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Page 1 of 2
NON - UCITS RETAIL SCHEME
KEY INVESTOR INFORMATION
This document provides you with key investor information about this Fund. It is not marketing material. The information is re quired by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest. AI Stewardship UK Equity Income Fund, UK Institutional Accumulation Units, a sub - fund of the Aviva Investors Funds ACS (AIF ACS) (ISIN: GB00BDZZG357). This fund is managed by Aviva Investors UK Fund Services Limited. OBJECTIVES AND INVESTMENT POLICY
Investment Objectives The Sub - Fund aims, through the responsible allocation of capital, to: (i) deliver an income return in excess of the FTSE® All - Share Index, annualised over rolling three year periods; and (ii) grow your investment and provide an average annual return greate r than the FTSE All Share Custom Index over rolling 5 year periods. Both the income and return aims are measured before the deduction of Sub Fund charges and tax. At least 85% of the Sub - Fund’s investments (the “minimum stewardship allocation”) must contribute to one of three pillars through their products and services or through their operations: Climate - for example, tackling the causes or impacts of climate change; Earth - for example, tackling increasing biodiversity loss and resource scarcity; People - for example, tackling social inequality and unfair working practices. Investment Policy Core investment: At least 85% of the Sub - Fund will be invested in shares of companies domiciled or incorporated in the UK. Other investments: The Sub - Fund may also invest in other shares, investment grade bonds issued by companies or governments, other funds, derivatives, cash and deposits. Derivatives may be used for investment purposes or to gain a particular market exposure which would otherwise be difficult or costly to achieve, or to manage the Sub - Fund’s cash flows in a cost - effective manner. Derivatives may also be used to reduce risk, such as foreign currency risk within the Sub - Fund. Exclusions: The Sub - Fund is subject to two sets of screens, the Aviva Investors baseline exclusion policy and the stewardship exclusions, which exclude companies that do not meet certain ethical, social and environmental standards, so that the Sub - Fund does not inves t in companies that the Investment Manager regards as incompatible with the three pillars of Climate, People and Earth. The purpose of these screens is to ensure that the Sub - Fund does not invest in companies that derive prescribed levels of revenue, or ha ve significant reserves from a range of activities - please see Appendices 2 and 3 of the Prospectus for information on these investment restrictions If there are any differences between the baseline exclusion policy and the stewardship exclusions, the more restrictive exclusions will apply. Investment Strategy and Asset Selection The Sub - Fund is actively managed, selecting investments aligned to the Sub Fund’s growth aims and in - line with the Sub - Fund’s Sustainability Strategy (see below). The Investment Manager aims through the responsible allocation of capital (stewardship) to en courage companies to improve environmental and/or social outcomes through their products and services, and/or through their operations. The Investment Manager has the discretion to build a diverse portfolio of companies of any size, at any stage of the bus iness cycle and across different industry sectors with an emphasis on risk management within the Sub Fund. Once any excluded companies have been removed from the available investment universe, the Sub - Fund must invest in its minimum stewardship allocation. To be eligible for investment, the company must meet the Fund’s qualifying criteria through either the com pany’s: Products and Services – consideration will be given to the revenue a company generates from products and services that are linked to investment themes that fall under one or more of the three pillars. Operations – consideration is given to the sustainability practices of a company’s operations. The Investment Manager may look at a range of factors to assess a company’s operations against investment themes linked to the three pillars, including (for example) its g overnance commitments, policies and actions to manage social and environmental issues, and performance compared to peers. Further information on the Fund’s sustainability strategy and the minimum stewardship allocation is set out in the Prospectus.
Performance & Risk Strategy: The Sub - Fund's income return target is measured against the FTSE® All - Share Total Return Index (the “ Index ”). The Sub - Fund's overall performance is measured to a customised version of the Index, the FTSE® All - Share Custom Index, (the " Custom Index "), that applies the same negative screening criteria as the Sub - Fund. The Sub - Fund's performance is also compared to the "Index”. The Sub - Fund does not base its investment process upon the Index, (applying specific exclusions, and the minimum stewardship allocation requirement, that do not apply to the Index), or the Custom Index. Therefore, the Sub - Fund will not hold every company i n either the Index or the Custom Index and may also hold companies that do not form part of them. The Sub - Fund uses a “tracking error” to measure the consistency of the Sub Fund's returns and the returns of the Custom Index. In general, the lower the tracking error, the more consistent the Sub - Fund's returns are relative to the Custom Index, and vice - v ersa. The Sub - Fund is expected to have an average yearly tracking error of between 2% and 6% when compared to the Custom Index. In certain conditions the Sub - Fund may be outside of this range. The Index represents the performance of all eligible companies listed on the London Stock Exchange, and 98% of the UK's market capitalisation (total market value of a company's outstanding shares). The Index has been selected as a benchmark for the income target and because it is representative of the UK equity market and the type of companies in which the Sub - Fund is likely to invest. It is therefore an appropriate target in relation to the income r eturn and as a comparator for the Sub - Fund's overall performance, although investors should be aware that due to the Sub - Fund's specific exclusions the Index will contain more companies than those available for investment by the Sub - Fund. The Custom Index has therefore been selected as the measure for the Sub Fund's overall performance and for risk measurement as it excludes companies from the Index in line with the negative screening criteria of the Sub - Fund and therefore reflects the comp anies available to be selected by the Sub - Fund. Both the Index and the Custom Index are considered appropriate comparators for the Sub - Fund's performance. The Index provides an indication of the performance of UK equities, helping investors to understand t he impact on performance of applying the Sub - Fund exclusions. The Custom Index shows the performance of UK equities with the additional exclusions applied by the Sub - Fund, helping investors to understand the impact on performance of the investment strategy and stock selection processes employed by the Investment Manager. Note: FTSE® is a trade mark of the London Stock Exchange Group companies and is used by FTSE under licence. All rights in any FTSE index (the “Index”) vest in FTSE International Limited (“FTSE”). Aviva Investors Stewardship UK Equity Income Fund has been d eveloped solely by Aviva Investors UK Fund Services Limited. Any FTSE Index is calculated by FTSE or its agent. FTSE and its licensors are not connected to and do not sponsor, advise, recommend, endorse or promote the Funds which refer to a FTSE Index and do not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the relevant Funds. FTSE makes no claim, prediction, warranty or representation either as to the results to be obtained from the relevant Funds or the suitability of the Index for the purpose to which it is being put by Aviva Investors UK Fund Services Limited. This is an accumulation unit class and any income from the Fund will remain in the Fund and reflected in the unit price. You can buy or sell units in this fund on any working day. We need to receive your instruction before 14:00pm UK time. If you contact us after that time, we will buy or sell units for you at the next working day's price. Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within 5 years. For full investment objectives and policy details please refer to the Prospectus.
RISK AND REWARD PROFILE
1 2 3 4 5 6 7
Lower risk Higher risk Typically lower rewards Typically higher rewards This indicator is based on historical data, calculated using European Union rules, and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may change over tim e. The lowest category does not mean 'risk free'. The value of investments and the income from them will change over time. The Fund price may fall or rise and you may not get back the original amount invested. The Fund has been allocated a risk number based on the historic volatility of its share price or where insufficient information is available the risk number is calculated on a simulated basis, based on the historic volatility of appropriate asset classes.
Derivatives risk: Derivatives are instruments that can be complex and highly volatile, have some degree of unpredictability (especially in unusual market conditions), and can create losses significantly greater than the cost of the derivative itself. Target outcome risk: Any outcomes stated as targets are not guaranteed and may not be achieved. Income Risk: The investment objective of a Fund is to generate income, at times this may limit opportunities for capital growth. Equities risk: Equities can lose value rapidly, and can remain at low prices indefinitely and generally involve higher risks - especially market risk - than bonds or money market instruments. Bankruptcy or other financial restructuring, can cause the issuers equities to lose most or all of their value. ESG risk: ESG criteria may limit investment choices and performance may not align with funds with a broader policy. Concentration risk: Funds investing in a relatively small number of securities, may have portfolio concentration in sectors, countries, or other groupings. Losses in a single investment may cause a proportionately greater loss to the Fund than if a larger number of investmen ts were made. Full information on the risks applicable to the Fund is detailed in the Prospectus.
Page 2
Page 2 of 2 This key investor information is accurate as at 07/09/2026
One - off charges taken before or after you invest Entry charge None Exit charge None Charges taken from the Fund over a year Ongoing charges 0.03% Charges taken from the Fund under certain specific conditions Performance fee none This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. The charges you pay contribute to the costs of running the fund, including the cost of distributing it, reducing the potential growth of your investment.You can find out the actual entry and exit charge from your financial adviser or distributor.
The charges you pay contribute to the costs of running the fund, including the cost of distributing it, reducing the potential growth of your investment. You can find out the actual entry and exit charge from your financial adviser or distributor. Certain charges are deducted from the capital of the Fund. The ongoing charges figure is based on last year's expenses for the year ending November 2025. The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. For more information about charges, please refer to the charges section in the Prospectus.
PAST PERFORMANCE
Unit Class Index
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 - 6.0 26.1 - 9.0 17.1 - 9.8 10.5 10.0 22.0 - 9.5 19.2 - 9.8 18.3 0.3 7.9 9.5 23.0 -60 -6.0 26.09 -90 -9.0 17.0 -981 -9.81 10.45 10. 2.0
Past performance is not indicative of future performance. It cannot provide a guarantee of returns that you will receive in the future. The fund was launched in April 2015 and issued UK Institutional Accumulation Units in October 2017. Prior to 7 April 2025 this Sub - Fund was called AI Sustainable Stewardship UK Equity Income Fund. Source: Aviva Investors/Morningstar as at 31 December 2025. Custom benchmark calculation began on 03 April 2018, calendar year performance is therefore only available from 2019 onwards. Past performance is calculated in GB Pounds. Units are priced in GB Pounds, the fund's base currency. The value of your investment and income from it may go down as well as up and you may not get back the amount you invested. All fees and charges are included in the performance calculation.
PRACTICAL INFORMATION
This document is specific to the Fund and unit class stated at the beginning of this document. The Fund is a Sub - fund of the Aviva Investors Funds ACS (AIF ACS), an umbrella structure comprising different Sub - funds and taking the form of a co - ownership sch eme. As a consequence of this, the Fund may be treated as tax transparent for the purpose of income and /or gains by relevant taxing jurisdictions. The Prospectus and the annual and half - yearly reports are prepared for the umbrella. The Fund is a non - UCITs retail scheme. This NURS - KII document is specific to this unit class. NURS - KII documents will be available for other unit classes within this Fund where they exist. The Fund's current unit price is calculated on each working day and is published daily on our website. The Depositary of the Fund is Bank of New York Mellon (International) Limited , 160 Queen Victoria Street, London, EC4V 4LA. It has delegated the function of Custodian of the Fund to Bank of New York Mellon (International) Limited. Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund. The Fund is a Sub - fund of AIF ACS, an umbrella structure comprising different Sub - funds.
The assets of the Fund are beneficially owned by the unitholders in the Fund as tenants in common and must not be used to discharge any liabilities, or meet any claims against, any person other than the unitholders in the Fund. Further information about the Fund including other unit classes and dealing can be found in the Prospectus, available in English, and also in the latest annual and half - yearly Report and Accounts (English only) which are available free of charge from our w ebsite, www.avivainvestors.com. The details of the up - to - date remuneration policy of the Management Company, including the composition of its remuneration committee, a description of the key remuneration elements and an overview of how remuneration is determined, are available on the web site www.avivainvestors.com. A paper copy of the remuneration policy can be made available upon request and free of charge at the Management Company's registered office.
This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority. Aviva Investors UK Fund Services Limited is authorised in the United Kingdom and regulated by the Financial Conduct Authority . AI Stewardship UK Equity Income Fund
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