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avivainvestors.com

Aviva Investors: Public

AVIVA INVESTORS

PORTFOLIO FUNDS ICVC

An Investment Company with Variable Capital Registered in England and Wales under Registered Number IC499 Product Reference: 458968

Prospectus

This Prospectus is dated, and is valid as at 3 August 2026

Prepared in accordance with the Open Ended Investment Companies Regulations 2001 and the Collective Investment Schemes Sourcebook

Aviva Investors UK Fund Services Limited

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Introduction

This document is important: If you are in any doubt as to the meaning of any information in this Prospectus or as to whether an investment in the Aviva Investors Portfolio Funds ICVC or its Funds is suitable for you, you should consult your financial adviser.

This is the Prospectus of Aviva Investors Portfolio Funds ICVC valid as at 3 August 2026. This Prospectus has been prepared by Aviva Investors UK Fund Services Limited in accordance

with the rules contained in the Financial Conduct Authority’s Collective Investment Schemes Sourcebook (COLL Sourcebook) and Investment Funds (FUND) Sourcebook, which forms part

of the Financial Conduct Authority (“Financial Conduct Authority”) Handbook.

(In the event that a rule in COLL which applies to the ACD (or the Depositary of the Company)

conflicts with either a rule in FUND transposing the AIFMD or the AIFMD Level 2 Regulation, the COLL Rule is modified to the extent necessary to be compatible with the FUND Rule or the AIFMD Level 2 Regulation.)

This Prospectus has been prepared solely for, and is being made available to, investors for the purposes of evaluating an investment in Shares in the Funds. Investors should only consider

investing in the Funds if they understand the risks involved including the risk of losing all capital

invested.

The Company is incorporated in England and Wales as an investment company with variable capital (ICVC) under registered number IC499. The Company is authorised by the Financial

Conduct Authority as a Non-UCITS Retail Scheme and is an alternative investment fund. The Shareholders are not liable for the debts of the Company.

AIUKFSL is the ACD of the Company and the Company’s Alternative Investment Fund

Manager. AIUKFSL is responsible for the information contained in this Prospectus. To the best

of its knowledge and belief (having taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts, does not contain any

untrue or misleading statement and does not omit anything likely to affect the importance of such information or any matters required by the UK AIFM Regime and the Financial Conduct Authority’s COLL Sourcebook to be included in it. AIUKFSL accepts responsibility for the

Prospectus accordingly.

This document has been approved by AIUKFSL for the purpose of section 21 of the Financial

Services and Markets Act 2000 and copies of this Prospectus have been sent to the Financial Conduct Authority (previously known as the Financial Services Authority) and to the Depositary.

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This Prospectus is based on information, law and practice as at the date of this Prospectus. This Prospectus will be updated in accordance with the requirements of the COLL Sourcebook and the UK AIFM Regime and will cease to have any effect on the

publication by the Company of a subsequent Prospectus.

Potential investors should check with AIUKFSL that this is the most recently published

Prospectus. Neither the Company nor AIUKFSL will be bound by or accept any liability either in respect of any application for Shares made on the basis of this Prospectus or

in respect of any reliance on this Prospectus once it has been superseded.

Before acquiring Shares in the Company, please ensure you have received the Company’s most recent and up to date version of this Prospectus and, if you wish, the

Instrument of Incorporation of the Company, the latest annual or half yearly report, the

Key Investor Information Document and the Supplementary Information Document.

Details of how you may obtain these and other documents of the Company are set out in this Prospectus. Details of how you may obtain the latest price of Shares are also set out in this

Prospectus.

No person has been authorised by the Company to give any information or to make any

representations in connection with the offering of Shares other than those contained in the Prospectus and, if given or made, such information or representations must not be relied on as

having been made by the Company. The delivery of this Prospectus (whether or not accompanied by any reports) or the issue of Shares shall not, under any circumstances, create

any implication that the matters stated in this Prospectus or the affairs of the Company have remained unchanged since the date of this Prospectus.

The Company, AIUKSL or both may have obligations to report details of Shareholders and their

interest in the Funds to HM Revenue & Customs. This is because the UK has entered into intergovernmental information exchange agreements with the United States of America (as a

result of the Foreign Account Tax Compliance Act (“FATCA”)) and other countries (as a result of the Common Reporting Standard) and has introduced domestic law to implement the

requirements of those regimes. Consequently, the Company is required to collect and/or report information about certain types of Shareholders in the Company. Such information may include

the identity of Shareholders, their tax identification numbers, their status under the information exchange agreements, their tax residency status, payments made to the Shareholders in

respect of their Shares and the value of the Shares at the end of the calendar year. The Company may pass this information to HM Revenue & Customs who may, if necessary, share

this information with overseas government agencies (including those outside the EEA).

Although it is the intention of AIUKFSL that all of the Funds shall comply with the FATCA provisions, AIUKSL is not able to guarantee that this will always be the case. Any failure in this

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regard may result in withholding tax of 30% being deducted from US sourced payments. Were

such tax to be suffered, it shall be charged to the relevant Fund.

A condition of investing, or of continuing to invest, is that, upon request from AIUKFSL or its delegate, Shareholders provide accurate information to be passed on to HM Revenue &

Customs which may, as already stated, be shared with other overseas government agencies.

The Company is marketable to all retail investors.

As permitted by the Financial Conduct Authority Handbook, all Shareholders will be registered as “retail investors” for the purposes of the client classification and investor protection rules in Chapter 3 of the Financial Conduct Authority’s Conduct of Business Sourcebook (but for no

other purpose). This classification will not affect the day-to-day interactions between

Shareholders who are per se professional clients or eligible counterparties and the Company or AIUKFSL.

Intending potential investors should not treat the contents of this document as advice relating to investment, legal, taxation or any other matters and are recommended to consult their own professional advisers concerning the acquisition, holding or disposal of Shares.

The distribution of this document and the offering or sale of Shares in certain jurisdictions may be restricted by law. No action has been taken by the Company or AIUKFSL that would permit

an offer of Shares or possession or distribution of this document in any jurisdiction where action for that purpose is required, other than in the United Kingdom. This document does not

constitute an offer of or an invitation to purchase or subscribe for any Shares by anyone in any jurisdiction in which such offer or invitation is not authorised or to any person to whom it is

unlawful to make such offer or invitation. Persons into whose possession this document comes are required by the Company and AIUKFSL to inform themselves about and to observe any

such restrictions.

The provisions of the Company’s Instrument of Incorporation are binding on each of its Shareholders (who are taken to have notice of them).

References to times in this Prospectus are to London times unless otherwise stated.

The Instrument of Incorporation, this Prospectus and all deals in Shares are governed by and

at all times subject to the laws of England and Wales. The Courts of England shall have exclusive jurisdiction in relation to any claim made in relation to them. All dealing,

correspondence and communication with investors in relation to this Prospectus shall take place in English.

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Definitions

In this Prospectus the words and expressions set out in the first column below shall have the meanings set opposite them unless the context requires otherwise. Words and expressions

contained in this Prospectus but not defined within it shall have the same meanings as in the Act or the Regulations (as defined below) unless the contrary is stated.

Accumulation Shares means Shares (of whatever Class) issued from time to time in respect

of a Fund and in respect of which income allocated thereto is credited periodically to capital pursuant to the COLL Sourcebook and the

Instrument of Incorporation;

ACD or AIUKFSL means the authorised corporate director of the Company, Aviva Investors UK Fund Services Limited;

Act means the Financial Services and Markets Act 2000;

Administrator means the administrator of the Company, SS&C Financial Services

Europe Limited;

AIFM Directive or

AIFMD

means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers

and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010;

AIFMD Level 2 Regulation

means the UK version of Commission delegated regulation (EU) No 231/2013 supplementing Directive 2011/16/EU of the European

Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and

supervision, which is part of UK law by virtue of the EUWA;

AIFM Regulations means the Alternative Investment Fund Managers Regulations 2013

as amended or re-enacted from time to time which implements the AIFM Directive in the UK;

Approved Bank means in relation to a bank account opened by the Company:

(a) if the account is opened at a branch in the United Kingdom;

(i) the Bank of England; or

(ii) the central bank of a member state of the OECD; or

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(iii) a bank or a building society; or

(iv) a bank which is supervised by the central bank or other banking regulator of a member state of the

OECD; or

(b) if the account is opened elsewhere:

(i) a bank in (a); or

(ii) a bank which is regulated in the Isle of Man or the Channel Islands; or

(d) a credit institution established in an EEA State and duly authorised by the relevant Home State regulator;

Associate as defined in the glossary of the Financial Conduct Authority

Handbook;

Auditors means the auditors of the Company, Ernst & Young LLP;

Benchmark

Regulation

means the UK version of Regulation (EU) No. 2016/1011 of the

European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts

or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No

596/2014, which is part of UK law by virtue of the EUWA;

Business Day means Monday to Friday, and other days at the ACD’s discretion, except for (unless the ACD otherwise decides) a bank holiday in

England and Wales or any other day on which the London Stock

Exchange is closed;

CCP has the meaning ascribed to it in the glossary of definitions to the Financial Conduct Authority Handbook;

Class or Classes means in relation to Shares (according to the context) all the Shares relating to a single Fund or a particular class or classes of Share

relating to a single Fund;

COLL refers to the relevant chapter or rule in the COLL Sourcebook;

COLL Sourcebook means the Collective Investment Schemes Sourcebook issued by the

Financial Conduct Authority as part of the Financial Conduct Authority

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Handbook, as amended or re-issued from time to time, which shall, for the avoidance of doubt, not include the guidance or evidential

requirements it contains;

Company means Aviva Investors Portfolio Funds ICVC;

Conversion Fee means the fee charged in respect of a Conversion and referred to in

more detail in the section headed “Fees and Expenses” below;

Convert, Converted or Conversion

means the exchange of Shares of one Type or Class for Shares of another Type or Class within the same Fund;

Custodian means the custodian of the Scheme Property, JPMorgan Chase Bank, National Association (London Branch);

Dealing Day means 9am to 5pm on any Business Day;

Depositary means the depositary of the Company, J.P. Morgan Europe Limited;

Distribution Period means each period by reference to which income is calculated, be it

the annual accounting period or the interim half-yearly accounting

period, as appropriate;

EEA means the European Economic Area;

EEA State means a member state of the European Union and any other state

which is within the EEA, as defined in the glossary to the Financial Conduct Authority Handbook;

Eligible Institution means one of certain eligible institutions as defined in the glossary to

the Financial Conduct Authority Handbook;

EMIR means the UK version of Regulation (EU) No 648/2012 on OTC

derivatives, central counterparties and trade repositories, which is part of UK law by virtue of the EUWA, sometimes referred to as the

"European Markets Infrastructure Regulation" as amended by Regulation (EU) 2019/834 of the European Parliament and of the

Council of 20 May 2019;

Entry Charge means the fee charged on a purchase of Shares and referred to in

more detail in the section headed “Fees and Expenses” below and previously referred to as the “initial charge”;

EPM means efficient portfolio management;

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EUWA means the European Union (Withdrawal) Act 2018;

Exit Charge means the fee charged on redemption of Shares and referred to in more detail in the section headed “Fees and Expenses” below and

previously referred to as the “redemption charge”;

Financial Conduct

Authority or FCA

means the Financial Conduct Authority or any successor or

replacement regulatory body;

Financial Conduct

Authority Handbook

means the Financial Conduct Authority Handbook of Rules and Guidance as amended or re-issued from time to time;

Foreign Law Contract means a foreign law contract as defined in the COLL Sourcebook;

Fund or Funds means any (or all) of the sub-funds of the Company (as the context

dictates) listed in Appendix I of this Prospectus;

FUND refers to the relevant chapter or rule in the FUND Sourcebook;

Fund Management Fee means the single fixed rate charge (subject to any applicable scale

discount) paid from the Scheme Property of a Fund to cover the fees and expenses in relation to the operation and administration of the

Company and/or that Fund and referred to in more detail in the section headed “Fees and Expenses” below;

FUND Sourcebook means the Investment Funds Sourcebook issued by the Financial

Conduct Authority as part of the Financial Conduct Authority Handbook, as amended or re-issued from time to time;

HMRC or HM Revenue and Customs

His Majesty's Revenue and Customs;

Home State regulator has the meaning ascribed to it in the glossary of definitions to the Financial Conduct Authority Handbook;

ICVC means an investment company with variable capital which may also be referred to as an open-ended investment company (OEIC);

Income Shares means Shares (of whatever Class) issued from time to time in respect

of a Fund and in respect of which income is distributed periodically to Shareholders in accordance with the COLL Sourcebook and the

Instrument of Incorporation;

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Instrument of Incorporation

means the instrument of incorporation of the Company as amended

from time to time;

Investment Manager means Aviva Investors Global Services Limited;

Investor Protection Fee

means a dilution levy as defined in the COLL Sourcebook and referred to in more detail in the section headed “Fees and Expenses”

below;

Larger Denomination Share

has the meaning given in the OEIC Regulations. Shares are available in larger and smaller denominations with the Smaller Denomination

Share representing a defined proportion of a Larger Denomination Share;

MiFI Regulations means the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (SI 2017/701);

Net Asset Value or NAV

means the value of the Scheme Property of the Company or Fund less the liabilities of the Company or Fund as calculated in

accordance with the Instrument of Incorporation;

OEIC Regulations means the Open-Ended Investment Companies Regulations 2001 as

amended or re-enacted from time to time;

Ongoing Charge means the annual cost of operating the Company and the Funds and referred to in more detail in the section headed “Fees and Expenses”

below;

PRIIPs Regulation means the UK version of Regulation (EU) No 1286/2014 of the

European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based

investment products (PRIIPs), which is part of UK law by virtue of the EUWA;

accordance with the OEIC Regulations at the offices of the

Administrator who acts as the Registrar’s delegate for the purpose of day-to-day operation of the Register;

Registrar means the registrar of the Company, Aviva Investors UK Fund

Services Limited;

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Regulations means the OEIC Regulations and the COLL Sourcebook and FUND

Sourcebook, AIFM Regulations and the AIFM Directive (as appropriate);

Scheme Property means the property of the Company or of any Fund as appropriate;

SDRT means stamp duty reserve tax;

Securities Financing Transaction

means a securities financing transaction as defined in Article 3(11) of SFTR;

SFTR means the UK version of Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency

of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 as amended by the Transparency of

Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019, which is part of UK law by virtue of the

EUWA; Share or Shares means a share or shares in a Fund (including Larger Denomination

Shares and Smaller Denomination Shares);

Shareholder means a holder of registered Shares;

Smaller Denomination Share

means one thousandth of a Larger Denomination Share;

Switch or Switching means the exchange of Shares of one Class or Fund for Shares of

another Class or Fund;

Switching Fee means the fee charged in respect of a Switch and referred to in more

detail in the section headed “Fees and Expenses” below;

TRS means total return swaps, being the exchange of the right to receive

the total return, coupons plus capital gains or losses, of a specified reference asset, index or basket of assets against the right to make

fixed or floating payments;

Type means the type of Share available within a Class. The categories of Type available for each Fund and Class are set out in Appendix I and

may be Income Shares or Accumulation Shares;

UCITS means an Undertaking for Collective Investment in Transferable

Securities which is a UCITS Scheme or an EEA UCITS scheme, the latter as defined in the Financial Conduct Authority Handbook;

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UCITS Directive means the European Parliament and Council Directive of 13 July

2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in

transferable securities (UCITS) (No 2009/65/EC), as amended;

UCITS Scheme means a UK UCITS, as defined below;

UK means the United Kingdom of Great Britain and Northern Ireland;

UK AIF means an alternative investment fund within the scope of the UK AIFM Regime and as defined in the Financial Conduct Authority

Handbook;

UK AIFM means an alternative investment fund manager established in the

UK and with a Part 4A permission to carry on the regulated activity of managing an alternative investment fund;

UK AIFM Regime means (i) the FUND Sourcebook, (ii) other rules in the Financial Conduct Authority Handbook which when made implemented AIFMD,

(iii) the AIFMD Level 2 Regulation and (iv) the AIFM Regulations;

UK UCITS means, in accordance with sections 236A and 237 of the Financial Services and Markets Act 2000, a collective investment scheme

which may consist of several sub-funds, which is either an authorised

unit trust scheme, an authorised contractual scheme, or an authorised open-ended investment company with the sole object of

collective investment of capital raised from the public in transferable securities or other liquid financial assets, operating on the principle of risk-spreading, with units which are, at the request of holders,

repurchased or redeemed, directly or indirectly, out of those undertakings’ assets, and which has identified itself as a UCITS in its

prospectus and has been authorised accordingly by the FCA;

Unclaimed Money means money held by the ACD in accordance with the FCA’s Client

Asset (CASS) Rules, on behalf of a Shareholder following the sale of Shares in a Fund, or any other payment due to a Shareholder in

respect of their investment in a Fund, which the ACD has been unable to pay to the Shareholder. This excludes unclaimed distributions of

income;

Valuation Point means the point, whether on a periodic basis or for a particular valuation, at which the ACD carries out a valuation of the Scheme

Property for the purposes of determining the price at which Shares of

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a Class in any Fund may be issued, cancelled or redeemed as

described in the ‘Valuation’ section; and

VAT means value added tax.

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Company Details

General

The Company is authorised by the Financial Conduct Authority. It was authorised with effect

from 5 March 2007.

Head Office : 80 Fenchurch Street, London, EC3M 4AE

Address for Service : The Head Office is the address in the United Kingdom for service on the Company of notices or other documents required or authorised to

be served on the Company.

Base Currency : The base currency of the Company and Funds is Pounds Sterling.

Share Capital : Maximum: £100,000,000,000. : Minimum: £100.

Shares in the Company and Funds have no par value. The share capital of the Company will

at all times equal the sum of the Net Asset Values of each of the Funds. Shares in the Company are not listed on any investment exchange.

Shareholders are not liable for the debts of the Company.

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Directory

The Company and Head Office Aviva Investors Portfolio Funds ICVC

80 Fenchurch Street, London, EC3M 4AE

Authorised Corporate Director and Alternative Investment Fund Manager

Aviva Investors UK Fund Services Limited

80 Fenchurch Street, London, EC3M 4AE

Investment Manager Aviva Investors Global Services Limited

80 Fenchurch Street, London, EC3M 4AE

Securities Lending Agent The Bank of New York Mellon, London

Branch

160 Queen Victoria Street, London, EC4V

4LA

Administrator SS&C Financial Services Europe Limited

(company number 02669935)

SS&C House, St Nicholas Lane

Basildon, Essex, SS15 5FS

Depositary J.P. Morgan Europe Limited

25 Bank Street

Canary Wharf

London, E14 5JP

Custodian JPMorgan Chase Bank, National Association

(London Branch)

25 Bank Street

Canary Wharf

London, E14 5JP

Auditors Ernst & Young LLP

25 Churchill Place

London

E14 5EY

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Fund Accounting and Pricing Agent: J.P. Morgan Chase Bank, National

Association (London Branch)

25 Bank Street

Canary Wharf

London, E14 5JP

Registrar Aviva Investors UK Fund Services Limited

80 Fenchurch Street, London, EC3M 4AE

For more information about the roles listed, please see the section headed ‘Management and

Administration’ below.

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The Constitution of the Company and the Funds

The Company

The Company is incorporated in England and Wales as an open-ended investment company

with variable capital and is an “umbrella company” under the Regulations, which means that the Company issues Shares linked to different Funds.

The Company is an alternative investment fund and a UK AIF for the purposes of the UK AIFM

Regime. The Company is authorised by the Financial Conduct Authority as a Non-UCITS Retail Scheme for the purposes of the COLL Sourcebook.

The Funds

Each Fund is invested in accordance with the investment objective and investment policy applicable to that Fund and as if it were a separate “Non-UCITS Retail Scheme” for the

purposes of the COLL Sourcebook. For investment purposes the assets of each Fund will be

treated as separate from those of every other Fund. The Funds set out below are those currently available:

Fund Typical Investor Profile

Aviva Investors Multi-Manager Flexible Fund

This Fund is intended for any investor who is prepared to risk loss of their capital to potentially get higher

returns, by way of capital growth and who plans to stay invested for at least 5 years.

The target market of the fund is any investor who has read the Key Investor Information Document (KIID),

wants an investment with an investment objective and policy as described in the KIID, has a risk appetite

consistent with the risk indicator displayed in and is aware of the risks associated with investing that the

KIID describes.

The fund is appropriate for an investor with basic knowledge, or an informed investor or an experienced

investor. It can be purchased with or without professional financial advice. It has been classified as

a non-complex investment product so there is no requirement to have prior knowledge or experience of

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this type of investment before investing – but you

should read the KIID and fit into this target market description before making any decisions.

The fund is designed to be used as a standalone

solution but may also be used as part of a portfolio of investments. It is not guaranteed and the value of the

Fund can go up or down. This Fund is not for investors who require full capital protection or have no appetite

for risk.

Aviva Investors Multi-Manager 40-85% Shares Fund

This Fund is intended for any investor who is prepared to risk loss of their capital to potentially get higher

returns, by way of a mixture of income and capital growth and who plans to stay invested for at least 5

years.

The target market of the Fund is any investor who has read the Key Investor Information Document (KIID),

wants an investment with an investment objective and

policy as described in the KIID, has a risk appetite consistent with the risk indicator displayed in and is

aware of the risks associated with investing that the KIID describes.

The fund is appropriate for an investor with basic

knowledge, or an informed investor or an experienced

investor. It can be purchased with or without professional financial advice. It has been classified as a non-complex investment product so there is no

requirement to have prior knowledge or experience of this type of investment before investing – but you

should read the KIID and fit into this target market description before making any decisions.

The fund is designed to be used as a standalone solution but may also be used as part of a portfolio of

investments. It is not guaranteed and the value of the Fund can go up or down. This Fund is not for investors

who require full capital protection or have no appetite for risk.

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Aviva Investors Multi-Manager 20-60%

Shares Fund

This Fund is intended for any investor who is prepared

to risk loss of their capital to potentially get higher returns, by way of a mixture of income and capital

growth and who plans to stay invested for at least 5

years.

The target market of the Fund is any investor who has

read the Key Investor Information Document (KIID),

wants an investment with an investment objective and policy as described in the KIID, has a risk appetite consistent with the risk indicator displayed in and is

aware of the risks associated with investing that the

KIID describes.

The fund is appropriate for an investor with basic knowledge, or an informed investor or an experienced

investor. It can be purchased with or without professional financial advice. It has been classified as

a non-complex investment product so there is no requirement to have prior knowledge or experience of

this type of investment before investing – but you should read the KIID and fit into this target market

description before making any decisions.

The fund is designed to be used as a standalone solution but may also be used as part of a portfolio of

investments. It is not guaranteed and the value of the Fund can go up or down. This Fund is not for investors who require full capital protection or have no appetite

for risk.

Aviva Investors Multi-asset Core Fund I The Aviva Investors Multi-asset Core Fund range currently comprises 5 funds, ranging from I (offering the

lowest risk profile), to V (offering the highest risk profile). The Aviva Investors Multi-asset Core Fund I, is

the first Fund in this range. Investors should consider their fund choices in the context of the other funds

available within this range, and also the funds available

within the Aviva Investors Multi-asset Plus Fund range, to ensure that the fund selected is the most suitable. The lowest category does not mean ‘risk free’. This

Fund is intended for any investors, including retail

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investors, who are defensive investors, who

understand the volatility managed, multi-asset approach to investing and who aim for a return through

both capital growth and income from their investment‡, but who are prepared to risk loss of their capital to

potentially get higher returns. The Aviva Investors Multi-asset Core range is suitable for investors who are prepared to take on a narrower range of volatility and

incur a lower level of charges on their investment in

return for a lower potential return, compared to the equivalent fund in the Aviva Investors Multi-asset Plus range. Investors should plan to stay invested for at

least 5 years, and should understand the risks and the investment objective and policy of the Fund.

A defensive investor will expect day to day fluctuations

in value, but would expect volatility to be managed with the aim that fluctuations in the medium to long term

remain below those which may be experienced on the other funds within the Aviva Investors Multi-asset Core

Fund range. A defensive investor is prepared to accept the risk that they may lose some or all of their money

in return for the possibility of better returns than a UK bank or building society deposit account might offer,

but would not expect to see the potential levels of volatility or growth in the medium to long term normally

associated with the other funds within the Aviva Investors Multi-asset Core Fund range. While bank and

deposit accounts are relatively safe, investment in this Fund is at risk and investors could get back less than

originally invested. Also, interest may be paid on money deposited in a bank or building society and

access to your money may be easier.

The target market of the Fund is any investor who has read the Key Investor Information Document (KIID),

wants an investment with an investment objective and policy as described in the KIID, has a risk appetite

consistent with the risk indicator displayed in the KIID

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and is aware of the risks associated with investing that

the KIID describes.

The Fund is appropriate for an investor with basic knowledge, or an informed investor or an experienced

investor. It can be purchased with or without professional financial advice. It has been classified as

a non-complex investment product so there is no requirement to have prior knowledge or experience of

this type of investment before investing – but you should read the KIID and fit into this target market description before making any decisions. The Fund is

designed to be used as a standalone solution but may also be used as part of a portfolio of investments. It is

not guaranteed and the value of the Fund can go up or down. This Fund is not for investors who require full

capital protection or have no appetite for risk. ‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi-asset Core Fund II The Aviva Investors Multi-asset Core Fund range currently comprises 5 funds, ranging from I (offering the

lowest risk profile), to V (offering the highest risk profile). The Aviva Investors Multi-asset Core Fund II,

is the second Fund in this range. Investors should consider their fund choices in the context of the other

funds available within this range, and also the funds available within the Aviva Investors Multi-asset Plus

Fund range, to ensure that the fund selected is the most suitable. The lowest category does not mean ‘risk

free’. This Fund is intended for any investors, including retail investors, who are cautious investors who

understand the volatility managed, multi-asset approach to investing and who aim for a return through

both capital growth and income from their investment‡, but who are prepared to risk loss of their capital to

potentially get higher returns. The Aviva Investors Multi-asset Core range is suitable for investors who are prepared to take on a narrower range of volatility and

incur a lower level of charges on their investment in return for a lower potential return, compared to the

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equivalent fund in the Aviva Investors Multi-asset Plus

range. Investors should plan to stay invested for at least 5 years, and should understand the risks and the

investment objective and policy of the Fund.

A cautious investor will expect wider day to day fluctuations in value than those normally associated with more defensive investment strategies (such as

those employed for the Aviva Investors Multi-asset Core Fund I), but would expect volatility to be managed

with the aim that fluctuations in the medium to long term

remain below those associated with the strategies employed by the Aviva Investors Multi-asset Core

Funds III, IV and V. A cautious investor is prepared to accept the risk that they may lose some or all of their money and acknowledges that the risk of loss is

greater, in return for the potential for a higher rate of growth, compared to more defensive investment

strategies, but would not expect to see the potential levels of volatility or growth in the medium to long term

normally associated with the strategies employed by the Aviva Investors Multi-asset Funds III, IV and V.

The target market of the Fund is any investor who has read the Key Investor Information Document (KIID),

wants an investment with an investment objective and policy as described in the KIID, has a risk appetite

consistent with the risk indicator displayed in the KIID and is aware of the risks associated with investing that

the KIID describes.

The Fund is appropriate for an investor with basic knowledge, or an informed investor or an experienced

investor. It can be purchased with or without professional financial advice. It has been classified as

a non-complex investment product so there is no requirement to have prior knowledge or experience of

this type of investment before investing – but you should read the KIID and fit into this target market

description before making any decisions. The Fund is designed to be used as a standalone solution but may

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also be used as part of a portfolio of investments. It is

not guaranteed and the value of the Fund can go up or down. This Fund is not for investors who require full

currently comprises 5 funds, ranging from I (offering the lowest risk profile), to V (offering the highest risk

profile). The Aviva Investors Multi-asset Core Fund III, is the third Fund in this range. Investors should

consider their fund choices in the context of the other funds available within this range, and also the funds

available within the Aviva Investors Multi-asset Plus Fund range, to ensure that the fund selected is the

most suitable. The lowest category does not mean ‘risk free’. This Fund is intended for any investors, including

retail investors, who are moderately cautious investors who understand the volatility managed, multi-asset

approach to investing and who aim for a return through both capital growth and income from their investment‡,

but who are prepared to risk loss of their capital to potentially get higher returns. The Aviva Investors

Multi-asset Core range is suitable for investors who are prepared to take on a narrower range of volatility and

incur a lower level of charges on their investment in return for a lower potential return, compared to the

equivalent fund in the Aviva Investors Multi-asset Plus range. Investors should plan to stay invested for at

least 5 years, and should understand the risks and the investment objective and policy of the Fund.

A moderately cautious investor will expect wider day to

day fluctuations in value than those normally associated with defensive and more cautious investment strategies (such as those employed for the

Aviva Investors Multi-asset Core Funds I and II), but

would expect volatility to be managed with the aim that fluctuations in the medium to long term remain below

those associated with the strategies employed by the

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Aviva Investors Multi-asset Core Funds IV and V. A

moderately cautious investor is prepared to accept the risk that they may lose some or all of their money and

acknowledges that the risk of loss is greater, in return for the potential for a higher rate of growth, compared

to defensive and more cautious investment strategies, but would not expect to see the potential levels of

volatility or growth in the medium to long term normally associated with the strategies employed by the Aviva

Investors Multi-asset Funds IV and V.

The target market of the Fund is any investor who has

read the Key Investor Information Document (KIID),

wants an investment with an investment objective and policy as described in the KIID, has a risk appetite consistent with the risk indicator displayed in the KIID

and is aware of the risks associated with investing that

the KIID describes.

The Fund is appropriate for an investor with basic

knowledge, or an informed investor or an experienced investor. It can be purchased with or without

professional financial advice. It has been classified as a non-complex investment product so there is no

requirement to have prior knowledge or experience of this type of investment before investing – but you

should read the KIID and fit into this target market description before making any decisions. The Fund is

designed to be used as a standalone solution but may also be used as part of a portfolio of investments. It is

not guaranteed and the value of the Fund can go up or down. This Fund is not for investors who require full

currently comprises 5 funds, ranging from I (offering the lowest risk profile), to V (offering the highest risk

profile). The Aviva Investors Multi-asset Core Fund IV, is the fourth Fund in this range. Investors should

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consider their fund choices in the context of the other

funds available within this range, and also the funds available within the Aviva Investors Multi-asset Plus

Fund range, to ensure that the fund selected is the most suitable. The lowest category does not mean ‘risk

free’. This Fund is intended for any investors, including retail investors, who are balanced investors who

understand the volatility managed, multi-asset approach to investing and who aim for a return through

both capital growth and income from their investment ‡, but who are prepared to risk loss of their capital to

potentially get higher returns. The Aviva Investors Multi-asset Core range is suitable for investors who are prepared to take on a narrower range of volatility and

incur a lower level of charges on their investment in return for a lower potential return, compared to the

equivalent fund in the Aviva Investors Multi-asset Plus range. Investors should plan to stay invested for at

least 5 years, and should understand the risks and the investment objective and policy of the Fund.

A balanced investor will expect wider day to day

fluctuations in value than those normally associated with more cautious investment strategies (such as

those employed for the Aviva Investors Multi-asset Core Funds I, II and III), but would expect volatility to

be managed with the aim that fluctuations in the medium to long term remain below those associated

with more adventurous strategies (such as those employed for the Aviva Investors Multi-asset Core

Fund V). A balanced investor is prepared to accept the risk that they may lose some or all of their money and

acknowledges that the risk of loss is greater, in return for the potential for a higher rate of growth, compared

to more cautious investment strategies, but would not expect to see the potential levels of volatility or growth

in the medium to long term normally associated with more adventurous strategies.

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The target market of the Fund is any investor who has

read the Key Investor Information Document (KIID), wants an investment with an investment objective and

policy as described in the KIID, has a risk appetite consistent with the risk indicator displayed in the KIID

and is aware of the risks associated with investing that the KIID describes.

The Fund is appropriate for an investor with basic

knowledge, or an informed investor or an experienced investor. It can be purchased with or without professional financial advice. It has been classified as

a non-complex investment product so there is no requirement to have prior knowledge or experience of

this type of investment before investing – but you should read the KIID and fit into this target market

description before making any decisions. The Fund is

designed to be used as a standalone solution but may also be used as part of a portfolio of investments. It is not guaranteed and the value of the Fund can go up or

down. This Fund is not for investors who require full capital protection or have no appetite for risk. ‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi-asset Core Fund V The Aviva Investors Multi-asset Core Fund range

currently comprises 5 funds, ranging from I (offering the lowest risk profile), to V (offering the highest risk

profile). The Aviva Investors Multi-asset Core Fund V, is the fifth Fund in this range. Investors should consider

their fund choices in the context of the other funds available within this range, and also the funds available

within the Aviva Investors Multi-asset Plus Fund range, to ensure that the fund selected is the most suitable.

The lowest category does not mean ‘risk free’. This Fund is intended for any investors, including retail

investors, who are adventurous investors who understand the volatility managed, multi-asset approach to investing and who aim for a return through

both capital growth and income from their investment‡, but who are prepared to risk loss of their capital to

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potentially get higher returns. The Aviva Investors

Multi-asset Core range is suitable for investors who are prepared to take on a narrower range of volatility and

incur a lower level of charges on their investment in return for a lower potential return, compared to the

equivalent fund in the Aviva Investors Multi-asset Plus range. Investors should plan to stay invested for at

least 5 years, and should understand the risks and the investment objective and policy of the Fund.

An adventurous investor will expect wider day to day fluctuations in value than those normally associated

with more defensive, cautious or balanced investment strategies (such as those employed for the other funds

in the Aviva Investors Multi-asset Core Funds range), but would expect volatility to be managed with the aim

that fluctuations in the medium to long term remain

below those associated with more adventurous strategies (such as a fund that only invests in a single asset class, such as equities). An adventurous investor

is prepared to accept the risk that they may lose some or all of their money and acknowledges that the risk of

loss is greater, in return for the potential for a higher rate of growth, compared to more defensive, cautious

and balanced investment strategies, but would not expect to see the potential levels of volatility or growth

in the medium to long term normally associated with more adventurous strategies.

The target market of the Fund is any investor who has

read the Key Investor Information Document (KIID), wants an investment with an investment objective and

policy as described in the KIID, has a risk appetite consistent with the risk indicator displayed in the KIID

and is aware of the risks associated with investing that the KIID describes.

The Fund is appropriate for an investor with basic

knowledge, or an informed investor or an experienced

investor. It can be purchased with or without

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professional financial advice. It has been classified as

a non-complex investment product so there is no requirement to have prior knowledge or experience of

this type of investment before investing – but you should read the KIID and fit into this target market

description before making any decisions. The Fund is designed to be used as a standalone solution but may also be used as part of a portfolio of investments. It is

not guaranteed and the value of the Fund can go up or

down. This Fund is not for investors who require full capital protection or have no appetite for risk. ‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi-asset Plus Fund I The Aviva Investors Multi-asset Plus Fund range currently comprises 5 funds, ranging from I (offering the

lowest risk profile), to V (offering the highest risk profile). The Aviva Investors Multi-asset Plus Fund I, is

the first Fund in this range. Investors should consider their fund choices in the context of the other funds

available within this range, and also the funds available within the Aviva Investors Multi-asset Core Fund range,

to ensure that the fund selected is the most suitable. The lowest category does not mean ‘risk free’. This

Fund is intended for any investors, including retail investors, who are defensive investors, who

understand the volatility managed, multi-asset approach to investing and who aim for a return through

both capital growth and income from their investment‡, but who are prepared to risk loss of their capital to

potentially get higher returns. The Aviva Investors Multi-asset Plus range is suitable for investors who are

prepared to take on a wider range of volatility and incur a higher level of charges on their investment in return

for a greater potential return, compared to the equivalent fund in the Aviva Investors Multi-asset Core

range. Investors should plan to stay invested for at least 5 years, and should understand the risks and the investment objective and policy of the Fund.

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A defensive investor will expect day to day fluctuations

in value, but would expect volatility to be managed with the aim that fluctuations in the medium to long term

remain below those which may be experienced on the other funds within the Aviva Investors Multi-asset Plus

Fund range. A defensive investor is prepared to accept the risk that they may lose some or all of their money in return for the possibility of better returns than a UK

bank or building society deposit account might offer,

but would not expect to see the potential levels of volatility or growth in the medium to long term normally associated with the other funds within the Aviva

Investors Multi-asset Plus Fund range. While bank and deposit accounts are relatively safe, investment in this

Fund is at risk and investors could get back less than originally invested. Also, interest may be paid on

money deposited in a bank or building society and

access to your money may be easier. The target market of the Fund is any investor who has read the Key Investor Information Document (KIID),

wants an investment with an investment objective and policy as described in the KIID, has a risk appetite

consistent with the risk indicator displayed in the KIID and is aware of the risks associated with investing that

the KIID describes.

The Fund is appropriate for an investor with basic

knowledge, or an informed investor or an experienced investor. It can be purchased with or without

professional financial advice. It has been classified as a non-complex investment product so there is no

requirement to have prior knowledge or experience of this type of investment before investing – but you

should read the KIID and fit into this target market description before making any decisions.

The Fund is designed to be used as a standalone solution but may also be used as part of a portfolio of investments. It is not guaranteed and the value of the

Fund can go up or down. This Fund is not for investors

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who require full capital protection or have no appetite

for risk. ‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi-asset Plus Fund II The Aviva Investors Multi-asset Plus Fund range currently comprises 5 funds, ranging from I (offering the lowest risk profile), to V (offering the highest risk

profile). The Aviva Investors Multi-asset Plus Fund II, is

the second Fund in this range. Investors should consider their fund choices in the context of the other funds available within this range, and also the funds

available within the Aviva Investors Multi-asset Core Fund range, to ensure that the fund selected is the

most suitable. The lowest category does not mean ‘risk free’. This Fund is intended for any investors, including

retail investors, who are cautious investors who understand the volatility managed, multi-asset

approach to investing and who aim for a return through both capital growth and income from their investment‡,

but who are prepared to risk loss of their capital to potentially get higher returns. The Aviva Investors

Multi-asset Plus range is suitable for investors who are prepared to take on a wider range of volatility and incur

a higher level of charges on their investment in return for a greater potential return, compared to the

equivalent fund in the Aviva Investors Multi-asset Core range. Investors should plan to stay invested for at

least 5 years, and should understand the risks and the investment objective and policy of the Fund.

A cautious investor will expect wider day to day

fluctuations in value than those normally associated with more defensive investment strategies (such as

those employed for the Aviva Investors Multi-asset Plus Fund I), but would expect volatility to be managed

with the aim that fluctuations in the medium to long term remain below those associated with the strategies

employed by the Aviva Investors Multi-asset Plus Funds III, IV and V. A cautious investor is prepared to accept the risk that they may lose some or all of their

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money and acknowledges that the risk of loss is

greater, in return for the potential for a higher rate of growth, compared to more defensive investment

strategies, but would not expect to see the potential levels of volatility or growth in the medium to long term

normally associated with the strategies employed by the Aviva Investors Multi-asset Funds III, IV and V.

The target market of the Fund is any investor who has

read the Key Investor Information Document (KIID), wants an investment with an investment objective and

policy as described in the KIID, has a risk appetite

consistent with the risk indicator displayed in the KIID and is aware of the risks associated with investing that the KIID describes.

The Fund is appropriate for an investor with basic knowledge, or an informed investor or an experienced

investor. It can be purchased with or without professional financial advice. It has been classified as

a non-complex investment product so there is no requirement to have prior knowledge or experience of

this type of investment before investing – but you should read the KIID and fit into this target market

description before making any decisions. The Fund is designed to be used as a standalone solution but may

also be used as part of a portfolio of investments. It is not guaranteed and the value of the Fund can go up or down. This Fund is not for investors who require full

capital protection or have no appetite for risk ‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi-asset Plus Fund III The Aviva Investors Multi-asset Plus Fund range currently comprises 5 funds, ranging from I (offering the

lowest risk profile), to V (offering the highest risk profile). The Aviva Investors Multi-asset Plus Fund III,

is the third Fund in this range. Investors should consider their fund choices in the context of the other

funds available within this range, and also the funds available within the Aviva Investors Multi-asset Core

Fund range, to ensure that the fund selected is the

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most suitable. The lowest category does not mean ‘risk

free’. This Fund is intended for any investors, including retail investors, who are moderately cautious investors

who understand the volatility managed, multi-asset approach to investing and who aim for a return through

both capital growth and income from their investment ‡, but who are prepared to risk loss of their capital to

potentially get higher returns. The Aviva Investors Multi-asset Plus range is suitable for investors who are

prepared to take on a wider range of volatility and incur a higher level of charges on their investment in return for a greater potential return, compared to the

equivalent fund in the Aviva Investors Multi-asset Core range. Investors should plan to stay invested for at

least 5 years, and should understand the risks and the investment objective and policy of the Fund.

A moderately cautious investor will expect wider day to day fluctuations in value than those normally associated with defensive and more cautious

investment strategies (such as those employed for the Aviva Investors Multi-asset Plus Funds I and II), but

would expect volatility to be managed with the aim that fluctuations in the medium to long term remain below

those associated with the strategies employed by the Aviva Investors Multi-asset Plus Funds IV and V. A

moderately cautious investor is prepared to accept the risk that they may lose some or all of their money and

acknowledges that the risk of loss is greater, in return for the potential for a higher rate of growth, compared

to defensive and more cautious investment strategies, but would not expect to see the potential levels of

volatility or growth in the medium to long term normally associated with the strategies employed by the Aviva

Investors Multi-asset Funds IV and V.

The target market of the Fund is any investor who has read the Key Investor Information Document (KIID),

wants an investment with an investment objective and policy as described in the KIID, has a risk appetite

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consistent with the risk indicator displayed in the KIID

and is aware of the risks associated with investing that the KIID describes.

The Fund is appropriate for an investor with basic

knowledge, or an informed investor or an experienced investor. It can be purchased with or without professional financial advice. It has been classified as

a non-complex investment product so there is no

requirement to have prior knowledge or experience of this type of investment before investing – but you should read the KIID and fit into this target market

description before making any decisions. The Fund is

designed to be used as a standalone solution but may also be used as part of a portfolio of investments. It is not guaranteed and the value of the Fund can go up or

down. This Fund is not for investors who require full capital protection or have no appetite for risk. ‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi-asset Plus Fund IV The Aviva Investors Multi-asset Plus Fund range

currently comprises 5 funds, ranging from I (offering the lowest risk profile), to V (offering the highest risk

profile). The Aviva Investors Multi-asset Plus Fund IV, is the fourth Fund in this range. Investors should

consider their fund choices in the context of the other funds available within this range, and also the funds

available within the Aviva Investors Multi-asset Core Fund range, to ensure that the fund selected is the

most suitable. The lowest category does not mean ‘risk free’. This Fund is intended for any investors, including

retail investors, who are balanced investors who understand the volatility managed, multi-asset

approach to investing and who aim for a return through both capital growth and income from their investment‡,

but who are prepared to risk loss of their capital to potentially get higher returns. The Aviva Investors Multi-asset Plus range is suitable for investors who are

prepared to take on a wider range of volatility and incur a higher level of charges on their investment in return

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for a greater potential return, compared to the

equivalent fund in the Aviva Investors Multi-asset Core range. Investors should plan to stay invested for at

least 5 years, and should understand the risks and the investment objective and policy of the Fund.

A balanced investor will expect wider day to day fluctuations in value than those normally associated

with more cautious investment strategies (such as

those employed for the Aviva Investors Multi-asset Plus Funds I, II and III), but would expect volatility to be managed with the aim that fluctuations in the medium

to long term remain below those associated with more adventurous strategies (such as those employed for

the Aviva Investors Multi-asset Plus Fund V). A balanced investor is prepared to accept the risk that

they may lose some or all of their money and acknowledges that the risk of loss is greater, in return

for the potential for a higher rate of growth, compared to more cautious investment strategies, but would not

expect to see the potential levels of volatility or growth in the medium to long term normally associated with

more adventurous strategies.

The target market of the Fund is any investor who has read the Key Investor Information Document (KIID),

wants an investment with an investment objective and policy as described in the KIID, has a risk appetite

consistent with the risk indicator displayed in the KIID and is aware of the risks associated with investing that

the KIID describes.

The Fund is appropriate for an investor with basic

knowledge, or an informed investor or an experienced investor. It can be purchased with or without

professional financial advice. It has been classified as a non-complex investment product so there is no requirement to have prior knowledge or experience of

this type of investment before investing – but you should read the KIID and fit into this target market

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description before making any decisions. The Fund is

designed to be used as a standalone solution but may also be used as part of a portfolio of investments. It is

not guaranteed and the value of the Fund can go up or down. This Fund is not for investors who require full

capital protection or have no appetite for risk.

‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi-asset Plus Fund V The Aviva Investors Multi-asset Plus Fund range

currently comprises 5 funds, ranging from I (offering the lowest risk profile), to V (offering the highest risk

profile). The Aviva Investors Multi-asset Plus Fund V, is the fifth Fund in this range. Investors should consider

their fund choices in the context of the other funds available within this range, and also the funds available

within the Aviva Investors Multi-asset Core Fund range, to ensure that the fund selected is the most suitable.

The lowest category does not mean ‘risk free’. This Fund is intended for any investors, including retail

investors, who are adventurous investors who understand the volatility managed, multi-asset

approach to investing and who aim for a return through both capital growth and income from their investment ‡ , but who are prepared to risk loss of their capital to potentially get higher returns. The Aviva Investors

Multi-asset Plus range is suitable for investors who are prepared to take on a wider range of volatility and incur a higher level of charges on their investment in return

for a greater potential return, compared to the equivalent fund in the Aviva Investors Multi-asset Core

range. Investors should plan to stay invested for at

least 5 years, and should understand the risks and the investment objective and policy of the Fund.

An adventurous investor will expect wider day to day fluctuations in value than those normally associated

with more defensive, cautious or balanced investment strategies (such as those employed for the other funds

in the Aviva Investors Multi-asset Plus Funds range), but would expect volatility to be managed with the aim

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that fluctuations in the medium to long term remain

below those associated with more adventurous strategies (such as a fund that only invests in a single asset class, such as equities). An adventurous investor

is prepared to accept the risk that they may lose some

or all of their money and acknowledges that the risk of loss is greater, in return for the potential for a higher rate of growth, compared to more defensive, cautious

and balanced investment strategies, but would not

expect to see the potential levels of volatility or growth in the medium to long term normally associated with

more adventurous strategies.

The target market of the Fund is any investor who has

read the Key Investor Information Document (KIID), wants an investment with an investment objective and

policy as described in the KIID, has a risk appetite

consistent with the risk indicator displayed in the KIID and is aware of the risks associated with investing that the KIID describes.

The Fund is appropriate for an investor with basic knowledge, or an informed investor or an experienced

investor. It can be purchased with or without professional financial advice. It has been classified as

a non-complex investment product so there is no requirement to have prior knowledge or experience of

this type of investment before investing – but you should read the KIID and fit into this target market

description before making any decisions.

The Fund is designed to be used as a standalone solution but may also be used as part of a portfolio of

investments. It is not guaranteed and the value of the Fund can go up or down. This Fund is not for investors

who require full capital protection or have no appetite for risk.

‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested.

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Aviva Investors Multi-Asset Stewardship

Fund I

The Aviva Investors Multi-asset Stewardship Fund

range currently comprises 4 funds, ranging from I (offering the lowest risk profile), to IV (offering the highest risk profile). The Aviva Investors Multi-asset

Stewardship Fund I is the first Fund in this range.

Investors should consider their fund choices in the context of the other funds available within this range to ensure that the fund selected is the most suitable. The

lowest category does not mean ‘risk free’. This Fund is

intended for any investors, including retail investors, who are defensive investors aiming to grow their

investment and whose investment goals align with the sustainable aims of the Fund. Investors should

understand the volatility managed multi-asset approach to investing and be prepared to risk loss of their capital to potentially get higher returns. Investors

should plan to stay invested for at least 5 years, and

should understand the risks and the investment objective and policy of the Fund. A defensive investor will expect day to day fluctuations in value, but would

expect volatility to be managed with the aim that fluctuations in the medium to long term remain below

those which may be experienced on the other funds within the Aviva Investors Multi-asset Stewardship

Fund range. A defensive investor is prepared to accept the risk that they may lose some or all of their money

in return for the possibility of better returns than a UK bank or building society deposit account might offer,

but would not expect to see the potential levels of volatility or growth in the medium to long term normally

associated with the other funds within the Aviva Investors Multi-asset Stewardship Fund range. While

bank and deposit accounts are relatively safe, investment in this Fund is at risk and investors could

get back less than originally invested. Also, interest may be paid on money deposited in a bank or building

society and access to your money may be easier. The target market of the Fund is any investor who has read: (i) the Key Investor Information Document (KIID),

wants an investment with an investment objective and

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policy as described in the KIID, has a risk appetite

consistent with the risk indicator displayed in the KIID and is aware of the risks associated with investing that the KIID describes and (ii) the Consumer Disclosure

Document (CDD) outlining the sustainability

characteristics of the Fund. The Fund is appropriate for an investor with basic knowledge, or an informed

investor or an experienced investor. It can be purchased with or without professional financial advice.

It has been classified as a non-complex investment product so there is no requirement to have prior knowledge or experience of this type of investment

before investing – but you should read the KIID and CDD and fit into this target market description before

making any decisions. The Fund is designed to be used as a standalone solution but may also be used as part

of a portfolio of investments. It is not guaranteed and the value of the Fund can go up or down. This Fund is

not for investors who require full capital protection or have no appetite for risk.

‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi-Asset Stewardship

Fund II

The Aviva Investors Multi-asset Stewardship Fund

range currently comprises 4 funds, ranging from I (offering the lowest risk profile), to IV (offering the

highest risk profile). The Aviva Investors Multi-asset Stewardship Fund II is the second Fund in this range. Investors should consider their fund choices in the

context of the other funds available within this range to

ensure that the fund selected is the most suitable. The lowest category does not mean ‘risk free’. This Fund is intended for any investors, including retail investors,

who are cautious investors aiming to grow their

investment and whose investment goals align with the sustainable aims of the Fund. Investors should understand the volatility managed multi-asset

approach to investing and be prepared to risk loss of their capital to potentially get higher returns. Investors

should plan to stay invested for at least 5 years, and

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should understand the risks and the investment

objective and policy of the Fund. A cautious investor will expect wider day to day

fluctuations in value than those normally associated with more defensive investment strategies (such as

those employed for the Aviva Investors Multi-asset Stewardship Fund I), but would expect volatility to be managed with the aim that fluctuations in the medium

to long term remain below those associated with the

strategies employed by the Aviva Investors Multi-asset Stewardship Funds III and IV. A cautious investor is

prepared to accept the risk that they may lose some or all of their money and acknowledges that the risk of loss is greater, in return for the potential for a higher

rate of growth, compared to more defensive investment strategies, but would not expect to see the potential

levels of volatility or growth in the medium to long term

normally associated with the strategies employed by the Aviva Investors Multi-asset Funds III and IV. The target market of the Fund is any investor who has

read: (i) the Key Investor Information Document (KIID), wants an investment with an investment objective and

policy as described in the KIID, has a risk appetite consistent with the risk indicator displayed in the KIID

and is aware of the risks associated with investing that the KIID describes and (ii) the Consumer Disclosure

Document (CDD) outlining the sustainability characteristics of the Fund. The Fund is appropriate for

an investor with basic knowledge, or an informed investor or an experienced investor. It can be

purchased with or without professional financial advice. It has been classified as a non-complex investment

product so there is no requirement to have prior knowledge or experience of this type of investment

before investing – but you should read the KIID and CDD and fit into this target market description before

making any decisions. The Fund is designed to be used as a standalone solution but may also be used as part

of a portfolio of investments. It is not guaranteed and the value of the Fund can go up or down. This Fund is

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not for investors who require full capital protection or

have no appetite for risk. ‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi-Asset Stewardship

Fund III

The Aviva Investors Multi-asset Stewardship Fund

range currently comprises 4 funds, ranging from I (offering the lowest risk profile), to IV (offering the

highest risk profile). The Aviva Investors Multi-asset Stewardship Fund III is the third Fund in this range.

Investors should consider their fund choices in the context of the other funds available within this range to

ensure that the fund selected is the most suitable. The lowest category does not mean ‘risk free’. This Fund is

intended for any investors, including retail investors, who are moderately cautious investors aiming to grow

their investment and whose investment goals align with the sustainable aims of the Fund. Investors should

understand the volatility managed multi-asset approach to investing and be prepared to risk loss of

their capital to potentially get higher returns. Investors should plan to stay invested for at least 5 years, and

should understand the risks and the investment objective and policy of the Fund.

A moderately cautious investor will expect wider day to day fluctuations in value than those normally

associated with defensive and more cautious investment strategies (such as those employed for the

Aviva Investors Multi-asset Stewardship Funds I and II), but would expect volatility to be managed with the

aim that fluctuations in the medium to long term remain below those associated with the strategies employed by the Aviva Investors Multi-asset Stewardship Fund

IV. A moderately cautious investor is prepared to

accept the risk that they may lose some or all of their money and acknowledges that the risk of loss is

greater, in return for the potential for a higher rate of growth, compared to defensive and more cautious

investment strategies, but would not expect to see the potential levels of volatility or growth in the medium to

long term normally associated with the strategies

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employed by the Aviva Investors Multi-asset

Stewardship Fund IV. The target market of the Fund is any investor who has read: (i) the Key Investor Information Document (KIID),

wants an investment with an investment objective and

policy as described in the KIID, has a risk appetite consistent with the risk indicator displayed in the KIID and is aware of the risks associated with investing that

the KIID describes and (ii) the Consumer Disclosure Document (CDD) outlining the sustainability

characteristics of the Fund. The Fund is appropriate for an investor with basic knowledge, or an informed

investor or an experienced investor. It can be purchased with or without professional financial advice.

It has been classified as a non-complex investment product so there is no requirement to have prior

knowledge or experience of this type of investment before investing – but you should read the KIID and

CDD and fit into this target market description before making any decisions. The Fund is designed to be used

as a standalone solution but may also be used as part of a portfolio of investments. It is not guaranteed and

the value of the Fund can go up or down. This Fund is not for investors who require full capital protection or

have no appetite for risk. ‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors Multi-Asset Stewardship Fund IV

The Aviva Investors Multi-asset Stewardship Fund range currently comprises 4 funds, ranging from I (offering the lowest risk profile), to IV (offering the

highest risk profile). The Aviva Investors Multi-asset Stewardship Fund IV is the fourth Fund in this range.

Investors should consider their fund choices in the

context of the other funds available within this range to ensure that the fund selected is the most suitable. The

lowest category does not mean ‘risk free’. This Fund is intended for any investors, including retail investors,

who are balanced investors aiming to grow their investment and whose investment goals align with the sustainable aims of the Fund. Investors should

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understand the volatility managed multi-asset

approach to investing and be prepared to risk loss of their capital to potentially get higher returns. Investors

should plan to stay invested for at least 5 years, and should understand the risks and the investment

objective and policy of the Fund. A balanced investor will expect wider day to day fluctuations in value than those normally associated

with more cautious investment strategies (such as

those employed for the Aviva Investors Multi-asset Stewardship Funds I, II and III), but would expect volatility to be managed with the aim that fluctuations

in the medium to long term remain below those

associated with more adventurous strategies. A balanced investor is prepared to accept the risk that they may lose some or all of their money and

acknowledges that the risk of loss is greater, in return for the potential for a higher rate of growth, compared

to more cautious investment strategies, but would not expect to see the potential levels of volatility or growth

in the medium to long term normally associated with more adventurous strategies.

The target market of the Fund is any investor who has read: (i) the Key Investor Information Document (KIID),

wants an investment with an investment objective and policy as described in the KIID, has a risk appetite

consistent with the risk indicator displayed in the KIID and is aware of the risks associated with investing that

the KIID describes and (ii) the Consumer Disclosure Document (CDD) outlining the sustainability

characteristics of the Fund. The Fund is appropriate for an investor with basic knowledge, or an informed

investor or an experienced investor. It can be purchased with or without professional financial advice.

It has been classified as a non-complex investment product so there is no requirement to have prior

knowledge or experience of this type of investment before investing – but you should read the KIID and CDD and fit into this target market description before

making any decisions. The Fund is designed to be used

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as a standalone solution but may also be used as part

of a portfolio of investments. It is not guaranteed and the value of the Fund can go up or down. This Fund is

not for investors who require full capital protection or have no appetite for risk. ‡ The Fund only issues Accumulation Shares at present and therefore any income will be reinvested. Aviva Investors UK Listed Equity Fund (please note that this fund is in the process

of being terminated and is no longer available for new investment)

The Fund is intended for any investor who is prepared to risk loss of their capital to potentially get higher

returns, by way of income and capital growth and who plans to stay invested for at least 5 years. The target

market of the Fund is any investor who has read the

KIID, wants an investment with an investment objective and policy as described in the KIID, and is aware of the risks associated with investing that the KIID describes.

The Fund is appropriate for an investor with basic knowledge, or an informed investor or an experienced

investor. It can be purchased with or without professional financial advice. It has been classified as

a non-complex investment product so there is no requirement to have prior knowledge or experience of

this type of investment before investing – but you should read the KIID and fit into this target market

description before making any decisions.

It is designed to be used as a standalone solution or form part of a portfolio of investments. The product is

not guaranteed and the value of the product can go up or down.

Details of these Funds, including their investment objectives and policies, can be found in

Appendix I.

Additional Funds

Further additional Funds may be established in the future by the ACD from time to time with the

approval of the Financial Conduct Authority and the agreement of the Depositary. Approval by the Financial Conduct Authority in this context refers only to approval under the OEIC Regulations 2001 (as amended) and does not in any way indicate or suggest endorsement or

approval of the Funds as an investment.

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Allocation of Assets and Liabilities

Each Fund comprises a specific portfolio of assets and liabilities, which are attributable to the Class or Classes of Shares issued in respect of that Fund. So far as the Shareholders are

concerned each Fund is treated as a separate entity and its assets invested for its exclusive benefit.

Each Fund is a segregated portfolio of assets and, accordingly, the assets of a Fund belong

exclusively to that Fund and shall not be used to discharge directly or indirectly the liabilities of, or claims against, any other person or body, including the Company, or any other Fund, and

shall not be available for any such purpose.

While the provisions of the OEIC Regulations provide for segregated liability between Funds,

the concept of segregated liability is relatively new. Accordingly, where claims are brought by

local creditors in foreign courts or under Foreign Law Contracts, it is not yet known how those foreign courts will react to Regulations 11A and 11B of the OEIC Regulations.

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Classes of Share

The Company may issue several Classes of Share in respect of each Fund. Classes may be

distinguished on the basis of different criteria which may include (amongst other criteria) their minimum subscription and minimum holding. Access to certain Classes may also be restricted

or be subject to eligibility criteria. The Classes currently available along with the details of subscription, holding criteria, any eligibility criteria for a Class or any restrictions on availability

are listed below:

Class Minima and Restrictions

Class 1:

For all Funds except Aviva Investors Multiasset Core Fund I, Aviva Investors Multiasset Core Fund II, Aviva Investors Multiasset Core Fund III, Aviva Investors Multiasset Core Fund IV, Aviva Investors Multiasset Core Fund V, Aviva Investors Multiasset Stewardship Fund I, Aviva Investors Multi-asset Stewardship Fund II, Aviva Investors Multiasset Stewardship Fund III, Aviva Investors Multi-asset Stewardship Fund IV

 Minimum initial subscription £1,000 (less the Entry Charge)

 Minimum additional subscription £250 (less the Entry Charge)

 Minimum redemption £250

 Minimum holding £500 (less any Entry Charges deducted)

Please note: No commission is payable for investments in this Class.

Class 1:

For Aviva Investors Multi-asset Core Fund I, Aviva Investors Multi-asset Core Fund II, Aviva Investors Multi-asset Core Fund III, Aviva Investors Multi-asset Core Fund IV, Aviva Investors Multi-asset Core Fund V only

 Minimum initial subscription £5,000 (less the Entry Charge)

 Minimum additional subscription £250 (less the Entry Charge)

 Minimum redemption £250

 Minimum holding £500 (less any Entry Charges deducted)

Please note: No commission is payable for investments in this Class.

Class 2:  Minimum aggregate subscription across all Funds £100,000 (less

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the Entry Charge)

 Minimum holding in any one Fund £10,000 (less the Entry Charge)

Class 7:  Minimum initial subscription £10,000,000

 Minimum additional subscription £500,000

 Minimum holding £10,000,000

Please note: Class 7 Shares are only available to Aviva plc, its Associates and any fund or investment entity managed or advised

by any such company.

Shareholders in Class 7 (being a “Relevant Shareholder” and a “Relevant Class” for the purposes of the section below entitled

“Minimum Holdings”) should note the conversion rights that apply, as set out in the section entitled Minimum Holdings below.

Class 7 Shares for the Aviva Investors MAF Stewardship range are not yet available.

Class 8 in respect of

all Funds other than the Aviva Investors UK

Listed Equity Fund (please note that this

fund is in the process of being terminated

and is no longer available for new

investment):

 Minimum initial subscription £10,000,000

 Minimum additional subscription £500,000

 Minimum holding £10,000,000

Please note: Class 8 Shares are only available to Aviva plc, its Associates and

any fund or investment entity managed or advised by any such company. Investment in Class 8 is subject to separate written agreement with the ACD pursuant to which, amongst other things,

additional fees will be payable.

Shareholders in Class 8 (being a “Relevant Shareholder” and a “Relevant Class” for the purposes of the section below entitled

“Minimum Holdings”) should note the conversion rights that apply, as set out in the section entitled Minimum Holdings below.

Class 8 in respect of

the Aviva Investors UK

Listed Equity Fund only (please note that this fund is in the

process of being

terminated and is no

 Minimum aggregate subscription across all Funds £3,000,000

 Minimum additional subscription £200,000

 Minimum holding in any one Fund £200,000

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longer available for

new investment):

Please note:

Class 8 Shares are only available to Aviva plc, its Associates and any fund or investment entity managed or advised by any such company. Investment in Class 8 is subject to separate written

agreement with the ACD pursuant to which, amongst other things,

additional fees will be payable.

Shareholders in Class 8 (being a “Relevant Shareholder” and a

“Relevant Class” for the purposes of the section below entitled “Minimum Holdings”) should note the conversion rights that apply, as

set out in the section entitled Minimum Holdings below.

Class 9:  Minimum initial subscription £100,000,000 (less the Entry Charge)

 Minimum holding £100,000,000 (less the Entry Charge)

Please note Class 9 shares are only available either:

(A) for investment by any direct to consumer (D2C) platform

operated by an Aviva group company which is able to subscribe an amount in excess of the minimum subscription

and holding criteria as set out above; or (B) for investment either:

i. directly by an independent financial advisor or a discretionary fund manager (or its nominee or custodian);

or ii. indirectly by a platform (or its nominee or custodian)

investing on behalf of those of its customers that are advised or managed by such independent financial

advisor or discretionary fund manager,

and on the basis that:

a) the minimum subscription and holding criteria as set out

above shall be required to be satisfied in aggregate for all investments in a Fund directly by, and/or indirectly on

behalf of clients advised or managed by, a particular financial adviser or discretionary fund manager (as

applicable); and b) in the case of any such indirect investment, the relevant platform shall procure that the availability of Class 9 is

“ringfenced” such that none of its other customers,

including but not limited to a customer which is advised

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and/or managed by any firm other than an independent

financial advisor or a discretionary fund manager meeting this criteria, is permitted access to Class 9.

Shareholders referred to in paragraph (B) above in Class 9 (being

a “Relevant Shareholder” and a “Relevant Class” for the purposes of the section below entitled “Minimum Holdings”) should note the

conversion rights that apply, as set out in the section entitled Minimum Holdings below.

Class D:  Minimum initial subscription: N/A

 Minimum additional subscription: N/A

 Minimum holding N/A

Please note: Class D shares are only available for investment by the Aviva

Investors Multi-asset Plus Fund range. Class D Shares for the Aviva Investors MAF Stewardship range

are not yet available.

The ACD has the ability to have different eligibility criteria and/or to apply lower minima than

those listed above.

Each of the Classes may have a different Fund Management Fee ascribed to them. The details of the charges, including in relation to any discount to the Fund Management Fee payable, are

to be found in the section headed ‘Fees and Expenses’ below. As a result of differences in the Fund Management Fee for the different Classes, monies may be deducted from Classes of the

same Fund in unequal proportions. In these circumstances the proportionate interests of the Classes will be adjusted accordingly (for an explanation of proportionate interests please refer

to the paragraph headed ‘Proportionate entitlements’ within the section headed “Income and Distributions” below).

The types of Shares presently available in each Fund are set out in the details of the relevant Funds (see Appendix I).

Further Classes or Types of Share may be established from time to time by the ACD with the

approval of the Financial Conduct Authority and the agreement of the Depositary. On the introduction of any new Fund, Type or Class, either a revised Prospectus or a supplemental

Prospectus will be prepared setting out the relevant details of each Fund, Type or Class.

Fair treatment of Shareholders

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The ACD shall take all reasonable steps so that it ensures fair treatment of all Shareholders.

Any preferential treatment accorded by the ACD to one or more Shareholders should not result in an overall material disadvantage to other Shareholders.

A Shareholder should note that fair treatment does not necessarily equate to equal or identical treatment, and that the terms and conditions of a Shareholder's holding of Shares may differ to

those of other shareholders. For example, as explained above, the terms and conditions of the Classes of Shares in issue in respect of a Fund may vary as to the minimum subscription,

minimum holding amount and applicable fees.

The Company and/or the ACD may from time to time enter into side letters or agreements with particular Shareholders which may alter, modify or change the effective terms on which such

Shares are held by such Shareholders from those terms which are described in this Prospectus,

for example in terms of, among other things, the level of fees, redemption notice periods and information rights.

All Shares are in registered form. Share certificates will not be issued. Shareholders will be able to monitor their holdings by a statement showing transactions in Shares and current holdings

which will be sent out to all Shareholders, or in the case of joint holdings to the first-named,

twice a year by the Administrator acting as delegate to the Registrar for the maintenance of the Register . The register is prima facie evidence of matters properly entered into it.

The ACD is responsible for the register of Shareholders and has delegated responsibility for its

maintenance to SS&C Financial Services Europe Limited (the Administrator).

The register may be inspected at the Administrator’s address (see Directory) during normal

business hours by any Shareholder or any Shareholder’s duly authorised agent. If any Shareholder requires evidence of title to Shares then, upon such proof of identity as it shall

reasonably require, the Administrator, acting as delegate to the Registrar for the maintenance of the Register, will provide the Shareholder with a copy of the relevant entry in the register.

Shareholders must notify the Administrator, in its capacity as delegate to the Registrar for the maintenance of the Register, of any change of address. If Shareholders have changed name

and wish for the register to be updated, please contact us to confirm our requirements.

Switching

Shareholders are entitled (subject to certain restrictions) to Switch all or some of their Shares

in one Class or Fund for Shares in another Class or Fund in the Company (but not into any other funds or classes outside of the Company of which the ACD is the authorised corporate

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director or authorised fund manager). Details of this Switching facility and the restrictions are

set out in the section entitled ‘Switching’ below.

Converting

Shareholders are entitled (subject to certain restrictions) to Convert all or some of their Shares of one Class or Type for Shares of another Class or Type within the same Fund. Details of this

Conversion facility and the restrictions are set out in the section entitled ‘Converting’ below.

Income Shares and Accumulation Shares

Income Shares

Holders of Income Shares will receive distributions.

Each such distribution of income made in respect of any Fund at a time when more than one

Class is in issue will be done by reference to the relevant Shareholders’ proportionate interests in the Scheme Property of the Fund in question.

Shareholders can choose to have their distribution of income paid direct to their bank or building society current account. Alternatively, Shareholders may choose to have their income

distributions automatically reinvested, to purchase further Shares of the same Class and Fund at the prevailing Net Asset Value without attracting an Entry Charge. For regular savings plans

invested in Income Shares the income distribution is automatically reinvested in Shares of the same Class and Fund (without attracting an Entry Charge) unless this supplements a lump sum

investment on which income payment has been selected.

In the event that there is a delay or failure by a Shareholder to produce information or documentation to satisfy anti-money laundering due diligence requirements (please see the

paragraph headed “Money Laundering” in the “Dealing in Shares” section below), any distribution payments due may not be released by the ACD until the requested information has

been provided.

Distributions to holders of Income Shares will be made following the end of each Distribution Period on the basis set out in the paragraph headed “Distributions” in the “Income and

Distribution” section below.

Accumulation Shares

A number of Funds will have Accumulation Shares (for details of these Funds see Appendix I).

Holders of Accumulation Shares do not receive cash distributions. Instead any income arising in respect of an Accumulation Share is automatically accumulated and is reflected in the price

of each Accumulation Share. Allocation of income in respect of Accumulation Shares will be transferred to the capital property of each Fund within two months of the end of the Distribution

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Period to which that income relates, but will be reflected in the capital value of Accumulation Shares on the first business day following the end of that Distribution Period. No Entry Charge

is levied on this accumulation.

General

In respect of income arising for both Income Shares and Accumulation Shares, tax vouchers

will be issued and tax accounted for where appropriate.

Where both Income Shares and Accumulation Shares are in existence in relation to a Fund, the relevant Shareholders’ proportionate interests in the Scheme Property of the Fund

represented by each Accumulation Share increases as income is accumulated. Further, in these circumstances, the income of the Fund is allocated between Income Shares and

Accumulation Shares according to the relevant Shareholders’ proportionate interests in the Scheme Property of the Fund represented by the Accumulation Shares and Income Shares in

existence at the end of the relevant Distribution Period.

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Dealing in Shares

The ACD’s offices are open from at least 9am until at least 5pm on each Dealing Day.

Investors should be aware that the Aviva Investors Multi-Manager Flexible Fund, the

Aviva Investors Multi-Manager 40-85% Shares Fund, and the Aviva Investors MultiManager 20-60% Shares Fund operate a 5pm dealing cut-off. Instructions to deal in Shares

in relation to those Funds which are received and accepted by the ACD before 5pm on a

Dealing Day will be processed at the 9am Valuation Point on the next Dealing Day in respect of the Aviva Investors Multi-Manager Flexible Fund, the Aviva Investors Multi-Manager 40-85% Shares Fund, and the Aviva Investors Multi-Manager 20-60% Shares Fund. All instructions

received and accepted after this time will be held over and processed at the 9am Valuation Point on the next following Dealing Day. For example, an instruction received in any of the

Aviva Investors Multi-Manager Flexible Fund, the Aviva Investors Multi-Manager 40-85% Shares Fund and the Aviva Investors Multi-Manager 20-60% Shares Fund by 11am on a

Tuesday will be processed at the 9am Valuation Point on Wednesday. However, an instruction received in the Aviva Investors Multi-Manager Flexible Fund, the Aviva Investors Multi-Manager

40-85% Shares Fund, and the Aviva Investors Multi-Manager 20-60% Shares Fund by 5.15pm on a Tuesday will not be processed until the 9am Valuation Point on Thursday.

Investors should be aware that all Funds in the Aviva Investors Multi-asset Core Fund range, the Aviva Investors Multi-asset Plus Fund range and the Aviva Investors Multiasset Stewardship Fund range operate a 12 noon dealing cut-off. Instructions to deal in Shares in relation to those Funds which are received and accepted by the ACD by 12 noon on

a Dealing Day will be dealt with at the price calculated as at the 11.59pm Valuation Point on that Dealing Day. All instructions received and accepted after the 12 noon dealing cut off point

on a Dealing Day will be held over and dealt with at the price calculated as at the 11.59pm Valuation Point for the next Dealing Day. For example, an instruction received by 11.00am on

a Tuesday will be processed at the 11.59pm Valuation Point on that day. However, an instruction received at 1.00pm on a Tuesday will not be processed until the 11.59pm Valuation

Point on Wednesday.

For all other Funds instructions to deal in Shares received up to 2pm on a Business Day

will be processed as at that time. Instructions received after 2pm will be processed on the next Dealing Day.

Pricing

The Company deals on the basis of “single pricing”. This has the effect that subject to the Entry

Charge, the Investor Protection Fee and any Exit Charge (for further information see the section

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headed ‘Fees and Expenses’ below) both the issue and the redemption price of a Share at a

particular Valuation Point will be the same.

The price per Share at which Shares may be bought or sold is the Net Asset Value of its Class

(calculated at the relevant Valuation Point) divided by the number of Shares of that Class in issue. In addition the ACD reserves the right to make an Entry Charge on Shares purchased

and an Exit Charge on Shares sold. For both purchases and sales, an Investor Protection Fee may be imposed. There is no current intention to impose an Exit Charge in respect of any Fund

or Class.

The Company deals on a forward pricing basis (and not on the basis of published prices). A

forward price is the price calculated at the next Valuation Point after the sale or purchase is deemed to be accepted by the ACD (for details of the Valuation Point see the section headed

“Valuation” below).

Share Prices

Information on the prices of Shares will be available by telephoning 0800 051 2003 * or on the

internet at www.avivainvestors.com . Prices may also be published in some newspapers. The ACD does not accept responsibility for the accuracy of the prices published in or the non

publication of prices by newspapers for reasons beyond the control of the ACD.

* Telephone calls may be recorded by the ACD, its delegates, their duly appointed agents and any of their respective related, associated or affiliated companies for records keeping, security and/or training purposes, please see the paragraph “ Telephone Recording ” below for further information.

Buying Shares

Applications to purchase Shares can be made by telephoning the ACD on 0800 051 2003 * (subject to subsequent completion of an application/registration form for administrative and verification purposes), or by sending a completed application form to the ACD.

Application forms are available from the ACD by writing to the Administrator, by telephoning the ACD or on the internet at www.avivainvestors.com .

Applications for Shares in the Aviva Investors Multi-Manager Flexible Fund, the Aviva Investors Multi-Manager 40-85% Shares Fund, and the Aviva Investors Multi-Manager 20-60% Shares

Fund, which are received and accepted by the ACD by 5pm on a Dealing Day will be dealt with

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at the price calculated as at the Valuation Point on the next Dealing Day. Applications received and accepted after that time will be held over and dealt with at the price calculated as at the Valuation Point for the next following Dealing Day.

Applications for Shares in the Aviva Investors Multi-asset Core Fund range, the Aviva Investors Multi-asset Plus Fund range and the Aviva Investors Multi-asset Stewardship Fund range which

are received and accepted by the ACD by 12 noon on a Dealing Day will be dealt with at the price calculated as at the 11.59pm Valuation Point on that Dealing Day. Applications received

and accepted after the 12 noon dealing cut off point on a Dealing Day will be held over and dealt with at the price calculated as at the 11.59pm Valuation Point for the next Dealing Day.

For all other Funds instructions to deal in Shares received up to 2pm on a Business Day will be

processed as at that time. Instructions received after 2pm will be processed on the next Dealing

Day.

The ACD has the right to reject, on reasonable grounds relating to the circumstances of the applicant, any application for Shares in whole or part, and in this event the ACD will return any

money sent, or the balance of such monies, at the risk of the applicant.

In respect of Class 8 only, an application for Shares will not be accepted by the ACD unless the

applicant has entered into the separate written agreement referred to above.

Any subscription monies remaining after a whole number of Shares has been issued will not be

returned to the applicant. Instead, Smaller Denomination Shares will be issued in such circumstances. A Smaller Denomination Share is equivalent to one thousandth of a Larger Denomination Share.

Applications for purchase will not be acknowledged but, save where the purchase is via a regular savings plan (see below), a contract note will be issued by the end of the Business Day

following the relevant Dealing Day or, if the confirmation of the purchase of the Shares is received by the ACD from a third party, no later than the first Business Day following receipt of

the confirmation from the third party, together with, where appropriate, a notice of the applicant’s right to cancel. The contract note will give details of the Shares purchased and the price used.

An applicant who is a consumer (meaning any natural person acting for purposes outside their trade, business or profession, or as further defined in the Financial Conduct Authority

Handbook, hereafter a “Consumer”) and who has received face to face advice in respect of their investment has the statutory right to cancel their application to buy Shares at any time

during the 14 days after the date on which they receive a cancellation notice from the ACD. However, the ACD has chosen to extend this statutory cancellation period and instead offers

all Consumers the right to cancel their application for a 30 day period from the receipt of the cancellation notice. If a Consumer decides to cancel the contract, and the value of the

investment has fallen at the time the ACD receives the completed cancellation notice, the

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Consumer will not receive a full refund as an amount equal to any fall in value will be deducted

from the sum originally invested. The determination of any shortfall will be based upon the price of the Fund at the next Dealing Day following the ACD’s receipt of the completed cancellation

notice.

If payment has not already been made settlement of the full purchase price and any related

fees and expenses is due immediately and in respect of all Funds by no later than four Business Days following the Valuation Point relevant to the subscription request, as set out above. The

ACD, at its discretion, may delay issuing the Shares until payment is received. If settlement is not made within a reasonable period, the ACD has the right to cancel any Shares issued in

respect of the application.

In applying for Shares, prospective Shareholders agree to subscribe for Shares on the basis

of, and to be bound by, the terms of the Instrument of Incorporation and this Prospectus as applicable in respect of their holding of Shares.

Share certificates will not be issued in respect of registered Shares. Ownership of Shares will

be evidenced by an entry on the Register of Shareholders. Statements covering periodic distributions on Shares will show the number of Shares held by the recipient. Individual

statements of a Shareholder’s (or in the case of joint holdings, the first named holder’s) Shares

will also be issued at any time on request by the registered holder.

Regular Savings Plan

The ACD operates a regular savings plan for Class 1. The regular savings plan is subject to a

minimum monthly subscription of £50 in any one Fund. This minimum may be waived by the ACD at its discretion. Contract notes for the purchase of Shares will not be issued to Shareholders investing through a regular savings plan. Regular savings may be permitted in

Class 2 shares at the manager’s discretion.

Delivery Versus Payment Exemption on the purchase of Shares

The ACD makes use of the ‘delivery versus payment’ (DVP) exemption for Shareholders who consent, as set out in the FCA’s Client Asset (CASS) Rules.

The use of the DVP exemption is limited to payments we receive from Shareholders by electronic bank transfer or via commercial settlement systems (e.g. EMX or Clearstream) for the purposes of settling a transaction in Shares.

The DVP exemption for payments received from Shareholders by electronic bank transfer provides a period, during which the monies received will not be treated as “client money” within

the meaning of the FCA’s Client Asset (CASS) Rules, from the point that the ACD receives a Shareholder’s money until the close of the next business day.

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Payments received from Shareholders via commercial settlement systems will not typically be

treated as client money during the same period as that which applies to other payment methods mentioned above. However for payments received via commercial settlement systems the ACD

reserves the right to extend the period during which money is not treated as client money until the close of business three business days after the receipt of a Shareholder’s money.

Money which is not treated as client money will not be held in a segregated client bank account and will not be protected from the insolvency of the ACD.

Should the ACD still hold Shareholder money after the expiry of the DVP exemption period, the ACD will protect Shareholder money as client money until the transaction has been settled.

If a Shareholder makes payment to the ACD by cheque, debit card or direct debit the ACD will

protect the Shareholder’s at the time of receipt and will not use the DVP exemption.

Selling Shares

A Shareholder wishing to sell Shares should contact the ACD by telephoning 0800 051 2003 * or in writing. Instructions to sell are irrevocable. Unless the ACD agrees otherwise, it will not accept instructions to sell Shares on the basis of an authority communicated by electronic

means. However, the ACD may, at its discretion, introduce further methods in the future.

Every Shareholder is entitled on any Business Day to request that the Company redeem their

Shares and the Company will be required to redeem them in accordance with the procedures set out below.

Redemption requests for the Aviva Investors Multi-Manager Flexible Fund, the Aviva Investors Multi-Manager 40-85% Shares Fund, and the Aviva Investors Multi-Manager 20-60% Shares Fund received and accepted by the ACD by 5pm on a Dealing Day will be dealt with at the price

calculated as at the Valuation Point in respect of the relevant Fund on the next Dealing Day. All

requests received and accepted after that time will be held over and dealt with at the price calculated as at the Valuation Point for the next following Dealing Day.

Redemption requests for the Aviva Investors Multi-asset Core Fund range, the Aviva Investors

Multi-asset Plus Fund range and the Aviva Investors Multi-asset Stewardship Fund range which are received and accepted by the ACD by 12 noon on a Dealing Day will be dealt with at the

price calculated as at the 11.59pm Valuation Point on that Dealing Day. All requests received and accepted after the 12 noon dealing cut off point on a Dealing Day will be held over and

dealt with at the price calculated as at the 11.59pm Valuation Point for the next Dealing Day.

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For all other Funds redemption requests received up to 2pm on a Business Day will be processed as at that time. Instructions received after 2pm will be processed on the next Dealing

Day.

A contract note giving details of the number and price of Shares sold will be sent to the selling Shareholder (the first named in the case of joint holders) together (if sufficient written

instructions have not already been given) with a form of renunciation for completion and execution by the Shareholder (and in the case of joint holders, by all the joint holders) no later

than the end of the Business Day following the day of the Valuation Point by reference to which the redemption price is determined or, if the confirmation of the sale of the Shares is received

by the ACD from a third party, no later than the first Business Day following receipt of the confirmation from the third party. In respect of all Funds the redemption monies will be paid

within four Business Days, of the later of:

1. the receipt by the ACD of the form of renunciation (or other sufficient written instructions) duly signed by all the relevant Shareholders and completed as to the appropriate number of

Shares, together with any other appropriate evidence of title, and

2. the Valuation Point by reference to which the redemption price is determined.

However where money is owing on the earlier sale of the Shares to be redeemed and has not

been received and cleared by the time the redemption proceeds would otherwise be payable, then the redemption proceeds for those Shares will not be sent until such time as the initial

money has been received and cleared.

For the sale of Shares in Class 8, if any payment due from the Shareholder under the terms of the separate written agreement entered into as a condition to investing in that Class is overdue

at the time of the Shareholder’s request to redeem Shares, the ACD will have the right to deduct the outstanding amount from the redemption proceeds before paying the remainder (if any) to

the Shareholder in satisfaction of the redemption request.

Delivery Versus Payment Exemption on the sale of Shares

The ACD makes use of the ‘delivery versus payment’ (DVP) exemption for Shareholders who consent, as set out in the FCA’s Client Asset (CASS) Rules.

The use of the DVP exemption is limited to payments the ACD makes to Shareholders by

electronic bank transfer and via commercial settlement systems (e.g. EMX or Clearstream).

All these methods of payment should clear in the Shareholder’s account on the payment date. However, should such payments fail to clear on the payment date, the DVP exemption provides

a period during which the ACD is not required to treat the payment as “client money” within the

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meaning of the FCA’s Client Asset (CASS) Rules. For payments made to a Shareholder by

electronic bank transfer this period begins on the date the ACD is due to pay the proceeds to the Shareholder until the close of the next business day.

Payments made to Shareholders via commercial settlement systems will not typically be treated

as client money during the same period as that which applies to other payment methods mentioned above. However for payments made via commercial settlement systems the ACD

reserves the right to extend the period during which money is not treated as client money until the close of business three business days after the date the money is due and payable to the

Shareholder.

Money which is not treated as client money will not be held in a segregated client bank account and will not be protected from the insolvency of the ACD.

Should the ACD still hold Shareholder money after the expiry of the DVP exemption period, it will protect Shareholder money as client money until payment can be made.

If the ACD pays the proceeds from the sale of a Shareholder’s Shares by cheque, the money

will be treated as client money and held in a segregated client bank account from the date the ACD issues the cheque, so it remains protected until it is cashed.

Minimum Redemption

Part of a Shareholder’s holding may be sold but the ACD reserves the right to refuse a redemption request if the value of the Shares of any Fund to be redeemed is less than the

minimum redemption amounts as stated in the section entitled ‘Classes of Share’ above.

Additionally, the ACD reserves the right to refuse a redemption request for part of Shareholder’s holding if the value of the remaining holding would fall below the minimum holding (if any) in a

Fund or Class or the minimum holding in a Fund or Class as set out in the section entitled ‘Classes of Share’ above.

Minimum Holding

In respect of a Relevant Shareholder’s holding in a Relevant Class(as such terms are defined in the table set out in the section headed “Shares” above), if:

(i) following a redemption, cancellation, Switch or transfer, the holding in the Relevant Class falls below the minimum holding specified above; and/or

(ii) (in the case of Class 7 and 8 only) following a redemption, cancellation, Switch or transfer, the eligibility criteria for the Relevant Class is otherwise breached; and/or

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(iii) (in the case of Class 9 only) the Relevant Shareholder fails to meet the “ringfencing”

requirement; and/or (iv) (in the case of Class 8 only) the Relevant Shareholder breaches the terms of the

separate commercial agreement with the ACD in respect of investment in Class 8; the ACD has discretion to Convert the Relevant Shareholder’s entire holding into another Class;

(a) in the case of (i) and (ii) with a lower minimum holding (if available); and/or (b) in the case of (iii) where no such ringfencing requirement applies; and/or

investing in it. The alternative Class is likely to have higher charges than the Relevant Class held by the Relevant Shareholder (in the case of Class 8, when aggregated with amounts charged pursuant

to that separate agreement). The ACD may use this discretion at any time but will give a minimum of 60 days’ prior notice to the Relevant Shareholder. Failure by the ACD to use its

discretion immediately after such redemption, cancellation, Switch or transfer will not constitute a waiver of this right. The value of Shares for the purpose of this section is calculated by

reference to their prevailing price. The minimum holding requirements will not be treated as being breached if the value of Shares held falls below the relevant minimum solely as a result

of a fall in the Share price. This provision does not apply in respect of the holdings of any direct to consumer (D2C) platform operated by an Aviva group company which may be invested in

Class 9.

Regular Capital Withdrawal Facility for Multi-asset Plus Funds

The Multi-asset Plus Fund range offers Shareholders, subject to meeting certain requirements, the option to receive regular capital withdrawals through the monthly, quarterly, half-yearly or annual redemption of Shares.

This facility is currently only available for Shareholders in the Aviva Investors Multi-asset Plus Fund I, the Aviva Investors Multi-asset Plus Fund II, the Aviva Investors Multi-asset Plus Fund

III, the Aviva Investors Multi-asset Plus Fund IV and the Aviva Investors Multi-asset Plus Fund V. For the facility to be available for a Multi-asset Plus Fund, a Shareholder must have an investment of £10,000 (net of Entry Charges) at any time when a regular capital withdrawal is

made in that Multi-asset Plus Fund and must have been invested in that Fund for at least 1 year continuously before receiving their first redemption proceeds. Additional investments will not be

subject to this qualification period.

This facility is not available for Shareholders who invest on a regular monthly basis.

The level of regular capital withdrawals currently permitted for each Multi-asset Plus Fund are

subject to the maximum and minimum levels set out below.

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Maximum and Minimum withdrawals:

• Minimum monthly withdrawal - £25

• Minimum quarterly withdrawal - £75

• Minimum half-yearly withdrawal - £150

• Minimum annual withdrawal - £300

• Minimum percentage withdrawal per annum is 3% of the value of the Shareholder's investment

in the Fund at the time of the redemption.

• Maximum percentage withdrawal per annum is 5% of the value of the Shareholder's

investment in the Fund at the time of the redemption.

The ACD has the discretion to apply lower minima than those listed above.

If investors wish to apply for this facility then they should complete the details as appropriate

on the application form, or alternatively write to Aviva Investors UK Fund Services Limited at PO Box 10410, Chelmsford, CM99 2AY, at any time. The written instruction must be received

and accepted by the ACD 9 days before the first regular capital withdrawal can be taken.

For monthly withdrawals, Shares will be redeemed on the 6th of each month or the preceding Business Day as appropriate.

For quarterly withdrawals you will select the month on which the quarterly withdrawals will begin, Shares will be redeemed on the 6th day of each quarterly month that you have selected

or the preceding Business Day as appropriate.

For half- yearly withdrawals you will select the month on which the half- yearly withdrawals will begin, Shares will be redeemed on the 6th day of the half- yearly months you have selected or

the preceding Business Day as appropriate.

For annual withdrawals you will select the month of the year on which the annual withdrawals

will be made. Shares will be redeemed on the 6th day of that month each year or the preceding Business Day as appropriate.

If you do not select a start month for your first monthly, quarterly, half-yearly or annual withdrawals, then your withdrawals will begin from the 6th of the month following your written

request, provided your written request is received and accepted by the ACD 9 days before that

date.

For all redemptions, proceeds will be paid within four Business Days of the valuation point.

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However where money is owing on the earlier sale of the Shares to be redeemed and has not

been received and cleared by the time the redemption proceeds would otherwise be payable, then the redemption proceeds for those Shares will not be sent until such time as the initial

money has been received and cleared.

Shareholders who select the Regular Capital Withdrawal Facility should be aware that regular capital withdrawals would result in a reduction of capital if the amount withdrawn exceeds the

capital appreciation of their investment.

Shareholders should also be aware that the Regular Capital Withdrawal Facility for the Multi

asset Plus Funds creates the potential for capital gains tax liability, and they should consult with their financial adviser as appropriate.

Switching

Subject to the qualifications below, a Shareholder may at any time Switch all or some of his Shares of one Class or Fund (“ Original Shares” ) for a number of Shares of another Class or

Fund (“ New Shares” ). The number of New Shares issued is determined by the following formula:

O x (CP x ER)

N = SP Where:

N is the number of New Shares to be issued;

O is the number of Original Shares to be Switched;

CP is the published dealing price at which one Share of the original Class/Fund can be

redeemed;

ER is 1 (for same currency Shares); and

SP is the published dealing price at which a New Share in the new Class/Fund can be purchased,

in the case of both CP and SP, the price referred to is the published dealing price at the

applicable Valuation Point.

Each number referred to in the definition of N or O shall be expressed to the third decimal place

and rounded up thereto in the case of N, so that the integer represents the number of Larger Denomination Shares and the decimal when multiplied by 1,000 represents the number of

Smaller Denomination Shares.

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If a Shareholder wishes to Switch Shares he should apply to the ACD in the same manner as

for a sale as set out in the section headed “Selling Shares” above. Applications to Switch Shares between Classes or Types within the same Fund will be deemed to be applications to Convert

Shares and will be dealt with in accordance with the Conversion process described below.

The ACD may at its discretion impose restrictions as to the Classes/Funds for which a Switch

may be affected.

If the Switch would result in the Shareholder holding a number of Original Shares or New

Shares of a value which is less than the minimum holding in the Fund or Class concerned, the ACD may, if it thinks fit, Switch the whole of the applicant’s holding of Original Shares to New Shares or refuse to effect any Switch of the Original Shares. No Switch will be made during any

period when the right of Shareholders to require the redemption of their Shares is suspended.

The general provisions on procedures relating to redemption will apply equally to a Switch. Switching requests received and accepted for the Aviva Investors Multi-Manager Flexible Fund, the Aviva Investors Multi-Manager 40-85% Shares Fund, and the Aviva Investors Multi

Manager 20-60% Shares Fund before 5pm on a Dealing Day will be processed at the Valuation Point on the next Dealing Day. Switching requests received and accepted after this time will be

held over until the Valuation Point on the next following Dealing Day.

Switching requests for Aviva Investors Multi-asset Core Fund range, the Aviva Investors Multi

asset Plus Fund range and the Aviva Investors Multi-asset Stewardship Fund range which are received and accepted by the ACD by 12 noon on a Dealing Day will be dealt with at the price

calculated as at the 11.59pm Valuation Point on that Dealing Day. Switching requests received and accepted after the 12 noon dealing cut off point on a Dealing Day will be held over and

dealt with at the price calculated as at the 11.59pm Valuation Point for the next Dealing Day.

For all other Funds Switching requests received and accepted up to 2pm on a Business Day

will be processed as at that time. Instructions received after 2pm will be processed on the next Dealing Day.

A Switching Fee may be charged on the Switching of Shares between Funds and additionally

circumstances may arise on Switching when the ACD imposes an Investor Protection Fee. For further details in respect of the level and impact of any such Switching Fee or Investor

Protection Fee, please see the section headed “Fees and Expenses” below. The ACD may adjust the number of New Shares to be issued to reflect the imposition of any Switching Fee

together with any other charges or levies in respect of the issue or sale of the New Shares or repurchase or cancellation of the Original Shares as may be permitted by the COLL Sourcebook

and the Instrument of Incorporation.

A Shareholder who Switches Shares in one Fund or Class for Shares in any other Fund or

Class will not be given a right to withdraw from or cancel the transaction.

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It should be noted that a Switch of Shares in one Fund for Shares in any other Fund is

treated as a realisation and will, for persons subject to United Kingdom taxation, be a disposal for the purposes of UK taxation.

For further details of the tax implications of a Switch, please see the section headed “Taxation” below.

Converting

A Shareholder may at any time Convert all or some of his Shares of one Class or Type

(“ Original Shares ”) for a number of Shares of another Class or Type (“ New Shares ”) in the same Fund.

Conversions will be effected by the ACD recording the change of Type or Class on the Register of the Company.

The number of New Shares on such a Conversion shall be determined in accordance with the

following formula:

N = CP2

O O x ( (CP1 1 x E ER)

where:

N is the number of New Shares to be issued;

O is the number of Original Shares to be Converted;

CP1 is the published dealing price at which one Share of the original Class or Type may be

redeemed;

ER is 1 (for same currency Shares); and

CP2 is the published dealing price at which a single Share of the new Class or Type may be

purchased,

in the case of CP1 and CP2 the price referred to is the published mid-market price at the applicable Valuation Point for both the Original Shares and the New Shares respectively.

Each number referred to in the definition of N or O shall be expressed to the third decimal place and rounded up thereto in the case of N, so that the integer represents the number of Larger

Denomination Shares and the decimal, when multiplied by 1,000, represents the number of Smaller Denomination Shares.

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If a Shareholder wishes to Convert Shares from one Class or Type to another, he should apply

to the ACD in the same manner as for a sale as set out in the section above headed “Selling Shares”.

The Conversion shall take place no later than four business days after the Conversion request is received by the ACD or at such other Valuation Point agreed by the ACD at the request of

the Shareholder.

The ACD may at its discretion impose restrictions as to the Classes or Types for which a

Conversion may be effected.

If the Conversion would result in the Shareholder holding a number of Original Shares or New Shares which are less than the required minimum holding for the Class or Type concerned, the

ACD may, if it thinks fit, Convert the whole of the applicant’s Original Shares to New Shares or refuse to effect any Conversion of the Original Shares. No Conversion will be made during any

period when the right of Shareholders to require the redemption of their Shares is suspended. The general provisions on procedures relating to redemption will apply equally to a Conversion.

A Conversion Fee may be charged on the Conversion. For further details in respect of the level and impact of any such Conversion Fee, please see the section headed “Fees and Expenses”

below. The ACD may adjust the number of New Shares to reflect the imposition of any Conversion Fee together with any other charges or levies in respect of the New Shares or the

Original Shares as may be permitted pursuant to the COLL Sourcebook and the Instrument of Incorporation.

A Shareholder who Converts Shares in one Class or Type for Shares in any other Class or

Type in the same Fund will not be given a right to withdraw from or cancel the transaction.

Please note that the ACD will process any Shareholder request to exchange existing

Shares for Shares of another Class or Type within the same Fund as a Conversion in accordance with the provisions of this section.

It should be noted that a Conversion of Shares in one Fund for Shares in the same Fund is not normally treated as a realisation and will not normally, for persons subject to

United Kingdom taxation, be a disposal for the purposes of UK taxation, unless it is from a hedged Class to an unhedged Class (or vice versa).

For further details of the tax implications of the Conversion, please see the section headed

‘Taxation’ below.

Transfers

Shareholders are entitled to transfer their Shares to another person or body. All transfers must be in writing in the form of an instrument of transfer approved by the ACD for this purpose.

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Completed instruments of transfer must be returned to the ACD. For further details, please see

the paragraph entitled “Transfers of Shares” in the section headed “Instrument of Incorporation”

below.

Compulsory Transfer, Redemption and Conversion

Shares in the Company may not be acquired or held by any person in circumstances (“ Relevant

Circumstances ”):

1. which constitute a breach of the law or governmental regulation (or any interpretation

of a law or regulation by a competent authority) of any country or territory; or

2. which would (or would if other Shares were acquired or held in the circumstances)

result in the Company incurring any liability to taxation or suffering any other pecuniary

disadvantage or other adverse consequence (including a requirement to register under any securities or investment or similar laws or governmental regulation of any country or territory).

In this connection, the ACD has a discretion to reject any application for the purchase, sale or

Switching of Shares.

If it comes to the notice of the ACD that any Shares (“ Affected Shares ”) have been acquired

or are being held directly or beneficially in any of these Relevant Circumstances or by virtue of which the Shareholder or Shareholders in question is/are not qualified to hold such Shares or

if it reasonably believes this to be the case, the ACD may give notice to the holder(s) of the Affected Shares requiring the transfer of such Shares to a person who is qualified or entitled to

own them or that a request in writing be given for the redemption or cancellation of such Shares in accordance with the COLL Sourcebook. If any person upon whom such a notice is served

does not within thirty days after the date of such notice transfer his Affected Shares to a person qualified to own them or establish to the satisfaction of the ACD (whose judgement shall be

final and binding) that he and any person on whose behalf he holds the Affected Shares are qualified and entitled to own them, he shall be deemed upon the expiration of the thirty day

period to have given a request in writing for the redemption or cancellation (at the discretion of the ACD) of all the Affected Shares pursuant to the COLL Sourcebook.

A person who becomes aware that he has acquired or holds Affected Shares in any of these Relevant Circumstances, or by virtue of which he is not qualified to hold such Affected Shares,

must immediately, unless he has already received a notice as set out above, either transfer all their Affected Shares to a person qualified to own them or give a request in writing for the redemption of all their Affected Shares pursuant to the COLL Sourcebook.

In circumstances where the ACD has determined that a Class of a Fund is to be closed, the ACD is able to effect the compulsory conversion of Shares from the closing Class to another

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Class of the Fund. Such compulsory Conversion will only be effected where the rights attaching

to the new Class are the same, or more favourable than the Class that is to be closed and where the ACD has satisfied itself that the conversion will not result in prejudice to investors in

the Fund. The ACD will give prior notice to the Shareholders in the Fund prior to such a compulsory conversion being effected.

The ACD is also able to effect a compulsory Conversion in respect of certain Classes of Share as described above, specifically (A) of Class 9 Shares in any Fund in the Aviva Investors Multi

asset Plus Fund range and the Aviva Investors Multi-asset Stewardship Fund range, where a shareholding falls below the specified minimum holding, and (B) of Class 8 Shares in Aviva

Investors Multi-asset Plus Fund I, Aviva Investors Multi-asset Plus Fund II, Aviva Investors Multi- asset Plus Fund IV, Aviva Investors Multi-Manager 20-60% Shares Fund, Aviva Investors

Multi-Manager 40-85% Shares Fund, Aviva Investors Multi-Manager Flexible Fund and any Fund in the Aviva Investors Multi-asset Stewardship Fund range to another Class where a

Shareholder breaches the terms of the separate agreement with the ACD and/or where a shareholding falls below the specified minimum holding or fails to meet any other eligibility

criteria for this Class; and (C) Class 7 Shares in any Fund in the Aviva Investors Multi-asset Stewardship Fund range to another Class where a shareholding falls below the specified

minimum holding.

(see the sections entitled “Minimum holdings” above within the “Dealing in Shares” section).

In addition, the ACD may carry out a compulsory Conversion of some or all of the Shares in

any Class into Shares of another Class where it reasonably believes that such Conversion is in the best interests of a Shareholder or Shareholders (for example, when such a conversion

would achieve cost savings). The ACD will give at least 60 days’ prior written notice to the relevant Shareholders prior to such a compulsory Conversion being effected. The right of

Shareholders to redeem their Shares prior to a Conversion taking effect will not be affected.

Please note that, for any redemption that would leave a residual holding of less than the applicable minimum holding, the ACD has the discretion to require redemption of the entire

holding. Please see the section above entitled “Selling Shares” for more information on redemptions.

In Specie Redemptions (Redemptions in kind)

If a Shareholder requests the redemption or cancellation of Shares the ACD may arrange that

in place of payment of the price of the Shares in cash, the Company cancels the Shares and transfers Scheme Property (or, if required by the Shareholder, the net proceeds of sale of relevant Scheme Property), to the Shareholder. This only applies however if the Shares

represent over 5 % (or such smaller percentage as the ACD may decide) of the Fund’s value.

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Before the proceeds of the cancellation of Shares become payable, the ACD must give written

notice to the Shareholder that the Scheme Property or the proceeds of sale of Scheme Property will be transferred to that Shareholder.

The Scheme Property to be transferred will be selected by the ACD in consultation with the Depositary. They must take reasonable care to ensure that the property concerned would not

be likely to result in any material prejudice to the interests of shareholders.

In Specie Applications (Applications in kind)

The ACD may, at its discretion and by special arrangement, agree to arrange for the Company to issue Shares in exchange for assets other than money, but will only do so where the Depositary has taken reasonable care to determine that the Company’s acquisition of those

assets in exchange for the Shares is not likely to result in any material prejudice to the interests of Shareholders or potential Shareholders of the Fund concerned.

The ACD will ensure that the beneficial interest in the assets concerned is transferred to or for the account of the Company with effect from the date of issue of the Shares.

The ACD will not issue Shares in any Fund in exchange for assets the holding of which would be inconsistent with the investment objective of that Fund.

General

To satisfy a request for the issue, redemption or exchange of Shares, the ACD will normally sell Shares to, or repurchase Shares from, Shareholders to meet such requests.

The ACD is entitled to hold Shares for its own account and to satisfy requests for sale from its own holding. Although the ACD dealing in Shares held by it, for its own account, is not with the

intention of making a profit there will be occasions when such dealings do give rise to a profit.

In some circumstances and in accordance with the COLL Sourcebook, the Company will issue

or cancel Shares to meet such requests. The COLL Sourcebook requires the ACD to procure the issue or cancellation by the Company where necessary to meet any obligation to sell or

redeem Shares.

The ACD is under no obligation to account to the Company or to Shareholders for any profit it

makes on the issue, reissue or cancellation of Shares and will not do so.

The amount to be charged by or paid to the ACD for the sale of a Share by the ACD will not be more than the price of a Share notified to the Depositary at the relevant Valuation Point plus

any Entry Charge and/or Investor Protection Fee which may apply.

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The amount to be paid by the ACD for the redemption of a Share will not be less than the price

of a Share notified to the Depositary at the relevant Valuation Point minus any Exit Charge or

Investor Protection Fee which may apply.

Market timing

The Funds are intended to be a medium to long-term investment vehicle and are not designed

to be used by investors for speculating on short-term market or currency movements. Information on the typical investor profile and target market for each Fund is set out above. The

ACD may refuse to accept a subscription or a Switch between Funds if it has reasonable grounds, in relation to the Shareholder concerned, for refusing to accept a subscription or a

Switch from them. In particular, the ACD may exercise this discretion if it believes the Shareholder has been or intends to engage in market timing activities. The ACD does not

condone or engage in market timing activities.

Money Laundering

Under current legislation in the United Kingdom to prevent money laundering, persons conducting investment business are responsible for compliance with applicable anti-money laundering regulations. In order to comply with those regulations and protect Shareholders from

fraud, the ACD is required to carry out due diligence checks on all Shareholders or potential Shareholders and any party giving instructions for a Shareholder or their estate, at the start of

the investment and on an on-going basis.

The ACD may use an external agency to verify the identity of Shareholders, potential Shareholders or any party giving instructions for a Shareholder, for anti-money laundering

purposes.

The ACD is also required to ensure that any existing Shareholder data and due diligence

records are kept up to date during the time of the investment including on the sale, purchase or transfer of Shares or distribution of income. Shareholders may therefore be contacted by the

ACD from time to time to check that the information held is still valid or to request updates of the documentation or information held by the ACD.

In the event of a delay or failure to produce any information or documentation required to satisfy the ACD’s due diligence requirements, the ACD reserves the right to refuse to carry out the

transaction requested, including accepting additional subscriptions or releasing the investment

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(including any distribution payments due to the Shareholders), until the requested information

has been provided.

Shareholders will be advised as to the information required in advance of any restrictions placed

on their account. Liquidity Risk Management

The ACD maintains a liquidity management policy to monitor the liquidity risk of the Funds. The

liquidity management systems and procedures employed by the ACD are designed with a view to ensuring that each Fund may respond appropriately to redemption requests in accordance

with the COLL Sourcebook and FUND Sourcebook. The ACD conducts periodic stress tests under both normal and exceptional liquidity conditions in order to assess the liquidity risk for

each Fund.

Each fund’s net redemptions are to be compared with a minimum liquidity threshold for redemptions. Such a threshold will take into consideration the following:

 The risk tolerance profile and liquidity needs of the investors in the funds.

 The typical pattern of shareholder activity: fairly stable net in- and outflows or a highly

volatile pattern with occasionally very large net redemptions.

 Concentration of ownership of the fund among its shareholders.

AIUKFSL currently has multiple options available to choose from when addressing liquidity

concerns within its scope of daily operations, including the following which are listed in order of least disruption to the shareholders:

 Portfolio managers manage the Fund taking the redemption and subscription risks into consideration on a daily basis.

 The Fund matches subscriptions and redemptions as much as possible.

 The Fund may have cash to meet normal redemptions.

 The Fund has lines of credit available; these can temporarily be utilised to meet unexpected unit holder redemptions.

 In-specie redemption: the Fund may distribute underlying investments, equivalent to the value of the shareholder’s Shares in the relevant Fund, rather than cash, in

satisfaction of the redemption.

Finally, if none of the above is feasible, the funds may liquidate the most liquid assets first in

order to minimise capital loss to existing shareholders.

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Suspension of Dealings in Shares

The ACD may, with the prior agreement of the Depositary and will, if the Depositary so requires, temporarily suspend the issue, cancellation, sale, redemption and exchange of any Class of

Shares in any of the Funds, if the ACD or the Depositary is of the opinion that due to exceptional circumstances there is good and sufficient reason to do so, having regard to the interests of

Shareholders or potential Shareholders. The ACD will ensure that a notification of suspension is made to all Shareholders as soon as practicable after suspension commences.

Such a suspension will continue for as long as it is justified having regard to the interests of Shareholders or potential Shareholders and must cease as soon as practicable after the

exceptional circumstances referred to above have ceased. The ACD and Depositary must formally review the suspension at least every 28 days and inform the Financial Conduct

Authority of the results of the review.

During the period of suspension the ACD may agree to issue, redeem or exchange Shares in which case all deals accepted during, and outstanding prior to, the suspension will be

undertaken at prices calculated at the first relevant Valuation Point after resumption of dealing.

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Valuation

The basis of valuation of the Company’s or a Fund’s investments for the purpose of calculating the issue and redemption price of Shares as stipulated in the COLL Sourcebook and the

Instrument of Incorporation is summarised below.

The price of a Share is calculated by reference to the Net Asset Value of the Fund and Class

to which it relates at the Valuation Point.

The Valuation Point for the Aviva Investors Multi-Manager Flexible Fund, the Aviva Investors Multi-Manager 40-85% Shares Fund and the Aviva Investors Multi-Manager 20-60% Shares

Fund is 9.00am on each Dealing Day . The Valuation Point for each of the Funds in the Aviva Investors Multi-asset Core Fund range the Aviva Investors Multi-asset Plus Fund range and the

Aviva Investors Multi-asset Stewardship range is 11.59pm on each Dealing Day. The Valuation Point for all other Funds is 2.00pm on each Dealing Day.

The ACD may carry out an additional valuation at any time if it considers it desirable to do so.

The ACD is responsible for the proper valuation of the assets of the Funds, the calculation of the Net Asset Value and the publication of the Net Asset Value, and shall do so on the basis

set out in this Prospectus, subject to the Fair Value Pricing provisions which will then be utilised

in respect of the dual pricing arrangement.

The ACD has put in place procedures to ensure the proper and independent valuation of the assets of the Funds. Valuations shall be performed impartially and will all due skill, care and

diligence.

Calculation of the Net Asset Value

The Net Asset Value of the Company and each Fund will be calculated in accordance with the following provisions:

1. All the property of the Company or the Fund (as the case may be), including

receivables, will be included in the calculation subject as set out below.

2. Property which is not cash (or other assets dealt with in paragraph 3 below) or a contingent liability transaction will be valued as follows and the prices used shall

(subject as follows) be the most recent prices which it is practicable to obtain:

(a) units or shares in a collective investment scheme:

(i) if a single price for buying and selling units or shares is quoted, that price;

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(ii) if separate buying and selling prices are quoted, the average of those

prices provided that the buying price has been reduced by any entry or

initial charge included in it and the selling price has been increased by any exit or redemption charge attributable to it; or

(iii) if the ACD, in its absolute discretion, determines the price obtained is unreliable or no recent traded price is available or if no recent price exists,

a value which the ACD, in its absolute discretion, determines is fair and reasonable provided that the ACD will be entitled to rely upon the advice

of a professional adviser which the ACD reasonably believes to be qualified to give such advice;

(b) exchange-traded derivative contracts:

(i) if a single price for buying and selling the exchange-traded derivative contract is quoted, at that price; or

(ii) if separate buying and selling prices are quoted, at the average of the two prices

method of valuation as shall have been agreed between the ACD and the Depositary;

(d) any other instruments:

(i) if a single price for buying and selling the security is quoted, that price; or

(ii) if separate buying and selling prices are quoted, the average of the two

prices; or

(iii) if the ACD, in its absolute discretion, determines that the price obtained

is unreliable or no recent traded price is available or if no recent price exists, a value which the ACD, in its absolute discretion, determines is

fair and reasonable provided that the ACD will be entitled to rely upon the advice of a professional adviser which the ACD reasonably believes to

be qualified to give such advice; and

(iv) any item of Scheme Property other than that described in paragraphs 2(a) and 2(b) above (or paragraphs 4 and 5 below): a value which the ACD,

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in its absolute discretion, determines represents a fair and reasonable mid-market price.

3. Real property held within the Scheme Property shall be valued by a standing independent valuer on the basis of a full valuation with physical inspection at least once

a year. Any inspection of adjacent properties of a similar nature may be limited to that of only one such representative property. The standing independent valuer shall also

value each immovable on the basis of a review of the last full valuation, at least once a month. The figure arrived at under that valuation is used as part of the valuation for the

Scheme Property calculated on each Business Day for the following month. Any valuation of an immovable by a standing independent valuer must be on the basis

prescribed as an ‘open market value’ in the Statements of Asset Valuation Practice and Guidance Notes published by the Royal Institution of Chartered Surveyors, but subject

to the Regulations.

4. Cash and amounts held in current and deposit accounts and in other time-related deposits shall be valued at their nominal values.

5. Property which is a contingent liability transaction shall be treated as follows:

(a) in respect of a written option (and the premium for the writing of which has

become part of the Scheme Property), the amount of the net valuation of premium receivable shall be deducted. If the property is an off-exchange

derivative the method of valuation shall be agreed between the ACD and the Depositary;

(b) an off exchange future shall be valued at the net value of closing out in

accordance with a valuation method agreed between the ACD and the Depositary; and

of margin on closing out (whether as a positive or negative value). If the property is an off-exchange derivative, the method of valuation shall be agreed between the ACD and Depositary.

6. In determining the value of the Scheme Property, all instructions given to issue or

cancel Shares received prior to the Valuation Point shall be assumed to have been carried out (and any cash paid or received) whether or not this is in fact the case.

7. Subject to paragraphs 8, 9 and 15 below, agreements for the unconditional sale or

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purchase of Scheme Property which are in existence but uncompleted shall be

assumed to have been completed and all consequential action required to have been taken. Such unconditional agreements need not be taken into account if made shortly

before the valuation takes place and if the ACD, in its absolute discretion, determines their omission will not materially affect the final Net Asset Value.

8. Futures or contracts for differences which are not yet due to be performed and

unexpired and unexercised written or purchased options shall not be included under

paragraph 7.

9. All agreements are to be included under paragraph 7 which are, or ought reasonably

to have been, known to the person valuing the property.

10. An estimated amount for anticipated tax liabilities at the Valuation Point shall be deducted including (as applicable and without limitation) tax on chargeable gains,

income tax, corporation tax, VAT, stamp duty, SDRT and any foreign taxes or duties.

11. An estimated amount for any liabilities payable out of the Scheme Property and any tax or duty thereon, treating periodic items as accruing from day to day, shall be deducted.

12. The principal amount of any outstanding borrowings whenever repayable and any

accrued but unpaid interest on borrowings shall be deducted.

13. An estimated amount for accrued claims for tax of whatever nature which may be recoverable shall be added.

14. Any other credits or amounts due to be paid into the Scheme Property shall be added.

15. A sum representing any interest or any income accrued, both on cash and interest

bearing securities, due or deemed to have accrued but not received shall be added.

16. Currencies or values in currencies other than the Company’s base currency or (as the

case may be) the designated currency of a sub fund shall be translated at the relevant Valuation Point at a rate of exchange that is not likely to result in any material prejudice

to the interests of Shareholders and/or potential Shareholders.

Notwithstanding the foregoing, the ACD may, at its discretion, use other generally recognised valuation principles in order to reach a proper valuation of the Net Asset Value of the Company

or a Fund, in the event that it is impractical or manifestly incorrect to carry out a valuation of an investment in accordance with the above rules or it considers such principles better reflect the

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valuation of a security, interest or position and are in accordance with generally accepted accounting principles.

Fair Value Pricing

The ACD may, in its absolute discretion and in circumstances where:

1. it believes that no reliable price for the property in question exists; or

2. such price, if it does exist, does not reflect the ACD’s best estimate of the value of such

property, value the Scheme Property or any part of Scheme Property at a price which, in its opinion, reflects a fair and reasonable price for that property ( fair value pricing ).

The ACD is permitted to use fair value pricing in specific circumstances and pursuant to processes and methodologies that it must have notified to the Depositary. Examples of the

circumstances in which the ACD might consider using fair value pricing where a Fund’s Valuation Point is set during the time when markets in which its portfolio is invested are closed

for trading include (without limitation):

1. market movements above a pre-set trigger level in other correlated open markets;

2. war, natural disaster, terrorism;

3. government actions or political instability;

4. currency realignment or devaluation;

5. changes in interest rates;

6. corporate activity;

7. credit default or distress; or

8. litigation.

Even if a Fund’s Valuation Point is set during the time other markets are open for trading, other scenarios might include (without limitation):

1. failure of a pricing provider;

2. closure or failure of a market;

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3. volatile or “fast” markets;

4. markets closed over national holidays;

5. stale or unreliable prices; or

6. listings suspensions or de-listings.

Utilising fair value pricing may assist the ACD in fulfilling its responsibilities in connection with the proper valuation of assets and calculation of sale and redemption prices on the basis

explained in this Prospectus.

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Income and Distributions

Accounting periods

The annual accounting period of the Company ends each year on 28 February (the accounting

reference date) and the interim half yearly accounting period ends each year on 31 August.

Distributions

The Funds will make dividend distributions or accumulations except where over 60% of the Fund’s property has been invested throughout the Distribution Period in interest-bearing

investments, in which case it will make interest distributions or accumulations unless the ACD

considers it more appropriate that dividend distributions or accumulations should be made in respect of that Distribution Period. Please contact the ACD for further information regarding the

type of distribution paid by each Fund.

Distributions to the holders of Income Shares will be made within two months of the end of each

Distribution Period. Distributions in respect of all Funds will therefore be made as follows:

Distribution Period Ends Income Distribution Paid on or before

28 February 30 April

31 August 31 October

The amount available for distribution in any Distribution Period is calculated in accordance with

the allocation procedure set out below. Distributions may be made by cheque or bank transfer or such other means of payment as may be permitted by the ACD in each year.

If a distribution of income remains unclaimed for a period of six years after it has become due,

it will be forfeited and will revert to the relevant Fund. If the Fund is no longer in existence, the income will revert to the Company.

The amount available for distribution in any Distribution Period is calculated by taking the aggregate of the income received or receivable for the account of the relevant Fund in respect

of that Distribution Period. The ACD then makes such other adjustments as it considers appropriate (and after consulting the Auditors as appropriate) in relation to taxation, income

equalisation, income unlikely to be received within 12 months following the relevant income allocation date, income which should not be accounted for on an accrual basis because of lack

of information as to how it accrues, transfers between the income and capital account and other

matters.

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Allocations of income

On or before each income allocation date (being the date that is two months after the end of the relevant Distribution Period), the ACD will calculate the amount available for income

allocation for the immediately preceding Distribution Period, will inform the Depositary of that amount and allocate the available income to the Shares of each Class in issue in respect of

that Fund, taking account of the procedure set out below and the proportionate amounts of available income attributable to each Class in a Fund.

The income available for distribution or accumulation in relation to a Fund is determined in accordance with the COLL Sourcebook and the Instrument of Incorporation.

As at the end of each Distribution Period, the ACD will arrange for the Depositary to transfer

the Amount of income allocated to Classes of Shares that distribute income (being in essence the amount available for income allocation calculated in accordance with COLL) to the

distribution account.

The income available for allocation and distribution in respect of each Class of Share is

calculated by taking the aggregate of the income property received or receivable for the account of such Class of Share in respect of that period, deducting charges and expenses paid or

payable by such Class of Share out of the income in respect of the period, adding the ACD’s best estimate of any relief from tax on such charges and expenses, and making other

adjustments which the ACD considers appropriate in relation to both income and expenses (including taxation), after consulting the Auditors when required to do so, in relation to:

1. taxation;

2. potential income which is unlikely to be received until 12 months after the income allocation date;

3. income which should not be accounted for on an accrual basis because of lack of

information about how it accrues;

4. any transfers between the income account and capital account that are required in relation to:

a. stock dividends;

b. income equalisation included in income allocations from other collective investment schemes c. the allocation of payments in accordance with COLL 6.7.10R (allocation

payments to capital or income);

d. taxation; and

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e. the aggregate amount of income property included in units issued and units cancelled during the period.

5. making any other adjustments or any reimbursement of set-up costs that the ACD considers appropriate after consulting the Auditors.

An allocation of income (whether annual or interim) to be made in respect of each Share issued

by the Company or sold by the ACD during the Distribution Period in respect of which that income allocation is made will be of the same amount as the allocation to be made in respect

of the other Shares of the same Class in a Fund.

Each allocation of income made at a time when more than one Class is in issue in a Fund shall

be done by reference to the relevant Shareholders’ proportionate interests in the property of that Fund. These will be ascertained by reference to the “ Proportion Account ” for each such

Class described in the paragraph entitled “Proportionate entitlements” below.

The ACD will distribute the income allocated to Income Shares of each Class in a Fund among their holders in proportion to the numbers of such Shares held, or treated as held, by them

respectively at the end of the relevant Distribution Period. The ACD will pay the distribution to the holders of Income Shares in accordance with the instructions.

The amount of income allocated to the holders of a Class of Accumulation Shares will become part of the capital property (as defined in the COLL Sourcebook) attributable to those Shares

as at the end of the relevant Distribution Period. Where other Classes are in issue in respect of a Fund during that Distribution Period, the interests of the holders of Accumulation Shares in

the amount of income allocated to a particular Class must be satisfied by an adjustment, as at the end of the period, in the proportion of the value of the Scheme Property to which the price

of an Accumulation Share in the relevant Class is related. The adjustment must be such as will ensure that the price per Share of an Accumulation Share of the relevant Class remains

unchanged despite the transfer of income to the capital property of the Company.

Income equalisation

The following provisions shall apply in respect of Shares in issue in respect of each of the

Funds.

An allocation of income (whether annual or interim) to be made in respect of each Share to

which this clause applies issued by the Company or sold by the ACD during the Distribution Period in respect of which that income allocation is made shall be of the same amount as the

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allocation to be made in respect of the other Shares in the same Class in issue in respect of

the same Fund but shall include a capital sum ( income equalisation ) representing the ACD’s best estimate of the amount of income included in the price of that Share.

The amount of income equalisation in respect of any Share shall be either:

1. the actual amount of income included in the issue price of that Share; or

2. an amount arrived at by taking the aggregate of the amounts of income included in the

price in respect of Shares of that Class issued or sold in the annual or interim Distribution Period in question and dividing that aggregate amount by the number of such Shares and applying the resultant average to each of the Shares in question.

Proportionate entitlements

Where Funds have more than one Class of Share in issue, the proportionate interests of each Class of Share in the amount available for income allocation will be determined in accordance

with the Instrument of Incorporation.

The proportionate interests of each Class in the assets and income of the Fund shall be

calculated as follows:

A notional account will be maintained for each Class. Each account will be referred to as a

“Proportion Account”. The word proportion in the following paragraphs used in connection with a Class of Share means the proportion which the balance on the Proportion Account for that

Class at the relevant time bears to the aggregate of all the balances on all the Proportion Accounts maintained in respect of the Fund at that time.

There will be credited to a Proportion Account:

1. upon an initial or subsequent subscription for any Share of the relevant Class, the subscription price of that Share;

2. on each Dealing Day, that Class’s proportion of the amount by which the Net Asset

Value of the Fund exceeds the Net Asset Value of the Fund on the preceding Dealing Day (ignoring in the calculations of the Net Asset Value all costs, charges, liabilities of

any kind and expenses incurred solely in respect of one or more Class of Share);

3. that Class’s proportion of the income of the Fund received and receivable (except to the extent already taken into account);

4. any notional tax benefit allocated to that Class (except to the extent already taken into

account); and

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5. any other amount which the ACD considers to be appropriate to credit to that Proportion

Account.

There will be debited to a Proportion Account:

1. upon redemption of any Share of the relevant Class, the redemption price of that Share;

2. on each Dealing Day, that Class’s proportion of the amount by which the Net Asset

Value of the Fund is less than the Net Asset Value of the Fund on the preceding Dealing Day (ignoring in the calculations of the Net Asset Value all costs, charges, liabilities of

any kind and expenses incurred solely in respect of one or more Class of Share);

3. upon any amount becoming due and payable as a distribution in respect of Shares of the relevant Class, the amount to be distributed in respect of that Class;

4. all costs, charges, liabilities of any kind and expenses incurred solely in respect of that

Class;

5. that Class’s share of the costs, charges, liabilities of any kind and expenses incurred in respect of that Class and one or more other Class or Classes; and

6. any notional tax liability allocated to that Class (except to the extent already taken into

account).

Any tax liability in respect of the Fund and any tax benefit received or receivable in respect of the Fund will be allocated between Classes in order to achieve, so far as possible, the same

result as would have been achieved if each Class were itself a Fund so as not materially to prejudice that Class. The allocation will be carried out by the ACD after consultation with the

Auditors.

Where a Class is denominated in a currency which is not the base currency of the Fund, the balance of the Proportion Account shall be translated into the base currency of the Fund in

order to ascertain the proportions of all Classes. Translations between currencies shall be at a rate that is not likely to result in any material prejudice to the interests of Shareholders or

potential Shareholders of any Class.

The Proportion Accounts are:

1. memorandum accounts maintained for the purpose of calculating proportions. They do not represent debts from the Company to Shareholders or the other way round;

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2. maintained such that each credit and debit to a Proportion Account shall be allocated to that account on the basis of that Class’s proportion immediately before the allocation.

All such adjustments shall be made as are necessary to ensure that on no occasion on which the proportions are ascertained is any amount counted more than once.

The Company may adopt a method of calculating the amount of income to be allocated between the Shares in issue in respect of any Fund which is different to the method set out above

provided that the ACD is satisfied that such method is fair to Shareholders and that it is

reasonable to adopt such method in the given circumstances.

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Risks

The following are important warnings and potential investors should consider the following risk factors before investing in the Company.

The following risk factors may relate to a particular Fund as that Fund invests directly in a particular asset or because that Fund invests in a collective investment scheme which in turn

invests in a particular asset.

General

There are inherent risks in investment markets. Security prices are subject to market

fluctuations and can move irrationally and be unpredictably affected by many and various factors including political and economic events and rumours. There can be no assurance that

any appreciation in value of investments will occur. The value of investments and any income derived from them may go down as well as up and investors may receive less than the original

amount invested.

There is no guarantee that the investment objective of any Fund will actually be achieved. The

level of any yield for a Fund may be subject to fluctuations and is not guaranteed.

It is important to note that past performance is not a guide to future returns or growth. Shares should be viewed as a medium to long term investment.

Investors will need to decide whether or not an investment vehicle of this nature is appropriate for their requirements.

Counterparty Risk

See also ‘Credit Risk’. The bankruptcy or default of any counterparty could result in losses to any Fund. In addition, a Fund may bear the risk of loss because a counterparty does not have

the legal capacity to enter into a transaction, or if the transaction becomes unenforceable due to relevant legislation or regulation (see ‘Legal Risk’).

In the case of any insolvency or failure of any such party, a Fund might recover only a pro rata share of all property available for distribution to all of such party’s creditors and/or customers. Such an amount may be less than the amounts owed to that Fund.

Trading in financial derivative instruments which have not been collateralised gives rise to direct counterparty exposure. A Fund might mitigate much of this risk by receiving collateral with a

value at least equal to the exposure to each counterparty but, to the extent that any financial derivative instrument is not fully collateralised or, to the extent the Fund has provided collateral

to the counterparty under a SFT in excess of the termination value of the underlying contract,

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a default by the counterparty may result in a reduction in the value of a Fund. In the event of the insolvency of the counterparty to a derivative, the Fund of the Company will be treated as a general creditor of such counterparty, and will not have any claim with respect to the

underlying indebtedness. Consequently, that Fund of the Company will be subject to the credit risk of the counterparty as well as that of the issuer of the indebtedness. As a result,

concentrations of derivatives in any one counterparty may subject a Fund to an additional degree of risk with respect to defaults by such counterparty as well as by the issuer of the

underlying indebtedness.

To mitigate counterparty risk the Company will only use preferred counterparties which it

believes to be creditworthy and may reduce the exposure incurred in connection with such transactions through the use of collateral. A formal review of each new counterparty is

completed and all approved counterparties are regularly assessed. However, there can be no guarantee that a counterparty will not default or that a Fund of the Company will not sustain

losses as a result.

The ACD is free to use one or more separate counterparties for derivative investments. Some

or all of these counterparties may be associates of the Aviva Group.

Credit Risk

See also ‘Counterparty Risk’. Credit risk is the risk that the counterparty to a financial instrument

will fail to discharge an obligation. Each Fund will be exposed to a credit risk for the parties with whom it trades. Investing in sovereign debt, any other debt guaranteed by a sovereign

government, or corporate debt entails risks related to the issuer’s ability and willingness to repay principal and pay interest. A default by the issuer of the bond may impact the value of a Fund. Short-term cash equivalent investments, such as commercial paper, bankers’ acceptances,

certificates of deposit, and repurchase transactions, are not guaranteed by any government and are subject to some risk of default.

Credit risk may also arise through a default by one or several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one

institution causes a series of defaults by the other institutions. This is sometimes referred to as a "systemic risk" and may adversely affect financial intermediaries, such as clearing agencies,

clearing houses, banks, securities firms and exchanges, with which the Company interacts on a daily basis.

Effect of Entry Charge

Where charged, the Entry Charge is deducted from the investment at outset. Hence investors, having paid an Entry Charge, who redeem their Shares in the short term may not (even in the

absence of a fall in the value of the relevant investments) realise the original amount invested.

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Charges to Capital

Where charges are made to the income of a Fund and income is not sufficient to meet charges

and expenses, or where the investment objective of a Fund is to prioritise the generation of income over capital growth, or in circumstances where they have equal priority, all or part of the Fund Management Fee may be charged against capital instead of against income. This will

only be done with the approval of the Depositary. It is also possible to charge other costs against capital instead of against income. This may limit capital growth. For further information on this,

including confirmation as to which Funds have the Fund Management Fee charged to capital

and which Funds have the Fund Management Fee charged to income, please see the section headed “Fees and Expenses” below.

Suspension of Dealings

In certain circumstances the right to redeem Shares may be suspended (see the section headed “Suspension of Dealings in Shares” above).

Legal Risk

The unexpected application of a law or regulation, or because contracts are not legally enforceable or documented correctly may result in a loss to the Fund and cause the Share price

to fall.

Operational Risk

There is a dependency upon the ability to process transactions in different markets and currencies. Shortcomings or failures in internal processes, people or systems could lead to,

among other consequences, financial loss and reputation damage. In addition, the ability to conduct business may be adversely impacted by a disruption in the infrastructure that supports

the business and the communities in which they are located and may restrict the ability to buy or sell Shares in the Fund.

Cybersecurity Risk

With the increasing use of the internet and technology in connection with the operations of the Company, the ACD, the Investment Manager and of other service providers, the Company is

susceptible to greater operational and information security risks through breaches in cyber security. Cyber security breaches include, without limitation, infection by computer viruses and

gaining unauthorised access to systems through "hacking" or other means for the purpose of misappropriating assets or sensitive information, corrupting data, or causing operations to be

disrupted. Cyber security breaches may also occur in a manner that does not require gaining unauthorised access, such as denial-of-service attacks or situations where authorised

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individuals intentionally or unintentionally release confidential information stored on the ACD’s,

the Investment Manager's or other service provider's systems. A cyber security breach may cause disruptions and impact the Company's business operations, which could potentially

result in financial losses, inability to determine the net asset value, violation of applicable law, regulatory penalties and/or fines, compliance and other costs. The Company and its

Shareholders could be negatively impacted as a result. In addition, because the Company works closely with third-party service providers, indirect cyber security breaches at such third

party service providers may subject the Company and its Shareholders to the same risks

associated with direct cyber security breaches. Further, indirect cyber security breaches at an issuer of securities in which a Sub-Fund invests may similarly negatively impact the relevant Sub-Fund and its Shareholders.

Tax considerations

Investment in a Fund involves a number of tax considerations. Changes in tax legislation in any of the countries in which the Fund invests, or changes in tax treaties negotiated by those

countries, could adversely affect the returns to Shareholders and may affect the ability of a Fund to achieve its investment objective. No assurance can be given regarding the actual level

of taxation imposed upon the Funds or the Scheme Property.

Inflation

Inflation can erode the real value of your investments and may occur over the duration of an investment.

Currency Exchange Rates

Investments for some Funds will be made in assets denominated in various currencies and exchange rate movements may affect the value of an investment favourably or unfavourably,

separately from the gains or losses otherwise made by such investments.

Exclusion Policies

Where a Fund applies an exclusion policy (for example, the Aviva Investors’ baseline exclusion policy) or ESG-based exclusionary criteria in its investment selection process, this may result

in the relevant Fund foregoing opportunities to buy certain investments when it might otherwise be advantageous to do so, and/or selling investments when it might be disadvantageous to do

so.

Environmental, Social and Governance (ESG)

If a Fund has an explicit sustainability objective, or is required to invest in accordance with

specific ESG investment criteria, this may limit the choice of investments. The Fund may not

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perform in line (either positively or negatively) with either the market (as represented by the

relevant benchmarks / indices used by the relevant Fund) or other funds that have a broader

investment policy. A Fund with a sustainability objective or which invests in accordance with specific ESG investment criteria may exercise any voting rights it has in relation to an

investment in a manner that is consistent with such objective or criteria, which may not always be consistent with maximising the investment performance of the relevant investment or issuer.

In evaluating an investment based on ESG criteria, the Investment Manager is dependent upon

information and data from third party resources, including the counterparty and data providers, which may be incomplete, inaccurate, inconsistent or unavailable. As a result, there is a risk

that the Investment Manager may incorrectly assess an investment or issuer. There is also a risk that the Investment Manager may not apply the relevant ESG criteria correctly or that a

Fund with a sustainability objective or which invests in accordance with specific ESG criteria may nonetheless gain limited exposure to investments which are not consistent with the Fund’s

objective or investment criteria.

Emerging Markets

Investment in emerging markets may involve a higher risk than that inherent in more developed markets.

Where Funds invest in some overseas markets these investments may carry risk associated with failed or delayed settlement of market transactions and with the registration and custody of securities.

Companies in emerging markets may not be subject:

1. to accounting, auditing and financial reporting standards, practices and disclosure

requirements comparable to those applicable to companies in major markets;

2. to the same level of government supervision and regulation of stock exchanges as

countries with more advanced securities markets.

Accordingly, certain emerging markets may not afford the same level of investor protection as

would apply in more developed jurisdictions.

Restrictions on foreign investment in emerging markets may preclude investment in certain securities by certain Funds and, as a result, limit investment opportunities for the Funds.

Substantial government involvement in, and influence on, the economy may affect the value of securities in certain emerging markets.

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Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the ACD may experience more difficulty in purchasing or selling holdings of securities than it would in a more developed market.

Investors should consider whether or not investment in such Funds is either suitable for or should constitute a substantial part of an investor’s portfolio.

Investment in other schemes and funds

Where a Fund invests in other collective investment schemes or exchange traded funds, in

accordance with its investment objectives and policy, it will assume any specific risks associated with those schemes or funds. Some funds, such as Exchange Traded Funds may

have significant exposure to derivative investments, and as such counterparty default risk would be considered a specific risk of these funds. In addition, there are certain risks of more general

application associated with such investments. Furthermore, there may be additional costs to an investor with these strategies, arising out of the double charging incurred, as the underlying

funds can also have initial or entry charges and annual management charges plus additional attributable expenses. The charges levied by both the Scheme and the underlying schemes/funds in which it invests, will indirectly affect an investor’s investment.

Investment in Unregulated Collective Investment Schemes

Unregulated collective investment schemes are generally considered to be a higher risk than investment in regulated schemes. An unregulated collective investment scheme is unlikely to

be subject to regulations which govern how they are managed. For example, they can utilise higher risk investment techniques, they may borrow to invest, they can suspend calculation of

net asset value preventing redemption or otherwise limit redemption, they may not adhere to internationally recognised accounting standards and functions such as pricing and custody may

not be subject to any rules. A Fund may also invest in unregulated collective investment schemes which are valued less frequently than the Fund. As a result, there is a risk that any

market movements will not be reflected in the daily price of the Fund and that investors may miss out on unrealised profits from underlying investments. Investors should be aware that market timing is strictly prohibited (see 'Market timing'). There can be no assurance that the

liquidity of the unregulated collective investment schemes will always be sufficient to meet

redemption requests as and when made. Any lack of liquidity may affect the liquidity of the Shares of the Fund and the value of its investments. For such reasons the treatment of

redemption requests may be postponed in exceptional circumstances including circumstances in which a lack of liquidity may result in difficulties in determining the net asset value of the Shares.

Liquidity Risk

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The absence of adequate liquidity which restricts investment opportunities is known as liquidity risk. Market demand can impact the ability to acquire or liquidate assets, particularly where positions and contracts entered into are complex and bespoke. Counterparty liquidity can be

reduced by lower credit ratings or large cash outflows and margin calls can increase a fund’s liquidity risk. Liquidity risk tends to compound other risks. If a Fund has a position in an illiquid

asset, its limited ability to liquidate that position at short notice will compound its market risk. Additionally, because the Funds are open-ended, there may be a large amount of subscriptions

or redemptions of Shares during a short period of time. Large levels of redemption requests

may cause a Fund to liquidate its investments over a shorter period than it would otherwise have taken to meet such redemption requests. This may affect the value of the Fund and consequently the share price may fall.

Concentration risk

The investment approach of the Aviva Investors UK Listed Equity Fund (please note that this

fund is in the process of being terminated and is no longer available for new investment) is to invest in a relatively small number of securities (subject to the spread limits set out below). This

may result in portfolio concentration in sectors, countries, or other groupings. These potential concentrations mean that a loss arising in a single investment may cause a proportionately

greater loss to the Fund than if a larger number of investments were made.

Constituents of an index

Where a constituent of an index accounts for more than 20% of the Index, the Fund’s ability to

obtain full exposure is limited by the availability of manufactured securities designed to replicate its investment performance.

Credit and Fixed Income

Fixed interest securities are particularly affected by trends in interest rates and inflation. If

interest rates go up, the value of capital may fall, and vice versa. Inflation will also decrease the real value of capital. The value of a fixed interest security will fall in the event of the default or reduced credit rating of the issuer. Generally the higher the rate of interest, the higher the

perceived credit risk of the issuer.

Green, Social and Sustainability Bonds

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The market for such bonds is rapidly developing however remains comparatively small. Due to the smaller market size, these instruments can be more volatile and less liquid than established

bond markets.

Sub-Investment Grade Bonds

Such bonds have a lower credit rating than investment grade bonds and so a higher risk of

default and carry a degree of risk both to the income and capital value of a Fund.

Emerging Market Corporate Debt Securities

The market values of these securities are sensitive to individual corporate developments and

changes in economic conditions. Emerging markets issuers may be highly leveraged and may

not have more traditional methods of financing available to them. Therefore, their ability to service their debt obligations during an economic downturn or during sustained periods of rising interest rates may be impaired, resulting in a higher risk of default.

Emerging Market Sovereign Debt Securities

Investing in sovereign debt securities will expose the relevant Fund to the direct or indirect

consequences of political, social or economic changes in the emerging market countries that issue the securities. The ability and willingness of sovereign issuers in emerging market

countries, or the governmental authorities that control repayment of their debt, to pay principal and interest on such debt when due may depend on general economic and political conditions

within the relevant country. Some countries in which a Fund might invest have historically experienced, and may continue to experience, high rates of inflation, high interest rates,

exchange rate fluctuations, trade difficulties and extreme poverty and unemployment. Many of these countries are also characterised by political uncertainty or instability. As a result, a

governmental issuer may default on its obligations. If such a default occurs, the relevant Fund may have limited legal recourse against the issuer and/or guarantor. Remedies may, in some cases, be pursued in the courts of the defaulting party itself, and the ability of the holder of

foreign sovereign debt securities to obtain recourse may be subject to the political climate in

the relevant country.

Sovereign issuers in emerging market countries have been among the world's largest debtors to commercial banks, other governments, international financial organisations and other

financial institutions. These issuers have in the past experienced substantial difficulties in servicing their external debt obligations, which have led to defaults on certain obligations and

the restructuring of certain indebtedness. Holders of certain foreign sovereign debt securities may be requested to participate in the restructuring of such obligations and to extend further

loans to their issuers.

Asset-Backed Securities

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Asset-backed securities represent interests in pools of consumer loans such as: credit card receivables, motor vehicle loans and leases, or leases on equipment such as computers, and are subject to certain additional risks. Due to the nature of the underlying assets, the ability of

an issuer of asset-backed securities to enforce its security interest in the underlying assets may

be limited.

The principal (amount loaned) on asset-backed securities may be prepaid at any time. Voluntary prepayment of the loan will reduce the yield and market value of an asset-backed

security.

Rising interest rates tend to extend the duration of asset-backed securities, making them more

sensitive to changes in interest rates. As a result, in a period of rising interest rates, volatility of asset-backed securities may increase. The risk of default by borrowers is greater during periods

of rising interest rates and/or unemployment rates.

When interest rates are declining, there are usually more prepayments of loans as borrowers

are motivated to pay off debt and refinance at new lower rates, which will shorten the life of asset-backed securities, reducing the potential capital growth. The reinvestment of cash received from prepayments will, therefore, usually be on less attractive terms and at a lower

interest rate than the original investment, lowering the yield payable. The incidence of prepayment of asset-backed securities will also be affected by other factors including general

economic and other demographic conditions.

If a Fund purchases asset-backed securities that are “subordinated” to other interests in the

same pool of assets, that Fund, as a holder of those securities, may only receive payments after the pool’s obligations to other investors have been satisfied.

Instability in the markets for asset-backed securities may affect the liquidity of such securities, which means that the Fund may be unable to sell such securities at an advantageous time and

price. As a result, the value of such securities may decrease and the Fund may incur greater losses on the sale of such securities than under more stable market conditions. Furthermore,

instability and illiquidity in the market for lower-rated asset-backed securities may affect the overall market for such securities, thereby impacting the liquidity and value of higher-rated

securities.

Convertible Securities

Convertible securities include corporate bonds, notes, preferred stocks or debt-securities of

issuers that can be converted into (that is, exchanged for) common stocks or other equity securities at a stated price or rate. Convertible securities also include other securities, such as

warrants, that provide an opportunity for equity participation. Because convertible securities can be converted into equity securities, they may involve the risks of both equity and debt/fixed

interest investments.

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They may also involve opportunity risks, for example their value will normally vary in some proportion with those of the underlying equity securities and their price appreciation may be less than that for pure equity securities of the same or similar issuers. Due to the conversion

feature, convertible securities generally yield less than non-convertible fixed income securities of similar credit quality and maturity.

A Fund’s investment in convertible securities may at times include securities that have a mandatory conversion feature, where securities convert automatically into common stock at a

specified date and conversion ratio, or that are convertible at the option of the issuer. When conversion is not at the option of the holder, a Fund may be required to convert the security

into the underlying common stock even at times when the value of the underlying common stock has declined substantially.

Equities

In general, equities involve higher risks than bonds or money market instruments. Equities can

lose value rapidly, and can remain at low prices indefinitely. Equities of companies that appear to be priced below true value may continue to be undervalued. If a company goes through bankruptcy or other financial restructuring, its equities may lose most or all of their value.

Participation Notes

Participation notes (“P-Notes”) are issued by banks or broker-dealers and are designed to offer a return linked to the performance of a particular underlying equity security or market. P-Notes

can have the characteristics or take the form of various instruments, including, but not limited to, certificates or warrants.

The holder of a P-Note that is linked to a particular underlying security is entitled to receive any dividends paid in connection with the underlying security. However, the holder of a P-Note

generally does not receive voting rights as it would if it directly owned the underlying security. P-Notes constitute direct, general and unsecured contractual obligations of the banks or broker

dealers that issue them, which therefore subject the Fund to counterparty risk.

Investments in P-Notes involve certain risks in addition to those associated with a direct investment in the underlying foreign securities or foreign securities markets whose return they

seek to replicate. For instance, there can be no assurance that the trading price of a P-Note will equal the value of the underlying foreign security or foreign securities market that it seeks to

replicate. As the purchaser of a P-Note, a Fund is relying on the creditworthiness of the counterparty issuing the P-Note and has no rights under a P-Note against the issuer of the

underlying security. Therefore, if such counterparty were to become insolvent, a Fund would

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lose its investment. The risk that a Fund may lose its investments due to the insolvency of a single counterparty may be amplified to the extent a Fund purchases P-Notes issued by one issuer or a small number of issuers.

P-Notes also include transaction costs in addition to those applicable to a direct investment in securities.

Due to liquidity and transfer restrictions, the secondary markets on which P-Notes are traded may be less liquid than the markets for other securities, which may lead to the absence of

readily available market quotations for securities and may cause the value of the P-Notes to decline. Accordingly, it may be more difficult for a Fund to accurately assign a daily value to

such securities.

Availability of Immovable Property Investments

Where Funds are permitted to hold property either directly or indirectly by investing in the shares or units of other collective investment schemes or Exchange Traded Funds that hold property, in accordance with their investment objectives and policies, they will assume any specific risks

associated with immovable property. Investments in property are relatively illiquid and more difficult to realise than equities or bonds. The eventual liquidity of immovable property

investments will depend on the success of the realisation strategy proposed for each such investment. Such strategy could be adversely affected by a variety of factors. The Fund may

be unable to realise its investment objectives by sale or other disposition at attractive prices or at the appropriate times or in response to changing market conditions. Losses on unsuccessful

property immovable property investments may be realised before gains on successful investments are realised. Property and property related assets are inherently difficult to value

due to the individual nature of each property. As a result, valuations are subject to uncertainty and are a matter of an independent valuer’s opinion. There is no assurance that the estimates

resulting from the valuation process will reflect the actual sales price even where a sale occurs shortly after the valuation date. The performance of the collective investment scheme funds

could be adversely affected by a downturn in the property market in terms of capital value or a weakening of rental yields. Commercial property values are affected by such factors as the

level of interest rates, economic growth, fluctuations in property yields and tenant default. Hence, on the realisation of the investment, investors in those Funds may receive less than the

original amount invested. In the event of a default by an occupational tenant, the collective investment schemes may suffer a rental shortfall and are likely to incur additional costs

including legal expenses, in maintaining, insuring and re-letting the property. In addition, certain significant expenditures, including operating expenses, must be met by the owner even when

the property is vacant.

Property Related Securities

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Property related securities, such as Real Estate Investment Trusts, which themselves invest directly in property, will rise and fall in value in response to a variety of factors, including local,

regional and national economic conditions, interest rates and tax considerations. A property security’s performance also depends on the company’s ability to finance property purchases and renovations and manage its cash flows. Accordingly, investors should be aware that since

the issuers of property securities are often invested in a limited number of projects or in particular market segment, they are more susceptible to adverse developments affecting a

single project or market segment than more broadly diversified investments.

Use of Derivatives

Efficient Portfolio Management

For all Funds other than the Aviva Investors UK Listed Equity Fund (please note that this

fund is in the process of being terminated and is no longer available for new investment), which is not permitted to use derivatives, derivative transactions may be used for the

purposes of EPM, hedging and meeting the investment objectives of a Fund. Each Fund may invest in derivatives, including forwards, for hedging. The ACD considers that the

use of derivatives for EPM, hedging and meeting the investment objective of the scheme will serve to reduce the risk profile of the scheme. The ACD also does not consider that

the overall derivative usage in respect of any Fund is likely significantly to amplify the movement of the prices of Shares in that Fund.

Derivatives for investment purposes

Derivatives and forward transactions may also be used for the purposes of investment by the Aviva Investors Multi-asset Plus Funds, the Aviva Investors Multi-asset Core Funds and the

Aviva Investors Multi-asset Stewardship Funds. Where a Fund invests in derivatives and forward transactions in the pursuit of its investment objective, the net asset value of the Fund

may at times be volatile. While the prudent use of derivatives can be beneficial, derivatives also involve risks different from, and, in certain cases, greater than, the risks presented by more

traditional investments. The Aviva Investors Multi-asset Plus Funds, the Aviva Investors Multiasset Core Funds and the Aviva Investors Multi-asset Stewardship Funds may engage various

strategies in view of reducing certain of its risks and for attempting to enhance return. These strategies may include the use of derivatives instruments such as options, warrants, swaps and/or futures. Such strategies may be unsuccessful and incur losses for the Fund, due to

market conditions.

Forward Trading

Forward contracts, are not traded on exchanges, are not standardised and each transaction tends to be negotiated on an individual basis. Forward and ‘cash’ trading is substantially

unregulated.

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There is no requirement that the principals who deal in the forward markets are required to continue to make markets in the currencies they trade and these markets can experience periods of illiquidity, sometimes of significant duration. Disruptions can occur in any market

traded by a Fund due to unusually high trading volume, political intervention or other factors. The imposition of controls by governmental authorities might also limit such forward (and

futures) trading to less than that which the ACD would otherwise recommend, to the possible detriment of the Fund. In respect of such trading, a Fund is subject to the risk of counterparty

failure or the inability or refusal by a counterparty to perform with respect to such contracts.

Market illiquidity or disruption could result in major losses to a Fund.

Exchange-Traded Futures Contracts

The Funds may make use of futures contracts. A particular risk associated with this type of

contract is the means by which the futures contract is required to be terminated. A futures contract can only be terminated by entering into an offsetting transaction. This needs a liquid

secondary market on the exchange on which the original position was established. The ACD will use its judgement to establish that there appears to be a liquid secondary market for such

instruments but there can be no assurance that such a market will exist for any particular contract at any point in time. In that event, it might not be possible to establish or liquidate a

position. In addition, because the instrument underlying a futures contract traded by the Fund will often be different from the instrument or market being hedged or to which exposure is

sought, the correlation risk could be significant and could result in losses to the Fund. The use of futures involves the risk that changes in the value of the underlying instrument will not be

fully reflected in the value of the futures contract or option. The liquidity of a secondary market in futures contracts is also subject to the risk of trading halts, suspensions, exchange or clearing house equipment failures, government intervention, insolvency of a brokerage firm, clearing

house or exchange or other disruptions of normal trading activity.

Over-the-Counter Counterparty (OTC) and Market Risk

Each of the Funds may hold derivatives in OTC markets. The fair value of these derivatives will take into account their tendency to have limited liquidity and possibly higher price volatility. In

addition, a Fund holding OTC derivatives will be exposed to credit risk on counterparties with whom the transactions are made and will bear the risk of settlement default with those

counterparties.

Leveraging

Derivatives may contain a leverage component in the sense that a relatively small initial outlay

will give rise to a much larger exposure than would have been achievable in the underlying

cash market. Leveraging in this way means that relatively small changes in the value or level of the underlying asset, rate or index will significantly amplify losses or profits for the Fund. Losses may be greater than the amount invested in the derivative itself.

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A Fund may be able to use leverage, including through use of derivative instruments, in accordance with its investment objective and policy as set out in Appendix I and subject to the

investment restrictions set out in Appendix 4.

Leverage will generally be generated by using derivatives that are inherently leveraged due to the relatively small amount of deposit required to open a position, including among others,

forward contracts, futures contracts, options and swaps. A relatively small market movement may therefore have a potentially larger impact on derivatives than on standard bonds or

equities, with the result that leveraged derivative positions may increase Fund volatility.

The Funds may have higher levels of leverage in atypical or volatile market conditions, for

example when there are sudden movements in investment prices due to difficult economic conditions in a sector or region. In such circumstances, the Manager or its delegate may

increase its use of derivatives in a Fund in order to reduce the market risk to which that Fund is exposed, this, in turn, would have the effect of increasing its levels of leverage.

Should the securities pledged to brokers to secure a Fund's margin accounts decline in value,

a Fund could be subject to a “margin call”, pursuant to which a Fund must either deposit additional funds or securities with the broker, or suffer mandatory liquidation of the pledged

securities to compensate for the decline in value. In extreme scenarios, in the event of a sudden drop in the value of a Fund's assets, a Fund might not be able to liquidate assets quickly enough

to pay off its margin debt. Whether any margin deposit will be required for over-the-counter (“ OTC ”) options and other OTC instruments, such as currency forwards, swaps and certain

other derivative instruments, will depend on the credit determinations and specific agreements of the parties to the transaction, which are individually negotiated. Low margin deposits are

indicative of the fact that any trading in certain derivatives markets is typically accompanied by a high degree of leverage. Low margin deposits mean that a relatively small adverse price

movement in a contract may result in immediate and substantial losses to the investor. For example, if at the time of purchase ten percent of the price of a futures contract is deposited as

margin, a 10% decrease in the price of the futures contract would, if the contract is then closed out, result in a total loss of the value of margin deposit before any deduction for the brokerage

commission. Thus, like other leveraged investments, any purchase or sale of a futures contract, forward or other derivatives may result in losses in excess of the margin posted.

Any investment income and gains earned on investments made through the use of leverage that are in excess of the interest costs associated therewith may cause the net asset value of the units in a Fund to increase more rapidly than would otherwise be the case. Conversely,

where the associated interest costs are greater than such income and gains, the net asset value of the units in a Fund may decrease more rapidly than would otherwise be the case. Any event

which adversely affects the value of an investment made by a Fund would be magnified to the

extent that Fund is leveraged.

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Purchased Options

Each of the Funds may hold derivatives in OTC markets for hedging purposes. Purchased Option contracts are exposed to a maximum loss equal to the price paid for the option (the

premium) and no further liability.

Written Options

Each of the Funds may hold derivatives in OTC markets for hedging purposes. Written options

give the right of potential exercise to a third party. This creates exposure for the Fund as they

may have to deliver out the underlying investments and should the market move unfavourably result in a loss. The maximum loss for the writer of a put option is equal to the strike price less

the premium received. The maximum loss for the writer of an uncovered call option is unlimited.

In the case of a written option or a future the notional underlying investment is not delivered upon exercise as the contract is cash settled. The Fund’s financial liability is therefore linked to

the market-to-market value of the notional underlying investments.

Over the counter options although providing greater flexibility may involve greater credit risk

than exchange-traded options as they are not backed by the clearing organisation of the exchanges where they are traded.

Credit Default Swaps

The Funds may use credit default swaps. A credit default swap is a bilateral financial contract in which one counterparty (the protection buyer) pays a periodic fee in return for a contingent

payment by the protection seller following a credit event of a reference issuer. The protection buyer must either sell particular obligations issued by the reference issuer for its par value (or

some other designated reference or strike price) when a credit event (such as bankruptcy or insolvency) occurs or receive a cash settlement based on the difference between the market

price and such reference price. The Funds may use credit default swaps in order to hedge the specific credit risk of some of the issuers in their portfolio by buying protection. As with any OTC

derivative, a Fund holding credit default swaps will be exposed to counterparty risk with whom the transactions are made and will bear the risk of settlement default with those counterparties.

There is also the risk of legal disputes as to whether a credit event has occurred, which could mean that a Fund cannot realise the full value of the credit default swap. In addition, capability

to close out positions before maturity may be limited.

Interest Rate Swaps

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The Funds may enter into interest rate swaps. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest, such as an exchange of fixed rate payments for floating rate payments. As the Fund enters into interest

rate swaps on a net basis, the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. Interest rate swaps

entered into on a net basis do not involve the physical delivery of investments, other underlying assets or principal. Accordingly, it is intended that the risk of loss with respect to interest rate

swaps is limited to the net amount of interest payments that the Fund is contractually obligated to make. If the other party to an interest rate swap defaults, in normal circumstances the Funds’

risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive.

Inflation Swaps

These are derivative contracts which typically exchange fixed rate interest payments for

inflation-linked coupon payments. As actual rates of inflation do not always match expectations, Inflation Swaps are subject to inflation risk. Where the Fund has entered into a swap to receive

a fixed rate interest payment, losses may be incurred if inflation exceeds expectations. Conversely, if the Fund has entered into a swap to pay a fixed rate interest payment, losses

may be incurred if inflation is lower than expected.

Total Return Swaps

The Aviva Investors Multi-asset Plus Funds, the Aviva Investors Multi-asset Core Funds and the Aviva Investors Multi-asset Stewardship Funds may use TRS. A TRS is a swap agreement

in which the total return of a security is exchanged for some other cash flow, usually tied to a funding reference rate. TRS are subject to interest rate risk with an additional risk that

underlying security/market movements may vary from expectations at the point the position is entered into. Adverse movements in either case would result in losses to the Fund. TRS are

also subject to counterparty credit risk, which is the possibility that the other party to the swap contract may default on its obligations. Collateralisation arrangements will be in place to

minimize this counterparty credit risk.

Commodity Investment

The Funds may gain exposure to commodities indirectly, for example through investment in certain Exchange Traded Funds (ETFs). Investments which offer exposure to commodities may

have greater volatility than investments in more traditional securities such as equities and bonds. The value of commodity-based investments may be affected by additional risks, such

as political risk, natural events or terrorism, which may in turn directly influence the production and trading of commodities.

SFTs

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The primary risk in any SFT is counterparty credit risk (see “Counterparty Risk”).

Risk is mitigated by the choice of counterparty and the use of collateral. In the event of a counterparty default, collateral securities delivered by the failing counterparty are sold, and the

sale proceeds used to purchase replacement loan securities. There is a risk that these collateral sale proceeds are insufficient to purchase the replacement loan securities, leading the Fund to

incur a loss. This risk is mitigated by the fact that all SFT activity is governed by industry standard legal documentation and collateralised to a minimum value of 100% of the loan

portfolio plus a premium. Collateral, consisting of liquid, marketable securities, is valued daily on a mark-to-market basis.

SFTs also involve operational liquidity risk arising where a Fund may be unable to settle the

sale of a security if it cannot be recalled from a borrowing counterparty on a timely basis. This

risk is mitigated by a comprehensive set of systems and procedures in place to ensure that any security on loan may be recalled at any time as required from the borrowing counterparty.

Investment in Smaller Companies

Smaller companies’ securities may be less liquid than the securities of larger companies as a result of inadequate trading volume or restrictions on trading. Smaller companies may possess

greater potential for growth, but can also involve greater risks, such as limited product lines and markets, and financial or managerial resources. Trading in such securities may be subject to

more abrupt price movements and greater fluctuations in available liquidity than trading in the securities of larger companies.

Market Risk

The Funds will be exposed to changes in the market value of their investment positions. This

can be caused by volatility of equities, exchange rates, interest rates and credit spreads. Market fluctuations and volatility may adversely affect the value of the Funds investment positions.

Interest rate risk

The Funds may be exposed to changes in interest rates. Generally, there is an inverse relationship between interest rates and the value of fixed interest assets; when interest rates

rise bond prices may fall and vice versa. Changes in interest rate may adversely affect the value of the Funds investment positions.

Achievement of the Target Return and/or Target Volatility

It is important to remember that the target return and/or target volatility, as stated within the

investment objective of a Fund, are aims of the Fund. As such, there can be no guarantee that the return or volatility targets will be met, and consequently investors’ capital could be at risk.

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Recognition and Enforcement of foreign judgments

Investors should note that the Company and the Funds may be adversely affected by the ability

to recognise and enforce a foreign judgment in England. There are a number of legal instruments providing for the recognition and enforcement of judgments obtained from certain

jurisdictions relating to certain matters in England. Judgments obtained in jurisdictions or relating to matters not covered by such legal instruments may be enforceable in England at

common law. Nevertheless, there is uncertainty regarding the ability to enforce foreign judgments in England, which may adversely affect the Company and the Funds and the value

of a Shareholder’s Shares.

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Management and Administration

In accordance with the OEIC Regulations and as contemplated by the Company’s Instrument of Incorporation, there is a sole director of the Company which is the authorised corporate

director, as explained below, and an appointed depositary, as explained below. The ACD and Depositary may retain (or arrange with the Company to retain) the services of other persons to

assist them in performing their respective functions, provided such arrangements are in accordance with the UK AIFM Regime and the COLL Sourcebook. Details of delegations which

have been put in place by the ACD and the Depositary respectively are identified in this section of the Prospectus.

Authorised Corporate Director

The ACD of the Company is Aviva Investors UK Fund Services Limited. The ACD is a private

company limited by shares and incorporated in England and Wales on 20 December 1985.

With effect from the 1 May 2014, the ACD has been wholly owned by Aviva Investors Holdings Limited, a company incorporated in the United Kingdom and within the Aviva Group of

Companies. The Directors of the ACD are listed in Appendix 9.

The registered office of the ACD and its principal place of business is 80 Fenchurch Street,

London, EC3M 4AE.

The ACD has an issued share capital of £21,500,000 which is fully paid up.

The ACD is responsible for managing and administering the Company’s affairs in compliance with the COLL Sourcebook and the FUND Sourcebook.

The ACD may provide investment services to other funds and clients and to companies in which

the Company may invest, and also acts as the ACD and manager to other ICVCs and authorised unit trusts as more fully described in Appendix 7.

The ACD provides its services to the Company under the terms of an agreement (the “ ACD Agreement ”) dated 20 April 2007 and as restated on 21 July 2014 which provides that the

appointment of the ACD may be terminated upon 12 months’ written notice by the Company, after the expiry of the initial three year period, although in certain circumstances the agreement

may be terminated forthwith by notice in writing by the ACD to the Company or the Depositary or the Company to the ACD. Termination of the ACD’s appointment cannot take effect until the

Financial Conduct Authority has approved the change of director.

In the case of termination under the terms of the ACD Agreement the ACD is entitled to such

amount as is agreed by both parties to the ACD Agreement and any additional expenses necessarily realised in settling or realising any outstanding obligations. There is no

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compensation for loss of office provided for in the ACD Agreement. The ACD Agreement

provides indemnities to the ACD other than where there has been negligence, fraud, wilful default, breach of duty or breach of trust in the performance of its duties and obligations.

Subject to the COLL Sourcebook and the FUND Sourcebook, the ACD has full power to delegate the whole or any part of its duties under the ACD Agreement. The ACD has delegated

portfolio management to the Investment Manager and has delegated certain other administrative functions. The ACD's liability towards the Company, the Funds and the

Shareholders is not affected by the ACD delegating functions to a third party, or by any further sub-delegation.

As referred to in the section headed “Dealing in Shares” above, the ACD is also under no

obligation to account to the Depositary or the Shareholders for any profit it makes on the issue,

re-issue or cancellation of Shares that it has redeemed.

The ACD is authorised and regulated by the Financial Conduct Authority of 12 Endeavour Square, London E20 1JN.

Professional Liability

The ACD, as the UK AIFM of each of the Funds, is responsible for the portfolio management

of each Fund and exercising the risk management function in respect of each Fund. In addition, the ACD’s duties include maintaining the books and records of each Fund, valuing each Fund's

assets, calculating the net asset value of each Fund and the net asset value per unit and the general administration of the Funds, including the distribution of units. As the UK AIFM of each of the Funds, the ACD is also responsible for ensuring compliance with the UK AIFM Regime

in respect of each Fund. Professional liability risks resulting from those activities which the ACD carries out pursuant to the UK AIFM Regime, are covered by the ACD through 'own funds'

(within the meaning of the UK AIFM Regime).

The Investment Manager

The ACD has appointed the Investment Manager to provide investment management and advisory services to the ACD pursuant to an umbrella Investment Management agreement

between the Investment Manager and the ACD, as amended and restated pursuant to a sixth deed of amendment and restatement dated 30 April 2025 (as further amended, restated,

supplemented, varied or novated from time to time) (the “ Aviva Investment Management Agreement ”). Under the Aviva Investment Management Agreement, the Investment Manager

is appointed in respect of a range of the ACD’s funds, including the Funds. The Aviva Investment Management Agreement contains detailed mandates prescribing the restrictions

and limits to which the Investment Manager is to manage each Fund. The Aviva Investment Management Agreement may be terminated immediately, at the discretion of the ACD, if either

it is in the best interests of investors to do so, or if the Investment Manager ceases to be

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authorised by the Financial Conduct Authority.

The Investment Manager is in the same group of companies as the ACD. Its registered office is at 80 Fenchurch Street, London, EC3M 4AE. The principal activity of the Investment Manager

is acting as an investment manager and adviser.

The Investment Manager is authorised and regulated by the Financial Conduct Authority.

Additional agreements may, with the prior approval of the ACD, be in place between the Investment Manager and a third party (including an Associate) for the provision of investment

management services in respect of a Fund or a part of a Fund’s portfolio. At the date of this Prospectus, these comprised of a sub-delegation of investment management services to:

 Lindsell Train Limited in respect of the Aviva Investors UK Listed Equity Fund (please

note that this fund is in the process of being terminated and is no longer available for new investment).

The Investment Manager may receive research material or services from third parties in accordance with the FCA Rules and the Investment Manager’s Third Party Research Policy.

For details on how such services are paid for, please see the section below headed “Fees and Expenses”.

The Securities Lending Agent

The Bank of New York Mellon, London Branch, has been appointed to act as securities lending agent for the Company.

The Securities Lending Agent has the discretion to arrange securities loans with approved counterparties. Further details are provided in Appendix 4 - Investment and Borrowing Powers

and Investment Restrictions below.

Registrar and related administration

The ACD has entered into an agreement with Aviva Life Services UK Limited to appoint Aviva Life Services UK Limited as supplier of administration services. In turn, Aviva Life Services UK

Limited (and other affiliated Aviva companies) has appointed the Administrator to act as administrator.

The Administrator:

(i) provides transfer agency and related shareholder services; and

(ii) maintains the Company's register of Shareholders.

Fund Accounting and Pricing Agent

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J.P. Morgan Chase Bank, National Association (London Branch) has been appointed to provide

fund accounting services including the calculation of the Net Asset Value of the Company and its Funds and the calculation of prices of Shares in each Class in each Fund on behalf of the

ACD in respect of the Company in each Fund. It is appointed to act on behalf of the ACD pursuant to a contract entered into by a number of Aviva Investors group companies in respect

of fund accounting services for their respective products.

The Depositary

The Depositary is J.P. Morgan Europe Limited. It is a private company limited by shares, incorporated in England and Wales on 18 September 1968. The Depositary is regulated by the

Financial Conduct Authority in the conduct of its regulated activities and is not prohibited from acting as depositary by the Financial Conduct Authority. The ultimate holding company of the

Depositary is JP Morgan Chase & Co, incorporated in Delaware, USA.

The Depositary is responsible for the safekeeping of all the Scheme Property of the Company

and has a duty to take reasonable care to ensure that the Company is managed in accordance with the provisions of the COLL Sourcebook relating to the pricing of, and dealing in, Shares

and relating to the income of the Funds. The Depositary's functions include carrying out the functions required of a depositary of a UK AIF as specified in the UK AIFM Regime. It is

therefore responsible for cash monitoring, safekeeping of financial instruments and other assets

and the oversight functions, in accordance with the UK AIFM Regime.

The Depositary provides its services under an agreement effective 1 December 2018 between

the Company, the ACD and the Depositary (as amended, restated, supplemented, varied or novated from time to time) (the “ Depositary Agreement ”).

The registered office of the Depositary is 25 Bank Street, Canary Wharf, London, E14 5JP.

The Depositary’s principal business activity is acting as corporate trustee including trusteeship of unit trust schemes and depositary of open ended investment companies.

Subject to the COLL Sourcebook and the FUND Sourcebook, the Depositary has power under the Depositary Agreement to delegate (and authorise its delegate to sub-delegate) all or any

part of its duties as Depositary. This power is subject to the constraints on delegation set out in the UK AIFM Regime to the effect that the Depositary may only delegate its safekeeping

function in accordance with certain conditions and the Depositary may not delegate any of its other functions. It has delegated custody services to JP Morgan Chase Bank, N.A. and as such

remains liable for the acts of JP Morgan Chase Bank, N.A. in the performance of this service.

The Depositary Agreement states that investments will not be re-used without the prior consent of the Company or the ACD.

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The Depositary Agreement may be terminated on 180 days’ written notice by the Depositary to the Company and on 90 day’s written notice by the Company to the Depositary. The Depositary may not retire voluntarily except upon the appointment of a new Depositary.

The Depositary Agreement provides indemnities to the Depositary in respect of its performance

under the Agreement (other than as a result of its fraud, negligence, wilful misconduct).

The Depositary is authorised and dual regulated by the Financial Conduct Authority and

Prudential Regulatory Authority.

Liability for delegates

The ACD's liability towards the Company, the Funds and the Shareholders is not affected by

the ACD delegating functions to a third party, or by any further sub-delegation.

The ACD's responsibility for the proper valuation of the Funds is not affected by the appointment of the standing independent valuers.

The Depositary's liability to the Company, the Funds or to Shareholders (if any) under the UK AIFM Regime is not to be affected by any delegation except that the Depositary may discharge

itself of liability in accordance with the provisions of the UK AIFM Regime including where the Depositary is required by the law of a non-UK and non-EEA jurisdiction to hold financial

instruments with the delegate in that jurisdiction and there are no local delegates which meet the requirements set out in the UK AIFM Regime.

Shareholders' rights

A Shareholder has rights as a shareholder in the Company. His rights derive from the rights attached to the terms of rights attaching to Shares as set out in the Company's Instrument of

Incorporation.

Shareholders may have rights against the ACD in connection with a holding of Shares as provided under this Prospectus and under the Regulations.

No Shareholder has any direct contractual claim against any delegate of the ACD or the Depositary or any service providers in respect of the Company including the Auditors or legal

advisers.

This position is without prejudice to any right a Shareholder may have to bring a claim against

an Financial Conduct Authority authorised service provider under the Financial Services and

Markets Act 2000 or any cause of action which arises in tort; any right as an "eligible complainant" which may arise in respect of complaints against the ACD or the Depositary in respect of the Financial Ombudsman Service (further details of which are available at

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www.financial-ombudsman.org.uk); or, should any Financial Conduct Authority authorised

service provider including the ACD and the Depositary be in default, any eligibility for compensation under the Financial Services Compensation Scheme (in relation to which

information is available at www.fscs.org.uk).

The Auditors

The Auditors are Ernst & Young LLP of 25 Churchill Place, London, E14 5EY. The Auditor's

responsibility is to audit and express an opinion on the financial statements of the Company

and each Fund in accordance with applicable law and auditing standards.

Remuneration of Service Providers

As described further in the section below headed “Fees and Expenses”, the remuneration to

which the ACD, the Depositary, the Investment Manager, the Administrator acting as delegate to the Registrar for the maintenance of the Register and the Auditor are entitled is payable out

of the Fund Management Fee.

Delegation

Subject to exceptions in the COLL Sourcebook, the ACD and the Depositary may retain (or

arrange for the Company to retain) the services of other persons to assist them in performing their contracted functions. In relation to certain functions the ACD and the Depositary will not

be liable for the actions of those appointed provided certain provisions in the COLL Sourcebook apply. The following functions are delegated at the present time:

 Client Administration and maintenance of the Register – SS&C Financial Services

Europe Limited;

 Fund Administration, including Fund Accounting and Unit Pricing – Aviva Investors Global Services Limited who have sub-delegated this to J.P. Morgan Chase Bank,

National Association (London Branch);

 Investment Management – Aviva Investors Global Services Limited, for the Aviva

Investors Continental European Equity Fund MFS International (UK) Limited and for the Aviva Investors US Equity Income Fund I River Road Asset Management LLC.

Conflicts of Interest

The ACD, the Aviva plc group and the Investment Manager

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The ACD, other companies within the Aviva plc group and the Investment Managers’ may, from

time to time, act as managers, corporate directors, investment managers or advisers to other funds or Funds which follow similar investment objectives to those of the Funds of the

Company. It is therefore possible that the ACD and/or the Investment Managers’ may in the course of their businesses have potential conflicts of interest with the Company or a particular

Fund.

Each of the ACD and the Investment Managers will take all reasonable steps to avoid conflicts of interest and will, where conflicts of interest or potential conflicts of interest do arise, take

reasonable steps to identify, manage and monitor such conflicts of interest in order to prevent them from adversely affecting the interests of the Company, the Funds and the Shareholders and to ensure the fair treatment of the Company, the Funds and any other relevant investment

fund. In particular, the ACD and the Investment Manager shall have regard to the obligation to

act in the best interests of the Company, the Funds and the Shareholders and the integrity of the market. Where a conflict of interest cannot be avoided, the ACD will ensure that the Company and the other funds it manages are fairly treated.

The ACD maintains a written conflict of interest policy. The ACD acknowledges that there may be some situations where the organisational or administrative arrangements in place for the

management of conflicts of interest are not sufficient to ensure, with reasonable confidence, that risks of damage to the interests of the Company or its Shareholders will be prevented.

Should any such situations arise the ACD will, as a last resort if the conflict cannot be avoided disclose these to Shareholders in an appropriate format.

The Securities Lending Agent

The Securities Lending Agent derives income from permitted securities lending activities in

relation to Scheme Property. Any income derived from such securities lending activities will be shared between the Funds and the Securities Lending Agent on a basis, agreed with the

Depositary, that they consider does not materially differ from normal market rates and any such conflict will be managed according to the measures identified in this section.

The Depositary

The Depositary may, from time to time, act as the Depositary of other companies and may, subject to the COLL Sourcebook, hold money on deposit from, lend money to, or engage in

share lending transactions in relation to the Company provided such transactions are at arm’s length and are carried out in accordance with the Depositary’s policy for Best Execution. Please

see the paragraph entitled “The Depositary” in the Management and Administration section for further details.

The Depositary has a conflict of interest policy in place to identify, manage and monitor on an

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on-going basis any actual or potential conflict of interest. The Depositary has functionally and

hierarchically separated the performance of its depositary tasks from its other potentially

conflicting tasks. The system of internal controls, the different reporting lines, the allocation of

tasks and the management reporting allow potential conflicts of interest and the Depositary

issues to be properly identified, managed, and monitored.

Service Providers

Certain entities in which a Fund has an investment (whether directly or indirectly) may also

provide goods or services to, or have a business, financial or other relationship with other Funds of the Company, the ACD, their associates and other funds managed by the ACD or their associates. Such entities may also be a source of financing and investment opportunities or co

investors in investments made by the Funds (whether directly or indirectly) or other funds managed by the ACD or their associates. These relationships may influence the ACD or their

associates in deciding whether to select or recommend a supplier of goods or a service provider to perform services for the Funds or other funds managed by the ACD or associates (the cost

of which will generally be borne directly or indirectly by the Fund or such other funds). Notwithstanding the above, the selection of such entities that may provide goods and services

will generally be allocated based on an evaluation which includes such entities’ provision of certain goods and services that the ACD or associates believes to be of benefit to a Fund, or

such other funds managed by the ACD or associates.

General

The COLL Sourcebook contains provisions on conflict of interest governing any transaction concerning the Company which is carried out by or with any “ affected person ”, an expression

which covers the Company, the ACD, the Investment Manager, the Depositary, Securities Lending Agent and an Associate of any of them.

These provisions, among other things, enable an affected person to sell or deal in the sale of property to the Company or the Depositary for the account of the Company; vest property in

the Company or the Depositary against the issue of Shares; purchase property from the Company (or the Depositary acting for the account of the Company); enter into a securities

lending transaction, or a derivatives transaction permitted by the COLL Sourcebook, in relation to the Company; or provide services for the Company. Any such transactions with or for the

Company are subject to best execution on exchange, or independent valuation or arm’s length requirements as set out in the COLL Sourcebook. An affected person carrying out such

transaction is not liable to account to the Company, the Depositary, the ACD, any other affected person, or to the Shareholders or any of them for any benefits or profits thereby made or

derived.

Order Execution

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The ACD is responsible for the investment management of the underlying assets of the Funds

within the Company and, as such, is subject to the Financial Conduct Authority Handbook that applies to operators of collective investment schemes. These require all ACDs to meet the

requirements relating to best execution when carrying out scheme management activity for its Funds.

In view of this, the ACD is required to treat the Company as its client and must act in the best

interests of each Fund when executing decisions to deal on behalf of the relevant Fund. The ACD is also required to have an order execution policy in place detailing (i) the systems and

controls that have been put in place and (ii) how the ACD will act in line with the best interests of the Company and the Funds whilst complying with its obligations to obtain the best possible

result, when it directly executes an order, places an order with, or transmits an order to, another entity for execution. Copies of the ACD’s order execution policy and of the Investment

Manager’s order execution policy which the ACD relies on, are available from the ACD on request. If you have any questions regarding the policy please contact the ACD or your

professional adviser.

Inducements and commissions

When executing orders, or placing orders with other entities for execution, that relate to financial

instruments for, or on behalf of, the Funds, Investment Manager or ACD (as relevant) will not accept and retain any fees, commissions or monetary benefits; or accept any non-monetary

benefits, where these are paid or provided by any third party or a person acting on behalf of a

third party.

The Investment Manager or ACD will return to each relevant Fund as soon as reasonably possible after receipt any fees, commissions or any monetary benefits paid or provided by any

third party or a person acting on behalf of a third party in relation to the services provided to that fund, and disclose in the annual report the fees, commissions or any monetary benefits

transferred to them.

However, the Investment Manager or ACD may accept without disclosure minor non-monetary

benefits that are capable of enhancing the quality of service provided to the fund; and of a scale and nature such that they could not be judged to impair their compliance with its duty to act honestly, fairly and professionally in the best interests of each Fund.

Strategy for the exercise of voting rights

A summary of the ACD’s strategy for determining when and how voting rights attached to ownership of Scheme Property are to be exercised to the exclusive benefit of the Company is

available on the internet at www.avivainvestors.com/en-gb/capabilities/regulatory/voting-

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rights-strategy .

Foreign Law Contracts

Where reasonable grounds exist for an ACD of a Company which is an umbrella to consider that a Foreign Law Contract entered into by the Company may have become inconsistent with

the principle of limited recourse stated in the Instrument of Incorporation of the Company (see COLL 3.2.6R(22A) (ICVCs: Umbrella schemes – principle of limited recourse)) the ACD must:

1) promptly investigate whether there is an inconsistency; and

2) if the inconsistency still appears to exist, take appropriate steps to remedy that inconsistency.

In deciding what steps are appropriate to remedy the inconsistency, the ACD should have

regard to the best interests of the Shareholders. Appropriate steps to remedy the inconsistency may include:

1) where possible, renegotiating the Foreign Law Contract in a way that remedies the

inconsistency; or 2) causing the Company to exit the Foreign Law Contract.

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Fees and Expenses

Fund Management Fee

Each Fund will be charged a single fixed rate charge, referred to as the Fund Management

Fee, to cover (save in respect of Class 8 of any relevant Fund) the following underlying fees and expenses in relation to the operation and administration of the Company and/or that Fund:

1. the fees and expenses payable to the ACD; under its agreement with the Company in

payment for carrying out its duties and responsibilities. These duties and responsibilities, in summary, involve it running the day-to-day operations of the

Company, marketing and distributing the Company and otherwise providing or procuring the provision of such administrative, accounting, consultancy, advisory,

secretarial and general management services as are necessary to manage the Funds in accordance with the Instrument of Incorporation, this Prospectus and the

Regulations (including monitoring the investment strategy, monitoring the valuation of the Funds’ assets and maintaining the necessary records);

2. a fee for establishing and maintaining the Register of Shareholders and providing

related registration services; 3. the Investment Manager’s fees and expenses (plus any VAT thereon) except for any

such expenses incurred in the performance of its services that are properly the responsibility of the Company namely (i) the costs of buying, selling and registering the underlying assets of that Fund, including any dealing spreads, broker / dealing

commissions, and any related issue or transfer taxes in respect of dealing in the assets of that Fund and (ii) any taxation and duties payable by the Company in respect of that

Fund without limitation in respect of the Scheme Property or the issue or redemption of Shares and any VAT or similar tax and which may be reimbursed out of the Scheme

Property as described in the section below headed ‘Other Payments out of the Scheme Property’, together with, in respect of the Aviva Investors UK Listed Equity Fund (please

note that this fund is in the process of being terminated and is no longer available for new investment), the fees and expenses incurred in removing and/or appointing an

Investment Manager or the Investment Manager removing and/or appointing a new

sub-investment manager; 4. the fees payable to the Depositary in payment for carrying out its duties and responsibilities which in summary involve it acting solely in the interests of

Shareholders of the Funds, taking steps to ensure that the ACD is investing and valuing the assets of the Funds in accordance with the Financial Conduct Authority Rules, and

remuneration for performing or arranging for the performance of the functions conferred on the Depositary by the Instrument of Incorporation or the COLL Sourcebook or the

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FUND Sourcebook. In addition to these fees and remuneration, the Depositary will be entitled to receive reimbursement for expenses properly incurred by it in the discharge of its duties or exercising any of the powers conferred upon it in relation to the Company

and each Fund, subject to approval by the ACD. This includes, without limitation, all charges and expenses of any agents appointed by the Depositary in the discharge of

its duties and all charges and expenses incurred in relation to the preparation of the Depositary’s annual report to Shareholders and legal expenses incurred by the

Depositary or its delegates in the facility of transactions or agreements for the benefit of a Fund or the ACD, and the Depositary reserves the right to charge an agreed upon

liquidation and/or restructuring fee in the event of any such event occurring in relation to the ACD and/or the Fund. In addition, a charge can be levied for derivative

transactions;

5. the fees and expenses payable to the Custodian in payment for carrying out its duties

and responsibilities determined by the custody rate applying to the territory or country in which the assets of each Fund are held together with a transaction fee in relation to

transactions undertaken in respect of the underlying assets of each Fund, determined by the territory or country in which the transaction is effected;

6. the fees, expenses and disbursements of the Auditors (amongst other things, in respect of auditing the annual financial statements of the Company in accordance with

applicable law and accounting standards), which are payable in respect of each Fund in an amount calculated in accordance with the rate card agreed with the Auditors;

7. any costs incurred as a result of preparing, printing and distributing reports (including periodic statements) and accounts; 8. fees of the Financial Conduct Authority under Schedule 1 Part III of the Act, which are

required to be paid by all regulated firms in order to contribute to the running costs of the Financial Conduct Authority, and the corresponding periodic fees of any regulatory

authority in the country or territory outside the United Kingdom in which Shares are or may lawfully be marketed;

9. royalty fees incurred for the use of stock exchange index names, charged on a fixed

annual basis for each relevant Fund; 10. directors’ remuneration in the event that the Company has directors in addition to the ACD;

11. the fees and expenses incurred in establishing any new Class and/or Fund, any offer of Shares (including the preparation and printing of any prospectus) and the creation,

Conversion and cancellation of Shares; 12. the fees and expenses incurred in the listing of Shares on any stock exchange

(although it is not currently proposed to seek a listing for the Shares on any stock exchange);

13. any amount payable by the Company under any indemnity provisions contained in the

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Instrument of Incorporation or any agreement with any functionary of the Company; 14. the fees, disbursements and expenses of tax, legal and other professional advisers of the Company (excluding the fees, disbursements and expenses of tax, legal and other

professional advisers in relation to litigation pursued for, or on behalf of, the Company or Fund(s));

15. any liabilities on amalgamation or reconstruction of the Company or any Fund or which arise after transfer of property to the Company in consideration for the issue of Shares

in accordance with the COLL Sourcebook. 16. expenses incurred in distributing and dispatching income and other payments to

Shareholders; 17. fees and expenses in respect of the publication and circulation of details of Share

prices; 18. the costs of convening and holding Shareholder meetings (including meetings of

Shareholders in any particular Fund, or any particular Class within a Fund) and of producing associated documentation;

19. safe custody charges (save to the extent that they relate to matters which are covered by the fees paid to the Depositary and/or the Custodian);

20. costs incurred in taking out and maintaining any insurance policy in relation to the Company and/or its directors;

21. fees and expenses incurred in company secretarial duties, including the cost of minute books and other documentation required to be maintained by the Company;

22. the fees and expenses incurred in stock lending transactions; 23. any payments otherwise due by virtue of the applicable rules within the Financial Conduct Authority Handbook;

24. any costs incurred as a result of preparing, printing and distributing Prospectuses or (subject to the COLL Sourcebook) promotional material in respect of the Company and

of any marketing activities undertaken by the ACD in relation to the Company; publishing prices; periodic updates of any Prospectus; amending the Instrument of

Incorporation; and any other such administrative expenses; and 25. subject to current HM Revenue & Customs regulations, any Value Added Tax (or

similar tax) payable in respect of any fees or expenses referred to above. Where appropriate, such tax is charged at the prevailing rate imposed by HMRC (or other

relevant tax authority) on the relevant expense and accrued and paid at the time of the

expense. The Fund Management Fee accrues daily at the rate for each Class and Fund set out in the table of charges below, as adjusted for any applicable scale discount as noted below, and is

calculated as a percentage of the Net Asset Value of that Fund on the previous Business Day, calculated on a mid-market basis and adjusted for any Shares issued or cancelled between the

Valuation Point on the day that the fee accrues and the Valuation Point on the previous Dealing Day. The Fund Management Fee is payable on the basis set out below:

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(a) the Company may pay any of the underlying fees, expenses and charges referred to

above (for the avoidance of doubt, excluding any Invoiced Fees and Expenses) directly to the relevant recipient of the same as and when they are due. Such underlying fees,

expenses and charges that are specific to a Class or Fund will be paid out of the Scheme Property of, and be paid against the Fund Management Fee accrued to, that

Class or Fund or, where they are not considered to be attributable to any one Class or Fund, otherwise in a manner which is fair to Shareholders generally. This will normally

be a payment against the Fund Management Fee accrued to all Classes and Funds pro rata to the value of the net assets of the relevant Classes and Funds; and

(b) the balance of the accrued Fund Management Fee that remains after any payments against the same pursuant to paragraph (a) above have been made will be paid to the

ACD monthly in arrears, from which the ACD will pay any of the remaining underlying fees, expenses and charges referred to above (for the avoidance of doubt, excluding

any Invoiced Fees and Expenses) which are due and payable. This balancing amount of the Fund Management Fee will be paid out of the Scheme Property of the relevant

Fund, and attributed to the Class of Shares, in respect of which it is imposed.

In respect of Class 8 of any relevant Fund, until further notice:

(i) the Fund Management Fee will not cover the fees and expenses in relation to the

operation and administration of the Company and/or that Fund listed at paragraphs 1 to 3 above which are attributable to that Class of Fund (the “ Invoiced Fees and

Expenses ”) and which instead shall be invoiced directly to each Shareholder in that Class pursuant to the separate written agreement required to be entered into

between the ACD and such Shareholder as a condition of investing in that Class rather than being paid out of the Scheme Property of that Class. The fees and

expenses in relation to the operation and administration of the Company and/or that Fund listed at paragraphs 4 to 25 above will be charged to the Fund

Management Fee in the usual way. This does not preclude the ACD from changing the arrangement by giving due notice as agreed with the Depositary to

Shareholders in that Class; and (ii) the ACD may, together with the balance of the accrued Fund Management Fee

that remains after the payment of those underlying fees, expenses and charges which are covered by the Fund Management Fee and which have been paid out of

the Scheme Property of that Class, use amounts received from Shareholders in that Class pursuant to such invoicing to pay any of the underlying fees, expenses

and charges which are still covered by the Fund Management Fee but which are not paid out of the Scheme Property of that Class.

Where the investment objective of a Fund is to treat the generation of income as a higher priority

than capital growth or the generation of income and capital growth have equal priority, all or

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part of the Fund Management Fee may be charged against capital instead of against income. This will only be done with the approval of the Depositary. This treatment of the Fund Management Fee will increase the amount of income available for distribution to Shareholders

in the Fund concerned, but may constrain capital growth. At the present time the Fund Management Fee is charged against income in respect of all the Funds except for the Aviva

Investors UK Listed Equity Fund (please note that this fund is in the process of being terminated and is no longer available for new investment). For the Aviva Investors UK Listed Equity Fund

(please note that this fund is in the process of being terminated and is no longer available for new investment), 50% of the Fund Management Fee is charged against income and 50%

against capital,

so, investors should note that for the portion of the fee charged against capital this may, as set

out above, constrain capital growth. Where the charge would normally be made to income, but a Class’s expenses in any period exceed the income attributable to it, the ACD may take that

excess from the capital property attributable to that Class.

The underlying fees, expenses and charges covered by the Fund Management Fee may

fluctuate, notwithstanding that the Fund Management Fee is being taken at a fixed rate. In fixing the Fund Management Fee in this way, the ACD bears the risk that the balance of the Fund

Management Fee payable to it will not fully remunerate it when compared to the amount that it would otherwise have been permitted to charge under a more traditional charging method. This is due to the fact that:

(i) the amount of the underlying fees, expenses and charges referred to above that are actually incurred in any given period may exceed the Fund Management Fee taken for

that period; or

(ii) only in the case of the Class of Funds as indicated in the table in the Ongoing Charge

section below, which shows the caps on the Ongoing Charge figure, the effect of synthetic charges might, when added to the Fund Management Fee that would

otherwise be due, cause the relevant cap to be exceeded (please see the section below headed “Ongoing Charge” for further details in relation to the addition of synthetic charges to the Fund Management Fee in the calculation of the Ongoing Charge),

and in those circumstances the resulting excess would be covered by the ACD. Conversely, however, where those fees, expenses and charges in any given period are less than the level

of the Fund Management Fee for that period, then in these circumstances, the ACD is permitted to retain the resulting surplus and is not accountable to Shareholders for this.

The ACD reserves the right to increase or decrease the Fund Management Fee. Any increase in the Fund Management Fee will be deemed to be a significant change and may be made after

giving at least 60 days written notice to Shareholders and revising the Prospectus to reflect the

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proposed increase in accordance with the COLL Sourcebook, provided this is to cover

underlying fees, expenses and charges which this Prospectus already contemplates as being paid from the Fund Management Fee. However, if a new category of fee, expense or charge is

being introduced which this Prospectus does not contemplate as being paid against or from the

Fund Management Fee, as applicable, whether or not this is resulting in an increase in the Fund Management Fee, then this will be deemed to be a fundamental change and the approval of Shareholders will be required in accordance with the COLL Sourcebook. For the avoidance of

doubt, the ACD does not consider any change to the arrangements pursuant to which Invoiced Fees and Expenses are recovered, including without limitation starting to pay these out of

Scheme Property following any consequential increase to the Fund Management Fee as necessary, as the introduction of a new category of fee, expense or charge. Any decrease in

the Fund Management Fee will be deemed to be a notifiable change and may be made in accordance with the requirements set out in the section headed “Changes to the Company and

the Funds” below.

Discounts to the Fund Management Fee

The ACD passes on some of the benefits of potential savings generated by significant growth

in assets under management by discounting the Fund Management Fee payable in respect of retail Classes of Shares in the Funds. The size of the discount to the usual Fund Management

Fee is determined by the size of the relevant Fund and the type of fund (as set out below) and

is capped at 0.05%.

For equity and fixed income funds (“simple” funds):

 the Fund Management Fee payable in respect of retail Classes in Funds with £500,000,000 up to £1 billion of assets under management is discounted by 0.01%.

 the Fund Management Fee payable in respect of retail Classes in Funds with £1 billion

up to £1.5 billion of assets under management is discounted by 0.02%.

 the Fund Management Fee payable in respect of retail Classes in Funds with £1.5

billion up to £2 billion of assets under management is discounted by 0.03%.

 the Fund Management Fee payable in respect of retail Classes in Funds with £2 billion up to £2.5 billion of assets under management is discounted by 0.04%.

 the Fund Management Fee payable in respect of retail Classes in Funds with £2.5

billion plus of assets under management is discounted by 0.05%.

A numerical example for equity and fixed income funds is set out below.

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Assets under management Discounted Fund Management Fee for a retail Class of Share (for example a Class 1 Share)

Example Fund Management Fee: 1.00% (please see below for the exact Fund Management Fee charged by each Class of Share in each Fund)

£500,000,000 - £1 billion 0.99%

£1 billion – £1.5 billion 0.98%

£1.5 billion - £2 billion 0.97%

£2 billion - £2.5 billion 0.96%

£2.5 billion and above 0.95%

For multi-asset funds (“standard” funds):

 the Fund Management Fee payable in respect of retail Classes in Funds with £1 billion

up to £2 billion of assets under management is discounted by 0.01%.

 the Fund Management Fee payable in respect of retail Classes in Funds with £2 billion

up to £3 billion of assets under management is discounted by 0.02%.

 the Fund Management Fee payable in respect of retail Classes in Funds with £3 billion up to £4 billion of assets under management is discounted by 0.03%.

 the Fund Management Fee payable in respect of retail Classes in Funds with £4 billion

up to £5 billion of assets under management is discounted by 0.04%.

 the Fund Management Fee payable in respect of retail Classes in Funds with £5 billion

plus of assets under management is discounted by 0.05%.

A numerical example for multi-asset funds is set out below.

Assets under management Discounted Fund Management Fee for a retail Class of Share (for example a Class 1 Share)

Example Fund Management Fee: 1.00% (please see below for the exact Fund Management Fee charged by each Class of Share in each Fund)

£1 billion - £2 billion 0.99%

£2 billion - £3 billion 0.98%

£3 billion - £4 billion 0.97%

£4 billion - £5 billion 0.96%

£5 billion and above 0.95%

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For multi-strategy and property funds (“complex” funds):

 the Fund Management Fee payable in respect of retail Classes in Funds with £2.5 billion up to £5 billion of assets under management is discounted by 0.01%.

 the Fund Management Fee payable in respect of retail Classes in Funds with £5 billion

up to £7.5 billion of assets under management is discounted by 0.02%.

 the Fund Management Fee payable in respect of retail Classes in Funds with £7.5 billion up to £10 billion of assets under management is discounted by 0.03%.

 the Fund Management Fee payable in respect of retail Classes in Funds with £10 billion up to £12.5 billion of assets under management is discounted by 0.04%.

 the Fund Management Fee payable in respect of retail Classes in Funds with £12.5

billion plus of assets under management is discounted by 0.05%.

A numerical example for multi-strategy and property funds is set out below.

Assets under management Discounted Fund Management Fee for a retail Class of Share (for example a Class 1 Share)

Example Fund Management Fee: 1.00% (please see below for the exact Fund Management Fee charged by each Class of Share in each Fund)

£2.5 billion - £5 billion 0.99%

£5 billion - £7.5 billion 0.98%

£7.5 billion - £10 billion 0.97%

£10 billion - £12.5 billion 0.96%

£12.5 billion and above 0.95%

This discount will apply once any other discount to the Fund Management Fee noted below for a particular Fund has been applied. For the avoidance of doubt, in the event that on any given

day the assets under management of a Fund are less than the base amount at which the discount starts to apply in accordance with the classification of that Fund, then no discount shall

apply under this paragraph and the amount accrued in respect of the Fund Management Fee shall be calculated by reference to the full value of the Fund Management Fee referred to in the

table of charges below (as this may be adjusted by any discount which is applied to the Fund Management Fee other than pursuant to this paragraph). The ACD reserves the right to change

the ranges at which discounts apply or the discount applied for any given range. In the event of any such change, the ACD will notify Shareholders in writing. The classification (“simple”, “standard” or “complex”) of each Fund is set out in the table of charges below. The latest size

of each Fund can be found on our website at www.avivainvestors.com/en-gb/capabilities/fund

centre .

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Ongoing Charge

The Ongoing Charge represents the ongoing costs of managing each Fund. This is the figure

which, in accordance with current Applicable Law, is disclosed to investors in the Key Investor Information Document of each Fund. The Ongoing Charge is made up of:

a) the Fund Management Fee;

b) any fees, disbursements and expenses of tax, legal and other professional advisers in relation to litigation pursued for, or on behalf of, the Company or Fund(s); and

c) where a Fund invests a substantial portion of its assets in other funds, an amount for the pro-rated charges of those other funds. These pro-rated charges are commonly

referred to as “synthetic charges” or the “synthetic” part of the Ongoing Charge. This ensures that the publicised Ongoing Charge of a Fund takes account of the ongoing

charges incurred by those other funds, even though they are not a direct cost, and so are not actually paid out of the Scheme Property, of that Fund.

It is important to note that the Ongoing Charge does not reflect the total costs of investing in

the Funds, for example, it does not include performance fees (to the extent that these are charged) or certain other payments permitted to be made out of the Scheme Property of the

Fund (as referred to in more detail in the section headed “Other Payments out of Scheme Property” below, such as the costs of acquiring and disposing of certain investments).

Furthermore, other one-off charges may be applicable which are applied directly to an investor’s investment, rather than being taken from the Scheme Property of the Fund, namely any Entry Charge, Exit Charge, Switching Fee or Conversion Fee (which are referred to in more detail in

the section headed “One-Off Charges” below).

The Ongoing Charges figure is stated as a percentage of the average Net Asset Value of that

Fund. It is based on previous costs incurred and will be calculated (i) at the end of each annual accounting period, by reference to the actual costs incurred in the previous 12 month period

and (ii) at the end of each interim half-yearly accounting period, by reference to the annualised costs for the previous 6 month period (that is, the costs incurred in that 6 month period, adjusted

so as to reflect what these costs would amount to over a 12 month period). It may also be based on an estimate of upcoming costs where this provides a better indication of the expected costs

in the relevant Class or Fund, in which case it will also be calculated as required.

However, specifically for the following Class of the following Funds, the ACD has capped the

OCF at the levels indicated below:

Fund Share Class Cap on Ongoing Charges figure incurred in respect of this Class of Fund in any

12 month period (%)

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Aviva Investors Multi-asset

Core Fund I

Share Class 2 0.15

Aviva Investors Multi-asset Core Fund II

Share Class 2 0.15

Aviva Investors Multi-asset

Core Fund III

Share Class 2 0.15

Aviva Investors Multi-asset Core Fund IV

Share Class 2 0.15

Aviva Investors Multi-asset Core Fund V

Share Class 2 0.15

Aviva Investors Multi-asset

Plus Fund I

Share Class 2 0.6

Aviva Investors Multi-asset Plus Fund II

Share Class 2 0.6

Aviva Investors Multi-asset

Plus Fund III

Share Class 2 0.6

Aviva Investors Multi-asset Plus Fund IV

Share Class 2 0.6

Aviva Investors Multi-asset

Plus Fund V

Share Class 2 0.6

Aviva Investors Multi-asset Stewardship Fund I

Share Class 2 0.45

Aviva Investors Multi-asset

Stewardship Fund II

Share Class 2 0.45

Aviva Investors Multi-asset Stewardship Fund III

Share Class 2 0.45

Aviva Investors Multi-asset Stewardship Fund IV

Share Class 2 0.45

Aviva Investors Multi-asset Stewardship Fund I

Share Class 7 0.25

Aviva Investors Multi-asset Stewardship Fund II

Share Class 7 0.25

Aviva Investors Multi-asset Stewardship Fund III

Share Class 7 0.25

Aviva Investors Multi-asset Stewardship Fund IV

Share Class 7 0.25

Aviva Investors Multi-asset

Stewardship Fund I

Share Class 8 0.06

Aviva Investors Multi-asset Share Class 8 0.06

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Stewardship Fund II

Aviva Investors Multi-asset

Stewardship Fund III

Share Class 8 0.06

Aviva Investors Multi-asset Stewardship Fund IV

Share Class 8 0.06

Aviva Investors Multi-asset

Plus Fund I

Share Class 9 0.35

Aviva Investors Multi-asset

Plus Fund II

Share Class 9 0.35

Aviva Investors Multi-asset Plus Fund III

Share Class 9 0.35

Aviva Investors Multi-asset

Plus Fund IV

Share Class 9 0.35

Aviva Investors Multi-asset Plus Fund V

Share Class 9 0.35

Aviva Investors Multi-asset Stewardship Fund I

Class 9 0.35

Aviva Investors Multi-asset Stewardship Fund II

Class 9 0.35

Aviva Investors Multi-asset

Stewardship Fund III

Class 9 0.35

Aviva Investors Multi-asset Stewardship Fund IV

Class 9 0.35

The Ongoing Charges figure can be found in the Key Information Investor Document for the relevant Fund and also at www.avivainvestors.com/en-gb/capabilities/fund-centre .

One-Off Charges

Entry Charge

The ACD is permitted by the Financial Conduct Authority Handbook to charge an Entry Charge on the purchase of Shares by an investor which is calculated as a percentage of the total

amount tendered for investment. The Entry Charge is deducted from the total amount tendered for investment with the remaining balance (less any Investor Protection Fee, if applicable)

invested in the investor’s chosen Fund(s). The current Entry Charge for each Class and Fund is set out in the table of charges below.

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Switching Fee

If a Shareholder Switches Shares in one Fund for Shares in another Fund the ACD is entitled to charge a Switching Fee. The Switching Fee which is payable to the ACD will not exceed an

amount equal to the prevailing Entry Charge for the Class of the Fund into which the Shares are being Switched.

Where a Switching Fee is charged by the ACD, the ACD may adjust the number of New Shares to be issued in connection with the Switch to reflect the imposition of any such Switching Fee

together with any other charges or levies in respect of the issue of the New Shares or the cancellation of the Original Shares as may be permitted pursuant to the COLL Sourcebook and

the Instrument of Incorporation.

However, currently no Switching Fee is charged.

Conversion Fee

If a Shareholder Converts Shares of one Class or Type for Shares of another Class or Type within the same Fund, the ACD is entitled to charge a Conversion Fee. The Conversion Fee

which is payable to the ACD will not exceed an amount equal to the prevailing Entry Charge for the Class or Type into which the Shares are being Converted.

Where a Conversion Fee is charged by the ACD, the ACD may adjust the number of New

Shares to be issued in connection with the Conversion to reflect the imposition of any such Conversion Fee together with any other charges or levies in respect of the issue of the New

Shares or the cancellation of the Original Shares as may be permitted pursuant to the COLL Sourcebook and the Instrument of Incorporation.

However, currently no Conversion Fee is charged.

Exit Charge

The ACD is entitled to make a charge, referred to as an Exit Charge, on the value of the Shares

redeemed by an investor. The current Exit Charge for each Class and Fund is set out in the table of charges below.

Increases in One-Off Fees

Any increase in the Entry Charge, Switching Fee, Conversion Fee or Exit Charge may be made

if it is deemed by the ACD to be a significant rather than a fundamental change as set out in the Financial Conduct Authority Handbook, only after giving 60 days written notice to

Shareholders and revising the Prospectus to reflect the proposed increase. If the proposed charge is deemed fundamental the approval of Shareholders is required.

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Table of charges

The current Fund Management Fee, Entry Charge and Exit Charge for each Class and Fund,

are:

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Class 1

Fund Name Entry % Exit % Fund

Management

Fee %*

Classification

for Discount to

Fund

Management

Fee

Aviva Investors

Multi-Manager

Flexible Fund

0.00 0.00 1.05 Standard

Aviva Investors

Multi-Manager 40-

85% Shares Fund

0.00 0.00 1.04 Standard

Aviva Investors

Multi-Manager 20-

60% Shares Fund

0.00 0.00 1.04 Standard

Aviva Investors

Multi-asset Core

Fund I

0.00 0.00 0.30 Standard

Aviva Investors

Multi-asset Core

Fund II

0.00 0.00 0.30 Standard

Aviva Investors

Multi-asset Core

Fund III

0.00 0.00 0.30 Standard

Aviva Investors

Multi-asset Core

Fund IV

0.00 0.00 0.30 Standard

Aviva Investors

Multi-asset Core

Fund V

0.00 0.00 0.30 Standard

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Aviva Investors

Multi-asset Plus

Fund I

0.00 0.00 0.75 Standard

Aviva Investors

Multi-asset Plus

Fund II

0.00 0.00 0.73 Standard

Aviva Investors

Multi-asset Plus

Fund III

0.00 0.00 0.73 Standard

Aviva Investors

Multi-asset Plus

Fund IV

0.00 0.00 0.73 Standard

Aviva Investors

Multi-asset Plus

Fund V

0.00 0.00 0.75 Standard

Class 2

Fund Name Entry % Exit % Fund Management

Fee %

Aviva Investors Multi

Manager Flexible Fund

0.00 0.00 0.90

Aviva Investors Multi

Manager 40-85% Shares

Fund

0.00 0.00 0.89

Aviva Investors Multi

Manager 20-60% Shares

Fund

0.00 0.00 0.89

Aviva Investors Multi

asset Core Fund I

0.00 0.00 0.15

Aviva Investors Multi

asset Core Fund II

0.00 0.00 0.15

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Aviva Investors Multi

asset Core Fund III

0.00 0.00 0.15

Aviva Investors Multi

asset Core Fund IV

0.00 0.00 0.15

Aviva Investors Multi

asset Core Fund V

0.00 0.00 0.15

Aviva Investors Multi

asset Plus Fund I

0.00 0.00 0.49

Aviva Investors Multi

asset Plus Fund II

0.00 0.00 0.50

Aviva Investors Multi

asset Plus Fund III

0.00 0.00 0.50

Aviva Investors Multi

asset Plus Fund IV

0.00 0.00 0.51

Aviva Investors Multi

asset Plus Fund V

0.00 0.00 0.53

Aviva Investors Multi

asset Stewardship Fund I

0.00 0.00 0.45

Aviva Investors Multi

asset Stewardship Fund II

0.00 0.00 0.50

Aviva Investors Multi

asset Stewardship Fund

III

0.00 0.00 0.50

Aviva Investors Multi

asset Stewardship Fund

0.00 0.00 0.50

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Class 7**

Fund Name Entry % Exit % Fund Management

Fee %

Aviva Investors Multi

asset Stewardship Fund I

0.00 0.00 0.25

Aviva Investors Multi

asset Stewardship Fund II

0.00 0.00 0.25

Aviva Investors Multi

asset Stewardship Fund

III

0.00 0.00 0.25

Aviva Investors Multi

asset Stewardship Fund

IV (

0.00 0.00 0.25

Class 8**

Fund Name Entry % Exit % Fund Management

Fee %

Aviva Investors Multi

Manager Flexible Fund

0.00 0.00 0.05

Aviva Investors Multi

Manager 40-85% Shares

Fund

0.00 0.00 0.04

Aviva Investors Multi

Manager 20-60% Shares

Fund

0.00 0.00 0.04

Aviva Investors Multi

asset Plus Fund I

0.00 0.00 0.05

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Aviva Investors Multi

asset Plus Fund II

0.00 0.00 0.03

Aviva Investors Multi

asset Plus Fund III

0.00 0.00 0.03

Aviva Investors Multi

asset Plus Fund IV

0.00 0.00 0.03

Aviva Investors Multi

asset Plus Fund V

0.00 0.00 0.05

Aviva Investors Multi

asset Stewardship Fund I

0.00 0.00 0.06%

Aviva Investors Multi

asset Stewardship Fund II

0.00 0.00 0.06%

Aviva Investors Multi

asset Stewardship Fund

III

0.00 0.00 0.06%

Aviva Investors Multi

asset Stewardship Fund

0.00 0.00 0.06%

Aviva Investors UK Listed

Equity Fund (please note

that this fund is in the

process of being

terminated and is no

longer available for new

investment)

0.00 0.00 0.02

Class 9

Fund Name Entry % Exit % Fund Management

Fee %

Aviva Investors Multi

asset Plus Fund I

0.00 0.00 0.24

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Aviva Investors Multi

asset Plus Fund II

0.00 0.00 0.25

Aviva Investors Multi

asset Plus Fund III

0.00 0.00 0.25

Aviva Investors Multi

asset Plus Fund IV

0.00 0.00 0.26

Aviva Investors Multi

asset Plus Fund V

0.00 0.00 0.28

Aviva Investors Multi

asset Stewardship Fund I

0.00 0.00 0.35

Aviva Investors Multi

asset Stewardship Fund II

0.00 0.00 0.35

Aviva Investors Multi

asset Stewardship Fund

III

0.00 0.00 0.35

Aviva Investors Multi

asset Stewardship Fund

0.00 0.00 0.35

Class D***

Fund Name Entry % Exit % Fund Management

Fee %

Aviva Investors Multi

asset Core Fund I

0.00 0.00 0.057

Aviva Investors Multi

asset Core Fund II

0.00 0.00 0.057

Aviva Investors Multi

asset Core Fund III

0.00 0.00 0.057

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Aviva Investors Multi

asset Core Fund IV

0.00 0.00 0.057

Aviva Investors Multi

asset Core Fund V

0.00 0.00 0.057

Notes to Table of Charges

* See “Discounts to the Fund Management Fee” above for further detail on the potential discount to the Fund Management Fee for this Class.

** Investment in Class 7 and 8 is for investment by Aviva plc companies only and, in the case of Class 8, is subject to separate written agreement with the ACD.

*** Class D is only available for investment by funds in the Aviva Investors Multi-asset Plus Fund range.

Other Payments out of the Scheme Property

In addition to the Fund Management Fee, so far as the Regulations allow, the Company will routinely pay the following out of the Scheme Property of each Fund, and these would typically

not be included in the Ongoing Charges figure:

1. taxation and duties payable by the Company without limitation in respect of the Scheme Property or the issue or redemption of Shares, which shall be reviewed daily and

accrued as and when a provision is required to be made and paid when due; and 2. fees and expenses incurred in acquiring, disposing of and registering investments

which for example may include, but are not limited to (i) the fee paid to a broker to execute a trade, based on the number of shares traded and (ii) any issue or transfer

taxes, stamp duty or SDRT chargeable at the prevailing rate imposed by and payable to the relevant tax authority. Such costs are typically included as part of the confirmed

purchase/sale price of the investment and are paid as part of that price on the contractual settlement date of the purchase / sale.

So far as the Regulations allow, the Company may also pay out of the Scheme Property of

each Fund a number of other fees and expenses as and when such fees and expenses arise, namely:

1. interest on borrowings and charges and expenses incurred in effecting, arising out of or terminating such borrowings or in negotiating or varying the terms of such

borrowings; 2. payments properly required for the maintenance, repair, refurbishment, management,

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preservation, protection, development or redevelopment of an immovable owned or leased by the Company;

3. to the extent permitted by the Regulations costs incurred in buying or selling any immovable property;

4. to the extent permitted by the Regulations costs incurred in connection with: buying-in a leasehold interest; restructuring leasehold interests of the Company; project funding; and payments to Property Consultants in respect of any Scheme Property;

5. to the extent permitted by the Regulations costs incurred in connection with: reletting

any leasehold interest; reviewing rents payable; renewing leases; action taken as a result of tenant’s breach of covenant or eviction of squatters; issuing notices to tenants; work undertaken by property consultants; work undertaken by building surveyors;

insurance of immovable property; and any legal advice taken in relation to the Company; and

6. the fees, disbursements and expenses of tax, legal and other professional advisers in relation to litigation pursued for, or on behalf of, the Company or Fund(s).

Although not something which the Company would routinely incur, if and when they did arise,

these would typically not be included in the Ongoing Charges figure, with the exception of the fees and expenses referred to at paragraph 6 above (fees incurred in relation to litigation

pursued on behalf of the Company or Fund(s)) which would be included in the Ongoing Charges figure.

Subject to current HM Revenue & Customs regulations, the Company may pay out of the

Scheme Property of each Fund any Value Added Tax (or similar tax) payable in respect of any fees or expenses referred to in this section. Where appropriate, such tax is charged at the prevailing rate imposed by HMRC (or other relevant tax authority) on the relevant expense and

accrued and paid at the time of the expense.

Fees and expenses (and taxes thereon) are allocated between capital and income in

accordance with the Regulations and the Statement of Recommended Practice regarding the Financial Statements of Authorised Open-Ended Investment Companies issued by the

Investment Association as of 1 December 2003 and for the time being in force.

All the above fees and expenses (other than those borne by the ACD) will be charged to the

Fund in respect of which they were incurred but where it is not considered to be attributable to any one Fund, it will be allocated by the ACD in a manner which is fair to Shareholders

generally. They will normally be allocated to all Funds pro rata to the value of the net assets of the relevant Funds.

Fees and expenses specific to a Class will be allocated to that Class. They will otherwise be allocated in a manner which is fair to Shareholders generally and will normally be allocated to all Classes pro rata to the value of the net assets of the relevant Class.

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Investor Protection Fee (dilution levy)

When the Company purchases or sells investments it will usually incur cost in the form of

dealing charges and any spread between the buying and selling prices of the investment. This cost is not reflected in the sale or purchase price paid by an investor. In some circumstances (for example, large volumes of deals in a Fund’s Shares require a Company to purchase or sell

Fund investments) this may have an adverse effect on Shareholders’ interests in the Fund. This effect is referred to as “dilution”. To counteract the effect of dilution, the ACD may charge a

dilution levy (referred to in this Prospectus as an “Investor Protection Fee”) on the purchase and/or sale of Shares. If charged, this fee is added to the purchase cost or deducted from the

sale proceeds, as appropriate, and paid into and becomes a part of the Scheme Property of the relevant Fund.

The ACD has no entitlement to the Investor Protection Fee.

The Investor Protection Fee, if any, will be determined by the ACD by reference to the costs of

dealing in the underlying investments of the relevant Fund, including any dealing spreads, commission and transfer taxes and will be calculated at the Valuation Point of any relevant dealing of Shares triggering the need for an Investor Protection Fee.

The necessity to charge an Investor Protection Fee will depend on the volume of purchases or sales and an Investor Protection Fee may therefore be charged in the following circumstances:

i) on a Fund experiencing large levels of net purchases (i.e. purchases less sales) relative to its size. In these circumstances the Investor Protection Fee may be

applied in particular to individual deals exceeding £15,000;

ii) on a Fund experiencing large levels of net sales (i.e. sales less purchases) relative to its size. In these circumstances the Investor Protection Fee may be applied in

particular to individual deals exceeding £15,000;

iii) on “large deals”. For these purposes a large deal is defined as a deal exceeding 2 % of the size of a Fund;

iv) where a Shareholder redeems or Switches a holding of Shares within 30 days of

its purchase;

v) where a Fund is an index tracking fund or is otherwise passively managed;

vi) in any other case where the ACD is of the opinion that the interests of the existing shareholders (for purchases) or remaining Shareholder (for sales) (i) require the

imposition of the Investor Protection Fee or (ii) might otherwise be adversely affected.

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Aviva Investors: Public

On the occasions where an Investor Protection Fee is not applied, there may be an adverse impact on the total assets of the Company, which may constrain the capital growth of the

Company.

In the twelve-month period to the end of December 2024, an Investor Protection Fee was

levied on twenty-one (21) occasions:

 Twelve (12) were for Aviva Investors UK Listed Equity Fund (Class 8 Income) with an average amount of £5,481.58 (please note that this fund is in the process of being

terminated and is no longer available for new investment)

 One (1) was for Aviva Investors Multi-Asset Core Fund I (Class D Accumulation) for

an amount of £734.40

 Three (3) were for Aviva Investors Multi-Asset Core Fund II (Class 2 Accumulation) with an average amount of £1,710.75

 Three (3) were for Aviva Investors Multi-Asset Core Fund V (Class 2 Accumulation) with an average amount of £1,532.87

 One (1) was for Aviva Investors Multi-Asset Core Fund V (Class D Accumulation) for

an amount of £2004.3

 One (1) was for Aviva Investors Multi Manager Flexible Fund (Class 8 Income) for an

amount of £11,310.70.

As dilution is directly related to the inflow and outflow of monies from the Company, it is not possible to accurately predict whether a dilution will occur at any future point in time.

Consequently it is not possible to accurately predict how frequently the ACD will need to impose an Investor Protection Fee. Based on historic data and on its experience of managing the

Funds, the ACD is unlikely to impose an Investor Protection Fee unless it considers that the dealing costs relating to a Shareholder transaction are significant and will have a material

impact on the value of the Fund in question. This paragraph will continue to be revised from time to time.

Securities Lending Agent’s Fee

For the Funds which operate securities lending, the Securities Lending Agent is permitted to deduct a monthly fee equating to 20 per cent of the securities lending income generated for the

Fund. The fee will be charged to the Fund each month in respect of the securities lending activity from the preceding month. No Securities Lending Agent fee will be deducted from the

Scheme Property if no revenue from securities lending activity has been generated in the preceding month. No additional fee will be charged by the ACD.

Access to costs and charges information

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Aviva Investors: Public

In addition to the information set out in the section headed “Fees and Expenses” and other than the Ongoing Charge, further costs and charges information for investors and prospective investors relating to MiFI Regulations and PRIIPs Regulation can also be found on the ACD’s

website at www.avivainvestors.com/en-gb/capabilities/regulatory/mifid-ii or www.avivainvestors.com/engb/capabilities/regulatory/eu-priips .

Forward looking costs figures are estimates based on historic data, where available and relevant, or are based upon the MiFI Regulations guidelines for producing estimated forward

looking costs figures when historic data is not available. Actual cost figures, which will be reported on an ex-post basis, may vary from estimates given; in particular, research costs

previously charged to the Funds will now be paid for by the ACD or Investment Manager.

Research Costs

Any third party research received in connection with investment advisory services that the Investment Manager or the ACD provides to the Funds will be paid for by the Investment Manager or the ACD, as relevant in relation to each Fund, out of its fees and will not be charged

to the Funds.

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Aviva Investors: Public

Changes to the Company and the Funds

Where any changes are proposed to be made to the Company or a Fund the ACD will assess

whether the change is fundamental, significant or notifiable in accordance with COLL 4.3. If the change is regarded as fundamental, Shareholder approval will be required. If the change is

regarded as significant, 60 days’ prior written notice will be given to Shareholders. If the change is regarded as notifiable, Shareholders will receive suitable notice of the change.

Certain changes to the Company and the Funds may require approval by the Financial Conduct

Authority under the Regulations. In addition, the ACD is required to seek your approval to, or notify you of, various types of changes to the Company and the Funds, as detailed below.

Fundamental changes

A fundamental change is a change or event which changes the purposes or nature of the

Company or a Fund or may materially prejudice a shareholder or alter the risk profile of a Fund or introduce any new type of payment out of the scheme property of a Fund.

For fundamental changes, the ACD must obtain Shareholder approval, by way of an Extraordinary Resolution (which needs 75% of the votes cast to be in favour if the resolution is

to be passed). An Extraordinary Resolution is required, for example, for the introduction of new fees.

There may also be other instances where a change is not classified as fundamental but Shareholder approval is still required. Unless an Extraordinary Resolution is specifically required by the COLL Sourcebook, the Instrument of Incorporation or this Prospectus, this will

be by Ordinary Resolution. For an Ordinary Resolution to be passed, more than 50% of the votes cast must be in favour. An Ordinary Resolution is required, for example, for the removal

of the ACD at the instigation of Shareholders.

The convening and conduct of meetings of Shareholders and the voting rights of Shareholders

at those meetings is governed by the provisions of the Financial Conduct Authority Rules and the Company’s Instrument of Incorporation, and are also explained in the section headed

‘Meetings and Voting Rights’ of this Prospectus.

Significant changes

A significant change is a change or event which is not fundamental but which affects the Shareholder’s ability to exercise his rights in relation to his investment or would reasonably be expected to cause the Shareholder to reconsider his participation in a Fund or results in any

increased payments out of the Scheme Property to the ACD or to an associate of the ACD or materially increases any other type of payment out of the Scheme Property of a Fund. For

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Aviva Investors: Public

example at least 60 days’ written notice would be given of any increase in fees payable to the ACD. The ACD must give reasonable prior notice (of not less than 60 days) in respect of any such proposed change to the operation of the Company or its Funds.

Notifiable changes

A notifiable change is a change or event other than a fundamental change or a significant

change of which a Shareholder must be made aware unless the ACD concludes that the change is insignificant. The ACD must inform Shareholders in an appropriate manner and time scale of

any notifiable changes that are reasonably likely to affect or have affected the operation of the Company or a Fund.

Page 136

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Aviva Investors: Public

Instrument of Incorporation

The Instrument of Incorporation of the Company (which is available for inspection at the ACD's offices at 80 Fenchurch Street, London, EC3M 4AE), contains provisions to the following effect:

Object

The object of the Company is to invest the Scheme Property in transferable securities, money

market instruments, cash and near cash, units in collective investment schemes, deposits and derivatives and forward transactions immovable property and gold in accordance with the COLL

Sourcebook (which may include stock lending, borrowing, cash holdings, hedging and using other investment techniques permitted in COLL) with the aim of spreading investment risk and

giving its Shareholders the benefit of the results of the management of that property.

Shares, Classes and Types

1. The Company may from time to time issue Shares of different Classes and the ACD may by resolution from time to time create additional Classes (whether or not falling within one of the Classes in existence on incorporation).

2. The special rights attaching to a Class are not (unless otherwise expressly provided by

the conditions of issue of such Shares) deemed to be varied by:

(a) the creation, allotment or issue of further Shares of any Class ranking pari

passu with them;

(b) the Switch of Shares of any Class into Shares of another Class; (whether or

not the Classes are in different Funds);

or Type in the same Fund.

(d) the creation, allotment, issue or redemption of Shares of another Class within

the same Fund, provided that the interests of that other Class in the Fund represent fairly the financial contributions and benefits of Shareholders of that

Class;

(e) the creation, allotment, issue or redemption of Shares of another Fund;

(f) the exercise by the directors of their powers to re-allocate assets, liabilities, expenses, costs or charges attributable to one Fund or to terminate a Fund; or

Page 137

AI Portfolio Funds ICVC Prospectus (3 August 2026) 137

Aviva Investors: Public

(g) the passing of any resolution at a meeting of another Fund which does not relate to the Fund in which the Class is interested.

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