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No action has been taken by the Company or AIUKFSL that would permit an offer of","page_number":4,"box":{"x":122,"y":559,"width":756,"height":11}},{"id":"a977e0a8-d115-45ca-8030-4bcde94a3c17","block_type":"box","text":"Shares or possession or distribution of this document in any jurisdiction where action for that purpose","page_number":4,"box":{"x":121,"y":579,"width":757,"height":11}},{"id":"dfef6cc7-9adb-405a-8bbf-2b10152611ac","block_type":"box","text":"is required, other than in the United Kingdom. This document does not constitute an offer of or an","page_number":4,"box":{"x":122,"y":600,"width":755,"height":11}},{"id":"e75406b0-ed3b-4c0c-acca-286f362ae753","block_type":"box","text":"invitation to purchase or subscribe for any Shares by anyone in any jurisdiction in which such offer or","page_number":4,"box":{"x":122,"y":620,"width":756,"height":11}},{"id":"8d402656-47ff-4a6f-8b55-34ed6d785f09","block_type":"box","text":"invitation is not authorised or to any person to whom it is unlawful to make such offer or invitation.","page_number":4,"box":{"x":122,"y":641,"width":755,"height":11}},{"id":"3e4870a1-6c7a-4f4f-92fc-049b9905901f","block_type":"box","text":"Persons into whose possession this document comes are required by the Company and AIUKFSL to","page_number":4,"box":{"x":122,"y":661,"width":756,"height":11}},{"id":"578601bc-c85a-4421-b36b-8a39ac9a3cc9","block_type":"box","text":"inform themselves about and to observe any such restrictions.","page_number":4,"box":{"x":122,"y":682,"width":458,"height":11}},{"id":"f5e1c744-37bd-4dc5-8e46-cd0dde32d35f","block_type":"box","text":"The Company, AIUKSL or both may have obligations to report details of Shareholders and their interest","page_number":4,"box":{"x":121,"y":722,"width":757,"height":12}},{"id":"c7b39817-8a30-4764-9629-67aad2d19375","block_type":"box","text":"in the Funds to HM Revenue & Customs. This is because the UK has entered into intergovernmental","page_number":4,"box":{"x":122,"y":743,"width":755,"height":11}},{"id":"75f62b3a-ed69-4eed-b1d1-9a2342a9d18b","block_type":"box","text":"information exchange agreements with the United States of America (as a result of the Foreign Account","page_number":4,"box":{"x":122,"y":763,"width":756,"height":12}},{"id":"94b31026-3abe-487e-8819-28b485d34156","block_type":"box","text":"Tax Compliance Act (“FATCA”)) and other countries (as a result of the Common Reporting Standard)","page_number":4,"box":{"x":121,"y":784,"width":756,"height":11}},{"id":"ec92ee66-7967-4ab8-8aaf-770c1c185b1f","block_type":"box","text":"and has introduced domestic law to implement the requirements of those regimes. 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Such information may include the identity of Shareholders, their tax identification numbers,","page_number":4,"box":{"x":121,"y":845,"width":756,"height":12}},{"id":"dca61f58-836b-4c09-b308-ffb4e8650ab6","block_type":"box","text":"their status under the information exchange agreements, their tax residency status, payments made to","page_number":4,"box":{"x":121,"y":866,"width":757,"height":11}},{"id":"bb966b61-3a27-4d43-b242-272b157f22e2","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 5","page_number":5,"box":{"x":121,"y":926,"width":358,"height":9}},{"id":"083acc68-5505-44c7-834e-8bc43eb8ce4c","block_type":"box","text":"the Shareholders in respect of their Shares and the value of the Shares at the end of the calendar year.","page_number":5,"box":{"x":121,"y":87,"width":756,"height":12}},{"id":"b3f805d5-b0c8-4c05-b006-b9d1a585d9bd","block_type":"box","text":"The Company may pass this information to HM Revenue & Customs who may, if necessary, share this","page_number":5,"box":{"x":121,"y":108,"width":757,"height":11}},{"id":"e5081d22-4c81-425b-8ce7-7a76d3768002","block_type":"box","text":"information with overseas government agencies (including those outside the EEA).","page_number":5,"box":{"x":122,"y":128,"width":610,"height":12}},{"id":"3e1267b0-ab6e-41e4-8671-9c6c14fe61e9","block_type":"box","text":"Although it is the intention of AIUKFSL that all of the Funds shall comply with the FATCA provisions,","page_number":5,"box":{"x":121,"y":169,"width":756,"height":12}},{"id":"b84443e0-9793-4f02-b627-81130d05bf32","block_type":"box","text":"AIUKSL is not able to guarantee that this will always be the case. Any failure in this regard may result","page_number":5,"box":{"x":121,"y":190,"width":757,"height":11}},{"id":"6b7e4c0e-3dc9-4cf8-89e6-c826a3d121ca","block_type":"box","text":"in withholding tax of 30% being deducted from US sourced payments. Were such tax to be suffered, it","page_number":5,"box":{"x":122,"y":210,"width":756,"height":12}},{"id":"64196e5c-5ca6-463f-b361-e8dbe3c9893a","block_type":"box","text":"shall be charged to the relevant Fund.","page_number":5,"box":{"x":121,"y":231,"width":280,"height":11}},{"id":"b9016002-cc20-4605-9a23-4797c3d9de52","block_type":"box","text":"A condition of investing, or of continuing to invest, is that, upon request from AIUKFSL or its delegate,","page_number":5,"box":{"x":121,"y":272,"width":756,"height":11}},{"id":"004e6fc8-184f-4a53-b298-c87f5ab66c53","block_type":"box","text":"Shareholders provide accurate information to be passed on to HM Revenue & Customs which may, as","page_number":5,"box":{"x":121,"y":292,"width":757,"height":11}},{"id":"8d6c6222-3441-4d78-9072-b973bee6e923","block_type":"box","text":"already stated, be shared with other overseas government agencies.","page_number":5,"box":{"x":121,"y":313,"width":508,"height":11}},{"id":"0d8bd3f6-57ac-4908-b4bc-1dd3ebfdbe43","block_type":"box","text":"The provisions of the Company’s Instrument of Incorporation are binding on each of its Shareholders","page_number":5,"box":{"x":121,"y":354,"width":757,"height":11}},{"id":"5d0e3803-7d51-46bb-bc12-898f67542474","block_type":"box","text":"(who are taken to have notice of them).","page_number":5,"box":{"x":122,"y":374,"width":288,"height":11}},{"id":"c5a4bb2e-7833-45db-ac39-677a6d790d87","block_type":"box","text":"References to times in this Prospectus are to London times unless otherwise stated.","page_number":5,"box":{"x":122,"y":415,"width":622,"height":11}},{"id":"414064b1-f258-4b4d-be18-a3c0a8cd5c45","block_type":"box","text":"The Instrument of Incorporation, this Prospectus and all deals in Shares are governed by and at all","page_number":5,"box":{"x":121,"y":456,"width":756,"height":11}},{"id":"2fcf6e54-352e-496d-9f9e-d47007f1f93c","block_type":"box","text":"times subject to the laws of England and Wales. 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All dealing, correspondence and communication with","page_number":5,"box":{"x":122,"y":497,"width":755,"height":11}},{"id":"5dc79517-fd01-4991-996d-52ba0708f4a4","block_type":"box","text":"investors in relation to this Prospectus shall take place in English.","page_number":5,"box":{"x":122,"y":518,"width":483,"height":11}},{"id":"fe05d9b3-c1ca-460e-8197-ddc46c2a471a","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 6","page_number":6,"box":{"x":121,"y":926,"width":358,"height":9}},{"id":"60ab7b4e-f381-4e84-995d-99d04d19e365","block_type":"box","text":"DEFINITIONS","page_number":6,"box":{"x":427,"y":88,"width":154,"height":13}},{"id":"35a3ead6-88e9-48ed-ad5d-f170081be92b","block_type":"box","text":"In this Prospectus the words and expressions set out in the first column below shall have the meanings","page_number":6,"box":{"x":122,"y":149,"width":756,"height":12}},{"id":"844976ce-e8ad-4721-bced-9d7052521d93","block_type":"box","text":"set opposite them unless the context requires otherwise. Words and expressions contained in this","page_number":6,"box":{"x":121,"y":170,"width":757,"height":11}},{"id":"2ef85c91-93ea-4a62-a89c-c6cba60bb582","block_type":"box","text":"Prospectus but not defined within it shall have the same meanings as in the Act or the Regulations (as","page_number":6,"box":{"x":122,"y":190,"width":756,"height":11}},{"id":"ac47af8f-bba8-4221-b900-d53eeece9907","block_type":"box","text":"defined below) unless the contrary is stated.","page_number":6,"box":{"x":121,"y":211,"width":326,"height":11}},{"id":"05b02f83-3a5b-4d80-9c43-3e2c511c881a","block_type":"box","text":"Accumulation Shares","page_number":6,"box":{"x":129,"y":260,"width":170,"height":9}},{"id":"0848bbe9-ae6c-4394-aa22-68a93b6aa56a","block_type":"box","text":"means Shares (of whatever Class) issued from time to time in respect of a","page_number":6,"box":{"x":321,"y":260,"width":564,"height":12}},{"id":"8a2ca6bf-4e81-4266-99c6-b1052ede903e","block_type":"box","text":"Fund and in respect of which income allocated thereto is credited periodically","page_number":6,"box":{"x":321,"y":281,"width":564,"height":11}},{"id":"b733e564-a362-4359-bff9-9e39d6dcf89a","block_type":"box","text":"to capital pursuant to the COLL Sourcebook and the Instrument of","page_number":6,"box":{"x":320,"y":301,"width":565,"height":12}},{"id":"7d754d9b-4b5e-49a1-ae75-23c8487ef44e","block_type":"box","text":"Incorporation;","page_number":6,"box":{"x":322,"y":322,"width":99,"height":11}},{"id":"3e164bee-8fa4-4403-bb52-14f616f6a0a7","block_type":"box","text":"ACD or AIUKFSL","page_number":6,"box":{"x":129,"y":363,"width":134,"height":9}},{"id":"6d17d97f-c35e-49ad-bb6f-5b7b4456b83d","block_type":"box","text":"means the authorised corporate director of the Company, Aviva Investors UK","page_number":6,"box":{"x":321,"y":363,"width":564,"height":11}},{"id":"ae8172cc-2a90-4157-90ee-c60cdd99d23b","block_type":"box","text":"Fund Services 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or","page_number":6,"box":{"x":364,"y":629,"width":270,"height":11}},{"id":"15bb0e82-0bc0-45e0-9f76-7cafa6651a23","block_type":"box","text":"(iv) a bank which is supervised by the central bank or other banking","page_number":6,"box":{"x":364,"y":650,"width":515,"height":11}},{"id":"6a372336-13c1-4ca2-a222-43d949068e0f","block_type":"box","text":"regulator of a member state of the OECD; or","page_number":6,"box":{"x":408,"y":670,"width":329,"height":11}},{"id":"1276d0c5-b962-4804-9544-432ca1e38547","block_type":"box","text":"(b) if the account is opened elsewhere:","page_number":6,"box":{"x":321,"y":691,"width":304,"height":11}},{"id":"043b3c86-e6fb-4592-9c5c-996a7fbd9fd7","block_type":"box","text":"(i) a bank in (a); or","page_number":6,"box":{"x":364,"y":711,"width":160,"height":11}},{"id":"131c511d-c51a-4295-95b2-f242b99ad31d","block_type":"box","text":"(ii) a bank which is regulated in the Isle of Man or the 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So far as the Shareholders are concerned each Fund","page_number":30,"box":{"x":121,"y":357,"width":757,"height":12}},{"id":"45e83858-91ce-4823-b71e-7521ee1a4427","block_type":"box","text":"is treated as a separate entity and its assets invested for its exclusive benefit.","page_number":30,"box":{"x":122,"y":378,"width":571,"height":11}},{"id":"30581a23-1155-462d-90d8-a768637a1a02","block_type":"box","text":"Each Fund is a segregated portfolio of assets and, accordingly, the assets of a Fund belong exclusively","page_number":30,"box":{"x":122,"y":419,"width":756,"height":11}},{"id":"39490506-cc60-4445-8d96-5b5c640e26a5","block_type":"box","text":"to that Fund and shall not be used to discharge directly or indirectly the liabilities of, or claims against,","page_number":30,"box":{"x":121,"y":439,"width":756,"height":11}},{"id":"c5c0f040-0f78-4b3a-b9d4-f5b4ee1b999a","block_type":"box","text":"any other person or body, including the Company, or any other Fund, and shall not be available for any","page_number":30,"box":{"x":121,"y":460,"width":757,"height":11}},{"id":"5c8ca7ef-036a-43d5-9415-7562b62f2ecb","block_type":"box","text":"such purpose.","page_number":30,"box":{"x":121,"y":480,"width":103,"height":11}},{"id":"27367ebf-9c64-4774-bf5e-256612b31c5a","block_type":"box","text":"While the provisions of the OEIC Regulations provide for segregated liability between Funds, the","page_number":30,"box":{"x":121,"y":521,"width":757,"height":11}},{"id":"f022c419-8c2e-4154-8528-192d52efc1b0","block_type":"box","text":"concept of segregated liability is relatively new. Accordingly, where claims are brought by local creditors","page_number":30,"box":{"x":121,"y":542,"width":757,"height":11}},{"id":"dd0d52f6-bfc0-45ad-8101-c8a0d62bd99a","block_type":"box","text":"in foreign courts or under Foreign Law Contracts, it is not yet known how those foreign courts will react","page_number":30,"box":{"x":122,"y":562,"width":756,"height":11}},{"id":"1077d586-a286-47e8-8041-08eab21bc6f7","block_type":"box","text":"to Regulations 11A and 11B of the OEIC Regulations.","page_number":30,"box":{"x":121,"y":583,"width":398,"height":11}},{"id":"095b8219-217a-4e14-bd41-d31e260c3da3","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 31","page_number":31,"box":{"x":121,"y":926,"width":363,"height":9}},{"id":"d8e0061b-4afe-4264-bea6-a7a93c3eb53b","block_type":"box","text":"SHARES","page_number":31,"box":{"x":451,"y":88,"width":104,"height":13}},{"id":"9ba7931e-6405-4527-9d78-0935a1f9bcd0","block_type":"box","text":"The Company may issue several Classes of Share in respect of each Fund. 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34","page_number":34,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"a2348d7a-3f06-4ed2-ae45-55c83f73b2bb","block_type":"box","text":"Please note:","page_number":34,"box":{"x":319,"y":88,"width":96,"height":9}},{"id":"02702a16-e0dc-4f8b-819f-a73d79082b24","block_type":"box","text":"Shareholders in Class 7 (being a “Relevant Shareholder”","page_number":34,"box":{"x":422,"y":88,"width":420,"height":11}},{"id":"080db912-11bc-4622-98cd-a427db0528ae","block_type":"box","text":"and a “Relevant Class” for the purposes of the section below entitled","page_number":34,"box":{"x":318,"y":109,"width":507,"height":11}},{"id":"f27e616f-e362-4b30-b6be-aeb26404b551","block_type":"box","text":"“Minimum Holding”) should note the conversion rights that apply, as set","page_number":34,"box":{"x":318,"y":129,"width":529,"height":11}},{"id":"282df5a6-31da-44bd-bc48-7f66fcee6a14","block_type":"box","text":"out in the section entitled “Minimum Holding” below.","page_number":34,"box":{"x":318,"y":150,"width":383,"height":11}},{"id":"5d519fb4-1360-410a-8ece-82c7e9b110f8","block_type":"box","text":"Class 8","page_number":34,"box":{"x":132,"y":171,"width":55,"height":8}},{"id":"d867c62d-83dc-4772-8278-d7a4acaa7911","block_type":"box","text":"","page_number":34,"box":{"x":318,"y":175,"width":6,"height":4}},{"id":"8c53c2ea-0274-4002-8a41-3af7c89fbf88","block_type":"box","text":"Minimum initial subscription £10,000,000","page_number":34,"box":{"x":349,"y":172,"width":301,"height":11}},{"id":"6e0e3c42-394a-44a2-a855-0aba57464f2d","block_type":"box","text":"","page_number":34,"box":{"x":318,"y":196,"width":6,"height":4}},{"id":"2f4bd879-da0b-49fe-a9f7-c31737f04e7a","block_type":"box","text":"Minimum additional subscription £500,000","page_number":34,"box":{"x":349,"y":193,"width":311,"height":11}},{"id":"59ed8d01-cf92-4b9c-9c5e-51596a6e8b6a","block_type":"box","text":"","page_number":34,"box":{"x":318,"y":217,"width":6,"height":4}},{"id":"be553445-2ff8-485a-a04f-3eab55c35a75","block_type":"box","text":"Minimum holding £10,000,000","page_number":34,"box":{"x":349,"y":214,"width":223,"height":11}},{"id":"a2d38a37-9129-4542-b881-1a9118198659","block_type":"box","text":"Please note:","page_number":34,"box":{"x":319,"y":255,"width":96,"height":9}},{"id":"3dee3175-efed-47bb-86f6-45efde4aaa5e","block_type":"box","text":"Class 8 Shares are only available to Aviva plc, its Associates","page_number":34,"box":{"x":422,"y":255,"width":450,"height":11}},{"id":"39288971-349d-4c68-9564-f47be1e8308d","block_type":"box","text":"and any fund or investment entity managed or advised by any such","page_number":34,"box":{"x":318,"y":276,"width":554,"height":11}},{"id":"4c4186a8-2909-4e21-87d7-92e0dc1bfeec","block_type":"box","text":"company. Investment in Class 8 is subject to separate written agreement","page_number":34,"box":{"x":318,"y":296,"width":555,"height":11}},{"id":"14fb7f06-5b4b-4b97-a877-9fcc6e9c90ff","block_type":"box","text":"with the ACD pursuant to which, amongst other things, additional fees will","page_number":34,"box":{"x":318,"y":316,"width":554,"height":12}},{"id":"cc0c59f8-660f-4f02-9720-a671ebec8b1d","block_type":"box","text":"be payable.","page_number":34,"box":{"x":318,"y":337,"width":85,"height":11}},{"id":"c224816e-43ac-4333-959b-7da9626294c8","block_type":"box","text":"Shareholders in Class 8 (being a “Relevant Shareholder” and a “Relevant","page_number":34,"box":{"x":318,"y":378,"width":555,"height":11}},{"id":"7d31dabe-5335-4435-9e26-48ac974fe854","block_type":"box","text":"Class” for the purposes of the section below entitled “Minimum Holding”)","page_number":34,"box":{"x":318,"y":398,"width":554,"height":12}},{"id":"667e1d03-fc41-42f1-b5ec-aa0f8d47da0a","block_type":"box","text":"should note the conversion rights that apply, as set out in the section entitled","page_number":34,"box":{"x":318,"y":419,"width":554,"height":11}},{"id":"0b103f41-a122-40f9-8a04-5ffc07d689c3","block_type":"box","text":"“Minimum Holding” below.","page_number":34,"box":{"x":318,"y":439,"width":192,"height":12}},{"id":"d702dd6c-3936-478d-b045-80fbad8f43f0","block_type":"box","text":"Class 9","page_number":34,"box":{"x":132,"y":460,"width":55,"height":9}},{"id":"ca69f803-7176-4c9e-b44b-8c1a24810af3","block_type":"box","text":"","page_number":34,"box":{"x":318,"y":464,"width":6,"height":5}},{"id":"a49d4595-dec0-4f90-aef0-ea692f0e81b2","block_type":"box","text":"Minimum initial subscription £100,000,000 (less the Entry Charge)","page_number":34,"box":{"x":349,"y":461,"width":488,"height":12}},{"id":"0c4a26d4-2f79-4b04-9d4b-c5b05a3403fb","block_type":"box","text":"","page_number":34,"box":{"x":318,"y":486,"width":6,"height":4}},{"id":"f37e36a9-1921-42d7-82f2-dcf12be23c31","block_type":"box","text":"Minimum additional subscription £1,000,000 (less the Entry Charge)","page_number":34,"box":{"x":349,"y":482,"width":502,"height":12}},{"id":"8672a901-4507-4b74-b10b-6bce8f63194b","block_type":"box","text":"","page_number":34,"box":{"x":318,"y":507,"width":6,"height":4}},{"id":"f9fd00a1-e82e-4007-94e6-b9490f8dadbb","block_type":"box","text":"Minimum holding £100,000,000","page_number":34,"box":{"x":349,"y":504,"width":232,"height":11}},{"id":"398ca5db-86de-433b-bde8-933af738615e","block_type":"box","text":"Please note:","page_number":34,"box":{"x":319,"y":552,"width":96,"height":9}},{"id":"d3d5bd24-7db5-457b-be2f-60f787795844","block_type":"box","text":"Class 9 Shares are only available to Aviva group companies","page_number":34,"box":{"x":422,"y":552,"width":445,"height":11}},{"id":"f348c687-cdfd-4844-9062-ad50726559a6","block_type":"box","text":"or for distribution by those companies.","page_number":34,"box":{"x":318,"y":568,"width":282,"height":11}},{"id":"dbdc8702-fe4a-4171-9e6e-a9ce04cc4193","block_type":"box","text":"The ACD has the ability to have different eligibility criteria and/or to apply lower minima than those listed","page_number":34,"box":{"x":121,"y":616,"width":757,"height":11}},{"id":"4b7c59b1-5b49-405f-9ed3-6c8b48598d0b","block_type":"box","text":"above.","page_number":34,"box":{"x":121,"y":637,"width":48,"height":9}},{"id":"aa500379-0a2d-4622-87ca-b723d228af0e","block_type":"box","text":"Each of the Classes may have a different Fund Management Fee ascribed to them. The details of these","page_number":34,"box":{"x":122,"y":678,"width":756,"height":11}},{"id":"2acc0b8a-42c9-4137-942f-14d05c7ee064","block_type":"box","text":"charges, including in relation to any discount to the Fund Management Fee payable, are to be found in","page_number":34,"box":{"x":121,"y":698,"width":756,"height":11}},{"id":"fef60035-b96b-49ab-b5f7-463309c23e1a","block_type":"box","text":"the section headed ‘Fees and Expenses’ below. As a result of differences in the Fund Management","page_number":34,"box":{"x":121,"y":719,"width":757,"height":11}},{"id":"c6538330-228c-4fd9-901a-eaf97fc6de4b","block_type":"box","text":"Fee for the different Classes, monies may be deducted from Classes of the same Fund in unequal","page_number":34,"box":{"x":122,"y":739,"width":755,"height":11}},{"id":"adb4ac45-de4e-4bcd-bfe5-be8bab69e239","block_type":"box","text":"proportions. In these circumstances the proportionate interests of the Classes will be adjusted","page_number":34,"box":{"x":121,"y":760,"width":757,"height":11}},{"id":"80359dfd-93e4-4c6e-9d2e-7a69e9214ee0","block_type":"box","text":"accordingly (for an explanation of proportionate interests, please refer to the section headed","page_number":34,"box":{"x":121,"y":780,"width":757,"height":11}},{"id":"ed02e5cc-3f45-4aec-8509-230062fa7d64","block_type":"box","text":"‘Proportionate entitlements’ below).","page_number":34,"box":{"x":122,"y":800,"width":259,"height":12}},{"id":"a006ec31-4973-40d2-8bce-e164f769d1e0","block_type":"box","text":"Net Income Shares and/or net Accumulation Shares are available within each Class. Gross Income","page_number":34,"box":{"x":122,"y":841,"width":756,"height":9}},{"id":"2768a3f5-4687-48b3-9518-f756da9811ec","block_type":"box","text":"Shares and gross Accumulation Shares in each Fund may also be issued but are not currently offered.","page_number":34,"box":{"x":121,"y":862,"width":756,"height":11}},{"id":"79561248-b712-4c61-a757-e9b15d092d54","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 35","page_number":35,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"04f8000b-5d41-40f2-bb59-cb372c7d7604","block_type":"box","text":"The types of Shares presently available in each Fund are set out in the details of the relevant Funds","page_number":35,"box":{"x":121,"y":108,"width":757,"height":11}},{"id":"b6977ec9-1a99-4bb9-99ca-97ad7692fe89","block_type":"box","text":"(see Appendix 1).","page_number":35,"box":{"x":122,"y":128,"width":128,"height":11}},{"id":"00f02752-d5a6-42c8-aa68-043d202328c6","block_type":"box","text":"Further Classes or Types of Share may be established from time to time by the ACD with the approval","page_number":35,"box":{"x":122,"y":169,"width":756,"height":12}},{"id":"39f39b3a-d481-446a-bb5e-bcabcd9060d8","block_type":"box","text":"of the Financial Conduct Authority and the agreement of the Depositary. On the introduction of any new","page_number":35,"box":{"x":121,"y":190,"width":757,"height":11}},{"id":"dd5f7270-b9b3-4f54-a610-a86e8f1c2f23","block_type":"box","text":"Fund, Type or Class, either a revised Prospectus or a supplemental Prospectus will be prepared setting","page_number":35,"box":{"x":122,"y":210,"width":756,"height":12}},{"id":"61113228-bad5-4c0f-b1b6-331694c3aba5","block_type":"box","text":"out the relevant details of each Fund, Type or Class.","page_number":35,"box":{"x":121,"y":231,"width":387,"height":11}},{"id":"f2bfd62e-0d1f-461c-9d45-347f96db59ca","block_type":"box","text":"Switching","page_number":35,"box":{"x":121,"y":291,"width":94,"height":14}},{"id":"ecfe572e-dfd2-463d-ba05-cac2fd19ccb9","block_type":"box","text":"Shareholders are entitled (subject to certain restrictions) to Switch all or some of their Shares in one","page_number":35,"box":{"x":121,"y":323,"width":757,"height":11}},{"id":"17d62041-e368-4878-85d9-836201f3b42f","block_type":"box","text":"Class or Fund for Shares in another Class or Fund in the Company (but not into any other funds or","page_number":35,"box":{"x":121,"y":344,"width":757,"height":11}},{"id":"696615cd-3a8a-45f5-9ac8-f047a0f01d6d","block_type":"box","text":"classes outside of the Company of which the ACD is the authorised corporate director or authorised","page_number":35,"box":{"x":121,"y":364,"width":757,"height":11}},{"id":"2861af02-3690-420d-a561-4407c615d9dd","block_type":"box","text":"fund manager). Details of this Switching facility and the restrictions are set out in the section headed","page_number":35,"box":{"x":121,"y":385,"width":757,"height":11}},{"id":"fb7d0701-96ce-4fec-8c01-0a81e6e222ef","block_type":"box","text":"“Switching” below.","page_number":35,"box":{"x":121,"y":405,"width":134,"height":11}},{"id":"ad54b5ae-6e76-41c1-839b-2954f6d5766b","block_type":"box","text":"Converting","page_number":35,"box":{"x":121,"y":451,"width":111,"height":13}},{"id":"789e6bf3-65ea-4195-b801-714407123ac4","block_type":"box","text":"Shareholders are entitled (subject to certain restrictions) to Convert all or some of their Shares of one","page_number":35,"box":{"x":121,"y":475,"width":757,"height":11}},{"id":"85f4ac2a-d320-488f-a759-154d3235cbfc","block_type":"box","text":"Class or Type for Shares of another Class or Type within the same Fund. Details of this Conversion","page_number":35,"box":{"x":121,"y":495,"width":756,"height":11}},{"id":"c6b91f58-f808-437f-91c4-ac75600e1666","block_type":"box","text":"facility and the restrictions are set out in the section headed “Converting” below.","page_number":35,"box":{"x":121,"y":516,"width":590,"height":11}},{"id":"d650e3fa-4d9e-4020-8ae5-73f20704f280","block_type":"box","text":"Income Shares and Accumulation Shares","page_number":35,"box":{"x":122,"y":557,"width":401,"height":11}},{"id":"f4ac5e28-1fa1-4f14-ab02-db852dc94b12","block_type":"box","text":"Income Shares","page_number":35,"box":{"x":122,"y":590,"width":117,"height":9}},{"id":"ba388d43-650e-43d2-b963-a0b67dd626d1","block_type":"box","text":"Holders of Income Shares will receive distributions.","page_number":35,"box":{"x":122,"y":625,"width":377,"height":9}},{"id":"b83650bd-97c2-49cd-bba4-4b865e512b7e","block_type":"box","text":"Each such distribution of income made in respect of any Fund at a time when more than one Class is","page_number":35,"box":{"x":122,"y":665,"width":747,"height":12}},{"id":"d6fc4fe0-40c9-4e4e-9b80-2b5f9d080dcb","block_type":"box","text":"in issue will be done by reference to the relevant Shareholders’ proportionate interests in the Scheme","page_number":35,"box":{"x":122,"y":686,"width":749,"height":11}},{"id":"c7d394b7-6dfc-4c74-9c71-9c22027b6878","block_type":"box","text":"Property of the Fund in question.","page_number":35,"box":{"x":122,"y":706,"width":241,"height":12}},{"id":"bcccafa4-665e-4827-84cc-0c6ded67bdeb","block_type":"box","text":"Shareholders can choose to have their distribution of income paid direct to their bank or building society","page_number":35,"box":{"x":121,"y":747,"width":757,"height":12}},{"id":"e4f1f5ae-f6c8-4ab1-a9b0-229b8539785c","block_type":"box","text":"current account. Alternatively, Shareholders may choose to have their income distributions","page_number":35,"box":{"x":121,"y":768,"width":757,"height":11}},{"id":"92d8e9a5-b1e2-43cd-a295-6746f3f6691a","block_type":"box","text":"automatically reinvested, to purchase further Shares of the same Class and Fund at the prevailing Net","page_number":35,"box":{"x":121,"y":788,"width":757,"height":12}},{"id":"c372c229-4ec5-4df5-a51c-053319feae16","block_type":"box","text":"Asset Value without attracting an Entry Charge. For regular savings plans invested in Income Shares","page_number":35,"box":{"x":121,"y":809,"width":757,"height":11}},{"id":"fc20cedb-1d77-46cb-9b0d-1faf0d95eb0d","block_type":"box","text":"the income distribution is automatically reinvested in Shares of the same Class and Fund (without","page_number":35,"box":{"x":121,"y":829,"width":757,"height":12}},{"id":"97ce4490-6983-4c36-a3c1-adf3afc6e5e5","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 36","page_number":36,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"1a1342b0-15d1-4679-ab68-24297103bbca","block_type":"box","text":"attracting an Entry Charge) unless this supplements a lump sum investment on which income payment","page_number":36,"box":{"x":121,"y":87,"width":757,"height":12}},{"id":"3e331eb8-d948-4fa7-807e-28f812198db9","block_type":"box","text":"has been selected.","page_number":36,"box":{"x":122,"y":108,"width":138,"height":9}},{"id":"a7568f94-522e-48f9-81fc-64a4d1bc6e24","block_type":"box","text":"In the event that there is a delay or failure by a Shareholder to produce information or documentation","page_number":36,"box":{"x":122,"y":149,"width":745,"height":11}},{"id":"808decef-6631-4f78-8ab7-8d7917f8655e","block_type":"box","text":"to satisfy anti-money laundering due diligence requirements (please see the paragraph headed","page_number":36,"box":{"x":121,"y":169,"width":703,"height":12}},{"id":"6a79023e-88b3-4215-96d5-09b18460c229","block_type":"box","text":"“Money Laundering” in the “Dealing in Shares” section below), any distribution payments due may not","page_number":36,"box":{"x":121,"y":190,"width":752,"height":11}},{"id":"ebc86a6f-8f9f-413a-b95e-a46ba9c04d06","block_type":"box","text":"be released by the ACD until the requested information has been provided.","page_number":36,"box":{"x":121,"y":210,"width":554,"height":12}},{"id":"d9a9dad5-c273-4665-adc1-ddec33c760d5","block_type":"box","text":"Distributions to holders of Income Shares will be made following the end of each Distribution Period","page_number":36,"box":{"x":122,"y":251,"width":735,"height":12}},{"id":"e995e4aa-d1d4-40e7-8a03-9b4fdc75006b","block_type":"box","text":"on the basis set out in the paragraph headed “Distributions” in the “Income and Distribution” section","page_number":36,"box":{"x":121,"y":272,"width":736,"height":11}},{"id":"66862af0-edb5-47ec-9d55-29071ee9578f","block_type":"box","text":"below.","page_number":36,"box":{"x":121,"y":292,"width":46,"height":9}},{"id":"10b2fec3-b3a0-42b4-b214-95023b86cd38","block_type":"box","text":"Accumulation Shares","page_number":36,"box":{"x":121,"y":333,"width":170,"height":9}},{"id":"af75b9b8-ce7a-4de0-bf81-a2c7c1a7116a","block_type":"box","text":"A number of Funds will have Accumulation Shares (for details of these Funds see Appendix 1). Holders","page_number":36,"box":{"x":121,"y":354,"width":757,"height":11}},{"id":"846952ce-33d7-4127-aeab-4c144272335f","block_type":"box","text":"of Accumulation Shares do not receive cash distributions. Instead, any income arising in respect of an","page_number":36,"box":{"x":121,"y":374,"width":756,"height":11}},{"id":"c7882456-d0b0-43bf-961f-42696955222e","block_type":"box","text":"Accumulation Share is automatically accumulated and is reflected in the price of each Accumulation","page_number":36,"box":{"x":121,"y":395,"width":756,"height":11}},{"id":"3ab87740-d5d6-4b8d-b96f-4698aa4b4a74","block_type":"box","text":"Share. Allocation of income in respect of Accumulation Shares will be transferred to the capital property","page_number":36,"box":{"x":121,"y":415,"width":757,"height":11}},{"id":"29bbdc46-59c3-48ec-aa3a-b4e7b6f1d4ac","block_type":"box","text":"of each Fund within two months of the end of the Distribution Period to which that income relates, but","page_number":36,"box":{"x":121,"y":436,"width":757,"height":10}},{"id":"4c7c9a8e-6695-454d-ae8e-e044dbc76cc6","block_type":"box","text":"will be reflected in the capital value of Accumulation Shares on the first business day following the end","page_number":36,"box":{"x":121,"y":456,"width":756,"height":11}},{"id":"5808ceec-acd8-4e8a-a383-3e378d43f124","block_type":"box","text":"of that Distribution Period. No Entry Charge is levied on this accumulation.","page_number":36,"box":{"x":121,"y":477,"width":549,"height":11}},{"id":"8df96ffa-26ea-4def-8f09-37bae0ca335c","block_type":"box","text":"General","page_number":36,"box":{"x":121,"y":518,"width":61,"height":8}},{"id":"1b5b3f34-fe5f-4ca3-aa08-0aafd58bad18","block_type":"box","text":"In respect of income arising on both Income Shares and Accumulation Shares, tax vouchers will be","page_number":36,"box":{"x":122,"y":538,"width":756,"height":11}},{"id":"7c04260c-8587-4ea0-bb7d-cccf71204caa","block_type":"box","text":"issued and tax accounted for where relevant.","page_number":36,"box":{"x":122,"y":559,"width":331,"height":8}},{"id":"c136f244-ba5a-43f7-bb8d-2feda7374e60","block_type":"box","text":"Where both Income Shares and Accumulation Shares are in existence in relation to a Fund, the relevant","page_number":36,"box":{"x":121,"y":599,"width":757,"height":11}},{"id":"3cfdf865-4e20-40ef-ad9e-de4cb8dc2052","block_type":"box","text":"Shareholders’ proportionate interests in the Scheme Property of the Fund represented by each","page_number":36,"box":{"x":121,"y":620,"width":757,"height":11}},{"id":"0e9972d3-7a69-4294-b8a8-1f8e850fcd9b","block_type":"box","text":"Accumulation Share increases as income is accumulated. Further, in these circumstances, the income","page_number":36,"box":{"x":121,"y":641,"width":757,"height":10}},{"id":"c8c9e623-381b-4f3f-8909-f6ebc3297a1a","block_type":"box","text":"of the Fund is allocated between Income Shares and Accumulation Shares according to the relevant","page_number":36,"box":{"x":121,"y":661,"width":757,"height":11}},{"id":"2234648c-74af-4e01-896c-ac519cdf5a06","block_type":"box","text":"Shareholders’ proportionate interests in the Scheme Property of the Fund represented by the","page_number":36,"box":{"x":121,"y":681,"width":757,"height":12}},{"id":"10f8220e-76ae-49c1-b310-3adce37e89af","block_type":"box","text":"Accumulation Shares and Income Shares in existence at the end of the relevant Distribution Period.","page_number":36,"box":{"x":121,"y":702,"width":737,"height":9}},{"id":"8fff9c3f-b2d0-4d15-b9e4-83037cd268c3","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 37","page_number":37,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"789e9165-abdc-47ca-8424-a08f26d6ee07","block_type":"box","text":"DEALING IN SHARES","page_number":37,"box":{"x":381,"y":88,"width":238,"height":13}},{"id":"b4e24c69-febc-43c5-b59a-60c2b5e9b748","block_type":"box","text":"The ACD’s offices are open from at least 9am until at least 5pm on each Dealing Day.","page_number":37,"box":{"x":121,"y":152,"width":635,"height":12}},{"id":"ca1cd967-0135-4996-8d3f-a5b27d7e3984","block_type":"box","text":"Pricing","page_number":37,"box":{"x":122,"y":194,"width":66,"height":14}},{"id":"2e0dc514-3025-4a59-a3a2-ae23d72080f3","block_type":"box","text":"The Company deals on the basis of “single pricing”. This has the effect that subject to the Entry Charge,","page_number":37,"box":{"x":121,"y":226,"width":756,"height":11}},{"id":"8048b37d-ca16-4f57-b035-965935a50fad","block_type":"box","text":"the Investor Protection Fee and any Exit Charge both the issue and the redemption price of a Share at","page_number":37,"box":{"x":121,"y":246,"width":757,"height":12}},{"id":"06622c5f-387c-45f3-a052-ed86c67d990c","block_type":"box","text":"a particular Valuation Point will be the same.","page_number":37,"box":{"x":121,"y":267,"width":328,"height":11}},{"id":"e2b949d9-7f3b-4081-9ca1-1d52b768b63e","block_type":"box","text":"The price per Share at which Shares may be bought or sold is the Net Asset Value of its Class","page_number":37,"box":{"x":121,"y":308,"width":757,"height":11}},{"id":"e7bf5f6a-e070-4151-aba4-baca5657b550","block_type":"box","text":"(calculated at the relevant Valuation Point) divided by the number of Shares of that Class in issue. In","page_number":37,"box":{"x":122,"y":328,"width":755,"height":12}},{"id":"d607d42c-038e-4b12-b642-e5c90c00ba64","block_type":"box","text":"addition, the ACD reserves the right to make an Entry Charge on Shares purchased and an Exit Charge","page_number":37,"box":{"x":121,"y":349,"width":757,"height":11}},{"id":"ac7ee108-16fe-4cd3-8d0c-0563b04ca5df","block_type":"box","text":"on Shares sold. For both purchases and sales, an Investor Protection Fee may be imposed. There is","page_number":37,"box":{"x":121,"y":369,"width":757,"height":12}},{"id":"77cf40d1-98fa-422e-bc12-01127e9ba36b","block_type":"box","text":"no current intention to impose an Exit Charge in respect of any Fund or Class.","page_number":37,"box":{"x":122,"y":390,"width":576,"height":11}},{"id":"18bb47d2-ad32-4915-9b34-96e9bb3886cd","block_type":"box","text":"The Company deals on a forward pricing basis (and not on the basis of published prices). A forward","page_number":37,"box":{"x":121,"y":431,"width":757,"height":11}},{"id":"c91b37b8-9a02-4927-bb97-99935f1b2c46","block_type":"box","text":"price is the price calculated at the next Valuation Point after the sale or purchase is deemed to be","page_number":37,"box":{"x":121,"y":451,"width":757,"height":11}},{"id":"655d99c5-8bfd-4bcb-880d-342db599422b","block_type":"box","text":"accepted by the ACD (for details of the Valuation Point see the section headed “Valuation” below).","page_number":37,"box":{"x":121,"y":472,"width":727,"height":11}},{"id":"ffa6dfa5-5798-4d60-9b27-93d02bcea647","block_type":"box","text":"Information on the prices of Shares will be available by telephoning 0800 051 2003","page_number":37,"box":{"x":122,"y":513,"width":616,"height":11}},{"id":"7c19356c-008e-4260-a37c-9cbb2d653dec","block_type":"box","text":"*","page_number":37,"box":{"x":739,"y":513,"width":6,"height":4}},{"id":"a7568118-0a4a-44ee-a362-75838a2ca94f","block_type":"box","text":"or on the internet","page_number":37,"box":{"x":751,"y":513,"width":127,"height":9}},{"id":"153bdb0d-9337-4a24-b05e-ca190f7d7a81","block_type":"box","text":"at","page_number":37,"box":{"x":121,"y":534,"width":13,"height":8}},{"id":"aba2e737-41aa-4626-9e03-f4c004655b99","block_type":"box","text":"www.avivainvestors.com","page_number":37,"box":{"x":141,"y":533,"width":182,"height":9}},{"id":"50bb199d-8230-4dce-9a25-42bcab65ad97","block_type":"box","text":". Prices may also be published in some newspapers. The ACD does not","page_number":37,"box":{"x":326,"y":533,"width":552,"height":11}},{"id":"5eee2b8c-e225-42e4-93a7-d710bbd96d63","block_type":"box","text":"accept responsibility for the accuracy of the prices published in or the non-publication of prices by","page_number":37,"box":{"x":121,"y":554,"width":757,"height":11}},{"id":"297fbccc-2f16-428e-a494-4690df2a2cdf","block_type":"box","text":"newspapers for reasons beyond the control of the ACD.","page_number":37,"box":{"x":122,"y":574,"width":411,"height":11}},{"id":"662a2203-839b-4b3e-a080-465b13e1616e","block_type":"box","text":"* Telephone calls may be recorded by the ACD, its delegates, their duly appointed agents and any of their respective related,","page_number":37,"box":{"x":121,"y":615,"width":757,"height":9}},{"id":"a8b95dd0-a0f3-49f8-8841-a3fab36e5ad3","block_type":"box","text":"associated or affiliated companies for record keeping, security and/or training purposes, please see the paragraph “Telephone","page_number":37,"box":{"x":121,"y":631,"width":757,"height":9}},{"id":"90e8f94b-863e-4f05-aae6-6cb4cbaec570","block_type":"box","text":"Recording” below for further information.","page_number":37,"box":{"x":122,"y":648,"width":238,"height":9}},{"id":"72b80239-adb1-44fd-9463-3ee4cc1e288d","block_type":"box","text":"Buying Shares","page_number":37,"box":{"x":122,"y":685,"width":139,"height":14}},{"id":"3c43f425-9666-4cc5-9ca5-ef376f023b0d","block_type":"box","text":"Applications to purchase Shares can be made by telephoning the ACD on 0800 051 2003","page_number":37,"box":{"x":121,"y":717,"width":668,"height":12}},{"id":"0c8745de-7fe0-458d-8592-a174fc3aaf4e","block_type":"box","text":"*","page_number":37,"box":{"x":790,"y":718,"width":5,"height":3}},{"id":"d38bed3f-c526-4fe5-8065-ee8e754b32eb","block_type":"box","text":"(subject to","page_number":37,"box":{"x":802,"y":717,"width":76,"height":12}},{"id":"ce505d09-7943-4c4b-be5d-405b7a930df6","block_type":"box","text":"subsequent completion of an application/registration form for administrative and verification purposes),","page_number":37,"box":{"x":121,"y":738,"width":756,"height":11}},{"id":"267daf22-8f60-4027-a518-269e24732720","block_type":"box","text":"or by sending a completed application form to the ACD. Application forms are available from the ACD","page_number":37,"box":{"x":121,"y":758,"width":757,"height":12}},{"id":"cf62ba8e-5001-4446-b725-20c186e13c5a","block_type":"box","text":"by writing to the Administrator, by telephoning the ACD or on the internet at","page_number":37,"box":{"x":121,"y":779,"width":557,"height":11}},{"id":"78bbcfd1-6805-4407-ba58-90f1231b0896","block_type":"box","text":"www.avivainvestors.com","page_number":37,"box":{"x":684,"y":779,"width":182,"height":9}},{"id":"91ae8e4f-b17f-4de6-acf7-45c20cc9ab0b","block_type":"box","text":".","page_number":37,"box":{"x":869,"y":786,"width":2,"height":1}},{"id":"9f8c3d50-291e-44b4-8679-b6a5ce779f5f","block_type":"box","text":"* Telephone calls may be recorded by the ACD, its delegates, their duly appointed agents and any of their respective related,","page_number":37,"box":{"x":121,"y":819,"width":740,"height":9}},{"id":"5d203bd4-8248-48a3-b318-44d1a1fad2e1","block_type":"box","text":"associated or affiliated companies for record keeping, security and/or training purposes, please see the paragraph “Telephone","page_number":37,"box":{"x":121,"y":832,"width":748,"height":9}},{"id":"dab8d7d8-5132-4ed6-9871-db33469d43bd","block_type":"box","text":"Recording” below for further information.","page_number":37,"box":{"x":122,"y":845,"width":238,"height":9}},{"id":"54960d76-ede9-4a37-bdeb-1cd1cd3ac97f","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 38","page_number":38,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"6a8799f5-7bb9-4ec8-959b-e94ef0c10b44","block_type":"box","text":"For all Funds other than the Aviva Investors Multi-Strategy Target Return Fund and the Aviva Investors","page_number":38,"box":{"x":122,"y":87,"width":756,"height":12}},{"id":"b4146d49-2ac3-4189-935e-e2882e2565b7","block_type":"box","text":"Global Equity Income Fund, applications for Shares which are received and accepted by the ACD by","page_number":38,"box":{"x":121,"y":108,"width":757,"height":11}},{"id":"813733c9-f5e2-4d26-a5c2-1cd9dce63bb1","block_type":"box","text":"the Valuation Point on a Dealing Day will be dealt with at the price calculated as at the Valuation Point","page_number":38,"box":{"x":121,"y":129,"width":757,"height":11}},{"id":"824b8b10-12f6-40c4-b251-34a66aabc700","block_type":"box","text":"for that day. Applications received and accepted after that time will be dealt with at the price calculated","page_number":38,"box":{"x":121,"y":149,"width":757,"height":11}},{"id":"292ce2b8-e753-44ab-a047-51704027f5d5","block_type":"box","text":"as at the Valuation Point for the following Dealing Day.","page_number":38,"box":{"x":121,"y":169,"width":403,"height":12}},{"id":"078b2ec7-b48f-407f-81df-b37493ccba0e","block_type":"box","text":"For the Aviva Investors Multi-Strategy Target Return Fund and the Aviva Investors Global Equity","page_number":38,"box":{"x":122,"y":210,"width":756,"height":12}},{"id":"1f309816-40d5-4dd1-9245-15c3f73b2711","block_type":"box","text":"Income Fund, applications which are received and accepted by the ACD by 12 noon on a Dealing Day","page_number":38,"box":{"x":122,"y":231,"width":756,"height":11}},{"id":"ad182638-1d25-441e-a1bb-3855188b5cd1","block_type":"box","text":"will be dealt with at the price calculated as at the Valuation Point on that Dealing Day. Applications","page_number":38,"box":{"x":121,"y":252,"width":757,"height":11}},{"id":"8252d81b-e055-46dc-be0b-a0900cb2f27b","block_type":"box","text":"received and accepted after the 12 noon dealing cut off point on a Dealing Day will be held over and","page_number":38,"box":{"x":122,"y":272,"width":756,"height":11}},{"id":"9dea491c-5927-4486-8bfa-a8b1d9a9610f","block_type":"box","text":"dealt with at the price calculated as at the Valuation Point for the next Dealing Day.","page_number":38,"box":{"x":121,"y":292,"width":613,"height":12}},{"id":"7c238eb7-0a88-40af-b098-b630c04a28ab","block_type":"box","text":"The ACD has the right to reject, on reasonable grounds relating to the circumstances of the applicant,","page_number":38,"box":{"x":121,"y":333,"width":756,"height":12}},{"id":"4dfe6bff-8d00-4eb0-b453-4bfd294f3088","block_type":"box","text":"any application for Shares in whole or part, and in this event the ACD will return any money sent, or the","page_number":38,"box":{"x":121,"y":354,"width":757,"height":11}},{"id":"87b47224-930c-46d4-9db8-a080beb87e8e","block_type":"box","text":"balance of such monies, at the risk of the applicant.","page_number":38,"box":{"x":121,"y":374,"width":380,"height":11}},{"id":"da1ba081-0dec-4074-9254-63593c88cf59","block_type":"box","text":"In respect of Class 8 only, an application for Shares will not be accepted by the ACD unless the applicant","page_number":38,"box":{"x":122,"y":415,"width":756,"height":11}},{"id":"494ef1a2-6099-47be-8c75-1b0ce462d687","block_type":"box","text":"has entered into the separate written agreement referred to above.","page_number":38,"box":{"x":122,"y":436,"width":492,"height":11}},{"id":"e5554c41-8e88-4add-96b7-5374e5b45108","block_type":"box","text":"Any subscription monies remaining after a whole number of Shares has been issued will not be returned","page_number":38,"box":{"x":121,"y":477,"width":757,"height":11}},{"id":"62392d1d-2d14-44a2-a740-d014afbb9112","block_type":"box","text":"to the applicant. Instead, Smaller Denomination Shares will be issued in such circumstances. A Smaller","page_number":38,"box":{"x":121,"y":497,"width":757,"height":11}},{"id":"777537f0-5976-4efe-b79c-deb1cb00c116","block_type":"box","text":"Denomination Share is equivalent to one thousandth of a Larger Denomination Share.","page_number":38,"box":{"x":122,"y":518,"width":636,"height":11}},{"id":"295452aa-b12f-4518-8a3e-f95bc8ae403b","block_type":"box","text":"Applications for purchase will not be acknowledged but a contract note will, save where the purchase","page_number":38,"box":{"x":121,"y":559,"width":757,"height":11}},{"id":"c40c6cb2-1607-413a-98e3-dd558af6ff65","block_type":"box","text":"is via a regular savings plan (see below), be issued by the end of the Business Day following the relevant","page_number":38,"box":{"x":122,"y":579,"width":756,"height":11}},{"id":"df0a239d-5269-4505-95d1-0d58043fc178","block_type":"box","text":"Dealing Day, together with, where appropriate, a notice of the applicant’s right to cancel. The contract","page_number":38,"box":{"x":122,"y":600,"width":756,"height":11}},{"id":"7d5af91f-e905-4178-bd11-ad097315bf02","block_type":"box","text":"note will give details of the Shares purchased and the price used.","page_number":38,"box":{"x":122,"y":620,"width":482,"height":11}},{"id":"63af0320-f6f9-43b3-8746-ac4a91b8661f","block_type":"box","text":"An applicant who is a consumer (meaning any natural person acting for purposes outside their trade,","page_number":38,"box":{"x":121,"y":661,"width":756,"height":11}},{"id":"f8ed5a92-8eea-484e-84d7-9164e5697a94","block_type":"box","text":"business or profession, or as further defined in the Financial Conduct Authority Handbook, hereafter a","page_number":38,"box":{"x":121,"y":681,"width":757,"height":12}},{"id":"ddb405d7-b1eb-460e-af12-ded2a73a14bb","block_type":"box","text":"“Consumer”) and who has received face to face advice in respect of their investment has the statutory","page_number":38,"box":{"x":121,"y":702,"width":757,"height":11}},{"id":"22691c22-b9c2-4206-9b2c-1b32ed63c1f0","block_type":"box","text":"right to cancel their application to buy Shares at any time during the 14 days after the date on which","page_number":38,"box":{"x":122,"y":722,"width":756,"height":12}},{"id":"e3471e05-bddd-4732-9983-724a6fe2b1e1","block_type":"box","text":"they receive a cancellation notice from the ACD. However, the ACD has chosen to extend this statutory","page_number":38,"box":{"x":121,"y":743,"width":757,"height":11}},{"id":"8026097f-1e57-4067-9cfe-aa2d5b157005","block_type":"box","text":"cancellation period and instead offers all Consumers the right to cancel their application for a 30 day","page_number":38,"box":{"x":121,"y":763,"width":757,"height":12}},{"id":"d58b5cba-02a7-4a2a-b748-041b8d7e21ff","block_type":"box","text":"period from the receipt of the cancellation notice. If a Consumer decides to cancel the contract, and the","page_number":38,"box":{"x":121,"y":784,"width":757,"height":11}},{"id":"53ec8a6e-c7ec-4e68-bd1b-3723bc086814","block_type":"box","text":"value of the investment has fallen at the time the ACD receives the completed cancellation notice, the","page_number":38,"box":{"x":121,"y":804,"width":757,"height":12}},{"id":"19706b53-1d04-4254-9a06-a151c95208e0","block_type":"box","text":"Consumer will not receive a full refund as an amount equal to any fall in value will be deducted from the","page_number":38,"box":{"x":121,"y":825,"width":757,"height":11}},{"id":"591bcadf-a3b2-48d5-8883-c1c1f5c0af87","block_type":"box","text":"sum originally invested. The determination of any shortfall will be based upon the price of the Fund at","page_number":38,"box":{"x":121,"y":845,"width":757,"height":12}},{"id":"22f924a3-3472-413b-bac9-0882cb3b186b","block_type":"box","text":"the next Dealing Day following the ACD’s receipt of the completed cancellation notice.","page_number":38,"box":{"x":121,"y":866,"width":636,"height":11}},{"id":"93102cff-be73-49e2-8175-4ff6088ede3c","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 39","page_number":39,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"0f34f797-a499-4e3a-81ae-a176b15a6683","block_type":"box","text":"If payment has not already been made settlement of the full purchase price and any related fees and","page_number":39,"box":{"x":122,"y":108,"width":756,"height":11}},{"id":"320851c9-e02f-49d7-b5d3-a8b7d320cac7","block_type":"box","text":"expenses is due immediately. The ACD, at its discretion, may delay issuing the Shares until payment","page_number":39,"box":{"x":121,"y":128,"width":757,"height":12}},{"id":"de98f2a8-dbea-417f-a62d-548ec71cf788","block_type":"box","text":"is received. If settlement is not made within a reasonable period, the ACD has the right to cancel any","page_number":39,"box":{"x":122,"y":149,"width":756,"height":11}},{"id":"f108504e-20c1-42e9-abb3-c29a015c2177","block_type":"box","text":"Shares issued in respect of the application.","page_number":39,"box":{"x":121,"y":169,"width":318,"height":12}},{"id":"49551471-95f5-4938-8f50-515ce9497b48","block_type":"box","text":"Share certificates will not be issued in respect of registered Shares. Ownership of Shares will be","page_number":39,"box":{"x":121,"y":210,"width":757,"height":12}},{"id":"8607ccb9-deb7-4318-bfda-8d3a642f0e34","block_type":"box","text":"evidenced by an entry on the Register of Shareholders. Statements covering periodic distributions on","page_number":39,"box":{"x":121,"y":231,"width":756,"height":11}},{"id":"9c26d7d6-d32e-4ea5-a1a6-535b2805a606","block_type":"box","text":"Shares will show the number of Shares held by the recipient. Individual statements of a Shareholder’s","page_number":39,"box":{"x":121,"y":251,"width":757,"height":12}},{"id":"f9edc22b-76cb-4eb6-8384-c9b79feee8b1","block_type":"box","text":"(or in the case of joint holdings, the first named holder’s) Shares will also be issued at any time on","page_number":39,"box":{"x":122,"y":272,"width":755,"height":11}},{"id":"d85c4c7c-2060-4c6a-b456-46aafc3e6d54","block_type":"box","text":"request by the registered holder.","page_number":39,"box":{"x":122,"y":292,"width":239,"height":12}},{"id":"1859abad-66ea-4098-b41c-934597cafc43","block_type":"box","text":"Regular Savings Plan","page_number":39,"box":{"x":122,"y":333,"width":169,"height":12}},{"id":"8cb6a3f4-9ba0-41e4-9bcc-627450b0155b","block_type":"box","text":"The ACD operates a regular savings plan for Class 1 and Class 6. The regular savings plan is subject","page_number":39,"box":{"x":121,"y":363,"width":757,"height":11}},{"id":"3dd23cbf-be57-4f77-96b4-ada192176120","block_type":"box","text":"normally to a minimum monthly subscription of £50 in any one Fund. Contract notes for the purchase","page_number":39,"box":{"x":122,"y":383,"width":756,"height":11}},{"id":"9303b803-a7aa-4f17-af12-0a4241db19f2","block_type":"box","text":"of Shares will not be issued to Shareholders investing through a regular savings plan.","page_number":39,"box":{"x":121,"y":404,"width":631,"height":11}},{"id":"1138e85e-6534-440e-ae91-47bc1c1568c5","block_type":"box","text":"Regular savings","page_number":39,"box":{"x":760,"y":404,"width":118,"height":11}},{"id":"b720c4af-0d5d-4959-a052-c1ab11401441","block_type":"box","text":"may be permitted in Class 2 Shares at the ACD’s discretion.","page_number":39,"box":{"x":122,"y":424,"width":443,"height":11}},{"id":"755d34c9-a25c-476d-9ae9-e3dcf36256ad","block_type":"box","text":"Delivery Versus Payment Exemption on the purchase of Shares","page_number":39,"box":{"x":122,"y":465,"width":505,"height":11}},{"id":"e8d3c545-52b0-446d-a25a-739e5f20e130","block_type":"box","text":"The ACD makes use of the ‘delivery versus payment’ (DVP) exemption for Shareholders who consent,","page_number":39,"box":{"x":121,"y":492,"width":756,"height":12}},{"id":"8aa2a2a7-1b4f-4441-a5f6-6c413093c7b6","block_type":"box","text":"as set out in the FCA’s Client Asset (CASS) Rules.","page_number":39,"box":{"x":121,"y":513,"width":375,"height":11}},{"id":"4c36aab9-c821-4fbc-9ad0-a99cfa3fdc66","block_type":"box","text":"The use of the DVP exemption is limited to payments the ACD receives from Shareholders by electronic","page_number":39,"box":{"x":121,"y":554,"width":757,"height":11}},{"id":"cc1447d5-c87c-4c0a-a03e-8b9feed9f358","block_type":"box","text":"bank transfer or via commercial settlement systems (e.g. EMX or Clearstream) for the purposes of","page_number":39,"box":{"x":121,"y":574,"width":757,"height":12}},{"id":"58c2c2f3-0c83-4572-bd59-77797da5930c","block_type":"box","text":"settling a transaction in Shares.","page_number":39,"box":{"x":121,"y":595,"width":232,"height":11}},{"id":"171a9f70-ad0e-42d4-b9de-7344817c3b45","block_type":"box","text":"The DVP exemption for payments received from a Shareholder by electronic bank transfer provides a","page_number":39,"box":{"x":121,"y":636,"width":757,"height":11}},{"id":"46a171ea-d98b-4fd1-ae47-0983e3541dcc","block_type":"box","text":"period, during which the monies received will not be treated as \"client money”, within the meaning of","page_number":39,"box":{"x":121,"y":656,"width":757,"height":12}},{"id":"6481481c-e74e-4dbb-89cb-b65efe2e1210","block_type":"box","text":"the FCA’s Client Asset (CASS) Rules, from the point the ACD receives a Shareholder’s money until the","page_number":39,"box":{"x":121,"y":677,"width":757,"height":11}},{"id":"ba1913b0-c7d9-4940-a08d-93a2767f1fc9","block_type":"box","text":"close of the next business day.","page_number":39,"box":{"x":121,"y":697,"width":228,"height":11}},{"id":"a662fc9b-703f-4804-b977-1c68a505f4f1","block_type":"box","text":"Payments received from Shareholders via commercial settlement systems will not typically be treated","page_number":39,"box":{"x":122,"y":738,"width":756,"height":11}},{"id":"de3d894d-7dcc-4dde-875d-431d62378ff8","block_type":"box","text":"as client money during the same period as that which applies to other payment methods mentioned","page_number":39,"box":{"x":121,"y":759,"width":757,"height":11}},{"id":"45798b90-65c5-4e94-8d91-6a336cef31f2","block_type":"box","text":"above. However for payments received via commercial settlement systems the ACD reserves the right","page_number":39,"box":{"x":121,"y":779,"width":757,"height":11}},{"id":"39eb39ea-b690-409c-a831-8046297a236b","block_type":"box","text":"to extend the period during which money is not treated as client money until the close of business three","page_number":39,"box":{"x":121,"y":800,"width":757,"height":11}},{"id":"1891f19a-7e81-478b-8c76-f8af4b6147d9","block_type":"box","text":"business days after the receipt of the Shareholder’s money.","page_number":39,"box":{"x":121,"y":820,"width":441,"height":11}},{"id":"060da668-6f11-4fc6-92d3-066eb1bbb5f1","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 40","page_number":40,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"6e4a53d4-f840-4741-8cc8-10da6b820adc","block_type":"box","text":"Money which is not treated as client money will not be held in a segregated client bank account and will","page_number":40,"box":{"x":122,"y":88,"width":755,"height":11}},{"id":"358855c5-a79e-49e1-91b6-f1e744f085a6","block_type":"box","text":"not be protected from the insolvency of the ACD.","page_number":40,"box":{"x":122,"y":108,"width":359,"height":11}},{"id":"9781f184-c0a0-4d85-90f2-288821cb8daa","block_type":"box","text":"Should the ACD still hold Shareholder money after the expiry of the DVP exemption period, the ACD","page_number":40,"box":{"x":121,"y":128,"width":757,"height":12}},{"id":"cbc943b2-db90-4e94-96bc-b589451b0338","block_type":"box","text":"will protect Shareholder money as client money until the transaction has been settled.","page_number":40,"box":{"x":121,"y":149,"width":633,"height":11}},{"id":"749dfca9-50af-4d4b-830c-e9b978c73c72","block_type":"box","text":"If a Shareholder makes payment to the ACD by cheque, debit card or direct debit, the ACD will","page_number":40,"box":{"x":122,"y":190,"width":699,"height":11}},{"id":"edd5135a-c907-49b1-a668-dc6e7b52688e","block_type":"box","text":"protect the Shareholder’s money at the time of receipt and will not use the DVP exemption.","page_number":40,"box":{"x":121,"y":210,"width":672,"height":12}},{"id":"aa11eff8-eccc-43a9-98fc-26b22b9eb56b","block_type":"box","text":"Selling Shares","page_number":40,"box":{"x":121,"y":243,"width":138,"height":14}},{"id":"0b22c5b1-d632-4d11-92da-9152d6f98dd9","block_type":"box","text":"A Shareholder wishing to sell Shares should contact the ACD by telephoning 0800 051 2003","page_number":40,"box":{"x":121,"y":275,"width":710,"height":12}},{"id":"ed7b6b78-3628-4cef-bde0-81a3764cc98e","block_type":"box","text":"*","page_number":40,"box":{"x":832,"y":275,"width":5,"height":4}},{"id":"acc6d757-3a25-48fd-a504-ea525597e832","block_type":"box","text":"or in","page_number":40,"box":{"x":845,"y":275,"width":32,"height":9}},{"id":"140800a1-98a7-4a8c-9fc5-2ddc56824a2e","block_type":"box","text":"writing. Instructions to sell are irrevocable. Unless the ACD agrees otherwise, it will not accept","page_number":40,"box":{"x":121,"y":296,"width":757,"height":11}},{"id":"a6495331-5896-403e-8183-866bfc064b3d","block_type":"box","text":"instructions to sell Shares on the basis of an authority communicated by electronic means. However,","page_number":40,"box":{"x":122,"y":316,"width":755,"height":11}},{"id":"8f7084b6-9298-48d3-99d9-711c69c54f65","block_type":"box","text":"the ACD may, at its discretion, introduce further methods in the future.","page_number":40,"box":{"x":121,"y":337,"width":518,"height":11}},{"id":"7ff1938d-0f0b-405c-a153-42ecd3da140d","block_type":"box","text":"* Telephone calls may be recorded by the ACD, its delegates, their duly appointed agents and any of their respective related,","page_number":40,"box":{"x":121,"y":377,"width":757,"height":9}},{"id":"8b8b9332-3f80-4fd1-8b24-9d20bbde26e8","block_type":"box","text":"associated or affiliated companies for record keeping, security and/or training purposes, please see the paragraph “Telephone","page_number":40,"box":{"x":121,"y":394,"width":757,"height":9}},{"id":"1b1206c7-588b-4762-ac70-3a00a29ca2df","block_type":"box","text":"Recording” below for further information.","page_number":40,"box":{"x":122,"y":410,"width":238,"height":9}},{"id":"0a02d9ba-f4a8-4c9b-83b9-f19871bc4f2e","block_type":"box","text":"Every Shareholder is entitled on any Business Day to request that the Company redeem their Shares","page_number":40,"box":{"x":122,"y":443,"width":756,"height":11}},{"id":"848e3473-cc90-4c19-ba9c-48c956e027cc","block_type":"box","text":"and the Company will be required to redeem them in accordance with the procedures set out below.","page_number":40,"box":{"x":121,"y":464,"width":739,"height":11}},{"id":"6288fd8e-d4c5-4229-b9f2-034f3053c08d","block_type":"box","text":"For all Funds other than the Aviva Investors Multi-Strategy Target Return Fund and the Aviva Investors","page_number":40,"box":{"x":122,"y":505,"width":756,"height":11}},{"id":"297f030b-78a7-4722-a0e4-2d8198b6463f","block_type":"box","text":"Global Equity Income Fund, redemption requests received and accepted by the ACD by the Valuation","page_number":40,"box":{"x":121,"y":525,"width":756,"height":11}},{"id":"70d5c7df-c31d-44ee-b762-abefc2d302da","block_type":"box","text":"Point on a Dealing Day will be dealt with at the price calculated as at the Valuation Point for that Dealing","page_number":40,"box":{"x":122,"y":546,"width":756,"height":11}},{"id":"336ab53f-35bb-4088-a284-d7dd68705606","block_type":"box","text":"Day. All requests received and accepted after that time will be dealt with at the price calculated as at","page_number":40,"box":{"x":122,"y":566,"width":756,"height":11}},{"id":"a75cad72-4d0c-4eef-bc1e-2c1801996cbc","block_type":"box","text":"the Valuation Point for the following Dealing Day.","page_number":40,"box":{"x":121,"y":587,"width":362,"height":11}},{"id":"2d553e70-1030-480c-b534-29143c9ec246","block_type":"box","text":"For the Aviva Investors Multi-Strategy Target Return Fund and the Aviva Investors Global Equity","page_number":40,"box":{"x":122,"y":628,"width":756,"height":11}},{"id":"d0c9b805-6162-47e9-b603-d34d999897b9","block_type":"box","text":"Income Fund, redemption requests which are received and accepted by the ACD by 12 noon on a","page_number":40,"box":{"x":122,"y":648,"width":756,"height":11}},{"id":"7c06039a-b1b6-4ca7-885e-0ab880195134","block_type":"box","text":"Dealing Day will be dealt with at the price calculated as at the Valuation Point on that Dealing Day. All","page_number":40,"box":{"x":122,"y":669,"width":755,"height":11}},{"id":"26a7df5a-4798-4ffa-9322-72c282283053","block_type":"box","text":"requests received and accepted after the 12 noon dealing cut off point on a Dealing Day will be held","page_number":40,"box":{"x":122,"y":689,"width":756,"height":11}},{"id":"a211d92e-0ac6-4322-8900-66dfb10246b6","block_type":"box","text":"over and dealt with at the price calculated as at the Valuation Point for the next Dealing Day.","page_number":40,"box":{"x":121,"y":710,"width":683,"height":11}},{"id":"0e43de27-0508-42b3-82f7-c01d6f898435","block_type":"box","text":"A contract note giving details of the number and price of Shares sold will be sent to the selling","page_number":40,"box":{"x":121,"y":730,"width":756,"height":11}},{"id":"7976f2a1-e623-467a-9f0b-5b2a26d25515","block_type":"box","text":"Shareholder (the first named in the case of joint holders) together (if sufficient written instructions have","page_number":40,"box":{"x":121,"y":750,"width":757,"height":12}},{"id":"b980016a-f391-46b0-9868-a2500fdc9ee9","block_type":"box","text":"not already been given) with a form of renunciation for completion and execution by the Shareholder","page_number":40,"box":{"x":122,"y":771,"width":756,"height":11}},{"id":"ba422183-e348-4419-aef9-7cb2a9b82df8","block_type":"box","text":"(and in the case of joint holders, by all the joint holders) no later than the end of the Business Day","page_number":40,"box":{"x":122,"y":792,"width":756,"height":11}},{"id":"43ce1adb-672d-4e41-bb9b-e04f9bcce49d","block_type":"box","text":"following the day of the Valuation Point by reference to which the redemption price is determined. The","page_number":40,"box":{"x":121,"y":812,"width":757,"height":11}},{"id":"e5046035-cce3-4e23-a3ee-ad6d0f0ea6ff","block_type":"box","text":"redemption monies will be paid within four Business Days of the later of:","page_number":40,"box":{"x":122,"y":832,"width":532,"height":12}},{"id":"eb3925b2-78ca-4481-a066-a3180aa20099","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 41","page_number":41,"box":{"x":121,"y":926,"width":363,"height":9}},{"id":"0fb64a6c-739f-4587-a263-12cd79c1ee6b","block_type":"box","text":"1. the receipt by the ACD of the form of renunciation (or other sufficient written instructions) duly","page_number":41,"box":{"x":152,"y":87,"width":726,"height":12}},{"id":"a76b52c1-60d2-40ec-8638-f1dad1ca9738","block_type":"box","text":"signed by all the relevant Shareholders and completed as to the appropriate number of Shares,","page_number":41,"box":{"x":181,"y":108,"width":696,"height":11}},{"id":"e0416ceb-2cb4-403d-befb-a3379896c50e","block_type":"box","text":"together with any other appropriate evidence of title; and","page_number":41,"box":{"x":181,"y":128,"width":418,"height":12}},{"id":"7dbf4a99-ca99-41ad-8ec8-779bebf97211","block_type":"box","text":"2. the Valuation Point following receipt by the ACD of the request to redeem.","page_number":41,"box":{"x":151,"y":169,"width":578,"height":12}},{"id":"9ec63666-6a07-49bc-b4fc-933f2488cbec","block_type":"box","text":"However where money is owing on the earlier sale of the Shares to be redeemed and has not been","page_number":41,"box":{"x":122,"y":210,"width":755,"height":12}},{"id":"5ef65cf7-68bf-4810-bba1-a18b074b3578","block_type":"box","text":"received and cleared by the time the redemption proceeds would otherwise be payable, then the","page_number":41,"box":{"x":122,"y":231,"width":756,"height":11}},{"id":"21cdda10-997a-4c88-8afa-87ae6ffd1a68","block_type":"box","text":"redemption proceeds for those Shares will not be sent until such time as the initial money has been","page_number":41,"box":{"x":122,"y":251,"width":755,"height":12}},{"id":"a08cd3fd-1fa2-41ee-a1dd-8fafbb57a8a5","block_type":"box","text":"received and cleared.","page_number":41,"box":{"x":122,"y":272,"width":158,"height":9}},{"id":"f2f9b6f8-182b-41d8-810a-7039cda66ee6","block_type":"box","text":"For the sale of Shares in Class 8, if any payment due from the Shareholder under the terms of the","page_number":41,"box":{"x":122,"y":313,"width":756,"height":11}},{"id":"160b7ef5-db16-456d-859e-35e8d7100656","block_type":"box","text":"separate written agreement entered into as a condition to investing in that Class is overdue at the time","page_number":41,"box":{"x":121,"y":333,"width":757,"height":12}},{"id":"cc120263-6f87-421b-9590-6cc27fdb90ab","block_type":"box","text":"of the Shareholder’s request to redeem Shares, the ACD will have the right to deduct the outstanding","page_number":41,"box":{"x":121,"y":354,"width":757,"height":11}},{"id":"3f63bbfa-59e2-4338-8501-d8030ccea061","block_type":"box","text":"amount from the redemption proceeds before paying the remainder (if any) to the Shareholder in","page_number":41,"box":{"x":121,"y":374,"width":756,"height":11}},{"id":"a4746340-b8c2-4b08-a3c5-13a3c14c5ce7","block_type":"box","text":"satisfaction of the redemption request.","page_number":41,"box":{"x":121,"y":395,"width":283,"height":11}},{"id":"51b1e92d-3c1d-4052-8ec5-de1618ca1525","block_type":"box","text":"Delivery Versus Payment Exemption on the sale of Shares","page_number":41,"box":{"x":122,"y":436,"width":462,"height":11}},{"id":"bdc54597-944f-4aee-abcb-8779dd48ec99","block_type":"box","text":"The ACD makes use of the ‘delivery versus payment’ (DVP) exemption, for Shareholders who consent,","page_number":41,"box":{"x":121,"y":467,"width":756,"height":11}},{"id":"731eb58c-f4d4-440f-8f25-a174f5a8c275","block_type":"box","text":"as set out in the FCA’s Client Asset (CASS) Rules.","page_number":41,"box":{"x":121,"y":488,"width":375,"height":11}},{"id":"82692cef-5628-4865-b340-5743b2dd0d45","block_type":"box","text":"The use of the DVP exemption is limited to payments the ACD makes to Shareholders by electronic","page_number":41,"box":{"x":121,"y":529,"width":757,"height":11}},{"id":"fab2e854-8fe1-498a-b22f-d4e83054886b","block_type":"box","text":"bank transfer and via commercial settlement systems (e.g. EMX or Clearstream).","page_number":41,"box":{"x":121,"y":549,"width":599,"height":11}},{"id":"429b28fc-56a7-4e6f-8e65-0c46e2058138","block_type":"box","text":"All these methods of payment should clear in the Shareholder’s account on the payment date. However,","page_number":41,"box":{"x":121,"y":590,"width":756,"height":11}},{"id":"ec4e385f-ba08-4f82-97f0-5316a985dfbe","block_type":"box","text":"should such payments fail to clear on the payment date, the DVP exemption provides a period during","page_number":41,"box":{"x":121,"y":611,"width":757,"height":11}},{"id":"e9d9ef4a-5e6e-4b33-b365-2598a04e59aa","block_type":"box","text":"which the ACD is not required to treat the payment as “client money” within the meaning of the FCA’s","page_number":41,"box":{"x":121,"y":631,"width":757,"height":11}},{"id":"0fa8d391-a090-4359-8584-5fb0b6515962","block_type":"box","text":"Client Asset (CASS) Rules. For payments made to a Shareholder by electronic bank transfer this period","page_number":41,"box":{"x":121,"y":652,"width":757,"height":11}},{"id":"119165a6-a8a2-4a4a-90c0-56f31ecde7e7","block_type":"box","text":"begins on the date the ACD is due to pay the proceeds to the Shareholder until the close of the next","page_number":41,"box":{"x":121,"y":672,"width":757,"height":11}},{"id":"0cf6cf18-1ffa-43cf-8c70-cdde50a5d22c","block_type":"box","text":"business day.","page_number":41,"box":{"x":121,"y":693,"width":101,"height":11}},{"id":"cf8fe0d2-5f33-44ea-bc89-8bb17004dac3","block_type":"box","text":"Payments made to Shareholders via commercial settlement systems will not typically be treated as","page_number":41,"box":{"x":122,"y":725,"width":756,"height":11}},{"id":"33b3b5e9-8222-46a8-aa71-0641501d0bd7","block_type":"box","text":"client money during the same period as that which applies to other payment methods mentioned above.","page_number":41,"box":{"x":121,"y":746,"width":756,"height":11}},{"id":"7a286d10-0bb7-4ce8-80d0-59ded2982849","block_type":"box","text":"However for payments made via commercial settlement systems the ACD reserves the right to extend","page_number":41,"box":{"x":122,"y":766,"width":756,"height":11}},{"id":"bb69d73c-5e6a-4649-9cea-ba7b986be69b","block_type":"box","text":"the period during which money is not treated as client money until the close of business three business","page_number":41,"box":{"x":121,"y":786,"width":757,"height":11}},{"id":"f8a67cb9-a3cb-4612-a6f0-abb41d6dcfe8","block_type":"box","text":"days after the date the money is due and payable.","page_number":41,"box":{"x":121,"y":807,"width":371,"height":11}},{"id":"34ef6cff-ea0a-4c70-a8a2-17d5369965f2","block_type":"box","text":"Money which is not treated as client money will not be held in a segregated client bank account and will","page_number":41,"box":{"x":122,"y":848,"width":755,"height":11}},{"id":"34ea5bb7-13b6-4bad-9458-3a942860c1ac","block_type":"box","text":"not be protected from the insolvency of the ACD.","page_number":41,"box":{"x":122,"y":868,"width":359,"height":11}},{"id":"be969f45-fb16-4ba4-a4d7-b2b2ad5058ce","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 42","page_number":42,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"d1c53d73-3da3-40dc-8fb5-55d8d69d198f","block_type":"box","text":"Should the ACD still hold Shareholder money after the expiry of the DVP exemption period, it will protect","page_number":42,"box":{"x":121,"y":87,"width":757,"height":12}},{"id":"d34e9e84-4786-4773-b762-5d842f81f269","block_type":"box","text":"Shareholder money as client money until payment can be made.","page_number":42,"box":{"x":121,"y":108,"width":477,"height":11}},{"id":"286c855d-2a7d-4e46-988d-acfce5582da4","block_type":"box","text":"If the ACD pays the proceeds from the sale of a Shareholder’s Shares by cheque, the money will be","page_number":42,"box":{"x":122,"y":140,"width":756,"height":12}},{"id":"a52ae118-b62d-449a-969c-ad9b6af74d6f","block_type":"box","text":"treated as client money and held in a segregated client bank account from the date the ACD issues the","page_number":42,"box":{"x":121,"y":161,"width":757,"height":11}},{"id":"599c3174-be98-45ce-8831-df246c6051e1","block_type":"box","text":"cheque so it remains protected until it is cashed.","page_number":42,"box":{"x":121,"y":181,"width":356,"height":11}},{"id":"d3124c36-a883-42ce-9752-561b12a4d06d","block_type":"box","text":"Minimum Redemption","page_number":42,"box":{"x":122,"y":214,"width":173,"height":11}},{"id":"f468c0be-9ac5-4320-a169-540de5e5d859","block_type":"box","text":"Part of a Shareholder’s holding may be sold but the ACD reserves the right to refuse a redemption","page_number":42,"box":{"x":122,"y":243,"width":755,"height":11}},{"id":"9090adc0-9053-425b-a455-68eefe6680fa","block_type":"box","text":"request if the value of the Shares of any Fund to be redeemed is less than the minimum redemption","page_number":42,"box":{"x":122,"y":263,"width":755,"height":12}},{"id":"889a7d83-8b24-41a8-bd15-63c4cfb697c8","block_type":"box","text":"amounts as stated in the table set out in the section headed “Shares” above.","page_number":42,"box":{"x":121,"y":284,"width":566,"height":9}},{"id":"dd12cab7-42f7-4c83-bfdb-fd921c7c5bb8","block_type":"box","text":"Additionally the ACD reserves the right to refuse a redemption request for part of Shareholder’s holding","page_number":42,"box":{"x":121,"y":325,"width":757,"height":11}},{"id":"59d3c0a5-8b17-43d6-82d6-2bd0aec7a47a","block_type":"box","text":"if the value of the remaining holding would fall below the minimum aggregate investment amount (if","page_number":42,"box":{"x":122,"y":345,"width":756,"height":12}},{"id":"9c569963-8922-49d8-8977-041e38e08447","block_type":"box","text":"any) in a Fund or Class or the minimum holding in a Fund or Class as set out in the table set out in the","page_number":42,"box":{"x":121,"y":366,"width":757,"height":11}},{"id":"add504eb-3025-4ea0-9b88-c2b0ab99c09d","block_type":"box","text":"section headed “Shares” above.","page_number":42,"box":{"x":121,"y":386,"width":236,"height":9}},{"id":"be5eb057-55cf-4043-8cb8-94a1107ecee5","block_type":"box","text":"Minimum Holding","page_number":42,"box":{"x":122,"y":429,"width":138,"height":12}},{"id":"1737cd78-b0f7-4439-8bc9-115144a55da9","block_type":"box","text":"In respect of a Relevant Shareholder’s holding in a Relevant Class (as such terms are defined in the","page_number":42,"box":{"x":122,"y":470,"width":756,"height":12}},{"id":"d14ec455-04f6-4f45-a797-a05b944f0e25","block_type":"box","text":"table set out in the section headed “Shares” above) if:","page_number":42,"box":{"x":121,"y":491,"width":396,"height":11}},{"id":"5e29218a-3969-4a86-87da-92ce0a1c09cf","block_type":"box","text":"(i)","page_number":42,"box":{"x":152,"y":511,"width":12,"height":11}},{"id":"c9ab2387-7d8d-4378-b7d2-1a8cff7494ae","block_type":"box","text":"following a redemption, cancellation, Switch or transfer, the holding in the Relevant Class","page_number":42,"box":{"x":211,"y":511,"width":667,"height":12}},{"id":"4f7e0081-9086-44f3-ad79-1cce860829c7","block_type":"box","text":"falls below the minimum holding specified above; and/or","page_number":42,"box":{"x":211,"y":532,"width":417,"height":11}},{"id":"db367f24-6346-43bc-8a68-1f2f41ea0bc7","block_type":"box","text":"(ii)","page_number":42,"box":{"x":152,"y":552,"width":16,"height":11}},{"id":"c5b5bfc0-e53d-46fb-b3fc-b47cd4c60342","block_type":"box","text":"(in the case of Class 3 or Class 8 only) following a redemption, cancellation, Switch or","page_number":42,"box":{"x":212,"y":552,"width":667,"height":12}},{"id":"ff995ded-b66b-438b-ac88-dfe060d0163d","block_type":"box","text":"transfer, the eligibility criteria for the Relevant Class is otherwise breached; and/or","page_number":42,"box":{"x":211,"y":573,"width":608,"height":11}},{"id":"ea2d8070-c1d9-4bfc-8530-d7d05464aa64","block_type":"box","text":"(iii)","page_number":42,"box":{"x":152,"y":593,"width":20,"height":11}},{"id":"1493ba79-97f3-42e3-88cf-ead933bc87a4","block_type":"box","text":"(in the case of Class 4 or Class 5 only) the Relevant Shareholder fails to meet the","page_number":42,"box":{"x":212,"y":593,"width":666,"height":11}},{"id":"7dec5034-c0a9-4be8-ac4f-87b4b9927f2d","block_type":"box","text":"“ringfencing” requirement; and/or","page_number":42,"box":{"x":212,"y":614,"width":244,"height":11}},{"id":"c8061c04-c77e-4e7f-a253-02d97de7bf06","block_type":"box","text":"(iv)","page_number":42,"box":{"x":152,"y":634,"width":21,"height":11}},{"id":"f8ad3a83-c253-4649-90ff-55e86ff8ebe0","block_type":"box","text":"(in the case of Class 8 only) the Relevant Shareholder breaches the terms of the separate","page_number":42,"box":{"x":212,"y":634,"width":666,"height":11}},{"id":"612e22ad-5fb6-4cd6-a476-aa2eea570a6b","block_type":"box","text":"commercial agreement with the ACD in respect of investment in Class 8;","page_number":42,"box":{"x":212,"y":655,"width":536,"height":11}},{"id":"992f257e-ac55-45c5-9fa1-5cda3c7f4954","block_type":"box","text":"the ACD has discretion to Convert the Relevant Shareholder’s entire holding into another Class:","page_number":42,"box":{"x":121,"y":675,"width":709,"height":11}},{"id":"cab0ad07-4041-42ec-ba56-e7bb9286b2ac","block_type":"box","text":"(a) In the case of (i) and (ii) with a lower minimum holding (if available); and/or","page_number":42,"box":{"x":152,"y":708,"width":582,"height":11}},{"id":"3e024588-4f7a-491f-a090-0730df4b93f5","block_type":"box","text":"(b) In the case of (iii) where no such ringfencing requirement applies; and/or","page_number":42,"box":{"x":152,"y":728,"width":567,"height":11}},{"id":"426eaa45-aebb-4377-a862-844a2bfbb59b","block_type":"box","text":"(c) In the case of (iv) where no such written agreement is required as a condition to investing in it.","page_number":42,"box":{"x":152,"y":749,"width":725,"height":11}},{"id":"75b813ce-9994-4763-a606-f15321429904","block_type":"box","text":"The alternative Class is likely to have higher charges than the Relevant Class held by the Relevant","page_number":42,"box":{"x":121,"y":789,"width":757,"height":12}},{"id":"3109818b-11b8-4a35-818f-3f9d6e72708b","block_type":"box","text":"Shareholder (in the case of Class 8, when aggregated with amounts charged pursuant to that separate","page_number":42,"box":{"x":121,"y":810,"width":757,"height":11}},{"id":"350ea615-1250-4660-a3d2-52dce20bf196","block_type":"box","text":"agreement). The ACD may use this discretion at any time but will give a minimum of 60 days’ prior","page_number":42,"box":{"x":121,"y":830,"width":758,"height":12}},{"id":"5d175f21-5066-4573-bb53-223557192955","block_type":"box","text":"notice to the Relevant Shareholder. Failure by the ACD to use its discretion immediately after such","page_number":42,"box":{"x":122,"y":851,"width":755,"height":11}},{"id":"0e4e907c-32c6-45a3-aa86-be8c5d5c587e","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 43","page_number":43,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"d53ee69e-2142-4a86-bac7-8cc3171fc4cb","block_type":"box","text":"redemption, cancellation, Switch or transfer will not constitute a waiver of this right. The value of Shares","page_number":43,"box":{"x":122,"y":87,"width":756,"height":12}},{"id":"b687e924-5f50-4418-9da0-4104da3a0ccd","block_type":"box","text":"for the purpose of this section is calculated by reference to their prevailing price. The minimum holding","page_number":43,"box":{"x":121,"y":108,"width":756,"height":11}},{"id":"fa252009-7e9a-4a50-94d4-532814499485","block_type":"box","text":"requirements will not be treated as being breached if the value of Shares held falls below the relevant","page_number":43,"box":{"x":122,"y":128,"width":756,"height":12}},{"id":"3d1ed651-4d52-4361-9a81-d8d959bbc393","block_type":"box","text":"minimum solely as a result of a fall in the Share price.","page_number":43,"box":{"x":122,"y":149,"width":395,"height":11}},{"id":"7963e374-3240-4f1b-8fb1-c759c1e18cf5","block_type":"box","text":"Switching","page_number":43,"box":{"x":121,"y":190,"width":94,"height":14}},{"id":"851ad1b7-0c10-40df-af68-b9c60599020d","block_type":"box","text":"Subject to the qualifications below, a Shareholder may at any time Switch all or some of their Shares","page_number":43,"box":{"x":121,"y":236,"width":757,"height":11}},{"id":"75c4bb05-d160-444e-9b97-fc1288c23de1","block_type":"box","text":"of one Class or Fund (“","page_number":43,"box":{"x":121,"y":256,"width":180,"height":12}},{"id":"da626787-c13a-42b3-9900-b2aafa6d7060","block_type":"box","text":"Original Shares”","page_number":43,"box":{"x":302,"y":256,"width":133,"height":12}},{"id":"e77d05f4-ed35-4176-9874-9534b3dfd9bf","block_type":"box","text":") for a number of Shares of another Class or Fund (“","page_number":43,"box":{"x":437,"y":256,"width":406,"height":12}},{"id":"45a132f3-f8b4-4b84-8750-09b2f58a9203","block_type":"box","text":"New","page_number":43,"box":{"x":845,"y":257,"width":33,"height":8}},{"id":"d3584962-e599-4139-901d-324360f0742e","block_type":"box","text":"Shares”","page_number":43,"box":{"x":121,"y":277,"width":63,"height":9}},{"id":"9d8196f6-c7f8-4037-97f0-57d31e273e86","block_type":"box","text":"). The number of New Shares issued is determined by the following formula:","page_number":43,"box":{"x":185,"y":277,"width":563,"height":11}},{"id":"5f873e7d-99f2-46d4-8e1b-2172bdb0de7c","block_type":"box","text":"O x (CP x ER)","page_number":43,"box":{"x":242,"y":318,"width":104,"height":11}},{"id":"499cfda4-6563-4f44-94fe-60240788ed87","block_type":"box","text":"N = SP","page_number":43,"box":{"x":182,"y":338,"width":123,"height":9}},{"id":"28713d34-0bab-4fbb-8068-d10f1ecb0533","block_type":"box","text":"where:","page_number":43,"box":{"x":121,"y":359,"width":48,"height":9}},{"id":"564bee6e-9f49-48bd-96e0-45399b4c17be","block_type":"box","text":"N is the number of New Shares to be issued;","page_number":43,"box":{"x":122,"y":379,"width":330,"height":11}},{"id":"4b372d87-0225-49b0-bb30-b1b17a207e78","block_type":"box","text":"O is the number of Original Shares to be Switched;","page_number":43,"box":{"x":121,"y":420,"width":376,"height":12}},{"id":"f47c1e2b-0543-4699-a61b-26329c030c19","block_type":"box","text":"CP is the published dealing price at which one Share of the original Class/Fund can be redeemed;","page_number":43,"box":{"x":121,"y":461,"width":726,"height":12}},{"id":"10099cca-e3a9-44ab-b2e1-c2ee2ef71674","block_type":"box","text":"ER is 1 (for same currency Shares); and","page_number":43,"box":{"x":122,"y":502,"width":297,"height":12}},{"id":"2de2dc88-1ea6-43ec-ae32-bf8db371b5fb","block_type":"box","text":"SP is the published dealing price at which a New Share in the new Class/Fund can be purchased,","page_number":43,"box":{"x":121,"y":543,"width":723,"height":12}},{"id":"18b7d56f-2c2d-4c00-b3d2-7b213a3c0a63","block_type":"box","text":"in the case of CP and SP, the price referred to is the published dealing price at the applicable Valuation","page_number":43,"box":{"x":122,"y":584,"width":756,"height":12}},{"id":"90b7e204-4775-4057-918a-4717abfd438b","block_type":"box","text":"Point.","page_number":43,"box":{"x":122,"y":605,"width":40,"height":9}},{"id":"ed3f8593-df71-4e74-bce6-02b805c244fd","block_type":"box","text":"Each number referred to in the definition of N or O shall be expressed to the third decimal place and","page_number":43,"box":{"x":122,"y":646,"width":755,"height":11}},{"id":"025e1e38-7268-4438-909b-f0b854dc9a73","block_type":"box","text":"rounded up thereto in the case of N, so that the integer represents the number of Larger Denomination","page_number":43,"box":{"x":122,"y":666,"width":755,"height":11}},{"id":"75343808-d940-448d-96ca-65ec9cf1acb2","block_type":"box","text":"Shares and the decimal when multiplied by 1,000 represents the number of Smaller Denomination","page_number":43,"box":{"x":121,"y":687,"width":756,"height":11}},{"id":"0e320e8e-b874-4de7-894f-ccfeaf0ba7a9","block_type":"box","text":"Shares.","page_number":43,"box":{"x":121,"y":707,"width":56,"height":9}},{"id":"77ab1efe-2271-49fc-8a18-00df56542ed5","block_type":"box","text":"If a Shareholder wishes to Switch Shares they should apply to the ACD in the same manner as for a","page_number":43,"box":{"x":122,"y":748,"width":756,"height":11}},{"id":"18f25fe4-8fa7-459a-9c15-3bcbde35d3fe","block_type":"box","text":"sale as set out in the section above headed “Selling Shares”. Applications to Switch Shares between","page_number":43,"box":{"x":121,"y":769,"width":756,"height":11}},{"id":"0ed028db-925b-4488-8f85-4edcdc8a4058","block_type":"box","text":"Classes or Types within the same Fund will be deemed to be applications to Convert Shares and will","page_number":43,"box":{"x":121,"y":789,"width":756,"height":11}},{"id":"52c16c97-38b5-4e31-9a27-4b06a984a4e2","block_type":"box","text":"be dealt with in accordance with the Conversion process described below with the exception of the","page_number":43,"box":{"x":121,"y":810,"width":757,"height":11}},{"id":"1c7e9656-e6ed-4e3e-96fe-83a91c6b7563","block_type":"box","text":"Aviva Investors UK Index Tracking Fund and the Aviva Investors Multi-Strategy Target Return Fund","page_number":43,"box":{"x":121,"y":830,"width":757,"height":11}},{"id":"c6b8889b-4c91-4937-98bd-abc0f1653b35","block_type":"box","text":"where the applications will be dealt with in accordance with this “Switching” section.","page_number":43,"box":{"x":121,"y":851,"width":617,"height":11}},{"id":"9f1c51cd-ae81-421e-ba0b-4081f9330cd6","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 44","page_number":44,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"431de2ea-c065-40e9-90cf-75246dab53e2","block_type":"box","text":"The ACD may at its discretion impose restrictions as to the Classes/Funds for which a Switch may be","page_number":44,"box":{"x":121,"y":108,"width":757,"height":11}},{"id":"ada1244e-7b46-4ce5-baae-70ccd6d8ca38","block_type":"box","text":"affected.","page_number":44,"box":{"x":121,"y":128,"width":62,"height":9}},{"id":"7f87229d-6dd7-4b9b-a068-777a17d89faf","block_type":"box","text":"If the Switch would result in the Shareholder holding a number of Original Shares or New Shares of a","page_number":44,"box":{"x":122,"y":169,"width":756,"height":12}},{"id":"0af379ff-dee9-4fd9-87a3-60c1c182c7f6","block_type":"box","text":"value which is less than the minimum holding in the Fund or Class concerned, the ACD may, if it thinks","page_number":44,"box":{"x":121,"y":190,"width":757,"height":11}},{"id":"a0a122f0-ac2b-44ff-897b-21f1166484bf","block_type":"box","text":"fit, Switch the whole of the applicant’s holding of Original Shares to New Shares or refuse to effect any","page_number":44,"box":{"x":121,"y":210,"width":757,"height":12}},{"id":"1d400e56-9f3e-4c06-a678-224fde4124dc","block_type":"box","text":"Switch of the Original Shares. No Switch will be made during any period when the right of Shareholders","page_number":44,"box":{"x":121,"y":231,"width":757,"height":11}},{"id":"d7524699-a751-4832-a72d-7b29e6d733a1","block_type":"box","text":"to require the redemption of their Shares is suspended. The general provisions on procedures relating","page_number":44,"box":{"x":121,"y":251,"width":756,"height":12}},{"id":"d1cdb90c-3d6a-4ad4-9682-fa2708231fd0","block_type":"box","text":"to redemption will apply equally to a Switch. For all Funds other than the Aviva Investors Multi-Strategy","page_number":44,"box":{"x":121,"y":272,"width":757,"height":11}},{"id":"862feaae-291f-45f4-94a8-e740ee3dff0c","block_type":"box","text":"Target Return Fund and the Aviva Investors Global Equity Income Fund, Switching requests received","page_number":44,"box":{"x":121,"y":292,"width":757,"height":12}},{"id":"c199eb34-b581-4804-a47b-549f317a17f2","block_type":"box","text":"after a Valuation Point will be held over until the next day which is a Dealing Day in the relevant Fund(s)","page_number":44,"box":{"x":121,"y":313,"width":756,"height":11}},{"id":"7ec1a1e4-bfa1-4377-9b6c-b1455e596af7","block_type":"box","text":"or Class(es). For the Aviva Investors Multi-Strategy Target Return Fund and the Aviva Investors Global","page_number":44,"box":{"x":121,"y":333,"width":756,"height":12}},{"id":"b3eb40ed-ac74-45b8-b868-d9e2f2e02a53","block_type":"box","text":"Equity Income Fund, Switching requests received after the dealing cut off point will be held over until","page_number":44,"box":{"x":122,"y":354,"width":756,"height":11}},{"id":"7ceab052-9ca6-49e5-90a4-1de9e6f705fa","block_type":"box","text":"the next day which is a Dealing Day.","page_number":44,"box":{"x":121,"y":374,"width":269,"height":11}},{"id":"b43e7993-1369-4861-a5eb-475d76014c51","block_type":"box","text":"A Switching Fee may be charged on the Switching of Shares between Funds and additionally","page_number":44,"box":{"x":121,"y":415,"width":757,"height":12}},{"id":"d3978c83-cdc5-43a0-a0ed-3f064109ac2a","block_type":"box","text":"circumstances may arise on Switching when the ACD imposes an Investor Protection Fee. For further","page_number":44,"box":{"x":121,"y":436,"width":757,"height":11}},{"id":"795c5b52-2c2e-49ad-a8ec-788785269a35","block_type":"box","text":"details in respect of the level and impact of any such Switching Fee or Investor Protection Fee, please","page_number":44,"box":{"x":121,"y":456,"width":757,"height":11}},{"id":"4e4a2e02-3cb8-4e3a-8679-64f8065f8af4","block_type":"box","text":"see the section headed “Fees and Expenses” below. The ACD may adjust the number of New Shares","page_number":44,"box":{"x":121,"y":477,"width":757,"height":11}},{"id":"ce685291-a467-4324-b2c4-a59741ea0c04","block_type":"box","text":"to be issued to reflect the imposition of any Switching Fee together with any other charges or levies in","page_number":44,"box":{"x":121,"y":497,"width":756,"height":11}},{"id":"ff0ce52d-80b3-4a41-86be-94b782b1e3d1","block_type":"box","text":"respect of the issue or sale of the New Shares or repurchase or cancellation of the Original Shares as","page_number":44,"box":{"x":122,"y":518,"width":756,"height":11}},{"id":"e4e09e7a-613f-4fcc-b837-03659daf5e8a","block_type":"box","text":"may be permitted by the COLL Sourcebook and the Instrument of Incorporation.","page_number":44,"box":{"x":122,"y":538,"width":591,"height":11}},{"id":"1c5223bd-622d-49f2-bcde-7c08aeefb18a","block_type":"box","text":"A Shareholder who Switches Shares in one Fund or Class for Shares in any other Fund or Class will","page_number":44,"box":{"x":121,"y":579,"width":756,"height":11}},{"id":"a90102b6-5d1b-48f0-abdc-3c10f1ec327d","block_type":"box","text":"not be given a right to withdraw from or cancel the transaction.","page_number":44,"box":{"x":122,"y":600,"width":460,"height":11}},{"id":"6cb6c907-fbef-44dc-b184-cc0f80358dd8","block_type":"box","text":"It should be noted that a Switch of Shares in one Fund for Shares in any other Fund is treated","page_number":44,"box":{"x":122,"y":641,"width":755,"height":11}},{"id":"061d9267-48f9-4359-aba1-fd05181e7028","block_type":"box","text":"as a realisation and will, for persons subject to United Kingdom taxation, be a disposal for the","page_number":44,"box":{"x":121,"y":661,"width":757,"height":11}},{"id":"46fe78ed-7ca5-453b-b2c7-3069fc183e90","block_type":"box","text":"purposes of UK taxation.","page_number":44,"box":{"x":122,"y":682,"width":196,"height":11}},{"id":"0f3d7184-7e13-4b0a-8c0b-e9ff7d1cda82","block_type":"box","text":"It should be noted that a Switch of Shares in one Fund for Shares in the same Fund is not","page_number":44,"box":{"x":122,"y":722,"width":756,"height":9}},{"id":"5974f016-7a24-47f2-8901-bc2e5ecb7be8","block_type":"box","text":"normally treated as a realisation and will not normally, for persons subject to United Kingdom","page_number":44,"box":{"x":122,"y":743,"width":756,"height":11}},{"id":"53f7e620-d732-429f-a2b9-4e5642170880","block_type":"box","text":"taxation, be a disposal for the purposes of UK taxation, unless it is from a hedged Class to an","page_number":44,"box":{"x":121,"y":763,"width":756,"height":12}},{"id":"a87bb6c6-ec45-4e0a-b045-bb0cec654d84","block_type":"box","text":"unhedged Class (or vice versa).","page_number":44,"box":{"x":122,"y":784,"width":250,"height":11}},{"id":"deef8393-1261-4034-868c-cf090727f91a","block_type":"box","text":"For further details on the tax implications of the Switch, please see the section headed ‘Taxation’ below.","page_number":44,"box":{"x":122,"y":825,"width":755,"height":11}},{"id":"dbe1994a-0de2-4176-a90b-c5b03bff156b","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 45","page_number":45,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"d26f2a66-1881-4f69-a3cd-fad2bf2723b2","block_type":"box","text":"Converting","page_number":45,"box":{"x":121,"y":88,"width":105,"height":13}},{"id":"35261e6c-9bb4-41f5-a9b0-2bcba286981c","block_type":"box","text":"With the exception of the Aviva Investors UK Index Tracking Fund and the Aviva Investors Multi\u0002","page_number":45,"box":{"x":121,"y":133,"width":757,"height":11}},{"id":"b9b2992e-e7db-4283-ac0f-ddc0b432b34c","block_type":"box","text":"Strategy Target Return Fund a Shareholder may at any time Convert all or some of their Shares of one","page_number":45,"box":{"x":121,"y":153,"width":757,"height":11}},{"id":"03baa24c-f88f-4142-ae9f-e1de847c0a13","block_type":"box","text":"Class or Type (“","page_number":45,"box":{"x":121,"y":173,"width":120,"height":12}},{"id":"0ec6a93b-6041-4bee-a9f0-091306f0a3ba","block_type":"box","text":"Original Shares”","page_number":45,"box":{"x":243,"y":173,"width":131,"height":12}},{"id":"3a977744-7dab-4f85-a509-ba6690370704","block_type":"box","text":") for a number of Shares of another Class or Type (“","page_number":45,"box":{"x":375,"y":173,"width":393,"height":12}},{"id":"da608e19-2998-43e1-9c01-58962b8f372b","block_type":"box","text":"New Shares”","page_number":45,"box":{"x":770,"y":173,"width":102,"height":9}},{"id":"3a5d9eca-96bd-4261-b408-3c47d60729aa","block_type":"box","text":")","page_number":45,"box":{"x":873,"y":174,"width":4,"height":11}},{"id":"d585e7f2-feea-4603-be4d-469f28e6cc62","block_type":"box","text":"in the same Fund.","page_number":45,"box":{"x":122,"y":194,"width":131,"height":9}},{"id":"69c7c9f5-621e-4a9f-96ad-8e3cdbbf30da","block_type":"box","text":"Conversions will be effected by the ACD recording the change of Type or Class on the Register of the","page_number":45,"box":{"x":121,"y":235,"width":757,"height":11}},{"id":"b046f107-94a6-4d79-afad-2852aac2f0fa","block_type":"box","text":"Company.","page_number":45,"box":{"x":121,"y":255,"width":74,"height":12}},{"id":"a18cb6c7-686f-4aa4-b617-67c577172bd1","block_type":"box","text":"The number of New Shares on such a Conversion shall be determined in accordance with the following","page_number":45,"box":{"x":121,"y":293,"width":757,"height":11}},{"id":"666d3bc1-b376-4951-b930-f1095e7b8cc6","block_type":"box","text":"formula:","page_number":45,"box":{"x":121,"y":309,"width":58,"height":8}},{"id":"7422ca12-55c2-436f-87e8-c1f8cd31a694","block_type":"box","text":"N =","page_number":45,"box":{"x":122,"y":352,"width":24,"height":8}},{"id":"4c410ad3-fb85-44b1-b440-b16bd1e86f6c","block_type":"box","text":"where:","page_number":45,"box":{"x":121,"y":392,"width":48,"height":9}},{"id":"3cf8761c-65fc-4e1d-a27b-20236f6ba35e","block_type":"box","text":"N is the number of New Shares to be issued;","page_number":45,"box":{"x":122,"y":413,"width":330,"height":10}},{"id":"a499f768-f03d-431f-9fc5-cbc8d94b325a","block_type":"box","text":"O is the number of Original Shares to be Converted;","page_number":45,"box":{"x":121,"y":454,"width":385,"height":11}},{"id":"c1c844e6-951a-40bf-b7d4-99199fa75b0a","block_type":"box","text":"CP1 is the published dealing price at which one Share of the original Class or Type can be redeemed;","page_number":45,"box":{"x":121,"y":495,"width":754,"height":11}},{"id":"90c3b285-cb21-40f3-b747-f3e449e8cee9","block_type":"box","text":"ER is 1 (for the same currency Shares); and","page_number":45,"box":{"x":122,"y":536,"width":325,"height":11}},{"id":"937e9c55-5d4d-42be-bbff-1d814c0a875b","block_type":"box","text":"CP2 is the published dealing price at which a single Share of the new Class or Type can be purchased,","page_number":45,"box":{"x":121,"y":577,"width":756,"height":11}},{"id":"3552bda4-d338-4eab-b014-d7ad94f8939c","block_type":"box","text":"in the case of CP1 and CP2, the price referred to is the published mid-market dealing price at the","page_number":45,"box":{"x":122,"y":618,"width":756,"height":11}},{"id":"bc1a2fd8-25ab-48bc-ade3-ab2d32090f39","block_type":"box","text":"applicable Valuation Point for both the Original Shares and New Shares respectively.","page_number":45,"box":{"x":121,"y":638,"width":628,"height":11}},{"id":"0b63bdbd-f61b-4071-af3a-bbc663283e87","block_type":"box","text":"Each number referred to in the definition of N or O shall be expressed to the third decimal place and","page_number":45,"box":{"x":122,"y":679,"width":755,"height":11}},{"id":"015eba18-642a-4d5d-9186-dae1eb3fd4e1","block_type":"box","text":"rounded up thereto in the case of N, so that the integer represents the number of Larger Denomination","page_number":45,"box":{"x":122,"y":700,"width":755,"height":11}},{"id":"3f70d024-c7fe-499a-a951-2d15f829042e","block_type":"box","text":"Shares and the decimal, when multiplied by 1,000, represents the number of Smaller Denomination","page_number":45,"box":{"x":121,"y":720,"width":756,"height":11}},{"id":"24f60ad5-cab8-41dc-96f8-35e2b771ed47","block_type":"box","text":"Shares.","page_number":45,"box":{"x":121,"y":741,"width":56,"height":9}},{"id":"4bdff32a-86ef-461e-8c65-e6e1a14962cb","block_type":"box","text":"If a Shareholder wishes to Convert Shares from one Class or Type to another, they should apply to the","page_number":45,"box":{"x":122,"y":781,"width":756,"height":12}},{"id":"0eea9192-8e92-48ba-ab0c-bab3b894d94b","block_type":"box","text":"ACD in the same manner as for a sale as set out in the section above headed ‘Selling Shares’.","page_number":45,"box":{"x":121,"y":802,"width":700,"height":11}},{"id":"4e48682a-3228-439a-8a7a-7b9405dc4c1c","block_type":"box","text":"CP2","page_number":45,"box":{"x":204,"y":360,"width":35,"height":11}},{"id":"4de761eb-ef43-4be6-80c3-d7ed8d86f37e","block_type":"box","text":"O","page_number":45,"box":{"x":157,"y":339,"width":14,"height":11}},{"id":"9f233e09-524c-4256-9fa6-ee7e2ca39a17","block_type":"box","text":"O x","page_number":45,"box":{"x":171,"y":343,"width":21,"height":7}},{"id":"b3345acf-12ba-42b1-804f-17d81ae63223","block_type":"box","text":"(CP1","page_number":45,"box":{"x":192,"y":339,"width":40,"height":13}},{"id":"97cac3ca-4490-494f-960d-2fb94357a75d","block_type":"box","text":"1 x E","page_number":45,"box":{"x":232,"y":343,"width":21,"height":7}},{"id":"dd2f4824-c985-4f99-8d45-78c99683c613","block_type":"box","text":"ER)","page_number":45,"box":{"x":252,"y":339,"width":33,"height":13}},{"id":"c572d5aa-1bd8-4c1c-b99c-6b6df9bd7c6d","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 46","page_number":46,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"c299fd22-8386-4d02-8cc6-b5a904758c32","block_type":"box","text":"The Conversion shall take place no later than four Business Days after the Conversion request is","page_number":46,"box":{"x":121,"y":87,"width":757,"height":12}},{"id":"f46c6e41-d5fe-4b59-93ae-c08fa309222b","block_type":"box","text":"received by the ACD or at such other Valuation Point agreed by the ACD at the request of the","page_number":46,"box":{"x":122,"y":108,"width":756,"height":11}},{"id":"a4961ee3-457c-4be7-8f52-78758b3530e0","block_type":"box","text":"Shareholder.","page_number":46,"box":{"x":121,"y":128,"width":94,"height":9}},{"id":"c8f4d006-1a50-446f-b06a-5da9bfe5eaf0","block_type":"box","text":"The ACD may at its discretion impose restrictions as to the Classes or Types for which a Conversion","page_number":46,"box":{"x":121,"y":169,"width":756,"height":12}},{"id":"17b3f203-0318-4be7-8182-c878e5180e5b","block_type":"box","text":"may be effected.","page_number":46,"box":{"x":122,"y":190,"width":121,"height":11}},{"id":"9c97224c-fdc0-4087-a8d6-87ed10378a0e","block_type":"box","text":"If the Conversion would result in the Shareholder holding a number of Original Shares or New Shares","page_number":46,"box":{"x":122,"y":241,"width":756,"height":11}},{"id":"a531ca7b-c416-42ac-bf71-32e0d2cef8b8","block_type":"box","text":"which are less than the required minimum holding for the Class or Type concerned, the ACD may, if it","page_number":46,"box":{"x":121,"y":262,"width":757,"height":11}},{"id":"848e45dc-08bd-4530-bb68-b5f632882dbf","block_type":"box","text":"thinks fit, Convert the whole of the applicant’s Original Shares to New Shares or refuse to effect any","page_number":46,"box":{"x":121,"y":282,"width":757,"height":12}},{"id":"9adc4875-3882-4629-8f52-3600311fa3b9","block_type":"box","text":"Conversion of the Original Shares. No Conversion will be made during any period when the right of","page_number":46,"box":{"x":121,"y":303,"width":757,"height":11}},{"id":"d695d321-afb1-439f-99df-8fa6687ff7f7","block_type":"box","text":"Shareholders to require the redemption of their Shares is suspended. The general provisions on","page_number":46,"box":{"x":121,"y":323,"width":756,"height":11}},{"id":"f2e78f30-f2c6-469e-9e0a-7d1283abbd81","block_type":"box","text":"procedures relating to redemption will apply equally to a Conversion.","page_number":46,"box":{"x":121,"y":344,"width":507,"height":11}},{"id":"35e9b0b8-2a87-43de-a72a-f5cd392450a3","block_type":"box","text":"A Conversion Fee may be charged on the Conversion. For further details in respect of the level and","page_number":46,"box":{"x":121,"y":385,"width":757,"height":11}},{"id":"d6552d92-f880-4d85-b19c-b0e9bcd33c43","block_type":"box","text":"impact of any such Conversion Fee, please see the section headed “Fees and Expenses” below. The","page_number":46,"box":{"x":122,"y":405,"width":756,"height":11}},{"id":"dc250ea2-e394-4caa-806b-8f48a737dfc7","block_type":"box","text":"ACD may adjust the number of New Shares to reflect the imposition of any Conversion Fee together","page_number":46,"box":{"x":121,"y":426,"width":758,"height":11}},{"id":"d61334fd-60ad-4a07-808c-de8a26c57780","block_type":"box","text":"with any other charges or levies in respect of the New Shares or the Original Shares as may be","page_number":46,"box":{"x":121,"y":446,"width":757,"height":11}},{"id":"e4a40e36-a2a9-4625-8b52-8a5d6daa1ffa","block_type":"box","text":"permitted pursuant to the COLL Sourcebook and the Instrument of Incorporation.","page_number":46,"box":{"x":121,"y":467,"width":598,"height":11}},{"id":"49625191-c6c8-47a6-9e97-9459b4b2b6a2","block_type":"box","text":"A Shareholder who Converts Shares in one Class or Type for Shares in any other Class or Type in the","page_number":46,"box":{"x":121,"y":508,"width":757,"height":11}},{"id":"f128bce3-f961-4b27-a7d4-ec69268d66e9","block_type":"box","text":"same Fund will not be given a right to withdraw from or cancel the transaction.","page_number":46,"box":{"x":121,"y":528,"width":578,"height":11}},{"id":"cff24f70-e954-4482-a641-a80dbd4e61e0","block_type":"box","text":"With the exception of the Aviva Investors UK Index Tracking Fund and the Aviva Investors","page_number":46,"box":{"x":121,"y":569,"width":718,"height":11}},{"id":"8a67558f-b007-4a1d-b52e-63040939df02","block_type":"box","text":"Multi-Strategy Target Return Fund please note that the ACD will process any Shareholder","page_number":46,"box":{"x":122,"y":590,"width":711,"height":11}},{"id":"1dc73cba-e8df-44ec-be48-e31cfa313b03","block_type":"box","text":"request to exchange existing Shares for Shares of another Class or Type within the same Fund","page_number":46,"box":{"x":122,"y":610,"width":755,"height":11}},{"id":"f0b67e2b-442c-463d-8164-96fb4a8857cc","block_type":"box","text":"as a Conversion in accordance with the provisions of this section.","page_number":46,"box":{"x":121,"y":630,"width":527,"height":12}},{"id":"1dfd9999-338f-4ceb-a197-4e101154dd86","block_type":"box","text":"It should be noted that a Conversion of Shares in one Fund for Shares in the same Fund is not","page_number":46,"box":{"x":122,"y":663,"width":756,"height":9}},{"id":"43d05777-b4a5-4fe0-acec-9037f529efe4","block_type":"box","text":"normally treated as a realisation and will not normally, for persons subject to United Kingdom","page_number":46,"box":{"x":122,"y":683,"width":756,"height":12}},{"id":"8b10b267-e72b-422c-8ddb-10e32947f5e0","block_type":"box","text":"taxation, be a disposal for the purposes of UK taxation, unless it is from a hedged Class to an","page_number":46,"box":{"x":121,"y":704,"width":756,"height":11}},{"id":"346468df-8fff-446b-a4e7-40818cc5d7a4","block_type":"box","text":"unhedged Class (or vice versa).","page_number":46,"box":{"x":122,"y":724,"width":250,"height":11}},{"id":"ce1a76f5-b4be-4f38-a1b2-2a3f2ec6188a","block_type":"box","text":"For further details on the tax implications of the Conversion, please see the section headed ‘Taxation’","page_number":46,"box":{"x":122,"y":765,"width":755,"height":11}},{"id":"620701af-c8a6-4861-8010-eba485409603","block_type":"box","text":"below.","page_number":46,"box":{"x":121,"y":786,"width":46,"height":9}},{"id":"f3e145b8-2f33-4731-a4eb-0abf3c65abcf","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 47","page_number":47,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"fb616bac-c22b-48ad-b840-e0e0f147e039","block_type":"box","text":"Transfers","page_number":47,"box":{"x":121,"y":88,"width":91,"height":11}},{"id":"a1aa6242-9202-439f-88df-c16df2c5a14f","block_type":"box","text":"Shareholders are entitled to transfer their Shares to another person or body. All transfers must be in","page_number":47,"box":{"x":121,"y":120,"width":756,"height":11}},{"id":"7915c26a-33d7-49e3-bb52-e18d64ff3aa0","block_type":"box","text":"writing in the form of an instrument of transfer approved by the ACD for this purpose. Completed","page_number":47,"box":{"x":121,"y":140,"width":757,"height":12}},{"id":"01590b98-93be-42d0-aee7-5c03eb17136a","block_type":"box","text":"instruments of transfer must be returned to the ACD. For further details please see the section headed","page_number":47,"box":{"x":122,"y":161,"width":756,"height":11}},{"id":"f80ea74c-cd2a-4472-97d6-46f1512047f7","block_type":"box","text":"“Instrument of Incorporation” below.","page_number":47,"box":{"x":121,"y":181,"width":263,"height":11}},{"id":"75d6dc2b-e026-40c4-be4a-4b3ac7e1b469","block_type":"box","text":"Compulsory Transfer, Redemption and Conversion","page_number":47,"box":{"x":121,"y":218,"width":495,"height":14}},{"id":"c298a793-ecf9-43a3-9909-7b08835867a3","block_type":"box","text":"Shares in the Company may not be acquired or held by any person in circumstances (“","page_number":47,"box":{"x":121,"y":250,"width":687,"height":11}},{"id":"8564622b-9934-43c6-9800-f10a55c66dd5","block_type":"box","text":"Relevant","page_number":47,"box":{"x":810,"y":250,"width":68,"height":9}},{"id":"aaa368fa-d264-4e2a-bcab-b5ae4ef0dfe0","block_type":"box","text":"Circumstances","page_number":47,"box":{"x":121,"y":271,"width":119,"height":8}},{"id":"e47fff0a-bc78-43a2-93c8-bebf0fd5fdf4","block_type":"box","text":"”):","page_number":47,"box":{"x":241,"y":271,"width":14,"height":11}},{"id":"1568e1c4-e82d-49db-8967-d7a15b7ecbe4","block_type":"box","text":"1.","page_number":47,"box":{"x":122,"y":312,"width":11,"height":8}},{"id":"9ce646f6-4798-48ce-9010-a3e3adbceb04","block_type":"box","text":"which constitute a breach of the law or governmental regulation (or any interpretation of a law","page_number":47,"box":{"x":181,"y":311,"width":697,"height":12}},{"id":"785753ee-e742-4cba-90ee-6a6b667828fe","block_type":"box","text":"or regulation by a competent authority) of any country or territory; or","page_number":47,"box":{"x":182,"y":332,"width":502,"height":11}},{"id":"0573b800-ac26-44a0-b5fb-7e96a83663a0","block_type":"box","text":"2.","page_number":47,"box":{"x":121,"y":373,"width":12,"height":9}},{"id":"2e280005-687e-401c-b361-d587cda9247e","block_type":"box","text":"which would (or would if other Shares were acquired or held in the circumstances) result in the","page_number":47,"box":{"x":181,"y":373,"width":697,"height":11}},{"id":"0d6346a6-2915-4c63-9b72-95045154e973","block_type":"box","text":"Company incurring any liability to taxation or suffering any other pecuniary disadvantage or","page_number":47,"box":{"x":182,"y":393,"width":696,"height":12}},{"id":"666e8cfb-89bc-485e-b046-aa912453c5e3","block_type":"box","text":"other adverse consequence (including a requirement to register under any securities or","page_number":47,"box":{"x":182,"y":414,"width":696,"height":11}},{"id":"1ff793ff-221e-4d6f-9416-613ac5c4a95d","block_type":"box","text":"investment or similar laws or governmental regulation of any country or territory).","page_number":47,"box":{"x":182,"y":434,"width":596,"height":12}},{"id":"8318ddd6-7ba9-47d0-b2a1-c3cd3ff297e9","block_type":"box","text":"In this connection, the ACD has a discretion to reject any application for the purchase, sale or Switching","page_number":47,"box":{"x":122,"y":475,"width":756,"height":12}},{"id":"70e0ff97-debd-434c-8d19-6f9fecb525af","block_type":"box","text":"of Shares.","page_number":47,"box":{"x":121,"y":496,"width":74,"height":9}},{"id":"fb76767d-a9bd-4dae-94ab-ecd358586bd7","block_type":"box","text":"If it comes to the notice of the ACD that any Shares (“","page_number":47,"box":{"x":122,"y":537,"width":409,"height":11}},{"id":"d0e7a9c5-3846-4bdc-b306-a3e93452900b","block_type":"box","text":"Affected Shares","page_number":47,"box":{"x":532,"y":537,"width":128,"height":9}},{"id":"e2dc4479-5786-491f-b047-b6282b2ce739","block_type":"box","text":"”) have been acquired or are","page_number":47,"box":{"x":661,"y":537,"width":217,"height":11}},{"id":"03d624d5-0adf-4c1b-b524-cb85161b2827","block_type":"box","text":"being held directly or beneficially in any of these Relevant Circumstances or by virtue of which the","page_number":47,"box":{"x":121,"y":557,"width":757,"height":12}},{"id":"0b083f5a-9547-47f3-9155-baabbe5af344","block_type":"box","text":"Shareholder or Shareholders in question is/are not qualified to hold such Shares or if it reasonably","page_number":47,"box":{"x":121,"y":578,"width":757,"height":11}},{"id":"b4e6d041-9b3b-46ad-953f-92ccf01bfc1b","block_type":"box","text":"believes this to be the case, the ACD may give notice to the holder(s) of the Affected Shares requiring","page_number":47,"box":{"x":121,"y":598,"width":757,"height":12}},{"id":"7d1b39bf-ace4-4f4b-954e-c1d1379e0121","block_type":"box","text":"the transfer of such Shares to a person who is qualified or entitled to own them or that a request in","page_number":47,"box":{"x":121,"y":619,"width":756,"height":11}},{"id":"dfc15613-3731-4b20-8398-6196a41422e0","block_type":"box","text":"writing be given for the redemption or cancellation of such Shares in accordance with the COLL","page_number":47,"box":{"x":121,"y":639,"width":757,"height":12}},{"id":"9b1a85d6-5cc1-45d3-88c4-604b69e82152","block_type":"box","text":"Sourcebook. If any person upon whom such a notice is served does not within thirty days after the date","page_number":47,"box":{"x":121,"y":660,"width":757,"height":11}},{"id":"d1fc5f01-b7c0-4b3b-9b10-75daa3d507c9","block_type":"box","text":"of such notice transfer their Affected Shares to a person qualified to own them or establish to the","page_number":47,"box":{"x":121,"y":680,"width":757,"height":11}},{"id":"a48d39e2-e8b8-4859-a1a7-5a174f47c41c","block_type":"box","text":"satisfaction of the ACD (whose judgement shall be final and binding) that they and any person on whose","page_number":47,"box":{"x":121,"y":701,"width":757,"height":11}},{"id":"316918b1-72ab-4b45-90f1-b60d4672b439","block_type":"box","text":"behalf they hold the Affected Shares are qualified and entitled to own them, they shall be deemed upon","page_number":47,"box":{"x":121,"y":721,"width":756,"height":11}},{"id":"6a50c019-9497-465e-ae99-63a8e38cf522","block_type":"box","text":"the expiration of the thirty day period to have given a request in writing for the redemption or cancellation","page_number":47,"box":{"x":121,"y":742,"width":757,"height":11}},{"id":"ac80fbb8-1d30-41fb-9d4c-b7a8ab362acd","block_type":"box","text":"(at the discretion of the ACD) of all the Affected Shares pursuant to the COLL Sourcebook.","page_number":47,"box":{"x":122,"y":762,"width":670,"height":11}},{"id":"8b33640f-b9b3-4fa5-aadd-3a347439169f","block_type":"box","text":"A person who becomes aware that they have acquired or holds Affected Shares in any of these","page_number":47,"box":{"x":121,"y":803,"width":757,"height":11}},{"id":"be350c7e-416a-4d50-b8e6-8a1b15643aa0","block_type":"box","text":"Relevant Circumstances, or by virtue of which they are not qualified to hold such Affected Shares, must","page_number":47,"box":{"x":122,"y":824,"width":756,"height":11}},{"id":"0a7b9bcd-862f-4117-9251-a672dbefbfc8","block_type":"box","text":"immediately, unless they have already received a notice as set out above, either transfer all their","page_number":47,"box":{"x":122,"y":844,"width":756,"height":11}},{"id":"d432eb52-0373-4e61-b7d6-5cea5fb873c8","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 48","page_number":48,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"784fa672-cdab-4de1-b0ec-d4e4aff4963e","block_type":"box","text":"Affected Shares to a person qualified to own them or give a request in writing for the redemption of all","page_number":48,"box":{"x":121,"y":87,"width":757,"height":12}},{"id":"1a0289c5-8060-4c0a-b83a-ee713ceb9fba","block_type":"box","text":"their Affected Shares pursuant to the COLL Sourcebook.","page_number":48,"box":{"x":121,"y":108,"width":419,"height":11}},{"id":"60e40a73-b9fa-4b67-8f4e-fb512645db0b","block_type":"box","text":"In circumstances where the ACD has determined that a Class of a Fund is to be closed, the ACD is","page_number":48,"box":{"x":122,"y":149,"width":756,"height":10}},{"id":"946118e5-52cd-44ab-8868-aaa6ffe64076","block_type":"box","text":"able to effect the compulsory Conversion of Shares from the closing Class to another Class of the Fund.","page_number":48,"box":{"x":121,"y":169,"width":756,"height":12}},{"id":"2a3c2118-c97c-42da-ac6e-b308a490b34a","block_type":"box","text":"Such compulsory Conversion will only be effected where the rights attaching to the new Class are the","page_number":48,"box":{"x":121,"y":190,"width":757,"height":11}},{"id":"c675abb1-0efc-4a1f-a1ee-4a838921fa13","block_type":"box","text":"same, or more favourable than the Class that is to be closed and where the ACD has satisfied itself that","page_number":48,"box":{"x":121,"y":210,"width":757,"height":11}},{"id":"f9f7ebf5-cdbf-4a9a-af5e-241628f16a7e","block_type":"box","text":"the Conversion will not result in prejudice to investors in the Fund. The ACD will give prior notice to the","page_number":48,"box":{"x":121,"y":231,"width":757,"height":11}},{"id":"790fd2e6-af4b-48b2-8ebd-3e4f747fcbe5","block_type":"box","text":"Shareholders in the Fund prior to such a compulsory Conversion being effected.","page_number":48,"box":{"x":121,"y":251,"width":593,"height":12}},{"id":"471ef45e-45d6-4514-8bb9-e998a25d89a1","block_type":"box","text":"The ACD is also able to effect a compulsory Conversion of:","page_number":48,"box":{"x":121,"y":292,"width":438,"height":11}},{"id":"b002522b-e744-4bf7-91cc-43ac17125a62","block_type":"box","text":"","page_number":48,"box":{"x":157,"y":329,"width":6,"height":4}},{"id":"7853e667-34ed-40f1-90e8-cc2e56296d57","block_type":"box","text":"Class 2 Shares in respect of the Aviva Investors Global Equity Endurance Fund, the Aviva","page_number":48,"box":{"x":187,"y":325,"width":691,"height":12}},{"id":"97d14233-bc01-4c92-89af-8f604cff453e","block_type":"box","text":"Investors Global Emerging Markets Equity Unconstrained Fund (please note that this fund is","page_number":48,"box":{"x":188,"y":346,"width":690,"height":11}},{"id":"eb2f65f3-4b55-41ba-a944-d788e3504210","block_type":"box","text":"in the process of being terminated and is no longer available for new investment) and the Aviva","page_number":48,"box":{"x":187,"y":367,"width":691,"height":11}},{"id":"20100857-7022-4e29-8dd8-a12a4263e487","block_type":"box","text":"Investors Global Climate Aware Equity Fund;","page_number":48,"box":{"x":188,"y":387,"width":331,"height":11}},{"id":"67899cc5-064e-4f02-baab-b364455474cc","block_type":"box","text":"","page_number":48,"box":{"x":157,"y":411,"width":6,"height":5}},{"id":"b6583eab-0d06-48a5-b0f8-d7f0e38a323a","block_type":"box","text":"Class 4, 5 or 7 Shares for all applicable Funds,","page_number":48,"box":{"x":187,"y":408,"width":350,"height":11}},{"id":"3576c054-5434-47a5-b7c9-c3b5c2a2904f","block_type":"box","text":"to another Class where a shareholding falls below the specified minimum holding (see the sections","page_number":48,"box":{"x":121,"y":449,"width":757,"height":11}},{"id":"1c30e859-3843-4a94-a0e0-d2b8c4abdd4a","block_type":"box","text":"entitled “Minimum Holding” above within the “Dealing in Shares” section); and","page_number":48,"box":{"x":121,"y":470,"width":573,"height":11}},{"id":"d8cebeff-4cda-4d9d-8184-6f37ecf96fa0","block_type":"box","text":"","page_number":48,"box":{"x":157,"y":515,"width":6,"height":4}},{"id":"7f1cc92b-3f1c-4ebc-84b3-38242acef30c","block_type":"box","text":"Class 3 Shares in respect of all Funds to another Class where a shareholding falls below the","page_number":48,"box":{"x":187,"y":511,"width":691,"height":12}},{"id":"605bb7ad-15af-4084-a7b0-bf9f1929a1d7","block_type":"box","text":"specified minimum holding","page_number":48,"box":{"x":187,"y":532,"width":196,"height":11}},{"id":"b1981af0-e069-46a2-aec4-807f5a46466f","block_type":"box","text":"or fails to meet any other eligibility criteria for this Class;","page_number":48,"box":{"x":390,"y":532,"width":412,"height":11}},{"id":"0b9aacb2-c670-4237-a15b-ed1a394afb1a","block_type":"box","text":"","page_number":48,"box":{"x":157,"y":556,"width":6,"height":5}},{"id":"2e0ace76-43d8-43e3-be59-4ddb98e43f78","block_type":"box","text":"Class 8 Shares in Aviva Investors Global Equity Endurance Fund, Aviva Investors Higher","page_number":48,"box":{"x":187,"y":553,"width":692,"height":11}},{"id":"c98d01be-57bd-41d6-9a1e-f4238dbbdac3","block_type":"box","text":"Income Plus Fund and Aviva Investors Managed High Income Fund to another Class where a","page_number":48,"box":{"x":188,"y":574,"width":690,"height":11}},{"id":"d3dc5883-776f-43e5-9442-27d32df56d1f","block_type":"box","text":"Shareholder breaches the terms of the separate agreement with the ACD and/or where a","page_number":48,"box":{"x":187,"y":594,"width":691,"height":12}},{"id":"a39a23c6-25f2-4397-8ebb-b4c886029da1","block_type":"box","text":"shareholding falls below the specified minimum holding","page_number":48,"box":{"x":187,"y":615,"width":419,"height":11}},{"id":"e3054588-1d45-4366-9303-89ca9b5c92cf","block_type":"box","text":"or fails to meet any other eligibility","page_number":48,"box":{"x":615,"y":615,"width":263,"height":11}},{"id":"b82743b7-effb-41db-af53-ef40212ac3b6","block_type":"box","text":"criteria for this Class,","page_number":48,"box":{"x":187,"y":635,"width":154,"height":11}},{"id":"8c8fa5fa-1f34-45d4-a2cf-3f63c6887614","block_type":"box","text":"(see the sections entitled “Minimum Holding” above within the “Dealing in Shares” section).","page_number":48,"box":{"x":122,"y":676,"width":671,"height":11}},{"id":"85f78c06-6677-46ec-8ce0-50cd90967461","block_type":"box","text":"In addition, the ACD may carry out a compulsory Conversion of some or all of the Shares in any Class","page_number":48,"box":{"x":122,"y":717,"width":756,"height":11}},{"id":"dcbbbb9d-1dee-46f3-9e5b-3a9f5b1a5c20","block_type":"box","text":"into Shares of another Class where it reasonably believes that such Conversion is in the best interests","page_number":48,"box":{"x":122,"y":738,"width":756,"height":11}},{"id":"cd001fbb-cf9c-4abb-a837-6f5dbbe1645f","block_type":"box","text":"of a Shareholder or Shareholders (for example, when such a conversion would achieve cost savings).","page_number":48,"box":{"x":121,"y":758,"width":756,"height":11}},{"id":"6e476fac-09ff-45c8-82d8-9ea02d2d0cdf","block_type":"box","text":"The ACD will give at least 60 days’ prior written notice to the relevant Shareholders prior to such a","page_number":48,"box":{"x":121,"y":778,"width":757,"height":12}},{"id":"db6ca33e-a75e-4399-ae11-6c369720a691","block_type":"box","text":"compulsory Conversion being effected. The right of Shareholders to redeem their Shares prior to a","page_number":48,"box":{"x":121,"y":799,"width":757,"height":11}},{"id":"a5a9ff7f-c1ab-4874-af29-52f960cff23d","block_type":"box","text":"Conversion taking effect will not be affected.","page_number":48,"box":{"x":121,"y":820,"width":326,"height":11}},{"id":"93b68c02-d6d1-4cb1-9cbd-d2fc89945159","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 49","page_number":49,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"ad7cf22f-89d0-424c-a129-4c55849b54a2","block_type":"box","text":"Please note that, for any redemption that would leave a residual holding of less than the applicable","page_number":49,"box":{"x":122,"y":88,"width":756,"height":11}},{"id":"0c7f8a07-44af-472f-bdf5-b3d8e38ea22e","block_type":"box","text":"minimum holding, the ACD has the discretion to require redemption of the entire holding. Please see","page_number":49,"box":{"x":122,"y":108,"width":756,"height":11}},{"id":"a3e06bb7-57df-48c4-89f7-beda68beb574","block_type":"box","text":"the section above entitled “Selling Shares” for more information on redemptions.","page_number":49,"box":{"x":121,"y":128,"width":593,"height":12}},{"id":"46aaaa96-b259-4d36-9bb7-44bdde816389","block_type":"box","text":"In Specie Redemptions (Redemptions in kind)","page_number":49,"box":{"x":122,"y":167,"width":443,"height":13}},{"id":"49d1bf4c-e7a7-43cf-b6ef-36cdd9668084","block_type":"box","text":"If a Shareholder requests the redemption or cancellation of Shares the ACD may arrange that in place","page_number":49,"box":{"x":122,"y":199,"width":756,"height":11}},{"id":"947afd35-3c7f-4392-b3c3-cc71f4e42615","block_type":"box","text":"of payment of the price of the Shares in cash, the Company cancels the Shares and transfers Scheme","page_number":49,"box":{"x":121,"y":219,"width":757,"height":11}},{"id":"2d584742-d2cc-40d9-9269-30ab45ec9d77","block_type":"box","text":"Property (or, if required by the Shareholder, the net proceeds of sale of relevant Scheme Property), to","page_number":49,"box":{"x":122,"y":240,"width":756,"height":11}},{"id":"55631e1a-8692-44f6-ab57-76ea25d492f9","block_type":"box","text":"the Shareholder. This only applies however if the Shares represent over 5% (or such smaller","page_number":49,"box":{"x":121,"y":260,"width":758,"height":11}},{"id":"f649eade-6896-4630-88e1-65fe7f772e76","block_type":"box","text":"percentage as the ACD may decide) of the Fund’s value.","page_number":49,"box":{"x":121,"y":281,"width":420,"height":11}},{"id":"111b4d40-4298-421e-acb4-dd0867fbc6da","block_type":"box","text":"Before the proceeds of the cancellation of Shares become payable, the ACD must give written notice","page_number":49,"box":{"x":122,"y":322,"width":756,"height":11}},{"id":"e07e08d3-ff14-4244-87ee-c841713913de","block_type":"box","text":"to the Shareholder that the Scheme Property or the proceeds of sale of Scheme Property will be","page_number":49,"box":{"x":121,"y":342,"width":757,"height":11}},{"id":"b69dc8bc-f451-4551-ba29-219ab7cba650","block_type":"box","text":"transferred to that Shareholder.","page_number":49,"box":{"x":121,"y":362,"width":231,"height":9}},{"id":"21f0bbde-8f0d-4707-9d53-cd6b4d8b0d59","block_type":"box","text":"The Scheme Property to be transferred will be selected by the ACD in consultation with the Depositary.","page_number":49,"box":{"x":121,"y":404,"width":756,"height":11}},{"id":"4f14b100-c8c9-4bba-9926-e37af51240ae","block_type":"box","text":"They must ensure that the selection is made with a view to achieving no more advantage or","page_number":49,"box":{"x":121,"y":424,"width":757,"height":11}},{"id":"080f34f0-72c0-4285-9c40-0406b0d0afb2","block_type":"box","text":"disadvantage to the Shareholder requesting cancellation/redemption than to the continuing","page_number":49,"box":{"x":121,"y":444,"width":757,"height":12}},{"id":"f032fa12-caf0-4e68-a870-9c03d12eacf1","block_type":"box","text":"Shareholders of the Fund concerned.","page_number":49,"box":{"x":121,"y":465,"width":275,"height":9}},{"id":"fb614352-f24c-485e-979b-15580e3b0d19","block_type":"box","text":"In Specie Applications (Applications in kind)","page_number":49,"box":{"x":122,"y":506,"width":430,"height":14}},{"id":"fbf1e6b7-b380-4016-97e0-196a3b663f43","block_type":"box","text":"The ACD may, at its discretion and by special arrangement, agree to arrange for the Company to issue","page_number":49,"box":{"x":121,"y":538,"width":757,"height":12}},{"id":"58be7bd9-b77e-40fa-ad55-a604e765b35b","block_type":"box","text":"Shares in exchange for assets other than money, but will only do so where the Depositary has taken","page_number":49,"box":{"x":121,"y":559,"width":756,"height":11}},{"id":"9a57d1bc-800f-4fc8-be37-d5ca5273e7c3","block_type":"box","text":"reasonable care to determine that the Company’s acquisition of those assets in exchange for the Shares","page_number":49,"box":{"x":122,"y":579,"width":756,"height":12}},{"id":"34dc239c-2569-4db8-a9f4-d0fa8a1f3a51","block_type":"box","text":"is not likely to result in any material prejudice to the interests of Shareholders or potential Shareholders","page_number":49,"box":{"x":122,"y":600,"width":756,"height":11}},{"id":"41288bb5-9ab1-486a-a477-9bc23762da33","block_type":"box","text":"of the Fund concerned.","page_number":49,"box":{"x":121,"y":621,"width":171,"height":8}},{"id":"2b361f62-bafb-49bf-98e4-d51fae970fc0","block_type":"box","text":"The ACD will ensure that the beneficial interest in the assets concerned is transferred to or for the","page_number":49,"box":{"x":121,"y":661,"width":757,"height":9}},{"id":"9a283cf9-b725-40ae-8429-20405f9322dd","block_type":"box","text":"account of the Company with effect from the date of issue of the Shares.","page_number":49,"box":{"x":121,"y":682,"width":536,"height":11}},{"id":"036147d5-a1f8-4d0b-846b-8586c722834e","block_type":"box","text":"The ACD will not issue Shares in any Fund in exchange for assets the holding of which would be","page_number":49,"box":{"x":121,"y":723,"width":757,"height":11}},{"id":"251d4533-9966-4264-b392-f392684d1e2e","block_type":"box","text":"inconsistent with the investment objective of that Fund.","page_number":49,"box":{"x":122,"y":743,"width":404,"height":11}},{"id":"1168120f-628d-4653-84ad-53128cb78fcd","block_type":"box","text":"General","page_number":49,"box":{"x":121,"y":780,"width":73,"height":11}},{"id":"64d1ab0d-515f-4ffe-b495-4912d2edc0ca","block_type":"box","text":"To satisfy a request for the issue, redemption or exchange of Shares, the ACD will normally sell Shares","page_number":49,"box":{"x":121,"y":812,"width":757,"height":11}},{"id":"3ee01b05-19b0-4305-83d1-bc2e1b4e51ba","block_type":"box","text":"to, or repurchase Shares from, Shareholders to meet such requests.","page_number":49,"box":{"x":121,"y":832,"width":505,"height":12}},{"id":"a33f4d37-e577-4e89-98ab-fa57719fd761","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 50","page_number":50,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"7e056b75-d2c7-4236-959d-b3163d4cc1d4","block_type":"box","text":"The ACD is entitled to hold Shares for its own account and to satisfy requests for sale from its own","page_number":50,"box":{"x":121,"y":87,"width":756,"height":12}},{"id":"ac634e3e-4e24-4fdf-8da1-4136ef286558","block_type":"box","text":"holding. Although the ACD dealing in Shares held by it, for its own account, is not with the intention of","page_number":50,"box":{"x":122,"y":108,"width":756,"height":11}},{"id":"444f7484-84e0-4597-93f4-8be0d2299239","block_type":"box","text":"making a profit there will be occasions when such dealings do give rise to a profit.","page_number":50,"box":{"x":122,"y":128,"width":603,"height":12}},{"id":"1ca6c01e-a9ba-4837-aeae-f2da1e26534e","block_type":"box","text":"In some circumstances and in accordance with the COLL Sourcebook, the Company will issue or cancel","page_number":50,"box":{"x":122,"y":169,"width":756,"height":12}},{"id":"fcf2cc25-8ac2-4b72-bd46-e22e96d33a1a","block_type":"box","text":"Shares to meet such requests. The COLL Sourcebook requires the ACD to procure the issue or","page_number":50,"box":{"x":121,"y":190,"width":757,"height":11}},{"id":"91ad721f-4e5f-4c65-b606-d258bb8e50ff","block_type":"box","text":"cancellation by the Company where necessary to meet any obligation to sell or redeem Shares.","page_number":50,"box":{"x":121,"y":210,"width":707,"height":12}},{"id":"722c29a2-2fb3-430f-b70f-8bbd6c302336","block_type":"box","text":"The ACD is under no obligation to account to the Company or to Shareholders for any profit it makes","page_number":50,"box":{"x":121,"y":251,"width":757,"height":12}},{"id":"018a1b49-554d-40be-9d0a-592dd9b92ab3","block_type":"box","text":"on the issue, reissue or cancellation of Shares and will not do so.","page_number":50,"box":{"x":121,"y":272,"width":481,"height":10}},{"id":"75a92530-8e33-43b9-b624-6edaafc7b605","block_type":"box","text":"The amount to be charged by or paid to the ACD for the sale of a Share by the ACD will not be more","page_number":50,"box":{"x":121,"y":313,"width":757,"height":11}},{"id":"eb4b957c-aa85-4325-8821-15ca77608572","block_type":"box","text":"than the price of a Share notified to the Depositary at the relevant Valuation Point plus any Entry Charge","page_number":50,"box":{"x":121,"y":333,"width":757,"height":12}},{"id":"a036ed60-8fcf-4ce4-be34-f69f22236e5a","block_type":"box","text":"and/or Investor Protection Fee which may apply.","page_number":50,"box":{"x":121,"y":354,"width":357,"height":11}},{"id":"2cbceb37-2402-4f8a-ba47-6910448af3d5","block_type":"box","text":"The amount to be paid by the ACD for the redemption of a Share will not be less than the price of a","page_number":50,"box":{"x":121,"y":395,"width":757,"height":11}},{"id":"461bb7c8-b2f8-4c31-a63f-2cfa7b02b9e8","block_type":"box","text":"Share notified to the Depositary at the relevant Valuation Point minus any Exit Charge or Investor","page_number":50,"box":{"x":121,"y":415,"width":757,"height":12}},{"id":"8bc8c134-fed9-4d25-840f-5c727648875c","block_type":"box","text":"Protection Fee which may apply.","page_number":50,"box":{"x":122,"y":436,"width":240,"height":11}},{"id":"8c7f664b-2e6a-49a1-8a03-874297314ff7","block_type":"box","text":"Market timing","page_number":50,"box":{"x":122,"y":477,"width":129,"height":14}},{"id":"0e11dc85-57ba-44ec-bb0a-172b73654890","block_type":"box","text":"The Funds are intended to be a medium to long-term investment vehicle and are not designed to be","page_number":50,"box":{"x":121,"y":507,"width":757,"height":11}},{"id":"ba36b60c-2a27-48a8-ae5d-20b07b529168","block_type":"box","text":"used by investors for speculating on short-term market or currency movements. Information on the","page_number":50,"box":{"x":122,"y":527,"width":756,"height":12}},{"id":"353e3a4a-12d1-45a9-85f2-babb12f21f7c","block_type":"box","text":"typical investor profile and target market for each Fund is set out above. The ACD may refuse to accept","page_number":50,"box":{"x":121,"y":548,"width":757,"height":11}},{"id":"c9ee3361-f45f-4951-add7-234aecfc5e0e","block_type":"box","text":"a subscription or a Switch between Funds if it has reasonable grounds, in relation to the Shareholder","page_number":50,"box":{"x":121,"y":568,"width":758,"height":11}},{"id":"ba4a03aa-77cf-4553-bc99-ec20df33b902","block_type":"box","text":"concerned, for refusing to accept a subscription or a Switch from them. In particular, the ACD may","page_number":50,"box":{"x":121,"y":589,"width":757,"height":11}},{"id":"57c1e28b-b3f2-4f39-9984-9d123d42b3b5","block_type":"box","text":"exercise this discretion if it believes the Shareholder has been or intends to engage in market timing","page_number":50,"box":{"x":121,"y":609,"width":757,"height":11}},{"id":"e1dbc494-3d3a-4d86-801b-2cb826bd259d","block_type":"box","text":"activities. The ACD does not condone or engage in market timing activities.","page_number":50,"box":{"x":121,"y":630,"width":556,"height":11}},{"id":"8af982c9-140d-42fa-b036-801e044eacf7","block_type":"box","text":"Money Laundering","page_number":50,"box":{"x":122,"y":671,"width":177,"height":14}},{"id":"c2f57a82-b610-427a-954a-5925173aa7cf","block_type":"box","text":"Under current legislation in the United Kingdom to prevent money laundering, persons conducting","page_number":50,"box":{"x":122,"y":703,"width":756,"height":11}},{"id":"6c292b36-29e0-42bd-bf91-946f30fe5db5","block_type":"box","text":"investment business are responsible for compliance with applicable anti-money laundering regulations.","page_number":50,"box":{"x":122,"y":724,"width":755,"height":11}},{"id":"712ea152-1a46-4f57-a0c4-ce9582445e54","block_type":"box","text":"In order to comply with those regulations and protect Shareholders from fraud, the ACD is required to","page_number":50,"box":{"x":122,"y":744,"width":756,"height":11}},{"id":"2786039b-d5c0-4472-9fbc-d1e9d81d265f","block_type":"box","text":"carry out due diligence checks on all Shareholders or potential Shareholders and any party giving","page_number":50,"box":{"x":121,"y":765,"width":757,"height":11}},{"id":"5bc33ce7-3bc5-414b-b075-2f399e5c75bb","block_type":"box","text":"instructions for a Shareholder or their estate, at the start of the investment and on an on-going basis.","page_number":50,"box":{"x":122,"y":785,"width":743,"height":11}},{"id":"34c5e71e-d5c3-4c9d-b2cb-972f181a9874","block_type":"box","text":"The ACD may use an external agency to verify the identity of Shareholders, potential Shareholders or","page_number":50,"box":{"x":121,"y":826,"width":758,"height":11}},{"id":"447bb3f2-6a25-47e5-854a-46c118111198","block_type":"box","text":"any party giving instructions for a Shareholder, for anti-money laundering purposes.","page_number":50,"box":{"x":121,"y":846,"width":618,"height":12}},{"id":"b5105617-00de-4eb4-97b3-6c5ed54b237c","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 51","page_number":51,"box":{"x":121,"y":926,"width":363,"height":9}},{"id":"ca90990c-4076-4e07-a0aa-408ac4ac2c9b","block_type":"box","text":"The ACD is also required to ensure that any existing Shareholder data and due diligence records are","page_number":51,"box":{"x":121,"y":87,"width":757,"height":12}},{"id":"75337ced-2d41-43e2-b6a1-43cff171f5d0","block_type":"box","text":"kept up to date during the time of the investment including on the sale, purchase or transfer of Shares","page_number":51,"box":{"x":122,"y":108,"width":756,"height":11}},{"id":"5df10da9-9a90-4ecf-8b81-e5392edf32b5","block_type":"box","text":"or distribution of income. Shareholders may therefore be contacted by the ACD from time to time to","page_number":51,"box":{"x":121,"y":128,"width":757,"height":12}},{"id":"06932134-d9df-4340-bad6-a9cc1550f9b3","block_type":"box","text":"check that the information held is still valid or to request updates of the documentation or information","page_number":51,"box":{"x":121,"y":149,"width":756,"height":11}},{"id":"82eac180-8dcd-45ca-8d00-a518284a420e","block_type":"box","text":"held by the ACD.","page_number":51,"box":{"x":122,"y":169,"width":124,"height":12}},{"id":"3b68b5a9-ea72-4100-881e-0128141de03d","block_type":"box","text":"In the event of a delay or failure to produce any information or documentation required to satisfy the","page_number":51,"box":{"x":122,"y":210,"width":756,"height":12}},{"id":"d8b95199-96ab-44ea-a16d-acaf775ecac4","block_type":"box","text":"ACD’s due diligence requirements, the ACD reserves the right to refuse to carry out the transaction","page_number":51,"box":{"x":121,"y":231,"width":756,"height":11}},{"id":"606ecd8f-f6d0-48c6-8657-929d41479b82","block_type":"box","text":"requested, including accepting additional subscriptions or releasing the investment (including any","page_number":51,"box":{"x":122,"y":251,"width":756,"height":12}},{"id":"26c4a17b-030b-4ed3-ae96-7b1c2d8f915a","block_type":"box","text":"distribution payments due to the Shareholders), until the requested information has been provided.","page_number":51,"box":{"x":121,"y":272,"width":729,"height":11}},{"id":"5a67ba60-286c-4617-95df-6bbc86ebfd40","block_type":"box","text":"Shareholders will be advised as to the information required in advance of any restrictions placed on","page_number":51,"box":{"x":121,"y":313,"width":756,"height":11}},{"id":"6f68bd2b-bf3c-4240-b839-7c2197b11603","block_type":"box","text":"their account.","page_number":51,"box":{"x":121,"y":333,"width":99,"height":9}},{"id":"88185c92-4fec-439b-bc3d-37c1ee8c0901","block_type":"box","text":"Suspension of Dealings in Shares","page_number":51,"box":{"x":121,"y":373,"width":330,"height":14}},{"id":"e0624bdb-e7fa-48e0-be29-73260f0dc7d3","block_type":"box","text":"The ACD may, with the prior agreement of the Depositary, and will, if the Depositary so requires,","page_number":51,"box":{"x":121,"y":405,"width":756,"height":11}},{"id":"56fdf997-99bd-4653-ad8f-7df51f4cb9a5","block_type":"box","text":"temporarily suspend the issue, cancellation, sale, redemption and exchange of any Class of Shares in","page_number":51,"box":{"x":121,"y":426,"width":756,"height":11}},{"id":"49c5365a-9f67-4a22-aee6-a2f055c7bd8c","block_type":"box","text":"any of the Funds, if the ACD or the Depositary is of the opinion that due to exceptional circumstances","page_number":51,"box":{"x":121,"y":446,"width":757,"height":11}},{"id":"467e7127-63ea-400b-adf9-51060b1f5767","block_type":"box","text":"there is good and sufficient reason to do so, having regard to the interests of Shareholders or potential","page_number":51,"box":{"x":121,"y":467,"width":757,"height":11}},{"id":"45bd3622-ee20-42da-8220-df58943caf30","block_type":"box","text":"Shareholders. The ACD will ensure that a notification of suspension is made to all Shareholders as","page_number":51,"box":{"x":121,"y":487,"width":757,"height":11}},{"id":"9ba75a12-05b0-48a3-846d-ef4f6bbfae91","block_type":"box","text":"soon as practicable after suspension commences.","page_number":51,"box":{"x":121,"y":508,"width":370,"height":11}},{"id":"ba897959-d1bb-421a-80f6-2bc989231eef","block_type":"box","text":"Such a suspension will continue for as long as it is justified having regard to the interests of","page_number":51,"box":{"x":121,"y":548,"width":757,"height":12}},{"id":"862d16fb-be79-4822-bbc8-6e235de7b8c8","block_type":"box","text":"Shareholders or potential Shareholders and must cease as soon as practicable after the exceptional","page_number":51,"box":{"x":121,"y":569,"width":756,"height":11}},{"id":"0677badf-3490-4763-900d-2f23a0b60cfa","block_type":"box","text":"circumstances referred to above have ceased. The ACD and Depositary must formally review the","page_number":51,"box":{"x":121,"y":590,"width":757,"height":11}},{"id":"67ed53cc-34f5-489b-9eba-101847c2af8a","block_type":"box","text":"suspension at least every 28 days and inform the Financial Conduct Authority of the results of the","page_number":51,"box":{"x":121,"y":610,"width":757,"height":11}},{"id":"0cc366f3-b8a0-4578-aeb7-e192c39932e8","block_type":"box","text":"review.","page_number":51,"box":{"x":122,"y":631,"width":50,"height":8}},{"id":"b16625ed-bbf7-4d10-abf0-9d4f1ba3d0ea","block_type":"box","text":"During the period of suspension the ACD may agree to issue, redeem or exchange Shares in which","page_number":51,"box":{"x":122,"y":671,"width":756,"height":12}},{"id":"400a84a4-2bda-4791-aa59-c229ee97e488","block_type":"box","text":"case all deals accepted during, and outstanding prior to, the suspension will be undertaken at prices","page_number":51,"box":{"x":121,"y":692,"width":757,"height":11}},{"id":"1f6be20b-728c-475c-907e-fdf61efbec39","block_type":"box","text":"calculated at the first relevant Valuation Point after resumption of dealing.","page_number":51,"box":{"x":121,"y":712,"width":542,"height":12}},{"id":"4077311f-574d-4ae8-a06b-a0d60cd1962e","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 52","page_number":52,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"37376fdd-2abe-44f0-b695-13ad818ac33c","block_type":"box","text":"VALUATION","page_number":52,"box":{"x":431,"y":89,"width":136,"height":12}},{"id":"5407b65b-5aaa-4d80-bf88-54966ecaa4e2","block_type":"box","text":"The basis of valuation of the Company’s or a Fund’s investments for the purpose of calculating the","page_number":52,"box":{"x":121,"y":161,"width":729,"height":11}},{"id":"ad2b0194-fe25-41be-aef6-7605e8727006","block_type":"box","text":"issue and redemption price of Shares as stipulated in the COLL Sourcebook and the Instrument of","page_number":52,"box":{"x":122,"y":182,"width":727,"height":11}},{"id":"579413c9-d03b-4616-aac6-2664e2af4794","block_type":"box","text":"Incorporation is summarised below.","page_number":52,"box":{"x":122,"y":202,"width":261,"height":11}},{"id":"363aa854-20cd-45c8-982d-8c434400ed14","block_type":"box","text":"The price of a Share is calculated by reference to the Net Asset Value of the Fund and Class to which","page_number":52,"box":{"x":121,"y":243,"width":757,"height":11}},{"id":"1d0b9d17-df33-43a8-8b31-85f99c3fcb15","block_type":"box","text":"it relates at the Valuation Point. The Valuation Point for all Funds other than the Aviva Investors UK","page_number":52,"box":{"x":122,"y":264,"width":756,"height":8}},{"id":"da4e91dd-2744-428f-b6cd-d3b3fe24989a","block_type":"box","text":"Index Tracking Fund, the Aviva Investors Multi-Strategy Target Return Fund and the Aviva Investors","page_number":52,"box":{"x":122,"y":284,"width":756,"height":11}},{"id":"7127ae7f-16d9-4b9e-8397-87a5847631e5","block_type":"box","text":"Global Equity Income Fund is 12 noon on each Dealing Day.","page_number":52,"box":{"x":121,"y":304,"width":448,"height":12}},{"id":"bebe6895-60b4-4c50-8af6-ce9ae7fcd8aa","block_type":"box","text":"The Valuation Point for the Aviva Investors UK Index Tracking Fund is 5.00 pm on each Dealing Day.","page_number":52,"box":{"x":121,"y":346,"width":756,"height":11}},{"id":"a09b23eb-8a02-464d-adda-f8ae433aaa55","block_type":"box","text":"The Valuation Point for the Aviva Investors Multi-Strategy Target Return Fund and the Aviva Investors","page_number":52,"box":{"x":121,"y":366,"width":757,"height":11}},{"id":"671d3d9d-3d95-4857-9c41-f18216ca1507","block_type":"box","text":"Global Equity Income Fund is 11.59 pm on each Dealing Day.","page_number":52,"box":{"x":121,"y":386,"width":457,"height":12}},{"id":"477746ef-6f94-4d32-9076-15fc4e27fa04","block_type":"box","text":"Investors should be aware that the Aviva Investors Multi-Strategy Target Return Fund and the Aviva","page_number":52,"box":{"x":122,"y":427,"width":756,"height":12}},{"id":"eebaba1c-56fa-4480-a112-e79748982d50","block_type":"box","text":"Investors Global Equity Income Fund operate a 12 noon dealing cut-off. Instructions to deal in Shares","page_number":52,"box":{"x":122,"y":448,"width":756,"height":11}},{"id":"c568f71a-a371-41b6-8f7f-70b4ca2c8552","block_type":"box","text":"in relation to these Funds which are received and accepted by the ACD before 12 noon on a Dealing","page_number":52,"box":{"x":122,"y":468,"width":755,"height":12}},{"id":"67677c96-17be-41ee-9d37-a15439429d27","block_type":"box","text":"Day will be processed at the 11.59pm Valuation Point on that Dealing Day. All instructions received and","page_number":52,"box":{"x":122,"y":489,"width":756,"height":11}},{"id":"8a12a996-1b0d-400d-b676-f7987d93e53e","block_type":"box","text":"accepted after this time will be held over and processed at the 11.59pm Valuation Point on the next","page_number":52,"box":{"x":121,"y":510,"width":757,"height":11}},{"id":"405a6446-86f1-4092-a094-cc37563e58c4","block_type":"box","text":"Dealing Day. For example, an instruction received by 11.00am on a Tuesday will be processed at the","page_number":52,"box":{"x":122,"y":530,"width":756,"height":11}},{"id":"6cc50515-c3e4-48ad-97b2-eeeee7808710","block_type":"box","text":"11.59pm Valuation Point on that day. However, an instruction received at 1.00pm on a Tuesday will not","page_number":52,"box":{"x":122,"y":551,"width":756,"height":11}},{"id":"92171238-dd38-4c38-ae1f-a7d0618cbb74","block_type":"box","text":"be processed until the 11.59pm Valuation Point on Wednesday.","page_number":52,"box":{"x":121,"y":571,"width":471,"height":11}},{"id":"dbfe9231-efd5-41d0-8c97-866d047d5d2e","block_type":"box","text":"For all other Funds instructions to deal in Shares received up to Valuation Point on a Business Day will","page_number":52,"box":{"x":122,"y":612,"width":756,"height":11}},{"id":"6e5a1a36-db09-40d4-8d56-66bb628ecc80","block_type":"box","text":"be processed as at that time. Instructions received after the Valuation Point on a Business Day will be","page_number":52,"box":{"x":121,"y":632,"width":757,"height":12}},{"id":"4d18fff6-a807-475f-9d44-fa31d05441fa","block_type":"box","text":"processed on the next Dealing Day.","page_number":52,"box":{"x":121,"y":653,"width":264,"height":11}},{"id":"5f369b04-2d75-4f15-a4f5-79d097ae23d6","block_type":"box","text":"The ACD may carry out an additional valuation at any time if it considers it desirable to do so.","page_number":52,"box":{"x":121,"y":688,"width":690,"height":11}},{"id":"ae166f5e-fe64-4781-9858-5a4f5c9a3297","block_type":"box","text":"Calculation of the net asset value","page_number":52,"box":{"x":121,"y":729,"width":318,"height":11}},{"id":"9f80b767-dd1a-450f-8564-e2a24fcb45c8","block_type":"box","text":"The Net Asset Value of the Scheme Property of the Company and each Fund will be calculated in","page_number":52,"box":{"x":121,"y":761,"width":756,"height":11}},{"id":"d8602a8c-8923-4b22-b447-315f1134f0ef","block_type":"box","text":"accordance with the following provisions:","page_number":52,"box":{"x":121,"y":782,"width":302,"height":11}},{"id":"178be9e2-94ce-48d3-8d3c-2a2740e2bb28","block_type":"box","text":"1.","page_number":52,"box":{"x":122,"y":823,"width":11,"height":8}},{"id":"11bef222-15e4-4b2c-a27e-63f48357aef0","block_type":"box","text":"All the property of the Company or the Fund (as the case may be), including receivables, will","page_number":52,"box":{"x":181,"y":822,"width":696,"height":12}},{"id":"3ad079dc-7b7f-4a99-b395-61164c8f9729","block_type":"box","text":"be included in the calculation subject as set out below.","page_number":52,"box":{"x":182,"y":843,"width":402,"height":11}},{"id":"97dfeee5-3fc1-46b0-8c12-e63dd99af70f","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 53","page_number":53,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"35a41c41-0742-4e98-bccb-014190c4bee6","block_type":"box","text":"2.","page_number":53,"box":{"x":121,"y":88,"width":12,"height":8}},{"id":"f38ebce5-9ccd-481d-8470-507949de527d","block_type":"box","text":"Property which is not cash (or other assets dealt with in paragraphs 3 and 4 below) or a","page_number":53,"box":{"x":182,"y":87,"width":696,"height":12}},{"id":"2b0ad591-f801-4bd6-bef2-d319bcdff040","block_type":"box","text":"contingent liability transaction will be valued as follows and the prices used shall (subject as","page_number":53,"box":{"x":182,"y":108,"width":696,"height":11}},{"id":"7d6fa698-255c-4167-85a0-f2b224d21c4a","block_type":"box","text":"follows) be the most recent prices which it is practicable to obtain:","page_number":53,"box":{"x":181,"y":128,"width":486,"height":11}},{"id":"75663da9-4966-4591-b157-792e0c3cdb64","block_type":"box","text":"(a)","page_number":53,"box":{"x":182,"y":169,"width":18,"height":12}},{"id":"cce02a07-ebbd-4d16-963b-e7486a31ebd2","block_type":"box","text":"units or shares in a collective investment scheme:","page_number":53,"box":{"x":243,"y":170,"width":366,"height":8}},{"id":"a7fa3933-ddbc-4a76-a78e-2863737cce7a","block_type":"box","text":"(i) if a single price for buying and selling units or shares is quoted, that price; or","page_number":53,"box":{"x":243,"y":210,"width":604,"height":12}},{"id":"9ef675ca-854f-4957-b3bd-4c054e52ea7e","block_type":"box","text":"(ii) if separate buying and selling prices are quoted, the average of those prices","page_number":53,"box":{"x":243,"y":251,"width":635,"height":12}},{"id":"d0680ee4-ec93-4661-b26d-dfacf8fec83f","block_type":"box","text":"provided that the buying price has been reduced by any entry or initial charge","page_number":53,"box":{"x":283,"y":272,"width":595,"height":11}},{"id":"a3d6811c-6180-46e0-8dd0-b8d342ef8381","block_type":"box","text":"included in it and the selling price has been increased by any exit or redemption","page_number":53,"box":{"x":283,"y":292,"width":594,"height":12}},{"id":"2ffe724f-65c3-47d7-aaf8-5b3c9cb6e1ab","block_type":"box","text":"charge attributable to it; or","page_number":53,"box":{"x":282,"y":313,"width":195,"height":11}},{"id":"219c2ade-dedd-4a58-87f0-b4af143c3d22","block_type":"box","text":"(iii) if the ACD, in its absolute discretion, determines the price obtained is unreliable","page_number":53,"box":{"x":243,"y":354,"width":635,"height":11}},{"id":"7a453be1-9f15-47be-92e6-78db97d66d74","block_type":"box","text":"or no recent traded price is available or if no recent price exists, a value which the","page_number":53,"box":{"x":282,"y":374,"width":596,"height":11}},{"id":"02390440-e362-4b84-bb57-c38cb86b14e8","block_type":"box","text":"ACD, in its absolute discretion, determines is fair and reasonable provided that","page_number":53,"box":{"x":282,"y":395,"width":596,"height":11}},{"id":"95b4da30-83a7-40ae-917d-81fd8b86636a","block_type":"box","text":"the ACD will be entitled to rely upon the advice of a professional adviser which","page_number":53,"box":{"x":282,"y":415,"width":596,"height":11}},{"id":"4351f264-77f8-425a-8928-b456f4c83534","block_type":"box","text":"the ACD reasonably believes to be qualified to give such advice;","page_number":53,"box":{"x":282,"y":436,"width":476,"height":11}},{"id":"9875dac1-9ad8-4a56-aad7-251540a8ffc2","block_type":"box","text":"(b)","page_number":53,"box":{"x":182,"y":477,"width":18,"height":11}},{"id":"3898e96b-9f0a-4684-abf8-ce18296a5784","block_type":"box","text":"exchange-traded derivative contracts:","page_number":53,"box":{"x":242,"y":477,"width":278,"height":11}},{"id":"970cb82a-6b79-40cd-aed3-f396a8bc34ac","block_type":"box","text":"(i) if a single price for buying and selling the exchange-traded derivative contract is","page_number":53,"box":{"x":243,"y":505,"width":635,"height":11}},{"id":"a9a96150-8522-45fd-a838-479086e6ee23","block_type":"box","text":"quoted, at that price; or","page_number":53,"box":{"x":272,"y":525,"width":172,"height":11}},{"id":"7d95f1e0-448c-44d7-a6f1-dcc394afdff6","block_type":"box","text":"(ii) if separate buying and selling prices are quoted, at the average of the two prices","page_number":53,"box":{"x":243,"y":566,"width":624,"height":11}},{"id":"62c08576-8091-45d1-b159-f6eb4f605eb2","block_type":"box","text":"(c)","page_number":53,"box":{"x":182,"y":608,"width":17,"height":11}},{"id":"8347ec45-ace5-4590-9e1c-d02767ab622b","block_type":"box","text":"over-the-counter derivative contracts shall be valued in accordance with the method of","page_number":53,"box":{"x":242,"y":608,"width":636,"height":8}},{"id":"39fe14f2-83b5-4291-80ca-caa932790690","block_type":"box","text":"valuation as shall have been agreed between the ACD and the Depositary;","page_number":53,"box":{"x":242,"y":628,"width":553,"height":11}},{"id":"69152b32-3d34-41a0-baae-05337f87ae61","block_type":"box","text":"(d)","page_number":53,"box":{"x":182,"y":669,"width":18,"height":11}},{"id":"13f31548-7d74-45a7-a90f-44447a843e34","block_type":"box","text":"any other investment:","page_number":53,"box":{"x":242,"y":669,"width":158,"height":11}},{"id":"48cf5f26-c529-4c3f-bf05-666718e15823","block_type":"box","text":"(i) if a single price for buying and selling the security is quoted, that price; or","page_number":53,"box":{"x":243,"y":710,"width":580,"height":11}},{"id":"5b64a57c-e783-4a15-b751-7ec28d0bcb4c","block_type":"box","text":"(ii) if separate buying and selling prices are quoted, the average of the two prices; or","page_number":53,"box":{"x":243,"y":751,"width":635,"height":11}},{"id":"5f14638a-9a1d-497d-8237-27d49ba1a2ad","block_type":"box","text":"(iii) if the ACD, in its absolute discretion, determines that the price obtained is","page_number":53,"box":{"x":243,"y":792,"width":635,"height":11}},{"id":"67db7c56-1d73-44ac-8b34-5b38d0edd2e2","block_type":"box","text":"unreliable or no recent traded price is available or if the most recent price","page_number":53,"box":{"x":283,"y":813,"width":595,"height":11}},{"id":"d0a7bb1f-0883-4e0e-b439-7c55f77d30f9","block_type":"box","text":"available does not reflect the ACD’s best estimate of the value, at a value which","page_number":53,"box":{"x":282,"y":833,"width":595,"height":10}},{"id":"4916ef6a-894d-4ca8-a0be-152b9c735445","block_type":"box","text":"the ACD, in its absolute discretion, determines is fair and reasonable provided","page_number":53,"box":{"x":282,"y":853,"width":595,"height":12}},{"id":"c8c5d432-1b13-4c73-b1a2-34cdbb1e52f7","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 54","page_number":54,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"c99f623b-d723-4b04-8349-a06cbde2a91f","block_type":"box","text":"that the ACD will be entitled to rely upon the advice of a professional adviser","page_number":54,"box":{"x":282,"y":87,"width":596,"height":12}},{"id":"f86ec167-aaf2-4b87-a1cf-d3beeb2bafd2","block_type":"box","text":"which the ACD reasonably believes to be qualified to give such advice; and","page_number":54,"box":{"x":282,"y":108,"width":557,"height":11}},{"id":"1633902c-9ed1-4bba-b5e5-36101f614894","block_type":"box","text":"(iv) any item of Scheme Property other than that described in paragraphs 2(a), 2 (b),","page_number":54,"box":{"x":243,"y":149,"width":634,"height":11}},{"id":"fb24159c-07b9-40b7-be1d-e3a56b4d7a7e","block_type":"box","text":"2 (c) above: at a value which the ACD, in its absolute discretion, determines","page_number":54,"box":{"x":282,"y":169,"width":596,"height":12}},{"id":"d62714b2-e06f-454d-a039-18a9b6675d51","block_type":"box","text":"represents a fair and reasonable mid-market price.","page_number":54,"box":{"x":283,"y":190,"width":373,"height":11}},{"id":"2ed91d07-17fc-4db6-bd36-efdd01024008","block_type":"box","text":"3.","page_number":54,"box":{"x":121,"y":231,"width":12,"height":9}},{"id":"1b14d6c7-47e5-4b32-9645-537215133b80","block_type":"box","text":"Cash and amounts held in current, deposit and margin accounts and in other time related","page_number":54,"box":{"x":182,"y":231,"width":695,"height":11}},{"id":"6934e1cc-98fc-4177-a9e8-91a055ef2209","block_type":"box","text":"deposits shall be valued at their nominal values.","page_number":54,"box":{"x":182,"y":252,"width":354,"height":10}},{"id":"5ad96e39-dbc7-415f-9f04-1387f80e449f","block_type":"box","text":"4.","page_number":54,"box":{"x":121,"y":293,"width":12,"height":8}},{"id":"c30e78bb-788c-4686-956d-07526cefb8a4","block_type":"box","text":"In determining the value of the Scheme Property, all instructions given to issue or cancel Shares","page_number":54,"box":{"x":182,"y":292,"width":696,"height":12}},{"id":"9acdda70-a49b-4fc7-9a83-1ed094046ab0","block_type":"box","text":"received prior to the Valuation Point shall be assumed (unless the contrary is shown) to have","page_number":54,"box":{"x":182,"y":313,"width":696,"height":11}},{"id":"b648e9f2-2119-4ec2-b2ee-a306f53dc77c","block_type":"box","text":"been carried out and any cash payment made or received and all consequential action required","page_number":54,"box":{"x":182,"y":333,"width":696,"height":11}},{"id":"874b33f8-296a-4827-9446-148a48efb030","block_type":"box","text":"by the Regulations, the Instrument of Incorporation or this Prospectus shall be assumed (unless","page_number":54,"box":{"x":182,"y":354,"width":696,"height":11}},{"id":"74f46e4b-5909-488a-b231-a73f1e188af7","block_type":"box","text":"the contrary has been shown) to have been taken.","page_number":54,"box":{"x":181,"y":374,"width":372,"height":11}},{"id":"fcd972a5-6c8e-4dbd-96a3-d11b9940c132","block_type":"box","text":"5.","page_number":54,"box":{"x":121,"y":416,"width":12,"height":8}},{"id":"65691ff8-7ea1-4186-8d33-0eede83bb615","block_type":"box","text":"Subject to paragraphs 6 and 7 below, agreements for the unconditional sale or purchase of","page_number":54,"box":{"x":182,"y":415,"width":696,"height":12}},{"id":"eaa6dd0b-31f3-450d-a74c-f782a0f6a9cc","block_type":"box","text":"Scheme Property which are in existence but uncompleted shall be assumed to have been","page_number":54,"box":{"x":182,"y":436,"width":696,"height":11}},{"id":"38a83e8b-77b2-4be0-95e4-2970466f0192","block_type":"box","text":"completed and all consequential action required to have been taken. 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income","page_number":54,"box":{"x":182,"y":743,"width":696,"height":11}},{"id":"7d749f8d-8e97-4ec6-9114-706fbfc0a5e5","block_type":"box","text":"where liabilities have accrued) at the Valuation Point shall be deducted including (as applicable","page_number":54,"box":{"x":181,"y":763,"width":697,"height":12}},{"id":"58bb3b6d-40fa-4f41-aa97-d3694e2ff6c1","block_type":"box","text":"and without limitation) tax on chargeable gains, income tax, corporation tax, VAT, stamp duty,","page_number":54,"box":{"x":182,"y":784,"width":695,"height":11}},{"id":"c203eba1-cedc-4136-8495-bf5096504dc7","block_type":"box","text":"SDRT and any foreign taxes or duties.","page_number":54,"box":{"x":182,"y":804,"width":282,"height":12}},{"id":"4e5f2755-c519-42c7-833a-e5c32109d703","block_type":"box","text":"9.","page_number":54,"box":{"x":121,"y":846,"width":12,"height":8}},{"id":"fd3ed149-99a1-48b2-b03f-c419b54e021f","block_type":"box","text":"An estimated amount for any liabilities payable out of the Scheme 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respect of which that income allocation","page_number":60,"box":{"x":121,"y":350,"width":756,"height":11}},{"id":"1da3f515-46b6-46a5-ba10-b549ceb93d79","block_type":"box","text":"is made will be of the same amount as the allocation to be made in respect of the other Shares of the","page_number":60,"box":{"x":122,"y":370,"width":756,"height":11}},{"id":"458e4664-d70a-4885-b735-29177add0ba2","block_type":"box","text":"same Class in a Fund.","page_number":60,"box":{"x":121,"y":391,"width":165,"height":9}},{"id":"ef00f2a2-3edf-45c3-97da-1084f4236ebd","block_type":"box","text":"Each allocation of income made at a time when more than one Class is in issue in a Fund shall be done","page_number":60,"box":{"x":122,"y":432,"width":756,"height":9}},{"id":"831950b7-ca95-4db3-8420-417da130f269","block_type":"box","text":"by reference to the relevant Shareholders’ proportionate interests in the property of that Fund. These","page_number":60,"box":{"x":121,"y":452,"width":757,"height":11}},{"id":"1e56eff3-2943-471c-a69c-e2235986c32a","block_type":"box","text":"will be ascertained by reference to the “","page_number":60,"box":{"x":121,"y":473,"width":304,"height":11}},{"id":"27f472b8-cb4a-4433-b4a1-2c998ae2c535","block_type":"box","text":"Proportion Account","page_number":60,"box":{"x":427,"y":473,"width":158,"height":11}},{"id":"60a41591-cf56-4380-99e3-5b8124144eec","block_type":"box","text":"” for each such Class described in the","page_number":60,"box":{"x":586,"y":473,"width":292,"height":9}},{"id":"6276c328-9460-47ae-a942-a5a9ec48ba00","block_type":"box","text":"section entitled “Proportionate entitlements” below.","page_number":60,"box":{"x":121,"y":493,"width":375,"height":11}},{"id":"1c785627-d596-4830-94f2-c38fa58b4807","block_type":"box","text":"The ACD will distribute the income allocated to Income Shares of each Class in a Fund among their","page_number":60,"box":{"x":121,"y":534,"width":757,"height":12}},{"id":"50f5e95f-fc75-4a1e-b958-a5c2a56d06e7","block_type":"box","text":"holders in proportion to the numbers of such Shares held, or treated as held, by them respectively at","page_number":60,"box":{"x":122,"y":555,"width":756,"height":11}},{"id":"1c8e2594-4e24-45ed-8d96-be11752164e7","block_type":"box","text":"the end of the relevant Distribution Period. The ACD will pay the distribution to the holders of Income","page_number":60,"box":{"x":121,"y":575,"width":757,"height":11}},{"id":"9cd8ee55-2315-4ab4-8553-97acc16d9c9f","block_type":"box","text":"Shares in accordance with the instructions.","page_number":60,"box":{"x":121,"y":596,"width":317,"height":9}},{"id":"178e1fba-0050-4d1e-ba02-9b2f6c6d9446","block_type":"box","text":"The amount of income allocated to the holders of a Class of Accumulation Shares will become part of","page_number":60,"box":{"x":121,"y":637,"width":757,"height":11}},{"id":"379ac40a-7d08-4155-ac2f-3ac6a57425a9","block_type":"box","text":"the capital property (as defined in the COLL Sourcebook) attributable to those Shares as at the end of","page_number":60,"box":{"x":121,"y":657,"width":757,"height":11}},{"id":"7e82ae8d-e511-49bc-9f42-cb2b8d7141f1","block_type":"box","text":"the relevant Distribution Period. Where other Classes are in issue in respect of a Fund during that","page_number":60,"box":{"x":121,"y":678,"width":757,"height":11}},{"id":"d5eb7e89-71fe-4814-b856-58815a4cfef1","block_type":"box","text":"Distribution Period, the interests of the holders of Accumulation Shares in the amount of income","page_number":60,"box":{"x":122,"y":698,"width":756,"height":11}},{"id":"dd37e10c-8b53-4cb1-979f-642412cb70f7","block_type":"box","text":"allocated to a particular Class must be satisfied by an adjustment, as at the end of the period, in the","page_number":60,"box":{"x":121,"y":719,"width":757,"height":11}},{"id":"b30fa888-c94b-4db1-8211-f93c1fb01fa9","block_type":"box","text":"proportion of the value of the Scheme Property to which the price of an Accumulation Share in the","page_number":60,"box":{"x":121,"y":739,"width":757,"height":11}},{"id":"6bbf1428-51d7-4edc-8be4-5347cd8ae667","block_type":"box","text":"relevant Class is related. The adjustment must be such as will ensure that the price per Share of an","page_number":60,"box":{"x":122,"y":760,"width":756,"height":11}},{"id":"c1e4236e-c1ec-42dd-b0cd-dd4f59396005","block_type":"box","text":"Accumulation Share of the relevant Class remains unchanged despite the transfer of income to the","page_number":60,"box":{"x":121,"y":780,"width":757,"height":11}},{"id":"4b9d287f-5035-4c89-998c-d8303734cbf6","block_type":"box","text":"capital property of the Company.","page_number":60,"box":{"x":121,"y":801,"width":241,"height":11}},{"id":"1ae704e1-1f9c-4eb4-a714-69eb55ff4dec","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 61","page_number":61,"box":{"x":121,"y":926,"width":363,"height":9}},{"id":"0507079d-5bb5-4e13-98ff-0af21c6df583","block_type":"box","text":"Income equalisation","page_number":61,"box":{"x":122,"y":88,"width":191,"height":13}},{"id":"9d030857-9a73-4f3b-92e5-a22b0e8290c0","block_type":"box","text":"The following provisions shall apply in respect of Shares in issue in respect of each of the Funds.","page_number":61,"box":{"x":121,"y":120,"width":717,"height":11}},{"id":"9722dfdd-705e-4765-8d73-289556c3230e","block_type":"box","text":"An allocation of income (whether annual or interim) to be made in respect of each Share to which this","page_number":61,"box":{"x":121,"y":161,"width":757,"height":11}},{"id":"179e2cd0-cd19-4964-9db6-c9a84c7d5cf4","block_type":"box","text":"clause applies issued by the Company or sold by the ACD during the Distribution Period in respect of","page_number":61,"box":{"x":121,"y":181,"width":757,"height":12}},{"id":"e5ce9042-d6ef-497d-b506-e7a7a383b825","block_type":"box","text":"which that income allocation is made shall be of the same amount as the allocation to be made in","page_number":61,"box":{"x":121,"y":202,"width":757,"height":9}},{"id":"601cf032-cb6a-4ff5-82e7-f2a1ad2d5cc7","block_type":"box","text":"respect of the other Shares in the same Class in issue in respect of the same Fund but shall include a","page_number":61,"box":{"x":122,"y":222,"width":756,"height":12}},{"id":"1d2bc353-8aca-4b4d-933a-60c94a2fda2a","block_type":"box","text":"capital sum (","page_number":61,"box":{"x":121,"y":243,"width":98,"height":11}},{"id":"bb683d76-1302-4194-8d5f-0410a09c1f76","block_type":"box","text":"income equalisation","page_number":61,"box":{"x":221,"y":243,"width":161,"height":11}},{"id":"f5db1c01-0afe-4525-881a-3ef111aa2d4a","block_type":"box","text":") representing the ACD’s best estimate of the amount of income","page_number":61,"box":{"x":384,"y":243,"width":494,"height":11}},{"id":"d76a382a-770d-43cb-8bc5-b318ae7ed72e","block_type":"box","text":"included in the price of that Share.","page_number":61,"box":{"x":122,"y":263,"width":252,"height":11}},{"id":"d15c865c-e6be-4690-9858-f7dca965ec02","block_type":"box","text":"The amount of income equalisation in respect of any Share shall be either:","page_number":61,"box":{"x":121,"y":304,"width":551,"height":12}},{"id":"c85cd5b6-94d0-47c5-97cd-bd81e43b82de","block_type":"box","text":"1.","page_number":61,"box":{"x":122,"y":346,"width":11,"height":8}},{"id":"9826538b-de0f-4175-ad72-70c8e854deaf","block_type":"box","text":"the actual amount of income included in the issue price of that Share; or","page_number":61,"box":{"x":181,"y":345,"width":534,"height":11}},{"id":"4a238777-49a3-47c9-bf6d-e0fcf806616d","block_type":"box","text":"2.","page_number":61,"box":{"x":121,"y":387,"width":12,"height":8}},{"id":"af3dd851-4d10-4176-85f2-0d1b973d1f90","block_type":"box","text":"an amount arrived at by taking the aggregate of the amounts of income included in the price in","page_number":61,"box":{"x":182,"y":386,"width":695,"height":12}},{"id":"055e61a4-f98e-47ec-b670-b42581a63fef","block_type":"box","text":"respect of Shares of that Class issued or sold in the annual or interim Distribution Period in","page_number":61,"box":{"x":182,"y":407,"width":696,"height":11}},{"id":"d2052499-a40d-4953-b70d-948b9fd24cf7","block_type":"box","text":"question and dividing that aggregate amount by the number of such Shares and applying the","page_number":61,"box":{"x":182,"y":427,"width":696,"height":11}},{"id":"0c6f621a-05e4-4c25-8310-147563235faf","block_type":"box","text":"resultant average to each of the Shares in question.","page_number":61,"box":{"x":182,"y":448,"width":382,"height":11}},{"id":"53208d60-b304-4a1e-9804-7a26c0b6ed76","block_type":"box","text":"Proportionate entitlements","page_number":61,"box":{"x":122,"y":486,"width":254,"height":13}},{"id":"01f24419-de59-4cb1-bed1-f75f5854b9b3","block_type":"box","text":"Where Funds have more than one Class in issue, the proportionate interests of each Class, in the","page_number":61,"box":{"x":121,"y":518,"width":757,"height":11}},{"id":"a15dd580-8924-4f99-a3df-e2a4fab4e093","block_type":"box","text":"amount available for income allocation will be determined in accordance with the Instrument of","page_number":61,"box":{"x":121,"y":539,"width":757,"height":8}},{"id":"7f265e1a-53f8-4e2e-a64d-3dd293f09a92","block_type":"box","text":"Incorporation.","page_number":61,"box":{"x":122,"y":559,"width":100,"height":11}},{"id":"86b834a8-841d-4051-9eaa-60a0e215550f","block_type":"box","text":"The proportionate interests of each Class in the assets and income of the Fund shall be calculated as","page_number":61,"box":{"x":121,"y":600,"width":757,"height":11}},{"id":"0880716e-169c-4944-b7dc-c92c53d6a777","block_type":"box","text":"follows:","page_number":61,"box":{"x":121,"y":621,"width":54,"height":8}},{"id":"d3d01e14-b323-4baa-a06b-ac53815fc0ed","block_type":"box","text":"A notional account will be maintained for each Class. Each account will be referred to as a “Proportion","page_number":61,"box":{"x":121,"y":661,"width":756,"height":11}},{"id":"6982faf8-5df5-4c6c-9a7d-d86d666568c0","block_type":"box","text":"Account”. The word","page_number":61,"box":{"x":121,"y":682,"width":145,"height":9}},{"id":"5d2fa646-a8c7-462f-acd3-253d004089b5","block_type":"box","text":"proportion","page_number":61,"box":{"x":274,"y":682,"width":82,"height":11}},{"id":"9e1e0a49-9ac0-4f92-8be6-7247a83a555d","block_type":"box","text":"in the following paragraphs used in connection with a Class of Share","page_number":61,"box":{"x":364,"y":682,"width":514,"height":11}},{"id":"a764e6a4-3f06-4782-b66f-4e8bf1b34ee0","block_type":"box","text":"means the proportion which the balance on the Proportion Account for that Class at the relevant time","page_number":61,"box":{"x":122,"y":702,"width":756,"height":12}},{"id":"f4865f6f-5ecf-470b-b88f-dc2c398974d3","block_type":"box","text":"bears to the aggregate of all the balances on all the Proportion Accounts maintained in respect of the","page_number":61,"box":{"x":121,"y":723,"width":757,"height":11}},{"id":"d2764eac-adb9-425f-8228-d73c337da415","block_type":"box","text":"Fund at that time.","page_number":61,"box":{"x":122,"y":744,"width":128,"height":8}},{"id":"3c6582c1-d2bf-41c3-bf8b-83bd3560c064","block_type":"box","text":"There will be credited to a Proportion Account:","page_number":61,"box":{"x":121,"y":784,"width":342,"height":11}},{"id":"1636b931-9df7-4f78-81df-0b1d2e94afe8","block_type":"box","text":"1.","page_number":61,"box":{"x":122,"y":826,"width":11,"height":8}},{"id":"b1185bba-130f-4d19-84ac-84500a238baa","block_type":"box","text":"upon an initial or subsequent subscription for any Share of the relevant Class, the subscription","page_number":61,"box":{"x":182,"y":825,"width":696,"height":11}},{"id":"335db621-b4c9-4930-860a-22ad49c20f6a","block_type":"box","text":"price of that Share;","page_number":61,"box":{"x":182,"y":846,"width":139,"height":11}},{"id":"6c6c3d44-7a5a-4cc1-9984-1bf20b4579a1","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 62","page_number":62,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"c50a0477-3cbf-4ee4-9ea6-5b2871961afa","block_type":"box","text":"2.","page_number":62,"box":{"x":121,"y":88,"width":12,"height":8}},{"id":"1665beda-bfe0-42f6-a3e0-35602e10c4fa","block_type":"box","text":"on each Dealing Day, that Class’s proportion of the amount by which the Net Asset Value of","page_number":62,"box":{"x":182,"y":87,"width":696,"height":12}},{"id":"c7f2e6c1-4051-4559-987d-fe7b85f05c8e","block_type":"box","text":"the Fund exceeds the Net Asset Value of the Fund on the preceding Dealing Day (ignoring in","page_number":62,"box":{"x":181,"y":108,"width":696,"height":11}},{"id":"9e0d959d-36a4-46bc-b641-53e89a5d3d9d","block_type":"box","text":"the calculations of the Net Asset Value all costs, charges, liabilities of any kind and expenses","page_number":62,"box":{"x":181,"y":128,"width":697,"height":12}},{"id":"e5040549-e8e8-4be4-9ee4-7b286ff72eed","block_type":"box","text":"incurred solely in respect of one or more Class of Share);","page_number":62,"box":{"x":182,"y":149,"width":422,"height":11}},{"id":"706181c1-53dc-4725-906f-ddc72ac9ac79","block_type":"box","text":"3.","page_number":62,"box":{"x":121,"y":190,"width":12,"height":9}},{"id":"4282d206-01bc-46af-a727-c05dbfdfc25d","block_type":"box","text":"that Class’s proportion of the income of the Fund received and receivable (except to the extent","page_number":62,"box":{"x":181,"y":190,"width":697,"height":11}},{"id":"ad7e6707-f16e-4d80-bfc7-989fcbd270ef","block_type":"box","text":"already taken into account);","page_number":62,"box":{"x":182,"y":210,"width":204,"height":12}},{"id":"73fb187e-d6b3-4744-b656-61171580a416","block_type":"box","text":"4.","page_number":62,"box":{"x":121,"y":252,"width":12,"height":8}},{"id":"fdbdf55b-f2e7-4bf5-b64c-bea87d96f7fa","block_type":"box","text":"any notional tax benefit allocated to that Class (except to the extent already taken into account);","page_number":62,"box":{"x":182,"y":251,"width":695,"height":12}},{"id":"f5822daa-6357-4239-92e1-a07bb1e07d87","block_type":"box","text":"and","page_number":62,"box":{"x":182,"y":272,"width":26,"height":9}},{"id":"f11eb5fb-9827-40e4-9634-349474237763","block_type":"box","text":"5.","page_number":62,"box":{"x":121,"y":313,"width":12,"height":9}},{"id":"fdc1a1fe-76e6-499e-867d-b269c6f315dd","block_type":"box","text":"any other amount which the ACD considers to be appropriate to credit to that Proportion","page_number":62,"box":{"x":182,"y":313,"width":695,"height":11}},{"id":"d785e54e-d334-47f3-af6c-e30e0882b893","block_type":"box","text":"Account.","page_number":62,"box":{"x":181,"y":333,"width":64,"height":9}},{"id":"a487bde9-b444-4765-80d2-bcf1dc78083e","block_type":"box","text":"There will be debited to a Proportion Account:","page_number":62,"box":{"x":121,"y":374,"width":338,"height":11}},{"id":"5fb176f5-0ea5-4f47-90b2-ac033e896827","block_type":"box","text":"1.","page_number":62,"box":{"x":122,"y":416,"width":11,"height":8}},{"id":"a1f6501e-c382-419d-91d5-dac49e5d2604","block_type":"box","text":"upon redemption of any Share of the relevant Class, the redemption price of that Share;","page_number":62,"box":{"x":182,"y":415,"width":649,"height":11}},{"id":"e4df5975-28be-44d1-bf2a-a683e43f5894","block_type":"box","text":"2.","page_number":62,"box":{"x":121,"y":457,"width":12,"height":8}},{"id":"865d0e7e-35a6-45ca-8023-b2018cdbf5be","block_type":"box","text":"on each Dealing Day, that Class’s proportion of the amount by which the Net Asset Value of","page_number":62,"box":{"x":182,"y":456,"width":696,"height":11}},{"id":"165f8125-834f-4686-882c-105f3ad872f4","block_type":"box","text":"the Fund is less than the Net Asset Value of the Fund on the preceding Dealing Day (ignoring","page_number":62,"box":{"x":181,"y":477,"width":697,"height":11}},{"id":"1453e97a-2383-45ae-95aa-0f109a24094c","block_type":"box","text":"in the calculations of the Net Asset Value all costs, charges, liabilities of any kind and expenses","page_number":62,"box":{"x":182,"y":497,"width":696,"height":11}},{"id":"ecca2406-3234-4177-9c94-a95d9e95f10c","block_type":"box","text":"incurred solely in respect of one or more Class of Share);","page_number":62,"box":{"x":182,"y":518,"width":422,"height":11}},{"id":"aac0bfbb-0616-48ed-b1e5-178c41f0b0ff","block_type":"box","text":"3.","page_number":62,"box":{"x":121,"y":559,"width":12,"height":9}},{"id":"2cad7fd2-f1e5-4ecf-8960-b06717792da3","block_type":"box","text":"upon any amount becoming due and payable as a distribution in respect of Shares of the","page_number":62,"box":{"x":182,"y":559,"width":696,"height":11}},{"id":"6023d469-2eda-4332-ac21-67fefa5cfc2a","block_type":"box","text":"relevant Class, the amount to be distributed in respect of that Class;","page_number":62,"box":{"x":182,"y":579,"width":502,"height":11}},{"id":"69774567-dc9e-4051-9066-5080bb8c1dc5","block_type":"box","text":"4.","page_number":62,"box":{"x":121,"y":620,"width":12,"height":9}},{"id":"42b864bb-e0d3-4238-ae14-bb8f4673aca7","block_type":"box","text":"all costs, charges, liabilities of any kind and expenses incurred solely in respect of that Class;","page_number":62,"box":{"x":186,"y":620,"width":689,"height":11}},{"id":"58f96c1d-00bf-4e7d-91c9-18831c7b81bd","block_type":"box","text":"5.","page_number":62,"box":{"x":121,"y":662,"width":12,"height":8}},{"id":"426e26fe-7be9-4c8a-a502-48abc61b981e","block_type":"box","text":"that Class’s share of the costs, charges, liabilities of any kind and expenses incurred in respect","page_number":62,"box":{"x":181,"y":661,"width":697,"height":11}},{"id":"b51f7a2b-50d2-4592-a4ee-f27a0f2941d0","block_type":"box","text":"of that Class and one or more other Class or Classes; and","page_number":62,"box":{"x":182,"y":681,"width":430,"height":11}},{"id":"3f69e159-f41f-4a43-a196-c1667c7a1190","block_type":"box","text":"6.","page_number":62,"box":{"x":121,"y":723,"width":12,"height":8}},{"id":"6a36abf9-e963-4c0f-b58c-ee5729200e14","block_type":"box","text":"any notional tax liability allocated to that Class (except to the extent already taken into account).","page_number":62,"box":{"x":182,"y":722,"width":695,"height":12}},{"id":"23de4ada-fd9a-4dd1-8603-0356894de5d7","block_type":"box","text":"Any tax liability in respect of the Fund and any tax benefit received or receivable in respect of the Fund","page_number":62,"box":{"x":121,"y":763,"width":756,"height":12}},{"id":"7df64c24-9b06-4c24-9baa-6f0f922fa876","block_type":"box","text":"will be allocated between Classes in order to achieve, so far as possible, the same result as would have","page_number":62,"box":{"x":121,"y":784,"width":757,"height":11}},{"id":"5cdbbe12-a90e-4c05-952b-98da3c470be3","block_type":"box","text":"been achieved if each Class were itself a Fund so as not materially to prejudice that Class. The","page_number":62,"box":{"x":121,"y":804,"width":757,"height":12}},{"id":"3dff50a0-3f3f-487e-9bf0-b5d2ed72a841","block_type":"box","text":"allocation will be carried out by the ACD after consultation with the Auditors.","page_number":62,"box":{"x":121,"y":825,"width":561,"height":11}},{"id":"b3409d3f-b088-41f1-9575-eb452189f547","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 63","page_number":63,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"2a855357-ef05-4a38-b0cb-d3684972f306","block_type":"box","text":"Where a Class is denominated in a currency which is not the base currency of the Fund, the balance","page_number":63,"box":{"x":121,"y":87,"width":757,"height":12}},{"id":"be31a7d2-772a-4406-9c82-06db9ecdfab3","block_type":"box","text":"of the Proportion Account shall be translated into the base currency of the Fund in order to ascertain","page_number":63,"box":{"x":121,"y":108,"width":756,"height":11}},{"id":"8e9154a9-75af-4826-bf1f-b06ff01fe269","block_type":"box","text":"the proportions of all Classes. Translations between currencies shall be at a rate that is not likely to","page_number":63,"box":{"x":121,"y":128,"width":757,"height":12}},{"id":"0b6f7b05-e649-448d-abad-b81d443200e8","block_type":"box","text":"result in any material prejudice to the interests of Shareholders or potential Shareholders of any Class.","page_number":63,"box":{"x":122,"y":149,"width":755,"height":11}},{"id":"2a6bd55a-0a0f-445f-aa33-e307b76027bf","block_type":"box","text":"The Proportion Accounts are:","page_number":63,"box":{"x":121,"y":190,"width":216,"height":11}},{"id":"637dc7ee-5070-48fc-b3dd-e3eff5414995","block_type":"box","text":"1.","page_number":63,"box":{"x":122,"y":231,"width":11,"height":9}},{"id":"baecc1f0-97b8-40d1-9f48-624dfa94a12c","block_type":"box","text":"memorandum accounts maintained for the purpose of calculating proportions. They do not","page_number":63,"box":{"x":182,"y":231,"width":696,"height":11}},{"id":"4f638461-0403-4d56-b36a-e6d09b0d5122","block_type":"box","text":"represent debts from the Company to Shareholders or the other way round;","page_number":63,"box":{"x":182,"y":251,"width":558,"height":12}},{"id":"95317377-77f1-4859-bf99-16edbd8bf8bf","block_type":"box","text":"2.","page_number":63,"box":{"x":121,"y":293,"width":20,"height":9}},{"id":"d577cfb3-8f59-4ec9-9613-2cfdb9a65b16","block_type":"box","text":"maintained such that each credit and debit to a Proportion Account shall be allocated to that","page_number":63,"box":{"x":182,"y":294,"width":696,"height":11}},{"id":"85ef6d62-28b5-4fc7-a5fd-5ad13538b2af","block_type":"box","text":"account on the basis of that Class’s proportion immediately before the allocation. All such","page_number":63,"box":{"x":182,"y":315,"width":695,"height":11}},{"id":"cd54a31f-6728-43c6-8087-9332f15ef78c","block_type":"box","text":"adjustments shall be made as are necessary to ensure that on no occasion on which the","page_number":63,"box":{"x":182,"y":335,"width":696,"height":11}},{"id":"4b7b2ad3-f7fe-4f97-81dd-b39d82c2f35f","block_type":"box","text":"proportions are ascertained is any amount counted more than once.","page_number":63,"box":{"x":182,"y":356,"width":502,"height":11}},{"id":"3c40113f-ae82-498d-adfc-ee23037db939","block_type":"box","text":"The Company may adopt a method of calculating the amount of income to be allocated between the","page_number":63,"box":{"x":121,"y":397,"width":757,"height":11}},{"id":"77cdfcee-b793-4b1e-9bd2-00f396276ba9","block_type":"box","text":"Shares in issue in respect of any Fund which is different to the method set out above provided that the","page_number":63,"box":{"x":121,"y":417,"width":757,"height":11}},{"id":"6867f681-4d3d-4bf1-a725-fe0e912f80a5","block_type":"box","text":"ACD is satisfied that such method is fair to Shareholders and that it is reasonable to adopt such method","page_number":63,"box":{"x":121,"y":438,"width":757,"height":11}},{"id":"b18ff902-9df9-48bf-a107-012c4c99949e","block_type":"box","text":"in the given circumstances.","page_number":63,"box":{"x":122,"y":458,"width":199,"height":12}},{"id":"f06f2c6f-3a50-43f3-ba6f-5d8b1f416e8b","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 64","page_number":64,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"e395a3f5-08ce-40be-828e-bf75552aecbf","block_type":"box","text":"RISKS","page_number":64,"box":{"x":465,"y":88,"width":77,"height":13}},{"id":"766ff0e1-2145-4687-aa80-a9f658d8c145","block_type":"box","text":"The following are important warnings and potential investors should consider the following risk","page_number":64,"box":{"x":121,"y":149,"width":758,"height":12}},{"id":"136bc788-5660-4344-aa7e-abad872aeef4","block_type":"box","text":"factors before investing in the Company.","page_number":64,"box":{"x":121,"y":170,"width":324,"height":11}},{"id":"6747e8a6-0487-432b-a2cc-95ab7b6a0612","block_type":"box","text":"The following risk factors may relate to a particular Fund as that Fund invests directly in a particular","page_number":64,"box":{"x":121,"y":211,"width":757,"height":11}},{"id":"59ba5317-f2b0-49b6-8697-48608994b04f","block_type":"box","text":"asset or because that Fund invests in a collective investment scheme which in turn invests in a particular","page_number":64,"box":{"x":121,"y":231,"width":758,"height":11}},{"id":"9e9df510-e16c-468a-bf76-2e765e6a8fbf","block_type":"box","text":"asset.","page_number":64,"box":{"x":121,"y":253,"width":43,"height":8}},{"id":"648eeca7-0b18-45ae-b977-8966ca4e8c89","block_type":"box","text":"General","page_number":64,"box":{"x":121,"y":293,"width":73,"height":11}},{"id":"48005d69-9ef2-45a7-a6d2-58cdb979aaed","block_type":"box","text":"There are inherent risks in investment markets. Security prices are subject to market fluctuations and","page_number":64,"box":{"x":121,"y":325,"width":757,"height":11}},{"id":"3cb5725c-8492-480d-8114-7bcf589a0e9a","block_type":"box","text":"can move irrationally and be unpredictably affected by many and various factors including political and","page_number":64,"box":{"x":121,"y":346,"width":756,"height":11}},{"id":"b10d8f54-f1fa-4d4d-aa90-c0b80d63faa9","block_type":"box","text":"economic events and rumours. There can be no assurance that any appreciation in value of investments","page_number":64,"box":{"x":121,"y":366,"width":757,"height":11}},{"id":"627a49c7-8167-4f81-a495-65c87978ab8a","block_type":"box","text":"will occur. The value of investments and the income derived from them may go down as well as up and","page_number":64,"box":{"x":121,"y":387,"width":756,"height":11}},{"id":"f07670bb-12f7-4251-8d7c-ad8388082e39","block_type":"box","text":"investors may receive less than the original amount invested.","page_number":64,"box":{"x":122,"y":407,"width":451,"height":11}},{"id":"022aa799-a227-4404-9d3a-ccda884a08a2","block_type":"box","text":"There is no guarantee that the investment objectives of any Fund will be achieved.","page_number":64,"box":{"x":121,"y":448,"width":618,"height":11}},{"id":"52e218c5-551f-479b-a573-0cbd0c7e1591","block_type":"box","text":"It is important to","page_number":64,"box":{"x":746,"y":448,"width":132,"height":11}},{"id":"be8b388f-19ce-4201-80ac-5d2960f91261","block_type":"box","text":"note that past performance is not a guide to future returns or growth.","page_number":64,"box":{"x":122,"y":469,"width":560,"height":11}},{"id":"a3f956e0-5bfd-47d7-b372-7764af64f19f","block_type":"box","text":"Shares should be viewed","page_number":64,"box":{"x":689,"y":469,"width":189,"height":8}},{"id":"5a7d68cb-cfc1-48d2-9efc-dd7cdfc51121","block_type":"box","text":"as a medium to long term investment.","page_number":64,"box":{"x":121,"y":489,"width":278,"height":11}},{"id":"69f272b2-d02a-4851-b352-936db08b09f5","block_type":"box","text":"Investors will need to decide whether or not an investment vehicle of this nature is appropriate for their","page_number":64,"box":{"x":122,"y":530,"width":756,"height":11}},{"id":"bbcf97f9-c205-40f3-99ae-4ac904fe4335","block_type":"box","text":"requirements.","page_number":64,"box":{"x":122,"y":551,"width":100,"height":11}},{"id":"0656cb46-45c6-4a1f-8d39-2ff58747e6c3","block_type":"box","text":"Counterparty Risk","page_number":64,"box":{"x":121,"y":598,"width":165,"height":12}},{"id":"e4eae8ea-8fe4-4473-a984-cf77e6318c3d","block_type":"box","text":"See also ‘Credit Risk’. The bankruptcy or default of any counterparty could result in losses to any Fund.","page_number":64,"box":{"x":121,"y":618,"width":756,"height":12}},{"id":"740c1c5b-9145-4606-8b5d-6e3e040d457d","block_type":"box","text":"In addition, a Fund may bear the risk of loss because a counterparty does not have the legal capacity","page_number":64,"box":{"x":122,"y":639,"width":756,"height":11}},{"id":"5aabb1ef-58ab-4cae-a96c-1e78067550c9","block_type":"box","text":"to enter into a transaction, or if the transaction becomes unenforceable due to relevant legislation or","page_number":64,"box":{"x":121,"y":659,"width":757,"height":12}},{"id":"6e20aa1c-8eac-4511-99ad-85dfeab8e1b6","block_type":"box","text":"regulation (see ‘Legal Risk’).","page_number":64,"box":{"x":122,"y":680,"width":209,"height":11}},{"id":"db37ebcd-c412-461b-b64c-f48abe022dc2","block_type":"box","text":"In the case of any insolvency or failure of any such party, a Fund might recover only a pro rata share of","page_number":64,"box":{"x":122,"y":706,"width":756,"height":12}},{"id":"f10ece38-6476-451e-8087-43fffda6530e","block_type":"box","text":"all property available for distribution to all of such party’s creditors and/or customers. Such an amount","page_number":64,"box":{"x":121,"y":727,"width":757,"height":11}},{"id":"d28fb737-42f4-4ec4-850a-f4ec071f5539","block_type":"box","text":"may be less than the amounts owed to that Fund.","page_number":64,"box":{"x":122,"y":747,"width":365,"height":11}},{"id":"29fee6d2-f182-4b96-a38b-3267e4dc8117","block_type":"box","text":"Trading in financial derivative instruments which have not been collateralised gives rise to direct","page_number":64,"box":{"x":121,"y":774,"width":757,"height":11}},{"id":"4fc852fd-d67c-478c-9490-cdbd4c3e9040","block_type":"box","text":"counterparty exposure. A Fund might mitigate much of this risk by receiving collateral with a value at","page_number":64,"box":{"x":121,"y":794,"width":757,"height":11}},{"id":"a90fc0cc-e6b1-43d7-afe3-992f4aa87bb5","block_type":"box","text":"least equal to the exposure to each counterparty but, to the extent that any financial derivative","page_number":64,"box":{"x":122,"y":815,"width":756,"height":11}},{"id":"45bb3a3c-453f-4c4a-acf4-64d70dd712e3","block_type":"box","text":"instrument is not fully collateralised or, to the extent the Fund has provided collateral to the counterparty","page_number":64,"box":{"x":122,"y":835,"width":756,"height":11}},{"id":"c08b851c-fd09-470d-90ae-4f364658ef5d","block_type":"box","text":"under a SFT in excess of the termination value of the underlying contract, a default by the counterparty","page_number":64,"box":{"x":122,"y":856,"width":756,"height":11}},{"id":"b2ffadad-a785-4217-99d8-c858892522eb","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 65","page_number":65,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"ea08db7b-b5d3-418c-850f-ceac9ce07c26","block_type":"box","text":"may result in a reduction in the value of a Fund. In the event of the insolvency of the counterparty to a","page_number":65,"box":{"x":122,"y":88,"width":756,"height":11}},{"id":"64a77dd4-bb4c-4083-810b-566fa65ff708","block_type":"box","text":"derivative, the Fund of the Company will be treated as a general creditor of such counterparty, and will","page_number":65,"box":{"x":121,"y":108,"width":756,"height":11}},{"id":"8c47991b-4bd0-4e6d-96e4-3bc7ea238708","block_type":"box","text":"not have any claim with respect to the underlying indebtedness. Consequently, that Fund of the","page_number":65,"box":{"x":122,"y":128,"width":756,"height":12}},{"id":"47169b44-270b-4fc8-abc9-08af80caa221","block_type":"box","text":"Company will be subject to the credit risk of the counterparty as well as that of the issuer of the","page_number":65,"box":{"x":121,"y":149,"width":757,"height":11}},{"id":"da946a30-425b-42e9-ad52-483a9ebabf7d","block_type":"box","text":"indebtedness. As a result, concentrations of derivatives in any one counterparty may subject a Fund to","page_number":65,"box":{"x":122,"y":169,"width":756,"height":12}},{"id":"44b737a7-dcf2-439e-8c95-0da5a78a48f8","block_type":"box","text":"an additional degree of risk with respect to defaults by such counterparty as well as by the issuer of the","page_number":65,"box":{"x":121,"y":190,"width":757,"height":11}},{"id":"86675e17-e31e-4314-a290-5075e96f72ea","block_type":"box","text":"underlying indebtedness.","page_number":65,"box":{"x":122,"y":210,"width":184,"height":12}},{"id":"d2d072d7-0ca6-4485-9b29-8835c43fe582","block_type":"box","text":"To mitigate counterparty risk the Company will only use preferred counterparties which it believes to be","page_number":65,"box":{"x":121,"y":237,"width":757,"height":11}},{"id":"67dd35e2-f5d2-4c29-99b8-7053984728e2","block_type":"box","text":"creditworthy and may reduce the exposure incurred in connection with such transactions through the","page_number":65,"box":{"x":121,"y":258,"width":757,"height":11}},{"id":"d4cfb497-e5e8-49c6-8fec-00d9ca267382","block_type":"box","text":"use of collateral. A formal review of each new counterparty is completed and all approved counterparties","page_number":65,"box":{"x":122,"y":278,"width":756,"height":11}},{"id":"9bbd779c-a93b-49f4-9839-18e8d4f200b0","block_type":"box","text":"are regularly assessed. However there can be no guarantee that a counterparty will not default or that","page_number":65,"box":{"x":121,"y":298,"width":757,"height":12}},{"id":"4fe05a8b-0cf2-4c37-95e0-f4e91981c29d","block_type":"box","text":"a Fund of the Company will not sustain losses as a result.","page_number":65,"box":{"x":121,"y":319,"width":426,"height":11}},{"id":"39454048-b75b-4c29-b930-0402e7a687c1","block_type":"box","text":"The ACD is free to use one or more separate counterparties for derivative investments. Some or all of","page_number":65,"box":{"x":121,"y":345,"width":757,"height":11}},{"id":"8e0b0e54-9eda-4fca-814e-cf0e98cbea03","block_type":"box","text":"these counterparties may be associates of the Aviva Group.","page_number":65,"box":{"x":121,"y":366,"width":442,"height":11}},{"id":"808d0731-c0e6-4afe-ad5f-1c58a355aec4","block_type":"box","text":"Credit Risk","page_number":65,"box":{"x":121,"y":419,"width":102,"height":10}},{"id":"c7ce6e04-c959-4a52-9fd0-ee33c853d790","block_type":"box","text":"See also ‘Counterparty Risk’. Credit risk is the risk that the counterparty to a financial instrument will","page_number":65,"box":{"x":121,"y":439,"width":756,"height":12}},{"id":"538c6cb6-e6e8-40ce-9f1e-41f3c846e427","block_type":"box","text":"fail to discharge an obligation. Each Fund will be exposed to a credit risk for the parties with whom it","page_number":65,"box":{"x":121,"y":460,"width":757,"height":11}},{"id":"6959a02b-458b-4ccf-8caa-8df13bc32c00","block_type":"box","text":"trades. Investing in sovereign debt, any other debt guaranteed by a sovereign government, or corporate","page_number":65,"box":{"x":121,"y":481,"width":757,"height":11}},{"id":"9d6f67df-f422-4525-95ba-9b03ffd778b1","block_type":"box","text":"debt entails risks related to the issuer’s ability and willingness to repay principal and pay interest. A","page_number":65,"box":{"x":121,"y":501,"width":757,"height":11}},{"id":"1d0f1050-dacf-49a5-b09a-b9d2a9bc3c34","block_type":"box","text":"default by the issuer of the bond may impact the value of a Fund. Short-term cash equivalent","page_number":65,"box":{"x":121,"y":521,"width":757,"height":12}},{"id":"8df5dd33-d347-4992-b0b5-3e79dd1e975e","block_type":"box","text":"investments, such as commercial paper, bankers’ acceptances, certificates of deposit, and repurchase","page_number":65,"box":{"x":122,"y":542,"width":756,"height":11}},{"id":"2b6c51a9-6b54-44c6-8838-762cb524e009","block_type":"box","text":"transactions, are not guaranteed by any government and are subject to some risk of default.","page_number":65,"box":{"x":121,"y":562,"width":680,"height":12}},{"id":"68b26338-b2cf-4b3c-aca1-254a89475c03","block_type":"box","text":"Credit risk may also arise through a default by one or several large institutions that are dependent on","page_number":65,"box":{"x":121,"y":589,"width":757,"height":11}},{"id":"cc71b7d1-0fd6-4612-807f-a62a93f24658","block_type":"box","text":"one another to meet their liquidity or operational needs, so that a default by one institution causes a","page_number":65,"box":{"x":121,"y":609,"width":757,"height":11}},{"id":"0ea69185-392b-4492-a31d-0644b340c476","block_type":"box","text":"series of defaults by the other institutions. This is sometimes referred to as a \"systemic risk\" and may","page_number":65,"box":{"x":121,"y":630,"width":757,"height":11}},{"id":"27df9db4-ecc2-446e-ba10-e48fb2478774","block_type":"box","text":"adversely affect financial intermediaries, such as clearing agencies, clearing houses, banks, securities","page_number":65,"box":{"x":121,"y":650,"width":757,"height":12}},{"id":"302dd69d-1bec-4abb-8f8b-f951c984d0ef","block_type":"box","text":"firms and exchanges, with which the Company interacts on a daily basis.","page_number":65,"box":{"x":121,"y":671,"width":538,"height":11}},{"id":"8a9c8a9e-01e7-4f0c-bd7f-83ffae6a3635","block_type":"box","text":"Equities","page_number":65,"box":{"x":122,"y":718,"width":83,"height":14}},{"id":"a1d1d914-5771-4bd9-8b3a-b7b0e3735765","block_type":"box","text":"In general, equities involve higher risks than bonds or money market instruments. Equities can lose","page_number":65,"box":{"x":122,"y":742,"width":756,"height":11}},{"id":"8cad8d5d-0e11-41b3-b50e-7a2ade80f1b8","block_type":"box","text":"value rapidly, and can remain at low prices indefinitely. Equities of companies that appear to be priced","page_number":65,"box":{"x":121,"y":763,"width":757,"height":11}},{"id":"3189210c-bf34-4c03-9baa-2b640d612038","block_type":"box","text":"below true value may continue to be undervalued. If a company goes through bankruptcy or other","page_number":65,"box":{"x":121,"y":783,"width":758,"height":11}},{"id":"2ea91a9e-e6e6-4360-ac37-3bd8198e7922","block_type":"box","text":"financial restructuring, its equities may lose most or all of their value.","page_number":65,"box":{"x":121,"y":804,"width":506,"height":11}},{"id":"d6f20052-296e-4e80-ae3d-adeace18fc11","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 66","page_number":66,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"d78ca559-d643-4d5a-bbeb-f5e537215f30","block_type":"box","text":"Derivatives usage","page_number":66,"box":{"x":122,"y":88,"width":176,"height":13}},{"id":"e7b8aa1a-c139-4dca-ac56-6514575da6f7","block_type":"box","text":"Over-the-Counter Counterparty (OTC) and Market Risk","page_number":66,"box":{"x":121,"y":118,"width":433,"height":11}},{"id":"4af9e6f2-8b56-405f-b51c-6e28647393d4","block_type":"box","text":"Each of the Funds may hold OTC derivative positions. The fair value of these derivatives will take into","page_number":66,"box":{"x":122,"y":134,"width":756,"height":11}},{"id":"9c8182d2-8e0e-4ab3-9dc8-367cfaba4cf8","block_type":"box","text":"account their tendency, in some cases, to have limited liquidity and higher price volatility. In addition, a","page_number":66,"box":{"x":121,"y":154,"width":757,"height":12}},{"id":"9fb035e9-dff3-416c-af3b-a183d373b123","block_type":"box","text":"Fund holding OTC derivatives will be exposed to credit risk on counterparties with whom the","page_number":66,"box":{"x":122,"y":175,"width":756,"height":11}},{"id":"e599b855-ef6f-48b8-bb2e-8f5208276fb8","block_type":"box","text":"transactions are made and will bear the risk of settlement default with those counterparties.","page_number":66,"box":{"x":121,"y":195,"width":674,"height":11}},{"id":"e202e410-27ec-41d8-a709-ce3c46eaf231","block_type":"box","text":"Liquidity Risk","page_number":66,"box":{"x":122,"y":246,"width":108,"height":11}},{"id":"f3b5d712-9a3d-407c-aea7-d6d77ba6dc50","block_type":"box","text":"When trading derivatives; market demand can impact the ability to acquire or liquidate assets,","page_number":66,"box":{"x":121,"y":262,"width":756,"height":11}},{"id":"2d39d0db-c7e1-4eb6-a3ad-02b259e43f32","block_type":"box","text":"particularly where positions and contracts entered into are complex and bespoke. Counterparty liquidity","page_number":66,"box":{"x":121,"y":282,"width":757,"height":11}},{"id":"7c29a767-73db-48c3-a12d-0dc1f015ad0d","block_type":"box","text":"can be reduced by lower credit ratings or large cash outflows and margin calls can increase a Fund’s","page_number":66,"box":{"x":121,"y":302,"width":757,"height":12}},{"id":"c76da262-2a20-4448-8155-cb203f22f363","block_type":"box","text":"liquidity risk.","page_number":66,"box":{"x":122,"y":323,"width":88,"height":11}},{"id":"d14d3846-e4cd-4146-9935-b2d6a0c38d5f","block_type":"box","text":"Credit Default Swaps","page_number":66,"box":{"x":121,"y":373,"width":167,"height":11}},{"id":"4d90b6b2-180f-4b98-9de5-185f29f88b80","block_type":"box","text":"The Funds may use credit default swaps. A credit default swap is a bilateral financial contract in which","page_number":66,"box":{"x":121,"y":389,"width":756,"height":11}},{"id":"87e37f5f-bc5e-43a0-86a9-d4c886e6d975","block_type":"box","text":"one counterparty (the protection buyer) pays a periodic fee in return for a contingent payment by the","page_number":66,"box":{"x":121,"y":410,"width":757,"height":11}},{"id":"08477148-85ae-4d3c-868d-2f7e44f4b2d0","block_type":"box","text":"protection seller following a credit event of a reference issuer. The protection buyer must either sell","page_number":66,"box":{"x":121,"y":430,"width":756,"height":11}},{"id":"db906bb8-0ed3-48a5-8016-022505678771","block_type":"box","text":"particular obligations issued by the reference issuer for its par value (or some other designated","page_number":66,"box":{"x":121,"y":450,"width":756,"height":12}},{"id":"1e5b0596-c55b-4ba1-bde3-d7cb65ea51d9","block_type":"box","text":"reference or strike price) when a credit event (such as bankruptcy or insolvency) occurs or receive a","page_number":66,"box":{"x":122,"y":471,"width":756,"height":11}},{"id":"4a9123a9-c19e-418e-bcf4-3f3c35d475a8","block_type":"box","text":"cash settlement based on the difference between the market price and such reference price. The Funds","page_number":66,"box":{"x":121,"y":492,"width":757,"height":11}},{"id":"cc9c5207-dadf-4cbb-abe2-175217d24868","block_type":"box","text":"may use credit default swaps in order to hedge the specific credit risk of some of the issuers in their","page_number":66,"box":{"x":122,"y":512,"width":756,"height":11}},{"id":"10f564f9-ab30-4a83-936a-edaa2a2e0256","block_type":"box","text":"portfolio by buying protection. As with any OTC derivative, a Fund holding credit default swaps will be","page_number":66,"box":{"x":121,"y":532,"width":757,"height":12}},{"id":"1a452765-22e3-41b0-b632-a01b26b43edf","block_type":"box","text":"exposed to counterparty risk with whom the transactions are made and will bear the risk of settlement","page_number":66,"box":{"x":121,"y":553,"width":757,"height":11}},{"id":"fe29ff3b-a5bb-416a-b1a2-d5cde73a4b15","block_type":"box","text":"default with those counterparties. There is also the risk of legal disputes as to whether a credit event","page_number":66,"box":{"x":121,"y":574,"width":757,"height":11}},{"id":"9f306c62-9250-432e-b6f0-05bf4a6bacdc","block_type":"box","text":"has occurred, which could mean that a Fund cannot realise the full value of the credit default swap. In","page_number":66,"box":{"x":122,"y":594,"width":756,"height":11}},{"id":"edadc1d1-a364-4620-a068-9ec405635a37","block_type":"box","text":"addition, capability to close out positions before maturity may be limited.","page_number":66,"box":{"x":121,"y":614,"width":532,"height":12}},{"id":"6208d18c-eaa6-4bf4-bc00-cb9913970dcd","block_type":"box","text":"Exchange-Traded Futures Contracts","page_number":66,"box":{"x":122,"y":649,"width":288,"height":11}},{"id":"96a6bdce-105f-4548-bd7d-2f8e926ea4a1","block_type":"box","text":"A particular risk associated with this type of contract is the means by which the futures contract is","page_number":66,"box":{"x":121,"y":665,"width":757,"height":11}},{"id":"56fc46dc-e537-43e5-844f-21e6b2b55333","block_type":"box","text":"required to be terminated. A futures contract can only be terminated by entering into an offsetting","page_number":66,"box":{"x":122,"y":685,"width":755,"height":12}},{"id":"6c5dbc29-2211-4ffb-93c5-ffdbcb4a519f","block_type":"box","text":"transaction. This needs a liquid secondary market on the exchange on which the original position was","page_number":66,"box":{"x":121,"y":706,"width":757,"height":11}},{"id":"366cb1d6-75fa-4cc7-a459-dea5a6e384b3","block_type":"box","text":"established. The ACD will use its judgement to establish that there appears to be a liquid secondary","page_number":66,"box":{"x":121,"y":726,"width":757,"height":11}},{"id":"b4788c98-fb2c-4429-b379-6d862ccbbbbe","block_type":"box","text":"market for such instruments but there can be no assurance that such a market will exist for any particular","page_number":66,"box":{"x":122,"y":747,"width":756,"height":11}},{"id":"771a28db-c907-4a56-a729-49258a8f1f4f","block_type":"box","text":"contract at any point in time. In that event, it might not be possible to establish or liquidate a position.","page_number":66,"box":{"x":121,"y":767,"width":756,"height":12}},{"id":"af7a466c-e19c-4095-95db-6c531bc0cf6c","block_type":"box","text":"In addition, because the instrument underlying a futures contract traded by the Fund will often be","page_number":66,"box":{"x":122,"y":788,"width":756,"height":11}},{"id":"ba7e5b89-f2c9-4476-923e-6a5ec2fcde58","block_type":"box","text":"different from the instrument or market being hedged or to which exposure is sought, the correlation","page_number":66,"box":{"x":121,"y":808,"width":756,"height":11}},{"id":"b57460c9-6ceb-4b58-a1c3-66646bba134c","block_type":"box","text":"risk could be significant and could result in losses to the Fund. The use of futures involves basis risk –","page_number":66,"box":{"x":122,"y":829,"width":756,"height":11}},{"id":"cd7a47bc-5d7d-4da9-91f9-cf1652684605","block_type":"box","text":"the risk that changes in the value of the underlying instrument will not be fully reflected in the value of","page_number":66,"box":{"x":121,"y":849,"width":757,"height":11}},{"id":"34acbcae-377d-407d-9bd3-e2b37dd6c602","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 67","page_number":67,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"94639cf1-6302-4a35-a473-ad738abab445","block_type":"box","text":"the futures contract. The liquidity of a secondary market in futures contracts is also subject to the risk","page_number":67,"box":{"x":121,"y":88,"width":758,"height":11}},{"id":"7969ca48-2551-4ac4-a0f2-4ab15f8f683f","block_type":"box","text":"of trading halts, suspensions, exchange or clearing house equipment failures, government intervention,","page_number":67,"box":{"x":121,"y":108,"width":756,"height":11}},{"id":"62e06d3d-1647-4b98-89b1-28199db01e06","block_type":"box","text":"insolvency of a brokerage firm, clearing house or exchange or other disruptions of normal trading","page_number":67,"box":{"x":122,"y":128,"width":755,"height":12}},{"id":"07466d78-5578-4f79-9f04-ae5647a17bb1","block_type":"box","text":"activity. Each securities exchange typically has the right to suspend or limit trading in all securities which","page_number":67,"box":{"x":121,"y":149,"width":756,"height":11}},{"id":"5c797862-63ec-4c52-a23b-017a5af9cfa7","block_type":"box","text":"it lists. Such a suspension would render it impossible for the Fund to liquidate positions and, accordingly,","page_number":67,"box":{"x":122,"y":169,"width":755,"height":12}},{"id":"931892a8-e4e7-4074-8064-c437e7a217dd","block_type":"box","text":"expose the Company to losses and delays in its ability to redeem Shares. There is also a degree of","page_number":67,"box":{"x":121,"y":190,"width":757,"height":11}},{"id":"fca0731e-4ba8-490e-a9e1-31b8443ec386","block_type":"box","text":"leverage inherent in futures trading i.e. the loan margin deposits normally required in futures trading","page_number":67,"box":{"x":122,"y":210,"width":755,"height":12}},{"id":"7dd81ff9-5ccf-4e82-8633-3cfafc90751f","block_type":"box","text":"means that such trading may be leveraged.","page_number":67,"box":{"x":122,"y":231,"width":324,"height":11}},{"id":"3bbef556-e829-487a-9a07-636309512ce0","block_type":"box","text":"Forward Currency Contracts","page_number":67,"box":{"x":122,"y":272,"width":226,"height":11}},{"id":"3ff6a49c-82f7-462d-9a13-5a3c11ed1b33","block_type":"box","text":"Forward contracts, are not traded on exchanges, are not standardised and each transaction tends to","page_number":67,"box":{"x":122,"y":288,"width":756,"height":11}},{"id":"875eab9e-eae6-4196-9fd9-e632225fffd2","block_type":"box","text":"be negotiated on an individual basis. Forward and ‘cash’ trading is substantially unregulated.","page_number":67,"box":{"x":121,"y":308,"width":684,"height":11}},{"id":"45ac451b-9eea-4c4e-b06d-70602f5f9f2b","block_type":"box","text":"There is no requirement that the principals who deal in the forward markets are required to continue to","page_number":67,"box":{"x":121,"y":329,"width":757,"height":11}},{"id":"a9402b54-b82f-45a4-816e-3cca7d6d1d2e","block_type":"box","text":"make markets in the currencies they trade and these markets can experience periods of illiquidity,","page_number":67,"box":{"x":122,"y":349,"width":755,"height":11}},{"id":"d695be0a-575f-4f51-a4ee-89da2465a7d1","block_type":"box","text":"sometimes of significant duration. Disruptions can occur in any market traded by the Fund due to","page_number":67,"box":{"x":121,"y":370,"width":757,"height":11}},{"id":"55148f06-fda3-4038-bb84-ee12d90154d2","block_type":"box","text":"unusually high trading volume, political intervention or other factors. The imposition of controls by","page_number":67,"box":{"x":122,"y":390,"width":756,"height":11}},{"id":"69848988-7882-492e-b5b6-ffa85c3d3467","block_type":"box","text":"governmental authorities might also limit such forward trading to less than that which the ACD would","page_number":67,"box":{"x":121,"y":410,"width":757,"height":12}},{"id":"97efd6f5-328c-4186-aefe-d5a6a1c2b004","block_type":"box","text":"otherwise recommend, to the possible detriment of the Fund. In respect of such trading, the Fund is","page_number":67,"box":{"x":121,"y":431,"width":757,"height":11}},{"id":"f96f1619-222a-4409-81d1-30d342d70629","block_type":"box","text":"subject to the risk of counterparty failure or the inability or refusal by a counterparty to perform with","page_number":67,"box":{"x":121,"y":452,"width":757,"height":11}},{"id":"05efd414-8306-41ad-89f6-66b06d0b15ce","block_type":"box","text":"respect to such contracts. Market illiquidity or disruption could result in major losses to the Fund.","page_number":67,"box":{"x":122,"y":472,"width":711,"height":11}},{"id":"1cc25eed-2e76-4df4-a871-5456bd3aa4ff","block_type":"box","text":"The ACD considers that derivative usage in respect of any Fund other than the Aviva Investors","page_number":67,"box":{"x":121,"y":513,"width":757,"height":11}},{"id":"c60d5dd4-f553-4b5a-b380-62fc475ee74e","block_type":"box","text":"Multi-Strategy Target Return Fund and the Aviva Investors Strategic Bond Fund:","page_number":67,"box":{"x":122,"y":533,"width":638,"height":12}},{"id":"a723834b-8726-4323-919a-10d41d4ed77a","block_type":"box","text":"","page_number":67,"box":{"x":121,"y":578,"width":6,"height":5}},{"id":"bed8903b-10f3-4eec-8761-2029ea9fa570","block_type":"box","text":"is not likely significantly to amplify the movement of the prices of Shares in that Fund; and","page_number":67,"box":{"x":152,"y":575,"width":721,"height":11}},{"id":"988c7343-e227-4563-b9fe-c94ffccdf3fc","block_type":"box","text":"","page_number":67,"box":{"x":121,"y":612,"width":6,"height":4}},{"id":"0674e22c-cbc4-41b6-99ff-1271537ae706","block_type":"box","text":"is not expected to increase the risk profile of that Fund compared to the risk profile the Fund","page_number":67,"box":{"x":152,"y":608,"width":726,"height":11}},{"id":"d8c11fd6-d925-42c7-a009-c469b1fa1464","block_type":"box","text":"would have if it invested directly in the underlying assets.","page_number":67,"box":{"x":151,"y":629,"width":458,"height":11}},{"id":"f11f1368-7ce3-48d2-bc4b-7395f75202f0","block_type":"box","text":"Details of derivatives usage and the associated risks in respect of the Aviva Investors Multi\u0002","page_number":67,"box":{"x":122,"y":661,"width":756,"height":11}},{"id":"17c8e902-eeca-40af-bb2f-2f07fe6b9e49","block_type":"box","text":"Strategy Target Return Fund and the Aviva Investors Strategic Bond Fund are detailed in the","page_number":67,"box":{"x":121,"y":682,"width":757,"height":11}},{"id":"e0941f2e-2221-477a-a0ee-f52654781cbd","block_type":"box","text":"sections headed ‘Additional risks for the Aviva Investors Multi-Strategy Target Return Fund’ and","page_number":67,"box":{"x":121,"y":702,"width":756,"height":11}},{"id":"61e8065a-cba4-4d22-a058-0d9749629507","block_type":"box","text":"‘Additional risk for the Aviva Investors Strategic Bond Fund’ below.","page_number":67,"box":{"x":122,"y":722,"width":536,"height":12}},{"id":"36171b3d-292f-4df3-93cd-000a22c6c3c6","block_type":"box","text":"Liquidity Risk","page_number":67,"box":{"x":122,"y":758,"width":131,"height":13}},{"id":"12c7e942-558d-4298-ad0f-2ba041cc23c2","block_type":"box","text":"The absence of adequate liquidity which restricts investment opportunities is known as liquidity risk.","page_number":67,"box":{"x":121,"y":782,"width":756,"height":11}},{"id":"f44bf586-0429-45a4-b67c-02d898d508d5","block_type":"box","text":"Liquidity risk tends to compound other risks. If a Fund has a position in an illiquid asset, its limited ability","page_number":67,"box":{"x":122,"y":803,"width":756,"height":11}},{"id":"130086dd-d58f-48a9-83ea-07fc43c031b4","block_type":"box","text":"to liquidate that position at short notice will compound its market risk.","page_number":67,"box":{"x":121,"y":823,"width":509,"height":11}},{"id":"5e8fc8da-b51e-402b-abdf-f2665d09daed","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 68","page_number":68,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"15cf90e3-fe65-4cb1-8c43-2803e266df17","block_type":"box","text":"Currency Exchange Rates","page_number":68,"box":{"x":121,"y":88,"width":249,"height":13}},{"id":"d8a8e5cc-2828-4334-b9bc-acbebdcf4e9f","block_type":"box","text":"Investments for some Funds will be made in assets denominated in various currencies and exchange","page_number":68,"box":{"x":122,"y":112,"width":756,"height":12}},{"id":"ecbd2244-422b-4e92-85e6-da86a754c746","block_type":"box","text":"rate movements may affect the value of an investment favourably or unfavourably, separately from the","page_number":68,"box":{"x":122,"y":133,"width":756,"height":11}},{"id":"4ded2197-7309-4ced-b49a-602d434a93a3","block_type":"box","text":"gains or losses otherwise made by such investments.","page_number":68,"box":{"x":121,"y":153,"width":395,"height":11}},{"id":"75c2d679-f131-4c6e-91eb-085d8cb00b67","block_type":"box","text":"Effect of Entry Charge","page_number":68,"box":{"x":122,"y":196,"width":217,"height":13}},{"id":"a7f03e1c-3e0e-48d2-8eaf-51cf13195ffc","block_type":"box","text":"Where charged, the Entry Charge is deducted from the investment at outset. Hence investors, having","page_number":68,"box":{"x":121,"y":220,"width":756,"height":11}},{"id":"4090442f-29b0-44a0-bc8b-f2e32d06fef4","block_type":"box","text":"paid an Entry Charge, who redeem their Shares in the short term may not (even in the absence of a fall","page_number":68,"box":{"x":121,"y":241,"width":757,"height":11}},{"id":"540cf5e8-02fc-4ac5-87cc-5dee841480e0","block_type":"box","text":"in the value of the relevant investments) realise the original amount invested.","page_number":68,"box":{"x":122,"y":261,"width":567,"height":11}},{"id":"81fd4398-5e5b-4965-8d99-16b575dd9264","block_type":"box","text":"Emerging Markets","page_number":68,"box":{"x":122,"y":307,"width":173,"height":13}},{"id":"2639dbce-ab3e-4ad7-bef0-7c199cb92647","block_type":"box","text":"In general, investment in emerging markets (such as the less developed markets of Asia, Africa, South","page_number":68,"box":{"x":122,"y":331,"width":755,"height":11}},{"id":"340a38d8-2c93-4233-84e9-fcc6374d073c","block_type":"box","text":"America, and Eastern Europe) involve higher risk than developed markets (such as those of Western","page_number":68,"box":{"x":121,"y":352,"width":756,"height":11}},{"id":"04e8c76f-0aed-4e1d-b092-188d552349ca","block_type":"box","text":"Europe, the United States of America, and Japan).","page_number":68,"box":{"x":122,"y":372,"width":372,"height":11}},{"id":"4c68fcc2-d012-420d-90f3-365a7cf7594a","block_type":"box","text":"Risks that may be higher in emerging markets include:","page_number":68,"box":{"x":122,"y":414,"width":401,"height":12}},{"id":"98f35230-90ec-49db-88bb-94b959c55a70","block_type":"box","text":"","page_number":68,"box":{"x":152,"y":439,"width":6,"height":4}},{"id":"71ad9185-153a-49c5-9b48-7f4a34cd63c4","block_type":"box","text":"failed or delayed settlement of market transactions;","page_number":68,"box":{"x":181,"y":436,"width":378,"height":11}},{"id":"1e7de6ab-08e1-4942-a0f1-38276ff99097","block_type":"box","text":"","page_number":68,"box":{"x":152,"y":460,"width":6,"height":4}},{"id":"b0b38987-bb9e-4458-89b9-dc3c3353692f","block_type":"box","text":"lack of standardised or reliable custody and/or registration arrangements, particularly in Russia,","page_number":68,"box":{"x":182,"y":457,"width":695,"height":11}},{"id":"8d0b8edc-7182-4d5b-9bdb-544d64006f6c","block_type":"box","text":"where the securities are not directly held or controlled by the Depositary or its local agent; This","page_number":68,"box":{"x":181,"y":477,"width":697,"height":12}},{"id":"62ec0bdd-4779-4f0a-b491-2be9cf3d08e6","block_type":"box","text":"may give rise to difficulties and delays in settling, realising and recovering assets of the Funds.","page_number":68,"box":{"x":182,"y":498,"width":695,"height":11}},{"id":"a03d0380-94b4-42e4-834b-7f5807ac4c26","block_type":"box","text":"","page_number":68,"box":{"x":152,"y":522,"width":6,"height":5}},{"id":"6f488275-8609-476e-8881-803658ee871c","block_type":"box","text":"companies in emerging markets may not be subject (i) to accounting, auditing and financial","page_number":68,"box":{"x":182,"y":519,"width":696,"height":11}},{"id":"63a153f4-fe93-4f1f-aee8-c5e56463a668","block_type":"box","text":"reporting standards, practices and disclosure requirements comparable to those applicable to","page_number":68,"box":{"x":182,"y":540,"width":696,"height":11}},{"id":"7b7df75c-c23c-4022-ab5f-169ac4aa376d","block_type":"box","text":"companies in major markets; and (ii) to the same level of government supervision and","page_number":68,"box":{"x":182,"y":560,"width":696,"height":11}},{"id":"12e6c06d-8e28-416b-a427-77d522e32d13","block_type":"box","text":"regulation of stock exchanges as countries with more advanced securities markets;","page_number":68,"box":{"x":182,"y":581,"width":615,"height":11}},{"id":"89c426b9-0491-42df-8f98-b168cc142686","block_type":"box","text":"","page_number":68,"box":{"x":152,"y":605,"width":6,"height":4}},{"id":"5bc6b3c8-bdef-4dac-a4a5-0212520d1822","block_type":"box","text":"political, economic, or social instability which means conditions may change without notice;","page_number":68,"box":{"x":182,"y":602,"width":671,"height":11}},{"id":"e88e04ed-0239-4cad-a96f-3179fa56a869","block_type":"box","text":"","page_number":68,"box":{"x":152,"y":626,"width":6,"height":5}},{"id":"825f9463-b045-4943-a120-79c959a90251","block_type":"box","text":"unfavourable changes in regulations and laws;","page_number":68,"box":{"x":182,"y":623,"width":343,"height":11}},{"id":"755299b1-0ca3-454b-86f6-2c406b3d4208","block_type":"box","text":"","page_number":68,"box":{"x":152,"y":648,"width":6,"height":4}},{"id":"bb504f29-bc37-43ad-a5b1-44b11cda2004","block_type":"box","text":"excessive fees, trading costs or taxation, or outright seizure of assets;","page_number":68,"box":{"x":182,"y":644,"width":516,"height":12}},{"id":"d4dd4850-f7e6-4f5c-af23-48c084b92371","block_type":"box","text":"","page_number":68,"box":{"x":152,"y":669,"width":6,"height":4}},{"id":"751903dc-5cd3-4177-8896-084b47a0ce2a","block_type":"box","text":"rules or practices that place outside investors at a disadvantage;","page_number":68,"box":{"x":182,"y":666,"width":475,"height":11}},{"id":"fc5b3da2-a018-4123-a1b1-56577ed7156a","block_type":"box","text":"","page_number":68,"box":{"x":152,"y":690,"width":6,"height":4}},{"id":"a33317ee-fd56-42ce-8027-d6ce1ada9b0c","block_type":"box","text":"incomplete, misleading, or inaccurate information about securities and/or their issuers could","page_number":68,"box":{"x":182,"y":687,"width":696,"height":11}},{"id":"c96e9759-f77e-425e-b045-2635056e5c27","block_type":"box","text":"affect the accuracy of security valuations;","page_number":68,"box":{"x":182,"y":707,"width":305,"height":12}},{"id":"84bd2e97-8569-43fd-bc38-3415540a7fc1","block_type":"box","text":"","page_number":68,"box":{"x":152,"y":732,"width":6,"height":4}},{"id":"5e3f5924-3c1c-4506-86a4-038effc956fa","block_type":"box","text":"manipulation of market prices by large investors;","page_number":68,"box":{"x":182,"y":729,"width":358,"height":11}},{"id":"e665ae0f-8918-4b77-a85d-47a7bae5e244","block_type":"box","text":"","page_number":68,"box":{"x":152,"y":753,"width":6,"height":4}},{"id":"ac0e9c12-5d85-4958-840e-93fa2bd86156","block_type":"box","text":"currency risk, due to restrictive currency control regulations, artificial conversion rates, and","page_number":68,"box":{"x":182,"y":750,"width":696,"height":11}},{"id":"68486372-f5df-4e89-8338-f01bb298f6be","block_type":"box","text":"greater short-term fluctuation in currency exchange rates;","page_number":68,"box":{"x":182,"y":771,"width":424,"height":11}},{"id":"1b7fe1ec-7041-4b11-95be-56907f05aed0","block_type":"box","text":"","page_number":68,"box":{"x":152,"y":795,"width":6,"height":4}},{"id":"1d26adc7-fd8c-454a-b2c8-232868b2a6b3","block_type":"box","text":"arbitrary delays and unscheduled market closures; and","page_number":68,"box":{"x":182,"y":792,"width":406,"height":11}},{"id":"f817e443-9aab-4f03-8a8e-9195124f9521","block_type":"box","text":"","page_number":68,"box":{"x":152,"y":816,"width":6,"height":5}},{"id":"a82730fe-adce-4512-8b63-63859fea1fdb","block_type":"box","text":"fraud and corruption.","page_number":68,"box":{"x":181,"y":813,"width":153,"height":11}},{"id":"5513b2e6-f969-4092-a497-412b0fa304b5","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 69","page_number":69,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"cf3dfce1-470c-4418-8ecd-35da2198f2e8","block_type":"box","text":"Accordingly, certain emerging markets may not afford the same level of investor protection as would","page_number":69,"box":{"x":121,"y":88,"width":757,"height":11}},{"id":"497531c9-cc1e-4be5-9733-592f69abd3dc","block_type":"box","text":"apply in more developed jurisdictions.","page_number":69,"box":{"x":121,"y":108,"width":278,"height":11}},{"id":"c19abd98-303d-4c71-a080-4457a9d2db34","block_type":"box","text":"Restrictions on foreign investment in emerging markets may preclude investment in certain securities","page_number":69,"box":{"x":122,"y":149,"width":756,"height":11}},{"id":"636982fd-1fbc-4849-b4ec-436664303ce5","block_type":"box","text":"by certain Funds and, as a result, limit investment opportunities for the Funds. Substantial government","page_number":69,"box":{"x":121,"y":169,"width":757,"height":12}},{"id":"be1547eb-009c-46aa-b40d-701bf7c14121","block_type":"box","text":"involvement in, and influence on, the economy may affect the value of securities in certain emerging","page_number":69,"box":{"x":122,"y":190,"width":756,"height":11}},{"id":"b55338bb-9b6b-47bd-9007-27207de13af2","block_type":"box","text":"markets.","page_number":69,"box":{"x":122,"y":210,"width":61,"height":9}},{"id":"ca2b1107-2318-4819-8d3c-f0a48e5ac117","block_type":"box","text":"The Funds could be adversely affected by the introduction of new restrictions over the","page_number":69,"box":{"x":194,"y":210,"width":684,"height":12}},{"id":"67df6334-f329-4940-b482-e8ffa1d80e4b","block_type":"box","text":"repatriation of capital, dividends, interest or other income from emerging market countries. Economic","page_number":69,"box":{"x":122,"y":231,"width":756,"height":11}},{"id":"1de3a769-4a8d-4734-950e-a8008d18f0c7","block_type":"box","text":"or political conditions could lead to the revocation or variation of consent to repatriate monies back to","page_number":69,"box":{"x":121,"y":251,"width":757,"height":11}},{"id":"6ff0df28-867f-43d4-b065-8b60dfd1c5de","block_type":"box","text":"the Funds.","page_number":69,"box":{"x":121,"y":272,"width":77,"height":9}},{"id":"440c3f09-3aa1-44cb-9ea0-674365708631","block_type":"box","text":"Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain","page_number":69,"box":{"x":122,"y":292,"width":755,"height":12}},{"id":"937a87b7-5f03-407f-bf61-da45edc79541","block_type":"box","text":"emerging markets may mean that from time to time the ACD may experience more difficulty or delays","page_number":69,"box":{"x":121,"y":313,"width":757,"height":11}},{"id":"a7f28ba1-525c-4995-b02c-4770d44d7409","block_type":"box","text":"in purchasing, selling, or receiving settlement for securities, than would be expected in a more","page_number":69,"box":{"x":122,"y":333,"width":756,"height":12}},{"id":"56ccf2d8-db34-46e6-bdb2-6510b433d5bf","block_type":"box","text":"developed markets.","page_number":69,"box":{"x":121,"y":354,"width":145,"height":11}},{"id":"b2e2590d-a8f8-4847-ac53-c12c1217564d","block_type":"box","text":"The legislative framework may be relatively new and untested and there can be no assurance regarding","page_number":69,"box":{"x":121,"y":395,"width":757,"height":11}},{"id":"16dfe514-3452-4489-9efe-4b33be21fdd0","block_type":"box","text":"how local courts or agencies will react to questions arising from a Fund’s investment in such countries.","page_number":69,"box":{"x":122,"y":415,"width":755,"height":12}},{"id":"3b897b18-8e2a-4de0-a222-4f7039959837","block_type":"box","text":"There is no guarantee that arrangements made between the Depositary and any agent, sub-custodian","page_number":69,"box":{"x":121,"y":456,"width":756,"height":11}},{"id":"85c5c13f-02d8-4573-8e0a-cb9f281b413e","block_type":"box","text":"or their delegate will be upheld by a local court, or that any judgement obtained by the Depositary or","page_number":69,"box":{"x":121,"y":477,"width":758,"height":11}},{"id":"bd24338f-c292-444f-a3c2-67a6674bb98f","block_type":"box","text":"the Fund will be enforced by the local court.","page_number":69,"box":{"x":121,"y":497,"width":322,"height":11}},{"id":"3ced48d2-fe2b-4179-a235-4c7b24958762","block_type":"box","text":"Investors should consider whether or not investment in such Funds is either suitable for or should","page_number":69,"box":{"x":122,"y":538,"width":755,"height":9}},{"id":"6f11d7b4-fcae-4a36-bed5-9bdb99d9ac25","block_type":"box","text":"constitute a substantial part of an investor’s portfolio.","page_number":69,"box":{"x":121,"y":559,"width":389,"height":11}},{"id":"f6291e60-0f73-46c1-8ab0-0a510f796348","block_type":"box","text":"China","page_number":69,"box":{"x":121,"y":604,"width":61,"height":11}},{"id":"ec52e2ee-8f77-45e1-b01a-3521a631d917","block_type":"box","text":"Investors should be aware that, in addition to the “Emerging Markets” risks outlined above, investment","page_number":69,"box":{"x":122,"y":628,"width":756,"height":12}},{"id":"2c3e5b65-e026-4964-b473-f77cd1c397af","block_type":"box","text":"in China exposes Funds to particular risks, as further outlined in this section. Generally, investors should","page_number":69,"box":{"x":122,"y":649,"width":756,"height":11}},{"id":"d4585333-b7f3-4ab1-8c99-ed60d62cece9","block_type":"box","text":"note that the rights of investors in China are uncertain, government intervention is common and","page_number":69,"box":{"x":122,"y":669,"width":755,"height":11}},{"id":"e428b4c8-999d-4dcc-8678-7ca838f9792a","block_type":"box","text":"unpredictable, and many of the market systems are unproven. Chinese authorities may impose","page_number":69,"box":{"x":122,"y":690,"width":756,"height":11}},{"id":"7b79862d-531f-4463-8d2b-a0b540a71f01","block_type":"box","text":"measures that result in additional costs and/or have the effect of blocking, limiting or otherwise","page_number":69,"box":{"x":122,"y":710,"width":756,"height":12}},{"id":"3944eca0-e06e-4c77-8cee-6fb98dc5f8da","block_type":"box","text":"restricting trading, potentially hindering a Fund in implementing its intended investment strategy.","page_number":69,"box":{"x":122,"y":731,"width":709,"height":11}},{"id":"23ab369d-f657-4e93-824d-4f8bd72fda74","block_type":"box","text":"Stock Connect Risk","page_number":69,"box":{"x":121,"y":765,"width":157,"height":9}},{"id":"d38fa481-25b2-4c40-b9ac-18ddece12e52","block_type":"box","text":"Certain Funds may invest in China A-Shares through the Shanghai-Hong Kong Stock Connect and the","page_number":69,"box":{"x":121,"y":786,"width":757,"height":11}},{"id":"82398640-78b6-4a14-9eb4-e1966847c158","block_type":"box","text":"Shenzhen-Hong Kong Stock Connect programmes (the “Stock Connect”). The Stock Connect is a","page_number":69,"box":{"x":121,"y":806,"width":757,"height":12}},{"id":"1488c128-6a29-405d-ac5e-67f637eb386a","block_type":"box","text":"securities trading and clearing linked programme developed by Hong Kong Exchanges and Clearing","page_number":69,"box":{"x":121,"y":827,"width":756,"height":11}},{"id":"107c9051-b260-46f6-9e7b-6e115e0b3efe","block_type":"box","text":"Limited (\"HKEx\"), the Hong Kong Securities Clearing Company Limited (\"HKSCC\"), Shanghai Stock","page_number":69,"box":{"x":122,"y":847,"width":757,"height":12}},{"id":"a209f090-29ff-468b-a397-dfb2ab20aca0","block_type":"box","text":"Exchange, Shenzhen Stock Exchange and China Securities Depository and Clearing Corporation","page_number":69,"box":{"x":122,"y":868,"width":755,"height":11}},{"id":"4c15d563-02a6-4a61-9a55-cc05e0a5277a","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 70","page_number":70,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"1746a40d-2f33-45d4-8ac8-046fa7c20270","block_type":"box","text":"Limited (\"ChinaClear\") with an aim to achieve mutual stock market access between mainland China","page_number":70,"box":{"x":122,"y":87,"width":756,"height":12}},{"id":"0b94bd83-b003-455f-9f9d-dc5264a5a783","block_type":"box","text":"and Hong Kong. The Stock Connect allows foreign investors to trade certain Shanghai Stock Exchange","page_number":70,"box":{"x":121,"y":108,"width":757,"height":11}},{"id":"549dcffe-c73d-40f5-877a-33975ed25d51","block_type":"box","text":"or Shenzhen Stock Exchanges listed China A-Shares through their Hong Kong based brokers. Any","page_number":70,"box":{"x":121,"y":128,"width":757,"height":12}},{"id":"9589011e-064c-4cd5-a6f1-8e32e2dd5df3","block_type":"box","text":"Fund seeking to invest via the Stock Connect is subject to the following additional risks:","page_number":70,"box":{"x":122,"y":149,"width":645,"height":11}},{"id":"3de5e62c-b008-4a1e-85ac-1da3a94843f6","block_type":"box","text":"","page_number":70,"box":{"x":152,"y":188,"width":6,"height":4}},{"id":"2d6ed345-2074-4bd7-94f7-670e6e465e1c","block_type":"box","text":"Clearing and Settlement Risk: The HKSCC and ChinaClear have established the clearing links","page_number":70,"box":{"x":182,"y":184,"width":696,"height":12}},{"id":"649ccd9f-1faf-4eeb-943f-559a6d0a44fa","block_type":"box","text":"and each will become a participant of each other to facilitate clearing and settlement of cross\u0002","page_number":70,"box":{"x":182,"y":205,"width":696,"height":11}},{"id":"8fa45773-6387-444d-8664-1e1b11811cfe","block_type":"box","text":"boundary trades. For cross-boundary trades initiated in a market, the clearing house of that","page_number":70,"box":{"x":182,"y":225,"width":696,"height":12}},{"id":"1d26eda0-737e-478a-a49a-096899560c5a","block_type":"box","text":"market will on one hand clear and settle with its own clearing participants, and on the other","page_number":70,"box":{"x":182,"y":246,"width":696,"height":11}},{"id":"3f87678b-886e-4306-85c5-99c97d2395a7","block_type":"box","text":"hand undertake to fulfil the clearing and settlement obligations of its clearing participants with","page_number":70,"box":{"x":182,"y":267,"width":695,"height":11}},{"id":"fc73eaee-777b-4c80-bd7f-ce441db6a0fc","block_type":"box","text":"the counterparty clearing house. As the national central counterparty of the PRC’s securities","page_number":70,"box":{"x":181,"y":287,"width":697,"height":11}},{"id":"f701c8ad-ad59-441c-9e05-8b855ee05468","block_type":"box","text":"market, ChinaClear operates a comprehensive network of clearing, settlement and stock","page_number":70,"box":{"x":182,"y":307,"width":696,"height":12}},{"id":"ea98ad91-7ae2-40b5-b321-1ace075a3be8","block_type":"box","text":"holding infrastructure. ChinaClear has established a risk management framework and","page_number":70,"box":{"x":182,"y":328,"width":696,"height":11}},{"id":"c3ea41aa-5166-4148-b221-f0898df40b0b","block_type":"box","text":"measures that are approved and supervised by the China Securities Regulatory Commission.","page_number":70,"box":{"x":182,"y":348,"width":695,"height":12}},{"id":"802869c5-0970-4752-90e5-f1700d721018","block_type":"box","text":"The chances of a ChinaClear default are considered to be remote. In the event ChinaClear","page_number":70,"box":{"x":181,"y":369,"width":697,"height":9}},{"id":"57cfb0a1-484f-4e6e-a738-a2b106fbd514","block_type":"box","text":"defaults, HKSCC's liabilities under its market contracts with clearing participants will be limited","page_number":70,"box":{"x":182,"y":389,"width":696,"height":12}},{"id":"bf59b3d8-82b1-492a-a04f-be529e4f9559","block_type":"box","text":"to assisting clearing participants in pursuing their claims against ChinaClear. HKSCC should","page_number":70,"box":{"x":181,"y":410,"width":697,"height":11}},{"id":"f9a51447-7070-43b4-aa75-c35e4e61ec5d","block_type":"box","text":"act in good faith to seek recovery of the outstanding stocks and monies from ChinaClear","page_number":70,"box":{"x":182,"y":430,"width":696,"height":11}},{"id":"91534f13-339f-40e3-bb08-9091de47cd2b","block_type":"box","text":"through available legal channels or the liquidation of ChinaClear. In that event, the Fund may","page_number":70,"box":{"x":181,"y":451,"width":697,"height":11}},{"id":"fc0d2640-0c49-4702-81ad-60fb3b87b099","block_type":"box","text":"not fully recover its losses or its Stock Connect securities or the process of recovery could be","page_number":70,"box":{"x":182,"y":471,"width":696,"height":11}},{"id":"0f72849d-2ce4-49d0-b205-1fe67218d4b7","block_type":"box","text":"delayed.","page_number":70,"box":{"x":182,"y":492,"width":61,"height":11}},{"id":"539897f3-095f-42d7-ad86-2a9360bbc348","block_type":"box","text":"","page_number":70,"box":{"x":152,"y":530,"width":6,"height":5}},{"id":"f39f8a32-8172-43a6-9ee2-f6f5e13eef14","block_type":"box","text":"Legal/Beneficial Ownership: Where securities are held in custody on a cross-border basis, there","page_number":70,"box":{"x":182,"y":527,"width":696,"height":12}},{"id":"1464abd6-13ff-44a7-b4c3-fe99ff35ddf0","block_type":"box","text":"are specific legal/beneficial ownership risks linked to compulsory requirements of the local","page_number":70,"box":{"x":182,"y":548,"width":695,"height":11}},{"id":"4e65658e-acc3-4124-a614-b98ce2531081","block_type":"box","text":"Central Securities Depositaries, HKSCC and ChinaClear. As in other emerging and less","page_number":70,"box":{"x":182,"y":568,"width":696,"height":11}},{"id":"e94713d1-3b35-449c-a6f6-01d2d61aac2a","block_type":"box","text":"developed markets, the legislative framework is only beginning to develop the concept of","page_number":70,"box":{"x":182,"y":589,"width":696,"height":11}},{"id":"65d626ac-9820-49b6-898c-1f03bc200570","block_type":"box","text":"legal/formal ownership and of beneficial ownership or interest in securities. In addition, HKSCC,","page_number":70,"box":{"x":182,"y":609,"width":695,"height":11}},{"id":"075fc53b-a5f9-4722-b150-313437dab7eb","block_type":"box","text":"as nominee holder, does not guarantee the title to Stock Connect securities held through it and","page_number":70,"box":{"x":182,"y":630,"width":696,"height":11}},{"id":"14855ab5-0ed8-4096-a654-619d0e1a5b57","block_type":"box","text":"is under no obligation to enforce title or other rights associated with ownership on behalf of","page_number":70,"box":{"x":182,"y":650,"width":696,"height":11}},{"id":"c3a3b287-7c93-450d-a42c-25dc3006a068","block_type":"box","text":"beneficial owners. Consequently, the courts may consider that any nominee or custodian as","page_number":70,"box":{"x":182,"y":671,"width":696,"height":11}},{"id":"98030fec-d6aa-4cae-87e5-0c89b8366f8e","block_type":"box","text":"registered holder of Stock Connect securities would have full ownership thereof, and that those","page_number":70,"box":{"x":182,"y":691,"width":696,"height":11}},{"id":"3343dc78-4c40-48b3-88fc-887e4ae33485","block_type":"box","text":"Stock Connect securities would form part of the pool of assets of such entity available for","page_number":70,"box":{"x":182,"y":712,"width":696,"height":11}},{"id":"a409c309-a0c8-44ac-8239-ccb1ae74530b","block_type":"box","text":"distribution to creditors of such entities and/or that a beneficial owner may have no rights","page_number":70,"box":{"x":182,"y":732,"width":696,"height":11}},{"id":"de6f2f47-9f09-4849-b37c-d0c29456753e","block_type":"box","text":"whatsoever in respect thereof. Consequently the Fund and the Depositary cannot ensure that","page_number":70,"box":{"x":181,"y":753,"width":697,"height":11}},{"id":"c2b617dd-d8f7-4ea6-9769-f1d5d90633db","block_type":"box","text":"the Fund’s ownership of these securities or title thereto is assured. To the extent that HKSCC","page_number":70,"box":{"x":181,"y":773,"width":697,"height":11}},{"id":"b207705e-15da-4d7b-8141-9d9fb1274d91","block_type":"box","text":"is deemed to be performing safekeeping functions with respect to assets held through it, it","page_number":70,"box":{"x":182,"y":794,"width":696,"height":11}},{"id":"037d6aa2-2c08-45db-8e12-b19feeea2112","block_type":"box","text":"should be noted that the Depositary and the Fund will have no legal relationship with HKSCC","page_number":70,"box":{"x":181,"y":814,"width":697,"height":11}},{"id":"22808b15-2c65-49c1-9d13-b55f158c743a","block_type":"box","text":"and no direct legal recourse against HKSCC in the event that the Fund suffers losses resulting","page_number":70,"box":{"x":182,"y":834,"width":696,"height":12}},{"id":"d7a6cd05-40f9-417a-8d4b-9aa07bdc96a1","block_type":"box","text":"from the performance or insolvency of HKSCC.","page_number":70,"box":{"x":181,"y":855,"width":348,"height":11}},{"id":"1abfc301-b821-4cf6-9f68-a80875917a64","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 71","page_number":71,"box":{"x":121,"y":926,"width":363,"height":9}},{"id":"48d1088b-7293-43be-a8a2-fb0f27e44b58","block_type":"box","text":"","page_number":71,"box":{"x":152,"y":91,"width":6,"height":5}},{"id":"91ab9969-4c4b-4bb0-b1c4-2619a810110e","block_type":"box","text":"No Protection by Investor Compensation Fund: Investments through the Stock Connect are","page_number":71,"box":{"x":182,"y":88,"width":696,"height":12}},{"id":"54fedf82-59da-4430-a82f-625bf1bbd55d","block_type":"box","text":"conducted through brokers, and are subject to the risks of default by such brokers in their","page_number":71,"box":{"x":182,"y":109,"width":697,"height":11}},{"id":"bf9ce18d-bc0b-4893-ac07-ecf4fe96f51e","block_type":"box","text":"obligations. The Funds’ investments under the Stock Connect are not covered by the Hong","page_number":71,"box":{"x":182,"y":129,"width":696,"height":11}},{"id":"69bc5f9b-64c8-406f-a856-7d50b591c10f","block_type":"box","text":"Kong’s Investor Compensation Fund, which is established to pay compensation to investors of","page_number":71,"box":{"x":182,"y":150,"width":696,"height":11}},{"id":"ed54cb59-03f4-49b5-88e5-c9b5c7a03a4c","block_type":"box","text":"any nationality who suffer pecuniary losses as a result of default of a licensed intermediary or","page_number":71,"box":{"x":182,"y":170,"width":697,"height":11}},{"id":"9fee84ce-64e6-4af3-a469-326d47bb1848","block_type":"box","text":"authorised financial institution in relation to exchange-traded products in Hong Kong. Therefore","page_number":71,"box":{"x":182,"y":191,"width":696,"height":11}},{"id":"04feef03-eb3e-4ceb-b075-e75bfbdda87e","block_type":"box","text":"the Fund is exposed to the risks of default of the broker(s) it engages in its trading in China A\u0002","page_number":71,"box":{"x":181,"y":211,"width":697,"height":11}},{"id":"ab9b04fc-14d2-41d2-a67d-49824e25e630","block_type":"box","text":"Shares through the Stock Connect. Further, since the Fund is carrying out trading through","page_number":71,"box":{"x":182,"y":232,"width":695,"height":11}},{"id":"ba8f7dfe-c763-4c64-acda-6985614abd86","block_type":"box","text":"securities brokers in Hong Kong but not PRC brokers, it is not protected by the China Securities","page_number":71,"box":{"x":181,"y":252,"width":697,"height":11}},{"id":"cecd3994-5ab2-46a5-8713-78cd955e81f8","block_type":"box","text":"Investor Protection Fund in the PRC.","page_number":71,"box":{"x":182,"y":273,"width":271,"height":8}},{"id":"35689416-9ee9-4b0c-9360-f3d9c27e537f","block_type":"box","text":"","page_number":71,"box":{"x":152,"y":311,"width":6,"height":5}},{"id":"e3cb4c3d-3925-4b88-89b0-f83446cb794f","block_type":"box","text":"Operational risk: The Stock Connect provides a channel for investors from Hong Kong and","page_number":71,"box":{"x":182,"y":308,"width":696,"height":11}},{"id":"c07424ca-9a58-46f8-b0a2-9dfe406b2c51","block_type":"box","text":"overseas to access the PRC Stock Exchanges directly. The Stock Connect is premised on the","page_number":71,"box":{"x":182,"y":329,"width":696,"height":11}},{"id":"24ba63a3-6f26-4487-bfe7-5c7ef1ce10de","block_type":"box","text":"functioning of the operational systems of the relevant market participants. Market participants","page_number":71,"box":{"x":181,"y":349,"width":697,"height":11}},{"id":"393ac714-9939-4d59-b10c-4b060ecf1fb8","block_type":"box","text":"are able to participate in these programmes subject to meeting certain information technology","page_number":71,"box":{"x":182,"y":370,"width":696,"height":11}},{"id":"8bf57e08-a02c-4177-a423-2e2a77823fb5","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant","page_number":71,"box":{"x":182,"y":390,"width":696,"height":11}},{"id":"781b41cf-844b-4fac-a425-c74dcb0a02a9","block_type":"box","text":"exchange and/or clearing house. The securities regimes and legal systems of the two markets","page_number":71,"box":{"x":182,"y":410,"width":696,"height":12}},{"id":"9ecde723-b048-4c19-9119-62a2354e4c99","block_type":"box","text":"differ significantly and market participants may need to address issues arising from the","page_number":71,"box":{"x":182,"y":431,"width":696,"height":11}},{"id":"41d0329f-0905-4130-88f4-ae4783b717d7","block_type":"box","text":"differences on an on-going basis. Further, the “connectivity” in the Stock Connect requires","page_number":71,"box":{"x":182,"y":452,"width":696,"height":11}},{"id":"f34b53fc-449d-4f1b-8276-c0c22ba1e949","block_type":"box","text":"routing of orders across the border. There is no assurance that the order routing systems will","page_number":71,"box":{"x":182,"y":472,"width":695,"height":11}},{"id":"545750b0-99e1-4281-b418-8107750fae58","block_type":"box","text":"function properly or will continue to be adapted to changes and developments in both markets.","page_number":71,"box":{"x":181,"y":493,"width":696,"height":11}},{"id":"780053fd-2bed-4ac5-ab7b-75e6ff67b0cd","block_type":"box","text":"In the event that the relevant systems fail to function properly, trading in both markets through","page_number":71,"box":{"x":182,"y":513,"width":696,"height":11}},{"id":"a0ae29b9-122e-41da-b211-43e68786ab45","block_type":"box","text":"the programme can be disrupted. The Fund’s ability to access the China A-Shares market (and","page_number":71,"box":{"x":181,"y":534,"width":697,"height":11}},{"id":"7e524420-25cd-4932-b791-2fe780f7e984","block_type":"box","text":"hence to pursue its investment strategy) will be adversely affected. The HKSCC provides","page_number":71,"box":{"x":182,"y":554,"width":696,"height":11}},{"id":"dde72251-0878-406f-932e-0dd1be77b5ea","block_type":"box","text":"clearing, settlement, nominee functions and other related services of the trades executed by","page_number":71,"box":{"x":182,"y":574,"width":696,"height":12}},{"id":"cf89d75d-c7a1-4288-bd04-2625731e6c8b","block_type":"box","text":"Hong Kong market participants. PRC regulations which include certain restrictions on selling","page_number":71,"box":{"x":182,"y":595,"width":696,"height":11}},{"id":"f1a07c9c-3d78-4b8f-876c-0dd31fbcf62e","block_type":"box","text":"and buying will apply to all market participants. In the case of sale, pre-delivery of shares is","page_number":71,"box":{"x":182,"y":616,"width":696,"height":11}},{"id":"37326bf6-9728-40ef-b2de-3813c4d11a29","block_type":"box","text":"required to the broker. Because of such requirements, the Fund may not be able to purchase","page_number":71,"box":{"x":182,"y":636,"width":696,"height":11}},{"id":"d697c531-b984-4393-833d-2e12ef26cf8d","block_type":"box","text":"and/or dispose of holdings of in a timely manner.","page_number":71,"box":{"x":182,"y":656,"width":359,"height":12}},{"id":"944f6408-5eb0-4b6f-8cef-15b91e31a39c","block_type":"box","text":"","page_number":71,"box":{"x":152,"y":695,"width":6,"height":4}},{"id":"b6731435-28fd-48ab-8c6c-3c89f645d9cb","block_type":"box","text":"Quota limitations risk: The Stock Connect is subject to quota limitations. Trading under the","page_number":71,"box":{"x":182,"y":692,"width":696,"height":11}},{"id":"7398d6ca-7b68-45a1-8c6a-9981047fab14","block_type":"box","text":"Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect will be","page_number":71,"box":{"x":182,"y":712,"width":696,"height":12}},{"id":"72f55fe1-d0ef-4753-ae7f-008590142db8","block_type":"box","text":"subject to a daily quota respectively (“Daily Quota”). The Daily Quota will apply on a “net buy”","page_number":71,"box":{"x":181,"y":733,"width":697,"height":11}},{"id":"a4f5c8e1-7ef5-4ddb-a557-c3c0b1817b3a","block_type":"box","text":"basis. In particular, once the remaining balance of the Daily Quota drops to zero or the Daily","page_number":71,"box":{"x":182,"y":753,"width":697,"height":12}},{"id":"fa8da4e5-a457-4a37-ace7-7d9fc34a69b8","block_type":"box","text":"Quota is exceeded during the opening call auction session, new buy orders will be rejected","page_number":71,"box":{"x":182,"y":774,"width":696,"height":11}},{"id":"7efc37e7-e2a0-4ce3-af82-65f2b5cb6dce","block_type":"box","text":"(though investors will be allowed to sell their cross-boundary securities regardless of the quota","page_number":71,"box":{"x":182,"y":794,"width":696,"height":12}},{"id":"99e21ea3-8eda-488e-ab32-8b7bd29f2451","block_type":"box","text":"balance). Therefore, quota limitations may restrict the Fund’s ability to invest in China A-Shares","page_number":71,"box":{"x":182,"y":815,"width":696,"height":11}},{"id":"7442f757-a498-4ded-a547-6268a22938ab","block_type":"box","text":"through the Stock Connect on a timely basis, and the Fund may not be able to effectively pursue","page_number":71,"box":{"x":181,"y":835,"width":697,"height":12}},{"id":"eb76fcf4-6a97-4780-846f-f3944ff4bc3b","block_type":"box","text":"its investment strategies.","page_number":71,"box":{"x":182,"y":856,"width":182,"height":11}},{"id":"7f631cdf-a79f-4e5a-a6d3-be327f653819","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 72","page_number":72,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"936e5d12-f20d-4816-9401-6f783338771d","block_type":"box","text":"","page_number":72,"box":{"x":152,"y":91,"width":6,"height":5}},{"id":"88dd6ca5-2a6b-4eb3-a36f-31144c2cc15e","block_type":"box","text":"Regulatory risk: Any changes in laws, regulations and policies of the China A-Shares market","page_number":72,"box":{"x":182,"y":88,"width":696,"height":12}},{"id":"924aa064-255e-4deb-80c2-21121c791010","block_type":"box","text":"or rules in relation to Stock Connect may affect trading capabilities and/or share prices.","page_number":72,"box":{"x":182,"y":109,"width":695,"height":11}},{"id":"bbc2f127-ce43-48cf-bf74-49fa05e86115","block_type":"box","text":"Additionally, the Stock Connect is a novel concept and is subject to regulations promulgated by","page_number":72,"box":{"x":181,"y":129,"width":697,"height":11}},{"id":"d2eb4c4a-f530-467b-8841-7235d4497886","block_type":"box","text":"regulatory authorities and implementation rules made by the stock exchanges in the PRC and","page_number":72,"box":{"x":182,"y":150,"width":696,"height":11}},{"id":"54a9958e-c338-4157-89dd-52a348612058","block_type":"box","text":"Hong Kong. Further, new regulations may be promulgated from time to time by the regulators","page_number":72,"box":{"x":182,"y":170,"width":696,"height":12}},{"id":"a53383f3-a464-4b95-b10d-a340d00fa885","block_type":"box","text":"in connection with operations and cross-border legal enforcement in connection with cross\u0002","page_number":72,"box":{"x":182,"y":191,"width":696,"height":11}},{"id":"a1a78d82-dd4f-4224-9f9b-744e1042ea43","block_type":"box","text":"border trades under the Stock Connect. Also, the current regulations are subject to change.","page_number":72,"box":{"x":182,"y":211,"width":695,"height":11}},{"id":"2dfe6220-60db-4a5c-a7fd-ce1e19cf99b4","block_type":"box","text":"There can be no assurance that the Stock Connect will not be abolished. Any Fund which may","page_number":72,"box":{"x":181,"y":232,"width":697,"height":11}},{"id":"e5bb3208-68bc-4586-897d-fd084a48c3a1","block_type":"box","text":"invest via the Stock Connect may be adversely affected as a result of such changes.","page_number":72,"box":{"x":182,"y":252,"width":624,"height":11}},{"id":"628846ee-b3f7-43b4-82c2-067d237626a4","block_type":"box","text":"China Interbank Bond Market (“CIBM”) and Bond Connect Risk","page_number":72,"box":{"x":121,"y":287,"width":503,"height":11}},{"id":"077af4fe-1dec-4aa6-81cf-018dc4c3ee15","block_type":"box","text":"The CIBM is an interbank bond market where the products traded include government bonds, policy","page_number":72,"box":{"x":121,"y":307,"width":757,"height":12}},{"id":"2fb610f9-f6be-4086-9bbb-1b69304907fb","block_type":"box","text":"bank bonds and corporate bonds. Certain Funds may invest in the CIBM through “Bond Connect”, an","page_number":72,"box":{"x":121,"y":328,"width":756,"height":11}},{"id":"e0ba477e-cd35-46bf-bf0e-895568730b28","block_type":"box","text":"initiative developed by the China Foreign Exchange Trade System & National Interbank Funding","page_number":72,"box":{"x":122,"y":348,"width":755,"height":12}},{"id":"5f278889-3ad3-403e-ac26-f4b060a7e830","block_type":"box","text":"Centre, China Central Depository & Clearing Corporation Limited, Shanghai Clearing House, Hong","page_number":72,"box":{"x":121,"y":369,"width":756,"height":11}},{"id":"8bbad530-c12c-4798-ac18-74dec35fe19d","block_type":"box","text":"Kong Exchanges and Clearing Limited (\"HKEx\"), and Central Moneymarkets Unit (“CMU”). Bond","page_number":72,"box":{"x":122,"y":389,"width":756,"height":12}},{"id":"f2d2fe8d-891d-490b-a6b1-b15ab6b9b661","block_type":"box","text":"Connect is a trading link between China and Hong Kong which allows eligible foreign investors to invest","page_number":72,"box":{"x":121,"y":410,"width":757,"height":11}},{"id":"be31b2ef-0b15-40d7-87de-6576b107037b","block_type":"box","text":"in bonds circulated in the CIBM, with the trading link accessed via electronic bond trading platforms","page_number":72,"box":{"x":122,"y":430,"width":756,"height":11}},{"id":"fb429017-3999-4389-98e9-26058da74fab","block_type":"box","text":"such as Tradeweb and Bloomberg. All bonds traded by eligible foreign investors will be registered in","page_number":72,"box":{"x":121,"y":451,"width":757,"height":11}},{"id":"ac6b692d-2a63-4083-b0af-c6be02bd4c12","block_type":"box","text":"the name of CMU, which will hold such bonds as a nominee owner.","page_number":72,"box":{"x":121,"y":471,"width":497,"height":11}},{"id":"48bb0b11-ebb6-41c1-ae69-557425187e50","block_type":"box","text":"Any Fund seeking to invest via Bond Connect is subject to the following additional risks:","page_number":72,"box":{"x":121,"y":506,"width":649,"height":11}},{"id":"7414d157-0c07-44d8-af80-40ca5748a07b","block_type":"box","text":"","page_number":72,"box":{"x":152,"y":545,"width":6,"height":4}},{"id":"fa983134-8826-48a6-a3c3-7ed432656fea","block_type":"box","text":"Reliance on Third Parties Risk: currently, the settlement and custody of bonds traded via Bond","page_number":72,"box":{"x":182,"y":542,"width":696,"height":11}},{"id":"f6bcaa4c-3441-4a96-a933-c46c04a8f34f","block_type":"box","text":"Connect is carried out through the settlement and custody link between the CMU (as offshore","page_number":72,"box":{"x":182,"y":562,"width":696,"height":11}},{"id":"74c8f874-2510-45c5-b796-79c4b7031a0f","block_type":"box","text":"custody agent), and China Central Depository & Clearing Co and Shanghai Clearing House (as","page_number":72,"box":{"x":182,"y":582,"width":696,"height":12}},{"id":"c2015192-9bf4-4766-9cba-cf307607e7df","block_type":"box","text":"onshore custodian and clearing institutions). Consequently, the relevant filings, registrations","page_number":72,"box":{"x":182,"y":603,"width":696,"height":11}},{"id":"3ecca111-d91a-4bad-9f90-4b60a405c4e2","block_type":"box","text":"with PRC and account opening have to be carried out by third parties. As such, the relevant","page_number":72,"box":{"x":181,"y":623,"width":697,"height":12}},{"id":"16f56557-3a6c-47aa-9ba3-a909d4c71040","block_type":"box","text":"Fund is subject to the risk of default and errors by such third parties. The Funds may also be","page_number":72,"box":{"x":182,"y":644,"width":696,"height":11}},{"id":"07721630-74c5-47b9-a093-ad5a4fab8db3","block_type":"box","text":"exposed to risks associated with settlement procedures and the default of counterparties.","page_number":72,"box":{"x":182,"y":664,"width":659,"height":11}},{"id":"5cbaa30f-b184-4f36-a186-7fff9e909844","block_type":"box","text":"","page_number":72,"box":{"x":152,"y":703,"width":6,"height":4}},{"id":"b81c52af-3d91-4806-9577-3d268294c38e","block_type":"box","text":"Operational risk: Bond Connect provides a channel for investors from Hong Kong and overseas","page_number":72,"box":{"x":182,"y":700,"width":696,"height":11}},{"id":"46efc1c8-19bb-45bb-a2b7-5ac7807322c7","block_type":"box","text":"to access the CIBM. It is premised on the functioning of the operational systems of the relevant","page_number":72,"box":{"x":181,"y":720,"width":697,"height":12}},{"id":"1343ce12-d9d5-4f3a-a338-c601e5233cb7","block_type":"box","text":"market participants. Market participants are able to participate in these programmes subject to","page_number":72,"box":{"x":182,"y":741,"width":696,"height":11}},{"id":"fbc4ec3f-faab-4c2c-9036-aad6c90f01e3","block_type":"box","text":"meeting certain information technology capability, risk management and other requirements as","page_number":72,"box":{"x":182,"y":761,"width":696,"height":12}},{"id":"ae41dd38-2192-4bba-8e44-1aaf9f243f13","block_type":"box","text":"may be specified by the relevant exchange and/or clearing house. The securities regimes and","page_number":72,"box":{"x":182,"y":782,"width":695,"height":11}},{"id":"e57370ee-754a-4241-8ec5-ec41870667c6","block_type":"box","text":"legal systems of the two markets differ significantly and market participants may need to","page_number":72,"box":{"x":182,"y":802,"width":696,"height":12}},{"id":"9398e981-a05d-4be6-987d-72ae2534f165","block_type":"box","text":"address issues arising from the differences on an on-going basis. Further, the “connectivity” in","page_number":72,"box":{"x":182,"y":823,"width":696,"height":11}},{"id":"8f0a0371-d74b-429e-8124-2bb88b1cdf7d","block_type":"box","text":"Bond Connect requires routing of orders across the border, through newly developed trading","page_number":72,"box":{"x":182,"y":843,"width":696,"height":12}},{"id":"96e060c2-40b9-40d5-a932-b92bd9ef32c8","block_type":"box","text":"platforms and operational systems. There is no assurance that these systems will function","page_number":72,"box":{"x":182,"y":864,"width":695,"height":11}},{"id":"f05ce247-0b10-4851-9522-93ea4b397f6d","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 73","page_number":73,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"09f15a7d-8e0f-4388-b9c0-0b3a32b30252","block_type":"box","text":"properly or will continue to be adapted to changes and developments in both markets. In the","page_number":73,"box":{"x":182,"y":88,"width":696,"height":11}},{"id":"8e80d1e8-efdf-4985-ac8b-425f44cd0fe7","block_type":"box","text":"event that the relevant systems fail to function properly, trading in both markets through the","page_number":73,"box":{"x":182,"y":108,"width":696,"height":11}},{"id":"2c78cb6b-2e8c-4da5-94fa-cf63f96b8af8","block_type":"box","text":"programme can be disrupted. Further, Funds accessing the CIBM through Bond Connect may","page_number":73,"box":{"x":182,"y":128,"width":696,"height":12}},{"id":"31d77837-7262-442b-8bf6-edc80df29ffa","block_type":"box","text":"be subject to risks or delays inherent in order execution and settlement systems. A Fund’s","page_number":73,"box":{"x":182,"y":149,"width":696,"height":11}},{"id":"38f52ea1-69d6-40a0-8eef-2f8cbbb83a32","block_type":"box","text":"ability to access the CIBM (and hence to pursue its investment strategy) could therefore be","page_number":73,"box":{"x":182,"y":169,"width":696,"height":12}},{"id":"e4f73071-ffee-4913-9640-d1954f6c0963","block_type":"box","text":"adversely affected.","page_number":73,"box":{"x":182,"y":190,"width":138,"height":11}},{"id":"0ca37525-88ae-4c17-8c2c-d884485b976e","block_type":"box","text":"","page_number":73,"box":{"x":152,"y":229,"width":6,"height":4}},{"id":"25b77c57-c9a9-404d-b7c8-0d1b123d926e","block_type":"box","text":"Volatility and Liquidity risk: There are no investment quotas for bonds traded on the CIBM via","page_number":73,"box":{"x":181,"y":225,"width":697,"height":12}},{"id":"2f0b6f30-f539-4a2c-a68a-f6f83bbbed05","block_type":"box","text":"the northbound trading link of Bond Connect. Nevertheless, market volatility and potential lack","page_number":73,"box":{"x":181,"y":246,"width":698,"height":11}},{"id":"049bc241-ff9a-480c-95f1-eadbccca215a","block_type":"box","text":"of liquidity due to the particular trading volumes of certain bonds on the CIBM may result in","page_number":73,"box":{"x":182,"y":266,"width":696,"height":12}},{"id":"fccc07fe-cfe8-4753-ae92-866caa1033cc","block_type":"box","text":"significant price fluctuation from time to time. The bonds may also be hard to sell. In addition,","page_number":73,"box":{"x":181,"y":287,"width":696,"height":11}},{"id":"0064422b-faff-407a-8060-a290b14cb1d4","block_type":"box","text":"there may be large bid/offer spreads on the prices of such bonds which could cause a Fund to","page_number":73,"box":{"x":181,"y":307,"width":697,"height":12}},{"id":"38f8156d-f1e0-4a5b-98f5-cdfc1a3296ed","block_type":"box","text":"incur significant trading costs. Funds investing via Bond Connect could therefore struggle to","page_number":73,"box":{"x":182,"y":328,"width":696,"height":11}},{"id":"53b3eaef-dba4-47ca-9c5b-fcd7c3eeaa92","block_type":"box","text":"acquire or dispose of bonds at their true value, and could suffer losses when selling such","page_number":73,"box":{"x":182,"y":348,"width":695,"height":12}},{"id":"98fa265c-a4d2-432e-8bfc-263190e89d85","block_type":"box","text":"investments.","page_number":73,"box":{"x":182,"y":369,"width":92,"height":9}},{"id":"825f30ba-682f-4683-aecd-90e6ec6789da","block_type":"box","text":"","page_number":73,"box":{"x":152,"y":408,"width":6,"height":4}},{"id":"8107ff8a-4f09-4155-970b-99d6950e0b55","block_type":"box","text":"Taxation: Any changes in Chinese tax law or applicable policies, including subsequent","page_number":73,"box":{"x":181,"y":404,"width":697,"height":12}},{"id":"083c88fc-6d53-4441-affd-6741dc6d1c4d","block_type":"box","text":"retroactive enforcement by the tax authorities of any tax, may result in loss to the Funds.","page_number":73,"box":{"x":182,"y":425,"width":653,"height":11}},{"id":"e96d7d6a-a81f-4520-83d2-876ec10a224c","block_type":"box","text":"","page_number":73,"box":{"x":152,"y":464,"width":6,"height":4}},{"id":"507eaa2b-2cd5-4957-bda8-088f9973bd88","block_type":"box","text":"Legal/Beneficial Ownership: Where bonds are held in custody on a cross-border basis, there","page_number":73,"box":{"x":182,"y":460,"width":696,"height":12}},{"id":"c438c760-18dd-4775-88b1-cd5a61271d72","block_type":"box","text":"are specific legal/beneficial ownership risks linked to compulsory requirements of the local","page_number":73,"box":{"x":182,"y":481,"width":695,"height":11}},{"id":"b43b1fe4-57c1-4eb0-8615-4299637aa99f","block_type":"box","text":"agents. As in other emerging and less developed markets, the legislative framework is only","page_number":73,"box":{"x":182,"y":501,"width":696,"height":12}},{"id":"b636a193-a324-4e17-aaeb-bfbd8829f110","block_type":"box","text":"beginning to develop the concept of legal/formal ownership and of beneficial ownership or","page_number":73,"box":{"x":182,"y":522,"width":697,"height":11}},{"id":"edef02fa-298f-4f58-b138-fd0893f0936a","block_type":"box","text":"interest in securities. Consequently, the Fund and the Depositary cannot ensure that the Fund’s","page_number":73,"box":{"x":182,"y":542,"width":696,"height":12}},{"id":"3b209740-dc28-4596-8240-ac4637d7f2b3","block_type":"box","text":"ownership of bonds held via Bond Connect is assured. It should be noted that the Depositary","page_number":73,"box":{"x":182,"y":563,"width":696,"height":11}},{"id":"b28ad53e-10b1-4f35-8c50-a2966581ae21","block_type":"box","text":"and the Fund have no legal relationship with the CMU, the China Central Depositary & Clearing","page_number":73,"box":{"x":182,"y":583,"width":696,"height":12}},{"id":"805632f2-54ad-4957-a2da-859f769183a2","block_type":"box","text":"Co or the Shanghai Clearing House, and no direct legal recourse against them in the event that","page_number":73,"box":{"x":182,"y":604,"width":696,"height":11}},{"id":"c7a41410-516b-457c-bbd9-7ec063efe506","block_type":"box","text":"the Fund suffers losses resulting from the performance or insolvency of any of the CMU, the","page_number":73,"box":{"x":181,"y":624,"width":697,"height":12}},{"id":"c6a9bcb6-1e12-4325-a432-327307781312","block_type":"box","text":"China Central Depositary & Clearing Co or the Shanghai Clearing House.","page_number":73,"box":{"x":182,"y":645,"width":543,"height":11}},{"id":"a888ebf7-0cc4-4a15-bc6a-ce67fb1187e6","block_type":"box","text":"","page_number":73,"box":{"x":152,"y":683,"width":6,"height":5}},{"id":"feaa4376-4feb-4399-9eb2-d267f0b9e563","block_type":"box","text":"No Protection by Investor Compensation Fund: The Funds’ investments via Bond Connect are","page_number":73,"box":{"x":182,"y":680,"width":696,"height":12}},{"id":"9e5417bb-9219-4285-acaf-925c26890c76","block_type":"box","text":"not covered by either the Hong Kong’s Investor Compensation Fund or the China Securities","page_number":73,"box":{"x":182,"y":701,"width":696,"height":11}},{"id":"f90a09d3-bb57-463b-871e-9fe90096ea57","block_type":"box","text":"Investor Protection Fund in the PRC (see the above warning under “Stock Connect Risk; No","page_number":73,"box":{"x":182,"y":721,"width":696,"height":11}},{"id":"05865f31-c432-4efa-bf49-7f419aae2a14","block_type":"box","text":"Protection by Investor Compensation Fund”).","page_number":73,"box":{"x":182,"y":742,"width":332,"height":11}},{"id":"c778dc45-0751-42bd-940a-e0085edbb4f9","block_type":"box","text":"","page_number":73,"box":{"x":152,"y":781,"width":6,"height":4}},{"id":"d2ac890e-775f-4f8b-a6e5-da3ec28b93b2","block_type":"box","text":"Regulatory risk: Any changes in laws, regulations and policies of the CIBM or rules in relation","page_number":73,"box":{"x":182,"y":777,"width":696,"height":12}},{"id":"d5b02704-0bec-4f10-a68e-48e0220e97d3","block_type":"box","text":"to Bond Connect may affect trading capabilities and/or investment returns. Bond Connect is a","page_number":73,"box":{"x":181,"y":798,"width":697,"height":11}},{"id":"7bd9ad44-b977-4b7c-82bf-ccbf3687e376","block_type":"box","text":"novel concept and is subject to regulations promulgated by regulatory authorities and","page_number":73,"box":{"x":182,"y":818,"width":695,"height":12}},{"id":"8096db75-6cae-4b6c-a374-dfef97ae323e","block_type":"box","text":"implementation rules made by relevant market participants, such as custody and settlement","page_number":73,"box":{"x":182,"y":839,"width":696,"height":11}},{"id":"973fcaed-51e4-4e1d-b273-9c47da297686","block_type":"box","text":"agents in China and Hong Kong. New regulations may be promulgated from time to time by the","page_number":73,"box":{"x":182,"y":859,"width":696,"height":11}},{"id":"3ecbdcba-b612-4d3e-83b8-de815a00e652","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 74","page_number":74,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"084bc911-ccab-4274-89e3-ddb4009f895b","block_type":"box","text":"regulators in connection with operations and cross-border legal enforcement in connection with","page_number":74,"box":{"x":182,"y":88,"width":696,"height":11}},{"id":"84734186-5704-4729-96aa-9ab5ed031efc","block_type":"box","text":"cross-border trades under Bond Connect or the CIBM more generally. Also, the current","page_number":74,"box":{"x":182,"y":108,"width":696,"height":11}},{"id":"d0f9f861-aeba-47cc-a43c-abe37a23d0d6","block_type":"box","text":"regulations are subject to change and any such changes may have potential retrospective","page_number":74,"box":{"x":182,"y":129,"width":696,"height":11}},{"id":"ce982363-0b10-46a3-8dd6-0062627b64f2","block_type":"box","text":"effect. There can be no assurance that Bond Connect will not be suspended from time to time","page_number":74,"box":{"x":182,"y":149,"width":696,"height":11}},{"id":"5747be37-c4ff-44bb-97f3-866037dea457","block_type":"box","text":"or abolished. Any Fund which may invest via Bond Connect may be adversely affected as a","page_number":74,"box":{"x":182,"y":169,"width":696,"height":12}},{"id":"dbbbd846-c61e-498b-a4d4-baecd63bc8ae","block_type":"box","text":"result of such changes.","page_number":74,"box":{"x":182,"y":190,"width":170,"height":11}},{"id":"8cca35ee-c076-4707-bcf4-8ae6c6d63aa6","block_type":"box","text":"Investment in Smaller Companies","page_number":74,"box":{"x":122,"y":225,"width":321,"height":13}},{"id":"8326d8dd-8b13-4624-a6c9-9ed0269e1e9f","block_type":"box","text":"Smaller companies’ securities may be less liquid than the securities of larger companies as a result of","page_number":74,"box":{"x":121,"y":243,"width":757,"height":12}},{"id":"eeb7f1fa-0655-4bcc-a9e4-9c57aeb206ab","block_type":"box","text":"inadequate trading volume or restrictions on trading. Smaller companies may possess greater potential","page_number":74,"box":{"x":122,"y":264,"width":755,"height":11}},{"id":"8b2902ce-5c1d-4ee4-9bb4-ca9275b9ff0c","block_type":"box","text":"for growth, but can also involve greater risks, such as limited product lines and markets, and financial","page_number":74,"box":{"x":121,"y":284,"width":756,"height":12}},{"id":"6f22e64c-2ae9-411a-9018-2cbb6ec6e9c7","block_type":"box","text":"or managerial resources. Trading in such securities may be subject to more abrupt price movements","page_number":74,"box":{"x":121,"y":305,"width":757,"height":11}},{"id":"e1c8217d-9c17-4954-b0a8-2b16f9b5ffb3","block_type":"box","text":"and greater fluctuations in available liquidity than trading in the securities of larger companies.","page_number":74,"box":{"x":121,"y":326,"width":695,"height":11}},{"id":"9f1b9b86-80a0-4bef-9168-78a281e29e00","block_type":"box","text":"Participation Notes","page_number":74,"box":{"x":122,"y":374,"width":188,"height":13}},{"id":"dd093f07-b878-4ac3-90ba-66b28d9ce71d","block_type":"box","text":"Participation notes (“P-Notes”) are issued by banks or broker-dealers and are designed to offer a return","page_number":74,"box":{"x":122,"y":392,"width":756,"height":12}},{"id":"1758cf3c-9175-421f-9977-03aa445dc60f","block_type":"box","text":"linked to the performance of a particular underlying equity security or market. P-Notes can have the","page_number":74,"box":{"x":122,"y":413,"width":756,"height":11}},{"id":"43697c80-6194-450c-992e-2b0f6982e377","block_type":"box","text":"characteristics or take the form of various instruments, including, but not limited to, certificates or","page_number":74,"box":{"x":121,"y":433,"width":757,"height":12}},{"id":"692f34a4-281e-4b99-aeb4-e97a312c34d6","block_type":"box","text":"warrants.","page_number":74,"box":{"x":121,"y":454,"width":67,"height":9}},{"id":"59405568-8a5c-4faf-b6db-dfd682b937c2","block_type":"box","text":"The holder of a P-Note that is linked to a particular underlying security is entitled to receive any","page_number":74,"box":{"x":121,"y":486,"width":757,"height":11}},{"id":"f79be119-7285-43bc-8027-a72f51768f0f","block_type":"box","text":"dividends paid in connection with the underlying security. However, the holder of a P-Note generally","page_number":74,"box":{"x":121,"y":507,"width":757,"height":11}},{"id":"7f4a916a-5159-482d-beda-957ef4162cc8","block_type":"box","text":"does not receive voting rights as it would if it directly owned the underlying security. P-Notes constitute","page_number":74,"box":{"x":121,"y":527,"width":757,"height":11}},{"id":"10ff944b-05e8-44f1-8127-87793ae918f3","block_type":"box","text":"direct, general and unsecured contractual obligations of the banks or broker-dealers that issue them,","page_number":74,"box":{"x":121,"y":548,"width":756,"height":11}},{"id":"b74a3874-7e13-4460-80cb-f4ec00e63b22","block_type":"box","text":"which therefore subject the Fund to counterparty risk.","page_number":74,"box":{"x":121,"y":568,"width":394,"height":11}},{"id":"d599a994-71d7-4a16-8d00-205a1e75faa2","block_type":"box","text":"Investments in P-Notes involve certain risks in addition to those associated with a direct investment in","page_number":74,"box":{"x":122,"y":601,"width":755,"height":8}},{"id":"815b3d37-f9e0-4b20-ae93-3731998e7f41","block_type":"box","text":"the underlying foreign securities or foreign securities markets whose return they seek to replicate. For","page_number":74,"box":{"x":121,"y":621,"width":757,"height":11}},{"id":"9c90b181-58c6-4cf3-87f9-c72cb1e8c4f2","block_type":"box","text":"instance, there can be no assurance that the trading price of a P-Note will equal the value of the","page_number":74,"box":{"x":122,"y":641,"width":756,"height":12}},{"id":"852828fe-86ac-4508-8924-ae0a3acc871d","block_type":"box","text":"underlying foreign security or foreign securities market that it seeks to replicate. As the purchaser of a","page_number":74,"box":{"x":122,"y":662,"width":756,"height":11}},{"id":"b88230f6-7f23-4706-a1ab-45a47ee6cc65","block_type":"box","text":"P-Note, a Fund is relying on the creditworthiness of the counterparty issuing the P-Note and has no","page_number":74,"box":{"x":122,"y":682,"width":756,"height":12}},{"id":"df35101b-f6ca-4263-be5b-3f73c16319f0","block_type":"box","text":"rights under a P-Note against the issuer of the underlying security. Therefore, if such counterparty were","page_number":74,"box":{"x":122,"y":703,"width":756,"height":11}},{"id":"0243aac3-72c5-4788-a48d-03923837676d","block_type":"box","text":"to become insolvent, a Fund would lose its investment. The risk that a Fund may lose its investments","page_number":74,"box":{"x":121,"y":724,"width":757,"height":11}},{"id":"e0e7d395-af22-4e98-87ef-3305f29c6c06","block_type":"box","text":"due to the insolvency of a single counterparty may be amplified to the extent a Fund purchases P-Notes","page_number":74,"box":{"x":121,"y":744,"width":757,"height":11}},{"id":"78ca3c32-8d3d-4a58-8981-b8d866ee6f53","block_type":"box","text":"issued by one issuer or a small number of issuers.","page_number":74,"box":{"x":122,"y":764,"width":370,"height":11}},{"id":"975f52d9-64a6-4a39-a545-99facb072c3d","block_type":"box","text":"P-Notes also include transaction costs in addition to those applicable to a direct investment in securities.","page_number":74,"box":{"x":122,"y":797,"width":755,"height":11}},{"id":"0afdfbdb-30d4-4b4f-9b73-0cd7075a6b6b","block_type":"box","text":"Due to liquidity and transfer restrictions, the secondary markets on which P-Notes are traded may be","page_number":74,"box":{"x":122,"y":829,"width":756,"height":11}},{"id":"a005bba2-48d1-4add-9c60-6f0de28caad1","block_type":"box","text":"less liquid than the markets for other securities, which may lead to the absence of readily available","page_number":74,"box":{"x":122,"y":850,"width":756,"height":11}},{"id":"47767c7c-6c8f-42a0-b68a-c32e9cb37257","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 75","page_number":75,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"fbb99c7e-59a7-4dea-9d5c-eb7bf8d07f8d","block_type":"box","text":"market quotations for securities and may cause the value of the P-Notes to decline. Accordingly, it may","page_number":75,"box":{"x":122,"y":88,"width":756,"height":11}},{"id":"ff24d415-21e0-4f27-ba51-461ac1a7ef60","block_type":"box","text":"be more difficult for a Fund to accurately assign a daily value to such securities.","page_number":75,"box":{"x":121,"y":108,"width":588,"height":11}},{"id":"3982b834-8cea-4602-9203-82cd5be1b8c8","block_type":"box","text":"Equity and Mortgage Real Estate Investment Trusts (REITs)","page_number":75,"box":{"x":122,"y":141,"width":573,"height":13}},{"id":"7249dfd3-1e03-4b82-9b85-e04aa8a10c4b","block_type":"box","text":"An Equity REIT is a company that owns income-producing real estate. Therefore, investing in Equity","page_number":75,"box":{"x":121,"y":177,"width":757,"height":11}},{"id":"a57937d2-fb6f-4724-8f42-3647c0d9bdaa","block_type":"box","text":"REITs exposes the Funds to property-related risks such as: changes in the values of properties (which","page_number":75,"box":{"x":122,"y":197,"width":755,"height":11}},{"id":"5a10d73d-c53f-4c11-a441-17008349e29b","block_type":"box","text":"may be affected by such factors as","page_number":75,"box":{"x":122,"y":218,"width":267,"height":11}},{"id":"0f9b6e1a-1251-4aeb-ae5a-3243622ea27d","block_type":"box","text":"general economic and market conditions, interest rates and tax","page_number":75,"box":{"x":398,"y":218,"width":480,"height":11}},{"id":"0a888e9f-ae2d-44e7-bc41-8cf7587445ae","block_type":"box","text":"consideration); changes in rental rates and income; operating expenses (including","page_number":75,"box":{"x":121,"y":238,"width":598,"height":12}},{"id":"33fd8842-9e31-45db-b13d-a8eed7b78c57","block_type":"box","text":"the company’s ability","page_number":75,"box":{"x":725,"y":238,"width":153,"height":11}},{"id":"536cfb85-37a6-4f10-96eb-c1b8db872f2d","block_type":"box","text":"to finance property purchases and renovations and manage its cash flows); and occupancy rates;","page_number":75,"box":{"x":121,"y":259,"width":756,"height":11}},{"id":"a74920ad-7b6a-4b0d-b20e-f8633b1f66c4","block_type":"box","text":"potential for defaults on leases and payments; and competition within the property market affecting the","page_number":75,"box":{"x":121,"y":279,"width":757,"height":11}},{"id":"e79087b0-d29e-44a2-bf7f-32984dadbf4b","block_type":"box","text":"availability of potential investments. Accordingly, investors should be aware that since Equity REITS","page_number":75,"box":{"x":121,"y":300,"width":757,"height":11}},{"id":"5ba3baec-8264-45ab-a5b1-c948ee8571aa","block_type":"box","text":"may be invested in a limited number of projects or in particular market segment, they are more","page_number":75,"box":{"x":122,"y":320,"width":756,"height":11}},{"id":"66ec783f-f03b-45e1-a1f6-b5f8fb717338","block_type":"box","text":"susceptible to adverse developments affecting a single project or market segment than more broadly","page_number":75,"box":{"x":121,"y":341,"width":757,"height":11}},{"id":"4fc600ee-58d8-4230-9085-64a4fcbe25dd","block_type":"box","text":"diversified investments. Such factors may cause variability in the dividends payable by an Equity REIT","page_number":75,"box":{"x":121,"y":361,"width":757,"height":11}},{"id":"91190744-7aa3-443f-9954-3dcbe5328bda","block_type":"box","text":"and may lead to volatility in the Net Asset Value per ordinary share and the trading price of ordinary","page_number":75,"box":{"x":121,"y":382,"width":757,"height":11}},{"id":"efa9da3e-08b3-4501-8f03-0e577faf3a12","block_type":"box","text":"shares of Equity REITs.","page_number":75,"box":{"x":121,"y":402,"width":174,"height":11}},{"id":"5312c1a5-3629-42e7-8feb-bb3d18de1396","block_type":"box","text":"A Mortgage REIT is a company that loans money for mortgages to owners of real estate, or purchases","page_number":75,"box":{"x":121,"y":435,"width":757,"height":11}},{"id":"5fe8d4a5-3887-4c4f-8096-e29ccd4db811","block_type":"box","text":"existing mortgages or mortgage-backed securities. Their revenues are generated","page_number":75,"box":{"x":121,"y":455,"width":627,"height":11}},{"id":"53fc1185-ef54-4528-9fd8-02bbe4ca3200","block_type":"box","text":"primarily by the","page_number":75,"box":{"x":759,"y":455,"width":119,"height":11}},{"id":"b0b3e660-883e-4e6c-a7ee-6554b5989c63","block_type":"box","text":"interest that they earn on the mortgage loans. Mortgage REITs are sensitive to changes in short-term","page_number":75,"box":{"x":122,"y":476,"width":755,"height":11}},{"id":"d13ccc6e-feab-49ed-a0ba-a275c338df42","block_type":"box","text":"and long-term interest rates. When interest rates rise, Mortgage REITs typically lose value. However,","page_number":75,"box":{"x":121,"y":496,"width":756,"height":11}},{"id":"3f31a786-3a24-4cee-a6a9-530bd7e6b69d","block_type":"box","text":"Mortgage REITs may also lose value when interest rates fall, and more mortgages are prepaid, limiting","page_number":75,"box":{"x":122,"y":516,"width":756,"height":12}},{"id":"ee382385-ecd1-4eb4-ada1-3b20a3a7ad00","block_type":"box","text":"the amount of interest income Mortgage REITs can generate. Some Mortgage REITs may be exposed","page_number":75,"box":{"x":121,"y":537,"width":757,"height":11}},{"id":"3c6d610f-032a-476f-b331-9832f37582c8","block_type":"box","text":"to higher credit risk depending on the creditworthiness of the underlying borrowers and whether they","page_number":75,"box":{"x":121,"y":557,"width":757,"height":12}},{"id":"b8c4bfb2-11ce-4ee0-bd6d-c92443acdfd4","block_type":"box","text":"are guaranteed by a government agency. If mortgages go into default, the Mortgage REITs that hold","page_number":75,"box":{"x":121,"y":578,"width":756,"height":11}},{"id":"37db6760-765e-438a-8488-272cb9d6c0b4","block_type":"box","text":"them may lose value. Please also see the risks associated with mortgaged-backed securities as","page_number":75,"box":{"x":121,"y":599,"width":757,"height":11}},{"id":"cab19973-3a11-4e19-a2c9-5e2e0776ebff","block_type":"box","text":"outlined below.","page_number":75,"box":{"x":121,"y":619,"width":110,"height":9}},{"id":"030bdc8f-54c8-4183-a535-72f7f5fd2c1b","block_type":"box","text":"Credit, Debt and other Fixed Interest Securities","page_number":75,"box":{"x":121,"y":676,"width":455,"height":13}},{"id":"bdd3dd76-175d-4709-9068-b0451cb18590","block_type":"box","text":"Credit and Default Risk","page_number":75,"box":{"x":121,"y":725,"width":184,"height":9}},{"id":"37222aaf-ef1d-47ef-8886-5e79ac3e5912","block_type":"box","text":"If the financial health, or the perceived financial health, of the issuer of a bond or money market security","page_number":75,"box":{"x":122,"y":746,"width":756,"height":11}},{"id":"4385f515-a226-4389-87b1-c35b82befcda","block_type":"box","text":"weakens, the value of the bond or money market security may fall. In extreme cases, the issuer may","page_number":75,"box":{"x":121,"y":766,"width":757,"height":11}},{"id":"b873f303-69a9-4b6c-9532-1062a4dbf9af","block_type":"box","text":"delay scheduled payments to investors causing a reduction in the income received by the Fund; or may","page_number":75,"box":{"x":121,"y":787,"width":757,"height":11}},{"id":"d64c733b-4e41-4fe2-8a8e-0bf1d9b1a350","block_type":"box","text":"become unable to make its payments at all, and the issuer’s bonds or money market securities may","page_number":75,"box":{"x":121,"y":807,"width":757,"height":11}},{"id":"d8a906dc-69f5-416e-ac05-e1820df5261a","block_type":"box","text":"become worthless. Under extreme market or economic conditions, defaults could be widespread and","page_number":75,"box":{"x":121,"y":827,"width":757,"height":12}},{"id":"fa4d1f1e-cbe0-4d0a-a397-176c7ee288a0","block_type":"box","text":"their effect on Fund performance significant. Credit and default risk are greater for sub-investment grade","page_number":75,"box":{"x":121,"y":848,"width":757,"height":11}},{"id":"0b3d4253-d2ad-46e3-9a08-146ce1c952c1","block_type":"box","text":"bonds (see below), also known as high-yield securities, than investment grade securities.","page_number":75,"box":{"x":121,"y":868,"width":659,"height":12}},{"id":"c5e9578a-c4c4-4976-b4bf-ac65d5e0e3a0","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 76","page_number":76,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"1ac0c277-4a5a-464f-a98f-1810a5903a6c","block_type":"box","text":"Interest Rate Risk","page_number":76,"box":{"x":122,"y":108,"width":140,"height":9}},{"id":"5edad6b4-2485-4a84-b2b1-a488f817df2d","block_type":"box","text":"The price of a bond or a fixed income security is dependent upon interest rates. When interest rates","page_number":76,"box":{"x":121,"y":128,"width":757,"height":12}},{"id":"12b1d2b2-570d-44c6-8616-3984a963a208","block_type":"box","text":"rise the value of bonds generally fall, and vice-versa. The longer the term of a bond or fixed income","page_number":76,"box":{"x":122,"y":149,"width":756,"height":11}},{"id":"adb25683-46c1-436d-980f-bffc2dc03d07","block_type":"box","text":"instrument, the more sensitive it will be to fluctuations in value from interest rate changes. Interest rate","page_number":76,"box":{"x":122,"y":169,"width":756,"height":12}},{"id":"ca5fe139-a19d-4dd1-b623-74459560ec42","block_type":"box","text":"risk is also generally greater the higher the credit quality of a bond. Changes in interest rates may have","page_number":76,"box":{"x":122,"y":190,"width":756,"height":11}},{"id":"8fadd34e-0e8c-4f79-9ca7-07ef9590bfa2","block_type":"box","text":"a significant effect on a Fund.","page_number":76,"box":{"x":121,"y":210,"width":217,"height":12}},{"id":"32bd080d-04cf-410b-94b3-89a7cedbb2dc","block_type":"box","text":"Sub-Investment Grade (or High-Yield) Bonds","page_number":76,"box":{"x":121,"y":251,"width":355,"height":12}},{"id":"9bb6de74-be85-4a6a-b221-b6394fe58734","block_type":"box","text":"These bonds are usually issued by companies without long track records of sales and earnings, or by","page_number":76,"box":{"x":121,"y":272,"width":757,"height":11}},{"id":"25e717ac-2fd5-4bbe-bd5e-21830dd18a58","block_type":"box","text":"those companies with questionable credit strength. They have a lower credit rating than investment","page_number":76,"box":{"x":121,"y":292,"width":757,"height":12}},{"id":"c3107a0f-eb9b-4f30-8636-6c1628269062","block_type":"box","text":"grade bonds, may be subject to greater market fluctuations and have a higher risk of default. The","page_number":76,"box":{"x":121,"y":313,"width":757,"height":11}},{"id":"47667861-7b55-4413-9ce3-41984b351709","block_type":"box","text":"secondary market for sub-investment grade bonds may be less liquid than that of higher-rated securities","page_number":76,"box":{"x":121,"y":333,"width":757,"height":12}},{"id":"b9637d47-0dfb-4c5a-b0b6-8a215baf803f","block_type":"box","text":"and they may be more difficult to sell in adverse conditions. Sub-investment grade bonds therefore","page_number":76,"box":{"x":121,"y":354,"width":757,"height":11}},{"id":"d3092900-56ba-4048-a388-b20796340f9a","block_type":"box","text":"carry a degree of risk both to the income and capital value of a Fund.","page_number":76,"box":{"x":121,"y":374,"width":510,"height":11}},{"id":"850667ec-8542-492e-8828-fea29d1b73c8","block_type":"box","text":"Emerging Market Corporate Debt Securities","page_number":76,"box":{"x":122,"y":410,"width":346,"height":12}},{"id":"a4d3b0d2-eadc-495f-aa87-28509fa2e9fe","block_type":"box","text":"The market values of these securities are sensitive to individual corporate developments and changes","page_number":76,"box":{"x":121,"y":431,"width":757,"height":11}},{"id":"a1993c03-b8c7-401c-8721-f92d5a03cce9","block_type":"box","text":"in economic conditions. Emerging markets issuers may be highly leveraged and may not have more","page_number":76,"box":{"x":122,"y":452,"width":756,"height":11}},{"id":"18ecb9d5-1754-415d-b7f7-745b0e134c8d","block_type":"box","text":"traditional methods of financing available to them. Therefore, their ability to service their debt obligations","page_number":76,"box":{"x":121,"y":472,"width":757,"height":11}},{"id":"7219e52e-35df-4e35-bc98-8cfe971c1839","block_type":"box","text":"during an economic downturn or during sustained periods of rising interest rates may be impaired,","page_number":76,"box":{"x":121,"y":492,"width":756,"height":12}},{"id":"f16ddea8-9ea4-4dfa-a0a1-29b3e3c0986a","block_type":"box","text":"resulting in a higher risk of default.","page_number":76,"box":{"x":122,"y":513,"width":253,"height":11}},{"id":"28e1680a-3b5c-4eb5-b58a-3609c46d7e86","block_type":"box","text":"Emerging Market Sovereign Debt Securities","page_number":76,"box":{"x":122,"y":549,"width":347,"height":11}},{"id":"c22b2362-4829-44c7-ba64-be7bf8f6733f","block_type":"box","text":"Investing in sovereign debt securities will expose the relevant Fund to the direct or indirect","page_number":76,"box":{"x":122,"y":570,"width":756,"height":11}},{"id":"2f4848c4-b627-491e-8d06-3f74b0064494","block_type":"box","text":"consequences of political, social or economic changes in the emerging market countries that issue the","page_number":76,"box":{"x":121,"y":590,"width":757,"height":11}},{"id":"75abf3fc-692d-4cc2-99c2-962e76d7dfd7","block_type":"box","text":"securities. The ability and willingness of sovereign issuers in emerging market countries, or the","page_number":76,"box":{"x":121,"y":611,"width":757,"height":11}},{"id":"469803b2-d659-4ff3-88f4-dbe100932fd0","block_type":"box","text":"governmental authorities that control repayment of their debt, to pay principal and interest on such debt","page_number":76,"box":{"x":121,"y":631,"width":757,"height":11}},{"id":"38f0ccc2-64aa-4f56-89e8-426141597f59","block_type":"box","text":"when due may depend on general economic and political conditions within the relevant country. Some","page_number":76,"box":{"x":121,"y":652,"width":757,"height":11}},{"id":"c2efcfde-0173-4643-9419-2054261a5be5","block_type":"box","text":"countries in which a Fund might invest have historically experienced, and may continue to experience,","page_number":76,"box":{"x":121,"y":672,"width":756,"height":11}},{"id":"af8d5f81-c78b-4210-b1fe-bf9f0224d2b7","block_type":"box","text":"high rates of inflation, high interest rates, exchange rate fluctuations, trade difficulties and extreme","page_number":76,"box":{"x":122,"y":693,"width":756,"height":11}},{"id":"460684f9-0912-47c7-b56d-11981aa7ab6d","block_type":"box","text":"poverty and unemployment. Many of these countries are also characterised by political uncertainty or","page_number":76,"box":{"x":121,"y":713,"width":757,"height":11}},{"id":"d9212c4a-7383-431d-91f7-2051b3fe8992","block_type":"box","text":"instability. As a result, a governmental issuer may default on its obligations. If such a default occurs,","page_number":76,"box":{"x":122,"y":734,"width":755,"height":11}},{"id":"440fe338-fd4b-40a4-915e-ac3cdf474d12","block_type":"box","text":"the relevant Fund may have limited legal recourse against the issuer and/or guarantor. Remedies may,","page_number":76,"box":{"x":121,"y":754,"width":756,"height":11}},{"id":"6da678c8-da0b-434b-b3e5-0b62b4af779e","block_type":"box","text":"in some cases, be pursued in the courts of the defaulting party itself, and the ability of the holder of","page_number":76,"box":{"x":122,"y":774,"width":756,"height":12}},{"id":"1294c658-77d4-4af2-b2b2-fbe2c3b25741","block_type":"box","text":"foreign sovereign debt securities to obtain recourse may be subject to the political climate in the relevant","page_number":76,"box":{"x":121,"y":795,"width":757,"height":11}},{"id":"b4f9c236-3c0c-4043-8e7a-605b4536765b","block_type":"box","text":"country.","page_number":76,"box":{"x":121,"y":816,"width":58,"height":10}},{"id":"307a012f-a64d-4975-a248-dd7669c59987","block_type":"box","text":"Sovereign issuers in emerging market countries have been among the world's largest debtors to","page_number":76,"box":{"x":121,"y":856,"width":757,"height":12}},{"id":"8a4b1c9d-95db-431e-9402-8fae888b1b94","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 77","page_number":77,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"95cbe93c-1bd1-4002-b23d-b90ed9ba6c71","block_type":"box","text":"commercial banks, other governments, international financial organisations and other financial","page_number":77,"box":{"x":121,"y":88,"width":756,"height":11}},{"id":"fdb1dcbd-8f16-44d2-a9b4-54f9058f57b9","block_type":"box","text":"institutions. These issuers have in the past experienced substantial difficulties in servicing their external","page_number":77,"box":{"x":122,"y":108,"width":755,"height":11}},{"id":"0c9db0aa-0452-4b75-990c-95a2a2574e7f","block_type":"box","text":"debt obligations, which have led to defaults on certain obligations and the restructuring of certain","page_number":77,"box":{"x":121,"y":128,"width":757,"height":12}},{"id":"45106196-67a0-455b-a8d0-f721a5db00a4","block_type":"box","text":"indebtedness. Holders of certain foreign sovereign debt securities may be requested to participate in","page_number":77,"box":{"x":122,"y":149,"width":756,"height":11}},{"id":"1a1f177a-3694-4b18-8d6d-a9c6be4ed4d6","block_type":"box","text":"the restructuring of such obligations and to extend further loans to their issuers.","page_number":77,"box":{"x":121,"y":169,"width":586,"height":12}},{"id":"96066833-9b17-4a56-bcc3-c7c4537c4676","block_type":"box","text":"Asset-Backed Securities","page_number":77,"box":{"x":121,"y":206,"width":195,"height":8}},{"id":"652e6a8f-76d3-4a36-811b-5e7c6df553e4","block_type":"box","text":"Asset-backed securities represent interests in pools of consumer loans such as: credit card receivables,","page_number":77,"box":{"x":121,"y":226,"width":756,"height":11}},{"id":"49deafc5-3070-45c4-8e3b-9ae09ea29591","block_type":"box","text":"motor vehicle loans and leases, or leases on equipment such as computers, and are subject to certain","page_number":77,"box":{"x":122,"y":247,"width":755,"height":11}},{"id":"9e35f54f-6de6-4788-9ce9-f9c159753ca5","block_type":"box","text":"additional risks. Due to the nature of the underlying assets, the ability of an issuer of asset-backed","page_number":77,"box":{"x":121,"y":267,"width":757,"height":11}},{"id":"4a809d2b-4537-41d0-961d-a9f84914b1d4","block_type":"box","text":"securities to enforce its security interest in the underlying assets may be limited.","page_number":77,"box":{"x":121,"y":288,"width":591,"height":11}},{"id":"b82b1913-2448-4f85-9ac5-d14ad62ff12d","block_type":"box","text":"The principal (amount loaned) on asset-backed securities may be prepaid at any time. Voluntary","page_number":77,"box":{"x":121,"y":324,"width":757,"height":11}},{"id":"5e5bbf9b-0510-40d8-95e3-02532619b1ec","block_type":"box","text":"prepayment of the loan will reduce the yield and market value of an asset-backed security.","page_number":77,"box":{"x":121,"y":344,"width":668,"height":11}},{"id":"b40e1158-ec6d-435b-8235-788a4891df44","block_type":"box","text":"Rising interest rates tend to extend the duration of asset-backed securities, making them more sensitive","page_number":77,"box":{"x":122,"y":380,"width":756,"height":12}},{"id":"478d7ff7-7ce6-4f17-87bd-1aed47c1a354","block_type":"box","text":"to changes in interest rates. As a result, in a period of rising interest rates, volatility of asset-backed","page_number":77,"box":{"x":121,"y":401,"width":757,"height":11}},{"id":"3e6fbeb4-fce2-4f66-a7ea-788dc3fe26e0","block_type":"box","text":"securities may increase. The risk of default by borrowers is greater during periods of rising interest rates","page_number":77,"box":{"x":121,"y":421,"width":757,"height":12}},{"id":"68837328-5cc4-48e4-aa00-7561f1c12c1a","block_type":"box","text":"and/or unemployment rates.","page_number":77,"box":{"x":121,"y":442,"width":207,"height":11}},{"id":"484f151c-d5dd-4a85-94b2-a358d6c9b62a","block_type":"box","text":"When interest rates are declining, there are usually more prepayments of loans as borrowers are","page_number":77,"box":{"x":121,"y":478,"width":757,"height":11}},{"id":"51fc9bcd-dab5-4101-be67-875eec872551","block_type":"box","text":"motivated to pay off debt and refinance at new lower rates, which will shorten the life of asset-backed","page_number":77,"box":{"x":122,"y":499,"width":756,"height":11}},{"id":"09d66e32-20ed-480b-a252-cac57d8cf816","block_type":"box","text":"securities, reducing the potential capital growth. The reinvestment of cash received from prepayments","page_number":77,"box":{"x":121,"y":519,"width":757,"height":11}},{"id":"948e8575-b82c-47f5-b697-4cc3ca671402","block_type":"box","text":"will, therefore, usually be on less attractive terms and at a lower interest rate than the original","page_number":77,"box":{"x":121,"y":540,"width":757,"height":11}},{"id":"c8c377a6-0a3f-4e88-aef9-2f31eab2844c","block_type":"box","text":"investment, lowering the yield payable. The incidence of prepayment of asset-backed securities will","page_number":77,"box":{"x":122,"y":560,"width":755,"height":11}},{"id":"ce0bebca-d72d-4480-86fc-3a3252f51cf9","block_type":"box","text":"also be affected by other factors including general economic and other demographic conditions.","page_number":77,"box":{"x":121,"y":580,"width":707,"height":12}},{"id":"2e5e9bfc-8a75-4fe2-be4b-c944feaa168c","block_type":"box","text":"If a Fund purchases asset-backed securities that are “subordinated” to other interests in the same pool","page_number":77,"box":{"x":122,"y":617,"width":756,"height":11}},{"id":"4678c127-da84-455d-a5a0-899ca5ff7f69","block_type":"box","text":"of assets, that Fund, as a holder of those securities, may only receive payments after the pool’s","page_number":77,"box":{"x":121,"y":637,"width":757,"height":11}},{"id":"a0ffaea0-813a-4441-8f9d-9518821d4544","block_type":"box","text":"obligations to other investors have been satisfied.","page_number":77,"box":{"x":121,"y":658,"width":366,"height":11}},{"id":"131a49e6-3ec1-49b7-8fea-1e36fc5974ab","block_type":"box","text":"Instability in the markets for asset-backed securities may affect the liquidity of such securities, which","page_number":77,"box":{"x":122,"y":694,"width":755,"height":11}},{"id":"22ef989d-3dfe-47c5-a848-9ccdb5d14a81","block_type":"box","text":"means that the Fund may be unable to sell such securities at an advantageous time and price. As a","page_number":77,"box":{"x":122,"y":714,"width":756,"height":12}},{"id":"53c0d068-1422-4a2f-ab03-6e14e97a8af1","block_type":"box","text":"result, the value of such securities may decrease and the Fund may incur greater losses on the sale of","page_number":77,"box":{"x":122,"y":735,"width":756,"height":11}},{"id":"59a901e8-5f6a-4211-9b64-2793c39efee1","block_type":"box","text":"such securities than under more stable market conditions. Furthermore, instability and illiquidity in the","page_number":77,"box":{"x":121,"y":755,"width":757,"height":11}},{"id":"6bcf82cf-6504-4196-b6df-ee5405c49760","block_type":"box","text":"market for lower-rated asset-backed securities may affect the overall market for such securities, thereby","page_number":77,"box":{"x":122,"y":776,"width":756,"height":11}},{"id":"cdca2073-257b-4836-9fb6-cb8469ba8aca","block_type":"box","text":"impacting the liquidity and value of higher-rated securities.","page_number":77,"box":{"x":122,"y":796,"width":429,"height":11}},{"id":"3c10008e-202a-47d6-88cf-20d081cdd9b4","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 78","page_number":78,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"2a8817dd-7213-4218-b9b4-6fe116ab3091","block_type":"box","text":"Mortgage-Backed Securities","page_number":78,"box":{"x":122,"y":87,"width":224,"height":12}},{"id":"69d81c70-07d2-4046-8735-dcf975c25cb8","block_type":"box","text":"Mortgage-backed securities are debt instruments which provide securitised interest in a pool of","page_number":78,"box":{"x":122,"y":108,"width":756,"height":11}},{"id":"32977e8c-c553-4a9a-bf1f-7fe0b389592a","block_type":"box","text":"mortgage loans. Cash flows from the pool of mortgages represent repayment of the principal sum","page_number":78,"box":{"x":122,"y":128,"width":755,"height":12}},{"id":"01ccc0b0-3278-4e7a-8579-da14a37c909e","block_type":"box","text":"borrowed and/or interest payments arising on the mortgage loans.","page_number":78,"box":{"x":121,"y":149,"width":488,"height":11}},{"id":"17f32616-8668-41a4-bf6b-8d16438b85fc","block_type":"box","text":"As the principal sum borrowed may be prepaid at any time, voluntary prepayment of mortgages within","page_number":78,"box":{"x":121,"y":190,"width":757,"height":11}},{"id":"0259d45e-4dec-452c-b9d6-0796c3089e98","block_type":"box","text":"the pool will reduce the yield and market value of mortgage-backed securities.","page_number":78,"box":{"x":121,"y":210,"width":577,"height":12}},{"id":"f9d16921-ec9f-40c3-86ed-f5aab53e8c7a","block_type":"box","text":"Mortgage-backed securities are sensitive to changes in interest rates resulting in prepayment and","page_number":78,"box":{"x":122,"y":252,"width":755,"height":11}},{"id":"e083d98d-679b-4ab4-9e51-6848ed473c68","block_type":"box","text":"extension risk.","page_number":78,"box":{"x":121,"y":272,"width":105,"height":9}},{"id":"3eea3ba3-3a78-4817-89c1-a849c5531d22","block_type":"box","text":"Prepayment risk is normally precipitated by a decline in interest rates where mortgages in the pool are","page_number":78,"box":{"x":122,"y":313,"width":756,"height":11}},{"id":"69653437-50c6-4494-af3b-e7221a548db6","block_type":"box","text":"paid off more quickly than anticipated as borrowers are motivated to pay off debt and refinance at new","page_number":78,"box":{"x":121,"y":333,"width":757,"height":11}},{"id":"d8021ec5-7d9e-4fa7-ae31-8ac02d6b91a3","block_type":"box","text":"lower rates. In these cases, the principal sum borrowed will be returned prematurely, meaning future","page_number":78,"box":{"x":122,"y":354,"width":756,"height":11}},{"id":"2b6d0ae2-81f0-486c-8e1b-ee8477c3bc03","block_type":"box","text":"interest payments that would have otherwise been paid will no longer be received, shortening the life","page_number":78,"box":{"x":122,"y":374,"width":756,"height":11}},{"id":"6d5264cd-9bf0-45f1-82fb-b97f7040e140","block_type":"box","text":"of the asset. The reinvestment of cash received from prepayments will, therefore, also usually be on","page_number":78,"box":{"x":121,"y":395,"width":756,"height":11}},{"id":"aa2a7f9d-6c14-40a5-a419-183714072934","block_type":"box","text":"less attractive terms and at a lower interest rate than the original investment, lowering the yield payable.","page_number":78,"box":{"x":122,"y":415,"width":755,"height":12}},{"id":"2f45c94d-e72a-42f2-ad84-ceb026c78634","block_type":"box","text":"Conversely an increase in interest rates may lead to extension risk where mortgages in the pool are","page_number":78,"box":{"x":121,"y":456,"width":757,"height":11}},{"id":"99b6cab3-13c9-424b-a9ea-a97a89286610","block_type":"box","text":"paid off less quickly than anticipated, thus increasing the duration of mortgage-backed securities making","page_number":78,"box":{"x":121,"y":477,"width":757,"height":11}},{"id":"625ddd92-a2ef-4195-86ef-eca4709e52d1","block_type":"box","text":"them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, volatility","page_number":78,"box":{"x":121,"y":497,"width":757,"height":11}},{"id":"65dc9a68-8935-4feb-b1a3-2b545146e045","block_type":"box","text":"of mortgage-backed securities may increase. The risk of default by borrowers is greater during periods","page_number":78,"box":{"x":121,"y":518,"width":757,"height":11}},{"id":"fc2a1e26-abe1-463e-88e1-2c96553ed9f2","block_type":"box","text":"of rising interest rates and/or unemployment rates.","page_number":78,"box":{"x":121,"y":538,"width":372,"height":11}},{"id":"0c44b627-b639-4d08-8f20-eda19ddbe1a4","block_type":"box","text":"If a Fund purchases mortgage-backed securities that are “subordinated” to other interests in the same","page_number":78,"box":{"x":122,"y":579,"width":756,"height":11}},{"id":"57f64e54-1899-4d69-b2c6-acf97193e297","block_type":"box","text":"mortgage pool, that Fund, as a holder of those securities, may only receive payments after the pool’s","page_number":78,"box":{"x":122,"y":600,"width":756,"height":11}},{"id":"f294089b-f5b4-446c-9159-4c641ecd402c","block_type":"box","text":"obligations to other investors have been satisfied. For example, an unexpectedly high rate of defaults","page_number":78,"box":{"x":121,"y":620,"width":757,"height":11}},{"id":"0dd3f6f6-b8fd-457f-9f23-9caef44f6e7a","block_type":"box","text":"on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments","page_number":78,"box":{"x":121,"y":641,"width":757,"height":11}},{"id":"0469a04b-d13a-4a87-a688-7a364bb79793","block_type":"box","text":"of principal or interest to the Fund as a holder of such subordinated securities, reducing the values of","page_number":78,"box":{"x":121,"y":661,"width":757,"height":11}},{"id":"d7ed784d-8b54-4a26-8803-7e019526b394","block_type":"box","text":"those securities or in some cases rendering them worthless.","page_number":78,"box":{"x":121,"y":682,"width":444,"height":11}},{"id":"e0b07a31-9d2e-4b35-b247-a2ba872687f7","block_type":"box","text":"Certain mortgage-backed securities may include securities backed by pools of mortgage loans made","page_number":78,"box":{"x":121,"y":722,"width":757,"height":12}},{"id":"b38fa1a2-096a-4ad2-b7a0-0ad2ca06e199","block_type":"box","text":"to “subprime” borrowers or borrowers with blemished credit histories; the risk of defaults is generally","page_number":78,"box":{"x":121,"y":743,"width":757,"height":11}},{"id":"c7deba22-57eb-4137-a7ba-cc18ef1e953d","block_type":"box","text":"higher in the case of mortgage pools that include such subprime mortgages. The underwriting standards","page_number":78,"box":{"x":122,"y":763,"width":756,"height":12}},{"id":"522572b8-9717-438a-8a61-07d873006676","block_type":"box","text":"for subprime loans are more flexible than the standards generally used by banks for borrowers with","page_number":78,"box":{"x":121,"y":784,"width":756,"height":11}},{"id":"9fabdcf2-fc78-4ee8-bdb4-4843855e1ab9","block_type":"box","text":"non-blemished credit histories with regard to the borrower’s credit standing and repayment ability.","page_number":78,"box":{"x":122,"y":805,"width":755,"height":11}},{"id":"35f7e01e-d876-47d5-a160-35e54a6b8557","block_type":"box","text":"Borrowers who qualify generally have impaired credit histories, which may include a record of major","page_number":78,"box":{"x":122,"y":825,"width":756,"height":11}},{"id":"47a477b2-1c13-4743-9c85-cc45b376c735","block_type":"box","text":"derogatory credit items such as outstanding judgments or prior bankruptcies. In addition, they may not","page_number":78,"box":{"x":121,"y":846,"width":757,"height":11}},{"id":"03f31390-0b94-4549-89ce-9fb8efee1b5f","block_type":"box","text":"have the documentation required to qualify for a standard mortgage loan. As a result, the mortgage","page_number":78,"box":{"x":122,"y":866,"width":756,"height":11}},{"id":"28fcb947-feb7-44a7-8291-016f6e8f88cf","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 79","page_number":79,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"b039ccd7-932e-44b0-95a3-e9bc2d5a8935","block_type":"box","text":"loans in the mortgage pool are likely to experience rates of delinquency, foreclosure and bankruptcy","page_number":79,"box":{"x":122,"y":88,"width":756,"height":11}},{"id":"d7dadbdf-6aaa-4920-8cd9-1c59e4a3a565","block_type":"box","text":"that are higher, and that may be substantially higher, than those experienced by mortgage loans","page_number":79,"box":{"x":121,"y":108,"width":757,"height":11}},{"id":"5ef7a020-4528-4278-8e07-e30f2984ef75","block_type":"box","text":"underwritten in a more traditional manner. In addition, changes in the values of the mortgaged","page_number":79,"box":{"x":122,"y":128,"width":756,"height":12}},{"id":"b0d16e88-5da1-4376-9b76-23a57dce693f","block_type":"box","text":"properties, as well as changes in interest rates, may have a greater effect on the delinquency,","page_number":79,"box":{"x":121,"y":149,"width":756,"height":11}},{"id":"f35c434f-3fbb-4d4c-a215-a6585c8cadbd","block_type":"box","text":"foreclosure, bankruptcy and loss experience of the mortgage loans in the mortgage pool than on","page_number":79,"box":{"x":121,"y":169,"width":756,"height":12}},{"id":"86eeb9df-aebe-42b9-adab-16052346ef38","block_type":"box","text":"mortgage loans originated in a more traditional manner.","page_number":79,"box":{"x":122,"y":190,"width":410,"height":11}},{"id":"45580d57-8e49-4fd5-b630-abd535cd7fcd","block_type":"box","text":"Instability in the markets for mortgage-backed securities may affect the liquidity of such securities, which","page_number":79,"box":{"x":122,"y":231,"width":755,"height":11}},{"id":"85dfae0d-2f89-43dd-b858-40c1935267c6","block_type":"box","text":"means that a Fund may be unable to sell such securities at an advantageous time and price. As a result,","page_number":79,"box":{"x":122,"y":252,"width":755,"height":11}},{"id":"248d6004-6d0f-4ef0-81c3-ea95f28dafe5","block_type":"box","text":"the value of such securities may decrease, and a Fund may incur greater losses on the sale of such","page_number":79,"box":{"x":121,"y":272,"width":756,"height":11}},{"id":"7264e681-2465-4f12-9686-256b7aa5dd82","block_type":"box","text":"securities than under more stable market conditions. Furthermore, instability and illiquidity in the market","page_number":79,"box":{"x":121,"y":292,"width":757,"height":11}},{"id":"4fc3b775-7193-4655-8fa8-a746b7cc7108","block_type":"box","text":"for lower-rated mortgage-backed securities may affect the overall market for such securities, thereby","page_number":79,"box":{"x":121,"y":313,"width":757,"height":11}},{"id":"20419f93-5145-4f7d-a32b-870d5c494119","block_type":"box","text":"impacting the liquidity and value of higher-rated securities.","page_number":79,"box":{"x":122,"y":333,"width":429,"height":12}},{"id":"5ce80d8a-aad3-4b15-9138-a6b3b37fcd42","block_type":"box","text":"Convertible Securities","page_number":79,"box":{"x":121,"y":374,"width":176,"height":9}},{"id":"28751c75-990c-4b34-8f43-68683ae7f26d","block_type":"box","text":"Convertible securities include corporate bonds, notes, preferred stocks or debt-securities of issuers that","page_number":79,"box":{"x":121,"y":395,"width":757,"height":11}},{"id":"ded0f54d-b12b-4ece-bc8c-c0e4bf3d90fb","block_type":"box","text":"can be converted into (that is, exchanged for) common stocks or other equity securities at a stated price","page_number":79,"box":{"x":121,"y":415,"width":757,"height":12}},{"id":"93c543cf-d41f-4070-82fb-208f6733c8f1","block_type":"box","text":"or rate. Convertible securities also include other securities, such as warrants, that provide an","page_number":79,"box":{"x":121,"y":436,"width":757,"height":11}},{"id":"7c8e2fc3-0b5a-4f7c-816b-e287cc24198c","block_type":"box","text":"opportunity for equity participation. Because convertible securities can be converted into equity","page_number":79,"box":{"x":121,"y":456,"width":757,"height":11}},{"id":"b4fb7262-f34e-4afb-9ad0-849914e9a833","block_type":"box","text":"securities they may involve the risks of both equity and debt/fixed interest investments.","page_number":79,"box":{"x":121,"y":477,"width":640,"height":11}},{"id":"0539d08a-c116-41ea-b760-5386e726dd8b","block_type":"box","text":"They may also involve opportunity risks, for example their value will normally vary in some proportion","page_number":79,"box":{"x":121,"y":509,"width":756,"height":11}},{"id":"a4f24cda-cb7b-4467-acec-59b13ddbff98","block_type":"box","text":"with those of the underlying equity securities and their price appreciation may be less than that for pure","page_number":79,"box":{"x":121,"y":530,"width":757,"height":11}},{"id":"2f3d31a7-bd9b-4ada-8a52-bb58444ff6ea","block_type":"box","text":"equity securities of the same or similar issuers. Due to the conversion feature, convertible securities","page_number":79,"box":{"x":121,"y":550,"width":757,"height":11}},{"id":"73f53f3b-fdcf-4f7c-8917-5bfde4717869","block_type":"box","text":"generally yield less than non-convertible fixed income securities of similar credit quality and maturity.","page_number":79,"box":{"x":121,"y":571,"width":744,"height":11}},{"id":"6f49bd0f-e078-4214-9eee-cb9442a6f040","block_type":"box","text":"A Fund’s investment in convertible securities may at times include securities that have a mandatory","page_number":79,"box":{"x":121,"y":603,"width":757,"height":11}},{"id":"66a3bbba-669c-4ddf-8950-754e8fa84876","block_type":"box","text":"conversion feature, where securities convert automatically into common stock at a specified date and","page_number":79,"box":{"x":121,"y":623,"width":757,"height":12}},{"id":"04986717-ff16-4fb7-976c-8b90bb6afdb4","block_type":"box","text":"conversion ratio, or that are convertible at the option of the issuer. When conversion is not at the option","page_number":79,"box":{"x":121,"y":644,"width":756,"height":11}},{"id":"3cd57c0c-7b04-4d39-a3f4-7ec850897914","block_type":"box","text":"of the holder, a Fund may be required to convert the security into the underlying common stock even","page_number":79,"box":{"x":121,"y":664,"width":756,"height":12}},{"id":"1ba038df-fdde-4705-b1ae-dc147241b8c8","block_type":"box","text":"at times when the value of the underlying common stock has declined substantially.","page_number":79,"box":{"x":121,"y":685,"width":617,"height":11}},{"id":"aae3f248-dd39-4e58-ad08-74eb62eaa949","block_type":"box","text":"SFTs","page_number":79,"box":{"x":121,"y":717,"width":40,"height":9}},{"id":"6f5c548b-1459-4f06-a669-7bd09f5ed853","block_type":"box","text":"The primary risk in any SFT is counterparty credit risk (see “Counterparty Risk”).","page_number":79,"box":{"x":121,"y":738,"width":594,"height":11}},{"id":"a8bc2157-68e2-4ae4-9606-3f1a67ffd443","block_type":"box","text":"Risk is mitigated by the choice of counterparty and the use of collateral. In the event of a counterparty","page_number":79,"box":{"x":122,"y":770,"width":756,"height":11}},{"id":"c92b63ea-df1a-4f70-a213-444a03a3af0e","block_type":"box","text":"default, collateral securities delivered by the failing counterparty are sold, and the sale proceeds used","page_number":79,"box":{"x":121,"y":791,"width":757,"height":11}},{"id":"a198f794-cb64-42fc-a118-43d20bba6cea","block_type":"box","text":"to purchase replacement loan securities. There is a risk that these collateral sale proceeds are","page_number":79,"box":{"x":121,"y":811,"width":757,"height":11}},{"id":"ba6cf1fe-b331-4ad2-a195-d9d72cf93f92","block_type":"box","text":"insufficient to purchase the replacement loan securities, leading the Fund to incur a loss. This risk is","page_number":79,"box":{"x":122,"y":831,"width":756,"height":12}},{"id":"4780620c-78fc-4483-9689-cea2239f66f5","block_type":"box","text":"mitigated by the fact that all SFT activity is governed by industry standard legal documentation and","page_number":79,"box":{"x":122,"y":852,"width":756,"height":11}},{"id":"e90f7805-b483-4eb9-bab4-685e8b292986","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 80","page_number":80,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"3b881ea3-d8e1-4954-9164-cd600a2fe68f","block_type":"box","text":"collateralised to a minimum value of 100% of the loan portfolio plus a premium. Collateral, consisting","page_number":80,"box":{"x":121,"y":87,"width":757,"height":12}},{"id":"ed790a33-e501-4aaf-82e4-25db7de272eb","block_type":"box","text":"of liquid, marketable securities, is valued daily on a mark-to-market basis.","page_number":80,"box":{"x":121,"y":108,"width":543,"height":11}},{"id":"25c6f156-7eb9-4620-88c3-f2cd85dde221","block_type":"box","text":"SFTs also involve operational liquidity risk arising where a Fund may be unable to settle the sale of a","page_number":80,"box":{"x":121,"y":140,"width":757,"height":12}},{"id":"3056f891-8304-43d3-a1dc-78f28df3b5bf","block_type":"box","text":"security if it cannot be recalled from a borrowing counterparty on a timely basis. This risk is mitigated","page_number":80,"box":{"x":121,"y":161,"width":757,"height":11}},{"id":"62ca2447-2f5b-4180-b53a-1b59f6e45df3","block_type":"box","text":"by a comprehensive set of systems and procedures in place to ensure that any security on loan may","page_number":80,"box":{"x":121,"y":181,"width":757,"height":11}},{"id":"822ee47c-147f-4022-a24c-7041e46becc3","block_type":"box","text":"be recalled at any time as required from the borrowing counterparty.","page_number":80,"box":{"x":121,"y":202,"width":503,"height":11}},{"id":"3e81b4cf-ebca-4864-9fef-fbbb1218cbec","block_type":"box","text":"Investment in other funds","page_number":80,"box":{"x":122,"y":235,"width":251,"height":10}},{"id":"80ff6682-60a7-4574-934b-f461c2fd0577","block_type":"box","text":"Where a Fund invests in other collective investment schemes or exchange traded funds, in accordance","page_number":80,"box":{"x":121,"y":259,"width":757,"height":11}},{"id":"bf157466-ec07-431c-b1e2-09544a9eeaf0","block_type":"box","text":"with its investment objectives and policy, it will assume any specific risks associated with those schemes","page_number":80,"box":{"x":121,"y":279,"width":757,"height":11}},{"id":"ad9927b0-827e-45ce-a156-cc6718fc2fe7","block_type":"box","text":"or funds. Some funds, such as Exchange Traded Funds may have significant exposure to derivative","page_number":80,"box":{"x":121,"y":300,"width":757,"height":11}},{"id":"b54ae828-63a3-4ee7-abe7-fa884c65d53d","block_type":"box","text":"investments, and as such counterparty default risk would be considered a specific risk of these funds.","page_number":80,"box":{"x":122,"y":320,"width":755,"height":11}},{"id":"13fee187-fd5b-4522-88b7-6e5ac69bf7e2","block_type":"box","text":"In addition, there are certain risks of more general application associated with such investments.","page_number":80,"box":{"x":122,"y":341,"width":755,"height":11}},{"id":"7025a8c9-82a3-4376-8d7e-6d07ac4755ff","block_type":"box","text":"Furthermore, there may be additional costs to an investor with these strategies, arising out of the double","page_number":80,"box":{"x":122,"y":361,"width":756,"height":11}},{"id":"e6f483e8-6008-4a39-b448-a6cec4b963b3","block_type":"box","text":"charging incurred, as the underlying funds can also have initial or entry charges and annual","page_number":80,"box":{"x":121,"y":382,"width":756,"height":11}},{"id":"edef27e3-409f-4437-81ab-87ddd3ceac88","block_type":"box","text":"management charges plus additional attributable expenses. In addition to the fees and expenses levied","page_number":80,"box":{"x":122,"y":402,"width":756,"height":11}},{"id":"ebc9b69c-2a25-4515-b5fe-c58b0a7eb9d1","block_type":"box","text":"by a Fund, there may be charges levied by the underlying funds in which it invests. These underlying","page_number":80,"box":{"x":121,"y":423,"width":757,"height":11}},{"id":"0e1fff8d-8ec1-4c84-8979-2db0b85dcfca","block_type":"box","text":"charges will indirectly affect the investor’s investment.","page_number":80,"box":{"x":121,"y":443,"width":396,"height":11}},{"id":"e12009c1-98f7-4454-85fd-92dd158762f9","block_type":"box","text":"Exclusion Policies","page_number":80,"box":{"x":122,"y":476,"width":181,"height":11}},{"id":"ab8cc36c-f985-447f-b7a3-89424644451b","block_type":"box","text":"Where a Fund applies an exclusion policy (for example, the Aviva baseline exclusion policy or ESG\u0002","page_number":80,"box":{"x":121,"y":512,"width":757,"height":11}},{"id":"ce31a760-96a3-45c2-9094-fab1803a268a","block_type":"box","text":"based exclusionary criteria) in its investment selection process, this may result in the Fund foregoing","page_number":80,"box":{"x":121,"y":532,"width":757,"height":12}},{"id":"d1609a8a-2c70-457b-a378-152674131ed7","block_type":"box","text":"opportunities to buy certain investments when it might otherwise be advantageous to do so, and/or","page_number":80,"box":{"x":121,"y":553,"width":757,"height":11}},{"id":"b65c4a51-9b16-436d-a816-b374cad7e5b7","block_type":"box","text":"selling securities due to their ESG characteristics when it might be disadvantageous to do so.","page_number":80,"box":{"x":121,"y":573,"width":690,"height":12}},{"id":"39b02f87-4011-4352-b844-a67f427a7c14","block_type":"box","text":"Environmental, Social and Governance (ESG) risk","page_number":80,"box":{"x":122,"y":606,"width":481,"height":14}},{"id":"8ce3ab2b-19fb-4a32-8da0-9ed78a060072","block_type":"box","text":"If a Fund has an explicit sustainability objective, or is required to invest in accordance with specific ESG","page_number":80,"box":{"x":122,"y":642,"width":755,"height":11}},{"id":"eae45f69-e57a-423e-ac9d-32dcea419125","block_type":"box","text":"investment criteria, this may limit the choice of investments. The Fund will not perform in line (either","page_number":80,"box":{"x":122,"y":663,"width":756,"height":11}},{"id":"1324c001-a32f-4d44-819c-a1ae2d5e949b","block_type":"box","text":"positively or negatively) with either the market (as represented by the relevant benchmark indices used","page_number":80,"box":{"x":121,"y":683,"width":757,"height":11}},{"id":"4bdcc9a1-94b2-4e68-93d5-9b7ed2a1160a","block_type":"box","text":"by the Funds) or other funds that have a broader investment policy.","page_number":80,"box":{"x":121,"y":704,"width":497,"height":11}},{"id":"530c5b57-bd0a-4e2b-b2b3-3a491e353c5b","block_type":"box","text":"A Fund with a sustainability objective may exercise any voting rights it has in relation to an investment","page_number":80,"box":{"x":121,"y":736,"width":757,"height":11}},{"id":"a30c54d2-dd1c-49c2-bef9-0dee8807574c","block_type":"box","text":"in a manner that is consistent with such an objective, which may not always be consistent with","page_number":80,"box":{"x":122,"y":757,"width":755,"height":11}},{"id":"b8c2e379-1186-4179-a315-03314c617c44","block_type":"box","text":"maximising the investment performance of the relevant investment or issuer.","page_number":80,"box":{"x":122,"y":777,"width":564,"height":11}},{"id":"4f1a7ef3-7f47-4142-846a-fc3696a50f2d","block_type":"box","text":"In evaluating an investment based on ESG criteria, the Investment Manager is dependent upon","page_number":80,"box":{"x":122,"y":809,"width":755,"height":12}},{"id":"46601baa-fede-4fba-8f58-85cbdd1d1df1","block_type":"box","text":"information and data from third party resources, including the investment issuer and data providers,","page_number":80,"box":{"x":122,"y":830,"width":755,"height":11}},{"id":"1e5dbbaf-d9e7-496b-8f1c-5971bafa56d3","block_type":"box","text":"which may be incomplete, inaccurate, inconsistent or unavailable. As a result, there is a risk that the","page_number":80,"box":{"x":121,"y":851,"width":757,"height":11}},{"id":"ee270901-4da1-4263-9677-eaafba3afa7a","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 81","page_number":81,"box":{"x":121,"y":926,"width":363,"height":9}},{"id":"2d36ea87-c608-4f63-aedd-24e316e095a0","block_type":"box","text":"Investment Manager may incorrectly assess a security or issuer. There is also a risk that the Investment","page_number":81,"box":{"x":122,"y":88,"width":756,"height":11}},{"id":"7c764ac9-b9f5-44bf-82f8-3acc9869730d","block_type":"box","text":"Manager may not apply the relevant ESG criteria correctly or that a Fund with a sustainability objective","page_number":81,"box":{"x":122,"y":108,"width":756,"height":11}},{"id":"46a47de9-47bd-4581-bea5-6546ebb01c55","block_type":"box","text":"may nonetheless gain limited exposure to investments which are not consistent with the Fund’s","page_number":81,"box":{"x":122,"y":129,"width":756,"height":11}},{"id":"1feb7223-884c-499f-9a1c-480c33f36aa5","block_type":"box","text":"investment objectives or policy.","page_number":81,"box":{"x":122,"y":149,"width":229,"height":11}},{"id":"8ae55705-92ca-4326-8add-e3c030aac5e8","block_type":"box","text":"Constituents of an index","page_number":81,"box":{"x":121,"y":182,"width":240,"height":10}},{"id":"b78eef9b-bfc8-4700-84be-40989f70c30e","block_type":"box","text":"Where a constituent of an index accounts for more than 20% of the Index, the Fund’s ability to obtain","page_number":81,"box":{"x":121,"y":218,"width":756,"height":11}},{"id":"355f98ce-150a-40c7-a52f-328acf0dc794","block_type":"box","text":"full exposure is limited by the availability of manufactured securities designed to replicate its investment","page_number":81,"box":{"x":121,"y":238,"width":757,"height":12}},{"id":"9aded4e3-9fb2-4cfb-9693-bbe7db9a7733","block_type":"box","text":"performance by virtue of COLL Sourcebook.","page_number":81,"box":{"x":121,"y":259,"width":327,"height":11}},{"id":"6190f149-b505-4d23-aafa-df62517b28a3","block_type":"box","text":"Suspension of Dealings","page_number":81,"box":{"x":121,"y":292,"width":234,"height":13}},{"id":"d8c03934-4835-44a9-8449-dca03e3570f4","block_type":"box","text":"In certain circumstances the right to redeem Shares may be suspended (see the section headed","page_number":81,"box":{"x":122,"y":316,"width":755,"height":11}},{"id":"5d34b338-1370-44de-b8a9-c8f8d24ff96f","block_type":"box","text":"“Suspension of Dealings in Shares” above).","page_number":81,"box":{"x":121,"y":336,"width":322,"height":11}},{"id":"cc83a56c-c4f2-4ec9-bdd7-4a20d8d4611d","block_type":"box","text":"Charges to Capital","page_number":81,"box":{"x":121,"y":369,"width":183,"height":14}},{"id":"8145ba9e-c85b-4d83-a496-1b8af7337421","block_type":"box","text":"Where the investment objective of a Fund is to prioritise the generation of income over capital growth,","page_number":81,"box":{"x":121,"y":393,"width":756,"height":11}},{"id":"ebc03156-ba45-4eff-844f-1ad11a5a8241","block_type":"box","text":"or in circumstances where they have equal priority, all or part of the Fund Management Fee may be","page_number":81,"box":{"x":121,"y":414,"width":757,"height":11}},{"id":"bb98b56c-9c68-4390-994a-6d33849ae84d","block_type":"box","text":"charged against capital instead of against income. This will only be done with the approval of the","page_number":81,"box":{"x":121,"y":434,"width":757,"height":11}},{"id":"510915eb-b9d9-4d1b-a86e-ef69c639d57c","block_type":"box","text":"Depositary. It is also possible to charge other costs against capital instead of against income. This may","page_number":81,"box":{"x":122,"y":455,"width":756,"height":11}},{"id":"d9278953-26ef-45e7-9555-e1975337216d","block_type":"box","text":"limit capital growth. For further information on this, including confirmation as to which Funds have the","page_number":81,"box":{"x":122,"y":475,"width":756,"height":11}},{"id":"9fbec8ef-27da-428c-95ca-eab6f3070952","block_type":"box","text":"Fund Management Fee charged to capital and which Funds have the Fund Management Fee charged","page_number":81,"box":{"x":122,"y":496,"width":755,"height":11}},{"id":"b7f38b89-076c-4cea-a6a7-cf40c1100784","block_type":"box","text":"to income, please see the section headed “Fees and Expenses” below.","page_number":81,"box":{"x":121,"y":516,"width":526,"height":11}},{"id":"bd681b8a-ad77-4e7e-8dd7-98cb33d11f42","block_type":"box","text":"Inflation","page_number":81,"box":{"x":122,"y":549,"width":82,"height":10}},{"id":"7629fe4b-07ae-4615-bfa8-5fbf64f6a819","block_type":"box","text":"Inflation will reduce the purchasing power of your money when your investment is redeemed.","page_number":81,"box":{"x":122,"y":573,"width":686,"height":11}},{"id":"01e73533-7897-4833-9868-bcb32919a558","block_type":"box","text":"Operational Risk","page_number":81,"box":{"x":121,"y":606,"width":165,"height":13}},{"id":"d4cb587d-cbf8-4a9c-8b2b-40b0d390eec5","block_type":"box","text":"There is a dependency upon the ability to process transactions in different markets and currencies.","page_number":81,"box":{"x":121,"y":630,"width":756,"height":11}},{"id":"3effd061-c23f-4dcd-b010-3e0ab3d6e564","block_type":"box","text":"Shortcomings or failures in internal processes, people or systems could lead to, among other","page_number":81,"box":{"x":121,"y":650,"width":757,"height":12}},{"id":"a13068f4-d990-4697-acdb-61951d18725d","block_type":"box","text":"consequences, financial loss and reputation damage. In addition, the ability to conduct business may","page_number":81,"box":{"x":121,"y":671,"width":757,"height":11}},{"id":"03c0a88a-5576-4189-a64a-fd218f275bad","block_type":"box","text":"be adversely impacted by a disruption in the infrastructure that supports the business and the","page_number":81,"box":{"x":121,"y":691,"width":757,"height":12}},{"id":"7d56c6f2-c240-4675-9714-bac917891441","block_type":"box","text":"communities in which they are located.","page_number":81,"box":{"x":121,"y":712,"width":286,"height":11}},{"id":"35132b73-a064-4cb2-b0a0-1caf4714a24c","block_type":"box","text":"Cybersecurity Risk","page_number":81,"box":{"x":121,"y":745,"width":188,"height":13}},{"id":"6ba6072d-bb8f-4c59-8b07-bd161f04910c","block_type":"box","text":"With the increasing use of the internet and technology in connection with the operations of the","page_number":81,"box":{"x":121,"y":769,"width":757,"height":11}},{"id":"bd5ab589-d2d5-441f-8489-421606113c35","block_type":"box","text":"Company, the ACD, the Investment Manager and of other service providers, the Company is","page_number":81,"box":{"x":121,"y":789,"width":757,"height":11}},{"id":"acc680a7-dfbb-4f6d-9898-0bd707ac47b4","block_type":"box","text":"susceptible to greater operational and information security risks through breaches in cyber security.","page_number":81,"box":{"x":121,"y":810,"width":756,"height":11}},{"id":"c2323b1d-1778-47cb-a99b-3d59ce5c82cd","block_type":"box","text":"Cyber security breaches include, without limitation, infection by computer viruses and gaining","page_number":81,"box":{"x":121,"y":830,"width":757,"height":12}},{"id":"cb36adee-6434-4993-99bf-7aa19b5a3e8d","block_type":"box","text":"unauthorised access to systems through \"hacking\" or other means for the purpose of misappropriating","page_number":81,"box":{"x":122,"y":851,"width":755,"height":11}},{"id":"23ea7545-cbaf-4518-bf88-1ab69d7434a1","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 82","page_number":82,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"91b2e8b1-5122-43b1-8bf5-223ca686aca3","block_type":"box","text":"assets or sensitive information, corrupting data, or causing operations to be disrupted. Cyber security","page_number":82,"box":{"x":121,"y":87,"width":757,"height":12}},{"id":"2d65fc11-f700-4fc6-bed7-735c0911544f","block_type":"box","text":"breaches may also occur in a manner that does not require gaining unauthorised access, such as","page_number":82,"box":{"x":121,"y":108,"width":757,"height":11}},{"id":"98c8d19f-a52c-4092-80d4-fdb757f1f1e4","block_type":"box","text":"denial-of-service attacks or situations where authorised individuals intentionally or unintentionally","page_number":82,"box":{"x":121,"y":128,"width":757,"height":12}},{"id":"184b6470-56a0-49d5-9771-261c466ba211","block_type":"box","text":"release confidential information stored on the ACD’s, the Investment Manager's or other service","page_number":82,"box":{"x":122,"y":149,"width":756,"height":11}},{"id":"444046aa-f19d-44dc-b6cb-b699dbd60198","block_type":"box","text":"provider's systems. A cyber security breach may cause disruptions and impact the Company's business","page_number":82,"box":{"x":121,"y":169,"width":757,"height":12}},{"id":"36e3bd95-f419-43c9-acbf-52878d03e289","block_type":"box","text":"operations, which could potentially result in financial losses, inability to determine the net asset value,","page_number":82,"box":{"x":121,"y":190,"width":756,"height":11}},{"id":"af3001f4-0610-4f88-92c0-745b75af6004","block_type":"box","text":"violation of applicable law, regulatory penalties and/or fines, compliance and other costs. The Company","page_number":82,"box":{"x":121,"y":210,"width":757,"height":12}},{"id":"446cd0c5-42fe-48bb-879f-6a523fa3db62","block_type":"box","text":"and its Shareholders could be negatively impacted as a result. In addition, because the Company works","page_number":82,"box":{"x":121,"y":231,"width":757,"height":11}},{"id":"c85be934-a236-41d4-b0ab-d75514dad8ab","block_type":"box","text":"closely with third-party service providers, indirect cyber security breaches at such third-party service","page_number":82,"box":{"x":121,"y":252,"width":757,"height":11}},{"id":"2c96c45e-0767-4ef4-aa2f-24c682823f14","block_type":"box","text":"providers may subject the Company and its Shareholders to the same risks associated with direct cyber","page_number":82,"box":{"x":121,"y":272,"width":757,"height":11}},{"id":"978da796-a0f8-4caa-b543-10297df97708","block_type":"box","text":"security breaches. Further, indirect cyber security breaches at an issuer of securities in which a Sub\u0002","page_number":82,"box":{"x":121,"y":292,"width":757,"height":11}},{"id":"47afcca4-12f0-41a4-89d6-0013a4ec5eb7","block_type":"box","text":"Fund invests may similarly negatively impact the relevant Sub-Fund and its Shareholders.","page_number":82,"box":{"x":122,"y":313,"width":663,"height":11}},{"id":"1b472ad0-d305-4b30-b3a1-29a80cc5de06","block_type":"box","text":"Legal risk","page_number":82,"box":{"x":122,"y":346,"width":98,"height":13}},{"id":"45bfa9f1-8cec-43f7-86f0-72106a2c0944","block_type":"box","text":"Legal Risk is the risk of loss due to the unexpected application of a law or regulation, or because","page_number":82,"box":{"x":122,"y":370,"width":756,"height":11}},{"id":"871a6ca4-bd96-4997-adda-3eb5fbfbc759","block_type":"box","text":"contracts are not legally enforceable or documented correctly. The risks are largely minimised in respect","page_number":82,"box":{"x":121,"y":390,"width":757,"height":11}},{"id":"5f8a1a28-afe6-41a5-99f5-6702eb2a1785","block_type":"box","text":"of OTC Derivatives by ensuring that contracts known as “ISDA agreements” are in place with","page_number":82,"box":{"x":121,"y":411,"width":757,"height":11}},{"id":"4e5bcf1d-e037-4a7a-82b1-e315cb67ed5b","block_type":"box","text":"counterparties prior to trading.","page_number":82,"box":{"x":121,"y":431,"width":222,"height":11}},{"id":"7be43698-67b9-4fbc-b797-a52dd11173e9","block_type":"box","text":"Additional risks for the Aviva Investors Multi-Strategy Target Return Fund","page_number":82,"box":{"x":121,"y":473,"width":712,"height":13}},{"id":"7a02a68b-070b-423b-8f2f-c8b0cebddeda","block_type":"box","text":"1. Use of Derivatives","page_number":82,"box":{"x":122,"y":510,"width":239,"height":11}},{"id":"30d5c7d2-cc40-4086-b8b5-c40ff6e5c1f7","block_type":"box","text":"1.1 General","page_number":82,"box":{"x":122,"y":547,"width":120,"height":9}},{"id":"71f62f3e-8904-4211-9fa7-a200820cb6ad","block_type":"box","text":"There are certain investment risks that apply in relation to the use of financial derivative instruments.","page_number":82,"box":{"x":121,"y":588,"width":756,"height":11}},{"id":"1ee0afed-db11-4efa-a28b-5eaec92b73df","block_type":"box","text":"The Aviva Investors Multi-Strategy Target Return Fund may use financial derivative instruments as a","page_number":82,"box":{"x":121,"y":608,"width":757,"height":11}},{"id":"e17395f2-c5d9-4f5f-85cb-0e19f535d401","block_type":"box","text":"cheaper or more liquid alternative to other investments, to attempt to hedge or reduce the overall risk","page_number":82,"box":{"x":121,"y":629,"width":758,"height":11}},{"id":"282465cd-8219-4712-9664-7de039ea2650","block_type":"box","text":"of its investments, or as part of the principal investment policies and strategies used in the pursuit of its","page_number":82,"box":{"x":121,"y":649,"width":757,"height":12}},{"id":"1848b545-3dbd-4bbf-b165-65d6569fbfc7","block_type":"box","text":"investment objectives. The Fund’s ability to use these strategies may be limited by market conditions,","page_number":82,"box":{"x":122,"y":670,"width":755,"height":11}},{"id":"53f17bf0-3a94-4c3e-8204-f484a6e09441","block_type":"box","text":"regulatory limits and tax considerations. Investments in financial derivative instruments are subject to","page_number":82,"box":{"x":122,"y":690,"width":756,"height":11}},{"id":"19f50f11-47a8-4c26-9349-548868f7456a","block_type":"box","text":"normal market fluctuations and other risks inherent in investment in securities. In addition, the use of","page_number":82,"box":{"x":122,"y":711,"width":756,"height":10}},{"id":"eb194466-54ef-4d96-97a8-b5c70efd6931","block_type":"box","text":"financial derivative instruments involves special risks, and risks different from, and, in certain cases,","page_number":82,"box":{"x":121,"y":731,"width":756,"height":11}},{"id":"708b4c0c-d06c-4f4a-9824-be245f75f825","block_type":"box","text":"greater than, the risks presented by more traditional investments, including:","page_number":82,"box":{"x":121,"y":752,"width":557,"height":11}},{"id":"bb02f2cd-3b25-471d-9c7b-709d32990306","block_type":"box","text":"• dependence on the Investment Manager’s ability to accurately predict movements in the price of the","page_number":82,"box":{"x":133,"y":793,"width":745,"height":11}},{"id":"b183a9b6-fad9-40d0-8c59-82f1a1d4542d","block_type":"box","text":"underlying security and the fact that the skills needed to use these strategies are different from those","page_number":82,"box":{"x":145,"y":813,"width":733,"height":11}},{"id":"50657972-d7c0-49ab-b742-73c52320fc3a","block_type":"box","text":"needed to select portfolio securities;","page_number":82,"box":{"x":145,"y":834,"width":266,"height":11}},{"id":"95205b14-dd7b-49d0-a1b6-b49bdf56220e","block_type":"box","text":"• imperfect correlation between the movements in securities or currency on which a financial derivative","page_number":82,"box":{"x":133,"y":854,"width":745,"height":11}},{"id":"b1c193a7-b8c4-4779-9563-066525935521","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 83","page_number":83,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"2f02d44a-8334-40c2-b21c-048ff642b6fb","block_type":"box","text":"instruments contract is based and movements in the securities or currencies in the Fund;","page_number":83,"box":{"x":145,"y":88,"width":657,"height":10}},{"id":"2a1e1c78-e45f-4847-ae52-438b117c7fe5","block_type":"box","text":"• the absence of a liquid market for any particular instrument at any particular time which may inhibit","page_number":83,"box":{"x":133,"y":108,"width":745,"height":11}},{"id":"8229a6a1-a82f-4300-9893-a88672ae50eb","block_type":"box","text":"the ability of the Fund to liquidate a financial derivative instrument at an advantageous price;","page_number":83,"box":{"x":144,"y":128,"width":683,"height":12}},{"id":"42bf4509-c61a-481f-aed6-18863084699c","block_type":"box","text":"• possible impediments to efficient portfolio management or the ability to meet repurchase requests","page_number":83,"box":{"x":133,"y":149,"width":745,"height":11}},{"id":"3a646bdb-2668-43fe-abb8-d0b10bcb98f5","block_type":"box","text":"or other short-term obligations because a percentage of the Fund’s assets may be segregated to","page_number":83,"box":{"x":145,"y":169,"width":733,"height":12}},{"id":"2cd570a2-b52e-4783-aef3-532001071f9c","block_type":"box","text":"cover its obligations.","page_number":83,"box":{"x":145,"y":190,"width":150,"height":11}},{"id":"7f3af4e5-8237-4efb-987a-a2a5ac7ee3a1","block_type":"box","text":"Should the Investment Manager’s expectations in employing such techniques and instruments","page_number":83,"box":{"x":121,"y":231,"width":757,"height":11}},{"id":"2e415dc5-0ba4-4c52-be8d-4487a4e32081","block_type":"box","text":"be incorrect or ineffective, the Fund may suffer a substantial loss, having an adverse effect on","page_number":83,"box":{"x":121,"y":251,"width":756,"height":12}},{"id":"3b189e5e-537b-486a-9fff-418b3d1c526f","block_type":"box","text":"the Net Asset Value of the Shares. Such strategies might also be unsuccessful and incur losses","page_number":83,"box":{"x":121,"y":272,"width":757,"height":11}},{"id":"1f9668c6-fd02-40cc-9a4e-3dd316b7299e","block_type":"box","text":"for the Fund, due to market conditions.","page_number":83,"box":{"x":121,"y":292,"width":310,"height":11}},{"id":"02152534-3e48-4fd6-8eaa-934f46d9a7b9","block_type":"box","text":"The use of derivatives also means that the Net Asset Value of the Fund may at times be volatile.","page_number":83,"box":{"x":121,"y":345,"width":756,"height":11}},{"id":"d0dbd633-22c1-40ba-91ba-a42a26f0bae3","block_type":"box","text":"However, as the Aviva Investors Multi-Strategy Target Return Fund aims to manage volatility by","page_number":83,"box":{"x":122,"y":366,"width":756,"height":11}},{"id":"fcbd2988-497e-4bb3-b171-b468e8e1eb85","block_type":"box","text":"seeking to operate with less than half the volatility of global equities, the ACD does not consider","page_number":83,"box":{"x":121,"y":386,"width":757,"height":11}},{"id":"3aa1da2a-6bf7-4710-9cc5-d6dc91e7e6cf","block_type":"box","text":"that the proposed derivative usage is likely to significantly amplify the movement of share prices","page_number":83,"box":{"x":121,"y":407,"width":757,"height":11}},{"id":"00a218f4-fd95-4020-bcaf-0841e41b44e2","block_type":"box","text":"in the Fund. It is noted however, that the ability of the Fund to operate to a target of less than","page_number":83,"box":{"x":122,"y":427,"width":755,"height":11}},{"id":"59b2de08-bd3a-48bc-9ecf-bf8540e5d145","block_type":"box","text":"half the volatility of global equities is not guaranteed.","page_number":83,"box":{"x":122,"y":448,"width":422,"height":11}},{"id":"97134e46-653a-46e9-b1f1-a8604eecb6b6","block_type":"box","text":"The Investment Manager employs a risk management process to oversee and manage","page_number":83,"box":{"x":121,"y":489,"width":757,"height":11}},{"id":"d075f24d-7303-4578-93c3-ed6bdc2e43bc","block_type":"box","text":"derivatives exposure within the Fund.","page_number":83,"box":{"x":121,"y":509,"width":299,"height":11}},{"id":"c4c285b5-7e57-461d-864f-a01ff7de1943","block_type":"box","text":"1.2 Swaps","page_number":83,"box":{"x":122,"y":550,"width":111,"height":11}},{"id":"119f3a6d-f2a2-481d-9712-7f80cd0da548","block_type":"box","text":"The Aviva Investors Multi-Strategy Target Return Fund may enter into a variety of swaps contracts","page_number":83,"box":{"x":121,"y":591,"width":757,"height":11}},{"id":"9b3d83eb-d9a3-464f-8758-baaa4d7a0700","block_type":"box","text":"including those detailed below. Swap contracts are subject to counterparty credit risk, which is the","page_number":83,"box":{"x":122,"y":611,"width":756,"height":12}},{"id":"0ebbfec8-7dfb-4ce0-84ba-d07d6eb48c60","block_type":"box","text":"possibility that the other party to the swap contract may default on its obligations. Collateralisation","page_number":83,"box":{"x":121,"y":632,"width":756,"height":11}},{"id":"31e2daa4-8a94-422c-8c21-c15841620fa3","block_type":"box","text":"arrangements will be in place to minimize this counterparty credit risk.","page_number":83,"box":{"x":121,"y":653,"width":515,"height":11}},{"id":"6f2e8c0d-cd2b-43ba-89c0-0621dab22416","block_type":"box","text":"Interest Rate Swaps","page_number":83,"box":{"x":122,"y":693,"width":157,"height":12}},{"id":"0d773934-4881-4f02-a776-a64d72371593","block_type":"box","text":"The Aviva Investors Multi-Strategy Target Return Fund may enter into interest rate swaps. Interest rate","page_number":83,"box":{"x":121,"y":714,"width":757,"height":11}},{"id":"82724156-4b3b-4b94-98d5-92150bfa661c","block_type":"box","text":"swaps involve the exchange by the Fund with another party of their respective commitments to pay or","page_number":83,"box":{"x":121,"y":734,"width":757,"height":12}},{"id":"43361e24-eed2-4324-851a-de9aa81e8ca9","block_type":"box","text":"receive interest, such as an exchange of fixed rate payments for floating rate payments. As the Fund","page_number":83,"box":{"x":122,"y":755,"width":756,"height":11}},{"id":"6739eb5f-3afb-4b7e-baeb-9c2997d04657","block_type":"box","text":"enters into interest rate swaps on a net basis, the two payment streams are netted out, with the Fund","page_number":83,"box":{"x":121,"y":776,"width":757,"height":11}},{"id":"d1a29361-3a91-40c9-8062-63a182b260f1","block_type":"box","text":"receiving or paying, as the case may be, only the net amount of the two payments. Interest rate swaps","page_number":83,"box":{"x":122,"y":796,"width":756,"height":11}},{"id":"9b9d3ace-649a-400c-b96d-b5ed36c48ab7","block_type":"box","text":"entered into on a net basis do not involve the physical delivery of investments, other underlying assets","page_number":83,"box":{"x":121,"y":816,"width":757,"height":12}},{"id":"c6bb2d87-2710-4188-8cb3-fde6287e250c","block_type":"box","text":"or principal. Accordingly, it is intended that the risk of loss with respect to interest rate swaps is limited","page_number":83,"box":{"x":121,"y":837,"width":757,"height":11}},{"id":"0607736e-0ffb-4233-8ed1-643b35b82f1a","block_type":"box","text":"to the net amount of interest payments that the Fund is contractually obligated to make. If the other","page_number":83,"box":{"x":121,"y":857,"width":758,"height":12}},{"id":"f3706a05-0a00-4ad1-810e-ab0ef1fe0a54","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 84","page_number":84,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"6d941593-5d70-4619-a0d2-1fbe0f54a364","block_type":"box","text":"party to an interest rate swap defaults, in normal circumstances the Funds’ risk of loss consists of the","page_number":84,"box":{"x":121,"y":88,"width":757,"height":11}},{"id":"6e83d4cd-776f-4564-9cd7-bf0a5f0b707a","block_type":"box","text":"net amount of interest payments that the Fund is contractually entitled to receive.","page_number":84,"box":{"x":122,"y":108,"width":597,"height":11}},{"id":"b9238111-36a5-412a-b3df-f3bc377b6636","block_type":"box","text":"Inflation Swaps","page_number":84,"box":{"x":122,"y":149,"width":121,"height":11}},{"id":"800018be-d3e0-4310-ab8d-d478e4da4629","block_type":"box","text":"These are derivative contracts which typically exchange fixed rate interest payments for inflation-linked","page_number":84,"box":{"x":121,"y":169,"width":757,"height":12}},{"id":"ac26eb67-0479-4dd5-823c-4001ac4a1170","block_type":"box","text":"coupon payments. As actual rates of inflation do not always match expectations, Inflation Swaps are","page_number":84,"box":{"x":121,"y":190,"width":757,"height":11}},{"id":"feaec452-53af-4770-86f4-a7d4d667565d","block_type":"box","text":"subject to inflation risk. Where the Fund has entered into a swap to receive a fixed rate interest payment,","page_number":84,"box":{"x":121,"y":210,"width":756,"height":12}},{"id":"4176f0f0-f4c5-48f6-a665-1a81b8f1afc0","block_type":"box","text":"losses may be incurred if inflation exceeds expectations. Conversely, if the Fund has entered into a","page_number":84,"box":{"x":122,"y":231,"width":756,"height":11}},{"id":"e79f32f1-f7ad-48dc-9389-e2d4f118e5ab","block_type":"box","text":"swap to pay a fixed rate interest payment, losses may be incurred if inflation is lower than expected.","page_number":84,"box":{"x":121,"y":251,"width":738,"height":12}},{"id":"124e6400-f429-4242-afdc-90a69fe9f5f1","block_type":"box","text":"Dividend Swaps","page_number":84,"box":{"x":122,"y":292,"width":126,"height":11}},{"id":"1c51fb4c-fb94-40a0-afa9-614e0a3b2d62","block_type":"box","text":"These are over-the-counter financial derivative contracts. They consist of a series of payments made","page_number":84,"box":{"x":121,"y":313,"width":757,"height":11}},{"id":"7fec548d-d042-45d8-a380-f71e4af8f663","block_type":"box","text":"between two parties at defined intervals over a fixed term (e.g., annually over 5 years). One party - the","page_number":84,"box":{"x":121,"y":333,"width":757,"height":12}},{"id":"cf30b2d3-9ee7-4e10-b95f-1ebab8167b06","block_type":"box","text":"holder of the fixed leg - will pay its counterparty a pre-designated fixed payment at each interval. The","page_number":84,"box":{"x":122,"y":354,"width":756,"height":11}},{"id":"d3b3f8fd-fd6e-4489-bcf3-0178b7a093bb","block_type":"box","text":"other party - the holder of the floating leg - will pay its counterparty the total dividends that were paid","page_number":84,"box":{"x":121,"y":374,"width":757,"height":11}},{"id":"293fcaeb-52d3-47c9-aee7-e1d593275929","block_type":"box","text":"out by a selected underlying, which can be a single company, a basket of companies, or all the members","page_number":84,"box":{"x":121,"y":395,"width":757,"height":11}},{"id":"ad601e51-d99b-4a19-b571-ed4bc6a69fbe","block_type":"box","text":"of an index. The payments are multiplied by a notional number of shares. The contract is usually","page_number":84,"box":{"x":121,"y":415,"width":757,"height":11}},{"id":"9bc9c4be-50d9-4edd-8f9e-ee8e8ed766db","block_type":"box","text":"arranged such that its value at signing is zero. This is accomplished by making the value of the fixed","page_number":84,"box":{"x":121,"y":436,"width":756,"height":11}},{"id":"a261776d-e090-41ab-9044-d732e2fa3a24","block_type":"box","text":"leg equal to the value of the floating leg - in other words, the fixed leg will be equal to the average","page_number":84,"box":{"x":122,"y":456,"width":756,"height":11}},{"id":"4bcc0ca4-ed09-458d-b5dc-bbe77cb227be","block_type":"box","text":"expected dividends over the term of the swap. Therefore, the fixed leg of the swap can be used to","page_number":84,"box":{"x":121,"y":477,"width":757,"height":11}},{"id":"c3cfa82e-e997-4ac2-8568-cdaa9684c297","block_type":"box","text":"estimate market forecasts of the dividends that will be paid out by the underlying. If the Investment","page_number":84,"box":{"x":121,"y":497,"width":757,"height":11}},{"id":"6af2078d-49fe-4980-9f7e-65fc8f854630","block_type":"box","text":"Manager is incorrect in its forecasts of future dividends, the investment performance of the Fund could","page_number":84,"box":{"x":122,"y":518,"width":755,"height":11}},{"id":"533ca08f-03b7-44e2-872e-1f64e0542ff7","block_type":"box","text":"be less favourable than it would have been if these investment techniques were not used.","page_number":84,"box":{"x":121,"y":538,"width":662,"height":11}},{"id":"1ac17d69-5c84-49de-87e9-05a2fc0458d4","block_type":"box","text":"Variance Swaps","page_number":84,"box":{"x":121,"y":579,"width":127,"height":11}},{"id":"e30675e0-e310-487e-879b-f3f0314d5188","block_type":"box","text":"A Variance Swap is an over the counter swap agreement that allows one to speculate on or hedge risks","page_number":84,"box":{"x":121,"y":599,"width":757,"height":12}},{"id":"526c57ca-87d7-4b90-863f-437629d5c118","block_type":"box","text":"associated with the magnitude of movement, i.e. volatility, of some underlying security/market, like an","page_number":84,"box":{"x":121,"y":620,"width":757,"height":11}},{"id":"60675322-97a0-4db5-a1d5-06182474b068","block_type":"box","text":"exchange rate, interest rate, or stock index. Variance Swaps are subject to interest rate risk with an","page_number":84,"box":{"x":121,"y":641,"width":757,"height":11}},{"id":"b1022958-5128-42a7-81ad-8197396f4d13","block_type":"box","text":"additional risk that the variance of the underlying security/market may vary from expectations at the","page_number":84,"box":{"x":121,"y":661,"width":757,"height":11}},{"id":"6c3fe536-7a28-44b6-8b78-1eaf16cea784","block_type":"box","text":"point the position is entered into. Adverse movements in either case would result in losses to the Fund.","page_number":84,"box":{"x":121,"y":682,"width":756,"height":11}},{"id":"29b016ed-ffee-44b8-b958-678db85d65aa","block_type":"box","text":"Credit default swaps","page_number":84,"box":{"x":121,"y":722,"width":163,"height":12}},{"id":"47b8e1d4-b3f8-4941-a782-ec7d202cf442","block_type":"box","text":"In addition to the usage of credit default swaps as set out in the section headed “Derivatives Usage”","page_number":84,"box":{"x":122,"y":743,"width":756,"height":11}},{"id":"56cf6ef5-d39d-45ce-a99d-95ff24b3ce8a","block_type":"box","text":"under the general heading “Risk” above, the Aviva Investors Multi-Strategy Target Return Fund may","page_number":84,"box":{"x":122,"y":763,"width":756,"height":12}},{"id":"dd9a5d20-a8ad-4f83-a6a2-52142649a73e","block_type":"box","text":"also buy protection under credit default swaps without holding the underlying assets. The Fund may","page_number":84,"box":{"x":121,"y":784,"width":757,"height":11}},{"id":"3d390aa8-a64a-43a6-ad44-38c200fb3edd","block_type":"box","text":"also sell protection under credit default swaps in order to acquire a specific credit exposure. Selling","page_number":84,"box":{"x":121,"y":804,"width":757,"height":12}},{"id":"b178c271-b8bf-4caa-afe5-551ff0096d95","block_type":"box","text":"protection in this way means that the Fund is exposed to the creditworthiness of the reference issuer","page_number":84,"box":{"x":121,"y":825,"width":758,"height":11}},{"id":"39fd810a-8e66-49e2-88e0-0681b84d48a5","block_type":"box","text":"without any legal recourse to such reference issuer.","page_number":84,"box":{"x":121,"y":845,"width":382,"height":12}},{"id":"52cb5b57-bb84-43c7-aa69-fb6632d59c3f","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 85","page_number":85,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"1accad55-c001-4537-9053-09b35dbbeb5f","block_type":"box","text":"Total Return Swaps","page_number":85,"box":{"x":121,"y":87,"width":155,"height":12}},{"id":"383c7c79-d472-4b37-938c-b199d0ae8cb5","block_type":"box","text":"The Aviva Investors Multi-Strategy Target Return Fund may use TRS. A TRS is a swap agreement in","page_number":85,"box":{"x":121,"y":122,"width":756,"height":12}},{"id":"3b518a58-fc41-4fe6-a813-34c2095c427a","block_type":"box","text":"which the total return of a security is exchanged for some other cash flow, usually tied to a funding","page_number":85,"box":{"x":121,"y":143,"width":756,"height":11}},{"id":"e3de8d66-a644-47f5-b9c3-cf9644bea796","block_type":"box","text":"reference rate. TRS are subject to interest rate risk with an additional risk that underlying","page_number":85,"box":{"x":122,"y":163,"width":756,"height":11}},{"id":"f2c4c9f4-a17e-43fb-b487-a08e53aaeea1","block_type":"box","text":"security/market movements may vary from expectations at the point the position is entered into.","page_number":85,"box":{"x":121,"y":184,"width":756,"height":11}},{"id":"23080ee0-b714-4b9f-9baa-523729cd8cb3","block_type":"box","text":"Adverse movements in either case would result in losses to the Fund. TRS are also subject to","page_number":85,"box":{"x":121,"y":204,"width":757,"height":11}},{"id":"d5c6a843-ed94-408b-98a6-9599494a1b8a","block_type":"box","text":"counterparty credit risk, which is the possibility that the other party to the swap contract may default on","page_number":85,"box":{"x":121,"y":225,"width":756,"height":11}},{"id":"3e6722bb-9a64-4640-ac11-807a9d0b157c","block_type":"box","text":"its obligations. Collateralisation arrangements will be in place to minimize this counterparty credit risk.","page_number":85,"box":{"x":122,"y":245,"width":749,"height":11}},{"id":"887a0ec0-b746-4b8c-b63e-ac0ff8229c8d","block_type":"box","text":"1.3 Options/Swaptions","page_number":85,"box":{"x":122,"y":306,"width":210,"height":12}},{"id":"aa1d2d49-ec87-431f-bb69-6eb9947fd93f","block_type":"box","text":"The Aviva Investors Multi-Strategy Target Return Fund may enter into option and swaption contracts.","page_number":85,"box":{"x":121,"y":348,"width":756,"height":11}},{"id":"05b8ebdf-4760-4b53-b0d9-59d09176f014","block_type":"box","text":"These contracts gives the right, but not the obligation, to buy or sell an underlying asset or instrument","page_number":85,"box":{"x":121,"y":368,"width":757,"height":11}},{"id":"bd86ec3b-2fb1-4f30-a815-578c9b531c28","block_type":"box","text":"at a specified strike price on or before a specified date. Over the counter options although providing","page_number":85,"box":{"x":121,"y":388,"width":757,"height":12}},{"id":"3c0d0e74-3afb-4cb7-96d9-fbe6f4e08731","block_type":"box","text":"greater flexibility may involve greater credit risk than exchange-traded options as they are not backed","page_number":85,"box":{"x":121,"y":409,"width":756,"height":11}},{"id":"25219800-c28e-4266-b59f-734fcc22c32d","block_type":"box","text":"by the clearing organisation of the exchanges where they are traded, and as such, there is a risk that","page_number":85,"box":{"x":121,"y":430,"width":757,"height":11}},{"id":"36a7d253-1119-41d5-aac2-78e024631f0a","block_type":"box","text":"the seller will not settle as agreed.","page_number":85,"box":{"x":121,"y":450,"width":251,"height":11}},{"id":"5d1ad605-5f98-425c-8d20-f678f391af63","block_type":"box","text":"Purchased options/swaptions","page_number":85,"box":{"x":122,"y":491,"width":236,"height":11}},{"id":"9f3a5b4f-4724-4f2e-9834-4701fc88da08","block_type":"box","text":"Purchased Option/Swaption contracts are exposed to a maximum loss equal to the price paid for the","page_number":85,"box":{"x":122,"y":511,"width":756,"height":12}},{"id":"ee9eb04e-82d4-4793-8f60-ca5e10a480b3","block_type":"box","text":"option/swaption (the premium) and no further liability.","page_number":85,"box":{"x":121,"y":532,"width":393,"height":11}},{"id":"775f823e-c4ae-45a1-89d4-5ecabc453884","block_type":"box","text":"Written Options/Swaptions","page_number":85,"box":{"x":121,"y":573,"width":214,"height":11}},{"id":"3e185049-5043-4232-998e-b7e08a312613","block_type":"box","text":"Written options/swaptions give the right of potential exercise to a third party. This creates exposure for","page_number":85,"box":{"x":121,"y":593,"width":758,"height":12}},{"id":"4a6c1d32-37fb-454e-8b0d-12e1324c4fee","block_type":"box","text":"the Fund as it may have to deliver out the underlying investments and should the market move","page_number":85,"box":{"x":121,"y":614,"width":757,"height":11}},{"id":"ee6fb421-b311-4671-8c3b-e86325ea0d1b","block_type":"box","text":"unfavourably result in a loss. The maximum loss for the writer of a put option is equal to the strike price","page_number":85,"box":{"x":122,"y":634,"width":756,"height":11}},{"id":"ad110f9f-a31f-4ff4-8ccd-d8b1858c47df","block_type":"box","text":"less the premium received. The maximum loss for the writer of an uncovered call option is unlimited.","page_number":85,"box":{"x":122,"y":655,"width":755,"height":11}},{"id":"fb32d718-aa60-4378-9b07-b20e4feacf3a","block_type":"box","text":"The maximum loss for the writer of an uncovered swaption is unlimited. In the case of a written option","page_number":85,"box":{"x":121,"y":675,"width":756,"height":11}},{"id":"8ab80fc9-3b79-4d8e-bf53-3fdc125fddaf","block_type":"box","text":"the notional underlying is not delivered upon exercise as the contract is cash settled. The Fund’s","page_number":85,"box":{"x":121,"y":696,"width":757,"height":11}},{"id":"ef191634-dfdd-495d-8eb2-1748afdd4e93","block_type":"box","text":"financial liability is therefore linked to the marked-to-market value of the notional underlying","page_number":85,"box":{"x":121,"y":716,"width":756,"height":12}},{"id":"75be6fe9-1fb3-4506-a2e5-821b45f8f264","block_type":"box","text":"investments.","page_number":85,"box":{"x":122,"y":737,"width":91,"height":9}},{"id":"81af22d4-b4f9-4f2d-863e-1bccb2009427","block_type":"box","text":"1.4 Short positions","page_number":85,"box":{"x":122,"y":778,"width":181,"height":11}},{"id":"699fdce9-4e7c-477c-956d-2f7fd5863322","block_type":"box","text":"Holding a short position is when a security that the Fund does not physically own is sold. This is done","page_number":85,"box":{"x":122,"y":819,"width":756,"height":11}},{"id":"5b10daba-9f38-4be9-a749-5508ff201c4c","block_type":"box","text":"if the price of that security is expected to fall so that it can be purchased at a later date for a lower price","page_number":85,"box":{"x":122,"y":839,"width":756,"height":11}},{"id":"d7c0846b-b5f1-4845-8a7b-4e2cc0b685dc","block_type":"box","text":"to make a profit. Short selling of physical securities is prohibited under UCITS Regulations, but the","page_number":85,"box":{"x":121,"y":860,"width":757,"height":11}},{"id":"8056ca18-e3e4-41c0-a27a-a0feef2ad069","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 86","page_number":86,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"3f9018ec-90ab-4961-acfe-ee1c0edba0da","block_type":"box","text":"creation of synthetic short positions through the use of cash settled derivatives is permitted, as long as","page_number":86,"box":{"x":121,"y":88,"width":757,"height":11}},{"id":"49b36292-3af9-430f-b3b9-1f0086a8742d","block_type":"box","text":"any exposure created is covered by the assets of the Fund. Short position in a security could create","page_number":86,"box":{"x":121,"y":108,"width":757,"height":11}},{"id":"112834b7-ab0c-408d-845b-452d4dd2e83e","block_type":"box","text":"greater risks than would occur with a long position. These include the possibility of an unlimited loss","page_number":86,"box":{"x":121,"y":128,"width":757,"height":12}},{"id":"8c83853d-567b-429d-b99b-443a1f3e617e","block_type":"box","text":"due to potentially unlimited price increases in the securities concerned and issues associated with the","page_number":86,"box":{"x":121,"y":149,"width":757,"height":11}},{"id":"71b6199e-5e1b-484d-b8b3-3e0841b78595","block_type":"box","text":"cost or availability of stock to borrow for the Fund.","page_number":86,"box":{"x":121,"y":169,"width":368,"height":12}},{"id":"35069f6c-2b93-405d-9687-883c35512cd1","block_type":"box","text":"1.5 Leveraging","page_number":86,"box":{"x":122,"y":210,"width":147,"height":12}},{"id":"ca336ee3-ce83-4802-bf30-6911b75f7d67","block_type":"box","text":"Derivatives may also be used to introduce leverage into the Fund. Leverage occurs when the Fund’s","page_number":86,"box":{"x":122,"y":252,"width":756,"height":11}},{"id":"9f352813-6278-4e46-89d6-4bc798447145","block_type":"box","text":"exposure to underlying assets is greater than the amount invested and is an investment technique","page_number":86,"box":{"x":121,"y":272,"width":757,"height":11}},{"id":"62e81441-e140-4e5f-a664-ae712e51de14","block_type":"box","text":"which can magnify gains and losses. Consequently any adverse changes in the value or level of the","page_number":86,"box":{"x":121,"y":292,"width":757,"height":12}},{"id":"1cd1a0b6-d049-4fa6-8fa0-66c1e3244c8f","block_type":"box","text":"underlying asset, rate or index will amplify losses compared to those that would have been incurred if","page_number":86,"box":{"x":122,"y":313,"width":756,"height":11}},{"id":"67b1a300-0dc1-482f-8f6b-aabff8d6a328","block_type":"box","text":"the underlying asset had been directly held by the Fund. As such, adverse changes will result in losses","page_number":86,"box":{"x":121,"y":333,"width":757,"height":12}},{"id":"7a4be117-f5b7-4f3e-aaf2-034a386792c2","block_type":"box","text":"greater than the amount invested in the derivative itself. Leverage increases volatility, may impair the","page_number":86,"box":{"x":121,"y":354,"width":757,"height":11}},{"id":"a4bc259d-ed19-4f26-88dc-882fb7df3834","block_type":"box","text":"Fund’s liquidity and may cause the Fund to liquidate positions at unfavourable times.","page_number":86,"box":{"x":122,"y":374,"width":625,"height":11}},{"id":"086ad2e2-429f-4ca5-a3be-c0902fb52d40","block_type":"box","text":"1.6 Large cash balances","page_number":86,"box":{"x":122,"y":415,"width":223,"height":11}},{"id":"a80e7978-c443-4dd9-bf53-25c9ba56ff65","block_type":"box","text":"The use of derivatives as part of the investment strategy will result in large cash balances, which will","page_number":86,"box":{"x":121,"y":456,"width":757,"height":11}},{"id":"10a3f4f0-c971-4423-80c5-2bd8b8cdcfcf","block_type":"box","text":"be invested in deposits and/or money markets. This may result in a substantial counterparty exposure.","page_number":86,"box":{"x":121,"y":477,"width":756,"height":11}},{"id":"44425ab4-cbf4-4fd4-873f-b3e762069b58","block_type":"box","text":"2","page_number":86,"box":{"x":121,"y":518,"width":16,"height":11}},{"id":"20dcda85-30df-488a-8332-56016d869bac","block_type":"box","text":"Achievement of the Target Return and Target Volatility","page_number":86,"box":{"x":181,"y":518,"width":528,"height":14}},{"id":"35eae4d2-cf21-4d0a-90be-fee68797b3ea","block_type":"box","text":"It is important to remember that the target return and target volatility, as stated within the investment","page_number":86,"box":{"x":122,"y":551,"width":756,"height":11}},{"id":"1caa383e-ef2c-4d05-8011-f8018cc350e3","block_type":"box","text":"objective of the Fund, are aims of the Fund. As such, there can be no guarantee that the return or","page_number":86,"box":{"x":121,"y":571,"width":758,"height":11}},{"id":"b335d6d5-0dce-407d-b029-5ecd2d40962d","block_type":"box","text":"volatility targets will be met, and consequently investors’ capital could be at risk.","page_number":86,"box":{"x":121,"y":592,"width":590,"height":11}},{"id":"1180d732-9547-45af-861b-badde38b385b","block_type":"box","text":"3","page_number":86,"box":{"x":121,"y":633,"width":16,"height":11}},{"id":"d6f7108a-995d-4536-8d8d-ac85ebac9b97","block_type":"box","text":"Commodity Investment","page_number":86,"box":{"x":182,"y":633,"width":227,"height":13}},{"id":"0c86a42c-44d5-4df8-ab61-e0b145f22664","block_type":"box","text":"The Fund may gain exposure to commodities, including gold, indirectly, for example, through certain","page_number":86,"box":{"x":121,"y":665,"width":757,"height":11}},{"id":"87b6cddf-8ea4-4b02-8764-7b63a3b5c128","block_type":"box","text":"Exchange Traded Commodities (ETC’s), Exchange Traded Funds (ETF’s) and exposure to certain","page_number":86,"box":{"x":122,"y":686,"width":755,"height":11}},{"id":"90174e4b-b127-461e-a28c-d8670f548103","block_type":"box","text":"broad based commodity indices. Investments which offer exposure to commodities may have greater","page_number":86,"box":{"x":121,"y":706,"width":757,"height":11}},{"id":"4aec532e-2a17-4d2e-8a3e-36e677b38fc0","block_type":"box","text":"volatility than investments in more traditional securities such as equities and bonds. Where the Fund","page_number":86,"box":{"x":121,"y":727,"width":757,"height":11}},{"id":"e13cd643-ec9a-4354-9996-5f493bde9bbc","block_type":"box","text":"invests in commodity instruments which are physically backed, recourse is limited to the extent of the","page_number":86,"box":{"x":122,"y":747,"width":756,"height":11}},{"id":"15dd5be4-ed84-40dd-b5b3-fd2595758cbb","block_type":"box","text":"value of the commodities physically held. Where such value is insufficient to meet claims, payment","page_number":86,"box":{"x":121,"y":768,"width":757,"height":11}},{"id":"cccab209-bc79-4421-b4bb-8721545ab869","block_type":"box","text":"obligations may not be met, and the Fund may suffer losses. The value of commodity-based","page_number":86,"box":{"x":121,"y":788,"width":757,"height":11}},{"id":"07403422-779e-48c7-a909-cf7cf1d8eb5e","block_type":"box","text":"investments may also be affected by additional risks such as political risk, natural events or terrorism,","page_number":86,"box":{"x":122,"y":809,"width":755,"height":11}},{"id":"a0d2a156-36bf-4284-86fe-9483ffdecd80","block_type":"box","text":"which may in turn, influence the production, trading, and liquidity of commodities.","page_number":86,"box":{"x":121,"y":829,"width":597,"height":11}},{"id":"a96a90ae-7c0b-4487-934c-62c184c13217","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 87","page_number":87,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"31697232-7ca4-43bb-9712-6188a2956944","block_type":"box","text":"Additional risk for the Aviva Investors Strategic Bond Fund","page_number":87,"box":{"x":121,"y":88,"width":565,"height":13}},{"id":"70979f39-073a-48c1-98a2-f4b7921e3723","block_type":"box","text":"1. Credit default swaps","page_number":87,"box":{"x":122,"y":129,"width":257,"height":14}},{"id":"5dd2884b-40cb-44e2-8872-559f44ea7fea","block_type":"box","text":"In addition to the usage of credit default swaps as set out in the section headed “Derivatives Usage”","page_number":87,"box":{"x":122,"y":167,"width":756,"height":11}},{"id":"90c1426a-46df-4507-b534-dce14b132069","block_type":"box","text":"under the general heading “Risk” above, the Aviva Investors Strategic Bond Fund may also buy","page_number":87,"box":{"x":122,"y":187,"width":756,"height":11}},{"id":"7f722559-6f6a-4867-897f-7dbedb2568b3","block_type":"box","text":"protection under credit default swaps without holding the underlying assets, and may also sell protection","page_number":87,"box":{"x":121,"y":208,"width":756,"height":11}},{"id":"6dfb440f-c8d9-44cd-8a64-6a926b12f76f","block_type":"box","text":"under credit default swaps in order to acquire a specific credit exposure. Selling protection in this way","page_number":87,"box":{"x":122,"y":228,"width":756,"height":11}},{"id":"d878300b-8ee2-4010-8877-dbb80c7bfc8b","block_type":"box","text":"means that the Fund is exposed to the creditworthiness of the reference issuer without any legal","page_number":87,"box":{"x":122,"y":249,"width":755,"height":11}},{"id":"bd8e8f0b-3409-45e2-b7f0-80bce7c52aec","block_type":"box","text":"recourse to such reference issuer.","page_number":87,"box":{"x":122,"y":269,"width":251,"height":9}},{"id":"6dd5fbb2-3dcf-4e23-bef2-23682d78bc3e","block_type":"box","text":"Additional risks for the Aviva Investors Global Equity Endurance Fund","page_number":87,"box":{"x":121,"y":302,"width":679,"height":14}},{"id":"1f20a118-2ed2-480d-857f-4c628f59b542","block_type":"box","text":"2. Concentration Risk","page_number":87,"box":{"x":121,"y":338,"width":246,"height":11}},{"id":"d982a9f1-2a01-46b7-a6f2-bf363ec1c0aa","block_type":"box","text":"The Aviva Investors Global Equity Endurance Fund’s investment approach is to invest in a relatively","page_number":87,"box":{"x":121,"y":374,"width":757,"height":12}},{"id":"3b029d6a-689c-444c-a8e0-e9ef66581ce2","block_type":"box","text":"small number of securities (subject to the spread limits set out below). This may result in portfolio","page_number":87,"box":{"x":121,"y":395,"width":757,"height":11}},{"id":"43801a4d-9980-40df-9534-95017906cc95","block_type":"box","text":"concentration in sectors, countries, or other groupings. These potential concentrations mean that a loss","page_number":87,"box":{"x":121,"y":416,"width":757,"height":11}},{"id":"f901b7f7-c300-4933-adc3-5d361a22a624","block_type":"box","text":"arising in a single investment may cause a proportionately greater loss to the Fund than if a larger","page_number":87,"box":{"x":121,"y":436,"width":757,"height":11}},{"id":"4a1fd4ec-0bad-43dd-a464-827399f7bb77","block_type":"box","text":"number of investments were made. However, the nature of the companies in which the Fund will invest","page_number":87,"box":{"x":122,"y":456,"width":756,"height":11}},{"id":"a135e00c-fb08-4d65-90f1-6e1d1b1214fb","block_type":"box","text":"(as set out in the Fund’s investment policy below) means that taking into account the locations and","page_number":87,"box":{"x":122,"y":477,"width":755,"height":11}},{"id":"e7bef433-1fd8-40d1-920b-f3767a41ad69","block_type":"box","text":"industries that these companies generate their revenue from, as well as the location of their listing,","page_number":87,"box":{"x":122,"y":497,"width":755,"height":12}},{"id":"ee7df0cc-150d-4d39-9bdd-ec73189fd1b0","block_type":"box","text":"means that the portfolio will demonstrate a greater diversification than identified considering the location","page_number":87,"box":{"x":122,"y":518,"width":756,"height":11}},{"id":"b7d785e7-d589-445e-8c7d-f09e8bae6c2d","block_type":"box","text":"in which the companies are listed or their high level sector classification alone.","page_number":87,"box":{"x":122,"y":538,"width":578,"height":12}},{"id":"feb99b11-0a33-42fb-8a64-4fa31268d6dc","block_type":"box","text":"Additional risks for the Aviva Investors Global Climate Aware Equity Fund","page_number":87,"box":{"x":121,"y":571,"width":707,"height":14}},{"id":"6999d399-48a0-4263-8cbf-f60c21b3d108","block_type":"box","text":"The Fund’s focus on shares of global companies responding to climate change may affect the Fund’s","page_number":87,"box":{"x":121,"y":595,"width":757,"height":12}},{"id":"d4e220e1-ab7e-4001-a235-2152c24ea5ee","block_type":"box","text":"exposure to certain sectors or types of investments. The Fund’s relative performance may therefore be","page_number":87,"box":{"x":121,"y":616,"width":757,"height":11}},{"id":"84c659e1-5cff-403e-9da0-84ae232a744a","block_type":"box","text":"impacted by the underlying performance of such sectors and investment types. Certain of the Fund’s","page_number":87,"box":{"x":122,"y":636,"width":756,"height":11}},{"id":"da8a7a39-cbf0-463f-af50-79685c0f1bf6","block_type":"box","text":"investments may be more susceptible to foreign government policies, including tax incentives and","page_number":87,"box":{"x":122,"y":657,"width":755,"height":11}},{"id":"5691de33-d24f-45ce-bfb4-412bd1dabad7","block_type":"box","text":"subsidies, as well as political support for certain environmental initiatives and developments affecting","page_number":87,"box":{"x":121,"y":677,"width":756,"height":11}},{"id":"e1b049c9-6eb4-4df4-9ec2-de6a371a7cee","block_type":"box","text":"companies focused on climate change. In addition, under certain market conditions, the Fund may","page_number":87,"box":{"x":121,"y":698,"width":757,"height":11}},{"id":"9f9d0c48-3b51-48cb-a941-a726c7b50b4a","block_type":"box","text":"underperform funds that invest in a broader array of shares in global companies. The Fund’s screening","page_number":87,"box":{"x":122,"y":718,"width":756,"height":11}},{"id":"ea4afbd5-d6bd-4f0c-8183-9c202333b1d9","block_type":"box","text":"of investments in companies which derive certain levels of revenue from fossil fuel activities, in","page_number":87,"box":{"x":121,"y":739,"width":757,"height":11}},{"id":"7b076999-9b78-4c20-bd6f-3f913f41355b","block_type":"box","text":"particular, may adversely affect the Fund’s relative performance at times when such investments are","page_number":87,"box":{"x":121,"y":759,"width":757,"height":11}},{"id":"0acdd40d-aa77-4bcd-abc2-7e8a439b3ab2","block_type":"box","text":"performing well. In addition, although the Fund does not base its investment process on the MSCI® All","page_number":87,"box":{"x":121,"y":779,"width":756,"height":12}},{"id":"c8c837a5-5b1a-47c4-a107-dab5f0f79baf","block_type":"box","text":"Countries World Index (“the Index”), Shareholders should be aware that strategy employed to select","page_number":87,"box":{"x":121,"y":800,"width":757,"height":11}},{"id":"31f59357-f673-481b-ac44-388a9f84ae11","block_type":"box","text":"global companies eligible for core investment may result in the Fund’s performance being very different","page_number":87,"box":{"x":121,"y":821,"width":757,"height":11}},{"id":"5a567510-9410-4dc5-9720-a9be129a288f","block_type":"box","text":"to that of the Index, or to a fund that does not include similar climate transition considerations and fossil","page_number":87,"box":{"x":121,"y":841,"width":756,"height":11}},{"id":"dc70d412-a5ff-4b6f-aeea-bb5689b0c432","block_type":"box","text":"fuel screening.","page_number":87,"box":{"x":121,"y":862,"width":107,"height":11}},{"id":"9fbb1102-7625-4b21-b7d4-e576ce9370d6","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 88","page_number":88,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"57877303-1da2-4113-a97a-294c5e3f947f","block_type":"box","text":"Additional Risks in respect of the International Index Tracking Fund and the UK","page_number":88,"box":{"x":121,"y":109,"width":763,"height":13}},{"id":"2eb0e7ff-a024-4150-bf5f-2e524872a0f6","block_type":"box","text":"Index Tracking Fund (the “Index Tracking Funds”)","page_number":88,"box":{"x":122,"y":133,"width":485,"height":14}},{"id":"2cbb2af7-74dd-4703-bf4b-d8bee031af0b","block_type":"box","text":"1. Tracking Error Risk","page_number":88,"box":{"x":122,"y":175,"width":252,"height":13}},{"id":"dafb372c-434b-4962-af58-31dd70d87695","block_type":"box","text":"Each of the Index Tracking Funds aims to track the performance of its respective index. However, each","page_number":88,"box":{"x":122,"y":211,"width":755,"height":11}},{"id":"04fdc5cc-261c-4c97-945c-88c7d8523f34","block_type":"box","text":"Fund’s performance may not track the relevant index performance exactly for a number of reasons, as","page_number":88,"box":{"x":122,"y":231,"width":756,"height":12}},{"id":"36f5ad07-a6a4-4e07-8898-03f6f8003d4b","block_type":"box","text":"set out in this section:","page_number":88,"box":{"x":121,"y":252,"width":159,"height":9}},{"id":"5520e2f7-c5a4-4da8-9dd8-f655b5d67647","block_type":"box","text":"","page_number":88,"box":{"x":152,"y":290,"width":6,"height":4}},{"id":"429e32fc-d456-407b-832d-696e3d8363b6","block_type":"box","text":"It may not be possible or practicable for the Index Tracking Funds to purchase or hold every","page_number":88,"box":{"x":182,"y":287,"width":696,"height":11}},{"id":"9334198c-b253-4161-9c6f-3085877b941a","block_type":"box","text":"constituent of the index, or to hold it in the same proportion as the index. For example, there","page_number":88,"box":{"x":182,"y":308,"width":696,"height":11}},{"id":"7fd7ebea-8b0a-45b2-b53e-426c66904862","block_type":"box","text":"may be considerable cost or practical difficulties to achieving exact replication.","page_number":88,"box":{"x":182,"y":328,"width":578,"height":11}},{"id":"42f6aa57-a9d7-427f-bb6c-40468fbd97ef","block_type":"box","text":"","page_number":88,"box":{"x":152,"y":373,"width":6,"height":4}},{"id":"b1914d02-6a00-4132-b8ae-799da45aed5d","block_type":"box","text":"Certain shares may become temporarily illiquid or less liquid, making it necessary for the Index","page_number":88,"box":{"x":182,"y":370,"width":696,"height":11}},{"id":"8e66ffe2-4d77-42b1-addb-15614df20f98","block_type":"box","text":"Tracking Funds to retain that holding for a period after the shares have been removed from the","page_number":88,"box":{"x":181,"y":390,"width":697,"height":11}},{"id":"356c5cb5-ce97-44ea-934a-5b21742d53c2","block_type":"box","text":"index. This will be the case for instance where securities have been delisted or suspended.","page_number":88,"box":{"x":182,"y":411,"width":672,"height":11}},{"id":"146a1c4b-b1c8-41e5-97ac-fb96fde8bc6d","block_type":"box","text":"","page_number":88,"box":{"x":152,"y":456,"width":6,"height":4}},{"id":"be0d9b25-6350-43f1-947b-ee8ab13646d0","block_type":"box","text":"The Index Tracking Funds will be subject to transaction costs and other fund costs that are not","page_number":88,"box":{"x":181,"y":453,"width":697,"height":11}},{"id":"6e3eb3a0-9c66-4a6f-8fe5-35a8116e923f","block_type":"box","text":"applicable to the performance of the index.","page_number":88,"box":{"x":182,"y":473,"width":315,"height":11}},{"id":"199b13c1-5702-446f-aeeb-33368f9c3f31","block_type":"box","text":"","page_number":88,"box":{"x":152,"y":518,"width":6,"height":4}},{"id":"e729660c-5cea-4208-99a3-b3203c6ff697","block_type":"box","text":"The Index Tracking Funds will need to retain an appropriate amount of cash to meet their","page_number":88,"box":{"x":181,"y":515,"width":697,"height":11}},{"id":"19bcf9ad-f86f-4651-a4ff-c313e60e8aed","block_type":"box","text":"liabilities including potential demand from investors wishing to redeem their shares in each","page_number":88,"box":{"x":182,"y":535,"width":695,"height":12}},{"id":"64fc41f7-2c05-451a-9126-ebe7f0903690","block_type":"box","text":"Fund.","page_number":88,"box":{"x":182,"y":556,"width":40,"height":9}},{"id":"6904a3e0-77d2-45dd-ac61-18d3bf171699","block_type":"box","text":"","page_number":88,"box":{"x":152,"y":601,"width":6,"height":4}},{"id":"22fb423b-83ba-4c18-8b74-2976f1b7b157","block_type":"box","text":"Legal or regulatory restrictions apply to the Index Tracking Funds that do not apply to the","page_number":88,"box":{"x":182,"y":598,"width":696,"height":11}},{"id":"5739f6ef-db2e-4d87-8085-143a64fb1ae1","block_type":"box","text":"indices. For example, where a constituent of an index accounts for more than 20% of the index,","page_number":88,"box":{"x":182,"y":618,"width":695,"height":11}},{"id":"ef1d1447-f24f-4b4c-9e90-89b926215be4","block_type":"box","text":"each Fund’s ability to obtain full exposure is limited by the availability of manufactured securities","page_number":88,"box":{"x":182,"y":639,"width":696,"height":11}},{"id":"bd6fb4f4-c740-45c0-97a8-40aa688a437f","block_type":"box","text":"designed to replicate its investment performance by virtue of the COLL Sourcebook.","page_number":88,"box":{"x":182,"y":659,"width":621,"height":11}},{"id":"658c314a-1d23-46bb-af6e-97838e33fa0e","block_type":"box","text":"","page_number":88,"box":{"x":152,"y":704,"width":6,"height":4}},{"id":"4f4b63e6-52fe-459b-b041-d3552888fc36","block_type":"box","text":"The Index Tracking Funds may receive non-benchmark holdings as a consequence of","page_number":88,"box":{"x":181,"y":701,"width":697,"height":11}},{"id":"4030df0f-43a5-49e1-a38f-eda2e3914196","block_type":"box","text":"corporate actions on existing holdings. We generally expect those holdings to be sold within 90","page_number":88,"box":{"x":182,"y":721,"width":696,"height":11}},{"id":"6e8932d5-1217-45e4-991f-709e209858ba","block_type":"box","text":"days, unless there are extenuating circumstances, for instance where the security is illiquid","page_number":88,"box":{"x":182,"y":742,"width":696,"height":11}},{"id":"5e88797c-5a49-4dbe-a9c2-57073ad26da1","block_type":"box","text":"(please see above). The Fund may also hold and purchase non-benchmark holdings that rank","page_number":88,"box":{"x":182,"y":762,"width":696,"height":11}},{"id":"0df69337-46d2-464b-b84d-df304a66a626","block_type":"box","text":"pari passu with a benchmark constituent that is not available to foreign investors, or if it is more","page_number":88,"box":{"x":182,"y":783,"width":696,"height":11}},{"id":"64edd731-7564-4d36-8224-05bd9d8a3fbe","block_type":"box","text":"beneficial for the Fund to own the non-benchmark line.","page_number":88,"box":{"x":182,"y":803,"width":403,"height":9}},{"id":"247ccd2d-e9ea-455e-b94a-f99abfbf6312","block_type":"box","text":"","page_number":88,"box":{"x":152,"y":848,"width":6,"height":4}},{"id":"bf0d1d4a-2ddb-464e-80f0-00918ceaf513","block_type":"box","text":"When the index is rebalanced, we expect that to be reflected in the Index Tracking Funds at","page_number":88,"box":{"x":181,"y":845,"width":697,"height":11}},{"id":"e5efaa65-8331-4730-a5c8-d1235d312444","block_type":"box","text":"the earliest opportunity. However, the fund manager may buy and sell shares to reflect those","page_number":88,"box":{"x":181,"y":865,"width":697,"height":12}},{"id":"f6af9393-1658-401a-96d5-921c68f55b01","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 89","page_number":89,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"e4b82524-2684-4828-8f71-60c475269b0c","block_type":"box","text":"changes up to 1 business day in advance of the actual rebalance date or, conversely, may take","page_number":89,"box":{"x":182,"y":88,"width":696,"height":11}},{"id":"32ed6817-ae3e-41c9-8168-aa2064e82918","block_type":"box","text":"longer to buy and sell securities after the rebalancing has taken effect. This may result in the","page_number":89,"box":{"x":182,"y":108,"width":696,"height":11}},{"id":"77a4457d-46d5-4211-b93a-58a189f09708","block_type":"box","text":"Fund holding non-benchmark securities for a short period of time. There may be larger","page_number":89,"box":{"x":182,"y":128,"width":697,"height":12}},{"id":"5b8eda5c-0db3-4e72-8fc5-e44ad7b1362c","block_type":"box","text":"differences in the portfolio weighting to each index security during this period.","page_number":89,"box":{"x":182,"y":149,"width":571,"height":11}},{"id":"b8f80c07-60ab-4a15-8346-90889a3a3b66","block_type":"box","text":"","page_number":89,"box":{"x":152,"y":194,"width":6,"height":4}},{"id":"65ebb605-3f37-4f22-b75e-0f4b0747142d","block_type":"box","text":"The UK International Index Tracking Fund is valued at midday, whilst the performance of its","page_number":89,"box":{"x":181,"y":191,"width":697,"height":11}},{"id":"6951acef-0e8c-4220-a333-66ceaae999ca","block_type":"box","text":"index is valued at close of business. This timing difference will result in differences in","page_number":89,"box":{"x":182,"y":211,"width":695,"height":11}},{"id":"9ff26dd7-aed2-476f-9204-ca352e4ff815","block_type":"box","text":"performance.","page_number":89,"box":{"x":182,"y":232,"width":96,"height":11}},{"id":"53aa5a92-4e33-4a1b-82b0-a1678090ae01","block_type":"box","text":"","page_number":89,"box":{"x":152,"y":277,"width":6,"height":4}},{"id":"fd946772-aa57-4932-ad6d-d17b8100d9fc","block_type":"box","text":"The International Index Tracking Fund aims to track its respective index by investing in a","page_number":89,"box":{"x":181,"y":274,"width":697,"height":11}},{"id":"5e9f30e4-e66c-4cb1-9000-ada957cde7e2","block_type":"box","text":"sample of securities which the portfolio manager believes are representative of the index and","page_number":89,"box":{"x":181,"y":294,"width":697,"height":11}},{"id":"b2a114be-ed6f-4478-bd59-90d64b2c0514","block_type":"box","text":"will therefore produce comparable returns. The sample is selected on the basis of ensuring this","page_number":89,"box":{"x":181,"y":314,"width":697,"height":12}},{"id":"5b1ddd38-cca4-48c7-a04d-c78970817fab","block_type":"box","text":"Fund has geographic/country/sector exposure as close to the benchmark as possible. There is","page_number":89,"box":{"x":182,"y":335,"width":696,"height":11}},{"id":"9c3eec64-9ce3-4ca8-a5d6-9d35058c734d","block_type":"box","text":"a risk the actual performance of the sample of shares selected for investment does not mirror","page_number":89,"box":{"x":182,"y":355,"width":697,"height":12}},{"id":"77c5cdc6-e0f0-447a-ab58-191651f2a83c","block_type":"box","text":"that of the entire index.","page_number":89,"box":{"x":181,"y":376,"width":169,"height":9}},{"id":"5f02a404-8b28-4101-9b2c-4b83db6c2d30","block_type":"box","text":"","page_number":89,"box":{"x":152,"y":421,"width":6,"height":4}},{"id":"2cfce183-d799-455b-b4ad-59bedb1135ff","block_type":"box","text":"The Index Tracking Funds also have limited exclusions based on the Aviva Investors UK","page_number":89,"box":{"x":181,"y":418,"width":697,"height":11}},{"id":"76ad56fa-9f0f-4189-89b4-852750b985cb","block_type":"box","text":"Responsible Investment Policy, which may prevent the Funds from holding the constituents of","page_number":89,"box":{"x":182,"y":438,"width":696,"height":11}},{"id":"9db58a37-c837-491c-9ae1-eeee23f2a185","block_type":"box","text":"the index in the same proportions (see “Responsible Investment”, below).","page_number":89,"box":{"x":181,"y":459,"width":543,"height":11}},{"id":"04edd920-6c9b-4643-a7e3-9891207a02a3","block_type":"box","text":"Additional risks for the Aviva Investors Multi-asset Income Fund","page_number":89,"box":{"x":121,"y":509,"width":569,"height":9}},{"id":"aab977c2-ca06-439a-8cba-eb91001e0c54","block_type":"box","text":"1. Total Return Swaps (TRS)","page_number":89,"box":{"x":182,"y":543,"width":313,"height":13}},{"id":"45267277-c18b-4bb8-810b-69b205b2aed4","block_type":"box","text":"The Aviva Investors Multi-asset Income Fund may use TRS. A TRS is a swap agreement in which the","page_number":89,"box":{"x":121,"y":559,"width":757,"height":11}},{"id":"7d2d59dd-cc2c-475d-9785-1ae46aa0774f","block_type":"box","text":"total return of a security is exchanged for some other cash flow, usually tied to a funding reference rate.","page_number":89,"box":{"x":121,"y":579,"width":756,"height":12}},{"id":"8bba9aaf-e8b3-4db8-b258-fb4a06687ec1","block_type":"box","text":"TRS are subject to interest rate risk with an additional risk that underlying security/market movements","page_number":89,"box":{"x":121,"y":600,"width":757,"height":11}},{"id":"4110e87c-f4d5-49df-822f-37c61098dd23","block_type":"box","text":"may vary from expectations at the point the position is entered into. Adverse movements in either case","page_number":89,"box":{"x":122,"y":620,"width":756,"height":11}},{"id":"d76fe05c-0d13-4882-9b78-40393ee21cf3","block_type":"box","text":"would result in losses to the Fund. TRS are also subject to counterparty credit risk, which is the","page_number":89,"box":{"x":121,"y":641,"width":757,"height":11}},{"id":"62ed4549-4327-44c2-93af-cf2eb4f927f3","block_type":"box","text":"possibility that the other party to the swap contract may default on its obligations. Collateralisation","page_number":89,"box":{"x":121,"y":661,"width":756,"height":12}},{"id":"8676a43f-38de-4154-8c88-0dfa7a646113","block_type":"box","text":"arrangements will be in place to minimize this counterparty credit risk.","page_number":89,"box":{"x":121,"y":682,"width":515,"height":11}},{"id":"91bc2e78-3162-430e-aafe-f4f52652238d","block_type":"box","text":"2. Commodity Investment","page_number":89,"box":{"x":181,"y":719,"width":289,"height":14}},{"id":"3ec70a45-5072-4d57-9f52-17607cd8a5f8","block_type":"box","text":"The Fund may gain exposure to commodities, including gold, indirectly, for example, through certain","page_number":89,"box":{"x":121,"y":735,"width":757,"height":12}},{"id":"3c484e0f-9f64-4728-b78e-7e3a0d3b3a75","block_type":"box","text":"Exchange Traded Commodities (ETC’s), Exchange Traded Funds (ETF’s) and exposure to certain","page_number":89,"box":{"x":122,"y":756,"width":755,"height":11}},{"id":"0659e49f-b403-4abb-ae99-b087a5b0fd3b","block_type":"box","text":"broad based commodity indices. Investments which offer exposure to commodities may have greater","page_number":89,"box":{"x":121,"y":776,"width":757,"height":12}},{"id":"9eaadd26-dd03-4e60-a305-de1b949601a4","block_type":"box","text":"volatility than investments in more traditional securities such as equities and bonds. Where the Fund","page_number":89,"box":{"x":121,"y":797,"width":757,"height":11}},{"id":"9e433cc0-2090-480a-b2bc-2a407e300cd2","block_type":"box","text":"invests in commodity instruments which are physically backed, recourse is limited to the extent of the","page_number":89,"box":{"x":122,"y":817,"width":756,"height":11}},{"id":"3db9439f-70cb-4373-b70e-ab1a0374ce71","block_type":"box","text":"value of the commodities physically held. Where such value is insufficient to meet claims, payment","page_number":89,"box":{"x":121,"y":838,"width":757,"height":11}},{"id":"5361092a-a935-4395-941b-7961c906e555","block_type":"box","text":"obligations may not be met, and the Fund may suffer losses. The value of commodity-based","page_number":89,"box":{"x":121,"y":858,"width":757,"height":12}},{"id":"22a5ebbd-7e2d-411c-8feb-2eb892808259","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 90","page_number":90,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"37cc963e-9561-4b99-848d-a3465e773281","block_type":"box","text":"investments may also be affected by additional risks such as political risk, natural events or terrorism,","page_number":90,"box":{"x":122,"y":88,"width":755,"height":11}},{"id":"65f71138-656b-4386-b356-a98ec3542533","block_type":"box","text":"which may in turn, influence the production, trading, and liquidity of commodities.","page_number":90,"box":{"x":121,"y":108,"width":597,"height":11}},{"id":"a7938af6-1493-4534-b34b-88ac6523a8ea","block_type":"box","text":"3. Short positions","page_number":90,"box":{"x":181,"y":146,"width":214,"height":13}},{"id":"3776988f-7bec-4777-9813-f5774a777be5","block_type":"box","text":"Holding a short position is when a security that the Fund does not physically own is sold. This is done","page_number":90,"box":{"x":122,"y":162,"width":756,"height":11}},{"id":"96088257-17f8-413f-ad28-b915287dc662","block_type":"box","text":"if the price of that security is expected to fall so that it can be purchased at a later date for a lower price","page_number":90,"box":{"x":122,"y":182,"width":756,"height":11}},{"id":"c1517414-33bf-4a32-9e98-7a77611dea92","block_type":"box","text":"to make a profit. Short selling of physical securities is prohibited under UCITS Regulations, but the","page_number":90,"box":{"x":121,"y":203,"width":757,"height":11}},{"id":"4dee81d1-5b23-46e6-9321-d0292364f849","block_type":"box","text":"creation of synthetic short positions through the use of cash settled derivatives is permitted, as long as","page_number":90,"box":{"x":121,"y":223,"width":757,"height":11}},{"id":"d34d6de6-fe3d-4fc5-8a45-200babe6dfb5","block_type":"box","text":"any exposure created is covered by the assets of the Fund. Short position in a security could create","page_number":90,"box":{"x":121,"y":244,"width":757,"height":11}},{"id":"e1bc35f5-630e-439d-a577-3afd10dbfaa6","block_type":"box","text":"greater risks than would occur with a long position. These include the possibility of an unlimited loss","page_number":90,"box":{"x":121,"y":264,"width":757,"height":11}},{"id":"01858b27-f741-46a4-9038-37f216378253","block_type":"box","text":"due to potentially unlimited price increases in the securities concerned and issues associated with the","page_number":90,"box":{"x":121,"y":285,"width":757,"height":11}},{"id":"9d411499-040a-4ee6-b80b-b687f08be55f","block_type":"box","text":"cost or availability of stock to borrow for the Fund.","page_number":90,"box":{"x":121,"y":305,"width":368,"height":11}},{"id":"a7aac042-af6e-48ad-a9a8-2789d931abf4","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 91","page_number":91,"box":{"x":121,"y":926,"width":363,"height":9}},{"id":"c9919c26-6702-4295-916d-a1e65661fd5a","block_type":"box","text":"MANAGEMENT AND ADMINISTRATION","page_number":91,"box":{"x":282,"y":88,"width":436,"height":13}},{"id":"5551b8ec-a571-4323-bc03-c167aeee51e6","block_type":"box","text":"Authorised Corporate Director","page_number":91,"box":{"x":121,"y":150,"width":291,"height":13}},{"id":"69e64ff0-37c7-41f1-bd56-3dea49b71baa","block_type":"box","text":"The ACD of the Company is Aviva Investors UK Fund Services Limited. The ACD is a private company","page_number":91,"box":{"x":121,"y":194,"width":757,"height":12}},{"id":"452ee78b-32a6-4bf7-9602-67ebb1e8d61a","block_type":"box","text":"limited by shares and incorporated in England and Wales on 20 December 1985.","page_number":91,"box":{"x":122,"y":215,"width":597,"height":11}},{"id":"27c7e212-797d-4d61-93cc-6c303d1b0dcd","block_type":"box","text":"With effect from the 1 May 2014, the ACD has been wholly owned by Aviva Investors Holdings Limited,","page_number":91,"box":{"x":121,"y":256,"width":756,"height":11}},{"id":"2d0405ab-98a8-42f5-89ec-686775053faa","block_type":"box","text":"a company incorporated in the United Kingdom and within the Aviva Group of Companies. The Directors","page_number":91,"box":{"x":121,"y":276,"width":757,"height":12}},{"id":"c698d917-1a00-4b97-a5fb-8b6f8df5e561","block_type":"box","text":"of the ACD are listed in Appendix 8.","page_number":91,"box":{"x":121,"y":297,"width":264,"height":11}},{"id":"c92d32a5-cacb-4aec-b55e-b345b22ac43e","block_type":"box","text":"The registered office of the ACD and its principal place of business is 80 Fenchurch Street, London,","page_number":91,"box":{"x":121,"y":338,"width":756,"height":11}},{"id":"a1deff28-5d38-4a43-af01-302fa4d0ee39","block_type":"box","text":"EC3M 4AE.","page_number":91,"box":{"x":122,"y":358,"width":85,"height":9}},{"id":"f81e4b9f-ac68-481c-9047-c90d35143009","block_type":"box","text":"The ACD has an issued share capital of £21,500,000 which is fully paid up","page_number":91,"box":{"x":121,"y":379,"width":551,"height":11}},{"id":"d8479e18-71ce-42d1-a7b5-9125ca7f1ada","block_type":"box","text":".","page_number":91,"box":{"x":674,"y":386,"width":3,"height":1}},{"id":"5beac587-489f-4a43-85d1-af02e6d3d49a","block_type":"box","text":"The ACD is responsible for managing and administering the Company’s affairs in compliance with the","page_number":91,"box":{"x":121,"y":420,"width":757,"height":11}},{"id":"533308f7-09f7-4ec7-9b2e-f3444939540d","block_type":"box","text":"COLL Sourcebook.","page_number":91,"box":{"x":121,"y":440,"width":141,"height":9}},{"id":"2677c315-d051-413a-b6ac-c3ea5bc6fc03","block_type":"box","text":"The ACD may provide investment services to other funds and clients and to companies in which the","page_number":91,"box":{"x":121,"y":481,"width":757,"height":11}},{"id":"0fbd2510-2657-4748-80fe-5e4eea5648df","block_type":"box","text":"Company may invest, and also acts as the ACD and manager to other ICVCs and authorised unit trusts","page_number":91,"box":{"x":121,"y":502,"width":757,"height":11}},{"id":"b995931d-cd8d-452f-9e8d-31bf76b053b9","block_type":"box","text":"as more fully described in Appendix 6.","page_number":91,"box":{"x":121,"y":522,"width":282,"height":11}},{"id":"e7e5e464-33b1-472a-a004-1efadddcd51b","block_type":"box","text":"The ACD provides its services to the Company under the terms of an agreement (the “","page_number":91,"box":{"x":121,"y":563,"width":721,"height":11}},{"id":"73522ab1-dc75-48b8-bc1e-f99541fd0e11","block_type":"box","text":"ACD","page_number":91,"box":{"x":843,"y":563,"width":35,"height":9}},{"id":"715e755a-9851-441e-9c99-1be097ee1ebb","block_type":"box","text":"Agreement","page_number":91,"box":{"x":121,"y":584,"width":87,"height":11}},{"id":"53178c88-63f8-4623-abc3-3c396c469488","block_type":"box","text":"”) dated 11 September 1998, as amended and restated on 17 February 2017, which","page_number":91,"box":{"x":209,"y":584,"width":668,"height":11}},{"id":"31fc0047-b3ca-42a6-93d7-09fba19c0c17","block_type":"box","text":"provides that the appointment of the ACD is for an initial period of three years and thereafter may be","page_number":91,"box":{"x":121,"y":604,"width":757,"height":11}},{"id":"b8887649-6d83-4b42-920a-037587291b73","block_type":"box","text":"terminated upon 12 months’ written notice by the Company, although in certain circumstances the","page_number":91,"box":{"x":121,"y":625,"width":757,"height":11}},{"id":"2c23c746-c468-438c-8d5a-e0b1715495b9","block_type":"box","text":"agreement may be terminated forthwith by notice in writing by the ACD to the Company or the","page_number":91,"box":{"x":121,"y":645,"width":757,"height":11}},{"id":"e84b245e-1075-4e43-bcd6-b884b15889d0","block_type":"box","text":"Depositary or the Company to the ACD. Termination of the ACD’s appointment cannot take effect until","page_number":91,"box":{"x":122,"y":665,"width":755,"height":12}},{"id":"1ce386dd-cfca-483a-bff8-31a069c7d83f","block_type":"box","text":"the Financial Conduct Authority has approved the change of director.","page_number":91,"box":{"x":121,"y":686,"width":510,"height":11}},{"id":"d4c5dc7f-d055-4641-b3c2-57e69cc25308","block_type":"box","text":"In the case of termination under the terms of the ACD Agreement the ACD is entitled to its pro rata fees","page_number":91,"box":{"x":122,"y":727,"width":756,"height":11}},{"id":"71be3d89-6841-4ab4-93de-278bec65e73a","block_type":"box","text":"and expenses to the date of termination and any additional expenses necessarily realised in settling or","page_number":91,"box":{"x":121,"y":748,"width":758,"height":11}},{"id":"3277f070-8bd2-4f64-86c7-70593c8f9ea1","block_type":"box","text":"realising any outstanding obligations. There is no compensation for loss of office provided for in the","page_number":91,"box":{"x":122,"y":768,"width":756,"height":11}},{"id":"90dc2288-79cf-48ef-8bfa-ed0020584409","block_type":"box","text":"ACD Agreement. The ACD Agreement provides indemnities to the ACD other than where there has","page_number":91,"box":{"x":121,"y":788,"width":757,"height":12}},{"id":"25e8c0ca-f654-4fb3-987d-5fa97d0b8d40","block_type":"box","text":"been negligence, fraud, wilful default, breach of duty or breach of trust in the performance of its duties","page_number":91,"box":{"x":121,"y":809,"width":757,"height":11}},{"id":"6bb95958-ad1a-4503-8c0a-97bb37aede18","block_type":"box","text":"and obligations.","page_number":91,"box":{"x":121,"y":830,"width":116,"height":11}},{"id":"3c8e5179-26df-41ec-9524-95d8bd0c228f","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 92","page_number":92,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"c1474240-24c7-4ed9-a468-35c341adf4c7","block_type":"box","text":"Subject to the COLL Sourcebook, the ACD has full power to delegate the whole or any part of its duties","page_number":92,"box":{"x":121,"y":87,"width":757,"height":12}},{"id":"181b1f1e-013c-4546-a7d1-0097d1dcee0e","block_type":"box","text":"under the ACD Agreement but the ACD remains liable to the Company for the management of the","page_number":92,"box":{"x":122,"y":108,"width":756,"height":11}},{"id":"b9dc0f4e-af9e-4843-8c6f-e5722c3dbfcd","block_type":"box","text":"Scheme Property.","page_number":92,"box":{"x":121,"y":128,"width":132,"height":12}},{"id":"6f091ea0-c930-4598-afdf-c4ccff555eea","block_type":"box","text":"As referred to in the section headed “Dealing in Shares” above, the ACD is also under no obligation to","page_number":92,"box":{"x":121,"y":169,"width":757,"height":12}},{"id":"f495c7d7-fcf5-4e2d-99e5-a96e76fec720","block_type":"box","text":"account to the Depositary or the Shareholders for any profit it makes on the issue, re-issue or","page_number":92,"box":{"x":121,"y":190,"width":757,"height":11}},{"id":"41880a23-7436-4f7f-9532-905d3d670cdd","block_type":"box","text":"cancellation of Shares which it has redeemed","page_number":92,"box":{"x":121,"y":210,"width":336,"height":9}},{"id":"fa8e3f88-7f25-4910-97b6-056394ccedd3","block_type":"box","text":"The ACD is authorised and regulated by the Financial Conduct Authority of 12 Endeavour Square,","page_number":92,"box":{"x":121,"y":251,"width":756,"height":12}},{"id":"c37ba73e-69c3-4bcb-981e-76e1dd01dfe8","block_type":"box","text":"London E20 1JN.","page_number":92,"box":{"x":122,"y":272,"width":127,"height":9}},{"id":"1b540f35-63aa-4d90-8717-ac581e7fd52f","block_type":"box","text":"The Depositary","page_number":92,"box":{"x":121,"y":313,"width":151,"height":14}},{"id":"757a8eb2-fb62-4cd6-bd70-3f3f72f71987","block_type":"box","text":"The Depositary is J.P. Morgan Europe Limited. It is a private company incorporated in England and","page_number":92,"box":{"x":121,"y":360,"width":756,"height":11}},{"id":"a2816069-9a81-4a58-ab32-e272b19a3d33","block_type":"box","text":"Wales on 18 September 1968. The registered office of the Depositary is 25 Bank Street, Canary Wharf,","page_number":92,"box":{"x":121,"y":380,"width":756,"height":12}},{"id":"36896e27-f62f-4481-af93-5810c80d101f","block_type":"box","text":"London, E14 5JP. The Depositary’s principal business activity is acting as corporate trustee including","page_number":92,"box":{"x":122,"y":401,"width":755,"height":11}},{"id":"ac394840-6a34-4366-826f-a5c4d14c68ac","block_type":"box","text":"trusteeship of unit trust schemes and depositary of open-ended investment companies. The Depositary","page_number":92,"box":{"x":121,"y":421,"width":757,"height":12}},{"id":"e7ca574d-86f8-4e50-b89a-6de3cd0c2e9f","block_type":"box","text":"is dual authorised and regulated by the Financial Conduct Authority and the Prudential Regulation","page_number":92,"box":{"x":122,"y":442,"width":755,"height":11}},{"id":"3988eb99-a12b-40a8-874c-45bd2ca870a4","block_type":"box","text":"Authority. The ultimate holding company of the Depositary is JPMorgan Chase & Co, a Delaware","page_number":92,"box":{"x":121,"y":462,"width":757,"height":12}},{"id":"5ce37e4b-f2fa-4f73-a960-11d140a53723","block_type":"box","text":"Corporation.","page_number":92,"box":{"x":121,"y":483,"width":90,"height":11}},{"id":"5891762a-f69b-49f9-b628-567bf91c2454","block_type":"box","text":"The Depositary provides to the Company depositary, custodial, settlement and all other duties and","page_number":92,"box":{"x":121,"y":515,"width":757,"height":11}},{"id":"545ccb0a-cc71-407d-8ab2-31bbec5a1be2","block_type":"box","text":"obligations required of a depositary as specified in the UCITS Regulations. It is therefore responsible","page_number":92,"box":{"x":121,"y":536,"width":757,"height":11}},{"id":"4f62c065-e3f3-483c-b280-51520c7ab87a","block_type":"box","text":"for the safekeeping and ownership verification of all the Scheme Property of the Company, cash flow","page_number":92,"box":{"x":121,"y":556,"width":757,"height":11}},{"id":"32b6e871-a7df-4bc7-b64e-3066fb2ccbfa","block_type":"box","text":"monitoring and oversight functions in accordance with the UCITS Regulations. The Depositary will","page_number":92,"box":{"x":122,"y":577,"width":755,"height":11}},{"id":"d4a2ab45-6d6f-44ba-a06a-220ecd482ac3","block_type":"box","text":"further:","page_number":92,"box":{"x":121,"y":597,"width":51,"height":9}},{"id":"7fa22745-3751-4c63-a87c-66b59c48ec00","block_type":"box","text":"(a) ensure that the issue, redemption and cancellation of Shares effected by the Company or on","page_number":92,"box":{"x":131,"y":618,"width":735,"height":11}},{"id":"d7debad4-6591-4537-94ad-bad5b962e886","block_type":"box","text":"its behalf are carried out in accordance with the UCITS Regulations or the Instrument of","page_number":92,"box":{"x":182,"y":638,"width":649,"height":11}},{"id":"1ffc9d2d-cdd2-48cc-b98e-5a27041ebef4","block_type":"box","text":"Incorporation;","page_number":92,"box":{"x":182,"y":659,"width":100,"height":11}},{"id":"382b0ef4-ba32-474b-819c-a964ea28075a","block_type":"box","text":"(b) ensure that the value per Share of the Company is calculated in accordance with the UCITS","page_number":92,"box":{"x":131,"y":679,"width":732,"height":11}},{"id":"58d31607-9b9a-4fa4-aa70-3ff8e7201e6e","block_type":"box","text":"Regulations and the Instrument of Incorporation;","page_number":92,"box":{"x":182,"y":700,"width":357,"height":11}},{"id":"c25d3dd3-9594-4b26-a713-128cdcf5b40b","block_type":"box","text":"(c) carry out, or where applicable, cause any Custodian or other custodial delegate to carry out","page_number":92,"box":{"x":132,"y":720,"width":726,"height":11}},{"id":"d95ac4a7-71d0-4d68-9c1d-1a791546e6aa","block_type":"box","text":"the instructions of the Company or the ACD unless they conflict the UCITS Regulations and","page_number":92,"box":{"x":181,"y":740,"width":679,"height":12}},{"id":"d672577b-7b1e-41be-9306-70f140c3790b","block_type":"box","text":"the Instrument of Incorporation;","page_number":92,"box":{"x":181,"y":761,"width":232,"height":11}},{"id":"d0dcdd8d-2cf1-455a-a7ab-7cdb8d7de793","block_type":"box","text":"(d) ensure that in transactions involving the assets of the Company, the consideration is remitted","page_number":92,"box":{"x":131,"y":781,"width":740,"height":12}},{"id":"ce6e3c2c-3ee7-422e-818e-47fba3d54576","block_type":"box","text":"to it within the usual time limits; and","page_number":92,"box":{"x":181,"y":802,"width":263,"height":10}},{"id":"4ee87be6-1d6f-43a5-90c5-e8c8aff5ec36","block_type":"box","text":"(e) ensure that the income of the Company is applied in accordance with the Instrument of","page_number":92,"box":{"x":131,"y":822,"width":694,"height":12}},{"id":"9043ff23-3d8b-4a74-ae60-99745e86ddcd","block_type":"box","text":"Incorporation.","page_number":92,"box":{"x":182,"y":843,"width":100,"height":11}},{"id":"067f457c-2ea6-4c1f-92b8-33082511b46b","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 93","page_number":93,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"8beb5f26-810a-49f9-ac1f-32c0655f3bf8","block_type":"box","text":"In carrying out its role as depositary, the Depositary shall act independently from the Company and the","page_number":93,"box":{"x":122,"y":87,"width":756,"height":12}},{"id":"30010887-3b62-4707-b52d-805a34ede20e","block_type":"box","text":"ACD and solely in the interest of the Company and the Shareholders.","page_number":93,"box":{"x":121,"y":108,"width":513,"height":11}},{"id":"bd76513e-4acb-43f9-8ed3-226925e4622e","block_type":"box","text":"The Depositary provides its services and assumes its responsibilities in accordance with the UCITS","page_number":93,"box":{"x":121,"y":140,"width":757,"height":12}},{"id":"ee83f18b-a6a5-4b6d-b1e2-b0b57ace3d93","block_type":"box","text":"Regulations under an agreement effective 1 December 2018 between the Company, the ACD and the","page_number":93,"box":{"x":122,"y":161,"width":756,"height":11}},{"id":"946c7f77-cdb1-4e3a-90fb-10662048433b","block_type":"box","text":"Depositary (as amended, restated, supplemented, varied or novated from time to time) (the","page_number":93,"box":{"x":122,"y":181,"width":756,"height":11}},{"id":"5d4de377-c96d-4a93-9dcc-c1beb65d7edd","block_type":"box","text":"“D","page_number":93,"box":{"x":123,"y":202,"width":7,"height":3}},{"id":"c988fb1f-2bb4-4467-830f-ac8919bfccd0","block_type":"box","text":"“Depositary Agreement","page_number":93,"box":{"x":130,"y":202,"width":177,"height":11}},{"id":"eb6a7290-7fe7-448e-ac15-243cf7999874","block_type":"box","text":"”). The Depositary Agreement states that investments will not be re-used other","page_number":93,"box":{"x":308,"y":202,"width":570,"height":11}},{"id":"0c70f2a2-d912-48fb-b00a-222836680b72","block_type":"box","text":"than with the prior written consent of the Company and then only in accordance with the UCITS","page_number":93,"box":{"x":121,"y":222,"width":757,"height":11}},{"id":"778fc8aa-72bc-4783-96cd-7d587a01a790","block_type":"box","text":"Regulations.","page_number":93,"box":{"x":122,"y":243,"width":90,"height":11}},{"id":"e0abc21b-b7f2-4f49-9c98-da9e3985f822","block_type":"box","text":"The Depositary Agreement may be terminated on 180 days’ written notice by the Depositary to the","page_number":93,"box":{"x":121,"y":275,"width":757,"height":11}},{"id":"42494ee4-e7e9-453e-87eb-a5101ac1490d","block_type":"box","text":"Company or on 90 days’ written notice by the ACD and/or the Company to the Depositary. The","page_number":93,"box":{"x":121,"y":295,"width":757,"height":12}},{"id":"f5f17959-a7cc-4db3-b441-930bde89a9f4","block_type":"box","text":"Depositary may not retire voluntarily except upon the appointment of a new Depositary. The Company","page_number":93,"box":{"x":122,"y":316,"width":756,"height":11}},{"id":"1097855c-aa0e-4633-81bc-c88173417a21","block_type":"box","text":"and the ACD will use best endeavours to appoint a successor depositary within the notice period, and","page_number":93,"box":{"x":121,"y":337,"width":757,"height":11}},{"id":"c9aef4a7-32c9-4886-a100-f0209002dc50","block_type":"box","text":"until such replacement is appointed the Depositary shall continue to perform its services under the","page_number":93,"box":{"x":122,"y":357,"width":756,"height":11}},{"id":"59acc8d7-7567-47e7-9da9-0afa713857db","block_type":"box","text":"Depositary Agreement. Subject to the UCITS Regulations, the Depositary Agreement may also be","page_number":93,"box":{"x":122,"y":377,"width":756,"height":12}},{"id":"4e813af3-dd76-4a7c-b0f5-1f782497a527","block_type":"box","text":"terminated by the Depositary on 30 days’ notice in writing if the Depositary is unable to ensure the","page_number":93,"box":{"x":121,"y":398,"width":757,"height":11}},{"id":"07f1e5fb-ab35-453a-8524-cb0c144b10e4","block_type":"box","text":"required level of protection of the Company’s investments under the UCITS Regulations because of the","page_number":93,"box":{"x":122,"y":418,"width":756,"height":12}},{"id":"d740bcea-fdd8-4a02-939d-e7955cbf1d59","block_type":"box","text":"investment decisions of the Manager. The Depositary Agreement may also be terminated immediately","page_number":93,"box":{"x":122,"y":439,"width":756,"height":11}},{"id":"bb4edd4f-bb17-4946-9ae9-d8a1bb708ee9","block_type":"box","text":"by either party on the occurrence of certain events of default.","page_number":93,"box":{"x":121,"y":459,"width":450,"height":12}},{"id":"07922c21-be65-422b-a05e-0a20e97ca9a0","block_type":"box","text":"The Depositary Agreement provides indemnities to the Depositary in respect of performance under the","page_number":93,"box":{"x":121,"y":492,"width":757,"height":11}},{"id":"022e15b6-5752-4215-968e-46831da6593e","block_type":"box","text":"Depositary Agreement (other than as a result of its fraud, negligence or wilful misconduct). The","page_number":93,"box":{"x":122,"y":512,"width":756,"height":12}},{"id":"da5f5a4c-fe9d-4b97-980a-a813e39e7a46","block_type":"box","text":"Depositary is liable to the Company or its Shareholders for the loss of a financial instrument held in","page_number":93,"box":{"x":122,"y":533,"width":756,"height":11}},{"id":"c2804169-4610-46df-bcbd-10496f2a464f","block_type":"box","text":"custody by the Depositary or any of its delegates. The Depositary shall, however, not be liable if it can","page_number":93,"box":{"x":121,"y":553,"width":756,"height":11}},{"id":"c06d69fa-36ec-4ccc-8c49-7085d130a5a6","block_type":"box","text":"prove that the loss has arisen as a result of an external event beyond its reasonable control, the","page_number":93,"box":{"x":121,"y":574,"width":757,"height":11}},{"id":"3c9a43c0-00d4-483c-a7bc-896c871179f5","block_type":"box","text":"consequences of which would have been unavoidable despite all reasonable efforts to the contrary.","page_number":93,"box":{"x":121,"y":594,"width":756,"height":11}},{"id":"7d6f70ac-40d4-408e-81b1-89d96ae958af","block_type":"box","text":"The Depositary is also liable to the Company or the Shareholders for all other losses suffered by them","page_number":93,"box":{"x":121,"y":615,"width":756,"height":11}},{"id":"ebf7b22b-39e8-4597-87c9-38032fc190f4","block_type":"box","text":"as a result of the Depositary’s negligence, or intentional failure to properly fulfil its obligations pursuant","page_number":93,"box":{"x":121,"y":635,"width":757,"height":11}},{"id":"952f7ff3-02f9-4539-95b4-bc070fe3d16b","block_type":"box","text":"to the Depositary Agreement or the UCITS Regulations.","page_number":93,"box":{"x":121,"y":656,"width":413,"height":11}},{"id":"72e2ca81-9c2e-479e-98d0-49b94c408c89","block_type":"box","text":"Subject to the UCITS Regulations, the Depositary has full power under the Depositary Agreement to","page_number":93,"box":{"x":121,"y":688,"width":757,"height":11}},{"id":"5c839c75-c44f-49c1-9aa6-c448388e14df","block_type":"box","text":"delegate its safekeeping function and thereby entrust all or part of the assets of the Company that it","page_number":93,"box":{"x":121,"y":709,"width":757,"height":11}},{"id":"7bbec1af-1945-4f3d-aed5-2b0299a772a2","block_type":"box","text":"holds in custody to such Custodians as may be determined by the Depositary from time to time (and","page_number":93,"box":{"x":122,"y":729,"width":755,"height":11}},{"id":"6ec06f3e-151b-4410-9a4e-fdb600ba542b","block_type":"box","text":"authorise its Custodian to sub-delegate such services). When selecting and appointing a Custodian or","page_number":93,"box":{"x":121,"y":749,"width":757,"height":12}},{"id":"1b49c2b0-b65d-4d18-b9da-c2119266c569","block_type":"box","text":"other delegate, the Depositary shall exercise all due skill, care and diligence as required by the UCITS","page_number":93,"box":{"x":121,"y":770,"width":757,"height":11}},{"id":"d7620a28-e073-449a-b02f-5b8eba327c9d","block_type":"box","text":"Regulations to ensure that it entrusts the Company’s assets only to a delegate who may provide an","page_number":93,"box":{"x":122,"y":790,"width":756,"height":12}},{"id":"cc610b84-1a1c-41ba-ae35-6356f003052a","block_type":"box","text":"adequate standard of protection. Except as provided in the UCITS Regulations, the Depositary’s liability","page_number":93,"box":{"x":121,"y":811,"width":757,"height":11}},{"id":"1c4f4d1d-ced8-4ae9-80fc-82fb2473e560","block_type":"box","text":"shall not be affected by the fact that it has entrusted all or part of the assets in its care to a third party.","page_number":93,"box":{"x":121,"y":831,"width":756,"height":12}},{"id":"3c8e976c-2800-4ad7-8bc7-edb902d154cf","block_type":"box","text":"A list of the Custodians and other sub-delegates used by the Custodian is contained in Appendix 9. The","page_number":93,"box":{"x":121,"y":852,"width":757,"height":11}},{"id":"f5588224-d9ea-43f8-be97-e8e97930c888","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 94","page_number":94,"box":{"x":121,"y":926,"width":365,"height":9}},{"id":"69de84e2-4868-4264-9314-66328cc4aad4","block_type":"box","text":"latest version of this list is also available on request from the ACD. The Depositary may not delegate","page_number":94,"box":{"x":122,"y":87,"width":756,"height":12}},{"id":"92e10338-0867-4d9b-8a33-eacc12e1ce97","block_type":"box","text":"any of its other functions.","page_number":94,"box":{"x":121,"y":108,"width":185,"height":11}},{"id":"31d278f8-0f93-4b8e-8e28-1b142030700d","block_type":"box","text":"As part of the normal course of global custody business, the Depositary may from time to time have","page_number":94,"box":{"x":121,"y":140,"width":757,"height":12}},{"id":"6a2887a8-348f-45ca-ada2-6f31e6ba656c","block_type":"box","text":"entered into arrangements with other clients, funds or other third parties for the provision of safekeeping","page_number":94,"box":{"x":121,"y":161,"width":756,"height":11}},{"id":"2d5b2b51-14f2-4f60-bec8-192aa889ccdb","block_type":"box","text":"and related services. 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The system","page_number":99,"box":{"x":121,"y":605,"width":757,"height":11}},{"id":"49e91560-2aa1-4106-92a2-a97499a3acee","block_type":"box","text":"of internal controls, the different reporting lines, the allocation of tasks and the management reporting","page_number":99,"box":{"x":121,"y":626,"width":757,"height":11}},{"id":"d413cba4-b50c-4307-a83e-562978a26fbe","block_type":"box","text":"allow potential conflicts of interest and the Depositary issues to be properly identified, managed, and","page_number":99,"box":{"x":121,"y":646,"width":756,"height":12}},{"id":"c9f4fc14-0d8b-4db4-8e48-bf5ba82868c7","block_type":"box","text":"monitored.","page_number":99,"box":{"x":122,"y":667,"width":76,"height":8}},{"id":"e5e13292-afc8-47cc-ab9c-9f344e2d52d2","block_type":"box","text":"Service Providers","page_number":99,"box":{"x":121,"y":701,"width":141,"height":9}},{"id":"def85ada-0413-435f-8fd9-910b338e3251","block_type":"box","text":"Certain entities in which a Fund has an investment (whether directly or indirectly) may also provide","page_number":99,"box":{"x":121,"y":734,"width":757,"height":11}},{"id":"5a6dab5b-b0de-4ea2-9057-0ac4b7ea9e20","block_type":"box","text":"goods or services to, or have a business, financial or other relationship with other Funds of the","page_number":99,"box":{"x":121,"y":754,"width":757,"height":12}},{"id":"040981eb-9e7b-4979-8ce4-f3c8c55ce32f","block_type":"box","text":"Company, the ACD, their associates and other funds managed by the ACD or their associates. Such","page_number":99,"box":{"x":121,"y":775,"width":757,"height":11}},{"id":"6b51e20a-aaae-4f9c-92b1-a3e61eef8862","block_type":"box","text":"entities may also be a source of financing and investment opportunities or co-investors in investments","page_number":99,"box":{"x":121,"y":795,"width":757,"height":11}},{"id":"f628b7be-c2af-4a17-84cf-410f298c2182","block_type":"box","text":"made by the Funds (whether directly or indirectly) or other funds managed by the ACD or their","page_number":99,"box":{"x":122,"y":816,"width":756,"height":11}},{"id":"9c18be31-9f66-4e30-a2a1-e5df4c7ee890","block_type":"box","text":"associates. 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Notwithstanding the above, the selection of such entities that may","page_number":100,"box":{"x":121,"y":108,"width":757,"height":11}},{"id":"41bcb6ed-37f1-459a-bd4f-4830c91089e8","block_type":"box","text":"provide goods and services will generally be allocated based on an evaluation which includes such","page_number":100,"box":{"x":121,"y":129,"width":757,"height":11}},{"id":"ceab3b94-270c-4650-90e5-2a074413e5f5","block_type":"box","text":"entities’ provision of certain goods and services that the ACD or associates believes to be of benefit to","page_number":100,"box":{"x":121,"y":149,"width":757,"height":11}},{"id":"708126ac-7459-4f61-ade0-7689776dc5fd","block_type":"box","text":"a Fund, or such other funds managed by the ACD or associates.","page_number":100,"box":{"x":121,"y":169,"width":477,"height":12}},{"id":"99e42aa4-7f34-492a-9866-844f0e11c432","block_type":"box","text":"General","page_number":100,"box":{"x":121,"y":202,"width":61,"height":9}},{"id":"ccc415ab-4c3b-4b58-b35c-c7bb57dcd6ff","block_type":"box","text":"The COLL Sourcebook contains provisions on conflict of interest governing any transaction concerning","page_number":100,"box":{"x":121,"y":234,"width":757,"height":11}},{"id":"8e25b780-76fe-41df-9e30-40631350d9b3","block_type":"box","text":"the Company which is carried out by or with any “","page_number":100,"box":{"x":121,"y":255,"width":376,"height":11}},{"id":"485cac83-6fc2-444e-a548-d91105758ee6","block_type":"box","text":"affected person","page_number":100,"box":{"x":498,"y":255,"width":125,"height":11}},{"id":"0fa5a5b8-dabb-4722-9514-ce2f49478489","block_type":"box","text":"”, an expression which covers the","page_number":100,"box":{"x":624,"y":255,"width":254,"height":11}},{"id":"9d7aab22-1b9b-44d7-ba8b-fc606f4972f1","block_type":"box","text":"Company, the ACD, the Investment Manager, the Depositary, Securities Lending Agent and an","page_number":100,"box":{"x":121,"y":275,"width":756,"height":11}},{"id":"c8adfa1b-9177-46f9-ac99-8c5730027540","block_type":"box","text":"Associate of any of them.","page_number":100,"box":{"x":121,"y":296,"width":186,"height":11}},{"id":"84ab1154-1aa4-497d-819e-a6ec853eea5b","block_type":"box","text":"These provisions, among other things, enable an affected person to sell or deal in the sale of property","page_number":100,"box":{"x":121,"y":337,"width":757,"height":11}},{"id":"95afa21f-7589-4ce0-a21f-3e4a0196fea1","block_type":"box","text":"to the Company or the Depositary for the account of the Company; vest property in the Company or the","page_number":100,"box":{"x":121,"y":357,"width":757,"height":11}},{"id":"e5345d0a-64ff-486b-ae11-f44e0244e334","block_type":"box","text":"Depositary against the issue of Shares; purchase property from the Company (or the Depositary acting","page_number":100,"box":{"x":122,"y":377,"width":756,"height":12}},{"id":"41c20faf-d84f-48dd-a81d-dd14f2012da4","block_type":"box","text":"for the account of the Company); enter into a securities lending transaction, or a derivatives transaction","page_number":100,"box":{"x":121,"y":398,"width":756,"height":11}},{"id":"d6735e85-dde1-4fa5-a478-549cea0c6979","block_type":"box","text":"permitted by the COLL Sourcebook, in relation to the Company; or provide services for the Company.","page_number":100,"box":{"x":121,"y":418,"width":756,"height":12}},{"id":"ed540fcb-39a0-4d4a-975c-5b16dafc2909","block_type":"box","text":"Any such transactions with or for the Company are subject to best execution on exchange, or","page_number":100,"box":{"x":121,"y":439,"width":757,"height":11}},{"id":"d5e32eae-e147-4ea3-ae35-5da02a846c44","block_type":"box","text":"independent valuation or arm’s length requirements as set out in the COLL Sourcebook. An affected","page_number":100,"box":{"x":122,"y":459,"width":756,"height":12}},{"id":"7302d182-85f6-4b6a-aac3-13a1d6cd06e7","block_type":"box","text":"person carrying out such transaction is not liable to account to the Company, the Depositary, the ACD,","page_number":100,"box":{"x":121,"y":480,"width":756,"height":11}},{"id":"ed1e1e7d-97f4-46db-889c-2050a72c7dab","block_type":"box","text":"any other affected person, or to the Shareholders or any of them for any benefits or profits thereby","page_number":100,"box":{"x":121,"y":500,"width":757,"height":12}},{"id":"4cc6a027-f94a-4145-8339-d186a8297e1a","block_type":"box","text":"made or derived.","page_number":100,"box":{"x":122,"y":521,"width":123,"height":9}},{"id":"82f4a25a-8086-42b2-b0d7-1c558f19a31d","block_type":"box","text":"Order Execution","page_number":100,"box":{"x":121,"y":567,"width":162,"height":10}},{"id":"2fbe7aa7-155d-46e2-a9ad-b3a5cf5af2da","block_type":"box","text":"The ACD is responsible for the investment management of the underlying assets of the Funds within","page_number":100,"box":{"x":121,"y":611,"width":756,"height":11}},{"id":"c9ca72ab-7284-4493-83d7-8e4214e76b1c","block_type":"box","text":"the Company and, as such, is subject to the Financial Conduct Authority Handbook that applies to","page_number":100,"box":{"x":121,"y":632,"width":757,"height":11}},{"id":"fbe581b3-c6a0-4125-a6d2-361e0ebd6494","block_type":"box","text":"operators of collective investment schemes. These require all ACDs to meet the requirements relating","page_number":100,"box":{"x":121,"y":652,"width":757,"height":11}},{"id":"e1bca814-cc69-4e28-8cfe-536d9043a970","block_type":"box","text":"to best execution when carrying out scheme management activity for its Funds.","page_number":100,"box":{"x":121,"y":673,"width":586,"height":11}},{"id":"d40d83e7-8330-4c54-ab42-00d5379af635","block_type":"box","text":"In view of this, the ACD is required to treat the Company as its client and must act in the best interests","page_number":100,"box":{"x":122,"y":713,"width":756,"height":12}},{"id":"ab0da614-92a9-46a2-be79-7e81fbab4b05","block_type":"box","text":"of each Fund when executing decisions to deal on behalf of the relevant Fund. The ACD is also required","page_number":100,"box":{"x":121,"y":734,"width":756,"height":11}},{"id":"7ee7d5aa-8e7a-44fb-b53a-e4ba3a8bf554","block_type":"box","text":"to have an order execution policy in place detailing (i) the systems and controls that have been put in","page_number":100,"box":{"x":121,"y":754,"width":756,"height":12}},{"id":"4540a335-62e0-4a70-a71c-d268bbd278e6","block_type":"box","text":"place and (ii) how the ACD will act in line with the best interests of the Company and the Funds whilst","page_number":100,"box":{"x":121,"y":775,"width":757,"height":11}},{"id":"b3131e55-fc99-4e4e-8448-6f009e68fa69","block_type":"box","text":"complying with its obligations to obtain the best possible result, when it directly executes an order,","page_number":100,"box":{"x":121,"y":796,"width":756,"height":11}},{"id":"af428bac-b29c-4931-9222-6a06ad7fc855","block_type":"box","text":"places an order with, or transmits an order to, another entity for execution. Copies of the ACD’s order","page_number":100,"box":{"x":121,"y":816,"width":757,"height":11}},{"id":"69b6b27d-3711-4dc9-be58-5417d3f67a28","block_type":"box","text":"execution policy and of the Investment Manager’s order execution policy which the ACD relies on, are","page_number":100,"box":{"x":121,"y":836,"width":757,"height":12}},{"id":"089a8f94-9eca-40e4-a504-2b104888e5e6","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 101","page_number":101,"box":{"x":121,"y":926,"width":371,"height":9}},{"id":"0f0fea09-2590-480f-90b6-c8d29a2d3162","block_type":"box","text":"available from the ACD on request. If you have any questions regarding the policy please contact the","page_number":101,"box":{"x":121,"y":87,"width":757,"height":12}},{"id":"397687da-1eeb-4ac8-af73-837eb45e6c63","block_type":"box","text":"ACD or your professional adviser.","page_number":101,"box":{"x":121,"y":108,"width":249,"height":11}},{"id":"d3bc9ffd-35ac-49e0-881e-e3ad5cd7471b","block_type":"box","text":"Inducements and commissions","page_number":101,"box":{"x":122,"y":141,"width":304,"height":10}},{"id":"33ed473f-1a74-411b-bb28-daf3cde1ffdf","block_type":"box","text":"When executing orders, or placing orders with other entities for execution, that relate to financial","page_number":101,"box":{"x":121,"y":177,"width":756,"height":11}},{"id":"0607d0d0-54b5-4040-9ca7-40ab5aa8bad3","block_type":"box","text":"instruments for, or on behalf of, the Funds, Investment Manager or ACD (as relevant) will not accept","page_number":101,"box":{"x":122,"y":197,"width":756,"height":11}},{"id":"6fa4c955-ccd2-4bca-b899-fea1a69db5c5","block_type":"box","text":"and retain any fees, commissions or monetary benefits; or accept any non-monetary benefits, where","page_number":101,"box":{"x":121,"y":218,"width":757,"height":11}},{"id":"36ba2e27-6866-4baf-8586-1859f93047fa","block_type":"box","text":"these are paid or provided by any third party or a person acting on behalf of a third party.","page_number":101,"box":{"x":121,"y":238,"width":656,"height":12}},{"id":"fd8ec8e1-fac8-4088-aa32-b26415e0ee75","block_type":"box","text":"The Investment Manager or ACD will return to each relevant Fund as soon as reasonably possible after","page_number":101,"box":{"x":121,"y":279,"width":757,"height":11}},{"id":"8fed6d88-4448-4e7c-8d4d-0f017f5e0d06","block_type":"box","text":"receipt any fees, commissions or any monetary benefits paid or provided by any third party or a person","page_number":101,"box":{"x":122,"y":300,"width":755,"height":11}},{"id":"90a4d8ff-29a1-4220-aecb-3830afa392fc","block_type":"box","text":"acting on behalf of a third party in relation to the services provided to that fund, and disclose in the","page_number":101,"box":{"x":121,"y":320,"width":757,"height":11}},{"id":"dcade3ca-bdd4-474d-afca-73c7d9842b53","block_type":"box","text":"annual report the fees, commissions or any monetary benefits transferred to them.","page_number":101,"box":{"x":121,"y":341,"width":609,"height":11}},{"id":"a001dfb8-1c58-42b8-8533-f32e82568707","block_type":"box","text":"However, the Investment Manager or ACD may accept without disclosure minor non-monetary benefits","page_number":101,"box":{"x":122,"y":382,"width":756,"height":11}},{"id":"c2d130dc-3ba3-466e-b109-c1bd7915463f","block_type":"box","text":"that are capable of enhancing the quality of service provided to the fund; and of a scale and nature such","page_number":101,"box":{"x":121,"y":402,"width":757,"height":11}},{"id":"9637b8db-3e30-4008-907a-ca3b9892721a","block_type":"box","text":"that they could not be judged to impair their compliance with its duty to act honestly, fairly and","page_number":101,"box":{"x":121,"y":423,"width":757,"height":11}},{"id":"7cec9264-4ca6-4cae-8cf1-0a9e53ec9a12","block_type":"box","text":"professionally in the best interests of each Fund.","page_number":101,"box":{"x":121,"y":443,"width":358,"height":11}},{"id":"e0a54925-3d4e-4369-96bf-f1d7c82b1634","block_type":"box","text":"Strategy for the exercise of voting rights","page_number":101,"box":{"x":121,"y":485,"width":393,"height":13}},{"id":"3bdad627-b934-4df5-b9b6-67d7f377a103","block_type":"box","text":"A summary of the ACD’s strategy for determining when and how voting rights attached to ownership of","page_number":101,"box":{"x":121,"y":533,"width":757,"height":12}},{"id":"03b00e3c-6afd-44b2-9853-c88390923ffd","block_type":"box","text":"Scheme Property are to be exercised to the exclusive benefit of the Company is available on the internet","page_number":101,"box":{"x":121,"y":554,"width":757,"height":11}},{"id":"3f4feff6-ed5c-438a-b393-264db89251ea","block_type":"box","text":"at","page_number":101,"box":{"x":121,"y":575,"width":13,"height":8}},{"id":"7c8a7691-b9cc-4f87-bbb4-3fb1fb93b978","block_type":"box","text":"www.avivainvestors.com/en-gb/capabilities/regulatory/voting-rights-strategy","page_number":101,"box":{"x":144,"y":574,"width":560,"height":11}},{"id":"a4e5e20d-9828-4a5e-8729-647dee98c828","block_type":"box","text":".","page_number":101,"box":{"x":706,"y":582,"width":1,"height":1}},{"id":"f97c74aa-7c2b-441f-8810-669353d6f623","block_type":"box","text":"Foreign Law Contracts","page_number":101,"box":{"x":122,"y":607,"width":223,"height":14}},{"id":"21c4e5f7-ef04-431d-9665-467fe62aa2b0","block_type":"box","text":"Where reasonable grounds exist for an ACD of a Company which is an umbrella to consider that a","page_number":101,"box":{"x":121,"y":643,"width":757,"height":11}},{"id":"7f0f1fd1-85de-4ebf-a1f7-4ee684071cb2","block_type":"box","text":"Foreign Law Contract entered into by the Company may have become inconsistent with the principle","page_number":101,"box":{"x":122,"y":663,"width":756,"height":12}},{"id":"26ed5f17-68d3-4578-8c7a-8993c566337c","block_type":"box","text":"of limited recourse stated in the Instrument of Incorporation of the Company (see COLL 3.2.6R(22A)","page_number":101,"box":{"x":121,"y":684,"width":756,"height":11}},{"id":"92f04e52-6f97-48a3-b55d-f2ee68dc12b1","block_type":"box","text":"(ICVCs: Umbrella schemes – principle of limited recourse)) the ACD must:","page_number":101,"box":{"x":122,"y":704,"width":548,"height":12}},{"id":"5e78c8af-71ac-4977-a2ab-8e875796d968","block_type":"box","text":"1) promptly investigate whether there is an inconsistency; 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The Fund Management Fee","page_number":106,"box":{"x":121,"y":224,"width":757,"height":11}},{"id":"5c757075-0a0f-4bb3-a75b-c2408691db8b","block_type":"box","text":"is payable on the basis set out below:","page_number":106,"box":{"x":122,"y":245,"width":276,"height":11}},{"id":"93a897a7-78ed-4ff2-9073-fc8bc06f1fc3","block_type":"box","text":"(a)","page_number":106,"box":{"x":122,"y":277,"width":18,"height":11}},{"id":"4c3f4a10-ccd2-426c-a622-9d529ddaadb6","block_type":"box","text":"the Company may pay any of the underlying fees, expenses and charges referred to above (for","page_number":106,"box":{"x":181,"y":277,"width":697,"height":11}},{"id":"637b83ca-11b2-468a-8ac7-a2f6ee6bfa46","block_type":"box","text":"the avoidance of doubt, excluding any Invoiced Fees and Expenses) directly to the relevant","page_number":106,"box":{"x":181,"y":297,"width":697,"height":12}},{"id":"8268a6e8-ab4f-434b-a1ac-f45bc72f44b3","block_type":"box","text":"recipient of the same as and when they are due. Such underlying fees, expenses and charges","page_number":106,"box":{"x":182,"y":318,"width":696,"height":11}},{"id":"b743b7ca-d21b-4a81-9bac-11b0b13e9e84","block_type":"box","text":"that are specific to a Class or Fund will be paid out of the Scheme Property of, and be paid","page_number":106,"box":{"x":181,"y":338,"width":697,"height":11}},{"id":"38cd076f-8741-4aca-9be6-6adb598c7330","block_type":"box","text":"against the Fund Management Fee accrued to, that Class or Fund or, where they are not","page_number":106,"box":{"x":182,"y":359,"width":696,"height":11}},{"id":"0902e819-47a6-4c92-9584-70626c2e1d95","block_type":"box","text":"considered to be attributable to any one Class or Fund, otherwise in a manner which is fair to","page_number":106,"box":{"x":182,"y":379,"width":696,"height":12}},{"id":"cfb76b77-3386-4d04-867a-7355a357ca6c","block_type":"box","text":"Shareholders generally. This will normally be a payment against the Fund Management Fee","page_number":106,"box":{"x":182,"y":400,"width":696,"height":11}},{"id":"16372ed7-3360-430e-a748-4e6608198eb1","block_type":"box","text":"accrued to all Classes and Funds pro rata to the value of the net assets of the relevant Classes","page_number":106,"box":{"x":182,"y":420,"width":696,"height":11}},{"id":"945ef0fe-ddca-49d6-955b-8aec7c1de6f4","block_type":"box","text":"and Funds; and","page_number":106,"box":{"x":182,"y":441,"width":115,"height":10}},{"id":"49b03b2c-7781-45c5-b6ad-1f7087cc7be9","block_type":"box","text":"(b)","page_number":106,"box":{"x":122,"y":473,"width":18,"height":11}},{"id":"e102ba29-34d9-4456-bf78-c72cbee1f745","block_type":"box","text":"the balance of the accrued Fund Management Fee that remains after any payments against","page_number":106,"box":{"x":181,"y":473,"width":697,"height":11}},{"id":"fc07831d-6051-4379-bd16-fa157c025308","block_type":"box","text":"the same pursuant to paragraph (a) above have been made will be paid to the ACD monthly in","page_number":106,"box":{"x":181,"y":494,"width":697,"height":11}},{"id":"70005f96-a58c-43b2-b636-1f7593b47cf6","block_type":"box","text":"arrears, from which the ACD will pay any of the remaining underlying fees, expenses and","page_number":106,"box":{"x":182,"y":514,"width":696,"height":11}},{"id":"f34f42a1-565d-4212-8d78-8b04ba9a732b","block_type":"box","text":"charges referred to above (for the avoidance of doubt, excluding any Invoiced Fees and","page_number":106,"box":{"x":182,"y":535,"width":696,"height":11}},{"id":"a5c1e09d-a4d9-432b-b65a-928ca2bbddec","block_type":"box","text":"Expenses) which are due and payable. This balancing amount of the Fund Management Fee","page_number":106,"box":{"x":182,"y":555,"width":696,"height":11}},{"id":"78899cc3-d55c-46b8-a6b4-0dbf211c5f22","block_type":"box","text":"will be paid out of the Scheme Property of the relevant Fund, and attributed to the Class of","page_number":106,"box":{"x":181,"y":576,"width":697,"height":11}},{"id":"747b4f47-f682-4576-8055-89f110206c34","block_type":"box","text":"Shares, in respect of which it is imposed.","page_number":106,"box":{"x":182,"y":596,"width":302,"height":11}},{"id":"1c5d8d2b-2287-4343-afb4-b5b29b81508a","block_type":"box","text":"In respect of Class 8 of any relevant Fund, until further notice:","page_number":106,"box":{"x":122,"y":628,"width":455,"height":12}},{"id":"631ae01a-7a90-43ae-8215-bb6e8b9055a7","block_type":"box","text":"(i)","page_number":106,"box":{"x":152,"y":661,"width":12,"height":11}},{"id":"9d4c9215-f9e7-4668-a48a-1816082108a1","block_type":"box","text":"the Fund Management Fee will not cover the fees and expenses in relation to the operation","page_number":106,"box":{"x":211,"y":661,"width":666,"height":11}},{"id":"b902f3ed-8017-43c2-ab1f-455da8328681","block_type":"box","text":"and administration of the Company and/or that Fund listed at paragraphs 1 to 3 above","page_number":106,"box":{"x":212,"y":681,"width":666,"height":11}},{"id":"a5f3d523-010b-4685-9582-2eeac738441d","block_type":"box","text":"which are attributable to that Class of Fund (the “","page_number":106,"box":{"x":211,"y":702,"width":352,"height":11}},{"id":"5858acc0-0904-442a-914c-d5f43eaa6529","block_type":"box","text":"Invoiced Fees and Expenses","page_number":106,"box":{"x":565,"y":702,"width":224,"height":11}},{"id":"fb69f9de-c2f6-4fc7-975e-3d743abad6bc","block_type":"box","text":"”) and which","page_number":106,"box":{"x":790,"y":702,"width":87,"height":11}},{"id":"de2f4d81-bf70-4a58-a09f-37bb3187d732","block_type":"box","text":"instead shall be invoiced directly to each Shareholder in that Class pursuant to the separate","page_number":106,"box":{"x":212,"y":722,"width":666,"height":11}},{"id":"b679a8f2-dc09-4b4c-997a-10253300ae71","block_type":"box","text":"written agreement required to be entered into between the ACD and such Shareholder as","page_number":106,"box":{"x":211,"y":743,"width":667,"height":11}},{"id":"243798a6-4d32-4240-a6a0-9afb1c415ba2","block_type":"box","text":"a condition of investing in that Class rather than being paid out of the Scheme Property of","page_number":106,"box":{"x":212,"y":763,"width":666,"height":11}},{"id":"533ac291-b7dd-4d82-9c25-68ddbd34c7cd","block_type":"box","text":"that Class. The fees and expenses in relation to the operation and administration of the","page_number":106,"box":{"x":211,"y":784,"width":667,"height":11}},{"id":"55af51ff-ad78-44fe-b5c8-9ee12ef22ccd","block_type":"box","text":"Company and/or that Fund listed at paragraphs 4 to 25 above will be charged to the Fund","page_number":106,"box":{"x":212,"y":804,"width":666,"height":11}},{"id":"c1a187e7-244b-4271-9af3-3d7590a82eca","block_type":"box","text":"Management Fee in the usual way. This does not preclude the ACD from changing the","page_number":106,"box":{"x":212,"y":825,"width":666,"height":11}},{"id":"798a7ffd-82a5-4ce0-9e7c-6cdde56a66a2","block_type":"box","text":"arrangement by giving due notice as agreed with the Depositary to Shareholders in that","page_number":106,"box":{"x":212,"y":845,"width":666,"height":11}},{"id":"c1487ffe-ad1c-47d4-98c3-f6ad18f8b7fd","block_type":"box","text":"Class; and","page_number":106,"box":{"x":212,"y":866,"width":77,"height":10}},{"id":"5bb655b9-2710-42e5-8702-89e55abc10cd","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 107","page_number":107,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"2743b58f-9a0d-4165-a25f-d1226a6b2304","block_type":"box","text":"(ii)","page_number":107,"box":{"x":152,"y":87,"width":16,"height":12}},{"id":"1030b92e-82e4-4b80-a2bf-dd7548289f17","block_type":"box","text":"the ACD may, together with the balance of the accrued Fund Management Fee that","page_number":107,"box":{"x":211,"y":87,"width":667,"height":12}},{"id":"0f640892-617e-4dae-9a90-cb3841e12e57","block_type":"box","text":"remains after the payment of those underlying fees, expenses and charges which are","page_number":107,"box":{"x":212,"y":108,"width":666,"height":11}},{"id":"720b1098-63da-4d1a-81a7-5e7faee17c04","block_type":"box","text":"covered by the Fund Management Fee and which have been paid out of the Scheme","page_number":107,"box":{"x":212,"y":128,"width":666,"height":12}},{"id":"4f90aea1-1b9e-4600-8756-bc7da57c1e7e","block_type":"box","text":"Property of that Class, use amounts received from Shareholders in that Class pursuant to","page_number":107,"box":{"x":213,"y":149,"width":665,"height":11}},{"id":"da192b56-bd63-4ef3-aa10-35415920741e","block_type":"box","text":"such invoicing to pay any of the underlying fees, expenses and charges which are still","page_number":107,"box":{"x":212,"y":169,"width":665,"height":12}},{"id":"96dbfbf8-24bc-49f3-8e0e-1617b3a87d40","block_type":"box","text":"covered by the Fund Management Fee but which are not paid out of the Scheme Property","page_number":107,"box":{"x":212,"y":190,"width":666,"height":11}},{"id":"f68631d7-916d-4303-8370-61fc27131e78","block_type":"box","text":"of that Class.","page_number":107,"box":{"x":212,"y":210,"width":96,"height":9}},{"id":"fc14fb89-7b25-4b25-a9b4-848fc9df633d","block_type":"box","text":"Where the investment objective of a Fund is to treat the generation of income as a higher priority than","page_number":107,"box":{"x":121,"y":251,"width":756,"height":12}},{"id":"69088c2e-f5ba-4101-9458-5aff325a9763","block_type":"box","text":"capital growth or the generation of income and capital growth have equal priority, all or part of the","page_number":107,"box":{"x":121,"y":272,"width":714,"height":11}},{"id":"c812a2c6-c382-4a4d-bf10-529d41a6da59","block_type":"box","text":"Fund","page_number":107,"box":{"x":842,"y":272,"width":36,"height":9}},{"id":"63126e4a-d52a-4813-b0e7-dae5b592ec7a","block_type":"box","text":"Management Fee may be charged against capital instead of against income. This will only be done with","page_number":107,"box":{"x":122,"y":292,"width":756,"height":12}},{"id":"a653cb40-72f4-4d54-a233-6439d0e04b96","block_type":"box","text":"the approval of the Depositary. This treatment of the Fund Management Fee will increase the amount","page_number":107,"box":{"x":121,"y":313,"width":757,"height":11}},{"id":"dcbbc3e5-4920-4e25-bae0-9a38b14ac2da","block_type":"box","text":"of income available for distribution to Shareholders in the Fund concerned, but may constrain capital","page_number":107,"box":{"x":121,"y":333,"width":756,"height":11}},{"id":"0b3cdfa1-6fbd-4c5a-83a3-facafe307986","block_type":"box","text":"growth. 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Where the charge would normally be made","page_number":107,"box":{"x":122,"y":415,"width":756,"height":12}},{"id":"605366bf-d1dc-49e4-9594-2d6302fcecde","block_type":"box","text":"to income but a Class’s expenses in any period exceed the income attributable to it, the ACD may take","page_number":107,"box":{"x":121,"y":436,"width":757,"height":11}},{"id":"8bec24c2-6346-4f63-8f2c-e293da9c8dff","block_type":"box","text":"that excess from the capital property attributable to that Class.","page_number":107,"box":{"x":121,"y":456,"width":459,"height":11}},{"id":"88b9fcb1-8e06-4ae1-8a6a-3b2101c0bf5b","block_type":"box","text":"The underlying fees, expenses and charges covered by the Fund Management Fee may fluctuate,","page_number":107,"box":{"x":121,"y":489,"width":756,"height":11}},{"id":"46e0d86c-da1b-4c53-aedd-bec84059cd86","block_type":"box","text":"notwithstanding that the Fund Management Fee is being taken at a fixed rate. In fixing the Fund","page_number":107,"box":{"x":122,"y":509,"width":756,"height":11}},{"id":"4c016c6d-0d9a-4ae1-aaa9-dc59243e235b","block_type":"box","text":"Management Fee in this way, the ACD bears the risk that the balance of the Fund Management Fee","page_number":107,"box":{"x":122,"y":530,"width":756,"height":11}},{"id":"c8fc5187-76b6-4eda-a274-14de53a86736","block_type":"box","text":"payable to it will not fully remunerate it when compared to the amount that it would otherwise have been","page_number":107,"box":{"x":121,"y":550,"width":756,"height":11}},{"id":"5c21bd5f-bd0c-4fe0-98f0-0dd5fd0284b5","block_type":"box","text":"permitted to charge under a more traditional charging method. This is due to the fact that:","page_number":107,"box":{"x":121,"y":571,"width":661,"height":11}},{"id":"03195f65-1f01-4204-8426-45bb0bb17c57","block_type":"box","text":"(i)","page_number":107,"box":{"x":122,"y":603,"width":12,"height":11}},{"id":"deefaf96-0016-4f8d-a319-81806030a2d0","block_type":"box","text":"the amount of the underlying fees, expenses and charges referred to above that are actually","page_number":107,"box":{"x":181,"y":603,"width":697,"height":11}},{"id":"e58c58e5-5f0c-44e4-a00b-61f07a19366d","block_type":"box","text":"incurred in any given period may exceed the Fund Management Fee taken for that period; or","page_number":107,"box":{"x":182,"y":623,"width":686,"height":12}},{"id":"a92f2510-904b-486a-8e89-fed8b5449c53","block_type":"box","text":"(ii)","page_number":107,"box":{"x":122,"y":656,"width":16,"height":11}},{"id":"d6b00397-06aa-4b98-9d48-d9c8ab0f16ae","block_type":"box","text":"only in the case of the Class of Funds as indicated in the table in the Ongoing Charge section","page_number":107,"box":{"x":182,"y":656,"width":695,"height":11}},{"id":"d01a00fc-12a1-4183-ab1a-afdddc6526e8","block_type":"box","text":"below, which shows the caps on the Ongoing Charge figure, the effect of synthetic charges","page_number":107,"box":{"x":182,"y":676,"width":696,"height":11}},{"id":"bb919db8-4f4c-4591-8613-b0f42fa19801","block_type":"box","text":"might, when added to the Fund Management Fee that would otherwise be due, cause the","page_number":107,"box":{"x":182,"y":697,"width":696,"height":11}},{"id":"59e5e0de-993f-4010-9bc7-2d76027e7bb4","block_type":"box","text":"relevant cap to be exceeded (please see the section below headed “Ongoing Charge” for","page_number":107,"box":{"x":182,"y":717,"width":696,"height":11}},{"id":"d8ade28b-882c-4d4a-9c30-485f90b13d04","block_type":"box","text":"further details in relation to the addition of synthetic charges to the Fund Management Fee in","page_number":107,"box":{"x":181,"y":738,"width":696,"height":11}},{"id":"7e559f5b-9d66-489c-8db9-95a1d08b13fa","block_type":"box","text":"the calculation of the Ongoing Charge),","page_number":107,"box":{"x":181,"y":758,"width":291,"height":11}},{"id":"40a546a2-c099-4ee4-a6fc-cc2c2999cf98","block_type":"box","text":"and in those circumstances the resulting excess would be covered by the ACD. Conversely, however,","page_number":107,"box":{"x":121,"y":790,"width":756,"height":12}},{"id":"4b1546f8-6abe-4c0c-9312-cbd99f6dfa85","block_type":"box","text":"where those fees, expenses and charges in any given period are less than the level of the Fund","page_number":107,"box":{"x":121,"y":811,"width":757,"height":11}},{"id":"62b846f2-5051-47b8-abab-812993c4d28c","block_type":"box","text":"Management Fee for that period, then in these circumstances, the ACD is permitted to retain the","page_number":107,"box":{"x":122,"y":831,"width":756,"height":12}},{"id":"fe3f045c-6091-4c20-99be-d1f1ac42203c","block_type":"box","text":"resulting surplus and is not accountable to Shareholders for this.","page_number":107,"box":{"x":122,"y":852,"width":475,"height":11}},{"id":"5a468e12-9f8f-48ea-97f2-9937fc89ef0f","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 108","page_number":108,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"6d1f376b-ee4f-448e-a697-1cd82e46a0b2","block_type":"box","text":"The ACD reserves the right to increase or decrease the Fund Management Fee. Any increase in the","page_number":108,"box":{"x":121,"y":87,"width":757,"height":12}},{"id":"b3649e09-efc7-40b7-a78f-c5cb7971ed48","block_type":"box","text":"Fund Management Fee will be deemed to be a significant change and may be made after giving at least","page_number":108,"box":{"x":122,"y":108,"width":756,"height":11}},{"id":"d9d961cb-9e35-47a4-94ab-9059ac26e026","block_type":"box","text":"60 days written notice to Shareholders and revising the Prospectus to reflect the proposed increase in","page_number":108,"box":{"x":121,"y":128,"width":756,"height":12}},{"id":"471f085c-b398-443a-a06b-e9d763e0556c","block_type":"box","text":"accordance with the COLL Sourcebook, provided this is to cover underlying fees, expenses and","page_number":108,"box":{"x":121,"y":149,"width":756,"height":11}},{"id":"3f9b0534-8bbb-4c8d-963c-e550e5f39291","block_type":"box","text":"charges which this Prospectus already contemplates as being paid from the Fund Management Fee.","page_number":108,"box":{"x":121,"y":169,"width":756,"height":12}},{"id":"649d4a5d-feff-492a-ab78-18a80b181b16","block_type":"box","text":"However, if a new category of fee, expense or charge is being introduced which this Prospectus does","page_number":108,"box":{"x":122,"y":190,"width":756,"height":11}},{"id":"c1731b85-f4ad-483a-92fb-7eed9a7fe332","block_type":"box","text":"not contemplate as being paid against or from the Fund Management Fee, as applicable, whether or","page_number":108,"box":{"x":122,"y":210,"width":756,"height":12}},{"id":"726d20e6-ed58-4f49-b2b3-f0d394f25fda","block_type":"box","text":"not this is resulting in an increase in the Fund Management Fee, then this will be deemed to be a","page_number":108,"box":{"x":122,"y":231,"width":756,"height":11}},{"id":"0bad7ae0-3a07-4471-b196-3344f6eb5e7b","block_type":"box","text":"fundamental change and the approval of Shareholders will be required in accordance with the COLL","page_number":108,"box":{"x":121,"y":251,"width":757,"height":12}},{"id":"1c38e9e0-7de8-427d-a84c-7767ebfd57d8","block_type":"box","text":"Sourcebook. For the avoidance of doubt, the ACD does not consider any change to the arrangements","page_number":108,"box":{"x":121,"y":272,"width":757,"height":11}},{"id":"0a747147-86c8-4f08-a2a8-36fc885421f9","block_type":"box","text":"pursuant to which Invoiced Fees and Expenses are recovered, including without limitation starting to","page_number":108,"box":{"x":121,"y":292,"width":757,"height":12}},{"id":"c38d643d-476c-4b1a-accc-5e40493c5ca7","block_type":"box","text":"pay these out of Scheme Property following any consequential increase to the Fund Management Fee","page_number":108,"box":{"x":121,"y":313,"width":757,"height":11}},{"id":"bb3044f8-8a31-4fc3-9291-91d7d6602590","block_type":"box","text":"as necessary, as the introduction of a new category of fee, expense or charge. Any decrease in the","page_number":108,"box":{"x":121,"y":333,"width":757,"height":12}},{"id":"da022c45-63f5-4689-9c95-a3cb00d2ba9e","block_type":"box","text":"Fund Management Fee will be deemed to be a notifiable change and may be made in accordance with","page_number":108,"box":{"x":122,"y":354,"width":755,"height":11}},{"id":"96182cf7-2d76-44fe-93bd-5de970f55606","block_type":"box","text":"the requirements set out in the section headed “Changes to the Company and the Funds” below.","page_number":108,"box":{"x":121,"y":374,"width":715,"height":11}},{"id":"3ad3cc11-4c7f-4427-9beb-fba7bbdc0859","block_type":"box","text":"Discounts to the Fund Management Fee","page_number":108,"box":{"x":122,"y":407,"width":316,"height":11}},{"id":"72f520f5-e892-462a-87b7-52abbb859261","block_type":"box","text":"The ACD passes on some of the benefits of potential savings generated by significant growth in assets","page_number":108,"box":{"x":121,"y":430,"width":757,"height":11}},{"id":"1fe401d1-0901-4aa5-bdf1-afd2eecf8fde","block_type":"box","text":"under management by discounting the Fund Management Fee payable in respect of retail Classes of","page_number":108,"box":{"x":122,"y":450,"width":756,"height":12}},{"id":"f454db03-2349-40ce-b6ae-a8219ec12b2a","block_type":"box","text":"Shares in the Funds. The size of the discount to the usual Fund Management Fee is determined by the","page_number":108,"box":{"x":121,"y":471,"width":757,"height":11}},{"id":"7cf41768-f6cd-438d-858d-921113204d9d","block_type":"box","text":"size of the relevant Fund and the type of fund (as set out below) and is capped at 0.05%.","page_number":108,"box":{"x":121,"y":491,"width":657,"height":12}},{"id":"ceb0fd23-7c6a-4de3-afd8-c2a06d8b9e0b","block_type":"box","text":"For equity and fixed income funds (“simple” funds):","page_number":108,"box":{"x":122,"y":524,"width":377,"height":11}},{"id":"7159bd9e-fc49-4c7b-8c25-434d79db45fc","block_type":"box","text":"","page_number":108,"box":{"x":152,"y":560,"width":6,"height":4}},{"id":"3caea6ce-8fe5-450e-9a88-cbb1c83eb508","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £500,000,000 up","page_number":108,"box":{"x":181,"y":557,"width":697,"height":11}},{"id":"8cf5f89e-ee6c-4257-b5b4-447d2e2caf3e","block_type":"box","text":"to £1 billion of assets under management is discounted by 0.01%.","page_number":108,"box":{"x":181,"y":577,"width":488,"height":12}},{"id":"da672bac-7f5c-40b5-9cd0-3346f5bed2b2","block_type":"box","text":"","page_number":108,"box":{"x":152,"y":614,"width":6,"height":4}},{"id":"7360ae5f-4d1d-422b-a851-fa7ec469f30d","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £1 billion up to","page_number":108,"box":{"x":181,"y":610,"width":697,"height":12}},{"id":"6d957b99-7e8f-4543-af1c-e04148dda470","block_type":"box","text":"£1.5 billion of assets under management is discounted by 0.02%.","page_number":108,"box":{"x":181,"y":631,"width":483,"height":11}},{"id":"41692582-ea1a-4556-818e-027e075406fb","block_type":"box","text":"","page_number":108,"box":{"x":152,"y":667,"width":6,"height":5}},{"id":"eeecd7fb-dd17-4d0a-9530-0a6d4e852f54","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £1.5 billion up to","page_number":108,"box":{"x":181,"y":664,"width":697,"height":11}},{"id":"00841e85-fd08-45db-a08a-9c4d534e5080","block_type":"box","text":"£2 billion of assets under management is discounted by 0.03%.","page_number":108,"box":{"x":181,"y":685,"width":469,"height":11}},{"id":"9015aeba-806b-4979-9d15-3bc767a9c555","block_type":"box","text":"","page_number":108,"box":{"x":152,"y":721,"width":6,"height":4}},{"id":"8cd2f59f-1194-4507-ab60-a1a0d93cb421","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £2 billion up to","page_number":108,"box":{"x":181,"y":718,"width":697,"height":11}},{"id":"251796b0-8375-4c11-ad69-267cd6ef45b0","block_type":"box","text":"£2.5 billion of assets under management is discounted by 0.04%.","page_number":108,"box":{"x":181,"y":738,"width":483,"height":11}},{"id":"97af6114-bb12-4fb5-b6ec-c5ffd36ac263","block_type":"box","text":"","page_number":108,"box":{"x":152,"y":775,"width":6,"height":4}},{"id":"20c21006-c753-4f86-9daf-535fd23e4265","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £2.5 billion plus","page_number":108,"box":{"x":181,"y":771,"width":697,"height":12}},{"id":"b159c743-7997-4332-a826-ff2c8a4cb39d","block_type":"box","text":"of assets under management is discounted by 0.05%.","page_number":108,"box":{"x":182,"y":792,"width":397,"height":11}},{"id":"9633cbd9-f587-49a1-af01-1cc0eb6ac8f9","block_type":"box","text":"A numerical example for equity and fixed income funds is set out below.","page_number":108,"box":{"x":121,"y":824,"width":531,"height":11}},{"id":"3af5f274-2c4f-4032-9520-5ab8579a5899","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 109","page_number":109,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"f238375f-e681-4250-b1e1-353b40979892","block_type":"box","text":"Assets under management","page_number":109,"box":{"x":130,"y":88,"width":214,"height":11}},{"id":"1312d333-1467-4f7b-9776-d8c28f5f2673","block_type":"box","text":"Discounted Fund Management Fee for a retail","page_number":109,"box":{"x":470,"y":88,"width":361,"height":11}},{"id":"9d3d39cc-b178-48cf-8e31-5efc42cc1043","block_type":"box","text":"Class of Share (for example a Class 1 Share)","page_number":109,"box":{"x":469,"y":102,"width":355,"height":11}},{"id":"b497c7f8-673f-4112-b910-d931278ae308","block_type":"box","text":"Example Fund Management Fee: 1.00%","page_number":109,"box":{"x":470,"y":123,"width":300,"height":11}},{"id":"d19f32af-9141-43fa-9f6c-a8537dc8b38e","block_type":"box","text":"(please see below for the exact Fund Management","page_number":109,"box":{"x":470,"y":143,"width":376,"height":11}},{"id":"29fcf5fb-0780-44d8-afb0-1370c989e2d4","block_type":"box","text":"Fee charged by each Class of Share in each Fund)","page_number":109,"box":{"x":470,"y":157,"width":377,"height":11}},{"id":"23f62d09-1ae1-45e3-a05c-af28d9285691","block_type":"box","text":"£500,000,000 - £1 billion","page_number":109,"box":{"x":130,"y":178,"width":182,"height":11}},{"id":"5b975868-c397-4250-879d-bf49524bed8a","block_type":"box","text":"0.99%","page_number":109,"box":{"x":469,"y":179,"width":46,"height":8}},{"id":"180a67ad-208b-4359-9904-558fe53c9792","block_type":"box","text":"£1 billion – £1.5 billion","page_number":109,"box":{"x":130,"y":200,"width":164,"height":9}},{"id":"3f12130c-b5c4-4963-bb5c-efffc61619c5","block_type":"box","text":"0.98%","page_number":109,"box":{"x":469,"y":200,"width":46,"height":9}},{"id":"b5ceb532-8498-4539-8c8d-47303389f7ee","block_type":"box","text":"£1.5 billion - £2 billion","page_number":109,"box":{"x":130,"y":221,"width":160,"height":9}},{"id":"76ff2e60-a506-4741-a7b1-87d8388b8d02","block_type":"box","text":"0.97%","page_number":109,"box":{"x":469,"y":221,"width":46,"height":9}},{"id":"d2eebc32-0c3e-402b-8d2a-2c899c0feb11","block_type":"box","text":"£2 billion - £2.5 billion","page_number":109,"box":{"x":130,"y":243,"width":160,"height":8}},{"id":"4bbaeac8-412d-4e8f-af9a-777aba274d50","block_type":"box","text":"0.96%","page_number":109,"box":{"x":469,"y":243,"width":46,"height":8}},{"id":"8cd6e8a0-af22-413a-8210-eaadae92412e","block_type":"box","text":"£2.5 billion and above","page_number":109,"box":{"x":130,"y":264,"width":162,"height":9}},{"id":"ae10a97d-0a67-4923-8a20-4dc5c7686417","block_type":"box","text":"0.95%","page_number":109,"box":{"x":469,"y":264,"width":46,"height":9}},{"id":"d60f9370-6ba3-4186-97e0-41c0815a3bea","block_type":"box","text":"For multi-asset funds (“standard” funds):","page_number":109,"box":{"x":122,"y":306,"width":298,"height":11}},{"id":"9870080b-27c7-4021-b7ec-ed701101154e","block_type":"box","text":"","page_number":109,"box":{"x":152,"y":342,"width":6,"height":5}},{"id":"acea8dd2-78e2-4a9a-98f2-a7effe77dd76","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £1 billion up to","page_number":109,"box":{"x":181,"y":339,"width":697,"height":11}},{"id":"c3b257fc-cf8e-4b14-9d48-e1d9e31caf4f","block_type":"box","text":"£2 billion of assets under management is discounted by 0.01%.","page_number":109,"box":{"x":181,"y":360,"width":469,"height":11}},{"id":"c5e3fc2b-d6f0-44c7-aad2-f06bd88044be","block_type":"box","text":"","page_number":109,"box":{"x":152,"y":396,"width":6,"height":4}},{"id":"1077df03-5614-4c5d-9f59-0b03cd069b8d","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £2 billion up to","page_number":109,"box":{"x":181,"y":393,"width":697,"height":11}},{"id":"e7ec1db6-c6cf-482f-b9c4-c86c0d4083ce","block_type":"box","text":"£3 billion of assets under management is discounted by 0.02%.","page_number":109,"box":{"x":181,"y":413,"width":469,"height":12}},{"id":"e3f94c3b-b61e-4bb6-a7ff-ecf5d2d6cd20","block_type":"box","text":"","page_number":109,"box":{"x":152,"y":450,"width":6,"height":4}},{"id":"23ec66a5-ce0e-4476-b3ba-a885721a04d5","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £3 billion up to","page_number":109,"box":{"x":181,"y":446,"width":697,"height":12}},{"id":"113fc423-5a1c-4ade-b7e0-77ee8a58449a","block_type":"box","text":"£4 billion of assets under management is discounted by 0.03%.","page_number":109,"box":{"x":181,"y":467,"width":469,"height":11}},{"id":"b7609c97-9ef6-451d-8484-1c40ed4d32da","block_type":"box","text":"","page_number":109,"box":{"x":152,"y":503,"width":6,"height":5}},{"id":"a3def920-6ee1-46e6-bb0a-078cd84e536f","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £4 billion up to","page_number":109,"box":{"x":181,"y":500,"width":697,"height":11}},{"id":"ff4c97a5-42c9-4663-af0d-17667c673a57","block_type":"box","text":"£5 billion of assets under management is discounted by 0.04%.","page_number":109,"box":{"x":181,"y":521,"width":469,"height":11}},{"id":"d12fc130-cdf5-49a9-be73-f8b5528f4865","block_type":"box","text":"","page_number":109,"box":{"x":152,"y":557,"width":6,"height":4}},{"id":"df121d58-bf86-4af3-ba02-f9a3cf9cf7bb","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £5 billion plus of","page_number":109,"box":{"x":181,"y":554,"width":697,"height":11}},{"id":"d651e4c7-a1b5-456a-89e9-850cece39232","block_type":"box","text":"assets under management is discounted by 0.05%.","page_number":109,"box":{"x":182,"y":574,"width":378,"height":11}},{"id":"db4188a5-77ca-43b9-98c5-bb6846a65f86","block_type":"box","text":"A numerical example for multi-asset funds is set out below.","page_number":109,"box":{"x":121,"y":607,"width":436,"height":11}},{"id":"fc5d0a8b-3efa-421c-9c3d-b45dfb4885dd","block_type":"box","text":"Assets under management","page_number":109,"box":{"x":130,"y":640,"width":214,"height":11}},{"id":"83e5f727-5826-4e87-baa2-b3f2411ecdd6","block_type":"box","text":"Discounted Fund Management Fee for a retail","page_number":109,"box":{"x":470,"y":640,"width":361,"height":11}},{"id":"8a1c47ae-a4fc-40d6-879d-6541c311e05c","block_type":"box","text":"Class of Share (for example a Class 1 Share)","page_number":109,"box":{"x":469,"y":653,"width":355,"height":11}},{"id":"c8e9dfaa-4a68-4ecb-983b-bc86feb3b9f6","block_type":"box","text":"Example Fund Management Fee: 1.00%","page_number":109,"box":{"x":470,"y":674,"width":300,"height":11}},{"id":"865db470-c579-4343-88ed-4d8eb92c5d50","block_type":"box","text":"(please see below for the exact Fund Management","page_number":109,"box":{"x":470,"y":695,"width":376,"height":11}},{"id":"2fbcf68d-e15f-4c3b-b13f-42810b13e7cd","block_type":"box","text":"Fee charged by each Class of Share in each Fund)","page_number":109,"box":{"x":470,"y":708,"width":377,"height":12}},{"id":"409331a9-cc5f-4729-917c-ec2d475933b7","block_type":"box","text":"£1 billion - £2 billion","page_number":109,"box":{"x":130,"y":730,"width":146,"height":9}},{"id":"b320207a-0af2-4795-b341-c6e9d99d46a4","block_type":"box","text":"0.99%","page_number":109,"box":{"x":469,"y":730,"width":46,"height":9}},{"id":"e4649c0e-0fe1-4dfa-844d-7ba2d68735aa","block_type":"box","text":"£2 billion - £3 billion","page_number":109,"box":{"x":130,"y":751,"width":146,"height":9}},{"id":"6875c5ba-2073-408d-9a1b-3f22783f5d18","block_type":"box","text":"0.98%","page_number":109,"box":{"x":469,"y":752,"width":46,"height":8}},{"id":"4f7afd4e-e43d-4464-8e84-2a871eb14b45","block_type":"box","text":"£3 billion - £4 billion","page_number":109,"box":{"x":130,"y":773,"width":146,"height":8}},{"id":"4268969c-e1b3-4c1e-94d9-66f1e23a34f0","block_type":"box","text":"0.97%","page_number":109,"box":{"x":469,"y":773,"width":46,"height":8}},{"id":"9e57c126-5dd5-4e55-b510-a9bdc44d62cf","block_type":"box","text":"£4 billion - £5 billion","page_number":109,"box":{"x":130,"y":794,"width":146,"height":9}},{"id":"f30e6954-e5bb-49ad-aa79-a356f89f68ce","block_type":"box","text":"0.96%","page_number":109,"box":{"x":469,"y":794,"width":46,"height":9}},{"id":"66a2f7c6-1657-4029-b2a5-971c428eeb3f","block_type":"box","text":"£5 billion and above","page_number":109,"box":{"x":130,"y":815,"width":148,"height":9}},{"id":"20d10f18-c6cd-4187-8e3b-d18261d3a1e0","block_type":"box","text":"0.95%","page_number":109,"box":{"x":469,"y":816,"width":46,"height":8}},{"id":"82f6072c-30d2-49a1-9d25-051de0338dd1","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 110","page_number":110,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"7cf301f5-2efd-404f-835e-f340dea85866","block_type":"box","text":"For multi-strategy and property funds (“complex” funds):","page_number":110,"box":{"x":122,"y":87,"width":414,"height":12}},{"id":"4ff0a033-5cd2-4d22-8c1a-0ee75cd0f8a9","block_type":"box","text":"","page_number":110,"box":{"x":152,"y":124,"width":6,"height":4}},{"id":"cf8d3f17-d4ab-409b-b875-13afc3be4884","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £2.5 billion up to","page_number":110,"box":{"x":181,"y":121,"width":697,"height":11}},{"id":"8c6340d8-6b2b-43de-ba8a-cf7905953af1","block_type":"box","text":"£5 billion of assets under management is discounted by 0.01%.","page_number":110,"box":{"x":181,"y":141,"width":469,"height":11}},{"id":"73b7e382-a699-447c-b484-c1cb5f21588a","block_type":"box","text":"","page_number":110,"box":{"x":152,"y":177,"width":6,"height":5}},{"id":"62c8cb54-0b7d-433f-8470-ce774dbe0f58","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £5 billion up to","page_number":110,"box":{"x":181,"y":174,"width":697,"height":12}},{"id":"34c05776-baf3-41f2-9129-880ea18b04a4","block_type":"box","text":"£7.5 billion of assets under management is discounted by 0.02%.","page_number":110,"box":{"x":181,"y":195,"width":483,"height":11}},{"id":"9cadda46-af62-4f2d-a73f-e2edd246cdc1","block_type":"box","text":"","page_number":110,"box":{"x":152,"y":231,"width":6,"height":4}},{"id":"378a492d-d952-4cec-ba7c-e0e95c47986d","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £7.5 billion up to","page_number":110,"box":{"x":181,"y":228,"width":697,"height":11}},{"id":"734a49a1-5234-424a-a69d-3bf3c3caa5d4","block_type":"box","text":"£10 billion of assets under management is discounted by 0.03%.","page_number":110,"box":{"x":181,"y":248,"width":478,"height":12}},{"id":"810b7d90-49f9-4d80-979e-afdc003a5d7f","block_type":"box","text":"","page_number":110,"box":{"x":152,"y":285,"width":6,"height":4}},{"id":"79837575-0a32-4c63-947c-bee5311ea4f5","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £10 billion up to","page_number":110,"box":{"x":181,"y":282,"width":697,"height":11}},{"id":"5ad5a2c6-e245-45ac-abbb-b4bb47ae28ef","block_type":"box","text":"£12.5 billion of assets under management is discounted by 0.04%.","page_number":110,"box":{"x":181,"y":302,"width":492,"height":11}},{"id":"988b4e43-4146-4cbf-8f45-79935eb018f4","block_type":"box","text":"","page_number":110,"box":{"x":152,"y":338,"width":6,"height":5}},{"id":"9a811f90-7bc2-4154-b173-b48f77239af1","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £12.5 billion plus","page_number":110,"box":{"x":181,"y":335,"width":697,"height":12}},{"id":"5030a3a1-5ba4-40bd-a1a7-0bfebaa80fb6","block_type":"box","text":"of assets under management is discounted by 0.05%.","page_number":110,"box":{"x":182,"y":356,"width":397,"height":11}},{"id":"f1562003-0632-4263-8380-e68780d30e9d","block_type":"box","text":"A numerical example for multi-strategy and property funds is set out below.","page_number":110,"box":{"x":121,"y":388,"width":554,"height":11}},{"id":"a9b663da-1443-44c1-b866-c6c4595f5eee","block_type":"box","text":"Assets under management","page_number":110,"box":{"x":130,"y":421,"width":214,"height":11}},{"id":"a8d01fd4-519c-4d99-9161-f9a1e1570520","block_type":"box","text":"Discounted Fund Management Fee for a retail","page_number":110,"box":{"x":470,"y":421,"width":361,"height":11}},{"id":"46036d6a-928c-4857-8148-0c73a2a9c4fa","block_type":"box","text":"Class of Share (for example a Class 1 Share)","page_number":110,"box":{"x":469,"y":435,"width":355,"height":11}},{"id":"85444505-9980-4755-ac15-9a9d03a712b5","block_type":"box","text":"Example Fund Management Fee: 1.00%","page_number":110,"box":{"x":470,"y":456,"width":300,"height":11}},{"id":"1e47fe65-9a82-4ff5-ae51-4a0562034d98","block_type":"box","text":"(please see below for the exact Fund Management","page_number":110,"box":{"x":470,"y":476,"width":376,"height":12}},{"id":"59bba556-1660-4c70-8ba9-de8d81196d59","block_type":"box","text":"Fee charged by each Class of Share in each Fund)","page_number":110,"box":{"x":470,"y":490,"width":377,"height":11}},{"id":"2566ec56-49e3-437b-8210-5e02d227027b","block_type":"box","text":"£2.5 billion - £5 billion","page_number":110,"box":{"x":130,"y":511,"width":160,"height":9}},{"id":"9a084443-c848-4f4f-8798-7faa6920ce8b","block_type":"box","text":"0.99%","page_number":110,"box":{"x":469,"y":512,"width":46,"height":8}},{"id":"00535242-c23c-483d-840b-dc07eefcee99","block_type":"box","text":"£5 billion - £7.5 billion","page_number":110,"box":{"x":130,"y":533,"width":160,"height":9}},{"id":"638498d7-b052-4d67-a466-992f345442ce","block_type":"box","text":"0.98%","page_number":110,"box":{"x":469,"y":533,"width":46,"height":9}},{"id":"53c9bef6-326c-4fd0-9c96-02075c5558c5","block_type":"box","text":"£7.5 billion - £10 billion","page_number":110,"box":{"x":130,"y":554,"width":169,"height":9}},{"id":"11a24aa2-dfbd-4cd8-bcc3-49fa941dce1a","block_type":"box","text":"0.97%","page_number":110,"box":{"x":469,"y":554,"width":46,"height":9}},{"id":"3cd6f961-f62e-4231-8e04-578d92c03fd3","block_type":"box","text":"£10 billion - £12.5 billion","page_number":110,"box":{"x":130,"y":576,"width":178,"height":8}},{"id":"afd14ead-a0af-451d-9de4-bf374cb8a7ce","block_type":"box","text":"0.96%","page_number":110,"box":{"x":469,"y":576,"width":46,"height":8}},{"id":"313f5347-b58f-4904-81ad-0106d25c8da8","block_type":"box","text":"£12.5 billion and above","page_number":110,"box":{"x":130,"y":597,"width":171,"height":9}},{"id":"8162c0dd-dcf0-426f-85f9-a6801ba070e7","block_type":"box","text":"0.95%","page_number":110,"box":{"x":469,"y":597,"width":46,"height":9}},{"id":"b9c4faf6-c4bc-4938-95fa-6a634603836a","block_type":"box","text":"This discount will apply once any other discount to the Fund Management Fee noted below for a","page_number":110,"box":{"x":121,"y":639,"width":757,"height":11}},{"id":"b38f6180-93ab-4957-8dfa-96199111882e","block_type":"box","text":"particular Fund has been applied. For the avoidance of doubt, in the event that on any given day the","page_number":110,"box":{"x":121,"y":659,"width":757,"height":12}},{"id":"131ea374-6fe0-4424-aa7e-11527505c736","block_type":"box","text":"assets under management of a Fund are less than the base amount at which the discount starts to","page_number":110,"box":{"x":121,"y":680,"width":757,"height":11}},{"id":"d688415b-d0fb-4df6-859d-ad09e16c38d9","block_type":"box","text":"apply in accordance with the classification of that Fund, then no discount shall apply under this","page_number":110,"box":{"x":121,"y":700,"width":757,"height":12}},{"id":"70965c66-88d9-4269-8456-c61a103019dd","block_type":"box","text":"paragraph and the amount accrued in respect of the Fund Management Fee shall be calculated by","page_number":110,"box":{"x":121,"y":721,"width":757,"height":11}},{"id":"7de64f46-5fb2-4bf1-adca-976986ae2422","block_type":"box","text":"reference to the full value of the Fund Management Fee referred to in the table of charges below (as","page_number":110,"box":{"x":122,"y":741,"width":756,"height":12}},{"id":"ff7c0af5-cc2b-48e4-b986-15e5f8a8f04b","block_type":"box","text":"this may be adjusted by any discount which is applied to the Fund Management Fee other than pursuant","page_number":110,"box":{"x":121,"y":762,"width":757,"height":11}},{"id":"1ed2625a-b2d0-439f-8a48-244ab2e331cc","block_type":"box","text":"to this paragraph). The ACD reserves the right to change the ranges at which discounts apply or the","page_number":110,"box":{"x":121,"y":782,"width":757,"height":12}},{"id":"8e40f3da-8050-4bdf-aecb-290993da4c30","block_type":"box","text":"discount applied for any given range. In the event of any such change, the ACD will notify Shareholders","page_number":110,"box":{"x":121,"y":803,"width":757,"height":11}},{"id":"f1bdb3d4-d073-4fad-9e9b-f47e824631f6","block_type":"box","text":"in writing. The classification (“simple”, “standard” or “complex”) of each Fund is set out in the table of","page_number":110,"box":{"x":122,"y":823,"width":756,"height":12}},{"id":"291ec3b5-550e-4209-b9de-235ee606283d","block_type":"box","text":"charges below. The latest size of each Fund can be found on our website at","page_number":110,"box":{"x":121,"y":844,"width":757,"height":11}},{"id":"90166011-6abc-4e8f-a110-eca69f80c78c","block_type":"box","text":"www.avivainvestors.com/en-gb/capabilities/fund-centre","page_number":110,"box":{"x":121,"y":864,"width":408,"height":12}},{"id":"8a521fc2-460c-444d-81c1-9d9eaaf6c1ab","block_type":"box","text":".","page_number":110,"box":{"x":531,"y":872,"width":2,"height":1}},{"id":"54a10495-df40-40d0-889d-b8558a377a3f","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 111","page_number":111,"box":{"x":121,"y":926,"width":371,"height":9}},{"id":"94faa9e7-a7ba-470a-9822-9d202c357daf","block_type":"box","text":"Ongoing Charge","page_number":111,"box":{"x":121,"y":88,"width":163,"height":13}},{"id":"634cb0c1-b4dd-43a5-953e-c01ed459523f","block_type":"box","text":"The Ongoing Charge represents the ongoing costs of managing each Fund. This is the figure which, in","page_number":111,"box":{"x":121,"y":124,"width":756,"height":11}},{"id":"6c8ce60b-9799-4e72-a831-21c5e4accb32","block_type":"box","text":"accordance with current Applicable Law, is disclosed to investors in the Key Investor Information","page_number":111,"box":{"x":121,"y":145,"width":757,"height":11}},{"id":"a6408e24-6083-4fb0-b678-a0195569c29a","block_type":"box","text":"Document of each Fund. The Ongoing Charge is made up of:","page_number":111,"box":{"x":122,"y":165,"width":453,"height":11}},{"id":"0adb6419-a4de-4d3c-949b-b30a3d5f07ed","block_type":"box","text":"a) the Fund Management Fee;","page_number":111,"box":{"x":156,"y":197,"width":235,"height":11}},{"id":"f2452d62-3746-4773-95d1-b52ef977c032","block_type":"box","text":"b) any fees, disbursements and expenses of the tax, legal and other professional advisers in","page_number":111,"box":{"x":156,"y":218,"width":722,"height":11}},{"id":"4808c8d4-6133-40fb-ad5b-b8692aea3e72","block_type":"box","text":"relation to litigation pursued for, or on behalf of, the Company or Fund(s); and","page_number":111,"box":{"x":186,"y":238,"width":573,"height":12}},{"id":"5adf532c-7107-46d4-81e3-6fb6347b14fc","block_type":"box","text":"c) where a Fund invests a substantial portion of its assets in other funds, an amount for the pro\u0002","page_number":111,"box":{"x":156,"y":259,"width":722,"height":11}},{"id":"3596d1a4-c7d2-4936-ae47-b0b3da8f68ec","block_type":"box","text":"rated charges of those other funds. These pro-rated charges are commonly referred to as","page_number":111,"box":{"x":186,"y":279,"width":692,"height":11}},{"id":"0bda6487-544d-4d62-b6b3-a16335fb63ca","block_type":"box","text":"“synthetic charges” or the “synthetic” part of the Ongoing Charge. This ensures that the","page_number":111,"box":{"x":186,"y":300,"width":692,"height":11}},{"id":"c163665b-ca46-4b39-b0d6-e6904e98787c","block_type":"box","text":"publicised Ongoing Charge of a Fund takes account of the ongoing charges incurred by those","page_number":111,"box":{"x":186,"y":320,"width":692,"height":11}},{"id":"98ce05e6-e3a0-4eb7-9431-802b5ff11f81","block_type":"box","text":"other funds, even though they are not a direct cost, and so are not actually paid out of the","page_number":111,"box":{"x":186,"y":341,"width":692,"height":11}},{"id":"33ca0b17-a11a-40cd-ab98-3bf0a7dcefbf","block_type":"box","text":"Scheme Property, of that Fund.","page_number":111,"box":{"x":186,"y":361,"width":231,"height":11}},{"id":"4fb968af-84ca-4850-ae39-f9c758382910","block_type":"box","text":"It is important to note that the Ongoing Charge still does not reflect the total costs of investing in the","page_number":111,"box":{"x":122,"y":395,"width":756,"height":12}},{"id":"4833227d-4680-4b98-9fac-ab58aeb0a581","block_type":"box","text":"Funds. For example, it does not include performance fees (to the extent that these are charged) or","page_number":111,"box":{"x":122,"y":416,"width":757,"height":11}},{"id":"ab11487a-dfd5-4de9-99e1-15eada7c41b0","block_type":"box","text":"certain other payments permitted to be made out of the Scheme Property of the Fund (as referred to in","page_number":111,"box":{"x":121,"y":436,"width":756,"height":11}},{"id":"d0e2f43d-fc41-4737-93f2-119674c38d7c","block_type":"box","text":"more detail in the section headed “Other Payments out of Scheme Property” below, such as the costs","page_number":111,"box":{"x":122,"y":457,"width":756,"height":11}},{"id":"aff99257-a4cc-4314-b1e6-48c3746c050e","block_type":"box","text":"of acquiring and disposing of certain investments). Furthermore, other one-off charges may be","page_number":111,"box":{"x":121,"y":477,"width":757,"height":12}},{"id":"bf9de932-36e3-43d8-9b4b-b2bed8743102","block_type":"box","text":"applicable which are applied directly to an investor’s investment, rather than being taken from the","page_number":111,"box":{"x":121,"y":498,"width":757,"height":11}},{"id":"4ecd93ff-45ce-45e6-94e8-803a49152612","block_type":"box","text":"Scheme Property of the Fund, namely any Entry Charge, Exit Charge, Switching Fee or Conversion","page_number":111,"box":{"x":121,"y":518,"width":756,"height":11}},{"id":"4b67c022-51fd-452d-8a78-6c1ce3d399b5","block_type":"box","text":"Fee (which are referred to in more detail in the section headed “One-Off Charges” below).","page_number":111,"box":{"x":122,"y":539,"width":662,"height":11}},{"id":"de5fc972-9078-4044-a938-6285bae7f301","block_type":"box","text":"The Ongoing Charges figure is stated as a percentage of the average Net Asset Value of that Fund. It","page_number":111,"box":{"x":121,"y":571,"width":757,"height":11}},{"id":"8913c773-8998-4a49-ba16-044db1afffff","block_type":"box","text":"is based on previous costs incurred and will be calculated (i) at the end of each annual accounting","page_number":111,"box":{"x":122,"y":592,"width":756,"height":11}},{"id":"1f43ab16-0662-45b1-9c86-367225133ef8","block_type":"box","text":"period, by reference to the actual costs incurred in the previous 12 month period and (ii) at the end of","page_number":111,"box":{"x":121,"y":612,"width":757,"height":11}},{"id":"4db97db6-80be-424a-ae19-6f61b26a51c4","block_type":"box","text":"each interim half-yearly accounting period, by reference to the annualised costs for the previous 6","page_number":111,"box":{"x":121,"y":633,"width":757,"height":11}},{"id":"fe2f0347-ee74-4796-a392-3b7676352f0a","block_type":"box","text":"month period (that is, the costs incurred in that 6 month period, adjusted so as to reflect what these","page_number":111,"box":{"x":122,"y":653,"width":756,"height":11}},{"id":"55fbfc86-ff66-4a4a-bffe-ce085aa1b995","block_type":"box","text":"costs would amount to over a 12 month period). It may also be based on an estimate of upcoming costs","page_number":111,"box":{"x":121,"y":674,"width":757,"height":11}},{"id":"c4878aaf-0b66-449e-b564-082f054f4f71","block_type":"box","text":"where this provides a better indication of the expected costs in the relevant Class or Fund, in which","page_number":111,"box":{"x":121,"y":694,"width":756,"height":11}},{"id":"3d3bd690-1761-4122-8706-3bf2d0a2322b","block_type":"box","text":"case it will also be calculated as required.","page_number":111,"box":{"x":121,"y":715,"width":307,"height":10}},{"id":"fb637282-b1f8-468f-bdbe-231234cec9fd","block_type":"box","text":"However, specifically for the following Class of the following Funds, the ACD has capped the OCF at","page_number":111,"box":{"x":122,"y":747,"width":756,"height":11}},{"id":"32b25f61-68a7-4ba8-9bda-cd725b52a24e","block_type":"box","text":"the levels indicated below:","page_number":111,"box":{"x":121,"y":767,"width":194,"height":9}},{"id":"8e18137d-2a27-48fa-885c-535b3c5df4c0","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 112","page_number":112,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"3aa7a58a-d182-4e8e-8c19-92d0e0be1cc6","block_type":"box","text":"Fund","page_number":112,"box":{"x":131,"y":88,"width":39,"height":9}},{"id":"25c3731a-84de-4c71-8b4f-ba212f38c287","block_type":"box","text":"Share Class Cap on Ongoing Charges figure","page_number":112,"box":{"x":487,"y":88,"width":398,"height":11}},{"id":"cc0f8b8c-fb3f-4787-9131-7c55f894430d","block_type":"box","text":"incurred in respect of this Class of","page_number":112,"box":{"x":616,"y":109,"width":269,"height":11}},{"id":"fd0bf01c-a027-49bc-9ac5-1c052ea9730c","block_type":"box","text":"Fund in any 12 month period 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Where appropriate, such tax is charged at the prevailing rate imposed by","page_number":122,"box":{"x":122,"y":222,"width":756,"height":12}},{"id":"c9823afb-116a-47b2-9a73-272bffc496f7","block_type":"box","text":"HMRC (or other relevant tax authority) on the relevant expense and accrued and paid at the time of the","page_number":122,"box":{"x":122,"y":243,"width":756,"height":11}},{"id":"6efb5c7b-7b7e-43fe-9894-719d2a75f99a","block_type":"box","text":"expense.","page_number":122,"box":{"x":121,"y":265,"width":66,"height":9}},{"id":"ab053488-2ffa-4d94-809f-5f939a8c449f","block_type":"box","text":"Fees and expenses (and taxes thereon) are allocated between capital and income in accordance with","page_number":122,"box":{"x":122,"y":296,"width":756,"height":11}},{"id":"83327a88-7e21-4595-ba9c-32d9134c064b","block_type":"box","text":"the Regulations and the Statement of Recommended Practice regarding the Financial Statements of","page_number":122,"box":{"x":121,"y":316,"width":757,"height":11}},{"id":"936f315f-e671-4d44-8278-f575ae4cbf2f","block_type":"box","text":"Authorised Open-Ended Investment Companies issued by the Investment Association as of 1","page_number":122,"box":{"x":121,"y":337,"width":754,"height":11}},{"id":"6f7ec196-bca5-45d1-91e9-eb8ebdfbb4ce","block_type":"box","text":"December 2003 and for the time being in force.","page_number":122,"box":{"x":122,"y":357,"width":348,"height":11}},{"id":"7a81e651-11f5-454c-9d0e-56528d15baa3","block_type":"box","text":"All the above fees and expenses (other than those borne by the ACD) will be charged to the Fund in","page_number":122,"box":{"x":121,"y":389,"width":756,"height":12}},{"id":"ad2d2341-a629-4c46-9cc8-4762a5b74aff","block_type":"box","text":"respect of which they were incurred but where it is not considered to be attributable to any one Fund, it","page_number":122,"box":{"x":122,"y":410,"width":756,"height":11}},{"id":"d40a7e90-c9a7-4e76-9805-2c147dba9c90","block_type":"box","text":"will be allocated by the ACD in a manner which is fair to Shareholders generally. They will normally be","page_number":122,"box":{"x":121,"y":430,"width":757,"height":12}},{"id":"0856cb4e-3903-49ca-a088-2ebe7476baf3","block_type":"box","text":"allocated to all Funds pro rata to the value of the net assets of the relevant Funds.","page_number":122,"box":{"x":121,"y":451,"width":606,"height":11}},{"id":"ebc32fcf-94bb-4b43-874a-771c4b1ee122","block_type":"box","text":"Fees and expenses specific to a Class will be allocated to that Class. They will otherwise be allocated","page_number":122,"box":{"x":122,"y":483,"width":756,"height":11}},{"id":"822a05e7-7ce2-4d63-9708-2c82eff26f28","block_type":"box","text":"in a manner which is fair to Shareholders generally and will normally be allocated to all Classes pro rata","page_number":122,"box":{"x":122,"y":504,"width":756,"height":11}},{"id":"7e7cd42f-f4d2-4687-be25-d8c8588002f0","block_type":"box","text":"to the value of the net assets of the relevant Class.","page_number":122,"box":{"x":121,"y":524,"width":375,"height":9}},{"id":"f6275786-d9b6-4ce0-8784-2437b32cfc2d","block_type":"box","text":"Investor Protection Fee (dilution levy)","page_number":122,"box":{"x":122,"y":557,"width":359,"height":13}},{"id":"26f1a724-c9f3-4797-8c19-64fb6ee1fd9f","block_type":"box","text":"When the Company purchases or sells investments it will usually incur cost in the form of dealing","page_number":122,"box":{"x":121,"y":593,"width":756,"height":11}},{"id":"581b4572-79ff-41fa-9ba3-d81288c8058d","block_type":"box","text":"charges and any spread between the buying and selling prices of the investment. This cost is not","page_number":122,"box":{"x":121,"y":614,"width":757,"height":11}},{"id":"b14ec5db-f315-4b51-a61e-43597d6c64ae","block_type":"box","text":"reflected in the sale or purchase price paid by an investor. In some circumstances (for example, large","page_number":122,"box":{"x":122,"y":634,"width":756,"height":11}},{"id":"b157b4d6-772a-4781-9be3-b8d76fcdf18b","block_type":"box","text":"volumes of deals in a Fund’s Shares require a Company to purchase or sell Fund investments) this may","page_number":122,"box":{"x":121,"y":654,"width":757,"height":12}},{"id":"5e673d57-8ae2-466f-94c3-d0731dc38c03","block_type":"box","text":"have an adverse effect on Shareholders’ interests in the Fund. This effect is referred to as “dilution”. To","page_number":122,"box":{"x":122,"y":675,"width":756,"height":9}},{"id":"03052761-855d-470a-a4b0-bd576558285f","block_type":"box","text":"counteract the effect of dilution, the ACD may charge a dilution levy (referred to in this Prospectus as","page_number":122,"box":{"x":121,"y":695,"width":757,"height":12}},{"id":"d72de133-1940-4e51-9f8e-0e2855c308aa","block_type":"box","text":"the Investor Protection Fee) on the purchase and/or sale of Shares. If charged, this fee is added to the","page_number":122,"box":{"x":121,"y":716,"width":757,"height":11}},{"id":"153e1ead-730c-4b44-a9d2-d319608428e9","block_type":"box","text":"purchase cost or deducted from the sale proceeds, as appropriate, and paid into and becomes a part","page_number":122,"box":{"x":121,"y":736,"width":757,"height":11}},{"id":"b23001ba-1665-4ec9-9eca-ff079989b413","block_type":"box","text":"of the Scheme Property of the relevant Fund.","page_number":122,"box":{"x":121,"y":757,"width":333,"height":11}},{"id":"dc18978f-be17-4314-820b-b292a75216ef","block_type":"box","text":"The ACD has no entitlement to the Investor Protection Fee.","page_number":122,"box":{"x":121,"y":792,"width":438,"height":9}},{"id":"dfc4ce64-bf56-426b-8b82-23665bdcfa8e","block_type":"box","text":"The Investor Protection Fee for each Fund will be calculated by reference to the costs of dealing in the","page_number":122,"box":{"x":121,"y":826,"width":757,"height":12}},{"id":"6948bb31-eef1-4753-ae38-e18979758c1a","block_type":"box","text":"underlying investments of that Fund, including any dealing spreads, commission and transfer taxes and","page_number":122,"box":{"x":122,"y":847,"width":756,"height":11}},{"id":"d0dc3380-6bff-466f-b0b5-ca985a82cf23","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 123","page_number":123,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"c2e2b7d9-ab4a-4f28-8566-afd28ec572c4","block_type":"box","text":"will be calculated at the Valuation Point of any relevant dealing of Shares triggering the need for an","page_number":123,"box":{"x":121,"y":87,"width":756,"height":12}},{"id":"90298bf0-282e-4792-8f70-ee2da0261d1d","block_type":"box","text":"Investor Protection Fee.","page_number":123,"box":{"x":122,"y":108,"width":175,"height":9}},{"id":"23a49d16-a13d-471e-9100-75e847ef1f6f","block_type":"box","text":"The necessity to charge an Investor Protection Fee will depend on the volume of purchases or sales of","page_number":123,"box":{"x":121,"y":143,"width":757,"height":11}},{"id":"62500f7a-85f7-4981-bf3c-5f163f929aa2","block_type":"box","text":"Shares and an Investor Protection Fee may therefore be charged in the following circumstances:","page_number":123,"box":{"x":121,"y":163,"width":715,"height":11}},{"id":"4ca9118a-a227-4cc4-9d06-d788f230c4de","block_type":"box","text":"i) on a Fund experiencing large levels of net purchases (i.e. purchases less sales) relative to","page_number":123,"box":{"x":182,"y":198,"width":696,"height":11}},{"id":"45d8455e-a1af-460c-8ebf-bcc0d2c851bd","block_type":"box","text":"its size. In these circumstances the Investor Protection Fee may be applied in particular to","page_number":123,"box":{"x":212,"y":219,"width":666,"height":11}},{"id":"070f6f63-3ffd-409a-8a45-36ae472d30b2","block_type":"box","text":"individual deals exceeding £15,000;","page_number":123,"box":{"x":212,"y":239,"width":264,"height":11}},{"id":"4873f4dd-5dd3-4221-b6b8-0faeb1c810ca","block_type":"box","text":"ii) on a Fund experiencing large levels of net sales (i.e. sales less purchases) relative to its","page_number":123,"box":{"x":182,"y":280,"width":696,"height":11}},{"id":"cd1abf54-a1e4-4c35-b68d-c88633f156a5","block_type":"box","text":"size. In these circumstances the Investor Protection Fee may be applied in particular to","page_number":123,"box":{"x":212,"y":301,"width":666,"height":11}},{"id":"74f5f97b-3a29-4fe7-b0df-46b29217fc12","block_type":"box","text":"individual deals exceeding £15,000;","page_number":123,"box":{"x":212,"y":321,"width":264,"height":11}},{"id":"73b7de42-3d43-4cdf-9849-b4ac927df796","block_type":"box","text":"iii) on “large deals”. For these purposes a large deal is defined as a deal exceeding 2% of the","page_number":123,"box":{"x":182,"y":362,"width":696,"height":11}},{"id":"5b419a4e-470f-47c0-a92c-9b0b7acc3263","block_type":"box","text":"size of a Fund;","page_number":123,"box":{"x":212,"y":382,"width":108,"height":11}},{"id":"32fec91e-6a0d-41b5-939d-c94ea3118695","block_type":"box","text":"iv) where a Shareholder redeems or Switches a holding of Shares within 30 days of its","page_number":123,"box":{"x":182,"y":423,"width":696,"height":11}},{"id":"48a26371-ec5c-400b-bf7e-fcae39f0699b","block_type":"box","text":"purchase;","page_number":123,"box":{"x":212,"y":444,"width":71,"height":11}},{"id":"ce7ed338-810f-4e62-880b-21993e15b687","block_type":"box","text":"v) where a Fund is an index tracking fund or is otherwise passively managed;","page_number":123,"box":{"x":181,"y":485,"width":583,"height":11}},{"id":"7e1b6845-dba9-4a70-9f3c-03a23922e59e","block_type":"box","text":"vi) in any other case where the ACD is of the opinion that the interests of existing Shareholders","page_number":123,"box":{"x":181,"y":526,"width":697,"height":11}},{"id":"9ae6a1b6-bf5b-4056-a9a5-a6173147f169","block_type":"box","text":"(for purchases) or remaining Shareholders (for sales) (i) require the imposition of an","page_number":123,"box":{"x":212,"y":546,"width":666,"height":11}},{"id":"4b35e402-2936-4a41-bbc6-884ad112ceea","block_type":"box","text":"Investor Protection Fee or (ii) might otherwise be adversely affected.","page_number":123,"box":{"x":213,"y":567,"width":505,"height":11}},{"id":"419e04d8-f5f2-44e9-8061-1a1359c935a4","block_type":"box","text":"On the occasions where an Investor Protection Fee is not applied, there may be an adverse impact on","page_number":123,"box":{"x":121,"y":608,"width":756,"height":11}},{"id":"f6115220-f44b-4848-a4ed-795405f914fd","block_type":"box","text":"the total assets of the Company, which may constrain capital growth of the Company.","page_number":123,"box":{"x":121,"y":628,"width":632,"height":11}},{"id":"fb965e01-95c3-4acd-bde3-92cb79f2412b","block_type":"box","text":"In the twelve-month period to the end of December 2024, an Investor Protection Fee was levied on","page_number":123,"box":{"x":122,"y":661,"width":730,"height":11}},{"id":"934b7fc1-4ecd-49f9-819e-b6b2e2ffdfaf","block_type":"box","text":"sixty six (66) occasions:","page_number":123,"box":{"x":121,"y":681,"width":175,"height":11}},{"id":"36d75934-a2c5-498a-b417-33dde1fd97da","block_type":"box","text":"","page_number":123,"box":{"x":121,"y":717,"width":6,"height":5}},{"id":"62b38ec0-5498-4147-af1f-c1845f1466fb","block_type":"box","text":"Six (6) were for Aviva Investors Global Equity Endurance Fund (Class 8 Accumulation) with an","page_number":123,"box":{"x":152,"y":714,"width":703,"height":11}},{"id":"cd0ffe05-c9b8-49b2-b1f8-aa3b904aa83f","block_type":"box","text":"average amount of £9,497.70","page_number":123,"box":{"x":151,"y":735,"width":218,"height":11}},{"id":"982f4502-67d2-41e1-b27f-0bbbb010cb24","block_type":"box","text":"","page_number":123,"box":{"x":121,"y":759,"width":6,"height":4}},{"id":"35928f4d-8020-4a40-aede-7b5fd238daf8","block_type":"box","text":"Fifteen (15) were for the Aviva Investors Global Equity Income Fund (Class 8 Income) with an","page_number":123,"box":{"x":152,"y":756,"width":692,"height":11}},{"id":"6eec21f1-723c-4f67-91cb-8e426c77b35a","block_type":"box","text":"average amount of £16,707.55","page_number":123,"box":{"x":151,"y":776,"width":228,"height":12}},{"id":"446a44f1-8e63-4004-b7a5-9bc960a66e22","block_type":"box","text":"","page_number":123,"box":{"x":121,"y":801,"width":6,"height":4}},{"id":"87536a65-0eac-488a-997a-852d049e9f01","block_type":"box","text":"Two (2) were for the Aviva Investors Sterling Corporate Bond Fund (Class 8 Accumulation) with","page_number":123,"box":{"x":151,"y":798,"width":707,"height":11}},{"id":"8a07b969-d544-47cc-bd9c-55a25ad30bf3","block_type":"box","text":"an average amount of £24,966.34","page_number":123,"box":{"x":151,"y":818,"width":251,"height":11}},{"id":"7c4195d2-6363-4719-af68-f341daed7cfb","block_type":"box","text":"","page_number":123,"box":{"x":121,"y":843,"width":6,"height":4}},{"id":"6567b408-97da-44e6-852f-47d2e69298a7","block_type":"box","text":"Twelve (12) were for the Aviva Investors Global Climate Aware Equity Fund (Class 8","page_number":123,"box":{"x":151,"y":839,"width":626,"height":12}},{"id":"f42437c9-7a3b-47e5-9706-20f4ed7a7d16","block_type":"box","text":"Accumulation) with an average amount of £2,588.56","page_number":123,"box":{"x":151,"y":860,"width":388,"height":11}},{"id":"daa89f7a-8c20-4a44-a605-d442f77ec694","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 124","page_number":124,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"aa414a6f-acd0-4e84-8629-fb5ae7266eed","block_type":"box","text":"","page_number":124,"box":{"x":121,"y":91,"width":6,"height":5}},{"id":"6038d770-379f-4db9-8db4-cd43f555a241","block_type":"box","text":"One (1) was for the Aviva Investors Continental European Equity Fund (Class 8 Income) for","page_number":124,"box":{"x":151,"y":88,"width":679,"height":12}},{"id":"2666314e-9dc7-4cff-850b-f72763c0e5ba","block_type":"box","text":"£2,225.89","page_number":124,"box":{"x":151,"y":109,"width":74,"height":10}},{"id":"ac7cc41e-acf0-4694-a62c-9563e6bef998","block_type":"box","text":"","page_number":124,"box":{"x":121,"y":133,"width":6,"height":5}},{"id":"50741fcb-0b3d-4d31-aa2b-6316a264f594","block_type":"box","text":"Seventeen (17) were for the Aviva Investors Global Equity Income Fund (Class 2 Accumulation)","page_number":124,"box":{"x":152,"y":130,"width":709,"height":11}},{"id":"e4a42db6-4bd7-4a6b-9245-eaf45173d928","block_type":"box","text":"with an average amount of £1,399.26","page_number":124,"box":{"x":151,"y":151,"width":276,"height":11}},{"id":"0fae4f18-c8b8-4fdb-93a5-ff2061c05109","block_type":"box","text":"","page_number":124,"box":{"x":121,"y":175,"width":6,"height":4}},{"id":"af64c247-9570-45a2-b85e-8f41aa4b3506","block_type":"box","text":"One (1) was for the Aviva Investors Managed High Income Fund (Class 8 Income) for £6,097.90","page_number":124,"box":{"x":151,"y":172,"width":713,"height":11}},{"id":"e0b730e7-41fa-4509-bcb5-bd9cc6c15635","block_type":"box","text":"","page_number":124,"box":{"x":121,"y":196,"width":6,"height":5}},{"id":"1cb0bf99-e746-410a-94be-b9170ccec5f1","block_type":"box","text":"One (1) was for the Aviva Investors UK Smaller Companies Fund (Class 8 Income) for","page_number":124,"box":{"x":151,"y":193,"width":640,"height":11}},{"id":"b5adefc4-a8ea-406b-b554-2f96ad5c51d3","block_type":"box","text":"£33,859.19","page_number":124,"box":{"x":151,"y":214,"width":83,"height":10}},{"id":"88707c6a-8ce2-4f56-81ab-21d9f38b0feb","block_type":"box","text":"As dilution is directly related to the inflow and outflow of monies from the Company, it is not possible to","page_number":124,"box":{"x":121,"y":254,"width":757,"height":12}},{"id":"7e8eb0fc-9b34-4578-8414-246458d1eefc","block_type":"box","text":"accurately predict whether a dilution will occur at any future point in time. Consequently, it is not possible","page_number":124,"box":{"x":121,"y":275,"width":757,"height":11}},{"id":"a15bf077-9b35-4ceb-a9c8-f889e5f2e9fc","block_type":"box","text":"to accurately predict how frequently the ACD will need to impose an Investor Protection Fee. Based on","page_number":124,"box":{"x":121,"y":295,"width":756,"height":12}},{"id":"a547d772-fb90-45c6-a450-349e243d7c46","block_type":"box","text":"historic data and on its experience of managing the Funds, the ACD is unlikely to impose an Investor","page_number":124,"box":{"x":122,"y":316,"width":757,"height":11}},{"id":"3e42988e-aafa-4c61-b4dd-9364eceaf15a","block_type":"box","text":"Protection Fee unless it considers that the dealing costs relating to a Shareholder transaction(s) are","page_number":124,"box":{"x":122,"y":336,"width":756,"height":12}},{"id":"3ed7f4eb-5e7f-4922-8a3d-9d86e3c2df2e","block_type":"box","text":"significant and will have a material impact on the value of the Fund in question. This paragraph will","page_number":124,"box":{"x":121,"y":357,"width":756,"height":11}},{"id":"f43521ab-3c10-493f-98bb-c52532a3f2e5","block_type":"box","text":"continue to be revised from time to time.","page_number":124,"box":{"x":121,"y":378,"width":297,"height":8}},{"id":"fe8a08d8-89f1-4099-be80-351ec50df2cd","block_type":"box","text":"Securities Lending Agent’s Fee","page_number":124,"box":{"x":121,"y":410,"width":280,"height":12}},{"id":"f946491e-ec65-4d97-9574-a8a22b1fb8b1","block_type":"box","text":"For the Funds which operate securities lending, the Securities Lending Agent is permitted to deduct a","page_number":124,"box":{"x":122,"y":450,"width":756,"height":12}},{"id":"8beb2aed-ac2b-4677-9bf8-7d3b5a9d7233","block_type":"box","text":"monthly fee equating to 20 per cent of the securities lending income generated for the Fund. The fee","page_number":124,"box":{"x":122,"y":471,"width":756,"height":11}},{"id":"a5d776b8-8183-4daf-a372-05b8ca2912d6","block_type":"box","text":"will be charged to the Fund each month in respect of the securities lending activity from the preceding","page_number":124,"box":{"x":121,"y":491,"width":756,"height":11}},{"id":"bbc06fc4-2b0d-4c70-a324-20a7873bde37","block_type":"box","text":"month. No Securities Lending Agent fee will be deducted from the Scheme Property if no revenue from","page_number":124,"box":{"x":122,"y":512,"width":755,"height":11}},{"id":"0d410362-8881-41e0-8914-b2a124d67f08","block_type":"box","text":"securities lending activity has been generated in the preceding month. No additional fee will be charged","page_number":124,"box":{"x":121,"y":532,"width":756,"height":12}},{"id":"8db5167e-e033-409c-a0dd-51d71f0369ba","block_type":"box","text":"by the ACD.","page_number":124,"box":{"x":121,"y":553,"width":88,"height":11}},{"id":"f37a2a9a-710a-4da8-8b6a-08a523302c91","block_type":"box","text":"Access to costs and charges information","page_number":124,"box":{"x":121,"y":580,"width":400,"height":13}},{"id":"deba767e-db54-4c9f-b9df-b2ca7f599e01","block_type":"box","text":"In addition to the information set out in the section headed “Fees and Expenses” and other than the","page_number":124,"box":{"x":122,"y":616,"width":734,"height":11}},{"id":"14282d78-6349-4e97-a855-529d009febec","block_type":"box","text":"Ongoing Charge, further costs and charges information for investors and prospective investors","page_number":124,"box":{"x":121,"y":636,"width":700,"height":11}},{"id":"67eafa65-755f-4057-816b-121d86cc0236","block_type":"box","text":"relating to MiFI Regulations and PRIIPs Regulation can also be found on the ACD’s website at","page_number":124,"box":{"x":122,"y":656,"width":698,"height":12}},{"id":"2878ebbc-f307-4edf-9335-673db8b30d53","block_type":"box","text":"www.avivainvestors.com/en-gb/capabilities/regulatory/mifid-ii","page_number":124,"box":{"x":121,"y":677,"width":450,"height":11}},{"id":"85b69776-0b9c-44e8-ac69-a47c35d3b160","block_type":"box","text":"or","page_number":124,"box":{"x":577,"y":679,"width":15,"height":7}},{"id":"c68eaecc-00ce-4a5a-b708-8280ad5b4f60","block_type":"box","text":"www.avivainvestors.com/en\u0002","page_number":124,"box":{"x":597,"y":677,"width":212,"height":9}},{"id":"f4cf0003-b771-4ef3-b75c-443d199f4903","block_type":"box","text":"gb/capabilities/regulatory/eu-priips","page_number":124,"box":{"x":121,"y":698,"width":254,"height":11}},{"id":"d72f082a-3211-45a4-b1d3-46cb7bce34f6","block_type":"box","text":".","page_number":124,"box":{"x":377,"y":705,"width":1,"height":1}},{"id":"f93c6a67-d492-491c-8476-3bec2eb7f499","block_type":"box","text":"Forward looking costs figures are estimates based on historic data, where available and relevant, or","page_number":124,"box":{"x":122,"y":730,"width":757,"height":11}},{"id":"624cf010-6a1a-4b9e-8d03-a87f139c5d83","block_type":"box","text":"are based upon the MiFI Regulations guidelines for producing estimated forward looking costs figures","page_number":124,"box":{"x":121,"y":751,"width":757,"height":11}},{"id":"150fa19a-e688-4c70-95e6-62d8c9a19201","block_type":"box","text":"when historic data is not available. Actual cost figures, which will be reported on an ex-post basis, may","page_number":124,"box":{"x":121,"y":771,"width":757,"height":11}},{"id":"f6ff7e07-64e6-49d0-82ea-f187abf0bb46","block_type":"box","text":"vary from estimates given; in particular, research costs previously charged to the Funds will now be","page_number":124,"box":{"x":121,"y":791,"width":757,"height":12}},{"id":"6b5a984f-dc09-4f1f-a2cd-ab309b1f92c3","block_type":"box","text":"paid for by the ACD or Investment Manager.","page_number":124,"box":{"x":121,"y":812,"width":326,"height":11}},{"id":"a3192e70-bd9d-471a-ab46-3b263da467e7","block_type":"box","text":"Research Costs","page_number":124,"box":{"x":122,"y":845,"width":156,"height":10}},{"id":"4dc14679-3e7b-4bb8-9bf4-c25b124afd6e","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 125","page_number":125,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"b3905ed2-312d-42ba-a255-30ccb10a5d2e","block_type":"box","text":"Any third-party research received in connection with investment advisory services that the Investment","page_number":125,"box":{"x":121,"y":88,"width":757,"height":11}},{"id":"cf1558ab-79d1-411d-960a-98aa74790d5f","block_type":"box","text":"Manager or the ACD provides to the Funds will be paid for by the Investment Manager or the ACD, as","page_number":125,"box":{"x":122,"y":108,"width":756,"height":11}},{"id":"3e893888-fa3e-4451-9e37-c67ad3259b78","block_type":"box","text":"relevant in relation to each Fund, out of its fees and will not be charged to the Funds.","page_number":125,"box":{"x":122,"y":128,"width":627,"height":12}},{"id":"db19749e-aadb-4d67-a824-055707bee29f","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 126","page_number":126,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"db0043b8-64cd-40d3-b3d2-a637ef0b6f9a","block_type":"box","text":"CHANGES TO THE COMPANY AND THE FUNDS","page_number":126,"box":{"x":233,"y":88,"width":541,"height":13}},{"id":"d8227d46-bf2f-431a-b971-d5a0126255ff","block_type":"box","text":"Where any changes are proposed to be made to the Company or a Fund the ACD will assess whether","page_number":126,"box":{"x":121,"y":147,"width":758,"height":11}},{"id":"90164283-8069-4a53-b0dc-ef48da7e98b1","block_type":"box","text":"the change is fundamental, significant or notifiable in accordance with COLL 4.3. If the change is","page_number":126,"box":{"x":121,"y":167,"width":757,"height":12}},{"id":"8068f0f3-f7c6-48d0-adf9-da5328135e63","block_type":"box","text":"regarded as fundamental, Shareholder approval will be required. If the change is regarded as","page_number":126,"box":{"x":122,"y":188,"width":756,"height":11}},{"id":"560744d9-bc08-4351-ad2e-00e7e365cd23","block_type":"box","text":"significant, 60 days’ prior written notice will be given to Shareholders. If the change is regarded as","page_number":126,"box":{"x":121,"y":208,"width":757,"height":12}},{"id":"c2689996-c50f-42ce-8941-f213032dbb8c","block_type":"box","text":"notifiable, Shareholders will receive suitable notice of the change.","page_number":126,"box":{"x":122,"y":229,"width":483,"height":11}},{"id":"62882621-7b3c-4291-8842-376729c6d583","block_type":"box","text":"Certain changes to the Company and the Funds may require approval by the Financial Conduct","page_number":126,"box":{"x":121,"y":263,"width":757,"height":12}},{"id":"33524241-22a1-4f3a-aa6d-b7b5df761d4a","block_type":"box","text":"Authority under the Regulations. In addition, the ACD is required to seek your approval to, or notify you","page_number":126,"box":{"x":121,"y":284,"width":756,"height":11}},{"id":"879721ac-fcfa-49eb-a878-9d547fab5ea7","block_type":"box","text":"of, various types of changes to the Company and the Funds, as detailed below.","page_number":126,"box":{"x":121,"y":304,"width":586,"height":12}},{"id":"2877a035-530f-48c9-95fb-f3ea232e50af","block_type":"box","text":"Fundamental changes","page_number":126,"box":{"x":122,"y":339,"width":175,"height":12}},{"id":"5b17c77f-7779-4562-8849-fd23a25cdd87","block_type":"box","text":"A fundamental change is a change or event which changes the purposes or nature of the Company or","page_number":126,"box":{"x":121,"y":374,"width":757,"height":11}},{"id":"dc45cbdb-042d-472c-ac6a-f5e70edef7c9","block_type":"box","text":"a Fund or may materially prejudice a shareholder or alter the risk profile of a Fund or introduce any new","page_number":126,"box":{"x":121,"y":394,"width":757,"height":12}},{"id":"9453cf16-f0c0-4e9b-83b7-3dd685ef8317","block_type":"box","text":"type of payment out of the scheme property of a Fund.","page_number":126,"box":{"x":121,"y":415,"width":402,"height":11}},{"id":"a6b4b79b-a3bf-4c62-8355-806f8f321651","block_type":"box","text":"For fundamental changes, the ACD must obtain Shareholder approval, by way of an Extraordinary","page_number":126,"box":{"x":122,"y":450,"width":756,"height":11}},{"id":"d397bea3-d98c-466f-a76a-30a9ed6ac226","block_type":"box","text":"Resolution (which needs 75% of the votes cast to be in favour if the resolution is to be passed). An","page_number":126,"box":{"x":122,"y":470,"width":755,"height":11}},{"id":"c1aa02fb-d8f8-4741-8805-7809ad063b14","block_type":"box","text":"Extraordinary Resolution is required, for example, for the introduction of new fees.","page_number":126,"box":{"x":122,"y":491,"width":605,"height":11}},{"id":"f376a148-32dd-4cd2-9e2a-132042455c02","block_type":"box","text":"There may also be other instances where a change is not classified as fundamental but Shareholder","page_number":126,"box":{"x":121,"y":525,"width":757,"height":12}},{"id":"714c3501-7112-4576-b0f9-e2b1a45a2061","block_type":"box","text":"approval is still required. Unless an Extraordinary Resolution is specifically required by the COLL","page_number":126,"box":{"x":121,"y":546,"width":757,"height":11}},{"id":"2351d453-bb3d-421f-915b-8af478d48992","block_type":"box","text":"Sourcebook, the Instrument of Incorporation or this Prospectus, this will be by Ordinary Resolution. For","page_number":126,"box":{"x":121,"y":566,"width":758,"height":12}},{"id":"6aee1c73-b221-4fd2-9b58-10788a62918a","block_type":"box","text":"an Ordinary Resolution to be passed, more than 50% of the votes cast must be in favour. An Ordinary","page_number":126,"box":{"x":121,"y":587,"width":758,"height":11}},{"id":"0c62bfc1-df25-401e-9303-32e1cacbecb4","block_type":"box","text":"Resolution is required, for example, for the removal of the ACD which is proposed at the instigation of","page_number":126,"box":{"x":122,"y":607,"width":756,"height":12}},{"id":"82da25df-3888-4dd1-abef-646f8992fd74","block_type":"box","text":"Shareholders.","page_number":126,"box":{"x":121,"y":628,"width":102,"height":9}},{"id":"b6df4ace-0cee-4925-a464-a2a606280e36","block_type":"box","text":"The convening and conduct of meetings of Shareholders and the voting rights of Shareholders at those","page_number":126,"box":{"x":121,"y":662,"width":757,"height":12}},{"id":"a6d16f2d-8d93-4994-9c3e-a7afc499853e","block_type":"box","text":"meetings is governed by the provisions of the Financial Conduct Authority Rules and the Company’s","page_number":126,"box":{"x":122,"y":683,"width":756,"height":11}},{"id":"9c6d5e9b-ca1e-4639-93e6-140fb7a7cd3c","block_type":"box","text":"Instrument of Incorporation, and are also explained in the section entitled ‘Meetings and Voting Rights’","page_number":126,"box":{"x":122,"y":704,"width":755,"height":11}},{"id":"2a53b0ab-d2b4-496d-9408-af3bdc3738a2","block_type":"box","text":"of this Prospectus.","page_number":126,"box":{"x":121,"y":724,"width":136,"height":11}},{"id":"a57cb817-e99f-4f06-9362-c34d1c55f8e8","block_type":"box","text":"Significant changes","page_number":126,"box":{"x":121,"y":759,"width":157,"height":11}},{"id":"338fbf60-60e9-4381-9038-69f196aee4d9","block_type":"box","text":"A significant change is a change or event which is not fundamental but which affects the Shareholder’s","page_number":126,"box":{"x":121,"y":793,"width":757,"height":12}},{"id":"4cf8c5aa-67bc-4670-b472-0061ac0d6dd2","block_type":"box","text":"ability to exercise their rights in relation to their investment or would reasonably be expected to cause","page_number":126,"box":{"x":121,"y":814,"width":757,"height":11}},{"id":"f07a9c7f-8ab8-42df-af7f-30683c8ce663","block_type":"box","text":"the Shareholder to reconsider their participation in a Fund or results in any increased payments out of","page_number":126,"box":{"x":121,"y":834,"width":757,"height":12}},{"id":"4741a8e0-c43f-44fc-90c7-f706dd444448","block_type":"box","text":"the Scheme Property to the ACD or to an associate of the ACD or materially increases any other type","page_number":126,"box":{"x":121,"y":855,"width":757,"height":11}},{"id":"c3a4f025-10aa-4948-92c4-4cefa493981f","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 127","page_number":127,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"ca06325f-545c-43d2-a235-de612f5064b8","block_type":"box","text":"of payment out of the Scheme Property of a Fund. For example at least 60 days’ written notice would","page_number":127,"box":{"x":121,"y":87,"width":756,"height":12}},{"id":"3576a222-0e3b-4f0d-bdae-d5fd8ae80376","block_type":"box","text":"be given of any increase in fees payable to the ACD. 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The transferor shall remain the holder of the","page_number":129,"box":{"x":182,"y":223,"width":696,"height":11}},{"id":"2e0fa519-b20a-479e-81ba-b0602852e67f","block_type":"box","text":"Shares concerned until such time as the name of the transferee is entered in the Register.","page_number":129,"box":{"x":182,"y":243,"width":666,"height":11}},{"id":"f17c3c55-b453-4882-9583-fe20bacfa9cf","block_type":"box","text":"2.","page_number":129,"box":{"x":121,"y":264,"width":12,"height":8}},{"id":"8685494c-9812-4841-8809-52c9823c3f78","block_type":"box","text":"No instrument of transfer may be given in respect of more than one Class.","page_number":129,"box":{"x":182,"y":264,"width":547,"height":11}},{"id":"430b25f5-72c2-4705-a48e-cf73bed5da4a","block_type":"box","text":"3.","page_number":129,"box":{"x":121,"y":285,"width":12,"height":8}},{"id":"b4277933-6bb1-4fa3-8cbe-2e69d557c27f","block_type":"box","text":"In the case of a transfer to joint holders, the number of joint holders to whom a Share 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Depositary against liability in certain circumstances otherwise","page_number":129,"box":{"x":121,"y":844,"width":757,"height":11}},{"id":"432b41a1-750c-4e03-814b-add470d2d7b6","block_type":"box","text":"than in respect of failure to exercise due care and diligence.","page_number":129,"box":{"x":121,"y":865,"width":441,"height":11}},{"id":"c1c50e7f-761e-4116-a3f4-56735fe5b44e","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 130","page_number":130,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"e8a68b78-9eef-4d70-842e-7afbc7107b45","block_type":"box","text":"MEETINGS AND VOTING RIGHTS","page_number":130,"box":{"x":315,"y":88,"width":377,"height":13}},{"id":"bed7f2dd-bb93-48e6-9976-134ce2be9904","block_type":"box","text":"General Meetings","page_number":130,"box":{"x":121,"y":162,"width":167,"height":13}},{"id":"9747625f-f9b1-45e1-b840-5b9f6b10c76a","block_type":"box","text":"All general meetings shall be called Extraordinary General Meetings. 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A requisition by Shareholders must state the","page_number":130,"box":{"x":121,"y":323,"width":757,"height":11}},{"id":"d1109103-a0af-441b-a199-8cd1cb46dbfd","block_type":"box","text":"objects of the meeting, be dated, be signed by Shareholders who, at the date of the requisition, are","page_number":130,"box":{"x":121,"y":344,"width":757,"height":11}},{"id":"8f0a7de4-f23c-4eb8-ba96-a942353e3adb","block_type":"box","text":"registered as the holders of Shares representing not less than one-tenth in value of all Shares then in","page_number":130,"box":{"x":122,"y":364,"width":755,"height":11}},{"id":"9477c6b5-ceaf-489d-b1fb-9e75c4750110","block_type":"box","text":"issue and the requisition must be deposited at the head office of the Company. A general meeting must","page_number":130,"box":{"x":122,"y":385,"width":756,"height":11}},{"id":"9129708e-962d-48f9-9345-b964ddae5f4e","block_type":"box","text":"then be convened for a date no later than eight weeks after receipt of such requisition.","page_number":130,"box":{"x":121,"y":405,"width":637,"height":11}},{"id":"9010df82-7794-4200-bbce-c727bb976f14","block_type":"box","text":"Notice and Quorum","page_number":130,"box":{"x":122,"y":442,"width":184,"height":11}},{"id":"8e6b1ad6-ec42-4fa5-9926-5ff9a6308480","block_type":"box","text":"Shareholders will receive at least 14 days' written notice of a Shareholders' meeting inclusive of the","page_number":130,"box":{"x":121,"y":476,"width":757,"height":11}},{"id":"fd03bd8d-81c2-4b37-bada-d67a2d2e53fc","block_type":"box","text":"date on which the notice is served and the day of the meeting. The quorum for a meeting is two","page_number":130,"box":{"x":121,"y":496,"width":757,"height":12}},{"id":"efb1248f-73c7-4569-8f16-1c6256b0d4ab","block_type":"box","text":"Shareholders present in person or by proxy. The quorum for an adjourned meeting is one Shareholder","page_number":130,"box":{"x":121,"y":517,"width":758,"height":11}},{"id":"2c37c3b2-194f-4a38-9833-85233607cccd","block_type":"box","text":"present in person or by proxy.","page_number":130,"box":{"x":121,"y":537,"width":220,"height":11}},{"id":"fdebc4d3-a869-4654-9857-ea2eec0416b5","block_type":"box","text":"Notices of meetings and adjourned meetings will be sent to Shareholders at their registered addresses.","page_number":130,"box":{"x":122,"y":573,"width":755,"height":12}},{"id":"8b41ed7d-edbe-47e4-a3fa-9db9cd0db579","block_type":"box","text":"Voting Rights","page_number":130,"box":{"x":121,"y":610,"width":130,"height":14}},{"id":"492e3015-936f-48d6-b02f-0ef85a5fa4a2","block_type":"box","text":"Generally, Shareholders are entitled to receive notice of a meeting and to vote at a meeting if they were","page_number":130,"box":{"x":121,"y":642,"width":757,"height":11}},{"id":"11782c29-792b-48eb-815f-e0d7d8aca504","block_type":"box","text":"holders of Shares in the Company on the date seven days before the notice is sent out. This will not,","page_number":130,"box":{"x":122,"y":663,"width":755,"height":11}},{"id":"ee3701ba-9be7-415f-998c-31ec4d0edb10","block_type":"box","text":"however, include those who are known to the ACD not to be holders at the date of the meeting.","page_number":130,"box":{"x":122,"y":683,"width":703,"height":11}},{"id":"21e5c62b-c02e-4b77-b960-c0e716f19f0f","block_type":"box","text":"At a meeting of Shareholders, on a show of hands every Shareholder who (being an individual) is","page_number":130,"box":{"x":121,"y":724,"width":757,"height":11}},{"id":"a68b66e9-1782-4d41-84e8-dcde587ccef7","block_type":"box","text":"present in person or (being a corporation) is present by its representative properly authorised in that","page_number":130,"box":{"x":121,"y":745,"width":757,"height":11}},{"id":"8efeed8c-de7d-4dab-8458-7618dfcbf01d","block_type":"box","text":"regard is entitled to one vote.","page_number":130,"box":{"x":122,"y":765,"width":214,"height":11}},{"id":"bf3f1ee0-3835-42a9-a11e-5617c8caeefa","block_type":"box","text":"On a poll vote, a Shareholder may vote either in person or by proxy. The voting rights attaching to each","page_number":130,"box":{"x":121,"y":806,"width":756,"height":11}},{"id":"32faecd1-2dce-4918-969e-182b1a2e1056","block_type":"box","text":"Share in such a case are such proportion of the voting rights attached to all the Shares in issue as the","page_number":130,"box":{"x":121,"y":827,"width":757,"height":11}},{"id":"1e57ede6-e132-49b6-93bd-9253bec0ca93","block_type":"box","text":"price of the Share bears to the aggregate price(s) of all the Shares in issue at the date seven days","page_number":130,"box":{"x":121,"y":847,"width":757,"height":11}},{"id":"1bb0dc01-309d-474d-b619-268f176715cb","block_type":"box","text":"before the notice of meeting is sent out.","page_number":130,"box":{"x":121,"y":868,"width":292,"height":11}},{"id":"6ffac178-b354-4348-9a50-644dc7e3f800","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 131","page_number":131,"box":{"x":121,"y":926,"width":371,"height":9}},{"id":"cdcd2e70-ae28-436c-b42a-bc3a47440433","block_type":"box","text":"An instrument appointing a proxy may be in any usual or common form, or any form approved by the","page_number":131,"box":{"x":121,"y":108,"width":757,"height":11}},{"id":"33929eb8-087f-427f-97e2-563a21139ba4","block_type":"box","text":"ACD. The person appointed to act as a proxy need not be a Shareholder.","page_number":131,"box":{"x":121,"y":128,"width":542,"height":12}},{"id":"95402233-fcfa-459a-8654-56e9804da05d","block_type":"box","text":"A Shareholder entitled to more than one vote need not, if they vote, use all their votes or cast all the","page_number":131,"box":{"x":121,"y":169,"width":757,"height":12}},{"id":"28773a33-18b0-49a2-a76e-7087462991c3","block_type":"box","text":"votes they use in the same way.","page_number":131,"box":{"x":121,"y":190,"width":237,"height":11}},{"id":"a6d26b96-b247-4cbb-9b8c-44f5376ebaa0","block_type":"box","text":"The ACD is entitled to attend any meeting but, except in relation to third party Shares, may not vote or","page_number":131,"box":{"x":121,"y":231,"width":757,"height":11}},{"id":"3684d444-8f0d-4bf8-a3e8-b43518ffc97b","block_type":"box","text":"be counted in the quorum for a meeting and any Shares it holds are treated as not being in issue for","page_number":131,"box":{"x":121,"y":251,"width":757,"height":12}},{"id":"c148141b-077c-4ccf-934d-28b7b876a6bd","block_type":"box","text":"the purposes of the meeting. An Associate of the ACD is entitled to attend any meeting of the Company","page_number":131,"box":{"x":121,"y":272,"width":757,"height":11}},{"id":"2bee2618-9f53-436a-9ab3-0e9ab0b25fb1","block_type":"box","text":"and may be counted in the quorum, but may not vote except in relation to third party Shares. For these","page_number":131,"box":{"x":121,"y":292,"width":757,"height":11}},{"id":"10d43d61-c750-48c5-a444-9d0515c048bd","block_type":"box","text":"purposes third party Shares are any Shares which the ACD or Associate holds on behalf of or jointly","page_number":131,"box":{"x":121,"y":313,"width":757,"height":11}},{"id":"b6c93f15-b941-4fab-8eb9-8f3603a223da","block_type":"box","text":"with a person who, if the registered Shareholder, would be entitled to vote and from whom the ACD or","page_number":131,"box":{"x":121,"y":333,"width":757,"height":12}},{"id":"bdf5652f-6953-4429-8a57-186c4e525b71","block_type":"box","text":"Associate has received voting instructions.","page_number":131,"box":{"x":121,"y":354,"width":314,"height":11}},{"id":"55eafd08-f89f-4e73-8ad2-eb3a2adf875d","block_type":"box","text":"Powers of a Shareholders' Meeting","page_number":131,"box":{"x":122,"y":395,"width":332,"height":14}},{"id":"1159f0d3-c722-47f5-9b7d-29df7472edd8","block_type":"box","text":"The Company's Instrument of Incorporation and the COLL Sourcebook empower Shareholders in","page_number":131,"box":{"x":121,"y":427,"width":756,"height":11}},{"id":"81970dd0-baf5-4352-af4c-234827be3d47","block_type":"box","text":"general meeting to approve or require various steps (generally also subject to Financial Conduct","page_number":131,"box":{"x":121,"y":448,"width":757,"height":11}},{"id":"aa29ebb1-f634-4651-b3d3-049476cda9ed","block_type":"box","text":"Authority approval).","page_number":131,"box":{"x":121,"y":468,"width":144,"height":11}},{"id":"b61116f3-c1f4-4cc3-ad61-5bd46c11300f","block_type":"box","text":"These matters include:","page_number":131,"box":{"x":121,"y":509,"width":168,"height":9}},{"id":"8f1e88bd-6b1d-4421-ba73-82a9b596ae47","block_type":"box","text":"","page_number":131,"box":{"x":121,"y":554,"width":6,"height":5}},{"id":"f687dcb6-340f-4d6c-a37a-38c2927d2b6d","block_type":"box","text":"removal of the ACD","page_number":131,"box":{"x":152,"y":551,"width":144,"height":9}},{"id":"04ff7ad6-d117-422c-bf77-fc4a009abfe3","block_type":"box","text":"","page_number":131,"box":{"x":121,"y":596,"width":6,"height":4}},{"id":"f6be9878-950a-4275-8013-fb5c94e713a7","block_type":"box","text":"changes to some of the matters contained in the Instrument of Incorporation and this Prospectus","page_number":131,"box":{"x":151,"y":593,"width":715,"height":11}},{"id":"ff385bbc-0578-4ff0-8140-f27bd30b3f04","block_type":"box","text":"","page_number":131,"box":{"x":121,"y":638,"width":6,"height":4}},{"id":"2e3b2d7a-10c7-41b4-b444-121441f8ae42","block_type":"box","text":"the amalgamation or reconstruction of the Company.","page_number":131,"box":{"x":151,"y":635,"width":389,"height":11}},{"id":"3150b5d9-c7b8-4d23-8844-82f28fd616af","block_type":"box","text":"In accordance with the COLL Sourcebook, other provisions may be changed by the ACD without the","page_number":131,"box":{"x":122,"y":675,"width":756,"height":12}},{"id":"cefb70db-f564-455b-a9f2-dbf4e64b07a8","block_type":"box","text":"approval of Shareholders in a general meeting.","page_number":131,"box":{"x":121,"y":696,"width":347,"height":11}},{"id":"e7cd33cb-1baa-4d4a-8f86-51ef25c9542e","block_type":"box","text":"There are circumstances, however, in which the COLL Sourcebook or the Instrument of Incorporation","page_number":131,"box":{"x":121,"y":737,"width":756,"height":11}},{"id":"e6f62c43-177f-4f02-87cd-d266fdb49311","block_type":"box","text":"will require an extraordinary resolution which needs 75% of the votes cast at the meeting to be in favour","page_number":131,"box":{"x":121,"y":758,"width":757,"height":11}},{"id":"a5f68ecd-df35-4aa9-90a1-2cc8d59253a1","block_type":"box","text":"if the resolution is to be passed, for example, fundamental changes to the investment objectives of a","page_number":131,"box":{"x":122,"y":778,"width":756,"height":11}},{"id":"c7472d42-811f-4d14-8cda-c6ad218594a1","block_type":"box","text":"Fund.","page_number":131,"box":{"x":122,"y":799,"width":40,"height":8}},{"id":"d45064aa-dfff-439a-92a9-fd4c8662e5b7","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 132","page_number":132,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"4d7afca5-15da-4c4b-ac0e-1ec814415cb4","block_type":"box","text":"Proceedings at General Meetings","page_number":132,"box":{"x":122,"y":88,"width":316,"height":13}},{"id":"e7a59579-de96-4fca-9eed-e8d01e2bfea1","block_type":"box","text":"A person nominated by the Depositary will preside as chairman at general meetings. If no such person","page_number":132,"box":{"x":121,"y":118,"width":756,"height":11}},{"id":"c4620231-4542-4c99-900c-196e56312f83","block_type":"box","text":"is present or declines to take the chair, the Shareholders present may choose one of their number to","page_number":132,"box":{"x":122,"y":138,"width":756,"height":11}},{"id":"01df4863-ba67-4015-b2fe-83a69c2dda60","block_type":"box","text":"be chairman of the meeting.","page_number":132,"box":{"x":121,"y":159,"width":206,"height":11}},{"id":"1438d661-27bd-476f-9dac-499d732e5780","block_type":"box","text":"The chairman of any quorate meeting may with the consent of the meeting adjourn the meeting from","page_number":132,"box":{"x":121,"y":200,"width":757,"height":11}},{"id":"8ae50f46-dc8e-48a1-a50e-1a205aa7d46e","block_type":"box","text":"time to time (or without date) and from place to place, and if they are directed by the meeting to adjourn","page_number":132,"box":{"x":121,"y":220,"width":757,"height":11}},{"id":"6888581f-e077-424f-a0af-6e84dce59af0","block_type":"box","text":"they must do so. No business can be transacted at an adjourned meeting except business which might","page_number":132,"box":{"x":121,"y":241,"width":757,"height":11}},{"id":"75797141-ddbc-48c1-9445-15aa0d8269a4","block_type":"box","text":"lawfully have been transacted at the meeting from which the adjournment took place.","page_number":132,"box":{"x":122,"y":261,"width":627,"height":11}},{"id":"56f4d992-3220-44c0-ad3e-907f6a125ba0","block_type":"box","text":"Shareholders have rights under the COLL Sourcebook to demand a poll. In addition, a poll may be","page_number":132,"box":{"x":121,"y":302,"width":757,"height":11}},{"id":"5cefc208-6650-4b09-97d7-02cb1cd5de0a","block_type":"box","text":"demanded by the chairman of the meeting or by the ACD on any resolution put to the vote of a general","page_number":132,"box":{"x":121,"y":322,"width":756,"height":12}},{"id":"a8aec77e-4c4a-47f1-8a0a-c93aca1ca705","block_type":"box","text":"meeting.","page_number":132,"box":{"x":122,"y":343,"width":61,"height":11}},{"id":"fe82d35c-52a7-4a3b-8634-8115b4bb8650","block_type":"box","text":"Unless a poll is required, a declaration by the chairman that a resolution has been carried unanimously,","page_number":132,"box":{"x":122,"y":384,"width":755,"height":11}},{"id":"11a826e5-77fc-4466-b25b-ac4c1eb9ec2f","block_type":"box","text":"or by a particular majority, or lost, and an entry to that effect in the minute book or computer record of","page_number":132,"box":{"x":121,"y":404,"width":757,"height":11}},{"id":"bf1f1997-49e6-4615-b7dd-8f777afb80d1","block_type":"box","text":"proceedings will be taken without proof, as conclusive evidence of that fact. If a poll is required, it will","page_number":132,"box":{"x":121,"y":425,"width":756,"height":11}},{"id":"63075d88-c72d-42ef-8848-29e485aa6c14","block_type":"box","text":"be taken in such manner (including the use of ballot papers or electronic or computer voting system) as","page_number":132,"box":{"x":121,"y":445,"width":757,"height":12}},{"id":"ba0c5f02-2eb0-4fb8-9a8c-dd0df23b1da5","block_type":"box","text":"the chairman may direct.","page_number":132,"box":{"x":121,"y":466,"width":182,"height":11}},{"id":"529bec83-7da8-4e6d-91b2-2b03b852ae65","block_type":"box","text":"The chairman of a general meeting may take any action they consider appropriate, for example, for the","page_number":132,"box":{"x":121,"y":507,"width":757,"height":11}},{"id":"33b7b912-89b0-48f7-8975-7af6f51870b8","block_type":"box","text":"safety of people attending a general meeting, the proper and orderly conduct of the general meeting or","page_number":132,"box":{"x":121,"y":527,"width":758,"height":12}},{"id":"d9051794-d363-4949-ba0d-4ab2fe4db678","block_type":"box","text":"in order to reflect the wishes of the majority.","page_number":132,"box":{"x":122,"y":548,"width":322,"height":11}},{"id":"8a37a709-83f7-4a21-8792-0a57253aa56d","block_type":"box","text":"Corporations Acting by Representatives","page_number":132,"box":{"x":121,"y":589,"width":384,"height":14}},{"id":"3b19042d-cfd8-42f7-9679-e17e36a11301","block_type":"box","text":"Any corporation which is a Shareholder may by resolution of its directors or other governing body and","page_number":132,"box":{"x":121,"y":619,"width":756,"height":11}},{"id":"0e6c2196-9b35-4de6-bf88-b06fe740eb63","block_type":"box","text":"in respect of any Share or Shares of which it is the holder authorise such individual as it thinks fit to act","page_number":132,"box":{"x":122,"y":639,"width":756,"height":11}},{"id":"7ab711c6-e2ed-4085-86f2-3b7902e4584d","block_type":"box","text":"as its representative at any general meeting of the Shareholders or of any Class or Fund meeting. The","page_number":132,"box":{"x":121,"y":660,"width":757,"height":11}},{"id":"a3b22f09-39a2-4d54-8998-a50b10514f8d","block_type":"box","text":"individual so authorised shall be entitled to exercise the same powers on behalf of such corporation as","page_number":132,"box":{"x":122,"y":680,"width":756,"height":11}},{"id":"65e6e010-58fc-431f-b7d5-820e35cd7448","block_type":"box","text":"the corporation could exercise in respect of such Share or Shares if it were an individual Shareholder","page_number":132,"box":{"x":121,"y":701,"width":757,"height":11}},{"id":"8b4a18f8-b897-4b15-8889-c5c51c48fde0","block_type":"box","text":"and such corporation shall be deemed to be present in person if an individual so authorised is present.","page_number":132,"box":{"x":121,"y":721,"width":756,"height":11}},{"id":"fd85b795-6638-4ea2-8f5e-0438d8b341a1","block_type":"box","text":"A corporation which holds Shares as nominee may appoint more than one such representative, each","page_number":132,"box":{"x":121,"y":762,"width":756,"height":11}},{"id":"5b6d3f4f-f45f-40bb-9984-860008d69623","block_type":"box","text":"in respect of a specified number of Shares which the corporation holds, and each such representative","page_number":132,"box":{"x":122,"y":783,"width":756,"height":11}},{"id":"45ac2802-3ed6-4f50-b7a1-27c129672cfa","block_type":"box","text":"shall be entitled to exercise the powers mentioned above only in respect of the Shares concerned.","page_number":132,"box":{"x":121,"y":803,"width":726,"height":11}},{"id":"fcbc0676-ae55-4048-8101-d0c03f5c4f46","block_type":"box","text":"Any corporation which is a director of the Company may by resolution of its directors or other governing","page_number":132,"box":{"x":121,"y":844,"width":756,"height":11}},{"id":"589856d4-0d01-45c0-b3c3-c1cd35fc06a6","block_type":"box","text":"body authorise such individual as it thinks fit to act as its representative at any general meeting of the","page_number":132,"box":{"x":121,"y":865,"width":757,"height":11}},{"id":"a1315a7b-d3d3-4ee2-9f07-38542d442fe2","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 133","page_number":133,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"626ec267-0bdc-4828-b2ce-9c894c169ed4","block_type":"box","text":"Shareholders, or of any Class or Fund meeting or any meeting of the directors. The person so","page_number":133,"box":{"x":121,"y":87,"width":757,"height":12}},{"id":"4268bf9e-2c07-4ecb-a873-e6ca7f001924","block_type":"box","text":"authorised shall be entitled to exercise the same powers at such meeting on behalf of such corporation","page_number":133,"box":{"x":121,"y":108,"width":756,"height":11}},{"id":"8d381d44-258b-408e-947a-7ee96dc2788a","block_type":"box","text":"as the corporation could exercise if it were an individual director and such corporation shall be deemed","page_number":133,"box":{"x":121,"y":128,"width":757,"height":11}},{"id":"133ea9f6-5f87-4194-9284-cf1fbcfc6ea7","block_type":"box","text":"to be present in person if an individual so authorised is present.","page_number":133,"box":{"x":121,"y":149,"width":468,"height":11}},{"id":"1bfbb57a-2426-4364-b995-fe421c18172b","block_type":"box","text":"Class and Fund Meetings","page_number":133,"box":{"x":121,"y":186,"width":242,"height":13}},{"id":"b8d218dc-6ac3-4451-985d-c90945047dd6","block_type":"box","text":"The above provisions, unless the context otherwise requires, apply to Class meetings and meetings of","page_number":133,"box":{"x":121,"y":220,"width":757,"height":11}},{"id":"00bf3431-48f2-4d65-aa42-20ab3a316c74","block_type":"box","text":"Funds as they apply to general meetings of Shareholders but by reference to Shares of the Class or","page_number":133,"box":{"x":122,"y":240,"width":757,"height":11}},{"id":"44ddae9b-1430-450a-b714-d22d3381d3ca","block_type":"box","text":"Fund concerned and the Shareholders and prices of such Shares.","page_number":133,"box":{"x":122,"y":261,"width":487,"height":11}},{"id":"f919b57c-dc7f-4d80-aa7b-d00d5d0bc410","block_type":"box","text":"Variation of Class Rights","page_number":133,"box":{"x":121,"y":297,"width":237,"height":14}},{"id":"f4da6a8b-676c-4d01-8476-d2d8042e6303","block_type":"box","text":"The rights attached to a Class or Fund may only be varied with the sanction of a resolution passed at a","page_number":133,"box":{"x":121,"y":329,"width":757,"height":12}},{"id":"987a4239-e6e0-4d7d-b203-7859f5106726","block_type":"box","text":"meeting of Shareholders of that Class or Fund by a 75% majority of those votes validly cast for and","page_number":133,"box":{"x":122,"y":350,"width":756,"height":11}},{"id":"9dbfdd2b-243f-4f94-b705-bf548547ae93","block_type":"box","text":"against such resolution.","page_number":133,"box":{"x":121,"y":371,"width":174,"height":11}},{"id":"f5b0000e-ca89-4e11-a11e-2ffc1d906fc1","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 134","page_number":134,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"dccded33-23c7-4232-ab87-735bd27a3ff8","block_type":"box","text":"TAXATION","page_number":134,"box":{"x":440,"y":89,"width":126,"height":12}},{"id":"c6a05de1-a285-4e4d-a395-6bcc6b1c0a3b","block_type":"box","text":"General and Disclaimer","page_number":134,"box":{"x":121,"y":150,"width":210,"height":9}},{"id":"54178331-40bc-4593-997b-88579d59b625","block_type":"box","text":"The following is an outline of the ACD’s understanding of current UK taxation legislation and","page_number":134,"box":{"x":121,"y":181,"width":757,"height":12}},{"id":"72c36f3f-a129-402e-a167-3f630e9d7645","block_type":"box","text":"practice that applies to the Company and investments in the Company held by UK resident","page_number":134,"box":{"x":122,"y":202,"width":756,"height":11}},{"id":"b19c7097-b3fa-4f29-82a5-8bc0d6cd133a","block_type":"box","text":"investors. It does not apply to special categories of Shareholder such as dealers in securities","page_number":134,"box":{"x":122,"y":222,"width":756,"height":12}},{"id":"66113b7d-2ab7-4a51-a3db-c8f582187c52","block_type":"box","text":"and life insurance companies. The basis of taxation and any applicable relief, and the rates of","page_number":134,"box":{"x":121,"y":243,"width":757,"height":11}},{"id":"7cc231d9-cdc4-49bf-9ab3-80a35ba3aa84","block_type":"box","text":"taxation, may change in the future. Please note that the tax treatment of investors depends on","page_number":134,"box":{"x":121,"y":263,"width":756,"height":12}},{"id":"cc728c4b-e9ea-4206-8619-16a11a2c041f","block_type":"box","text":"their individual circumstances and may be subject to change in the future. Shareholders are","page_number":134,"box":{"x":121,"y":284,"width":757,"height":11}},{"id":"50c157ab-220b-45a7-a2b4-6e20f256e265","block_type":"box","text":"therefore recommended to consult their professional advisers for specific advice in connection","page_number":134,"box":{"x":121,"y":304,"width":757,"height":11}},{"id":"031a2827-7d35-4e8f-a2f3-6699fb92dab5","block_type":"box","text":"with any decision to acquire, hold, switch, convert or dispose of Shares. 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Details of which Funds pay interest distributions are set out in the section headed “Income and","page_number":134,"box":{"x":122,"y":530,"width":756,"height":11}},{"id":"faa45c34-f631-48c8-9c4d-33dedd55a67e","block_type":"box","text":"Distributions” above.","page_number":134,"box":{"x":122,"y":550,"width":150,"height":9}},{"id":"cabf5eb3-37ce-4360-a263-324e44aa1e63","block_type":"box","text":"The Company","page_number":134,"box":{"x":121,"y":588,"width":127,"height":12}},{"id":"904579c5-8f6b-44e3-b663-1072d71f0cee","block_type":"box","text":"Each Fund of the Company will be treated as a separate entity for UK tax purposes. The Funds are","page_number":134,"box":{"x":122,"y":620,"width":756,"height":11}},{"id":"241e932a-c0d6-4ee3-b73b-314da24a72c9","block_type":"box","text":"liable to corporation tax at a rate of 20% on their net income, excluding dividends received from UK","page_number":134,"box":{"x":122,"y":641,"width":756,"height":11}},{"id":"8877456c-587a-4889-832c-696f2dfe96ec","block_type":"box","text":"companies and most non-UK companies, and any part of the dividend distributions from a UK collective","page_number":134,"box":{"x":121,"y":661,"width":757,"height":11}},{"id":"fbae557a-4375-4af0-8d25-7cf700ae58fa","block_type":"box","text":"investment scheme that represents them. Allowable expenses of management and the gross amount","page_number":134,"box":{"x":122,"y":682,"width":756,"height":11}},{"id":"05cd339a-e810-486c-ad86-d8e0bc20dd90","block_type":"box","text":"of any interest distributions paid are deducted from the Fund’s income to arrive at its net income. Each","page_number":134,"box":{"x":121,"y":702,"width":756,"height":11}},{"id":"125990d6-bf93-4650-8baf-3da0af1aac72","block_type":"box","text":"Fund may be entitled to offset some or all of any foreign tax suffered on its overseas income against its","page_number":134,"box":{"x":122,"y":723,"width":756,"height":11}},{"id":"63ea3853-193b-4a7e-a75b-6157091f52a5","block_type":"box","text":"liability to corporation tax. Each Fund does not pay tax on any chargeable gains arising from the disposal","page_number":134,"box":{"x":122,"y":743,"width":755,"height":11}},{"id":"ffe2bc7b-2aeb-4335-b326-aa9a3554e156","block_type":"box","text":"of investments held by them, and are not normally taxable on capital profits, gains or losses arising in","page_number":134,"box":{"x":121,"y":763,"width":757,"height":12}},{"id":"af13e0d9-d3f2-4218-87cb-e34efadc53a5","block_type":"box","text":"respect of loan relationships or derivatives held by them.","page_number":134,"box":{"x":122,"y":784,"width":416,"height":11}},{"id":"35ec338d-3245-44a2-b24d-462ef5993d96","block_type":"box","text":"Foreign Tax","page_number":134,"box":{"x":122,"y":825,"width":93,"height":11}},{"id":"b4e1618c-ace7-48d9-bd5e-86034e64a902","block_type":"box","text":"Income received from overseas companies may be subject to foreign withholding tax deductions. Where","page_number":134,"box":{"x":122,"y":845,"width":756,"height":12}},{"id":"cc0f1cdd-069b-4308-aa01-7bcfb80ea2eb","block_type":"box","text":"possible, the Funds take advantage of Double Taxation Treaties to reduce the rates of withholding tax","page_number":134,"box":{"x":121,"y":866,"width":757,"height":11}},{"id":"2e2e7128-47d4-42ef-a30d-68bc46fec0bd","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 135","page_number":135,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"c6c1a4cc-de8f-439f-8c73-7a8c0e2096e2","block_type":"box","text":"in the countries where they invest to the lower rates applicable under the respective Treaties, although","page_number":135,"box":{"x":122,"y":88,"width":755,"height":11}},{"id":"608dfa1a-fbdd-4dd2-a920-ddea76c5fd67","block_type":"box","text":"it may not always be possible for the Funds to obtain the lower Treaty rate of withholding tax in all","page_number":135,"box":{"x":122,"y":108,"width":755,"height":11}},{"id":"b119853b-0a53-4c3f-a75b-f83938d5875f","block_type":"box","text":"markets. Accordingly, any such withholding tax incurred may reduce the returns to the Funds and","page_number":135,"box":{"x":122,"y":129,"width":756,"height":11}},{"id":"1888b873-7117-4654-a6ce-eec67711dbee","block_type":"box","text":"investors.","page_number":135,"box":{"x":122,"y":149,"width":69,"height":9}},{"id":"a66e9417-eb35-4719-bde4-83834332cf2f","block_type":"box","text":"Shareholders","page_number":135,"box":{"x":121,"y":190,"width":123,"height":10}},{"id":"1b1b11fe-3095-49ac-b6b5-1e7017931554","block_type":"box","text":"Shareholders may potentially suffer tax both on any income they receive from their Shares and on any","page_number":135,"box":{"x":121,"y":222,"width":757,"height":11}},{"id":"7f7a88cc-17b9-4da4-8c9a-e708a1511e70","block_type":"box","text":"profit they realise on disposing of their Shares.","page_number":135,"box":{"x":121,"y":242,"width":344,"height":12}},{"id":"9aadf181-58c8-42b8-b5fa-a93c798f5ba6","block_type":"box","text":"Income Equalisation","page_number":135,"box":{"x":122,"y":284,"width":161,"height":11}},{"id":"000e97f9-64a1-4404-8456-aae163f8d655","block_type":"box","text":"The price of a Share is based on the value of that Class’s proportionate interest in the relevant Fund","page_number":135,"box":{"x":121,"y":314,"width":757,"height":11}},{"id":"f5084c8c-e0a9-490d-b8e7-4ca2235f76dc","block_type":"box","text":"including its proportionate interest in the income of the Fund since the preceding distribution or, in the","page_number":135,"box":{"x":122,"y":335,"width":756,"height":11}},{"id":"5f40d6d4-4820-48a1-95ff-55ddcabe93a2","block_type":"box","text":"case of Accumulation Shares, deemed distribution. In the case of the first distribution received a part of","page_number":135,"box":{"x":121,"y":355,"width":757,"height":11}},{"id":"1a8f76a9-9232-425c-9ce4-c5a838eb74b5","block_type":"box","text":"the amount, namely the equalisation payment, is a return of capital and is not taxable as income in the","page_number":135,"box":{"x":121,"y":376,"width":757,"height":11}},{"id":"2cb22904-7576-4a8c-aa9d-e5f308fd44aa","block_type":"box","text":"hands of the Shareholder. However, this amount must be deducted from the cost of the Share in","page_number":135,"box":{"x":122,"y":396,"width":755,"height":10}},{"id":"62524de1-708a-487a-abf4-e960da93952b","block_type":"box","text":"computing any capital gains on disposals of Income Shares.","page_number":135,"box":{"x":121,"y":416,"width":444,"height":12}},{"id":"91566f92-3649-45d7-af56-edaf676aecf9","block_type":"box","text":"In the case of Accumulation Shares, no adjustment need be made to the cost of the Share for the","page_number":135,"box":{"x":122,"y":457,"width":756,"height":12}},{"id":"8ad5c06d-375d-4a1a-a32b-20aa3a30a561","block_type":"box","text":"purposes of tax.","page_number":135,"box":{"x":121,"y":478,"width":117,"height":11}},{"id":"d643bda1-65dd-4c9a-915c-0ea899a4d7bd","block_type":"box","text":"Equalisation does not apply to Shares already held at the beginning of the Distribution Period. It applies","page_number":135,"box":{"x":122,"y":519,"width":756,"height":11}},{"id":"e31c9524-0aff-40fb-83ab-4771f862a6d4","block_type":"box","text":"only to Shares purchased during the relevant Distribution Period.","page_number":135,"box":{"x":121,"y":539,"width":479,"height":12}},{"id":"03897ec9-c466-425f-b0d3-ef743eb2ee66","block_type":"box","text":"Accumulation Shares","page_number":135,"box":{"x":121,"y":581,"width":170,"height":9}},{"id":"39689ae7-59ca-4927-a73b-5b4e4822948c","block_type":"box","text":"Shareholders holding Accumulation Shares will not receive income payments from their Shares. Any","page_number":135,"box":{"x":121,"y":610,"width":757,"height":11}},{"id":"064b55f8-1be9-480e-8985-ff7151c93f1e","block_type":"box","text":"income is automatically accumulated and is reflected in the price of each Accumulation Share. No Entry","page_number":135,"box":{"x":122,"y":630,"width":756,"height":12}},{"id":"b4c4925e-c373-44f0-bb13-eddf156245ba","block_type":"box","text":"Charge is levied on this accumulation. This does not affect the income tax treatment of the accumulated","page_number":135,"box":{"x":121,"y":651,"width":756,"height":11}},{"id":"f168686d-0dfc-4916-838c-0248ea6255f3","block_type":"box","text":"income which will be taxed in the hands of the Shareholder as a distribution, in the same way as a","page_number":135,"box":{"x":122,"y":671,"width":756,"height":12}},{"id":"36af0f07-4ef7-4f72-b82d-b7b5d67848ce","block_type":"box","text":"normal distribution on an Income Share (for further information see the sections below). Tax vouchers","page_number":135,"box":{"x":122,"y":692,"width":756,"height":11}},{"id":"c9047684-d46d-4238-b0cb-6fa86fea85ef","block_type":"box","text":"for Accumulation Shares will be issued in respect of income earned and accumulated. Any income","page_number":135,"box":{"x":121,"y":712,"width":757,"height":12}},{"id":"07e1ad39-5ec8-46b1-9e2d-d7ce4b2d9f8e","block_type":"box","text":"arising will be treated as an additional base cost in calculating the profit arising on the disposal of the","page_number":135,"box":{"x":121,"y":733,"width":757,"height":11}},{"id":"6fb47659-3bcd-4cf9-8413-046d3de1c197","block_type":"box","text":"Accumulation Shares for capital gains tax purposes.","page_number":135,"box":{"x":121,"y":753,"width":384,"height":12}},{"id":"8b29e51d-b42d-43fd-a9b9-ee003785f09d","block_type":"box","text":"ISA (Individual Savings Account) Shareholders","page_number":135,"box":{"x":122,"y":812,"width":373,"height":11}},{"id":"6319c4b6-24e1-4116-a7bb-e4aa654ef28d","block_type":"box","text":"It is possible to invest in certain Classes of Shares of the Company via an ISA. There are limits as to","page_number":135,"box":{"x":122,"y":842,"width":756,"height":11}},{"id":"0d5cc248-4102-4879-ab05-f13f2e8d0ac1","block_type":"box","text":"the amount that can be invested into an ISA in a tax year.","page_number":135,"box":{"x":121,"y":863,"width":425,"height":11}},{"id":"a55a62af-24f8-4a61-9c6f-3e304a65d2b8","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 136","page_number":136,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"14422124-09eb-493a-8d4b-f541c4f12313","block_type":"box","text":"","page_number":136,"box":{"x":121,"y":112,"width":6,"height":4}},{"id":"377e2df1-c69a-4c3a-a1a0-1a53b7a15ac0","block_type":"box","text":"Distributions","page_number":136,"box":{"x":152,"y":109,"width":101,"height":9}},{"id":"6fc32d3c-d490-48fa-b4c7-aab1586753d9","block_type":"box","text":"A distribution from Shares held via an ISA is not taxable. For the purposes of this Taxation section of","page_number":136,"box":{"x":121,"y":129,"width":757,"height":11}},{"id":"bc541804-a236-43b6-9557-b82ed1fbe873","block_type":"box","text":"the Prospectus, any reference to dividend or interest distributions will include accumulated income on","page_number":136,"box":{"x":121,"y":150,"width":756,"height":11}},{"id":"1907cbb6-4ce2-4c29-96fb-5cb8d9e2c712","block_type":"box","text":"Accumulation Shares.","page_number":136,"box":{"x":121,"y":170,"width":161,"height":9}},{"id":"617dd916-bd74-4616-9d22-aee1e0463073","block_type":"box","text":"","page_number":136,"box":{"x":121,"y":215,"width":6,"height":4}},{"id":"13a70c8a-5dde-4bc9-bb28-df7747c6d34e","block_type":"box","text":"Profits on disposal of Shares","page_number":136,"box":{"x":152,"y":212,"width":230,"height":11}},{"id":"1642f226-5452-4eae-8062-2f3c49e510e3","block_type":"box","text":"Any profits arising from the disposal of Shares held via an ISA are not taxable.","page_number":136,"box":{"x":121,"y":232,"width":579,"height":12}},{"id":"0432ccc7-3aff-4c90-9879-a0dd167c97fa","block_type":"box","text":"Other UK Resident Individual Shareholders","page_number":136,"box":{"x":121,"y":269,"width":343,"height":8}},{"id":"f8423c92-c617-4faf-a8f9-acef8909bc85","block_type":"box","text":"The following allowances are in effect at the date of the prospectus:","page_number":136,"box":{"x":121,"y":299,"width":499,"height":11}},{"id":"109343d5-e692-41d3-affb-16951aa4eccd","block_type":"box","text":"(a) personal savings allowance of £1,000 for basic rate taxpayers and £500 for higher rate taxpayers.","page_number":136,"box":{"x":122,"y":332,"width":755,"height":11}},{"id":"3e04a750-c8da-4f6c-9109-acb829868e8f","block_type":"box","text":"No personal saving allowance is available for additional rate taxpayers.","page_number":136,"box":{"x":152,"y":352,"width":525,"height":11}},{"id":"4ee015e3-41aa-4230-bd75-002f792b7fdf","block_type":"box","text":"(b) an annual dividend allowance is available to exempt the first £500 of dividends received by","page_number":136,"box":{"x":122,"y":372,"width":756,"height":12}},{"id":"0d1de2e3-a2c5-46d3-abac-80951dd076e9","block_type":"box","text":"individuals in the 2024/2025 and thereafter.","page_number":136,"box":{"x":152,"y":393,"width":319,"height":9}},{"id":"3e8ebb4b-f771-4538-90cc-3a3943cfdf0d","block_type":"box","text":"","page_number":136,"box":{"x":121,"y":438,"width":6,"height":4}},{"id":"ecf6f60a-4528-4437-af0f-d11144d0867d","block_type":"box","text":"Profits on disposal of Shares","page_number":136,"box":{"x":152,"y":435,"width":230,"height":11}},{"id":"23b4b15f-846d-4539-b26f-110738b2fada","block_type":"box","text":"Profits arising on the disposal of Shares held in the Company are subject to capital gains tax. Part of","page_number":136,"box":{"x":122,"y":455,"width":756,"height":12}},{"id":"86e44b71-c183-4987-b425-dcee8abccc8e","block_type":"box","text":"any increase in value of Accumulation Shares is accumulated income. This may be added to the","page_number":136,"box":{"x":121,"y":476,"width":757,"height":11}},{"id":"9e1b3de8-86b8-4cfd-8e5f-1a4f534dde52","block_type":"box","text":"acquisition cost when calculating the capital gain.","page_number":136,"box":{"x":121,"y":496,"width":364,"height":11}},{"id":"8277f6b0-c428-40f2-b036-f6c1f48f4eb6","block_type":"box","text":"However, if the total gains realised from all sources by an individual Shareholder in a tax year, after","page_number":136,"box":{"x":122,"y":537,"width":757,"height":12}},{"id":"5bff62c6-7685-4849-9963-6fae4976a6be","block_type":"box","text":"deducting allowable losses, are less than the annual exemption, there is no capital gains tax to pay.","page_number":136,"box":{"x":121,"y":558,"width":756,"height":11}},{"id":"5d6d34f6-b413-4bd5-9f0b-b956ba305ed8","block_type":"box","text":"Capital gains tax should not be payable if Shares in a Fund are Converted/Switched for Shares of a","page_number":136,"box":{"x":121,"y":578,"width":757,"height":11}},{"id":"015fdcec-09c1-4c6b-ad63-e25956dd4d20","block_type":"box","text":"similar Type or Class within the same Fund which will be treated as if they were acquired at the same","page_number":136,"box":{"x":121,"y":599,"width":757,"height":11}},{"id":"7e176bf0-dc41-400e-8cf3-42d566cc8a5d","block_type":"box","text":"time and in the same way as the original Shares for capital gains tax purposes.","page_number":136,"box":{"x":121,"y":619,"width":583,"height":11}},{"id":"8147e6c5-8c95-4367-9918-86dbe7f96a5e","block_type":"box","text":"HM Revenue & Customs have confirmed that a Switch/Conversion between a hedged and an unhedged","page_number":136,"box":{"x":122,"y":660,"width":756,"height":11}},{"id":"4ed4bfb5-56de-4be1-b85e-d6b54d4fd17b","block_type":"box","text":"share class (or vice versa) in the same fund would be treated as a disposal for UK capital gains tax.","page_number":136,"box":{"x":121,"y":681,"width":736,"height":11}},{"id":"898c2836-5624-4ed2-990d-cf8d2f68ae70","block_type":"box","text":"A liability to capital gains Tax may arise when an investor disposes of Shares or exchanges Shares in","page_number":136,"box":{"x":121,"y":718,"width":756,"height":12}},{"id":"1e3d49c9-0904-4099-958e-16310037f0f1","block_type":"box","text":"one Fund for Shares in another Fund. Conversions/Switches between a different Type or Class (i.e.","page_number":136,"box":{"x":121,"y":739,"width":756,"height":11}},{"id":"8f88b0cd-356c-47b1-9705-599df0c836af","block_type":"box","text":"income to accumulation or vice versa) of Shares within the same Fund may give rise to a disposal for","page_number":136,"box":{"x":122,"y":759,"width":756,"height":12}},{"id":"6fdc629f-56e0-40d6-bcfa-9e62951f9da2","block_type":"box","text":"capital gains tax purposes. The profit arising on such a disposal or exchange will be calculated by","page_number":136,"box":{"x":121,"y":780,"width":757,"height":11}},{"id":"28da2086-3a52-4249-8ceb-afa973c219bf","block_type":"box","text":"reference to the market value of the relevant Shares at the date of the exchange or disposal.","page_number":136,"box":{"x":122,"y":800,"width":683,"height":12}},{"id":"b859c6ba-1686-4aa0-9b91-4213a32476c8","block_type":"box","text":"UK Resident Corporate Shareholders","page_number":136,"box":{"x":122,"y":835,"width":295,"height":11}},{"id":"4350baa3-1e18-4a40-b2a0-c530bb76cdce","block_type":"box","text":"Corporate Shareholders subject to UK corporation tax must treat their holding in a Fund that pays","page_number":136,"box":{"x":121,"y":866,"width":757,"height":11}},{"id":"3bd6f944-2194-4476-ad2e-09b41f09b844","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 137","page_number":137,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"73e2649b-9e5c-4de7-8842-fb2bb08aa44b","block_type":"box","text":"interest distributions as a creditor loan relationship, including the gross amount of any distributions,","page_number":137,"box":{"x":122,"y":88,"width":755,"height":11}},{"id":"fe7ab5da-9172-4b5e-996b-ae40cfbf513c","block_type":"box","text":"subject to a fair value basis of accounting.","page_number":137,"box":{"x":121,"y":108,"width":310,"height":11}},{"id":"555e2d0a-0706-4077-b9ba-82398ca68a3d","block_type":"box","text":"Corporate Shareholders who receive dividend distributions may have to divide them into two (in which","page_number":137,"box":{"x":121,"y":143,"width":756,"height":11}},{"id":"c4db9334-d459-4171-90d9-389357f0aae8","block_type":"box","text":"case the division will be on the tax voucher). The basic rule is that income that is not subject to","page_number":137,"box":{"x":121,"y":163,"width":757,"height":11}},{"id":"d048496e-c090-44d7-861c-3e8879d458fc","block_type":"box","text":"corporation tax in the Fund (such as portfolio dividend income) will be treated as dividend distributions","page_number":137,"box":{"x":121,"y":184,"width":757,"height":11}},{"id":"9fbb6e7b-1815-4e54-b4a4-b9bf4273b5e7","block_type":"box","text":"and no corporation tax will be due on it. Any part representing income subject to corporation tax in the","page_number":137,"box":{"x":121,"y":204,"width":757,"height":11}},{"id":"b0b1413b-d838-4000-8c28-fc19e3d12e27","block_type":"box","text":"Fund (such as interest income) will be treated as an annual payment after deduction of income tax at","page_number":137,"box":{"x":122,"y":225,"width":756,"height":11}},{"id":"d99ed5db-65d8-4492-9e63-d8e1b118aed4","block_type":"box","text":"the basic rate, and Corporate Shareholders may, depending on their circumstances, be liable to","page_number":137,"box":{"x":121,"y":245,"width":757,"height":11}},{"id":"e8e08f9c-565c-46b5-a82c-64803c534067","block_type":"box","text":"corporation tax on this part of the distribution or to reclaim some or all of this part of the distribution (as","page_number":137,"box":{"x":121,"y":266,"width":757,"height":11}},{"id":"809c2311-c8fe-4ee5-98a5-e4d7e604c084","block_type":"box","text":"indicated on their tax voucher).","page_number":137,"box":{"x":122,"y":286,"width":227,"height":11}},{"id":"3092a1c4-eccd-4e84-b1c6-3fbc0b3c20bb","block_type":"box","text":"In the event that a Fund holds greater than 60% of its total investments in interest paying and","page_number":137,"box":{"x":122,"y":321,"width":756,"height":11}},{"id":"e7033fb4-9733-405d-a451-15c0f86f1e15","block_type":"box","text":"economically equivalent assets at any time during a Corporate Shareholder’s accounting period, then","page_number":137,"box":{"x":121,"y":341,"width":757,"height":12}},{"id":"fcf7a58c-034e-4355-b017-6bafa3abba72","block_type":"box","text":"the Corporate Shareholder must treat their holding as a creditor loan relationship and bring the holding,","page_number":137,"box":{"x":121,"y":362,"width":756,"height":11}},{"id":"5105e628-e8a8-480d-a3a8-a227653bd9bb","block_type":"box","text":"including distributions, into account for corporation tax purposes on a fair value basis.","page_number":137,"box":{"x":122,"y":382,"width":630,"height":12}},{"id":"eed5cd17-4e79-48a3-83a1-c251f725ca30","block_type":"box","text":"Non-UK resident Corporate Shareholders will have no UK tax liability on dividend or interest","page_number":137,"box":{"x":122,"y":417,"width":756,"height":11}},{"id":"40535635-85cb-461b-a04b-c5965068a8f2","block_type":"box","text":"distributions.","page_number":137,"box":{"x":121,"y":438,"width":92,"height":8}},{"id":"aa704bda-6008-40ab-ab74-ee03cf254e33","block_type":"box","text":"Profits on disposal of Shares","page_number":137,"box":{"x":122,"y":472,"width":231,"height":11}},{"id":"579c1f97-f576-4173-8a06-11fb4a42b7c6","block_type":"box","text":"(a)","page_number":137,"box":{"x":121,"y":508,"width":17,"height":10}},{"id":"0101c70d-82d3-458f-96c3-d00b83648431","block_type":"box","text":"Any profit arising on the disposal of Shares of a Fund that makes interest distributions is subject","page_number":137,"box":{"x":181,"y":507,"width":697,"height":11}},{"id":"dca7083a-4f9b-47f6-9f4d-cb80eb53feae","block_type":"box","text":"to corporation tax under the rules for the taxation of loan relationships, and reflects any amounts","page_number":137,"box":{"x":181,"y":527,"width":697,"height":12}},{"id":"cb65d842-fd24-4aac-a7bc-976bc2c9d655","block_type":"box","text":"already recognised under these rules.","page_number":137,"box":{"x":182,"y":548,"width":279,"height":11}},{"id":"4b4028f7-49f3-4ccb-9411-f7d98b69e73e","block_type":"box","text":"(b)","page_number":137,"box":{"x":121,"y":583,"width":18,"height":10}},{"id":"bb3ae3c7-c5e0-4b87-8d9e-0dc521c840e0","block_type":"box","text":"Any profit arising on the disposal of Shares of a Fund that pays dividends is subject to","page_number":137,"box":{"x":181,"y":583,"width":697,"height":11}},{"id":"703a038b-6f61-4f91-87db-c017292b0b74","block_type":"box","text":"corporation tax on chargeable gains, unless the Fund held more than 60% of its total","page_number":137,"box":{"x":182,"y":603,"width":695,"height":11}},{"id":"71b783b0-1510-4081-acff-97340cf00041","block_type":"box","text":"investments in interest paying and economically equivalent assets at any time during a","page_number":137,"box":{"x":182,"y":624,"width":696,"height":11}},{"id":"8fb0fd68-1693-407d-8070-738f9cc768f8","block_type":"box","text":"Corporate Shareholder’s accounting period. Any profit arising on disposal of shares in the Fund","page_number":137,"box":{"x":182,"y":644,"width":695,"height":11}},{"id":"8b626426-6433-4698-8e6b-9b3c3e120bf8","block_type":"box","text":"will be assessable to corporation tax under the loan relationship rules.","page_number":137,"box":{"x":181,"y":665,"width":517,"height":11}},{"id":"8c2a7253-0169-4d23-8ade-04bca9c63e41","block_type":"box","text":"As with individual UK resident Shareholders, a tax charge can also arise if Shares are exchanged for","page_number":137,"box":{"x":121,"y":699,"width":758,"height":12}},{"id":"2d1c2481-4abe-4bfa-8182-23d14f0cbb27","block_type":"box","text":"Shares in a different Fund.","page_number":137,"box":{"x":121,"y":720,"width":196,"height":9}},{"id":"6ba30032-36e4-4178-9652-797407b8db24","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 138","page_number":138,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"f992479e-4647-4945-b30c-2cfcdc8b26a2","block_type":"box","text":"WINDING UP OF THE COMPANY AND TERMINATION OF FUNDS","page_number":138,"box":{"x":141,"y":109,"width":724,"height":13}},{"id":"c2052815-b898-4fb1-a0c6-2305e306cfae","block_type":"box","text":"The Company may be wound up under the COLL Sourcebook or as an unregistered company under","page_number":138,"box":{"x":121,"y":170,"width":758,"height":11}},{"id":"6b2160f4-41ba-47f7-952d-b60317a788b8","block_type":"box","text":"Part V of the Insolvency Act 1986. A Fund may only be terminated under the COLL Sourcebook if the","page_number":138,"box":{"x":122,"y":190,"width":756,"height":11}},{"id":"d8cff9ac-af0a-45a3-b10f-7441a13cb23a","block_type":"box","text":"Fund is solvent and the steps required under Regulation 21 of the OEIC Regulations are complied with,","page_number":138,"box":{"x":122,"y":211,"width":755,"height":11}},{"id":"652b83f6-a624-40ec-a9c5-73b92a1f1836","block_type":"box","text":"or the Fund is to be wound up under Part V of the Insolvency Act 1986 (as modified by Regulation 33C","page_number":138,"box":{"x":121,"y":231,"width":757,"height":12}},{"id":"cc868561-d865-4b12-b70a-e9ca5268f159","block_type":"box","text":"of the OEIC Regulations) as an unregistered company.","page_number":138,"box":{"x":121,"y":252,"width":406,"height":11}},{"id":"0f05643d-899a-4af4-8864-294582db2c02","block_type":"box","text":"Winding up under the COLL Sourcebook may only be commenced following approval by the Financial","page_number":138,"box":{"x":121,"y":293,"width":757,"height":11}},{"id":"3943a02c-ffdf-4196-8066-ceacfc562df7","block_type":"box","text":"Conduct Authority. The Financial Conduct Authority may only give such approval if the ACD provides a","page_number":138,"box":{"x":121,"y":313,"width":757,"height":11}},{"id":"d52bc81b-d551-4dbb-a9c3-72629b5488c3","block_type":"box","text":"statement (following a full enquiry into the affairs of the Company, or in the case of the termination of a","page_number":138,"box":{"x":121,"y":334,"width":757,"height":11}},{"id":"059a4e2b-d0d8-48a9-91b5-1202a2b25f9a","block_type":"box","text":"Fund, the Fund’s affairs, business and property) either that the Company or the Fund will be able to","page_number":138,"box":{"x":122,"y":354,"width":756,"height":11}},{"id":"6636b922-678b-4d76-85e1-5e5466792e60","block_type":"box","text":"meet its liabilities (including contingent and prospective) within 12 months of the date of the statement","page_number":138,"box":{"x":122,"y":375,"width":756,"height":11}},{"id":"493161eb-d8fa-4363-8844-71df0873ebe6","block_type":"box","text":"or that the Company or the Fund will be unable to do so. The Company may not be wound up or a Fund","page_number":138,"box":{"x":121,"y":395,"width":757,"height":11}},{"id":"83a79b43-cfb1-43a3-8fa2-795bddb17d66","block_type":"box","text":"terminated under the COLL Sourcebook if there is a vacancy in the position of the ACD at the relevant","page_number":138,"box":{"x":121,"y":415,"width":757,"height":12}},{"id":"943c99f8-b7bc-4b7c-8a60-89bdc5ad2088","block_type":"box","text":"time.","page_number":138,"box":{"x":121,"y":436,"width":34,"height":9}},{"id":"f50d57f2-b71e-498d-90e9-f6f9bd195e5c","block_type":"box","text":"Subject to the above, the Company or a Fund will be wound up or terminated under the COLL","page_number":138,"box":{"x":121,"y":477,"width":757,"height":11}},{"id":"9cf0c900-068c-4557-8540-d81967e33b70","block_type":"box","text":"Sourcebook:","page_number":138,"box":{"x":121,"y":497,"width":92,"height":9}},{"id":"60b8da25-8acd-47d5-bf5c-01d16b9390d4","block_type":"box","text":"1.","page_number":138,"box":{"x":122,"y":539,"width":11,"height":8}},{"id":"380c332f-e56a-4c82-86ea-0afa382316f4","block_type":"box","text":"If an extraordinary resolution of the Company or the Fund (as the case may be) to that effect is","page_number":138,"box":{"x":182,"y":538,"width":696,"height":12}},{"id":"720d2e16-d81a-4910-aa90-e58c9e3a0d68","block_type":"box","text":"passed by Shareholders; or","page_number":138,"box":{"x":182,"y":559,"width":204,"height":11}},{"id":"79aed6e3-85e0-4a48-bbe9-5054a7df9b3c","block_type":"box","text":"2.","page_number":138,"box":{"x":121,"y":600,"width":12,"height":9}},{"id":"8167f0ac-9c86-4c88-99cd-1c36a1cc0fc4","block_type":"box","text":"If the share capital of the Company is below its prescribed minimum or (in relation to any Fund)","page_number":138,"box":{"x":182,"y":600,"width":695,"height":11}},{"id":"305ad25c-9b33-4b4f-83c3-2815287da8a7","block_type":"box","text":"the Net Asset Value of the Fund is less than £1,000,000, or if a change in the laws or regulations","page_number":138,"box":{"x":181,"y":621,"width":697,"height":11}},{"id":"6c5e92e4-10b8-4a61-aafd-57c47e283bf5","block_type":"box","text":"of any country means that, in the ACD’s opinion, it is desirable to wind up the Company or to","page_number":138,"box":{"x":182,"y":641,"width":696,"height":11}},{"id":"af89f5b5-7581-4532-9403-2d40ecac3718","block_type":"box","text":"terminate the Fund; or","page_number":138,"box":{"x":181,"y":662,"width":165,"height":10}},{"id":"ea46bf98-5f21-4e90-8c6b-fd28a457e9e9","block_type":"box","text":"3.","page_number":138,"box":{"x":121,"y":703,"width":12,"height":8}},{"id":"6c6a7e73-6324-423b-a4ce-01137607dbb3","block_type":"box","text":"If the Financial Conduct Authority agrees to a request by the ACD for the revocation of the","page_number":138,"box":{"x":187,"y":702,"width":691,"height":12}},{"id":"17ab2ea5-f1de-40c0-84ef-25f88f9de126","block_type":"box","text":"authorisation order or to update its records in respect of the Company or the relevant Fund.","page_number":138,"box":{"x":182,"y":723,"width":674,"height":11}},{"id":"d688199f-840b-49ac-97f8-5ee46ef30304","block_type":"box","text":"Following the occurrence of any of the above:","page_number":138,"box":{"x":122,"y":764,"width":336,"height":11}},{"id":"4f3d9d38-aa3d-4fc2-94e4-7011c392b19f","block_type":"box","text":"1.","page_number":138,"box":{"x":122,"y":805,"width":11,"height":8}},{"id":"d4dae360-c293-4516-811b-65c34736505b","block_type":"box","text":"COLL 6.2 (Dealing), COLL 6.3 (Valuation and Pricing) and COLL 5 (Investment and Borrowing","page_number":138,"box":{"x":182,"y":805,"width":696,"height":11}},{"id":"3770a87d-715e-4615-acd2-066c96798cf7","block_type":"box","text":"Powers) will cease to apply to the Company or the particular Fund;","page_number":138,"box":{"x":182,"y":825,"width":492,"height":11}},{"id":"82f207bd-f69b-4880-95ec-783f377c6ffa","block_type":"box","text":"2.","page_number":138,"box":{"x":121,"y":867,"width":12,"height":8}},{"id":"dcedc174-118e-422b-92ea-0bd715c1fc2f","block_type":"box","text":"The Company will cease to issue and cancel Shares in the Company or the particular Fund;","page_number":138,"box":{"x":181,"y":866,"width":679,"height":12}},{"id":"f18e2092-3029-4e39-953f-4661735da49e","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 139","page_number":139,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"9c3ee1be-7928-4ef7-a209-6e822e624e89","block_type":"box","text":"3.","page_number":139,"box":{"x":121,"y":108,"width":12,"height":9}},{"id":"362696bc-2752-49b7-8622-80ef131a5495","block_type":"box","text":"The ACD will cease to sell or redeem Shares or arrange for the Company to issue or cancel","page_number":139,"box":{"x":181,"y":108,"width":697,"height":11}},{"id":"19f3ca5f-cacb-42a6-9c68-284816cc7d60","block_type":"box","text":"them for the Company or the particular Fund;","page_number":139,"box":{"x":181,"y":128,"width":334,"height":12}},{"id":"d53d4d00-d5e5-4b63-b969-f012620ccc85","block_type":"box","text":"4.","page_number":139,"box":{"x":121,"y":170,"width":12,"height":8}},{"id":"6dbd80ae-27ce-4540-b2f9-32333e33278c","block_type":"box","text":"No transfer of a Share will be registered and no other change to the Register will be made","page_number":139,"box":{"x":182,"y":169,"width":696,"height":12}},{"id":"aaaaefea-cfbc-4728-b83a-f3c5545185ff","block_type":"box","text":"without the sanction of the ACD;","page_number":139,"box":{"x":181,"y":190,"width":238,"height":10}},{"id":"daaee862-0a1e-4ea7-b202-6edb17963711","block_type":"box","text":"5.","page_number":139,"box":{"x":121,"y":231,"width":12,"height":9}},{"id":"00df0181-1da9-4637-9a83-0079d88f1aca","block_type":"box","text":"Where the Company is being wound-up, the Company will cease to carry on its business except","page_number":139,"box":{"x":181,"y":231,"width":697,"height":11}},{"id":"fd57ae1c-65d0-43e6-8abc-9216a87689bb","block_type":"box","text":"in so far as it is beneficial for the winding up of the Company; and","page_number":139,"box":{"x":182,"y":251,"width":483,"height":12}},{"id":"4b2a7346-bd2e-4274-87a2-9a74cd2128b1","block_type":"box","text":"6.","page_number":139,"box":{"x":121,"y":293,"width":12,"height":8}},{"id":"17e3270c-3087-4c6a-a66c-7bfd25f53ece","block_type":"box","text":"The corporate status and powers of the Company and, subject to the provisions of 1 to 5 above,","page_number":139,"box":{"x":181,"y":292,"width":696,"height":11}},{"id":"a7da372e-0863-4b5d-83b3-e4c69482f1ac","block_type":"box","text":"the powers of the ACD shall remain until the Company is dissolved.","page_number":139,"box":{"x":181,"y":313,"width":499,"height":11}},{"id":"65af8833-1ba5-4db9-8f7c-1c17190b122b","block_type":"box","text":"Winding up under the COLL Sourcebook is carried out by the ACD. The ACD shall, as soon as","page_number":139,"box":{"x":121,"y":354,"width":757,"height":11}},{"id":"3c610cb4-eb74-48d2-8585-9c476b2a07e4","block_type":"box","text":"practicable after the Company or the Fund falls to be wound up or terminated, realise the assets and","page_number":139,"box":{"x":121,"y":374,"width":756,"height":11}},{"id":"ee5a0dd4-a56b-43c1-aa84-68c51e39c154","block_type":"box","text":"meet the liabilities of the Company or the Fund (as the case may be) and, after paying or making","page_number":139,"box":{"x":122,"y":395,"width":756,"height":11}},{"id":"a7ee4e96-5d5b-4636-82b3-f7440b9c0ab5","block_type":"box","text":"adequate provisions for the costs of winding up and for all liabilities properly payable, may arrange for","page_number":139,"box":{"x":121,"y":415,"width":757,"height":12}},{"id":"2db9b2dc-6777-43de-a6d8-9b221f065bdb","block_type":"box","text":"the Depositary to make one or more interim distributions out of the remaining funds (if any) to","page_number":139,"box":{"x":121,"y":436,"width":757,"height":11}},{"id":"fa07cdc2-c1b1-4ef7-9d26-2b2dbd4fae32","block_type":"box","text":"Shareholders in proportion to their rights to participate in the Scheme Property of the Company or the","page_number":139,"box":{"x":121,"y":456,"width":757,"height":11}},{"id":"0fdccc4b-e662-48f0-9f3d-0b8bfe299fa6","block_type":"box","text":"Fund. In the case of the Company, the ACD will also publish notice of the commencement of the winding","page_number":139,"box":{"x":122,"y":477,"width":756,"height":11}},{"id":"1c6e63fc-c7c9-4566-98bd-8e3b5cb35758","block_type":"box","text":"up of the Company in the London Gazette.","page_number":139,"box":{"x":122,"y":497,"width":314,"height":11}},{"id":"97bdbbdf-3847-4025-8506-75d1f015baa3","block_type":"box","text":"The ACD will, as soon as practicable, after the Company or the Fund commences being wound up or","page_number":139,"box":{"x":121,"y":538,"width":758,"height":11}},{"id":"12f24960-eee4-4c21-ad52-5adeb1d0366f","block_type":"box","text":"terminated, give written notice of the commencement of the winding up or termination to Shareholders","page_number":139,"box":{"x":121,"y":559,"width":757,"height":11}},{"id":"127cc558-8936-42f0-a355-008da5ebf170","block_type":"box","text":"if the ACD has not previously notified them.","page_number":139,"box":{"x":122,"y":579,"width":319,"height":11}},{"id":"cd2408d7-72a7-4457-ab37-99821af0cce1","block_type":"box","text":"When the ACD has caused all the Scheme Property to be realised and all of the liabilities of the","page_number":139,"box":{"x":121,"y":620,"width":757,"height":11}},{"id":"dca8af0b-de2b-46f7-8510-a2ab111a99c0","block_type":"box","text":"Company or the particular Fund known to the ACD to be realised, the ACD will arrange for the","page_number":139,"box":{"x":121,"y":641,"width":757,"height":11}},{"id":"c1a667fe-c39b-4c61-b959-d9a28c406454","block_type":"box","text":"Depositary to make a final distribution to Shareholders on or prior to the date on which the final account","page_number":139,"box":{"x":122,"y":661,"width":756,"height":11}},{"id":"fd8587bf-5277-42a9-954a-f9d1885716c9","block_type":"box","text":"is sent to Shareholders of any balance remaining (net of a provision for any future expenses of the","page_number":139,"box":{"x":122,"y":681,"width":756,"height":12}},{"id":"b8b43e51-27fa-474f-8108-1e210a561de8","block_type":"box","text":"Company or Fund) in proportion to their holdings in the Company or the particular Fund.","page_number":139,"box":{"x":121,"y":702,"width":651,"height":11}},{"id":"a8db3ed1-acd7-459d-80bc-b512371078ec","block_type":"box","text":"Where any sum of money (including unclaimed distributions) stands to the account of a Fund at the","page_number":139,"box":{"x":121,"y":743,"width":757,"height":11}},{"id":"6b311049-4db3-4a13-838a-0eee1bf78528","block_type":"box","text":"date of its termination, the ACD will assess whether such amount is material. 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In exceptional circumstances, and only","page_number":203,"box":{"x":122,"y":354,"width":756,"height":11}},{"id":"2974715f-0c5b-4d84-9ac0-5402d293b49c","block_type":"box","text":"where disinvestment is either not possible, for example due to suspension of trading, or where it is","page_number":203,"box":{"x":121,"y":374,"width":757,"height":11}},{"id":"0c276ea1-c69f-47e1-a7ba-fa97721f0229","block_type":"box","text":"deemed to have a material adverse impact on investors, the ACD and Investment Manager may agree","page_number":203,"box":{"x":121,"y":395,"width":757,"height":11}},{"id":"140bfccf-24f9-41d3-be6d-1ea3be98f128","block_type":"box","text":"that the divestment period may be extended beyond 6 months.","page_number":203,"box":{"x":121,"y":415,"width":463,"height":11}},{"id":"f418a33b-9370-4819-8c78-20d60446d5b9","block_type":"box","text":"The list of companies excluded by the above screens is monitored by the Investment Manager and","page_number":203,"box":{"x":121,"y":456,"width":757,"height":11}},{"id":"b7e6ad0f-31f2-440c-a09a-9a14713dd1f9","block_type":"box","text":"updated at such intervals as the Investment Manager deems reasonable (but at least every six months).","page_number":203,"box":{"x":122,"y":477,"width":755,"height":11}},{"id":"8ea74ab9-a455-4029-ae0c-d1fa66224cea","block_type":"box","text":"Fund holdings which are then identified as requiring exclusion will be disposed of as soon as reasonably","page_number":203,"box":{"x":122,"y":497,"width":756,"height":11}},{"id":"69dbf694-6c80-4628-80dc-80a57962ad27","block_type":"box","text":"practicable having regard to the interests of investors in the Fund. The Investment Manager endeavours","page_number":203,"box":{"x":121,"y":518,"width":757,"height":11}},{"id":"33ea33d5-3366-4993-a4bc-99348b2d9830","block_type":"box","text":"to disinvest from such assets within 90 days of identifying that they are now excluded by the screens.","page_number":203,"box":{"x":121,"y":538,"width":756,"height":11}},{"id":"e90cf44a-58bd-4879-924c-9bc2e9debd2e","block_type":"box","text":"Where disinvestment is either not possible or deemed to have a material adverse impact on investors,","page_number":203,"box":{"x":121,"y":559,"width":756,"height":11}},{"id":"24b72e79-f412-41b2-bfa4-99cff80100d5","block_type":"box","text":"the ACD and Investment Manager may agree that the divestment period may be extended beyond 90","page_number":203,"box":{"x":121,"y":579,"width":757,"height":11}},{"id":"f2e154fd-3bfc-45a9-8a46-21b2f289b8d3","block_type":"box","text":"days, and may occur for a total period of up to 6 months.","page_number":203,"box":{"x":121,"y":600,"width":418,"height":11}},{"id":"1f8f8093-bb90-4845-8fba-84dd8a7032a9","block_type":"box","text":"On an exceptions basis and at all times acting in accordance with the principles of the exclusion policy,","page_number":203,"box":{"x":121,"y":641,"width":756,"height":11}},{"id":"d07669f8-b998-4efc-8a41-076889ef12fd","block_type":"box","text":"the Investment Manager may decide not to add a company to the exclusion list when it has exceeded","page_number":203,"box":{"x":121,"y":661,"width":757,"height":11}},{"id":"35fdc64a-bcff-4c63-8192-f5746d745c25","block_type":"box","text":"the relevant threshold if in the Investment Manager’s opinion this was not a result of a deliberate action","page_number":203,"box":{"x":121,"y":682,"width":757,"height":11}},{"id":"2938f274-32dc-425f-9c1b-f3cb1c95cb4c","block_type":"box","text":"taken by the company and/or will only likely be temporary in nature or because of planned actions by","page_number":203,"box":{"x":121,"y":702,"width":757,"height":11}},{"id":"01dc022d-1674-441b-94f5-b89b9832b3ce","block_type":"box","text":"the company to reduce revenues from the relevant activity. Examples of this would be if the relevant","page_number":203,"box":{"x":121,"y":723,"width":757,"height":11}},{"id":"b8703f6d-637f-43c1-830c-26f7d37cc952","block_type":"box","text":"company had exceeded the threshold because of commodity price volatility and not because of actions","page_number":203,"box":{"x":121,"y":743,"width":757,"height":11}},{"id":"8c5c9d38-71bb-4a89-ba15-3d854035ed98","block_type":"box","text":"taken by the company to increase revenues from the excluded activity or where the company has","page_number":203,"box":{"x":121,"y":763,"width":757,"height":12}},{"id":"6875793d-3984-4da4-a16e-55804a27fae2","block_type":"box","text":"corporate actions planned to mitigate activity from the revenue generating activity.","page_number":203,"box":{"x":121,"y":784,"width":606,"height":11}},{"id":"3ec83807-d1ec-47f5-9b6f-5dec5a2c8d95","block_type":"box","text":"The exclusion means that the ACD has prohibited direct investment by the Funds into any excluded","page_number":203,"box":{"x":121,"y":825,"width":757,"height":11}},{"id":"8103504a-3c38-4f18-96d3-e5057a5eaee1","block_type":"box","text":"companies.","page_number":203,"box":{"x":121,"y":846,"width":84,"height":10}},{"id":"0b3e496e-433f-4335-a1b7-60399b4c6b23","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 204","page_number":204,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"8cb3a871-0eec-451f-8013-edb3a90238a1","block_type":"box","text":"The Funds may have indirect exposure to excluded companies only where:","page_number":204,"box":{"x":121,"y":88,"width":555,"height":11}},{"id":"c90918af-b1be-4684-9c31-7ea698f0c3df","block_type":"box","text":"• The Fund has indirect exposure to a well-diversified financial index through a derivative or","page_number":204,"box":{"x":168,"y":128,"width":710,"height":12}},{"id":"0878c011-2831-4a1a-9dc8-1821a5c847d6","block_type":"box","text":"an investment linked to that index, of which excluded companies are constituents of that","page_number":204,"box":{"x":205,"y":149,"width":673,"height":11}},{"id":"d75a97e3-dd88-4c8f-be04-f075be2fb43c","block_type":"box","text":"financial index;","page_number":204,"box":{"x":204,"y":169,"width":109,"height":11}},{"id":"6b7accda-4b94-46a4-a20c-25d840fa0f7d","block_type":"box","text":"• The Fund has indirect exposure to a non-diversified financial index through a derivative or","page_number":204,"box":{"x":168,"y":190,"width":711,"height":11}},{"id":"af7aa8d0-1ca4-4ff4-becf-734902023849","block_type":"box","text":"an investment linked to that index, of which excluded companies are constituents of that","page_number":204,"box":{"x":199,"y":210,"width":679,"height":11}},{"id":"407d7d05-ed67-4f39-8936-7acb588d0d88","block_type":"box","text":"financial index, provided that: (i) the aggregate exposure of that financial index to excluded","page_number":204,"box":{"x":199,"y":231,"width":678,"height":11}},{"id":"89431ec3-ad45-4e71-be1a-0f80dac383af","block_type":"box","text":"companies is less than or equal to 20%; and (ii) the Fund’s total exposure to excluded","page_number":204,"box":{"x":199,"y":251,"width":679,"height":11}},{"id":"f49093d7-2f87-47e1-9bb8-70d74e81c657","block_type":"box","text":"companies via such non-diversified financial index does not exceed 2.5% of the Fund’s net","page_number":204,"box":{"x":199,"y":272,"width":679,"height":11}},{"id":"6c39af9c-f269-45a4-93a5-7d010544a60f","block_type":"box","text":"asset value;","page_number":204,"box":{"x":199,"y":292,"width":87,"height":11}},{"id":"11e0a697-8e8f-40d9-b449-eca7f149ac60","block_type":"box","text":"• The Fund engages in derivative short selling of financial instruments issued by an excluded","page_number":204,"box":{"x":168,"y":313,"width":709,"height":11}},{"id":"f955a9b4-912b-4ce1-9d8f-0f9b728cc54e","block_type":"box","text":"company;","page_number":204,"box":{"x":205,"y":336,"width":70,"height":8}},{"id":"7db84802-f1a5-4845-b274-a17eacadb273","block_type":"box","text":"•","page_number":204,"box":{"x":168,"y":356,"width":6,"height":4}},{"id":"edbac296-3305-4051-b6a1-c04e924ad941","block_type":"box","text":"The Fund invests in other funds managed by third parties or any passively managed funds","page_number":204,"box":{"x":204,"y":354,"width":674,"height":11}},{"id":"41809547-34cd-4f27-a565-32baaae56ab2","block_type":"box","text":"(whether managed by Aviva companies or by third parties) which have exposure to excluded","page_number":204,"box":{"x":205,"y":374,"width":673,"height":11}},{"id":"4d5fbcb2-02e3-4c52-856e-bb62df2cd62b","block_type":"box","text":"companies. While consideration of environmental, social, and governance factors are an","page_number":204,"box":{"x":204,"y":395,"width":674,"height":11}},{"id":"0d3d66b9-d277-4667-ae8d-f49fb56638b1","block_type":"box","text":"integral part of the fund selection process, the underlying funds may not operate exclusions","page_number":204,"box":{"x":205,"y":415,"width":673,"height":12}},{"id":"2dd06fe2-2489-4d36-89ee-461a7e3a9e75","block_type":"box","text":"equivalent to the exclusion policy.","page_number":204,"box":{"x":204,"y":436,"width":248,"height":11}},{"id":"4d1a28a1-de5e-457d-8801-a3535fe65e21","block_type":"box","text":"Additional exclusions apply to the Aviva Investors Global Climate Aware Equity Fund, as set out in this","page_number":204,"box":{"x":121,"y":477,"width":757,"height":11}},{"id":"46f688f0-c82e-4e4d-b379-27a5c30afb58","block_type":"box","text":"Fund’s investment policy. If there are any differences between this Fund’s specific exclusions and the","page_number":204,"box":{"x":122,"y":497,"width":756,"height":11}},{"id":"f66ccc58-e4b1-45a6-b2ca-81021e2f926f","block_type":"box","text":"exclusions set out in this Policy, the more restrictive exclusion will apply. For the avoidance of doubt,","page_number":204,"box":{"x":121,"y":518,"width":756,"height":11}},{"id":"fca7be9c-8648-42e6-ac2a-cd1bdae33481","block_type":"box","text":"the Investment Manager’s screen monitoring and disinvestment approach (as outlined above) shall","page_number":204,"box":{"x":121,"y":538,"width":757,"height":11}},{"id":"903212ce-e243-4a0f-ab05-c42ae284b648","block_type":"box","text":"apply in respect of the Aviva Investors Global Climate Aware Equity Fund’s additional exclusions unless","page_number":204,"box":{"x":121,"y":559,"width":757,"height":11}},{"id":"4eddeb09-40ed-4ef1-bbd4-ab706927dcdf","block_type":"box","text":"otherwise specified.","page_number":204,"box":{"x":121,"y":579,"width":145,"height":11}},{"id":"03442bac-4846-4ab4-a53f-58630f4e03ce","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 205","page_number":205,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"8aa4f615-bbca-4d91-8772-42753d6cb074","block_type":"box","text":"APPENDIX 3","page_number":205,"box":{"x":430,"y":89,"width":146,"height":12}},{"id":"e85ae73b-7103-434a-880b-441466b4b7c5","block_type":"box","text":"INVESTMENT AND BORROWING POWERS AND RESTRICTIONS","page_number":205,"box":{"x":138,"y":110,"width":730,"height":13}},{"id":"d140d4fa-e633-4d1c-9d00-fcc9ae946626","block_type":"box","text":"Investment restrictions","page_number":205,"box":{"x":122,"y":172,"width":220,"height":10}},{"id":"e05a0c9a-fcab-46cd-a1ef-721f2501c486","block_type":"box","text":"The property of each Fund will be invested with the aim of achieving the investment objective of that","page_number":205,"box":{"x":121,"y":216,"width":757,"height":11}},{"id":"385aa2c6-e1b8-4f5c-80fa-2e5bcd04e80e","block_type":"box","text":"Fund but subject to the limits on investment set out in COLL 5.2 to COLL 5.5 that are applicable to the","page_number":205,"box":{"x":122,"y":236,"width":756,"height":11}},{"id":"03578e7b-293c-4428-874f-4f001b659690","block_type":"box","text":"UCITS Schemes and the Fund’s investment policy.","page_number":205,"box":{"x":122,"y":257,"width":376,"height":11}},{"id":"1f9ce0c1-2d99-4546-b054-805a516435cf","block_type":"box","text":"The ACD shall ensure that, taking account of the investment objectives and policy of each Fund, the","page_number":205,"box":{"x":121,"y":297,"width":757,"height":12}},{"id":"8ecb1519-3ff1-4ef8-896a-4f812eca6e54","block_type":"box","text":"Scheme Property of the Fund aims to provide a prudent spread of risk.","page_number":205,"box":{"x":121,"y":318,"width":522,"height":11}},{"id":"46778143-f78d-4221-ba17-f08faccb5744","block_type":"box","text":"These limits apply to each of the Funds as summarised below:","page_number":205,"box":{"x":121,"y":359,"width":462,"height":11}},{"id":"439fb2d3-8fd0-41eb-93a5-2792bc77ae17","block_type":"box","text":"General","page_number":205,"box":{"x":121,"y":401,"width":80,"height":10}},{"id":"0058eb35-c3a8-46fd-aa23-a52765d63a97","block_type":"box","text":"The property of a Fund must, except where otherwise provided in COLL 5, only consist of any or all of:","page_number":205,"box":{"x":121,"y":430,"width":756,"height":11}},{"id":"6eccb704-5772-4faa-b273-f51a5af92d17","block_type":"box","text":"1.","page_number":205,"box":{"x":122,"y":471,"width":11,"height":9}},{"id":"a5775152-30a9-4ae2-bb71-3a4d36d824e2","block_type":"box","text":"transferable securities","page_number":205,"box":{"x":181,"y":471,"width":164,"height":9}},{"id":"17edb783-9a07-4e0f-b6cd-3425ee16aaa7","block_type":"box","text":"2.","page_number":205,"box":{"x":121,"y":492,"width":12,"height":8}},{"id":"328a8f1b-50a5-4ade-882e-2e0be86acf4d","block_type":"box","text":"approved money market instruments","page_number":205,"box":{"x":182,"y":492,"width":271,"height":11}},{"id":"70d262af-7c12-43e9-90ff-2a25925a5295","block_type":"box","text":"3.","page_number":205,"box":{"x":121,"y":512,"width":12,"height":9}},{"id":"92d7254c-1d4a-4d05-8ce6-b113db86b927","block_type":"box","text":"units in collective investment schemes.","page_number":205,"box":{"x":182,"y":512,"width":287,"height":9}},{"id":"4dde4ceb-7f8a-436d-8701-8bab646938e5","block_type":"box","text":"4.","page_number":205,"box":{"x":121,"y":533,"width":12,"height":8}},{"id":"9141d7e3-1b04-4f32-a0d8-1c0b372f99d0","block_type":"box","text":"derivatives and forward transactions","page_number":205,"box":{"x":182,"y":533,"width":267,"height":8}},{"id":"3b381a74-2f2f-4267-8e68-28ba8c83fb76","block_type":"box","text":"5.","page_number":205,"box":{"x":121,"y":553,"width":12,"height":9}},{"id":"b203552b-8101-405e-a0a1-c0772d45a337","block_type":"box","text":"deposits; 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or","page_number":205,"box":{"x":182,"y":696,"width":113,"height":11}},{"id":"d0073196-3d16-4bca-9848-8777a1d6a12a","block_type":"box","text":"2.","page_number":205,"box":{"x":121,"y":717,"width":12,"height":8}},{"id":"2ac547fe-4127-4a10-a7f2-8a93a3b504ec","block_type":"box","text":"be an approved money market instrument not admitted to or dealt in on an eligible market, but","page_number":205,"box":{"x":182,"y":717,"width":696,"height":11}},{"id":"a461f8da-2cbe-4fbc-9d1c-aa8b325daaed","block_type":"box","text":"which meets the requirements of the COLL Sourcebook in relation to regulated issuers and","page_number":205,"box":{"x":181,"y":737,"width":697,"height":12}},{"id":"4e8b3ec3-8f7c-4988-b252-1a0a6a2edd36","block_type":"box","text":"issuers and guarantors of money-market instruments; or","page_number":205,"box":{"x":182,"y":758,"width":416,"height":11}},{"id":"965bcb3b-184a-4033-ae56-37158f71bdaa","block_type":"box","text":"3.","page_number":205,"box":{"x":121,"y":779,"width":12,"height":8}},{"id":"4ef58a37-c4cb-4f16-88c9-af40e4f0c465","block_type":"box","text":"be recently issued transferable securities, provided that the terms of issue include an","page_number":205,"box":{"x":182,"y":778,"width":695,"height":12}},{"id":"ce104d0b-1b68-41e1-97c0-1f755bd0c72e","block_type":"box","text":"undertaking that application will be made to be admitted to an eligible market; and such","page_number":205,"box":{"x":182,"y":799,"width":695,"height":11}},{"id":"a2002cd1-b435-4f84-80a1-a9df0a943bca","block_type":"box","text":"admission is secured within a year of issue.","page_number":205,"box":{"x":182,"y":819,"width":320,"height":11}},{"id":"a9c24cde-2659-4383-9166-d1ec6782ae09","block_type":"box","text":"Not more than 10% in value of the Scheme Property of a Fund is to consist of transferable securities","page_number":205,"box":{"x":122,"y":860,"width":756,"height":11}},{"id":"9e384f0c-9561-4f6d-ac08-eb514af0e305","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 206","page_number":206,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"d616fbf6-af46-47c1-8813-315ddf151986","block_type":"box","text":"and approved money market instruments other than those referred to above.","page_number":206,"box":{"x":121,"y":88,"width":566,"height":11}},{"id":"060bbbd1-2e59-4f13-80a7-f6287bf4cd26","block_type":"box","text":"Eligible Markets","page_number":206,"box":{"x":122,"y":123,"width":157,"height":13}},{"id":"bd14de49-87a2-4ee8-8ecd-272419c50731","block_type":"box","text":"These are:","page_number":206,"box":{"x":121,"y":161,"width":78,"height":8}},{"id":"e79882e7-c016-4681-b1e2-04ed4369b301","block_type":"box","text":"1.","page_number":206,"box":{"x":122,"y":198,"width":11,"height":8}},{"id":"27c73180-2e8f-4d5a-b568-d59f506073af","block_type":"box","text":"regulated markets (as defined for the purposes of COLL); or","page_number":206,"box":{"x":182,"y":197,"width":444,"height":12}},{"id":"5c447b04-fc44-422b-bf09-6645acde693a","block_type":"box","text":"2.","page_number":206,"box":{"x":121,"y":239,"width":12,"height":8}},{"id":"38c0f9dc-9984-407c-99bb-525642eaf0b4","block_type":"box","text":"markets established in the UK or an EEA State which are regulated, operate regularly and are","page_number":206,"box":{"x":182,"y":238,"width":696,"height":12}},{"id":"f64873bb-419e-48c6-92e4-f8516134e974","block_type":"box","text":"open to the public; or","page_number":206,"box":{"x":182,"y":259,"width":156,"height":11}},{"id":"39d94cbf-6937-49e0-86cb-11032a5a80de","block_type":"box","text":"3.","page_number":206,"box":{"x":121,"y":300,"width":12,"height":9}},{"id":"edd8c993-9ed1-4eea-b5e3-4dd4b8483570","block_type":"box","text":"markets which the ACD, after consultation with and notification to the Depositary, has decided","page_number":206,"box":{"x":182,"y":300,"width":696,"height":11}},{"id":"22e194d6-95f6-44d3-94c2-836f81b6b7a2","block_type":"box","text":"are appropriate for the purpose of investment of or dealing in the property of a Fund having","page_number":206,"box":{"x":182,"y":320,"width":696,"height":11}},{"id":"bf56c2f9-7972-425e-a62f-21703c2111dd","block_type":"box","text":"regard to the relevant criteria in the COLL Sourcebook and guidance from the Financial","page_number":206,"box":{"x":182,"y":341,"width":696,"height":11}},{"id":"1c10299f-27ce-4a08-9176-3ba17894f75c","block_type":"box","text":"Conduct Authority. Such markets must operate regularly, be regulated, recognised, open to the","page_number":206,"box":{"x":182,"y":361,"width":696,"height":11}},{"id":"3d4af47c-e749-4a8f-bdbf-b06b3a037be4","block_type":"box","text":"public, adequately liquid and have arrangements for unimpeded transmission of income and","page_number":206,"box":{"x":182,"y":382,"width":696,"height":11}},{"id":"1883db7d-ef0c-4a18-9099-125b21363264","block_type":"box","text":"capital to, or to the order of, the investors.","page_number":206,"box":{"x":182,"y":402,"width":307,"height":11}},{"id":"73d2d973-78d3-4665-920f-039b92a10187","block_type":"box","text":"The eligible markets for the Funds are set out in Appendix 5.","page_number":206,"box":{"x":121,"y":451,"width":447,"height":11}},{"id":"97966ea3-bde9-498d-9134-ea86b966f25a","block_type":"box","text":"Spread","page_number":206,"box":{"x":121,"y":499,"width":74,"height":14}},{"id":"551fcd56-bc88-4f83-a946-c9893d2c7cc5","block_type":"box","text":"The requirements on spread of investments do not apply until the expiry of a period of six months after","page_number":206,"box":{"x":121,"y":529,"width":758,"height":11}},{"id":"a3ad2a66-f385-4f6c-b6e3-017cde29607a","block_type":"box","text":"the date of the authorisation order in respect of a Fund (or on which the initial offer commenced if later)","page_number":206,"box":{"x":121,"y":549,"width":756,"height":12}},{"id":"f219e30f-06a0-451d-9013-936009360e90","block_type":"box","text":"provided that the requirement to maintain prudent spread of risk is complied with.","page_number":206,"box":{"x":121,"y":570,"width":599,"height":11}},{"id":"b6dac160-f9a1-4044-a121-9339e71ed717","block_type":"box","text":"When a fund invests in Derivatives, the exposure to the underlying assets must not exceed the spread","page_number":206,"box":{"x":121,"y":611,"width":756,"height":11}},{"id":"576f01e9-0d58-46f5-b913-c652f6d4c2fe","block_type":"box","text":"limits referred to below. However, if a Fund invests in an index-based derivative, the underlying","page_number":206,"box":{"x":122,"y":632,"width":755,"height":11}},{"id":"74702ece-0d2e-4084-a9ad-3e118fc8541e","block_type":"box","text":"constituents of the index do not have to be taken into account for this purpose, as long as the ACD in","page_number":206,"box":{"x":121,"y":652,"width":756,"height":11}},{"id":"4f0d195a-4235-42f3-b17a-ea53ee56356c","block_type":"box","text":"making such investments aims to maintain a prudent spread of risk.","page_number":206,"box":{"x":122,"y":672,"width":498,"height":12}},{"id":"cd4aa1df-96bd-4e7e-ad51-d20eabe9ec08","block_type":"box","text":"Spread: general","page_number":206,"box":{"x":121,"y":713,"width":125,"height":12}},{"id":"0fab9a92-6d3b-4a61-ace5-2e92d23eb21a","block_type":"box","text":"This section on spread of investment generally does not apply to transferable securities or approved","page_number":206,"box":{"x":121,"y":741,"width":757,"height":11}},{"id":"4d604f9a-a6b8-49f0-975d-9b650abdf249","block_type":"box","text":"money market instruments which fall within the definition of “Such Securities” in the following Section","page_number":206,"box":{"x":122,"y":761,"width":755,"height":11}},{"id":"52310ce7-04d6-47ce-b184-9b4dad66f735","block_type":"box","text":"(“Spread: Government and Public Securities”).","page_number":206,"box":{"x":122,"y":782,"width":341,"height":11}},{"id":"75e3c315-3e17-4362-a30e-ece730a908af","block_type":"box","text":"For the purpose of this section companies included in the same group for the purposes of consolidated","page_number":206,"box":{"x":122,"y":823,"width":755,"height":11}},{"id":"ddea368b-86b8-4fa6-b8c3-e50ab5b27e08","block_type":"box","text":"accounts as defined in accordance with section 399 of the Companies Act 2006, Directive 2013/34/EU,","page_number":206,"box":{"x":121,"y":843,"width":756,"height":11}},{"id":"950c3596-57d1-4207-b0be-0b529dad27fa","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 207","page_number":207,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"71560966-b603-4d4f-8196-bda5a398d49e","block_type":"box","text":"or in the same group in accordance with international accounting standards are regarded as a Single","page_number":207,"box":{"x":121,"y":87,"width":757,"height":12}},{"id":"c1f547fc-7ade-4a11-92de-7eea5477492a","block_type":"box","text":"Body.","page_number":207,"box":{"x":122,"y":108,"width":40,"height":11}},{"id":"dd25b870-28a4-4084-91a1-f067d15b196a","block_type":"box","text":"Not more than 20% in the value of the Scheme Property can consist of deposits with a Single Body. In","page_number":207,"box":{"x":122,"y":149,"width":755,"height":11}},{"id":"7d51eff9-4067-4c05-b384-d179e49d063c","block_type":"box","text":"applying this 20% limit, all uninvested cash comprising capital property that the Depositary holds should","page_number":207,"box":{"x":121,"y":170,"width":757,"height":11}},{"id":"b6390589-4937-4316-a065-02096d95cf6e","block_type":"box","text":"be taken into account. In applying this 20% limit, government and public securities issued by that body","page_number":207,"box":{"x":121,"y":190,"width":757,"height":11}},{"id":"ee91a70b-f922-40f8-befe-c4cc29290761","block_type":"box","text":"shall be taken into account.","page_number":207,"box":{"x":121,"y":210,"width":201,"height":9}},{"id":"2e00b9b0-f07b-4166-b2b7-5ca36ae2892e","block_type":"box","text":"Not more than 5% in value of the Scheme Property is to consist of transferable securities or approved","page_number":207,"box":{"x":122,"y":251,"width":755,"height":12}},{"id":"f6317568-edcb-4221-99fa-c236b98fcc52","block_type":"box","text":"money market instruments issued by any Single Body except that the limit of 5%:","page_number":207,"box":{"x":122,"y":272,"width":598,"height":11}},{"id":"a188b7e5-fc8b-41ac-a2f9-40a273dbc82a","block_type":"box","text":"i) is raised to 10% in respect of up to 40% in value of the Scheme Property. Covered bonds need not","page_number":207,"box":{"x":122,"y":313,"width":756,"height":11}},{"id":"af8b45ec-321a-41fe-8781-b02f93e629d0","block_type":"box","text":"be taken into account for the purpose of applying the limit of 40%.","page_number":207,"box":{"x":121,"y":333,"width":485,"height":12}},{"id":"3896631c-647b-4d8a-bde6-c323d0a828a4","block_type":"box","text":"ii) is raised to 25% in value of Scheme Property in respect of covered bonds, provided that when a Fund","page_number":207,"box":{"x":122,"y":374,"width":756,"height":11}},{"id":"47b52366-07b3-4d86-9830-3f0aa0780ab7","block_type":"box","text":"invests more that 5% in covered bonds issued by a single body, the total value of covered bonds held","page_number":207,"box":{"x":122,"y":395,"width":756,"height":11}},{"id":"2e4ef298-acd6-400c-bc80-860f65d1bc28","block_type":"box","text":"must not exceed 80% in value of the Scheme Property.","page_number":207,"box":{"x":122,"y":415,"width":407,"height":11}},{"id":"8a6a2374-2d8f-49fc-a725-57cd717dd9a3","block_type":"box","text":"For these purposes certificates representing certain securities are treated as equivalent to the","page_number":207,"box":{"x":122,"y":456,"width":756,"height":11}},{"id":"03544054-2c4e-4ef8-87b6-676c860cf956","block_type":"box","text":"underlying security.","page_number":207,"box":{"x":122,"y":477,"width":142,"height":11}},{"id":"f4f35b03-fdb5-44aa-9e65-2782d290a41c","block_type":"box","text":"The exposure to any one counterparty in an OTC derivative transaction must not exceed 5% in value","page_number":207,"box":{"x":121,"y":518,"width":757,"height":11}},{"id":"bb78f1d9-4054-4cb2-84f4-dd5efb50b19e","block_type":"box","text":"of the Scheme Property. This limit is raised to 10% where the counterparty is an Approved Bank. When","page_number":207,"box":{"x":121,"y":538,"width":756,"height":11}},{"id":"dcf6a389-7e73-43a4-83c2-b63b4934ee08","block_type":"box","text":"calculating the exposure to a counterparty in accordance with these limits, the positive mark-to-market","page_number":207,"box":{"x":121,"y":559,"width":757,"height":11}},{"id":"17adc780-bb27-4bea-8089-a72109b28e7e","block_type":"box","text":"value of the OTC derivative contract with that counterparty must be used. OTC derivative positions with","page_number":207,"box":{"x":121,"y":579,"width":756,"height":11}},{"id":"0bad8a9b-dfea-4a24-a243-9f8aa6bbbfa1","block_type":"box","text":"the same counterparty may be netted, provided:","page_number":207,"box":{"x":121,"y":600,"width":355,"height":11}},{"id":"05fb0fbe-ed0a-46e2-9549-949387e4f8ee","block_type":"box","text":"(a) the ACD is able legally to enforce netting agreements with the counterparty on behalf of the","page_number":207,"box":{"x":152,"y":641,"width":726,"height":11}},{"id":"1cfd12d3-914e-449b-a1c2-fbfcfcb3d281","block_type":"box","text":"Company; and","page_number":207,"box":{"x":182,"y":661,"width":107,"height":11}},{"id":"f9ac355a-1494-4920-839a-fed01f57822c","block_type":"box","text":"(b) the netting agreements in (a) do not apply to any other exposures the Company may have with","page_number":207,"box":{"x":152,"y":681,"width":725,"height":12}},{"id":"b8ee6e85-8929-49de-ab40-729e4424bc36","block_type":"box","text":"that same counterparty.","page_number":207,"box":{"x":181,"y":702,"width":175,"height":11}},{"id":"d575b5bd-22f3-44ca-a362-617a549a142b","block_type":"box","text":"The exposure of the Scheme Property to a counterparty of an OTC derivative may be reduced through","page_number":207,"box":{"x":121,"y":743,"width":756,"height":11}},{"id":"b8754099-03e9-461d-8c4d-9169b410af38","block_type":"box","text":"the receipt of collateral. Collateral received must be sufficiently liquid so that it can be sold quickly at a","page_number":207,"box":{"x":121,"y":763,"width":757,"height":12}},{"id":"15c85796-b72e-4116-b46f-7fc58d0397fd","block_type":"box","text":"price that is close to its pre-sale valuation.","page_number":207,"box":{"x":121,"y":784,"width":310,"height":11}},{"id":"0e796a64-1649-4c63-a341-ef32eb259350","block_type":"box","text":"Collateral must be taken into account in calculating exposure to counterparty risk in accordance with","page_number":207,"box":{"x":121,"y":825,"width":756,"height":11}},{"id":"b065d208-ed56-4666-81e8-05ac8dd52eb9","block_type":"box","text":"the limits above when collateral is passed to the counterparty of an OTC derivative transaction on behalf","page_number":207,"box":{"x":121,"y":845,"width":757,"height":12}},{"id":"3a077351-d3ac-4974-947a-177bfa349348","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 208","page_number":208,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"1c4c7bf9-2bed-4fd1-9c91-0a22816e44a5","block_type":"box","text":"of the Company. Such collateral may be taken into account on a net basis only if the ACD is able legally","page_number":208,"box":{"x":121,"y":87,"width":757,"height":12}},{"id":"d22abc11-4b6e-4068-8681-d59b45dd5cd5","block_type":"box","text":"to enforce netting arrangements with this counterparty on behalf of the Company.","page_number":208,"box":{"x":121,"y":108,"width":601,"height":11}},{"id":"bf0c7732-1ad0-414e-bb75-a31914e74f8c","block_type":"box","text":"The issuer concentration limits referred to above must be calculated on the basis of the underlying","page_number":208,"box":{"x":121,"y":149,"width":757,"height":11}},{"id":"1f8050a4-0859-45e5-b0a8-c8bc3097a074","block_type":"box","text":"exposure created through the use of OTC derivatives in accordance with the commitment approach.","page_number":208,"box":{"x":121,"y":169,"width":740,"height":12}},{"id":"ee147ecc-ff77-423b-ab89-7d9374c29e5c","block_type":"box","text":"Not more than 20% in value of the Scheme Property is to consist of transferable securities and approved","page_number":208,"box":{"x":122,"y":210,"width":755,"height":12}},{"id":"50027de2-7ab5-4ac4-8980-0e156aacc2e3","block_type":"box","text":"money market instruments issued by the same group.","page_number":208,"box":{"x":122,"y":231,"width":396,"height":11}},{"id":"4abdfdea-5644-4720-97cf-320d18e20e1b","block_type":"box","text":"In applying the above limits, not more than 20% in value of the Scheme Property is to consist of any","page_number":208,"box":{"x":122,"y":272,"width":756,"height":11}},{"id":"56b17a01-1d2c-43a8-a73e-d3088bd1ad69","block_type":"box","text":"combination of two or more of the following:","page_number":208,"box":{"x":121,"y":292,"width":322,"height":12}},{"id":"84d9b20a-d9d5-4792-8de4-d2ef419f3387","block_type":"box","text":"1. transferable securities (including covered bonds) or approved money market instruments","page_number":208,"box":{"x":152,"y":330,"width":687,"height":11}},{"id":"43862ca4-1f07-435a-8786-ba3924395c0b","block_type":"box","text":"issued by; or","page_number":208,"box":{"x":182,"y":344,"width":94,"height":11}},{"id":"e47d46b4-c85e-4f51-9ad8-ca7c8bca6ed6","block_type":"box","text":"2. deposits made with; or","page_number":208,"box":{"x":151,"y":372,"width":198,"height":11}},{"id":"84865ae0-a546-4631-9f05-ad6fd5a7597a","block_type":"box","text":"3. exposures from OTC derivatives transactions made with,","page_number":208,"box":{"x":151,"y":400,"width":450,"height":11}},{"id":"5d83905f-964e-4743-8a9f-a783aadd518e","block_type":"box","text":"a Single Body.","page_number":208,"box":{"x":121,"y":427,"width":106,"height":12}},{"id":"65c678d2-7ef7-48a3-9532-4c2d36651a50","block_type":"box","text":"In applying this 20% limit, transferable securities or approved money market instruments with respect","page_number":208,"box":{"x":122,"y":478,"width":756,"height":11}},{"id":"48b3d7f6-440a-4b65-917c-42329372d3f9","block_type":"box","text":"to a Single Body, which fall within the definition of “Such Securities” in the following Section (“Spread:","page_number":208,"box":{"x":121,"y":498,"width":756,"height":12}},{"id":"33f4d7a6-e9f3-46a8-b254-9378ad7a3755","block_type":"box","text":"Government and Public Securities”) shall be taken into account.","page_number":208,"box":{"x":121,"y":519,"width":471,"height":11}},{"id":"f836b4fa-1067-4571-8346-85ab5edacba2","block_type":"box","text":"In relation to exposures arising from OTC derivative transactions referred to above, any counterparty","page_number":208,"box":{"x":122,"y":560,"width":756,"height":11}},{"id":"3d18d018-ceed-4f85-8c38-d0ee3d38c11b","block_type":"box","text":"risk relating to the OTC derivative transaction must be included in the calculation.","page_number":208,"box":{"x":122,"y":580,"width":599,"height":12}},{"id":"253faad9-ca82-4efb-8a8a-ba7b1ee7e848","block_type":"box","text":"Spread: Government and Public Securities","page_number":208,"box":{"x":121,"y":621,"width":340,"height":11}},{"id":"a298ba2d-1416-476c-a2ff-95bbe82f165c","block_type":"box","text":"The following applies to transferable securities or approved money-market instruments (“","page_number":208,"box":{"x":121,"y":649,"width":716,"height":11}},{"id":"7b3d56d9-f462-45a7-bddc-1ef747907283","block_type":"box","text":"Such","page_number":208,"box":{"x":838,"y":649,"width":39,"height":8}},{"id":"4b3d755d-acd7-4404-87ed-4b9f79e57cad","block_type":"box","text":"Securities","page_number":208,"box":{"x":121,"y":669,"width":79,"height":9}},{"id":"14bf425d-fe2b-4747-b683-541cfb2a8933","block_type":"box","text":"”) that are issued by:","page_number":208,"box":{"x":201,"y":669,"width":151,"height":11}},{"id":"7a73bfb0-93af-4102-a468-2a0ed3c02bd1","block_type":"box","text":"(a) the UK or an EEA State","page_number":208,"box":{"x":243,"y":710,"width":204,"height":11}},{"id":"e1bbd692-1f29-42d4-9007-0338d2a6299c","block_type":"box","text":"(b) a local authority of the UK or an EEA State;","page_number":208,"box":{"x":243,"y":730,"width":349,"height":12}},{"id":"5877401c-103c-45ce-a8a7-9de22e165593","block_type":"box","text":"(c) a non-EEA State; or","page_number":208,"box":{"x":243,"y":751,"width":178,"height":11}},{"id":"ac4b3f5a-f58f-406c-b640-78521896d5df","block_type":"box","text":"(d) a public international body to which the UK or one or more EEA States belong.","page_number":208,"box":{"x":243,"y":771,"width":610,"height":12}},{"id":"047fff2a-aadc-4e88-a300-42c65fa4a9b6","block_type":"box","text":"Where no more than 35% of the Scheme Property is invested in Such Securities issued or guaranteed","page_number":208,"box":{"x":121,"y":812,"width":756,"height":12}},{"id":"7842deea-487e-454c-8974-f577fa160467","block_type":"box","text":"by any one body, there is no limit on the amount of the Scheme Property which may be invested in","page_number":208,"box":{"x":121,"y":833,"width":756,"height":11}},{"id":"a61f0633-0406-4f4a-a8ba-2425163bab66","block_type":"box","text":"Such Securities or in any one issue.","page_number":208,"box":{"x":121,"y":853,"width":265,"height":12}},{"id":"c662fa51-ca5a-4165-92f4-604c60a75480","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 209","page_number":209,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"dad4fa67-0f30-4d79-93f8-b84a752e8a59","block_type":"box","text":"Notwithstanding the foregoing and except where the investment policy of any Fund is inconsistent with","page_number":209,"box":{"x":122,"y":108,"width":755,"height":11}},{"id":"8d320648-ddf5-4459-9e72-5b34bbe69d0a","block_type":"box","text":"this, up to 100% of the Scheme Property may be invested in government and public securities issued","page_number":209,"box":{"x":121,"y":128,"width":756,"height":12}},{"id":"03553530-60eb-4f12-a7a6-011152dc05be","block_type":"box","text":"by or on behalf of or guaranteed by a single named issuer which may be any one of the issuers set out","page_number":209,"box":{"x":121,"y":149,"width":757,"height":11}},{"id":"f9866803-9c7e-4c32-9c7b-5cee94c393ac","block_type":"box","text":"in Appendix 4.","page_number":209,"box":{"x":122,"y":170,"width":103,"height":11}},{"id":"0fc3368b-7eb7-41be-9f6a-b07a8a2e986c","block_type":"box","text":"A Fund may invest more than 35% in value of the Scheme Property in Such Securities issued by any","page_number":209,"box":{"x":121,"y":210,"width":747,"height":12}},{"id":"9875a506-54fe-4abe-a523-d3cfcb4ace6e","block_type":"box","text":"one body provided that:","page_number":209,"box":{"x":121,"y":226,"width":173,"height":11}},{"id":"dee24603-4705-4f1e-8315-11d38a5ff6bd","block_type":"box","text":"1. the ACD has before any such investment is made consulted with the Depositary and as a","page_number":209,"box":{"x":152,"y":259,"width":691,"height":11}},{"id":"b31dad09-9c10-4dba-8e10-dc7e4901cf5e","block_type":"box","text":"result considers that the issuer of Such Securities is one which is appropriate in accordance","page_number":209,"box":{"x":182,"y":273,"width":679,"height":11}},{"id":"e738a5fc-af53-4c4c-b2a1-4fad05723423","block_type":"box","text":"with the investment objectives of the authorised Fund;","page_number":209,"box":{"x":181,"y":286,"width":399,"height":12}},{"id":"b0a57604-229c-450d-9989-9b1477ce62b0","block_type":"box","text":"2. no more than 30% in value of the Scheme Property consists of Such Securities of any one","page_number":209,"box":{"x":151,"y":317,"width":699,"height":12}},{"id":"83d49a84-7f80-4af7-815f-fa586528c5f7","block_type":"box","text":"issue;","page_number":209,"box":{"x":182,"y":331,"width":41,"height":10}},{"id":"94e8c79b-1460-4e8e-b155-d58f4ca27f41","block_type":"box","text":"3. the Scheme Property includes Such Securities issued by that or another issuer, of at least six","page_number":209,"box":{"x":151,"y":362,"width":722,"height":11}},{"id":"85757132-29aa-4319-9f26-d283867cb6d1","block_type":"box","text":"different issues;","page_number":209,"box":{"x":182,"y":376,"width":115,"height":10}},{"id":"1b0ee133-1d7d-4cb5-89f6-5ca05b3c1561","block_type":"box","text":"4. the disclosures required by the Financial Conduct Authority have been made.","page_number":209,"box":{"x":151,"y":406,"width":602,"height":12}},{"id":"d0d3a916-99e4-4b5f-9d30-893feaac6b49","block_type":"box","text":"Investment in transferable securities","page_number":209,"box":{"x":122,"y":441,"width":355,"height":11}},{"id":"668433ec-a3eb-4409-9749-98aa677d97d9","block_type":"box","text":"(1) A Fund may invest in a transferable security only to the extent that the transferable security fulfils","page_number":209,"box":{"x":122,"y":486,"width":756,"height":11}},{"id":"520a58d1-f485-4004-b7c2-050a563846ac","block_type":"box","text":"the following:","page_number":209,"box":{"x":121,"y":506,"width":96,"height":11}},{"id":"6d31ae3f-1dfb-4f03-966b-e911154b088f","block_type":"box","text":"(a) the potential loss which a Fund may incur with respect to holding the transferable security","page_number":209,"box":{"x":182,"y":547,"width":696,"height":11}},{"id":"404ed525-7c31-4880-bb31-e4308ed36530","block_type":"box","text":"is limited to the amount paid for it;","page_number":209,"box":{"x":182,"y":568,"width":248,"height":11}},{"id":"f5c89add-c055-438d-a598-f7e9da313bba","block_type":"box","text":"(b) its liquidity does not compromise the ability of the ACD to comply with its obligation to","page_number":209,"box":{"x":182,"y":609,"width":696,"height":11}},{"id":"7c7e7e12-a3c7-443b-b73a-810060f34995","block_type":"box","text":"redeem Shares at the request of the qualifying Shareholder;","page_number":209,"box":{"x":182,"y":629,"width":443,"height":11}},{"id":"93dd0831-d9b5-408e-822a-68d419b0fee4","block_type":"box","text":"(c) reliable valuation is available for it as follows:","page_number":209,"box":{"x":182,"y":670,"width":356,"height":11}},{"id":"4da49400-1aec-4d79-b5f5-3a1f61b6ff15","block_type":"box","text":"(i) in the case of a transferable security admitted to or dealt in on an eligible market,","page_number":209,"box":{"x":243,"y":711,"width":634,"height":11}},{"id":"3e21e4ae-a08a-4e33-950a-10d8b3049f36","block_type":"box","text":"where there are accurate, reliable and regular prices which are either market prices or","page_number":209,"box":{"x":242,"y":732,"width":637,"height":11}},{"id":"d3539fb2-113c-4ea7-9066-2392ed69b6bb","block_type":"box","text":"prices made available by valuation systems independent from issuers;","page_number":209,"box":{"x":242,"y":752,"width":519,"height":11}},{"id":"b98cde79-dd39-43f9-b300-149aef37b691","block_type":"box","text":"(ii) in the case of a transferable security not admitted to or dealt in on an eligible market,","page_number":209,"box":{"x":243,"y":793,"width":634,"height":11}},{"id":"6f7a7ff0-7049-4bc3-8d40-b33b716507a4","block_type":"box","text":"where there is a valuation on a periodic basis which is derived from information from","page_number":209,"box":{"x":242,"y":814,"width":635,"height":11}},{"id":"7f0e8378-4351-457c-87ec-3b78b4f0b3e2","block_type":"box","text":"the issuer of the transferable security or from competent investment research;","page_number":209,"box":{"x":242,"y":834,"width":575,"height":11}},{"id":"f54843c7-c3b2-4333-986a-2bd233cea070","block_type":"box","text":"(d) appropriate information is available for it as follows:","page_number":209,"box":{"x":182,"y":854,"width":404,"height":12}},{"id":"a279f0b9-7740-4ad4-9ca6-7da917057105","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 210","page_number":210,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"2c6b7524-e2c3-4aa3-a48f-e802904ab47a","block_type":"box","text":"(i) in the case of a transferable security admitted to or dealt in on an eligible market,","page_number":210,"box":{"x":243,"y":108,"width":634,"height":11}},{"id":"2b72886f-59fd-4fc1-bc93-a6dbc24c81f5","block_type":"box","text":"where there is regular, accurate and comprehensive information available to the market","page_number":210,"box":{"x":242,"y":128,"width":636,"height":12}},{"id":"40a07057-f22e-464d-b244-db19041e145a","block_type":"box","text":"on the transferable security or, where relevant, on the portfolio of the transferable","page_number":210,"box":{"x":242,"y":149,"width":636,"height":11}},{"id":"378e64e5-6b07-4b56-8520-2cd4c86820de","block_type":"box","text":"security;","page_number":210,"box":{"x":242,"y":170,"width":60,"height":11}},{"id":"b1fc8cef-f069-4c5a-93a2-eff0054b135c","block_type":"box","text":"(ii) in the case of a transferable security not admitted to or dealt in on an eligible market,","page_number":210,"box":{"x":243,"y":210,"width":634,"height":12}},{"id":"1b673122-9061-484c-8942-5c1c80fd8070","block_type":"box","text":"where there is regular and accurate information available to the ACD on the","page_number":210,"box":{"x":242,"y":231,"width":636,"height":11}},{"id":"4bfaa0f9-3d41-4d7f-b29b-1db1a8315bdb","block_type":"box","text":"transferable security, or, where relevant, on the portfolio of the transferable security;","page_number":210,"box":{"x":242,"y":251,"width":621,"height":12}},{"id":"8e89fa6f-f88f-4b88-a16f-c3dab2c5302e","block_type":"box","text":"(e) it is negotiable; and","page_number":210,"box":{"x":182,"y":292,"width":168,"height":12}},{"id":"35e1a7d0-07a7-464c-a117-363d9902a2c2","block_type":"box","text":"(f) its risks are adequately captured by the risk management process of the ACD.","page_number":210,"box":{"x":182,"y":333,"width":599,"height":12}},{"id":"9470639f-4f8d-4f0b-9418-51d4221ba5b5","block_type":"box","text":"(2) Unless there is information available to the ACD that would lead to a different determination, a","page_number":210,"box":{"x":122,"y":374,"width":756,"height":11}},{"id":"9c1c9160-5b20-40b5-aa35-0025b957148c","block_type":"box","text":"transferable security which is admitted to or dealt in on an eligible market shall be presumed:","page_number":210,"box":{"x":121,"y":395,"width":686,"height":11}},{"id":"0f4f6e99-447e-4e04-9830-4f6dae00c0a1","block_type":"box","text":"(a) not to compromise the ability of the ACD to comply with its obligation to redeem units at the","page_number":210,"box":{"x":182,"y":436,"width":696,"height":11}},{"id":"c2a24a34-dea2-4356-be78-caf24e476fe6","block_type":"box","text":"request of any qualifying Shareholder; and","page_number":210,"box":{"x":182,"y":456,"width":314,"height":11}},{"id":"bd722275-95eb-40f4-a2dd-07c63fdf1cee","block_type":"box","text":"(b) to be negotiable.","page_number":210,"box":{"x":182,"y":497,"width":147,"height":11}},{"id":"734b5ac9-ad66-48a5-9ab3-333ef3702beb","block_type":"box","text":"(3) A unit in a closed end fund shall be taken to be a transferable security for the purposes of investment","page_number":210,"box":{"x":122,"y":538,"width":756,"height":11}},{"id":"af70a781-d613-4b15-9aae-97d19b9a031f","block_type":"box","text":"by a Fund provided it fulfils the criteria for transferable securities set out in (1) above, and either:","page_number":210,"box":{"x":121,"y":559,"width":711,"height":11}},{"id":"03116bbe-98e2-46df-9565-580722365a95","block_type":"box","text":"(a) where the closed end fund is constituted as an investment company or a unit trust:","page_number":210,"box":{"x":182,"y":579,"width":634,"height":11}},{"id":"36755f7f-bb57-4bb3-9e80-55deb2d2ba4b","block_type":"box","text":"(i) it is subject to corporate governance mechanisms applied to companies; and","page_number":210,"box":{"x":243,"y":600,"width":587,"height":11}},{"id":"8c4eaf13-336d-42a7-8691-4d24aef5fac7","block_type":"box","text":"(ii) where another person carries out asset management activity on its behalf, that","page_number":210,"box":{"x":243,"y":620,"width":635,"height":11}},{"id":"79aff648-62db-426c-a389-8d4beb9362a4","block_type":"box","text":"person is subject to national regulation for the purpose of investor protection; or","page_number":210,"box":{"x":242,"y":641,"width":589,"height":11}},{"id":"48811014-5a75-4526-9dd6-90349b3922a9","block_type":"box","text":"(b) where the closed end fund is constituted under the law of contract:","page_number":210,"box":{"x":182,"y":661,"width":516,"height":11}},{"id":"3ebbc68b-dc19-4d0b-b68b-34e559ae78ac","block_type":"box","text":"(i) it is subject to corporate governance mechanisms equivalent to those applied to","page_number":210,"box":{"x":243,"y":681,"width":635,"height":12}},{"id":"a66098f2-a28f-4e4e-8fe1-29d832de52ce","block_type":"box","text":"companies; and","page_number":210,"box":{"x":242,"y":702,"width":117,"height":11}},{"id":"62e94b90-4c4c-4a4f-87c2-75f3bbc20105","block_type":"box","text":"(ii) it is managed by a person who is subject to national regulation for the purpose of","page_number":210,"box":{"x":243,"y":723,"width":635,"height":11}},{"id":"3d6c46c2-b705-4eb7-86ea-818f7f4dfa3b","block_type":"box","text":"investor protection.","page_number":210,"box":{"x":243,"y":743,"width":139,"height":11}},{"id":"12861cb5-2cda-4042-b7b8-ec8b00a5db87","block_type":"box","text":"(4) A Fund may invest in any other investment which shall be taken to be a transferable security for the","page_number":210,"box":{"x":122,"y":784,"width":756,"height":11}},{"id":"1d1a65bf-8bcf-49f8-a1e9-c4be2f876dde","block_type":"box","text":"purposes of investment by a UCITS Scheme provided the investment:","page_number":210,"box":{"x":121,"y":804,"width":517,"height":12}},{"id":"e3c7e8a3-19f4-48d5-836d-fe4fe74d1240","block_type":"box","text":"(a) fulfils the criteria for transferable securities set out above; and","page_number":210,"box":{"x":182,"y":845,"width":485,"height":11}},{"id":"d563902b-200d-419d-8924-4ad517b177ca","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 211","page_number":211,"box":{"x":121,"y":926,"width":371,"height":9}},{"id":"8f9340f4-7a6d-4add-972e-5182eeec010a","block_type":"box","text":"(b) is backed by or linked to the performance of other assets, which may differ from those in","page_number":211,"box":{"x":182,"y":87,"width":696,"height":12}},{"id":"c4e077d4-2134-43ba-877b-56ce0c43b507","block_type":"box","text":"which a Fund may invest.","page_number":211,"box":{"x":211,"y":108,"width":188,"height":11}},{"id":"888c1136-9fe4-40cb-8319-3e8848f6b816","block_type":"box","text":"Where an investment in (4) above contains an embedded derivative component, the requirements of","page_number":211,"box":{"x":121,"y":149,"width":757,"height":11}},{"id":"3eeee1e2-193c-4aec-8c59-853dc6f5d582","block_type":"box","text":"the COLL Sourcebook with respect to derivatives and forwards will apply to that component.","page_number":211,"box":{"x":121,"y":169,"width":680,"height":12}},{"id":"e74cf272-1d5d-4f65-9ffa-eead25c58c0f","block_type":"box","text":"Money market instruments","page_number":211,"box":{"x":122,"y":211,"width":261,"height":13}},{"id":"c23c535d-aff3-4e1e-9c1c-c5d59e134c77","block_type":"box","text":"Up to 100% in value of the Scheme Property of a Fund can consist of money market instruments, which","page_number":211,"box":{"x":122,"y":240,"width":756,"height":12}},{"id":"c571c894-4f04-49c9-a95d-feac63adacf8","block_type":"box","text":"are normally dealt in on the money market, are liquid and whose value can be accurately determined","page_number":211,"box":{"x":121,"y":261,"width":757,"height":11}},{"id":"f9fb1d6e-7f4f-4ad9-bf3d-b17ac315d604","block_type":"box","text":"at any time (approved money market instruments):","page_number":211,"box":{"x":121,"y":281,"width":373,"height":12}},{"id":"1a113431-1fd0-4955-b55a-4d1fc8ba11b8","block_type":"box","text":"1.","page_number":211,"box":{"x":122,"y":323,"width":11,"height":8}},{"id":"297411c8-c671-4f34-ac62-2468c5998b82","block_type":"box","text":"A money market instrument is regarded as normally dealt on a money market if it has a maturity","page_number":211,"box":{"x":181,"y":322,"width":697,"height":12}},{"id":"a66ccc5a-7fc1-4e8b-9eb5-ec8a2343fc6b","block_type":"box","text":"at issuance of up to and including 397 days, has a residual maturity of up to and including 397","page_number":211,"box":{"x":182,"y":343,"width":696,"height":11}},{"id":"4e90f56b-0be8-4c75-8a48-c3eb232373be","block_type":"box","text":"days, undergoes regular yield adjustments in line with money market conditions at least every","page_number":211,"box":{"x":182,"y":364,"width":696,"height":11}},{"id":"95011e16-a1d6-43fa-aa64-f3af9a9387f8","block_type":"box","text":"397 days or has a risk profile (including credit and interest rate risks) which corresponds to that","page_number":211,"box":{"x":182,"y":384,"width":696,"height":11}},{"id":"356f70c8-da12-459c-8251-960f0b1eb189","block_type":"box","text":"of an instrument with the same maturity, or residual maturity or subject to the same yield","page_number":211,"box":{"x":182,"y":404,"width":696,"height":11}},{"id":"a6f9c24a-73b5-4aa4-81d1-d259f027c4ad","block_type":"box","text":"adjustments as detailed above.","page_number":211,"box":{"x":182,"y":425,"width":229,"height":11}},{"id":"44d52476-b0d2-4a36-9d6e-e0de3c558e69","block_type":"box","text":"2.","page_number":211,"box":{"x":121,"y":466,"width":12,"height":8}},{"id":"6d9557fd-e6cd-4fcb-95d5-19c1b4b6e5b9","block_type":"box","text":"A money-market instrument shall be regarded as liquid if it can be sold at a limited cost in an","page_number":211,"box":{"x":181,"y":466,"width":697,"height":11}},{"id":"fac380e6-59c7-4f3a-a858-b6fda015ca59","block_type":"box","text":"adequately short time frame, taking into account the obligation of the ACD to redeem Shares","page_number":211,"box":{"x":182,"y":486,"width":696,"height":11}},{"id":"a21a1993-4bbc-418a-9c2d-8ebb815b397d","block_type":"box","text":"at the request of any qualifying Shareholder.","page_number":211,"box":{"x":182,"y":507,"width":327,"height":11}},{"id":"be638c8b-5d38-48a8-a523-ef3aec36820d","block_type":"box","text":"3.","page_number":211,"box":{"x":121,"y":548,"width":12,"height":9}},{"id":"5d65fefc-bbc4-44fc-922b-90f1f003022d","block_type":"box","text":"A money-market instrument shall be regarded as having a value which can be accurately","page_number":211,"box":{"x":181,"y":548,"width":697,"height":11}},{"id":"9edc1ebb-524d-41d9-8a97-6adda9a28814","block_type":"box","text":"determined at any time if accurate and reliable valuations systems are available which fulfill the","page_number":211,"box":{"x":182,"y":568,"width":696,"height":11}},{"id":"5b23de37-61a6-41b8-8e20-034e4c49e155","block_type":"box","text":"following:","page_number":211,"box":{"x":181,"y":589,"width":68,"height":11}},{"id":"40b3f381-b213-44ec-aac4-98ef2172f24b","block_type":"box","text":"a) enabling the ACD to calculate the NAV in accordance with the value at which the instrument","page_number":211,"box":{"x":151,"y":630,"width":727,"height":11}},{"id":"5ad7f9a6-fd65-41ce-a273-4e8141f08b31","block_type":"box","text":"held could be exchanged between knowledgeable willing parties in an arm’s length transaction;","page_number":211,"box":{"x":182,"y":650,"width":695,"height":11}},{"id":"f80e2c91-eaca-46bf-8e58-b7cda834e668","block_type":"box","text":"and","page_number":211,"box":{"x":182,"y":671,"width":26,"height":8}},{"id":"d3c76a59-5626-4904-894c-baf9f3930ac1","block_type":"box","text":"b) based either on market data or on valuation models including systems based on amortised","page_number":211,"box":{"x":152,"y":712,"width":725,"height":11}},{"id":"74bf8952-fb87-42ef-ac2b-560220587320","block_type":"box","text":"costs.","page_number":211,"box":{"x":182,"y":733,"width":41,"height":8}},{"id":"50c8a4b4-6545-4590-a72d-1ae96fa53963","block_type":"box","text":"4.","page_number":211,"box":{"x":126,"y":773,"width":12,"height":9}},{"id":"ebc8fc85-779d-4b30-b3ca-135bfce62364","block_type":"box","text":"A money-market instrument that is normally dealt in one the money market and is admitted to","page_number":211,"box":{"x":181,"y":773,"width":697,"height":11}},{"id":"dd1e1176-4a5c-48ef-8170-044e85e3ee9e","block_type":"box","text":"or dealt in on an eligible market shall be presumed to be liquid and have a value which can be","page_number":211,"box":{"x":182,"y":794,"width":696,"height":11}},{"id":"c485cc6a-d0a6-4e7c-9e48-87cca82ba69b","block_type":"box","text":"accurately determined at any time unless there is information available to the ACD that would","page_number":211,"box":{"x":182,"y":814,"width":695,"height":11}},{"id":"a783a6d9-c810-4f04-95ab-13421547be65","block_type":"box","text":"lead to a different determination.","page_number":211,"box":{"x":182,"y":835,"width":238,"height":8}},{"id":"dc61fbfe-2a1c-4a8a-a451-49ab52942f97","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 212","page_number":212,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"0e0596de-0b74-4e3b-899b-a01fe843b4aa","block_type":"box","text":"5.","page_number":212,"box":{"x":121,"y":88,"width":12,"height":8}},{"id":"7680ed3c-3470-449c-8886-671dabcef36e","block_type":"box","text":"In addition to instruments admitted to or dealt in on an eligible market, a Fund may invest in an","page_number":212,"box":{"x":182,"y":88,"width":696,"height":11}},{"id":"d337d80a-00ca-48ae-8730-b0df73d93c7b","block_type":"box","text":"approved money market instrument not admitted to or dealt in on an eligible market, provided","page_number":212,"box":{"x":182,"y":108,"width":695,"height":11}},{"id":"48f9f48e-935c-4bdd-8af8-1320b8b834f5","block_type":"box","text":"it fulfills the following requirements:","page_number":212,"box":{"x":182,"y":128,"width":258,"height":12}},{"id":"3f3cf4fd-fa03-42ce-94b4-318dce6593cb","block_type":"box","text":"(a) the issue or the issuer is regulated for the purpose of protecting investors and savings; and","page_number":212,"box":{"x":182,"y":169,"width":696,"height":12}},{"id":"3c99c522-0d06-4117-902c-1348159bad3b","block_type":"box","text":"(b) the instrument is issued or guaranteed in accordance with (7) below.","page_number":212,"box":{"x":182,"y":210,"width":530,"height":12}},{"id":"98915030-6cfc-4ad0-87ac-0d3d10c43a54","block_type":"box","text":"6.","page_number":212,"box":{"x":121,"y":252,"width":12,"height":8}},{"id":"15f5ba1d-cf4b-4455-8863-5fef81611cbc","block_type":"box","text":"The issue or the issuer of a money-market instrument, other than one dealt in on an eligible","page_number":212,"box":{"x":181,"y":251,"width":697,"height":12}},{"id":"c3ecdc1b-a6f1-4d66-b9b2-ace19945f5b0","block_type":"box","text":"market, shall be regarded as regulated for the purpose of protecting investors and savings if:","page_number":212,"box":{"x":182,"y":272,"width":684,"height":11}},{"id":"aa757523-3170-48ce-bf67-67156be91537","block_type":"box","text":"(a) the instrument is an approved money-market instrument;","page_number":212,"box":{"x":182,"y":292,"width":443,"height":11}},{"id":"5e90d347-09ac-44aa-9a51-dca587069ae6","block_type":"box","text":"(b) appropriate information is available for the instrument (including information which allows","page_number":212,"box":{"x":182,"y":313,"width":696,"height":11}},{"id":"bc1318b6-6068-41af-8da8-c18bd11e6231","block_type":"box","text":"an appropriate assessment of the credit risks related to investment in it), in accordance with","page_number":212,"box":{"x":182,"y":333,"width":695,"height":11}},{"id":"08ef459e-f5a0-4597-9d13-8985a0b59b2f","block_type":"box","text":"the COLL Sourcebook; and","page_number":212,"box":{"x":181,"y":354,"width":202,"height":10}},{"id":"6262ad72-c501-4ffc-b9ee-299f8fdde33f","block_type":"box","text":"(c) the instrument is freely transferable.","page_number":212,"box":{"x":182,"y":374,"width":289,"height":11}},{"id":"150d6eaf-3fd9-4f9e-8ed9-62e790560100","block_type":"box","text":"7.","page_number":212,"box":{"x":121,"y":416,"width":12,"height":8}},{"id":"259d5630-4431-47b0-9bcc-5e1486fd2c29","block_type":"box","text":"A Fund may invest in an approved money-market instrument if it is:","page_number":212,"box":{"x":181,"y":415,"width":496,"height":11}},{"id":"772d6537-1f0c-4063-9255-7a66a73d4b66","block_type":"box","text":"(a) issued or guaranteed by any one of the following:","page_number":212,"box":{"x":182,"y":436,"width":389,"height":11}},{"id":"5b24a4ae-925d-40f1-909c-96fdfa821894","block_type":"box","text":"(i) a central authority of the UK or an EEA State, or, if the EEA State is a federal state,","page_number":212,"box":{"x":243,"y":456,"width":634,"height":11}},{"id":"a366e2b4-23eb-4c8d-aba2-70802eee7e83","block_type":"box","text":"one of the members making up the federation;","page_number":212,"box":{"x":242,"y":477,"width":341,"height":11}},{"id":"a5d813ae-c544-43da-b128-197d62ea177f","block_type":"box","text":"(ii) a regional or local authority of the UK or an EEA State;","page_number":212,"box":{"x":243,"y":497,"width":426,"height":11}},{"id":"d3b0518e-7a71-4b2a-a08e-a784e6ca317f","block_type":"box","text":"(iii) the Bank of England, the European Central Bank or a central bank of an EEA State;","page_number":212,"box":{"x":243,"y":518,"width":634,"height":11}},{"id":"87d90804-27c7-424e-b9f1-3c1bc2e25ce6","block_type":"box","text":"(iv) the European Union or the European Investment Bank;","page_number":212,"box":{"x":243,"y":538,"width":434,"height":11}},{"id":"aaa5d2c1-86a5-4888-bbf8-24ab81506bea","block_type":"box","text":"(v) a non-EEA State or, in the case of a federal state, one of the members making up","page_number":212,"box":{"x":243,"y":559,"width":635,"height":11}},{"id":"0bdb9997-c709-4920-bf46-c0221bcded65","block_type":"box","text":"the federation;","page_number":212,"box":{"x":242,"y":579,"width":105,"height":11}},{"id":"18588fb2-3175-40cd-9363-4e13c0e88512","block_type":"box","text":"(vi) a public international body to which the UK or one or more EEA States belong; or","page_number":212,"box":{"x":243,"y":599,"width":629,"height":12}},{"id":"4b206794-1945-4c6f-bfe3-3c423ac78463","block_type":"box","text":"(b) issued by a body, any securities of which are dealt in on an eligible market; or","page_number":212,"box":{"x":182,"y":620,"width":600,"height":11}},{"id":"31cf5b8f-9f74-4368-b359-b9bd4129d45c","block_type":"box","text":"(c) issued or guaranteed by an establishment which is:","page_number":212,"box":{"x":182,"y":641,"width":403,"height":11}},{"id":"3b67d66d-46f4-4bca-a198-81c772a8e629","block_type":"box","text":"(i) subject to prudential supervision in accordance with criteria defined by UK or EU","page_number":212,"box":{"x":243,"y":661,"width":614,"height":11}},{"id":"56f0807e-091a-48dd-9f7d-54b6cf76213d","block_type":"box","text":"law; or","page_number":212,"box":{"x":241,"y":682,"width":48,"height":10}},{"id":"b6ee0e4b-25c8-44cb-bf2d-f7c47fc6fbcb","block_type":"box","text":"(ii) subject to and complies with prudential rules considered by the FCA to be at least","page_number":212,"box":{"x":243,"y":702,"width":635,"height":11}},{"id":"1c07a993-a2ac-496c-8d19-6486677d3534","block_type":"box","text":"as stringent as those laid down in UK or EU law.","page_number":212,"box":{"x":242,"y":723,"width":356,"height":11}},{"id":"e6377d19-dc68-48c3-82b7-3f70a0fb68b7","block_type":"box","text":"8.","page_number":212,"box":{"x":121,"y":764,"width":12,"height":8}},{"id":"da29df8c-d074-441f-b4a7-fb3ce0d78fdc","block_type":"box","text":"An establishment shall be considered to satisfy the requirement in 7(c) (ii) above if it is subject","page_number":212,"box":{"x":181,"y":763,"width":697,"height":12}},{"id":"5b7a9f1b-3d18-4c76-8cd0-886879b96528","block_type":"box","text":"to and complies with prudential rules, and fulfils one or more of the following criteria:","page_number":212,"box":{"x":181,"y":784,"width":622,"height":11}},{"id":"c02bcd16-0952-4c7a-bef1-92baea73b4dc","block_type":"box","text":"(a) it is located in the EEA;","page_number":212,"box":{"x":182,"y":804,"width":195,"height":12}},{"id":"3286e420-8c97-4e8a-93d3-3951b760a3d0","block_type":"box","text":"(b) it is located in an OECD country belonging to the Group of Ten;","page_number":212,"box":{"x":182,"y":825,"width":493,"height":11}},{"id":"98ff6e38-c245-44fa-8250-019c6aaf2447","block_type":"box","text":"(c) it has at least investment grade rating;","page_number":212,"box":{"x":182,"y":845,"width":305,"height":12}},{"id":"cc4a9e78-6834-4b09-9193-31e7d4e077ca","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 213","page_number":213,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"a5f5677c-2c2a-481c-87bf-35195d9a1237","block_type":"box","text":"(d) on the basis of an in-depth analysis of the issuer, it can be demonstrated that the prudential","page_number":213,"box":{"x":182,"y":87,"width":695,"height":12}},{"id":"e90c8faf-70df-4537-8004-7551e016dfef","block_type":"box","text":"rules applicable to that issuer are at least as stringent as those laid down by UK or EU law.","page_number":213,"box":{"x":182,"y":108,"width":671,"height":11}},{"id":"9bd00bb2-a121-4c60-8a6f-d2fdf7238bdd","block_type":"box","text":"9.","page_number":213,"box":{"x":126,"y":149,"width":12,"height":9}},{"id":"0fe49e55-abf5-45e0-b69c-a0671b09ad1e","block_type":"box","text":"In the case of an approved money market instrument within:","page_number":213,"box":{"x":182,"y":149,"width":443,"height":11}},{"id":"72c32b66-d1d6-4322-af7d-c48bb5e69531","block_type":"box","text":"","page_number":213,"box":{"x":217,"y":173,"width":6,"height":5}},{"id":"5c07507c-d59e-40ef-bf2e-6da4a48674be","block_type":"box","text":"7(b) above; or","page_number":213,"box":{"x":247,"y":170,"width":104,"height":11}},{"id":"726bbd57-b3ee-4990-983a-f77d26e4a296","block_type":"box","text":"","page_number":213,"box":{"x":217,"y":195,"width":6,"height":4}},{"id":"119e42da-8720-4433-8b8e-fa06b96c234f","block_type":"box","text":"with regard to which the Fund has received the consent of the FCA in order to invest","page_number":213,"box":{"x":247,"y":191,"width":632,"height":12}},{"id":"27add1ce-6a6a-4833-ba89-2f38797b0749","block_type":"box","text":"in accordance with COLL 5.2.10EG; or","page_number":213,"box":{"x":248,"y":212,"width":286,"height":10}},{"id":"953d6c7a-5429-4474-abe4-15aa6ab8fdd1","block_type":"box","text":"","page_number":213,"box":{"x":217,"y":236,"width":6,"height":5}},{"id":"dd8634b9-c16b-421b-8d73-81dce477328f","block_type":"box","text":"which is issue by an authority within 7(a)(ii), above; or","page_number":213,"box":{"x":247,"y":233,"width":398,"height":11}},{"id":"b656f847-d6f0-436b-8ec2-4e6f631230d1","block_type":"box","text":"","page_number":213,"box":{"x":217,"y":258,"width":6,"height":4}},{"id":"43996638-5ef1-4d85-acea-56ee020aa55b","block_type":"box","text":"a public international body within 7(a)(vi) above but which is not guaranteed by a","page_number":213,"box":{"x":247,"y":255,"width":631,"height":11}},{"id":"bebb79d5-2026-4a66-8757-a375a13fc130","block_type":"box","text":"central authority within 7(a)(i), above, the following information must be available:","page_number":213,"box":{"x":247,"y":275,"width":600,"height":11}},{"id":"67376965-b824-4818-9228-8998a3a588ab","block_type":"box","text":"(a) information on both the issue or the issuance programme, and the legal and financial","page_number":213,"box":{"x":182,"y":316,"width":695,"height":11}},{"id":"10bcaf9c-6c74-4611-b683-c2cb11931e0a","block_type":"box","text":"situation of the issuer prior to the issuer of the instrument, verified by appropriately qualified","page_number":213,"box":{"x":181,"y":336,"width":696,"height":12}},{"id":"78178feb-ce04-4c3b-a803-d6d9f4a3d0dd","block_type":"box","text":"third parties not subject to instructions from the issuer;","page_number":213,"box":{"x":181,"y":357,"width":401,"height":11}},{"id":"3e5bf622-ef87-4b51-a85f-27116770e096","block_type":"box","text":"(b) updates of that information on a regular basis and whenever a significant event occurs; and","page_number":213,"box":{"x":182,"y":377,"width":696,"height":12}},{"id":"1d36da54-c5f9-4ca6-a472-342ed4038797","block_type":"box","text":"(c) available and reliable statistics on the issue or the issuance programme.","page_number":213,"box":{"x":182,"y":398,"width":558,"height":11}},{"id":"71d8ca70-e030-48d0-88a6-23db370769aa","block_type":"box","text":"10. In the case of an approved money-market instrument issued or guaranteed by an establishment","page_number":213,"box":{"x":122,"y":439,"width":756,"height":11}},{"id":"9c382de4-27b3-4b63-91ec-8029bbd6753b","block_type":"box","text":"within 7(c) above, the following information must be available:","page_number":213,"box":{"x":181,"y":459,"width":456,"height":12}},{"id":"3221d4ee-c060-4edc-928b-4433dedfc99d","block_type":"box","text":"(a) information on the issue or the issuance programme or on the legal and financial situation","page_number":213,"box":{"x":182,"y":480,"width":695,"height":11}},{"id":"66e0c236-7618-470a-a2e6-a1172c68dbf0","block_type":"box","text":"of the issuer prior to the issue of the instrument;","page_number":213,"box":{"x":182,"y":500,"width":352,"height":11}},{"id":"3101ec22-68bd-4207-8f90-ce49055a7170","block_type":"box","text":"(b) updates of that information on a regular basis and whenever a significant event occurs; and","page_number":213,"box":{"x":182,"y":521,"width":696,"height":11}},{"id":"76c4b25c-b8dd-48da-ba78-061b572f330b","block_type":"box","text":"(c) available and reliable statistics on the issue or the issuance programme, or other data","page_number":213,"box":{"x":182,"y":541,"width":696,"height":12}},{"id":"4c0ff142-95b7-4725-875c-a761c119aed4","block_type":"box","text":"enabling an appropriate assessment of the credit risks related to investment in those","page_number":213,"box":{"x":182,"y":562,"width":696,"height":11}},{"id":"156eb1c5-1219-4197-b533-29c5cc3005a9","block_type":"box","text":"instruments.","page_number":213,"box":{"x":182,"y":582,"width":89,"height":9}},{"id":"d65d6fe4-c605-4aad-9564-2bc05dac9e3a","block_type":"box","text":"11. In the case of an approved money-market instrument:","page_number":213,"box":{"x":122,"y":623,"width":455,"height":12}},{"id":"53174acc-fb3a-409c-870b-17ba2c5aa65c","block_type":"box","text":"(i) within 7 (a) (i), (iv), and (v); or","page_number":213,"box":{"x":182,"y":644,"width":239,"height":11}},{"id":"152a44f0-28d2-4121-8954-c4a8907b8d6e","block_type":"box","text":"(ii) which is issued by an authority within 7(a) (ii), or a public international body within 7 (a) (vi),","page_number":213,"box":{"x":182,"y":664,"width":695,"height":11}},{"id":"aca7524b-9af5-4fc2-a3ab-fbf20bee4170","block_type":"box","text":"above, and is guaranteed by a central authority within 7(a)(i) above, Information must be","page_number":213,"box":{"x":182,"y":685,"width":696,"height":11}},{"id":"d9018ffa-6de8-454f-ba4e-86a0e191e9c8","block_type":"box","text":"available on the issue or the issuance programme, or on the legal and financial situation of the","page_number":213,"box":{"x":182,"y":705,"width":696,"height":12}},{"id":"9343139a-1490-44b1-93f8-c4e631d483ff","block_type":"box","text":"issuer prior to the issue of the instrument.","page_number":213,"box":{"x":182,"y":726,"width":306,"height":11}},{"id":"1adff3a7-d663-4a52-8d59-45e9a1153121","block_type":"box","text":"12. 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For Aviva Investors","page_number":214,"box":{"x":122,"y":343,"width":756,"height":11}},{"id":"556aef67-f470-4b3f-a11d-c3ed43669712","block_type":"box","text":"Multi-asset Income Fund only, up to 100% in value of the Scheme Property of the Fund may be invested","page_number":214,"box":{"x":122,"y":363,"width":756,"height":12}},{"id":"a5a24ecb-3fe8-4734-9b8d-bf6445ff357e","block_type":"box","text":"in units in other collective investment schemes.","page_number":214,"box":{"x":122,"y":384,"width":347,"height":9}},{"id":"4f8fe97b-4bc1-41ee-8ae2-0cf1ed4cd1f5","block_type":"box","text":"Investment may only be made in other collective investment schemes including Funds in the same","page_number":214,"box":{"x":122,"y":425,"width":756,"height":11}},{"id":"ae0ef21c-6c6d-410e-99d0-e46c816796c4","block_type":"box","text":"Company","page_number":214,"box":{"x":121,"y":445,"width":71,"height":12}},{"id":"fb5dd373-332a-402d-80bf-618e82980385","block_type":"box","text":"(Second Scheme) provided that the Second Scheme satisfies all of the following conditions","page_number":214,"box":{"x":199,"y":445,"width":679,"height":12}},{"id":"963810e8-5604-476a-b9f0-73ddfdabada0","block_type":"box","text":"and provided that no more than 30% of the value of the UCITS Scheme is invested in Second Schemes","page_number":214,"box":{"x":121,"y":466,"width":757,"height":11}},{"id":"d8d4474a-b568-4285-a478-b6bc77a3cb94","block_type":"box","text":"within (b) to (e) below:","page_number":214,"box":{"x":121,"y":486,"width":163,"height":11}},{"id":"f41a1954-1d4e-4c01-af7e-11f5c5ae14d9","block_type":"box","text":"1.","page_number":214,"box":{"x":122,"y":528,"width":11,"height":8}},{"id":"f46cd97d-ecae-4dea-b7f8-5b12993980af","block_type":"box","text":"The Second Scheme must:","page_number":214,"box":{"x":181,"y":527,"width":201,"height":9}},{"id":"cd162d15-d021-4a26-9543-24c12ed2c68d","block_type":"box","text":"a)","page_number":214,"box":{"x":187,"y":561,"width":13,"height":11}},{"id":"eb49c0ab-6015-4735-beb5-98858ca27fe9","block_type":"box","text":"be a UCITS Scheme or satisfy the conditions necessary for it to enjoy the rights","page_number":214,"box":{"x":242,"y":561,"width":636,"height":11}},{"id":"6c01bde2-152a-4d75-9837-5ad93c5e19f3","block_type":"box","text":"conferred by the UCITS Directive as implemented in the EEA; or","page_number":214,"box":{"x":242,"y":574,"width":477,"height":12}},{"id":"a40fcb88-dd27-45d9-b0bd-6726dcb6d4ae","block_type":"box","text":"b)","page_number":214,"box":{"x":187,"y":608,"width":13,"height":11}},{"id":"14ab8c07-6f46-4a52-b8b0-a1faddb7b729","block_type":"box","text":"be a recognised scheme that is authorised by the supervisory authorities of Guernsey,","page_number":214,"box":{"x":242,"y":608,"width":635,"height":11}},{"id":"86a9e5dc-8ed7-4560-abec-31b9afc61ed2","block_type":"box","text":"Jersey or the Isle of Man (provided the requirements of COLL 5.2.13AR are met); or","page_number":214,"box":{"x":242,"y":622,"width":622,"height":11}},{"id":"cdd85f56-4ba4-4f08-9545-3a3d211d3057","block_type":"box","text":"c)","page_number":214,"box":{"x":187,"y":655,"width":12,"height":11}},{"id":"f8cc7f86-20da-4ebf-a8e7-01caa5a5666d","block_type":"box","text":"be authorised as a non-UCITS retail scheme (provided the requirements of COLL","page_number":214,"box":{"x":242,"y":655,"width":636,"height":11}},{"id":"4b00b171-428d-44e8-a8da-cd67487e08c5","block_type":"box","text":"5.2.13AR are met);","page_number":214,"box":{"x":242,"y":669,"width":140,"height":11}},{"id":"f1ffdf9d-5083-4087-8c84-5f2b4551895d","block_type":"box","text":"d)","page_number":214,"box":{"x":187,"y":703,"width":13,"height":11}},{"id":"181aa81e-e267-45cc-8f4e-76e9217bb990","block_type":"box","text":"be authorised in an EEA State (provided the requirements of COLL 5.2.13AR are met),","page_number":214,"box":{"x":242,"y":703,"width":635,"height":11}},{"id":"6172cc2b-03de-40ef-8d56-824145a063fa","block_type":"box","text":"e)","page_number":214,"box":{"x":187,"y":736,"width":13,"height":11}},{"id":"50f63305-ece6-4b4f-a535-4637fb490445","block_type":"box","text":"be authorised by the competent authority of an Organisation for Economic Co\u0002","page_number":214,"box":{"x":242,"y":736,"width":636,"height":11}},{"id":"5094cde9-5082-4b2a-829c-467b2127066a","block_type":"box","text":"operation and Development (OECD) member country (other than an EEA State) which","page_number":214,"box":{"x":242,"y":750,"width":635,"height":11}},{"id":"c79d4e4b-6f0e-4f0f-aa25-b15d1a887137","block_type":"box","text":"has:","page_number":214,"box":{"x":243,"y":764,"width":29,"height":8}},{"id":"d30b3edd-222c-47e9-a2f7-359bf7e30334","block_type":"box","text":"i)","page_number":214,"box":{"x":241,"y":797,"width":7,"height":11}},{"id":"2f2569f4-1a8f-4419-be84-533e5081d9f2","block_type":"box","text":"signed the ISOCO Multilateral Memorandum of Understanding; and","page_number":214,"box":{"x":300,"y":797,"width":499,"height":11}},{"id":"76430d99-f77a-4150-a5b7-28be342b67f7","block_type":"box","text":"ii)","page_number":214,"box":{"x":241,"y":831,"width":10,"height":11}},{"id":"7a8cc392-9a50-41f3-9d90-83378d91b893","block_type":"box","text":"approved the scheme’s management company, rules and depositary/custody","page_number":214,"box":{"x":300,"y":831,"width":578,"height":11}},{"id":"abbc07e2-43ec-4b95-9f06-a5fe19c64af5","block_type":"box","text":"arrangements;","page_number":214,"box":{"x":300,"y":845,"width":106,"height":11}},{"id":"7f477f8d-d7b1-4b52-bc82-6edbd8ad8885","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 215","page_number":215,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"206afc92-fc35-4c15-8125-130b19624f18","block_type":"box","text":"(provided the requirements of COLL 5.2.13AR are met).","page_number":215,"box":{"x":241,"y":87,"width":412,"height":12}},{"id":"dbf6e08a-e39d-402e-ac7e-bc5155f49766","block_type":"box","text":"2.","page_number":215,"box":{"x":121,"y":121,"width":12,"height":9}},{"id":"b9326807-8984-4b98-a3a7-606050b3d1e2","block_type":"box","text":"the Second Scheme must comply, where relevant, with COLL 5.2.15 (investment in associated","page_number":215,"box":{"x":181,"y":121,"width":696,"height":11}},{"id":"2bda0fdf-58c0-4990-9249-10f9f8b07fd9","block_type":"box","text":"collective investment schemes) and COLL 5.2.16 (investment in group companies); and","page_number":215,"box":{"x":182,"y":135,"width":649,"height":11}},{"id":"37806fab-9d3e-41a5-9c5c-990ce232f2c2","block_type":"box","text":"3.","page_number":215,"box":{"x":121,"y":169,"width":12,"height":8}},{"id":"b4ef94c2-7ec6-4db8-9e49-4ce36a3f7dea","block_type":"box","text":"the Second Scheme must have terms which prohibit more than 10% in value of its Scheme","page_number":215,"box":{"x":181,"y":168,"width":697,"height":11}},{"id":"41b952ce-e19e-4c93-9111-4b756c4a01d7","block_type":"box","text":"Property consisting of units in other collective investment schemes.","page_number":215,"box":{"x":182,"y":182,"width":496,"height":11}},{"id":"da8a1055-9b50-42e0-8780-f964e193f759","block_type":"box","text":"4.","page_number":215,"box":{"x":121,"y":216,"width":12,"height":8}},{"id":"861c1c32-7ea6-4f31-8896-4fb799dc1677","block_type":"box","text":"the Second Scheme must not hold units in other sub-funds of the same umbrella scheme.","page_number":215,"box":{"x":181,"y":216,"width":664,"height":8}},{"id":"cd4552b3-0997-4ea2-9be1-73347fe32cdf","block_type":"box","text":"5.","page_number":215,"box":{"x":121,"y":245,"width":12,"height":8}},{"id":"ccdb15a9-48b7-40a5-b126-087c672adb98","block_type":"box","text":"investment must not be by a Fund which is a Feeder UCITS (as defined in the Financial Conduct","page_number":215,"box":{"x":182,"y":244,"width":696,"height":12}},{"id":"6ef236b0-6b24-40ad-9b1a-d47398802259","block_type":"box","text":"Authority Handbook) to the Second Scheme.","page_number":215,"box":{"x":181,"y":265,"width":331,"height":11}},{"id":"5ad4cba8-8b93-4d0f-bdc5-6e597d679b30","block_type":"box","text":"Where the Second Scheme is an umbrella, the provisions in 2. to 5. above apply to each sub-fund as if","page_number":215,"box":{"x":121,"y":307,"width":757,"height":12}},{"id":"64e8b36b-7fc4-4672-bf08-a8032e6b3db3","block_type":"box","text":"it were a separate scheme.","page_number":215,"box":{"x":122,"y":328,"width":199,"height":11}},{"id":"3d2a1c71-892d-402b-bf72-b0734f02ed54","block_type":"box","text":"Subject to the limitations set out in this section, the Funds may invest in or dispose of units or shares in","page_number":215,"box":{"x":121,"y":369,"width":757,"height":11}},{"id":"6cd70863-deba-4585-b04d-2cf6010c5afd","block_type":"box","text":"a collective investment scheme which is managed or operated by the ACD or an Associate of the ACD","page_number":215,"box":{"x":121,"y":389,"width":757,"height":12}},{"id":"0c8c9602-ebab-47be-89a0-1eff8f26afd8","block_type":"box","text":"as long as no charge is made in respect of the investment or disposal of units or shares and as long as","page_number":215,"box":{"x":121,"y":410,"width":757,"height":11}},{"id":"d3bbc7ee-ff38-4238-ab90-9b8ae1bd65eb","block_type":"box","text":"the ACD is obliged to pay to the Fund within the time specified in the COLL Sourcebook any amount by","page_number":215,"box":{"x":121,"y":430,"width":757,"height":11}},{"id":"1b7777a4-a0f8-4c4c-b238-ad4247bc9e36","block_type":"box","text":"which the price paid for the units in the second scheme exceeds the price that would have been received","page_number":215,"box":{"x":121,"y":451,"width":757,"height":11}},{"id":"599762bc-82dd-42b6-9764-d606cf0e84fb","block_type":"box","text":"by the Second Scheme had the units or shares been newly issued or sold by it (or if the ACD cannot","page_number":215,"box":{"x":121,"y":471,"width":757,"height":11}},{"id":"3da1aeff-93ed-48eb-a438-e6503dfde234","block_type":"box","text":"ascertain that amount, the maximum amount of any charge permitted to be made by the seller of units","page_number":215,"box":{"x":121,"y":492,"width":757,"height":11}},{"id":"ce97b416-a603-4ebb-9465-638a5ec48ebb","block_type":"box","text":"or shares in the Second Scheme) or on a disposal of units, the amount of any charge made by the","page_number":215,"box":{"x":121,"y":512,"width":757,"height":11}},{"id":"0a5b1425-6b3a-4179-b7e9-6e5e8d5f267e","block_type":"box","text":"manager or operator of the Second Scheme or an Associate in respect of the disposal. 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Eligible derivatives markets are those which the ACD after consultation with the Depositary has","page_number":216,"box":{"x":121,"y":296,"width":757,"height":11}},{"id":"7e0e070f-2448-419f-91d1-86ba4fd6caed","block_type":"box","text":"decided are appropriate for the purpose of investment of or dealing in the Scheme Property with regard","page_number":216,"box":{"x":121,"y":316,"width":756,"height":11}},{"id":"0dbab2e1-be6e-40c9-91d2-97171061f702","block_type":"box","text":"to the relevant criteria set out in the COLL Sourcebook.","page_number":216,"box":{"x":121,"y":337,"width":408,"height":8}},{"id":"ae22f8d4-2097-4068-8065-370752f47ae9","block_type":"box","text":"The eligible derivatives markets for the relevant Funds of the Company are set out in Appendix 5.","page_number":216,"box":{"x":121,"y":371,"width":719,"height":12}},{"id":"418ff118-1a36-4dc8-9f34-bb641f56ca7c","block_type":"box","text":"A transaction in a Derivative or forward transaction must:","page_number":216,"box":{"x":121,"y":399,"width":420,"height":9}},{"id":"26e6ec2a-39ec-49d4-b1e5-2278d65c1b69","block_type":"box","text":"1.","page_number":216,"box":{"x":122,"y":440,"width":11,"height":9}},{"id":"8675975b-f567-47f2-b116-08fee7150994","block_type":"box","text":"(a)","page_number":216,"box":{"x":182,"y":440,"width":18,"height":11}},{"id":"3195a10a-8b20-4824-8818-f4d3b544e322","block_type":"box","text":"be in an approved derivative effected on or under the rules of an eligible derivatives","page_number":216,"box":{"x":242,"y":440,"width":636,"height":11}},{"id":"893ef563-4182-49f7-9305-d767cbadf5af","block_type":"box","text":"market; 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and","page_number":217,"box":{"x":182,"y":145,"width":267,"height":11}},{"id":"1fc189bb-760b-4cd5-a3d6-aaf681df1075","block_type":"box","text":"(i)","page_number":217,"box":{"x":182,"y":174,"width":13,"height":11}},{"id":"1d49f084-571d-472b-9b45-48bd080c5f8a","block_type":"box","text":"currencies.","page_number":217,"box":{"x":242,"y":174,"width":80,"height":9}},{"id":"ae606dc9-e2c1-4605-aeb2-610b7c84ee06","block_type":"box","text":"3.","page_number":217,"box":{"x":121,"y":203,"width":12,"height":9}},{"id":"910f9022-de37-45f4-bdff-ed9e3752df2e","block_type":"box","text":"must not cause a Fund to diverge from its investment objectives, must not be entered into if the","page_number":217,"box":{"x":182,"y":203,"width":696,"height":11}},{"id":"e05de5fe-7cef-4854-8705-c96a2d13e34e","block_type":"box","text":"intended effect is to create the potential for an uncovered sale of one or more transferable","page_number":217,"box":{"x":182,"y":223,"width":696,"height":11}},{"id":"1e67df20-8683-4f7b-877a-ff79d6b4c059","block_type":"box","text":"securities, approved money market instruments, units in collective investment schemes, or","page_number":217,"box":{"x":181,"y":244,"width":697,"height":11}},{"id":"88508f16-9c89-4214-a245-afb84be43e2f","block_type":"box","text":"derivatives provided that a sale is not to be considered as uncovered if the COLL Sourcebook’s","page_number":217,"box":{"x":182,"y":264,"width":696,"height":11}},{"id":"ce367778-57fc-47ea-a5a6-d76376736e48","block_type":"box","text":"“requirement to cover sales” conditions are satisfied.","page_number":217,"box":{"x":182,"y":285,"width":387,"height":11}},{"id":"3b96b403-224f-45c7-b7b1-28a7c633a062","block_type":"box","text":"Any forward transaction must be with an Eligible Institution or an Approved Bank.","page_number":217,"box":{"x":121,"y":326,"width":599,"height":11}},{"id":"e02bfd97-3adc-48d4-9576-e021f96cd2c6","block_type":"box","text":"Use of derivatives must be supported by a risk management process maintained by the ACD which","page_number":217,"box":{"x":122,"y":366,"width":755,"height":12}},{"id":"5cb8ae0f-07eb-4eea-b0c6-8909ce41bbf0","block_type":"box","text":"should take account of the investment objectives and policy of the Fund. The ACD must use a risk","page_number":217,"box":{"x":121,"y":387,"width":757,"height":11}},{"id":"5a06a5e3-4bb1-4732-945f-ac251b4bdecc","block_type":"box","text":"management process enabling it to monitor and measure at any time the risk of a Fund’s positions and","page_number":217,"box":{"x":122,"y":408,"width":755,"height":11}},{"id":"4856df5c-4eae-4c68-84ac-19f157e05a32","block_type":"box","text":"their contribution to the overall risk profile of the Fund. A copy of the ACD’s risk management policy is","page_number":217,"box":{"x":121,"y":428,"width":757,"height":11}},{"id":"81551601-2250-4f24-9b88-ca5b10191641","block_type":"box","text":"available on request in writing to the ACD at its registered office.","page_number":217,"box":{"x":121,"y":448,"width":475,"height":12}},{"id":"52ff3a21-647e-453c-87a6-13ff6866395d","block_type":"box","text":"A derivatives or forward transaction which would or could lead to delivery of Scheme Property to the","page_number":217,"box":{"x":121,"y":489,"width":757,"height":12}},{"id":"cdc95809-5d45-4844-8f29-705df04fcdf1","block_type":"box","text":"Depositary for the account of a Fund may be entered into only if such Scheme Property can be held for","page_number":217,"box":{"x":122,"y":510,"width":756,"height":11}},{"id":"23939233-0d0d-42dd-8355-eb00bbc31bbd","block_type":"box","text":"the account of a Fund, and the ACD having taken reasonable care determines that delivery of the","page_number":217,"box":{"x":121,"y":530,"width":757,"height":12}},{"id":"c0128d1a-659d-4012-9c0c-532e884901a3","block_type":"box","text":"property pursuant to the transaction will not lead to a breach of the COLL Sourcebook.","page_number":217,"box":{"x":121,"y":551,"width":639,"height":11}},{"id":"8371581b-b5db-42b2-85c2-28eb9bb9fc51","block_type":"box","text":"The exposure to the underlying assets through investment in Derivatives must not exceed the limits set","page_number":217,"box":{"x":121,"y":592,"width":757,"height":11}},{"id":"19a816ab-026b-4fce-a91c-93c36f5c5b40","block_type":"box","text":"out in Spread above. Where a transferable security or money market instrument embeds a derivative,","page_number":217,"box":{"x":121,"y":612,"width":756,"height":12}},{"id":"bf892723-3bd4-42d7-917d-0404c9c5d706","block_type":"box","text":"this must be taken into account for the purposes of complying with these limits.","page_number":217,"box":{"x":121,"y":633,"width":582,"height":11}},{"id":"cf692b47-13d6-4595-b496-3114039eef0d","block_type":"box","text":"Financial indices underlying derivatives","page_number":217,"box":{"x":122,"y":674,"width":316,"height":11}},{"id":"f9d3d63a-0947-4bff-a84c-cf245bdab910","block_type":"box","text":"1. The financial indices referred to in paragraph 2(f) above are those which satisfy the following criteria:","page_number":217,"box":{"x":122,"y":715,"width":755,"height":11}},{"id":"2857f988-e0e4-4fa5-9f5a-e6420509b4a0","block_type":"box","text":"(A) the index is sufficiently diversified;","page_number":217,"box":{"x":122,"y":756,"width":277,"height":11}},{"id":"992bd0c5-aa4a-41d9-bc9d-45f295f443c1","block_type":"box","text":"(B) the index represents an adequate benchmark for the market to which it refers; and","page_number":217,"box":{"x":122,"y":776,"width":635,"height":11}},{"id":"b25fbe63-3041-45ab-9c35-02a0982de174","block_type":"box","text":"(C) the index is published in an appropriate manner.","page_number":217,"box":{"x":122,"y":797,"width":383,"height":11}},{"id":"353cecca-8fca-4522-8d9a-53ea0e8a1937","block_type":"box","text":"2.","page_number":217,"box":{"x":121,"y":838,"width":12,"height":8}},{"id":"fc892f09-9eb5-49ca-b63f-eb1d5c08efad","block_type":"box","text":"A financial index is sufficiently diversified if:","page_number":217,"box":{"x":181,"y":838,"width":319,"height":11}},{"id":"d52cd9f3-b816-4555-b53f-64f46522d692","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 218","page_number":218,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"8a57f4dc-1546-4b5c-b9d8-8610cecb8d9d","block_type":"box","text":"(A) it is composed in such a way that price movements or trading activities regarding one component","page_number":218,"box":{"x":122,"y":87,"width":756,"height":12}},{"id":"4c1c57f8-318b-4642-8118-3bb27d2b5cb6","block_type":"box","text":"do not unduly influence the performance of the whole index;","page_number":218,"box":{"x":157,"y":108,"width":442,"height":11}},{"id":"d2302d73-eff4-490c-8597-bf6a65041824","block_type":"box","text":"(B) where it is composed of assets in which a Fund is permitted to invest, its composition is at least","page_number":218,"box":{"x":122,"y":128,"width":756,"height":11}},{"id":"8eea8943-4ba1-4d5d-817b-840a965f6286","block_type":"box","text":"diversified in accordance with the requirements with respect to spread and concentration set out","page_number":218,"box":{"x":157,"y":149,"width":721,"height":11}},{"id":"55bbb24b-d171-4f65-b879-5b5217adadf1","block_type":"box","text":"in this section; and","page_number":218,"box":{"x":157,"y":170,"width":137,"height":10}},{"id":"b1dc1ada-eedd-40b9-b793-6711bf37b922","block_type":"box","text":"(C) where it is composed of assets in which a Fund cannot invest, it is diversified in a way which is","page_number":218,"box":{"x":122,"y":190,"width":756,"height":11}},{"id":"f5ba98f6-0b89-4852-89e9-9e152275343d","block_type":"box","text":"equivalent to the diversification achieved by the requirements with respect to spread and","page_number":218,"box":{"x":157,"y":210,"width":721,"height":12}},{"id":"fd772eaa-2cdb-4ec4-8697-30fe580487e4","block_type":"box","text":"concentration set out in this section.","page_number":218,"box":{"x":157,"y":231,"width":265,"height":9}},{"id":"980fe67c-1a28-4fdd-b83d-da1b3357431b","block_type":"box","text":"3.","page_number":218,"box":{"x":121,"y":272,"width":12,"height":9}},{"id":"af509424-7abb-4107-8788-141cf27ab18e","block_type":"box","text":"A financial index represents an adequate benchmark for the market to which it refers if:","page_number":218,"box":{"x":181,"y":272,"width":644,"height":11}},{"id":"86839570-01c4-45cf-ae8a-5a9917475b78","block_type":"box","text":"(A) it measures the performance of a representative group of underlyings in a relevant and appropriate","page_number":218,"box":{"x":122,"y":313,"width":756,"height":11}},{"id":"7b887d90-a1e4-4e10-97da-4da38733fadb","block_type":"box","text":"way;","page_number":218,"box":{"x":144,"y":336,"width":33,"height":8}},{"id":"424e04eb-7104-4c48-b204-d92f97537a6b","block_type":"box","text":"(B) it is revised or rebalanced periodically to ensure that it continues to reflect the markets to which it","page_number":218,"box":{"x":122,"y":354,"width":756,"height":11}},{"id":"7e97fd8f-5887-47b3-9ecd-391c9203d00f","block_type":"box","text":"refers, following criteria which are publicly available; and","page_number":218,"box":{"x":146,"y":374,"width":415,"height":11}},{"id":"e93d2668-8c4b-4094-ab2d-ec829fbee2d8","block_type":"box","text":"(C) the underlyings are sufficiently liquid, allowing users to replicate it if necessary.","page_number":218,"box":{"x":122,"y":395,"width":609,"height":11}},{"id":"b0c13e19-9d3a-41d5-bdcb-353f06904a5a","block_type":"box","text":"4.","page_number":218,"box":{"x":121,"y":436,"width":12,"height":8}},{"id":"a92df7c3-becb-4f16-b13a-0b0df18fe92b","block_type":"box","text":"A financial index is published in an appropriate manner if:","page_number":218,"box":{"x":181,"y":436,"width":424,"height":11}},{"id":"a3c1a064-6102-40aa-bbad-0475e263068c","block_type":"box","text":"(A) its publication process relies on sound procedures to collect prices, and calculate and subsequently","page_number":218,"box":{"x":122,"y":477,"width":756,"height":11}},{"id":"b9faf35f-75be-4ba0-b989-5e8aec76f9e5","block_type":"box","text":"publish the index value, including pricing procedures for components where a market price is not","page_number":218,"box":{"x":157,"y":497,"width":721,"height":11}},{"id":"f5105018-1783-493c-852a-86470a93f7db","block_type":"box","text":"available; and","page_number":218,"box":{"x":157,"y":518,"width":102,"height":10}},{"id":"b06b27f0-c2a0-4e8e-8438-0f7ac075af61","block_type":"box","text":"(B) material information on matters such as index calculation, rebalancing methodologies, index","page_number":218,"box":{"x":122,"y":538,"width":756,"height":11}},{"id":"c70a2a33-f568-4f35-bacc-2c9abcb45f92","block_type":"box","text":"changes or any operational difficulties in providing timely or accurate information is provided on a","page_number":218,"box":{"x":157,"y":559,"width":721,"height":11}},{"id":"86b1ca5b-c5ac-4b81-84b5-9204927ec509","block_type":"box","text":"wide and timely basis.","page_number":218,"box":{"x":157,"y":579,"width":162,"height":11}},{"id":"08b85c6a-fae7-4871-8ae0-351e68bb1956","block_type":"box","text":"5.","page_number":218,"box":{"x":121,"y":621,"width":12,"height":8}},{"id":"d56e3557-5fdb-4492-a643-e28acc0085ef","block_type":"box","text":"Where the composition of underlyings of a transaction in a derivative does not satisfy the","page_number":218,"box":{"x":181,"y":620,"width":697,"height":11}},{"id":"8aa78ca2-7f28-4005-a6b3-066bad2a2fcf","block_type":"box","text":"requirements for a financial index, the underlyings for that transaction shall where they satisfy","page_number":218,"box":{"x":182,"y":641,"width":696,"height":11}},{"id":"7cb4d116-deef-474f-a875-fd97d3e95f5e","block_type":"box","text":"the requirements with respect to other underlyings pursuant to paragraph 2 above, be regarded","page_number":218,"box":{"x":181,"y":661,"width":697,"height":11}},{"id":"b4e99b66-4ff2-47ac-b1ac-cea2f6017c77","block_type":"box","text":"as a combination of those underlyings.","page_number":218,"box":{"x":182,"y":682,"width":284,"height":11}},{"id":"82dfef81-c102-4898-ab66-0044fde6db00","block_type":"box","text":"6.","page_number":218,"box":{"x":121,"y":723,"width":12,"height":8}},{"id":"0482f9a2-1cbd-42f0-8a5c-c6c572109ded","block_type":"box","text":"A Fund has the ability to invest in derivatives on financial indices where one component of that","page_number":218,"box":{"x":181,"y":723,"width":697,"height":11}},{"id":"58a8f8d8-0c3a-467b-9cd9-ee1601958d6d","block_type":"box","text":"index can be greater than 20% but will always be lower than 35%. The ability of a Fund to invest","page_number":218,"box":{"x":182,"y":743,"width":696,"height":11}},{"id":"3e935db0-e7ab-4c56-9b2e-42c2cfc51c3e","block_type":"box","text":"in such assets is in line with COLL 5.2.31(R). At all times only one component of that index will","page_number":218,"box":{"x":182,"y":763,"width":696,"height":12}},{"id":"75af251a-c304-472e-9935-31169e49210a","block_type":"box","text":"be allowed to be above the 20% limit with such investment only occurring if all other","page_number":218,"box":{"x":182,"y":784,"width":696,"height":11}},{"id":"005891dc-07d0-4f8a-a3d6-472ab9799e7b","block_type":"box","text":"requirements of COLL 5.2.31(R) have been satisfied. Index weightings are based on set criteria","page_number":218,"box":{"x":182,"y":804,"width":696,"height":12}},{"id":"99062913-935f-4ec8-9281-b66f0538af99","block_type":"box","text":"such as market capitalisation or production in the case of commodity indices and there may be","page_number":218,"box":{"x":181,"y":825,"width":697,"height":11}},{"id":"02051ea4-633f-4e6c-9fdd-758d3886e084","block_type":"box","text":"cases where one component is greater than 20% for a short or extended period of time due to","page_number":218,"box":{"x":182,"y":845,"width":696,"height":12}},{"id":"f5ee0179-1ad3-4288-8cf8-2158189f3a4a","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 219","page_number":219,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"86eb03c2-2174-4f33-8635-f2f6d85d80f4","block_type":"box","text":"market forces. Any investment in derivatives on financial indices remain subject to the criteria","page_number":219,"box":{"x":182,"y":88,"width":696,"height":11}},{"id":"17017881-8b7c-451a-b9c8-e27137b58936","block_type":"box","text":"set out in paragraph 1 to 5 above.","page_number":219,"box":{"x":181,"y":108,"width":249,"height":11}},{"id":"62523789-d37a-4a18-8795-6090597f812c","block_type":"box","text":"Derivatives exposure, cover and leverage","page_number":219,"box":{"x":122,"y":149,"width":328,"height":11}},{"id":"05b4828a-2413-4c95-9f29-51cb2ab7ab23","block_type":"box","text":"The ACD must ensure that its global exposure relating to the derivative and forward transactions held","page_number":219,"box":{"x":121,"y":169,"width":757,"height":12}},{"id":"aff68d99-5e5a-429f-801e-be264a5d3f1d","block_type":"box","text":"in the scheme does not exceed the net value of the Scheme Property. The global exposure must be","page_number":219,"box":{"x":122,"y":190,"width":756,"height":11}},{"id":"9d8079cf-476d-49a8-ac1c-bcd069c73bd7","block_type":"box","text":"calculated on at least a daily basis. Exposure must be calculated taking into account the current value","page_number":219,"box":{"x":121,"y":210,"width":757,"height":12}},{"id":"e91a821a-32e1-4151-8a9c-e264b2aefe50","block_type":"box","text":"of the underlying assets, the counterparty risk, future market movements and the time available to","page_number":219,"box":{"x":121,"y":231,"width":757,"height":11}},{"id":"234dade5-1409-40a2-9c36-690b72705154","block_type":"box","text":"liquidate the position. The ACD uses the commitment approach to calculate global exposure for all","page_number":219,"box":{"x":122,"y":251,"width":756,"height":12}},{"id":"0c020d5b-6ce4-430b-92fe-14a85986c2c6","block_type":"box","text":"Funds except the Aviva Investors Multi-Strategy Target Return Fund. The commitment approach","page_number":219,"box":{"x":122,"y":272,"width":755,"height":11}},{"id":"d3b58daa-a700-4c01-b07e-b029920bec69","block_type":"box","text":"converts each financial derivative instrument position into the market value of an equivalent position in","page_number":219,"box":{"x":121,"y":292,"width":757,"height":11}},{"id":"a4d71c1f-f588-46b2-a8c2-fff7dce42109","block_type":"box","text":"the underlying asset of that derivative. For the Aviva Investors Multi-Strategy Target Return Fund, the","page_number":219,"box":{"x":121,"y":313,"width":757,"height":11}},{"id":"1343b201-e65e-4e9e-bfcb-80165bee97e6","block_type":"box","text":"ACD uses absolute VAR (Value at Risk). Value at Risk means a measure of the potential loss due to","page_number":219,"box":{"x":121,"y":333,"width":757,"height":11}},{"id":"cb41c582-9d20-44c5-9b2f-404fcce178af","block_type":"box","text":"the Company due to market risk. More particularly, Value at Risk measures the potential loss at a given","page_number":219,"box":{"x":121,"y":354,"width":756,"height":11}},{"id":"5cf861a2-558a-4536-a361-7c96ed024d89","block_type":"box","text":"confidence level (probability) over a specific time period under normal market conditions. The ACD has","page_number":219,"box":{"x":121,"y":374,"width":757,"height":11}},{"id":"bfbb125f-def1-49de-9fd5-2852b0103dc6","block_type":"box","text":"selected these methods as being appropriate, taking into account the investment strategy of the Funds,","page_number":219,"box":{"x":121,"y":395,"width":756,"height":11}},{"id":"d740950a-330e-46c8-bbe2-3be1927ac6f2","block_type":"box","text":"the types and complexities of the Derivatives and forward transactions used and the proportion of the","page_number":219,"box":{"x":121,"y":415,"width":757,"height":11}},{"id":"9d8c256b-021d-4022-81bd-1b662edc1561","block_type":"box","text":"Scheme Property comprising Derivatives and forward transactions.","page_number":219,"box":{"x":121,"y":436,"width":495,"height":11}},{"id":"cb01a3b9-0d04-4911-ac04-c3f82f1cdde4","block_type":"box","text":"The Aviva Investors Multi-Strategy Target Return Fund's expected maximum level of leverage is 1200%","page_number":219,"box":{"x":121,"y":477,"width":757,"height":11}},{"id":"a7445e02-985a-4631-a46a-e95656181f56","block_type":"box","text":"of the Net Asset Value of the Fund, although it is possible that this level may be higher from time to","page_number":219,"box":{"x":121,"y":497,"width":757,"height":11}},{"id":"fbd681f1-32ef-4390-bf0e-5448f16c394a","block_type":"box","text":"time.","page_number":219,"box":{"x":121,"y":518,"width":34,"height":8}},{"id":"b16a54fa-e867-4931-8e82-c958e577d043","block_type":"box","text":"Leverage should not necessarily be seen as a direct measure of investment risk as it is calculated by","page_number":219,"box":{"x":122,"y":559,"width":756,"height":11}},{"id":"74cb5ed9-eaf1-4354-9550-08479f907be8","block_type":"box","text":"adding together all the notionals of the financial derivative instruments irrespective of the market","page_number":219,"box":{"x":121,"y":579,"width":757,"height":11}},{"id":"080f2e30-5b68-42ac-9ed8-5d04bff145bf","block_type":"box","text":"direction and risks entailed,","page_number":219,"box":{"x":121,"y":600,"width":206,"height":10}},{"id":"d480e700-2680-45a5-a159-4c006a64a2ba","block_type":"box","text":"the Investment Manager measures this on a gross basis. The expected","page_number":219,"box":{"x":335,"y":600,"width":543,"height":11}},{"id":"c67559c8-eacb-4917-bf18-3f360badf801","block_type":"box","text":"level of leverage results from the high use of financial derivative instruments (primarily currency","page_number":219,"box":{"x":122,"y":620,"width":756,"height":11}},{"id":"c73b9bb3-d788-4d73-8331-95ce9a808aa7","block_type":"box","text":"forwards, short term interest rate futures, options and swaps).","page_number":219,"box":{"x":121,"y":641,"width":455,"height":11}},{"id":"c57ceb32-c223-4368-bd19-9f993e7cafe2","block_type":"box","text":"Daily monitoring is performed on the Aviva Investors Multi-Strategy Target Return Fund to ensure that","page_number":219,"box":{"x":122,"y":681,"width":756,"height":12}},{"id":"18064fea-fe86-47c1-b767-d171589ac2b6","block_type":"box","text":"the leverage does not result in excessive concentration risk","page_number":219,"box":{"x":121,"y":702,"width":439,"height":11}},{"id":"a2623c32-9228-477e-b9a4-e0d43c4fa7d2","block_type":"box","text":".","page_number":219,"box":{"x":561,"y":710,"width":2,"height":1}},{"id":"29a028bf-a12b-4bc6-8f94-11434f41b3fa","block_type":"box","text":"Derivatives usage for the Funds","page_number":219,"box":{"x":122,"y":747,"width":253,"height":11}},{"id":"c2d5de05-2f99-464b-94fd-4ac85f71aff1","block_type":"box","text":"The following Funds may invest in derivatives, including forwards, for both EPM (including","page_number":219,"box":{"x":121,"y":774,"width":757,"height":12}},{"id":"370e52a4-0419-46b1-a28c-894ab4de4af3","block_type":"box","text":"hedging) and investment purposes: Aviva Investors Multi-Strategy Target Return Fund, Aviva","page_number":219,"box":{"x":122,"y":795,"width":756,"height":11}},{"id":"81616506-d858-4430-9887-6906cc2004b1","block_type":"box","text":"Investors Strategic Bond Fund and Aviva Investors Multi-asset Income Fund.","page_number":219,"box":{"x":122,"y":815,"width":612,"height":12}},{"id":"45d356f5-1f94-47e5-ab59-0bb9abd443f1","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 220","page_number":220,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"63ecf47e-f89e-4119-b910-eb4f7d5bd8dc","block_type":"box","text":"The following Funds may only use derivatives, including forwards for EPM (including hedging):","page_number":220,"box":{"x":121,"y":87,"width":756,"height":12}},{"id":"a1664c9b-2633-43ba-8b2f-a0dad3b193e9","block_type":"box","text":"Aviva Investors Global Equity Income Fund, Aviva Investors Managed High Income Fund, Aviva","page_number":220,"box":{"x":121,"y":108,"width":757,"height":11}},{"id":"e56ca91e-033f-48b9-b2ef-bd74417b8eca","block_type":"box","text":"Investors Higher Income Plus Fund, Aviva Investors Sterling Corporate Bond Fund, Aviva","page_number":220,"box":{"x":122,"y":128,"width":756,"height":12}},{"id":"055e6de9-f1ab-48e2-9a93-55e637fd4365","block_type":"box","text":"Investors International Index Tracking Fund, Aviva Investors UK Index Tracking Fund, Aviva","page_number":220,"box":{"x":122,"y":149,"width":756,"height":11}},{"id":"d3e907f8-1fbb-4493-b626-bfc3d1418c92","block_type":"box","text":"Investors Global Equity Endurance Fund, Aviva Investors Global Emerging Markets Equity","page_number":220,"box":{"x":122,"y":169,"width":756,"height":12}},{"id":"9814a626-af2f-4cd8-9677-1b8c1c82e3bf","block_type":"box","text":"Unconstrained Fund","page_number":220,"box":{"x":122,"y":190,"width":160,"height":9}},{"id":"38412995-e036-4a62-a052-b9d7b4ecb79d","block_type":"box","text":"(please note that this fund is in the process of being terminated and is no longer","page_number":220,"box":{"x":289,"y":190,"width":589,"height":11}},{"id":"9b3bd7e4-a260-4e07-9fbf-fe9a97c48ae8","block_type":"box","text":"available for new investment),","page_number":220,"box":{"x":121,"y":210,"width":223,"height":11}},{"id":"eb1122fe-b32d-4754-895a-f7cd24787213","block_type":"box","text":"the Aviva Investors Global Climate Aware Equity Fund and Aviva","page_number":220,"box":{"x":352,"y":210,"width":526,"height":12}},{"id":"5a79cac6-1cb9-414c-a94c-79bca88f687a","block_type":"box","text":"Investors US Equity Income Fund I.","page_number":220,"box":{"x":122,"y":231,"width":279,"height":11}},{"id":"797a18a8-518f-4c61-9e2f-46f80646aa36","block_type":"box","text":"A derivative is a financial instrument that is derived from the underlying value of particular assets, such","page_number":220,"box":{"x":121,"y":272,"width":756,"height":11}},{"id":"950cc216-e646-49c2-9d85-607c0f6700a0","block_type":"box","text":"as equities, bonds, interest rates, indices etc. Derivatives may be exchange traded or traded Over the","page_number":220,"box":{"x":121,"y":292,"width":757,"height":12}},{"id":"7557fe00-fc67-4c30-ae7e-2a7505124d79","block_type":"box","text":"Counter (OTC).","page_number":220,"box":{"x":121,"y":313,"width":114,"height":11}},{"id":"1edbd595-9f0e-4fee-8689-88ce33123860","block_type":"box","text":"Efficient Portfolio Management","page_number":220,"box":{"x":122,"y":348,"width":245,"height":11}},{"id":"a5f47df4-de0e-43a4-986d-8a022ed27931","block_type":"box","text":":","page_number":220,"box":{"x":369,"y":350,"width":2,"height":7}},{"id":"80df3607-10d1-4706-8a28-636762c35018","block_type":"box","text":"Efficient Portfolio Management must satisfy three broadly based requirements:","page_number":220,"box":{"x":122,"y":383,"width":580,"height":11}},{"id":"f359e32b-991a-4a01-ba99-2239ab749728","block_type":"box","text":"1.","page_number":220,"box":{"x":122,"y":418,"width":11,"height":8}},{"id":"26a161b5-c8a4-46b0-9367-33bc129a52ba","block_type":"box","text":"A transaction must be one which (along or in combination with one or more other) is","page_number":220,"box":{"x":204,"y":417,"width":642,"height":12}},{"id":"3341c3b8-94c8-4c24-a25f-6405aec7227e","block_type":"box","text":"reasonably believed by the ACD to be economically appropriate to the efficient portfolio","page_number":220,"box":{"x":205,"y":438,"width":641,"height":11}},{"id":"848de361-4ca8-489d-906b-f5f1baa4ae91","block_type":"box","text":"management of the Fund. This means that, for transactions undertaken to reduce risk","page_number":220,"box":{"x":205,"y":458,"width":642,"height":12}},{"id":"d83ca325-df12-4a79-9465-4353119fb869","block_type":"box","text":"or cost (or both), the transaction (alone or in combination) will diminish a risk or cost of","page_number":220,"box":{"x":204,"y":479,"width":642,"height":11}},{"id":"e7ea977d-44cd-4eba-8f93-3b26ddf027f7","block_type":"box","text":"a kind or level which it is sensible to reduce and, for a transaction undertaken to","page_number":220,"box":{"x":204,"y":499,"width":642,"height":11}},{"id":"c8fe341f-fd4b-435e-92ba-caeb0e34b313","block_type":"box","text":"generate additional capital or income, the Fund is certain (or certain barring events","page_number":220,"box":{"x":204,"y":520,"width":642,"height":11}},{"id":"855bc8c7-8c19-4c9d-9b51-e9318690171a","block_type":"box","text":"which are not reasonably foreseeable) to derive a benefit from the transaction.","page_number":220,"box":{"x":204,"y":540,"width":579,"height":11}},{"id":"e8022f80-4060-4c96-b057-4f1d80e7fd60","block_type":"box","text":"Efficient portfolio management may not include transactions which may reasonably be","page_number":220,"box":{"x":205,"y":575,"width":641,"height":11}},{"id":"a1a435ab-48ed-4e5f-b42a-5f8e56260456","block_type":"box","text":"regarded as speculative.","page_number":220,"box":{"x":205,"y":596,"width":180,"height":11}},{"id":"49164680-6765-4275-a173-43009e53c8c2","block_type":"box","text":"2.","page_number":220,"box":{"x":121,"y":631,"width":12,"height":8}},{"id":"2dfd88ca-4c7f-4899-8a44-8ac30d19eaaa","block_type":"box","text":"The purpose of permitted derivative transaction for the Fund must be to achieve one of","page_number":220,"box":{"x":204,"y":630,"width":642,"height":11}},{"id":"a975076b-def0-441c-83b7-cecf8dabb138","block_type":"box","text":"the following aims in respect of the Fund:","page_number":220,"box":{"x":204,"y":651,"width":303,"height":11}},{"id":"d421a0e3-1886-431d-ac09-5b1895e5163d","block_type":"box","text":"(a)","page_number":220,"box":{"x":205,"y":685,"width":18,"height":11}},{"id":"bd1c872d-4b76-4f8d-8889-9900fe98341b","block_type":"box","text":"Reduction of risk","page_number":220,"box":{"x":265,"y":685,"width":142,"height":9}},{"id":"ed47646c-28af-4d46-8ce7-ab2664f386c9","block_type":"box","text":". One example of how the use of permitted transactions","page_number":220,"box":{"x":408,"y":685,"width":438,"height":11}},{"id":"77609ca6-caed-4ff2-ade8-5a710ce6bc45","block_type":"box","text":"would achieve this aim is in the use of cross-currency hedging where all or part","page_number":220,"box":{"x":266,"y":706,"width":580,"height":11}},{"id":"d6a8a7dd-36a0-47c1-8e1f-ef651b30a51f","block_type":"box","text":"of the currency exposure of the Scheme Property may be switched away from","page_number":220,"box":{"x":267,"y":726,"width":579,"height":12}},{"id":"2b16cd1a-7456-4d21-b390-1f0190bdd8ec","block_type":"box","text":"a currency the ACD considers unduly prone to risk, to another currency.","page_number":220,"box":{"x":267,"y":747,"width":578,"height":11}},{"id":"13e57310-f920-442f-a8bf-6618aba147ef","block_type":"box","text":"Another example is the use of permitted transactions in tactical asset allocation,","page_number":220,"box":{"x":266,"y":767,"width":579,"height":11}},{"id":"18d636c4-7047-4909-a3cd-b0f13bcecc81","block_type":"box","text":"which permits the ACD to undertake a Switch in exposure of types of assets by","page_number":220,"box":{"x":266,"y":788,"width":581,"height":11}},{"id":"6fb630de-7516-4b6f-b2c4-4d1827be8b16","block_type":"box","text":"use of Derivatives, rather than through sale and purchase of the Scheme","page_number":220,"box":{"x":267,"y":808,"width":579,"height":12}},{"id":"eed5bdb3-5859-4171-988e-2a9b9d5772ee","block_type":"box","text":"Property.","page_number":220,"box":{"x":267,"y":829,"width":66,"height":11}},{"id":"c64e8c12-0268-4253-bede-c3cf2c4df1e9","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 221","page_number":221,"box":{"x":121,"y":926,"width":371,"height":9}},{"id":"a3a4d229-5794-4d48-a6d6-3c20060da207","block_type":"box","text":"(b)","page_number":221,"box":{"x":205,"y":87,"width":18,"height":12}},{"id":"6986d38a-8fbc-461c-8645-65bf397f9b09","block_type":"box","text":"Reduction of cost","page_number":221,"box":{"x":267,"y":88,"width":138,"height":8}},{"id":"2c0d1502-e20f-42a4-a8d9-609fc2783bf6","block_type":"box","text":". The aims of reduction of risk or cost, together or separately,","page_number":221,"box":{"x":407,"y":88,"width":438,"height":11}},{"id":"997adebd-c87b-4b62-84d5-0f1c074a295e","block_type":"box","text":"allow the ACD on a temporary basis to use the technique of tactical asset","page_number":221,"box":{"x":267,"y":108,"width":579,"height":11}},{"id":"c3ea6d8c-6885-4d52-b16f-9f3328018ad9","block_type":"box","text":"allocation. If a transaction for the Fund relates to the acquisition or potential","page_number":221,"box":{"x":267,"y":128,"width":579,"height":11}},{"id":"1c316731-f0ae-4602-bb37-f70add2b7801","block_type":"box","text":"acquisition of transferable securities, the ACD must intend that the Fund should","page_number":221,"box":{"x":267,"y":149,"width":579,"height":11}},{"id":"df9074de-c35c-4e4e-98c4-f023b1161f6d","block_type":"box","text":"invest in transferable securities within a reasonable time and the ACD must","page_number":221,"box":{"x":267,"y":169,"width":579,"height":9}},{"id":"6b63dbdf-e064-4616-8de5-4a738518241a","block_type":"box","text":"thereafter ensure that, unless the position has itself been closed out, that","page_number":221,"box":{"x":266,"y":190,"width":580,"height":11}},{"id":"53705108-2038-414e-a2f7-2d761293f0d6","block_type":"box","text":"intention is realised within that reasonable time.","page_number":221,"box":{"x":267,"y":210,"width":350,"height":9}},{"id":"446f0bc3-dd09-4e7f-b0af-aa69436c01c4","block_type":"box","text":"(c)","page_number":221,"box":{"x":205,"y":245,"width":17,"height":11}},{"id":"8317123f-2058-4151-80bb-57d283a3da6c","block_type":"box","text":"The generation of additional capital or income for the Fund with no, or an","page_number":221,"box":{"x":263,"y":245,"width":583,"height":11}},{"id":"3de8807f-d563-4180-90c6-f36ebe28fd7e","block_type":"box","text":"acceptably low level of, risk.","page_number":221,"box":{"x":263,"y":266,"width":229,"height":11}},{"id":"8fb45846-9dec-459a-a8b5-1ed066d7fd17","block_type":"box","text":"There is an acceptably low level of risk in any","page_number":221,"box":{"x":499,"y":266,"width":348,"height":11}},{"id":"8817f588-c421-4dd7-9df1-0f02a76739c5","block_type":"box","text":"case where the ACD reasonably believes that the Fund is certain (or certain","page_number":221,"box":{"x":263,"y":286,"width":583,"height":11}},{"id":"d8755755-49b0-4ec8-90a1-efea998679b9","block_type":"box","text":"barring events which are not reasonably foreseeable) to derive a benefit. The","page_number":221,"box":{"x":264,"y":307,"width":583,"height":11}},{"id":"2a73e889-ebc5-4053-a0bd-2427a360faea","block_type":"box","text":"generation of additional capital or income may arise out of taking advantage of","page_number":221,"box":{"x":263,"y":327,"width":584,"height":11}},{"id":"76dbbcf8-ab31-41c5-923b-52dba56c64fa","block_type":"box","text":"price imperfections or from the receipt of a premium for writing of covered call","page_number":221,"box":{"x":264,"y":348,"width":582,"height":11}},{"id":"2282f7a9-7276-4464-984e-4ff939fdedc3","block_type":"box","text":"or covered put options (even if the benefit is obtained at the expense of the","page_number":221,"box":{"x":263,"y":368,"width":584,"height":11}},{"id":"683d6b56-48f3-475a-8b84-a1e02b08d377","block_type":"box","text":"chance of yet greater benefit).","page_number":221,"box":{"x":263,"y":388,"width":221,"height":12}},{"id":"27b7c6fd-8ab1-422f-ae75-7a88b2d088ee","block_type":"box","text":"The relevant purpose must relate to Scheme Property; Scheme Property","page_number":221,"box":{"x":263,"y":423,"width":583,"height":11}},{"id":"116ea2e8-d47e-4541-b228-b7588c46962e","block_type":"box","text":"(whether precisely identified or not) which is to be or is proposed to be acquired","page_number":221,"box":{"x":264,"y":444,"width":581,"height":11}},{"id":"8a10b29b-fba7-404f-b1cf-1e0ebdb31355","block_type":"box","text":"for the Fund; and anticipated cash receipts of the Fund, if due to be received at","page_number":221,"box":{"x":263,"y":464,"width":583,"height":11}},{"id":"fbe3899a-c3ef-4e0a-a41a-774c1201db6e","block_type":"box","text":"some time and likely to be received within one month.","page_number":221,"box":{"x":263,"y":485,"width":397,"height":11}},{"id":"e6037e62-6ef0-4d85-bcfa-e2eb59b61013","block_type":"box","text":"3.","page_number":221,"box":{"x":121,"y":520,"width":12,"height":8}},{"id":"4a063291-0a64-47d7-be82-8903155bbd76","block_type":"box","text":"The maximum exposure of each permitted transaction must be fully covered “globally”","page_number":221,"box":{"x":204,"y":519,"width":642,"height":12}},{"id":"7df21010-a137-42c0-9cff-348278c49f3d","block_type":"box","text":"by Scheme Property.","page_number":221,"box":{"x":205,"y":540,"width":154,"height":11}},{"id":"c630ff97-3f07-4c3d-8d77-922710ead221","block_type":"box","text":"The use of derivatives for efficient portfolio management will generally not increase the risk profile of a","page_number":221,"box":{"x":121,"y":589,"width":757,"height":11}},{"id":"39f769ef-856b-4fe4-a228-67858fd342ca","block_type":"box","text":"Fund. In adverse situations, however, a Fund’s use of derivatives may become ineffective in hedging","page_number":221,"box":{"x":122,"y":609,"width":755,"height":11}},{"id":"26f9ce76-ce65-4b48-b956-5c48df1ea0c7","block_type":"box","text":"or EPM and a Fund may suffer significant loss as a result. A Fund’s abilities to use derivatives for EPM","page_number":221,"box":{"x":121,"y":630,"width":756,"height":11}},{"id":"73e63179-60b6-4630-8157-a77de7184e3a","block_type":"box","text":"may be limited by market conditions, regulatory limits and tax considerations.","page_number":221,"box":{"x":122,"y":650,"width":568,"height":11}},{"id":"4e1b5409-9d53-4881-90c5-531606b2bdd7","block_type":"box","text":"Investment Purposes:","page_number":221,"box":{"x":122,"y":683,"width":172,"height":10}},{"id":"32b3ed3d-24fe-49ab-974b-b3e97a8e4073","block_type":"box","text":"The use of derivatives for investment purposes may increase the risk profile of a Fund.","page_number":221,"box":{"x":121,"y":723,"width":640,"height":12}},{"id":"4e519c75-db44-437d-8024-71ecd4e69185","block_type":"box","text":"Typically, UK authorised collective investment schemes invest on a ‘long only’ basis. The Aviva","page_number":221,"box":{"x":121,"y":764,"width":757,"height":12}},{"id":"781a6726-bc96-436d-8d82-a214c4a56d85","block_type":"box","text":"Investors Multi-Strategy Target Return Fund, the Aviva Investors Strategic Bond Fund and the Aviva","page_number":221,"box":{"x":122,"y":785,"width":756,"height":11}},{"id":"281b2736-9974-48e0-83cc-2d8058b86388","block_type":"box","text":"Investors Multi-asset Income Fund, by employing certain derivative techniques, will establish both ‘long’","page_number":221,"box":{"x":122,"y":805,"width":755,"height":12}},{"id":"46779a6a-a742-4120-90c1-5bb6dd3bcf5f","block_type":"box","text":"and ‘short’ positions in individual stocks and markets. Investing on a ‘long’ basis means that the value","page_number":221,"box":{"x":121,"y":826,"width":757,"height":11}},{"id":"e5d72b2a-eb77-4d84-be37-8ae1d42b32ae","block_type":"box","text":"of the derivative will rise or fall in the same direction as the underlying market value of the asset from","page_number":221,"box":{"x":121,"y":846,"width":757,"height":11}},{"id":"b5eeb824-f2a0-4c70-810d-5d7df867f11a","block_type":"box","text":"which it is derived. If investments are made on a ‘short’ basis the value of the derivative will rise and fall","page_number":221,"box":{"x":121,"y":867,"width":757,"height":9}},{"id":"cfc2e2ff-c231-476a-8dbb-d894317c4ec6","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 222","page_number":222,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"16d7f6aa-bebf-47e8-aabd-a8b8da6404a4","block_type":"box","text":"in the opposite direction to the underlying market value of the asset from which it is derived. In addition,","page_number":222,"box":{"x":122,"y":88,"width":755,"height":11}},{"id":"8c947531-4722-44c5-bcf9-38fdd94a7714","block_type":"box","text":"the Aviva Investors Multi-Strategy Target Return Fund may also invest in derivative instruments whose","page_number":222,"box":{"x":121,"y":108,"width":757,"height":11}},{"id":"be58525b-58d1-4b9a-8c60-51444f22ed66","block_type":"box","text":"price is related to other market events.","page_number":222,"box":{"x":121,"y":129,"width":283,"height":10}},{"id":"010d5ca0-d1d7-4ab9-b9bc-1b3addd1e2f0","block_type":"box","text":"The ACD considers that derivative usage in respect of any Fund other than the Aviva Investors","page_number":222,"box":{"x":121,"y":169,"width":757,"height":12}},{"id":"6e987118-02e2-465e-ad80-296a5831b02a","block_type":"box","text":"Multi-Strategy Target Return Fund and the Aviva Investors Strategic Bond Fund:","page_number":222,"box":{"x":122,"y":190,"width":638,"height":11}},{"id":"4ea07ab5-9bcf-40e8-9670-e2a1d5ed2aa3","block_type":"box","text":"","page_number":222,"box":{"x":121,"y":228,"width":6,"height":4}},{"id":"9bde7c49-c9d0-4c46-930c-988f48f3e365","block_type":"box","text":"is not likely significantly to amplify the movement of the prices of Shares in that Fund; and","page_number":222,"box":{"x":152,"y":225,"width":721,"height":11}},{"id":"5f4ade87-6e67-43ec-a0aa-539a76dd11cd","block_type":"box","text":"","page_number":222,"box":{"x":121,"y":249,"width":6,"height":5}},{"id":"65a9f5b5-eda8-4caf-95ea-78fb3b3e07d9","block_type":"box","text":"is not expected to increase the risk profile of that Fund compared to the risk profile the Fund","page_number":222,"box":{"x":152,"y":246,"width":726,"height":11}},{"id":"5529af3a-e711-400b-b204-818bb7c67703","block_type":"box","text":"would have if it invested directly in the underlying assets.","page_number":222,"box":{"x":151,"y":267,"width":459,"height":11}},{"id":"f638038d-92c6-4035-9e46-a3dd55854d8c","block_type":"box","text":"The ACD considers that derivative usage in respect of the Aviva Investors Multi-Strategy Target","page_number":222,"box":{"x":121,"y":301,"width":757,"height":11}},{"id":"6187d249-dacf-4acb-8909-7d7beb5e6346","block_type":"box","text":"Return Fund and the Aviva Investors Strategic Bond Fund:","page_number":222,"box":{"x":122,"y":321,"width":466,"height":11}},{"id":"003d9f00-26a1-4c1a-8d09-ea9e4328096a","block_type":"box","text":"","page_number":222,"box":{"x":121,"y":359,"width":6,"height":5}},{"id":"83a94ab3-77de-47ed-9b9d-bcaf918695ed","block_type":"box","text":"May result in significant losses, having an adverse effect on the Net Asset Value of the Fund,","page_number":222,"box":{"x":152,"y":356,"width":726,"height":11}},{"id":"8e587158-0e7c-4313-aaad-6ed61fdeb5d9","block_type":"box","text":"should the Investment Manager’s expectations in employing derivative instruments be","page_number":222,"box":{"x":151,"y":377,"width":727,"height":11}},{"id":"0ab59267-3b75-4239-a2f1-7ed78d0fcaae","block_type":"box","text":"incorrect or ineffective, or should adverse market conditions prevail. The Investment","page_number":222,"box":{"x":152,"y":397,"width":726,"height":11}},{"id":"99d041a3-01f3-41ff-9094-0bbdb0685e7e","block_type":"box","text":"Manager and ACD employ a risk management process to oversee and manage derivatives","page_number":222,"box":{"x":152,"y":418,"width":726,"height":11}},{"id":"7e735023-5a88-44cd-aa1d-2bd5eee0fce2","block_type":"box","text":"exposure within the Fund.","page_number":222,"box":{"x":151,"y":438,"width":207,"height":11}},{"id":"20c4bc74-9fe5-42f6-b254-17453043549d","block_type":"box","text":"","page_number":222,"box":{"x":121,"y":463,"width":6,"height":4}},{"id":"2e306842-6ff8-4682-98d5-d9b090029675","block_type":"box","text":"The use of derivatives also means that the Net Asset Value of the Fund may at times be","page_number":222,"box":{"x":151,"y":459,"width":727,"height":12}},{"id":"19ddddc9-06d2-443a-831b-8e4efacef306","block_type":"box","text":"volatile. However, as the Aviva Investors Multi-Strategy Target Return Fund aims to manage","page_number":222,"box":{"x":151,"y":480,"width":727,"height":11}},{"id":"e8acb088-bd0d-4568-83f9-f900e27cb1aa","block_type":"box","text":"volatility to a target of less than half the volatility of global equities, the ACD does not","page_number":222,"box":{"x":151,"y":500,"width":727,"height":12}},{"id":"e172239b-8b3c-49c9-a8a7-516ff216906b","block_type":"box","text":"consider that the proposed derivative usage is likely to significantly amplify the movement","page_number":222,"box":{"x":151,"y":521,"width":727,"height":11}},{"id":"aea58896-b92a-4a1d-b17d-cc68e9d3b3b5","block_type":"box","text":"of share prices in the Fund. It is noted however, that the ability of the Fund to operate to the","page_number":222,"box":{"x":151,"y":541,"width":727,"height":12}},{"id":"a0666eca-5871-48af-8b73-9840f13457ca","block_type":"box","text":"target level of volatility is not guaranteed.","page_number":222,"box":{"x":151,"y":562,"width":330,"height":11}},{"id":"4e24d45f-3e86-45d3-be15-7bed8377743d","block_type":"box","text":"OTC transactions in Derivatives","page_number":222,"box":{"x":121,"y":603,"width":252,"height":9}},{"id":"d6209780-8cc1-4412-a7db-758661015863","block_type":"box","text":"Any transaction in an OTC derivative must be:","page_number":222,"box":{"x":121,"y":630,"width":341,"height":12}},{"id":"588f7a7f-f66d-42f4-84cf-967e807fb49e","block_type":"box","text":"1.","page_number":222,"box":{"x":122,"y":658,"width":11,"height":9}},{"id":"10741038-921f-4692-aa21-f9ac3d18130c","block_type":"box","text":"with an approved counterparty; A counterparty to a transaction in derivatives is approved only","page_number":222,"box":{"x":181,"y":658,"width":697,"height":11}},{"id":"7f9a1fe8-fdb6-4a5b-8aea-77fa80e4b8c3","block_type":"box","text":"if the counterparty is an Eligible Institution or an Approved Bank; or a person whose permission","page_number":222,"box":{"x":182,"y":679,"width":696,"height":11}},{"id":"b922dd70-badb-455b-a0b7-c1f0120d6dc6","block_type":"box","text":"(including any requirements or limitations), as published in the Financial Conduct Authority","page_number":222,"box":{"x":182,"y":699,"width":696,"height":11}},{"id":"5113e642-379b-41e2-baa5-c88d76183cf2","block_type":"box","text":"Register or whose Home State authorisation, permits it to enter into the transaction as principal","page_number":222,"box":{"x":182,"y":719,"width":695,"height":12}},{"id":"7a8fee7e-969e-48f7-a3b6-a40e83563023","block_type":"box","text":"off-exchange; a CCP that is authorised in that capacity for the purposes of EMIR; a CCP that","page_number":222,"box":{"x":182,"y":740,"width":696,"height":11}},{"id":"c2cbc73a-33a6-4572-9ba9-7ed9a352cb2e","block_type":"box","text":"is recognised in that capacity in accordance with the process set out in article 25 of EMIR; or","page_number":222,"box":{"x":182,"y":760,"width":696,"height":12}},{"id":"c5301b84-0f59-430c-930e-1395ca055be2","block_type":"box","text":"to the extent not already covered, a CCP supervised in a jurisdiction that has implemented the","page_number":222,"box":{"x":181,"y":781,"width":697,"height":11}},{"id":"19b95545-7d81-410e-b26b-ad6288dfac8f","block_type":"box","text":"relevant G20 reforms on OTC derivatives to at least the same extent as the United Kingdom","page_number":222,"box":{"x":182,"y":801,"width":695,"height":12}},{"id":"08633b85-81b4-4d82-9017-94e4d867a097","block_type":"box","text":"and is identified as having done so by the Financial Stability Board in its summary report on","page_number":222,"box":{"x":182,"y":822,"width":695,"height":11}},{"id":"91937691-4080-4245-94b2-be152885195b","block_type":"box","text":"progress in implementation of G20 regulatory reforms dated 25 June 2019;","page_number":222,"box":{"x":182,"y":842,"width":553,"height":12}},{"id":"040c9337-732e-499f-a3a3-c53054e428ed","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 223","page_number":223,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"e7aae71c-a22a-441d-88f7-ab66a127736d","block_type":"box","text":"2.","page_number":223,"box":{"x":121,"y":88,"width":12,"height":8}},{"id":"5f2b58d9-4499-4e4f-8ae9-4821fcea8c2e","block_type":"box","text":"on approved terms; the terms of the transaction in derivatives are approved only if, the ACD","page_number":223,"box":{"x":182,"y":87,"width":696,"height":12}},{"id":"a8f3ea47-fe55-45f6-8e27-e75f38ce99a4","block_type":"box","text":"carries out at least daily, a reliable and verifiable valuation in respect of that transaction","page_number":223,"box":{"x":182,"y":108,"width":695,"height":11}},{"id":"05077df2-0a51-406a-b3f0-fe8531200522","block_type":"box","text":"corresponding to its fair value and which does not rely only on market quotations by the","page_number":223,"box":{"x":182,"y":128,"width":696,"height":12}},{"id":"e450c0a4-7c47-4e18-8076-5d7b20971bca","block_type":"box","text":"counterparty; and can enter into one or more further transactions to sell, liquidate or close out","page_number":223,"box":{"x":182,"y":149,"width":696,"height":11}},{"id":"60449aa0-51e3-47a3-9e8a-15fddf57ed09","block_type":"box","text":"that transaction at any time, at its fair value. For the purposes of this paragraph 2, “fair value”","page_number":223,"box":{"x":181,"y":169,"width":697,"height":12}},{"id":"d6fd5751-bf08-426c-8f48-fb3759eed5e0","block_type":"box","text":"is the amount for which an asset could be exchanged, or a liability settled between","page_number":223,"box":{"x":182,"y":190,"width":696,"height":11}},{"id":"854ca492-63b9-41e8-acf1-13a87ed039ac","block_type":"box","text":"knowledgeable, willing parties in an arm’s length transaction. For the purposes also of this","page_number":223,"box":{"x":182,"y":210,"width":696,"height":12}},{"id":"ef846e28-7aae-4ca3-b777-e5db1b1fbfd1","block_type":"box","text":"paragraph 2, the ACD must establish, implement and maintain arrangements and procedures","page_number":223,"box":{"x":182,"y":231,"width":696,"height":11}},{"id":"456c2c26-a7bf-4482-a60c-daa6d8dc5c15","block_type":"box","text":"which ensure appropriate, transparent and fair valuation of the exposures of the Company to","page_number":223,"box":{"x":181,"y":251,"width":697,"height":12}},{"id":"71d44d63-2431-4be9-a95c-632c3cba8c71","block_type":"box","text":"OTC derivatives and ensure that the fair value of OTC derivatives is subject to adequate,","page_number":223,"box":{"x":182,"y":272,"width":695,"height":11}},{"id":"20a03336-d182-41f8-83e6-72a0de844d0c","block_type":"box","text":"accurate and independent assessment. Where the arrangements and procedures involve the","page_number":223,"box":{"x":182,"y":292,"width":696,"height":12}},{"id":"a6ba04ee-efd3-432e-8f1a-8d8a4dfd2bb7","block_type":"box","text":"performance of certain activities by third parties, the ACD must comply with due diligence and","page_number":223,"box":{"x":182,"y":313,"width":696,"height":11}},{"id":"9bc68f02-52e9-4261-880f-74bd88e837bb","block_type":"box","text":"additional requirements. The arrangements and procedures referred to in this paragraph must","page_number":223,"box":{"x":182,"y":333,"width":696,"height":12}},{"id":"719cba66-7658-45a8-85f8-89f35f90a75a","block_type":"box","text":"be adequate and proportionate to the nature and complexity of the OTC derivative concerned","page_number":223,"box":{"x":182,"y":354,"width":696,"height":11}},{"id":"00ec57a3-ab8d-4596-929b-e1754d9a12c1","block_type":"box","text":"and adequately documented;","page_number":223,"box":{"x":182,"y":374,"width":214,"height":11}},{"id":"a5eeb03d-4c9f-47bf-9dc9-d8136f43cc36","block_type":"box","text":"3.","page_number":223,"box":{"x":121,"y":407,"width":12,"height":8}},{"id":"e58cf6a5-147c-471a-88d2-5026058b2a75","block_type":"box","text":"capable of reliable valuation; a transaction in derivatives is capable of reliable valuation only if","page_number":223,"box":{"x":182,"y":407,"width":696,"height":11}},{"id":"b0fec472-9ad9-466c-b89f-09ecb73f6003","block_type":"box","text":"the ACD having taken reasonable care determines that, throughout the life of the derivative (if","page_number":223,"box":{"x":181,"y":427,"width":697,"height":11}},{"id":"a9dd41fd-5512-4d80-bc19-f0df10a3a28c","block_type":"box","text":"the transaction is entered into), it will be able to value the investment concerned with reasonable","page_number":223,"box":{"x":181,"y":448,"width":697,"height":11}},{"id":"8288cf26-5a02-45cd-833f-1183384d47bb","block_type":"box","text":"accuracy: on the basis of an up to date market value which the ACD and the Depositary have","page_number":223,"box":{"x":182,"y":468,"width":696,"height":11}},{"id":"bbfdf0aa-5faf-481b-8da5-89b2a85df5af","block_type":"box","text":"agreed is reliable, or, if this value is not available, on the basis of a pricing model which the","page_number":223,"box":{"x":182,"y":489,"width":696,"height":11}},{"id":"31732709-35b5-44b4-9ad7-febc042ccdc6","block_type":"box","text":"ACD and Depositary have agreed uses an adequate recognised methodology; and","page_number":223,"box":{"x":181,"y":509,"width":613,"height":11}},{"id":"9adf840d-3256-4ed4-bf83-630ccf512ae3","block_type":"box","text":"4.","page_number":223,"box":{"x":121,"y":542,"width":12,"height":8}},{"id":"842546cd-8a98-462b-9589-3e048a658208","block_type":"box","text":"subject to verifiable valuation; a transaction in derivatives is subject to verifiable valuation only","page_number":223,"box":{"x":181,"y":541,"width":697,"height":12}},{"id":"14021d8f-b47a-4e12-8be6-7887a4042462","block_type":"box","text":"if, throughout the life of the derivative (if the transaction is entered into) verification of the","page_number":223,"box":{"x":182,"y":562,"width":696,"height":11}},{"id":"4a91feab-f9ce-4fc1-9f71-4828a815791b","block_type":"box","text":"valuation is carried out by:","page_number":223,"box":{"x":181,"y":583,"width":193,"height":11}},{"id":"a64c579c-0fcf-4a89-8959-e7079baa93b6","block_type":"box","text":"(a) an appropriate third party which is independent from the counterparty of the derivative, at","page_number":223,"box":{"x":182,"y":615,"width":696,"height":11}},{"id":"5e60e3a6-a48f-4294-890f-79be5890bcf5","block_type":"box","text":"an adequate frequency and in such a way that the authorised fund manager is able to check it;","page_number":223,"box":{"x":182,"y":635,"width":695,"height":11}},{"id":"c1d042b6-ad2d-41f9-a5e4-a019b97a6d3f","block_type":"box","text":"or","page_number":223,"box":{"x":182,"y":658,"width":14,"height":7}},{"id":"a40e4a2d-632e-419b-8120-1289d4694142","block_type":"box","text":"(b) a department within the authorised fund manager which is independent from the department","page_number":223,"box":{"x":182,"y":688,"width":696,"height":11}},{"id":"490c4ae3-c8df-4d94-9ab8-c3c453ac4e73","block_type":"box","text":"in charge of managing the Scheme Property and which is adequately equipped for such a","page_number":223,"box":{"x":182,"y":709,"width":696,"height":11}},{"id":"8deaa80b-e828-48ec-89e9-c044ea64920f","block_type":"box","text":"purpose.","page_number":223,"box":{"x":182,"y":731,"width":63,"height":9}},{"id":"4629a470-7cdd-45c1-bb3c-340f204564a9","block_type":"box","text":"Collateral Policy","page_number":223,"box":{"x":121,"y":761,"width":130,"height":12}},{"id":"e5b00f06-099d-4b45-9d9d-e986e3bcf9a9","block_type":"box","text":"To mitigate the risk of default of a counterparty to an OTC derivative position, collateral is held by a","page_number":223,"box":{"x":121,"y":796,"width":757,"height":11}},{"id":"6b5fd495-701e-462d-94a8-957520fd91f7","block_type":"box","text":"third party custodian, subject to prudential supervision and unrelated to the provider of collateral. This","page_number":223,"box":{"x":121,"y":817,"width":757,"height":11}},{"id":"be8debd5-8e2e-4854-bf69-7f70b8e21cdb","block_type":"box","text":"collateral is capable of being fully enforced and called upon by the Fund at any time should default","page_number":223,"box":{"x":121,"y":837,"width":757,"height":11}},{"id":"33029d96-7d3d-4c6f-8f09-d45342806349","block_type":"box","text":"occur, without reference to or approval from the counterparty.","page_number":223,"box":{"x":121,"y":858,"width":454,"height":11}},{"id":"57daf61a-d220-489a-9839-2963235b3f68","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 224","page_number":224,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"8302456e-4cdf-4776-abdd-e07ca1d5627e","block_type":"box","text":"Collateral received by a Fund from counterparties in respect of OTC transactions must meet the","page_number":224,"box":{"x":121,"y":87,"width":757,"height":12}},{"id":"6469f9a6-6bc9-48e4-8697-520306933586","block_type":"box","text":"eligibility criteria as set out in the Credit Support Annex (CSA) to the ISDA Master Agreement in place","page_number":224,"box":{"x":121,"y":108,"width":757,"height":11}},{"id":"a8c68df3-1699-4e69-b8c1-63ccd3db7711","block_type":"box","text":"between the relevant Fund and the Counterparty. The Investment Manager’s policy is to restrict","page_number":224,"box":{"x":121,"y":128,"width":757,"height":12}},{"id":"3d6f1e36-5139-42d6-91f4-a83633a404fc","block_type":"box","text":"collateral under CSAs to cash or high quality, liquid government bonds. No additional liquidity or maturity","page_number":224,"box":{"x":121,"y":149,"width":757,"height":11}},{"id":"8c421b71-4a58-4ab1-a93a-b4568929833e","block_type":"box","text":"limits (beyond limits on the type of collateral accepted) are applied in relation to collateral received.","page_number":224,"box":{"x":122,"y":169,"width":755,"height":12}},{"id":"2da2ea03-b786-413f-8f1e-8d10a235cae1","block_type":"box","text":"Government bonds received as collateral by a Fund will be subject to the relevant haircuts under the","page_number":224,"box":{"x":121,"y":190,"width":757,"height":11}},{"id":"c5b9b6b2-229b-4f48-a306-e2e000bbf7df","block_type":"box","text":"CSA in place between the Fund and a Counterparty. At a minimum these haircuts will comply with the","page_number":224,"box":{"x":121,"y":210,"width":757,"height":12}},{"id":"f7a5e277-6330-4a9a-a480-51d9a658d143","block_type":"box","text":"minimum regulatory haircuts for government bonds, as set in the regulatory technical standards","page_number":224,"box":{"x":122,"y":231,"width":756,"height":11}},{"id":"04462b5a-f8cf-4c51-a5f9-393cd7314038","block_type":"box","text":"implemented for uncleared OTC Derivatives by the UK for the purpose of EMIR. These minimum","page_number":224,"box":{"x":122,"y":251,"width":756,"height":12}},{"id":"df5b583d-d092-4407-bf44-28c8c91afbcd","block_type":"box","text":"regulatory haircuts are as set out below:","page_number":224,"box":{"x":122,"y":272,"width":295,"height":11}},{"id":"94cdcb32-c01a-4f50-a9f4-336c0d1a3c15","block_type":"box","text":"The ACD can accept collateral in excess of 20% of the Net Asset Value of each Fund in respect of debt","page_number":224,"box":{"x":121,"y":433,"width":757,"height":11}},{"id":"56110e87-5deb-4f1a-947e-1a79f0dca4e7","block_type":"box","text":"obligations issued by a government. Should a Fund be fully collateralised by debt obligations issued by","page_number":224,"box":{"x":121,"y":453,"width":757,"height":12}},{"id":"18c677cb-b9eb-4f17-a5cd-962c28399712","block_type":"box","text":"a government the ACD will ensure that the collateral received comprises at least six different issues","page_number":224,"box":{"x":121,"y":474,"width":757,"height":11}},{"id":"df3931d4-f498-4eb1-a793-84dfd25e8e9f","block_type":"box","text":"and that no one issue comprises more than 30% of the Net Asset Value of a Fund.","page_number":224,"box":{"x":121,"y":495,"width":611,"height":11}},{"id":"bd473937-38fd-4e6e-b949-1ccf0dac87dc","block_type":"box","text":"Collateral received should be issued by an entity that is independent from the counterparty and is not","page_number":224,"box":{"x":121,"y":529,"width":748,"height":11}},{"id":"670cf887-921a-4417-b02d-c59224f01cc5","block_type":"box","text":"expected to display a high correlation with the performance of the counterparty.","page_number":224,"box":{"x":121,"y":545,"width":586,"height":11}},{"id":"b4912513-dd8b-4423-b82c-267ca8c21a5d","block_type":"box","text":"The OTC instruments are valued on a daily basis. The collateral received is valued daily on a mark-to\u0002","page_number":224,"box":{"x":121,"y":572,"width":757,"height":12}},{"id":"51696f4a-b042-4007-b684-ffd1ad9376c4","block_type":"box","text":"market basis. As the types of collateral accepted are liquid with publicly available prices, a mark-to\u0002","page_number":224,"box":{"x":122,"y":593,"width":756,"height":11}},{"id":"151e78ae-5fd0-44dc-bdc7-7a9c0644413d","block_type":"box","text":"market basis gives the best valuation. 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The SFTs that may be undertaken by these Funds are limited to repo contracts","page_number":228,"box":{"x":122,"y":583,"width":756,"height":11}},{"id":"4a27e10d-36ef-453d-930c-26c65e4c2876","block_type":"box","text":"and securities lending. The Funds are permitted to enter into securities lending arrangements and repo","page_number":228,"box":{"x":121,"y":603,"width":757,"height":12}},{"id":"e1c7e4ac-b1a8-433a-aeac-f2ecc43f18cb","block_type":"box","text":"contracts for the purposes of efficient portfolio management and are permitted to use TRS for","page_number":228,"box":{"x":121,"y":624,"width":757,"height":11}},{"id":"f3bd8573-90e9-4fa8-9256-760adaf70647","block_type":"box","text":"investment purposes, or for efficient portfolio management, or to reduce risk. The types of assets which","page_number":228,"box":{"x":122,"y":644,"width":756,"height":12}},{"id":"8fdbf80a-f471-48f7-b029-b030c49ef771","block_type":"box","text":"may be subject to repo contracts, securities lending and TRS will be limited to the financial instruments","page_number":228,"box":{"x":122,"y":665,"width":756,"height":11}},{"id":"a45c3377-5fde-442c-86af-4cba2aa35a1f","block_type":"box","text":"permitted by each Fund’s investment policy. The assets that may be subject to SFTs and TRS and all","page_number":228,"box":{"x":121,"y":685,"width":757,"height":11}},{"id":"ed12e781-c17e-4101-b0fa-3cb91fc53a0c","block_type":"box","text":"collateral received is held under the control of the Depositary for the benefit of these Funds.","page_number":228,"box":{"x":121,"y":706,"width":677,"height":11}},{"id":"4c1037d3-1374-4ce9-80ed-bef0bd528168","block_type":"box","text":"Given that the Fund’s assets cannot be described as being ‘subject to’ TRS, the maximum and expected","page_number":228,"box":{"x":121,"y":738,"width":757,"height":11}},{"id":"36734641-fbd0-4bfa-bb5b-d59f7640d2da","block_type":"box","text":"percentages of TRS are given as the gross aggregate notional of TRS as a percentage of the NAV.","page_number":228,"box":{"x":121,"y":759,"width":734,"height":11}},{"id":"bc73c7e3-4181-4008-9875-34ddfde1c8b8","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 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as","page_number":229,"box":{"x":121,"y":509,"width":709,"height":11}},{"id":"364e44b2-d435-4ba1-bff1-b27e2d93c4a0","block_type":"box","text":"follows:","page_number":229,"box":{"x":121,"y":525,"width":54,"height":9}},{"id":"9ae8d0c1-a931-4c98-be24-cf6aa00e1867","block_type":"box","text":"Repo Contracts","page_number":229,"box":{"x":131,"y":553,"width":115,"height":11}},{"id":"b9db4c1d-ee4b-4452-ad8d-504b620dd303","block_type":"box","text":"10%","page_number":229,"box":{"x":511,"y":554,"width":31,"height":8}},{"id":"2dd76735-1614-46d8-92b7-8b3602b6249f","block_type":"box","text":"TRS","page_number":229,"box":{"x":130,"y":574,"width":33,"height":9}},{"id":"b77f04aa-da85-415b-bcfc-ea9307a20352","block_type":"box","text":"10%","page_number":229,"box":{"x":511,"y":575,"width":31,"height":8}},{"id":"12d923a4-720a-4c65-9b2c-0ce838f28eaa","block_type":"box","text":"Securities 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follows:","page_number":230,"box":{"x":121,"y":531,"width":698,"height":11}},{"id":"7a74c963-c0ea-4777-aa20-63719cd8603a","block_type":"box","text":"Securities Lending","page_number":230,"box":{"x":131,"y":564,"width":136,"height":11}},{"id":"9bc89aa2-8dc6-4c3c-ab13-bc39f1816eff","block_type":"box","text":"15%","page_number":230,"box":{"x":512,"y":564,"width":31,"height":9}},{"id":"34babe80-c2a1-4240-ac64-b808f5ba9975","block_type":"box","text":"Aviva Investors UK Listed Small and Mid-Cap Fund","page_number":230,"box":{"x":121,"y":605,"width":380,"height":11}},{"id":"841fb905-c278-4d47-b6c5-b021399909a5","block_type":"box","text":"The maximum proportion of the assets of the Fund which may be subject to SFTs is as follows:","page_number":230,"box":{"x":121,"y":646,"width":703,"height":11}},{"id":"5ad724d7-7596-468a-9f92-4850f8dd9521","block_type":"box","text":"Securities 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231","page_number":231,"box":{"x":121,"y":926,"width":371,"height":9}},{"id":"1032c6dd-af39-4727-9be2-429d6706dcca","block_type":"box","text":"Aviva Investors UK Listed Equity Income Fund","page_number":231,"box":{"x":121,"y":88,"width":344,"height":11}},{"id":"5a4ea080-c48d-4635-8fbd-1304636afd61","block_type":"box","text":"The maximum proportion of the assets of the Fund which may be subject to SFTs is as follows:","page_number":231,"box":{"x":121,"y":128,"width":703,"height":12}},{"id":"0c44608b-3f83-440c-a7ce-0c2df6cd8588","block_type":"box","text":"Securities Lending","page_number":231,"box":{"x":131,"y":161,"width":136,"height":12}},{"id":"d263f338-39e4-4cde-bda1-455d4dc8c0ee","block_type":"box","text":"50%","page_number":231,"box":{"x":509,"y":162,"width":33,"height":8}},{"id":"025cb220-d887-480d-b128-371b6751e73c","block_type":"box","text":"The expected proportion of the assets of the Fund which may be subject to SFTs is as follows:","page_number":231,"box":{"x":121,"y":203,"width":698,"height":11}},{"id":"d3b511f9-5956-4829-b195-cff076f16446","block_type":"box","text":"Securities Lending","page_number":231,"box":{"x":131,"y":236,"width":136,"height":11}},{"id":"cb2da755-ba62-4a61-b50b-10cbe8cdd070","block_type":"box","text":"15%","page_number":231,"box":{"x":512,"y":236,"width":31,"height":9}},{"id":"a42943a8-b217-4e10-9fe7-c860e7f225b5","block_type":"box","text":"Aviva Investors UK Smaller Companies Fund (please note that this fund is in the process of being","page_number":231,"box":{"x":121,"y":277,"width":757,"height":12}},{"id":"c189f460-8a27-43a1-81e9-718d0e6d1b0c","block_type":"box","text":"terminated and is no longer available for new investment)","page_number":231,"box":{"x":121,"y":298,"width":424,"height":11}},{"id":"8deb4779-6b17-4855-bb92-e9c0d8e2a58b","block_type":"box","text":"The maximum proportion of the assets of the Fund which may be subject to SFTs is as follows:","page_number":231,"box":{"x":121,"y":339,"width":703,"height":11}},{"id":"1cff0e8b-0689-40d1-a0c9-95ee8e1b75b7","block_type":"box","text":"Securities Lending","page_number":231,"box":{"x":131,"y":372,"width":136,"height":11}},{"id":"4a092a36-ff8c-4a4f-a318-02265deadbdc","block_type":"box","text":"50%","page_number":231,"box":{"x":509,"y":372,"width":33,"height":9}},{"id":"15854112-9036-4014-93b1-b0866dab2706","block_type":"box","text":"The expected proportion of the assets of the Fund which may be subject to SFTs is as follows:","page_number":231,"box":{"x":121,"y":413,"width":698,"height":12}},{"id":"f9f0a76b-4df0-4c06-9b97-b222a5168adc","block_type":"box","text":"Securities Lending","page_number":231,"box":{"x":131,"y":446,"width":136,"height":12}},{"id":"debff03a-d839-4c84-b8e0-dc51c7b643f0","block_type":"box","text":"15%","page_number":231,"box":{"x":512,"y":447,"width":31,"height":8}},{"id":"719f234b-2115-495b-ac92-ba568bdb44b6","block_type":"box","text":"Aviva Investors Global Equity Income Fund","page_number":231,"box":{"x":121,"y":488,"width":319,"height":11}},{"id":"0e8a2436-a9f5-4075-bf0a-3ef89e14e6f3","block_type":"box","text":"The maximum proportion of the assets of the Fund which may be subject to SFTs is as follows:","page_number":231,"box":{"x":121,"y":529,"width":703,"height":11}},{"id":"0b580177-1abd-43fd-8b65-3b36aa761f79","block_type":"box","text":"Securities Lending","page_number":231,"box":{"x":131,"y":562,"width":136,"height":11}},{"id":"1cac60a6-ab0b-48cf-95b3-e8530be1d486","block_type":"box","text":"50%","page_number":231,"box":{"x":509,"y":562,"width":33,"height":9}},{"id":"841e7ffd-890f-4975-9a2f-c52edb238af3","block_type":"box","text":"The expected proportion of the assets of the Fund which may be subject to SFTs is as follows:","page_number":231,"box":{"x":121,"y":603,"width":698,"height":12}},{"id":"3c8cd613-78c5-4e04-8c6c-ed6c81a200f4","block_type":"box","text":"Securities 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232","page_number":232,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"7f8f6d4d-76c6-439f-a41f-3e8a0bd62e06","block_type":"box","text":"Aviva Investors Sterling Corporate Bond Fund","page_number":232,"box":{"x":121,"y":87,"width":340,"height":12}},{"id":"622e8fa9-6c24-459c-909c-60a1521a9ef6","block_type":"box","text":"The maximum proportion of the assets of the Fund which may be subject to SFTs is as follows:","page_number":232,"box":{"x":121,"y":128,"width":703,"height":12}},{"id":"433465ea-a305-4297-9d90-427e6b244d5a","block_type":"box","text":"Securities Lending","page_number":232,"box":{"x":131,"y":161,"width":136,"height":12}},{"id":"fa211dfd-3d33-4612-b2f7-4ac331abb311","block_type":"box","text":"50%","page_number":232,"box":{"x":509,"y":162,"width":33,"height":8}},{"id":"6708ac36-4ddf-47ff-96be-12a4b55744d8","block_type":"box","text":"The expected proportion of the assets of the Fund which may be subject to SFTs is as follows:","page_number":232,"box":{"x":121,"y":203,"width":698,"height":11}},{"id":"6c4317d1-a97c-473f-8136-9805186007a2","block_type":"box","text":"Securities Lending","page_number":232,"box":{"x":131,"y":236,"width":136,"height":11}},{"id":"e7b1e2ad-90c2-4b7a-b923-5132d424b08e","block_type":"box","text":"10%","page_number":232,"box":{"x":512,"y":236,"width":31,"height":9}},{"id":"6fc4c5f0-791f-4bb0-a2fb-41443e23ec39","block_type":"box","text":"Aviva Investors Higher Income Plus Fund","page_number":232,"box":{"x":121,"y":278,"width":306,"height":11}},{"id":"c8332857-a429-44da-a19b-9120bc94dfe9","block_type":"box","text":"The maximum proportion of the assets of the Fund which may be subject to SFTs is as follows:","page_number":232,"box":{"x":121,"y":318,"width":703,"height":12}},{"id":"8e2b4fb5-23d9-42dd-b497-d11b28b155ee","block_type":"box","text":"Securities 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Lending","page_number":232,"box":{"x":131,"y":616,"width":136,"height":11}},{"id":"385dcd37-577f-4cc2-878d-3e6e3e612fea","block_type":"box","text":"10%","page_number":232,"box":{"x":512,"y":616,"width":31,"height":9}},{"id":"52320187-a221-49f2-bafc-3aa9b268e2e0","block_type":"box","text":"Aviva Investors UK Index Tracking Fund","page_number":232,"box":{"x":121,"y":658,"width":298,"height":11}},{"id":"6ccbf2fa-e7f4-488c-9a59-c1edc0c10e8b","block_type":"box","text":"The maximum proportion of the assets of the Fund which may be subject to SFTs is as follows:","page_number":232,"box":{"x":125,"y":698,"width":704,"height":12}},{"id":"f59884f8-9367-430f-b173-c5087db0a034","block_type":"box","text":"Securities 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233","page_number":233,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"e5938ff4-ae50-412f-b2c0-c049ebdf0e32","block_type":"box","text":"Aviva Investors International Index Tracking Fund","page_number":233,"box":{"x":121,"y":88,"width":367,"height":11}},{"id":"ac46007d-231f-48cc-9164-6ca4bc6d02f0","block_type":"box","text":"The maximum proportion of the assets of the Fund which may be subject to SFTs is as follows:","page_number":233,"box":{"x":121,"y":128,"width":703,"height":12}},{"id":"9e2cc6ba-4c97-491f-ab91-14b8305c4ed9","block_type":"box","text":"Securities Lending","page_number":233,"box":{"x":131,"y":161,"width":136,"height":12}},{"id":"40d1c1d0-a853-4213-848a-cb98dbfdada1","block_type":"box","text":"50%","page_number":233,"box":{"x":509,"y":162,"width":33,"height":8}},{"id":"bd4f01aa-0cb4-49a5-9a4f-3b1c7c381dc2","block_type":"box","text":"The expected proportion of the assets of the Fund which may be subject to SFTs is as follows:","page_number":233,"box":{"x":121,"y":203,"width":698,"height":11}},{"id":"fc1d4062-0236-44f9-afff-9021c4b9d4b5","block_type":"box","text":"Securities Lending","page_number":233,"box":{"x":131,"y":236,"width":136,"height":11}},{"id":"25e0ae98-761c-4b99-b16e-1208d6de4cba","block_type":"box","text":"15%","page_number":233,"box":{"x":512,"y":236,"width":31,"height":9}},{"id":"9dda94ba-48a3-40b9-92cd-b339b2d6a48e","block_type":"box","text":"Aviva Investors Strategic Bond Fund","page_number":233,"box":{"x":121,"y":277,"width":270,"height":12}},{"id":"fa802ae6-4ae0-47ac-b68f-64e205d4e4c8","block_type":"box","text":"The maximum proportion of the assets of the Fund which may be subject to SFTs is as follows:","page_number":233,"box":{"x":121,"y":318,"width":703,"height":12}},{"id":"30fe09b7-e394-414c-9916-5157cb2a0886","block_type":"box","text":"Securities Lending","page_number":233,"box":{"x":131,"y":351,"width":136,"height":12}},{"id":"6bdfca0f-3a36-4a52-99d7-e1b2caf21880","block_type":"box","text":"50%","page_number":233,"box":{"x":509,"y":352,"width":33,"height":8}},{"id":"b69ece02-52ac-48b6-9475-011750cce063","block_type":"box","text":"The expected proportion of the assets of the Fund which may be subject to SFTs is as follows:","page_number":233,"box":{"x":121,"y":393,"width":698,"height":11}},{"id":"c2d643a7-5443-4171-be28-3232def12111","block_type":"box","text":"Securities Lending","page_number":233,"box":{"x":131,"y":426,"width":136,"height":11}},{"id":"77d91d57-da59-4160-8ff5-a38d8fad196c","block_type":"box","text":"10%","page_number":233,"box":{"x":512,"y":426,"width":31,"height":9}},{"id":"4253a968-aec3-41ba-a4b2-64736ef1162c","block_type":"box","text":"Aviva Investors Global Equity 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Lending","page_number":233,"box":{"x":131,"y":616,"width":136,"height":11}},{"id":"f21d1a2c-d908-4bdf-bb8b-e62913498f63","block_type":"box","text":"15%","page_number":233,"box":{"x":512,"y":616,"width":31,"height":9}},{"id":"01cdd2c9-f457-4e65-a52e-4e96201d4bfe","block_type":"box","text":"Aviva Investors Global Emerging Markets Equity Unconstrained Fund (please note that this fund is in","page_number":233,"box":{"x":121,"y":657,"width":756,"height":12}},{"id":"ad8c94a8-626c-4b9d-be30-15a056edee28","block_type":"box","text":"the process of being terminated and is no longer available for new investment)","page_number":233,"box":{"x":121,"y":678,"width":580,"height":11}},{"id":"3ecf8a28-172f-436f-9b87-64792d67e5db","block_type":"box","text":"The maximum proportion of the assets of the Fund which may be subject to SFTs is as follows:","page_number":233,"box":{"x":121,"y":719,"width":703,"height":11}},{"id":"7d41be8a-daa4-4ee1-a5f7-c28262f2b591","block_type":"box","text":"Securities 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234","page_number":234,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"54479177-e2de-4fd1-a241-b3f431875a81","block_type":"box","text":"Aviva Investors Global Climate Aware Equity Fund","page_number":234,"box":{"x":121,"y":87,"width":374,"height":12}},{"id":"79184d2e-bfa4-4c66-83cf-2ffda8dc5e7e","block_type":"box","text":"The maximum proportion of the assets of the Fund which may be subject to SFTs is as follows:","page_number":234,"box":{"x":121,"y":128,"width":703,"height":12}},{"id":"221e832e-86f7-49cd-aa60-2bfac008e503","block_type":"box","text":"Securities Lending","page_number":234,"box":{"x":131,"y":161,"width":136,"height":12}},{"id":"0307e2ab-dedf-4153-9611-ea930f02570e","block_type":"box","text":"50%","page_number":234,"box":{"x":509,"y":162,"width":33,"height":8}},{"id":"de932358-fc5b-4274-b2d8-aba1b3119ce6","block_type":"box","text":"The expected proportion of the assets of the Fund which may be subject to SFTs is as follows:","page_number":234,"box":{"x":121,"y":203,"width":698,"height":11}},{"id":"62c251c4-f1a5-421d-8c36-a92f17b38190","block_type":"box","text":"Securities Lending","page_number":234,"box":{"x":131,"y":236,"width":136,"height":11}},{"id":"0567d1e8-f654-4903-b63a-def98da1eb2c","block_type":"box","text":"15%","page_number":234,"box":{"x":512,"y":236,"width":31,"height":9}},{"id":"932e6e41-52ca-4fd8-9e47-dda39e517f69","block_type":"box","text":"For all of the Funds listed above, the expected proportion of AUM subject to SFTs is indicative only","page_number":234,"box":{"x":122,"y":277,"width":756,"height":12}},{"id":"e25523c4-04f0-4134-bba5-4527ec526253","block_type":"box","text":"and, depending on market conditions and the strategies employed, the actual exposure may be outside","page_number":234,"box":{"x":121,"y":298,"width":757,"height":11}},{"id":"08218fb2-b6d6-4793-a482-af7d3cda95c1","block_type":"box","text":"of that range at any given point in time. There may be times when the proportion of AUM subject to","page_number":234,"box":{"x":121,"y":319,"width":757,"height":11}},{"id":"9f0ffa93-b94e-4aa0-af79-4ea3332ec558","block_type":"box","text":"SFTs is zero.","page_number":234,"box":{"x":121,"y":339,"width":97,"height":9}},{"id":"ac269ef6-d970-485d-8edc-1dddc416ea06","block_type":"box","text":"Counterparty requirements","page_number":234,"box":{"x":121,"y":404,"width":215,"height":11}},{"id":"f739cdab-c68a-4108-8801-a68863f3a588","block_type":"box","text":"Securities Lending and TRS","page_number":234,"box":{"x":121,"y":436,"width":208,"height":11}},{"id":"ebececd1-af2f-4a78-8495-8475a97cfdc7","block_type":"box","text":"All counterparties must meet the requirements of the FCA COLL rules in respect of their authorisation,","page_number":234,"box":{"x":121,"y":468,"width":756,"height":12}},{"id":"59d87897-ed5a-4be7-bc8c-065d2c666171","block_type":"box","text":"supervision or registration. Counterparties must also meet certain criteria based upon their credit rating","page_number":234,"box":{"x":121,"y":489,"width":757,"height":11}},{"id":"1d76a924-facd-4674-85e9-1b258a368b34","block_type":"box","text":"or credit default swap price. Unrated counterparties can be used where they are wholly owned by a","page_number":234,"box":{"x":121,"y":509,"width":757,"height":11}},{"id":"f7dd83a2-9e53-4b26-9e1b-3f7afefbb09c","block_type":"box","text":"parent company or their ultimate holding company meets certain credit rating criteria.","page_number":234,"box":{"x":121,"y":530,"width":628,"height":11}},{"id":"8781e005-1b34-49b6-aeb3-77343fc9afe5","block_type":"box","text":"There are no requirements based on legal status or country of origin, but the counterparty must be","page_number":234,"box":{"x":121,"y":562,"width":757,"height":11}},{"id":"408bd824-611d-4f63-8353-e7618bf289c8","block_type":"box","text":"domiciled in jurisdictions where the relevant legal documentation is enforceable.","page_number":234,"box":{"x":121,"y":583,"width":591,"height":11}},{"id":"37f6caea-6f24-4d00-b1da-c9d667940aca","block_type":"box","text":"Repo contracts","page_number":234,"box":{"x":122,"y":615,"width":111,"height":11}},{"id":"45aeba69-e4b0-42dc-ae8c-217a0af90de7","block_type":"box","text":"The Bank of New York Mellon, London branch, is required to procure that all counterparties are subject","page_number":234,"box":{"x":121,"y":647,"width":757,"height":12}},{"id":"e1543a59-bfef-4bbe-99bf-148651243c41","block_type":"box","text":"to its credit approval process and ongoing monitoring requirements. There are no requirements based","page_number":234,"box":{"x":121,"y":668,"width":756,"height":11}},{"id":"6abaa272-efc2-4329-9212-ffc31a933e5d","block_type":"box","text":"on legal status or country of origin.","page_number":234,"box":{"x":121,"y":688,"width":255,"height":12}},{"id":"62a9476a-5c8e-4e4a-86e4-c85ac1424f1c","block_type":"box","text":"Collateral requirements","page_number":234,"box":{"x":121,"y":721,"width":186,"height":11}},{"id":"6093e588-319a-472e-ab4d-00bf0e37c2c3","block_type":"box","text":"Securities lending","page_number":234,"box":{"x":121,"y":753,"width":131,"height":11}},{"id":"bb438454-ec86-4651-abc8-80fd34f06d12","block_type":"box","text":"Collateral will meet the requirements of the FCA COLL rules and will be limited to cash, government","page_number":234,"box":{"x":121,"y":785,"width":757,"height":12}},{"id":"a3c9f9e9-8b9d-4f72-8d6b-b6031cd31060","block_type":"box","text":"and supranational issued collateral restricted to issuers located in certain jurisdictions, equities listed","page_number":234,"box":{"x":121,"y":806,"width":757,"height":11}},{"id":"3294e62a-aa90-4239-9c2f-571fe762e29b","block_type":"box","text":"on prime indices, corporate bonds and commercial paper.","page_number":234,"box":{"x":121,"y":827,"width":426,"height":11}},{"id":"2984b8ea-5e93-4f0d-83f1-1b012ae7297d","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 235","page_number":235,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"a6e2db32-7ab4-4132-979a-7ba1ef1172ee","block_type":"box","text":"Collateral must be liquid (as set out in the FCA COLL rules). No additional liquidity or maturity limits","page_number":235,"box":{"x":121,"y":87,"width":757,"height":12}},{"id":"ec43a36f-822a-4aa9-a672-b7a2a7af3732","block_type":"box","text":"(beyond limits on the type of collateral accepted) are applied in relation to collateral received","page_number":235,"box":{"x":122,"y":108,"width":682,"height":11}},{"id":"fe76fdf3-6eca-43d7-8c98-d78582e7bf3a","block_type":"box","text":".","page_number":235,"box":{"x":806,"y":115,"width":2,"height":2}},{"id":"24d016cd-6c5f-4562-b2d0-919120986186","block_type":"box","text":"Collateral will be issued by the counterparty in line with the requirements of the FCA COLL rules. The","page_number":235,"box":{"x":121,"y":140,"width":757,"height":12}},{"id":"55c30444-b5da-4961-abc6-0787ee457d9a","block_type":"box","text":"Securities Lending Agent will not accept any securities issued by Aviva Plc or the Securities Lending","page_number":235,"box":{"x":121,"y":161,"width":757,"height":11}},{"id":"c8ddd7a7-05c0-40cc-99e7-7afd586e44ec","block_type":"box","text":"Agent or their respective affiliated companies, and will also not accept collateral where the issuer is a","page_number":235,"box":{"x":121,"y":181,"width":757,"height":12}},{"id":"dd57ae8d-035b-4fca-be82-87c78a88825a","block_type":"box","text":"related party of the counterparty or where the collateral is expected to display a high correlation with","page_number":235,"box":{"x":122,"y":202,"width":756,"height":11}},{"id":"4d467f9a-5ae4-4d52-baf3-a0def25d098f","block_type":"box","text":"the performance of the counterparty. Non-Sovereign and Non-Supranational issued Collateral will be","page_number":235,"box":{"x":121,"y":222,"width":757,"height":12}},{"id":"b1e5fd5b-6825-4d82-a0bd-172c972ee027","block_type":"box","text":"restricted by issuer to 10% of the collateral value. Sovereign and Supranational issued collateral will","page_number":235,"box":{"x":122,"y":243,"width":755,"height":11}},{"id":"a21d5a9b-5b5a-4322-9947-d81c4b91b9ca","block_type":"box","text":"not exceed 20% of the Net Asset Value of a Fund per issuer, except a Fund may be fully collateralised","page_number":235,"box":{"x":122,"y":263,"width":756,"height":11}},{"id":"83002745-9816-41fb-bb40-1c0730b3f49f","block_type":"box","text":"by collateral issued by the UK, an EU Member State, one or more of its local authorities, a country other","page_number":235,"box":{"x":121,"y":284,"width":757,"height":11}},{"id":"033bb089-a3a8-411f-9df8-5b4bf8ffc120","block_type":"box","text":"than the UK or an EU Member State, or a public international body to which the UK or one or more EU","page_number":235,"box":{"x":121,"y":304,"width":756,"height":11}},{"id":"262cadbf-56f1-4ada-ac83-1f81f336346a","block_type":"box","text":"Member States belong, providing the collateral received is from at least six different issues, and any","page_number":235,"box":{"x":122,"y":325,"width":756,"height":11}},{"id":"d3569105-c58c-44da-bc8e-75b75e0458a1","block_type":"box","text":"single issue does not exceed 30% of the Net Asset Value of a Fund. Collateral will adequately cover","page_number":235,"box":{"x":121,"y":345,"width":758,"height":11}},{"id":"3e68e539-16db-4f36-a348-48a8ee1f79fe","block_type":"box","text":"securities lent under any securities lending transactions and will continue to be adequate only if its value","page_number":235,"box":{"x":121,"y":366,"width":757,"height":11}},{"id":"4f95fe1b-bbd3-4a86-ad30-75ec1274c2f4","block_type":"box","text":"is at all times at least equal to the value of the securities transferred by the Securities Lending Agent","page_number":235,"box":{"x":122,"y":386,"width":756,"height":11}},{"id":"227cd6b0-0b37-4239-818c-cf38a40ab43c","block_type":"box","text":"plus a premium. This will be satisfied in respect of collateral where the validity of the collateral or the","page_number":235,"box":{"x":121,"y":407,"width":757,"height":11}},{"id":"d9d2a5cd-df60-4a32-930f-3320f2793a06","block_type":"box","text":"firm's interest in the collateral is about to expire or has expired if sufficient collateral will again be","page_number":235,"box":{"x":121,"y":427,"width":757,"height":11}},{"id":"069f5d73-cdd3-452e-abdf-69f963ac3c75","block_type":"box","text":"transferred or issued at the latest by the close of business on the day of expiry.","page_number":235,"box":{"x":121,"y":448,"width":583,"height":11}},{"id":"84585f38-4e26-4afe-9d86-84511e35d467","block_type":"box","text":"The collateral received is valued daily on a mark-to-market basis. As the types of collateral accepted","page_number":235,"box":{"x":121,"y":480,"width":757,"height":11}},{"id":"e21e045f-4b16-4d0c-ab24-e8cf47777da1","block_type":"box","text":"are liquid with publicly available prices, a mark-to-market basis gives the best valuation. A haircut (a","page_number":235,"box":{"x":121,"y":500,"width":757,"height":12}},{"id":"3306f6fd-5088-445d-a19d-cd2859cacc70","block_type":"box","text":"deduction to the valuation) is applied to the value of the collateral depending on the type of collateral","page_number":235,"box":{"x":121,"y":521,"width":757,"height":11}},{"id":"56ba2e94-98bb-4459-af90-f42f406b9d85","block_type":"box","text":"received and positions will be subject to daily variation margin requirements.","page_number":235,"box":{"x":122,"y":542,"width":563,"height":11}},{"id":"a2102248-b872-4076-975e-ac953f876b08","block_type":"box","text":"All transactions are governed by industry standard documentation, which provides for the title transfer","page_number":235,"box":{"x":121,"y":574,"width":757,"height":11}},{"id":"6afa6b2f-d4eb-4d26-b494-f5347f84239e","block_type":"box","text":"of collateral securities. The assets that may be subject to securities lending and all collateral received","page_number":235,"box":{"x":121,"y":594,"width":756,"height":12}},{"id":"641977bc-eb2e-4915-bcc1-d10dd6a7ba1d","block_type":"box","text":"is held under the control of the Depositary for the benefit of the underlying Fund.","page_number":235,"box":{"x":122,"y":615,"width":592,"height":11}},{"id":"d175d464-299a-4d50-b844-9a0f85048582","block_type":"box","text":"Collateral may not be re-used and cash collateral reinvestment is not permitted.","page_number":235,"box":{"x":121,"y":647,"width":588,"height":11}},{"id":"35547d16-50c6-410e-94fd-429bdec8d862","block_type":"box","text":"TRS","page_number":235,"box":{"x":121,"y":679,"width":32,"height":9}},{"id":"9cca338e-da6d-41d8-9d70-8ba04715d9cb","block_type":"box","text":"Refer to the “Collateral Policy” section in this Appendix 3.","page_number":235,"box":{"x":122,"y":712,"width":421,"height":11}},{"id":"31c42649-0710-4eaa-a300-1d344576501e","block_type":"box","text":"Repo contracts","page_number":235,"box":{"x":122,"y":744,"width":111,"height":11}},{"id":"509c4be3-0b7a-4b30-a770-2b6bddb7f75c","block_type":"box","text":"Collateral will meet the requirements of the FCA COLL rules and will be limited to UK Gilts.","page_number":235,"box":{"x":121,"y":776,"width":671,"height":12}},{"id":"b0a36b09-2fc0-4315-9cbf-05a8bf8e727c","block_type":"box","text":"Collateral must be liquid (as set out in the FCA COLL rules). No additional liquidity or maturity limits","page_number":235,"box":{"x":121,"y":809,"width":757,"height":11}},{"id":"8ade373d-a166-4614-ba26-a23e7cb7596b","block_type":"box","text":"(beyond limits on the type of collateral accepted) are applied in relation to collateral received","page_number":235,"box":{"x":122,"y":829,"width":682,"height":12}},{"id":"c732073c-2c57-4638-9ff6-7a796796c638","block_type":"box","text":".","page_number":235,"box":{"x":806,"y":837,"width":2,"height":1}},{"id":"00092a51-dc2d-4a97-a796-bc932b78095e","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 236","page_number":236,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"668dc65f-dbb3-4314-9048-d51091cbe889","block_type":"box","text":"Collateral will be issued by the counterparty in line with the requirements of the FCA COLL rules.","page_number":236,"box":{"x":121,"y":87,"width":756,"height":12}},{"id":"9a11c25f-725e-46a8-b43d-4389c177426c","block_type":"box","text":"Collateral received should be issued by an entity that is independent from the counterparty and is not","page_number":236,"box":{"x":121,"y":108,"width":757,"height":11}},{"id":"12a114e9-634d-4112-abe0-74e6df76e18c","block_type":"box","text":"expected to display a high correlation with the performance of the counterparty.","page_number":236,"box":{"x":121,"y":128,"width":586,"height":12}},{"id":"c6f4a475-9b5f-496f-a66e-3bf7519029e6","block_type":"box","text":"Collateral received will not exceed 20% of the Net Asset Value of a Fund per issuer, except a Fund may","page_number":236,"box":{"x":121,"y":161,"width":757,"height":11}},{"id":"ef36fc42-347f-4922-b1d4-dfd26f4de352","block_type":"box","text":"be fully collateralised by collateral issued by the UK or an EU Member State, one or more of its local","page_number":236,"box":{"x":121,"y":181,"width":757,"height":11}},{"id":"7c63b866-0ad4-47ee-93d6-0dc4870e1d4e","block_type":"box","text":"authorities, a country other than the UK or an EU Member State, or a public international body to which","page_number":236,"box":{"x":121,"y":202,"width":757,"height":11}},{"id":"acbfbd0b-0620-4aa8-9898-67a404afee68","block_type":"box","text":"the UK or one or more EU Member States belong, providing the collateral received is from at least six","page_number":236,"box":{"x":121,"y":222,"width":757,"height":12}},{"id":"79f3748a-0e2c-4e9b-b378-d5165aba286b","block_type":"box","text":"different issues, and any single issue does not exceed 30% of the Net Asset Value of a Fund.","page_number":236,"box":{"x":121,"y":243,"width":691,"height":11}},{"id":"080d01c2-637e-4381-84c9-4085f62fb3dd","block_type":"box","text":"As the repo contracts entered into are overnight, repo trades and associated collateral are valued at","page_number":236,"box":{"x":121,"y":275,"width":757,"height":11}},{"id":"a90520f1-661a-4ef9-b3a0-dc4fb461e0d4","block_type":"box","text":"the point of execution. A haircut is applied to the value of the collateral to account for any intraday price","page_number":236,"box":{"x":121,"y":296,"width":757,"height":11}},{"id":"e9dab34b-f613-414e-b684-db2aec88e6b4","block_type":"box","text":"movements.","page_number":236,"box":{"x":122,"y":317,"width":88,"height":8}},{"id":"0b48f08c-28b0-42b0-9a11-0e1ff934f728","block_type":"box","text":"All transactions are governed by industry standard documentation, which currently provides for the title","page_number":236,"box":{"x":121,"y":348,"width":757,"height":12}},{"id":"e1d35880-daf5-4c99-b0cb-125cf58839a8","block_type":"box","text":"transfer of collateral securities. The assets that may be subject to repo contracts and all collateral","page_number":236,"box":{"x":121,"y":369,"width":756,"height":11}},{"id":"676ea2a3-845d-4264-92ad-5fa43e782a86","block_type":"box","text":"received is held under the control of the Depositary for the benefit of the underlying Fund.","page_number":236,"box":{"x":122,"y":390,"width":660,"height":11}},{"id":"34540c41-71e8-4934-ba02-20e9f4e4fc5e","block_type":"box","text":"Collateral may not be re-used and cash collateral reinvestment is not permitted.","page_number":236,"box":{"x":121,"y":422,"width":588,"height":11}},{"id":"fa1ab618-e6d1-407e-b9d7-e3a0e58eebce","block_type":"box","text":"Revenue generation","page_number":236,"box":{"x":122,"y":454,"width":158,"height":11}},{"id":"e1583e2f-5983-4ec9-a886-024f6383e898","block_type":"box","text":"Any income generated from stock lending will be allocated between the Fund and the Securities Lending","page_number":236,"box":{"x":121,"y":486,"width":757,"height":12}},{"id":"fa2eb3da-5378-4889-aa8c-a99c97d5ee65","block_type":"box","text":"Agent. The Securities Lending agent is permitted to deduct a monthly fee equating to 20 per cent of the","page_number":236,"box":{"x":121,"y":507,"width":757,"height":11}},{"id":"3eb99b2b-987b-4029-94bb-76e246eae0f4","block_type":"box","text":"Securities Lending income generated. The fee will be charged to the Fund each month in respect of the","page_number":236,"box":{"x":121,"y":527,"width":757,"height":12}},{"id":"759f143d-22b6-46d0-83c5-b32df3421ace","block_type":"box","text":"Securities Lending activity from the preceding month.","page_number":236,"box":{"x":121,"y":548,"width":393,"height":11}},{"id":"068f4127-9d0d-474e-81d2-d7d4d436a9e2","block_type":"box","text":"All revenues arising from TRS and Repo contracts will be returned to the relevant Fund and the ACD","page_number":236,"box":{"x":121,"y":580,"width":757,"height":12}},{"id":"41411ca9-7c57-414e-adc3-6e9e7aa90fd9","block_type":"box","text":"will not take any fees or costs out of those revenues additional to the Fees set out in the section headed","page_number":236,"box":{"x":121,"y":601,"width":756,"height":11}},{"id":"deca9875-d152-4e4a-aaeb-25b8aba282a4","block_type":"box","text":"“Fees and Expenses” above.","page_number":236,"box":{"x":121,"y":621,"width":213,"height":11}},{"id":"c9353fa4-2922-404f-88d4-6e8caf8a22a0","block_type":"box","text":"Underwriting and Stock Placings","page_number":236,"box":{"x":122,"y":654,"width":319,"height":14}},{"id":"f9d0e56f-ee60-463f-bc1e-24c6f8a81ca4","block_type":"box","text":"Underwriting and sub-underwriting contracts and placings may also, subject to certain conditions set","page_number":236,"box":{"x":122,"y":684,"width":756,"height":11}},{"id":"32574a55-f307-4294-b6f1-e37351126ccd","block_type":"box","text":"out in the COLL Sourcebook, be entered into for the account of the Company.","page_number":236,"box":{"x":121,"y":704,"width":575,"height":11}},{"id":"be6c9f2e-32bc-4760-9ad0-21ecbb5b8f56","block_type":"box","text":"Borrowing and lending powers","page_number":236,"box":{"x":122,"y":743,"width":293,"height":13}},{"id":"c826fba9-7401-4e60-b330-7708edaa47cb","block_type":"box","text":"1. The ACD may, on the instructions of the Company and subject to the COLL Sourcebook borrow","page_number":236,"box":{"x":122,"y":774,"width":756,"height":12}},{"id":"5f8727c4-8458-45d1-a988-4fdea82f5a9e","block_type":"box","text":"money from an Eligible Institution or an Approved Bank for the use of the Company on the terms that","page_number":236,"box":{"x":122,"y":795,"width":756,"height":11}},{"id":"c850ed39-1e62-4a78-9151-6e948651657b","block_type":"box","text":"the borrowing is to be repayable out of the Scheme Property.","page_number":236,"box":{"x":121,"y":815,"width":451,"height":12}},{"id":"b820ac34-1acb-4046-905c-cebd35eece72","block_type":"box","text":"2. Borrowing must be on a temporary basis and must not be persistent.","page_number":236,"box":{"x":121,"y":857,"width":525,"height":11}},{"id":"160f53a3-cb39-4594-8cb7-a43b9d74ce17","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 237","page_number":237,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"9863f301-7eb2-4840-80c2-82830df981b2","block_type":"box","text":"3. The ACD must ensure that no period of borrowing exceeds 3 months without the prior consent of the","page_number":237,"box":{"x":121,"y":108,"width":757,"height":11}},{"id":"d9c09917-1718-4f31-a580-abb38599a993","block_type":"box","text":"Depositary, which may be given only on such conditions as appear appropriate to the Depositary to","page_number":237,"box":{"x":122,"y":129,"width":756,"height":11}},{"id":"81d302ba-345b-425d-9469-1ca902d193f6","block_type":"box","text":"ensure that the borrowing does not cease to be on a temporary basis.","page_number":237,"box":{"x":121,"y":149,"width":515,"height":11}},{"id":"43b30319-1736-497e-aa30-c15cd08a9d3e","block_type":"box","text":"4. The ACD must ensure that borrowing does not, on any Business Day, exceed 10% of the value of","page_number":237,"box":{"x":121,"y":190,"width":757,"height":11}},{"id":"122213b9-34dd-40e3-92e9-7dab3ba3d462","block_type":"box","text":"the Scheme Property. For this restriction, “borrowing” includes, in addition to borrowing in a","page_number":237,"box":{"x":121,"y":210,"width":757,"height":12}},{"id":"f7a4dec8-6c0d-46bb-9d83-fd87dac54f74","block_type":"box","text":"conventional manner, any other arrangement (including a combination of derivatives) designed to","page_number":237,"box":{"x":121,"y":231,"width":757,"height":11}},{"id":"18be35da-4090-42fd-8c93-53188425425b","block_type":"box","text":"achieve a temporary injection of money into the Scheme Property of a Fund in the expectation that the","page_number":237,"box":{"x":121,"y":251,"width":757,"height":12}},{"id":"098ca0e1-e33e-4b6c-b06b-a835ee5d4a29","block_type":"box","text":"sum will be repaid.","page_number":237,"box":{"x":121,"y":272,"width":137,"height":11}},{"id":"793342e3-b6f4-4bb7-a6cc-ffefbb95aae9","block_type":"box","text":"5. These borrowing restrictions do not apply to “back to back” borrowing for cover for transactions in","page_number":237,"box":{"x":126,"y":313,"width":751,"height":11}},{"id":"888c982d-db4e-423a-bd3a-aaf2d4be4c72","block_type":"box","text":"derivatives and forward transactions.","page_number":237,"box":{"x":121,"y":333,"width":271,"height":9}},{"id":"e63c6ed3-b147-4a25-a7b6-c2e58cff684e","block_type":"box","text":"6. In calculating any borrowing the ACD must ensure that:","page_number":237,"box":{"x":121,"y":374,"width":427,"height":11}},{"id":"30de12f6-07d3-457f-af34-bfdaa12b88df","block_type":"box","text":"(i) the figure calculated is the total of all borrowing in all currencies by the Fund; and","page_number":237,"box":{"x":182,"y":395,"width":620,"height":11}},{"id":"fdf25536-e921-43c6-ba73-92d1c5bceba8","block_type":"box","text":"(ii) long and short positions in different currencies are not netted off against each other.","page_number":237,"box":{"x":182,"y":415,"width":643,"height":12}},{"id":"6afb99a2-defb-4e4e-b800-ce62288d2840","block_type":"box","text":"7. None of the money in the scheme property of a Fund may be lent, and for these purposes, money is","page_number":237,"box":{"x":121,"y":456,"width":757,"height":11}},{"id":"575d665a-16dc-43b8-abb3-fa035984d0b1","block_type":"box","text":"lent by a Fund if it is paid to a person (the “payee”) on the basis that it should be repaid, whether or not","page_number":237,"box":{"x":122,"y":477,"width":756,"height":11}},{"id":"cdaac39f-1621-4ef4-9700-99a4a9e84f47","block_type":"box","text":"by the payee.","page_number":237,"box":{"x":121,"y":497,"width":99,"height":11}},{"id":"a0570fb0-db84-4f6d-9c67-0d06d5143a5a","block_type":"box","text":"8. Acquiring a debenture is not lending for the purposes of (7) above; nor is the placing of money on","page_number":237,"box":{"x":121,"y":518,"width":756,"height":11}},{"id":"69ac14cc-01e4-4020-aff2-fdc62f243b0e","block_type":"box","text":"deposit or in a current account.","page_number":237,"box":{"x":121,"y":538,"width":228,"height":11}},{"id":"307acac0-0e27-4ce0-ab56-928d07e180b2","block_type":"box","text":"9. Paragraph (7) above does not prevent the Company from providing the ACD with funds to meet","page_number":237,"box":{"x":121,"y":579,"width":757,"height":11}},{"id":"21ae2435-c776-42d5-902a-b059e5fae3d3","block_type":"box","text":"expenditure to be incurred by them for the purposes of the Company (or for the purposes of enabling","page_number":237,"box":{"x":121,"y":599,"width":756,"height":12}},{"id":"86c3107b-d762-4d74-9e54-d7881b361014","block_type":"box","text":"the ACD properly to perform their duties as ACD of the Company) or from doing anything to enable the","page_number":237,"box":{"x":121,"y":620,"width":757,"height":11}},{"id":"3a6f8a88-debb-4ce9-ab60-73a607aceb0a","block_type":"box","text":"ACD to avoid incurring such expenditure.","page_number":237,"box":{"x":121,"y":641,"width":303,"height":11}},{"id":"9f1961f7-9d80-4028-b7a6-c5dce751ba0a","block_type":"box","text":"10. The Scheme Property of a Fund other than money must not be lent by way of deposit or otherwise.","page_number":237,"box":{"x":122,"y":681,"width":755,"height":12}},{"id":"de5a74fa-4b79-4d59-995e-d96e7546ab15","block_type":"box","text":"11. Transactions permitted by COLL 5.4 (Stock lending) are not to be regarded as lending for the","page_number":237,"box":{"x":122,"y":722,"width":756,"height":12}},{"id":"9ae29b16-cd73-4ffc-9fb9-b77c118dc661","block_type":"box","text":"purposes of (10) above.","page_number":237,"box":{"x":121,"y":743,"width":175,"height":11}},{"id":"38d93e00-9725-4d48-a6f6-d124bc862219","block_type":"box","text":"12. The Scheme Property of a Fund must not be mortgaged.","page_number":237,"box":{"x":122,"y":784,"width":446,"height":11}},{"id":"5e84b50b-9303-4fda-b129-cc85ec63fed0","block_type":"box","text":"13. Where transactions in derivatives or forward transactions are used for the account of a Fund in","page_number":237,"box":{"x":122,"y":825,"width":755,"height":9}},{"id":"5a56394f-dc8c-4d3f-8bc1-335e39f1de6e","block_type":"box","text":"accordance with the rules in the COLL Sourcebook, nothing in paragraphs 10 – 13 prevents the","page_number":237,"box":{"x":121,"y":845,"width":757,"height":12}},{"id":"b62b0b36-6dc9-4ea4-975b-a8e12489dc44","block_type":"box","text":"Company, or the Depositary at the request of the Company, from:","page_number":237,"box":{"x":121,"y":866,"width":485,"height":11}},{"id":"6c1baa62-e29f-46e1-bf71-dfd39b71fc3f","block_type":"box","text":"AI Investment Funds ICVC Prospectus (16 March 2026) 238","page_number":238,"box":{"x":121,"y":926,"width":373,"height":9}},{"id":"2f248a62-06cf-41f7-bff2-cf130d9de054","block_type":"box","text":"(i) lending, depositing, pledging or charging Scheme Property for margin requirements; or","page_number":238,"box":{"x":182,"y":87,"width":662,"height":12}},{"id":"15228814-7f97-4f3d-b08f-f783955a96b0","block_type":"box","text":"(ii) transferring Scheme Property under the terms of an agreement in relation to margin","page_number":238,"box":{"x":182,"y":108,"width":695,"height":11}},{"id":"b1a954f6-7e74-40dc-a55a-c363fb2142b7","block_type":"box","text":"requirements, provided that the ACD reasonably considers that both the agreement and the","page_number":238,"box":{"x":182,"y":128,"width":696,"height":12}},{"id":"f102e79c-102f-4d69-91aa-b59c2172f0a0","block_type":"box","text":"margin arrangements made under it (including in relation to the level of margin) provide","page_number":238,"box":{"x":182,"y":149,"width":696,"height":11}},{"id":"4e5e0d26-4b32-490b-b10c-77822e37d686","block_type":"box","text":"appropriate protection to 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