-ae985d702281","block_type":"box","text":"certain limited circumstances; AIGSL may terminate its","page_number":11,"box":{"x":62,"y":87,"width":399,"height":11}},{"id":"aed26aba-30ab-4d85-9946-0c9c5d600689","block_type":"box","text":"investment management agreement with the ACS","page_number":11,"box":{"x":62,"y":100,"width":399,"height":12}},{"id":"8fdcd663-7cf7-43d7-b248-32a142f46602","block_type":"box","text":"Manager upon notice with immediate effect (however","page_number":11,"box":{"x":63,"y":114,"width":399,"height":11}},{"id":"b10dc4f2-72d9-4a45-85aa-a6cee92ff50c","block_type":"box","text":"in certain circumstances where AIGSL may terminate","page_number":11,"box":{"x":62,"y":128,"width":399,"height":11}},{"id":"5cc11501-8626-4452-a349-42965675fb74","block_type":"box","text":"with immediate effect, the ACS Manager may require","page_number":11,"box":{"x":62,"y":141,"width":399,"height":12}},{"id":"6b247d29-b8b2-4c28-8296-00eb0f2e56f9","block_type":"box","text":"AIGSL to continue to provide the investment","page_number":11,"box":{"x":62,"y":155,"width":400,"height":11}},{"id":"5f1f51a6-38b5-4ede-abd2-4666e08d6ff9","block_type":"box","text":"management services for up to six months,","page_number":11,"box":{"x":62,"y":169,"width":399,"height":11}},{"id":"2e181a44-7c2f-4688-883f-d68f8e6b4706","block_type":"box","text":"notwithstanding the shorter notice period)","page_number":11,"box":{"x":62,"y":182,"width":306,"height":12}},{"id":"912580de-9b86-4a6b-bca7-08bd02fa413b","block_type":"box","text":".","page_number":11,"box":{"x":371,"y":189,"width":2,"height":2}},{"id":"e4a1d573-836d-4144-9bbc-4bce6a9943de","block_type":"box","text":"At the date of this Prospectus, there was no sub","page_number":11,"box":{"x":62,"y":216,"width":399,"height":11}},{"id":"beee2f61-79b8-4fbd-8655-8ec40483e396","block_type":"box","text":"delegation of the functions performed by AIGSL.","page_number":11,"box":{"x":62,"y":229,"width":356,"height":11}},{"id":"4f2c8dbe-5a72-48ff-ad14-5a924bf38a8d","block_type":"box","text":"(c)","page_number":11,"box":{"x":74,"y":255,"width":18,"height":11}},{"id":"37df5299-0ea6-4b06-b093-7114e222417c","block_type":"box","text":"FIL Pensions Management","page_number":11,"box":{"x":122,"y":255,"width":210,"height":11}},{"id":"5e80c70e-7210-4692-8ccb-13365dfb05e6","block_type":"box","text":"The registered office of FIL is Beech Gate, Millfield","page_number":11,"box":{"x":62,"y":274,"width":399,"height":12}},{"id":"b7f33c71-1c88-431c-8423-1fd429ba99e6","block_type":"box","text":"Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP.","page_number":11,"box":{"x":63,"y":288,"width":398,"height":11}},{"id":"073ac64d-dcb4-4e33-a047-0ab4d1774831","block_type":"box","text":"FIL is authorised and regulated by the FCA. FIL's","page_number":11,"box":{"x":63,"y":302,"width":398,"height":11}},{"id":"7f7ef853-8937-4597-8581-d6b89cf1b948","block_type":"box","text":"principal activity is providing pensions and investment","page_number":11,"box":{"x":62,"y":315,"width":400,"height":11}},{"id":"dfb8acce-957f-47cc-811b-c0aafe69daa4","block_type":"box","text":"management services.","page_number":11,"box":{"x":62,"y":329,"width":167,"height":11}},{"id":"1083ddb8-4652-4c13-abc1-e0a8e30c6763","block_type":"box","text":"The ACS Manager may terminate its investment","page_number":11,"box":{"x":62,"y":349,"width":400,"height":11}},{"id":"3cbb4a10-e3a9-4e87-a09f-d2370e470068","block_type":"box","text":"management agreement with FIL on giving one","page_number":11,"box":{"x":62,"y":362,"width":399,"height":11}},{"id":"92189718-cae4-45ff-b96e-8a816755985b","block_type":"box","text":"months' notice to FIL, however in certain limited","page_number":11,"box":{"x":62,"y":376,"width":399,"height":10}},{"id":"fd170034-eacf-46b2-8a8d-f8762252b62c","block_type":"box","text":"circumstances the ACS Manager may terminate its","page_number":11,"box":{"x":62,"y":389,"width":399,"height":12}},{"id":"a50180d8-40cd-4dd4-97b7-5fe060a08534","block_type":"box","text":"investment management agreement with FIL upon","page_number":11,"box":{"x":62,"y":403,"width":399,"height":11}},{"id":"856b90d6-62fe-407b-824a-6cbcee304f7d","block_type":"box","text":"notice with immediate effect. FIL may also terminate","page_number":11,"box":{"x":62,"y":417,"width":399,"height":11}},{"id":"dd94d6d2-3f55-4815-93c5-933aae3b4a1c","block_type":"box","text":"its investment management agreement on giving one","page_number":11,"box":{"x":62,"y":431,"width":399,"height":11}},{"id":"679d8830-86eb-44c3-bee6-0122ae71052c","block_type":"box","text":"months' notice to the ACS Manager, however, in","page_number":11,"box":{"x":62,"y":444,"width":399,"height":11}},{"id":"c40908c1-a346-4126-b252-b94123f4239d","block_type":"box","text":"certain limited circumstances, FIL may terminate its","page_number":11,"box":{"x":62,"y":458,"width":399,"height":11}},{"id":"8691393d-6d9c-4124-8749-02b63036a502","block_type":"box","text":"investment management agreement with the ACS","page_number":11,"box":{"x":62,"y":471,"width":399,"height":12}},{"id":"6f2e5d7a-84fd-4a0f-bcb6-98a4963d4573","block_type":"box","text":"Manager upon notice with immediate effect.","page_number":11,"box":{"x":63,"y":485,"width":322,"height":11}},{"id":"be3a722e-dde2-46fb-a113-b36f090207a3","block_type":"box","text":"At the date of this Prospectus, FIL has sub-delegated","page_number":11,"box":{"x":62,"y":505,"width":399,"height":11}},{"id":"dc2bcc73-1dc4-42ae-8622-ac5ae54740f6","block_type":"box","text":"its portfolio management duties to another company","page_number":11,"box":{"x":62,"y":518,"width":400,"height":12}},{"id":"5d581261-6c5e-46d7-a0cc-d143933d1d36","block_type":"box","text":"within its Group, FIL Investments International.","page_number":11,"box":{"x":62,"y":532,"width":344,"height":11}},{"id":"92607cff-5d33-4d7d-b133-f887e2c1b3c5","block_type":"box","text":"7. The Registrar","page_number":11,"box":{"x":74,"y":558,"width":155,"height":11}},{"id":"e2343111-8f4c-4222-a75d-fcf9c4e8554e","block_type":"box","text":"The Registrar, as the ACS Manager’s delegate, is the","page_number":11,"box":{"x":62,"y":577,"width":399,"height":11}},{"id":"0297e975-fdbc-479b-a393-c5475cba771b","block_type":"box","text":"person responsible for maintaining the Register under","page_number":11,"box":{"x":62,"y":591,"width":400,"height":11}},{"id":"00792fa1-7378-44c6-9569-7d6aefd8fa90","block_type":"box","text":"the terms of the ACS Deed for the Scheme. The","page_number":11,"box":{"x":62,"y":604,"width":399,"height":9}},{"id":"4d236a5a-c3e9-42f0-9d17-c12be2f4c6b9","block_type":"box","text":"Register may be inspected at 160 Queen Victoria","page_number":11,"box":{"x":63,"y":618,"width":399,"height":11}},{"id":"ceef64ea-eb7a-4d5e-9eb4-cb8c899e002f","block_type":"box","text":"Street, London, EC4V 4LA by or on behalf of the","page_number":11,"box":{"x":62,"y":632,"width":399,"height":11}},{"id":"2615d958-5517-46be-a718-9af05d23339f","block_type":"box","text":"Unitholders, on any Business Day during Normal","page_number":11,"box":{"x":63,"y":646,"width":398,"height":11}},{"id":"f2e98408-0b01-4820-be05-fb93f4224d64","block_type":"box","text":"Business Hours.","page_number":11,"box":{"x":63,"y":659,"width":119,"height":9}},{"id":"3191ad44-81a2-4c4b-8f43-ce1db382dca4","block_type":"box","text":"The Register is conclusive evidence of the title to Units","page_number":11,"box":{"x":62,"y":679,"width":399,"height":11}},{"id":"af27f48a-6028-416d-9b20-0f8dc1a6d0a6","block_type":"box","text":"except in the case of any default in payment or transfer","page_number":11,"box":{"x":62,"y":692,"width":400,"height":12}},{"id":"12f80552-523a-4ede-aea6-1eccb94003f3","block_type":"box","text":"to a Scheme of cash or other property due and the","page_number":11,"box":{"x":62,"y":706,"width":399,"height":11}},{"id":"3d166490-5d9d-43ce-8689-6134abf56797","block_type":"box","text":"Depositary and the ACS Manager are not obliged to","page_number":11,"box":{"x":63,"y":720,"width":399,"height":11}},{"id":"c6f2ad9b-316a-4bf4-a72a-f4f91172f7f5","block_type":"box","text":"take notice of any trust or equity or other interest","page_number":11,"box":{"x":62,"y":733,"width":400,"height":12}},{"id":"e0d561b8-61f4-434d-9413-9191c68d5873","block_type":"box","text":"affecting the title to any of the Units.","page_number":11,"box":{"x":62,"y":747,"width":265,"height":11}},{"id":"45c8af45-5f50-44ca-82c7-dc39b8792dfc","block_type":"box","text":"8. The Securities Lending Agent","page_number":11,"box":{"x":74,"y":772,"width":283,"height":12}},{"id":"a19ce75f-020b-4fe4-b92b-95e0db2ab582","block_type":"box","text":"The Bank of New York Mellon, London Branch, of 160","page_number":11,"box":{"x":62,"y":792,"width":400,"height":10}},{"id":"a5cc7100-ddd2-45dc-8d7d-9c453b3454a4","block_type":"box","text":"Queen Victoria Street, London, EC4V 4LA has been","page_number":11,"box":{"x":62,"y":806,"width":399,"height":10}},{"id":"5cd82f7e-769d-4e76-83a6-48ecc0b32ed6","block_type":"box","text":"appointed to act as securities lending agent for the","page_number":11,"box":{"x":62,"y":819,"width":399,"height":12}},{"id":"e495791d-bbed-4a3e-a116-0d9ff7a5d354","block_type":"box","text":"Sub-Funds. The Securities Lending Agent has the","page_number":11,"box":{"x":62,"y":833,"width":399,"height":11}},{"id":"0d320ae1-e2bb-400f-9253-6cfc4ea8f01f","block_type":"box","text":"discretion to arrange securities loans and repo","page_number":11,"box":{"x":62,"y":847,"width":399,"height":11}},{"id":"6f7aeb0e-a304-42d2-afa7-2e37f456543b","block_type":"box","text":"contracts with approved counterparties. Further details","page_number":11,"box":{"x":62,"y":861,"width":399,"height":10}},{"id":"2ad2add3-aa39-4d62-8afc-22174f211787","block_type":"box","text":"are provided in section 24 (b) below.","page_number":11,"box":{"x":62,"y":874,"width":268,"height":11}},{"id":"cf5b1942-7e32-4ebe-bb66-39cce3720633","block_type":"box","text":"9. The Administrator","page_number":11,"box":{"x":535,"y":46,"width":191,"height":9}},{"id":"4cabd87c-29ce-481c-943e-24f75922adb1","block_type":"box","text":"The Administrator will act as the ACS Manager’s","page_number":11,"box":{"x":523,"y":65,"width":400,"height":11}},{"id":"64b09ff5-db91-4d94-a909-4313c2dabb67","block_type":"box","text":"delegate, performing a number of fund administration","page_number":11,"box":{"x":523,"y":79,"width":399,"height":11}},{"id":"ac2a06a7-6b4c-4608-981c-0fedc022dab8","block_type":"box","text":"services, including fund accounting (amongst other","page_number":11,"box":{"x":523,"y":93,"width":400,"height":11}},{"id":"8b391be4-a736-4d9c-a13b-7afc9475d317","block_type":"box","text":"things assisting the ACS Manager in calculating the","page_number":11,"box":{"x":523,"y":106,"width":400,"height":12}},{"id":"26f27cfb-8267-4030-a7cf-fb4c1f93594b","block_type":"box","text":"Unit price of a Sub-Fund), and client and fund","page_number":11,"box":{"x":524,"y":120,"width":398,"height":11}},{"id":"2ba9c3da-2da4-49c5-8c38-fa67b08fcee1","block_type":"box","text":"administration, (amongst other things assisting the","page_number":11,"box":{"x":523,"y":134,"width":400,"height":11}},{"id":"4c1d4d68-9d7c-4c6b-9d76-f29bade12832","block_type":"box","text":"ACS Manager with its requirement to process requests","page_number":11,"box":{"x":523,"y":147,"width":400,"height":11}},{"id":"58c31197-8955-44fb-b9b6-a5a9fc682671","block_type":"box","text":"for subscriptions and redemptions for Units in a Sub","page_number":11,"box":{"x":523,"y":161,"width":400,"height":11}},{"id":"833c3428-cc81-487d-8427-d3746eed5beb","block_type":"box","text":"Fund and maintenance of the Register).","page_number":11,"box":{"x":524,"y":175,"width":293,"height":11}},{"id":"371d1c23-ea5b-4395-96ae-da88eec3e2e8","block_type":"box","text":"10. The Auditor","page_number":11,"box":{"x":536,"y":200,"width":140,"height":9}},{"id":"3fdfe9cf-121c-44d9-9744-97da1ce07e0c","block_type":"box","text":"The Auditor’s responsibility is to audit and express an","page_number":11,"box":{"x":523,"y":220,"width":399,"height":11}},{"id":"98a0f24f-2217-40e1-aa90-7edb3b3edea2","block_type":"box","text":"opinion on the financial statements of the Scheme in","page_number":11,"box":{"x":523,"y":233,"width":399,"height":11}},{"id":"098382d0-f20e-4cc5-a41f-ef2aa8c2e697","block_type":"box","text":"accordance with applicable law and auditing","page_number":11,"box":{"x":523,"y":247,"width":399,"height":11}},{"id":"d7a4c11d-c1a9-4a46-a9f7-017d0138ddab","block_type":"box","text":"standards.","page_number":11,"box":{"x":523,"y":261,"width":76,"height":8}},{"id":"b903e7a3-c82c-46e7-8baf-2f84c5b174c0","block_type":"box","text":"11. Unitholder’s Relationship with the Scheme","page_number":11,"box":{"x":536,"y":286,"width":386,"height":11}},{"id":"c1abaeba-e1c9-4af7-b172-6de875aa771c","block_type":"box","text":"In order to subscribe for Units, Unitholders must","page_number":11,"box":{"x":524,"y":306,"width":399,"height":10}},{"id":"d43c750f-05f4-4de6-b43f-cc368d43e7cd","block_type":"box","text":"complete an appropriate Form, Power of Attorney and","page_number":11,"box":{"x":523,"y":320,"width":400,"height":11}},{"id":"a5447a38-602b-47e1-b626-a6826e46f22b","block_type":"box","text":"Investor Agreement. By doing so, Unitholders agree to","page_number":11,"box":{"x":524,"y":333,"width":399,"height":11}},{"id":"f6487b33-2b3a-4055-9441-3abe4f669889","block_type":"box","text":"subscribe for Units and to be bound by the terms of","page_number":11,"box":{"x":523,"y":347,"width":400,"height":11}},{"id":"bec7fd2c-f784-4d34-8de2-b7f8d853bd3a","block_type":"box","text":"this Prospectus and the ACS Deed. All Unitholders are","page_number":11,"box":{"x":523,"y":360,"width":400,"height":11}},{"id":"a82ac1a8-cd13-456a-a83b-18960c6d344c","block_type":"box","text":"entitled to the benefit of, are bound by, and are","page_number":11,"box":{"x":523,"y":374,"width":400,"height":11}},{"id":"a09d997a-a854-4423-a32a-4ee6984b08f7","block_type":"box","text":"deemed to have notice of, the provisions of the ACS","page_number":11,"box":{"x":523,"y":388,"width":399,"height":11}},{"id":"9522533c-da5f-415d-b4f8-b9bc2d125041","block_type":"box","text":"Deed, copies of which are available as described in","page_number":11,"box":{"x":524,"y":401,"width":398,"height":12}},{"id":"418fd376-f975-40f8-a378-86e1b6bba2be","block_type":"box","text":"section 36(vi) below. The provisions of the ACS Deed","page_number":11,"box":{"x":523,"y":415,"width":399,"height":11}},{"id":"5854c4da-89b8-4889-aeb5-d42db06a4b44","block_type":"box","text":"are binding on the Depositary, the ACS Manager and","page_number":11,"box":{"x":523,"y":429,"width":399,"height":11}},{"id":"25d10f8c-0011-438c-aaee-3d49689c0d0a","block_type":"box","text":"the Unitholders and all persons claiming through them","page_number":11,"box":{"x":523,"y":443,"width":399,"height":11}},{"id":"a2c2f586-76cd-43d0-84f1-1131377e0322","block_type":"box","text":"respectively as if all such Unitholders and persons had","page_number":11,"box":{"x":524,"y":456,"width":398,"height":11}},{"id":"65bc3668-c49d-4dfa-ba71-53e61861f9cc","block_type":"box","text":"been party to such ACS Deed. The Unitholder","page_number":11,"box":{"x":524,"y":470,"width":399,"height":11}},{"id":"6bb71078-f009-4284-b1ff-c077943d7253","block_type":"box","text":"Documents are governed by and at all times subject to","page_number":11,"box":{"x":524,"y":484,"width":399,"height":11}},{"id":"e0ff7bdc-3588-436f-b533-07b42392140d","block_type":"box","text":"English law. The courts of England shall have","page_number":11,"box":{"x":524,"y":497,"width":399,"height":11}},{"id":"e78c8257-d46f-475f-9ba1-b35ff1785d85","block_type":"box","text":"jurisdiction in relation to claims made under them.","page_number":11,"box":{"x":522,"y":511,"width":368,"height":11}},{"id":"981f4a9d-e70a-47e5-b3a4-fae8300347c9","block_type":"box","text":"Unitholders should note that the Scheme and the Sub","page_number":11,"box":{"x":524,"y":530,"width":398,"height":9}},{"id":"93c8ef43-5cf0-49ee-ac88-f6271fd73cc7","block_type":"box","text":"Funds may be adversely affected by the ability to","page_number":11,"box":{"x":524,"y":544,"width":399,"height":11}},{"id":"ff321cc9-d981-4cad-aa3e-2a3a80bfe1b3","block_type":"box","text":"recognise and enforce a foreign judgment in England.","page_number":11,"box":{"x":524,"y":558,"width":398,"height":11}},{"id":"a1a9c6ec-ef6e-422e-ab74-5d9ff9c94b98","block_type":"box","text":"There are a number of legal instruments providing for","page_number":11,"box":{"x":523,"y":571,"width":400,"height":11}},{"id":"f6270f40-6ae9-4aa4-9486-4f013f0b4d8e","block_type":"box","text":"the recognition and enforcement of judgments","page_number":11,"box":{"x":523,"y":585,"width":399,"height":11}},{"id":"d69c18ec-836c-4f79-bfa9-ef6164dd4558","block_type":"box","text":"obtained from certain jurisdictions relating to certain","page_number":11,"box":{"x":523,"y":599,"width":399,"height":11}},{"id":"023c1b09-c5f4-4d44-abae-fc1ecb907fbe","block_type":"box","text":"matters in England. Judgments obtained in","page_number":11,"box":{"x":524,"y":612,"width":398,"height":11}},{"id":"d2c6b51c-3187-442c-ace5-046152e81f5e","block_type":"box","text":"jurisdictions or relating to matters not covered by such","page_number":11,"box":{"x":522,"y":626,"width":400,"height":11}},{"id":"54f4920a-9a46-4f72-8599-f91238a59ae6","block_type":"box","text":"legal instruments may be enforceable in England at","page_number":11,"box":{"x":524,"y":639,"width":399,"height":12}},{"id":"3b4ea7e4-d4f3-45dc-877a-f9454575bc57","block_type":"box","text":"common law. Nevertheless, there is uncertainty","page_number":11,"box":{"x":523,"y":653,"width":400,"height":11}},{"id":"a7e40e49-3e8c-4254-8e24-c5a28692559f","block_type":"box","text":"regarding the ability to enforce foreign judgments in","page_number":11,"box":{"x":524,"y":667,"width":398,"height":11}},{"id":"ba6047ee-4cf7-4f43-add5-65482e5dc323","block_type":"box","text":"England, which may adversely affect the Scheme and","page_number":11,"box":{"x":524,"y":680,"width":398,"height":12}},{"id":"947d9ca5-1c67-471f-8524-fafe57810831","block_type":"box","text":"the Sub-Funds and the value of a Unitholder’s Units.","page_number":11,"box":{"x":523,"y":694,"width":387,"height":9}},{"id":"fe33bc6c-8f78-4a42-a2c9-9b4b021f2985","block_type":"box","text":"Section 261P of the Financial Services and Markets","page_number":11,"box":{"x":523,"y":714,"width":400,"height":9}},{"id":"228f0d35-3471-4c0f-895e-a72ce2edd613","block_type":"box","text":"Act 2000 provides for segregated liability between","page_number":11,"box":{"x":523,"y":727,"width":399,"height":12}},{"id":"5505ac3c-e98c-4be1-b4d7-f913b83772ca","block_type":"box","text":"Sub-Funds. The concept of segregated liability is","page_number":11,"box":{"x":523,"y":741,"width":400,"height":11}},{"id":"622193ab-54ed-4ea5-95d3-e4935aaf396a","block_type":"box","text":"relatively new. Accordingly, where claims are brought","page_number":11,"box":{"x":524,"y":755,"width":399,"height":11}},{"id":"512bdbaa-db2b-4756-8309-96f28a6b4f0f","block_type":"box","text":"by local creditors in foreign courts or under foreign law","page_number":11,"box":{"x":524,"y":768,"width":399,"height":12}},{"id":"90d27a0e-4bc1-4aaa-97a2-57f55e0494dd","block_type":"box","text":"contracts, it is not yet known how those foreign courts","page_number":11,"box":{"x":523,"y":782,"width":400,"height":11}},{"id":"43f3b343-825d-4e20-ad94-46e3fdd1866b","block_type":"box","text":"will react to Section 261P.","page_number":11,"box":{"x":523,"y":796,"width":191,"height":9}},{"id":"96484c01-aa5e-451c-93f4-fab9c185e848","block_type":"box","text":"12. Unitholder’s Rights Against Service","page_number":11,"box":{"x":536,"y":821,"width":387,"height":11}},{"id":"7e0fb321-4f22-4a4d-9930-cddc1e49c8b2","block_type":"box","text":"Providers","page_number":11,"box":{"x":583,"y":835,"width":76,"height":9}},{"id":"851e2913-1dba-49c4-9351-16373164e515","block_type":"box","text":"The Scheme is reliant on the performance of the","page_number":11,"box":{"x":523,"y":854,"width":400,"height":11}},{"id":"5028e245-7193-47fc-bbb8-c093092b0c9b","block_type":"box","text":"Service Providers.","page_number":11,"box":{"x":523,"y":868,"width":135,"height":9}},{"id":"75b126d1-56af-4cd5-a78b-46245c6e06dd","block_type":"box","text":"No Unitholder will have any direct contractual claim","page_number":11,"box":{"x":524,"y":888,"width":398,"height":11}},{"id":"85311d7f-1d36-4233-b0c3-4ce274ffec71","block_type":"box","text":"against any Service Provider with respect to such","page_number":11,"box":{"x":523,"y":901,"width":399,"height":12}},{"id":"cdaefa2d-db80-421d-938f-9460ccff1aba","block_type":"box","text":"Service Provider’s default. This is without prejudice to","page_number":11,"box":{"x":523,"y":915,"width":400,"height":11}},{"id":"cc9161bf-76e4-40a9-a258-00bc21966876","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 12","page_number":12,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"ba0252ad-0e80-4d3a-9740-edd22d2f76da","block_type":"box","text":"any right a Unitholder may have to bring a claim","page_number":12,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"c33c85de-7d37-49e3-928c-5aa3ee399ea7","block_type":"box","text":"against an FCA authorised Service Provider, the ACS","page_number":12,"box":{"x":62,"y":59,"width":399,"height":12}},{"id":"4d17c2b9-3368-4f59-bbc6-2d130a9b16e3","block_type":"box","text":"Manager or the Depositary under Section 138D of the","page_number":12,"box":{"x":63,"y":73,"width":398,"height":11}},{"id":"df2dbfcc-a956-4a8a-8d4d-053981b4f096","block_type":"box","text":"Financial Services and Markets Act 2000 (which","page_number":12,"box":{"x":63,"y":87,"width":398,"height":11}},{"id":"6626f795-20f1-4c67-aace-1cfddac448cb","block_type":"box","text":"provides that breach of an FCA rule by such Service","page_number":12,"box":{"x":62,"y":100,"width":399,"height":11}},{"id":"97cc0178-4e74-4b30-b71e-5f0a106241e3","block_type":"box","text":"Provider, the ACS Manager or the Depositary is","page_number":12,"box":{"x":63,"y":114,"width":398,"height":11}},{"id":"42271948-c9d5-49a5-a12d-12b95b11c2b9","block_type":"box","text":"actionable by a private person who suffers loss as a","page_number":12,"box":{"x":62,"y":128,"width":400,"height":11}},{"id":"5fa9ac52-6d9d-40c0-a67a-53617c0d5a11","block_type":"box","text":"result), or any tortious or contractual cause of action.","page_number":12,"box":{"x":63,"y":141,"width":398,"height":12}},{"id":"d24aa249-9e16-40bf-8135-132d4957f43d","block_type":"box","text":"Unitholders who believe they may have a claim under","page_number":12,"box":{"x":63,"y":155,"width":399,"height":11}},{"id":"7e2d12c7-7a21-4afc-87c7-0028f29ace2a","block_type":"box","text":"Section 138D of the Financial Services and Markets","page_number":12,"box":{"x":62,"y":169,"width":399,"height":8}},{"id":"094d6d7e-1304-452b-8bf1-695027beb2f0","block_type":"box","text":"Act 2000, or in tort or contract, against any Service","page_number":12,"box":{"x":62,"y":182,"width":399,"height":12}},{"id":"f9e94450-490d-4ea8-ba83-2beb09e4ea21","block_type":"box","text":"Provider, the ACS Manager or the Depositary in","page_number":12,"box":{"x":63,"y":196,"width":398,"height":11}},{"id":"fd2c9cc6-2145-47dc-9023-8b821744d4e6","block_type":"box","text":"connection with their investment in the Scheme,","page_number":12,"box":{"x":62,"y":210,"width":398,"height":10}},{"id":"e053b216-d99a-465b-aef0-f09c7c812651","block_type":"box","text":"should consult their legal adviser.","page_number":12,"box":{"x":62,"y":223,"width":246,"height":12}},{"id":"813f14e8-29b6-4751-a3b1-778021d38471","block_type":"box","text":"Unitholders may be eligible for compensation under","page_number":12,"box":{"x":63,"y":243,"width":399,"height":11}},{"id":"94ffcc4b-5113-4ef5-b8a7-762fa0706a74","block_type":"box","text":"the FSCS if they have claims against the ACS","page_number":12,"box":{"x":62,"y":256,"width":399,"height":12}},{"id":"2594c74e-ba74-42d5-b6e6-4bd5f342fb50","block_type":"box","text":"Manager, Depositary or another FCA authorised","page_number":12,"box":{"x":63,"y":270,"width":398,"height":11}},{"id":"d9344cd6-478f-441e-a71f-f14ac77c7812","block_type":"box","text":"Service Provider (including the Investment Managers)","page_number":12,"box":{"x":62,"y":284,"width":399,"height":11}},{"id":"06f8f50a-a235-4396-b3db-0ef9ea227247","block_type":"box","text":"which is in default. As set out in section 36(v), there","page_number":12,"box":{"x":62,"y":297,"width":399,"height":12}},{"id":"ac27bec1-dbb0-4e89-927b-2a8a931938e3","block_type":"box","text":"are limits on the amount of compensation available.","page_number":12,"box":{"x":62,"y":311,"width":399,"height":11}},{"id":"c4074f84-2257-42f7-99f2-aa443aee47e0","block_type":"box","text":"Further information about the FSCS is at","page_number":12,"box":{"x":63,"y":325,"width":399,"height":9}},{"id":"6a438fff-9048-4ae3-bad6-fa4aaecc7bb9","block_type":"box","text":"www.fscs.org.uk","page_number":12,"box":{"x":62,"y":338,"width":121,"height":12}},{"id":"6690f2e9-9feb-4891-b2c9-17fbf3f918a7","block_type":"box","text":". To determine eligibility in relation to","page_number":12,"box":{"x":185,"y":339,"width":276,"height":11}},{"id":"91e5070e-110b-4284-b0e9-6b7e27192239","block_type":"box","text":"the FSCS, Unitholders should consult the website","page_number":12,"box":{"x":62,"y":352,"width":399,"height":11}},{"id":"81d77362-2b24-48a3-a6a3-77b729deceb1","block_type":"box","text":"above and speak to their legal advisers.","page_number":12,"box":{"x":62,"y":366,"width":294,"height":11}},{"id":"41986da9-d11f-4250-9edb-3c80c52e426d","block_type":"box","text":"See section 5 above for a summary of the Depositary’s","page_number":12,"box":{"x":62,"y":385,"width":399,"height":12}},{"id":"b79f1bb9-6be0-4ce6-903a-0d84023a367f","block_type":"box","text":"liability to the Scheme.","page_number":12,"box":{"x":62,"y":399,"width":166,"height":11}},{"id":"9a392e86-f786-4627-b25e-72b6b53bb3fc","block_type":"box","text":"13. Subscription and Redemption of Units","page_number":12,"box":{"x":74,"y":425,"width":352,"height":11}},{"id":"a66da4e1-efda-4fa7-b72d-3d5748fe8887","block_type":"box","text":"(a)","page_number":12,"box":{"x":74,"y":450,"width":19,"height":11}},{"id":"9f7b3720-81b2-4802-9f9a-7ae43de5fc6a","block_type":"box","text":"Liquidity management","page_number":12,"box":{"x":122,"y":450,"width":177,"height":11}},{"id":"5b3664f6-8537-46c9-b971-14a809659d02","block_type":"box","text":"The ACS Manager maintains a liquidity management","page_number":12,"box":{"x":62,"y":470,"width":400,"height":11}},{"id":"f2e7546e-9f37-4046-957c-c8944b144bbf","block_type":"box","text":"policy to monitor the liquidity risk of the Scheme, which","page_number":12,"box":{"x":62,"y":483,"width":399,"height":12}},{"id":"202509c8-1d55-42b3-b1b5-57f7543c7792","block_type":"box","text":"includes, among other tools and methods of","page_number":12,"box":{"x":62,"y":497,"width":400,"height":11}},{"id":"bbf82c7c-976a-4369-8d36-c000637ae1ac","block_type":"box","text":"measurement, the use of stress tests under both","page_number":12,"box":{"x":62,"y":511,"width":399,"height":10}},{"id":"3c160863-c768-4b3f-8c84-fcb67b1c85c5","block_type":"box","text":"normal and exceptional circumstances.","page_number":12,"box":{"x":62,"y":524,"width":288,"height":11}},{"id":"a733763f-bd30-4fd3-ae66-409aee9aa964","block_type":"box","text":"The liquidity management systems and procedures","page_number":12,"box":{"x":62,"y":544,"width":399,"height":11}},{"id":"a498ea20-3f8b-446e-a4b6-5087458b28b3","block_type":"box","text":"employed by the ACS Manager enable it to measure","page_number":12,"box":{"x":62,"y":557,"width":399,"height":12}},{"id":"8c248a17-4667-4b76-9825-6dc15ef1413d","block_type":"box","text":"the liquidity of a Sub-Fund’s portfolio against","page_number":12,"box":{"x":62,"y":571,"width":400,"height":11}},{"id":"acd0f464-b9ac-4c10-a2ad-7e73eaf495d4","block_type":"box","text":"thresholds set by reference to each Sub-Fund’s","page_number":12,"box":{"x":62,"y":585,"width":399,"height":11}},{"id":"f845bd5e-6b49-4619-8f78-3d54f1e7e747","block_type":"box","text":"redemption policy. The ACS Manager seeks to ensure","page_number":12,"box":{"x":63,"y":598,"width":398,"height":12}},{"id":"81514fe9-e904-44d3-bba2-99428136adc7","block_type":"box","text":"that the Scheme and each Sub-Fund will remain within","page_number":12,"box":{"x":62,"y":612,"width":399,"height":9}},{"id":"b32c2919-821c-413d-85bd-0ab7d03ccaec","block_type":"box","text":"the liquidity limits set for it. The ACS Manager is also","page_number":12,"box":{"x":62,"y":626,"width":399,"height":11}},{"id":"1378c25a-bf9c-4548-8075-3a450bb2b943","block_type":"box","text":"able to apply various tools and arrangements","page_number":12,"box":{"x":62,"y":640,"width":399,"height":11}},{"id":"388e21b3-eead-4763-9eb3-afb6148af63a","block_type":"box","text":"necessary to respond appropriately to redemption","page_number":12,"box":{"x":62,"y":653,"width":399,"height":11}},{"id":"9ee52ec0-dcfe-4959-ad6e-97bbf7e7c47d","block_type":"box","text":"requests. In normal circumstances, redemption","page_number":12,"box":{"x":63,"y":667,"width":398,"height":11}},{"id":"c5da94da-72f1-4fec-8234-88b8218c421c","block_type":"box","text":"requests will be processed as set out below in section","page_number":12,"box":{"x":63,"y":681,"width":398,"height":11}},{"id":"ff09ddc8-0099-44d0-b288-9c65ca03310d","block_type":"box","text":"13(d). Other arrangements may also be used in","page_number":12,"box":{"x":63,"y":694,"width":398,"height":11}},{"id":"c629da0e-54eb-4f78-89fb-49ccdc7065e1","block_type":"box","text":"response to redemption requests, including the use of","page_number":12,"box":{"x":63,"y":708,"width":399,"height":11}},{"id":"3c32023c-8323-4abf-bfa2-1ffd0a7d2ac5","block_type":"box","text":"the power of deferral or similar arrangements (as set","page_number":12,"box":{"x":62,"y":721,"width":400,"height":12}},{"id":"dc6d3d80-8dd8-46c8-9e14-6ab50d589179","block_type":"box","text":"out in this document, for example in section 13(f))","page_number":12,"box":{"x":62,"y":735,"width":399,"height":11}},{"id":"70992156-0ef4-4f03-8acd-9bdcb050fbbe","block_type":"box","text":"which, if activated, will restrict the redemption rights","page_number":12,"box":{"x":62,"y":749,"width":399,"height":11}},{"id":"00e0bf75-2d62-4a8d-85ac-37d59c4016bf","block_type":"box","text":"Unitholders benefit from in the ordinary course. The","page_number":12,"box":{"x":63,"y":762,"width":398,"height":12}},{"id":"117ba827-41d4-43a3-b600-ac20d4595fe5","block_type":"box","text":"ACS Manager may also temporarily suspend","page_number":12,"box":{"x":62,"y":776,"width":399,"height":11}},{"id":"72dc8803-a7ca-4960-84a5-c5a449fcf358","block_type":"box","text":"redemptions in certain circumstances as set out in","page_number":12,"box":{"x":63,"y":790,"width":398,"height":11}},{"id":"48954993-0dc1-45eb-a1f5-4f4f4410756f","block_type":"box","text":"section 13(h).","page_number":12,"box":{"x":62,"y":803,"width":100,"height":11}},{"id":"7d2334de-c56a-4d76-9e5d-eaf7fe0f209f","block_type":"box","text":"(b)","page_number":12,"box":{"x":74,"y":829,"width":19,"height":11}},{"id":"276d89be-b1a6-443e-a81f-f47b353dd195","block_type":"box","text":"Subscription for Units","page_number":12,"box":{"x":122,"y":829,"width":174,"height":11}},{"id":"8424e611-7074-4eef-a765-86999839df99","block_type":"box","text":"Subject to the policy on pricing (see section 18), an","page_number":12,"box":{"x":62,"y":848,"width":399,"height":12}},{"id":"02800af5-2500-4050-8070-d9e08ff2106e","block_type":"box","text":"application to subscribe for Units in the Scheme for the","page_number":12,"box":{"x":62,"y":862,"width":399,"height":11}},{"id":"936312e2-358b-47ca-8619-ebc17a8be8dc","block_type":"box","text":"first time must be made in writing to the ACS Manager.","page_number":12,"box":{"x":62,"y":876,"width":399,"height":11}},{"id":"af310de3-c6d7-4811-8825-2e73a8a033ec","block_type":"box","text":"For all Sub-Funds there will be an initial offer period of","page_number":12,"box":{"x":63,"y":895,"width":399,"height":12}},{"id":"d593200a-d5c3-4582-bd49-9a6f0466fcd0","block_type":"box","text":"one day. During the initial offer period, the initial offer","page_number":12,"box":{"x":62,"y":909,"width":400,"height":11}},{"id":"cece8b58-76ab-412f-9795-3a8155efe1dc","block_type":"box","text":"price of the Units will be £1.00. Any subsequent","page_number":12,"box":{"x":524,"y":46,"width":399,"height":11}},{"id":"bcce2212-be18-48b2-aeb5-9607b0ded31e","block_type":"box","text":"subscription for Units by an existing Unitholder may be","page_number":12,"box":{"x":523,"y":59,"width":400,"height":12}},{"id":"8c66d5e7-fd30-41bb-8b60-bf78eb10326e","block_type":"box","text":"made, during Normal Business Hours, by such forms","page_number":12,"box":{"x":524,"y":73,"width":399,"height":11}},{"id":"453623e0-651d-403e-a26e-d1070f7163e1","block_type":"box","text":"of electronic communication as may be approved by","page_number":12,"box":{"x":523,"y":87,"width":400,"height":11}},{"id":"723fcbdf-9b8c-435d-ad26-8316fa5cf9c5","block_type":"box","text":"the ACS Manager or any other method otherwise","page_number":12,"box":{"x":523,"y":100,"width":400,"height":12}},{"id":"fd70d11f-2e9a-4d61-8d26-c206ed3357c7","block_type":"box","text":"approved by the ACS Manager.","page_number":12,"box":{"x":523,"y":114,"width":233,"height":11}},{"id":"156ed275-35cd-4fb4-ba61-42f5a9060281","block_type":"box","text":"When placing an order to subscribe for Units for the","page_number":12,"box":{"x":523,"y":134,"width":400,"height":11}},{"id":"f373eb64-91fe-4408-99d2-df2b15edb434","block_type":"box","text":"first time, the ACS Manager will request that a Form be","page_number":12,"box":{"x":523,"y":147,"width":400,"height":11}},{"id":"60d6762c-db7c-4b63-8094-89b97dd96b8a","block_type":"box","text":"completed and returned to the ACS Manager.","page_number":12,"box":{"x":523,"y":161,"width":337,"height":11}},{"id":"71f9e1ed-37ec-4ea2-aa43-50ed186ce6e3","block_type":"box","text":"The ACS Manager reserves the right to reject, on","page_number":12,"box":{"x":523,"y":180,"width":399,"height":12}},{"id":"f57ded5e-f085-40ce-8bfd-5ab0a9049052","block_type":"box","text":"reasonable grounds, any application for Units in whole","page_number":12,"box":{"x":524,"y":194,"width":399,"height":11}},{"id":"d29b2da8-13d7-46a4-90cd-878c2e783e14","block_type":"box","text":"or in part. Failure to return a fully completed Form may","page_number":12,"box":{"x":523,"y":208,"width":400,"height":11}},{"id":"2fa96aa0-a1b2-4c67-b552-9ce2ba124740","block_type":"box","text":"result in a delay in the ACS Manager processing any","page_number":12,"box":{"x":524,"y":221,"width":399,"height":12}},{"id":"589df445-292c-4e9a-8aa3-d710168eaa0e","block_type":"box","text":"subsequent redemption request or may result in the","page_number":12,"box":{"x":523,"y":235,"width":400,"height":11}},{"id":"742da70c-4bac-4ccf-9ab0-000c35d16f1d","block_type":"box","text":"ACS Manager withholding redemption proceeds.","page_number":12,"box":{"x":523,"y":249,"width":359,"height":11}},{"id":"b58fd63a-0731-47b8-a5ad-fdd82c6b4dc6","block_type":"box","text":"All requests to subscribe for Units must be received by","page_number":12,"box":{"x":523,"y":268,"width":400,"height":12}},{"id":"c82b590b-c02b-45e5-824b-68bb554c6a55","block_type":"box","text":"the Deal Cut-Off Point for the relevant Sub-Fund as set","page_number":12,"box":{"x":523,"y":282,"width":400,"height":9}},{"id":"7831050f-771b-4ce3-a084-83605c0eb649","block_type":"box","text":"out in Appendix 1 otherwise they will be held over to","page_number":12,"box":{"x":523,"y":296,"width":400,"height":11}},{"id":"fb17ade8-4726-4ee3-9551-ca82a9760209","block_type":"box","text":"the Valuation Point on the next Dealing Day for that","page_number":12,"box":{"x":523,"y":309,"width":400,"height":12}},{"id":"afa85d64-c801-442c-a55a-fd3917654ea9","block_type":"box","text":"Sub-Fund. Purchase orders made by approved","page_number":12,"box":{"x":523,"y":323,"width":399,"height":11}},{"id":"9610732c-1249-49c9-b483-477b465bddd3","block_type":"box","text":"electronic communication and received outside of","page_number":12,"box":{"x":523,"y":337,"width":400,"height":8}},{"id":"05b3cc5e-b80e-4cea-8a63-691c001487c1","block_type":"box","text":"Normal Business Hours will be affected as soon as","page_number":12,"box":{"x":524,"y":350,"width":399,"height":9}},{"id":"b0456584-9ab5-48d8-a427-d0c869ce2c05","block_type":"box","text":"possible on the next Business Day. Please note, to the","page_number":12,"box":{"x":524,"y":364,"width":399,"height":11}},{"id":"543ba865-060b-4cea-b121-267db6959824","block_type":"box","text":"extent being provided in advance of the associated","page_number":12,"box":{"x":523,"y":378,"width":399,"height":11}},{"id":"943b5afe-a5ea-4adc-b671-b91f95d76887","block_type":"box","text":"subscription for Units, that monies received on a","page_number":12,"box":{"x":523,"y":391,"width":400,"height":11}},{"id":"84ce7d32-40cd-4ff5-a7e0-e7149f50502d","block_type":"box","text":"Business Day when there is not a Valuation Point","page_number":12,"box":{"x":524,"y":405,"width":399,"height":11}},{"id":"8a47259b-44c0-4898-80db-47ea6c47c055","block_type":"box","text":"and/or which is not a Dealing Day will not be invested","page_number":12,"box":{"x":523,"y":418,"width":399,"height":12}},{"id":"576404fe-3b21-4454-b466-88bf65ec4879","block_type":"box","text":"in the relevant Sub-Fund until the Valuation Point on","page_number":12,"box":{"x":524,"y":432,"width":398,"height":9}},{"id":"5a7531e3-fc24-4b07-8725-32cc84847a3c","block_type":"box","text":"the next Dealing Day.","page_number":12,"box":{"x":523,"y":446,"width":159,"height":11}},{"id":"5d595ddb-4ea0-4c2b-a22e-fdc7b7bb4795","block_type":"box","text":"A contract note will be sent to the applicant by","page_number":12,"box":{"x":523,"y":466,"width":400,"height":11}},{"id":"e52362c9-6d44-45e8-86b8-440904e6bb94","block_type":"box","text":"electronic communication on the next Business Day","page_number":12,"box":{"x":523,"y":479,"width":400,"height":11}},{"id":"eb83bac8-7622-48e6-b81d-ca76835dd5e7","block_type":"box","text":"after the Valuation Point applicable to the deal. 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If a","page_number":12,"box":{"x":524,"y":838,"width":399,"height":12}},{"id":"1eac72a6-86ef-4608-bef8-3703bff16dd0","block_type":"box","text":"subscription request is processed for Units in a class","page_number":12,"box":{"x":523,"y":852,"width":400,"height":11}},{"id":"f2bdca94-a30a-4393-a13e-323769567b69","block_type":"box","text":"in which a Unitholder does not meet the investment","page_number":12,"box":{"x":524,"y":866,"width":399,"height":9}},{"id":"3a343ffc-114e-46cb-af78-517a36687071","block_type":"box","text":"criteria then the ACS Manager reserves the right to","page_number":12,"box":{"x":523,"y":879,"width":400,"height":12}},{"id":"d42374f5-d727-460d-a380-91d080ec5407","block_type":"box","text":"switch the Unitholder into a more appropriate class in","page_number":12,"box":{"x":523,"y":893,"width":399,"height":11}},{"id":"e27b019b-12a5-4931-91a8-a40abb2ff9ae","block_type":"box","text":"the Scheme (where available) or redeem the","page_number":12,"box":{"x":523,"y":907,"width":400,"height":11}},{"id":"9a0d36d1-513b-4098-9b1a-c8c538c2f865","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 13","page_number":13,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"96f4cb34-0add-4b63-a6b7-403b9382fafd","block_type":"box","text":"Unitholder's Units. 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The 14 days","page_number":13,"box":{"x":62,"y":214,"width":399,"height":11}},{"id":"3cd39265-2df7-40ee-b936-92badd6cebff","block_type":"box","text":"commences upon receipt of the contract note by the","page_number":13,"box":{"x":62,"y":227,"width":399,"height":12}},{"id":"0f35efe1-5c51-4ef3-bbcb-d2576d302dc1","block_type":"box","text":"Unitholder. A Unitholder will need to notify the ACS","page_number":13,"box":{"x":63,"y":241,"width":398,"height":11}},{"id":"96a45011-beb2-4211-9f80-7c009924b7ec","block_type":"box","text":"Manager in writing that it wishes to exercise a right to","page_number":13,"box":{"x":63,"y":255,"width":398,"height":11}},{"id":"656e7bfd-60dc-4fc7-9ebd-4cd991303c90","block_type":"box","text":"cancel. Unitholders should note that exercising a right","page_number":13,"box":{"x":62,"y":269,"width":400,"height":11}},{"id":"5346b07b-1a9e-44ee-9bb4-dd5ac109c497","block_type":"box","text":"to cancel does not necessarily mean that a Unitholder","page_number":13,"box":{"x":62,"y":282,"width":400,"height":11}},{"id":"c0d842e8-5e41-47fe-b67f-cb064b2ccc8a","block_type":"box","text":"will receive back the amount invested. Unitholders will","page_number":13,"box":{"x":62,"y":296,"width":399,"height":9}},{"id":"5bcfeca3-2b70-4172-b21c-3f9b5244d301","block_type":"box","text":"receive back an amount based on the subscription","page_number":13,"box":{"x":63,"y":310,"width":398,"height":10}},{"id":"fbc74f8a-e6ee-4f2b-881f-49e70057b862","block_type":"box","text":"price next calculated following the ACS Manager's","page_number":13,"box":{"x":62,"y":323,"width":399,"height":11}},{"id":"58472aa5-84ce-4c8e-ac7b-5c9d9da5018e","block_type":"box","text":"receipt of a valid cancellation notice in writing. A","page_number":13,"box":{"x":63,"y":337,"width":399,"height":11}},{"id":"1fe03ffb-2fa5-4198-8284-b0c4a7a6814f","block_type":"box","text":"Unitholder which has not yet paid for the investment","page_number":13,"box":{"x":63,"y":350,"width":399,"height":11}},{"id":"e3eff251-b3bc-4deb-890b-88deae321ac6","block_type":"box","text":"will be liable to make up any shortfall. Proceeds from","page_number":13,"box":{"x":62,"y":364,"width":399,"height":11}},{"id":"678dba5b-f620-45d0-ac20-11a8240a67e2","block_type":"box","text":"cancellation will be retained until the purchase","page_number":13,"box":{"x":62,"y":378,"width":399,"height":11}},{"id":"08c3da36-76cc-4c38-8cd8-96c281afd19a","block_type":"box","text":"payment has cleared. This may be for a period of up to","page_number":13,"box":{"x":62,"y":391,"width":399,"height":11}},{"id":"13b36491-a0a0-4410-8ce9-a1cd9a183aeb","block_type":"box","text":"21 calendar days from the date of subscription. No","page_number":13,"box":{"x":62,"y":405,"width":399,"height":11}},{"id":"81434a5a-5d2e-4426-887a-6de22729e6dc","block_type":"box","text":"interest will be paid on cancellation monies.","page_number":13,"box":{"x":62,"y":419,"width":321,"height":11}},{"id":"2fb5012f-1148-4b50-9501-d460f2f9b102","block_type":"box","text":"(d)","page_number":13,"box":{"x":74,"y":444,"width":19,"height":11}},{"id":"24987ea8-14bc-4cb5-88e4-c8f59f2bbc4b","block_type":"box","text":"Redemption of Units","page_number":13,"box":{"x":122,"y":444,"width":162,"height":11}},{"id":"b91409a6-8b13-4f98-bc39-b139c41562e4","block_type":"box","text":"Subject to the policy on pricing (see section 18) and","page_number":13,"box":{"x":62,"y":464,"width":399,"height":11}},{"id":"2609290b-989f-4ac5-bae7-399c7d90652d","block_type":"box","text":"the timing of each Sub-Fund’s Valuation Points for the","page_number":13,"box":{"x":62,"y":477,"width":399,"height":12}},{"id":"204bc9b7-acd6-4ef4-8892-cc6aed576b6f","block_type":"box","text":"purposes of dealing (as set out in Appendix 1), Units","page_number":13,"box":{"x":62,"y":491,"width":399,"height":11}},{"id":"0f4517a7-efee-442d-95ab-ddf0699622d4","block_type":"box","text":"in any Sub-Fund may normally be redeemed during","page_number":13,"box":{"x":62,"y":505,"width":399,"height":11}},{"id":"8a336dc3-bb71-485d-a1a1-439407726886","block_type":"box","text":"Normal Business Hours. All requests for redemption","page_number":13,"box":{"x":63,"y":518,"width":398,"height":11}},{"id":"2e49ac89-4be2-409e-bdb1-c818621432ce","block_type":"box","text":"must be received by the Deal Cut-Off Point on a","page_number":13,"box":{"x":62,"y":532,"width":400,"height":11}},{"id":"1d7fbc80-6797-4b3e-8a29-07106116a9c6","block_type":"box","text":"Dealing Day for the relevant Sub-Fund as set out in","page_number":13,"box":{"x":63,"y":546,"width":398,"height":11}},{"id":"35e4d58c-504b-4140-a967-556203adadc3","block_type":"box","text":"Appendix 1 otherwise they will be held over to the next","page_number":13,"box":{"x":62,"y":560,"width":400,"height":11}},{"id":"daf8af5b-3756-413c-a3c7-f3acc0abc5d9","block_type":"box","text":"following Dealing Day.","page_number":13,"box":{"x":62,"y":573,"width":164,"height":11}},{"id":"01f6d402-5467-42d9-8fbb-905251aa791c","block_type":"box","text":"","page_number":13,"box":{"x":62,"y":599,"width":8,"height":0}},{"id":"39e288c6-49c7-4cb6-aa68-d75598b204c3","block_type":"box","text":"Redeeming Unitholders must complete a","page_number":13,"box":{"x":87,"y":594,"width":375,"height":11}},{"id":"64ca1669-3689-473e-99ae-85183063e521","block_type":"box","text":"redemption request by such forms of electronic","page_number":13,"box":{"x":86,"y":607,"width":376,"height":11}},{"id":"410d8833-1eb4-492b-ae13-9027863587d1","block_type":"box","text":"communication as may be approved by the ACS","page_number":13,"box":{"x":86,"y":621,"width":375,"height":11}},{"id":"21f8e19c-44f1-41a4-9f22-25a01fb52450","block_type":"box","text":"Manager or any other method otherwise approved","page_number":13,"box":{"x":86,"y":634,"width":375,"height":12}},{"id":"ecaf8419-6b13-43c1-b6f5-0b6b68478cea","block_type":"box","text":"by the ACS Manager.","page_number":13,"box":{"x":86,"y":648,"width":158,"height":11}},{"id":"df151bb9-7fd4-4dd2-bffc-2ad9f1387e4d","block_type":"box","text":"","page_number":13,"box":{"x":62,"y":674,"width":8,"height":0}},{"id":"d5abfc40-9eda-4b7f-9dbe-3796dc6b16fe","block_type":"box","text":"The ACS Manager will send Unitholders a contract","page_number":13,"box":{"x":85,"y":668,"width":377,"height":12}},{"id":"9e14b93c-6cb2-4bc7-a330-36971cbdda17","block_type":"box","text":"note for the redeemed Units by electronic","page_number":13,"box":{"x":86,"y":682,"width":376,"height":11}},{"id":"733e6374-d43a-4031-932d-de7e79d0a850","block_type":"box","text":"communication by close of business on the","page_number":13,"box":{"x":86,"y":696,"width":375,"height":11}},{"id":"2684fd5e-efb9-4fa7-8024-f3ad451e8f9c","block_type":"box","text":"Business Day after the Valuation Point on which the","page_number":13,"box":{"x":86,"y":709,"width":375,"height":12}},{"id":"b8b0d324-8332-40df-82aa-943ea9926549","block_type":"box","text":"redemption request is accepted by the ACS","page_number":13,"box":{"x":86,"y":723,"width":375,"height":11}},{"id":"663b4f7e-38fd-4cb9-ae50-2e6ff3ddd1a6","block_type":"box","text":"Manager.","page_number":13,"box":{"x":86,"y":737,"width":68,"height":11}},{"id":"603ece5d-47b9-4a77-8313-b1fc20d0a32a","block_type":"box","text":"","page_number":13,"box":{"x":62,"y":762,"width":8,"height":1}},{"id":"d1af97cb-8826-4d41-b431-4418748ebba7","block_type":"box","text":"Except in the case of in specie redemptions (see","page_number":13,"box":{"x":87,"y":757,"width":374,"height":11}},{"id":"d44ff252-bf13-48bd-8120-84d95f0e2c9a","block_type":"box","text":"section 13(g) below) or deferred redemptions (see","page_number":13,"box":{"x":86,"y":771,"width":375,"height":11}},{"id":"08d9ff46-1d37-4759-8566-4ef8d4fa3b3c","block_type":"box","text":"section 13(f) below), the proceeds will be sent to","page_number":13,"box":{"x":86,"y":784,"width":375,"height":11}},{"id":"3d0a20f8-93a5-411e-8c28-6d8f0f6a81c8","block_type":"box","text":"Unitholders by electronic payment by the close of","page_number":13,"box":{"x":87,"y":798,"width":375,"height":11}},{"id":"1c29694e-fe3d-441a-95f8-0fb1f45011eb","block_type":"box","text":"business on the third Business Day after the later","page_number":13,"box":{"x":86,"y":812,"width":376,"height":11}},{"id":"89c1f916-9929-4967-8385-3e93d3f8c209","block_type":"box","text":"of the following times:","page_number":13,"box":{"x":86,"y":825,"width":159,"height":12}},{"id":"bca3c98f-fad6-4242-804c-97d98fd52ee6","block_type":"box","text":"(i) the Valuation Point at which the redemption","page_number":13,"box":{"x":86,"y":845,"width":375,"height":11}},{"id":"ec61174b-0fc6-42f2-8e98-973f85f75a53","block_type":"box","text":"instructions were processed; 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This will therefore allow the ACS Manager to","page_number":13,"box":{"x":523,"y":452,"width":400,"height":11}},{"id":"d6378a29-98b5-400a-8c00-a48a8a515714","block_type":"box","text":"protect the interests of continuing Unitholders by","page_number":13,"box":{"x":524,"y":466,"width":399,"height":11}},{"id":"55a51baf-0479-410f-8079-12b5f1483b91","block_type":"box","text":"allowing the ACS Manager to match the sale of","page_number":13,"box":{"x":523,"y":479,"width":400,"height":11}},{"id":"f10dec2a-e427-4c50-97a5-d111d90e1d36","block_type":"box","text":"scheme property to the level of redemptions. 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The Depositary may, on the","page_number":13,"box":{"x":523,"y":675,"width":400,"height":11}},{"id":"91b388b9-c721-42a1-b298-604859639d04","block_type":"box","text":"instruction of the ACS Manager, pay out of the relevant","page_number":13,"box":{"x":524,"y":688,"width":399,"height":11}},{"id":"ce2aa028-c968-4e1d-963b-767693b30aa9","block_type":"box","text":"Sub-Fund assets other than cash as payment for the","page_number":13,"box":{"x":523,"y":702,"width":400,"height":11}},{"id":"aa4cd613-4e2b-49ab-98f0-952d37308472","block_type":"box","text":"redemption of Units. An in specie subscription or in","page_number":13,"box":{"x":524,"y":716,"width":398,"height":11}},{"id":"09d0bd61-da6c-49fc-ae2a-f146f990c0f6","block_type":"box","text":"specie redemption will only take place where the","page_number":13,"box":{"x":523,"y":729,"width":400,"height":11}},{"id":"831510c5-cf0d-4ef7-ad11-00ed0955ffa4","block_type":"box","text":"Depositary has taken reasonable care to determine","page_number":13,"box":{"x":524,"y":743,"width":399,"height":11}},{"id":"0f5e138b-a6ec-4102-95bd-551cd0e44c12","block_type":"box","text":"that it is not likely to result in any material prejudice to","page_number":13,"box":{"x":523,"y":757,"width":400,"height":11}},{"id":"9c429e7a-e51a-474b-b413-72c492d4d8d2","block_type":"box","text":"the interests of Unitholders in the relevant Sub-Fund.","page_number":13,"box":{"x":523,"y":770,"width":391,"height":9}},{"id":"d511a4bb-c880-42f0-a262-4226c2d224a9","block_type":"box","text":"The ACS Manager will not issue Units in any Sub-Fund","page_number":13,"box":{"x":523,"y":790,"width":400,"height":11}},{"id":"599d3d41-ed72-4fc1-b2ce-d272a1027bfa","block_type":"box","text":"in exchange for assets the holding of which would be","page_number":13,"box":{"x":524,"y":803,"width":399,"height":12}},{"id":"224f3c7b-cd7e-4cac-b8fc-02eddf9586fb","block_type":"box","text":"inconsistent with the investment objectives or policy of","page_number":13,"box":{"x":524,"y":817,"width":399,"height":11}},{"id":"630c11c2-176c-4984-8c86-7e10fa0802a2","block_type":"box","text":"that Sub-Fund.","page_number":13,"box":{"x":523,"y":831,"width":109,"height":9}},{"id":"7a701ad8-5fd7-4f46-9258-50d57f110dac","block_type":"box","text":"Where the ACS Manager elects to carry out an in","page_number":13,"box":{"x":523,"y":850,"width":399,"height":11}},{"id":"119d204d-66cb-4ef9-884c-c74e4bc6e083","block_type":"box","text":"specie redemption, it must notify the Unitholder of this","page_number":13,"box":{"x":523,"y":864,"width":400,"height":11}},{"id":"cc9a2dab-1e48-4413-989c-597cc1b6afb3","block_type":"box","text":"in writing no later than the close of business on the","page_number":13,"box":{"x":524,"y":878,"width":399,"height":11}},{"id":"bb5b6163-94e3-46e9-8398-4119597219f5","block_type":"box","text":"second Business Day after the day on which it","page_number":13,"box":{"x":523,"y":891,"width":400,"height":11}},{"id":"cfc41f95-ef32-4b43-a61b-2373b82b0753","block_type":"box","text":"received selling instructions from the Unitholder","page_number":13,"box":{"x":524,"y":905,"width":351,"height":11}},{"id":"2c4baa5f-9bfe-4453-985d-6e62b3ef4e3a","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 14","page_number":14,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"fbfb310a-47b3-4607-a8cf-cf615e9d2876","block_type":"box","text":"Where there is an in specie redemption, the 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the","page_number":14,"box":{"x":62,"y":114,"width":399,"height":11}},{"id":"a4c1019e-8602-4d15-b6ee-c0ce094e4bc1","block_type":"box","text":"ACS Manager, decides is reasonable to the","page_number":14,"box":{"x":62,"y":128,"width":399,"height":11}},{"id":"b47aa6d1-6de3-45c1-9e3d-7a89f85440ee","block_type":"box","text":"Unitholder, in either case having regard to the need to","page_number":14,"box":{"x":63,"y":142,"width":398,"height":11}},{"id":"2ba138da-4af3-40c3-b648-eb7b04547439","block_type":"box","text":"be fair both to the Unitholder taking the in specie","page_number":14,"box":{"x":62,"y":155,"width":399,"height":11}},{"id":"e5e85ec7-2c7d-4ba2-b384-00f7f0118cc4","block_type":"box","text":"redemption and to continuing Unitholders.","page_number":14,"box":{"x":63,"y":169,"width":308,"height":11}},{"id":"b5e0d678-f836-4bd8-9d0f-4de4662bb1bb","block_type":"box","text":"Irrespective of the value of the Units, where 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Upon suspension the ACS","page_number":14,"box":{"x":62,"y":655,"width":399,"height":11}},{"id":"cf733eaf-7500-42bf-8474-901045ce7fea","block_type":"box","text":"Manager or the Depositary will immediately inform the","page_number":14,"box":{"x":63,"y":669,"width":398,"height":11}},{"id":"73071477-8128-4863-8e68-e88ef74f4717","block_type":"box","text":"FCA giving reasons for the suspension and notify any","page_number":14,"box":{"x":63,"y":682,"width":399,"height":11}},{"id":"6d44e2d7-e516-44cd-9ad0-f7293c37285f","block_type":"box","text":"home state regulator in jurisdictions where Units in the","page_number":14,"box":{"x":62,"y":696,"width":399,"height":11}},{"id":"ab88b772-48dd-4788-858e-a2b677fdec1a","block_type":"box","text":"relevant Sub-Fund are available for sale.","page_number":14,"box":{"x":63,"y":710,"width":299,"height":8}},{"id":"d9ba62a7-038b-47b7-b772-a5adcd65204c","block_type":"box","text":"The ACS Manager will notify Unitholders of the","page_number":14,"box":{"x":62,"y":729,"width":399,"height":11}},{"id":"b4310a89-8e5c-4931-afd1-381b18f25356","block_type":"box","text":"suspension as soon as practicable after the","page_number":14,"box":{"x":62,"y":743,"width":399,"height":11}},{"id":"267467bf-6ccc-489c-9324-e0f8c379a4ee","block_type":"box","text":"suspension commences and will formally review the","page_number":14,"box":{"x":62,"y":757,"width":400,"height":11}},{"id":"1651e901-29bf-4e88-890a-2d2433ae939e","block_type":"box","text":"suspension with the Depositary at least every 28 days,","page_number":14,"box":{"x":62,"y":770,"width":398,"height":11}},{"id":"6bdf94cc-2571-4012-976e-a031cd1cdf88","block_type":"box","text":"keeping the FCA informed. The ACS Manager will","page_number":14,"box":{"x":62,"y":784,"width":399,"height":11}},{"id":"39ebf34f-828f-43ff-9d7a-b6f149aa1b4f","block_type":"box","text":"resume issue and redemption in Units after giving the","page_number":14,"box":{"x":63,"y":797,"width":398,"height":12}},{"id":"455e9142-0d3f-4e8e-b558-0f71cde1a654","block_type":"box","text":"requisite notice in accordance with the COLL","page_number":14,"box":{"x":63,"y":811,"width":399,"height":11}},{"id":"33317809-b877-4ae9-adc5-07b2bb1c6cae","block_type":"box","text":"Sourcebook. 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When Units are converted,","page_number":14,"box":{"x":602,"y":206,"width":320,"height":11}},{"id":"1c69215b-bc13-4ced-955a-da6414258ffe","block_type":"box","text":"the number of New Units to be issued will","page_number":14,"box":{"x":601,"y":220,"width":321,"height":9}},{"id":"e8aad655-1719-4e87-9cfd-7f7f6ce4c6c6","block_type":"box","text":"be determined by applying a 'conversion","page_number":14,"box":{"x":601,"y":233,"width":321,"height":12}},{"id":"69050bea-b442-4c4e-b3b4-62586c8932f4","block_type":"box","text":"factor' to the value of the Original Units held","page_number":14,"box":{"x":601,"y":247,"width":321,"height":11}},{"id":"d924a262-506d-40b2-8f25-c1bbacbc9880","block_type":"box","text":"to determine the number of New Units to be","page_number":14,"box":{"x":601,"y":261,"width":321,"height":9}},{"id":"532fb850-edc4-4ac8-9f59-e021c722cc58","block_type":"box","text":"issued. The conversion factor applicable to","page_number":14,"box":{"x":602,"y":274,"width":321,"height":11}},{"id":"1d28edf4-1cd9-40cd-9c90-8f60abd6badc","block_type":"box","text":"such Unit conversion is available on request","page_number":14,"box":{"x":601,"y":288,"width":322,"height":11}},{"id":"61430e4a-bbbc-47a9-9a3e-a47f8ac569b7","block_type":"box","text":"from the ACS Manager in writing; or","page_number":14,"box":{"x":601,"y":302,"width":266,"height":11}},{"id":"2f8bacc9-f596-4ce1-91f0-eacf576218e9","block_type":"box","text":"(ii) switch all or some of the Units held from one","page_number":14,"box":{"x":554,"y":321,"width":369,"height":11}},{"id":"a140e0f3-a7f9-4b19-aef7-76b0fc747da0","block_type":"box","text":"class in that Sub-Fund (the \"","page_number":14,"box":{"x":601,"y":335,"width":258,"height":11}},{"id":"ee54f404-be90-4564-9e4f-d1a4dde6a9d3","block_type":"box","text":"Original","page_number":14,"box":{"x":861,"y":335,"width":61,"height":11}},{"id":"8867c55f-8c13-4373-b1c1-9353b0aa8d5b","block_type":"box","text":"Units","page_number":14,"box":{"x":602,"y":349,"width":40,"height":8}},{"id":"59cd12f9-ddc2-47c8-8175-d0e2cef0210f","block_type":"box","text":"\") into Units of another Sub-Fund","page_number":14,"box":{"x":644,"y":349,"width":278,"height":11}},{"id":"a48b1395-3365-4629-920e-d653376da0d6","block_type":"box","text":"within the Scheme (the \"","page_number":14,"box":{"x":601,"y":362,"width":219,"height":11}},{"id":"7e073fce-eccb-42b4-b369-85f26728fd44","block_type":"box","text":"New Units","page_number":14,"box":{"x":822,"y":362,"width":89,"height":9}},{"id":"959678d1-2195-4228-81e4-a394685f5c80","block_type":"box","text":"\")","page_number":14,"box":{"x":913,"y":362,"width":9,"height":11}},{"id":"3bcb243d-d61c-4224-8c48-69ff948f1c54","block_type":"box","text":"subject to Minimum Investment and","page_number":14,"box":{"x":601,"y":376,"width":321,"height":11}},{"id":"c62a6829-f1d3-4b9a-9e3b-f8eb3b115403","block_type":"box","text":"eligibility requirements. On a switch of Units,","page_number":14,"box":{"x":601,"y":389,"width":321,"height":12}},{"id":"f554d551-6d11-4474-863c-5bd009a1936c","block_type":"box","text":"the number of New Units issued will be","page_number":14,"box":{"x":601,"y":403,"width":322,"height":9}},{"id":"fe08c773-43eb-4e2f-9302-276392ce713b","block_type":"box","text":"determined by reference to the respective","page_number":14,"box":{"x":601,"y":417,"width":322,"height":11}},{"id":"8347a28b-9c8d-4444-8def-bf805ab7095d","block_type":"box","text":"prices of New Units and Original Units at the","page_number":14,"box":{"x":601,"y":430,"width":322,"height":12}},{"id":"e4d1de5d-3536-469b-9940-3a4835efd4bf","block_type":"box","text":"Valuation Point applicable when the","page_number":14,"box":{"x":601,"y":444,"width":322,"height":11}},{"id":"2e486dbd-eb6c-40a0-a40c-96cbdc416712","block_type":"box","text":"Original Units are redeemed and the New","page_number":14,"box":{"x":601,"y":458,"width":322,"height":11}},{"id":"1a7fcbd7-3ced-41bd-a25f-300461d48083","block_type":"box","text":"Units are issued. 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Conversions and switches are subject to the","page_number":14,"box":{"x":523,"y":559,"width":400,"height":11}},{"id":"501f7657-764c-424c-b4e0-64d0a625a877","block_type":"box","text":"Minimum Investment and eligibility requirements. No","page_number":14,"box":{"x":524,"y":573,"width":399,"height":11}},{"id":"f206af88-9346-4dfa-b132-16ffdb5f3b25","block_type":"box","text":"conversion or switch will be made during any period","page_number":14,"box":{"x":523,"y":587,"width":399,"height":11}},{"id":"ea42062b-7ec7-43e4-95bc-bacd456cff61","block_type":"box","text":"when the right of Unitholders to require a redemption","page_number":14,"box":{"x":523,"y":600,"width":399,"height":12}},{"id":"fc274a69-1098-40f9-9efa-a85bec14b944","block_type":"box","text":"of Units is suspended.","page_number":14,"box":{"x":523,"y":614,"width":163,"height":11}},{"id":"77848567-2eea-4f30-8c76-9510e7926ef2","block_type":"box","text":"A switch between the relevant Sub-Fund and another","page_number":14,"box":{"x":523,"y":634,"width":400,"height":8}},{"id":"a878486a-2200-4fa7-8c42-4021d644b861","block_type":"box","text":"Sub-Fund of the Scheme will only be effected on a","page_number":14,"box":{"x":523,"y":647,"width":400,"height":11}},{"id":"0bece377-8738-4cb0-ba07-cbeab493ee7f","block_type":"box","text":"Business Day when both Sub-Funds have Valuation","page_number":14,"box":{"x":524,"y":661,"width":398,"height":11}},{"id":"4f3756b7-0f09-421e-bb75-e8bf1a8493c6","block_type":"box","text":"Points and such Business Day is a Dealing Day.","page_number":14,"box":{"x":524,"y":675,"width":356,"height":11}},{"id":"d5cf0294-e477-4013-9141-1ada8a7a6ead","block_type":"box","text":"Unitholders subject to UK tax should note that a switch","page_number":14,"box":{"x":524,"y":694,"width":398,"height":11}},{"id":"f0680cfc-cacc-4f6d-a03d-4112568f797c","block_type":"box","text":"of Units between Sub-Funds (but not between Unit","page_number":14,"box":{"x":523,"y":708,"width":400,"height":11}},{"id":"215a0d7a-fb9b-4b36-8d3a-413d57658af8","block_type":"box","text":"Classes in the same Sub-Fund) should be treated as","page_number":14,"box":{"x":523,"y":721,"width":400,"height":11}},{"id":"257fbab6-973a-41c3-a28d-9e54e908e9a8","block_type":"box","text":"a disposal for the purposes of Capital Gains Tax.","page_number":14,"box":{"x":523,"y":735,"width":399,"height":11}},{"id":"63c164d9-78a3-4bfc-856b-7c23b47ce0d1","block_type":"box","text":"Conversions between different Unit Classes in the","page_number":14,"box":{"x":523,"y":749,"width":400,"height":9}},{"id":"8c948c53-b28f-425f-8b40-5b3fe6fd9dfc","block_type":"box","text":"same Sub-Fund should not give rise to a disposal for","page_number":14,"box":{"x":523,"y":762,"width":400,"height":12}},{"id":"c61eaa5a-711d-4599-8bdb-377e3029e830","block_type":"box","text":"UK Capital Gains Tax purposes. 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Unitholders should seek their own","page_number":14,"box":{"x":523,"y":831,"width":399,"height":11}},{"id":"cf54e252-0cf3-49d4-ab9d-0f82b8b4d265","block_type":"box","text":"professional tax advice in this regard.","page_number":14,"box":{"x":524,"y":844,"width":274,"height":12}},{"id":"f25b722d-47ce-43c7-91cc-0870723e752e","block_type":"box","text":"A Unitholder who switches Units in one Sub-Fund for","page_number":14,"box":{"x":523,"y":864,"width":400,"height":9}},{"id":"b4a0dfba-d876-4d76-8233-c72cbcae0fa0","block_type":"box","text":"Units in any other Sub-Fund will not be given a right by","page_number":14,"box":{"x":524,"y":878,"width":399,"height":11}},{"id":"a3ca2210-75ed-4a47-94cd-cc9b117cc4a1","block_type":"box","text":"law to withdraw from or cancel the transaction.","page_number":14,"box":{"x":524,"y":891,"width":343,"height":9}},{"id":"c1cd488d-0eea-4df3-804e-45bd3c11f9f1","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 15","page_number":15,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"5b9b59c3-2f4d-4596-8759-c7426e3fbbb6","block_type":"box","text":"(j)","page_number":15,"box":{"x":74,"y":46,"width":13,"height":11}},{"id":"4b6d1cdb-910c-45f1-9e63-7f9a364d887a","block_type":"box","text":"Mandatory redemption or cancellation of","page_number":15,"box":{"x":122,"y":46,"width":340,"height":11}},{"id":"e585f2b2-966d-4ab7-b96b-c90b4e728dc8","block_type":"box","text":"Units","page_number":15,"box":{"x":122,"y":59,"width":40,"height":9}},{"id":"aeed65ce-19ae-4ef9-b228-c3f1a5fc7acf","block_type":"box","text":"The ACS Manager may from time to time take such","page_number":15,"box":{"x":62,"y":79,"width":399,"height":11}},{"id":"e6d3e1c6-cb74-40f4-99f0-0629653d0e74","block_type":"box","text":"action and impose such restrictions as it thinks","page_number":15,"box":{"x":62,"y":93,"width":399,"height":11}},{"id":"1c121240-a625-41d8-9baa-61bf35310591","block_type":"box","text":"necessary for the purpose of ensuring that no Units in","page_number":15,"box":{"x":62,"y":106,"width":399,"height":12}},{"id":"15e1bdff-c411-4587-b389-ff497cf8229e","block_type":"box","text":"any Sub-Fund are acquired or held by any person in","page_number":15,"box":{"x":62,"y":120,"width":399,"height":11}},{"id":"e45cc465-f9af-411f-be84-f56194bbfee4","block_type":"box","text":"circumstances (\"","page_number":15,"box":{"x":62,"y":134,"width":132,"height":11}},{"id":"b23c8f02-853c-42ee-85fd-b7e150bcfe7d","block_type":"box","text":"relevant circumstances","page_number":15,"box":{"x":197,"y":134,"width":195,"height":8}},{"id":"23e21b55-3b57-4905-abd1-0c7f43b5284e","block_type":"box","text":"\") which","page_number":15,"box":{"x":393,"y":134,"width":68,"height":11}},{"id":"4bbd9910-ae59-41e2-b3f9-237bdfcb72ef","block_type":"box","text":"constitute a breach of the law or governmental","page_number":15,"box":{"x":62,"y":147,"width":399,"height":11}},{"id":"c07e0cb5-e8de-4211-b0c8-8caaf4cff9f1","block_type":"box","text":"regulation (or any interpretation of a law or regulation","page_number":15,"box":{"x":63,"y":161,"width":398,"height":11}},{"id":"314dd6c5-1e1c-4304-bf6f-1e49d48ebca9","block_type":"box","text":"by a competent authority) of any country or territory; or","page_number":15,"box":{"x":62,"y":175,"width":400,"height":11}},{"id":"604f2b12-00a3-4d1b-beaf-403a6e40723b","block_type":"box","text":"which would (or would if other Units were acquired or","page_number":15,"box":{"x":62,"y":188,"width":400,"height":11}},{"id":"94ed601e-6926-43b9-aed8-cb40eb2776c2","block_type":"box","text":"held in like circumstances) result in any Sub-Fund","page_number":15,"box":{"x":62,"y":202,"width":399,"height":11}},{"id":"8e96a418-e531-4819-93f3-b3e2afacdf4e","block_type":"box","text":"incurring any liability to taxation or suffering any other","page_number":15,"box":{"x":62,"y":216,"width":400,"height":11}},{"id":"e4588a57-7c56-4d9b-95b0-189a4e062186","block_type":"box","text":"adverse consequence (including a requirement to","page_number":15,"box":{"x":62,"y":229,"width":399,"height":11}},{"id":"010faa13-08d3-4856-9082-ef6f385d4bb4","block_type":"box","text":"register under any securities or investment or similar","page_number":15,"box":{"x":63,"y":243,"width":399,"height":11}},{"id":"4acb3276-8dd4-417a-9a4f-361580355360","block_type":"box","text":"laws or governmental regulation of any country or","page_number":15,"box":{"x":62,"y":257,"width":400,"height":11}},{"id":"ea07beea-b5e9-4ac7-97a3-49609e0830b2","block_type":"box","text":"territory); and, in this connection, the ACS Manager","page_number":15,"box":{"x":62,"y":270,"width":400,"height":11}},{"id":"10913b47-ed18-4153-8719-b360cd38360b","block_type":"box","text":"may reject at its discretion any subscription,","page_number":15,"box":{"x":62,"y":284,"width":399,"height":11}},{"id":"001a9fa7-46e2-47a7-bd9a-b550e80766a9","block_type":"box","text":"redemption, switch or conversion of Units.","page_number":15,"box":{"x":63,"y":298,"width":309,"height":11}},{"id":"c743c19c-bf9a-4094-ae95-2f01269ef639","block_type":"box","text":"In particular, all Unitholders must meet the eligibility","page_number":15,"box":{"x":63,"y":317,"width":399,"height":11}},{"id":"fc2172f1-0d78-4f58-a77a-15a75efdb27e","block_type":"box","text":"criteria set out in section 2.","page_number":15,"box":{"x":62,"y":331,"width":198,"height":9}},{"id":"06248c70-6fae-4307-ad21-86c691aa433f","block_type":"box","text":"All US residents and citizens should note the","page_number":15,"box":{"x":62,"y":350,"width":400,"height":9}},{"id":"809b9850-f7b6-4a85-aa91-100350705da7","block_type":"box","text":"requirements of the Foreign Account Tax Compliance","page_number":15,"box":{"x":63,"y":364,"width":398,"height":11}},{"id":"81e2836f-7f2c-4eca-bec5-ccc4f8750001","block_type":"box","text":"Act ('FATCA'), please see section 27(f).","page_number":15,"box":{"x":62,"y":378,"width":292,"height":11}},{"id":"f717b23e-e901-4e92-968a-955fa80b4c17","block_type":"box","text":"If it comes to the notice of the ACS Manager that any","page_number":15,"box":{"x":63,"y":397,"width":399,"height":11}},{"id":"2049c785-6bb9-4abc-9067-9857d7e33304","block_type":"box","text":"Units (\"","page_number":15,"box":{"x":63,"y":411,"width":55,"height":11}},{"id":"a6031b59-9e71-42f6-89db-ba0a9365d94f","block_type":"box","text":"affected Units","page_number":15,"box":{"x":120,"y":411,"width":113,"height":9}},{"id":"60618914-1491-4862-b50d-119729d6b21b","block_type":"box","text":"\") have been acquired or are","page_number":15,"box":{"x":235,"y":411,"width":226,"height":11}},{"id":"9be16f7c-cce3-40fd-89ba-496db26f89cb","block_type":"box","text":"being held in each case whether beneficially or","page_number":15,"box":{"x":62,"y":425,"width":400,"height":11}},{"id":"acb967ad-df32-49cb-b987-98f4aec92afa","block_type":"box","text":"otherwise in any of the relevant circumstances referred","page_number":15,"box":{"x":62,"y":438,"width":399,"height":11}},{"id":"e75fca1f-7a72-4d84-b13f-cbd4c890b6c5","block_type":"box","text":"to above or if it reasonably believes this to be the case","page_number":15,"box":{"x":62,"y":452,"width":399,"height":11}},{"id":"51a2b095-f8b4-4b05-b98c-e61ec3a6adc7","block_type":"box","text":"the ACS Manager may give notice to the relevant","page_number":15,"box":{"x":62,"y":466,"width":400,"height":11}},{"id":"547549ad-60a7-4e85-9e40-3883dcab4032","block_type":"box","text":"Unitholder to convert or switch their holding to another","page_number":15,"box":{"x":63,"y":479,"width":399,"height":11}},{"id":"a2dd3f7f-ab6d-45fc-a24e-43cf06d74285","block_type":"box","text":"Unit Class or Sub-Fund if a suitable Unit Class or Sub","page_number":15,"box":{"x":63,"y":493,"width":398,"height":9}},{"id":"81fa61a2-f10f-4536-820f-2f8f0a554503","block_type":"box","text":"Fund is available (and, in the case of a switch, subject","page_number":15,"box":{"x":63,"y":506,"width":399,"height":12}},{"id":"af45c404-b2b1-483b-a5c4-81d5ebaa8019","block_type":"box","text":"to the basis on which switching rights are offered) or","page_number":15,"box":{"x":62,"y":520,"width":400,"height":11}},{"id":"0a2aa9a1-d6bf-4416-a4ec-7458294c3ae5","block_type":"box","text":"give notice to the relevant holder of the affected Units","page_number":15,"box":{"x":62,"y":534,"width":399,"height":11}},{"id":"a11c0e07-edd4-47da-b06b-18093e0d00ab","block_type":"box","text":"requiring the Unitholder to provide a request in writing","page_number":15,"box":{"x":63,"y":548,"width":398,"height":11}},{"id":"5594660c-aa7a-4d7e-a57c-a14355ef9822","block_type":"box","text":"for the redemption or cancellation of such Units. If any","page_number":15,"box":{"x":62,"y":561,"width":400,"height":11}},{"id":"e5763259-7536-4683-bd0a-60cb94eedf6a","block_type":"box","text":"person upon whom such a notice is served does not","page_number":15,"box":{"x":62,"y":575,"width":400,"height":11}},{"id":"4e588af5-f0db-47bb-b316-43d838f001bc","block_type":"box","text":"within thirty days after the date of such notice request","page_number":15,"box":{"x":62,"y":588,"width":400,"height":12}},{"id":"be3eeee0-2924-4569-b6ce-4e5930f3ba16","block_type":"box","text":"the conversion or switch of their holding of affected","page_number":15,"box":{"x":62,"y":602,"width":399,"height":11}},{"id":"e5dd4c40-c3f8-448f-a6b3-c5e6aad6f0d1","block_type":"box","text":"Units to another Unit Class or Sub-Fund if a suitable","page_number":15,"box":{"x":63,"y":616,"width":398,"height":9}},{"id":"c23b67d5-b1d8-47eb-b621-2afb102d5233","block_type":"box","text":"Unit Class or Sub-Fund is available (and, in the case","page_number":15,"box":{"x":63,"y":629,"width":398,"height":11}},{"id":"8196c902-fba7-41b3-b185-534d1434bff5","block_type":"box","text":"of a switch, subject to the basis on which switching","page_number":15,"box":{"x":62,"y":643,"width":399,"height":11}},{"id":"4060bd94-a4ee-4159-b183-1fe7da1d5d21","block_type":"box","text":"rights are offered), or submit such request for","page_number":15,"box":{"x":63,"y":657,"width":399,"height":11}},{"id":"996505ce-7a5c-47f8-b126-e6af863a8365","block_type":"box","text":"redemption or cancellation of the affected Units, or","page_number":15,"box":{"x":63,"y":670,"width":399,"height":11}},{"id":"e58b3743-6d6f-445f-a272-72f28b08aeb0","block_type":"box","text":"establish to the satisfaction of the ACS Manager","page_number":15,"box":{"x":62,"y":684,"width":400,"height":11}},{"id":"782219a1-a156-4412-a492-936f66839488","block_type":"box","text":"(whose judgement shall be final and binding) that he","page_number":15,"box":{"x":63,"y":698,"width":398,"height":11}},{"id":"ad38a76c-e752-43ea-8a1f-119853209772","block_type":"box","text":"and any person on whose behalf he holds the affected","page_number":15,"box":{"x":62,"y":711,"width":399,"height":11}},{"id":"7b7dda10-a0ff-4bbd-91a2-2c201a0051b0","block_type":"box","text":"Units are qualified and entitled to hold the Units, he","page_number":15,"box":{"x":63,"y":725,"width":398,"height":11}},{"id":"647d9d14-192e-4362-bf30-ed1739f515b9","block_type":"box","text":"shall be deemed upon the expiration of that thirty day","page_number":15,"box":{"x":62,"y":739,"width":400,"height":11}},{"id":"7fc687c1-2618-4d6b-9567-234622e64eb9","block_type":"box","text":"period to have given a request in writing for the","page_number":15,"box":{"x":62,"y":752,"width":399,"height":12}},{"id":"d192199f-6da4-49ed-abcf-0bbb79b71db7","block_type":"box","text":"redemption or cancellation (at the discretion of the","page_number":15,"box":{"x":63,"y":766,"width":398,"height":11}},{"id":"4c5e174f-f17c-43f7-8a84-29dc8e86670d","block_type":"box","text":"ACS Manager) of the affected Units.","page_number":15,"box":{"x":62,"y":780,"width":268,"height":11}},{"id":"03ba4592-75dc-4beb-9082-ed82505c6d21","block_type":"box","text":"(k)","page_number":15,"box":{"x":74,"y":805,"width":18,"height":11}},{"id":"74b571f5-3595-4671-aabd-029143e5a5b7","block_type":"box","text":"Transfers of Units","page_number":15,"box":{"x":121,"y":805,"width":143,"height":9}},{"id":"f6599312-13f4-4219-adbc-fad5f7c60052","block_type":"box","text":"A transfer of Units is not permitted.","page_number":15,"box":{"x":66,"y":825,"width":257,"height":11}},{"id":"0925f7de-da14-422b-abac-fd10dee17096","block_type":"box","text":"14. Excessive Trading Policy","page_number":15,"box":{"x":74,"y":850,"width":248,"height":12}},{"id":"5c4b0614-1665-4fa9-a470-1b760f652554","block_type":"box","text":"The Sub-Funds do not knowingly allow investments","page_number":15,"box":{"x":62,"y":870,"width":399,"height":11}},{"id":"73c8881b-96a1-4b5d-b462-8f0cfa0a6298","block_type":"box","text":"that are associated with excessive trading practices as","page_number":15,"box":{"x":62,"y":884,"width":399,"height":11}},{"id":"5dabc7a5-02e9-44df-b30a-9e627a80a0ac","block_type":"box","text":"such practices may adversely affect the interests of all","page_number":15,"box":{"x":62,"y":897,"width":399,"height":11}},{"id":"9a5217fa-c7be-444a-bbcb-6f4a68786e40","block_type":"box","text":"Unitholders. Excessive trading includes individuals or","page_number":15,"box":{"x":63,"y":911,"width":399,"height":11}},{"id":"7fd5aedb-dbdf-40eb-a615-c914617c5a4c","block_type":"box","text":"groups of individuals whose securities transactions","page_number":15,"box":{"x":523,"y":46,"width":400,"height":11}},{"id":"919cb280-75a6-4483-b623-3360079d4681","block_type":"box","text":"seem to follow a timing pattern or are characterised by","page_number":15,"box":{"x":523,"y":59,"width":400,"height":12}},{"id":"cf09d02e-45a4-4044-afb6-429e9d6d23d7","block_type":"box","text":"excessively frequent or large trades.","page_number":15,"box":{"x":523,"y":73,"width":268,"height":11}},{"id":"ff04fc37-b85c-4e98-9677-bd25be614666","block_type":"box","text":"Unitholders should, however, be aware that the Sub","page_number":15,"box":{"x":524,"y":93,"width":398,"height":10}},{"id":"a90bfc50-9b0b-4efe-8bf1-f0514bda7256","block_type":"box","text":"Funds may be utilised by certain Unitholders for asset","page_number":15,"box":{"x":524,"y":106,"width":399,"height":11}},{"id":"f5549b9f-c866-49fb-ae60-53cc2cba2708","block_type":"box","text":"allocation purposes or by structured product providers,","page_number":15,"box":{"x":523,"y":120,"width":399,"height":11}},{"id":"b4531307-ac47-462c-92cf-6ebfda0babbb","block_type":"box","text":"which may require the periodic re-allocation of assets","page_number":15,"box":{"x":523,"y":134,"width":400,"height":11}},{"id":"724927df-6de7-48aa-aa41-0975ecdbca87","block_type":"box","text":"between Sub-Funds. This activity will not normally be","page_number":15,"box":{"x":524,"y":147,"width":399,"height":11}},{"id":"1f953cff-1535-4131-8785-d230b8407518","block_type":"box","text":"classed as excessive trading unless the activity","page_number":15,"box":{"x":523,"y":161,"width":400,"height":11}},{"id":"d698f9dd-e129-4e04-af6b-5120be7add51","block_type":"box","text":"becomes, in the opinion of the ACS Manager, too","page_number":15,"box":{"x":524,"y":174,"width":399,"height":12}},{"id":"8c65c3ea-81eb-4bdf-8ece-36664e8ca576","block_type":"box","text":"frequent or appears to follow a timing pattern.","page_number":15,"box":{"x":523,"y":188,"width":336,"height":11}},{"id":"b9dd6ecf-bb16-4f1d-8e08-f7addbee0aa8","block_type":"box","text":"As well as the general power of the ACS Manager to","page_number":15,"box":{"x":523,"y":208,"width":400,"height":11}},{"id":"743fcd3c-cbe5-473c-95f4-88f3debc912f","block_type":"box","text":"refuse subscriptions, switches or conversions at their","page_number":15,"box":{"x":524,"y":221,"width":399,"height":12}},{"id":"274caa4f-76a9-43e6-aad2-76733ae778f9","block_type":"box","text":"discretion, powers exist in other sections of this","page_number":15,"box":{"x":523,"y":235,"width":400,"height":11}},{"id":"ea3fccc0-df8a-4bfe-8535-01b70dbd961d","block_type":"box","text":"Prospectus to ensure that Unitholder interests are","page_number":15,"box":{"x":524,"y":249,"width":399,"height":11}},{"id":"07c6d413-9755-45e9-aa16-ef7d7bfea64a","block_type":"box","text":"protected against excessive trading. These include in","page_number":15,"box":{"x":524,"y":263,"width":398,"height":11}},{"id":"920a5a3b-dcc7-44cb-87db-cba0dc953225","block_type":"box","text":"specie redemptions (see section 13(g)) and","page_number":15,"box":{"x":523,"y":276,"width":399,"height":11}},{"id":"53e0bf66-0639-4abc-95e4-9aa9de24c896","block_type":"box","text":"conversion and switching rights (see section 13(i)).","page_number":15,"box":{"x":523,"y":290,"width":375,"height":11}},{"id":"12035d1c-0f0c-4b8f-90f1-08998c1fb078","block_type":"box","text":"In addition, where excessive trading is suspected, the","page_number":15,"box":{"x":524,"y":310,"width":399,"height":11}},{"id":"028b13ae-5d1d-4dd6-be5e-da4b6013d4aa","block_type":"box","text":"Sub-Funds may:","page_number":15,"box":{"x":523,"y":323,"width":121,"height":11}},{"id":"6712e0b1-51d6-4399-bb57-0028e02d9755","block_type":"box","text":"combine Units that are under common ownership or","page_number":15,"box":{"x":523,"y":343,"width":400,"height":11}},{"id":"ad526394-fe3a-42b3-96fd-01ee242cab6b","block_type":"box","text":"control for the purposes of ascertaining whether an","page_number":15,"box":{"x":523,"y":356,"width":399,"height":12}},{"id":"38f8db90-83a9-4d2d-86dd-88f269854c75","block_type":"box","text":"individual or a group of individuals can be deemed to","page_number":15,"box":{"x":524,"y":370,"width":399,"height":11}},{"id":"fd531887-aa59-4971-8292-57372562ec6d","block_type":"box","text":"be involved in excessive trading practices.","page_number":15,"box":{"x":524,"y":384,"width":398,"height":11}},{"id":"d1d5f1dc-99e9-4b86-83cb-45324f2eb808","block_type":"box","text":"Accordingly, the ACS Manager reserves the right to","page_number":15,"box":{"x":523,"y":397,"width":400,"height":11}},{"id":"b5356499-954f-4a6e-ae21-b4961dee11ad","block_type":"box","text":"reject any application for switches, conversions, and","page_number":15,"box":{"x":524,"y":411,"width":398,"height":11}},{"id":"1bfa980a-4c0b-412e-8c53-a4487388a719","block_type":"box","text":"subscription of Units from Unitholders whom they","page_number":15,"box":{"x":523,"y":425,"width":400,"height":11}},{"id":"d621ed3b-3c02-4ac1-9fce-1d5a1e507b1c","block_type":"box","text":"consider to be excessive traders; and","page_number":15,"box":{"x":523,"y":438,"width":277,"height":11}},{"id":"fd39880e-531a-431a-b439-88e26849e3c2","block_type":"box","text":"(i) levy a redemption charge on the redemption","page_number":15,"box":{"x":554,"y":458,"width":368,"height":11}},{"id":"126ff66e-bc49-4ad1-8c41-806127eeb79f","block_type":"box","text":"proceeds to Unitholders whom the ACS","page_number":15,"box":{"x":601,"y":471,"width":322,"height":12}},{"id":"8fc58864-abd5-4771-bddb-c36f16f4e46d","block_type":"box","text":"Manager, in its reasonable opinion,","page_number":15,"box":{"x":602,"y":485,"width":320,"height":11}},{"id":"196c3cf9-8ec6-4e62-a53e-dd7d7cbe2c18","block_type":"box","text":"suspects of excessive trading. This charge","page_number":15,"box":{"x":601,"y":499,"width":322,"height":11}},{"id":"27207d6e-ab52-44f7-80f5-e43a78342284","block_type":"box","text":"will be made for the benefit of the relevant","page_number":15,"box":{"x":601,"y":513,"width":322,"height":8}},{"id":"dc9a2849-e225-4730-9178-a0541e451826","block_type":"box","text":"Sub-Fund, and affected Unitholders will be","page_number":15,"box":{"x":601,"y":526,"width":322,"height":10}},{"id":"595d3918-70f1-41c7-8c3f-eb89b0de90d7","block_type":"box","text":"notified in their contract notes if such a fee","page_number":15,"box":{"x":602,"y":540,"width":321,"height":9}},{"id":"207f4b6f-63f8-45bf-90f6-642debd90e6f","block_type":"box","text":"has been charged. The charge will be","page_number":15,"box":{"x":602,"y":554,"width":321,"height":11}},{"id":"37e77590-6fa2-42a7-8a62-cec888af0266","block_type":"box","text":"calculated by using the trading costs","page_number":15,"box":{"x":601,"y":567,"width":322,"height":11}},{"id":"bf498307-7257-4d00-b18d-d7b910fdd87a","block_type":"box","text":"including the asset spread cost.","page_number":15,"box":{"x":602,"y":581,"width":232,"height":11}},{"id":"8b1de162-fc93-48cf-bedf-cb4eeb638731","block_type":"box","text":"15. Compliance with applicable laws and","page_number":15,"box":{"x":536,"y":606,"width":386,"height":11}},{"id":"c9da7357-bb8b-4a3f-96a1-cd4b9254d062","block_type":"box","text":"regulations","page_number":15,"box":{"x":583,"y":620,"width":89,"height":11}},{"id":"a24bcd48-2519-4a94-bc47-76724dfcba07","block_type":"box","text":"As a result of any applicable laws and regulations,","page_number":15,"box":{"x":523,"y":639,"width":399,"height":12}},{"id":"5ca1ac93-428d-4df8-8479-721ea044bb16","block_type":"box","text":"including but not limited to, relevant anti-money","page_number":15,"box":{"x":524,"y":653,"width":399,"height":11}},{"id":"02dae898-1c4d-4ef8-99c7-57681828991f","block_type":"box","text":"laundering legislation, tax laws and regulatory","page_number":15,"box":{"x":524,"y":667,"width":399,"height":11}},{"id":"5bb70d27-cb4c-41fc-9b80-2baab45a07c5","block_type":"box","text":"requirements, Unitholders may be required, in certain","page_number":15,"box":{"x":524,"y":681,"width":398,"height":11}},{"id":"739fa5af-5099-491f-9793-5b0ff7e6a71d","block_type":"box","text":"circumstances, to provide additional documentation to","page_number":15,"box":{"x":523,"y":694,"width":400,"height":11}},{"id":"432c81dc-67c1-4296-a1e1-cbf342d6035c","block_type":"box","text":"confirm their identity, or provide other relevant","page_number":15,"box":{"x":523,"y":708,"width":400,"height":11}},{"id":"70992768-6634-4a20-8976-a7c88b3530ce","block_type":"box","text":"information pursuant to such laws and regulations, as","page_number":15,"box":{"x":524,"y":721,"width":399,"height":12}},{"id":"c8ca6876-6b09-471a-9967-4418e63dd89a","block_type":"box","text":"may be required from time to time, even if an existing","page_number":15,"box":{"x":524,"y":735,"width":398,"height":11}},{"id":"3ac64d63-5611-431c-84b2-466678114f7a","block_type":"box","text":"Unitholder. Any information provided by Unitholders","page_number":15,"box":{"x":524,"y":749,"width":399,"height":11}},{"id":"4f164da9-4da1-475d-b844-400cb85a4a77","block_type":"box","text":"will be used only for the purposes of compliance with","page_number":15,"box":{"x":523,"y":762,"width":399,"height":12}},{"id":"3550a710-a842-40d2-915f-b8391d29aad4","block_type":"box","text":"these requirements and all documentation will be duly","page_number":15,"box":{"x":523,"y":776,"width":400,"height":11}},{"id":"45bfc2fb-a8d3-45bd-a08b-9e9331349f96","block_type":"box","text":"returned to the relevant Unitholder. Until the ACS","page_number":15,"box":{"x":524,"y":790,"width":399,"height":9}},{"id":"c969dc36-601f-4d2d-aa7b-177f65614585","block_type":"box","text":"Manager receives the requested documentation or","page_number":15,"box":{"x":524,"y":804,"width":399,"height":11}},{"id":"23bf301e-8731-488e-8683-4a5489e1d604","block_type":"box","text":"additional information, there may be a delay in","page_number":15,"box":{"x":523,"y":817,"width":399,"height":11}},{"id":"260e09f2-dc2b-451e-a045-283ff9368e1b","block_type":"box","text":"processing any subsequent redemption request and","page_number":15,"box":{"x":524,"y":831,"width":398,"height":11}},{"id":"a1ff1403-db19-4b3e-9c49-8c6e243d140b","block_type":"box","text":"the ACS Manager reserves the right in all cases to","page_number":15,"box":{"x":523,"y":844,"width":400,"height":12}},{"id":"f107ab41-6b58-4381-904e-959db4cda49e","block_type":"box","text":"withhold redemption proceeds until such a time as the","page_number":15,"box":{"x":523,"y":858,"width":400,"height":11}},{"id":"60addcc0-5b7b-4ffd-b6c3-261224c75d54","block_type":"box","text":"required documentation or additional information is","page_number":15,"box":{"x":524,"y":872,"width":399,"height":11}},{"id":"4bf77cdd-e1ef-4dd3-a248-0c09c46b80a7","block_type":"box","text":"received.","page_number":15,"box":{"x":524,"y":885,"width":65,"height":9}},{"id":"9b0b4558-f9ef-44db-8e10-1f4acda5a066","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 16","page_number":16,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"1ac6f247-726b-4cfd-8e01-f25fa7de5b28","block_type":"box","text":"Alternatively, the ACS Manager may employ a search","page_number":16,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"e7a09889-8533-4225-8cf9-d239414a6dc0","block_type":"box","text":"of electronic data reference sources in order to access","page_number":16,"box":{"x":62,"y":59,"width":399,"height":9}},{"id":"cb31e649-9d3b-48ed-aadb-d940f15b774e","block_type":"box","text":"information held electronically concerning the identity","page_number":16,"box":{"x":62,"y":73,"width":400,"height":11}},{"id":"1e1fbd5f-2c54-4875-b66c-eca17314a87a","block_type":"box","text":"of a Unitholder, including information held by certain","page_number":16,"box":{"x":62,"y":87,"width":399,"height":11}},{"id":"e8d38b68-aef0-484c-ae4f-d622c17efe95","block_type":"box","text":"government and consumer agencies. By completing","page_number":16,"box":{"x":62,"y":100,"width":399,"height":12}},{"id":"51581f89-5482-4a4b-b95b-3ab8ac2cbe8c","block_type":"box","text":"the Form, Power of Attorney or Investor Agreement or","page_number":16,"box":{"x":62,"y":114,"width":400,"height":11}},{"id":"043650b8-598e-4a82-be4b-502a1631d905","block_type":"box","text":"entering into a contract with the ACS Manager or one","page_number":16,"box":{"x":62,"y":128,"width":399,"height":11}},{"id":"a47a15c5-9852-467c-b400-c18b42b875a8","block_type":"box","text":"of its affiliates, Unitholders acknowledge that the ACS","page_number":16,"box":{"x":62,"y":141,"width":399,"height":12}},{"id":"6a03ac13-83ed-47be-86b4-01a1727c6ef3","block_type":"box","text":"Manager may at any time initiate a search of","page_number":16,"box":{"x":63,"y":155,"width":399,"height":11}},{"id":"ea460e02-14ee-4e8b-a889-948a51aa426e","block_type":"box","text":"information held electronically in order to verify","page_number":16,"box":{"x":62,"y":169,"width":400,"height":11}},{"id":"aeb5f712-5571-4afa-a94e-050611057ccf","block_type":"box","text":"identity.","page_number":16,"box":{"x":62,"y":182,"width":56,"height":11}},{"id":"f7122caf-c603-4346-ba9c-40a7780c70b5","block_type":"box","text":"16. Valuation","page_number":16,"box":{"x":74,"y":208,"width":121,"height":9}},{"id":"63c216af-4a97-47be-80d4-c8aef92ba8dc","block_type":"box","text":"The ACS Manager calculates the value of the Units in","page_number":16,"box":{"x":62,"y":227,"width":399,"height":12}},{"id":"8ee6aa31-7dbe-4d49-98a8-b712bf8d2444","block_type":"box","text":"accordance with Appendix 4, as permitted by the","page_number":16,"box":{"x":62,"y":241,"width":399,"height":11}},{"id":"e17fc44a-776d-482c-8dea-c386b3814d80","block_type":"box","text":"COLL Sourcebook. The basis of the calculation is the","page_number":16,"box":{"x":62,"y":255,"width":399,"height":9}},{"id":"019e0079-7547-4d5c-ade5-a9f182f839f1","block_type":"box","text":"value of the underlying assets of the Scheme. Assets","page_number":16,"box":{"x":62,"y":268,"width":399,"height":12}},{"id":"2f66a12b-338a-43b5-a8c7-6782eb5bca17","block_type":"box","text":"are valued on a single mid-market basis in accordance","page_number":16,"box":{"x":62,"y":282,"width":399,"height":11}},{"id":"829380a4-fad5-4ad0-be50-e526db7c0a12","block_type":"box","text":"with the COLL Sourcebook.","page_number":16,"box":{"x":62,"y":296,"width":203,"height":9}},{"id":"e8649902-0fcb-49d0-8ae3-2bfd2631a667","block_type":"box","text":"The valuation is performed at the Valuation Point and","page_number":16,"box":{"x":62,"y":315,"width":399,"height":11}},{"id":"5cef8bbd-de63-46e7-b820-bf6d6260ff99","block_type":"box","text":"the function is performed by the ACS Manager in","page_number":16,"box":{"x":62,"y":329,"width":399,"height":11}},{"id":"b5029e38-f3f8-4105-b04d-760f23d17b93","block_type":"box","text":"accordance with the COLL Sourcebook and the FUND","page_number":16,"box":{"x":62,"y":343,"width":399,"height":8}},{"id":"bb231173-a824-4b89-8953-dd6ef31a76e1","block_type":"box","text":"Sourcebook. The Valuation Point of each Sub-Fund is","page_number":16,"box":{"x":62,"y":356,"width":399,"height":9}},{"id":"e3787862-af4f-4837-90d3-44647341b203","block_type":"box","text":"set out in Appendix 1. Details and description of the","page_number":16,"box":{"x":62,"y":370,"width":399,"height":11}},{"id":"7f373d4d-07ba-476c-a4a6-ad4ef896dc6a","block_type":"box","text":"applicable valuation procedures are contained in","page_number":16,"box":{"x":62,"y":384,"width":399,"height":11}},{"id":"adba0775-38f6-4dac-a4c0-b7be86c5ce4d","block_type":"box","text":"Appendix 7.","page_number":16,"box":{"x":62,"y":397,"width":86,"height":11}},{"id":"8b28a3c1-0897-4174-a5fe-eb10a5c862a7","block_type":"box","text":"The ACS Manager may at its discretion implement fair","page_number":16,"box":{"x":62,"y":417,"width":400,"height":11}},{"id":"d598d3b9-57c4-4e99-bbea-39bbf9e8d700","block_type":"box","text":"value pricing policies in respect of any of the Sub","page_number":16,"box":{"x":62,"y":430,"width":399,"height":12}},{"id":"31ee997b-75a5-4f53-816d-a280ab9c1019","block_type":"box","text":"Funds. Fair value pricing will only apply where the ACS","page_number":16,"box":{"x":63,"y":444,"width":398,"height":11}},{"id":"32bce23e-f83d-4caa-ab2f-604833fd9374","block_type":"box","text":"Manager deems it to be appropriate and in the","page_number":16,"box":{"x":63,"y":458,"width":398,"height":11}},{"id":"08783135-b5f2-4934-b22c-1b3f971f0f72","block_type":"box","text":"interests of Unitholders and has reasonable grounds","page_number":16,"box":{"x":62,"y":471,"width":399,"height":12}},{"id":"f8b42011-b22f-4abb-9db3-1a456075103e","block_type":"box","text":"to believe that no reliable price exists for one or more","page_number":16,"box":{"x":62,"y":485,"width":399,"height":11}},{"id":"bbfedbbf-add1-4105-aa0b-31408fef76a7","block_type":"box","text":"underlying securities at a Valuation Point or the most","page_number":16,"box":{"x":63,"y":499,"width":399,"height":11}},{"id":"f8c67925-060c-4228-930b-cf4d3eeaf91f","block_type":"box","text":"recent price available does not reflect the ACS","page_number":16,"box":{"x":63,"y":512,"width":398,"height":12}},{"id":"26794b67-43e3-469f-b7c8-4574336adbd9","block_type":"box","text":"Manager's best estimate of the value of a security at","page_number":16,"box":{"x":63,"y":526,"width":399,"height":11}},{"id":"728ccf7c-63b0-4ef2-b67c-a9580d308419","block_type":"box","text":"the Valuation Point. In these circumstances the ACS","page_number":16,"box":{"x":62,"y":540,"width":399,"height":9}},{"id":"49476962-2483-48e7-b868-a027b4ec1572","block_type":"box","text":"Manager may at its discretion value an investment at","page_number":16,"box":{"x":63,"y":554,"width":399,"height":11}},{"id":"77dd1150-a8ab-4ccb-aea9-8e38a0a4891c","block_type":"box","text":"a price which, in its opinion, reflects a fair and","page_number":16,"box":{"x":62,"y":567,"width":399,"height":11}},{"id":"392007d7-526a-451b-a667-3cb1c615d2c5","block_type":"box","text":"reasonable price for that investment. Circumstances","page_number":16,"box":{"x":63,"y":581,"width":398,"height":11}},{"id":"15c9ae98-ab8c-4d12-8003-43ecf5e73536","block_type":"box","text":"which may give rise to a fair value price being used","page_number":16,"box":{"x":62,"y":594,"width":399,"height":12}},{"id":"70d2b7cc-d425-43a1-8978-e344be7e8a41","block_type":"box","text":"include instances where there is no recent trade in the","page_number":16,"box":{"x":62,"y":608,"width":399,"height":9}},{"id":"b0c8b22b-1f27-422f-9017-e8b77a72804b","block_type":"box","text":"investment concerned; or the occurrence of a","page_number":16,"box":{"x":62,"y":622,"width":400,"height":10}},{"id":"eb28a553-1162-4d43-b7b0-dcfc908fb110","block_type":"box","text":"significant event since the most recent price has been","page_number":16,"box":{"x":62,"y":635,"width":399,"height":12}},{"id":"0533773b-638c-4ccd-a871-1d26e633fd01","block_type":"box","text":"determined. A significant event is one that means, in","page_number":16,"box":{"x":62,"y":649,"width":399,"height":11}},{"id":"bb0e802f-e80c-4c50-8531-d264d6a71d5d","block_type":"box","text":"the ACS Manager's judgement, it no longer has","page_number":16,"box":{"x":62,"y":663,"width":399,"height":11}},{"id":"c329355f-ebc2-47f5-8663-d06668386edf","block_type":"box","text":"confidence in the most recent price of an investment,","page_number":16,"box":{"x":62,"y":676,"width":398,"height":11}},{"id":"e44e1a5c-a18f-47e1-ad59-98e86e70adf6","block_type":"box","text":"including in the case of a security or a basket of","page_number":16,"box":{"x":62,"y":690,"width":400,"height":11}},{"id":"3cbcfa82-0d9c-420e-89cb-51efa28be344","block_type":"box","text":"securities, that price is materially different to the price","page_number":16,"box":{"x":62,"y":704,"width":399,"height":11}},{"id":"3df11c61-164f-4b38-a384-85f4030f7024","block_type":"box","text":"that it is reasonably believed would exist at the","page_number":16,"box":{"x":62,"y":717,"width":399,"height":11}},{"id":"32e08d6a-dd42-4a65-9d73-6ca6af89467b","block_type":"box","text":"Valuation Point had the relevant market been open.","page_number":16,"box":{"x":62,"y":731,"width":399,"height":11}},{"id":"c20fc531-41fe-4877-bdf7-3c9c0a10268b","block_type":"box","text":"For this purpose, the ACS Manager may utilise pre","page_number":16,"box":{"x":63,"y":745,"width":398,"height":11}},{"id":"87341862-7fc3-45d6-90f5-3cf1c62280f9","block_type":"box","text":"determined trigger levels which take into account the","page_number":16,"box":{"x":62,"y":758,"width":399,"height":12}},{"id":"a41ac410-0aaf-465f-b64e-52d0cabe7b09","block_type":"box","text":"materiality of any variance.","page_number":16,"box":{"x":62,"y":772,"width":197,"height":11}},{"id":"0dff6044-c4b1-499d-bc30-22c5e06faa83","block_type":"box","text":"When determining such fair value, one or more of a","page_number":16,"box":{"x":62,"y":792,"width":400,"height":11}},{"id":"15a79d12-6180-42e8-abb2-91a3e3cde5f0","block_type":"box","text":"variety of fair valuation methodologies may be used","page_number":16,"box":{"x":62,"y":805,"width":399,"height":11}},{"id":"b0420a4a-1c49-48e8-9b98-9337e0e315ec","block_type":"box","text":"(depending on factors including the asset type). For","page_number":16,"box":{"x":63,"y":819,"width":399,"height":11}},{"id":"d6765bd2-d882-4f47-9eaf-53c141f9e43d","block_type":"box","text":"example, the asset may be priced on the basis of the","page_number":16,"box":{"x":62,"y":832,"width":399,"height":12}},{"id":"cb947919-60b5-4eb6-89ed-bcae83e26116","block_type":"box","text":"original cost of the investment or, alternatively, using","page_number":16,"box":{"x":62,"y":846,"width":399,"height":11}},{"id":"d0846711-e13a-4377-b918-06e7809acc18","block_type":"box","text":"proprietary or third party models (including models that","page_number":16,"box":{"x":62,"y":860,"width":400,"height":11}},{"id":"e804115a-10bf-46be-a742-b7d342fe0d82","block_type":"box","text":"rely upon direct portfolio management pricing inputs","page_number":16,"box":{"x":63,"y":874,"width":398,"height":11}},{"id":"cbd371f8-1e5d-4f57-857c-feaa60decde0","block_type":"box","text":"and which reflect the significance attributed to the","page_number":16,"box":{"x":62,"y":887,"width":399,"height":11}},{"id":"47b1f905-91fa-474e-979a-4bc9c6008c61","block_type":"box","text":"various factors and assumptions being considered).","page_number":16,"box":{"x":62,"y":901,"width":399,"height":11}},{"id":"7c3f9591-62bc-4748-a684-642e35d5232d","block_type":"box","text":"Prices of actual, executed or historical transactions in","page_number":16,"box":{"x":63,"y":914,"width":398,"height":11}},{"id":"2b298b29-6059-4c6d-a6e0-7c03ca3898ee","block_type":"box","text":"the relevant asset and/or liability (or related or","page_number":16,"box":{"x":523,"y":46,"width":400,"height":11}},{"id":"0389a682-0054-45b3-8ae8-edb9ce8e4da9","block_type":"box","text":"comparable assets and/or liabilities) or, where","page_number":16,"box":{"x":523,"y":59,"width":400,"height":11}},{"id":"44a9e87b-e811-462b-8efb-7a4023a495ef","block_type":"box","text":"appropriate, an appraisal by a third party experienced","page_number":16,"box":{"x":523,"y":73,"width":399,"height":11}},{"id":"e10ba9fe-5cd1-4156-b741-641c128091d1","block_type":"box","text":"in the valuation of similar assets and/or liabilities, may","page_number":16,"box":{"x":524,"y":87,"width":399,"height":11}},{"id":"6d1510cd-e838-41db-9972-4dc7beda13b4","block_type":"box","text":"also be used as a basis for establishing the fair value","page_number":16,"box":{"x":523,"y":100,"width":400,"height":12}},{"id":"0de3c433-dacd-4369-a3e9-72a3144e429f","block_type":"box","text":"of an asset or liability.","page_number":16,"box":{"x":523,"y":114,"width":160,"height":11}},{"id":"7b4aea66-0f13-4069-a1d4-b4ddfa0d8032","block_type":"box","text":"Where an adjustment is made as per the foregoing, it","page_number":16,"box":{"x":523,"y":134,"width":400,"height":11}},{"id":"0d215ce3-0e8d-4d9a-901c-03c47448c069","block_type":"box","text":"will be applied consistently to all classes of Units within","page_number":16,"box":{"x":523,"y":147,"width":399,"height":11}},{"id":"e57de890-d222-49f7-ab41-a55bc9796f34","block_type":"box","text":"the same Sub-Fund.","page_number":16,"box":{"x":523,"y":161,"width":150,"height":9}},{"id":"9687bbdf-36ac-4778-ae2b-82c5c16b4c2d","block_type":"box","text":"At a Valuation Point the ACS Manager will calculate","page_number":16,"box":{"x":523,"y":180,"width":400,"height":12}},{"id":"37b518dd-f9a8-403e-bd6c-2d9ff73461ce","block_type":"box","text":"Unit prices, using the most recent prices of the","page_number":16,"box":{"x":524,"y":194,"width":399,"height":11}},{"id":"27e45143-b1fb-437c-a388-b63b31cb8197","block_type":"box","text":"underlying securities that it can reasonably obtain. The","page_number":16,"box":{"x":524,"y":208,"width":399,"height":11}},{"id":"01fac0c7-3dc0-446e-8534-68e1431ac6f3","block_type":"box","text":"objective is to give an accurate value of the Sub-Fund","page_number":16,"box":{"x":523,"y":221,"width":399,"height":12}},{"id":"0a40630f-8045-47c8-a57d-8d1afc9a36e3","block_type":"box","text":"as at the Valuation Point. The Base Currency of each","page_number":16,"box":{"x":523,"y":235,"width":399,"height":11}},{"id":"bd17ab8a-9778-4d8d-b9bf-4b19fb6ae40a","block_type":"box","text":"Sub-Fund is sterling with the exception of the Aviva","page_number":16,"box":{"x":523,"y":249,"width":400,"height":11}},{"id":"d4bec163-a980-477d-9290-edd056e9eee3","block_type":"box","text":"Investors Emerging Market Equity Core Fund which","page_number":16,"box":{"x":524,"y":262,"width":398,"height":12}},{"id":"66e28faf-616c-426d-a690-2f790fb4d162","block_type":"box","text":"has a base currency of USD.","page_number":16,"box":{"x":524,"y":276,"width":212,"height":11}},{"id":"228d76f7-3d5a-4607-aaca-52902e50bd06","block_type":"box","text":"In respect of the AI Money Market VNAV Fund (the","page_number":16,"box":{"x":524,"y":296,"width":399,"height":11}},{"id":"e9ec29d7-dbee-4790-8e50-8ff37ba219bf","block_type":"box","text":"“VNAV Fund”) only:","page_number":16,"box":{"x":523,"y":309,"width":144,"height":12}},{"id":"26b3ecf4-7abe-498c-bcbb-dd84a2578435","block_type":"box","text":"The assets of the VNAV Fund shall be valued on a","page_number":16,"box":{"x":523,"y":329,"width":400,"height":9}},{"id":"9091368c-7be3-424e-b6e4-e201d8643943","block_type":"box","text":"daily basis using mark-to market wherever possible.","page_number":16,"box":{"x":523,"y":343,"width":384,"height":11}},{"id":"29430e6a-91c9-49e9-946b-a031923d0b47","block_type":"box","text":"When using mark-to market: (a) the asset of the VNAV","page_number":16,"box":{"x":523,"y":362,"width":400,"height":11}},{"id":"8fce8060-d7f9-420d-b4a8-474e838fa49c","block_type":"box","text":"Fund shall be valued at the more prudent side of bid","page_number":16,"box":{"x":524,"y":376,"width":398,"height":11}},{"id":"5ac776eb-e97b-4d4e-8c75-31c5b4c9321e","block_type":"box","text":"and offer unless the asset can be closed out at mid","page_number":16,"box":{"x":523,"y":390,"width":399,"height":8}},{"id":"5babe13d-cf55-41ee-958f-e7a398e96251","block_type":"box","text":"market; (b) only good quality market data shall be","page_number":16,"box":{"x":524,"y":403,"width":399,"height":11}},{"id":"5d513f93-68fb-4b84-a4ea-9759543d09d1","block_type":"box","text":"used; such data shall be assessed on the basis of all","page_number":16,"box":{"x":524,"y":417,"width":398,"height":10}},{"id":"e5f86531-dff8-4212-8527-c4ad40f0ed6d","block_type":"box","text":"of the following factors: (i) the number and quality of","page_number":16,"box":{"x":523,"y":430,"width":400,"height":12}},{"id":"ad932da2-1ede-4f75-ab8f-f7dd7d300f18","block_type":"box","text":"the counterparties; (ii) the volume and turnover in the","page_number":16,"box":{"x":523,"y":444,"width":400,"height":11}},{"id":"8fbfdda5-e697-41cf-9774-dddaaeb16b6c","block_type":"box","text":"market of the asset of the VNAV Fund; (iii) the issue","page_number":16,"box":{"x":524,"y":458,"width":399,"height":11}},{"id":"7ff29a8d-70c5-4fbb-9cc0-53e97801049e","block_type":"box","text":"size and the portion of the issue that the VNAV Fund","page_number":16,"box":{"x":523,"y":471,"width":399,"height":12}},{"id":"aef7c9a1-0ee4-4165-88b5-f70bb7ee93a5","block_type":"box","text":"plans to buy or sell.","page_number":16,"box":{"x":524,"y":485,"width":142,"height":11}},{"id":"e2fa65f0-aac7-42ed-b17e-2a3e7df63b52","block_type":"box","text":"Where use of mark-to-market is not possible, or the","page_number":16,"box":{"x":523,"y":505,"width":400,"height":11}},{"id":"9da6b629-9c98-408f-b4b8-f2e55461b756","block_type":"box","text":"market data is not of sufficient quality, an asset of the","page_number":16,"box":{"x":524,"y":518,"width":399,"height":11}},{"id":"4c2524ff-8e41-4b4b-b8f4-18c500ca796e","block_type":"box","text":"VNAV Fund shall be valued conservatively by using","page_number":16,"box":{"x":523,"y":532,"width":399,"height":11}},{"id":"282c4cc9-dc09-4383-858b-4aeee3476e36","block_type":"box","text":"mark-to-model. The model shall accurately estimate","page_number":16,"box":{"x":524,"y":546,"width":399,"height":11}},{"id":"5f341e43-af15-4433-b4a2-50d41e48c14f","block_type":"box","text":"the intrinsic value of the asset of the VNAV Fund,","page_number":16,"box":{"x":523,"y":559,"width":399,"height":11}},{"id":"b622153c-c378-4089-b932-762c071ad911","block_type":"box","text":"based on all of the following up-to-date key factors: (a)","page_number":16,"box":{"x":524,"y":573,"width":398,"height":11}},{"id":"cd79115f-6b0d-4421-83a0-71400220e1dd","block_type":"box","text":"the volume and turnover in the market of that asset; (b)","page_number":16,"box":{"x":523,"y":587,"width":399,"height":11}},{"id":"2bcafc7f-754b-4cca-96be-659e4d8dca26","block_type":"box","text":"the issue size and the portion of the issue that the","page_number":16,"box":{"x":523,"y":600,"width":400,"height":11}},{"id":"be747474-1258-4954-8709-febc656545c2","block_type":"box","text":"VNAV Fund plans to buy or sell; (c) market risk,","page_number":16,"box":{"x":523,"y":614,"width":399,"height":11}},{"id":"c8bdfc84-27d4-43c1-bb05-563dddc2dc4e","block_type":"box","text":"interest rate risk, credit risk attached to the asset.","page_number":16,"box":{"x":524,"y":628,"width":398,"height":10}},{"id":"b4616b83-b430-4425-babc-2eeb5a4ec681","block_type":"box","text":"When using mark-to-model, the amortised cost","page_number":16,"box":{"x":523,"y":641,"width":400,"height":12}},{"id":"eb377237-825a-4f09-8bc5-7a65f64ceb3f","block_type":"box","text":"method shall not be used. Valuations shall be","page_number":16,"box":{"x":524,"y":655,"width":399,"height":9}},{"id":"e6de4fc0-8bed-4358-895b-651fd00fe1c0","block_type":"box","text":"communicated to the FCA.","page_number":16,"box":{"x":523,"y":669,"width":197,"height":9}},{"id":"3276dc65-e20a-41e8-9a08-042503936a02","block_type":"box","text":"The VNAV Fund shall calculate the value of the assets","page_number":16,"box":{"x":523,"y":688,"width":400,"height":9}},{"id":"015eadde-5cec-47ed-b120-be94fb0f2ad2","block_type":"box","text":"of the VNAV Fund per unit as the difference between","page_number":16,"box":{"x":523,"y":702,"width":399,"height":11}},{"id":"ab234597-1ce2-4fda-b651-9a6af1a3ae55","block_type":"box","text":"the sum of all assets of the VNAV Fund and the sum","page_number":16,"box":{"x":523,"y":716,"width":399,"height":8}},{"id":"32f9b0ed-a449-4cef-b915-f2dea7360bf2","block_type":"box","text":"of all liabilities of the VNAV Fund valued in accordance","page_number":16,"box":{"x":523,"y":729,"width":400,"height":9}},{"id":"36c5247e-a1bd-4f98-a7fc-c47489ad2b0c","block_type":"box","text":"with mark-to-market or mark-to-model, or both, divided","page_number":16,"box":{"x":523,"y":743,"width":399,"height":10}},{"id":"97813da1-42cb-41d2-a241-5faa5c254624","block_type":"box","text":"by the number of outstanding units or shares of the","page_number":16,"box":{"x":524,"y":757,"width":399,"height":11}},{"id":"51a69f24-54f1-4b8a-989d-508de82ba0ed","block_type":"box","text":"VNAV Fund. The value of the assets of the VNAV Fund","page_number":16,"box":{"x":523,"y":770,"width":399,"height":9}},{"id":"0426c0f6-306a-4c44-a805-e0b69214fc7f","block_type":"box","text":"per unit or share shall be rounded to the nearest basis","page_number":16,"box":{"x":524,"y":784,"width":399,"height":11}},{"id":"15285dbc-fa07-4c6b-8813-0763e4c45e23","block_type":"box","text":"point.","page_number":16,"box":{"x":524,"y":798,"width":38,"height":11}},{"id":"f4a6c95c-c926-42f3-bac9-d551a6ed59bc","block_type":"box","text":"17. Prices of Units and Historic Performance","page_number":16,"box":{"x":536,"y":823,"width":387,"height":9}},{"id":"7f0dfdcd-b72f-4742-ac98-363866c2e6ca","block_type":"box","text":"Data","page_number":16,"box":{"x":583,"y":837,"width":35,"height":8}},{"id":"5ff6f502-4cf7-42a8-84f5-381483ce205a","block_type":"box","text":"The ACS Manager will, on the completion of each","page_number":16,"box":{"x":523,"y":856,"width":399,"height":11}},{"id":"796972c8-2321-48da-92f6-b6aad3633cc1","block_type":"box","text":"valuation under section 16, advise the Depositary of","page_number":16,"box":{"x":523,"y":870,"width":400,"height":11}},{"id":"e175b525-7122-4157-b349-3335e99935f9","block_type":"box","text":"the subscription and redemption prices. These are the","page_number":16,"box":{"x":523,"y":884,"width":400,"height":11}},{"id":"a2f88916-561d-4cd6-9e08-cbecbb3b4ab4","block_type":"box","text":"prices which the ACS Manager has to pay to the","page_number":16,"box":{"x":524,"y":897,"width":399,"height":11}},{"id":"8a515530-64e2-4899-845c-fec643795486","block_type":"box","text":"Depositary for the issue of Units or, the prices which","page_number":16,"box":{"x":524,"y":911,"width":398,"height":11}},{"id":"d2f66f5e-7067-491e-bc8c-e77ac0d0fe49","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 17","page_number":17,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"c7baa8e3-843e-45ec-a2d2-9dfd9a385f2d","block_type":"box","text":"the ACS Manager will receive from the Depositary","page_number":17,"box":{"x":62,"y":46,"width":400,"height":11}},{"id":"dfd4eee3-e075-4e1f-be92-3e2a9ea84c70","block_type":"box","text":"upon the cancellation of Units.","page_number":17,"box":{"x":63,"y":59,"width":222,"height":11}},{"id":"d20b762a-c8f9-4b5f-b62e-53b1a2bed47d","block_type":"box","text":"The actual cost of subscribing for or redeeming Units","page_number":17,"box":{"x":62,"y":79,"width":399,"height":11}},{"id":"110a0868-9d22-4330-8d83-efb30da5f303","block_type":"box","text":"in a Sub-Fund may be higher or lower than the mid","page_number":17,"box":{"x":62,"y":93,"width":399,"height":11}},{"id":"eb9ef70a-12a9-47ee-95d4-f0ae308c6f6a","block_type":"box","text":"market value used in calculating the Unit price. The","page_number":17,"box":{"x":62,"y":106,"width":399,"height":12}},{"id":"52df1ccb-c0ab-420b-95bc-04be3555046e","block_type":"box","text":"ACS Manager may swing the price up (or down) to","page_number":17,"box":{"x":62,"y":120,"width":399,"height":11}},{"id":"12a37482-88b7-4271-8926-7754de6203e3","block_type":"box","text":"protect Unitholders from the costs incurred by the Sub","page_number":17,"box":{"x":62,"y":134,"width":399,"height":11}},{"id":"dec552ae-f8ed-436c-95bf-5b7ed26687c5","block_type":"box","text":"Fund as a result of issuing or cancelling Units. This","page_number":17,"box":{"x":63,"y":147,"width":398,"height":11}},{"id":"3d343dbf-6da9-4c6a-9773-844a452219f0","block_type":"box","text":"particular method of arriving at the daily unit price is","page_number":17,"box":{"x":62,"y":161,"width":399,"height":11}},{"id":"45fc779e-e285-4fbc-9313-a7584ca7fdfa","block_type":"box","text":"known as the swinging price method and it is this","page_number":17,"box":{"x":62,"y":175,"width":399,"height":11}},{"id":"9c145f08-0e9f-40cc-aa5a-348aa95bda91","block_type":"box","text":"method which will be used by the ACS Manager.","page_number":17,"box":{"x":62,"y":188,"width":399,"height":11}},{"id":"14f2c39a-0d0b-4918-82d0-471fdb26232c","block_type":"box","text":"Further details are set out in Appendix 7 under the","page_number":17,"box":{"x":63,"y":202,"width":398,"height":11}},{"id":"24769dab-f81e-4b90-85cb-16f77bfaaa36","block_type":"box","text":"heading Determination of Unit Price.","page_number":17,"box":{"x":62,"y":216,"width":268,"height":11}},{"id":"0c855256-5b35-4fd6-b699-78ac16ccedd5","block_type":"box","text":"The ACS Manager may make an adjustment to the","page_number":17,"box":{"x":62,"y":235,"width":399,"height":11}},{"id":"6696a11c-6a4c-4242-9fee-868f4ac0e94f","block_type":"box","text":"price for the purpose of reducing dilution in the","page_number":17,"box":{"x":62,"y":249,"width":399,"height":11}},{"id":"23d1a76e-a9f7-4f36-9972-f9268d50a812","block_type":"box","text":"Scheme or to recover any amount which it had already","page_number":17,"box":{"x":62,"y":262,"width":400,"height":12}},{"id":"e5b249fb-326a-43c9-bfe3-239f141aee4d","block_type":"box","text":"paid or reasonably expects to pay in the future in","page_number":17,"box":{"x":62,"y":276,"width":399,"height":11}},{"id":"397526a1-ac1f-4418-97b4-05d69309ab0a","block_type":"box","text":"relation to the issue or cancellation of Units.","page_number":17,"box":{"x":63,"y":290,"width":322,"height":9}},{"id":"d9fa1179-7fb4-4e80-b7fc-f8fc0cef4ccf","block_type":"box","text":"Where the ACS Manager decides to make or not to","page_number":17,"box":{"x":62,"y":309,"width":399,"height":12}},{"id":"ef3ca47c-9e75-4e23-b1aa-636da883cb19","block_type":"box","text":"make a dilution adjustment, it will not do so for the","page_number":17,"box":{"x":62,"y":323,"width":399,"height":11}},{"id":"510e09e4-69a3-4a66-882f-38ad84ff1194","block_type":"box","text":"purpose of creating a profit or avoiding a loss for the","page_number":17,"box":{"x":62,"y":337,"width":399,"height":11}},{"id":"3073dab6-86e4-4d40-9599-d0a072fda80e","block_type":"box","text":"account of an affected person.","page_number":17,"box":{"x":62,"y":350,"width":224,"height":11}},{"id":"233cbac9-a0f0-4356-b195-f2618849e8bb","block_type":"box","text":"A dilution adjustment can be made when there is a net","page_number":17,"box":{"x":62,"y":370,"width":400,"height":11}},{"id":"7779841a-eeaf-4375-b0b7-76d73cd48514","block_type":"box","text":"flow in or out of the Scheme. 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However, the nature of the Unitholder","page_number":17,"box":{"x":62,"y":458,"width":400,"height":11}},{"id":"35add21b-b70d-4952-ab73-32674c8eabb9","block_type":"box","text":"base means that Unitholder purchases or redemptions","page_number":17,"box":{"x":62,"y":472,"width":399,"height":11}},{"id":"6c8bda1c-eb1b-4c4d-9081-8b51bba42d4e","block_type":"box","text":"are likely to be significant and it is therefore probable","page_number":17,"box":{"x":62,"y":485,"width":399,"height":11}},{"id":"2251b012-659e-4e08-adf3-fee63dd95794","block_type":"box","text":"that there will be a dilution adjustment made to protect","page_number":17,"box":{"x":62,"y":499,"width":400,"height":11}},{"id":"fa7488dd-0c90-464c-8ec0-665cdf80ab82","block_type":"box","text":"the remaining Unitholders in affected Sub-Funds.","page_number":17,"box":{"x":62,"y":512,"width":363,"height":12}},{"id":"cf460a64-be11-4996-a6f1-914caa9ef1c5","block_type":"box","text":"Historic performance data (where available) is shown","page_number":17,"box":{"x":63,"y":532,"width":398,"height":11}},{"id":"e6691ad8-0afb-4f70-96c0-c68857a3e59a","block_type":"box","text":"in the individual Sub-Fund information in Appendix 1 of","page_number":17,"box":{"x":62,"y":546,"width":400,"height":11}},{"id":"8b437d17-0ce9-494b-8ba5-c6d4c4c343ac","block_type":"box","text":"this Prospectus, Key Investor Information Document","page_number":17,"box":{"x":62,"y":559,"width":400,"height":12}},{"id":"dcfe731e-f001-4051-925f-7c443ef19ea4","block_type":"box","text":"and fact sheets that may be available from time to time.","page_number":17,"box":{"x":62,"y":573,"width":398,"height":11}},{"id":"cb9a583b-51c4-43d7-8048-fd0dc22dad09","block_type":"box","text":"For up to date information visit the ACS Manager's","page_number":17,"box":{"x":63,"y":587,"width":398,"height":11}},{"id":"9d352573-4993-4c77-814c-cd9fda3be079","block_type":"box","text":"website","page_number":17,"box":{"x":62,"y":600,"width":56,"height":9}},{"id":"d799151f-86f8-47e2-b85a-86439aad87c1","block_type":"box","text":"https://www.avivainvestors.com/en","page_number":17,"box":{"x":200,"y":600,"width":261,"height":11}},{"id":"d553b4f9-2f44-4617-ba40-0049971f55fd","block_type":"box","text":"gb/institutional/fund-centre/tax-transparent.html","page_number":17,"box":{"x":62,"y":614,"width":349,"height":11}},{"id":"bd47c2ff-7f65-438f-8f0b-d7497c93dbc2","block_type":"box","text":"or","page_number":17,"box":{"x":448,"y":616,"width":14,"height":7}},{"id":"77372247-1b89-4496-a15f-3729ac1fc99a","block_type":"box","text":"speak to its Client Relationship Management Team on","page_number":17,"box":{"x":62,"y":628,"width":399,"height":11}},{"id":"55f570f2-1730-4f9d-878c-b32c3e25908d","block_type":"box","text":"0207 809 8135.","page_number":17,"box":{"x":62,"y":642,"width":114,"height":8}},{"id":"4ef8a0ff-59cc-4a50-822e-03a1a5ab49f7","block_type":"box","text":"Please do not take past performance as a guide to","page_number":17,"box":{"x":63,"y":661,"width":398,"height":11}},{"id":"7910a3ac-7431-47b2-839e-535367efafb4","block_type":"box","text":"future performance. The value of your investment","page_number":17,"box":{"x":62,"y":675,"width":399,"height":11}},{"id":"76d62d15-27b9-4892-aba0-e18e7895dff6","block_type":"box","text":"and any income you receive from it can go down","page_number":17,"box":{"x":62,"y":688,"width":399,"height":11}},{"id":"b291cff3-3fda-48c5-a3f3-93739f9a32f9","block_type":"box","text":"as well as up. You may get back less than the","page_number":17,"box":{"x":62,"y":702,"width":400,"height":11}},{"id":"d122d037-4151-4424-82b0-da6e91c4b466","block_type":"box","text":"amount you originally invested.","page_number":17,"box":{"x":62,"y":716,"width":250,"height":11}},{"id":"8bc8982c-1c75-4b61-b414-0d95dbb1c447","block_type":"box","text":"The performance figures in Appendix 1 may not be the","page_number":17,"box":{"x":62,"y":735,"width":399,"height":11}},{"id":"778740c7-c310-43fd-b64d-47d86489a0e6","block_type":"box","text":"most up to date available. Please telephone the Client","page_number":17,"box":{"x":62,"y":749,"width":400,"height":11}},{"id":"83f54c69-7e00-477b-a672-9726ac446f09","block_type":"box","text":"Relationship Management Team on 0207 809 8135","page_number":17,"box":{"x":63,"y":763,"width":398,"height":11}},{"id":"182785d1-a756-48ce-af90-89c784eca80d","block_type":"box","text":"between 8:30am and 5:30pm on any Dealing Day for","page_number":17,"box":{"x":62,"y":776,"width":400,"height":11}},{"id":"1d07f158-c3a2-415f-a439-c505e5de42f4","block_type":"box","text":"the most recent information.*","page_number":17,"box":{"x":62,"y":790,"width":213,"height":9}},{"id":"068caa40-e827-4a06-b8cf-b55b49c95c7c","block_type":"box","text":"The performance of an index or other benchmark,","page_number":17,"box":{"x":62,"y":809,"width":399,"height":11}},{"id":"5890c123-b639-4b8e-a8e5-195e4d1d9a8e","block_type":"box","text":"where referred to in a Sub-Fund’s investment objective","page_number":17,"box":{"x":62,"y":823,"width":399,"height":11}},{"id":"a7c2f6a1-4c02-4c46-b583-c0125ec2ec20","block_type":"box","text":"and policy is also shown in Appendix 1.","page_number":17,"box":{"x":62,"y":837,"width":290,"height":11}},{"id":"0bae341b-90e9-4c8c-a120-c7a931c32f7e","block_type":"box","text":"Source for all data for the period 1 January 2024 to 31","page_number":17,"box":{"x":62,"y":856,"width":397,"height":11}},{"id":"96b8a1b8-01b6-437c-8c24-5338dfdd8b59","block_type":"box","text":"December 2024 is the ACS Manager. This is based on","page_number":17,"box":{"x":63,"y":870,"width":398,"height":11}},{"id":"badb961b-8ce5-4aea-b7e0-3fdaf0e419e1","block_type":"box","text":"index provider data where applicable. Performance","page_number":17,"box":{"x":62,"y":884,"width":399,"height":11}},{"id":"4bdd56f9-7e22-47b3-b0fb-cfcd1d3d9941","block_type":"box","text":"figures are based on net asset value, per the published","page_number":17,"box":{"x":62,"y":897,"width":399,"height":11}},{"id":"0c928e3b-75d4-4a03-9990-e0b5a81b7ead","block_type":"box","text":"accounts and are shown after charges.","page_number":17,"box":{"x":62,"y":911,"width":287,"height":11}},{"id":"248583aa-e542-44dc-8411-42f3235e68d0","block_type":"box","text":"Source for all data in subsequent periods: Aviva","page_number":17,"box":{"x":523,"y":46,"width":400,"height":11}},{"id":"9342c362-95fa-4428-8008-3f0b9a4b9a1f","block_type":"box","text":"Investors/Lipper, Refinitiv Company, subject to the","page_number":17,"box":{"x":524,"y":59,"width":399,"height":12}},{"id":"7d89f947-80e7-4c91-8e53-641560ff4367","block_type":"box","text":"following: Copyright 2025 © Refinitiv. All rights","page_number":17,"box":{"x":523,"y":73,"width":400,"height":11}},{"id":"b77e1592-e9f1-4969-afe1-bc620be8b469","block_type":"box","text":"reserved. Lipper shall not be liable for any errors or","page_number":17,"box":{"x":524,"y":87,"width":399,"height":11}},{"id":"0bbdd113-38ce-4209-a01e-1136cd03836e","block_type":"box","text":"delays in the content, or for any actions taken in","page_number":17,"box":{"x":523,"y":100,"width":399,"height":11}},{"id":"c220d7f9-89a8-45c9-a2b7-66d2ce7bb151","block_type":"box","text":"reliance thereon. This is based on index provider data","page_number":17,"box":{"x":524,"y":114,"width":399,"height":11}},{"id":"d49b3ef3-65ac-4772-a1ac-1684fe64269f","block_type":"box","text":"where applicable. All performance figures are","page_number":17,"box":{"x":523,"y":128,"width":400,"height":11}},{"id":"f22ced68-a786-4b47-9acc-7955a1e83506","block_type":"box","text":"calculated based on the published price, with net","page_number":17,"box":{"x":523,"y":142,"width":400,"height":10}},{"id":"a7f08ab7-7588-48a9-8f9e-edf4b7a978d0","block_type":"box","text":"income reinvested in GBP, net of fees.","page_number":17,"box":{"x":524,"y":155,"width":284,"height":10}},{"id":"55a24ad6-565b-4435-8c4d-06e1e3b84493","block_type":"box","text":"Further information in respect of income returns,","page_number":17,"box":{"x":524,"y":175,"width":398,"height":11}},{"id":"c6677964-5b94-46ce-a2b4-32be0ed82764","block_type":"box","text":"tracking error and volatility (where applicable) is","page_number":17,"box":{"x":523,"y":188,"width":400,"height":11}},{"id":"3c45a23b-607b-4faf-9775-02af3dcf421c","block_type":"box","text":"available on request from the ACS Manager.","page_number":17,"box":{"x":523,"y":202,"width":330,"height":11}},{"id":"fca5421a-47fb-4c10-99e3-a1cbf321a678","block_type":"box","text":"* Telephone calls may be recorded by the ACS","page_number":17,"box":{"x":523,"y":221,"width":400,"height":12}},{"id":"ec790c07-a3b7-440c-be75-f1bda72fba45","block_type":"box","text":"Manager, its delegates, their duly appointed agents","page_number":17,"box":{"x":524,"y":235,"width":399,"height":11}},{"id":"6784fbf6-b72d-4e64-a082-f76e0b5c6f05","block_type":"box","text":"and any of their respective related, associated or","page_number":17,"box":{"x":523,"y":249,"width":400,"height":11}},{"id":"8d6503ff-43d4-40f5-a9cd-cd1f72bc23ba","block_type":"box","text":"affiliated companies for records keeping, security","page_number":17,"box":{"x":523,"y":263,"width":400,"height":11}},{"id":"fda531be-c22e-4776-a7b8-cef44d144358","block_type":"box","text":"and/or training purposes, please see the paragraph","page_number":17,"box":{"x":523,"y":276,"width":399,"height":11}},{"id":"5943e315-829a-4c5c-9ef6-7e5241a2e8c5","block_type":"box","text":"“Telephone Recording” below for further information.","page_number":17,"box":{"x":523,"y":290,"width":388,"height":11}},{"id":"bcbc218a-8339-4ac9-afd2-48c010a2d49c","block_type":"box","text":"18. Policy on Pricing","page_number":17,"box":{"x":536,"y":315,"width":181,"height":11}},{"id":"f6d633c4-f60e-4390-8a40-7e7a0ce5783c","block_type":"box","text":"When Units are subscribed for, they will be issued on","page_number":17,"box":{"x":523,"y":335,"width":399,"height":11}},{"id":"4b4c80dd-1476-4417-ad1d-ec50ed552d12","block_type":"box","text":"a forward pricing basis. 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Minimum Investment","page_number":17,"box":{"x":536,"y":536,"width":213,"height":9}},{"id":"e070a8a2-a53c-4609-8481-a7e88a8edc49","block_type":"box","text":"If following a redemption or switch a holding in any","page_number":17,"box":{"x":524,"y":556,"width":399,"height":11}},{"id":"4ac7dac4-dd83-4751-84b4-db434680d5f8","block_type":"box","text":"class of Unit should fall below the Minimum Investment","page_number":17,"box":{"x":523,"y":570,"width":400,"height":8}},{"id":"4d42d203-de61-47b1-9c8f-f1f26426aaa1","block_type":"box","text":"for that class, as detailed in Appendix 1, the ACS","page_number":17,"box":{"x":523,"y":583,"width":400,"height":11}},{"id":"f188661d-51fe-43fe-9eea-ec64a063d2ea","block_type":"box","text":"Manager has the discretion to effect a redemption of a","page_number":17,"box":{"x":524,"y":597,"width":399,"height":11}},{"id":"1098146d-d44a-40cf-a65b-8099cf92b48a","block_type":"box","text":"Unitholder’s entire holding in that class of Unit.","page_number":17,"box":{"x":524,"y":610,"width":343,"height":12}},{"id":"e5172cb3-c1da-4e1a-a90c-f4d3283296cf","block_type":"box","text":"The ACS Manager will not be obliged to redeem Units","page_number":17,"box":{"x":523,"y":630,"width":400,"height":11}},{"id":"77acaf40-78eb-4ab3-97c8-30e847281955","block_type":"box","text":"if the number or value of the Units sought to be sold","page_number":17,"box":{"x":524,"y":644,"width":398,"height":11}},{"id":"a1c9c7af-8608-49fd-a928-2a015c117fbd","block_type":"box","text":"would result in the Unitholder holding less than any","page_number":17,"box":{"x":523,"y":657,"width":400,"height":12}},{"id":"4a9d173d-0e89-4577-bddb-ae02462c668f","block_type":"box","text":"Minimum Investment stated in Appendix 1 as the","page_number":17,"box":{"x":524,"y":671,"width":399,"height":11}},{"id":"0c643e12-92ff-4d6d-b509-c793324c136b","block_type":"box","text":"minimum number or value of Units of the Unit Class","page_number":17,"box":{"x":524,"y":685,"width":399,"height":9}},{"id":"b4d4d388-2502-4fa4-b8ab-fda27617e30a","block_type":"box","text":"concerned that may be held.","page_number":17,"box":{"x":523,"y":698,"width":210,"height":11}},{"id":"346fc356-9951-4bea-92b5-92b8b8263233","block_type":"box","text":"Minimum Investments may be waived at the ACS","page_number":17,"box":{"x":524,"y":718,"width":399,"height":11}},{"id":"f56fe65e-53d1-42a6-80b9-ead38dfcb4cc","block_type":"box","text":"Manager's discretion.","page_number":17,"box":{"x":524,"y":732,"width":156,"height":11}},{"id":"7d2fe5bf-a226-45d9-9ef5-6475d6529542","block_type":"box","text":"20. ACS Manager's Box","page_number":17,"box":{"x":535,"y":757,"width":206,"height":11}},{"id":"7f160fe6-72db-4828-9b0f-38997518eeb6","block_type":"box","text":"It is not the ACS Manager's policy as at the date of this","page_number":17,"box":{"x":524,"y":777,"width":398,"height":11}},{"id":"72b241d5-66a4-4450-987b-1eeac46b6f98","block_type":"box","text":"Prospectus to run a \"box\" (i.e. hold Units in the Sub","page_number":17,"box":{"x":524,"y":790,"width":398,"height":11}},{"id":"ed0b1480-b28f-47c0-9e62-d2b505b9803a","block_type":"box","text":"Funds in its own accounts).","page_number":17,"box":{"x":524,"y":804,"width":201,"height":11}},{"id":"f7d4e8e7-72e3-48fd-83be-2fc76c2ef348","block_type":"box","text":"21. Publication of Prices and Yields","page_number":17,"box":{"x":535,"y":830,"width":301,"height":8}},{"id":"c98bb2e8-8b25-4cea-acee-b93d607a084c","block_type":"box","text":"Daily prices for each Sub-Fund will be made publicly","page_number":17,"box":{"x":524,"y":849,"width":399,"height":11}},{"id":"a2c2c62e-da7a-444f-9d8b-bf80c80b3272","block_type":"box","text":"available through the ACS Manager's website,","page_number":17,"box":{"x":523,"y":863,"width":342,"height":11}},{"id":"4f5e615e-7f06-494f-aefd-40e7cc4d7b01","block_type":"box","text":"https://www.avivainvestors.com/en","page_number":17,"box":{"x":524,"y":876,"width":261,"height":12}},{"id":"73e93ed7-7bfd-41a7-a62b-8e036ada4991","block_type":"box","text":"gb/institutional/fund-centre/tax-transparent.html","page_number":17,"box":{"x":523,"y":890,"width":350,"height":11}},{"id":"12765add-b212-4118-9d7f-a4c20ecb22d1","block_type":"box","text":",","page_number":17,"box":{"x":875,"y":897,"width":2,"height":3}},{"id":"9cdb5aa8-c387-4480-add8-0225bfc8155d","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 18","page_number":18,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"db5cf319-3844-40e8-9702-0b98fd10ad83","block_type":"box","text":"or by calling its Client Relationship Management Team","page_number":18,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"52eb4cd0-7b2f-4a8d-8008-cb99c6cd23b7","block_type":"box","text":"on 0207 809 8135. Please note that the published","page_number":18,"box":{"x":62,"y":60,"width":399,"height":10}},{"id":"9af765ef-3a54-43ab-81e7-2061125dcc18","block_type":"box","text":"prices are for information only and these prices may","page_number":18,"box":{"x":62,"y":73,"width":400,"height":11}},{"id":"0078c432-1b09-449f-8e0e-1a49fd87cb55","block_type":"box","text":"not be the prices obtained when Units are dealt.","page_number":18,"box":{"x":62,"y":87,"width":399,"height":11}},{"id":"fbf7dd8d-85d3-425d-9ad7-a559922f2fb1","block_type":"box","text":"Please refer to section 16 for additional information.","page_number":18,"box":{"x":63,"y":100,"width":397,"height":9}},{"id":"451aeeee-2322-4651-a6a6-7d31b706c5a6","block_type":"box","text":"Telephone calls may be recorded by the ACS","page_number":18,"box":{"x":62,"y":114,"width":399,"height":11}},{"id":"1ea62de2-120b-4203-aaba-1205809c93a7","block_type":"box","text":"Manager, its delegates, their duly appointed agents","page_number":18,"box":{"x":63,"y":128,"width":398,"height":11}},{"id":"f8cd68a2-129f-48f1-aeb9-c92c01003715","block_type":"box","text":"and any of their respective related, associated or","page_number":18,"box":{"x":62,"y":141,"width":400,"height":12}},{"id":"42e20352-1856-4a5d-afcc-099e3716f66a","block_type":"box","text":"affiliated companies for records keeping, security","page_number":18,"box":{"x":62,"y":155,"width":400,"height":11}},{"id":"392c1d7f-8a3f-4587-9d6c-acf286c1f463","block_type":"box","text":"and/or training purposes, please see the paragraph","page_number":18,"box":{"x":62,"y":169,"width":399,"height":11}},{"id":"5a15b6d4-ed3b-4a7c-9eca-0ac581e9cb5d","block_type":"box","text":"“Telephone Recording” below for further information.","page_number":18,"box":{"x":62,"y":182,"width":388,"height":12}},{"id":"c22801a8-27e5-435e-8129-323a19073b37","block_type":"box","text":"The Units in the Sub-Funds of the Scheme are not","page_number":18,"box":{"x":62,"y":202,"width":400,"height":9}},{"id":"dfd1b735-8d24-40dc-99a5-afee77875738","block_type":"box","text":"listed or dealt in or on any investment exchange.","page_number":18,"box":{"x":62,"y":216,"width":358,"height":11}},{"id":"306d5f8a-578e-475d-8b17-1b681acf4fd4","block_type":"box","text":"22. Classes of Units","page_number":18,"box":{"x":74,"y":241,"width":177,"height":9}},{"id":"9fa472db-39a2-46ca-87b4-a59e73965e4b","block_type":"box","text":"The classes of Units currently available in each Sub","page_number":18,"box":{"x":62,"y":261,"width":399,"height":11}},{"id":"4f994133-7fd9-4e56-9319-4c268167c15f","block_type":"box","text":"Fund are set out in Appendix 1. Each type of Unit","page_number":18,"box":{"x":63,"y":274,"width":399,"height":11}},{"id":"1d9958f0-4ec9-45a4-92ac-0a93f7f89620","block_type":"box","text":"represents a beneficial interest in undivided shares in","page_number":18,"box":{"x":63,"y":288,"width":398,"height":11}},{"id":"8d87cc32-9ae4-4cb1-bc1c-c698787db6fa","block_type":"box","text":"the property of the Scheme as detailed below. Each","page_number":18,"box":{"x":62,"y":302,"width":399,"height":11}},{"id":"fc004089-81e3-4202-a5c9-f882d16bf610","block_type":"box","text":"Unit represents one undivided share in the property of","page_number":18,"box":{"x":63,"y":315,"width":399,"height":11}},{"id":"be4b4261-a05f-4871-98a5-64df515d2fdf","block_type":"box","text":"the relevant Sub-Fund. Each undivided Unit ranks pari","page_number":18,"box":{"x":62,"y":329,"width":399,"height":11}},{"id":"1caffc05-cebe-4e81-b709-6a3adca89992","block_type":"box","text":"passu with other undivided Units in a Sub-Fund. The","page_number":18,"box":{"x":62,"y":343,"width":399,"height":11}},{"id":"ed2bd302-74bb-4d6c-9b6d-9bd314bb11c7","block_type":"box","text":"nature of the rights represented by Units is that of a","page_number":18,"box":{"x":62,"y":356,"width":400,"height":12}},{"id":"782e828c-8873-4239-9dee-a443d2af2196","block_type":"box","text":"beneficial interest as tenants in common on the terms","page_number":18,"box":{"x":62,"y":370,"width":399,"height":9}},{"id":"580d8f5f-c62f-4883-ba7f-f91c48726a89","block_type":"box","text":"of the ACS Deed. Unitholders are not liable for the","page_number":18,"box":{"x":62,"y":384,"width":399,"height":8}},{"id":"ad42c25c-dd14-4c25-86e6-5f717ed8d2c3","block_type":"box","text":"debts of a Sub-Fund. The property of a Sub-Fund must","page_number":18,"box":{"x":62,"y":397,"width":400,"height":11}},{"id":"99f163fd-993a-48f0-98dd-f2574bbaddc1","block_type":"box","text":"not be used to discharge any liabilities of, or meet any","page_number":18,"box":{"x":62,"y":411,"width":400,"height":11}},{"id":"3675b9f9-53fa-4e75-b709-3ee90afaf96a","block_type":"box","text":"claims against, any person other than the Unitholders","page_number":18,"box":{"x":62,"y":425,"width":399,"height":11}},{"id":"315dbf4c-42fa-4453-8609-4964393c878d","block_type":"box","text":"in that Sub-Fund.","page_number":18,"box":{"x":62,"y":438,"width":127,"height":9}},{"id":"344935d8-a76f-45ca-9dfc-f659bd24214a","block_type":"box","text":"Where Accumulation Units are held, any income","page_number":18,"box":{"x":62,"y":458,"width":399,"height":11}},{"id":"fa394bfa-96e9-4f76-9337-8fd8ee4336b4","block_type":"box","text":"arising in respect of an Accumulation Unit is","page_number":18,"box":{"x":62,"y":471,"width":399,"height":12}},{"id":"a485f1f4-a559-482f-a909-db61f13e5890","block_type":"box","text":"automatically accumulated and is reflected in the price","page_number":18,"box":{"x":62,"y":485,"width":399,"height":11}},{"id":"82c17ae7-e7ca-433b-93ff-66ea9a5ee145","block_type":"box","text":"of each Accumulation Unit. Allocation of income in","page_number":18,"box":{"x":62,"y":499,"width":399,"height":9}},{"id":"c4c50b50-bd83-4ec4-b93b-6e3104157245","block_type":"box","text":"respect of Accumulation Units will be transferred to the","page_number":18,"box":{"x":63,"y":513,"width":398,"height":11}},{"id":"2006ddb9-7b64-4c31-a94b-02ab7efefff0","block_type":"box","text":"capital property of the relevant Sub-Fund within 2","page_number":18,"box":{"x":62,"y":526,"width":399,"height":11}},{"id":"bb968fc8-2f04-459f-a2b4-0fb25444ee60","block_type":"box","text":"months of the end of the Annual Accounting Period to","page_number":18,"box":{"x":62,"y":540,"width":399,"height":11}},{"id":"1d8e5e22-92a6-4a39-b642-451c5ec0224d","block_type":"box","text":"which that income relates, but will be reflected in the","page_number":18,"box":{"x":62,"y":553,"width":399,"height":11}},{"id":"0e96a418-7617-4474-b4b1-aa568605a298","block_type":"box","text":"capital value of Accumulation Units on the first","page_number":18,"box":{"x":62,"y":567,"width":400,"height":11}},{"id":"b14692f0-5f64-4173-946d-da0b08bd4aba","block_type":"box","text":"business day following the end of that Annual","page_number":18,"box":{"x":62,"y":581,"width":399,"height":11}},{"id":"f942b6ad-efd2-4625-9e2e-5d204ac36e6f","block_type":"box","text":"Accounting Period.","page_number":18,"box":{"x":62,"y":595,"width":139,"height":11}},{"id":"1d27a296-4f3f-4e41-836b-fa966ab7d73c","block_type":"box","text":"Where Income Distribution Units are held, relevant","page_number":18,"box":{"x":62,"y":614,"width":400,"height":10}},{"id":"68430e8e-12cc-498e-b5dd-d4a8c1876418","block_type":"box","text":"Unitholders will receive a net distribution payable","page_number":18,"box":{"x":63,"y":628,"width":398,"height":11}},{"id":"3b500713-b718-4d2b-b854-14c79519b4ef","block_type":"box","text":"according to the distribution details of the relevant Sub","page_number":18,"box":{"x":62,"y":641,"width":399,"height":12}},{"id":"a456b7c7-7222-4471-b7cf-16eaca10ee2c","block_type":"box","text":"Fund, which are set out in Appendix 1. This distribution","page_number":18,"box":{"x":63,"y":655,"width":398,"height":11}},{"id":"02534220-e942-4758-ac4e-66ce53743143","block_type":"box","text":"will be automatically reinvested into the relevant Sub","page_number":18,"box":{"x":62,"y":668,"width":399,"height":12}},{"id":"1237bb17-8b8e-45a9-b2d4-1ca052a5514b","block_type":"box","text":"Fund and additional Units will be allocated to each","page_number":18,"box":{"x":63,"y":682,"width":398,"height":9}},{"id":"ff32d8dc-ffb9-4078-8fc2-7e95781e7202","block_type":"box","text":"relevant Unitholder unless the Unitholder agrees with","page_number":18,"box":{"x":63,"y":696,"width":398,"height":11}},{"id":"8e40d0f3-5f03-4262-8c2c-da09fef43a31","block_type":"box","text":"the ACS Manager that the distribution is paid directly","page_number":18,"box":{"x":62,"y":710,"width":400,"height":11}},{"id":"98e715a1-2ca5-4b69-8514-55a1947abd2e","block_type":"box","text":"into its bank account. This net distribution is calculated","page_number":18,"box":{"x":62,"y":723,"width":399,"height":9}},{"id":"1c078bda-32eb-4eb0-9574-ff1dbf848a99","block_type":"box","text":"for each Unitholder as a proportion of the income, less","page_number":18,"box":{"x":62,"y":737,"width":399,"height":11}},{"id":"d9a9971b-b6ca-476b-bf48-dc39612385f0","block_type":"box","text":"expenses and any taxation due, received by the Sub","page_number":18,"box":{"x":62,"y":750,"width":399,"height":12}},{"id":"9519c298-c26d-4236-934f-8574309fed09","block_type":"box","text":"Fund on behalf of each Unitholder. After a period of six","page_number":18,"box":{"x":63,"y":764,"width":399,"height":11}},{"id":"15c3f193-cf70-4899-a6b5-06ea7bee3db4","block_type":"box","text":"years from the date of payment, any unclaimed","page_number":18,"box":{"x":62,"y":778,"width":399,"height":11}},{"id":"9b3bebeb-d0a9-4aa0-b2d4-e808ab0691fa","block_type":"box","text":"distribution will be added to the capital property of the","page_number":18,"box":{"x":62,"y":792,"width":399,"height":11}},{"id":"a6edeac9-e667-4f32-9cd4-d74309185712","block_type":"box","text":"Sub-Fund and may be forfeited. No interest will be paid","page_number":18,"box":{"x":62,"y":805,"width":399,"height":11}},{"id":"ec417cc9-aa7c-4a3a-99ad-bc9a7d7aefac","block_type":"box","text":"on unclaimed distribution monies.","page_number":18,"box":{"x":62,"y":819,"width":247,"height":9}},{"id":"02b9301b-0d9e-43ac-96e8-b52f8dffe0e4","block_type":"box","text":"Where both Income Distribution Units and","page_number":18,"box":{"x":62,"y":839,"width":399,"height":8}},{"id":"f7808047-0da4-48fa-8657-fb3e252060b1","block_type":"box","text":"Accumulation Units are in existence in relation to a","page_number":18,"box":{"x":62,"y":852,"width":400,"height":9}},{"id":"aab5cf8f-bbc5-448c-b954-260486e19d92","block_type":"box","text":"Sub-Fund, the relevant Unitholders’ proportionate","page_number":18,"box":{"x":62,"y":866,"width":399,"height":11}},{"id":"377452fd-65ba-41fa-b738-c6ff09fb1926","block_type":"box","text":"interests in the Scheme property of the Sub-Fund","page_number":18,"box":{"x":62,"y":879,"width":399,"height":11}},{"id":"090c17e2-9995-496a-a692-246728b92d8f","block_type":"box","text":"represented by each Accumulation Unit increases as","page_number":18,"box":{"x":63,"y":893,"width":398,"height":11}},{"id":"b64f9fb6-0b09-4bb0-b918-43123f2ce3b6","block_type":"box","text":"income is accumulated. Further, in these","page_number":18,"box":{"x":62,"y":907,"width":399,"height":10}},{"id":"75c4bd6a-b870-4bca-be7c-f73d512b1a3e","block_type":"box","text":"circumstances, the income of the Sub-Fund is","page_number":18,"box":{"x":523,"y":46,"width":400,"height":10}},{"id":"a823b52c-d507-4696-b1fb-e2dde187f91b","block_type":"box","text":"allocated between Income Distribution Units and","page_number":18,"box":{"x":523,"y":60,"width":399,"height":8}},{"id":"0b8298b3-010a-48bd-8f48-74528afe7bed","block_type":"box","text":"Accumulation Units according to the relevant","page_number":18,"box":{"x":523,"y":73,"width":400,"height":11}},{"id":"b6a91acf-82cf-4b4a-b097-30d7777450d5","block_type":"box","text":"Unitholders’ proportionate interests in the Scheme","page_number":18,"box":{"x":524,"y":87,"width":399,"height":11}},{"id":"0a1a2804-75f5-4f4a-a9c7-0de32aeed8ab","block_type":"box","text":"property of the Sub-Fund represented by the","page_number":18,"box":{"x":524,"y":100,"width":399,"height":11}},{"id":"8051a95b-992f-4fa9-98d8-3a555862cbe3","block_type":"box","text":"Accumulation Units and Income Distribution Units in","page_number":18,"box":{"x":523,"y":114,"width":399,"height":9}},{"id":"62750750-2718-4928-8e30-bb63173b9818","block_type":"box","text":"existence at the end of the relevant distribution period.","page_number":18,"box":{"x":523,"y":128,"width":399,"height":11}},{"id":"e2ba926f-ec28-473c-8f7b-7cfab29db9bf","block_type":"box","text":"The ACS Deed of the Scheme also permits further","page_number":18,"box":{"x":523,"y":147,"width":400,"height":11}},{"id":"ce74e134-e659-43f4-b66a-2e16f9ec56f9","block_type":"box","text":"classes of Units to be made available other than those","page_number":18,"box":{"x":523,"y":161,"width":400,"height":9}},{"id":"a53dc52b-fe32-47fa-8a4a-dc8d5b9edf99","block_type":"box","text":"currently available. Any such class of Unit may vary","page_number":18,"box":{"x":523,"y":175,"width":400,"height":11}},{"id":"480b2ac5-5eac-4c37-9ca8-6e0aee8f8441","block_type":"box","text":"according to whether it accumulates or distributes","page_number":18,"box":{"x":523,"y":188,"width":400,"height":11}},{"id":"cf73c28e-5e8c-46b3-a996-278e8a711e6e","block_type":"box","text":"income or attracts different fees and expenses, and as","page_number":18,"box":{"x":524,"y":202,"width":399,"height":11}},{"id":"80cb8281-2a4a-4f40-9fa0-b73a95819b3f","block_type":"box","text":"a result of this, monies may be deducted from classes","page_number":18,"box":{"x":523,"y":216,"width":400,"height":11}},{"id":"55756c88-e3b1-4a4a-8d27-c504a868c5c0","block_type":"box","text":"in unequal proportions. 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The Depositary may create one or more","page_number":18,"box":{"x":523,"y":284,"width":400,"height":11}},{"id":"38039fdf-4344-4854-9a2c-6d5ea35b285a","block_type":"box","text":"classes of Units as instructed from time to time by the","page_number":18,"box":{"x":523,"y":297,"width":400,"height":12}},{"id":"871fd1ef-7864-48b1-917d-2612f0fb5ee9","block_type":"box","text":"ACS Manager. The creation of additional Unit Classes","page_number":18,"box":{"x":523,"y":311,"width":400,"height":11}},{"id":"012b8556-4758-4865-8528-c73eb6aacc47","block_type":"box","text":"will not result in any material prejudice to the interests","page_number":18,"box":{"x":523,"y":325,"width":400,"height":11}},{"id":"02b3ebe8-9a32-4e06-bde8-6621417f529f","block_type":"box","text":"of holders of Units in existing Unit Classes.","page_number":18,"box":{"x":523,"y":338,"width":317,"height":12}},{"id":"a1c277b8-0443-4f74-8510-567da32dd2dc","block_type":"box","text":"23. 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The","page_number":19,"box":{"x":523,"y":153,"width":400,"height":11}},{"id":"fa943db1-85d7-4c6e-8535-92b136d669d6","block_type":"box","text":"Securities Lending Agent will not accept any securities","page_number":19,"box":{"x":523,"y":167,"width":400,"height":11}},{"id":"7843f1ed-5200-4b55-ba33-0b177398e773","block_type":"box","text":"issued by Aviva Plc or the Securities Lending Agent,","page_number":19,"box":{"x":524,"y":180,"width":398,"height":12}},{"id":"4c326b17-a674-41be-bf47-a69e82d1ad0c","block_type":"box","text":"or their respective affiliated companies, and will also","page_number":19,"box":{"x":523,"y":194,"width":400,"height":11}},{"id":"5651ca33-d2d7-48f3-95e5-be5d58f6c55e","block_type":"box","text":"not accept collateral where the issuer is a related party","page_number":19,"box":{"x":524,"y":208,"width":399,"height":11}},{"id":"54028500-7006-430b-84fb-a88d76fe0573","block_type":"box","text":"of the counterparty.","page_number":19,"box":{"x":523,"y":221,"width":143,"height":12}},{"id":"dffb8617-76b0-4a0f-8732-84a6bb156b2c","block_type":"box","text":"Collateral will adequately cover securities lent under","page_number":19,"box":{"x":523,"y":241,"width":400,"height":11}},{"id":"a38a5137-695c-4b56-8b4d-8fc61e7bfc5e","block_type":"box","text":"any Securities Lending Transactions and will continue","page_number":19,"box":{"x":523,"y":255,"width":400,"height":11}},{"id":"8834b7fc-60d4-4896-a3f1-0bfe8a3cf016","block_type":"box","text":"to be adequate only if its value is at all times at least","page_number":19,"box":{"x":523,"y":268,"width":400,"height":12}},{"id":"3c59c1ed-ed7c-4acf-b740-d69122d43df6","block_type":"box","text":"equal to the value of the securities transferred by the","page_number":19,"box":{"x":523,"y":282,"width":400,"height":11}},{"id":"6f8bd245-e087-467a-a4ba-1b5f73918e6a","block_type":"box","text":"Securities Lending Agent.","page_number":19,"box":{"x":523,"y":296,"width":190,"height":11}},{"id":"6cbe831e-3a87-49c0-9ab0-46c38dfcdc3c","block_type":"box","text":"The collateral received is valued daily on a mark-to","page_number":19,"box":{"x":523,"y":315,"width":400,"height":11}},{"id":"78a92608-8fc8-4f7a-a4d9-7e6b3503e2e4","block_type":"box","text":"market basis. As the types of collateral accepted are","page_number":19,"box":{"x":524,"y":329,"width":399,"height":11}},{"id":"ed729e5c-ef8d-400e-90d3-c887cf95ad01","block_type":"box","text":"liquid with publicly available prices, a mark-to-market","page_number":19,"box":{"x":524,"y":343,"width":399,"height":11}},{"id":"f4849da3-ceb7-4fda-8498-f1a20a3b312f","block_type":"box","text":"basis gives the best valuation. A haircut (a deduction","page_number":19,"box":{"x":524,"y":356,"width":398,"height":12}},{"id":"6667b14a-9932-4126-b4a8-2f8984163b6a","block_type":"box","text":"to the valuation) is applied to the value of the collateral","page_number":19,"box":{"x":523,"y":370,"width":399,"height":11}},{"id":"e558b098-028e-4246-a1a9-2c7639d7347e","block_type":"box","text":"depending on the type of collateral received and","page_number":19,"box":{"x":523,"y":384,"width":399,"height":11}},{"id":"58929445-eda8-4e06-a617-3109d2f407de","block_type":"box","text":"positions will be subject to daily variation margin","page_number":19,"box":{"x":524,"y":397,"width":398,"height":11}},{"id":"d6b0ed08-047e-4344-a35d-fadaa5f1db97","block_type":"box","text":"requirements.","page_number":19,"box":{"x":524,"y":411,"width":100,"height":11}},{"id":"676bbc9c-f845-426c-9044-8fe567a29759","block_type":"box","text":"All transactions are governed by industry standard","page_number":19,"box":{"x":523,"y":431,"width":399,"height":11}},{"id":"e7a634f6-b0ec-4bd3-8588-e3bd7780e910","block_type":"box","text":"documentation. The assets that may be subject to","page_number":19,"box":{"x":523,"y":444,"width":400,"height":11}},{"id":"5ef689cb-38ed-4c09-bc73-fcf4aa7da689","block_type":"box","text":"securities lending and all collateral received is held","page_number":19,"box":{"x":523,"y":458,"width":399,"height":11}},{"id":"4cac3ee6-70de-4500-a781-e8dc7cf7c7a8","block_type":"box","text":"under the control of the Depositary for the benefit of","page_number":19,"box":{"x":524,"y":471,"width":399,"height":12}},{"id":"bc2e8ebc-d117-45d6-9537-9825cc73b5a7","block_type":"box","text":"the underlying Sub-Fund.","page_number":19,"box":{"x":523,"y":485,"width":187,"height":11}},{"id":"ff40534a-012a-4b4a-9fd5-3f5f70d00ccd","block_type":"box","text":"Collateral may not be re-used, sold, re-invested or","page_number":19,"box":{"x":523,"y":505,"width":400,"height":11}},{"id":"441ec64c-8895-4f5d-b264-4e5f2a3453b1","block_type":"box","text":"pledged by the Securities Lending Agent unless","page_number":19,"box":{"x":524,"y":518,"width":399,"height":12}},{"id":"36192193-0029-4eef-8f91-d9f190f8e131","block_type":"box","text":"agreed by the ACS Manager. Cash collateral","page_number":19,"box":{"x":523,"y":532,"width":399,"height":11}},{"id":"0e6377d8-3cba-4660-bb53-ec00785d2abf","block_type":"box","text":"investment or reinvestment is not permitted, save that","page_number":19,"box":{"x":524,"y":546,"width":399,"height":11}},{"id":"5335eab7-cb60-425c-908d-a628a2645996","block_type":"box","text":"cash collateral can be re-invested by way of a repo","page_number":19,"box":{"x":523,"y":559,"width":400,"height":12}},{"id":"5999be16-ce0e-4524-96c5-7c369e1e32c6","block_type":"box","text":"contract.","page_number":19,"box":{"x":523,"y":574,"width":63,"height":8}},{"id":"1b736921-a090-46d3-b43d-3d141d557b91","block_type":"box","text":"Any income generated from stock lending will be","page_number":19,"box":{"x":523,"y":593,"width":400,"height":11}},{"id":"cd74941a-ea8a-4e33-8e2e-f8987016c4db","block_type":"box","text":"allocated between the relevant Sub-Fund and the","page_number":19,"box":{"x":523,"y":606,"width":400,"height":9}},{"id":"be0edd7f-a5b6-424e-8d32-1c190c928eb6","block_type":"box","text":"Securities Lending Agent. For each Sub-Fund","page_number":19,"box":{"x":523,"y":620,"width":399,"height":11}},{"id":"4a2d79d2-e1de-493a-b4f0-b58817b014a1","block_type":"box","text":"operating securities lending, the Securities Lending","page_number":19,"box":{"x":523,"y":634,"width":399,"height":11}},{"id":"3b1c49fa-8e9e-49c2-887f-e21845845248","block_type":"box","text":"agent is permitted to deduct a monthly fee equating to","page_number":19,"box":{"x":523,"y":647,"width":400,"height":11}},{"id":"66a35043-8e87-40b1-89b9-9522b12723e9","block_type":"box","text":"20 per cent of the Securities Lending income","page_number":19,"box":{"x":523,"y":661,"width":400,"height":11}},{"id":"dbb222cc-a2bb-475c-bd8b-d26233b07e4b","block_type":"box","text":"generated for that Sub-Fund. The fee will be charged","page_number":19,"box":{"x":523,"y":674,"width":399,"height":12}},{"id":"89ec018d-df89-43fb-a1c5-eca79bef4fcf","block_type":"box","text":"to the relevant Sub-Fund each month in respect of the","page_number":19,"box":{"x":523,"y":688,"width":400,"height":11}},{"id":"d8a3d64b-7c37-4760-98af-c2561b6da19a","block_type":"box","text":"Securities Lending activity from the preceding month.","page_number":19,"box":{"x":523,"y":702,"width":399,"height":11}},{"id":"5dbf4b08-09e8-4e79-9955-5c95cefd271c","block_type":"box","text":"No Securities Lending Agent fee will be deducted from","page_number":19,"box":{"x":524,"y":715,"width":398,"height":12}},{"id":"69407dec-d2fe-4773-8a14-25e8545e9be4","block_type":"box","text":"the Scheme Property if no revenue from securities","page_number":19,"box":{"x":523,"y":729,"width":400,"height":11}},{"id":"cdd4e288-6688-4173-a696-0b5ef95ffab7","block_type":"box","text":"lending activity has been generated in the preceding","page_number":19,"box":{"x":524,"y":743,"width":398,"height":11}},{"id":"b2a0a19c-b279-42f0-94fd-2bf7c6047f2d","block_type":"box","text":"month. No additional fee will be charged by the ACS","page_number":19,"box":{"x":524,"y":756,"width":399,"height":12}},{"id":"88ec2e1f-eaf3-4a02-90c6-150b60646925","block_type":"box","text":"Manager.","page_number":19,"box":{"x":524,"y":770,"width":68,"height":11}},{"id":"4d0d8bbd-a6e7-4cc9-ad33-b62a4ebd368d","block_type":"box","text":"(ii) TRS","page_number":19,"box":{"x":524,"y":790,"width":61,"height":11}},{"id":"c607004d-5ec7-4b62-9d0a-cc7713b7f27e","block_type":"box","text":"A TRS is a swap agreement in which one party makes","page_number":19,"box":{"x":523,"y":809,"width":400,"height":12}},{"id":"f302318b-133c-4f53-9fb7-fc32d6a1b207","block_type":"box","text":"payments based on a set rate, either fixed or variable,","page_number":19,"box":{"x":524,"y":823,"width":398,"height":11}},{"id":"d34c3ffc-df0b-4335-b314-7f55e2cc9e5c","block_type":"box","text":"while the other party makes payments based on the","page_number":19,"box":{"x":523,"y":837,"width":400,"height":11}},{"id":"942b73e1-75f6-49fd-b321-2f00d5195b4b","block_type":"box","text":"return of an underlying asset. The AI Balanced","page_number":19,"box":{"x":524,"y":850,"width":398,"height":11}},{"id":"bfc757ab-987f-4ab9-ad6d-6563bb433962","block_type":"box","text":"Pension Fund, AI Balanced Life Fund and AI Cautious","page_number":19,"box":{"x":524,"y":864,"width":399,"height":10}},{"id":"581bd7a4-4c3f-4456-863c-e5db77ca8f63","block_type":"box","text":"Pension Fund are permitted to use TRS for investment","page_number":19,"box":{"x":524,"y":878,"width":399,"height":11}},{"id":"52bf788f-7974-4d18-a4ce-92e1505aa9fa","block_type":"box","text":"purposes, or for efficient portfolio management, or to","page_number":19,"box":{"x":524,"y":891,"width":399,"height":12}},{"id":"7deb0c47-68c3-4795-9ea7-e9616b4a25bb","block_type":"box","text":"reduce risk. The Core Funds are permitted to use TRS","page_number":19,"box":{"x":524,"y":905,"width":399,"height":11}},{"id":"0c330727-2b3c-4623-9e0a-634e52f0ebbb","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 20","page_number":20,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"0377549b-8a86-4a54-8ae9-713180d4e148","block_type":"box","text":"for efficient portfolio management, or to reduce risk.","page_number":20,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"9046d98b-cc77-4462-9269-9680da2b7920","block_type":"box","text":"TRS may be used to gain exposure to asset class","page_number":20,"box":{"x":62,"y":59,"width":399,"height":12}},{"id":"6c458130-ddc2-4f92-a553-129d2fbb294f","block_type":"box","text":"sectors or strategies that the Investment Manager","page_number":20,"box":{"x":62,"y":73,"width":400,"height":11}},{"id":"7efe1d10-d6cb-4073-a1c2-42291504b67c","block_type":"box","text":"believes that they cannot access effectively through","page_number":20,"box":{"x":62,"y":87,"width":399,"height":11}},{"id":"6c28d98d-8007-406f-aef4-4e8d0e315361","block_type":"box","text":"physical securities or exchange-traded derivatives","page_number":20,"box":{"x":62,"y":100,"width":399,"height":12}},{"id":"01e5b616-9b33-41d3-a807-f50068681e1c","block_type":"box","text":"such as futures contracts.","page_number":20,"box":{"x":62,"y":114,"width":189,"height":9}},{"id":"aefb3d87-707c-40dd-89a4-7ccaa00a5ebe","block_type":"box","text":"Please refer to Appendix 1 which sets out for each of","page_number":20,"box":{"x":63,"y":134,"width":399,"height":11}},{"id":"64f82d46-8410-47a1-9ab7-c560d8dc4c95","block_type":"box","text":"these Sub-Funds:","page_number":20,"box":{"x":62,"y":147,"width":130,"height":9}},{"id":"ccf765af-ff88-49e2-9a37-fdfd0905e1ab","block_type":"box","text":"","page_number":20,"box":{"x":62,"y":171,"width":6,"height":4}},{"id":"a5bdc07e-2d0c-4e6d-8436-306e94423e92","block_type":"box","text":"The types of assets which may be subject to TRS","page_number":20,"box":{"x":92,"y":168,"width":367,"height":11}},{"id":"964899c9-d753-45fa-92c8-7801f7714a29","block_type":"box","text":"","page_number":20,"box":{"x":62,"y":191,"width":6,"height":5}},{"id":"fe4d6650-a801-4705-b7ab-0fbe62628bb3","block_type":"box","text":"the maximum proportion of assets which may be","page_number":20,"box":{"x":97,"y":188,"width":365,"height":11}},{"id":"b4fe623b-6042-4510-822c-7f7dca39eac6","block_type":"box","text":"subject to TRS","page_number":20,"box":{"x":98,"y":202,"width":109,"height":11}},{"id":"9b729f77-17e8-4895-9f9b-37b7e655fd36","block_type":"box","text":"","page_number":20,"box":{"x":62,"y":225,"width":6,"height":5}},{"id":"c3cfc0ba-ed0d-4ee9-8f6b-e66bbe9d7042","block_type":"box","text":"the expected proportion of assets which may be","page_number":20,"box":{"x":92,"y":222,"width":369,"height":11}},{"id":"df05d00e-5477-425e-99ce-e974a6dd5c8b","block_type":"box","text":"subject to TRS","page_number":20,"box":{"x":92,"y":236,"width":109,"height":11}},{"id":"3f55624d-fd95-453a-8bf2-99c18917d741","block_type":"box","text":"Accordingly, the disclosures made below under Article","page_number":20,"box":{"x":62,"y":256,"width":399,"height":11}},{"id":"43c3fdbd-2ac7-4e42-aa87-17a415a92d07","block_type":"box","text":"14 of the Securities Financing Transaction Regulations","page_number":20,"box":{"x":63,"y":269,"width":398,"height":11}},{"id":"08ff9bad-efa7-4108-b369-954614df1734","block_type":"box","text":"have been made only in respect of the Sub-Funds","page_number":20,"box":{"x":62,"y":283,"width":399,"height":11}},{"id":"77d3d3b9-9de9-442b-98c3-a1d57b6c76c2","block_type":"box","text":"permitted to use TRS as listed above.","page_number":20,"box":{"x":62,"y":296,"width":278,"height":11}},{"id":"0207fc29-e707-41b4-a2d4-3bc8ef5bbe23","block_type":"box","text":"All counterparties must meet certain criteria based","page_number":20,"box":{"x":62,"y":316,"width":399,"height":11}},{"id":"434cf026-05a2-4df1-b189-a2b526889afd","block_type":"box","text":"upon their credit rating, and Schroders usually","page_number":20,"box":{"x":63,"y":330,"width":399,"height":11}},{"id":"f68b4115-0c42-429a-8114-8e48a666be4a","block_type":"box","text":"transacts TRS with counterparties with a minimum","page_number":20,"box":{"x":62,"y":343,"width":399,"height":11}},{"id":"87bd8733-6d34-4b0e-b780-c84185bcc3d3","block_type":"box","text":"rating of BBB or equivalent.","page_number":20,"box":{"x":63,"y":357,"width":201,"height":11}},{"id":"43ec4090-038f-42f3-a8f0-58b11455f76e","block_type":"box","text":"There are no requirements based on legal status or","page_number":20,"box":{"x":62,"y":377,"width":400,"height":11}},{"id":"7e7c883f-c800-477b-8393-2704f5868dd5","block_type":"box","text":"country of origin, but the counterparty must be","page_number":20,"box":{"x":62,"y":390,"width":399,"height":11}},{"id":"80757633-e565-4a2e-b9f0-adfd65a4db9d","block_type":"box","text":"domiciled in jurisdictions where the relevant legal","page_number":20,"box":{"x":62,"y":404,"width":399,"height":11}},{"id":"f0d37f9f-caa5-40b6-87f6-aa8aea02a6c2","block_type":"box","text":"documentation is enforceable.","page_number":20,"box":{"x":62,"y":417,"width":222,"height":9}},{"id":"a03580f2-0b28-4b5f-a828-a75a4e70aaa4","block_type":"box","text":"Collateral is limited to UK Government debt and cash.","page_number":20,"box":{"x":62,"y":437,"width":398,"height":9}},{"id":"45d09e40-e714-4c96-ba26-974950f4b5b1","block_type":"box","text":"No liquidity limits (beyond limits on the type of","page_number":20,"box":{"x":63,"y":457,"width":399,"height":11}},{"id":"49558177-667f-498c-afda-a110fb5c0381","block_type":"box","text":"collateral accepted) are applied in relation to collateral","page_number":20,"box":{"x":62,"y":470,"width":399,"height":11}},{"id":"a232066e-c2cf-41cb-8f0e-acc1466d865c","block_type":"box","text":"received. 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As the types of collateral accepted are","page_number":21,"box":{"x":62,"y":59,"width":399,"height":12}},{"id":"e69b40b9-4893-4c84-8e6e-4e40ee84b51a","block_type":"box","text":"liquid with publicly available prices, a mark-to-market","page_number":21,"box":{"x":62,"y":73,"width":400,"height":11}},{"id":"b97c7fbe-5746-43cd-b752-d3891dca3ac3","block_type":"box","text":"basis gives the best valuation. A haircut (a deduction","page_number":21,"box":{"x":62,"y":87,"width":399,"height":11}},{"id":"e679725e-e2d2-4375-a677-8aa08b71b19b","block_type":"box","text":"to the valuation) is applied to the value of the collateral","page_number":21,"box":{"x":62,"y":100,"width":399,"height":11}},{"id":"db1d36fa-35a6-4816-9633-b1c86a78f4fb","block_type":"box","text":"depending on the type of collateral received and","page_number":21,"box":{"x":62,"y":114,"width":399,"height":11}},{"id":"4c05e8f7-c1ce-48d4-b8e8-08bd06957db3","block_type":"box","text":"positions will be subject to daily variation margin","page_number":21,"box":{"x":62,"y":128,"width":399,"height":11}},{"id":"55ec57d1-0860-4b5f-81d5-61f4b557bf82","block_type":"box","text":"requirements.","page_number":21,"box":{"x":63,"y":142,"width":100,"height":10}},{"id":"85c97b36-1eae-46ff-80c8-f3afb058043c","block_type":"box","text":"All transactions are governed by industry standard","page_number":21,"box":{"x":62,"y":161,"width":399,"height":11}},{"id":"f96b823c-0a59-455c-845b-17fa7225b602","block_type":"box","text":"documentation. The assets (including cash) that may","page_number":21,"box":{"x":62,"y":175,"width":400,"height":11}},{"id":"6bed58c5-9e35-40b2-a5e0-aabd13ac264b","block_type":"box","text":"be the subject of repo contracts are held under the","page_number":21,"box":{"x":62,"y":188,"width":399,"height":11}},{"id":"b1f3e6a8-ac80-4b74-95cb-812182cb76e0","block_type":"box","text":"control of the Depositary for the benefit of the","page_number":21,"box":{"x":62,"y":202,"width":399,"height":11}},{"id":"d9565c8a-67ae-4774-8535-a74d4c14c08d","block_type":"box","text":"underlying Sub-Fund.","page_number":21,"box":{"x":63,"y":216,"width":157,"height":11}},{"id":"633b32c4-2743-4a6b-a921-45afcb27bcce","block_type":"box","text":"Collateral may not be re-used, sold, re-invested or","page_number":21,"box":{"x":62,"y":235,"width":400,"height":11}},{"id":"75e42997-edc4-4d61-b8b5-00bd10ae170a","block_type":"box","text":"pledged by the Securities Lending Agent unless","page_number":21,"box":{"x":62,"y":249,"width":399,"height":11}},{"id":"831863cf-5dc3-4c55-983e-9dfc2d81a4cf","block_type":"box","text":"agreed by the ACS Manager.","page_number":21,"box":{"x":62,"y":262,"width":215,"height":12}},{"id":"184ca3e4-d053-4a02-a785-070db9ce0ba0","block_type":"box","text":"The Securities Lending Agent shall retain 20% of any","page_number":21,"box":{"x":62,"y":282,"width":400,"height":11}},{"id":"0d707f47-4df7-4c16-83f2-bd3b18bedfb0","block_type":"box","text":"income and earnings from the investment and","page_number":21,"box":{"x":62,"y":296,"width":399,"height":11}},{"id":"26481bc0-ad87-45e4-ab60-97bb993f554a","block_type":"box","text":"reinvestment of any cash collateral minus broker","page_number":21,"box":{"x":63,"y":309,"width":399,"height":12}},{"id":"967cde8b-d140-432a-9ebc-6257088e32e9","block_type":"box","text":"rebate fees paid by the Securities Lending Agent to the","page_number":21,"box":{"x":63,"y":323,"width":398,"height":11}},{"id":"deddf36e-ce58-47f5-8294-ce0041dc0ee1","block_type":"box","text":"relevant counterparty.","page_number":21,"box":{"x":63,"y":337,"width":159,"height":11}},{"id":"77b66ea9-1af3-440b-adb4-50839fcbd1a8","block_type":"box","text":"25. Leverage Ratios","page_number":21,"box":{"x":74,"y":362,"width":176,"height":11}},{"id":"57bb1d40-7c95-4d83-983d-76deae15e0e4","block_type":"box","text":"The maximum level of leverage which a Sub-Fund, or","page_number":21,"box":{"x":62,"y":382,"width":400,"height":11}},{"id":"43e0f318-18be-4318-bbee-c2dc35e82434","block_type":"box","text":"the ACS Manager on that Sub-Fund’s behalf, is","page_number":21,"box":{"x":62,"y":395,"width":399,"height":12}},{"id":"cb906c62-8172-45c1-b13b-c70e1874eb8b","block_type":"box","text":"permitted to use as part of such Sub-Fund’s","page_number":21,"box":{"x":62,"y":409,"width":399,"height":11}},{"id":"ec49588c-3107-4807-af08-90518f8b1f20","block_type":"box","text":"investment strategy is set out in Appendix 1.","page_number":21,"box":{"x":62,"y":423,"width":327,"height":11}},{"id":"a69fc25d-e75a-4715-9203-6efa27e0e07c","block_type":"box","text":"As required by the UK AIFM Regime, leverage is","page_number":21,"box":{"x":62,"y":443,"width":399,"height":11}},{"id":"9cf40815-7a78-448b-96c5-ee5e80cbc6e4","block_type":"box","text":"expressed as a ratio between a Sub-Fund’s total","page_number":21,"box":{"x":62,"y":456,"width":399,"height":11}},{"id":"3831d51f-d683-451e-a909-83a71529d2ea","block_type":"box","text":"exposure and its net asset value. The generic","page_number":21,"box":{"x":62,"y":470,"width":400,"height":11}},{"id":"3c1515e9-bb98-4ee2-9f8e-ef9ecdf7129f","block_type":"box","text":"examples below demonstrate the UK AIFM Regime","page_number":21,"box":{"x":62,"y":484,"width":399,"height":11}},{"id":"da83ee02-ca15-4ce9-9afd-096266d49471","block_type":"box","text":"prescribed methodologies that must be used for","page_number":21,"box":{"x":62,"y":497,"width":400,"height":11}},{"id":"9c6674c2-f673-40f2-908a-9dc787b5774e","block_type":"box","text":"calculating such leverage ratios.","page_number":21,"box":{"x":62,"y":511,"width":237,"height":11}},{"id":"71548b19-fae7-4f07-88d0-9407ea956a4a","block_type":"box","text":"If a Sub-Fund were to have 80% physical holding in","page_number":21,"box":{"x":63,"y":530,"width":398,"height":12}},{"id":"c34f208d-069e-4757-9307-4c9d5c9e95b6","block_type":"box","text":"direct investments, 20% exposure to index futures,","page_number":21,"box":{"x":62,"y":544,"width":398,"height":11}},{"id":"2cce04df-18ba-4e05-b395-92ee2591dd9f","block_type":"box","text":"30% forward FX (used to hedge) and 20% cash, in","page_number":21,"box":{"x":62,"y":557,"width":399,"height":12}},{"id":"dec54b79-ab16-4ce5-98d8-5b2feed60642","block_type":"box","text":"accordance with the UK AIFM Regime such Sub","page_number":21,"box":{"x":62,"y":571,"width":399,"height":11}},{"id":"94ed5bc1-ade5-40b5-926b-93bc8735acb3","block_type":"box","text":"Fund’s leverage would be expressed as follows:","page_number":21,"box":{"x":63,"y":585,"width":354,"height":11}},{"id":"907daca3-ea9c-45a7-a940-a517100fc80e","block_type":"box","text":"","page_number":21,"box":{"x":62,"y":609,"width":6,"height":4}},{"id":"30729433-6d5c-4488-9b7f-7dd3f2a4d64a","block_type":"box","text":"using the commitment methodology, a ratio of","page_number":21,"box":{"x":93,"y":605,"width":369,"height":12}},{"id":"bb896f78-d15a-417f-b70c-237ec1fcb4d7","block_type":"box","text":"1.2:1, where 1.2 represents this Sub-Fund’s","page_number":21,"box":{"x":93,"y":619,"width":368,"height":11}},{"id":"b68d8215-0f8b-43a6-86c6-57ecfb30a334","block_type":"box","text":"exposure to direct investments, index futures and","page_number":21,"box":{"x":92,"y":633,"width":369,"height":11}},{"id":"2a5adec1-34b4-4ba4-be33-82f879318de0","block_type":"box","text":"cash; pursuant to the UK AIFM Regime forward FX","page_number":21,"box":{"x":92,"y":646,"width":370,"height":12}},{"id":"403488e2-4960-4211-9c20-476b7a8d4d17","block_type":"box","text":"used for hedging can be netted against a fund’s","page_number":21,"box":{"x":93,"y":660,"width":368,"height":11}},{"id":"e870ec85-35a2-48b0-aa07-bddb06164e84","block_type":"box","text":"foreign currency exposure;","page_number":21,"box":{"x":92,"y":674,"width":197,"height":11}},{"id":"5d0de93f-774f-4ffd-97ee-1de71aa52edb","block_type":"box","text":"","page_number":21,"box":{"x":62,"y":691,"width":6,"height":4}},{"id":"891b3118-b117-4043-9246-61d89df4ebc3","block_type":"box","text":"using the gross methodology, a ratio of 1.3:1,","page_number":21,"box":{"x":93,"y":688,"width":368,"height":11}},{"id":"4480560e-83a5-49ed-bc4d-62b01e5f5981","block_type":"box","text":"where 1.3 represents this Sub-Fund’s exposure to","page_number":21,"box":{"x":92,"y":702,"width":369,"height":11}},{"id":"4218c4c3-75d9-4f39-bb14-00f64ecff571","block_type":"box","text":"direct investments, index futures and forward FX;","page_number":21,"box":{"x":92,"y":715,"width":368,"height":11}},{"id":"00a828be-cfe3-4694-80d3-6903f5266fac","block_type":"box","text":"pursuant to the UK AIFM Regime cash is excluded","page_number":21,"box":{"x":93,"y":729,"width":368,"height":11}},{"id":"60f1afbc-765d-492f-a470-70925f99368c","block_type":"box","text":"from the gross method of calculation whereas","page_number":21,"box":{"x":92,"y":743,"width":369,"height":11}},{"id":"480724f6-d014-4e33-a395-8c65d69236e4","block_type":"box","text":"forward FX used for hedging cannot be netted.","page_number":21,"box":{"x":92,"y":756,"width":344,"height":12}},{"id":"b7284d56-ef9b-41f3-890e-78837523c2c5","block_type":"box","text":"As demonstrated above, the expression of 1.2:1 does","page_number":21,"box":{"x":62,"y":776,"width":399,"height":11}},{"id":"e7817439-8d5f-47c2-9f9b-f4c87bd45b86","block_type":"box","text":"comprise “Incremental Exposure” through the use of","page_number":21,"box":{"x":62,"y":790,"width":400,"height":11}},{"id":"7f639ee6-183a-4113-a5b6-882cc5da01a3","block_type":"box","text":"derivatives, and the Sub-Fund’s holdings in direct","page_number":21,"box":{"x":62,"y":803,"width":400,"height":11}},{"id":"6352a295-16fb-4b8d-b9fa-87ec175ea6f0","block_type":"box","text":"investments are also included. The exposure is","page_number":21,"box":{"x":62,"y":817,"width":399,"height":11}},{"id":"c83ebb96-602e-4ca3-9460-8d02a2be29ed","block_type":"box","text":"calculated in accordance with the methodologies","page_number":21,"box":{"x":62,"y":831,"width":399,"height":11}},{"id":"2b57f2dc-717b-4c68-99e8-91641f39ebb9","block_type":"box","text":"expressly set out in the UK AIFM Regime.","page_number":21,"box":{"x":62,"y":844,"width":310,"height":11}},{"id":"ec533874-511b-4e15-a28d-0a4ab0084f5f","block_type":"box","text":"If a Sub-Fund were to have 100% in collective","page_number":21,"box":{"x":63,"y":864,"width":398,"height":9}},{"id":"b7791c64-c11c-495e-8a79-6def541bf541","block_type":"box","text":"investment schemes, in accordance with the UK AIFM","page_number":21,"box":{"x":62,"y":878,"width":399,"height":10}},{"id":"0cd01979-fef1-4e0c-b2fd-231b801c05ac","block_type":"box","text":"Regime such Sub-Fund’s leverage would be","page_number":21,"box":{"x":63,"y":891,"width":398,"height":11}},{"id":"61cc3628-b097-45fe-9439-00a6d6ff6c35","block_type":"box","text":"expressed as follows:","page_number":21,"box":{"x":62,"y":905,"width":158,"height":11}},{"id":"199ee10b-71bc-42a6-b16f-7969d18a8fd8","block_type":"box","text":"","page_number":21,"box":{"x":524,"y":50,"width":5,"height":4}},{"id":"c045297b-b2b1-4075-9fe4-221b9c23eb34","block_type":"box","text":"using the commitment methodology, a ratio of 1:1,","page_number":21,"box":{"x":554,"y":47,"width":368,"height":11}},{"id":"20f23b0f-e5f5-4812-a491-51a6ea813f06","block_type":"box","text":"where 1 represents this Sub-Fund’s exposure to","page_number":21,"box":{"x":553,"y":60,"width":370,"height":11}},{"id":"cd4b9677-4d3f-4e54-b74b-6fcf611822ed","block_type":"box","text":"direct investments; and","page_number":21,"box":{"x":553,"y":74,"width":172,"height":10}},{"id":"1d1343d0-de39-47dd-b52c-8bad2c9b480f","block_type":"box","text":"","page_number":21,"box":{"x":524,"y":91,"width":5,"height":5}},{"id":"98be0fd4-ce18-4c84-8fe0-1b2fb3819ac8","block_type":"box","text":"using the gross methodology, a ratio of 1:1, where","page_number":21,"box":{"x":554,"y":88,"width":369,"height":12}},{"id":"a2b0553a-0e25-463e-8378-f2242ee8d128","block_type":"box","text":"1 represents this Sub-Fund’s exposure to direct","page_number":21,"box":{"x":555,"y":102,"width":368,"height":11}},{"id":"11074bb3-d061-4b37-b250-6f32051f0f4f","block_type":"box","text":"investments.","page_number":21,"box":{"x":554,"y":116,"width":92,"height":8}},{"id":"2552f643-0ac6-4c65-bc8a-ec83f6d3ffcd","block_type":"box","text":"In this example, although the Sub-Fund is not subject","page_number":21,"box":{"x":524,"y":135,"width":399,"height":11}},{"id":"3f8b9681-6ee7-470d-87d0-c753e540e33e","block_type":"box","text":"to Incremental Exposure, the leverage ratios are","page_number":21,"box":{"x":523,"y":149,"width":400,"height":11}},{"id":"8964dab9-6377-4186-a7c1-dc7f663634f3","block_type":"box","text":"above zero due to the exposure calculation being","page_number":21,"box":{"x":523,"y":163,"width":399,"height":11}},{"id":"ae8b7932-9260-41e6-9860-29c65fd51498","block_type":"box","text":"performed in accordance with the methodologies","page_number":21,"box":{"x":524,"y":176,"width":399,"height":11}},{"id":"66907da9-e8cf-436c-b65a-5bf68cd44ced","block_type":"box","text":"expressly set out in the UK AIFM Regime.","page_number":21,"box":{"x":523,"y":190,"width":310,"height":11}},{"id":"0782f0c4-980e-48ed-83df-79131cdea4e4","block_type":"box","text":"26. Risk Considerations","page_number":21,"box":{"x":535,"y":215,"width":209,"height":9}},{"id":"46d9ae3f-af6f-4de6-a312-b2abd25fbc56","block_type":"box","text":"Potential Unitholders should consider the risk factors","page_number":21,"box":{"x":524,"y":235,"width":399,"height":9}},{"id":"ea418aae-7760-4564-bcb4-68d31ba78dda","block_type":"box","text":"below before investing in the Scheme (or, in the case","page_number":21,"box":{"x":524,"y":249,"width":399,"height":11}},{"id":"b5e2b5a2-ade4-47d0-b181-05a0bb2d630d","block_type":"box","text":"of specific risks applying to specific Sub-Funds, in","page_number":21,"box":{"x":523,"y":262,"width":399,"height":11}},{"id":"88bfa920-57b6-4ab1-9716-d2c6ae98f2c2","block_type":"box","text":"those Sub-Funds). This list must not be taken to be","page_number":21,"box":{"x":523,"y":276,"width":400,"height":11}},{"id":"8769a722-fa42-461e-b471-3999240ebc2b","block_type":"box","text":"comprehensive. It should also be noted that there may","page_number":21,"box":{"x":523,"y":290,"width":400,"height":11}},{"id":"5f03fce9-fb64-424d-8b4e-88d6bed41f87","block_type":"box","text":"be new risks that arise in the future which could not","page_number":21,"box":{"x":524,"y":303,"width":399,"height":9}},{"id":"0632440e-3389-423a-8b99-81f64d830c9d","block_type":"box","text":"have been anticipated in advance. Also, risk factors","page_number":21,"box":{"x":524,"y":317,"width":398,"height":11}},{"id":"96948dd3-3cfc-4c07-86ab-3af4a27c9a92","block_type":"box","text":"listed will apply to different Sub-Funds to different","page_number":21,"box":{"x":524,"y":330,"width":399,"height":12}},{"id":"af1e2c81-1770-40b1-8be4-925400689eb5","block_type":"box","text":"degrees, and for a given Sub-Fund this degree could","page_number":21,"box":{"x":523,"y":344,"width":399,"height":11}},{"id":"1bda3df6-0e04-4570-b7cc-99b18bf58ade","block_type":"box","text":"increase or reduce through time.","page_number":21,"box":{"x":524,"y":358,"width":239,"height":11}},{"id":"f102542e-ff38-403b-adce-d5af35e5584e","block_type":"box","text":"Unitholders will need to decide whether or not an","page_number":21,"box":{"x":524,"y":378,"width":398,"height":8}},{"id":"040b3229-cdc1-4286-a71e-0b6e7a1f7a76","block_type":"box","text":"investment in a Sub-Fund is appropriate for their","page_number":21,"box":{"x":524,"y":391,"width":399,"height":11}},{"id":"1ca189e5-2fc1-4736-8c68-213baefc87ab","block_type":"box","text":"requirements.","page_number":21,"box":{"x":524,"y":405,"width":100,"height":11}},{"id":"b3b58702-e81d-42ea-95d4-825c02f15d15","block_type":"box","text":"Some of the risk factors below relate to the underlying","page_number":21,"box":{"x":523,"y":424,"width":399,"height":12}},{"id":"fdd5d56d-3c10-4217-aef5-fd8fc225804a","block_type":"box","text":"collective investment schemes (\"","page_number":21,"box":{"x":523,"y":438,"width":242,"height":11}},{"id":"a0785721-19fd-4d03-8b6f-7ec8316c7283","block_type":"box","text":"underlying fund","page_number":21,"box":{"x":768,"y":438,"width":125,"height":11}},{"id":"b4f5f7a7-7376-4f22-b35b-4d968fe0e63d","block_type":"box","text":"\") in","page_number":21,"box":{"x":895,"y":438,"width":27,"height":11}},{"id":"93be67e1-9c1c-46f8-90dd-3ceedc22f47d","block_type":"box","text":"which the Sub-Funds invest but for that reason are","page_number":21,"box":{"x":523,"y":452,"width":400,"height":8}},{"id":"b8213549-8f8d-4141-89ca-994c48fc3533","block_type":"box","text":"also relevant to the Sub-Funds themselves.","page_number":21,"box":{"x":523,"y":465,"width":321,"height":9}},{"id":"fc5dea62-fae0-4357-8eb5-38cbe9329448","block_type":"box","text":"(a)","page_number":21,"box":{"x":536,"y":491,"width":18,"height":11}},{"id":"35866a53-5e28-4818-b521-f55ca9827476","block_type":"box","text":"General Investment Risks","page_number":21,"box":{"x":583,"y":491,"width":204,"height":9}},{"id":"2929d229-6cb5-4ceb-8a63-4f418d447628","block_type":"box","text":"The Sub-Funds are subject to fluctuations in capital","page_number":21,"box":{"x":523,"y":510,"width":399,"height":12}},{"id":"b668ebbf-0f32-412d-8164-9fb2c25f1f0b","block_type":"box","text":"value of their underlying investments which can be","page_number":21,"box":{"x":523,"y":524,"width":400,"height":11}},{"id":"3e2c7a75-75ae-4d12-8e14-efb9fca0d034","block_type":"box","text":"influenced by factors such as political and economic","page_number":21,"box":{"x":524,"y":538,"width":399,"height":11}},{"id":"9f1b8f95-429f-4cfe-81b9-aed7f9a65c40","block_type":"box","text":"news, corporate earnings reports, demographic trends","page_number":21,"box":{"x":524,"y":552,"width":399,"height":11}},{"id":"0f898664-a76d-4836-acd2-319ade440870","block_type":"box","text":"and catastrophic events. The ACS Manager cannot","page_number":21,"box":{"x":523,"y":565,"width":400,"height":11}},{"id":"d0b6e109-44ed-4502-bf54-e4001a87bd65","block_type":"box","text":"guarantee that it will achieve the objectives set out for","page_number":21,"box":{"x":523,"y":579,"width":400,"height":11}},{"id":"3016ad98-6e1f-49fc-b549-b4fa819f63c4","block_type":"box","text":"any Sub-Fund and in any particular period losses may","page_number":21,"box":{"x":523,"y":592,"width":400,"height":12}},{"id":"feecc475-866f-49f2-b36a-9be0a54101a2","block_type":"box","text":"be suffered. It is important for Unitholders to note that","page_number":21,"box":{"x":524,"y":606,"width":399,"height":11}},{"id":"20218e9d-27df-42d3-8908-4a606630bf35","block_type":"box","text":"past performance is not a guide to future performance","page_number":21,"box":{"x":524,"y":620,"width":399,"height":11}},{"id":"b77b7eb2-c370-4e2c-8a76-e33490bfcb13","block_type":"box","text":"or growth.","page_number":21,"box":{"x":523,"y":633,"width":73,"height":12}},{"id":"ff5c8931-856c-4fb3-9c95-e4a0b3cfada4","block_type":"box","text":"Unitholders should always bear in mind that the price","page_number":21,"box":{"x":524,"y":653,"width":399,"height":11}},{"id":"3933b327-e2ad-4233-9b37-93c74928613b","block_type":"box","text":"of Units in any Sub-Fund and the income from them","page_number":21,"box":{"x":523,"y":667,"width":399,"height":11}},{"id":"4064cfc3-cdda-46c8-abc8-d9dd6a6291c5","block_type":"box","text":"can go down as well as up and are not guaranteed.","page_number":21,"box":{"x":523,"y":680,"width":399,"height":11}},{"id":"a2cfebb6-8292-4379-9e47-c8f1d2ccf550","block_type":"box","text":"Unitholders may receive back less than the original","page_number":21,"box":{"x":524,"y":694,"width":398,"height":11}},{"id":"981ab3ff-359c-4f1a-a9e0-4c1933e19bb9","block_type":"box","text":"amount invested. An investment in a Sub-Fund is not","page_number":21,"box":{"x":523,"y":708,"width":400,"height":8}},{"id":"4c1f0273-7c5d-4821-84ec-b10d67cb3fe7","block_type":"box","text":"intended to be a complete investment programme.","page_number":21,"box":{"x":524,"y":721,"width":372,"height":11}},{"id":"0da18d94-9e5b-41a3-9b01-31cb2caa1527","block_type":"box","text":"Where cancellation rights apply to a contract any","page_number":21,"box":{"x":523,"y":741,"width":400,"height":11}},{"id":"fd4d0c11-6e71-40bf-a670-423f71ee6a65","block_type":"box","text":"Unitholder exercising such cancellation rights will not","page_number":21,"box":{"x":524,"y":755,"width":399,"height":11}},{"id":"2f21c4d1-3477-401d-81d1-1ecceaab9be8","block_type":"box","text":"obtain a full refund of the money paid on the making of","page_number":21,"box":{"x":523,"y":768,"width":400,"height":11}},{"id":"750b8956-2b86-4730-b5f9-f05aa96c6131","block_type":"box","text":"the contract if the value of the investment falls before","page_number":21,"box":{"x":523,"y":782,"width":400,"height":9}},{"id":"96d3049c-73f0-41a4-8b96-485a5a100930","block_type":"box","text":"the cancellation notice is received by the ACS","page_number":21,"box":{"x":523,"y":795,"width":399,"height":12}},{"id":"ba5dae29-dfbb-4e67-bf36-9df41049dfed","block_type":"box","text":"Manager as an amount equal to that fall will be","page_number":21,"box":{"x":524,"y":809,"width":399,"height":11}},{"id":"ec735fdc-0471-4d57-b712-e69cd778ae18","block_type":"box","text":"deducted from any refund made to the Unitholder.","page_number":21,"box":{"x":523,"y":823,"width":369,"height":11}},{"id":"d074a632-88c9-4d83-b114-5ee6d3e85491","block_type":"box","text":"An investment in a Sub-Fund is not protected against","page_number":21,"box":{"x":523,"y":842,"width":400,"height":12}},{"id":"717dccd3-0d69-449a-a8c2-69add42eefc9","block_type":"box","text":"the effects of inflation. Inflation will reduce the","page_number":21,"box":{"x":523,"y":856,"width":400,"height":9}},{"id":"b4936b28-707f-4a5d-8f05-d023e1712479","block_type":"box","text":"purchasing power of the money when an investment is","page_number":21,"box":{"x":524,"y":870,"width":399,"height":11}},{"id":"4d761159-6641-4852-8226-98d7b3514108","block_type":"box","text":"redeemed.","page_number":21,"box":{"x":524,"y":884,"width":77,"height":8}},{"id":"cee040ec-ffa6-40a8-adf1-b4707bf53ea1","block_type":"box","text":"(i)","page_number":21,"box":{"x":524,"y":903,"width":12,"height":11}},{"id":"4b37d145-137f-47a2-9363-28d5e2b6c48b","block_type":"box","text":"Accumulation of Fees/Expenses","page_number":21,"box":{"x":571,"y":903,"width":257,"height":11}},{"id":"978a3064-1c34-4103-9641-241d96e57bea","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 22","page_number":22,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"364a6839-ce26-41da-8f31-e853ab45164a","block_type":"box","text":"As the Sub-Funds of the Scheme may invest in","page_number":22,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"683e5ad2-b2a5-40d7-95ad-23705f8927ca","block_type":"box","text":"underlying funds, the Unitholders may incur a","page_number":22,"box":{"x":63,"y":59,"width":399,"height":12}},{"id":"5488ee00-81b0-4126-ac38-496ee054ed65","block_type":"box","text":"duplication of fees (such as management fees,","page_number":22,"box":{"x":62,"y":73,"width":398,"height":11}},{"id":"1a00435f-d41d-41bf-900a-1efd366ecc48","block_type":"box","text":"custody and transaction fees, other administration fees","page_number":22,"box":{"x":62,"y":87,"width":399,"height":11}},{"id":"3b982e0c-a46d-4981-ba22-34ed1b74e9c5","block_type":"box","text":"and audit fees). To the extent these underlying funds","page_number":22,"box":{"x":62,"y":100,"width":399,"height":12}},{"id":"51c63dfa-2924-41fa-9246-b16eda03247e","block_type":"box","text":"are permitted to invest in turn in other funds,","page_number":22,"box":{"x":62,"y":114,"width":399,"height":11}},{"id":"c594157c-8e6a-4360-8885-5731c7c8c101","block_type":"box","text":"Unitholders may incur additional fees.","page_number":22,"box":{"x":63,"y":128,"width":277,"height":11}},{"id":"aabea7e8-db76-4cb7-9b59-1b524885cfed","block_type":"box","text":"(ii)","page_number":22,"box":{"x":63,"y":147,"width":16,"height":11}},{"id":"f2bbb082-efe6-4aa3-a511-eeefeda97a5c","block_type":"box","text":"Charges from Capital","page_number":22,"box":{"x":111,"y":147,"width":169,"height":12}},{"id":"07c29614-7c20-438f-94ea-fedd35cb87e1","block_type":"box","text":"Fees, costs and duties which are charged to each Sub","page_number":22,"box":{"x":63,"y":167,"width":398,"height":11}},{"id":"1973cec5-e550-4985-8ff2-9752459ad0f2","block_type":"box","text":"Fund may be treated as a capital expense. Whilst this","page_number":22,"box":{"x":63,"y":181,"width":398,"height":11}},{"id":"b4661323-a5bb-4560-8ac2-f5b4bf341b8b","block_type":"box","text":"might allow more income to be distributed, it may also","page_number":22,"box":{"x":62,"y":194,"width":399,"height":11}},{"id":"1c455db4-70d8-4d33-a93a-c98ddd948d22","block_type":"box","text":"result in capital erosion or constrain capital growth.","page_number":22,"box":{"x":63,"y":208,"width":397,"height":11}},{"id":"0ab9fb3d-c2c9-4d73-a48c-31583b0ceb6f","block_type":"box","text":"Please note that the ACS Manager does not consider","page_number":22,"box":{"x":63,"y":221,"width":399,"height":12}},{"id":"6c3dc15b-a453-44c8-b298-b09eb918788a","block_type":"box","text":"that Unitholders seeking capital growth will be affected","page_number":22,"box":{"x":62,"y":235,"width":399,"height":11}},{"id":"ac7644f9-532e-4582-b4bf-159a00f81093","block_type":"box","text":"by such a policy, as the income distributed will be","page_number":22,"box":{"x":62,"y":249,"width":399,"height":11}},{"id":"82999f55-edc6-430b-b025-10b36632bcf2","block_type":"box","text":"automatically reinvested on their behalf.","page_number":22,"box":{"x":62,"y":263,"width":294,"height":11}},{"id":"71aded63-4177-48c5-88b4-a515aa104d86","block_type":"box","text":"(iii)","page_number":22,"box":{"x":63,"y":282,"width":19,"height":11}},{"id":"062fb972-839c-4357-b3c0-ad998a64dd41","block_type":"box","text":"Counterparty Risk","page_number":22,"box":{"x":111,"y":282,"width":145,"height":11}},{"id":"3e3af811-4951-4ee0-989c-c557ec08a10e","block_type":"box","text":"See also ‘Credit Risk’. The bankruptcy or default of any","page_number":22,"box":{"x":62,"y":302,"width":400,"height":11}},{"id":"b9d765f4-3cf0-427a-ac27-35520443c3ad","block_type":"box","text":"counterparty could result in losses to any Sub-Fund. In","page_number":22,"box":{"x":62,"y":315,"width":399,"height":11}},{"id":"0c1fba3f-1951-4cc0-886f-b09e2192592c","block_type":"box","text":"addition, a Sub-Fund may bear the risk of loss because","page_number":22,"box":{"x":62,"y":329,"width":399,"height":11}},{"id":"489d1c40-c70b-4548-b795-e4028b2e84ed","block_type":"box","text":"a counterparty does not have the legal capacity to","page_number":22,"box":{"x":62,"y":343,"width":400,"height":11}},{"id":"5722cbaf-35cc-4381-8396-ee7a79fc99dd","block_type":"box","text":"enter into a transaction, or if the transaction becomes","page_number":22,"box":{"x":62,"y":356,"width":399,"height":11}},{"id":"dab47758-2821-4ae6-9324-44d6e5c72876","block_type":"box","text":"unenforceable due to relevant legislation or regulation","page_number":22,"box":{"x":63,"y":370,"width":398,"height":11}},{"id":"a01232ea-7632-4781-a595-77e21ef051f2","block_type":"box","text":"(see ‘Legal and Regulatory Risk’).","page_number":22,"box":{"x":63,"y":384,"width":249,"height":11}},{"id":"69ea7e69-30c2-441e-8e9a-4b0148f3262f","block_type":"box","text":"In the case of any insolvency or failure of any such","page_number":22,"box":{"x":63,"y":403,"width":398,"height":11}},{"id":"5fcd9f83-e50c-4bb1-ab5a-8ad734d73cfb","block_type":"box","text":"party, a Sub-Fund might recover only a pro rata share","page_number":22,"box":{"x":62,"y":417,"width":399,"height":11}},{"id":"cbfbf2ae-5ef0-4c58-8a00-8741199cde50","block_type":"box","text":"of all property available for distribution to all of such","page_number":22,"box":{"x":62,"y":431,"width":399,"height":11}},{"id":"c18b50e8-5f94-473f-8129-1b187a4853c2","block_type":"box","text":"party’s creditors and/or customers. Such an amount","page_number":22,"box":{"x":62,"y":444,"width":400,"height":11}},{"id":"8b75a301-5fdc-412c-b2e9-bc28c86a534b","block_type":"box","text":"may be less than the amounts owed to that Sub-Fund.","page_number":22,"box":{"x":62,"y":458,"width":399,"height":11}},{"id":"15683f2f-15d5-45ea-bfec-ef0642f2c3f0","block_type":"box","text":"Trading in financial derivative instruments which have","page_number":22,"box":{"x":62,"y":477,"width":399,"height":12}},{"id":"a344062e-ff15-4c0d-a46e-df0e2b279bce","block_type":"box","text":"not been collateralised gives rise to direct counterparty","page_number":22,"box":{"x":62,"y":491,"width":400,"height":11}},{"id":"a8357593-560b-4bc6-b3fa-56137ed9f81c","block_type":"box","text":"exposure. A Sub-Fund might mitigate much of this risk","page_number":22,"box":{"x":62,"y":505,"width":400,"height":11}},{"id":"1da73cea-a6e5-485a-a93e-227582c17149","block_type":"box","text":"by receiving collateral with a value at least equal to the","page_number":22,"box":{"x":62,"y":518,"width":399,"height":12}},{"id":"be9fba3b-47b0-4986-8159-8f416e263c3e","block_type":"box","text":"exposure to each counterparty but, to the extent that","page_number":22,"box":{"x":62,"y":532,"width":400,"height":11}},{"id":"bac0cd79-96ae-4077-bb4c-30795bc33e27","block_type":"box","text":"any financial derivative instrument is not fully","page_number":22,"box":{"x":62,"y":546,"width":400,"height":11}},{"id":"2f28d7eb-2481-4b53-8d1d-0c6abcfe28b9","block_type":"box","text":"collateralised or, to the extent the Sub-Fund has","page_number":22,"box":{"x":62,"y":559,"width":399,"height":11}},{"id":"bf97f455-53d4-4585-9cbf-24a356632e5f","block_type":"box","text":"provided collateral to the counterparty under a SFT in","page_number":22,"box":{"x":62,"y":573,"width":399,"height":11}},{"id":"fa0ffa68-58ec-48d4-bc66-04b66628363c","block_type":"box","text":"excess of the termination value of the underlying","page_number":22,"box":{"x":62,"y":587,"width":399,"height":11}},{"id":"e7f6b422-5bb7-4927-a51e-edf8e274cede","block_type":"box","text":"contract, a default by the counterparty may result in a","page_number":22,"box":{"x":62,"y":600,"width":400,"height":11}},{"id":"ae45ac81-5cc8-4f3a-9956-270dc81e6760","block_type":"box","text":"reduction in the value of a Sub-Fund. In the event of","page_number":22,"box":{"x":63,"y":614,"width":399,"height":9}},{"id":"4b7a8f0f-6546-4fa0-abab-9d6531dcf3b2","block_type":"box","text":"the insolvency of the counterparty to a derivative, the","page_number":22,"box":{"x":62,"y":628,"width":399,"height":11}},{"id":"351eb073-23c7-4231-a498-0c6f57ebf460","block_type":"box","text":"Sub-Fund of the Scheme will be treated as a general","page_number":22,"box":{"x":62,"y":641,"width":399,"height":12}},{"id":"80c99b4b-3bab-4550-acaa-b0b5f6bbd745","block_type":"box","text":"creditor of such counterparty and will not have any","page_number":22,"box":{"x":62,"y":655,"width":400,"height":11}},{"id":"f154256f-e433-4e69-a442-2c820c34094e","block_type":"box","text":"claim with respect to the underlying indebtedness.","page_number":22,"box":{"x":62,"y":669,"width":399,"height":11}},{"id":"c6427eb4-d24c-49db-8bb0-03d54e09136f","block_type":"box","text":"Consequently, that Sub-Fund of the Scheme will be","page_number":22,"box":{"x":62,"y":682,"width":399,"height":11}},{"id":"35f80c8d-eeac-47e8-a984-f9e7f463d821","block_type":"box","text":"subject to the credit risk of the counterparty as well as","page_number":22,"box":{"x":62,"y":696,"width":399,"height":11}},{"id":"bd7b2c4b-08ed-42a1-a662-39c643758f1e","block_type":"box","text":"that of the issuer of the indebtedness. As a result,","page_number":22,"box":{"x":62,"y":710,"width":398,"height":10}},{"id":"1c4bd3c5-afea-4f44-bdc6-664a6f881af8","block_type":"box","text":"concentrations of derivatives in any one counterparty","page_number":22,"box":{"x":62,"y":723,"width":400,"height":11}},{"id":"6011541a-ee18-448a-899b-fc0d54c492b1","block_type":"box","text":"may subject a Sub-Fund to an additional degree of risk","page_number":22,"box":{"x":62,"y":737,"width":400,"height":11}},{"id":"18dc763d-e1ae-4322-814c-5c71eeb8a0dd","block_type":"box","text":"with respect to defaults by such counterparty as well","page_number":22,"box":{"x":62,"y":751,"width":399,"height":11}},{"id":"b977c78d-9b4e-45d0-966f-8beee2698777","block_type":"box","text":"as by the issuer of the underlying indebtedness.","page_number":22,"box":{"x":62,"y":764,"width":354,"height":11}},{"id":"f3759008-2da7-4b6a-bf82-b65db845577a","block_type":"box","text":"To mitigate counterparty risk the Scheme will only use","page_number":22,"box":{"x":62,"y":784,"width":399,"height":11}},{"id":"3c5186dd-e159-40f0-aa2c-4e5b647766a2","block_type":"box","text":"preferred counterparties which it believes to be","page_number":22,"box":{"x":62,"y":797,"width":399,"height":11}},{"id":"f28c3314-dfc7-4f7f-82ac-2e183adb2571","block_type":"box","text":"creditworthy and may reduce the exposure incurred in","page_number":22,"box":{"x":62,"y":811,"width":399,"height":11}},{"id":"d4c56dd3-3a84-46b1-b606-a62991a25acf","block_type":"box","text":"connection with such transactions through the use of","page_number":22,"box":{"x":62,"y":825,"width":400,"height":11}},{"id":"d4a12b0b-06a9-4c5a-9a84-ffda8de936a4","block_type":"box","text":"letter of credit or collateral. A formal review of each","page_number":22,"box":{"x":62,"y":838,"width":399,"height":9}},{"id":"0ff86e11-f853-4e65-91c5-dce473cc92e2","block_type":"box","text":"new counterparty is completed and all approved","page_number":22,"box":{"x":62,"y":852,"width":399,"height":11}},{"id":"9315773f-21c1-4943-a5ba-1dc604a13d39","block_type":"box","text":"counterparties regularly assessed. However there can","page_number":22,"box":{"x":62,"y":866,"width":399,"height":11}},{"id":"6f233967-5c00-4a2a-8a16-45ba1a3c93bf","block_type":"box","text":"be no guarantee that a counterparty will not default or","page_number":22,"box":{"x":62,"y":879,"width":400,"height":12}},{"id":"72f0174a-73e4-414a-96cb-b408e3740b65","block_type":"box","text":"that a Sub-Fund of the Scheme will not sustain losses","page_number":22,"box":{"x":62,"y":893,"width":399,"height":9}},{"id":"3914fecc-844c-4357-80b2-bac65c263d25","block_type":"box","text":"as a result.","page_number":22,"box":{"x":62,"y":907,"width":80,"height":8}},{"id":"ae6344d3-7768-4c07-8428-52d3572b783c","block_type":"box","text":"The ACS Manager is free to use one or more separate","page_number":22,"box":{"x":523,"y":46,"width":400,"height":11}},{"id":"186042f1-18d5-452f-ad5b-ddf15f3363b7","block_type":"box","text":"counterparties for derivative investments. Some or all","page_number":22,"box":{"x":523,"y":59,"width":399,"height":11}},{"id":"f7e1c09b-5426-44f2-ae98-5fb1942f010e","block_type":"box","text":"of these counterparties may be associates of the Aviva","page_number":22,"box":{"x":523,"y":73,"width":400,"height":11}},{"id":"c5e43806-b13c-4c50-b699-83e553ffd99c","block_type":"box","text":"Group.","page_number":22,"box":{"x":523,"y":87,"width":49,"height":11}},{"id":"71a88ffb-532d-45b8-8d1a-ee2c0e2f0746","block_type":"box","text":"(iv)","page_number":22,"box":{"x":524,"y":106,"width":21,"height":11}},{"id":"e1cbd083-baba-4d64-bfb1-99bf45d52b89","block_type":"box","text":"Credit Risk","page_number":22,"box":{"x":572,"y":106,"width":89,"height":9}},{"id":"11d7e317-69f3-4eee-897e-a1788e7c6016","block_type":"box","text":"See also ‘Counterparty Risk’. Credit risk is the risk that","page_number":22,"box":{"x":523,"y":126,"width":400,"height":11}},{"id":"0517dcff-3409-42e3-857c-645a55cac8cc","block_type":"box","text":"the counterparty to a financial instrument will fail to","page_number":22,"box":{"x":523,"y":140,"width":400,"height":11}},{"id":"a1a1315f-b147-46fe-86ff-c5e0e7385047","block_type":"box","text":"discharge an obligation. Each Sub-Fund will be","page_number":22,"box":{"x":523,"y":153,"width":400,"height":11}},{"id":"dc7df04b-eb32-4f2a-9a65-7b0146d170b3","block_type":"box","text":"exposed to a credit risk for the parties with whom it","page_number":22,"box":{"x":523,"y":167,"width":400,"height":11}},{"id":"dd202477-0ad5-4a80-b80a-d0e40c82d8f1","block_type":"box","text":"trades. Investing in sovereign debt, any other debt","page_number":22,"box":{"x":523,"y":181,"width":400,"height":11}},{"id":"207ae622-e3be-4161-b791-401cee93344f","block_type":"box","text":"guaranteed by a sovereign government, or corporate","page_number":22,"box":{"x":523,"y":194,"width":400,"height":11}},{"id":"c0f0ba07-ccfe-4787-8f86-778317c11934","block_type":"box","text":"debt entails risks related to the issuer’s ability and","page_number":22,"box":{"x":523,"y":208,"width":399,"height":11}},{"id":"94fac673-e895-476b-93f8-11348aeb1b70","block_type":"box","text":"willingness to repay principal and pay interest. A","page_number":22,"box":{"x":523,"y":222,"width":400,"height":11}},{"id":"7d2f1a9d-8a72-4b12-85a6-fe5206f9a58f","block_type":"box","text":"default by the issuer of the bond may impact the value","page_number":22,"box":{"x":523,"y":235,"width":400,"height":11}},{"id":"2879afe1-e700-4ad1-8ff3-1744087c4da0","block_type":"box","text":"of a Sub-Fund. Short-term cash equivalent","page_number":22,"box":{"x":523,"y":249,"width":400,"height":11}},{"id":"bcd87bc9-251d-48b1-b39e-f452c80bc717","block_type":"box","text":"investments, such as commercial paper, bankers’","page_number":22,"box":{"x":524,"y":263,"width":398,"height":11}},{"id":"5871a8a4-864d-434e-a53f-59d17d558b0c","block_type":"box","text":"acceptances, certificates of deposit, and repurchase","page_number":22,"box":{"x":523,"y":276,"width":400,"height":11}},{"id":"65ed10a8-c908-46b4-be2e-08df9712c6d2","block_type":"box","text":"transactions, are not guaranteed by any government","page_number":22,"box":{"x":523,"y":290,"width":400,"height":11}},{"id":"c6fb98bc-a5a6-48c2-8dc0-4fe9f70637bb","block_type":"box","text":"and are subject to some risk of default.","page_number":22,"box":{"x":523,"y":303,"width":287,"height":12}},{"id":"84df179e-5e3e-47c8-9558-86057b2943c8","block_type":"box","text":"Credit risk may also arise through a default by one or","page_number":22,"box":{"x":523,"y":323,"width":400,"height":11}},{"id":"8fca6064-2d3d-4019-a9cf-c37c42f8ee59","block_type":"box","text":"several large institutions that are dependent on one","page_number":22,"box":{"x":523,"y":337,"width":400,"height":11}},{"id":"93cc442a-2f9d-4cee-8aa9-d2df666751bf","block_type":"box","text":"another to meet their liquidity or operational needs, so","page_number":22,"box":{"x":523,"y":350,"width":400,"height":11}},{"id":"e5973d39-4c23-4b1f-85f9-8a82fd883b43","block_type":"box","text":"that a default by one institution causes a series of","page_number":22,"box":{"x":523,"y":364,"width":400,"height":11}},{"id":"53b6bf9c-8c64-4069-a11f-2956bcd43dd5","block_type":"box","text":"defaults by the other institutions. This is sometimes","page_number":22,"box":{"x":523,"y":378,"width":399,"height":11}},{"id":"bdd0636d-9a23-49b5-9a0a-e85f15804706","block_type":"box","text":"referred to as a \"systemic risk\" and may adversely","page_number":22,"box":{"x":524,"y":391,"width":399,"height":11}},{"id":"7e5cc86c-a9ad-425b-bc5d-2f7c5816b8b2","block_type":"box","text":"affect financial intermediaries, such as clearing","page_number":22,"box":{"x":523,"y":405,"width":399,"height":11}},{"id":"a6eafe89-37fc-4cb7-bb39-d6ee732f7bad","block_type":"box","text":"agencies, clearing houses, banks, securities firms and","page_number":22,"box":{"x":523,"y":419,"width":399,"height":11}},{"id":"772cf749-930f-4fe0-add0-b7c3942156e3","block_type":"box","text":"exchanges, with which the Scheme interacts on a daily","page_number":22,"box":{"x":523,"y":432,"width":400,"height":11}},{"id":"699ee254-3d48-4664-811f-b1252e26004d","block_type":"box","text":"basis.","page_number":22,"box":{"x":524,"y":446,"width":41,"height":9}},{"id":"5c060e13-0371-4b50-aa6b-8b85b588f24a","block_type":"box","text":"(v)","page_number":22,"box":{"x":524,"y":466,"width":17,"height":11}},{"id":"7a5bd70e-2f78-44f2-a09b-53116fd913c0","block_type":"box","text":"Determination of Unit Prices","page_number":22,"box":{"x":583,"y":466,"width":225,"height":8}},{"id":"fd274d32-7891-4e8b-b69b-08e702ddf02b","block_type":"box","text":"Where a Sub-Fund invests all or a proportion of its","page_number":22,"box":{"x":523,"y":485,"width":400,"height":11}},{"id":"1b41ccaa-2236-4b56-ba28-2eacf5822f75","block_type":"box","text":"assets in underlying funds, an equivalent proportion of","page_number":22,"box":{"x":523,"y":499,"width":400,"height":11}},{"id":"dd2e352f-d449-4a57-bd4a-14d3f9d444da","block_type":"box","text":"the value of the Sub-Fund and hence the issue and","page_number":22,"box":{"x":523,"y":512,"width":399,"height":9}},{"id":"c78522ab-6bf9-4ad2-9b9f-8c0216348fab","block_type":"box","text":"redemption price of the Units, will be based on the","page_number":22,"box":{"x":524,"y":526,"width":399,"height":11}},{"id":"9d22d4b2-850f-412a-a639-4cc4fce701bf","block_type":"box","text":"latest prices that are available for the investments held","page_number":22,"box":{"x":524,"y":540,"width":398,"height":11}},{"id":"7a5686cb-4eba-4c5e-ad2b-12ed3655c6bd","block_type":"box","text":"by the underlying funds. These latest prices may be","page_number":22,"box":{"x":524,"y":553,"width":399,"height":12}},{"id":"d21d4ccb-591c-4839-b8a6-81c6d7df0df5","block_type":"box","text":"estimated prices due to either the frequency or the","page_number":22,"box":{"x":523,"y":567,"width":400,"height":11}},{"id":"2b2fe4ba-26c0-4223-88be-1b6e3da65bd9","block_type":"box","text":"timing of dealing in the investment vehicles in which","page_number":22,"box":{"x":523,"y":581,"width":399,"height":11}},{"id":"6f53d483-110e-46d6-8f25-2660b82948b1","block_type":"box","text":"the underlying funds are invested or the time that is","page_number":22,"box":{"x":523,"y":594,"width":400,"height":12}},{"id":"8de17306-092c-4449-8489-15ae85404f4f","block_type":"box","text":"required by the administrators of such investment","page_number":22,"box":{"x":524,"y":608,"width":399,"height":11}},{"id":"5ec47a77-a6a2-4576-8fc2-d72bbb71116a","block_type":"box","text":"vehicles to calculate final prices. Consequently, the","page_number":22,"box":{"x":523,"y":622,"width":400,"height":11}},{"id":"bb889c9b-694a-4a86-8a95-0640a74fb973","block_type":"box","text":"value of the Sub-Fund and hence the issue and","page_number":22,"box":{"x":523,"y":635,"width":399,"height":9}},{"id":"0a0e81b0-6d47-4a15-9e11-da429309ca5d","block_type":"box","text":"redemption prices of the Units, may not accurately","page_number":22,"box":{"x":524,"y":649,"width":399,"height":11}},{"id":"31af69ee-05d7-453e-b171-8624abce64be","block_type":"box","text":"reflect the value that would have been received by the","page_number":22,"box":{"x":524,"y":663,"width":399,"height":11}},{"id":"33b5a387-b785-4c03-a2be-081c3a1beaeb","block_type":"box","text":"Sub-Fund had that holding been realised on that day.","page_number":22,"box":{"x":523,"y":676,"width":394,"height":12}},{"id":"8be579f9-a522-4cc1-97f7-0856ddaf1f90","block_type":"box","text":"The underlying funds may invest in investment","page_number":22,"box":{"x":523,"y":696,"width":400,"height":11}},{"id":"de813eae-8fe2-4256-b542-30cfe037020b","block_type":"box","text":"vehicles which do not permit holdings to be redeemed","page_number":22,"box":{"x":523,"y":710,"width":400,"height":11}},{"id":"f37de0ab-4c1f-4a03-a65b-84a1394ed51e","block_type":"box","text":"on either as frequent a basis as that applying to the","page_number":22,"box":{"x":523,"y":723,"width":400,"height":11}},{"id":"4f745233-805a-4c55-a3a8-89f75256a142","block_type":"box","text":"Sub-Funds or on the same day as the Sub-Funds. In","page_number":22,"box":{"x":523,"y":737,"width":399,"height":11}},{"id":"dae6def8-1a42-498f-8cc3-faa5c1ec8208","block_type":"box","text":"the absence of published current redemption prices or","page_number":22,"box":{"x":523,"y":751,"width":400,"height":11}},{"id":"bd03aba1-9452-4e4f-86f5-e5d93418c51d","block_type":"box","text":"net asset values the ACS Manager may have to","page_number":22,"box":{"x":524,"y":764,"width":399,"height":11}},{"id":"fa484401-106c-4cde-bc14-8772af1b38ab","block_type":"box","text":"determine valuations in respect of such investments.","page_number":22,"box":{"x":523,"y":778,"width":399,"height":11}},{"id":"4447a039-5cd6-4129-aefd-963d564ffbaa","block_type":"box","text":"Adequate information may not always be available to","page_number":22,"box":{"x":523,"y":792,"width":400,"height":11}},{"id":"40309e09-c242-4446-a3c0-862ef4eee766","block_type":"box","text":"the ACS Manager or the Investment Managers from","page_number":22,"box":{"x":523,"y":805,"width":399,"height":11}},{"id":"27755263-e010-4c99-9cea-ef5bf139a05b","block_type":"box","text":"underlying funds or other sources for that purpose and","page_number":22,"box":{"x":524,"y":819,"width":398,"height":11}},{"id":"27f56088-77a8-4ca7-8ab9-95a42db756c5","block_type":"box","text":"consequently such valuations may not accurately","page_number":22,"box":{"x":523,"y":833,"width":400,"height":11}},{"id":"c0d1fdd7-79f2-4d09-82a0-692561acfb19","block_type":"box","text":"reflect the realisable value of the Sub-Funds’ holdings","page_number":22,"box":{"x":524,"y":846,"width":399,"height":11}},{"id":"31d7fa8b-bb06-47d4-9f08-db2de8224ba8","block_type":"box","text":"on the next dealing day of the underlying fund","page_number":22,"box":{"x":523,"y":860,"width":399,"height":11}},{"id":"8257df50-49cf-478e-a96e-6ef6d2f2cffc","block_type":"box","text":"concerned or the value that would have been received","page_number":22,"box":{"x":523,"y":874,"width":399,"height":8}},{"id":"03ac211f-bd91-45f9-8704-e6d799439a78","block_type":"box","text":"by the Sub-Funds had those holdings been realised on","page_number":22,"box":{"x":524,"y":887,"width":398,"height":11}},{"id":"628c9ebf-5984-4d27-a120-5215170c6750","block_type":"box","text":"that day.","page_number":22,"box":{"x":523,"y":901,"width":63,"height":11}},{"id":"1b8832d3-a16a-45cd-9b8a-7a57732a205c","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 23","page_number":23,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"5893e23a-416b-4efb-93b4-53248692f339","block_type":"box","text":"(vi)","page_number":23,"box":{"x":63,"y":46,"width":21,"height":11}},{"id":"d0f5aeab-5ef3-42c5-93f4-61905e149796","block_type":"box","text":"Fund Liability Risk","page_number":23,"box":{"x":110,"y":46,"width":150,"height":11}},{"id":"e5a8cacc-abec-4b93-ab4f-d1ebbbd53286","block_type":"box","text":"The Scheme is structured as an umbrella co","page_number":23,"box":{"x":62,"y":65,"width":399,"height":9}},{"id":"1ce17c45-fe38-4063-b6d4-2993f674f3ad","block_type":"box","text":"ownership Scheme with segregated liability between","page_number":23,"box":{"x":62,"y":79,"width":399,"height":11}},{"id":"b7d17deb-defa-4e73-9a35-2aa7f4552029","block_type":"box","text":"its Sub-Funds. The assets of one Sub-Fund will not be","page_number":23,"box":{"x":62,"y":93,"width":399,"height":8}},{"id":"c45649c0-7114-4c68-a3a2-0ac8d68beed9","block_type":"box","text":"available to meet the liabilities of another. However,","page_number":23,"box":{"x":62,"y":106,"width":398,"height":11}},{"id":"90265544-0996-45ca-931c-9fe28c556118","block_type":"box","text":"the Scheme (through the ACS Manager) may operate","page_number":23,"box":{"x":62,"y":120,"width":399,"height":11}},{"id":"7507e321-2a8b-4532-9dd8-e6b3d1582097","block_type":"box","text":"or have assets held on its behalf or be subject to claims","page_number":23,"box":{"x":62,"y":134,"width":399,"height":11}},{"id":"a938a680-1d24-4ce2-802a-472fd2a0b3c3","block_type":"box","text":"in the UK, or in other jurisdictions, whose courts may","page_number":23,"box":{"x":62,"y":147,"width":400,"height":11}},{"id":"5a9edfd5-35ea-4b2c-8363-81c8bb7b1618","block_type":"box","text":"not necessarily recognise such segregation of liability.","page_number":23,"box":{"x":62,"y":161,"width":398,"height":11}},{"id":"66c4d218-506b-4baf-85c4-176837dccb71","block_type":"box","text":"Therefore, it is not possible to be certain that the","page_number":23,"box":{"x":62,"y":181,"width":399,"height":11}},{"id":"981f81fd-8644-4c5c-8fb1-beb19c7d56a7","block_type":"box","text":"assets of a Sub-Fund will always be completely","page_number":23,"box":{"x":62,"y":194,"width":400,"height":11}},{"id":"0a94730d-a0d2-4e98-bd82-6d238a9ea929","block_type":"box","text":"isolated from the liabilities of another Sub-Fund of the","page_number":23,"box":{"x":62,"y":208,"width":399,"height":9}},{"id":"63bbf765-3d6f-4820-a432-2f64a77bebc8","block_type":"box","text":"Scheme in every circumstance.","page_number":23,"box":{"x":62,"y":221,"width":231,"height":12}},{"id":"b50a2c27-8540-46de-ad86-6451ac842df5","block_type":"box","text":"(vii)","page_number":23,"box":{"x":63,"y":241,"width":24,"height":11}},{"id":"f9d53a4c-b856-43f2-8ebe-190a088dd7c5","block_type":"box","text":"Currency Risk and Interest Rate Risk","page_number":23,"box":{"x":111,"y":241,"width":295,"height":11}},{"id":"1706e6cf-3b3f-4072-b304-6bc7cb29a235","block_type":"box","text":"The net asset value per Unit of a Sub-Fund will be","page_number":23,"box":{"x":62,"y":261,"width":400,"height":11}},{"id":"63e13b3e-ca03-4fbc-b570-6c854fbdbabe","block_type":"box","text":"computed in the Base Currency of the relevant Sub","page_number":23,"box":{"x":62,"y":274,"width":399,"height":11}},{"id":"ce53f1c1-7c48-43bf-8160-72b27b9eec4f","block_type":"box","text":"Fund whereas the investments held for the account of","page_number":23,"box":{"x":63,"y":288,"width":399,"height":9}},{"id":"0fe046eb-23bc-417c-9fb6-979be088b071","block_type":"box","text":"that Sub-Fund may be acquired in other currencies.","page_number":23,"box":{"x":62,"y":302,"width":399,"height":11}},{"id":"c62400f0-067d-47e4-a33f-bd942fc54b1a","block_type":"box","text":"The value in terms of the Base Currency of a Sub","page_number":23,"box":{"x":62,"y":315,"width":399,"height":11}},{"id":"a725614a-e331-4364-8fdd-ebf3d6314116","block_type":"box","text":"Fund, where designated in a currency different to that","page_number":23,"box":{"x":63,"y":329,"width":399,"height":11}},{"id":"0bc0b7ae-a831-4c80-a64e-45002922d921","block_type":"box","text":"of the currencies of the underlying investments, may","page_number":23,"box":{"x":62,"y":343,"width":400,"height":11}},{"id":"8ff6deb7-e160-4af3-86e6-dc03feccc6d5","block_type":"box","text":"rise and fall due to currency exchange rate fluctuations","page_number":23,"box":{"x":63,"y":356,"width":398,"height":12}},{"id":"c9eed098-aa8a-4548-b4cb-63396a8efc10","block_type":"box","text":"of individual currencies, such that the net asset value","page_number":23,"box":{"x":62,"y":370,"width":399,"height":10}},{"id":"33ce604c-c8ee-4f29-992e-e8a6d080a513","block_type":"box","text":"of a Sub-Fund will change in response to such","page_number":23,"box":{"x":62,"y":384,"width":399,"height":11}},{"id":"981c3241-f2a5-416d-acf4-1f2263394dc8","block_type":"box","text":"fluctuations. Adverse movements in currency","page_number":23,"box":{"x":62,"y":397,"width":400,"height":11}},{"id":"1b507c5f-3407-4dd2-9b4c-0924687c1504","block_type":"box","text":"exchange rates can result in a decrease in return and","page_number":23,"box":{"x":62,"y":411,"width":399,"height":11}},{"id":"698e3e5e-2fd8-429b-b515-c53afd9651f1","block_type":"box","text":"a loss of capital separately from gains or losses","page_number":23,"box":{"x":62,"y":425,"width":399,"height":11}},{"id":"88c3bc44-45ae-4f36-8f60-9306625f2411","block_type":"box","text":"otherwise made by such investments. The","page_number":23,"box":{"x":62,"y":438,"width":399,"height":11}},{"id":"e7c19c7a-4056-4ed9-99f3-8150f9fc74ed","block_type":"box","text":"performance of investments in securities denominated","page_number":23,"box":{"x":62,"y":452,"width":399,"height":11}},{"id":"5b1f22ef-a91b-4e14-9b05-3dae8f5b9ddc","block_type":"box","text":"in a specific currency will also depend on the interest","page_number":23,"box":{"x":62,"y":466,"width":400,"height":11}},{"id":"e51e0f26-2f6a-4bd8-af30-1f2dfb8067fe","block_type":"box","text":"rate environment in the country issuing the security.","page_number":23,"box":{"x":63,"y":479,"width":381,"height":11}},{"id":"19f6f503-69dd-44f2-8d0e-00dce2e47126","block_type":"box","text":"Except to the extent that values are independently","page_number":23,"box":{"x":63,"y":499,"width":399,"height":11}},{"id":"6e242bad-9968-4941-a5bd-a8c0b6c6bc03","block_type":"box","text":"affected by currency exchange rate fluctuations, when","page_number":23,"box":{"x":62,"y":513,"width":399,"height":11}},{"id":"c9567b4c-a999-463b-b24a-e7b92e048669","block_type":"box","text":"interest rates decline, the value of fixed income","page_number":23,"box":{"x":62,"y":526,"width":399,"height":10}},{"id":"0de7fc73-bd76-4e29-9192-88fd9de737eb","block_type":"box","text":"securities generally can be expected to rise.","page_number":23,"box":{"x":62,"y":540,"width":398,"height":11}},{"id":"fd7db7b5-7754-41cf-b4a1-4ed13b835be0","block_type":"box","text":"Conversely, when interest rates rise, the value of fixed","page_number":23,"box":{"x":62,"y":553,"width":399,"height":12}},{"id":"28e814f5-eafd-45ca-8285-ced0a5c954de","block_type":"box","text":"income securities generally can be expected to","page_number":23,"box":{"x":62,"y":567,"width":399,"height":11}},{"id":"bfb59933-d897-4938-b39f-e1c809cb6a94","block_type":"box","text":"decline.","page_number":23,"box":{"x":62,"y":581,"width":56,"height":9}},{"id":"dd2289ca-3931-417c-a335-a9a82f2109f9","block_type":"box","text":"(viii)","page_number":23,"box":{"x":63,"y":600,"width":28,"height":11}},{"id":"13428a85-ef5b-424b-8d82-cead36672259","block_type":"box","text":"Leverage","page_number":23,"box":{"x":110,"y":600,"width":73,"height":11}},{"id":"f2dea70e-676d-46a6-afe7-dcf7e8f8c0ff","block_type":"box","text":"A Sub-Fund may be able to use leverage, including","page_number":23,"box":{"x":62,"y":620,"width":399,"height":11}},{"id":"3f4ffcf9-1aa4-4c65-815f-ca134f714976","block_type":"box","text":"through use of derivative instruments, in accordance","page_number":23,"box":{"x":62,"y":634,"width":399,"height":11}},{"id":"f6c91188-5ffa-476b-bb06-773e836d64f1","block_type":"box","text":"with its investment objective and strategy as set out in","page_number":23,"box":{"x":62,"y":647,"width":399,"height":11}},{"id":"a0be8eed-b537-44f6-94c0-84faaa4511b1","block_type":"box","text":"Appendix 1 and subject to the investment restrictions","page_number":23,"box":{"x":62,"y":661,"width":399,"height":11}},{"id":"7c0be599-6931-4d67-adea-b7285470de42","block_type":"box","text":"set out in Appendix 6.","page_number":23,"box":{"x":62,"y":675,"width":159,"height":11}},{"id":"59cb8e8b-6a34-4bcd-b1b8-23695ec4e1c9","block_type":"box","text":"Leverage will generally be generated by using","page_number":23,"box":{"x":63,"y":694,"width":398,"height":11}},{"id":"5834141b-4d60-4b48-b201-d43dd0c886eb","block_type":"box","text":"derivatives that are inherently leveraged due to the","page_number":23,"box":{"x":62,"y":708,"width":399,"height":11}},{"id":"bcf191b3-6298-491d-a8e7-789b10565eed","block_type":"box","text":"relatively small amount of deposit required to open a","page_number":23,"box":{"x":63,"y":721,"width":399,"height":12}},{"id":"318d61d6-e35f-4728-8419-d0f11639915f","block_type":"box","text":"position, including among others, forward contracts,","page_number":23,"box":{"x":62,"y":735,"width":398,"height":11}},{"id":"a38b5888-5198-4d53-bc21-14a8daa77ecb","block_type":"box","text":"futures contracts, options and swaps. A relatively small","page_number":23,"box":{"x":62,"y":749,"width":399,"height":11}},{"id":"5d639732-ebe1-48a2-9d75-3225bc3202e5","block_type":"box","text":"market movement may therefore have a potentially","page_number":23,"box":{"x":62,"y":762,"width":400,"height":12}},{"id":"85d32ad9-e639-4042-8ef2-db3b42ae4c7c","block_type":"box","text":"larger impact on derivatives than on standard bonds or","page_number":23,"box":{"x":62,"y":776,"width":400,"height":11}},{"id":"7d0462fc-3761-4534-9566-4a87ee4bd1e9","block_type":"box","text":"equities, with the result that leveraged derivative","page_number":23,"box":{"x":62,"y":790,"width":399,"height":11}},{"id":"76a6b644-4d56-4e46-b483-106c2fe1bd5d","block_type":"box","text":"positions may increase Sub-Fund volatility.","page_number":23,"box":{"x":62,"y":803,"width":316,"height":12}},{"id":"07574692-47d6-4119-826b-d770e57a87d0","block_type":"box","text":"The Sub-Funds may have higher levels of leverage in","page_number":23,"box":{"x":62,"y":823,"width":399,"height":11}},{"id":"e0bff627-83b4-43ea-8ae8-3969a57213d5","block_type":"box","text":"atypical or volatile market conditions, for example","page_number":23,"box":{"x":62,"y":837,"width":399,"height":11}},{"id":"179604b2-be8a-4872-bd4c-9b78703b9dbc","block_type":"box","text":"when there are sudden movements in investment","page_number":23,"box":{"x":62,"y":850,"width":400,"height":9}},{"id":"44418a25-5566-4cdd-9733-22605e6dcd78","block_type":"box","text":"prices due to difficult economic conditions in a sector","page_number":23,"box":{"x":62,"y":864,"width":400,"height":11}},{"id":"77d32f62-d4bc-4a84-96dd-6fb77372037d","block_type":"box","text":"or region. In such circumstances, the ACS Manager or","page_number":23,"box":{"x":62,"y":878,"width":400,"height":11}},{"id":"957ebc2d-880d-4a80-83d0-91a9a41fd266","block_type":"box","text":"its delegate may increase its use of derivatives in a","page_number":23,"box":{"x":62,"y":891,"width":400,"height":12}},{"id":"fac191bc-68c0-4aad-8537-a8f70308702b","block_type":"box","text":"Sub-Fund in order to reduce the market risk to which","page_number":23,"box":{"x":62,"y":905,"width":399,"height":9}},{"id":"8d4b587b-d72c-45f9-9c95-6ca21f38a0c9","block_type":"box","text":"that Sub-Fund is exposed, this, in turn, would have the","page_number":23,"box":{"x":523,"y":46,"width":400,"height":11}},{"id":"d021d372-4fc1-41e3-b756-e4bfd6d1bb73","block_type":"box","text":"effect of increasing its levels of leverage.","page_number":23,"box":{"x":523,"y":59,"width":301,"height":12}},{"id":"78cbeeaf-945e-4181-b3d1-e3081b333ade","block_type":"box","text":"Leverage may also take the form of trading on margin,","page_number":23,"box":{"x":524,"y":79,"width":398,"height":11}},{"id":"2ad7c260-23d4-402f-a5a9-61a58d7c1602","block_type":"box","text":"which will result in interest charges and, depending on","page_number":23,"box":{"x":523,"y":93,"width":399,"height":11}},{"id":"43ab3278-7934-434c-acf1-1b3530de2b94","block_type":"box","text":"the amount of trading activity, such charges could be","page_number":23,"box":{"x":523,"y":106,"width":400,"height":12}},{"id":"0ed8a844-dd9b-42b7-824a-32671efcb2ee","block_type":"box","text":"substantial. The level of interest rates generally, and","page_number":23,"box":{"x":523,"y":120,"width":400,"height":11}},{"id":"ecfe4968-d9e8-41a0-8541-5fe1e361c461","block_type":"box","text":"the rates at which a Sub-Fund can borrow in particular,","page_number":23,"box":{"x":523,"y":134,"width":399,"height":11}},{"id":"16c05055-30b0-422b-aa47-845b4c41a411","block_type":"box","text":"will affect the operating results of that Sub-Fund.","page_number":23,"box":{"x":523,"y":147,"width":358,"height":12}},{"id":"868a6d11-e92f-43d9-bbb3-68f74ae88125","block_type":"box","text":"In general, the anticipated use of short-term margin","page_number":23,"box":{"x":524,"y":167,"width":398,"height":11}},{"id":"57728e89-c09c-4c9b-9e32-2c280334bcc6","block_type":"box","text":"borrowings may result in certain additional risks to the","page_number":23,"box":{"x":524,"y":181,"width":399,"height":11}},{"id":"b2482343-9db2-4554-8390-c3d0c48900f2","block_type":"box","text":"Sub-Funds. For example, should the securities","page_number":23,"box":{"x":523,"y":194,"width":400,"height":11}},{"id":"db759f58-7ed7-44e2-bec7-38147d0014a8","block_type":"box","text":"pledged to brokers to secure a Sub-Fund's margin","page_number":23,"box":{"x":524,"y":208,"width":398,"height":11}},{"id":"e11ac9b8-42c0-40ca-8ceb-40c5763507e6","block_type":"box","text":"accounts decline in value, a Sub-Fund could be","page_number":23,"box":{"x":523,"y":221,"width":400,"height":11}},{"id":"8a5d3693-d7d3-4060-aad7-fd070a7c62ab","block_type":"box","text":"subject to a “margin call”, pursuant to which a Sub","page_number":23,"box":{"x":523,"y":235,"width":399,"height":11}},{"id":"49beb77a-e6c5-44b6-9275-86af15915be3","block_type":"box","text":"Fund must either deposit additional funds or securities","page_number":23,"box":{"x":524,"y":249,"width":399,"height":11}},{"id":"7ac8bcc5-77b2-4f01-83d4-16736bb9ccac","block_type":"box","text":"with the broker, or suffer mandatory liquidation of the","page_number":23,"box":{"x":523,"y":263,"width":400,"height":11}},{"id":"0ea0d990-5331-49fc-8344-602f303cf003","block_type":"box","text":"pledged securities to compensate for the decline in","page_number":23,"box":{"x":524,"y":276,"width":398,"height":11}},{"id":"0a11bd55-4f62-47ab-932c-b7e360dcc886","block_type":"box","text":"value. In the event of a sudden drop in the value of a","page_number":23,"box":{"x":523,"y":290,"width":400,"height":11}},{"id":"8c3a75cd-aeca-4ca0-9b1b-665b3e51cc7a","block_type":"box","text":"Sub-Fund's assets, a Sub-Fund might not be able to","page_number":23,"box":{"x":523,"y":303,"width":400,"height":12}},{"id":"d176bbe9-adf7-4461-b440-63046cb37fb0","block_type":"box","text":"liquidate assets quickly enough to pay off its margin","page_number":23,"box":{"x":524,"y":317,"width":398,"height":11}},{"id":"f0c587ba-86e7-4407-81dd-5b9784b0ab70","block_type":"box","text":"debt. Whether any margin deposit will be required for","page_number":23,"box":{"x":523,"y":331,"width":400,"height":11}},{"id":"01afb4d4-7027-4ae4-b5c9-39dd6e1ced13","block_type":"box","text":"OTC options and other OTC instruments, such as","page_number":23,"box":{"x":523,"y":344,"width":400,"height":12}},{"id":"a9e38d24-e7e7-4d2f-970c-c3c9bf258064","block_type":"box","text":"currency forwards, swaps and certain other derivative","page_number":23,"box":{"x":523,"y":358,"width":400,"height":11}},{"id":"1bb7ad9a-5fa2-4a67-b056-10d9816d039d","block_type":"box","text":"instruments, will depend on the credit determinations","page_number":23,"box":{"x":524,"y":372,"width":399,"height":11}},{"id":"45fa4536-36dd-4086-b7bc-1a85befc5426","block_type":"box","text":"and specific agreements of the parties to the","page_number":23,"box":{"x":523,"y":385,"width":400,"height":12}},{"id":"207fb09d-dff7-4595-9fc6-471c0400cca9","block_type":"box","text":"transaction, which are individually negotiated. Low","page_number":23,"box":{"x":523,"y":399,"width":400,"height":11}},{"id":"66dc6cd2-70b1-4384-85a3-1113331eb4c2","block_type":"box","text":"margin deposits are indicative of the fact that any","page_number":23,"box":{"x":524,"y":413,"width":399,"height":11}},{"id":"3ba965ec-7bb6-407d-b19e-24a1f8bcca64","block_type":"box","text":"trading in certain derivatives markets is typically","page_number":23,"box":{"x":523,"y":427,"width":400,"height":11}},{"id":"d2c34fc2-e0cf-4d82-b161-38e956cee2bd","block_type":"box","text":"accompanied by a high degree of leverage. Low","page_number":23,"box":{"x":523,"y":440,"width":400,"height":11}},{"id":"fdd9524c-62b4-4b4f-9647-b8ea948a607c","block_type":"box","text":"margin deposits mean that a relatively small adverse","page_number":23,"box":{"x":524,"y":454,"width":399,"height":11}},{"id":"5093ddc6-a6e0-4682-826c-ca66bd4b2986","block_type":"box","text":"price movement in a contract may result in immediate","page_number":23,"box":{"x":524,"y":467,"width":399,"height":11}},{"id":"4a5049aa-eba7-4170-8eda-51a246cd7440","block_type":"box","text":"and substantial losses to the Unitholder. For example,","page_number":23,"box":{"x":523,"y":481,"width":399,"height":11}},{"id":"39a7c60b-8fdb-43dd-b142-b60ffd347020","block_type":"box","text":"if at the time of purchase 10% of the price of a futures","page_number":23,"box":{"x":524,"y":495,"width":398,"height":11}},{"id":"1e6e5eef-725c-42ca-bcfe-7359ad3d786a","block_type":"box","text":"contract is deposited as margin, a 10% decrease in the","page_number":23,"box":{"x":523,"y":508,"width":400,"height":11}},{"id":"23b7140f-bbd8-4800-9693-0b46e1524f00","block_type":"box","text":"price of the futures contract would, if the contract is","page_number":23,"box":{"x":524,"y":522,"width":399,"height":11}},{"id":"904b383b-cff0-4fd5-8995-b56ebbb0aef0","block_type":"box","text":"then closed out, result in a total loss of the value of","page_number":23,"box":{"x":523,"y":536,"width":400,"height":10}},{"id":"f24b3aa6-8e1b-46a7-a9d6-bea8003bb80a","block_type":"box","text":"margin deposit before any deduction for the brokerage","page_number":23,"box":{"x":524,"y":549,"width":399,"height":11}},{"id":"1d3b771e-7132-417d-9a47-7b444bb827a2","block_type":"box","text":"commission. Thus, like other leveraged investments,","page_number":23,"box":{"x":523,"y":563,"width":399,"height":11}},{"id":"4450af98-883e-4c72-a7f4-03c68f323cb8","block_type":"box","text":"any purchase or sale of a futures contract, forward or","page_number":23,"box":{"x":523,"y":577,"width":400,"height":11}},{"id":"39ad56ad-6598-4258-acc9-11709a249ab3","block_type":"box","text":"other derivatives may result in losses in excess of the","page_number":23,"box":{"x":523,"y":590,"width":400,"height":11}},{"id":"b8f403ed-5fbf-464b-a86f-ef986fa437fc","block_type":"box","text":"amount invested.","page_number":23,"box":{"x":523,"y":604,"width":126,"height":9}},{"id":"22c1246e-a15b-47d6-a845-7741883c44fa","block_type":"box","text":"Any investment income and gains earned on","page_number":23,"box":{"x":523,"y":624,"width":399,"height":11}},{"id":"b6be4f43-e612-4d66-9303-310df9f675c1","block_type":"box","text":"investments made through the use of leverage that are","page_number":23,"box":{"x":524,"y":637,"width":399,"height":11}},{"id":"fa5ddbaa-7b1c-4729-afaa-2c1920ab7154","block_type":"box","text":"in excess of the interest costs associated therewith","page_number":23,"box":{"x":524,"y":651,"width":398,"height":9}},{"id":"6f0e1d36-e791-404e-84b9-fe2031ba8e63","block_type":"box","text":"may cause the net asset value of the Units in a Sub","page_number":23,"box":{"x":524,"y":664,"width":398,"height":12}},{"id":"b20c1d54-9dc2-454d-a714-30c924d12804","block_type":"box","text":"Fund to increase more rapidly than would otherwise be","page_number":23,"box":{"x":524,"y":678,"width":399,"height":11}},{"id":"0bc60f71-cdb6-4c42-a4c8-5b6b6d1ac32f","block_type":"box","text":"the case. Conversely, where the associated interest","page_number":23,"box":{"x":523,"y":692,"width":400,"height":11}},{"id":"bfc46eda-88e2-4a76-ad59-20578b4d8051","block_type":"box","text":"costs are greater than such income and gains, the net","page_number":23,"box":{"x":523,"y":706,"width":400,"height":11}},{"id":"0949f1e5-5fa4-4acb-b264-288413dc4b1e","block_type":"box","text":"asset value of the Units in a Sub-Fund may decrease","page_number":23,"box":{"x":523,"y":719,"width":400,"height":11}},{"id":"ca1720e7-5bd4-4e2e-b4db-f0b1c232b1ff","block_type":"box","text":"more rapidly than would otherwise be the case. Any","page_number":23,"box":{"x":524,"y":733,"width":399,"height":11}},{"id":"abb85507-98ac-4db3-bf87-613f9c113bd6","block_type":"box","text":"event which adversely affects the value of an","page_number":23,"box":{"x":523,"y":746,"width":399,"height":12}},{"id":"74f33a90-a9f5-4045-b03c-a335f55ce976","block_type":"box","text":"investment made by a Sub-Fund would be magnified","page_number":23,"box":{"x":524,"y":760,"width":398,"height":11}},{"id":"121bcae7-9d69-4d35-907a-2f61a51194ac","block_type":"box","text":"to the extent that Sub-Fund is leveraged.","page_number":23,"box":{"x":523,"y":774,"width":302,"height":11}},{"id":"b063d2b5-308a-4f90-a579-02f2a2df8770","block_type":"box","text":"(ix)","page_number":23,"box":{"x":524,"y":793,"width":21,"height":11}},{"id":"4a6de77c-c654-48b3-af4c-66977fe13bd5","block_type":"box","text":"Liquidity Risk","page_number":23,"box":{"x":583,"y":793,"width":111,"height":11}},{"id":"e7aa65ea-3213-41ab-8db9-a20809dd2f4b","block_type":"box","text":"Liquidity risk exists when the sale of assets or exit of","page_number":23,"box":{"x":524,"y":813,"width":399,"height":11}},{"id":"eb364582-dbdf-45a7-b27d-e3a71ae03f19","block_type":"box","text":"trading positions is impaired by such factors as","page_number":23,"box":{"x":523,"y":827,"width":400,"height":11}},{"id":"31ebc2f0-df10-4abc-9b6b-86c445b65c00","block_type":"box","text":"decreased trading volume, increased price volatility,","page_number":23,"box":{"x":523,"y":840,"width":399,"height":11}},{"id":"7d081979-73eb-46d8-9029-6e2b8831c53c","block_type":"box","text":"industry and government regulations, and overall","page_number":23,"box":{"x":524,"y":854,"width":398,"height":11}},{"id":"1d0b4e07-5f7b-43f8-90b3-fa3ac576b270","block_type":"box","text":"position size and complexity. It may be impossible or","page_number":23,"box":{"x":524,"y":868,"width":399,"height":11}},{"id":"018d6e88-2b60-4ec4-ad28-837767c17cd3","block_type":"box","text":"costly for a Sub-Fund to liquidate positions rapidly","page_number":23,"box":{"x":523,"y":881,"width":400,"height":11}},{"id":"d7064208-b0da-4652-bbcc-300d1075da16","block_type":"box","text":"particularly if there are other market participants","page_number":23,"box":{"x":524,"y":895,"width":399,"height":11}},{"id":"f9147fb1-82d8-485d-b206-9d29a801b914","block_type":"box","text":"seeking to dispose of similar assets at the same time","page_number":23,"box":{"x":523,"y":909,"width":400,"height":11}},{"id":"da75095a-5f53-4ce0-bd99-0c283991569a","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 24","page_number":24,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"255746a0-408a-446e-82eb-968dc6117cc1","block_type":"box","text":"or the relevant market is otherwise moving against a","page_number":24,"box":{"x":62,"y":46,"width":400,"height":11}},{"id":"eecf4af2-3194-48cc-bd5d-7a0af60e72ae","block_type":"box","text":"position or in the event of trading halts or daily price","page_number":24,"box":{"x":62,"y":59,"width":399,"height":12}},{"id":"07a9f16a-6184-4a2e-b0e1-5722c81543bd","block_type":"box","text":"movement limits on the market or otherwise.","page_number":24,"box":{"x":62,"y":73,"width":399,"height":9}},{"id":"6d9c229f-c257-4f1e-bab7-0ae8f110a07a","block_type":"box","text":"Derivative transactions that are particularly large or","page_number":24,"box":{"x":63,"y":87,"width":399,"height":11}},{"id":"b5e6f3eb-046a-4404-bd0e-700e43d06ae9","block_type":"box","text":"traded off market (i.e. over the counter) and bonds","page_number":24,"box":{"x":62,"y":100,"width":399,"height":11}},{"id":"ab7c6f16-b8f9-41a8-8b4e-af0e8e41956a","block_type":"box","text":"traded in the secondary market or collateral or","page_number":24,"box":{"x":62,"y":114,"width":400,"height":11}},{"id":"ca136180-bc9d-4550-9c2b-1c022d802e1d","block_type":"box","text":"securities which has been received by a Sub-Fund","page_number":24,"box":{"x":62,"y":128,"width":399,"height":11}},{"id":"11e75710-82d4-48e5-9a1b-ce25a83066ce","block_type":"box","text":"under a SFT may be less liquid and it may be difficult","page_number":24,"box":{"x":63,"y":141,"width":399,"height":12}},{"id":"9c0a7723-fb94-4b68-9074-6d5722a74546","block_type":"box","text":"to achieve fair value on transactions (see ‘Valuation","page_number":24,"box":{"x":62,"y":155,"width":399,"height":11}},{"id":"845dff1b-0f11-4fde-a192-43e20da3e0ca","block_type":"box","text":"Risk’). Closing positions held in the secondary markets","page_number":24,"box":{"x":63,"y":169,"width":398,"height":11}},{"id":"843e88c7-5f7c-4b14-a378-9cb249a94ea7","block_type":"box","text":"prematurely, for instance to meet client redemption","page_number":24,"box":{"x":62,"y":182,"width":399,"height":11}},{"id":"8a39e9c1-9b63-481a-bea7-c4025226016d","block_type":"box","text":"requests, can result in increased transaction costs","page_number":24,"box":{"x":63,"y":196,"width":398,"height":11}},{"id":"4c2548df-6692-472c-843d-cc9cbd2196c3","block_type":"box","text":"which will be reflected in the investment returns.","page_number":24,"box":{"x":62,"y":210,"width":354,"height":8}},{"id":"de3aafa1-0bf4-4fe7-89c8-ee54cd0c031d","block_type":"box","text":"(x)","page_number":24,"box":{"x":63,"y":229,"width":17,"height":11}},{"id":"a46c5f65-da8c-4ce0-849c-2a6ab626afff","block_type":"box","text":"Legal and Regulatory Risk","page_number":24,"box":{"x":110,"y":229,"width":212,"height":11}},{"id":"7187304c-4371-4d08-a5c6-e3011b9733bd","block_type":"box","text":"Legal, tax and regulatory changes could occur during","page_number":24,"box":{"x":63,"y":249,"width":398,"height":11}},{"id":"6a79890f-13c7-4336-a6bc-535234a47101","block_type":"box","text":"the term of a Sub-Fund.","page_number":24,"box":{"x":62,"y":262,"width":175,"height":9}},{"id":"047d9eeb-d21d-473c-9448-4a16a62e5d9c","block_type":"box","text":"Over recent years global financial markets have","page_number":24,"box":{"x":62,"y":282,"width":399,"height":11}},{"id":"1d93dc3c-3c3a-4f17-a5f7-dd7031ba3a45","block_type":"box","text":"undergone pervasive and fundamental disruption and","page_number":24,"box":{"x":63,"y":296,"width":398,"height":11}},{"id":"36c7d87a-3621-4819-8450-f8d5e67bb26f","block_type":"box","text":"regulators in many jurisdictions have implemented or","page_number":24,"box":{"x":63,"y":310,"width":399,"height":11}},{"id":"2cc0615e-f9c5-4861-884e-7d7d4eb64926","block_type":"box","text":"proposed a number of regulatory measures and may","page_number":24,"box":{"x":62,"y":323,"width":400,"height":11}},{"id":"69a04c3c-0968-4510-add1-6adbd106d435","block_type":"box","text":"continue to do so. For example, the regulatory and tax","page_number":24,"box":{"x":62,"y":337,"width":400,"height":11}},{"id":"032f9437-a75a-425f-8ac1-82cb03a0544e","block_type":"box","text":"environment for derivative instruments is evolving, and","page_number":24,"box":{"x":62,"y":350,"width":399,"height":12}},{"id":"79fa21ed-578b-4f48-80b9-3bd38c7f2a19","block_type":"box","text":"changes in the regulation or taxation of derivative","page_number":24,"box":{"x":62,"y":364,"width":399,"height":11}},{"id":"d40fe239-3208-4a80-b7af-f49ff5cc6425","block_type":"box","text":"instruments may adversely affect the value of","page_number":24,"box":{"x":62,"y":378,"width":400,"height":11}},{"id":"cda48d59-d6e4-4c72-bb2f-f34111a97fe5","block_type":"box","text":"derivative instruments held by a Sub-Fund and the","page_number":24,"box":{"x":62,"y":391,"width":399,"height":11}},{"id":"9ec07240-604e-436e-b675-a8606ae8a0c2","block_type":"box","text":"ability of a Sub-Fund to pursue its trading strategies.","page_number":24,"box":{"x":62,"y":405,"width":399,"height":11}},{"id":"c402fa2d-dffc-40e4-af63-f74c711c6a63","block_type":"box","text":"Further, legislation and regulation may render a","page_number":24,"box":{"x":63,"y":419,"width":399,"height":11}},{"id":"d9c76eff-77d0-4cab-93bb-0f43ea056949","block_type":"box","text":"transaction, to which a Sub-Fund is a party, void or","page_number":24,"box":{"x":62,"y":432,"width":400,"height":11}},{"id":"926735a0-4402-422b-809f-76578308d49f","block_type":"box","text":"unenforceable.","page_number":24,"box":{"x":63,"y":446,"width":108,"height":9}},{"id":"9435db4f-dd87-4b84-ba55-c4ca95cd33bc","block_type":"box","text":"These interventions have sometimes been unclear in","page_number":24,"box":{"x":62,"y":466,"width":399,"height":8}},{"id":"6effaeb6-06dc-4e28-96b2-9e6189931c25","block_type":"box","text":"scope and application, resulting in confusion and","page_number":24,"box":{"x":62,"y":479,"width":399,"height":11}},{"id":"7d166168-7aeb-4deb-8323-3423c68d7450","block_type":"box","text":"uncertainty which in itself has been detrimental to the","page_number":24,"box":{"x":63,"y":493,"width":398,"height":11}},{"id":"799aa769-2192-4506-9a49-d8b82a685a72","block_type":"box","text":"efficient functioning of financial markets. It is","page_number":24,"box":{"x":62,"y":507,"width":399,"height":11}},{"id":"fb6ecacc-cdc1-4bf6-9644-5e0e2495f9da","block_type":"box","text":"impossible to predict with certainty what additional","page_number":24,"box":{"x":62,"y":520,"width":399,"height":11}},{"id":"7f03e927-27ca-48a1-ad3c-9cd7d564c1df","block_type":"box","text":"interim or permanent governmental restrictions may be","page_number":24,"box":{"x":62,"y":534,"width":399,"height":11}},{"id":"e6e830ab-0915-4b67-b0ed-c9402b1c2fae","block_type":"box","text":"imposed in the future and/or the effect of such","page_number":24,"box":{"x":62,"y":547,"width":399,"height":11}},{"id":"98c55433-9012-4c59-983d-0c7177559feb","block_type":"box","text":"restrictions on global markets and the ACS Manager's","page_number":24,"box":{"x":63,"y":561,"width":398,"height":11}},{"id":"a61e25a6-3745-42bb-bc42-9114326bb906","block_type":"box","text":"ability to implement a Sub-Fund’s investment","page_number":24,"box":{"x":62,"y":575,"width":400,"height":11}},{"id":"0229ee14-dae9-4ea1-9cca-de83e21855fe","block_type":"box","text":"objectives.","page_number":24,"box":{"x":62,"y":589,"width":77,"height":11}},{"id":"d61fee4a-2674-4066-bb72-e097b2d45751","block_type":"box","text":"(xi)","page_number":24,"box":{"x":63,"y":608,"width":21,"height":11}},{"id":"849afe2b-f13f-476b-91ee-e5b19e689860","block_type":"box","text":"Market Risk","page_number":24,"box":{"x":110,"y":608,"width":95,"height":9}},{"id":"999788c6-a2a6-4a32-8ae1-54176b416815","block_type":"box","text":"The price of a Sub-Fund’s investments, including,","page_number":24,"box":{"x":62,"y":628,"width":399,"height":11}},{"id":"bcd7c09f-2026-45c9-8710-ca3268cc1a8f","block_type":"box","text":"without limitation, fixed income securities, equities and","page_number":24,"box":{"x":62,"y":641,"width":399,"height":11}},{"id":"6d4f11b2-bd74-406d-8a0e-1c74a8c96727","block_type":"box","text":"all derivative instruments, can be highly volatile. Price","page_number":24,"box":{"x":62,"y":655,"width":399,"height":11}},{"id":"60447622-d265-45a1-93e6-c9a515ae923b","block_type":"box","text":"movements of fixed income securities, equities,","page_number":24,"box":{"x":62,"y":669,"width":398,"height":11}},{"id":"3c8d8597-cdfa-49a2-b400-8b8470858e56","block_type":"box","text":"forward contracts, derivatives contracts and other","page_number":24,"box":{"x":62,"y":682,"width":400,"height":11}},{"id":"2afc35e2-6ac5-4296-a6de-77d975c4f89b","block_type":"box","text":"instruments in which a Sub-Fund’s assets may be","page_number":24,"box":{"x":62,"y":696,"width":399,"height":11}},{"id":"2f99df67-e29c-46c9-9e38-37c7e9c4fe80","block_type":"box","text":"invested are influenced by, among other things,","page_number":24,"box":{"x":62,"y":710,"width":399,"height":11}},{"id":"b9639dd4-ab79-471d-8dd4-6e0f620f9c05","block_type":"box","text":"interest rates, changing supply and demand","page_number":24,"box":{"x":62,"y":723,"width":399,"height":11}},{"id":"81c20e8b-4870-4e30-9d9d-985088820364","block_type":"box","text":"relationships, trade, fiscal, monetary and exchange","page_number":24,"box":{"x":63,"y":737,"width":398,"height":11}},{"id":"e3ec175f-4435-4882-873b-8d1f25f4fd00","block_type":"box","text":"control programs and policies of governments, and","page_number":24,"box":{"x":62,"y":751,"width":399,"height":11}},{"id":"b38217ee-5feb-4f62-9461-9d643fb3123a","block_type":"box","text":"national and international political and economic","page_number":24,"box":{"x":62,"y":764,"width":400,"height":11}},{"id":"d50b238b-adf8-4c0d-ac7d-816bf6542815","block_type":"box","text":"events and policies (see ‘Legal and Regulatory Risk’).","page_number":24,"box":{"x":62,"y":778,"width":398,"height":11}},{"id":"2af12f99-60ca-457a-80c7-b92eec554658","block_type":"box","text":"Such intervention often is intended directly to influence","page_number":24,"box":{"x":62,"y":791,"width":399,"height":12}},{"id":"5217c752-f6a7-4058-9a21-e1d49d5df43f","block_type":"box","text":"prices and may, together with other factors, cause all","page_number":24,"box":{"x":62,"y":805,"width":399,"height":11}},{"id":"09886614-f870-4223-936d-d6d3b0c55ed5","block_type":"box","text":"of such markets to move rapidly in the same direction","page_number":24,"box":{"x":62,"y":819,"width":399,"height":11}},{"id":"844a754d-3114-441c-9fc5-0382b7142289","block_type":"box","text":"because of, among other things, interest rate","page_number":24,"box":{"x":62,"y":832,"width":399,"height":12}},{"id":"b4f410ee-9a12-42be-8a0a-6ce9838b5889","block_type":"box","text":"fluctuations (see ‘Currency Risk and Interest Rate","page_number":24,"box":{"x":62,"y":846,"width":399,"height":11}},{"id":"53dcef1a-4d31-458d-9293-15eff1bb7956","block_type":"box","text":"Risk’).","page_number":24,"box":{"x":63,"y":860,"width":44,"height":11}},{"id":"563345f5-8bb0-4bf7-a0bf-d7ec995dfe4d","block_type":"box","text":"(xii)","page_number":24,"box":{"x":63,"y":879,"width":24,"height":12}},{"id":"3957390e-1417-4c37-8804-5625d65177fb","block_type":"box","text":"New Issues","page_number":24,"box":{"x":110,"y":880,"width":91,"height":8}},{"id":"d7443997-30ea-45cc-b1e5-0fd619d753df","block_type":"box","text":"Sub-Funds may invest indirectly via an underlying fund","page_number":24,"box":{"x":62,"y":899,"width":399,"height":11}},{"id":"1b720f38-82a0-4f21-8453-1873f7c52455","block_type":"box","text":"or directly in initial public offerings or new debt issues.","page_number":24,"box":{"x":62,"y":913,"width":399,"height":11}},{"id":"f61679ea-a60a-4ac6-8e18-9a40bfd598dc","block_type":"box","text":"The prices of securities involved in initial public","page_number":24,"box":{"x":523,"y":46,"width":400,"height":11}},{"id":"2ed3b831-21e4-4907-9c5e-2e1551800b09","block_type":"box","text":"offerings or new debt issues are often subject to","page_number":24,"box":{"x":523,"y":59,"width":400,"height":12}},{"id":"0b42c301-7a3c-40e8-a131-5fd7033d7e7f","block_type":"box","text":"greater and more unpredictable price changes than","page_number":24,"box":{"x":523,"y":73,"width":399,"height":11}},{"id":"d02aa8a0-26ef-4ca6-8344-d2c3f2c47c01","block_type":"box","text":"more established securities.","page_number":24,"box":{"x":524,"y":87,"width":205,"height":9}},{"id":"dfbbf534-ba59-40f7-bb2e-a73613bfc57f","block_type":"box","text":"(xiii)","page_number":24,"box":{"x":524,"y":106,"width":28,"height":11}},{"id":"fa117d50-e097-4722-93d6-d58ab65fda0b","block_type":"box","text":"Settlement Risk","page_number":24,"box":{"x":572,"y":106,"width":126,"height":9}},{"id":"cffe08e2-0d8a-46b5-9cb3-3eb29e1f6560","block_type":"box","text":"Settlement risk is the risk that a counterparty fails to","page_number":24,"box":{"x":523,"y":126,"width":400,"height":11}},{"id":"a110b9fd-bfba-4d9e-9d64-a784b332f65d","block_type":"box","text":"deliver the terms of a contract (i.e. defaults at","page_number":24,"box":{"x":523,"y":139,"width":400,"height":12}},{"id":"790f86eb-004b-41ee-a7fc-fcbec0b4e847","block_type":"box","text":"settlement) and of any timing differences in settlement","page_number":24,"box":{"x":523,"y":153,"width":400,"height":11}},{"id":"bdc32516-510e-4aca-84bf-eae8202db4f3","block_type":"box","text":"between the two parties. Each Sub-Fund bears the risk","page_number":24,"box":{"x":524,"y":167,"width":399,"height":11}},{"id":"e543a312-e231-4200-9a73-f8b720740d15","block_type":"box","text":"of settlement default due to exposure to the risk of","page_number":24,"box":{"x":523,"y":181,"width":400,"height":11}},{"id":"7a8ac396-d08f-4500-b457-8b52c6997f8e","block_type":"box","text":"default of certain counterparties (see ‘Credit Risk’ and","page_number":24,"box":{"x":523,"y":194,"width":399,"height":11}},{"id":"975e9eb5-b8a3-4174-bdd4-a0bdcbe2640d","block_type":"box","text":"‘Counterparty Risk’). In addition, market practices in","page_number":24,"box":{"x":524,"y":208,"width":398,"height":11}},{"id":"23819675-0c0f-4954-9240-648fd8d992e4","block_type":"box","text":"relation to the settlement of transactions and the","page_number":24,"box":{"x":524,"y":221,"width":399,"height":9}},{"id":"682d736d-6985-46d3-a5af-9117d51509b5","block_type":"box","text":"custody of assets could provide increased risks (see","page_number":24,"box":{"x":523,"y":235,"width":400,"height":11}},{"id":"cf860178-c916-4f94-8324-3bffb6e383ab","block_type":"box","text":"also ‘Market Risk’ and ‘Legal and Regulatory Risk’).","page_number":24,"box":{"x":523,"y":249,"width":382,"height":11}},{"id":"1585113e-4620-4bfa-aedd-18e878f2bec4","block_type":"box","text":"(xiv)","page_number":24,"box":{"x":524,"y":268,"width":29,"height":11}},{"id":"f0da1016-5a76-42b6-8a66-a50f8344181a","block_type":"box","text":"Tax","page_number":24,"box":{"x":573,"y":269,"width":28,"height":8}},{"id":"9707062c-3e11-45f2-ad8d-e162af7d3880","block_type":"box","text":"The information provided in section 27 is based, to the","page_number":24,"box":{"x":523,"y":288,"width":400,"height":11}},{"id":"6b18164e-a070-4214-90c5-69f41adeb4d1","block_type":"box","text":"best knowledge of the ACS Manager, upon tax law and","page_number":24,"box":{"x":524,"y":302,"width":398,"height":11}},{"id":"faa48bb6-7aa8-4da5-a22b-1d84ad228ad3","block_type":"box","text":"practice as at the date of this Prospectus. Tax","page_number":24,"box":{"x":524,"y":315,"width":399,"height":11}},{"id":"c575ee70-1f58-47ed-a088-d6a9c9afe913","block_type":"box","text":"legislation, the tax status of the ACS Manager and the","page_number":24,"box":{"x":524,"y":329,"width":399,"height":11}},{"id":"1f070eeb-b12c-45e9-a92d-4bfc52a71bc1","block_type":"box","text":"Sub-Funds, the taxation of Unitholders and any tax","page_number":24,"box":{"x":523,"y":343,"width":400,"height":11}},{"id":"fb650672-d89d-4bb7-b4ec-4ca22b4e347d","block_type":"box","text":"reliefs, and the consequences of such tax status and","page_number":24,"box":{"x":524,"y":356,"width":398,"height":11}},{"id":"93c59a34-1d1e-42c1-8712-4c145c7e1826","block_type":"box","text":"tax reliefs, may change from time to time. Any change","page_number":24,"box":{"x":523,"y":370,"width":400,"height":11}},{"id":"48109206-245e-4ab6-bc5a-bcbdb2988bdf","block_type":"box","text":"in the taxation legislation in UK or in any jurisdiction","page_number":24,"box":{"x":524,"y":384,"width":398,"height":11}},{"id":"2d91d8c9-42bb-444d-86f8-b74b858dc63c","block_type":"box","text":"where a Sub-Fund is registered, marketed or invested","page_number":24,"box":{"x":523,"y":397,"width":399,"height":11}},{"id":"e0aeb762-a257-4e2a-a734-f41c79f6c55c","block_type":"box","text":"could affect the tax status of the Sub-Funds, affect the","page_number":24,"box":{"x":523,"y":411,"width":400,"height":10}},{"id":"9aae6a04-ec22-47ff-b4b1-58801530cf4f","block_type":"box","text":"value of the relevant Sub-Fund's investments in the","page_number":24,"box":{"x":523,"y":424,"width":400,"height":9}},{"id":"94a1bbd1-4562-41e1-8b59-0c8beb4a3cc5","block_type":"box","text":"affected jurisdiction, affect the relevant Sub-Fund's","page_number":24,"box":{"x":523,"y":438,"width":400,"height":11}},{"id":"ff2b793f-65bd-4bc4-a6db-62ecb7688c01","block_type":"box","text":"ability to achieve its investment objective, and/or alter","page_number":24,"box":{"x":523,"y":452,"width":400,"height":11}},{"id":"2c9c21f2-70f9-4121-ba54-532ba4ee910b","block_type":"box","text":"the post-tax returns to Unitholders. Where the Sub","page_number":24,"box":{"x":523,"y":466,"width":400,"height":11}},{"id":"f4fc630a-94f0-4ab1-8393-310e02730b1c","block_type":"box","text":"Fund invests in derivatives the preceding sentence","page_number":24,"box":{"x":524,"y":479,"width":399,"height":11}},{"id":"c774874a-c169-4caf-973e-1dcd1278178d","block_type":"box","text":"may also extend to the jurisdiction of the governing law","page_number":24,"box":{"x":524,"y":493,"width":399,"height":11}},{"id":"9f058149-a691-44f3-a7b6-eded6058bf8f","block_type":"box","text":"of the derivative contract and/or the derivative","page_number":24,"box":{"x":523,"y":506,"width":400,"height":9}},{"id":"453b98ca-89d5-4364-89b8-cf92fa059d10","block_type":"box","text":"counterparty and/or to the market(s) comprising the","page_number":24,"box":{"x":523,"y":520,"width":400,"height":11}},{"id":"34e85819-77f3-4663-a0e6-3270d01fc059","block_type":"box","text":"underlying exposure(s) of the derivative.","page_number":24,"box":{"x":524,"y":534,"width":296,"height":11}},{"id":"2420a9a7-3593-44e5-b2c6-6572a6419823","block_type":"box","text":"The availability and value of any tax reliefs available to","page_number":24,"box":{"x":523,"y":553,"width":400,"height":12}},{"id":"fcfe2836-2394-4785-bfe5-3abfbc66f7ef","block_type":"box","text":"Unitholders depend on the individual circumstances of","page_number":24,"box":{"x":524,"y":567,"width":399,"height":11}},{"id":"d6652058-02e5-493d-bba1-43f3fad94ecf","block_type":"box","text":"Unitholders. The information in section 27 is not","page_number":24,"box":{"x":524,"y":581,"width":399,"height":9}},{"id":"0629f5f3-8b68-4db9-b954-8274cec5440a","block_type":"box","text":"exhaustive and does not constitute legal or tax advice.","page_number":24,"box":{"x":523,"y":595,"width":399,"height":11}},{"id":"8f41f2f6-75c4-4e0d-9f4b-388c56a7141d","block_type":"box","text":"Prospective Unitholders are urged to consult their tax","page_number":24,"box":{"x":524,"y":608,"width":399,"height":11}},{"id":"009beb71-dc78-4c96-95f8-a536c953042c","block_type":"box","text":"advisors with respect to their particular tax situations","page_number":24,"box":{"x":523,"y":622,"width":400,"height":11}},{"id":"203edd24-b9d6-4a3e-97de-b3761eaa9b1e","block_type":"box","text":"and the tax effects of an investment in the Sub-Funds.","page_number":24,"box":{"x":523,"y":635,"width":399,"height":9}},{"id":"34cac8a9-ee49-4c2e-812d-d7d003958359","block_type":"box","text":"Where a Sub-Fund invests in a jurisdiction where the","page_number":24,"box":{"x":523,"y":655,"width":400,"height":11}},{"id":"7b7e095e-2428-42a8-bf4e-97f6081bd7e3","block_type":"box","text":"tax regime is not fully developed or is not sufficiently","page_number":24,"box":{"x":523,"y":669,"width":400,"height":11}},{"id":"dd52b891-c5ed-4939-8984-5728106d573e","block_type":"box","text":"certain, for example jurisdictions in the Middle East,","page_number":24,"box":{"x":523,"y":682,"width":399,"height":11}},{"id":"fa93e54b-fe9d-42cd-a1d9-fa768883bce0","block_type":"box","text":"the relevant Sub-Fund, the ACS Manager, the","page_number":24,"box":{"x":523,"y":696,"width":400,"height":11}},{"id":"be7e370a-7ed2-44eb-b44f-03e7ba62df81","block_type":"box","text":"Investment Managers, the Depositary and the","page_number":24,"box":{"x":524,"y":710,"width":399,"height":11}},{"id":"946e7e20-4c9f-4690-94b6-1a0036f16b50","block_type":"box","text":"Administrator shall not be liable to account to any","page_number":24,"box":{"x":523,"y":723,"width":400,"height":11}},{"id":"7b0cd552-8b45-4b8d-b1a3-418682edad55","block_type":"box","text":"Unitholder for any payment made or suffered by the","page_number":24,"box":{"x":524,"y":737,"width":399,"height":11}},{"id":"ee4fe1fa-e48a-44f9-91ca-a26a12f6a87c","block_type":"box","text":"relevant Sub-Fund in good faith to a fiscal authority for","page_number":24,"box":{"x":524,"y":750,"width":399,"height":12}},{"id":"29164dc4-2d96-47af-a187-d2098c10daea","block_type":"box","text":"taxes or other charges of the Sub-Fund","page_number":24,"box":{"x":523,"y":764,"width":399,"height":11}},{"id":"767dd87f-219a-4b01-a8f2-200c75cb1ff6","block_type":"box","text":"notwithstanding that it is later found that such","page_number":24,"box":{"x":524,"y":778,"width":398,"height":11}},{"id":"03aac159-fdf7-49ee-bfff-ed8a28115d37","block_type":"box","text":"payments need not or ought not have been made or","page_number":24,"box":{"x":524,"y":792,"width":399,"height":11}},{"id":"7833dc44-ebdc-4411-9aca-1fcf1d1888c5","block_type":"box","text":"suffered. Conversely, where through fundamental","page_number":24,"box":{"x":523,"y":805,"width":399,"height":11}},{"id":"5e56f9ca-f911-4418-b03f-0c6956206643","block_type":"box","text":"uncertainty as to the tax liability, adherence to best or","page_number":24,"box":{"x":524,"y":819,"width":399,"height":11}},{"id":"fac1b1a8-cac8-48e8-bb44-c8dd32a5d1f9","block_type":"box","text":"common market practice (to the extent that there is no","page_number":24,"box":{"x":523,"y":832,"width":400,"height":12}},{"id":"3cbab444-fbfe-4744-9797-47c57c9add6e","block_type":"box","text":"established best practice) is subsequently challenged","page_number":24,"box":{"x":523,"y":846,"width":399,"height":11}},{"id":"315c8bf1-6105-4b1a-a11a-33766ef49665","block_type":"box","text":"or the lack of a developed mechanism for practical and","page_number":24,"box":{"x":523,"y":860,"width":399,"height":11}},{"id":"29e32639-6256-480a-afce-03b94edd5a70","block_type":"box","text":"timely payment of taxes, the relevant Sub-Fund pays","page_number":24,"box":{"x":523,"y":873,"width":400,"height":12}},{"id":"f53083f9-f8cb-4d9c-b05a-44f14aa50d13","block_type":"box","text":"taxes relating to previous years, any related interest or","page_number":24,"box":{"x":523,"y":887,"width":400,"height":11}},{"id":"524eaa92-daaa-4071-b574-ae53e11119b4","block_type":"box","text":"late filing penalties will likewise be chargeable to the","page_number":24,"box":{"x":524,"y":901,"width":399,"height":11}},{"id":"70d68c9d-ef54-4330-b34c-f94262e39c28","block_type":"box","text":"Sub-Fund. Such late paid taxes will normally be","page_number":24,"box":{"x":523,"y":914,"width":400,"height":12}},{"id":"06631ee4-91dd-4365-9a73-cf527ddf2256","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 25","page_number":25,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"6e2da2ae-e398-4642-b6d7-c45e537a54cc","block_type":"box","text":"debited to the Sub-Fund at the point the decision to","page_number":25,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"c87f657a-db15-4c8e-8334-cfb69cfcd8da","block_type":"box","text":"accrue the liability in the Sub-Fund accounts is made.","page_number":25,"box":{"x":62,"y":59,"width":396,"height":12}},{"id":"57458a91-fd64-4088-9dda-9b464316e274","block_type":"box","text":"(xv)","page_number":25,"box":{"x":63,"y":79,"width":25,"height":11}},{"id":"0af80b13-6ac8-4aac-8300-43ba059eb1e8","block_type":"box","text":"Valuation Risk","page_number":25,"box":{"x":112,"y":79,"width":114,"height":9}},{"id":"d769346a-efb5-4caa-91f1-75ce743aaa59","block_type":"box","text":"Financial instruments that are illiquid and/or not","page_number":25,"box":{"x":63,"y":99,"width":399,"height":11}},{"id":"3ee0fe93-10e9-4df6-8fcc-2eab78ded693","block_type":"box","text":"publicly traded may not have readily available prices","page_number":25,"box":{"x":62,"y":112,"width":399,"height":11}},{"id":"d5dc61b9-49d7-4674-bd46-f710adfd5428","block_type":"box","text":"and may therefore be difficult to value. Dealer supplied","page_number":25,"box":{"x":62,"y":126,"width":399,"height":11}},{"id":"6bf054d8-69dc-41c4-a84b-1c0e1ca0d7f9","block_type":"box","text":"quotations or pricing models developed by third","page_number":25,"box":{"x":62,"y":140,"width":399,"height":11}},{"id":"fcf89f65-13d1-4b11-b87a-c8c4c2a36b64","block_type":"box","text":"parties, the ACS Manager, its affiliates and/or","page_number":25,"box":{"x":62,"y":153,"width":400,"height":11}},{"id":"bfba0741-d9af-4f2b-b74f-c3a96652e0e7","block_type":"box","text":"delegates, may be utilised in valuations and the","page_number":25,"box":{"x":62,"y":167,"width":399,"height":11}},{"id":"acac6769-e916-451f-b2c4-ee9343813b4f","block_type":"box","text":"calculation of the net asset value of each Sub-Fund.","page_number":25,"box":{"x":62,"y":180,"width":399,"height":9}},{"id":"1958c370-e246-4c09-aba6-8c39659f8231","block_type":"box","text":"Such methodologies may be based upon assumptions","page_number":25,"box":{"x":62,"y":194,"width":399,"height":11}},{"id":"dce44095-9888-432a-b242-157ef186b6b9","block_type":"box","text":"and estimates that are subject to error. Unitholders","page_number":25,"box":{"x":62,"y":208,"width":399,"height":11}},{"id":"4af1360d-1170-4518-9652-62f016c87794","block_type":"box","text":"should be aware that in these circumstances a","page_number":25,"box":{"x":62,"y":222,"width":400,"height":8}},{"id":"741adac1-39b5-4c47-bd21-0613955240cd","block_type":"box","text":"possible conflict of interest may arise, as the higher the","page_number":25,"box":{"x":62,"y":235,"width":399,"height":11}},{"id":"8d2ae2bb-eede-4628-9b62-39695968380b","block_type":"box","text":"estimated valuation of the securities the higher the","page_number":25,"box":{"x":62,"y":249,"width":399,"height":11}},{"id":"1199ef43-e85d-4ef5-a7bd-f2cb0c050e70","block_type":"box","text":"fees payable to the ACS Manager, Investment","page_number":25,"box":{"x":62,"y":262,"width":400,"height":12}},{"id":"b0d87db2-fd44-4f10-bb6a-32f3ff539b34","block_type":"box","text":"Managers or the Administrator. Any party providing","page_number":25,"box":{"x":63,"y":276,"width":398,"height":11}},{"id":"19ba5cc7-8c6e-4814-86d5-3f055f75b123","block_type":"box","text":"valuation services may, in the absence of its","page_number":25,"box":{"x":62,"y":290,"width":399,"height":11}},{"id":"99c83173-e763-4fb6-b9e1-6ca41a6321df","block_type":"box","text":"negligence, be indemnified out of the property of the","page_number":25,"box":{"x":62,"y":303,"width":399,"height":12}},{"id":"1374c86d-5f96-4f2a-8511-0ce4e5562b3b","block_type":"box","text":"relevant Sub-Fund from all claims and losses which","page_number":25,"box":{"x":63,"y":317,"width":398,"height":9}},{"id":"0f05c9aa-8ef7-45d9-bfb2-71712f908c58","block_type":"box","text":"such party may incur directly or indirectly arising out of","page_number":25,"box":{"x":62,"y":331,"width":400,"height":11}},{"id":"faa98fc6-c88d-44ae-97a9-50a36b3b5b9e","block_type":"box","text":"or in connection with the performance of such","page_number":25,"box":{"x":62,"y":344,"width":399,"height":12}},{"id":"24b41393-7750-4ef7-ad63-786ccbb9dd7b","block_type":"box","text":"valuation services. In addition, given the nature of such","page_number":25,"box":{"x":62,"y":358,"width":399,"height":11}},{"id":"47c53790-0e02-48ce-be55-c95626ddb237","block_type":"box","text":"investment, determinations as to their fair value may","page_number":25,"box":{"x":62,"y":372,"width":400,"height":11}},{"id":"35b5848d-d971-44f3-891c-15a178ba8b79","block_type":"box","text":"not represent the actual amount that will be realised","page_number":25,"box":{"x":62,"y":386,"width":399,"height":10}},{"id":"5397c74b-684d-49ad-a2b7-0643cb4522f3","block_type":"box","text":"upon the eventual disposal of such investments.","page_number":25,"box":{"x":63,"y":399,"width":355,"height":11}},{"id":"67de0808-7596-47f0-ae02-197ce3619421","block_type":"box","text":"(xvi)","page_number":25,"box":{"x":63,"y":419,"width":29,"height":11}},{"id":"981eee56-1eff-455f-874a-2b4d889582ee","block_type":"box","text":"Suspension and Deferral of dealings","page_number":25,"box":{"x":110,"y":419,"width":291,"height":11}},{"id":"b44bdebe-1480-4403-907d-8e5ca92f11f1","block_type":"box","text":"In certain circumstances the right to redeem Units may","page_number":25,"box":{"x":63,"y":438,"width":399,"height":11}},{"id":"31e4c8b9-3690-4c81-8474-0b68e9c2b09f","block_type":"box","text":"be deferred or suspended (see the sections 13 (f) and","page_number":25,"box":{"x":62,"y":452,"width":399,"height":11}},{"id":"f6a855c4-9082-4c71-87bf-c6f9c80b7356","block_type":"box","text":"13 (h)).","page_number":25,"box":{"x":63,"y":466,"width":51,"height":11}},{"id":"c30fc3c4-2eae-4b0c-a244-51c16dab1d90","block_type":"box","text":"The Sub-Funds are open-ended; therefore, there may","page_number":25,"box":{"x":62,"y":485,"width":400,"height":11}},{"id":"9ed38e8a-743f-466f-b696-947b8f05170c","block_type":"box","text":"be a large amount of subscriptions or redemptions of","page_number":25,"box":{"x":62,"y":499,"width":400,"height":11}},{"id":"80a8d02f-b3b4-45c5-90e5-2bced079ba38","block_type":"box","text":"Units during a short period of time. Large levels of","page_number":25,"box":{"x":63,"y":513,"width":399,"height":11}},{"id":"d01190f5-2702-469b-9b14-272afca76e0f","block_type":"box","text":"redemption requests may cause a Sub-Fund to","page_number":25,"box":{"x":63,"y":526,"width":398,"height":11}},{"id":"7792094e-b4b7-4ed0-8291-08070e4c77f8","block_type":"box","text":"liquidate its investments over a shorter period than it","page_number":25,"box":{"x":62,"y":540,"width":400,"height":11}},{"id":"19c1cb13-a5e1-4036-85ce-a41a36a33a21","block_type":"box","text":"would otherwise have taken in order to meet such","page_number":25,"box":{"x":62,"y":554,"width":399,"height":8}},{"id":"86e09bec-b9f1-44e7-86d1-b3e45797b4b5","block_type":"box","text":"redemption requests. This may affect the Net Asset","page_number":25,"box":{"x":63,"y":567,"width":399,"height":11}},{"id":"2a9661e7-ce79-4ce4-96bf-2cc51db6b246","block_type":"box","text":"Value of the Scheme Property and consequently the","page_number":25,"box":{"x":62,"y":581,"width":399,"height":11}},{"id":"71b13d14-9e4a-4501-ab6d-f5d3f4145926","block_type":"box","text":"Net Asset Value per Unit may fall.","page_number":25,"box":{"x":63,"y":594,"width":248,"height":12}},{"id":"3a8f9148-c17d-4315-9547-5a0a8277a392","block_type":"box","text":"(xvii)","page_number":25,"box":{"x":74,"y":614,"width":34,"height":11}},{"id":"1b1a9b30-caec-4b91-affd-56ccde10aa5c","block_type":"box","text":"Delivery Versus Payment (“DvP”)","page_number":25,"box":{"x":129,"y":614,"width":265,"height":11}},{"id":"3469e99a-2df8-47c5-adc0-dd9da4b93761","block_type":"box","text":"Exemption","page_number":25,"box":{"x":123,"y":628,"width":85,"height":11}},{"id":"d5f445e9-44c8-4d31-b2d8-58e4c54fec18","block_type":"box","text":"The ACS Manager may apply the Delivery versus","page_number":25,"box":{"x":74,"y":647,"width":387,"height":11}},{"id":"811ddb0a-a0fb-4ef1-9073-f2e40efe973d","block_type":"box","text":"Payment (“DvP”) exemption for Unitholders that","page_number":25,"box":{"x":75,"y":661,"width":387,"height":11}},{"id":"9d3b8294-cece-48b5-a1cb-99f064ff7c30","block_type":"box","text":"consent, as set out in the FCA Client Asset Rules","page_number":25,"box":{"x":74,"y":674,"width":387,"height":11}},{"id":"085447de-07c5-493e-b7bb-29ea0628b982","block_type":"box","text":"(“CASS Rules”) governing the protection of client","page_number":25,"box":{"x":74,"y":688,"width":388,"height":11}},{"id":"a12797a7-a6b1-4ab0-adc1-dfda5972d90f","block_type":"box","text":"assets. Usually, when the ACS Manager receives","page_number":25,"box":{"x":74,"y":702,"width":387,"height":11}},{"id":"41dee4be-0892-4bc6-9341-69f8d19b48c6","block_type":"box","text":"Unitholders’ money in the course of settling","page_number":25,"box":{"x":75,"y":716,"width":386,"height":11}},{"id":"e32a195f-f813-4ea0-b2f4-d5b4f18bcaa7","block_type":"box","text":"transactions the ACS Manager is obliged to handle","page_number":25,"box":{"x":74,"y":729,"width":387,"height":11}},{"id":"84757bac-e1bc-447d-b2d3-fcab8a237b93","block_type":"box","text":"money received or held in the course of or in","page_number":25,"box":{"x":74,"y":743,"width":387,"height":11}},{"id":"95a163b1-6fc8-4186-91fc-44e97a92ae2c","block_type":"box","text":"connection with the issue or redemption of Units","page_number":25,"box":{"x":74,"y":757,"width":387,"height":11}},{"id":"bc2e3ee2-b8f4-4a50-ba6e-5f2cf4a03ca7","block_type":"box","text":"(“Client Money”) in accordance with the CASS Rules,","page_number":25,"box":{"x":74,"y":770,"width":387,"height":11}},{"id":"5c49e5b0-bdfe-47a4-a176-022c6d8c04a5","block_type":"box","text":"which amongst other provisions require the ACS","page_number":25,"box":{"x":74,"y":784,"width":387,"height":11}},{"id":"48524b68-9391-47c6-8655-055dc2e7f1a2","block_type":"box","text":"Manager to segregate Client Money from the assets","page_number":25,"box":{"x":75,"y":797,"width":386,"height":12}},{"id":"ce06e4f2-4d8e-4122-b2cb-05da885f046b","block_type":"box","text":"of the ACS Manager. 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In the event that the ACS","page_number":25,"box":{"x":74,"y":866,"width":387,"height":11}},{"id":"1df63bd6-bbf0-4a26-aa8b-fdf2b45ae242","block_type":"box","text":"Manager becomes insolvent or otherwise fails, there","page_number":25,"box":{"x":75,"y":879,"width":386,"height":12}},{"id":"f4e42c40-c845-497e-aeae-348b5d816834","block_type":"box","text":"is a risk of loss or delay in the return of any","page_number":25,"box":{"x":74,"y":893,"width":388,"height":11}},{"id":"e4d41b33-c1c3-4a4d-b331-17b506733cdd","block_type":"box","text":"Unitholders’ money held by the ACS Manager which","page_number":25,"box":{"x":75,"y":907,"width":386,"height":11}},{"id":"8ac93d4f-d936-4a3e-b04f-22f4c7d71424","block_type":"box","text":"is not treated as Client Money. Money which is not","page_number":25,"box":{"x":536,"y":46,"width":387,"height":11}},{"id":"e526c3e8-e4f9-41c0-b92c-fc08841ac1f3","block_type":"box","text":"treated as Client Money is not protected on the","page_number":25,"box":{"x":535,"y":59,"width":388,"height":12}},{"id":"61fe27f5-3c01-42c2-bc7e-67d7299653f7","block_type":"box","text":"insolvency of the ACS Manager and will form part of","page_number":25,"box":{"x":536,"y":73,"width":387,"height":11}},{"id":"ee546e5f-f3e4-49ec-b2d1-d20cd36a336d","block_type":"box","text":"the ACS Manager’s insolvent estate.","page_number":25,"box":{"x":535,"y":87,"width":270,"height":11}},{"id":"c714350b-b55b-4b15-bf62-271ff9334c15","block_type":"box","text":"(xviii)","page_number":25,"box":{"x":554,"y":106,"width":37,"height":11}},{"id":"656abb62-c655-4915-8680-a2028703f389","block_type":"box","text":"Exclusion Policies","page_number":25,"box":{"x":619,"y":106,"width":147,"height":9}},{"id":"1fb18341-c320-47f0-9705-48e75c4a0176","block_type":"box","text":"Where a Sub-Fund applies an exclusion policy (for","page_number":25,"box":{"x":523,"y":126,"width":400,"height":11}},{"id":"9807d365-370b-42e9-b1ab-3be590d83940","block_type":"box","text":"example, the Aviva Investors’ baseline exclusion","page_number":25,"box":{"x":523,"y":140,"width":399,"height":11}},{"id":"8a844dfb-6b9b-4f02-8deb-a5241f486d65","block_type":"box","text":"policy) or ESG-based exclusionary criteria in its","page_number":25,"box":{"x":524,"y":153,"width":399,"height":11}},{"id":"9e1cdfe8-5258-4575-a778-3c3e7ff4cacb","block_type":"box","text":"investment selection process, this may result in the","page_number":25,"box":{"x":524,"y":167,"width":399,"height":11}},{"id":"a12b9390-adb9-4e4b-91ad-6557200dba02","block_type":"box","text":"relevant Sub-Fund foregoing opportunities to buy","page_number":25,"box":{"x":524,"y":180,"width":399,"height":12}},{"id":"88e46b23-4990-4548-8151-64a2523e42fa","block_type":"box","text":"certain investments when it might otherwise be","page_number":25,"box":{"x":523,"y":194,"width":400,"height":11}},{"id":"5776c9fb-5509-43da-bf65-ae24d9ace6d7","block_type":"box","text":"advantageous to do so, and/or selling investments","page_number":25,"box":{"x":523,"y":208,"width":400,"height":11}},{"id":"42b3c5bf-acbc-4d16-91ba-d840c38e9652","block_type":"box","text":"when it might be disadvantageous to do so.","page_number":25,"box":{"x":523,"y":222,"width":321,"height":11}},{"id":"f2582922-6595-418a-9782-4373c051b07e","block_type":"box","text":"(b)","page_number":25,"box":{"x":536,"y":247,"width":18,"height":11}},{"id":"8d159f06-a4de-4589-8135-00ffb6b80e9b","block_type":"box","text":"Risks Associated with Investment","page_number":25,"box":{"x":583,"y":247,"width":340,"height":9}},{"id":"34107d5f-5835-4897-a313-9b808f31675c","block_type":"box","text":"Techniques","page_number":25,"box":{"x":582,"y":261,"width":93,"height":11}},{"id":"52f4043b-b6de-411e-8caa-0386d3206056","block_type":"box","text":"(i)","page_number":25,"box":{"x":524,"y":280,"width":12,"height":11}},{"id":"b64ccb7a-ded4-468b-960f-c7bb09501ef6","block_type":"box","text":"Delayed Delivery Transactions","page_number":25,"box":{"x":572,"y":280,"width":242,"height":11}},{"id":"e341a273-289a-4249-a5e4-860f5ba5c696","block_type":"box","text":"Each Sub-Fund that invests in fixed income","page_number":25,"box":{"x":524,"y":300,"width":399,"height":9}},{"id":"3b9ac5bd-afe7-44eb-908d-d30035aaac6e","block_type":"box","text":"transferable securities may purchase TBAs, for","page_number":25,"box":{"x":523,"y":314,"width":400,"height":11}},{"id":"4ac88a5e-57e1-4b2a-85a8-6ad4f0c3afcb","block_type":"box","text":"example US mortgages. This generally refers to a","page_number":25,"box":{"x":523,"y":327,"width":400,"height":11}},{"id":"53bfcf0d-a635-494d-93fa-68552491eacb","block_type":"box","text":"forward contract on a pool of mortgages in which the","page_number":25,"box":{"x":523,"y":341,"width":400,"height":11}},{"id":"7db20aad-b313-4b18-ab01-c6e276cd4f03","block_type":"box","text":"specific mortgages are not announced and allocated","page_number":25,"box":{"x":523,"y":354,"width":399,"height":12}},{"id":"cd066562-8d8e-4863-bd86-9956a7cc480d","block_type":"box","text":"prior to a specified delivery date. TBAs are not settled","page_number":25,"box":{"x":524,"y":368,"width":398,"height":11}},{"id":"9adb2226-b0fa-4867-b2f3-9e8f945e94b5","block_type":"box","text":"at the time of purchase, which may lead to leveraged","page_number":25,"box":{"x":523,"y":382,"width":399,"height":11}},{"id":"bdef6726-0fe6-4b21-a56f-d93127ab69dc","block_type":"box","text":"positions within a Sub-Fund. Purchasing a TBA","page_number":25,"box":{"x":524,"y":395,"width":399,"height":12}},{"id":"97b486ba-df1e-42f1-ad1d-ec5ceafeffbf","block_type":"box","text":"involves a risk of loss if the value of the security to be","page_number":25,"box":{"x":524,"y":409,"width":399,"height":11}},{"id":"3fea1aed-6822-43d7-bc8e-c5219b892a1f","block_type":"box","text":"purchased declines prior to the settlement date and","page_number":25,"box":{"x":524,"y":423,"width":398,"height":11}},{"id":"6d0f450b-bef5-4412-9d0c-e02a7cc52788","block_type":"box","text":"exposes a Sub-Fund to additional counterparty default","page_number":25,"box":{"x":523,"y":436,"width":400,"height":12}},{"id":"4ea5e11d-806d-4b0b-b99f-22c089eafafa","block_type":"box","text":"risk. A Sub-Fund may dispose of a commitment prior","page_number":25,"box":{"x":524,"y":450,"width":399,"height":11}},{"id":"8b384cfe-cc44-4a17-a2df-f8aa191808ec","block_type":"box","text":"to settlement if it is deemed appropriate to do so.","page_number":25,"box":{"x":523,"y":464,"width":399,"height":11}},{"id":"889fb2ed-d917-4c4f-adbd-5251117bafc3","block_type":"box","text":"Proceeds of TBA sales are not received until the","page_number":25,"box":{"x":524,"y":477,"width":399,"height":9}},{"id":"e57c8356-5ce3-42e3-9160-de5e1ee2536d","block_type":"box","text":"contractual settlement date. TBAs will be treated as","page_number":25,"box":{"x":523,"y":491,"width":400,"height":9}},{"id":"13b933b6-09ac-417f-b8f7-9d8450be2b13","block_type":"box","text":"derivative instruments.","page_number":25,"box":{"x":523,"y":505,"width":166,"height":9}},{"id":"6e741df2-625f-45b2-8255-23df995c4a7a","block_type":"box","text":"(ii)","page_number":25,"box":{"x":524,"y":524,"width":16,"height":11}},{"id":"14307490-8a43-4544-976d-bdf5a624b8d9","block_type":"box","text":"Derivatives (General)","page_number":25,"box":{"x":572,"y":524,"width":167,"height":11}},{"id":"d6872e73-814e-4c10-9a35-bf8715152e19","block_type":"box","text":"In accordance with the investment restrictions set out","page_number":25,"box":{"x":524,"y":544,"width":399,"height":9}},{"id":"ba35825e-d1af-4bf0-be0e-fa58fe58669b","block_type":"box","text":"in Appendix 6, each of the Sub-Funds may use","page_number":25,"box":{"x":524,"y":557,"width":399,"height":12}},{"id":"bb2bd14e-8ec9-42ea-8dbc-b97a792c1927","block_type":"box","text":"derivatives for the purposes of “efficient portfolio","page_number":25,"box":{"x":523,"y":571,"width":400,"height":11}},{"id":"181d007c-2d3b-4e56-9c3e-0fa138a513ae","block_type":"box","text":"management” (in order to reduce risk and/or costs)","page_number":25,"box":{"x":524,"y":585,"width":398,"height":11}},{"id":"3dd5c6e3-c712-4c48-98eb-08e6cd7441b5","block_type":"box","text":"and/or to achieve the investment objective (to","page_number":25,"box":{"x":523,"y":598,"width":400,"height":12}},{"id":"2076de26-0599-4d6a-a13e-ff6560936cb7","block_type":"box","text":"generate additional income or capital), as further","page_number":25,"box":{"x":523,"y":612,"width":400,"height":11}},{"id":"3ae5313d-b28e-4c46-a93d-cccf8f3b3665","block_type":"box","text":"described in Appendix 6.","page_number":25,"box":{"x":523,"y":626,"width":182,"height":11}},{"id":"b22fbeed-5a25-4905-91ec-889703e7d000","block_type":"box","text":"The use of derivatives may expose any Sub-Fund to a","page_number":25,"box":{"x":523,"y":645,"width":400,"height":12}},{"id":"96025804-839d-425c-bc29-4860abb06a17","block_type":"box","text":"certain degree of risk. These risks may include credit","page_number":25,"box":{"x":523,"y":659,"width":400,"height":11}},{"id":"aec9716a-6bb7-4312-99c9-9bef2ecd7906","block_type":"box","text":"risk with regard to counterparties with whom a Sub","page_number":25,"box":{"x":524,"y":673,"width":399,"height":11}},{"id":"b5ae9f63-ffa8-43b3-96ed-08cefb9f4b47","block_type":"box","text":"Fund trades, the risk of settlement default, lack of","page_number":25,"box":{"x":524,"y":686,"width":399,"height":11}},{"id":"80974554-78ff-43a3-aec4-21988d4976dc","block_type":"box","text":"liquidity of the derivative, imperfect tracking between","page_number":25,"box":{"x":524,"y":700,"width":398,"height":11}},{"id":"050f28f2-e665-4cf0-a97d-043568e0f99b","block_type":"box","text":"the change in value of the derivative and the change","page_number":25,"box":{"x":523,"y":714,"width":400,"height":11}},{"id":"7f581610-a2eb-4297-9b39-f8656539e0b2","block_type":"box","text":"in value of the underlying asset that the relevant Sub","page_number":25,"box":{"x":524,"y":727,"width":399,"height":12}},{"id":"8dd74818-4978-40ea-bda0-dcb11fd519e9","block_type":"box","text":"Fund is seeking to track and greater transaction costs","page_number":25,"box":{"x":524,"y":741,"width":399,"height":11}},{"id":"e9849b72-bb71-425e-94ec-c21861c604e0","block_type":"box","text":"than investing in the underlying assets directly.","page_number":25,"box":{"x":523,"y":755,"width":345,"height":11}},{"id":"634f33e6-9cd8-43bd-ad01-256a3309c51d","block_type":"box","text":"In accordance with standard industry practice when","page_number":25,"box":{"x":524,"y":774,"width":398,"height":11}},{"id":"6816d4dd-f860-4efe-badd-933394643712","block_type":"box","text":"purchasing derivatives, a Sub-Fund may be required","page_number":25,"box":{"x":524,"y":788,"width":398,"height":11}},{"id":"71f14852-fd56-4c78-9c92-7c0444a25fef","block_type":"box","text":"to secure its obligations to its counterparty. For non","page_number":25,"box":{"x":523,"y":802,"width":400,"height":11}},{"id":"7e7bae84-843d-4f8a-92dc-7dc82c9d1ebb","block_type":"box","text":"fully funded derivatives, this may involve the placing of","page_number":25,"box":{"x":523,"y":815,"width":400,"height":11}},{"id":"ae7c9a0f-1dc3-4509-8a11-bd2d3f19dc69","block_type":"box","text":"initial and/or variation margin assets with the","page_number":25,"box":{"x":524,"y":829,"width":399,"height":11}},{"id":"141a279f-0057-4fac-b995-1ae964290517","block_type":"box","text":"counterparty. For derivatives which require a Sub","page_number":25,"box":{"x":523,"y":842,"width":399,"height":12}},{"id":"de8006e3-fd2d-438a-a845-17ff5bd7bc00","block_type":"box","text":"Fund to place initial margin assets with a counterparty,","page_number":25,"box":{"x":524,"y":856,"width":398,"height":11}},{"id":"805a23d0-1ff3-411f-baf0-9a603dd6e49d","block_type":"box","text":"such assets may not be segregated from the","page_number":25,"box":{"x":523,"y":870,"width":400,"height":11}},{"id":"7ab6be0a-3bf0-4bb7-af63-d55c2ea7b4c5","block_type":"box","text":"counterparty's own assets and, being freely","page_number":25,"box":{"x":523,"y":884,"width":400,"height":11}},{"id":"918b1d73-6123-47ab-88ea-a1f5f3282717","block_type":"box","text":"exchangeable and replaceable, that Sub-Fund may","page_number":25,"box":{"x":523,"y":897,"width":400,"height":11}},{"id":"6f3a2cb5-3be7-46b0-b2d1-9d5843a8bd71","block_type":"box","text":"have a right to the return of equivalent assets rather","page_number":25,"box":{"x":524,"y":911,"width":399,"height":11}},{"id":"26e9aa7d-aba1-4009-a917-ddc20a597d62","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 26","page_number":26,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"19cea8ea-093f-4b37-9b05-e6a2fbc0375d","block_type":"box","text":"than the original margin assets deposited with the","page_number":26,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"5cddb3ce-7694-4aef-88bd-1c6d496c0f2c","block_type":"box","text":"counterparty. These deposits or assets may exceed","page_number":26,"box":{"x":62,"y":60,"width":399,"height":11}},{"id":"2c0a711b-d5e5-40ea-9f65-120271f0a3f2","block_type":"box","text":"the value of the relevant Sub-Fund's obligations to the","page_number":26,"box":{"x":62,"y":73,"width":399,"height":11}},{"id":"69082a58-7383-4c2e-a86b-59c8705e58d4","block_type":"box","text":"counterparty in the event that the counterparty","page_number":26,"box":{"x":62,"y":87,"width":400,"height":11}},{"id":"b1553a07-ef5d-4f53-b23c-0f58c5d0321a","block_type":"box","text":"requires excess margin or collateral. In addition, as the","page_number":26,"box":{"x":63,"y":100,"width":398,"height":12}},{"id":"edfa2e27-26dc-4b80-a75d-75df1df73c78","block_type":"box","text":"terms of a derivative may provide for one counterparty","page_number":26,"box":{"x":62,"y":114,"width":400,"height":11}},{"id":"6873540c-f198-4bdb-bb71-9b03b01b7d7e","block_type":"box","text":"to provide collateral to the other counterparty to cover","page_number":26,"box":{"x":62,"y":128,"width":400,"height":11}},{"id":"0031d634-96cd-467c-80b0-5b9edc810158","block_type":"box","text":"the variation margin exposure arising under the","page_number":26,"box":{"x":62,"y":142,"width":399,"height":11}},{"id":"ce0fc5b6-d17c-4f3f-ab1b-8caa5a128fb1","block_type":"box","text":"derivative only if a minimum transfer amount is","page_number":26,"box":{"x":62,"y":155,"width":399,"height":11}},{"id":"4a76054a-4c23-41b3-a417-a4b954723fef","block_type":"box","text":"triggered, a Sub-Fund may have an uncollateralised","page_number":26,"box":{"x":62,"y":169,"width":399,"height":11}},{"id":"d71349f5-30fd-47aa-bd60-0889cc07f88f","block_type":"box","text":"risk exposure to a counterparty under a derivative up","page_number":26,"box":{"x":63,"y":182,"width":398,"height":11}},{"id":"69a422aa-6572-40c5-807d-15b4aa587a35","block_type":"box","text":"to such minimum transfer amount.","page_number":26,"box":{"x":62,"y":196,"width":252,"height":9}},{"id":"4b334e91-c1b1-4897-bcfc-76cb0ddaeb74","block_type":"box","text":"Derivative contracts can be highly volatile, and the","page_number":26,"box":{"x":63,"y":216,"width":398,"height":11}},{"id":"cb57d3da-bcde-462f-b126-9cf289cfd9ad","block_type":"box","text":"amount of initial margin is generally small relative to","page_number":26,"box":{"x":62,"y":229,"width":399,"height":11}},{"id":"3fbc9c0f-d95b-4e46-84e0-336bfa695aea","block_type":"box","text":"the size of the contract so that transactions may be","page_number":26,"box":{"x":62,"y":243,"width":399,"height":11}},{"id":"29c08438-bbfe-47b6-bd62-ddc5e879e719","block_type":"box","text":"leveraged in terms of market exposure. A relatively","page_number":26,"box":{"x":62,"y":257,"width":400,"height":11}},{"id":"755a71b9-ff4b-4126-9b71-43558fcf3480","block_type":"box","text":"small market movement may have a potentially larger","page_number":26,"box":{"x":62,"y":270,"width":400,"height":11}},{"id":"6dd138e9-71f3-4722-bb01-56b835cf963d","block_type":"box","text":"impact on derivatives than on standard bonds or","page_number":26,"box":{"x":62,"y":284,"width":400,"height":11}},{"id":"60715b66-1ca2-4aee-9698-f0eeb73ae260","block_type":"box","text":"equities and leveraged positions can therefore","page_number":26,"box":{"x":62,"y":297,"width":400,"height":12}},{"id":"217240ca-f162-42b3-ac4f-7bb90d0c8cc1","block_type":"box","text":"increase Sub-Fund volatility. Whilst the Sub-Funds will","page_number":26,"box":{"x":62,"y":311,"width":399,"height":11}},{"id":"b5db2259-5de6-494a-96be-2d5605aba830","block_type":"box","text":"not borrow money to leverage they may for example","page_number":26,"box":{"x":62,"y":325,"width":399,"height":11}},{"id":"ab9e9ac7-c502-4d48-aebc-dfa27adaf56c","block_type":"box","text":"take synthetic short positions through derivatives to","page_number":26,"box":{"x":62,"y":339,"width":399,"height":11}},{"id":"c18a3e6c-e738-4e46-8edd-f01e895e4961","block_type":"box","text":"adjust their exposure, always within the restrictions","page_number":26,"box":{"x":62,"y":352,"width":399,"height":11}},{"id":"c1006a87-32d1-4ee2-a791-11154680ba9e","block_type":"box","text":"provided for in Appendix 6.","page_number":26,"box":{"x":62,"y":366,"width":198,"height":11}},{"id":"6886fd59-9023-4a2c-af26-22896b01335c","block_type":"box","text":"Certain Sub-Funds may enter into long positions","page_number":26,"box":{"x":62,"y":385,"width":399,"height":12}},{"id":"03ca2989-d969-40e4-8d4f-7d0f81e1483c","block_type":"box","text":"executed using derivatives such as futures positions","page_number":26,"box":{"x":62,"y":399,"width":399,"height":11}},{"id":"9fc2a0a2-31f5-4f30-a818-a49fbae7b5f4","block_type":"box","text":"including currency forwards. Additional risks","page_number":26,"box":{"x":62,"y":413,"width":400,"height":11}},{"id":"0396dd43-6c3c-4345-b2de-bf2354ff116c","block_type":"box","text":"associated with investing in derivatives may include a","page_number":26,"box":{"x":62,"y":427,"width":400,"height":11}},{"id":"2e6d8302-5fc9-4583-86ff-f287017794c1","block_type":"box","text":"counterparty breaching its obligations to provide","page_number":26,"box":{"x":62,"y":440,"width":399,"height":11}},{"id":"80fff975-10c8-499c-bbf5-b4449d083e1d","block_type":"box","text":"collateral, or due to operational issues (such as time","page_number":26,"box":{"x":62,"y":454,"width":399,"height":11}},{"id":"91f228d7-ed0e-4d0a-a328-bc08d6ae2c4f","block_type":"box","text":"gaps between the calculation of risk exposure to a","page_number":26,"box":{"x":62,"y":467,"width":400,"height":12}},{"id":"062c77c6-d758-426c-a062-17c36454a06f","block_type":"box","text":"counterparty's provision of additional collateral or","page_number":26,"box":{"x":62,"y":481,"width":400,"height":11}},{"id":"32b7fac9-4c2c-448e-b91f-e5e5297a1c4d","block_type":"box","text":"substitutions of collateral or the sale of collateral in the","page_number":26,"box":{"x":62,"y":495,"width":399,"height":8}},{"id":"a58efc80-2659-48dd-91f4-228bc6c702f8","block_type":"box","text":"event of a default by a counterparty), there may be","page_number":26,"box":{"x":62,"y":508,"width":399,"height":11}},{"id":"a2a11d3e-3382-4996-b336-3bbdba396537","block_type":"box","text":"instances where a Sub-Fund's credit exposure to its","page_number":26,"box":{"x":62,"y":522,"width":399,"height":11}},{"id":"c8e4345c-e5d5-4fa6-a18c-d9c2498c8308","block_type":"box","text":"counterparty under a derivative contract is not fully","page_number":26,"box":{"x":62,"y":536,"width":400,"height":11}},{"id":"bd02a193-d159-4868-a145-930b70bcdd0a","block_type":"box","text":"collateralised but each Sub-Fund will continue to","page_number":26,"box":{"x":62,"y":549,"width":399,"height":9}},{"id":"10d0c0ab-e3b0-4ff7-90fa-f6571d098ca3","block_type":"box","text":"observe the limits set out in Appendix 6. The use of","page_number":26,"box":{"x":62,"y":563,"width":400,"height":11}},{"id":"628bfb54-1d2e-49ad-8800-a2ac306a756c","block_type":"box","text":"derivatives may also expose a Sub-Fund to legal risk,","page_number":26,"box":{"x":62,"y":577,"width":399,"height":11}},{"id":"1f263631-ee1a-4fc5-9c19-9f79e3e7e58e","block_type":"box","text":"which is the risk of loss resulting from changing laws","page_number":26,"box":{"x":62,"y":590,"width":399,"height":11}},{"id":"083cc1f6-c51f-4507-94ad-053258ca1869","block_type":"box","text":"or from the unexpected application of a law or","page_number":26,"box":{"x":62,"y":604,"width":400,"height":11}},{"id":"763cb3af-2fcc-46dc-8b60-8b46bbeb5e3d","block_type":"box","text":"regulation, or because a court declares a contract not","page_number":26,"box":{"x":63,"y":618,"width":399,"height":11}},{"id":"e9abe306-3cce-41e8-b24d-bf7dc52e7a43","block_type":"box","text":"legally enforceable.","page_number":26,"box":{"x":62,"y":631,"width":142,"height":11}},{"id":"7b336d14-33e7-44a8-b247-69776bec04b2","block_type":"box","text":"Sub-Funds may use derivatives to facilitate complex","page_number":26,"box":{"x":62,"y":651,"width":400,"height":11}},{"id":"b170980a-02f6-4281-bb12-09bb3b0d05e2","block_type":"box","text":"management techniques. This may involve:","page_number":26,"box":{"x":62,"y":665,"width":321,"height":11}},{"id":"192a59f4-cc7a-4007-94d5-112c0932d540","block_type":"box","text":"(i) using swap contracts to hedge interest rate","page_number":26,"box":{"x":93,"y":684,"width":368,"height":11}},{"id":"d335f4ba-6c88-4e88-8e58-bbe8d296a638","block_type":"box","text":"risk;","page_number":26,"box":{"x":141,"y":698,"width":28,"height":10}},{"id":"5c41050d-1fe0-40e7-9616-cc27b282e11d","block_type":"box","text":"(ii) using currency derivatives to buy or sell","page_number":26,"box":{"x":93,"y":717,"width":368,"height":12}},{"id":"e519c5f1-798d-41ff-89e5-a3d7fe738a13","block_type":"box","text":"currency risk;","page_number":26,"box":{"x":140,"y":731,"width":98,"height":11}},{"id":"af1803c9-d7e3-49d6-8b3d-27efb8efa4fc","block_type":"box","text":"(iii) buying and selling options for investment","page_number":26,"box":{"x":93,"y":750,"width":369,"height":12}},{"id":"d59824f6-342b-4bdd-bcd4-096a98852a94","block_type":"box","text":"purposes;","page_number":26,"box":{"x":140,"y":766,"width":71,"height":9}},{"id":"a1fd2c92-091d-4b03-9d1d-b7824e276c47","block_type":"box","text":"(iv) using credit default swaps to buy or sell","page_number":26,"box":{"x":93,"y":784,"width":368,"height":11}},{"id":"b83ab296-6378-434e-bb99-a892fec40614","block_type":"box","text":"credit risk;","page_number":26,"box":{"x":140,"y":798,"width":74,"height":10}},{"id":"f1ecf0bc-8966-4355-8b81-46fe3ec581be","block_type":"box","text":"(v) using volatility derivatives to adjust volatility","page_number":26,"box":{"x":93,"y":817,"width":369,"height":11}},{"id":"1b02191d-3c5b-40b9-8c02-2b2aae7f910c","block_type":"box","text":"risk;","page_number":26,"box":{"x":141,"y":831,"width":28,"height":10}},{"id":"b159eb1e-aefb-4c7b-a739-90af6b7cd622","block_type":"box","text":"(vi) using contracts for difference to gain market","page_number":26,"box":{"x":93,"y":850,"width":369,"height":11}},{"id":"c9d46f7b-96cd-4c27-b447-f955db602669","block_type":"box","text":"exposure;","page_number":26,"box":{"x":140,"y":866,"width":71,"height":9}},{"id":"df48e07e-3268-48e2-8ef6-e1bff873af5a","block_type":"box","text":"(vii) using synthetic short positions to take","page_number":26,"box":{"x":93,"y":884,"width":368,"height":11}},{"id":"8f1a1e38-8e49-490e-b009-9aaa9691e66d","block_type":"box","text":"advantage of any negative investment","page_number":26,"box":{"x":140,"y":897,"width":322,"height":11}},{"id":"5c0aca65-e35e-4c21-8beb-b387d3e099e8","block_type":"box","text":"views; and","page_number":26,"box":{"x":139,"y":911,"width":79,"height":10}},{"id":"b6bb6c65-ac19-48d6-aa7a-9c43b5ab1f25","block_type":"box","text":"(viii) using synthetic long positions to gain market","page_number":26,"box":{"x":554,"y":46,"width":369,"height":11}},{"id":"3a6b46a0-02a0-46a7-8c4c-9840b851841a","block_type":"box","text":"exposure.","page_number":26,"box":{"x":601,"y":62,"width":72,"height":8}},{"id":"0c7c283c-6eb1-46fe-8e99-e3846ce7c5df","block_type":"box","text":"Market leverage obtained through derivatives is","page_number":26,"box":{"x":524,"y":79,"width":399,"height":11}},{"id":"d5440657-568f-485e-b5ed-fca0682458d7","block_type":"box","text":"expressed through a Sub-Fund's gross market","page_number":26,"box":{"x":523,"y":93,"width":400,"height":11}},{"id":"7b41978d-c638-462f-8cab-76eb68cabbde","block_type":"box","text":"exposure to the underlying reference assets of the","page_number":26,"box":{"x":523,"y":106,"width":400,"height":12}},{"id":"b4a698f0-d5f6-4d59-a19f-c448abdcccb6","block_type":"box","text":"derivatives contracts. Gross market exposure may","page_number":26,"box":{"x":523,"y":120,"width":400,"height":11}},{"id":"2fed07ed-e823-46c6-9a80-918e4d5203f3","block_type":"box","text":"vary although, a Sub-Fund's global exposure, which is","page_number":26,"box":{"x":523,"y":134,"width":400,"height":11}},{"id":"dd851c69-43d3-4da3-958c-4683eb1e7a81","block_type":"box","text":"the aggregate sum of its obligations under the","page_number":26,"box":{"x":523,"y":147,"width":400,"height":11}},{"id":"05913a77-b53f-4d4d-ba09-9cfe4aed41fa","block_type":"box","text":"derivative contracts, shall not exceed the total net","page_number":26,"box":{"x":523,"y":161,"width":400,"height":10}},{"id":"40bb2eec-2605-4ec4-b043-c2336bb00791","block_type":"box","text":"value of the Sub-Fund. Furthermore, a Sub-Fund's","page_number":26,"box":{"x":523,"y":174,"width":400,"height":11}},{"id":"dea6357d-3d59-4687-b0b0-e6c48e86bae4","block_type":"box","text":"overall risk exposure will remain within the limits","page_number":26,"box":{"x":523,"y":188,"width":400,"height":11}},{"id":"b49f5e73-e201-40fa-bc77-d09c9cec6146","block_type":"box","text":"imposed by the COLL Sourcebook, as further","page_number":26,"box":{"x":524,"y":202,"width":399,"height":11}},{"id":"5a517170-e367-46e8-94d1-7c9f0025450f","block_type":"box","text":"described in Appendix 6. The ACS Manager's current","page_number":26,"box":{"x":523,"y":215,"width":400,"height":12}},{"id":"5d5446c6-c131-4bc6-aa5f-948cbb07da91","block_type":"box","text":"policy concerning the use of derivatives to gain market","page_number":26,"box":{"x":524,"y":229,"width":399,"height":11}},{"id":"1e664453-43f0-45be-b7db-d72f25bef497","block_type":"box","text":"leverage is disclosed within the relevant product","page_number":26,"box":{"x":524,"y":243,"width":399,"height":11}},{"id":"4e3efd27-d57a-451a-a953-f8db9686e3b3","block_type":"box","text":"literature which is available on request.","page_number":26,"box":{"x":524,"y":257,"width":287,"height":11}},{"id":"7e2ea005-b6c3-4868-8549-23a74ecdd5fe","block_type":"box","text":"Where derivative instruments are used in this manner","page_number":26,"box":{"x":523,"y":276,"width":400,"height":9}},{"id":"aa5bb929-af08-4ebd-82ea-8a6a73c1304c","block_type":"box","text":"the overall risk profile of a Sub-Fund may be","page_number":26,"box":{"x":523,"y":290,"width":400,"height":11}},{"id":"71ed850d-8869-4f2a-897a-0689bb16015f","block_type":"box","text":"increased. The ACS Manager uses a risk","page_number":26,"box":{"x":524,"y":303,"width":399,"height":12}},{"id":"9f8e2b50-abc9-4ccb-bdb8-bad505e4c18d","block_type":"box","text":"management process, to monitor and measure as","page_number":26,"box":{"x":524,"y":317,"width":399,"height":11}},{"id":"16f6d7b6-134b-4f01-ab07-9651b3e60665","block_type":"box","text":"frequently as appropriate the risk of a Sub-Fund's","page_number":26,"box":{"x":523,"y":331,"width":400,"height":11}},{"id":"bb3d84c2-1aae-4e03-9a3a-27ce23edbb67","block_type":"box","text":"portfolio and contribution of the underlying investments","page_number":26,"box":{"x":524,"y":344,"width":399,"height":12}},{"id":"da8605c8-e455-4d8e-a7de-65541c30c57c","block_type":"box","text":"to the overall risk profile of the Sub-Fund.","page_number":26,"box":{"x":523,"y":358,"width":305,"height":11}},{"id":"cfff04d7-0e6a-455a-8339-6f9f0501bfe0","block_type":"box","text":"Where consistent with its investment objectives and","page_number":26,"box":{"x":523,"y":378,"width":399,"height":11}},{"id":"9fe38949-05c6-4167-8b0e-1d2b45141f8b","block_type":"box","text":"policy a Sub-Fund may utilise, directly or indirectly (for","page_number":26,"box":{"x":524,"y":391,"width":399,"height":11}},{"id":"59db9f5d-7836-444c-bfd6-184f6bcef58b","block_type":"box","text":"example through investment in another fund) a variety","page_number":26,"box":{"x":523,"y":405,"width":400,"height":11}},{"id":"59dc2e68-995a-4de3-96c5-0d930b5a91ed","block_type":"box","text":"of exchange traded and OTC derivative instruments","page_number":26,"box":{"x":523,"y":418,"width":400,"height":12}},{"id":"c9cff51c-3793-455c-90f8-d8f5f29906ee","block_type":"box","text":"including, call options, put options, stock index options,","page_number":26,"box":{"x":524,"y":432,"width":398,"height":11}},{"id":"bc1e28cd-9826-4b7d-a8f0-105ef417d5c9","block_type":"box","text":"credit default swaps, credit linked notes, equity default","page_number":26,"box":{"x":523,"y":446,"width":400,"height":11}},{"id":"15dcfdb0-6542-44e8-ba7e-bd7014a06548","block_type":"box","text":"swaps, SFTs, TRSs, asset swaps, interest rate swaps,","page_number":26,"box":{"x":523,"y":460,"width":399,"height":11}},{"id":"1373d57e-e813-4405-9090-940f419e8de5","block_type":"box","text":"contracts for difference, swaptions, warrants, forward","page_number":26,"box":{"x":523,"y":473,"width":399,"height":11}},{"id":"3ded21b1-bc17-4311-9449-c6c84beff510","block_type":"box","text":"contracts and future contracts, for hedging purposes","page_number":26,"box":{"x":523,"y":487,"width":400,"height":11}},{"id":"7c5513ae-3a3f-43a0-b35b-6cb2d1dbbd20","block_type":"box","text":"and to reduce risk. Please see Appendix 1 for the","page_number":26,"box":{"x":523,"y":501,"width":400,"height":11}},{"id":"32ffb181-eda3-4ce6-a47c-ad21277624de","block_type":"box","text":"derivative instruments utilised by each Sub-Fund.","page_number":26,"box":{"x":523,"y":514,"width":365,"height":11}},{"id":"be2b8374-699f-4a45-ad5e-c8b4630ed36e","block_type":"box","text":"Losses in excess of the amount invested may be","page_number":26,"box":{"x":524,"y":534,"width":399,"height":11}},{"id":"43951dbd-db59-45f8-a9a5-9100e69fad61","block_type":"box","text":"incurred from investment in such derivative","page_number":26,"box":{"x":524,"y":547,"width":399,"height":9}},{"id":"39c78bd9-edaf-4466-830f-70c04bf03589","block_type":"box","text":"instruments due to low margin deposits creating","page_number":26,"box":{"x":524,"y":561,"width":398,"height":11}},{"id":"665fcc0a-6334-4119-8f81-6f6a9d6e34d3","block_type":"box","text":"leverage which is typically associated with investment","page_number":26,"box":{"x":524,"y":575,"width":399,"height":11}},{"id":"706aa8a6-16b3-4055-8a8b-aad4615206dc","block_type":"box","text":"in such instruments. These instruments may be","page_number":26,"box":{"x":524,"y":589,"width":399,"height":11}},{"id":"31a7a567-9cb3-4df1-852c-76b73e892b5b","block_type":"box","text":"sensitive to small price movements, may be","page_number":26,"box":{"x":523,"y":602,"width":400,"height":11}},{"id":"44a83e06-ba45-484c-a14b-f82d72c46d2e","block_type":"box","text":"considered illiquid and could be difficult to price under","page_number":26,"box":{"x":523,"y":616,"width":400,"height":11}},{"id":"dc0f36de-e9d5-4df8-98bf-aa4dddb3ed3e","block_type":"box","text":"certain market conditions.","page_number":26,"box":{"x":523,"y":630,"width":190,"height":8}},{"id":"ee4e4c5a-04e6-41c0-a507-745f1bdc3ce5","block_type":"box","text":"(iii)","page_number":26,"box":{"x":524,"y":649,"width":20,"height":11}},{"id":"73f04414-7b26-4aa4-b499-bd9ddf09d3b8","block_type":"box","text":"Derivative Strategies","page_number":26,"box":{"x":584,"y":649,"width":166,"height":11}},{"id":"4cf2a024-fefb-4feb-865a-3aa2cae1532c","block_type":"box","text":"A Sub-Fund’s exposure to derivative strategies will","page_number":26,"box":{"x":523,"y":668,"width":399,"height":12}},{"id":"9e478958-be3c-45c4-b1db-96ed64320e5f","block_type":"box","text":"mainly be obtained directly or indirectly through","page_number":26,"box":{"x":524,"y":682,"width":398,"height":11}},{"id":"28eb60fb-3e76-4da9-8ac1-7f99b55bbc6d","block_type":"box","text":"related: (i) transferable securities and money market","page_number":26,"box":{"x":524,"y":696,"width":399,"height":11}},{"id":"330d81d3-9cb1-4a93-aa78-2d4b36aafcbc","block_type":"box","text":"instruments; (ii) units of closed-ended investment","page_number":26,"box":{"x":524,"y":710,"width":399,"height":11}},{"id":"9a14efa0-be5b-4a94-89e7-4c3fa84c0910","block_type":"box","text":"companies; (iii) financial instruments linked or backed","page_number":26,"box":{"x":523,"y":723,"width":399,"height":11}},{"id":"385c0623-a920-4823-ac16-2a908f32ecc6","block_type":"box","text":"to the performance of underlying financial instruments;","page_number":26,"box":{"x":523,"y":737,"width":399,"height":11}},{"id":"d386fc3b-60cc-4526-bc4c-26197ca687ad","block_type":"box","text":"(iv) UCITS and/or other undertakings for collective","page_number":26,"box":{"x":524,"y":750,"width":399,"height":12}},{"id":"148c224b-6db4-43aa-8a97-ba521d9b90f1","block_type":"box","text":"investment investing in these strategies and financial","page_number":26,"box":{"x":524,"y":764,"width":398,"height":11}},{"id":"7998f22c-5b7a-4384-85f9-d90c0356ce10","block_type":"box","text":"instruments; and (v) financial derivatives instruments","page_number":26,"box":{"x":524,"y":778,"width":399,"height":11}},{"id":"2087f9f1-c307-4b37-86b9-3bf7ed4a0387","block_type":"box","text":"on these financial instruments.","page_number":26,"box":{"x":523,"y":792,"width":225,"height":8}},{"id":"bd73c193-5d05-491b-b4f6-7bee75661e75","block_type":"box","text":"The strategies may involve a degree of illiquidity (see","page_number":26,"box":{"x":523,"y":811,"width":400,"height":11}},{"id":"122e673c-622f-4ceb-ae30-a6e2a537ec9a","block_type":"box","text":"‘Liquidity Risk’) as well as a potentially high level of","page_number":26,"box":{"x":524,"y":825,"width":399,"height":11}},{"id":"a061e74c-f096-46ed-a75c-f4643bd97c74","block_type":"box","text":"leverage, and be represented by physical and/or","page_number":26,"box":{"x":524,"y":838,"width":399,"height":12}},{"id":"696fcef5-e41e-4f16-a1ef-f955570a91ab","block_type":"box","text":"synthetic short selling. Their magnitude will depend on","page_number":26,"box":{"x":523,"y":852,"width":399,"height":11}},{"id":"552b6fd3-f593-4d5c-bec1-957752eac35d","block_type":"box","text":"the exposure taken by the relevant Sub-Fund and","page_number":26,"box":{"x":523,"y":866,"width":399,"height":11}},{"id":"a22a506d-dabb-4ddb-8ba1-2de24f8e7356","block_type":"box","text":"certain or unexpected market conditions.","page_number":26,"box":{"x":523,"y":880,"width":301,"height":11}},{"id":"046062eb-9ace-479b-a5e7-235225f5c999","block_type":"box","text":"(iv)","page_number":26,"box":{"x":524,"y":899,"width":21,"height":11}},{"id":"d04531d8-a707-450a-be66-464eb422010b","block_type":"box","text":"Forward Contracts","page_number":26,"box":{"x":584,"y":899,"width":149,"height":9}},{"id":"20ca0b32-010b-473a-b53d-c55f6112d9c7","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 27","page_number":27,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"ff79f1dc-2dfe-4ceb-b29b-26217c567a44","block_type":"box","text":"The ACS Manager or its delegates may enter into","page_number":27,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"be063f70-9c6b-478e-b83d-88e46cefb392","block_type":"box","text":"forward contracts and options on behalf of a Sub-Fund","page_number":27,"box":{"x":62,"y":59,"width":399,"height":11}},{"id":"98020d62-d2ea-4934-a0f6-e262fe50a751","block_type":"box","text":"which are not traded on exchanges and are generally","page_number":27,"box":{"x":62,"y":73,"width":400,"height":11}},{"id":"712e69f3-1afb-4f7f-aba4-000cd01d6b75","block_type":"box","text":"not regulated. There are no limitations on daily price","page_number":27,"box":{"x":62,"y":87,"width":399,"height":11}},{"id":"55c271f5-1a0f-4efb-a975-031357f9052b","block_type":"box","text":"moves of forward contracts. Counterparties with whom","page_number":27,"box":{"x":62,"y":100,"width":399,"height":11}},{"id":"1c378de7-4c6c-4570-8389-c28f49555ca1","block_type":"box","text":"a Sub-Fund may maintain accounts may require a","page_number":27,"box":{"x":62,"y":114,"width":400,"height":11}},{"id":"dad4227f-d958-4420-9eb5-a126d555cb09","block_type":"box","text":"Sub-Fund to deposit margin with respect to such","page_number":27,"box":{"x":62,"y":128,"width":399,"height":11}},{"id":"5ee661da-7d9c-4080-b009-8af62a8298ef","block_type":"box","text":"trading, although margin requirements are often","page_number":27,"box":{"x":62,"y":141,"width":399,"height":12}},{"id":"548d46cb-2c48-4457-a1cd-6203eb920447","block_type":"box","text":"minimal or non-existent. A Sub-Fund’s counterparties","page_number":27,"box":{"x":62,"y":155,"width":399,"height":11}},{"id":"6fa32bdc-96d0-4fd6-ab3d-9aeebc73a8d8","block_type":"box","text":"are not required to continue to make markets in such","page_number":27,"box":{"x":62,"y":169,"width":399,"height":11}},{"id":"ccd230d9-3a78-49be-b313-3d50be01201e","block_type":"box","text":"contracts and these contracts can experience periods","page_number":27,"box":{"x":62,"y":182,"width":399,"height":11}},{"id":"64d8f145-1e9d-4b9f-bb54-8cef11721bc5","block_type":"box","text":"of illiquidity, sometimes of significant duration (see","page_number":27,"box":{"x":62,"y":196,"width":399,"height":11}},{"id":"533730f8-27c8-4db9-affc-4cb402a65359","block_type":"box","text":"‘Liquidity Risk’). There have been periods during which","page_number":27,"box":{"x":62,"y":210,"width":399,"height":11}},{"id":"8c29ef91-94df-41c7-8796-0ba549cbcea5","block_type":"box","text":"certain counterparties have refused to continue to","page_number":27,"box":{"x":62,"y":223,"width":399,"height":11}},{"id":"7136a39b-5483-4e39-a176-c308d51e7c41","block_type":"box","text":"quote prices for forward contracts or have quoted","page_number":27,"box":{"x":62,"y":237,"width":399,"height":11}},{"id":"0305ce41-14e0-4ac5-a58b-609dc8daba92","block_type":"box","text":"prices with an unusually wide spread (the difference","page_number":27,"box":{"x":62,"y":251,"width":399,"height":11}},{"id":"7922863a-1df7-4396-a19a-8c70b6c88dcf","block_type":"box","text":"between the price at which the counterparty is","page_number":27,"box":{"x":62,"y":264,"width":399,"height":11}},{"id":"b9802368-7045-4e5a-8d1a-6bb11a528594","block_type":"box","text":"prepared to buy and that at which it is prepared to sell).","page_number":27,"box":{"x":62,"y":278,"width":398,"height":11}},{"id":"2422266f-bb6d-4c38-803b-17b675f0d03d","block_type":"box","text":"Arrangements to trade forward contracts may be made","page_number":27,"box":{"x":62,"y":292,"width":399,"height":11}},{"id":"ecaabe16-6044-4ad2-ab2f-d2205d9d1ef7","block_type":"box","text":"with only one or a few counterparties, which potentially","page_number":27,"box":{"x":62,"y":305,"width":400,"height":11}},{"id":"c3489219-5d02-42f6-ba95-e15871363558","block_type":"box","text":"reduces liquidity (see ‘Liquidity Risk’). The imposition","page_number":27,"box":{"x":63,"y":319,"width":398,"height":11}},{"id":"9e4de595-7363-4f73-aa5f-171acc18e924","block_type":"box","text":"of credit controls by governmental authorities might","page_number":27,"box":{"x":62,"y":333,"width":400,"height":11}},{"id":"20247e30-5e24-405d-ad2c-118f1d73bb40","block_type":"box","text":"limit such forward trading to less than that which the","page_number":27,"box":{"x":62,"y":346,"width":399,"height":11}},{"id":"009c0127-6e75-4d04-b8fb-da7e7d1cb1ac","block_type":"box","text":"ACS Manager would otherwise recommend, to the","page_number":27,"box":{"x":62,"y":360,"width":399,"height":11}},{"id":"21894818-1965-4701-8cb5-9a985e3672d6","block_type":"box","text":"possible detriment of a Sub-Fund (see ‘Legal and","page_number":27,"box":{"x":62,"y":373,"width":399,"height":12}},{"id":"c320e7d1-ab1b-4ac8-b0a8-d75c496215ba","block_type":"box","text":"Regulatory Risk’). Additionally, disruptions can occur","page_number":27,"box":{"x":63,"y":387,"width":399,"height":11}},{"id":"0ce4f883-335f-447f-85e6-cfbc1b08fb74","block_type":"box","text":"in any market traded by a Sub-Fund due to unusually","page_number":27,"box":{"x":62,"y":401,"width":400,"height":11}},{"id":"d137ba00-e1cc-4590-863b-e43a9a8974a0","block_type":"box","text":"high trading volume, political intervention or other","page_number":27,"box":{"x":62,"y":415,"width":400,"height":11}},{"id":"e5820f6e-70cb-418b-9b96-b83d1eb01f19","block_type":"box","text":"factors. Market illiquidity or disruption could result in","page_number":27,"box":{"x":62,"y":428,"width":399,"height":11}},{"id":"4ce1de45-54c7-4c9e-81c1-b8e8cdc9cc95","block_type":"box","text":"major losses to a Sub-Fund. In addition, a Sub-Fund","page_number":27,"box":{"x":62,"y":442,"width":399,"height":11}},{"id":"e3f40de7-be88-4daf-a272-981a42078172","block_type":"box","text":"may be exposed to credit risks with regard to","page_number":27,"box":{"x":62,"y":456,"width":399,"height":11}},{"id":"0527f332-0a73-40d3-a368-0d670649f9ab","block_type":"box","text":"counterparties with whom it trades as well as risks","page_number":27,"box":{"x":62,"y":469,"width":400,"height":11}},{"id":"1cd4268a-39bc-484c-9661-14813b3fafda","block_type":"box","text":"relating to settlement default (see ‘Credit Risk’,","page_number":27,"box":{"x":63,"y":483,"width":398,"height":11}},{"id":"c0a3abd6-d185-4e44-9f02-660235a2e8cd","block_type":"box","text":"‘Counterparty Risk’ and ‘Settlement Risk’). Such risks","page_number":27,"box":{"x":62,"y":496,"width":399,"height":12}},{"id":"b6e8db2b-ed43-41b2-8fc5-fc7c9a344a53","block_type":"box","text":"could result in substantial losses to a Sub-Fund.","page_number":27,"box":{"x":62,"y":510,"width":354,"height":9}},{"id":"aa384e44-8e8b-40df-989a-4bdf4bab2aac","block_type":"box","text":"(v)","page_number":27,"box":{"x":63,"y":530,"width":17,"height":11}},{"id":"c5f443ef-0153-4bcf-b636-427e86447ee9","block_type":"box","text":"Futures","page_number":27,"box":{"x":123,"y":530,"width":61,"height":9}},{"id":"a2366c57-5635-4aa8-8d89-e0be93dcb0d8","block_type":"box","text":"Futures are standardised contracts between two","page_number":27,"box":{"x":63,"y":549,"width":398,"height":9}},{"id":"33dd0adc-8e7f-43fa-aa34-281527a48c3b","block_type":"box","text":"parties to buy or sell a specified asset or index with a","page_number":27,"box":{"x":62,"y":563,"width":400,"height":11}},{"id":"72279175-4583-4c18-b1d0-85be11b38ac4","block_type":"box","text":"standardised quantity for a price agreed upon today","page_number":27,"box":{"x":62,"y":577,"width":400,"height":11}},{"id":"8aecaf29-b41e-4e21-b7c9-5401faeab198","block_type":"box","text":"with delivery and payment occurring at a future","page_number":27,"box":{"x":62,"y":590,"width":400,"height":11}},{"id":"9ea60ea2-3f36-424b-99f0-a4880b38e25e","block_type":"box","text":"delivery date.","page_number":27,"box":{"x":62,"y":604,"width":98,"height":11}},{"id":"a6ed4e3a-f422-4445-9f1a-9b05f20f33da","block_type":"box","text":"They are negotiated on an exchange acting as an","page_number":27,"box":{"x":62,"y":624,"width":399,"height":11}},{"id":"591c0cbd-7bfd-4220-8c27-f044c8933142","block_type":"box","text":"intermediary between parties.","page_number":27,"box":{"x":62,"y":637,"width":218,"height":11}},{"id":"e61d8dba-9e7a-48d0-be4e-dadbebea9236","block_type":"box","text":"A Sub-Fund may enter into futures transactions as","page_number":27,"box":{"x":62,"y":657,"width":399,"height":11}},{"id":"cf0223aa-15f3-448e-a19f-9fc89f7373b1","block_type":"box","text":"either the buyer or seller and may combine them to","page_number":27,"box":{"x":62,"y":671,"width":399,"height":11}},{"id":"ece2e6a4-86ba-4687-a6ae-4e6445e0529d","block_type":"box","text":"form a particular trading strategy as well as use futures","page_number":27,"box":{"x":62,"y":684,"width":399,"height":11}},{"id":"40274b32-d038-4e3c-a29f-23a91af929dd","block_type":"box","text":"for reducing an existing risk.","page_number":27,"box":{"x":62,"y":698,"width":207,"height":11}},{"id":"3acd2611-1930-4d88-a1ac-bf3bd35f3722","block_type":"box","text":"Futures positions may be illiquid (see ‘Liquidity Risk’)","page_number":27,"box":{"x":63,"y":717,"width":398,"height":11}},{"id":"3d48fe29-5b7c-4cb9-87ed-a6305e0148ec","block_type":"box","text":"because certain exchanges limit fluctuations in certain","page_number":27,"box":{"x":62,"y":731,"width":399,"height":11}},{"id":"3595a839-c9b8-4eb3-a65e-c12bbda15446","block_type":"box","text":"futures contract prices during a single day by","page_number":27,"box":{"x":62,"y":745,"width":400,"height":11}},{"id":"4b73613e-93a4-4636-b7bd-d5da7fd08164","block_type":"box","text":"regulations or an exchange or the Commodity Futures","page_number":27,"box":{"x":63,"y":758,"width":398,"height":12}},{"id":"df93e9cb-4168-4bb2-9583-d4fca2ff6a46","block_type":"box","text":"Trading Commission may suspend trading in a","page_number":27,"box":{"x":62,"y":772,"width":400,"height":11}},{"id":"70207e79-09ff-4db9-9e13-1597ba6c283d","block_type":"box","text":"particular contract, order immediate liquidation and","page_number":27,"box":{"x":62,"y":786,"width":399,"height":11}},{"id":"01dc9afb-7a2f-4a33-8021-604d6921dc73","block_type":"box","text":"settlement of a particular contract, or order that trading","page_number":27,"box":{"x":62,"y":799,"width":399,"height":11}},{"id":"70fd761f-02b7-4282-99a2-5a885a4fdfa7","block_type":"box","text":"in a particular contract be conducted for liquidation","page_number":27,"box":{"x":62,"y":813,"width":399,"height":11}},{"id":"88020c70-f0ce-45cc-8805-4096eb34c400","block_type":"box","text":"only.","page_number":27,"box":{"x":62,"y":827,"width":33,"height":11}},{"id":"b6f8721a-2c35-473b-b9aa-9cfe671f9fd7","block_type":"box","text":"Investments in futures may also involve the following","page_number":27,"box":{"x":63,"y":846,"width":398,"height":11}},{"id":"8744d454-ba7f-4296-beb4-d2a32efc02b5","block_type":"box","text":"non-exhaustive list of risks see ‘Market Risk’,","page_number":27,"box":{"x":62,"y":860,"width":398,"height":10}},{"id":"c16e02f5-b5a1-499b-a700-efac01c091b3","block_type":"box","text":"‘Settlement Risk’.","page_number":27,"box":{"x":62,"y":873,"width":128,"height":9}},{"id":"6ad9f883-97c9-4cb2-bbe6-187e6897d50d","block_type":"box","text":"(vi)","page_number":27,"box":{"x":63,"y":893,"width":21,"height":11}},{"id":"6d0a40db-49a9-419b-8cb0-8628d07fac1d","block_type":"box","text":"Hedging Techniques","page_number":27,"box":{"x":123,"y":893,"width":164,"height":11}},{"id":"2685538b-1d63-4329-a6e1-02a2bb477362","block_type":"box","text":"Hedging techniques could involve a variety of","page_number":27,"box":{"x":524,"y":46,"width":399,"height":11}},{"id":"f033175b-6e03-41fd-9462-60b705c2fb19","block_type":"box","text":"derivative transactions (see ‘Derivatives (General)’).","page_number":27,"box":{"x":523,"y":59,"width":399,"height":11}},{"id":"f0cc6346-1c09-4db0-8540-b619e06917c4","block_type":"box","text":"As a result, hedging techniques involve different risks","page_number":27,"box":{"x":523,"y":73,"width":400,"height":11}},{"id":"b5b29614-0cd7-446e-8a8e-e3cd62a38b5d","block_type":"box","text":"than those of underlying investments, including","page_number":27,"box":{"x":523,"y":87,"width":399,"height":11}},{"id":"0837dbb4-cb3f-4f4a-bd7d-ea36bf2cff52","block_type":"box","text":"liquidity risk and the potential for loss in excess of the","page_number":27,"box":{"x":524,"y":100,"width":399,"height":11}},{"id":"79bcb7d7-aa36-4a5e-a3b2-77f7fdc906e6","block_type":"box","text":"amount invested. In particular, the variable degree of","page_number":27,"box":{"x":523,"y":114,"width":400,"height":11}},{"id":"2e31223b-efe9-4507-bebb-f3f18061f076","block_type":"box","text":"correlation between price movements of hedging","page_number":27,"box":{"x":523,"y":128,"width":399,"height":11}},{"id":"b33a40e3-51d8-486d-88de-b9cdfeb5a519","block_type":"box","text":"instruments and price movements in the position being","page_number":27,"box":{"x":524,"y":142,"width":398,"height":11}},{"id":"da14ebdc-9419-4c63-b24a-517058b5ff3f","block_type":"box","text":"hedged creates the possibility that losses on the hedge","page_number":27,"box":{"x":524,"y":155,"width":399,"height":11}},{"id":"3fd8be6a-0850-4e64-a455-0312be42873c","block_type":"box","text":"may be greater than gains in the value of a Sub-Fund’s","page_number":27,"box":{"x":524,"y":169,"width":399,"height":11}},{"id":"75426600-34ce-4a9b-a09b-93611da9c001","block_type":"box","text":"positions. In addition, although the contemplated use","page_number":27,"box":{"x":524,"y":182,"width":399,"height":12}},{"id":"3ad7df8a-aee5-4ab0-b933-fc5366d2d585","block_type":"box","text":"of these techniques should minimise the risk of loss","page_number":27,"box":{"x":523,"y":196,"width":399,"height":11}},{"id":"13cf21f5-0309-43c5-b67f-af96c1bd0fe6","block_type":"box","text":"due to a decline in the value of the hedged position, at","page_number":27,"box":{"x":523,"y":210,"width":400,"height":11}},{"id":"4f89ecf9-c172-4986-b283-bea3e8ccc5bd","block_type":"box","text":"the same time they may limit any potential gains","page_number":27,"box":{"x":523,"y":223,"width":400,"height":12}},{"id":"b23f511e-0768-4ae4-807e-c27449201d14","block_type":"box","text":"resulting from an increase in the value of such","page_number":27,"box":{"x":524,"y":237,"width":398,"height":11}},{"id":"eaa49e60-93aa-4067-8975-c2d839cdd05d","block_type":"box","text":"positions. The ability of a Sub-Fund to hedge","page_number":27,"box":{"x":524,"y":250,"width":399,"height":12}},{"id":"1d965f7d-6ab3-4814-9cbe-1ca4f85ac289","block_type":"box","text":"successfully will depend on the ACS Manager's, or its","page_number":27,"box":{"x":523,"y":264,"width":400,"height":11}},{"id":"3e341788-6c7a-4c7e-b277-097a5e9df7c8","block_type":"box","text":"delegate’s, ability to predict pertinent market","page_number":27,"box":{"x":523,"y":278,"width":400,"height":11}},{"id":"47efcd6c-ddf7-4ef6-b159-79f46d5ee9e8","block_type":"box","text":"movements, and as a consequence there can be no","page_number":27,"box":{"x":524,"y":292,"width":399,"height":11}},{"id":"ac9b73c4-6337-4213-b001-92d2c6ead24a","block_type":"box","text":"assurance that hedging transactions will be successful","page_number":27,"box":{"x":523,"y":305,"width":399,"height":11}},{"id":"6a9ccf3d-8e68-469a-97c8-e04aea8cc654","block_type":"box","text":"in protecting against adverse market and/or currency","page_number":27,"box":{"x":524,"y":319,"width":399,"height":11}},{"id":"bdbe9c45-1b84-4178-a138-50a982dfcb2e","block_type":"box","text":"movements.","page_number":27,"box":{"x":524,"y":333,"width":89,"height":8}},{"id":"98ad3854-6cbf-4580-bbe2-283243e0d703","block_type":"box","text":"(vii)","page_number":27,"box":{"x":524,"y":352,"width":24,"height":11}},{"id":"f12c9a41-3a1d-4bdf-b639-ebb9adbe2de8","block_type":"box","text":"Investment in UCITS and/or Other","page_number":27,"box":{"x":584,"y":352,"width":341,"height":9}},{"id":"8b1bd50d-8d7a-4ae5-9380-a96297f22f9b","block_type":"box","text":"Collective Investment Schemes","page_number":27,"box":{"x":585,"y":366,"width":250,"height":9}},{"id":"2ef873fd-df11-4ed3-9b53-80b211325ab6","block_type":"box","text":"Where a Sub-Fund invests in other collective","page_number":27,"box":{"x":523,"y":385,"width":400,"height":9}},{"id":"6211b34f-2b3a-4b50-80c5-5d037231593e","block_type":"box","text":"investment schemes or exchange traded funds, it will","page_number":27,"box":{"x":524,"y":399,"width":398,"height":11}},{"id":"abc30ada-9138-43a0-93ab-a025df552a68","block_type":"box","text":"assume any specific risks associated with those","page_number":27,"box":{"x":523,"y":413,"width":400,"height":11}},{"id":"25f75d3b-0854-4839-95b4-f3226339c263","block_type":"box","text":"schemes or funds. Furthermore, there may be","page_number":27,"box":{"x":523,"y":426,"width":400,"height":12}},{"id":"bc68c5cd-2039-46c5-b3d9-3a6f23dae64f","block_type":"box","text":"additional costs to a Sub-Fund with this strategy,","page_number":27,"box":{"x":523,"y":440,"width":399,"height":11}},{"id":"90893a81-e70e-4113-9125-929ebd767344","block_type":"box","text":"arising out of the double charging incurred, as the","page_number":27,"box":{"x":523,"y":454,"width":400,"height":11}},{"id":"6fcf488e-cf4e-4eef-980b-13294813b918","block_type":"box","text":"underlying schemes can also have initial or entry","page_number":27,"box":{"x":524,"y":467,"width":399,"height":12}},{"id":"920b8010-e54d-4352-a539-3195fc5afd27","block_type":"box","text":"charges and annual management charges plus","page_number":27,"box":{"x":523,"y":481,"width":400,"height":11}},{"id":"1377f2c0-142d-4d88-a4cf-d23b0f3e26ef","block_type":"box","text":"additional attributable expenses. The charges levied","page_number":27,"box":{"x":523,"y":495,"width":399,"height":11}},{"id":"56de5abe-56b9-4e77-989d-703153488286","block_type":"box","text":"by both the Scheme and the underlying scheme in","page_number":27,"box":{"x":524,"y":508,"width":398,"height":11}},{"id":"f9744910-8cc5-48d6-96e1-26211c941df1","block_type":"box","text":"which a Sub-Fund invests, will indirectly affect a","page_number":27,"box":{"x":523,"y":522,"width":400,"height":11}},{"id":"55cafe4c-2f92-4bf9-a19f-3a01d5d82dde","block_type":"box","text":"Unitholder’s investment.","page_number":27,"box":{"x":524,"y":536,"width":176,"height":8}},{"id":"e3835b2a-2353-4667-943b-27ea427b4e9e","block_type":"box","text":"(viii)","page_number":27,"box":{"x":524,"y":555,"width":28,"height":11}},{"id":"9c9d81b5-c150-4e30-98c3-95d2bf7b3cd6","block_type":"box","text":"Options","page_number":27,"box":{"x":585,"y":555,"width":62,"height":11}},{"id":"30b9219c-6f2b-4989-9c8d-474d92412c4b","block_type":"box","text":"An option is the right (but not the obligation) to buy or","page_number":27,"box":{"x":523,"y":575,"width":400,"height":11}},{"id":"3d5098f3-ed18-4dd8-b48a-a7807101f753","block_type":"box","text":"sell a particular asset or index at a stated price at some","page_number":27,"box":{"x":523,"y":589,"width":400,"height":11}},{"id":"ec69808b-644d-422a-9b7d-fc13c6a3c806","block_type":"box","text":"date in the future. In exchange for the rights conferred","page_number":27,"box":{"x":523,"y":602,"width":399,"height":11}},{"id":"4b9f898a-7a95-46e7-aa35-1184956b30c6","block_type":"box","text":"by the option, the option buyer has to pay the option","page_number":27,"box":{"x":524,"y":616,"width":398,"height":11}},{"id":"1651ce24-e5ca-4faa-92ea-5aa0290373c4","block_type":"box","text":"seller a premium for carrying on the risk that comes","page_number":27,"box":{"x":523,"y":629,"width":400,"height":12}},{"id":"986e6ea1-7117-40fa-95ec-94057e52409a","block_type":"box","text":"with the obligation. The option premium depends on","page_number":27,"box":{"x":523,"y":643,"width":399,"height":11}},{"id":"861183a4-39a8-4ccd-affb-71a30e44f548","block_type":"box","text":"the strike price, volatility of the underlying, as well as","page_number":27,"box":{"x":523,"y":657,"width":400,"height":11}},{"id":"a4e56f33-4a69-47d9-9d4f-281a6deea003","block_type":"box","text":"the time remaining to expiration. Options may be listed","page_number":27,"box":{"x":523,"y":670,"width":399,"height":12}},{"id":"b3950b9e-a5f6-4b8b-b9d8-d122161369d0","block_type":"box","text":"or dealt in OTC.","page_number":27,"box":{"x":523,"y":684,"width":117,"height":9}},{"id":"5f23a70f-65cf-4789-9706-23863ec2ff24","block_type":"box","text":"A Sub-Fund may enter into option transactions as","page_number":27,"box":{"x":523,"y":704,"width":400,"height":11}},{"id":"30acdc10-aa2b-4e97-a39e-ad18ba5459a4","block_type":"box","text":"either the buyer or seller of this right and may combine","page_number":27,"box":{"x":523,"y":717,"width":400,"height":12}},{"id":"bc94b593-1c34-40d3-ba8f-5345caa46122","block_type":"box","text":"them to form a particular trading strategy as well as","page_number":27,"box":{"x":523,"y":731,"width":400,"height":11}},{"id":"90cddf16-c004-46fe-8938-9adb1663ad0d","block_type":"box","text":"use options for reducing an existing risk.","page_number":27,"box":{"x":524,"y":745,"width":297,"height":11}},{"id":"f6920795-6c95-427e-8847-11582bdb9c07","block_type":"box","text":"If the ACS Manager or its delegate is incorrect in its","page_number":27,"box":{"x":524,"y":764,"width":399,"height":11}},{"id":"f15e76b7-ccb8-426c-ada6-af3c4f14e4a8","block_type":"box","text":"expectation of changes in the market prices or","page_number":27,"box":{"x":523,"y":778,"width":400,"height":11}},{"id":"a8674d1c-aa13-4d63-a47c-15208dbe49fb","block_type":"box","text":"determination of the correlation between the","page_number":27,"box":{"x":523,"y":792,"width":400,"height":8}},{"id":"d36c446e-71fe-4be9-a4f6-01088b645007","block_type":"box","text":"instruments or indices on which the options are written","page_number":27,"box":{"x":524,"y":805,"width":398,"height":11}},{"id":"2aeaef4d-b74d-4400-9936-cee54c814071","block_type":"box","text":"or purchased and the instruments in a Sub-Fund’s","page_number":27,"box":{"x":523,"y":819,"width":399,"height":11}},{"id":"8454a237-a0f7-46db-b59e-e6d37725e7d7","block_type":"box","text":"investment portfolio, that Sub-Fund may incur losses","page_number":27,"box":{"x":524,"y":832,"width":399,"height":12}},{"id":"b6335c22-d59e-465b-aeb1-f105ead3a170","block_type":"box","text":"that it would not otherwise incur.","page_number":27,"box":{"x":523,"y":846,"width":238,"height":9}},{"id":"549b9014-9708-477e-9708-5ce929a91c08","block_type":"box","text":"Investment in options may involve the following non","page_number":27,"box":{"x":524,"y":866,"width":398,"height":11}},{"id":"90837f46-9303-4463-ac35-512316ed373a","block_type":"box","text":"exhaustive list of risks, see ‘Market Risk’, ‘Settlement","page_number":27,"box":{"x":523,"y":879,"width":400,"height":11}},{"id":"f9b2d242-d065-4cdd-a722-ce6139b23da6","block_type":"box","text":"Risk’, ‘Counterparty Risk’, ‘Liquidity Risk’. Their","page_number":27,"box":{"x":524,"y":893,"width":399,"height":11}},{"id":"9af4604a-fe65-4ccf-8af4-bb867bfaf340","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 28","page_number":28,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"5f2e00dc-c772-4d99-bd14-22c491f1cac1","block_type":"box","text":"magnitude will depend on the exposure taken by a","page_number":28,"box":{"x":62,"y":46,"width":400,"height":11}},{"id":"d0218428-10b0-4a35-855b-9dc842a5a518","block_type":"box","text":"Fund and certain or unexpected market conditions.","page_number":28,"box":{"x":63,"y":60,"width":375,"height":10}},{"id":"bfbbb7e0-8374-43fc-954e-d68934c637e3","block_type":"box","text":"(ix)","page_number":28,"box":{"x":63,"y":79,"width":21,"height":11}},{"id":"f56c3275-886e-43df-b216-2adb211388b6","block_type":"box","text":"OTC Transactions","page_number":28,"box":{"x":124,"y":79,"width":143,"height":9}},{"id":"29217df1-4c44-476b-beb4-90abd41d03e1","block_type":"box","text":"There is less governmental regulation and supervision","page_number":28,"box":{"x":62,"y":99,"width":399,"height":11}},{"id":"cc61f10f-1a3c-4d00-b10d-cfb23daaa534","block_type":"box","text":"of transactions in OTC markets (in which currencies,","page_number":28,"box":{"x":62,"y":112,"width":399,"height":11}},{"id":"b3e5ffca-0ff2-4638-88b6-e52a6d41c2b2","block_type":"box","text":"forward, spot and option contracts, credit default","page_number":28,"box":{"x":62,"y":126,"width":400,"height":11}},{"id":"d1afab9b-06f7-4166-8530-1b21b44d0456","block_type":"box","text":"swaps, TRS, and certain options on currencies and","page_number":28,"box":{"x":62,"y":139,"width":399,"height":12}},{"id":"e2f29ad2-42ef-43e0-bd55-0338e01ad836","block_type":"box","text":"other types of derivative instruments are generally","page_number":28,"box":{"x":62,"y":153,"width":400,"height":11}},{"id":"1bf1924d-be26-404b-90d6-48446bc5f939","block_type":"box","text":"traded) than organised stock exchanges. Many of the","page_number":28,"box":{"x":62,"y":167,"width":399,"height":11}},{"id":"7395c615-c7d4-409e-a2af-90d823d3e29d","block_type":"box","text":"protections afforded to transactions on organised","page_number":28,"box":{"x":62,"y":181,"width":399,"height":11}},{"id":"dd8165a0-072a-4c8e-bf68-039861b93dbd","block_type":"box","text":"exchanges such as the performance guarantee of an","page_number":28,"box":{"x":62,"y":194,"width":399,"height":11}},{"id":"3c43d915-b99d-4e21-beb6-eefbb7ed299b","block_type":"box","text":"exchange clearing house may not exist for OTC","page_number":28,"box":{"x":62,"y":208,"width":399,"height":11}},{"id":"e0b609f3-9670-4457-899f-75c6dafb1dcd","block_type":"box","text":"transactions. The risk of counterparty default therefore","page_number":28,"box":{"x":62,"y":221,"width":399,"height":12}},{"id":"3c461828-3a3b-4165-bd27-2f740355db53","block_type":"box","text":"exists (see ‘Counterparty Risk’ and ‘Credit Risk’).","page_number":28,"box":{"x":62,"y":235,"width":362,"height":11}},{"id":"4abaf430-b297-4116-878c-92165b1d6edc","block_type":"box","text":"The ACS Manager or its delegates will regularly","page_number":28,"box":{"x":62,"y":255,"width":400,"height":11}},{"id":"e3f87a45-06c4-4e0b-bede-3f7d9ecbc162","block_type":"box","text":"assess the credit and counterparty risk arising from","page_number":28,"box":{"x":62,"y":268,"width":399,"height":12}},{"id":"26d94eb7-2da2-4e9d-8cbc-ff3addd373bb","block_type":"box","text":"trading activities e.g. counterparty risk exposures","page_number":28,"box":{"x":62,"y":282,"width":399,"height":11}},{"id":"f45e7db5-525e-4000-801c-ce009f438ecd","block_type":"box","text":"resulting from adverse movements in the prices or","page_number":28,"box":{"x":63,"y":296,"width":399,"height":11}},{"id":"6bfba374-bb61-479e-aa9c-7e3d4fd8600b","block_type":"box","text":"volatility of market prices and will assess the hedging","page_number":28,"box":{"x":62,"y":309,"width":399,"height":12}},{"id":"6c5fddf0-3566-4c3c-9998-8d17c74706f0","block_type":"box","text":"effectiveness on an ongoing basis. Counterparty","page_number":28,"box":{"x":62,"y":323,"width":400,"height":11}},{"id":"ef754d02-0c80-42af-bf92-36be52f1c603","block_type":"box","text":"exposures are monitored against internal limits or","page_number":28,"box":{"x":62,"y":337,"width":400,"height":11}},{"id":"e31dda7f-80d8-4b7c-a0ce-81d1a4ab5801","block_type":"box","text":"thresholds as applicable. Further, in contrast to","page_number":28,"box":{"x":62,"y":350,"width":399,"height":11}},{"id":"08462641-d462-4238-b030-761e77bf7c45","block_type":"box","text":"exchange traded instruments, forward, spot and option","page_number":28,"box":{"x":62,"y":364,"width":399,"height":11}},{"id":"7dbed438-b9d0-42aa-a1ba-342ac2bbd8dd","block_type":"box","text":"contracts on currencies do not provide the ACS","page_number":28,"box":{"x":62,"y":378,"width":399,"height":11}},{"id":"988d7b21-3904-44e0-b335-8f77e3e646b8","block_type":"box","text":"Manager or its delegate with the possibility to offset a","page_number":28,"box":{"x":63,"y":391,"width":399,"height":12}},{"id":"f84df743-0a56-4679-87ac-1ccebf2903f8","block_type":"box","text":"Sub-Fund’s obligations through an equal and opposite","page_number":28,"box":{"x":62,"y":405,"width":399,"height":11}},{"id":"389d4f39-c8f7-497a-8f79-ca21de8358a2","block_type":"box","text":"transaction. For this reason when entering into","page_number":28,"box":{"x":62,"y":419,"width":399,"height":11}},{"id":"75038a3d-c58d-4db8-b623-ec16758776e6","block_type":"box","text":"forward, spot or options contracts, a Sub-Fund may be","page_number":28,"box":{"x":62,"y":432,"width":399,"height":11}},{"id":"8a284a36-a1b3-46ba-b6e6-07bf6fb7b361","block_type":"box","text":"required and must be able to perform its obligations","page_number":28,"box":{"x":63,"y":446,"width":398,"height":11}},{"id":"48869631-d232-45a2-8651-06c0ee4b6fde","block_type":"box","text":"under the contracts.","page_number":28,"box":{"x":63,"y":460,"width":145,"height":8}},{"id":"78257a68-cfd9-4926-a93b-8a82a3ff2813","block_type":"box","text":"(x)","page_number":28,"box":{"x":63,"y":479,"width":17,"height":11}},{"id":"0fb1f25e-3148-4f25-89ee-a83ceaed6e8e","block_type":"box","text":"Swap Transactions","page_number":28,"box":{"x":123,"y":479,"width":152,"height":11}},{"id":"4ec593f7-8e38-4a44-ab50-4164393873a1","block_type":"box","text":"Swap transactions are privately negotiated OTC","page_number":28,"box":{"x":62,"y":499,"width":399,"height":11}},{"id":"30a66d12-468b-477c-84ac-deac40af1856","block_type":"box","text":"derivative products in which two parties agree to","page_number":28,"box":{"x":62,"y":513,"width":399,"height":11}},{"id":"5230e365-65e4-4548-adab-c4ee348b3899","block_type":"box","text":"exchange payment streams of a notional amount in","page_number":28,"box":{"x":62,"y":526,"width":399,"height":11}},{"id":"ebc974d1-44f3-4833-985a-232d0d3f33d7","block_type":"box","text":"relation to an asset or index. The notional amount is","page_number":28,"box":{"x":63,"y":540,"width":398,"height":9}},{"id":"53358d91-96c1-4d2f-8af1-9dcd96adbbb7","block_type":"box","text":"usually not exchanged between counterparties. By","page_number":28,"box":{"x":63,"y":554,"width":399,"height":11}},{"id":"eba6582b-e605-4071-bcc0-dcf48b864c7a","block_type":"box","text":"consequence, cash or collateral may be required.","page_number":28,"box":{"x":62,"y":567,"width":365,"height":11}},{"id":"f7f35b45-27d2-4618-ac38-99def71c0533","block_type":"box","text":"Swaps transactions can typically either be in the form","page_number":28,"box":{"x":62,"y":587,"width":399,"height":11}},{"id":"b71b6dca-9fc8-4bfd-ba58-bb821cf10dc2","block_type":"box","text":"of a credit default swap, a contract for difference, an","page_number":28,"box":{"x":62,"y":600,"width":399,"height":11}},{"id":"d84bcc0e-b334-4708-8072-bec98654d74d","block_type":"box","text":"interest rate swap, a TRS and an interest rate","page_number":28,"box":{"x":62,"y":614,"width":399,"height":11}},{"id":"2c255059-c262-4789-9891-1ccd22c62498","block_type":"box","text":"swaption. A Sub-Fund may enter into swap","page_number":28,"box":{"x":62,"y":628,"width":400,"height":11}},{"id":"8b615251-c089-4521-999a-58d1d20a3e81","block_type":"box","text":"transactions as either the buyer or seller of this right","page_number":28,"box":{"x":62,"y":641,"width":400,"height":12}},{"id":"fab01eba-ee92-4eba-938c-8bf2cf9a33bd","block_type":"box","text":"and may combine them to form a particular trading","page_number":28,"box":{"x":62,"y":655,"width":399,"height":11}},{"id":"aa21a1a7-a57f-475f-817b-3521d9586765","block_type":"box","text":"strategy as well as using swap transactions for","page_number":28,"box":{"x":62,"y":669,"width":400,"height":11}},{"id":"3429ddc5-4959-4b0f-9ce7-fee4324ec1f3","block_type":"box","text":"reducing an existing risk.","page_number":28,"box":{"x":63,"y":682,"width":182,"height":11}},{"id":"58b31d02-e36b-4fc8-bfbe-b8675fe7942a","block_type":"box","text":"A credit default swap allows the transfer of default risk.","page_number":28,"box":{"x":62,"y":702,"width":399,"height":11}},{"id":"b614c2cf-4815-476a-afb4-b5d64ee4642c","block_type":"box","text":"This allows Unitholders to effectively buy insurance on","page_number":28,"box":{"x":62,"y":716,"width":399,"height":11}},{"id":"4760b1b1-da6f-40b9-8717-52244ccafb7c","block_type":"box","text":"a bond they hold (hedging the investment) or buy","page_number":28,"box":{"x":62,"y":729,"width":400,"height":11}},{"id":"1a915f6e-0bf1-4046-a321-ebcb1c1e0589","block_type":"box","text":"protection on a bond they do not physically own where","page_number":28,"box":{"x":62,"y":743,"width":399,"height":11}},{"id":"9a1f8083-8dda-4cea-9a57-ee66cdf22ed7","block_type":"box","text":"the investment view is that the stream of coupon","page_number":28,"box":{"x":62,"y":757,"width":399,"height":11}},{"id":"c9d08122-8c46-497f-b039-549d20d5543c","block_type":"box","text":"payments required will be less than the payments","page_number":28,"box":{"x":62,"y":770,"width":399,"height":11}},{"id":"a71823f1-ccc2-4d85-b219-129cdde4fbf4","block_type":"box","text":"received due to the decline in credit quality.","page_number":28,"box":{"x":63,"y":784,"width":319,"height":11}},{"id":"e94d175c-ac83-43e7-82a6-b23543efc386","block_type":"box","text":"A contract for difference is a contract between two","page_number":28,"box":{"x":62,"y":803,"width":399,"height":9}},{"id":"a426d68a-cb5b-490b-a6bc-8e13896480f9","block_type":"box","text":"parties, typically described as the buyer and the seller","page_number":28,"box":{"x":62,"y":817,"width":400,"height":11}},{"id":"42a4f2fa-02cc-4dad-b25a-6c422821e263","block_type":"box","text":"stipulating that the seller will pay to the buyer the","page_number":28,"box":{"x":62,"y":831,"width":399,"height":11}},{"id":"d5b397cc-b685-4f61-a8cb-5afae579e5e9","block_type":"box","text":"difference between the current value of an asset and","page_number":28,"box":{"x":62,"y":844,"width":399,"height":9}},{"id":"f974f7b9-11ef-4205-8005-5835ce017866","block_type":"box","text":"its value at contract time (if the difference is negative,","page_number":28,"box":{"x":62,"y":858,"width":399,"height":11}},{"id":"d2a18386-a485-404e-a91d-3dc7a2b22f84","block_type":"box","text":"the buyer pays the seller instead).","page_number":28,"box":{"x":62,"y":872,"width":250,"height":11}},{"id":"5114feb0-e849-426c-ad92-f63b305c3bc3","block_type":"box","text":"Interest rate swaps involve an exchange with another","page_number":28,"box":{"x":63,"y":891,"width":399,"height":12}},{"id":"909e2733-6dad-4fcc-b481-f5c247be770d","block_type":"box","text":"party of respective commitments to pay or receive","page_number":28,"box":{"x":62,"y":905,"width":399,"height":11}},{"id":"2c66d0ad-2896-434b-b5d5-1272e379ff91","block_type":"box","text":"interest, such as an exchange of fixed rate payments","page_number":28,"box":{"x":524,"y":46,"width":399,"height":11}},{"id":"e1c63ebe-4460-4d75-8916-e614f924d21c","block_type":"box","text":"for floating rate payments. Currency swaps may","page_number":28,"box":{"x":523,"y":59,"width":400,"height":12}},{"id":"63149f11-40ab-4353-8aab-01865aa7dac7","block_type":"box","text":"involve the exchange of rights to make or receive","page_number":28,"box":{"x":524,"y":73,"width":399,"height":11}},{"id":"b10b8943-c038-45b0-9e4f-a2a5c3db9596","block_type":"box","text":"payments in specified currencies. TRS involve the","page_number":28,"box":{"x":524,"y":87,"width":399,"height":11}},{"id":"6e61088f-5002-45af-81c8-3d45af8bbbae","block_type":"box","text":"exchange of the right to receive the total return,","page_number":28,"box":{"x":523,"y":100,"width":399,"height":12}},{"id":"f8211beb-a36f-463d-b404-288bf07b1308","block_type":"box","text":"coupons plus capital gains or losses, of a specified","page_number":28,"box":{"x":523,"y":114,"width":399,"height":11}},{"id":"2ae7abbc-2208-4070-ae43-15af66c24142","block_type":"box","text":"reference asset, index or basket of assets against the","page_number":28,"box":{"x":524,"y":128,"width":399,"height":11}},{"id":"fbf26070-31d0-483c-9025-1f0bf8e8c4f4","block_type":"box","text":"right to make fixed or floating payments.","page_number":28,"box":{"x":524,"y":141,"width":295,"height":12}},{"id":"732a5950-090b-424f-9734-3a918182c072","block_type":"box","text":"Where a Sub-Fund enters into interest rate swaps or","page_number":28,"box":{"x":523,"y":161,"width":400,"height":11}},{"id":"d13b41b4-347f-451b-8fb5-ff5648de8d8f","block_type":"box","text":"TRSs on a net basis, the two payment streams are","page_number":28,"box":{"x":523,"y":174,"width":400,"height":12}},{"id":"6c3fc3a3-4958-4149-b267-5bff37100259","block_type":"box","text":"netted out, with each party receiving or paying, as the","page_number":28,"box":{"x":524,"y":188,"width":399,"height":11}},{"id":"e83db0ab-5e13-4f6c-84a9-6e5ddcb379f9","block_type":"box","text":"case may be, only the net amount of the two payments.","page_number":28,"box":{"x":523,"y":202,"width":399,"height":11}},{"id":"0589d879-c135-4db3-bd2a-ed04923b6760","block_type":"box","text":"Interest rate or TRS entered into on a net basis do not","page_number":28,"box":{"x":524,"y":215,"width":399,"height":9}},{"id":"bd68bbc7-436b-445b-accf-97ba8e11deb3","block_type":"box","text":"involve the physical delivery of investments, other","page_number":28,"box":{"x":524,"y":229,"width":399,"height":11}},{"id":"20475d8f-30ad-4e0b-b28d-30dd66e21a76","block_type":"box","text":"underlying assets or principal. Accordingly, it is","page_number":28,"box":{"x":524,"y":243,"width":399,"height":11}},{"id":"88a18122-7253-49d5-a855-4e37b9a54604","block_type":"box","text":"intended that the risk of loss with respect to interest","page_number":28,"box":{"x":524,"y":257,"width":399,"height":11}},{"id":"90745426-420b-4809-90ec-006f7ff0cb7f","block_type":"box","text":"rate swaps is limited to the net amount of interest","page_number":28,"box":{"x":524,"y":270,"width":399,"height":11}},{"id":"230bfd81-77f2-4269-9f58-df5661967d92","block_type":"box","text":"payments that a Sub-Fund is contractually obligated to","page_number":28,"box":{"x":524,"y":284,"width":399,"height":11}},{"id":"527f2acd-d7dc-4cbe-ae12-28a440fbcee5","block_type":"box","text":"make (or in the case of TRS, the net amount of the","page_number":28,"box":{"x":524,"y":297,"width":399,"height":12}},{"id":"c953a6b4-c007-48ff-b948-395e9828aaf7","block_type":"box","text":"difference between the total rate of return of a","page_number":28,"box":{"x":523,"y":311,"width":400,"height":9}},{"id":"17301604-973a-4ac8-a06d-c6519f964c44","block_type":"box","text":"reference investment, index or basket of investments","page_number":28,"box":{"x":524,"y":325,"width":399,"height":10}},{"id":"6a48f7d6-a6c5-4bb1-bc75-ffb6827c5876","block_type":"box","text":"and the fixed or floating payments). If the other party","page_number":28,"box":{"x":523,"y":338,"width":400,"height":12}},{"id":"b9e3ce2f-dcff-489f-9962-c8097ebb354d","block_type":"box","text":"to an interest rate swap or TRS defaults, in normal","page_number":28,"box":{"x":523,"y":352,"width":399,"height":11}},{"id":"ddc49dfe-af94-45dc-abd1-a74b6a874a14","block_type":"box","text":"circumstances each Sub-Fund’s risk of loss consists of","page_number":28,"box":{"x":523,"y":366,"width":400,"height":9}},{"id":"578fb06b-46d2-4a93-91ed-d8acc30a21d3","block_type":"box","text":"the net amount of interest or total return payments that","page_number":28,"box":{"x":523,"y":379,"width":400,"height":12}},{"id":"36f8eaa2-2047-41cb-a994-a3de014cad8a","block_type":"box","text":"each party is contractually entitled to receive. In","page_number":28,"box":{"x":523,"y":393,"width":399,"height":11}},{"id":"bcab5245-30c9-4bff-9d90-916ad8f05201","block_type":"box","text":"contrast, currency swaps usually involve the delivery","page_number":28,"box":{"x":523,"y":407,"width":400,"height":11}},{"id":"ddc4263e-4008-495e-a6c0-90e730f471e3","block_type":"box","text":"of the entire principal value of one designated currency","page_number":28,"box":{"x":523,"y":420,"width":400,"height":12}},{"id":"9faa6622-10b3-4db0-87f4-18da44b2dff8","block_type":"box","text":"in exchange for the other designated currency.","page_number":28,"box":{"x":524,"y":434,"width":398,"height":11}},{"id":"95e0ce68-27c2-4308-970e-4b7884222483","block_type":"box","text":"Therefore, the entire principal value of a currency swap","page_number":28,"box":{"x":523,"y":448,"width":400,"height":11}},{"id":"3e79f1f1-1652-41d3-9a92-6a680a54f9f0","block_type":"box","text":"is subject to the risk that the other party to the swap","page_number":28,"box":{"x":524,"y":461,"width":399,"height":11}},{"id":"be502b68-27bb-40a3-844f-10ddbe4b5506","block_type":"box","text":"will default on its contractual delivery obligations.","page_number":28,"box":{"x":523,"y":475,"width":360,"height":11}},{"id":"9a0fdcb0-a821-48f0-9b48-01bbac831e60","block_type":"box","text":"Certain Sub-Funds may also buy or sell interest rate","page_number":28,"box":{"x":523,"y":495,"width":400,"height":11}},{"id":"7f3c7b70-09d0-448e-830d-137716e2314d","block_type":"box","text":"swaption contracts. These give the purchaser the right,","page_number":28,"box":{"x":523,"y":508,"width":399,"height":11}},{"id":"bd3c1e5d-566e-4033-8781-696a8c1a5f7b","block_type":"box","text":"but not the obligation to enter into an interest rate swap","page_number":28,"box":{"x":524,"y":522,"width":399,"height":11}},{"id":"166f8a1a-1bb6-425b-b414-9699c4982dc0","block_type":"box","text":"at a pre-set interest rate within a specified period of","page_number":28,"box":{"x":523,"y":536,"width":400,"height":11}},{"id":"a28affd1-4dff-46db-adbb-5e0d4360ba3a","block_type":"box","text":"time.","page_number":28,"box":{"x":523,"y":549,"width":34,"height":9}},{"id":"8d03a207-7ac9-4a52-b1a0-27aadf314269","block_type":"box","text":"If the ACS Manager or its delegate is incorrect in its","page_number":28,"box":{"x":524,"y":569,"width":399,"height":11}},{"id":"e2c7954e-9b2e-4f39-9587-b3a84eaf5740","block_type":"box","text":"forecasts of market values, interest rates and currency","page_number":28,"box":{"x":523,"y":582,"width":400,"height":12}},{"id":"79f4cbe6-162b-4af1-afec-d4f5d793b29b","block_type":"box","text":"exchange rates, the investment performance of a Sub","page_number":28,"box":{"x":523,"y":596,"width":400,"height":11}},{"id":"15e04eec-c97c-4a36-8ffc-627db1794cce","block_type":"box","text":"Fund would be less favourable than it would have been","page_number":28,"box":{"x":524,"y":610,"width":398,"height":9}},{"id":"f4c756a2-4596-4a1a-a272-525fc86848d6","block_type":"box","text":"if these investment techniques were not used.","page_number":28,"box":{"x":524,"y":624,"width":338,"height":11}},{"id":"860bca06-90ab-44cc-b66b-ee18ede1d2fd","block_type":"box","text":"Illiquidity in the swaps market may prevent a Sub-Fund","page_number":28,"box":{"x":524,"y":643,"width":398,"height":11}},{"id":"3c3a608f-e1c8-4404-80ac-6631a6586e1d","block_type":"box","text":"from being able to roll its swap positions on expiry","page_number":28,"box":{"x":523,"y":657,"width":400,"height":11}},{"id":"20aad33c-fe11-4b4a-9126-687a3933fb2c","block_type":"box","text":"which in turn may result in a Sub-Fund being","page_number":28,"box":{"x":523,"y":670,"width":399,"height":12}},{"id":"f24dfcdf-d743-4e77-8219-82509da5fc1e","block_type":"box","text":"temporarily unable to pursue its investment objective.","page_number":28,"box":{"x":523,"y":684,"width":399,"height":11}},{"id":"18c5137f-1157-4c2e-8da0-372007d34ee8","block_type":"box","text":"In addition, the market for credit default swaps may","page_number":28,"box":{"x":524,"y":698,"width":399,"height":11}},{"id":"f5e66da9-b509-4dc6-8b80-06eeea72e520","block_type":"box","text":"sometimes be more illiquid than bond markets (see","page_number":28,"box":{"x":523,"y":711,"width":400,"height":11}},{"id":"706112ce-0bb3-4823-abfe-f1d4ccf4c774","block_type":"box","text":"‘Liquidity Risk’).","page_number":28,"box":{"x":524,"y":725,"width":114,"height":11}},{"id":"5ed922f2-5724-4e93-bcdc-a0bbf2652fe8","block_type":"box","text":"The investment in options may also involve the","page_number":28,"box":{"x":523,"y":745,"width":400,"height":11}},{"id":"4cc03690-087a-4410-bedf-29603fec238a","block_type":"box","text":"following non-exhaustive list of risks; see ‘Market","page_number":28,"box":{"x":523,"y":758,"width":400,"height":12}},{"id":"2e42c147-1671-437d-b04f-927db4c6368b","block_type":"box","text":"Risk’, ‘Credit Risk’, ‘Counterparty Risk’. Their","page_number":28,"box":{"x":524,"y":772,"width":399,"height":11}},{"id":"6b097985-4c44-4f6d-a228-77449da0b851","block_type":"box","text":"magnitude will depend on the exposure taken by the","page_number":28,"box":{"x":524,"y":786,"width":399,"height":11}},{"id":"d4cbf749-3a63-4b7c-8820-06b7374f4f31","block_type":"box","text":"relevant Sub-Fund and certain or unexpected market","page_number":28,"box":{"x":524,"y":799,"width":399,"height":11}},{"id":"24b08ddb-088d-4fd4-8ec3-ba94a25f0193","block_type":"box","text":"conditions.","page_number":28,"box":{"x":523,"y":813,"width":78,"height":9}},{"id":"acaa63bc-6df0-4675-a399-474d779d241c","block_type":"box","text":"(xi)","page_number":28,"box":{"x":524,"y":832,"width":21,"height":12}},{"id":"b16da5e5-906e-4f9b-bca2-760fa2534a5a","block_type":"box","text":"When Issued and Forward Commitment","page_number":28,"box":{"x":586,"y":832,"width":339,"height":9}},{"id":"97fe08bf-59cd-46cf-8eb6-a41192541671","block_type":"box","text":"Securities","page_number":28,"box":{"x":584,"y":846,"width":80,"height":9}},{"id":"dc4dd5b1-fc06-4c73-b3ca-e80b2d4c30c5","block_type":"box","text":"A Sub-Fund may purchase “when-issued” securities","page_number":28,"box":{"x":523,"y":866,"width":400,"height":11}},{"id":"aa1d268a-c2c0-4fc3-8b0e-17b180444d56","block_type":"box","text":"and may contract to purchase or sell securities for a","page_number":28,"box":{"x":523,"y":879,"width":400,"height":11}},{"id":"cc2f9910-7904-44c2-9363-ef77e6c603a5","block_type":"box","text":"fixed price at a future date beyond the usual settlement","page_number":28,"box":{"x":523,"y":893,"width":400,"height":11}},{"id":"4e61fea7-4058-401b-9766-4253a6bb8ab5","block_type":"box","text":"time. When-issued securities are securities that have","page_number":28,"box":{"x":523,"y":907,"width":400,"height":8}},{"id":"b4e6d461-8326-4d04-8da6-c053202645cb","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 29","page_number":29,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"8fda696b-eb02-4020-b811-e86e036debf8","block_type":"box","text":"been authorized, but not yet received and can be used","page_number":29,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"ccc343cf-83c2-42fa-9304-4bed5a31957a","block_type":"box","text":"to hedge against anticipated changes in interest rates","page_number":29,"box":{"x":62,"y":60,"width":399,"height":11}},{"id":"044e5de2-75a0-4eea-b2fb-2c99b0f517a4","block_type":"box","text":"and prices or for speculative purposes.","page_number":29,"box":{"x":62,"y":73,"width":286,"height":11}},{"id":"703b0bf1-09ff-469e-a327-34bf2d005645","block_type":"box","text":"Forward commitment transactions involve a","page_number":29,"box":{"x":63,"y":93,"width":399,"height":8}},{"id":"c486f3e2-d281-4202-8f3c-c746d3c0302a","block_type":"box","text":"commitment by a Sub-Fund to purchase or sell","page_number":29,"box":{"x":62,"y":106,"width":399,"height":11}},{"id":"f1886010-90e9-4dfe-8336-8a76faf77d6e","block_type":"box","text":"securities at a future price and date.","page_number":29,"box":{"x":62,"y":120,"width":265,"height":11}},{"id":"236d6e04-9070-4d3a-b8a2-c77747558b47","block_type":"box","text":"The purchase of such securities involves the risk of the","page_number":29,"box":{"x":62,"y":140,"width":399,"height":11}},{"id":"5a604877-9ac3-43f4-afa4-b7e763c7537e","block_type":"box","text":"value of the security being purchased declining before","page_number":29,"box":{"x":62,"y":153,"width":399,"height":11}},{"id":"af5aecd2-8867-4651-b82b-f06ef64bad5b","block_type":"box","text":"the purchase date. Equally the sale of securities on a","page_number":29,"box":{"x":62,"y":167,"width":400,"height":11}},{"id":"22591f8e-da87-4505-bf46-5fbdfbf258a4","block_type":"box","text":"forward commitment basis can expose a Sub-Fund to","page_number":29,"box":{"x":62,"y":180,"width":399,"height":12}},{"id":"14bf2672-ac82-4e6f-83b7-8d4daf15e1ce","block_type":"box","text":"the risk of the value of the security being sold","page_number":29,"box":{"x":62,"y":194,"width":399,"height":11}},{"id":"45699206-f823-4bdb-905b-893570cae073","block_type":"box","text":"increasing prior to settlement. Such securities may be","page_number":29,"box":{"x":62,"y":208,"width":399,"height":11}},{"id":"5da1c957-e976-4cf8-889d-718d4ad8b393","block_type":"box","text":"disposed of prior to settlement if deemed appropriate","page_number":29,"box":{"x":62,"y":221,"width":399,"height":12}},{"id":"c77f5242-326a-41c6-8270-e756e4793f32","block_type":"box","text":"by the ACS Manager.","page_number":29,"box":{"x":62,"y":235,"width":158,"height":11}},{"id":"4cfcc648-62f6-4564-9df9-695d1d7b2dbc","block_type":"box","text":"(xii)","page_number":29,"box":{"x":63,"y":255,"width":24,"height":11}},{"id":"f85d54ff-4d83-4810-b4c0-cf3bdf0f79bd","block_type":"box","text":"SFTs","page_number":29,"box":{"x":110,"y":255,"width":40,"height":9}},{"id":"a58102a9-e567-44fe-8ef4-55e7307eb410","block_type":"box","text":"The primary risk in any SFT is counterparty credit risk","page_number":29,"box":{"x":62,"y":274,"width":400,"height":11}},{"id":"118430b3-5d5c-4a59-afd9-ba4ebf8a1473","block_type":"box","text":"(see “Counterparty Risk”),","page_number":29,"box":{"x":63,"y":288,"width":190,"height":11}},{"id":"af6b2963-c7a7-422a-82c4-8551ca179bb4","block_type":"box","text":"Risk is mitigated by the choice of counterparty and the","page_number":29,"box":{"x":63,"y":308,"width":398,"height":11}},{"id":"fd648ffb-bd41-4fb9-b1d0-e1c61cf8e548","block_type":"box","text":"use of collateral. In the event of a counterparty default,","page_number":29,"box":{"x":63,"y":321,"width":398,"height":11}},{"id":"83e45bf9-fdc6-440e-9803-a3129dc49c97","block_type":"box","text":"collateral securities delivered by the failing","page_number":29,"box":{"x":62,"y":335,"width":399,"height":11}},{"id":"eadd7902-4c7f-4a5d-bee0-a92c05522921","block_type":"box","text":"counterparty are sold, and the sale proceeds used to","page_number":29,"box":{"x":62,"y":349,"width":400,"height":11}},{"id":"c1704a3f-2f57-4c37-81fb-a408e8d4dc1e","block_type":"box","text":"purchase replacement loan securities. There is a risk","page_number":29,"box":{"x":62,"y":362,"width":400,"height":11}},{"id":"4dc44d6b-5d45-46d9-86d8-1842a4fca44b","block_type":"box","text":"that these collateral sale proceeds are insufficient to","page_number":29,"box":{"x":62,"y":376,"width":399,"height":11}},{"id":"18471993-86dd-4eff-bfef-322ac614f3ca","block_type":"box","text":"purchase the replacement loan securities, leading the","page_number":29,"box":{"x":62,"y":390,"width":399,"height":11}},{"id":"485e9353-563f-4300-b580-22b65f9148d5","block_type":"box","text":"Sub-Fund to incur a loss. This risk is mitigated by the","page_number":29,"box":{"x":62,"y":403,"width":399,"height":11}},{"id":"8b867e88-8610-45e7-b28e-209b9a3287dc","block_type":"box","text":"fact that all SFT activity is governed by industry","page_number":29,"box":{"x":62,"y":417,"width":400,"height":11}},{"id":"23b5a322-fd05-49fd-b491-8d42de827340","block_type":"box","text":"standard legal documentation and collateralised to a","page_number":29,"box":{"x":62,"y":431,"width":400,"height":11}},{"id":"f54150ec-d9ab-4ded-b2fe-3909a66449f7","block_type":"box","text":"minimum value of 100% of the loan portfolio.","page_number":29,"box":{"x":62,"y":444,"width":398,"height":11}},{"id":"1cb6622d-6afe-43a6-90ee-622025746167","block_type":"box","text":"Collateral, consisting of liquid, marketable securities,","page_number":29,"box":{"x":62,"y":458,"width":398,"height":11}},{"id":"bf160048-c309-4e12-b1e6-e89609438486","block_type":"box","text":"is valued daily on a mark-to-market basis.","page_number":29,"box":{"x":62,"y":472,"width":308,"height":11}},{"id":"bee59072-a10d-4737-9996-23cae400965e","block_type":"box","text":"SFTs also involve operational liquidity risk arising","page_number":29,"box":{"x":62,"y":491,"width":399,"height":11}},{"id":"4fc60453-0e7a-4ace-b431-6df7072e2136","block_type":"box","text":"where a Sub-Fund may be unable to settle the sale of","page_number":29,"box":{"x":62,"y":505,"width":400,"height":11}},{"id":"43444a37-f542-4260-8e89-27c9e9a88324","block_type":"box","text":"a security if it cannot be recalled from a borrowing","page_number":29,"box":{"x":62,"y":518,"width":399,"height":12}},{"id":"766cefd9-0bd3-45b2-b10d-30f733f25fb4","block_type":"box","text":"counterparty on a timely basis. This risk is mitigated by","page_number":29,"box":{"x":62,"y":532,"width":400,"height":11}},{"id":"6fff4bd5-3440-44e2-84ad-f1117f490f92","block_type":"box","text":"a comprehensive set of systems and procedures in","page_number":29,"box":{"x":62,"y":546,"width":399,"height":11}},{"id":"91ee46cb-ccee-4cc6-8791-cb1eeaa898be","block_type":"box","text":"place to ensure that any security on loan may be","page_number":29,"box":{"x":62,"y":560,"width":399,"height":11}},{"id":"672411db-fc37-42aa-ab2f-68885d0090bc","block_type":"box","text":"recalled at any time as required from the borrowing","page_number":29,"box":{"x":63,"y":573,"width":398,"height":11}},{"id":"79a3f46e-dcb0-44a6-a8e3-e899ba932371","block_type":"box","text":"counterparty.","page_number":29,"box":{"x":62,"y":587,"width":96,"height":11}},{"id":"70972a92-ebb2-4e02-b96e-3e413bf27c70","block_type":"box","text":"(c)","page_number":29,"box":{"x":74,"y":612,"width":18,"height":11}},{"id":"e35a6c10-8cda-41b2-a972-ceb8103acdfe","block_type":"box","text":"Risk Factors Specific to Certain Sub-Funds","page_number":29,"box":{"x":122,"y":612,"width":340,"height":11}},{"id":"eaa463b6-26e9-4e45-9b6b-3869b5f06d51","block_type":"box","text":"The following are relevant to a Sub-Fund depending","page_number":29,"box":{"x":62,"y":632,"width":399,"height":11}},{"id":"d48aaf37-3c94-45d0-8c23-8fa90b5b4cfe","block_type":"box","text":"on the investment objective and policy of that Sub","page_number":29,"box":{"x":62,"y":645,"width":399,"height":12}},{"id":"43886c4f-fbbf-4472-898d-953bf8119c92","block_type":"box","text":"Fund. Details of which specific risk factors are relevant","page_number":29,"box":{"x":63,"y":659,"width":399,"height":11}},{"id":"816ef453-66f7-4343-84d3-c741b2daa195","block_type":"box","text":"for a Sub-Fund are set out in Appendix 1.","page_number":29,"box":{"x":62,"y":673,"width":305,"height":11}},{"id":"2d77e531-494e-4899-88d9-2bb0f00466f7","block_type":"box","text":"(i)","page_number":29,"box":{"x":63,"y":692,"width":12,"height":11}},{"id":"1c48cec1-c3d4-4db8-a3dd-df813bafcb3d","block_type":"box","text":"Emerging Markets","page_number":29,"box":{"x":110,"y":692,"width":145,"height":12}},{"id":"9d3d4014-afef-4580-b03e-747f3ada2709","block_type":"box","text":"Where a Sub-Fund invests in emerging markets, it is","page_number":29,"box":{"x":62,"y":712,"width":399,"height":11}},{"id":"7da7f5ca-a3cb-4763-b23c-6c5bb2fa10a2","block_type":"box","text":"likely to be more volatile than one that invests in","page_number":29,"box":{"x":62,"y":726,"width":399,"height":11}},{"id":"18a90da2-e940-40f3-9a9b-f49caefd7e5d","block_type":"box","text":"developed markets. These markets may not be as","page_number":29,"box":{"x":62,"y":739,"width":399,"height":11}},{"id":"7d3bbdfe-648b-4b1e-98eb-4fae884e69ca","block_type":"box","text":"strictly regulated, and securities may be harder to buy","page_number":29,"box":{"x":62,"y":753,"width":400,"height":11}},{"id":"857947e1-1f1a-4ea5-9861-8afc789a818a","block_type":"box","text":"and sell than those in more developed markets. 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As a result, in a period of","page_number":29,"box":{"x":523,"y":384,"width":400,"height":11}},{"id":"9fab5cb0-5521-4c91-b2b8-82d9bf829657","block_type":"box","text":"rising interest rates, volatility of asset-backed","page_number":29,"box":{"x":524,"y":397,"width":398,"height":11}},{"id":"b1ba564d-fa7c-4827-bea2-0389b590c8a5","block_type":"box","text":"securities may increase. 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The","page_number":29,"box":{"x":523,"y":513,"width":400,"height":11}},{"id":"ebc49ad8-cff4-4b2c-a39d-ddae91292a21","block_type":"box","text":"reinvestment of cash received from prepayments will,","page_number":29,"box":{"x":524,"y":526,"width":398,"height":11}},{"id":"ba7f0ecd-bf49-40a9-98ab-9796392065f6","block_type":"box","text":"therefore, usually be on less attractive terms and at a","page_number":29,"box":{"x":523,"y":540,"width":400,"height":11}},{"id":"a31dd5d2-a2e4-43fb-b659-fd7373a67230","block_type":"box","text":"lower interest rate than the original investment,","page_number":29,"box":{"x":524,"y":554,"width":398,"height":11}},{"id":"b1870f07-b530-4bb5-8b6d-b4347d80bb54","block_type":"box","text":"lowering the yield payable. The incidence of","page_number":29,"box":{"x":524,"y":567,"width":399,"height":11}},{"id":"96b9be96-d38c-4e8b-9ef4-a3f4d9ee67f2","block_type":"box","text":"prepayment of asset-backed securities will also be","page_number":29,"box":{"x":524,"y":581,"width":399,"height":11}},{"id":"919bab58-0f7e-42a9-8811-047033a8fb65","block_type":"box","text":"affected by other factors including general economic","page_number":29,"box":{"x":523,"y":594,"width":400,"height":12}},{"id":"e001d322-2899-458f-bd39-e3f198d9e413","block_type":"box","text":"and other demographic conditions.","page_number":29,"box":{"x":523,"y":608,"width":256,"height":11}},{"id":"7ad7cc4b-1981-4eec-b015-8787b3ae7c9f","block_type":"box","text":"If a Sub-Fund purchases asset-backed securities that","page_number":29,"box":{"x":524,"y":628,"width":399,"height":11}},{"id":"fa76647b-9436-4cd0-81f7-99ccbc8f103b","block_type":"box","text":"are “subordinated” to other interests in the same pool","page_number":29,"box":{"x":523,"y":641,"width":399,"height":11}},{"id":"032f85f8-3ae6-4549-bba2-d21513dbe564","block_type":"box","text":"of assets, that Sub-Fund, as a holder of those","page_number":29,"box":{"x":523,"y":655,"width":400,"height":10}},{"id":"5b22a03b-9ad8-4143-9633-cb457b16aaad","block_type":"box","text":"securities, may only receive payments after the pool’s","page_number":29,"box":{"x":523,"y":669,"width":400,"height":11}},{"id":"729a398f-3d91-4ad8-9304-e93f5caf2ea4","block_type":"box","text":"obligations to other investors have been satisfied.","page_number":29,"box":{"x":523,"y":682,"width":366,"height":11}},{"id":"9011dab5-7a2a-46bb-8faa-e6f628d89902","block_type":"box","text":"Instability in the markets for asset-backed securities","page_number":29,"box":{"x":524,"y":702,"width":399,"height":11}},{"id":"458d397e-5387-4b36-86ae-576f3f32735f","block_type":"box","text":"may affect the liquidity of such securities, which means","page_number":29,"box":{"x":524,"y":716,"width":399,"height":11}},{"id":"8e917f3d-af9f-43b1-a0cf-64757b229603","block_type":"box","text":"that a Sub-Fund may be unable to sell such securities","page_number":29,"box":{"x":523,"y":729,"width":400,"height":11}},{"id":"c9ad3c23-ed49-4624-a782-ee33959d1390","block_type":"box","text":"at an advantageous time and price. As a result, the","page_number":29,"box":{"x":523,"y":743,"width":400,"height":11}},{"id":"ac3d9616-a6f7-45b2-8e52-24bc31050b64","block_type":"box","text":"value of such securities may decrease and the Sub","page_number":29,"box":{"x":523,"y":756,"width":399,"height":12}},{"id":"373a445a-192b-489d-b4d4-3862d965c380","block_type":"box","text":"Fund may incur greater losses on the sale of such","page_number":29,"box":{"x":524,"y":770,"width":398,"height":11}},{"id":"bff0c44b-29d5-469f-8d9c-7890fbc36f49","block_type":"box","text":"securities than under more stable market conditions.","page_number":29,"box":{"x":523,"y":784,"width":399,"height":9}},{"id":"5381b7c6-ac01-49e8-8551-885d38dd76fc","block_type":"box","text":"Furthermore, instability and illiquidity in the market for","page_number":29,"box":{"x":524,"y":797,"width":399,"height":12}},{"id":"55807f2b-375a-42a8-836d-bdcb9fd8380f","block_type":"box","text":"lower-rated asset-backed securities may affect the","page_number":29,"box":{"x":524,"y":811,"width":399,"height":11}},{"id":"bb03691e-052d-45b4-bd71-6c1104e16409","block_type":"box","text":"overall market for such securities, thereby impacting","page_number":29,"box":{"x":523,"y":825,"width":399,"height":11}},{"id":"eeba565f-4d68-4837-820b-c9c00ebb94c7","block_type":"box","text":"the liquidity and value of higher-rated securities.","page_number":29,"box":{"x":523,"y":838,"width":354,"height":12}},{"id":"b0eb91e5-08f6-49ca-ae8a-08b88df4cd09","block_type":"box","text":"(v)","page_number":29,"box":{"x":524,"y":858,"width":17,"height":11}},{"id":"8c7389db-0036-4c30-8193-346bc8e977de","block_type":"box","text":"Specialist","page_number":29,"box":{"x":607,"y":858,"width":79,"height":11}},{"id":"89a7dbe3-1984-4980-bff2-993668403461","block_type":"box","text":"Where a Sub-Fund invests only in a specific industry","page_number":29,"box":{"x":523,"y":878,"width":400,"height":11}},{"id":"6d4fc3e8-ce23-46c4-8274-45498f961bc2","block_type":"box","text":"sector, it may carry more risk than Sub-Funds that","page_number":29,"box":{"x":523,"y":891,"width":400,"height":11}},{"id":"4268c8e2-e1ce-4583-8f30-391a51d91ced","block_type":"box","text":"invest across a variety of sectors. These Sub-Funds","page_number":29,"box":{"x":524,"y":905,"width":399,"height":11}},{"id":"3f98a5a4-05cb-45e9-a130-7326babdc35a","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 30","page_number":30,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"19f403d3-f717-4e61-ad15-92e52349ffe6","block_type":"box","text":"can be more volatile and higher risk due to their lack of","page_number":30,"box":{"x":62,"y":46,"width":400,"height":11}},{"id":"17c58572-5615-441d-9bb2-cdb0d864b6f5","block_type":"box","text":"diversification.","page_number":30,"box":{"x":62,"y":59,"width":104,"height":9}},{"id":"934d874a-b968-48d5-a44d-867b877d7935","block_type":"box","text":"(vi)","page_number":30,"box":{"x":67,"y":79,"width":21,"height":11}},{"id":"215880b5-c00e-499a-947f-34a9ba07f8e4","block_type":"box","text":"Single Market","page_number":30,"box":{"x":146,"y":79,"width":109,"height":11}},{"id":"6c3a2806-8baa-4105-bc9a-76cd077440ba","block_type":"box","text":"Where a Sub-Fund focuses investments in a single","page_number":30,"box":{"x":62,"y":99,"width":399,"height":11}},{"id":"25af1e07-2a5d-4e9e-9463-8ae1ac13a6c8","block_type":"box","text":"country, region or currency, the Sub-Fund will have","page_number":30,"box":{"x":62,"y":112,"width":399,"height":12}},{"id":"6625f767-651d-4c89-942d-9df2c3a81594","block_type":"box","text":"greater exposure to the market, political, economic,","page_number":30,"box":{"x":62,"y":126,"width":399,"height":11}},{"id":"12bd3070-d2f8-447e-94f8-eab712c4decc","block_type":"box","text":"and currency risks of that country than if it was more","page_number":30,"box":{"x":62,"y":140,"width":399,"height":11}},{"id":"862c8fcb-b59c-4dfd-b1d6-97926f6685fb","block_type":"box","text":"diversified across a number of countries, regions or","page_number":30,"box":{"x":62,"y":153,"width":400,"height":11}},{"id":"94662f62-d9f1-49da-bd02-12364ce91a4f","block_type":"box","text":"currencies.","page_number":30,"box":{"x":62,"y":167,"width":80,"height":9}},{"id":"33d890ec-2a8a-4b34-bc53-ad05747270a8","block_type":"box","text":"(vii)","page_number":30,"box":{"x":67,"y":187,"width":25,"height":11}},{"id":"6b6090ae-11e2-4365-b289-93a997ea59a6","block_type":"box","text":"Money Market","page_number":30,"box":{"x":146,"y":187,"width":112,"height":11}},{"id":"ba6e63c0-c1ea-4a75-846f-40ec67a2deab","block_type":"box","text":"This Sub-Fund is not a cash deposit account but","page_number":30,"box":{"x":62,"y":206,"width":400,"height":11}},{"id":"98744714-9b7c-482a-8618-c7b93637f9ca","block_type":"box","text":"mainly invests in cash and money market instruments","page_number":30,"box":{"x":62,"y":220,"width":399,"height":11}},{"id":"43eef64d-168f-4227-b4d5-230ac66a914f","block_type":"box","text":"(which are assets with high liquidity, meaning they","page_number":30,"box":{"x":63,"y":233,"width":399,"height":12}},{"id":"a30fb318-9b15-4081-a557-23ef6cac0c12","block_type":"box","text":"have similar characteristics to cash deposits with","page_number":30,"box":{"x":62,"y":247,"width":399,"height":11}},{"id":"31c00926-948a-4bc9-a465-392eab56f1d9","block_type":"box","text":"banks). 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In the event that","page_number":31,"box":{"x":571,"y":643,"width":352,"height":11}},{"id":"bcd3657f-7b18-418c-9de8-78cb0906cce5","block_type":"box","text":"the relevant systems fail to function properly,","page_number":31,"box":{"x":570,"y":657,"width":352,"height":11}},{"id":"ef7d4550-54b9-4fbb-85ac-c3b9b95cd682","block_type":"box","text":"trading in both markets through the programme","page_number":31,"box":{"x":570,"y":671,"width":353,"height":11}},{"id":"337ecc64-38f1-45c5-be59-91823769dd9d","block_type":"box","text":"can be disrupted. The Sub-Fund’s ability to","page_number":31,"box":{"x":571,"y":684,"width":352,"height":11}},{"id":"c0be8c7a-c30c-4883-9456-51fb6a0f42f7","block_type":"box","text":"access the China A-Shares market (and hence","page_number":31,"box":{"x":571,"y":698,"width":352,"height":11}},{"id":"5c92a781-c24e-4920-adad-81ddd53318c8","block_type":"box","text":"to pursue its investment strategy) will be","page_number":31,"box":{"x":570,"y":711,"width":353,"height":12}},{"id":"e9dbdf6a-19db-4dd2-b932-e421d5688726","block_type":"box","text":"adversely affected. The HKSCC provides","page_number":31,"box":{"x":571,"y":725,"width":352,"height":11}},{"id":"cd428f0b-0e6e-426a-9fd6-33403adef01b","block_type":"box","text":"clearing, settlement, nominee functions and","page_number":31,"box":{"x":571,"y":739,"width":351,"height":11}},{"id":"f57b9e6c-4acb-4310-80d4-c1957d1a1dcb","block_type":"box","text":"other related services of the trades executed by","page_number":31,"box":{"x":571,"y":752,"width":352,"height":12}},{"id":"3064a05f-6d54-4efb-954a-5bd32efc77fe","block_type":"box","text":"Hong Kong market participants. PRC","page_number":31,"box":{"x":572,"y":766,"width":351,"height":11}},{"id":"cd824788-9d6a-407e-aef4-fc42329473a3","block_type":"box","text":"regulations which include certain restrictions on","page_number":31,"box":{"x":572,"y":780,"width":350,"height":11}},{"id":"6f7bd289-eda3-48fe-9a18-df512e244f37","block_type":"box","text":"selling and buying will apply to all market","page_number":31,"box":{"x":571,"y":793,"width":352,"height":11}},{"id":"d44fee08-ae4d-473e-b5c8-e6279c397811","block_type":"box","text":"participants. In the case of sale, pre-delivery of","page_number":31,"box":{"x":571,"y":807,"width":352,"height":11}},{"id":"a4bd7676-83ec-46e8-aa7a-d9323f98c4e3","block_type":"box","text":"shares is required to the broker. Because of","page_number":31,"box":{"x":571,"y":821,"width":352,"height":11}},{"id":"ead6596a-eef5-42b3-8fc5-c048e7d57186","block_type":"box","text":"such requirements, the Sub-Fund may not be","page_number":31,"box":{"x":571,"y":834,"width":352,"height":11}},{"id":"1d1c3695-b7f6-466d-b4c0-84e21ea739fc","block_type":"box","text":"able to purchase and/or dispose of holdings of","page_number":31,"box":{"x":571,"y":848,"width":352,"height":11}},{"id":"fc5fae62-9e25-4017-9c91-c8909165560f","block_type":"box","text":"in a timely manner.","page_number":31,"box":{"x":571,"y":862,"width":140,"height":11}},{"id":"dda088b5-dd15-4722-b559-a7c292f6b1be","block_type":"box","text":"","page_number":31,"box":{"x":547,"y":893,"width":8,"height":1}},{"id":"515808ff-02e7-473b-9349-72c080c3aed7","block_type":"box","text":"Quota limitations risk: The Stock Connect is","page_number":31,"box":{"x":571,"y":888,"width":352,"height":9}},{"id":"218273a3-21a0-49e4-81b2-9a3f5934af71","block_type":"box","text":"subject to quota limitations. Trading under the","page_number":31,"box":{"x":571,"y":902,"width":352,"height":11}},{"id":"ba21a203-401e-4722-8c84-a2d6a81af480","block_type":"box","text":"Shanghai-Hong Kong Stock Connect and the","page_number":31,"box":{"x":571,"y":915,"width":352,"height":11}},{"id":"0c45bb70-eb3e-4de7-aa6f-ed3648aaea87","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 32","page_number":32,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"ff15e654-064f-4038-a6ef-e09c33556d7f","block_type":"box","text":"Shenzhen-Hong Kong Stock Connect will be","page_number":32,"box":{"x":110,"y":46,"width":351,"height":11}},{"id":"9006e180-2d8c-46c5-961b-89a27b00583d","block_type":"box","text":"subject to a daily quota respectively (“Daily","page_number":32,"box":{"x":110,"y":59,"width":352,"height":12}},{"id":"b892f886-b3e1-4084-b1cf-45390624dc63","block_type":"box","text":"Quota”). The Daily Quota will apply on a “net","page_number":32,"box":{"x":110,"y":73,"width":352,"height":11}},{"id":"f2f7232a-42ce-4ca2-ac5d-261382ef8c0e","block_type":"box","text":"buy” basis. In particular, once the remaining","page_number":32,"box":{"x":110,"y":87,"width":351,"height":11}},{"id":"8832ecff-9223-4c60-b5b5-e78f5bc7635e","block_type":"box","text":"balance of the Daily Quota drops to zero or the","page_number":32,"box":{"x":110,"y":100,"width":351,"height":11}},{"id":"c4acdb59-bd9e-4009-be18-4431c89bdbc9","block_type":"box","text":"Daily Quota is exceeded during the opening call","page_number":32,"box":{"x":110,"y":114,"width":351,"height":11}},{"id":"3aa1744c-849a-49bd-8821-73c761d47402","block_type":"box","text":"auction session, new buy orders will be rejected","page_number":32,"box":{"x":110,"y":128,"width":351,"height":11}},{"id":"486dc1bb-c169-4a8b-9f26-26233ccf47c1","block_type":"box","text":"(though investors will be allowed to sell their","page_number":32,"box":{"x":110,"y":141,"width":352,"height":12}},{"id":"ee1a56bb-0a33-4a44-b2e0-1fad071bf5a4","block_type":"box","text":"cross-boundary securities regardless of the","page_number":32,"box":{"x":110,"y":155,"width":351,"height":11}},{"id":"75d966c4-48f5-4f47-a4af-132c9213d719","block_type":"box","text":"quota balance). Therefore, quota limitations","page_number":32,"box":{"x":110,"y":169,"width":351,"height":11}},{"id":"4e51f92e-0bad-4135-a6f5-12556508e0b5","block_type":"box","text":"may restrict the Sub-Fund’s ability to invest in","page_number":32,"box":{"x":110,"y":182,"width":351,"height":11}},{"id":"17768e57-d917-4daa-8331-ab68e4ac5477","block_type":"box","text":"China A-Shares through the Stock Connect on","page_number":32,"box":{"x":110,"y":196,"width":351,"height":11}},{"id":"7651da16-9dd5-4628-8405-db5ee527c4c5","block_type":"box","text":"a timely basis, and the Sub-Fund may not be","page_number":32,"box":{"x":110,"y":210,"width":351,"height":11}},{"id":"7282ceca-3169-424b-b0e8-1af53286b9da","block_type":"box","text":"able to effectively pursue its investment","page_number":32,"box":{"x":110,"y":223,"width":352,"height":11}},{"id":"012855e4-e667-43db-91fc-2369d5dc5ae5","block_type":"box","text":"strategies.","page_number":32,"box":{"x":110,"y":237,"width":75,"height":11}},{"id":"a8143ea8-f29f-4dfd-a79a-dc44de43a355","block_type":"box","text":"Regulatory risk: Any changes in laws,","page_number":32,"box":{"x":110,"y":263,"width":351,"height":11}},{"id":"80a35c4b-e7c3-4841-957c-395b16150b37","block_type":"box","text":"regulations and policies of the China A-Shares","page_number":32,"box":{"x":110,"y":276,"width":351,"height":11}},{"id":"37edb12e-3174-41f4-bc10-647d570558a7","block_type":"box","text":"market or rules in relation to Stock Connect may","page_number":32,"box":{"x":110,"y":290,"width":352,"height":11}},{"id":"08e5aa0d-01c2-4e68-9dc3-02417816fc2f","block_type":"box","text":"affect trading capabilities and/or share prices.","page_number":32,"box":{"x":110,"y":303,"width":350,"height":12}},{"id":"4d6614f2-ac8a-48d1-b64d-2f842acacbd7","block_type":"box","text":"Additionally, the Stock Connect is a novel","page_number":32,"box":{"x":109,"y":317,"width":352,"height":11}},{"id":"eb25b404-a4e5-437b-8e0d-07938700a6ea","block_type":"box","text":"concept and is subject to regulations","page_number":32,"box":{"x":110,"y":331,"width":351,"height":11}},{"id":"ea13a853-041b-4486-899b-0f334ee73c71","block_type":"box","text":"promulgated by regulatory authorities and","page_number":32,"box":{"x":110,"y":345,"width":351,"height":11}},{"id":"62bcc90d-ed53-4714-a3a7-9d9ed944db9e","block_type":"box","text":"implementation rules made by the stock","page_number":32,"box":{"x":110,"y":358,"width":352,"height":11}},{"id":"817ddf7f-854d-4dff-8660-24427b46213b","block_type":"box","text":"exchanges in the PRC and Hong Kong. Further,","page_number":32,"box":{"x":110,"y":372,"width":350,"height":11}},{"id":"f80b3442-c556-4779-bd8b-a51ccd47527f","block_type":"box","text":"new regulations may be promulgated from time","page_number":32,"box":{"x":110,"y":385,"width":351,"height":12}},{"id":"e9da6d45-3039-46e8-948d-648dc665a268","block_type":"box","text":"to time by the regulators in connection with","page_number":32,"box":{"x":109,"y":399,"width":352,"height":11}},{"id":"db949bbb-41ec-44cc-bad3-615d037ed79f","block_type":"box","text":"operations and cross-border legal enforcement","page_number":32,"box":{"x":110,"y":413,"width":352,"height":11}},{"id":"8cded77d-ae31-4300-82a1-423882c1ee69","block_type":"box","text":"in connection with cross-border trades under the","page_number":32,"box":{"x":110,"y":427,"width":351,"height":8}},{"id":"141d5781-85c8-4131-bd23-caba79aaa46a","block_type":"box","text":"Stock Connect. Also, the current regulations are","page_number":32,"box":{"x":110,"y":440,"width":351,"height":11}},{"id":"ec85e78e-dc62-4701-b475-2eccee0b77d6","block_type":"box","text":"subject to change. There can be no assurance","page_number":32,"box":{"x":110,"y":454,"width":351,"height":11}},{"id":"83dcbdfa-4b75-4b97-81dc-16ac1fdea3c2","block_type":"box","text":"that the Stock Connect will not be abolished.","page_number":32,"box":{"x":109,"y":467,"width":352,"height":9}},{"id":"f96682c6-bde3-4888-bea7-ba454085028d","block_type":"box","text":"Any Sub-Fund which may invest via the Stock","page_number":32,"box":{"x":109,"y":481,"width":353,"height":11}},{"id":"af65ab42-e4bf-4195-84b3-8e2003d9225d","block_type":"box","text":"Connect may be adversely affected as a result","page_number":32,"box":{"x":110,"y":495,"width":352,"height":11}},{"id":"74771a4b-758f-46cd-b510-a305d68cc4a3","block_type":"box","text":"of such changes. Generally, investors should","page_number":32,"box":{"x":110,"y":508,"width":351,"height":11}},{"id":"377c347c-ea06-4b31-a2ce-7811676b8f6c","block_type":"box","text":"note that the rights of investors in China are","page_number":32,"box":{"x":110,"y":522,"width":351,"height":11}},{"id":"42fe5912-2694-4812-9349-e2a86bfb5e68","block_type":"box","text":"uncertain, government intervention is common","page_number":32,"box":{"x":110,"y":536,"width":351,"height":11}},{"id":"04689c05-5cfa-4c7f-9e02-c48cf80935d3","block_type":"box","text":"and unpredictable, and many of the market","page_number":32,"box":{"x":110,"y":549,"width":352,"height":11}},{"id":"ebc91c60-58e4-49f8-bc86-be300a77cf36","block_type":"box","text":"systems are unproven. Chinese authorities may","page_number":32,"box":{"x":110,"y":563,"width":352,"height":11}},{"id":"0cab6121-74cb-4986-b533-83e7c341c832","block_type":"box","text":"impose measures that result in additional costs","page_number":32,"box":{"x":110,"y":577,"width":351,"height":11}},{"id":"a92e1ba8-f066-48dd-a014-020de21c19e8","block_type":"box","text":"and/or have the effect of blocking, limiting or","page_number":32,"box":{"x":110,"y":590,"width":352,"height":11}},{"id":"d295978d-fed3-4865-b02f-85bac8b93d7e","block_type":"box","text":"otherwise restricting trading, potentially","page_number":32,"box":{"x":110,"y":604,"width":352,"height":11}},{"id":"07ec55d6-c4e8-44c9-a6c8-54472ed17ee8","block_type":"box","text":"hindering the Sub-Fund in implementing it’s","page_number":32,"box":{"x":110,"y":617,"width":351,"height":12}},{"id":"f5788418-96a9-46ec-a192-962e5342ec43","block_type":"box","text":"intended investment strategy.","page_number":32,"box":{"x":110,"y":631,"width":217,"height":11}},{"id":"0d04e185-0270-4df1-9e60-99d70ac8ed6a","block_type":"box","text":"(xvii)","page_number":32,"box":{"x":93,"y":657,"width":33,"height":11}},{"id":"e7f1da7a-7b9f-4abb-98a3-20ac8ee14ec9","block_type":"box","text":"Benchmark Indices","page_number":32,"box":{"x":140,"y":657,"width":152,"height":9}},{"id":"47a2429c-05ee-4ff7-906b-ac2540c32989","block_type":"box","text":"The constituents of a Sub-Fund’s benchmark Index","page_number":32,"box":{"x":62,"y":676,"width":400,"height":9}},{"id":"e3bcf9a9-2e00-4492-9d3f-166cf345d565","block_type":"box","text":"may change over time. Potential investors in a Sub","page_number":32,"box":{"x":62,"y":690,"width":399,"height":11}},{"id":"19593074-011c-4856-ad6e-361d94a4ef4e","block_type":"box","text":"Fund may obtain a breakdown of the constituents of","page_number":32,"box":{"x":63,"y":704,"width":399,"height":11}},{"id":"b015d895-ed71-4b74-ae85-2f4b725c0565","block_type":"box","text":"the relevant benchmark Index from the website of the","page_number":32,"box":{"x":62,"y":717,"width":399,"height":9}},{"id":"f9391814-a899-435a-8826-0a8fcd30e2d4","block_type":"box","text":"index provider (as referred to in the relevant","page_number":32,"box":{"x":62,"y":731,"width":400,"height":11}},{"id":"78d06d96-a648-444a-ab3c-75df34e51738","block_type":"box","text":"benchmark Index description outlined in Appendix 1).","page_number":32,"box":{"x":62,"y":745,"width":398,"height":11}},{"id":"d9981823-2486-4629-ae1d-f29787e1bdd4","block_type":"box","text":"There is no assurance that a Sub-Fund’s benchmark","page_number":32,"box":{"x":62,"y":758,"width":400,"height":9}},{"id":"0c530f61-34ca-47bb-b08f-bb6145dafb7a","block_type":"box","text":"Index will continue to be calculated and published on","page_number":32,"box":{"x":63,"y":772,"width":398,"height":11}},{"id":"111ba61a-86bf-4fb1-9da6-23a4f59b8dce","block_type":"box","text":"the basis described in this Prospectus or that it will not","page_number":32,"box":{"x":62,"y":786,"width":400,"height":11}},{"id":"b6331a03-efe3-44d8-b243-bef5fa19945c","block_type":"box","text":"be amended significantly. The past performance of","page_number":32,"box":{"x":62,"y":799,"width":400,"height":11}},{"id":"da983264-9315-4d25-b917-37b35b092388","block_type":"box","text":"each benchmark Index is not a guide to future","page_number":32,"box":{"x":62,"y":813,"width":399,"height":11}},{"id":"ca7211a2-dd9b-437c-82c8-101397030d33","block_type":"box","text":"performance.","page_number":32,"box":{"x":62,"y":827,"width":97,"height":11}},{"id":"66d84848-c637-4a03-84a6-98788153bc84","block_type":"box","text":"The ACS Manager may, if it considers it in the interests","page_number":32,"box":{"x":62,"y":854,"width":399,"height":11}},{"id":"979d25bd-5175-43a7-9dd3-391ab1a6820f","block_type":"box","text":"of any Sub-Fund to do so, and with the consent of the","page_number":32,"box":{"x":62,"y":867,"width":399,"height":12}},{"id":"de88f027-7e07-4f9e-a3e9-03e45cf6b49d","block_type":"box","text":"Depositary and FCA as necessary in accordance with","page_number":32,"box":{"x":63,"y":881,"width":398,"height":11}},{"id":"8ff0a579-f559-43c9-9794-774903c7bd13","block_type":"box","text":"COLL, and in line with Unitholder approval and notice","page_number":32,"box":{"x":62,"y":895,"width":399,"height":11}},{"id":"4c38dea9-6738-4f0a-8387-a10d6c703efd","block_type":"box","text":"requirements as set out in COLL 4.3, substitute","page_number":32,"box":{"x":63,"y":908,"width":398,"height":12}},{"id":"329dbcd6-ab52-4309-b1d5-4911e47d5f73","block_type":"box","text":"another index for the benchmark Index in","page_number":32,"box":{"x":523,"y":46,"width":399,"height":9}},{"id":"4fa52890-b917-4ca0-bbcb-0590c26d4ba9","block_type":"box","text":"circumstances such as the following:","page_number":32,"box":{"x":523,"y":59,"width":271,"height":12}},{"id":"0ca63e2a-056a-4979-babe-962c52562193","block_type":"box","text":"• the weightings of constituent securities of the Index","page_number":32,"box":{"x":523,"y":73,"width":400,"height":11}},{"id":"ba31c85e-f27a-47dc-8503-57b947bd7cf2","block_type":"box","text":"would cause the relevant Sub-Fund (if it were to follow","page_number":32,"box":{"x":523,"y":87,"width":400,"height":11}},{"id":"d104c8bb-d002-4ae4-8251-b2b2ddcaa89c","block_type":"box","text":"the Index closely) to be in breach of the COLL","page_number":32,"box":{"x":523,"y":100,"width":400,"height":11}},{"id":"ca7cfc46-716b-446e-8c0b-97c9da8cb1bb","block_type":"box","text":"Sourcebook and/or any tax law or tax regulations that","page_number":32,"box":{"x":523,"y":114,"width":400,"height":11}},{"id":"ebd814e4-d9ff-480e-949a-a290a1e4f655","block_type":"box","text":"the ACS Manager may consider to have a material","page_number":32,"box":{"x":523,"y":128,"width":399,"height":11}},{"id":"d62d2f47-5d02-45d2-8484-aa2aa0b09bd9","block_type":"box","text":"impact on any Sub-Fund;","page_number":32,"box":{"x":524,"y":141,"width":185,"height":12}},{"id":"10176825-2bb3-4fdd-9265-1c87e159d978","block_type":"box","text":"• the particular benchmark Index or index series","page_number":32,"box":{"x":523,"y":155,"width":400,"height":11}},{"id":"330b4f4c-c6fc-4354-8dc9-37d16c8373aa","block_type":"box","text":"ceases to exist;","page_number":32,"box":{"x":523,"y":169,"width":114,"height":10}},{"id":"703eae32-fd6d-4acc-bf4c-8a94d1774c10","block_type":"box","text":"• a new index becomes available which supersedes","page_number":32,"box":{"x":523,"y":182,"width":400,"height":11}},{"id":"60e2ee5d-2432-447e-bb41-98cebe5fe2eb","block_type":"box","text":"the existing benchmark Index;","page_number":32,"box":{"x":523,"y":196,"width":221,"height":11}},{"id":"b784047f-f301-4619-a7c8-fc198b040604","block_type":"box","text":"• a new index becomes available which is regarded as","page_number":32,"box":{"x":523,"y":210,"width":400,"height":11}},{"id":"3582c3f5-553d-465a-a47f-30fc63904b93","block_type":"box","text":"the market standard for investors in the particular","page_number":32,"box":{"x":523,"y":223,"width":400,"height":11}},{"id":"de86687c-eb3e-4faf-a1bc-f3942cee5fda","block_type":"box","text":"market and/or would be regarded as of greater benefit","page_number":32,"box":{"x":524,"y":237,"width":399,"height":11}},{"id":"d5de71dd-cc16-4d15-bd53-83788135a342","block_type":"box","text":"to the Unitholders than the existing benchmark Index;","page_number":32,"box":{"x":523,"y":251,"width":395,"height":11}},{"id":"9694cc56-ce89-4ea2-a309-712468f720d2","block_type":"box","text":"• it becomes difficult to invest in stocks comprised","page_number":32,"box":{"x":523,"y":264,"width":399,"height":11}},{"id":"a2dc3f20-63d5-4531-9475-979d60801308","block_type":"box","text":"within the particular benchmark 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component","page_number":32,"box":{"x":524,"y":414,"width":399,"height":12}},{"id":"55e58e9a-8af4-4a0d-b518-3d8a745bc97a","block_type":"box","text":"securities in that index.","page_number":32,"box":{"x":523,"y":428,"width":169,"height":9}},{"id":"494da8ab-32fe-4c83-81d4-5d2e11c82cec","block_type":"box","text":"(xviii)","page_number":32,"box":{"x":554,"y":454,"width":37,"height":11}},{"id":"6904adbf-1ab8-4be1-b8c9-3598485f51a7","block_type":"box","text":"Index-Related Risk","page_number":32,"box":{"x":602,"y":454,"width":149,"height":8}},{"id":"dd58d561-8bf7-4ef6-aeae-effbc24c95cd","block_type":"box","text":"In order to meet its investment objective, each Core","page_number":32,"box":{"x":524,"y":473,"width":399,"height":11}},{"id":"c7b2fd88-f83a-4c83-9dcd-03ebb57c0bd7","block_type":"box","text":"Fund will aim to deliver returns which are similar to the","page_number":32,"box":{"x":524,"y":487,"width":399,"height":9}},{"id":"a1c54601-aac6-4490-b1f4-bcae245b1de5","block_type":"box","text":"returns of its benchmark Index as published by the","page_number":32,"box":{"x":524,"y":501,"width":399,"height":11}},{"id":"cd74d81f-cd34-4ad4-999c-cb0a2342c3f8","block_type":"box","text":"relevant index provider. While index providers do","page_number":32,"box":{"x":524,"y":514,"width":399,"height":11}},{"id":"89ab144f-911e-4a28-8a7f-3ae67d9a2efc","block_type":"box","text":"provide descriptions of what each benchmark Index is","page_number":32,"box":{"x":524,"y":528,"width":399,"height":11}},{"id":"e1cc50cb-d72f-406c-8326-79e58d569e6f","block_type":"box","text":"designed to achieve, index providers do not generally","page_number":32,"box":{"x":523,"y":542,"width":400,"height":11}},{"id":"88ea453e-480f-45e4-a630-40c35fd583a3","block_type":"box","text":"provide any warranty or accept any liability in relation","page_number":32,"box":{"x":524,"y":555,"width":398,"height":11}},{"id":"c7f730c1-8adf-42ad-aa7c-c53dfc8d23d8","block_type":"box","text":"to the quality, accuracy or completeness of data in","page_number":32,"box":{"x":523,"y":569,"width":399,"height":11}},{"id":"e2610e96-fce9-4f78-addc-c039e94d7d5e","block_type":"box","text":"respect of their benchmark indices, nor any guarantee","page_number":32,"box":{"x":524,"y":582,"width":399,"height":12}},{"id":"d459f271-26c7-4823-b320-3218a3cd3e84","block_type":"box","text":"that the published indices will be in line with their","page_number":32,"box":{"x":523,"y":596,"width":400,"height":11}},{"id":"3b071885-67b7-4787-af8d-8706a209677f","block_type":"box","text":"described benchmark index methodologies. Errors in","page_number":32,"box":{"x":523,"y":610,"width":399,"height":11}},{"id":"9175998d-5127-4f84-b0b6-bb9034c11a23","block_type":"box","text":"respect of the quality, accuracy and completeness of","page_number":32,"box":{"x":524,"y":624,"width":399,"height":11}},{"id":"e50db7b5-2d12-47cd-b66d-c74e6256638f","block_type":"box","text":"the data may occur from time to time and may not be","page_number":32,"box":{"x":523,"y":637,"width":400,"height":11}},{"id":"952cf651-76f7-43b5-9ca5-8f35d3b24345","block_type":"box","text":"identified and corrected for a period of time, in","page_number":32,"box":{"x":524,"y":651,"width":398,"height":11}},{"id":"81da130c-e7bb-47a2-8345-71e8a85f229c","block_type":"box","text":"particular where the indices are less commonly used.","page_number":32,"box":{"x":524,"y":665,"width":398,"height":11}},{"id":"9e8c3686-a3d4-4156-9b19-619627b31a84","block_type":"box","text":"Any such errors may potentially result in a negative or","page_number":32,"box":{"x":523,"y":678,"width":400,"height":11}},{"id":"90f14796-563e-44ab-bf92-5a1659081843","block_type":"box","text":"positive performance impact to a Sub-Fund and, by","page_number":32,"box":{"x":524,"y":692,"width":399,"height":11}},{"id":"97dd7f3f-9026-4982-8629-4fb526751002","block_type":"box","text":"extension, impact its Unitholders. Apart from","page_number":32,"box":{"x":523,"y":705,"width":399,"height":12}},{"id":"f9940ba5-145c-40c2-9a16-21e6fd8b16ff","block_type":"box","text":"scheduled rebalances, index providers may carry out","page_number":32,"box":{"x":523,"y":719,"width":400,"height":11}},{"id":"40c7d450-94b1-440d-bcc0-13b7e6529abe","block_type":"box","text":"additional ad hoc rebalances to their benchmark","page_number":32,"box":{"x":523,"y":733,"width":400,"height":8}},{"id":"01a6dd19-3bb6-4592-af4b-0acd2e48741d","block_type":"box","text":"indices in order, for example, to correct an error in the","page_number":32,"box":{"x":524,"y":746,"width":399,"height":11}},{"id":"beb187a8-426a-481c-82b4-f0f586f62a2e","block_type":"box","text":"selection of index constituents. Where the benchmark","page_number":32,"box":{"x":523,"y":760,"width":400,"height":9}},{"id":"36c236af-17b3-4152-8c94-8920c8d7c965","block_type":"box","text":"Index of a Sub-Fund is rebalanced and that Sub-Fund","page_number":32,"box":{"x":524,"y":774,"width":398,"height":9}},{"id":"10b10883-5ce6-40b8-993c-1470dc9bcfda","block_type":"box","text":"in turn rebalances its portfolio to bring it in line with its","page_number":32,"box":{"x":524,"y":787,"width":399,"height":12}},{"id":"698c3cf2-ca4f-4778-b094-b35b54c39b60","block_type":"box","text":"benchmark Index, any transaction costs (including any","page_number":32,"box":{"x":524,"y":801,"width":399,"height":11}},{"id":"6b43142b-3467-4cc3-9c4c-df8f32ec7224","block_type":"box","text":"capital gains tax and/or transaction taxes) and market","page_number":32,"box":{"x":523,"y":815,"width":400,"height":11}},{"id":"63150e5f-ec19-4bcb-9ec3-1bc91c8fa090","block_type":"box","text":"exposure arising from such portfolio rebalancing will","page_number":32,"box":{"x":523,"y":828,"width":399,"height":12}},{"id":"2c629b35-85a1-42f3-bed3-849c0f65e288","block_type":"box","text":"be borne by that Sub-Fund and, by extension, its","page_number":32,"box":{"x":524,"y":842,"width":399,"height":11}},{"id":"366db64a-91eb-46ea-a816-b912a01b64f1","block_type":"box","text":"Unitholders. Unscheduled rebalances to the","page_number":32,"box":{"x":524,"y":856,"width":399,"height":9}},{"id":"ad2286cb-0bb1-4b89-af29-95cd34905394","block_type":"box","text":"benchmark Index may also expose a Fund to tracking","page_number":32,"box":{"x":524,"y":869,"width":398,"height":12}},{"id":"7d71e189-a6a0-4fb0-85ff-5cb4ebd049cf","block_type":"box","text":"error risk (see below). Therefore, errors and additional","page_number":32,"box":{"x":523,"y":883,"width":399,"height":11}},{"id":"9c74e0b0-1a19-49ec-884f-3a816c549e1c","block_type":"box","text":"ad hoc rebalances carried out by an index provider to","page_number":32,"box":{"x":523,"y":897,"width":400,"height":11}},{"id":"a4f93f62-46ee-43e0-8b8e-c76fca7a4ef5","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 33","page_number":33,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"5b314e06-5f0d-4013-bfb3-7568e2834e9a","block_type":"box","text":"a Sub-Fund’s benchmark Index may increase the","page_number":33,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"8cee31e2-e969-46e1-8fd7-3ecfcf7a7bff","block_type":"box","text":"costs and market exposure risk of that Sub-Fund.","page_number":33,"box":{"x":62,"y":59,"width":365,"height":11}},{"id":"4f2b9a6f-8c19-472e-ac51-1cf062b17e89","block_type":"box","text":"(xix)","page_number":33,"box":{"x":93,"y":85,"width":29,"height":11}},{"id":"42065c47-5e84-491a-824d-13eb979a5221","block_type":"box","text":"Tracking Error","page_number":33,"box":{"x":144,"y":85,"width":115,"height":11}},{"id":"2e7dbd1b-f37d-4f4f-b1ea-0ff26e40d413","block_type":"box","text":"In order to meet its investment objective, each Core","page_number":33,"box":{"x":63,"y":104,"width":398,"height":12}},{"id":"eac21c99-058f-4a4e-853b-22fb13bd5ee0","block_type":"box","text":"Fund will aim to deliver returns which are similar to the","page_number":33,"box":{"x":63,"y":118,"width":398,"height":9}},{"id":"43a893d5-49cb-4ba4-9202-0f781506f79b","block_type":"box","text":"returns of its benchmark Index, whilst seeking to","page_number":33,"box":{"x":63,"y":132,"width":398,"height":11}},{"id":"88c40c2e-e3c8-4a28-a701-5f14597d4372","block_type":"box","text":"minimise tracking error to that benchmark Index.","page_number":33,"box":{"x":62,"y":146,"width":399,"height":11}},{"id":"73044fce-d75b-487a-96d0-2e5d506278f2","block_type":"box","text":"However, the Core Funds do not have an index","page_number":33,"box":{"x":63,"y":159,"width":398,"height":11}},{"id":"6209dab4-3bc3-4a00-bcb9-1593a8fcc31a","block_type":"box","text":"replicating strategy and there is no guarantee that the","page_number":33,"box":{"x":63,"y":173,"width":398,"height":11}},{"id":"79e8ca8c-5220-4b10-a642-a434fe393061","block_type":"box","text":"Sub-Funds will stay within their expected average","page_number":33,"box":{"x":62,"y":186,"width":399,"height":12}},{"id":"c47ad7af-ba58-434a-9e2a-597dfdfb0853","block_type":"box","text":"yearly tracking error range (as specified in each Core","page_number":33,"box":{"x":62,"y":200,"width":399,"height":11}},{"id":"7e26cc20-b69c-49ef-8350-3b1bffa45b4b","block_type":"box","text":"Fund’s investment policy).","page_number":33,"box":{"x":63,"y":214,"width":191,"height":11}},{"id":"de7a63e5-ec7d-4069-ac73-449ba869233b","block_type":"box","text":"The Core Funds may be subject to tracking error risk,","page_number":33,"box":{"x":62,"y":239,"width":399,"height":12}},{"id":"70a167b6-4468-4c67-aa2a-4fc3f93d79be","block_type":"box","text":"which is the risk that the relevant Sub-Fund’s returns","page_number":33,"box":{"x":62,"y":253,"width":399,"height":9}},{"id":"547bf849-28bd-46c6-8261-4dcce6cce886","block_type":"box","text":"will not be similar to that of the benchmark Index from","page_number":33,"box":{"x":62,"y":267,"width":399,"height":8}},{"id":"5b5a834e-6887-4a1e-938a-744accfc337a","block_type":"box","text":"time to time. The impact of tracking error risk may be","page_number":33,"box":{"x":62,"y":280,"width":399,"height":12}},{"id":"03a8e89e-4b02-46a0-a33b-7c7d698b0105","block_type":"box","text":"either positive or negative depending on the underlying","page_number":33,"box":{"x":62,"y":294,"width":399,"height":11}},{"id":"48ea7f52-aa9a-4404-8aa4-1503484ee255","block_type":"box","text":"circumstances. 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In such","page_number":33,"box":{"x":62,"y":560,"width":399,"height":11}},{"id":"531b1da2-379d-4458-935a-95a2efc17a33","block_type":"box","text":"circumstances the performance of the Sub-Fund at its","page_number":33,"box":{"x":62,"y":574,"width":399,"height":11}},{"id":"1099d478-ca22-4aff-a92b-58f0cdfdee17","block_type":"box","text":"valuation point, relative to the performance of","page_number":33,"box":{"x":62,"y":587,"width":400,"height":11}},{"id":"a43c0506-fedd-4adf-9129-75172f34f367","block_type":"box","text":"benchmark Index, will be different compared to the","page_number":33,"box":{"x":62,"y":601,"width":399,"height":11}},{"id":"d9d70b20-9ba2-4d89-a72c-1da70afd5ed3","block_type":"box","text":"performance that would have been attained had the","page_number":33,"box":{"x":62,"y":615,"width":399,"height":11}},{"id":"f3aa159e-1b87-44af-8cc2-637c510c6fe8","block_type":"box","text":"Sub-Fund and the benchmark Index been priced at the","page_number":33,"box":{"x":62,"y":628,"width":399,"height":11}},{"id":"b637bcad-4683-43b6-ad93-cae28fcdd918","block_type":"box","text":"same time.","page_number":33,"box":{"x":62,"y":642,"width":80,"height":9}},{"id":"bfa1264e-a42c-4f89-ad67-ec5e058a6a2f","block_type":"box","text":"• Where the pricing point between the Core Fund and","page_number":33,"box":{"x":62,"y":667,"width":399,"height":12}},{"id":"e6d80ccf-1f3c-43a2-8b98-e228f07c8d72","block_type":"box","text":"its benchmark Index is the same, the underlying","page_number":33,"box":{"x":62,"y":681,"width":399,"height":11}},{"id":"d551611d-a905-4563-874c-61b35f640b45","block_type":"box","text":"markets on which securities are traded do not always","page_number":33,"box":{"x":62,"y":695,"width":399,"height":11}},{"id":"5d43ab80-c195-484c-a82e-f1e0f6d4afe4","block_type":"box","text":"close at the same time as this pricing point and so","page_number":33,"box":{"x":62,"y":709,"width":399,"height":11}},{"id":"8dcf575c-0d4f-4b8c-84a2-3752ddb0c9c4","block_type":"box","text":"there is a period of time between certain markets’ close","page_number":33,"box":{"x":62,"y":722,"width":399,"height":11}},{"id":"ed1d15fd-1a38-4a66-94ed-885640ae53bd","block_type":"box","text":"and the Sub-Fund’s valuation point during which prices","page_number":33,"box":{"x":62,"y":736,"width":399,"height":11}},{"id":"03543fe2-7167-4bf1-89fc-eaa29d3ce58e","block_type":"box","text":"can move considerably, consequently there may be","page_number":33,"box":{"x":62,"y":749,"width":399,"height":12}},{"id":"728e0bbe-7e65-470a-94e5-84cad5469e3f","block_type":"box","text":"times when the ACS Manager will apply a fair value","page_number":33,"box":{"x":62,"y":763,"width":399,"height":11}},{"id":"4caf5037-0f26-485a-bd60-0f1c4c96760a","block_type":"box","text":"accounting policy, as described above. 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The taxation treatment outlined below could","page_number":33,"box":{"x":523,"y":296,"width":399,"height":9}},{"id":"a55d4cf8-83ff-4d8b-b633-233571ac20d1","block_type":"box","text":"also change in future.","page_number":33,"box":{"x":523,"y":309,"width":159,"height":12}},{"id":"2bddba86-cdad-49d5-99d8-56859450b8e7","block_type":"box","text":"(a)","page_number":33,"box":{"x":536,"y":335,"width":18,"height":11}},{"id":"3d757e49-4080-412b-8e21-55ff0545cf27","block_type":"box","text":"Taxation of each Sub-Fund of the Scheme","page_number":33,"box":{"x":582,"y":335,"width":335,"height":9}},{"id":"fd733a8a-455c-40a5-8c21-cc9c9063d9c7","block_type":"box","text":"As the Scheme is an umbrella co-ownership ACS","page_number":33,"box":{"x":523,"y":354,"width":399,"height":12}},{"id":"affb4e36-811c-4cfe-bdac-4b63b0d54270","block_type":"box","text":"neither the Scheme nor its Sub-Funds are subject to","page_number":33,"box":{"x":524,"y":368,"width":399,"height":11}},{"id":"e7e72857-ce2e-4274-a005-768c5fb6e870","block_type":"box","text":"UK tax on income or capital profits.","page_number":33,"box":{"x":524,"y":382,"width":257,"height":11}},{"id":"c3c83b61-1d0b-49ba-a81a-5892c0cdab1c","block_type":"box","text":"(b)","page_number":33,"box":{"x":536,"y":407,"width":18,"height":12}},{"id":"d910f141-608a-4e2f-a03c-4195117a8f37","block_type":"box","text":"Taxation of Unitholders","page_number":33,"box":{"x":582,"y":407,"width":187,"height":9}},{"id":"7375a917-7f31-45e3-8a02-c194e6051e2e","block_type":"box","text":"Each Sub-Fund is tax transparent for income purposes","page_number":33,"box":{"x":524,"y":427,"width":399,"height":11}},{"id":"288db405-ba14-49bc-bbaa-be3c47dea850","block_type":"box","text":"meaning that UK tax-paying Unitholders are subject to","page_number":33,"box":{"x":524,"y":441,"width":399,"height":11}},{"id":"56cc9ec6-e0a0-4d1a-9e18-c5ed3bd4faea","block_type":"box","text":"tax on their share of income, net of allowable","page_number":33,"box":{"x":523,"y":454,"width":400,"height":11}},{"id":"8fc0df52-eefa-4b49-804a-002f5c7c490f","block_type":"box","text":"expenses, as it arises to the relevant Sub-Fund and","page_number":33,"box":{"x":523,"y":468,"width":399,"height":11}},{"id":"74387ec8-d4ca-4397-8b4d-f03c9f6bbb72","block_type":"box","text":"not on distributions of income after deduction of","page_number":33,"box":{"x":524,"y":482,"width":399,"height":8}},{"id":"116eedec-f475-4d65-a193-929729a741bb","block_type":"box","text":"expenses. Unitholders will therefore need information","page_number":33,"box":{"x":523,"y":495,"width":399,"height":11}},{"id":"6525abe5-32d3-45b3-b38c-61c46b389ac6","block_type":"box","text":"on their share of each Sub-Fund’s income, expenses","page_number":33,"box":{"x":523,"y":509,"width":400,"height":11}},{"id":"6e46bf41-e3b4-44ba-a888-c8d15789a306","block_type":"box","text":"and tax suffered on underlying investments with","page_number":33,"box":{"x":523,"y":522,"width":399,"height":12}},{"id":"6e2c8e7e-a428-49c3-99eb-ddcabb6e79d9","block_type":"box","text":"reference to their holding period.","page_number":33,"box":{"x":524,"y":536,"width":239,"height":11}},{"id":"11ec798e-5d47-421f-81bf-576de241ccdf","block_type":"box","text":"The ACS Manager will provide Unitholders in the","page_number":33,"box":{"x":523,"y":556,"width":400,"height":11}},{"id":"06e4c33d-1536-4dc9-8191-3af5e459feec","block_type":"box","text":"Scheme with daily price components and an annual","page_number":33,"box":{"x":523,"y":569,"width":399,"height":12}},{"id":"06935f89-efac-44c3-ac51-aff3f4f7a444","block_type":"box","text":"report showing their share of each Sub-Fund’s income","page_number":33,"box":{"x":524,"y":583,"width":399,"height":11}},{"id":"3414aa5c-0d65-4aad-9c1f-5b1f0cb1ec6f","block_type":"box","text":"(and other amounts taxable as income or potentially","page_number":33,"box":{"x":524,"y":597,"width":399,"height":11}},{"id":"58d7972a-00c8-4048-b3ca-d526c492ca57","block_type":"box","text":"deductible from income) that should help those","page_number":33,"box":{"x":523,"y":610,"width":400,"height":11}},{"id":"a126ce38-b86f-4923-9ee8-5448c9951a9f","block_type":"box","text":"Unitholders liable to UK taxation to comply with their","page_number":33,"box":{"x":524,"y":624,"width":399,"height":11}},{"id":"f30804b2-dd33-456b-b13e-069972a68307","block_type":"box","text":"fiscal obligations. For the avoidance of doubt, this","page_number":33,"box":{"x":523,"y":638,"width":400,"height":11}},{"id":"64f614c3-d9be-4f34-877d-03772584fb72","block_type":"box","text":"information does not extend to chargeable gains (and","page_number":33,"box":{"x":524,"y":651,"width":398,"height":12}},{"id":"5d8b47d8-980a-419a-acf8-613e8223f3d9","block_type":"box","text":"allowable losses) realised by Sub-Funds and","page_number":33,"box":{"x":523,"y":665,"width":399,"height":11}},{"id":"2b4ae3be-f196-48bd-ac74-9b63b58a97b5","block_type":"box","text":"Unitholders remain responsible for complying with","page_number":33,"box":{"x":524,"y":679,"width":398,"height":11}},{"id":"f377ab27-3c26-4781-85b2-da082517f23c","block_type":"box","text":"their obligations and ensuring that appropriate claims","page_number":33,"box":{"x":523,"y":692,"width":400,"height":12}},{"id":"a33b01f6-092c-4d04-95e2-499ae9bc4500","block_type":"box","text":"and elections are made.","page_number":33,"box":{"x":523,"y":706,"width":177,"height":9}},{"id":"0a8d610b-e8a6-4725-a4bd-446c0bb12c29","block_type":"box","text":"For tax on chargeable gains purposes, Units are","page_number":33,"box":{"x":524,"y":726,"width":399,"height":11}},{"id":"cf274ade-5e52-4b95-abaf-63d80542e250","block_type":"box","text":"deemed to be assets. Therefore UK Unitholders are","page_number":33,"box":{"x":523,"y":739,"width":400,"height":9}},{"id":"3fa6fc17-dbad-4093-a457-67dfb36eff92","block_type":"box","text":"liable to tax, to the extent net gains are made, on","page_number":33,"box":{"x":524,"y":753,"width":398,"height":11}},{"id":"8344a929-e3a0-4fdb-a678-259cb1370bf0","block_type":"box","text":"disposal of their Units rather than when the Sub-Funds","page_number":33,"box":{"x":523,"y":767,"width":400,"height":11}},{"id":"2cd2c94f-4f74-4692-8fcd-c1365cb019c1","block_type":"box","text":"realise gains. 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The ACS","page_number":34,"box":{"x":62,"y":855,"width":399,"height":9}},{"id":"55d601cb-32e1-43cf-bf21-606d7c2d84b4","block_type":"box","text":"Manager in relation to the relevant Sub-Fund, or class,","page_number":34,"box":{"x":63,"y":869,"width":398,"height":11}},{"id":"095428c7-d034-445d-b626-9b8d8a0a4311","block_type":"box","text":"as appropriate, in which the Unitholder holds Units","page_number":34,"box":{"x":62,"y":882,"width":399,"height":11}},{"id":"c2042ac3-79e5-4085-9b97-473cd8143807","block_type":"box","text":"shall have the right to deduct and set off the amount of","page_number":34,"box":{"x":62,"y":896,"width":400,"height":11}},{"id":"89a26f56-4cd6-4693-a1f7-247ee9ca5580","block_type":"box","text":"such taxation from any income distributed to or","page_number":34,"box":{"x":62,"y":910,"width":400,"height":11}},{"id":"250594db-a5f6-48f8-9dec-3cf17ebda0e1","block_type":"box","text":"accumulated on any Units owned by that Unitholder.","page_number":34,"box":{"x":523,"y":46,"width":399,"height":11}},{"id":"f70c3df4-31ef-4c30-bbab-5ea7b99169b5","block_type":"box","text":"Further, any amounts equal to such taxation and not","page_number":34,"box":{"x":524,"y":60,"width":399,"height":11}},{"id":"5af86879-e423-405c-a160-a106dbc5084d","block_type":"box","text":"paid as described may be deducted from any proceeds","page_number":34,"box":{"x":524,"y":73,"width":399,"height":11}},{"id":"979be246-356e-4804-ad94-dc138ae5829a","block_type":"box","text":"payable where a redemption request is met. 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Were such tax","page_number":34,"box":{"x":523,"y":663,"width":400,"height":11}},{"id":"abdcaf44-bd6e-4b53-b132-6d7f41fa51ed","block_type":"box","text":"to be suffered, it shall be charged to the relevant Sub","page_number":34,"box":{"x":523,"y":676,"width":399,"height":12}},{"id":"d52e54c3-dfb9-4445-807a-e23eab63c789","block_type":"box","text":"Fund.","page_number":34,"box":{"x":524,"y":690,"width":40,"height":9}},{"id":"a1e5e373-4149-4900-bb2d-1b2b12e4bdfd","block_type":"box","text":"A condition of investing, or of continuing to invest, is","page_number":34,"box":{"x":523,"y":717,"width":400,"height":12}},{"id":"d7535dd7-de24-43dc-bbb1-c4419f9df9c8","block_type":"box","text":"that, upon request from the ACS Manager or its","page_number":34,"box":{"x":523,"y":731,"width":400,"height":11}},{"id":"af61b48c-88f0-418d-b52d-5c07acdecb64","block_type":"box","text":"delegate, Unitholders provide accurate information 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in","page_number":34,"box":{"x":523,"y":819,"width":399,"height":11}},{"id":"6684be35-78b6-4e84-a6b1-c78ce8348199","block_type":"box","text":"order to assess the tax liabilities of the Scheme, any","page_number":34,"box":{"x":523,"y":832,"width":400,"height":12}},{"id":"8d515409-fa05-43fc-b2f3-eeb84f38a9fc","block_type":"box","text":"Sub-Fund or any underlying investment.","page_number":34,"box":{"x":523,"y":846,"width":296,"height":11}},{"id":"fc4b3a9b-fd82-4de1-b391-727a04e7e3a5","block_type":"box","text":"(f)","page_number":34,"box":{"x":524,"y":872,"width":13,"height":11}},{"id":"e2deaf09-a8ea-4cf0-86ae-a10aa423bfae","block_type":"box","text":"Conversion, redemption or cancellation","page_number":34,"box":{"x":544,"y":872,"width":314,"height":11}},{"id":"dcae3538-27a0-4ee5-a127-b2ad5fc427bf","block_type":"box","text":"When the holder of any Units in any Class fails or","page_number":34,"box":{"x":523,"y":891,"width":400,"height":11}},{"id":"237765b6-bcb2-4010-95b7-e75a224afa8d","block_type":"box","text":"ceases for whatever reason to be entitled to receive","page_number":34,"box":{"x":523,"y":905,"width":400,"height":9}},{"id":"cb6b63c1-7d95-4988-84b3-9db371d9ef9e","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 35","page_number":35,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"f196f423-e623-4e49-b219-a19404f25013","block_type":"box","text":"distributions or have allocations made in respect of his","page_number":35,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"daa01d5b-0927-4fcf-852c-36af979a47a7","block_type":"box","text":"holding of Units, in terms of the ACS Manager making","page_number":35,"box":{"x":62,"y":59,"width":399,"height":12}},{"id":"d7b83197-877c-45ce-841d-379bb9048334","block_type":"box","text":"or not making any deduction of applicable tax 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shall,","page_number":35,"box":{"x":62,"y":141,"width":398,"height":12}},{"id":"c0ff1146-ca3c-4180-b44c-5dbd0191d851","block_type":"box","text":"without delay, give notice of this to the ACS Manager","page_number":35,"box":{"x":62,"y":155,"width":400,"height":11}},{"id":"4b39d0c8-b275-49dc-8977-674e944a7d61","block_type":"box","text":"and the ACS Manager shall, upon receipt of such","page_number":35,"box":{"x":62,"y":169,"width":399,"height":11}},{"id":"17354a30-d6b4-498d-bf60-0822bb42b0e3","block_type":"box","text":"notice, treat the Unitholder concerned as if it had","page_number":35,"box":{"x":62,"y":182,"width":399,"height":11}},{"id":"35c7cacb-900e-4cbb-8205-ed068e91e035","block_type":"box","text":"served on the ACS Manager a conversion notice in","page_number":35,"box":{"x":62,"y":196,"width":399,"height":11}},{"id":"db2cd1cd-1e57-400d-b60b-ddd863a2b7c3","block_type":"box","text":"accordance with the ACS Deed requesting conversion","page_number":35,"box":{"x":62,"y":210,"width":399,"height":11}},{"id":"68f30227-6eae-4624-93e2-65ee37a2c926","block_type":"box","text":"of all the relevant Units owned by such holder for Units","page_number":35,"box":{"x":62,"y":223,"width":399,"height":11}},{"id":"2fa5c845-1a31-45fb-8dcc-16477b9d8ce5","block_type":"box","text":"of the Class or Classes which, in the opinion of the","page_number":35,"box":{"x":62,"y":237,"width":399,"height":11}},{"id":"8008a4db-903e-417d-8837-40deb8322402","block_type":"box","text":"ACS Manager, such Unitholder is entitled to hold and","page_number":35,"box":{"x":62,"y":250,"width":399,"height":12}},{"id":"844c079f-6cf5-4229-813b-3de31ec4ec72","block_type":"box","text":"most nearly equate to the Class or Classes being","page_number":35,"box":{"x":62,"y":264,"width":399,"height":11}},{"id":"252ee9e7-fb2a-4a28-b277-41fd7c22042a","block_type":"box","text":"converted by that holder; or, if there is, in the opinion","page_number":35,"box":{"x":62,"y":278,"width":399,"height":11}},{"id":"dffdbeab-129b-4035-898b-c1bd30ea4460","block_type":"box","text":"of the ACS Manager, no suitable alternative Class, the","page_number":35,"box":{"x":62,"y":291,"width":399,"height":12}},{"id":"7336d079-33cf-4c49-9042-af4cce161b23","block_type":"box","text":"ACS Manager shall, upon receipt of such notice, treat","page_number":35,"box":{"x":62,"y":305,"width":400,"height":11}},{"id":"0a9fab85-51f7-4b19-b42e-7bacb7944797","block_type":"box","text":"the Unitholder concerned as if it had given a request in","page_number":35,"box":{"x":62,"y":319,"width":399,"height":11}},{"id":"fb2d303e-6821-4685-b02e-74b3bf0d9027","block_type":"box","text":"writing for the redemption or cancellation (at the","page_number":35,"box":{"x":62,"y":332,"width":399,"height":12}},{"id":"e28cff54-3b0c-4485-978c-372e886b399d","block_type":"box","text":"discretion of the ACS Manager) of the affected Units.","page_number":35,"box":{"x":62,"y":346,"width":391,"height":11}},{"id":"fbfd8ddb-cfeb-4d5a-ab8b-f7441d4792f1","block_type":"box","text":"If at any time the ACS Manager becomes aware that","page_number":35,"box":{"x":63,"y":366,"width":399,"height":11}},{"id":"545c6b51-22e6-4d37-a2b6-b402743a1354","block_type":"box","text":"the holder of any Units, on which it makes or intends","page_number":35,"box":{"x":62,"y":379,"width":399,"height":12}},{"id":"80e2d445-0034-4581-9a16-074ff9137ae5","block_type":"box","text":"to make distributions or allocations without any tax","page_number":35,"box":{"x":62,"y":393,"width":400,"height":11}},{"id":"c2e38aac-f31a-4d87-8aa2-ed590b566887","block_type":"box","text":"being deducted or accounted for by the ACS Manager,","page_number":35,"box":{"x":62,"y":407,"width":398,"height":11}},{"id":"a1ec7eea-1687-4faa-add2-f3476293aa42","block_type":"box","text":"has failed or ceased for whatever reason to be entitled","page_number":35,"box":{"x":62,"y":420,"width":399,"height":9}},{"id":"a9e70b1a-a76b-4a27-88d5-aff51187ade6","block_type":"box","text":"to receive distributions or have allocations made in","page_number":35,"box":{"x":62,"y":434,"width":399,"height":9}},{"id":"320a20e8-376d-4e19-b085-0f86ea41d384","block_type":"box","text":"respect of his holding of such Units without deduction","page_number":35,"box":{"x":63,"y":448,"width":398,"height":11}},{"id":"1733a736-6d9d-4ecc-904a-c802907faabd","block_type":"box","text":"of applicable tax or in terms of the Unitholder's","page_number":35,"box":{"x":62,"y":461,"width":399,"height":11}},{"id":"0fe8aee9-ccad-48b6-9f9a-b465060dedec","block_type":"box","text":"entitlement to any particular rate of withholding tax,","page_number":35,"box":{"x":62,"y":475,"width":399,"height":11}},{"id":"bdcf6025-2e48-4386-ae3f-92dc5cda59f1","block_type":"box","text":"whether or not under an applicable double taxation","page_number":35,"box":{"x":62,"y":489,"width":399,"height":11}},{"id":"8712d852-4a15-40e5-8ea4-3e7e3f8a5958","block_type":"box","text":"convention or other agreement for the relevant Class,","page_number":35,"box":{"x":62,"y":502,"width":399,"height":12}},{"id":"fae00e72-39aa-41b7-8f01-16514ce532f3","block_type":"box","text":"then the ACS Manager shall, without delay, treat the","page_number":35,"box":{"x":62,"y":516,"width":399,"height":11}},{"id":"2fa206f3-ba08-4203-a690-16227ae068e5","block_type":"box","text":"Unitholder concerned as if it had served on the ACS","page_number":35,"box":{"x":63,"y":530,"width":398,"height":8}},{"id":"7125816f-38d4-42a2-a039-601c1d48707e","block_type":"box","text":"Manager a conversion notice in accordance with the","page_number":35,"box":{"x":63,"y":543,"width":398,"height":12}},{"id":"123eb2dd-ae4c-43dd-953e-2fb49bd0e75f","block_type":"box","text":"ACS Deed requesting conversion of all the relevant","page_number":35,"box":{"x":62,"y":557,"width":400,"height":11}},{"id":"543f020f-efa2-4091-86e1-260d4558508e","block_type":"box","text":"Units owned by such holder for Units of the Class or","page_number":35,"box":{"x":63,"y":571,"width":399,"height":11}},{"id":"9c8dee20-dc38-4ef3-9a72-babeafa4b9a7","block_type":"box","text":"Classes which, in the opinion of the ACS Manager,","page_number":35,"box":{"x":62,"y":584,"width":399,"height":12}},{"id":"359da282-8efd-42d4-81c5-d7bc89f7f462","block_type":"box","text":"such Unitholder is entitled to hold and most nearly","page_number":35,"box":{"x":62,"y":598,"width":400,"height":11}},{"id":"d9999383-9028-4ce7-9577-360cf7cc4aba","block_type":"box","text":"equate to the Class or Classes being converted by that","page_number":35,"box":{"x":62,"y":611,"width":400,"height":12}},{"id":"b7684c54-4f01-4ab9-8a52-028631aab4e0","block_type":"box","text":"holder; or, if there is, in the opinion of the ACS","page_number":35,"box":{"x":62,"y":625,"width":399,"height":11}},{"id":"e169a38b-10ca-4deb-b14b-57186d58dedd","block_type":"box","text":"Manager, no suitable alternative Class, the ACS","page_number":35,"box":{"x":63,"y":639,"width":398,"height":11}},{"id":"c4d6eeaa-0076-490f-b3a8-5a67b343c31f","block_type":"box","text":"Manager shall, upon receipt of such notice, treat the","page_number":35,"box":{"x":63,"y":653,"width":398,"height":11}},{"id":"5801adc1-6a5a-406c-b064-2d472bf50eeb","block_type":"box","text":"Unitholder concerned as if it had given a request in","page_number":35,"box":{"x":63,"y":666,"width":398,"height":11}},{"id":"85b2c85c-8124-4ab2-a11f-6c2aae6319d7","block_type":"box","text":"writing for the redemption or cancellation (at the","page_number":35,"box":{"x":62,"y":680,"width":399,"height":11}},{"id":"99fada0f-2105-443f-96af-998c6e9c9f05","block_type":"box","text":"discretion of the ACS Manager) of the affected 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Unitholder","page_number":35,"box":{"x":62,"y":768,"width":400,"height":9}},{"id":"c7b183f6-0e19-4532-a94d-c045aaf146d8","block_type":"box","text":"concerned and may be accounted for in any","page_number":35,"box":{"x":62,"y":781,"width":400,"height":12}},{"id":"3c7bc185-b181-403c-9fdc-8caf58efd37e","block_type":"box","text":"adjustment made of the number of new Units to be","page_number":35,"box":{"x":62,"y":795,"width":399,"height":11}},{"id":"d2fd04a7-712f-40d9-b980-ae4b43b135ae","block_type":"box","text":"issued.","page_number":35,"box":{"x":62,"y":809,"width":51,"height":9}},{"id":"c648b871-d190-40fb-9216-003e33de05df","block_type":"box","text":"28. Charges","page_number":35,"box":{"x":74,"y":834,"width":113,"height":11}},{"id":"d4ba2ba2-c247-4f01-b53e-de408fdd6c0a","block_type":"box","text":"The current charges made for each Sub-Fund are","page_number":35,"box":{"x":62,"y":854,"width":399,"height":11}},{"id":"789fa10a-4f52-41b3-876d-c8fa7c5feea1","block_type":"box","text":"shown below (subject to applicable value added tax","page_number":35,"box":{"x":62,"y":867,"width":400,"height":12}},{"id":"e9989159-fe74-4a43-86a3-275a9cd0051a","block_type":"box","text":"(\"VAT\"), if any thereon). On giving at least 60 days'","page_number":35,"box":{"x":63,"y":881,"width":398,"height":11}},{"id":"8eb67144-0de3-44b3-92d2-4ee746421329","block_type":"box","text":"written notice to Unitholders, the ACS Manager may,","page_number":35,"box":{"x":62,"y":895,"width":398,"height":11}},{"id":"f8fd1599-936c-4ea5-b94c-03b08b3a7cd3","block_type":"box","text":"where relevant, increase any of the charges on the","page_number":35,"box":{"x":62,"y":909,"width":399,"height":11}},{"id":"7e22f537-220a-4be4-9bbe-c4c88da8207c","block_type":"box","text":"Sub-Funds provided any such increase does not","page_number":35,"box":{"x":523,"y":46,"width":400,"height":11}},{"id":"34babf7f-6ad0-48e2-9678-3d32fa0a834a","block_type":"box","text":"constitute a fundamental change to the Sub-Fund. Any","page_number":35,"box":{"x":523,"y":59,"width":400,"height":12}},{"id":"fd591767-6903-4d63-afe7-07d55d1fd693","block_type":"box","text":"change to charges which constitutes a fundamental","page_number":35,"box":{"x":523,"y":73,"width":399,"height":11}},{"id":"bda75caa-4e2b-45ea-b96e-7b88a8b7004e","block_type":"box","text":"change will require prior Unitholder consent. For","page_number":35,"box":{"x":523,"y":87,"width":400,"height":11}},{"id":"970a5d95-32ac-409a-baf7-bb9928ce3f13","block_type":"box","text":"details of the categorisation of fundamental, significant","page_number":35,"box":{"x":523,"y":100,"width":400,"height":12}},{"id":"bec0910e-e7d3-4691-aecb-e53ae1f2a813","block_type":"box","text":"and notifiable changes, please see section 31.","page_number":35,"box":{"x":523,"y":114,"width":343,"height":11}},{"id":"b95e7ed8-43b7-4a5c-9a40-1ad4b541bf34","block_type":"box","text":"Fees, costs and duties which are charged on the Sub","page_number":35,"box":{"x":524,"y":134,"width":398,"height":11}},{"id":"1044b920-8f90-4eff-b721-9b6348004fac","block_type":"box","text":"Funds may, at the ACS Manager’s discretion, be","page_number":35,"box":{"x":524,"y":147,"width":399,"height":11}},{"id":"dffa586a-a846-41da-9871-57776f15d873","block_type":"box","text":"charged to income or treated as a capital expense. 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The Depositary’s reimbursement","page_number":36,"box":{"x":524,"y":750,"width":399,"height":12}},{"id":"b98f3378-d27b-493d-8fbf-c9415e96ee70","block_type":"box","text":"shall accrue when the relevant transaction or other","page_number":36,"box":{"x":523,"y":764,"width":400,"height":9}},{"id":"6702f4ab-53b3-4fdb-bc36-a196c5cd4f71","block_type":"box","text":"dealing is effected and shall be paid monthly in arrears.","page_number":36,"box":{"x":523,"y":778,"width":399,"height":11}},{"id":"19092698-3f0a-44c0-a2c7-bc152e4a10f4","block_type":"box","text":"On the winding up of the Scheme, a Sub-Fund or the","page_number":36,"box":{"x":523,"y":797,"width":400,"height":11}},{"id":"5bf5cef4-8bde-4a63-a69a-ab82d41b7e71","block_type":"box","text":"redemption and cancellation of a class of Units, the","page_number":36,"box":{"x":524,"y":811,"width":399,"height":11}},{"id":"22785e27-9232-4e85-a24f-ed191fda6b69","block_type":"box","text":"Depositary will be paid all accrued and owing fees,","page_number":36,"box":{"x":524,"y":825,"width":398,"height":11}},{"id":"3a0a0a98-59b4-4c5b-b364-fbd9d88d09f4","block_type":"box","text":"charges and reimbursement of expenses due up to the","page_number":36,"box":{"x":523,"y":838,"width":400,"height":12}},{"id":"a23ec53f-1161-4cb2-9779-c4f128acb38d","block_type":"box","text":"date of commencement of the winding up, or due in","page_number":36,"box":{"x":523,"y":852,"width":399,"height":11}},{"id":"ebc14733-94b1-4755-8736-d4771fb99353","block_type":"box","text":"relation to the redemption and cancellation of the","page_number":36,"box":{"x":524,"y":866,"width":399,"height":11}},{"id":"54254c89-80ab-4b70-bef2-79fc1f99423a","block_type":"box","text":"relevant class of Units (as appropriate) and any","page_number":36,"box":{"x":524,"y":879,"width":399,"height":11}},{"id":"8ba439b5-7285-4cf1-923e-c87ec8c494f5","block_type":"box","text":"additional expenses necessarily arising out of or in","page_number":36,"box":{"x":523,"y":893,"width":399,"height":11}},{"id":"ef012251-ea87-4861-a27e-c321fb22d19a","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 37","page_number":37,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"6a99951a-a9ea-43d7-a7b8-f20275b8ddc3","block_type":"box","text":"connection with its obligations under the Depositary","page_number":37,"box":{"x":62,"y":46,"width":400,"height":11}},{"id":"d9cc0abb-fc0d-4be8-b74b-07c6c5406ad9","block_type":"box","text":"Services Agreement.","page_number":37,"box":{"x":62,"y":59,"width":154,"height":12}},{"id":"f25d9b5f-c32a-4dcf-bc65-b639700fc8f6","block_type":"box","text":"The Depositary will also act as the custodian of the","page_number":37,"box":{"x":62,"y":79,"width":399,"height":11}},{"id":"5b01e834-e81f-4377-b756-f33f7ce060cc","block_type":"box","text":"property of the Scheme and is entitled to receive","page_number":37,"box":{"x":62,"y":93,"width":399,"height":11}},{"id":"ac309bc0-6619-49f7-ab0c-e2bd891670ed","block_type":"box","text":"reimbursement of the custody fees as an expense of","page_number":37,"box":{"x":63,"y":106,"width":399,"height":11}},{"id":"22a4d2af-d9df-4e37-a62c-31bc24e4390f","block_type":"box","text":"the Scheme. 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The fee will be charged to the relevant","page_number":37,"box":{"x":62,"y":824,"width":400,"height":11}},{"id":"331435b8-3ff2-4a3d-bc18-680dcf525e29","block_type":"box","text":"Sub-Fund each month in respect of the activity from","page_number":37,"box":{"x":62,"y":837,"width":399,"height":11}},{"id":"b6cfdbee-e7db-43df-8ca3-863121bed52a","block_type":"box","text":"the preceding month. No additional fee will be charged","page_number":37,"box":{"x":62,"y":851,"width":399,"height":11}},{"id":"bea4e275-c0a8-490a-be00-4cd2291281dc","block_type":"box","text":"by the ACS Manager.","page_number":37,"box":{"x":62,"y":865,"width":158,"height":11}},{"id":"cc34aa9d-6f8a-4d3b-a6b1-d85ac2fc3f94","block_type":"box","text":"(e) Other Expenses","page_number":37,"box":{"x":535,"y":46,"width":152,"height":11}},{"id":"ab444b95-8669-4228-bc04-ffeafbefcef0","block_type":"box","text":"The following other expenses may be reimbursed out","page_number":37,"box":{"x":523,"y":65,"width":400,"height":11}},{"id":"e6a49686-c0ab-453b-8344-fd14c3ceccb4","block_type":"box","text":"of the property of the Scheme:","page_number":37,"box":{"x":523,"y":79,"width":224,"height":11}},{"id":"6d54734d-7cb0-4553-9c66-8d5d5a83aa81","block_type":"box","text":"(i) costs of dealing in the property of the Scheme","page_number":37,"box":{"x":524,"y":99,"width":399,"height":11}},{"id":"d9bac7be-f49b-44d9-a64f-c97cb9d175e2","block_type":"box","text":"(save where restricted pursuant to paragraph 5","page_number":37,"box":{"x":571,"y":112,"width":352,"height":12}},{"id":"692fe2f2-0106-49ca-a83c-a827d6d671e6","block_type":"box","text":"(","page_number":37,"box":{"x":571,"y":126,"width":4,"height":11}},{"id":"51d26638-c404-4f16-bd16-c19f88641abf","block_type":"box","text":"Collective Investment Schemes","page_number":37,"box":{"x":578,"y":126,"width":240,"height":9}},{"id":"90941e53-d8cd-435a-bc75-86e644e3d21d","block_type":"box","text":") of Appendix","page_number":37,"box":{"x":818,"y":126,"width":105,"height":11}},{"id":"94283381-11f3-4244-b6be-7aee88263d25","block_type":"box","text":"6);","page_number":37,"box":{"x":571,"y":139,"width":17,"height":12}},{"id":"205d509c-362b-4157-b13c-82b351be3852","block_type":"box","text":"(ii) the transaction costs of the Registrar, 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the","page_number":37,"box":{"x":524,"y":239,"width":399,"height":11}},{"id":"c6edea30-a450-484b-8c63-1df7fc307869","block_type":"box","text":"property of the Scheme, the ACS Deed, the","page_number":37,"box":{"x":571,"y":253,"width":352,"height":11}},{"id":"de1fcc08-9327-4455-93d3-bf0384fa6208","block_type":"box","text":"issue, surrender or transfer of Units (including,","page_number":37,"box":{"x":571,"y":267,"width":351,"height":11}},{"id":"f3c95456-8aa3-4abc-a9c0-5265bddd4b68","block_type":"box","text":"without limitation, overseas transfer taxes and","page_number":37,"box":{"x":570,"y":280,"width":352,"height":11}},{"id":"cff5af65-b5e5-46bd-9bde-f53e6fcc9835","block_type":"box","text":"capital gains tax and any similar generated 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Deed,","page_number":37,"box":{"x":571,"y":368,"width":351,"height":11}},{"id":"75c48905-b23b-408d-8163-3dbc87065c1b","block_type":"box","text":"where the modification is necessary or","page_number":37,"box":{"x":570,"y":382,"width":353,"height":11}},{"id":"65e77ec4-4ee2-48db-ade1-2d3a0165b101","block_type":"box","text":"expedient by reason of changes in the law or to","page_number":37,"box":{"x":571,"y":395,"width":352,"height":12}},{"id":"bd0dc0bd-f06a-4358-a378-956ad049d8ce","block_type":"box","text":"remove obsolete provisions;","page_number":37,"box":{"x":572,"y":409,"width":206,"height":11}},{"id":"666dc098-6d77-4ef4-9ba5-3e56afef9836","block_type":"box","text":"(vi) any costs incurred in respect of meetings of","page_number":37,"box":{"x":524,"y":429,"width":399,"height":11}},{"id":"60985c80-3f0f-4a04-8595-5c2f62218953","block_type":"box","text":"Unitholders convened on a requisition by","page_number":37,"box":{"x":572,"y":443,"width":351,"height":11}},{"id":"c8940460-9124-4884-9c60-dfa941abbd0d","block_type":"box","text":"Unitholders not including the ACS Manager or","page_number":37,"box":{"x":572,"y":456,"width":351,"height":11}},{"id":"69ffe654-0573-4b51-b1c7-eb06e9289231","block_type":"box","text":"an associate of the ACS Manager;","page_number":37,"box":{"x":571,"y":470,"width":254,"height":11}},{"id":"ab05ce98-d43e-4400-8eb6-cbf14dd416eb","block_type":"box","text":"unanticipated liabilities on unitisation, scheme of","page_number":37,"box":{"x":571,"y":489,"width":352,"height":11}},{"id":"a7fe50d9-c15f-45fa-9fef-f9dc0773dbb6","block_type":"box","text":"arrangement or reconstruction where the","page_number":37,"box":{"x":571,"y":503,"width":352,"height":11}},{"id":"deabd5b6-b12b-43cc-a219-149c9fd3e0f1","block_type":"box","text":"property of a body corporate or of another","page_number":37,"box":{"x":571,"y":517,"width":352,"height":11}},{"id":"067baea3-b1fa-41d2-b750-fcff56dbe0b6","block_type":"box","text":"collective investment scheme is transferred to","page_number":37,"box":{"x":571,"y":530,"width":351,"height":9}},{"id":"69fadeb4-56d1-4d24-b576-3c0e9db9883e","block_type":"box","text":"the Depositary in consideration of the issue of","page_number":37,"box":{"x":570,"y":544,"width":353,"height":11}},{"id":"79666454-0874-4d68-a423-f33721a8ee2b","block_type":"box","text":"Units in the Scheme to shareholders in that body","page_number":37,"box":{"x":572,"y":557,"width":351,"height":12}},{"id":"cf23dde4-1e25-45e7-9419-73a5ed28df24","block_type":"box","text":"or to participants in that other scheme;","page_number":37,"box":{"x":571,"y":571,"width":283,"height":11}},{"id":"40accead-377c-43d6-b81d-ec26ab8b3abd","block_type":"box","text":"(vii) the cost of preparation only of key 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To the extent any actual","page_number":40,"box":{"x":62,"y":593,"width":399,"height":11}},{"id":"dc6b5d8d-d94f-446e-98b0-f4db73294038","block_type":"box","text":"conflicts of interest are determined to have arisen, the","page_number":40,"box":{"x":62,"y":606,"width":399,"height":11}},{"id":"310d4198-ad50-4241-a14d-9470382c0dc5","block_type":"box","text":"Aviva Group will manage such conflicts to minimise","page_number":40,"box":{"x":62,"y":620,"width":399,"height":11}},{"id":"761d8359-3ea2-4c40-8e38-de367932fe3f","block_type":"box","text":"any impact on the investment performance, and will","page_number":40,"box":{"x":62,"y":634,"width":399,"height":11}},{"id":"8907832a-5476-4f7e-8ef9-8998987eb18e","block_type":"box","text":"also seek to prevent them from reoccurring. Certain","page_number":40,"box":{"x":62,"y":647,"width":399,"height":11}},{"id":"340b9f9d-a446-4741-b7e7-8282523b7645","block_type":"box","text":"activities may be required to be modified or terminated","page_number":40,"box":{"x":62,"y":661,"width":399,"height":11}},{"id":"f1cb4194-19a8-41eb-b719-a3d668aca5fc","block_type":"box","text":"to minimise conflicts of interest which may be identified","page_number":40,"box":{"x":62,"y":675,"width":399,"height":11}},{"id":"1bcef14a-57ad-4fe5-b9d6-5ef3fe8f3eaf","block_type":"box","text":"from time to time.","page_number":40,"box":{"x":62,"y":688,"width":128,"height":9}},{"id":"454107ba-2a62-4af7-a0a4-6d9271f220ae","block_type":"box","text":"Where a conflict of interest cannot be avoided, the","page_number":40,"box":{"x":62,"y":708,"width":399,"height":10}},{"id":"4b9ccead-0ed1-4d8a-b395-f21bbbd867c1","block_type":"box","text":"ACS Manager will ensure that the Scheme and the","page_number":40,"box":{"x":62,"y":721,"width":399,"height":12}},{"id":"aeb8d732-72cd-4cb7-93a1-87048033f210","block_type":"box","text":"other funds it manages are fairly treated.","page_number":40,"box":{"x":62,"y":735,"width":300,"height":11}},{"id":"c83a7fd5-6003-44ef-938f-4267c2b79ac1","block_type":"box","text":"The ACS Manager maintains a written conflict of","page_number":40,"box":{"x":62,"y":761,"width":400,"height":11}},{"id":"803d2359-dd4f-4e59-a0ad-66745181c9bb","block_type":"box","text":"interest policy. The ACS Manager acknowledges that","page_number":40,"box":{"x":62,"y":774,"width":400,"height":12}},{"id":"cddce920-09b0-4adb-bbbd-4b33c24e0778","block_type":"box","text":"there may be some situations where the organisational","page_number":40,"box":{"x":62,"y":788,"width":399,"height":11}},{"id":"4235e768-5861-4258-a044-2280793fb978","block_type":"box","text":"or administrative arrangements in place for the","page_number":40,"box":{"x":62,"y":802,"width":399,"height":11}},{"id":"7ecba138-a6cc-4bd5-98ec-c3846594d773","block_type":"box","text":"management of conflicts of interest are not sufficient to","page_number":40,"box":{"x":62,"y":815,"width":399,"height":11}},{"id":"74d1d54f-0869-4efc-a746-bc02fc9f1704","block_type":"box","text":"ensure, with reasonable confidence, that risks of","page_number":40,"box":{"x":62,"y":829,"width":400,"height":10}},{"id":"cef20159-6524-41df-98d2-ad3e817ecd8e","block_type":"box","text":"damage to the interests of the Scheme or its","page_number":40,"box":{"x":62,"y":842,"width":399,"height":12}},{"id":"91d6cd39-8dcd-45ac-9289-247951246c69","block_type":"box","text":"Unitholders will be prevented. Should any such","page_number":40,"box":{"x":63,"y":856,"width":398,"height":11}},{"id":"c6d0918a-dde7-4afe-8cd3-2e70ea3c8951","block_type":"box","text":"situations arise the ACS Manager will, as a last resort","page_number":40,"box":{"x":62,"y":870,"width":400,"height":11}},{"id":"64193306-b8c5-4195-8b1c-dcb9f20752f3","block_type":"box","text":"if the conflict cannot be avoided","page_number":40,"box":{"x":62,"y":884,"width":257,"height":8}},{"id":"24f31755-bee2-4496-a88e-4f9c060b4469","block_type":"box","text":"disclose these to","page_number":40,"box":{"x":328,"y":884,"width":133,"height":8}},{"id":"e4250a64-efe7-4e55-9495-3b6be120dba9","block_type":"box","text":"Unitholders in an appropriate format.","page_number":40,"box":{"x":63,"y":897,"width":270,"height":11}},{"id":"a44380d2-392c-4642-86da-0d43fe35171e","block_type":"box","text":"(e)","page_number":40,"box":{"x":524,"y":46,"width":18,"height":11}},{"id":"815d537c-f206-4495-b186-452bc36467cb","block_type":"box","text":"Service Providers","page_number":40,"box":{"x":549,"y":46,"width":140,"height":9}},{"id":"4775b021-6561-4ebc-8658-fa1b78500e04","block_type":"box","text":"Certain entities in which a Sub-Fund has an","page_number":40,"box":{"x":523,"y":65,"width":399,"height":9}},{"id":"9acbf1dc-affa-4e9d-a1ef-5c50d83ea813","block_type":"box","text":"investment (whether directly or indirectly) may also","page_number":40,"box":{"x":524,"y":79,"width":399,"height":11}},{"id":"38e35c1a-ac84-4dd0-a65f-5dbaa8a9351d","block_type":"box","text":"provide goods or services to, or have a business,","page_number":40,"box":{"x":524,"y":93,"width":398,"height":11}},{"id":"7f9efab7-4f4d-4cbd-a503-ebb1de32b2ec","block_type":"box","text":"financial or other relationship with other Sub-Funds of","page_number":40,"box":{"x":523,"y":106,"width":400,"height":11}},{"id":"5b7c55ab-57c2-4c0b-baff-cd809a27b8bf","block_type":"box","text":"the Scheme, ACS Manager, their associates and other","page_number":40,"box":{"x":523,"y":120,"width":400,"height":11}},{"id":"68d0dd78-3b9a-4abd-af41-88660be25cae","block_type":"box","text":"funds managed by the ACS Manager or their","page_number":40,"box":{"x":523,"y":134,"width":400,"height":11}},{"id":"cfa28cc7-f1f3-403c-a68b-b4660a82e45f","block_type":"box","text":"associates. Such entities may also be a source of","page_number":40,"box":{"x":523,"y":147,"width":400,"height":11}},{"id":"65b2d422-d982-4e92-ba1f-6f3c4f5c0205","block_type":"box","text":"financing and investment opportunities or co-investors","page_number":40,"box":{"x":523,"y":161,"width":400,"height":11}},{"id":"71e022f9-91db-4d84-af9f-5018de64da01","block_type":"box","text":"in investments made by the Sub-Funds (whether","page_number":40,"box":{"x":524,"y":174,"width":399,"height":12}},{"id":"933ec4d4-3b64-44b1-8512-8aa5b6e29c1e","block_type":"box","text":"directly or indirectly) or other funds managed by the","page_number":40,"box":{"x":523,"y":188,"width":400,"height":11}},{"id":"8840540f-4d64-479c-9c5f-ee2b23b9cf75","block_type":"box","text":"ACS Manager or their associates. These relationships","page_number":40,"box":{"x":523,"y":202,"width":400,"height":11}},{"id":"3d40e9a4-db7c-4385-8b99-d83dfca510a4","block_type":"box","text":"may influence the ACS manager or their associates in","page_number":40,"box":{"x":524,"y":215,"width":398,"height":12}},{"id":"7051616a-7ea0-454e-ac31-ba5b5c0b1405","block_type":"box","text":"deciding whether to select or recommend a supplier of","page_number":40,"box":{"x":523,"y":229,"width":400,"height":11}},{"id":"5ede80c3-d6b5-455c-9cda-39a5bc276317","block_type":"box","text":"goods or a service provider to perform services for the","page_number":40,"box":{"x":523,"y":243,"width":400,"height":11}},{"id":"3bb6e5c5-33c5-4b71-b769-148fe0819079","block_type":"box","text":"Sub-Funds or other funds managed by the ACS","page_number":40,"box":{"x":523,"y":256,"width":399,"height":12}},{"id":"1721a769-0b0c-4c83-be24-6e1d3c71a55c","block_type":"box","text":"Manager or associates (the cost of which will generally","page_number":40,"box":{"x":524,"y":270,"width":399,"height":11}},{"id":"787d7b57-fd2f-4cdc-84c2-9ad51dc374c9","block_type":"box","text":"be borne directly or indirectly by the Sub-Fund or such","page_number":40,"box":{"x":524,"y":284,"width":398,"height":11}},{"id":"f5f54fb9-0ad7-4feb-ae64-21affd1ae7e7","block_type":"box","text":"other funds). Notwithstanding the above, the selection","page_number":40,"box":{"x":523,"y":297,"width":399,"height":12}},{"id":"540b1eef-ffdb-4aa1-82a5-02eae86df467","block_type":"box","text":"of such entities that may provide goods and services","page_number":40,"box":{"x":523,"y":311,"width":400,"height":11}},{"id":"f989fa68-0488-47e2-888a-879b3cfefd4f","block_type":"box","text":"will generally be allocated based on an evaluation","page_number":40,"box":{"x":523,"y":325,"width":399,"height":11}},{"id":"2b8ff38b-359b-42a5-b704-0b761fe28c8e","block_type":"box","text":"which includes such entities’ provision of certain goods","page_number":40,"box":{"x":523,"y":338,"width":400,"height":12}},{"id":"b67a4071-5e19-4e2c-9e1d-d65a573df753","block_type":"box","text":"and services that the ACS Manager or associates","page_number":40,"box":{"x":523,"y":352,"width":400,"height":11}},{"id":"1cb33bd7-3856-4c65-93f3-e13de58b1a5e","block_type":"box","text":"believes to be of benefit to a Sub-Fund, or such other","page_number":40,"box":{"x":524,"y":366,"width":399,"height":10}},{"id":"0080174d-0a20-4df9-a4e3-ef12e89a6674","block_type":"box","text":"funds managed by the ACS Manager or associates.","page_number":40,"box":{"x":523,"y":379,"width":383,"height":12}},{"id":"ded7c612-7736-4575-9c2d-9b3bd67dc527","block_type":"box","text":"30. Fair Treatment","page_number":40,"box":{"x":535,"y":405,"width":163,"height":9}},{"id":"91e7d657-a627-4423-aa12-173036fa0ce9","block_type":"box","text":"The detailed rights and obligations of the Depositary,","page_number":40,"box":{"x":523,"y":425,"width":399,"height":11}},{"id":"e59467f5-345a-4d7a-b389-8552bc154b29","block_type":"box","text":"ACS Manager and Unitholders are set out in the ACS","page_number":40,"box":{"x":523,"y":438,"width":400,"height":11}},{"id":"344fc594-affa-43de-bc4e-69a0e5a9f5dd","block_type":"box","text":"Deed. The ACS Manager ensures that the ACS Deed","page_number":40,"box":{"x":524,"y":452,"width":398,"height":11}},{"id":"5ca2ad73-8a3a-4dfe-994c-5f4a30905e5b","block_type":"box","text":"is made available for review by each Unitholder as set","page_number":40,"box":{"x":524,"y":466,"width":399,"height":11}},{"id":"8f5f3340-9bb0-4288-a93e-0f49c0194052","block_type":"box","text":"out in section 36 (viii), such that each Unitholder is","page_number":40,"box":{"x":523,"y":479,"width":400,"height":11}},{"id":"7e76218e-5fac-4bb6-938b-7e58e9b503a3","block_type":"box","text":"informed about its rights and obligations under that","page_number":40,"box":{"x":524,"y":493,"width":399,"height":11}},{"id":"3d194b03-5f26-4327-a393-0d267c67c6bf","block_type":"box","text":"document. 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Changes to the Scheme and Meetings of","page_number":40,"box":{"x":535,"y":559,"width":388,"height":11}},{"id":"5908c706-0d27-4aaa-b44c-5cde6d621e9a","block_type":"box","text":"Unitholders","page_number":40,"box":{"x":583,"y":573,"width":92,"height":9}},{"id":"ede00621-a989-47d5-8a34-df4da25fe704","block_type":"box","text":"Changes to any Scheme may be made in accordance","page_number":40,"box":{"x":523,"y":593,"width":400,"height":11}},{"id":"7fc9c1ca-d8c6-48ae-aa8b-83348c2b8981","block_type":"box","text":"with the method of classification described in sections","page_number":40,"box":{"x":523,"y":606,"width":400,"height":9}},{"id":"8f201aa7-aa05-46d5-8e79-b3773576bfff","block_type":"box","text":"(a), 31(b) and 31(c) below.","page_number":40,"box":{"x":524,"y":620,"width":195,"height":11}},{"id":"d5134868-c354-4335-8798-267b55574adc","block_type":"box","text":"(a)","page_number":40,"box":{"x":524,"y":645,"width":18,"height":12}},{"id":"ca26cb46-0755-427d-8a45-f9ec3c58d304","block_type":"box","text":"Fundamental Change","page_number":40,"box":{"x":583,"y":645,"width":169,"height":12}},{"id":"9a0c778b-b26c-4115-80d5-459cd6371909","block_type":"box","text":"A fundamental change is a change or event which:","page_number":40,"box":{"x":523,"y":665,"width":374,"height":11}},{"id":"ced4c5ae-3278-4df8-b40c-c8829e078f8d","block_type":"box","text":"(i) changes the purpose or nature of the Scheme;","page_number":40,"box":{"x":524,"y":685,"width":398,"height":11}},{"id":"76c820aa-aac9-432e-b023-dc2a80d06b8d","block_type":"box","text":"or","page_number":40,"box":{"x":571,"y":701,"width":14,"height":6}},{"id":"07947159-0723-48f0-9dba-fa964d775af9","block_type":"box","text":"(ii) may materially prejudice a Unitholder; or","page_number":40,"box":{"x":524,"y":718,"width":347,"height":11}},{"id":"46b8b4a2-f08e-488d-a312-c6f3911fa422","block_type":"box","text":"(iii) alters the risk profile of a Sub-Fund of the","page_number":40,"box":{"x":524,"y":737,"width":399,"height":12}},{"id":"ff48fa70-7357-47ce-b67a-5e27caf53ff2","block_type":"box","text":"Scheme; or","page_number":40,"box":{"x":571,"y":751,"width":85,"height":11}},{"id":"5b293470-ef06-4937-8aa9-5624ada3aae8","block_type":"box","text":"(iv) introduces any new type of payment out of","page_number":40,"box":{"x":524,"y":771,"width":399,"height":11}},{"id":"7fa5eafc-ca7f-4d82-8c5c-f3b99cee5c0b","block_type":"box","text":"Scheme property.","page_number":40,"box":{"x":571,"y":784,"width":130,"height":12}},{"id":"ac84d11f-b1d6-43e5-864c-cc512abf9136","block_type":"box","text":"The ACS Manager will obtain prior approval from","page_number":40,"box":{"x":523,"y":804,"width":399,"height":11}},{"id":"84b9b13e-63cd-4aa2-892a-bdc36dffaefd","block_type":"box","text":"Unitholders to any fundamental change by way of an","page_number":40,"box":{"x":524,"y":818,"width":398,"height":11}},{"id":"3c7a456a-2f84-4838-85a2-fc3580a0c3b6","block_type":"box","text":"extraordinary resolution of the Unitholders of the","page_number":40,"box":{"x":523,"y":831,"width":400,"height":11}},{"id":"a7e58875-e801-44e9-8c62-47d860b572fe","block_type":"box","text":"Scheme. 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The","page_number":41,"box":{"x":524,"y":829,"width":399,"height":9}},{"id":"3e7ce2bd-82f5-4e25-83fd-36b731b1a2a0","block_type":"box","text":"Depositary may, in certain circumstances, (and with","page_number":41,"box":{"x":524,"y":843,"width":398,"height":11}},{"id":"dc42992c-346b-4efd-ac33-6dbcf01d6b17","block_type":"box","text":"the agreement of the affected Unitholders) distribute","page_number":41,"box":{"x":523,"y":856,"width":400,"height":11}},{"id":"5151371c-1b13-406b-a89c-22f7639f358c","block_type":"box","text":"property of a Sub-Fund (rather than the proceeds on","page_number":41,"box":{"x":524,"y":870,"width":398,"height":11}},{"id":"c40d1711-c971-4373-8bec-9609fcb22a07","block_type":"box","text":"the realisation of that property) to Unitholders on a","page_number":41,"box":{"x":523,"y":884,"width":400,"height":11}},{"id":"731516dd-4c89-46ed-9f1e-637743be31e4","block_type":"box","text":"winding-up.","page_number":41,"box":{"x":523,"y":897,"width":84,"height":12}},{"id":"7b55c2bb-cac7-4217-b2a9-abab292e5b05","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 42","page_number":42,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"f2087ba9-5103-40b8-883f-fec344e90481","block_type":"box","text":"Any unclaimed net proceeds or other cash held by the","page_number":42,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"ded81769-ecc3-4ddb-94ad-4be9c8609977","block_type":"box","text":"Depositary after the expiration of twelve months from","page_number":42,"box":{"x":63,"y":59,"width":398,"height":12}},{"id":"68fc2b25-6739-4124-b531-52f16b970254","block_type":"box","text":"the date on which the same became payable is to be","page_number":42,"box":{"x":62,"y":73,"width":399,"height":11}},{"id":"6625414f-e277-4f91-bd16-10c10606d91f","block_type":"box","text":"paid by the Depositary into court subject to the","page_number":42,"box":{"x":62,"y":87,"width":399,"height":11}},{"id":"569d2127-100d-46ac-9d29-545cb24f2772","block_type":"box","text":"Depositary having a right to retain from those net","page_number":42,"box":{"x":63,"y":100,"width":399,"height":12}},{"id":"bb8d34a7-872c-474a-9ea2-88178eeabebf","block_type":"box","text":"proceeds or other cash any expenses incurred in","page_number":42,"box":{"x":62,"y":114,"width":399,"height":11}},{"id":"0918fd13-39d5-409d-868e-5a1614aa4454","block_type":"box","text":"making the payment into court.","page_number":42,"box":{"x":62,"y":128,"width":228,"height":11}},{"id":"f9cbd6d4-9a77-49e4-a146-5fe5a903c8ae","block_type":"box","text":"If the Scheme is to be wound up in accordance with an","page_number":42,"box":{"x":63,"y":147,"width":398,"height":11}},{"id":"9538de82-6e8a-4cb8-b757-675cb37364f4","block_type":"box","text":"approved scheme of arrangement, the Depositary is","page_number":42,"box":{"x":62,"y":161,"width":399,"height":11}},{"id":"c848c955-85f3-433d-9fc0-723c4bc6453d","block_type":"box","text":"required to wind up the Scheme in accordance with the","page_number":42,"box":{"x":63,"y":174,"width":398,"height":12}},{"id":"c349a0e0-d038-467a-884d-2d198e3c56b9","block_type":"box","text":"resolution of Unitholders approving such scheme.","page_number":42,"box":{"x":63,"y":188,"width":398,"height":11}},{"id":"6b52559f-68b9-410c-95e1-eca094d6a231","block_type":"box","text":"Distributions will only be made to Unitholders entered","page_number":42,"box":{"x":63,"y":202,"width":398,"height":11}},{"id":"0127ebf1-390a-4b2f-9070-eff31a1498b9","block_type":"box","text":"on the register. Any net proceeds or cash (including","page_number":42,"box":{"x":62,"y":215,"width":399,"height":12}},{"id":"4b8d3525-9223-49c7-8b8f-dca7233dcd0d","block_type":"box","text":"unclaimed distribution payments) held by the","page_number":42,"box":{"x":63,"y":229,"width":398,"height":11}},{"id":"879acea0-a93c-4262-8db9-0c82d4802513","block_type":"box","text":"Depositary which have not been claimed after 12","page_number":42,"box":{"x":63,"y":243,"width":398,"height":11}},{"id":"0efc79d3-b1c6-4fb9-bb7a-38dcf7c945b7","block_type":"box","text":"months will be paid into court, after the deduction by","page_number":42,"box":{"x":62,"y":257,"width":400,"height":11}},{"id":"14a84573-cbb6-4552-8c33-7bff3dfa8fb4","block_type":"box","text":"the Depositary of any expenses it may incur.","page_number":42,"box":{"x":62,"y":270,"width":328,"height":11}},{"id":"9186f411-e05d-49a6-8bde-4237f51cd997","block_type":"box","text":"33. Allocation of Income","page_number":42,"box":{"x":74,"y":296,"width":212,"height":9}},{"id":"e7946ebc-e157-4d3f-866d-7c9ed405dad7","block_type":"box","text":"The income available for allocation by distribution is","page_number":42,"box":{"x":62,"y":315,"width":399,"height":11}},{"id":"2b026f82-09ac-44eb-87fb-eb9cc826b451","block_type":"box","text":"determined in accordance with the COLL Sourcebook","page_number":42,"box":{"x":62,"y":329,"width":400,"height":9}},{"id":"494613e6-26be-4fe8-9981-ce35c3bf0823","block_type":"box","text":"and the Investment Management Association's","page_number":42,"box":{"x":62,"y":343,"width":399,"height":11}},{"id":"ad8e027c-fadf-42ff-8788-31f2839bb420","block_type":"box","text":"Statement of Recommended Practice for Accounting","page_number":42,"box":{"x":62,"y":356,"width":399,"height":12}},{"id":"5662abad-765c-4ca2-8ea8-4de733b4ad1d","block_type":"box","text":"Standards for Investment Funds (SORP).","page_number":42,"box":{"x":62,"y":370,"width":305,"height":11}},{"id":"86fc69a0-8cff-4306-99f1-b2847b5c5cf8","block_type":"box","text":"Distributable income comprises all income received or","page_number":42,"box":{"x":63,"y":390,"width":399,"height":11}},{"id":"cde31964-60e3-45d4-bf3d-402478fb660a","block_type":"box","text":"receivable for the account of any Sub-Fund in respect","page_number":42,"box":{"x":63,"y":403,"width":399,"height":11}},{"id":"3fe6f20c-1d0a-4be2-a209-dd85800b7a4b","block_type":"box","text":"of the accounting period concerned, after deducting","page_number":42,"box":{"x":62,"y":417,"width":399,"height":11}},{"id":"d53c8842-e156-4282-b3d5-137130a08bab","block_type":"box","text":"net charges and expenses paid or payable out of such","page_number":42,"box":{"x":62,"y":431,"width":399,"height":11}},{"id":"c49abed6-5068-4456-9b95-da13689f2375","block_type":"box","text":"income and after making such adjustments as the ACS","page_number":42,"box":{"x":62,"y":444,"width":399,"height":11}},{"id":"557a3856-e5e3-4758-b449-abef6bb9f946","block_type":"box","text":"Manager considers appropriate, in accordance with","page_number":42,"box":{"x":63,"y":458,"width":398,"height":11}},{"id":"f015b7a9-f8ba-4c85-b309-f08a58adf3ed","block_type":"box","text":"the COLL Sourcebook.","page_number":42,"box":{"x":62,"y":471,"width":169,"height":9}},{"id":"b9fc2d7a-3950-4eec-acab-10674f9e496e","block_type":"box","text":"Income on debt securities, such as bonds and other","page_number":42,"box":{"x":63,"y":491,"width":399,"height":10}},{"id":"674ba43f-ed3d-4d15-9b71-3d09a80b37e0","block_type":"box","text":"fixed interest securities is calculated using the","page_number":42,"box":{"x":62,"y":505,"width":399,"height":11}},{"id":"05b0eae4-73d8-4e76-9591-12f8fb3b8717","block_type":"box","text":"\"Effective Interest Rate\" method, in accordance with","page_number":42,"box":{"x":63,"y":518,"width":398,"height":11}},{"id":"ff99d992-e4b1-4cea-8ee1-71de42047405","block_type":"box","text":"the methodology laid down in the FRS 102 (UK","page_number":42,"box":{"x":62,"y":532,"width":400,"height":11}},{"id":"329c6c5f-9d76-482a-b0d1-68edfbd23842","block_type":"box","text":"GAAP).","page_number":42,"box":{"x":62,"y":546,"width":55,"height":11}},{"id":"1810405e-29b0-44c6-bbfe-3ceb2fab4370","block_type":"box","text":"The Effective Interest Rate method for calculating","page_number":42,"box":{"x":62,"y":565,"width":399,"height":11}},{"id":"4d5c2cdb-961d-4b54-a0e2-23c186e962ee","block_type":"box","text":"income generated from debt securities, treats any","page_number":42,"box":{"x":62,"y":579,"width":400,"height":11}},{"id":"ae493e00-33c0-4b98-b240-f919194a654c","block_type":"box","text":"premiums and discounts arising on the purchase of a","page_number":42,"box":{"x":62,"y":593,"width":400,"height":11}},{"id":"ab4efad2-1033-4174-838e-1a0fe114c9f5","block_type":"box","text":"debt security (when compared to its maturity or par","page_number":42,"box":{"x":62,"y":606,"width":400,"height":11}},{"id":"f1c6e998-6bfe-4143-abf6-bfc28a6bae2d","block_type":"box","text":"value) as income and this, together with any future","page_number":42,"box":{"x":62,"y":620,"width":399,"height":11}},{"id":"96f097a3-89d0-446c-af1f-71834de48e86","block_type":"box","text":"expected income streams on the debt security, is","page_number":42,"box":{"x":62,"y":634,"width":399,"height":11}},{"id":"82b12c8b-1d11-4772-a921-5b07f86bbaa9","block_type":"box","text":"amortised (written off) over the life of that security (to","page_number":42,"box":{"x":62,"y":647,"width":399,"height":11}},{"id":"f7c973f7-9a04-404a-b2b2-bfefe1ea6b49","block_type":"box","text":"its maturity) and discounted back to its present value","page_number":42,"box":{"x":62,"y":661,"width":399,"height":11}},{"id":"9bcee726-dfec-49b1-9ff1-81cd2a7ba28b","block_type":"box","text":"and included in the calculation of distributable income.","page_number":42,"box":{"x":62,"y":675,"width":398,"height":8}},{"id":"7baad8fc-79f4-40d1-9bae-083aa33e2bf8","block_type":"box","text":"For the purposes of allocating income, the ACS","page_number":42,"box":{"x":63,"y":694,"width":398,"height":11}},{"id":"21d3df94-3060-45d8-86bb-3b09b16bdf9b","block_type":"box","text":"Manager will determine on an annual basis, with","page_number":42,"box":{"x":63,"y":708,"width":398,"height":11}},{"id":"6c943681-9941-48f0-840c-392c854fb42d","block_type":"box","text":"reference to the objectives of a Sub-Fund, whether","page_number":42,"box":{"x":63,"y":721,"width":399,"height":12}},{"id":"0d0e114b-218b-406f-aa58-b0ef99502c21","block_type":"box","text":"such income should exclude premiums and discounts","page_number":42,"box":{"x":62,"y":735,"width":399,"height":11}},{"id":"22908f50-8ca6-4d46-8b7b-10fa5fdb3fc5","block_type":"box","text":"arising on purchase of bonds attributed through the","page_number":42,"box":{"x":62,"y":749,"width":399,"height":11}},{"id":"2808e2d0-2141-466c-84d6-921a24c22e6b","block_type":"box","text":"Effective Interest Rate method.","page_number":42,"box":{"x":63,"y":762,"width":227,"height":9}},{"id":"34031bf6-fc03-4465-a0ed-c7f360fa237a","block_type":"box","text":"Each Sub-Fund will distribute any available income in","page_number":42,"box":{"x":63,"y":782,"width":398,"height":11}},{"id":"0ce5c25b-0203-4781-8306-dafa335068a4","block_type":"box","text":"accordance with the provisions of section 21 following","page_number":42,"box":{"x":62,"y":796,"width":399,"height":11}},{"id":"bd8c3430-2bd5-441a-b36f-c77e02102166","block_type":"box","text":"the end of each of its accounting periods in relation to","page_number":42,"box":{"x":62,"y":809,"width":399,"height":12}},{"id":"cfec91ab-f0c9-470b-8fdf-c309a54f5320","block_type":"box","text":"which it has an income allocation date. Each","page_number":42,"box":{"x":62,"y":823,"width":399,"height":9}},{"id":"ad16b1f8-c209-4fd3-845b-5395ed05e66d","block_type":"box","text":"accounting period ends on an accounting date (either","page_number":42,"box":{"x":62,"y":837,"width":400,"height":11}},{"id":"a085ff4e-81a2-4b6f-95b8-385a3187d9d5","block_type":"box","text":"interim or final). Details of the accounting periods and","page_number":42,"box":{"x":62,"y":850,"width":399,"height":11}},{"id":"18120382-85d1-4d53-a2c2-41dd77325af1","block_type":"box","text":"income allocation dates for each Sub-Fund are set out","page_number":42,"box":{"x":62,"y":864,"width":400,"height":9}},{"id":"2726412b-a341-459e-a849-e868a1730fbd","block_type":"box","text":"in Appendix 1.","page_number":42,"box":{"x":62,"y":878,"width":104,"height":11}},{"id":"bb7dff74-1946-4ebd-b2a8-a351044e0d6c","block_type":"box","text":"34. Information Made Available to Unitholders","page_number":42,"box":{"x":535,"y":46,"width":383,"height":9}},{"id":"13012c09-6a3e-47a0-adde-14e2fcd3df18","block_type":"box","text":"Under the UK AIFM Regime and the COLL","page_number":42,"box":{"x":524,"y":65,"width":399,"height":11}},{"id":"54eae686-2326-44d0-8f86-b37cbf650d21","block_type":"box","text":"Sourcebook, the ACS Manager must periodically","page_number":42,"box":{"x":523,"y":79,"width":400,"height":11}},{"id":"a14ba152-db60-4fec-83f9-543cbe83861b","block_type":"box","text":"disclose to Unitholders certain information in relation","page_number":42,"box":{"x":523,"y":93,"width":399,"height":8}},{"id":"da88da40-07b3-40dd-9cf5-e81d93af6202","block_type":"box","text":"to the Scheme. This includes providing disclosure on","page_number":42,"box":{"x":523,"y":106,"width":399,"height":12}},{"id":"74bfc24c-6037-4980-a13b-4d3b06dd0fc1","block_type":"box","text":"each Sub-Fund's risk profile, which, as prescribed in","page_number":42,"box":{"x":523,"y":120,"width":399,"height":11}},{"id":"5dd801ab-f06e-4377-a8fd-be7e7ff4e708","block_type":"box","text":"the UK AIFM Regime, shall outline: (i) the measures","page_number":42,"box":{"x":523,"y":134,"width":400,"height":11}},{"id":"797473f1-b5da-47b3-94f8-f1df44e6d575","block_type":"box","text":"used to assess the sensitivity of a Sub-Fund's portfolio","page_number":42,"box":{"x":524,"y":147,"width":399,"height":11}},{"id":"2d5cf004-a3c5-46ae-8070-54ca17ca89f9","block_type":"box","text":"to the most relevant risks to which that Sub-Fund is or","page_number":42,"box":{"x":523,"y":161,"width":400,"height":9}},{"id":"f7779520-d3b6-4d84-94b8-fba7baf650cf","block_type":"box","text":"could be exposed; and (ii) if risk limits set by the ACS","page_number":42,"box":{"x":523,"y":174,"width":400,"height":12}},{"id":"00d68608-58c2-4d1d-aa41-74a753a61fee","block_type":"box","text":"Manager have been or are likely to be exceeded and,","page_number":42,"box":{"x":524,"y":188,"width":398,"height":11}},{"id":"e1f1cdfe-0cde-412e-8054-f241de136dc3","block_type":"box","text":"where these risk limits have been exceeded, a","page_number":42,"box":{"x":523,"y":202,"width":400,"height":10}},{"id":"b9da9876-f6a3-4e82-bf68-8e7c9e8a6895","block_type":"box","text":"description of the circumstances and the remedial","page_number":42,"box":{"x":523,"y":216,"width":399,"height":11}},{"id":"265527ca-3b1d-4e40-a80a-dcdc103faba7","block_type":"box","text":"measures taken.","page_number":42,"box":{"x":524,"y":229,"width":121,"height":9}},{"id":"5e2ef675-504d-43e9-8343-00f10e273728","block_type":"box","text":"The ACS Manager intends to comply with its periodic","page_number":42,"box":{"x":523,"y":249,"width":400,"height":11}},{"id":"d124dd4b-0e74-4ee4-b9ba-28d5cfd1546e","block_type":"box","text":"disclosure requirements in the manner set out below.","page_number":42,"box":{"x":523,"y":263,"width":392,"height":11}},{"id":"c03c2dd8-7271-4286-af84-fca5b6d3c0f7","block_type":"box","text":"The following information will be made available to","page_number":42,"box":{"x":523,"y":282,"width":400,"height":11}},{"id":"c0d5b5d6-849a-4fd7-b4af-c875058cf457","block_type":"box","text":"Unitholders, as a minimum, as part of the Scheme's","page_number":42,"box":{"x":524,"y":296,"width":399,"height":11}},{"id":"28ce5977-8148-4980-9bd1-01941af48896","block_type":"box","text":"annual report:","page_number":42,"box":{"x":523,"y":310,"width":102,"height":10}},{"id":"852a7d15-5fc0-43b0-8313-d6c7d2bb00e0","block_type":"box","text":"(i) the percentage of each Sub-Fund's assets","page_number":42,"box":{"x":524,"y":335,"width":399,"height":11}},{"id":"1050851b-5da5-4ec9-bad2-630ab3bb7a4b","block_type":"box","text":"which are subject to special arrangements","page_number":42,"box":{"x":570,"y":349,"width":353,"height":11}},{"id":"0768639a-fd9f-4b97-acc4-7569a3f19660","block_type":"box","text":"arising from their illiquid nature;","page_number":42,"box":{"x":571,"y":362,"width":231,"height":11}},{"id":"e28eea8c-a58f-4c3a-ab26-130b1dc5927c","block_type":"box","text":"(ii) any new arrangements for managing the","page_number":42,"box":{"x":524,"y":388,"width":399,"height":11}},{"id":"a400e823-38f8-4afb-8ca0-0191cabb1fa1","block_type":"box","text":"liquidity of a Sub-Fund;","page_number":42,"box":{"x":571,"y":401,"width":169,"height":12}},{"id":"35acda5f-2cb4-477a-b919-ec86e2ecbdd3","block_type":"box","text":"(iii) the current risk profile of each Sub-Fund and the","page_number":42,"box":{"x":524,"y":421,"width":399,"height":11}},{"id":"6d5963e9-d07f-40a0-9f2c-c6d05fb6e664","block_type":"box","text":"risk management systems employed by the","page_number":42,"box":{"x":572,"y":435,"width":351,"height":11}},{"id":"d0d1861a-82c4-40b4-8d82-da7e1089a2f4","block_type":"box","text":"ACS Manager to manage those risks; and","page_number":42,"box":{"x":570,"y":448,"width":311,"height":12}},{"id":"83f26fab-d08f-4289-ab9c-e0ad6b1c2ed9","block_type":"box","text":"the total amount of leverage employed by each","page_number":42,"box":{"x":570,"y":468,"width":352,"height":11}},{"id":"f40d79b7-43e1-4f40-b5fe-b5b544c9c046","block_type":"box","text":"Sub-Fund.","page_number":42,"box":{"x":571,"y":481,"width":76,"height":9}},{"id":"d97690a7-9fb2-41e7-b0f4-c49b3951da06","block_type":"box","text":"Unitholders will also be provided with information","page_number":42,"box":{"x":524,"y":501,"width":398,"height":11}},{"id":"c9b2db8c-431c-4160-a501-ccf55decd881","block_type":"box","text":"regarding changes to (i) the maximum level of leverage","page_number":42,"box":{"x":524,"y":515,"width":399,"height":11}},{"id":"643e7ef3-3a3b-4fa4-9126-8fbc437ff492","block_type":"box","text":"which a Sub-Fund, or the ACS Manager on that Sub","page_number":42,"box":{"x":523,"y":528,"width":400,"height":12}},{"id":"ef6e3473-33a0-422d-a506-8acaacbcc57d","block_type":"box","text":"Fund's behalf, may employ; or (ii) the rights for re-use","page_number":42,"box":{"x":524,"y":542,"width":399,"height":11}},{"id":"157afba5-9b63-4dd4-9555-b769544fb7e5","block_type":"box","text":"of collateral under a Sub-Fund's leveraging","page_number":42,"box":{"x":523,"y":556,"width":399,"height":11}},{"id":"6e8f2208-a679-4ace-b0ac-63e224bfe8cb","block_type":"box","text":"arrangements; or (iii) any guarantee granted under a","page_number":42,"box":{"x":523,"y":569,"width":400,"height":12}},{"id":"9a31a4c3-fe98-43be-8db1-4520c92ffa3f","block_type":"box","text":"Sub-Fund's leveraging arrangements. This information","page_number":42,"box":{"x":523,"y":583,"width":399,"height":11}},{"id":"22e265e9-ba3a-44f4-ae1c-2733b63206b8","block_type":"box","text":"will be made available to Unitholders, without undue","page_number":42,"box":{"x":523,"y":597,"width":400,"height":10}},{"id":"d95c5840-f755-4c15-9e47-2080b22644c0","block_type":"box","text":"delay following the occurrence of that change, usually","page_number":42,"box":{"x":523,"y":610,"width":400,"height":12}},{"id":"6b84c6b9-ac00-4c36-a59b-c27181131c4c","block_type":"box","text":"by way of update to this Prospectus. Where required,","page_number":42,"box":{"x":524,"y":624,"width":398,"height":11}},{"id":"52efc267-2a18-44de-aa1b-f04d2a128e3e","block_type":"box","text":"such change will be preceded by notification to","page_number":42,"box":{"x":523,"y":638,"width":400,"height":11}},{"id":"30b3beec-ab51-4671-8dde-c658e4176475","block_type":"box","text":"Unitholders.","page_number":42,"box":{"x":524,"y":652,"width":87,"height":8}},{"id":"060cc794-7913-4253-b47a-22b8f934bd4c","block_type":"box","text":"It is intended that Unitholders will be notified","page_number":42,"box":{"x":524,"y":671,"width":398,"height":9}},{"id":"8a91a783-36f6-4fb3-af15-badfa84da670","block_type":"box","text":"immediately if a Sub-Fund uses its powers of deferral","page_number":42,"box":{"x":524,"y":685,"width":398,"height":11}},{"id":"7a395f56-ca33-4d18-b152-6c9cb2e30d99","block_type":"box","text":"in relation to redemption requests, activates similar","page_number":42,"box":{"x":524,"y":698,"width":399,"height":11}},{"id":"b021a495-2d4b-4546-b7b0-772d1f78ad0e","block_type":"box","text":"liquidity management arrangements, or if the ACS","page_number":42,"box":{"x":524,"y":712,"width":399,"height":11}},{"id":"1b565f0d-244c-4785-b32f-4bc7c6a1b4f6","block_type":"box","text":"Manager decides to suspend redemptions.","page_number":42,"box":{"x":524,"y":726,"width":398,"height":11}},{"id":"eb98a46c-ff81-4b06-bec9-5fd2c6a99412","block_type":"box","text":"Unitholders will also be notified whenever the ACS","page_number":42,"box":{"x":524,"y":739,"width":399,"height":9}},{"id":"ac78a99a-1b52-4653-96d6-41243c81d5e4","block_type":"box","text":"Manager makes material changes to liquidity","page_number":42,"box":{"x":524,"y":753,"width":399,"height":11}},{"id":"314288c3-05a2-4da0-9195-80834e56c9a6","block_type":"box","text":"management systems and procedures employed in","page_number":42,"box":{"x":524,"y":767,"width":398,"height":11}},{"id":"9c59c257-046e-424f-8776-5fce4895d2be","block_type":"box","text":"respect of a Sub-Fund.","page_number":42,"box":{"x":524,"y":780,"width":168,"height":11}},{"id":"784f46a7-f6d2-4251-9609-1755ecd6fd47","block_type":"box","text":"35. Telephone recording","page_number":42,"box":{"x":535,"y":806,"width":212,"height":11}},{"id":"96e47976-a4e5-41e3-bef3-39a2ff86120b","block_type":"box","text":"The ACS Manager may record telephone calls for","page_number":42,"box":{"x":523,"y":825,"width":400,"height":12}},{"id":"395238a5-e991-4e0e-973c-5ddfd0d0d2ae","block_type":"box","text":"training and monitoring purposes and to confirm","page_number":42,"box":{"x":523,"y":839,"width":399,"height":11}},{"id":"b137e077-bbca-439c-a507-a106c1e4ccf3","block_type":"box","text":"investors’ instructions. Recordings will be provided on","page_number":42,"box":{"x":524,"y":853,"width":398,"height":11}},{"id":"7b5d59b2-9828-4cd3-8be4-ff59f04c9a11","block_type":"box","text":"request for a period of at least five years from the date","page_number":42,"box":{"x":524,"y":866,"width":399,"height":12}},{"id":"02fd0497-54ae-43ce-8abc-dea4eab0bcb8","block_type":"box","text":"of such recording, or, where requested by a competent","page_number":42,"box":{"x":523,"y":880,"width":400,"height":11}},{"id":"8e1d64cb-b70d-4000-96c7-0f950bc6c6c3","block_type":"box","text":"regulatory authority, for a period of seven years, where","page_number":42,"box":{"x":524,"y":894,"width":399,"height":11}},{"id":"8d7ac5b4-9b1f-40bd-a44a-9e87cc986ec3","block_type":"box","text":"the ACS Manager can identify the call coming from the","page_number":42,"box":{"x":523,"y":907,"width":400,"height":11}},{"id":"59334f20-63c8-4ff6-a611-9bb7c4e01469","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026) 43","page_number":43,"box":{"x":62,"y":929,"width":316,"height":8}},{"id":"d99ec5cb-1e00-4202-87ac-08b01535a23b","block_type":"box","text":"relevant investor. If the ACS Manager is requested to","page_number":43,"box":{"x":63,"y":46,"width":398,"height":11}},{"id":"fbc37a57-48d8-41d6-a395-63657e1ec87f","block_type":"box","text":"provide a recording of a particular call, the ACS","page_number":43,"box":{"x":62,"y":59,"width":399,"height":12}},{"id":"406fc28d-b750-49df-9abd-13970f0f4aef","block_type":"box","text":"Manager may ask for further information to help it","page_number":43,"box":{"x":63,"y":73,"width":399,"height":11}},{"id":"aa3a7841-ec54-428c-8eeb-26f29d337897","block_type":"box","text":"identify the exact call to which the request relates.","page_number":43,"box":{"x":62,"y":87,"width":368,"height":11}},{"id":"074e4b52-d58b-41c6-ba20-9e1b3f8ad903","block_type":"box","text":"36. Additional Information","page_number":43,"box":{"x":74,"y":112,"width":225,"height":9}},{"id":"eea313ac-41bf-4043-b3e4-e6e88d91dcb8","block_type":"box","text":"(i) Each Sub-Fund is only available for investment","page_number":43,"box":{"x":63,"y":138,"width":399,"height":11}},{"id":"80fadbac-8fce-47a3-b31e-cbced972ea23","block_type":"box","text":"by: (i) a professional ACS investor; (ii) a large","page_number":43,"box":{"x":110,"y":151,"width":351,"height":12}},{"id":"432fb6a0-85b9-432c-918d-94754df366b7","block_type":"box","text":"ACS investor; or (iii) a person who already holds","page_number":43,"box":{"x":109,"y":165,"width":352,"height":11}},{"id":"fb0262f3-da52-48f6-a83e-7614269e6afa","block_type":"box","text":"Units in the Scheme (as these terms are defined","page_number":43,"box":{"x":110,"y":179,"width":351,"height":11}},{"id":"f7c4371e-3bf0-4f10-8f5b-4d76f643d66b","block_type":"box","text":"in the FCA Handbook). This means the Scheme","page_number":43,"box":{"x":110,"y":192,"width":351,"height":11}},{"id":"2951ccad-13f5-47d2-9ab3-e2226767a11f","block_type":"box","text":"is designed for investment by institutional","page_number":43,"box":{"x":110,"y":206,"width":351,"height":11}},{"id":"486b146a-b55d-4c36-ba0d-7450aa126882","block_type":"box","text":"investors and not members of the general","page_number":43,"box":{"x":110,"y":220,"width":351,"height":11}},{"id":"da7f6367-0d8b-43f7-9ce6-1a309c212eb8","block_type":"box","text":"public. The ACS Manager will not consider the","page_number":43,"box":{"x":110,"y":233,"width":351,"height":12}},{"id":"7448915c-b79c-40f7-ad63-6f900fa82589","block_type":"box","text":"suitability or appropriateness of an investment in","page_number":43,"box":{"x":110,"y":247,"width":351,"height":11}},{"id":"c2472004-d942-46ab-bd47-7ae0b8184e77","block_type":"box","text":"the Sub-Funds for an Unitholder's individual","page_number":43,"box":{"x":109,"y":261,"width":352,"height":9}},{"id":"da0397c6-a6e3-4a89-9d24-e9a658f63585","block_type":"box","text":"circumstances. Unitholders should be willing to","page_number":43,"box":{"x":110,"y":274,"width":351,"height":12}},{"id":"cb369082-30fc-43b1-91fc-a36ed0c0d53a","block_type":"box","text":"accept capital and income risk, which may vary","page_number":43,"box":{"x":110,"y":288,"width":352,"height":11}},{"id":"03cac206-afb0-4773-8f25-5f72c92f09e5","block_type":"box","text":"greatly from Sub-Fund to Sub-Fund. The Sub","page_number":43,"box":{"x":110,"y":302,"width":351,"height":11}},{"id":"411f65bb-ec59-4eff-a671-82a37bc4e4fe","block_type":"box","text":"Funds are not suitable for short term investment","page_number":43,"box":{"x":110,"y":315,"width":352,"height":9}},{"id":"4ada1389-c925-43ac-9bec-83aee8f3b266","block_type":"box","text":"and should therefore generally be regarded as","page_number":43,"box":{"x":110,"y":329,"width":351,"height":11}},{"id":"52031a1a-7d3b-4c71-8aa2-f0e559b67b42","block_type":"box","text":"long-term investments. 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If Unitholders are in any doubt as to","page_number":43,"box":{"x":110,"y":606,"width":351,"height":11}},{"id":"0c67eff6-f8b4-4ba6-a21b-987fba898b26","block_type":"box","text":"the meaning of any information contained in this","page_number":43,"box":{"x":109,"y":620,"width":352,"height":11}},{"id":"dfb3d029-ee90-4ea4-bdf6-f17b4160b06f","block_type":"box","text":"document, Unitholders should consult either the","page_number":43,"box":{"x":110,"y":634,"width":351,"height":10}},{"id":"618f3414-f063-489e-b6cf-7264b5e3b261","block_type":"box","text":"ACS Manager or their financial adviser. 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The","page_number":43,"box":{"x":570,"y":147,"width":353,"height":11}},{"id":"2479545d-3a91-45e8-9b0c-2dc82fd5b747","block_type":"box","text":"ACS Manager must, within four months after the","page_number":43,"box":{"x":570,"y":161,"width":353,"height":11}},{"id":"eddefa8a-28ef-4946-82ab-28ba5e7e366b","block_type":"box","text":"end of each annual accounting period and two","page_number":43,"box":{"x":571,"y":175,"width":352,"height":11}},{"id":"ecb831a8-2afc-44a5-b7e2-205a560d3434","block_type":"box","text":"months after the end of each half-yearly","page_number":43,"box":{"x":571,"y":188,"width":352,"height":11}},{"id":"fe82c4b3-f3dd-4f07-a5ad-7eaa015aded7","block_type":"box","text":"accounting period respectively, make available","page_number":43,"box":{"x":571,"y":202,"width":352,"height":11}},{"id":"7dd640f9-9dc7-457b-b18a-e8569298452c","block_type":"box","text":"and publish such reports. For information on the","page_number":43,"box":{"x":571,"y":216,"width":352,"height":11}},{"id":"12031970-0695-49d8-ab0d-d29626e9d1bd","block_type":"box","text":"publication dates pertaining to the reports of","page_number":43,"box":{"x":571,"y":229,"width":352,"height":11}},{"id":"e558e9d1-dfff-4cba-9488-a2d7491da0e1","block_type":"box","text":"each of the Sub-Funds, please refer to","page_number":43,"box":{"x":571,"y":243,"width":352,"height":11}},{"id":"e889254a-4d54-4d3d-995b-26317a93bb06","block_type":"box","text":"Appendix 1.","page_number":43,"box":{"x":570,"y":257,"width":87,"height":11}},{"id":"5748ba9f-5328-4e7c-97e3-99a30f45a98d","block_type":"box","text":"(v) Complaints may be made about the operation of","page_number":43,"box":{"x":524,"y":276,"width":399,"height":11}},{"id":"b31c684e-cfd9-403d-bdbf-26ab9525ecb7","block_type":"box","text":"the Scheme or any aspect of the service","page_number":43,"box":{"x":570,"y":290,"width":352,"height":11}},{"id":"0118c241-1b6d-47ee-8058-633dcb4f0cb5","block_type":"box","text":"received to the Compliance Officer of the ACS","page_number":43,"box":{"x":572,"y":303,"width":351,"height":11}},{"id":"411fb233-8a71-4eda-8698-8b6d9a85194e","block_type":"box","text":"Manager at its registered address. Making a","page_number":43,"box":{"x":571,"y":317,"width":352,"height":11}},{"id":"47a08156-a864-4f2a-bde0-b39755cd8805","block_type":"box","text":"complaint will not prejudice a Unitholder's right","page_number":43,"box":{"x":571,"y":331,"width":352,"height":11}},{"id":"7259c061-98e8-45e6-81a5-143117812649","block_type":"box","text":"to take legal action. Written details of the ACS","page_number":43,"box":{"x":570,"y":344,"width":353,"height":12}},{"id":"3adc0bf3-efe5-4dfa-a04d-16ba37deb231","block_type":"box","text":"Manager's complaints procedure are available","page_number":43,"box":{"x":571,"y":358,"width":352,"height":11}},{"id":"690268d1-5c8e-469a-8578-cab66a30b416","block_type":"box","text":"from the ACS Manager upon request. Making a","page_number":43,"box":{"x":570,"y":372,"width":353,"height":11}},{"id":"86ccc9c6-9015-419d-859f-61ff1334e0a5","block_type":"box","text":"complaint will not prejudice a Unitholder’s right","page_number":43,"box":{"x":571,"y":386,"width":352,"height":11}},{"id":"fc5b899a-0567-46f2-9431-a59db7fe0472","block_type":"box","text":"to take legal proceedings.","page_number":43,"box":{"x":570,"y":399,"width":190,"height":11}},{"id":"8a31e4ba-014b-475a-83e3-af857818c14b","block_type":"box","text":"The ACS Manager is a participant in the","page_number":43,"box":{"x":570,"y":418,"width":353,"height":12}},{"id":"af6db621-81c2-4a0e-bf26-45368fda0e4b","block_type":"box","text":"Financial Services Compensation Scheme.","page_number":43,"box":{"x":572,"y":432,"width":350,"height":11}},{"id":"cdf7a0ed-75cc-4645-9802-5bd3c11cca57","block_type":"box","text":"Unitholders may be entitled to compensation","page_number":43,"box":{"x":572,"y":446,"width":350,"height":11}},{"id":"38f56ed2-696c-41a3-81e0-eb50562ccfff","block_type":"box","text":"from the scheme if the ACS Manager cannot","page_number":43,"box":{"x":570,"y":460,"width":353,"height":11}},{"id":"04a7e071-2797-4dc5-a948-ec2649d0a89a","block_type":"box","text":"meet its obligations. This depends on the type","page_number":43,"box":{"x":571,"y":473,"width":352,"height":12}},{"id":"9c32d5e4-2fc8-4379-96bf-0e1276eed9e8","block_type":"box","text":"of business and the circumstances of the claim.","page_number":43,"box":{"x":571,"y":487,"width":351,"height":9}},{"id":"24ff1fa7-bfa2-4b36-a2ea-8103994a4187","block_type":"box","text":"Further information about the Financial Services","page_number":43,"box":{"x":572,"y":500,"width":351,"height":9}},{"id":"acc24773-8857-4c3e-b8a0-e6ec3efd0f14","block_type":"box","text":"Compensation Scheme is available on request,","page_number":43,"box":{"x":571,"y":514,"width":351,"height":11}},{"id":"1a71d9ee-9f5e-4375-bd0a-55802382d633","block_type":"box","text":"or by contacting the FSCS Limited at 10","page_number":43,"box":{"x":571,"y":528,"width":295,"height":11}},{"id":"faa66930-0b20-4897-92d4-6641488dd87b","block_type":"box","text":"th","page_number":43,"box":{"x":867,"y":527,"width":8,"height":6}},{"id":"395ab852-1ff3-4963-8998-ea3f58721265","block_type":"box","text":"Floor,","page_number":43,"box":{"x":882,"y":528,"width":40,"height":10}},{"id":"3bccd82d-04c2-48e1-a33b-310648bb7144","block_type":"box","text":"Beaufort House, 15 St. Botolph Street, London","page_number":43,"box":{"x":571,"y":541,"width":351,"height":12}},{"id":"da357fdb-644a-44d3-b326-d5462eabf68c","block_type":"box","text":"EC3A 7QU Tel: 0800 6781100.","page_number":43,"box":{"x":572,"y":555,"width":229,"height":10}},{"id":"946d102e-4cfa-4bab-879b-3381e5c20485","block_type":"box","text":"Further information regarding any","page_number":43,"box":{"x":572,"y":575,"width":351,"height":11}},{"id":"85005b86-f445-42ff-bd3b-e316e4660cfb","block_type":"box","text":"compensation scheme or any other investor","page_number":43,"box":{"x":571,"y":589,"width":352,"height":11}},{"id":"71730ab6-c51a-4f2a-a305-826d9aafe232","block_type":"box","text":"compensation scheme of which the ACS","page_number":43,"box":{"x":571,"y":602,"width":352,"height":11}},{"id":"65d6a2c3-d518-45ef-9bf9-7a6a03296ccf","block_type":"box","text":"Manager or any Sub-Fund is a member","page_number":43,"box":{"x":571,"y":616,"width":352,"height":11}},{"id":"72c2961b-c3ea-4a84-84d1-b1b453ede4d5","block_type":"box","text":"(including, if relevant, membership through a","page_number":43,"box":{"x":571,"y":629,"width":352,"height":12}},{"id":"893c256f-e673-4dec-bcbc-f098939e6a3c","block_type":"box","text":"branch) or any alternative arrangement","page_number":43,"box":{"x":571,"y":643,"width":352,"height":11}},{"id":"39f5be28-62c2-4636-9338-6f337b44ad8b","block_type":"box","text":"provided, are also available on request.","page_number":43,"box":{"x":571,"y":657,"width":291,"height":11}},{"id":"7a1c8d11-bb15-4057-863a-02c5c5872a4a","block_type":"box","text":"Each Sub-Fund qualifies as a non-UCITS retail","page_number":43,"box":{"x":572,"y":676,"width":350,"height":11}},{"id":"6ce6f56b-9046-44dc-8c7f-ef3dffddce21","block_type":"box","text":"scheme and will only be marketed in the UK.","page_number":43,"box":{"x":571,"y":690,"width":329,"height":11}},{"id":"37beee9d-be78-4d29-9dad-ff83db9a23aa","block_type":"box","text":"(vi) Copies of the ACS Deed, key investor","page_number":43,"box":{"x":524,"y":710,"width":399,"height":11}},{"id":"d9c2beb3-1872-4dfa-b7a4-aaeca66b78fe","block_type":"box","text":"information document, the most recent annual","page_number":43,"box":{"x":571,"y":723,"width":351,"height":11}},{"id":"4d1c04a0-20c6-43a9-9fac-35e95566e58c","block_type":"box","text":"and half-yearly reports and the COLL","page_number":43,"box":{"x":571,"y":737,"width":352,"height":11}},{"id":"b6b504d8-f01c-41e3-87ce-f6768c4412ff","block_type":"box","text":"Sourcebook may be inspected at the ACS","page_number":43,"box":{"x":571,"y":750,"width":352,"height":12}},{"id":"c7903d76-2e89-4320-af93-01f2f8a34382","block_type":"box","text":"Manager's registered office during Normal","page_number":43,"box":{"x":571,"y":764,"width":351,"height":11}},{"id":"ec5a2e81-1904-4502-983b-c612d2770a63","block_type":"box","text":"Business Hours. 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Sub-Fund may also invest in other shares, other funds (including funds managed by Aviva Investors companies),","page_number":49,"box":{"x":62,"y":586,"width":860,"height":11}},{"id":"9f5fde3e-94c8-47d3-807d-9c4c5218c5ab","block_type":"box","text":"derivatives, cash and deposits.","page_number":49,"box":{"x":62,"y":600,"width":228,"height":10}},{"id":"bface84a-0c34-4849-ad54-ca19b5c27ec2","block_type":"box","text":"Derivatives may be used for investment purposes or to gain a particular market exposure which would otherwise be","page_number":49,"box":{"x":63,"y":619,"width":860,"height":11}},{"id":"bdece4e1-9432-4209-8453-cb302fbc56f7","block_type":"box","text":"difficult or costly to achieve, or to manage the Sub-Fund’s cash flows in a cost-effective manner. Derivatives may also","page_number":49,"box":{"x":62,"y":633,"width":861,"height":11}},{"id":"a19a81a6-978e-4e46-846d-1de915fca471","block_type":"box","text":"be used to reduce risk, such as foreign currency risk within the Sub-Fund.","page_number":49,"box":{"x":62,"y":646,"width":545,"height":12}},{"id":"1ae729a9-5c39-4e6b-9387-9c3102adbfb9","block_type":"box","text":"Exclusions:","page_number":49,"box":{"x":63,"y":666,"width":91,"height":9}},{"id":"37c6fe38-dc4d-40fb-ac9a-fc18dfbe3c6e","block_type":"box","text":"The Sub-Fund is subject to two sets of screens, the Aviva Investors’ baseline exclusion policy and the","page_number":49,"box":{"x":62,"y":685,"width":758,"height":12}},{"id":"fd5ac942-03de-479e-84f0-edd8f7605fa4","block_type":"box","text":"stewardship","page_number":49,"box":{"x":826,"y":686,"width":97,"height":11}},{"id":"e3c8bc32-5ef8-4056-a444-e4555b985dda","block_type":"box","text":"exclusions,","page_number":49,"box":{"x":62,"y":699,"width":90,"height":11}},{"id":"c9d511dd-48ab-4df3-96dc-d0c881564366","block_type":"box","text":"which exclude companies that do not meet certain ethical, social and environmental standards, so that","page_number":49,"box":{"x":158,"y":699,"width":765,"height":11}},{"id":"aba81bee-707e-4826-84f8-1a1b6ac2f867","block_type":"box","text":"the Sub-Fund does not invest in companies that the Investment Manager regards as incompatible with the three pillars","page_number":49,"box":{"x":62,"y":713,"width":860,"height":11}},{"id":"debb5182-49a6-457e-90d8-f6ffe343a84f","block_type":"box","text":"of Climate, People and Earth. The purpose of these screens is to ensure that the Sub-Fund does not invest in","page_number":49,"box":{"x":62,"y":726,"width":860,"height":11}},{"id":"3bea50d3-989d-4143-a612-d76a8ed37594","block_type":"box","text":"companies that derive prescribed levels of revenue from a range of activities, including certain fossil fuel (thermal","page_number":49,"box":{"x":62,"y":740,"width":860,"height":11}},{"id":"ecf16b93-a336-4610-98f6-9f953b17742b","block_type":"box","text":"coal, oil and gas) activities, or companies that have significant reserves of certain fossil fuels, activities that are not","page_number":49,"box":{"x":62,"y":754,"width":861,"height":11}},{"id":"7b5defae-726f-44c4-bede-0484d10a71e7","block_type":"box","text":"compatible with animal welfare, or certain activities connected to alcohol and gambling, genetic modification and adult","page_number":49,"box":{"x":62,"y":767,"width":861,"height":12}},{"id":"2157367b-7900-4ce5-897d-244f5bdf6d9c","block_type":"box","text":"entertainment -","page_number":49,"box":{"x":62,"y":781,"width":111,"height":9}},{"id":"607670a3-701f-4591-b737-3eac0f79c5ca","block_type":"box","text":"please see Appendices 2 and 3 for information on these investment restrictions","page_number":49,"box":{"x":180,"y":781,"width":633,"height":11}},{"id":"cd7f25b6-0b00-4708-b255-68159b1dee75","block_type":"box","text":".","page_number":49,"box":{"x":815,"y":789,"width":2,"height":1}},{"id":"1979dc80-fac6-4c06-9429-c3c9b87600bf","block_type":"box","text":"If there are any differences between the baseline exclusion policy and the stewardship exclusions, the more restrictive","page_number":49,"box":{"x":63,"y":801,"width":860,"height":11}},{"id":"259451ab-235d-4919-bee2-cfff510aca58","block_type":"box","text":"exclusions will apply. As these screens only exclude shares issued by companies, this screening process is not","page_number":49,"box":{"x":62,"y":814,"width":861,"height":12}},{"id":"1a6ddb8b-cf71-427a-a2be-f113bb33dba5","block_type":"box","text":"applied to other investments, for example cash and certain derivatives.","page_number":49,"box":{"x":62,"y":828,"width":523,"height":11}},{"id":"2b4b9603-27d3-496a-93a8-c974182b4ab0","block_type":"box","text":"Investment Strategy and Asset Selection:","page_number":49,"box":{"x":62,"y":848,"width":328,"height":11}},{"id":"60e8daae-36a6-4e7c-94c8-2b37a87a4f4d","block_type":"box","text":"The Sub-Fund is actively managed, selecting investments aligned to the Sub-Fund’s growth aims and in-line with the","page_number":49,"box":{"x":62,"y":867,"width":861,"height":11}},{"id":"b67c5c19-e55a-49ee-b9da-e79611f9e065","block_type":"box","text":"Sub-Fund’s Sustainability Strategy (see below). The Investment Manager aims through the responsible allocation of","page_number":49,"box":{"x":62,"y":881,"width":861,"height":11}},{"id":"7117833a-1a7b-48a3-9884-80a9c0a2efaa","block_type":"box","text":"capital (stewardship) to encourage companies to improve environmental and/or social outcomes through their","page_number":49,"box":{"x":62,"y":894,"width":861,"height":12}},{"id":"f68f4246-c95b-4c7a-9b4d-1ad4bb06bad8","block_type":"box","text":"products and services, and/or through their operations.","page_number":49,"box":{"x":62,"y":908,"width":405,"height":11}},{"id":"3c9800a9-cc1d-4767-b9d4-8e3b91af1c17","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026)","page_number":50,"box":{"x":62,"y":940,"width":296,"height":8}},{"id":"8f17029e-53be-4709-8400-7aa4b4847e9f","block_type":"box","text":"50","page_number":50,"box":{"x":787,"y":940,"width":12,"height":6}},{"id":"d9b54559-30a2-4baa-8183-9e7b45015cc1","block_type":"box","text":"Aviva Investors: Confidential","page_number":50,"box":{"x":34,"y":973,"width":154,"height":7}},{"id":"38f7c134-7a2e-490d-9485-8889684ec3a1","block_type":"box","text":"The Investment Manager has the discretion to build a diverse portfolio of companies of any size, at any stage of the","page_number":50,"box":{"x":62,"y":52,"width":861,"height":12}},{"id":"e2b979d7-ff4a-477b-a0ec-66eba0127c72","block_type":"box","text":"business cycle and across different industry sectors with an emphasis on risk management within the Sub-Fund.","page_number":50,"box":{"x":62,"y":66,"width":832,"height":11}},{"id":"c87bf36c-21c9-4d8c-bb45-9a84a0701745","block_type":"box","text":"Once any excluded companies have been removed from the available investment universe (see above), the Sub","page_number":50,"box":{"x":62,"y":86,"width":860,"height":11}},{"id":"1bca89f2-b206-49c4-a8c7-bf05217735f4","block_type":"box","text":"Fund must invest in its minimum stewardship allocation. To be eligible for investment, the company must meet the","page_number":50,"box":{"x":63,"y":99,"width":860,"height":12}},{"id":"2fa80717-7286-4d8c-b0bb-bd275d9a3423","block_type":"box","text":"Fund’s qualifying criteria through either the company’s:","page_number":50,"box":{"x":63,"y":113,"width":404,"height":11}},{"id":"05c3a95d-8027-4bdf-beda-4baad56c846f","block_type":"box","text":"","page_number":50,"box":{"x":92,"y":137,"width":6,"height":4}},{"id":"ab0ab253-c29c-48d6-b463-565372f539a3","block_type":"box","text":"Products and Services -","page_number":50,"box":{"x":110,"y":133,"width":190,"height":9}},{"id":"90dd2f14-310b-414b-aef1-80e41d3d8c21","block_type":"box","text":"consideration will be given to the revenue a company generates from products and","page_number":50,"box":{"x":306,"y":134,"width":612,"height":11}},{"id":"2110bc0c-c383-443c-9f77-c84383a68aaa","block_type":"box","text":"services that are linked to investment themes that fall under one or more of the three pillars.","page_number":50,"box":{"x":122,"y":147,"width":679,"height":11}},{"id":"ac8eea41-89b1-469f-aa6a-a3abd333355a","block_type":"box","text":"","page_number":50,"box":{"x":92,"y":190,"width":6,"height":5}},{"id":"0f73c79a-2a99-4e15-bab4-38ed952e0ae2","block_type":"box","text":"Operations –","page_number":50,"box":{"x":110,"y":187,"width":101,"height":11}},{"id":"f8930ba9-1ed9-4d93-a356-739de1879e84","block_type":"box","text":"consideration is given to the sustainability practices of a company’s operations. The Investment","page_number":50,"box":{"x":217,"y":187,"width":706,"height":11}},{"id":"7f642827-5f18-47ab-adec-e9e27fb9b669","block_type":"box","text":"Manager may look at a range of factors to assess a company’s operations against investment themes","page_number":50,"box":{"x":123,"y":201,"width":752,"height":11}},{"id":"b60f91d1-a0ea-416f-b7ac-216f8f63fcde","block_type":"box","text":"linked to the three pillars, including (for example) its governance commitments, policies and actions to","page_number":50,"box":{"x":123,"y":214,"width":753,"height":12}},{"id":"e5dd0abe-d661-4c4a-a017-6cf4d7a67a4f","block_type":"box","text":"manage social and environmental issues, and performance compared to peers.","page_number":50,"box":{"x":123,"y":228,"width":586,"height":11}},{"id":"722c6a06-412c-4c1c-a49e-585a2f6bf353","block_type":"box","text":"See “Sustainability Strategy” below for how the minimum stewardship allocation is achieved","page_number":50,"box":{"x":62,"y":249,"width":739,"height":11}},{"id":"2747edcf-2845-4cb7-a580-18e7588c3116","block_type":"box","text":".","page_number":50,"box":{"x":803,"y":256,"width":2,"height":1}},{"id":"344524c9-06d6-46fb-8b97-9a2672393cf1","block_type":"box","text":"Outside of its minimum stewardship allocation, up to 15% of the portfolio may be in investments that do not meet","page_number":50,"box":{"x":62,"y":270,"width":844,"height":11}},{"id":"2121b33c-1a6e-488e-8998-b6585a9db57b","block_type":"box","text":"the standards required by the Investment Manager’s investment framework; the Investment Manager refers to these","page_number":50,"box":{"x":62,"y":283,"width":843,"height":12}},{"id":"9a69f16b-52b4-47e9-937b-7f65af95af00","block_type":"box","text":"as “neutral” assets. Neutral assets include investments where the Investment Manager has otherwise determined","page_number":50,"box":{"x":62,"y":297,"width":843,"height":11}},{"id":"9dc49d7b-7280-4768-9e54-2e60e2fb12df","block_type":"box","text":"that the issuing company has an overall neutral alignment to the three pillars (see “Sustainability Strategy” below),","page_number":50,"box":{"x":62,"y":311,"width":842,"height":11}},{"id":"47c89b67-a398-4c51-b41a-51857751ca85","block_type":"box","text":"the nature of the asset is such that the sustainability characteristics of the asset are not possible to assess (for","page_number":50,"box":{"x":62,"y":324,"width":844,"height":11}},{"id":"4f26c7ce-58bf-4b94-890a-b0a2c5bb9c3f","block_type":"box","text":"example, cash, third-party funds and derivatives) or where there is not sufficient sustainability data available to","page_number":50,"box":{"x":62,"y":338,"width":843,"height":11}},{"id":"3a7af30f-8390-431c-ac9d-44daa628d2e3","block_type":"box","text":"determine if that investment meets the Investment Manager’s criteria. The Sub-Fund may hold such neutral assets","page_number":50,"box":{"x":62,"y":351,"width":843,"height":12}},{"id":"95cba2b2-a7df-41bd-bb11-4e65eb6ae2b4","block_type":"box","text":"in order to support the financial objectives of the Sub-Fund, for liquidity purposes and for efficient portfolio","page_number":50,"box":{"x":62,"y":365,"width":844,"height":11}},{"id":"2be897f3-4c13-4a16-9770-4365587fc24f","block_type":"box","text":"management purposes.","page_number":50,"box":{"x":62,"y":380,"width":174,"height":10}},{"id":"a74465dc-ba89-48f6-9873-9a9a4102c424","block_type":"box","text":"The Sub-Fund’s minimum stewardship allocation will be reviewed on an ongoing basis against a range of key","page_number":50,"box":{"x":62,"y":398,"width":861,"height":12}},{"id":"ca6926ce-539f-4c65-8b69-a73335676dad","block_type":"box","text":"performance indicators (KPIs) to ensure that they remain compliant with the Investment Manager’s investment","page_number":50,"box":{"x":62,"y":412,"width":861,"height":11}},{"id":"e43f847b-8e02-4d4d-ad50-2add8e788134","block_type":"box","text":"framework – please see “Sustainability Strategy” below for further information.","page_number":50,"box":{"x":62,"y":426,"width":576,"height":11}},{"id":"cea4d48f-641c-4578-9f10-df9e4f1b2db3","block_type":"box","text":"Performance & Risk Strategy:","page_number":50,"box":{"x":63,"y":445,"width":234,"height":12}},{"id":"0ea1f2be-e8ec-4b3c-86a8-96ccee93562d","block_type":"box","text":"The Sub-Fund’s performance is measured against the FTSE® All-Share Custom Index (the “","page_number":50,"box":{"x":62,"y":465,"width":709,"height":11}},{"id":"d3cae244-f982-4c52-b383-d1a7c573b5cb","block_type":"box","text":"Custom Index","page_number":50,"box":{"x":773,"y":465,"width":112,"height":9}},{"id":"171f99e9-58a9-46be-a1ec-7243a5847f76","block_type":"box","text":"”),","page_number":50,"box":{"x":885,"y":465,"width":14,"height":11}},{"id":"fb38a328-265d-4285-a815-0bf1b80d0ff7","block_type":"box","text":"□","page_number":50,"box":{"x":902,"y":466,"width":5,"height":4}},{"id":"1684704c-cd73-4aaa-a02b-8857a916203f","block_type":"box","text":"a","page_number":50,"box":{"x":915,"y":467,"width":8,"height":7}},{"id":"39237242-079d-485f-a1f8-e2f5c99ad191","block_type":"box","text":"customised version of the FTSE® All-Share Index (the “","page_number":50,"box":{"x":62,"y":479,"width":413,"height":11}},{"id":"b723cdd7-8f2b-44fd-b068-9e6b58247cff","block_type":"box","text":"Index","page_number":50,"box":{"x":477,"y":479,"width":42,"height":9}},{"id":"1be40f64-de60-43da-8983-a9352cba96ee","block_type":"box","text":"”), that applies the same negative screening criteria as","page_number":50,"box":{"x":520,"y":479,"width":403,"height":11}},{"id":"06ffca77-4f8e-430a-852a-b005aeacf938","block_type":"box","text":"the Sub-Fund. The Sub-Fund’s performance is also compared to the Index","page_number":50,"box":{"x":62,"y":492,"width":553,"height":11}},{"id":"57c2a519-bd2b-4203-841c-b4576ea4ed03","block_type":"box","text":"□","page_number":50,"box":{"x":616,"y":494,"width":5,"height":3}},{"id":"d0f734cc-798b-40a6-84b3-ceba907b0750","block_type":"box","text":".","page_number":50,"box":{"x":623,"y":500,"width":2,"height":1}},{"id":"f9dc8377-1a10-4621-8a43-d74c84fb9272","block_type":"box","text":"The Sub-Fund does not base its investment process upon the Index (applying specific exclusions, and the minimum","page_number":50,"box":{"x":62,"y":512,"width":860,"height":11}},{"id":"ba0deb44-6460-4187-b019-d64c5190ba7a","block_type":"box","text":"stewardship allocation requirement, that do not apply to the Index) or the Custom Index. Therefore, the Sub-Fund will","page_number":50,"box":{"x":62,"y":526,"width":860,"height":11}},{"id":"e570c56c-8f5a-4f0e-8546-f0bb6c186c24","block_type":"box","text":"not hold every company in either the Index or the Custom Index and may also hold companies that do not form part","page_number":50,"box":{"x":62,"y":539,"width":861,"height":11}},{"id":"a60479be-4475-42f9-9cc3-f8306dec833a","block_type":"box","text":"of them.","page_number":50,"box":{"x":62,"y":553,"width":58,"height":9}},{"id":"47200655-9909-495c-a8ea-180f93f2fad9","block_type":"box","text":"The Sub-Fund uses a “tracking error” to measure the consistency of the Sub-Fund's returns and the returns of the","page_number":50,"box":{"x":62,"y":572,"width":861,"height":12}},{"id":"10873be2-9f4e-4871-8a00-99fd1da1c371","block_type":"box","text":"Custom Index. In general, the lower the tracking error, the more consistent the Sub-Fund’s returns are relative to the","page_number":50,"box":{"x":62,"y":586,"width":861,"height":11}},{"id":"784e03c4-fe51-40a2-bd84-31d482914f52","block_type":"box","text":"Custom Index, and vice-versa. The Sub-Fund is expected to have an average yearly tracking error of between 2%","page_number":50,"box":{"x":62,"y":600,"width":860,"height":11}},{"id":"31e0b561-d19e-4675-9d95-a50e4776f5cb","block_type":"box","text":"and 6% when compared to the Custom Index. In certain conditions the Sub-Fund may be outside of this range.","page_number":50,"box":{"x":62,"y":613,"width":820,"height":12}},{"id":"ca9c8592-f6e0-4026-94e4-97697147055f","block_type":"box","text":"The Index represents the performance of all eligible companies listed on the London Stock Exchange, and 98% of","page_number":50,"box":{"x":62,"y":633,"width":861,"height":11}},{"id":"e7a2d78f-39f8-4c5e-8b57-4f998404436f","block_type":"box","text":"the UK’s market capitalisation (total market value of a company’s outstanding shares).","page_number":50,"box":{"x":62,"y":647,"width":637,"height":11}},{"id":"58a56314-e218-4e19-b3fb-aa59976eea42","block_type":"box","text":"The Index has been selected as a comparator benchmark for performance because it is representative of the UK","page_number":50,"box":{"x":62,"y":666,"width":861,"height":11}},{"id":"9ecc293b-04fb-4c69-9895-a479bb9692dc","block_type":"box","text":"equity market and the type of companies in which the Sub-Fund is likely to invest, although investors should be aware","page_number":50,"box":{"x":62,"y":680,"width":861,"height":11}},{"id":"1c3a62b2-11c4-4faa-8576-f6c1476cb429","block_type":"box","text":"that due to the Sub-Fund’s specific exclusions the Index will contain more companies than those available for","page_number":50,"box":{"x":62,"y":694,"width":861,"height":11}},{"id":"9de7ff20-3308-4f1f-9ac3-c8752a0b35c4","block_type":"box","text":"investment by the Sub-Fund. The Custom Index has therefore been selected as the measure for the Sub-Fund’s","page_number":50,"box":{"x":62,"y":707,"width":861,"height":11}},{"id":"30407c60-3bb8-4a85-8df0-3c78703a209c","block_type":"box","text":"overall performance and for risk measurement as it excludes companies from the Index in line with the Sub-Fund’s","page_number":50,"box":{"x":62,"y":721,"width":860,"height":11}},{"id":"34863dff-70f2-4a44-b86c-4d1575e781d3","block_type":"box","text":"negative screening criteria and therefore reflects the companies available to be selected by the Sub-Fund. The Index","page_number":50,"box":{"x":62,"y":734,"width":861,"height":12}},{"id":"cd2003d8-15f2-46fe-a119-30a8eaa7531e","block_type":"box","text":"and the Custom Index are considered an appropriate comparator and measure respectively for the Sub-Fund’s","page_number":50,"box":{"x":62,"y":748,"width":861,"height":11}},{"id":"27467be3-9df3-4af7-8017-6dff8334b6a6","block_type":"box","text":"performance. 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The purpose of these screens is to ensure that the Sub-Fund does not invest in","page_number":70,"box":{"x":62,"y":675,"width":860,"height":11}},{"id":"4a8cfc41-714f-4feb-9d0c-6a189bba75dd","block_type":"box","text":"companies that derive prescribed levels of revenue from a range of activities, including certain fossil fuel (thermal","page_number":70,"box":{"x":62,"y":688,"width":860,"height":12}},{"id":"6768a03b-9f98-413c-a385-9be77cee3b2d","block_type":"box","text":"coal, oil and gas) activities, or companies that have significant reserves of certain fossil fuels, activities that are not","page_number":70,"box":{"x":62,"y":702,"width":861,"height":11}},{"id":"fa29ac0e-3cc4-4bcd-a90b-e28489c2c102","block_type":"box","text":"compatible with animal welfare, or certain activities connected to alcohol and gambling, genetic modification and adult","page_number":70,"box":{"x":62,"y":716,"width":861,"height":11}},{"id":"67c66f4e-7ecc-4d87-a42d-f820ac26a88f","block_type":"box","text":"entertainment -","page_number":70,"box":{"x":62,"y":730,"width":111,"height":8}},{"id":"586c04d5-c3bc-4a7f-838c-0c659c06427c","block_type":"box","text":"please see Appendices 2 and 3 for information on these investment restrictions","page_number":70,"box":{"x":180,"y":729,"width":633,"height":11}},{"id":"dfa98995-289f-44cf-a448-7f59325d5a30","block_type":"box","text":".","page_number":70,"box":{"x":815,"y":737,"width":2,"height":1}},{"id":"bfc05b07-8f72-4113-932e-a577d23e96af","block_type":"box","text":"If there are any differences between the baseline exclusion policy and the stewardship exclusions, the more restrictive","page_number":70,"box":{"x":63,"y":749,"width":860,"height":11}},{"id":"3d242a76-cec9-4206-820e-7703974b7ea4","block_type":"box","text":"exclusions will apply. 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The Investment Manager aims through the responsible allocation of","page_number":70,"box":{"x":62,"y":829,"width":861,"height":11}},{"id":"636f403d-50a0-4ecf-8693-e53c50513e28","block_type":"box","text":"capital (stewardship) to encourage companies to improve environmental and/or social outcomes through their","page_number":70,"box":{"x":62,"y":843,"width":861,"height":11}},{"id":"2e85fbd7-7894-49fd-bdd3-9fe53f352b51","block_type":"box","text":"products and services, and/or through their operations.","page_number":70,"box":{"x":62,"y":856,"width":405,"height":12}},{"id":"e56acdfa-430d-4caf-bf6c-5f3bb49d34ef","block_type":"box","text":"The Investment Manager has the discretion to build a diverse portfolio of companies of any size, at any stage of the","page_number":70,"box":{"x":62,"y":876,"width":861,"height":11}},{"id":"956a8d37-ed4d-4bde-a434-fc3a97d6f4bf","block_type":"box","text":"business cycle and across different industry sectors with an emphasis on risk management within the Sub-Fund.","page_number":70,"box":{"x":62,"y":890,"width":832,"height":11}},{"id":"4512d925-8a63-4fc2-9c5b-ee41d981eb3b","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026)","page_number":71,"box":{"x":62,"y":940,"width":296,"height":8}},{"id":"7ae1e598-5d02-464f-a9f0-779d778312b0","block_type":"box","text":"71","page_number":71,"box":{"x":787,"y":940,"width":10,"height":6}},{"id":"7ebd1f7c-7737-420d-a459-3a90dfc836c1","block_type":"box","text":"Aviva Investors: Confidential","page_number":71,"box":{"x":34,"y":973,"width":154,"height":7}},{"id":"52cff812-62c3-4dc7-bcc2-a8b64af9b312","block_type":"box","text":"Once any excluded companies have been removed from the available investment universe (see above), the Sub","page_number":71,"box":{"x":62,"y":52,"width":860,"height":12}},{"id":"3ef99f37-b242-440a-8bbc-76790d8385d4","block_type":"box","text":"Fund must invest in its minimum stewardship allocation. 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The Investment","page_number":71,"box":{"x":217,"y":134,"width":706,"height":12}},{"id":"0fb588ed-fdc6-4169-9a58-921a9080080f","block_type":"box","text":"Manager may look at a range of factors to assess a company’s operations against investment themes linked","page_number":71,"box":{"x":123,"y":148,"width":799,"height":11}},{"id":"270a5cb4-b0bb-4595-93f0-f5697c117276","block_type":"box","text":"to the three pillars, including (for example) its governance commitments, policies and actions to manage","page_number":71,"box":{"x":122,"y":162,"width":801,"height":11}},{"id":"cb1abd8c-4d5c-456c-b73e-bde4d137cfef","block_type":"box","text":"social and environmental issues, and performance compared to peers.","page_number":71,"box":{"x":122,"y":175,"width":522,"height":11}},{"id":"b5df89d3-9551-4e35-950d-0ea1069624f1","block_type":"box","text":"See “Sustainability Strategy” below for how the minimum stewardship allocation is achieved","page_number":71,"box":{"x":62,"y":195,"width":739,"height":11}},{"id":"306d7fcc-168b-42cf-ad55-c70a8f7ee5a1","block_type":"box","text":".","page_number":71,"box":{"x":803,"y":202,"width":2,"height":1}},{"id":"3dfd0efd-8aff-4d8e-bb43-f30222747297","block_type":"box","text":"Outside of its minimum stewardship allocation, up to 15% of the portfolio may be in investments that do not meet the","page_number":71,"box":{"x":62,"y":214,"width":861,"height":12}},{"id":"d9030dd3-6e48-4cb4-947a-7f21d0e320ae","block_type":"box","text":"standards required by the Investment Manager’s investment framework; the Investment Manager refers to these as","page_number":71,"box":{"x":62,"y":228,"width":861,"height":11}},{"id":"f57c65d1-1d1e-47c9-ad09-92731f592d9b","block_type":"box","text":"“neutral” assets. 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The Sub-Fund may hold such neutral assets in order to support","page_number":71,"box":{"x":62,"y":296,"width":861,"height":12}},{"id":"d2275536-4e74-461b-9316-e3d70324e082","block_type":"box","text":"the financial objectives of the Sub-Fund, for liquidity purposes and for efficient portfolio management purposes.","page_number":71,"box":{"x":62,"y":310,"width":820,"height":11}},{"id":"230afd3d-7de3-416d-aa81-bc1f71c948ae","block_type":"box","text":"The Sub-Fund’s minimum stewardship allocation will be reviewed on an ongoing basis against a range of key","page_number":71,"box":{"x":62,"y":330,"width":861,"height":11}},{"id":"6539a209-5132-40dc-a920-2470c42e88e0","block_type":"box","text":"performance indicators (KPIs) to ensure that they remain compliant with the Investment Manager’s investment","page_number":71,"box":{"x":62,"y":343,"width":861,"height":12}},{"id":"8483997d-831d-4f4c-9c78-401acff33d1c","block_type":"box","text":"framework – please see “Sustainability Strategy” below for further information.","page_number":71,"box":{"x":62,"y":357,"width":576,"height":11}},{"id":"af8c481e-2852-4870-a694-0f54c1e4899a","block_type":"box","text":"Performance & Risk Strategy:","page_number":71,"box":{"x":63,"y":376,"width":234,"height":12}},{"id":"13ede5cd-84d9-47fc-aa68-cd9478bfc9a0","block_type":"box","text":"The Sub-Fund’s income return target is measured against the FTSE® All-Share Index (the “","page_number":71,"box":{"x":62,"y":396,"width":677,"height":11}},{"id":"5e3b11f7-a72d-4381-8dff-41aefc3a1771","block_type":"box","text":"Index","page_number":71,"box":{"x":741,"y":396,"width":43,"height":9}},{"id":"25271da4-29da-48e4-ad3b-ae8f575cc0c3","block_type":"box","text":"”). The Sub-Fund’s","page_number":71,"box":{"x":784,"y":396,"width":139,"height":11}},{"id":"ae36e56f-913e-43f9-82cf-438993a0de57","block_type":"box","text":"overall performance is measured to a customised version of the Index, the FTSE® All-Share Custom Index (the","page_number":71,"box":{"x":62,"y":410,"width":861,"height":11}},{"id":"b00acc75-9feb-469b-a0f2-bcc1eae26752","block_type":"box","text":"“","page_number":71,"box":{"x":62,"y":423,"width":5,"height":3}},{"id":"4c228ff1-80a0-4c07-b852-463f9f208936","block_type":"box","text":"Custom Index","page_number":71,"box":{"x":68,"y":423,"width":109,"height":9}},{"id":"c7bfee66-eb2a-4296-a7b1-5c3f6f4812e6","block_type":"box","text":"”). The Custom Index applies the same negative screening criteria as the Sub-Fund. The Sub-Fund’s","page_number":71,"box":{"x":178,"y":423,"width":745,"height":12}},{"id":"03a65441-f3ec-46cb-8114-2caf75e586d3","block_type":"box","text":"performance is also compared to the Index.","page_number":71,"box":{"x":62,"y":437,"width":321,"height":11}},{"id":"15a2990c-e3d7-4329-a5cd-da54f18e9d4b","block_type":"box","text":"The Sub-Fund does not base its investment process upon the Index (applying specific exclusions, and the minimum","page_number":71,"box":{"x":62,"y":457,"width":860,"height":11}},{"id":"e86be5a8-b643-41cc-bb40-c8bcb174608e","block_type":"box","text":"stewardship allocation requirement, that do not apply to the Index), or Custom Index. Therefore, the Sub-Fund will","page_number":71,"box":{"x":62,"y":470,"width":860,"height":11}},{"id":"9e05fbd2-09ab-4bb7-8009-193f7c7ad210","block_type":"box","text":"not hold every company in either the Index or the Custom Index and may also hold companies that do not form part","page_number":71,"box":{"x":62,"y":484,"width":861,"height":11}},{"id":"d94a4691-78ca-402b-aa03-08c2caa78945","block_type":"box","text":"of them.","page_number":71,"box":{"x":62,"y":498,"width":58,"height":8}},{"id":"5363e570-c1e0-4038-9465-4c78eba032e8","block_type":"box","text":"The Sub-Fund uses a “tracking error” to measure the consistency of the Sub-Fund's returns and the returns of the","page_number":71,"box":{"x":62,"y":517,"width":861,"height":11}},{"id":"05504c1b-b022-40e9-9147-e6c61c2cfd3a","block_type":"box","text":"Custom Index. In general, the lower the tracking error, the more consistent the Sub-Fund’s returns are relative to the","page_number":71,"box":{"x":62,"y":531,"width":861,"height":11}},{"id":"cd09e6c7-445c-4e3b-90db-e0d8891847f0","block_type":"box","text":"Custom Index, and vice-versa. The Sub-Fund is expected to have an average yearly tracking error of between 2%","page_number":71,"box":{"x":62,"y":544,"width":860,"height":12}},{"id":"d5dfe7a7-4aea-4c49-b728-1d5970624416","block_type":"box","text":"and 6% when compared to the Custom Index. 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If the available data indicates that this is no longer the case, the","page_number":75,"box":{"x":63,"y":659,"width":842,"height":12}},{"id":"de582b2e-5e86-4718-b967-519bb1c9de1f","block_type":"box","text":"Investment Manager will conduct a qualitative review of the relevant company. If the Investment Manager","page_number":75,"box":{"x":63,"y":673,"width":843,"height":11}},{"id":"a0d9bb5d-b1be-4892-a338-3a35e928a04b","block_type":"box","text":"subsequently determines that the company no longer meets the requirements of the investment framework, it will","page_number":75,"box":{"x":62,"y":687,"width":843,"height":11}},{"id":"efc81d02-7d35-417c-a0c9-6b3062f28c0f","block_type":"box","text":"be disposed of as soon as reasonably practicable having regard to the interests of investors in the Sub-Fund.","page_number":75,"box":{"x":62,"y":700,"width":807,"height":12}},{"id":"e3ad04f2-6d7e-48ab-894b-9bb9bb5026d0","block_type":"box","text":"Engagement","page_number":75,"box":{"x":63,"y":734,"width":99,"height":11}},{"id":"2390738a-feb7-4497-8ea9-fc4b30e546af","block_type":"box","text":"The Investment Manager engages with investee companies on thematic issues with the aim of positively influencing","page_number":75,"box":{"x":62,"y":767,"width":860,"height":11}},{"id":"207b743a-f3db-4646-ac78-3b47a2bcf161","block_type":"box","text":"sustainable behaviours. 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The purpose of these exclusions is to ensure that the Sub-Fund does not invest in","page_number":81,"box":{"x":62,"y":701,"width":860,"height":12}},{"id":"4b1b966f-31af-4a0c-985f-26fa78f534ce","block_type":"box","text":"companies that derive prescribed levels of revenue from a range of activities, including certain fossil fuel (thermal","page_number":81,"box":{"x":62,"y":715,"width":860,"height":11}},{"id":"35715706-99c1-4fec-afb1-ea3d440ccc46","block_type":"box","text":"coal, oil and gas) activities, or companies that have significant reserves of certain fossil fuels, activities that are not","page_number":81,"box":{"x":62,"y":729,"width":861,"height":11}},{"id":"f8eccf9d-b07c-4c19-8091-3c86e89ee22d","block_type":"box","text":"compatible with animal welfare, or certain activities connected to alcohol and gambling, genetic modification and adult","page_number":81,"box":{"x":62,"y":743,"width":861,"height":11}},{"id":"1e281e63-48e0-43b6-ab62-7826de55b705","block_type":"box","text":"entertainment -","page_number":81,"box":{"x":62,"y":756,"width":111,"height":9}},{"id":"f7118de4-3c22-4712-845d-a635d5e87912","block_type":"box","text":"please see Appendices 2 and 3 for information on these investment restrictions","page_number":81,"box":{"x":180,"y":756,"width":633,"height":11}},{"id":"fbe084f6-2c3f-4cd7-bebb-90f366b0386c","block_type":"box","text":".","page_number":81,"box":{"x":815,"y":764,"width":2,"height":1}},{"id":"b7bded8a-ed72-4eb5-9dec-d0e94799b930","block_type":"box","text":"If there are any differences between the baseline exclusion policy and the stewardship exclusions, the more restrictive","page_number":81,"box":{"x":63,"y":776,"width":860,"height":11}},{"id":"ae93c9ba-98d7-4eb4-8b2b-ace1062c524a","block_type":"box","text":"exclusions will apply. 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the","page_number":86,"box":{"x":202,"y":90,"width":545,"height":10}},{"id":"7e76c74d-97a6-449a-abc6-a9c6e673b41f","block_type":"box","text":"occurrence of harmful controversies.","page_number":86,"box":{"x":202,"y":102,"width":243,"height":8}},{"id":"a2068eb7-9b16-4898-8af9-5b93e776c0f9","block_type":"box","text":"An operations company must also pass the criteria for either Climate, Earth or People.","page_number":86,"box":{"x":71,"y":129,"width":619,"height":10}},{"id":"54348004-f823-45c1-9d86-34ecbc7bddb1","block_type":"box","text":"Climate","page_number":86,"box":{"x":71,"y":200,"width":50,"height":8}},{"id":"08d7ce98-21f5-4a12-b39f-d05d1890bafd","block_type":"box","text":"The company has robust targets to align its emissions to a low carbon future and","page_number":86,"box":{"x":202,"y":157,"width":545,"height":10}},{"id":"a6db7abc-d855-4445-acb8-6bdec9f18b82","block_type":"box","text":"is demonstrating its commitment through its strategy, reporting, and staying 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levels.","page_number":86,"box":{"x":202,"y":243,"width":494,"height":10}},{"id":"85a0fbe2-40cd-4f85-8330-297cdc92a9a2","block_type":"box","text":"Earth","page_number":86,"box":{"x":72,"y":323,"width":34,"height":8}},{"id":"2a096448-bee5-40d0-b5c9-a16783dd9f88","block_type":"box","text":"The company has policies and procedures in place to effectively monitor and","page_number":86,"box":{"x":202,"y":280,"width":545,"height":10}},{"id":"7cd482e6-5d21-4e77-8d45-1a2f24eb454b","block_type":"box","text":"mitigate its impacts on the environment and is taking steps to align its","page_number":86,"box":{"x":202,"y":293,"width":545,"height":10}},{"id":"eb5dc36f-1f40-42a6-9b7c-05e2c9c7bf41","block_type":"box","text":"environmental footprint to a nature positive 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However, in","page_number":86,"box":{"x":62,"y":543,"width":860,"height":11}},{"id":"76e4b4fa-c65a-43d7-ad06-f833de75a49d","block_type":"box","text":"the event that such controversies are identified, that issuing company may still be eligible for investment if the","page_number":86,"box":{"x":62,"y":556,"width":861,"height":12}},{"id":"03ffcae3-a333-4a3f-b060-06ab3c6691a8","block_type":"box","text":"Investment Manager identifies - through its deep dive assessment - credible evidence that such controversies are not","page_number":86,"box":{"x":63,"y":570,"width":860,"height":11}},{"id":"ffda4da5-a73a-42d4-9ce0-cb6622b5bf7f","block_type":"box","text":"material and/or are being resolved or mitigated.","page_number":86,"box":{"x":62,"y":584,"width":350,"height":11}},{"id":"6acdec7a-f520-4281-a923-2afbf2b51751","block_type":"box","text":"GSS bonds","page_number":86,"box":{"x":62,"y":627,"width":89,"height":9}},{"id":"48292983-0b57-4202-9420-28d99cc6245b","block_type":"box","text":"GSS bonds will be considered eligible for investment if: (i) they are included on one of the databases maintained by","page_number":86,"box":{"x":62,"y":651,"width":861,"height":11}},{"id":"11701b1b-092b-430d-b31e-e0379dd1066f","block_type":"box","text":"the Climate Bonds Initiative (“","page_number":86,"box":{"x":62,"y":664,"width":215,"height":11}},{"id":"2a99a8dd-566b-4a7e-8574-2b2c73a957d3","block_type":"box","text":"CBI","page_number":86,"box":{"x":279,"y":664,"width":27,"height":9}},{"id":"446c9c9e-a1b9-4b83-bf20-c56516c139a4","block_type":"box","text":"”); and (ii) the Investment Manager considers that the proceeds of the bond are used","page_number":86,"box":{"x":307,"y":664,"width":615,"height":12}},{"id":"de37bdc9-2fe5-428a-9c2f-bd2a1f2721bd","block_type":"box","text":"in furtherance of an initiative or project that aligns to an investment theme tied to one of the three pillars of Climate,","page_number":86,"box":{"x":62,"y":678,"width":860,"height":11}},{"id":"58165bb4-cdc3-4fce-a5f7-b7db01549fd7","block_type":"box","text":"Earth or People (as set out in the table above).","page_number":86,"box":{"x":63,"y":692,"width":344,"height":11}},{"id":"a70071ef-9728-43b4-826f-4ba399c661d3","block_type":"box","text":"The CBI is an independent international organisation working to mobilise global capital for climate action by identifying","page_number":86,"box":{"x":62,"y":728,"width":860,"height":12}},{"id":"9e418bee-eafc-4bc1-846c-dfb11a82f58d","block_type":"box","text":"assets, activities and projects meeting their prescribed criteria and which are needed to deliver a low carbon economy.","page_number":86,"box":{"x":62,"y":742,"width":860,"height":11}},{"id":"c7984f30-531e-42b7-9f11-5339bb826ef4","block_type":"box","text":"To be included within the Sub-Fund’s minimum stewardship allocation, the issuance of the bond must be included in","page_number":86,"box":{"x":62,"y":756,"width":860,"height":11}},{"id":"1d40df4e-caad-48e3-99de-770d7949674d","block_type":"box","text":"one of the databases maintained by the CBI and, where relevant, positively assessed by the CBI as satisfying the","page_number":86,"box":{"x":62,"y":769,"width":861,"height":12}},{"id":"dfca7fdf-cbae-496d-9d36-3939723c5e79","block_type":"box","text":"criteria attached to that database. 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year.","page_number":154,"box":{"x":62,"y":521,"width":408,"height":11}},{"id":"612fafcf-10f1-49ad-8cc7-142e964c9f9c","block_type":"box","text":"* Further details are given in section 19 titled “Minimum Investment” in this Prospectus.","page_number":154,"box":{"x":62,"y":541,"width":642,"height":11}},{"id":"b534963a-5ae6-45b8-a73c-131c42d98e41","block_type":"box","text":"** Please note these are not the only charges applicable. Further details are given in section 28 titled \"Charges\" in","page_number":154,"box":{"x":62,"y":560,"width":860,"height":11}},{"id":"c5fc25b8-89ac-4ba4-864d-28e404d81cef","block_type":"box","text":"this Prospectus.","page_number":154,"box":{"x":62,"y":574,"width":117,"height":11}},{"id":"932de8aa-cde4-4ab7-a2a6-56293b4f6c93","block_type":"box","text":"Securities Financing and other Transactions:","page_number":154,"box":{"x":62,"y":613,"width":358,"height":11}},{"id":"236392f1-385b-4434-b34a-101f20241d17","block_type":"box","text":"The Sub-Fund does not participate in securities lending.","page_number":154,"box":{"x":62,"y":633,"width":413,"height":11}},{"id":"f03d13c8-6e7f-4912-8e31-c3a8596ca22c","block_type":"box","text":"The Sub-Fund does not use Repo contracts.","page_number":154,"box":{"x":62,"y":672,"width":328,"height":11}},{"id":"b5eb2f1e-e039-49bd-85e1-0f0c6af40157","block_type":"box","text":"The Sub-Fund does not use TRS.","page_number":154,"box":{"x":62,"y":711,"width":249,"height":9}},{"id":"00c50ab5-f5f7-4edc-8162-d01e76a13a7f","block_type":"box","text":"Leverage Limits","page_number":154,"box":{"x":63,"y":750,"width":128,"height":11}},{"id":"99831075-4bb7-48d1-bf7e-fd2befb6e851","block_type":"box","text":"(exposure calculated in accordance with the methodologies expressly set out in the UK AIFM","page_number":154,"box":{"x":200,"y":750,"width":722,"height":11}},{"id":"fa3c7ce6-d4a7-46c9-bc90-28f4922e1706","block_type":"box","text":"Regime):","page_number":154,"box":{"x":63,"y":764,"width":65,"height":11}},{"id":"934b9883-3d7e-4775-aada-033dc899c025","block_type":"box","text":"The Sub-Fund is generally expected to be leveraged as follows:","page_number":154,"box":{"x":62,"y":791,"width":471,"height":11}},{"id":"bceff82c-d4b1-4bc5-bc02-5611f9e88822","block_type":"box","text":"","page_number":154,"box":{"x":62,"y":822,"width":6,"height":5}},{"id":"aff3bd9d-f0e4-48b5-a9fa-47a93edeea0a","block_type":"box","text":"Gross Method: Up to 1:1","page_number":154,"box":{"x":92,"y":819,"width":179,"height":11}},{"id":"3cfb255b-ffe6-4b68-a712-e736f2259395","block_type":"box","text":"","page_number":154,"box":{"x":62,"y":837,"width":6,"height":4}},{"id":"1ffb3786-204a-4946-9abb-5a993ee83d87","block_type":"box","text":"Commitment: Up to 1.03:1","page_number":154,"box":{"x":92,"y":834,"width":192,"height":11}},{"id":"458cdce1-76c7-400f-9fcb-3c228f0cc316","block_type":"box","text":"The Sub-Fund may, however, have higher levels of leverage, including in atypical and volatile market conditions, in","page_number":154,"box":{"x":62,"y":861,"width":860,"height":11}},{"id":"bd9b4b9c-a8f4-4289-ba0a-fe84b2c51af8","block_type":"box","text":"which case leverage will not exceed the following:","page_number":154,"box":{"x":62,"y":875,"width":368,"height":11}},{"id":"d24f4043-de9e-477a-a9c9-ac49caffa107","block_type":"box","text":"","page_number":154,"box":{"x":62,"y":906,"width":6,"height":4}},{"id":"5e0f3327-1839-4f51-9bf4-3515e9d41f97","block_type":"box","text":"Gross Method: Up to 1.25:1","page_number":154,"box":{"x":92,"y":903,"width":202,"height":11}},{"id":"d43fec07-2276-473c-8aa2-3765abced36d","block_type":"box","text":"","page_number":154,"box":{"x":62,"y":920,"width":6,"height":5}},{"id":"5fec7c3c-ba53-4d82-8964-82c819d61521","block_type":"box","text":"Commitment: Up to 1.25:1","page_number":154,"box":{"x":92,"y":917,"width":192,"height":11}},{"id":"c0f316e9-401e-4294-b523-439c4bc3a47d","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 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CP) with a maturity of less than 397 days from settlement, and","page_number":155,"box":{"x":74,"y":173,"width":848,"height":12}},{"id":"dc875b48-0ea1-4b83-8779-090d08d04562","block_type":"box","text":"a minimum rating of A1 or P1 (lower of Moody or S&P); and","page_number":155,"box":{"x":121,"y":187,"width":441,"height":11}},{"id":"dfabe543-df88-472a-95ce-48e16234ca09","block_type":"box","text":"(b) Eligible deposits with credit institutions so long as the deposit is repayable on demand and may be withdrawn","page_number":155,"box":{"x":74,"y":213,"width":848,"height":11}},{"id":"cf7cfb41-440c-4f62-a000-0e31a888724f","block_type":"box","text":"at any time, will mature in no more than 12 months, and the credit institution is registered in the UK, an EU","page_number":155,"box":{"x":121,"y":226,"width":801,"height":12}},{"id":"866045f3-0ee2-4b8e-b6cf-58c71d46885a","block_type":"box","text":"member state or a country other than the UK or an EU member state with equivalent prudential rules.","page_number":155,"box":{"x":122,"y":240,"width":748,"height":11}},{"id":"2c2e1bf0-c7f3-497b-a5a2-84c0ee57bbda","block_type":"box","text":"The Sub-Fund will not invest in assets other than as set out above (including not investing in other money market","page_number":155,"box":{"x":62,"y":259,"width":861,"height":12}},{"id":"da6b486b-e96b-47cc-9f53-d119580f77d1","block_type":"box","text":"funds or derivatives), will not undertake any short selling, will not take direct or indirect exposure to equities or","page_number":155,"box":{"x":62,"y":273,"width":861,"height":11}},{"id":"bacf31a2-1236-42bc-8a3c-8743613513fa","block_type":"box","text":"commodities, will not enter into securities lending or borrowing arrangements, and will not borrow or lend cash. The","page_number":155,"box":{"x":62,"y":287,"width":861,"height":11}},{"id":"45571a12-02c0-431a-ba3b-1930959db7dc","block_type":"box","text":"Sub-Fund does not hold any ancillary liquid assets as defined in UCITS Directive as implemented in the EEA.","page_number":155,"box":{"x":62,"y":300,"width":809,"height":12}},{"id":"5828659c-09d4-4b63-a735-93c63e5caa0c","block_type":"box","text":"The Sub-Fund will invest no more than 10% of its assets in money market instruments issued by the same body,","page_number":155,"box":{"x":62,"y":328,"width":860,"height":11}},{"id":"df0b6b8f-bb1e-40ef-856a-86541a33b1aa","block_type":"box","text":"provided that the total value of such money market instruments in each issuing body in which the Sub-Fund invests","page_number":155,"box":{"x":62,"y":341,"width":861,"height":12}},{"id":"41b5f53a-0a97-4ae5-81cb-c9e6b41cab65","block_type":"box","text":"more than 5% of its assets does not exceed 40% of the value of its assets.","page_number":155,"box":{"x":62,"y":355,"width":551,"height":9}},{"id":"8d8ab3e3-d51f-4996-95c4-42b8dc8b68ab","block_type":"box","text":"The Sub-Fund will invest no more than 10% of its assets in deposits made with the same credit institution.","page_number":155,"box":{"x":62,"y":382,"width":783,"height":12}},{"id":"e681e8a1-336c-40ed-8162-13ccedb72b2a","block_type":"box","text":"The Sub-Fund will not invest more than 10% of its assets in bonds issued by a single credit institution, provided that","page_number":155,"box":{"x":62,"y":410,"width":861,"height":11}},{"id":"c58fb21a-2d4f-44be-8a64-9e14ff0b5c94","block_type":"box","text":"where the Sub-Fund holds more than 5% of its assets in bonds issued by a single issuer, the total value of those","page_number":155,"box":{"x":62,"y":423,"width":861,"height":12}},{"id":"de8d3f74-0d9a-41c6-ac1c-611d77d64420","block_type":"box","text":"investments exceeding 5% shall not exceed 40% of the value of the assets of the Sub-Fund.","page_number":155,"box":{"x":62,"y":437,"width":683,"height":11}},{"id":"a0386edf-d76e-4b86-8bcd-6ab88f8d3144","block_type":"box","text":"The Sub-Fund shall hold no more than 15% of its assets in the combined money market instruments and deposits of","page_number":155,"box":{"x":62,"y":464,"width":861,"height":12}},{"id":"bac44f8e-ba50-4283-8bb2-4f8d076c3825","block_type":"box","text":"any single body.","page_number":155,"box":{"x":62,"y":478,"width":119,"height":11}},{"id":"383b6650-b7c7-4a31-a898-977dca4cfbce","block_type":"box","text":"The Sub-Fund’s portfolio has a Weighted Average Maturity of no more than 60 days and a Weighted Average Life of","page_number":155,"box":{"x":62,"y":505,"width":861,"height":12}},{"id":"f0c4d034-8b0d-4393-9a5d-056358feabc5","block_type":"box","text":"no more than 120 days. At least 7.5% of the Sub-Fund’s assets are daily-maturing, and at least 15% are weekly","page_number":155,"box":{"x":62,"y":519,"width":861,"height":11}},{"id":"be1b3234-6939-42b7-96aa-2823392dfb6a","block_type":"box","text":"maturing money market instruments.","page_number":155,"box":{"x":62,"y":533,"width":270,"height":11}},{"id":"da14b07f-76f8-4b0e-a670-f718f14f33b1","block_type":"box","text":"If the limits set out above and in the MMFR are exceeded for reasons beyond the control of the ACS Manager or","page_number":155,"box":{"x":63,"y":560,"width":860,"height":11}},{"id":"e1906a41-7f9e-4135-9739-4aa8935de135","block_type":"box","text":"Investment Manager, the Sub-Fund shall adopt, as a priority objective, the correction of that situation, taking due","page_number":155,"box":{"x":63,"y":574,"width":860,"height":11}},{"id":"0ca68862-90a1-4906-a28c-63b7b6ec784b","block_type":"box","text":"account of the interests of Unitholders.","page_number":155,"box":{"x":62,"y":587,"width":284,"height":9}},{"id":"23a049a5-af16-4f89-ae36-e75bf19abb45","block_type":"box","text":"Credit Quality Assessment","page_number":155,"box":{"x":62,"y":615,"width":197,"height":11}},{"id":"95a918a9-c29f-48d9-8f8c-e12f630d7f28","block_type":"box","text":"The Investment Manager assesses the credit quality of assets of the Sub-Fund. The Investment Manager has","page_number":155,"box":{"x":62,"y":628,"width":860,"height":11}},{"id":"0eb454bf-55a6-44ba-a329-ad0a78656f90","block_type":"box","text":"established, implemented and consistently applies a prudent internal credit quality assessment procedure based on","page_number":155,"box":{"x":62,"y":642,"width":860,"height":11}},{"id":"c4d1ceff-f80b-49fa-a44b-6b4e3636250d","block_type":"box","text":"prudent, systematic and continuous assessment methodologies for determining the credit quality of the class of","page_number":155,"box":{"x":62,"y":656,"width":861,"height":11}},{"id":"b677bfd6-1d4e-4fc6-ac9d-d44328ffb3fd","block_type":"box","text":"shares that qualify as money market funds.","page_number":155,"box":{"x":62,"y":669,"width":318,"height":11}},{"id":"475e9d45-3bd0-4c4b-9c5f-6cefb4f4d5d6","block_type":"box","text":"Determination of credit risk of an issuer or guarantor is made based on an independent analysis of the issuer’s or","page_number":155,"box":{"x":63,"y":683,"width":861,"height":11}},{"id":"2d170372-e26b-4280-bccf-39b74beae3b2","block_type":"box","text":"guarantor’s ability to repay its debt obligations. This determination includes the following elements, where applicable:","page_number":155,"box":{"x":62,"y":697,"width":860,"height":11}},{"id":"44837812-92ef-47a5-bbe0-b18cc348a64d","block_type":"box","text":"- Financial condition;","page_number":155,"box":{"x":62,"y":710,"width":152,"height":11}},{"id":"e1c62d4f-4114-43c0-bf26-b66ccc4606f1","block_type":"box","text":"- Sources of liquidity;","page_number":155,"box":{"x":62,"y":724,"width":154,"height":11}},{"id":"fcc15062-fa82-46dd-9ed8-c95f3327abb2","block_type":"box","text":"- Ability to react to future market-wide and issuer- or guarantor-specific events, including the ability to repay in a highly","page_number":155,"box":{"x":62,"y":738,"width":861,"height":11}},{"id":"f0acdef9-f381-40b2-8960-0d97f5a09a92","block_type":"box","text":"adverse situation;","page_number":155,"box":{"x":62,"y":751,"width":129,"height":11}},{"id":"73c705a2-8095-417f-b21b-7c07304053d6","block_type":"box","text":"- Strength of the issuer’s or guarantor within the economy and relative to economic trends and competitive position.","page_number":155,"box":{"x":62,"y":765,"width":852,"height":11}},{"id":"fc25bf94-3c8b-40fb-a788-01d96cf79ca7","block_type":"box","text":"Past Performance – AI Money Market VNAV Fund","page_number":155,"box":{"x":72,"y":813,"width":390,"height":11}},{"id":"dc78e95d-54f5-4cf0-b423-2600f392ecbc","block_type":"box","text":"% Growth","page_number":155,"box":{"x":71,"y":832,"width":77,"height":9}},{"id":"34fb9607-be35-418f-9420-10d0037af849","block_type":"box","text":"1/1/2024 to","page_number":155,"box":{"x":281,"y":858,"width":94,"height":8}},{"id":"1db37957-7736-4037-828b-d4ba15d362f2","block_type":"box","text":"31/12/2024","page_number":155,"box":{"x":280,"y":870,"width":75,"height":8}},{"id":"a179dc15-67a5-461c-bb2a-576418898e86","block_type":"box","text":"1/1/2023 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Derivatives and forward transaction may be used from time to time to","page_number":202,"box":{"x":62,"y":356,"width":861,"height":11}},{"id":"43b76001-25b1-4cab-add5-6e3ea1dd6c75","block_type":"box","text":"gain a particular market exposure which would otherwise be difficult or costly to achieve, to manage the Sub-Fund’s","page_number":202,"box":{"x":62,"y":369,"width":861,"height":12}},{"id":"2cbaced9-1d11-4dd8-a0fb-7443bc29f3b7","block_type":"box","text":"cash flows in a cost-effective manner, or to reduce foreign currency risk within the Sub-Fund.","page_number":202,"box":{"x":62,"y":383,"width":687,"height":11}},{"id":"10facf9b-f225-4183-8725-00e755491825","block_type":"box","text":"Investment Strategy and ESG Overlay","page_number":202,"box":{"x":62,"y":422,"width":301,"height":12}},{"id":"21d82224-ff21-440e-ae48-722b9309d576","block_type":"box","text":"□","page_number":202,"box":{"x":364,"y":424,"width":5,"height":3}},{"id":"8b1ead9e-3971-412b-8438-1a5fd05744fe","block_type":"box","text":"□","page_number":202,"box":{"x":370,"y":424,"width":5,"height":3}},{"id":"b63f6897-578e-489a-9c1a-ea15f211d452","block_type":"box","text":":","page_number":202,"box":{"x":378,"y":425,"width":1,"height":6}},{"id":"67858b3f-fde1-47c3-9955-a43935ffee3a","block_type":"box","text":"The Fund does not have any sustainability-related investment objectives. However, when selecting companies, the","page_number":202,"box":{"x":62,"y":442,"width":861,"height":11}},{"id":"3923a837-f950-4362-8c70-f07359add250","block_type":"box","text":"Investment Manager uses a passive sampling approach together with the Aviva Investors’ baseline exclusion policy","page_number":202,"box":{"x":63,"y":456,"width":860,"height":11}},{"id":"2b18984c-3b50-4eaa-8210-fcc81d3ef27c","block_type":"box","text":"and an active ESG Overlay (as described below). The Fund’s strategy is designed to deliver, on average over a 12","page_number":202,"box":{"x":62,"y":469,"width":860,"height":12}},{"id":"b8fbcc09-75f8-41bc-aceb-a170a3d29e66","block_type":"box","text":"month rolling period, a higher ESG score and a lower carbon intensity score than the Index (measured using month","page_number":202,"box":{"x":62,"y":483,"width":860,"height":11}},{"id":"b5f31897-afcc-4905-96c0-78090eaa0dfb","block_type":"box","text":"end data), whilst also seeking to minimise the Fund’s tracking error to that Index. This means that the portfolio is","page_number":202,"box":{"x":62,"y":497,"width":861,"height":11}},{"id":"e2931701-aea1-4be8-aa9b-8466c9d30dac","block_type":"box","text":"created by first removing the excluded companies from the Index universe, then either overweighting, underweighting","page_number":202,"box":{"x":62,"y":510,"width":860,"height":12}},{"id":"6784c57c-bdeb-44c8-ae37-1a3418ca5d70","block_type":"box","text":"or excluding holdings relative to the Index based on both their ESG scores and carbon intensity scores (the ESG","page_number":202,"box":{"x":62,"y":524,"width":860,"height":11}},{"id":"4efe08f1-96f6-45f7-92bd-e7868e570d8c","block_type":"box","text":"Overlay) and potential to deliver returns similar to the Index. Individual holdings do not need to achieve a specific or","page_number":202,"box":{"x":62,"y":537,"width":861,"height":12}},{"id":"a23a700f-87ae-493e-9eec-0da6c1c842de","block_type":"box","text":"minimum ESG score or maximum carbon intensity score to be selected for investment, and therefore the Sub-Fund","page_number":202,"box":{"x":62,"y":551,"width":860,"height":11}},{"id":"6e8d8006-fb07-4c8e-a0c2-2b4fe581d8c8","block_type":"box","text":"will hold companies that could be considered to have low ESG scores or high carbon intensity scores.","page_number":202,"box":{"x":62,"y":565,"width":752,"height":11}},{"id":"4c485b88-eab4-4e43-adba-7c3f7b589c9f","block_type":"box","text":"The Investment Manager will also seek to minimise the Sub-Fund’s tracking error to the Index. However, the ESG","page_number":202,"box":{"x":62,"y":592,"width":860,"height":12}},{"id":"9d1e9125-8d67-465a-a0e5-3a0ff5a65a63","block_type":"box","text":"Overlay may limit the choice of investments available to the Sub-Fund and therefore it may not perform in line (either","page_number":202,"box":{"x":62,"y":606,"width":862,"height":11}},{"id":"56dd4048-0d9b-44c3-9472-9a191beab0a5","block_type":"box","text":"positively or negatively) with the Index or other similar funds that have a broader investment policy.","page_number":202,"box":{"x":62,"y":619,"width":731,"height":12}},{"id":"1562c952-80eb-4fae-9406-a1251747e28b","block_type":"box","text":"ESG scores assess a company’s resilience to financially material environmental, societal and governance risks, in","page_number":202,"box":{"x":63,"y":647,"width":859,"height":11}},{"id":"00e9fa04-4e50-48b8-b3ea-9c699c98a725","block_type":"box","text":"each case being risks to their financial performance relative to other companies in the same sector. Carbon intensity","page_number":202,"box":{"x":62,"y":660,"width":861,"height":12}},{"id":"898010ff-75a1-4bb8-a38d-6c44cd0e616f","block_type":"box","text":"scores measure how carbon-intensive a company’s activities are and provides a comparable metric for assessment","page_number":202,"box":{"x":62,"y":674,"width":861,"height":11}},{"id":"a4bd8d47-d572-4c65-9003-719cda571589","block_type":"box","text":"against peers, portfolios and benchmarks.","page_number":202,"box":{"x":62,"y":688,"width":310,"height":11}},{"id":"8fa5ff5c-12dc-428c-b9ef-fb1155b99537","block_type":"box","text":"The Sub-Fund’s holdings will be reviewed and, if necessary, rebalanced quarterly and/or on an ad hoc basis when","page_number":202,"box":{"x":62,"y":715,"width":860,"height":11}},{"id":"6c518191-89c1-46c5-8c65-d2c34a702f25","block_type":"box","text":"the Investment Manager is of the opinion that market conditions dictate, taking into account any changes to companies","page_number":202,"box":{"x":62,"y":729,"width":861,"height":11}},{"id":"e269cd1f-cc75-4a82-a267-58767be2ec37","block_type":"box","text":"in the Index, the latest available data and market conditions.","page_number":202,"box":{"x":62,"y":743,"width":444,"height":10}},{"id":"894d53bd-d517-498c-8eb7-5fa724eeb08c","block_type":"box","text":"Further information on the ESG Overlay is set out in Appendix 4. Further information on the baseline","page_number":202,"box":{"x":63,"y":776,"width":860,"height":11}},{"id":"a2f5be7c-c3bf-4846-9c76-a8424cb19e10","block_type":"box","text":"exclusion policy is set out in Appendix 2.","page_number":202,"box":{"x":62,"y":789,"width":327,"height":12}},{"id":"6b257b82-1dba-4ba3-98e1-7fd353de8484","block_type":"box","text":"Performance & Risk Strategy:","page_number":202,"box":{"x":63,"y":829,"width":234,"height":11}},{"id":"51fb867d-28a0-4045-8518-d441aa69bd75","block_type":"box","text":"The Sub-Fund’s performance is measured against the Index over a rolling 12 month period, before charges and taxes.","page_number":202,"box":{"x":62,"y":848,"width":860,"height":11}},{"id":"0cc92dd3-390b-47f6-9229-e43aa193d3f5","block_type":"box","text":"However, the Sub-Fund will not hold every company in the Index and may also hold investments that do not form part","page_number":202,"box":{"x":63,"y":862,"width":860,"height":11}},{"id":"eb5bf83c-279a-40f2-b703-c7170e1afd0b","block_type":"box","text":"of the Index.","page_number":202,"box":{"x":62,"y":875,"width":90,"height":9}},{"id":"45c19446-c1f4-4d97-8ed2-59f748fa443d","block_type":"box","text":"The Sub-Fund uses a “tracking error” to measure the consistency between the Sub-Fund’s returns and the returns of","page_number":202,"box":{"x":62,"y":903,"width":861,"height":11}},{"id":"4fcd4403-5f42-4757-8aed-f00da60e67d8","block_type":"box","text":"the Index. In general, the lower the tracking error, the more consistent the Sub-Fund’s returns are relative to the Index,","page_number":202,"box":{"x":62,"y":916,"width":860,"height":12}},{"id":"52bc9305-ab1f-4fd5-85ef-efc7bc6e69d1","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026)","page_number":203,"box":{"x":62,"y":940,"width":296,"height":8}},{"id":"60dccd63-5ade-4602-adec-af175da6ad3b","block_type":"box","text":"203","page_number":203,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"affce860-3329-4579-89d1-16c26257a77c","block_type":"box","text":"Aviva Investors: Confidential","page_number":203,"box":{"x":34,"y":973,"width":154,"height":7}},{"id":"a543faa1-f63b-474e-a14a-2d66af2f5f47","block_type":"box","text":"and vice-versa. The Sub-Fund is expected to have an average yearly tracking error of between 0% and 0.70% when","page_number":203,"box":{"x":62,"y":52,"width":860,"height":12}},{"id":"6f09976f-3b92-4cd7-bb2c-df9b4a6d8036","block_type":"box","text":"compared to the Index (excluding charges and taxes). However, there may be times when the Sub-Fund operates","page_number":203,"box":{"x":62,"y":66,"width":861,"height":11}},{"id":"30d9643e-acde-45ca-bfd6-238241e794e3","block_type":"box","text":"outside of this range. 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The Sub-Fund","page_number":207,"box":{"x":62,"y":111,"width":860,"height":11}},{"id":"b0cf269e-c998-4649-9f57-b99132bd6899","block_type":"box","text":"was authorised by the FCA on 12 October 2022.","page_number":207,"box":{"x":62,"y":125,"width":357,"height":11}},{"id":"ece6fe14-e280-4d3e-bad8-91843cfe59eb","block_type":"box","text":"Investment Objective and Policy","page_number":207,"box":{"x":62,"y":164,"width":257,"height":11}},{"id":"a8df080d-da7d-4163-986e-3e7fa9c62eaa","block_type":"box","text":"The Sub-Fund aims to deliver returns which are similar to the returns of the MSCI® Japan Index (GBP) (the “Index”)","page_number":207,"box":{"x":62,"y":184,"width":860,"height":11}},{"id":"beefde4c-62a3-4f3d-9c95-8278b8b50051","block_type":"box","text":"over a rolling 12 month period (before charges and taxes) whilst investing in accordance with the investment strategy","page_number":207,"box":{"x":62,"y":197,"width":861,"height":12}},{"id":"f43dd3ac-0e44-4303-bffe-082fa36aa5c9","block_type":"box","text":"of the Sub-Fund.","page_number":207,"box":{"x":62,"y":211,"width":123,"height":9}},{"id":"4c1458bb-a058-4bf9-acfc-ab2e4921615c","block_type":"box","text":"Core investment:","page_number":207,"box":{"x":62,"y":244,"width":135,"height":9}},{"id":"c6b6ba4d-e787-405e-893d-18d20a17e17f","block_type":"box","text":"The Sub-Fund will invest to form a portfolio representative of the core regional market, as represented by the Index.","page_number":207,"box":{"x":62,"y":264,"width":860,"height":11}},{"id":"be4096cd-5955-44af-aa64-328fdfde871c","block_type":"box","text":"It will therefore invest a minimum of 80% in shares of companies that make up the Index.","page_number":207,"box":{"x":63,"y":278,"width":656,"height":11}},{"id":"e5201918-000d-4927-84d5-228c0cdc0a1b","block_type":"box","text":"Other investments:","page_number":207,"box":{"x":62,"y":317,"width":151,"height":9}},{"id":"e2c7c8a9-1363-4cb8-b6dd-0c8679eeb9f0","block_type":"box","text":"The Sub-Fund may also invest in other shares, other funds (including funds managed by Aviva Investors companies),","page_number":207,"box":{"x":62,"y":336,"width":860,"height":12}},{"id":"3773b641-0da1-4bf8-8cf7-5281320b3ec6","block_type":"box","text":"money market instruments, cash and deposits. Derivatives and forward transaction may be used from time to time to","page_number":207,"box":{"x":62,"y":350,"width":861,"height":11}},{"id":"3db7c28a-7786-4d98-8d42-31b424522236","block_type":"box","text":"gain a particular market exposure which would otherwise be difficult or costly to achieve, to manage the Sub-Fund’s","page_number":207,"box":{"x":62,"y":364,"width":861,"height":11}},{"id":"be70b297-5b35-4d8e-937d-9f354866282c","block_type":"box","text":"cash flows in a cost-effective manner, or to reduce foreign currency risk within the Sub-Fund.","page_number":207,"box":{"x":62,"y":377,"width":687,"height":12}},{"id":"cc77e0e9-18f3-4dcb-a7be-88a8e48dfea9","block_type":"box","text":"Investment Strategy and ESG Overlay","page_number":207,"box":{"x":62,"y":416,"width":301,"height":12}},{"id":"f8dfaa08-9d9d-48e8-acdd-2f9c986f3796","block_type":"box","text":"□","page_number":207,"box":{"x":368,"y":418,"width":5,"height":4}},{"id":"51e3928d-f0bc-4e35-ba93-5c4691aa38c3","block_type":"box","text":"□","page_number":207,"box":{"x":375,"y":418,"width":5,"height":4}},{"id":"5f85139c-23ce-470a-a35c-3b85c126392d","block_type":"box","text":":","page_number":207,"box":{"x":382,"y":419,"width":2,"height":6}},{"id":"c11691ac-6a0a-4ebd-8517-d8e97a7cb044","block_type":"box","text":"The Fund does not have any sustainability-related investment objectives. However, when selecting companies, the","page_number":207,"box":{"x":62,"y":436,"width":861,"height":11}},{"id":"f7b4a899-d291-4cab-89e7-7d74aff6ea6c","block_type":"box","text":"Investment Manager uses a passive sampling approach together with the Aviva Investors’ baseline exclusion policy","page_number":207,"box":{"x":63,"y":450,"width":860,"height":11}},{"id":"949d624b-8886-4447-a213-744ccf0ef5bf","block_type":"box","text":"and an active ESG Overlay (as described below). The Fund’s strategy is designed to deliver, on average over a 12","page_number":207,"box":{"x":62,"y":463,"width":860,"height":12}},{"id":"4b621f2f-9dd8-48fd-8d5a-26c510544d21","block_type":"box","text":"month rolling period, a higher ESG score and lower carbon intensity score than the Index (measured using month","page_number":207,"box":{"x":62,"y":477,"width":860,"height":11}},{"id":"b717480e-456d-4987-8501-414961ba13b1","block_type":"box","text":"end data), whilst also seeking to minimise the Fund’s tracking error to that Index. This means that the portfolio is","page_number":207,"box":{"x":62,"y":491,"width":861,"height":11}},{"id":"085e4ef3-da4a-465c-a4a7-9cab3584b344","block_type":"box","text":"created by first removing the excluded companies from the Index universe, then either overweighting, underweighting","page_number":207,"box":{"x":62,"y":504,"width":860,"height":12}},{"id":"50d2a6c0-ba9c-48f2-8d7c-db631636bf52","block_type":"box","text":"or excluding holdings relative to the Index based on both their ESG scores and carbon intensity scores (the ESG","page_number":207,"box":{"x":62,"y":518,"width":860,"height":11}},{"id":"29fedd1b-5637-4858-91d9-e551e638bad8","block_type":"box","text":"Overlay) and potential to deliver returns similar to the Index. Individual holdings do not need to achieve a specific or","page_number":207,"box":{"x":62,"y":532,"width":861,"height":11}},{"id":"dbda317f-74ff-4f10-864f-a7232dd251d4","block_type":"box","text":"minimum ESG score or maximum carbon intensity score to be selected for investment, and therefore the Sub-Fund","page_number":207,"box":{"x":62,"y":545,"width":860,"height":11}},{"id":"88d954d7-b18d-4a6a-95d3-5002e7ffcbd1","block_type":"box","text":"will hold companies that could be considered to have low ESG scores or high carbon intensity scores.","page_number":207,"box":{"x":62,"y":559,"width":752,"height":11}},{"id":"0804dbb6-4336-4033-97b5-5015b48bedf5","block_type":"box","text":"The Investment Manager will also seek to minimise the Sub-Fund’s tracking error to the Index. However, the ESG","page_number":207,"box":{"x":62,"y":586,"width":860,"height":12}},{"id":"e26c6679-820b-4796-ab8b-4fc53692de8a","block_type":"box","text":"Overlay may limit the choice of investments available to the Sub-Fund and therefore it may not perform in line (either","page_number":207,"box":{"x":62,"y":600,"width":862,"height":11}},{"id":"55eb0f48-51ff-49b2-9da3-dd7f76a3bbc7","block_type":"box","text":"positively or negatively) with the Index or other similar funds that have a broader investment policy.","page_number":207,"box":{"x":62,"y":614,"width":731,"height":11}},{"id":"45261fc5-054e-4b2c-863c-91f7e2f573d1","block_type":"box","text":"ESG scores assess a company’s resilience to financially material environmental, societal and governance risks, in","page_number":207,"box":{"x":63,"y":641,"width":859,"height":11}},{"id":"0477e169-a2db-4579-854e-8f4371982ab7","block_type":"box","text":"each case being risks to their financial performance relative to other companies in the same sector. Carbon intensity","page_number":207,"box":{"x":62,"y":654,"width":861,"height":12}},{"id":"664e1de4-eaf8-41d9-a977-6a568a12789f","block_type":"box","text":"scores measure how carbon-intensive a company’s activities are and provides a comparable metric for assessment","page_number":207,"box":{"x":62,"y":668,"width":861,"height":11}},{"id":"3455868d-c57f-45f7-a3c0-17f59df403c2","block_type":"box","text":"against peers, portfolios and benchmarks.","page_number":207,"box":{"x":62,"y":682,"width":310,"height":11}},{"id":"3a84f082-a2af-401a-adfa-42605eb10da8","block_type":"box","text":"The Sub-Fund’s holdings will be reviewed and, if necessary, rebalanced quarterly and/or on an ad hoc basis when","page_number":207,"box":{"x":62,"y":709,"width":860,"height":11}},{"id":"39267e37-88ab-4165-a912-60a54b12453b","block_type":"box","text":"the Investment Manager is of the opinion that market conditions dictate, taking into account any changes to companies","page_number":207,"box":{"x":62,"y":723,"width":861,"height":11}},{"id":"ead26d1c-c53d-4544-8778-037cfadebd63","block_type":"box","text":"in the Index, the latest available data and market conditions.","page_number":207,"box":{"x":62,"y":737,"width":444,"height":10}},{"id":"1abbfc53-1c90-4c18-8c56-32b77ac605b3","block_type":"box","text":"Further information on the ESG Overlay is set out in Appendix 4. Further information on the baseline","page_number":207,"box":{"x":63,"y":770,"width":860,"height":11}},{"id":"f5c739e1-905f-4409-9c5e-a4a9854081c6","block_type":"box","text":"exclusion policy is set out in Appendix 2.","page_number":207,"box":{"x":62,"y":783,"width":327,"height":12}},{"id":"cea2c899-3dbe-4849-8960-6f4e89ed1514","block_type":"box","text":"Performance & Risk Strategy:","page_number":207,"box":{"x":63,"y":823,"width":234,"height":11}},{"id":"722e4c66-c1f0-449f-8a6e-91999235bd7b","block_type":"box","text":"The Sub-Fund’s performance is measured against the Index over a rolling 12 month period, before charges and taxes.","page_number":207,"box":{"x":62,"y":842,"width":860,"height":11}},{"id":"f2761588-10f0-4625-9282-9c7b79b47905","block_type":"box","text":"However, the Sub-Fund will not hold every company in the Index and may also hold investments that do not form part","page_number":207,"box":{"x":63,"y":856,"width":860,"height":11}},{"id":"ee425c83-98c9-40e3-a182-ff9da98ecd22","block_type":"box","text":"of the Index.","page_number":207,"box":{"x":62,"y":870,"width":90,"height":8}},{"id":"efad0575-1fc1-425a-a7ec-e8a6bd97684c","block_type":"box","text":"The Sub-Fund uses a “tracking error” to measure the consistency between the Sub-Fund’s returns and the returns of","page_number":207,"box":{"x":62,"y":897,"width":861,"height":11}},{"id":"fc0e219e-639e-4db1-95d9-dcf1b411dad5","block_type":"box","text":"the Index. In general, the lower the tracking error, the more consistent the Sub-Fund’s returns are relative to the Index,","page_number":207,"box":{"x":62,"y":910,"width":860,"height":12}},{"id":"56b72b4b-d57b-4c83-b85b-bf422a2180ba","block_type":"box","text":"and vice-versa.","page_number":207,"box":{"x":62,"y":924,"width":112,"height":9}},{"id":"b3b3bf5a-9e9b-4f0d-82c0-8c60dbf13a3e","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026)","page_number":208,"box":{"x":62,"y":940,"width":296,"height":8}},{"id":"f3ee74bc-d74a-4262-b69c-23825102dff5","block_type":"box","text":"208","page_number":208,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"e13a957b-90f0-4ee0-a454-ba7e390877f9","block_type":"box","text":"Aviva Investors: Confidential","page_number":208,"box":{"x":34,"y":973,"width":154,"height":7}},{"id":"d3b62f59-3708-4012-81e0-53fe04300c3f","block_type":"box","text":"The Sub-Fund is expected to have an average yearly tracking error of between 0% to 0.70% when compared to the","page_number":208,"box":{"x":62,"y":66,"width":861,"height":11}},{"id":"807620c6-22a1-4c09-b96e-0930a5bb152c","block_type":"box","text":"Index (excluding charges). 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Derivatives and forward transaction may be used from time to time to","page_number":212,"box":{"x":62,"y":356,"width":861,"height":11}},{"id":"0aff3e29-ac9c-4d32-9209-1a2c0c7ae575","block_type":"box","text":"gain a particular market exposure which would otherwise be difficult or costly to achieve, to manage the Sub-Fund’s","page_number":212,"box":{"x":62,"y":369,"width":861,"height":12}},{"id":"3207009d-431a-4b45-8c1d-b2525e2d94ae","block_type":"box","text":"cash flows in a cost-effective manner, or to reduce foreign currency risk within the Sub-Fund.","page_number":212,"box":{"x":62,"y":383,"width":687,"height":11}},{"id":"2dd8b6ca-bde9-4d5e-a882-5330d3850deb","block_type":"box","text":"Investment Strategy and ESG Overlay","page_number":212,"box":{"x":62,"y":422,"width":301,"height":12}},{"id":"f459e456-c119-432f-b358-5d4d3e2ecd31","block_type":"box","text":"□","page_number":212,"box":{"x":368,"y":424,"width":5,"height":3}},{"id":"e2450e53-b5e1-4a5c-be87-3d80738a265b","block_type":"box","text":"□","page_number":212,"box":{"x":375,"y":424,"width":5,"height":3}},{"id":"63e50d84-910e-441d-a75e-560395997dfd","block_type":"box","text":":","page_number":212,"box":{"x":382,"y":425,"width":2,"height":6}},{"id":"da7dfc5f-c90a-4062-a968-eb9c6f50c781","block_type":"box","text":"The Fund does not have any sustainability-related investment objectives. However, when selecting companies, the","page_number":212,"box":{"x":62,"y":442,"width":861,"height":11}},{"id":"7098e950-227e-4391-ae9e-0fea9f7b9ac5","block_type":"box","text":"Investment Manager uses a passive sampling approach together with Aviva Investors’ baseline exclusion policy and","page_number":212,"box":{"x":63,"y":456,"width":860,"height":11}},{"id":"09c72be0-179e-4ece-b8bc-dd6b1b1d4691","block_type":"box","text":"an active ESG Overlay (as described below). The Fund’s strategy is designed to deliver, on average over a 12 month","page_number":212,"box":{"x":62,"y":469,"width":860,"height":12}},{"id":"1d80b542-9294-48b3-afb5-6547bfa584bf","block_type":"box","text":"rolling period, a higher ESG score and lower carbon intensity score than the Index (measured using month end data),","page_number":212,"box":{"x":63,"y":483,"width":859,"height":11}},{"id":"82cec8cd-47f3-409e-9209-251edbf3a514","block_type":"box","text":"whilst also seeking to minimise the Fund’s tracking error to that Index. This means that the portfolio is created by first","page_number":212,"box":{"x":62,"y":497,"width":861,"height":11}},{"id":"6249ef98-328e-403d-9154-49055cd247df","block_type":"box","text":"removing the excluded companies from the Index universe, then either overweighting, underweighting or excluding","page_number":212,"box":{"x":63,"y":510,"width":860,"height":12}},{"id":"d79606d3-234c-4053-9bd8-7aaf64eeba79","block_type":"box","text":"holdings relative to the Index based on both their ESG scores and carbon intensity scores (the ESG Overlay) and","page_number":212,"box":{"x":62,"y":524,"width":860,"height":11}},{"id":"1ebd1a89-4b9f-4cfb-b371-6c2f2e6e241e","block_type":"box","text":"potential to deliver returns similar to the Index. Individual holdings do not need to achieve a specific or minimum ESG","page_number":212,"box":{"x":62,"y":537,"width":860,"height":12}},{"id":"4697d339-b8c0-4a1a-b4f7-772ccfbc90a8","block_type":"box","text":"score or maximum carbon intensity score to be selected for investment, and therefore the Sub-Fund will hold","page_number":212,"box":{"x":62,"y":551,"width":861,"height":11}},{"id":"84d95304-6f56-4edb-8a2a-adc2c9f3af8f","block_type":"box","text":"companies that could be considered to have low ESG scores or high carbon intensity scores.","page_number":212,"box":{"x":62,"y":565,"width":688,"height":11}},{"id":"ac9a41ed-67b9-4dcf-842f-250bc12fe226","block_type":"box","text":"The Investment Manager will also seek to minimise the Sub-Fund’s tracking error to the Index. However, the ESG","page_number":212,"box":{"x":62,"y":598,"width":860,"height":11}},{"id":"67c95730-5c01-462b-ad3d-2d724251d14e","block_type":"box","text":"Overlay may limit the choice of investments available to the Sub-Fund and therefore it may not perform in line (either","page_number":212,"box":{"x":62,"y":612,"width":862,"height":11}},{"id":"be649c53-6e4e-4e22-8b1f-6ba4f636b19d","block_type":"box","text":"positively or negatively) with the Index or other similar funds that have a broader investment policy.","page_number":212,"box":{"x":62,"y":625,"width":731,"height":12}},{"id":"f6e14700-ffbe-43d7-9514-bb3814b4da29","block_type":"box","text":"ESG scores assess a company’s resilience to financially material environmental, societal and governance risks, in","page_number":212,"box":{"x":63,"y":653,"width":859,"height":11}},{"id":"fd8ae2c1-8372-4a90-ab6b-23af556d3b10","block_type":"box","text":"each case being risks to their financial performance relative to other companies in the same sector. Carbon intensity","page_number":212,"box":{"x":62,"y":666,"width":861,"height":12}},{"id":"feaba22d-a851-4e59-a83e-40c33f9e82af","block_type":"box","text":"scores measure how carbon-intensive a company’s activities are and provides a comparable metric for assessment","page_number":212,"box":{"x":62,"y":680,"width":861,"height":11}},{"id":"863afd5c-8ab6-45c7-b0a6-84df67f25604","block_type":"box","text":"against peers, portfolios and benchmarks.","page_number":212,"box":{"x":62,"y":694,"width":310,"height":11}},{"id":"6d177673-634f-4073-9c32-c3d40f9fc50b","block_type":"box","text":"The Sub-Fund’s holdings will be reviewed and, if necessary, rebalanced quarterly and/or on an ad hoc basis when","page_number":212,"box":{"x":62,"y":721,"width":860,"height":11}},{"id":"6e19735b-b760-4576-a1e4-c3ff8a142883","block_type":"box","text":"the Investment Manager is of the opinion that market conditions dictate, taking into account any changes to companies","page_number":212,"box":{"x":62,"y":735,"width":861,"height":11}},{"id":"2bce131d-a4b9-473b-aefc-3254ee74b027","block_type":"box","text":"in the Index, the latest available data and market conditions.","page_number":212,"box":{"x":62,"y":749,"width":444,"height":10}},{"id":"8fe502b1-b149-4390-9b0b-173c155ea9cb","block_type":"box","text":"Further information on the ESG Overlay is set out in Appendix 4. Further information on the baseline","page_number":212,"box":{"x":63,"y":781,"width":860,"height":12}},{"id":"38695c26-4715-42af-8120-8524116abe9c","block_type":"box","text":"exclusion policy is set out in Appendix 2.","page_number":212,"box":{"x":62,"y":795,"width":327,"height":12}},{"id":"78bafaaf-5961-4bf1-bc99-a19768cdebcb","block_type":"box","text":"Performance & Risk Strategy:","page_number":212,"box":{"x":63,"y":834,"width":234,"height":12}},{"id":"96eadd3a-95aa-41df-b0b6-1140b77c10bb","block_type":"box","text":"The Sub-Fund’s performance is measured against the Index over a rolling 12 month period, before charges and taxes.","page_number":212,"box":{"x":62,"y":854,"width":860,"height":11}},{"id":"03df4856-67f4-429f-a3b4-aee861ff0725","block_type":"box","text":"However, the Sub-Fund will not hold every company in the Index and may also hold investments that do not form part","page_number":212,"box":{"x":63,"y":868,"width":860,"height":11}},{"id":"7a8bceb0-676b-4b43-bf07-f3e8efabce48","block_type":"box","text":"of the Index.","page_number":212,"box":{"x":62,"y":881,"width":90,"height":9}},{"id":"8e73f437-d348-4a4f-a5bb-d17f8e7e5f45","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026)","page_number":213,"box":{"x":62,"y":940,"width":296,"height":8}},{"id":"e71fa209-b21d-4ffe-88ef-a3c20ea0c1af","block_type":"box","text":"213","page_number":213,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"ca931ce2-d9b7-417e-9fbe-9b666229e45d","block_type":"box","text":"Aviva Investors: Confidential","page_number":213,"box":{"x":34,"y":973,"width":154,"height":7}},{"id":"8e8e21bd-0d0c-4aa0-b427-b5b7b8722907","block_type":"box","text":"The Sub-Fund uses a “tracking error” to measure the consistency between the Sub-Fund’s returns and the returns of","page_number":213,"box":{"x":62,"y":52,"width":861,"height":12}},{"id":"3f934ed7-166e-4805-8a87-4cca380f2fcf","block_type":"box","text":"the Index. 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Derivatives and forward transaction may be used from time to time to","page_number":217,"box":{"x":62,"y":356,"width":861,"height":11}},{"id":"9336daa8-eb82-4243-a304-540238ed219b","block_type":"box","text":"gain a particular market exposure which would otherwise be difficult or costly to achieve, to manage the Sub-Fund’s","page_number":217,"box":{"x":62,"y":369,"width":861,"height":12}},{"id":"a6451b2e-45ee-4bf1-ab15-4fb14343880e","block_type":"box","text":"cash flows in a cost-effective manner, or to reduce foreign currency risk within the Sub-Fund.","page_number":217,"box":{"x":62,"y":383,"width":687,"height":11}},{"id":"b7e8dddc-0c01-4aad-9ef4-8599d3a390df","block_type":"box","text":"Investment Strategy and ESG Overlay","page_number":217,"box":{"x":62,"y":422,"width":301,"height":12}},{"id":"2ad58926-aea4-48f5-9b61-b53224d2d004","block_type":"box","text":"□","page_number":217,"box":{"x":368,"y":424,"width":5,"height":3}},{"id":"a633a870-dc10-4003-9087-5ef75c8a6360","block_type":"box","text":"□","page_number":217,"box":{"x":375,"y":424,"width":5,"height":3}},{"id":"43cb800b-8c4f-4697-833e-3f973973e3ce","block_type":"box","text":":","page_number":217,"box":{"x":382,"y":425,"width":2,"height":6}},{"id":"dfb62d1b-8441-48be-85fc-d21f25015273","block_type":"box","text":"The Fund does not have any sustainability-related investment objectives. However, when selecting companies, the","page_number":217,"box":{"x":62,"y":442,"width":861,"height":11}},{"id":"7a617d16-b293-49be-8a02-a80b80be2624","block_type":"box","text":"Investment Manager uses a passive sampling approach together with the Aviva Investors’ baseline exclusion policy","page_number":217,"box":{"x":63,"y":456,"width":860,"height":11}},{"id":"0c32e18e-18be-4344-9b64-380286ccf8c5","block_type":"box","text":"and an active ESG Overlay (as described below). The Fund’s strategy is designed to deliver, on average over a 12","page_number":217,"box":{"x":62,"y":469,"width":860,"height":12}},{"id":"1837e585-2f72-4efa-9822-0d60dc925453","block_type":"box","text":"month rolling period, to achieve a higher ESG score and a lower carbon intensity score than the Index (measured","page_number":217,"box":{"x":62,"y":483,"width":861,"height":11}},{"id":"7fbd909b-ead2-4454-9fea-89c22756df9f","block_type":"box","text":"using month end data), whilst also seeking to minimise the Fund’s tracking error to that Index. This means that the","page_number":217,"box":{"x":63,"y":497,"width":860,"height":11}},{"id":"c6b0a3be-7db3-423c-972e-b0625e7670f5","block_type":"box","text":"portfolio is created by first removing the excluded companies from the Index universe, then either overweighting,","page_number":217,"box":{"x":62,"y":510,"width":860,"height":12}},{"id":"51b10e77-e520-4c5a-bd4d-18a7676dc8de","block_type":"box","text":"underweighting or excluding holdings relative to the Index based on both their ESG scores and carbon intensity scores","page_number":217,"box":{"x":63,"y":524,"width":860,"height":11}},{"id":"c59047e5-d794-49ec-9279-b0572ca22e97","block_type":"box","text":"(the ESG Overlay) and potential to deliver returns similar to the Index. Individual holdings do not need to achieve a","page_number":217,"box":{"x":63,"y":537,"width":860,"height":12}},{"id":"681480ac-89d2-4efe-940f-91f6cf6d7afc","block_type":"box","text":"specific or minimum ESG score or maximum carbon intensity score to be selected for investment, and therefore the","page_number":217,"box":{"x":62,"y":551,"width":861,"height":11}},{"id":"09c89873-e85e-4e32-860c-b926a5dbf0ff","block_type":"box","text":"Sub-Fund will hold companies that could be considered to have low ESG scores or high carbon intensity scores.","page_number":217,"box":{"x":62,"y":565,"width":831,"height":11}},{"id":"de55054e-5473-4371-9fd2-97b495281092","block_type":"box","text":"The Investment Manager will also seek to minimise the Sub-Fund’s tracking error to the Index. However, the ESG","page_number":217,"box":{"x":62,"y":598,"width":860,"height":11}},{"id":"deda8397-543a-43a6-accf-c75c4b6c6a31","block_type":"box","text":"Overlay may limit the choice of investments available to the Sub-Fund and therefore it may not perform in line (either","page_number":217,"box":{"x":62,"y":612,"width":862,"height":11}},{"id":"dec956d0-cdb0-463b-9cca-11f6bd432ae0","block_type":"box","text":"positively or negatively) with the Index or other similar funds that have a broader investment policy.","page_number":217,"box":{"x":62,"y":625,"width":731,"height":12}},{"id":"162d9796-324c-4162-b546-acfa591cce44","block_type":"box","text":"ESG scores assess a company’s resilience to financially material environmental, societal and governance risks, in","page_number":217,"box":{"x":63,"y":653,"width":859,"height":11}},{"id":"3ef79dde-c740-4f93-bb28-a184499353b0","block_type":"box","text":"each case being risks to their financial performance relative to other companies in the same sector. 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Derivatives and forward transaction may be used from time to time to","page_number":222,"box":{"x":62,"y":356,"width":861,"height":11}},{"id":"3392faf9-82c5-423b-99aa-5e6e3d712a00","block_type":"box","text":"gain a particular market exposure which would otherwise be difficult or costly to achieve, to manage the Sub-Fund’s","page_number":222,"box":{"x":62,"y":369,"width":861,"height":12}},{"id":"613f7e54-9e45-4e4d-a5ed-91b468ad63b0","block_type":"box","text":"cash flows in a cost-effective manner, or to reduce foreign currency risk within the Sub-Fund.","page_number":222,"box":{"x":62,"y":383,"width":687,"height":11}},{"id":"8d176840-3e49-4ff0-8b37-deff6a677d4c","block_type":"box","text":"Strategy and ESG Overlay","page_number":222,"box":{"x":62,"y":422,"width":207,"height":12}},{"id":"4cf97f30-8e8a-4d04-8b84-a9fd79d72065","block_type":"box","text":"□","page_number":222,"box":{"x":280,"y":424,"width":5,"height":3}},{"id":"8ad9c3d2-da7e-488c-a6f5-cc04cc36f2ae","block_type":"box","text":"□","page_number":222,"box":{"x":286,"y":424,"width":5,"height":3}},{"id":"03503422-bef8-40cf-820b-a7084e35b4e6","block_type":"box","text":":","page_number":222,"box":{"x":294,"y":425,"width":1,"height":6}},{"id":"afa23351-358e-4d39-89eb-d7a707486d16","block_type":"box","text":"The Fund does not have any sustainability-related investment objectives. However, when selecting companies, the","page_number":222,"box":{"x":62,"y":442,"width":861,"height":11}},{"id":"49bbdccb-7e74-41e0-9207-0c11fdc43e7f","block_type":"box","text":"Investment Manager uses a passive sampling approach together with the Aviva Investors’ baseline exclusion policy","page_number":222,"box":{"x":63,"y":456,"width":860,"height":11}},{"id":"083f8ae9-1fda-4825-86e7-b6abb2066ccd","block_type":"box","text":"and an active ESG Overlay (as described below). The Fund’s strategy is designed to deliver, on average over a 12","page_number":222,"box":{"x":62,"y":469,"width":860,"height":12}},{"id":"3076adf5-37c7-4d5d-81d5-146cc07ba80f","block_type":"box","text":"month rolling period, to achieve a higher ESG score and a lower carbon intensity score than the Index (measured","page_number":222,"box":{"x":62,"y":483,"width":861,"height":11}},{"id":"e20c1153-c550-474a-87d7-64238e94bf15","block_type":"box","text":"using month end data), whilst also seeking to minimise the Fund’s tracking error to that Index. This means that, the","page_number":222,"box":{"x":63,"y":497,"width":860,"height":11}},{"id":"ad9a9682-9bc3-4e2a-9962-d22fa7e173e3","block_type":"box","text":"portfolio is created by first removing the excluded companies from the Index universe, then either overweighting,","page_number":222,"box":{"x":62,"y":510,"width":860,"height":12}},{"id":"95cec901-50bd-4df4-960a-13d16225bc8d","block_type":"box","text":"underweighting or excluding holdings relative to the Index based on both their ESG scores and carbon intensity scores","page_number":222,"box":{"x":63,"y":524,"width":860,"height":11}},{"id":"e0befab7-e0bf-475a-b836-48dabb505786","block_type":"box","text":"(the ESG Overlay) and potential to deliver returns similar to the Index. Individual holdings do not need to achieve a","page_number":222,"box":{"x":63,"y":537,"width":860,"height":12}},{"id":"7ffb3b1a-bd82-4391-8650-0bfd1fe51ae2","block_type":"box","text":"specific or minimum ESG score or maximum carbon intensity score to be selected for investment, and therefore the","page_number":222,"box":{"x":62,"y":551,"width":861,"height":11}},{"id":"03f9d246-01c6-462f-9a7f-3993a71d6254","block_type":"box","text":"Sub-Fund will hold companies that could be considered to have low ESG scores or high carbon intensity scores.","page_number":222,"box":{"x":62,"y":565,"width":831,"height":11}},{"id":"5bb79421-b8ea-414c-8acd-04909ddfeb72","block_type":"box","text":"The Investment Manager will also seek to minimise the Sub-Fund’s tracking error to the Index. However, the ESG","page_number":222,"box":{"x":62,"y":598,"width":860,"height":11}},{"id":"3f285dc9-0274-41e3-89e6-ae18ef6f276e","block_type":"box","text":"Overlay may limit the choice of investments available to the Sub-Fund and therefore it may not perform in line (either","page_number":222,"box":{"x":62,"y":612,"width":862,"height":11}},{"id":"b522f38f-a1d3-448c-b73e-d05988810870","block_type":"box","text":"positively or negatively) with the Index or other similar funds that have a broader investment policy.","page_number":222,"box":{"x":62,"y":625,"width":731,"height":12}},{"id":"bd72e6c9-643d-427e-8e89-45923bb25265","block_type":"box","text":"ESG scores assess a company’s resilience to financially material environmental, societal and governance risks, in","page_number":222,"box":{"x":63,"y":653,"width":859,"height":11}},{"id":"3649d938-321b-44d5-8c8d-f1e110dcc210","block_type":"box","text":"each case being risks to their financial performance relative to other companies in the same sector. 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Sub","page_number":228,"box":{"x":62,"y":709,"width":861,"height":11}},{"id":"5cf33ab9-02ef-4f71-9ce2-7e866c5d47e1","block_type":"box","text":"Fund holdings which are then identified as requiring exclusion will be disposed of as soon as reasonably practicable","page_number":228,"box":{"x":63,"y":723,"width":860,"height":11}},{"id":"c7444876-3ce9-427a-a4cf-5d7615c1db67","block_type":"box","text":"having regard to the interests of investors in the Sub-Fund. The Investment Manager endeavours to disinvest from","page_number":228,"box":{"x":62,"y":736,"width":860,"height":12}},{"id":"6629dee5-72e7-48e7-bcf6-36a133e70075","block_type":"box","text":"such assets within 90 days of identifying that they are now excluded by the screens. 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Aviva Investors’ ability to assess a company against the thresholds is therefore dependent on the","page_number":229,"box":{"x":62,"y":399,"width":860,"height":11}},{"id":"461e521c-a619-4f6a-8b18-f61325919eed","block_type":"box","text":"availability, completeness, and accuracy of that third-party data and we cannot guarantee the quality of the data","page_number":229,"box":{"x":62,"y":412,"width":861,"height":12}},{"id":"6ebd8a36-65c9-4191-9125-5b6d5df15664","block_type":"box","text":"provided by third-party providers, nor do we independently test the methodologies used or data provided.","page_number":229,"box":{"x":62,"y":426,"width":776,"height":11}},{"id":"593be610-0892-4838-b441-f5fcf30211fd","block_type":"box","text":"","page_number":229,"box":{"x":92,"y":457,"width":6,"height":5}},{"id":"9b748ba1-efdb-4f08-96e8-5910be814577","block_type":"box","text":"Where third-party data is unavailable or incomplete, there may be instances where Aviva Investors is unable","page_number":229,"box":{"x":122,"y":454,"width":801,"height":11}},{"id":"459ffa8f-61af-499f-8bf6-ef7cf14c03b3","block_type":"box","text":"to assess the company. In these cases, the company would be treated as eligible for investment for the","page_number":229,"box":{"x":122,"y":468,"width":801,"height":11}},{"id":"a2629936-1099-420f-808c-8c6c5fa95ebe","block_type":"box","text":"purposes of the baseline exclusion policy.","page_number":229,"box":{"x":123,"y":481,"width":307,"height":12}},{"id":"f9d0f08f-1722-4eba-acc8-9dc3d83a54b2","block_type":"box","text":"","page_number":229,"box":{"x":92,"y":513,"width":6,"height":4}},{"id":"f8d147f7-15b1-4db4-a865-392e171c5a08","block_type":"box","text":"Where third-party data is available, but there is reason to believe it may be inaccurate, Aviva Investors would","page_number":229,"box":{"x":122,"y":510,"width":801,"height":11}},{"id":"5e50a86e-6ce9-4e3f-9777-6ce247e77872","block_type":"box","text":"conduct its own review using publicly available information or direct engagement. Where Aviva Investors","page_number":229,"box":{"x":123,"y":523,"width":800,"height":11}},{"id":"467d5e48-68b2-4100-a682-8c57c4899c3a","block_type":"box","text":"obtains verifiable evidence, and subject to appropriate controls, it may apply its own evidence-based internal","page_number":229,"box":{"x":122,"y":537,"width":801,"height":11}},{"id":"dc113b18-6305-43b4-bd3b-ced2366065ea","block_type":"box","text":"estimate in place of the third-party data.","page_number":229,"box":{"x":123,"y":551,"width":292,"height":11}},{"id":"c2587558-d050-4351-b0f6-1da50008396b","block_type":"box","text":"Given the complexity of the available data, there is also a risk that Aviva Investors, or the third-party data providers","page_number":229,"box":{"x":62,"y":578,"width":861,"height":11}},{"id":"bdf34f12-26dd-426e-8264-febd9bf6ab24","block_type":"box","text":"on which it may depend, may not interpret or apply the relevant sustainability characteristics correctly. In any other","page_number":229,"box":{"x":62,"y":592,"width":861,"height":11}},{"id":"c2e86b37-189e-4144-9eeb-5329d0b8612e","block_type":"box","text":"situation not explicitly listed above, where there may be data uncertainty or information may be lacking, including","page_number":229,"box":{"x":62,"y":605,"width":860,"height":11}},{"id":"22be3993-8904-418c-9613-dbcf13cb9e6f","block_type":"box","text":"instances where it may be discontinued by third-party providers, or where third-party methodology is not consistent","page_number":229,"box":{"x":62,"y":619,"width":861,"height":11}},{"id":"fabce3a4-cadb-44c3-b3f8-952ebfa8f895","block_type":"box","text":"with its intentions, Aviva Investors will exercise qualitative assessment based on the information available to it and at","page_number":229,"box":{"x":62,"y":633,"width":861,"height":11}},{"id":"184b97a2-4da7-470b-9b2a-01fc6d8727a9","block_type":"box","text":"all times in keeping with the intentions of the baseline exclusion policy.","page_number":229,"box":{"x":62,"y":646,"width":521,"height":11}},{"id":"f54e2654-2f26-44ce-8aaf-8fcec358431c","block_type":"box","text":"Aviva Investors Funds ACS Prospectus","page_number":230,"box":{"x":62,"y":940,"width":204,"height":8}},{"id":"08d6f77d-7c55-41bc-8e2b-214f9c2b795b","block_type":"box","text":"(24 December 2025)","page_number":230,"box":{"x":274,"y":940,"width":106,"height":8}},{"id":"ccdd2062-9ef4-41ab-8679-282a26315370","block_type":"box","text":"230","page_number":230,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"e716ebad-813a-4a0c-9d05-6dc9a62f10ad","block_type":"box","text":"Aviva Investors: Confidential","page_number":230,"box":{"x":34,"y":973,"width":154,"height":7}},{"id":"c0529033-110a-426f-878c-33d24ceea73c","block_type":"box","text":"APPENDIX 3","page_number":230,"box":{"x":443,"y":55,"width":99,"height":8}},{"id":"f3102a97-8630-4c9d-868c-42efc3f1da4b","block_type":"box","text":"THE STEWARDSHIP EXCLUSIONS","page_number":230,"box":{"x":355,"y":74,"width":275,"height":9}},{"id":"8c5825b3-f1e3-4b74-aec1-5f02dd30bce2","block_type":"box","text":"This section applies only to the Stewardship Funds.","page_number":230,"box":{"x":62,"y":94,"width":381,"height":11}},{"id":"4a211366-0b71-4a91-b3a1-7f10fa1008be","block_type":"box","text":"The Stewardship Funds must each hold their minimum stewardship allocation whereby assets must be selected in","page_number":230,"box":{"x":62,"y":113,"width":860,"height":11}},{"id":"cd55479b-8057-4c1a-bcdc-ec96b8b3f204","block_type":"box","text":"accordance with the Investment Manager’s proprietary investment framework that aims – through the responsible","page_number":230,"box":{"x":62,"y":127,"width":861,"height":11}},{"id":"dbdd1f53-3880-40c3-9a35-ad999d1a7e88","block_type":"box","text":"allocation of capital (stewardship) – to encourage companies to improve environmental and/or social outcomes","page_number":230,"box":{"x":62,"y":141,"width":861,"height":11}},{"id":"cf95181e-8485-4cd6-bca9-8e4fcab7fc07","block_type":"box","text":"through though either their products and services, and/or through their operations. The Investment Manager’s","page_number":230,"box":{"x":62,"y":154,"width":861,"height":12}},{"id":"8a514fee-d978-4fa3-84ac-86f25953d53b","block_type":"box","text":"investment framework requires an asset to contribute to one of three pillars: Climate, Earth and People.","page_number":230,"box":{"x":62,"y":168,"width":764,"height":11}},{"id":"9cf23810-7e56-465a-bacd-64c49e6c0a4b","block_type":"box","text":"To ensure that the Stewardship Funds do not invest in any company that, in the Investment Manager’s view, is not","page_number":230,"box":{"x":62,"y":187,"width":861,"height":12}},{"id":"974e1f4b-170b-49b2-b9b1-fde2970176a4","block_type":"box","text":"compatible with these three pillars, the Sub-Funds are subject to the stewardship exclusions. 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On rare occasions, a company may not","page_number":231,"box":{"x":62,"y":624,"width":861,"height":12}},{"id":"a7479577-d188-415b-af07-61ad70fd5789","block_type":"box","text":"be excluded where its exposure to the negative investment criteria is minor, inconsequential or immaterial. Any","page_number":231,"box":{"x":62,"y":638,"width":861,"height":11}},{"id":"1b5396c0-271d-4069-a8a1-e8da83e271c5","block_type":"box","text":"overrides or additions to the exclusions will be at the discretion of Aviva Investors’ Sustainable Investments Team.","page_number":231,"box":{"x":62,"y":652,"width":844,"height":8}},{"id":"878dd70a-e3c0-4c48-84a3-5147c6150fa1","block_type":"box","text":"The screens are reviewed on an ongoing basis for relevance and effectiveness. Where the Investment Manager","page_number":231,"box":{"x":62,"y":679,"width":861,"height":11}},{"id":"f816c8e7-de84-4a53-9e71-e6b16547d076","block_type":"box","text":"introduces new screens or revises the criteria of existing screens (for example, changes to the applicable revenue","page_number":231,"box":{"x":62,"y":693,"width":861,"height":11}},{"id":"34a3602f-321f-4a57-bcba-a5a4ba16800e","block_type":"box","text":"thresholds), and the application of such new screens or revisions identifies that investments currently held now require","page_number":231,"box":{"x":62,"y":706,"width":861,"height":11}},{"id":"b556347c-c141-467c-9e55-8b9b1b16906a","block_type":"box","text":"exclusion, disinvestment will occur as soon as reasonably practicable having regard to the interests of investors in","page_number":231,"box":{"x":62,"y":720,"width":860,"height":11}},{"id":"09b30b7b-41cc-4959-8049-81770421374b","block_type":"box","text":"the Stewardship Funds. Such disinvestment will typically be within 90 days, although may occur for a total period of","page_number":231,"box":{"x":62,"y":733,"width":861,"height":12}},{"id":"0778479c-ff4e-4276-9317-bb67905a1860","block_type":"box","text":"up to 6 months where the Investment Manager considers it is in the interest of investors to do so. Where disinvestment","page_number":231,"box":{"x":63,"y":747,"width":860,"height":11}},{"id":"b8b40a14-6dc7-48d4-9097-71e363647401","block_type":"box","text":"is either not possible, for example due to suspension of trading, or where it is deemed to have an adverse impact on","page_number":231,"box":{"x":62,"y":761,"width":860,"height":11}},{"id":"ecbf7ad5-ff8c-469e-98df-d41b306956b3","block_type":"box","text":"investors, for example due to proximity to a bond’s maturity date, the ACS Manager and Investment Manager may","page_number":231,"box":{"x":62,"y":774,"width":861,"height":12}},{"id":"241b1902-a470-417a-a578-1e98af7f077b","block_type":"box","text":"agree that the divestment period may be extended beyond 6 months.","page_number":231,"box":{"x":62,"y":788,"width":510,"height":11}},{"id":"32bf3102-f7eb-4c84-b713-18cacbaba82d","block_type":"box","text":"The list of excluded companies is monitored on an ongoing basis by the Investment Manager. Through this on-going","page_number":231,"box":{"x":62,"y":816,"width":860,"height":11}},{"id":"a44238d4-c610-42cd-820b-135b5388c9c0","block_type":"box","text":"monitoring, investments currently held which are identified as now requiring exclusion will be disposed of as soon as","page_number":231,"box":{"x":62,"y":829,"width":861,"height":11}},{"id":"1d684155-3b75-4c5d-b610-505a54ae8f4e","block_type":"box","text":"reasonably practicable having regard to the interests of investors in the Stewardship Funds. The Investment Manager","page_number":231,"box":{"x":63,"y":843,"width":860,"height":11}},{"id":"341e1d06-5041-4720-b821-95dd9021204f","block_type":"box","text":"endeavours to disinvest from such assets within 90 days of identifying that they no longer pass the screens. Where","page_number":231,"box":{"x":62,"y":857,"width":861,"height":11}},{"id":"8d7063e8-8df3-47aa-b44f-443e38fcbc96","block_type":"box","text":"disinvestment is either not possible, for example due to suspension of trading, or where it is deemed to have an","page_number":231,"box":{"x":62,"y":870,"width":860,"height":11}},{"id":"9ce4a1e1-bae3-4fbd-8e7a-755ce710ac37","block_type":"box","text":"adverse impact on investors, for example due to proximity to a bonds maturity date, the ACS Manager and Investment","page_number":231,"box":{"x":62,"y":884,"width":861,"height":11}},{"id":"87026e41-c31b-4278-8182-4c89e14a5bd2","block_type":"box","text":"Manager may agree that the divestment period may be extended beyond 90 days.","page_number":231,"box":{"x":63,"y":898,"width":607,"height":11}},{"id":"af0bd143-2a38-40bd-8506-529773a783cd","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026)","page_number":232,"box":{"x":62,"y":940,"width":296,"height":8}},{"id":"9054f27c-b952-4888-af13-bfae0c9e8aae","block_type":"box","text":"232","page_number":232,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"661ef8a7-7e1f-413f-89c8-8a80c91cec49","block_type":"box","text":"Aviva Investors: Confidential","page_number":232,"box":{"x":34,"y":973,"width":154,"height":7}},{"id":"909ed462-9883-4677-bd25-8e174e746d1b","block_type":"box","text":"The stewardship exclusions mean that the Stewardship Funds are not permitted to invest: (i) in the shares and bonds","page_number":232,"box":{"x":62,"y":52,"width":861,"height":12}},{"id":"09374b42-df77-4db1-a498-ae0e85bee896","block_type":"box","text":"issued by any excluded companies; or (ii) with respect to their minimum stewardship allocation, in any asset where","page_number":232,"box":{"x":62,"y":66,"width":861,"height":11}},{"id":"aee9a929-9a20-4904-acaa-331fb440ee1a","block_type":"box","text":"there is not sufficient sustainability data available for the screens to be effective (for example, cash, certain derivatives,","page_number":232,"box":{"x":62,"y":80,"width":860,"height":11}},{"id":"6108b8e9-9038-47ae-bab8-335aa98daa77","block_type":"box","text":"and government bonds and supranational bonds (in the case of the AI Stewardship Fixed Interest Fund, excluding","page_number":232,"box":{"x":62,"y":93,"width":860,"height":12}},{"id":"d8c08397-89ab-40d1-b19c-8044d339ad68","block_type":"box","text":"GSS bonds)).","page_number":232,"box":{"x":62,"y":107,"width":100,"height":11}},{"id":"c619f68a-a48a-442f-81d6-bd1223292622","block_type":"box","text":"The stewardship exclusions are also not effective where the relevant Stewardship Fund has the following indirect","page_number":232,"box":{"x":62,"y":134,"width":861,"height":12}},{"id":"b74d08a0-80a5-41a9-92ac-bb437158d73b","block_type":"box","text":"exposure to an excluded company:","page_number":232,"box":{"x":62,"y":148,"width":258,"height":11}},{"id":"99f58fe1-17a7-42fe-9ab2-3f2fa6646e1b","block_type":"box","text":"","page_number":232,"box":{"x":92,"y":166,"width":6,"height":4}},{"id":"bc4e85da-8bb9-483c-bfca-b61f9cebf971","block_type":"box","text":"The Sub-Fund has indirect exposure to a broad-based financial index and excluded companies are","page_number":232,"box":{"x":122,"y":163,"width":801,"height":11}},{"id":"1ab76ed3-92cd-45d7-b13f-44b4a8146745","block_type":"box","text":"constituents of the financial index;","page_number":232,"box":{"x":123,"y":176,"width":249,"height":11}},{"id":"f573dd39-a13b-4963-b76c-fe408be9886d","block_type":"box","text":"","page_number":232,"box":{"x":92,"y":194,"width":6,"height":4}},{"id":"68b05091-02aa-4855-9ca7-cd94ba872f61","block_type":"box","text":"The Sub-Fund engages in derivative short selling of financial instruments issued by an excluded company;","page_number":232,"box":{"x":122,"y":191,"width":788,"height":11}},{"id":"4283d5ab-f2b4-4dd3-b741-a67d6e006eb9","block_type":"box","text":"","page_number":232,"box":{"x":92,"y":208,"width":6,"height":5}},{"id":"c53b96be-8054-4d1f-ad67-d68b89de83b1","block_type":"box","text":"The Sub-Fund invests in other funds that do not apply the stewardship screens.","page_number":232,"box":{"x":122,"y":205,"width":588,"height":11}},{"id":"86760972-3add-4c19-bfa7-2f479d0d9fc2","block_type":"box","text":"However, with the exception of GSS bonds, where the stewardship exclusions are not effective and investments of","page_number":232,"box":{"x":63,"y":239,"width":860,"height":11}},{"id":"c0e78e68-fa12-4ac1-9f3a-0cdcfab3eb35","block_type":"box","text":"this type that could potentially expose the Sub-Fund to excluded companies, such assets may not be held as part of","page_number":232,"box":{"x":62,"y":253,"width":861,"height":11}},{"id":"56d7ab5e-69ac-42cb-a7c1-73cb3269f859","block_type":"box","text":"the Sub-Fund’s minimum stewardship allocation.","page_number":232,"box":{"x":62,"y":267,"width":359,"height":11}},{"id":"e4d68c48-8732-46fe-b8ab-3843d818c75a","block_type":"box","text":"For government bonds that are not GSS bonds, the Investment Manager ensures the three pillars are not undermined","page_number":232,"box":{"x":63,"y":294,"width":859,"height":11}},{"id":"3490e258-87e6-4383-9a25-bb6d4ccc43a7","block_type":"box","text":"by not investing in sovereign issuers captured by sanctions policy and/or with an Aviva Investors score of “2.5” or","page_number":232,"box":{"x":62,"y":307,"width":861,"height":12}},{"id":"df535f3f-6d16-4ee9-a8a5-49913c545126","block_type":"box","text":"below. This score is produced by the Investment Manager’s model that looks at the ESG profile of sovereigns. Scores","page_number":232,"box":{"x":62,"y":321,"width":861,"height":11}},{"id":"65661b45-da77-461d-8eda-458c63e52ea9","block_type":"box","text":"range from 0 to 10, with a low score indicating a relatively weak ESG profile. The Investment Manager’s view is that","page_number":232,"box":{"x":63,"y":335,"width":860,"height":11}},{"id":"7ad00161-3897-4f8c-beb4-8161c6d93034","block_type":"box","text":"automatically excluding sovereign issuers with a score of 2.5 or below is appropriate for the Sub-Funds.","page_number":232,"box":{"x":62,"y":348,"width":766,"height":12}},{"id":"b3ad0bd2-915d-4aff-a40f-8c3d690f688c","block_type":"box","text":"Companies captured as having very severe controversies (Red Flags) by MSCI are not investible by the Sub-Funds.","page_number":232,"box":{"x":62,"y":376,"width":860,"height":11}},{"id":"e1c3d61b-705a-4d16-8627-c8999d2557e5","block_type":"box","text":"However, if a company receives a Red Flag post-investment, the controversy report and supporting evidence will be","page_number":232,"box":{"x":63,"y":390,"width":860,"height":11}},{"id":"18c05d55-af49-45e8-9d93-40d356b85a3b","block_type":"box","text":"assessed for additional validation before it is placed into a divestment window.","page_number":232,"box":{"x":62,"y":403,"width":579,"height":11}},{"id":"a1e86f4e-ca7e-4e31-b750-b3926fc1e14d","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026)","page_number":233,"box":{"x":62,"y":940,"width":296,"height":8}},{"id":"39c5d54b-0729-4558-9f41-34b74ca3478d","block_type":"box","text":"233","page_number":233,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"f94db0b1-172f-47cc-b14d-78e59e1c93ff","block_type":"box","text":"Aviva Investors: Confidential","page_number":233,"box":{"x":34,"y":973,"width":154,"height":7}},{"id":"852e8143-1ec8-444c-aa6f-28c9fefb82e7","block_type":"box","text":"APPENDIX 4","page_number":233,"box":{"x":443,"y":53,"width":99,"height":8}},{"id":"a22ff367-b378-4b05-948b-55a7c3c910ca","block_type":"box","text":"RESPONSIBLE INVESTMENT APPROACH FOR CORE FUNDS","page_number":233,"box":{"x":249,"y":72,"width":488,"height":9}},{"id":"213c8d4b-aa53-4286-af22-12701d96f421","block_type":"box","text":"The Investment Manager will use an ESG Overlay when selecting companies such that the strategy of each Core","page_number":233,"box":{"x":62,"y":111,"width":861,"height":12}},{"id":"146e87d9-4848-49a4-a442-2ef3f6d208ca","block_type":"box","text":"Fund is designed to deliver a higher ESG score and lower carbon intensity score, on average, over a 12 month rolling","page_number":233,"box":{"x":63,"y":125,"width":859,"height":11}},{"id":"9d1d7793-bb00-4714-b8b6-187ec9e1ca15","block_type":"box","text":"period (measured using month end data) than its benchmark Index (as specified in each Sub-Fund’s investment","page_number":233,"box":{"x":62,"y":139,"width":861,"height":11}},{"id":"dc45efb1-cf1a-41aa-ace9-78fa060a867e","block_type":"box","text":"objective), whilst also seeking to minimise the Core Fund’s tracking error to that Index (as defined in the expected","page_number":233,"box":{"x":62,"y":152,"width":860,"height":11}},{"id":"1dd1c639-f24f-43c8-ae53-d2dd4c6d4e17","block_type":"box","text":"average yearly tracking error range specified in each Sub-Fund’s investment policy).","page_number":233,"box":{"x":62,"y":166,"width":624,"height":11}},{"id":"6a093199-c102-4531-a3c5-03dab5e4e0e4","block_type":"box","text":"Portfolio construction relies on a two-step process:","page_number":233,"box":{"x":63,"y":186,"width":372,"height":11}},{"id":"a4d2848b-6e4a-4f09-a473-7b47d677acaf","block_type":"box","text":"Application of the baseline exclusion policy described above to the relevant Core Fund’s benchmark Index universe,","page_number":233,"box":{"x":62,"y":205,"width":860,"height":11}},{"id":"89353b45-ced4-4884-ba50-25f56d54bbba","block_type":"box","text":"removing investments relating to certain controversial weapons, thermal coal, tobacco and companies Aviva Investors","page_number":233,"box":{"x":63,"y":219,"width":860,"height":11}},{"id":"9568431e-2a1c-4454-81ce-e3ae1ebde439","block_type":"box","text":"does not consider meet the standards of the UN Global Compact initiative.","page_number":233,"box":{"x":62,"y":232,"width":550,"height":12}},{"id":"3344542b-25a1-4327-bc8b-ef933abcfdff","block_type":"box","text":"A portfolio optimisation model is then used to create the Sub-Fund’s portfolio (an ESG Overlay) such that holdings","page_number":233,"box":{"x":62,"y":252,"width":861,"height":11}},{"id":"adc9d92d-6af4-4417-988f-ffac90d0c8b9","block_type":"box","text":"will be either overweight, underweight or potentially excluded relative to the relevant benchmark Index, based on both","page_number":233,"box":{"x":62,"y":266,"width":860,"height":11}},{"id":"1f8e5e61-e133-441b-b4df-547534df33d3","block_type":"box","text":"their ESG scores and carbon intensity scores (the ESG Overlay) and potential to deliver returns similar to the Index.","page_number":233,"box":{"x":62,"y":279,"width":860,"height":11}},{"id":"a2038d21-50a9-427d-a029-ac0316c1cc03","block_type":"box","text":"The ESG Overlay uses a range of data inputs, including MSCI’s ESG scores*, MSCI’s carbon intensity scores**, the","page_number":233,"box":{"x":62,"y":293,"width":861,"height":11}},{"id":"9c3bfdff-03a7-46ce-9ce5-2b4ab4168c99","block_type":"box","text":"latest portfolio and benchmark Index weights, covariance data relating to companies on the benchmark Index, and","page_number":233,"box":{"x":62,"y":307,"width":860,"height":11}},{"id":"78a20967-4de5-44d8-9fcb-9d8ea25bbec4","block_type":"box","text":"the portfolio construction guidelines designed by the Investment Manager to deliver the ESG Overlay within the target","page_number":233,"box":{"x":62,"y":320,"width":861,"height":11}},{"id":"26e095fa-bb52-41b7-a5fc-1221f855f0b8","block_type":"box","text":"tracking error range, for example, consideration of exposure per sector, industry or country, as relevant.","page_number":233,"box":{"x":62,"y":334,"width":766,"height":11}},{"id":"89418b33-257e-4446-ab99-13bdf5afefa3","block_type":"box","text":"The individual companies do not need to achieve a specific or minimum ESG score or carbon intensity score to be","page_number":233,"box":{"x":62,"y":353,"width":861,"height":12}},{"id":"af198a69-be27-495e-8062-20a0143a63f3","block_type":"box","text":"selected for investment. Where it is difficult or costly to invest directly in individual companies, or individual companies","page_number":233,"box":{"x":62,"y":367,"width":861,"height":11}},{"id":"fa5828a8-1623-478e-85dd-1a1da55f9d6e","block_type":"box","text":"within certain markets, the Core Funds may use derivatives, for example TRS, or other funds, for example Exchange","page_number":233,"box":{"x":62,"y":381,"width":861,"height":11}},{"id":"b535e15a-25ba-49e0-8c56-5b8f1e2eeda9","block_type":"box","text":"Traded Funds (ETFs), to obtain exposure for the Sub-Funds. The ESG Overlay will still apply in these circumstances,","page_number":233,"box":{"x":62,"y":394,"width":860,"height":12}},{"id":"ec2f8bd5-bfc9-4e10-ae5b-7d32c29ae07f","block_type":"box","text":"and the overlay process shall seek to look through the derivative or other fund to ascertain the ESG and carbon","page_number":233,"box":{"x":62,"y":408,"width":860,"height":11}},{"id":"c886da8a-583f-4f2c-b42f-eed54420c929","block_type":"box","text":"intensity scores. Such look through may use the index attaching to the derivative or other fund to derive these ESG","page_number":233,"box":{"x":62,"y":422,"width":860,"height":11}},{"id":"8a554e89-d12e-4bd4-818e-4e50a54f4c3a","block_type":"box","text":"and carbon intensity scores.","page_number":233,"box":{"x":62,"y":436,"width":207,"height":11}},{"id":"c72a8cc8-55f2-453d-954e-0551063ff5c6","block_type":"box","text":"The application of the ESG Overlay will be refreshed, as a minimum, at the end of the quarterly rebalancing period of","page_number":233,"box":{"x":62,"y":455,"width":861,"height":11}},{"id":"c10748e8-50f5-443b-a08c-aa8853290ffa","block_type":"box","text":"each benchmark Index and/or on an ad hoc basis when the Investment Manager is of the opinion that market","page_number":233,"box":{"x":62,"y":469,"width":861,"height":11}},{"id":"bce43292-11af-4158-9430-ce5743cd27a6","block_type":"box","text":"conditions dictate, taking into account any changes to companies in the benchmark Index, the latest available ESG","page_number":233,"box":{"x":62,"y":482,"width":860,"height":12}},{"id":"80a3d758-0ac6-49b7-91d6-676e20c49e64","block_type":"box","text":"data, market conditions, and other data used in the investment process. 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The rules in COLL 5.6 relating to the spread of investments will not","page_number":237,"box":{"x":110,"y":166,"width":813,"height":11}},{"id":"1365cd6a-71d9-4271-8bd1-17f62c567b7d","block_type":"box","text":"apply until 12 months after the later of (a) the date when the authorisation order in respect of the Sub-Funds","page_number":237,"box":{"x":110,"y":179,"width":812,"height":12}},{"id":"25289dbd-bc74-45c5-addd-28e8ad1b489b","block_type":"box","text":"takes effect; and (b) the date the initial offer commenced provided that the ACS Manager ensures that each","page_number":237,"box":{"x":109,"y":193,"width":813,"height":11}},{"id":"f38cfd67-ae81-413b-a77f-8909b9484aeb","block_type":"box","text":"Sub-Fund aims to provide a prudent spread of risk .","page_number":237,"box":{"x":110,"y":207,"width":380,"height":11}},{"id":"ea304582-86da-44e0-89fe-ea4834fa8086","block_type":"box","text":"1.2 The ACS Manager uses a risk management process, as reviewed by the Depositary, enabling it to monitor and","page_number":237,"box":{"x":63,"y":226,"width":859,"height":12}},{"id":"ed93db29-c0ac-4483-b5c2-8cdb8e83a93b","block_type":"box","text":"measure as frequently as appropriate the risk of a Sub-Fund's portfolio and contribution of the underlying","page_number":237,"box":{"x":110,"y":240,"width":812,"height":11}},{"id":"581c8f15-0ccc-4779-97ee-c06d1d60a130","block_type":"box","text":"investments to the overall risk profile of the Scheme. The details of the risk management process must be","page_number":237,"box":{"x":110,"y":254,"width":813,"height":11}},{"id":"3804c19f-9710-4f9b-a831-114a2e3b8ee3","block_type":"box","text":"notified by the ACS Manager to the FCA in advance and should include the following information:","page_number":237,"box":{"x":110,"y":267,"width":718,"height":12}},{"id":"4fa9e6b4-48d4-489b-a574-0430d7a6da20","block_type":"box","text":"(a) the types of investments to be used within the relevant Sub-Fund together with their underlying risks and","page_number":237,"box":{"x":110,"y":287,"width":812,"height":11}},{"id":"e62c38d9-a1cf-4688-97f6-c6248c723237","block_type":"box","text":"any relevant quantitative limits;","page_number":237,"box":{"x":157,"y":301,"width":228,"height":11}},{"id":"6e29c674-3acd-4bc5-96c7-d6bd17de035d","block_type":"box","text":"(b) the methods for estimating risks in the portfolio to ensure these are adequately captured; and","page_number":237,"box":{"x":110,"y":320,"width":736,"height":12}},{"id":"6f7f0582-97d1-4dac-ada9-8fc3d2ba7a77","block_type":"box","text":"the risks relating to the Sub-Fund's other investments are adequately captured.","page_number":237,"box":{"x":62,"y":340,"width":585,"height":11}},{"id":"5b898d65-a203-43bf-a303-fdaac8fc589a","block_type":"box","text":"The ACS Manager must notify the FCA in advance of any material alteration to the details above.","page_number":237,"box":{"x":109,"y":359,"width":719,"height":12}},{"id":"de28d6ce-6662-4b59-93ee-f9765f9e6262","block_type":"box","text":"2.","page_number":237,"box":{"x":62,"y":385,"width":12,"height":9}},{"id":"50edb404-84ac-468d-81a7-8001cd89737c","block_type":"box","text":"Eligible Assets","page_number":237,"box":{"x":110,"y":385,"width":118,"height":11}},{"id":"6c4e0dd5-2c28-41b0-85e4-dfa16788c7a2","block_type":"box","text":"Subject to the investment objective and policy of each Sub-Fund, the property of a Sub-Fund, must only, except","page_number":237,"box":{"x":110,"y":405,"width":813,"height":11}},{"id":"b873e046-3f24-49f7-a35e-4a7cf1590300","block_type":"box","text":"where otherwise provided in COLL 5, consist of any one or more of:","page_number":237,"box":{"x":109,"y":418,"width":501,"height":11}},{"id":"edbf6b6c-6919-49d5-b680-f8a3e5c1c46d","block_type":"box","text":"(a) transferable securities;","page_number":237,"box":{"x":110,"y":444,"width":214,"height":11}},{"id":"81ff4472-a2a9-4d8a-bc94-7f53668a3d92","block_type":"box","text":"(b) money-market instruments;","page_number":237,"box":{"x":110,"y":463,"width":249,"height":12}},{"id":"5629e81b-852c-4006-9bc9-2ce2e8173ae0","block_type":"box","text":"(c) units or shares in permitted collective investment schemes;","page_number":237,"box":{"x":110,"y":483,"width":484,"height":11}},{"id":"495b6286-224e-4043-9ca5-f4833de806fb","block_type":"box","text":"(d) permitted derivatives and forward transactions;","page_number":237,"box":{"x":110,"y":503,"width":393,"height":11}},{"id":"6392efae-fe5c-4758-9fc2-3c43c1c0315c","block_type":"box","text":"(e) permitted deposits;","page_number":237,"box":{"x":110,"y":522,"width":187,"height":11}},{"id":"12c8430b-e977-40ee-90fc-b5ea06032181","block_type":"box","text":"(f) permitted immovables (it is not intended that the Sub-Funds will have an interest in any immovable or","page_number":237,"box":{"x":110,"y":542,"width":813,"height":11}},{"id":"8650f44b-14fd-422c-8ac5-63ebc7ffef8f","block_type":"box","text":"tangible movable property); and","page_number":237,"box":{"x":157,"y":555,"width":235,"height":12}},{"id":"9f3a15f9-6d3f-47f0-adde-f6378881595b","block_type":"box","text":"gold up to a limit of 10 % of the property of the Sub-Fund (it is not intended that the Sub-Funds will invest in gold).","page_number":237,"box":{"x":62,"y":575,"width":841,"height":11}},{"id":"5f99e621-a958-43c2-a16b-95f17960d27c","block_type":"box","text":"The following restrictions under the COLL Sourcebook and (where relevant) determined by the ACS Manager","page_number":237,"box":{"x":62,"y":594,"width":861,"height":12}},{"id":"287517ab-5502-474c-b9d8-6902d123469d","block_type":"box","text":"currently apply to each of the Sub-Funds. In respect of the AI Money Market VNAV Fund, different restrictions may","page_number":237,"box":{"x":62,"y":608,"width":861,"height":11}},{"id":"5d30a00e-d010-4d5c-9571-458df934936f","block_type":"box","text":"apply. Further details on the AI Money Market VNAV Fund are provided in Appendix 1.","page_number":237,"box":{"x":62,"y":622,"width":640,"height":11}},{"id":"6e38d948-50ef-4031-b8fb-1689dea086b1","block_type":"box","text":"3.","page_number":237,"box":{"x":62,"y":648,"width":12,"height":8}},{"id":"c1c3f998-b550-4553-b5d4-ae0d3aa03d91","block_type":"box","text":"Transferable Securities and Approved Money-Market Instruments","page_number":237,"box":{"x":109,"y":648,"width":521,"height":11}},{"id":"012b1f2c-1cc4-4ea9-aad0-aaf49cc11690","block_type":"box","text":"3.1 The investments of each Sub-Fund shall consist of one or more of the following:","page_number":237,"box":{"x":62,"y":667,"width":638,"height":11}},{"id":"e315ca03-9851-4348-98b3-bf8c451276bf","block_type":"box","text":"(a) Transferable securities and approved money-market instruments admitted to or dealt in a regulated","page_number":237,"box":{"x":110,"y":692,"width":812,"height":12}},{"id":"7e35f8bb-8ac5-41ce-aa7b-11236681a641","block_type":"box","text":"market (as defined by the FCA).","page_number":237,"box":{"x":158,"y":706,"width":235,"height":11}},{"id":"2a79efc4-2197-4be0-b8f0-b4ea0e9d849e","block_type":"box","text":"(b) Transferable securities and approved money-market instruments dealt in or on other markets in the UK","page_number":237,"box":{"x":110,"y":726,"width":813,"height":11}},{"id":"3c070806-aee9-42cb-9ce0-74236ccfc229","block_type":"box","text":"or an EEA State, that are operating regularly, are recognised and are open to the public.","page_number":237,"box":{"x":157,"y":739,"width":653,"height":12}},{"id":"9ee5b0d5-3c0a-4235-a39b-cad13ee53ac0","block_type":"box","text":"Transferable securities and approved money-market instruments admitted to official listings on or dealt in on other","page_number":237,"box":{"x":62,"y":759,"width":861,"height":11}},{"id":"11813d2b-c896-49c0-b793-4e180c3163f0","block_type":"box","text":"eligible markets.","page_number":237,"box":{"x":62,"y":773,"width":119,"height":11}},{"id":"705ad806-ca07-4e9d-b09c-8d4fcd8d21f6","block_type":"box","text":"Recently issued transferable securities provided that the terms of issue include an undertaking that application will be","page_number":237,"box":{"x":63,"y":792,"width":860,"height":12}},{"id":"2355a66a-78b8-4ac3-bd03-c8bc78da029c","block_type":"box","text":"made to be admitted to an eligible market and such admission is secured within a year of issue.","page_number":237,"box":{"x":62,"y":806,"width":707,"height":11}},{"id":"7fe23bce-052b-420f-9d50-354f8de1d8f7","block_type":"box","text":"3.2 A transferable security is eligible for investment if it meets the following criteria:","page_number":237,"box":{"x":62,"y":826,"width":631,"height":11}},{"id":"702c34dd-d98d-41af-b962-3cbf4d84696c","block_type":"box","text":"(a) the potential loss that a Sub-Fund may incur by holding the security is limited to the amount paid for it;","page_number":237,"box":{"x":110,"y":851,"width":801,"height":11}},{"id":"ff8af391-4913-4f2e-9ebd-5ad413248cf6","block_type":"box","text":"(b) its liquidity does not compromise the ACS Manager's ability to redeem Units;","page_number":237,"box":{"x":110,"y":871,"width":613,"height":11}},{"id":"b57fc8c1-3cf7-4048-ba2e-69665bc1a186","block_type":"box","text":"(c) reliable and regular valuation is available to the market and the ACS Manager;","page_number":237,"box":{"x":110,"y":890,"width":627,"height":12}},{"id":"53948724-0602-4521-b41e-aba0767b0828","block_type":"box","text":"(d) appropriate information about the transferable security is available to the market and the ACS Manager;","page_number":237,"box":{"x":110,"y":910,"width":812,"height":11}},{"id":"0f00063e-fdcd-420c-904f-813129ede660","block_type":"box","text":"Aviva Investors Funds ACS Prospectus","page_number":238,"box":{"x":62,"y":940,"width":204,"height":8}},{"id":"9c04b1ce-e9c4-49be-bcd7-a9adfe9c9508","block_type":"box","text":"(5 October 2026)","page_number":238,"box":{"x":271,"y":940,"width":87,"height":8}},{"id":"096e6888-4108-49ab-aa47-23c03187b21f","block_type":"box","text":"238","page_number":238,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"6afa46ed-acca-455f-a033-5de187d2d70c","block_type":"box","text":"Aviva Investors: Confidential","page_number":238,"box":{"x":95,"y":960,"width":154,"height":7}},{"id":"11af474d-2515-4180-9e1d-bcfcc3e75ed5","block_type":"box","text":"(e) the transferable security is a negotiable instrument; and","page_number":238,"box":{"x":110,"y":46,"width":458,"height":11}},{"id":"575e5509-4a8f-484c-844c-6901477c8d9b","block_type":"box","text":"its risks are adequately captured by the risk management process of the ACS Manager.","page_number":238,"box":{"x":62,"y":65,"width":649,"height":12}},{"id":"2eda49dc-8c9e-4c9b-acf8-b80773d85d40","block_type":"box","text":"3.3 Approved money-market instruments are those normally dealt in on the money-market, are liquid and have a","page_number":238,"box":{"x":62,"y":85,"width":861,"height":11}},{"id":"9877ccdf-5e08-4743-b5f5-3c35aa50ba7f","block_type":"box","text":"value which can be accurately determined at any time, and with the exception of those dealt in on an eligible","page_number":238,"box":{"x":109,"y":99,"width":814,"height":11}},{"id":"51f17e5c-7318-4e07-bf4a-7a2ed56669d2","block_type":"box","text":"market, appropriate information is available to the market and the ACS Manager.","page_number":238,"box":{"x":110,"y":112,"width":597,"height":12}},{"id":"a3b99b04-4716-4721-997d-cfd545006379","block_type":"box","text":"3.4 Approved money-market instruments other than those listed on or normally dealt on an eligible market are","page_number":238,"box":{"x":62,"y":132,"width":860,"height":11}},{"id":"62a1ab6a-e519-480b-945c-0d8dffd82702","block_type":"box","text":"eligible if the issue or issuer of such approved money-market instruments is itself regulated for the purpose of","page_number":238,"box":{"x":110,"y":146,"width":813,"height":11}},{"id":"782c5428-a6d2-4515-bedf-853631cd7c18","block_type":"box","text":"protecting investors and savings, and provided they are issued or guaranteed by a central, regional or local","page_number":238,"box":{"x":110,"y":159,"width":812,"height":11}},{"id":"327c5059-7c1d-4dda-b7a2-f90d562cc6f8","block_type":"box","text":"authority of the UK or an EEA State, the Bank of England, a central bank of an EEA State, the European Central","page_number":238,"box":{"x":110,"y":173,"width":812,"height":11}},{"id":"ef6f97ba-4875-4ae4-81ff-b3196909f93f","block_type":"box","text":"Bank, the European Union or the European Investment Bank, a non-EEA State or, in the case of a federal","page_number":238,"box":{"x":110,"y":186,"width":812,"height":11}},{"id":"4adcd3a0-eb31-4de4-828f-8e6b5b70c3dc","block_type":"box","text":"state, by one of the members making up the federation, or by a public international body to which the UK or","page_number":238,"box":{"x":110,"y":200,"width":813,"height":11}},{"id":"3a5cf798-51e0-4a0e-9382-5a2cf2d28e1c","block_type":"box","text":"one or more EEA States belong; or issued by a body, any securities of which are dealt in on an eligible market;","page_number":238,"box":{"x":110,"y":214,"width":812,"height":11}},{"id":"012ce9f5-2fff-4838-8496-91c603bc27b5","block_type":"box","text":"or issued or guaranteed by an establishment subject to prudential supervision in accordance with criteria","page_number":238,"box":{"x":110,"y":228,"width":813,"height":11}},{"id":"6ac23660-397a-4065-bfc4-86b4a468cdb3","block_type":"box","text":"defined by UK or EU law or by an establishment which is subject to and complies with prudential rules","page_number":238,"box":{"x":110,"y":241,"width":813,"height":11}},{"id":"e54c4169-5c90-4813-82e4-a67d3d6e4c67","block_type":"box","text":"considered by the FCA to be at least as stringent as those laid down by UK or EU law.","page_number":238,"box":{"x":110,"y":255,"width":637,"height":11}},{"id":"ad5eac38-65cb-4f63-8ff5-db54a2aa35fb","block_type":"box","text":"3.5 A Sub-Fund may invest no more than 20 % of its scheme property in transferable securities which are not","page_number":238,"box":{"x":62,"y":274,"width":861,"height":11}},{"id":"18217e96-a0ba-4348-8a95-ba8ddd37ba1d","block_type":"box","text":"approved securities (aggregated with the value of the scheme property which can be invested in unregulated","page_number":238,"box":{"x":110,"y":288,"width":812,"height":11}},{"id":"e30a2093-6acf-4a59-b352-376d9215ffe5","block_type":"box","text":"collective investment schemes) or money-market instruments which are liquid and have a value which can be","page_number":238,"box":{"x":110,"y":302,"width":813,"height":11}},{"id":"584fa257-c442-43ff-ab54-7c50c5afa1a8","block_type":"box","text":"determined accurately at any time.","page_number":238,"box":{"x":110,"y":316,"width":254,"height":11}},{"id":"cbfa61e7-fb70-446e-8bdd-8af02002def2","block_type":"box","text":"4.","page_number":238,"box":{"x":62,"y":341,"width":12,"height":9}},{"id":"86e8f16e-e245-4a7b-8878-ff81124143f0","block_type":"box","text":"Eligible Markets","page_number":238,"box":{"x":110,"y":341,"width":126,"height":11}},{"id":"f052dda6-f098-49fe-af1e-5a7a8fe23059","block_type":"box","text":"4.1 A market is eligible for the purposes of the rules if it is (i) a regulated market (as defined in COLL), or (ii) a","page_number":238,"box":{"x":62,"y":360,"width":861,"height":12}},{"id":"6bf9d017-8ea5-45e5-97ef-93839159c991","block_type":"box","text":"market in the UK or an EEA State which is regulated, operates regularly and is open to the public.","page_number":238,"box":{"x":110,"y":374,"width":722,"height":11}},{"id":"648e2f7d-189d-4ae3-8cfd-4bfd7cf67ceb","block_type":"box","text":"4.2 A market not falling within the above definition in 4.1 is eligible if the ACS Manager, after consultation with and","page_number":238,"box":{"x":62,"y":394,"width":860,"height":11}},{"id":"96eeb935-31ad-407d-94c4-4c3c049379cf","block_type":"box","text":"notification to the Depositary, decides that market is appropriate for the investment of, or dealing in, the scheme","page_number":238,"box":{"x":110,"y":407,"width":813,"height":12}},{"id":"49530f4d-b11c-40f9-858c-e07b475394ce","block_type":"box","text":"property, the market is included in a list in the Prospectus, and the Depositary has taken reasonable care to","page_number":238,"box":{"x":110,"y":421,"width":813,"height":11}},{"id":"3dbb7d97-c6a8-494b-9a8f-ecf53d9728e6","block_type":"box","text":"determine that adequate custody arrangements can be provided for the investment dealt in on that market, and","page_number":238,"box":{"x":110,"y":435,"width":812,"height":11}},{"id":"24da7e98-e3b9-457b-a66b-4b521496a4c4","block_type":"box","text":"all reasonable steps have been taken by the ACS Manager in deciding whether that market is eligible.","page_number":238,"box":{"x":110,"y":448,"width":753,"height":12}},{"id":"6430c547-bd70-4662-bcc6-bec67f586826","block_type":"box","text":"4.3 For the purposes of 4.2, a market must not be considered appropriate unless it is regulated, operates regularly,","page_number":238,"box":{"x":62,"y":468,"width":860,"height":11}},{"id":"6bbc4bb3-91c5-446d-8eab-e3a2db0db33c","block_type":"box","text":"is recognised, is open to the public, is adequately liquid and has adequate arrangements for unimpeded","page_number":238,"box":{"x":110,"y":482,"width":812,"height":11}},{"id":"6ad9de25-9404-4d54-b5c6-b8d7efc8175f","block_type":"box","text":"transmission of income and capital to or for the order of investors.","page_number":238,"box":{"x":109,"y":495,"width":486,"height":11}},{"id":"43e3feb1-b8b5-4527-8d26-301fa7280bb1","block_type":"box","text":"4.4 Unless information is available to the ACS Manager that would lead to a different determination, a transferable","page_number":238,"box":{"x":62,"y":515,"width":861,"height":11}},{"id":"23016e5c-849a-4a8d-9b76-a0d7b34c38a7","block_type":"box","text":"security which is admitted or dealt on an eligible market shall be presumed not to compromise the ability of the","page_number":238,"box":{"x":110,"y":528,"width":813,"height":12}},{"id":"48be56ce-bc64-4ea6-95b5-03c4b984e6b8","block_type":"box","text":"ACS Manager to be able to redeem Units and to be considered a negotiable instrument.","page_number":238,"box":{"x":109,"y":542,"width":651,"height":11}},{"id":"bdd66273-87fa-4a67-9eb0-83aa11d5d806","block_type":"box","text":"4.5 The list of eligible securities and derivatives markets for the Sub-Funds is set out in Schedule 1 and Schedule","page_number":238,"box":{"x":62,"y":562,"width":861,"height":11}},{"id":"6e42f8ab-7b90-4423-b15f-bee8c31a81d9","block_type":"box","text":"2 to this Prospectus, with only those markets falling within 4.2 above specifically listed.","page_number":238,"box":{"x":109,"y":575,"width":640,"height":12}},{"id":"17abb269-90ad-4930-b289-70fda306b37b","block_type":"box","text":"5.","page_number":238,"box":{"x":62,"y":601,"width":12,"height":9}},{"id":"3e5d42f1-5ef0-4260-a3c5-c0afccab4282","block_type":"box","text":"Collective Investment Schemes","page_number":238,"box":{"x":110,"y":601,"width":249,"height":9}},{"id":"a330b289-9960-4b17-b28f-4fe6b5a83db9","block_type":"box","text":"5.1 Sub-Funds of the Scheme, other than the Core Funds, the AI Cautious Pension Fund, the AI Balanced Pension","page_number":238,"box":{"x":62,"y":620,"width":860,"height":11}},{"id":"ef3939e2-215c-4b66-96c2-5a71c81efff1","block_type":"box","text":"Fund, the AI Distribution Life Fund and the AI Balanced Life Fund, are prohibited from investing more than 15%","page_number":238,"box":{"x":110,"y":634,"width":813,"height":11}},{"id":"5c82fe9b-2233-44ed-a097-9ca4dfb2a496","block_type":"box","text":"of their Scheme property in units or shares in other collective investment schemes (\"Second Schemes\").","page_number":238,"box":{"x":110,"y":648,"width":770,"height":11}},{"id":"27dff867-e035-49f5-a6ac-03a18f0dc9d4","block_type":"box","text":"5.2 The Core Funds are prohibited from investing more than 10% of their Scheme property in units or shares in","page_number":238,"box":{"x":62,"y":667,"width":860,"height":12}},{"id":"6f4fc5cc-5e62-4c4b-9016-a83c8a35cbeb","block_type":"box","text":"Second Schemes.","page_number":238,"box":{"x":110,"y":681,"width":134,"height":9}},{"id":"27a60138-9951-4e57-9b58-f526e94c571a","block_type":"box","text":"5.3 The AI Cautious Pension Fund, the AI Balanced Pension Fund, the AI Distribution Life Fund and the AI","page_number":238,"box":{"x":62,"y":701,"width":860,"height":10}},{"id":"8a777c83-e763-4659-b4d1-09e4aeee2126","block_type":"box","text":"Balanced Life Fund may invest up to 100 % of its scheme property in units or shares in Second Schemes.","page_number":238,"box":{"x":110,"y":714,"width":783,"height":11}},{"id":"6534d3d9-c7b6-4df7-a092-c2fb5f27fdda","block_type":"box","text":"5.4 Subject to the limits set out at paragraphs 5.1, 5.2, 5.3 and 5.9, investment in Second Schemes is permitted,","page_number":238,"box":{"x":62,"y":734,"width":860,"height":11}},{"id":"14aed337-f764-4ab3-a640-9240f7b54f9f","block_type":"box","text":"provided the Second Scheme:","page_number":238,"box":{"x":110,"y":748,"width":223,"height":11}},{"id":"841edcc0-848b-4801-9d63-3f6ca1400843","block_type":"box","text":"(a) is a UCITS Scheme or a scheme which satisfies the conditions necessary for it to enjoy the rights","page_number":238,"box":{"x":110,"y":773,"width":813,"height":11}},{"id":"615e999f-54c2-4a6e-aad5-4254e7fc0f00","block_type":"box","text":"conferred by the UCITS Directive as implemented in the EEA; or","page_number":238,"box":{"x":157,"y":787,"width":477,"height":11}},{"id":"f88634a2-2784-416e-b947-4759b859b613","block_type":"box","text":"(b) is authorised as a non-UCITS retail scheme; or","page_number":238,"box":{"x":110,"y":812,"width":396,"height":11}},{"id":"bb410346-f538-4154-848f-21f12f2ddc93","block_type":"box","text":"(c) is recognised under the provisions of section 264 of the Financial Services and Markets Act 2000 (the","page_number":238,"box":{"x":110,"y":832,"width":813,"height":11}},{"id":"6f80e322-32e4-46b3-9e4e-d0e0933079f5","block_type":"box","text":"\"","page_number":238,"box":{"x":158,"y":846,"width":3,"height":3}},{"id":"3d5ea9f5-a7e9-46eb-b5c0-577f157327a4","block_type":"box","text":"Act","page_number":238,"box":{"x":163,"y":846,"width":26,"height":8}},{"id":"1d0a39f8-03e6-41f7-b1c8-3bba582c491c","block_type":"box","text":"\") (Schemes constituted in EEA States) or section 272 of the Act (Individually recognised overseas","page_number":238,"box":{"x":191,"y":845,"width":732,"height":12}},{"id":"c6fbbe5a-2e4c-41ac-b51c-998abcf9ab84","block_type":"box","text":"schemes); or","page_number":238,"box":{"x":157,"y":859,"width":96,"height":11}},{"id":"8877828a-0c8b-4877-bd8b-d12640dc6840","block_type":"box","text":"(d) is constituted outside the UK and the investment and borrowing powers of which are the same or more","page_number":238,"box":{"x":110,"y":879,"width":813,"height":11}},{"id":"86724e09-d97e-4e08-b298-e95b69f511cd","block_type":"box","text":"restrictive than those of a non-UCITS retail scheme; or","page_number":238,"box":{"x":158,"y":892,"width":404,"height":11}},{"id":"f9ac89ea-3686-4422-9495-1300b18e8684","block_type":"box","text":"provided the relevant Sub-Fund complies with paragraph 5.5 below, is a scheme not falling within (a) to (d).","page_number":238,"box":{"x":62,"y":912,"width":793,"height":11}},{"id":"cc4db29b-68ac-480f-989c-2873816955fc","block_type":"box","text":"Aviva Investors Funds ACS Prospectus","page_number":239,"box":{"x":62,"y":940,"width":204,"height":8}},{"id":"9f3aab83-9eb0-4556-aa4e-4841cae1d709","block_type":"box","text":"(5 October 2026)","page_number":239,"box":{"x":271,"y":940,"width":87,"height":8}},{"id":"18a1d489-b474-4243-a2c5-5580f4b9ea31","block_type":"box","text":"239","page_number":239,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"b54cf067-1d57-4619-9607-ebe630b78581","block_type":"box","text":"Aviva Investors: Confidential","page_number":239,"box":{"x":95,"y":960,"width":154,"height":7}},{"id":"f9e80424-615b-408a-9a18-09e0fb47757b","block_type":"box","text":"5.5 The Sub-Funds must not invest more than 20% in value of their scheme property in total in units in:","page_number":239,"box":{"x":62,"y":46,"width":780,"height":11}},{"id":"7eacc5a6-e35c-4e8f-9ea9-d56f20015a0f","block_type":"box","text":"(a) collective investment schemes that do not fall within paragraph 5.4(a)-(d) above; and","page_number":239,"box":{"x":110,"y":71,"width":674,"height":12}},{"id":"0b160252-8f1c-42cd-8611-c035a50ea040","block_type":"box","text":"(b) transferable securities which are not approved securities.","page_number":239,"box":{"x":110,"y":97,"width":469,"height":11}},{"id":"d61ed5ca-a197-44fc-9181-35a182e40152","block_type":"box","text":"5.6 The Second Scheme must be a scheme which operates on the principle of the prudent spread of risk.","page_number":239,"box":{"x":62,"y":136,"width":799,"height":11}},{"id":"a57bcb65-1893-473f-b8e8-f92693f9808b","block_type":"box","text":"5.7 The Second Scheme must be prohibited from having more than 15 % in value of the property of that scheme","page_number":239,"box":{"x":62,"y":156,"width":861,"height":11}},{"id":"05d11069-18ce-45ec-9df5-5a883b586c70","block_type":"box","text":"consisting of units or shares in collective investment schemes (unless paragraph 5.12 below applies).","page_number":239,"box":{"x":110,"y":169,"width":749,"height":12}},{"id":"a14453e1-dca1-4129-8f4a-fb7d8ba75984","block_type":"box","text":"5.8 The participants in the Second Scheme must be entitled to have their Units or shares redeemed in accordance","page_number":239,"box":{"x":62,"y":189,"width":861,"height":11}},{"id":"80b3bf83-266e-4d03-a118-1ea6094ee513","block_type":"box","text":"with the scheme at a price related to the net asset value of the property to which the units or shares relate and","page_number":239,"box":{"x":109,"y":203,"width":813,"height":11}},{"id":"bc4ffa05-fb21-439d-88a2-37f2e3651517","block_type":"box","text":"determined in accordance with the scheme.","page_number":239,"box":{"x":110,"y":216,"width":321,"height":9}},{"id":"e3411c97-ce1d-4c9e-a9d4-6b1a0c498e7e","block_type":"box","text":"5.9 Where the Second Scheme is an umbrella, the provisions in paragraphs 5.4 to 5.7 apply to each sub-fund of","page_number":239,"box":{"x":62,"y":236,"width":861,"height":11}},{"id":"4a47977e-2676-4901-8f78-c81c8c4e4e96","block_type":"box","text":"the umbrella as if it were a separate scheme.","page_number":239,"box":{"x":109,"y":249,"width":333,"height":11}},{"id":"b728f47e-56c2-4e27-b297-cb83cc4978aa","block_type":"box","text":"5.10 Subject to paragraphs 5.1, 5.2, 5.10 and 18.6, each Sub-Fund may invest up to 100% of its scheme property","page_number":239,"box":{"x":62,"y":269,"width":861,"height":11}},{"id":"08b8d42c-3c96-45e6-9a0a-6a2ae07917a5","block_type":"box","text":"in the shares/units of other collective investment schemes (“Second Schemes”). In connection with an","page_number":239,"box":{"x":110,"y":283,"width":813,"height":11}},{"id":"6088ddca-8db0-4892-85b1-c12549451eb3","block_type":"box","text":"investment in a Second Scheme, the relevant Sub-Fund may be required to pay, or such investment may bear,","page_number":239,"box":{"x":110,"y":296,"width":812,"height":11}},{"id":"1334d15d-ac17-42cc-b081-35848775611c","block_type":"box","text":"subscription or redemption fees and any other fees (including management fees or equivalent). These would","page_number":239,"box":{"x":110,"y":310,"width":813,"height":11}},{"id":"db28407d-a946-4938-8d9b-95e8fb3c6bf6","block_type":"box","text":"be in addition to the ACS Management Charge charged to that Sub-Fund or otherwise levied to its Unitholders.","page_number":239,"box":{"x":110,"y":324,"width":812,"height":11}},{"id":"a7311786-cb9f-4122-a051-9f3c93bb8a3b","block_type":"box","text":"However, either no subscription or redemption fees, or annual management charge, will be charged to the","page_number":239,"box":{"x":110,"y":337,"width":813,"height":12}},{"id":"a5d148c2-fdf7-417e-822a-0de0e50d6733","block_type":"box","text":"relevant Sub-Fund or a full retrocession of the subscription or redemption fees, or annual management charge","page_number":239,"box":{"x":110,"y":351,"width":813,"height":11}},{"id":"3784d646-fcdb-44d3-bfaf-3861263029af","block_type":"box","text":"shall be returned to the relevant Sub-Fund, with the exception of (i) such Second Scheme in respect of which","page_number":239,"box":{"x":110,"y":364,"width":813,"height":12}},{"id":"5b2910fc-93c2-4100-ba72-f5b35eb41693","block_type":"box","text":"an investment manager has been appointed, whether directly or indirectly, which is not an associate (as defined","page_number":239,"box":{"x":110,"y":378,"width":812,"height":11}},{"id":"b5a5cdba-1eb7-47b7-ab08-8fd80a25e101","block_type":"box","text":"by the FCA) of the ACS Manager and (ii) the investment by a Sub-Fund into the sub-funds of the Aviva Investors","page_number":239,"box":{"x":110,"y":392,"width":813,"height":11}},{"id":"90804f8b-c3ad-4ddb-a3d1-9d0ddf429cff","block_type":"box","text":"Liquidity Funds plc, where in either case the Sub-Fund will bear the effect of the annual management charges","page_number":239,"box":{"x":110,"y":406,"width":813,"height":11}},{"id":"689b5550-92a1-4869-b668-5b9bc0cbad76","block_type":"box","text":"levied by such Second Schemes.","page_number":239,"box":{"x":110,"y":419,"width":245,"height":11}},{"id":"7a0cc860-ce76-443f-826e-94e898d830a1","block_type":"box","text":"5.11 A Sub-Fund may invest in or dispose of units of a Second Sub-Fund providing the Second Sub-Fund is","page_number":239,"box":{"x":62,"y":439,"width":860,"height":11}},{"id":"1b83589a-c1ab-4854-9a73-167c68cfb01b","block_type":"box","text":"prohibited from holding units in any other Sub-Fund of the Scheme. Accordingly, all Sub-Funds other than the","page_number":239,"box":{"x":110,"y":452,"width":813,"height":12}},{"id":"5db4db29-3761-45a9-a06c-2e57f8b26a62","block_type":"box","text":"AI Cautious Pension Fund, the AI Balanced Pension Fund, the AI Distribution Life Fund and the AI Balanced","page_number":239,"box":{"x":109,"y":466,"width":813,"height":11}},{"id":"bbbab839-1809-4d5e-bafa-13498970ff88","block_type":"box","text":"Life Fund are prohibited from holding units in any other Sub-Fund of the Scheme.","page_number":239,"box":{"x":110,"y":480,"width":601,"height":11}},{"id":"ea49d3ab-529c-4d14-a5ae-9832ea680509","block_type":"box","text":"5.12 This rule applies where the Second Scheme is a long-term asset fund provided that:","page_number":239,"box":{"x":62,"y":499,"width":669,"height":12}},{"id":"c2d2002a-a1fe-4da0-b0f8-2842818a2d9d","block_type":"box","text":"5.12.1 the ACS Manager is satisfied that the long-term asset fund’s liquidity, redemption policy and dealing","page_number":239,"box":{"x":121,"y":525,"width":801,"height":11}},{"id":"575eb95c-3ffa-49e4-bdfd-09cd03817823","block_type":"box","text":"arrangements are sufficient for the relevant Sub-Fund to be able to meet its obligations in respect","page_number":239,"box":{"x":193,"y":538,"width":730,"height":12}},{"id":"c8244598-1a88-4964-aaa4-fb0271c5ad01","block_type":"box","text":"of redemptions; and","page_number":239,"box":{"x":193,"y":552,"width":147,"height":11}},{"id":"57c8a83c-85f7-43bb-b037-208d244f7240","block_type":"box","text":"5.12.2 if relevant, the ACS Manager ensures that the relevant Sub-Fund’s holdings of units of different","page_number":239,"box":{"x":121,"y":578,"width":802,"height":11}},{"id":"346c89ca-9267-40a9-9218-ce87e9ef481d","block_type":"box","text":"long-term asset funds are diversified enough so that it can meet its obligations in respect of","page_number":239,"box":{"x":194,"y":591,"width":729,"height":12}},{"id":"caf562c2-223a-470f-be30-743310e861a0","block_type":"box","text":"redemptions.","page_number":239,"box":{"x":194,"y":605,"width":94,"height":11}},{"id":"63e4cc9b-af2c-414c-8919-d822ade95cfd","block_type":"box","text":"6.","page_number":239,"box":{"x":62,"y":631,"width":12,"height":8}},{"id":"614f3c1a-7892-46b8-b824-d2636b9cfc85","block_type":"box","text":"Deposits, Cash and Near Cash","page_number":239,"box":{"x":110,"y":631,"width":241,"height":11}},{"id":"bb67ae45-df86-4189-bee2-37be7f4a578f","block_type":"box","text":"6.1 A Sub-Fund may invest in deposits only with an Approved Bank (as defined by the FCA) which are repayable","page_number":239,"box":{"x":62,"y":650,"width":861,"height":11}},{"id":"32f3759c-e50f-4ea4-8203-3dd7c533e297","block_type":"box","text":"on demand or have the right to be withdrawn, and maturing in no more than 12 months","page_number":239,"box":{"x":110,"y":664,"width":642,"height":11}},{"id":"18e85d24-463b-4f7a-91b6-6114136bef32","block_type":"box","text":".","page_number":239,"box":{"x":754,"y":671,"width":3,"height":1}},{"id":"2a07a821-7b01-4a6b-96fd-ab2c3c08bcfa","block_type":"box","text":"6.2 The investment objective and policy of each Sub-Fund may mean that at times it is appropriate not to be fully","page_number":239,"box":{"x":62,"y":683,"width":861,"height":12}},{"id":"d9712489-9211-4609-8b9a-1484b37b8d4e","block_type":"box","text":"invested but to hold cash or near cash for reasons other than for the purpose of meeting a Sub-Fund's","page_number":239,"box":{"x":110,"y":697,"width":813,"height":11}},{"id":"7afb0156-2fb3-46e6-a403-07a79a3cf616","block_type":"box","text":"investment objective (where applicable). Cash and near cash must not be retained in the property except to","page_number":239,"box":{"x":110,"y":711,"width":813,"height":11}},{"id":"a23bef74-33e4-4738-b77e-d7742f2bc49c","block_type":"box","text":"the extent that this may reasonably be regarded as necessary in order to enable:","page_number":239,"box":{"x":109,"y":725,"width":598,"height":11}},{"id":"ef8b59f1-1c0f-43c2-b3c1-92c0b669c1d9","block_type":"box","text":"(a) redemption of Units; or","page_number":239,"box":{"x":110,"y":750,"width":216,"height":11}},{"id":"d4becd5a-c9ad-4412-9687-56d0daf69698","block_type":"box","text":"(b) efficient management of the Sub-Fund in accordance with its investment objectives; or","page_number":239,"box":{"x":110,"y":775,"width":687,"height":12}},{"id":"cc75dce7-5aed-4175-97a5-80477942e884","block_type":"box","text":"(c) other purposes which may reasonably be regarded as ancillary to the investment objectives of the Sub","page_number":239,"box":{"x":110,"y":801,"width":812,"height":11}},{"id":"cbc20edb-b96b-4998-958e-c399c66402a9","block_type":"box","text":"Fund; or","page_number":239,"box":{"x":158,"y":815,"width":61,"height":10}},{"id":"cb8e5c1c-bda4-4315-a571-a0563377240c","block_type":"box","text":"(d) pursuit of the Sub-Fund's investment objectives.","page_number":239,"box":{"x":110,"y":840,"width":402,"height":11}},{"id":"485130e0-0e93-455d-94e4-2ae56bd71ba7","block_type":"box","text":"6.3 During any initial offer period, the property of the Sub-Fund may consist of cash and near cash without limitation.","page_number":239,"box":{"x":62,"y":860,"width":860,"height":11}},{"id":"042e0833-cff2-475a-bb4a-f609db8b1112","block_type":"box","text":"Aviva Investors Funds ACS Prospectus","page_number":240,"box":{"x":62,"y":940,"width":204,"height":8}},{"id":"38c11e39-1f73-47ce-b1f0-4d44d201170d","block_type":"box","text":"(5 October 2026)","page_number":240,"box":{"x":271,"y":940,"width":87,"height":8}},{"id":"ea611e48-83d5-4522-829a-bd935e2514b3","block_type":"box","text":"240","page_number":240,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"ddaa2047-70f1-4630-9a2f-1e8d9c5c7987","block_type":"box","text":"Aviva Investors: Confidential","page_number":240,"box":{"x":95,"y":960,"width":154,"height":7}},{"id":"098682bc-0121-4e12-a359-c221fa47c2d0","block_type":"box","text":"7.","page_number":240,"box":{"x":62,"y":46,"width":12,"height":8}},{"id":"09fb0312-a8ad-4a99-884a-92b19adb128e","block_type":"box","text":"Warrants","page_number":240,"box":{"x":109,"y":46,"width":72,"height":9}},{"id":"d24bee0e-b98e-48ad-a285-97d4d27c6d11","block_type":"box","text":"Where a Sub-Fund invests in warrants, the ACS Manager must ensure that upon exercising the right conferred","page_number":240,"box":{"x":109,"y":65,"width":814,"height":11}},{"id":"9ebde13b-b2d4-473b-b397-0b1962222c51","block_type":"box","text":"by the warrant the exposure created does not exceed the general limits on spread of investments set out below.","page_number":240,"box":{"x":110,"y":79,"width":812,"height":11}},{"id":"1f812277-3936-4ac1-b118-1293391978be","block_type":"box","text":"No more than 5 % of any Sub-Fund will be invested in warrants.","page_number":240,"box":{"x":110,"y":93,"width":472,"height":11}},{"id":"7f66274d-7a4b-487b-ac13-64e9ae0a7fa1","block_type":"box","text":"8.","page_number":240,"box":{"x":62,"y":119,"width":12,"height":8}},{"id":"6d4b0963-8b2f-422c-bbf5-969166895aab","block_type":"box","text":"Nil and Partly Paid Securities","page_number":240,"box":{"x":110,"y":118,"width":231,"height":11}},{"id":"0d8aec4a-8461-4d73-963f-df7aa5d7b96b","block_type":"box","text":"In respect of nil and partly paid securities; a transferable security or approved money-market instrument on","page_number":240,"box":{"x":110,"y":138,"width":812,"height":11}},{"id":"6f34f8e4-ed0e-4edf-a1d0-d4efaac2fa8f","block_type":"box","text":"which any sum is unpaid falls within a power of investment only if it is reasonably foreseeable that the amount","page_number":240,"box":{"x":109,"y":152,"width":814,"height":11}},{"id":"b0df0360-0c4a-4ba1-aa33-33e74cef46db","block_type":"box","text":"of any existing and potential call for any sum unpaid could be paid by the Sub-Funds, at the time when payment","page_number":240,"box":{"x":110,"y":165,"width":813,"height":11}},{"id":"75cc5e43-e494-4366-b97e-2f5a0717b91d","block_type":"box","text":"is required, without contravening the rules in COLL 5.","page_number":240,"box":{"x":110,"y":179,"width":393,"height":11}},{"id":"f5898608-db0f-42a0-81d3-2bac1831c890","block_type":"box","text":"9.","page_number":240,"box":{"x":62,"y":205,"width":12,"height":8}},{"id":"529780a7-8aa7-4474-9c72-38f0a0cab1e1","block_type":"box","text":"General - Derivatives and Forward Transactions","page_number":240,"box":{"x":110,"y":204,"width":380,"height":9}},{"id":"761b9bd0-3e3e-4003-ba65-8cc69fed39a9","block_type":"box","text":"9.1 The Sub-Funds may use derivatives to hedge market and currency risk for the purposes of efficient portfolio","page_number":240,"box":{"x":62,"y":224,"width":861,"height":11}},{"id":"1505d7a6-ab4b-4112-9991-846ee1bffc4b","block_type":"box","text":"management (as described in paragraph 9.2) and in pursuit of the Sub-Funds' investment objectives.","page_number":240,"box":{"x":110,"y":237,"width":746,"height":12}},{"id":"3f4510f5-ee5e-4589-9f09-309361afa0d4","block_type":"box","text":"The use of derivatives for the purpose of hedging and managing risk and for efficient portfolio management","page_number":240,"box":{"x":62,"y":257,"width":861,"height":11}},{"id":"403c41c2-cd41-4027-805b-0206812dd0c3","block_type":"box","text":"is not intended to increase the risk profile of the Sub-Funds. The ACS Manager uses a risk management","page_number":240,"box":{"x":63,"y":271,"width":860,"height":11}},{"id":"00828035-a0df-47f5-9057-9a12edff50e9","block_type":"box","text":"process, to monitor and measure as frequently as appropriate the risk of a Sub-Fund's portfolio and","page_number":240,"box":{"x":62,"y":284,"width":861,"height":12}},{"id":"8d420a3e-5695-4462-93a6-cb37e8db0786","block_type":"box","text":"contribution of the underlying investments to the overall risk profile of the Sub-Fund.","page_number":240,"box":{"x":62,"y":298,"width":678,"height":11}},{"id":"f09c1559-a479-4d3a-b616-588948fbe740","block_type":"box","text":"However, the use of derivatives may expose the Sub-Funds to a higher degree of risk. In particular, derivative","page_number":240,"box":{"x":63,"y":318,"width":860,"height":11}},{"id":"3de643b7-198d-44f3-95ea-b06b69fcd981","block_type":"box","text":"contracts can be highly volatile, and the amount of initial margin is generally small, relative to size of the","page_number":240,"box":{"x":62,"y":331,"width":861,"height":12}},{"id":"b8adcc4f-9cdb-4dbd-a377-21895d0e916b","block_type":"box","text":"contract, so that transactions are geared. A relatively small market movement may have a potentially larger","page_number":240,"box":{"x":62,"y":345,"width":861,"height":11}},{"id":"5d02a3cf-273e-4ff3-95d9-0a3b4d49908d","block_type":"box","text":"impact on derivatives than in standard bonds or equities.","page_number":240,"box":{"x":63,"y":359,"width":454,"height":11}},{"id":"96a6924a-036c-43f4-8565-00105ba2bc4d","block_type":"box","text":"The use of derivatives in pursuit of the investment objectives of the Sub-Funds may alter the risk profile of","page_number":240,"box":{"x":62,"y":378,"width":861,"height":11}},{"id":"ff872d76-e131-4ad4-bc9c-429e9421568e","block_type":"box","text":"the Sub-Funds and lead to higher volatility in the Unit price of the Sub-Funds.","page_number":240,"box":{"x":62,"y":392,"width":617,"height":11}},{"id":"eb89f61e-26e4-4340-b61b-b97588fd0b29","block_type":"box","text":"9.2 Where such techniques and instruments relate to the use of derivatives which are used for the purpose of","page_number":240,"box":{"x":62,"y":411,"width":861,"height":12}},{"id":"88431c0a-9590-4eed-b8e1-e3c7f2a1fe47","block_type":"box","text":"efficient portfolio management, they will only be used in accordance with the following criteria:","page_number":240,"box":{"x":110,"y":425,"width":693,"height":11}},{"id":"694dfce7-ccf0-4719-bc7a-ddcdaefc3597","block_type":"box","text":"(a) They are economically appropriate in that they are realised in a cost effective way.","page_number":240,"box":{"x":110,"y":451,"width":656,"height":11}},{"id":"532d52f2-ef7c-402a-95c0-8ffec4a55e17","block_type":"box","text":"(b) They are entered into for one or more of the following specific aims:","page_number":240,"box":{"x":110,"y":470,"width":546,"height":12}},{"id":"af6e20b9-0575-4e8f-8caa-6e38a2a1d7ec","block_type":"box","text":"","page_number":240,"box":{"x":157,"y":494,"width":6,"height":4}},{"id":"0848c15f-a461-405a-9d52-791a24d88b97","block_type":"box","text":"reduction of risk;","page_number":240,"box":{"x":188,"y":491,"width":121,"height":10}},{"id":"a8cd39b1-dc6c-4eb9-be24-21852e59bdc9","block_type":"box","text":"","page_number":240,"box":{"x":157,"y":514,"width":6,"height":5}},{"id":"976d4557-33bb-45fc-9887-89520cbe2387","block_type":"box","text":"reduction of costs; or","page_number":240,"box":{"x":188,"y":511,"width":155,"height":11}},{"id":"2061966d-5474-467c-9cdd-41e914772bac","block_type":"box","text":"","page_number":240,"box":{"x":157,"y":535,"width":6,"height":4}},{"id":"2ff55f6e-e6b4-4a5e-b037-fead0559b6b1","block_type":"box","text":"generation of additional capital or income for the Sub-Fund with a level of risk which is consistent","page_number":240,"box":{"x":187,"y":532,"width":736,"height":11}},{"id":"db6b52d7-2af4-4877-8413-9b8bfbf1b619","block_type":"box","text":"with the risk profile of the Sub-Fund.","page_number":240,"box":{"x":187,"y":545,"width":267,"height":11}},{"id":"506d8bfd-d1db-4645-9e72-76faf3778685","block_type":"box","text":"(c) Their risks are adequately captured by the ACS Manager's risk management process.","page_number":240,"box":{"x":110,"y":571,"width":683,"height":11}},{"id":"391fab34-29fd-4bba-ae19-d772b0e2a3c5","block_type":"box","text":"9.3 The ACS Manager uses a risk management process, as reviewed by the Depositary, enabling it to monitor and","page_number":240,"box":{"x":62,"y":590,"width":860,"height":12}},{"id":"515071b6-6a65-48de-bbd4-c0cd777aa3ad","block_type":"box","text":"measure as frequently as appropriate the risk of a Sub-Fund's positions and their contribution to the overall risk","page_number":240,"box":{"x":110,"y":604,"width":813,"height":11}},{"id":"3d2041bc-3a8e-4aed-9913-f51acf9b08d4","block_type":"box","text":"profile of that Sub-Fund. The details of the risk management process include the information as set out in","page_number":240,"box":{"x":110,"y":617,"width":812,"height":12}},{"id":"4ea70358-fbae-4a8d-8874-8152b877add1","block_type":"box","text":"paragraphs 1.3 and 10.9 of this Appendix 6.","page_number":240,"box":{"x":110,"y":631,"width":323,"height":11}},{"id":"061b769a-f9d8-4fa2-83ab-b8a498614b47","block_type":"box","text":"10.","page_number":240,"box":{"x":63,"y":657,"width":20,"height":9}},{"id":"770e3272-f9a4-45c5-ab5a-a58591b10ff4","block_type":"box","text":"Derivatives General","page_number":240,"box":{"x":110,"y":657,"width":154,"height":9}},{"id":"d92a606d-46f7-4d36-b267-4386f777a776","block_type":"box","text":"10.1 A transaction in derivatives or a forward transaction must not be effected for a Sub-Fund unless the transaction","page_number":240,"box":{"x":63,"y":676,"width":859,"height":9}},{"id":"ead5602e-4d71-4fde-9983-e50d99888092","block_type":"box","text":"is of a kind set out in section 12 of this Appendix 6 and the transaction is covered, as set out in paragraphs","page_number":240,"box":{"x":110,"y":690,"width":813,"height":11}},{"id":"454d59ec-cb51-49a8-ac16-81cac8024d89","block_type":"box","text":"11.1 to 11.3 of this Appendix 6.","page_number":240,"box":{"x":111,"y":704,"width":228,"height":11}},{"id":"e45e899b-5668-4192-9c95-da82e87bc1f7","block_type":"box","text":"10.2 Where a Sub-Fund invests in derivatives, the exposure to the underlying assets must not exceed the limits set","page_number":240,"box":{"x":63,"y":723,"width":860,"height":11}},{"id":"1f13652a-1037-4b2a-b385-28e0da5a4d30","block_type":"box","text":"out in the COLL Sourcebook in relation to spread except for index based derivatives where the rules below","page_number":240,"box":{"x":110,"y":737,"width":813,"height":11}},{"id":"93d44224-865c-4e7b-9e21-9c042ee5b3ff","block_type":"box","text":"apply.","page_number":240,"box":{"x":110,"y":751,"width":42,"height":11}},{"id":"b9e25a43-8da7-43a6-8dea-7b8c4a0f6f9c","block_type":"box","text":"10.3 Where a transferable security or approved money-market instrument embeds a derivative, this must be taken","page_number":240,"box":{"x":63,"y":770,"width":859,"height":11}},{"id":"c7c2a740-4821-4e4c-86af-deedef339878","block_type":"box","text":"into account for the purposes of complying with this section 10.","page_number":240,"box":{"x":110,"y":784,"width":464,"height":11}},{"id":"f6e83ba2-33ed-49fd-bbb6-7e241191d206","block_type":"box","text":"10.4 A transferable security or an approved money-market instrument will embed a derivative if it contains a","page_number":240,"box":{"x":63,"y":803,"width":860,"height":12}},{"id":"4ca071c3-6516-454a-bf1a-4058fede92b9","block_type":"box","text":"component which fulfils the following criteria:","page_number":240,"box":{"x":110,"y":817,"width":329,"height":11}},{"id":"20a337dc-36d8-4b64-b89e-9bd7845c4324","block_type":"box","text":"(a) by virtue of that component some or all of the cash flows that otherwise would be required by the","page_number":240,"box":{"x":110,"y":843,"width":813,"height":11}},{"id":"ba2c854e-ecaf-4a95-a224-f6de7315deca","block_type":"box","text":"transferable security or approved money-market instrument which functions as host contract can be","page_number":240,"box":{"x":157,"y":856,"width":766,"height":11}},{"id":"15e5fba1-59fa-4e5b-a493-d3b2ff846e62","block_type":"box","text":"modified according to a specified interest rate, financial instrument price, foreign exchange rate, index of","page_number":240,"box":{"x":158,"y":870,"width":765,"height":11}},{"id":"a2a6cc33-ec8a-442b-9fb0-c89816caa568","block_type":"box","text":"Aviva Investors Funds ACS Prospectus","page_number":241,"box":{"x":62,"y":940,"width":204,"height":8}},{"id":"7c0f5170-a15c-4441-935f-0ce701327ef8","block_type":"box","text":"(5 October 2026)","page_number":241,"box":{"x":271,"y":940,"width":87,"height":8}},{"id":"e5d65963-ee6d-469a-ac94-5facd605ffc8","block_type":"box","text":"241","page_number":241,"box":{"x":780,"y":940,"width":17,"height":6}},{"id":"da9a99d9-2355-4870-ad82-fca7eeaeda9f","block_type":"box","text":"Aviva Investors: Confidential","page_number":241,"box":{"x":95,"y":960,"width":154,"height":7}},{"id":"f1274aed-a958-4747-9b78-67825830f07f","block_type":"box","text":"prices or rates, credit rating or credit index or other variable, and therefore vary in a way similar to a","page_number":241,"box":{"x":158,"y":46,"width":765,"height":11}},{"id":"3e1682cf-8a48-438b-864d-3c7dd661ed35","block_type":"box","text":"stand-alone derivative;","page_number":241,"box":{"x":157,"y":60,"width":167,"height":10}},{"id":"256d2aba-e3ed-4a7a-ac10-87e7fd2c5c33","block_type":"box","text":"(b) its economic characteristics and risks are not closely related to the economic characteristics and risks of","page_number":241,"box":{"x":110,"y":79,"width":813,"height":11}},{"id":"6584196c-277a-4fd7-a114-a8318e6fe465","block_type":"box","text":"the host contract; and","page_number":241,"box":{"x":157,"y":93,"width":160,"height":10}},{"id":"a602d766-ff83-4045-9665-75619c55c3a5","block_type":"box","text":"it has a significant impact on the risk profile and pricing of the transferable security or approved money-market","page_number":241,"box":{"x":62,"y":112,"width":861,"height":12}},{"id":"bac1ed6b-32e7-4088-9935-eb53a0de549b","block_type":"box","text":"instrument.","page_number":241,"box":{"x":62,"y":126,"width":81,"height":9}},{"id":"1ad4ba5a-b478-4ca6-8194-4a2538b936a2","block_type":"box","text":"10.5 A transferable security or an approved money-market instrument does not embed a derivative where it contains","page_number":241,"box":{"x":63,"y":146,"width":860,"height":11}},{"id":"24467ca7-ee61-433a-b975-071b95f929dd","block_type":"box","text":"a component which is contractually transferable independently of the transferable security or the approved","page_number":241,"box":{"x":110,"y":159,"width":812,"height":11}},{"id":"29b32d98-33a0-454c-9b54-cadba7a9befd","block_type":"box","text":"money-market instrument. That component shall be deemed to be a separate instrument.","page_number":241,"box":{"x":110,"y":173,"width":660,"height":11}},{"id":"0150c6fa-bfd3-4ff3-a77d-164fa40b8645","block_type":"box","text":"10.6 Where a Sub-Fund invests in an index based derivative, provided the relevant index falls within COLL 5.6.23R","page_number":241,"box":{"x":63,"y":192,"width":860,"height":11}},{"id":"1dbc080b-da0f-4996-9255-a5e22623a471","block_type":"box","text":"(Schemes replicating an index) the underlying constituents of the index do not have to be taken into account","page_number":241,"box":{"x":110,"y":206,"width":813,"height":11}},{"id":"4c420cc8-582a-4862-80da-38bc7f12bb38","block_type":"box","text":"for the purposes of COLL 5.6.7R and COLL 5.6.8R.","page_number":241,"box":{"x":109,"y":220,"width":381,"height":11}},{"id":"ba46eb6f-7da0-46ae-a674-a5bd597548f7","block_type":"box","text":"10.7 The relaxation of 10.6 is subject to the ACS Manager taking account of COLL 5.6.3 (Prudent spread of risk).","page_number":241,"box":{"x":63,"y":239,"width":846,"height":12}},{"id":"d0733936-3374-4b72-92df-ea0a3adf0976","block_type":"box","text":"10.8 Where derivative instruments are used, the overall risk profile of a Sub-Fund may be increased. The ACS","page_number":241,"box":{"x":63,"y":259,"width":859,"height":11}},{"id":"8ef28f6e-b218-495a-b26b-60f3bc5f4117","block_type":"box","text":"Manager will ensure that the global exposure generated by using financial derivative instruments on the","page_number":241,"box":{"x":110,"y":273,"width":813,"height":11}},{"id":"b5daa1dd-2b71-42cf-a5b5-325212d6bc18","block_type":"box","text":"underlying assets of that Sub-Fund shall not exceed the total net value of the Sub-Fund.","page_number":241,"box":{"x":110,"y":286,"width":651,"height":11}},{"id":"6f028caf-d83a-492a-afbd-e313bc32009a","block_type":"box","text":"10.9 Accordingly, where derivative instruments are used, the ACS Manager will employ a risk-management process","page_number":241,"box":{"x":63,"y":306,"width":860,"height":11}},{"id":"63dc5b0a-b02b-4f02-bc20-b55ca50c8dbe","block_type":"box","text":"which enables the ACS Manager to monitor and measure at any time the risk of the positions and their","page_number":241,"box":{"x":109,"y":319,"width":814,"height":12}},{"id":"955b63be-7f11-4dad-b51b-386a85156056","block_type":"box","text":"contribution to the overall risk profile of the relevant Sub-Fund. The ACS Manager measures the global","page_number":241,"box":{"x":110,"y":333,"width":812,"height":11}},{"id":"73ea7f8d-01cf-4098-9c12-bcb969b75c10","block_type":"box","text":"exposure of each Sub-Fund by way of the gross and commitment methods as prescribed by ESMA and in","page_number":241,"box":{"x":110,"y":347,"width":812,"height":11}},{"id":"26ae5b10-0b6c-42c1-88ca-3a788fa071fa","block_type":"box","text":"accordance with the UK AIFM Regime. Further details about the calculation methodology and the limits","page_number":241,"box":{"x":110,"y":361,"width":813,"height":11}},{"id":"e9bd6b02-5b0d-48d0-8384-9e1de68f893b","block_type":"box","text":"applying to each Sub-Fund can be found in section 24 above and Appendix 1.","page_number":241,"box":{"x":110,"y":374,"width":576,"height":11}},{"id":"5672c6ad-72f4-4528-8ebd-c7e3aaa8bac2","block_type":"box","text":"11.","page_number":241,"box":{"x":63,"y":400,"width":20,"height":8}},{"id":"b7f28f9a-37a7-4d60-adcb-709b52d1454b","block_type":"box","text":"Cover for transactions in derivatives and forward transactions","page_number":241,"box":{"x":110,"y":400,"width":495,"height":9}},{"id":"b602169f-24a1-4f8f-8684-1f55b924b0ea","block_type":"box","text":"11.1 The ACS Manager will ensure that a transaction in derivatives or forwards is entered into only if the related","page_number":241,"box":{"x":63,"y":419,"width":859,"height":11}},{"id":"6b34c6f5-e6db-401e-8ebd-d1af12347536","block_type":"box","text":"global exposure does not exceed the total net value of a Sub-Fund.","page_number":241,"box":{"x":110,"y":433,"width":497,"height":11}},{"id":"b4536c55-2955-4b6a-9ff3-15ab443e2807","block_type":"box","text":"11.2 The global exposure is calculated taking into account the current value of the underlying assets, the","page_number":241,"box":{"x":63,"y":453,"width":860,"height":11}},{"id":"968251b7-1084-42b8-ba80-1d5fa820fe47","block_type":"box","text":"counterparty risk, future market movements and the time available to liquidate the positions.","page_number":241,"box":{"x":110,"y":466,"width":679,"height":11}},{"id":"f966d152-dae4-4f3a-ab00-9415f1049bd7","block_type":"box","text":"11.3 Property which is subject to a stock lending transaction (as described in section 19 of this Appendix 6) is only","page_number":241,"box":{"x":63,"y":486,"width":860,"height":11}},{"id":"e5cd6137-cefe-49fa-8746-0c3bc2e46dcf","block_type":"box","text":"available for cover if the ACS Manager has taken reasonable care to determine that it is obtainable (by return","page_number":241,"box":{"x":110,"y":499,"width":812,"height":12}},{"id":"79fa2cae-cb3c-4a5a-82b5-5d79e46da17f","block_type":"box","text":"or re-acquisition) in time to meet the obligation for which cover is required.","page_number":241,"box":{"x":110,"y":513,"width":547,"height":11}},{"id":"cb95ec30-9074-4749-a2a1-fb7096b40a94","block_type":"box","text":"12.","page_number":241,"box":{"x":63,"y":539,"width":20,"height":8}},{"id":"94231fc7-8842-4d85-9141-aa972400d4c5","block_type":"box","text":"Permitted Transactions in Derivatives and Forwards","page_number":241,"box":{"x":110,"y":539,"width":414,"height":9}},{"id":"e7ae4cb6-a5e6-4f4b-8220-e432531c782d","block_type":"box","text":"12.1 A transaction in a derivative must be:","page_number":241,"box":{"x":63,"y":558,"width":320,"height":9}},{"id":"d8bacf41-f7ff-4105-8ff0-dbaab78e9310","block_type":"box","text":"(a) in an approved derivative; or","page_number":241,"box":{"x":110,"y":584,"width":258,"height":11}},{"id":"285cb24e-02d2-420c-91f7-a3ee6f428b29","block_type":"box","text":"(b) be one which complies with section 22 of this Appendix 6.","page_number":241,"box":{"x":110,"y":609,"width":473,"height":11}},{"id":"09dee297-433a-4d55-9758-6a9b4f2219e5","block_type":"box","text":"12.2 A transaction in a derivative must have the underlying consisting of any one or more of the following to which","page_number":241,"box":{"x":63,"y":629,"width":859,"height":11}},{"id":"4c4bed85-84db-43d9-a67f-de9baa280190","block_type":"box","text":"a Sub-Fund is dedicated:","page_number":241,"box":{"x":110,"y":642,"width":184,"height":9}},{"id":"768c4a30-de7b-404b-8db1-5d79bd97f6a7","block_type":"box","text":"(a) transferable securities;","page_number":241,"box":{"x":110,"y":668,"width":214,"height":11}},{"id":"9ef4b3de-b69f-4602-ae84-5218161a9254","block_type":"box","text":"(b) money-market instruments;","page_number":241,"box":{"x":110,"y":688,"width":249,"height":11}},{"id":"7ea832c0-690b-4c2d-a976-8665f0e7ff46","block_type":"box","text":"(c) permitted deposits under paragraph 6 of this Appendix 6;","page_number":241,"box":{"x":110,"y":707,"width":468,"height":11}},{"id":"a83bc284-8bff-4efb-aede-cf88d8c7ff7d","block_type":"box","text":"(d) permitted derivatives under this paragraph 12;","page_number":241,"box":{"x":110,"y":727,"width":388,"height":11}},{"id":"5b6c00e0-cd74-4188-9fe0-4f191882c854","block_type":"box","text":"(e) collective investment scheme Units permitted under paragraph 5 of this Appendix 6;","page_number":241,"box":{"x":110,"y":746,"width":667,"height":12}},{"id":"16f3d4dd-f63d-46b4-bb1f-9124a0428dba","block_type":"box","text":"(f) permitted immovables;","page_number":241,"box":{"x":110,"y":766,"width":214,"height":11}},{"id":"2a434ac4-327b-4d9e-8d7b-94d922ea2e00","block_type":"box","text":"(g) gold (up to the value of 10% in value of the Scheme Property);","page_number":241,"box":{"x":110,"y":785,"width":508,"height":12}},{"id":"f75c2e08-8b67-4993-bdba-18d18b7f5808","block_type":"box","text":"(h) financial indices which satisfy the criteria set out below;","page_number":241,"box":{"x":110,"y":805,"width":455,"height":11}},{"id":"c9d2cda0-7b18-4e36-b4f2-5bdbd7d2490e","block_type":"box","text":"(i) interest rates;","page_number":241,"box":{"x":110,"y":825,"width":147,"height":11}},{"id":"5dc2df52-d7d2-4d0b-9bf3-c75107677624","block_type":"box","text":"(j) foreign exchange rates; and","page_number":241,"box":{"x":110,"y":844,"width":254,"height":12}},{"id":"61710c19-1e29-49d5-b6e8-6221a2ff3186","block_type":"box","text":"currencies.","page_number":241,"box":{"x":62,"y":864,"width":80,"height":9}},{"id":"52af4787-aad6-47c7-9b77-081f6874cea0","block_type":"box","text":"12.3 The exposure to the underlyings in paragraph 12.2 of this Appendix 6 must not exceed the limits relating to","page_number":241,"box":{"x":63,"y":884,"width":860,"height":11}},{"id":"13502607-773b-4acb-9b54-a1c69f3f0584","block_type":"box","text":"spread set out in the COLL Sourcebook.","page_number":241,"box":{"x":110,"y":897,"width":297,"height":11}},{"id":"32533e1c-2fd2-49bf-a311-8af36727e74b","block_type":"box","text":"12.4 A transaction in an approved derivative must be effected on or under the rules of an eligible derivatives market.","page_number":241,"box":{"x":63,"y":917,"width":859,"height":11}},{"id":"d81dae30-4adc-4099-a4b2-8c08ed2f7d98","block_type":"box","text":"Aviva Investors Funds ACS Prospectus","page_number":242,"box":{"x":62,"y":940,"width":204,"height":8}},{"id":"8b717787-2b72-4444-8c0f-759cfdf76105","block_type":"box","text":"(5 October 2026)","page_number":242,"box":{"x":271,"y":940,"width":87,"height":8}},{"id":"fd77cfa6-8c50-439a-86b4-6173be96ffc7","block_type":"box","text":"242","page_number":242,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"15bc61f6-3cc3-41d1-96c6-90b60d07ba41","block_type":"box","text":"Aviva Investors: Confidential","page_number":242,"box":{"x":95,"y":960,"width":154,"height":7}},{"id":"b515380f-43a6-464f-9d07-09b401c53f4c","block_type":"box","text":"12.5 A transaction in a derivative must not cause a Sub-Fund to diverge from its investment objectives as stated in","page_number":242,"box":{"x":63,"y":46,"width":859,"height":11}},{"id":"07fc274a-e6fd-47f1-b208-9f6c3eb6efc6","block_type":"box","text":"the ACS Deed and the most recently published version of this Prospectus.","page_number":242,"box":{"x":109,"y":59,"width":549,"height":12}},{"id":"dec1f172-93c9-48b6-8e0b-e68ff5c9bb82","block_type":"box","text":"12.6 A transaction in a derivative must not be entered into if the intended effect is to create the potential for an","page_number":242,"box":{"x":63,"y":79,"width":859,"height":11}},{"id":"c7dacbb1-66f2-4048-9b95-68ad648a69ce","block_type":"box","text":"uncovered sale of transferable securities, money-market instruments, Units in collective investment schemes,","page_number":242,"box":{"x":110,"y":93,"width":812,"height":11}},{"id":"f72808ee-1c1c-4af4-9e5d-f682389327d0","block_type":"box","text":"or derivatives, provided that a sale is not to be considered as uncovered if the conditions in paragraph 14.2 of","page_number":242,"box":{"x":110,"y":106,"width":813,"height":12}},{"id":"76932b02-5b3e-4af2-b4d6-f89d3a4ced14","block_type":"box","text":"this Appendix 6 are satisfied.","page_number":242,"box":{"x":109,"y":120,"width":213,"height":11}},{"id":"f52a421c-e8a6-4c89-904e-6e6b48ec3936","block_type":"box","text":"12.7 Any forward transaction must be with an Eligible Institution or an Approved Bank (as defined by the FCA).","page_number":242,"box":{"x":63,"y":139,"width":828,"height":12}},{"id":"a761c6dd-ebf5-48a9-9385-f25df82b6d39","block_type":"box","text":"12.8 All derivatives transactions are deemed to be free of counterparty risk if they are performed on an exchange","page_number":242,"box":{"x":63,"y":159,"width":860,"height":11}},{"id":"44d8718a-ee16-4a5a-a49d-7428f4c7fca8","block_type":"box","text":"where the clearing house is backed by an appropriate performance guarantee; and it is characterised by a daily","page_number":242,"box":{"x":109,"y":173,"width":814,"height":11}},{"id":"bbd8ddaf-d6c4-4bec-8d26-db2724b7ad1f","block_type":"box","text":"mark-to-market valuation of the derivative positions and at least daily margining.","page_number":242,"box":{"x":110,"y":187,"width":591,"height":11}},{"id":"49c6ffa7-6e00-4f45-867e-62e12d705a90","block_type":"box","text":"13.","page_number":242,"box":{"x":63,"y":212,"width":20,"height":9}},{"id":"48243743-6f7f-4e48-bb34-07e3bf35c18e","block_type":"box","text":"Transactions for the purchase of property","page_number":242,"box":{"x":109,"y":212,"width":334,"height":11}},{"id":"6cd49b2e-23be-498b-a82e-1f24d8aa38a3","block_type":"box","text":"A derivative or forward transaction which will or could lead to the delivery of property for the account of a Sub","page_number":242,"box":{"x":109,"y":231,"width":814,"height":12}},{"id":"7d9cdb16-c56e-4c0e-aebd-46a16cf28a92","block_type":"box","text":"Fund may be entered into only if that property can be held for the account of a Sub-Fund, and the ACS Manager","page_number":242,"box":{"x":110,"y":245,"width":813,"height":11}},{"id":"f7bd4107-13c8-42dc-aa8a-829940c297f3","block_type":"box","text":"having taken reasonable care determines that delivery of the property under the transaction will not occur or","page_number":242,"box":{"x":110,"y":259,"width":813,"height":11}},{"id":"27153692-44c0-4d92-b260-4035c74fdb4c","block_type":"box","text":"will not lead to a breach of the rules in the COLL Sourcebook.","page_number":242,"box":{"x":109,"y":273,"width":456,"height":8}},{"id":"af733b6e-1c88-4e1c-8c25-34db40b23c2f","block_type":"box","text":"14.","page_number":242,"box":{"x":63,"y":298,"width":20,"height":9}},{"id":"6c0f8bc6-f190-4d64-9ebd-672aca209435","block_type":"box","text":"Requirement to cover sales","page_number":242,"box":{"x":110,"y":298,"width":218,"height":11}},{"id":"c93ddf4e-8939-460a-bdaf-9ac97a8bbd3d","block_type":"box","text":"14.1 A transaction in a derivative must not be entered into if the intended effect is to create the potential for an","page_number":242,"box":{"x":63,"y":318,"width":859,"height":11}},{"id":"719d5c92-433d-4b73-b847-1306570ff5bd","block_type":"box","text":"uncovered sale of one or more, transferable securities, approved money-market instruments, Units in collective","page_number":242,"box":{"x":110,"y":331,"width":813,"height":11}},{"id":"92d5edc1-e65d-410d-85b5-cceffa0b7618","block_type":"box","text":"investment schemes, or derivatives.","page_number":242,"box":{"x":110,"y":345,"width":264,"height":10}},{"id":"ef20d634-3ad0-4763-85eb-70cb631c3e24","block_type":"box","text":"14.2 A sale is not to be considered as uncovered if:","page_number":242,"box":{"x":63,"y":365,"width":388,"height":8}},{"id":"dc63c078-44bd-4287-8802-67623824fcaa","block_type":"box","text":"(a) the risks of the underlying financial instrument of a derivative can be appropriately represented by","page_number":242,"box":{"x":110,"y":390,"width":813,"height":11}},{"id":"e399f421-a43c-4e91-8a3e-21c5ea75b1f8","block_type":"box","text":"another financial instrument and the underlying financial instrument is highly liquid; or","page_number":242,"box":{"x":157,"y":404,"width":632,"height":11}},{"id":"c307cbda-e6a8-4690-916d-e4ff887f8f73","block_type":"box","text":"(b) the ACS Manager or the Depositary has the right to settle the derivative in cash, and cover exists within","page_number":242,"box":{"x":110,"y":423,"width":812,"height":12}},{"id":"bb9f96c4-f3a6-49b2-ac43-546849ff0c70","block_type":"box","text":"the Scheme property which falls within one of the following asset classes:","page_number":242,"box":{"x":157,"y":437,"width":543,"height":11}},{"id":"c3151a27-554d-49de-8e35-3ba3a5055128","block_type":"box","text":"","page_number":242,"box":{"x":157,"y":461,"width":6,"height":4}},{"id":"1ebc79b7-5f18-4c00-8ff8-d94eb982b17d","block_type":"box","text":"cash;","page_number":242,"box":{"x":187,"y":458,"width":38,"height":10}},{"id":"04d76d0c-c4ff-47aa-b386-136290819f8f","block_type":"box","text":"","page_number":242,"box":{"x":157,"y":481,"width":6,"height":4}},{"id":"a5cbe7f2-8983-42e1-91e4-0cabe36a6cdf","block_type":"box","text":"liquid debt instruments (e.g. government bonds of first credit rating) with appropriate safeguards (in","page_number":242,"box":{"x":188,"y":478,"width":734,"height":11}},{"id":"702f8431-dcfe-45ff-89f9-b6ff8cc77692","block_type":"box","text":"particular, haircuts); or","page_number":242,"box":{"x":188,"y":491,"width":166,"height":12}},{"id":"52e53299-c0e5-4abd-9da7-d8bcc062122d","block_type":"box","text":"","page_number":242,"box":{"x":157,"y":515,"width":6,"height":4}},{"id":"419f3a42-cb24-47db-ba2a-aa104a95acda","block_type":"box","text":"other highly liquid assets having regard to their correlation with the underlying of the financial","page_number":242,"box":{"x":187,"y":512,"width":735,"height":11}},{"id":"0aa25df0-b241-4376-a627-73b2e32d1e22","block_type":"box","text":"derivative instruments, subject to appropriate safeguards (e.g. haircuts where relevant).","page_number":242,"box":{"x":187,"y":526,"width":647,"height":11}},{"id":"87954538-6e68-407d-a1e8-09050200e2d1","block_type":"box","text":"14.3 In the asset classes referred to in paragraph 14.2 of this Appendix 6 are satisfied, an asset may be considered","page_number":242,"box":{"x":63,"y":545,"width":859,"height":11}},{"id":"d15e117e-cd14-4284-9ffb-885230dda3fe","block_type":"box","text":"as liquid where the instrument can be converted into cash in no more than seven Business Days at a price","page_number":242,"box":{"x":110,"y":559,"width":813,"height":11}},{"id":"7c454ebb-8291-45e5-bf78-a8f407320b09","block_type":"box","text":"closely corresponding to the current valuation of the financial instrument on its own market.","page_number":242,"box":{"x":110,"y":573,"width":672,"height":11}},{"id":"03a4646e-5741-475b-b07b-0c1f75bf5995","block_type":"box","text":"15.","page_number":242,"box":{"x":63,"y":598,"width":20,"height":9}},{"id":"a0c45ce6-3a13-46fa-90fb-14793d733efa","block_type":"box","text":"Financial indices underlying derivatives","page_number":242,"box":{"x":110,"y":598,"width":317,"height":11}},{"id":"890f306d-068e-44d3-b289-18620bb39a88","block_type":"box","text":"15.1 Where a Sub-Fund holds an index-based derivative, the financial index must satisfy the following criteria:","page_number":242,"box":{"x":63,"y":617,"width":822,"height":12}},{"id":"f7842aa6-5521-4a33-ae99-8aece07a98d5","block_type":"box","text":"","page_number":242,"box":{"x":110,"y":641,"width":6,"height":4}},{"id":"4d4d0001-072e-4393-8bcc-231bfc4537e4","block_type":"box","text":"the index is sufficiently diversified;","page_number":242,"box":{"x":139,"y":638,"width":252,"height":11}},{"id":"70311c80-81c9-4930-b5fd-0e839014b0ca","block_type":"box","text":"","page_number":242,"box":{"x":110,"y":662,"width":6,"height":4}},{"id":"d5b7a6e5-5b90-4b59-8d86-3a591cbceb6b","block_type":"box","text":"the index represents an adequate benchmark for the market to which it refers; and","page_number":242,"box":{"x":139,"y":658,"width":610,"height":11}},{"id":"7c3fb3d4-bdf0-4ba6-8637-917fd2777429","block_type":"box","text":"","page_number":242,"box":{"x":110,"y":682,"width":6,"height":4}},{"id":"a9b6e3a4-8630-443d-ae80-8df7b283104b","block_type":"box","text":"the index is published in an appropriate manner.","page_number":242,"box":{"x":139,"y":679,"width":357,"height":11}},{"id":"5f6c039d-79c5-494b-b89b-aa1087f1916a","block_type":"box","text":"15.2 A financial index is sufficiently diversified if:","page_number":242,"box":{"x":63,"y":698,"width":365,"height":11}},{"id":"d092ab72-d2c1-4622-a976-5b3c0d6a8d63","block_type":"box","text":"","page_number":242,"box":{"x":110,"y":722,"width":6,"height":4}},{"id":"361df356-ae17-4da2-8035-7944c5a8ed85","block_type":"box","text":"it is composed in such a way that price movements or trading activities regarding one component do not","page_number":242,"box":{"x":140,"y":719,"width":783,"height":11}},{"id":"2229dc4a-0aeb-4269-9203-80fbc7fb1ef0","block_type":"box","text":"unduly influence the performance of the whole index;","page_number":242,"box":{"x":140,"y":732,"width":391,"height":12}},{"id":"85fc278b-7c0d-4a84-b616-90a7d69aa074","block_type":"box","text":"","page_number":242,"box":{"x":110,"y":756,"width":6,"height":4}},{"id":"29801acc-4550-490a-a6f9-f8e1a033ce43","block_type":"box","text":"where it is composed of assets in which a Sub-Fund is permitted to invest, its composition is at least","page_number":242,"box":{"x":139,"y":753,"width":784,"height":11}},{"id":"d7f3f2df-6873-41bb-8bc7-565f9ebf5bfc","block_type":"box","text":"diversified in accordance with the requirements with respect to spread and concentration set out in this","page_number":242,"box":{"x":140,"y":766,"width":783,"height":12}},{"id":"2d0263d1-5010-48d5-acfe-ab65d4289084","block_type":"box","text":"Appendix 6; and","page_number":242,"box":{"x":139,"y":780,"width":120,"height":11}},{"id":"25778a6b-33dd-4d0b-a224-14dc96b7d8da","block_type":"box","text":"","page_number":242,"box":{"x":110,"y":804,"width":6,"height":4}},{"id":"36dcb37a-8e03-4955-9531-6a46dcb532e4","block_type":"box","text":"where it is composed of assets in which a Sub-Fund cannot invest, it is diversified in a way which is","page_number":242,"box":{"x":139,"y":800,"width":784,"height":12}},{"id":"1a51b227-89b2-4943-9532-67c63411a1b5","block_type":"box","text":"equivalent to the diversification achieved by the requirements with respect to spread and concentration set","page_number":242,"box":{"x":140,"y":814,"width":783,"height":11}},{"id":"84baf8ed-b8f5-446f-bb06-c4fab64e4840","block_type":"box","text":"out in this Appendix 6.","page_number":242,"box":{"x":140,"y":828,"width":163,"height":11}},{"id":"0ae68af7-f3a3-4ca7-b39f-28fe01cfe737","block_type":"box","text":"15.3 A financial index represents an adequate benchmark for the market to which it refers if:","page_number":242,"box":{"x":63,"y":847,"width":690,"height":11}},{"id":"f497ff91-a6d0-45bd-9ed0-968c4aafbcf0","block_type":"box","text":"","page_number":242,"box":{"x":110,"y":871,"width":6,"height":4}},{"id":"c372eb33-9896-4dc8-ba37-c1ba0941d88d","block_type":"box","text":"it measures the performance of a representative group of underlyings in a relevant and appropriate way;","page_number":242,"box":{"x":140,"y":868,"width":770,"height":11}},{"id":"d05f57cc-55ea-4438-9097-fdf6a1b0517a","block_type":"box","text":"","page_number":242,"box":{"x":110,"y":891,"width":6,"height":5}},{"id":"c7639707-4f33-456d-9a8c-dc3d05bc3557","block_type":"box","text":"it is revised or rebalanced periodically to ensure that it continues to reflect the markets to which it refers,","page_number":242,"box":{"x":140,"y":888,"width":782,"height":11}},{"id":"d93e1a09-d616-4ce5-a4db-29211f8f3f37","block_type":"box","text":"following criteria which are publicly available; and","page_number":242,"box":{"x":139,"y":902,"width":365,"height":11}},{"id":"1965afd5-db9c-4787-ad93-64f6b78deaae","block_type":"box","text":"","page_number":242,"box":{"x":110,"y":925,"width":6,"height":5}},{"id":"1bccf52b-8857-4dcb-b458-7cb2c015164c","block_type":"box","text":"the underlyings are sufficiently liquid, allowing users to replicate it if necessary.","page_number":242,"box":{"x":139,"y":922,"width":583,"height":12}},{"id":"5742ef08-5d33-49f4-b6e8-00d59a3c4356","block_type":"box","text":"Aviva Investors Funds ACS Prospectus","page_number":243,"box":{"x":62,"y":940,"width":204,"height":8}},{"id":"ff472dae-f07b-46b1-837e-fd0b16409d65","block_type":"box","text":"(5 October 2026)","page_number":243,"box":{"x":271,"y":940,"width":87,"height":8}},{"id":"9008fb36-7c32-4180-a28b-47dd0f1c0d79","block_type":"box","text":"243","page_number":243,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"6f08b4a1-ab64-4345-ba44-5f772894e8fd","block_type":"box","text":"Aviva Investors: Confidential","page_number":243,"box":{"x":95,"y":960,"width":154,"height":7}},{"id":"a83c8b3c-65f1-445f-b193-81c89489b729","block_type":"box","text":"15.4 A financial index is published in an appropriate manner if:","page_number":243,"box":{"x":63,"y":46,"width":470,"height":11}},{"id":"60164f89-41cc-4f92-a876-8e34319c8d67","block_type":"box","text":"","page_number":243,"box":{"x":110,"y":69,"width":6,"height":5}},{"id":"d699eb0b-c410-437c-b5e8-0683b89f352e","block_type":"box","text":"its publication process relies on sound procedures to collect prices, and calculate and subsequently publish","page_number":243,"box":{"x":140,"y":66,"width":782,"height":11}},{"id":"bdc672ba-3a76-47c8-9436-623bfe75935f","block_type":"box","text":"the index value, including pricing procedures for components where a market price is not available; and","page_number":243,"box":{"x":139,"y":80,"width":766,"height":11}},{"id":"e0a352b1-4a88-405c-b8c8-2fbf3414024d","block_type":"box","text":"","page_number":243,"box":{"x":110,"y":103,"width":6,"height":5}},{"id":"5eb60c7f-1178-43b6-b680-e924844891e1","block_type":"box","text":"material information on matters such as index calculation, rebalancing methodologies, index changes or","page_number":243,"box":{"x":140,"y":100,"width":783,"height":12}},{"id":"41d0e79b-ab4e-49f9-b731-5c33d07a8aec","block_type":"box","text":"any operational difficulties in providing timely or accurate information is provided on a wide and timely","page_number":243,"box":{"x":140,"y":114,"width":783,"height":11}},{"id":"377c87b1-970f-48f7-a8ec-b656cd9c600c","block_type":"box","text":"basis.","page_number":243,"box":{"x":140,"y":128,"width":42,"height":8}},{"id":"a8e1ab4f-85d6-43d3-a2cb-58b0b582cb42","block_type":"box","text":"15.5 Where the composition of underlyings of a transaction in a derivative does not satisfy the requirements for a","page_number":243,"box":{"x":63,"y":147,"width":860,"height":11}},{"id":"e2be966b-bc80-4b4f-b625-5c01ecd9bf27","block_type":"box","text":"financial index, the underlyings for that transaction shall, where they satisfy the requirements with respect to","page_number":243,"box":{"x":109,"y":161,"width":814,"height":11}},{"id":"129e241e-8884-47a2-b1db-f7555da663cf","block_type":"box","text":"other underlyings pursuant to paragraph 12.2 of this Appendix 6, be regarded as a combination of those","page_number":243,"box":{"x":110,"y":174,"width":813,"height":12}},{"id":"6b5c8f2e-594b-4126-917f-0737b234e15b","block_type":"box","text":"underlyings.","page_number":243,"box":{"x":110,"y":188,"width":88,"height":11}},{"id":"ed25bf70-938e-4abd-bb6d-a213a726b40e","block_type":"box","text":"15.6 Property which is subject to a stock lending transaction (as described in paragraph 19 of this Appendix 6) is","page_number":243,"box":{"x":63,"y":208,"width":860,"height":11}},{"id":"b32c4ab2-17d5-4d09-92c7-ee3b26e02d12","block_type":"box","text":"only available for cover if the ACS Manager has taken reasonable care to determine that it is obtainable (by","page_number":243,"box":{"x":110,"y":221,"width":813,"height":12}},{"id":"8fd7aaa0-a046-46b3-987e-33f685367e28","block_type":"box","text":"return or reacquisition) in time to meet the obligation for which cover is required.","page_number":243,"box":{"x":110,"y":235,"width":590,"height":11}},{"id":"5fbaf0ec-c218-40a7-9961-da9ca98765e7","block_type":"box","text":"16.","page_number":243,"box":{"x":63,"y":261,"width":20,"height":8}},{"id":"fbe7efbd-6a87-4350-acf8-45cee08a3e3a","block_type":"box","text":"Spread Limits","page_number":243,"box":{"x":110,"y":260,"width":109,"height":12}},{"id":"0c8e4ed5-1979-470c-93ff-49d3d0bcc24d","block_type":"box","text":"16.1 This rule on spread does not apply to government and public securities.","page_number":243,"box":{"x":63,"y":280,"width":576,"height":11}},{"id":"46f0dc47-1bf0-4b3d-b7cf-24e8a8dcff42","block_type":"box","text":"16.2 Not more than 20 % in value of the scheme property of a Sub-Fund is to consist of deposits with a single body.","page_number":243,"box":{"x":63,"y":300,"width":859,"height":11}},{"id":"2fde31b9-b25e-4b88-a522-0b2ed4ae0281","block_type":"box","text":"16.3 Not more than 10 % in value of the scheme property of a Sub-Fund is to consist of transferable securities or","page_number":243,"box":{"x":63,"y":319,"width":860,"height":11}},{"id":"c347bb8a-4356-41bd-9334-ca25aef130a3","block_type":"box","text":"money-market instruments issued by any single body subject to COLL 5.6.23R (Schemes replicating an index).","page_number":243,"box":{"x":110,"y":333,"width":812,"height":11}},{"id":"c6ad6acc-ca84-4b51-b1b3-873faf7d3801","block_type":"box","text":"16.4 The limit of 10 % in paragraph 16.3 of this Appendix 6 is raised to 25% in value of the scheme property of a","page_number":243,"box":{"x":63,"y":353,"width":860,"height":11}},{"id":"8c5cc898-ea84-429b-9ea2-be7554b51918","block_type":"box","text":"Sub-Fund in respect of covered bonds.","page_number":243,"box":{"x":110,"y":366,"width":287,"height":11}},{"id":"a8f1c311-3998-429d-89c8-1712d2933a33","block_type":"box","text":"16.5 In applying paragraph 16.3 of this Appendix 6, certificates representing certain securities are to be treated as","page_number":243,"box":{"x":63,"y":386,"width":860,"height":11}},{"id":"210e601b-ebd2-453a-b5f6-f794e128c02b","block_type":"box","text":"equivalent to the underlying security.","page_number":243,"box":{"x":110,"y":400,"width":270,"height":11}},{"id":"b8e14735-dbbd-4dfd-956e-2189c1f40364","block_type":"box","text":"16.6 Not more than 35 % in value of the scheme property of a Sub-Fund is to consist of the Units or shares of any","page_number":243,"box":{"x":63,"y":419,"width":860,"height":11}},{"id":"8c7d2191-0fd6-4cf4-be64-f2c0d4e89029","block_type":"box","text":"one collective investment scheme.","page_number":243,"box":{"x":110,"y":433,"width":253,"height":8}},{"id":"2c766f10-7b61-449e-92f1-d2f039f17a9a","block_type":"box","text":"16.7 The exposure to any one counterparty in an OTC derivative transaction must not exceed 10 % in value of the","page_number":243,"box":{"x":63,"y":452,"width":860,"height":11}},{"id":"4366b282-0a99-45c0-9adb-0a1ecd19ebaa","block_type":"box","text":"scheme property of a Sub-Fund.","page_number":243,"box":{"x":110,"y":466,"width":238,"height":11}},{"id":"ec7495b1-ca75-42a9-ac4c-712d7a2ea960","block_type":"box","text":"16.8 For the purpose of calculating the limit in paragraph 16.7 of this Appendix 6, the exposure in respect of an OTC","page_number":243,"box":{"x":63,"y":485,"width":860,"height":12}},{"id":"a1058117-c031-4517-8a5f-b31adb4f81de","block_type":"box","text":"derivative may be reduced to the extent that collateral is held in respect of it if the collateral meets each of the","page_number":243,"box":{"x":110,"y":499,"width":813,"height":11}},{"id":"73a17549-3624-4106-9ef0-007a461e0311","block_type":"box","text":"following conditions:","page_number":243,"box":{"x":109,"y":513,"width":149,"height":11}},{"id":"0cca957c-9752-4726-ab68-b03fe94ce3c5","block_type":"box","text":"(a) it is marked-to-market on a daily basis and exceeds the value of the amount at risk;","page_number":243,"box":{"x":110,"y":538,"width":662,"height":12}},{"id":"8d386931-f6b7-49a5-b378-00a83ecb1fa3","block_type":"box","text":"(b) it is exposed only to negligible risks (e.g. government bonds of first credit rating or cash) and is liquid;","page_number":243,"box":{"x":110,"y":564,"width":796,"height":11}},{"id":"7c3079d8-b0b2-4f7c-8934-fe2336b9fb23","block_type":"box","text":"(c) it is held by a third party custodian not related to the provider or is legally secured from the consequences","page_number":243,"box":{"x":110,"y":583,"width":813,"height":12}},{"id":"d6f4d0ad-258f-42f6-bfcb-2c4dff250c11","block_type":"box","text":"of a failure of a related party; and","page_number":243,"box":{"x":157,"y":597,"width":245,"height":11}},{"id":"f375df80-34d3-4d6f-b406-9a6eb00ae321","block_type":"box","text":"(d) can be fully enforced by a Sub-Fund at any time.","page_number":243,"box":{"x":110,"y":617,"width":406,"height":11}},{"id":"632668fd-5df3-4659-af19-9efcc2f96a0e","block_type":"box","text":"16.9 For the purposes of calculating the limits in paragraph 16.7 of this Appendix 6. OTC derivative positions with","page_number":243,"box":{"x":63,"y":636,"width":860,"height":12}},{"id":"aa309bd0-ae4b-4c2c-8341-fba4daa8b56b","block_type":"box","text":"the same counterparty may be netted provided that the netting procedures:","page_number":243,"box":{"x":109,"y":650,"width":555,"height":11}},{"id":"e1e60731-5315-4fc4-9686-25c91ead57ff","block_type":"box","text":"(a) comply with the conditions set out in Part Three, Title II, Chapter 6, Section 7 (Contractual netting","page_number":243,"box":{"x":110,"y":675,"width":812,"height":12}},{"id":"0226cab2-7764-4f5b-9a7b-dd9f0bf39574","block_type":"box","text":"(Contracts for novation and other netting arrangements)) of the UK Capital Requirement Regulation; and","page_number":243,"box":{"x":158,"y":689,"width":764,"height":11}},{"id":"3f317f2f-8c6f-467f-80a2-55a7db6b1cbb","block_type":"box","text":"(b) are based on legally binding agreements.","page_number":243,"box":{"x":110,"y":709,"width":352,"height":11}},{"id":"718398e6-9bea-4f90-872c-f987bc86919b","block_type":"box","text":"16.10 In applying this paragraph (Spread: general), all derivatives transactions are deemed to be free of counterparty","page_number":243,"box":{"x":63,"y":728,"width":860,"height":12}},{"id":"608d6a54-beea-4cd7-943b-413d7707dfea","block_type":"box","text":"risk if they are performed on an exchange where the clearing house meets each of the following conditions:","page_number":243,"box":{"x":110,"y":742,"width":793,"height":11}},{"id":"d1ab4e9d-82ca-45be-a499-a8bab45a2399","block_type":"box","text":"(a) it is backed by an appropriate performance guarantee; and","page_number":243,"box":{"x":110,"y":768,"width":481,"height":11}},{"id":"5d52e190-769e-4cd6-9526-1e3e7b06d68e","block_type":"box","text":"(b) it is characterised by a daily mark-to-market valuation of the derivative positions and at least daily","page_number":243,"box":{"x":110,"y":793,"width":813,"height":11}},{"id":"6535beea-4557-4b46-86f1-338c68475a0e","block_type":"box","text":"margining.","page_number":243,"box":{"x":158,"y":807,"width":75,"height":11}},{"id":"f800ed6f-abff-4385-91e3-96c1db28b891","block_type":"box","text":"17.","page_number":243,"box":{"x":63,"y":833,"width":20,"height":8}},{"id":"52263cd1-03be-492f-8a18-a59e6ed88aa0","block_type":"box","text":"Spread: Government and Public Securities","page_number":243,"box":{"x":110,"y":832,"width":339,"height":12}},{"id":"a64c2c34-d188-48ec-a229-18f1043fe297","block_type":"box","text":"17.1 The following section applies to government and public securities (\"","page_number":243,"box":{"x":63,"y":852,"width":574,"height":11}},{"id":"7de1b63b-7107-4eb3-b755-c3cf3ccb6f8c","block_type":"box","text":"such securities","page_number":243,"box":{"x":639,"y":852,"width":124,"height":9}},{"id":"2e6ac82f-36f9-4d04-b7a0-d788f49eb985","block_type":"box","text":"\") that are issued or","page_number":243,"box":{"x":765,"y":852,"width":158,"height":11}},{"id":"e6a435d8-c29a-4c72-9dd2-adc63cbfd926","block_type":"box","text":"guaranteed by:","page_number":243,"box":{"x":110,"y":866,"width":109,"height":11}},{"id":"64dce186-1e14-440a-85f3-e31df57cd795","block_type":"box","text":"(a) the UK or an EEA State; or","page_number":243,"box":{"x":110,"y":885,"width":248,"height":11}},{"id":"6a9febe5-f3cf-4bd8-a338-509ed1457bf2","block_type":"box","text":"(b) a local authority of the UK or an EEA State; or","page_number":243,"box":{"x":110,"y":905,"width":389,"height":11}},{"id":"239f47cd-6d20-4a5c-9571-abba14a71e36","block_type":"box","text":"(c) a non-EEA State; or","page_number":243,"box":{"x":110,"y":924,"width":196,"height":11}},{"id":"4a928ce4-49d3-429c-a07e-0486fd1a51b5","block_type":"box","text":"Aviva Investors Funds ACS Prospectus","page_number":244,"box":{"x":62,"y":940,"width":204,"height":8}},{"id":"e9f7930f-2c47-4b4b-9458-74470f683122","block_type":"box","text":"(5 October 2026)","page_number":244,"box":{"x":271,"y":940,"width":87,"height":8}},{"id":"67d78c4d-d5c3-4335-932a-6d2e9253dbf5","block_type":"box","text":"244","page_number":244,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"aa268f99-4978-48f8-90e1-fc36c75f496b","block_type":"box","text":"Aviva Investors: Confidential","page_number":244,"box":{"x":95,"y":960,"width":154,"height":7}},{"id":"dfff38df-dee0-4423-af60-1a8f80219183","block_type":"box","text":"(d) a public international body to which the UK or one or more EEA States belong.","page_number":244,"box":{"x":110,"y":46,"width":629,"height":11}},{"id":"4585ff06-2871-4c3a-a255-16d5ca98518a","block_type":"box","text":"17.2 Where no more than 35 % in value of the scheme property of a Sub-Fund is invested in such securities issued","page_number":244,"box":{"x":63,"y":65,"width":859,"height":11}},{"id":"bcdb7e39-0dcf-4afe-bb5a-29451c8538be","block_type":"box","text":"by any one body, there is no limit on the amount which may be invested in such securities or in any one issue.","page_number":244,"box":{"x":110,"y":79,"width":812,"height":11}},{"id":"9621dd97-c013-40fe-b205-316a9fe947ba","block_type":"box","text":"17.3 A Sub-Fund may invest more than 35 % in value of the scheme property in such securities issued by any one","page_number":244,"box":{"x":63,"y":99,"width":860,"height":11}},{"id":"34a3f787-a252-4754-bddc-c03e0219a9c2","block_type":"box","text":"body provided that:","page_number":244,"box":{"x":110,"y":112,"width":140,"height":11}},{"id":"a6d38e29-b265-43eb-a182-60bf682ceeca","block_type":"box","text":"(a) the ACS Manager has before any such investment is made consulted with the Depositary and as a result","page_number":244,"box":{"x":110,"y":138,"width":813,"height":11}},{"id":"f0c66886-eb91-4f85-887d-3a022f370776","block_type":"box","text":"considers that the issuer of such securities is one which is appropriate in accordance with the investment","page_number":244,"box":{"x":157,"y":152,"width":766,"height":11}},{"id":"e6aea65e-1754-4465-a568-bc985fd38039","block_type":"box","text":"objective of a Sub-Fund;","page_number":244,"box":{"x":157,"y":165,"width":180,"height":11}},{"id":"c70964a4-62d8-4604-9d07-10de0b4c7dc9","block_type":"box","text":"(b) no more than 30 % in value of the scheme property consists of such securities of any one issue; and","page_number":244,"box":{"x":110,"y":185,"width":791,"height":11}},{"id":"fa460be0-66ee-4835-ac2e-7ce1ac45b263","block_type":"box","text":"(c) the scheme property of a Sub-Fund includes such securities issued by that or another issuer, of at least","page_number":244,"box":{"x":110,"y":204,"width":813,"height":11}},{"id":"faae4210-5bda-4e24-b847-b12f88881cd9","block_type":"box","text":"six different issues.","page_number":244,"box":{"x":157,"y":218,"width":141,"height":9}},{"id":"d706823d-3756-4111-bf06-305df14cb7cb","block_type":"box","text":"17.4 The issuer or guarantors for the purpose of the above limits are as follows:","page_number":244,"box":{"x":63,"y":238,"width":597,"height":11}},{"id":"44c9cca4-9e7a-45db-b1d6-70a5d06a1ea6","block_type":"box","text":"(a) the Government of the UK (including the Scottish Administration, the Executive Committee of the","page_number":244,"box":{"x":110,"y":263,"width":813,"height":11}},{"id":"53768d03-d99b-4f74-95b1-f51d3237af91","block_type":"box","text":"Northern Ireland Assembly and the National Assembly of Wales);","page_number":244,"box":{"x":158,"y":277,"width":481,"height":11}},{"id":"1698aa13-bc88-4f7e-bebe-ac8e14d353a5","block_type":"box","text":"(b) the Government of any EEA State including the Governments of Austria, Belgium, Bulgaria, Cyprus,","page_number":244,"box":{"x":110,"y":302,"width":812,"height":11}},{"id":"91931537-2bfd-4b3b-a9a7-f787312e7e61","block_type":"box","text":"Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy,","page_number":244,"box":{"x":157,"y":316,"width":765,"height":11}},{"id":"9887f9e6-3d05-4b8a-869b-e328aa06dc79","block_type":"box","text":"Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania,","page_number":244,"box":{"x":158,"y":330,"width":764,"height":11}},{"id":"58c43aaf-2fcc-4e8c-b8b3-6b59e776a38a","block_type":"box","text":"Slovakia, Slovenia, Spain and Sweden;","page_number":244,"box":{"x":157,"y":343,"width":290,"height":11}},{"id":"b66be3c5-2410-419c-aa7d-cd8d9594d1ef","block_type":"box","text":"(c) the Governments of Australia, Canada, Japan, New Zealand, and the United States of America; and","page_number":244,"box":{"x":110,"y":363,"width":788,"height":11}},{"id":"f3540a6b-04eb-4cd9-8066-3c36cbae5b61","block_type":"box","text":"(d) The World Bank, The Inter-American Development Bank, The European Investment Bank and The","page_number":244,"box":{"x":110,"y":382,"width":813,"height":11}},{"id":"5577efc0-7622-41ae-acf4-aa61a0027899","block_type":"box","text":"European Bank for Reconstruction and Development","page_number":244,"box":{"x":158,"y":396,"width":391,"height":11}},{"id":"d3b2d318-2fed-4ee4-8c96-e7ac4ff19592","block_type":"box","text":".","page_number":244,"box":{"x":551,"y":403,"width":3,"height":2}},{"id":"6df8ad12-04cd-4eff-af91-f4fb857c62cc","block_type":"box","text":"18.","page_number":244,"box":{"x":63,"y":422,"width":20,"height":9}},{"id":"0a5add21-5699-4f5f-b14a-3526ffc7b579","block_type":"box","text":"Borrowing","page_number":244,"box":{"x":110,"y":422,"width":82,"height":11}},{"id":"1a7a242c-ffdb-41c3-bfc1-89be4f9b4b38","block_type":"box","text":"18.1 The Depositary (on the instructions of the ACS Manager) may, in accordance with this section 18, borrow","page_number":244,"box":{"x":63,"y":441,"width":860,"height":11}},{"id":"79bcd9ff-512c-423d-88d5-7e0a0ab13bf6","block_type":"box","text":"money for the use of the Sub-Funds on terms that the borrowing is to be repayable out of the scheme property.","page_number":244,"box":{"x":110,"y":455,"width":812,"height":11}},{"id":"0c5dabb4-9803-4303-b59a-cce80509096e","block_type":"box","text":"This power to borrow is subject to the obligation to comply with any restriction in the ACS Deed. The Depositary","page_number":244,"box":{"x":109,"y":468,"width":814,"height":12}},{"id":"64639722-2303-47b7-a05a-78d4082fe791","block_type":"box","text":"may borrow only from an Eligible Institution or an Approved Bank (as defined by the FCA).","page_number":244,"box":{"x":110,"y":482,"width":667,"height":11}},{"id":"fd0a110d-1213-40b9-81c3-ab3b6fdd393e","block_type":"box","text":"18.2 The ACS Manager must ensure that a Sub-Fund's borrowing does not, on any Business Day, exceed 10 % of","page_number":244,"box":{"x":63,"y":502,"width":860,"height":11}},{"id":"e5b74660-465b-48db-a448-cc548e64b331","block_type":"box","text":"the value of the scheme property of the Sub-Fund.","page_number":244,"box":{"x":109,"y":515,"width":373,"height":12}},{"id":"884d2136-3450-4ca1-b58f-326fe1723430","block_type":"box","text":"18.3 None of the money in the scheme property of a Sub-Fund may be lent and, for the purposes of this prohibition,","page_number":244,"box":{"x":63,"y":535,"width":859,"height":11}},{"id":"232a78b7-8b27-48e8-974c-9f8e705baa5a","block_type":"box","text":"money is lent by the Sub-Fund if it is paid to a person (\"the payee\") on the basis that it should be repaid, whether","page_number":244,"box":{"x":110,"y":549,"width":813,"height":11}},{"id":"7b650181-d567-4a29-ac26-9a4994d20724","block_type":"box","text":"or not by the payee. Acquiring a debenture is not lending; nor is the placing of money on deposit or in a current","page_number":244,"box":{"x":110,"y":562,"width":813,"height":12}},{"id":"63ed2d31-5521-4167-a23a-1feb74d9b5c0","block_type":"box","text":"account.","page_number":244,"box":{"x":110,"y":577,"width":61,"height":8}},{"id":"e4d37c9f-4aea-41cd-8145-04d20e4ba082","block_type":"box","text":"18.4 The scheme property of the Sub-Funds other than money must not be lent by way of deposit or otherwise","page_number":244,"box":{"x":63,"y":595,"width":860,"height":12}},{"id":"2be61b1f-8caa-4fa9-afb2-d0fb1b335627","block_type":"box","text":"except for the purposes of stock lending as described below.","page_number":244,"box":{"x":110,"y":609,"width":447,"height":11}},{"id":"977796cf-5524-4e7a-b0d7-cc78d15fef6d","block_type":"box","text":"18.5 Transactions permitted for the purposes of stock lending are not lending for these purposes.","page_number":244,"box":{"x":63,"y":629,"width":727,"height":11}},{"id":"2cad65c3-6537-41b6-a48c-2d85d2a161c5","block_type":"box","text":"18.6 Nothing in these restrictions prevent the Depositary at the request of the ACS Manager, from lending,","page_number":244,"box":{"x":63,"y":648,"width":859,"height":12}},{"id":"c706f85c-a723-4836-9be7-85934e9dbb52","block_type":"box","text":"depositing, pledging or charging property for margin requirements where transactions in derivatives or forward","page_number":244,"box":{"x":110,"y":662,"width":812,"height":11}},{"id":"53604068-fbb5-4fe6-8a40-c2ca8d948816","block_type":"box","text":"transactions are used for the account of the Sub-Fund in accordance with any other of the rules in COLL 5.","page_number":244,"box":{"x":109,"y":676,"width":791,"height":11}},{"id":"be2a67e7-ff61-43e8-81dd-9a20dbceaaca","block_type":"box","text":"18.7 A Sub-Fund may not grant credit facilities nor act as guarantor on behalf of third parties, provided that, for the","page_number":244,"box":{"x":63,"y":695,"width":860,"height":12}},{"id":"9b12f5e2-94ac-422d-81dc-19e9e68731c0","block_type":"box","text":"purpose of this restriction: (i) the acquisition of transferable securities, approved money-market instruments or","page_number":244,"box":{"x":110,"y":709,"width":813,"height":11}},{"id":"8a905168-845c-4658-9650-d923e21124a2","block_type":"box","text":"other financial investments above, in fully or partly paid form; and (ii) the permitted lending of portfolio securities","page_number":244,"box":{"x":110,"y":723,"width":813,"height":11}},{"id":"e25b6f0e-6008-4e60-8cb4-0ac7133c22a0","block_type":"box","text":"shall be deemed not to constitute the making of a loan.","page_number":244,"box":{"x":110,"y":736,"width":405,"height":12}},{"id":"70c480c7-ceda-4c4a-9c21-64a1050f1dea","block_type":"box","text":"19.","page_number":244,"box":{"x":63,"y":762,"width":20,"height":9}},{"id":"eebe4687-95e9-4bf6-bcae-e242e433a456","block_type":"box","text":"Stock lending","page_number":244,"box":{"x":110,"y":762,"width":108,"height":11}},{"id":"96383811-8efc-4f9e-a431-5684019c84da","block_type":"box","text":"19.1 Stock lending transactions or repo contracts may be entered into when it reasonably appears to the ACS","page_number":244,"box":{"x":63,"y":781,"width":860,"height":12}},{"id":"f8e2b703-d69a-406c-90c8-410439ed3c13","block_type":"box","text":"Manager to be appropriate to do so with a view to generating additional income for the Sub-Funds with an","page_number":244,"box":{"x":110,"y":795,"width":812,"height":11}},{"id":"f27cc73c-d43b-466d-8e8c-166153575403","block_type":"box","text":"acceptable degree of risk.","page_number":244,"box":{"x":110,"y":809,"width":190,"height":11}},{"id":"3d0526a2-556d-464d-8438-b448398c42a8","block_type":"box","text":"19.2 The Depositary, at the request of the ACS Manager, may enter into a stock lending arrangement or repo","page_number":244,"box":{"x":63,"y":828,"width":860,"height":12}},{"id":"b422560a-3cef-4d24-b5f4-e037cff638f6","block_type":"box","text":"contract of the kind described in section 263B of the Taxation of Chargeable Gains Act 1992 (without extension","page_number":244,"box":{"x":110,"y":842,"width":812,"height":11}},{"id":"26fa3976-2dc9-49c6-b7ce-15a5d3e312e2","block_type":"box","text":"by section 263C), but only if: (i) all the terms of the agreement under which securities are to be reacquired by","page_number":244,"box":{"x":110,"y":856,"width":813,"height":11}},{"id":"df86f116-010d-43ae-a5df-ae18b324b8be","block_type":"box","text":"the Depositary for the account of the Sub-Funds, are in a form which is acceptable to the Depositary and are","page_number":244,"box":{"x":109,"y":869,"width":814,"height":11}},{"id":"d5d6f078-14db-4d23-9a97-28fbd9087f7b","block_type":"box","text":"in accordance with good market practice; (ii) the counterparty meets the criteria set out in COLL 5.4.4; and (iii)","page_number":244,"box":{"x":110,"y":883,"width":812,"height":11}},{"id":"6249ef85-7a73-4739-91ff-c304f22885e8","block_type":"box","text":"collateral is obtained to secure the obligation of the counterparty. Collateral must be acceptable to the","page_number":244,"box":{"x":110,"y":896,"width":813,"height":12}},{"id":"6e19d340-7e34-4b49-b882-5706bd886e5c","block_type":"box","text":"Depositary, adequate and sufficiently immediate.","page_number":244,"box":{"x":110,"y":910,"width":360,"height":11}},{"id":"83418976-af8e-4eea-9737-e81b46519181","block_type":"box","text":"Aviva Investors Funds ACS Prospectus","page_number":245,"box":{"x":62,"y":940,"width":204,"height":8}},{"id":"af439e6d-5b2a-4675-97ea-180d29b6a325","block_type":"box","text":"(5 October 2026)","page_number":245,"box":{"x":271,"y":940,"width":87,"height":8}},{"id":"09660c84-b600-4fc4-9044-8bba7d5f7b16","block_type":"box","text":"245","page_number":245,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"2dfbe8f1-d496-408c-b1e0-894ceaed70d9","block_type":"box","text":"Aviva Investors: Confidential","page_number":245,"box":{"x":95,"y":960,"width":154,"height":7}},{"id":"78e43076-89ed-4669-a704-68a7331b7ce1","block_type":"box","text":"19.3 The Depositary must ensure that the value of the collateral at all times is at least equal to the value of the","page_number":245,"box":{"x":63,"y":46,"width":860,"height":11}},{"id":"d282a951-e94b-41a6-acac-6b05d2577219","block_type":"box","text":"securities transferred by the Depositary. This duty may be regarded as satisfied in respect of collateral, the","page_number":245,"box":{"x":110,"y":59,"width":813,"height":12}},{"id":"1b2f4d5b-5258-4448-82a9-a09f757cf0ef","block_type":"box","text":"validity of which is about to expire or has expired, where the Depositary takes reasonable care to determine","page_number":245,"box":{"x":109,"y":73,"width":814,"height":11}},{"id":"961e2f8c-fac8-41b2-9e6b-0c60f8b27271","block_type":"box","text":"that sufficient collateral will again be transferred at the latest by the close of business on the day of expiry.","page_number":245,"box":{"x":109,"y":87,"width":784,"height":11}},{"id":"2aa02fd1-94b3-4bc3-b974-63cd5f1aaa84","block_type":"box","text":"19.4 Where a Sub-Fund enters into arrangements through which collateral is reinvested, this should be taken into","page_number":245,"box":{"x":63,"y":106,"width":860,"height":12}},{"id":"dfd83fda-2e75-429c-b001-d13f2799ea57","block_type":"box","text":"account for the purposes of measuring a Sub-Fund's global exposure under paragraph 10.8 of this Appendix","page_number":245,"box":{"x":110,"y":120,"width":813,"height":11}},{"id":"f8ec6464-059f-4c86-ada4-9254f01dbe68","block_type":"box","text":"6.","page_number":245,"box":{"x":110,"y":134,"width":11,"height":9}},{"id":"b2004a65-425b-47c3-a7c9-6854b27a2cdc","block_type":"box","text":"19.5 Collateral is adequate for the purposes of stock lending only if it is:","page_number":245,"box":{"x":63,"y":153,"width":537,"height":11}},{"id":"7e2e6ee0-a681-4c95-a754-427b11da8503","block_type":"box","text":"(a) transferred to the Depositary or its agent;","page_number":245,"box":{"x":110,"y":179,"width":350,"height":11}},{"id":"f7d2ad69-38d2-45d3-9892-c96930d3998f","block_type":"box","text":"(b) at least equal in value, at the time of the transfer to the Depositary, to the value of the securities","page_number":245,"box":{"x":110,"y":198,"width":813,"height":12}},{"id":"f9ddd379-9228-49a2-b364-4247d6a09ac9","block_type":"box","text":"transferred by the Depositary; and","page_number":245,"box":{"x":157,"y":212,"width":252,"height":11}},{"id":"3ed679f4-1739-4f92-888d-51651d6acce4","block_type":"box","text":"(c) in the form of one or more of:","page_number":245,"box":{"x":110,"y":232,"width":262,"height":11}},{"id":"39bf9a01-06af-4c18-a882-287420cdbae9","block_type":"box","text":"(i) cash; or","page_number":245,"box":{"x":158,"y":251,"width":106,"height":11}},{"id":"fd13e05a-cec8-4d58-821f-fdbd93573b3a","block_type":"box","text":"(ii) a certificate of deposit; or","page_number":245,"box":{"x":158,"y":271,"width":234,"height":11}},{"id":"3710062e-c54c-490d-8347-3842e8e77778","block_type":"box","text":"(iii) a letter of credit; or","page_number":245,"box":{"x":158,"y":290,"width":186,"height":12}},{"id":"6665cff1-a954-4b66-a0e6-f5309f05157d","block_type":"box","text":"(iv) a readily realisable security; or","page_number":245,"box":{"x":158,"y":310,"width":273,"height":11}},{"id":"8c0f9dd3-6c3e-4c9c-aeb9-54cbdb506967","block_type":"box","text":"(v) commercial paper with no embedded derivative content; or","page_number":245,"box":{"x":158,"y":330,"width":482,"height":11}},{"id":"de80ca30-d169-47e3-a368-2e7a396e164d","block_type":"box","text":"(vi) a qualifying money-market fund.","page_number":245,"box":{"x":158,"y":349,"width":284,"height":11}},{"id":"4b4d1290-e17f-4fa4-a15e-4dcae27d0f78","block_type":"box","text":"19.6 Where the collateral is invested in Units or shares of a qualifying money-market fund managed or operated by","page_number":245,"box":{"x":63,"y":369,"width":860,"height":11}},{"id":"d406329f-bac1-4033-b8ba-a0fb3010e805","block_type":"box","text":"the ACS Manager or an associate of the ACS Manager, the conditions of paragraph 5.8 of this Appendix 6","page_number":245,"box":{"x":109,"y":382,"width":814,"height":12}},{"id":"3c3a855c-20ba-42a9-b078-02806f3ab022","block_type":"box","text":"must be complied with.","page_number":245,"box":{"x":110,"y":396,"width":168,"height":11}},{"id":"6ddd17f7-8e2e-4dcc-851a-4376ecf1eb12","block_type":"box","text":"19.7 Any agreement for transfer at a future date of securities or of collateral (or of the equivalent of either) may be","page_number":245,"box":{"x":63,"y":416,"width":860,"height":11}},{"id":"6f4cae66-a249-4c86-9ccf-1effccc5f981","block_type":"box","text":"regarded, for the purposes of valuation, as an unconditional agreement for the sale or transfer of property,","page_number":245,"box":{"x":110,"y":429,"width":812,"height":11}},{"id":"7719e1d5-c4c3-499f-bf5a-7591687537ef","block_type":"box","text":"whether or not the property is part of the property of the Sub-Funds.","page_number":245,"box":{"x":109,"y":443,"width":502,"height":11}},{"id":"40748697-d448-4d99-83ff-c267ccfbb2d1","block_type":"box","text":"19.8 Each day, the collateral held in respect of each repo contract or stock lending transaction is marked-to-market","page_number":245,"box":{"x":63,"y":463,"width":860,"height":11}},{"id":"413f126e-8946-4df6-9cad-1f1a8344c356","block_type":"box","text":"and revalued. Where due to market movements the value of collateral is less than the value of the securities","page_number":245,"box":{"x":110,"y":476,"width":813,"height":9}},{"id":"bc57607a-6f62-46bd-9c4a-c08e971a283a","block_type":"box","text":"subject to the repo contract or stock lending transaction, the Depositary is entitled to call for additional collateral","page_number":245,"box":{"x":110,"y":490,"width":812,"height":11}},{"id":"0fd2657c-bfdd-4509-9ea6-af52c1ae1740","block_type":"box","text":"from the counterparty such that the value of the collateral and margin requirements is maintained.","page_number":245,"box":{"x":109,"y":504,"width":722,"height":11}},{"id":"f341a5cf-9c11-4e26-a497-5cd554c52e56","block_type":"box","text":"19.9 In the event there is a decline in the value of the collateral which exceeds the value of the margin held by the","page_number":245,"box":{"x":63,"y":523,"width":860,"height":11}},{"id":"e1b4532d-cc72-4502-bc28-43861b2978a1","block_type":"box","text":"Depositary, a counterparty credit risk will arise pending delivery of the additional collateral. In the normal course","page_number":245,"box":{"x":110,"y":537,"width":813,"height":11}},{"id":"7118f7ea-3121-4d96-b37e-0cb5020ef632","block_type":"box","text":"of events, additional collateral is delivered the following Business Day.","page_number":245,"box":{"x":110,"y":551,"width":518,"height":11}},{"id":"52d23a3c-b8ef-4340-969e-66835f6d50e9","block_type":"box","text":"19.10 There is no limit on the value of the property which may be the subject of repo contracts or stock lending","page_number":245,"box":{"x":63,"y":570,"width":860,"height":11}},{"id":"5ac1c694-c38d-49cc-82b2-358172e409ee","block_type":"box","text":"transactions","page_number":245,"box":{"x":109,"y":584,"width":90,"height":9}},{"id":"912a01ac-cbfe-442f-a0c9-443235111304","block_type":"box","text":".","page_number":245,"box":{"x":201,"y":591,"width":3,"height":1}},{"id":"c1b2d479-b770-4e40-915f-bb5a278f8f00","block_type":"box","text":"Collateral transferred to the Depositary is part of a Sub-Fund's property for the purpose of the","page_number":245,"box":{"x":211,"y":584,"width":712,"height":11}},{"id":"be814664-ded5-4ede-98e6-0f02b4a7d084","block_type":"box","text":"COLL Sourcebook except in the following respects:","page_number":245,"box":{"x":110,"y":597,"width":378,"height":12}},{"id":"2db90f01-4b53-4897-a977-f64ba243dc61","block_type":"box","text":"(a) it does not fall to be included in any valuation for the purposes of COLL 6.3 or this Appendix 6 because","page_number":245,"box":{"x":110,"y":623,"width":813,"height":11}},{"id":"311954f8-ddc0-44e2-bc46-b979775ed9fa","block_type":"box","text":"it is offset by an obligation to transfer at a future date (as set out above); and","page_number":245,"box":{"x":158,"y":637,"width":565,"height":11}},{"id":"6ce2e390-e094-4006-ab5f-7f61edf3bee4","block_type":"box","text":"(b) it does not comprise the Sub-Fund's property for the purpose of any investment and borrowing powers","page_number":245,"box":{"x":110,"y":662,"width":812,"height":11}},{"id":"12d261ac-cccb-4a26-a357-6b0dbc947718","block_type":"box","text":"set out in this Appendix 6 except for the purpose of this section 19.","page_number":245,"box":{"x":157,"y":676,"width":493,"height":11}},{"id":"d5b8736b-3604-40b6-b3f3-99aecdafb201","block_type":"box","text":"20.","page_number":245,"box":{"x":62,"y":702,"width":21,"height":8}},{"id":"17d25e3e-9961-4dba-810d-17a694851cba","block_type":"box","text":"General power to accept or underwrite placings","page_number":245,"box":{"x":110,"y":701,"width":378,"height":12}},{"id":"28464ce5-4d21-4d61-ab35-992c24b0bf40","block_type":"box","text":"20.1 Any power in the COLL Sourcebook to invest in transferable securities may be used for the purpose of entering","page_number":245,"box":{"x":62,"y":721,"width":861,"height":11}},{"id":"eb601edd-004a-4334-99b3-0262dbb5b381","block_type":"box","text":"into any agreement or understanding: which is an underwriting or sub-underwriting agreement, or which","page_number":245,"box":{"x":110,"y":735,"width":813,"height":11}},{"id":"1db64c67-0296-4797-b543-4adb33ae0458","block_type":"box","text":"contemplates that securities will or may be issued or subscribed for or acquired for the account of a Sub-Fund.","page_number":245,"box":{"x":110,"y":748,"width":812,"height":11}},{"id":"a28caa03-2b14-4e34-ae6c-0b814fd9d02a","block_type":"box","text":"20.2 This ability does not apply to an option, or a purchase of a transferable security which confers a right to","page_number":245,"box":{"x":62,"y":768,"width":861,"height":11}},{"id":"ed34ef91-d00e-40f9-9dc9-c9792f197f0b","block_type":"box","text":"subscribe for or acquire a transferable security, or to convert one transferable security into another.","page_number":245,"box":{"x":110,"y":781,"width":732,"height":12}},{"id":"627366cb-21b3-4b23-b0d5-7927b147cf57","block_type":"box","text":"20.3 The exposure of the Sub-Fund to agreements and understandings as set out above, on any Business Day must","page_number":245,"box":{"x":62,"y":801,"width":861,"height":11}},{"id":"975f1ab3-7b08-456d-8c76-344991e0cccf","block_type":"box","text":"be covered and must be such that, if all possible obligations arising under them had immediately to be met in","page_number":245,"box":{"x":110,"y":815,"width":812,"height":11}},{"id":"8804edcd-c2ef-4ab8-915e-598036a1a2d4","block_type":"box","text":"full, there would be no breach of any of the investment limits set out elsewhere in this Appendix 6.","page_number":245,"box":{"x":109,"y":828,"width":723,"height":11}},{"id":"16c78a70-2b8d-440c-aed7-21f6d388ae7b","block_type":"box","text":"21.","page_number":245,"box":{"x":62,"y":854,"width":21,"height":9}},{"id":"857e422a-ba74-4d5f-b56b-894b13a7fafe","block_type":"box","text":"Guarantees and indemnities","page_number":245,"box":{"x":110,"y":854,"width":223,"height":9}},{"id":"df41d7d8-c82a-4496-b2a8-791908717ee0","block_type":"box","text":"21.1 The Depositary for the account of the Sub-Fund must not provide any guarantee or indemnity in respect of the","page_number":245,"box":{"x":62,"y":873,"width":861,"height":12}},{"id":"48a5f596-289f-4133-b544-90c214186529","block_type":"box","text":"obligation of any person.","page_number":245,"box":{"x":110,"y":887,"width":180,"height":11}},{"id":"8f0c1d76-ebfa-4964-b095-a125143460de","block_type":"box","text":"Aviva Investors Funds ACS Prospectus","page_number":246,"box":{"x":62,"y":940,"width":204,"height":8}},{"id":"0eb7fd19-2e55-4b07-9689-ce226f62a306","block_type":"box","text":"(5 October 2026)","page_number":246,"box":{"x":271,"y":940,"width":87,"height":8}},{"id":"8c2c2b60-1419-41c4-9c4c-ef1505073b4b","block_type":"box","text":"246","page_number":246,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"8b768fb9-97b3-4dca-a44d-e071a88b9a83","block_type":"box","text":"Aviva Investors: Confidential","page_number":246,"box":{"x":95,"y":960,"width":154,"height":7}},{"id":"5bf0f44d-eb9f-41da-965b-ac6762972f40","block_type":"box","text":"21.2 These requirements do not apply to any indemnity or guarantee given for margin requirements where the","page_number":246,"box":{"x":62,"y":46,"width":861,"height":11}},{"id":"e147a8af-7f1a-42ca-837e-b96a8e325dcf","block_type":"box","text":"derivatives or forward transactions are being used in accordance with the requirements set out in this Appendix","page_number":246,"box":{"x":110,"y":59,"width":813,"height":12}},{"id":"d50b85ef-35d8-4585-bae4-e3992297f319","block_type":"box","text":"6.","page_number":246,"box":{"x":110,"y":73,"width":11,"height":9}},{"id":"19bcf206-7eac-43ec-a6c4-e8e84231442e","block_type":"box","text":"22.","page_number":246,"box":{"x":62,"y":99,"width":21,"height":8}},{"id":"9f4a1f5b-3e80-4344-b3ba-2c8909eedd49","block_type":"box","text":"Over-the-Counter (\"OTC\") transactions in derivatives","page_number":246,"box":{"x":110,"y":99,"width":421,"height":11}},{"id":"e8840f30-368f-48ae-bcab-a66963bdc733","block_type":"box","text":"22.1 The ACS Manager's delegates will continuously assess the credit or counterparty risk as well as the potential","page_number":246,"box":{"x":62,"y":118,"width":860,"height":11}},{"id":"84f572e6-1428-4487-b9ff-f7d4d82c03f6","block_type":"box","text":"risk, which is for trading activities, the risk resulting from adverse movements in the level of volatility of market","page_number":246,"box":{"x":110,"y":132,"width":813,"height":11}},{"id":"c3c8478a-3cbb-4719-b0ac-4b38127e12eb","block_type":"box","text":"prices and will assess the hedging effectiveness on an ongoing basis. They will define specific internal limits","page_number":246,"box":{"x":110,"y":146,"width":813,"height":11}},{"id":"c6bec805-25aa-4068-bb6e-65ac6e101b5a","block_type":"box","text":"applicable to these kinds of operations and monitor the counterparties accepted for these transactions.","page_number":246,"box":{"x":110,"y":159,"width":759,"height":11}},{"id":"bd16fc29-7685-4d20-bd4c-4f6be4222e27","block_type":"box","text":"22.2 Any transaction in an OTC derivative must be:","page_number":246,"box":{"x":62,"y":179,"width":388,"height":11}},{"id":"cc33cbce-d70a-4361-9206-5138874ec9b3","block_type":"box","text":"(a) with an approved counterparty; a counterparty to a transaction in derivatives is approved only if the","page_number":246,"box":{"x":110,"y":204,"width":813,"height":11}},{"id":"09d2307c-df24-430d-b527-299abf6777ea","block_type":"box","text":"counterparty is an Eligible Institution or an Approved Bank (as defined by the FCA); or a person whose","page_number":246,"box":{"x":157,"y":218,"width":765,"height":11}},{"id":"b1f41801-0ebb-487a-b17c-7d1416128ddc","block_type":"box","text":"permission (including any requirements or limitations), as published in the FCA Register or whose home","page_number":246,"box":{"x":158,"y":231,"width":765,"height":12}},{"id":"4567a9d9-6dfd-4c5d-858d-47c7bca3e67e","block_type":"box","text":"state authorisation, permits it to enter into the transaction","page_number":246,"box":{"x":157,"y":245,"width":445,"height":11}},{"id":"7101a0ca-3b84-4a7a-bebc-b77558d49fc6","block_type":"box","text":"as principal off-exchange; a CCP that is","page_number":246,"box":{"x":611,"y":245,"width":312,"height":11}},{"id":"902aaa5f-0f12-40d9-b9bf-2477b33ec5ad","block_type":"box","text":"authorised in that capacity for the purposes of EMIR; a CCP that is recognised in that capacity in","page_number":246,"box":{"x":157,"y":259,"width":765,"height":11}},{"id":"fad009fd-4e42-4797-86e6-60592cacd29b","block_type":"box","text":"accordance with the process set out in article 25 of EMIR; or to the extent not already covered, a CCP","page_number":246,"box":{"x":157,"y":272,"width":766,"height":12}},{"id":"8b45992e-6a01-4dc5-9674-baebd573dd14","block_type":"box","text":"supervised in a jurisdiction that has implemented the relevant G20 reforms on OTC derivatives to at least","page_number":246,"box":{"x":157,"y":286,"width":766,"height":11}},{"id":"e11fea7d-0657-4042-a125-8511c82d7a42","block_type":"box","text":"the same extent as the United Kingdom and is identified as having done so by the Financial Stability","page_number":246,"box":{"x":157,"y":300,"width":766,"height":11}},{"id":"139ebf92-bde1-439e-8fc8-9d5fb8e453ce","block_type":"box","text":"Board in its summary report on progress in implementation of G20 regulatory reforms dated 25 June","page_number":246,"box":{"x":158,"y":313,"width":765,"height":12}},{"id":"44063c25-8408-496e-8e0d-b9b57a18d9d6","block_type":"box","text":"2019;","page_number":246,"box":{"x":157,"y":328,"width":40,"height":10}},{"id":"9d13b969-b133-49b3-9a8b-9bff86f43b79","block_type":"box","text":"(b) on approved terms; the terms of the transaction in derivatives are approved only if, the ACS Manager","page_number":246,"box":{"x":110,"y":347,"width":813,"height":11}},{"id":"62e7b39a-5ab0-4548-806b-f08b93d32146","block_type":"box","text":"carries out at least daily a reliable and verifiable valuation in respect of that transaction corresponding to","page_number":246,"box":{"x":157,"y":360,"width":766,"height":12}},{"id":"fb32d6fa-61e5-4751-86ed-28abf1684a0d","block_type":"box","text":"its fair value and which does not rely on market quotations by the counterparty, and the ACS Manager","page_number":246,"box":{"x":158,"y":374,"width":765,"height":11}},{"id":"b8dda34a-25f4-4373-b13d-b0145bc4ea4d","block_type":"box","text":"can enter into one or more further transactions to sell, liquidate or close out that transaction at any time,","page_number":246,"box":{"x":157,"y":388,"width":765,"height":11}},{"id":"d51ff707-e435-47e1-a9a5-525728213bac","block_type":"box","text":"at its fair value;","page_number":246,"box":{"x":157,"y":401,"width":111,"height":11}},{"id":"41e25597-6791-40a6-a501-3d147f1d9cac","block_type":"box","text":"capable of reliable valuation; a transaction in derivatives is capable of reliable valuation only if the ACS Manager","page_number":246,"box":{"x":62,"y":421,"width":861,"height":11}},{"id":"fd546946-4df5-479f-96dc-2892aa99aa2e","block_type":"box","text":"having taken reasonable care determines that, throughout the life of the derivative (if the transaction is entered into),","page_number":246,"box":{"x":62,"y":435,"width":860,"height":11}},{"id":"8d72d5e9-8e5b-400f-ada8-ab680ba48c8a","block_type":"box","text":"it will be able to value the investment concerned with reasonable accuracy: on the basis of an up-to-date market value","page_number":246,"box":{"x":62,"y":448,"width":861,"height":12}},{"id":"2d8d1976-7913-468b-9a22-c78b43609732","block_type":"box","text":"which the ACS Manager and the Depositary have agreed is reliable, or, if the value referred to above is not available,","page_number":246,"box":{"x":62,"y":462,"width":860,"height":11}},{"id":"303e709b-a0d7-464a-96fe-77c7a7f06d03","block_type":"box","text":"on the basis of a pricing model which the ACS Manager and Depositary have agreed uses an adequate recognised","page_number":246,"box":{"x":62,"y":475,"width":860,"height":12}},{"id":"64a6fd2a-f835-4d75-95b0-ec5c766ea651","block_type":"box","text":"methodology; and","page_number":246,"box":{"x":62,"y":489,"width":132,"height":11}},{"id":"38d36ab6-e368-436c-9f33-f76260fb4e7b","block_type":"box","text":"(c) subject to verifiable valuation; a transaction in derivatives is subject to verifiable valuation only if","page_number":246,"box":{"x":110,"y":509,"width":813,"height":11}},{"id":"2aa5f12c-332c-4090-bda8-9d3d323a2766","block_type":"box","text":"throughout the life of the derivative verification of valuation is carried out by an independent third party","page_number":246,"box":{"x":157,"y":522,"width":766,"height":12}},{"id":"89e4c1ed-29c8-4623-b150-64b37063f019","block_type":"box","text":"distinct from the counterparty on a regular basis and in such a way that the ACS Manager is able to","page_number":246,"box":{"x":157,"y":536,"width":766,"height":11}},{"id":"22a6a8e2-d667-4fc4-ae6f-e113e8d5afd2","block_type":"box","text":"check or by an independent division of the ACS Manager separate from the division managing the","page_number":246,"box":{"x":157,"y":550,"width":766,"height":11}},{"id":"02e5c6ab-1ab3-4c65-8084-83b9ddec352a","block_type":"box","text":"particular Sub-Fund's assets.","page_number":246,"box":{"x":158,"y":563,"width":214,"height":12}},{"id":"fd5019bb-279e-4862-a87b-5eee1662482d","block_type":"box","text":"23.","page_number":246,"box":{"x":62,"y":589,"width":21,"height":9}},{"id":"15300c03-2726-4b10-a5fc-452b9d4c68de","block_type":"box","text":"Restrictions on investment and holding of Aviva Plc shares and other Aviva securities","page_number":246,"box":{"x":110,"y":589,"width":686,"height":11}},{"id":"4a95eb65-d8c8-43c6-b6d6-3ffc8408d7aa","block_type":"box","text":"The ACS Manager has determined with effect from 17 February 2020 to restrict Sub-Funds that are managed","page_number":246,"box":{"x":109,"y":622,"width":813,"height":11}},{"id":"7d259c16-5e36-49c8-8294-4ad9bcaefe25","block_type":"box","text":"by investment managers within the Aviva group, such as Aviva Investors Global Services Limited, from being","page_number":246,"box":{"x":110,"y":636,"width":812,"height":11}},{"id":"74bdc24e-6046-43a6-af25-4dfd3b863cdd","block_type":"box","text":"permitted to directly or indirectly invest in or hold Aviva Plc shares and other securities issued by Aviva Plc","page_number":246,"box":{"x":110,"y":650,"width":813,"height":11}},{"id":"24df5f0e-a406-461d-ac6e-44e572c04ce2","block_type":"box","text":"such as bonds, commercial paper and derivatives of these securities (collectively ‘Aviva Securities’). The","page_number":246,"box":{"x":110,"y":663,"width":813,"height":11}},{"id":"8937474b-a211-42a8-a9e6-725ca26d1550","block_type":"box","text":"prohibition on indirect exposure to Aviva Securities shall not include:","page_number":246,"box":{"x":110,"y":677,"width":504,"height":11}},{"id":"277426e6-5fad-42ba-b000-c4f27fb699fc","block_type":"box","text":"","page_number":246,"box":{"x":110,"y":708,"width":6,"height":5}},{"id":"4a5ef708-5f4c-45cf-8431-d70c513c5d11","block_type":"box","text":"indirect exposure to a financial index, for example through an index future, where Aviva is a constituent of","page_number":246,"box":{"x":146,"y":705,"width":777,"height":11}},{"id":"e0728d21-00fa-442a-9653-dbd3f9a07abb","block_type":"box","text":"the financial index and,","page_number":246,"box":{"x":145,"y":719,"width":170,"height":10}},{"id":"861dd020-375e-4c3f-be08-3c7da0b86a3d","block_type":"box","text":"","page_number":246,"box":{"x":110,"y":742,"width":6,"height":5}},{"id":"3a44d385-8a7b-4d5e-a662-e8b48102bb6d","block_type":"box","text":"investment in other funds managed by third parties, where the underlying funds may have exposure to","page_number":246,"box":{"x":146,"y":739,"width":777,"height":11}},{"id":"684fbcc5-6d52-4f7d-be3a-07321e9762a5","block_type":"box","text":"Aviva Securities.","page_number":246,"box":{"x":145,"y":753,"width":122,"height":9}},{"id":"7359b4ab-44a9-47cd-a49a-211e14efa2dd","block_type":"box","text":"Sub-Funds managed by investment managers outside of the Aviva Group, (with the exception of AI UK Listed","page_number":246,"box":{"x":110,"y":786,"width":812,"height":11}},{"id":"a4651c0a-c160-441c-9e5c-9550f400d5ef","block_type":"box","text":"Equity Fund and the AI UK Listed Equity Income Fund) will continue to be prohibited from directly investing in","page_number":246,"box":{"x":110,"y":800,"width":812,"height":11}},{"id":"9045aab7-15a8-4ed2-8932-817983b1fc9f","block_type":"box","text":"or holding Aviva Plc shares due to Companies Act restrictions, however, they will continue to be permitted to","page_number":246,"box":{"x":110,"y":813,"width":813,"height":12}},{"id":"120b2fe4-b2c8-49f6-b3ee-633c00a06688","block_type":"box","text":"have indirect exposure to Aviva Plc shares, and direct and indirect exposure to all other Aviva Securities.","page_number":246,"box":{"x":110,"y":827,"width":774,"height":11}},{"id":"cb87c03e-56a3-4448-8119-6f81abea6ccb","block_type":"box","text":"The AI UK Listed Equity Fund and the AI UK Listed Equity Income Fund both received holdings of Aviva Plc","page_number":246,"box":{"x":109,"y":854,"width":814,"height":11}},{"id":"1720d815-d030-440d-b374-ab395e152213","block_type":"box","text":"shares on launch of the Sub-Funds, via an in-specie transfer (‘Legacy Holdings’). These Sub-Funds are","page_number":246,"box":{"x":110,"y":868,"width":813,"height":11}},{"id":"f8a32004-38b4-4a5b-9d37-ce397f5e2f13","block_type":"box","text":"permitted to continue to hold these Legacy Holdings but are prohibited from making any new direct investment","page_number":246,"box":{"x":110,"y":882,"width":813,"height":11}},{"id":"f8ff0df9-758c-4a84-a673-2d5fcf557e0d","block_type":"box","text":"in Aviva Plc shares.","page_number":246,"box":{"x":110,"y":895,"width":144,"height":9}},{"id":"cd9b8d55-7738-46dd-88e0-4fc2efe66966","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026)","page_number":247,"box":{"x":83,"y":940,"width":296,"height":8}},{"id":"f8e6bd9f-febd-40ef-9995-d66272423f58","block_type":"box","text":"247","page_number":247,"box":{"x":802,"y":940,"width":18,"height":6}},{"id":"94683602-1939-49bb-a21f-760c4b19935c","block_type":"box","text":"Aviva Investors: Confidential","page_number":247,"box":{"x":96,"y":966,"width":154,"height":7}},{"id":"e2b82cbc-6d72-458b-bd59-49ae646ec3dc","block_type":"box","text":"APPENDIX 7","page_number":247,"box":{"x":460,"y":60,"width":100,"height":8}},{"id":"8be59eda-76f5-4c5a-a585-0734d93c7ea8","block_type":"box","text":"VALUATION AND PRICING","page_number":247,"box":{"x":404,"y":87,"width":212,"height":9}},{"id":"451c4672-db62-4406-8382-81ffed25e8fc","block_type":"box","text":"1.","page_number":247,"box":{"x":84,"y":113,"width":11,"height":8}},{"id":"ea2b8329-0ebf-4344-a6c5-f9de402240dd","block_type":"box","text":"DETERMINATION OF NET ASSET VALUE","page_number":247,"box":{"x":132,"y":112,"width":326,"height":9}},{"id":"3906b891-c450-4ad5-ab2a-f5a9b892e39d","block_type":"box","text":"The value of the scheme property shall be the value of the assets less the value of the liabilities as follows:","page_number":247,"box":{"x":131,"y":132,"width":789,"height":11}},{"id":"efc24d09-1583-45af-b692-d65e38554635","block_type":"box","text":"(i)","page_number":247,"box":{"x":131,"y":151,"width":13,"height":12}},{"id":"4a688496-acf6-46d9-a1e0-5503fe9be28b","block_type":"box","text":"Property which is not cash shall be valued at the most recent prices which it is practicable to obtain.","page_number":247,"box":{"x":191,"y":152,"width":736,"height":11}},{"id":"b248e050-377d-4fbb-bdff-b81acff99f9b","block_type":"box","text":"(ii)","page_number":247,"box":{"x":131,"y":171,"width":17,"height":11}},{"id":"6fbbe0d5-4300-4634-a801-de8050410ebd","block_type":"box","text":"Units or shares in a collective scheme shall be valued at a single price or at the average of a buying","page_number":247,"box":{"x":191,"y":171,"width":746,"height":11}},{"id":"5d063b09-9c3f-4de3-94f4-aca1ffb76e17","block_type":"box","text":"and selling price, if quoted, net of initial fees or redemption charges.","page_number":247,"box":{"x":191,"y":185,"width":502,"height":11}},{"id":"2576686c-f780-41ab-a7b5-5b2bc6e56dee","block_type":"box","text":"(iii)","page_number":247,"box":{"x":131,"y":204,"width":20,"height":11}},{"id":"49d42c40-5255-448a-9a5a-c898dc2427f3","block_type":"box","text":"Securities shall be valued at the single or average of the buying and selling price of a security, in the","page_number":247,"box":{"x":191,"y":204,"width":746,"height":11}},{"id":"e9f68a30-2591-473d-a5ca-eab4b40a6ddc","block_type":"box","text":"case of a listed security being the quoted price, or at the most recent prices which it is practicable to","page_number":247,"box":{"x":191,"y":218,"width":746,"height":11}},{"id":"acb3691e-c8f5-4d83-aa5d-4f1a0d938586","block_type":"box","text":"obtain.","page_number":247,"box":{"x":191,"y":232,"width":49,"height":8}},{"id":"c716b833-98e1-4e86-960c-f2569c590b69","block_type":"box","text":"(iv) If, in the opinion of the ACS Manager, the price obtained is unreliable or there is no recent trade price","page_number":247,"box":{"x":131,"y":251,"width":806,"height":11}},{"id":"82ce5782-8fa9-4db2-8a05-7c35dd9674b4","block_type":"box","text":"or the ACS Manager deems the price not a true reflection, the ACS Manager will use a fair value policy","page_number":247,"box":{"x":191,"y":265,"width":746,"height":11}},{"id":"3c4acaa9-ef41-4b75-ace3-b4f890900878","block_type":"box","text":"to determine a price.","page_number":247,"box":{"x":191,"y":279,"width":151,"height":11}},{"id":"260b91b5-e2f1-4153-8611-376a967070a8","block_type":"box","text":"(v)","page_number":247,"box":{"x":131,"y":298,"width":18,"height":11}},{"id":"1069453c-c5a0-4be5-a9a4-c4e11d4d689a","block_type":"box","text":"Cash and amounts held in current, deposit and margin accounts shall be valued at their nominal value.","page_number":247,"box":{"x":191,"y":298,"width":745,"height":11}},{"id":"133e39d9-0d2a-4a65-8fd8-7610168a14a1","block_type":"box","text":"(vi) Currencies other than sterling will be converted at the relevant Valuation Point at an exchange rate","page_number":247,"box":{"x":131,"y":318,"width":806,"height":11}},{"id":"241816bc-f7a6-4564-93c9-b9cf5c0c892f","block_type":"box","text":"not likely to be prejudicial to Unitholders or potential Unitholders.","page_number":247,"box":{"x":192,"y":331,"width":475,"height":11}},{"id":"b36cfafd-8d08-4f81-9f8d-d5a33f1cddd2","block_type":"box","text":"(vii) Exchange traded derivative contracts shall be valued at the average of the quoted buying and selling","page_number":247,"box":{"x":131,"y":351,"width":806,"height":11}},{"id":"38650ea1-2022-4fb7-81cb-ec625ea54b05","block_type":"box","text":"price.","page_number":247,"box":{"x":192,"y":365,"width":38,"height":11}},{"id":"e17279ac-7b47-413d-8f84-a1c552c5bfed","block_type":"box","text":"(viii) Over-the-counter derivative contracts shall be valued as agreed between the ACS Manager and the","page_number":247,"box":{"x":131,"y":384,"width":806,"height":11}},{"id":"2e6ee5d3-15b7-4890-bafc-0c287865cbf5","block_type":"box","text":"Depositary.","page_number":247,"box":{"x":192,"y":398,"width":82,"height":11}},{"id":"4298b8a2-d381-4fca-80fa-174a21b15bae","block_type":"box","text":"(ix) All instructions given to issue or cancel shares will be assumed to have been effected and the cash","page_number":247,"box":{"x":131,"y":417,"width":806,"height":12}},{"id":"298453ad-9549-48d2-96b7-c2afa334e1d9","block_type":"box","text":"paid or received taken into account.","page_number":247,"box":{"x":192,"y":431,"width":262,"height":11}},{"id":"7a0aa810-27d9-4c42-be95-37dfbbebaf8a","block_type":"box","text":"(x)","page_number":247,"box":{"x":131,"y":451,"width":18,"height":11}},{"id":"491f09f8-623a-46e6-94ae-4d7d749fb307","block_type":"box","text":"Futures or contracts for differences which are not yet due to be performed and unexpired and","page_number":247,"box":{"x":191,"y":451,"width":746,"height":11}},{"id":"e5fe843f-d9d4-4cff-8bf0-32049f5accca","block_type":"box","text":"unexercised written or purchased options shall not be included for the purposes of valuation.","page_number":247,"box":{"x":192,"y":464,"width":683,"height":11}},{"id":"04429bdd-0ea2-40fd-bdd4-ee42565e87de","block_type":"box","text":"(xi) The valuation shall deduct an estimate of any tax liabilities.","page_number":247,"box":{"x":131,"y":484,"width":494,"height":11}},{"id":"f8f3239c-7951-4575-8067-2b2c0191f304","block_type":"box","text":"(xii) The valuation shall deduct an estimate of liabilities accrued and payable out of the scheme property.","page_number":247,"box":{"x":131,"y":503,"width":801,"height":12}},{"id":"a588c62d-e4d3-40f9-9007-409d6e44e325","block_type":"box","text":"(xiii) The valuation shall deduct the principal of any outstanding borrowings and any accrued, unpaid","page_number":247,"box":{"x":131,"y":523,"width":806,"height":11}},{"id":"815aacb5-ae60-423e-b1fb-d23b5b774d18","block_type":"box","text":"interest.","page_number":247,"box":{"x":192,"y":537,"width":57,"height":9}},{"id":"fa9e87e1-e5d1-4ba9-aac7-242b6a379cac","block_type":"box","text":"(xiv) The valuation shall include an estimate of any accrued claims for tax.","page_number":247,"box":{"x":131,"y":556,"width":570,"height":12}},{"id":"8f0ca531-cba2-44dd-afdb-e6d46a966008","block_type":"box","text":"(xv) The valuation shall add any other accrued amounts to be paid or received into the Scheme.","page_number":247,"box":{"x":131,"y":576,"width":735,"height":11}},{"id":"5e615cd7-48a0-4315-bece-84de29fa4485","block_type":"box","text":"2.","page_number":247,"box":{"x":83,"y":622,"width":12,"height":8}},{"id":"26effeae-9a59-471d-b281-0be4db341813","block_type":"box","text":"DETERMINATION OF UNIT PRICE","page_number":247,"box":{"x":132,"y":621,"width":265,"height":9}},{"id":"305924da-c52a-4d9d-9d37-f8ac1ad7047c","block_type":"box","text":"There is a single price (per Unit Class) for dealing in Units in each Sub-Fund.","page_number":247,"box":{"x":131,"y":641,"width":569,"height":11}},{"id":"202ed2b3-6c3c-4808-99cb-59d92eb46dc1","block_type":"box","text":"The actual cost of purchasing or selling a Sub-Fund’s underlying investments may be higher or lower than the","page_number":247,"box":{"x":131,"y":680,"width":806,"height":11}},{"id":"8bb2ae55-86af-485c-beb2-41b538830a33","block_type":"box","text":"mid-market value used in calculating the Unit price. Accordingly, the Sub-Fund may suffer a reduction (dilution)","page_number":247,"box":{"x":131,"y":693,"width":805,"height":12}},{"id":"57c7bc15-c227-4291-82ff-253fa2f31638","block_type":"box","text":"in the value of the scheme property resulting from the costs incurred in dealing in the underlying investments","page_number":247,"box":{"x":131,"y":707,"width":806,"height":11}},{"id":"01c9d8f0-36f8-4368-84ad-248815d2c493","block_type":"box","text":"and any spread between the buying and selling prices of those investments.","page_number":247,"box":{"x":131,"y":721,"width":562,"height":11}},{"id":"2879f365-fbc7-41e9-af33-583e901eb78b","block_type":"box","text":"Therefore, in order to protect the interests of existing Unitholders from the impacts of such dilution, on any","page_number":247,"box":{"x":131,"y":760,"width":806,"height":11}},{"id":"8784c024-ce49-419e-a095-dd642bf660c1","block_type":"box","text":"Dealing Day where there are Unitholder cash flows into or out of a Sub-Fund, the ACS Manager will determine","page_number":247,"box":{"x":132,"y":774,"width":805,"height":11}},{"id":"4216d887-de50-4c31-a314-471c49bda83e","block_type":"box","text":"if the mid-price will be adjusted either up or down, in order to mitigate any adverse effect of dealing in the","page_number":247,"box":{"x":131,"y":787,"width":806,"height":12}},{"id":"62819376-7e95-46d4-a005-1750683fe8e0","block_type":"box","text":"underlying investments of a Sub-Fund (dilution).","page_number":247,"box":{"x":131,"y":801,"width":355,"height":11}},{"id":"2c5ee46e-a134-424e-8839-9badeb87ffa4","block_type":"box","text":"This adjustment to the price is known as swing pricing and is also known as single pricing with a dilution","page_number":247,"box":{"x":131,"y":840,"width":805,"height":11}},{"id":"8ea43302-bb06-4180-888e-2585e89c3d83","block_type":"box","text":"adjustment. To explain further, the ACS Manager will establish the approximate impact of dealing in the","page_number":247,"box":{"x":131,"y":854,"width":806,"height":11}},{"id":"59bcdb84-bfd8-4549-9cd1-6b17baabfe16","block_type":"box","text":"underlying assets of a Sub-Fund including market spreads and dealing costs. Market spread is the difference","page_number":247,"box":{"x":131,"y":867,"width":806,"height":12}},{"id":"bfe92bc6-fb4f-433e-a798-8a4280b27781","block_type":"box","text":"between the buying and selling prices provided by the market makers who deal in the underlying investments.","page_number":247,"box":{"x":131,"y":881,"width":805,"height":11}},{"id":"ee43f75d-3a6e-4dec-97a0-ef7696246a5f","block_type":"box","text":"Dealing costs are an estimate of the costs of trading in the underlying investments including brokerage fees","page_number":247,"box":{"x":132,"y":895,"width":805,"height":11}},{"id":"5eb76022-c27a-4d09-b15b-788bf436b7d9","block_type":"box","text":"and any relevant taxes. The amounts by which the mid-price is adjusted will vary Sub-Fund to Sub-Fund","page_number":247,"box":{"x":131,"y":908,"width":805,"height":12}},{"id":"d854ef42-90fc-4a48-8d50-062b683ee1a8","block_type":"box","text":"depending on the type of underlying assets in which the Sub-Fund invests, and the markets and regions in","page_number":247,"box":{"x":131,"y":922,"width":805,"height":11}},{"id":"7b55c764-dc77-48c1-9bc5-0bc0fb6e9aaf","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (5 October 2026)","page_number":248,"box":{"x":83,"y":940,"width":296,"height":8}},{"id":"21f585a1-bc76-491c-9fa1-5ded3e3f7010","block_type":"box","text":"248","page_number":248,"box":{"x":802,"y":940,"width":18,"height":6}},{"id":"1c3d1862-d057-4f62-8061-90657d2c100c","block_type":"box","text":"Aviva Investors: Confidential","page_number":248,"box":{"x":96,"y":966,"width":154,"height":7}},{"id":"8adcf46b-c917-4ba0-b524-e19a22e5b4ed","block_type":"box","text":"which the underlying assets are traded. 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